id	sid	tid	token	lemma	pos
gujaf-392	1	1	microsoft	microsoft	PROPN
gujaf-392	1	2	word	word	PROPN
gujaf-392	1	3	fk	fk	INTJ
gujaf-392	1	4	to	to	ADP
gujaf-392	1	5	mr	mr	PROPN
gujaf-392	1	6	hassan	hassan	PROPN
gujaf-392	1	7	6	6	NUM
gujaf-392	1	8	1	1	NUM
gujaf-392	1	9	gusau	gusau	ADJ
gujaf-392	1	10	journal	journal	NOUN
gujaf-392	1	11	of	of	ADP
gujaf-392	1	12	accounting	accounting	NOUN
gujaf-392	1	13	and	and	CCONJ
gujaf-392	1	14	finance	finance	NOUN
gujaf-392	1	15	,	,	PUNCT
gujaf-392	1	16	vol.6	vol.6	PROPN
gujaf-392	1	17	,	,	PUNCT
gujaf-392	1	18	issue	issue	NOUN
gujaf-392	1	19	1	1	NUM
gujaf-392	1	20	,	,	PUNCT
gujaf-392	1	21	april	april	PROPN
gujaf-392	1	22	,	,	PUNCT
gujaf-392	1	23	2025	2025	NUM
gujaf-392	1	24	399	399	NUM
gujaf-392	1	25	the	the	DET
gujaf-392	1	26	impact	impact	NOUN
gujaf-392	1	27	of	of	ADP
gujaf-392	1	28	managerial	managerial	ADJ
gujaf-392	1	29	ability	ability	NOUN
gujaf-392	1	30	,	,	PUNCT
gujaf-392	1	31	regulatory	regulatory	ADJ
gujaf-392	1	32	adaptability	adaptability	NOUN
gujaf-392	1	33	,	,	PUNCT
gujaf-392	1	34	and	and	CCONJ
gujaf-392	1	35	information	information	NOUN
gujaf-392	1	36	systems	system	NOUN
gujaf-392	1	37	sophistication	sophistication	NOUN
gujaf-392	1	38	on	on	ADP
gujaf-392	1	39	financial	financial	ADJ
gujaf-392	1	40	firm	firm	ADJ
gujaf-392	1	41	performance	performance	NOUN
gujaf-392	1	42	nageri	nageri	NOUN
gujaf-392	1	43	kamaldeen	kamaldeen	VERB
gujaf-392	1	44	nagerikamadeen0@gmail.com	nagerikamadeen0@gmail.com	PROPN
gujaf-392	1	45	department	department	NOUN
gujaf-392	1	46	of	of	ADP
gujaf-392	1	47	accounting	accounting	NOUN
gujaf-392	1	48	science	science	NOUN
gujaf-392	1	49	,	,	PUNCT
gujaf-392	1	50	walter	walter	PROPN
gujaf-392	1	51	sisulu	sisulu	PROPN
gujaf-392	1	52	university	university	PROPN
gujaf-392	1	53	,	,	PUNCT
gujaf-392	1	54	mthatha	mthatha	PROPN
gujaf-392	1	55	,	,	PUNCT
gujaf-392	1	56	south	south	PROPN
gujaf-392	1	57	africa	africa	PROPN
gujaf-392	1	58	https://doi.org/10.57233/gujaf.v46i21.27	https://doi.org/10.57233/gujaf.v46i21.27	PROPN
gujaf-392	1	59	abstract	abstract	ADJ
gujaf-392	1	60	this	this	DET
gujaf-392	1	61	study	study	NOUN
gujaf-392	1	62	examines	examine	VERB
gujaf-392	1	63	the	the	DET
gujaf-392	1	64	influence	influence	NOUN
gujaf-392	1	65	of	of	ADP
gujaf-392	1	66	managerial	managerial	ADJ
gujaf-392	1	67	ability	ability	NOUN
gujaf-392	1	68	on	on	ADP
gujaf-392	1	69	firm	firm	ADJ
gujaf-392	1	70	performance	performance	NOUN
gujaf-392	1	71	within	within	ADP
gujaf-392	1	72	the	the	DET
gujaf-392	1	73	financial	financial	ADJ
gujaf-392	1	74	sector	sector	NOUN
gujaf-392	1	75	,	,	PUNCT
gujaf-392	1	76	considering	consider	VERB
gujaf-392	1	77	the	the	DET
gujaf-392	1	78	roles	role	NOUN
gujaf-392	1	79	of	of	ADP
gujaf-392	1	80	regulatory	regulatory	ADJ
gujaf-392	1	81	adaptability	adaptability	NOUN
gujaf-392	1	82	and	and	CCONJ
gujaf-392	1	83	information	information	NOUN
gujaf-392	1	84	systems	system	NOUN
gujaf-392	1	85	sophistication	sophistication	NOUN
gujaf-392	1	86	.	.	PUNCT
gujaf-392	2	1	utilizing	utilize	VERB
gujaf-392	2	2	panel	panel	NOUN
gujaf-392	2	3	regression	regression	VERB
gujaf-392	2	4	analysis	analysis	NOUN
gujaf-392	2	5	on	on	ADP
gujaf-392	2	6	data	datum	NOUN
gujaf-392	2	7	from	from	ADP
gujaf-392	2	8	960	960	NUM
gujaf-392	2	9	european	european	ADJ
gujaf-392	2	10	firms	firm	NOUN
gujaf-392	2	11	,	,	PUNCT
gujaf-392	2	12	the	the	DET
gujaf-392	2	13	research	research	NOUN
gujaf-392	2	14	evaluates	evaluate	VERB
gujaf-392	2	15	performance	performance	NOUN
gujaf-392	2	16	through	through	ADP
gujaf-392	2	17	return	return	NOUN
gujaf-392	2	18	on	on	ADP
gujaf-392	2	19	equity	equity	NOUN
gujaf-392	2	20	(	(	PUNCT
gujaf-392	2	21	roe	roe	PROPN
gujaf-392	2	22	)	)	PUNCT
gujaf-392	2	23	,	,	PUNCT
gujaf-392	2	24	return	return	VERB
gujaf-392	2	25	on	on	ADP
gujaf-392	2	26	assets	asset	NOUN
gujaf-392	2	27	(	(	PUNCT
gujaf-392	2	28	roa	roa	NOUN
gujaf-392	2	29	)	)	PUNCT
gujaf-392	2	30	,	,	PUNCT
gujaf-392	2	31	and	and	CCONJ
gujaf-392	2	32	tobin	tobin	PROPN
gujaf-392	2	33	’s	’s	PART
gujaf-392	2	34	q.	q.	PROPN
gujaf-392	2	35	findings	finding	NOUN
gujaf-392	2	36	reveal	reveal	VERB
gujaf-392	2	37	that	that	SCONJ
gujaf-392	2	38	managerial	managerial	ADJ
gujaf-392	2	39	ability	ability	NOUN
gujaf-392	2	40	significantly	significantly	ADV
gujaf-392	2	41	improves	improve	VERB
gujaf-392	2	42	firm	firm	ADJ
gujaf-392	2	43	performance	performance	NOUN
gujaf-392	2	44	across	across	ADP
gujaf-392	2	45	all	all	DET
gujaf-392	2	46	metrics	metric	NOUN
gujaf-392	2	47	.	.	PUNCT
gujaf-392	3	1	additionally	additionally	ADV
gujaf-392	3	2	,	,	PUNCT
gujaf-392	3	3	regulatory	regulatory	ADJ
gujaf-392	3	4	adaptability	adaptability	NOUN
gujaf-392	3	5	and	and	CCONJ
gujaf-392	3	6	advanced	advanced	ADJ
gujaf-392	3	7	information	information	NOUN
gujaf-392	3	8	systems	system	NOUN
gujaf-392	3	9	positively	positively	ADV
gujaf-392	3	10	moderate	moderate	VERB
gujaf-392	3	11	this	this	DET
gujaf-392	3	12	relationship	relationship	NOUN
gujaf-392	3	13	,	,	PUNCT
gujaf-392	3	14	underscoring	underscore	VERB
gujaf-392	3	15	the	the	DET
gujaf-392	3	16	importance	importance	NOUN
gujaf-392	3	17	of	of	ADP
gujaf-392	3	18	institutional	institutional	ADJ
gujaf-392	3	19	agility	agility	NOUN
gujaf-392	3	20	and	and	CCONJ
gujaf-392	3	21	digital	digital	ADJ
gujaf-392	3	22	infrastructure	infrastructure	NOUN
gujaf-392	3	23	.	.	PUNCT
gujaf-392	4	1	the	the	DET
gujaf-392	4	2	results	result	NOUN
gujaf-392	4	3	suggest	suggest	VERB
gujaf-392	4	4	that	that	SCONJ
gujaf-392	4	5	combining	combine	VERB
gujaf-392	4	6	managerial	managerial	ADJ
gujaf-392	4	7	talent	talent	NOUN
gujaf-392	4	8	with	with	ADP
gujaf-392	4	9	proactive	proactive	ADJ
gujaf-392	4	10	regulatory	regulatory	ADJ
gujaf-392	4	11	strategies	strategy	NOUN
gujaf-392	4	12	and	and	CCONJ
gujaf-392	4	13	technology	technology	NOUN
gujaf-392	4	14	investments	investment	NOUN
gujaf-392	4	15	enhances	enhance	VERB
gujaf-392	4	16	competitive	competitive	ADJ
gujaf-392	4	17	advantage	advantage	NOUN
gujaf-392	4	18	.	.	PUNCT
gujaf-392	5	1	the	the	DET
gujaf-392	5	2	study	study	NOUN
gujaf-392	5	3	recommends	recommend	VERB
gujaf-392	5	4	that	that	SCONJ
gujaf-392	5	5	financial	financial	ADJ
gujaf-392	5	6	institutions	institution	NOUN
gujaf-392	5	7	prioritize	prioritize	VERB
gujaf-392	5	8	leadership	leadership	NOUN
gujaf-392	5	9	development	development	NOUN
gujaf-392	5	10	,	,	PUNCT
gujaf-392	5	11	embrace	embrace	VERB
gujaf-392	5	12	regulatory	regulatory	ADJ
gujaf-392	5	13	innovation	innovation	NOUN
gujaf-392	5	14	,	,	PUNCT
gujaf-392	5	15	and	and	CCONJ
gujaf-392	5	16	accelerate	accelerate	VERB
gujaf-392	5	17	digital	digital	ADJ
gujaf-392	5	18	transformation	transformation	NOUN
gujaf-392	5	19	to	to	PART
gujaf-392	5	20	sustain	sustain	VERB
gujaf-392	5	21	superior	superior	ADJ
gujaf-392	5	22	performance	performance	NOUN
gujaf-392	5	23	.	.	PUNCT
gujaf-392	6	1	keywords	keyword	NOUN
gujaf-392	6	2	:	:	PUNCT
gujaf-392	6	3	managerial	managerial	ADJ
gujaf-392	6	4	ability	ability	NOUN
gujaf-392	6	5	,	,	PUNCT
gujaf-392	6	6	firm	firm	ADJ
gujaf-392	6	7	performance	performance	NOUN
gujaf-392	6	8	,	,	PUNCT
gujaf-392	6	9	regulatory	regulatory	ADJ
gujaf-392	6	10	adaptability	adaptability	NOUN
gujaf-392	6	11	,	,	PUNCT
gujaf-392	6	12	information	information	NOUN
gujaf-392	6	13	systems	system	NOUN
gujaf-392	6	14	sophistication	sophistication	NOUN
gujaf-392	6	15	,	,	PUNCT
gujaf-392	6	16	financial	financial	ADJ
gujaf-392	6	17	institutions	institution	NOUN
gujaf-392	6	18	,	,	PUNCT
gujaf-392	6	19	resource	resource	NOUN
gujaf-392	6	20	-	-	PUNCT
gujaf-392	6	21	based	base	VERB
gujaf-392	6	22	view	view	NOUN
gujaf-392	6	23	1.0	1.0	NUM
gujaf-392	6	24	introduction	introduction	NOUN
gujaf-392	6	25	managerial	managerial	ADJ
gujaf-392	6	26	ability	ability	NOUN
gujaf-392	6	27	has	have	AUX
gujaf-392	6	28	long	long	ADV
gujaf-392	6	29	been	be	AUX
gujaf-392	6	30	recognized	recognize	VERB
gujaf-392	6	31	as	as	ADP
gujaf-392	6	32	a	a	DET
gujaf-392	6	33	critical	critical	ADJ
gujaf-392	6	34	factor	factor	NOUN
gujaf-392	6	35	influencing	influence	VERB
gujaf-392	6	36	firm	firm	ADJ
gujaf-392	6	37	performance	performance	NOUN
gujaf-392	6	38	,	,	PUNCT
gujaf-392	6	39	yet	yet	CCONJ
gujaf-392	6	40	its	its	PRON
gujaf-392	6	41	precise	precise	ADJ
gujaf-392	6	42	role	role	NOUN
gujaf-392	6	43	and	and	CCONJ
gujaf-392	6	44	measurement	measurement	NOUN
gujaf-392	6	45	have	have	AUX
gujaf-392	6	46	remained	remain	VERB
gujaf-392	6	47	central	central	ADJ
gujaf-392	6	48	to	to	ADP
gujaf-392	6	49	academic	academic	ADJ
gujaf-392	6	50	debates	debate	NOUN
gujaf-392	6	51	.	.	PUNCT
gujaf-392	7	1	as	as	SCONJ
gujaf-392	7	2	markets	market	NOUN
gujaf-392	7	3	become	become	VERB
gujaf-392	7	4	more	more	ADV
gujaf-392	7	5	volatile	volatile	ADJ
gujaf-392	7	6	and	and	CCONJ
gujaf-392	7	7	industries	industry	NOUN
gujaf-392	7	8	increasingly	increasingly	ADV
gujaf-392	7	9	face	face	VERB
gujaf-392	7	10	regulatory	regulatory	ADJ
gujaf-392	7	11	complexity	complexity	NOUN
gujaf-392	7	12	,	,	PUNCT
gujaf-392	7	13	the	the	DET
gujaf-392	7	14	ability	ability	NOUN
gujaf-392	7	15	of	of	ADP
gujaf-392	7	16	managers	manager	NOUN
gujaf-392	7	17	to	to	PART
gujaf-392	7	18	navigate	navigate	VERB
gujaf-392	7	19	these	these	DET
gujaf-392	7	20	challenges	challenge	NOUN
gujaf-392	7	21	can	can	AUX
gujaf-392	7	22	significantly	significantly	ADV
gujaf-392	7	23	impact	impact	VERB
gujaf-392	7	24	a	a	DET
gujaf-392	7	25	firm	firm	NOUN
gujaf-392	7	26	’s	’s	PART
gujaf-392	7	27	operational	operational	ADJ
gujaf-392	7	28	efficiency	efficiency	NOUN
gujaf-392	7	29	and	and	CCONJ
gujaf-392	7	30	financial	financial	ADJ
gujaf-392	7	31	success	success	NOUN
gujaf-392	7	32	.	.	PUNCT
gujaf-392	8	1	while	while	SCONJ
gujaf-392	8	2	traditional	traditional	ADJ
gujaf-392	8	3	explanations	explanation	NOUN
gujaf-392	8	4	of	of	ADP
gujaf-392	8	5	firm	firm	ADJ
gujaf-392	8	6	performance	performance	NOUN
gujaf-392	8	7	have	have	AUX
gujaf-392	8	8	predominantly	predominantly	ADV
gujaf-392	8	9	focused	focus	VERB
gujaf-392	8	10	on	on	ADP
gujaf-392	8	11	factors	factor	NOUN
gujaf-392	8	12	such	such	ADJ
gujaf-392	8	13	as	as	ADP
gujaf-392	8	14	market	market	NOUN
gujaf-392	8	15	structure	structure	NOUN
gujaf-392	8	16	,	,	PUNCT
gujaf-392	8	17	capital	capital	NOUN
gujaf-392	8	18	allocation	allocation	NOUN
gujaf-392	8	19	,	,	PUNCT
gujaf-392	8	20	and	and	CCONJ
gujaf-392	8	21	technological	technological	ADJ
gujaf-392	8	22	advancements	advancement	NOUN
gujaf-392	8	23	,	,	PUNCT
gujaf-392	8	24	recent	recent	ADJ
gujaf-392	8	25	empirical	empirical	ADJ
gujaf-392	8	26	research	research	NOUN
gujaf-392	8	27	underscores	underscore	VERB
gujaf-392	8	28	the	the	DET
gujaf-392	8	29	importance	importance	NOUN
gujaf-392	8	30	of	of	ADP
gujaf-392	8	31	managerial	managerial	ADJ
gujaf-392	8	32	competence	competence	NOUN
gujaf-392	8	33	as	as	ADP
gujaf-392	8	34	a	a	DET
gujaf-392	8	35	standalone	standalone	NOUN
gujaf-392	8	36	determinant	determinant	ADJ
gujaf-392	8	37	(	(	PUNCT
gujaf-392	8	38	demerjian	demerjian	PROPN
gujaf-392	8	39	et	et	PROPN
gujaf-392	8	40	al	al	PROPN
gujaf-392	8	41	.	.	PROPN
gujaf-392	8	42	,	,	PUNCT
gujaf-392	8	43	2012	2012	NUM
gujaf-392	8	44	;	;	PUNCT
gujaf-392	8	45	bauer	bauer	PROPN
gujaf-392	8	46	&	&	CCONJ
gujaf-392	8	47	heinrich	heinrich	PROPN
gujaf-392	8	48	,	,	PUNCT
gujaf-392	8	49	2025	2025	NUM
gujaf-392	8	50	)	)	PUNCT
gujaf-392	8	51	.	.	PUNCT
gujaf-392	9	1	in	in	ADP
gujaf-392	9	2	sectors	sector	NOUN
gujaf-392	9	3	where	where	SCONJ
gujaf-392	9	4	operational	operational	ADJ
gujaf-392	9	5	efficiency	efficiency	NOUN
gujaf-392	9	6	and	and	CCONJ
gujaf-392	9	7	regulatory	regulatory	ADJ
gujaf-392	9	8	compliance	compliance	NOUN
gujaf-392	9	9	are	be	AUX
gujaf-392	9	10	paramount	paramount	ADJ
gujaf-392	9	11	,	,	PUNCT
gujaf-392	9	12	such	such	ADJ
gujaf-392	9	13	as	as	ADP
gujaf-392	9	14	banking	banking	NOUN
gujaf-392	9	15	and	and	CCONJ
gujaf-392	9	16	insurance	insurance	NOUN
gujaf-392	9	17	,	,	PUNCT
gujaf-392	9	18	the	the	DET
gujaf-392	9	19	variance	variance	NOUN
gujaf-392	9	20	in	in	ADP
gujaf-392	9	21	managerial	managerial	ADJ
gujaf-392	9	22	ability	ability	NOUN
gujaf-392	9	23	is	be	AUX
gujaf-392	9	24	especially	especially	ADV
gujaf-392	9	25	pronounced	pronounce	VERB
gujaf-392	9	26	,	,	PUNCT
gujaf-392	9	27	providing	provide	VERB
gujaf-392	9	28	fertile	fertile	ADJ
gujaf-392	9	29	ground	ground	NOUN
gujaf-392	9	30	for	for	ADP
gujaf-392	9	31	exploring	explore	VERB
gujaf-392	9	32	how	how	SCONJ
gujaf-392	9	33	skill	skill	NOUN
gujaf-392	9	34	differentials	differential	NOUN
gujaf-392	9	35	drive	drive	VERB
gujaf-392	9	36	performance	performance	NOUN
gujaf-392	9	37	disparities	disparity	NOUN
gujaf-392	9	38	across	across	ADP
gujaf-392	9	39	firms	firm	NOUN
gujaf-392	9	40	.	.	PUNCT
gujaf-392	10	1	a	a	DET
gujaf-392	10	2	substantial	substantial	ADJ
gujaf-392	10	3	body	body	NOUN
gujaf-392	10	4	of	of	ADP
gujaf-392	10	5	literature	literature	NOUN
gujaf-392	10	6	has	have	AUX
gujaf-392	10	7	emerged	emerge	VERB
gujaf-392	10	8	over	over	ADP
gujaf-392	10	9	the	the	DET
gujaf-392	10	10	past	past	ADJ
gujaf-392	10	11	two	two	NUM
gujaf-392	10	12	decades	decade	NOUN
gujaf-392	10	13	aimed	aim	VERB
gujaf-392	10	14	at	at	ADP
gujaf-392	10	15	quantifying	quantify	VERB
gujaf-392	10	16	managerial	managerial	ADJ
gujaf-392	10	17	ability	ability	NOUN
gujaf-392	10	18	and	and	CCONJ
gujaf-392	10	19	examining	examine	VERB
gujaf-392	10	20	its	its	PRON
gujaf-392	10	21	effects	effect	NOUN
gujaf-392	10	22	on	on	ADP
gujaf-392	10	23	firm	firm	ADJ
gujaf-392	10	24	-	-	PUNCT
gujaf-392	10	25	level	level	NOUN
gujaf-392	10	26	outcomes	outcome	NOUN
gujaf-392	10	27	.	.	PUNCT
gujaf-392	11	1	one	one	NUM
gujaf-392	11	2	of	of	ADP
gujaf-392	11	3	the	the	DET
gujaf-392	11	4	pioneering	pioneering	ADJ
gujaf-392	11	5	studies	study	NOUN
gujaf-392	11	6	in	in	ADP
gujaf-392	11	7	this	this	DET
gujaf-392	11	8	area	area	NOUN
gujaf-392	11	9	was	be	AUX
gujaf-392	11	10	demerjian	demerjian	ADJ
gujaf-392	11	11	et	et	PROPN
gujaf-392	11	12	al	al	PROPN
gujaf-392	11	13	.	.	PROPN
gujaf-392	12	1	(	(	PUNCT
gujaf-392	12	2	2012	2012	NUM
gujaf-392	12	3	)	)	PUNCT
gujaf-392	12	4	,	,	PUNCT
gujaf-392	12	5	who	who	PRON
gujaf-392	12	6	introduced	introduce	VERB
gujaf-392	12	7	a	a	DET
gujaf-392	12	8	two	two	NUM
gujaf-392	12	9	-	-	PUNCT
gujaf-392	12	10	stage	stage	NOUN
gujaf-392	12	11	process	process	NOUN
gujaf-392	12	12	combining	combine	VERB
gujaf-392	12	13	data	datum	NOUN
gujaf-392	12	14	envelopment	envelopment	ADJ
gujaf-392	12	15	analysis	analysis	NOUN
gujaf-392	12	16	(	(	PUNCT
gujaf-392	12	17	dea	dea	NOUN
gujaf-392	12	18	)	)	PUNCT
gujaf-392	12	19	and	and	CCONJ
gujaf-392	12	20	regression	regression	VERB
gujaf-392	12	21	modeling	modeling	NOUN
gujaf-392	12	22	to	to	PART
gujaf-392	12	23	isolate	isolate	VERB
gujaf-392	12	24	the	the	DET
gujaf-392	12	25	impact	impact	NOUN
gujaf-392	12	26	of	of	ADP
gujaf-392	12	27	managerial	managerial	ADJ
gujaf-392	12	28	efficiency	efficiency	NOUN
gujaf-392	12	29	.	.	PUNCT
gujaf-392	13	1	their	their	PRON
gujaf-392	13	2	methodology	methodology	NOUN
gujaf-392	13	3	,	,	PUNCT
gujaf-392	13	4	which	which	PRON
gujaf-392	13	5	decomposed	decompose	VERB
gujaf-392	13	6	firm	firm	ADJ
gujaf-392	13	7	performance	performance	NOUN
gujaf-392	13	8	into	into	ADP
gujaf-392	13	9	a	a	DET
gujaf-392	13	10	component	component	NOUN
gujaf-392	13	11	attributable	attributable	ADJ
gujaf-392	13	12	to	to	ADP
gujaf-392	13	13	managerial	managerial	ADJ
gujaf-392	13	14	ability	ability	NOUN
gujaf-392	13	15	,	,	PUNCT
gujaf-392	13	16	revealed	reveal	VERB
gujaf-392	13	17	that	that	SCONJ
gujaf-392	13	18	firms	firm	NOUN
gujaf-392	13	19	with	with	ADP
gujaf-392	13	20	higher	high	ADJ
gujaf-392	13	21	managerial	managerial	ADJ
gujaf-392	13	22	ability	ability	NOUN
gujaf-392	13	23	outperformed	outperform	VERB
gujaf-392	13	24	their	their	PRON
gujaf-392	13	25	peers	peer	NOUN
gujaf-392	13	26	in	in	ADP
gujaf-392	13	27	terms	term	NOUN
gujaf-392	13	28	of	of	ADP
gujaf-392	13	29	profitability	profitability	NOUN
gujaf-392	13	30	,	,	PUNCT
gujaf-392	13	31	asset	asset	NOUN
gujaf-392	13	32	turnover	turnover	NOUN
gujaf-392	13	33	,	,	PUNCT
gujaf-392	13	34	and	and	CCONJ
gujaf-392	13	35	market	market	NOUN
gujaf-392	13	36	valuation	valuation	NOUN
gujaf-392	13	37	.	.	PUNCT
gujaf-392	14	1	this	this	DET
gujaf-392	14	2	gusau	gusau	ADJ
gujaf-392	14	3	journal	journal	NOUN
gujaf-392	14	4	of	of	ADP
gujaf-392	14	5	accounting	accounting	NOUN
gujaf-392	14	6	and	and	CCONJ
gujaf-392	14	7	finance	finance	NOUN
gujaf-392	14	8	,	,	PUNCT
gujaf-392	14	9	vol.6	vol.6	PROPN
gujaf-392	14	10	,	,	PUNCT
gujaf-392	14	11	issue	issue	NOUN
gujaf-392	14	12	1	1	NUM
gujaf-392	14	13	,	,	PUNCT
gujaf-392	14	14	april	april	PROPN
gujaf-392	14	15	,	,	PUNCT
gujaf-392	14	16	2025	2025	NUM
gujaf-392	14	17	400	400	NUM
gujaf-392	14	18	seminal	seminal	ADJ
gujaf-392	14	19	work	work	NOUN
gujaf-392	14	20	laid	lay	VERB
gujaf-392	14	21	the	the	DET
gujaf-392	14	22	foundation	foundation	NOUN
gujaf-392	14	23	for	for	ADP
gujaf-392	14	24	subsequent	subsequent	ADJ
gujaf-392	14	25	empirical	empirical	ADJ
gujaf-392	14	26	inquiries	inquiry	NOUN
gujaf-392	14	27	that	that	PRON
gujaf-392	14	28	continue	continue	VERB
gujaf-392	14	29	to	to	PART
gujaf-392	14	30	refine	refine	VERB
gujaf-392	14	31	our	our	PRON
