id	sid	tid	token	lemma	pos
gujaf-264	1	1	i	i	PRON
gujaf-264	1	2	gusau	gusau	PROPN
gujaf-264	1	3	journal	journal	NOUN
gujaf-264	1	4	of	of	ADP
gujaf-264	1	5	accounting	accounting	NOUN
gujaf-264	1	6	and	and	CCONJ
gujaf-264	1	7	finance	finance	NOUN
gujaf-264	1	8	(	(	PUNCT
gujaf-264	1	9	gujaf	gujaf	NOUN
gujaf-264	1	10	)	)	PUNCT
gujaf-264	1	11	vol	vol	NOUN
gujaf-264	1	12	.	.	NOUN
gujaf-264	1	13	4	4	NUM
gujaf-264	1	14	issue	issue	NOUN
gujaf-264	1	15	2	2	NUM
gujaf-264	1	16	,	,	PUNCT
gujaf-264	1	17	october	october	PROPN
gujaf-264	1	18	,	,	PUNCT
gujaf-264	1	19	2023	2023	NUM
gujaf-264	1	20	issn	issn	X
gujaf-264	1	21	:	:	PUNCT
gujaf-264	1	22	2756	2756	NUM
gujaf-264	1	23	-	-	PUNCT
gujaf-264	1	24	665x	665x	NOUN
gujaf-264	1	25	a	a	DET
gujaf-264	1	26	publication	publication	NOUN
gujaf-264	1	27	of	of	ADP
gujaf-264	1	28	department	department	NOUN
gujaf-264	1	29	of	of	ADP
gujaf-264	1	30	accounting	accounting	NOUN
gujaf-264	1	31	and	and	CCONJ
gujaf-264	1	32	finance	finance	NOUN
gujaf-264	1	33	,	,	PUNCT
gujaf-264	1	34	faculty	faculty	NOUN
gujaf-264	1	35	of	of	ADP
gujaf-264	1	36	management	management	NOUN
gujaf-264	1	37	and	and	CCONJ
gujaf-264	1	38	social	social	ADJ
gujaf-264	1	39	sciences	science	NOUN
gujaf-264	1	40	,	,	PUNCT
gujaf-264	1	41	federal	federal	ADJ
gujaf-264	1	42	university	university	NOUN
gujaf-264	1	43	gusau	gusau	NOUN
gujaf-264	1	44	,	,	PUNCT
gujaf-264	1	45	zamfara	zamfara	PROPN
gujaf-264	1	46	state	state	PROPN
gujaf-264	1	47	-nigeria	-nigeria	PROPN
gujaf-264	1	48	ii	ii	PROPN
gujaf-264	1	49	©	©	PROPN
gujaf-264	1	50	department	department	PROPN
gujaf-264	1	51	of	of	ADP
gujaf-264	1	52	accounting	accounting	NOUN
gujaf-264	1	53	and	and	CCONJ
gujaf-264	1	54	finance	finance	NOUN
gujaf-264	1	55	,	,	PUNCT
gujaf-264	1	56	2023	2023	NUM
gujaf-264	1	57	vol	vol	NOUN
gujaf-264	1	58	.	.	NOUN
gujaf-264	1	59	4	4	NUM
gujaf-264	1	60	issue	issue	NOUN
gujaf-264	1	61	2	2	NUM
gujaf-264	1	62	october	october	PROPN
gujaf-264	1	63	,	,	PUNCT
gujaf-264	1	64	2023	2023	NUM
gujaf-264	1	65	issn	issn	X
gujaf-264	1	66	:	:	PUNCT
gujaf-264	1	67	2756	2756	NUM
gujaf-264	1	68	-	-	PUNCT
gujaf-264	1	69	665x	665x	NOUN
gujaf-264	1	70	a	a	DET
gujaf-264	1	71	publication	publication	NOUN
gujaf-264	1	72	of	of	ADP
gujaf-264	1	73	department	department	NOUN
gujaf-264	1	74	of	of	ADP
gujaf-264	1	75	accounting	accounting	NOUN
gujaf-264	1	76	and	and	CCONJ
gujaf-264	1	77	finance	finance	NOUN
gujaf-264	1	78	,	,	PUNCT
gujaf-264	1	79	faculty	faculty	NOUN
gujaf-264	1	80	of	of	ADP
gujaf-264	1	81	management	management	NOUN
gujaf-264	1	82	and	and	CCONJ
gujaf-264	1	83	social	social	ADJ
gujaf-264	1	84	sciences	science	NOUN
gujaf-264	1	85	,	,	PUNCT
gujaf-264	1	86	federal	federal	ADJ
gujaf-264	1	87	university	university	NOUN
gujaf-264	1	88	gusau	gusau	NOUN
gujaf-264	1	89	,	,	PUNCT
gujaf-264	1	90	zamfara	zamfara	PROPN
gujaf-264	1	91	state	state	NOUN
gujaf-264	1	92	-nigeria	-nigeria	PROPN
gujaf-264	1	93	all	all	DET
gujaf-264	1	94	rights	right	NOUN
gujaf-264	1	95	reserved	reserve	VERB
gujaf-264	1	96	except	except	SCONJ
gujaf-264	1	97	for	for	ADP
gujaf-264	1	98	academic	academic	ADJ
gujaf-264	1	99	purposes	purpose	NOUN
gujaf-264	1	100	no	no	DET
gujaf-264	1	101	part	part	NOUN
gujaf-264	1	102	or	or	CCONJ
gujaf-264	1	103	whole	whole	NOUN
gujaf-264	1	104	of	of	ADP
gujaf-264	1	105	this	this	DET
gujaf-264	1	106	publication	publication	NOUN
gujaf-264	1	107	is	be	AUX
gujaf-264	1	108	allowed	allow	VERB
gujaf-264	1	109	to	to	PART
gujaf-264	1	110	be	be	AUX
gujaf-264	1	111	reproduced	reproduce	VERB
gujaf-264	1	112	,	,	PUNCT
gujaf-264	1	113	stored	store	VERB
gujaf-264	1	114	in	in	ADP
gujaf-264	1	115	a	a	DET
gujaf-264	1	116	retrieval	retrieval	NOUN
gujaf-264	1	117	system	system	NOUN
gujaf-264	1	118	or	or	CCONJ
gujaf-264	1	119	transmitted	transmit	VERB
gujaf-264	1	120	in	in	ADP
gujaf-264	1	121	any	any	DET
gujaf-264	1	122	form	form	NOUN
gujaf-264	1	123	or	or	CCONJ
gujaf-264	1	124	by	by	ADP
gujaf-264	1	125	any	any	DET
gujaf-264	1	126	means	mean	NOUN
gujaf-264	1	127	be	be	AUX
gujaf-264	1	128	it	it	PRON
gujaf-264	1	129	mechanical	mechanical	ADJ
gujaf-264	1	130	,	,	PUNCT
gujaf-264	1	131	electrical	electrical	ADJ
gujaf-264	1	132	,	,	PUNCT
gujaf-264	1	133	photocopying	photocopying	NOUN
gujaf-264	1	134	,	,	PUNCT
gujaf-264	1	135	recording	recording	NOUN
gujaf-264	1	136	or	or	CCONJ
gujaf-264	1	137	otherwise	otherwise	ADV
gujaf-264	1	138	,	,	PUNCT
gujaf-264	1	139	without	without	ADP
gujaf-264	1	140	prior	prior	ADJ
gujaf-264	1	141	permission	permission	NOUN
gujaf-264	1	142	of	of	ADP
gujaf-264	1	143	the	the	DET
gujaf-264	1	144	copyright	copyright	NOUN
gujaf-264	1	145	owner	owner	NOUN
gujaf-264	1	146	.	.	PUNCT
gujaf-264	2	1	published	publish	VERB
gujaf-264	2	2	and	and	CCONJ
gujaf-264	2	3	printed	print	VERB
gujaf-264	2	4	by	by	ADP
gujaf-264	2	5	:	:	PUNCT
gujaf-264	2	6	ahmadu	ahmadu	PROPN
gujaf-264	2	7	bello	bello	PROPN
gujaf-264	2	8	university	university	PROPN
gujaf-264	2	9	press	press	NOUN
gujaf-264	2	10	limited	limit	VERB
gujaf-264	2	11	,	,	PUNCT
gujaf-264	2	12	zaria	zaria	PROPN
gujaf-264	2	13	kaduna	kaduna	PROPN
gujaf-264	2	14	state	state	PROPN
gujaf-264	2	15	,	,	PUNCT
gujaf-264	2	16	nigeria	nigeria	PROPN
gujaf-264	2	17	.	.	PUNCT
gujaf-264	3	1	tel	tel	ADP
gujaf-264	3	2	:	:	PUNCT
gujaf-264	3	3	08065949711	08065949711	NUM
gujaf-264	3	4	,	,	PUNCT
gujaf-264	3	5	069	069	NUM
gujaf-264	3	6	-	-	SYM
gujaf-264	3	7	879121	879121	NUM
gujaf-264	3	8	e	e	NOUN
gujaf-264	3	9	-	-	NOUN
gujaf-264	3	10	mail	mail	NOUN
gujaf-264	3	11	:	:	PUNCT
gujaf-264	3	12	abupress2013@gmail.com	abupress2013@gmail.com	X
gujaf-264	3	13	abupress2020@yahoo.com	abupress2020@yahoo.com	X
gujaf-264	4	1	website	website	NOUN
gujaf-264	4	2	:	:	PUNCT
gujaf-264	4	3	www.abupress.com.ng	www.abupress.com.ng	PROPN
gujaf-264	4	4	mailto:abupress2013@gmail.com	mailto:abupress2013@gmail.com	PROPN
gujaf-264	4	5	iii	iii	PROPN
gujaf-264	4	6	editorial	editorial	PROPN
gujaf-264	4	7	board	board	NOUN
gujaf-264	4	8	editor	editor	NOUN
gujaf-264	4	9	-	-	PUNCT
gujaf-264	4	10	in	in	ADP
gujaf-264	4	11	-	-	PUNCT
gujaf-264	4	12	chief	chief	NOUN
gujaf-264	4	13	:	:	PUNCT
gujaf-264	4	14	prof	prof	PROPN
gujaf-264	4	15	.	.	PUNCT
gujaf-264	4	16	shehu	shehu	PROPN
gujaf-264	4	17	usman	usman	PROPN
gujaf-264	4	18	hassan	hassan	PROPN
gujaf-264	4	19	department	department	PROPN
gujaf-264	4	20	of	of	ADP
gujaf-264	4	21	accounting	accounting	PROPN
gujaf-264	4	22	,	,	PUNCT
gujaf-264	4	23	federal	federal	ADJ
gujaf-264	4	24	university	university	PROPN
gujaf-264	4	25	of	of	ADP
gujaf-264	4	26	kashere	kashere	PROPN
gujaf-264	4	27	,	,	PUNCT
gujaf-264	4	28	gombe	gombe	ADJ
gujaf-264	4	29	state	state	NOUN
gujaf-264	4	30	.	.	PUNCT
gujaf-264	5	1	associate	associate	NOUN
gujaf-264	5	2	editor	editor	NOUN
gujaf-264	5	3	:	:	PUNCT
gujaf-264	5	4	dr	dr	PROPN
gujaf-264	5	5	.	.	PROPN
gujaf-264	5	6	muhammad	muhammad	PROPN
gujaf-264	5	7	mustapha	mustapha	PROPN
gujaf-264	5	8	bagudo	bagudo	PROPN
gujaf-264	5	9	department	department	PROPN
gujaf-264	5	10	of	of	ADP
gujaf-264	5	11	accounting	accounting	PROPN
gujaf-264	5	12	,	,	PUNCT
gujaf-264	5	13	ahmadu	ahmadu	PROPN
gujaf-264	5	14	bello	bello	PROPN
gujaf-264	5	15	university	university	PROPN
gujaf-264	5	16	zaria	zaria	PROPN
gujaf-264	5	17	,	,	PUNCT
gujaf-264	5	18	kaduna	kaduna	PROPN
gujaf-264	5	19	state	state	PROPN
gujaf-264	5	20	.	.	PUNCT
gujaf-264	6	1	managing	manage	VERB
gujaf-264	6	2	editor	editor	NOUN
gujaf-264	6	3	:	:	PUNCT
gujaf-264	6	4	umar	umar	PROPN
gujaf-264	6	5	farouk	farouk	PROPN
gujaf-264	6	6	abdulkarim	abdulkarim	PROPN
gujaf-264	6	7	department	department	PROPN
gujaf-264	6	8	of	of	ADP
gujaf-264	6	9	accounting	accounting	NOUN
gujaf-264	6	10	and	and	CCONJ
gujaf-264	6	11	finance	finance	NOUN
gujaf-264	6	12	,	,	PUNCT
gujaf-264	6	13	federal	federal	ADJ
gujaf-264	6	14	university	university	NOUN
gujaf-264	6	15	gusau	gusau	PROPN
gujaf-264	6	16	,	,	PUNCT
gujaf-264	6	17	zamfara	zamfara	PROPN
gujaf-264	6	18	state	state	PROPN
gujaf-264	6	19	.	.	PUNCT
gujaf-264	7	1	editorial	editorial	PROPN
gujaf-264	7	2	board	board	NOUN
gujaf-264	7	3	prof.ahmad	prof.ahmad	PROPN
gujaf-264	7	4	modu	modu	PROPN
gujaf-264	7	5	kumshe	kumshe	PROPN
gujaf-264	7	6	department	department	PROPN
gujaf-264	7	7	of	of	ADP
gujaf-264	7	8	accounting	accounting	PROPN
gujaf-264	7	9	,	,	PUNCT
gujaf-264	7	10	university	university	NOUN
gujaf-264	7	11	of	of	ADP
gujaf-264	7	12	maiduguri	maiduguri	PROPN
gujaf-264	7	13	,	,	PUNCT
gujaf-264	7	14	borno	borno	PROPN
gujaf-264	7	15	state	state	PROPN
gujaf-264	7	16	.	.	PUNCT
gujaf-264	8	1	prof	prof	PROPN
gujaf-264	8	2	ugochukwu	ugochukwu	PROPN
gujaf-264	8	3	c.	c.	PROPN
gujaf-264	8	4	nzewi	nzewi	VERB
gujaf-264	8	5	department	department	PROPN
gujaf-264	8	6	of	of	ADP
gujaf-264	8	7	accounting	accounting	PROPN
gujaf-264	8	8	,	,	PUNCT
gujaf-264	8	9	paul	paul	PROPN
gujaf-264	8	10	university	university	PROPN
gujaf-264	8	11	awka	awka	NOUN
gujaf-264	8	12	,	,	PUNCT
gujaf-264	8	13	anambra	anambra	PROPN
gujaf-264	8	14	state	state	PROPN
gujaf-264	8	15	.	.	PUNCT
gujaf-264	9	1	prof	prof	PROPN
gujaf-264	9	2	kabir	kabir	PROPN
gujaf-264	9	3	tahir	tahir	PROPN
gujaf-264	9	4	hamid	hamid	PROPN
gujaf-264	9	5	department	department	PROPN
gujaf-264	9	6	of	of	ADP
gujaf-264	9	7	accounting	accounting	PROPN
gujaf-264	9	8	,	,	PUNCT
gujaf-264	9	9	bayero	bayero	PROPN
gujaf-264	9	10	university	university	PROPN
gujaf-264	9	11	,	,	PUNCT
gujaf-264	9	12	kano	kano	PROPN
gujaf-264	9	13	,	,	PUNCT
gujaf-264	9	14	kano	kano	PROPN
gujaf-264	9	15	state	state	PROPN
gujaf-264	9	16	.	.	PUNCT
gujaf-264	10	1	prof	prof	PROPN
gujaf-264	10	2	.	.	PUNCT
gujaf-264	11	1	ekoja	ekoja	PROPN
gujaf-264	11	2	b.	b.	PROPN
gujaf-264	11	3	ekoja	ekoja	PROPN
gujaf-264	11	4	department	department	PROPN
gujaf-264	11	5	of	of	ADP
gujaf-264	11	6	accounting	accounting	PROPN
gujaf-264	11	7	,	,	PUNCT
gujaf-264	11	8	university	university	PROPN
gujaf-264	11	9	of	of	ADP
gujaf-264	11	10	jos	jos	PROPN
gujaf-264	11	11	.	.	PROPN
gujaf-264	11	12	prof	prof	PROPN
gujaf-264	11	13	.	.	PUNCT
gujaf-264	12	1	clifford	clifford	PROPN
gujaf-264	12	2	ofurum	ofurum	PROPN
gujaf-264	12	3	department	department	PROPN
gujaf-264	12	4	of	of	ADP
gujaf-264	12	5	accounting	accounting	PROPN
gujaf-264	12	6	,	,	PUNCT
gujaf-264	12	7	university	university	NOUN
gujaf-264	12	8	of	of	ADP
gujaf-264	12	9	portharcourt	portharcourt	PROPN
gujaf-264	12	10	,	,	PUNCT
gujaf-264	12	11	rivers	river	NOUN
gujaf-264	12	12	state	state	PROPN
gujaf-264	12	13	.	.	PUNCT
gujaf-264	13	1	prof	prof	PROPN
gujaf-264	13	2	.	.	PUNCT
gujaf-264	14	1	ahmad	ahmad	PROPN
gujaf-264	14	2	bello	bello	PROPN
gujaf-264	14	3	dogarawa	dogarawa	PROPN
gujaf-264	14	4	department	department	PROPN
gujaf-264	14	5	of	of	ADP
gujaf-264	14	6	accounting	accounting	NOUN
gujaf-264	14	7	,	,	PUNCT
gujaf-264	14	8	ahmadu	ahmadu	PROPN
gujaf-264	14	9	bello	bello	PROPN
gujaf-264	14	10	university	university	PROPN
gujaf-264	14	11	zaria	zaria	PROPN
gujaf-264	14	12	.	.	PUNCT
gujaf-264	15	1	prof	prof	PROPN
gujaf-264	15	2	.	.	PUNCT
gujaf-264	16	1	yusuf	yusuf	PROPN
gujaf-264	16	2	.	.	PUNCT
gujaf-264	17	1	b.	b.	PROPN
gujaf-264	17	2	rahman	rahman	PROPN
gujaf-264	17	3	department	department	PROPN
gujaf-264	17	4	of	of	ADP
gujaf-264	17	5	accounting	accounting	PROPN
gujaf-264	17	6	,	,	PUNCT
gujaf-264	17	7	lagos	lagos	NOUN
gujaf-264	17	8	state	state	PROPN
gujaf-264	17	9	university	university	PROPN
gujaf-264	17	10	,	,	PUNCT
gujaf-264	17	11	lagos	lagos	NOUN
gujaf-264	17	12	state	state	NOUN
gujaf-264	17	13	.	.	PUNCT
gujaf-264	18	1	prof	prof	PROPN
gujaf-264	18	2	.	.	PUNCT
gujaf-264	19	1	suleiman	suleiman	PROPN
gujaf-264	19	2	a.	a.	PROPN
gujaf-264	19	3	s.	s.	PROPN
gujaf-264	19	4	aruwa	aruwa	PROPN
gujaf-264	19	5	department	department	PROPN
gujaf-264	19	6	of	of	ADP
gujaf-264	19	7	accounting	accounting	PROPN
gujaf-264	19	8	,	,	PUNCT
gujaf-264	19	9	nasarawa	nasarawa	PROPN
gujaf-264	19	10	state	state	PROPN
gujaf-264	19	11	university	university	PROPN
gujaf-264	19	12	,	,	PUNCT
gujaf-264	19	13	keffi	keffi	PROPN
gujaf-264	19	14	,	,	PUNCT
gujaf-264	19	15	nasarawa	nasarawa	PROPN
gujaf-264	19	16	state	state	PROPN
gujaf-264	19	17	.	.	PUNCT
gujaf-264	20	1	prof	prof	PROPN
gujaf-264	20	2	.	.	PUNCT
gujaf-264	21	1	muhammad	muhammad	PROPN
gujaf-264	21	2	junaidu	junaidu	PROPN
gujaf-264	21	3	kurawa	kurawa	PROPN
gujaf-264	21	4	iv	iv	PROPN
gujaf-264	22	1	department	department	PROPN
gujaf-264	22	2	of	of	ADP
gujaf-264	22	3	accounting	accounting	PROPN
gujaf-264	22	4	,	,	PUNCT
gujaf-264	22	5	bayero	bayero	PROPN
gujaf-264	22	6	university	university	PROPN
gujaf-264	22	7	kano	kano	PROPN
gujaf-264	22	8	,	,	PUNCT
gujaf-264	22	9	kano	kano	PROPN
gujaf-264	22	10	state	state	PROPN
gujaf-264	22	11	.	.	PUNCT
gujaf-264	23	1	prof	prof	PROPN
gujaf-264	23	2	.	.	PUNCT
gujaf-264	24	1	muhammad	muhammad	PROPN
gujaf-264	24	2	habibu	habibu	ADJ
gujaf-264	24	3	sabari	sabari	PROPN
gujaf-264	24	4	department	department	PROPN
gujaf-264	24	5	of	of	ADP
gujaf-264	24	6	accounting	accounting	NOUN
gujaf-264	24	7	,	,	PUNCT
gujaf-264	24	8	ahmadu	ahmadu	PROPN
gujaf-264	24	9	bello	bello	PROPN
gujaf-264	24	10	university	university	PROPN
gujaf-264	24	11	,	,	PUNCT
gujaf-264	24	12	zaria	zaria	PROPN
gujaf-264	24	13	.	.	PUNCT
gujaf-264	24	14	prof	prof	PROPN
gujaf-264	24	15	.	.	PUNCT
gujaf-264	25	1	okpanachi	okpanachi	PROPN
gujaf-264	25	2	joshua	joshua	PROPN
gujaf-264	25	3	department	department	PROPN
gujaf-264	25	4	of	of	ADP
gujaf-264	25	5	accounting	accounting	NOUN
gujaf-264	25	6	and	and	CCONJ
gujaf-264	25	7	management	management	NOUN
gujaf-264	25	8	,	,	PUNCT
gujaf-264	25	9	nigerian	nigerian	ADJ
gujaf-264	25	10	defence	defence	PROPN
gujaf-264	25	11	academy	academy	PROPN
gujaf-264	25	12	,	,	PUNCT
gujaf-264	25	13	kaduna	kaduna	PROPN
gujaf-264	25	14	.	.	PROPN
gujaf-264	25	15	prof	prof	PROPN
gujaf-264	25	16	.	.	PUNCT
gujaf-264	26	1	hassan	hassan	PROPN
gujaf-264	26	2	ibrahim	ibrahim	PROPN
gujaf-264	26	3	department	department	PROPN
gujaf-264	26	4	of	of	ADP
gujaf-264	26	5	accounting	accounting	PROPN
gujaf-264	26	6	,	,	PUNCT
gujaf-264	26	7	ibb	ibb	NOUN
gujaf-264	26	8	university	university	NOUN
gujaf-264	26	9	,	,	PUNCT
gujaf-264	26	10	lapai	lapai	NOUN
gujaf-264	26	11	,	,	PUNCT
gujaf-264	26	12	niger	niger	NOUN
gujaf-264	26	13	state	state	NOUN
gujaf-264	26	14	.	.	PUNCT
gujaf-264	27	1	prof	prof	PROPN
gujaf-264	27	2	.	.	PUNCT
gujaf-264	28	1	ifeoma	ifeoma	PROPN
gujaf-264	28	2	mary	mary	PROPN
gujaf-264	28	3	okwo	okwo	PROPN
gujaf-264	28	4	department	department	PROPN
gujaf-264	28	5	of	of	ADP
gujaf-264	28	6	accounting	accounting	PROPN
gujaf-264	28	7	,	,	PUNCT
gujaf-264	28	8	enugu	enugu	PROPN
gujaf-264	28	9	state	state	PROPN
gujaf-264	28	10	university	university	PROPN
gujaf-264	28	11	of	of	ADP
gujaf-264	28	12	science	science	NOUN
gujaf-264	28	13	and	and	CCONJ
gujaf-264	28	14	technology	technology	NOUN
gujaf-264	28	15	,	,	PUNCT
gujaf-264	28	16	enugu	enugu	PROPN
gujaf-264	28	17	state	state	PROPN
gujaf-264	28	18	.	.	PUNCT
gujaf-264	29	1	prof	prof	PROPN
gujaf-264	29	2	.	.	PROPN
gujaf-264	30	1	aminu	aminu	PROPN
gujaf-264	30	2	isah	isah	PROPN
gujaf-264	30	3	department	department	PROPN
gujaf-264	30	4	of	of	ADP
gujaf-264	30	5	accounting	accounting	PROPN
gujaf-264	30	6	,	,	PUNCT
gujaf-264	30	7	bayero	bayero	PROPN
gujaf-264	30	8	university	university	PROPN
gujaf-264	30	9	,	,	PUNCT
gujaf-264	30	10	kano	kano	PROPN
gujaf-264	30	11	,	,	PUNCT
gujaf-264	30	12	kano	kano	PROPN
gujaf-264	30	13	state	state	PROPN
gujaf-264	30	14	.	.	PUNCT
gujaf-264	31	1	prof	prof	PROPN
gujaf-264	31	2	.	.	PUNCT
gujaf-264	32	1	ahmadu	ahmadu	PROPN
gujaf-264	32	2	bello	bello	PROPN
gujaf-264	32	3	department	department	PROPN
gujaf-264	32	4	of	of	ADP
gujaf-264	32	5	accounting	accounting	NOUN
gujaf-264	32	6	,	,	PUNCT
gujaf-264	32	7	ahmadu	ahmadu	PROPN
gujaf-264	32	8	bello	bello	PROPN
gujaf-264	32	9	university	university	PROPN
gujaf-264	32	10	,	,	PUNCT
gujaf-264	32	11	zaria	zaria	PROPN
gujaf-264	32	12	.	.	PUNCT
gujaf-264	33	1	prof	prof	PROPN
gujaf-264	33	2	.	.	PUNCT
gujaf-264	34	1	musa	musa	PROPN
gujaf-264	34	2	yelwa	yelwa	PROPN
gujaf-264	34	3	abubakar	abubakar	PROPN
gujaf-264	34	4	department	department	PROPN
gujaf-264	34	5	of	of	ADP
gujaf-264	34	6	accounting	accounting	PROPN
gujaf-264	34	7	,	,	PUNCT
gujaf-264	34	8	usmanu	usmanu	PROPN
gujaf-264	34	9	danfodiyo	danfodiyo	PROPN
gujaf-264	34	10	university	university	PROPN
gujaf-264	34	11	,	,	PUNCT
gujaf-264	34	12	sokoto	sokoto	PROPN
gujaf-264	34	13	state	state	PROPN
gujaf-264	34	14	.	.	PUNCT
gujaf-264	35	1	prof	prof	PROPN
gujaf-264	35	2	.	.	PUNCT
gujaf-264	36	1	salisu	salisu	PROPN
gujaf-264	36	2	abubakar	abubakar	PROPN
gujaf-264	36	3	department	department	PROPN
gujaf-264	36	4	of	of	ADP
gujaf-264	36	5	accounting	accounting	NOUN
gujaf-264	36	6	,	,	PUNCT
gujaf-264	36	7	ahmadu	ahmadu	PROPN
gujaf-264	36	8	bello	bello	PROPN
gujaf-264	36	9	university	university	PROPN
gujaf-264	36	10	zaria	zaria	PROPN
gujaf-264	36	11	,	,	PUNCT
gujaf-264	36	12	kaduna	kaduna	PROPN
gujaf-264	36	13	state	state	PROPN
gujaf-264	36	14	.	.	PUNCT
gujaf-264	37	1	prof	prof	PROPN
gujaf-264	37	2	.	.	PUNCT
gujaf-264	38	1	isaq	isaq	PROPN
gujaf-264	38	2	alhaji	alhaji	PROPN
gujaf-264	38	3	samaila	samaila	PROPN
gujaf-264	38	4	department	department	PROPN
gujaf-264	38	5	of	of	ADP
gujaf-264	38	6	accounting	accounting	PROPN
gujaf-264	38	7	,	,	PUNCT
gujaf-264	38	8	bayero	bayero	PROPN
gujaf-264	38	9	university	university	NOUN
gujaf-264	38	10	,	,	PUNCT
gujaf-264	38	11	kano	kano	PROPN
gujaf-264	38	12	state	state	PROPN
gujaf-264	38	13	.	.	PUNCT
gujaf-264	39	1	dr	dr	PROPN
gujaf-264	39	2	.	.	PROPN
gujaf-264	39	3	fatima	fatima	PROPN
gujaf-264	39	4	alfa	alfa	PROPN
gujaf-264	39	5	department	department	PROPN
gujaf-264	39	6	of	of	ADP
gujaf-264	39	7	accounting	accounting	PROPN
gujaf-264	39	8	,	,	PUNCT
gujaf-264	39	9	university	university	NOUN
gujaf-264	39	10	of	of	ADP
gujaf-264	39	11	maiduguri	maiduguri	PROPN
gujaf-264	39	12	,	,	PUNCT
gujaf-264	39	13	borno	borno	PROPN
gujaf-264	39	14	state	state	PROPN
gujaf-264	39	15	.	.	PUNCT
gujaf-264	40	1	dr	dr	PROPN
gujaf-264	40	2	.	.	PROPN
gujaf-264	40	3	sunusi	sunusi	PROPN
gujaf-264	40	4	sa'ad	sa'ad	PROPN
gujaf-264	40	5	ahmad	ahmad	PROPN
gujaf-264	40	6	department	department	PROPN
gujaf-264	40	7	of	of	ADP
gujaf-264	40	8	accounting	accounting	PROPN
gujaf-264	40	9	,	,	PUNCT
gujaf-264	40	10	federal	federal	ADJ
gujaf-264	40	11	university	university	NOUN
gujaf-264	40	12	dutse	dutse	NOUN
gujaf-264	40	13	,	,	PUNCT
gujaf-264	40	14	jigawa	jigawa	PROPN
gujaf-264	40	15	state	state	PROPN
gujaf-264	40	16	.	.	PUNCT
gujaf-264	41	1	dr	dr	PROPN
gujaf-264	41	2	.	.	PROPN
gujaf-264	41	3	nasiru	nasiru	PROPN
gujaf-264	41	4	a.	a.	PROPN
gujaf-264	41	5	ka’oje	ka’oje	PROPN
gujaf-264	41	6	department	department	PROPN
gujaf-264	41	7	of	of	ADP
gujaf-264	41	8	accounting	accounting	PROPN
gujaf-264	41	9	,	,	PUNCT
gujaf-264	41	10	usmanu	usmanu	PROPN
gujaf-264	41	11	danfodiyo	danfodiyo	PROPN
gujaf-264	41	12	university	university	PROPN
gujaf-264	41	13	sokoto	sokoto	PROPN
gujaf-264	41	14	state	state	PROPN
gujaf-264	41	15	.	.	PUNCT
gujaf-264	42	1	dr	dr	PROPN
gujaf-264	42	2	.	.	PROPN
gujaf-264	42	3	aminu	aminu	PROPN
gujaf-264	42	4	abdullahi	abdullahi	PROPN
gujaf-264	42	5	v	v	PROPN
gujaf-264	42	6	department	department	PROPN
gujaf-264	42	7	of	of	ADP
gujaf-264	42	8	accounting	accounting	PROPN
gujaf-264	42	9	,	,	PUNCT
gujaf-264	42	10	usmanu	usmanu	PROPN
gujaf-264	42	11	danfodiyo	danfodiyo	PROPN
gujaf-264	42	12	university	university	PROPN
gujaf-264	42	13	sokoto	sokoto	PROPN
gujaf-264	42	14	,	,	PUNCT
gujaf-264	42	15	state	state	PROPN
gujaf-264	42	16	.	.	PUNCT
gujaf-264	43	1	dr	dr	PROPN
gujaf-264	43	2	.	.	PROPN
gujaf-264	43	3	onipeadebenege	onipeadebenege	PROPN
gujaf-264	43	4	yahaya	yahaya	PROPN
gujaf-264	43	5	department	department	PROPN
gujaf-264	43	6	of	of	ADP
gujaf-264	43	7	accounting	accounting	PROPN
gujaf-264	43	8	,	,	PUNCT
gujaf-264	43	9	nigerian	nigerian	ADJ
gujaf-264	43	10	defence	defence	PROPN
gujaf-264	43	11	academy	academy	PROPN
gujaf-264	43	12	,	,	PUNCT
gujaf-264	43	13	kaduna	kaduna	PROPN
gujaf-264	43	14	state	state	PROPN
gujaf-264	43	15	.	.	PUNCT
gujaf-264	44	1	dr	dr	PROPN
gujaf-264	44	2	.	.	PROPN
gujaf-264	44	3	saidu	saidu	PROPN
gujaf-264	44	4	adamu	adamu	PROPN
gujaf-264	44	5	department	department	PROPN
gujaf-264	44	6	of	of	ADP
gujaf-264	44	7	accounting	accounting	PROPN
gujaf-264	44	8	,	,	PUNCT
gujaf-264	44	9	federal	federal	ADJ
gujaf-264	44	10	university	university	PROPN
gujaf-264	44	11	of	of	ADP
gujaf-264	44	12	kashere	kashere	PROPN
gujaf-264	44	13	,	,	PUNCT
gujaf-264	44	14	gombe	gombe	ADJ
gujaf-264	44	15	state	state	NOUN
gujaf-264	44	16	.	.	PUNCT
gujaf-264	45	1	dr	dr	PROPN
gujaf-264	45	2	.	.	PROPN
gujaf-264	45	3	nasiru	nasiru	PROPN
gujaf-264	45	4	yunusa	yunusa	PROPN
gujaf-264	45	5	department	department	PROPN
gujaf-264	45	6	of	of	ADP
gujaf-264	45	7	accounting	accounting	NOUN
gujaf-264	45	8	,	,	PUNCT
gujaf-264	45	9	ahmadu	ahmadu	PROPN
gujaf-264	45	10	bello	bello	PROPN
gujaf-264	45	11	university	university	PROPN
gujaf-264	45	12	zaria	zaria	PROPN
gujaf-264	45	13	.	.	PUNCT
gujaf-264	46	1	dr	dr	PROPN
gujaf-264	46	2	.	.	PROPN
gujaf-264	46	3	aisha	aisha	PROPN
gujaf-264	46	4	nuhu	nuhu	PROPN
gujaf-264	46	5	muhammad	muhammad	PROPN
gujaf-264	46	6	department	department	PROPN
gujaf-264	46	7	of	of	ADP
gujaf-264	46	8	accounting	accounting	PROPN
gujaf-264	46	9	,	,	PUNCT
gujaf-264	46	10	ahmadu	ahmadu	PROPN
gujaf-264	46	11	bello	bello	PROPN
gujaf-264	46	12	university	university	PROPN
gujaf-264	46	13	zaria	zaria	PROPN
gujaf-264	46	14	.	.	PUNCT
gujaf-264	47	1	dr	dr	PROPN
gujaf-264	47	2	.	.	PROPN
gujaf-264	47	3	lawal	lawal	PROPN
gujaf-264	47	4	muhammad	muhammad	PROPN
gujaf-264	47	5	department	department	PROPN
gujaf-264	47	6	of	of	ADP
gujaf-264	47	7	accounting	accounting	PROPN
gujaf-264	47	8	,	,	PUNCT
gujaf-264	47	9	ahmadu	ahmadu	PROPN
gujaf-264	47	10	bello	bello	PROPN
gujaf-264	47	11	university	university	PROPN
gujaf-264	47	12	zaria	zaria	PROPN
gujaf-264	47	13	.	.	PUNCT
gujaf-264	48	1	dr	dr	PROPN
gujaf-264	48	2	.	.	PROPN
gujaf-264	48	3	farouk	farouk	PROPN
gujaf-264	48	4	adeza	adeza	PROPN
gujaf-264	48	5	school	school	NOUN
gujaf-264	48	6	of	of	ADP
gujaf-264	48	7	business	business	NOUN
gujaf-264	48	8	and	and	CCONJ
gujaf-264	48	9	entrepreneurship	entrepreneurship	NOUN
gujaf-264	48	10	,	,	PUNCT
gujaf-264	48	11	american	american	PROPN
gujaf-264	48	12	university	university	PROPN
gujaf-264	48	13	of	of	ADP
gujaf-264	48	14	nigeria	nigeria	PROPN
gujaf-264	48	15	,	,	PUNCT
gujaf-264	48	16	yola	yola	PROPN
gujaf-264	48	17	.	.	PUNCT
gujaf-264	49	1	dr	dr	PROPN
gujaf-264	49	2	.	.	PROPN
gujaf-264	49	3	bashir	bashir	PROPN
gujaf-264	49	4	umar	umar	PROPN
gujaf-264	49	5	farouk	farouk	PROPN
gujaf-264	49	6	department	department	PROPN
gujaf-264	49	7	of	of	ADP
gujaf-264	49	8	economics	economic	NOUN
gujaf-264	49	9	,	,	PUNCT
gujaf-264	49	10	federal	federal	ADJ
gujaf-264	49	11	university	university	NOUN
gujaf-264	49	12	gusau	gusau	PROPN
gujaf-264	49	13	,	,	PUNCT
gujaf-264	49	14	zamfara	zamfara	PROPN
gujaf-264	49	15	state	state	PROPN
gujaf-264	49	16	.	.	PUNCT
gujaf-264	50	1	dr	dr	PROPN
gujaf-264	50	2	emmanuel	emmanuel	PROPN
gujaf-264	50	3	omokhuale	omokhuale	PROPN
gujaf-264	50	4	department	department	PROPN
gujaf-264	50	5	of	of	ADP
gujaf-264	50	6	mathematics	mathematics	PROPN
gujaf-264	50	7	,	,	PUNCT
gujaf-264	50	8	federal	federal	ADJ
gujaf-264	50	9	university	university	NOUN
gujaf-264	50	10	gusau	gusau	NOUN
gujaf-264	50	11	,	,	PUNCT
gujaf-264	50	12	zamfara	zamfara	PROPN
gujaf-264	50	13	.	.	PUNCT
gujaf-264	51	1	state	state	PROPN
gujaf-264	51	2	vi	vi	PROPN
gujaf-264	51	3	advisory	advisory	PROPN
gujaf-264	51	4	board	board	NOUN
gujaf-264	51	5	members	member	NOUN
gujaf-264	51	6	prof	prof	PROPN
gujaf-264	51	7	.	.	PUNCT
gujaf-264	52	1	kabiru	kabiru	PROPN
gujaf-264	52	2	isah	isah	PROPN
gujaf-264	52	3	dandago	dandago	PROPN
gujaf-264	52	4	,	,	PUNCT
gujaf-264	52	5	bayero	bayero	PROPN
gujaf-264	52	6	university	university	PROPN
gujaf-264	52	7	kano	kano	PROPN
gujaf-264	52	8	,	,	PUNCT
gujaf-264	52	9	kano	kano	PROPN
gujaf-264	52	10	state	state	PROPN
gujaf-264	52	11	.	.	PUNCT
gujaf-264	53	1	prof	prof	PROPN
gujaf-264	53	2	a	a	DET
gujaf-264	53	3	m	m	NOUN
gujaf-264	53	4	bashir	bashir	NOUN
gujaf-264	53	5	,	,	PUNCT
gujaf-264	53	6	usmanu	usmanu	PROPN
gujaf-264	53	7	danfodiyo	danfodiyo	PROPN
gujaf-264	53	8	university	university	PROPN
gujaf-264	53	9	sokoto	sokoto	PROPN
gujaf-264	53	10	,	,	PUNCT
gujaf-264	53	11	sokoto	sokoto	PROPN
gujaf-264	53	12	state	state	PROPN
gujaf-264	53	13	.	.	PUNCT
gujaf-264	54	1	prof	prof	PROPN
gujaf-264	54	2	.	.	PUNCT
gujaf-264	55	1	muhammad	muhammad	PROPN
gujaf-264	55	2	tanko	tanko	PROPN
gujaf-264	55	3	,	,	PUNCT
gujaf-264	55	4	kaduna	kaduna	PROPN
gujaf-264	55	5	state	state	PROPN
gujaf-264	55	6	university	university	PROPN
gujaf-264	55	7	,	,	PUNCT
gujaf-264	55	8	kaduna	kaduna	PROPN
gujaf-264	55	9	.	.	PROPN
gujaf-264	55	10	prof	prof	PROPN
gujaf-264	55	11	.	.	PUNCT
gujaf-264	55	12	bayero	bayero	PROPN
gujaf-264	56	1	a	a	DET
gujaf-264	56	2	m	m	NOUN
gujaf-264	56	3	sabir	sabir	NOUN
gujaf-264	56	4	,	,	PUNCT
gujaf-264	56	5	usmanu	usmanu	PROPN
gujaf-264	56	6	danfodiyo	danfodiyo	PROPN
gujaf-264	56	7	university	university	PROPN
gujaf-264	56	8	sokoto	sokoto	PROPN
gujaf-264	56	9	,	,	PUNCT
gujaf-264	56	10	sokoto	sokoto	PROPN
gujaf-264	56	11	state	state	PROPN
gujaf-264	56	12	.	.	PUNCT
gujaf-264	57	1	prof	prof	PROPN
gujaf-264	57	2	.	.	PUNCT
gujaf-264	58	1	aliyu	aliyu	PROPN
gujaf-264	58	2	sulaiman	sulaiman	PROPN
gujaf-264	58	3	kantudu	kantudu	PROPN
gujaf-264	58	4	,	,	PUNCT
gujaf-264	58	5	bayero	bayero	PROPN
gujaf-264	58	6	university	university	PROPN
gujaf-264	58	7	kano	kano	PROPN
gujaf-264	58	8	,	,	PUNCT
gujaf-264	58	9	kano	kano	PROPN
gujaf-264	58	10	state	state	PROPN
gujaf-264	58	11	.	.	PUNCT
gujaf-264	59	1	editorial	editorial	PROPN
gujaf-264	59	2	secretary	secretary	PROPN
gujaf-264	59	3	yazid	yazid	PROPN
gujaf-264	59	4	ibrahim	ibrahim	PROPN
gujaf-264	59	5	kabir	kabir	PROPN
gujaf-264	59	6	department	department	PROPN
gujaf-264	59	7	of	of	ADP
gujaf-264	59	8	accounting	accounting	NOUN
gujaf-264	59	9	and	and	CCONJ
gujaf-264	59	10	finance	finance	NOUN
gujaf-264	59	11	,	,	PUNCT
gujaf-264	59	12	federal	federal	ADJ
gujaf-264	59	13	university	university	NOUN
gujaf-264	59	14	gusau	gusau	PROPN
gujaf-264	59	15	,	,	PUNCT
gujaf-264	59	16	zamfara	zamfara	PROPN
gujaf-264	59	17	state	state	PROPN
gujaf-264	59	18	.	.	PUNCT
gujaf-264	60	1	vii	vii	PROPN
gujaf-264	60	2	call	call	PROPN
gujaf-264	60	3	for	for	ADP
gujaf-264	60	4	papers	paper	NOUN
gujaf-264	60	5	the	the	DET
gujaf-264	60	6	editorial	editorial	ADJ
gujaf-264	60	7	board	board	NOUN
gujaf-264	60	8	of	of	ADP
gujaf-264	60	9	gusau	gusau	PROPN
gujaf-264	60	10	journal	journal	PROPN
gujaf-264	60	11	of	of	ADP
gujaf-264	60	12	accounting	accounting	NOUN
gujaf-264	60	13	and	and	CCONJ
gujaf-264	60	14	finance	finance	NOUN
gujaf-264	60	15	(	(	PUNCT
gujaf-264	60	16	gujaf	gujaf	NOUN
gujaf-264	60	17	)	)	PUNCT
gujaf-264	60	18	is	be	AUX
gujaf-264	60	19	hereby	hereby	ADV
gujaf-264	60	20	inviting	invite	VERB
gujaf-264	60	21	authors	author	NOUN
gujaf-264	60	22	to	to	PART
gujaf-264	60	23	submit	submit	VERB
gujaf-264	60	24	their	their	PRON
gujaf-264	60	25	unpublished	unpublished	ADJ
gujaf-264	60	26	manuscript	manuscript	NOUN
gujaf-264	60	27	for	for	ADP
gujaf-264	60	28	publication	publication	NOUN
gujaf-264	60	29	.	.	PUNCT
gujaf-264	61	1	the	the	DET
gujaf-264	61	2	journal	journal	NOUN
gujaf-264	61	3	is	be	AUX
gujaf-264	61	4	published	publish	VERB
gujaf-264	61	5	in	in	ADP
gujaf-264	61	6	two	two	NUM
gujaf-264	61	7	issues	issue	NOUN
gujaf-264	61	8	of	of	ADP
gujaf-264	61	9	april	april	PROPN
gujaf-264	61	10	and	and	CCONJ
gujaf-264	61	11	october	october	PROPN
gujaf-264	61	12	annually	annually	ADV
gujaf-264	61	13	.	.	PUNCT
gujaf-264	62	1	gujaf	gujaf	NOUN
gujaf-264	62	2	is	be	AUX
gujaf-264	62	3	a	a	DET
gujaf-264	62	4	double	double	ADJ
gujaf-264	62	5	-	-	PUNCT
gujaf-264	62	6	blind	blind	ADJ
gujaf-264	62	7	peer	peer	NOUN
gujaf-264	62	8	reviewed	review	VERB
gujaf-264	62	9	journal	journal	NOUN
gujaf-264	62	10	published	publish	VERB
gujaf-264	62	11	by	by	ADP
gujaf-264	62	12	the	the	DET
gujaf-264	62	13	department	department	NOUN
gujaf-264	62	14	of	of	ADP
gujaf-264	62	15	accounting	accounting	NOUN
gujaf-264	62	16	and	and	CCONJ
gujaf-264	62	17	finance	finance	NOUN
gujaf-264	62	18	,	,	PUNCT
gujaf-264	62	19	faculty	faculty	NOUN
gujaf-264	62	20	of	of	ADP
gujaf-264	62	21	management	management	NOUN
gujaf-264	62	22	and	and	CCONJ
gujaf-264	62	23	social	social	ADJ
gujaf-264	62	24	sciences	science	NOUN
gujaf-264	62	25	,	,	PUNCT
gujaf-264	62	26	federal	federal	ADJ
gujaf-264	62	27	university	university	NOUN
gujaf-264	62	28	gusau	gusau	NOUN
gujaf-264	62	29	,	,	PUNCT
gujaf-264	62	30	zamfara	zamfara	PROPN
gujaf-264	62	31	state	state	PROPN
gujaf-264	62	32	nigeria	nigeria	PROPN
gujaf-264	62	33	the	the	DET
gujaf-264	62	34	journal	journal	PROPN
gujaf-264	62	35	accepts	accept	VERB
gujaf-264	62	36	papers	paper	NOUN
gujaf-264	62	37	in	in	ADP
gujaf-264	62	38	all	all	DET
gujaf-264	62	39	areas	area	NOUN
gujaf-264	62	40	of	of	ADP
gujaf-264	62	41	accounting	accounting	NOUN
gujaf-264	62	42	and	and	CCONJ
gujaf-264	62	43	finance	finance	NOUN
gujaf-264	62	44	for	for	ADP
gujaf-264	62	45	publication	publication	NOUN
gujaf-264	62	46	which	which	PRON
gujaf-264	62	47	include	include	VERB
gujaf-264	62	48	:	:	PUNCT
gujaf-264	62	49	accounting	accounting	NOUN
gujaf-264	62	50	standards	standard	NOUN
gujaf-264	62	51	,	,	PUNCT
gujaf-264	62	52	accounting	account	VERB
gujaf-264	62	53	information	information	NOUN
gujaf-264	62	54	system	system	NOUN
gujaf-264	62	55	,	,	PUNCT
gujaf-264	62	56	financial	financial	ADJ
gujaf-264	62	57	reporting	reporting	NOUN
gujaf-264	62	58	,	,	PUNCT
gujaf-264	62	59	earnings	earning	NOUN
gujaf-264	62	60	management	management	NOUN
gujaf-264	62	61	,	,	PUNCT
gujaf-264	62	62	,	,	PUNCT
gujaf-264	62	63	auditing	auditing	NOUN
gujaf-264	62	64	and	and	CCONJ
gujaf-264	62	65	investigation	investigation	NOUN
gujaf-264	62	66	,	,	PUNCT
gujaf-264	62	67	auditing	auditing	NOUN
gujaf-264	62	68	and	and	CCONJ
gujaf-264	62	69	standards	standard	NOUN
gujaf-264	62	70	,	,	PUNCT
gujaf-264	62	71	public	public	ADJ
gujaf-264	62	72	sector	sector	NOUN
gujaf-264	62	73	accounting	accounting	NOUN
gujaf-264	62	74	and	and	CCONJ
gujaf-264	62	75	auditing	auditing	NOUN
gujaf-264	62	76	,	,	PUNCT
gujaf-264	62	77	taxation	taxation	NOUN
gujaf-264	62	78	and	and	CCONJ
gujaf-264	62	79	revenue	revenue	NOUN
gujaf-264	62	80	administration	administration	NOUN
gujaf-264	62	81	,	,	PUNCT
gujaf-264	62	82	corporate	corporate	ADJ
gujaf-264	62	83	governance	governance	NOUN
gujaf-264	62	84	issues	issue	NOUN
gujaf-264	62	85	,	,	PUNCT
gujaf-264	62	86	corporate	corporate	ADJ
gujaf-264	62	87	social	social	ADJ
gujaf-264	62	88	responsibility	responsibility	NOUN
gujaf-264	62	89	,	,	PUNCT
gujaf-264	62	90	sustainability	sustainability	NOUN
gujaf-264	62	91	and	and	CCONJ
gujaf-264	62	92	environmental	environmental	ADJ
gujaf-264	62	93	reporting	reporting	NOUN
gujaf-264	62	94	issue	issue	NOUN
gujaf-264	62	95	,	,	PUNCT
gujaf-264	62	96	information	information	NOUN
gujaf-264	62	97	and	and	CCONJ
gujaf-264	62	98	communication	communication	NOUN
gujaf-264	62	99	technology	technology	NOUN
gujaf-264	62	100	issues	issue	NOUN
gujaf-264	62	101	,	,	PUNCT
gujaf-264	62	102	bankruptcy	bankruptcy	NOUN
gujaf-264	62	103	prediction	prediction	NOUN
gujaf-264	62	104	,	,	PUNCT
gujaf-264	62	105	corporate	corporate	ADJ
gujaf-264	62	106	finance	finance	NOUN
gujaf-264	62	107	,	,	PUNCT
gujaf-264	62	108	personal	personal	ADJ
gujaf-264	62	109	finance	finance	NOUN
gujaf-264	62	110	,	,	PUNCT
gujaf-264	62	111	merger	merger	NOUN
gujaf-264	62	112	and	and	CCONJ
gujaf-264	62	113	acquisitions	acquisition	NOUN
gujaf-264	62	114	,	,	PUNCT
gujaf-264	62	115	capital	capital	NOUN
gujaf-264	62	116	structure	structure	NOUN
gujaf-264	62	117	,	,	PUNCT
gujaf-264	62	118	working	work	VERB
gujaf-264	62	119	capital	capital	NOUN
gujaf-264	62	120	management	management	NOUN
gujaf-264	62	121	,	,	PUNCT
gujaf-264	62	122	enterprises	enterprise	NOUN
gujaf-264	62	123	risk	risk	NOUN
gujaf-264	62	124	management	management	NOUN
gujaf-264	62	125	,	,	PUNCT
gujaf-264	62	126	entrepreneurship	entrepreneurship	NOUN
gujaf-264	62	127	,	,	PUNCT
gujaf-264	62	128	international	international	ADJ
gujaf-264	62	129	business	business	NOUN
gujaf-264	62	130	accounting	accounting	NOUN
gujaf-264	62	131	and	and	CCONJ
gujaf-264	62	132	finance	finance	NOUN
gujaf-264	62	133	,	,	PUNCT
gujaf-264	62	134	banking	banking	NOUN
gujaf-264	62	135	crises	crisis	NOUN
gujaf-264	62	136	,	,	PUNCT
gujaf-264	62	137	bank	bank	NOUN
gujaf-264	62	138	’s	’s	PART
gujaf-264	62	139	profitability	profitability	NOUN
gujaf-264	62	140	,	,	PUNCT
gujaf-264	62	141	risk	risk	NOUN
gujaf-264	62	142	and	and	CCONJ
gujaf-264	62	143	insurance	insurance	NOUN
gujaf-264	62	144	issue	issue	NOUN
gujaf-264	62	145	,	,	PUNCT
gujaf-264	62	146	islamic	islamic	ADJ
gujaf-264	62	147	finance	finance	NOUN
gujaf-264	62	148	,	,	PUNCT
gujaf-264	62	149	conventional	conventional	ADJ
gujaf-264	62	150	and	and	CCONJ
gujaf-264	62	151	islamic	islamic	ADJ
gujaf-264	62	152	banks	bank	NOUN
gujaf-264	62	153	and	and	CCONJ
gujaf-264	62	154	so	so	ADV
gujaf-264	62	155	forth	forth	ADV
gujaf-264	62	156	.	.	PUNCT
gujaf-264	63	1	guidelines	guideline	NOUN
gujaf-264	63	2	for	for	ADP
gujaf-264	63	3	submission	submission	NOUN
gujaf-264	63	4	and	and	CCONJ
gujaf-264	63	5	manuscript	manuscript	NOUN
gujaf-264	63	6	format	format	VERB
gujaf-264	63	7	the	the	DET
gujaf-264	63	8	submission	submission	NOUN
gujaf-264	63	9	language	language	NOUN
gujaf-264	63	10	is	be	AUX
gujaf-264	63	11	english	english	PROPN
gujaf-264	63	12	and	and	CCONJ
gujaf-264	63	13	must	must	AUX
gujaf-264	63	14	be	be	AUX
gujaf-264	63	15	a	a	DET
gujaf-264	63	16	well	well	ADV
gujaf-264	63	17	-	-	PUNCT
gujaf-264	63	18	researched	research	VERB
gujaf-264	63	19	original	original	ADJ
gujaf-264	63	20	manuscript	manuscript	NOUN
gujaf-264	63	21	that	that	PRON
gujaf-264	63	22	has	have	AUX
gujaf-264	63	23	not	not	PART
gujaf-264	63	24	previously	previously	ADV
gujaf-264	63	25	been	be	AUX
gujaf-264	63	26	submitted	submit	VERB
gujaf-264	63	27	elsewhere	elsewhere	ADV
gujaf-264	63	28	for	for	ADP
gujaf-264	63	29	publication	publication	NOUN
gujaf-264	63	30	.	.	PUNCT
gujaf-264	64	1	the	the	DET
gujaf-264	64	2	paper	paper	NOUN
gujaf-264	64	3	should	should	AUX
gujaf-264	64	4	not	not	PART
gujaf-264	64	5	exceed	exceed	VERB
gujaf-264	64	6	more	more	ADJ
gujaf-264	64	7	than	than	ADP
gujaf-264	64	8	15	15	NUM
gujaf-264	64	9	pages	page	NOUN
gujaf-264	64	10	on	on	ADP
gujaf-264	64	11	a4	a4	NOUN
gujaf-264	64	12	type	type	NOUN
gujaf-264	64	13	paper	paper	NOUN
gujaf-264	64	14	in	in	ADP
gujaf-264	64	15	ms	ms	ADJ
gujaf-264	64	16	-	-	PUNCT
gujaf-264	64	17	word	word	NOUN
gujaf-264	64	18	format	format	NOUN
gujaf-264	64	19	,	,	PUNCT
gujaf-264	64	20	1.5	1.5	NUM
gujaf-264	64	21	-	-	PUNCT
gujaf-264	64	22	line	line	NOUN
gujaf-264	64	23	spacing	spacing	NOUN
gujaf-264	64	24	,	,	PUNCT
gujaf-264	64	25	12	12	NUM
gujaf-264	64	26	font	font	NOUN
gujaf-264	64	27	size	size	NOUN
gujaf-264	64	28	in	in	ADP
gujaf-264	64	29	times	time	NOUN
gujaf-264	64	30	new	new	ADJ
gujaf-264	64	31	roman	roman	NOUN
gujaf-264	64	32	.	.	PUNCT
gujaf-264	65	1	manuscript	manuscript	NOUN
gujaf-264	65	2	should	should	AUX
gujaf-264	65	3	be	be	AUX
gujaf-264	65	4	tested	test	VERB
gujaf-264	65	5	for	for	ADP
gujaf-264	65	6	plagiarism	plagiarism	NOUN
gujaf-264	65	7	before	before	ADP
gujaf-264	65	8	submission	submission	NOUN
gujaf-264	65	9	,	,	PUNCT
gujaf-264	65	10	as	as	SCONJ
gujaf-264	65	11	the	the	DET
gujaf-264	65	12	maximum	maximum	ADJ
gujaf-264	65	13	similarity	similarity	NOUN
gujaf-264	65	14	index	index	NOUN
gujaf-264	65	15	acceptable	acceptable	ADJ
gujaf-264	65	16	by	by	ADP
gujaf-264	65	17	gujaf	gujaf	NOUN
gujaf-264	65	18	is	be	AUX
gujaf-264	65	19	25	25	NUM
gujaf-264	65	20	percent	percent	NOUN
gujaf-264	65	21	.	.	PUNCT
gujaf-264	66	1	furthermore	furthermore	ADV
gujaf-264	66	2	,	,	PUNCT
gujaf-264	66	3	the	the	DET
gujaf-264	66	4	length	length	NOUN
gujaf-264	66	5	of	of	ADP
gujaf-264	66	6	a	a	DET
gujaf-264	66	7	complete	complete	ADJ
gujaf-264	66	8	article	article	NOUN
gujaf-264	66	9	should	should	AUX
gujaf-264	66	10	not	not	PART
gujaf-264	66	11	exceed	exceed	VERB
gujaf-264	66	12	5000	5000	NUM
gujaf-264	66	13	words	word	NOUN
gujaf-264	66	14	including	include	VERB
gujaf-264	66	15	an	an	DET
gujaf-264	66	16	abstract	abstract	NOUN
gujaf-264	66	17	of	of	ADP
gujaf-264	66	18	not	not	PART
gujaf-264	66	19	more	more	ADJ
gujaf-264	66	20	than	than	ADP
gujaf-264	66	21	250	250	NUM
gujaf-264	66	22	words	word	NOUN
gujaf-264	66	23	with	with	ADP
gujaf-264	66	24	a	a	DET
gujaf-264	66	25	minimum	minimum	NOUN
gujaf-264	66	26	of	of	ADP
gujaf-264	66	27	four	four	NUM
gujaf-264	66	28	key	key	ADJ
gujaf-264	66	29	words	word	NOUN
gujaf-264	66	30	immediately	immediately	ADV
gujaf-264	66	31	after	after	ADP
gujaf-264	66	32	the	the	DET
gujaf-264	66	33	abstract	abstract	NOUN
gujaf-264	66	34	.	.	PUNCT
gujaf-264	67	1	all	all	DET
gujaf-264	67	2	references	reference	NOUN
gujaf-264	67	3	including	include	VERB
gujaf-264	67	4	in	in	ADP
gujaf-264	67	5	text	text	NOUN
gujaf-264	67	6	citation	citation	NOUN
gujaf-264	67	7	and	and	CCONJ
gujaf-264	67	8	reference	reference	NOUN
gujaf-264	67	9	list	list	NOUN
gujaf-264	67	10	,	,	PUNCT
gujaf-264	67	11	tables	table	NOUN
gujaf-264	67	12	and	and	CCONJ
gujaf-264	67	13	figures	figure	NOUN
gujaf-264	67	14	should	should	AUX
gujaf-264	67	15	be	be	AUX
gujaf-264	67	16	in	in	ADP
gujaf-264	67	17	line	line	NOUN
gujaf-264	67	18	with	with	ADP
gujaf-264	67	19	apa	apa	PROPN
gujaf-264	67	20	7th	7th	PROPN
gujaf-264	67	21	edition	edition	NOUN
gujaf-264	67	22	publication	publication	NOUN
gujaf-264	67	23	manual	manual	NOUN
gujaf-264	67	24	.	.	PUNCT
gujaf-264	68	1	finally	finally	ADV
gujaf-264	68	2	,	,	PUNCT
gujaf-264	68	3	manuscript	manuscript	NOUN
gujaf-264	68	4	should	should	AUX
gujaf-264	68	5	be	be	AUX
gujaf-264	68	6	send	send	VERB
gujaf-264	68	7	to	to	ADP
gujaf-264	68	8	our	our	PRON
gujaf-264	68	9	email	email	NOUN
gujaf-264	68	10	address	address	NOUN
gujaf-264	68	11	elfarouk105@gmail.com	elfarouk105@gmail.com	X
gujaf-264	68	12	and	and	CCONJ
gujaf-264	68	13	a	a	DET
gujaf-264	68	14	copy	copy	NOUN
gujaf-264	68	15	to	to	ADP
gujaf-264	68	16	our	our	PRON
gujaf-264	68	17	website	website	NOUN
gujaf-264	68	18	on	on	ADP
gujaf-264	68	19	journals.gujaf.com.ng	journals.gujaf.com.ng	PROPN
gujaf-264	68	20	mailto:elfarouk105@gmail.com	mailto:elfarouk105@gmail.com	PROPN
gujaf-264	68	21	http://www.gujaf.com.ng/	http://www.gujaf.com.ng/	VERB
gujaf-264	68	22	viii	viii	ADJ
gujaf-264	68	23	publication	publication	NOUN
gujaf-264	68	24	procedure	procedure	NOUN
gujaf-264	68	25	after	after	ADP
gujaf-264	68	26	receiving	receive	VERB
gujaf-264	68	27	a	a	DET
gujaf-264	68	28	manuscript	manuscript	NOUN
gujaf-264	68	29	that	that	PRON
gujaf-264	68	30	is	be	AUX
gujaf-264	68	31	within	within	ADP
gujaf-264	68	32	the	the	DET
gujaf-264	68	33	similarity	similarity	NOUN
gujaf-264	68	34	index	index	NOUN
gujaf-264	68	35	threshold	threshold	NOUN
gujaf-264	68	36	,	,	PUNCT
gujaf-264	68	37	a	a	DET
gujaf-264	68	38	confirmation	confirmation	NOUN
gujaf-264	68	39	email	email	NOUN
gujaf-264	68	40	will	will	AUX
gujaf-264	68	41	be	be	AUX
gujaf-264	68	42	send	send	VERB
gujaf-264	68	43	together	together	ADV
gujaf-264	68	44	with	with	ADP
gujaf-264	68	45	a	a	DET
