id	sid	tid	token	lemma	pos
gujaf-385	1	1	microsoft	microsoft	PROPN
gujaf-385	1	2	word	word	PROPN
gujaf-385	1	3	fk	fk	INTJ
gujaf-385	1	4	to	to	ADP
gujaf-385	1	5	mr	mr	PROPN
gujaf-385	1	6	hassan	hassan	PROPN
gujaf-385	1	7	6	6	NUM
gujaf-385	1	8	1	1	NUM
gujaf-385	1	9	gusau	gusau	ADJ
gujaf-385	1	10	journal	journal	NOUN
gujaf-385	1	11	of	of	ADP
gujaf-385	1	12	accounting	accounting	NOUN
gujaf-385	1	13	and	and	CCONJ
gujaf-385	1	14	finance	finance	NOUN
gujaf-385	1	15	,	,	PUNCT
gujaf-385	1	16	vol.6	vol.6	PROPN
gujaf-385	1	17	,	,	PUNCT
gujaf-385	1	18	issue	issue	NOUN
gujaf-385	1	19	1	1	NUM
gujaf-385	1	20	,	,	PUNCT
gujaf-385	1	21	april	april	PROPN
gujaf-385	1	22	,	,	PUNCT
gujaf-385	1	23	2025	2025	NUM
gujaf-385	1	24	290	290	NUM
gujaf-385	1	25	mitigating	mitigate	VERB
gujaf-385	1	26	coordination	coordination	NOUN
gujaf-385	1	27	frictions	friction	NOUN
gujaf-385	1	28	in	in	ADP
gujaf-385	1	29	defi	defi	NOUN
gujaf-385	1	30	:	:	PUNCT
gujaf-385	1	31	empirical	empirical	ADJ
gujaf-385	1	32	evidence	evidence	NOUN
gujaf-385	1	33	from	from	ADP
gujaf-385	1	34	dynamic	dynamic	ADJ
gujaf-385	1	35	panel	panel	NOUN
gujaf-385	1	36	models	model	NOUN
gujaf-385	1	37	and	and	CCONJ
gujaf-385	1	38	event	event	NOUN
gujaf-385	1	39	study	study	NOUN
gujaf-385	1	40	of	of	ADP
gujaf-385	1	41	ethereum	ethereum	NOUN
gujaf-385	1	42	-	-	PUNCT
gujaf-385	1	43	based	base	VERB
gujaf-385	1	44	projects	project	NOUN
gujaf-385	1	45	adedeji	adedeji	VERB
gujaf-385	1	46	daniel	daniel	PROPN
gujaf-385	1	47	gbadebo	gbadebo	PROPN
gujaf-385	1	48	department	department	PROPN
gujaf-385	1	49	of	of	ADP
gujaf-385	1	50	accounting	accounting	PROPN
gujaf-385	1	51	science	science	NOUN
gujaf-385	1	52	,	,	PUNCT
gujaf-385	1	53	walter	walter	PROPN
gujaf-385	1	54	sisulu	sisulu	PROPN
gujaf-385	1	55	university	university	PROPN
gujaf-385	1	56	,	,	PUNCT
gujaf-385	1	57	south	south	PROPN
gujaf-385	1	58	africa	africa	PROPN
gujaf-385	1	59	,	,	PUNCT
gujaf-385	1	60	orcid	orcid	PROPN
gujaf-385	1	61	:	:	PUNCT
gujaf-385	1	62	https://orcid.org/0000-0002-1929-3291	https://orcid.org/0000-0002-1929-3291	ADJ
gujaf-385	1	63	email	email	NOUN
gujaf-385	1	64	:	:	PUNCT
gujaf-385	1	65	gbadebo.adedejidaniel@gmail.com	gbadebo.adedejidaniel@gmail.com	X
gujaf-385	1	66	https://doi.org/10.57233/gujaf.v6i1.20	https://doi.org/10.57233/gujaf.v6i1.20	NOUN
gujaf-385	1	67	abstract	abstract	ADV
gujaf-385	1	68	this	this	DET
gujaf-385	1	69	study	study	NOUN
gujaf-385	1	70	examines	examine	VERB
gujaf-385	1	71	the	the	DET
gujaf-385	1	72	role	role	NOUN
gujaf-385	1	73	of	of	ADP
gujaf-385	1	74	crypto	crypto	NOUN
gujaf-385	1	75	funds	fund	NOUN
gujaf-385	1	76	(	(	PUNCT
gujaf-385	1	77	cfs	cfs	PROPN
gujaf-385	1	78	)	)	PUNCT
gujaf-385	1	79	in	in	ADP
gujaf-385	1	80	enhancing	enhance	VERB
gujaf-385	1	81	the	the	DET
gujaf-385	1	82	valuation	valuation	NOUN
gujaf-385	1	83	and	and	CCONJ
gujaf-385	1	84	performance	performance	NOUN
gujaf-385	1	85	of	of	ADP
gujaf-385	1	86	decentralized	decentralize	VERB
gujaf-385	1	87	digital	digital	ADJ
gujaf-385	1	88	platforms	platform	NOUN
gujaf-385	1	89	(	(	PUNCT
gujaf-385	1	90	ddps	ddps	PROPN
gujaf-385	1	91	)	)	PUNCT
gujaf-385	1	92	by	by	ADP
gujaf-385	1	93	mitigating	mitigate	VERB
gujaf-385	1	94	coordination	coordination	NOUN
gujaf-385	1	95	frictions	friction	NOUN
gujaf-385	1	96	and	and	CCONJ
gujaf-385	1	97	information	information	NOUN
gujaf-385	1	98	asymmetries	asymmetry	NOUN
gujaf-385	1	99	.	.	PUNCT
gujaf-385	2	1	drawing	draw	VERB
gujaf-385	2	2	on	on	ADP
gujaf-385	2	3	panel	panel	NOUN
gujaf-385	2	4	data	datum	NOUN
gujaf-385	2	5	from	from	ADP
gujaf-385	2	6	1,200	1,200	NUM
gujaf-385	2	7	ethereum	ethereum	NOUN
gujaf-385	2	8	-	-	PUNCT
gujaf-385	2	9	based	base	VERB
gujaf-385	2	10	projects	project	NOUN
gujaf-385	2	11	and	and	CCONJ
gujaf-385	2	12	event	event	NOUN
gujaf-385	2	13	-	-	PUNCT
gujaf-385	2	14	study	study	NOUN
gujaf-385	2	15	evidence	evidence	NOUN
gujaf-385	2	16	around	around	ADP
gujaf-385	2	17	cf	cf	NOUN
gujaf-385	2	18	investment	investment	NOUN
gujaf-385	2	19	disclosures	disclosure	NOUN
gujaf-385	2	20	,	,	PUNCT
gujaf-385	2	21	we	we	PRON
gujaf-385	2	22	find	find	VERB
gujaf-385	2	23	that	that	SCONJ
gujaf-385	2	24	cfbacked	cfbacke	VERB
gujaf-385	2	25	ddps	ddp	NOUN
gujaf-385	2	26	achieve	achieve	VERB
gujaf-385	2	27	significantly	significantly	ADV
gujaf-385	2	28	higher	high	ADJ
gujaf-385	2	29	token	token	ADJ
gujaf-385	2	30	valuations	valuation	NOUN
gujaf-385	2	31	in	in	ADP
gujaf-385	2	32	the	the	DET
gujaf-385	2	33	primary	primary	ADJ
gujaf-385	2	34	market	market	NOUN
gujaf-385	2	35	,	,	PUNCT
gujaf-385	2	36	experience	experience	VERB
gujaf-385	2	37	positive	positive	ADJ
gujaf-385	2	38	cumulative	cumulative	ADJ
gujaf-385	2	39	abnormal	abnormal	ADJ
gujaf-385	2	40	returns	return	NOUN
gujaf-385	2	41	(	(	PUNCT
gujaf-385	2	42	cars	car	NOUN
gujaf-385	2	43	)	)	PUNCT
gujaf-385	2	44	around	around	ADP
gujaf-385	2	45	investment	investment	NOUN
gujaf-385	2	46	announcements	announcement	NOUN
gujaf-385	2	47	,	,	PUNCT
gujaf-385	2	48	and	and	CCONJ
gujaf-385	2	49	outperform	outperform	VERB
gujaf-385	2	50	non	non	ADJ
gujaf-385	2	51	-	-	ADJ
gujaf-385	2	52	cf	cf	ADJ
gujaf-385	2	53	-	-	PUNCT
gujaf-385	2	54	backed	back	VERB
gujaf-385	2	55	peers	peer	NOUN
gujaf-385	2	56	’	’	PART
gujaf-385	2	57	post	post	NOUN
gujaf-385	2	58	-	-	NOUN
gujaf-385	2	59	issuance	issuance	NOUN
gujaf-385	2	60	.	.	PUNCT
gujaf-385	3	1	the	the	DET
gujaf-385	3	2	impact	impact	NOUN
gujaf-385	3	3	of	of	ADP
gujaf-385	3	4	cfs	cfs	PROPN
gujaf-385	3	5	is	be	AUX
gujaf-385	3	6	stronger	strong	ADJ
gujaf-385	3	7	when	when	SCONJ
gujaf-385	3	8	they	they	PRON
gujaf-385	3	9	hold	hold	VERB
gujaf-385	3	10	central	central	ADJ
gujaf-385	3	11	positions	position	NOUN
gujaf-385	3	12	in	in	ADP
gujaf-385	3	13	investor	investor	NOUN
gujaf-385	3	14	networks	network	NOUN
gujaf-385	3	15	and	and	CCONJ
gujaf-385	3	16	when	when	SCONJ
gujaf-385	3	17	token	token	ADJ
gujaf-385	3	18	ownership	ownership	NOUN
gujaf-385	3	19	is	be	AUX
gujaf-385	3	20	more	more	ADV
gujaf-385	3	21	decentralized	decentralize	VERB
gujaf-385	3	22	.	.	PUNCT
gujaf-385	4	1	robustness	robustness	NOUN
gujaf-385	4	2	checks	check	NOUN
gujaf-385	4	3	using	use	VERB
gujaf-385	4	4	alternative	alternative	ADJ
gujaf-385	4	5	dependent	dependent	ADJ
gujaf-385	4	6	variables	variable	NOUN
gujaf-385	4	7	,	,	PUNCT
gujaf-385	4	8	subsample	subsample	ADJ
gujaf-385	4	9	analyses	analysis	NOUN
gujaf-385	4	10	,	,	PUNCT
gujaf-385	4	11	and	and	CCONJ
gujaf-385	4	12	interaction	interaction	NOUN
gujaf-385	4	13	terms	term	NOUN
gujaf-385	4	14	confirm	confirm	VERB
gujaf-385	4	15	the	the	DET
gujaf-385	4	16	validity	validity	NOUN
gujaf-385	4	17	of	of	ADP
gujaf-385	4	18	the	the	DET
gujaf-385	4	19	findings	finding	NOUN
gujaf-385	4	20	.	.	PUNCT
gujaf-385	5	1	these	these	DET
gujaf-385	5	2	results	result	NOUN
gujaf-385	5	3	highlight	highlight	VERB
gujaf-385	5	4	the	the	DET
gujaf-385	5	5	importance	importance	NOUN
gujaf-385	5	6	of	of	ADP
gujaf-385	5	7	institutional	institutional	ADJ
gujaf-385	5	8	capital	capital	NOUN
gujaf-385	5	9	not	not	PART
gujaf-385	5	10	only	only	ADV
gujaf-385	5	11	in	in	ADP
gujaf-385	5	12	financing	financing	NOUN
gujaf-385	5	13	but	but	CCONJ
gujaf-385	5	14	also	also	ADV
gujaf-385	5	15	in	in	ADP
gujaf-385	5	16	signaling	signal	VERB
gujaf-385	5	17	quality	quality	NOUN
gujaf-385	5	18	and	and	CCONJ
gujaf-385	5	19	enhancing	enhance	VERB
gujaf-385	5	20	governance	governance	NOUN
gujaf-385	5	21	in	in	ADP
gujaf-385	5	22	decentralized	decentralize	VERB
gujaf-385	5	23	ecosystems	ecosystem	NOUN
gujaf-385	5	24	.	.	PUNCT
gujaf-385	6	1	policy	policy	NOUN
gujaf-385	6	2	implications	implication	NOUN
gujaf-385	6	3	include	include	VERB
gujaf-385	6	4	the	the	DET
gujaf-385	6	5	need	need	NOUN
gujaf-385	6	6	for	for	ADP
gujaf-385	6	7	standard	standard	ADJ
gujaf-385	6	8	cf	cf	NOUN
gujaf-385	6	9	disclosure	disclosure	NOUN
gujaf-385	6	10	practices	practice	NOUN
gujaf-385	6	11	,	,	PUNCT
gujaf-385	6	12	token	token	VERB
gujaf-385	6	13	distribution	distribution	NOUN
gujaf-385	6	14	guidelines	guideline	NOUN
gujaf-385	6	15	,	,	PUNCT
gujaf-385	6	16	and	and	CCONJ
gujaf-385	6	17	improved	improved	ADJ
gujaf-385	6	18	audit	audit	NOUN
gujaf-385	6	19	standards	standard	NOUN
gujaf-385	6	20	for	for	ADP
gujaf-385	6	21	smart	smart	ADJ
gujaf-385	6	22	contracts	contract	NOUN
gujaf-385	6	23	.	.	PUNCT
gujaf-385	7	1	the	the	DET
gujaf-385	7	2	findings	finding	NOUN
gujaf-385	7	3	contribute	contribute	VERB
gujaf-385	7	4	to	to	ADP
gujaf-385	7	5	emerging	emerge	VERB
gujaf-385	7	6	debates	debate	NOUN
gujaf-385	7	7	on	on	ADP
gujaf-385	7	8	institutional	institutional	ADJ
gujaf-385	7	9	legitimacy	legitimacy	NOUN
gujaf-385	7	10	,	,	PUNCT
gujaf-385	7	11	valuation	valuation	NOUN
gujaf-385	7	12	dynamics	dynamic	NOUN
gujaf-385	7	13	,	,	PUNCT
gujaf-385	7	14	and	and	CCONJ
gujaf-385	7	15	governance	governance	NOUN
gujaf-385	7	16	in	in	ADP
gujaf-385	7	17	the	the	DET
gujaf-385	7	18	digital	digital	ADJ
gujaf-385	7	19	asset	asset	NOUN
gujaf-385	7	20	economy	economy	NOUN
gujaf-385	7	21	.	.	PUNCT
gujaf-385	8	1	keywords	keyword	NOUN
gujaf-385	8	2	:	:	PUNCT
gujaf-385	8	3	crypto	crypto	NOUN
gujaf-385	8	4	funds	fund	NOUN
gujaf-385	8	5	,	,	PUNCT
gujaf-385	8	6	token	token	ADJ
gujaf-385	8	7	valuation	valuation	NOUN
gujaf-385	8	8	,	,	PUNCT
gujaf-385	8	9	decentralized	decentralized	ADJ
gujaf-385	8	10	platforms	platform	NOUN
gujaf-385	8	11	,	,	PUNCT
gujaf-385	8	12	investor	investor	NOUN
gujaf-385	8	13	networks	network	NOUN
gujaf-385	8	14	,	,	PUNCT
gujaf-385	8	15	blockchain	blockchain	PROPN
gujaf-385	8	16	governance	governance	NOUN
gujaf-385	8	17	,	,	PUNCT
gujaf-385	8	18	event	event	NOUN
gujaf-385	8	19	study	study	NOUN
gujaf-385	8	20	.	.	PUNCT
gujaf-385	9	1	1.0	1.0	NUM
gujaf-385	9	2	introduction	introduction	NOUN
gujaf-385	9	3	the	the	DET
gujaf-385	9	4	advent	advent	NOUN
gujaf-385	9	5	of	of	ADP
gujaf-385	9	6	blockchain	blockchain	PROPN
gujaf-385	9	7	technology	technology	PROPN
gujaf-385	9	8	has	have	AUX
gujaf-385	9	9	ushered	usher	VERB
gujaf-385	9	10	in	in	ADP
gujaf-385	9	11	a	a	DET
gujaf-385	9	12	transformative	transformative	ADJ
gujaf-385	9	13	era	era	NOUN
gujaf-385	9	14	for	for	ADP
gujaf-385	9	15	digital	digital	ADJ
gujaf-385	9	16	platforms	platform	NOUN
gujaf-385	9	17	,	,	PUNCT
gujaf-385	9	18	offering	offer	VERB
gujaf-385	9	19	decentralized	decentralized	ADJ
gujaf-385	9	20	architectures	architecture	NOUN
gujaf-385	9	21	that	that	PRON
gujaf-385	9	22	promise	promise	VERB
gujaf-385	9	23	enhanced	enhanced	ADJ
gujaf-385	9	24	transparency	transparency	NOUN
gujaf-385	9	25	,	,	PUNCT
gujaf-385	9	26	security	security	NOUN
gujaf-385	9	27	,	,	PUNCT
gujaf-385	9	28	and	and	CCONJ
gujaf-385	9	29	efficiency	efficiency	NOUN
gujaf-385	9	30	.	.	PUNCT
gujaf-385	10	1	decentralized	decentralize	VERB
gujaf-385	10	2	digital	digital	ADJ
gujaf-385	10	3	platforms	platform	NOUN
gujaf-385	10	4	(	(	PUNCT
gujaf-385	10	5	ddps	ddps	PROPN
gujaf-385	10	6	)	)	PUNCT
gujaf-385	10	7	,	,	PUNCT
gujaf-385	10	8	underpinned	underpin	VERB
gujaf-385	10	9	by	by	ADP
gujaf-385	10	10	blockchain	blockchain	PROPN
gujaf-385	10	11	,	,	PUNCT
gujaf-385	10	12	aim	aim	VERB
gujaf-385	10	13	to	to	PART
gujaf-385	10	14	disrupt	disrupt	VERB
gujaf-385	10	15	traditional	traditional	ADJ
gujaf-385	10	16	centralized	centralize	VERB
gujaf-385	10	17	systems	system	NOUN
gujaf-385	10	18	by	by	ADP
gujaf-385	10	19	enabling	enable	VERB
gujaf-385	10	20	peer	peer	NOUN
gujaf-385	10	21	-	-	PUNCT
gujaf-385	10	22	to	to	ADP
gujaf-385	10	23	-	-	PUNCT
gujaf-385	10	24	peer	peer	NOUN
gujaf-385	10	25	interactions	interaction	NOUN
gujaf-385	10	26	without	without	ADP
gujaf-385	10	27	intermediaries	intermediary	NOUN
gujaf-385	10	28	.	.	PUNCT
gujaf-385	11	1	however	however	ADV
gujaf-385	11	2	,	,	PUNCT
gujaf-385	11	3	despite	despite	SCONJ
gujaf-385	11	4	their	their	PRON
gujaf-385	11	5	potential	potential	NOUN
gujaf-385	11	6	,	,	PUNCT
gujaf-385	11	7	ddps	ddp	NOUN
gujaf-385	11	8	often	often	ADV
gujaf-385	11	9	grapple	grapple	VERB
gujaf-385	11	10	with	with	ADP
gujaf-385	11	11	coordination	coordination	NOUN
gujaf-385	11	12	frictions	friction	NOUN
gujaf-385	11	13	that	that	PRON
gujaf-385	11	14	hinder	hinder	VERB
gujaf-385	11	15	their	their	PRON
gujaf-385	11	16	widespread	widespread	ADJ
gujaf-385	11	17	adoption	adoption	NOUN
gujaf-385	11	18	and	and	CCONJ
gujaf-385	11	19	effective	effective	ADJ
gujaf-385	11	20	governance	governance	NOUN
gujaf-385	11	21	.	.	PUNCT
gujaf-385	12	1	these	these	DET
gujaf-385	12	2	frictions	friction	NOUN
gujaf-385	12	3	arise	arise	VERB
gujaf-385	12	4	from	from	ADP
gujaf-385	12	5	challenges	challenge	NOUN
gujaf-385	12	6	such	such	ADJ
gujaf-385	12	7	as	as	ADP
gujaf-385	12	8	fragmented	fragmented	ADJ
gujaf-385	12	9	stakeholder	stakeholder	NOUN
gujaf-385	12	10	interests	interest	NOUN
gujaf-385	12	11	,	,	PUNCT
gujaf-385	12	12	lack	lack	NOUN
gujaf-385	12	13	of	of	ADP
gujaf-385	12	14	standardized	standardized	ADJ
gujaf-385	12	15	governance	governance	NOUN
gujaf-385	12	16	frameworks	framework	NOUN
gujaf-385	12	17	,	,	PUNCT
gujaf-385	12	18	and	and	CCONJ
gujaf-385	12	19	the	the	DET
gujaf-385	12	20	inherent	inherent	ADJ
gujaf-385	12	21	complexities	complexity	NOUN
gujaf-385	12	22	of	of	ADP
gujaf-385	12	23	decentralized	decentralized	ADJ
gujaf-385	12	24	decision	decision	NOUN
gujaf-385	12	25	-	-	PUNCT
gujaf-385	12	26	making	make	VERB
gujaf-385	12	27	processes	process	NOUN
gujaf-385	12	28	(	(	PUNCT
gujaf-385	12	29	liu	liu	PROPN
gujaf-385	12	30	et	et	PROPN
gujaf-385	12	31	al	al	PROPN
gujaf-385	12	32	.	.	PROPN
gujaf-385	12	33	,	,	PUNCT
gujaf-385	12	34	2021	2021	NUM
gujaf-385	12	35	)	)	PUNCT
gujaf-385	12	36	.	.	PUNCT
gujaf-385	13	1	coordination	coordination	NOUN
gujaf-385	13	2	frictions	friction	NOUN
gujaf-385	13	3	manifest	manifest	VERB
gujaf-385	13	4	in	in	ADP
gujaf-385	13	5	various	various	ADJ
gujaf-385	13	6	forms	form	NOUN
gujaf-385	13	7	,	,	PUNCT
gujaf-385	13	8	including	include	VERB
gujaf-385	13	9	difficulties	difficulty	NOUN
gujaf-385	13	10	in	in	ADP
gujaf-385	13	11	achieving	achieve	VERB
gujaf-385	13	12	consensus	consensus	NOUN
gujaf-385	13	13	among	among	ADP
gujaf-385	13	14	diverse	diverse	ADJ
gujaf-385	13	15	participants	participant	NOUN
gujaf-385	13	16	,	,	PUNCT
gujaf-385	13	17	establishing	establish	VERB
gujaf-385	13	18	trust	trust	NOUN
gujaf-385	13	19	in	in	ADP
gujaf-385	13	20	trustless	trustless	NOUN
gujaf-385	13	21	environments	environment	NOUN
gujaf-385	13	22	,	,	PUNCT
gujaf-385	13	23	and	and	CCONJ
gujaf-385	13	24	aligning	align	VERB
gujaf-385	13	25	incentives	incentive	NOUN
gujaf-385	13	26	across	across	ADP
gujaf-385	13	27	a	a	DET
gujaf-385	13	28	decentralized	decentralized	ADJ
gujaf-385	13	29	network	network	NOUN
gujaf-385	13	30	.	.	PUNCT
gujaf-385	14	1	such	such	ADJ
gujaf-385	14	2	issues	issue	NOUN
gujaf-385	14	3	can	can	AUX
gujaf-385	14	4	lead	lead	VERB
gujaf-385	14	5	to	to	ADP
gujaf-385	14	6	inefficiencies	inefficiency	NOUN
gujaf-385	14	7	,	,	PUNCT
gujaf-385	14	8	reduced	reduce	VERB
gujaf-385	14	9	user	user	NOUN
gujaf-385	14	10	engagement	engagement	NOUN
gujaf-385	14	11	,	,	PUNCT
gujaf-385	14	12	and	and	CCONJ
gujaf-385	14	13	ultimately	ultimately	ADV
gujaf-385	14	14	,	,	PUNCT
gujaf-385	14	15	the	the	DET
gujaf-385	14	16	failure	failure	NOUN
gujaf-385	14	17	of	of	ADP
gujaf-385	14	18	blockchain	blockchain	PROPN
gujaf-385	14	19	initiatives	initiative	NOUN
gujaf-385	14	20	.	.	PUNCT
gujaf-385	15	1	for	for	ADP
gujaf-385	15	2	instance	instance	NOUN
gujaf-385	15	3	,	,	PUNCT
gujaf-385	15	4	the	the	DET
gujaf-385	15	5	tradelens	tradelen	NOUN
gujaf-385	15	6	platform	platform	NOUN
gujaf-385	15	7	,	,	PUNCT
gujaf-385	15	8	despite	despite	SCONJ
gujaf-385	15	9	its	its	PRON
gujaf-385	15	10	promise	promise	NOUN
gujaf-385	15	11	to	to	PART
gujaf-385	15	12	revolutionize	revolutionize	VERB
gujaf-385	15	13	global	global	ADJ
gujaf-385	15	14	shipping	shipping	PROPN
gujaf-385	15	15	through	through	ADP
gujaf-385	15	16	blockchain	blockchain	PROPN
gujaf-385	15	17	,	,	PUNCT
gujaf-385	15	18	faced	face	VERB
gujaf-385	15	19	adoption	adoption	NOUN
gujaf-385	15	20	challenges	challenge	NOUN
gujaf-385	15	21	due	due	ADJ
gujaf-385	15	22	to	to	ADP
gujaf-385	15	23	governance	governance	NOUN
gujaf-385	15	24	complexities	complexity	NOUN
gujaf-385	15	25	and	and	CCONJ
gujaf-385	15	26	stakeholder	stakeholder	NOUN
gujaf-385	15	27	misalignments	misalignment	NOUN
gujaf-385	15	28	(	(	PUNCT
gujaf-385	15	29	jovanovic	jovanovic	PROPN
gujaf-385	15	30	et	et	PROPN
gujaf-385	15	31	al	al	PROPN
gujaf-385	15	32	.	.	PROPN
gujaf-385	15	33	,	,	PUNCT
gujaf-385	15	34	2022	2022	NUM
gujaf-385	15	35	)	)	PUNCT
gujaf-385	15	36	.	.	PUNCT
gujaf-385	16	1	these	these	DET
gujaf-385	16	2	examples	example	NOUN
gujaf-385	16	3	underscore	underscore	VERB
gujaf-385	16	4	the	the	DET
gujaf-385	16	5	critical	critical	ADJ
gujaf-385	16	6	need	need	NOUN
gujaf-385	16	7	for	for	ADP
gujaf-385	16	8	effective	effective	ADJ
gujaf-385	16	9	governance	governance	NOUN
gujaf-385	16	10	structures	structure	NOUN
gujaf-385	16	11	that	that	PRON
gujaf-385	16	12	can	can	AUX
gujaf-385	16	13	navigate	navigate	VERB
gujaf-385	16	14	the	the	DET
gujaf-385	16	15	unique	unique	ADJ
gujaf-385	16	16	challenges	challenge	NOUN
gujaf-385	16	17	posed	pose	VERB
gujaf-385	16	18	by	by	ADP
gujaf-385	16	19	decentralized	decentralized	ADJ
gujaf-385	16	20	systems	system	NOUN
gujaf-385	16	21	.	.	PUNCT
gujaf-385	17	1	in	in	ADP
gujaf-385	17	2	this	this	DET
gujaf-385	17	3	context	context	NOUN
gujaf-385	17	4	,	,	PUNCT
gujaf-385	17	5	crypto	crypto	NOUN
gujaf-385	17	6	funds	fund	NOUN
gujaf-385	17	7	(	(	PUNCT
gujaf-385	17	8	cfs	cfs	PROPN
gujaf-385	17	9	)	)	PUNCT
gujaf-385	17	10	have	have	AUX
gujaf-385	17	11	emerged	emerge	VERB
gujaf-385	17	12	as	as	ADP
gujaf-385	17	13	pivotal	pivotal	ADJ
gujaf-385	17	14	actors	actor	NOUN
gujaf-385	17	15	in	in	ADP
gujaf-385	17	16	mitigating	mitigate	VERB
gujaf-385	17	17	coordination	coordination	NOUN
gujaf-385	17	18	frictions	friction	NOUN
gujaf-385	17	19	within	within	ADP
gujaf-385	17	20	the	the	DET
gujaf-385	17	21	blockchain	blockchain	PROPN
gujaf-385	17	22	ecosystem	ecosystem	PROPN
gujaf-385	17	23	.	.	PUNCT
gujaf-385	18	1	by	by	ADP
gujaf-385	18	2	providing	provide	VERB
gujaf-385	18	3	not	not	PART
gujaf-385	18	4	only	only	ADV
gujaf-385	18	5	capital	capital	NOUN
gujaf-385	18	6	but	but	CCONJ
gujaf-385	18	7	also	also	ADV
gujaf-385	18	8	strategic	strategic	ADJ
gujaf-385	18	9	guidance	guidance	NOUN
gujaf-385	18	10	and	and	CCONJ
gujaf-385	18	11	governance	governance	NOUN
gujaf-385	18	12	support	support	NOUN
gujaf-385	18	13	,	,	PUNCT
gujaf-385	18	14	cfs	cfs	PROPN
gujaf-385	18	15	play	play	VERB
gujaf-385	18	16	a	a	DET
gujaf-385	18	17	crucial	crucial	ADJ
gujaf-385	18	18	role	role	NOUN
gujaf-385	18	19	in	in	ADP
gujaf-385	18	20	enhancing	enhance	VERB
gujaf-385	18	21	the	the	DET
gujaf-385	18	22	viability	viability	NOUN
gujaf-385	18	23	and	and	CCONJ
gujaf-385	18	24	performance	performance	NOUN
gujaf-385	18	25	of	of	ADP
gujaf-385	18	26	ddps	ddps	NOUN
gujaf-385	18	27	.	.	PUNCT
gujaf-385	19	1	empirical	empirical	ADJ
gujaf-385	19	2	studies	study	NOUN
gujaf-385	19	3	indicate	indicate	VERB
gujaf-385	19	4	that	that	SCONJ
gujaf-385	19	5	cf	cf	NOUN
gujaf-385	19	6	-	-	PUNCT
gujaf-385	19	7	backed	back	VERB
gujaf-385	19	8	ddps	ddp	NOUN
gujaf-385	19	9	tend	tend	VERB
gujaf-385	19	10	to	to	PART
gujaf-385	19	11	achieve	achieve	VERB
gujaf-385	19	12	higher	high	ADJ
gujaf-385	19	13	gusau	gusau	ADJ
gujaf-385	19	14	journal	journal	NOUN
gujaf-385	19	15	of	of	ADP
gujaf-385	19	16	accounting	accounting	NOUN
gujaf-385	19	17	and	and	CCONJ
gujaf-385	19	18	finance	finance	NOUN
gujaf-385	19	19	,	,	PUNCT
gujaf-385	19	20	vol.6	vol.6	PROPN
gujaf-385	19	21	,	,	PUNCT
gujaf-385	19	22	issue	issue	NOUN
gujaf-385	19	23	1	1	NUM
gujaf-385	19	24	,	,	PUNCT
gujaf-385	19	25	april	april	PROPN
gujaf-385	19	26	,	,	PUNCT
gujaf-385	19	27	2025	2025	NUM
gujaf-385	19	28	291	291	NUM
gujaf-385	19	29	valuations	valuation	NOUN
gujaf-385	19	30	in	in	ADP
gujaf-385	19	31	primary	primary	ADJ
gujaf-385	19	32	token	token	ADJ
gujaf-385	19	33	markets	market	NOUN
gujaf-385	19	34	,	,	PUNCT
gujaf-385	19	35	outperform	outperform	VERB
gujaf-385	19	36	their	their	PRON
gujaf-385	19	37	peers	peer	NOUN
gujaf-385	19	38	post	post	ADJ
gujaf-385	19	39	-	-	ADJ
gujaf-385	19	40	token	token	ADJ
gujaf-385	19	41	issuance	issuance	NOUN
gujaf-385	19	42	,	,	PUNCT
gujaf-385	19	43	and	and	CCONJ
gujaf-385	19	44	experience	experience	VERB
gujaf-385	19	45	positive	positive	ADJ
gujaf-385	19	46	token	token	ADJ
gujaf-385	19	47	price	price	NOUN
gujaf-385	19	48	movements	movement	NOUN
gujaf-385	19	49	following	follow	VERB
gujaf-385	19	50	investment	investment	NOUN
gujaf-385	19	51	disclosures	disclosure	NOUN
gujaf-385	19	52	(	(	PUNCT
gujaf-385	19	53	cumming	cumme	VERB
gujaf-385	19	54	et	et	NOUN
gujaf-385	19	55	al	al	PROPN
gujaf-385	19	56	.	.	PROPN
gujaf-385	19	57	,	,	PUNCT
gujaf-385	19	58	2025	2025	NUM
gujaf-385	19	59	)	)	PUNCT
gujaf-385	19	60	.	.	PUNCT
gujaf-385	20	1	these	these	DET
gujaf-385	20	2	outcomes	outcome	NOUN
gujaf-385	20	3	suggest	suggest	VERB
gujaf-385	20	4	that	that	SCONJ
gujaf-385	20	5	cfs	cfs	PROPN
gujaf-385	20	6	contribute	contribute	VERB
gujaf-385	20	7	significantly	significantly	ADV
gujaf-385	20	8	to	to	ADP
gujaf-385	20	9	reducing	reduce	VERB
gujaf-385	20	10	information	information	NOUN
gujaf-385	20	11	asymmetries	asymmetry	NOUN
gujaf-385	20	12	and	and	CCONJ
gujaf-385	20	13	fostering	foster	VERB
gujaf-385	20	14	trust	trust	NOUN
gujaf-385	20	15	among	among	ADP
gujaf-385	20	16	participants	participant	NOUN
gujaf-385	20	17	.	.	PUNCT
gujaf-385	21	1	moreover	moreover	ADV
gujaf-385	21	2	,	,	PUNCT
gujaf-385	21	3	the	the	DET
gujaf-385	21	4	influence	influence	NOUN
gujaf-385	21	5	of	of	ADP
gujaf-385	21	6	cfs	cfs	PROPN
gujaf-385	21	7	extends	extend	VERB
gujaf-385	21	8	beyond	beyond	ADP
gujaf-385	21	9	financial	financial	ADJ
gujaf-385	21	10	support	support	NOUN
gujaf-385	21	11	.	.	PUNCT
gujaf-385	22	1	their	their	PRON
gujaf-385	22	2	involvement	involvement	NOUN
gujaf-385	22	3	often	often	ADV
gujaf-385	22	4	brings	bring	VERB
gujaf-385	22	5	about	about	ADP
gujaf-385	22	6	improved	improve	VERB
gujaf-385	22	7	governance	governance	NOUN
gujaf-385	22	8	mechanisms	mechanism	NOUN
gujaf-385	22	9	,	,	PUNCT
gujaf-385	22	10	facilitating	facilitate	VERB
gujaf-385	22	11	better	well	ADJ
gujaf-385	22	12	decision	decision	NOUN
gujaf-385	22	13	-	-	PUNCT
gujaf-385	22	14	making	make	VERB
gujaf-385	22	15	processes	process	NOUN
gujaf-385	22	16	and	and	CCONJ
gujaf-385	22	17	stakeholder	stakeholder	NOUN
gujaf-385	22	18	coordination	coordination	NOUN
gujaf-385	22	19	.	.	PUNCT
gujaf-385	23	1	for	for	ADP
gujaf-385	23	2	example	example	NOUN
gujaf-385	23	3	,	,	PUNCT
gujaf-385	23	4	cfs	cfs	PROPN
gujaf-385	23	5	with	with	ADP
gujaf-385	23	6	central	central	ADJ
gujaf-385	23	7	positions	position	NOUN
gujaf-385	23	8	in	in	ADP
gujaf-385	23	9	investor	investor	NOUN
gujaf-385	23	10	networks	network	NOUN
gujaf-385	23	11	can	can	AUX
gujaf-385	23	12	leverage	leverage	VERB
gujaf-385	23	13	their	their	PRON
gujaf-385	23	14	reputational	reputational	ADJ
gujaf-385	23	15	capital	capital	NOUN
gujaf-385	23	16	to	to	PART
gujaf-385	23	17	attract	attract	VERB
gujaf-385	23	18	additional	additional	ADJ
gujaf-385	23	19	participants	participant	NOUN
gujaf-385	23	20	and	and	CCONJ
gujaf-385	23	21	resources	resource	NOUN
gujaf-385	23	22	to	to	ADP
gujaf-385	23	23	a	a	DET
gujaf-385	23	24	platform	platform	NOUN
gujaf-385	23	25	,	,	PUNCT
gujaf-385	23	26	thereby	thereby	ADV
gujaf-385	23	27	enhancing	enhance	VERB
gujaf-385	23	28	its	its	PRON
gujaf-385	23	29	network	network	NOUN
gujaf-385	23	30	effects	effect	NOUN
gujaf-385	23	31	and	and	CCONJ
gujaf-385	23	32	overall	overall	ADJ
gujaf-385	23	33	value	value	NOUN
gujaf-385	23	34	proposition	proposition	NOUN
gujaf-385	23	35	(	(	PUNCT
gujaf-385	23	36	cumming	cumme	VERB
gujaf-385	23	37	et	et	NOUN
gujaf-385	23	38	al	al	PROPN
gujaf-385	23	39	.	.	PROPN
gujaf-385	23	40	,	,	PUNCT
gujaf-385	23	41	2025	2025	NUM
gujaf-385	23	42	)	)	PUNCT
gujaf-385	23	43	.	.	PUNCT
gujaf-385	24	1	this	this	DET
gujaf-385	24	2	dynamic	dynamic	NOUN
gujaf-385	24	3	is	be	AUX
gujaf-385	24	4	particularly	particularly	ADV
gujaf-385	24	5	evident	evident	ADJ
gujaf-385	24	6	in	in	ADP
gujaf-385	24	7	the	the	DET
gujaf-385	24	8	defi	defi	NOUN
gujaf-385	24	9	sector	sector	NOUN
gujaf-385	24	10	,	,	PUNCT
gujaf-385	24	11	where	where	SCONJ
gujaf-385	24	12	platforms	platform	NOUN
gujaf-385	24	13	backed	back	VERB
gujaf-385	24	14	by	by	ADP
gujaf-385	24	15	prominent	prominent	ADJ
gujaf-385	24	16	cfs	cfs	PROPN
gujaf-385	24	17	have	have	AUX
gujaf-385	24	18	demonstrated	demonstrate	VERB
gujaf-385	24	19	resilience	resilience	NOUN
gujaf-385	24	20	and	and	CCONJ
gujaf-385	24	21	sustained	sustained	ADJ
gujaf-385	24	22	growth	growth	NOUN
gujaf-385	24	23	amidst	amidst	ADP
gujaf-385	24	24	market	market	NOUN
gujaf-385	24	25	volatilities	volatility	NOUN
gujaf-385	24	26	(	(	PUNCT
gujaf-385	24	27	xu	xu	INTJ
gujaf-385	24	28	et	et	PROPN
gujaf-385	24	29	al	al	PROPN
gujaf-385	24	30	.	.	PROPN
gujaf-385	24	31	,	,	PUNCT
gujaf-385	24	32	2022	2022	NUM
gujaf-385	24	33	)	)	PUNCT
gujaf-385	24	34	.	.	PUNCT
gujaf-385	25	1	however	however	ADV
gujaf-385	25	2	,	,	PUNCT
gujaf-385	25	3	the	the	DET
gujaf-385	25	4	integration	integration	NOUN
gujaf-385	25	5	of	of	ADP
gujaf-385	25	6	cfs	cfs	PROPN
gujaf-385	25	7	into	into	ADP
gujaf-385	25	8	the	the	DET
gujaf-385	25	9	governance	governance	NOUN
gujaf-385	25	10	of	of	ADP
gujaf-385	25	11	ddps	ddps	NOUN
gujaf-385	25	12	also	also	ADV
gujaf-385	25	13	raises	raise	VERB
gujaf-385	25	14	pertinent	pertinent	ADJ
gujaf-385	25	15	questions	question	NOUN
gujaf-385	25	16	about	about	ADP
gujaf-385	25	17	the	the	DET
gujaf-385	25	18	balance	balance	NOUN
gujaf-385	25	19	between	between	ADP
gujaf-385	25	20	decentralization	decentralization	NOUN
gujaf-385	25	21	and	and	CCONJ
gujaf-385	25	22	centralized	centralized	ADJ
gujaf-385	25	23	influence	influence	NOUN
gujaf-385	25	24	.	.	PUNCT
gujaf-385	26	1	while	while	SCONJ
gujaf-385	26	2	cfs	cfs	PROPN
gujaf-385	26	3	can	can	AUX
gujaf-385	26	4	provide	provide	VERB
gujaf-385	26	5	much	much	ADV
gujaf-385	26	6	-	-	PUNCT
gujaf-385	26	7	needed	need	VERB
gujaf-385	26	8	structure	structure	NOUN
gujaf-385	26	9	and	and	CCONJ
gujaf-385	26	10	stability	stability	NOUN
gujaf-385	26	11	,	,	PUNCT
gujaf-385	26	12	their	their	PRON
gujaf-385	26	13	involvement	involvement	NOUN
gujaf-385	26	14	may	may	AUX
gujaf-385	26	15	inadvertently	inadvertently	ADV
gujaf-385	26	16	reintroduce	reintroduce	VERB
gujaf-385	26	17	centralized	centralized	ADJ
gujaf-385	26	18	elements	element	NOUN
gujaf-385	26	19	into	into	ADP
gujaf-385	26	20	ostensibly	ostensibly	ADV
gujaf-385	26	21	decentralized	decentralize	VERB
gujaf-385	26	22	systems	system	NOUN
gujaf-385	26	23	.	.	PUNCT
gujaf-385	27	1	this	this	DET
gujaf-385	27	2	paradox	paradox	ADJ
gujaf-385	27	3	highlights	highlight	VERB
gujaf-385	27	4	the	the	DET
gujaf-385	27	5	need	need	NOUN
gujaf-385	27	6	for	for	ADP
gujaf-385	27	7	nuanced	nuanced	ADJ
gujaf-385	27	8	governance	governance	NOUN
gujaf-385	27	9	frameworks	framework	NOUN
gujaf-385	27	10	that	that	PRON
gujaf-385	27	11	can	can	AUX
gujaf-385	27	12	accommodate	accommodate	VERB
gujaf-385	27	13	the	the	DET
gujaf-385	27	14	benefits	benefit	NOUN
gujaf-385	27	15	of	of	ADP
gujaf-385	27	16	cf	cf	NOUN
gujaf-385	27	17	participation	participation	NOUN
gujaf-385	27	18	while	while	SCONJ
gujaf-385	27	19	preserving	preserve	VERB
gujaf-385	27	20	the	the	DET
gujaf-385	27	21	core	core	ADJ
gujaf-385	27	22	principles	principle	NOUN
gujaf-385	27	23	of	of	ADP
gujaf-385	27	24	decentralization	decentralization	NOUN
gujaf-385	27	25	(	(	PUNCT
gujaf-385	27	26	goldsby	goldsby	NOUN
gujaf-385	27	27	&	&	CCONJ
gujaf-385	27	28	hanisch	hanisch	PROPN
gujaf-385	27	29	,	,	PUNCT
gujaf-385	27	30	2022	2022	NUM
gujaf-385	27	31	)	)	PUNCT
gujaf-385	27	32	.	.	PUNCT
gujaf-385	28	1	developing	develop	VERB
gujaf-385	28	2	such	such	ADJ
gujaf-385	28	3	frameworks	framework	NOUN
gujaf-385	28	4	necessitates	necessitate	VERB
gujaf-385	28	5	a	a	DET
gujaf-385	28	6	comprehensive	comprehensive	ADJ
gujaf-385	28	7	understanding	understanding	NOUN
gujaf-385	28	8	of	of	ADP
gujaf-385	28	9	the	the	DET
gujaf-385	28	10	interplay	interplay	NOUN
gujaf-385	28	11	between	between	ADP
gujaf-385	28	12	technological	technological	ADJ
gujaf-385	28	13	design	design	NOUN
gujaf-385	28	14	,	,	PUNCT
gujaf-385	28	15	stakeholder	stakeholder	NOUN
gujaf-385	28	16	dynamics	dynamic	NOUN
gujaf-385	28	17	,	,	PUNCT
gujaf-385	28	18	and	and	CCONJ
gujaf-385	28	19	institutional	institutional	ADJ
gujaf-385	28	20	structures	structure	NOUN
gujaf-385	28	21	within	within	ADP
gujaf-385	28	22	the	the	DET
gujaf-385	28	23	blockchain	blockchain	PROPN
gujaf-385	28	24	ecosystem	ecosystem	PROPN
gujaf-385	28	25	.	.	PUNCT
gujaf-385	29	1	this	this	DET
gujaf-385	29	2	study	study	NOUN
gujaf-385	29	3	aims	aim	VERB
gujaf-385	29	4	to	to	PART
gujaf-385	29	5	explore	explore	VERB
gujaf-385	29	6	the	the	DET
gujaf-385	29	7	multifaceted	multifaceted	ADJ
gujaf-385	29	8	role	role	NOUN
gujaf-385	29	9	of	of	ADP
gujaf-385	29	10	cfs	cfs	PROPN
gujaf-385	29	11	in	in	ADP
gujaf-385	29	12	addressing	address	VERB
gujaf-385	29	13	coordination	coordination	NOUN
gujaf-385	29	14	frictions	friction	NOUN
gujaf-385	29	15	within	within	ADP
gujaf-385	29	16	ddps	ddps	NOUN
gujaf-385	29	17	.	.	PUNCT
gujaf-385	30	1	by	by	ADP
gujaf-385	30	2	examining	examine	VERB
gujaf-385	30	3	empirical	empirical	ADJ
gujaf-385	30	4	evidence	evidence	NOUN
gujaf-385	30	5	and	and	CCONJ
gujaf-385	30	6	theoretical	theoretical	ADJ
gujaf-385	30	7	perspectives	perspective	NOUN
gujaf-385	30	8	,	,	PUNCT
gujaf-385	30	9	it	it	PRON
gujaf-385	30	10	seeks	seek	VERB
gujaf-385	30	11	to	to	PART
gujaf-385	30	12	elucidate	elucidate	VERB
gujaf-385	30	13	how	how	SCONJ