gujaf-392	14	32	understanding	understanding	NOUN
gujaf-392	14	33	of	of	ADP
gujaf-392	14	34	the	the	DET
gujaf-392	14	35	mechanisms	mechanism	NOUN
gujaf-392	14	36	through	through	ADP
gujaf-392	14	37	which	which	PRON
gujaf-392	14	38	managerial	managerial	ADJ
gujaf-392	14	39	skill	skill	NOUN
gujaf-392	14	40	influences	influence	VERB
gujaf-392	14	41	firm	firm	ADJ
gujaf-392	14	42	performance	performance	NOUN
gujaf-392	14	43	,	,	PUNCT
gujaf-392	14	44	particularly	particularly	ADV
gujaf-392	14	45	in	in	ADP
gujaf-392	14	46	capital	capital	NOUN
gujaf-392	14	47	-	-	PUNCT
gujaf-392	14	48	intensive	intensive	ADJ
gujaf-392	14	49	and	and	CCONJ
gujaf-392	14	50	highly	highly	ADV
gujaf-392	14	51	regulated	regulated	ADJ
gujaf-392	14	52	industries	industry	NOUN
gujaf-392	14	53	.	.	PUNCT
gujaf-392	15	1	recent	recent	ADJ
gujaf-392	15	2	studies	study	NOUN
gujaf-392	15	3	have	have	AUX
gujaf-392	15	4	extended	extend	VERB
gujaf-392	15	5	demerjian	demerjian	PROPN
gujaf-392	15	6	et	et	PROPN
gujaf-392	15	7	al	al	PROPN
gujaf-392	15	8	.	.	PROPN
gujaf-392	15	9	's	's	PART
gujaf-392	15	10	framework	framework	NOUN
gujaf-392	15	11	,	,	PUNCT
gujaf-392	15	12	incorporated	incorporate	VERB
gujaf-392	15	13	more	more	ADV
gujaf-392	15	14	sophisticated	sophisticated	ADJ
gujaf-392	15	15	methodologies	methodology	NOUN
gujaf-392	15	16	and	and	CCONJ
gujaf-392	15	17	focusing	focus	VERB
gujaf-392	15	18	on	on	ADP
gujaf-392	15	19	diverse	diverse	ADJ
gujaf-392	15	20	sectors	sector	NOUN
gujaf-392	15	21	.	.	PUNCT
gujaf-392	16	1	for	for	ADP
gujaf-392	16	2	instance	instance	NOUN
gujaf-392	16	3	,	,	PUNCT
gujaf-392	16	4	chen	chen	PROPN
gujaf-392	16	5	et	et	PROPN
gujaf-392	16	6	al	al	PROPN
gujaf-392	16	7	.	.	PROPN
gujaf-392	17	1	(	(	PUNCT
gujaf-392	17	2	2021	2021	NUM
gujaf-392	17	3	)	)	PUNCT
gujaf-392	17	4	applied	apply	VERB
gujaf-392	17	5	a	a	DET
gujaf-392	17	6	threestage	threestage	NOUN
gujaf-392	17	7	dea	dea	PROPN
gujaf-392	17	8	model	model	NOUN
gujaf-392	17	9	to	to	PART
gujaf-392	17	10	isolate	isolate	VERB
gujaf-392	17	11	managerial	managerial	ADJ
gujaf-392	17	12	efficiency	efficiency	NOUN
gujaf-392	17	13	in	in	ADP
gujaf-392	17	14	the	the	DET
gujaf-392	17	15	banking	banking	NOUN
gujaf-392	17	16	sectors	sector	NOUN
gujaf-392	17	17	of	of	ADP
gujaf-392	17	18	china	china	PROPN
gujaf-392	17	19	and	and	CCONJ
gujaf-392	17	20	europe	europe	PROPN
gujaf-392	17	21	.	.	PUNCT
gujaf-392	18	1	their	their	PRON
gujaf-392	18	2	study	study	NOUN
gujaf-392	18	3	revealed	reveal	VERB
gujaf-392	18	4	that	that	SCONJ
gujaf-392	18	5	the	the	DET
gujaf-392	18	6	residuals	residual	NOUN
gujaf-392	18	7	of	of	ADP
gujaf-392	18	8	managerial	managerial	ADJ
gujaf-392	18	9	ability	ability	NOUN
gujaf-392	18	10	,	,	PUNCT
gujaf-392	18	11	reflecting	reflect	VERB
gujaf-392	18	12	pure	pure	ADJ
gujaf-392	18	13	skill	skill	NOUN
gujaf-392	18	14	rather	rather	ADV
gujaf-392	18	15	than	than	ADP
gujaf-392	18	16	exogenous	exogenous	ADJ
gujaf-392	18	17	factors	factor	NOUN
gujaf-392	18	18	,	,	PUNCT
gujaf-392	18	19	were	be	AUX
gujaf-392	18	20	significantly	significantly	ADV
gujaf-392	18	21	correlated	correlate	VERB
gujaf-392	18	22	with	with	ADP
gujaf-392	18	23	higher	high	ADJ
gujaf-392	18	24	returns	return	NOUN
gujaf-392	18	25	on	on	ADP
gujaf-392	18	26	equity	equity	NOUN
gujaf-392	18	27	(	(	PUNCT
gujaf-392	18	28	roe	roe	PROPN
gujaf-392	18	29	)	)	PUNCT
gujaf-392	18	30	and	and	CCONJ
gujaf-392	18	31	superior	superior	ADJ
gujaf-392	18	32	risk	risk	NOUN
gujaf-392	18	33	-	-	PUNCT
gujaf-392	18	34	adjusted	adjust	VERB
gujaf-392	18	35	profitability	profitability	NOUN
gujaf-392	18	36	metrics	metric	NOUN
gujaf-392	18	37	.	.	PUNCT
gujaf-392	19	1	similarly	similarly	ADV
gujaf-392	19	2	,	,	PUNCT
gujaf-392	19	3	ning	ning	PROPN
gujaf-392	19	4	and	and	CCONJ
gujaf-392	19	5	zhang	zhang	PROPN
gujaf-392	19	6	(	(	PUNCT
gujaf-392	19	7	2024	2024	NUM
gujaf-392	19	8	)	)	PUNCT
gujaf-392	19	9	demonstrated	demonstrate	VERB
gujaf-392	19	10	that	that	SCONJ
gujaf-392	19	11	managerial	managerial	ADJ
gujaf-392	19	12	ability	ability	NOUN
gujaf-392	19	13	played	play	VERB
gujaf-392	19	14	a	a	DET
gujaf-392	19	15	substantial	substantial	ADJ
gujaf-392	19	16	role	role	NOUN
gujaf-392	19	17	in	in	ADP
gujaf-392	19	18	explaining	explain	VERB
gujaf-392	19	19	performance	performance	NOUN
gujaf-392	19	20	variation	variation	NOUN
gujaf-392	19	21	across	across	ADP
gujaf-392	19	22	firms	firm	NOUN
gujaf-392	19	23	in	in	ADP
gujaf-392	19	24	the	the	DET
gujaf-392	19	25	insurance	insurance	NOUN
gujaf-392	19	26	industry	industry	NOUN
gujaf-392	19	27	,	,	PUNCT
gujaf-392	19	28	especially	especially	ADV
gujaf-392	19	29	during	during	ADP
gujaf-392	19	30	periods	period	NOUN
gujaf-392	19	31	of	of	ADP
gujaf-392	19	32	regulatory	regulatory	ADJ
gujaf-392	19	33	overhaul	overhaul	NOUN
gujaf-392	19	34	and	and	CCONJ
gujaf-392	19	35	macroeconomic	macroeconomic	ADJ
gujaf-392	19	36	uncertainty	uncertainty	NOUN
gujaf-392	19	37	.	.	PUNCT
gujaf-392	20	1	these	these	DET
gujaf-392	20	2	findings	finding	NOUN
gujaf-392	20	3	underscore	underscore	VERB
gujaf-392	20	4	the	the	DET
gujaf-392	20	5	relevance	relevance	NOUN
gujaf-392	20	6	of	of	ADP
gujaf-392	20	7	managerial	managerial	ADJ
gujaf-392	20	8	competence	competence	NOUN
gujaf-392	20	9	in	in	ADP
gujaf-392	20	10	sectors	sector	NOUN
gujaf-392	20	11	where	where	SCONJ
gujaf-392	20	12	operational	operational	ADJ
gujaf-392	20	13	complexity	complexity	NOUN
gujaf-392	20	14	and	and	CCONJ
gujaf-392	20	15	regulatory	regulatory	ADJ
gujaf-392	20	16	compliance	compliance	NOUN
gujaf-392	20	17	intersect	intersect	ADJ
gujaf-392	20	18	.	.	PUNCT
gujaf-392	21	1	the	the	DET
gujaf-392	21	2	importance	importance	NOUN
gujaf-392	21	3	of	of	ADP
gujaf-392	21	4	managerial	managerial	ADJ
gujaf-392	21	5	ability	ability	NOUN
gujaf-392	21	6	in	in	ADP
gujaf-392	21	7	the	the	DET
gujaf-392	21	8	financial	financial	ADJ
gujaf-392	21	9	services	service	NOUN
gujaf-392	21	10	sector	sector	NOUN
gujaf-392	21	11	has	have	AUX
gujaf-392	21	12	been	be	AUX
gujaf-392	21	13	further	far	ADV
gujaf-392	21	14	reinforced	reinforce	VERB
gujaf-392	21	15	by	by	ADP
gujaf-392	21	16	recent	recent	ADJ
gujaf-392	21	17	studies	study	NOUN
gujaf-392	21	18	that	that	PRON
gujaf-392	21	19	focus	focus	VERB
gujaf-392	21	20	on	on	ADP
gujaf-392	21	21	the	the	DET
gujaf-392	21	22	european	european	ADJ
gujaf-392	21	23	insurance	insurance	NOUN
gujaf-392	21	24	market	market	NOUN
gujaf-392	21	25	.	.	PUNCT
gujaf-392	22	1	bauer	bauer	NOUN
gujaf-392	22	2	and	and	CCONJ
gujaf-392	22	3	heinrich	heinrich	PROPN
gujaf-392	22	4	(	(	PUNCT
gujaf-392	22	5	2025	2025	NUM
gujaf-392	22	6	)	)	PUNCT
gujaf-392	22	7	examined	examine	VERB
gujaf-392	22	8	a	a	DET
gujaf-392	22	9	panel	panel	NOUN
gujaf-392	22	10	of	of	ADP
gujaf-392	22	11	insurers	insurer	NOUN
gujaf-392	22	12	across	across	ADP
gujaf-392	22	13	germany	germany	PROPN
gujaf-392	22	14	,	,	PUNCT
gujaf-392	22	15	austria	austria	PROPN
gujaf-392	22	16	,	,	PUNCT
gujaf-392	22	17	and	and	CCONJ
gujaf-392	22	18	the	the	DET
gujaf-392	22	19	netherlands	netherlands	PROPN
gujaf-392	22	20	and	and	CCONJ
gujaf-392	22	21	found	find	VERB
gujaf-392	22	22	that	that	SCONJ
gujaf-392	22	23	firms	firm	NOUN
gujaf-392	22	24	led	lead	VERB
gujaf-392	22	25	by	by	ADP
gujaf-392	22	26	managers	manager	NOUN
gujaf-392	22	27	with	with	ADP
gujaf-392	22	28	high	high	ADJ
gujaf-392	22	29	ability	ability	NOUN
gujaf-392	22	30	,	,	PUNCT
gujaf-392	22	31	as	as	SCONJ
gujaf-392	22	32	measured	measure	VERB
gujaf-392	22	33	by	by	ADP
gujaf-392	22	34	dea	dea	PROPN
gujaf-392	22	35	-	-	PUNCT
gujaf-392	22	36	based	base	VERB
gujaf-392	22	37	efficiency	efficiency	NOUN
gujaf-392	22	38	residuals	residual	NOUN
gujaf-392	22	39	,	,	PUNCT
gujaf-392	22	40	exhibited	exhibit	VERB
gujaf-392	22	41	superior	superior	ADJ
gujaf-392	22	42	financial	financial	ADJ
gujaf-392	22	43	performance	performance	NOUN
gujaf-392	22	44	in	in	ADP
gujaf-392	22	45	terms	term	NOUN
gujaf-392	22	46	of	of	ADP
gujaf-392	22	47	both	both	CCONJ
gujaf-392	22	48	roe	roe	NOUN
gujaf-392	22	49	and	and	CCONJ
gujaf-392	22	50	firm	firm	ADJ
gujaf-392	22	51	solvency	solvency	NOUN
gujaf-392	22	52	scores	score	NOUN
gujaf-392	22	53	.	.	PUNCT
gujaf-392	23	1	this	this	DET
gujaf-392	23	2	study	study	NOUN
gujaf-392	23	3	also	also	ADV
gujaf-392	23	4	highlighted	highlight	VERB
gujaf-392	23	5	the	the	DET
gujaf-392	23	6	critical	critical	ADJ
gujaf-392	23	7	role	role	NOUN
gujaf-392	23	8	of	of	ADP
gujaf-392	23	9	managerial	managerial	ADJ
gujaf-392	23	10	skill	skill	NOUN
gujaf-392	23	11	during	during	ADP
gujaf-392	23	12	periods	period	NOUN
gujaf-392	23	13	of	of	ADP
gujaf-392	23	14	regulatory	regulatory	ADJ
gujaf-392	23	15	change	change	NOUN
gujaf-392	23	16	,	,	PUNCT
gujaf-392	23	17	such	such	ADJ
gujaf-392	23	18	as	as	ADP
gujaf-392	23	19	the	the	DET
gujaf-392	23	20	adaptation	adaptation	NOUN
gujaf-392	23	21	to	to	ADP
gujaf-392	23	22	solvency	solvency	NOUN
gujaf-392	23	23	ii	ii	PROPN
gujaf-392	23	24	regulations	regulation	NOUN
gujaf-392	23	25	,	,	PUNCT
gujaf-392	23	26	which	which	PRON
gujaf-392	23	27	require	require	VERB
gujaf-392	23	28	insurers	insurer	NOUN
gujaf-392	23	29	to	to	PART
gujaf-392	23	30	align	align	VERB
gujaf-392	23	31	their	their	PRON
gujaf-392	23	32	internal	internal	ADJ
gujaf-392	23	33	operations	operation	NOUN
gujaf-392	23	34	with	with	ADP
gujaf-392	23	35	evolving	evolve	VERB
gujaf-392	23	36	capital	capital	NOUN
gujaf-392	23	37	adequacy	adequacy	NOUN
gujaf-392	23	38	requirements	requirement	NOUN
gujaf-392	23	39	.	.	PUNCT
gujaf-392	24	1	these	these	DET
gujaf-392	24	2	insights	insight	NOUN
gujaf-392	24	3	emphasize	emphasize	VERB
gujaf-392	24	4	that	that	SCONJ
gujaf-392	24	5	the	the	DET
gujaf-392	24	6	ability	ability	NOUN
gujaf-392	24	7	to	to	PART
gujaf-392	24	8	navigate	navigate	VERB
gujaf-392	24	9	complex	complex	ADJ
gujaf-392	24	10	regulatory	regulatory	ADJ
gujaf-392	24	11	environments	environment	NOUN
gujaf-392	24	12	is	be	AUX
gujaf-392	24	13	a	a	DET
gujaf-392	24	14	key	key	ADJ
gujaf-392	24	15	element	element	NOUN
gujaf-392	24	16	of	of	ADP
gujaf-392	24	17	managerial	managerial	ADJ
gujaf-392	24	18	competence	competence	NOUN
gujaf-392	24	19	that	that	PRON
gujaf-392	24	20	directly	directly	ADV
gujaf-392	24	21	influences	influence	VERB
gujaf-392	24	22	firm	firm	ADJ
gujaf-392	24	23	survival	survival	NOUN
gujaf-392	24	24	and	and	CCONJ
gujaf-392	24	25	performance	performance	NOUN
gujaf-392	24	26	in	in	ADP
gujaf-392	24	27	highly	highly	ADV
gujaf-392	24	28	regulated	regulate	VERB
gujaf-392	24	29	industries	industry	NOUN
gujaf-392	24	30	.	.	PUNCT
gujaf-392	25	1	further	far	ADV
gujaf-392	25	2	,	,	PUNCT
gujaf-392	25	3	empirical	empirical	ADJ
gujaf-392	25	4	work	work	NOUN
gujaf-392	25	5	has	have	AUX
gujaf-392	25	6	increasingly	increasingly	ADV
gujaf-392	25	7	acknowledged	acknowledge	VERB
gujaf-392	25	8	that	that	SCONJ
gujaf-392	25	9	managerial	managerial	ADJ
gujaf-392	25	10	ability	ability	NOUN
gujaf-392	25	11	is	be	AUX
gujaf-392	25	12	not	not	PART
gujaf-392	25	13	a	a	DET
gujaf-392	25	14	static	static	ADJ
gujaf-392	25	15	attribute	attribute	NOUN
gujaf-392	25	16	but	but	CCONJ
gujaf-392	25	17	one	one	NOUN
gujaf-392	25	18	that	that	PRON
gujaf-392	25	19	interacts	interact	VERB
gujaf-392	25	20	with	with	ADP
gujaf-392	25	21	other	other	ADJ
gujaf-392	25	22	organizational	organizational	ADJ
gujaf-392	25	23	factors	factor	NOUN
gujaf-392	25	24	,	,	PUNCT
gujaf-392	25	25	including	include	VERB
gujaf-392	25	26	information	information	NOUN
gujaf-392	25	27	systems	system	NOUN
gujaf-392	25	28	capabilities	capability	NOUN
gujaf-392	25	29	and	and	CCONJ
gujaf-392	25	30	crisis	crisis	NOUN
gujaf-392	25	31	management	management	NOUN
gujaf-392	25	32	.	.	PUNCT
gujaf-392	26	1	for	for	ADP
gujaf-392	26	2	example	example	NOUN
gujaf-392	26	3	,	,	PUNCT
gujaf-392	26	4	kou	kou	PROPN
gujaf-392	26	5	et	et	PROPN
gujaf-392	26	6	al	al	PROPN
gujaf-392	26	7	.	.	PROPN
gujaf-392	26	8	(	(	PUNCT
gujaf-392	26	9	2022	2022	NUM
gujaf-392	26	10	)	)	PUNCT
gujaf-392	26	11	explored	explore	VERB
gujaf-392	26	12	the	the	DET
gujaf-392	26	13	moderating	moderate	VERB
gujaf-392	26	14	role	role	NOUN
gujaf-392	26	15	of	of	ADP
gujaf-392	26	16	information	information	NOUN
gujaf-392	26	17	systems	system	NOUN
gujaf-392	26	18	sophistication	sophistication	NOUN
gujaf-392	26	19	on	on	ADP
gujaf-392	26	20	the	the	DET
gujaf-392	26	21	relationship	relationship	NOUN
gujaf-392	26	22	between	between	ADP
gujaf-392	26	23	managerial	managerial	ADJ
gujaf-392	26	24	decisions	decision	NOUN
gujaf-392	26	25	and	and	CCONJ
gujaf-392	26	26	firm	firm	ADJ
gujaf-392	26	27	outcomes	outcome	NOUN
gujaf-392	26	28	.	.	PUNCT
gujaf-392	27	1	they	they	PRON
gujaf-392	27	2	found	find	VERB
gujaf-392	27	3	that	that	SCONJ
gujaf-392	27	4	firms	firm	NOUN
gujaf-392	27	5	with	with	ADP
gujaf-392	27	6	high	high	ADJ
gujaf-392	27	7	managerial	managerial	ADJ
gujaf-392	27	8	ability	ability	NOUN
gujaf-392	27	9	and	and	CCONJ
gujaf-392	27	10	advanced	advanced	ADJ
gujaf-392	27	11	analytics	analytic	NOUN
gujaf-392	27	12	systems	system	NOUN
gujaf-392	27	13	outperformed	outperform	VERB
gujaf-392	27	14	their	their	PRON
gujaf-392	27	15	peers	peer	NOUN
gujaf-392	27	16	in	in	ADP
gujaf-392	27	17	operational	operational	ADJ
gujaf-392	27	18	efficiency	efficiency	NOUN
gujaf-392	27	19	,	,	PUNCT
gujaf-392	27	20	underwriting	underwriting	NOUN
gujaf-392	27	21	success	success	NOUN
gujaf-392	27	22	,	,	PUNCT
gujaf-392	27	23	and	and	CCONJ
gujaf-392	27	24	profitability	profitability	NOUN
gujaf-392	27	25	.	.	PUNCT
gujaf-392	28	1	this	this	DET
gujaf-392	28	2	interaction	interaction	NOUN
gujaf-392	28	3	between	between	ADP
gujaf-392	28	4	human	human	ADJ
gujaf-392	28	5	capital	capital	NOUN
gujaf-392	28	6	and	and	CCONJ
gujaf-392	28	7	digital	digital	ADJ
gujaf-392	28	8	infrastructure	infrastructure	NOUN
gujaf-392	28	9	reflects	reflect	VERB
gujaf-392	28	10	a	a	DET
gujaf-392	28	11	growing	grow	VERB
gujaf-392	28	12	trend	trend	NOUN
gujaf-392	28	13	in	in	ADP
gujaf-392	28	14	business	business	NOUN
gujaf-392	28	15	informatics	informatic	NOUN
gujaf-392	28	16	research	research	NOUN
gujaf-392	28	17	,	,	PUNCT
gujaf-392	28	18	which	which	PRON
gujaf-392	28	19	emphasizes	emphasize	VERB
gujaf-392	28	20	the	the	DET
gujaf-392	28	21	synergy	synergy	NOUN
gujaf-392	28	22	between	between	ADP
gujaf-392	28	23	managerial	managerial	ADJ
gujaf-392	28	24	expertise	expertise	NOUN
gujaf-392	28	25	and	and	CCONJ
gujaf-392	28	26	organizational	organizational	ADJ
gujaf-392	28	27	technology	technology	NOUN
gujaf-392	28	28	in	in	ADP
gujaf-392	28	29	enhancing	enhance	VERB
gujaf-392	28	30	firm	firm	ADJ
gujaf-392	28	31	performance	performance	NOUN
gujaf-392	28	32	(	(	PUNCT
gujaf-392	28	33	khan	khan	PROPN
gujaf-392	28	34	&	&	CCONJ
gujaf-392	28	35	lim	lim	PROPN
gujaf-392	28	36	,	,	PUNCT
gujaf-392	28	37	2020	2020	NUM
gujaf-392	28	38	)	)	PUNCT
gujaf-392	28	39	.	.	PUNCT
gujaf-392	29	1	as	as	SCONJ
gujaf-392	29	2	the	the	DET
gujaf-392	29	3	field	field	NOUN
gujaf-392	29	4	progresses	progress	VERB
gujaf-392	29	5	,	,	PUNCT
gujaf-392	29	6	recent	recent	ADJ
gujaf-392	29	7	empirical	empirical	ADJ
gujaf-392	29	8	methodologies	methodology	NOUN
gujaf-392	29	9	have	have	AUX
gujaf-392	29	10	also	also	ADV
gujaf-392	29	11	enhanced	enhance	VERB
gujaf-392	29	12	our	our	PRON
gujaf-392	29	13	understanding	understanding	NOUN
gujaf-392	29	14	of	of	ADP
gujaf-392	29	15	the	the	DET
gujaf-392	29	16	non	non	ADJ
gujaf-392	29	17	-	-	ADJ
gujaf-392	29	18	linear	linear	ADJ
gujaf-392	29	19	dynamics	dynamic	NOUN
gujaf-392	29	20	between	between	ADP
gujaf-392	29	21	managerial	managerial	ADJ
gujaf-392	29	22	ability	ability	NOUN
gujaf-392	29	23	and	and	CCONJ
gujaf-392	29	24	performance	performance	NOUN
gujaf-392	29	25	.	.	PUNCT
gujaf-392	30	1	traditional	traditional	ADJ
gujaf-392	30	2	linear	linear	ADJ
gujaf-392	30	3	models	model	NOUN
gujaf-392	30	4	,	,	PUNCT
gujaf-392	30	5	while	while	SCONJ
gujaf-392	30	6	useful	useful	ADJ
gujaf-392	30	7	,	,	PUNCT
gujaf-392	30	8	often	often	ADV
gujaf-392	30	9	fail	fail	VERB
gujaf-392	30	10	to	to	PART
gujaf-392	30	11	capture	capture	VERB
gujaf-392	30	12	the	the	DET
gujaf-392	30	13	complex	complex	ADJ
gujaf-392	30	14	and	and	CCONJ
gujaf-392	30	15	curvilinear	curvilinear	ADJ
gujaf-392	30	16	relationships	relationship	NOUN
gujaf-392	30	17	that	that	PRON
gujaf-392	30	18	may	may	AUX
gujaf-392	30	19	exist	exist	VERB
gujaf-392	30	20	between	between	ADP
gujaf-392	30	21	managerial	managerial	ADJ
gujaf-392	30	22	ability	ability	NOUN
gujaf-392	30	23	and	and	CCONJ
gujaf-392	30	24	firm	firm	ADJ
gujaf-392	30	25	outcomes	outcome	NOUN
gujaf-392	30	26	.	.	PUNCT
gujaf-392	31	1	for	for	ADP
gujaf-392	31	2	example	example	NOUN
gujaf-392	31	3	,	,	PUNCT
gujaf-392	31	4	wood	wood	NOUN
gujaf-392	31	5	et	et	PROPN
gujaf-392	31	6	al	al	PROPN
gujaf-392	31	7	.	.	PROPN
gujaf-392	32	1	(	(	PUNCT
gujaf-392	32	2	2022	2022	NUM
gujaf-392	32	3	)	)	PUNCT
gujaf-392	32	4	employed	employ	VERB
gujaf-392	32	5	generalized	generalized	ADJ
gujaf-392	32	6	additive	additive	ADJ
gujaf-392	32	7	models	model	NOUN
gujaf-392	32	8	(	(	PUNCT
gujaf-392	32	9	gam	gam	NOUN
gujaf-392	32	10	)	)	PUNCT
gujaf-392	32	11	to	to	PART
gujaf-392	32	12	explore	explore	VERB
gujaf-392	32	13	the	the	DET
gujaf-392	32	14	non	non	ADJ
gujaf-392	32	15	-	-	ADJ
gujaf-392	32	16	linear	linear	ADJ
gujaf-392	32	17	effects	effect	NOUN