gujaf-264	68	46	request	request	NOUN
gujaf-264	68	47	to	to	PART
gujaf-264	68	48	pay	pay	VERB
gujaf-264	68	49	a	a	DET
gujaf-264	68	50	review	review	NOUN
gujaf-264	68	51	proceeding	proceeding	NOUN
gujaf-264	68	52	fee	fee	NOUN
gujaf-264	68	53	.	.	PUNCT
gujaf-264	69	1	at	at	ADP
gujaf-264	69	2	this	this	DET
gujaf-264	69	3	point	point	NOUN
gujaf-264	69	4	,	,	PUNCT
gujaf-264	69	5	the	the	DET
gujaf-264	69	6	editorial	editorial	ADJ
gujaf-264	69	7	board	board	NOUN
gujaf-264	69	8	will	will	AUX
gujaf-264	69	9	take	take	VERB
gujaf-264	69	10	a	a	DET
gujaf-264	69	11	decision	decision	NOUN
gujaf-264	69	12	on	on	ADP
gujaf-264	69	13	accepting	accept	VERB
gujaf-264	69	14	,	,	PUNCT
gujaf-264	69	15	rejecting	reject	VERB
gujaf-264	69	16	or	or	CCONJ
gujaf-264	69	17	making	make	VERB
gujaf-264	69	18	a	a	DET
gujaf-264	69	19	resubmission	resubmission	NOUN
gujaf-264	69	20	of	of	ADP
gujaf-264	69	21	the	the	DET
gujaf-264	69	22	manuscript	manuscript	NOUN
gujaf-264	69	23	based	base	VERB
gujaf-264	69	24	on	on	ADP
gujaf-264	69	25	the	the	DET
gujaf-264	69	26	outcome	outcome	NOUN
gujaf-264	69	27	of	of	ADP
gujaf-264	69	28	the	the	DET
gujaf-264	69	29	double	double	ADJ
gujaf-264	69	30	-	-	PUNCT
gujaf-264	69	31	blind	blind	ADJ
gujaf-264	69	32	peer	peer	NOUN
gujaf-264	69	33	review	review	NOUN
gujaf-264	69	34	.	.	PUNCT
gujaf-264	70	1	those	those	DET
gujaf-264	70	2	authors	author	NOUN
gujaf-264	70	3	whose	whose	DET
gujaf-264	70	4	manuscript	manuscript	NOUN
gujaf-264	70	5	were	be	AUX
gujaf-264	70	6	accepted	accept	VERB
gujaf-264	70	7	for	for	ADP
gujaf-264	70	8	publication	publication	NOUN
gujaf-264	70	9	will	will	AUX
gujaf-264	70	10	be	be	AUX
gujaf-264	70	11	asked	ask	VERB
gujaf-264	70	12	to	to	PART
gujaf-264	70	13	pay	pay	VERB
gujaf-264	70	14	a	a	DET
gujaf-264	70	15	publication	publication	NOUN
gujaf-264	70	16	fee	fee	NOUN
gujaf-264	70	17	,	,	PUNCT
gujaf-264	70	18	after	after	ADP
gujaf-264	70	19	effecting	effect	VERB
gujaf-264	70	20	all	all	DET
gujaf-264	70	21	suggested	suggest	VERB
gujaf-264	70	22	corrections	correction	NOUN
gujaf-264	70	23	and	and	CCONJ
gujaf-264	70	24	changes	change	NOUN
gujaf-264	70	25	made	make	VERB
gujaf-264	70	26	on	on	ADP
gujaf-264	70	27	the	the	DET
gujaf-264	70	28	manuscript	manuscript	NOUN
gujaf-264	70	29	.	.	PUNCT
gujaf-264	71	1	all	all	DET
gujaf-264	71	2	corrected	correct	VERB
gujaf-264	71	3	papers	paper	NOUN
gujaf-264	71	4	returned	return	VERB
gujaf-264	71	5	within	within	ADP
gujaf-264	71	6	the	the	DET
gujaf-264	71	7	specified	specify	VERB
gujaf-264	71	8	time	time	NOUN
gujaf-264	71	9	frame	frame	NOUN
gujaf-264	71	10	will	will	AUX
gujaf-264	71	11	be	be	AUX
gujaf-264	71	12	published	publish	VERB
gujaf-264	71	13	in	in	ADP
gujaf-264	71	14	that	that	DET
gujaf-264	71	15	issue	issue	NOUN
gujaf-264	71	16	.	.	PUNCT
gujaf-264	72	1	payment	payment	NOUN
gujaf-264	72	2	details	detail	NOUN
gujaf-264	72	3	bank	bank	NOUN
gujaf-264	72	4	:	:	PUNCT
gujaf-264	72	5	fcmb	fcmb	PROPN
gujaf-264	72	6	account	account	PROPN
gujaf-264	72	7	number	number	NOUN
gujaf-264	72	8	:	:	PUNCT
gujaf-264	72	9	7278465011	7278465011	NUM
gujaf-264	72	10	account	account	NOUN
gujaf-264	72	11	name	name	NOUN
gujaf-264	72	12	:	:	PUNCT
gujaf-264	72	13	gusau	gusau	PROPN
gujaf-264	72	14	journal	journal	NOUN
gujaf-264	72	15	of	of	ADP
gujaf-264	72	16	accounting	accounting	NOUN
gujaf-264	72	17	and	and	CCONJ
gujaf-264	72	18	finance	finance	NOUN
gujaf-264	72	19	for	for	ADP
gujaf-264	72	20	inquiry	inquiry	NOUN
gujaf-264	72	21	the	the	DET
gujaf-264	72	22	head	head	NOUN
gujaf-264	72	23	,	,	PUNCT
gujaf-264	72	24	department	department	NOUN
gujaf-264	72	25	of	of	ADP
gujaf-264	72	26	accounting	accounting	NOUN
gujaf-264	72	27	and	and	CCONJ
gujaf-264	72	28	finance	finance	NOUN
gujaf-264	72	29	,	,	PUNCT
gujaf-264	72	30	federal	federal	ADJ
gujaf-264	72	31	university	university	NOUN
gujaf-264	72	32	gusau	gusau	PROPN
gujaf-264	72	33	,	,	PUNCT
gujaf-264	72	34	zamfara	zamfara	PROPN
gujaf-264	72	35	state	state	PROPN
gujaf-264	72	36	.	.	PUNCT
gujaf-264	73	1	elfarouk105@gmail.com	elfarouk105@gmail.com	X
gujaf-264	74	1	+2348069393824	+2348069393824	PRON
gujaf-264	74	2	for	for	ADP
gujaf-264	74	3	more	more	ADJ
gujaf-264	74	4	information	information	NOUN
gujaf-264	74	5	,	,	PUNCT
gujaf-264	74	6	contact	contact	VERB
gujaf-264	74	7	the	the	DET
gujaf-264	74	8	editor	editor	NOUN
gujaf-264	74	9	-	-	PUNCT
gujaf-264	74	10	in	in	ADP
gujaf-264	74	11	-	-	PUNCT
gujaf-264	74	12	chief	chief	NOUN
gujaf-264	74	13	on	on	ADP
gujaf-264	74	14	+2348067766435	+2348067766435	NUM
gujaf-264	74	15	the	the	DET
gujaf-264	74	16	associate	associate	ADJ
gujaf-264	74	17	editor	editor	NOUN
gujaf-264	74	18	on	on	ADP
gujaf-264	74	19	+2348036057525	+2348036057525	NUM
gujaf-264	74	20	or	or	CCONJ
gujaf-264	74	21	visit	visit	VERB
gujaf-264	74	22	our	our	PRON
gujaf-264	74	23	website	website	NOUN
gujaf-264	74	24	on	on	ADP
gujaf-264	74	25	www.gujaf.com.ng	www.gujaf.com.ng	NOUN
gujaf-264	74	26	or	or	CCONJ
gujaf-264	74	27	journals.gujaf.com.ng	journals.gujaf.com.ng	PROPN
gujaf-264	75	1	http://www.gujaf.com.ng/	http://www.gujaf.com.ng/	PROPN
gujaf-264	75	2	http://www.gujaf.com.ng/	http://www.gujaf.com.ng/	PROPN
gujaf-264	75	3	ix	ix	PROPN
gujaf-264	75	4	contents	content	NOUN
gujaf-264	75	5	board	board	NOUN
gujaf-264	75	6	characteristics	characteristic	NOUN
gujaf-264	75	7	and	and	CCONJ
gujaf-264	75	8	financial	financial	ADJ
gujaf-264	75	9	performance	performance	NOUN
gujaf-264	75	10	:	:	PUNCT
gujaf-264	75	11	evidence	evidence	NOUN
gujaf-264	75	12	from	from	ADP
gujaf-264	75	13	listed	list	VERB
gujaf-264	75	14	deposit	deposit	NOUN
gujaf-264	75	15	money	money	NOUN
gujaf-264	75	16	banks	bank	NOUN
gujaf-264	75	17	in	in	ADP
gujaf-264	75	18	nigeria	nigeria	PROPN
gujaf-264	75	19	1	1	NUM
gujaf-264	75	20	abdullahi	abdullahi	PROPN
gujaf-264	75	21	bala	bala	PROPN
gujaf-264	75	22	ado	ado	PROPN
gujaf-264	75	23	,	,	PUNCT
gujaf-264	75	24	norfadzilah	norfadzilah	PROPN
gujaf-264	75	25	nik	nik	PROPN
gujaf-264	75	26	mohd	mohd	PROPN
gujaf-264	75	27	rashid	rashid	PROPN
gujaf-264	75	28	,	,	PUNCT
gujaf-264	75	29	sa’adatu	sa’adatu	PROPN
gujaf-264	75	30	b.	b.	PROPN
gujaf-264	75	31	adam	adam	PROPN
gujaf-264	75	32	,	,	PUNCT
gujaf-264	75	33	binta	binta	PROPN
gujaf-264	75	34	abubakar	abubakar	PROPN
gujaf-264	75	35	nuhu	nuhu	NOUN
gujaf-264	75	36	,	,	PUNCT
gujaf-264	75	37	hassanat	hassanat	PROPN
gujaf-264	75	38	salawu	salawu	NOUN
gujaf-264	75	39	salihu	salihu	PROPN
gujaf-264	75	40	and	and	CCONJ
gujaf-264	75	41	tariro	tariro	VERB
gujaf-264	75	42	masunda	masunda	NOUN
gujaf-264	75	43	welfare	welfare	NOUN
gujaf-264	75	44	,	,	PUNCT
gujaf-264	75	45	inflation	inflation	NOUN
gujaf-264	75	46	,	,	PUNCT
gujaf-264	75	47	and	and	CCONJ
gujaf-264	75	48	pension	pension	NOUN
gujaf-264	75	49	income	income	NOUN
gujaf-264	75	50	inequality	inequality	NOUN
gujaf-264	75	51	among	among	ADP
gujaf-264	75	52	the	the	DET
gujaf-264	75	53	bottom	bottom	NOUN
gujaf-264	75	54	and	and	CCONJ
gujaf-264	75	55	top	top	ADJ
gujaf-264	75	56	income	income	NOUN
gujaf-264	75	57	quintiles	quintile	NOUN
gujaf-264	75	58	and	and	CCONJ
gujaf-264	75	59	decile	decile	NOUN
gujaf-264	75	60	:	:	PUNCT
gujaf-264	75	61	an	an	DET
gujaf-264	75	62	implication	implication	NOUN
gujaf-264	75	63	of	of	ADP
gujaf-264	75	64	kaduna	kaduna	PROPN
gujaf-264	75	65	state	state	PROPN
gujaf-264	75	66	pension	pension	NOUN
gujaf-264	75	67	reform	reform	NOUN
gujaf-264	75	68	18	18	NUM
gujaf-264	75	69	prof	prof	NOUN
gujaf-264	75	70	.	.	PUNCT
gujaf-264	75	71	salamatu	salamatu	PROPN
gujaf-264	75	72	i.	i.	PROPN
gujaf-264	75	73	isah	isah	PROPN
gujaf-264	75	74	,	,	PUNCT
gujaf-264	75	75	ibrahim	ibrahim	PROPN
gujaf-264	75	76	kekere	kekere	PROPN
gujaf-264	75	77	sule	sule	PROPN
gujaf-264	75	78	(	(	PUNCT
gujaf-264	75	79	phd	phd	NOUN
gujaf-264	75	80	)	)	PUNCT
gujaf-264	75	81	political	political	ADJ
gujaf-264	75	82	connection	connection	NOUN
gujaf-264	75	83	,	,	PUNCT
gujaf-264	75	84	audit	audit	NOUN
gujaf-264	75	85	fees	fee	NOUN
gujaf-264	75	86	,	,	PUNCT
gujaf-264	75	87	audit	audit	NOUN
gujaf-264	75	88	quality	quality	NOUN
gujaf-264	75	89	,	,	PUNCT
gujaf-264	75	90	and	and	CCONJ
gujaf-264	75	91	tax	tax	NOUN
gujaf-264	75	92	avoidance	avoidance	NOUN
gujaf-264	75	93	31	31	NUM
gujaf-264	75	94	novita	novita	PROPN
gujaf-264	75	95	dwi	dwi	PROPN
gujaf-264	75	96	damayanti	damayanti	PROPN
gujaf-264	75	97	,	,	PUNCT
gujaf-264	75	98	m	m	VERB
gujaf-264	75	99	khoirurusydi	khoirurusydi	ADJ
gujaf-264	75	100	,	,	PUNCT
gujaf-264	75	101	wuryanandayani	wuryanandayani	ADJ
gujaf-264	75	102	firm	firm	ADJ
gujaf-264	75	103	attributes	attribute	NOUN
gujaf-264	75	104	and	and	CCONJ
gujaf-264	75	105	shareholder	shareholder	NOUN
gujaf-264	75	106	’s	’s	PART
gujaf-264	75	107	wealth	wealth	NOUN
gujaf-264	75	108	of	of	ADP
gujaf-264	75	109	listed	list	VERB
gujaf-264	75	110	deposit	deposit	NOUN
gujaf-264	75	111	money	money	NOUN
gujaf-264	75	112	banks	bank	NOUN
gujaf-264	75	113	in	in	ADP
gujaf-264	75	114	nigeria	nigeria	PROPN
gujaf-264	75	115	47	47	NUM
gujaf-264	75	116	a.a	a.a	PROPN
gujaf-264	75	117	.	.	PROPN
gujaf-264	75	118	mustapha	mustapha	PROPN
gujaf-264	75	119	,	,	PUNCT
gujaf-264	75	120	prof	prof	PROPN
gujaf-264	75	121	.	.	PUNCT
gujaf-264	76	1	m.s	m.s	PROPN
gujaf-264	76	2	.	.	PROPN
gujaf-264	76	3	tijjani	tijjani	PROPN
gujaf-264	76	4	,	,	PUNCT
gujaf-264	76	5	s.	s.	PROPN
gujaf-264	76	6	salami	salami	PROPN
gujaf-264	76	7	phd	phd	PROPN
gujaf-264	76	8	financial	financial	ADJ
gujaf-264	76	9	determinants	determinant	NOUN
gujaf-264	76	10	of	of	ADP
gujaf-264	76	11	entrepreneurship	entrepreneurship	NOUN
gujaf-264	76	12	in	in	ADP
gujaf-264	76	13	nigeria	nigeria	PROPN
gujaf-264	76	14	67	67	NUM
gujaf-264	76	15	precious	precious	ADJ
gujaf-264	76	16	adukwu	adukwu	NOUN
gujaf-264	76	17	,	,	PUNCT
gujaf-264	76	18	hyeladi	hyeladi	PROPN
gujaf-264	76	19	stanley	stanley	PROPN
gujaf-264	76	20	dibal	dibal	PROPN
gujaf-264	76	21	work	work	PROPN
gujaf-264	76	22	environment	environment	PROPN
gujaf-264	76	23	,	,	PUNCT
gujaf-264	76	24	remuneration	remuneration	NOUN
gujaf-264	76	25	and	and	CCONJ
gujaf-264	76	26	accounting	accounting	NOUN
gujaf-264	76	27	lecturers	lecturer	NOUN
gujaf-264	76	28	’	’	PART
gujaf-264	76	29	performance	performance	NOUN
gujaf-264	76	30	in	in	ADP
gujaf-264	76	31	polytechnics	polytechnic	NOUN
gujaf-264	76	32	in	in	ADP
gujaf-264	76	33	north	north	PROPN
gujaf-264	76	34	west	west	PROPN
gujaf-264	76	35	,	,	PUNCT
gujaf-264	76	36	nigeria	nigeria	PROPN
gujaf-264	76	37	88	88	NUM
gujaf-264	76	38	dr	dr	PROPN
gujaf-264	76	39	.	.	PROPN
gujaf-264	76	40	aliyu	aliyu	PROPN
gujaf-264	76	41	abdullahi	abdullahi	PROPN
gujaf-264	76	42	ahmed	ahmed	PROPN
gujaf-264	76	43	,	,	PUNCT
gujaf-264	76	44	rabiatu	rabiatu	NOUN
gujaf-264	76	45	ahmed	ahme	VERB
gujaf-264	76	46	relative	relative	ADJ
gujaf-264	76	47	efficiency	efficiency	NOUN
gujaf-264	76	48	of	of	ADP
gujaf-264	76	49	the	the	DET
gujaf-264	76	50	capital	capital	NOUN
gujaf-264	76	51	market	market	NOUN
gujaf-264	76	52	over	over	ADP
gujaf-264	76	53	the	the	DET
gujaf-264	76	54	money	money	NOUN
gujaf-264	76	55	market	market	NOUN
gujaf-264	76	56	in	in	ADP
gujaf-264	76	57	a	a	DET
gujaf-264	76	58	growth	growth	NOUN
gujaf-264	76	59	-	-	PUNCT
gujaf-264	76	60	financing	financing	NOUN
gujaf-264	76	61	economy	economy	NOUN
gujaf-264	76	62	110	110	NUM
gujaf-264	76	63	adedeji	adedeji	PROPN
gujaf-264	76	64	daniel	daniel	PROPN
gujaf-264	76	65	gbadebo	gbadebo	PROPN
gujaf-264	76	66	board	board	PROPN
gujaf-264	76	67	education	education	PROPN
gujaf-264	76	68	,	,	PUNCT
gujaf-264	76	69	director	director	NOUN
gujaf-264	76	70	's	's	PART
gujaf-264	76	71	age	age	NOUN
gujaf-264	76	72	and	and	CCONJ
gujaf-264	76	73	earnings	earning	NOUN
gujaf-264	76	74	management	management	NOUN
gujaf-264	76	75	of	of	ADP
gujaf-264	76	76	listed	list	VERB
gujaf-264	76	77	deposit	deposit	NOUN
gujaf-264	76	78	money	money	NOUN
gujaf-264	76	79	banks	bank	NOUN
gujaf-264	76	80	in	in	ADP
gujaf-264	76	81	nigeria	nigeria	PROPN
gujaf-264	76	82	131	131	NUM
gujaf-264	76	83	idris	idris	PROPN
gujaf-264	76	84	ibrahimphd	ibrahimphd	PROPN
gujaf-264	76	85	,	,	PUNCT
gujaf-264	76	86	prof	prof	PROPN
gujaf-264	76	87	.	.	PUNCT
gujaf-264	77	1	luka	luka	PROPN
gujaf-264	77	2	mailafia	mailafia	PROPN
gujaf-264	77	3	,	,	PUNCT
gujaf-264	77	4	salami	salami	ADJ
gujaf-264	77	5	suleiman	suleiman	PROPN
gujaf-264	77	6	phd	phd	PROPN
gujaf-264	77	7	ownership	ownership	NOUN
gujaf-264	77	8	concentration	concentration	NOUN
gujaf-264	77	9	’s	’s	PART
gujaf-264	77	10	moderating	moderate	VERB
gujaf-264	77	11	effect	effect	NOUN
gujaf-264	77	12	on	on	ADP
gujaf-264	77	13	dividend	dividend	NOUN
gujaf-264	77	14	payout	payout	NOUN
gujaf-264	77	15	and	and	CCONJ
gujaf-264	77	16	tobin	tobin	NOUN
gujaf-264	77	17	’s	’s	PART
gujaf-264	77	18	q	q	NOUN
gujaf-264	77	19	in	in	ADP
gujaf-264	77	20	the	the	DET
gujaf-264	77	21	nigerian	nigerian	ADJ
gujaf-264	77	22	consumer	consumer	NOUN
gujaf-264	77	23	goods	good	NOUN
gujaf-264	77	24	sector	sector	NOUN
gujaf-264	77	25	.	.	PUNCT
gujaf-264	78	1	149	149	NUM
gujaf-264	78	2	ovbe	ovbe	PROPN
gujaf-264	78	3	simon	simon	PROPN
gujaf-264	78	4	akpadaka	akpadaka	PROPN
gujaf-264	78	5	x	x	PROPN
gujaf-264	78	6	foreign	foreign	ADJ
gujaf-264	78	7	direct	direct	ADJ
gujaf-264	78	8	investment	investment	NOUN
gujaf-264	78	9	,	,	PUNCT
gujaf-264	78	10	renewable	renewable	ADJ
gujaf-264	78	11	energy	energy	NOUN
gujaf-264	78	12	and	and	CCONJ
gujaf-264	78	13	economic	economic	ADJ
gujaf-264	78	14	growth	growth	NOUN
gujaf-264	78	15	:	:	PUNCT
gujaf-264	78	16	an	an	DET
gujaf-264	78	17	empirical	empirical	ADJ
gujaf-264	78	18	analysis	analysis	NOUN
gujaf-264	78	19	from	from	ADP
gujaf-264	78	20	south	south	PROPN
gujaf-264	78	21	africa	africa	PROPN
gujaf-264	78	22	.	.	PUNCT
gujaf-264	79	1	167	167	NUM
gujaf-264	79	2	ahmed	ahmed	PROPN
gujaf-264	79	3	oluwatobi	oluwatobi	PROPN
gujaf-264	79	4	adekunle	adekunle	PROPN
gujaf-264	79	5	impact	impact	NOUN
gujaf-264	79	6	of	of	ADP
gujaf-264	79	7	digital	digital	ADJ
gujaf-264	79	8	financial	financial	ADJ
gujaf-264	79	9	services	service	NOUN
gujaf-264	79	10	on	on	ADP
gujaf-264	79	11	savings	saving	NOUN
gujaf-264	79	12	development	development	NOUN
gujaf-264	79	13	in	in	ADP
gujaf-264	79	14	nigeria	nigeria	PROPN
gujaf-264	79	15	182	182	NUM
gujaf-264	79	16	iro	iro	PROPN
gujaf-264	79	17	,	,	PUNCT
gujaf-264	79	18	onyinyechi	onyinyechi	NOUN
gujaf-264	79	19	adanna	adanna	NOUN
gujaf-264	79	20	,	,	PUNCT
gujaf-264	79	21	eke	eke	ADJ
gujaf-264	79	22	,	,	PUNCT
gujaf-264	79	23	patrick	patrick	PROPN
gujaf-264	79	24	omoruyi	omoruyi	PROPN
gujaf-264	79	25	,	,	PUNCT
gujaf-264	79	26	yunisa	yunisa	PROPN
gujaf-264	79	27	,	,	PUNCT
gujaf-264	79	28	simon	simon	PROPN
gujaf-264	79	29	amodu	amodu	PROPN
gujaf-264	79	30	,	,	PUNCT
gujaf-264	79	31	shekoni	shekoni	NOUN
gujaf-264	79	32	,	,	PUNCT
gujaf-264	79	33	nurudeen	nurudeen	NOUN
gujaf-264	79	34	adebayo	adebayo	PROPN
gujaf-264	79	35	account	account	PROPN
gujaf-264	79	36	receivable	receivable	ADJ
gujaf-264	79	37	management	management	NOUN
gujaf-264	79	38	and	and	CCONJ
gujaf-264	79	39	financial	financial	ADJ
gujaf-264	79	40	performance	performance	NOUN
gujaf-264	79	41	of	of	ADP
gujaf-264	79	42	listed	list	VERB
gujaf-264	79	43	consumer	consumer	NOUN
gujaf-264	79	44	goods	good	NOUN
gujaf-264	79	45	firms	firm	NOUN
gujaf-264	79	46	in	in	ADP
gujaf-264	79	47	nigeria	nigeria	PROPN
gujaf-264	79	48	209	209	NUM
gujaf-264	79	49	umar	umar	PROPN
gujaf-264	79	50	suleiman	suleiman	PROPN
gujaf-264	79	51	abubakar	abubakar	PROPN
gujaf-264	79	52	dabai	dabai	PROPN
gujaf-264	79	53	,	,	PUNCT
gujaf-264	79	54	biyai	biyai	PROPN
gujaf-264	79	55	shepnaan	shepnaan	PROPN
gujaf-264	79	56	,	,	PUNCT
gujaf-264	79	57	hajara	hajara	PROPN
gujaf-264	79	58	abubakar	abubakar	PROPN
gujaf-264	79	59	jimoh	jimoh	PROPN
gujaf-264	79	60	,	,	PUNCT
gujaf-264	79	61	haruna	haruna	PROPN
gujaf-264	79	62	halimah	halimah	PROPN
gujaf-264	79	63	sani	sani	PROPN
gujaf-264	79	64	sambo	sambo	PROPN
gujaf-264	79	65	phd	phd	PROPN
gujaf-264	79	66	stable	stable	ADJ
gujaf-264	79	67	dividend	dividend	NOUN
gujaf-264	79	68	policy	policy	NOUN
gujaf-264	79	69	and	and	CCONJ
gujaf-264	79	70	value	value	NOUN
gujaf-264	79	71	of	of	ADP
gujaf-264	79	72	listed	list	VERB
gujaf-264	79	73	healthcare	healthcare	NOUN
gujaf-264	79	74	firms	firm	NOUN
gujaf-264	79	75	in	in	ADP
gujaf-264	79	76	nigeria	nigeria	PROPN
gujaf-264	79	77	227	227	NUM
gujaf-264	79	78	maimuna	maimuna	PROPN
gujaf-264	79	79	adamu	adamu	PROPN
gujaf-264	79	80	salihu	salihu	PROPN
gujaf-264	79	81	,	,	PUNCT
gujaf-264	79	82	aminu	aminu	PROPN
gujaf-264	79	83	danladi	danladi	PROPN
gujaf-264	79	84	ahmad	ahmad	PROPN
gujaf-264	79	85	,	,	PUNCT
gujaf-264	79	86	zaharaddeen	zaharaddeen	NUM
gujaf-264	79	87	salisu	salisu	ADJ
gujaf-264	79	88	maigoshi	maigoshi	NOUN
gujaf-264	79	89	,	,	PUNCT
gujaf-264	79	90	naja'atu	naja'atu	ADJ
gujaf-264	79	91	bala	bala	NOUN
gujaf-264	79	92	rabiu	rabiu	VERB
gujaf-264	79	93	the	the	DET
gujaf-264	79	94	impact	impact	NOUN
gujaf-264	79	95	of	of	ADP
gujaf-264	79	96	monetary	monetary	ADJ
gujaf-264	79	97	policy	policy	NOUN
gujaf-264	79	98	on	on	ADP
gujaf-264	79	99	small	small	ADJ
gujaf-264	79	100	and	and	CCONJ
gujaf-264	79	101	medium	medium	ADJ
gujaf-264	79	102	scale	scale	NOUN
gujaf-264	79	103	enterprises	enterprise	NOUN
gujaf-264	79	104	(	(	PUNCT
gujaf-264	79	105	smes	sme	NOUN
gujaf-264	79	106	)	)	PUNCT
gujaf-264	79	107	in	in	ADP
gujaf-264	79	108	the	the	DET
gujaf-264	79	109	period	period	NOUN
gujaf-264	79	110	of	of	ADP
gujaf-264	79	111	economic	economic	ADJ
gujaf-264	79	112	crises	crisis	NOUN
gujaf-264	79	113	.	.	PUNCT
gujaf-264	80	1	240	240	NUM
gujaf-264	80	2	ahmed	ahmed	PROPN
gujaf-264	80	3	oluwatobi	oluwatobi	PROPN
gujaf-264	80	4	adekunle	adekunle	PROPN
gujaf-264	80	5	.	.	PUNCT
gujaf-264	81	1	ceo	ceo	NOUN
gujaf-264	81	2	age	age	NOUN
gujaf-264	81	3	and	and	CCONJ
gujaf-264	81	4	gender	gender	NOUN
gujaf-264	81	5	on	on	ADP
gujaf-264	81	6	financial	financial	ADJ
gujaf-264	81	7	distress	distress	NOUN
gujaf-264	81	8	likelihood	likelihood	NOUN
gujaf-264	81	9	of	of	ADP
gujaf-264	81	10	listed	list	VERB
gujaf-264	81	11	deposit	deposit	NOUN
gujaf-264	81	12	money	money	NOUN
gujaf-264	81	13	banks	bank	NOUN
gujaf-264	81	14	in	in	ADP
gujaf-264	81	15	nigeria	nigeria	PROPN
gujaf-264	81	16	:	:	PUNCT
gujaf-264	81	17	moderated	moderate	VERB
gujaf-264	81	18	by	by	ADP
gujaf-264	81	19	risk	risk	NOUN
gujaf-264	81	20	committee	committee	NOUN
gujaf-264	81	21	gender	gender	NOUN
gujaf-264	81	22	254	254	NUM
gujaf-264	81	23	idris	idris	PROPN
gujaf-264	81	24	mohammed	mohammed	PROPN
gujaf-264	81	25	,	,	PUNCT
gujaf-264	81	26	joshua	joshua	PROPN
gujaf-264	81	27	okpanachi	okpanachi	PROPN
gujaf-264	81	28	,	,	PUNCT
gujaf-264	81	29	onipeadabenege	onipeadabenege	PROPN
gujaf-264	81	30	yahaya	yahaya	PROPN
gujaf-264	81	31	,	,	PUNCT
gujaf-264	81	32	suleiman	suleiman	PROPN
gujaf-264	81	33	tauhid	tauhid	VERB
gujaf-264	81	34	149	149	NUM
gujaf-264	81	35	ownership	ownership	NOUN
gujaf-264	81	36	concentration	concentration	NOUN
gujaf-264	81	37	’s	’s	PART
gujaf-264	81	38	moderating	moderate	VERB
gujaf-264	81	39	effect	effect	NOUN
gujaf-264	81	40	on	on	ADP
gujaf-264	81	41	dividend	dividend	NOUN
gujaf-264	81	42	payout	payout	NOUN
gujaf-264	81	43	and	and	CCONJ
gujaf-264	81	44	tobin	tobin	NOUN
gujaf-264	81	45	’s	’s	PART
gujaf-264	81	46	q	q	NOUN
gujaf-264	81	47	of	of	ADP
gujaf-264	81	48	listed	list	VERB
gujaf-264	81	49	consumer	consumer	NOUN
gujaf-264	81	50	goods	good	NOUN
gujaf-264	81	51	firms	firm	NOUN
gujaf-264	81	52	in	in	ADP
gujaf-264	81	53	nigeria	nigeria	PROPN
gujaf-264	81	54	ovbe	ovbe	PROPN
gujaf-264	81	55	simon	simon	PROPN
gujaf-264	81	56	akpadaka	akpadaka	PROPN
gujaf-264	81	57	anan	anan	PROPN
gujaf-264	81	58	university	university	PROPN
gujaf-264	81	59	kwall	kwall	PROPN
gujaf-264	81	60	,	,	PUNCT
gujaf-264	81	61	plateau	plateau	NOUN
gujaf-264	81	62	state	state	NOUN
gujaf-264	81	63	+2348034029041	+2348034029041	NOUN
gujaf-264	81	64	,	,	PUNCT
gujaf-264	81	65	simon.akpadaka@gmail.com	simon.akpadaka@gmail.com	NOUN
gujaf-264	81	66	orcid	orcid	NOUN
gujaf-264	81	67	:	:	PUNCT
gujaf-264	81	68	https://orcid.org/0009-0009-6699-307x	https://orcid.org/0009-0009-6699-307x	NOUN
gujaf-264	81	69	abstract	abstract	ADV
gujaf-264	81	70	this	this	DET
gujaf-264	81	71	paper	paper	NOUN
gujaf-264	81	72	examines	examine	VERB
gujaf-264	81	73	the	the	DET
gujaf-264	81	74	direct	direct	ADJ
gujaf-264	81	75	effectof	effectof	NOUN
gujaf-264	81	76	ownership	ownership	NOUN
gujaf-264	81	77	concentration	concentration	NOUN
gujaf-264	81	78	(	(	PUNCT
gujaf-264	81	79	ownc	ownc	NOUN
gujaf-264	81	80	)	)	PUNCT
gujaf-264	81	81	,	,	PUNCT
gujaf-264	81	82	dividend	dividend	NOUN
gujaf-264	81	83	policy	policy	NOUN
gujaf-264	81	84	as	as	SCONJ
gujaf-264	81	85	proxied	proxie	VERB
gujaf-264	81	86	by	by	ADP
gujaf-264	81	87	dividend	dividend	NOUN
gujaf-264	81	88	payout	payout	NOUN
gujaf-264	81	89	(	(	PUNCT
gujaf-264	81	90	dpay	dpay	NOUN
gujaf-264	81	91	)	)	PUNCT
gujaf-264	81	92	and	and	CCONJ
gujaf-264	81	93	firm	firm	ADJ
gujaf-264	81	94	size	size	NOUN
gujaf-264	81	95	proxied	proxie	VERB
gujaf-264	81	96	by	by	ADP
gujaf-264	81	97	log	log	NOUN
gujaf-264	81	98	of	of	ADP
gujaf-264	81	99	total	total	ADJ
gujaf-264	81	100	assets	asset	NOUN
gujaf-264	81	101	(	(	PUNCT
gujaf-264	81	102	fs	fs	NOUN
gujaf-264	81	103	)	)	PUNCT
gujaf-264	81	104	on	on	ADP
gujaf-264	81	105	firm	firm	ADJ
gujaf-264	81	106	value	value	NOUN
gujaf-264	81	107	which	which	PRON
gujaf-264	81	108	is	be	AUX
gujaf-264	81	109	proxied	proxie	VERB
gujaf-264	81	110	by	by	ADP
gujaf-264	81	111	tobin	tobin	PROPN
gujaf-264	81	112	’s	’s	PART
gujaf-264	81	113	q.	q.	PROPN
gujaf-264	81	114	also	also	ADV
gujaf-264	81	115	,	,	PUNCT
gujaf-264	81	116	the	the	DET
gujaf-264	81	117	moderating	moderate	VERB
gujaf-264	81	118	effect	effect	NOUN
gujaf-264	81	119	of	of	ADP
gujaf-264	81	120	ownc	ownc	NOUN
gujaf-264	81	121	on	on	ADP
gujaf-264	81	122	the	the	DET
gujaf-264	81	123	relationship	relationship	NOUN
gujaf-264	81	124	between	between	ADP
gujaf-264	81	125	dpay	dpay	NOUN
gujaf-264	81	126	and	and	CCONJ
gujaf-264	81	127	tobin	tobin	PROPN
gujaf-264	81	128	’s	’s	PART
gujaf-264	81	129	q	q	NOUN
gujaf-264	81	130	was	be	AUX
gujaf-264	81	131	examined	examine	VERB
gujaf-264	81	132	.	.	PUNCT
gujaf-264	82	1	16	16	NUM
gujaf-264	82	2	out	out	ADP
gujaf-264	82	3	of	of	ADP
gujaf-264	82	4	the	the	DET
gujaf-264	82	5	18	18	NUM
gujaf-264	82	6	listed	list	VERB
gujaf-264	82	7	consumers	consumer	NOUN
gujaf-264	82	8	goods	good	NOUN
gujaf-264	82	9	sector	sector	NOUN
gujaf-264	82	10	of	of	ADP
gujaf-264	82	11	the	the	DET
gujaf-264	82	12	nigerian	nigerian	ADJ
gujaf-264	82	13	exchange	exchange	NOUN
gujaf-264	82	14	group	group	NOUN
gujaf-264	82	15	(	(	PUNCT
gujaf-264	82	16	ngx)were	ngx)were	ADV
gujaf-264	82	17	purposively	purposively	ADV
gujaf-264	82	18	selected	select	VERB
gujaf-264	82	19	for	for	ADP
gujaf-264	82	20	this	this	DET
gujaf-264	82	21	study	study	NOUN
gujaf-264	82	22	and	and	CCONJ
gujaf-264	82	23	the	the	DET
gujaf-264	82	24	study	study	NOUN
gujaf-264	82	25	period	period	NOUN
gujaf-264	82	26	2013	2013	NUM
gujaf-264	82	27	to	to	ADP
gujaf-264	82	28	2022	2022	NUM
gujaf-264	82	29	and	and	CCONJ
gujaf-264	82	30	160	160	NUM
gujaf-264	82	31	statistical	statistical	ADJ
gujaf-264	82	32	observations	observation	NOUN
gujaf-264	82	33	per	per	ADP
gujaf-264	82	34	variable	variable	NOUN
gujaf-264	82	35	were	be	AUX
gujaf-264	82	36	employed	employ	VERB
gujaf-264	82	37	for	for	ADP
gujaf-264	82	38	the	the	DET
gujaf-264	82	39	study	study	NOUN
gujaf-264	82	40	.	.	PUNCT
gujaf-264	83	1	utilizing	utilize	VERB
gujaf-264	83	2	a	a	DET
gujaf-264	83	3	ex	ex	NOUN
gujaf-264	83	4	-	-	ADJ
gujaf-264	83	5	post	post	ADJ
gujaf-264	83	6	facto	facto	X
gujaf-264	83	7	research	research	NOUN
gujaf-264	83	8	design	design	NOUN
gujaf-264	83	9	,	,	PUNCT
gujaf-264	83	10	and	and	CCONJ
gujaf-264	83	11	fixed	fix	VERB
gujaf-264	83	12	effects	effect	NOUN
gujaf-264	83	13	regression	regression	VERB
gujaf-264	83	14	for	for	ADP
gujaf-264	83	15	the	the	DET
gujaf-264	83	16	statistical	statistical	ADJ
gujaf-264	83	17	model	model	NOUN
gujaf-264	83	18	to	to	PART
gujaf-264	83	19	control	control	VERB
gujaf-264	83	20	for	for	ADP
gujaf-264	83	21	unobserved	unobserved	ADJ
gujaf-264	83	22	heterogeneity	heterogeneity	NOUN
gujaf-264	83	23	withing	withe	VERB
gujaf-264	83	24	firms	firm	NOUN
gujaf-264	83	25	over	over	ADP
gujaf-264	83	26	time	time	NOUN
gujaf-264	83	27	,	,	PUNCT
gujaf-264	83	28	ensuring	ensure	VERB
gujaf-264	83	29	a	a	DET
gujaf-264	83	30	robust	robust	ADJ
gujaf-264	83	31	examination	examination	NOUN
gujaf-264	83	32	of	of	ADP
gujaf-264	83	33	the	the	DET
gujaf-264	83	34	relationships	relationship	NOUN
gujaf-264	83	35	under	under	ADP
gujaf-264	83	36	study	study	NOUN
gujaf-264	83	37	.	.	PUNCT
gujaf-264	84	1	also	also	ADV
gujaf-264	84	2	,	,	PUNCT
gujaf-264	84	3	an	an	DET
gujaf-264	84	4	interaction	interaction	NOUN
gujaf-264	84	5	term	term	NOUN
gujaf-264	84	6	(	(	PUNCT
gujaf-264	84	7	ownc*dpay	ownc*dpay	PROPN
gujaf-264	84	8	)	)	PUNCT
gujaf-264	84	9	was	be	AUX
gujaf-264	84	10	introduced	introduce	VERB
gujaf-264	84	11	to	to	PART
gujaf-264	84	12	capture	capture	VERB
gujaf-264	84	13	the	the	DET
gujaf-264	84	14	joint	joint	ADJ
gujaf-264	84	15	effects	effect	NOUN
gujaf-264	84	16	of	of	ADP
gujaf-264	84	17	ownership	ownership	NOUN
gujaf-264	84	18	concentration	concentration	NOUN
gujaf-264	84	19	and	and	CCONJ
gujaf-264	84	20	dividend	dividend	NOUN
gujaf-264	84	21	policy	policy	NOUN
gujaf-264	84	22	on	on	ADP
gujaf-264	84	23	firm	firm	ADJ
gujaf-264	84	24	value	value	NOUN
gujaf-264	84	25	.	.	PUNCT
gujaf-264	85	1	at	at	ADP
gujaf-264	85	2	the	the	DET
gujaf-264	85	3	end	end	NOUN
gujaf-264	85	4	of	of	ADP
gujaf-264	85	5	the	the	DET
gujaf-264	85	6	analysis	analysis	NOUN
gujaf-264	85	7	,	,	PUNCT
gujaf-264	85	8	dpay	dpay	NOUN
gujaf-264	85	9	was	be	AUX
gujaf-264	85	10	found	find	VERB
gujaf-264	85	11	to	to	PART
gujaf-264	85	12	have	have	VERB
gujaf-264	85	13	a	a	DET
gujaf-264	85	14	statistically	statistically	ADV
gujaf-264	85	15	insignificant	insignificant	ADJ
gujaf-264	85	16	impact	impact	NOUN
gujaf-264	85	17	on	on	ADP
gujaf-264	85	18	firm	firm	ADJ
gujaf-264	85	19	value	value	NOUN
gujaf-264	85	20	.	.	PUNCT
gujaf-264	86	1	secondly	secondly	ADV
gujaf-264	86	2	,	,	PUNCT
gujaf-264	86	3	ownc	ownc	PROPN
gujaf-264	86	4	exhibited	exhibit	VERB
gujaf-264	86	5	a	a	DET
gujaf-264	86	6	significantnegative	significantnegative	ADJ
gujaf-264	86	7	relationship	relationship	NOUN
gujaf-264	86	8	with	with	ADP
gujaf-264	86	9	firm	firm	ADJ
gujaf-264	86	10	value	value	NOUN
gujaf-264	86	11	,	,	PUNCT
gujaf-264	86	12	suggesting	suggest	VERB
gujaf-264	86	13	that	that	SCONJ
gujaf-264	86	14	higher	high	ADJ
gujaf-264	86	15	levels	level	NOUN
gujaf-264	86	16	of	of	ADP
gujaf-264	86	17	ownc	ownc	NOUN
gujaf-264	86	18	could	could	AUX
gujaf-264	86	19	adversely	adversely	ADV
gujaf-264	86	20	affect	affect	VERB
gujaf-264	86	21	firm	firm	ADJ
gujaf-264	86	22	value	value	NOUN
gujaf-264	86	23	.	.	PUNCT
gujaf-264	87	1	thirdly	thirdly	ADV
gujaf-264	87	2	,	,	PUNCT
gujaf-264	87	3	the	the	DET
gujaf-264	87	4	moderating	moderate	VERB
gujaf-264	87	5	effect	effect	NOUN
gujaf-264	87	6	of	of	ADP
gujaf-264	87	7	ownc	ownc	NOUN
gujaf-264	87	8	on	on	ADP
gujaf-264	87	9	dpay	dpay	NOUN
gujaf-264	87	10	-	-	PUNCT
gujaf-264	87	11	firm	firm	NOUN
gujaf-264	87	12	value	value	NOUN
gujaf-264	87	13	relationship	relationship	NOUN
gujaf-264	87	14	yielded	yield	VERB
gujaf-264	87	15	a	a	DET
gujaf-264	87	16	negative	negative	ADJ
gujaf-264	87	17	and	and	CCONJ
gujaf-264	87	18	insignificant	insignificant	ADJ
gujaf-264	87	19	effect	effect	NOUN
gujaf-264	87	20	,	,	PUNCT
gujaf-264	87	21	suggesting	suggest	VERB
gujaf-264	87	22	that	that	SCONJ
gujaf-264	87	23	the	the	DET
gujaf-264	87	24	influence	influence	NOUN
gujaf-264	87	25	of	of	ADP
gujaf-264	87	26	dividend	dividend	NOUN
gujaf-264	87	27	policy	policy	NOUN
gujaf-264	87	28	on	on	ADP
gujaf-264	87	29	firm	firm	ADJ
gujaf-264	87	30	value	value	NOUN
gujaf-264	87	31	is	be	AUX
gujaf-264	87	32	not	not	PART
gujaf-264	87	33	significantly	significantly	ADV
gujaf-264	87	34	enhanced	enhance	VERB
gujaf-264	87	35	by	by	ADP
gujaf-264	87	36	variation	variation	NOUN
gujaf-264	87	37	in	in	ADP
gujaf-264	87	38	ownership	ownership	NOUN
gujaf-264	87	39	concentration	concentration	NOUN
gujaf-264	87	40	.	.	PUNCT
gujaf-264	88	1	these	these	DET
gujaf-264	88	2	findings	finding	NOUN
gujaf-264	88	3	contribute	contribute	VERB
gujaf-264	88	4	,	,	PUNCT
gujaf-264	88	5	in	in	ADP
gujaf-264	88	6	a	a	DET
gujaf-264	88	7	nuanced	nuanced	ADJ
gujaf-264	88	8	manner	manner	NOUN
gujaf-264	88	9	,	,	PUNCT
gujaf-264	88	10	to	to	AUX
gujaf-264	88	11	literature	literature	VERB
gujaf-264	88	12	on	on	ADP
gujaf-264	88	13	dividend	dividend	NOUN
gujaf-264	88	14	policy	policy	NOUN
gujaf-264	88	15	and	and	CCONJ
gujaf-264	88	16	ownership	ownership	NOUN
gujaf-264	88	17	concentration	concentration	NOUN
gujaf-264	88	18	in	in	ADP
gujaf-264	88	19	corporate	corporate	ADJ
gujaf-264	88	20	governance	governance	NOUN
gujaf-264	88	21	in	in	ADP
gujaf-264	88	22	the	the	DET
gujaf-264	88	23	context	context	NOUN
gujaf-264	88	24	of	of	ADP
gujaf-264	88	25	an	an	DET
gujaf-264	88	26	emerging	emerge	VERB
gujaf-264	88	27	markets	market	NOUN
gujaf-264	88	28	like	like	ADP
gujaf-264	88	29	nigeria	nigeria	PRON
gujaf-264	88	30	.	.	PUNCT
gujaf-264	89	1	it	it	PRON
gujaf-264	89	2	is	be	AUX
gujaf-264	89	3	recommended	recommend	VERB
gujaf-264	89	4	that	that	SCONJ
gujaf-264	89	5	managers	manager	NOUN
gujaf-264	89	6	of	of	ADP
gujaf-264	89	7	firms	firm	NOUN
gujaf-264	89	8	in	in	ADP
gujaf-264	89	9	the	the	DET
gujaf-264	89	10	sector	sector	NOUN
gujaf-264	89	11	should	should	AUX
gujaf-264	89	12	look	look	VERB
gujaf-264	89	13	beyond	beyond	ADP
gujaf-264	89	14	dividend	dividend	NOUN
gujaf-264	89	15	policy	policy	NOUN
gujaf-264	89	16	for	for	ADP
gujaf-264	89	17	value	value	NOUN
gujaf-264	89	18	enhancement	enhancement	NOUN
gujaf-264	89	19	strategies	strategy	NOUN
gujaf-264	89	20	and	and	CCONJ
gujaf-264	89	21	managers	manager	NOUN
gujaf-264	89	22	should	should	AUX
gujaf-264	89	23	ensure	ensure	VERB
gujaf-264	89	24	a	a	DET
gujaf-264	89	25	balancing	balancing	NOUN
gujaf-264	89	26	act	act	NOUN
gujaf-264	89	27	between	between	ADP
gujaf-264	89	28	ownership	ownership	NOUN
gujaf-264	89	29	concentration	concentration	NOUN
gujaf-264	89	30	and	and	CCONJ
gujaf-264	89	31	dispersed	disperse	VERB
gujaf-264	89	32	ownership	ownership	NOUN
gujaf-264	89	33	because	because	SCONJ
gujaf-264	89	34	of	of	ADP
gujaf-264	89	35	possible	possible	ADJ
gujaf-264	89	36	negative	negative	ADJ
gujaf-264	89	37	impact	impact	NOUN
gujaf-264	89	38	that	that	PRON
gujaf-264	89	39	concentrated	concentrated	ADJ
gujaf-264	89	40	ownership	ownership	NOUN
gujaf-264	89	41	portend	portend	NOUN
gujaf-264	89	42	.	.	PUNCT
gujaf-264	90	1	keywords	keyword	NOUN
gujaf-264	90	2	:	:	PUNCT
gujaf-264	90	3	dividend	dividend	NOUN
gujaf-264	90	4	payout	payout	NOUN
gujaf-264	90	5	,	,	PUNCT
gujaf-264	90	6	ownership	ownership	NOUN
gujaf-264	90	7	concentration	concentration	NOUN
gujaf-264	90	8	,	,	PUNCT
gujaf-264	90	9	firm	firm	ADJ
gujaf-264	90	10	value	value	NOUN
gujaf-264	90	11	,	,	PUNCT
gujaf-264	90	12	fixed	fix	VERB
gujaf-264	90	13	effect	effect	NOUN
gujaf-264	90	14	regression	regression	NOUN
gujaf-264	90	15	,	,	PUNCT
gujaf-264	90	16	nigerian	nigerian	ADJ
gujaf-264	90	17	exchange	exchange	NOUN
gujaf-264	90	18	group	group	NOUN
gujaf-264	90	19	1	1	NUM
gujaf-264	90	20	.	.	PUNCT
gujaf-264	90	21	introduction	introduction	NOUN
gujaf-264	90	22	ownership	ownership	NOUN
gujaf-264	90	23	concentration	concentration	NOUN
gujaf-264	90	24	(	(	PUNCT
gujaf-264	90	25	ownc	ownc	NOUN
gujaf-264	90	26	)	)	PUNCT
gujaf-264	90	27	is	be	AUX
gujaf-264	90	28	the	the	DET
gujaf-264	90	29	level	level	NOUN
gujaf-264	90	30	to	to	PART
gujaf-264	90	31	which	which	PRON
gujaf-264	90	32	a	a	DET
gujaf-264	90	33	firm	firm	NOUN
gujaf-264	90	34	’s	’s	PART
gujaf-264	90	35	shares	share	NOUN
gujaf-264	90	36	are	be	AUX
gujaf-264	90	37	held	hold	VERB
gujaf-264	90	38	by	by	ADP
gujaf-264	90	39	a	a	DET
gujaf-264	90	40	small	small	ADJ
gujaf-264	90	41	number	number	NOUN
gujaf-264	90	42	of	of	ADP
gujaf-264	90	43	people	people	NOUN
gujaf-264	90	44	that	that	SCONJ
gujaf-264	90	45	a	a	DET
gujaf-264	90	46	substantial	substantial	ADJ
gujaf-264	90	47	portion	portion	NOUN
gujaf-264	90	48	of	of	ADP
gujaf-264	90	49	a	a	DET
gujaf-264	90	50	firm	firm	ADJ
gujaf-264	90	51	shareholding	shareholding	NOUN
gujaf-264	90	52	are	be	AUX
gujaf-264	90	53	held	hold	VERB
gujaf-264	90	54	by	by	ADP
gujaf-264	90	55	a	a	DET
gujaf-264	90	56	few	few	ADJ
gujaf-264	90	57	persons	person	NOUN
gujaf-264	90	58	.	.	PUNCT
gujaf-264	91	1	when	when	SCONJ
gujaf-264	91	2	a	a	DET
gujaf-264	91	3	large	large	ADJ
gujaf-264	91	4	portion	portion	NOUN
gujaf-264	91	5	of	of	ADP
gujaf-264	91	6	the	the	DET
gujaf-264	91	7	shares	share	NOUN
gujaf-264	91	8	are	be	AUX
gujaf-264	91	9	in	in	ADP
gujaf-264	91	10	the	the	DET
gujaf-264	91	11	hands	hand	NOUN
gujaf-264	91	12	of	of	ADP
gujaf-264	91	13	a	a	DET
gujaf-264	91	14	few	few	ADJ
gujaf-264	91	15	people	people	NOUN
gujaf-264	91	16	it	it	PRON
gujaf-264	91	17	could	could	AUX
gujaf-264	91	18	be	be	AUX
gujaf-264	91	19	said	say	VERB
gujaf-264	91	20	that	that	SCONJ
gujaf-264	91	21	there	there	PRON
gujaf-264	91	22	is	be	VERB
gujaf-264	91	23	a	a	DET
gujaf-264	91	24	high	high	ADJ
gujaf-264	91	25	level	level	NOUN
gujaf-264	91	26	of	of	ADP
gujaf-264	91	27	ownership	ownership	NOUN
gujaf-264	91	28	concentration	concentration	NOUN
gujaf-264	91	29	,	,	PUNCT
gujaf-264	91	30	(	(	PUNCT
gujaf-264	91	31	gaur	gaur	NOUN
gujaf-264	91	32	et	et	PROPN
gujaf-264	91	33	al	al	PROPN
gujaf-264	91	34	.	.	PROPN
gujaf-264	91	35	,	,	PUNCT
gujaf-264	91	36	2015	2015	NUM
gujaf-264	91	37	;	;	PUNCT
gujaf-264	91	38	nashier	nashier	PROPN
gujaf-264	91	39	&	&	CCONJ
gujaf-264	91	40	gupta	gupta	PROPN
gujaf-264	91	41	,	,	PUNCT
gujaf-264	91	42	2023	2023	NUM
gujaf-264	91	43	)	)	PUNCT
gujaf-264	91	44	.	.	PUNCT
gujaf-264	92	1	concentrated	concentrated	ADJ
gujaf-264	92	2	ownership	ownership	NOUN
gujaf-264	92	3	offers	offer	VERB
gujaf-264	92	4	benefits	benefit	NOUN
gujaf-264	92	5	in	in	ADP
gujaf-264	92	6	the	the	DET
gujaf-264	92	7	mailto:simon.akpadaka@gmail.com	mailto:simon.akpadaka@gmail.com	PROPN
gujaf-264	92	8	https://orcid.org/0009-0009-6699-307x	https://orcid.org/0009-0009-6699-307x	NOUN
gujaf-264	92	9	doi	doi	PROPN
gujaf-264	92	10	:	:	PUNCT
gujaf-264	92	11	https://doi.org/10.57233/gujaf.v4i2.9	https://doi.org/10.57233/gujaf.v4i2.9	PROPN
gujaf-264	92	12	150	150	NUM
gujaf-264	92	13	area	area	NOUN
gujaf-264	92	14	of	of	ADP
gujaf-264	92	15	control	control	NOUN
gujaf-264	92	16	of	of	ADP
gujaf-264	92	17	managers	manager	NOUN
gujaf-264	92	18	of	of	ADP
gujaf-264	92	19	firm	firm	NOUN
gujaf-264	92	20	whose	whose	DET
gujaf-264	92	21	interest	interest	NOUN
gujaf-264	92	22	are	be	AUX
gujaf-264	92	23	not	not	PART
gujaf-264	92	24	always	always	ADV
gujaf-264	92	25	in	in	ADP
gujaf-264	92	26	congruence	congruence	NOUN
gujaf-264	92	27	with	with	ADP
gujaf-264	92	28	that	that	PRON
gujaf-264	92	29	of	of	ADP
gujaf-264	92	30	their	their	PRON
gujaf-264	92	31	principals	principal	NOUN
gujaf-264	92	32	.	.	PUNCT
gujaf-264	93	1	jensen	jensen	PROPN
gujaf-264	93	2	and	and	CCONJ
gujaf-264	93	3	meckling	meckle	VERB
gujaf-264	93	4	(	(	PUNCT
gujaf-264	93	5	2019)argued	2019)argue	VERB
gujaf-264	93	6	that	that	SCONJ
gujaf-264	93	7	in	in	ADP
gujaf-264	93	8	modern	modern	ADJ
gujaf-264	93	9	corporate	corporate	NOUN
gujaf-264	93	10	where	where	SCONJ
gujaf-264	93	11	ownership	ownership	NOUN
gujaf-264	93	12	is	be	AUX
gujaf-264	93	13	separated	separate	VERB
gujaf-264	93	14	from	from	ADP
gujaf-264	93	15	control	control	NOUN
gujaf-264	93	16	,	,	PUNCT
gujaf-264	93	17	managers	manager	NOUN
gujaf-264	93	18	have	have	VERB
gujaf-264	93	19	the	the	DET
gujaf-264	93	20	tendency	tendency	NOUN
gujaf-264	93	21	not	not	PART
gujaf-264	93	22	to	to	PART
gujaf-264	93	23	always	always	ADV
gujaf-264	93	24	act	act	VERB
gujaf-264	93	25	in	in	ADP
gujaf-264	93	26	the	the	DET
gujaf-264	93	27	best	good	ADJ
gujaf-264	93	28	interest	interest	NOUN
gujaf-264	93	29	of	of	ADP
gujaf-264	93	30	their	their	PRON
gujaf-264	93	31	principals	principal	NOUN
gujaf-264	93	32	.	.	PUNCT
gujaf-264	94	1	agency	agency	NOUN
gujaf-264	94	2	theory	theory	NOUN
gujaf-264	94	3	suggests	suggest	VERB
gujaf-264	94	4	that	that	SCONJ
gujaf-264	94	5	dispersed	disperse	VERB
gujaf-264	94	6	ownership	ownership	NOUN
gujaf-264	94	7	can	can	AUX
gujaf-264	94	8	weaken	weaken	VERB
gujaf-264	94	9	shareholders	shareholder	NOUN
gujaf-264	94	10	control	control	NOUN
gujaf-264	94	11	over	over	ADP
gujaf-264	94	12	management	management	NOUN
gujaf-264	94	13	.	.	PUNCT
gujaf-264	95	1	and	and	CCONJ
gujaf-264	95	2	in	in	ADP
gujaf-264	95	3	contrast	contrast	NOUN
gujaf-264	95	4	ownc	ownc	NOUN
gujaf-264	95	5	can	can	AUX
gujaf-264	95	6	lead	lead	VERB
gujaf-264	95	7	to	to	ADP
gujaf-264	95	8	a	a	DET
gujaf-264	95	9	more	more	ADV
gujaf-264	95	10	efficient	efficient	ADJ
gujaf-264	95	11	monitoring	monitoring	NOUN
gujaf-264	95	12	of	of	ADP
gujaf-264	95	13	management	management	NOUN
gujaf-264	95	14	.	.	PUNCT
gujaf-264	96	1	large	large	ADJ
gujaf-264	96	2	shareholders	shareholder	NOUN
gujaf-264	96	3	have	have	VERB
gujaf-264	96	4	greater	great	ADJ
gujaf-264	96	5	influence	influence	NOUN
gujaf-264	96	6	and	and	CCONJ
gujaf-264	96	7	incentive	incentive	NOUN
gujaf-264	96	8	to	to	PART
gujaf-264	96	9	monitor	monitor	VERB
gujaf-264	96	10	and	and	CCONJ
gujaf-264	96	11	control	control	NOUN
gujaf-264	96	12	management	management	NOUN
gujaf-264	96	13	closely	closely	ADV
gujaf-264	96	14	and	and	CCONJ
gujaf-264	96	15	this	this	DET
gujaf-264	96	16	help	help	NOUN
gujaf-264	96	17	ensure	ensure	VERB
gujaf-264	96	18	that	that	SCONJ
gujaf-264	96	19	managers	manager	NOUN
gujaf-264	96	20	’	’	PART
gujaf-264	96	21	interest	interest	NOUN
gujaf-264	96	22	align	align	VERB
gujaf-264	96	23	with	with	ADP
gujaf-264	96	24	that	that	PRON
gujaf-264	96	25	of	of	ADP
gujaf-264	96	26	the	the	DET
gujaf-264	96	27	shareholders	shareholder	NOUN
gujaf-264	96	28	,	,	PUNCT
gujaf-264	96	29	(	(	PUNCT
gujaf-264	96	30	shleifer	shleifer	PROPN
gujaf-264	96	31	&	&	CCONJ
gujaf-264	96	32	vishny	vishny	PROPN
gujaf-264	96	33	,	,	PUNCT
gujaf-264	96	34	1986	1986	NUM
gujaf-264	96	35	)	)	PUNCT
gujaf-264	96	36	.	.	PUNCT
gujaf-264	97	1	ownc	ownc	NOUN
gujaf-264	97	2	has	have	VERB
gujaf-264	97	3	its	its	PRON
gujaf-264	97	4	downside	downside	NOUN
gujaf-264	97	5	despite	despite	SCONJ
gujaf-264	97	6	argument	argument	NOUN
gujaf-264	97	7	in	in	ADP
gujaf-264	97	8	its	its	PRON
gujaf-264	97	9	favor	favor	NOUN
gujaf-264	97	10	by	by	ADP
gujaf-264	97	11	agency	agency	NOUN
gujaf-264	97	12	theory	theory	NOUN
gujaf-264	97	13	.	.	PUNCT
gujaf-264	98	1	high	high	ADJ
gujaf-264	98	2	level	level	NOUN
gujaf-264	98	3	of	of	ADP
gujaf-264	98	4	ownc	ownc	NOUN
gujaf-264	98	5	could	could	AUX
gujaf-264	98	6	lead	lead	VERB
gujaf-264	98	7	to	to	ADP
gujaf-264	98	8	the	the	DET
gujaf-264	98	9	suppression	suppression	NOUN
gujaf-264	98	10	of	of	ADP
gujaf-264	98	11	minority	minority	NOUN
gujaf-264	98	12	shareholders	shareholder	NOUN
gujaf-264	98	13	’	'	PUNCT
gujaf-264	98	14	interests	interest	NOUN
gujaf-264	98	15	.	.	PUNCT
gujaf-264	99	1	la	la	INTJ
gujaf-264	99	2	porta	porta	PROPN
gujaf-264	99	3	et	et	PROPN
gujaf-264	99	4	al	al	PROPN
gujaf-264	99	5	.	.	PROPN
gujaf-264	100	1	(	(	PUNCT
gujaf-264	100	2	2000	2000	NUM
gujaf-264	100	3	)	)	PUNCT