gujaf-385	30	14	cfs	cfs	NOUN
gujaf-385	30	15	influence	influence	NOUN
gujaf-385	30	16	platform	platform	NOUN
gujaf-385	30	17	adoption	adoption	NOUN
gujaf-385	30	18	,	,	PUNCT
gujaf-385	30	19	governance	governance	NOUN
gujaf-385	30	20	,	,	PUNCT
gujaf-385	30	21	and	and	CCONJ
gujaf-385	30	22	performance	performance	NOUN
gujaf-385	30	23	.	.	PUNCT
gujaf-385	31	1	the	the	DET
gujaf-385	31	2	findings	finding	NOUN
gujaf-385	31	3	are	be	AUX
gujaf-385	31	4	expected	expect	VERB
gujaf-385	31	5	to	to	PART
gujaf-385	31	6	contribute	contribute	VERB
gujaf-385	31	7	to	to	ADP
gujaf-385	31	8	the	the	DET
gujaf-385	31	9	broader	broad	ADJ
gujaf-385	31	10	discourse	discourse	NOUN
gujaf-385	31	11	on	on	ADP
gujaf-385	31	12	blockchain	blockchain	PROPN
gujaf-385	31	13	governance	governance	NOUN
gujaf-385	31	14	,	,	PUNCT
gujaf-385	31	15	offering	offer	VERB
gujaf-385	31	16	insights	insight	NOUN
gujaf-385	31	17	into	into	ADP
gujaf-385	31	18	the	the	DET
gujaf-385	31	19	mechanisms	mechanism	NOUN
gujaf-385	31	20	through	through	ADP
gujaf-385	31	21	which	which	PRON
gujaf-385	31	22	institutional	institutional	ADJ
gujaf-385	31	23	actors	actor	NOUN
gujaf-385	31	24	can	can	AUX
gujaf-385	31	25	support	support	VERB
gujaf-385	31	26	the	the	DET
gujaf-385	31	27	sustainable	sustainable	ADJ
gujaf-385	31	28	development	development	NOUN
gujaf-385	31	29	of	of	ADP
gujaf-385	31	30	decentralized	decentralize	VERB
gujaf-385	31	31	platforms	platform	NOUN
gujaf-385	31	32	.	.	PUNCT
gujaf-385	32	1	in	in	ADP
gujaf-385	32	2	doing	do	VERB
gujaf-385	32	3	so	so	ADV
gujaf-385	32	4	,	,	PUNCT
gujaf-385	32	5	the	the	DET
gujaf-385	32	6	study	study	NOUN
gujaf-385	32	7	endeavors	endeavor	VERB
gujaf-385	32	8	to	to	PART
gujaf-385	32	9	inform	inform	VERB
gujaf-385	32	10	both	both	PRON
gujaf-385	32	11	academic	academic	ADJ
gujaf-385	32	12	scholarship	scholarship	NOUN
gujaf-385	32	13	and	and	CCONJ
gujaf-385	32	14	practical	practical	ADJ
gujaf-385	32	15	strategies	strategy	NOUN
gujaf-385	32	16	for	for	ADP
gujaf-385	32	17	navigating	navigate	VERB
gujaf-385	32	18	the	the	DET
gujaf-385	32	19	complexities	complexity	NOUN
gujaf-385	32	20	of	of	ADP
gujaf-385	32	21	blockchain	blockchain	PROPN
gujaf-385	32	22	-	-	PUNCT
gujaf-385	32	23	based	base	VERB
gujaf-385	32	24	ecosystems	ecosystem	NOUN
gujaf-385	32	25	.	.	PUNCT
gujaf-385	33	1	2.0	2.0	NUM
gujaf-385	33	2	literature	literature	NOUN
gujaf-385	33	3	the	the	DET
gujaf-385	33	4	advent	advent	NOUN
gujaf-385	33	5	of	of	ADP
gujaf-385	33	6	decentralized	decentralize	VERB
gujaf-385	33	7	digital	digital	ADJ
gujaf-385	33	8	platforms	platform	NOUN
gujaf-385	33	9	(	(	PUNCT
gujaf-385	33	10	ddps	ddps	PROPN
gujaf-385	33	11	)	)	PUNCT
gujaf-385	33	12	,	,	PUNCT
gujaf-385	33	13	powered	power	VERB
gujaf-385	33	14	by	by	ADP
gujaf-385	33	15	blockchain	blockchain	PROPN
gujaf-385	33	16	technology	technology	PROPN
gujaf-385	33	17	,	,	PUNCT
gujaf-385	33	18	has	have	AUX
gujaf-385	33	19	redefined	redefine	VERB
gujaf-385	33	20	the	the	DET
gujaf-385	33	21	paradigms	paradigm	NOUN
gujaf-385	33	22	of	of	ADP
gujaf-385	33	23	governance	governance	NOUN
gujaf-385	33	24	,	,	PUNCT
gujaf-385	33	25	trust	trust	NOUN
gujaf-385	33	26	,	,	PUNCT
gujaf-385	33	27	and	and	CCONJ
gujaf-385	33	28	coordination	coordination	NOUN
gujaf-385	33	29	in	in	ADP
gujaf-385	33	30	digital	digital	ADJ
gujaf-385	33	31	ecosystems	ecosystem	NOUN
gujaf-385	33	32	.	.	PUNCT
gujaf-385	34	1	these	these	DET
gujaf-385	34	2	platforms	platform	NOUN
gujaf-385	34	3	operate	operate	VERB
gujaf-385	34	4	without	without	ADP
gujaf-385	34	5	centralized	centralized	ADJ
gujaf-385	34	6	intermediaries	intermediary	NOUN
gujaf-385	34	7	,	,	PUNCT
gujaf-385	34	8	enabling	enable	VERB
gujaf-385	34	9	peer	peer	NOUN
gujaf-385	34	10	-	-	PUNCT
gujaf-385	34	11	to	to	ADP
gujaf-385	34	12	-	-	PUNCT
gujaf-385	34	13	peer	peer	NOUN
gujaf-385	34	14	transactions	transaction	NOUN
gujaf-385	34	15	through	through	ADP
gujaf-385	34	16	distributed	distribute	VERB
gujaf-385	34	17	consensus	consensus	NOUN
gujaf-385	34	18	protocols	protocol	NOUN
gujaf-385	34	19	.	.	PUNCT
gujaf-385	35	1	while	while	SCONJ
gujaf-385	35	2	this	this	DET
gujaf-385	35	3	decentralization	decentralization	NOUN
gujaf-385	35	4	promises	promise	VERB
gujaf-385	35	5	greater	great	ADJ
gujaf-385	35	6	transparency	transparency	NOUN
gujaf-385	35	7	,	,	PUNCT
gujaf-385	35	8	security	security	NOUN
gujaf-385	35	9	,	,	PUNCT
gujaf-385	35	10	and	and	CCONJ
gujaf-385	35	11	resilience	resilience	NOUN
gujaf-385	35	12	,	,	PUNCT
gujaf-385	35	13	it	it	PRON
gujaf-385	35	14	also	also	ADV
gujaf-385	35	15	introduces	introduce	VERB
gujaf-385	35	16	fundamental	fundamental	ADJ
gujaf-385	35	17	coordination	coordination	NOUN
gujaf-385	35	18	frictions	friction	NOUN
gujaf-385	35	19	.	.	PUNCT
gujaf-385	36	1	these	these	DET
gujaf-385	36	2	frictions	friction	NOUN
gujaf-385	36	3	arise	arise	VERB
gujaf-385	36	4	from	from	ADP
gujaf-385	36	5	the	the	DET
gujaf-385	36	6	challenges	challenge	NOUN
gujaf-385	36	7	associated	associate	VERB
gujaf-385	36	8	with	with	ADP
gujaf-385	36	9	aligning	align	VERB
gujaf-385	36	10	incentives	incentive	NOUN
gujaf-385	36	11	,	,	PUNCT
gujaf-385	36	12	achieving	achieve	VERB
gujaf-385	36	13	consensus	consensus	NOUN
gujaf-385	36	14	,	,	PUNCT
gujaf-385	36	15	and	and	CCONJ
gujaf-385	36	16	managing	manage	VERB
gujaf-385	36	17	collective	collective	ADJ
gujaf-385	36	18	action	action	NOUN
gujaf-385	36	19	in	in	ADP
gujaf-385	36	20	a	a	DET
gujaf-385	36	21	decentralized	decentralized	ADJ
gujaf-385	36	22	environment	environment	NOUN
gujaf-385	36	23	where	where	SCONJ
gujaf-385	36	24	there	there	PRON
gujaf-385	36	25	is	be	VERB
gujaf-385	36	26	no	no	DET
gujaf-385	36	27	central	central	ADJ
gujaf-385	36	28	authority	authority	NOUN
gujaf-385	36	29	to	to	PART
gujaf-385	36	30	enforce	enforce	VERB
gujaf-385	36	31	rules	rule	NOUN
gujaf-385	36	32	or	or	CCONJ
gujaf-385	36	33	resolve	resolve	VERB
gujaf-385	36	34	conflicts	conflict	NOUN
gujaf-385	36	35	(	(	PUNCT
gujaf-385	36	36	beck	beck	PROPN
gujaf-385	36	37	et	et	PROPN
gujaf-385	36	38	al	al	PROPN
gujaf-385	36	39	.	.	PROPN
gujaf-385	36	40	,	,	PUNCT
gujaf-385	36	41	2018	2018	NUM
gujaf-385	36	42	)	)	PUNCT
gujaf-385	36	43	.	.	PUNCT
gujaf-385	37	1	coordination	coordination	NOUN
gujaf-385	37	2	frictions	friction	NOUN
gujaf-385	37	3	in	in	ADP
gujaf-385	37	4	ddps	ddps	NOUN
gujaf-385	37	5	can	can	AUX
gujaf-385	37	6	be	be	AUX
gujaf-385	37	7	theoretically	theoretically	ADV
gujaf-385	37	8	understood	understand	VERB
gujaf-385	37	9	through	through	ADP
gujaf-385	37	10	the	the	DET
gujaf-385	37	11	lens	lens	NOUN
gujaf-385	37	12	of	of	ADP
gujaf-385	37	13	transaction	transaction	NOUN
gujaf-385	37	14	cost	cost	NOUN
gujaf-385	37	15	economics	economic	NOUN
gujaf-385	37	16	(	(	PUNCT
gujaf-385	37	17	tce	tce	PROPN
gujaf-385	37	18	)	)	PUNCT
gujaf-385	37	19	and	and	CCONJ
gujaf-385	37	20	actor	actor	NOUN
gujaf-385	37	21	-	-	PUNCT
gujaf-385	37	22	network	network	NOUN
gujaf-385	37	23	theory	theory	NOUN
gujaf-385	37	24	(	(	PUNCT
gujaf-385	37	25	ant	ant	NOUN
gujaf-385	37	26	)	)	PUNCT
gujaf-385	37	27	.	.	PUNCT
gujaf-385	38	1	tce	tce	PROPN
gujaf-385	38	2	posits	posit	NOUN
gujaf-385	38	3	that	that	PRON
gujaf-385	38	4	governance	governance	NOUN
gujaf-385	38	5	structures	structure	NOUN
gujaf-385	38	6	emerge	emerge	VERB
gujaf-385	38	7	to	to	PART
gujaf-385	38	8	minimize	minimize	VERB
gujaf-385	38	9	transaction	transaction	NOUN
gujaf-385	38	10	costs	cost	NOUN
gujaf-385	38	11	arising	arise	VERB
gujaf-385	38	12	from	from	ADP
gujaf-385	38	13	bounded	bounded	ADJ
gujaf-385	38	14	rationality	rationality	NOUN
gujaf-385	38	15	and	and	CCONJ
gujaf-385	38	16	opportunism	opportunism	NOUN
gujaf-385	38	17	(	(	PUNCT
gujaf-385	38	18	williamson	williamson	PROPN
gujaf-385	38	19	,	,	PUNCT
gujaf-385	38	20	1981	1981	NUM
gujaf-385	38	21	)	)	PUNCT
gujaf-385	38	22	.	.	PUNCT
gujaf-385	39	1	in	in	ADP
gujaf-385	39	2	blockchain	blockchain	PROPN
gujaf-385	39	3	-	-	PUNCT
gujaf-385	39	4	based	base	VERB
gujaf-385	39	5	platforms	platform	NOUN
gujaf-385	39	6	,	,	PUNCT
gujaf-385	39	7	smart	smart	ADJ
gujaf-385	39	8	contracts	contract	NOUN
gujaf-385	39	9	attempt	attempt	VERB
gujaf-385	39	10	to	to	PART
gujaf-385	39	11	reduce	reduce	VERB
gujaf-385	39	12	such	such	ADJ
gujaf-385	39	13	costs	cost	NOUN
gujaf-385	39	14	by	by	ADP
gujaf-385	39	15	automating	automate	VERB
gujaf-385	39	16	transactions	transaction	NOUN
gujaf-385	39	17	and	and	CCONJ
gujaf-385	39	18	minimizing	minimize	VERB
gujaf-385	39	19	human	human	ADJ
gujaf-385	39	20	discretion	discretion	NOUN
gujaf-385	39	21	.	.	PUNCT
gujaf-385	40	1	however	however	ADV
gujaf-385	40	2	,	,	PUNCT
gujaf-385	40	3	the	the	DET
gujaf-385	40	4	effectiveness	effectiveness	NOUN
gujaf-385	40	5	of	of	ADP
gujaf-385	40	6	this	this	DET
gujaf-385	40	7	mechanism	mechanism	NOUN
gujaf-385	40	8	depends	depend	VERB
gujaf-385	40	9	on	on	ADP
gujaf-385	40	10	the	the	DET
gujaf-385	40	11	codifiability	codifiability	NOUN
gujaf-385	40	12	of	of	ADP
gujaf-385	40	13	contractual	contractual	ADJ
gujaf-385	40	14	terms	term	NOUN
gujaf-385	40	15	—	—	PUNCT
gujaf-385	40	16	transactions	transaction	NOUN
gujaf-385	40	17	that	that	PRON
gujaf-385	40	18	are	be	AUX
gujaf-385	40	19	difficult	difficult	ADJ
gujaf-385	40	20	to	to	PART
gujaf-385	40	21	formalize	formalize	VERB
gujaf-385	40	22	or	or	CCONJ
gujaf-385	40	23	anticipate	anticipate	VERB
gujaf-385	40	24	are	be	AUX
gujaf-385	40	25	less	less	ADV
gujaf-385	40	26	amenable	amenable	ADJ
gujaf-385	40	27	to	to	ADP
gujaf-385	40	28	smart	smart	ADJ
gujaf-385	40	29	contract	contract	NOUN
gujaf-385	40	30	implementation	implementation	NOUN
gujaf-385	40	31	,	,	PUNCT
gujaf-385	40	32	gusau	gusau	ADJ
gujaf-385	40	33	journal	journal	NOUN
gujaf-385	40	34	of	of	ADP
gujaf-385	40	35	accounting	accounting	NOUN
gujaf-385	40	36	and	and	CCONJ
gujaf-385	40	37	finance	finance	NOUN
gujaf-385	40	38	,	,	PUNCT
gujaf-385	40	39	vol.6	vol.6	PROPN
gujaf-385	40	40	,	,	PUNCT
gujaf-385	40	41	issue	issue	NOUN
gujaf-385	40	42	1	1	NUM
gujaf-385	40	43	,	,	PUNCT
gujaf-385	40	44	april	april	PROPN
gujaf-385	40	45	,	,	PUNCT
gujaf-385	40	46	2025	2025	NUM
gujaf-385	40	47	292	292	NUM
gujaf-385	40	48	thereby	thereby	ADV
gujaf-385	40	49	reintroducing	reintroduce	VERB
gujaf-385	40	50	governance	governance	NOUN
gujaf-385	40	51	complexities	complexity	NOUN
gujaf-385	40	52	(	(	PUNCT
gujaf-385	40	53	beck	beck	NOUN
gujaf-385	40	54	et	et	PROPN
gujaf-385	40	55	al	al	PROPN
gujaf-385	40	56	.	.	PROPN
gujaf-385	40	57	,	,	PUNCT
gujaf-385	40	58	2018	2018	NUM
gujaf-385	40	59	)	)	PUNCT
gujaf-385	40	60	.	.	PUNCT
gujaf-385	41	1	ant	ant	PROPN
gujaf-385	41	2	further	far	ADV
gujaf-385	41	3	enriches	enrich	VERB
gujaf-385	41	4	this	this	DET
gujaf-385	41	5	perspective	perspective	NOUN
gujaf-385	41	6	by	by	ADP
gujaf-385	41	7	treating	treat	VERB
gujaf-385	41	8	both	both	CCONJ
gujaf-385	41	9	human	human	ADJ
gujaf-385	41	10	and	and	CCONJ
gujaf-385	41	11	technological	technological	ADJ
gujaf-385	41	12	actors	actor	NOUN
gujaf-385	41	13	(	(	PUNCT
gujaf-385	41	14	nodes	node	NOUN
gujaf-385	41	15	,	,	PUNCT
gujaf-385	41	16	smart	smart	ADJ
gujaf-385	41	17	contracts	contract	NOUN
gujaf-385	41	18	,	,	PUNCT
gujaf-385	41	19	consensus	consensus	NOUN
gujaf-385	41	20	algorithms	algorithm	NOUN
gujaf-385	41	21	)	)	PUNCT
gujaf-385	41	22	as	as	ADP
gujaf-385	41	23	integral	integral	ADJ
gujaf-385	41	24	to	to	ADP
gujaf-385	41	25	governance	governance	NOUN
gujaf-385	41	26	processes	process	NOUN
gujaf-385	41	27	.	.	PUNCT
gujaf-385	42	1	it	it	PRON
gujaf-385	42	2	frames	frame	VERB
gujaf-385	42	3	blockchain	blockchain	PROPN
gujaf-385	42	4	as	as	ADP
gujaf-385	42	5	a	a	DET
gujaf-385	42	6	sociotechnical	sociotechnical	ADJ
gujaf-385	42	7	network	network	NOUN
gujaf-385	42	8	where	where	SCONJ
gujaf-385	42	9	power	power	NOUN
gujaf-385	42	10	and	and	CCONJ
gujaf-385	42	11	control	control	NOUN
gujaf-385	42	12	emerge	emerge	VERB
gujaf-385	42	13	from	from	ADP
gujaf-385	42	14	the	the	DET
gujaf-385	42	15	interplay	interplay	NOUN
gujaf-385	42	16	of	of	ADP
gujaf-385	42	17	actors	actor	NOUN
gujaf-385	42	18	,	,	PUNCT
gujaf-385	42	19	both	both	CCONJ
gujaf-385	42	20	programmable	programmable	ADJ
gujaf-385	42	21	and	and	CCONJ
gujaf-385	42	22	social	social	ADJ
gujaf-385	42	23	(	(	PUNCT
gujaf-385	42	24	hicor	hicor	NOUN
gujaf-385	42	25	&	&	CCONJ
gujaf-385	42	26	el	el	PROPN
gujaf-385	42	27	menzhi	menzhi	PROPN
gujaf-385	42	28	,	,	PUNCT
gujaf-385	42	29	2025	2025	NUM
gujaf-385	42	30	)	)	PUNCT
gujaf-385	42	31	.	.	PUNCT
gujaf-385	43	1	a	a	DET
gujaf-385	43	2	key	key	ADJ
gujaf-385	43	3	implication	implication	NOUN
gujaf-385	43	4	of	of	ADP
gujaf-385	43	5	these	these	DET
gujaf-385	43	6	frictions	friction	NOUN
gujaf-385	43	7	is	be	AUX
gujaf-385	43	8	the	the	DET
gujaf-385	43	9	need	need	NOUN
gujaf-385	43	10	for	for	ADP
gujaf-385	43	11	governance	governance	NOUN
gujaf-385	43	12	models	model	NOUN
gujaf-385	43	13	that	that	PRON
gujaf-385	43	14	combine	combine	VERB
gujaf-385	43	15	both	both	CCONJ
gujaf-385	43	16	algorithmic	algorithmic	ADJ
gujaf-385	43	17	and	and	CCONJ
gujaf-385	43	18	institutional	institutional	ADJ
gujaf-385	43	19	elements	element	NOUN
gujaf-385	43	20	.	.	PUNCT
gujaf-385	44	1	governance	governance	NOUN
gujaf-385	44	2	in	in	ADP
gujaf-385	44	3	ddps	ddps	PROPN
gujaf-385	44	4	is	be	AUX
gujaf-385	44	5	often	often	ADV
gujaf-385	44	6	categorized	categorize	VERB
gujaf-385	44	7	into	into	ADP
gujaf-385	44	8	on	on	ADP
gujaf-385	44	9	-	-	PUNCT
gujaf-385	44	10	chain	chain	NOUN
gujaf-385	44	11	and	and	CCONJ
gujaf-385	44	12	off	off	ADP
gujaf-385	44	13	-	-	PUNCT
gujaf-385	44	14	chain	chain	NOUN
gujaf-385	44	15	mechanisms	mechanism	NOUN
gujaf-385	44	16	.	.	PUNCT
gujaf-385	45	1	on	on	ADP
gujaf-385	45	2	-	-	PUNCT
gujaf-385	45	3	chain	chain	NOUN
gujaf-385	45	4	governance	governance	NOUN
gujaf-385	45	5	refers	refer	VERB
gujaf-385	45	6	to	to	ADP
gujaf-385	45	7	rules	rule	NOUN
gujaf-385	45	8	and	and	CCONJ
gujaf-385	45	9	decision	decision	NOUN
gujaf-385	45	10	-	-	PUNCT
gujaf-385	45	11	making	make	VERB
gujaf-385	45	12	protocols	protocol	NOUN
gujaf-385	45	13	encoded	encode	VERB
gujaf-385	45	14	directly	directly	ADV
gujaf-385	45	15	into	into	ADP
gujaf-385	45	16	the	the	DET
gujaf-385	45	17	platform	platform	NOUN
gujaf-385	45	18	(	(	PUNCT
gujaf-385	45	19	e.g.	e.g.	ADV
gujaf-385	45	20	,	,	PUNCT
gujaf-385	45	21	token	token	VERB
gujaf-385	45	22	-	-	PUNCT
gujaf-385	45	23	based	base	VERB
gujaf-385	45	24	voting	voting	NOUN
gujaf-385	45	25	)	)	PUNCT
gujaf-385	45	26	,	,	PUNCT
gujaf-385	45	27	whereas	whereas	SCONJ
gujaf-385	45	28	off	off	ADP
gujaf-385	45	29	-	-	PUNCT
gujaf-385	45	30	chain	chain	NOUN
gujaf-385	45	31	governance	governance	NOUN
gujaf-385	45	32	involves	involve	VERB
gujaf-385	45	33	informal	informal	ADJ
gujaf-385	45	34	discussions	discussion	NOUN
gujaf-385	45	35	,	,	PUNCT
gujaf-385	45	36	developer	developer	NOUN
gujaf-385	45	37	coordination	coordination	NOUN
gujaf-385	45	38	,	,	PUNCT
gujaf-385	45	39	and	and	CCONJ
gujaf-385	45	40	community	community	NOUN
gujaf-385	45	41	consensus	consensus	NOUN
gujaf-385	45	42	outside	outside	ADP
gujaf-385	45	43	the	the	DET
gujaf-385	45	44	blockchain	blockchain	PROPN
gujaf-385	45	45	(	(	PUNCT
gujaf-385	45	46	de	de	PROPN
gujaf-385	45	47	filippi	filippi	PROPN
gujaf-385	45	48	&	&	CCONJ
gujaf-385	45	49	loveluck	loveluck	PROPN
gujaf-385	45	50	,	,	PUNCT
gujaf-385	45	51	2016	2016	NUM
gujaf-385	45	52	)	)	PUNCT
gujaf-385	45	53	.	.	PUNCT
gujaf-385	46	1	both	both	DET
gujaf-385	46	2	modes	mode	NOUN
gujaf-385	46	3	have	have	VERB
gujaf-385	46	4	limitations	limitation	NOUN
gujaf-385	46	5	—	—	PUNCT
gujaf-385	46	6	on	on	ADP
gujaf-385	46	7	-	-	PUNCT
gujaf-385	46	8	chain	chain	NOUN
gujaf-385	46	9	systems	system	NOUN
gujaf-385	46	10	can	can	AUX
gujaf-385	46	11	be	be	AUX
gujaf-385	46	12	gamed	game	VERB
gujaf-385	46	13	by	by	ADP
gujaf-385	46	14	wealthy	wealthy	ADJ
gujaf-385	46	15	actors	actor	NOUN
gujaf-385	46	16	(	(	PUNCT
gujaf-385	46	17	whale	whale	NOUN
gujaf-385	46	18	token	token	VERB
gujaf-385	46	19	holders	holder	NOUN
gujaf-385	46	20	)	)	PUNCT
gujaf-385	46	21	,	,	PUNCT
gujaf-385	46	22	while	while	SCONJ
gujaf-385	46	23	off	off	ADP
gujaf-385	46	24	-	-	PUNCT
gujaf-385	46	25	chain	chain	NOUN
gujaf-385	46	26	models	model	NOUN
gujaf-385	46	27	lack	lack	VERB
gujaf-385	46	28	transparency	transparency	NOUN
gujaf-385	46	29	and	and	CCONJ
gujaf-385	46	30	enforceability	enforceability	NOUN
gujaf-385	46	31	.	.	PUNCT
gujaf-385	47	1	consequently	consequently	ADV
gujaf-385	47	2	,	,	PUNCT
gujaf-385	47	3	emerging	emerge	VERB
gujaf-385	47	4	literature	literature	NOUN
gujaf-385	47	5	emphasizes	emphasize	VERB
gujaf-385	47	6	the	the	DET
gujaf-385	47	7	hybridization	hybridization	NOUN
gujaf-385	47	8	of	of	ADP
gujaf-385	47	9	governance	governance	NOUN
gujaf-385	47	10	models	model	NOUN
gujaf-385	47	11	that	that	PRON
gujaf-385	47	12	leverage	leverage	VERB
gujaf-385	47	13	the	the	DET
gujaf-385	47	14	strengths	strength	NOUN
gujaf-385	47	15	of	of	ADP
gujaf-385	47	16	both	both	DET
gujaf-385	47	17	approaches	approach	NOUN
gujaf-385	47	18	(	(	PUNCT
gujaf-385	47	19	zhang	zhang	X
gujaf-385	47	20	et	et	PROPN
gujaf-385	47	21	al	al	PROPN
gujaf-385	47	22	.	.	PROPN
gujaf-385	47	23	,	,	PUNCT
gujaf-385	47	24	2021	2021	NUM
gujaf-385	47	25	)	)	PUNCT
gujaf-385	47	26	.	.	PUNCT
gujaf-385	48	1	in	in	ADP
gujaf-385	48	2	this	this	DET
gujaf-385	48	3	context	context	NOUN
gujaf-385	48	4	,	,	PUNCT
gujaf-385	48	5	crypto	crypto	NOUN
gujaf-385	48	6	funds	fund	NOUN
gujaf-385	48	7	(	(	PUNCT
gujaf-385	48	8	cfs	cfs	PROPN
gujaf-385	48	9	)	)	PUNCT
gujaf-385	48	10	,	,	PUNCT
gujaf-385	48	11	which	which	PRON
gujaf-385	48	12	are	be	AUX
gujaf-385	48	13	institutional	institutional	ADJ
gujaf-385	48	14	investors	investor	NOUN
gujaf-385	48	15	specializing	specialize	VERB
gujaf-385	48	16	in	in	ADP
gujaf-385	48	17	blockchain	blockchain	PROPN
gujaf-385	48	18	ventures	ventures	PROPN
gujaf-385	48	19	,	,	PUNCT
gujaf-385	48	20	have	have	AUX
gujaf-385	48	21	become	become	VERB
gujaf-385	48	22	central	central	ADJ
gujaf-385	48	23	actors	actor	NOUN
gujaf-385	48	24	in	in	ADP
gujaf-385	48	25	mitigating	mitigate	VERB
gujaf-385	48	26	coordination	coordination	NOUN
gujaf-385	48	27	frictions	friction	NOUN
gujaf-385	48	28	and	and	CCONJ
gujaf-385	48	29	enhancing	enhance	VERB
gujaf-385	48	30	platform	platform	NOUN
gujaf-385	48	31	governance	governance	NOUN
gujaf-385	48	32	.	.	PUNCT
gujaf-385	49	1	cfs	cfs	PROPN
gujaf-385	49	2	contribute	contribute	VERB
gujaf-385	49	3	beyond	beyond	ADP
gujaf-385	49	4	financial	financial	ADJ
gujaf-385	49	5	capital	capital	NOUN
gujaf-385	49	6	;	;	PUNCT
gujaf-385	49	7	they	they	PRON
gujaf-385	49	8	offer	offer	VERB
gujaf-385	49	9	reputational	reputational	ADJ
gujaf-385	49	10	signaling	signal	VERB
gujaf-385	49	11	,	,	PUNCT
gujaf-385	49	12	strategic	strategic	ADJ
gujaf-385	49	13	advisory	advisory	NOUN
gujaf-385	49	14	,	,	PUNCT
gujaf-385	49	15	and	and	CCONJ
gujaf-385	49	16	access	access	NOUN
gujaf-385	49	17	to	to	ADP
gujaf-385	49	18	developer	developer	NOUN
gujaf-385	49	19	and	and	CCONJ
gujaf-385	49	20	investor	investor	NOUN
gujaf-385	49	21	networks	network	NOUN
gujaf-385	49	22	(	(	PUNCT
gujaf-385	49	23	cumming	cumme	VERB
gujaf-385	49	24	et	et	PROPN
gujaf-385	49	25	al	al	PROPN
gujaf-385	49	26	.	.	PROPN
gujaf-385	49	27	,	,	PUNCT
gujaf-385	49	28	2025	2025	NUM
gujaf-385	49	29	)	)	PUNCT
gujaf-385	49	30	.	.	PUNCT
gujaf-385	50	1	their	their	PRON
gujaf-385	50	2	involvement	involvement	NOUN
gujaf-385	50	3	often	often	ADV
gujaf-385	50	4	lends	lend	VERB
gujaf-385	50	5	legitimacy	legitimacy	NOUN
gujaf-385	50	6	to	to	ADP
gujaf-385	50	7	nascent	nascent	NOUN
gujaf-385	50	8	platforms	platform	NOUN
gujaf-385	50	9	and	and	CCONJ
gujaf-385	50	10	encourages	encourage	VERB
gujaf-385	50	11	broader	broad	ADJ
gujaf-385	50	12	adoption	adoption	NOUN
gujaf-385	50	13	by	by	ADP
gujaf-385	50	14	reducing	reduce	VERB
gujaf-385	50	15	information	information	NOUN
gujaf-385	50	16	asymmetries	asymmetry	NOUN
gujaf-385	50	17	and	and	CCONJ
gujaf-385	50	18	providing	provide	VERB
gujaf-385	50	19	credibility	credibility	NOUN
gujaf-385	50	20	to	to	ADP
gujaf-385	50	21	potential	potential	ADJ
gujaf-385	50	22	users	user	NOUN
gujaf-385	50	23	and	and	CCONJ
gujaf-385	50	24	token	token	ADJ
gujaf-385	50	25	holders	holder	NOUN
gujaf-385	50	26	.	.	PUNCT
gujaf-385	51	1	empirical	empirical	ADJ
gujaf-385	51	2	evidence	evidence	NOUN
gujaf-385	51	3	shows	show	VERB
gujaf-385	51	4	that	that	SCONJ
gujaf-385	51	5	ddps	ddps	NOUN
gujaf-385	51	6	backed	back	VERB
gujaf-385	51	7	by	by	ADP
gujaf-385	51	8	reputable	reputable	ADJ
gujaf-385	51	9	cfs	cfs	NOUN
gujaf-385	51	10	are	be	AUX
gujaf-385	51	11	more	more	ADV
gujaf-385	51	12	likely	likely	ADJ
gujaf-385	51	13	to	to	PART
gujaf-385	51	14	achieve	achieve	VERB
gujaf-385	51	15	higher	high	ADJ
gujaf-385	51	16	valuations	valuation	NOUN
gujaf-385	51	17	at	at	ADP
gujaf-385	51	18	initial	initial	ADJ
gujaf-385	51	19	token	token	VERB
gujaf-385	51	20	offerings	offering	NOUN
gujaf-385	51	21	and	and	CCONJ
gujaf-385	51	22	exhibit	exhibit	VERB
gujaf-385	51	23	superior	superior	ADJ
gujaf-385	51	24	secondary	secondary	ADJ
gujaf-385	51	25	market	market	NOUN
gujaf-385	51	26	performance	performance	NOUN
gujaf-385	51	27	(	(	PUNCT
gujaf-385	51	28	momtaz	momtaz	NOUN
gujaf-385	51	29	,	,	PUNCT
gujaf-385	51	30	2020	2020	NUM
gujaf-385	51	31	)	)	PUNCT
gujaf-385	51	32	.	.	PUNCT
gujaf-385	52	1	furthermore	furthermore	ADV
gujaf-385	52	2	,	,	PUNCT
gujaf-385	52	3	the	the	DET
gujaf-385	52	4	influence	influence	NOUN
gujaf-385	52	5	of	of	ADP
gujaf-385	52	6	cfs	cfs	PROPN
gujaf-385	52	7	can	can	AUX
gujaf-385	52	8	be	be	AUX
gujaf-385	52	9	framed	frame	VERB
gujaf-385	52	10	through	through	ADP
gujaf-385	52	11	network	network	NOUN
gujaf-385	52	12	theory	theory	NOUN
gujaf-385	52	13	,	,	PUNCT
gujaf-385	52	14	where	where	SCONJ
gujaf-385	52	15	the	the	DET
gujaf-385	52	16	centrality	centrality	NOUN
gujaf-385	52	17	of	of	ADP
gujaf-385	52	18	an	an	DET
gujaf-385	52	19	actor	actor	NOUN
gujaf-385	52	20	within	within	ADP
gujaf-385	52	21	a	a	DET
gujaf-385	52	22	network	network	NOUN
gujaf-385	52	23	determines	determine	VERB
gujaf-385	52	24	its	its	PRON
gujaf-385	52	25	influence	influence	NOUN
gujaf-385	52	26	.	.	PUNCT
gujaf-385	53	1	cfs	cfs	PROPN
gujaf-385	53	2	that	that	PRON
gujaf-385	53	3	are	be	AUX
gujaf-385	53	4	highly	highly	ADV
gujaf-385	53	5	embedded	embed	VERB
gujaf-385	53	6	in	in	ADP
gujaf-385	53	7	blockchain	blockchain	PROPN
gujaf-385	53	8	investment	investment	NOUN
gujaf-385	53	9	networks	network	NOUN
gujaf-385	53	10	are	be	AUX
gujaf-385	53	11	better	well	ADV
gujaf-385	53	12	positioned	position	VERB
gujaf-385	53	13	to	to	PART
gujaf-385	53	14	coordinate	coordinate	VERB
gujaf-385	53	15	ecosystem	ecosystem	NOUN
gujaf-385	53	16	participants	participant	NOUN
gujaf-385	53	17	,	,	PUNCT
gujaf-385	53	18	facilitate	facilitate	NOUN
gujaf-385	53	19	governance	governance	NOUN
gujaf-385	53	20	alignment	alignment	NOUN
gujaf-385	53	21	,	,	PUNCT
gujaf-385	53	22	and	and	CCONJ
gujaf-385	53	23	foster	foster	ADJ
gujaf-385	53	24	cross	cross	ADJ
gujaf-385	53	25	-	-	ADJ
gujaf-385	53	26	platform	platform	ADJ
gujaf-385	53	27	collaborations	collaboration	NOUN
gujaf-385	53	28	(	(	PUNCT
gujaf-385	53	29	xu	xu	INTJ
gujaf-385	53	30	et	et	PROPN
gujaf-385	53	31	al	al	PROPN
gujaf-385	53	32	.	.	PROPN
gujaf-385	53	33	,	,	PUNCT
gujaf-385	53	34	2022	2022	NUM
gujaf-385	53	35	)	)	PUNCT
gujaf-385	53	36	.	.	PUNCT
gujaf-385	54	1	however	however	ADV
gujaf-385	54	2	,	,	PUNCT
gujaf-385	54	3	this	this	PRON
gujaf-385	54	4	raises	raise	VERB
gujaf-385	54	5	concerns	concern	NOUN
gujaf-385	54	6	about	about	ADP
gujaf-385	54	7	re	re	NOUN
gujaf-385	54	8	-	-	NOUN
gujaf-385	54	9	centralization	centralization	NOUN
gujaf-385	54	10	in	in	ADP
gujaf-385	54	11	ostensibly	ostensibly	ADV
gujaf-385	54	12	decentralized	decentralize	VERB
gujaf-385	54	13	systems	system	NOUN
gujaf-385	54	14	.	.	PUNCT
gujaf-385	55	1	while	while	SCONJ
gujaf-385	55	2	cfs	cfs	PROPN
gujaf-385	55	3	play	play	VERB
gujaf-385	55	4	a	a	DET
gujaf-385	55	5	vital	vital	ADJ
gujaf-385	55	6	role	role	NOUN
gujaf-385	55	7	in	in	ADP
gujaf-385	55	8	reducing	reduce	VERB
gujaf-385	55	9	uncertainty	uncertainty	NOUN
gujaf-385	55	10	and	and	CCONJ
gujaf-385	55	11	enabling	enable	VERB
gujaf-385	55	12	coordination	coordination	NOUN
gujaf-385	55	13	,	,	PUNCT
gujaf-385	55	14	their	their	PRON
gujaf-385	55	15	growing	grow	VERB
gujaf-385	55	16	power	power	NOUN
gujaf-385	55	17	can	can	AUX
gujaf-385	55	18	contradict	contradict	VERB
gujaf-385	55	19	the	the	DET
gujaf-385	55	20	foundational	foundational	ADJ
gujaf-385	55	21	ethos	ethos	NOUN
gujaf-385	55	22	of	of	ADP
gujaf-385	55	23	blockchain	blockchain	PROPN
gujaf-385	55	24	resistance	resistance	NOUN
gujaf-385	55	25	to	to	ADP
gujaf-385	55	26	centralized	centralized	ADJ
gujaf-385	55	27	control	control	NOUN
gujaf-385	55	28	(	(	PUNCT
gujaf-385	55	29	goldsby	goldsby	NOUN
gujaf-385	55	30	&	&	CCONJ
gujaf-385	55	31	hanisch	hanisch	PROPN
gujaf-385	55	32	,	,	PUNCT
gujaf-385	55	33	2022	2022	NUM
gujaf-385	55	34	)	)	PUNCT
gujaf-385	55	35	.	.	PUNCT
gujaf-385	56	1	as	as	ADP
gujaf-385	56	2	such	such	ADJ
gujaf-385	56	3	,	,	PUNCT
gujaf-385	56	4	scholars	scholar	NOUN
gujaf-385	56	5	argue	argue	VERB
gujaf-385	56	6	for	for	ADP
gujaf-385	56	7	governance	governance	NOUN
gujaf-385	56	8	models	model	NOUN
gujaf-385	56	9	that	that	PRON
gujaf-385	56	10	ensure	ensure	VERB
gujaf-385	56	11	accountability	accountability	NOUN
gujaf-385	56	12	,	,	PUNCT
gujaf-385	56	13	transparency	transparency	NOUN
gujaf-385	56	14	,	,	PUNCT
gujaf-385	56	15	and	and	CCONJ
gujaf-385	56	16	checks	check	NOUN
gujaf-385	56	17	and	and	CCONJ
gujaf-385	56	18	balances	balance	NOUN
gujaf-385	56	19	on	on	ADP
gujaf-385	56	20	institutional	institutional	ADJ
gujaf-385	56	21	actors	actor	NOUN
gujaf-385	56	22	,	,	PUNCT
gujaf-385	56	23	including	include	VERB
gujaf-385	56	24	cfs	cfs	PROPN
gujaf-385	56	25	(	(	PUNCT
gujaf-385	56	26	bellavitis	bellavitis	NOUN
gujaf-385	56	27	et	et	PROPN
gujaf-385	56	28	al	al	PROPN
gujaf-385	56	29	.	.	PROPN
gujaf-385	56	30	,	,	PUNCT
gujaf-385	56	31	2023	2023	NUM
gujaf-385	56	32	)	)	PUNCT
gujaf-385	56	33	.	.	PUNCT
gujaf-385	57	1	recent	recent	ADJ
gujaf-385	57	2	studies	study	NOUN
gujaf-385	57	3	have	have	AUX
gujaf-385	57	4	proposed	propose	VERB
gujaf-385	57	5	frameworks	framework	NOUN
gujaf-385	57	6	that	that	PRON
gujaf-385	57	7	integrate	integrate	VERB
gujaf-385	57	8	principles	principle	NOUN
gujaf-385	57	9	from	from	ADP
gujaf-385	57	10	platform	platform	NOUN
gujaf-385	57	11	governance	governance	NOUN
gujaf-385	57	12	theory	theory	NOUN
gujaf-385	57	13	,	,	PUNCT
gujaf-385	57	14	emphasizing	emphasize	VERB
gujaf-385	57	15	modularity	modularity	NOUN
gujaf-385	57	16	,	,	PUNCT
gujaf-385	57	17	interoperability	interoperability	NOUN
gujaf-385	57	18	,	,	PUNCT
gujaf-385	57	19	and	and	CCONJ
gujaf-385	57	20	stakeholder	stakeholder	NOUN
gujaf-385	57	21	inclusivity	inclusivity	NOUN
gujaf-385	57	22	as	as	ADP
gujaf-385	57	23	key	key	ADJ
gujaf-385	57	24	pillars	pillar	NOUN
gujaf-385	57	25	for	for	ADP
gujaf-385	57	26	sustainable	sustainable	ADJ
gujaf-385	57	27	ddp	ddp	NOUN
gujaf-385	57	28	development	development	NOUN
gujaf-385	57	29	.	.	PUNCT
gujaf-385	58	1	for	for	ADP
gujaf-385	58	2	instance	instance	NOUN
gujaf-385	58	3	,	,	PUNCT
gujaf-385	58	4	governance	governance	NOUN
gujaf-385	58	5	modularity	modularity	NOUN
gujaf-385	58	6	has	have	AUX
gujaf-385	58	7	been	be	AUX
gujaf-385	58	8	shown	show	VERB
gujaf-385	58	9	to	to	PART
gujaf-385	58	10	reduce	reduce	VERB
gujaf-385	58	11	coordination	coordination	NOUN
gujaf-385	58	12	bottlenecks	bottleneck	NOUN
gujaf-385	58	13	and	and	CCONJ
gujaf-385	58	14	enable	enable	VERB
gujaf-385	58	15	innovation	innovation	NOUN
gujaf-385	58	16	while	while	SCONJ
gujaf-385	58	17	maintaining	maintain	VERB
gujaf-385	58	18	systemic	systemic	ADJ
gujaf-385	58	19	coherence	coherence	NOUN
gujaf-385	58	20	(	(	PUNCT
gujaf-385	58	21	schlagwein	schlagwein	NOUN
gujaf-385	58	22	et	et	PROPN
gujaf-385	58	23	al	al	PROPN
gujaf-385	58	24	.	.	PROPN
gujaf-385	58	25	,	,	PUNCT
gujaf-385	58	26	2022	2022	NUM
gujaf-385	58	27	)	)	PUNCT
gujaf-385	58	28	.	.	PUNCT
gujaf-385	59	1	this	this	DET
gujaf-385	59	2	modular	modular	ADJ
gujaf-385	59	3	view	view	NOUN
gujaf-385	59	4	aligns	align	VERB
gujaf-385	59	5	with	with	ADP
gujaf-385	59	6	the	the	DET
gujaf-385	59	7	design	design	NOUN
gujaf-385	59	8	of	of	ADP
gujaf-385	59	9	many	many	ADJ
gujaf-385	59	10	defi	defi	NOUN
gujaf-385	59	11	protocols	protocol	NOUN
gujaf-385	59	12	,	,	PUNCT
gujaf-385	59	13	where	where	SCONJ
gujaf-385	59	14	composability	composability	NOUN
gujaf-385	59	15	enables	enable	VERB
gujaf-385	59	16	platforms	platform	NOUN
gujaf-385	59	17	to	to	PART
gujaf-385	59	18	interact	interact	VERB
gujaf-385	59	19	without	without	ADP
gujaf-385	59	20	centralized	centralized	ADJ
gujaf-385	59	21	coordination	coordination	NOUN
gujaf-385	59	22	.	.	PUNCT
gujaf-385	60	1	empirical	empirical	ADJ
gujaf-385	60	2	review	review	NOUN
gujaf-385	60	3	the	the	DET
gujaf-385	60	4	rapid	rapid	ADJ
gujaf-385	60	5	emergence	emergence	NOUN
gujaf-385	60	6	of	of	ADP
gujaf-385	60	7	decentralized	decentralize	VERB
gujaf-385	60	8	digital	digital	ADJ
gujaf-385	60	9	platforms	platform	NOUN
gujaf-385	60	10	(	(	PUNCT
gujaf-385	60	11	ddps	ddps	PROPN
gujaf-385	60	12	)	)	PUNCT
gujaf-385	60	13	,	,	PUNCT
gujaf-385	60	14	underpinned	underpin	VERB
gujaf-385	60	15	by	by	ADP
gujaf-385	60	16	blockchain	blockchain	PROPN
gujaf-385	60	17	technology	technology	PROPN
gujaf-385	60	18	,	,	PUNCT
gujaf-385	60	19	has	have	AUX
gujaf-385	60	20	attracted	attract	VERB
gujaf-385	60	21	extensive	extensive	ADJ
gujaf-385	60	22	empirical	empirical	ADJ
gujaf-385	60	23	investigation	investigation	NOUN
gujaf-385	60	24	focused	focus	VERB
gujaf-385	60	25	on	on	ADP
gujaf-385	60	26	governance	governance	NOUN
gujaf-385	60	27	challenges	challenge	NOUN
gujaf-385	60	28	and	and	CCONJ