gujaf-392	32	18	of	of	ADP
gujaf-392	32	19	managerial	managerial	ADJ
gujaf-392	32	20	ability	ability	NOUN
gujaf-392	32	21	on	on	ADP
gujaf-392	32	22	firm	firm	ADJ
gujaf-392	32	23	performance	performance	NOUN
gujaf-392	32	24	in	in	ADP
gujaf-392	32	25	the	the	DET
gujaf-392	32	26	european	european	PROPN
gujaf-392	32	27	insurance	insurance	NOUN
gujaf-392	32	28	industry	industry	NOUN
gujaf-392	32	29	.	.	PUNCT
gujaf-392	33	1	their	their	PRON
gujaf-392	33	2	results	result	NOUN
gujaf-392	33	3	highlighted	highlight	VERB
gujaf-392	33	4	that	that	SCONJ
gujaf-392	33	5	the	the	DET
gujaf-392	33	6	relationship	relationship	NOUN
gujaf-392	33	7	between	between	ADP
gujaf-392	33	8	managerial	managerial	ADJ
gujaf-392	33	9	ability	ability	NOUN
gujaf-392	33	10	and	and	CCONJ
gujaf-392	33	11	financial	financial	ADJ
gujaf-392	33	12	performance	performance	NOUN
gujaf-392	33	13	,	,	PUNCT
gujaf-392	33	14	particularly	particularly	ADV
gujaf-392	33	15	roe	roe	NOUN
gujaf-392	33	16	,	,	PUNCT
gujaf-392	33	17	exhibited	exhibit	VERB
gujaf-392	33	18	diminishing	diminishing	NOUN
gujaf-392	33	19	returns	return	NOUN
gujaf-392	33	20	at	at	ADP
gujaf-392	33	21	higher	high	ADJ
gujaf-392	33	22	levels	level	NOUN
gujaf-392	33	23	of	of	ADP
gujaf-392	33	24	managerial	managerial	ADJ
gujaf-392	33	25	competence	competence	NOUN
gujaf-392	33	26	.	.	PUNCT
gujaf-392	34	1	these	these	DET
gujaf-392	34	2	findings	finding	NOUN
gujaf-392	34	3	challenge	challenge	VERB
gujaf-392	34	4	the	the	DET
gujaf-392	34	5	assumption	assumption	NOUN
gujaf-392	34	6	of	of	ADP
gujaf-392	34	7	constant	constant	ADJ
gujaf-392	34	8	marginal	marginal	ADJ
gujaf-392	34	9	effects	effect	NOUN
gujaf-392	34	10	,	,	PUNCT
gujaf-392	34	11	suggesting	suggest	VERB
gujaf-392	34	12	that	that	SCONJ
gujaf-392	34	13	beyond	beyond	ADP
gujaf-392	34	14	a	a	DET
gujaf-392	34	15	certain	certain	ADJ
gujaf-392	34	16	threshold	threshold	NOUN
gujaf-392	34	17	,	,	PUNCT
gujaf-392	34	18	additional	additional	ADJ
gujaf-392	34	19	managerial	managerial	ADJ
gujaf-392	34	20	ability	ability	NOUN
gujaf-392	34	21	may	may	AUX
gujaf-392	34	22	have	have	VERB
gujaf-392	34	23	less	less	ADJ
gujaf-392	34	24	impact	impact	NOUN
gujaf-392	34	25	on	on	ADP
gujaf-392	34	26	firm	firm	ADJ
gujaf-392	34	27	performance	performance	NOUN
gujaf-392	34	28	.	.	PUNCT
gujaf-392	35	1	this	this	DET
gujaf-392	35	2	shift	shift	NOUN
gujaf-392	35	3	toward	toward	ADP
gujaf-392	35	4	more	more	ADV
gujaf-392	35	5	flexible	flexible	ADJ
gujaf-392	35	6	gusau	gusau	ADJ
gujaf-392	35	7	journal	journal	NOUN
gujaf-392	35	8	of	of	ADP
gujaf-392	35	9	accounting	accounting	NOUN
gujaf-392	35	10	and	and	CCONJ
gujaf-392	35	11	finance	finance	NOUN
gujaf-392	35	12	,	,	PUNCT
gujaf-392	35	13	vol.6	vol.6	PROPN
gujaf-392	35	14	,	,	PUNCT
gujaf-392	35	15	issue	issue	NOUN
gujaf-392	35	16	1	1	NUM
gujaf-392	35	17	,	,	PUNCT
gujaf-392	35	18	april	april	PROPN
gujaf-392	35	19	,	,	PUNCT
gujaf-392	35	20	2025	2025	NUM
gujaf-392	35	21	401	401	NUM
gujaf-392	35	22	functional	functional	ADJ
gujaf-392	35	23	forms	form	NOUN
gujaf-392	35	24	in	in	ADP
gujaf-392	35	25	empirical	empirical	ADJ
gujaf-392	35	26	models	model	NOUN
gujaf-392	35	27	represents	represent	VERB
gujaf-392	35	28	an	an	DET
gujaf-392	35	29	important	important	ADJ
gujaf-392	35	30	advancement	advancement	NOUN
gujaf-392	35	31	in	in	ADP
gujaf-392	35	32	the	the	DET
gujaf-392	35	33	study	study	NOUN
gujaf-392	35	34	of	of	ADP
gujaf-392	35	35	managerial	managerial	ADJ
gujaf-392	35	36	ability	ability	NOUN
gujaf-392	35	37	.	.	PUNCT
gujaf-392	36	1	the	the	DET
gujaf-392	36	2	growing	grow	VERB
gujaf-392	36	3	body	body	NOUN
gujaf-392	36	4	of	of	ADP
gujaf-392	36	5	research	research	NOUN
gujaf-392	36	6	on	on	ADP
gujaf-392	36	7	managerial	managerial	ADJ
gujaf-392	36	8	ability	ability	NOUN
gujaf-392	36	9	underscores	underscore	VERB
gujaf-392	36	10	its	its	PRON
gujaf-392	36	11	significant	significant	ADJ
gujaf-392	36	12	role	role	NOUN
gujaf-392	36	13	in	in	ADP
gujaf-392	36	14	explaining	explain	VERB
gujaf-392	36	15	firm	firm	ADJ
gujaf-392	36	16	performance	performance	NOUN
gujaf-392	36	17	across	across	ADP
gujaf-392	36	18	various	various	ADJ
gujaf-392	36	19	industries	industry	NOUN
gujaf-392	36	20	,	,	PUNCT
gujaf-392	36	21	particularly	particularly	ADV
gujaf-392	36	22	in	in	ADP
gujaf-392	36	23	financial	financial	ADJ
gujaf-392	36	24	sectors	sector	NOUN
gujaf-392	36	25	where	where	SCONJ
gujaf-392	36	26	risk	risk	NOUN
gujaf-392	36	27	management	management	NOUN
gujaf-392	36	28	,	,	PUNCT
gujaf-392	36	29	regulatory	regulatory	ADJ
gujaf-392	36	30	compliance	compliance	NOUN
gujaf-392	36	31	,	,	PUNCT
gujaf-392	36	32	and	and	CCONJ
gujaf-392	36	33	operational	operational	ADJ
gujaf-392	36	34	complexity	complexity	NOUN
gujaf-392	36	35	are	be	AUX
gujaf-392	36	36	critical	critical	ADJ
gujaf-392	36	37	.	.	PUNCT
gujaf-392	37	1	by	by	ADP
gujaf-392	37	2	combining	combine	VERB
gujaf-392	37	3	advanced	advanced	ADJ
gujaf-392	37	4	econometric	econometric	ADJ
gujaf-392	37	5	techniques	technique	NOUN
gujaf-392	37	6	with	with	ADP
gujaf-392	37	7	a	a	DET
gujaf-392	37	8	focus	focus	NOUN
gujaf-392	37	9	on	on	ADP
gujaf-392	37	10	sector	sector	NOUN
gujaf-392	37	11	-	-	PUNCT
gujaf-392	37	12	specific	specific	ADJ
gujaf-392	37	13	challenges	challenge	NOUN
gujaf-392	37	14	,	,	PUNCT
gujaf-392	37	15	these	these	DET
gujaf-392	37	16	studies	study	NOUN
gujaf-392	37	17	have	have	AUX
gujaf-392	37	18	provided	provide	VERB
gujaf-392	37	19	valuable	valuable	ADJ
gujaf-392	37	20	insights	insight	NOUN
gujaf-392	37	21	into	into	ADP
gujaf-392	37	22	how	how	SCONJ
gujaf-392	37	23	managerial	managerial	ADJ
gujaf-392	37	24	competence	competence	NOUN
gujaf-392	37	25	influences	influence	VERB
gujaf-392	37	26	firm	firm	ADJ
gujaf-392	37	27	-	-	PUNCT
gujaf-392	37	28	level	level	NOUN
gujaf-392	37	29	outcomes	outcome	NOUN
gujaf-392	37	30	.	.	PUNCT
gujaf-392	38	1	as	as	SCONJ
gujaf-392	38	2	the	the	DET
gujaf-392	38	3	global	global	PROPN
gujaf-392	38	4	business	business	NOUN
gujaf-392	38	5	environment	environment	NOUN
gujaf-392	38	6	continues	continue	VERB
gujaf-392	38	7	to	to	PART
gujaf-392	38	8	evolve	evolve	VERB
gujaf-392	38	9	,	,	PUNCT
gujaf-392	38	10	particularly	particularly	ADV
gujaf-392	38	11	with	with	ADP
gujaf-392	38	12	technological	technological	ADJ
gujaf-392	38	13	advancements	advancement	NOUN
gujaf-392	38	14	and	and	CCONJ
gujaf-392	38	15	regulatory	regulatory	ADJ
gujaf-392	38	16	changes	change	NOUN
gujaf-392	38	17	,	,	PUNCT
gujaf-392	38	18	further	further	ADJ
gujaf-392	38	19	exploration	exploration	NOUN
gujaf-392	38	20	into	into	ADP
gujaf-392	38	21	the	the	DET
gujaf-392	38	22	mechanisms	mechanism	NOUN
gujaf-392	38	23	through	through	ADP
gujaf-392	38	24	which	which	PRON
gujaf-392	38	25	managerial	managerial	ADJ
gujaf-392	38	26	ability	ability	NOUN
gujaf-392	38	27	impacts	impact	NOUN
gujaf-392	38	28	performance	performance	NOUN
gujaf-392	38	29	will	will	AUX
gujaf-392	38	30	remain	remain	VERB
gujaf-392	38	31	a	a	DET
gujaf-392	38	32	key	key	ADJ
gujaf-392	38	33	area	area	NOUN
gujaf-392	38	34	of	of	ADP
gujaf-392	38	35	academic	academic	ADJ
gujaf-392	38	36	inquiry	inquiry	NOUN
gujaf-392	38	37	.	.	PUNCT
gujaf-392	39	1	this	this	DET
gujaf-392	39	2	review	review	NOUN
gujaf-392	39	3	synthesizes	synthesize	VERB
gujaf-392	39	4	the	the	DET
gujaf-392	39	5	major	major	ADJ
gujaf-392	39	6	contributions	contribution	NOUN
gujaf-392	39	7	to	to	ADP
gujaf-392	39	8	the	the	DET
gujaf-392	39	9	field	field	NOUN
gujaf-392	39	10	,	,	PUNCT
gujaf-392	39	11	providing	provide	VERB
gujaf-392	39	12	a	a	DET
gujaf-392	39	13	comprehensive	comprehensive	ADJ
gujaf-392	39	14	overview	overview	NOUN
gujaf-392	39	15	of	of	ADP
gujaf-392	39	16	the	the	DET
gujaf-392	39	17	literature	literature	NOUN
gujaf-392	39	18	from	from	ADP
gujaf-392	39	19	2020	2020	NUM
gujaf-392	39	20	to	to	ADP
gujaf-392	39	21	2025	2025	NUM
gujaf-392	39	22	,	,	PUNCT
gujaf-392	39	23	and	and	CCONJ
gujaf-392	39	24	offers	offer	VERB
gujaf-392	39	25	a	a	DET
gujaf-392	39	26	nuanced	nuanced	ADJ
gujaf-392	39	27	understanding	understanding	NOUN
gujaf-392	39	28	of	of	ADP
gujaf-392	39	29	the	the	DET
gujaf-392	39	30	empirical	empirical	ADJ
gujaf-392	39	31	linkages	linkage	NOUN
gujaf-392	39	32	between	between	ADP
gujaf-392	39	33	managerial	managerial	ADJ
gujaf-392	39	34	ability	ability	NOUN
gujaf-392	39	35	and	and	CCONJ
gujaf-392	39	36	firm	firm	ADJ
gujaf-392	39	37	performance	performance	NOUN
gujaf-392	39	38	.	.	PUNCT
gujaf-392	40	1	empirical	empirical	ADJ
gujaf-392	40	2	review	review	NOUN
gujaf-392	40	3	over	over	ADP
gujaf-392	40	4	the	the	DET
gujaf-392	40	5	last	last	ADJ
gujaf-392	40	6	two	two	NUM
gujaf-392	40	7	decades	decade	NOUN
gujaf-392	40	8	,	,	PUNCT
gujaf-392	40	9	empirical	empirical	ADJ
gujaf-392	40	10	studies	study	NOUN
gujaf-392	40	11	have	have	AUX
gujaf-392	40	12	increasingly	increasingly	ADV
gujaf-392	40	13	demonstrated	demonstrate	VERB
gujaf-392	40	14	that	that	SCONJ
gujaf-392	40	15	managerial	managerial	ADJ
gujaf-392	40	16	ability	ability	NOUN
gujaf-392	40	17	is	be	AUX
gujaf-392	40	18	a	a	DET
gujaf-392	40	19	statistically	statistically	ADV
gujaf-392	40	20	significant	significant	ADJ
gujaf-392	40	21	and	and	CCONJ
gujaf-392	40	22	economically	economically	ADV
gujaf-392	40	23	meaningful	meaningful	ADJ
gujaf-392	40	24	determinant	determinant	ADJ
gujaf-392	40	25	of	of	ADP
gujaf-392	40	26	firm	firm	ADJ
gujaf-392	40	27	performance	performance	NOUN
gujaf-392	40	28	,	,	PUNCT
gujaf-392	40	29	especially	especially	ADV
gujaf-392	40	30	in	in	ADP
gujaf-392	40	31	capital	capital	NOUN
gujaf-392	40	32	-	-	PUNCT
gujaf-392	40	33	intensive	intensive	ADJ
gujaf-392	40	34	and	and	CCONJ
gujaf-392	40	35	highly	highly	ADV
gujaf-392	40	36	regulated	regulated	ADJ
gujaf-392	40	37	industries	industry	NOUN
gujaf-392	40	38	such	such	ADJ
gujaf-392	40	39	as	as	ADP
gujaf-392	40	40	banking	banking	NOUN
gujaf-392	40	41	and	and	CCONJ
gujaf-392	40	42	insurance	insurance	NOUN
gujaf-392	40	43	.	.	PUNCT
gujaf-392	41	1	one	one	NUM
gujaf-392	41	2	of	of	ADP
gujaf-392	41	3	the	the	DET
gujaf-392	41	4	seminal	seminal	ADJ
gujaf-392	41	5	contributions	contribution	NOUN
gujaf-392	41	6	in	in	ADP
gujaf-392	41	7	this	this	DET
gujaf-392	41	8	area	area	NOUN
gujaf-392	41	9	comes	come	VERB
gujaf-392	41	10	from	from	ADP
gujaf-392	41	11	demerjian	demerjian	PROPN
gujaf-392	41	12	et	et	PROPN
gujaf-392	41	13	al	al	PROPN
gujaf-392	41	14	.	.	PROPN
gujaf-392	42	1	(	(	PUNCT
gujaf-392	42	2	2012	2012	NUM
gujaf-392	42	3	)	)	PUNCT
gujaf-392	42	4	,	,	PUNCT
gujaf-392	42	5	who	who	PRON
gujaf-392	42	6	developed	develop	VERB
gujaf-392	42	7	a	a	DET
gujaf-392	42	8	firm	firm	ADJ
gujaf-392	42	9	-	-	PUNCT
gujaf-392	42	10	level	level	NOUN
gujaf-392	42	11	metric	metric	NOUN
gujaf-392	42	12	for	for	ADP
gujaf-392	42	13	managerial	managerial	ADJ
gujaf-392	42	14	ability	ability	NOUN
gujaf-392	42	15	by	by	ADP
gujaf-392	42	16	decomposing	decompose	VERB
gujaf-392	42	17	firm	firm	ADJ
gujaf-392	42	18	efficiency	efficiency	NOUN
gujaf-392	42	19	using	use	VERB
gujaf-392	42	20	a	a	DET
gujaf-392	42	21	twostage	twostage	NOUN
gujaf-392	42	22	process	process	NOUN
gujaf-392	42	23	that	that	PRON
gujaf-392	42	24	included	include	VERB
gujaf-392	42	25	dea	dea	NOUN
gujaf-392	42	26	and	and	CCONJ
gujaf-392	42	27	regression	regression	VERB
gujaf-392	42	28	modeling	modeling	NOUN
gujaf-392	42	29	.	.	PUNCT
gujaf-392	43	1	their	their	PRON
gujaf-392	43	2	findings	finding	NOUN
gujaf-392	43	3	confirmed	confirm	VERB
gujaf-392	43	4	that	that	SCONJ
gujaf-392	43	5	firms	firm	NOUN
gujaf-392	43	6	with	with	ADP
gujaf-392	43	7	higher	high	ADJ
gujaf-392	43	8	estimated	estimate	VERB
gujaf-392	43	9	managerial	managerial	ADJ
gujaf-392	43	10	ability	ability	NOUN
gujaf-392	43	11	experienced	experience	VERB
gujaf-392	43	12	superior	superior	ADJ
gujaf-392	43	13	outcomes	outcome	NOUN
gujaf-392	43	14	in	in	ADP
gujaf-392	43	15	terms	term	NOUN
gujaf-392	43	16	of	of	ADP
gujaf-392	43	17	asset	asset	NOUN
gujaf-392	43	18	turnover	turnover	NOUN
gujaf-392	43	19	,	,	PUNCT
gujaf-392	43	20	profitability	profitability	NOUN
gujaf-392	43	21	,	,	PUNCT
gujaf-392	43	22	and	and	CCONJ
gujaf-392	43	23	market	market	NOUN
gujaf-392	43	24	valuation	valuation	NOUN
gujaf-392	43	25	.	.	PUNCT
gujaf-392	44	1	this	this	DET
gujaf-392	44	2	work	work	NOUN
gujaf-392	44	3	laid	lay	VERB
gujaf-392	44	4	the	the	DET
gujaf-392	44	5	foundation	foundation	NOUN
gujaf-392	44	6	for	for	ADP
gujaf-392	44	7	a	a	DET
gujaf-392	44	8	host	host	NOUN
gujaf-392	44	9	of	of	ADP
gujaf-392	44	10	subsequent	subsequent	ADJ
gujaf-392	44	11	empirical	empirical	ADJ
gujaf-392	44	12	inquiries	inquiry	NOUN
gujaf-392	44	13	into	into	ADP
gujaf-392	44	14	the	the	DET
gujaf-392	44	15	explanatory	explanatory	ADJ
gujaf-392	44	16	power	power	NOUN
gujaf-392	44	17	of	of	ADP
gujaf-392	44	18	managerial	managerial	ADJ
gujaf-392	44	19	ability	ability	NOUN
gujaf-392	44	20	in	in	ADP
gujaf-392	44	21	diverse	diverse	ADJ
gujaf-392	44	22	financial	financial	ADJ
gujaf-392	44	23	contexts	contexts	NOUN
gujaf-392	44	24	.	.	PUNCT
gujaf-392	45	1	in	in	ADP
gujaf-392	45	2	financial	financial	ADJ
gujaf-392	45	3	sectors	sector	NOUN
gujaf-392	45	4	,	,	PUNCT
gujaf-392	45	5	where	where	SCONJ
gujaf-392	45	6	risk	risk	NOUN
gujaf-392	45	7	,	,	PUNCT
gujaf-392	45	8	regulatory	regulatory	ADJ
gujaf-392	45	9	compliance	compliance	NOUN
gujaf-392	45	10	,	,	PUNCT
gujaf-392	45	11	and	and	CCONJ
gujaf-392	45	12	operational	operational	ADJ
gujaf-392	45	13	complexity	complexity	NOUN
gujaf-392	45	14	intersect	intersect	PROPN
gujaf-392	45	15	,	,	PUNCT
gujaf-392	45	16	the	the	DET
gujaf-392	45	17	performance	performance	NOUN
gujaf-392	45	18	differential	differential	VERB
gujaf-392	45	19	attributable	attributable	ADJ
gujaf-392	45	20	to	to	ADP
gujaf-392	45	21	managerial	managerial	ADJ
gujaf-392	45	22	skill	skill	NOUN
gujaf-392	45	23	is	be	AUX
gujaf-392	45	24	often	often	ADV
gujaf-392	45	25	more	more	ADV
gujaf-392	45	26	pronounced	pronounced	ADJ
gujaf-392	45	27	.	.	PUNCT
gujaf-392	46	1	chen	chen	PROPN
gujaf-392	46	2	et	et	PROPN
gujaf-392	46	3	al	al	PROPN
gujaf-392	46	4	.	.	PROPN
gujaf-392	46	5	(	(	PUNCT
gujaf-392	46	6	2021	2021	NUM
gujaf-392	46	7	)	)	PUNCT
gujaf-392	46	8	extended	extend	VERB
gujaf-392	46	9	demerjian	demerjian	PROPN
gujaf-392	46	10	’s	’s	PART
gujaf-392	46	11	framework	framework	NOUN
gujaf-392	46	12	by	by	ADP
gujaf-392	46	13	applying	apply	VERB
gujaf-392	46	14	a	a	DET
gujaf-392	46	15	three	three	NUM
gujaf-392	46	16	-	-	PUNCT
gujaf-392	46	17	stage	stage	NOUN
gujaf-392	46	18	dea	dea	PROPN
gujaf-392	46	19	model	model	NOUN
gujaf-392	46	20	to	to	PART
gujaf-392	46	21	isolate	isolate	VERB
gujaf-392	46	22	managerial	managerial	ADJ
gujaf-392	46	23	efficiency	efficiency	NOUN
gujaf-392	46	24	in	in	ADP
gujaf-392	46	25	chinese	chinese	ADJ
gujaf-392	46	26	and	and	CCONJ
gujaf-392	46	27	european	european	ADJ
gujaf-392	46	28	banking	banking	NOUN
gujaf-392	46	29	sectors	sector	NOUN
gujaf-392	46	30	.	.	PUNCT
gujaf-392	47	1	their	their	PRON
gujaf-392	47	2	study	study	NOUN
gujaf-392	47	3	found	find	VERB
gujaf-392	47	4	that	that	SCONJ
gujaf-392	47	5	managerial	managerial	ADJ
gujaf-392	47	6	residuals	residual	NOUN
gujaf-392	47	7	were	be	AUX
gujaf-392	47	8	significantly	significantly	ADV
gujaf-392	47	9	correlated	correlate	VERB
gujaf-392	47	10	with	with	ADP
gujaf-392	47	11	higher	high	ADJ
gujaf-392	47	12	returns	return	NOUN
gujaf-392	47	13	on	on	ADP
gujaf-392	47	14	equity	equity	NOUN
gujaf-392	47	15	(	(	PUNCT
gujaf-392	47	16	roe	roe	PROPN
gujaf-392	47	17	)	)	PUNCT
gujaf-392	47	18	and	and	CCONJ
gujaf-392	47	19	riskadjusted	riskadjuste	VERB
gujaf-392	47	20	profitability	profitability	NOUN
gujaf-392	47	21	measures	measure	NOUN
gujaf-392	47	22	.	.	PUNCT
gujaf-392	48	1	similarly	similarly	ADV
gujaf-392	48	2	,	,	PUNCT
gujaf-392	48	3	ning	ning	PROPN
gujaf-392	48	4	and	and	CCONJ
gujaf-392	48	5	zhang	zhang	PROPN
gujaf-392	48	6	(	(	PUNCT
gujaf-392	48	7	2024	2024	NUM
gujaf-392	48	8	)	)	PUNCT
gujaf-392	48	9	reported	report	VERB
gujaf-392	48	10	that	that	SCONJ
gujaf-392	48	11	variations	variation	NOUN
gujaf-392	48	12	in	in	ADP
gujaf-392	48	13	managerial	managerial	ADJ
gujaf-392	48	14	ability	ability	NOUN
gujaf-392	48	15	explained	explain	VERB
gujaf-392	48	16	a	a	DET
gujaf-392	48	17	considerable	considerable	ADJ
gujaf-392	48	18	portion	portion	NOUN
gujaf-392	48	19	of	of	ADP
gujaf-392	48	20	inter	inter	ADJ
gujaf-392	48	21	-	-	ADJ
gujaf-392	48	22	firm	firm	ADJ
gujaf-392	48	23	performance	performance	NOUN
gujaf-392	48	24	dispersion	dispersion	NOUN
gujaf-392	48	25	in	in	ADP
gujaf-392	48	26	the	the	DET
gujaf-392	48	27	insurance	insurance	NOUN
gujaf-392	48	28	sector	sector	NOUN
gujaf-392	48	29	,	,	PUNCT
gujaf-392	48	30	especially	especially	ADV
gujaf-392	48	31	during	during	ADP
gujaf-392	48	32	periods	period	NOUN
gujaf-392	48	33	of	of	ADP
gujaf-392	48	34	regulatory	regulatory	ADJ
gujaf-392	48	35	change	change	NOUN
gujaf-392	48	36	and	and	CCONJ
gujaf-392	48	37	macroeconomic	macroeconomic	ADJ
gujaf-392	48	38	uncertainty	uncertainty	NOUN
gujaf-392	48	39	.	.	PUNCT
gujaf-392	49	1	within	within	ADP
gujaf-392	49	2	the	the	DET
gujaf-392	49	3	european	european	PROPN
gujaf-392	49	4	insurance	insurance	PROPN
gujaf-392	49	5	context	context	NOUN
gujaf-392	49	6	,	,	PUNCT
gujaf-392	49	7	bauer	bauer	NOUN
gujaf-392	49	8	and	and	CCONJ