gujaf-264	100	4	argued	argue	VERB
gujaf-264	100	5	that	that	SCONJ
gujaf-264	100	6	while	while	SCONJ
gujaf-264	100	7	concentrated	concentrated	ADJ
gujaf-264	100	8	ownership	ownership	NOUN
gujaf-264	100	9	can	can	AUX
gujaf-264	100	10	reduce	reduce	VERB
gujaf-264	100	11	traditional	traditional	ADJ
gujaf-264	100	12	agency	agency	NOUN
gujaf-264	100	13	problems	problem	NOUN
gujaf-264	100	14	between	between	ADP
gujaf-264	100	15	principal	principal	NOUN
gujaf-264	100	16	and	and	CCONJ
gujaf-264	100	17	mangers	manger	NOUN
gujaf-264	100	18	,	,	PUNCT
gujaf-264	100	19	it	it	PRON
gujaf-264	100	20	can	can	AUX
gujaf-264	100	21	also	also	ADV
gujaf-264	100	22	give	give	VERB
gujaf-264	100	23	rise	rise	NOUN
gujaf-264	100	24	to	to	ADP
gujaf-264	100	25	another	another	DET
gujaf-264	100	26	one	one	NOUN
gujaf-264	100	27	which	which	PRON
gujaf-264	100	28	could	could	AUX
gujaf-264	100	29	be	be	AUX
gujaf-264	100	30	expropriation	expropriation	NOUN
gujaf-264	100	31	of	of	ADP
gujaf-264	100	32	minority	minority	NOUN
gujaf-264	100	33	shareholders	shareholder	NOUN
gujaf-264	100	34	by	by	ADP
gujaf-264	100	35	the	the	DET
gujaf-264	100	36	controlling	control	VERB
gujaf-264	100	37	concentrated	concentrate	VERB
gujaf-264	100	38	shareholders	shareholder	NOUN
gujaf-264	100	39	.	.	PUNCT
gujaf-264	101	1	in	in	ADP
gujaf-264	101	2	addition	addition	NOUN
gujaf-264	101	3	,	,	PUNCT
gujaf-264	101	4	concentrated	concentrated	ADJ
gujaf-264	101	5	ownership	ownership	NOUN
gujaf-264	101	6	and	and	CCONJ
gujaf-264	101	7	dividend	dividend	NOUN
gujaf-264	101	8	policy	policy	NOUN
gujaf-264	101	9	are	be	AUX
gujaf-264	101	10	intertwined	intertwine	VERB
gujaf-264	101	11	.	.	PUNCT
gujaf-264	102	1	shareholders	shareholder	NOUN
gujaf-264	102	2	with	with	ADP
gujaf-264	102	3	substantial	substantial	ADJ
gujaf-264	102	4	holding	holding	NOUN
gujaf-264	102	5	do	do	AUX
gujaf-264	102	6	have	have	VERB
gujaf-264	102	7	control	control	NOUN
gujaf-264	102	8	and	and	CCONJ
gujaf-264	102	9	influence	influence	NOUN
gujaf-264	102	10	over	over	ADP
gujaf-264	102	11	management	management	NOUN
gujaf-264	102	12	and	and	CCONJ
gujaf-264	102	13	can	can	AUX
gujaf-264	102	14	influence	influence	VERB
gujaf-264	102	15	or	or	CCONJ
gujaf-264	102	16	dictate	dictate	VERB
gujaf-264	102	17	the	the	DET
gujaf-264	102	18	direction	direction	NOUN
gujaf-264	102	19	of	of	ADP
gujaf-264	102	20	dividend	dividend	NOUN
gujaf-264	102	21	policy	policy	NOUN
gujaf-264	102	22	of	of	ADP
gujaf-264	102	23	the	the	DET
gujaf-264	102	24	firm	firm	NOUN
gujaf-264	102	25	.	.	PUNCT
gujaf-264	103	1	concentrated	concentrated	ADJ
gujaf-264	103	2	shareholders	shareholder	NOUN
gujaf-264	103	3	might	might	AUX
gujaf-264	103	4	have	have	VERB
gujaf-264	103	5	preference	preference	NOUN
gujaf-264	103	6	for	for	ADP
gujaf-264	103	7	higher	high	ADJ
gujaf-264	103	8	dpay	dpay	NOUN
gujaf-264	103	9	as	as	ADP
gujaf-264	103	10	a	a	DET
gujaf-264	103	11	way	way	NOUN
gujaf-264	103	12	of	of	ADP
gujaf-264	103	13	curtailing	curtail	VERB
gujaf-264	103	14	free	free	ADJ
gujaf-264	103	15	cash	cash	NOUN
gujaf-264	103	16	flow	flow	NOUN
gujaf-264	103	17	,	,	PUNCT
gujaf-264	103	18	(	(	PUNCT
gujaf-264	103	19	faccio	faccio	X
gujaf-264	103	20	et	et	PROPN
gujaf-264	103	21	al	al	PROPN
gujaf-264	103	22	.	.	PROPN
gujaf-264	103	23	,	,	PUNCT
gujaf-264	103	24	2001	2001	NUM
gujaf-264	103	25	;	;	PUNCT
gujaf-264	103	26	la	la	PROPN
gujaf-264	103	27	porta	porta	PROPN
gujaf-264	103	28	et	et	PROPN
gujaf-264	103	29	al	al	PROPN
gujaf-264	103	30	.	.	PROPN
gujaf-264	103	31	,	,	PUNCT
gujaf-264	103	32	2000;jensen	2000;jensen	NUM
gujaf-264	103	33	,	,	PUNCT
gujaf-264	103	34	1986	1986	NUM
gujaf-264	103	35	)	)	PUNCT
gujaf-264	103	36	.	.	PUNCT
gujaf-264	104	1	ownc	ownc	PROPN
gujaf-264	104	2	,	,	PUNCT
gujaf-264	104	3	dpay	dpay	NOUN
gujaf-264	104	4	and	and	CCONJ
gujaf-264	104	5	firm	firm	ADJ
gujaf-264	104	6	value	value	NOUN
gujaf-264	104	7	(	(	PUNCT
gujaf-264	104	8	proxied	proxie	VERB
gujaf-264	104	9	by	by	ADP
gujaf-264	104	10	tobin	tobin	PROPN
gujaf-264	104	11	’s	’s	PART
gujaf-264	104	12	q)are	q)are	PROPN
gujaf-264	104	13	variables	variable	NOUN
gujaf-264	104	14	that	that	PRON
gujaf-264	104	15	have	have	AUX
gujaf-264	104	16	been	be	AUX
gujaf-264	104	17	studied	study	VERB
gujaf-264	104	18	extensively	extensively	ADV
gujaf-264	104	19	.	.	PUNCT
gujaf-264	105	1	but	but	CCONJ
gujaf-264	105	2	the	the	DET
gujaf-264	105	3	interplay	interplay	NOUN
gujaf-264	105	4	between	between	ADP
gujaf-264	105	5	dpay	dpay	NOUN
gujaf-264	105	6	and	and	CCONJ
gujaf-264	105	7	tobin	tobin	NOUN
gujaf-264	105	8	’s	’s	PART
gujaf-264	105	9	q	q	PUNCT
gujaf-264	105	10	as	as	SCONJ
gujaf-264	105	11	moderated	moderate	VERB
gujaf-264	105	12	by	by	ADP
gujaf-264	105	13	ownc	ownc	NOUN
gujaf-264	105	14	has	have	AUX
gujaf-264	105	15	not	not	PART
gujaf-264	105	16	received	receive	VERB
gujaf-264	105	17	much	much	ADJ
gujaf-264	105	18	of	of	ADP
gujaf-264	105	19	attention	attention	NOUN
gujaf-264	105	20	in	in	ADP
gujaf-264	105	21	literature	literature	NOUN
gujaf-264	105	22	and	and	CCONJ
gujaf-264	105	23	worst	bad	ADJ
gujaf-264	105	24	it	it	PRON
gujaf-264	105	25	in	in	ADP
gujaf-264	105	26	the	the	DET
gujaf-264	105	27	context	context	NOUN
gujaf-264	105	28	of	of	ADP
gujaf-264	105	29	the	the	DET
gujaf-264	105	30	consumer	consumer	NOUN
gujaf-264	105	31	goods	good	NOUN
gujaf-264	105	32	sector	sector	NOUN
gujaf-264	105	33	of	of	ADP
gujaf-264	105	34	the	the	DET
gujaf-264	105	35	nigerian	nigerian	ADJ
gujaf-264	105	36	exchange	exchange	NOUN
gujaf-264	105	37	group	group	NOUN
gujaf-264	105	38	(	(	PUNCT
gujaf-264	105	39	ngx	ngx	NOUN
gujaf-264	105	40	)	)	PUNCT
gujaf-264	105	41	none	none	NOUN
gujaf-264	105	42	have	have	AUX
gujaf-264	105	43	been	be	AUX
gujaf-264	105	44	able	able	ADJ
gujaf-264	105	45	to	to	PART
gujaf-264	105	46	explore	explore	VERB
gujaf-264	105	47	this	this	DET
gujaf-264	105	48	relationship	relationship	NOUN
gujaf-264	105	49	.	.	PUNCT
gujaf-264	106	1	the	the	DET
gujaf-264	106	2	closest	close	ADJ
gujaf-264	106	3	study	study	NOUN
gujaf-264	106	4	in	in	ADP
gujaf-264	106	5	this	this	DET
gujaf-264	106	6	direction	direction	NOUN
gujaf-264	106	7	are	be	AUX
gujaf-264	106	8	fromnaz	fromnaz	ADJ
gujaf-264	106	9	et	et	PROPN
gujaf-264	106	10	al	al	PROPN
gujaf-264	106	11	.	.	PROPN
gujaf-264	106	12	,	,	PUNCT
gujaf-264	106	13	(	(	PUNCT
gujaf-264	106	14	2023	2023	NUM
gujaf-264	106	15	)	)	PUNCT
gujaf-264	106	16	andoyedokun	andoyedokun	PROPN
gujaf-264	106	17	et	et	PROPN
gujaf-264	106	18	al	al	PROPN
gujaf-264	106	19	.	.	PROPN
gujaf-264	107	1	(	(	PUNCT
gujaf-264	107	2	2020	2020	NUM
gujaf-264	107	3	)	)	PUNCT
gujaf-264	107	4	.	.	PUNCT
gujaf-264	108	1	naz	naz	PROPN
gujaf-264	108	2	et	et	PROPN
gujaf-264	108	3	al	al	PROPN
gujaf-264	108	4	.	.	PROPN
gujaf-264	108	5	,	,	PUNCT
gujaf-264	108	6	(	(	PUNCT
gujaf-264	108	7	2023)examined	2023)examine	VERB
gujaf-264	108	8	the	the	DET
gujaf-264	108	9	impacted	impacted	NOUN
gujaf-264	108	10	of	of	ADP
gujaf-264	108	11	dividend	dividend	NOUN
gujaf-264	108	12	policy	policy	NOUN
gujaf-264	108	13	on	on	ADP
gujaf-264	108	14	firm	firm	ADJ
gujaf-264	108	15	performance	performance	NOUN
gujaf-264	108	16	in	in	ADP
gujaf-264	108	17	pakistani	pakistani	ADJ
gujaf-264	108	18	manufacturing	manufacturing	NOUN
gujaf-264	108	19	sector	sector	NOUN
gujaf-264	108	20	and	and	CCONJ
gujaf-264	108	21	found	find	VERB
gujaf-264	108	22	that	that	PRON
gujaf-264	108	23	ownc	ownc	NOUN
gujaf-264	108	24	has	have	VERB
gujaf-264	108	25	a	a	DET
gujaf-264	108	26	significant	significant	ADJ
gujaf-264	108	27	positive	positive	ADJ
gujaf-264	108	28	moderating	moderate	VERB
gujaf-264	108	29	effect	effect	NOUN
gujaf-264	108	30	on	on	ADP
gujaf-264	108	31	the	the	DET
gujaf-264	108	32	relationship	relationship	NOUN
gujaf-264	108	33	between	between	ADP
gujaf-264	108	34	dividend	dividend	NOUN
gujaf-264	108	35	policy	policy	NOUN
gujaf-264	108	36	and	and	CCONJ
gujaf-264	108	37	firm	firm	ADJ
gujaf-264	108	38	performance	performance	NOUN
gujaf-264	109	1	whereas(oyedokun	whereas(oyedokun	PROPN
gujaf-264	109	2	et	et	NOUN
gujaf-264	109	3	al	al	PROPN
gujaf-264	109	4	.	.	PROPN
gujaf-264	109	5	,	,	PUNCT
gujaf-264	109	6	2020	2020	NUM
gujaf-264	109	7	)	)	PUNCT
gujaf-264	109	8	examined	examine	VERB
gujaf-264	109	9	the	the	DET
gujaf-264	109	10	impacted	impact	VERB
gujaf-264	109	11	of	of	ADP
gujaf-264	109	12	ownership	ownership	NOUN
gujaf-264	109	13	structure	structure	NOUN
gujaf-264	109	14	on	on	ADP
gujaf-264	109	15	firm	firm	ADJ
gujaf-264	109	16	value	value	NOUN
gujaf-264	109	17	in	in	ADP
gujaf-264	109	18	the	the	DET
gujaf-264	109	19	consumer	consumer	NOUN
gujaf-264	109	20	goods	good	NOUN
gujaf-264	109	21	sector	sector	NOUN
gujaf-264	109	22	of	of	ADP
gujaf-264	109	23	the	the	DET
gujaf-264	109	24	ngx	ngx	NOUN
gujaf-264	109	25	but	but	CCONJ
gujaf-264	109	26	this	this	DET
gujaf-264	109	27	study	study	NOUN
gujaf-264	109	28	was	be	AUX
gujaf-264	109	29	done	do	VERB
gujaf-264	109	30	without	without	ADP
gujaf-264	109	31	an	an	DET
gujaf-264	109	32	moderating	moderate	VERB
gujaf-264	109	33	variable	variable	NOUN
gujaf-264	109	34	.	.	PUNCT
gujaf-264	110	1	consequently	consequently	ADV
gujaf-264	110	2	,	,	PUNCT
gujaf-264	110	3	the	the	DET
gujaf-264	110	4	research	research	NOUN
gujaf-264	110	5	gap	gap	NOUN
gujaf-264	110	6	in	in	ADP
gujaf-264	110	7	literature	literature	NOUN
gujaf-264	110	8	lies	lie	VERB
gujaf-264	110	9	in	in	ADP
gujaf-264	110	10	the	the	DET
gujaf-264	110	11	nuanced	nuanced	ADJ
gujaf-264	110	12	examination	examination	NOUN
gujaf-264	110	13	of	of	ADP
gujaf-264	110	14	ownership	ownership	NOUN
gujaf-264	110	15	concentration	concentration	NOUN
gujaf-264	110	16	,	,	PUNCT
gujaf-264	110	17	dividend	dividend	NOUN
gujaf-264	110	18	payout	payout	NOUN
gujaf-264	110	19	and	and	CCONJ
gujaf-264	110	20	firm	firm	ADJ
gujaf-264	110	21	value	value	NOUN
gujaf-264	110	22	using	use	VERB
gujaf-264	110	23	ownc	ownc	NOUN
gujaf-264	110	24	as	as	ADP
gujaf-264	110	25	a	a	DET
gujaf-264	110	26	moderating	moderate	VERB
gujaf-264	110	27	variable	variable	NOUN
gujaf-264	110	28	within	within	ADP
gujaf-264	110	29	the	the	DET
gujaf-264	110	30	context	context	NOUN
gujaf-264	110	31	of	of	ADP
gujaf-264	110	32	the	the	DET
gujaf-264	110	33	consumer	consumer	NOUN
gujaf-264	110	34	goods	good	NOUN
gujaf-264	110	35	sector	sector	NOUN
gujaf-264	110	36	of	of	ADP
gujaf-264	110	37	the	the	DET
gujaf-264	110	38	ngx	ngx	NOUN
gujaf-264	110	39	.	.	PUNCT
gujaf-264	111	1	while	while	SCONJ
gujaf-264	111	2	prior	prior	ADJ
gujaf-264	111	3	studies	study	NOUN
gujaf-264	111	4	like	like	VERB
gujaf-264	111	5	(	(	PUNCT
gujaf-264	111	6	gaur	gaur	NOUN
gujaf-264	111	7	et	et	PROPN
gujaf-264	111	8	al	al	PROPN
gujaf-264	111	9	.	.	PROPN
gujaf-264	111	10	,	,	PUNCT
gujaf-264	111	11	2015	2015	NUM
gujaf-264	111	12	;	;	PUNCT
gujaf-264	111	13	nashier	nashier	PROPN
gujaf-264	111	14	&	&	CCONJ
gujaf-264	111	15	gupta	gupta	PROPN
gujaf-264	111	16	,	,	PUNCT
gujaf-264	111	17	2023	2023	NUM
gujaf-264	111	18	;	;	PUNCT
gujaf-264	111	19	oyedokun	oyedokun	NOUN
gujaf-264	111	20	et	et	PROPN
gujaf-264	111	21	al	al	PROPN
gujaf-264	111	22	.	.	PROPN
gujaf-264	111	23	,	,	PUNCT
gujaf-264	111	24	151	151	NUM
gujaf-264	111	25	2020)have	2020)have	NUM
gujaf-264	111	26	examined	examine	VERB
gujaf-264	111	27	the	the	DET
gujaf-264	111	28	impact	impact	NOUN
gujaf-264	111	29	of	of	ADP
gujaf-264	111	30	ownc	ownc	NOUN
gujaf-264	111	31	on	on	ADP
gujaf-264	111	32	firm	firm	ADJ
gujaf-264	111	33	performance	performance	NOUN
gujaf-264	111	34	and	and	CCONJ
gujaf-264	111	35	firm	firm	ADJ
gujaf-264	111	36	value	value	NOUN
gujaf-264	111	37	but	but	CCONJ
gujaf-264	111	38	with	with	ADP
gujaf-264	111	39	moderation	moderation	NOUN
gujaf-264	111	40	effect	effect	NOUN
gujaf-264	111	41	of	of	ADP
gujaf-264	111	42	ownc	ownc	NOUN
gujaf-264	111	43	.	.	PUNCT
gujaf-264	112	1	there	there	PRON
gujaf-264	112	2	is	be	VERB
gujaf-264	112	3	lack	lack	NOUN
gujaf-264	112	4	of	of	ADP
gujaf-264	112	5	understanding	understanding	NOUN
gujaf-264	112	6	on	on	ADP
gujaf-264	112	7	how	how	SCONJ
gujaf-264	112	8	ownc	ownc	NOUN
gujaf-264	112	9	moderates	moderate	VERB
gujaf-264	112	10	the	the	DET
gujaf-264	112	11	relationship	relationship	NOUN
gujaf-264	112	12	between	between	ADP
gujaf-264	112	13	dividend	dividend	NOUN
gujaf-264	112	14	payouts	payout	NOUN
gujaf-264	112	15	and	and	CCONJ
gujaf-264	112	16	firm	firm	ADJ
gujaf-264	112	17	value	value	NOUN
gujaf-264	112	18	.	.	PUNCT
gujaf-264	113	1	la	la	INTJ
gujaf-264	113	2	porta	porta	PROPN
gujaf-264	113	3	et	et	PROPN
gujaf-264	113	4	al	al	PROPN
gujaf-264	113	5	.	.	PROPN
gujaf-264	114	1	(	(	PUNCT
gujaf-264	114	2	2000	2000	NUM
gujaf-264	114	3	)	)	PUNCT
gujaf-264	114	4	;	;	PUNCT
gujaf-264	114	5	jensen	jensen	PROPN
gujaf-264	114	6	and	and	CCONJ
gujaf-264	114	7	meckling	meckling	PROPN
gujaf-264	114	8	,	,	PUNCT
gujaf-264	114	9	1986)posited	1986)posited	ADJ
gujaf-264	114	10	theories	theory	NOUN
gujaf-264	114	11	that	that	PRON
gujaf-264	114	12	suggests	suggest	VERB
gujaf-264	114	13	benefits	benefit	NOUN
gujaf-264	114	14	of	of	ADP
gujaf-264	114	15	concentrated	concentrated	ADJ
gujaf-264	114	16	ownership	ownership	NOUN
gujaf-264	114	17	in	in	ADP
gujaf-264	114	18	taming	tame	VERB
gujaf-264	114	19	agency	agency	NOUN
gujaf-264	114	20	problem	problem	NOUN
gujaf-264	114	21	there	there	PRON
gujaf-264	114	22	is	be	VERB
gujaf-264	114	23	therefore	therefore	ADV
gujaf-264	114	24	the	the	DET
gujaf-264	114	25	need	need	NOUN
gujaf-264	114	26	to	to	PART
gujaf-264	114	27	subject	subject	VERB
gujaf-264	114	28	this	this	PRON
gujaf-264	114	29	to	to	ADP
gujaf-264	114	30	rigorous	rigorous	ADJ
gujaf-264	114	31	empirical	empirical	ADJ
gujaf-264	114	32	tests	test	NOUN
gujaf-264	114	33	.	.	PUNCT
gujaf-264	115	1	there	there	PRON
gujaf-264	115	2	is	be	VERB
gujaf-264	115	3	also	also	ADV
gujaf-264	115	4	the	the	DET
gujaf-264	115	5	possibility	possibility	NOUN
gujaf-264	115	6	of	of	ADP
gujaf-264	115	7	a	a	DET
gujaf-264	115	8	downside	downside	NOUN
gujaf-264	115	9	to	to	PART
gujaf-264	115	10	ownc	ownc	VERB
gujaf-264	115	11	such	such	ADJ
gujaf-264	115	12	as	as	ADP
gujaf-264	115	13	the	the	DET
gujaf-264	115	14	minority	minority	NOUN
gujaf-264	115	15	shareholders	shareholder	NOUN
gujaf-264	115	16	expropriation	expropriation	NOUN
gujaf-264	115	17	(	(	PUNCT
gujaf-264	115	18	la	la	INTJ
gujaf-264	115	19	porta	porta	NOUN
gujaf-264	115	20	et	et	PROPN
gujaf-264	115	21	al	al	PROPN
gujaf-264	115	22	.	.	PROPN
gujaf-264	115	23	,	,	PUNCT
gujaf-264	115	24	2000	2000	NUM
gujaf-264	115	25	)	)	PUNCT
gujaf-264	115	26	.	.	PUNCT
gujaf-264	116	1	therefor	therefor	ADP
gujaf-264	116	2	significant	significant	ADJ
gujaf-264	116	3	research	research	NOUN
gujaf-264	116	4	gap	gap	NOUN
gujaf-264	116	5	exist	exist	VERB
gujaf-264	116	6	in	in	ADP
gujaf-264	116	7	understanding	understand	VERB
gujaf-264	116	8	how	how	SCONJ
gujaf-264	116	9	ownc	ownc	NOUN
gujaf-264	116	10	moderates	moderate	VERB
gujaf-264	116	11	the	the	DET
gujaf-264	116	12	effect	effect	NOUN
gujaf-264	116	13	of	of	ADP
gujaf-264	116	14	dividend	dividend	NOUN
gujaf-264	116	15	payouts	payout	NOUN
gujaf-264	116	16	on	on	ADP
gujaf-264	116	17	firm	firm	ADJ
gujaf-264	116	18	value	value	NOUN
gujaf-264	116	19	especially	especially	ADV
gujaf-264	116	20	in	in	ADP
gujaf-264	116	21	he	he	PRON
gujaf-264	116	22	consumer	consumer	NOUN
gujaf-264	116	23	goods	good	NOUN
gujaf-264	116	24	sector	sector	NOUN
gujaf-264	116	25	of	of	ADP
gujaf-264	116	26	the	the	DET
gujaf-264	116	27	ngx	ngx	PROPN
gujaf-264	116	28	.	.	PUNCT
gujaf-264	117	1	hence	hence	ADV
gujaf-264	117	2	,	,	PUNCT
gujaf-264	117	3	the	the	DET
gujaf-264	117	4	study	study	NOUN
gujaf-264	117	5	is	be	AUX
gujaf-264	117	6	to	to	PART
gujaf-264	117	7	achieve	achieve	VERB
gujaf-264	117	8	the	the	DET
gujaf-264	117	9	following	following	ADJ
gujaf-264	117	10	objectives	objective	NOUN
gujaf-264	117	11	:	:	PUNCT
gujaf-264	117	12	i.	i.	NOUN
gujaf-264	117	13	to	to	PART
gujaf-264	117	14	examine	examine	VERB
gujaf-264	117	15	the	the	DET
gujaf-264	117	16	effect	effect	NOUN
gujaf-264	117	17	of	of	ADP
gujaf-264	117	18	dpay	dpay	NOUN
gujaf-264	117	19	on	on	ADP
gujaf-264	117	20	tobins’q	tobins’q	NUM
gujaf-264	117	21	of	of	ADP
gujaf-264	117	22	consumer	consumer	NOUN
gujaf-264	117	23	goods	good	NOUN
gujaf-264	117	24	firms	firm	NOUN
gujaf-264	117	25	listed	list	VERB
gujaf-264	117	26	on	on	ADP
gujaf-264	117	27	the	the	DET
gujaf-264	117	28	ngx	ngx	PROPN
gujaf-264	117	29	ii	ii	PROPN
gujaf-264	117	30	.	.	PUNCT
gujaf-264	118	1	to	to	ADP
gujaf-264	118	2	examinethe	examinethe	DET
gujaf-264	118	3	effect	effect	NOUN
gujaf-264	118	4	of	of	ADP
gujaf-264	118	5	ownc	ownc	NOUN
gujaf-264	118	6	on	on	ADP
gujaf-264	118	7	tobin	tobin	PROPN
gujaf-264	118	8	’s	’s	PART
gujaf-264	118	9	q	q	NOUN
gujaf-264	118	10	of	of	ADP
gujaf-264	118	11	consumer	consumer	NOUN
gujaf-264	118	12	goods	good	NOUN
gujaf-264	118	13	firms	firm	NOUN
gujaf-264	118	14	listed	list	VERB
gujaf-264	118	15	on	on	ADP
gujaf-264	118	16	the	the	DET
gujaf-264	118	17	ngx	ngx	PROPN
gujaf-264	118	18	.	.	PROPN
gujaf-264	118	19	iii	iii	PROPN
gujaf-264	118	20	.	.	PUNCT
gujaf-264	118	21	to	to	PART
gujaf-264	118	22	determine	determine	VERB
gujaf-264	118	23	the	the	DET
gujaf-264	118	24	moderating	moderate	VERB
gujaf-264	118	25	role	role	NOUN
gujaf-264	118	26	of	of	ADP
gujaf-264	118	27	ownc	ownc	NOUN
gujaf-264	118	28	on	on	ADP
gujaf-264	118	29	the	the	DET
gujaf-264	118	30	relationship	relationship	NOUN
gujaf-264	118	31	between	between	ADP
gujaf-264	118	32	dpay	dpay	NOUN
gujaf-264	118	33	and	and	CCONJ
gujaf-264	118	34	tobin	tobin	PROPN
gujaf-264	118	35	’s	’s	PART
gujaf-264	118	36	q	q	NOUN
gujaf-264	118	37	of	of	ADP
gujaf-264	118	38	consumer	consumer	NOUN
gujaf-264	118	39	goods	good	NOUN
gujaf-264	118	40	firms	firm	NOUN
gujaf-264	118	41	listed	list	VERB
gujaf-264	118	42	on	on	ADP
gujaf-264	118	43	the	the	DET
gujaf-264	118	44	ngx	ngx	NOUN
gujaf-264	118	45	.	.	PUNCT
gujaf-264	119	1	i	i	PRON
gujaf-264	119	2	n	n	ADV
gujaf-264	119	3	view	view	NOUN
gujaf-264	119	4	of	of	ADP
gujaf-264	119	5	the	the	DET
gujaf-264	119	6	specific	specific	ADJ
gujaf-264	119	7	objectives	objective	NOUN
gujaf-264	119	8	of	of	ADP
gujaf-264	119	9	the	the	DET
gujaf-264	119	10	study	study	NOUN
gujaf-264	119	11	the	the	DET
gujaf-264	119	12	following	follow	VERB
gujaf-264	119	13	hypotheses	hypothesis	NOUN
gujaf-264	119	14	have	have	AUX
gujaf-264	119	15	been	be	AUX
gujaf-264	119	16	formulated	formulate	VERB
gujaf-264	119	17	in	in	ADP
gujaf-264	119	18	null	null	ADJ
gujaf-264	119	19	form	form	NOUN
gujaf-264	119	20	:	:	PUNCT
gujaf-264	119	21	h01	h01	NOUN
gujaf-264	119	22	:	:	PUNCT
gujaf-264	119	23	the	the	DET
gujaf-264	119	24	dpay	dpay	NOUN
gujaf-264	119	25	does	do	AUX
gujaf-264	119	26	not	not	PART
gujaf-264	119	27	have	have	VERB
gujaf-264	119	28	a	a	DET
gujaf-264	119	29	statistically	statistically	ADV
gujaf-264	119	30	significant	significant	ADJ
gujaf-264	119	31	effecton	effecton	NOUN
gujaf-264	119	32	the	the	DET
gujaf-264	119	33	tobin	tobin	NOUN
gujaf-264	119	34	’s	’s	PART
gujaf-264	119	35	qof	qof	NOUN
gujaf-264	119	36	consumer	consumer	NOUN
gujaf-264	119	37	goods	good	NOUN
gujaf-264	119	38	firms	firm	NOUN
gujaf-264	119	39	listed	list	VERB
gujaf-264	119	40	on	on	ADP
gujaf-264	119	41	the	the	DET
gujaf-264	119	42	ngx	ngx	PROPN
gujaf-264	119	43	.	.	PUNCT
gujaf-264	119	44	h02	h02	PROPN
gujaf-264	119	45	:	:	PUNCT
gujaf-264	119	46	ownc	ownc	NOUN
gujaf-264	119	47	does	do	AUX
gujaf-264	119	48	not	not	PART
gujaf-264	119	49	have	have	VERB
gujaf-264	119	50	a	a	DET
gujaf-264	119	51	statistically	statistically	ADV
gujaf-264	119	52	significant	significant	ADJ
gujaf-264	119	53	effecton	effecton	NOUN
gujaf-264	119	54	the	the	DET
gujaf-264	119	55	value	value	NOUN
gujaf-264	119	56	of	of	ADP
gujaf-264	119	57	consumer	consumer	NOUN
gujaf-264	119	58	goods	good	NOUN
gujaf-264	119	59	firms	firm	NOUN
gujaf-264	119	60	listed	list	VERB
gujaf-264	119	61	on	on	ADP
gujaf-264	119	62	the	the	DET
gujaf-264	119	63	ngx	ngx	PROPN
gujaf-264	119	64	.	.	PROPN
gujaf-264	119	65	h03	h03	PROPN
gujaf-264	119	66	:	:	PUNCT
gujaf-264	119	67	ownc	ownc	NOUN
gujaf-264	119	68	has	have	VERB
gujaf-264	119	69	no	no	DET
gujaf-264	119	70	statistically	statistically	ADV
gujaf-264	119	71	significant	significant	ADJ
gujaf-264	119	72	moderating	moderate	VERB
gujaf-264	119	73	effect	effect	NOUN
gujaf-264	119	74	on	on	ADP
gujaf-264	119	75	the	the	DET
gujaf-264	119	76	relationship	relationship	NOUN
gujaf-264	119	77	between	between	ADP
gujaf-264	119	78	the	the	DET
gujaf-264	119	79	dpay	dpay	NOUN
gujaf-264	119	80	and	and	CCONJ
gujaf-264	119	81	the	the	DET
gujaf-264	119	82	tobin	tobin	NOUN
gujaf-264	119	83	’s	’s	PART
gujaf-264	119	84	qof	qof	NOUN
gujaf-264	119	85	consumer	consumer	NOUN
gujaf-264	119	86	goods	good	NOUN
gujaf-264	119	87	firms	firm	NOUN
gujaf-264	119	88	listed	list	VERB
gujaf-264	119	89	on	on	ADP
gujaf-264	119	90	the	the	DET
gujaf-264	119	91	ngx	ngx	PROPN
gujaf-264	119	92	.	.	PROPN
gujaf-264	119	93	1	1	NUM
gujaf-264	119	94	.	.	X
gujaf-264	119	95	review	review	NOUN
gujaf-264	119	96	of	of	ADP
gujaf-264	119	97	theoretical	theoretical	ADJ
gujaf-264	119	98	issues	issue	NOUN
gujaf-264	119	99	a	a	DET
gujaf-264	119	100	synopsis	synopsis	NOUN
gujaf-264	119	101	of	of	ADP
gujaf-264	119	102	the	the	DET
gujaf-264	119	103	fundamental	fundamental	ADJ
gujaf-264	119	104	concepts	concept	NOUN
gujaf-264	119	105	and	and	CCONJ
gujaf-264	119	106	theoretical	theoretical	ADJ
gujaf-264	119	107	underpinnings	underpinning	NOUN
gujaf-264	119	108	that	that	PRON
gujaf-264	119	109	support	support	VERB
gujaf-264	119	110	the	the	DET
gujaf-264	119	111	research	research	NOUN
gujaf-264	119	112	is	be	AUX
gujaf-264	119	113	provided	provide	VERB
gujaf-264	119	114	in	in	ADP
gujaf-264	119	115	the	the	DET
gujaf-264	119	116	conceptual	conceptual	ADJ
gujaf-264	119	117	review	review	NOUN
gujaf-264	119	118	section	section	NOUN
gujaf-264	119	119	.	.	PUNCT
gujaf-264	120	1	this	this	PRON
gujaf-264	120	2	includes	include	VERB
gujaf-264	120	3	dividend	dividend	NOUN
gujaf-264	120	4	policy	policy	NOUN
gujaf-264	120	5	,	,	PUNCT
gujaf-264	120	6	firm	firm	ADJ
gujaf-264	120	7	value	value	NOUN
gujaf-264	120	8	,	,	PUNCT
gujaf-264	120	9	ownership	ownership	NOUN
gujaf-264	120	10	concentration	concentration	NOUN
gujaf-264	120	11	,	,	PUNCT
gujaf-264	120	12	and	and	CCONJ
gujaf-264	120	13	the	the	DET
gujaf-264	120	14	interrelation	interrelation	NOUN
gujaf-264	120	15	of	of	ADP
gujaf-264	120	16	these	these	DET
gujaf-264	120	17	concepts	concept	NOUN
gujaf-264	120	18	among	among	ADP
gujaf-264	120	19	other	other	ADJ
gujaf-264	120	20	topics	topic	NOUN
gujaf-264	120	21	.	.	PUNCT
gujaf-264	121	1	this	this	DET
gujaf-264	121	2	section	section	NOUN
gujaf-264	121	3	provides	provide	VERB
gujaf-264	121	4	foundational	foundational	ADJ
gujaf-264	121	5	knowledge	knowledge	NOUN
gujaf-264	121	6	for	for	ADP
gujaf-264	121	7	subsequent	subsequent	ADJ
gujaf-264	121	8	empirical	empirical	ADJ
gujaf-264	121	9	and	and	CCONJ
gujaf-264	121	10	theoretical	theoretical	ADJ
gujaf-264	121	11	analyses	analysis	NOUN
gujaf-264	121	12	through	through	ADP
gujaf-264	121	13	an	an	DET
gujaf-264	121	14	examination	examination	NOUN
gujaf-264	121	15	of	of	ADP
gujaf-264	121	16	the	the	DET
gujaf-264	121	17	existing	exist	VERB
gujaf-264	121	18	literature	literature	NOUN
gujaf-264	121	19	.	.	PUNCT
gujaf-264	122	1	dividend	dividend	NOUN
gujaf-264	122	2	payout	payout	NOUN
gujaf-264	122	3	ratio	ratio	NOUN
gujaf-264	122	4	(	(	PUNCT
gujaf-264	122	5	dpay	dpay	NOUN
gujaf-264	122	6	)	)	PUNCT
gujaf-264	122	7	,	,	PUNCT
gujaf-264	122	8	one	one	NUM
gujaf-264	122	9	of	of	ADP
gujaf-264	122	10	the	the	DET
gujaf-264	122	11	proxies	proxy	NOUN
gujaf-264	122	12	for	for	ADP
gujaf-264	122	13	dividend	dividend	NOUN
gujaf-264	122	14	policy	policy	NOUN
gujaf-264	122	15	,	,	PUNCT
gujaf-264	122	16	represents	represent	VERB
gujaf-264	122	17	the	the	DET
gujaf-264	122	18	portion	portion	NOUN
gujaf-264	122	19	of	of	ADP
gujaf-264	122	20	a	a	DET
gujaf-264	122	21	firm	firm	NOUN
gujaf-264	122	22	’s	’s	PART
gujaf-264	122	23	earnings	earning	NOUN
gujaf-264	122	24	distributed	distribute	VERB
gujaf-264	122	25	to	to	ADP
gujaf-264	122	26	shareholders	shareholder	NOUN
gujaf-264	122	27	in	in	ADP
gujaf-264	122	28	form	form	NOUN
gujaf-264	122	29	of	of	ADP
gujaf-264	122	30	dividends	dividend	NOUN
gujaf-264	122	31	.	.	PUNCT
gujaf-264	123	1	it	it	PRON
gujaf-264	123	2	is	be	AUX
gujaf-264	123	3	typically	typically	ADV
gujaf-264	123	4	expressed	express	VERB
gujaf-264	123	5	as	as	ADP
gujaf-264	123	6	a	a	DET
gujaf-264	123	7	percentage	percentage	NOUN
gujaf-264	123	8	which	which	PRON
gujaf-264	123	9	is	be	AUX
gujaf-264	123	10	calculated	calculate	VERB
gujaf-264	123	11	by	by	ADP
gujaf-264	123	12	dividing	divide	VERB
gujaf-264	123	13	the	the	DET
gujaf-264	123	14	total	total	ADJ
gujaf-264	123	15	dividends	dividend	NOUN
gujaf-264	123	16	paid	pay	VERB
gujaf-264	123	17	by	by	ADP
gujaf-264	123	18	the	the	DET
gujaf-264	123	19	net	net	ADJ
gujaf-264	123	20	income	income	NOUN
gujaf-264	123	21	of	of	ADP
gujaf-264	123	22	the	the	DET
gujaf-264	123	23	firm	firm	NOUN
gujaf-264	123	24	,	,	PUNCT
gujaf-264	123	25	(	(	PUNCT
gujaf-264	123	26	fama	fama	NOUN
gujaf-264	123	27	,	,	PUNCT
gujaf-264	123	28	2001	2001	NUM
gujaf-264	123	29	)	)	PUNCT
gujaf-264	123	30	.	.	PUNCT
gujaf-264	124	1	there	there	PRON
gujaf-264	124	2	are	be	VERB
gujaf-264	124	3	several	several	ADJ
gujaf-264	124	4	factor	factor	NOUN
gujaf-264	124	5	152	152	NUM
gujaf-264	124	6	that	that	PRON
gujaf-264	124	7	influence	influence	NOUN
gujaf-264	124	8	dividend	dividend	NOUN
gujaf-264	124	9	payout	payout	NOUN
gujaf-264	124	10	,	,	PUNCT
gujaf-264	124	11	some	some	PRON
gujaf-264	124	12	of	of	ADP
gujaf-264	124	13	which	which	PRON
gujaf-264	124	14	are	be	AUX
gujaf-264	124	15	firm	firm	ADJ
gujaf-264	124	16	performance	performance	NOUN
gujaf-264	124	17	(	(	PUNCT
gujaf-264	124	18	profitability	profitability	NOUN
gujaf-264	124	19	)	)	PUNCT
gujaf-264	124	20	,	,	PUNCT
gujaf-264	124	21	liquidity	liquidity	NOUN
gujaf-264	124	22	,	,	PUNCT
gujaf-264	124	23	tax	tax	NOUN
gujaf-264	124	24	implications	implication	NOUN
gujaf-264	124	25	,	,	PUNCT
gujaf-264	124	26	industry	industry	NOUN
gujaf-264	124	27	regulations	regulation	NOUN
gujaf-264	124	28	like	like	ADP
gujaf-264	124	29	the	the	DET
gujaf-264	124	30	banking	banking	NOUN
gujaf-264	124	31	and	and	CCONJ
gujaf-264	124	32	insurance	insurance	NOUN
gujaf-264	124	33	sectors	sector	NOUN
gujaf-264	124	34	and	and	CCONJ
gujaf-264	124	35	corporate	corporate	ADJ
gujaf-264	124	36	governance	governance	NOUN
gujaf-264	124	37	,	,	PUNCT
gujaf-264	124	38	(	(	PUNCT
gujaf-264	124	39	arora	arora	PROPN
gujaf-264	124	40	&	&	CCONJ
gujaf-264	124	41	srivastava	srivastava	PROPN
gujaf-264	124	42	,	,	PUNCT
gujaf-264	124	43	2021	2021	NUM
gujaf-264	124	44	;	;	PUNCT
gujaf-264	124	45	odoemelam	odoemelam	PROPN
gujaf-264	124	46	&	&	CCONJ
gujaf-264	124	47	obiora	obiora	PROPN
gujaf-264	124	48	,	,	PUNCT
gujaf-264	124	49	2023	2023	NUM
gujaf-264	124	50	;	;	PUNCT
gujaf-264	124	51	renneboog	renneboog	NOUN
gujaf-264	124	52	&	&	CCONJ
gujaf-264	124	53	trojanowski	trojanowski	NOUN
gujaf-264	124	54	,	,	PUNCT
gujaf-264	124	55	2011	2011	NUM
gujaf-264	124	56	)	)	PUNCT
gujaf-264	124	57	.	.	PUNCT
gujaf-264	125	1	dpay	dpay	NOUN
gujaf-264	125	2	is	be	AUX
gujaf-264	125	3	mathematically	mathematically	ADV
gujaf-264	125	4	expressed	express	VERB
gujaf-264	125	5	as	as	ADP
gujaf-264	125	6	:	:	PUNCT
gujaf-264	125	7	𝐷𝑃𝐴𝑌	𝐷𝑃𝐴𝑌	PROPN
gujaf-264	125	8	=	=	SYM
gujaf-264	125	9	𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑃𝑎𝑖𝑑	𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑃𝑎𝑖𝑑	PROPN
gujaf-264	125	10	𝑁𝑒𝑡𝐼𝑛𝑐𝑜𝑚𝑒	𝑁𝑒𝑡𝐼𝑛𝑐𝑜𝑚𝑒	PROPN
gujaf-264	125	11	∗	∗	VERB
gujaf-264	125	12	100	100	NUM
gujaf-264	125	13	tobin	tobin	NOUN
gujaf-264	125	14	’s	’s	PART
gujaf-264	125	15	q	q	PROPN
gujaf-264	125	16	is	be	AUX
gujaf-264	125	17	one	one	NUM
gujaf-264	125	18	of	of	ADP
gujaf-264	125	19	the	the	DET
gujaf-264	125	20	often	often	ADV
gujaf-264	125	21	used	use	VERB
gujaf-264	125	22	measure	measure	NOUN
gujaf-264	125	23	of	of	ADP
gujaf-264	125	24	firm	firm	ADJ
gujaf-264	125	25	value	value	NOUN
gujaf-264	125	26	,	,	PUNCT
gujaf-264	125	27	it	it	PRON
gujaf-264	125	28	is	be	AUX
gujaf-264	125	29	a	a	DET
gujaf-264	125	30	financial	financial	ADJ
gujaf-264	125	31	ratio	ratio	NOUN
gujaf-264	125	32	that	that	PRON
gujaf-264	125	33	compares	compare	VERB
gujaf-264	125	34	market	market	NOUN
gujaf-264	125	35	value	value	NOUN
gujaf-264	125	36	of	of	ADP
gujaf-264	125	37	a	a	DET
gujaf-264	125	38	firm	firm	NOUN
gujaf-264	125	39	’s	’s	PART
gujaf-264	125	40	total	total	ADJ
gujaf-264	125	41	assets	asset	NOUN
gujaf-264	125	42	to	to	ADP
gujaf-264	125	43	its	its	PRON
gujaf-264	125	44	replacement	replacement	NOUN
gujaf-264	125	45	costs	cost	NOUN
gujaf-264	125	46	.	.	PUNCT
gujaf-264	126	1	the	the	DET
gujaf-264	126	2	total	total	ADJ
gujaf-264	126	3	market	market	NOUN
gujaf-264	126	4	value	value	NOUN
gujaf-264	126	5	of	of	ADP
gujaf-264	126	6	equity	equity	NOUN
gujaf-264	126	7	and	and	CCONJ
gujaf-264	126	8	debts	debt	NOUN
gujaf-264	126	9	are	be	AUX
gujaf-264	126	10	added	add	VERB
gujaf-264	126	11	together	together	ADV
gujaf-264	126	12	,	,	PUNCT
gujaf-264	126	13	then	then	ADV
gujaf-264	126	14	dividend	dividend	VERB
gujaf-264	126	15	by	by	ADP
gujaf-264	126	16	the	the	DET
gujaf-264	126	17	total	total	ADJ
gujaf-264	126	18	assets	asset	NOUN
gujaf-264	126	19	valued	value	VERB
gujaf-264	126	20	at	at	ADP
gujaf-264	126	21	the	the	DET
gujaf-264	126	22	replacement	replacement	NOUN
gujaf-264	126	23	costs	cost	NOUN
gujaf-264	126	24	,	,	PUNCT
gujaf-264	126	25	(	(	PUNCT
gujaf-264	126	26	tobin	tobin	NOUN
gujaf-264	126	27	,	,	PUNCT
gujaf-264	126	28	1969	1969	NUM
gujaf-264	126	29	)	)	PUNCT
gujaf-264	126	30	.	.	PUNCT
gujaf-264	127	1	basically	basically	ADV
gujaf-264	127	2	,	,	PUNCT
gujaf-264	127	3	tobin	tobin	PROPN
gujaf-264	127	4	’s	’s	PART
gujaf-264	127	5	q	q	PROPN
gujaf-264	127	6	measures	measure	VERB
gujaf-264	127	7	the	the	DET
gujaf-264	127	8	efficiency	efficiency	NOUN
gujaf-264	127	9	with	with	ADP
gujaf-264	127	10	which	which	PRON
gujaf-264	127	11	a	a	DET
gujaf-264	127	12	firm	firm	NOUN
gujaf-264	127	13	use	use	VERB
gujaf-264	127	14	its	its	PRON
gujaf-264	127	15	assets	asset	NOUN
gujaf-264	127	16	to	to	PART
gujaf-264	127	17	generate	generate	VERB
gujaf-264	127	18	value	value	NOUN
gujaf-264	127	19	.	.	PUNCT
gujaf-264	128	1	a	a	DET
gujaf-264	128	2	tobin	tobin	NOUN
gujaf-264	128	3	’s	’s	PART
gujaf-264	128	4	q	q	NOUN
gujaf-264	128	5	value	value	NOUN
gujaf-264	128	6	greater	great	ADJ
gujaf-264	128	7	than	than	ADP
gujaf-264	128	8	1	1	NUM
gujaf-264	128	9	suggests	suggest	VERB
gujaf-264	128	10	that	that	SCONJ
gujaf-264	128	11	the	the	DET
gujaf-264	128	12	firm	firm	NOUN
gujaf-264	128	13	is	be	AUX
gujaf-264	128	14	worth	worth	ADJ
gujaf-264	128	15	more	more	ADJ
gujaf-264	128	16	than	than	ADP
gujaf-264	128	17	its	its	PRON
gujaf-264	128	18	replacement	replacement	NOUN
gujaf-264	128	19	cost	cost	NOUN
gujaf-264	128	20	,	,	PUNCT
gujaf-264	128	21	vis	vis	X
gujaf-264	128	22	-	-	PUNCT
gujaf-264	128	23	visa	visa	NOUN
gujaf-264	128	24	,	,	PUNCT
gujaf-264	128	25	setiyawati	setiyawati	NOUN
gujaf-264	128	26	,	,	PUNCT
gujaf-264	128	27	et	et	PROPN
gujaf-264	128	28	al	al	PROPN
gujaf-264	128	29	.	.	PUNCT
gujaf-264	129	1	(	(	PUNCT
gujaf-264	129	2	2017	2017	NUM
gujaf-264	129	3	)	)	PUNCT
gujaf-264	129	4	.	.	PUNCT
gujaf-264	130	1	therefore	therefore	ADV
gujaf-264	130	2	the	the	DET
gujaf-264	130	3	tobin	tobin	NOUN
gujaf-264	130	4	’s	’s	PART
gujaf-264	130	5	q	q	NOUN
gujaf-264	130	6	formula	formula	NOUN
gujaf-264	130	7	adopted	adopt	VERB
gujaf-264	130	8	for	for	ADP
gujaf-264	130	9	this	this	DET
gujaf-264	130	10	study	study	NOUN
gujaf-264	130	11	is	be	AUX
gujaf-264	130	12	:	:	PUNCT
gujaf-264	130	13	𝑇𝑜𝑏𝑖𝑛′𝑠𝑄	𝑇𝑜𝑏𝑖𝑛′𝑠𝑄	PROPN
gujaf-264	130	14	=	=	SYM
gujaf-264	130	15	𝑇𝑜𝑡𝑎𝑙𝑉𝑎𝑙𝑢𝑒𝑜𝑓𝐸𝑞𝑢𝑖𝑡𝑦+𝑀𝑎𝑟𝑘𝑒𝑡𝑉𝑎𝑙𝑢𝑒𝐷𝑒𝑏𝑡	𝑇𝑜𝑡𝑎𝑙𝑉𝑎𝑙𝑢𝑒𝑜𝑓𝐸𝑞𝑢𝑖𝑡𝑦+𝑀𝑎𝑟𝑘𝑒𝑡𝑉𝑎𝑙𝑢𝑒𝐷𝑒𝑏𝑡	ADJ
gujaf-264	130	16	𝑇𝑜𝑡𝑎𝑙𝐴𝑠𝑠𝑒𝑡𝑠	𝑇𝑜𝑡𝑎𝑙𝐴𝑠𝑠𝑒𝑡𝑠	NOUN
gujaf-264	130	17	@	@	ADP
gujaf-264	131	1	𝑅𝑒𝑝𝑙𝑎𝑐𝑒𝑚𝑒𝑛𝑡𝑉𝑎𝑙𝑢𝑒	𝑅𝑒𝑝𝑙𝑎𝑐𝑒𝑚𝑒𝑛𝑡𝑉𝑎𝑙𝑢𝑒	PROPN
gujaf-264	131	2	ownership	ownership	NOUN
gujaf-264	131	3	concentration	concentration	NOUN
gujaf-264	131	4	is	be	AUX
gujaf-264	131	5	an	an	DET
gujaf-264	131	6	extent	extent	NOUN
gujaf-264	131	7	to	to	PART
gujaf-264	131	8	which	which	PRON
gujaf-264	131	9	the	the	DET
gujaf-264	131	10	shares	share	NOUN
gujaf-264	131	11	of	of	ADP
gujaf-264	131	12	a	a	DET
gujaf-264	131	13	firm	firm	NOUN
gujaf-264	131	14	are	be	AUX
gujaf-264	131	15	held	hold	VERB
gujaf-264	131	16	in	in	ADP
gujaf-264	131	17	the	the	DET
gujaf-264	131	18	hand	hand	NOUN
gujaf-264	131	19	of	of	ADP
gujaf-264	131	20	its	its	PRON
gujaf-264	131	21	largest	large	ADJ
gujaf-264	131	22	shareholders	shareholder	NOUN
gujaf-264	131	23	.	.	PUNCT
gujaf-264	132	1	when	when	SCONJ
gujaf-264	132	2	a	a	DET
gujaf-264	132	3	few	few	ADJ
gujaf-264	132	4	individuals	individual	NOUN
gujaf-264	132	5	hold	hold	VERB
gujaf-264	132	6	a	a	DET
gujaf-264	132	7	significant	significant	ADJ
gujaf-264	132	8	proportion	proportion	NOUN
gujaf-264	132	9	of	of	ADP
gujaf-264	132	10	a	a	DET
gujaf-264	132	11	firm	firm	NOUN
gujaf-264	132	12	’s	’s	PART
gujaf-264	132	13	shares	share	NOUN
gujaf-264	132	14	,	,	PUNCT
gujaf-264	132	15	the	the	DET
gujaf-264	132	16	firm	firm	NOUN
gujaf-264	132	17	is	be	AUX
gujaf-264	132	18	said	say	VERB
gujaf-264	132	19	to	to	PART
gujaf-264	132	20	have	have	VERB
gujaf-264	132	21	high	high	ADJ
gujaf-264	132	22	ownership	ownership	NOUN
gujaf-264	132	23	concentration,(gaur	concentration,(gaur	PROPN
gujaf-264	132	24	et	et	PROPN
gujaf-264	132	25	al	al	PROPN
gujaf-264	132	26	.	.	PROPN
gujaf-264	132	27	,	,	PUNCT
gujaf-264	132	28	2015	2015	NUM
gujaf-264	132	29	;	;	PUNCT
gujaf-264	132	30	zulfikar	zulfikar	X
gujaf-264	132	31	et	et	PROPN
gujaf-264	132	32	al	al	PROPN
gujaf-264	132	33	.	.	PROPN
gujaf-264	132	34	,	,	PUNCT
gujaf-264	132	35	2020	2020	NUM
gujaf-264	132	36	)	)	PUNCT
gujaf-264	132	37	.	.	PUNCT
gujaf-264	133	1	study	study	NOUN
gujaf-264	133	2	has	have	AUX
gujaf-264	133	3	revealed	reveal	VERB
gujaf-264	133	4	that	that	SCONJ
gujaf-264	133	5	ownc	ownc	NOUN
gujaf-264	133	6	is	be	AUX
gujaf-264	133	7	common	common	ADJ
gujaf-264	133	8	in	in	ADP
gujaf-264	133	9	firms	firm	NOUN
gujaf-264	133	10	and	and	CCONJ
gujaf-264	133	11	it	it	PRON
gujaf-264	133	12	is	be	AUX
gujaf-264	133	13	prevalent	prevalent	ADJ
gujaf-264	133	14	in	in	ADP
gujaf-264	133	15	jurisdictions	jurisdiction	NOUN
gujaf-264	133	16	with	with	ADP
gujaf-264	133	17	weak	weak	ADJ
gujaf-264	133	18	legal	legal	ADJ
gujaf-264	133	19	protections	protection	NOUN
gujaf-264	133	20	for	for	ADP
gujaf-264	133	21	investors	investor	NOUN
gujaf-264	133	22	.	.	PUNCT
gujaf-264	134	1	this	this	DET
gujaf-264	134	2	concentration	concentration	NOUN
gujaf-264	134	3	let	let	VERB
gujaf-264	134	4	the	the	DET
gujaf-264	134	5	shareholders	shareholder	NOUN
gujaf-264	134	6	,	,	PUNCT
gujaf-264	134	7	often	often	ADV
gujaf-264	134	8	families	family	NOUN
gujaf-264	134	9	or	or	CCONJ
gujaf-264	134	10	state	state	NOUN
gujaf-264	134	11	,	,	PUNCT
gujaf-264	134	12	to	to	PART
gujaf-264	134	13	exert	exert	VERB
gujaf-264	134	14	significant	significant	ADJ
gujaf-264	134	15	influence	influence	NOUN
gujaf-264	134	16	over	over	ADP
gujaf-264	134	17	the	the	DET
gujaf-264	134	18	firm	firm	NOUN
gujaf-264	134	19	,	,	PUNCT
gujaf-264	134	20	(	(	PUNCT
gujaf-264	134	21	la	la	X
gujaf-264	134	22	porta	porta	NOUN
gujaf-264	134	23	et	et	PROPN
gujaf-264	134	24	al	al	PROPN
gujaf-264	134	25	.	.	PROPN
gujaf-264	134	26	,	,	PUNCT
gujaf-264	134	27	2000	2000	NUM
gujaf-264	134	28	)	)	PUNCT
gujaf-264	134	29	.	.	PUNCT
gujaf-264	135	1	furthermore	furthermore	ADV
gujaf-264	135	2	,	,	PUNCT
gujaf-264	135	3	studies	study	NOUN
gujaf-264	135	4	have	have	AUX
gujaf-264	135	5	established	establish	VERB
gujaf-264	135	6	that	that	SCONJ
gujaf-264	135	7	large	large	ADJ
gujaf-264	135	8	shareholders	shareholder	NOUN
gujaf-264	135	9	,	,	PUNCT
gujaf-264	135	10	due	due	ADP
gujaf-264	135	11	to	to	ADP
gujaf-264	135	12	the	the	DET
gujaf-264	135	13	substantial	substantial	ADJ
gujaf-264	135	14	holdings	holding	NOUN
gujaf-264	135	15	,	,	PUNCT
gujaf-264	135	16	have	have	VERB
gujaf-264	135	17	both	both	CCONJ
gujaf-264	135	18	the	the	DET
gujaf-264	135	19	means	mean	NOUN
gujaf-264	135	20	and	and	CCONJ
gujaf-264	135	21	motivation	motivation	NOUN
gujaf-264	135	22	to	to	PART
gujaf-264	135	23	to	to	PART
gujaf-264	135	24	monitor	monitor	VERB
gujaf-264	135	25	management	management	NOUN
gujaf-264	135	26	closely	closely	ADV
gujaf-264	135	27	,	,	PUNCT
gujaf-264	135	28	(	(	PUNCT
gujaf-264	135	29	shleifer	shleifer	PROPN
gujaf-264	135	30	&	&	CCONJ
gujaf-264	135	31	vishny	vishny	PROPN
gujaf-264	135	32	,	,	PUNCT
gujaf-264	135	33	1997	1997	NUM
gujaf-264	135	34	)	)	PUNCT
gujaf-264	135	35	.	.	PUNCT
gujaf-264	136	1	this	this	PRON
gujaf-264	136	2	means	mean	VERB
gujaf-264	136	3	that	that	SCONJ
gujaf-264	136	4	concentrated	concentrate	VERB
gujaf-264	136	5	offers	offer	VERB
gujaf-264	136	6	benefits	benefit	NOUN
gujaf-264	136	7	by	by	ADP
gujaf-264	136	8	ensuring	ensure	VERB
gujaf-264	136	9	that	that	SCONJ
gujaf-264	136	10	firms	firm	NOUN
gujaf-264	136	11	are	be	AUX
gujaf-264	136	12	well	well	ADV
gujaf-264	136	13	run	run	VERB
gujaf-264	136	14	.	.	PUNCT
gujaf-264	137	1	however	however	ADV
gujaf-264	137	2	,	,	PUNCT
gujaf-264	137	3	the	the	DET
gujaf-264	137	4	work	work	NOUN
gujaf-264	137	5	of	of	ADP
gujaf-264	137	6	(	(	PUNCT
gujaf-264	137	7	iturriaga	iturriaga	PROPN
gujaf-264	137	8	&	&	CCONJ
gujaf-264	137	9	crisóstomo	crisóstomo	PROPN
gujaf-264	137	10	,	,	PUNCT
gujaf-264	137	11	2010	2010	NUM
gujaf-264	137	12	)	)	PUNCT
gujaf-264	137	13	suggests	suggest	VERB
gujaf-264	137	14	that	that	SCONJ
gujaf-264	137	15	as	as	ADP
gujaf-264	137	16	owner	owner	NOUN
gujaf-264	137	17	concentration	concentration	NOUN
gujaf-264	137	18	increases	increase	NOUN
gujaf-264	137	19	,	,	PUNCT
gujaf-264	137	20	it	it	PRON
gujaf-264	137	21	begins	begin	VERB
gujaf-264	137	22	to	to	PART
gujaf-264	137	23	produces	produce	VERB
gujaf-264	137	24	adverse	adverse	ADJ
gujaf-264	137	25	effect	effect	NOUN
gujaf-264	137	26	.	.	PUNCT
gujaf-264	138	1	2.2	2.2	NUM
gujaf-264	138	2	ownership	ownership	NOUN
gujaf-264	138	3	concentration	concentration	NOUN
gujaf-264	138	4	and	and	CCONJ
gujaf-264	138	5	firm	firm	ADJ
gujaf-264	138	6	value	value	NOUN
gujaf-264	138	7	ownership	ownership	NOUN
gujaf-264	138	8	concentration	concentration	NOUN
gujaf-264	138	9	which	which	PRON
gujaf-264	138	10	is	be	AUX
gujaf-264	138	11	a	a	DET
gujaf-264	138	12	subset	subset	NOUN
gujaf-264	138	13	of	of	ADP
gujaf-264	138	14	ownership	ownership	NOUN
gujaf-264	138	15	structure	structure	NOUN
gujaf-264	138	16	has	have	AUX
gujaf-264	138	17	been	be	AUX
gujaf-264	138	18	studied	study	VERB
gujaf-264	138	19	extensively	extensively	ADV
gujaf-264	138	20	in	in	ADP
gujaf-264	138	21	various	various	ADJ
gujaf-264	138	22	countries	country	NOUN
gujaf-264	138	23	and	and	CCONJ
gujaf-264	138	24	sectors	sector	NOUN
gujaf-264	138	25	with	with	ADP
gujaf-264	138	26	mix	mix	NOUN
gujaf-264	138	27	outcomes	outcome	NOUN
gujaf-264	138	28	.	.	PUNCT
gujaf-264	139	1	the	the	DET
gujaf-264	139	2	findings	finding	NOUN
gujaf-264	139	3	from	from	ADP
gujaf-264	139	4	some	some	PRON
gujaf-264	139	5	of	of	ADP
gujaf-264	139	6	such	such	ADJ
gujaf-264	139	7	studies	study	NOUN
gujaf-264	139	8	are	be	AUX
gujaf-264	139	9	discussed	discuss	VERB
gujaf-264	139	10	below	below	ADP
gujaf-264	139	11	with	with	ADP
gujaf-264	139	12	the	the	DET