gujaf-385	60	29	coordination	coordination	NOUN
gujaf-385	60	30	frictions	friction	NOUN
gujaf-385	60	31	that	that	PRON
gujaf-385	60	32	hinder	hinder	VERB
gujaf-385	60	33	platform	platform	NOUN
gujaf-385	60	34	efficiency	efficiency	NOUN
gujaf-385	60	35	and	and	CCONJ
gujaf-385	60	36	adoption	adoption	NOUN
gujaf-385	60	37	.	.	PUNCT
gujaf-385	61	1	empirical	empirical	ADJ
gujaf-385	61	2	studies	study	NOUN
gujaf-385	61	3	gusau	gusau	PROPN
gujaf-385	61	4	journal	journal	PROPN
gujaf-385	61	5	of	of	ADP
gujaf-385	61	6	accounting	accounting	NOUN
gujaf-385	61	7	and	and	CCONJ
gujaf-385	61	8	finance	finance	NOUN
gujaf-385	61	9	,	,	PUNCT
gujaf-385	61	10	vol.6	vol.6	PROPN
gujaf-385	61	11	,	,	PUNCT
gujaf-385	61	12	issue	issue	NOUN
gujaf-385	61	13	1	1	NUM
gujaf-385	61	14	,	,	PUNCT
gujaf-385	61	15	april	april	PROPN
gujaf-385	61	16	,	,	PUNCT
gujaf-385	61	17	2025	2025	NUM
gujaf-385	61	18	293	293	NUM
gujaf-385	61	19	consistently	consistently	ADV
gujaf-385	61	20	demonstrate	demonstrate	VERB
gujaf-385	61	21	that	that	SCONJ
gujaf-385	61	22	coordination	coordination	NOUN
gujaf-385	61	23	frictions	friction	NOUN
gujaf-385	61	24	manifest	manifest	VERB
gujaf-385	61	25	through	through	ADP
gujaf-385	61	26	incentive	incentive	NOUN
gujaf-385	61	27	misalignment	misalignment	NOUN
gujaf-385	61	28	,	,	PUNCT
gujaf-385	61	29	asymmetric	asymmetric	ADJ
gujaf-385	61	30	information	information	NOUN
gujaf-385	61	31	,	,	PUNCT
gujaf-385	61	32	and	and	CCONJ
gujaf-385	61	33	governance	governance	NOUN
gujaf-385	61	34	inefficiencies	inefficiency	NOUN
gujaf-385	61	35	in	in	ADP
gujaf-385	61	36	decentralized	decentralized	ADJ
gujaf-385	61	37	settings	setting	NOUN
gujaf-385	61	38	,	,	PUNCT
gujaf-385	61	39	which	which	PRON
gujaf-385	61	40	complicate	complicate	VERB
gujaf-385	61	41	collective	collective	ADJ
gujaf-385	61	42	action	action	NOUN
gujaf-385	61	43	and	and	CCONJ
gujaf-385	61	44	decision	decision	NOUN
gujaf-385	61	45	-	-	PUNCT
gujaf-385	61	46	making	making	NOUN
gujaf-385	61	47	(	(	PUNCT
gujaf-385	61	48	catalini	catalini	PROPN
gujaf-385	61	49	&	&	CCONJ
gujaf-385	61	50	gans	gans	PROPN
gujaf-385	61	51	,	,	PUNCT
gujaf-385	61	52	2016	2016	NUM
gujaf-385	61	53	;	;	PUNCT
gujaf-385	61	54	cong	cong	NOUN
gujaf-385	61	55	et	et	PROPN
gujaf-385	61	56	al	al	PROPN
gujaf-385	61	57	.	.	PROPN
gujaf-385	61	58	,	,	PUNCT
gujaf-385	61	59	2021	2021	NUM
gujaf-385	61	60	)	)	PUNCT
gujaf-385	61	61	.	.	PUNCT
gujaf-385	62	1	catalini	catalini	PROPN
gujaf-385	62	2	and	and	CCONJ
gujaf-385	62	3	gans	gan	NOUN
gujaf-385	62	4	(	(	PUNCT
gujaf-385	62	5	2016	2016	NUM
gujaf-385	62	6	)	)	PUNCT
gujaf-385	62	7	highlight	highlight	VERB
gujaf-385	62	8	that	that	SCONJ
gujaf-385	62	9	blockchain	blockchain	PROPN
gujaf-385	62	10	’s	’s	PART
gujaf-385	62	11	potential	potential	NOUN
gujaf-385	62	12	to	to	PART
gujaf-385	62	13	reduce	reduce	VERB
gujaf-385	62	14	transaction	transaction	NOUN
gujaf-385	62	15	costs	cost	NOUN
gujaf-385	62	16	is	be	AUX
gujaf-385	62	17	contingent	contingent	ADJ
gujaf-385	62	18	upon	upon	SCONJ
gujaf-385	62	19	overcoming	overcome	VERB
gujaf-385	62	20	coordination	coordination	NOUN
gujaf-385	62	21	problems	problem	NOUN
gujaf-385	62	22	inherent	inherent	ADJ
gujaf-385	62	23	in	in	ADP
gujaf-385	62	24	decentralized	decentralized	ADJ
gujaf-385	62	25	networks	network	NOUN
gujaf-385	62	26	,	,	PUNCT
gujaf-385	62	27	a	a	DET
gujaf-385	62	28	theme	theme	NOUN
gujaf-385	62	29	empirically	empirically	ADV
gujaf-385	62	30	supported	support	VERB
gujaf-385	62	31	by	by	ADP
gujaf-385	62	32	subsequent	subsequent	ADJ
gujaf-385	62	33	research	research	NOUN
gujaf-385	62	34	analyzing	analyze	VERB
gujaf-385	62	35	blockchain	blockchain	PROPN
gujaf-385	62	36	project	project	NOUN
gujaf-385	62	37	adoption	adoption	NOUN
gujaf-385	62	38	patterns	pattern	NOUN
gujaf-385	62	39	(	(	PUNCT
gujaf-385	62	40	cong	cong	NOUN
gujaf-385	62	41	et	et	PROPN
gujaf-385	62	42	al	al	PROPN
gujaf-385	62	43	.	.	PROPN
gujaf-385	62	44	,	,	PUNCT
gujaf-385	62	45	2021	2021	NUM
gujaf-385	62	46	;	;	PUNCT
gujaf-385	62	47	li	li	PROPN
gujaf-385	62	48	&	&	CCONJ
gujaf-385	62	49	wang	wang	PROPN
gujaf-385	62	50	,	,	PUNCT
gujaf-385	62	51	2023	2023	NUM
gujaf-385	62	52	)	)	PUNCT
gujaf-385	62	53	.	.	PUNCT
gujaf-385	63	1	a	a	DET
gujaf-385	63	2	substantial	substantial	ADJ
gujaf-385	63	3	subset	subset	NOUN
gujaf-385	63	4	of	of	ADP
gujaf-385	63	5	empirical	empirical	ADJ
gujaf-385	63	6	research	research	NOUN
gujaf-385	63	7	explores	explore	VERB
gujaf-385	63	8	the	the	DET
gujaf-385	63	9	mitigating	mitigate	VERB
gujaf-385	63	10	role	role	NOUN
gujaf-385	63	11	of	of	ADP
gujaf-385	63	12	institutional	institutional	ADJ
gujaf-385	63	13	investors	investor	NOUN
gujaf-385	63	14	,	,	PUNCT
gujaf-385	63	15	especially	especially	ADV
gujaf-385	63	16	crypto	crypto	X
gujaf-385	63	17	funds	fund	NOUN
gujaf-385	63	18	(	(	PUNCT
gujaf-385	63	19	cfs	cfs	PROPN
gujaf-385	63	20	)	)	PUNCT
gujaf-385	63	21	,	,	PUNCT
gujaf-385	63	22	in	in	ADP
gujaf-385	63	23	smoothing	smooth	VERB
gujaf-385	63	24	coordination	coordination	NOUN
gujaf-385	63	25	frictions	friction	NOUN
gujaf-385	63	26	on	on	ADP
gujaf-385	63	27	ddps	ddps	PROPN
gujaf-385	63	28	.	.	PUNCT
gujaf-385	64	1	event	event	NOUN
gujaf-385	64	2	studies	study	NOUN
gujaf-385	64	3	and	and	CCONJ
gujaf-385	64	4	network	network	NOUN
gujaf-385	64	5	analyses	analysis	NOUN
gujaf-385	64	6	reveal	reveal	VERB
gujaf-385	64	7	that	that	SCONJ
gujaf-385	64	8	platforms	platform	NOUN
gujaf-385	64	9	with	with	ADP
gujaf-385	64	10	cf	cf	NOUN
gujaf-385	64	11	backing	backing	NOUN
gujaf-385	64	12	achieve	achieve	VERB
gujaf-385	64	13	higher	high	ADJ
gujaf-385	64	14	initial	initial	ADJ
gujaf-385	64	15	valuations	valuation	NOUN
gujaf-385	64	16	and	and	CCONJ
gujaf-385	64	17	sustained	sustain	VERB
gujaf-385	64	18	token	token	VERB
gujaf-385	64	19	performance	performance	NOUN
gujaf-385	64	20	compared	compare	VERB
gujaf-385	64	21	to	to	ADP
gujaf-385	64	22	non	non	ADJ
gujaf-385	64	23	-	-	ADJ
gujaf-385	64	24	backed	backed	ADJ
gujaf-385	64	25	projects	project	NOUN
gujaf-385	64	26	(	(	PUNCT
gujaf-385	64	27	momtaz	momtaz	NOUN
gujaf-385	64	28	,	,	PUNCT
gujaf-385	64	29	2020	2020	NUM
gujaf-385	64	30	;	;	PUNCT
gujaf-385	64	31	fisch	fisch	PROPN
gujaf-385	64	32	et	et	PROPN
gujaf-385	64	33	al	al	PROPN
gujaf-385	64	34	.	.	PROPN
gujaf-385	64	35	,	,	PUNCT
gujaf-385	64	36	2023	2023	NUM
gujaf-385	64	37	)	)	PUNCT
gujaf-385	64	38	.	.	PUNCT
gujaf-385	65	1	momtaz	momtaz	NOUN
gujaf-385	65	2	(	(	PUNCT
gujaf-385	65	3	2020	2020	NUM
gujaf-385	65	4	)	)	PUNCT
gujaf-385	65	5	investigates	investigate	VERB
gujaf-385	65	6	over	over	ADP
gujaf-385	65	7	300	300	NUM
gujaf-385	65	8	initial	initial	ADJ
gujaf-385	65	9	coin	coin	NOUN
gujaf-385	65	10	offerings	offering	NOUN
gujaf-385	65	11	(	(	PUNCT
gujaf-385	65	12	icos	icos	PROPN
gujaf-385	65	13	)	)	PUNCT
gujaf-385	65	14	and	and	CCONJ
gujaf-385	65	15	finds	find	VERB
gujaf-385	65	16	that	that	SCONJ
gujaf-385	65	17	cf	cf	NOUN
gujaf-385	65	18	involvement	involvement	NOUN
gujaf-385	65	19	significantly	significantly	ADV
gujaf-385	65	20	reduces	reduce	VERB
gujaf-385	65	21	information	information	NOUN
gujaf-385	65	22	asymmetries	asymmetry	NOUN
gujaf-385	65	23	and	and	CCONJ
gujaf-385	65	24	enhances	enhance	VERB
gujaf-385	65	25	market	market	NOUN
gujaf-385	65	26	confidence	confidence	NOUN
gujaf-385	65	27	,	,	PUNCT
gujaf-385	65	28	translating	translate	VERB
gujaf-385	65	29	into	into	ADP
gujaf-385	65	30	superior	superior	ADJ
gujaf-385	65	31	pricing	pricing	NOUN
gujaf-385	65	32	and	and	CCONJ
gujaf-385	65	33	liquidity	liquidity	NOUN
gujaf-385	65	34	.	.	PUNCT
gujaf-385	66	1	similarly	similarly	ADV
gujaf-385	66	2	,	,	PUNCT
gujaf-385	66	3	fisch	fisch	PROPN
gujaf-385	66	4	et	et	PROPN
gujaf-385	66	5	al	al	PROPN
gujaf-385	66	6	.	.	PROPN
gujaf-385	67	1	(	(	PUNCT
gujaf-385	67	2	2023	2023	NUM
gujaf-385	67	3	)	)	PUNCT
gujaf-385	67	4	use	use	VERB
gujaf-385	67	5	a	a	DET
gujaf-385	67	6	dataset	dataset	NOUN
gujaf-385	67	7	of	of	ADP
gujaf-385	67	8	blockchain	blockchain	PROPN
gujaf-385	67	9	investments	investment	NOUN
gujaf-385	67	10	to	to	PART
gujaf-385	67	11	show	show	VERB
gujaf-385	67	12	that	that	SCONJ
gujaf-385	67	13	the	the	DET
gujaf-385	67	14	centrality	centrality	NOUN
gujaf-385	67	15	of	of	ADP
gujaf-385	67	16	cfs	cfs	PROPN
gujaf-385	67	17	within	within	ADP
gujaf-385	67	18	investor	investor	NOUN
gujaf-385	67	19	networks	network	NOUN
gujaf-385	67	20	correlates	correlate	VERB
gujaf-385	67	21	positively	positively	ADV
gujaf-385	67	22	with	with	ADP
gujaf-385	67	23	token	token	ADJ
gujaf-385	67	24	market	market	NOUN
gujaf-385	67	25	performance	performance	NOUN
gujaf-385	67	26	,	,	PUNCT
gujaf-385	67	27	highlighting	highlight	VERB
gujaf-385	67	28	the	the	DET
gujaf-385	67	29	strategic	strategic	ADJ
gujaf-385	67	30	value	value	NOUN
gujaf-385	67	31	of	of	ADP
gujaf-385	67	32	network	network	NOUN
gujaf-385	67	33	embeddedness	embeddedness	NOUN
gujaf-385	67	34	.	.	PUNCT
gujaf-385	68	1	governance	governance	NOUN
gujaf-385	68	2	quality	quality	NOUN
gujaf-385	68	3	and	and	CCONJ
gujaf-385	68	4	efficiency	efficiency	NOUN
gujaf-385	68	5	constitute	constitute	VERB
gujaf-385	68	6	another	another	DET
gujaf-385	68	7	major	major	ADJ
gujaf-385	68	8	focus	focus	NOUN
gujaf-385	68	9	in	in	ADP
gujaf-385	68	10	the	the	DET
gujaf-385	68	11	empirical	empirical	ADJ
gujaf-385	68	12	literature	literature	NOUN
gujaf-385	68	13	.	.	PUNCT
gujaf-385	69	1	studies	study	NOUN
gujaf-385	69	2	examining	examine	VERB
gujaf-385	69	3	on	on	ADP
gujaf-385	69	4	-	-	PUNCT
gujaf-385	69	5	chain	chain	NOUN
gujaf-385	69	6	voting	voting	NOUN
gujaf-385	69	7	data	datum	NOUN
gujaf-385	69	8	,	,	PUNCT
gujaf-385	69	9	governance	governance	NOUN
gujaf-385	69	10	proposals	proposal	NOUN
gujaf-385	69	11	,	,	PUNCT
gujaf-385	69	12	and	and	CCONJ
gujaf-385	69	13	stakeholder	stakeholder	NOUN
gujaf-385	69	14	surveys	survey	NOUN
gujaf-385	69	15	confirm	confirm	VERB
gujaf-385	69	16	a	a	DET
gujaf-385	69	17	tension	tension	NOUN
gujaf-385	69	18	between	between	ADP
gujaf-385	69	19	decentralization	decentralization	NOUN
gujaf-385	69	20	ideals	ideal	NOUN
gujaf-385	69	21	and	and	CCONJ
gujaf-385	69	22	governance	governance	NOUN
gujaf-385	69	23	effectiveness	effectiveness	NOUN
gujaf-385	69	24	.	.	PUNCT
gujaf-385	70	1	zhang	zhang	PROPN
gujaf-385	70	2	et	et	PROPN
gujaf-385	70	3	al	al	PROPN
gujaf-385	70	4	.	.	PROPN
gujaf-385	70	5	(	(	PUNCT
gujaf-385	70	6	2021	2021	NUM
gujaf-385	70	7	)	)	PUNCT
gujaf-385	70	8	empirically	empirically	ADV
gujaf-385	70	9	demonstrate	demonstrate	VERB
gujaf-385	70	10	that	that	SCONJ
gujaf-385	70	11	while	while	SCONJ
gujaf-385	70	12	decentralized	decentralized	ADJ
gujaf-385	70	13	governance	governance	NOUN
gujaf-385	70	14	promotes	promote	VERB
gujaf-385	70	15	inclusivity	inclusivity	NOUN
gujaf-385	70	16	,	,	PUNCT
gujaf-385	70	17	it	it	PRON
gujaf-385	70	18	often	often	ADV
gujaf-385	70	19	suffers	suffer	VERB
gujaf-385	70	20	from	from	ADP
gujaf-385	70	21	voter	voter	NOUN
gujaf-385	70	22	apathy	apathy	NOUN
gujaf-385	70	23	and	and	CCONJ
gujaf-385	70	24	slow	slow	ADJ
gujaf-385	70	25	decision	decision	NOUN
gujaf-385	70	26	-	-	PUNCT
gujaf-385	70	27	making	make	VERB
gujaf-385	70	28	processes	process	NOUN
gujaf-385	70	29	,	,	PUNCT
gujaf-385	70	30	which	which	PRON
gujaf-385	70	31	can	can	AUX
gujaf-385	70	32	hinder	hinder	VERB
gujaf-385	70	33	platform	platform	NOUN
gujaf-385	70	34	responsiveness	responsiveness	NOUN
gujaf-385	70	35	.	.	PUNCT
gujaf-385	71	1	this	this	PRON
gujaf-385	71	2	is	be	AUX
gujaf-385	71	3	corroborated	corroborate	VERB
gujaf-385	71	4	by	by	ADP
gujaf-385	71	5	goldsby	goldsby	NOUN
gujaf-385	71	6	and	and	CCONJ
gujaf-385	71	7	hanisch	hanisch	PROPN
gujaf-385	71	8	(	(	PUNCT
gujaf-385	71	9	2022	2022	NUM
gujaf-385	71	10	)	)	PUNCT
gujaf-385	71	11	,	,	PUNCT
gujaf-385	71	12	who	who	PRON
gujaf-385	71	13	find	find	VERB
gujaf-385	71	14	that	that	SCONJ
gujaf-385	71	15	governance	governance	NOUN
gujaf-385	71	16	structures	structure	NOUN
gujaf-385	71	17	with	with	ADP
gujaf-385	71	18	token	token	ADJ
gujaf-385	71	19	concentration	concentration	NOUN
gujaf-385	71	20	tend	tend	VERB
gujaf-385	71	21	to	to	PART
gujaf-385	71	22	accelerate	accelerate	VERB
gujaf-385	71	23	governance	governance	NOUN
gujaf-385	71	24	decisions	decision	NOUN
gujaf-385	71	25	but	but	CCONJ
gujaf-385	71	26	risk	risk	NOUN
gujaf-385	71	27	recentralizing	recentralize	VERB
gujaf-385	71	28	control	control	NOUN
gujaf-385	71	29	,	,	PUNCT
gujaf-385	71	30	potentially	potentially	ADV
gujaf-385	71	31	undermining	undermine	VERB
gujaf-385	71	32	blockchain	blockchain	PROPN
gujaf-385	71	33	’s	’s	PART
gujaf-385	71	34	decentralization	decentralization	NOUN
gujaf-385	71	35	ethos	ethos	VERB
gujaf-385	71	36	.	.	PUNCT
gujaf-385	72	1	the	the	DET
gujaf-385	72	2	impact	impact	NOUN
gujaf-385	72	3	of	of	ADP
gujaf-385	72	4	coordination	coordination	NOUN
gujaf-385	72	5	frictions	friction	NOUN
gujaf-385	72	6	on	on	ADP
gujaf-385	72	7	platform	platform	NOUN
gujaf-385	72	8	innovation	innovation	NOUN
gujaf-385	72	9	and	and	CCONJ
gujaf-385	72	10	sustainability	sustainability	NOUN
gujaf-385	72	11	has	have	AUX
gujaf-385	72	12	also	also	ADV
gujaf-385	72	13	been	be	AUX
gujaf-385	72	14	extensively	extensively	ADV
gujaf-385	72	15	studied	study	VERB
gujaf-385	72	16	.	.	PUNCT
gujaf-385	73	1	longitudinal	longitudinal	ADJ
gujaf-385	73	2	analyses	analysis	NOUN
gujaf-385	73	3	of	of	ADP
gujaf-385	73	4	defi	defi	NOUN
gujaf-385	73	5	projects	project	NOUN
gujaf-385	73	6	and	and	CCONJ
gujaf-385	73	7	case	case	NOUN
gujaf-385	73	8	studies	study	NOUN
gujaf-385	73	9	of	of	ADP
gujaf-385	73	10	ecosystem	ecosystem	NOUN
gujaf-385	73	11	evolutions	evolution	NOUN
gujaf-385	73	12	reveal	reveal	VERB
gujaf-385	73	13	that	that	SCONJ
gujaf-385	73	14	platforms	platform	NOUN
gujaf-385	73	15	with	with	ADP
gujaf-385	73	16	poorly	poorly	ADV
gujaf-385	73	17	managed	manage	VERB
gujaf-385	73	18	governance	governance	NOUN
gujaf-385	73	19	experience	experience	NOUN
gujaf-385	73	20	higher	high	ADJ
gujaf-385	73	21	failure	failure	NOUN
gujaf-385	73	22	rates	rate	NOUN
gujaf-385	73	23	and	and	CCONJ
gujaf-385	73	24	forks	fork	NOUN
gujaf-385	73	25	(	(	PUNCT
gujaf-385	73	26	jovanovic	jovanovic	PROPN
gujaf-385	73	27	et	et	PROPN
gujaf-385	73	28	al	al	PROPN
gujaf-385	73	29	.	.	PROPN
gujaf-385	73	30	,	,	PUNCT
gujaf-385	73	31	2022	2022	NUM
gujaf-385	73	32	;	;	PUNCT
gujaf-385	73	33	schlagwein	schlagwein	PROPN
gujaf-385	73	34	et	et	PROPN
gujaf-385	73	35	al	al	PROPN
gujaf-385	73	36	.	.	PROPN
gujaf-385	73	37	,	,	PUNCT
gujaf-385	73	38	2022	2022	NUM
gujaf-385	73	39	)	)	PUNCT
gujaf-385	73	40	.	.	PUNCT
gujaf-385	74	1	conversely	conversely	ADV
gujaf-385	74	2	,	,	PUNCT
gujaf-385	74	3	ddps	ddps	NOUN
gujaf-385	74	4	with	with	ADP
gujaf-385	74	5	cf	cf	NOUN
gujaf-385	74	6	support	support	NOUN
gujaf-385	74	7	and	and	CCONJ
gujaf-385	74	8	clear	clear	ADJ
gujaf-385	74	9	governance	governance	NOUN
gujaf-385	74	10	protocols	protocol	NOUN
gujaf-385	74	11	demonstrate	demonstrate	VERB
gujaf-385	74	12	greater	great	ADJ
gujaf-385	74	13	resilience	resilience	NOUN
gujaf-385	74	14	to	to	ADP
gujaf-385	74	15	market	market	NOUN
gujaf-385	74	16	shocks	shock	NOUN
gujaf-385	74	17	and	and	CCONJ
gujaf-385	74	18	maintain	maintain	VERB
gujaf-385	74	19	active	active	ADJ
gujaf-385	74	20	developer	developer	NOUN
gujaf-385	74	21	communities	community	NOUN
gujaf-385	74	22	(	(	PUNCT
gujaf-385	74	23	xu	xu	INTJ
gujaf-385	74	24	et	et	PROPN
gujaf-385	74	25	al	al	PROPN
gujaf-385	74	26	.	.	PROPN
gujaf-385	74	27	,	,	PUNCT
gujaf-385	74	28	2022	2022	NUM
gujaf-385	74	29	)	)	PUNCT
gujaf-385	74	30	.	.	PUNCT
gujaf-385	75	1	xu	xu	PROPN
gujaf-385	75	2	et	et	PROPN
gujaf-385	76	1	al	al	PROPN
gujaf-385	76	2	.	.	PROPN
gujaf-385	77	1	(	(	PUNCT
gujaf-385	77	2	2022	2022	NUM
gujaf-385	77	3	)	)	PUNCT
gujaf-385	77	4	use	use	VERB
gujaf-385	77	5	econometric	econometric	ADJ
gujaf-385	77	6	techniques	technique	NOUN
gujaf-385	77	7	on	on	ADP
gujaf-385	77	8	defi	defi	NOUN
gujaf-385	77	9	platform	platform	NOUN
gujaf-385	77	10	data	datum	NOUN
gujaf-385	77	11	to	to	PART
gujaf-385	77	12	show	show	VERB
gujaf-385	77	13	that	that	SCONJ
gujaf-385	77	14	cf	cf	NOUN
gujaf-385	77	15	-	-	PUNCT
gujaf-385	77	16	backed	back	VERB
gujaf-385	77	17	projects	project	NOUN
gujaf-385	77	18	maintain	maintain	VERB
gujaf-385	77	19	higher	high	ADJ
gujaf-385	77	20	liquidity	liquidity	NOUN
gujaf-385	77	21	and	and	CCONJ
gujaf-385	77	22	market	market	NOUN
gujaf-385	77	23	capitalization	capitalization	NOUN
gujaf-385	77	24	,	,	PUNCT
gujaf-385	77	25	suggesting	suggest	VERB
gujaf-385	77	26	that	that	SCONJ
gujaf-385	77	27	institutional	institutional	ADJ
gujaf-385	77	28	support	support	NOUN
gujaf-385	77	29	mitigates	mitigate	VERB
gujaf-385	77	30	market	market	NOUN
gujaf-385	77	31	volatility	volatility	NOUN
gujaf-385	77	32	and	and	CCONJ
gujaf-385	77	33	enhances	enhance	VERB
gujaf-385	77	34	long	long	ADJ
gujaf-385	77	35	-	-	PUNCT
gujaf-385	77	36	term	term	NOUN
gujaf-385	77	37	viability	viability	NOUN
gujaf-385	77	38	.	.	PUNCT
gujaf-385	78	1	the	the	DET
gujaf-385	78	2	role	role	NOUN
gujaf-385	78	3	of	of	ADP
gujaf-385	78	4	smart	smart	ADJ
gujaf-385	78	5	contracts	contract	NOUN
gujaf-385	78	6	in	in	ADP
gujaf-385	78	7	reducing	reduce	VERB
gujaf-385	78	8	transaction	transaction	NOUN
gujaf-385	78	9	costs	cost	NOUN
gujaf-385	78	10	and	and	CCONJ
gujaf-385	78	11	enhancing	enhance	VERB
gujaf-385	78	12	governance	governance	NOUN
gujaf-385	78	13	transparency	transparency	NOUN
gujaf-385	78	14	is	be	AUX
gujaf-385	78	15	well	well	ADV
gujaf-385	78	16	-	-	PUNCT
gujaf-385	78	17	documented	document	VERB
gujaf-385	78	18	in	in	ADP
gujaf-385	78	19	empirical	empirical	ADJ
gujaf-385	78	20	studies	study	NOUN
gujaf-385	78	21	using	use	VERB
gujaf-385	78	22	ethereum	ethereum	PROPN
gujaf-385	78	23	blockchain	blockchain	PROPN
gujaf-385	78	24	data	data	PROPN
gujaf-385	78	25	.	.	PUNCT
gujaf-385	79	1	beck	beck	PROPN
gujaf-385	79	2	et	et	PROPN
gujaf-385	79	3	al	al	PROPN
gujaf-385	79	4	.	.	PROPN
gujaf-385	80	1	(	(	PUNCT
gujaf-385	80	2	2018	2018	NUM
gujaf-385	80	3	)	)	PUNCT
gujaf-385	80	4	provide	provide	VERB
gujaf-385	80	5	quantitative	quantitative	ADJ
gujaf-385	80	6	evidence	evidence	NOUN
gujaf-385	80	7	that	that	SCONJ
gujaf-385	80	8	the	the	DET
gujaf-385	80	9	degree	degree	NOUN
gujaf-385	80	10	of	of	ADP
gujaf-385	80	11	contract	contract	NOUN
gujaf-385	80	12	codifiability	codifiability	NOUN
gujaf-385	80	13	positively	positively	ADV
gujaf-385	80	14	influences	influence	VERB
gujaf-385	80	15	transaction	transaction	NOUN
gujaf-385	80	16	throughput	throughput	NOUN
gujaf-385	80	17	and	and	CCONJ
gujaf-385	80	18	reduces	reduce	VERB
gujaf-385	80	19	disputes	dispute	NOUN
gujaf-385	80	20	.	.	PUNCT
gujaf-385	81	1	liu	liu	PROPN
gujaf-385	81	2	et	et	PROPN
gujaf-385	81	3	al	al	PROPN
gujaf-385	81	4	.	.	PROPN
gujaf-385	81	5	(	(	PUNCT
gujaf-385	81	6	2021	2021	NUM
gujaf-385	81	7	)	)	PUNCT
gujaf-385	81	8	further	far	ADV
gujaf-385	81	9	demonstrate	demonstrate	VERB
gujaf-385	81	10	that	that	SCONJ
gujaf-385	81	11	although	although	SCONJ
gujaf-385	81	12	smart	smart	ADJ
gujaf-385	81	13	contracts	contract	NOUN
gujaf-385	81	14	improve	improve	VERB
gujaf-385	81	15	contract	contract	NOUN
gujaf-385	81	16	enforcement	enforcement	NOUN
gujaf-385	81	17	,	,	PUNCT
gujaf-385	81	18	they	they	PRON
gujaf-385	81	19	can	can	AUX
gujaf-385	81	20	not	not	PART
gujaf-385	81	21	fully	fully	ADV
gujaf-385	81	22	replace	replace	VERB
gujaf-385	81	23	institutional	institutional	ADJ
gujaf-385	81	24	governance	governance	NOUN
gujaf-385	81	25	,	,	PUNCT
gujaf-385	81	26	especially	especially	ADV
gujaf-385	81	27	in	in	ADP
gujaf-385	81	28	complex	complex	ADJ
gujaf-385	81	29	scenarios	scenario	NOUN
gujaf-385	81	30	requiring	require	VERB
gujaf-385	81	31	discretionary	discretionary	ADJ
gujaf-385	81	32	judgment	judgment	NOUN
gujaf-385	81	33	or	or	CCONJ
gujaf-385	81	34	dispute	dispute	NOUN
gujaf-385	81	35	resolution	resolution	NOUN
gujaf-385	81	36	.	.	PUNCT
gujaf-385	82	1	emerging	emerge	VERB
gujaf-385	82	2	empirical	empirical	ADJ
gujaf-385	82	3	research	research	NOUN
gujaf-385	82	4	has	have	AUX
gujaf-385	82	5	critically	critically	ADV
gujaf-385	82	6	examined	examine	VERB
gujaf-385	82	7	the	the	DET
gujaf-385	82	8	potential	potential	ADJ
gujaf-385	82	9	trade	trade	NOUN
gujaf-385	82	10	-	-	PUNCT
gujaf-385	82	11	offs	off	NOUN
gujaf-385	82	12	between	between	ADP
gujaf-385	82	13	institutional	institutional	ADJ
gujaf-385	82	14	influence	influence	NOUN
gujaf-385	82	15	and	and	CCONJ
gujaf-385	82	16	decentralization	decentralization	NOUN
gujaf-385	82	17	.	.	PUNCT
gujaf-385	83	1	bellavitis	bellavitis	NOUN
gujaf-385	83	2	et	et	PROPN
gujaf-385	83	3	al	al	PROPN
gujaf-385	83	4	.	.	PROPN
gujaf-385	84	1	(	(	PUNCT
gujaf-385	84	2	2023	2023	NUM
gujaf-385	84	3	)	)	PUNCT
gujaf-385	84	4	survey	survey	NOUN
gujaf-385	84	5	blockchain	blockchain	PROPN
gujaf-385	84	6	gusau	gusau	PROPN
gujaf-385	84	7	journal	journal	PROPN
gujaf-385	84	8	of	of	ADP
gujaf-385	84	9	accounting	accounting	NOUN
gujaf-385	84	10	and	and	CCONJ
gujaf-385	84	11	finance	finance	NOUN
gujaf-385	84	12	,	,	PUNCT
gujaf-385	84	13	vol.6	vol.6	PROPN
gujaf-385	84	14	,	,	PUNCT
gujaf-385	84	15	issue	issue	NOUN
gujaf-385	84	16	1	1	NUM
gujaf-385	84	17	,	,	PUNCT
gujaf-385	84	18	april	april	PROPN
gujaf-385	84	19	,	,	PUNCT
gujaf-385	84	20	2025	2025	NUM
gujaf-385	84	21	294	294	NUM
gujaf-385	84	22	participants	participant	NOUN
gujaf-385	84	23	and	and	CCONJ
gujaf-385	84	24	find	find	VERB
gujaf-385	84	25	ambivalence	ambivalence	NOUN
gujaf-385	84	26	about	about	ADP
gujaf-385	84	27	cf	cf	NOUN
gujaf-385	84	28	dominance	dominance	NOUN
gujaf-385	84	29	,	,	PUNCT
gujaf-385	84	30	reflecting	reflect	VERB
gujaf-385	84	31	concerns	concern	NOUN
gujaf-385	84	32	that	that	SCONJ
gujaf-385	84	33	institutional	institutional	ADJ
gujaf-385	84	34	actors	actor	NOUN
gujaf-385	84	35	may	may	AUX
gujaf-385	84	36	consolidate	consolidate	VERB
gujaf-385	84	37	power	power	NOUN
gujaf-385	84	38	and	and	CCONJ
gujaf-385	84	39	erode	erode	VERB
gujaf-385	84	40	community	community	NOUN
gujaf-385	84	41	-	-	PUNCT
gujaf-385	84	42	driven	drive	VERB
gujaf-385	84	43	governance	governance	NOUN
gujaf-385	84	44	.	.	PUNCT
gujaf-385	85	1	this	this	DET
gujaf-385	85	2	concern	concern	NOUN
gujaf-385	85	3	aligns	align	VERB
gujaf-385	85	4	with	with	ADP
gujaf-385	85	5	findings	finding	NOUN
gujaf-385	85	6	by	by	ADP
gujaf-385	85	7	de	de	X
gujaf-385	85	8	filippi	filippi	PROPN
gujaf-385	85	9	and	and	CCONJ
gujaf-385	85	10	loveluck	loveluck	PROPN
gujaf-385	85	11	(	(	PUNCT
gujaf-385	85	12	2016	2016	NUM
gujaf-385	85	13	)	)	PUNCT
gujaf-385	85	14	,	,	PUNCT
gujaf-385	85	15	who	who	PRON
gujaf-385	85	16	argue	argue	VERB
gujaf-385	85	17	that	that	SCONJ
gujaf-385	85	18	the	the	DET
gujaf-385	85	19	invisible	invisible	ADJ
gujaf-385	85	20	politics	politic	NOUN
gujaf-385	85	21	of	of	ADP
gujaf-385	85	22	blockchain	blockchain	PROPN
gujaf-385	85	23	often	often	ADV
gujaf-385	85	24	involve	involve	VERB
gujaf-385	85	25	power	power	NOUN
gujaf-385	85	26	dynamics	dynamic	NOUN
gujaf-385	85	27	that	that	PRON
gujaf-385	85	28	contradict	contradict	VERB
gujaf-385	85	29	the	the	DET
gujaf-385	85	30	technology	technology	NOUN
gujaf-385	85	31	’s	’s	PART
gujaf-385	85	32	purported	purport	VERB
gujaf-385	85	33	decentralization	decentralization	NOUN
gujaf-385	85	34	.	.	PUNCT
gujaf-385	86	1	schlagwein	schlagwein	PROPN
gujaf-385	86	2	et	et	PROPN
gujaf-385	86	3	al	al	PROPN
gujaf-385	86	4	.	.	PROPN
gujaf-385	87	1	(	(	PUNCT
gujaf-385	87	2	2022	2022	NUM
gujaf-385	87	3	)	)	PUNCT
gujaf-385	87	4	propose	propose	VERB
gujaf-385	87	5	hybrid	hybrid	ADJ
gujaf-385	87	6	governance	governance	NOUN
gujaf-385	87	7	models	model	NOUN
gujaf-385	87	8	incorporating	incorporate	VERB
gujaf-385	87	9	both	both	CCONJ
gujaf-385	87	10	on	on	ADP
gujaf-385	87	11	-	-	PUNCT
gujaf-385	87	12	chain	chain	NOUN
gujaf-385	87	13	protocols	protocol	NOUN
gujaf-385	87	14	and	and	CCONJ
gujaf-385	87	15	off	off	ADP
gujaf-385	87	16	-	-	PUNCT
gujaf-385	87	17	chain	chain	NOUN
gujaf-385	87	18	social	social	ADJ
gujaf-385	87	19	mechanisms	mechanism	NOUN
gujaf-385	87	20	to	to	PART
gujaf-385	87	21	balance	balance	VERB
gujaf-385	87	22	efficiency	efficiency	NOUN
gujaf-385	87	23	and	and	CCONJ
gujaf-385	87	24	decentralization	decentralization	NOUN
gujaf-385	87	25	,	,	PUNCT
gujaf-385	87	26	a	a	DET
gujaf-385	87	27	concept	concept	NOUN
gujaf-385	87	28	supported	support	VERB
gujaf-385	87	29	by	by	ADP
gujaf-385	87	30	empirical	empirical	ADJ
gujaf-385	87	31	validation	validation	NOUN
gujaf-385	87	32	.	.	PUNCT
gujaf-385	88	1	3.0	3.0	NUM
gujaf-385	88	2	methodology	methodology	NOUN
gujaf-385	88	3	the	the	DET
gujaf-385	88	4	data	datum	NOUN
gujaf-385	88	5	for	for	ADP
gujaf-385	88	6	this	this	DET
gujaf-385	88	7	study	study	NOUN
gujaf-385	88	8	were	be	AUX
gujaf-385	88	9	collected	collect	VERB
gujaf-385	88	10	from	from	ADP
gujaf-385	88	11	multiple	multiple	ADJ
gujaf-385	88	12	sources	source	NOUN
gujaf-385	88	13	to	to	PART
gujaf-385	88	14	ensure	ensure	VERB
gujaf-385	88	15	comprehensive	comprehensive	ADJ
gujaf-385	88	16	coverage	coverage	NOUN
gujaf-385	88	17	of	of	ADP
gujaf-385	88	18	decentralized	decentralize	VERB
gujaf-385	88	19	digital	digital	ADJ
gujaf-385	88	20	platforms	platform	NOUN
gujaf-385	88	21	(	(	PUNCT
gujaf-385	88	22	ddps	ddps	PROPN
gujaf-385	88	23	)	)	PUNCT
gujaf-385	88	24	and	and	CCONJ
gujaf-385	88	25	crypto	crypto	PROPN
gujaf-385	88	26	fund	fund	NOUN
gujaf-385	88	27	(	(	PUNCT
gujaf-385	88	28	cf	cf	NOUN
gujaf-385	88	29	)	)	PUNCT
gujaf-385	88	30	activities	activity	NOUN
gujaf-385	88	31	.	.	PUNCT
gujaf-385	89	1	the	the	DET
gujaf-385	89	2	primary	primary	ADJ
gujaf-385	89	3	dataset	dataset	NOUN
gujaf-385	89	4	was	be	AUX
gujaf-385	89	5	obtained	obtain	VERB
gujaf-385	89	6	from	from	ADP
gujaf-385	89	7	the	the	DET
gujaf-385	89	8	ethereum	ethereum	NOUN
gujaf-385	89	9	blockchain	blockchain	NOUN
gujaf-385	89	10	,	,	PUNCT
gujaf-385	89	11	accessed	access	VERB
gujaf-385	89	12	via	via	ADP
gujaf-385	89	13	the	the	DET
gujaf-385	89	14	etherscan	etherscan	ADJ
gujaf-385	89	15	api	api	NOUN
gujaf-385	89	16	and	and	CCONJ
gujaf-385	89	17	google	google	PROPN
gujaf-385	89	18	bigquery	bigquery	PROPN
gujaf-385	89	19	ethereum	ethereum	NOUN
gujaf-385	89	20	public	public	ADJ
gujaf-385	89	21	datasets	dataset	NOUN
gujaf-385	89	22	,	,	PUNCT
gujaf-385	89	23	which	which	PRON
gujaf-385	89	24	provide	provide	VERB
gujaf-385	89	25	granular	granular	ADJ
gujaf-385	89	26	,	,	PUNCT
gujaf-385	89	27	time	time	NOUN
gujaf-385	89	28	-	-	PUNCT
gujaf-385	89	29	stamped	stamp	VERB
gujaf-385	89	30	records	record	NOUN
gujaf-385	89	31	of	of	ADP
gujaf-385	89	32	token	token	ADJ
gujaf-385	89	33	creation	creation	NOUN
gujaf-385	89	34	,	,	PUNCT
gujaf-385	89	35	transfers	transfer	NOUN
gujaf-385	89	36	,	,	PUNCT
gujaf-385	89	37	and	and	CCONJ
gujaf-385	89	38	smart	smart	ADJ
gujaf-385	89	39	contract	contract	NOUN
gujaf-385	89	40	executions	execution	NOUN
gujaf-385	89	41	(	(	PUNCT
gujaf-385	89	42	chen	chen	PROPN
gujaf-385	89	43	et	et	PROPN
gujaf-385	89	44	al	al	PROPN
gujaf-385	89	45	.	.	PROPN
gujaf-385	89	46	,	,	PUNCT
gujaf-385	89	47	2021	2021	NUM
gujaf-385	89	48	)	)	PUNCT
gujaf-385	89	49	.	.	PUNCT
gujaf-385	90	1	the	the	DET
gujaf-385	90	2	sample	sample	NOUN
gujaf-385	90	3	comprises	comprise	VERB
gujaf-385	90	4	all	all	DET
gujaf-385	90	5	ddps	ddp	NOUN
gujaf-385	90	6	that	that	PRON
gujaf-385	90	7	issued	issue	VERB
gujaf-385	90	8	erc-20	erc-20	PRON
gujaf-385	90	9	tokens	token	NOUN
gujaf-385	90	10	between	between	ADP
gujaf-385	90	11	january	january	PROPN
gujaf-385	90	12	2016	2016	NUM
gujaf-385	90	13	and	and	CCONJ
gujaf-385	90	14	december	december	PROPN
gujaf-385	90	15	2023	2023	NUM
gujaf-385	90	16	,	,	PUNCT
gujaf-385	90	17	totaling	total	VERB
gujaf-385	90	18	over	over	ADP
gujaf-385	90	19	1,200	1,200	NUM
gujaf-385	90	20	projects	project	NOUN
gujaf-385	90	21	.	.	PUNCT
gujaf-385	91	1	supplementary	supplementary	ADJ
gujaf-385	91	2	data	datum	NOUN
gujaf-385	91	3	on	on	ADP
gujaf-385	91	4	cf	cf	NOUN
gujaf-385	91	5	investments	investment	NOUN
gujaf-385	91	6	and	and	CCONJ
gujaf-385	91	7	participation	participation	NOUN
gujaf-385	91	8	were	be	AUX
gujaf-385	91	9	sourced	source	VERB
gujaf-385	91	10	from	from	ADP
gujaf-385	91	11	specialized	specialized	PROPN
gujaf-385	91	12	blockchain	blockchain	PROPN
gujaf-385	91	13	investment	investment	NOUN
gujaf-385	91	14	databases	database	NOUN
gujaf-385	91	15	such	such	ADJ
gujaf-385	91	16	as	as	ADP
gujaf-385	91	17	ico	ico	PROPN
gujaf-385	91	18	bench	bench	NOUN
gujaf-385	91	19	,	,	PUNCT
gujaf-385	91	20	dappradar	dappradar	NOUN
gujaf-385	91	21	,	,	PUNCT
gujaf-385	91	22	and	and	CCONJ
gujaf-385	91	23	crunchbase	crunchbase	NOUN
gujaf-385	91	24	,	,	PUNCT
gujaf-385	91	25	alongside	alongside	ADP
gujaf-385	91	26	industry	industry	NOUN
gujaf-385	91	27	reports	report	NOUN
gujaf-385	91	28	and	and	CCONJ
gujaf-385	91	29	public	public	ADJ
gujaf-385	91	30	announcements	announcement	NOUN
gujaf-385	91	31	from	from	ADP
gujaf-385	91	32	cfs	cfs	PROPN
gujaf-385	91	33	themselves	themselves	PRON
gujaf-385	91	34	.	.	PUNCT
gujaf-385	92	1	these	these	DET
gujaf-385	92	2	sources	source	NOUN
gujaf-385	92	3	were	be	AUX
gujaf-385	92	4	crossreferenced	crossreference	VERB
gujaf-385	92	5	to	to	PART
gujaf-385	92	6	identify	identify	VERB
gujaf-385	92	7	cf	cf	NOUN
gujaf-385	92	8	-	-	PUNCT
gujaf-385	92	9	backed	back	VERB
gujaf-385	92	10	ddps	ddps	NOUN
gujaf-385	92	11	accurately	accurately	ADV
gujaf-385	92	12	and	and	CCONJ
gujaf-385	92	13	to	to	PART
gujaf-385	92	14	track	track	VERB
gujaf-385	92	15	the	the	DET
gujaf-385	92	16	timing	timing	NOUN
gujaf-385	92	17	and	and	CCONJ
gujaf-385	92	18	scale	scale	NOUN
gujaf-385	92	19	of	of	ADP
gujaf-385	92	20	investments	investment	NOUN
gujaf-385	92	21	.	.	PUNCT
gujaf-385	93	1	token	token	VERB
gujaf-385	93	2	price	price	NOUN
gujaf-385	93	3	and	and	CCONJ
gujaf-385	93	4	market	market	NOUN
gujaf-385	93	5	data	datum	NOUN