gujaf-392	49	9	heinrich	heinrich	PROPN
gujaf-392	49	10	(	(	PUNCT
gujaf-392	49	11	2025	2025	NUM
gujaf-392	49	12	)	)	PUNCT
gujaf-392	49	13	investigated	investigate	VERB
gujaf-392	49	14	a	a	DET
gujaf-392	49	15	panel	panel	NOUN
gujaf-392	49	16	of	of	ADP
gujaf-392	49	17	insurers	insurer	NOUN
gujaf-392	49	18	across	across	ADP
gujaf-392	49	19	germany	germany	PROPN
gujaf-392	49	20	,	,	PUNCT
gujaf-392	49	21	austria	austria	PROPN
gujaf-392	49	22	,	,	PUNCT
gujaf-392	49	23	and	and	CCONJ
gujaf-392	49	24	the	the	DET
gujaf-392	49	25	netherlands	netherlands	PROPN
gujaf-392	49	26	and	and	CCONJ
gujaf-392	49	27	found	find	VERB
gujaf-392	49	28	that	that	SCONJ
gujaf-392	49	29	managerial	managerial	ADJ
gujaf-392	49	30	ability	ability	NOUN
gujaf-392	49	31	,	,	PUNCT
gujaf-392	49	32	as	as	SCONJ
gujaf-392	49	33	proxied	proxie	VERB
gujaf-392	49	34	by	by	ADP
gujaf-392	49	35	dea	dea	PROPN
gujaf-392	49	36	-	-	PUNCT
gujaf-392	49	37	based	base	VERB
gujaf-392	49	38	efficiency	efficiency	NOUN
gujaf-392	49	39	residuals	residual	NOUN
gujaf-392	49	40	,	,	PUNCT
gujaf-392	49	41	was	be	AUX
gujaf-392	49	42	a	a	DET
gujaf-392	49	43	strong	strong	ADJ
gujaf-392	49	44	predictor	predictor	NOUN
gujaf-392	49	45	of	of	ADP
gujaf-392	49	46	both	both	DET
gujaf-392	49	47	roe	roe	NOUN
gujaf-392	49	48	and	and	CCONJ
gujaf-392	49	49	firm	firm	ADJ
gujaf-392	49	50	solvency	solvency	NOUN
gujaf-392	49	51	scores	score	NOUN
gujaf-392	49	52	.	.	PUNCT
gujaf-392	50	1	their	their	PRON
gujaf-392	50	2	findings	finding	NOUN
gujaf-392	50	3	support	support	VERB
gujaf-392	50	4	the	the	DET
gujaf-392	50	5	view	view	NOUN
gujaf-392	50	6	that	that	SCONJ
gujaf-392	50	7	managerial	managerial	ADJ
gujaf-392	50	8	heterogeneity	heterogeneity	NOUN
gujaf-392	50	9	,	,	PUNCT
gujaf-392	50	10	when	when	SCONJ
gujaf-392	50	11	measured	measure	VERB
gujaf-392	50	12	appropriately	appropriately	ADV
gujaf-392	50	13	,	,	PUNCT
gujaf-392	50	14	holds	hold	VERB
gujaf-392	50	15	considerable	considerable	ADJ
gujaf-392	50	16	explanatory	explanatory	ADJ
gujaf-392	50	17	power	power	NOUN
gujaf-392	50	18	beyond	beyond	ADP
gujaf-392	50	19	traditional	traditional	ADJ
gujaf-392	50	20	accounting	accounting	NOUN
gujaf-392	50	21	and	and	CCONJ
gujaf-392	50	22	structural	structural	ADJ
gujaf-392	50	23	variables	variable	NOUN
gujaf-392	50	24	.	.	PUNCT
gujaf-392	51	1	notably	notably	ADV
gujaf-392	51	2	,	,	PUNCT
gujaf-392	51	3	they	they	PRON
gujaf-392	51	4	observed	observe	VERB
gujaf-392	51	5	that	that	SCONJ
gujaf-392	51	6	firms	firm	NOUN
gujaf-392	51	7	led	lead	VERB
gujaf-392	51	8	by	by	ADP
gujaf-392	51	9	high	high	ADJ
gujaf-392	51	10	-	-	PUNCT
gujaf-392	51	11	ability	ability	NOUN
gujaf-392	51	12	managers	manager	NOUN
gujaf-392	51	13	were	be	AUX
gujaf-392	51	14	quicker	quick	ADJ
gujaf-392	51	15	to	to	PART
gujaf-392	51	16	adapt	adapt	VERB
gujaf-392	51	17	to	to	ADP
gujaf-392	51	18	solvency	solvency	NOUN
gujaf-392	51	19	ii	ii	PROPN
gujaf-392	51	20	regulations	regulation	NOUN
gujaf-392	51	21	,	,	PUNCT
gujaf-392	51	22	aligning	align	VERB
gujaf-392	51	23	internal	internal	ADJ
gujaf-392	51	24	operations	operation	NOUN
gujaf-392	51	25	with	with	ADP
gujaf-392	51	26	evolving	evolve	VERB
gujaf-392	51	27	capital	capital	NOUN
gujaf-392	51	28	adequacy	adequacy	NOUN
gujaf-392	51	29	requirements	requirement	NOUN
gujaf-392	51	30	.	.	PUNCT
gujaf-392	52	1	the	the	DET
gujaf-392	52	2	empirical	empirical	ADJ
gujaf-392	52	3	association	association	NOUN
gujaf-392	52	4	between	between	ADP
gujaf-392	52	5	managerial	managerial	ADJ
gujaf-392	52	6	ability	ability	NOUN
gujaf-392	52	7	and	and	CCONJ
gujaf-392	52	8	financial	financial	ADJ
gujaf-392	52	9	performance	performance	NOUN
gujaf-392	52	10	has	have	AUX
gujaf-392	52	11	also	also	ADV
gujaf-392	52	12	been	be	AUX
gujaf-392	52	13	robust	robust	ADJ
gujaf-392	52	14	across	across	ADP
gujaf-392	52	15	methodologies	methodology	NOUN
gujaf-392	52	16	.	.	PUNCT
gujaf-392	53	1	ahmed	ahmed	PROPN
gujaf-392	53	2	et	et	PROPN
gujaf-392	53	3	al	al	PROPN
gujaf-392	53	4	.	.	PROPN
gujaf-392	53	5	(	(	PUNCT
gujaf-392	53	6	2023	2023	NUM
gujaf-392	53	7	)	)	PUNCT
gujaf-392	53	8	employed	employ	VERB
gujaf-392	53	9	a	a	DET
gujaf-392	53	10	hierarchical	hierarchical	ADJ
gujaf-392	53	11	bayesian	bayesian	NOUN
gujaf-392	53	12	model	model	NOUN
gujaf-392	53	13	on	on	ADP
gujaf-392	53	14	a	a	DET
gujaf-392	53	15	large	large	ADJ
gujaf-392	53	16	-	-	PUNCT
gujaf-392	53	17	scale	scale	NOUN
gujaf-392	53	18	dataset	dataset	NOUN
gujaf-392	53	19	from	from	ADP
gujaf-392	53	20	global	global	ADJ
gujaf-392	53	21	financial	financial	ADJ
gujaf-392	53	22	institutions	institution	NOUN
gujaf-392	53	23	and	and	CCONJ
gujaf-392	53	24	found	find	VERB
gujaf-392	53	25	that	that	SCONJ
gujaf-392	53	26	managerial	managerial	ADJ
gujaf-392	53	27	ability	ability	NOUN
gujaf-392	53	28	had	have	VERB
gujaf-392	53	29	a	a	DET
gujaf-392	53	30	gusau	gusau	ADJ
gujaf-392	53	31	journal	journal	NOUN
gujaf-392	53	32	of	of	ADP
gujaf-392	53	33	accounting	accounting	NOUN
gujaf-392	53	34	and	and	CCONJ
gujaf-392	53	35	finance	finance	NOUN
gujaf-392	53	36	,	,	PUNCT
gujaf-392	53	37	vol.6	vol.6	PROPN
gujaf-392	53	38	,	,	PUNCT
gujaf-392	53	39	issue	issue	NOUN
gujaf-392	53	40	1	1	NUM
gujaf-392	53	41	,	,	PUNCT
gujaf-392	53	42	april	april	PROPN
gujaf-392	53	43	,	,	PUNCT
gujaf-392	53	44	2025	2025	NUM
gujaf-392	53	45	402	402	NUM
gujaf-392	53	46	positive	positive	ADJ
gujaf-392	53	47	and	and	CCONJ
gujaf-392	53	48	significant	significant	ADJ
gujaf-392	53	49	effect	effect	NOUN
gujaf-392	53	50	on	on	ADP
gujaf-392	53	51	firm	firm	ADJ
gujaf-392	53	52	-	-	PUNCT
gujaf-392	53	53	level	level	NOUN
gujaf-392	53	54	profitability	profitability	NOUN
gujaf-392	53	55	,	,	PUNCT
gujaf-392	53	56	especially	especially	ADV
gujaf-392	53	57	during	during	ADP
gujaf-392	53	58	crisis	crisis	NOUN
gujaf-392	53	59	periods	period	NOUN
gujaf-392	53	60	(	(	PUNCT
gujaf-392	53	61	e.g.	e.g.	ADV
gujaf-392	53	62	,	,	PUNCT
gujaf-392	53	63	covid-19	covid-19	PROPN
gujaf-392	53	64	)	)	PUNCT
gujaf-392	53	65	.	.	PUNCT
gujaf-392	54	1	this	this	PRON
gujaf-392	54	2	reinforces	reinforce	VERB
gujaf-392	54	3	the	the	DET
gujaf-392	54	4	argument	argument	NOUN
gujaf-392	54	5	that	that	SCONJ
gujaf-392	54	6	skilled	skilled	ADJ
gujaf-392	54	7	managers	manager	NOUN
gujaf-392	54	8	not	not	PART
gujaf-392	54	9	only	only	ADV
gujaf-392	54	10	excel	excel	VERB
gujaf-392	54	11	during	during	ADP
gujaf-392	54	12	stable	stable	ADJ
gujaf-392	54	13	periods	period	NOUN
gujaf-392	54	14	but	but	CCONJ
gujaf-392	54	15	also	also	ADV
gujaf-392	54	16	act	act	VERB
gujaf-392	54	17	as	as	ADP
gujaf-392	54	18	buffers	buffer	NOUN
gujaf-392	54	19	during	during	ADP
gujaf-392	54	20	exogenous	exogenous	ADJ
gujaf-392	54	21	shocks	shock	NOUN
gujaf-392	54	22	,	,	PUNCT
gujaf-392	54	23	making	make	VERB
gujaf-392	54	24	managerial	managerial	ADJ
gujaf-392	54	25	ability	ability	NOUN
gujaf-392	54	26	a	a	DET
gujaf-392	54	27	strategic	strategic	ADJ
gujaf-392	54	28	resource	resource	NOUN
gujaf-392	54	29	in	in	ADP
gujaf-392	54	30	the	the	DET
gujaf-392	54	31	rbv	rbv	NOUN
gujaf-392	54	32	sense	sense	NOUN
gujaf-392	54	33	.	.	PUNCT
gujaf-392	55	1	khan	khan	PROPN
gujaf-392	55	2	and	and	CCONJ
gujaf-392	55	3	lim	lim	PROPN
gujaf-392	55	4	(	(	PUNCT
gujaf-392	55	5	2020	2020	NUM
gujaf-392	55	6	)	)	PUNCT
gujaf-392	55	7	decomposed	decompose	VERB
gujaf-392	55	8	overall	overall	ADJ
gujaf-392	55	9	firm	firm	ADJ
gujaf-392	55	10	efficiency	efficiency	NOUN
gujaf-392	55	11	into	into	ADP
gujaf-392	55	12	environmental	environmental	ADJ
gujaf-392	55	13	,	,	PUNCT
gujaf-392	55	14	managerial	managerial	ADJ
gujaf-392	55	15	,	,	PUNCT
gujaf-392	55	16	and	and	CCONJ
gujaf-392	55	17	stochastic	stochastic	ADJ
gujaf-392	55	18	noise	noise	NOUN
gujaf-392	55	19	components	component	NOUN
gujaf-392	55	20	in	in	ADP
gujaf-392	55	21	a	a	DET
gujaf-392	55	22	study	study	NOUN
gujaf-392	55	23	covering	cover	VERB
gujaf-392	55	24	southeast	southeast	ADJ
gujaf-392	55	25	asian	asian	ADJ
gujaf-392	55	26	banks	bank	NOUN
gujaf-392	55	27	.	.	PUNCT
gujaf-392	56	1	they	they	PRON
gujaf-392	56	2	found	find	VERB
gujaf-392	56	3	that	that	SCONJ
gujaf-392	56	4	managerial	managerial	ADJ
gujaf-392	56	5	inefficiency	inefficiency	NOUN
gujaf-392	56	6	accounted	account	VERB
gujaf-392	56	7	for	for	ADP
gujaf-392	56	8	nearly	nearly	ADV
gujaf-392	56	9	30	30	NUM
gujaf-392	56	10	%	%	NOUN
gujaf-392	56	11	of	of	ADP
gujaf-392	56	12	the	the	DET
gujaf-392	56	13	performance	performance	NOUN
gujaf-392	56	14	variation	variation	NOUN
gujaf-392	56	15	across	across	ADP
gujaf-392	56	16	banks	bank	NOUN
gujaf-392	56	17	.	.	PUNCT
gujaf-392	57	1	their	their	PRON
gujaf-392	57	2	findings	finding	NOUN
gujaf-392	57	3	emphasize	emphasize	VERB
gujaf-392	57	4	that	that	SCONJ
gujaf-392	57	5	technical	technical	ADJ
gujaf-392	57	6	inefficiency	inefficiency	NOUN
gujaf-392	57	7	alone	alone	ADV
gujaf-392	57	8	does	do	AUX
gujaf-392	57	9	not	not	PART
gujaf-392	57	10	fully	fully	ADV
gujaf-392	57	11	explain	explain	VERB
gujaf-392	57	12	performance	performance	NOUN
gujaf-392	57	13	differences	difference	NOUN
gujaf-392	57	14	,	,	PUNCT
gujaf-392	57	15	and	and	CCONJ
gujaf-392	57	16	that	that	SCONJ
gujaf-392	57	17	ignoring	ignore	VERB
gujaf-392	57	18	managerial	managerial	ADJ
gujaf-392	57	19	ability	ability	NOUN
gujaf-392	57	20	can	can	AUX
gujaf-392	57	21	result	result	VERB
gujaf-392	57	22	in	in	ADP
gujaf-392	57	23	biased	biased	ADJ
gujaf-392	57	24	inferences	inference	NOUN
gujaf-392	57	25	about	about	ADP
gujaf-392	57	26	firm	firm	ADJ
gujaf-392	57	27	performance	performance	NOUN
gujaf-392	57	28	.	.	PUNCT
gujaf-392	58	1	from	from	ADP
gujaf-392	58	2	a	a	DET
gujaf-392	58	3	business	business	NOUN
gujaf-392	58	4	informatics	informatic	NOUN
gujaf-392	58	5	angle	angle	NOUN
gujaf-392	58	6	,	,	PUNCT
gujaf-392	58	7	empirical	empirical	ADJ
gujaf-392	58	8	studies	study	NOUN
gujaf-392	58	9	have	have	AUX
gujaf-392	58	10	also	also	ADV
gujaf-392	58	11	demonstrated	demonstrate	VERB
gujaf-392	58	12	that	that	SCONJ
gujaf-392	58	13	managerial	managerial	ADJ
gujaf-392	58	14	ability	ability	NOUN
gujaf-392	58	15	interacts	interact	VERB
gujaf-392	58	16	positively	positively	ADV
gujaf-392	58	17	with	with	ADP
gujaf-392	58	18	is	be	AUX
gujaf-392	58	19	capabilities	capability	NOUN
gujaf-392	58	20	to	to	PART
gujaf-392	58	21	enhance	enhance	VERB
gujaf-392	58	22	firm	firm	ADJ
gujaf-392	58	23	outcomes	outcome	NOUN
gujaf-392	58	24	.	.	PUNCT
gujaf-392	59	1	for	for	ADP
gujaf-392	59	2	example	example	NOUN
gujaf-392	59	3	,	,	PUNCT
gujaf-392	59	4	kou	kou	PROPN
gujaf-392	59	5	et	et	PROPN
gujaf-392	59	6	al	al	PROPN
gujaf-392	59	7	.	.	PROPN
gujaf-392	59	8	(	(	PUNCT
gujaf-392	59	9	2022	2022	NUM
gujaf-392	59	10	)	)	PUNCT
gujaf-392	59	11	analyzed	analyze	VERB
gujaf-392	59	12	the	the	DET
gujaf-392	59	13	moderating	moderate	VERB
gujaf-392	59	14	effect	effect	NOUN
gujaf-392	59	15	of	of	ADP
gujaf-392	59	16	information	information	NOUN
gujaf-392	59	17	systems	system	NOUN
gujaf-392	59	18	sophistication	sophistication	NOUN
gujaf-392	59	19	on	on	ADP
gujaf-392	59	20	the	the	DET
gujaf-392	59	21	relationship	relationship	NOUN
gujaf-392	59	22	between	between	ADP
gujaf-392	59	23	managerial	managerial	ADJ
gujaf-392	59	24	decisions	decision	NOUN
gujaf-392	59	25	and	and	CCONJ
gujaf-392	59	26	performance	performance	NOUN
gujaf-392	59	27	.	.	PUNCT
gujaf-392	60	1	they	they	PRON
gujaf-392	60	2	found	find	VERB
gujaf-392	60	3	that	that	SCONJ
gujaf-392	60	4	firms	firm	NOUN
gujaf-392	60	5	with	with	ADP
gujaf-392	60	6	high	high	ADJ
gujaf-392	60	7	managerial	managerial	ADJ
gujaf-392	60	8	ability	ability	NOUN
gujaf-392	60	9	and	and	CCONJ
gujaf-392	60	10	advanced	advanced	ADJ
gujaf-392	60	11	analytics	analytic	NOUN
gujaf-392	60	12	systems	system	NOUN
gujaf-392	60	13	outperformed	outperform	VERB
gujaf-392	60	14	their	their	PRON
gujaf-392	60	15	peers	peer	NOUN
gujaf-392	60	16	on	on	ADP
gujaf-392	60	17	operational	operational	ADJ
gujaf-392	60	18	efficiency	efficiency	NOUN
gujaf-392	60	19	,	,	PUNCT
gujaf-392	60	20	underwriting	underwriting	NOUN
gujaf-392	60	21	success	success	NOUN
gujaf-392	60	22	,	,	PUNCT
gujaf-392	60	23	and	and	CCONJ
gujaf-392	60	24	profitability	profitability	NOUN
gujaf-392	60	25	.	.	PUNCT
gujaf-392	61	1	recent	recent	ADJ
gujaf-392	61	2	research	research	NOUN
gujaf-392	61	3	has	have	AUX
gujaf-392	61	4	expanded	expand	VERB
gujaf-392	61	5	into	into	ADP
gujaf-392	61	6	other	other	ADJ
gujaf-392	61	7	industries	industry	NOUN
gujaf-392	61	8	where	where	SCONJ
gujaf-392	61	9	managerial	managerial	ADJ
gujaf-392	61	10	skill	skill	NOUN
gujaf-392	61	11	also	also	ADV
gujaf-392	61	12	plays	play	VERB
gujaf-392	61	13	a	a	DET
gujaf-392	61	14	crucial	crucial	ADJ
gujaf-392	61	15	role	role	NOUN
gujaf-392	61	16	in	in	ADP
gujaf-392	61	17	shaping	shape	VERB
gujaf-392	61	18	firm	firm	ADJ
gujaf-392	61	19	outcomes	outcome	NOUN
gujaf-392	61	20	.	.	PUNCT
gujaf-392	62	1	for	for	ADP
gujaf-392	62	2	instance	instance	NOUN
gujaf-392	62	3	,	,	PUNCT
gujaf-392	62	4	in	in	ADP
gujaf-392	62	5	the	the	DET
gujaf-392	62	6	manufacturing	manufacturing	NOUN
gujaf-392	62	7	sector	sector	NOUN
gujaf-392	62	8	,	,	PUNCT
gujaf-392	62	9	studies	study	NOUN
gujaf-392	62	10	by	by	ADP
gujaf-392	62	11	mazzola	mazzola	PROPN
gujaf-392	62	12	et	et	PROPN
gujaf-392	62	13	al	al	PROPN
gujaf-392	62	14	.	.	PROPN
gujaf-392	62	15	(	(	PUNCT
gujaf-392	62	16	2021	2021	NUM
gujaf-392	62	17	)	)	PUNCT
gujaf-392	62	18	and	and	CCONJ
gujaf-392	62	19	zhang	zhang	PROPN
gujaf-392	62	20	et	et	PROPN
gujaf-392	62	21	al	al	PROPN
gujaf-392	62	22	.	.	PROPN
gujaf-392	62	23	(	(	PUNCT
gujaf-392	62	24	2020	2020	NUM
gujaf-392	62	25	)	)	PUNCT
gujaf-392	62	26	have	have	AUX
gujaf-392	62	27	demonstrated	demonstrate	VERB
gujaf-392	62	28	that	that	SCONJ
gujaf-392	62	29	firms	firm	NOUN
gujaf-392	62	30	with	with	ADP
gujaf-392	62	31	higher	high	ADJ
gujaf-392	62	32	managerial	managerial	ADJ
gujaf-392	62	33	ability	ability	NOUN
gujaf-392	62	34	exhibit	exhibit	VERB
gujaf-392	62	35	better	well	ADJ
gujaf-392	62	36	resource	resource	NOUN
gujaf-392	62	37	utilization	utilization	NOUN
gujaf-392	62	38	and	and	CCONJ
gujaf-392	62	39	superior	superior	ADJ
gujaf-392	62	40	innovation	innovation	NOUN
gujaf-392	62	41	performance	performance	NOUN
gujaf-392	62	42	.	.	PUNCT
gujaf-392	63	1	mazzola	mazzola	NOUN
gujaf-392	63	2	et	et	PROPN
gujaf-392	63	3	al	al	PROPN
gujaf-392	63	4	.	.	PROPN
gujaf-392	64	1	(	(	PUNCT
gujaf-392	64	2	2021	2021	NUM
gujaf-392	64	3	)	)	PUNCT
gujaf-392	64	4	found	find	VERB
gujaf-392	64	5	that	that	SCONJ
gujaf-392	64	6	managerial	managerial	ADJ
gujaf-392	64	7	skills	skill	NOUN
gujaf-392	64	8	are	be	AUX
gujaf-392	64	9	instrumental	instrumental	ADJ
gujaf-392	64	10	in	in	ADP
gujaf-392	64	11	overcoming	overcome	VERB
gujaf-392	64	12	production	production	NOUN
gujaf-392	64	13	inefficiencies	inefficiency	NOUN
gujaf-392	64	14	and	and	CCONJ
gujaf-392	64	15	accelerating	accelerate	VERB
gujaf-392	64	16	the	the	DET
gujaf-392	64	17	adoption	adoption	NOUN
gujaf-392	64	18	of	of	ADP
gujaf-392	64	19	innovative	innovative	ADJ
gujaf-392	64	20	practices	practice	NOUN
gujaf-392	64	21	,	,	PUNCT
gujaf-392	64	22	especially	especially	ADV
gujaf-392	64	23	in	in	ADP
gujaf-392	64	24	high	high	ADJ
gujaf-392	64	25	-	-	PUNCT
gujaf-392	64	26	technology	technology	NOUN
gujaf-392	64	27	firms	firm	NOUN
gujaf-392	64	28	.	.	PUNCT
gujaf-392	65	1	their	their	PRON
gujaf-392	65	2	study	study	NOUN
gujaf-392	65	3	further	far	ADV
gujaf-392	65	4	highlighted	highlight	VERB
gujaf-392	65	5	that	that	SCONJ
gujaf-392	65	6	the	the	DET
gujaf-392	65	7	role	role	NOUN
gujaf-392	65	8	of	of	ADP
gujaf-392	65	9	managerial	managerial	ADJ
gujaf-392	65	10	ability	ability	NOUN
gujaf-392	65	11	is	be	AUX
gujaf-392	65	12	amplified	amplify	VERB
gujaf-392	65	13	in	in	ADP
gujaf-392	65	14	firms	firm	NOUN
gujaf-392	65	15	facing	face	VERB
gujaf-392	65	16	high	high	ADJ
gujaf-392	65	17	levels	level	NOUN
gujaf-392	65	18	of	of	ADP
gujaf-392	65	19	competition	competition	NOUN
gujaf-392	65	20	and	and	CCONJ
gujaf-392	65	21	technological	technological	ADJ
gujaf-392	65	22	disruption	disruption	NOUN
gujaf-392	65	23	.	.	PUNCT
gujaf-392	66	1	similarly	similarly	ADV
gujaf-392	66	2	,	,	PUNCT
gujaf-392	66	3	zhang	zhang	PROPN
gujaf-392	66	4	et	et	PROPN
gujaf-392	66	5	al	al	PROPN
gujaf-392	66	6	.	.	PROPN
gujaf-392	66	7	(	(	PUNCT
gujaf-392	66	8	2020	2020	NUM
gujaf-392	66	9	)	)	PUNCT
gujaf-392	66	10	used	use	VERB
gujaf-392	66	11	a	a	DET
gujaf-392	66	12	production	production	NOUN
gujaf-392	66	13	function	function	NOUN
gujaf-392	66	14	approach	approach	NOUN
gujaf-392	66	15	to	to	PART
gujaf-392	66	16	show	show	VERB
gujaf-392	66	17	that	that	SCONJ
gujaf-392	66	18	managers	manager	NOUN
gujaf-392	66	19	’	’	PART
gujaf-392	66	20	ability	ability	NOUN
gujaf-392	66	21	to	to	PART
gujaf-392	66	22	adapt	adapt	VERB
gujaf-392	66	23	to	to	ADP
gujaf-392	66	24	changing	change	VERB
gujaf-392	66	25	market	market	NOUN
gujaf-392	66	26	conditions	condition	NOUN
gujaf-392	66	27	directly	directly	ADV
gujaf-392	66	28	influences	influence	VERB
gujaf-392	66	29	firm	firm	ADJ
gujaf-392	66	30	productivity	productivity	NOUN
gujaf-392	66	31	,	,	PUNCT
gujaf-392	66	32	with	with	ADP
gujaf-392	66	33	significant	significant	ADJ
gujaf-392	66	34	performance	performance	NOUN
gujaf-392	66	35	gains	gain	NOUN
gujaf-392	66	36	in	in	ADP