gujaf-264	139	13	aim	aim	NOUN
gujaf-264	139	14	of	of	ADP
gujaf-264	139	15	identifying	identify	VERB
gujaf-264	139	16	the	the	DET
gujaf-264	139	17	gap	gap	NOUN
gujaf-264	139	18	in	in	ADP
gujaf-264	139	19	literatureand	literatureand	NOUN
gujaf-264	139	20	justifying	justify	VERB
gujaf-264	139	21	the	the	DET
gujaf-264	139	22	need	need	NOUN
gujaf-264	139	23	for	for	ADP
gujaf-264	139	24	the	the	DET
gujaf-264	139	25	study	study	NOUN
gujaf-264	139	26	.	.	PUNCT
gujaf-264	140	1	iturriaga	iturriaga	NOUN
gujaf-264	140	2	and	and	CCONJ
gujaf-264	140	3	crisóstomo	crisóstomo	PROPN
gujaf-264	140	4	(	(	PUNCT
gujaf-264	140	5	2010)analyzed	2010)analyze	VERB
gujaf-264	140	6	a	a	DET
gujaf-264	140	7	sample	sample	NOUN
gujaf-264	140	8	of	of	ADP
gujaf-264	140	9	213	213	NUM
gujaf-264	140	10	brazilian	brazilian	ADJ
gujaf-264	140	11	firms	firm	NOUN
gujaf-264	140	12	from	from	ADP
gujaf-264	140	13	1995	1995	NUM
gujaf-264	140	14	to	to	ADP
gujaf-264	140	15	2004	2004	NUM
gujaf-264	140	16	as	as	ADP
gujaf-264	140	17	part	part	NOUN
gujaf-264	140	18	of	of	ADP
gujaf-264	140	19	a	a	DET
gujaf-264	140	20	study	study	NOUN
gujaf-264	140	21	.	.	PUNCT
gujaf-264	141	1	utilizing	utilize	VERB
gujaf-264	141	2	ols	ol	NOUN
gujaf-264	141	3	panel	panel	NOUN
gujaf-264	141	4	data	datum	NOUN
gujaf-264	141	5	regression	regression	NOUN
gujaf-264	141	6	,	,	PUNCT
gujaf-264	141	7	the	the	DET
gujaf-264	141	8	153	153	NUM
gujaf-264	141	9	relationship	relationship	NOUN
gujaf-264	141	10	between	between	ADP
gujaf-264	141	11	ownc	ownc	NOUN
gujaf-264	141	12	and	and	CCONJ
gujaf-264	141	13	firm	firm	ADJ
gujaf-264	141	14	value	value	NOUN
gujaf-264	141	15	was	be	AUX
gujaf-264	141	16	examined	examine	VERB
gujaf-264	141	17	.	.	PUNCT
gujaf-264	142	1	the	the	DET
gujaf-264	142	2	findings	finding	NOUN
gujaf-264	142	3	revealed	reveal	VERB
gujaf-264	142	4	a	a	DET
gujaf-264	142	5	u	u	NOUN
gujaf-264	142	6	-	-	ADJ
gujaf-264	142	7	shaped	shape	VERB
gujaf-264	142	8	relationship	relationship	NOUN
gujaf-264	142	9	between	between	ADP
gujaf-264	142	10	ownc	ownc	NOUN
gujaf-264	142	11	and	and	CCONJ
gujaf-264	142	12	firm	firm	ADJ
gujaf-264	142	13	value	value	NOUN
gujaf-264	142	14	,	,	PUNCT
gujaf-264	142	15	indicating	indicate	VERB
gujaf-264	142	16	that	that	SCONJ
gujaf-264	142	17	ownc	ownc	NOUN
gujaf-264	142	18	has	have	VERB
gujaf-264	142	19	a	a	DET
gujaf-264	142	20	positive	positive	ADJ
gujaf-264	142	21	effect	effect	NOUN
gujaf-264	142	22	on	on	ADP
gujaf-264	142	23	firm	firm	ADJ
gujaf-264	142	24	value	value	NOUN
gujaf-264	142	25	at	at	ADP
gujaf-264	142	26	lower	low	ADJ
gujaf-264	142	27	levels	level	NOUN
gujaf-264	142	28	but	but	CCONJ
gujaf-264	142	29	a	a	DET
gujaf-264	142	30	negative	negative	ADJ
gujaf-264	142	31	effect	effect	NOUN
gujaf-264	142	32	as	as	SCONJ
gujaf-264	142	33	ownc	ownc	NOUN
gujaf-264	142	34	levels	level	NOUN
gujaf-264	142	35	increase	increase	VERB
gujaf-264	142	36	.	.	PUNCT
gujaf-264	143	1	this	this	PRON
gujaf-264	143	2	suggests	suggest	VERB
gujaf-264	143	3	that	that	SCONJ
gujaf-264	143	4	ownc	ownc	NOUN
gujaf-264	143	5	initially	initially	ADV
gujaf-264	143	6	increases	increase	VERB
gujaf-264	143	7	value	value	NOUN
gujaf-264	143	8	to	to	ADP
gujaf-264	143	9	a	a	DET
gujaf-264	143	10	certain	certain	ADJ
gujaf-264	143	11	extent	extent	NOUN
gujaf-264	143	12	,	,	PUNCT
gujaf-264	143	13	but	but	CCONJ
gujaf-264	143	14	then	then	ADV
gujaf-264	143	15	its	its	PRON
gujaf-264	143	16	effect	effect	NOUN
gujaf-264	143	17	begins	begin	VERB
gujaf-264	143	18	to	to	PART
gujaf-264	143	19	diminish	diminish	VERB
gujaf-264	143	20	as	as	ADP
gujaf-264	143	21	concentration	concentration	NOUN
gujaf-264	143	22	rises	rise	NOUN
gujaf-264	143	23	.	.	PUNCT
gujaf-264	144	1	additionally	additionally	ADV
gujaf-264	144	2	,	,	PUNCT
gujaf-264	144	3	this	this	PRON
gujaf-264	144	4	implies	imply	VERB
gujaf-264	144	5	that	that	SCONJ
gujaf-264	144	6	a	a	DET
gujaf-264	144	7	form	form	NOUN
gujaf-264	144	8	of	of	ADP
gujaf-264	144	9	concentrated	concentrated	ADJ
gujaf-264	144	10	ownership	ownership	NOUN
gujaf-264	144	11	has	have	AUX
gujaf-264	144	12	become	become	VERB
gujaf-264	144	13	firmly	firmly	ADV
gujaf-264	144	14	entrenched	entrench	VERB
gujaf-264	144	15	,	,	PUNCT
gujaf-264	144	16	which	which	PRON
gujaf-264	144	17	may	may	AUX
gujaf-264	144	18	be	be	AUX
gujaf-264	144	19	detrimental	detrimental	ADJ
gujaf-264	144	20	to	to	ADP
gujaf-264	144	21	the	the	DET
gujaf-264	144	22	interests	interest	NOUN
gujaf-264	144	23	of	of	ADP
gujaf-264	144	24	minority	minority	NOUN
gujaf-264	144	25	shareholders	shareholder	NOUN
gujaf-264	144	26	.	.	PUNCT
gujaf-264	145	1	in	in	ADP
gujaf-264	145	2	their	their	PRON
gujaf-264	145	3	research	research	NOUN
gujaf-264	145	4	,	,	PUNCT
gujaf-264	145	5	widiatmoko	widiatmoko	PROPN
gujaf-264	145	6	et	et	PROPN
gujaf-264	145	7	al	al	PROPN
gujaf-264	145	8	.	.	PROPN
gujaf-264	145	9	(	(	PUNCT
gujaf-264	145	10	2021	2021	NUM
gujaf-264	145	11	)	)	PUNCT
gujaf-264	145	12	examined	examine	VERB
gujaf-264	145	13	the	the	DET
gujaf-264	145	14	relationship	relationship	NOUN
gujaf-264	145	15	between	between	ADP
gujaf-264	145	16	ownership	ownership	NOUN
gujaf-264	145	17	structure	structure	NOUN
gujaf-264	145	18	,	,	PUNCT
gujaf-264	145	19	dividend	dividend	NOUN
gujaf-264	145	20	policy	policy	NOUN
gujaf-264	145	21	,	,	PUNCT
gujaf-264	145	22	and	and	CCONJ
gujaf-264	145	23	firm	firm	ADJ
gujaf-264	145	24	value	value	NOUN
gujaf-264	145	25	.	.	PUNCT
gujaf-264	146	1	the	the	DET
gujaf-264	146	2	study	study	NOUN
gujaf-264	146	3	specifically	specifically	ADV
gujaf-264	146	4	targeted	target	VERB
gujaf-264	146	5	manufacturing	manufacturing	NOUN
gujaf-264	146	6	companies	company	NOUN
gujaf-264	146	7	that	that	PRON
gujaf-264	146	8	were	be	AUX
gujaf-264	146	9	publicly	publicly	ADV
gujaf-264	146	10	traded	trade	VERB
gujaf-264	146	11	on	on	ADP
gujaf-264	146	12	the	the	DET
gujaf-264	146	13	indonesia	indonesia	PROPN
gujaf-264	146	14	stock	stock	PROPN
gujaf-264	146	15	exchange	exchange	PROPN
gujaf-264	146	16	and	and	CCONJ
gujaf-264	146	17	spanned	span	VERB
gujaf-264	146	18	the	the	DET
gujaf-264	146	19	years	year	NOUN
gujaf-264	146	20	2016	2016	NUM
gujaf-264	146	21	to	to	ADP
gujaf-264	146	22	2018	2018	NUM
gujaf-264	146	23	.	.	PUNCT
gujaf-264	147	1	by	by	ADP
gujaf-264	147	2	utilizing	utilize	VERB
gujaf-264	147	3	multiple	multiple	ADJ
gujaf-264	147	4	linear	linear	ADJ
gujaf-264	147	5	regression	regression	NOUN
gujaf-264	147	6	models	model	NOUN
gujaf-264	147	7	,	,	PUNCT
gujaf-264	147	8	the	the	DET
gujaf-264	147	9	research	research	NOUN
gujaf-264	147	10	examined	examine	VERB
gujaf-264	147	11	the	the	DET
gujaf-264	147	12	impact	impact	NOUN
gujaf-264	147	13	of	of	ADP
gujaf-264	147	14	distinct	distinct	ADJ
gujaf-264	147	15	ownership	ownership	NOUN
gujaf-264	147	16	structures	structure	NOUN
gujaf-264	147	17	—	—	PUNCT
gujaf-264	147	18	namely	namely	ADV
gujaf-264	147	19	concentrated	concentrate	VERB
gujaf-264	147	20	ownership	ownership	NOUN
gujaf-264	147	21	,	,	PUNCT
gujaf-264	147	22	institutional	institutional	ADJ
gujaf-264	147	23	ownership	ownership	NOUN
gujaf-264	147	24	,	,	PUNCT
gujaf-264	147	25	and	and	CCONJ
gujaf-264	147	26	managerial	managerial	ADJ
gujaf-264	147	27	ownership	ownership	NOUN
gujaf-264	147	28	—	—	PUNCT
gujaf-264	147	29	on	on	ADP
gujaf-264	147	30	both	both	PRON
gujaf-264	147	31	dividend	dividend	NOUN
gujaf-264	147	32	policy	policy	NOUN
gujaf-264	147	33	and	and	CCONJ
gujaf-264	147	34	firm	firm	ADJ
gujaf-264	147	35	value	value	NOUN
gujaf-264	147	36	.	.	PUNCT
gujaf-264	148	1	while	while	SCONJ
gujaf-264	148	2	on	on	ADP
gujaf-264	148	3	a	a	DET
gujaf-264	148	4	direct	direct	ADJ
gujaf-264	148	5	basis	basis	NOUN
gujaf-264	148	6	,	,	PUNCT
gujaf-264	148	7	ownc	ownc	NOUN
gujaf-264	148	8	was	be	AUX
gujaf-264	148	9	found	find	VERB
gujaf-264	148	10	to	to	PART
gujaf-264	148	11	have	have	VERB
gujaf-264	148	12	nosignificant	nosignificant	ADJ
gujaf-264	148	13	impact	impact	NOUN
gujaf-264	148	14	on	on	ADP
gujaf-264	148	15	firm	firm	ADJ
gujaf-264	148	16	value	value	NOUN
gujaf-264	148	17	,	,	PUNCT
gujaf-264	148	18	on	on	ADP
gujaf-264	148	19	the	the	DET
gujaf-264	148	20	other	other	ADJ
gujaf-264	148	21	hand	hand	NOUN
gujaf-264	148	22	of	of	ADP
gujaf-264	148	23	mediation	mediation	NOUN
gujaf-264	148	24	,	,	PUNCT
gujaf-264	148	25	it	it	PRON
gujaf-264	148	26	indicates	indicate	VERB
gujaf-264	148	27	that	that	SCONJ
gujaf-264	148	28	it	it	PRON
gujaf-264	148	29	does	do	VERB
gujaf-264	148	30	so	so	ADV
gujaf-264	148	31	indirectly	indirectly	ADV
gujaf-264	148	32	via	via	ADP
gujaf-264	148	33	dividend	dividend	NOUN
gujaf-264	148	34	policy.also	policy.also	ADV
gujaf-264	148	35	in	in	ADP
gujaf-264	148	36	indonesia	indonesia	PROPN
gujaf-264	148	37	stock	stock	PROPN
gujaf-264	148	38	exchange	exchange	PROPN
gujaf-264	148	39	,	,	PUNCT
gujaf-264	148	40	amelinda	amelinda	NOUN
gujaf-264	148	41	and	and	CCONJ
gujaf-264	148	42	halim	halim	PROPN
gujaf-264	148	43	(	(	PUNCT
gujaf-264	148	44	2019)studied	2019)studie	VERB
gujaf-264	148	45	the	the	DET
gujaf-264	148	46	effect	effect	NOUN
gujaf-264	148	47	of	of	ADP
gujaf-264	148	48	managerial	managerial	ADJ
gujaf-264	148	49	ownership	ownership	NOUN
gujaf-264	148	50	,	,	PUNCT
gujaf-264	148	51	institutional	institutional	ADJ
gujaf-264	148	52	ownership	ownership	NOUN
gujaf-264	148	53	,	,	PUNCT
gujaf-264	148	54	foreign	foreign	ADJ
gujaf-264	148	55	ownership	ownership	NOUN
gujaf-264	148	56	,	,	PUNCT
gujaf-264	148	57	and	and	CCONJ
gujaf-264	148	58	ownership	ownership	NOUN
gujaf-264	148	59	concentration	concentration	NOUN
gujaf-264	148	60	as	as	ADP
gujaf-264	148	61	predictors	predictor	NOUN
gujaf-264	148	62	of	of	ADP
gujaf-264	148	63	firm	firm	ADJ
gujaf-264	148	64	value	value	NOUN
gujaf-264	148	65	.	.	PUNCT
gujaf-264	149	1	the	the	DET
gujaf-264	149	2	study	study	NOUN
gujaf-264	149	3	period	period	NOUN
gujaf-264	149	4	span	span	NOUN
gujaf-264	149	5	2000	2000	NUM
gujaf-264	149	6	to	to	ADP
gujaf-264	149	7	2017	2017	NUM
gujaf-264	149	8	and	and	CCONJ
gujaf-264	149	9	a	a	DET
gujaf-264	149	10	total	total	NOUN
gujaf-264	149	11	of	of	ADP
gujaf-264	149	12	432	432	NUM
gujaf-264	149	13	observations	observation	NOUN
gujaf-264	149	14	were	be	AUX
gujaf-264	149	15	collected	collect	VERB
gujaf-264	149	16	for	for	ADP
gujaf-264	149	17	the	the	DET
gujaf-264	149	18	study	study	NOUN
gujaf-264	149	19	period	period	NOUN
gujaf-264	149	20	.	.	PUNCT
gujaf-264	150	1	the	the	DET
gujaf-264	150	2	result	result	NOUN
gujaf-264	150	3	of	of	ADP
gujaf-264	150	4	the	the	DET
gujaf-264	150	5	multiple	multiple	ADJ
gujaf-264	150	6	regression	regression	NOUN
gujaf-264	150	7	shows	show	VERB
gujaf-264	150	8	that	that	SCONJ
gujaf-264	150	9	ownc	ownc	NOUN
gujaf-264	150	10	was	be	AUX
gujaf-264	150	11	positive	positive	ADJ
gujaf-264	150	12	and	and	CCONJ
gujaf-264	150	13	highly	highly	ADV
gujaf-264	150	14	significant	significant	ADJ
gujaf-264	150	15	predictor	predictor	NOUN
gujaf-264	150	16	of	of	ADP
gujaf-264	150	17	firm	firm	ADJ
gujaf-264	150	18	value	value	NOUN
gujaf-264	150	19	.	.	PUNCT
gujaf-264	151	1	oluwagbemiga	oluwagbemiga	VERB
gujaf-264	151	2	et	et	PROPN
gujaf-264	151	3	al	al	PROPN
gujaf-264	151	4	.	.	PROPN
gujaf-264	151	5	,	,	PUNCT
gujaf-264	151	6	(	(	PUNCT
gujaf-264	151	7	2014)studied	2014)studie	VERB
gujaf-264	151	8	the	the	DET
gujaf-264	151	9	nigerian	nigerian	ADJ
gujaf-264	151	10	banking	banking	NOUN
gujaf-264	151	11	sector	sector	NOUN
gujaf-264	151	12	of	of	ADP
gujaf-264	151	13	the	the	DET
gujaf-264	151	14	ngx	ngx	NOUN
gujaf-264	151	15	with	with	ADP
gujaf-264	151	16	the	the	DET
gujaf-264	151	17	aim	aim	NOUN
gujaf-264	151	18	of	of	ADP
gujaf-264	151	19	determining	determine	VERB
gujaf-264	151	20	the	the	DET
gujaf-264	151	21	effect	effect	NOUN
gujaf-264	151	22	of	of	ADP
gujaf-264	151	23	ownc	ownc	NOUN
gujaf-264	151	24	on	on	ADP
gujaf-264	151	25	firm	firm	ADJ
gujaf-264	151	26	value	value	NOUN
gujaf-264	151	27	.	.	PUNCT
gujaf-264	152	1	out	out	ADP
gujaf-264	152	2	of	of	ADP
gujaf-264	152	3	a	a	DET
gujaf-264	152	4	population21	population21	NOUN
gujaf-264	152	5	banking	banking	NOUN
gujaf-264	152	6	firms	firm	NOUN
gujaf-264	152	7	listed	list	VERB
gujaf-264	152	8	on	on	ADP
gujaf-264	152	9	the	the	DET
gujaf-264	152	10	exchange	exchange	NOUN
gujaf-264	152	11	18	18	NUM
gujaf-264	152	12	were	be	AUX
gujaf-264	152	13	purposively	purposively	ADV
gujaf-264	152	14	selected	select	VERB
gujaf-264	152	15	for	for	ADP
gujaf-264	152	16	the	the	DET
gujaf-264	152	17	study	study	NOUN
gujaf-264	152	18	and	and	CCONJ
gujaf-264	152	19	the	the	DET
gujaf-264	152	20	study	study	NOUN
gujaf-264	152	21	period	period	NOUN
gujaf-264	152	22	span	span	NOUN
gujaf-264	152	23	2008	2008	NUM
gujaf-264	152	24	to	to	ADP
gujaf-264	152	25	2012	2012	NUM
gujaf-264	152	26	and	and	CCONJ
gujaf-264	152	27	multiple	multiple	ADJ
gujaf-264	152	28	linear	linear	ADJ
gujaf-264	152	29	regression	regression	NOUN
gujaf-264	152	30	was	be	AUX
gujaf-264	152	31	used	use	VERB
gujaf-264	152	32	for	for	ADP
gujaf-264	152	33	the	the	DET
gujaf-264	152	34	analysis	analysis	NOUN
gujaf-264	152	35	.	.	PUNCT
gujaf-264	153	1	the	the	DET
gujaf-264	153	2	result	result	NOUN
gujaf-264	153	3	shows	show	VERB
gujaf-264	153	4	that	that	SCONJ
gujaf-264	153	5	ownc	ownc	NOUN
gujaf-264	153	6	,	,	PUNCT
gujaf-264	153	7	measured	measure	VERB
gujaf-264	153	8	by	by	ADP
gujaf-264	153	9	stock	stock	NOUN
gujaf-264	153	10	held	hold	VERB
gujaf-264	153	11	by	by	ADP
gujaf-264	153	12	individual	individual	ADJ
gujaf-264	153	13	investors	investor	NOUN
gujaf-264	153	14	and	and	CCONJ
gujaf-264	153	15	large	large	ADJ
gujaf-264	153	16	-	-	PUNCT
gujaf-264	153	17	block	block	NOUN
gujaf-264	153	18	shareholders	shareholder	NOUN
gujaf-264	153	19	and	and	CCONJ
gujaf-264	153	20	divided	divide	VERB
gujaf-264	153	21	by	by	ADP
gujaf-264	153	22	total	total	ADJ
gujaf-264	153	23	shares	share	NOUN
gujaf-264	153	24	in	in	ADP
gujaf-264	153	25	issue	issue	NOUN
gujaf-264	153	26	,	,	PUNCT
gujaf-264	153	27	has	have	VERB
gujaf-264	153	28	a	a	DET
gujaf-264	153	29	positive	positive	ADJ
gujaf-264	153	30	and	and	CCONJ
gujaf-264	153	31	significant	significant	ADJ
gujaf-264	153	32	relationship	relationship	NOUN
gujaf-264	153	33	with	with	ADP
gujaf-264	153	34	firm	firm	ADJ
gujaf-264	153	35	value	value	NOUN
gujaf-264	153	36	.	.	PUNCT
gujaf-264	154	1	also(oyedokun	also(oyedokun	PROPN
gujaf-264	154	2	et	et	NOUN
gujaf-264	154	3	al	al	PROPN
gujaf-264	154	4	.	.	PROPN
gujaf-264	154	5	,	,	PUNCT
gujaf-264	154	6	2020)examined	2020)examine	VERB
gujaf-264	154	7	the	the	DET
gujaf-264	154	8	impact	impact	NOUN
gujaf-264	154	9	of	of	ADP
gujaf-264	154	10	ownc	ownc	NOUN
gujaf-264	154	11	,	,	PUNCT
gujaf-264	154	12	one	one	NUM
gujaf-264	154	13	of	of	ADP
gujaf-264	154	14	ownership	ownership	NOUN
gujaf-264	154	15	structure	structure	NOUN
gujaf-264	154	16	variables	variable	NOUN
gujaf-264	154	17	used	use	VERB
gujaf-264	154	18	for	for	ADP
gujaf-264	154	19	the	the	DET
gujaf-264	154	20	study	study	NOUN
gujaf-264	154	21	,	,	PUNCT
gujaf-264	154	22	on	on	ADP
gujaf-264	154	23	firm	firm	ADJ
gujaf-264	154	24	valuein	valuein	VERB
gujaf-264	154	25	the	the	DET
gujaf-264	154	26	consumer	consumer	NOUN
gujaf-264	154	27	products	product	NOUN
gujaf-264	154	28	sector	sector	NOUN
gujaf-264	154	29	of	of	ADP
gujaf-264	154	30	the	the	DET
gujaf-264	154	31	nigerian	nigerian	ADJ
gujaf-264	154	32	exchange	exchange	NOUN
gujaf-264	154	33	.	.	PUNCT
gujaf-264	155	1	utilizing	utilize	VERB
gujaf-264	155	2	a	a	DET
gujaf-264	155	3	panel	panel	NOUN
gujaf-264	155	4	regression	regression	NOUN
gujaf-264	155	5	technique	technique	NOUN
gujaf-264	155	6	on	on	ADP
gujaf-264	155	7	secondary	secondary	ADJ
gujaf-264	155	8	data	datum	NOUN
gujaf-264	155	9	thatspans2010	thatspans2010	PROPN
gujaf-264	155	10	to	to	ADP
gujaf-264	155	11	2018	2018	NUM
gujaf-264	155	12	for	for	ADP
gujaf-264	155	13	19	19	NUM
gujaf-264	155	14	out	out	ADP
gujaf-264	155	15	of	of	ADP
gujaf-264	155	16	21	21	NUM
gujaf-264	155	17	listed	list	VERB
gujaf-264	155	18	consumer	consumer	NOUN
gujaf-264	155	19	goods	good	NOUN
gujaf-264	155	20	firms	firm	NOUN
gujaf-264	155	21	.	.	PUNCT
gujaf-264	156	1	the	the	DET
gujaf-264	156	2	results	result	NOUN
gujaf-264	156	3	showed	show	VERB
gujaf-264	156	4	that	that	SCONJ
gujaf-264	156	5	ownc	ownc	NOUN
gujaf-264	156	6	has	have	VERB
gujaf-264	156	7	a	a	DET
gujaf-264	156	8	positive	positive	ADJ
gujaf-264	156	9	and	and	CCONJ
gujaf-264	156	10	significant	significant	ADJ
gujaf-264	156	11	effect	effect	NOUN
gujaf-264	156	12	on	on	ADP
gujaf-264	156	13	firm	firm	ADJ
gujaf-264	156	14	value	value	NOUN
gujaf-264	156	15	.	.	PUNCT
gujaf-264	157	1	this	this	PRON
gujaf-264	157	2	implies	imply	VERB
gujaf-264	157	3	that	that	SCONJ
gujaf-264	157	4	a	a	DET
gujaf-264	157	5	higher	high	ADJ
gujaf-264	157	6	concentration	concentration	NOUN
gujaf-264	157	7	of	of	ADP
gujaf-264	157	8	ownership	ownership	NOUN
gujaf-264	157	9	in	in	ADP
gujaf-264	157	10	the	the	DET
gujaf-264	157	11	hands	hand	NOUN
gujaf-264	157	12	of	of	ADP
gujaf-264	157	13	a	a	DET
gujaf-264	157	14	few	few	ADJ
gujaf-264	157	15	leads	lead	NOUN
gujaf-264	157	16	to	to	PART
gujaf-264	157	17	increase	increase	VERB
gujaf-264	157	18	in	in	ADP
gujaf-264	157	19	value	value	NOUN
gujaf-264	157	20	of	of	ADP
gujaf-264	157	21	firms	firm	NOUN
gujaf-264	157	22	in	in	ADP
gujaf-264	157	23	the	the	DET
gujaf-264	157	24	consumer	consumer	NOUN
gujaf-264	157	25	goods	good	NOUN
gujaf-264	157	26	sector	sector	NOUN
gujaf-264	157	27	of	of	ADP
gujaf-264	157	28	the	the	DET
gujaf-264	157	29	ngx	ngx	PROPN
gujaf-264	157	30	.	.	PROPN
gujaf-264	157	31	154	154	NUM
gujaf-264	157	32	2.3	2.3	NUM
gujaf-264	157	33	ownership	ownership	NOUN
gujaf-264	157	34	concentration	concentration	NOUN
gujaf-264	157	35	and	and	CCONJ
gujaf-264	157	36	dividend	dividend	NOUN
gujaf-264	157	37	payout	payout	NOUN
gujaf-264	157	38	studies	study	NOUN
gujaf-264	157	39	have	have	AUX
gujaf-264	157	40	been	be	AUX
gujaf-264	157	41	conducted	conduct	VERB
gujaf-264	157	42	on	on	ADP
gujaf-264	157	43	the	the	DET
gujaf-264	157	44	effect	effect	NOUN
gujaf-264	157	45	of	of	ADP
gujaf-264	157	46	ownc	ownc	NOUN
gujaf-264	157	47	on	on	ADP
gujaf-264	157	48	divdend	divdend	ADJ
gujaf-264	157	49	payout	payout	NOUN
gujaf-264	157	50	and	and	CCONJ
gujaf-264	157	51	the	the	DET
gujaf-264	157	52	results	result	NOUN
gujaf-264	157	53	show	show	VERB
gujaf-264	157	54	that	that	SCONJ
gujaf-264	157	55	there	there	PRON
gujaf-264	157	56	are	be	VERB
gujaf-264	157	57	evidence	evidence	NOUN
gujaf-264	157	58	that	that	SCONJ
gujaf-264	157	59	ownc	ownc	NOUN
gujaf-264	157	60	has	have	AUX
gujaf-264	157	61	postive	postive	ADJ
gujaf-264	157	62	and	and	CCONJ
gujaf-264	157	63	significant	significant	ADJ
gujaf-264	157	64	effect	effect	NOUN
gujaf-264	157	65	on	on	ADP
gujaf-264	157	66	dpay	dpay	NOUN
gujaf-264	157	67	,	,	PUNCT
gujaf-264	157	68	on	on	ADP
gujaf-264	157	69	the	the	DET
gujaf-264	157	70	contrary	contrary	NOUN
gujaf-264	157	71	there	there	PRON
gujaf-264	157	72	studies	study	NOUN
gujaf-264	157	73	that	that	PRON
gujaf-264	157	74	have	have	AUX
gujaf-264	157	75	established	establish	VERB
gujaf-264	157	76	negative	negative	ADJ
gujaf-264	157	77	influence	influence	NOUN
gujaf-264	157	78	of	of	ADP
gujaf-264	157	79	ownc	ownc	NOUN
gujaf-264	157	80	on	on	ADP
gujaf-264	157	81	dpay.arora	dpay.arora	PROPN
gujaf-264	157	82	and	and	CCONJ
gujaf-264	157	83	srivastava	srivastava	PROPN
gujaf-264	157	84	(	(	PUNCT
gujaf-264	157	85	2021)studied	2021)studie	VERB
gujaf-264	157	86	the	the	DET
gujaf-264	157	87	effect	effect	NOUN
gujaf-264	157	88	of	of	ADP
gujaf-264	157	89	ownc	ownc	NOUN
gujaf-264	157	90	on	on	ADP
gujaf-264	157	91	dpay	dpay	NOUN
gujaf-264	157	92	in	in	ADP
gujaf-264	157	93	india	india	PROPN
gujaf-264	157	94	,	,	PUNCT
gujaf-264	157	95	thestudy	thestudy	PROPN
gujaf-264	157	96	covers	cover	VERB
gujaf-264	157	97	period	period	NOUN
gujaf-264	157	98	from	from	ADP
gujaf-264	157	99	2010	2010	NUM
gujaf-264	157	100	to	to	ADP
gujaf-264	157	101	2017	2017	NUM
gujaf-264	157	102	and	and	CCONJ
gujaf-264	157	103	sample	sample	NOUN
gujaf-264	157	104	size	size	NOUN
gujaf-264	157	105	of	of	ADP
gujaf-264	157	106	326	326	NUM
gujaf-264	157	107	firm	firm	NOUN
gujaf-264	157	108	quoted	quote	VERB
gujaf-264	157	109	on	on	ADP
gujaf-264	157	110	bomay	bomay	ADV
gujaf-264	157	111	stock	stock	PROPN
gujaf-264	157	112	exchange	exchange	PROPN
gujaf-264	157	113	.	.	PUNCT
gujaf-264	158	1	the	the	DET
gujaf-264	158	2	study	study	NOUN
gujaf-264	158	3	employed	employ	VERB
gujaf-264	158	4	fixed	fix	VERB
gujaf-264	158	5	effect	effect	NOUN
gujaf-264	158	6	panel	panel	NOUN
gujaf-264	158	7	regression	regression	NOUN
gujaf-264	158	8	model	model	NOUN
gujaf-264	158	9	for	for	ADP
gujaf-264	158	10	the	the	DET
gujaf-264	158	11	analysis	analysis	NOUN
gujaf-264	158	12	and	and	CCONJ
gujaf-264	158	13	the	the	DET
gujaf-264	158	14	results	result	NOUN
gujaf-264	158	15	show	show	VERB
gujaf-264	158	16	thatownership	thatownership	NOUN
gujaf-264	158	17	concentration	concentration	NOUN
gujaf-264	158	18	is	be	AUX
gujaf-264	158	19	positively	positively	ADV
gujaf-264	158	20	correlated	correlate	VERB
gujaf-264	158	21	with	with	ADP
gujaf-264	158	22	dividend	dividend	NOUN
gujaf-264	158	23	payout	payout	NOUN
gujaf-264	158	24	,	,	PUNCT
gujaf-264	158	25	a	a	DET
gujaf-264	158	26	finding	finding	NOUN
gujaf-264	158	27	that	that	PRON
gujaf-264	158	28	is	be	AUX
gujaf-264	158	29	at	at	ADP
gujaf-264	158	30	variance	variance	NOUN
gujaf-264	158	31	with	with	ADP
gujaf-264	158	32	pattern	pattern	NOUN
gujaf-264	158	33	observed	observe	VERB
gujaf-264	158	34	in	in	ADP
gujaf-264	158	35	many	many	ADJ
gujaf-264	158	36	advanced	advanced	ADJ
gujaf-264	158	37	economies	economy	NOUN
gujaf-264	158	38	.	.	PUNCT
gujaf-264	159	1	this	this	PRON
gujaf-264	159	2	implies	imply	VERB
gujaf-264	159	3	that	that	SCONJ
gujaf-264	159	4	corporate	corporate	ADJ
gujaf-264	159	5	divident	divident	ADJ
gujaf-264	159	6	policy	policy	NOUN
gujaf-264	159	7	in	in	ADP
gujaf-264	159	8	emerging	emerge	VERB
gujaf-264	159	9	market	market	NOUN
gujaf-264	159	10	like	like	SCONJ
gujaf-264	159	11	india	india	PROPN
gujaf-264	159	12	differs	differ	VERB
gujaf-264	159	13	significant	significant	ADJ
gujaf-264	159	14	from	from	ADP
gujaf-264	159	15	those	those	PRON
gujaf-264	159	16	in	in	ADP
gujaf-264	159	17	developed	develop	VERB
gujaf-264	159	18	markets	market	NOUN
gujaf-264	159	19	.	.	PUNCT
gujaf-264	160	1	similarlysetiawan	similarlysetiawan	PROPN
gujaf-264	160	2	et	et	PROPN
gujaf-264	160	3	al	al	PROPN
gujaf-264	160	4	.	.	PROPN
gujaf-264	161	1	(	(	PUNCT
gujaf-264	161	2	2016)studied	2016)studie	VERB
gujaf-264	161	3	the	the	DET
gujaf-264	161	4	effect	effect	NOUN
gujaf-264	161	5	of	of	ADP
gujaf-264	161	6	ownc	ownc	NOUN
gujaf-264	161	7	on	on	ADP
gujaf-264	161	8	dividend	dividend	NOUN
gujaf-264	161	9	payout	payout	NOUN
gujaf-264	161	10	with	with	ADP
gujaf-264	161	11	a	a	DET
gujaf-264	161	12	sample	sample	NOUN
gujaf-264	161	13	of	of	ADP
gujaf-264	161	14	non	non	ADJ
gujaf-264	161	15	-	-	ADJ
gujaf-264	161	16	financial	financial	ADJ
gujaf-264	161	17	firms	firm	NOUN
gujaf-264	161	18	listed	list	VERB
gujaf-264	161	19	on	on	ADP
gujaf-264	161	20	indonesia	indonesia	PROPN
gujaf-264	161	21	stock	stock	PROPN
gujaf-264	161	22	exchange	exchange	NOUN
gujaf-264	161	23	using	use	VERB
gujaf-264	161	24	710	710	NUM
gujaf-264	161	25	firm	firm	ADJ
gujaf-264	161	26	year	year	NOUN
gujaf-264	161	27	observation	observation	NOUN
gujaf-264	161	28	for	for	ADP
gujaf-264	161	29	study	study	NOUN
gujaf-264	161	30	period	period	NOUN
gujaf-264	161	31	spanning	span	VERB
gujaf-264	161	32	2006	2006	NUM
gujaf-264	161	33	to	to	ADP
gujaf-264	161	34	2012	2012	NUM
gujaf-264	161	35	.	.	PUNCT
gujaf-264	162	1	utilizing	utilize	VERB
gujaf-264	162	2	linear	linear	ADJ
gujaf-264	162	3	multiple	multiple	ADJ
gujaf-264	162	4	regression	regression	NOUN
gujaf-264	162	5	for	for	ADP
gujaf-264	162	6	the	the	DET
gujaf-264	162	7	analysi	analysi	NOUN
gujaf-264	162	8	,	,	PUNCT
gujaf-264	162	9	the	the	DET
gujaf-264	162	10	results	result	NOUN
gujaf-264	162	11	show	show	VERB
gujaf-264	162	12	that	that	SCONJ
gujaf-264	162	13	there	there	PRON
gujaf-264	162	14	is	be	VERB
gujaf-264	162	15	a	a	DET
gujaf-264	162	16	positive	positive	ADJ
gujaf-264	162	17	correlation	correlation	NOUN
gujaf-264	162	18	between	between	ADP
gujaf-264	162	19	ownc	ownc	NOUN
gujaf-264	162	20	and	and	CCONJ
gujaf-264	162	21	dpay	dpay	NOUN
gujaf-264	162	22	.	.	PUNCT
gujaf-264	163	1	this	this	PRON
gujaf-264	163	2	aligns	align	VERB
gujaf-264	163	3	with	with	ADP
gujaf-264	163	4	shleifer	shleifer	NOUN
gujaf-264	163	5	and	and	CCONJ
gujaf-264	163	6	vishny	vishny	PROPN
gujaf-264	163	7	,	,	PUNCT
gujaf-264	163	8	(	(	PUNCT
gujaf-264	163	9	1986)theory	1986)theory	NOUN
gujaf-264	163	10	that	that	PRON
gujaf-264	163	11	majority	majority	NOUN
gujaf-264	163	12	shareholders	shareholder	NOUN
gujaf-264	163	13	are	be	AUX
gujaf-264	163	14	more	more	ADV
gujaf-264	163	15	inclined	inclined	ADJ
gujaf-264	163	16	to	to	PART
gujaf-264	163	17	incur	incur	VERB
gujaf-264	163	18	monitoring	monitoring	NOUN
gujaf-264	163	19	expenses	expense	NOUN
gujaf-264	163	20	to	to	PART
gujaf-264	163	21	safeguard	safeguard	VERB
gujaf-264	163	22	their	their	PRON
gujaf-264	163	23	investment	investment	NOUN
gujaf-264	163	24	returns	return	NOUN
gujaf-264	163	25	.	.	PUNCT
gujaf-264	164	1	hence	hence	ADV
gujaf-264	164	2	,	,	PUNCT
gujaf-264	164	3	as	as	SCONJ
gujaf-264	164	4	ownsership	ownsership	NOUN
gujaf-264	164	5	percentage	percentage	NOUN
gujaf-264	164	6	increases	increase	NOUN
gujaf-264	164	7	,	,	PUNCT
gujaf-264	164	8	shareholders	shareholder	NOUN
gujaf-264	164	9	tend	tend	VERB
gujaf-264	164	10	to	to	PART
gujaf-264	164	11	receive	receive	VERB
gujaf-264	164	12	higher	high	ADJ
gujaf-264	164	13	dividend	dividend	NOUN
gujaf-264	164	14	payouts	payout	NOUN
gujaf-264	164	15	.	.	PUNCT
gujaf-264	165	1	on	on	ADP
gujaf-264	165	2	the	the	DET
gujaf-264	165	3	contrary	contrary	NOUN
gujaf-264	165	4	,	,	PUNCT
gujaf-264	165	5	in	in	ADP
gujaf-264	165	6	south	south	PROPN
gujaf-264	165	7	africa	africa	PROPN
gujaf-264	165	8	,	,	PUNCT
gujaf-264	165	9	(	(	PUNCT
gujaf-264	165	10	nel	nel	X
gujaf-264	165	11	et	et	PROPN
gujaf-264	165	12	al	al	PROPN
gujaf-264	165	13	.	.	PROPN
gujaf-264	165	14	,	,	PUNCT
gujaf-264	165	15	2021)studied	2021)studie	VERB
gujaf-264	165	16	the	the	DET
gujaf-264	165	17	relationship	relationship	NOUN
gujaf-264	165	18	between	between	ADP
gujaf-264	165	19	ownc	ownc	NOUN
gujaf-264	165	20	and	and	CCONJ
gujaf-264	165	21	different	different	ADJ
gujaf-264	165	22	payout	payout	NOUN
gujaf-264	165	23	methods	method	NOUN
gujaf-264	165	24	of	of	ADP
gujaf-264	165	25	firms	firm	NOUN
gujaf-264	165	26	listed	list	VERB
gujaf-264	165	27	on	on	ADP
gujaf-264	165	28	johannesburg	johannesburg	PROPN
gujaf-264	165	29	stock	stock	PROPN
gujaf-264	165	30	exchange	exchange	PROPN
gujaf-264	165	31	from	from	ADP
gujaf-264	165	32	2012	2012	NUM
gujaf-264	165	33	to	to	ADP
gujaf-264	165	34	2019	2019	NUM
gujaf-264	165	35	.	.	PUNCT
gujaf-264	166	1	utilizing	utilize	VERB
gujaf-264	166	2	a	a	DET
gujaf-264	166	3	mixed	mixed	ADJ
gujaf-264	166	4	-	-	PUNCT
gujaf-264	166	5	model	model	NOUN
gujaf-264	166	6	analysis	analysis	NOUN
gujaf-264	166	7	of	of	ADP
gujaf-264	166	8	variance	variance	NOUN
gujaf-264	166	9	(	(	PUNCT
gujaf-264	166	10	anova	anova	PROPN
gujaf-264	166	11	)	)	PUNCT
gujaf-264	166	12	as	as	ADP
gujaf-264	166	13	analytical	analytical	ADJ
gujaf-264	166	14	tool	tool	NOUN
gujaf-264	166	15	,	,	PUNCT
gujaf-264	166	16	the	the	DET
gujaf-264	166	17	results	result	NOUN
gujaf-264	166	18	of	of	ADP
gujaf-264	166	19	the	the	DET
gujaf-264	166	20	study	study	NOUN
gujaf-264	166	21	shows	show	VERB
gujaf-264	166	22	that	that	SCONJ
gujaf-264	166	23	1	1	X
gujaf-264	166	24	.	.	X
gujaf-264	166	25	high	high	ADJ
gujaf-264	166	26	ownership	ownership	NOUN
gujaf-264	166	27	concentration	concentration	NOUN
gujaf-264	166	28	is	be	AUX
gujaf-264	166	29	associated	associate	VERB
gujaf-264	166	30	with	with	ADP
gujaf-264	166	31	associated	associate	VERB
gujaf-264	166	32	with	with	ADP
gujaf-264	166	33	statistically	statistically	ADV
gujaf-264	166	34	significant	significant	ADJ
gujaf-264	166	35	lower	low	ADJ
gujaf-264	166	36	dividend	dividend	NOUN
gujaf-264	166	37	payouts	payout	NOUN
gujaf-264	166	38	,	,	PUNCT
gujaf-264	166	39	implying	imply	VERB
gujaf-264	166	40	that	that	SCONJ
gujaf-264	166	41	larrge	larrge	NOUN
gujaf-264	166	42	shareholders	shareholder	NOUN
gujaf-264	166	43	might	might	AUX
gujaf-264	166	44	extract	extract	VERB
gujaf-264	166	45	nore	nore	ADJ
gujaf-264	166	46	value	value	NOUN
gujaf-264	166	47	for	for	ADP
gujaf-264	166	48	themselves	themselves	PRON
gujaf-264	166	49	at	at	ADP
gujaf-264	166	50	the	the	DET
gujaf-264	166	51	expense	expense	NOUN
gujaf-264	166	52	of	of	ADP
gujaf-264	166	53	minrity	minrity	NOUN
gujaf-264	166	54	shareholders	shareholder	NOUN
gujaf-264	166	55	which	which	PRON
gujaf-264	166	56	aligns	align	VERB
gujaf-264	166	57	with	with	ADP
gujaf-264	166	58	rent	rent	NOUN
gujaf-264	166	59	extraction	extraction	NOUN
gujaf-264	166	60	hypothesis	hypothesis	NOUN
gujaf-264	166	61	2	2	NUM
gujaf-264	166	62	.	.	PUNCT
gujaf-264	167	1	the	the	DET
gujaf-264	167	2	presence	presence	NOUN
gujaf-264	167	3	of	of	ADP
gujaf-264	167	4	a	a	DET
gujaf-264	167	5	large	large	ADJ
gujaf-264	167	6	shareholder	shareholder	NOUN
gujaf-264	167	7	outside	outside	ADP
gujaf-264	167	8	the	the	DET
gujaf-264	167	9	promoter	promoter	NOUN
gujaf-264	167	10	group	group	NOUN
gujaf-264	167	11	negatively	negatively	ADV
gujaf-264	167	12	affects	affect	VERB
gujaf-264	167	13	dividend	dividend	NOUN
gujaf-264	167	14	payout	payout	NOUN
gujaf-264	167	15	,	,	PUNCT
gujaf-264	167	16	which	which	PRON
gujaf-264	167	17	is	be	AUX
gujaf-264	167	18	another	another	DET
gujaf-264	167	19	agency	agency	NOUN
gujaf-264	167	20	problem	problem	NOUN
gujaf-264	167	21	because	because	SCONJ
gujaf-264	167	22	it	it	PRON
gujaf-264	167	23	is	be	AUX
gujaf-264	167	24	the	the	DET
gujaf-264	167	25	interrest	interr	ADJ
gujaf-264	167	26	of	of	ADP
gujaf-264	167	27	the	the	DET
gujaf-264	167	28	concentrated	concentrated	ADJ
gujaf-264	167	29	shareholders	shareholder	NOUN
gujaf-264	167	30	that	that	PRON
gujaf-264	167	31	get	get	AUX
gujaf-264	167	32	protected	protect	VERB
gujaf-264	167	33	to	to	ADP
gujaf-264	167	34	the	the	DET
gujaf-264	167	35	disadvantage	disadvantage	NOUN
gujaf-264	167	36	of	of	ADP
gujaf-264	167	37	minority	minority	NOUN
gujaf-264	167	38	shareholders	shareholder	NOUN
gujaf-264	167	39	.	.	PUNCT
gujaf-264	168	1	2.4	2.4	NUM
gujaf-264	168	2	dividend	dividend	NOUN
gujaf-264	168	3	payout	payout	NOUN
gujaf-264	168	4	and	and	CCONJ
gujaf-264	168	5	tobin	tobin	NOUN
gujaf-264	168	6	’s	’s	PART
gujaf-264	168	7	q	q	NOUN
gujaf-264	168	8	a	a	DET
gujaf-264	168	9	substantial	substantial	ADJ
gujaf-264	168	10	body	body	NOUN
gujaf-264	168	11	of	of	ADP
gujaf-264	168	12	empirical	empirical	ADJ
gujaf-264	168	13	research	research	NOUN
gujaf-264	168	14	consistently	consistently	ADV
gujaf-264	168	15	demonstrates	demonstrate	VERB
gujaf-264	168	16	that	that	PRON
gujaf-264	168	17	dividend	dividend	NOUN
gujaf-264	168	18	policy	policy	NOUN
gujaf-264	168	19	and	and	CCONJ
gujaf-264	168	20	firm	firm	ADJ
gujaf-264	168	21	value	value	NOUN
gujaf-264	168	22	are	be	AUX
gujaf-264	168	23	intricately	intricately	ADV
gujaf-264	168	24	linked	link	VERB
gujaf-264	168	25	.	.	PUNCT
gujaf-264	169	1	osakwe	osakwe	PROPN
gujaf-264	169	2	et	et	PROPN
gujaf-264	169	3	al	al	PROPN
gujaf-264	169	4	.	.	PUNCT
gujaf-264	170	1	(	(	PUNCT
gujaf-264	170	2	2019)investigated	2019)investigate	VERB
gujaf-264	170	3	the	the	DET
gujaf-264	170	4	effect	effect	NOUN
gujaf-264	170	5	of	of	ADP
gujaf-264	170	6	dividend	dividend	NOUN
gujaf-264	170	7	policy	policy	NOUN
gujaf-264	170	8	,	,	PUNCT
gujaf-264	170	9	using	use	VERB
gujaf-264	170	10	dpay	dpay	NOUN
gujaf-264	170	11	as	as	ADP
gujaf-264	170	12	one	one	NUM
gujaf-264	170	13	of	of	ADP
gujaf-264	170	14	the	the	DET
gujaf-264	170	15	independent	independent	ADJ
gujaf-264	170	16	variables	variable	NOUN
gujaf-264	170	17	,	,	PUNCT
gujaf-264	170	18	on	on	ADP
gujaf-264	170	19	market	market	NOUN
gujaf-264	170	20	price	price	NOUN
gujaf-264	170	21	per	per	ADP
gujaf-264	170	22	shares	share	NOUN
gujaf-264	170	23	for	for	ADP
gujaf-264	170	24	a	a	DET
gujaf-264	170	25	study	study	NOUN
gujaf-264	170	26	period	period	NOUN
gujaf-264	170	27	that	that	PRON
gujaf-264	170	28	spans	span	VERB
gujaf-264	170	29	from	from	ADP
gujaf-264	170	30	2011	2011	NUM
gujaf-264	170	31	to	to	ADP
gujaf-264	170	32	2015	2015	NUM
gujaf-264	170	33	.	.	PUNCT
gujaf-264	171	1	ten	ten	NUM
gujaf-264	171	2	consumer	consumer	NOUN
gujaf-264	171	3	goods	good	NOUN
gujaf-264	171	4	firm	firm	NOUN
gujaf-264	171	5	were	be	AUX
gujaf-264	171	6	used	use	VERB
gujaf-264	171	7	for	for	ADP
gujaf-264	171	8	the	the	DET
gujaf-264	171	9	study	study	NOUN
gujaf-264	171	10	and	and	CCONJ
gujaf-264	171	11	panel	panel	NOUN
gujaf-264	171	12	least	least	ADJ
gujaf-264	171	13	squares	square	NOUN
gujaf-264	171	14	regression	regression	NOUN
gujaf-264	171	15	was	be	AUX
gujaf-264	171	16	adopted	adopt	VERB
gujaf-264	171	17	for	for	ADP
gujaf-264	171	18	the	the	DET
gujaf-264	171	19	study	study	NOUN
gujaf-264	171	20	analysis	analysis	NOUN
gujaf-264	171	21	.	.	PUNCT
gujaf-264	172	1	the	the	DET
gujaf-264	172	2	results	result	NOUN
gujaf-264	172	3	shows	show	VERB
gujaf-264	172	4	that	that	SCONJ
gujaf-264	172	5	dividend	dividend	NOUN
gujaf-264	172	6	payout	payout	NOUN
gujaf-264	172	7	(	(	PUNCT
gujaf-264	172	8	dpay	dpay	NOUN
gujaf-264	172	9	)	)	PUNCT
gujaf-264	172	10	155	155	NUM
gujaf-264	172	11	has	have	VERB
gujaf-264	172	12	a	a	DET
gujaf-264	172	13	significant	significant	ADJ
gujaf-264	172	14	and	and	CCONJ
gujaf-264	172	15	a	a	DET
gujaf-264	172	16	positive	positive	ADJ
gujaf-264	172	17	effect	effect	NOUN
gujaf-264	172	18	on	on	ADP
gujaf-264	172	19	market	market	NOUN
gujaf-264	172	20	value	value	NOUN
gujaf-264	172	21	per	per	ADP
gujaf-264	172	22	share	share	NOUN
gujaf-264	172	23	.	.	PUNCT
gujaf-264	173	1	in	in	ADP
gujaf-264	173	2	jordan	jordan	PROPN
gujaf-264	173	3	,	,	PUNCT
gujaf-264	173	4	(	(	PUNCT
gujaf-264	173	5	maswadeh	maswadeh	NOUN
gujaf-264	173	6	,	,	PUNCT
gujaf-264	173	7	2017	2017	NUM
gujaf-264	173	8	)	)	PUNCT
gujaf-264	173	9	examined	examine	VERB
gujaf-264	173	10	the	the	DET
gujaf-264	173	11	impact	impact	NOUN
gujaf-264	173	12	of	of	ADP
gujaf-264	173	13	cash	cash	NOUN
gujaf-264	173	14	and	and	CCONJ
gujaf-264	173	15	stock	stock	NOUN
gujaf-264	173	16	dividends	dividend	NOUN
gujaf-264	173	17	on	on	ADP
gujaf-264	173	18	tobin	tobin	PROPN
gujaf-264	173	19	’s	’s	PART
gujaf-264	173	20	q	q	NOUN
gujaf-264	173	21	in	in	ADP
gujaf-264	173	22	the	the	DET
gujaf-264	173	23	banking	banking	NOUN
gujaf-264	173	24	sector	sector	NOUN
gujaf-264	173	25	of	of	ADP
gujaf-264	173	26	amman	amman	PROPN
gujaf-264	173	27	stock	stock	PROPN
gujaf-264	173	28	exchange	exchange	PROPN
gujaf-264	173	29	with	with	ADP
gujaf-264	173	30	a	a	DET
gujaf-264	173	31	sample	sample	NOUN
gujaf-264	173	32	of	of	ADP
gujaf-264	173	33	16	16	NUM
gujaf-264	173	34	banks	bank	NOUN
gujaf-264	173	35	over	over	ADP
gujaf-264	173	36	a	a	DET
gujaf-264	173	37	study	study	NOUN
gujaf-264	173	38	period	period	NOUN
gujaf-264	173	39	of	of	ADP
gujaf-264	173	40	2009	2009	NUM
gujaf-264	173	41	to	to	ADP
gujaf-264	173	42	2015	2015	NUM
gujaf-264	173	43	.	.	PUNCT
gujaf-264	174	1	utilizing	utilize	VERB
gujaf-264	174	2	multiple	multiple	ADJ
gujaf-264	174	3	and	and	CCONJ
gujaf-264	174	4	stepwise	stepwise	ADJ
gujaf-264	174	5	regression	regression	NOUN
gujaf-264	174	6	analyses	analyse	VERB
gujaf-264	174	7	the	the	DET
gujaf-264	174	8	result	result	NOUN
gujaf-264	174	9	shows	show	VERB
gujaf-264	174	10	,	,	PUNCT
gujaf-264	174	11	among	among	ADP
gujaf-264	174	12	other	other	ADJ
gujaf-264	174	13	,	,	PUNCT
gujaf-264	174	14	that	that	DET
gujaf-264	174	15	dpay	dpay	NOUN
gujaf-264	174	16	has	have	VERB
gujaf-264	174	17	a	a	DET
gujaf-264	174	18	significant	significant	ADJ
gujaf-264	174	19	and	and	CCONJ
gujaf-264	174	20	positive	positive	ADJ
gujaf-264	174	21	effect	effect	NOUN
gujaf-264	174	22	on	on	ADP
gujaf-264	174	23	tobin	tobin	PROPN
gujaf-264	174	24	’s	’s	PART
gujaf-264	174	25	q.	q.	PROPN
gujaf-264	174	26	furthermore	furthermore	ADV
gujaf-264	174	27	,	,	PUNCT
gujaf-264	174	28	dividend	dividend	VERB
gujaf-264	174	29	payout	payout	NOUN
gujaf-264	174	30	account	account	NOUN
gujaf-264	174	31	for	for	ADP
gujaf-264	174	32	21.2	21.2	NUM
gujaf-264	174	33	%	%	NOUN
gujaf-264	174	34	of	of	ADP
gujaf-264	174	35	the	the	DET
gujaf-264	174	36	explanatory	explanatory	ADJ
gujaf-264	174	37	power	power	NOUN
gujaf-264	174	38	on	on	ADP
gujaf-264	174	39	tobin	tobin	PROPN
gujaf-264	174	40	’s	’s	PART
gujaf-264	174	41	q	q	X
gujaf-264	174	42	,	,	PUNCT
gujaf-264	174	43	which	which	PRON
gujaf-264	174	44	undescores	undescore	VERB
gujaf-264	174	45	the	the	DET
gujaf-264	174	46	explanatory	explanatory	ADJ
gujaf-264	174	47	power	power	NOUN
gujaf-264	174	48	of	of	ADP
gujaf-264	174	49	dpay	dpay	NOUN
gujaf-264	174	50	.	.	PUNCT
gujaf-264	175	1	ownership	ownership	NOUN
gujaf-264	175	2	concentration	concentration	NOUN
gujaf-264	175	3	has	have	AUX
gujaf-264	175	4	been	be	AUX
gujaf-264	175	5	used	use	VERB
gujaf-264	175	6	in	in	ADP
gujaf-264	175	7	studies	study	NOUN
gujaf-264	175	8	as	as	ADP
gujaf-264	175	9	moderator	moderator	NOUN
gujaf-264	175	10	and	and	CCONJ
gujaf-264	175	11	it	it	PRON
gujaf-264	175	12	has	have	AUX
gujaf-264	175	13	been	be	AUX
gujaf-264	175	14	found	find	VERB
gujaf-264	175	15	to	to	PART
gujaf-264	175	16	be	be	AUX
gujaf-264	175	17	significant	significant	ADJ
gujaf-264	175	18	moderator	moderator	NOUN
gujaf-264	175	19	.	.	PUNCT
gujaf-264	176	1	singh	singh	PROPN
gujaf-264	176	2	et	et	PROPN
gujaf-264	176	3	al	al	PROPN
gujaf-264	176	4	.	.	PROPN
gujaf-264	177	1	(	(	PUNCT
gujaf-264	177	2	2018	2018	NUM
gujaf-264	177	3	)	)	PUNCT
gujaf-264	177	4	used	use	VERB
gujaf-264	177	5	ownc	ownc	NOUN
gujaf-264	177	6	to	to	PART
gujaf-264	177	7	moderate	moderate	VERB
gujaf-264	177	8	the	the	DET
gujaf-264	177	9	relationship	relationship	NOUN
gujaf-264	177	10	between	between	ADP
gujaf-264	177	11	board	board	NOUN
gujaf-264	177	12	independence	independence	NOUN
gujaf-264	177	13	and	and	CCONJ
gujaf-264	177	14	organizational	organizational	ADJ
gujaf-264	177	15	performance	performance	NOUN
gujaf-264	177	16	and	and	CCONJ
gujaf-264	177	17	as	as	ADV
gujaf-264	177	18	well	well	ADV
gujaf-264	177	19	as	as	ADP
gujaf-264	177	20	relationship	relationship	NOUN
gujaf-264	177	21	between	between	ADP
gujaf-264	177	22	ceo	ceo	NOUN
gujaf-264	177	23	duality	duality	NOUN
gujaf-264	177	24	and	and	CCONJ
gujaf-264	177	25	organizational	organizational	ADJ
gujaf-264	177	26	performance	performance	NOUN
gujaf-264	177	27	.	.	PUNCT
gujaf-264	178	1	the	the	DET
gujaf-264	178	2	results	result	NOUN
gujaf-264	178	3	showed	show	VERB
gujaf-264	178	4	that	that	SCONJ
gujaf-264	178	5	ownc	ownc	NOUN
gujaf-264	178	6	negatively	negatively	ADV
gujaf-264	178	7	moderates	moderate	VERB
gujaf-264	178	8	the	the	DET
gujaf-264	178	9	relationships	relationship	NOUN
gujaf-264	178	10	and	and	CCONJ
gujaf-264	178	11	this	this	PRON
gujaf-264	178	12	suggests	suggest	VERB
gujaf-264	178	13	that	that	SCONJ
gujaf-264	178	14	higher	high	ADJ
gujaf-264	178	15	ownc	ownc	NOUN
gujaf-264	178	16	may	may	AUX
gujaf-264	178	17	weaken	weaken	VERB
gujaf-264	178	18	the	the	DET
gujaf-264	178	19	impact	impact	NOUN
gujaf-264	178	20	of	of	ADP
gujaf-264	178	21	board	board	NOUN