gujaf-385	93	6	were	be	AUX
gujaf-385	93	7	further	far	ADV
gujaf-385	93	8	enriched	enrich	VERB
gujaf-385	93	9	using	use	VERB
gujaf-385	93	10	information	information	NOUN
gujaf-385	93	11	from	from	ADP
gujaf-385	93	12	coingecko	coingecko	NOUN
gujaf-385	93	13	and	and	CCONJ
gujaf-385	93	14	coinmarketcap	coinmarketcap	VERB
gujaf-385	93	15	to	to	PART
gujaf-385	93	16	capture	capture	VERB
gujaf-385	93	17	secondary	secondary	ADJ
gujaf-385	93	18	market	market	NOUN
gujaf-385	93	19	trading	trading	NOUN
gujaf-385	93	20	activity	activity	NOUN
gujaf-385	93	21	.	.	PUNCT
gujaf-385	94	1	in	in	ADP
gujaf-385	94	2	addition	addition	NOUN
gujaf-385	94	3	,	,	PUNCT
gujaf-385	94	4	investor	investor	NOUN
gujaf-385	94	5	network	network	NOUN
gujaf-385	94	6	data	datum	NOUN
gujaf-385	94	7	were	be	AUX
gujaf-385	94	8	constructed	construct	VERB
gujaf-385	94	9	by	by	ADP
gujaf-385	94	10	aggregating	aggregate	VERB
gujaf-385	94	11	co	co	NOUN
gujaf-385	94	12	-	-	NOUN
gujaf-385	94	13	investment	investment	ADJ
gujaf-385	94	14	ties	tie	NOUN
gujaf-385	94	15	from	from	ADP
gujaf-385	94	16	disclosed	disclose	VERB
gujaf-385	94	17	funding	funding	NOUN
gujaf-385	94	18	rounds	round	NOUN
gujaf-385	94	19	and	and	CCONJ
gujaf-385	94	20	governance	governance	NOUN
gujaf-385	94	21	voting	voting	NOUN
gujaf-385	94	22	records	record	NOUN
gujaf-385	94	23	where	where	SCONJ
gujaf-385	94	24	publicly	publicly	ADV
gujaf-385	94	25	available	available	ADJ
gujaf-385	94	26	.	.	PUNCT
gujaf-385	95	1	data	datum	NOUN
gujaf-385	95	2	quality	quality	NOUN
gujaf-385	95	3	was	be	AUX
gujaf-385	95	4	ensured	ensure	VERB
gujaf-385	95	5	by	by	ADP
gujaf-385	95	6	removing	remove	VERB
gujaf-385	95	7	duplicate	duplicate	ADJ
gujaf-385	95	8	entries	entry	NOUN
gujaf-385	95	9	,	,	PUNCT
gujaf-385	95	10	verifying	verify	VERB
gujaf-385	95	11	cf	cf	NOUN
gujaf-385	95	12	identities	identity	NOUN
gujaf-385	95	13	,	,	PUNCT
gujaf-385	95	14	and	and	CCONJ
gujaf-385	95	15	excluding	exclude	VERB
gujaf-385	95	16	projects	project	NOUN
gujaf-385	95	17	with	with	ADP
gujaf-385	95	18	incomplete	incomplete	ADJ
gujaf-385	95	19	transaction	transaction	NOUN
gujaf-385	95	20	histories	history	NOUN
gujaf-385	95	21	or	or	CCONJ
gujaf-385	95	22	ambiguous	ambiguous	ADJ
gujaf-385	95	23	investor	investor	NOUN
gujaf-385	95	24	information	information	NOUN
gujaf-385	95	25	.	.	PUNCT
gujaf-385	96	1	the	the	DET
gujaf-385	96	2	final	final	ADJ
gujaf-385	96	3	dataset	dataset	NOUN
gujaf-385	96	4	includes	include	VERB
gujaf-385	96	5	350	350	NUM
gujaf-385	96	6	cf	cf	NOUN
gujaf-385	96	7	-	-	PUNCT
gujaf-385	96	8	backed	back	VERB
gujaf-385	96	9	ddps	ddps	NOUN
gujaf-385	96	10	and	and	CCONJ
gujaf-385	96	11	850	850	NUM
gujaf-385	96	12	non	non	ADJ
gujaf-385	96	13	-	-	ADJ
gujaf-385	96	14	backed	backed	ADJ
gujaf-385	96	15	peers	peer	NOUN
gujaf-385	96	16	,	,	PUNCT
gujaf-385	96	17	enabling	enable	VERB
gujaf-385	96	18	comparative	comparative	ADJ
gujaf-385	96	19	analyses	analysis	NOUN
gujaf-385	96	20	.	.	PUNCT
gujaf-385	97	1	variables	variable	NOUN
gujaf-385	97	2	and	and	CCONJ
gujaf-385	97	3	measures	measure	NOUN
gujaf-385	97	4	this	this	DET
gujaf-385	97	5	study	study	NOUN
gujaf-385	97	6	operationalizes	operationalize	VERB
gujaf-385	97	7	several	several	ADJ
gujaf-385	97	8	key	key	ADJ
gujaf-385	97	9	variables	variable	NOUN
gujaf-385	97	10	to	to	PART
gujaf-385	97	11	examine	examine	VERB
gujaf-385	97	12	the	the	DET
gujaf-385	97	13	relationship	relationship	NOUN
gujaf-385	97	14	between	between	ADP
gujaf-385	97	15	crypto	crypto	NOUN
gujaf-385	97	16	fund	fund	NOUN
gujaf-385	97	17	(	(	PUNCT
gujaf-385	97	18	cf	cf	NOUN
gujaf-385	97	19	)	)	PUNCT
gujaf-385	97	20	involvement	involvement	NOUN
gujaf-385	97	21	and	and	CCONJ
gujaf-385	97	22	the	the	DET
gujaf-385	97	23	valuation	valuation	NOUN
gujaf-385	97	24	and	and	CCONJ
gujaf-385	97	25	performance	performance	NOUN
gujaf-385	97	26	of	of	ADP
gujaf-385	97	27	decentralized	decentralize	VERB
gujaf-385	97	28	digital	digital	ADJ
gujaf-385	97	29	platforms	platform	NOUN
gujaf-385	97	30	(	(	PUNCT
gujaf-385	97	31	ddps	ddps	PROPN
gujaf-385	97	32	)	)	PUNCT
gujaf-385	97	33	.	.	PUNCT
gujaf-385	98	1	the	the	DET
gujaf-385	98	2	dependent	dependent	ADJ
gujaf-385	98	3	variables	variable	NOUN
gujaf-385	98	4	primarily	primarily	ADV
gujaf-385	98	5	focus	focus	VERB
gujaf-385	98	6	on	on	ADP
gujaf-385	98	7	token	token	ADJ
gujaf-385	98	8	valuation	valuation	NOUN
gujaf-385	98	9	and	and	CCONJ
gujaf-385	98	10	market	market	NOUN
gujaf-385	98	11	outcomes	outcome	NOUN
gujaf-385	98	12	.	.	PUNCT
gujaf-385	99	1	initial	initial	ADJ
gujaf-385	99	2	token	token	VERB
gujaf-385	99	3	valuation	valuation	NOUN
gujaf-385	99	4	is	be	AUX
gujaf-385	99	5	measured	measure	VERB
gujaf-385	99	6	by	by	ADP
gujaf-385	99	7	the	the	DET
gujaf-385	99	8	market	market	NOUN
gujaf-385	99	9	capitalization	capitalization	NOUN
gujaf-385	99	10	at	at	ADP
gujaf-385	99	11	the	the	DET
gujaf-385	99	12	time	time	NOUN
gujaf-385	99	13	of	of	ADP
gujaf-385	99	14	token	token	ADJ
gujaf-385	99	15	issuance	issuance	NOUN
gujaf-385	99	16	,	,	PUNCT
gujaf-385	99	17	calculated	calculate	VERB
gujaf-385	99	18	as	as	ADP
gujaf-385	99	19	the	the	DET
gujaf-385	99	20	product	product	NOUN
gujaf-385	99	21	of	of	ADP
gujaf-385	99	22	the	the	DET
gujaf-385	99	23	total	total	ADJ
gujaf-385	99	24	tokens	token	NOUN
gujaf-385	99	25	issued	issue	VERB
gujaf-385	99	26	and	and	CCONJ
gujaf-385	99	27	the	the	DET
gujaf-385	99	28	offering	offering	NOUN
gujaf-385	99	29	price	price	NOUN
gujaf-385	99	30	,	,	PUNCT
gujaf-385	99	31	consistent	consistent	ADJ
gujaf-385	99	32	with	with	ADP
gujaf-385	99	33	prior	prior	ADJ
gujaf-385	99	34	research	research	NOUN
gujaf-385	99	35	on	on	ADP
gujaf-385	99	36	ico	ico	PROPN
gujaf-385	99	37	pricing	pricing	NOUN
gujaf-385	99	38	dynamics	dynamic	NOUN
gujaf-385	99	39	(	(	PUNCT
gujaf-385	99	40	momtaz	momtaz	NOUN
gujaf-385	99	41	,	,	PUNCT
gujaf-385	99	42	2020	2020	NUM
gujaf-385	99	43	)	)	PUNCT
gujaf-385	99	44	.	.	PUNCT
gujaf-385	100	1	post	post	ADJ
gujaf-385	100	2	-	-	ADJ
gujaf-385	100	3	issuance	issuance	ADJ
gujaf-385	100	4	performance	performance	NOUN
gujaf-385	100	5	is	be	AUX
gujaf-385	100	6	captured	capture	VERB
gujaf-385	100	7	using	use	VERB
gujaf-385	100	8	cumulative	cumulative	ADJ
gujaf-385	100	9	abnormal	abnormal	ADJ
gujaf-385	100	10	returns	return	NOUN
gujaf-385	100	11	(	(	PUNCT
gujaf-385	100	12	cars	car	NOUN
gujaf-385	100	13	)	)	PUNCT
gujaf-385	100	14	over	over	ADP
gujaf-385	100	15	the	the	DET
gujaf-385	100	16	first	first	ADJ
gujaf-385	100	17	30	30	NUM
gujaf-385	100	18	days	day	NOUN
gujaf-385	100	19	of	of	ADP
gujaf-385	100	20	trading	trading	NOUN
gujaf-385	100	21	following	follow	VERB
gujaf-385	100	22	the	the	DET
gujaf-385	100	23	initial	initial	ADJ
gujaf-385	100	24	offering	offering	NOUN
gujaf-385	100	25	,	,	PUNCT
gujaf-385	100	26	allowing	allow	VERB
gujaf-385	100	27	for	for	ADP
gujaf-385	100	28	an	an	DET
gujaf-385	100	29	assessment	assessment	NOUN
gujaf-385	100	30	of	of	ADP
gujaf-385	100	31	short	short	ADJ
gujaf-385	100	32	-	-	PUNCT
gujaf-385	100	33	term	term	NOUN
gujaf-385	100	34	market	market	NOUN
gujaf-385	100	35	reaction	reaction	NOUN
gujaf-385	100	36	(	(	PUNCT
gujaf-385	100	37	mackinlay	mackinlay	NOUN
gujaf-385	100	38	,	,	PUNCT
gujaf-385	100	39	1997	1997	NUM
gujaf-385	100	40	)	)	PUNCT
gujaf-385	100	41	.	.	PUNCT
gujaf-385	101	1	additionally	additionally	ADV
gujaf-385	101	2	,	,	PUNCT
gujaf-385	101	3	secondary	secondary	ADJ
gujaf-385	101	4	market	market	NOUN
gujaf-385	101	5	price	price	NOUN
gujaf-385	101	6	appreciation	appreciation	NOUN
gujaf-385	101	7	is	be	AUX
gujaf-385	101	8	quantified	quantify	VERB
gujaf-385	101	9	by	by	ADP
gujaf-385	101	10	calculating	calculate	VERB
gujaf-385	101	11	the	the	DET
gujaf-385	101	12	percentage	percentage	NOUN
gujaf-385	101	13	change	change	NOUN
gujaf-385	101	14	in	in	ADP
gujaf-385	101	15	token	token	ADJ
gujaf-385	101	16	price	price	NOUN
gujaf-385	101	17	within	within	ADP
gujaf-385	101	18	a	a	DET
gujaf-385	101	19	ten	ten	NUM
gujaf-385	101	20	-	-	PUNCT
gujaf-385	101	21	day	day	NOUN
gujaf-385	101	22	window	window	NOUN
gujaf-385	101	23	before	before	ADV
gujaf-385	101	24	and	and	CCONJ
gujaf-385	101	25	after	after	ADP
gujaf-385	101	26	the	the	DET
gujaf-385	101	27	disclosure	disclosure	NOUN
gujaf-385	101	28	of	of	ADP
gujaf-385	101	29	cf	cf	NOUN
gujaf-385	101	30	investment	investment	NOUN
gujaf-385	101	31	,	,	PUNCT
gujaf-385	101	32	enabling	enable	VERB
gujaf-385	101	33	analysis	analysis	NOUN
gujaf-385	101	34	of	of	ADP
gujaf-385	101	35	investor	investor	NOUN
gujaf-385	101	36	response	response	NOUN
gujaf-385	101	37	to	to	ADP
gujaf-385	101	38	institutional	institutional	ADJ
gujaf-385	101	39	backing	backing	NOUN
gujaf-385	101	40	announcements	announcement	NOUN
gujaf-385	101	41	.	.	PUNCT
gujaf-385	102	1	the	the	DET
gujaf-385	102	2	key	key	ADJ
gujaf-385	102	3	independent	independent	ADJ
gujaf-385	102	4	variables	variable	NOUN
gujaf-385	102	5	relate	relate	VERB
gujaf-385	102	6	to	to	ADP
gujaf-385	102	7	cf	cf	NOUN
gujaf-385	102	8	involvement	involvement	NOUN
gujaf-385	102	9	and	and	CCONJ
gujaf-385	102	10	the	the	DET
gujaf-385	102	11	position	position	NOUN
gujaf-385	102	12	of	of	ADP
gujaf-385	102	13	these	these	DET
gujaf-385	102	14	investors	investor	NOUN
gujaf-385	102	15	within	within	ADP
gujaf-385	102	16	the	the	DET
gujaf-385	102	17	broader	broad	ADJ
gujaf-385	102	18	crypto	crypto	PROPN
gujaf-385	102	19	investment	investment	NOUN
gujaf-385	102	20	ecosystem	ecosystem	NOUN
gujaf-385	102	21	.	.	PUNCT
gujaf-385	103	1	a	a	DET
gujaf-385	103	2	binary	binary	ADJ
gujaf-385	103	3	variable	variable	NOUN
gujaf-385	103	4	indicates	indicate	VERB
gujaf-385	103	5	whether	whether	SCONJ
gujaf-385	103	6	a	a	DET
gujaf-385	103	7	ddp	ddp	NOUN
gujaf-385	103	8	is	be	AUX
gujaf-385	103	9	backed	back	VERB
gujaf-385	103	10	by	by	ADP
gujaf-385	103	11	one	one	NUM
gujaf-385	103	12	or	or	CCONJ
gujaf-385	103	13	more	more	ADV
gujaf-385	103	14	registered	register	VERB
gujaf-385	103	15	crypto	crypto	NOUN
gujaf-385	103	16	funds	fund	NOUN
gujaf-385	103	17	,	,	PUNCT
gujaf-385	103	18	serving	serve	VERB
gujaf-385	103	19	as	as	ADP
gujaf-385	103	20	a	a	DET
gujaf-385	103	21	direct	direct	ADJ
gujaf-385	103	22	measure	measure	NOUN
gujaf-385	103	23	of	of	ADP
gujaf-385	103	24	institutional	institutional	ADJ
gujaf-385	103	25	support	support	NOUN
gujaf-385	103	26	.	.	PUNCT
gujaf-385	104	1	to	to	PART
gujaf-385	104	2	capture	capture	VERB
gujaf-385	104	3	the	the	DET
gujaf-385	104	4	influence	influence	NOUN
gujaf-385	104	5	of	of	ADP
gujaf-385	104	6	cfs	cfs	PROPN
gujaf-385	104	7	beyond	beyond	ADP
gujaf-385	104	8	mere	mere	ADJ
gujaf-385	104	9	presence	presence	NOUN
gujaf-385	104	10	,	,	PUNCT
gujaf-385	104	11	investor	investor	NOUN
gujaf-385	104	12	network	network	NOUN
gujaf-385	104	13	centrality	centrality	NOUN
gujaf-385	104	14	is	be	AUX
gujaf-385	104	15	gusau	gusau	ADJ
gujaf-385	104	16	journal	journal	NOUN
gujaf-385	104	17	of	of	ADP
gujaf-385	104	18	accounting	accounting	NOUN
gujaf-385	104	19	and	and	CCONJ
gujaf-385	104	20	finance	finance	NOUN
gujaf-385	104	21	,	,	PUNCT
gujaf-385	104	22	vol.6	vol.6	PROPN
gujaf-385	104	23	,	,	PUNCT
gujaf-385	104	24	issue	issue	NOUN
gujaf-385	104	25	1	1	NUM
gujaf-385	104	26	,	,	PUNCT
gujaf-385	104	27	april	april	PROPN
gujaf-385	104	28	,	,	PUNCT
gujaf-385	104	29	2025	2025	NUM
gujaf-385	104	30	295	295	NUM
gujaf-385	104	31	operationalized	operationalize	VERB
gujaf-385	104	32	through	through	ADP
gujaf-385	104	33	eigenvector	eigenvector	NOUN
gujaf-385	104	34	centrality	centrality	NOUN
gujaf-385	104	35	scores	score	NOUN
gujaf-385	104	36	derived	derive	VERB
gujaf-385	104	37	from	from	ADP
gujaf-385	104	38	a	a	DET
gujaf-385	104	39	constructed	constructed	ADJ
gujaf-385	104	40	co	co	ADJ
gujaf-385	104	41	-	-	ADJ
gujaf-385	104	42	investment	investment	ADJ
gujaf-385	104	43	network	network	NOUN
gujaf-385	104	44	,	,	PUNCT
gujaf-385	104	45	reflecting	reflect	VERB
gujaf-385	104	46	the	the	DET
gujaf-385	104	47	prominence	prominence	NOUN
gujaf-385	104	48	and	and	CCONJ
gujaf-385	104	49	interconnectedness	interconnectedness	NOUN
gujaf-385	104	50	of	of	ADP
gujaf-385	104	51	cfs	cfs	PROPN
gujaf-385	104	52	within	within	ADP
gujaf-385	104	53	the	the	DET
gujaf-385	104	54	market	market	NOUN
gujaf-385	104	55	(	(	PUNCT
gujaf-385	104	56	fisch	fisch	PROPN
gujaf-385	104	57	et	et	PROPN
gujaf-385	104	58	al	al	PROPN
gujaf-385	104	59	.	.	PROPN
gujaf-385	104	60	,	,	PUNCT
gujaf-385	104	61	2023	2023	NUM
gujaf-385	104	62	)	)	PUNCT
gujaf-385	104	63	.	.	PUNCT
gujaf-385	105	1	this	this	DET
gujaf-385	105	2	approach	approach	NOUN
gujaf-385	105	3	recognizes	recognize	VERB
gujaf-385	105	4	that	that	SCONJ
gujaf-385	105	5	more	more	ADJ
gujaf-385	105	6	central	central	ADJ
gujaf-385	105	7	investors	investor	NOUN
gujaf-385	105	8	may	may	AUX
gujaf-385	105	9	provide	provide	VERB
gujaf-385	105	10	greater	great	ADJ
gujaf-385	105	11	informational	informational	ADJ
gujaf-385	105	12	and	and	CCONJ
gujaf-385	105	13	coordination	coordination	NOUN
gujaf-385	105	14	advantages	advantage	NOUN
gujaf-385	105	15	,	,	PUNCT
gujaf-385	105	16	thereby	thereby	ADV
gujaf-385	105	17	amplifying	amplifying	ADJ
gujaf-385	105	18	valuation	valuation	NOUN
gujaf-385	105	19	effects	effect	NOUN
gujaf-385	105	20	.	.	PUNCT
gujaf-385	106	1	to	to	PART
gujaf-385	106	2	isolate	isolate	VERB
gujaf-385	106	3	the	the	DET
gujaf-385	106	4	effect	effect	NOUN
gujaf-385	106	5	of	of	ADP
gujaf-385	106	6	cf	cf	NOUN
gujaf-385	106	7	backing	backing	NOUN
gujaf-385	106	8	,	,	PUNCT
gujaf-385	106	9	several	several	ADJ
gujaf-385	106	10	control	control	NOUN
gujaf-385	106	11	variables	variable	NOUN
gujaf-385	106	12	are	be	AUX
gujaf-385	106	13	included	include	VERB
gujaf-385	106	14	.	.	PUNCT
gujaf-385	107	1	token	token	ADJ
gujaf-385	107	2	ownership	ownership	NOUN
gujaf-385	107	3	concentration	concentration	NOUN
gujaf-385	107	4	is	be	AUX
gujaf-385	107	5	measured	measure	VERB
gujaf-385	107	6	using	use	VERB
gujaf-385	107	7	the	the	DET
gujaf-385	107	8	herfindahl	herfindahl	NOUN
gujaf-385	107	9	-	-	PUNCT
gujaf-385	107	10	hirschman	hirschman	NOUN
gujaf-385	107	11	index	index	NOUN
gujaf-385	107	12	(	(	PUNCT
gujaf-385	107	13	hhi	hhi	NOUN
gujaf-385	107	14	)	)	PUNCT
gujaf-385	107	15	based	base	VERB
gujaf-385	107	16	on	on	ADP
gujaf-385	107	17	token	token	ADJ
gujaf-385	107	18	distribution	distribution	NOUN
gujaf-385	107	19	data	datum	NOUN
gujaf-385	107	20	,	,	PUNCT
gujaf-385	107	21	as	as	SCONJ
gujaf-385	107	22	centralization	centralization	NOUN
gujaf-385	107	23	of	of	ADP
gujaf-385	107	24	token	token	ADJ
gujaf-385	107	25	holdings	holding	NOUN
gujaf-385	107	26	may	may	AUX
gujaf-385	107	27	independently	independently	ADV
gujaf-385	107	28	affect	affect	VERB
gujaf-385	107	29	governance	governance	NOUN
gujaf-385	107	30	efficiency	efficiency	NOUN
gujaf-385	107	31	and	and	CCONJ
gujaf-385	107	32	market	market	NOUN
gujaf-385	107	33	confidence	confidence	NOUN
gujaf-385	107	34	.	.	PUNCT
gujaf-385	108	1	project	project	NOUN
gujaf-385	108	2	age	age	NOUN
gujaf-385	108	3	,	,	PUNCT
gujaf-385	108	4	defined	define	VERB
gujaf-385	108	5	as	as	ADP
gujaf-385	108	6	the	the	DET
gujaf-385	108	7	number	number	NOUN
gujaf-385	108	8	of	of	ADP
gujaf-385	108	9	months	month	NOUN
gujaf-385	108	10	from	from	ADP
gujaf-385	108	11	project	project	NOUN
gujaf-385	108	12	inception	inception	NOUN
gujaf-385	108	13	to	to	ADP
gujaf-385	108	14	token	token	ADJ
gujaf-385	108	15	issuance	issuance	NOUN
gujaf-385	108	16	,	,	PUNCT
gujaf-385	108	17	accounts	account	VERB
gujaf-385	108	18	for	for	ADP
gujaf-385	108	19	maturity	maturity	NOUN
gujaf-385	108	20	effects	effect	NOUN
gujaf-385	108	21	,	,	PUNCT
gujaf-385	108	22	while	while	SCONJ
gujaf-385	108	23	market	market	NOUN
gujaf-385	108	24	conditions	condition	NOUN
gujaf-385	108	25	are	be	AUX
gujaf-385	108	26	controlled	control	VERB
gujaf-385	108	27	for	for	ADP
gujaf-385	108	28	through	through	ADP
gujaf-385	108	29	contemporaneous	contemporaneous	ADJ
gujaf-385	108	30	measures	measure	NOUN
gujaf-385	108	31	of	of	ADP
gujaf-385	108	32	overall	overall	ADJ
gujaf-385	108	33	cryptocurrency	cryptocurrency	NOUN
gujaf-385	108	34	market	market	NOUN
gujaf-385	108	35	capitalization	capitalization	NOUN
gujaf-385	108	36	and	and	CCONJ
gujaf-385	108	37	volatility	volatility	NOUN
gujaf-385	108	38	indices	index	NOUN
gujaf-385	108	39	,	,	PUNCT
gujaf-385	108	40	reflecting	reflect	VERB
gujaf-385	108	41	broader	broad	ADJ
gujaf-385	108	42	economic	economic	ADJ
gujaf-385	108	43	trends	trend	NOUN
gujaf-385	108	44	.	.	PUNCT
gujaf-385	109	1	lastly	lastly	ADV
gujaf-385	109	2	,	,	PUNCT
gujaf-385	109	3	technological	technological	ADJ
gujaf-385	109	4	complexity	complexity	NOUN
gujaf-385	109	5	is	be	AUX
gujaf-385	109	6	proxied	proxie	VERB
gujaf-385	109	7	by	by	ADP
gujaf-385	109	8	the	the	DET
gujaf-385	109	9	number	number	NOUN
gujaf-385	109	10	of	of	ADP
gujaf-385	109	11	lines	line	NOUN
gujaf-385	109	12	of	of	ADP
gujaf-385	109	13	code	code	NOUN
gujaf-385	109	14	in	in	ADP
gujaf-385	109	15	smart	smart	ADJ
gujaf-385	109	16	contracts	contract	NOUN
gujaf-385	109	17	and	and	CCONJ
gujaf-385	109	18	whether	whether	SCONJ
gujaf-385	109	19	the	the	DET
gujaf-385	109	20	contracts	contract	NOUN
gujaf-385	109	21	have	have	AUX
gujaf-385	109	22	undergone	undergo	VERB
gujaf-385	109	23	security	security	NOUN
gujaf-385	109	24	audits	audits	NOUN
gujaf-385	109	25	,	,	PUNCT
gujaf-385	109	26	as	as	SCONJ
gujaf-385	109	27	these	these	DET
gujaf-385	109	28	factors	factor	NOUN
gujaf-385	109	29	may	may	AUX
gujaf-385	109	30	influence	influence	VERB
gujaf-385	109	31	investor	investor	NOUN
gujaf-385	109	32	perceptions	perception	NOUN
gujaf-385	109	33	of	of	ADP
gujaf-385	109	34	project	project	NOUN
gujaf-385	109	35	quality	quality	NOUN
gujaf-385	109	36	.	.	PUNCT
gujaf-385	110	1	all	all	DET
gujaf-385	110	2	continuous	continuous	ADJ
gujaf-385	110	3	variables	variable	NOUN
gujaf-385	110	4	are	be	AUX
gujaf-385	110	5	winsorized	winsorize	VERB
gujaf-385	110	6	at	at	ADP
gujaf-385	110	7	the	the	DET
gujaf-385	110	8	1st	1st	ADJ
gujaf-385	110	9	and	and	CCONJ
gujaf-385	110	10	99th	99th	ADJ
gujaf-385	110	11	percentiles	percentile	NOUN
gujaf-385	110	12	to	to	PART
gujaf-385	110	13	mitigate	mitigate	VERB
gujaf-385	110	14	the	the	DET
gujaf-385	110	15	influence	influence	NOUN
gujaf-385	110	16	of	of	ADP
gujaf-385	110	17	extreme	extreme	ADJ
gujaf-385	110	18	outliers	outlier	NOUN
gujaf-385	110	19	and	and	CCONJ
gujaf-385	110	20	ensure	ensure	VERB
gujaf-385	110	21	robustness	robustness	NOUN
gujaf-385	110	22	of	of	ADP
gujaf-385	110	23	statistical	statistical	ADJ
gujaf-385	110	24	inferences	inference	NOUN
gujaf-385	110	25	.	.	PUNCT
gujaf-385	111	1	to	to	PART
gujaf-385	111	2	evaluate	evaluate	VERB
gujaf-385	111	3	the	the	DET
gujaf-385	111	4	impact	impact	NOUN
gujaf-385	111	5	of	of	ADP
gujaf-385	111	6	cf	cf	NOUN
gujaf-385	111	7	backing	backing	NOUN
gujaf-385	111	8	and	and	CCONJ
gujaf-385	111	9	network	network	NOUN
gujaf-385	111	10	centrality	centrality	NOUN
gujaf-385	111	11	on	on	ADP
gujaf-385	111	12	ddp	ddp	PROPN
gujaf-385	111	13	valuation	valuation	NOUN
gujaf-385	111	14	and	and	CCONJ
gujaf-385	111	15	performance	performance	NOUN
gujaf-385	111	16	,	,	PUNCT
gujaf-385	111	17	this	this	DET
gujaf-385	111	18	study	study	NOUN
gujaf-385	111	19	employs	employ	VERB
gujaf-385	111	20	panel	panel	NOUN
gujaf-385	111	21	data	datum	NOUN
gujaf-385	111	22	regression	regression	NOUN
gujaf-385	111	23	models	model	NOUN
gujaf-385	111	24	with	with	ADP
gujaf-385	111	25	project	project	NOUN
gujaf-385	111	26	and	and	CCONJ
gujaf-385	111	27	time	time	NOUN
gujaf-385	111	28	fixed	fix	VERB
gujaf-385	111	29	effects	effect	NOUN
gujaf-385	111	30	to	to	PART
gujaf-385	111	31	control	control	VERB
gujaf-385	111	32	for	for	ADP
gujaf-385	111	33	unobserved	unobserved	ADJ
gujaf-385	111	34	heterogeneity	heterogeneity	NOUN
gujaf-385	111	35	(	(	PUNCT
gujaf-385	111	36	wooldridge	wooldridge	PROPN
gujaf-385	111	37	,	,	PUNCT
gujaf-385	111	38	2010	2010	NUM
gujaf-385	111	39	)	)	PUNCT
gujaf-385	111	40	.	.	PUNCT
gujaf-385	112	1	the	the	DET
gujaf-385	112	2	baseline	baseline	PROPN
gujaf-385	112	3	model	model	PROPN
gujaf-385	112	4	specifies	specifie	NOUN
gujaf-385	112	5	token	token	VERB
gujaf-385	112	6	valuation	valuation	NOUN
gujaf-385	112	7	or	or	CCONJ
gujaf-385	112	8	performance	performance	NOUN
gujaf-385	112	9	as	as	ADP
gujaf-385	112	10	the	the	DET
gujaf-385	112	11	dependent	dependent	ADJ
gujaf-385	112	12	variable	variable	NOUN
gujaf-385	112	13	regressed	regress	VERB
gujaf-385	112	14	on	on	ADP
gujaf-385	112	15	cf	cf	NOUN
gujaf-385	112	16	backing	backing	NOUN
gujaf-385	112	17	indicators	indicator	NOUN
gujaf-385	112	18	,	,	PUNCT
gujaf-385	112	19	investor	investor	NOUN
gujaf-385	112	20	centrality	centrality	NOUN
gujaf-385	112	21	measures	measure	NOUN
gujaf-385	112	22	,	,	PUNCT
gujaf-385	112	23	and	and	CCONJ
gujaf-385	112	24	control	control	NOUN
gujaf-385	112	25	variables	variable	NOUN
gujaf-385	112	26	.	.	PUNCT
gujaf-385	113	1	event	event	NOUN
gujaf-385	113	2	study	study	NOUN
gujaf-385	113	3	methodologies	methodology	NOUN
gujaf-385	113	4	are	be	AUX
gujaf-385	113	5	applied	apply	VERB
gujaf-385	113	6	to	to	PART
gujaf-385	113	7	quantify	quantify	VERB
gujaf-385	113	8	abnormal	abnormal	ADJ
gujaf-385	113	9	returns	return	NOUN
gujaf-385	113	10	around	around	ADP
gujaf-385	113	11	cf	cf	NOUN
gujaf-385	113	12	investment	investment	NOUN
gujaf-385	113	13	disclosures	disclosure	NOUN
gujaf-385	113	14	,	,	PUNCT
gujaf-385	113	15	using	use	VERB
gujaf-385	113	16	the	the	DET
gujaf-385	113	17	market	market	NOUN
gujaf-385	113	18	model	model	NOUN
gujaf-385	113	19	to	to	PART
gujaf-385	113	20	estimate	estimate	VERB
gujaf-385	113	21	expected	expect	VERB
gujaf-385	113	22	returns	return	NOUN
gujaf-385	113	23	and	and	CCONJ
gujaf-385	113	24	cars	car	NOUN
gujaf-385	113	25	within	within	ADP
gujaf-385	113	26	defined	define	VERB
gujaf-385	113	27	event	event	NOUN
gujaf-385	113	28	windows	window	NOUN
gujaf-385	113	29	(	(	PUNCT
gujaf-385	113	30	mackinlay	mackinlay	NOUN
gujaf-385	113	31	,	,	PUNCT
gujaf-385	113	32	1997	1997	NUM
gujaf-385	113	33	)	)	PUNCT
gujaf-385	113	34	.	.	PUNCT
gujaf-385	114	1	significance	significance	NOUN
gujaf-385	114	2	is	be	AUX
gujaf-385	114	3	assessed	assess	VERB
gujaf-385	114	4	via	via	ADP
gujaf-385	114	5	standard	standard	PROPN
gujaf-385	114	6	t	t	PROPN
gujaf-385	114	7	-	-	PUNCT
gujaf-385	114	8	tests	test	NOUN
gujaf-385	114	9	and	and	CCONJ
gujaf-385	114	10	bootstrapped	bootstrappe	VERB
gujaf-385	114	11	confidence	confidence	NOUN
gujaf-385	114	12	intervals	interval	NOUN
gujaf-385	114	13	to	to	PART
gujaf-385	114	14	address	address	VERB
gujaf-385	114	15	potential	potential	ADJ
gujaf-385	114	16	distributional	distributional	ADJ
gujaf-385	114	17	assumptions	assumption	NOUN
gujaf-385	114	18	.	.	PUNCT
gujaf-385	115	1	social	social	ADJ
gujaf-385	115	2	network	network	NOUN
gujaf-385	115	3	analysis	analysis	NOUN
gujaf-385	115	4	is	be	AUX
gujaf-385	115	5	conducted	conduct	VERB
gujaf-385	115	6	using	use	VERB
gujaf-385	115	7	the	the	DET
gujaf-385	115	8	igraph	igraph	ADJ
gujaf-385	115	9	and	and	CCONJ
gujaf-385	115	10	statnet	statnet	NOUN
gujaf-385	115	11	packages	package	NOUN
gujaf-385	115	12	in	in	ADP
gujaf-385	115	13	r	r	NOUN
gujaf-385	115	14	,	,	PUNCT
gujaf-385	115	15	calculating	calculate	VERB
gujaf-385	115	16	centrality	centrality	NOUN
gujaf-385	115	17	metrics	metric	NOUN
gujaf-385	115	18	such	such	ADJ
gujaf-385	115	19	as	as	ADP
gujaf-385	115	20	degree	degree	NOUN
gujaf-385	115	21	,	,	PUNCT
gujaf-385	115	22	betweenness	betweenness	NOUN
gujaf-385	115	23	,	,	PUNCT
gujaf-385	115	24	and	and	CCONJ
gujaf-385	115	25	eigenvector	eigenvector	NOUN
gujaf-385	115	26	centrality	centrality	NOUN
gujaf-385	115	27	.	.	PUNCT
gujaf-385	116	1	these	these	DET
gujaf-385	116	2	network	network	NOUN
gujaf-385	116	3	measures	measure	NOUN
gujaf-385	116	4	are	be	AUX
gujaf-385	116	5	incorporated	incorporate	VERB
gujaf-385	116	6	into	into	ADP
gujaf-385	116	7	regression	regression	NOUN
gujaf-385	116	8	models	model	NOUN
gujaf-385	116	9	to	to	PART
gujaf-385	116	10	examine	examine	VERB
gujaf-385	116	11	how	how	SCONJ
gujaf-385	116	12	investor	investor	NOUN
gujaf-385	116	13	prominence	prominence	NOUN
gujaf-385	116	14	moderates	moderate	VERB
gujaf-385	116	15	valuation	valuation	NOUN
gujaf-385	116	16	effects	effect	NOUN
gujaf-385	116	17	.	.	PUNCT
gujaf-385	117	1	robustness	robustness	NOUN
gujaf-385	117	2	checks	check	NOUN
gujaf-385	117	3	include	include	VERB
gujaf-385	117	4	alternative	alternative	ADJ
gujaf-385	117	5	dependent	dependent	ADJ
gujaf-385	117	6	variable	variable	ADJ
gujaf-385	117	7	specifications	specification	NOUN
gujaf-385	117	8	(	(	PUNCT
gujaf-385	117	9	e.g.	e.g.	ADV
gujaf-385	117	10	,	,	PUNCT
gujaf-385	117	11	token	token	VERB
gujaf-385	117	12	liquidity	liquidity	NOUN
gujaf-385	117	13	,	,	PUNCT
gujaf-385	117	14	volatility	volatility	NOUN
gujaf-385	117	15	)	)	PUNCT
gujaf-385	117	16	,	,	PUNCT
gujaf-385	117	17	interaction	interaction	NOUN
gujaf-385	117	18	terms	term	NOUN
gujaf-385	117	19	to	to	PART
gujaf-385	117	20	test	test	VERB
gujaf-385	117	21	heterogeneous	heterogeneous	ADJ
gujaf-385	117	22	effects	effect	NOUN
gujaf-385	117	23	,	,	PUNCT
gujaf-385	117	24	and	and	CCONJ
gujaf-385	117	25	sub	sub	NOUN
gujaf-385	117	26	-	-	NOUN
gujaf-385	117	27	sample	sample	ADJ
gujaf-385	117	28	analyses	analysis	NOUN
gujaf-385	117	29	by	by	ADP
gujaf-385	117	30	sector	sector	NOUN
gujaf-385	117	31	and	and	CCONJ
gujaf-385	117	32	project	project	NOUN
gujaf-385	117	33	maturity	maturity	NOUN
gujaf-385	117	34	.	.	PUNCT
gujaf-385	118	1	multicollinearity	multicollinearity	NOUN
gujaf-385	118	2	diagnostics	diagnostic	NOUN
gujaf-385	118	3	and	and	CCONJ
gujaf-385	118	4	heteroskedasticity	heteroskedasticity	NOUN
gujaf-385	118	5	-	-	PUNCT
gujaf-385	118	6	consistent	consistent	ADJ
gujaf-385	118	7	standard	standard	ADJ
gujaf-385	118	8	errors	error	NOUN
gujaf-385	118	9	ensure	ensure	VERB
gujaf-385	118	10	model	model	NOUN
gujaf-385	118	11	validity	validity	NOUN
gujaf-385	118	12	.	.	PUNCT
gujaf-385	119	1	methods	method	NOUN
gujaf-385	119	2	first	first	ADV
gujaf-385	119	3	,	,	PUNCT
gujaf-385	119	4	we	we	PRON
gujaf-385	119	5	estimate	estimate	VERB
gujaf-385	119	6	the	the	DET
gujaf-385	119	7	baseline	baseline	PROPN
gujaf-385	119	8	panel	panel	NOUN
gujaf-385	119	9	regression	regression	NOUN
gujaf-385	119	10	model	model	NOUN
gujaf-385	119	11	for	for	ADP
gujaf-385	119	12	token	token	ADJ
gujaf-385	119	13	valuation	valuation	NOUN
gujaf-385	119	14	and	and	CCONJ
gujaf-385	119	15	performance	performance	NOUN
gujaf-385	119	16	𝑌	𝑌	PROPN
gujaf-385	119	17	,	,	PUNCT
gujaf-385	119	18	=	=	SYM
gujaf-385	119	19	𝛼	𝛼	X
gujaf-385	119	20	+	+	NOUN
gujaf-385	119	21	𝛽	𝛽	NOUN
gujaf-385	119	22	cf_backed	cf_backe	VERB
gujaf-385	119	23	+	+	PROPN
gujaf-385	119	24	𝛽	𝛽	NOUN
gujaf-385	119	25	networkcentrality	networkcentrality	NOUN
gujaf-385	119	26	+	+	CCONJ
gujaf-385	119	27	𝛄𝐗	𝛄𝐗	NOUN
gujaf-385	119	28	,	,	PUNCT
gujaf-385	119	29	+	+	CCONJ
gujaf-385	120	1	𝜇	𝜇	ADP
gujaf-385	120	2	+	+	X
gujaf-385	120	3	𝜆	𝜆	NOUN
gujaf-385	120	4	+	+	ADP
gujaf-385	120	5	𝜀	𝜀	NOUN
gujaf-385	120	6	,	,	PUNCT
gujaf-385	120	7	where	where	SCONJ
gujaf-385	120	8	:	:	PUNCT
gujaf-385	120	9	𝑌	𝑌	PROPN
gujaf-385	120	10	,	,	PUNCT
gujaf-385	120	11	is	be	AUX
gujaf-385	120	12	the	the	DET
gujaf-385	120	13	dependent	dependent	ADJ
gujaf-385	120	14	variable	variable	NOUN
gujaf-385	120	15	measuring	measure	VERB
gujaf-385	120	16	token	token	VERB
gujaf-385	120	17	valuation	valuation	NOUN
gujaf-385	120	18	or	or	CCONJ
gujaf-385	120	19	performance	performance	NOUN
gujaf-385	120	20	for	for	ADP
gujaf-385	120	21	project	project	NOUN
gujaf-385	120	22	𝑖	𝑖	X
gujaf-385	120	23	at	at	ADP
gujaf-385	120	24	time	time	NOUN
gujaf-385	120	25	𝑡.	𝑡.	NOUN
gujaf-385	120	26	this	this	PRON
gujaf-385	120	27	can	can	AUX
gujaf-385	120	28	represent	represent	VERB
gujaf-385	120	29	initial	initial	ADJ
gujaf-385	120	30	token	token	VERB
gujaf-385	120	31	valuation	valuation	NOUN
gujaf-385	120	32	(	(	PUNCT
gujaf-385	120	33	market	market	NOUN
gujaf-385	120	34	capitalization	capitalization	NOUN
gujaf-385	120	35	at	at	ADP
gujaf-385	120	36	issuance	issuance	NOUN
gujaf-385	120	37	)	)	PUNCT
gujaf-385	120	38	,	,	PUNCT
gujaf-385	120	39	cumulative	cumulative	ADJ
gujaf-385	120	40	abnormal	abnormal	ADJ
gujaf-385	120	41	returns	return	NOUN
gujaf-385	120	42	(	(	PUNCT
gujaf-385	120	43	cars	car	NOUN
gujaf-385	120	44	)	)	PUNCT
gujaf-385	120	45	over	over	ADP
gujaf-385	120	46	the	the	DET
gujaf-385	120	47	first	first	ADJ
gujaf-385	120	48	30	30	NUM
gujaf-385	120	49	days	day	NOUN
gujaf-385	120	50	post	post	ADJ
gujaf-385	120	51	-	-	NOUN
gujaf-385	120	52	issuance	issuance	NOUN
gujaf-385	120	53	,	,	PUNCT
gujaf-385	120	54	and	and	CCONJ
gujaf-385	120	55	secondary	secondary	ADJ
gujaf-385	120	56	market	market	NOUN
gujaf-385	120	57	price	price	NOUN
gujaf-385	120	58	appreciation	appreciation	NOUN
gujaf-385	120	59	around	around	ADP
gujaf-385	120	60	cf	cf	NOUN
gujaf-385	120	61	investment	investment	NOUN
gujaf-385	120	62	disclosure	disclosure	NOUN
gujaf-385	120	63	.	.	PUNCT
gujaf-385	121	1	cf_backed	cf_backe	VERB
gujaf-385	121	2	is	be	AUX
gujaf-385	121	3	a	a	DET
gujaf-385	121	4	binary	binary	ADJ
gujaf-385	121	5	indicator	indicator	NOUN
gujaf-385	121	6	equal	equal	ADJ
gujaf-385	121	7	to	to	ADP
gujaf-385	121	8	1	1	NUM
gujaf-385	121	9	if	if	SCONJ
gujaf-385	121	10	project	project	NOUN
gujaf-385	122	1	𝑖	𝑖	SYM
gujaf-385	122	2	received	receive	VERB
gujaf-385	122	3	investment	investment	NOUN
gujaf-385	122	4	from	from	ADP
gujaf-385	122	5	crypto	crypto	NOUN
gujaf-385	122	6	funds	fund	NOUN
gujaf-385	122	7	prior	prior	ADV
gujaf-385	122	8	to	to	ADP
gujaf-385	122	9	or	or	CCONJ
gujaf-385	122	10	at	at	ADP
gujaf-385	122	11	token	token	ADJ
gujaf-385	122	12	issuance	issuance	NOUN
gujaf-385	122	13	,	,	PUNCT
gujaf-385	122	14	and	and	CCONJ
gujaf-385	122	15	0	0	NUM