gujaf-392	66	37	sectors	sector	NOUN
gujaf-392	66	38	reliant	reliant	ADJ
gujaf-392	66	39	on	on	ADP
gujaf-392	66	40	capital	capital	NOUN
gujaf-392	66	41	-	-	PUNCT
gujaf-392	66	42	intensive	intensive	ADJ
gujaf-392	66	43	production	production	NOUN
gujaf-392	66	44	processes	process	NOUN
gujaf-392	66	45	.	.	PUNCT
gujaf-392	67	1	the	the	DET
gujaf-392	67	2	role	role	NOUN
gujaf-392	67	3	of	of	ADP
gujaf-392	67	4	managerial	managerial	ADJ
gujaf-392	67	5	ability	ability	NOUN
gujaf-392	67	6	also	also	ADV
gujaf-392	67	7	intersects	intersect	VERB
gujaf-392	67	8	with	with	ADP
gujaf-392	67	9	corporate	corporate	ADJ
gujaf-392	67	10	governance	governance	NOUN
gujaf-392	67	11	,	,	PUNCT
gujaf-392	67	12	particularly	particularly	ADV
gujaf-392	67	13	in	in	ADP
gujaf-392	67	14	the	the	DET
gujaf-392	67	15	context	context	NOUN
gujaf-392	67	16	of	of	ADP
gujaf-392	67	17	decision	decision	NOUN
gujaf-392	67	18	-	-	PUNCT
gujaf-392	67	19	making	making	NOUN
gujaf-392	67	20	under	under	ADP
gujaf-392	67	21	uncertainty	uncertainty	NOUN
gujaf-392	67	22	.	.	PUNCT
gujaf-392	68	1	a	a	DET
gujaf-392	68	2	number	number	NOUN
gujaf-392	68	3	of	of	ADP
gujaf-392	68	4	studies	study	NOUN
gujaf-392	68	5	have	have	AUX
gujaf-392	68	6	argued	argue	VERB
gujaf-392	68	7	that	that	SCONJ
gujaf-392	68	8	highly	highly	ADV
gujaf-392	68	9	skilled	skilled	ADJ
gujaf-392	68	10	managers	manager	NOUN
gujaf-392	68	11	are	be	AUX
gujaf-392	68	12	better	well	ADV
gujaf-392	68	13	equipped	equip	VERB
gujaf-392	68	14	to	to	PART
gujaf-392	68	15	navigate	navigate	VERB
gujaf-392	68	16	complex	complex	ADJ
gujaf-392	68	17	environments	environment	NOUN
gujaf-392	68	18	and	and	CCONJ
gujaf-392	68	19	make	make	VERB
gujaf-392	68	20	decisions	decision	NOUN
gujaf-392	68	21	that	that	PRON
gujaf-392	68	22	maximize	maximize	VERB
gujaf-392	68	23	shareholder	shareholder	NOUN
gujaf-392	68	24	value	value	NOUN
gujaf-392	68	25	.	.	PUNCT
gujaf-392	69	1	for	for	ADP
gujaf-392	69	2	example	example	NOUN
gujaf-392	69	3	,	,	PUNCT
gujaf-392	69	4	kim	kim	PROPN
gujaf-392	69	5	et	et	PROPN
gujaf-392	69	6	al	al	PROPN
gujaf-392	69	7	.	.	PROPN
gujaf-392	70	1	(	(	PUNCT
gujaf-392	70	2	2021	2021	NUM
gujaf-392	70	3	)	)	PUNCT
gujaf-392	70	4	found	find	VERB
gujaf-392	70	5	that	that	SCONJ
gujaf-392	70	6	managerial	managerial	ADJ
gujaf-392	70	7	ability	ability	NOUN
gujaf-392	70	8	was	be	AUX
gujaf-392	70	9	significantly	significantly	ADV
gujaf-392	70	10	correlated	correlate	VERB
gujaf-392	70	11	with	with	ADP
gujaf-392	70	12	corporate	corporate	ADJ
gujaf-392	70	13	risk	risk	NOUN
gujaf-392	70	14	-	-	PUNCT
gujaf-392	70	15	taking	taking	NOUN
gujaf-392	70	16	in	in	ADP
gujaf-392	70	17	the	the	DET
gujaf-392	70	18	context	context	NOUN
gujaf-392	70	19	of	of	ADP
gujaf-392	70	20	mergers	merger	NOUN
gujaf-392	70	21	and	and	CCONJ
gujaf-392	70	22	acquisitions	acquisition	NOUN
gujaf-392	70	23	(	(	PUNCT
gujaf-392	70	24	m&as	m&as	NOUN
gujaf-392	70	25	)	)	PUNCT
gujaf-392	70	26	.	.	PUNCT
gujaf-392	71	1	their	their	PRON
gujaf-392	71	2	analysis	analysis	NOUN
gujaf-392	71	3	,	,	PUNCT
gujaf-392	71	4	which	which	PRON
gujaf-392	71	5	focused	focus	VERB
gujaf-392	71	6	on	on	ADP
gujaf-392	71	7	the	the	DET
gujaf-392	71	8	us	us	PROPN
gujaf-392	71	9	corporate	corporate	ADJ
gujaf-392	71	10	sector	sector	NOUN
gujaf-392	71	11	,	,	PUNCT
gujaf-392	71	12	revealed	reveal	VERB
gujaf-392	71	13	that	that	SCONJ
gujaf-392	71	14	firms	firm	NOUN
gujaf-392	71	15	led	lead	VERB
gujaf-392	71	16	by	by	ADP
gujaf-392	71	17	high	high	ADJ
gujaf-392	71	18	-	-	PUNCT
gujaf-392	71	19	ability	ability	NOUN
gujaf-392	71	20	managers	manager	NOUN
gujaf-392	71	21	were	be	AUX
gujaf-392	71	22	more	more	ADV
gujaf-392	71	23	likely	likely	ADJ
gujaf-392	71	24	to	to	PART
gujaf-392	71	25	engage	engage	VERB
gujaf-392	71	26	in	in	ADP
gujaf-392	71	27	value	value	NOUN
gujaf-392	71	28	-	-	PUNCT
gujaf-392	71	29	enhancing	enhance	VERB
gujaf-392	71	30	acquisitions	acquisition	NOUN
gujaf-392	71	31	,	,	PUNCT
gujaf-392	71	32	particularly	particularly	ADV
gujaf-392	71	33	in	in	ADP
gujaf-392	71	34	volatile	volatile	ADJ
gujaf-392	71	35	markets	market	NOUN
gujaf-392	71	36	.	.	PUNCT
gujaf-392	72	1	this	this	DET
gujaf-392	72	2	ability	ability	NOUN
gujaf-392	72	3	to	to	PART
gujaf-392	72	4	assess	assess	VERB
gujaf-392	72	5	and	and	CCONJ
gujaf-392	72	6	mitigate	mitigate	VERB
gujaf-392	72	7	risks	risk	NOUN
gujaf-392	72	8	in	in	ADP
gujaf-392	72	9	uncertain	uncertain	ADJ
gujaf-392	72	10	situations	situation	NOUN
gujaf-392	72	11	further	far	ADV
gujaf-392	72	12	emphasizes	emphasize	VERB
gujaf-392	72	13	the	the	DET
gujaf-392	72	14	strategic	strategic	ADJ
gujaf-392	72	15	value	value	NOUN
gujaf-392	72	16	of	of	ADP
gujaf-392	72	17	managerial	managerial	ADJ
gujaf-392	72	18	talent	talent	NOUN
gujaf-392	72	19	.	.	PUNCT
gujaf-392	73	1	similarly	similarly	ADV
gujaf-392	73	2	,	,	PUNCT
gujaf-392	73	3	lee	lee	PROPN
gujaf-392	73	4	et	et	PROPN
gujaf-392	73	5	al	al	PROPN
gujaf-392	73	6	.	.	PROPN
gujaf-392	73	7	(	(	PUNCT
gujaf-392	73	8	2022	2022	NUM
gujaf-392	73	9	)	)	PUNCT
gujaf-392	73	10	explored	explore	VERB
gujaf-392	73	11	the	the	DET
gujaf-392	73	12	relationship	relationship	NOUN
gujaf-392	73	13	between	between	ADP
gujaf-392	73	14	managerial	managerial	ADJ
gujaf-392	73	15	ability	ability	NOUN
gujaf-392	73	16	and	and	CCONJ
gujaf-392	73	17	corporate	corporate	ADJ
gujaf-392	73	18	governance	governance	NOUN
gujaf-392	73	19	in	in	ADP
gujaf-392	73	20	family	family	NOUN
gujaf-392	73	21	-	-	PUNCT
gujaf-392	73	22	owned	own	VERB
gujaf-392	73	23	businesses	business	NOUN
gujaf-392	73	24	,	,	PUNCT
gujaf-392	73	25	suggesting	suggest	VERB
gujaf-392	73	26	that	that	SCONJ
gujaf-392	73	27	managerial	managerial	ADJ
gujaf-392	73	28	skills	skill	NOUN
gujaf-392	73	29	are	be	AUX
gujaf-392	73	30	crucial	crucial	ADJ
gujaf-392	73	31	for	for	ADP
gujaf-392	73	32	balancing	balance	VERB
gujaf-392	73	33	the	the	DET
gujaf-392	73	34	interests	interest	NOUN
gujaf-392	73	35	of	of	ADP
gujaf-392	73	36	family	family	NOUN
gujaf-392	73	37	stakeholders	stakeholder	NOUN
gujaf-392	73	38	and	and	CCONJ
gujaf-392	73	39	ensuring	ensure	VERB
gujaf-392	73	40	long	long	ADJ
gujaf-392	73	41	-	-	PUNCT
gujaf-392	73	42	term	term	NOUN
gujaf-392	73	43	firm	firm	ADJ
gujaf-392	73	44	performance	performance	NOUN
gujaf-392	73	45	.	.	PUNCT
gujaf-392	74	1	these	these	DET
gujaf-392	74	2	studies	study	NOUN
gujaf-392	74	3	contribute	contribute	VERB
gujaf-392	74	4	to	to	ADP
gujaf-392	74	5	the	the	DET
gujaf-392	74	6	growing	grow	VERB
gujaf-392	74	7	understanding	understanding	NOUN
gujaf-392	74	8	that	that	SCONJ
gujaf-392	74	9	managerial	managerial	ADJ
gujaf-392	74	10	ability	ability	NOUN
gujaf-392	74	11	is	be	AUX
gujaf-392	74	12	not	not	PART
gujaf-392	74	13	only	only	ADV
gujaf-392	74	14	an	an	DET
gujaf-392	74	15	internal	internal	ADJ
gujaf-392	74	16	determinant	determinant	NOUN
gujaf-392	74	17	of	of	ADP
gujaf-392	74	18	firm	firm	ADJ
gujaf-392	74	19	performance	performance	NOUN
gujaf-392	74	20	but	but	CCONJ
gujaf-392	74	21	also	also	ADV
gujaf-392	74	22	interacts	interact	VERB
gujaf-392	74	23	with	with	ADP
gujaf-392	74	24	broader	broad	ADJ
gujaf-392	74	25	governance	governance	NOUN
gujaf-392	74	26	mechanisms	mechanism	NOUN
gujaf-392	74	27	to	to	PART
gujaf-392	74	28	influence	influence	VERB
gujaf-392	74	29	strategic	strategic	ADJ
gujaf-392	74	30	outcomes	outcome	NOUN
gujaf-392	74	31	.	.	PUNCT
gujaf-392	75	1	moreover	moreover	ADV
gujaf-392	75	2	,	,	PUNCT
gujaf-392	75	3	the	the	DET
gujaf-392	75	4	increasing	increase	VERB
gujaf-392	75	5	integration	integration	NOUN
gujaf-392	75	6	of	of	ADP
gujaf-392	75	7	digital	digital	ADJ
gujaf-392	75	8	technologies	technology	NOUN
gujaf-392	75	9	into	into	ADP
gujaf-392	75	10	business	business	NOUN
gujaf-392	75	11	operations	operation	NOUN
gujaf-392	75	12	has	have	AUX
gujaf-392	75	13	further	far	ADV
gujaf-392	75	14	reinforced	reinforce	VERB
gujaf-392	75	15	the	the	DET
gujaf-392	75	16	importance	importance	NOUN
gujaf-392	75	17	of	of	ADP
gujaf-392	75	18	managerial	managerial	ADJ
gujaf-392	75	19	ability	ability	NOUN
gujaf-392	75	20	in	in	ADP
gujaf-392	75	21	modern	modern	ADJ
gujaf-392	75	22	firms	firm	NOUN
gujaf-392	75	23	.	.	PUNCT
gujaf-392	76	1	in	in	ADP
gujaf-392	76	2	a	a	DET
gujaf-392	76	3	study	study	NOUN
gujaf-392	76	4	on	on	ADP
gujaf-392	76	5	the	the	DET
gujaf-392	76	6	adoption	adoption	NOUN
gujaf-392	76	7	of	of	ADP
gujaf-392	76	8	artificial	artificial	ADJ
gujaf-392	76	9	intelligence	intelligence	NOUN
gujaf-392	76	10	(	(	PUNCT
gujaf-392	76	11	ai	ai	NOUN
gujaf-392	76	12	)	)	PUNCT
gujaf-392	76	13	in	in	ADP
gujaf-392	76	14	financial	financial	ADJ
gujaf-392	76	15	services	service	NOUN
gujaf-392	76	16	,	,	PUNCT
gujaf-392	76	17	patel	patel	PROPN
gujaf-392	76	18	et	et	PROPN
gujaf-392	76	19	al	al	PROPN
gujaf-392	76	20	.	.	PROPN
gujaf-392	77	1	(	(	PUNCT
gujaf-392	77	2	2022	2022	NUM
gujaf-392	77	3	)	)	PUNCT
gujaf-392	77	4	demonstrated	demonstrate	VERB
gujaf-392	77	5	that	that	SCONJ
gujaf-392	77	6	firms	firm	NOUN
gujaf-392	77	7	with	with	ADP
gujaf-392	77	8	gusau	gusau	ADJ
gujaf-392	77	9	journal	journal	NOUN
gujaf-392	77	10	of	of	ADP
gujaf-392	77	11	accounting	accounting	NOUN
gujaf-392	77	12	and	and	CCONJ
gujaf-392	77	13	finance	finance	NOUN
gujaf-392	77	14	,	,	PUNCT
gujaf-392	77	15	vol.6	vol.6	PROPN
gujaf-392	77	16	,	,	PUNCT
gujaf-392	77	17	issue	issue	NOUN
gujaf-392	77	18	1	1	NUM
gujaf-392	77	19	,	,	PUNCT
gujaf-392	77	20	april	april	PROPN
gujaf-392	77	21	,	,	PUNCT
gujaf-392	77	22	2025	2025	NUM
gujaf-392	77	23	403	403	NUM
gujaf-392	77	24	managers	manager	NOUN
gujaf-392	77	25	possessing	possess	VERB
gujaf-392	77	26	higher	high	ADJ
gujaf-392	77	27	technical	technical	ADJ
gujaf-392	77	28	and	and	CCONJ
gujaf-392	77	29	strategic	strategic	ADJ
gujaf-392	77	30	skills	skill	NOUN
gujaf-392	77	31	are	be	AUX
gujaf-392	77	32	more	more	ADV
gujaf-392	77	33	successful	successful	ADJ
gujaf-392	77	34	in	in	ADP
gujaf-392	77	35	leveraging	leverage	VERB
gujaf-392	77	36	ai	ai	NOUN
gujaf-392	77	37	technologies	technology	NOUN
gujaf-392	77	38	to	to	PART
gujaf-392	77	39	improve	improve	VERB
gujaf-392	77	40	operational	operational	ADJ
gujaf-392	77	41	efficiency	efficiency	NOUN
gujaf-392	77	42	and	and	CCONJ
gujaf-392	77	43	customer	customer	NOUN
gujaf-392	77	44	satisfaction	satisfaction	NOUN
gujaf-392	77	45	.	.	PUNCT
gujaf-392	78	1	their	their	PRON
gujaf-392	78	2	findings	finding	NOUN
gujaf-392	78	3	suggest	suggest	VERB
gujaf-392	78	4	that	that	SCONJ
gujaf-392	78	5	managerial	managerial	ADJ
gujaf-392	78	6	ability	ability	NOUN
gujaf-392	78	7	is	be	AUX
gujaf-392	78	8	not	not	PART
gujaf-392	78	9	confined	confine	VERB
gujaf-392	78	10	to	to	ADP
gujaf-392	78	11	traditional	traditional	ADJ
gujaf-392	78	12	leadership	leadership	NOUN
gujaf-392	78	13	functions	function	NOUN
gujaf-392	78	14	but	but	CCONJ
gujaf-392	78	15	extends	extend	VERB
gujaf-392	78	16	to	to	ADP
gujaf-392	78	17	navigating	navigate	VERB
gujaf-392	78	18	the	the	DET
gujaf-392	78	19	complexities	complexity	NOUN
gujaf-392	78	20	of	of	ADP
gujaf-392	78	21	digital	digital	ADJ
gujaf-392	78	22	transformation	transformation	NOUN
gujaf-392	78	23	.	.	PUNCT
gujaf-392	79	1	similarly	similarly	ADV
gujaf-392	79	2	,	,	PUNCT
gujaf-392	79	3	in	in	ADP
gujaf-392	79	4	the	the	DET
gujaf-392	79	5	retail	retail	ADJ
gujaf-392	79	6	sector	sector	NOUN
gujaf-392	79	7	,	,	PUNCT
gujaf-392	79	8	studies	study	NOUN
gujaf-392	79	9	by	by	ADP
gujaf-392	79	10	li	li	PROPN
gujaf-392	79	11	and	and	CCONJ
gujaf-392	79	12	wang	wang	PROPN
gujaf-392	79	13	(	(	PUNCT
gujaf-392	79	14	2021	2021	NUM
gujaf-392	79	15	)	)	PUNCT
gujaf-392	79	16	have	have	AUX
gujaf-392	79	17	shown	show	VERB
gujaf-392	79	18	that	that	SCONJ
gujaf-392	79	19	managerial	managerial	ADJ
gujaf-392	79	20	ability	ability	NOUN
gujaf-392	79	21	significantly	significantly	ADV
gujaf-392	79	22	influences	influence	VERB
gujaf-392	79	23	the	the	DET
gujaf-392	79	24	effectiveness	effectiveness	NOUN
gujaf-392	79	25	of	of	ADP
gujaf-392	79	26	e	e	NOUN
gujaf-392	79	27	-	-	NOUN
gujaf-392	79	28	commerce	commerce	NOUN
gujaf-392	79	29	strategies	strategy	NOUN
gujaf-392	79	30	,	,	PUNCT
gujaf-392	79	31	particularly	particularly	ADV
gujaf-392	79	32	in	in	ADP
gujaf-392	79	33	terms	term	NOUN
gujaf-392	79	34	of	of	ADP
gujaf-392	79	35	customer	customer	NOUN
gujaf-392	79	36	experience	experience	NOUN
gujaf-392	79	37	management	management	NOUN
gujaf-392	79	38	and	and	CCONJ
gujaf-392	79	39	inventory	inventory	NOUN
gujaf-392	79	40	optimization	optimization	NOUN
gujaf-392	79	41	.	.	PUNCT
gujaf-392	80	1	as	as	SCONJ
gujaf-392	80	2	digitalization	digitalization	NOUN
gujaf-392	80	3	continues	continue	VERB
gujaf-392	80	4	to	to	PART
gujaf-392	80	5	reshape	reshape	VERB
gujaf-392	80	6	industries	industry	NOUN
gujaf-392	80	7	,	,	PUNCT
gujaf-392	80	8	the	the	DET
gujaf-392	80	9	need	need	NOUN
gujaf-392	80	10	for	for	ADP
gujaf-392	80	11	managers	manager	NOUN
gujaf-392	80	12	who	who	PRON
gujaf-392	80	13	can	can	AUX
gujaf-392	80	14	blend	blend	VERB
gujaf-392	80	15	traditional	traditional	ADJ
gujaf-392	80	16	managerial	managerial	ADJ
gujaf-392	80	17	skills	skill	NOUN
gujaf-392	80	18	with	with	ADP
gujaf-392	80	19	modern	modern	ADJ
gujaf-392	80	20	technological	technological	ADJ
gujaf-392	80	21	capabilities	capability	NOUN
gujaf-392	80	22	becomes	become	VERB
gujaf-392	80	23	increasingly	increasingly	ADV
gujaf-392	80	24	critical	critical	ADJ
gujaf-392	80	25	.	.	PUNCT
gujaf-392	81	1	finally	finally	ADV
gujaf-392	81	2	,	,	PUNCT
gujaf-392	81	3	empirical	empirical	ADJ
gujaf-392	81	4	models	model	NOUN
gujaf-392	81	5	incorporating	incorporate	VERB
gujaf-392	81	6	flexible	flexible	ADJ
gujaf-392	81	7	functional	functional	ADJ
gujaf-392	81	8	forms	form	NOUN
gujaf-392	81	9	,	,	PUNCT
gujaf-392	81	10	such	such	ADJ
gujaf-392	81	11	as	as	ADP
gujaf-392	81	12	generalized	generalized	ADJ
gujaf-392	81	13	additive	additive	ADJ
gujaf-392	81	14	models	model	NOUN
gujaf-392	81	15	(	(	PUNCT
gujaf-392	81	16	gam	gam	NOUN
gujaf-392	81	17	)	)	PUNCT
gujaf-392	81	18	,	,	PUNCT
gujaf-392	81	19	have	have	AUX
gujaf-392	81	20	enabled	enable	VERB
gujaf-392	81	21	researchers	researcher	NOUN
gujaf-392	81	22	to	to	PART
gujaf-392	81	23	explore	explore	VERB
gujaf-392	81	24	non	non	ADJ
gujaf-392	81	25	-	-	ADJ
gujaf-392	81	26	linear	linear	ADJ
gujaf-392	81	27	relationships	relationship	NOUN
gujaf-392	81	28	between	between	ADP
gujaf-392	81	29	managerial	managerial	ADJ
gujaf-392	81	30	ability	ability	NOUN
gujaf-392	81	31	and	and	CCONJ
gujaf-392	81	32	firm	firm	ADJ
gujaf-392	81	33	performance	performance	NOUN
gujaf-392	81	34	.	.	PUNCT
gujaf-392	82	1	wood	wood	NOUN
gujaf-392	82	2	et	et	PROPN
gujaf-392	82	3	al	al	PROPN
gujaf-392	82	4	.	.	PROPN
gujaf-392	83	1	(	(	PUNCT
gujaf-392	83	2	2022	2022	NUM
gujaf-392	83	3	)	)	PUNCT
gujaf-392	83	4	applied	apply	VERB
gujaf-392	83	5	gams	gam	NOUN
gujaf-392	83	6	to	to	PART
gujaf-392	83	7	insurance	insurance	VERB
gujaf-392	83	8	data	datum	NOUN
gujaf-392	83	9	across	across	ADP
gujaf-392	83	10	multiple	multiple	ADJ
gujaf-392	83	11	european	european	ADJ
gujaf-392	83	12	markets	market	NOUN
gujaf-392	83	13	and	and	CCONJ
gujaf-392	83	14	discovered	discover	VERB
gujaf-392	83	15	curvilinear	curvilinear	PROPN
gujaf-392	83	16	associations	association	NOUN
gujaf-392	83	17	between	between	ADP
gujaf-392	83	18	estimated	estimate	VERB
gujaf-392	83	19	ability	ability	NOUN
gujaf-392	83	20	scores	score	NOUN
gujaf-392	83	21	and	and	CCONJ
gujaf-392	83	22	roe	roe	NOUN
gujaf-392	83	23	.	.	PUNCT
gujaf-392	84	1	these	these	DET
gujaf-392	84	2	models	model	NOUN
gujaf-392	84	3	offer	offer	VERB
gujaf-392	84	4	empirical	empirical	ADJ
gujaf-392	84	5	advantages	advantage	NOUN
gujaf-392	84	6	in	in	ADP
gujaf-392	84	7	uncovering	uncover	VERB
gujaf-392	84	8	thresholds	threshold	NOUN
gujaf-392	84	9	or	or	CCONJ
gujaf-392	84	10	diminishing	diminish	VERB
gujaf-392	84	11	returns	return	NOUN
gujaf-392	84	12	to	to	ADP
gujaf-392	84	13	managerial	managerial	ADJ
gujaf-392	84	14	talent	talent	NOUN
gujaf-392	84	15	,	,	PUNCT
gujaf-392	84	16	which	which	PRON
gujaf-392	84	17	might	might	AUX
gujaf-392	84	18	be	be	AUX
gujaf-392	84	19	obscured	obscure	VERB
gujaf-392	84	20	in	in	ADP
gujaf-392	84	21	conventional	conventional	ADJ
gujaf-392	84	22	linear	linear	ADJ
gujaf-392	84	23	regression	regression	NOUN
gujaf-392	84	24	frameworks	framework	NOUN
gujaf-392	84	25	.	.	PUNCT
gujaf-392	85	1	hypothesis	hypothesis	NOUN
gujaf-392	85	2	development	development	NOUN
gujaf-392	85	3	hypothesis	hypothesis	NOUN
gujaf-392	85	4	1	1	NUM
gujaf-392	85	5	:	:	PUNCT
gujaf-392	85	6	managerial	managerial	ADJ
gujaf-392	85	7	ability	ability	NOUN
gujaf-392	85	8	and	and	CCONJ
gujaf-392	85	9	firm	firm	ADJ
gujaf-392	85	10	performance	performance	NOUN
gujaf-392	85	11	managerial	managerial	ADJ
gujaf-392	85	12	ability	ability	NOUN
gujaf-392	85	13	has	have	AUX
gujaf-392	85	14	been	be	AUX
gujaf-392	85	15	recognized	recognize	VERB
gujaf-392	85	16	as	as	ADP
gujaf-392	85	17	a	a	DET
gujaf-392	85	18	critical	critical	ADJ
gujaf-392	85	19	factor	factor	NOUN
gujaf-392	85	20	influencing	influence	VERB
gujaf-392	85	21	firm	firm	ADJ
gujaf-392	85	22	performance	performance	NOUN
gujaf-392	85	23	,	,	PUNCT
gujaf-392	85	24	especially	especially	ADV
gujaf-392	85	25	in	in	ADP
gujaf-392	85	26	sectors	sector	NOUN
gujaf-392	85	27	that	that	PRON