gujaf-264	178	22	independence	independence	NOUN
gujaf-264	178	23	and	and	CCONJ
gujaf-264	178	24	ceo	ceo	NOUN
gujaf-264	178	25	duality	duality	NOUN
gujaf-264	178	26	on	on	ADP
gujaf-264	178	27	organizational	organizational	ADJ
gujaf-264	178	28	performance	performance	NOUN
gujaf-264	178	29	.	.	PUNCT
gujaf-264	179	1	similarly	similarly	ADV
gujaf-264	179	2	,	,	PUNCT
gujaf-264	179	3	ali	ali	PROPN
gujaf-264	179	4	et	et	PROPN
gujaf-264	179	5	al	al	PROPN
gujaf-264	179	6	.	.	PUNCT
gujaf-264	180	1	(	(	PUNCT
gujaf-264	180	2	2022)made	2022)made	NUM
gujaf-264	180	3	use	use	NOUN
gujaf-264	180	4	of	of	ADP
gujaf-264	180	5	ownc	ownc	NOUN
gujaf-264	180	6	to	to	PART
gujaf-264	180	7	moderate	moderate	VERB
gujaf-264	180	8	the	the	DET
gujaf-264	180	9	relationship	relationship	NOUN
gujaf-264	180	10	between	between	ADP
gujaf-264	180	11	board	board	NOUN
gujaf-264	180	12	financial	financial	ADJ
gujaf-264	180	13	expertise	expertise	NOUN
gujaf-264	180	14	and	and	CCONJ
gujaf-264	180	15	foreign	foreign	ADJ
gujaf-264	180	16	institutional	institutional	ADJ
gujaf-264	180	17	investment	investment	NOUN
gujaf-264	180	18	and	and	CCONJ
gujaf-264	180	19	it	it	PRON
gujaf-264	180	20	turned	turn	VERB
gujaf-264	180	21	out	out	ADP
gujaf-264	180	22	that	that	SCONJ
gujaf-264	180	23	ownc	ownc	NOUN
gujaf-264	180	24	negatively	negatively	ADV
gujaf-264	180	25	moderates	moderate	VERB
gujaf-264	180	26	this	this	DET
gujaf-264	180	27	relationship	relationship	NOUN
gujaf-264	180	28	,	,	PUNCT
gujaf-264	180	29	which	which	PRON
gujaf-264	180	30	implies	imply	VERB
gujaf-264	180	31	that	that	SCONJ
gujaf-264	180	32	higher	high	ADJ
gujaf-264	180	33	ownc	ownc	NOUN
gujaf-264	180	34	may	may	AUX
gujaf-264	180	35	weaken	weaken	VERB
gujaf-264	180	36	the	the	DET
gujaf-264	180	37	influence	influence	NOUN
gujaf-264	180	38	of	of	ADP
gujaf-264	180	39	board	board	NOUN
gujaf-264	180	40	financial	financial	ADJ
gujaf-264	180	41	expertise	expertise	NOUN
gujaf-264	180	42	on	on	ADP
gujaf-264	180	43	foreign	foreign	ADJ
gujaf-264	180	44	institutional	institutional	ADJ
gujaf-264	180	45	investment	investment	NOUN
gujaf-264	180	46	.	.	PUNCT
gujaf-264	181	1	furthermore	furthermore	ADV
gujaf-264	181	2	,	,	PUNCT
gujaf-264	181	3	arora	arora	PROPN
gujaf-264	181	4	and	and	CCONJ
gujaf-264	181	5	singh	singh	PROPN
gujaf-264	181	6	(	(	PUNCT
gujaf-264	181	7	2023)study	2023)study	PROPN
gujaf-264	181	8	showed	show	VERB
gujaf-264	181	9	that	that	SCONJ
gujaf-264	181	10	ownc	ownc	NOUN
gujaf-264	181	11	has	have	VERB
gujaf-264	181	12	a	a	DET
gujaf-264	181	13	positive	positive	ADJ
gujaf-264	181	14	moderating	moderate	VERB
gujaf-264	181	15	role	role	NOUN
gujaf-264	181	16	on	on	ADP
gujaf-264	181	17	the	the	DET
gujaf-264	181	18	relationship	relationship	NOUN
gujaf-264	181	19	between	between	ADP
gujaf-264	181	20	board	board	NOUN
gujaf-264	181	21	independence	independence	NOUN
gujaf-264	181	22	and	and	CCONJ
gujaf-264	181	23	small	small	ADJ
gujaf-264	181	24	and	and	CCONJ
gujaf-264	181	25	medium	medium	ADJ
gujaf-264	181	26	scale	scale	NOUN
gujaf-264	181	27	(	(	PUNCT
gujaf-264	181	28	sme	sme	PROPN
gujaf-264	181	29	)	)	PUNCT
gujaf-264	181	30	ipo	ipo	NOUN
gujaf-264	181	31	(	(	PUNCT
gujaf-264	181	32	initial	initial	ADJ
gujaf-264	181	33	public	public	ADJ
gujaf-264	181	34	offer	offer	NOUN
gujaf-264	181	35	)	)	PUNCT
gujaf-264	181	36	underpricing	underprice	VERB
gujaf-264	181	37	and	and	CCONJ
gujaf-264	181	38	as	as	ADV
gujaf-264	181	39	well	well	ADV
gujaf-264	181	40	as	as	ADP
gujaf-264	181	41	the	the	DET
gujaf-264	181	42	relationship	relationship	NOUN
gujaf-264	181	43	between	between	ADP
gujaf-264	181	44	board	board	NOUN
gujaf-264	181	45	committee	committee	PROPN
gujaf-264	181	46	and	and	CCONJ
gujaf-264	181	47	ipo	ipo	PROPN
gujaf-264	181	48	underpricing	underpricing	NOUN
gujaf-264	181	49	.	.	PUNCT
gujaf-264	182	1	the	the	DET
gujaf-264	182	2	theoretical	theoretical	ADJ
gujaf-264	182	3	framework	framework	NOUN
gujaf-264	182	4	the	the	DET
gujaf-264	182	5	study	study	NOUN
gujaf-264	182	6	is	be	AUX
gujaf-264	182	7	anchored	anchor	VERB
gujaf-264	182	8	primarily	primarily	ADV
gujaf-264	182	9	on	on	ADP
gujaf-264	182	10	the	the	DET
gujaf-264	182	11	agency	agency	NOUN
gujaf-264	182	12	theory	theory	NOUN
gujaf-264	182	13	and	and	CCONJ
gujaf-264	182	14	modigliani	modigliani	PROPN
gujaf-264	182	15	-	-	PUNCT
gujaf-264	182	16	miller	miller	PROPN
gujaf-264	182	17	(	(	PUNCT
gujaf-264	182	18	mm	mm	NOUN
gujaf-264	182	19	)	)	PUNCT
gujaf-264	182	20	dividend	dividend	NOUN
gujaf-264	182	21	irrelevance	irrelevance	NOUN
gujaf-264	182	22	theory	theory	NOUN
gujaf-264	182	23	.	.	PUNCT
gujaf-264	183	1	berle	berle	PROPN
gujaf-264	183	2	and	and	CCONJ
gujaf-264	183	3	means	means	PROPN
gujaf-264	183	4	(	(	PUNCT
gujaf-264	183	5	1932	1932	NUM
gujaf-264	183	6	)	)	PUNCT
gujaf-264	183	7	bring	bring	VERB
gujaf-264	183	8	to	to	ADP
gujaf-264	183	9	forethe	forethe	VERB
gujaf-264	183	10	conflicts	conflict	NOUN
gujaf-264	183	11	of	of	ADP
gujaf-264	183	12	interest	interest	NOUN
gujaf-264	183	13	that	that	PRON
gujaf-264	183	14	existed	exist	VERB
gujaf-264	183	15	in	in	ADP
gujaf-264	183	16	modern	modern	ADJ
gujaf-264	183	17	corporation	corporation	NOUN
gujaf-264	183	18	noting	note	VERB
gujaf-264	183	19	that	that	SCONJ
gujaf-264	183	20	dispersed	disperse	VERB
gujaf-264	183	21	ownership	ownership	NOUN
gujaf-264	183	22	leads	lead	VERB
gujaf-264	183	23	to	to	ADP
gujaf-264	183	24	separation	separation	NOUN
gujaf-264	183	25	of	of	ADP
gujaf-264	183	26	ownership	ownership	NOUN
gujaf-264	183	27	and	and	CCONJ
gujaf-264	183	28	control	control	NOUN
gujaf-264	183	29	.	.	PUNCT
gujaf-264	184	1	this	this	DET
gujaf-264	184	2	divorce	divorce	NOUN
gujaf-264	184	3	of	of	ADP
gujaf-264	184	4	ownership	ownership	NOUN
gujaf-264	184	5	from	from	ADP
gujaf-264	184	6	management	management	NOUN
gujaf-264	184	7	can	can	AUX
gujaf-264	184	8	lead	lead	VERB
gujaf-264	184	9	to	to	ADP
gujaf-264	184	10	agency	agency	NOUN
gujaf-264	184	11	problems	problem	NOUN
gujaf-264	184	12	,	,	PUNCT
gujaf-264	184	13	situation	situation	NOUN
gujaf-264	184	14	where	where	SCONJ
gujaf-264	184	15	managers	manager	NOUN
gujaf-264	184	16	of	of	ADP
gujaf-264	184	17	corporations	corporation	NOUN
gujaf-264	184	18	places	place	VERB
gujaf-264	184	19	personal	personal	ADJ
gujaf-264	184	20	interest	interest	NOUN
gujaf-264	184	21	over	over	ADP
gujaf-264	184	22	and	and	CCONJ
gujaf-264	184	23	above	above	ADP
gujaf-264	184	24	that	that	PRON
gujaf-264	184	25	of	of	ADP
gujaf-264	184	26	the	the	DET
gujaf-264	184	27	shareholders	shareholder	NOUN
gujaf-264	184	28	.	.	PUNCT
gujaf-264	185	1	the	the	DET
gujaf-264	185	2	theory	theory	NOUN
gujaf-264	185	3	suggests	suggest	VERB
gujaf-264	185	4	that	that	SCONJ
gujaf-264	185	5	concentrated	concentrated	ADJ
gujaf-264	185	6	ownership	ownership	NOUN
gujaf-264	185	7	could	could	AUX
gujaf-264	185	8	help	help	VERB
gujaf-264	185	9	mitigate	mitigate	VERB
gujaf-264	185	10	these	these	DET
gujaf-264	185	11	agency	agency	NOUN
gujaf-264	185	12	problems	problem	NOUN
gujaf-264	185	13	,	,	PUNCT
gujaf-264	185	14	because	because	SCONJ
gujaf-264	185	15	as	as	SCONJ
gujaf-264	185	16	large	large	ADJ
gujaf-264	185	17	shareholders	shareholder	NOUN
gujaf-264	185	18	have	have	AUX
gujaf-264	185	19	both	both	CCONJ
gujaf-264	185	20	the	the	DET
gujaf-264	185	21	means	mean	NOUN
gujaf-264	185	22	and	and	CCONJ
gujaf-264	185	23	the	the	DET
gujaf-264	185	24	incentives	incentive	NOUN
gujaf-264	185	25	to	to	PART
gujaf-264	185	26	monitor	monitor	VERB
gujaf-264	185	27	managers	manager	NOUN
gujaf-264	185	28	effectively	effectively	ADV
gujaf-264	185	29	and	and	CCONJ
gujaf-264	185	30	such	such	ADJ
gujaf-264	185	31	monitoring	monitoring	NOUN
gujaf-264	185	32	could	could	AUX
gujaf-264	185	33	help	help	VERB
gujaf-264	185	34	align	align	VERB
gujaf-264	185	35	managers	manager	NOUN
gujaf-264	185	36	interests	interest	NOUN
gujaf-264	185	37	with	with	ADP
gujaf-264	185	38	that	that	PRON
gujaf-264	185	39	of	of	ADP
gujaf-264	185	40	the	the	DET
gujaf-264	185	41	shareholders	shareholder	NOUN
gujaf-264	185	42	.	.	PUNCT
gujaf-264	186	1	while	while	SCONJ
gujaf-264	186	2	the	the	DET
gujaf-264	186	3	theory	theory	NOUN
gujaf-264	186	4	is	be	AUX
gujaf-264	186	5	foundational	foundational	ADJ
gujaf-264	186	6	,	,	PUNCT
gujaf-264	186	7	its	its	PRON
gujaf-264	186	8	applicability	applicability	NOUN
gujaf-264	186	9	across	across	ADP
gujaf-264	186	10	jurisdictions	jurisdiction	NOUN
gujaf-264	186	11	in	in	ADP
gujaf-264	186	12	contemporary	contemporary	ADJ
gujaf-264	186	13	or	or	CCONJ
gujaf-264	186	14	nonamerican	nonamerican	ADJ
gujaf-264	186	15	setting	set	VERB
gujaf-264	186	16	might	might	AUX
gujaf-264	186	17	be	be	AUX
gujaf-264	186	18	limited	limit	VERB
gujaf-264	186	19	.	.	PUNCT
gujaf-264	187	1	156	156	NUM
gujaf-264	187	2	another	another	DET
gujaf-264	187	3	theory	theory	NOUN
gujaf-264	187	4	of	of	ADP
gujaf-264	187	5	importance	importance	NOUN
gujaf-264	187	6	to	to	ADP
gujaf-264	187	7	this	this	DET
gujaf-264	187	8	paper	paper	NOUN
gujaf-264	187	9	is	be	AUX
gujaf-264	187	10	the	the	DET
gujaf-264	187	11	dividend	dividend	NOUN
gujaf-264	187	12	irrelevance	irrelevance	NOUN
gujaf-264	187	13	theory	theory	NOUN
gujaf-264	187	14	as	as	SCONJ
gujaf-264	187	15	postulated	postulate	VERB
gujaf-264	187	16	by	by	ADP
gujaf-264	187	17	modigliani	modigliani	PROPN
gujaf-264	187	18	and	and	CCONJ
gujaf-264	187	19	miller	miller	PROPN
gujaf-264	187	20	(	(	PUNCT
gujaf-264	187	21	1958	1958	NUM
gujaf-264	187	22	)	)	PUNCT
gujaf-264	187	23	.	.	PUNCT
gujaf-264	188	1	under	under	ADP
gujaf-264	188	2	a	a	DET
gujaf-264	188	3	perfect	perfect	ADJ
gujaf-264	188	4	market	market	NOUN
gujaf-264	188	5	situation	situation	NOUN
gujaf-264	188	6	with	with	ADP
gujaf-264	188	7	no	no	DET
gujaf-264	188	8	taxes	taxis	NOUN
gujaf-264	188	9	,	,	PUNCT
gujaf-264	188	10	and	and	CCONJ
gujaf-264	188	11	no	no	DET
gujaf-264	188	12	bankruptcy	bankruptcy	NOUN
gujaf-264	188	13	costs	cost	NOUN
gujaf-264	188	14	,	,	PUNCT
gujaf-264	188	15	mm	mm	PROPN
gujaf-264	188	16	argued	argue	VERB
gujaf-264	188	17	that	that	SCONJ
gujaf-264	188	18	dividend	dividend	NOUN
gujaf-264	188	19	policy	policy	NOUN
gujaf-264	188	20	decision	decision	NOUN
gujaf-264	188	21	is	be	AUX
gujaf-264	188	22	irrelevant	irrelevant	ADJ
gujaf-264	188	23	to	to	ADP
gujaf-264	188	24	firm	firm	ADJ
gujaf-264	188	25	value	value	NOUN
gujaf-264	188	26	.	.	PUNCT
gujaf-264	189	1	they	they	PRON
gujaf-264	189	2	went	go	VERB
gujaf-264	189	3	further	far	ADV
gujaf-264	189	4	to	to	PART
gujaf-264	189	5	state	state	VERB
gujaf-264	189	6	that	that	SCONJ
gujaf-264	189	7	the	the	DET
gujaf-264	189	8	value	value	NOUN
gujaf-264	189	9	of	of	ADP
gujaf-264	189	10	a	a	DET
gujaf-264	189	11	firm	firm	NOUN
gujaf-264	189	12	is	be	AUX
gujaf-264	189	13	determined	determine	VERB
gujaf-264	189	14	by	by	ADP
gujaf-264	189	15	its	its	PRON
gujaf-264	189	16	earning	earning	NOUN
gujaf-264	189	17	ability	ability	NOUN
gujaf-264	189	18	and	and	CCONJ
gujaf-264	189	19	investment	investment	NOUN
gujaf-264	189	20	decisions	decision	NOUN
gujaf-264	189	21	and	and	CCONJ
gujaf-264	189	22	that	that	SCONJ
gujaf-264	189	23	investors	investor	NOUN
gujaf-264	189	24	can	can	AUX
gujaf-264	189	25	create	create	VERB
gujaf-264	189	26	a	a	DET
gujaf-264	189	27	home	home	NOUN
gujaf-264	189	28	made	make	VERB
gujaf-264	189	29	dividend	dividend	NOUN
gujaf-264	189	30	by	by	ADP
gujaf-264	189	31	selling	sell	VERB
gujaf-264	189	32	or	or	CCONJ
gujaf-264	189	33	buying	buy	VERB
gujaf-264	189	34	shares	share	NOUN
gujaf-264	189	35	.	.	PUNCT
gujaf-264	190	1	the	the	DET
gujaf-264	190	2	assumptions	assumption	NOUN
gujaf-264	190	3	of	of	ADP
gujaf-264	190	4	the	the	DET
gujaf-264	190	5	theory	theory	NOUN
gujaf-264	190	6	are	be	AUX
gujaf-264	190	7	its	its	PRON
gujaf-264	190	8	key	key	ADJ
gujaf-264	190	9	limitations	limitation	NOUN
gujaf-264	190	10	because	because	SCONJ
gujaf-264	190	11	there	there	PRON
gujaf-264	190	12	are	be	VERB
gujaf-264	190	13	taxes	taxis	NOUN
gujaf-264	190	14	in	in	ADP
gujaf-264	190	15	the	the	DET
gujaf-264	190	16	real	real	ADJ
gujaf-264	190	17	world	world	NOUN
gujaf-264	190	18	,	,	PUNCT
gujaf-264	190	19	transactional	transactional	ADJ
gujaf-264	190	20	cost	cost	NOUN
gujaf-264	190	21	exist	exist	VERB
gujaf-264	190	22	and	and	CCONJ
gujaf-264	190	23	so	so	ADV
gujaf-264	190	24	also	also	ADV
gujaf-264	190	25	is	be	AUX
gujaf-264	190	26	bankruptcy	bankruptcy	NOUN
gujaf-264	190	27	costs	cost	NOUN
gujaf-264	190	28	.	.	PUNCT
gujaf-264	191	1	such	such	ADJ
gujaf-264	191	2	conditions	condition	NOUN
gujaf-264	191	3	of	of	ADP
gujaf-264	191	4	market	market	NOUN
gujaf-264	191	5	imperfection	imperfection	NOUN
gujaf-264	191	6	are	be	AUX
gujaf-264	191	7	more	more	ADV
gujaf-264	191	8	prevalent	prevalent	ADJ
gujaf-264	191	9	in	in	ADP
gujaf-264	191	10	less	less	ADJ
gujaf-264	191	11	developed	develop	VERB
gujaf-264	191	12	countries	country	NOUN
gujaf-264	191	13	like	like	ADP
gujaf-264	191	14	nigria	nigria	NOUN
gujaf-264	191	15	,	,	PUNCT
gujaf-264	191	16	where	where	SCONJ
gujaf-264	191	17	these	these	DET
gujaf-264	191	18	market	market	NOUN
gujaf-264	191	19	imperfections	imperfection	NOUN
gujaf-264	191	20	are	be	AUX
gujaf-264	191	21	more	more	ADV
gujaf-264	191	22	evident	evident	ADJ
gujaf-264	191	23	and	and	CCONJ
gujaf-264	191	24	can	can	AUX
gujaf-264	191	25	influence	influence	VERB
gujaf-264	191	26	corporate	corporate	ADJ
gujaf-264	191	27	decisions	decision	NOUN
gujaf-264	191	28	,	,	PUNCT
gujaf-264	191	29	(	(	PUNCT
gujaf-264	191	30	bae	bae	PROPN
gujaf-264	191	31	&	&	CCONJ
gujaf-264	191	32	goyal	goyal	PROPN
gujaf-264	191	33	,	,	PUNCT
gujaf-264	191	34	2010	2010	NUM
gujaf-264	191	35	;	;	PUNCT
gujaf-264	191	36	koralalage	koralalage	NOUN
gujaf-264	191	37	,	,	PUNCT
gujaf-264	191	38	2016	2016	NUM
gujaf-264	191	39	)	)	PUNCT
gujaf-264	191	40	.	.	PUNCT
gujaf-264	192	1	this	this	DET
gujaf-264	192	2	theoretical	theoretical	ADJ
gujaf-264	192	3	framework	framework	NOUN
gujaf-264	192	4	lays	lay	VERB
gujaf-264	192	5	the	the	DET
gujaf-264	192	6	foundation	foundation	NOUN
gujaf-264	192	7	for	for	ADP
gujaf-264	192	8	our	our	PRON
gujaf-264	192	9	empirical	empirical	ADJ
gujaf-264	192	10	investigatoion	investigatoion	NOUN
gujaf-264	192	11	into	into	ADP
gujaf-264	192	12	whether	whether	SCONJ
gujaf-264	192	13	ownc	ownc	NOUN
gujaf-264	192	14	influences	influence	NOUN
gujaf-264	192	15	the	the	DET
gujaf-264	192	16	tobin	tobin	NOUN
gujaf-264	192	17	’s	’s	PART
gujaf-264	192	18	q	q	NOUN
gujaf-264	192	19	,	,	PUNCT
gujaf-264	192	20	ownc	ownc	NOUN
gujaf-264	192	21	is	be	AUX
gujaf-264	192	22	able	able	ADJ
gujaf-264	192	23	to	to	PART
gujaf-264	192	24	moderate	moderate	VERB
gujaf-264	192	25	dpay	dpay	NOUN
gujaf-264	192	26	relation	relation	NOUN
gujaf-264	192	27	with	with	ADP
gujaf-264	192	28	tobin	tobin	PROPN
gujaf-264	192	29	’s	’s	PART
gujaf-264	192	30	q	q	NOUN
gujaf-264	192	31	,	,	PUNCT
gujaf-264	192	32	dpay	dpay	NOUN
gujaf-264	192	33	is	be	AUX
gujaf-264	192	34	able	able	ADJ
gujaf-264	192	35	to	to	PART
gujaf-264	192	36	influence	influence	VERB
gujaf-264	192	37	tobin	tobin	PROPN
gujaf-264	192	38	’s	’s	PART
gujaf-264	192	39	q	q	X
gujaf-264	192	40	,	,	PUNCT
gujaf-264	192	41	all	all	PRON
gujaf-264	192	42	in	in	ADP
gujaf-264	192	43	the	the	DET
gujaf-264	192	44	context	context	NOUN
gujaf-264	192	45	of	of	ADP
gujaf-264	192	46	the	the	DET
gujaf-264	192	47	consumer	consumer	NOUN
gujaf-264	192	48	goods	good	NOUN
gujaf-264	192	49	sector	sector	NOUN
gujaf-264	192	50	of	of	ADP
gujaf-264	192	51	the	the	DET
gujaf-264	192	52	ngx	ngx	PROPN
gujaf-264	192	53	.	.	PROPN
gujaf-264	192	54	2	2	NUM
gujaf-264	192	55	.	.	NOUN
gujaf-264	192	56	methods	method	NOUN
gujaf-264	192	57	and	and	CCONJ
gujaf-264	192	58	models	model	NOUN
gujaf-264	192	59	this	this	DET
gujaf-264	192	60	study	study	NOUN
gujaf-264	192	61	employs	employ	VERB
gujaf-264	192	62	an	an	DET
gujaf-264	192	63	ex	ex	NOUN
gujaf-264	192	64	-	-	ADJ
gujaf-264	192	65	post	post	ADJ
gujaf-264	192	66	facto	facto	X
gujaf-264	192	67	research	research	NOUN
gujaf-264	192	68	design	design	NOUN
gujaf-264	192	69	,	,	PUNCT
gujaf-264	192	70	which	which	PRON
gujaf-264	192	71	is	be	AUX
gujaf-264	192	72	a	a	DET
gujaf-264	192	73	non	non	ADJ
gujaf-264	192	74	-	-	ADJ
gujaf-264	192	75	experimental	experimental	ADJ
gujaf-264	192	76	methodology	methodology	NOUN
gujaf-264	192	77	in	in	ADP
gujaf-264	192	78	which	which	PRON
gujaf-264	192	79	associations	association	NOUN
gujaf-264	192	80	between	between	ADP
gujaf-264	192	81	variables	variable	NOUN
gujaf-264	192	82	are	be	AUX
gujaf-264	192	83	established	establish	VERB
gujaf-264	192	84	through	through	ADP
gujaf-264	192	85	the	the	DET
gujaf-264	192	86	analysis	analysis	NOUN
gujaf-264	192	87	of	of	ADP
gujaf-264	192	88	pre	pre	ADJ
gujaf-264	192	89	-	-	ADJ
gujaf-264	192	90	existing	existing	ADJ
gujaf-264	192	91	data	datum	NOUN
gujaf-264	192	92	or	or	CCONJ
gujaf-264	192	93	events	event	NOUN
gujaf-264	192	94	that	that	PRON
gujaf-264	192	95	have	have	AUX
gujaf-264	192	96	already	already	ADV
gujaf-264	192	97	transpired	transpire	VERB
gujaf-264	192	98	.	.	PUNCT
gujaf-264	193	1	examining	examine	VERB
gujaf-264	193	2	the	the	DET
gujaf-264	193	3	relationship	relationship	NOUN
gujaf-264	193	4	between	between	ADP
gujaf-264	193	5	explanatory	explanatory	ADJ
gujaf-264	193	6	variables	variable	NOUN
gujaf-264	193	7	(	(	PUNCT
gujaf-264	193	8	dpay	dpay	NOUN
gujaf-264	193	9	,	,	PUNCT
gujaf-264	193	10	ownc	ownc	NOUN
gujaf-264	193	11	,	,	PUNCT
gujaf-264	193	12	fs	fs	PROPN
gujaf-264	193	13	)	)	PUNCT
gujaf-264	193	14	and	and	CCONJ
gujaf-264	193	15	dependent	dependent	ADJ
gujaf-264	193	16	variable	variable	NOUN
gujaf-264	193	17	(	(	PUNCT
gujaf-264	193	18	tobin	tobin	PROPN
gujaf-264	193	19	's	's	PART
gujaf-264	193	20	q	q	NOUN
gujaf-264	193	21	)	)	PUNCT
gujaf-264	193	22	,	,	PUNCT
gujaf-264	193	23	within	within	ADP
gujaf-264	193	24	the	the	DET
gujaf-264	193	25	consumer	consumer	NOUN
gujaf-264	193	26	goods	good	NOUN
gujaf-264	193	27	sector	sector	NOUN
gujaf-264	193	28	of	of	ADP
gujaf-264	193	29	the	the	DET
gujaf-264	193	30	ngx	ngx	PROPN
gujaf-264	193	31	is	be	AUX
gujaf-264	193	32	the	the	DET
gujaf-264	193	33	primary	primary	ADJ
gujaf-264	193	34	objective.utilizing	objective.utilize	VERB
gujaf-264	193	35	a	a	DET
gujaf-264	193	36	technique	technique	NOUN
gujaf-264	193	37	of	of	ADP
gujaf-264	193	38	purposive	purposive	ADJ
gujaf-264	193	39	sampling	sampling	NOUN
gujaf-264	193	40	,	,	PUNCT
gujaf-264	193	41	sixteen	sixteen	NUM
gujaf-264	193	42	of	of	ADP
gujaf-264	193	43	the	the	DET
gujaf-264	193	44	eighteen	eighteen	NUM
gujaf-264	193	45	firms	firm	NOUN
gujaf-264	193	46	in	in	ADP
gujaf-264	193	47	the	the	DET
gujaf-264	193	48	consumer	consumer	NOUN
gujaf-264	193	49	goods	good	NOUN
gujaf-264	193	50	sector	sector	NOUN
gujaf-264	193	51	of	of	ADP
gujaf-264	193	52	the	the	DET
gujaf-264	193	53	ngx	ngx	NOUN
gujaf-264	193	54	were	be	AUX
gujaf-264	193	55	chosen	choose	VERB
gujaf-264	193	56	for	for	ADP
gujaf-264	193	57	the	the	DET
gujaf-264	193	58	study	study	NOUN
gujaf-264	193	59	.	.	PUNCT
gujaf-264	194	1	the	the	DET
gujaf-264	194	2	criteria	criterion	NOUN
gujaf-264	194	3	for	for	ADP
gujaf-264	194	4	selection	selection	NOUN
gujaf-264	194	5	are	be	AUX
gujaf-264	194	6	the	the	DET
gujaf-264	194	7	firms	firm	NOUN
gujaf-264	194	8	'	'	PART
gujaf-264	194	9	pertinence	pertinence	NOUN
gujaf-264	194	10	to	to	ADP
gujaf-264	194	11	the	the	DET
gujaf-264	194	12	research	research	NOUN
gujaf-264	194	13	and	and	CCONJ
gujaf-264	194	14	the	the	DET
gujaf-264	194	15	accessibility	accessibility	NOUN
gujaf-264	194	16	of	of	ADP
gujaf-264	194	17	comprehensive	comprehensive	ADJ
gujaf-264	194	18	data	datum	NOUN
gujaf-264	194	19	spanning	span	VERB
gujaf-264	194	20	the	the	DET
gujaf-264	194	21	study	study	NOUN
gujaf-264	194	22	period	period	NOUN
gujaf-264	194	23	(	(	PUNCT
gujaf-264	194	24	2013	2013	NUM
gujaf-264	194	25	-	-	SYM
gujaf-264	194	26	2022	2022	NUM
gujaf-264	194	27	)	)	PUNCT
gujaf-264	194	28	,	,	PUNCT
gujaf-264	194	29	as	as	SCONJ
gujaf-264	194	30	determined	determine	VERB
gujaf-264	194	31	by	by	ADP
gujaf-264	194	32	the	the	DET
gujaf-264	194	33	balanced	balanced	ADJ
gujaf-264	194	34	panel	panel	NOUN
gujaf-264	194	35	data	datum	NOUN
gujaf-264	194	36	analysis	analysis	NOUN
gujaf-264	194	37	implemented	implement	VERB
gujaf-264	194	38	in	in	ADP
gujaf-264	194	39	this	this	DET
gujaf-264	194	40	investigation	investigation	NOUN
gujaf-264	194	41	.	.	PUNCT
gujaf-264	195	1	the	the	DET
gujaf-264	195	2	selection	selection	NOUN
gujaf-264	195	3	of	of	ADP
gujaf-264	195	4	a	a	DET
gujaf-264	195	5	period	period	NOUN
gujaf-264	195	6	following	follow	VERB
gujaf-264	195	7	the	the	DET
gujaf-264	195	8	implementation	implementation	NOUN
gujaf-264	195	9	of	of	ADP
gujaf-264	195	10	international	international	ADJ
gujaf-264	195	11	financial	financial	ADJ
gujaf-264	195	12	reporting	reporting	NOUN
gujaf-264	195	13	standards	standard	NOUN
gujaf-264	195	14	was	be	AUX
gujaf-264	195	15	done	do	VERB
gujaf-264	195	16	with	with	ADP
gujaf-264	195	17	care	care	NOUN
gujaf-264	195	18	to	to	PART
gujaf-264	195	19	ensure	ensure	VERB
gujaf-264	195	20	a	a	DET
gujaf-264	195	21	consistent	consistent	ADJ
gujaf-264	195	22	and	and	CCONJ
gujaf-264	195	23	simplified	simplified	ADJ
gujaf-264	195	24	basis	basis	NOUN
gujaf-264	195	25	for	for	ADP
gujaf-264	195	26	comparison	comparison	NOUN
gujaf-264	195	27	.	.	PUNCT
gujaf-264	196	1	this	this	DET
gujaf-264	196	2	study	study	NOUN
gujaf-264	196	3	utilizes	utilize	VERB
gujaf-264	196	4	a	a	DET
gujaf-264	196	5	variety	variety	NOUN
gujaf-264	196	6	of	of	ADP
gujaf-264	196	7	statistical	statistical	ADJ
gujaf-264	196	8	techniques	technique	NOUN
gujaf-264	196	9	.	.	PUNCT
gujaf-264	197	1	first	first	ADV
gujaf-264	197	2	,	,	PUNCT
gujaf-264	197	3	a	a	DET
gujaf-264	197	4	descriptive	descriptive	ADJ
gujaf-264	197	5	statisticwas	statisticwas	NOUN
gujaf-264	197	6	conducted	conduct	VERB
gujaf-264	197	7	to	to	PART
gujaf-264	197	8	understand	understand	VERB
gujaf-264	197	9	the	the	DET
gujaf-264	197	10	distribution	distribution	NOUN
gujaf-264	197	11	of	of	ADP
gujaf-264	197	12	data	datum	NOUN
gujaf-264	197	13	,	,	PUNCT
gujaf-264	197	14	and	and	CCONJ
gujaf-264	197	15	this	this	PRON
gujaf-264	197	16	was	be	AUX
gujaf-264	197	17	followed	follow	VERB
gujaf-264	197	18	by	by	ADP
gujaf-264	197	19	spearman	spearman	NOUN
gujaf-264	197	20	correlation	correlation	NOUN
gujaf-264	197	21	analysis	analysis	NOUN
gujaf-264	197	22	,	,	PUNCT
gujaf-264	197	23	a	a	DET
gujaf-264	197	24	non	non	ADJ
gujaf-264	197	25	-	-	ADJ
gujaf-264	197	26	parametric	parametric	ADJ
gujaf-264	197	27	technique	technique	NOUN
gujaf-264	197	28	employed	employ	VERB
gujaf-264	197	29	to	to	PART
gujaf-264	197	30	evaluate	evaluate	VERB
gujaf-264	197	31	the	the	DET
gujaf-264	197	32	magnitude	magnitude	NOUN
gujaf-264	197	33	and	and	CCONJ
gujaf-264	197	34	direction	direction	NOUN
gujaf-264	197	35	of	of	ADP
gujaf-264	197	36	the	the	DET
gujaf-264	197	37	relationship	relationship	NOUN
gujaf-264	197	38	between	between	ADP
gujaf-264	197	39	variables	variable	NOUN
gujaf-264	197	40	.	.	PUNCT
gujaf-264	198	1	when	when	SCONJ
gujaf-264	198	2	the	the	DET
gujaf-264	198	3	assumptions	assumption	NOUN
gujaf-264	198	4	necessary	necessary	ADJ
gujaf-264	198	5	for	for	ADP
gujaf-264	198	6	pearson	pearson	PROPN
gujaf-264	198	7	's	's	PART
gujaf-264	198	8	correlation	correlation	NOUN
gujaf-264	198	9	,	,	PUNCT
gujaf-264	198	10	such	such	ADJ
gujaf-264	198	11	as	as	ADP
gujaf-264	198	12	normality	normality	NOUN
gujaf-264	198	13	,	,	PUNCT
gujaf-264	198	14	are	be	AUX
gujaf-264	198	15	not	not	PART
gujaf-264	198	16	met	meet	VERB
gujaf-264	198	17	,	,	PUNCT
gujaf-264	198	18	this	this	DET
gujaf-264	198	19	method	method	NOUN
gujaf-264	198	20	is	be	AUX
gujaf-264	198	21	especially	especially	ADV
gujaf-264	198	22	applicable	applicable	ADJ
gujaf-264	198	23	to	to	ADP
gujaf-264	198	24	ordinal	ordinal	ADJ
gujaf-264	198	25	data	datum	NOUN
gujaf-264	198	26	or	or	CCONJ
gujaf-264	198	27	such	such	ADJ
gujaf-264	198	28	circumstances(lecca	circumstances(lecca	PROPN
gujaf-264	198	29	et	et	PROPN
gujaf-264	198	30	al	al	PROPN
gujaf-264	198	31	.	.	PROPN
gujaf-264	198	32	,	,	PUNCT
gujaf-264	198	33	2019	2019	NUM
gujaf-264	198	34	)	)	PUNCT
gujaf-264	198	35	.	.	PUNCT
gujaf-264	199	1	157	157	NUM
gujaf-264	199	2	multifaceted	multifaceted	ADJ
gujaf-264	199	3	panel	panel	NOUN
gujaf-264	199	4	data	datum	NOUN
gujaf-264	199	5	analysis	analysis	NOUN
gujaf-264	199	6	constitutes	constitute	VERB
gujaf-264	199	7	the	the	DET
gujaf-264	199	8	core	core	NOUN
gujaf-264	199	9	of	of	ADP
gujaf-264	199	10	the	the	DET
gujaf-264	199	11	analysis	analysis	NOUN
gujaf-264	199	12	.	.	PUNCT
gujaf-264	200	1	before	before	ADP
gujaf-264	200	2	proceeding	proceeding	NOUN
gujaf-264	200	3	,	,	PUNCT
gujaf-264	200	4	robust	robust	ADJ
gujaf-264	200	5	standard	standard	ADJ
gujaf-264	200	6	errors	error	NOUN
gujaf-264	200	7	are	be	AUX
gujaf-264	200	8	incorporated	incorporate	VERB
gujaf-264	200	9	into	into	ADP
gujaf-264	200	10	multiple	multiple	ADJ
gujaf-264	200	11	linear	linear	ADJ
gujaf-264	200	12	regression	regression	NOUN
gujaf-264	200	13	.	.	PUNCT
gujaf-264	201	1	by	by	ADP
gujaf-264	201	2	effectively	effectively	ADV
gujaf-264	201	3	mitigating	mitigate	VERB
gujaf-264	201	4	the	the	DET
gujaf-264	201	5	effects	effect	NOUN
gujaf-264	201	6	of	of	ADP
gujaf-264	201	7	heteroskedasticity	heteroskedasticity	NOUN
gujaf-264	201	8	and	and	CCONJ
gujaf-264	201	9	ensuring	ensure	VERB
gujaf-264	201	10	that	that	SCONJ
gujaf-264	201	11	the	the	DET
gujaf-264	201	12	estimation	estimation	NOUN
gujaf-264	201	13	of	of	ADP
gujaf-264	201	14	regression	regression	NOUN
gujaf-264	201	15	coefficient	coefficient	NOUN
gujaf-264	201	16	standard	standard	ADJ
gujaf-264	201	17	errors	error	NOUN
gujaf-264	201	18	is	be	AUX
gujaf-264	201	19	accurate	accurate	ADJ
gujaf-264	201	20	,	,	PUNCT
gujaf-264	201	21	this	this	DET
gujaf-264	201	22	method	method	NOUN
gujaf-264	201	23	is	be	AUX
gujaf-264	201	24	vital	vital	ADJ
gujaf-264	201	25	for	for	ADP
gujaf-264	201	26	assessing	assess	VERB
gujaf-264	201	27	relationships	relationship	NOUN
gujaf-264	201	28	throughout	throughout	ADP
gujaf-264	201	29	the	the	DET
gujaf-264	201	30	entire	entire	ADJ
gujaf-264	201	31	dataset	dataset	NOUN
gujaf-264	201	32	.	.	PUNCT
gujaf-264	202	1	additionally	additionally	ADV
gujaf-264	202	2	,	,	PUNCT
gujaf-264	202	3	on	on	ADP
gujaf-264	202	4	an	an	DET
gujaf-264	202	5	intrafirm	intrafirm	ADJ
gujaf-264	202	6	level	level	NOUN
gujaf-264	202	7	,	,	PUNCT
gujaf-264	202	8	temporal	temporal	ADJ
gujaf-264	202	9	variations	variation	NOUN
gujaf-264	202	10	are	be	AUX
gujaf-264	202	11	analyzed	analyze	VERB
gujaf-264	202	12	with	with	ADP
gujaf-264	202	13	the	the	DET
gujaf-264	202	14	aid	aid	NOUN
gujaf-264	202	15	of	of	ADP
gujaf-264	202	16	a	a	DET
gujaf-264	202	17	fixed	fix	VERB
gujaf-264	202	18	-	-	PUNCT
gujaf-264	202	19	effects	effect	NOUN
gujaf-264	202	20	regression	regression	NOUN
gujaf-264	202	21	model	model	NOUN
gujaf-264	202	22	.	.	PUNCT
gujaf-264	203	1	by	by	ADP
gujaf-264	203	2	controllingfor	controllingfor	ADP
gujaf-264	203	3	unobservable	unobservable	ADJ
gujaf-264	203	4	firm	firm	ADJ
gujaf-264	203	5	-	-	PUNCT
gujaf-264	203	6	specific	specific	ADJ
gujaf-264	203	7	factors	factor	NOUN
gujaf-264	203	8	that	that	PRON
gujaf-264	203	9	may	may	AUX
gujaf-264	203	10	introduce	introduce	VERB
gujaf-264	203	11	bias	bias	NOUN
gujaf-264	203	12	into	into	ADP
gujaf-264	203	13	the	the	DET
gujaf-264	203	14	results	result	NOUN
gujaf-264	203	15	,	,	PUNCT
gujaf-264	203	16	this	this	DET
gujaf-264	203	17	model	model	NOUN
gujaf-264	203	18	offers	offer	VERB
gujaf-264	203	19	valuable	valuable	ADJ
gujaf-264	203	20	insights	insight	NOUN
gujaf-264	203	21	into	into	ADP
gujaf-264	203	22	the	the	DET
gujaf-264	203	23	internal	internal	ADJ
gujaf-264	203	24	workings	working	NOUN
gujaf-264	203	25	of	of	ADP
gujaf-264	203	26	the	the	DET
gujaf-264	203	27	organizations	organization	NOUN
gujaf-264	203	28	.	.	PUNCT
gujaf-264	204	1	furthermore	furthermore	ADV
gujaf-264	204	2	,	,	PUNCT
gujaf-264	204	3	to	to	PART
gujaf-264	204	4	examine	examine	VERB
gujaf-264	204	5	the	the	DET
gujaf-264	204	6	moderating	moderate	VERB
gujaf-264	204	7	impact	impact	NOUN
gujaf-264	204	8	of	of	ADP
gujaf-264	204	9	ownership	ownership	NOUN
gujaf-264	204	10	concentration	concentration	NOUN
gujaf-264	204	11	(	(	PUNCT
gujaf-264	204	12	ownc	ownc	NOUN
gujaf-264	204	13	)	)	PUNCT
gujaf-264	204	14	on	on	ADP
gujaf-264	204	15	the	the	DET
gujaf-264	204	16	association	association	NOUN
gujaf-264	204	17	between	between	ADP
gujaf-264	204	18	dividend	dividend	NOUN
gujaf-264	204	19	payout	payout	NOUN
gujaf-264	204	20	ratio	ratio	NOUN
gujaf-264	204	21	(	(	PUNCT
gujaf-264	204	22	dpay	dpay	NOUN
gujaf-264	204	23	)	)	PUNCT
gujaf-264	204	24	and	and	CCONJ
gujaf-264	204	25	tobin	tobin	PROPN
gujaf-264	204	26	's	's	PART
gujaf-264	204	27	q	q	NOUN
gujaf-264	204	28	,	,	PUNCT
gujaf-264	204	29	the	the	DET
gujaf-264	204	30	research	research	NOUN
gujaf-264	204	31	utilizes	utilize	VERB
gujaf-264	204	32	moderated	moderated	ADJ
gujaf-264	204	33	regression	regression	NOUN
gujaf-264	204	34	analysis	analysis	NOUN
gujaf-264	204	35	.	.	PUNCT
gujaf-264	205	1	this	this	PRON
gujaf-264	205	2	permits	permit	VERB
gujaf-264	205	3	an	an	DET
gujaf-264	205	4	examination	examination	NOUN
gujaf-264	205	5	of	of	ADP
gujaf-264	205	6	how	how	SCONJ
gujaf-264	205	7	the	the	DET
gujaf-264	205	8	effect	effect	NOUN
gujaf-264	205	9	of	of	ADP
gujaf-264	205	10	dpay	dpay	NOUN
gujaf-264	205	11	on	on	ADP
gujaf-264	205	12	tobin	tobin	PROPN
gujaf-264	205	13	's	's	PART
gujaf-264	205	14	q	q	NOUN
gujaf-264	205	15	varies	vary	VERB
gujaf-264	205	16	with	with	ADP
gujaf-264	205	17	varying	vary	VERB
gujaf-264	205	18	levels	level	NOUN
gujaf-264	205	19	of	of	ADP
gujaf-264	205	20	ownc	ownc	NOUN
gujaf-264	205	21	by	by	ADP
gujaf-264	205	22	incorporating	incorporate	VERB
gujaf-264	205	23	an	an	DET
gujaf-264	205	24	interaction	interaction	NOUN
gujaf-264	205	25	term	term	NOUN
gujaf-264	205	26	(	(	PUNCT
gujaf-264	205	27	dpayxownc	dpayxownc	X
gujaf-264	205	28	)	)	PUNCT
gujaf-264	205	29	into	into	ADP
gujaf-264	205	30	the	the	DET
gujaf-264	205	31	regression	regression	NOUN
gujaf-264	205	32	model	model	NOUN
gujaf-264	205	33	.	.	PUNCT
gujaf-264	206	1	recognizing	recognize	VERB
gujaf-264	206	2	the	the	DET
gujaf-264	206	3	intricate	intricate	ADJ
gujaf-264	206	4	relationship	relationship	NOUN
gujaf-264	206	5	between	between	ADP
gujaf-264	206	6	these	these	DET
gujaf-264	206	7	variables	variable	NOUN
gujaf-264	206	8	and	and	CCONJ
gujaf-264	206	9	their	their	PRON
gujaf-264	206	10	cumulative	cumulative	ADJ
gujaf-264	206	11	effect	effect	NOUN
gujaf-264	206	12	on	on	ADP
gujaf-264	206	13	firm	firm	ADJ
gujaf-264	206	14	value	value	NOUN
gujaf-264	206	15	is	be	AUX
gujaf-264	206	16	predicated	predicate	VERB
gujaf-264	206	17	on	on	ADP
gujaf-264	206	18	this	this	DET
gujaf-264	206	19	facet	facet	NOUN
gujaf-264	206	20	of	of	ADP
gujaf-264	206	21	the	the	DET
gujaf-264	206	22	analysis	analysis	NOUN
gujaf-264	206	23	.	.	PUNCT
gujaf-264	207	1	model	model	NOUN
gujaf-264	207	2	1	1	NUM
gujaf-264	207	3	:	:	PUNCT
gujaf-264	207	4	without	without	ADP
gujaf-264	207	5	moderating	moderate	VERB
gujaf-264	207	6	effect	effect	PROPN
gujaf-264	207	7	tobin	tobin	PROPN
gujaf-264	207	8	’s	’s	PART
gujaf-264	207	9	qit	qit	X
gujaf-264	207	10	=	=	PUNCT
gujaf-264	207	11	β0it	β0it	PUNCT
gujaf-264	208	1	+	+	CCONJ
gujaf-264	208	2	β1dpayit	β1dpayit	NOUN
gujaf-264	208	3	+	+	CCONJ
gujaf-264	208	4	β3owncit	β3owncit	PROPN
gujaf-264	208	5	+	+	CCONJ
gujaf-264	208	6	β4fsit	β4fsit	NOUN
gujaf-264	208	7	+	+	CCONJ
gujaf-264	208	8	µit	µit	PROPN
gujaf-264	208	9	(	(	PUNCT
gujaf-264	208	10	1	1	NUM
gujaf-264	208	11	)	)	PUNCT
gujaf-264	208	12	model	model	NOUN
gujaf-264	208	13	2	2	NUM
gujaf-264	208	14	:	:	PUNCT
gujaf-264	208	15	with	with	ADP
gujaf-264	208	16	moderating	moderate	VERB
gujaf-264	208	17	effect	effect	PROPN
gujaf-264	208	18	tobin	tobin	PROPN
gujaf-264	208	19	’s	’s	PART
gujaf-264	208	20	qit	qit	X
gujaf-264	208	21	=	=	PUNCT
gujaf-264	208	22	β0it	β0it	PUNCT
gujaf-264	209	1	+	+	NUM
gujaf-264	209	2	β1dpayit	β1dpayit	NOUN
gujaf-264	209	3	+	+	CCONJ
gujaf-264	209	4	β2dpay*owncit	β2dpay*owncit	NOUN
gujaf-264	209	5	+	+	CCONJ
gujaf-264	209	6	β3owncit	β3owncit	NUM
gujaf-264	209	7	+	+	CCONJ
gujaf-264	209	8	β4fsit+	β4fsit+	PROPN
gujaf-264	209	9	µit	µit	PROPN
gujaf-264	209	10	(	(	PUNCT
gujaf-264	209	11	2	2	NUM
gujaf-264	209	12	)	)	PUNCT
gujaf-264	209	13	where	where	SCONJ
gujaf-264	209	14	:	:	PUNCT
gujaf-264	209	15	tobin	tobin	PROPN
gujaf-264	209	16	’s	’s	PART
gujaf-264	209	17	q	q	NOUN
gujaf-264	209	18	=	=	NOUN
gujaf-264	209	19	firm	firm	ADJ
gujaf-264	209	20	value	value	NOUN
gujaf-264	209	21	,	,	PUNCT
gujaf-264	209	22	dpay	dpay	NOUN
gujaf-264	209	23	=	=	SYM
gujaf-264	209	24	dividend	dividend	NOUN
gujaf-264	209	25	payout	payout	NOUN
gujaf-264	209	26	ratio	ratio	NOUN
gujaf-264	209	27	,	,	PUNCT
gujaf-264	209	28	ownc	ownc	NOUN
gujaf-264	209	29	=	=	SYM
gujaf-264	209	30	ownership	ownership	NOUN
gujaf-264	209	31	concentration	concentration	NOUN
gujaf-264	209	32	,	,	PUNCT
gujaf-264	209	33	fs	fs	ADP
gujaf-264	209	34	=	=	PUNCT
gujaf-264	209	35	firm	firm	ADJ
gujaf-264	209	36	size	size	NOUN
gujaf-264	209	37	,	,	PUNCT
gujaf-264	209	38	β1	β1	PROPN
gujaf-264	209	39	–	–	PUNCT
gujaf-264	209	40	β4	β4	PROPN
gujaf-264	209	41	=	=	NOUN
gujaf-264	209	42	coefficients	coefficient	NOUN
gujaf-264	209	43	of	of	ADP
gujaf-264	209	44	the	the	DET
gujaf-264	209	45	independent	independent	ADJ
gujaf-264	209	46	variables	variable	NOUN
gujaf-264	209	47	βo	βo	X
gujaf-264	209	48	=	=	X
gujaf-264	209	49	intercept	intercept	NOUN
gujaf-264	209	50	,	,	PUNCT
gujaf-264	209	51	µ	µ	NOUN
gujaf-264	209	52	=	=	NOUN
gujaf-264	209	53	error	error	NOUN
gujaf-264	209	54	term	term	NOUN
gujaf-264	209	55	,	,	PUNCT
gujaf-264	209	56	it	it	PRON
gujaf-264	209	57	=	=	SYM
gujaf-264	209	58	firm	firm	NOUN
gujaf-264	209	59	and	and	CCONJ
gujaf-264	209	60	period	period	NOUN
gujaf-264	209	61	.	.	PUNCT
gujaf-264	210	1	158	158	NUM
gujaf-264	210	2	measurement	measurement	NOUN
gujaf-264	210	3	of	of	ADP
gujaf-264	210	4	variables	variable	NOUN
gujaf-264	210	5	table	table	NOUN
gujaf-264	210	6	1	1	NUM
gujaf-264	210	7	:	:	PUNCT
gujaf-264	210	8	variables	variable	VERB
gujaf-264	210	9	variable	variable	ADJ
gujaf-264	210	10	nature	nature	NOUN
gujaf-264	210	11	of	of	ADP
gujaf-264	210	12	variable	variable	ADJ
gujaf-264	210	13	proxy	proxy	PROPN
gujaf-264	210	14	measurement	measurement	PROPN
gujaf-264	210	15	tobin	tobin	PROPN
gujaf-264	210	16	’s	’s	PART
gujaf-264	210	17	q	q	PROPN
gujaf-264	210	18	dependent	dependent	PROPN
gujaf-264	210	19	tobin	tobin	PROPN
gujaf-264	210	20	’s	’s	PART
gujaf-264	210	21	q	q	PROPN
gujaf-264	210	22	𝑇𝑜𝑏𝑖𝑛′𝑠𝑄	𝑇𝑜𝑏𝑖𝑛′𝑠𝑄	PROPN
gujaf-264	210	23	=	=	PUNCT
gujaf-264	210	24	𝑉𝑎𝑙𝑢𝑒𝑜𝑓𝐸𝑞𝑢𝑖𝑡𝑦	𝑉𝑎𝑙𝑢𝑒𝑜𝑓𝐸𝑞𝑢𝑖𝑡𝑦	PROPN
gujaf-264	210	25	+	+	CCONJ
gujaf-264	210	26	𝑉𝑎𝑙𝑢𝑒𝐷𝑒𝑏𝑡	𝑉𝑎𝑙𝑢𝑒𝐷𝑒𝑏𝑡	PROPN
gujaf-264	210	27	𝐴𝑠𝑠𝑒𝑡𝑠	𝐴𝑠𝑠𝑒𝑡𝑠	PROPN
gujaf-264	210	28	@	@	ADP
gujaf-264	210	29	𝑅𝑒𝑝𝑙𝑎𝑐𝑒𝑚𝑒𝑛𝑡𝑉𝑎𝑙𝑢𝑒	𝑅𝑒𝑝𝑙𝑎𝑐𝑒𝑚𝑒𝑛𝑡𝑉𝑎𝑙𝑢𝑒	PROPN
gujaf-264	210	30	as	as	SCONJ
gujaf-264	210	31	defined	define	VERB
gujaf-264	210	32	by	by	ADP
gujaf-264	210	33	setiyawati	setiyawati	NOUN
gujaf-264	210	34	,	,	PUNCT
gujaf-264	210	35	et	et	PROPN
gujaf-264	210	36	al	al	PROPN
gujaf-264	210	37	.	.	PROPN
gujaf-264	211	1	(	(	PUNCT
gujaf-264	211	2	2017	2017	NUM
gujaf-264	211	3	)	)	PUNCT
gujaf-264	211	4	ownership	ownership	NOUN
gujaf-264	211	5	concentration	concentration	NOUN
gujaf-264	211	6	independent	independent	ADJ
gujaf-264	211	7	ownership	ownership	NOUN
gujaf-264	211	8	concentration	concentration	NOUN
gujaf-264	211	9	as	as	ADP
gujaf-264	211	10	a	a	DET
gujaf-264	211	11	ratio	ratio	NOUN
gujaf-264	211	12	of	of	ADP
gujaf-264	211	13	the	the	DET
gujaf-264	211	14	number	number	NOUN
gujaf-264	211	15	of	of	ADP
gujaf-264	211	16	shares	share	NOUN
gujaf-264	211	17	held	hold	VERB
gujaf-264	211	18	by	by	ADP
gujaf-264	211	19	those	those	PRON
gujaf-264	211	20	with	with	ADP
gujaf-264	211	21	at	at	ADV
gujaf-264	211	22	least	least	ADV
gujaf-264	211	23	5	5	NUM
gujaf-264	211	24	percent	percent	NOUN
gujaf-264	211	25	of	of	ADP
gujaf-264	211	26	the	the	DET
gujaf-264	211	27	issues	issue	NOUN
gujaf-264	211	28	to	to	ADP
gujaf-264	211	29	the	the	DET
gujaf-264	211	30	total	total	ADJ
gujaf-264	211	31	number	number	NOUN
gujaf-264	211	32	of	of	ADP
gujaf-264	211	33	shares	share	NOUN
gujaf-264	211	34	issued	issue	VERB
gujaf-264	211	35	,	,	PUNCT
gujaf-264	211	36	ownership	ownership	NOUN
gujaf-264	211	37	concentration	concentration	NOUN
gujaf-264	211	38	is	be	AUX
gujaf-264	211	39	calculated	calculate	VERB
gujaf-264	211	40	(	(	PUNCT
gujaf-264	211	41	chalaki	chalaki	NOUN
gujaf-264	211	42	et	et	PROPN
gujaf-264	211	43	al	al	PROPN
gujaf-264	211	44	.	.	PROPN
gujaf-264	211	45	,	,	PUNCT
gujaf-264	211	46	2012	2012	NUM
gujaf-264	211	47	)	)	PUNCT
gujaf-264	211	48	dividend	dividend	NOUN
gujaf-264	211	49	policy	policy	NOUN
gujaf-264	211	50	independent	independent	ADJ
gujaf-264	211	51	dividend	dividend	NOUN
gujaf-264	211	52	payout	payout	NOUN
gujaf-264	211	53	ratio	ratio	NOUN
gujaf-264	211	54	𝐷𝑃𝐴𝑌	𝐷𝑃𝐴𝑌	PROPN
gujaf-264	211	55	=	=	PUNCT
gujaf-264	211	56	𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑_𝑃𝑎𝑖𝑑	𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑_𝑃𝑎𝑖𝑑	PROPN
gujaf-264	211	57	𝑁𝑒𝑡_𝐼𝑛𝑐𝑜𝑚𝑒	𝑁𝑒𝑡_𝐼𝑛𝑐𝑜𝑚𝑒	NOUN
gujaf-264	211	58	firm	firm	ADJ
gujaf-264	211	59	size	size	NOUN
gujaf-264	211	60	control	control	NOUN
gujaf-264	211	61	variable	variable	ADJ
gujaf-264	211	62	total	total	ADJ
gujaf-264	211	63	asset	asset	NOUN
gujaf-264	211	64	natural	natural	ADJ
gujaf-264	211	65	logarithm	logarithm	NOUN
gujaf-264	211	66	of	of	ADP
gujaf-264	211	67	total	total	ADJ
gujaf-264	211	68	assets	asset	NOUN
gujaf-264	211	69	dpay*ownc	dpay*ownc	ADJ
gujaf-264	211	70	moderator	moderator	NOUN
gujaf-264	211	71	dpay	dpay	NOUN
gujaf-264	211	72	and	and	CCONJ
gujaf-264	211	73	ownc	ownc	VERB
gujaf-264	211	74	a	a	DET
gujaf-264	211	75	multiple	multiple	NOUN
gujaf-264	211	76	of	of	ADP
gujaf-264	211	77	dpay	dpay	NOUN
gujaf-264	211	78	and	and	CCONJ
gujaf-264	211	79	ownc	ownc	NOUN
gujaf-264	211	80	wich	wich	ADV
gujaf-264	211	81	is	be	AUX
gujaf-264	211	82	the	the	DET
gujaf-264	211	83	interaction	interaction	NOUN
gujaf-264	211	84	term	term	NOUN
gujaf-264	211	85	dpayxownc	dpayxownc	NOUN
gujaf-264	211	86	is	be	AUX
gujaf-264	211	87	utilized	utilize	VERB
gujaf-264	211	88	.	.	PUNCT
gujaf-264	212	1	source	source	NOUN
gujaf-264	212	2	:	:	PUNCT
gujaf-264	212	3	author	author	NOUN
gujaf-264	212	4	’s	’s	PART
gujaf-264	212	5	compilation	compilation	NOUN
gujaf-264	212	6	(	(	PUNCT
gujaf-264	212	7	2023	2023	NUM
gujaf-264	212	8	)	)	PUNCT
gujaf-264	212	9	3	3	NUM
gujaf-264	212	10	.	.	NOUN
gujaf-264	212	11	results	result	NOUN
gujaf-264	212	12	and	and	CCONJ
gujaf-264	212	13	discussion	discussion	NOUN
gujaf-264	212	14	this	this	DET
gujaf-264	212	15	section	section	NOUN
gujaf-264	212	16	presents	present	VERB
gujaf-264	212	17	the	the	DET
gujaf-264	212	18	findings	finding	NOUN
gujaf-264	212	19	of	of	ADP
gujaf-264	212	20	our	our	PRON
gujaf-264	212	21	emipirical	emipirical	ADJ
gujaf-264	212	22	investigation	investigation	NOUN
gujaf-264	212	23	into	into	ADP
gujaf-264	212	24	the	the	DET
gujaf-264	212	25	interplay	interplay	NOUN
gujaf-264	212	26	between	between	ADP
gujaf-264	212	27	ownc	ownc	NOUN
gujaf-264	212	28	,	,	PUNCT
gujaf-264	212	29	dpay	dpay	NOUN
gujaf-264	212	30	and	and	CCONJ
gujaf-264	212	31	tobin	tobin	PROPN
gujaf-264	212	32	’s	’s	PART
gujaf-264	212	33	q.	q.	NOUN