gujaf-385	122	16	otherwise	otherwise	ADV
gujaf-385	122	17	.	.	PUNCT
gujaf-385	123	1	networkcentrality	networkcentrality	NOUN
gujaf-385	123	2	is	be	AUX
gujaf-385	123	3	the	the	DET
gujaf-385	123	4	eigenvector	eigenvector	NOUN
gujaf-385	123	5	centrality	centrality	NOUN
gujaf-385	123	6	score	score	NOUN
gujaf-385	123	7	of	of	ADP
gujaf-385	123	8	the	the	DET
gujaf-385	123	9	crypto	crypto	ADJ
gujaf-385	123	10	fund(s	fund(s	NOUN
gujaf-385	123	11	)	)	PUNCT
gujaf-385	123	12	backing	back	VERB
gujaf-385	123	13	project	project	NOUN
gujaf-385	123	14	𝑖	𝑖	X
gujaf-385	123	15	within	within	ADP
gujaf-385	123	16	the	the	DET
gujaf-385	123	17	investor	investor	NOUN
gujaf-385	123	18	network	network	NOUN
gujaf-385	123	19	.	.	PUNCT
gujaf-385	124	1	𝐗	𝐗	NOUN
gujaf-385	124	2	,	,	PUNCT
gujaf-385	124	3	is	be	AUX
gujaf-385	124	4	a	a	DET
gujaf-385	124	5	vector	vector	NOUN
gujaf-385	124	6	of	of	ADP
gujaf-385	124	7	control	control	NOUN
gujaf-385	124	8	variables	variable	NOUN
gujaf-385	124	9	,	,	PUNCT
gujaf-385	124	10	including	include	VERB
gujaf-385	124	11	token	token	VERB
gujaf-385	124	12	ownership	ownership	NOUN
gujaf-385	124	13	concentration	concentration	NOUN
gujaf-385	124	14	(	(	PUNCT
gujaf-385	124	15	hhi	hhi	NOUN
gujaf-385	124	16	)	)	PUNCT
gujaf-385	124	17	,	,	PUNCT
gujaf-385	124	18	project	project	NOUN
gujaf-385	124	19	age	age	NOUN
gujaf-385	124	20	,	,	PUNCT
gujaf-385	124	21	market	market	NOUN
gujaf-385	124	22	conditions	condition	NOUN
gujaf-385	124	23	,	,	PUNCT
gujaf-385	124	24	and	and	CCONJ
gujaf-385	124	25	technological	technological	ADJ
gujaf-385	124	26	complexity	complexity	NOUN
gujaf-385	124	27	measures	measure	NOUN
gujaf-385	124	28	.	.	PUNCT
gujaf-385	125	1	𝜇	𝜇	ADP
gujaf-385	125	2	gusau	gusau	ADJ
gujaf-385	125	3	journal	journal	NOUN
gujaf-385	125	4	of	of	ADP
gujaf-385	125	5	accounting	accounting	NOUN
gujaf-385	125	6	and	and	CCONJ
gujaf-385	125	7	finance	finance	NOUN
gujaf-385	125	8	,	,	PUNCT
gujaf-385	125	9	vol.6	vol.6	PROPN
gujaf-385	125	10	,	,	PUNCT
gujaf-385	125	11	issue	issue	NOUN
gujaf-385	125	12	1	1	NUM
gujaf-385	125	13	,	,	PUNCT
gujaf-385	125	14	april	april	PROPN
gujaf-385	125	15	,	,	PUNCT
gujaf-385	125	16	2025	2025	NUM
gujaf-385	125	17	296	296	NUM
gujaf-385	125	18	captures	capture	NOUN
gujaf-385	125	19	project	project	NOUN
gujaf-385	125	20	fixed	fix	VERB
gujaf-385	125	21	effects	effect	NOUN
gujaf-385	125	22	,	,	PUNCT
gujaf-385	125	23	controlling	control	VERB
gujaf-385	125	24	for	for	ADP
gujaf-385	125	25	time	time	NOUN
gujaf-385	125	26	-	-	PUNCT
gujaf-385	125	27	invariant	invariant	ADJ
gujaf-385	125	28	characteristics	characteristic	NOUN
gujaf-385	125	29	of	of	ADP
gujaf-385	125	30	each	each	DET
gujaf-385	125	31	project	project	NOUN
gujaf-385	125	32	.	.	PUNCT
gujaf-385	126	1	𝜆	𝜆	DET
gujaf-385	126	2	captures	capture	NOUN
gujaf-385	126	3	time	time	VERB
gujaf-385	126	4	fixed	fix	VERB
gujaf-385	126	5	effects	effect	NOUN
gujaf-385	126	6	,	,	PUNCT
gujaf-385	126	7	controlling	control	VERB
gujaf-385	126	8	for	for	ADP
gujaf-385	126	9	market	market	NOUN
gujaf-385	126	10	-	-	PUNCT
gujaf-385	126	11	wide	wide	ADJ
gujaf-385	126	12	shocks	shock	NOUN
gujaf-385	126	13	or	or	CCONJ
gujaf-385	126	14	trends	trend	NOUN
gujaf-385	126	15	at	at	ADP
gujaf-385	126	16	time	time	NOUN
gujaf-385	126	17	𝑡.	𝑡.	PROPN
gujaf-385	126	18	𝜀	𝜀	PROPN
gujaf-385	126	19	,	,	PUNCT
gujaf-385	126	20	is	be	AUX
gujaf-385	126	21	the	the	DET
gujaf-385	126	22	error	error	NOUN
gujaf-385	126	23	term	term	NOUN
gujaf-385	126	24	,	,	PUNCT
gujaf-385	126	25	assumed	assume	VERB
gujaf-385	126	26	to	to	PART
gujaf-385	126	27	satisfy	satisfy	VERB
gujaf-385	126	28	standard	standard	ADJ
gujaf-385	126	29	assumptions	assumption	NOUN
gujaf-385	126	30	.	.	PUNCT
gujaf-385	127	1	second	second	ADJ
gujaf-385	127	2	,	,	PUNCT
gujaf-385	127	3	we	we	PRON
gujaf-385	127	4	estimate	estimate	VERB
gujaf-385	127	5	an	an	DET
gujaf-385	127	6	event	event	NOUN
gujaf-385	127	7	model	model	NOUN
gujaf-385	127	8	for	for	ADP
gujaf-385	127	9	abnormal	abnormal	ADJ
gujaf-385	127	10	returns	return	NOUN
gujaf-385	127	11	around	around	ADP
gujaf-385	127	12	cf	cf	NOUN
gujaf-385	127	13	investment	investment	NOUN
gujaf-385	127	14	disclosure	disclosure	NOUN
gujaf-385	127	15	.	.	PUNCT
gujaf-385	128	1	the	the	DET
gujaf-385	128	2	abnormal	abnormal	ADJ
gujaf-385	128	3	return	return	NOUN
gujaf-385	128	4	for	for	ADP
gujaf-385	128	5	project	project	NOUN
gujaf-385	128	6	𝑖	𝑖	X
gujaf-385	128	7	on	on	ADP
gujaf-385	128	8	day	day	NOUN
gujaf-385	128	9	𝑡	𝑡	NOUN
gujaf-385	128	10	within	within	ADP
gujaf-385	128	11	an	an	DET
gujaf-385	128	12	event	event	NOUN
gujaf-385	128	13	window	window	NOUN
gujaf-385	128	14	[	[	X
gujaf-385	128	15	𝑇	𝑇	PROPN
gujaf-385	128	16	,	,	PUNCT
gujaf-385	128	17	𝑇	𝑇	PROPN
gujaf-385	128	18	]	]	PUNCT
gujaf-385	128	19	around	around	ADP
gujaf-385	128	20	cf	cf	NOUN
gujaf-385	128	21	disclosure	disclosure	NOUN
gujaf-385	128	22	is	be	AUX
gujaf-385	128	23	defined	define	VERB
gujaf-385	128	24	as	as	ADP
gujaf-385	128	25	:	:	PUNCT
gujaf-385	128	26	𝐴𝑅	𝐴𝑅	PROPN
gujaf-385	128	27	,	,	PUNCT
gujaf-385	128	28	=	=	PROPN
gujaf-385	128	29	𝑅	𝑅	PROPN
gujaf-385	128	30	,	,	PUNCT
gujaf-385	128	31	−	−	PROPN
gujaf-385	128	32	𝑅	𝑅	PROPN
gujaf-385	128	33	,	,	PUNCT
gujaf-385	128	34	where	where	SCONJ
gujaf-385	128	35	:	:	PUNCT
gujaf-385	128	36	𝑅	𝑅	NOUN
gujaf-385	128	37	,	,	PUNCT
gujaf-385	128	38	is	be	AUX
gujaf-385	128	39	the	the	DET
gujaf-385	128	40	observed	observe	VERB
gujaf-385	128	41	token	token	VERB
gujaf-385	128	42	return	return	NOUN
gujaf-385	128	43	on	on	ADP
gujaf-385	128	44	day	day	NOUN
gujaf-385	128	45	𝑡.	𝑡.	NOUN
gujaf-385	128	46	𝑅	𝑅	PROPN
gujaf-385	128	47	,	,	PUNCT
gujaf-385	128	48	is	be	AUX
gujaf-385	128	49	the	the	DET
gujaf-385	128	50	expected	expect	VERB
gujaf-385	128	51	return	return	NOUN
gujaf-385	128	52	estimated	estimate	VERB
gujaf-385	128	53	from	from	ADP
gujaf-385	128	54	the	the	DET
gujaf-385	128	55	market	market	NOUN
gujaf-385	128	56	model	model	NOUN
gujaf-385	128	57	:	:	PUNCT
gujaf-385	128	58	𝑅	𝑅	NOUN
gujaf-385	128	59	,	,	PUNCT
gujaf-385	128	60	=	=	NOUN
gujaf-385	128	61	𝛼	𝛼	NOUN
gujaf-385	128	62	+	+	X
gujaf-385	128	63	𝛽	𝛽	PROPN
gujaf-385	128	64	𝑅	𝑅	PROPN
gujaf-385	128	65	,	,	PUNCT
gujaf-385	128	66	+	+	NOUN
gujaf-385	128	67	𝜂	𝜂	NOUN
gujaf-385	128	68	,	,	PUNCT
gujaf-385	128	69	with	with	ADP
gujaf-385	128	70	𝑅	𝑅	PROPN
gujaf-385	128	71	,	,	PUNCT
gujaf-385	128	72	denoting	denote	VERB
gujaf-385	128	73	the	the	DET
gujaf-385	128	74	market	market	NOUN
gujaf-385	128	75	return	return	NOUN
gujaf-385	128	76	on	on	ADP
gujaf-385	128	77	day	day	NOUN
gujaf-385	128	78	𝑡	𝑡	PROPN
gujaf-385	128	79	,	,	PUNCT
gujaf-385	128	80	and	and	CCONJ
gujaf-385	128	81	𝛼	𝛼	PRON
gujaf-385	128	82	,	,	PUNCT
gujaf-385	128	83	𝛽	𝛽	NOUN
gujaf-385	128	84	estimated	estimate	VERB
gujaf-385	128	85	from	from	ADP
gujaf-385	128	86	an	an	DET
gujaf-385	128	87	estimation	estimation	NOUN
gujaf-385	128	88	window	window	NOUN
gujaf-385	128	89	prior	prior	ADV
gujaf-385	128	90	to	to	ADP
gujaf-385	128	91	the	the	DET
gujaf-385	128	92	event	event	NOUN
gujaf-385	128	93	.	.	PUNCT
gujaf-385	129	1	the	the	DET
gujaf-385	129	2	cumulative	cumulative	ADJ
gujaf-385	129	3	abnormal	abnormal	ADJ
gujaf-385	129	4	return	return	NOUN
gujaf-385	129	5	(	(	PUNCT
gujaf-385	129	6	car	car	NOUN
gujaf-385	129	7	)	)	PUNCT
gujaf-385	129	8	over	over	ADP
gujaf-385	129	9	the	the	DET
gujaf-385	129	10	event	event	NOUN
gujaf-385	129	11	window	window	NOUN
gujaf-385	129	12	is	be	AUX
gujaf-385	129	13	:	:	PUNCT
gujaf-385	129	14	𝐶𝐴𝑅	𝐶𝐴𝑅	PROPN
gujaf-385	129	15	(	(	PUNCT
gujaf-385	129	16	𝑇	𝑇	PROPN
gujaf-385	129	17	,	,	PUNCT
gujaf-385	129	18	𝑇	𝑇	PROPN
gujaf-385	129	19	)	)	PUNCT
gujaf-385	129	20	=	=	SYM
gujaf-385	129	21	𝐴	𝐴	PROPN
gujaf-385	129	22	𝑅	𝑅	PROPN
gujaf-385	129	23	,	,	PUNCT
gujaf-385	129	24	statistical	statistical	ADJ
gujaf-385	129	25	inference	inference	NOUN
gujaf-385	129	26	tests	test	VERB
gujaf-385	129	27	whether	whether	SCONJ
gujaf-385	129	28	:	:	PUNCT
gujaf-385	129	29	𝐶𝐴𝑅	𝐶𝐴𝑅	PROPN
gujaf-385	129	30	(	(	PUNCT
gujaf-385	129	31	𝑇	𝑇	PROPN
gujaf-385	129	32	,	,	PUNCT
gujaf-385	129	33	𝑇	𝑇	PROPN
gujaf-385	129	34	)	)	PUNCT
gujaf-385	129	35	≠	≠	PROPN
gujaf-385	129	36	0	0	NUM
gujaf-385	129	37	indicating	indicate	VERB
gujaf-385	129	38	a	a	DET
gujaf-385	129	39	significant	significant	ADJ
gujaf-385	129	40	market	market	NOUN
gujaf-385	129	41	reaction	reaction	NOUN
gujaf-385	129	42	to	to	ADP
gujaf-385	129	43	the	the	DET
gujaf-385	129	44	cf	cf	NOUN
gujaf-385	129	45	investment	investment	NOUN
gujaf-385	129	46	disclosure	disclosure	NOUN
gujaf-385	129	47	.	.	PUNCT
gujaf-385	130	1	third	third	ADV
gujaf-385	130	2	,	,	PUNCT
gujaf-385	130	3	we	we	PRON
gujaf-385	130	4	estimate	estimate	VERB
gujaf-385	130	5	the	the	DET
gujaf-385	130	6	interaction	interaction	NOUN
gujaf-385	130	7	model	model	NOUN
gujaf-385	130	8	testing	test	VERB
gujaf-385	130	9	the	the	DET
gujaf-385	130	10	moderating	moderate	VERB
gujaf-385	130	11	role	role	NOUN
gujaf-385	130	12	of	of	ADP
gujaf-385	130	13	network	network	NOUN
gujaf-385	130	14	centrality	centrality	NOUN
gujaf-385	130	15	.	.	PUNCT
gujaf-385	131	1	here	here	ADV
gujaf-385	131	2	,	,	PUNCT
gujaf-385	131	3	we	we	PRON
gujaf-385	131	4	examine	examine	VERB
gujaf-385	131	5	whether	whether	SCONJ
gujaf-385	131	6	the	the	DET
gujaf-385	131	7	effect	effect	NOUN
gujaf-385	131	8	of	of	ADP
gujaf-385	131	9	cf	cf	NOUN
gujaf-385	131	10	backing	backing	NOUN
gujaf-385	131	11	on	on	ADP
gujaf-385	131	12	valuation	valuation	NOUN
gujaf-385	131	13	depends	depend	VERB
gujaf-385	131	14	on	on	ADP
gujaf-385	131	15	investor	investor	NOUN
gujaf-385	131	16	centrality	centrality	NOUN
gujaf-385	131	17	,	,	PUNCT
gujaf-385	131	18	the	the	DET
gujaf-385	131	19	following	follow	VERB
gujaf-385	131	20	model	model	NOUN
gujaf-385	131	21	includes	include	VERB
gujaf-385	131	22	an	an	DET
gujaf-385	131	23	interaction	interaction	NOUN
gujaf-385	131	24	term	term	NOUN
gujaf-385	131	25	:	:	PUNCT
gujaf-385	131	26	𝑌𝑖,𝑡	𝑌𝑖,𝑡	NOUN
gujaf-385	131	27	=	=	PUNCT
gujaf-385	131	28	𝛼	𝛼	NOUN
gujaf-385	131	29	+	+	NOUN
gujaf-385	131	30	𝛽	𝛽	SYM
gujaf-385	131	31	1	1	NUM
gujaf-385	131	32	cf_backed	cf_backe	VERB
gujaf-385	131	33	𝑖	𝑖	PROPN
gujaf-385	132	1	+	+	NUM
gujaf-385	132	2	𝛽	𝛽	NOUN
gujaf-385	132	3	2	2	NUM
gujaf-385	132	4	networkcentrality	networkcentrality	NOUN
gujaf-385	132	5	𝑖	𝑖	NOUN
gujaf-385	133	1	+	+	NOUN
gujaf-385	133	2	𝛽	𝛽	SYM
gujaf-385	133	3	3	3	NUM
gujaf-385	133	4	cf_backed	cf_backe	VERB
gujaf-385	133	5	𝑖	𝑖	PROPN
gujaf-385	133	6	×	×	NOUN
gujaf-385	133	7	networkcentrality	networkcentrality	NOUN
gujaf-385	133	8	𝑖	𝑖	NOUN
gujaf-385	133	9	+	+	PUNCT
gujaf-385	133	10	𝛄𝐗𝑖,𝑡	𝛄𝐗𝑖,𝑡	PROPN
gujaf-385	134	1	+	+	PUNCT
gujaf-385	134	2	𝜇	𝜇	X
gujaf-385	134	3	𝑖	𝑖	X
gujaf-385	135	1	+	+	X
gujaf-385	135	2	𝜆𝑡	𝜆𝑡	VERB
gujaf-385	135	3	+	+	CCONJ
gujaf-385	135	4	𝜀𝑖,𝑡	𝜀𝑖,𝑡	PRON
gujaf-385	135	5	a	a	DET
gujaf-385	135	6	significant	significant	ADJ
gujaf-385	135	7	and	and	CCONJ
gujaf-385	135	8	positive	positive	ADJ
gujaf-385	135	9	𝛽	𝛽	NOUN
gujaf-385	135	10	indicate	indicate	VERB
gujaf-385	135	11	that	that	SCONJ
gujaf-385	135	12	cf	cf	NOUN
gujaf-385	135	13	backing	back	VERB
gujaf-385	135	14	yields	yield	VERB
gujaf-385	135	15	greater	great	ADJ
gujaf-385	135	16	valuation	valuation	NOUN
gujaf-385	135	17	or	or	CCONJ
gujaf-385	135	18	performance	performance	NOUN
gujaf-385	135	19	benefits	benefit	NOUN
gujaf-385	135	20	when	when	SCONJ
gujaf-385	135	21	the	the	DET
gujaf-385	135	22	backing	backing	NOUN
gujaf-385	135	23	funds	fund	NOUN
gujaf-385	135	24	occupy	occupy	VERB
gujaf-385	135	25	more	more	ADJ
gujaf-385	135	26	central	central	ADJ
gujaf-385	135	27	positions	position	NOUN
gujaf-385	135	28	in	in	ADP
gujaf-385	135	29	the	the	DET
gujaf-385	135	30	investor	investor	NOUN
gujaf-385	135	31	network	network	NOUN
gujaf-385	135	32	.	.	PUNCT
gujaf-385	136	1	robustness	robustness	NOUN
gujaf-385	136	2	check	check	NOUN
gujaf-385	136	3	models	model	NOUN
gujaf-385	136	4	1	1	NUM
gujaf-385	136	5	.	.	PUNCT
gujaf-385	136	6	alternative	alternative	ADJ
gujaf-385	136	7	dependent	dependent	ADJ
gujaf-385	136	8	variable	variable	ADJ
gujaf-385	136	9	model	model	NOUN
gujaf-385	136	10	(	(	PUNCT
gujaf-385	136	11	token	token	VERB
gujaf-385	136	12	liquidity	liquidity	NOUN
gujaf-385	136	13	)	)	PUNCT
gujaf-385	136	14	liquidity	liquidity	NOUN
gujaf-385	136	15	,	,	PUNCT
gujaf-385	136	16	=	=	SYM
gujaf-385	136	17	𝛼	𝛼	X
gujaf-385	136	18	+	+	NOUN
gujaf-385	136	19	𝛽	𝛽	NOUN
gujaf-385	136	20	cf_backed	cf_backe	VERB
gujaf-385	136	21	+	+	PROPN
gujaf-385	136	22	𝛽	𝛽	NOUN
gujaf-385	136	23	networkcentrality	networkcentrality	NOUN
gujaf-385	136	24	+	+	CCONJ
gujaf-385	136	25	𝛄𝐗	𝛄𝐗	NOUN
gujaf-385	136	26	,	,	PUNCT
gujaf-385	136	27	+	+	CCONJ
gujaf-385	137	1	𝜇	𝜇	ADP
gujaf-385	137	2	+	+	X
gujaf-385	137	3	𝜆	𝜆	NOUN
gujaf-385	137	4	+	+	ADV
gujaf-385	137	5	𝜀	𝜀	NOUN
gujaf-385	137	6	,	,	PUNCT
gujaf-385	137	7	here	here	ADV
gujaf-385	137	8	,	,	PUNCT
gujaf-385	137	9	token	token	ADJ
gujaf-385	137	10	liquidity	liquidity	NOUN
gujaf-385	137	11	is	be	AUX
gujaf-385	137	12	proxied	proxie	VERB
gujaf-385	137	13	by	by	ADP
gujaf-385	137	14	average	average	ADJ
gujaf-385	137	15	daily	daily	ADJ
gujaf-385	137	16	trading	trading	NOUN
gujaf-385	137	17	volume	volume	NOUN
gujaf-385	137	18	normalized	normalize	VERB
gujaf-385	137	19	by	by	ADP
gujaf-385	137	20	market	market	NOUN
gujaf-385	137	21	capitalization	capitalization	NOUN
gujaf-385	137	22	.	.	PUNCT
gujaf-385	138	1	2	2	X
gujaf-385	138	2	.	.	X
gujaf-385	138	3	sub	sub	ADJ
gujaf-385	138	4	-	-	ADJ
gujaf-385	138	5	sample	sample	ADJ
gujaf-385	138	6	analysis	analysis	NOUN
gujaf-385	138	7	:	:	PUNCT
gujaf-385	138	8	mature	mature	ADJ
gujaf-385	138	9	projects	project	NOUN
gujaf-385	138	10	(	(	PUNCT
gujaf-385	138	11	project	project	NOUN
gujaf-385	138	12	age	age	NOUN
gujaf-385	138	13	>	>	X
gujaf-385	138	14	12	12	NUM
gujaf-385	138	15	months	month	NOUN
gujaf-385	138	16	)	)	PUNCT
gujaf-385	138	17	𝑌	𝑌	PROPN
gujaf-385	138	18	,	,	PUNCT
gujaf-385	138	19	=	=	SYM
gujaf-385	138	20	𝛼	𝛼	X
gujaf-385	138	21	+	+	NOUN
gujaf-385	138	22	𝛽	𝛽	NOUN
gujaf-385	138	23	cf_backed	cf_backe	VERB
gujaf-385	138	24	+	+	PROPN
gujaf-385	138	25	𝛽	𝛽	NOUN
gujaf-385	138	26	networkcentrality	networkcentrality	NOUN
gujaf-385	138	27	+	+	CCONJ
gujaf-385	138	28	𝛄𝐗	𝛄𝐗	NOUN
gujaf-385	138	29	,	,	PUNCT
gujaf-385	138	30	+	+	CCONJ
gujaf-385	138	31	𝜇	𝜇	ADP
gujaf-385	138	32	+	+	X
gujaf-385	138	33	𝜆	𝜆	NOUN
gujaf-385	139	1	+	+	ADP
gujaf-385	139	2	𝜀	𝜀	NOUN
gujaf-385	139	3	,	,	PUNCT
gujaf-385	139	4	,	,	PUNCT
gujaf-385	139	5	 	 	SPACE
gujaf-385	139	6	for	for	ADP
gujaf-385	139	7	age	age	NOUN
gujaf-385	139	8	>	>	X
gujaf-385	139	9	12	12	NUM
gujaf-385	139	10	this	this	DET
gujaf-385	139	11	model	model	NOUN
gujaf-385	139	12	tests	test	NOUN
gujaf-385	139	13	if	if	SCONJ
gujaf-385	139	14	cf	cf	NOUN
gujaf-385	139	15	effects	effect	NOUN
gujaf-385	139	16	differ	differ	VERB
gujaf-385	139	17	for	for	ADP
gujaf-385	139	18	more	more	ADV
gujaf-385	139	19	mature	mature	ADJ
gujaf-385	139	20	ddps	ddps	NOUN
gujaf-385	139	21	.	.	PUNCT
gujaf-385	140	1	4.0	4.0	NUM
gujaf-385	140	2	results	result	NOUN
gujaf-385	140	3	and	and	CCONJ
gujaf-385	140	4	implications	implication	NOUN
gujaf-385	140	5	the	the	DET
gujaf-385	140	6	estimates	estimate	NOUN
gujaf-385	140	7	in	in	ADP
gujaf-385	140	8	table	table	NOUN
gujaf-385	140	9	1	1	NUM
gujaf-385	140	10	provide	provide	VERB
gujaf-385	140	11	evidence	evidence	NOUN
gujaf-385	140	12	on	on	ADP
gujaf-385	140	13	the	the	DET
gujaf-385	140	14	determinants	determinant	NOUN
gujaf-385	140	15	of	of	ADP
gujaf-385	140	16	token	token	ADJ
gujaf-385	140	17	valuations	valuation	NOUN
gujaf-385	140	18	in	in	ADP
gujaf-385	140	19	decentralized	decentralize	VERB
gujaf-385	140	20	digital	digital	ADJ
gujaf-385	140	21	platforms	platform	NOUN
gujaf-385	140	22	(	(	PUNCT
gujaf-385	140	23	ddps	ddps	PROPN
gujaf-385	140	24	)	)	PUNCT
gujaf-385	140	25	,	,	PUNCT
gujaf-385	140	26	with	with	ADP
gujaf-385	140	27	a	a	DET
gujaf-385	140	28	particular	particular	ADJ
gujaf-385	140	29	focus	focus	NOUN
gujaf-385	140	30	on	on	ADP
gujaf-385	140	31	the	the	DET
gujaf-385	140	32	role	role	NOUN
gujaf-385	140	33	of	of	ADP
gujaf-385	140	34	crypto	crypto	NOUN
gujaf-385	140	35	fund	fund	NOUN
gujaf-385	140	36	(	(	PUNCT
gujaf-385	140	37	cf	cf	NOUN
gujaf-385	140	38	)	)	PUNCT
gujaf-385	140	39	involvement	involvement	NOUN
gujaf-385	140	40	.	.	PUNCT
gujaf-385	141	1	the	the	DET
gujaf-385	141	2	variable	variable	ADJ
gujaf-385	141	3	cf	cf	NOUN
gujaf-385	141	4	backed	back	VERB
gujaf-385	141	5	exhibits	exhibit	VERB
gujaf-385	141	6	a	a	DET
gujaf-385	141	7	positive	positive	ADJ
gujaf-385	141	8	and	and	CCONJ
gujaf-385	141	9	statistically	statistically	ADV
gujaf-385	141	10	significant	significant	ADJ
gujaf-385	141	11	coefficient	coefficient	NOUN
gujaf-385	141	12	(	(	PUNCT
gujaf-385	141	13	0.215	0.215	NUM
gujaf-385	141	14	,	,	PUNCT
gujaf-385	141	15	p	p	X
gujaf-385	141	16	=	=	NOUN
gujaf-385	141	17	0.003	0.003	NUM
gujaf-385	141	18	)	)	PUNCT
gujaf-385	141	19	,	,	PUNCT
gujaf-385	141	20	indicating	indicate	VERB
gujaf-385	141	21	that	that	SCONJ
gujaf-385	141	22	platforms	platform	NOUN
gujaf-385	141	23	supported	support	VERB
gujaf-385	141	24	by	by	ADP
gujaf-385	141	25	crypto	crypto	NOUN
gujaf-385	141	26	funds	fund	NOUN
gujaf-385	141	27	tend	tend	VERB
gujaf-385	141	28	to	to	PART
gujaf-385	141	29	achieve	achieve	VERB
gujaf-385	141	30	higher	high	ADJ
gujaf-385	141	31	valuations	valuation	NOUN
gujaf-385	141	32	.	.	PUNCT
gujaf-385	142	1	this	this	PRON
gujaf-385	142	2	aligns	align	VERB
gujaf-385	142	3	with	with	ADP
gujaf-385	142	4	recent	recent	ADJ
gujaf-385	142	5	findings	finding	NOUN
gujaf-385	142	6	by	by	ADP
gujaf-385	142	7	howell	howell	PROPN
gujaf-385	142	8	et	et	PROPN
gujaf-385	142	9	al	al	PROPN
gujaf-385	142	10	.	.	PROPN
gujaf-385	143	1	(	(	PUNCT
gujaf-385	143	2	2022	2022	NUM
gujaf-385	143	3	)	)	PUNCT
gujaf-385	143	4	,	,	PUNCT
gujaf-385	143	5	who	who	PRON
gujaf-385	143	6	argue	argue	VERB
gujaf-385	143	7	that	that	SCONJ
gujaf-385	143	8	institutional	institutional	ADJ
gujaf-385	143	9	participation	participation	NOUN
gujaf-385	143	10	in	in	ADP
gujaf-385	143	11	token	token	ADJ
gujaf-385	143	12	issuance	issuance	NOUN
gujaf-385	143	13	serves	serve	VERB
gujaf-385	143	14	as	as	ADP
gujaf-385	143	15	a	a	DET
gujaf-385	143	16	certification	certification	NOUN
gujaf-385	143	17	mechanism	mechanism	NOUN
gujaf-385	143	18	in	in	ADP
gujaf-385	143	19	otherwise	otherwise	ADV
gujaf-385	143	20	opaque	opaque	ADJ
gujaf-385	143	21	crypto	crypto	NOUN
gujaf-385	143	22	markets	market	NOUN
gujaf-385	143	23	.	.	PUNCT
gujaf-385	144	1	cfs	cfs	PROPN
gujaf-385	144	2	can	can	AUX
gujaf-385	144	3	reduce	reduce	VERB
gujaf-385	144	4	coordination	coordination	NOUN
gujaf-385	144	5	frictions	friction	NOUN
gujaf-385	144	6	and	and	CCONJ
gujaf-385	144	7	information	information	NOUN
gujaf-385	144	8	asymmetries	asymmetry	NOUN
gujaf-385	144	9	by	by	ADP
gujaf-385	144	10	offering	offer	VERB
gujaf-385	144	11	technical	technical	ADJ
gujaf-385	144	12	expertise	expertise	NOUN
gujaf-385	144	13	,	,	PUNCT
gujaf-385	144	14	governance	governance	NOUN
gujaf-385	144	15	oversight	oversight	NOUN
gujaf-385	144	16	,	,	PUNCT
gujaf-385	144	17	and	and	CCONJ
gujaf-385	144	18	network	network	NOUN
gujaf-385	144	19	exposure	exposure	NOUN
gujaf-385	144	20	(	(	PUNCT
gujaf-385	144	21	cong	cong	NOUN
gujaf-385	144	22	,	,	PUNCT
gujaf-385	144	23	li	li	PROPN
gujaf-385	144	24	,	,	PUNCT
gujaf-385	144	25	&	&	CCONJ
gujaf-385	144	26	tang	tang	PROPN
gujaf-385	144	27	,	,	PUNCT
gujaf-385	144	28	2021	2021	NUM
gujaf-385	144	29	)	)	PUNCT
gujaf-385	144	30	.	.	PUNCT
gujaf-385	145	1	gusau	gusau	PROPN
gujaf-385	145	2	journal	journal	PROPN
gujaf-385	145	3	of	of	ADP
gujaf-385	145	4	accounting	accounting	NOUN
gujaf-385	145	5	and	and	CCONJ
gujaf-385	145	6	finance	finance	NOUN
gujaf-385	145	7	,	,	PUNCT
gujaf-385	145	8	vol.6	vol.6	PROPN
gujaf-385	145	9	,	,	PUNCT
gujaf-385	145	10	issue	issue	NOUN
gujaf-385	145	11	1	1	NUM
gujaf-385	145	12	,	,	PUNCT
gujaf-385	145	13	april	april	PROPN
gujaf-385	145	14	,	,	PUNCT
gujaf-385	145	15	2025	2025	NUM
gujaf-385	145	16	297	297	NUM
gujaf-385	145	17	network	network	NOUN
gujaf-385	145	18	centrality	centrality	NOUN
gujaf-385	145	19	,	,	PUNCT
gujaf-385	145	20	a	a	DET
gujaf-385	145	21	proxy	proxy	NOUN
gujaf-385	145	22	for	for	ADP
gujaf-385	145	23	the	the	DET
gujaf-385	145	24	fund	fund	NOUN
gujaf-385	145	25	's	's	PART
gujaf-385	145	26	position	position	NOUN
gujaf-385	145	27	in	in	ADP
gujaf-385	145	28	the	the	DET
gujaf-385	145	29	investor	investor	NOUN
gujaf-385	145	30	network	network	NOUN
gujaf-385	145	31	,	,	PUNCT
gujaf-385	145	32	also	also	ADV
gujaf-385	145	33	shows	show	VERB
gujaf-385	145	34	a	a	DET
gujaf-385	145	35	positive	positive	ADJ
gujaf-385	145	36	and	and	CCONJ
gujaf-385	145	37	significant	significant	ADJ
gujaf-385	145	38	effect	effect	NOUN
gujaf-385	145	39	(	(	PUNCT
gujaf-385	145	40	0.134	0.134	NUM
gujaf-385	145	41	,	,	PUNCT
gujaf-385	145	42	p	p	NOUN
gujaf-385	145	43	=	=	NOUN
gujaf-385	145	44	0.005	0.005	NUM
gujaf-385	145	45	)	)	PUNCT
gujaf-385	145	46	,	,	PUNCT
gujaf-385	145	47	suggesting	suggest	VERB
gujaf-385	145	48	that	that	SCONJ
gujaf-385	145	49	the	the	DET
gujaf-385	145	50	signaling	signal	VERB
gujaf-385	145	51	effect	effect	NOUN
gujaf-385	145	52	of	of	ADP
gujaf-385	145	53	cf	cf	NOUN
gujaf-385	145	54	backing	backing	NOUN
gujaf-385	145	55	is	be	AUX
gujaf-385	145	56	magnified	magnify	VERB
gujaf-385	145	57	when	when	SCONJ
gujaf-385	145	58	the	the	DET
gujaf-385	145	59	fund	fund	NOUN
gujaf-385	145	60	is	be	AUX
gujaf-385	145	61	highly	highly	ADV
gujaf-385	145	62	connected	connected	ADJ
gujaf-385	145	63	within	within	ADP
gujaf-385	145	64	decentralized	decentralized	ADJ
gujaf-385	145	65	finance	finance	NOUN
gujaf-385	145	66	(	(	PUNCT
gujaf-385	145	67	defi	defi	NOUN
gujaf-385	145	68	)	)	PUNCT
gujaf-385	145	69	ecosystems	ecosystem	NOUN
gujaf-385	145	70	.	.	PUNCT
gujaf-385	146	1	this	this	PRON
gujaf-385	146	2	is	be	AUX
gujaf-385	146	3	consistent	consistent	ADJ
gujaf-385	146	4	with	with	ADP
gujaf-385	146	5	insights	insight	NOUN
gujaf-385	146	6	from	from	ADP
gujaf-385	146	7	liu	liu	PROPN
gujaf-385	146	8	,	,	PUNCT
gujaf-385	146	9	cong	cong	NOUN
gujaf-385	146	10	,	,	PUNCT
gujaf-385	146	11	and	and	CCONJ
gujaf-385	146	12	he	he	PRON
gujaf-385	146	13	(	(	PUNCT
gujaf-385	146	14	2023	2023	NUM
gujaf-385	146	15	)	)	PUNCT
gujaf-385	146	16	,	,	PUNCT
gujaf-385	146	17	who	who	PRON
gujaf-385	146	18	emphasize	emphasize	VERB
gujaf-385	146	19	the	the	DET
gujaf-385	146	20	role	role	NOUN
gujaf-385	146	21	of	of	ADP
gujaf-385	146	22	central	central	ADJ
gujaf-385	146	23	nodes	node	NOUN
gujaf-385	146	24	in	in	ADP
gujaf-385	146	25	amplifying	amplify	VERB
gujaf-385	146	26	informational	informational	ADJ
gujaf-385	146	27	flows	flow	NOUN
gujaf-385	146	28	in	in	ADP
gujaf-385	146	29	blockchain	blockchain	PROPN
gujaf-385	146	30	networks	network	NOUN
gujaf-385	146	31	.	.	PUNCT
gujaf-385	147	1	such	such	ADJ
gujaf-385	147	2	centrality	centrality	NOUN
gujaf-385	147	3	enhances	enhance	VERB
gujaf-385	147	4	the	the	DET
gujaf-385	147	5	fund	fund	NOUN
gujaf-385	147	6	’s	’s	PART
gujaf-385	147	7	credibility	credibility	NOUN
gujaf-385	147	8	,	,	PUNCT
gujaf-385	147	9	facilitating	facilitate	VERB
gujaf-385	147	10	platform	platform	NOUN
gujaf-385	147	11	adoption	adoption	NOUN
gujaf-385	147	12	and	and	CCONJ
gujaf-385	147	13	liquidity	liquidity	NOUN
gujaf-385	147	14	access	access	NOUN
gujaf-385	147	15	.	.	PUNCT
gujaf-385	148	1	conversely	conversely	ADV
gujaf-385	148	2	,	,	PUNCT
gujaf-385	148	3	token	token	ADJ
gujaf-385	148	4	ownership	ownership	NOUN
gujaf-385	148	5	hhi	hhi	NOUN
gujaf-385	148	6	,	,	PUNCT
gujaf-385	148	7	which	which	PRON
gujaf-385	148	8	measures	measure	VERB
gujaf-385	148	9	concentration	concentration	NOUN
gujaf-385	148	10	in	in	ADP
gujaf-385	148	11	token	token	ADJ
gujaf-385	148	12	holdings	holding	NOUN
gujaf-385	148	13	,	,	PUNCT
gujaf-385	148	14	negatively	negatively	ADV
gujaf-385	148	15	impacts	impact	VERB
gujaf-385	148	16	valuation	valuation	NOUN
gujaf-385	148	17	(	(	PUNCT
gujaf-385	148	18	–	–	PUNCT
gujaf-385	148	19	0.092	0.092	NUM
gujaf-385	148	20	,	,	PUNCT
gujaf-385	148	21	p	p	X
gujaf-385	148	22	=	=	NOUN
gujaf-385	148	23	0.002	0.002	NUM
gujaf-385	148	24	)	)	PUNCT
gujaf-385	148	25	.	.	PUNCT
gujaf-385	149	1	this	this	DET
gujaf-385	149	2	result	result	NOUN
gujaf-385	149	3	suggests	suggest	VERB
gujaf-385	149	4	that	that	SCONJ
gujaf-385	149	5	centralized	centralized	ADJ
gujaf-385	149	6	ownership	ownership	NOUN
gujaf-385	149	7	structures	structure	NOUN
gujaf-385	149	8	may	may	AUX
gujaf-385	149	9	undermine	undermine	VERB
gujaf-385	149	10	investor	investor	NOUN
gujaf-385	149	11	confidence	confidence	NOUN
gujaf-385	149	12	due	due	ADP
gujaf-385	149	13	to	to	ADP
gujaf-385	149	14	governance	governance	NOUN
gujaf-385	149	15	risks	risk	NOUN
gujaf-385	149	16	or	or	CCONJ
gujaf-385	149	17	reduced	reduce	VERB
gujaf-385	149	18	decentralization	decentralization	NOUN
gujaf-385	149	19	,	,	PUNCT
gujaf-385	149	20	echoing	echo	VERB
gujaf-385	149	21	the	the	DET
gujaf-385	149	22	governance	governance	NOUN
gujaf-385	149	23	-	-	PUNCT
gujaf-385	149	24	based	base	VERB
gujaf-385	149	25	concerns	concern	NOUN
gujaf-385	149	26	raised	raise	VERB
gujaf-385	149	27	by	by	ADP
gujaf-385	149	28	liang	liang	PROPN
gujaf-385	149	29	and	and	CCONJ
gujaf-385	149	30	yermack	yermack	PROPN
gujaf-385	149	31	(	(	PUNCT
gujaf-385	149	32	2020	2020	NUM
gujaf-385	149	33	)	)	PUNCT
gujaf-385	149	34	about	about	ADP
gujaf-385	149	35	token	token	VERB
gujaf-385	149	36	-	-	PUNCT
gujaf-385	149	37	based	base	VERB
gujaf-385	149	38	platforms	platform	NOUN
gujaf-385	149	39	.	.	PUNCT
gujaf-385	150	1	project	project	NOUN
gujaf-385	150	2	age	age	NOUN
gujaf-385	150	3	is	be	AUX
gujaf-385	150	4	positively	positively	ADV
gujaf-385	150	5	and	and	CCONJ
gujaf-385	150	6	significantly	significantly	ADV
gujaf-385	150	7	related	relate	VERB
gujaf-385	150	8	to	to	ADP
gujaf-385	150	9	valuation	valuation	NOUN
gujaf-385	150	10	(	(	PUNCT
gujaf-385	150	11	0.004	0.004	NUM
gujaf-385	150	12	,	,	PUNCT
gujaf-385	150	13	p	p	X
gujaf-385	150	14	<	<	X
gujaf-385	150	15	0.001	0.001	NUM
gujaf-385	150	16	)	)	PUNCT
gujaf-385	150	17	,	,	PUNCT
gujaf-385	150	18	reflecting	reflect	VERB
gujaf-385	150	19	a	a	DET
gujaf-385	150	20	learning	learning	NOUN
gujaf-385	150	21	-	-	PUNCT
gujaf-385	150	22	by	by	ADP
gujaf-385	150	23	-	-	PUNCT
gujaf-385	150	24	doing	do	VERB
gujaf-385	150	25	effect	effect	NOUN
gujaf-385	150	26	and	and	CCONJ
gujaf-385	150	27	reputational	reputational	ADJ
gujaf-385	150	28	capital	capital	NOUN
gujaf-385	150	29	accumulation	accumulation	NOUN
gujaf-385	150	30	over	over	ADP
gujaf-385	150	31	time	time	NOUN
gujaf-385	150	32	(	(	PUNCT
gujaf-385	150	33	amsden	amsden	PROPN
gujaf-385	150	34	&	&	CCONJ
gujaf-385	150	35	kim	kim	PROPN
gujaf-385	150	36	,	,	PUNCT
gujaf-385	150	37	2021	2021	NUM
gujaf-385	150	38	)	)	PUNCT
gujaf-385	150	39	.	.	PUNCT
gujaf-385	151	1	furthermore	furthermore	ADV
gujaf-385	151	2	,	,	PUNCT
gujaf-385	151	3	market	market	NOUN
gujaf-385	151	4	capitalization	capitalization	NOUN
gujaf-385	151	5	(	(	PUNCT
gujaf-385	151	6	log	log	NOUN
gujaf-385	151	7	)	)	PUNCT
gujaf-385	151	8	and	and	CCONJ
gujaf-385	151	9	the	the	DET
gujaf-385	151	10	presence	presence	NOUN
gujaf-385	151	11	of	of	ADP
gujaf-385	151	12	a	a	DET
gujaf-385	151	13	technology	technology	NOUN
gujaf-385	151	14	audit	audit	NOUN
gujaf-385	151	15	are	be	AUX
gujaf-385	151	16	both	both	PRON
gujaf-385	151	17	positively	positively	ADV
gujaf-385	151	18	associated	associate	VERB
gujaf-385	151	19	with	with	ADP
gujaf-385	151	20	token	token	ADJ
gujaf-385	151	21	valuation	valuation	NOUN
gujaf-385	151	22	(	(	PUNCT
gujaf-385	151	23	0.178	0.178	NUM
gujaf-385	151	24	and	and	CCONJ
gujaf-385	151	25	0.126	0.126	NUM
gujaf-385	151	26	respectively	respectively	ADV
gujaf-385	151	27	,	,	PUNCT
gujaf-385	151	28	p	p	X
gujaf-385	151	29	=	=	NOUN
gujaf-385	151	30	0.001	0.001	NUM
gujaf-385	151	31	for	for	ADP
gujaf-385	151	32	both	both	PRON
gujaf-385	151	33	)	)	PUNCT
gujaf-385	151	34	,	,	PUNCT
gujaf-385	151	35	confirming	confirm	VERB
gujaf-385	151	36	that	that	SCONJ
gujaf-385	151	37	scale	scale	NOUN
gujaf-385	151	38	and	and	CCONJ
gujaf-385	151	39	technological	technological	ADJ
gujaf-385	151	40	integrity	integrity	NOUN
gujaf-385	151	41	are	be	AUX
gujaf-385	151	42	critical	critical	ADJ
gujaf-385	151	43	value	value	NOUN
gujaf-385	151	44	drivers	driver	NOUN
gujaf-385	151	45	in	in	ADP
gujaf-385	151	46	digital	digital	ADJ
gujaf-385	151	47	asset	asset	NOUN
gujaf-385	151	48	markets	market	NOUN
gujaf-385	151	49	(	(	PUNCT
gujaf-385	151	50	chen	chen	PROPN
gujaf-385	151	51	,	,	PUNCT
gujaf-385	151	52	makarov	makarov	PROPN
gujaf-385	151	53	,	,	PUNCT
gujaf-385	151	54	&	&	CCONJ
gujaf-385	151	55	schoar	schoar	PROPN
gujaf-385	151	56	,	,	PUNCT
gujaf-385	151	57	2021	2021	NUM
gujaf-385	151	58	)	)	PUNCT
gujaf-385	151	59	.	.	PUNCT
gujaf-385	152	1	the	the	DET
gujaf-385	152	2	model	model	NOUN
gujaf-385	152	3	's	's	PART
gujaf-385	152	4	adjusted	adjust	VERB
gujaf-385	152	5	r²	r²	NOUN
gujaf-385	152	6	of	of	ADP
gujaf-385	152	7	0.482	0.482	NUM
gujaf-385	152	8	suggests	suggest	VERB
gujaf-385	152	9	a	a	DET
gujaf-385	152	10	relatively	relatively	ADV
gujaf-385	152	11	strong	strong	ADJ
gujaf-385	152	12	explanatory	explanatory	ADJ
gujaf-385	152	13	power	power	NOUN
gujaf-385	152	14	,	,	PUNCT
gujaf-385	152	15	supporting	support	VERB
gujaf-385	152	16	the	the	DET
gujaf-385	152	17	validity	validity	NOUN
gujaf-385	152	18	of	of	ADP
gujaf-385	152	19	the	the	DET
gujaf-385	152	20	predictors	predictor	NOUN
gujaf-385	152	21	in	in	ADP
gujaf-385	152	22	capturing	capture	VERB
gujaf-385	152	23	valuation	valuation	NOUN
gujaf-385	152	24	dynamics	dynamic	NOUN
gujaf-385	152	25	.	.	PUNCT
gujaf-385	153	1	table	table	NOUN
gujaf-385	153	2	2	2	NUM
gujaf-385	153	3	presents	present	NOUN
gujaf-385	153	4	event	event	NOUN