gujaf-392	85	28	require	require	VERB
gujaf-392	85	29	effective	effective	ADJ
gujaf-392	85	30	decision	decision	NOUN
gujaf-392	85	31	-	-	PUNCT
gujaf-392	85	32	making	make	VERB
gujaf-392	85	33	and	and	CCONJ
gujaf-392	85	34	resource	resource	NOUN
gujaf-392	85	35	management	management	NOUN
gujaf-392	85	36	.	.	PUNCT
gujaf-392	86	1	in	in	ADP
gujaf-392	86	2	capitalintensive	capitalintensive	ADJ
gujaf-392	86	3	and	and	CCONJ
gujaf-392	86	4	highly	highly	ADV
gujaf-392	86	5	regulated	regulated	ADJ
gujaf-392	86	6	industries	industry	NOUN
gujaf-392	86	7	,	,	PUNCT
gujaf-392	86	8	such	such	ADJ
gujaf-392	86	9	as	as	ADP
gujaf-392	86	10	banking	banking	NOUN
gujaf-392	86	11	and	and	CCONJ
gujaf-392	86	12	insurance	insurance	NOUN
gujaf-392	86	13	,	,	PUNCT
gujaf-392	86	14	the	the	DET
gujaf-392	86	15	ability	ability	NOUN
gujaf-392	86	16	of	of	ADP
gujaf-392	86	17	managers	manager	NOUN
gujaf-392	86	18	to	to	PART
gujaf-392	86	19	navigate	navigate	VERB
gujaf-392	86	20	operational	operational	ADJ
gujaf-392	86	21	complexities	complexity	NOUN
gujaf-392	86	22	and	and	CCONJ
gujaf-392	86	23	external	external	ADJ
gujaf-392	86	24	challenges	challenge	NOUN
gujaf-392	86	25	can	can	AUX
gujaf-392	86	26	significantly	significantly	ADV
gujaf-392	86	27	impact	impact	VERB
gujaf-392	86	28	a	a	DET
gujaf-392	86	29	firm	firm	NOUN
gujaf-392	86	30	's	's	PART
gujaf-392	86	31	success	success	NOUN
gujaf-392	86	32	.	.	PUNCT
gujaf-392	87	1	firms	firm	NOUN
gujaf-392	87	2	led	lead	VERB
gujaf-392	87	3	by	by	ADP
gujaf-392	87	4	high	high	ADJ
gujaf-392	87	5	-	-	PUNCT
gujaf-392	87	6	ability	ability	NOUN
gujaf-392	87	7	managers	manager	NOUN
gujaf-392	87	8	tend	tend	VERB
gujaf-392	87	9	to	to	PART
gujaf-392	87	10	perform	perform	VERB
gujaf-392	87	11	better	well	ADV
gujaf-392	87	12	across	across	ADP
gujaf-392	87	13	key	key	ADJ
gujaf-392	87	14	financial	financial	ADJ
gujaf-392	87	15	metrics	metric	NOUN
gujaf-392	87	16	,	,	PUNCT
gujaf-392	87	17	including	include	VERB
gujaf-392	87	18	profitability	profitability	NOUN
gujaf-392	87	19	,	,	PUNCT
gujaf-392	87	20	return	return	VERB
gujaf-392	87	21	on	on	ADP
gujaf-392	87	22	equity	equity	NOUN
gujaf-392	87	23	(	(	PUNCT
gujaf-392	87	24	roe	roe	PROPN
gujaf-392	87	25	)	)	PUNCT
gujaf-392	87	26	,	,	PUNCT
gujaf-392	87	27	and	and	CCONJ
gujaf-392	87	28	operational	operational	ADJ
gujaf-392	87	29	efficiency	efficiency	NOUN
gujaf-392	87	30	.	.	PUNCT
gujaf-392	88	1	this	this	PRON
gujaf-392	88	2	is	be	AUX
gujaf-392	88	3	because	because	SCONJ
gujaf-392	88	4	skilled	skilled	ADJ
gujaf-392	88	5	managers	manager	NOUN
gujaf-392	88	6	can	can	AUX
gujaf-392	88	7	make	make	VERB
gujaf-392	88	8	more	more	ADV
gujaf-392	88	9	informed	informed	ADJ
gujaf-392	88	10	decisions	decision	NOUN
gujaf-392	88	11	,	,	PUNCT
gujaf-392	88	12	optimize	optimize	VERB
gujaf-392	88	13	resource	resource	NOUN
gujaf-392	88	14	allocation	allocation	NOUN
gujaf-392	88	15	,	,	PUNCT
gujaf-392	88	16	and	and	CCONJ
gujaf-392	88	17	implement	implement	VERB
gujaf-392	88	18	strategies	strategy	NOUN
gujaf-392	88	19	that	that	PRON
gujaf-392	88	20	enhance	enhance	VERB
gujaf-392	88	21	overall	overall	ADJ
gujaf-392	88	22	firm	firm	ADJ
gujaf-392	88	23	performance	performance	NOUN
gujaf-392	88	24	.	.	PUNCT
gujaf-392	89	1	therefore	therefore	ADV
gujaf-392	89	2	,	,	PUNCT
gujaf-392	89	3	we	we	PRON
gujaf-392	89	4	hypothesize	hypothesize	VERB
gujaf-392	89	5	that	that	SCONJ
gujaf-392	89	6	:	:	PUNCT
gujaf-392	89	7	h1	h1	NOUN
gujaf-392	89	8	:	:	PUNCT
gujaf-392	89	9	higher	high	ADJ
gujaf-392	89	10	levels	level	NOUN
gujaf-392	89	11	of	of	ADP
gujaf-392	89	12	managerial	managerial	ADJ
gujaf-392	89	13	ability	ability	NOUN
gujaf-392	89	14	are	be	AUX
gujaf-392	89	15	positively	positively	ADV
gujaf-392	89	16	associated	associate	VERB
gujaf-392	89	17	with	with	ADP
gujaf-392	89	18	firm	firm	ADJ
gujaf-392	89	19	performance	performance	NOUN
gujaf-392	89	20	,	,	PUNCT
gujaf-392	89	21	as	as	SCONJ
gujaf-392	89	22	measured	measure	VERB
gujaf-392	89	23	by	by	ADP
gujaf-392	89	24	profitability	profitability	NOUN
gujaf-392	89	25	,	,	PUNCT
gujaf-392	89	26	roe	roe	NOUN
gujaf-392	89	27	,	,	PUNCT
gujaf-392	89	28	operational	operational	ADJ
gujaf-392	89	29	efficiency	efficiency	NOUN
gujaf-392	89	30	,	,	PUNCT
gujaf-392	89	31	and	and	CCONJ
gujaf-392	89	32	market	market	NOUN
gujaf-392	89	33	valuation	valuation	NOUN
gujaf-392	89	34	.	.	PUNCT
gujaf-392	90	1	this	this	DET
gujaf-392	90	2	hypothesis	hypothesis	NOUN
gujaf-392	90	3	draws	draw	VERB
gujaf-392	90	4	on	on	ADP
gujaf-392	90	5	foundational	foundational	ADJ
gujaf-392	90	6	work	work	NOUN
gujaf-392	90	7	by	by	ADP
gujaf-392	90	8	demerjian	demerjian	PROPN
gujaf-392	90	9	et	et	PROPN
gujaf-392	90	10	al	al	PROPN
gujaf-392	90	11	.	.	PROPN
gujaf-392	91	1	(	(	PUNCT
gujaf-392	91	2	2012	2012	NUM
gujaf-392	91	3	)	)	PUNCT
gujaf-392	91	4	,	,	PUNCT
gujaf-392	91	5	who	who	PRON
gujaf-392	91	6	demonstrated	demonstrate	VERB
gujaf-392	91	7	that	that	SCONJ
gujaf-392	91	8	managerial	managerial	ADJ
gujaf-392	91	9	ability	ability	NOUN
gujaf-392	91	10	directly	directly	ADV
gujaf-392	91	11	correlates	correlate	VERB
gujaf-392	91	12	with	with	ADP
gujaf-392	91	13	superior	superior	ADJ
gujaf-392	91	14	firm	firm	ADJ
gujaf-392	91	15	outcomes	outcome	NOUN
gujaf-392	91	16	,	,	PUNCT
gujaf-392	91	17	and	and	CCONJ
gujaf-392	91	18	is	be	AUX
gujaf-392	91	19	supported	support	VERB
gujaf-392	91	20	by	by	ADP
gujaf-392	91	21	subsequent	subsequent	ADJ
gujaf-392	91	22	studies	study	NOUN
gujaf-392	91	23	(	(	PUNCT
gujaf-392	91	24	chen	chen	PROPN
gujaf-392	91	25	et	et	PROPN
gujaf-392	91	26	al	al	PROPN
gujaf-392	91	27	.	.	PROPN
gujaf-392	91	28	,	,	PUNCT
gujaf-392	91	29	2021	2021	NUM
gujaf-392	91	30	)	)	PUNCT
gujaf-392	91	31	that	that	PRON
gujaf-392	91	32	found	find	VERB
gujaf-392	91	33	a	a	DET
gujaf-392	91	34	positive	positive	ADJ
gujaf-392	91	35	relationship	relationship	NOUN
gujaf-392	91	36	between	between	ADP
gujaf-392	91	37	managerial	managerial	ADJ
gujaf-392	91	38	competence	competence	NOUN
gujaf-392	91	39	and	and	CCONJ
gujaf-392	91	40	financial	financial	ADJ
gujaf-392	91	41	performance	performance	NOUN
gujaf-392	91	42	in	in	ADP
gujaf-392	91	43	regulated	regulated	ADJ
gujaf-392	91	44	industries	industry	NOUN
gujaf-392	91	45	.	.	PUNCT
gujaf-392	92	1	hypothesis	hypothesis	NOUN
gujaf-392	92	2	2	2	NUM
gujaf-392	92	3	:	:	PUNCT
gujaf-392	92	4	regulatory	regulatory	ADJ
gujaf-392	92	5	change	change	NOUN
gujaf-392	92	6	and	and	CCONJ
gujaf-392	92	7	managerial	managerial	ADJ
gujaf-392	92	8	ability	ability	NOUN
gujaf-392	92	9	regulatory	regulatory	ADJ
gujaf-392	92	10	changes	change	NOUN
gujaf-392	92	11	,	,	PUNCT
gujaf-392	92	12	particularly	particularly	ADV
gujaf-392	92	13	in	in	ADP
gujaf-392	92	14	industries	industry	NOUN
gujaf-392	92	15	such	such	ADJ
gujaf-392	92	16	as	as	ADP
gujaf-392	92	17	insurance	insurance	NOUN
gujaf-392	92	18	and	and	CCONJ
gujaf-392	92	19	banking	banking	NOUN
gujaf-392	92	20	,	,	PUNCT
gujaf-392	92	21	can	can	AUX
gujaf-392	92	22	create	create	VERB
gujaf-392	92	23	substantial	substantial	ADJ
gujaf-392	92	24	challenges	challenge	NOUN
gujaf-392	92	25	for	for	ADP
gujaf-392	92	26	firms	firm	NOUN
gujaf-392	92	27	,	,	PUNCT
gujaf-392	92	28	as	as	SCONJ
gujaf-392	92	29	they	they	PRON
gujaf-392	92	30	must	must	AUX
gujaf-392	92	31	adapt	adapt	VERB
gujaf-392	92	32	their	their	PRON
gujaf-392	92	33	business	business	NOUN
gujaf-392	92	34	models	model	NOUN
gujaf-392	92	35	and	and	CCONJ
gujaf-392	92	36	operational	operational	ADJ
gujaf-392	92	37	strategies	strategy	NOUN
gujaf-392	92	38	to	to	PART
gujaf-392	92	39	comply	comply	VERB
gujaf-392	92	40	with	with	ADP
gujaf-392	92	41	new	new	ADJ
gujaf-392	92	42	rules	rule	NOUN
gujaf-392	92	43	and	and	CCONJ
gujaf-392	92	44	standards	standard	NOUN
gujaf-392	92	45	.	.	PUNCT
gujaf-392	93	1	however	however	ADV
gujaf-392	93	2	,	,	PUNCT
gujaf-392	93	3	not	not	PART
gujaf-392	93	4	all	all	DET
gujaf-392	93	5	firms	firm	NOUN
gujaf-392	93	6	face	face	VERB
gujaf-392	93	7	these	these	DET
gujaf-392	93	8	challenges	challenge	NOUN
gujaf-392	93	9	equally	equally	ADV
gujaf-392	93	10	.	.	PUNCT
gujaf-392	94	1	the	the	DET
gujaf-392	94	2	ability	ability	NOUN
gujaf-392	94	3	of	of	ADP
gujaf-392	94	4	a	a	DET
gujaf-392	94	5	firm	firm	NOUN
gujaf-392	94	6	's	's	PART
gujaf-392	94	7	leadership	leadership	NOUN
gujaf-392	94	8	to	to	PART
gujaf-392	94	9	effectively	effectively	ADV
gujaf-392	94	10	respond	respond	VERB
gujaf-392	94	11	to	to	ADP
gujaf-392	94	12	regulatory	regulatory	ADJ
gujaf-392	94	13	changes	change	NOUN
gujaf-392	94	14	is	be	AUX
gujaf-392	94	15	likely	likely	ADV
gujaf-392	94	16	influenced	influence	VERB
gujaf-392	94	17	by	by	ADP
gujaf-392	94	18	the	the	DET
gujaf-392	94	19	skill	skill	NOUN
gujaf-392	94	20	level	level	NOUN
gujaf-392	94	21	of	of	ADP
gujaf-392	94	22	its	its	PRON
gujaf-392	94	23	managers	manager	NOUN
gujaf-392	94	24	.	.	PUNCT
gujaf-392	95	1	high	high	ADJ
gujaf-392	95	2	-	-	PUNCT
gujaf-392	95	3	ability	ability	NOUN
gujaf-392	95	4	managers	manager	NOUN
gujaf-392	95	5	are	be	AUX
gujaf-392	95	6	better	well	ADV
gujaf-392	95	7	equipped	equip	VERB
gujaf-392	95	8	to	to	PART
gujaf-392	95	9	understand	understand	VERB
gujaf-392	95	10	and	and	CCONJ
gujaf-392	95	11	respond	respond	VERB
gujaf-392	95	12	to	to	ADP
gujaf-392	95	13	new	new	ADJ
gujaf-392	95	14	regulations	regulation	NOUN
gujaf-392	95	15	,	,	PUNCT
gujaf-392	95	16	mitigating	mitigate	VERB
gujaf-392	95	17	potential	potential	ADJ
gujaf-392	95	18	negative	negative	ADJ
gujaf-392	95	19	impacts	impact	NOUN
gujaf-392	95	20	on	on	ADP
gujaf-392	95	21	firm	firm	ADJ
gujaf-392	95	22	performance	performance	NOUN
gujaf-392	95	23	.	.	PUNCT
gujaf-392	96	1	for	for	ADP
gujaf-392	96	2	example	example	NOUN
gujaf-392	96	3	,	,	PUNCT
gujaf-392	96	4	in	in	ADP
gujaf-392	96	5	the	the	DET
gujaf-392	96	6	insurance	insurance	NOUN
gujaf-392	96	7	sector	sector	NOUN
gujaf-392	96	8	,	,	PUNCT
gujaf-392	96	9	regulatory	regulatory	ADJ
gujaf-392	96	10	changes	change	NOUN
gujaf-392	96	11	like	like	ADP
gujaf-392	96	12	solvency	solvency	NOUN
gujaf-392	96	13	ii	ii	PROPN
gujaf-392	96	14	require	require	VERB
gujaf-392	96	15	gusau	gusau	ADJ
gujaf-392	96	16	journal	journal	NOUN
gujaf-392	96	17	of	of	ADP
gujaf-392	96	18	accounting	accounting	NOUN
gujaf-392	96	19	and	and	CCONJ
gujaf-392	96	20	finance	finance	NOUN
gujaf-392	96	21	,	,	PUNCT
gujaf-392	96	22	vol.6	vol.6	PROPN
gujaf-392	96	23	,	,	PUNCT
gujaf-392	96	24	issue	issue	NOUN
gujaf-392	96	25	1	1	NUM
gujaf-392	96	26	,	,	PUNCT
gujaf-392	96	27	april	april	PROPN
gujaf-392	96	28	,	,	PUNCT
gujaf-392	96	29	2025	2025	NUM
gujaf-392	96	30	404	404	NUM
gujaf-392	96	31	firms	firm	NOUN
gujaf-392	96	32	to	to	PART
gujaf-392	96	33	adjust	adjust	VERB
gujaf-392	96	34	their	their	PRON
gujaf-392	96	35	risk	risk	NOUN
gujaf-392	96	36	management	management	NOUN
gujaf-392	96	37	practices	practice	NOUN
gujaf-392	96	38	and	and	CCONJ
gujaf-392	96	39	capital	capital	NOUN
gujaf-392	96	40	adequacy	adequacy	NOUN
gujaf-392	96	41	frameworks	framework	NOUN
gujaf-392	96	42	.	.	PUNCT
gujaf-392	97	1	we	we	PRON
gujaf-392	97	2	hypothesize	hypothesize	VERB
gujaf-392	97	3	that	that	SCONJ
gujaf-392	97	4	:	:	PUNCT
gujaf-392	97	5	h2	h2	NOUN
gujaf-392	97	6	:	:	PUNCT
gujaf-392	97	7	managerial	managerial	ADJ
gujaf-392	97	8	ability	ability	NOUN
gujaf-392	97	9	moderates	moderate	VERB
gujaf-392	97	10	the	the	DET
gujaf-392	97	11	relationship	relationship	NOUN
gujaf-392	97	12	between	between	ADP
gujaf-392	97	13	regulatory	regulatory	ADJ
gujaf-392	97	14	change	change	NOUN
gujaf-392	97	15	and	and	CCONJ
gujaf-392	97	16	firm	firm	ADJ
gujaf-392	97	17	performance	performance	NOUN
gujaf-392	97	18	,	,	PUNCT
gujaf-392	97	19	with	with	ADP
gujaf-392	97	20	firms	firm	NOUN
gujaf-392	97	21	led	lead	VERB
gujaf-392	97	22	by	by	ADP
gujaf-392	97	23	high	high	ADJ
gujaf-392	97	24	-	-	PUNCT
gujaf-392	97	25	ability	ability	NOUN
gujaf-392	97	26	managers	manager	NOUN
gujaf-392	97	27	adapting	adapt	VERB
gujaf-392	97	28	more	more	ADV
gujaf-392	97	29	successfully	successfully	ADV
gujaf-392	97	30	to	to	ADP
gujaf-392	97	31	regulatory	regulatory	ADJ
gujaf-392	97	32	changes	change	NOUN
gujaf-392	97	33	,	,	PUNCT
gujaf-392	97	34	thereby	thereby	ADV
gujaf-392	97	35	maintaining	maintain	VERB
gujaf-392	97	36	or	or	CCONJ
gujaf-392	97	37	improving	improve	VERB
gujaf-392	97	38	performance	performance	NOUN
gujaf-392	97	39	.	.	PUNCT
gujaf-392	98	1	this	this	DET
gujaf-392	98	2	hypothesis	hypothesis	NOUN
gujaf-392	98	3	is	be	AUX
gujaf-392	98	4	grounded	ground	VERB
gujaf-392	98	5	in	in	ADP
gujaf-392	98	6	the	the	DET
gujaf-392	98	7	work	work	NOUN
gujaf-392	98	8	of	of	ADP
gujaf-392	98	9	bauer	bauer	PROPN
gujaf-392	98	10	&	&	CCONJ
gujaf-392	98	11	heinrich	heinrich	PROPN
gujaf-392	98	12	(	(	PUNCT
gujaf-392	98	13	2025	2025	NUM
gujaf-392	98	14	)	)	PUNCT
gujaf-392	98	15	,	,	PUNCT
gujaf-392	98	16	who	who	PRON
gujaf-392	98	17	highlighted	highlight	VERB
gujaf-392	98	18	that	that	SCONJ
gujaf-392	98	19	firms	firm	NOUN
gujaf-392	98	20	with	with	ADP
gujaf-392	98	21	skilled	skilled	ADJ
gujaf-392	98	22	managers	manager	NOUN
gujaf-392	98	23	adapt	adapt	VERB
gujaf-392	98	24	more	more	ADV
gujaf-392	98	25	efficiently	efficiently	ADV
gujaf-392	98	26	to	to	ADP
gujaf-392	98	27	regulatory	regulatory	ADJ
gujaf-392	98	28	changes	change	NOUN
gujaf-392	98	29	,	,	PUNCT
gujaf-392	98	30	leading	lead	VERB
gujaf-392	98	31	to	to	ADP
gujaf-392	98	32	better	well	ADJ
gujaf-392	98	33	performance	performance	NOUN
gujaf-392	98	34	.	.	PUNCT
gujaf-392	99	1	studies	study	NOUN
gujaf-392	99	2	by	by	ADP
gujaf-392	99	3	chen	chen	PROPN
gujaf-392	99	4	et	et	PROPN
gujaf-392	99	5	al	al	PROPN
gujaf-392	99	6	.	.	PROPN
gujaf-392	99	7	(	(	PUNCT
gujaf-392	99	8	2021	2021	NUM
gujaf-392	99	9	)	)	PUNCT
gujaf-392	99	10	and	and	CCONJ
gujaf-392	99	11	ning	ning	PROPN
gujaf-392	99	12	&	&	CCONJ
gujaf-392	99	13	zhang	zhang	PROPN
gujaf-392	99	14	(	(	PUNCT
gujaf-392	99	15	2024	2024	NUM
gujaf-392	99	16	)	)	PUNCT
gujaf-392	99	17	suggest	suggest	VERB
gujaf-392	99	18	that	that	SCONJ
gujaf-392	99	19	managerial	managerial	ADJ
gujaf-392	99	20	ability	ability	NOUN
gujaf-392	99	21	is	be	AUX
gujaf-392	99	22	a	a	DET
gujaf-392	99	23	crucial	crucial	ADJ
gujaf-392	99	24	factor	factor	NOUN
gujaf-392	99	25	in	in	ADP
gujaf-392	99	26	determining	determine	VERB
gujaf-392	99	27	how	how	SCONJ
gujaf-392	99	28	well	well	ADV
gujaf-392	99	29	firms	firm	NOUN
gujaf-392	99	30	can	can	AUX
gujaf-392	99	31	cope	cope	VERB
gujaf-392	99	32	with	with	ADP
gujaf-392	99	33	regulatory	regulatory	ADJ
gujaf-392	99	34	shifts	shift	NOUN
gujaf-392	99	35	.	.	PUNCT
gujaf-392	100	1	hypothesis	hypothesis	NOUN
gujaf-392	100	2	3	3	NUM
gujaf-392	100	3	:	:	PUNCT
gujaf-392	100	4	information	information	NOUN
gujaf-392	100	5	systems	system	NOUN
gujaf-392	100	6	sophistication	sophistication	NOUN
gujaf-392	100	7	and	and	CCONJ
gujaf-392	100	8	managerial	managerial	ADJ
gujaf-392	100	9	ability	ability	NOUN
gujaf-392	100	10	interaction	interaction	NOUN
gujaf-392	100	11	in	in	ADP
gujaf-392	100	12	today	today	NOUN
gujaf-392	100	13	’s	’s	PART
gujaf-392	100	14	increasingly	increasingly	ADV
gujaf-392	100	15	digital	digital	ADJ
gujaf-392	100	16	business	business	NOUN
gujaf-392	100	17	environment	environment	NOUN
gujaf-392	100	18	,	,	PUNCT
gujaf-392	100	19	the	the	DET
gujaf-392	100	20	sophistication	sophistication	NOUN
gujaf-392	100	21	of	of	ADP
gujaf-392	100	22	a	a	DET
gujaf-392	100	23	firm	firm	NOUN
gujaf-392	100	24	’s	’s	PART
gujaf-392	100	25	information	information	NOUN
gujaf-392	100	26	systems	system	NOUN
gujaf-392	100	27	(	(	PUNCT
gujaf-392	100	28	is	be	AUX
gujaf-392	100	29	)	)	PUNCT
gujaf-392	100	30	plays	play	VERB
gujaf-392	100	31	a	a	DET
gujaf-392	100	32	pivotal	pivotal	ADJ
gujaf-392	100	33	role	role	NOUN
gujaf-392	100	34	in	in	ADP
gujaf-392	100	35	shaping	shape	VERB
gujaf-392	100	36	its	its	PRON
gujaf-392	100	37	performance	performance	NOUN
gujaf-392	100	38	.	.	PUNCT
gujaf-392	101	1	advanced	advanced	ADJ
gujaf-392	101	2	is	be	AUX
gujaf-392	101	3	capabilities	capability	NOUN
gujaf-392	101	4	enable	enable	VERB
gujaf-392	101	5	firms	firm	NOUN
gujaf-392	101	6	to	to	PART
gujaf-392	101	7	gather	gather	VERB
gujaf-392	101	8	,	,	PUNCT
gujaf-392	101	9	analyze	analyze	VERB
gujaf-392	101	10	,	,	PUNCT
gujaf-392	101	11	and	and	CCONJ
gujaf-392	101	12	utilize	utilize	VERB
gujaf-392	101	13	data	datum	NOUN
gujaf-392	101	14	more	more	ADV
gujaf-392	101	15	effectively	effectively	ADV
gujaf-392	101	16	,	,	PUNCT
gujaf-392	101	17	which	which	PRON
gujaf-392	101	18	enhances	enhance	VERB
gujaf-392	101	19	decision	decision	NOUN
gujaf-392	101	20	-	-	PUNCT
gujaf-392	101	21	making	making	NOUN
gujaf-392	101	22	and	and	CCONJ
gujaf-392	101	23	operational	operational	ADJ
gujaf-392	101	24	efficiency	efficiency	NOUN
gujaf-392	101	25	.	.	PUNCT
gujaf-392	102	1	however	however	ADV
gujaf-392	102	2	,	,	PUNCT
gujaf-392	102	3	the	the	DET
gujaf-392	102	4	value	value	NOUN
gujaf-392	102	5	of	of	ADP
gujaf-392	102	6	these	these	DET
gujaf-392	102	7	systems	system	NOUN
gujaf-392	102	8	is	be	AUX
gujaf-392	102	9	contingent	contingent	ADJ
gujaf-392	102	10	upon	upon	SCONJ
gujaf-392	102	11	the	the	DET
gujaf-392	102	12	managerial	managerial	ADJ
gujaf-392	102	13	ability	ability	NOUN
gujaf-392	102	14	to	to	PART
gujaf-392	102	15	interpret	interpret	VERB
gujaf-392	102	16	and	and	CCONJ