gujaf-264	212	34	it	it	PRON
gujaf-264	212	35	starts	start	VERB
gujaf-264	212	36	with	with	ADP
gujaf-264	212	37	the	the	DET
gujaf-264	212	38	descriptive	descriptive	ADJ
gujaf-264	212	39	statistics	statistic	NOUN
gujaf-264	212	40	,	,	PUNCT
gujaf-264	212	41	and	and	CCONJ
gujaf-264	212	42	correlation	correlation	NOUN
gujaf-264	212	43	matrixthis	matrixthis	NOUN
gujaf-264	212	44	followed	follow	VERB
gujaf-264	212	45	by	by	ADP
gujaf-264	212	46	various	various	ADJ
gujaf-264	212	47	robustness	robustness	NOUN
gujaf-264	212	48	tests	test	NOUN
gujaf-264	212	49	conducted	conduct	VERB
gujaf-264	212	50	to	to	PART
gujaf-264	212	51	ensure	ensure	VERB
gujaf-264	212	52	the	the	DET
gujaf-264	212	53	reliability	reliability	NOUN
gujaf-264	212	54	of	of	ADP
gujaf-264	212	55	our	our	PRON
gujaf-264	212	56	findings	finding	NOUN
gujaf-264	212	57	.	.	PUNCT
gujaf-264	213	1	subsequently	subsequently	ADV
gujaf-264	213	2	the	the	DET
gujaf-264	213	3	results	result	NOUN
gujaf-264	213	4	are	be	AUX
gujaf-264	213	5	discussed	discuss	VERB
gujaf-264	213	6	in	in	ADP
gujaf-264	213	7	details	detail	NOUN
gujaf-264	213	8	.	.	PUNCT
gujaf-264	214	1	4.1	4.1	NUM
gujaf-264	214	2	descriptive	descriptive	ADJ
gujaf-264	214	3	statistics	statistic	NOUN
gujaf-264	214	4	the	the	DET
gujaf-264	214	5	descriptive	descriptive	ADJ
gujaf-264	214	6	values	value	NOUN
gujaf-264	214	7	are	be	AUX
gujaf-264	214	8	presented	present	VERB
gujaf-264	214	9	under	under	ADP
gujaf-264	214	10	table	table	NOUN
gujaf-264	214	11	ii	ii	NOUN
gujaf-264	214	12	which	which	PRON
gujaf-264	214	13	shows	show	VERB
gujaf-264	214	14	the	the	DET
gujaf-264	214	15	smallest	small	ADJ
gujaf-264	214	16	,	,	PUNCT
gujaf-264	214	17	largest	large	ADJ
gujaf-264	214	18	,	,	PUNCT
gujaf-264	214	19	average	average	ADJ
gujaf-264	214	20	,	,	PUNCT
gujaf-264	214	21	standard	standard	ADJ
gujaf-264	214	22	deviation	deviation	NOUN
gujaf-264	214	23	,	,	PUNCT
gujaf-264	214	24	and	and	CCONJ
gujaf-264	214	25	normality	normality	NOUN
gujaf-264	214	26	test	test	NOUN
gujaf-264	214	27	results	result	NOUN
gujaf-264	214	28	.	.	PUNCT
gujaf-264	215	1	159	159	NUM
gujaf-264	215	2	table	table	NOUN
gujaf-264	215	3	ii	ii	NOUN
gujaf-264	215	4	:	:	PUNCT
gujaf-264	215	5	descriptive	descriptive	ADJ
gujaf-264	215	6	statistics	statistic	NOUN
gujaf-264	215	7	variables	variables	PROPN
gujaf-264	215	8	min	min	PROPN
gujaf-264	215	9	.	.	PROPN
gujaf-264	215	10	max	max	PROPN
gujaf-264	215	11	.	.	PUNCT
gujaf-264	216	1	mean	mean	VERB
gujaf-264	216	2	std	std	PROPN
gujaf-264	216	3	.	.	PROPN
gujaf-264	217	1	dev	dev	AUX
gujaf-264	217	2	.	.	PROPN
gujaf-264	217	3	sktest	sktest	PROPN
gujaf-264	217	4	tobin	tobin	PROPN
gujaf-264	217	5	’s	’s	PART
gujaf-264	217	6	q.	q.	PROPN
gujaf-264	217	7	4083295	4083295	NUM
gujaf-264	217	8	9.414058	9.414058	NUM
gujaf-264	217	9	1.918529	1.918529	NUM
gujaf-264	217	10	1.640405	1.640405	NUM
gujaf-264	217	11	2.459962	2.459962	NUM
gujaf-264	217	12	dpay	dpay	NOUN
gujaf-264	217	13	0	0	NUM
gujaf-264	217	14	68.2	68.2	NUM
gujaf-264	217	15	2.872375	2.872375	NUM
gujaf-264	217	16	9.758711	9.758711	NUM
gujaf-264	217	17	1.142922	1.142922	NUM
gujaf-264	217	18	ownc	ownc	NOUN
gujaf-264	217	19	20	20	NUM
gujaf-264	217	20	95	95	NUM
gujaf-264	217	21	66.25	66.25	NUM
gujaf-264	217	22	13.28592	13.28592	NUM
gujaf-264	217	23	1.142922	1.142922	NUM
gujaf-264	217	24	fs	fs	ADP
gujaf-264	217	25	12.67941	12.67941	NUM
gujaf-264	217	26	20.31832	20.31832	NUM
gujaf-264	217	27	17.56105	17.56105	NUM
gujaf-264	217	28	1.841698	1.841698	NUM
gujaf-264	217	29	.7187042	.7187042	PROPN
gujaf-264	217	30	source	source	NOUN
gujaf-264	217	31	:	:	PUNCT
gujaf-264	217	32	stata	stata	VERB
gujaf-264	217	33	17	17	NUM
gujaf-264	217	34	output	output	NOUN
gujaf-264	217	35	,	,	PUNCT
gujaf-264	217	36	2023	2023	NUM
gujaf-264	217	37	table	table	NOUN
gujaf-264	217	38	ii	ii	NOUN
gujaf-264	217	39	above	above	ADV
gujaf-264	217	40	is	be	AUX
gujaf-264	217	41	a	a	DET
gujaf-264	217	42	descriptive	descriptive	ADJ
gujaf-264	217	43	statistics	statistic	NOUN
gujaf-264	217	44	of	of	ADP
gujaf-264	217	45	the	the	DET
gujaf-264	217	46	dependent	dependent	ADJ
gujaf-264	217	47	and	and	CCONJ
gujaf-264	217	48	independent	independent	ADJ
gujaf-264	217	49	variables.for	variables.for	ADP
gujaf-264	217	50	tobin’sq	tobin’sq	PROPN
gujaf-264	217	51	,	,	PUNCT
gujaf-264	217	52	whichis	whichi	VERB
gujaf-264	217	53	a	a	DET
gujaf-264	217	54	ratio	ratio	NOUN
gujaf-264	217	55	that	that	PRON
gujaf-264	217	56	compares	compare	VERB
gujaf-264	217	57	a	a	DET
gujaf-264	217	58	firm	firm	ADJ
gujaf-264	217	59	market	market	NOUN
gujaf-264	217	60	value	value	NOUN
gujaf-264	217	61	to	to	ADP
gujaf-264	217	62	its	its	PRON
gujaf-264	217	63	replacement	replacement	NOUN
gujaf-264	217	64	cost	cost	NOUN
gujaf-264	217	65	,	,	PUNCT
gujaf-264	217	66	the	the	DET
gujaf-264	217	67	minimum	minimum	ADJ
gujaf-264	217	68	value	value	NOUN
gujaf-264	217	69	is	be	AUX
gujaf-264	217	70	.4083295	.4083295	ADJ
gujaf-264	217	71	,	,	PUNCT
gujaf-264	217	72	the	the	DET
gujaf-264	217	73	maximum	maximum	ADJ
gujaf-264	217	74	value	value	NOUN
gujaf-264	217	75	9.414058	9.414058	NUM
gujaf-264	217	76	,	,	PUNCT
gujaf-264	217	77	with	with	ADP
gujaf-264	217	78	a	a	DET
gujaf-264	217	79	mean	mean	NOUN
gujaf-264	217	80	of	of	ADP
gujaf-264	217	81	1.918529	1.918529	NUM
gujaf-264	217	82	.	.	PUNCT
gujaf-264	218	1	the	the	DET
gujaf-264	218	2	standard	standard	ADJ
gujaf-264	218	3	deviation	deviation	NOUN
gujaf-264	218	4	is	be	AUX
gujaf-264	218	5	1.640405	1.640405	NUM
gujaf-264	218	6	,	,	PUNCT
gujaf-264	218	7	which	which	PRON
gujaf-264	218	8	indicates	indicate	VERB
gujaf-264	218	9	a	a	DET
gujaf-264	218	10	wide	wide	ADJ
gujaf-264	218	11	deviation	deviation	NOUN
gujaf-264	218	12	from	from	ADP
gujaf-264	218	13	the	the	DET
gujaf-264	218	14	mean	mean	NOUN
gujaf-264	218	15	.	.	PUNCT
gujaf-264	219	1	the	the	DET
gujaf-264	219	2	skewness	skewness	NOUN
gujaf-264	219	3	of	of	ADP
gujaf-264	219	4	2.459962	2.459962	NUM
gujaf-264	219	5	,	,	PUNCT
gujaf-264	219	6	which	which	PRON
gujaf-264	219	7	is	be	AUX
gujaf-264	219	8	highly	highly	ADV
gujaf-264	219	9	skewed	skewed	ADJ
gujaf-264	219	10	,	,	PUNCT
gujaf-264	219	11	suggests	suggest	VERB
gujaf-264	219	12	that	that	SCONJ
gujaf-264	219	13	there	there	PRON
gujaf-264	219	14	are	be	VERB
gujaf-264	219	15	outliers	outlier	NOUN
gujaf-264	219	16	on	on	ADP
gujaf-264	219	17	the	the	DET
gujaf-264	219	18	right	right	ADJ
gujaf-264	219	19	side	side	NOUN
gujaf-264	219	20	of	of	ADP
gujaf-264	219	21	the	the	DET
gujaf-264	219	22	distribution	distribution	NOUN
gujaf-264	219	23	curve	curve	NOUN
gujaf-264	219	24	.	.	PUNCT
gujaf-264	220	1	the	the	PRON
gujaf-264	220	2	dpayhas	dpayha	VERB
gujaf-264	220	3	a	a	DET
gujaf-264	220	4	minimum	minimum	ADJ
gujaf-264	220	5	value	value	NOUN
gujaf-264	220	6	of0	of0	NOUN
gujaf-264	220	7	,	,	PUNCT
gujaf-264	220	8	the	the	DET
gujaf-264	220	9	maximum	maximum	ADJ
gujaf-264	220	10	value	value	NOUN
gujaf-264	220	11	68.2	68.2	NUM
gujaf-264	220	12	,	,	PUNCT
gujaf-264	220	13	with	with	ADP
gujaf-264	220	14	a	a	DET
gujaf-264	220	15	mean	mean	NOUN
gujaf-264	220	16	of	of	ADP
gujaf-264	220	17	2.872375	2.872375	NUM
gujaf-264	220	18	.	.	PUNCT
gujaf-264	221	1	the	the	DET
gujaf-264	221	2	standard	standard	ADJ
gujaf-264	221	3	deviation	deviation	NOUN
gujaf-264	221	4	is	be	AUX
gujaf-264	221	5	9.758711	9.758711	NUM
gujaf-264	221	6	,	,	PUNCT
gujaf-264	221	7	which	which	PRON
gujaf-264	221	8	shows	show	VERB
gujaf-264	221	9	a	a	DET
gujaf-264	221	10	relatively	relatively	ADV
gujaf-264	221	11	wide	wide	ADJ
gujaf-264	221	12	variation	variation	NOUN
gujaf-264	221	13	of	of	ADP
gujaf-264	221	14	dividend	dividend	NOUN
gujaf-264	221	15	payout	payout	NOUN
gujaf-264	221	16	among	among	ADP
gujaf-264	221	17	the	the	DET
gujaf-264	221	18	sampled	sample	VERB
gujaf-264	221	19	entities	entity	NOUN
gujaf-264	221	20	.	.	PUNCT
gujaf-264	222	1	the	the	DET
gujaf-264	222	2	skewness	skewness	NOUN
gujaf-264	222	3	of	of	ADP
gujaf-264	222	4	1.142922indicates	1.142922indicates	PROPN
gujaf-264	222	5	a	a	DET
gujaf-264	222	6	negative	negative	ADJ
gujaf-264	222	7	skewness	skewness	NOUN
gujaf-264	222	8	of	of	ADP
gujaf-264	222	9	the	the	DET
gujaf-264	222	10	distribution	distribution	NOUN
gujaf-264	222	11	,	,	PUNCT
gujaf-264	222	12	meaning	mean	VERB
gujaf-264	222	13	that	that	SCONJ
gujaf-264	222	14	there	there	PRON
gujaf-264	222	15	are	be	VERB
gujaf-264	222	16	more	more	ADJ
gujaf-264	222	17	firms	firm	NOUN
gujaf-264	222	18	that	that	PRON
gujaf-264	222	19	pay	pay	VERB
gujaf-264	222	20	lower	low	ADJ
gujaf-264	222	21	dividends	dividend	NOUN
gujaf-264	222	22	in	in	ADP
gujaf-264	222	23	comparison	comparison	NOUN
gujaf-264	222	24	to	to	ADP
gujaf-264	222	25	the	the	DET
gujaf-264	222	26	mean	mean	ADJ
gujaf-264	222	27	dividend	dividend	NOUN
gujaf-264	222	28	.	.	PUNCT
gujaf-264	223	1	ownc	ownc	NOUN
gujaf-264	223	2	values	value	NOUN
gujaf-264	223	3	range	range	VERB
gujaf-264	223	4	from	from	ADP
gujaf-264	223	5	a	a	DET
gujaf-264	223	6	minimum	minimum	NOUN
gujaf-264	223	7	of	of	ADP
gujaf-264	223	8	20	20	NUM
gujaf-264	223	9	(	(	PUNCT
gujaf-264	223	10	20	20	NUM
gujaf-264	223	11	%	%	NOUN
gujaf-264	223	12	)	)	PUNCT
gujaf-264	223	13	to	to	ADP
gujaf-264	223	14	a	a	DET
gujaf-264	223	15	maximum	maximum	NOUN
gujaf-264	223	16	of	of	ADP
gujaf-264	223	17	0.95	0.95	NUM
gujaf-264	223	18	(	(	PUNCT
gujaf-264	223	19	95	95	NUM
gujaf-264	223	20	%	%	NOUN
gujaf-264	223	21	)	)	PUNCT
gujaf-264	223	22	,	,	PUNCT
gujaf-264	223	23	with	with	ADP
gujaf-264	223	24	a	a	DET
gujaf-264	223	25	mean	mean	NOUN
gujaf-264	223	26	of	of	ADP
gujaf-264	223	27	0.6625	0.6625	NUM
gujaf-264	223	28	(	(	PUNCT
gujaf-264	223	29	66.25	66.25	NUM
gujaf-264	223	30	%	%	NOUN
gujaf-264	223	31	)	)	PUNCT
gujaf-264	223	32	.	.	PUNCT
gujaf-264	224	1	the	the	DET
gujaf-264	224	2	standard	standard	ADJ
gujaf-264	224	3	deviation	deviation	NOUN
gujaf-264	224	4	of	of	ADP
gujaf-264	224	5	13.28592shows	13.28592show	NOUN
gujaf-264	224	6	that	that	SCONJ
gujaf-264	224	7	there	there	PRON
gujaf-264	224	8	is	be	VERB
gujaf-264	224	9	a	a	DET
gujaf-264	224	10	wide	wide	ADJ
gujaf-264	224	11	variation	variation	NOUN
gujaf-264	224	12	in	in	ADP
gujaf-264	224	13	ownership	ownership	NOUN
gujaf-264	224	14	concentration	concentration	NOUN
gujaf-264	224	15	values	value	NOUN
gujaf-264	224	16	and	and	CCONJ
gujaf-264	224	17	a	a	DET
gujaf-264	224	18	skewness	skewness	NOUN
gujaf-264	224	19	value	value	NOUN
gujaf-264	224	20	of	of	ADP
gujaf-264	224	21	.7187042	.7187042	PROPN
gujaf-264	224	22	indicates	indicate	VERB
gujaf-264	224	23	that	that	SCONJ
gujaf-264	224	24	there	there	PRON
gujaf-264	224	25	are	be	VERB
gujaf-264	224	26	more	more	ADJ
gujaf-264	224	27	firms	firm	NOUN
gujaf-264	224	28	with	with	ADP
gujaf-264	224	29	ownership	ownership	NOUN
gujaf-264	224	30	concentrations	concentration	NOUN
gujaf-264	224	31	less	less	ADJ
gujaf-264	224	32	than	than	ADP
gujaf-264	224	33	the	the	DET
gujaf-264	224	34	mean	mean	NOUN
gujaf-264	224	35	,	,	PUNCT
gujaf-264	224	36	and	and	CCONJ
gujaf-264	224	37	the	the	DET
gujaf-264	224	38	tail	tail	NOUN
gujaf-264	224	39	of	of	ADP
gujaf-264	224	40	the	the	DET
gujaf-264	224	41	distribution	distribution	NOUN
gujaf-264	224	42	extends	extend	VERB
gujaf-264	224	43	more	more	ADJ
gujaf-264	224	44	towards	towards	ADP
gujaf-264	224	45	lower	low	ADJ
gujaf-264	224	46	ownership	ownership	NOUN
gujaf-264	224	47	concentrations	concentration	NOUN
gujaf-264	224	48	.	.	PUNCT
gujaf-264	225	1	fs	fs	INTJ
gujaf-264	225	2	,	,	PUNCT
gujaf-264	225	3	which	which	PRON
gujaf-264	225	4	the	the	DET
gujaf-264	225	5	log	log	NOUN
gujaf-264	225	6	of	of	ADP
gujaf-264	225	7	total	total	ADJ
gujaf-264	225	8	assets	asset	NOUN
gujaf-264	225	9	,	,	PUNCT
gujaf-264	225	10	ranges	range	VERB
gujaf-264	225	11	from	from	ADP
gujaf-264	225	12	a	a	DET
gujaf-264	225	13	minimum	minimum	ADJ
gujaf-264	225	14	value	value	NOUN
gujaf-264	225	15	of	of	ADP
gujaf-264	225	16	12.67941to	12.67941to	PROPN
gujaf-264	225	17	a	a	DET
gujaf-264	225	18	maximum	maximum	ADJ
gujaf-264	225	19	value	value	NOUN
gujaf-264	225	20	of	of	ADP
gujaf-264	225	21	20.31832	20.31832	NUM
gujaf-264	225	22	,	,	PUNCT
gujaf-264	225	23	while	while	SCONJ
gujaf-264	225	24	the	the	DET
gujaf-264	225	25	mean	mean	ADJ
gujaf-264	225	26	value	value	NOUN
gujaf-264	225	27	is	be	AUX
gujaf-264	225	28	17.56105	17.56105	NUM
gujaf-264	225	29	.	.	PUNCT
gujaf-264	226	1	the	the	DET
gujaf-264	226	2	standard	standard	ADJ
gujaf-264	226	3	deviation	deviation	NOUN
gujaf-264	226	4	of	of	ADP
gujaf-264	226	5	1.841698implies	1.841698implies	NUM
gujaf-264	226	6	a	a	DET
gujaf-264	226	7	moderate	moderate	ADJ
gujaf-264	226	8	level	level	NOUN
gujaf-264	226	9	ofvariability	ofvariability	NOUN
gujaf-264	226	10	in	in	ADP
gujaf-264	226	11	firm	firm	ADJ
gujaf-264	226	12	sizesand	sizesand	PROPN
gujaf-264	226	13	the	the	DET
gujaf-264	226	14	skewness	skewness	NOUN
gujaf-264	226	15	of	of	ADP
gujaf-264	226	16	-.7187042shows	-.7187042shows	PROPN
gujaf-264	226	17	that	that	SCONJ
gujaf-264	226	18	the	the	DET
gujaf-264	226	19	distribution	distribution	NOUN
gujaf-264	226	20	is	be	AUX
gujaf-264	226	21	left	leave	VERB
gujaf-264	226	22	skewed	skewed	ADJ
gujaf-264	226	23	,	,	PUNCT
gujaf-264	226	24	meaning	mean	VERB
gujaf-264	226	25	that	that	SCONJ
gujaf-264	226	26	more	more	ADJ
gujaf-264	226	27	the	the	DET
gujaf-264	226	28	firms	firm	NOUN
gujaf-264	226	29	have	have	VERB
gujaf-264	226	30	their	their	PRON
gujaf-264	226	31	total	total	ADJ
gujaf-264	226	32	assets	asset	NOUN
gujaf-264	226	33	value	value	NOUN
gujaf-264	226	34	below	below	ADP
gujaf-264	226	35	the	the	DET
gujaf-264	226	36	mean	mean	ADJ
gujaf-264	226	37	value	value	NOUN
gujaf-264	226	38	.	.	PUNCT
gujaf-264	227	1	4.2	4.2	NUM
gujaf-264	227	2	correlation	correlation	NOUN
gujaf-264	227	3	analysis	analysis	NOUN
gujaf-264	227	4	160	160	NUM
gujaf-264	227	5	table	table	NOUN
gujaf-264	227	6	iii	iii	NOUN
gujaf-264	227	7	displays	display	VERB
gujaf-264	227	8	the	the	DET
gujaf-264	227	9	spearman	spearman	NOUN
gujaf-264	227	10	correlation	correlation	NOUN
gujaf-264	227	11	values	value	NOUN
gujaf-264	227	12	of	of	ADP
gujaf-264	227	13	the	the	DET
gujaf-264	227	14	variables.spearman	variables.spearman	NOUN
gujaf-264	227	15	correlation	correlation	NOUN
gujaf-264	227	16	is	be	AUX
gujaf-264	227	17	noted	note	VERB
gujaf-264	227	18	for	for	ADP
gujaf-264	227	19	its	its	PRON
gujaf-264	227	20	robustness	robustness	NOUN
gujaf-264	227	21	in	in	ADP
gujaf-264	227	22	dealing	deal	VERB
gujaf-264	227	23	with	with	ADP
gujaf-264	227	24	non	non	ADJ
gujaf-264	227	25	-	-	ADJ
gujaf-264	227	26	normal	normal	ADJ
gujaf-264	227	27	data	datum	NOUN
gujaf-264	227	28	and	and	CCONJ
gujaf-264	227	29	for	for	ADP
gujaf-264	227	30	the	the	DET
gujaf-264	227	31	its	its	PRON
gujaf-264	227	32	ability	ability	NOUN
gujaf-264	227	33	to	to	PART
gujaf-264	227	34	handle	handle	VERB
gujaf-264	227	35	monotonic	monotonic	ADJ
gujaf-264	227	36	relationship	relationship	NOUN
gujaf-264	227	37	between	between	ADP
gujaf-264	227	38	variables	variable	NOUN
gujaf-264	227	39	,	,	PUNCT
gujaf-264	227	40	(	(	PUNCT
gujaf-264	227	41	bishara	bishara	NOUN
gujaf-264	227	42	&	&	CCONJ
gujaf-264	227	43	hittner	hittner	NOUN
gujaf-264	227	44	,	,	PUNCT
gujaf-264	227	45	2012	2012	NUM
gujaf-264	227	46	)	)	PUNCT
gujaf-264	227	47	.	.	PUNCT
gujaf-264	228	1	table	table	NOUN
gujaf-264	228	2	iii	iii	PROPN
gujaf-264	228	3	:	:	PUNCT
gujaf-264	228	4	correlation	correlation	NOUN
gujaf-264	228	5	matrix	matrix	NOUN
gujaf-264	228	6	tobinsq	tobinsq	NOUN
gujaf-264	228	7	dpay	dpay	NOUN
gujaf-264	228	8	ownc	ownc	NOUN
gujaf-264	228	9	fs	fs	ADP
gujaf-264	228	10	tobinsq	tobinsq	ADJ
gujaf-264	228	11	1	1	NUM
gujaf-264	228	12	dpay	dpay	NOUN
gujaf-264	228	13	0.6698	0.6698	NUM
gujaf-264	228	14	*	*	SYM
gujaf-264	228	15	*	*	SYM
gujaf-264	228	16	1	1	NUM
gujaf-264	228	17	ownc	ownc	VERB
gujaf-264	228	18	0.0512	0.0512	NUM
gujaf-264	228	19	0.0461	0.0461	NUM
gujaf-264	228	20	1	1	NUM
gujaf-264	228	21	fs	fs	ADP
gujaf-264	228	22	0.1945	0.1945	NUM
gujaf-264	228	23	*	*	NOUN
gujaf-264	228	24	0.2291	0.2291	NUM
gujaf-264	228	25	*	*	PUNCT
gujaf-264	228	26	*	*	PUNCT
gujaf-264	229	1	0.2554	0.2554	PUNCT
gujaf-264	229	2	*	*	PUNCT
gujaf-264	229	3	*	*	SYM
gujaf-264	229	4	1	1	NUM
gujaf-264	229	5	source	source	NOUN
gujaf-264	229	6	:	:	PUNCT
gujaf-264	229	7	stata	stata	NOUN
gujaf-264	229	8	17output	17output	NUM
gujaf-264	229	9	,	,	PUNCT
gujaf-264	229	10	2023	2023	NUM
gujaf-264	229	11	*	*	PUNCT
gujaf-264	229	12	*	*	PUNCT
gujaf-264	229	13	0.01	0.01	NUM
gujaf-264	229	14	or	or	CCONJ
gujaf-264	229	15	*	*	ADP
gujaf-264	229	16	0.05	0.05	NUM
gujaf-264	229	17	level	level	NOUN
gujaf-264	229	18	of	of	ADP
gujaf-264	229	19	significance	significance	NOUN
gujaf-264	229	20	(	(	PUNCT
gujaf-264	229	21	2	2	NUM
gujaf-264	229	22	-	-	PUNCT
gujaf-264	229	23	tailed	tailed	ADJ
gujaf-264	229	24	)	)	PUNCT
gujaf-264	229	25	tobin	tobin	PROPN
gujaf-264	229	26	’s	’s	PART
gujaf-264	229	27	q	q	NOUN
gujaf-264	229	28	and	and	CCONJ
gujaf-264	229	29	dpay	dpay	VERB
gujaf-264	229	30	correlation	correlation	NOUN
gujaf-264	229	31	value	value	NOUN
gujaf-264	229	32	of	of	ADP
gujaf-264	229	33	0.6698	0.6698	NUM
gujaf-264	229	34	shows	show	NOUN
gujaf-264	229	35	that	that	PRON
gujaf-264	229	36	is	be	AUX
gujaf-264	229	37	a	a	DET
gujaf-264	229	38	strong	strong	ADJ
gujaf-264	229	39	positive	positive	ADJ
gujaf-264	229	40	correlation	correlation	NOUN
gujaf-264	229	41	tobin	tobin	NOUN
gujaf-264	229	42	’s	’s	PART
gujaf-264	229	43	q	q	NOUN
gujaf-264	229	44	and	and	CCONJ
gujaf-264	229	45	dividend	dividend	NOUN
gujaf-264	229	46	payout	payout	NOUN
gujaf-264	229	47	.	.	PUNCT
gujaf-264	230	1	tobinsq	tobinsq	NOUN
gujaf-264	230	2	and	and	CCONJ
gujaf-264	230	3	ownc	ownc	NOUN
gujaf-264	230	4	correlation	correlation	NOUN
gujaf-264	230	5	value	value	NOUN
gujaf-264	230	6	of	of	ADP
gujaf-264	230	7	0.0512	0.0512	NUM
gujaf-264	230	8	is	be	AUX
gujaf-264	230	9	positive	positive	ADJ
gujaf-264	230	10	and	and	CCONJ
gujaf-264	230	11	statistically	statistically	ADV
gujaf-264	230	12	insignificant	insignificant	ADJ
gujaf-264	230	13	,	,	PUNCT
gujaf-264	230	14	which	which	PRON
gujaf-264	230	15	suggests	suggest	VERB
gujaf-264	230	16	avery	avery	NOUN
gujaf-264	230	17	weakpositive	weakpositive	ADJ
gujaf-264	230	18	correlation	correlation	NOUN
gujaf-264	230	19	between	between	ADP
gujaf-264	230	20	tobin	tobin	PROPN
gujaf-264	230	21	’s	’s	PART
gujaf-264	230	22	q	q	NOUN
gujaf-264	230	23	and	and	CCONJ
gujaf-264	230	24	ownership	ownership	NOUN
gujaf-264	230	25	concentration	concentration	NOUN
gujaf-264	230	26	.	.	PUNCT
gujaf-264	231	1	tobinsq	tobinsq	NOUN
gujaf-264	231	2	and	and	CCONJ
gujaf-264	231	3	fs	fs	ADP
gujaf-264	231	4	0.1945correlation	0.1945correlation	NOUN
gujaf-264	231	5	is	be	AUX
gujaf-264	231	6	positive	positive	ADJ
gujaf-264	231	7	and	and	CCONJ
gujaf-264	231	8	significant	significant	ADJ
gujaf-264	231	9	.	.	PUNCT
gujaf-264	232	1	there	there	PRON
gujaf-264	232	2	is	be	VERB
gujaf-264	232	3	a	a	DET
gujaf-264	232	4	weak	weak	ADJ
gujaf-264	232	5	positive	positive	ADJ
gujaf-264	232	6	correlation	correlation	NOUN
gujaf-264	232	7	tobinsq	tobinsq	NOUN
gujaf-264	232	8	and	and	CCONJ
gujaf-264	232	9	fs	fs	PROPN
gujaf-264	232	10	,	,	PUNCT
gujaf-264	232	11	which	which	PRON
gujaf-264	232	12	is	be	AUX
gujaf-264	232	13	statistically	statistically	ADV
gujaf-264	232	14	significant	significant	ADJ
gujaf-264	232	15	at	at	ADP
gujaf-264	232	16	5	5	NUM
gujaf-264	232	17	%	%	NOUN
gujaf-264	232	18	level	level	NOUN
gujaf-264	232	19	.	.	PUNCT
gujaf-264	233	1	dpay	dpay	NOUN
gujaf-264	233	2	and	and	CCONJ
gujaf-264	233	3	ownc	ownc	NOUN
gujaf-264	233	4	have	have	VERB
gujaf-264	233	5	a	a	DET
gujaf-264	233	6	correlation	correlation	NOUN
gujaf-264	233	7	coefficient	coefficient	NOUN
gujaf-264	233	8	of0.0461	of0.0461	PROPN
gujaf-264	233	9	,	,	PUNCT
gujaf-264	233	10	which	which	PRON
gujaf-264	233	11	implies	imply	VERB
gujaf-264	233	12	a	a	DET
gujaf-264	233	13	weak	weak	ADJ
gujaf-264	233	14	positive	positive	ADJ
gujaf-264	233	15	correlation	correlation	NOUN
gujaf-264	233	16	between	between	ADP
gujaf-264	233	17	dpay	dpay	NOUN
gujaf-264	233	18	and	and	CCONJ
gujaf-264	233	19	own	own	ADJ
gujaf-264	233	20	,	,	PUNCT
gujaf-264	233	21	and	and	CCONJ
gujaf-264	233	22	a	a	DET
gujaf-264	233	23	statistically	statistically	ADV
gujaf-264	233	24	insignificant	insignificant	ADJ
gujaf-264	233	25	relationship	relationship	NOUN
gujaf-264	233	26	existed	exist	VERB
gujaf-264	233	27	between	between	ADP
gujaf-264	233	28	the	the	DET
gujaf-264	233	29	two	two	NUM
gujaf-264	233	30	.	.	PUNCT
gujaf-264	234	1	dpay	dpay	NOUN
gujaf-264	234	2	and	and	CCONJ
gujaf-264	234	3	fs	f	NOUN
gujaf-264	234	4	have	have	VERB
gujaf-264	234	5	a	a	DET
gujaf-264	234	6	correlation	correlation	NOUN
gujaf-264	234	7	coefficient	coefficient	NOUN
gujaf-264	234	8	of0.2291which	of0.2291which	PROPN
gujaf-264	234	9	is	be	AUX
gujaf-264	234	10	positive	positive	ADJ
gujaf-264	234	11	and	and	CCONJ
gujaf-264	234	12	statistically	statistically	ADV
gujaf-264	234	13	significant	significant	ADJ
gujaf-264	234	14	at	at	ADP
gujaf-264	234	15	0.01	0.01	NUM
gujaf-264	234	16	.	.	PUNCT
gujaf-264	235	1	there	there	PRON
gujaf-264	235	2	is	be	VERB
gujaf-264	235	3	a	a	DET
gujaf-264	235	4	moderate	moderate	ADJ
gujaf-264	235	5	positive	positive	ADJ
gujaf-264	235	6	correlation	correlation	NOUN
gujaf-264	235	7	betweendpay	betweendpay	NOUN
gujaf-264	235	8	and	and	CCONJ
gujaf-264	235	9	fswhich	fswhich	PROPN
gujaf-264	235	10	is	be	AUX
gujaf-264	235	11	highly	highly	ADV
gujaf-264	235	12	significant	significant	ADJ
gujaf-264	235	13	.	.	PUNCT
gujaf-264	236	1	lastly	lastly	ADV
gujaf-264	236	2	,	,	PUNCT
gujaf-264	236	3	ownc	ownc	NOUN
gujaf-264	236	4	and	and	CCONJ
gujaf-264	236	5	fs	fs	PROPN
gujaf-264	236	6	have	have	VERB
gujaf-264	236	7	a	a	DET
gujaf-264	236	8	correlation	correlation	NOUN
gujaf-264	236	9	coefficient	coefficient	NOUN
gujaf-264	236	10	is	be	AUX
gujaf-264	236	11	0.2554,which	0.2554,which	PRON
gujaf-264	236	12	implies	imply	VERB
gujaf-264	236	13	a	a	DET
gujaf-264	236	14	moderate	moderate	ADJ
gujaf-264	236	15	positive	positive	ADJ
gujaf-264	236	16	correlation	correlation	NOUN
gujaf-264	236	17	that	that	PRON
gujaf-264	236	18	is	be	AUX
gujaf-264	236	19	highly	highly	ADV
gujaf-264	236	20	statistically	statistically	ADV
gujaf-264	236	21	significant	significant	ADJ
gujaf-264	236	22	.	.	PUNCT
gujaf-264	237	1	4.2.1	4.2.1	NUM
gujaf-264	237	2	robustness	robustness	NOUN
gujaf-264	237	3	tests	test	NOUN
gujaf-264	237	4	to	to	PART
gujaf-264	237	5	establish	establish	VERB
gujaf-264	237	6	the	the	DET
gujaf-264	237	7	presence	presence	NOUN
gujaf-264	237	8	of	of	ADP
gujaf-264	237	9	detrimental	detrimental	ADJ
gujaf-264	237	10	multicollinearity	multicollinearity	NOUN
gujaf-264	237	11	,	,	PUNCT
gujaf-264	237	12	the	the	DET
gujaf-264	237	13	tolerance	tolerance	NOUN
gujaf-264	237	14	,	,	PUNCT
gujaf-264	237	15	and	and	CCONJ
gujaf-264	237	16	variance	variance	NOUN
gujaf-264	237	17	inflation	inflation	NOUN
gujaf-264	237	18	factor	factor	NOUN
gujaf-264	237	19	(	(	PUNCT
gujaf-264	237	20	vif	vif	NOUN
gujaf-264	237	21	)	)	PUNCT
gujaf-264	237	22	must	must	AUX
gujaf-264	237	23	be	be	AUX
gujaf-264	237	24	consistently	consistently	ADV
gujaf-264	237	25	below	below	ADP
gujaf-264	237	26	ten,(hauber	ten,(hauber	PROPN
gujaf-264	237	27	et	et	PROPN
gujaf-264	237	28	al	al	PROPN
gujaf-264	237	29	.	.	PROPN
gujaf-264	237	30	,	,	PUNCT
gujaf-264	237	31	2014	2014	NUM
gujaf-264	237	32	)	)	PUNCT
gujaf-264	237	33	.	.	PUNCT
gujaf-264	238	1	the	the	DET
gujaf-264	238	2	variance	variance	NOUN
gujaf-264	238	3	inflation	inflation	NOUN
gujaf-264	238	4	factor	factor	NOUN
gujaf-264	238	5	(	(	PUNCT
gujaf-264	238	6	vif	vif	NOUN
gujaf-264	238	7	)	)	PUNCT
gujaf-264	238	8	results	result	VERB
gujaf-264	238	9	for	for	ADP
gujaf-264	238	10	each	each	PRON
gujaf-264	238	11	of	of	ADP
gujaf-264	238	12	the	the	DET
gujaf-264	238	13	variables	variable	NOUN
gujaf-264	238	14	were	be	AUX
gujaf-264	238	15	well	well	ADV
gujaf-264	238	16	below	below	ADP
gujaf-264	238	17	the	the	DET
gujaf-264	238	18	common	common	ADJ
gujaf-264	238	19	threshold	threshold	NOUN
gujaf-264	238	20	of	of	ADP
gujaf-264	238	21	<	<	X
gujaf-264	238	22	10	10	NUM
gujaf-264	238	23	,	,	PUNCT
gujaf-264	238	24	suggest	suggest	VERB
gujaf-264	238	25	that	that	SCONJ
gujaf-264	238	26	multicollinearity	multicollinearity	NOUN
gujaf-264	238	27	is	be	AUX
gujaf-264	238	28	not	not	PART
gujaf-264	238	29	a	a	DET
gujaf-264	238	30	concern	concern	NOUN
gujaf-264	238	31	in	in	ADP
gujaf-264	238	32	this	this	DET
gujaf-264	238	33	model	model	NOUN
gujaf-264	238	34	.	.	PUNCT
gujaf-264	239	1	furthermore	furthermore	ADV
gujaf-264	239	2	,	,	PUNCT
gujaf-264	239	3	breusch	breusch	PROPN
gujaf-264	239	4	-	-	PUNCT
gujaf-264	239	5	pagan	pagan	ADJ
gujaf-264	239	6	/	/	SYM
gujaf-264	239	7	cook	cook	NOUN
gujaf-264	239	8	-	-	PUNCT
gujaf-264	239	9	weisberg	weisberg	PROPN
gujaf-264	239	10	test	test	NOUN
gujaf-264	239	11	for	for	ADP
gujaf-264	239	12	heteroskedasticity	heteroskedasticity	NOUN
gujaf-264	239	13	was	be	AUX
gujaf-264	239	14	conducted	conduct	VERB
gujaf-264	239	15	.	.	PUNCT
gujaf-264	240	1	the	the	DET
gujaf-264	240	2	test	test	NOUN
gujaf-264	240	3	yielded	yield	VERB
gujaf-264	240	4	a	a	DET
gujaf-264	240	5	chi	chi	NOUN
gujaf-264	240	6	-	-	PUNCT
gujaf-264	240	7	squared	square	VERB
gujaf-264	240	8	statistics	statistic	NOUN
gujaf-264	240	9	of	of	ADP
gujaf-264	240	10	67.06	67.06	NUM
gujaf-264	240	11	with	with	ADP
gujaf-264	240	12	a	a	DET
gujaf-264	240	13	p	p	ADJ
gujaf-264	240	14	-	-	PUNCT
gujaf-264	240	15	value	value	NOUN
gujaf-264	240	16	of0.0000	of0.0000	NOUN
gujaf-264	240	17	,	,	PUNCT
gujaf-264	240	18	which	which	PRON
gujaf-264	240	19	is	be	AUX
gujaf-264	240	20	highly	highly	ADV
gujaf-264	240	21	significant	significant	ADJ
gujaf-264	240	22	.	.	PUNCT
gujaf-264	241	1	this	this	PRON
gujaf-264	241	2	means	mean	VERB
gujaf-264	241	3	that	that	SCONJ
gujaf-264	241	4	there	there	PRON
gujaf-264	241	5	is	be	VERB
gujaf-264	241	6	the	the	DET
gujaf-264	241	7	presence	presence	NOUN
gujaf-264	241	8	of	of	ADP
gujaf-264	241	9	heteroskedasticity	heteroskedasticity	NOUN
gujaf-264	241	10	in	in	ADP
gujaf-264	241	11	the	the	DET
gujaf-264	241	12	residuals	residual	NOUN
gujaf-264	241	13	,	,	PUNCT
gujaf-264	241	14	which	which	PRON
gujaf-264	241	15	means	mean	VERB
gujaf-264	241	16	that	that	SCONJ
gujaf-264	241	17	the	the	DET
gujaf-264	241	18	variance	variance	NOUN
gujaf-264	241	19	of	of	ADP
gujaf-264	241	20	the	the	DET
gujaf-264	241	21	error	error	NOUN
gujaf-264	241	22	terms	term	NOUN
gujaf-264	241	23	is	be	AUX
gujaf-264	241	24	not	not	PART
gujaf-264	241	25	constant	constant	ADJ
gujaf-264	241	26	across	across	ADP
gujaf-264	241	27	observations	observation	NOUN
gujaf-264	241	28	.	.	PUNCT
gujaf-264	242	1	the	the	DET
gujaf-264	242	2	presence	presence	NOUN
gujaf-264	242	3	of	of	ADP
gujaf-264	242	4	heteroskedasticity	heteroskedasticity	NOUN
gujaf-264	242	5	161	161	NUM
gujaf-264	242	6	led	lead	VERB
gujaf-264	242	7	to	to	ADP
gujaf-264	242	8	the	the	DET
gujaf-264	242	9	use	use	NOUN
gujaf-264	242	10	of	of	ADP
gujaf-264	242	11	robust	robust	ADJ
gujaf-264	242	12	ordinary	ordinary	ADJ
gujaf-264	242	13	least	least	ADJ
gujaf-264	242	14	square	square	ADJ
gujaf-264	242	15	,	,	PUNCT
gujaf-264	242	16	helps	help	VERB
gujaf-264	242	17	to	to	PART
gujaf-264	242	18	adjust	adjust	VERB
gujaf-264	242	19	for	for	ADP
gujaf-264	242	20	the	the	DET
gujaf-264	242	21	impact	impact	NOUN
gujaf-264	242	22	of	of	ADP
gujaf-264	242	23	heteroskedasticity	heteroskedasticity	NOUN
gujaf-264	242	24	presence	presence	NOUN
gujaf-264	242	25	in	in	ADP
gujaf-264	242	26	the	the	DET
gujaf-264	242	27	residuals	residual	NOUN
gujaf-264	242	28	.	.	PUNCT
gujaf-264	243	1	it	it	PRON
gujaf-264	243	2	is	be	AUX
gujaf-264	243	3	critical	critical	ADJ
gujaf-264	243	4	that	that	SCONJ
gujaf-264	243	5	the	the	DET
gujaf-264	243	6	most	most	ADV
gujaf-264	243	7	suitable	suitable	ADJ
gujaf-264	243	8	econometric	econometric	ADJ
gujaf-264	243	9	model	model	NOUN
gujaf-264	243	10	be	be	AUX
gujaf-264	243	11	utilized	utilize	VERB
gujaf-264	243	12	for	for	ADP
gujaf-264	243	13	the	the	DET
gujaf-264	243	14	analysis	analysis	NOUN
gujaf-264	243	15	of	of	ADP
gujaf-264	243	16	our	our	PRON
gujaf-264	243	17	panel	panel	NOUN
gujaf-264	243	18	data	datum	NOUN
gujaf-264	243	19	to	to	PART
gujaf-264	243	20	guarantee	guarantee	VERB
gujaf-264	243	21	the	the	DET
gujaf-264	243	22	robustness	robustness	NOUN
gujaf-264	243	23	and	and	CCONJ
gujaf-264	243	24	dependability	dependability	NOUN
gujaf-264	243	25	of	of	ADP
gujaf-264	243	26	our	our	PRON
gujaf-264	243	27	results	result	NOUN
gujaf-264	243	28	.	.	PUNCT
gujaf-264	244	1	as	as	ADP
gujaf-264	244	2	a	a	DET
gujaf-264	244	3	means	means	NOUN
gujaf-264	244	4	of	of	ADP
gujaf-264	244	5	identifying	identify	VERB
gujaf-264	244	6	systematic	systematic	ADJ
gujaf-264	244	7	differences	difference	NOUN
gujaf-264	244	8	,	,	PUNCT
gujaf-264	244	9	the	the	DET
gujaf-264	244	10	hausman	hausman	ADJ
gujaf-264	244	11	test	test	NOUN
gujaf-264	244	12	,	,	PUNCT
gujaf-264	244	13	which	which	PRON
gujaf-264	244	14	compares	compare	VERB
gujaf-264	244	15	the	the	DET
gujaf-264	244	16	coefficients	coefficient	NOUN
gujaf-264	244	17	of	of	ADP
gujaf-264	244	18	the	the	DET
gujaf-264	244	19	random	random	ADJ
gujaf-264	244	20	-	-	PUNCT
gujaf-264	244	21	effects	effect	NOUN
gujaf-264	244	22	and	and	CCONJ
gujaf-264	244	23	fixed	fix	VERB
gujaf-264	244	24	-	-	PUNCT
gujaf-264	244	25	effects	effect	NOUN
gujaf-264	244	26	models	model	NOUN
gujaf-264	244	27	as	as	ADP
gujaf-264	244	28	a	a	DET
gujaf-264	244	29	basis	basis	NOUN
gujaf-264	244	30	for	for	ADP
gujaf-264	244	31	making	make	VERB
gujaf-264	244	32	the	the	DET
gujaf-264	244	33	appropriate	appropriate	ADJ
gujaf-264	244	34	choice	choice	NOUN
gujaf-264	244	35	was	be	AUX
gujaf-264	244	36	deployed	deploy	VERB
gujaf-264	244	37	.	.	PUNCT
gujaf-264	245	1	the	the	DET
gujaf-264	245	2	hausman	hausman	PROPN
gujaf-264	245	3	test	test	NOUN
gujaf-264	245	4	produced	produce	VERB
gujaf-264	245	5	a	a	DET
gujaf-264	245	6	chi	chi	NOUN
gujaf-264	245	7	-	-	PUNCT
gujaf-264	245	8	squared	square	VERB
gujaf-264	245	9	statistics	statistic	NOUN
gujaf-264	245	10	of	of	ADP
gujaf-264	245	11	197.08	197.08	NUM
gujaf-264	245	12	with	with	ADP
gujaf-264	245	13	a	a	DET
gujaf-264	245	14	p	p	NOUN
gujaf-264	245	15	-	-	PUNCT
gujaf-264	245	16	value	value	NOUN
gujaf-264	245	17	of	of	ADP
gujaf-264	245	18	0.0000	0.0000	NUM
gujaf-264	245	19	,	,	PUNCT
gujaf-264	245	20	which	which	PRON
gujaf-264	245	21	means	mean	VERB
gujaf-264	245	22	that	that	SCONJ
gujaf-264	245	23	it	it	PRON
gujaf-264	245	24	is	be	AUX
gujaf-264	245	25	statistically	statistically	ADV
gujaf-264	245	26	significant	significant	ADJ
gujaf-264	245	27	,	,	PUNCT
gujaf-264	245	28	and	and	CCONJ
gujaf-264	245	29	it	it	PRON
gujaf-264	245	30	suggests	suggest	VERB
gujaf-264	245	31	that	that	SCONJ
gujaf-264	245	32	fixed	fix	VERB
gujaf-264	245	33	-	-	PUNCT
gujaf-264	245	34	effect	effect	NOUN
gujaf-264	245	35	model	model	NOUN
gujaf-264	245	36	is	be	AUX
gujaf-264	245	37	more	more	ADV
gujaf-264	245	38	suitable	suitable	ADJ
gujaf-264	245	39	for	for	SCONJ
gujaf-264	245	40	the	the	DET
gujaf-264	245	41	panel	panel	NOUN
gujaf-264	245	42	data	data	VERB
gujaf-264	245	43	analysis	analysis	NOUN
gujaf-264	245	44	.	.	PUNCT
gujaf-264	246	1	the	the	DET
gujaf-264	246	2	implication	implication	NOUN
gujaf-264	246	3	of	of	ADP
gujaf-264	246	4	fixed	fix	VERB
gujaf-264	246	5	-	-	PUNCT
gujaf-264	246	6	effect	effect	NOUN
gujaf-264	246	7	model	model	NOUN
gujaf-264	246	8	choice	choice	NOUN
gujaf-264	246	9	is	be	AUX
gujaf-264	246	10	that	that	SCONJ
gujaf-264	246	11	the	the	DET
gujaf-264	246	12	panel	panel	NOUN
gujaf-264	246	13	analysis	analysis	NOUN
gujaf-264	246	14	will	will	AUX
gujaf-264	246	15	focus	focus	VERB
gujaf-264	246	16	on	on	ADP
gujaf-264	246	17	the	the	DET
gujaf-264	246	18	within	within	ADJ
gujaf-264	246	19	-	-	PUNCT
gujaf-264	246	20	firm	firm	NOUN
gujaf-264	246	21	variations	variation	NOUN
gujaf-264	246	22	over	over	ADP
gujaf-264	246	23	time	time	NOUN
gujaf-264	246	24	.	.	PUNCT
gujaf-264	247	1	it	it	PRON
gujaf-264	247	2	also	also	ADV
gujaf-264	247	3	allows	allow	VERB
gujaf-264	247	4	for	for	ADP
gujaf-264	247	5	control	control	NOUN
gujaf-264	247	6	of	of	ADP
gujaf-264	247	7	any	any	DET
gujaf-264	247	8	timeinvariant	timeinvariant	ADJ
gujaf-264	247	9	characteristics	characteristic	NOUN
gujaf-264	247	10	of	of	ADP
gujaf-264	247	11	the	the	DET
gujaf-264	247	12	firms	firm	NOUN
gujaf-264	247	13	that	that	PRON
gujaf-264	247	14	might	might	AUX
gujaf-264	247	15	cause	cause	VERB
gujaf-264	247	16	bias	bias	NOUN
gujaf-264	247	17	.	.	PUNCT
gujaf-264	248	1	4.3	4.3	NUM
gujaf-264	248	2	summary	summary	NOUN
gujaf-264	248	3	of	of	ADP
gujaf-264	248	4	regression	regression	NOUN
gujaf-264	248	5	result	result	VERB
gujaf-264	248	6	this	this	DET
gujaf-264	248	7	part	part	NOUN
gujaf-264	248	8	explains	explain	VERB
gujaf-264	248	9	the	the	DET
gujaf-264	248	10	effect	effect	NOUN
gujaf-264	248	11	between	between	ADP
gujaf-264	248	12	dividend	dividend	NOUN
gujaf-264	248	13	policy	policy	NOUN
gujaf-264	248	14	,	,	PUNCT
gujaf-264	248	15	ownership	ownership	NOUN
gujaf-264	248	16	concentration	concentration	NOUN
gujaf-264	248	17	,	,	PUNCT
gujaf-264	248	18	and	and	CCONJ
gujaf-264	248	19	value	value	NOUN
gujaf-264	248	20	of	of	ADP
gujaf-264	248	21	listed	list	VERB
gujaf-264	248	22	consumer	consumer	NOUN
gujaf-264	248	23	goods	good	NOUN
gujaf-264	248	24	firms	firm	NOUN
gujaf-264	248	25	on	on	ADP
gujaf-264	248	26	ngx	ngx	PROPN
gujaf-264	248	27	.	.	PROPN
gujaf-264	248	28	table	table	PROPN
gujaf-264	248	29	iv	iv	ADP
gujaf-264	248	30	:	:	PUNCT
gujaf-264	248	31	summary	summary	NOUN
gujaf-264	248	32	of	of	ADP
gujaf-264	248	33	regression	regression	NOUN
gujaf-264	248	34	(	(	PUNCT
gujaf-264	248	35	ols)-fixed	ols)-fixed	ADJ
gujaf-264	248	36	effect	effect	NOUN
gujaf-264	248	37	model	model	NOUN
gujaf-264	248	38	variables	variable	NOUN
gujaf-264	248	39	coefficient	coefficient	VERB
gujaf-264	248	40	t	t	PROPN
gujaf-264	248	41	-	-	PUNCT
gujaf-264	248	42	statistics	statistic	NOUN
gujaf-264	248	43	probability	probability	NOUN
gujaf-264	248	44	cumulative	cumulative	ADJ
gujaf-264	248	45	intercept	intercept	NOUN
gujaf-264	248	46	20.19855	20.19855	NUM
gujaf-264	248	47	8.84	8.84	NUM
gujaf-264	248	48	0.000	0.000	NUM
gujaf-264	248	49	dpay	dpay	NOUN
gujaf-264	248	50	.0529755	.0529755	NOUN
gujaf-264	248	51	0.44	0.44	NUM
gujaf-264	248	52	0.658	0.658	NUM
gujaf-264	248	53	dpay*ownc	dpay*ownc	NOUN
gujaf-264	248	54	-.0005793	-.0005793	PUNCT
gujaf-264	248	55	-0.37	-0.37	NUM
gujaf-264	248	56	0.711	0.711	NUM
gujaf-264	248	57	ownc	ownc	NOUN
gujaf-264	248	58	-.0391161	-.0391161	PUNCT
gujaf-264	248	59	-3.29	-3.29	PROPN
gujaf-264	248	60	0.001	0.001	NUM
gujaf-264	248	61	fs	fs	NOUN
gujaf-264	248	62	-.8955651	-.8955651	PUNCT
gujaf-264	248	63	-6.66	-6.66	NOUN
gujaf-264	248	64	0.000	0.000	NUM
gujaf-264	248	65	r2	r2	PROPN
gujaf-264	248	66	0.3505	0.3505	NUM
gujaf-264	248	67	fisher	fisher	PROPN
gujaf-264	248	68	exact	exact	PROPN
gujaf-264	248	69	statistics	statistic	NOUN
gujaf-264	248	70	prob	prob	PROPN
gujaf-264	248	71	>	>	PROPN
gujaf-264	248	72	f	f	PROPN
gujaf-264	248	73	test	test	NOUN
gujaf-264	248	74	of	of	ADP
gujaf-264	248	75	significance	significance	NOUN
gujaf-264	248	76	difference	difference	NOUN
gujaf-264	248	77	(	(	PUNCT
gujaf-264	248	78	f	f	X
gujaf-264	248	79	)	)	PUNCT
gujaf-264	248	80	probability	probability	NOUN
gujaf-264	248	81	f	f	PROPN
gujaf-264	248	82	18.88	18.88	NUM
gujaf-264	248	83	0.0000	0.0000	NUM
gujaf-264	248	84	0.20	0.20	NUM
gujaf-264	248	85	0.6590	0.6590	NUM
gujaf-264	248	86	source	source	NOUN
gujaf-264	248	87	:	:	PUNCT
gujaf-264	248	88	stata	stata	VERB
gujaf-264	248	89	17	17	NUM
gujaf-264	248	90	output	output	NOUN
gujaf-264	248	91	,	,	PUNCT
gujaf-264	248	92	2023	2023	NUM
gujaf-264	248	93	the	the	DET
gujaf-264	248	94	withinrsquare	withinrsquare	NOUN
gujaf-264	248	95	of	of	ADP
gujaf-264	248	96	0.3505of	0.3505of	NUM
gujaf-264	248	97	the	the	DET
gujaf-264	248	98	fixed	fix	VERB
gujaf-264	248	99	effect	effect	NOUN
gujaf-264	248	100	regression	regression	NOUN
gujaf-264	248	101	model	model	NOUN
gujaf-264	248	102	indicates	indicate	VERB
gujaf-264	248	103	that	that	SCONJ
gujaf-264	248	104	only	only	ADV
gujaf-264	248	105	35.05	35.05	NUM
gujaf-264	248	106	%	%	NOUN
gujaf-264	248	107	of	of	ADP
gujaf-264	248	108	the	the	DET
gujaf-264	248	109	change	change	NOUN
gujaf-264	248	110	in	in	ADP
gujaf-264	248	111	value	value	NOUN
gujaf-264	248	112	of	of	ADP
gujaf-264	248	113	listed	list	VERB
gujaf-264	248	114	consumer	consumer	NOUN
gujaf-264	248	115	goods	good	NOUN
gujaf-264	248	116	firms	firm	NOUN
gujaf-264	248	117	in	in	ADP
gujaf-264	248	118	nigeria	nigeria	PROPN
gujaf-264	248	119	is	be	AUX
gujaf-264	248	120	as	as	ADP
gujaf-264	248	121	a	a	DET
gujaf-264	248	122	result	result	NOUN
gujaf-264	248	123	of	of	ADP
gujaf-264	248	124	variation	variation	NOUN
gujaf-264	248	125	individend	individend	NOUN
gujaf-264	248	126	payout	payout	NOUN
gujaf-264	248	127	ratio	ratio	NOUN
gujaf-264	248	128	,	,	PUNCT
gujaf-264	248	129	moderated	moderated	ADJ
gujaf-264	248	130	dividend	dividend	NOUN
gujaf-264	248	131	payout	payout	NOUN
gujaf-264	248	132	ratio	ratio	NOUN
gujaf-264	248	133	,	,	PUNCT
gujaf-264	248	134	ownership	ownership	NOUN
gujaf-264	248	135	concentration	concentration	NOUN
gujaf-264	248	136	and	and	CCONJ
gujaf-264	248	137	firm	firm	ADJ
gujaf-264	248	138	size	size	NOUN
gujaf-264	248	139	within	within	ADP
gujaf-264	248	140	each	each	DET
gujaf-264	248	141	firm	firm	NOUN
gujaf-264	248	142	over	over	ADP
gujaf-264	248	143	the	the	DET
gujaf-264	248	144	period	period	NOUN
gujaf-264	248	145	of	of	ADP
gujaf-264	248	146	this	this	DET
gujaf-264	248	147	study	study	NOUN
gujaf-264	248	148	.	.	PUNCT
gujaf-264	249	1	162	162	NUM
gujaf-264	249	2	a	a	DET
gujaf-264	249	3	fisher	fisher	PROPN
gujaf-264	249	4	exact	exact	ADJ
gujaf-264	249	5	f	f	NOUN
gujaf-264	249	6	-	-	PUNCT
gujaf-264	249	7	statistics	statistic	NOUN
gujaf-264	249	8	of	of	ADP
gujaf-264	249	9	18.88	18.88	NUM
gujaf-264	249	10	,	,	PUNCT
gujaf-264	249	11	which	which	PRON
gujaf-264	249	12	is	be	AUX
gujaf-264	249	13	significant	significant	ADJ
gujaf-264	249	14	at	at	ADP
gujaf-264	249	15	the	the	DET
gujaf-264	249	16	1	1	NUM
gujaf-264	249	17	%	%	NOUN
gujaf-264	249	18	level	level	NOUN
gujaf-264	249	19	,	,	PUNCT
gujaf-264	249	20	indicates	indicate	VERB
gujaf-264	249	21	that	that	SCONJ
gujaf-264	249	22	the	the	DET
gujaf-264	249	23	regression	regression	NOUN
gujaf-264	249	24	model	model	NOUN
gujaf-264	249	25	including	include	VERB
gujaf-264	249	26	dividend	dividend	NOUN
gujaf-264	249	27	payout;ownership	payout;ownership	PROPN
gujaf-264	249	28	concentration	concentration	NOUN
gujaf-264	249	29	,	,	PUNCT
gujaf-264	249	30	firm	firm	ADJ
gujaf-264	249	31	size	size	NOUN
gujaf-264	249	32	and	and	CCONJ
gujaf-264	249	33	the	the	DET
gujaf-264	249	34	moderated	moderated	ADJ
gujaf-264	249	35	dividend	dividend	NOUN
gujaf-264	249	36	payout	payout	NOUN
gujaf-264	249	37	ratio	ratio	NOUN
gujaf-264	249	38	,	,	PUNCT
gujaf-264	249	39	is	be	AUX
gujaf-264	249	40	statistically	statistically	ADV
gujaf-264	249	41	significant	significant	ADJ
gujaf-264	249	42	.	.	PUNCT
gujaf-264	250	1	this	this	PRON
gujaf-264	250	2	suggests	suggest	VERB
gujaf-264	250	3	strong	strong	ADJ
gujaf-264	250	4	evidence	evidence	NOUN
gujaf-264	250	5	against	against	ADP
gujaf-264	250	6	the	the	DET
gujaf-264	250	7	null	null	ADJ