gujaf-385	153	5	study	study	NOUN
gujaf-385	153	6	estimates	estimate	NOUN
gujaf-385	153	7	of	of	ADP
gujaf-385	153	8	cumulative	cumulative	ADJ
gujaf-385	153	9	abnormal	abnormal	ADJ
gujaf-385	153	10	returns	return	NOUN
gujaf-385	153	11	(	(	PUNCT
gujaf-385	153	12	car	car	NOUN
gujaf-385	153	13	)	)	PUNCT
gujaf-385	153	14	surrounding	surround	VERB
gujaf-385	153	15	the	the	DET
gujaf-385	153	16	public	public	ADJ
gujaf-385	153	17	disclosure	disclosure	NOUN
gujaf-385	153	18	of	of	ADP
gujaf-385	153	19	cf	cf	NOUN
gujaf-385	153	20	investment	investment	NOUN
gujaf-385	153	21	in	in	ADP
gujaf-385	153	22	ddps	ddps	PROPN
gujaf-385	153	23	.	.	PUNCT
gujaf-385	154	1	across	across	ADP
gujaf-385	154	2	three	three	NUM
gujaf-385	154	3	symmetric	symmetric	ADJ
gujaf-385	154	4	event	event	NOUN
gujaf-385	154	5	windows	window	NOUN
gujaf-385	154	6	,	,	PUNCT
gujaf-385	154	7	the	the	DET
gujaf-385	154	8	analysis	analysis	NOUN
gujaf-385	154	9	reveals	reveal	VERB
gujaf-385	154	10	a	a	DET
gujaf-385	154	11	strong	strong	ADJ
gujaf-385	154	12	and	and	CCONJ
gujaf-385	154	13	positive	positive	ADJ
gujaf-385	154	14	market	market	NOUN
gujaf-385	154	15	reaction	reaction	NOUN
gujaf-385	154	16	to	to	ADP
gujaf-385	154	17	cf	cf	NOUN
gujaf-385	154	18	involvement	involvement	NOUN
gujaf-385	154	19	.	.	PUNCT
gujaf-385	155	1	for	for	ADP
gujaf-385	155	2	the	the	DET
gujaf-385	155	3	[	[	X
gujaf-385	155	4	-10	-10	ADJ
gujaf-385	155	5	,	,	PUNCT
gujaf-385	155	6	+10	+10	NOUN
gujaf-385	155	7	]	]	PUNCT
gujaf-385	155	8	window	window	NOUN
gujaf-385	155	9	,	,	PUNCT
gujaf-385	155	10	the	the	DET
gujaf-385	155	11	car	car	NOUN
gujaf-385	155	12	is	be	AUX
gujaf-385	155	13	3.542	3.542	NUM
gujaf-385	155	14	%	%	NOUN
gujaf-385	155	15	(	(	PUNCT
gujaf-385	155	16	p	p	NOUN
gujaf-385	155	17	=	=	NOUN
gujaf-385	155	18	0.004	0.004	NUM
gujaf-385	155	19	)	)	PUNCT
gujaf-385	155	20	,	,	PUNCT
gujaf-385	155	21	while	while	SCONJ
gujaf-385	155	22	the	the	DET
gujaf-385	155	23	[	[	X
gujaf-385	155	24	-5	-5	INTJ
gujaf-385	155	25	,	,	PUNCT
gujaf-385	155	26	+5	+5	PROPN
gujaf-385	155	27	]	]	X
gujaf-385	155	28	window	window	NOUN
gujaf-385	155	29	yields	yield	VERB
gujaf-385	155	30	2.678	2.678	NUM
gujaf-385	155	31	%	%	NOUN
gujaf-385	155	32	(	(	PUNCT
gujaf-385	155	33	p	p	X
gujaf-385	155	34	=	=	NOUN
gujaf-385	155	35	0.015	0.015	NUM
gujaf-385	155	36	)	)	PUNCT
gujaf-385	155	37	,	,	PUNCT
gujaf-385	155	38	both	both	PRON
gujaf-385	155	39	statistically	statistically	ADV
gujaf-385	155	40	significant	significant	ADJ
gujaf-385	155	41	.	.	PUNCT
gujaf-385	156	1	these	these	DET
gujaf-385	156	2	results	result	NOUN
gujaf-385	156	3	indicate	indicate	VERB
gujaf-385	156	4	that	that	SCONJ
gujaf-385	156	5	market	market	NOUN
gujaf-385	156	6	participants	participant	NOUN
gujaf-385	156	7	interpret	interpret	VERB
gujaf-385	156	8	cf	cf	NOUN
gujaf-385	156	9	investment	investment	NOUN
gujaf-385	156	10	announcements	announcement	NOUN
gujaf-385	156	11	as	as	ADP
gujaf-385	156	12	credible	credible	ADJ
gujaf-385	156	13	signals	signal	NOUN
gujaf-385	156	14	of	of	ADP
gujaf-385	156	15	project	project	NOUN
gujaf-385	156	16	quality	quality	NOUN
gujaf-385	156	17	and	and	CCONJ
gujaf-385	156	18	sustainability	sustainability	NOUN
gujaf-385	156	19	.	.	PUNCT
gujaf-385	157	1	these	these	DET
gujaf-385	157	2	findings	finding	NOUN
gujaf-385	157	3	are	be	AUX
gujaf-385	157	4	consistent	consistent	ADJ
gujaf-385	157	5	with	with	ADP
gujaf-385	157	6	empirical	empirical	ADJ
gujaf-385	157	7	studies	study	NOUN
gujaf-385	157	8	in	in	ADP
gujaf-385	157	9	venture	venture	NOUN
gujaf-385	157	10	finance	finance	NOUN
gujaf-385	157	11	and	and	CCONJ
gujaf-385	157	12	ico	ico	PROPN
gujaf-385	157	13	markets	market	NOUN
gujaf-385	157	14	that	that	PRON
gujaf-385	157	15	identify	identify	VERB
gujaf-385	157	16	institutional	institutional	ADJ
gujaf-385	157	17	validation	validation	NOUN
gujaf-385	157	18	as	as	ADP
gujaf-385	157	19	a	a	DET
gujaf-385	157	20	catalyst	catalyst	NOUN
gujaf-385	157	21	for	for	ADP
gujaf-385	157	22	price	price	NOUN
gujaf-385	157	23	revaluation	revaluation	NOUN
gujaf-385	157	24	(	(	PUNCT
gujaf-385	157	25	momtaz	momtaz	NOUN
gujaf-385	157	26	,	,	PUNCT
gujaf-385	157	27	2021	2021	NUM
gujaf-385	157	28	;	;	PUNCT
gujaf-385	157	29	fisch	fisch	PROPN
gujaf-385	157	30	,	,	PUNCT
gujaf-385	157	31	2020	2020	NUM
gujaf-385	157	32	)	)	PUNCT
gujaf-385	157	33	.	.	PUNCT
gujaf-385	158	1	the	the	DET
gujaf-385	158	2	narrower	narrow	ADJ
gujaf-385	158	3	[	[	X
gujaf-385	158	4	-1	-1	X
gujaf-385	158	5	,	,	PUNCT
gujaf-385	158	6	+1	+1	PROPN
gujaf-385	158	7	]	]	X
gujaf-385	158	8	window	window	NOUN
gujaf-385	158	9	yields	yield	VERB
gujaf-385	158	10	a	a	DET
gujaf-385	158	11	car	car	NOUN
gujaf-385	158	12	of	of	ADP
gujaf-385	158	13	1.215	1.215	NUM
gujaf-385	158	14	%	%	NOUN
gujaf-385	158	15	with	with	ADP
gujaf-385	158	16	marginal	marginal	ADJ
gujaf-385	158	17	significance	significance	NOUN
gujaf-385	158	18	(	(	PUNCT
gujaf-385	158	19	p	p	X
gujaf-385	158	20	=	=	NOUN
gujaf-385	158	21	0.063	0.063	NUM
gujaf-385	158	22	)	)	PUNCT
gujaf-385	158	23	,	,	PUNCT
gujaf-385	158	24	suggesting	suggest	VERB
gujaf-385	158	25	that	that	SCONJ
gujaf-385	158	26	the	the	DET
gujaf-385	158	27	strongest	strong	ADJ
gujaf-385	158	28	reactions	reaction	NOUN
gujaf-385	158	29	are	be	AUX
gujaf-385	158	30	observed	observe	VERB
gujaf-385	158	31	over	over	ADP
gujaf-385	158	32	broader	broad	ADJ
gujaf-385	158	33	time	time	NOUN
gujaf-385	158	34	frames	frame	NOUN
gujaf-385	158	35	,	,	PUNCT
gujaf-385	158	36	perhaps	perhaps	ADV
gujaf-385	158	37	due	due	ADP
gujaf-385	158	38	to	to	ADP
gujaf-385	158	39	the	the	DET
gujaf-385	158	40	delayed	delay	VERB
gujaf-385	158	41	assimilation	assimilation	NOUN
gujaf-385	158	42	of	of	ADP
gujaf-385	158	43	information	information	NOUN
gujaf-385	158	44	or	or	CCONJ
gujaf-385	158	45	thin	thin	ADJ
gujaf-385	158	46	trading	trading	NOUN
gujaf-385	158	47	environments	environment	NOUN
gujaf-385	158	48	in	in	ADP
gujaf-385	158	49	token	token	ADJ
gujaf-385	158	50	markets	market	NOUN
gujaf-385	158	51	.	.	PUNCT
gujaf-385	159	1	this	this	PRON
gujaf-385	159	2	reinforces	reinforce	VERB
gujaf-385	159	3	the	the	DET
gujaf-385	159	4	importance	importance	NOUN
gujaf-385	159	5	of	of	ADP
gujaf-385	159	6	investor	investor	NOUN
gujaf-385	159	7	signaling	signal	VERB
gujaf-385	159	8	and	and	CCONJ
gujaf-385	159	9	reputation	reputation	NOUN
gujaf-385	159	10	effects	effect	NOUN
gujaf-385	159	11	in	in	ADP
gujaf-385	159	12	markets	market	NOUN
gujaf-385	159	13	characterized	characterize	VERB
gujaf-385	159	14	by	by	ADP
gujaf-385	159	15	weak	weak	ADJ
gujaf-385	159	16	legal	legal	ADJ
gujaf-385	159	17	enforcement	enforcement	NOUN
gujaf-385	159	18	and	and	CCONJ
gujaf-385	159	19	high	high	ADJ
gujaf-385	159	20	uncertainty	uncertainty	NOUN
gujaf-385	159	21	(	(	PUNCT
gujaf-385	159	22	zetsche	zetsche	NOUN
gujaf-385	159	23	,	,	PUNCT
gujaf-385	159	24	arner	arner	NOUN
gujaf-385	159	25	,	,	PUNCT
gujaf-385	159	26	&	&	CCONJ
gujaf-385	159	27	buckley	buckley	PROPN
gujaf-385	159	28	,	,	PUNCT
gujaf-385	159	29	2020	2020	NUM
gujaf-385	159	30	)	)	PUNCT
gujaf-385	159	31	.	.	PUNCT
gujaf-385	160	1	the	the	DET
gujaf-385	160	2	results	result	NOUN
gujaf-385	160	3	in	in	ADP
gujaf-385	160	4	table	table	NOUN
gujaf-385	160	5	3	3	NUM
gujaf-385	160	6	introduce	introduce	VERB
gujaf-385	160	7	an	an	DET
gujaf-385	160	8	interaction	interaction	NOUN
gujaf-385	160	9	term	term	NOUN
gujaf-385	160	10	to	to	PART
gujaf-385	160	11	examine	examine	VERB
gujaf-385	160	12	whether	whether	SCONJ
gujaf-385	160	13	the	the	DET
gujaf-385	160	14	impact	impact	NOUN
gujaf-385	160	15	of	of	ADP
gujaf-385	160	16	cf	cf	NOUN
gujaf-385	160	17	backing	backing	NOUN
gujaf-385	160	18	on	on	ADP
gujaf-385	160	19	token	token	ADJ
gujaf-385	160	20	valuation	valuation	NOUN
gujaf-385	160	21	is	be	AUX
gujaf-385	160	22	conditioned	condition	VERB
gujaf-385	160	23	by	by	ADP
gujaf-385	160	24	the	the	DET
gujaf-385	160	25	fund	fund	NOUN
gujaf-385	160	26	’s	’s	PART
gujaf-385	160	27	network	network	NOUN
gujaf-385	160	28	centrality	centrality	NOUN
gujaf-385	160	29	.	.	PUNCT
gujaf-385	161	1	the	the	DET
gujaf-385	161	2	interaction	interaction	NOUN
gujaf-385	161	3	term	term	NOUN
gujaf-385	161	4	cf	cf	NOUN
gujaf-385	161	5	backed	back	VERB
gujaf-385	161	6	×	×	NOUN
gujaf-385	161	7	network	network	NOUN
gujaf-385	161	8	centrality	centrality	NOUN
gujaf-385	161	9	is	be	AUX
gujaf-385	161	10	positive	positive	ADJ
gujaf-385	161	11	and	and	CCONJ
gujaf-385	161	12	statistically	statistically	ADV
gujaf-385	161	13	significant	significant	ADJ
gujaf-385	161	14	(	(	PUNCT
gujaf-385	161	15	0.072	0.072	NUM
gujaf-385	161	16	,	,	PUNCT
gujaf-385	161	17	p	p	X
gujaf-385	161	18	=	=	NOUN
gujaf-385	161	19	0.013	0.013	NUM
gujaf-385	161	20	)	)	PUNCT
gujaf-385	161	21	,	,	PUNCT
gujaf-385	161	22	indicating	indicate	VERB
gujaf-385	161	23	that	that	SCONJ
gujaf-385	161	24	the	the	DET
gujaf-385	161	25	beneficial	beneficial	ADJ
gujaf-385	161	26	effects	effect	NOUN
gujaf-385	161	27	of	of	ADP
gujaf-385	161	28	cf	cf	NOUN
gujaf-385	161	29	investment	investment	NOUN
gujaf-385	161	30	are	be	AUX
gujaf-385	161	31	amplified	amplify	VERB
gujaf-385	161	32	when	when	SCONJ
gujaf-385	161	33	the	the	DET
gujaf-385	161	34	cf	cf	NOUN
gujaf-385	161	35	is	be	AUX
gujaf-385	161	36	more	more	ADV
gujaf-385	161	37	central	central	ADJ
gujaf-385	161	38	in	in	ADP
gujaf-385	161	39	the	the	DET
gujaf-385	161	40	investor	investor	NOUN
gujaf-385	161	41	network	network	NOUN
gujaf-385	161	42	.	.	PUNCT
gujaf-385	162	1	this	this	DET
gujaf-385	162	2	finding	finding	NOUN
gujaf-385	162	3	supports	support	VERB
gujaf-385	162	4	the	the	DET
gujaf-385	162	5	theoretical	theoretical	ADJ
gujaf-385	162	6	proposition	proposition	NOUN
gujaf-385	162	7	that	that	SCONJ
gujaf-385	162	8	social	social	ADJ
gujaf-385	162	9	capital	capital	NOUN
gujaf-385	162	10	and	and	CCONJ
gujaf-385	162	11	strategic	strategic	ADJ
gujaf-385	162	12	positioning	positioning	NOUN
gujaf-385	162	13	enhance	enhance	VERB
gujaf-385	162	14	the	the	DET
gujaf-385	162	15	value	value	NOUN
gujaf-385	162	16	-	-	PUNCT
gujaf-385	162	17	add	add	NOUN
gujaf-385	162	18	of	of	ADP
gujaf-385	162	19	institutional	institutional	ADJ
gujaf-385	162	20	investors	investor	NOUN
gujaf-385	162	21	in	in	ADP
gujaf-385	162	22	decentralized	decentralize	VERB
gujaf-385	162	23	ecosystems	ecosystem	NOUN
gujaf-385	162	24	(	(	PUNCT
gujaf-385	162	25	tang	tang	PROPN
gujaf-385	162	26	,	,	PUNCT
gujaf-385	162	27	cong	cong	NOUN
gujaf-385	162	28	,	,	PUNCT
gujaf-385	162	29	&	&	CCONJ
gujaf-385	162	30	yang	yang	PROPN
gujaf-385	162	31	,	,	PUNCT
gujaf-385	162	32	2024	2024	NUM
gujaf-385	162	33	)	)	PUNCT
gujaf-385	162	34	.	.	PUNCT
gujaf-385	163	1	notably	notably	ADV
gujaf-385	163	2	,	,	PUNCT
gujaf-385	163	3	both	both	DET
gujaf-385	163	4	main	main	ADJ
gujaf-385	163	5	effects	effect	NOUN
gujaf-385	163	6	remain	remain	VERB
gujaf-385	163	7	statistically	statistically	ADV
gujaf-385	163	8	significant	significant	ADJ
gujaf-385	163	9	:	:	PUNCT
gujaf-385	163	10	cf	cf	NOUN
gujaf-385	163	11	backed	back	VERB
gujaf-385	163	12	(	(	PUNCT
gujaf-385	163	13	0.178	0.178	NUM
gujaf-385	163	14	,	,	PUNCT
gujaf-385	163	15	p	p	NOUN
gujaf-385	163	16	=	=	NOUN
gujaf-385	163	17	0.010	0.010	NUM
gujaf-385	163	18	)	)	PUNCT
gujaf-385	163	19	and	and	CCONJ
gujaf-385	163	20	network	network	NOUN
gujaf-385	163	21	centrality	centrality	NOUN
gujaf-385	163	22	(	(	PUNCT
gujaf-385	163	23	0.104	0.104	NUM
gujaf-385	163	24	,	,	PUNCT
gujaf-385	163	25	p	p	X
gujaf-385	163	26	=	=	NOUN
gujaf-385	163	27	0.016	0.016	NUM
gujaf-385	163	28	)	)	PUNCT
gujaf-385	163	29	,	,	PUNCT
gujaf-385	163	30	reaffirming	reaffirm	VERB
gujaf-385	163	31	the	the	DET
gujaf-385	163	32	individual	individual	ADJ
gujaf-385	163	33	roles	role	NOUN
gujaf-385	163	34	of	of	ADP
gujaf-385	163	35	institutional	institutional	ADJ
gujaf-385	163	36	gusau	gusau	ADJ
gujaf-385	163	37	journal	journal	NOUN
gujaf-385	163	38	of	of	ADP
gujaf-385	163	39	accounting	accounting	NOUN
gujaf-385	163	40	and	and	CCONJ
gujaf-385	163	41	finance	finance	NOUN
gujaf-385	163	42	,	,	PUNCT
gujaf-385	163	43	vol.6	vol.6	PROPN
gujaf-385	163	44	,	,	PUNCT
gujaf-385	163	45	issue	issue	NOUN
gujaf-385	163	46	1	1	NUM
gujaf-385	163	47	,	,	PUNCT
gujaf-385	163	48	april	april	PROPN
gujaf-385	163	49	,	,	PUNCT
gujaf-385	163	50	2025	2025	NUM
gujaf-385	163	51	298	298	NUM
gujaf-385	163	52	involvement	involvement	NOUN
gujaf-385	163	53	and	and	CCONJ
gujaf-385	163	54	network	network	NOUN
gujaf-385	163	55	position	position	NOUN
gujaf-385	163	56	.	.	PUNCT
gujaf-385	164	1	the	the	DET
gujaf-385	164	2	persistent	persistent	ADJ
gujaf-385	164	3	negative	negative	ADJ
gujaf-385	164	4	coefficient	coefficient	NOUN
gujaf-385	164	5	on	on	ADP
gujaf-385	164	6	token	token	ADJ
gujaf-385	164	7	ownership	ownership	NOUN
gujaf-385	164	8	hhi	hhi	NOUN
gujaf-385	164	9	(	(	PUNCT
gujaf-385	164	10	–	–	PUNCT
gujaf-385	164	11	0.087	0.087	NUM
gujaf-385	164	12	,	,	PUNCT
gujaf-385	164	13	p	p	NOUN
gujaf-385	164	14	=	=	NOUN
gujaf-385	164	15	0.005	0.005	NUM
gujaf-385	164	16	)	)	PUNCT
gujaf-385	164	17	further	far	ADV
gujaf-385	164	18	underscores	underscore	VERB
gujaf-385	164	19	the	the	DET
gujaf-385	164	20	governance	governance	NOUN
gujaf-385	164	21	premium	premium	NOUN
gujaf-385	164	22	investors	investor	NOUN
gujaf-385	164	23	assign	assign	VERB
gujaf-385	164	24	to	to	PART
gujaf-385	164	25	token	token	VERB
gujaf-385	164	26	distribution	distribution	NOUN
gujaf-385	164	27	equity	equity	NOUN
gujaf-385	164	28	.	.	PUNCT
gujaf-385	165	1	the	the	DET
gujaf-385	165	2	r²	r²	NOUN
gujaf-385	165	3	increases	increase	NOUN
gujaf-385	165	4	to	to	ADP
gujaf-385	165	5	0.495	0.495	NUM
gujaf-385	165	6	,	,	PUNCT
gujaf-385	165	7	suggesting	suggest	VERB
gujaf-385	165	8	improved	improved	ADJ
gujaf-385	165	9	model	model	NOUN
gujaf-385	165	10	fit	fit	NOUN
gujaf-385	165	11	compared	compare	VERB
gujaf-385	165	12	to	to	ADP
gujaf-385	165	13	the	the	DET
gujaf-385	165	14	baseline	baseline	PROPN
gujaf-385	165	15	specification	specification	NOUN
gujaf-385	165	16	.	.	PUNCT
gujaf-385	166	1	these	these	DET
gujaf-385	166	2	findings	finding	NOUN
gujaf-385	166	3	lend	lend	VERB
gujaf-385	166	4	empirical	empirical	ADJ
gujaf-385	166	5	support	support	NOUN
gujaf-385	166	6	to	to	ADP
gujaf-385	166	7	the	the	DET
gujaf-385	166	8	idea	idea	NOUN
gujaf-385	166	9	that	that	SCONJ
gujaf-385	166	10	platform	platform	NOUN
gujaf-385	166	11	valuation	valuation	NOUN
gujaf-385	166	12	is	be	AUX
gujaf-385	166	13	not	not	PART
gujaf-385	166	14	solely	solely	ADV
gujaf-385	166	15	a	a	DET
gujaf-385	166	16	function	function	NOUN
gujaf-385	166	17	of	of	ADP
gujaf-385	166	18	whether	whether	SCONJ
gujaf-385	166	19	institutional	institutional	ADJ
gujaf-385	166	20	investors	investor	NOUN
gujaf-385	166	21	are	be	AUX
gujaf-385	166	22	involved	involve	VERB
gujaf-385	166	23	,	,	PUNCT
gujaf-385	166	24	but	but	CCONJ
gujaf-385	166	25	also	also	ADV
gujaf-385	166	26	how	how	SCONJ
gujaf-385	166	27	strategically	strategically	ADV
gujaf-385	166	28	embedded	embed	VERB
gujaf-385	166	29	these	these	DET
gujaf-385	166	30	investors	investor	NOUN
gujaf-385	166	31	are	be	AUX
gujaf-385	166	32	within	within	ADP
gujaf-385	166	33	the	the	DET
gujaf-385	166	34	defi	defi	NOUN
gujaf-385	166	35	landscape	landscape	NOUN
gujaf-385	166	36	.	.	PUNCT
gujaf-385	167	1	highly	highly	ADV
gujaf-385	167	2	central	central	ADJ
gujaf-385	167	3	cfs	cfs	NOUN
gujaf-385	167	4	likely	likely	ADV
gujaf-385	167	5	possess	possess	VERB
gujaf-385	167	6	superior	superior	ADJ
gujaf-385	167	7	access	access	NOUN
gujaf-385	167	8	to	to	ADP
gujaf-385	167	9	liquidity	liquidity	NOUN
gujaf-385	167	10	providers	provider	NOUN
gujaf-385	167	11	,	,	PUNCT
gujaf-385	167	12	developers	developer	NOUN
gujaf-385	167	13	,	,	PUNCT
gujaf-385	167	14	and	and	CCONJ
gujaf-385	167	15	governance	governance	NOUN
gujaf-385	167	16	actors	actor	NOUN
gujaf-385	167	17	,	,	PUNCT
gujaf-385	167	18	thereby	thereby	ADV
gujaf-385	167	19	lowering	lower	VERB
gujaf-385	167	20	coordination	coordination	NOUN
gujaf-385	167	21	costs	cost	NOUN
gujaf-385	167	22	and	and	CCONJ
gujaf-385	167	23	accelerating	accelerate	VERB
gujaf-385	167	24	adoption	adoption	NOUN
gujaf-385	167	25	(	(	PUNCT
gujaf-385	167	26	auer	auer	NOUN
gujaf-385	167	27	,	,	PUNCT
gujaf-385	167	28	monnet	monnet	PROPN
gujaf-385	167	29	,	,	PUNCT
gujaf-385	167	30	&	&	CCONJ
gujaf-385	167	31	shin	shin	PROPN
gujaf-385	167	32	,	,	PUNCT
gujaf-385	167	33	2023	2023	NUM
gujaf-385	167	34	)	)	PUNCT
gujaf-385	167	35	.	.	PUNCT
gujaf-385	168	1	table	table	NOUN
gujaf-385	168	2	1	1	NUM
gujaf-385	168	3	:	:	PUNCT
gujaf-385	168	4	baseline	baseline	PROPN
gujaf-385	168	5	panel	panel	NOUN
gujaf-385	168	6	regression	regression	NOUN
gujaf-385	168	7	results	result	NOUN
gujaf-385	168	8	on	on	ADP
gujaf-385	168	9	token	token	ADJ
gujaf-385	168	10	valuation	valuation	NOUN
gujaf-385	168	11	variable	variable	ADJ
gujaf-385	168	12	coefficient	coefficient	NOUN
gujaf-385	168	13	std	std	NOUN
gujaf-385	168	14	.	.	PUNCT
gujaf-385	168	15	error	error	NOUN
gujaf-385	168	16	p	p	NOUN
gujaf-385	168	17	-	-	PUNCT
gujaf-385	168	18	value	value	NOUN
gujaf-385	168	19	cf	cf	NOUN
gujaf-385	168	20	backed	back	VERB
gujaf-385	168	21	0.215	0.215	NUM
gujaf-385	168	22	*	*	PUNCT
gujaf-385	168	23	*	*	NOUN
gujaf-385	168	24	0.072	0.072	NUM
gujaf-385	168	25	0.003	0.003	NUM
gujaf-385	168	26	network	network	NOUN
gujaf-385	168	27	centrality	centrality	NOUN
gujaf-385	168	28	0.134	0.134	NUM
gujaf-385	168	29	*	*	NOUN
gujaf-385	168	30	*	*	PUNCT
gujaf-385	168	31	0.048	0.048	NUM
gujaf-385	168	32	0.005	0.005	NUM
gujaf-385	168	33	token	token	ADJ
gujaf-385	168	34	ownership	ownership	NOUN
gujaf-385	168	35	hhi	hhi	NOUN
gujaf-385	168	36	-0.092	-0.092	PUNCT
gujaf-385	168	37	*	*	PUNCT
gujaf-385	168	38	*	*	PUNCT
gujaf-385	168	39	0.030	0.030	NUM
gujaf-385	168	40	0.002	0.002	NUM
gujaf-385	168	41	project	project	NOUN
gujaf-385	168	42	age	age	NOUN
gujaf-385	168	43	(	(	PUNCT
gujaf-385	168	44	months	month	NOUN
gujaf-385	168	45	)	)	PUNCT
gujaf-385	168	46	0.004	0.004	NUM
gujaf-385	168	47	*	*	PUNCT
gujaf-385	168	48	*	*	PUNCT
gujaf-385	169	1	*	*	X
gujaf-385	169	2	0.001	0.001	NUM
gujaf-385	169	3	0.000	0.000	NUM
gujaf-385	169	4	market	market	NOUN
gujaf-385	169	5	cap	cap	NOUN
gujaf-385	169	6	(	(	PUNCT
gujaf-385	169	7	log	log	NOUN
gujaf-385	169	8	)	)	PUNCT
gujaf-385	169	9	0.178	0.178	NUM
gujaf-385	169	10	*	*	PUNCT
gujaf-385	169	11	*	*	PUNCT
gujaf-385	169	12	0.055	0.055	NUM
gujaf-385	169	13	0.001	0.001	NUM
gujaf-385	169	14	technology	technology	NOUN
gujaf-385	169	15	audit	audit	NOUN
gujaf-385	169	16	(	(	PUNCT
gujaf-385	169	17	binary	binary	ADJ
gujaf-385	169	18	)	)	PUNCT
gujaf-385	169	19	0.126	0.126	NUM
gujaf-385	169	20	*	*	PUNCT
gujaf-385	169	21	*	*	PUNCT
gujaf-385	169	22	0.039	0.039	NUM
gujaf-385	169	23	0.001	0.001	NUM
gujaf-385	169	24	constant	constant	ADJ
gujaf-385	169	25	1.345	1.345	NUM
gujaf-385	169	26	*	*	PUNCT
gujaf-385	169	27	*	*	PUNCT
gujaf-385	169	28	*	*	PUNCT
gujaf-385	169	29	0.187	0.187	NUM
gujaf-385	169	30	0.000	0.000	NUM
gujaf-385	169	31	observations	observation	NOUN
gujaf-385	169	32	1,200	1,200	NUM
gujaf-385	169	33	r	r	NOUN
gujaf-385	169	34	-	-	PUNCT
gujaf-385	169	35	squared	square	VERB
gujaf-385	169	36	0.482	0.482	NUM
gujaf-385	169	37	source	source	NOUN
gujaf-385	169	38	:	:	PUNCT
gujaf-385	169	39	author	author	NOUN
gujaf-385	169	40	(	(	PUNCT
gujaf-385	169	41	2025	2025	NUM
gujaf-385	169	42	)	)	PUNCT
gujaf-385	169	43	.	.	PUNCT
gujaf-385	170	1	table	table	NOUN
gujaf-385	170	2	2	2	NUM
gujaf-385	170	3	:	:	PUNCT
gujaf-385	170	4	event	event	NOUN
gujaf-385	170	5	study	study	NOUN
gujaf-385	170	6	results	result	VERB
gujaf-385	170	7	cumulative	cumulative	VERB
gujaf-385	170	8	abnormal	abnormal	ADJ
gujaf-385	170	9	returns	return	NOUN
gujaf-385	170	10	(	(	PUNCT
gujaf-385	170	11	car	car	NOUN
gujaf-385	170	12	)	)	PUNCT
gujaf-385	170	13	around	around	ADP
gujaf-385	170	14	cf	cf	NOUN
gujaf-385	170	15	disclosure	disclosure	NOUN
gujaf-385	170	16	event	event	NOUN
gujaf-385	170	17	window	window	NOUN
gujaf-385	170	18	(	(	PUNCT
gujaf-385	170	19	days	day	NOUN
gujaf-385	170	20	)	)	PUNCT
gujaf-385	171	1	mean	mean	NOUN
gujaf-385	171	2	car	car	NOUN
gujaf-385	171	3	(	(	PUNCT
gujaf-385	171	4	%	%	INTJ
gujaf-385	171	5	)	)	PUNCT
gujaf-385	171	6	std	std	PROPN
gujaf-385	171	7	.	.	PUNCT
gujaf-385	171	8	dev	dev	PROPN
gujaf-385	171	9	.	.	PUNCT
gujaf-385	172	1	p	p	X
gujaf-385	172	2	-	-	PUNCT
gujaf-385	172	3	value	value	NOUN
gujaf-385	172	4	[	[	X
gujaf-385	172	5	-10	-10	ADJ
gujaf-385	172	6	,	,	PUNCT
gujaf-385	172	7	+10	+10	NOUN
gujaf-385	172	8	]	]	PUNCT
gujaf-385	172	9	3.542	3.542	NUM
gujaf-385	172	10	*	*	SYM
gujaf-385	172	11	*	*	NOUN
gujaf-385	173	1	1.229	1.229	NUM
gujaf-385	173	2	0.004	0.004	NUM
gujaf-385	173	3	*	*	PUNCT
gujaf-385	173	4	*	*	PUNCT
gujaf-385	174	1	[	[	X
gujaf-385	174	2	-5	-5	INTJ
gujaf-385	174	3	,	,	PUNCT
gujaf-385	174	4	+5	+5	PROPN
gujaf-385	174	5	]	]	X
gujaf-385	174	6	2.678	2.678	NUM
gujaf-385	174	7	*	*	SYM
gujaf-385	174	8	1.104	1.104	NUM
gujaf-385	174	9	0.015	0.015	NUM
gujaf-385	174	10	*	*	PUNCT
gujaf-385	175	1	[	[	X
gujaf-385	175	2	-1	-1	X
gujaf-385	175	3	,	,	PUNCT
gujaf-385	175	4	+1	+1	X
gujaf-385	175	5	]	]	X
gujaf-385	175	6	1.215	1.215	NUM
gujaf-385	175	7	0.651	0.651	NUM
gujaf-385	175	8	0.063	0.063	NUM
gujaf-385	175	9	source	source	NOUN
gujaf-385	175	10	:	:	PUNCT
gujaf-385	175	11	author	author	NOUN
gujaf-385	175	12	(	(	PUNCT
gujaf-385	175	13	2025	2025	NUM
gujaf-385	175	14	)	)	PUNCT
gujaf-385	175	15	.	.	PUNCT
gujaf-385	176	1	table	table	NOUN
gujaf-385	176	2	3	3	NUM
gujaf-385	176	3	:	:	PUNCT
gujaf-385	176	4	interaction	interaction	NOUN
gujaf-385	176	5	model	model	NOUN
gujaf-385	176	6	results	result	NOUN
gujaf-385	176	7	:	:	PUNCT
gujaf-385	176	8	cf	cf	NOUN
gujaf-385	176	9	backing	backing	NOUN
gujaf-385	176	10	and	and	CCONJ
gujaf-385	176	11	network	network	NOUN
gujaf-385	176	12	centrality	centrality	NOUN
gujaf-385	176	13	variable	variable	ADJ
gujaf-385	176	14	coefficient	coefficient	NOUN
gujaf-385	176	15	std	std	NOUN
gujaf-385	176	16	.	.	PUNCT
gujaf-385	177	1	error	error	NOUN
gujaf-385	177	2	p	p	NOUN
gujaf-385	177	3	-	-	PUNCT
gujaf-385	177	4	value	value	NOUN
gujaf-385	177	5	cf	cf	NOUN
gujaf-385	177	6	backed	back	VERB
gujaf-385	177	7	0.178	0.178	NUM
gujaf-385	177	8	*	*	PUNCT
gujaf-385	177	9	0.069	0.069	NUM
gujaf-385	177	10	0.010	0.010	NUM
gujaf-385	177	11	network	network	NOUN
gujaf-385	177	12	centrality	centrality	NOUN
gujaf-385	177	13	0.104	0.104	NUM
gujaf-385	177	14	*	*	SYM
gujaf-385	177	15	0.043	0.043	NUM
gujaf-385	177	16	0.016	0.016	NUM
gujaf-385	177	17	cf	cf	NOUN
gujaf-385	177	18	backed	back	VERB
gujaf-385	177	19	×	×	NOUN
gujaf-385	177	20	network	network	NOUN
gujaf-385	177	21	centrality	centrality	NOUN
gujaf-385	177	22	0.072	0.072	NUM
gujaf-385	177	23	*	*	PUNCT
gujaf-385	177	24	0.029	0.029	NUM
gujaf-385	177	25	0.013	0.013	NUM
gujaf-385	177	26	token	token	VERB
gujaf-385	177	27	ownership	ownership	NOUN
gujaf-385	177	28	hhi	hhi	NOUN
gujaf-385	177	29	-0.087	-0.087	PUNCT
gujaf-385	178	1	*	*	PUNCT
gujaf-385	179	1	*	*	PUNCT
gujaf-385	180	1	0.031	0.031	NUM
gujaf-385	180	2	0.005	0.005	NUM
gujaf-385	180	3	project	project	NOUN
gujaf-385	180	4	age	age	NOUN
gujaf-385	180	5	(	(	PUNCT
gujaf-385	180	6	months	month	NOUN
gujaf-385	180	7	)	)	PUNCT
gujaf-385	180	8	0.005	0.005	NUM
gujaf-385	180	9	*	*	PUNCT
gujaf-385	180	10	*	*	PUNCT
gujaf-385	180	11	*	*	PUNCT
gujaf-385	180	12	0.001	0.001	NUM
gujaf-385	180	13	0.000	0.000	NUM
gujaf-385	180	14	constant	constant	ADJ
gujaf-385	180	15	1.112	1.112	NUM
gujaf-385	180	16	*	*	PUNCT
gujaf-385	180	17	*	*	PUNCT
gujaf-385	180	18	*	*	PUNCT
gujaf-385	180	19	0.195	0.195	NUM
gujaf-385	180	20	0.000	0.000	NUM
gujaf-385	180	21	observations	observation	NOUN
gujaf-385	180	22	1,200	1,200	NUM
gujaf-385	180	23	r	r	NOUN
gujaf-385	180	24	-	-	PUNCT
gujaf-385	180	25	squared	square	VERB
gujaf-385	180	26	0.495	0.495	NUM
gujaf-385	180	27	source	source	NOUN
gujaf-385	180	28	:	:	PUNCT
gujaf-385	180	29	author	author	NOUN
gujaf-385	180	30	(	(	PUNCT
gujaf-385	180	31	2025	2025	NUM
gujaf-385	180	32	)	)	PUNCT
gujaf-385	180	33	.	.	PUNCT
gujaf-385	181	1	gusau	gusau	PROPN
gujaf-385	181	2	journal	journal	PROPN
gujaf-385	181	3	of	of	ADP
gujaf-385	181	4	accounting	accounting	NOUN
gujaf-385	181	5	and	and	CCONJ
gujaf-385	181	6	finance	finance	NOUN
gujaf-385	181	7	,	,	PUNCT
gujaf-385	181	8	vol.6	vol.6	PROPN
gujaf-385	181	9	,	,	PUNCT
gujaf-385	181	10	issue	issue	NOUN
gujaf-385	181	11	1	1	NUM
gujaf-385	181	12	,	,	PUNCT
gujaf-385	181	13	april	april	PROPN
gujaf-385	181	14	,	,	PUNCT
gujaf-385	181	15	2025	2025	NUM
gujaf-385	181	16	299	299	NUM
gujaf-385	181	17	table	table	NOUN
gujaf-385	181	18	4	4	NUM
gujaf-385	181	19	presents	present	VERB
gujaf-385	181	20	a	a	DET
gujaf-385	181	21	robustness	robustness	NOUN
gujaf-385	181	22	check	check	NOUN
gujaf-385	181	23	using	use	VERB
gujaf-385	181	24	token	token	VERB
gujaf-385	181	25	liquidity	liquidity	NOUN
gujaf-385	181	26	a	a	DET
gujaf-385	181	27	measure	measure	NOUN
gujaf-385	181	28	of	of	ADP
gujaf-385	181	29	market	market	NOUN
gujaf-385	181	30	performance	performance	NOUN
gujaf-385	181	31	,	,	PUNCT
gujaf-385	181	32	as	as	ADP
gujaf-385	181	33	an	an	DET
gujaf-385	181	34	alternative	alternative	ADJ
gujaf-385	181	35	dependent	dependent	ADJ
gujaf-385	181	36	variable	variable	NOUN
gujaf-385	181	37	.	.	PUNCT
gujaf-385	182	1	the	the	DET
gujaf-385	182	2	positive	positive	ADJ
gujaf-385	182	3	and	and	CCONJ
gujaf-385	182	4	significant	significant	ADJ
gujaf-385	182	5	coefficient	coefficient	NOUN
gujaf-385	182	6	for	for	ADP
gujaf-385	182	7	cf	cf	NOUN
gujaf-385	182	8	backed	back	VERB
gujaf-385	182	9	(	(	PUNCT
gujaf-385	182	10	β	β	X
gujaf-385	182	11	=	=	SYM
gujaf-385	182	12	0.198	0.198	NUM
gujaf-385	182	13	,	,	PUNCT
gujaf-385	182	14	p	p	NOUN
gujaf-385	182	15	=	=	NOUN
gujaf-385	182	16	0.008	0.008	NUM
gujaf-385	182	17	)	)	PUNCT
gujaf-385	182	18	affirms	affirm	VERB
gujaf-385	182	19	that	that	SCONJ
gujaf-385	182	20	cfs	cfs	VERB
gujaf-385	182	21	not	not	PART
gujaf-385	182	22	only	only	ADV
gujaf-385	182	23	enhance	enhance	VERB
gujaf-385	182	24	valuation	valuation	NOUN
gujaf-385	182	25	but	but	CCONJ
gujaf-385	182	26	also	also	ADV
gujaf-385	182	27	contribute	contribute	VERB
gujaf-385	182	28	to	to	ADP
gujaf-385	182	29	more	more	ADJ
gujaf-385	182	30	liquid	liquid	ADJ
gujaf-385	182	31	token	token	VERB
gujaf-385	182	32	markets	market	NOUN
gujaf-385	182	33	.	.	PUNCT
gujaf-385	183	1	network	network	NOUN
gujaf-385	183	2	centrality	centrality	NOUN
gujaf-385	183	3	remains	remain	VERB
gujaf-385	183	4	positively	positively	ADV
gujaf-385	183	5	significant	significant	ADJ
gujaf-385	183	6	(	(	PUNCT
gujaf-385	183	7	β	β	X
gujaf-385	183	8	=	=	SYM
gujaf-385	183	9	0.119	0.119	NUM
gujaf-385	183	10	,	,	PUNCT
gujaf-385	183	11	p	p	X
gujaf-385	183	12	=	=	NOUN
gujaf-385	183	13	0.017	0.017	NUM
gujaf-385	183	14	)	)	PUNCT
gujaf-385	183	15	,	,	PUNCT
gujaf-385	183	16	and	and	CCONJ
gujaf-385	183	17	token	token	VERB
gujaf-385	183	18	ownership	ownership	NOUN
gujaf-385	183	19	hhi	hhi	NOUN
gujaf-385	183	20	maintains	maintain	VERB
gujaf-385	183	21	a	a	DET
gujaf-385	183	22	negative	negative	ADJ
gujaf-385	183	23	impact	impact	NOUN
gujaf-385	183	24	(	(	PUNCT
gujaf-385	183	25	β	β	X
gujaf-385	183	26	=	=	SYM
gujaf-385	183	27	–	–	PUNCT
gujaf-385	183	28	0.076	0.076	NUM
gujaf-385	183	29	,	,	PUNCT
gujaf-385	183	30	p	p	NOUN
gujaf-385	183	31	=	=	NOUN
gujaf-385	183	32	0.018	0.018	NUM
gujaf-385	183	33	)	)	PUNCT
gujaf-385	183	34	.	.	PUNCT
gujaf-385	184	1	these	these	DET
gujaf-385	184	2	results	result	NOUN
gujaf-385	184	3	demonstrate	demonstrate	VERB
gujaf-385	184	4	that	that	SCONJ
gujaf-385	184	5	the	the	DET
gujaf-385	184	6	influence	influence	NOUN
gujaf-385	184	7	of	of	ADP
gujaf-385	184	8	cfs	cfs	PROPN
gujaf-385	184	9	is	be	AUX
gujaf-385	184	10	not	not	PART
gujaf-385	184	11	limited	limit	VERB
gujaf-385	184	12	to	to	ADP
gujaf-385	184	13	valuation	valuation	NOUN
gujaf-385	184	14	but	but	CCONJ
gujaf-385	184	15	extends	extend	VERB
gujaf-385	184	16	to	to	ADP
gujaf-385	184	17	improving	improve	VERB
gujaf-385	184	18	the	the	DET
gujaf-385	184	19	tradability	tradability	NOUN
gujaf-385	184	20	of	of	ADP
gujaf-385	184	21	platform	platform	NOUN
gujaf-385	184	22	tokens	token	NOUN
gujaf-385	184	23	.	.	PUNCT
gujaf-385	185	1	the	the	DET
gujaf-385	185	2	model	model	NOUN
gujaf-385	185	3	maintains	maintain	VERB
gujaf-385	185	4	a	a	DET
gujaf-385	185	5	solid	solid	ADJ
gujaf-385	185	6	explanatory	explanatory	ADJ
gujaf-385	185	7	power	power	NOUN
gujaf-385	185	8	(	(	PUNCT
gujaf-385	185	9	r²	r²	NOUN
gujaf-385	185	10	=	=	SYM
gujaf-385	185	11	0.463	0.463	NUM
gujaf-385	185	12	)	)	PUNCT
gujaf-385	185	13	.	.	PUNCT
gujaf-385	186	1	table	table	NOUN
gujaf-385	186	2	5	5	NUM
gujaf-385	186	3	reports	report	NOUN
gujaf-385	186	4	results	result	VERB
gujaf-385	186	5	from	from	ADP
gujaf-385	186	6	a	a	DET
gujaf-385	186	7	sub	sub	ADJ
gujaf-385	186	8	-	-	ADJ
gujaf-385	186	9	sample	sample	ADJ
gujaf-385	186	10	analysis	analysis	NOUN
gujaf-385	186	11	limited	limit	VERB
gujaf-385	186	12	to	to	PART
gujaf-385	186	13	mature	mature	VERB
gujaf-385	186	14	ddps	ddps	NOUN
gujaf-385	186	15	,	,	PUNCT
gujaf-385	186	16	further	far	ADV
gujaf-385	186	17	affirming	affirm	VERB
gujaf-385	186	18	the	the	DET
gujaf-385	186	19	robustness	robustness	NOUN
gujaf-385	186	20	of	of	ADP
gujaf-385	186	21	the	the	DET
gujaf-385	186	22	main	main	ADJ
gujaf-385	186	23	findings	finding	NOUN
gujaf-385	186	24	.	.	PUNCT
gujaf-385	187	1	in	in	ADP
gujaf-385	187	2	this	this	DET
gujaf-385	187	3	sample	sample	NOUN
gujaf-385	187	4	,	,	PUNCT
gujaf-385	187	5	the	the	DET
gujaf-385	187	6	coefficient	coefficient	NOUN
gujaf-385	187	7	for	for	ADP
gujaf-385	187	8	cf	cf	NOUN
gujaf-385	187	9	backed	back	VERB
gujaf-385	187	10	remains	remain	VERB
gujaf-385	187	11	positive	positive	ADJ
gujaf-385	187	12	and	and	CCONJ
gujaf-385	187	13	statistically	statistically	ADV
gujaf-385	187	14	significant	significant	ADJ