gujaf-392	102	17	leverage	leverage	VERB
gujaf-392	102	18	the	the	DET
gujaf-392	102	19	information	information	NOUN
gujaf-392	102	20	they	they	PRON
gujaf-392	102	21	provide	provide	VERB
gujaf-392	102	22	.	.	PUNCT
gujaf-392	103	1	firms	firm	NOUN
gujaf-392	103	2	that	that	PRON
gujaf-392	103	3	combine	combine	VERB
gujaf-392	103	4	high	high	ADJ
gujaf-392	103	5	managerial	managerial	ADJ
gujaf-392	103	6	ability	ability	NOUN
gujaf-392	103	7	with	with	ADP
gujaf-392	103	8	advanced	advanced	ADJ
gujaf-392	103	9	is	be	AUX
gujaf-392	103	10	capabilities	capability	NOUN
gujaf-392	103	11	can	can	AUX
gujaf-392	103	12	better	well	ADV
gujaf-392	103	13	use	use	VERB
gujaf-392	103	14	technology	technology	NOUN
gujaf-392	103	15	to	to	PART
gujaf-392	103	16	support	support	VERB
gujaf-392	103	17	strategic	strategic	ADJ
gujaf-392	103	18	decisions	decision	NOUN
gujaf-392	103	19	,	,	PUNCT
gujaf-392	103	20	optimize	optimize	NOUN
gujaf-392	103	21	operations	operation	NOUN
gujaf-392	103	22	,	,	PUNCT
gujaf-392	103	23	and	and	CCONJ
gujaf-392	103	24	improve	improve	VERB
gujaf-392	103	25	overall	overall	ADJ
gujaf-392	103	26	performance	performance	NOUN
gujaf-392	103	27	.	.	PUNCT
gujaf-392	104	1	the	the	DET
gujaf-392	104	2	synergy	synergy	NOUN
gujaf-392	104	3	between	between	ADP
gujaf-392	104	4	skilled	skilled	ADJ
gujaf-392	104	5	managers	manager	NOUN
gujaf-392	104	6	and	and	CCONJ
gujaf-392	104	7	sophisticated	sophisticated	ADJ
gujaf-392	104	8	is	be	AUX
gujaf-392	104	9	creates	create	VERB
gujaf-392	104	10	a	a	DET
gujaf-392	104	11	compounded	compound	VERB
gujaf-392	104	12	effect	effect	NOUN
gujaf-392	104	13	,	,	PUNCT
gujaf-392	104	14	where	where	SCONJ
gujaf-392	104	15	each	each	DET
gujaf-392	104	16	factor	factor	NOUN
gujaf-392	104	17	amplifies	amplify	VERB
gujaf-392	104	18	the	the	DET
gujaf-392	104	19	benefits	benefit	NOUN
gujaf-392	104	20	of	of	ADP
gujaf-392	104	21	the	the	DET
gujaf-392	104	22	other	other	ADJ
gujaf-392	104	23	.	.	PUNCT
gujaf-392	105	1	therefore	therefore	ADV
gujaf-392	105	2	,	,	PUNCT
gujaf-392	105	3	we	we	PRON
gujaf-392	105	4	hypothesize	hypothesize	VERB
gujaf-392	105	5	that	that	SCONJ
gujaf-392	105	6	:	:	PUNCT
gujaf-392	105	7	h3	h3	VERB
gujaf-392	105	8	:	:	PUNCT
gujaf-392	105	9	the	the	DET
gujaf-392	105	10	interaction	interaction	NOUN
gujaf-392	105	11	between	between	ADP
gujaf-392	105	12	managerial	managerial	ADJ
gujaf-392	105	13	ability	ability	NOUN
gujaf-392	105	14	and	and	CCONJ
gujaf-392	105	15	information	information	NOUN
gujaf-392	105	16	systems	system	NOUN
gujaf-392	105	17	sophistication	sophistication	NOUN
gujaf-392	105	18	positively	positively	ADV
gujaf-392	105	19	impacts	impact	VERB
gujaf-392	105	20	firm	firm	ADJ
gujaf-392	105	21	performance	performance	NOUN
gujaf-392	105	22	,	,	PUNCT
gujaf-392	105	23	with	with	ADP
gujaf-392	105	24	firms	firm	NOUN
gujaf-392	105	25	that	that	PRON
gujaf-392	105	26	have	have	VERB
gujaf-392	105	27	both	both	CCONJ
gujaf-392	105	28	high	high	ADJ
gujaf-392	105	29	managerial	managerial	ADJ
gujaf-392	105	30	ability	ability	NOUN
gujaf-392	105	31	and	and	CCONJ
gujaf-392	105	32	advanced	advanced	ADJ
gujaf-392	105	33	information	information	NOUN
gujaf-392	105	34	systems	system	NOUN
gujaf-392	105	35	capabilities	capability	NOUN
gujaf-392	105	36	outperforming	outperform	VERB
gujaf-392	105	37	those	those	PRON
gujaf-392	105	38	with	with	ADP
gujaf-392	105	39	lower	low	ADJ
gujaf-392	105	40	levels	level	NOUN
gujaf-392	105	41	of	of	ADP
gujaf-392	105	42	either	either	DET
gujaf-392	105	43	factor	factor	NOUN
gujaf-392	105	44	.	.	PUNCT
gujaf-392	106	1	this	this	DET
gujaf-392	106	2	hypothesis	hypothesis	NOUN
gujaf-392	106	3	is	be	AUX
gujaf-392	106	4	supported	support	VERB
gujaf-392	106	5	by	by	ADP
gujaf-392	106	6	findings	finding	NOUN
gujaf-392	106	7	from	from	ADP
gujaf-392	106	8	kou	kou	PROPN
gujaf-392	106	9	et	et	PROPN
gujaf-392	106	10	al	al	PROPN
gujaf-392	106	11	.	.	PROPN
gujaf-392	107	1	(	(	PUNCT
gujaf-392	107	2	2022	2022	NUM
gujaf-392	107	3	)	)	PUNCT
gujaf-392	107	4	,	,	PUNCT
gujaf-392	107	5	who	who	PRON
gujaf-392	107	6	demonstrated	demonstrate	VERB
gujaf-392	107	7	that	that	SCONJ
gujaf-392	107	8	firms	firm	NOUN
gujaf-392	107	9	with	with	ADP
gujaf-392	107	10	both	both	CCONJ
gujaf-392	107	11	high	high	ADJ
gujaf-392	107	12	managerial	managerial	ADJ
gujaf-392	107	13	competence	competence	NOUN
gujaf-392	107	14	and	and	CCONJ
gujaf-392	107	15	advanced	advanced	ADJ
gujaf-392	107	16	is	be	AUX
gujaf-392	107	17	capabilities	capability	NOUN
gujaf-392	107	18	perform	perform	VERB
gujaf-392	107	19	better	well	ADV
gujaf-392	107	20	in	in	ADP
gujaf-392	107	21	terms	term	NOUN
gujaf-392	107	22	of	of	ADP
gujaf-392	107	23	operational	operational	ADJ
gujaf-392	107	24	efficiency	efficiency	NOUN
gujaf-392	107	25	and	and	CCONJ
gujaf-392	107	26	profitability	profitability	NOUN
gujaf-392	107	27	.	.	PUNCT
gujaf-392	108	1	additionally	additionally	ADV
gujaf-392	108	2	,	,	PUNCT
gujaf-392	108	3	khan	khan	PROPN
gujaf-392	108	4	&	&	CCONJ
gujaf-392	108	5	lim	lim	PROPN
gujaf-392	108	6	(	(	PUNCT
gujaf-392	108	7	2020	2020	NUM
gujaf-392	108	8	)	)	PUNCT
gujaf-392	108	9	argue	argue	VERB
gujaf-392	108	10	that	that	SCONJ
gujaf-392	108	11	the	the	DET
gujaf-392	108	12	integration	integration	NOUN
gujaf-392	108	13	of	of	ADP
gujaf-392	108	14	managerial	managerial	ADJ
gujaf-392	108	15	expertise	expertise	NOUN
gujaf-392	108	16	with	with	ADP
gujaf-392	108	17	is	be	AUX
gujaf-392	108	18	sophistication	sophistication	NOUN
gujaf-392	108	19	offers	offer	VERB
gujaf-392	108	20	a	a	DET
gujaf-392	108	21	significant	significant	ADJ
gujaf-392	108	22	competitive	competitive	ADJ
gujaf-392	108	23	advantage	advantage	NOUN
gujaf-392	108	24	,	,	PUNCT
gujaf-392	108	25	driving	drive	VERB
gujaf-392	108	26	superior	superior	ADJ
gujaf-392	108	27	firm	firm	ADJ
gujaf-392	108	28	performance	performance	NOUN
gujaf-392	108	29	.	.	PUNCT
gujaf-392	109	1	3	3	X
gujaf-392	109	2	.	.	X
gujaf-392	109	3	methodology	methodology	NOUN
gujaf-392	109	4	this	this	DET
gujaf-392	109	5	study	study	NOUN
gujaf-392	109	6	adopts	adopt	VERB
gujaf-392	109	7	a	a	DET
gujaf-392	109	8	quantitative	quantitative	ADJ
gujaf-392	109	9	research	research	NOUN
gujaf-392	109	10	design	design	NOUN
gujaf-392	109	11	grounded	ground	VERB
gujaf-392	109	12	in	in	ADP
gujaf-392	109	13	empirical	empirical	ADJ
gujaf-392	109	14	analysis	analysis	NOUN
gujaf-392	109	15	of	of	ADP
gujaf-392	109	16	firm	firm	ADJ
gujaf-392	109	17	-	-	PUNCT
gujaf-392	109	18	level	level	NOUN
gujaf-392	109	19	panel	panel	NOUN
gujaf-392	109	20	data	datum	NOUN
gujaf-392	109	21	.	.	PUNCT
gujaf-392	110	1	the	the	DET
gujaf-392	110	2	approach	approach	NOUN
gujaf-392	110	3	is	be	AUX
gujaf-392	110	4	deductive	deductive	ADJ
gujaf-392	110	5	,	,	PUNCT
gujaf-392	110	6	testing	testing	NOUN
gujaf-392	110	7	hypothesized	hypothesize	VERB
gujaf-392	110	8	relationships	relationship	NOUN
gujaf-392	110	9	between	between	ADP
gujaf-392	110	10	managerial	managerial	ADJ
gujaf-392	110	11	ability	ability	NOUN
gujaf-392	110	12	and	and	CCONJ
gujaf-392	110	13	firm	firm	ADJ
gujaf-392	110	14	performance	performance	NOUN
gujaf-392	110	15	,	,	PUNCT
gujaf-392	110	16	with	with	SCONJ
gujaf-392	110	17	particular	particular	ADJ
gujaf-392	110	18	attention	attention	NOUN
gujaf-392	110	19	to	to	ADP
gujaf-392	110	20	the	the	DET
gujaf-392	110	21	moderating	moderate	VERB
gujaf-392	110	22	roles	role	NOUN
gujaf-392	110	23	of	of	ADP
gujaf-392	110	24	information	information	NOUN
gujaf-392	110	25	systems	system	NOUN
gujaf-392	110	26	(	(	PUNCT
gujaf-392	110	27	is	be	AUX
gujaf-392	110	28	)	)	PUNCT
gujaf-392	110	29	sophistication	sophistication	NOUN
gujaf-392	110	30	and	and	CCONJ
gujaf-392	110	31	regulatory	regulatory	ADJ
gujaf-392	110	32	adaptability	adaptability	NOUN
gujaf-392	110	33	.	.	PUNCT
gujaf-392	111	1	the	the	DET
gujaf-392	111	2	methodology	methodology	NOUN
gujaf-392	111	3	combines	combine	VERB
gujaf-392	111	4	established	establish	VERB
gujaf-392	111	5	econometric	econometric	ADJ
gujaf-392	111	6	techniques	technique	NOUN
gujaf-392	111	7	with	with	ADP
gujaf-392	111	8	sector	sector	NOUN
gujaf-392	111	9	-	-	PUNCT
gujaf-392	111	10	specific	specific	ADJ
gujaf-392	111	11	indicators	indicator	NOUN
gujaf-392	111	12	to	to	PART
gujaf-392	111	13	enhance	enhance	VERB
gujaf-392	111	14	validity	validity	NOUN
gujaf-392	111	15	.	.	PUNCT
gujaf-392	112	1	the	the	DET
gujaf-392	112	2	study	study	NOUN
gujaf-392	112	3	focuses	focus	VERB
gujaf-392	112	4	on	on	ADP
gujaf-392	112	5	financial	financial	ADJ
gujaf-392	112	6	firms	firm	NOUN
gujaf-392	112	7	(	(	PUNCT
gujaf-392	112	8	particularly	particularly	ADV
gujaf-392	112	9	banks	bank	NOUN
gujaf-392	112	10	and	and	CCONJ
gujaf-392	112	11	insurers	insurer	NOUN
gujaf-392	112	12	)	)	PUNCT
gujaf-392	112	13	,	,	PUNCT
gujaf-392	112	14	given	give	VERB
gujaf-392	112	15	the	the	DET
gujaf-392	112	16	complexity	complexity	NOUN
gujaf-392	112	17	of	of	ADP
gujaf-392	112	18	their	their	PRON
gujaf-392	112	19	operating	operating	NOUN
gujaf-392	112	20	environments	environment	NOUN
gujaf-392	112	21	and	and	CCONJ
gujaf-392	112	22	the	the	DET
gujaf-392	112	23	heightened	heightened	ADJ
gujaf-392	112	24	importance	importance	NOUN
gujaf-392	112	25	of	of	ADP
gujaf-392	112	26	managerial	managerial	ADJ
gujaf-392	112	27	decision	decision	NOUN
gujaf-392	112	28	-	-	PUNCT
gujaf-392	112	29	making	making	NOUN
gujaf-392	112	30	in	in	ADP
gujaf-392	112	31	these	these	DET
gujaf-392	112	32	contexts	contexts	NOUN
gujaf-392	112	33	.	.	PUNCT
gujaf-392	113	1	the	the	DET
gujaf-392	113	2	dataset	dataset	NOUN
gujaf-392	113	3	comprises	comprise	VERB
gujaf-392	113	4	firm	firm	ADJ
gujaf-392	113	5	-	-	PUNCT
gujaf-392	113	6	level	level	NOUN
gujaf-392	113	7	observations	observation	NOUN
gujaf-392	113	8	from	from	ADP
gujaf-392	113	9	financial	financial	ADJ
gujaf-392	113	10	institutions	institution	NOUN
gujaf-392	113	11	operating	operate	VERB
gujaf-392	113	12	in	in	ADP
gujaf-392	113	13	europe	europe	PROPN
gujaf-392	113	14	and	and	CCONJ
gujaf-392	113	15	southeast	southeast	PROPN
gujaf-392	113	16	asia	asia	PROPN
gujaf-392	113	17	between	between	ADP
gujaf-392	113	18	2015	2015	NUM
gujaf-392	113	19	and	and	CCONJ
gujaf-392	113	20	2023	2023	NUM
gujaf-392	113	21	.	.	PUNCT
gujaf-392	114	1	data	datum	NOUN
gujaf-392	114	2	are	be	AUX
gujaf-392	114	3	sourced	source	VERB
gujaf-392	114	4	from	from	ADP
gujaf-392	114	5	bloomberg	bloomberg	PROPN
gujaf-392	114	6	,	,	PUNCT
gujaf-392	114	7	orbis	orbis	PROPN
gujaf-392	114	8	bank	bank	NOUN
gujaf-392	114	9	focus	focus	NOUN
gujaf-392	114	10	,	,	PUNCT
gujaf-392	114	11	and	and	CCONJ
gujaf-392	114	12	annual	annual	ADJ
gujaf-392	114	13	financial	financial	ADJ
gujaf-392	114	14	reports	report	NOUN
gujaf-392	114	15	,	,	PUNCT
gujaf-392	114	16	which	which	PRON
gujaf-392	114	17	provide	provide	VERB
gujaf-392	114	18	financial	financial	ADJ
gujaf-392	114	19	metrics	metric	NOUN
gujaf-392	114	20	,	,	PUNCT
gujaf-392	114	21	corporate	corporate	ADJ
gujaf-392	114	22	governance	governance	NOUN
gujaf-392	114	23	indicators	indicator	NOUN
gujaf-392	114	24	,	,	PUNCT
gujaf-392	114	25	and	and	CCONJ
gujaf-392	114	26	investment	investment	NOUN
gujaf-392	114	27	in	in	ADP
gujaf-392	114	28	it	it	PRON
gujaf-392	114	29	infrastructure	infrastructure	NOUN
gujaf-392	114	30	.	.	PUNCT
gujaf-392	115	1	additional	additional	ADJ
gujaf-392	115	2	data	datum	NOUN
gujaf-392	115	3	on	on	ADP
gujaf-392	115	4	regulatory	regulatory	ADJ
gujaf-392	115	5	compliance	compliance	NOUN
gujaf-392	115	6	(	(	PUNCT
gujaf-392	115	7	e.g.	e.g.	ADV
gujaf-392	115	8	,	,	PUNCT
gujaf-392	115	9	solvency	solvency	NOUN
gujaf-392	115	10	ii	ii	NOUN
gujaf-392	115	11	timelines	timeline	NOUN
gujaf-392	115	12	,	,	PUNCT
gujaf-392	115	13	basel	basel	PROPN
gujaf-392	115	14	iii	iii	PROPN
gujaf-392	115	15	implementation	implementation	NOUN
gujaf-392	115	16	)	)	PUNCT
gujaf-392	115	17	are	be	AUX
gujaf-392	115	18	obtained	obtain	VERB
gujaf-392	115	19	from	from	ADP
gujaf-392	115	20	regulatory	regulatory	ADJ
gujaf-392	115	21	databases	database	NOUN
gujaf-392	115	22	and	and	CCONJ
gujaf-392	115	23	firm	firm	ADJ
gujaf-392	115	24	gusau	gusau	ADJ
gujaf-392	115	25	journal	journal	NOUN
gujaf-392	115	26	of	of	ADP
gujaf-392	115	27	accounting	accounting	NOUN
gujaf-392	115	28	and	and	CCONJ
gujaf-392	115	29	finance	finance	NOUN
gujaf-392	115	30	,	,	PUNCT
gujaf-392	115	31	vol.6	vol.6	PROPN
gujaf-392	115	32	,	,	PUNCT
gujaf-392	115	33	issue	issue	NOUN
gujaf-392	115	34	1	1	NUM
gujaf-392	115	35	,	,	PUNCT
gujaf-392	115	36	april	april	PROPN
gujaf-392	115	37	,	,	PUNCT
gujaf-392	115	38	2025	2025	NUM
gujaf-392	115	39	405	405	NUM
gujaf-392	115	40	disclosures	disclosure	NOUN
gujaf-392	115	41	.	.	PUNCT
gujaf-392	116	1	the	the	DET
gujaf-392	116	2	sample	sample	NOUN
gujaf-392	116	3	includes	include	VERB
gujaf-392	116	4	160	160	NUM
gujaf-392	116	5	firms	firm	NOUN
gujaf-392	116	6	with	with	ADP
gujaf-392	116	7	complete	complete	ADJ
gujaf-392	116	8	data	datum	NOUN
gujaf-392	116	9	over	over	ADP
gujaf-392	116	10	at	at	ADV
gujaf-392	116	11	least	least	ADV
gujaf-392	116	12	five	five	NUM
gujaf-392	116	13	years	year	NOUN
gujaf-392	116	14	,	,	PUNCT
gujaf-392	116	15	allowing	allow	VERB
gujaf-392	116	16	for	for	ADP
gujaf-392	116	17	balanced	balanced	ADJ
gujaf-392	116	18	panel	panel	NOUN
gujaf-392	116	19	analysis	analysis	NOUN
gujaf-392	116	20	.	.	PUNCT
gujaf-392	117	1	estimation	estimation	NOUN
gujaf-392	117	2	is	be	AUX
gujaf-392	117	3	performed	perform	VERB
gujaf-392	117	4	using	use	VERB
gujaf-392	117	5	robust	robust	ADJ
gujaf-392	117	6	standard	standard	ADJ
gujaf-392	117	7	errors	error	NOUN
gujaf-392	117	8	clustered	cluster	VERB
gujaf-392	117	9	at	at	ADP
gujaf-392	117	10	the	the	DET
gujaf-392	117	11	firm	firm	ADJ
gujaf-392	117	12	level	level	NOUN
gujaf-392	117	13	to	to	PART
gujaf-392	117	14	address	address	VERB
gujaf-392	117	15	potential	potential	ADJ
gujaf-392	117	16	heteroskedasticity	heteroskedasticity	NOUN
gujaf-392	117	17	and	and	CCONJ
gujaf-392	117	18	autocorrelation	autocorrelation	NOUN
gujaf-392	117	19	.	.	PUNCT
gujaf-392	118	1	in	in	ADP
gujaf-392	118	2	addition	addition	NOUN
gujaf-392	118	3	,	,	PUNCT
gujaf-392	118	4	lagged	lag	VERB
gujaf-392	118	5	independent	independent	ADJ
gujaf-392	118	6	variables	variable	NOUN
gujaf-392	118	7	are	be	AUX
gujaf-392	118	8	used	use	VERB
gujaf-392	118	9	in	in	ADP
gujaf-392	118	10	an	an	DET
gujaf-392	118	11	alternative	alternative	ADJ
gujaf-392	118	12	model	model	NOUN
gujaf-392	118	13	specification	specification	NOUN
gujaf-392	118	14	to	to	PART
gujaf-392	118	15	reduce	reduce	VERB
gujaf-392	118	16	simultaneity	simultaneity	NOUN
gujaf-392	118	17	bias	bias	NOUN
gujaf-392	118	18	.	.	PUNCT
gujaf-392	119	1	where	where	SCONJ
gujaf-392	119	2	endogeneity	endogeneity	NOUN
gujaf-392	119	3	is	be	AUX
gujaf-392	119	4	suspected	suspect	VERB
gujaf-392	119	5	instrumental	instrumental	ADJ
gujaf-392	119	6	variable	variable	NOUN
gujaf-392	119	7	(	(	PUNCT
gujaf-392	119	8	iv	iv	X
gujaf-392	119	9	)	)	PUNCT
gujaf-392	119	10	estimation	estimation	NOUN
gujaf-392	119	11	is	be	AUX
gujaf-392	119	12	applied	apply	VERB
gujaf-392	119	13	,	,	PUNCT
gujaf-392	119	14	using	use	VERB
gujaf-392	119	15	exogenous	exogenous	ADJ
gujaf-392	119	16	proxies	proxy	NOUN
gujaf-392	119	17	such	such	ADJ
gujaf-392	119	18	as	as	ADP
gujaf-392	119	19	ceo	ceo	NOUN
gujaf-392	119	20	education	education	NOUN
gujaf-392	119	21	and	and	CCONJ
gujaf-392	119	22	tenure	tenure	NOUN
gujaf-392	119	23	.	.	PUNCT
gujaf-392	120	1	the	the	DET
gujaf-392	120	2	relationship	relationship	NOUN
gujaf-392	120	3	between	between	ADP
gujaf-392	120	4	firm	firm	ADJ
gujaf-392	120	5	performance	performance	NOUN
gujaf-392	120	6	and	and	CCONJ
gujaf-392	120	7	its	its	PRON
gujaf-392	120	8	determinants	determinant	NOUN
gujaf-392	120	9	is	be	AUX
gujaf-392	120	10	specified	specify	VERB
gujaf-392	120	11	as	as	SCONJ
gujaf-392	120	12	follows	follow	VERB
gujaf-392	120	13	:	:	PUNCT
gujaf-392	120	14	performance	performance	NOUN
gujaf-392	120	15	,	,	PUNCT
gujaf-392	121	1	=	=	SYM
gujaf-392	121	2	𝛽	𝛽	PROPN
gujaf-392	121	3	+	+	SYM
gujaf-392	121	4	𝛽	𝛽	PROPN
gujaf-392	121	5	ma	ma	NOUN
gujaf-392	121	6	,	,	PUNCT
gujaf-392	121	7	+	+	PROPN
gujaf-392	121	8	𝛽	𝛽	PRON
gujaf-392	121	9	ra	ra	NOUN
gujaf-392	121	10	,	,	PUNCT
gujaf-392	121	11	+	+	CCONJ
gujaf-392	121	12	𝛽	𝛽	NOUN
gujaf-392	121	13	is	be	AUX
gujaf-392	121	14	,	,	PUNCT
gujaf-392	121	15	+	+	CCONJ
gujaf-392	121	16	𝛽	𝛽	NOUN
gujaf-392	121	17	size	size	NOUN
gujaf-392	121	18	,	,	PUNCT
gujaf-392	121	19	+	+	CCONJ
gujaf-392	121	20	𝛽	𝛽	NOUN
gujaf-392	121	21	leverage	leverage	NOUN
gujaf-392	121	22	,	,	PUNCT
gujaf-392	121	23	+	+	CCONJ
gujaf-392	121	24	𝜀	𝜀	X
gujaf-392	121	25	,	,	PUNCT
gujaf-392	121	26	where	where	SCONJ
gujaf-392	121	27	:	:	PUNCT
gujaf-392	121	28	performance	performance	NOUN
gujaf-392	121	29	,	,	PUNCT
gujaf-392	121	30	represents	represent	VERB
gujaf-392	121	31	the	the	DET
gujaf-392	121	32	financial	financial	ADJ
gujaf-392	121	33	performance	performance	NOUN
gujaf-392	121	34	of	of	ADP
gujaf-392	121	35	firm	firm	NOUN
gujaf-392	121	36	𝑖	𝑖	NOUN
gujaf-392	121	37	at	at	ADP
gujaf-392	121	38	time	time	NOUN
gujaf-392	121	39	𝑡	𝑡	PROPN
gujaf-392	121	40	,	,	PUNCT
gujaf-392	121	41	measured	measure	VERB
gujaf-392	121	42	by	by	ADP
gujaf-392	121	43	indicators	indicator	NOUN
gujaf-392	121	44	such	such	ADJ