gujaf-264	250	8	hypothesis	hypothesis	NOUN
gujaf-264	250	9	,	,	PUNCT
gujaf-264	250	10	which	which	PRON
gujaf-264	250	11	posits	posit	VERB
gujaf-264	250	12	no	no	DET
gujaf-264	250	13	joint	joint	ADJ
gujaf-264	250	14	effect	effect	NOUN
gujaf-264	250	15	of	of	ADP
gujaf-264	250	16	these	these	DET
gujaf-264	250	17	variables	variable	NOUN
gujaf-264	250	18	on	on	ADP
gujaf-264	250	19	firm	firm	ADJ
gujaf-264	250	20	value	value	NOUN
gujaf-264	250	21	.	.	PUNCT
gujaf-264	251	1	therefore	therefore	ADV
gujaf-264	251	2	,	,	PUNCT
gujaf-264	251	3	it	it	PRON
gujaf-264	251	4	can	can	AUX
gujaf-264	251	5	be	be	AUX
gujaf-264	251	6	inferred	infer	VERB
gujaf-264	251	7	that	that	SCONJ
gujaf-264	251	8	the	the	DET
gujaf-264	251	9	independent	independent	ADJ
gujaf-264	251	10	variables	variable	NOUN
gujaf-264	251	11	collectively	collectively	ADV
gujaf-264	251	12	have	have	VERB
gujaf-264	251	13	a	a	DET
gujaf-264	251	14	statistically	statistically	ADV
gujaf-264	251	15	significant	significant	ADJ
gujaf-264	251	16	association	association	NOUN
gujaf-264	251	17	with	with	ADP
gujaf-264	251	18	the	the	DET
gujaf-264	251	19	dependent	dependent	ADJ
gujaf-264	251	20	variable	variable	NOUN
gujaf-264	251	21	.	.	PUNCT
gujaf-264	252	1	wald	wald	NOUN
gujaf-264	252	2	test	test	NOUN
gujaf-264	252	3	conducted	conduct	VERB
gujaf-264	252	4	to	to	PART
gujaf-264	252	5	assess	assess	VERB
gujaf-264	252	6	the	the	DET
gujaf-264	252	7	significance	significance	NOUN
gujaf-264	252	8	of	of	ADP
gujaf-264	252	9	the	the	DET
gujaf-264	252	10	difference	difference	NOUN
gujaf-264	252	11	between	between	ADP
gujaf-264	252	12	the	the	DET
gujaf-264	252	13	unmoderated	unmoderated	ADJ
gujaf-264	252	14	dpay	dpay	NOUN
gujaf-264	252	15	and	and	CCONJ
gujaf-264	252	16	the	the	DET
gujaf-264	252	17	moderated	moderated	ADJ
gujaf-264	252	18	(	(	PUNCT
gujaf-264	252	19	dpay*ownc	dpay*ownc	NOUN
gujaf-264	252	20	)	)	PUNCT
gujaf-264	252	21	variables	variable	NOUN
gujaf-264	252	22	yielded	yield	VERB
gujaf-264	252	23	an	an	DET
gujaf-264	252	24	fstatistic	fstatistic	ADJ
gujaf-264	252	25	value	value	NOUN
gujaf-264	252	26	of	of	ADP
gujaf-264	252	27	0.20	0.20	NUM
gujaf-264	252	28	with	with	ADP
gujaf-264	252	29	a	a	DET
gujaf-264	252	30	corresponding	corresponding	ADJ
gujaf-264	252	31	p	p	NOUN
gujaf-264	252	32	-	-	PUNCT
gujaf-264	252	33	value	value	NOUN
gujaf-264	252	34	of	of	ADP
gujaf-264	252	35	0.6590	0.6590	NUM
gujaf-264	252	36	.	.	PUNCT
gujaf-264	253	1	this	this	DET
gujaf-264	253	2	p	p	NOUN
gujaf-264	253	3	-	-	PUNCT
gujaf-264	253	4	value	value	NOUN
gujaf-264	253	5	is	be	AUX
gujaf-264	253	6	substantially	substantially	ADV
gujaf-264	253	7	higher	high	ADJ
gujaf-264	253	8	than	than	ADP
gujaf-264	253	9	the	the	DET
gujaf-264	253	10	conventional	conventional	ADJ
gujaf-264	253	11	threshold	threshold	NOUN
gujaf-264	253	12	for	for	ADP
gujaf-264	253	13	statistical	statistical	ADJ
gujaf-264	253	14	significance	significance	NOUN
gujaf-264	253	15	,	,	PUNCT
gujaf-264	253	16	which	which	PRON
gujaf-264	253	17	is	be	AUX
gujaf-264	253	18	5	5	NUM
gujaf-264	253	19	%	%	NOUN
gujaf-264	253	20	(	(	PUNCT
gujaf-264	253	21	0.05	0.05	NUM
gujaf-264	253	22	)	)	PUNCT
gujaf-264	253	23	.	.	PUNCT
gujaf-264	254	1	this	this	PRON
gujaf-264	254	2	mean	mean	VERB
gujaf-264	254	3	that	that	SCONJ
gujaf-264	254	4	there	there	PRON
gujaf-264	254	5	is	be	VERB
gujaf-264	254	6	no	no	DET
gujaf-264	254	7	statistically	statistically	ADV
gujaf-264	254	8	significant	significant	ADJ
gujaf-264	254	9	difference	difference	NOUN
gujaf-264	254	10	between	between	ADP
gujaf-264	254	11	the	the	DET
gujaf-264	254	12	impact	impact	NOUN
gujaf-264	254	13	of	of	ADP
gujaf-264	254	14	the	the	DET
gujaf-264	254	15	dividend	dividend	NOUN
gujaf-264	254	16	payout	payout	NOUN
gujaf-264	254	17	ratio	ratio	NOUN
gujaf-264	254	18	(	(	PUNCT
gujaf-264	254	19	dpay	dpay	NOUN
gujaf-264	254	20	)	)	PUNCT
gujaf-264	254	21	on	on	ADP
gujaf-264	254	22	its	its	PRON
gujaf-264	254	23	ownand	ownand	NOUN
gujaf-264	254	24	its	its	PRON
gujaf-264	254	25	interaction	interaction	NOUN
gujaf-264	254	26	with	with	ADP
gujaf-264	254	27	ownc	ownc	NOUN
gujaf-264	254	28	on	on	ADP
gujaf-264	254	29	the	the	DET
gujaf-264	254	30	value	value	NOUN
gujaf-264	254	31	of	of	ADP
gujaf-264	254	32	listed	list	VERB
gujaf-264	254	33	consumer	consumer	NOUN
gujaf-264	254	34	goodsfirms	goodsfirm	NOUN
gujaf-264	254	35	on	on	ADP
gujaf-264	254	36	the	the	DET
gujaf-264	254	37	ngx	ngx	NOUN
gujaf-264	254	38	.	.	PUNCT
gujaf-264	255	1	consequently	consequently	ADV
gujaf-264	255	2	,	,	PUNCT
gujaf-264	255	3	we	we	PRON
gujaf-264	255	4	fail	fail	VERB
gujaf-264	255	5	to	to	PART
gujaf-264	255	6	reject	reject	VERB
gujaf-264	255	7	the	the	DET
gujaf-264	255	8	null	null	ADJ
gujaf-264	255	9	hypothesis	hypothesis	NOUN
gujaf-264	255	10	(	(	PUNCT
gujaf-264	255	11	h03)which	h03)which	NOUN
gujaf-264	255	12	posited	posit	VERB
gujaf-264	255	13	that	that	SCONJ
gujaf-264	255	14	ownership	ownership	NOUN
gujaf-264	255	15	concentration	concentration	NOUN
gujaf-264	255	16	does	do	AUX
gujaf-264	255	17	not	not	PART
gujaf-264	255	18	have	have	VERB
gujaf-264	255	19	a	a	DET
gujaf-264	255	20	statistically	statistically	ADV
gujaf-264	255	21	significant	significant	ADJ
gujaf-264	255	22	moderating	moderate	VERB
gujaf-264	255	23	effect	effect	NOUN
gujaf-264	255	24	on	on	ADP
gujaf-264	255	25	the	the	DET
gujaf-264	255	26	relationship	relationship	NOUN
gujaf-264	255	27	between	between	ADP
gujaf-264	255	28	the	the	DET
gujaf-264	255	29	dividend	dividend	NOUN
gujaf-264	255	30	payout	payout	NOUN
gujaf-264	255	31	ratio	ratio	NOUN
gujaf-264	255	32	and	and	CCONJ
gujaf-264	255	33	the	the	DET
gujaf-264	255	34	value	value	NOUN
gujaf-264	255	35	of	of	ADP
gujaf-264	255	36	consumer	consumer	NOUN
gujaf-264	255	37	goods	good	NOUN
gujaf-264	255	38	firms	firm	NOUN
gujaf-264	255	39	listed	list	VERB
gujaf-264	255	40	in	in	ADP
gujaf-264	255	41	nigeria	nigeria	PROPN
gujaf-264	255	42	.	.	PUNCT
gujaf-264	256	1	it	it	PRON
gujaf-264	256	2	therefore	therefore	ADV
gujaf-264	256	3	means	mean	VERB
gujaf-264	256	4	that	that	SCONJ
gujaf-264	256	5	dividend	dividend	NOUN
gujaf-264	256	6	policy	policy	NOUN
gujaf-264	256	7	(	(	PUNCT
gujaf-264	256	8	dpay	dpay	NOUN
gujaf-264	256	9	)	)	PUNCT
gujaf-264	256	10	influence	influence	NOUN
gujaf-264	256	11	on	on	ADP
gujaf-264	256	12	value	value	NOUN
gujaf-264	256	13	of	of	ADP
gujaf-264	256	14	consumer	consumer	NOUN
gujaf-264	256	15	goods	good	NOUN
gujaf-264	256	16	firms	firm	NOUN
gujaf-264	256	17	is	be	AUX
gujaf-264	256	18	not	not	PART
gujaf-264	256	19	affected	affect	VERB
gujaf-264	256	20	by	by	ADP
gujaf-264	256	21	changes	change	NOUN
gujaf-264	256	22	in	in	ADP
gujaf-264	256	23	ownership	ownership	NOUN
gujaf-264	256	24	concentration	concentration	NOUN
gujaf-264	256	25	within	within	ADP
gujaf-264	256	26	these	these	DET
gujaf-264	256	27	firms	firm	NOUN
gujaf-264	256	28	.	.	PUNCT
gujaf-264	257	1	the	the	DET
gujaf-264	257	2	dpay	dpay	NOUN
gujaf-264	257	3	coefficient	coefficient	NOUN
gujaf-264	257	4	,	,	PUNCT
gujaf-264	257	5	with	with	ADP
gujaf-264	257	6	a	a	DET
gujaf-264	257	7	value	value	NOUN
gujaf-264	257	8	of	of	ADP
gujaf-264	257	9	0.0529755	0.0529755	NUM
gujaf-264	257	10	,	,	PUNCT
gujaf-264	257	11	indicates	indicate	VERB
gujaf-264	257	12	a	a	DET
gujaf-264	257	13	positive	positive	ADJ
gujaf-264	257	14	relationship	relationship	NOUN
gujaf-264	257	15	with	with	ADP
gujaf-264	257	16	the	the	DET
gujaf-264	257	17	firm	firm	NOUN
gujaf-264	257	18	's	's	PART
gujaf-264	257	19	value	value	NOUN
gujaf-264	257	20	as	as	SCONJ
gujaf-264	257	21	measured	measure	VERB
gujaf-264	257	22	by	by	ADP
gujaf-264	257	23	tobin	tobin	PROPN
gujaf-264	257	24	's	's	PART
gujaf-264	257	25	q	q	NOUN
gujaf-264	257	26	,	,	PUNCT
gujaf-264	257	27	but	but	CCONJ
gujaf-264	257	28	its	its	PRON
gujaf-264	257	29	influence	influence	NOUN
gujaf-264	257	30	is	be	AUX
gujaf-264	257	31	comparatively	comparatively	ADV
gujaf-264	257	32	moderate	moderate	ADJ
gujaf-264	257	33	.	.	PUNCT
gujaf-264	258	1	the	the	DET
gujaf-264	258	2	implication	implication	NOUN
gujaf-264	258	3	is	be	AUX
gujaf-264	258	4	that	that	SCONJ
gujaf-264	258	5	a	a	DET
gujaf-264	258	6	marginal	marginal	ADJ
gujaf-264	258	7	rise	rise	NOUN
gujaf-264	258	8	in	in	ADP
gujaf-264	258	9	the	the	DET
gujaf-264	258	10	firm	firm	NOUN
gujaf-264	258	11	's	's	PART
gujaf-264	258	12	value	value	NOUN
gujaf-264	258	13	is	be	AUX
gujaf-264	258	14	correlated	correlate	VERB
gujaf-264	258	15	with	with	ADP
gujaf-264	258	16	an	an	DET
gujaf-264	258	17	increase	increase	NOUN
gujaf-264	258	18	in	in	ADP
gujaf-264	258	19	the	the	DET
gujaf-264	258	20	dividend	dividend	NOUN
gujaf-264	258	21	payout	payout	NOUN
gujaf-264	258	22	ratio.the	ratio.the	PRON
gujaf-264	258	23	obtained	obtain	VERB
gujaf-264	258	24	t	t	NOUN
gujaf-264	258	25	-	-	PUNCT
gujaf-264	258	26	statistic	statistic	NOUN
gujaf-264	258	27	for	for	ADP
gujaf-264	258	28	dpay	dpay	NOUN
gujaf-264	258	29	is	be	AUX
gujaf-264	258	30	0.44	0.44	NUM
gujaf-264	258	31	,	,	PUNCT
gujaf-264	258	32	which	which	PRON
gujaf-264	258	33	is	be	AUX
gujaf-264	258	34	significantly	significantly	ADV
gujaf-264	258	35	below	below	ADP
gujaf-264	258	36	the	the	DET
gujaf-264	258	37	conventional	conventional	ADJ
gujaf-264	258	38	thresholds	threshold	NOUN
gujaf-264	258	39	of	of	ADP
gujaf-264	258	40	significance	significance	NOUN
gujaf-264	258	41	(	(	PUNCT
gujaf-264	258	42	approximately	approximately	ADV
gujaf-264	258	43	±2	±2	ADJ
gujaf-264	258	44	for	for	ADP
gujaf-264	258	45	a	a	DET
gujaf-264	258	46	confidence	confidence	NOUN
gujaf-264	258	47	level	level	NOUN
gujaf-264	258	48	of	of	ADP
gujaf-264	258	49	95	95	NUM
gujaf-264	258	50	percent	percent	NOUN
gujaf-264	258	51	)	)	PUNCT
gujaf-264	258	52	.	.	PUNCT
gujaf-264	259	1	the	the	DET
gujaf-264	259	2	t	t	PROPN
gujaf-264	259	3	-	-	PUNCT
gujaf-264	259	4	low	low	NOUN
gujaf-264	259	5	statistic	statistic	NOUN
gujaf-264	259	6	's	's	PART
gujaf-264	259	7	value	value	NOUN
gujaf-264	259	8	of	of	ADP
gujaf-264	259	9	0.44	0.44	NUM
gujaf-264	259	10	suggests	suggest	VERB
gujaf-264	259	11	that	that	SCONJ
gujaf-264	259	12	the	the	DET
gujaf-264	259	13	coefficient	coefficient	NOUN
gujaf-264	259	14	lacks	lack	VERB
gujaf-264	259	15	statistical	statistical	ADJ
gujaf-264	259	16	significance	significance	NOUN
gujaf-264	259	17	in	in	ADP
gujaf-264	259	18	differentiating	differentiate	VERB
gujaf-264	259	19	it	it	PRON
gujaf-264	259	20	from	from	ADP
gujaf-264	259	21	zero	zero	NUM
gujaf-264	259	22	.	.	PUNCT
gujaf-264	260	1	this	this	PRON
gujaf-264	260	2	suggests	suggest	VERB
gujaf-264	260	3	that	that	SCONJ
gujaf-264	260	4	the	the	DET
gujaf-264	260	5	observed	observe	VERB
gujaf-264	260	6	impact	impact	NOUN
gujaf-264	260	7	of	of	ADP
gujaf-264	260	8	dpay	dpay	NOUN
gujaf-264	260	9	on	on	ADP
gujaf-264	260	10	tobin	tobin	PROPN
gujaf-264	260	11	's	's	PART
gujaf-264	260	12	q	q	NOUN
gujaf-264	260	13	may	may	AUX
gujaf-264	260	14	be	be	AUX
gujaf-264	260	15	attributable	attributable	ADJ
gujaf-264	260	16	to	to	ADP
gujaf-264	260	17	random	random	ADJ
gujaf-264	260	18	variation	variation	NOUN
gujaf-264	260	19	rather	rather	ADV
gujaf-264	260	20	than	than	ADP
gujaf-264	260	21	a	a	DET
gujaf-264	260	22	discernible	discernible	ADJ
gujaf-264	260	23	pattern	pattern	NOUN
gujaf-264	260	24	.	.	PUNCT
gujaf-264	261	1	furthermore	furthermore	ADV
gujaf-264	261	2	,	,	PUNCT
gujaf-264	261	3	the	the	DET
gujaf-264	261	4	insignificant	insignificant	ADJ
gujaf-264	261	5	p	p	NOUN
gujaf-264	261	6	-	-	PUNCT
gujaf-264	261	7	value	value	NOUN
gujaf-264	261	8	of	of	ADP
gujaf-264	261	9	0.658	0.658	NUM
gujaf-264	261	10	offers	offer	VERB
gujaf-264	261	11	support	support	NOUN
gujaf-264	261	12	to	to	ADP
gujaf-264	261	13	the	the	DET
gujaf-264	261	14	conclusion	conclusion	NOUN
gujaf-264	261	15	reached	reach	VERB
gujaf-264	261	16	on	on	ADP
gujaf-264	261	17	t	t	PROPN
gujaf-264	261	18	-	-	PUNCT
gujaf-264	261	19	values	value	NOUN
gujaf-264	261	20	.	.	PUNCT
gujaf-264	262	1	the	the	DET
gujaf-264	262	2	obtained	obtain	VERB
gujaf-264	262	3	p	p	NOUN
gujaf-264	262	4	-	-	PUNCT
gujaf-264	262	5	value	value	NOUN
gujaf-264	262	6	surpasses	surpass	VERB
gujaf-264	262	7	the	the	DET
gujaf-264	262	8	conventional	conventional	ADJ
gujaf-264	262	9	threshold	threshold	NOUN
gujaf-264	262	10	of	of	ADP
gujaf-264	262	11	5	5	NUM
gujaf-264	262	12	percent	percent	NOUN
gujaf-264	262	13	that	that	PRON
gujaf-264	262	14	is	be	AUX
gujaf-264	262	15	considered	consider	VERB
gujaf-264	262	16	to	to	PART
gujaf-264	262	17	be	be	AUX
gujaf-264	262	18	statistically	statistically	ADV
gujaf-264	262	19	significant	significant	ADJ
gujaf-264	262	20	.	.	PUNCT
gujaf-264	263	1	from	from	ADP
gujaf-264	263	2	a	a	DET
gujaf-264	263	3	practical	practical	ADJ
gujaf-264	263	4	view	view	NOUN
gujaf-264	263	5	,	,	PUNCT
gujaf-264	263	6	a	a	DET
gujaf-264	263	7	p	p	NOUN
gujaf-264	263	8	-	-	PUNCT
gujaf-264	263	9	value	value	NOUN
gujaf-264	263	10	of	of	ADP
gujaf-264	263	11	0.658	0.658	NUM
gujaf-264	263	12	indicates	indicate	VERB
gujaf-264	263	13	that	that	SCONJ
gujaf-264	263	14	the	the	DET
gujaf-264	263	15	likelihood	likelihood	NOUN
gujaf-264	263	16	of	of	ADP
gujaf-264	263	17	encountering	encounter	VERB
gujaf-264	263	18	this	this	DET
gujaf-264	263	19	outcome	outcome	NOUN
gujaf-264	263	20	is	be	AUX
gujaf-264	263	21	65.8	65.8	NUM
gujaf-264	263	22	percent	percent	NOUN
gujaf-264	263	23	,	,	PUNCT
gujaf-264	263	24	assuming	assume	VERB
gujaf-264	263	25	that	that	SCONJ
gujaf-264	263	26	the	the	DET
gujaf-264	263	27	actual	actual	ADJ
gujaf-264	263	28	impact	impact	NOUN
gujaf-264	263	29	of	of	ADP
gujaf-264	263	30	dpay	dpay	NOUN
gujaf-264	263	31	on	on	ADP
gujaf-264	263	32	tobin	tobin	PROPN
gujaf-264	263	33	's	's	PART
gujaf-264	263	34	q	q	NOUN
gujaf-264	263	35	is	be	AUX
gujaf-264	263	36	negligible	negligible	ADJ
gujaf-264	263	37	.	.	PUNCT
gujaf-264	264	1	statistically	statistically	ADV
gujaf-264	264	2	,	,	PUNCT
gujaf-264	264	3	the	the	DET
gujaf-264	264	4	available	available	ADJ
gujaf-264	264	5	evidence	evidence	NOUN
gujaf-264	264	6	is	be	AUX
gujaf-264	264	7	insufficient	insufficient	ADJ
gujaf-264	264	8	to	to	PART
gujaf-264	264	9	reject	reject	VERB
gujaf-264	264	10	the	the	DET
gujaf-264	264	11	null	null	ADJ
gujaf-264	264	12	hypothesis	hypothesis	NOUN
gujaf-264	264	13	of	of	ADP
gujaf-264	264	14	no	no	DET
gujaf-264	264	15	effect	effect	NOUN
gujaf-264	264	16	.	.	PUNCT
gujaf-264	265	1	as	as	SCONJ
gujaf-264	265	2	a	a	DET
gujaf-264	265	3	resultwe	resultwe	NOUN
gujaf-264	265	4	fail	fail	NOUN
gujaf-264	265	5	to	to	PART
gujaf-264	265	6	reject	reject	VERB
gujaf-264	265	7	the	the	DET
gujaf-264	265	8	null	null	ADJ
gujaf-264	265	9	hypothesis	hypothesis	NOUN
gujaf-264	265	10	(	(	PUNCT
gujaf-264	265	11	h01	h01	NOUN
gujaf-264	265	12	)	)	PUNCT
gujaf-264	265	13	which	which	PRON
gujaf-264	265	14	posited	posit	VERB
gujaf-264	265	15	that	that	SCONJ
gujaf-264	265	16	163	163	NUM
gujaf-264	265	17	dividend	dividend	NOUN
gujaf-264	265	18	payout	payout	NOUN
gujaf-264	265	19	ratio	ratio	NOUN
gujaf-264	265	20	does	do	AUX
gujaf-264	265	21	not	not	PART
gujaf-264	265	22	have	have	VERB
gujaf-264	265	23	a	a	DET
gujaf-264	265	24	statistically	statistically	ADV
gujaf-264	265	25	significant	significant	ADJ
gujaf-264	265	26	impact	impact	NOUN
gujaf-264	265	27	on	on	ADP
gujaf-264	265	28	the	the	DET
gujaf-264	265	29	value	value	NOUN
gujaf-264	265	30	of	of	ADP
gujaf-264	265	31	consumer	consumer	NOUN
gujaf-264	265	32	goods	good	NOUN
gujaf-264	265	33	firms	firm	NOUN
gujaf-264	265	34	listed	list	VERB
gujaf-264	265	35	in	in	ADP
gujaf-264	265	36	nigeria	nigeria	PROPN
gujaf-264	265	37	.	.	PUNCT
gujaf-264	266	1	a	a	DET
gujaf-264	266	2	significant	significant	ADJ
gujaf-264	266	3	but	but	CCONJ
gujaf-264	266	4	adverse	adverse	ADJ
gujaf-264	266	5	effect	effect	NOUN
gujaf-264	266	6	of	of	ADP
gujaf-264	266	7	ownership	ownership	NOUN
gujaf-264	266	8	concentration	concentration	NOUN
gujaf-264	266	9	on	on	ADP
gujaf-264	266	10	the	the	DET
gujaf-264	266	11	degree	degree	NOUN
gujaf-264	266	12	of	of	ADP
gujaf-264	266	13	firm	firm	ADJ
gujaf-264	266	14	value	value	NOUN
gujaf-264	266	15	was	be	AUX
gujaf-264	266	16	observed	observe	VERB
gujaf-264	266	17	.	.	PUNCT
gujaf-264	267	1	this	this	PRON
gujaf-264	267	2	is	be	AUX
gujaf-264	267	3	statistically	statistically	ADV
gujaf-264	267	4	significant	significant	ADJ
gujaf-264	267	5	at	at	ADP
gujaf-264	267	6	the	the	DET
gujaf-264	267	7	1	1	NUM
gujaf-264	267	8	%	%	NOUN
gujaf-264	267	9	level	level	NOUN
gujaf-264	267	10	,	,	PUNCT
gujaf-264	267	11	as	as	SCONJ
gujaf-264	267	12	indicated	indicate	VERB
gujaf-264	267	13	by	by	ADP
gujaf-264	267	14	the	the	DET
gujaf-264	267	15	coefficient	coefficient	NOUN
gujaf-264	267	16	value	value	NOUN
gujaf-264	267	17	of	of	ADP
gujaf-264	267	18	-.0391161	-.0391161	PUNCT
gujaf-264	267	19	and	and	CCONJ
gujaf-264	267	20	t	t	NOUN
gujaf-264	267	21	-	-	PUNCT
gujaf-264	267	22	value	value	NOUN
gujaf-264	267	23	of	of	ADP
gujaf-264	267	24	-3.29	-3.29	NOUN
gujaf-264	267	25	.	.	PUNCT
gujaf-264	268	1	(	(	PUNCT
gujaf-264	268	2	0.001	0.001	NUM
gujaf-264	268	3	)	)	PUNCT
gujaf-264	268	4	.	.	PUNCT
gujaf-264	269	1	according	accord	VERB
gujaf-264	269	2	to	to	ADP
gujaf-264	269	3	this	this	PRON
gujaf-264	269	4	,	,	PUNCT
gujaf-264	269	5	the	the	DET
gujaf-264	269	6	value	value	NOUN
gujaf-264	269	7	of	of	ADP
gujaf-264	269	8	publicly	publicly	ADV
gujaf-264	269	9	traded	trade	VERB
gujaf-264	269	10	consumer	consumer	NOUN
gujaf-264	269	11	goods	good	NOUN
gujaf-264	269	12	companies	company	NOUN
gujaf-264	269	13	decreases	decrease	VERB
gujaf-264	269	14	as	as	ADP
gujaf-264	269	15	ownership	ownership	NOUN
gujaf-264	269	16	concentration	concentration	NOUN
gujaf-264	269	17	rises	rise	NOUN
gujaf-264	269	18	.	.	PUNCT
gujaf-264	270	1	h02	h02	PROPN
gujaf-264	270	2	,	,	PUNCT
gujaf-264	270	3	which	which	PRON
gujaf-264	270	4	states	state	VERB
gujaf-264	270	5	that	that	SCONJ
gujaf-264	270	6	ownership	ownership	NOUN
gujaf-264	270	7	concentration	concentration	NOUN
gujaf-264	270	8	has	have	VERB
gujaf-264	270	9	no	no	DET
gujaf-264	270	10	statistically	statistically	ADV
gujaf-264	270	11	significant	significant	ADJ
gujaf-264	270	12	effect	effect	NOUN
gujaf-264	270	13	on	on	ADP
gujaf-264	270	14	the	the	DET
gujaf-264	270	15	value	value	NOUN
gujaf-264	270	16	of	of	ADP
gujaf-264	270	17	consumer	consumer	NOUN
gujaf-264	270	18	goods	good	NOUN
gujaf-264	270	19	firms	firm	NOUN
gujaf-264	270	20	listed	list	VERB
gujaf-264	270	21	in	in	ADP
gujaf-264	270	22	nigeria	nigeria	PROPN
gujaf-264	270	23	,	,	PUNCT
gujaf-264	270	24	is	be	AUX
gujaf-264	270	25	hereby	hereby	ADV
gujaf-264	270	26	rejected	reject	VERB
gujaf-264	270	27	in	in	ADP
gujaf-264	270	28	light	light	NOUN
gujaf-264	270	29	of	of	ADP
gujaf-264	270	30	the	the	DET
gujaf-264	270	31	preceding	precede	VERB
gujaf-264	270	32	analysis	analysis	NOUN
gujaf-264	270	33	regarding	regard	VERB
gujaf-264	270	34	the	the	DET
gujaf-264	270	35	entire	entire	ADJ
gujaf-264	270	36	variable	variable	NOUN
gujaf-264	270	37	.	.	PUNCT
gujaf-264	271	1	4	4	X
gujaf-264	271	2	.	.	X
gujaf-264	271	3	conclusions	conclusion	NOUN
gujaf-264	271	4	with	with	ADP
gujaf-264	271	5	recommendations	recommendation	NOUN
gujaf-264	271	6	this	this	DET
gujaf-264	271	7	paper	paper	NOUN
gujaf-264	271	8	carried	carry	VERB
gujaf-264	271	9	out	out	ADP
gujaf-264	271	10	a	a	DET
gujaf-264	271	11	detailed	detailed	ADJ
gujaf-264	271	12	analysis	analysis	NOUN
gujaf-264	271	13	of	of	ADP
gujaf-264	271	14	the	the	DET
gujaf-264	271	15	impact	impact	NOUN
gujaf-264	271	16	of	of	ADP
gujaf-264	271	17	the	the	DET
gujaf-264	271	18	dividend	dividend	NOUN
gujaf-264	271	19	payout	payout	NOUN
gujaf-264	271	20	ratio	ratio	NOUN
gujaf-264	271	21	(	(	PUNCT
gujaf-264	271	22	dpay	dpay	NOUN
gujaf-264	271	23	)	)	PUNCT
gujaf-264	271	24	,	,	PUNCT
gujaf-264	271	25	ownership	ownership	NOUN
gujaf-264	271	26	concentration	concentration	NOUN
gujaf-264	271	27	(	(	PUNCT
gujaf-264	271	28	ownc	ownc	NOUN
gujaf-264	271	29	)	)	PUNCT
gujaf-264	271	30	,	,	PUNCT
gujaf-264	271	31	and	and	CCONJ
gujaf-264	271	32	the	the	DET
gujaf-264	271	33	interaction	interaction	NOUN
gujaf-264	271	34	betweenthese	betweenthese	NOUN
gujaf-264	271	35	variables	variable	NOUN
gujaf-264	271	36	on	on	ADP
gujaf-264	271	37	firm	firm	ADJ
gujaf-264	271	38	value	value	NOUN
gujaf-264	271	39	measures	measure	NOUN
gujaf-264	271	40	by	by	ADP
gujaf-264	271	41	tobin	tobin	PROPN
gujaf-264	271	42	’s	’s	PART
gujaf-264	271	43	q.	q.	PROPN
gujaf-264	271	44	a	a	DET
gujaf-264	271	45	fixed	fix	VERB
gujaf-264	271	46	effect	effect	NOUN
gujaf-264	271	47	panel	panel	NOUN
gujaf-264	271	48	regression	regression	NOUN
gujaf-264	271	49	was	be	AUX
gujaf-264	271	50	developed	develop	VERB
gujaf-264	271	51	to	to	PART
gujaf-264	271	52	capture	capture	VERB
gujaf-264	271	53	the	the	DET
gujaf-264	271	54	dynamics	dynamic	NOUN
gujaf-264	271	55	within	within	ADP
gujaf-264	271	56	firms	firm	NOUN
gujaf-264	271	57	over	over	ADP
gujaf-264	271	58	time	time	NOUN
gujaf-264	271	59	while	while	SCONJ
gujaf-264	271	60	controlling	control	VERB
gujaf-264	271	61	for	for	ADP
gujaf-264	271	62	firm	firm	ADJ
gujaf-264	271	63	size	size	NOUN
gujaf-264	271	64	and	and	CCONJ
gujaf-264	271	65	other	other	ADJ
gujaf-264	271	66	potential	potential	ADJ
gujaf-264	271	67	confounding	confound	VERB
gujaf-264	271	68	factors	factor	NOUN
gujaf-264	271	69	.	.	PUNCT
gujaf-264	272	1	dpay	dpay	NOUN
gujaf-264	272	2	was	be	AUX
gujaf-264	272	3	found	find	VERB
gujaf-264	272	4	to	to	PART
gujaf-264	272	5	be	be	AUX
gujaf-264	272	6	an	an	DET
gujaf-264	272	7	insignificant	insignificant	ADJ
gujaf-264	272	8	explanatory	explanatory	ADJ
gujaf-264	272	9	variable	variable	NOUN
gujaf-264	272	10	on	on	ADP
gujaf-264	272	11	value	value	NOUN
gujaf-264	272	12	of	of	ADP
gujaf-264	272	13	firm	firm	NOUN
gujaf-264	272	14	within	within	ADP
gujaf-264	272	15	the	the	DET
gujaf-264	272	16	firms	firm	NOUN
gujaf-264	272	17	studied	study	VERB
gujaf-264	272	18	which	which	PRON
gujaf-264	272	19	suggests	suggest	VERB
gujaf-264	272	20	that	that	SCONJ
gujaf-264	272	21	dividend	dividend	NOUN
gujaf-264	272	22	policy	policy	NOUN
gujaf-264	272	23	might	might	AUX
gujaf-264	272	24	not	not	PART
gujaf-264	272	25	be	be	AUX
gujaf-264	272	26	a	a	DET
gujaf-264	272	27	key	key	ADJ
gujaf-264	272	28	determinantof	determinantof	NOUN
gujaf-264	272	29	firm	firm	ADJ
gujaf-264	272	30	value	value	NOUN
gujaf-264	272	31	in	in	ADP
gujaf-264	272	32	the	the	DET
gujaf-264	272	33	consumer	consumer	NOUN
gujaf-264	272	34	goods	good	NOUN
gujaf-264	272	35	sector	sector	NOUN
gujaf-264	272	36	of	of	ADP
gujaf-264	272	37	the	the	DET
gujaf-264	272	38	ngx	ngx	NOUN
gujaf-264	272	39	.	.	PUNCT
gujaf-264	273	1	this	this	DET
gujaf-264	273	2	finding	finding	NOUN
gujaf-264	273	3	is	be	AUX
gujaf-264	273	4	contrary	contrary	ADJ
gujaf-264	273	5	to	to	ADP
gujaf-264	273	6	the	the	DET
gujaf-264	273	7	findings	finding	NOUN
gujaf-264	273	8	of	of	ADP
gujaf-264	273	9	oyedokun	oyedokun	PROPN
gujaf-264	273	10	et	et	PROPN
gujaf-264	273	11	al	al	PROPN
gujaf-264	273	12	.	.	PUNCT
gujaf-264	274	1	(	(	PUNCT
gujaf-264	274	2	2020)who	2020)who	PROPN
gujaf-264	274	3	examined	examine	VERB
gujaf-264	274	4	same	same	ADJ
gujaf-264	274	5	consumer	consumer	NOUN
gujaf-264	274	6	goods	good	NOUN
gujaf-264	274	7	sector	sector	NOUN
gujaf-264	274	8	in	in	ADP
gujaf-264	274	9	the	the	DET
gujaf-264	274	10	period	period	NOUN
gujaf-264	274	11	2010	2010	NUM
gujaf-264	274	12	to	to	ADP
gujaf-264	274	13	2018	2018	NUM
gujaf-264	274	14	.	.	PUNCT
gujaf-264	275	1	ownc	ownc	NOUN
gujaf-264	275	2	on	on	ADP
gujaf-264	275	3	the	the	DET
gujaf-264	275	4	other	other	ADJ
gujaf-264	275	5	hand	hand	NOUN
gujaf-264	275	6	was	be	AUX
gujaf-264	275	7	found	find	VERB
gujaf-264	275	8	to	to	PART
gujaf-264	275	9	have	have	VERB
gujaf-264	275	10	a	a	DET
gujaf-264	275	11	negative	negative	ADJ
gujaf-264	275	12	,	,	PUNCT
gujaf-264	275	13	yet	yet	CCONJ
gujaf-264	275	14	significant	significant	ADJ
gujaf-264	275	15	impact	impact	NOUN
gujaf-264	275	16	on	on	ADP
gujaf-264	275	17	firm	firm	ADJ
gujaf-264	275	18	value	value	NOUN
gujaf-264	275	19	.	.	PUNCT
gujaf-264	276	1	this	this	DET
gujaf-264	276	2	outcome	outcome	NOUN
gujaf-264	276	3	tend	tend	VERB
gujaf-264	276	4	to	to	PART
gujaf-264	276	5	align	align	VERB
gujaf-264	276	6	in	in	ADP
gujaf-264	276	7	part	part	NOUN
gujaf-264	276	8	with	with	ADP
gujaf-264	276	9	the	the	DET
gujaf-264	276	10	findings	finding	NOUN
gujaf-264	276	11	of	of	ADP
gujaf-264	276	12	iturriaga	iturriaga	NOUN
gujaf-264	276	13	and	and	CCONJ
gujaf-264	276	14	crisóstomo	crisóstomo	NOUN
gujaf-264	276	15	(	(	PUNCT
gujaf-264	276	16	2010).this	2010).this	PROPN
gujaf-264	276	17	implies	imply	VERB
gujaf-264	276	18	that	that	SCONJ
gujaf-264	276	19	more	more	ADJ
gujaf-264	276	20	ownership	ownership	NOUN
gujaf-264	276	21	concentration	concentration	NOUN
gujaf-264	276	22	is	be	AUX
gujaf-264	276	23	detrimental	detrimental	ADJ
gujaf-264	276	24	to	to	ADP
gujaf-264	276	25	the	the	DET
gujaf-264	276	26	value	value	NOUN
gujaf-264	276	27	of	of	ADP
gujaf-264	276	28	firms	firm	NOUN
gujaf-264	276	29	in	in	ADP
gujaf-264	276	30	the	the	DET
gujaf-264	276	31	sector	sector	NOUN
gujaf-264	276	32	,	,	PUNCT
gujaf-264	276	33	and	and	CCONJ
gujaf-264	276	34	this	this	PRON
gujaf-264	276	35	therefore	therefore	ADV
gujaf-264	276	36	calls	call	VERB
gujaf-264	276	37	for	for	ADP
gujaf-264	276	38	a	a	DET
gujaf-264	276	39	balancing	balance	VERB
gujaf-264	276	40	act	act	NOUN
gujaf-264	276	41	between	between	ADP
gujaf-264	276	42	ownc	ownc	NOUN
gujaf-264	276	43	and	and	CCONJ
gujaf-264	276	44	dispersed	disperse	VERB
gujaf-264	276	45	ownership	ownership	NOUN
gujaf-264	276	46	.	.	PUNCT
gujaf-264	277	1	furthermore	furthermore	ADV
gujaf-264	277	2	,	,	PUNCT
gujaf-264	277	3	the	the	DET
gujaf-264	277	4	interaction	interaction	NOUN
gujaf-264	277	5	between	between	ADP
gujaf-264	277	6	ownc	ownc	NOUN
gujaf-264	277	7	and	and	CCONJ
gujaf-264	277	8	dpay	dpay	VERB
gujaf-264	277	9	on	on	ADP
gujaf-264	277	10	firm	firm	ADJ
gujaf-264	277	11	value	value	NOUN
gujaf-264	277	12	was	be	AUX
gujaf-264	277	13	immaterial	immaterial	ADJ
gujaf-264	277	14	,	,	PUNCT
gujaf-264	277	15	implying	imply	VERB
gujaf-264	277	16	that	that	SCONJ
gujaf-264	277	17	the	the	DET
gujaf-264	277	18	influence	influence	NOUN
gujaf-264	277	19	of	of	ADP
gujaf-264	277	20	dividend	dividend	NOUN
gujaf-264	277	21	policy	policy	NOUN
gujaf-264	277	22	on	on	ADP
gujaf-264	277	23	firm	firm	ADJ
gujaf-264	277	24	value	value	NOUN
gujaf-264	277	25	is	be	AUX
gujaf-264	277	26	not	not	PART
gujaf-264	277	27	significantly	significantly	ADV
gujaf-264	277	28	altered	alter	VERB
gujaf-264	277	29	by	by	ADP
gujaf-264	277	30	variation	variation	NOUN
gujaf-264	277	31	in	in	ADP
gujaf-264	277	32	ownc	ownc	NOUN
gujaf-264	277	33	level	level	NOUN
gujaf-264	277	34	.	.	PUNCT
gujaf-264	278	1	based	base	VERB
gujaf-264	278	2	on	on	ADP
gujaf-264	278	3	the	the	DET
gujaf-264	278	4	findings	finding	NOUN
gujaf-264	278	5	of	of	ADP
gujaf-264	278	6	this	this	DET
gujaf-264	278	7	study	study	NOUN
gujaf-264	278	8	it	it	PRON
gujaf-264	278	9	isrecommended	isrecommende	VERB
gujaf-264	278	10	that	that	SCONJ
gujaf-264	278	11	firms	firm	NOUN
gujaf-264	278	12	in	in	ADP
gujaf-264	278	13	the	the	DET
gujaf-264	278	14	consumer	consumer	NOUN
gujaf-264	278	15	goods	good	NOUN
gujaf-264	278	16	sector	sector	NOUN
gujaf-264	278	17	should	should	AUX
gujaf-264	278	18	ensure	ensure	VERB
gujaf-264	278	19	a	a	DET
gujaf-264	278	20	balance	balance	NOUN
gujaf-264	278	21	in	in	ADP
gujaf-264	278	22	the	the	DET
gujaf-264	278	23	ownership	ownership	NOUN
gujaf-264	278	24	concentration	concentration	NOUN
gujaf-264	278	25	of	of	ADP
gujaf-264	278	26	their	their	PRON
gujaf-264	278	27	firms	firm	NOUN
gujaf-264	278	28	because	because	SCONJ
gujaf-264	278	29	high	high	ADJ
gujaf-264	278	30	ownc	ownc	NOUN
gujaf-264	278	31	is	be	AUX
gujaf-264	278	32	likely	likely	ADJ
gujaf-264	278	33	to	to	PART
gujaf-264	278	34	produce	produce	VERB
gujaf-264	278	35	a	a	DET
gujaf-264	278	36	negative	negative	ADJ
gujaf-264	278	37	impact	impact	NOUN
gujaf-264	278	38	on	on	ADP
gujaf-264	278	39	firm	firm	ADJ
gujaf-264	278	40	value	value	NOUN
gujaf-264	278	41	.	.	PUNCT
gujaf-264	279	1	also	also	ADV
gujaf-264	279	2	,	,	PUNCT
gujaf-264	279	3	given	give	VERB
gujaf-264	279	4	the	the	DET
gujaf-264	279	5	non	non	NOUN
gujaf-264	279	6	-	-	NOUN
gujaf-264	279	7	significance	significance	NOUN
gujaf-264	279	8	of	of	ADP
gujaf-264	279	9	dpay	dpay	NOUN
gujaf-264	279	10	on	on	ADP
gujaf-264	279	11	firm	firm	ADJ
gujaf-264	279	12	value	value	NOUN
gujaf-264	279	13	,	,	PUNCT
gujaf-264	279	14	it	it	PRON
gujaf-264	279	15	advisable	advisable	ADJ
gujaf-264	279	16	that	that	SCONJ
gujaf-264	279	17	firms	firm	NOUN
gujaf-264	279	18	in	in	ADP
gujaf-264	279	19	the	the	DET
gujaf-264	279	20	sector	sector	NOUN
gujaf-264	279	21	should	should	AUX
gujaf-264	279	22	focus	focus	VERB
gujaf-264	279	23	more	more	ADV
gujaf-264	279	24	on	on	ADP
gujaf-264	279	25	other	other	ADJ
gujaf-264	279	26	value	value	NOUN
gujaf-264	279	27	enhancing	enhance	VERB
gujaf-264	279	28	variables	variable	NOUN
gujaf-264	279	29	like	like	ADP
gujaf-264	279	30	growth	growth	NOUN
gujaf-264	279	31	opportunities	opportunity	NOUN
gujaf-264	279	32	and	and	CCONJ
gujaf-264	279	33	market	market	NOUN
gujaf-264	279	34	expansion	expansion	NOUN
gujaf-264	279	35	.	.	PUNCT
gujaf-264	280	1	references	reference	NOUN
gujaf-264	280	2	ali	ali	PROPN
gujaf-264	280	3	,	,	PUNCT
gujaf-264	280	4	s.	s.	PROPN
gujaf-264	280	5	,	,	PUNCT
gujaf-264	280	6	rehman	rehman	PROPN
gujaf-264	280	7	,	,	PUNCT
gujaf-264	280	8	r.	r.	PROPN
gujaf-264	280	9	u.	u.	PROPN
gujaf-264	280	10	,	,	PUNCT
gujaf-264	280	11	sarwar	sarwar	PROPN
gujaf-264	280	12	,	,	PUNCT
gujaf-264	280	13	b.	b.	PROPN
gujaf-264	280	14	,	,	PUNCT
gujaf-264	280	15	shoukat	shoukat	PROPN
gujaf-264	280	16	,	,	PUNCT
gujaf-264	280	17	a.	a.	PROPN
gujaf-264	280	18	,	,	PUNCT
gujaf-264	280	19	&	&	CCONJ
gujaf-264	280	20	farooq	farooq	PROPN
gujaf-264	280	21	,	,	PUNCT
gujaf-264	280	22	m.	m.	NOUN
gujaf-264	280	23	(	(	PUNCT
gujaf-264	280	24	2022	2022	NUM
gujaf-264	280	25	)	)	PUNCT
gujaf-264	280	26	.	.	PUNCT
gujaf-264	281	1	board	board	NOUN
gujaf-264	281	2	financial	financial	ADJ
gujaf-264	281	3	expertise	expertise	NOUN
gujaf-264	281	4	and	and	CCONJ
gujaf-264	281	5	foreign	foreign	ADJ
gujaf-264	281	6	institutional	institutional	ADJ
gujaf-264	281	7	investment	investment	NOUN
gujaf-264	281	8	:	:	PUNCT
gujaf-264	281	9	the	the	DET
gujaf-264	281	10	moderating	moderate	VERB
gujaf-264	281	11	role	role	NOUN
gujaf-264	281	12	164	164	NUM
gujaf-264	281	13	of	of	ADP
gujaf-264	281	14	ownership	ownership	NOUN
gujaf-264	281	15	concentration	concentration	NOUN
gujaf-264	281	16	.	.	PUNCT
gujaf-264	282	1	review	review	NOUN
gujaf-264	282	2	of	of	ADP
gujaf-264	282	3	international	international	ADJ
gujaf-264	282	4	business	business	NOUN
gujaf-264	282	5	and	and	CCONJ
gujaf-264	282	6	strategy	strategy	NOUN
gujaf-264	282	7	,	,	PUNCT
gujaf-264	282	8	32(3	32(3	NUM
gujaf-264	282	9	)	)	PUNCT
gujaf-264	282	10	,	,	PUNCT
gujaf-264	282	11	325–345	325–345	NUM
gujaf-264	282	12	.	.	PUNCT
gujaf-264	283	1	https://doi.org/10.1108/ribs-02-2021-0032	https://doi.org/10.1108/ribs-02-2021-0032	PROPN
gujaf-264	283	2	.	.	PUNCT
gujaf-264	284	1	amelinda	amelinda	PROPN
gujaf-264	284	2	,	,	PUNCT
gujaf-264	284	3	r.	r.	PROPN
gujaf-264	284	4	,	,	PUNCT
gujaf-264	284	5	m.	m.	PROPN
gujaf-264	284	6	e.	e.	PROPN
gujaf-264	284	7	halim	halim	PROPN
gujaf-264	284	8	.	.	PUNCT
gujaf-264	285	1	p.	p.	PROPN
gujaf-264	285	2	s.	s.	PROPN
gujaf-264	285	3	k.	k.	PROPN
gujaf-264	285	4	n.	n.	PROPN
gujaf-264	285	5	(	(	PUNCT
gujaf-264	285	6	2019	2019	NUM
gujaf-264	285	7	)	)	PUNCT
gujaf-264	285	8	.	.	PUNCT
gujaf-264	286	1	parabolic	parabolic	ADJ
gujaf-264	286	2	effect	effect	NOUN
gujaf-264	286	3	between	between	ADP
gujaf-264	286	4	managerial	managerial	ADJ
gujaf-264	286	5	ownership	ownership	NOUN
gujaf-264	286	6	and	and	CCONJ
gujaf-264	286	7	firm	firm	ADJ
gujaf-264	286	8	value	value	NOUN
gujaf-264	286	9	to	to	PART
gujaf-264	286	10	control	control	VERB
gujaf-264	286	11	agency	agency	NOUN
gujaf-264	286	12	conflict	conflict	NOUN
gujaf-264	286	13	.	.	PUNCT
gujaf-264	287	1	jurnalmanajemen	jurnalmanajemen	PROPN
gujaf-264	287	2	,	,	PUNCT
gujaf-264	287	3	23(3	23(3	NUM
gujaf-264	287	4	)	)	PUNCT
gujaf-264	287	5	,	,	PUNCT
gujaf-264	287	6	355	355	NUM
gujaf-264	287	7	.	.	PUNCT
gujaf-264	288	1	https://doi.org/10.24912/jm.v23i3.569	https://doi.org/10.24912/jm.v23i3.569	X
gujaf-264	288	2	arora	arora	PROPN
gujaf-264	288	3	,	,	PUNCT
gujaf-264	288	4	n.	n.	NOUN
gujaf-264	288	5	,	,	PUNCT
gujaf-264	288	6	&	&	CCONJ
gujaf-264	288	7	singh	singh	PROPN
gujaf-264	288	8	,	,	PUNCT
gujaf-264	288	9	b.	b.	PROPN
gujaf-264	288	10	(	(	PUNCT
gujaf-264	288	11	2023	2023	NUM
gujaf-264	288	12	)	)	PUNCT
gujaf-264	288	13	.	.	PUNCT
gujaf-264	289	1	board	board	NOUN
gujaf-264	289	2	characteristics	characteristic	NOUN
gujaf-264	289	3	,	,	PUNCT
gujaf-264	289	4	ownership	ownership	NOUN
gujaf-264	289	5	concentration	concentration	NOUN
gujaf-264	289	6	and	and	CCONJ
gujaf-264	289	7	sme	sme	PROPN
gujaf-264	289	8	ipo	ipo	PROPN
gujaf-264	289	9	underpricing	underpricing	NOUN
gujaf-264	289	10	.	.	PUNCT
gujaf-264	290	1	pacific	pacific	PROPN
gujaf-264	290	2	accounting	accounting	PROPN
gujaf-264	290	3	review	review	PROPN
gujaf-264	290	4	,	,	PUNCT
gujaf-264	290	5	35(1	35(1	NUM
gujaf-264	290	6	)	)	PUNCT
gujaf-264	290	7	,	,	PUNCT
gujaf-264	290	8	19–49	19–49	NUM
gujaf-264	290	9	.	.	PUNCT
gujaf-264	291	1	https://doi.org/10.1108/par08-2020-0111	https://doi.org/10.1108/par08-2020-0111	PROPN
gujaf-264	291	2	arora	arora	PROPN
gujaf-264	291	3	,	,	PUNCT
gujaf-264	291	4	r.	r.	PROPN
gujaf-264	291	5	k.	k.	PROPN
gujaf-264	291	6	,	,	PUNCT
gujaf-264	291	7	&	&	CCONJ
gujaf-264	291	8	srivastava	srivastava	PROPN
gujaf-264	291	9	,	,	PUNCT
gujaf-264	291	10	a.	a.	NOUN
gujaf-264	291	11	(	(	PUNCT
gujaf-264	291	12	2021	2021	NUM
gujaf-264	291	13	)	)	PUNCT
gujaf-264	291	14	.	.	PUNCT
gujaf-264	292	1	ownership	ownership	NOUN
gujaf-264	292	2	concentration	concentration	NOUN
gujaf-264	292	3	and	and	CCONJ
gujaf-264	292	4	dividend	dividend	NOUN
gujaf-264	292	5	payout	payout	NOUN
gujaf-264	292	6	in	in	ADP
gujaf-264	292	7	emerging	emerge	VERB
gujaf-264	292	8	markets	market	NOUN
gujaf-264	292	9	:	:	PUNCT
gujaf-264	292	10	evidence	evidence	NOUN
gujaf-264	292	11	from	from	ADP
gujaf-264	292	12	india	india	PROPN
gujaf-264	292	13	.	.	PUNCT
gujaf-264	293	1	global	global	ADJ
gujaf-264	293	2	business	business	PROPN
gujaf-264	293	3	review	review	PROPN
gujaf-264	293	4	,	,	PUNCT
gujaf-264	293	5	22(5	22(5	NOUN
gujaf-264	293	6	)	)	PUNCT
gujaf-264	293	7	,	,	PUNCT
gujaf-264	293	8	1276–1288	1276–1288	NUM
gujaf-264	293	9	.	.	PUNCT
gujaf-264	294	1	https://doi.org/10.1177/0972150918824953	https://doi.org/10.1177/0972150918824953	PROPN
gujaf-264	294	2	bae	bae	PROPN
gujaf-264	294	3	,	,	PUNCT
gujaf-264	294	4	k.	k.	PROPN
gujaf-264	294	5	,	,	PUNCT
gujaf-264	294	6	&	&	CCONJ
gujaf-264	294	7	goyal	goyal	PROPN
gujaf-264	294	8	,	,	PUNCT
gujaf-264	294	9	v.	v.	PROPN
gujaf-264	294	10	k.	k.	PROPN
gujaf-264	294	11	(	(	PUNCT
gujaf-264	294	12	2010	2010	NUM
gujaf-264	294	13	)	)	PUNCT
gujaf-264	294	14	.	.	PUNCT
gujaf-264	295	1	equity	equity	NOUN
gujaf-264	295	2	market	market	NOUN
gujaf-264	295	3	liberalization	liberalization	NOUN
gujaf-264	295	4	and	and	CCONJ
gujaf-264	295	5	corporate	corporate	ADJ
gujaf-264	295	6	governance	governance	NOUN
gujaf-264	295	7	.	.	PUNCT
gujaf-264	296	1	ssrn	ssrn	PROPN
gujaf-264	296	2	electronic	electronic	ADJ
gujaf-264	296	3	journal	journal	PROPN
gujaf-264	296	4	.	.	PUNCT
gujaf-264	297	1	https://doi.org/10.2139/ssrn.1670397	https://doi.org/10.2139/ssrn.1670397	PROPN
gujaf-264	297	2	berle	berle	PROPN
gujaf-264	297	3	,	,	PUNCT
gujaf-264	297	4	a.	a.	NOUN
gujaf-264	297	5	,	,	PUNCT
gujaf-264	297	6	&	&	CCONJ
gujaf-264	297	7	means	means	PROPN
gujaf-264	297	8	,	,	PUNCT
gujaf-264	297	9	g.	g.	PROPN
gujaf-264	297	10	(	(	PUNCT
gujaf-264	297	11	1932	1932	NUM
gujaf-264	297	12	)	)	PUNCT
gujaf-264	297	13	.	.	PUNCT
gujaf-264	298	1	the	the	DET
gujaf-264	298	2	modern	modern	ADJ
gujaf-264	298	3	corporation	corporation	NOUN
gujaf-264	298	4	and	and	CCONJ
gujaf-264	298	5	private	private	ADJ
gujaf-264	298	6	property	property	NOUN
gujaf-264	298	7	.	.	PUNCT
gujaf-264	299	1	macmillan	macmillan	PROPN
gujaf-264	299	2	.	.	PUNCT
gujaf-264	300	1	bishara	bishara	PROPN
gujaf-264	300	2	,	,	PUNCT
gujaf-264	300	3	a.	a.	PROPN
gujaf-264	300	4	j.	j.	PROPN
gujaf-264	300	5	,	,	PUNCT
gujaf-264	300	6	&	&	CCONJ
gujaf-264	300	7	hittner	hittner	PROPN
gujaf-264	300	8	,	,	PUNCT
gujaf-264	300	9	j.	j.	PROPN
gujaf-264	300	10	b.	b.	PROPN
gujaf-264	300	11	(	(	PUNCT
gujaf-264	300	12	2012	2012	NUM
gujaf-264	300	13	)	)	PUNCT
gujaf-264	300	14	.	.	PUNCT
gujaf-264	301	1	testing	test	VERB
gujaf-264	301	2	the	the	DET
gujaf-264	301	3	significance	significance	NOUN
gujaf-264	301	4	of	of	ADP
gujaf-264	301	5	a	a	DET
gujaf-264	301	6	correlation	correlation	NOUN
gujaf-264	301	7	with	with	ADP
gujaf-264	301	8	nonnormal	nonnormal	ADJ
gujaf-264	301	9	data	datum	NOUN
gujaf-264	301	10	:	:	PUNCT
gujaf-264	301	11	comparison	comparison	NOUN
gujaf-264	301	12	of	of	ADP
gujaf-264	301	13	pearson	pearson	PROPN
gujaf-264	301	14	,	,	PUNCT
gujaf-264	301	15	spearman	spearman	NOUN
gujaf-264	301	16	,	,	PUNCT
gujaf-264	301	17	transformation	transformation	NOUN
gujaf-264	301	18	,	,	PUNCT
gujaf-264	301	19	and	and	CCONJ
gujaf-264	301	20	resampling	resample	VERB
gujaf-264	301	21	approaches	approach	NOUN
gujaf-264	301	22	.	.	PUNCT
gujaf-264	302	1	psychological	psychological	ADJ
gujaf-264	302	2	methods	method	NOUN
gujaf-264	302	3	,	,	PUNCT
gujaf-264	302	4	17(3	17(3	NUM
gujaf-264	302	5	)	)	PUNCT
gujaf-264	302	6	,	,	PUNCT
gujaf-264	302	7	399–417	399–417	NUM
gujaf-264	302	8	.	.	PUNCT
gujaf-264	303	1	https://doi.org/10.1037/a0028087	https://doi.org/10.1037/a0028087	NUM
gujaf-264	303	2	.	.	PUNCT
gujaf-264	303	3	chalaki	chalaki	NOUN
gujaf-264	303	4	,	,	PUNCT
gujaf-264	303	5	p.	p.	NOUN
gujaf-264	303	6	,	,	PUNCT
gujaf-264	303	7	didar	didar	NOUN
gujaf-264	303	8	,	,	PUNCT
gujaf-264	303	9	h.	h.	PROPN
gujaf-264	303	10	,	,	PUNCT
gujaf-264	303	11	&	&	CCONJ
gujaf-264	303	12	riahinezhad	riahinezhad	PROPN
gujaf-264	303	13	,	,	PUNCT
gujaf-264	303	14	m.	m.	NOUN
gujaf-264	303	15	(	(	PUNCT
gujaf-264	303	16	2012	2012	NUM
gujaf-264	303	17	)	)	PUNCT
gujaf-264	303	18	.	.	PUNCT
gujaf-264	304	1	corporate	corporate	ADJ
gujaf-264	304	2	governance	governance	NOUN
gujaf-264	304	3	attributes	attribute	NOUN
gujaf-264	304	4	and	and	CCONJ
gujaf-264	304	5	financial	financial	ADJ
gujaf-264	304	6	reporting	reporting	NOUN
gujaf-264	304	7	quality	quality	NOUN
gujaf-264	304	8	:	:	PUNCT
gujaf-264	304	9	empirical	empirical	ADJ
gujaf-264	304	10	evidence	evidence	NOUN
gujaf-264	304	11	from	from	ADP
gujaf-264	304	12	iran	iran	PROPN
gujaf-264	304	13	.	.	PUNCT
gujaf-264	305	1	international	international	ADJ
gujaf-264	305	2	journal	journal	PROPN
gujaf-264	305	3	of	of	ADP
gujaf-264	305	4	business	business	NOUN
gujaf-264	305	5	and	and	CCONJ
gujaf-264	305	6	social	social	ADJ
gujaf-264	305	7	science	science	NOUN
gujaf-264	305	8	,	,	PUNCT
gujaf-264	305	9	3(15	3(15	NUM
gujaf-264	305	10	)	)	PUNCT
gujaf-264	305	11	.	.	PUNCT
gujaf-264	306	1	faccio	faccio	PROPN
gujaf-264	306	2	,	,	PUNCT
gujaf-264	306	3	m.	m.	NOUN
gujaf-264	306	4	,	,	PUNCT
gujaf-264	306	5	lang	lang	PROPN
gujaf-264	306	6	,	,	PUNCT
gujaf-264	306	7	l.	l.	PROPN
gujaf-264	306	8	h.	h.	PROPN
gujaf-264	306	9	p.	p.	PROPN
gujaf-264	306	10	,	,	PUNCT
gujaf-264	306	11	&	&	CCONJ