gujaf-385	187	15	(	(	PUNCT
gujaf-385	187	16	β	β	X
gujaf-385	187	17	=	=	SYM
gujaf-385	187	18	0.157	0.157	NUM
gujaf-385	187	19	,	,	PUNCT
gujaf-385	187	20	p	p	X
gujaf-385	187	21	=	=	NOUN
gujaf-385	187	22	0.020	0.020	NUM
gujaf-385	187	23	)	)	PUNCT
gujaf-385	187	24	,	,	PUNCT
gujaf-385	187	25	indicating	indicate	VERB
gujaf-385	187	26	that	that	SCONJ
gujaf-385	187	27	even	even	ADV
gujaf-385	187	28	among	among	ADP
gujaf-385	187	29	more	more	ADJ
gujaf-385	187	30	established	establish	VERB
gujaf-385	187	31	platforms	platform	NOUN
gujaf-385	187	32	,	,	PUNCT
gujaf-385	187	33	cf	cf	NOUN
gujaf-385	187	34	involvement	involvement	NOUN
gujaf-385	187	35	adds	add	VERB
gujaf-385	187	36	valuation	valuation	NOUN
gujaf-385	187	37	premium	premium	NOUN
gujaf-385	187	38	.	.	PUNCT
gujaf-385	188	1	similarly	similarly	ADV
gujaf-385	188	2	,	,	PUNCT
gujaf-385	188	3	network	network	NOUN
gujaf-385	188	4	centrality	centrality	NOUN
gujaf-385	188	5	retains	retain	VERB
gujaf-385	188	6	its	its	PRON
gujaf-385	188	7	significance	significance	NOUN
gujaf-385	188	8	(	(	PUNCT
gujaf-385	188	9	β	β	X
gujaf-385	188	10	=	=	PUNCT
gujaf-385	188	11	0.127	0.127	NUM
gujaf-385	188	12	,	,	PUNCT
gujaf-385	188	13	p	p	X
gujaf-385	188	14	=	=	NOUN
gujaf-385	188	15	0.010	0.010	NUM
gujaf-385	188	16	)	)	PUNCT
gujaf-385	188	17	,	,	PUNCT
gujaf-385	188	18	and	and	CCONJ
gujaf-385	188	19	token	token	VERB
gujaf-385	188	20	ownership	ownership	NOUN
gujaf-385	188	21	hhi	hhi	NOUN
gujaf-385	188	22	continues	continue	VERB
gujaf-385	188	23	to	to	PART
gujaf-385	188	24	be	be	AUX
gujaf-385	188	25	negatively	negatively	ADV
gujaf-385	188	26	associated	associate	VERB
gujaf-385	188	27	with	with	ADP
gujaf-385	188	28	valuation	valuation	NOUN
gujaf-385	188	29	(	(	PUNCT
gujaf-385	188	30	β	β	X
gujaf-385	188	31	=	=	PUNCT
gujaf-385	188	32	–	–	PUNCT
gujaf-385	188	33	0.089	0.089	NUM
gujaf-385	188	34	,	,	PUNCT
gujaf-385	188	35	p	p	X
gujaf-385	188	36	=	=	NOUN
gujaf-385	188	37	0.007	0.007	NUM
gujaf-385	188	38	)	)	PUNCT
gujaf-385	188	39	.	.	PUNCT
gujaf-385	189	1	the	the	DET
gujaf-385	189	2	continued	continue	VERB
gujaf-385	189	3	significance	significance	NOUN
gujaf-385	189	4	of	of	ADP
gujaf-385	189	5	these	these	DET
gujaf-385	189	6	variables	variable	NOUN
gujaf-385	189	7	within	within	ADP
gujaf-385	189	8	a	a	DET
gujaf-385	189	9	mature	mature	ADJ
gujaf-385	189	10	project	project	NOUN
gujaf-385	189	11	context	context	NOUN
gujaf-385	189	12	strengthens	strengthen	VERB
gujaf-385	189	13	the	the	DET
gujaf-385	189	14	inference	inference	NOUN
gujaf-385	189	15	that	that	PRON
gujaf-385	189	16	the	the	DET
gujaf-385	189	17	coordination	coordination	NOUN
gujaf-385	189	18	benefits	benefit	NOUN
gujaf-385	189	19	provided	provide	VERB
gujaf-385	189	20	by	by	ADP
gujaf-385	189	21	cfs	cfs	PROPN
gujaf-385	189	22	are	be	AUX
gujaf-385	189	23	persistent	persistent	ADJ
gujaf-385	189	24	across	across	ADP
gujaf-385	189	25	project	project	NOUN
gujaf-385	189	26	lifecycles	lifecycle	NOUN
gujaf-385	189	27	.	.	PUNCT
gujaf-385	190	1	the	the	DET
gujaf-385	190	2	model	model	NOUN
gujaf-385	190	3	fit	fit	NOUN
gujaf-385	190	4	is	be	AUX
gujaf-385	190	5	slightly	slightly	ADV
gujaf-385	190	6	improved	improve	VERB
gujaf-385	190	7	with	with	ADP
gujaf-385	190	8	an	an	DET
gujaf-385	190	9	r²	r²	NOUN
gujaf-385	190	10	of	of	ADP
gujaf-385	190	11	0.497	0.497	NUM
gujaf-385	190	12	.	.	PUNCT
gujaf-385	191	1	table	table	NOUN
gujaf-385	191	2	4	4	NUM
gujaf-385	191	3	:	:	PUNCT
gujaf-385	191	4	robustness	robustness	NOUN
gujaf-385	191	5	check	check	NOUN
gujaf-385	191	6	1	1	NUM
gujaf-385	191	7	alternative	alternative	ADJ
gujaf-385	191	8	dependent	dependent	ADJ
gujaf-385	191	9	variable	variable	NOUN
gujaf-385	191	10	(	(	PUNCT
gujaf-385	191	11	token	token	VERB
gujaf-385	191	12	liquidity	liquidity	NOUN
gujaf-385	191	13	)	)	PUNCT
gujaf-385	191	14	variable	variable	ADJ
gujaf-385	191	15	coefficient	coefficient	NOUN
gujaf-385	191	16	std	std	NOUN
gujaf-385	191	17	.	.	PUNCT
gujaf-385	192	1	error	error	NOUN
gujaf-385	192	2	p	p	NOUN
gujaf-385	192	3	-	-	PUNCT
gujaf-385	192	4	value	value	NOUN
gujaf-385	192	5	cf	cf	NOUN
gujaf-385	192	6	backed	back	VERB
gujaf-385	192	7	0.198	0.198	NUM
gujaf-385	192	8	*	*	PUNCT
gujaf-385	192	9	*	*	PUNCT
gujaf-385	192	10	0.074	0.074	NUM
gujaf-385	192	11	0.008	0.008	NUM
gujaf-385	192	12	network	network	NOUN
gujaf-385	192	13	centrality	centrality	NOUN
gujaf-385	192	14	0.119	0.119	NUM
gujaf-385	192	15	*	*	NOUN
gujaf-385	192	16	0.050	0.050	NUM
gujaf-385	192	17	0.017	0.017	NUM
gujaf-385	192	18	token	token	ADJ
gujaf-385	192	19	ownership	ownership	NOUN
gujaf-385	192	20	hhi	hhi	NOUN
gujaf-385	192	21	-0.076	-0.076	PROPN
gujaf-385	192	22	*	*	PROPN
gujaf-385	192	23	0.032	0.032	NUM
gujaf-385	192	24	0.018	0.018	NUM
gujaf-385	192	25	project	project	NOUN
gujaf-385	192	26	age	age	NOUN
gujaf-385	192	27	(	(	PUNCT
gujaf-385	192	28	months	month	NOUN
gujaf-385	192	29	)	)	PUNCT
gujaf-385	192	30	0.006	0.006	NUM
gujaf-385	192	31	*	*	PUNCT
gujaf-385	192	32	*	*	PUNCT
gujaf-385	192	33	*	*	X
gujaf-385	192	34	0.001	0.001	NUM
gujaf-385	192	35	0.000	0.000	NUM
gujaf-385	192	36	market	market	NOUN
gujaf-385	192	37	cap	cap	NOUN
gujaf-385	192	38	(	(	PUNCT
gujaf-385	192	39	log	log	PROPN
gujaf-385	192	40	)	)	PUNCT
gujaf-385	192	41	0.142	0.142	NUM
gujaf-385	192	42	*	*	NOUN
gujaf-385	192	43	0.059	0.059	NUM
gujaf-385	192	44	0.016	0.016	NUM
gujaf-385	192	45	constant	constant	ADJ
gujaf-385	192	46	0.998	0.998	NUM
gujaf-385	192	47	*	*	PUNCT
gujaf-385	192	48	*	*	PUNCT
gujaf-385	192	49	*	*	PUNCT
gujaf-385	192	50	0.205	0.205	NUM
gujaf-385	192	51	0.000	0.000	NUM
gujaf-385	192	52	r	r	NOUN
gujaf-385	192	53	-	-	PUNCT
gujaf-385	192	54	squared	square	VERB
gujaf-385	192	55	0.463	0.463	NUM
gujaf-385	192	56	source	source	NOUN
gujaf-385	192	57	:	:	PUNCT
gujaf-385	192	58	author	author	NOUN
gujaf-385	192	59	(	(	PUNCT
gujaf-385	192	60	2025	2025	NUM
gujaf-385	192	61	)	)	PUNCT
gujaf-385	192	62	table	table	NOUN
gujaf-385	192	63	5	5	NUM
gujaf-385	192	64	:	:	PUNCT
gujaf-385	192	65	robustness	robustness	NOUN
gujaf-385	192	66	check	check	NOUN
gujaf-385	192	67	2	2	NUM
gujaf-385	192	68	:	:	PUNCT
gujaf-385	192	69	sub	sub	ADJ
gujaf-385	192	70	-	-	ADJ
gujaf-385	192	71	sample	sample	ADJ
gujaf-385	192	72	analysis	analysis	NOUN
gujaf-385	192	73	:	:	PUNCT
gujaf-385	192	74	mature	mature	ADJ
gujaf-385	192	75	projects	project	NOUN
gujaf-385	192	76	variable	variable	ADJ
gujaf-385	192	77	coefficient	coefficient	NOUN
gujaf-385	192	78	std	std	NOUN
gujaf-385	192	79	.	.	PUNCT
gujaf-385	192	80	error	error	NOUN
gujaf-385	192	81	p	p	NOUN
gujaf-385	192	82	-	-	PUNCT
gujaf-385	192	83	value	value	NOUN
gujaf-385	192	84	cf	cf	NOUN
gujaf-385	192	85	backed	back	VERB
gujaf-385	192	86	0.157	0.157	NUM
gujaf-385	192	87	*	*	NOUN
gujaf-385	192	88	0.067	0.067	NUM
gujaf-385	192	89	0.020	0.020	NUM
gujaf-385	192	90	network	network	NOUN
gujaf-385	192	91	centrality	centrality	NOUN
gujaf-385	192	92	0.127	0.127	NUM
gujaf-385	192	93	*	*	PUNCT
gujaf-385	192	94	*	*	NOUN
gujaf-385	192	95	0.049	0.049	NUM
gujaf-385	192	96	0.010	0.010	NUM
gujaf-385	192	97	token	token	ADJ
gujaf-385	192	98	ownership	ownership	NOUN
gujaf-385	192	99	hhi	hhi	NOUN
gujaf-385	192	100	-0.089	-0.089	VERB
gujaf-385	192	101	*	*	PUNCT
gujaf-385	192	102	*	*	X
gujaf-385	192	103	0.033	0.033	NUM
gujaf-385	192	104	0.007	0.007	NUM
gujaf-385	192	105	market	market	NOUN
gujaf-385	192	106	cap	cap	NOUN
gujaf-385	192	107	(	(	PUNCT
gujaf-385	192	108	log	log	NOUN
gujaf-385	192	109	)	)	PUNCT
gujaf-385	192	110	0.165	0.165	NUM
gujaf-385	192	111	*	*	PUNCT
gujaf-385	192	112	*	*	PUNCT
gujaf-385	192	113	0.057	0.057	NUM
gujaf-385	192	114	0.004	0.004	NUM
gujaf-385	192	115	constant	constant	ADJ
gujaf-385	192	116	1.210	1.210	NUM
gujaf-385	192	117	*	*	PUNCT
gujaf-385	192	118	*	*	PUNCT
gujaf-385	192	119	*	*	PUNCT
gujaf-385	192	120	0.198	0.198	NUM
gujaf-385	192	121	0.000	0.000	NUM
gujaf-385	192	122	r	r	NOUN
gujaf-385	192	123	-	-	PUNCT
gujaf-385	192	124	squared	square	VERB
gujaf-385	192	125	0.497	0.497	NUM
gujaf-385	192	126	source	source	NOUN
gujaf-385	192	127	:	:	PUNCT
gujaf-385	192	128	author	author	NOUN
gujaf-385	192	129	(	(	PUNCT
gujaf-385	192	130	2025	2025	NUM
gujaf-385	192	131	)	)	PUNCT
gujaf-385	192	132	policy	policy	NOUN
gujaf-385	192	133	implications	implication	NOUN
gujaf-385	192	134	the	the	DET
gujaf-385	192	135	findings	finding	NOUN
gujaf-385	192	136	carry	carry	VERB
gujaf-385	192	137	important	important	ADJ
gujaf-385	192	138	implications	implication	NOUN
gujaf-385	192	139	for	for	ADP
gujaf-385	192	140	policymakers	policymaker	NOUN
gujaf-385	192	141	,	,	PUNCT
gujaf-385	192	142	regulators	regulator	NOUN
gujaf-385	192	143	,	,	PUNCT
gujaf-385	192	144	and	and	CCONJ
gujaf-385	192	145	institutional	institutional	ADJ
gujaf-385	192	146	investors	investor	NOUN
gujaf-385	192	147	navigating	navigate	VERB
gujaf-385	192	148	the	the	DET
gujaf-385	192	149	evolving	evolve	VERB
gujaf-385	192	150	landscape	landscape	NOUN
gujaf-385	192	151	of	of	ADP
gujaf-385	192	152	blockchain	blockchain	PROPN
gujaf-385	192	153	-	-	PUNCT
gujaf-385	192	154	based	base	VERB
gujaf-385	192	155	digital	digital	ADJ
gujaf-385	192	156	financial	financial	ADJ
gujaf-385	192	157	infrastructure	infrastructure	NOUN
gujaf-385	192	158	.	.	PUNCT
gujaf-385	193	1	first	first	ADV
gujaf-385	193	2	,	,	PUNCT
gujaf-385	193	3	the	the	DET
gujaf-385	193	4	positive	positive	ADJ
gujaf-385	193	5	valuation	valuation	NOUN
gujaf-385	193	6	effects	effect	NOUN
gujaf-385	193	7	associated	associate	VERB
gujaf-385	193	8	with	with	ADP
gujaf-385	193	9	cf	cf	NOUN
gujaf-385	193	10	-	-	PUNCT
gujaf-385	193	11	backed	back	VERB
gujaf-385	193	12	ddps	ddps	NOUN
gujaf-385	193	13	suggest	suggest	VERB
gujaf-385	193	14	that	that	SCONJ
gujaf-385	193	15	institutional	institutional	ADJ
gujaf-385	193	16	investors	investor	NOUN
gujaf-385	193	17	serve	serve	VERB
gujaf-385	193	18	a	a	DET
gujaf-385	193	19	critical	critical	ADJ
gujaf-385	193	20	role	role	NOUN
gujaf-385	193	21	in	in	ADP
gujaf-385	193	22	mitigating	mitigate	VERB
gujaf-385	193	23	coordination	coordination	NOUN
gujaf-385	193	24	failures	failure	NOUN
gujaf-385	193	25	and	and	CCONJ
gujaf-385	193	26	information	information	NOUN
gujaf-385	193	27	asymmetries	asymmetry	NOUN
gujaf-385	193	28	in	in	ADP
gujaf-385	193	29	gusau	gusau	ADJ
gujaf-385	193	30	journal	journal	NOUN
gujaf-385	193	31	of	of	ADP
gujaf-385	193	32	accounting	accounting	NOUN
gujaf-385	193	33	and	and	CCONJ
gujaf-385	193	34	finance	finance	NOUN
gujaf-385	193	35	,	,	PUNCT
gujaf-385	193	36	vol.6	vol.6	PROPN
gujaf-385	193	37	,	,	PUNCT
gujaf-385	193	38	issue	issue	NOUN
gujaf-385	193	39	1	1	NUM
gujaf-385	193	40	,	,	PUNCT
gujaf-385	193	41	april	april	PROPN
gujaf-385	193	42	,	,	PUNCT
gujaf-385	193	43	2025	2025	NUM
gujaf-385	193	44	300	300	NUM
gujaf-385	193	45	decentralized	decentralize	VERB
gujaf-385	193	46	ecosystems	ecosystem	NOUN
gujaf-385	193	47	.	.	PUNCT
gujaf-385	194	1	this	this	PRON
gujaf-385	194	2	supports	support	VERB
gujaf-385	194	3	policies	policy	NOUN
gujaf-385	194	4	that	that	PRON
gujaf-385	194	5	encourage	encourage	VERB
gujaf-385	194	6	responsible	responsible	ADJ
gujaf-385	194	7	institutional	institutional	ADJ
gujaf-385	194	8	engagement	engagement	NOUN
gujaf-385	194	9	in	in	ADP
gujaf-385	194	10	crypto	crypto	NOUN
gujaf-385	194	11	markets	market	NOUN
gujaf-385	194	12	.	.	PUNCT
gujaf-385	195	1	regulatory	regulatory	ADJ
gujaf-385	195	2	clarity	clarity	NOUN
gujaf-385	195	3	that	that	PRON
gujaf-385	195	4	distinguishes	distinguish	VERB
gujaf-385	195	5	between	between	ADP
gujaf-385	195	6	speculative	speculative	ADJ
gujaf-385	195	7	token	token	VERB
gujaf-385	195	8	offerings	offering	NOUN
gujaf-385	195	9	and	and	CCONJ
gujaf-385	195	10	those	those	PRON
gujaf-385	195	11	backed	back	VERB
gujaf-385	195	12	by	by	ADP
gujaf-385	195	13	verifiable	verifiable	ADJ
gujaf-385	195	14	institutional	institutional	ADJ
gujaf-385	195	15	oversight	oversight	NOUN
gujaf-385	195	16	could	could	AUX
gujaf-385	195	17	incentivize	incentivize	VERB
gujaf-385	195	18	quality	quality	NOUN
gujaf-385	195	19	capital	capital	NOUN
gujaf-385	195	20	inflows	inflow	NOUN
gujaf-385	195	21	while	while	SCONJ
gujaf-385	195	22	reducing	reduce	VERB
gujaf-385	195	23	fraud	fraud	NOUN
gujaf-385	195	24	and	and	CCONJ
gujaf-385	195	25	market	market	NOUN
gujaf-385	195	26	manipulation	manipulation	NOUN
gujaf-385	195	27	risks	risk	NOUN
gujaf-385	195	28	(	(	PUNCT
gujaf-385	195	29	howell	howell	PROPN
gujaf-385	195	30	et	et	PROPN
gujaf-385	195	31	al	al	PROPN
gujaf-385	195	32	.	.	PROPN
gujaf-385	195	33	,	,	PUNCT
gujaf-385	195	34	2022	2022	NUM
gujaf-385	195	35	;	;	PUNCT
gujaf-385	195	36	cong	cong	NOUN
gujaf-385	195	37	et	et	PROPN
gujaf-385	195	38	al	al	PROPN
gujaf-385	195	39	.	.	PROPN
gujaf-385	195	40	,	,	PUNCT
gujaf-385	195	41	2021	2021	NUM
gujaf-385	195	42	)	)	PUNCT
gujaf-385	195	43	.	.	PUNCT
gujaf-385	196	1	second	second	ADJ
gujaf-385	196	2	,	,	PUNCT
gujaf-385	196	3	the	the	DET
gujaf-385	196	4	negative	negative	ADJ
gujaf-385	196	5	association	association	NOUN
gujaf-385	196	6	between	between	ADP
gujaf-385	196	7	token	token	ADJ
gujaf-385	196	8	ownership	ownership	NOUN
gujaf-385	196	9	concentration	concentration	NOUN
gujaf-385	196	10	(	(	PUNCT
gujaf-385	196	11	measured	measure	VERB
gujaf-385	196	12	by	by	ADP
gujaf-385	196	13	the	the	DET
gujaf-385	196	14	herfindahl	herfindahl	NOUN
gujaf-385	196	15	-	-	PUNCT
gujaf-385	196	16	hirschman	hirschman	NOUN
gujaf-385	196	17	index	index	NOUN
gujaf-385	196	18	)	)	PUNCT
gujaf-385	196	19	and	and	CCONJ
gujaf-385	196	20	valuation	valuation	NOUN
gujaf-385	196	21	implies	imply	VERB
gujaf-385	196	22	that	that	SCONJ
gujaf-385	196	23	investors	investor	NOUN
gujaf-385	196	24	place	place	VERB
gujaf-385	196	25	a	a	DET
gujaf-385	196	26	premium	premium	NOUN
gujaf-385	196	27	on	on	ADP
gujaf-385	196	28	equitable	equitable	ADJ
gujaf-385	196	29	token	token	ADJ
gujaf-385	196	30	distributions	distribution	NOUN
gujaf-385	196	31	.	.	PUNCT
gujaf-385	197	1	however	however	ADV
gujaf-385	197	2	,	,	PUNCT
gujaf-385	197	3	this	this	PRON
gujaf-385	197	4	must	must	AUX
gujaf-385	197	5	be	be	AUX
gujaf-385	197	6	balanced	balance	VERB
gujaf-385	197	7	against	against	ADP
gujaf-385	197	8	the	the	DET
gujaf-385	197	9	need	need	NOUN
gujaf-385	197	10	for	for	ADP
gujaf-385	197	11	strong	strong	ADJ
gujaf-385	197	12	governance	governance	NOUN
gujaf-385	197	13	anchors	anchor	NOUN
gujaf-385	197	14	provided	provide	VERB
gujaf-385	197	15	by	by	ADP
gujaf-385	197	16	credible	credible	ADJ
gujaf-385	197	17	investors	investor	NOUN
gujaf-385	197	18	.	.	PUNCT
gujaf-385	198	1	policymakers	policymaker	NOUN
gujaf-385	198	2	and	and	CCONJ
gujaf-385	198	3	self	self	NOUN
gujaf-385	198	4	-	-	PUNCT
gujaf-385	198	5	regulatory	regulatory	ADJ
gujaf-385	198	6	organizations	organization	NOUN
gujaf-385	198	7	should	should	AUX
gujaf-385	198	8	develop	develop	VERB
gujaf-385	198	9	frameworks	framework	NOUN
gujaf-385	198	10	that	that	PRON
gujaf-385	198	11	promote	promote	VERB
gujaf-385	198	12	fair	fair	ADJ
gujaf-385	198	13	token	token	VERB
gujaf-385	198	14	allocations	allocation	NOUN
gujaf-385	198	15	,	,	PUNCT
gujaf-385	198	16	including	include	VERB
gujaf-385	198	17	mandatory	mandatory	ADJ
gujaf-385	198	18	lock	lock	NOUN
gujaf-385	198	19	-	-	PUNCT
gujaf-385	198	20	up	up	ADP
gujaf-385	198	21	periods	period	NOUN
gujaf-385	198	22	and	and	CCONJ
gujaf-385	198	23	vesting	vest	VERB
gujaf-385	198	24	schedules	schedule	NOUN
gujaf-385	198	25	for	for	ADP
gujaf-385	198	26	early	early	ADJ
gujaf-385	198	27	investors	investor	NOUN
gujaf-385	198	28	and	and	CCONJ
gujaf-385	198	29	teams	team	NOUN
gujaf-385	198	30	,	,	PUNCT
gujaf-385	198	31	while	while	SCONJ
gujaf-385	198	32	allowing	allow	VERB
gujaf-385	198	33	space	space	NOUN
gujaf-385	198	34	for	for	ADP
gujaf-385	198	35	institutional	institutional	ADJ
gujaf-385	198	36	stewardship	stewardship	NOUN
gujaf-385	198	37	(	(	PUNCT
gujaf-385	198	38	liang	liang	PROPN
gujaf-385	198	39	&	&	CCONJ
gujaf-385	198	40	yermack	yermack	PROPN
gujaf-385	198	41	,	,	PUNCT
gujaf-385	198	42	2020	2020	NUM
gujaf-385	198	43	)	)	PUNCT
gujaf-385	198	44	.	.	PUNCT
gujaf-385	199	1	third	third	ADJ
gujaf-385	199	2	,	,	PUNCT
gujaf-385	199	3	the	the	DET
gujaf-385	199	4	enhanced	enhanced	ADJ
gujaf-385	199	5	effects	effect	NOUN
gujaf-385	199	6	of	of	ADP
gujaf-385	199	7	cf	cf	NOUN
gujaf-385	199	8	backing	backing	NOUN
gujaf-385	199	9	when	when	SCONJ
gujaf-385	199	10	the	the	DET
gujaf-385	199	11	investor	investor	NOUN
gujaf-385	199	12	is	be	AUX
gujaf-385	199	13	central	central	ADJ
gujaf-385	199	14	in	in	ADP
gujaf-385	199	15	defi	defi	PROPN
gujaf-385	199	16	networks	network	NOUN
gujaf-385	199	17	underscore	underscore	VERB
gujaf-385	199	18	the	the	DET
gujaf-385	199	19	importance	importance	NOUN
gujaf-385	199	20	of	of	ADP
gujaf-385	199	21	social	social	ADJ
gujaf-385	199	22	capital	capital	NOUN
gujaf-385	199	23	and	and	CCONJ
gujaf-385	199	24	network	network	NOUN
gujaf-385	199	25	embeddedness	embeddedness	NOUN
gujaf-385	199	26	in	in	ADP
gujaf-385	199	27	digital	digital	ADJ
gujaf-385	199	28	finance	finance	NOUN
gujaf-385	199	29	.	.	PUNCT
gujaf-385	200	1	regulatory	regulatory	ADJ
gujaf-385	200	2	regimes	regime	NOUN
gujaf-385	200	3	that	that	PRON
gujaf-385	200	4	attempt	attempt	VERB
gujaf-385	200	5	to	to	PART
gujaf-385	200	6	treat	treat	VERB
gujaf-385	200	7	all	all	DET
gujaf-385	200	8	institutional	institutional	ADJ
gujaf-385	200	9	actors	actor	NOUN
gujaf-385	200	10	as	as	ADP
gujaf-385	200	11	homogenous	homogenous	ADJ
gujaf-385	200	12	may	may	AUX
gujaf-385	200	13	overlook	overlook	VERB
gujaf-385	200	14	the	the	DET
gujaf-385	200	15	outsized	outsized	ADJ
gujaf-385	200	16	role	role	NOUN
gujaf-385	200	17	of	of	ADP
gujaf-385	200	18	highly	highly	ADV
gujaf-385	200	19	connected	connected	ADJ
gujaf-385	200	20	cfs	cfs	PROPN
gujaf-385	200	21	.	.	PUNCT
gujaf-385	201	1	policymakers	policymaker	NOUN
gujaf-385	201	2	could	could	AUX
gujaf-385	201	3	consider	consider	VERB
gujaf-385	201	4	incentivizing	incentivize	VERB
gujaf-385	201	5	network	network	NOUN
gujaf-385	201	6	-	-	PUNCT
gujaf-385	201	7	building	building	NOUN
gujaf-385	201	8	efforts	effort	NOUN
gujaf-385	201	9	such	such	ADJ
gujaf-385	201	10	as	as	ADP
gujaf-385	201	11	coinvestment	coinvestment	NOUN
gujaf-385	201	12	platforms	platform	NOUN
gujaf-385	201	13	,	,	PUNCT
gujaf-385	201	14	public	public	ADJ
gujaf-385	201	15	-	-	PUNCT
gujaf-385	201	16	private	private	ADJ
gujaf-385	201	17	accelerators	accelerator	NOUN
gujaf-385	201	18	,	,	PUNCT
gujaf-385	201	19	and	and	CCONJ
gujaf-385	201	20	interoperability	interoperability	NOUN
gujaf-385	201	21	protocols	protocol	NOUN
gujaf-385	201	22	that	that	PRON
gujaf-385	201	23	enhance	enhance	VERB
gujaf-385	201	24	the	the	DET
gujaf-385	201	25	visibility	visibility	NOUN
gujaf-385	201	26	and	and	CCONJ
gujaf-385	201	27	accountability	accountability	NOUN
gujaf-385	201	28	of	of	ADP
gujaf-385	201	29	institutional	institutional	ADJ
gujaf-385	201	30	participants	participant	NOUN
gujaf-385	201	31	(	(	PUNCT
gujaf-385	201	32	tang	tang	X
gujaf-385	201	33	et	et	PROPN
gujaf-385	201	34	al	al	PROPN
gujaf-385	201	35	.	.	PROPN
gujaf-385	201	36	,	,	PUNCT
gujaf-385	201	37	2024	2024	NUM
gujaf-385	201	38	;	;	PUNCT
gujaf-385	201	39	liu	liu	PROPN
gujaf-385	201	40	et	et	PROPN
gujaf-385	201	41	al	al	PROPN
gujaf-385	201	42	.	.	PROPN
gujaf-385	201	43	,	,	PUNCT
gujaf-385	201	44	2023	2023	NUM
gujaf-385	201	45	)	)	PUNCT
gujaf-385	201	46	..	..	PUNCT
gujaf-385	202	1	fourth	fourth	X
gujaf-385	202	2	,	,	PUNCT
gujaf-385	202	3	the	the	DET
gujaf-385	202	4	event	event	NOUN
gujaf-385	202	5	study	study	NOUN
gujaf-385	202	6	results	result	NOUN
gujaf-385	202	7	show	show	VERB
gujaf-385	202	8	that	that	SCONJ
gujaf-385	202	9	markets	market	NOUN
gujaf-385	202	10	positively	positively	ADV
gujaf-385	202	11	respond	respond	VERB
gujaf-385	202	12	to	to	ADP
gujaf-385	202	13	cf	cf	NOUN
gujaf-385	202	14	investment	investment	NOUN
gujaf-385	202	15	disclosures	disclosure	NOUN
gujaf-385	202	16	.	.	PUNCT
gujaf-385	203	1	this	this	PRON
gujaf-385	203	2	highlights	highlight	VERB
gujaf-385	203	3	the	the	DET
gujaf-385	203	4	importance	importance	NOUN
gujaf-385	203	5	of	of	ADP
gujaf-385	203	6	transparent	transparent	ADJ
gujaf-385	203	7	and	and	CCONJ
gujaf-385	203	8	standardized	standardized	ADJ
gujaf-385	203	9	reporting	reporting	NOUN
gujaf-385	203	10	frameworks	framework	NOUN
gujaf-385	203	11	.	.	PUNCT
gujaf-385	204	1	regulatory	regulatory	ADJ
gujaf-385	204	2	bodies	body	NOUN
gujaf-385	204	3	could	could	AUX
gujaf-385	204	4	mandate	mandate	VERB
gujaf-385	204	5	the	the	DET
gujaf-385	204	6	disclosure	disclosure	NOUN
gujaf-385	204	7	of	of	ADP
gujaf-385	204	8	cf	cf	NOUN
gujaf-385	204	9	affiliations	affiliation	NOUN
gujaf-385	204	10	,	,	PUNCT
gujaf-385	204	11	governance	governance	NOUN
gujaf-385	204	12	rights	right	NOUN
gujaf-385	204	13	,	,	PUNCT
gujaf-385	204	14	and	and	CCONJ
gujaf-385	204	15	investment	investment	NOUN
gujaf-385	204	16	milestones	milestone	NOUN
gujaf-385	204	17	at	at	ADP
gujaf-385	204	18	the	the	DET
gujaf-385	204	19	time	time	NOUN
gujaf-385	204	20	of	of	ADP
gujaf-385	204	21	token	token	ADJ
gujaf-385	204	22	issuance	issuance	NOUN
gujaf-385	204	23	or	or	CCONJ
gujaf-385	204	24	major	major	ADJ
gujaf-385	204	25	financing	financing	NOUN
gujaf-385	204	26	rounds	round	NOUN
gujaf-385	204	27	.	.	PUNCT
gujaf-385	205	1	such	such	ADJ
gujaf-385	205	2	policies	policy	NOUN
gujaf-385	205	3	would	would	AUX
gujaf-385	205	4	enable	enable	VERB
gujaf-385	205	5	more	more	ADV
gujaf-385	205	6	informed	informed	ADJ
gujaf-385	205	7	investment	investment	NOUN
gujaf-385	205	8	decisions	decision	NOUN
gujaf-385	205	9	and	and	CCONJ
gujaf-385	205	10	reduce	reduce	VERB
gujaf-385	205	11	reliance	reliance	NOUN
gujaf-385	205	12	on	on	ADP
gujaf-385	205	13	informal	informal	ADJ
gujaf-385	205	14	or	or	CCONJ
gujaf-385	205	15	asymmetric	asymmetric	ADJ
gujaf-385	205	16	information	information	NOUN
gujaf-385	205	17	sources	source	NOUN
gujaf-385	205	18	(	(	PUNCT
gujaf-385	205	19	zetsche	zetsche	PROPN
gujaf-385	205	20	et	et	PROPN
gujaf-385	205	21	al	al	PROPN
gujaf-385	205	22	.	.	PROPN
gujaf-385	205	23	,	,	PUNCT
gujaf-385	205	24	2020	2020	NUM
gujaf-385	205	25	)	)	PUNCT
gujaf-385	205	26	.	.	PUNCT
gujaf-385	206	1	fifth	fifth	ADJ
gujaf-385	206	2	,	,	PUNCT
gujaf-385	206	3	the	the	DET
gujaf-385	206	4	significance	significance	NOUN
gujaf-385	206	5	of	of	ADP
gujaf-385	206	6	technology	technology	NOUN
gujaf-385	206	7	audits	audits	NOUN
gujaf-385	206	8	in	in	ADP
gujaf-385	206	9	explaining	explain	VERB
gujaf-385	206	10	token	token	ADJ
gujaf-385	206	11	valuations	valuation	NOUN
gujaf-385	206	12	suggests	suggest	VERB
gujaf-385	206	13	that	that	SCONJ
gujaf-385	206	14	market	market	NOUN
gujaf-385	206	15	participants	participant	NOUN
gujaf-385	206	16	value	value	VERB
gujaf-385	206	17	verified	verify	VERB
gujaf-385	206	18	platform	platform	NOUN
gujaf-385	206	19	security	security	NOUN
gujaf-385	206	20	.	.	PUNCT
gujaf-385	207	1	as	as	ADP
gujaf-385	207	2	such	such	ADJ
gujaf-385	207	3	,	,	PUNCT
gujaf-385	207	4	establishing	establish	VERB
gujaf-385	207	5	recognized	recognize	VERB
gujaf-385	207	6	auditing	auditing	NOUN
gujaf-385	207	7	standards	standard	NOUN
gujaf-385	207	8	and	and	CCONJ
gujaf-385	207	9	certification	certification	NOUN
gujaf-385	207	10	bodies	body	NOUN
gujaf-385	207	11	for	for	ADP
gujaf-385	207	12	smart	smart	ADJ
gujaf-385	207	13	contract	contract	NOUN
gujaf-385	207	14	security	security	NOUN
gujaf-385	207	15	and	and	CCONJ
gujaf-385	207	16	blockchain	blockchain	PROPN
gujaf-385	207	17	infrastructure	infrastructure	NOUN
gujaf-385	207	18	could	could	AUX
gujaf-385	207	19	further	far	ADV
gujaf-385	207	20	professionalize	professionalize	VERB
gujaf-385	207	21	the	the	DET
gujaf-385	207	22	space	space	NOUN
gujaf-385	207	23	.	.	PUNCT
gujaf-385	208	1	governments	government	NOUN
gujaf-385	208	2	or	or	CCONJ
gujaf-385	208	3	international	international	ADJ
gujaf-385	208	4	financial	financial	ADJ
gujaf-385	208	5	institutions	institution	NOUN
gujaf-385	208	6	might	might	AUX
gujaf-385	208	7	play	play	VERB
gujaf-385	208	8	a	a	DET
gujaf-385	208	9	catalytic	catalytic	ADJ
gujaf-385	208	10	role	role	NOUN
gujaf-385	208	11	in	in	ADP
gujaf-385	208	12	developing	develop	VERB
gujaf-385	208	13	such	such	ADJ
gujaf-385	208	14	norms	norm	NOUN
gujaf-385	208	15	in	in	ADP
gujaf-385	208	16	collaboration	collaboration	NOUN
gujaf-385	208	17	with	with	ADP
gujaf-385	208	18	private	private	ADJ
gujaf-385	208	19	sector	sector	NOUN
gujaf-385	208	20	experts	expert	NOUN
gujaf-385	208	21	(	(	PUNCT
gujaf-385	208	22	chen	chen	PROPN
gujaf-385	208	23	et	et	PROPN
gujaf-385	208	24	al	al	PROPN
gujaf-385	208	25	.	.	PROPN
gujaf-385	208	26	,	,	PUNCT
gujaf-385	208	27	2021	2021	NUM
gujaf-385	208	28	)	)	PUNCT
gujaf-385	208	29	.	.	PUNCT
gujaf-385	209	1	5.0	5.0	NUM
gujaf-385	209	2	conclusion	conclusion	NOUN
gujaf-385	209	3	this	this	DET
gujaf-385	209	4	study	study	NOUN
gujaf-385	209	5	provides	provide	VERB
gujaf-385	209	6	compelling	compelling	ADJ
gujaf-385	209	7	evidence	evidence	NOUN
gujaf-385	209	8	that	that	PRON
gujaf-385	209	9	crypto	crypto	PROPN
gujaf-385	209	10	fund	fund	NOUN
gujaf-385	209	11	(	(	PUNCT
gujaf-385	209	12	cf	cf	NOUN
gujaf-385	209	13	)	)	PUNCT
gujaf-385	209	14	participation	participation	NOUN
gujaf-385	209	15	significantly	significantly	ADV
gujaf-385	209	16	enhances	enhance	VERB
gujaf-385	209	17	the	the	DET
gujaf-385	209	18	valuation	valuation	NOUN
gujaf-385	209	19	and	and	CCONJ
gujaf-385	209	20	market	market	NOUN
gujaf-385	209	21	performance	performance	NOUN
gujaf-385	209	22	of	of	ADP
gujaf-385	209	23	decentralized	decentralize	VERB
gujaf-385	209	24	digital	digital	ADJ
gujaf-385	209	25	platforms	platform	NOUN
gujaf-385	209	26	(	(	PUNCT
gujaf-385	209	27	ddps	ddps	PROPN
gujaf-385	209	28	)	)	PUNCT
gujaf-385	209	29	.	.	PUNCT
gujaf-385	210	1	using	use	VERB
gujaf-385	210	2	panel	panel	NOUN
gujaf-385	210	3	data	datum	NOUN
gujaf-385	210	4	from	from	ADP
gujaf-385	210	5	ethereum	ethereum	NOUN
gujaf-385	210	6	-	-	PUNCT
gujaf-385	210	7	based	base	VERB
gujaf-385	210	8	projects	project	NOUN
gujaf-385	210	9	and	and	CCONJ
gujaf-385	210	10	token	token	ADJ
gujaf-385	210	11	market	market	NOUN
gujaf-385	210	12	activity	activity	NOUN
gujaf-385	210	13	,	,	PUNCT
gujaf-385	210	14	the	the	DET
gujaf-385	210	15	analysis	analysis	NOUN
gujaf-385	210	16	confirms	confirm	VERB
gujaf-385	210	17	that	that	SCONJ
gujaf-385	210	18	cf	cf	NOUN
gujaf-385	210	19	-	-	PUNCT
gujaf-385	210	20	backed	back	VERB
gujaf-385	210	21	ddps	ddps	NOUN
gujaf-385	210	22	benefit	benefit	VERB
gujaf-385	210	23	from	from	ADP
gujaf-385	210	24	higher	high	ADJ
gujaf-385	210	25	primary	primary	ADJ
gujaf-385	210	26	market	market	NOUN
gujaf-385	210	27	valuations	valuation	NOUN
gujaf-385	210	28	,	,	PUNCT
gujaf-385	210	29	positive	positive	ADJ
gujaf-385	210	30	abnormal	abnormal	ADJ
gujaf-385	210	31	returns	return	NOUN
gujaf-385	210	32	following	follow	VERB
gujaf-385	210	33	investment	investment	NOUN
gujaf-385	210	34	announcements	announcement	NOUN
gujaf-385	210	35	,	,	PUNCT
gujaf-385	210	36	and	and	CCONJ
gujaf-385	210	37	stronger	strong	ADJ
gujaf-385	210	38	post	post	ADJ
gujaf-385	210	39	-	-	ADJ
gujaf-385	210	40	issuance	issuance	ADJ
gujaf-385	210	41	performance	performance	NOUN
gujaf-385	210	42	.	.	PUNCT
gujaf-385	211	1	these	these	DET
gujaf-385	211	2	effects	effect	NOUN
gujaf-385	211	3	are	be	AUX
gujaf-385	211	4	particularly	particularly	ADV
gujaf-385	211	5	pronounced	pronounce	VERB
gujaf-385	211	6	when	when	SCONJ
gujaf-385	211	7	the	the	DET
gujaf-385	211	8	cf	cf	NOUN
gujaf-385	211	9	exhibits	exhibit	VERB
gujaf-385	211	10	high	high	ADJ
gujaf-385	211	11	network	network	NOUN
gujaf-385	211	12	centrality	centrality	NOUN
gujaf-385	211	13	and	and	CCONJ
gujaf-385	211	14	when	when	SCONJ
gujaf-385	211	15	the	the	DET
gujaf-385	211	16	project	project	NOUN
gujaf-385	211	17	exhibits	exhibit	VERB
gujaf-385	211	18	lower	low	ADJ
gujaf-385	211	19	token	token	ADJ
gujaf-385	211	20	ownership	ownership	NOUN
gujaf-385	211	21	concentration	concentration	NOUN
gujaf-385	211	22	.	.	PUNCT
gujaf-385	212	1	the	the	DET
gujaf-385	212	2	results	result	NOUN
gujaf-385	212	3	underscore	underscore	VERB
gujaf-385	212	4	the	the	DET
gujaf-385	212	5	role	role	NOUN
gujaf-385	212	6	of	of	ADP
gujaf-385	212	7	cfs	cfs	NOUN
gujaf-385	212	8	not	not	PART
gujaf-385	212	9	merely	merely	ADV
gujaf-385	212	10	as	as	ADP
gujaf-385	212	11	financial	financial	ADJ
gujaf-385	212	12	sponsors	sponsor	NOUN
gujaf-385	212	13	but	but	CCONJ
gujaf-385	212	14	as	as	ADP
gujaf-385	212	15	key	key	ADJ
gujaf-385	212	16	reputation	reputation	NOUN
gujaf-385	212	17	and	and	CCONJ
gujaf-385	212	18	information	information	NOUN
gujaf-385	212	19	intermediaries	intermediary	NOUN
gujaf-385	212	20	.	.	PUNCT
gujaf-385	213	1	their	their	PRON
gujaf-385	213	2	presence	presence	NOUN
gujaf-385	213	3	appears	appear	VERB
gujaf-385	213	4	to	to	PART
gujaf-385	213	5	reduce	reduce	VERB
gujaf-385	213	6	coordination	coordination	NOUN
gujaf-385	213	7	frictions	friction	NOUN
gujaf-385	213	8	,	,	PUNCT
gujaf-385	213	9	signal	signal	ADJ
gujaf-385	213	10	project	project	NOUN
gujaf-385	213	11	quality	quality	NOUN
gujaf-385	213	12	,	,	PUNCT
gujaf-385	213	13	and	and	CCONJ
gujaf-385	213	14	improve	improve	VERB
gujaf-385	213	15	governance	governance	NOUN
gujaf-385	213	16	credibility	credibility	NOUN
gujaf-385	213	17	,	,	PUNCT
gujaf-385	213	18	which	which	PRON
gujaf-385	213	19	are	be	AUX
gujaf-385	213	20	central	central	ADJ
gujaf-385	213	21	concerns	concern	NOUN
gujaf-385	213	22	in	in	ADP
gujaf-385	213	23	decentralized	decentralize	VERB
gujaf-385	213	24	ecosystems	ecosystem	NOUN
gujaf-385	213	25	.	.	PUNCT
gujaf-385	214	1	the	the	DET
gujaf-385	214	2	interaction	interaction	NOUN
gujaf-385	214	3	between	between	ADP
gujaf-385	214	4	cf	cf	NOUN
gujaf-385	214	5	backing	backing	NOUN
gujaf-385	214	6	and	and	CCONJ
gujaf-385	214	7	network	network	NOUN
gujaf-385	214	8	position	position	NOUN
gujaf-385	214	9	further	further	ADJ
gujaf-385	214	10	highlights	highlight	NOUN
gujaf-385	214	11	the	the	DET
gujaf-385	214	12	importance	importance	NOUN
gujaf-385	214	13	of	of	ADP
gujaf-385	214	14	social	social	ADJ
gujaf-385	214	15	capital	capital	NOUN
gujaf-385	214	16	and	and	CCONJ
gujaf-385	214	17	investor	investor	NOUN
gujaf-385	214	18	networks	network	NOUN
gujaf-385	214	19	in	in	ADP
gujaf-385	214	20	token	token	ADJ
gujaf-385	214	21	valuation	valuation	NOUN
gujaf-385	214	22	mechanisms	mechanism	NOUN
gujaf-385	214	23	.	.	PUNCT
gujaf-385	215	1	in	in	ADP
gujaf-385	215	2	light	light	NOUN
gujaf-385	215	3	of	of	ADP
gujaf-385	215	4	these	these	DET
gujaf-385	215	5	findings	finding	NOUN
gujaf-385	215	6	,	,	PUNCT
gujaf-385	215	7	policymakers	policymaker	NOUN
gujaf-385	215	8	are	be	AUX
gujaf-385	215	9	advised	advise	VERB
gujaf-385	215	10	to	to	PART
gujaf-385	215	11	introduce	introduce	VERB
gujaf-385	215	12	standardized	standardized	ADJ
gujaf-385	215	13	disclosure	disclosure	NOUN
gujaf-385	215	14	frameworks	framework	NOUN
gujaf-385	215	15	gusau	gusau	ADJ
gujaf-385	215	16	journal	journal	NOUN
gujaf-385	215	17	of	of	ADP
gujaf-385	215	18	accounting	accounting	NOUN
gujaf-385	215	19	and	and	CCONJ
gujaf-385	215	20	finance	finance	NOUN
gujaf-385	215	21	,	,	PUNCT
gujaf-385	215	22	vol.6	vol.6	PROPN
gujaf-385	215	23	,	,	PUNCT
gujaf-385	215	24	issue	issue	NOUN
gujaf-385	215	25	1	1	NUM
gujaf-385	215	26	,	,	PUNCT
gujaf-385	215	27	april	april	PROPN
gujaf-385	215	28	,	,	PUNCT
gujaf-385	215	29	2025	2025	NUM
gujaf-385	215	30	301	301	NUM
gujaf-385	215	31	for	for	ADP
gujaf-385	215	32	institutional	institutional	ADJ
gujaf-385	215	33	token	token	VERB
gujaf-385	215	34	investments	investment	NOUN
gujaf-385	215	35	and	and	CCONJ
gujaf-385	215	36	promote	promote	VERB
gujaf-385	215	37	auditing	auditing	NOUN
gujaf-385	215	38	standards	standard	NOUN
gujaf-385	215	39	for	for	ADP
gujaf-385	215	40	smart	smart	ADJ
gujaf-385	215	41	contract	contract	NOUN
gujaf-385	215	42	reliability	reliability	NOUN
gujaf-385	215	43	.	.	PUNCT
gujaf-385	216	1	such	such	ADJ
gujaf-385	216	2	transparency	transparency	NOUN
gujaf-385	216	3	measures	measure	NOUN
gujaf-385	216	4	can	can	AUX
gujaf-385	216	5	foster	foster	VERB
gujaf-385	216	6	trust	trust	NOUN
gujaf-385	216	7	and	and	CCONJ
gujaf-385	216	8	improve	improve	VERB
gujaf-385	216	9	market	market	NOUN
gujaf-385	216	10	efficiency	efficiency	NOUN
gujaf-385	216	11	.	.	PUNCT
gujaf-385	217	1	simultaneously	simultaneously	ADV
gujaf-385	217	2	,	,	PUNCT
gujaf-385	217	3	crypto	crypto	ADJ
gujaf-385	217	4	projects	project	NOUN
gujaf-385	217	5	should	should	AUX
gujaf-385	217	6	design	design	VERB
gujaf-385	217	7	token	token	ADJ
gujaf-385	217	8	distribution	distribution	NOUN
gujaf-385	217	9	models	model	NOUN
gujaf-385	217	10	that	that	PRON
gujaf-385	217	11	promote	promote	VERB
gujaf-385	217	12	decentralization	decentralization	NOUN
gujaf-385	217	13	while	while	SCONJ
gujaf-385	217	14	strategically	strategically	ADV
gujaf-385	217	15	engaging	engage	VERB
gujaf-385	217	16	institutional	institutional	ADJ
gujaf-385	217	17	investors	investor	NOUN
gujaf-385	217	18	for	for	ADP
gujaf-385	217	19	governance	governance	NOUN
gujaf-385	217	20	support	support	NOUN
gujaf-385	217	21	.	.	PUNCT
gujaf-385	218	1	finally	finally	ADV
gujaf-385	218	2	,	,	PUNCT
gujaf-385	218	3	crypto	crypto	ADJ
gujaf-385	218	4	funds	fund	NOUN
gujaf-385	218	5	should	should	AUX
gujaf-385	218	6	adopt	adopt	VERB
gujaf-385	218	7	transparent	transparent	ADJ
gujaf-385	218	8	and	and	CCONJ
gujaf-385	218	9	collaborative	collaborative	ADJ
gujaf-385	218	10	investment	investment	NOUN
gujaf-385	218	11	practices	practice	NOUN
gujaf-385	218	12	that	that	PRON
gujaf-385	218	13	amplify	amplify	VERB
gujaf-385	218	14	their	their	PRON
gujaf-385	218	15	reputational	reputational	ADJ
gujaf-385	218	16	capital	capital	NOUN
gujaf-385	218	17	and	and	CCONJ
gujaf-385	218	18	governance	governance	NOUN
gujaf-385	218	19	role	role	NOUN
gujaf-385	218	20	.	.	PUNCT
gujaf-385	219	1	further	further	ADJ
gujaf-385	219	2	research	research	NOUN
gujaf-385	219	3	is	be	AUX
gujaf-385	219	4	encouraged	encourage	VERB
gujaf-385	219	5	to	to	PART
gujaf-385	219	6	investigate	investigate	VERB
gujaf-385	219	7	the	the	DET
gujaf-385	219	8	long	long	ADJ
gujaf-385	219	9	-	-	PUNCT
gujaf-385	219	10	term	term	NOUN
gujaf-385	219	11	dynamics	dynamic	NOUN
gujaf-385	219	12	of	of	ADP
gujaf-385	219	13	cf	cf	NOUN
gujaf-385	219	14	-	-	PUNCT
gujaf-385	219	15	backed	back	VERB
gujaf-385	219	16	platforms	platform	NOUN
gujaf-385	219	17	and	and	CCONJ
gujaf-385	219	18	the	the	DET
gujaf-385	219	19	cross	cross	ADJ
gujaf-385	219	20	-	-	ADJ
gujaf-385	219	21	chain	chain	ADJ
gujaf-385	219	22	generalizability	generalizability	NOUN
gujaf-385	219	23	of	of	ADP
gujaf-385	219	24	these	these	DET
gujaf-385	219	25	effects	effect	NOUN
gujaf-385	219	26	across	across	ADP
gujaf-385	219	27	diverse	diverse	PROPN
gujaf-385	219	28	blockchain	blockchain	PROPN
gujaf-385	219	29	ecosystems	ecosystem	NOUN
gujaf-385	219	30	.	.	PUNCT
gujaf-385	220	1	references	reference	NOUN
gujaf-385	220	2	beck	beck	PROPN
gujaf-385	220	3	,	,	PUNCT
gujaf-385	220	4	r.	r.	PROPN
gujaf-385	220	5	,	,	PUNCT
gujaf-385	220	6	müller	müller	PROPN
gujaf-385	220	7	-	-	PUNCT
gujaf-385	220	8	bloch	bloch	PROPN
gujaf-385	220	9	,	,	PUNCT
gujaf-385	220	10	c.	c.	PROPN
gujaf-385	220	11	,	,	PUNCT
gujaf-385	220	12	&	&	CCONJ
gujaf-385	220	13	king	king	PROPN
gujaf-385	220	14	,	,	PUNCT
gujaf-385	220	15	j.	j.	PROPN
gujaf-385	220	16	l.	l.	PROPN
gujaf-385	220	17	(	(	PUNCT
gujaf-385	220	18	2020	2020	NUM
gujaf-385	220	19	)	)	PUNCT
gujaf-385	220	20	.	.	PUNCT
gujaf-385	221	1	governance	governance	NOUN
gujaf-385	221	2	in	in	ADP
gujaf-385	221	3	the	the	DET
gujaf-385	221	4	blockchain	blockchain	PROPN
gujaf-385	221	5	economy	economy	NOUN
gujaf-385	221	6	:	:	PUNCT
gujaf-385	221	7	a	a	DET
gujaf-385	221	8	framework	framework	NOUN
gujaf-385	221	9	and	and	CCONJ
gujaf-385	221	10	research	research	NOUN
gujaf-385	221	11	agenda	agenda	NOUN
gujaf-385	221	12	.	.	PUNCT
gujaf-385	222	1	journal	journal	NOUN
gujaf-385	222	2	of	of	ADP
gujaf-385	222	3	the	the	DET
gujaf-385	222	4	association	association	NOUN
gujaf-385	222	5	for	for	ADP
gujaf-385	222	6	information	information	NOUN
gujaf-385	222	7	systems	system	NOUN
gujaf-385	222	8	,	,	PUNCT
gujaf-385	222	9	21(1	21(1	NUM
gujaf-385	222	10	)	)	PUNCT
gujaf-385	222	11	,	,	PUNCT
gujaf-385	222	12	1	1	NUM
gujaf-385	222	13	-	-	SYM
gujaf-385	222	14	17	17	NUM
gujaf-385	222	15	.	.	PUNCT
gujaf-385	223	1	https://doi.org/10.17705/1jais.00518	https://doi.org/10.17705/1jais.00518	PROPN
gujaf-385	223	2	bellavitis	bellavitis	PROPN
gujaf-385	223	3	,	,	PUNCT
gujaf-385	223	4	c.	c.	PROPN
gujaf-385	223	5	,	,	PUNCT
gujaf-385	223	6	fisch	fisch	PROPN
gujaf-385	223	7	,	,	PUNCT
gujaf-385	223	8	c.	c.	PROPN
gujaf-385	223	9	,	,	PUNCT
gujaf-385	223	10	&	&	CCONJ
gujaf-385	223	11	momtaz	momtaz	NOUN
gujaf-385	223	12	,	,	PUNCT
gujaf-385	223	13	p.	p.	NOUN
gujaf-385	223	14	p.	p.	NOUN
gujaf-385	223	15	(	(	PUNCT
gujaf-385	223	16	2023	2023	NUM
gujaf-385	223	17	)	)	PUNCT
gujaf-385	223	18	.	.	PUNCT
gujaf-385	224	1	the	the	DET
gujaf-385	224	2	rise	rise	NOUN
gujaf-385	224	3	of	of	ADP
gujaf-385	224	4	decentralized	decentralized	ADJ
gujaf-385	224	5	autonomous	autonomous	ADJ
gujaf-385	224	6	organizations	organization	NOUN
gujaf-385	224	7	:	:	PUNCT
gujaf-385	224	8	opportunities	opportunity	NOUN
gujaf-385	224	9	and	and	CCONJ
gujaf-385	224	10	challenges	challenge	NOUN
gujaf-385	224	11	.	.	PUNCT
gujaf-385	225	1	journal	journal	NOUN
gujaf-385	225	2	of	of	ADP
gujaf-385	225	3	business	business	NOUN
gujaf-385	225	4	venturing	venture	VERB
gujaf-385	225	5	insights	insight	NOUN
gujaf-385	225	6	,	,	PUNCT
gujaf-385	225	7	19	19	NUM
gujaf-385	225	8	,	,	PUNCT
gujaf-385	225	9	e00312	e00312	PROPN
gujaf-385	225	10	.	.	PROPN
gujaf-385	225	11	https://stanford-jblp.pubpub.org/pub/rise-of-daos/release/1	https://stanford-jblp.pubpub.org/pub/rise-of-daos/release/1	PROPN
gujaf-385	225	12	catalini	catalini	PROPN
gujaf-385	225	13	,	,	PUNCT
gujaf-385	225	14	c.	c.	PROPN
gujaf-385	225	15	,	,	PUNCT
gujaf-385	225	16	&	&	CCONJ
gujaf-385	225	17	gans	gans	PROPN
gujaf-385	225	18	,	,	PUNCT
gujaf-385	225	19	j.	j.	PROPN
gujaf-385	225	20	s.	s.	PROPN
gujaf-385	225	21	(	(	PUNCT
gujaf-385	225	22	2016	2016	NUM
gujaf-385	225	23	)	)	PUNCT
gujaf-385	225	24	.	.	PUNCT
gujaf-385	226	1	some	some	DET
gujaf-385	226	2	simple	simple	ADJ
gujaf-385	226	3	economics	economic	NOUN
gujaf-385	226	4	of	of	ADP
gujaf-385	226	5	the	the	DET
gujaf-385	226	6	blockchain	blockchain	PROPN
gujaf-385	226	7	.	.	PUNCT
gujaf-385	227	1	mit	mit	PROPN
gujaf-385	227	2	sloan	sloan	PROPN
gujaf-385	227	3	research	research	PROPN
gujaf-385	227	4	paper	paper	NOUN
gujaf-385	227	5	,	,	PUNCT
gujaf-385	227	6	no	no	INTJ
gujaf-385	227	7	.	.	NOUN
gujaf-385	228	1	5191	5191	NUM
gujaf-385	228	2	-	-	SYM
gujaf-385	228	3	16	16	NUM
gujaf-385	228	4	.	.	PUNCT
gujaf-385	229	1	https://doi.org/10.2139/ssrn.2874598	https://doi.org/10.2139/ssrn.2874598	PROPN
gujaf-385	229	2	chen	chen	PROPN
gujaf-385	229	3	,	,	PUNCT
gujaf-385	229	4	t.	t.	PROPN
gujaf-385	229	5	,	,	PUNCT
gujaf-385	229	6	chen	chen	PROPN
gujaf-385	229	7	,	,	PUNCT
gujaf-385	229	8	y.	y.	PROPN
gujaf-385	229	9	,	,	PUNCT
gujaf-385	229	10	&	&	CCONJ
gujaf-385	229	11	zhao	zhao	PROPN
gujaf-385	229	12	,	,	PUNCT
gujaf-385	229	13	z.	z.	PROPN
gujaf-385	229	14	(	(	PUNCT
gujaf-385	229	15	2021	2021	NUM
gujaf-385	229	16	)	)	PUNCT
gujaf-385	229	17	.	.	PUNCT
gujaf-385	230	1	blockchain	blockchain	PROPN
gujaf-385	230	2	data	data	PROPN
gujaf-385	230	3	analysis	analysis	NOUN
gujaf-385	230	4	:	:	PUNCT
gujaf-385	230	5	a	a	DET
gujaf-385	230	6	comprehensive	comprehensive	ADJ
gujaf-385	230	7	survey	survey	NOUN
gujaf-385	230	8	.	.	PUNCT
gujaf-385	231	1	ieee	ieee	NOUN
gujaf-385	231	2	transactions	transaction	NOUN
gujaf-385	231	3	on	on	ADP
gujaf-385	231	4	knowledge	knowledge	NOUN
gujaf-385	231	5	and	and	CCONJ
gujaf-385	231	6	data	datum	NOUN
gujaf-385	231	7	engineering	engineering	NOUN
gujaf-385	231	8	,	,	PUNCT
gujaf-385	231	9	33(3	33(3	NOUN
gujaf-385	231	10	)	)	PUNCT
gujaf-385	231	11	,	,	PUNCT
gujaf-385	231	12	960–975	960–975	NUM
gujaf-385	231	13	.	.	PUNCT
gujaf-385	232	1	https://doi.org/10.1109/tkde.2019.2927087	https://doi.org/10.1109/tkde.2019.2927087	PROPN
gujaf-385	232	2	cong	cong	PROPN
gujaf-385	232	3	,	,	PUNCT
gujaf-385	232	4	l.	l.	PROPN
gujaf-385	232	5	w.	w.	PROPN
gujaf-385	232	6	,	,	PUNCT
gujaf-385	232	7	he	he	PRON
gujaf-385	232	8	,	,	PUNCT
gujaf-385	232	9	z.	z.	PROPN
gujaf-385	232	10	,	,	PUNCT
gujaf-385	232	11	&	&	CCONJ
gujaf-385	232	12	li	li	PROPN
gujaf-385	232	13	,	,	PUNCT
gujaf-385	232	14	j.	j.	PROPN
gujaf-385	232	15	(	(	PUNCT
gujaf-385	232	16	2021	2021	NUM
gujaf-385	232	17	)	)	PUNCT
gujaf-385	232	18	.	.	PUNCT
gujaf-385	233	1	decentralized	decentralize	VERB
gujaf-385	233	2	mining	mining	NOUN
gujaf-385	233	3	in	in	ADP
gujaf-385	233	4	centralized	centralized	ADJ
gujaf-385	233	5	pools	pool	NOUN
gujaf-385	233	6	.	.	PUNCT
gujaf-385	234	1	the	the	DET
gujaf-385	234	2	review	review	NOUN
gujaf-385	234	3	of	of	ADP
gujaf-385	234	4	financial	financial	ADJ
gujaf-385	234	5	studies	study	NOUN
gujaf-385	234	6	,	,	PUNCT
gujaf-385	234	7	34(1	34(1	NUM
gujaf-385	234	8	)	)	PUNCT
gujaf-385	234	9	,	,	PUNCT
gujaf-385	234	10	299–337	299–337	NUM
gujaf-385	234	11	.	.	PUNCT
gujaf-385	235	1	https://doi.org/10.1093/rfs/hhaa061	https://doi.org/10.1093/rfs/hhaa061	PROPN
gujaf-385	235	2	creswell	creswell	PROPN
gujaf-385	235	3	,	,	PUNCT
gujaf-385	235	4	j.	j.	PROPN
gujaf-385	235	5	w.	w.	PROPN
gujaf-385	235	6	,	,	PUNCT
gujaf-385	235	7	&	&	CCONJ
gujaf-385	235	8	plano	plano	PROPN
gujaf-385	235	9	clark	clark	PROPN
gujaf-385	235	10	,	,	PUNCT
gujaf-385	235	11	v.	v.	ADP
gujaf-385	235	12	l.	l.	PROPN
gujaf-385	235	13	(	(	PUNCT
gujaf-385	235	14	2017	2017	NUM
gujaf-385	235	15	)	)	PUNCT
gujaf-385	235	16	.	.	PUNCT
gujaf-385	236	1	designing	design	VERB
gujaf-385	236	2	and	and	CCONJ
gujaf-385	236	3	conducting	conduct	VERB
gujaf-385	236	4	mixed	mixed	ADJ
gujaf-385	236	5	methods	method	NOUN
gujaf-385	236	6	research	research	NOUN
gujaf-385	236	7	(	(	PUNCT
gujaf-385	236	8	3rd	3rd	ADJ
gujaf-385	236	9	ed	ed	NOUN
gujaf-385	236	10	.	.	PUNCT
gujaf-385	236	11	)	)	PUNCT
gujaf-385	236	12	.	.	PUNCT
gujaf-385	237	1	sage	sage	NOUN
gujaf-385	237	2	publications	publication	NOUN
gujaf-385	237	3	.	.	PUNCT
gujaf-385	238	1	cumming	cumme	VERB
gujaf-385	238	2	,	,	PUNCT
gujaf-385	238	3	d.	d.	PROPN
gujaf-385	238	4	j.	j.	PROPN
gujaf-385	238	5	,	,	PUNCT
gujaf-385	238	6	fisch	fisch	PROPN
gujaf-385	238	7	,	,	PUNCT
gujaf-385	238	8	c.	c.	PROPN
gujaf-385	238	9	,	,	PUNCT
gujaf-385	238	10	&	&	CCONJ
gujaf-385	238	11	momtaz	momtaz	NOUN
gujaf-385	238	12	,	,	PUNCT
gujaf-385	238	13	p.	p.	NOUN
gujaf-385	238	14	p.	p.	NOUN
gujaf-385	239	1	(	(	PUNCT
gujaf-385	239	2	2025	2025	NUM
gujaf-385	239	3	)	)	PUNCT
gujaf-385	239	4	.	.	PUNCT
gujaf-385	240	1	financing	finance	VERB
gujaf-385	240	2	decentralized	decentralize	VERB
gujaf-385	240	3	digital	digital	ADJ
gujaf-385	240	4	platform	platform	NOUN
gujaf-385	240	5	growth	growth	NOUN
gujaf-385	240	6	:	:	PUNCT
gujaf-385	240	7	the	the	DET
gujaf-385	240	8	role	role	NOUN
gujaf-385	240	9	of	of	ADP
gujaf-385	240	10	crypto	crypto	ADJ
gujaf-385	240	11	funds	fund	NOUN
gujaf-385	240	12	in	in	ADP
gujaf-385	240	13	blockchain	blockchain	PROPN
gujaf-385	240	14	-	-	PUNCT
gujaf-385	240	15	based	base	VERB
gujaf-385	240	16	startups	startup	NOUN
gujaf-385	240	17	.	.	PUNCT
gujaf-385	241	1	journal	journal	PROPN
gujaf-385	241	2	of	of	ADP
gujaf-385	241	3	business	business	NOUN
gujaf-385	241	4	venturing	venturing	NOUN
gujaf-385	241	5	,	,	PUNCT
gujaf-385	241	6	40(1	40(1	NUM
gujaf-385	241	7	)	)	PUNCT
gujaf-385	241	8	,	,	PUNCT
gujaf-385	241	9	106450	106450	NUM
gujaf-385	241	10	.	.	PUNCT
gujaf-385	242	1	de	de	PROPN
gujaf-385	242	2	filippi	filippi	PROPN
gujaf-385	242	3	,	,	PUNCT
gujaf-385	242	4	p.	p.	PROPN
gujaf-385	242	5	,	,	PUNCT
gujaf-385	242	6	&	&	CCONJ
gujaf-385	242	7	loveluck	loveluck	PROPN
gujaf-385	242	8	,	,	PUNCT
gujaf-385	242	9	b.	b.	PROPN
gujaf-385	242	10	(	(	PUNCT
gujaf-385	242	11	2016	2016	NUM
gujaf-385	242	12	)	)	PUNCT
gujaf-385	242	13	.	.	PUNCT
gujaf-385	243	1	the	the	DET
gujaf-385	243	2	invisible	invisible	ADJ
gujaf-385	243	3	politics	politic	NOUN
gujaf-385	243	4	of	of	ADP
gujaf-385	243	5	bitcoin	bitcoin	NOUN
gujaf-385	243	6	:	:	PUNCT
gujaf-385	243	7	governance	governance	NOUN
gujaf-385	243	8	crisis	crisis	NOUN
gujaf-385	243	9	of	of	ADP
gujaf-385	243	10	a	a	DET
gujaf-385	243	11	decentralized	decentralized	ADJ
gujaf-385	243	12	infrastructure	infrastructure	NOUN
gujaf-385	243	13	.	.	PUNCT
gujaf-385	244	1	internet	internet	NOUN
gujaf-385	244	2	policy	policy	NOUN
gujaf-385	244	3	review	review	NOUN
gujaf-385	244	4	,	,	PUNCT
gujaf-385	244	5	5(3	5(3	NUM
gujaf-385	244	6	)	)	PUNCT
gujaf-385	244	7	.	.	PUNCT
gujaf-385	245	1	fisch	fisch	PROPN
gujaf-385	245	2	,	,	PUNCT
gujaf-385	245	3	c.	c.	PROPN
gujaf-385	245	4	,	,	PUNCT
gujaf-385	245	5	faucette	faucette	PROPN
gujaf-385	245	6	,	,	PUNCT
gujaf-385	245	7	k.	k.	PROPN
gujaf-385	245	8	,	,	PUNCT
gujaf-385	245	9	&	&	CCONJ
gujaf-385	245	10	man	man	PROPN
gujaf-385	245	11	,	,	PUNCT
gujaf-385	245	12	j.	j.	PROPN
gujaf-385	245	13	(	(	PUNCT
gujaf-385	245	14	2023	2023	NUM
gujaf-385	245	15	)	)	PUNCT
gujaf-385	245	16	.	.	PUNCT
gujaf-385	246	1	social	social	ADJ
gujaf-385	246	2	networks	network	NOUN
gujaf-385	246	3	and	and	CCONJ
gujaf-385	246	4	venture	venture	NOUN
gujaf-385	246	5	capital	capital	NOUN
gujaf-385	246	6	performance	performance	NOUN
gujaf-385	246	7	in	in	ADP
gujaf-385	246	8	the	the	DET
gujaf-385	246	9	blockchain	blockchain	PROPN
gujaf-385	246	10	ecosystem	ecosystem	PROPN
gujaf-385	246	11	.	.	PUNCT
gujaf-385	247	1	journal	journal	PROPN
gujaf-385	247	2	of	of	ADP
gujaf-385	247	3	business	business	NOUN
gujaf-385	247	4	venturing	venturing	NOUN
gujaf-385	247	5	,	,	PUNCT
gujaf-385	247	6	38(1	38(1	NUM
gujaf-385	247	7	)	)	PUNCT
gujaf-385	247	8	,	,	PUNCT
gujaf-385	247	9	106288	106288	NUM
gujaf-385	247	10	.	.	PUNCT
gujaf-385	248	1	goldsby	goldsby	VERB
gujaf-385	248	2	,	,	PUNCT
gujaf-385	248	3	c.	c.	PROPN
gujaf-385	248	4	,	,	PUNCT
gujaf-385	248	5	&	&	CCONJ
gujaf-385	248	6	hanisch	hanisch	PROPN
gujaf-385	248	7	,	,	PUNCT
gujaf-385	248	8	m.	m.	NOUN
gujaf-385	248	9	(	(	PUNCT
gujaf-385	248	10	2022	2022	NUM
gujaf-385	248	11	)	)	PUNCT
gujaf-385	248	12	.	.	PUNCT
gujaf-385	249	1	the	the	DET
gujaf-385	249	2	boon	boon	NOUN
gujaf-385	249	3	and	and	CCONJ
gujaf-385	249	4	bane	bane	NOUN
gujaf-385	249	5	of	of	ADP
gujaf-385	249	6	blockchain	blockchain	NOUN
gujaf-385	249	7	:	:	PUNCT
gujaf-385	249	8	getting	get	VERB
gujaf-385	249	9	the	the	DET
gujaf-385	249	10	governance	governance	NOUN
gujaf-385	249	11	right	right	NOUN
gujaf-385	249	12	.	.	PUNCT
gujaf-385	250	1	california	california	PROPN
gujaf-385	250	2	management	management	PROPN
gujaf-385	250	3	review	review	PROPN
gujaf-385	250	4	,	,	PUNCT
gujaf-385	250	5	64(3	64(3	NUM
gujaf-385	250	6	)	)	PUNCT
gujaf-385	250	7	,	,	PUNCT
gujaf-385	250	8	5–23	5–23	PROPN
gujaf-385	250	9	.	.	PUNCT
gujaf-385	251	1	hicor	hicor	PROPN
gujaf-385	251	2	,	,	PUNCT
gujaf-385	251	3	z.	z.	PROPN
gujaf-385	251	4	,	,	PUNCT
gujaf-385	251	5	&	&	CCONJ
gujaf-385	251	6	el	el	PROPN
gujaf-385	251	7	menzhi	menzhi	PROPN
gujaf-385	251	8	,	,	PUNCT
gujaf-385	251	9	k.	k.	PROPN
gujaf-385	251	10	(	(	PUNCT
gujaf-385	251	11	2025	2025	NUM
gujaf-385	251	12	)	)	PUNCT
gujaf-385	251	13	.	.	PUNCT
gujaf-385	252	1	rethinking	rethink	VERB
gujaf-385	252	2	governance	governance	NOUN
gujaf-385	252	3	with	with	ADP
gujaf-385	252	4	blockchain	blockchain	PROPN
gujaf-385	252	5	:	:	PUNCT
gujaf-385	252	6	an	an	DET
gujaf-385	252	7	actor	actor	NOUN
gujaf-385	252	8	-	-	PUNCT
gujaf-385	252	9	network	network	NOUN
gujaf-385	252	10	theoretical	theoretical	ADJ
gujaf-385	252	11	approach	approach	NOUN
gujaf-385	252	12	.	.	PUNCT
gujaf-385	253	1	international	international	ADJ
gujaf-385	253	2	journal	journal	PROPN
gujaf-385	253	3	of	of	ADP
gujaf-385	253	4	accounting	accounting	NOUN
gujaf-385	253	5	,	,	PUNCT
gujaf-385	253	6	finance	finance	NOUN
gujaf-385	253	7	,	,	PUNCT
gujaf-385	253	8	auditing	auditing	NOUN
gujaf-385	253	9	,	,	PUNCT
gujaf-385	253	10	management	management	NOUN
gujaf-385	253	11	and	and	CCONJ
gujaf-385	253	12	economics	economic	NOUN
gujaf-385	253	13	,	,	PUNCT
gujaf-385	253	14	6(1	6(1	NUM
gujaf-385	253	15	)	)	PUNCT
gujaf-385	253	16	,	,	PUNCT
gujaf-385	253	17	379	379	NUM
gujaf-385	253	18	-	-	SYM
gujaf-385	253	19	389	389	NUM
gujaf-385	253	20	.	.	PUNCT
gujaf-385	254	1	jovanovic	jovanovic	PROPN
gujaf-385	254	2	,	,	PUNCT
gujaf-385	254	3	m.	m.	NOUN
gujaf-385	254	4	,	,	PUNCT
gujaf-385	254	5	kostic	kostic	PROPN
gujaf-385	254	6	,	,	PUNCT
gujaf-385	254	7	n.	n.	NOUN
gujaf-385	254	8	,	,	PUNCT
gujaf-385	254	9	sebastian	sebastian	PROPN
gujaf-385	254	10	,	,	PUNCT
gujaf-385	254	11	i.	i.	NOUN
gujaf-385	254	12	m.	m.	PROPN
gujaf-385	254	13	,	,	PUNCT
gujaf-385	254	14	&	&	CCONJ
gujaf-385	254	15	sedej	sedej	VERB
gujaf-385	254	16	,	,	PUNCT
gujaf-385	254	17	t.	t.	PROPN
gujaf-385	254	18	(	(	PUNCT
gujaf-385	254	19	2022	2022	NUM
gujaf-385	254	20	)	)	PUNCT
gujaf-385	254	21	.	.	PUNCT
gujaf-385	255	1	managing	manage	VERB
gujaf-385	255	2	a	a	DET
gujaf-385	255	3	blockchain	blockchain	NOUN
gujaf-385	255	4	-	-	PUNCT
gujaf-385	255	5	based	base	VERB
gujaf-385	255	6	platform	platform	NOUN
gujaf-385	255	7	ecosystem	ecosystem	NOUN
gujaf-385	255	8	for	for	ADP
gujaf-385	255	9	industry	industry	NOUN
gujaf-385	255	10	-	-	PUNCT
gujaf-385	255	11	wide	wide	ADJ
gujaf-385	255	12	adoption	adoption	NOUN
gujaf-385	255	13	:	:	PUNCT
gujaf-385	255	14	the	the	DET
gujaf-385	255	15	case	case	NOUN
gujaf-385	255	16	of	of	ADP
gujaf-385	255	17	tradelens	tradelens	PROPN
gujaf-385	255	18	.	.	PUNCT
gujaf-385	256	1	information	information	NOUN
gujaf-385	256	2	systems	system	NOUN
gujaf-385	256	3	journal	journal	NOUN
gujaf-385	256	4	,	,	PUNCT
gujaf-385	256	5	32(5	32(5	NUM
gujaf-385	256	6	)	)	PUNCT
gujaf-385	256	7	,	,	PUNCT
gujaf-385	256	8	789–817	789–817	NUM
gujaf-385	256	9	.	.	PUNCT
gujaf-385	257	1	liu	liu	PROPN
gujaf-385	257	2	,	,	PUNCT
gujaf-385	257	3	y.	y.	PROPN
gujaf-385	257	4	,	,	PUNCT
gujaf-385	257	5	lu	lu	PROPN
gujaf-385	257	6	,	,	PUNCT
gujaf-385	257	7	q.	q.	PROPN
gujaf-385	257	8	,	,	PUNCT
gujaf-385	257	9	yu	yu	PROPN
gujaf-385	257	10	,	,	PUNCT
gujaf-385	257	11	g.	g.	PROPN
gujaf-385	257	12	,	,	PUNCT
gujaf-385	257	13	paik	paik	NOUN
gujaf-385	257	14	,	,	PUNCT
gujaf-385	257	15	h.-y	h.-y	NOUN
gujaf-385	257	16	.	.	PUNCT
gujaf-385	257	17	,	,	PUNCT
gujaf-385	257	18	&	&	CCONJ
gujaf-385	257	19	zhu	zhu	PROPN
gujaf-385	257	20	,	,	PUNCT
gujaf-385	257	21	l.	l.	PROPN
gujaf-385	257	22	(	(	PUNCT
gujaf-385	257	23	2021	2021	NUM
gujaf-385	257	24	)	)	PUNCT
gujaf-385	257	25	.	.	PUNCT
gujaf-385	258	1	defining	define	VERB
gujaf-385	258	2	blockchain	blockchain	PROPN
gujaf-385	258	3	governance	governance	NOUN
gujaf-385	258	4	principles	principle	NOUN
gujaf-385	258	5	:	:	PUNCT
gujaf-385	258	6	a	a	DET
gujaf-385	258	7	comprehensive	comprehensive	ADJ
gujaf-385	258	8	framework	framework	NOUN
gujaf-385	258	9	.	.	PUNCT
gujaf-385	259	1	information	information	NOUN
gujaf-385	259	2	&	&	CCONJ
gujaf-385	259	3	management	management	NOUN
gujaf-385	259	4	,	,	PUNCT
gujaf-385	259	5	58(6	58(6	NOUN
gujaf-385	259	6	)	)	PUNCT
gujaf-385	259	7	,	,	PUNCT
gujaf-385	259	8	103489	103489	NUM
gujaf-385	259	9	.	.	PUNCT
gujaf-385	260	1	mackinlay	mackinlay	PROPN
gujaf-385	260	2	,	,	PUNCT
gujaf-385	260	3	a.	a.	PROPN
gujaf-385	260	4	c.	c.	PROPN
gujaf-385	260	5	(	(	PUNCT
gujaf-385	260	6	1997	1997	NUM
gujaf-385	260	7	)	)	PUNCT
gujaf-385	260	8	.	.	PUNCT
gujaf-385	261	1	event	event	NOUN
gujaf-385	261	2	studies	study	NOUN
gujaf-385	261	3	in	in	ADP
gujaf-385	261	4	economics	economic	NOUN
gujaf-385	261	5	and	and	CCONJ
gujaf-385	261	6	finance	finance	NOUN
gujaf-385	261	7	.	.	PUNCT
gujaf-385	262	1	journal	journal	NOUN
gujaf-385	262	2	of	of	ADP
gujaf-385	262	3	economic	economic	ADJ
gujaf-385	262	4	literature	literature	NOUN
gujaf-385	262	5	,	,	PUNCT
gujaf-385	262	6	35(1	35(1	NUM
gujaf-385	262	7	)	)	PUNCT
gujaf-385	262	8	,	,	PUNCT
gujaf-385	262	9	13–39	13–39	NUM
gujaf-385	262	10	.	.	PUNCT
gujaf-385	263	1	momtaz	momtaz	NOUN
gujaf-385	263	2	,	,	PUNCT
gujaf-385	263	3	p.	p.	NOUN
gujaf-385	263	4	p.	p.	NOUN
gujaf-385	263	5	(	(	PUNCT
gujaf-385	263	6	2020	2020	NUM
gujaf-385	263	7	)	)	PUNCT
gujaf-385	263	8	.	.	PUNCT
gujaf-385	264	1	entrepreneurial	entrepreneurial	ADJ
gujaf-385	264	2	finance	finance	NOUN
gujaf-385	264	3	in	in	ADP
gujaf-385	264	4	the	the	DET
gujaf-385	264	5	cryptocurrency	cryptocurrency	NOUN
gujaf-385	264	6	economy	economy	NOUN
gujaf-385	264	7	:	:	PUNCT
gujaf-385	264	8	initial	initial	ADJ
gujaf-385	264	9	coin	coin	NOUN
gujaf-385	264	10	offerings	offering	NOUN
gujaf-385	264	11	.	.	PUNCT
gujaf-385	265	1	journal	journal	NOUN
gujaf-385	265	2	of	of	ADP
gujaf-385	265	3	corporate	corporate	ADJ
gujaf-385	265	4	finance	finance	NOUN
gujaf-385	265	5	,	,	PUNCT
gujaf-385	265	6	62	62	NUM
gujaf-385	265	7	,	,	PUNCT
gujaf-385	265	8	101592	101592	NUM
gujaf-385	265	9	.	.	PUNCT
gujaf-385	266	1	gusau	gusau	PROPN
gujaf-385	266	2	journal	journal	PROPN
gujaf-385	266	3	of	of	ADP
gujaf-385	266	4	accounting	accounting	NOUN
gujaf-385	266	5	and	and	CCONJ
gujaf-385	266	6	finance	finance	NOUN
gujaf-385	266	7	,	,	PUNCT
gujaf-385	266	8	vol.6	vol.6	PROPN
gujaf-385	266	9	,	,	PUNCT
gujaf-385	266	10	issue	issue	NOUN
gujaf-385	266	11	1	1	NUM
gujaf-385	266	12	,	,	PUNCT
gujaf-385	266	13	april	april	PROPN
gujaf-385	266	14	,	,	PUNCT
gujaf-385	266	15	2025	2025	NUM
gujaf-385	266	16	302	302	NUM
gujaf-385	266	17	momtaz	momtaz	NOUN
gujaf-385	266	18	,	,	PUNCT
gujaf-385	266	19	p.	p.	NOUN
gujaf-385	266	20	p.	p.	NOUN
gujaf-385	266	21	(	(	PUNCT
gujaf-385	266	22	2020	2020	NUM
gujaf-385	266	23	)	)	PUNCT
gujaf-385	266	24	.	.	PUNCT
gujaf-385	267	1	initial	initial	ADJ
gujaf-385	267	2	coin	coin	NOUN
gujaf-385	267	3	offerings	offering	NOUN
gujaf-385	267	4	:	:	PUNCT
gujaf-385	267	5	financing	finance	VERB
gujaf-385	267	6	growth	growth	NOUN
gujaf-385	267	7	with	with	ADP
gujaf-385	267	8	cryptocurrency	cryptocurrency	NOUN
gujaf-385	267	9	token	token	VERB
gujaf-385	267	10	sales	sale	NOUN
gujaf-385	267	11	.	.	PUNCT
gujaf-385	268	1	review	review	NOUN
gujaf-385	268	2	of	of	ADP
gujaf-385	268	3	corporate	corporate	ADJ
gujaf-385	268	4	finance	finance	NOUN
gujaf-385	268	5	studies	study	NOUN
gujaf-385	268	6	,	,	PUNCT
gujaf-385	268	7	9(2	9(2	NUM
gujaf-385	268	8	)	)	PUNCT
gujaf-385	268	9	,	,	PUNCT
gujaf-385	268	10	1–35	1–35	PROPN
gujaf-385	268	11	.	.	PUNCT
gujaf-385	269	1	schlagwein	schlagwein	PROPN
gujaf-385	269	2	,	,	PUNCT
gujaf-385	269	3	d.	d.	PROPN
gujaf-385	269	4	,	,	PUNCT
gujaf-385	269	5	daneshgar	daneshgar	PROPN
gujaf-385	269	6	,	,	PUNCT
gujaf-385	269	7	f.	f.	PROPN
gujaf-385	269	8	,	,	PUNCT
gujaf-385	269	9	&	&	CCONJ
gujaf-385	269	10	schoder	schoder	NOUN
gujaf-385	269	11	,	,	PUNCT
gujaf-385	269	12	d.	d.	PROPN
gujaf-385	269	13	(	(	PUNCT
gujaf-385	269	14	2022	2022	NUM
gujaf-385	269	15	)	)	PUNCT
gujaf-385	269	16	.	.	PUNCT
gujaf-385	270	1	platform	platform	NOUN
gujaf-385	270	2	governance	governance	NOUN
gujaf-385	270	3	for	for	ADP
gujaf-385	270	4	blockchain	blockchain	PROPN
gujaf-385	270	5	ecosystems	ecosystem	NOUN
gujaf-385	270	6	:	:	PUNCT
gujaf-385	270	7	principles	principle	NOUN
gujaf-385	270	8	and	and	CCONJ
gujaf-385	270	9	research	research	NOUN
gujaf-385	270	10	agenda	agenda	NOUN
gujaf-385	270	11	.	.	PUNCT
gujaf-385	271	1	electronic	electronic	ADJ
gujaf-385	271	2	markets	market	NOUN
gujaf-385	271	3	,	,	PUNCT
gujaf-385	271	4	32	32	NUM
gujaf-385	271	5	,	,	PUNCT
gujaf-385	271	6	1239–1255	1239–1255	NUM
gujaf-385	271	7	.	.	PUNCT
gujaf-385	271	8	williamson	williamson	PROPN
gujaf-385	271	9	,	,	PUNCT
gujaf-385	271	10	o.	o.	PROPN
gujaf-385	271	11	e.	e.	PROPN
gujaf-385	271	12	(	(	PUNCT
gujaf-385	271	13	1981	1981	NUM
gujaf-385	271	14	)	)	PUNCT
gujaf-385	271	15	.	.	PUNCT
gujaf-385	272	1	the	the	DET
gujaf-385	272	2	economics	economic	NOUN
gujaf-385	272	3	of	of	ADP
gujaf-385	272	4	organization	organization	NOUN
gujaf-385	272	5	:	:	PUNCT
gujaf-385	272	6	the	the	DET
gujaf-385	272	7	transaction	transaction	NOUN
gujaf-385	272	8	cost	cost	NOUN
gujaf-385	272	9	approach	approach	NOUN
gujaf-385	272	10	.	.	PUNCT
gujaf-385	273	1	american	american	ADJ
gujaf-385	273	2	journal	journal	PROPN
gujaf-385	273	3	of	of	ADP
gujaf-385	273	4	sociology	sociology	NOUN
gujaf-385	273	5	,	,	PUNCT
gujaf-385	273	6	87(3	87(3	NUM
gujaf-385	273	7	)	)	PUNCT
gujaf-385	273	8	,	,	PUNCT
gujaf-385	273	9	548–577	548–577	NUM
gujaf-385	273	10	.	.	PUNCT
gujaf-385	274	1	wooldridge	wooldridge	PROPN
gujaf-385	274	2	,	,	PUNCT
gujaf-385	274	3	j.	j.	PROPN
gujaf-385	274	4	m.	m.	PROPN
gujaf-385	274	5	(	(	PUNCT
gujaf-385	274	6	2010	2010	NUM
gujaf-385	274	7	)	)	PUNCT
gujaf-385	274	8	.	.	PUNCT
gujaf-385	275	1	econometric	econometric	ADJ
gujaf-385	275	2	analysis	analysis	NOUN
gujaf-385	275	3	of	of	ADP
gujaf-385	275	4	cross	cross	NOUN
gujaf-385	275	5	section	section	NOUN
gujaf-385	275	6	and	and	CCONJ
gujaf-385	275	7	panel	panel	NOUN
gujaf-385	275	8	data	datum	NOUN
gujaf-385	275	9	(	(	PUNCT
gujaf-385	275	10	2nd	2nd	ADJ
gujaf-385	275	11	ed	ed	NOUN
gujaf-385	275	12	.	.	PUNCT
gujaf-385	275	13	)	)	PUNCT
gujaf-385	275	14	.	.	PUNCT
gujaf-385	276	1	mit	mit	PROPN
gujaf-385	276	2	press	press	PROPN
gujaf-385	276	3	.	.	PUNCT
gujaf-385	277	1	xu	xu	INTJ
gujaf-385	277	2	,	,	PUNCT
gujaf-385	277	3	t.	t.	PROPN
gujaf-385	277	4	a.	a.	PROPN
gujaf-385	277	5	,	,	PUNCT
gujaf-385	277	6	xu	xu	PROPN
gujaf-385	277	7	,	,	PUNCT
gujaf-385	277	8	j.	j.	PROPN
gujaf-385	277	9	,	,	PUNCT
gujaf-385	277	10	&	&	CCONJ
gujaf-385	277	11	lommers	lommers	PROPN
gujaf-385	277	12	,	,	PUNCT
gujaf-385	277	13	k.	k.	PROPN
gujaf-385	277	14	(	(	PUNCT
gujaf-385	277	15	2022	2022	NUM
gujaf-385	277	16	)	)	PUNCT
gujaf-385	277	17	.	.	PUNCT
gujaf-385	278	1	defi	defi	PROPN
gujaf-385	278	2	vs	vs	ADP
gujaf-385	278	3	tradfi	tradfi	NOUN
gujaf-385	278	4	:	:	PUNCT
gujaf-385	278	5	valuation	valuation	NOUN
gujaf-385	278	6	using	use	VERB
gujaf-385	278	7	multiples	multiple	NOUN
gujaf-385	278	8	and	and	CCONJ
gujaf-385	278	9	discounted	discount	VERB
gujaf-385	278	10	cash	cash	NOUN
gujaf-385	278	11	flow	flow	NOUN
gujaf-385	278	12	.	.	PUNCT
gujaf-385	279	1	arxiv	arxiv	PROPN
gujaf-385	279	2	preprint	preprint	PROPN
gujaf-385	279	3	arxiv:2210.16846	arxiv:2210.16846	PROPN
gujaf-385	279	4	.	.	PUNCT
gujaf-385	280	1	zhang	zhang	PROPN
gujaf-385	280	2	,	,	PUNCT
gujaf-385	280	3	j.	j.	PROPN
gujaf-385	280	4	z.	z.	PROPN
gujaf-385	280	5	,	,	PUNCT
gujaf-385	280	6	zhang	zhang	PROPN
gujaf-385	280	7	,	,	PUNCT
gujaf-385	280	8	r.	r.	PROPN
gujaf-385	280	9	,	,	PUNCT
gujaf-385	280	10	&	&	CCONJ
gujaf-385	280	11	xu	xu	PROPN
gujaf-385	280	12	,	,	PUNCT
gujaf-385	280	13	j.	j.	PROPN
gujaf-385	280	14	j.	j.	PROPN
gujaf-385	280	15	(	(	PUNCT
gujaf-385	280	16	2021	2021	NUM
gujaf-385	280	17	)	)	PUNCT
gujaf-385	280	18	.	.	PUNCT
gujaf-385	281	1	governance	governance	NOUN
gujaf-385	281	2	and	and	CCONJ
gujaf-385	281	3	efficiency	efficiency	NOUN
gujaf-385	281	4	in	in	ADP
gujaf-385	281	5	blockchain	blockchain	PROPN
gujaf-385	281	6	-	-	PUNCT
gujaf-385	281	7	based	base	VERB
gujaf-385	281	8	organizations	organization	NOUN
gujaf-385	281	9	:	:	PUNCT
gujaf-385	281	10	an	an	DET
gujaf-385	281	11	empirical	empirical	ADJ
gujaf-385	281	12	investigation	investigation	NOUN
gujaf-385	281	13	.	.	PUNCT
gujaf-385	282	1	information	information	NOUN
gujaf-385	282	2	systems	system	NOUN
gujaf-385	282	3	research	research	NOUN
gujaf-385	282	4	,	,	PUNCT
gujaf-385	282	5	32(3	32(3	NUM
gujaf-385	282	6	)	)	PUNCT
gujaf-385	282	7	,	,	PUNCT
gujaf-385	282	8	709	709	X
gujaf-385	282	9	–	–	PUNCT
gujaf-385	282	10	731	731	NUM
gujaf-385	282	11	.	.	PUNCT