gujaf-264	306	12	young	young	PROPN
gujaf-264	306	13	,	,	PUNCT
gujaf-264	306	14	l.	l.	PROPN
gujaf-264	306	15	(	(	PUNCT
gujaf-264	306	16	2001	2001	NUM
gujaf-264	306	17	)	)	PUNCT
gujaf-264	306	18	.	.	PUNCT
gujaf-264	307	1	dividends	dividend	NOUN
gujaf-264	307	2	and	and	CCONJ
gujaf-264	307	3	expropriation	expropriation	NOUN
gujaf-264	307	4	.	.	PUNCT
gujaf-264	308	1	american	american	PROPN
gujaf-264	308	2	economic	economic	PROPN
gujaf-264	308	3	review	review	PROPN
gujaf-264	308	4	,	,	PUNCT
gujaf-264	308	5	91(1	91(1	NUM
gujaf-264	308	6	)	)	PUNCT
gujaf-264	308	7	,	,	PUNCT
gujaf-264	308	8	54–78	54–78	NUM
gujaf-264	308	9	.	.	PUNCT
gujaf-264	308	10	fama	fama	PROPN
gujaf-264	308	11	,	,	PUNCT
gujaf-264	308	12	e.	e.	PROPN
gujaf-264	308	13	f.	f.	PROPN
gujaf-264	308	14	,	,	PUNCT
gujaf-264	308	15	&	&	CCONJ
gujaf-264	308	16	f.	f.	PROPN
gujaf-264	308	17	k.	k.	PROPN
gujaf-264	308	18	r.	r.	PROPN
gujaf-264	308	19	(	(	PUNCT
gujaf-264	308	20	2001	2001	NUM
gujaf-264	308	21	)	)	PUNCT
gujaf-264	308	22	.	.	PUNCT
gujaf-264	309	1	disappearing	disappear	VERB
gujaf-264	309	2	dividends	dividend	NOUN
gujaf-264	309	3	:	:	PUNCT
gujaf-264	309	4	changing	change	VERB
gujaf-264	309	5	firm	firm	ADJ
gujaf-264	309	6	characteristics	characteristic	NOUN
gujaf-264	309	7	or	or	CCONJ
gujaf-264	309	8	lower	low	ADJ
gujaf-264	309	9	propensity	propensity	NOUN
gujaf-264	309	10	to	to	PART
gujaf-264	309	11	pay	pay	VERB
gujaf-264	309	12	?	?	PUNCT
gujaf-264	309	13	journal	journal	NOUN
gujaf-264	309	14	of	of	ADP
gujaf-264	309	15	financial	financial	ADJ
gujaf-264	309	16	economics	economic	NOUN
gujaf-264	309	17	,	,	PUNCT
gujaf-264	309	18	60	60	NUM
gujaf-264	309	19	,	,	PUNCT
gujaf-264	309	20	3–43	3–43	PROPN
gujaf-264	309	21	.	.	PUNCT
gujaf-264	310	1	gaur	gaur	PROPN
gujaf-264	310	2	,	,	PUNCT
gujaf-264	310	3	s.	s.	PROPN
gujaf-264	310	4	s.	s.	PROPN
gujaf-264	310	5	,	,	PUNCT
gujaf-264	310	6	bathula	bathula	PROPN
gujaf-264	310	7	,	,	PUNCT
gujaf-264	310	8	h.	h.	PROPN
gujaf-264	310	9	,	,	PUNCT
gujaf-264	310	10	&	&	CCONJ
gujaf-264	310	11	singh	singh	PROPN
gujaf-264	310	12	,	,	PUNCT
gujaf-264	310	13	d.	d.	PROPN
gujaf-264	310	14	(	(	PUNCT
gujaf-264	310	15	2015	2015	NUM
gujaf-264	310	16	)	)	PUNCT
gujaf-264	310	17	.	.	PUNCT
gujaf-264	311	1	ownership	ownership	NOUN
gujaf-264	311	2	concentration	concentration	NOUN
gujaf-264	311	3	,	,	PUNCT
gujaf-264	311	4	board	board	NOUN
gujaf-264	311	5	characteristics	characteristic	NOUN
gujaf-264	311	6	and	and	CCONJ
gujaf-264	311	7	firm	firm	ADJ
gujaf-264	311	8	performance	performance	NOUN
gujaf-264	311	9	.	.	PUNCT
gujaf-264	312	1	management	management	NOUN
gujaf-264	312	2	decision	decision	NOUN
gujaf-264	312	3	,	,	PUNCT
gujaf-264	312	4	53(5	53(5	NUM
gujaf-264	312	5	)	)	PUNCT
gujaf-264	312	6	,	,	PUNCT
gujaf-264	312	7	911	911	NUM
gujaf-264	312	8	–	–	PUNCT
gujaf-264	312	9	931	931	NUM
gujaf-264	312	10	.	.	PUNCT
gujaf-264	313	1	https://doi.org/10.1108/md-08-2014-0519	https://doi.org/10.1108/md-08-2014-0519	ADJ
gujaf-264	313	2	hauber	hauber	PROPN
gujaf-264	313	3	,	,	PUNCT
gujaf-264	313	4	m.	m.	PROPN
gujaf-264	313	5	e.	e.	PROPN
gujaf-264	313	6	,	,	PUNCT
gujaf-264	313	7	samaš	samaš	NOUN
gujaf-264	313	8	,	,	PUNCT
gujaf-264	313	9	p.	p.	PROPN
gujaf-264	313	10	,	,	PUNCT
gujaf-264	313	11	anderson	anderson	PROPN
gujaf-264	313	12	,	,	PUNCT
gujaf-264	313	13	m.	m.	PROPN
gujaf-264	313	14	g.	g.	PROPN
gujaf-264	313	15	,	,	PUNCT
gujaf-264	313	16	rutila	rutila	PROPN
gujaf-264	313	17	,	,	PUNCT
gujaf-264	313	18	j.	j.	PROPN
gujaf-264	313	19	,	,	PUNCT
gujaf-264	313	20	low	low	PROPN
gujaf-264	313	21	,	,	PUNCT
gujaf-264	313	22	j.	j.	PROPN
gujaf-264	313	23	,	,	PUNCT
gujaf-264	313	24	cassey	cassey	PROPN
gujaf-264	313	25	,	,	PUNCT
gujaf-264	313	26	p.	p.	PROPN
gujaf-264	313	27	,	,	PUNCT
gujaf-264	313	28	&	&	CCONJ
gujaf-264	313	29	grim	grim	ADJ
gujaf-264	313	30	,	,	PUNCT
gujaf-264	313	31	t.	t.	PROPN
gujaf-264	313	32	(	(	PUNCT
gujaf-264	313	33	2014	2014	NUM
gujaf-264	313	34	)	)	PUNCT
gujaf-264	313	35	.	.	PUNCT
gujaf-264	314	1	life	life	NOUN
gujaf-264	314	2	-	-	PUNCT
gujaf-264	314	3	history	history	NOUN
gujaf-264	314	4	theory	theory	NOUN
gujaf-264	314	5	predicts	predict	VERB
gujaf-264	314	6	host	host	NOUN
gujaf-264	314	7	behavioural	behavioural	ADJ
gujaf-264	314	8	responses	response	NOUN
gujaf-264	314	9	to	to	ADP
gujaf-264	314	10	experimental	experimental	ADJ
gujaf-264	314	11	brood	brood	NOUN
gujaf-264	314	12	parasitism	parasitism	NOUN
gujaf-264	314	13	.	.	PUNCT
gujaf-264	315	1	ethology	ethology	NOUN
gujaf-264	315	2	ecology	ecology	PROPN
gujaf-264	315	3	&	&	CCONJ
gujaf-264	315	4	evolution	evolution	PROPN
gujaf-264	315	5	,	,	PUNCT
gujaf-264	315	6	26(4	26(4	NUM
gujaf-264	315	7	)	)	PUNCT
gujaf-264	315	8	,	,	PUNCT
gujaf-264	315	9	349	349	NUM
gujaf-264	315	10	–	–	PUNCT
gujaf-264	315	11	364	364	NUM
gujaf-264	315	12	.	.	PUNCT
gujaf-264	316	1	iturriaga	iturriaga	PROPN
gujaf-264	316	2	,	,	PUNCT
gujaf-264	316	3	f.	f.	PROPN
gujaf-264	316	4	j.	j.	PROPN
gujaf-264	316	5	l.	l.	PROPN
gujaf-264	316	6	,	,	PUNCT
gujaf-264	316	7	&	&	CCONJ
gujaf-264	316	8	crisóstomo	crisóstomo	PROPN
gujaf-264	316	9	,	,	PUNCT
gujaf-264	316	10	v.	v.	ADP
gujaf-264	316	11	l.	l.	PROPN
gujaf-264	316	12	(	(	PUNCT
gujaf-264	316	13	2010	2010	NUM
gujaf-264	316	14	)	)	PUNCT
gujaf-264	316	15	.	.	PUNCT
gujaf-264	317	1	do	do	VERB
gujaf-264	317	2	leverage	leverage	NOUN
gujaf-264	317	3	,	,	PUNCT
gujaf-264	317	4	dividend	dividend	NOUN
gujaf-264	317	5	payout	payout	NOUN
gujaf-264	317	6	,	,	PUNCT
gujaf-264	317	7	and	and	CCONJ
gujaf-264	317	8	ownership	ownership	NOUN
gujaf-264	317	9	concentration	concentration	NOUN
gujaf-264	317	10	influence	influence	NOUN
gujaf-264	317	11	firms	firm	NOUN
gujaf-264	317	12	’	'	PUNCT
gujaf-264	317	13	value	value	NOUN
gujaf-264	317	14	creation	creation	NOUN
gujaf-264	317	15	?	?	PUNCT
gujaf-264	318	1	an	an	DET
gujaf-264	318	2	analysis	analysis	NOUN
gujaf-264	318	3	of	of	ADP
gujaf-264	318	4	brazilian	brazilian	ADJ
gujaf-264	318	5	firms.emerging	firms.emerging	NOUN
gujaf-264	318	6	marketfinance	marketfinance	NOUN
gujaf-264	318	7	and	and	CCONJ
gujaf-264	318	8	trade	trade	NOUN
gujaf-264	318	9	,	,	PUNCT
gujaf-264	318	10	46(3	46(3	NOUN
gujaf-264	318	11	)	)	PUNCT
gujaf-264	318	12	,	,	PUNCT
gujaf-264	318	13	80–94	80–94	NUM
gujaf-264	318	14	.	.	PUNCT
gujaf-264	319	1	https://doi.org/10.2753/ree1540-496x460306	https://doi.org/10.2753/ree1540-496x460306	PROPN
gujaf-264	319	2	https://doi.org/10.1108/ribs-02-2021-0032	https://doi.org/10.1108/ribs-02-2021-0032	NOUN
gujaf-264	319	3	https://doi.org/10.24912/jm.v23i3.569	https://doi.org/10.24912/jm.v23i3.569	PROPN
gujaf-264	320	1	https://doi.org/10.1108/parhttps://doi.org/10.1177/0972150918824953	https://doi.org/10.1108/parhttps://doi.org/10.1177/0972150918824953	NOUN
gujaf-264	320	2	https://doi.org/10.2139/ssrn.1670397	https://doi.org/10.2139/ssrn.1670397	NOUN
gujaf-264	320	3	https://doi.org/10.1037/a0028087	https://doi.org/10.1037/a0028087	PROPN
gujaf-264	320	4	https://doi.org/10.1108/md-08-2014-0519	https://doi.org/10.1108/md-08-2014-0519	ADJ
gujaf-264	320	5	https://doi.org/10.2753/ree1540-496x460306	https://doi.org/10.2753/ree1540-496x460306	PROPN
gujaf-264	320	6	165	165	NUM
gujaf-264	320	7	jensen	jensen	PROPN
gujaf-264	320	8	,	,	PUNCT
gujaf-264	320	9	m.	m.	PROPN
gujaf-264	320	10	c.	c.	PROPN
gujaf-264	320	11	,	,	PUNCT
gujaf-264	320	12	&	&	CCONJ
gujaf-264	320	13	meckling	meckling	PROPN
gujaf-264	320	14	,	,	PUNCT
gujaf-264	320	15	w.	w.	PROPN
gujaf-264	320	16	h.	h.	PROPN
gujaf-264	320	17	(	(	PUNCT
gujaf-264	320	18	2019	2019	NUM
gujaf-264	320	19	)	)	PUNCT
gujaf-264	320	20	.	.	PUNCT
gujaf-264	321	1	theory	theory	NOUN
gujaf-264	321	2	of	of	ADP
gujaf-264	321	3	the	the	DET
gujaf-264	321	4	firm	firm	NOUN
gujaf-264	321	5	:	:	PUNCT
gujaf-264	321	6	managerial	managerial	ADJ
gujaf-264	321	7	behavior	behavior	NOUN
gujaf-264	321	8	,	,	PUNCT
gujaf-264	321	9	agency	agency	NOUN
gujaf-264	321	10	costs	cost	NOUN
gujaf-264	321	11	and	and	CCONJ
gujaf-264	321	12	ownership	ownership	NOUN
gujaf-264	321	13	structure	structure	NOUN
gujaf-264	321	14	.	.	PUNCT
gujaf-264	322	1	in	in	ADP
gujaf-264	322	2	corporate	corporate	ADJ
gujaf-264	322	3	governance	governance	NOUN
gujaf-264	322	4	(	(	PUNCT
gujaf-264	322	5	pp	pp	ADJ
gujaf-264	322	6	.	.	PUNCT
gujaf-264	323	1	77–132	77–132	NUM
gujaf-264	323	2	)	)	PUNCT
gujaf-264	323	3	.	.	PUNCT
gujaf-264	324	1	gower	gower	PROPN
gujaf-264	324	2	.	.	PUNCT
gujaf-264	325	1	koralalage	koralalage	PROPN
gujaf-264	325	2	,	,	PUNCT
gujaf-264	325	3	w.	w.	PROPN
gujaf-264	325	4	b.	b.	PROPN
gujaf-264	325	5	y.	y.	PROPN
gujaf-264	325	6	(	(	PUNCT
gujaf-264	325	7	2016	2016	NUM
gujaf-264	325	8	)	)	PUNCT
gujaf-264	325	9	.	.	PUNCT
gujaf-264	326	1	cfos	cfos	PROPN
gujaf-264	326	2	’	'	PUNCT
gujaf-264	326	3	views	view	NOUN
gujaf-264	326	4	on	on	ADP
gujaf-264	326	5	corporate	corporate	ADJ
gujaf-264	326	6	financing	financing	NOUN
gujaf-264	326	7	decisions	decision	NOUN
gujaf-264	326	8	.	.	PUNCT
gujaf-264	327	1	qualitative	qualitative	ADJ
gujaf-264	327	2	research	research	NOUN
gujaf-264	327	3	in	in	ADP
gujaf-264	327	4	financial	financial	ADJ
gujaf-264	327	5	markets	market	NOUN
gujaf-264	327	6	.	.	PUNCT
gujaf-264	328	1	https://doi.org/10.1108/qrfm-122014-0031	https://doi.org/10.1108/qrfm-122014-0031	PROPN
gujaf-264	328	2	la	la	DET
gujaf-264	328	3	porta	porta	PROPN
gujaf-264	328	4	,	,	PUNCT
gujaf-264	328	5	r.	r.	PROPN
gujaf-264	328	6	,	,	PUNCT
gujaf-264	328	7	lopez‐de‐silanes	lopez‐de‐silanes	PROPN
gujaf-264	328	8	,	,	PUNCT
gujaf-264	328	9	f.	f.	PROPN
gujaf-264	328	10	,	,	PUNCT
gujaf-264	328	11	shleifer	shleifer	PROPN
gujaf-264	328	12	,	,	PUNCT
gujaf-264	328	13	a.	a.	PROPN
gujaf-264	328	14	,	,	PUNCT
gujaf-264	328	15	&	&	CCONJ
gujaf-264	328	16	vishny	vishny	PROPN
gujaf-264	328	17	,	,	PUNCT
gujaf-264	328	18	r.	r.	PROPN
gujaf-264	328	19	w.	w.	PROPN
gujaf-264	328	20	(	(	PUNCT
gujaf-264	328	21	2000	2000	NUM
gujaf-264	328	22	)	)	PUNCT
gujaf-264	328	23	.	.	PUNCT
gujaf-264	329	1	agency	agency	NOUN
gujaf-264	329	2	problems	problem	NOUN
gujaf-264	329	3	and	and	CCONJ
gujaf-264	329	4	dividend	dividend	NOUN
gujaf-264	329	5	policies	policy	NOUN
gujaf-264	329	6	around	around	ADP
gujaf-264	329	7	the	the	DET
gujaf-264	329	8	world	world	NOUN
gujaf-264	329	9	.	.	PUNCT
gujaf-264	330	1	the	the	DET
gujaf-264	330	2	journal	journal	PROPN
gujaf-264	330	3	of	of	ADP
gujaf-264	330	4	finance	finance	NOUN
gujaf-264	330	5	,	,	PUNCT
gujaf-264	330	6	55(1	55(1	NOUN
gujaf-264	330	7	)	)	PUNCT
gujaf-264	330	8	,	,	PUNCT
gujaf-264	330	9	1–33	1–33	PROPN
gujaf-264	330	10	.	.	PUNCT
gujaf-264	330	11	lecca	lecca	PROPN
gujaf-264	330	12	,	,	PUNCT
gujaf-264	330	13	l.	l.	PROPN
gujaf-264	330	14	i.	i.	PROPN
gujaf-264	330	15	,	,	PUNCT
gujaf-264	330	16	portoghese	portoghese	PROPN
gujaf-264	330	17	,	,	PUNCT
gujaf-264	330	18	i.	i.	PROPN
gujaf-264	330	19	,	,	PUNCT
gujaf-264	330	20	mucci	mucci	PROPN
gujaf-264	330	21	,	,	PUNCT
gujaf-264	330	22	n.	n.	NOUN
gujaf-264	330	23	,	,	PUNCT
gujaf-264	330	24	galletta	galletta	NOUN
gujaf-264	330	25	,	,	PUNCT
gujaf-264	330	26	m.	m.	NOUN
gujaf-264	330	27	,	,	PUNCT
gujaf-264	330	28	meloni	meloni	PROPN
gujaf-264	330	29	,	,	PUNCT
gujaf-264	330	30	f.	f.	PROPN
gujaf-264	330	31	,	,	PUNCT
gujaf-264	330	32	pilia	pilia	PROPN
gujaf-264	330	33	,	,	PUNCT
gujaf-264	330	34	i.	i.	PROPN
gujaf-264	330	35	,	,	PUNCT
gujaf-264	330	36	marcias	marcias	PROPN
gujaf-264	330	37	,	,	PUNCT
gujaf-264	330	38	g.	g.	PROPN
gujaf-264	330	39	,	,	PUNCT
gujaf-264	330	40	fabbri	fabbri	NOUN
gujaf-264	330	41	,	,	PUNCT
gujaf-264	330	42	d.	d.	PROPN
gujaf-264	330	43	,	,	PUNCT
gujaf-264	330	44	fostinelli	fostinelli	PROPN
gujaf-264	330	45	,	,	PUNCT
gujaf-264	330	46	j.	j.	PROPN
gujaf-264	330	47	,	,	PUNCT
gujaf-264	330	48	&	&	CCONJ
gujaf-264	330	49	lucchini	lucchini	PROPN
gujaf-264	330	50	,	,	PUNCT
gujaf-264	330	51	r.	r.	PROPN
gujaf-264	330	52	g.	g.	PROPN
gujaf-264	330	53	(	(	PUNCT
gujaf-264	330	54	2019	2019	NUM
gujaf-264	330	55	)	)	PUNCT
gujaf-264	330	56	.	.	PUNCT
gujaf-264	331	1	association	association	NOUN
gujaf-264	331	2	between	between	ADP
gujaf-264	331	3	work	work	NOUN
gujaf-264	331	4	-	-	PUNCT
gujaf-264	331	5	related	relate	VERB
gujaf-264	331	6	stress	stress	NOUN
gujaf-264	331	7	and	and	CCONJ
gujaf-264	331	8	qt	qt	NOUN
gujaf-264	331	9	prolongation	prolongation	NOUN
gujaf-264	331	10	in	in	ADP
gujaf-264	331	11	male	male	ADJ
gujaf-264	331	12	workers	worker	NOUN
gujaf-264	331	13	.	.	PUNCT
gujaf-264	332	1	international	international	ADJ
gujaf-264	332	2	journal	journal	PROPN
gujaf-264	332	3	of	of	ADP
gujaf-264	332	4	environmental	environmental	ADJ
gujaf-264	332	5	research	research	NOUN
gujaf-264	332	6	and	and	CCONJ
gujaf-264	332	7	public	public	ADJ
gujaf-264	332	8	health	health	NOUN
gujaf-264	332	9	,	,	PUNCT
gujaf-264	332	10	16(23	16(23	NOUN
gujaf-264	332	11	)	)	PUNCT
gujaf-264	332	12	,	,	PUNCT
gujaf-264	332	13	4781	4781	NUM
gujaf-264	332	14	.	.	PUNCT
gujaf-264	333	1	maswadeh	maswadeh	NOUN
gujaf-264	333	2	,	,	PUNCT
gujaf-264	333	3	s.	s.	PROPN
gujaf-264	333	4	a.	a.	PROPN
gujaf-264	333	5	(	(	PUNCT
gujaf-264	333	6	2017	2017	NUM
gujaf-264	333	7	)	)	PUNCT
gujaf-264	333	8	.	.	PUNCT
gujaf-264	334	1	the	the	DET
gujaf-264	334	2	effect	effect	NOUN
gujaf-264	334	3	of	of	ADP
gujaf-264	334	4	cash	cash	NOUN
gujaf-264	334	5	and	and	CCONJ
gujaf-264	334	6	stock	stock	NOUN
gujaf-264	334	7	dividends	dividend	NOUN
gujaf-264	334	8	on	on	ADP
gujaf-264	334	9	the	the	DET
gujaf-264	334	10	banks	bank	NOUN
gujaf-264	334	11	tobina	tobina	PROPN
gujaf-264	334	12	q.	q.	PROPN
gujaf-264	334	13	https://doi.org/10.15224/978-1-63248-141-2-44	https://doi.org/10.15224/978-1-63248-141-2-44	PROPN
gujaf-264	334	14	michael	michael	PROPN
gujaf-264	334	15	c.	c.	PROPN
gujaf-264	334	16	jensen	jensen	PROPN
gujaf-264	334	17	.	.	PUNCT
gujaf-264	335	1	(	(	PUNCT
gujaf-264	335	2	1986	1986	NUM
gujaf-264	335	3	)	)	PUNCT
gujaf-264	335	4	.	.	PUNCT
gujaf-264	336	1	agency	agency	NOUN
gujaf-264	336	2	costs	cost	NOUN
gujaf-264	336	3	of	of	ADP
gujaf-264	336	4	free	free	ADJ
gujaf-264	336	5	cash	cash	NOUN
gujaf-264	336	6	flow	flow	NOUN
gujaf-264	336	7	,	,	PUNCT
gujaf-264	336	8	corporate	corporate	ADJ
gujaf-264	336	9	finance	finance	NOUN
gujaf-264	336	10	,	,	PUNCT
gujaf-264	336	11	and	and	CCONJ
gujaf-264	336	12	takeovers	takeover	NOUN
gujaf-264	336	13	.	.	PUNCT
gujaf-264	337	1	the	the	DET
gujaf-264	337	2	american	american	PROPN
gujaf-264	337	3	economic	economic	PROPN
gujaf-264	337	4	review	review	PROPN
gujaf-264	337	5	,	,	PUNCT
gujaf-264	337	6	76(2	76(2	NUM
gujaf-264	337	7	)	)	PUNCT
gujaf-264	337	8	,	,	PUNCT
gujaf-264	337	9	323–329	323–329	NUM
gujaf-264	337	10	.	.	PUNCT
gujaf-264	338	1	modigliani	modigliani	PROPN
gujaf-264	338	2	,	,	PUNCT
gujaf-264	338	3	f.	f.	PROPN
gujaf-264	338	4	,	,	PUNCT
gujaf-264	338	5	&	&	CCONJ
gujaf-264	338	6	miller	miller	PROPN
gujaf-264	338	7	,	,	PUNCT
gujaf-264	338	8	m.	m.	NOUN
gujaf-264	338	9	h.	h.	PROPN
gujaf-264	338	10	(	(	PUNCT
gujaf-264	338	11	1958	1958	NUM
gujaf-264	338	12	)	)	PUNCT
gujaf-264	338	13	.	.	PUNCT
gujaf-264	339	1	the	the	DET
gujaf-264	339	2	cost	cost	NOUN
gujaf-264	339	3	of	of	ADP
gujaf-264	339	4	capital	capital	NOUN
gujaf-264	339	5	,	,	PUNCT
gujaf-264	339	6	corporation	corporation	NOUN
gujaf-264	339	7	finance	finance	NOUN
gujaf-264	339	8	and	and	CCONJ
gujaf-264	339	9	the	the	DET
gujaf-264	339	10	theory	theory	NOUN
gujaf-264	339	11	of	of	ADP
gujaf-264	339	12	investment	investment	NOUN
gujaf-264	339	13	.	.	PUNCT
gujaf-264	340	1	the	the	DET
gujaf-264	340	2	american	american	PROPN
gujaf-264	340	3	economic	economic	PROPN
gujaf-264	340	4	review	review	PROPN
gujaf-264	340	5	,	,	PUNCT
gujaf-264	340	6	48(3	48(3	PROPN
gujaf-264	340	7	)	)	PUNCT
gujaf-264	340	8	,	,	PUNCT
gujaf-264	340	9	261	261	NUM
gujaf-264	340	10	–	–	PUNCT
gujaf-264	340	11	297	297	NUM
gujaf-264	340	12	.	.	PUNCT
gujaf-264	341	1	http://www.jstor.org/stable/1809766	http://www.jstor.org/stable/1809766	PROPN
gujaf-264	341	2	nashier	nashier	PROPN
gujaf-264	341	3	,	,	PUNCT
gujaf-264	341	4	t.	t.	PROPN
gujaf-264	341	5	,	,	PUNCT
gujaf-264	341	6	&	&	CCONJ
gujaf-264	341	7	gupta	gupta	PROPN
gujaf-264	341	8	,	,	PUNCT
gujaf-264	341	9	a.	a.	NOUN
gujaf-264	341	10	(	(	PUNCT
gujaf-264	341	11	2023	2023	NUM
gujaf-264	341	12	)	)	PUNCT
gujaf-264	341	13	.	.	PUNCT
gujaf-264	342	1	ownership	ownership	NOUN
gujaf-264	342	2	concentration	concentration	NOUN
gujaf-264	342	3	and	and	CCONJ
gujaf-264	342	4	firm	firm	ADJ
gujaf-264	342	5	performance	performance	NOUN
gujaf-264	342	6	in	in	ADP
gujaf-264	342	7	india	india	PROPN
gujaf-264	342	8	.	.	PUNCT
gujaf-264	343	1	global	global	ADJ
gujaf-264	343	2	business	business	PROPN
gujaf-264	343	3	review	review	PROPN
gujaf-264	343	4	,	,	PUNCT
gujaf-264	343	5	24(2	24(2	NUM
gujaf-264	343	6	)	)	PUNCT
gujaf-264	343	7	,	,	PUNCT
gujaf-264	343	8	353–370	353–370	NUM
gujaf-264	343	9	.	.	PUNCT
gujaf-264	344	1	https://doi.org/10.1177/0972150919894395	https://doi.org/10.1177/0972150919894395	PROPN
gujaf-264	344	2	naz	naz	PROPN
gujaf-264	344	3	,	,	PUNCT
gujaf-264	344	4	f.	f.	PROPN
gujaf-264	344	5	,	,	PUNCT
gujaf-264	344	6	abrish	abrish	PROPN
gujaf-264	344	7	,	,	PUNCT
gujaf-264	344	8	s.	s.	PROPN
gujaf-264	344	9	,	,	PUNCT
gujaf-264	344	10	&	&	CCONJ
gujaf-264	344	11	sadiq	sadiq	PROPN
gujaf-264	344	12	,	,	PUNCT
gujaf-264	344	13	n.	n.	NOUN
gujaf-264	344	14	(	(	PUNCT
gujaf-264	344	15	2023	2023	NUM
gujaf-264	344	16	)	)	PUNCT
gujaf-264	344	17	.	.	PUNCT
gujaf-264	345	1	dividend	dividend	NOUN
gujaf-264	345	2	policy	policy	NOUN
gujaf-264	345	3	and	and	CCONJ
gujaf-264	345	4	firm	firm	ADJ
gujaf-264	345	5	performance	performance	NOUN
gujaf-264	345	6	with	with	ADP
gujaf-264	345	7	moderating	moderate	VERB
gujaf-264	345	8	effect	effect	NOUN
gujaf-264	345	9	of	of	ADP
gujaf-264	345	10	ownership	ownership	NOUN
gujaf-264	345	11	structure	structure	NOUN
gujaf-264	345	12	:	:	PUNCT
gujaf-264	345	13	evidence	evidence	NOUN
gujaf-264	345	14	from	from	ADP
gujaf-264	345	15	the	the	DET
gujaf-264	345	16	manufacturing	manufacturing	NOUN
gujaf-264	345	17	firms	firm	NOUN
gujaf-264	345	18	in	in	ADP
gujaf-264	345	19	pakistan	pakistan	PROPN
gujaf-264	345	20	.	.	PUNCT
gujaf-264	346	1	international	international	ADJ
gujaf-264	346	2	journal	journal	PROPN
gujaf-264	346	3	of	of	ADP
gujaf-264	346	4	management	management	NOUN
gujaf-264	346	5	research	research	NOUN
gujaf-264	346	6	and	and	CCONJ
gujaf-264	346	7	emerging	emerge	VERB
gujaf-264	346	8	sciences	science	NOUN
gujaf-264	346	9	,	,	PUNCT
gujaf-264	346	10	13(2	13(2	PROPN
gujaf-264	346	11	)	)	PUNCT
gujaf-264	346	12	.	.	PUNCT
gujaf-264	347	1	nel	nel	PROPN
gujaf-264	347	2	,	,	PUNCT
gujaf-264	347	3	r.	r.	PROPN
gujaf-264	347	4	,	,	PUNCT
gujaf-264	347	5	wesson	wesson	PROPN
gujaf-264	347	6	,	,	PUNCT
gujaf-264	347	7	n.	n.	NOUN
gujaf-264	347	8	,	,	PUNCT
gujaf-264	347	9	&	&	CCONJ
gujaf-264	347	10	steenkamp	steenkamp	PROPN
gujaf-264	347	11	,	,	PUNCT
gujaf-264	347	12	l.-a	l.-a	PROPN
gujaf-264	347	13	.	.	PUNCT
gujaf-264	347	14	(	(	PUNCT
gujaf-264	347	15	2021	2021	NUM
gujaf-264	347	16	)	)	PUNCT
gujaf-264	347	17	.	.	PUNCT
gujaf-264	348	1	the	the	DET
gujaf-264	348	2	association	association	NOUN
gujaf-264	348	3	between	between	ADP
gujaf-264	348	4	ownership	ownership	NOUN
gujaf-264	348	5	concentration	concentration	NOUN
gujaf-264	348	6	and	and	CCONJ
gujaf-264	348	7	payout	payout	NOUN
gujaf-264	348	8	behaviour	behaviour	NOUN
gujaf-264	348	9	:	:	PUNCT
gujaf-264	348	10	evidence	evidence	NOUN
gujaf-264	348	11	from	from	ADP
gujaf-264	348	12	south	south	PROPN
gujaf-264	348	13	africa	africa	PROPN
gujaf-264	348	14	.	.	PUNCT
gujaf-264	349	1	acta	acta	PROPN
gujaf-264	349	2	commercii	commercii	PROPN
gujaf-264	349	3	,	,	PUNCT
gujaf-264	349	4	21(1	21(1	NUM
gujaf-264	349	5	)	)	PUNCT
gujaf-264	349	6	.	.	PUNCT
gujaf-264	350	1	https://doi.org/10.4102/ac.v21i1.965	https://doi.org/10.4102/ac.v21i1.965	NOUN
gujaf-264	350	2	odoemelam	odoemelam	PROPN
gujaf-264	350	3	,	,	PUNCT
gujaf-264	350	4	e.	e.	PROPN
gujaf-264	350	5	p.	p.	PROPN
gujaf-264	350	6	,	,	PUNCT
gujaf-264	350	7	&	&	CCONJ
gujaf-264	350	8	obiora	obiora	PROPN
gujaf-264	350	9	,	,	PUNCT
gujaf-264	350	10	f.	f.	PROPN
gujaf-264	350	11	(	(	PUNCT
gujaf-264	350	12	2023	2023	NUM
gujaf-264	350	13	)	)	PUNCT
gujaf-264	350	14	.	.	PUNCT
gujaf-264	351	1	accounting	accounting	NOUN
gujaf-264	351	2	information	information	NOUN
gujaf-264	351	3	disclosure	disclosure	NOUN
gujaf-264	351	4	and	and	CCONJ
gujaf-264	351	5	dividend	dividend	NOUN
gujaf-264	351	6	payout	payout	NOUN
gujaf-264	351	7	of	of	ADP
gujaf-264	351	8	listed	list	VERB
gujaf-264	351	9	pharmaceutical	pharmaceutical	NOUN
gujaf-264	351	10	firm	firm	NOUN
gujaf-264	351	11	in	in	ADP
gujaf-264	351	12	nigeria	nigeria	PROPN
gujaf-264	351	13	.	.	PUNCT
gujaf-264	352	1	european	european	PROPN
gujaf-264	352	2	journal	journal	PROPN
gujaf-264	352	3	of	of	ADP
gujaf-264	352	4	accounting	accounting	NOUN
gujaf-264	352	5	,	,	PUNCT
gujaf-264	352	6	auditing	auditing	NOUN
gujaf-264	352	7	and	and	CCONJ
gujaf-264	352	8	finance	finance	NOUN
gujaf-264	352	9	research	research	NOUN
gujaf-264	352	10	,	,	PUNCT
gujaf-264	352	11	11(2	11(2	NUM
gujaf-264	352	12	)	)	PUNCT
gujaf-264	352	13	,	,	PUNCT
gujaf-264	352	14	62–83	62–83	NUM
gujaf-264	352	15	.	.	PUNCT
gujaf-264	353	1	https://doi.org/10.37745/ejaafr.2013/vol11n26283	https://doi.org/10.37745/ejaafr.2013/vol11n26283	PRON
gujaf-264	353	2	oluwagbemiga	oluwagbemiga	ADJ
gujaf-264	353	3	,	,	PUNCT
gujaf-264	353	4	o.	o.	PROPN
gujaf-264	353	5	e.	e.	PROPN
gujaf-264	353	6	,	,	PUNCT
gujaf-264	353	7	michael	michael	PROPN
gujaf-264	353	8	,	,	PUNCT
gujaf-264	353	9	o.	o.	PROPN
gujaf-264	353	10	,	,	PUNCT
gujaf-264	353	11	&	&	CCONJ
gujaf-264	353	12	zaccheaus	zaccheaus	PROPN
gujaf-264	353	13	,	,	PUNCT
gujaf-264	353	14	s.	s.	PROPN
gujaf-264	353	15	a.	a.	PROPN
gujaf-264	354	1	(	(	PUNCT
gujaf-264	354	2	2014	2014	NUM
gujaf-264	354	3	)	)	PUNCT
gujaf-264	354	4	.	.	PUNCT
gujaf-264	355	1	the	the	DET
gujaf-264	355	2	effect	effect	NOUN
gujaf-264	355	3	of	of	ADP
gujaf-264	355	4	ownership	ownership	NOUN
gujaf-264	355	5	concentration	concentration	NOUN
gujaf-264	355	6	on	on	ADP
gujaf-264	355	7	firm	firm	ADJ
gujaf-264	355	8	value	value	NOUN
gujaf-264	355	9	of	of	ADP
gujaf-264	355	10	listed	list	VERB
gujaf-264	355	11	companies	company	NOUN
gujaf-264	355	12	.	.	PUNCT
gujaf-264	356	1	iosr	iosr	ADJ
gujaf-264	356	2	journal	journal	PROPN
gujaf-264	356	3	of	of	ADP
gujaf-264	356	4	humanities	humanity	NOUN
gujaf-264	356	5	and	and	CCONJ
gujaf-264	356	6	social	social	ADJ
gujaf-264	356	7	science	science	NOUN
gujaf-264	356	8	,	,	PUNCT
gujaf-264	356	9	19(1	19(1	NUM
gujaf-264	356	10	)	)	PUNCT
gujaf-264	356	11	,	,	PUNCT
gujaf-264	356	12	90–96	90–96	NUM
gujaf-264	356	13	.	.	PUNCT
gujaf-264	357	1	https://doi.org/10.9790/083719179096	https://doi.org/10.9790/083719179096	PROPN
gujaf-264	357	2	https://doi.org/10.1108/qrfm-12-2014-0031	https://doi.org/10.1108/qrfm-12-2014-0031	PROPN
gujaf-264	357	3	https://doi.org/10.1108/qrfm-12-2014-0031	https://doi.org/10.1108/qrfm-12-2014-0031	PROPN
gujaf-264	357	4	https://doi.org/10.15224/978-1-63248-141-2-44	https://doi.org/10.15224/978-1-63248-141-2-44	VERB
gujaf-264	357	5	http://www.jstor.org/stable/1809766	http://www.jstor.org/stable/1809766	ADJ
gujaf-264	357	6	https://doi.org/10.1177/0972150919894395	https://doi.org/10.1177/0972150919894395	NUM
gujaf-264	357	7	https://doi.org/10.4102/ac.v21i1.965	https://doi.org/10.4102/ac.v21i1.965	NOUN
gujaf-264	357	8	https://doi.org/10.37745/ejaafr.2013/vol11n26283	https://doi.org/10.37745/ejaafr.2013/vol11n26283	X
gujaf-264	357	9	https://doi.org/10.9790/0837-19179096	https://doi.org/10.9790/0837-19179096	ADJ
gujaf-264	357	10	https://doi.org/10.9790/0837-19179096	https://doi.org/10.9790/0837-19179096	ADJ
gujaf-264	357	11	166	166	NUM
gujaf-264	357	12	osakwe	osakwe	NOUN
gujaf-264	357	13	,	,	PUNCT
gujaf-264	357	14	a.	a.	PROPN
gujaf-264	357	15	c.	c.	PROPN
gujaf-264	357	16	,	,	PUNCT
gujaf-264	357	17	ezeabasili	ezeabasili	NOUN
gujaf-264	357	18	,	,	PUNCT
gujaf-264	357	19	v.	v.	ADP
gujaf-264	357	20	n.	n.	NOUN
gujaf-264	357	21	,	,	PUNCT
gujaf-264	357	22	&	&	CCONJ
gujaf-264	357	23	chukwunulu	chukwunulu	PROPN
gujaf-264	357	24	,	,	PUNCT
gujaf-264	357	25	j.	j.	PROPN
gujaf-264	357	26	i.	i.	PROPN
gujaf-264	357	27	(	(	PUNCT
gujaf-264	357	28	2019	2019	NUM
gujaf-264	357	29	)	)	PUNCT
gujaf-264	357	30	.	.	PUNCT
gujaf-264	358	1	effect	effect	NOUN
gujaf-264	358	2	of	of	ADP
gujaf-264	358	3	dividend	dividend	NOUN
gujaf-264	358	4	policy	policy	NOUN
gujaf-264	358	5	on	on	ADP
gujaf-264	358	6	stock	stock	NOUN
gujaf-264	358	7	prices	price	NOUN
gujaf-264	358	8	:	:	PUNCT
gujaf-264	358	9	evidence	evidence	NOUN
gujaf-264	358	10	from	from	ADP
gujaf-264	358	11	nigeria	nigeria	PROPN
gujaf-264	358	12	.	.	PUNCT
gujaf-264	359	1	international	international	ADJ
gujaf-264	359	2	journal	journal	PROPN
gujaf-264	359	3	of	of	ADP
gujaf-264	359	4	economics	economic	NOUN
gujaf-264	359	5	and	and	CCONJ
gujaf-264	359	6	financial	financial	ADJ
gujaf-264	359	7	management	management	NOUN
gujaf-264	359	8	,	,	PUNCT
gujaf-264	359	9	4(3	4(3	NUM
gujaf-264	359	10	)	)	PUNCT
gujaf-264	359	11	,	,	PUNCT
gujaf-264	359	12	31–45	31–45	NUM
gujaf-264	359	13	.	.	PUNCT
gujaf-264	359	14	oyedokun	oyedokun	NOUN
gujaf-264	359	15	,	,	PUNCT
gujaf-264	359	16	g.	g.	PROPN
gujaf-264	359	17	e.	e.	PROPN
gujaf-264	359	18	,	,	PUNCT
gujaf-264	359	19	isah	isah	PROPN
gujaf-264	359	20	,	,	PUNCT
gujaf-264	359	21	s.	s.	PROPN
gujaf-264	359	22	,	,	PUNCT
gujaf-264	359	23	&	&	CCONJ
gujaf-264	359	24	awotomilusi	awotomilusi	PROPN
gujaf-264	359	25	,	,	PUNCT
gujaf-264	359	26	n.	n.	PROPN
gujaf-264	359	27	s.	s.	PROPN
gujaf-264	359	28	(	(	PUNCT
gujaf-264	359	29	2020	2020	NUM
gujaf-264	359	30	)	)	PUNCT
gujaf-264	359	31	.	.	PUNCT
gujaf-264	360	1	ownership	ownership	NOUN
gujaf-264	360	2	structure	structure	NOUN
gujaf-264	360	3	and	and	CCONJ
gujaf-264	360	4	firm	firm	ADJ
gujaf-264	360	5	value	value	NOUN
gujaf-264	360	6	of	of	ADP
gujaf-264	360	7	quoted	quote	VERB
gujaf-264	360	8	consumers	consumer	NOUN
gujaf-264	360	9	goods	good	NOUN
gujaf-264	360	10	firms	firm	NOUN
gujaf-264	360	11	in	in	ADP
gujaf-264	360	12	nigeria	nigeria	PROPN
gujaf-264	360	13	.	.	PUNCT
gujaf-264	361	1	journal	journal	PROPN
gujaf-264	361	2	of	of	ADP
gujaf-264	361	3	accounting	accounting	NOUN
gujaf-264	361	4	and	and	CCONJ
gujaf-264	361	5	strategic	strategic	ADJ
gujaf-264	361	6	finance	finance	NOUN
gujaf-264	361	7	,	,	PUNCT
gujaf-264	361	8	3(2	3(2	NUM
gujaf-264	361	9	)	)	PUNCT
gujaf-264	361	10	,	,	PUNCT
gujaf-264	361	11	214–228	214–228	NUM
gujaf-264	361	12	.	.	PUNCT
gujaf-264	362	1	https://doi.org/10.33005/jasf.v3i2.65	https://doi.org/10.33005/jasf.v3i2.65	PROPN
gujaf-264	362	2	renneboog	renneboog	PROPN
gujaf-264	362	3	,	,	PUNCT
gujaf-264	362	4	l.	l.	PROPN
gujaf-264	362	5	,	,	PUNCT
gujaf-264	362	6	&	&	CCONJ
gujaf-264	362	7	trojanowski	trojanowski	PROPN
gujaf-264	362	8	,	,	PUNCT
gujaf-264	362	9	g.	g.	PROPN
gujaf-264	362	10	(	(	PUNCT
gujaf-264	362	11	2011	2011	NUM
gujaf-264	362	12	)	)	PUNCT
gujaf-264	362	13	.	.	PUNCT
gujaf-264	363	1	patterns	pattern	NOUN
gujaf-264	363	2	in	in	ADP
gujaf-264	363	3	payout	payout	ADJ
gujaf-264	363	4	policy	policy	NOUN
gujaf-264	363	5	and	and	CCONJ
gujaf-264	363	6	payout	payout	ADJ
gujaf-264	363	7	channel	channel	NOUN
gujaf-264	363	8	choice	choice	NOUN
gujaf-264	363	9	.	.	PUNCT
gujaf-264	364	1	journal	journal	NOUN
gujaf-264	364	2	of	of	ADP
gujaf-264	364	3	banking	banking	NOUN
gujaf-264	364	4	&	&	CCONJ
gujaf-264	364	5	finance	finance	NOUN
gujaf-264	364	6	,	,	PUNCT
gujaf-264	364	7	35(6	35(6	NUM
gujaf-264	364	8	)	)	PUNCT
gujaf-264	364	9	,	,	PUNCT
gujaf-264	364	10	1477–1490	1477–1490	NUM
gujaf-264	364	11	.	.	PUNCT
gujaf-264	365	1	https://doi.org/10.1016/j.jbankfin.2010.10.028	https://doi.org/10.1016/j.jbankfin.2010.10.028	PROPN
gujaf-264	365	2	setiawan	setiawan	PROPN
gujaf-264	365	3	,	,	PUNCT
gujaf-264	365	4	d.	d.	PROPN
gujaf-264	365	5	,	,	PUNCT
gujaf-264	365	6	bandi	bandi	PROPN
gujaf-264	365	7	,	,	PUNCT
gujaf-264	365	8	b.	b.	PROPN
gujaf-264	365	9	,	,	PUNCT
gujaf-264	365	10	kee	kee	PROPN
gujaf-264	365	11	phua	phua	PROPN
gujaf-264	365	12	,	,	PUNCT
gujaf-264	365	13	l.	l.	PROPN
gujaf-264	365	14	,	,	PUNCT
gujaf-264	365	15	&	&	CCONJ
gujaf-264	365	16	trinugroho	trinugroho	PROPN
gujaf-264	365	17	,	,	PUNCT
gujaf-264	365	18	i.	i.	PROPN
gujaf-264	365	19	(	(	PUNCT
gujaf-264	365	20	2016	2016	NUM
gujaf-264	365	21	)	)	PUNCT
gujaf-264	365	22	.	.	PUNCT
gujaf-264	366	1	ownership	ownership	NOUN
gujaf-264	366	2	structure	structure	NOUN
gujaf-264	366	3	and	and	CCONJ
gujaf-264	366	4	dividend	dividend	NOUN
gujaf-264	366	5	policy	policy	NOUN
gujaf-264	366	6	in	in	ADP
gujaf-264	366	7	indonesia	indonesia	PROPN
gujaf-264	366	8	.	.	PROPN
gujaf-264	367	1	journal	journal	PROPN
gujaf-264	367	2	of	of	ADP
gujaf-264	367	3	asia	asia	PROPN
gujaf-264	367	4	business	business	PROPN
gujaf-264	367	5	studies	study	NOUN
gujaf-264	367	6	,	,	PUNCT
gujaf-264	367	7	10(3	10(3	NUM
gujaf-264	367	8	)	)	PUNCT
gujaf-264	367	9	,	,	PUNCT
gujaf-264	367	10	230–252	230–252	NUM
gujaf-264	367	11	.	.	PUNCT
gujaf-264	368	1	https://doi.org/10.1108/jabs-05-2015-0053	https://doi.org/10.1108/jabs-05-2015-0053	PROPN
gujaf-264	368	2	setiyawati	setiyawati	PROPN
gujaf-264	368	3	,	,	PUNCT
gujaf-264	368	4	l.	l.	PROPN
gujaf-264	368	5	,	,	PUNCT
gujaf-264	368	6	wahyudi	wahyudi	NOUN
gujaf-264	368	7	,	,	PUNCT
gujaf-264	368	8	s.	s.	PROPN
gujaf-264	368	9	,	,	PUNCT
gujaf-264	368	10	&	&	CCONJ
gujaf-264	368	11	mawardi	mawardi	PROPN
gujaf-264	368	12	,	,	PUNCT
gujaf-264	368	13	w.	w.	PROPN
gujaf-264	368	14	(	(	PUNCT
gujaf-264	368	15	2017	2017	NUM
gujaf-264	368	16	)	)	PUNCT
gujaf-264	368	17	.	.	PUNCT
gujaf-264	369	1	the	the	DET
gujaf-264	369	2	influence	influence	NOUN
gujaf-264	369	3	of	of	ADP
gujaf-264	369	4	dividend	dividend	NOUN
gujaf-264	369	5	policy	policy	NOUN
gujaf-264	369	6	,	,	PUNCT
gujaf-264	369	7	debt	debt	NOUN
gujaf-264	369	8	policy	policy	NOUN
gujaf-264	369	9	,	,	PUNCT
gujaf-264	369	10	independent	independent	ADJ
gujaf-264	369	11	commissioner	commissioner	NOUN
gujaf-264	369	12	,	,	PUNCT
gujaf-264	369	13	and	and	CCONJ
gujaf-264	369	14	institutional	institutional	ADJ
gujaf-264	369	15	ownership	ownership	NOUN
gujaf-264	369	16	on	on	ADP
gujaf-264	369	17	the	the	DET
gujaf-264	369	18	firm	firm	ADJ
gujaf-264	369	19	value	value	NOUN
gujaf-264	369	20	with	with	ADP
gujaf-264	369	21	growth	growth	NOUN
gujaf-264	369	22	opportunities	opportunity	NOUN
gujaf-264	369	23	as	as	ADP
gujaf-264	369	24	moderator	moderator	NOUN
gujaf-264	369	25	variables	variable	NOUN
gujaf-264	369	26	(	(	PUNCT
gujaf-264	369	27	study	study	NOUN
gujaf-264	369	28	on	on	ADP
gujaf-264	369	29	non	non	ADJ
gujaf-264	369	30	-	-	ADJ
gujaf-264	369	31	financial	financial	ADJ
gujaf-264	369	32	companies	company	NOUN
gujaf-264	369	33	listed	list	VERB
gujaf-264	369	34	on	on	ADP
gujaf-264	369	35	idx	idx	NOUN
gujaf-264	369	36	in	in	ADP
gujaf-264	369	37	the	the	DET
gujaf-264	369	38	period	period	NOUN
gujaf-264	369	39	of	of	ADP
gujaf-264	369	40	years	year	NOUN
gujaf-264	369	41	of	of	ADP
gujaf-264	369	42	20122015	20122015	NUM
gujaf-264	369	43	)	)	PUNCT
gujaf-264	369	44	.	.	PUNCT
gujaf-264	370	1	jurnalbisnis	jurnalbisnis	PROPN
gujaf-264	370	2	strategi	strategi	PROPN
gujaf-264	370	3	•	•	PROPN
gujaf-264	370	4	,	,	PUNCT
gujaf-264	370	5	26(desember	26(desember	NUM
gujaf-264	370	6	)	)	PUNCT
gujaf-264	370	7	,	,	PUNCT
gujaf-264	370	8	146–162	146–162	NUM
gujaf-264	370	9	.	.	PUNCT
gujaf-264	370	10	shleifer	shleifer	PROPN
gujaf-264	370	11	,	,	PUNCT
gujaf-264	370	12	a.	a.	PROPN
gujaf-264	370	13	,	,	PUNCT
gujaf-264	370	14	&	&	CCONJ
gujaf-264	370	15	vishny	vishny	PROPN
gujaf-264	370	16	,	,	PUNCT
gujaf-264	370	17	r.	r.	PROPN
gujaf-264	370	18	w.	w.	PROPN
gujaf-264	370	19	(	(	PUNCT
gujaf-264	370	20	1986	1986	NUM
gujaf-264	370	21	)	)	PUNCT
gujaf-264	370	22	.	.	PUNCT
gujaf-264	371	1	large	large	ADJ
gujaf-264	371	2	shareholders	shareholder	NOUN
gujaf-264	371	3	and	and	CCONJ
gujaf-264	371	4	corporate	corporate	ADJ
gujaf-264	371	5	control	control	NOUN
gujaf-264	371	6	.	.	PUNCT
gujaf-264	372	1	journal	journal	NOUN
gujaf-264	372	2	of	of	ADP
gujaf-264	372	3	political	political	ADJ
gujaf-264	372	4	economy	economy	NOUN
gujaf-264	372	5	,	,	PUNCT
gujaf-264	372	6	94(3	94(3	NUM
gujaf-264	372	7	,	,	PUNCT
gujaf-264	372	8	part	part	NOUN
gujaf-264	372	9	1	1	NUM
gujaf-264	372	10	)	)	PUNCT
gujaf-264	372	11	,	,	PUNCT
gujaf-264	372	12	461–488	461–488	NUM
gujaf-264	372	13	.	.	PUNCT
gujaf-264	372	14	shleifer	shleifer	PROPN
gujaf-264	372	15	,	,	PUNCT
gujaf-264	372	16	a.	a.	PROPN
gujaf-264	372	17	,	,	PUNCT
gujaf-264	372	18	&	&	CCONJ
gujaf-264	372	19	vishny	vishny	PROPN
gujaf-264	372	20	,	,	PUNCT
gujaf-264	372	21	r.	r.	PROPN
gujaf-264	372	22	w.	w.	PROPN
gujaf-264	372	23	(	(	PUNCT
gujaf-264	372	24	1997	1997	NUM
gujaf-264	372	25	)	)	PUNCT
gujaf-264	372	26	.	.	PUNCT
gujaf-264	373	1	a	a	DET
gujaf-264	373	2	survey	survey	NOUN
gujaf-264	373	3	of	of	ADP
gujaf-264	373	4	corporate	corporate	ADJ
gujaf-264	373	5	governance	governance	NOUN
gujaf-264	373	6	.	.	PUNCT
gujaf-264	374	1	the	the	DET
gujaf-264	374	2	journal	journal	NOUN
gujaf-264	374	3	of	of	ADP
gujaf-264	374	4	finance	finance	NOUN
gujaf-264	374	5	,	,	PUNCT
gujaf-264	374	6	52(2	52(2	NUM
gujaf-264	374	7	)	)	PUNCT
gujaf-264	374	8	,	,	PUNCT
gujaf-264	374	9	737–783	737–783	NUM
gujaf-264	374	10	.	.	PUNCT
gujaf-264	375	1	singh	singh	PROPN
gujaf-264	375	2	,	,	PUNCT
gujaf-264	375	3	s.	s.	PROPN
gujaf-264	375	4	,	,	PUNCT
gujaf-264	375	5	tabassum	tabassum	NOUN
gujaf-264	375	6	,	,	PUNCT
gujaf-264	375	7	n.	n.	NOUN
gujaf-264	375	8	,	,	PUNCT
gujaf-264	375	9	darwish	darwish	PROPN
gujaf-264	375	10	,	,	PUNCT
gujaf-264	375	11	t.	t.	PROPN
gujaf-264	375	12	k.	k.	PROPN
gujaf-264	375	13	,	,	PUNCT
gujaf-264	375	14	&	&	CCONJ
gujaf-264	375	15	batsakis	batsakis	PROPN
gujaf-264	375	16	,	,	PUNCT
gujaf-264	375	17	g.	g.	PROPN
gujaf-264	375	18	(	(	PUNCT
gujaf-264	375	19	2018	2018	NUM
gujaf-264	375	20	)	)	PUNCT
gujaf-264	375	21	.	.	PUNCT
gujaf-264	376	1	corporate	corporate	ADJ
gujaf-264	376	2	governance	governance	NOUN
gujaf-264	376	3	and	and	CCONJ
gujaf-264	376	4	tobin	tobin	NOUN
gujaf-264	376	5	’s	’s	PART
gujaf-264	376	6	q	q	NOUN
gujaf-264	376	7	as	as	ADP
gujaf-264	376	8	a	a	DET
gujaf-264	376	9	measure	measure	NOUN
gujaf-264	376	10	of	of	ADP
gujaf-264	376	11	organizational	organizational	ADJ
gujaf-264	376	12	performance	performance	NOUN
gujaf-264	376	13	.	.	PUNCT
gujaf-264	377	1	british	british	ADJ
gujaf-264	377	2	journal	journal	PROPN
gujaf-264	377	3	of	of	ADP
gujaf-264	377	4	management	management	NOUN
gujaf-264	377	5	,	,	PUNCT
gujaf-264	377	6	29(1	29(1	NUM
gujaf-264	377	7	)	)	PUNCT
gujaf-264	377	8	,	,	PUNCT
gujaf-264	377	9	171–190	171–190	NUM
gujaf-264	377	10	.	.	PUNCT
gujaf-264	378	1	https://doi.org/10.1111/14678551.12237	https://doi.org/10.1111/14678551.12237	PROPN
gujaf-264	378	2	.	.	PUNCT
gujaf-264	379	1	tobin	tobin	PROPN
gujaf-264	379	2	,	,	PUNCT
gujaf-264	379	3	j.	j.	PROPN
gujaf-264	379	4	(	(	PUNCT
gujaf-264	379	5	1969	1969	NUM
gujaf-264	379	6	)	)	PUNCT
gujaf-264	379	7	.	.	PUNCT
gujaf-264	380	1	a	a	DET
gujaf-264	380	2	general	general	ADJ
gujaf-264	380	3	equilibrium	equilibrium	NOUN
gujaf-264	380	4	approach	approach	NOUN
gujaf-264	380	5	to	to	ADP
gujaf-264	380	6	monetary	monetary	ADJ
gujaf-264	380	7	theory	theory	NOUN
gujaf-264	380	8	.	.	PUNCT
gujaf-264	381	1	journal	journal	NOUN
gujaf-264	381	2	of	of	ADP
gujaf-264	381	3	money	money	NOUN
gujaf-264	381	4	,	,	PUNCT
gujaf-264	381	5	credit	credit	NOUN
gujaf-264	381	6	and	and	CCONJ
gujaf-264	381	7	banking	banking	NOUN
gujaf-264	381	8	,	,	PUNCT
gujaf-264	381	9	1(1	1(1	NUM
gujaf-264	381	10	)	)	PUNCT
gujaf-264	381	11	,	,	PUNCT
gujaf-264	381	12	15–29	15–29	NUM
gujaf-264	381	13	.	.	PUNCT
gujaf-264	382	1	widiatmoko	widiatmoko	PROPN
gujaf-264	382	2	,	,	PUNCT
gujaf-264	382	3	j.	j.	PROPN
gujaf-264	382	4	,	,	PUNCT
gujaf-264	382	5	badjuri	badjuri	PROPN
gujaf-264	382	6	,	,	PUNCT
gujaf-264	382	7	a.	a.	NOUN
gujaf-264	382	8	,	,	PUNCT
gujaf-264	382	9	&	&	CCONJ
gujaf-264	382	10	irsad	irsad	PROPN
gujaf-264	382	11	,	,	PUNCT
gujaf-264	382	12	m.	m.	NOUN
gujaf-264	382	13	(	(	PUNCT
gujaf-264	382	14	2021	2021	NUM
gujaf-264	382	15	)	)	PUNCT
gujaf-264	382	16	.	.	PUNCT
gujaf-264	383	1	ownership	ownership	NOUN
gujaf-264	383	2	structure	structure	NOUN
gujaf-264	383	3	on	on	ADP
gujaf-264	383	4	dividend	dividend	NOUN
gujaf-264	383	5	policy	policy	NOUN
gujaf-264	383	6	and	and	CCONJ
gujaf-264	383	7	its	its	PRON
gujaf-264	383	8	impact	impact	NOUN
gujaf-264	383	9	on	on	ADP
gujaf-264	383	10	firm	firm	ADJ
gujaf-264	383	11	value	value	NOUN
gujaf-264	383	12	.	.	PUNCT
gujaf-264	384	1	zulfikar	zulfikar	PROPN
gujaf-264	384	2	,	,	PUNCT
gujaf-264	384	3	r.	r.	PROPN
gujaf-264	384	4	,	,	PUNCT
gujaf-264	384	5	nofianti	nofianti	PROPN
gujaf-264	384	6	,	,	PUNCT
gujaf-264	384	7	n.	n.	NOUN
gujaf-264	384	8	,	,	PUNCT
gujaf-264	384	9	astuti	astuti	PROPN
gujaf-264	384	10	,	,	PUNCT
gujaf-264	384	11	k.	k.	PROPN
gujaf-264	384	12	d.	d.	PROPN
gujaf-264	384	13	,	,	PUNCT
gujaf-264	384	14	meutia	meutia	PROPN
gujaf-264	384	15	,	,	PUNCT
gujaf-264	384	16	m.	m.	NOUN
gujaf-264	384	17	,	,	PUNCT
gujaf-264	384	18	ramadan	ramadan	PROPN
gujaf-264	384	19	,	,	PUNCT
gujaf-264	384	20	a.	a.	NOUN
gujaf-264	384	21	,	,	PUNCT
gujaf-264	384	22	zulfikar	zulfikar	PROPN
gujaf-264	384	23	,	,	PUNCT
gujaf-264	384	24	r.	r.	PROPN
gujaf-264	384	25	,	,	PUNCT
gujaf-264	384	26	nofianti	nofianti	PROPN
gujaf-264	384	27	,	,	PUNCT
gujaf-264	384	28	n.	n.	PROPN
gujaf-264	384	29	,	,	PUNCT
gujaf-264	384	30	dwiastuti	dwiastuti	PROPN
gujaf-264	384	31	,	,	PUNCT
gujaf-264	384	32	k.	k.	PROPN
gujaf-264	384	33	,	,	PUNCT
gujaf-264	384	34	meutia	meutia	PROPN
gujaf-264	384	35	,	,	PUNCT
gujaf-264	384	36	m.	m.	NOUN
gujaf-264	384	37	,	,	PUNCT
gujaf-264	384	38	&	&	CCONJ
gujaf-264	384	39	ramadan	ramadan	PROPN
gujaf-264	384	40	,	,	PUNCT
gujaf-264	384	41	a.	a.	NOUN
gujaf-264	384	42	(	(	PUNCT
gujaf-264	384	43	2020	2020	NUM
gujaf-264	384	44	)	)	PUNCT
gujaf-264	384	45	.	.	PUNCT
gujaf-264	385	1	the	the	DET
gujaf-264	385	2	role	role	NOUN
gujaf-264	385	3	of	of	ADP
gujaf-264	385	4	ownership	ownership	NOUN
gujaf-264	385	5	’s	’s	PART
gujaf-264	385	6	concentration	concentration	NOUN
gujaf-264	385	7	moderating	moderate	VERB
gujaf-264	385	8	dividend	dividend	NOUN
gujaf-264	385	9	policy	policy	NOUN
gujaf-264	385	10	effects	effect	NOUN
gujaf-264	385	11	on	on	ADP
gujaf-264	385	12	firm	firm	ADJ
gujaf-264	385	13	value	value	NOUN
gujaf-264	385	14	.	.	PUNCT
gujaf-264	386	1	in	in	ADP
gujaf-264	386	2	international	international	ADJ
gujaf-264	386	3	journal	journal	NOUN
gujaf-264	386	4	of	of	ADP
gujaf-264	386	5	economics	economic	NOUN
gujaf-264	386	6	and	and	CCONJ
gujaf-264	386	7	business	business	NOUN
gujaf-264	386	8	administration	administration	NOUN
gujaf-264	386	9	:	:	PUNCT
gujaf-264	386	10	vol	vol	NOUN
gujaf-264	386	11	.	.	PUNCT
gujaf-264	387	1	viii	viii	NOUN
gujaf-264	387	2	(	(	PUNCT
gujaf-264	387	3	issue	issue	NOUN
gujaf-264	387	4	2	2	NUM
gujaf-264	387	5	)	)	PUNCT
gujaf-264	387	6	.	.	PUNCT
gujaf-264	388	1	https://doi.org/10.33005/jasf.v3i2.65	https://doi.org/10.33005/jasf.v3i2.65	PROPN
gujaf-264	388	2	https://doi.org/10.1016/j.jbankfin.2010.10.028	https://doi.org/10.1016/j.jbankfin.2010.10.028	PROPN
gujaf-264	388	3	https://doi.org/10.1108/jabs-05-2015-0053	https://doi.org/10.1108/jabs-05-2015-0053	PROPN
gujaf-264	388	4	https://doi.org/10.1111/1467-8551.12237	https://doi.org/10.1111/1467-8551.12237	PROPN
gujaf-264	388	5	https://doi.org/10.1111/1467-8551.12237	https://doi.org/10.1111/1467-8551.12237	PROPN