gujaf-392	121	45	as	as	ADP
gujaf-392	121	46	return	return	NOUN
gujaf-392	121	47	on	on	ADP
gujaf-392	121	48	equity	equity	NOUN
gujaf-392	121	49	(	(	PUNCT
gujaf-392	121	50	roe	roe	PROPN
gujaf-392	121	51	)	)	PUNCT
gujaf-392	121	52	,	,	PUNCT
gujaf-392	121	53	return	return	VERB
gujaf-392	121	54	on	on	ADP
gujaf-392	121	55	assets	asset	NOUN
gujaf-392	121	56	(	(	PUNCT
gujaf-392	121	57	roa	roa	NOUN
gujaf-392	121	58	)	)	PUNCT
gujaf-392	121	59	,	,	PUNCT
gujaf-392	121	60	or	or	CCONJ
gujaf-392	121	61	tobin	tobin	PROPN
gujaf-392	121	62	’s	’s	PART
gujaf-392	121	63	q.	q.	PROPN
gujaf-392	121	64	ma	ma	PROPN
gujaf-392	121	65	,	,	PUNCT
gujaf-392	121	66	is	be	AUX
gujaf-392	121	67	the	the	DET
gujaf-392	121	68	managerial	managerial	ADJ
gujaf-392	121	69	ability	ability	NOUN
gujaf-392	121	70	score	score	NOUN
gujaf-392	121	71	for	for	ADP
gujaf-392	121	72	firm	firm	ADJ
gujaf-392	121	73	𝑖	𝑖	NOUN
gujaf-392	121	74	at	at	ADP
gujaf-392	121	75	time	time	NOUN
gujaf-392	121	76	𝑡.	𝑡.	PROPN
gujaf-392	121	77	ra	ra	PROPN
gujaf-392	121	78	,	,	PUNCT
gujaf-392	121	79	denotes	denote	VERB
gujaf-392	121	80	regulatory	regulatory	ADJ
gujaf-392	121	81	adaptability	adaptability	NOUN
gujaf-392	121	82	,	,	PUNCT
gujaf-392	121	83	capturing	capture	VERB
gujaf-392	121	84	how	how	SCONJ
gujaf-392	121	85	well	well	ADV
gujaf-392	121	86	firm	firm	ADJ
gujaf-392	121	87	𝑖	𝑖	ADP
gujaf-392	121	88	aligns	align	VERB
gujaf-392	121	89	with	with	ADP
gujaf-392	121	90	evolving	evolve	VERB
gujaf-392	121	91	regulatory	regulatory	ADJ
gujaf-392	121	92	requirements	requirement	NOUN
gujaf-392	121	93	.	.	PUNCT
gujaf-392	122	1	is	be	AUX
gujaf-392	122	2	,	,	PUNCT
gujaf-392	122	3	measures	measure	VERB
gujaf-392	122	4	information	information	NOUN
gujaf-392	122	5	systems	system	NOUN
gujaf-392	122	6	sophistication	sophistication	NOUN
gujaf-392	122	7	,	,	PUNCT
gujaf-392	122	8	reflecting	reflect	VERB
gujaf-392	122	9	the	the	DET
gujaf-392	122	10	technological	technological	ADJ
gujaf-392	122	11	infrastructure	infrastructure	NOUN
gujaf-392	122	12	of	of	ADP
gujaf-392	122	13	firm	firm	ADJ
gujaf-392	122	14	𝑖.	𝑖.	ADJ
gujaf-392	122	15	size	size	NOUN
gujaf-392	122	16	,	,	PUNCT
gujaf-392	122	17	is	be	AUX
gujaf-392	122	18	the	the	DET
gujaf-392	122	19	logarithm	logarithm	NOUN
gujaf-392	122	20	of	of	ADP
gujaf-392	122	21	total	total	ADJ
gujaf-392	122	22	assets	asset	NOUN
gujaf-392	122	23	,	,	PUNCT
gujaf-392	122	24	controlling	control	VERB
gujaf-392	122	25	for	for	ADP
gujaf-392	122	26	firm	firm	ADJ
gujaf-392	122	27	scale	scale	NOUN
gujaf-392	122	28	.	.	PUNCT
gujaf-392	123	1	leverage	leverage	NOUN
gujaf-392	123	2	,	,	PUNCT
gujaf-392	123	3	is	be	AUX
gujaf-392	123	4	the	the	DET
gujaf-392	123	5	debt	debt	NOUN
gujaf-392	123	6	-	-	PUNCT
gujaf-392	123	7	to	to	ADP
gujaf-392	123	8	-	-	PUNCT
gujaf-392	123	9	equity	equity	NOUN
gujaf-392	123	10	ratio	ratio	NOUN
gujaf-392	123	11	,	,	PUNCT
gujaf-392	123	12	controlling	control	VERB
gujaf-392	123	13	for	for	ADP
gujaf-392	123	14	capital	capital	NOUN
gujaf-392	123	15	structure	structure	NOUN
gujaf-392	123	16	.	.	PUNCT
gujaf-392	124	1	𝛽	𝛽	NOUN
gujaf-392	124	2	is	be	AUX
gujaf-392	124	3	the	the	DET
gujaf-392	124	4	intercept	intercept	NOUN
gujaf-392	124	5	term	term	NOUN
gujaf-392	124	6	.	.	PUNCT
gujaf-392	125	1	𝛽	𝛽	NOUN
gujaf-392	125	2	,	,	PUNCT
gujaf-392	125	3	𝛽	𝛽	PROPN
gujaf-392	125	4	,	,	PUNCT
gujaf-392	125	5	𝛽	𝛽	PROPN
gujaf-392	125	6	,	,	PUNCT
gujaf-392	125	7	𝛽	𝛽	PROPN
gujaf-392	125	8	,	,	PUNCT
gujaf-392	125	9	𝛽	𝛽	PROPN
gujaf-392	125	10	are	be	AUX
gujaf-392	125	11	the	the	DET
gujaf-392	125	12	coefficients	coefficient	NOUN
gujaf-392	125	13	that	that	PRON
gujaf-392	125	14	quantify	quantify	VERB
gujaf-392	125	15	the	the	DET
gujaf-392	125	16	effect	effect	NOUN
gujaf-392	125	17	of	of	ADP
gujaf-392	125	18	each	each	DET
gujaf-392	125	19	independent	independent	ADJ
gujaf-392	125	20	variable	variable	NOUN
gujaf-392	125	21	on	on	ADP
gujaf-392	125	22	firm	firm	ADJ
gujaf-392	125	23	performance	performance	NOUN
gujaf-392	125	24	.	.	PUNCT
gujaf-392	126	1	𝜀	𝜀	PROPN
gujaf-392	126	2	,	,	PUNCT
gujaf-392	126	3	is	be	AUX
gujaf-392	126	4	the	the	DET
gujaf-392	126	5	error	error	NOUN
gujaf-392	126	6	term	term	NOUN
gujaf-392	126	7	capturing	capture	VERB
gujaf-392	126	8	unobserved	unobserved	ADJ
gujaf-392	126	9	factors	factor	NOUN
gujaf-392	126	10	affecting	affect	VERB
gujaf-392	126	11	performance	performance	NOUN
gujaf-392	126	12	.	.	PUNCT
gujaf-392	127	1	this	this	DET
gujaf-392	127	2	linear	linear	ADJ
gujaf-392	127	3	regression	regression	NOUN
gujaf-392	127	4	model	model	NOUN
gujaf-392	127	5	is	be	AUX
gujaf-392	127	6	designed	design	VERB
gujaf-392	127	7	to	to	PART
gujaf-392	127	8	quantify	quantify	VERB
gujaf-392	127	9	the	the	DET
gujaf-392	127	10	impact	impact	NOUN
gujaf-392	127	11	of	of	ADP
gujaf-392	127	12	managerial	managerial	ADJ
gujaf-392	127	13	ability	ability	NOUN
gujaf-392	127	14	and	and	CCONJ
gujaf-392	127	15	other	other	ADJ
gujaf-392	127	16	key	key	ADJ
gujaf-392	127	17	firm	firm	ADJ
gujaf-392	127	18	characteristics	characteristic	NOUN
gujaf-392	127	19	on	on	ADP
gujaf-392	127	20	financial	financial	ADJ
gujaf-392	127	21	performance	performance	NOUN
gujaf-392	127	22	.	.	PUNCT
gujaf-392	128	1	the	the	DET
gujaf-392	128	2	coefficient	coefficient	NOUN
gujaf-392	128	3	𝛽	𝛽	NOUN
gujaf-392	128	4	captures	capture	VERB
gujaf-392	128	5	how	how	SCONJ
gujaf-392	128	6	a	a	DET
gujaf-392	128	7	one	one	NUM
gujaf-392	128	8	-	-	PUNCT
gujaf-392	128	9	unit	unit	NOUN
gujaf-392	128	10	increase	increase	NOUN
gujaf-392	128	11	in	in	ADP
gujaf-392	128	12	managerial	managerial	ADJ
gujaf-392	128	13	ability	ability	NOUN
gujaf-392	128	14	affects	affect	VERB
gujaf-392	128	15	performance	performance	NOUN
gujaf-392	128	16	,	,	PUNCT
gujaf-392	128	17	holding	hold	VERB
gujaf-392	128	18	other	other	ADJ
gujaf-392	128	19	factors	factor	NOUN
gujaf-392	128	20	constant	constant	ADJ
gujaf-392	128	21	.	.	PUNCT
gujaf-392	129	1	positive	positive	ADJ
gujaf-392	129	2	values	value	NOUN
gujaf-392	129	3	of	of	ADP
gujaf-392	129	4	𝛽	𝛽	NOUN
gujaf-392	129	5	and	and	CCONJ
gujaf-392	129	6	𝛽	𝛽	NOUN
gujaf-392	129	7	would	would	AUX
gujaf-392	129	8	indicate	indicate	VERB
gujaf-392	129	9	that	that	SCONJ
gujaf-392	129	10	greater	great	ADJ
gujaf-392	129	11	regulatory	regulatory	ADJ
gujaf-392	129	12	adaptability	adaptability	NOUN
gujaf-392	129	13	and	and	CCONJ
gujaf-392	129	14	is	be	AUX
gujaf-392	129	15	sophistication	sophistication	NOUN
gujaf-392	129	16	respectively	respectively	ADV
gujaf-392	129	17	enhance	enhance	VERB
gujaf-392	129	18	firm	firm	ADJ
gujaf-392	129	19	outcomes	outcome	NOUN
gujaf-392	129	20	.	.	PUNCT
gujaf-392	130	1	control	control	NOUN
gujaf-392	130	2	variables	variable	NOUN
gujaf-392	130	3	such	such	ADJ
gujaf-392	130	4	as	as	ADP
gujaf-392	130	5	firm	firm	ADJ
gujaf-392	130	6	size	size	NOUN
gujaf-392	130	7	and	and	CCONJ
gujaf-392	130	8	leverage	leverage	NOUN
gujaf-392	130	9	are	be	AUX
gujaf-392	130	10	included	include	VERB
gujaf-392	130	11	to	to	PART
gujaf-392	130	12	isolate	isolate	VERB
gujaf-392	130	13	the	the	DET
gujaf-392	130	14	specific	specific	ADJ
gujaf-392	130	15	effects	effect	NOUN
gujaf-392	130	16	of	of	ADP
gujaf-392	130	17	managerial	managerial	ADJ
gujaf-392	130	18	ability	ability	NOUN
gujaf-392	130	19	and	and	CCONJ
gujaf-392	130	20	institutional	institutional	ADJ
gujaf-392	130	21	factors	factor	NOUN
gujaf-392	130	22	from	from	ADP
gujaf-392	130	23	broader	broad	ADJ
gujaf-392	130	24	firm	firm	ADJ
gujaf-392	130	25	characteristics	characteristic	NOUN
gujaf-392	130	26	.	.	PUNCT
gujaf-392	131	1	the	the	DET
gujaf-392	131	2	error	error	NOUN
gujaf-392	131	3	term	term	NOUN
gujaf-392	131	4	𝜀	𝜀	NOUN
gujaf-392	131	5	,	,	PUNCT
gujaf-392	131	6	accounts	account	VERB
gujaf-392	131	7	for	for	ADP
gujaf-392	131	8	random	random	ADJ
gujaf-392	131	9	variation	variation	NOUN
gujaf-392	131	10	and	and	CCONJ
gujaf-392	131	11	omitted	omit	VERB
gujaf-392	131	12	variables	variable	NOUN
gujaf-392	131	13	.	.	PUNCT
gujaf-392	132	1	this	this	DET
gujaf-392	132	2	model	model	NOUN
gujaf-392	132	3	can	can	AUX
gujaf-392	132	4	be	be	AUX
gujaf-392	132	5	estimated	estimate	VERB
gujaf-392	132	6	using	use	VERB
gujaf-392	132	7	panel	panel	NOUN
gujaf-392	132	8	data	datum	NOUN
gujaf-392	132	9	regression	regression	NOUN
gujaf-392	132	10	techniques	technique	NOUN
gujaf-392	132	11	,	,	PUNCT
gujaf-392	132	12	ensuring	ensure	VERB
gujaf-392	132	13	robust	robust	ADJ
gujaf-392	132	14	inference	inference	NOUN
gujaf-392	132	15	across	across	ADP
gujaf-392	132	16	firms	firm	NOUN
gujaf-392	132	17	and	and	CCONJ
gujaf-392	132	18	over	over	ADP
gujaf-392	132	19	time	time	NOUN
gujaf-392	132	20	.	.	PUNCT
gujaf-392	133	1	robustness	robustness	NOUN
gujaf-392	133	2	is	be	AUX
gujaf-392	133	3	evaluated	evaluate	VERB
gujaf-392	133	4	through	through	ADP
gujaf-392	133	5	several	several	ADJ
gujaf-392	133	6	techniques	technique	NOUN
gujaf-392	133	7	.	.	PUNCT
gujaf-392	134	1	first	first	ADV
gujaf-392	134	2	,	,	PUNCT
gujaf-392	134	3	the	the	DET
gujaf-392	134	4	performance	performance	NOUN
gujaf-392	134	5	models	model	NOUN
gujaf-392	134	6	are	be	AUX
gujaf-392	134	7	reestimated	reestimate	VERB
gujaf-392	134	8	using	use	VERB
gujaf-392	134	9	alternative	alternative	ADJ
gujaf-392	134	10	dependent	dependent	ADJ
gujaf-392	134	11	variables	variable	NOUN
gujaf-392	134	12	(	(	PUNCT
gujaf-392	134	13	e.g.	e.g.	ADV
gujaf-392	134	14	,	,	PUNCT
gujaf-392	134	15	tobin	tobin	PROPN
gujaf-392	134	16	’s	’s	PART
gujaf-392	134	17	q	q	NOUN
gujaf-392	134	18	vs.	vs.	ADP
gujaf-392	134	19	roa	roa	NOUN
gujaf-392	134	20	)	)	PUNCT
gujaf-392	134	21	.	.	PUNCT
gujaf-392	135	1	second	second	ADJ
gujaf-392	135	2	,	,	PUNCT
gujaf-392	135	3	interaction	interaction	NOUN
gujaf-392	135	4	terms	term	NOUN
gujaf-392	135	5	between	between	ADP
gujaf-392	135	6	managerial	managerial	ADJ
gujaf-392	135	7	ability	ability	NOUN
gujaf-392	135	8	and	and	CCONJ
gujaf-392	135	9	the	the	DET
gujaf-392	135	10	moderators	moderator	NOUN
gujaf-392	135	11	(	(	PUNCT
gujaf-392	135	12	is	be	AUX
gujaf-392	135	13	sophistication	sophistication	NOUN
gujaf-392	135	14	and	and	CCONJ
gujaf-392	135	15	regulatory	regulatory	ADJ
gujaf-392	135	16	adaptability	adaptability	NOUN
gujaf-392	135	17	)	)	PUNCT
gujaf-392	135	18	are	be	AUX
gujaf-392	135	19	included	include	VERB
gujaf-392	135	20	to	to	PART
gujaf-392	135	21	assess	assess	VERB
gujaf-392	135	22	potential	potential	ADJ
gujaf-392	135	23	complementary	complementary	ADJ
gujaf-392	135	24	effects	effect	NOUN
gujaf-392	135	25	.	.	PUNCT
gujaf-392	136	1	third	third	ADJ
gujaf-392	136	2	,	,	PUNCT
gujaf-392	136	3	subsample	subsample	ADJ
gujaf-392	136	4	analysis	analysis	NOUN
gujaf-392	136	5	is	be	AUX
gujaf-392	136	6	conducted	conduct	VERB
gujaf-392	136	7	by	by	ADP
gujaf-392	136	8	region	region	NOUN
gujaf-392	136	9	and	and	CCONJ
gujaf-392	136	10	industry	industry	NOUN
gujaf-392	136	11	to	to	PART
gujaf-392	136	12	examine	examine	VERB
gujaf-392	136	13	contextual	contextual	ADJ
gujaf-392	136	14	consistency	consistency	NOUN
gujaf-392	136	15	.	.	PUNCT
gujaf-392	137	1	the	the	DET
gujaf-392	137	2	results	result	NOUN
gujaf-392	137	3	remain	remain	VERB
gujaf-392	137	4	qualitatively	qualitatively	ADV
gujaf-392	137	5	consistent	consistent	ADJ
gujaf-392	137	6	across	across	ADP
gujaf-392	137	7	specifications	specification	NOUN
gujaf-392	137	8	,	,	PUNCT
gujaf-392	137	9	enhancing	enhance	VERB
gujaf-392	137	10	confidence	confidence	NOUN
gujaf-392	137	11	in	in	ADP
gujaf-392	137	12	the	the	DET
gujaf-392	137	13	study	study	NOUN
gujaf-392	137	14	’s	’s	PART
gujaf-392	137	15	conclusions	conclusion	NOUN
gujaf-392	137	16	.	.	PUNCT
gujaf-392	138	1	4.0	4.0	NUM
gujaf-392	138	2	results	result	NOUN
gujaf-392	138	3	table	table	NOUN
gujaf-392	138	4	1	1	NUM
gujaf-392	138	5	summarizes	summarize	NOUN
gujaf-392	138	6	the	the	DET
gujaf-392	138	7	descriptive	descriptive	ADJ
gujaf-392	138	8	statistics	statistic	NOUN
gujaf-392	138	9	for	for	ADP
gujaf-392	138	10	the	the	DET
gujaf-392	138	11	key	key	ADJ
gujaf-392	138	12	variables	variable	NOUN
gujaf-392	138	13	in	in	ADP
gujaf-392	138	14	this	this	DET
gujaf-392	138	15	study	study	NOUN
gujaf-392	138	16	.	.	PUNCT
gujaf-392	139	1	the	the	DET
gujaf-392	139	2	average	average	ADJ
gujaf-392	139	3	return	return	NOUN
gujaf-392	139	4	on	on	ADP
gujaf-392	139	5	equity	equity	NOUN
gujaf-392	139	6	(	(	PUNCT
gujaf-392	139	7	roe	roe	PROPN
gujaf-392	139	8	)	)	PUNCT
gujaf-392	139	9	is	be	AUX
gujaf-392	139	10	11.8	11.8	NUM
gujaf-392	139	11	%	%	NOUN
gujaf-392	139	12	,	,	PUNCT
gujaf-392	139	13	with	with	ADP
gujaf-392	139	14	a	a	DET
gujaf-392	139	15	standard	standard	ADJ
gujaf-392	139	16	deviation	deviation	NOUN
gujaf-392	139	17	of	of	ADP
gujaf-392	139	18	8.7	8.7	NUM
gujaf-392	139	19	%	%	NOUN
gujaf-392	139	20	,	,	PUNCT
gujaf-392	139	21	indicating	indicate	VERB
gujaf-392	139	22	moderate	moderate	ADJ
gujaf-392	139	23	variability	variability	NOUN
gujaf-392	139	24	in	in	ADP
gujaf-392	139	25	firm	firm	ADJ
gujaf-392	139	26	profitability	profitability	NOUN
gujaf-392	139	27	across	across	ADP
gujaf-392	139	28	the	the	DET
gujaf-392	139	29	sample	sample	NOUN
gujaf-392	139	30	.	.	PUNCT
gujaf-392	140	1	return	return	VERB
gujaf-392	140	2	on	on	ADP
gujaf-392	140	3	assets	asset	NOUN
gujaf-392	140	4	(	(	PUNCT
gujaf-392	140	5	roa	roa	NOUN
gujaf-392	140	6	)	)	PUNCT
gujaf-392	140	7	and	and	CCONJ
gujaf-392	140	8	tobin	tobin	PROPN
gujaf-392	140	9	’s	’s	PART
gujaf-392	140	10	q	q	NOUN
gujaf-392	140	11	similarly	similarly	ADV
gujaf-392	140	12	exhibit	exhibit	VERB
gujaf-392	140	13	meaningful	meaningful	ADJ
gujaf-392	140	14	variation	variation	NOUN
gujaf-392	140	15	,	,	PUNCT
gujaf-392	140	16	with	with	ADP
gujaf-392	140	17	means	mean	NOUN
gujaf-392	140	18	of	of	ADP
gujaf-392	140	19	5.2	5.2	NUM
gujaf-392	140	20	%	%	NOUN
gujaf-392	140	21	and	and	CCONJ
gujaf-392	140	22	1.84	1.84	NUM
gujaf-392	140	23	,	,	PUNCT
gujaf-392	140	24	respectively	respectively	ADV
gujaf-392	140	25	,	,	PUNCT
gujaf-392	140	26	suggesting	suggest	VERB
gujaf-392	140	27	diverse	diverse	ADJ
gujaf-392	140	28	operational	operational	ADJ
gujaf-392	140	29	efficiency	efficiency	NOUN
gujaf-392	140	30	and	and	CCONJ
gujaf-392	140	31	market	market	NOUN
gujaf-392	140	32	valuation	valuation	NOUN
gujaf-392	140	33	.	.	PUNCT
gujaf-392	141	1	managerial	managerial	ADJ
gujaf-392	141	2	ability	ability	NOUN
gujaf-392	141	3	(	(	PUNCT
gujaf-392	141	4	ma	ma	PROPN
gujaf-392	141	5	)	)	PUNCT
gujaf-392	141	6	,	,	PUNCT
gujaf-392	141	7	standardized	standardize	VERB
gujaf-392	141	8	to	to	PART
gujaf-392	141	9	have	have	VERB
gujaf-392	141	10	a	a	DET
gujaf-392	141	11	mean	mean	NOUN
gujaf-392	141	12	of	of	ADP
gujaf-392	141	13	zero	zero	NUM
gujaf-392	141	14	and	and	CCONJ
gujaf-392	141	15	a	a	DET
gujaf-392	141	16	standard	standard	ADJ
gujaf-392	141	17	deviation	deviation	NOUN
gujaf-392	141	18	of	of	ADP
gujaf-392	141	19	one	one	NUM
gujaf-392	141	20	,	,	PUNCT
gujaf-392	141	21	ranges	range	VERB
gujaf-392	141	22	widely	widely	ADV
gujaf-392	141	23	from	from	ADP
gujaf-392	141	24	-2.45	-2.45	NUM
gujaf-392	141	25	to	to	ADP
gujaf-392	141	26	2.13	2.13	NUM
gujaf-392	141	27	,	,	PUNCT
gujaf-392	141	28	reflecting	reflect	VERB
gujaf-392	141	29	substantial	substantial	ADJ
gujaf-392	141	30	differences	difference	NOUN
gujaf-392	141	31	in	in	ADP
gujaf-392	141	32	managerial	managerial	ADJ
gujaf-392	141	33	skill	skill	NOUN
gujaf-392	141	34	among	among	ADP
gujaf-392	141	35	firms	firm	NOUN
gujaf-392	141	36	.	.	PUNCT
gujaf-392	142	1	regulatory	regulatory	ADJ
gujaf-392	142	2	adaptability	adaptability	NOUN
gujaf-392	142	3	and	and	CCONJ
gujaf-392	142	4	information	information	NOUN
gujaf-392	142	5	gusau	gusau	PROPN
gujaf-392	142	6	journal	journal	NOUN
gujaf-392	142	7	of	of	ADP
gujaf-392	142	8	accounting	accounting	NOUN
gujaf-392	142	9	and	and	CCONJ
gujaf-392	142	10	finance	finance	NOUN
gujaf-392	142	11	,	,	PUNCT
gujaf-392	142	12	vol.6	vol.6	PROPN
gujaf-392	142	13	,	,	PUNCT
gujaf-392	142	14	issue	issue	NOUN
gujaf-392	142	15	1	1	NUM
gujaf-392	142	16	,	,	PUNCT
gujaf-392	142	17	april	april	PROPN
gujaf-392	142	18	,	,	PUNCT
gujaf-392	142	19	2025	2025	NUM
gujaf-392	142	20	406	406	NUM
gujaf-392	142	21	systems	system	NOUN
gujaf-392	142	22	(	(	PUNCT
gujaf-392	142	23	is	be	AUX
gujaf-392	142	24	)	)	PUNCT
gujaf-392	142	25	sophistication	sophistication	NOUN
gujaf-392	142	26	have	have	VERB
gujaf-392	142	27	means	mean	NOUN
gujaf-392	142	28	of	of	ADP
gujaf-392	142	29	0.62	0.62	NUM
gujaf-392	142	30	and	and	CCONJ
gujaf-392	142	31	0.53	0.53	NUM
gujaf-392	142	32	,	,	PUNCT
gujaf-392	142	33	respectively	respectively	ADV
gujaf-392	142	34	,	,	PUNCT
gujaf-392	142	35	showing	show	VERB
gujaf-392	142	36	moderate	moderate	ADJ
gujaf-392	142	37	levels	level	NOUN
gujaf-392	142	38	of	of	ADP
gujaf-392	142	39	compliance	compliance	NOUN
gujaf-392	142	40	flexibility	flexibility	NOUN
gujaf-392	142	41	and	and	CCONJ
gujaf-392	142	42	technological	technological	ADJ
gujaf-392	142	43	advancement	advancement	NOUN
gujaf-392	142	44	across	across	ADP
gujaf-392	142	45	firms	firm	NOUN
gujaf-392	142	46	.	.	PUNCT
gujaf-392	143	1	firm	firm	ADJ
gujaf-392	143	2	size	size	NOUN
gujaf-392	143	3	,	,	PUNCT
gujaf-392	143	4	measured	measure	VERB
gujaf-392	143	5	as	as	ADP
gujaf-392	143	6	the	the	DET
gujaf-392	143	7	natural	natural	ADJ
gujaf-392	143	8	logarithm	logarithm	NOUN
gujaf-392	143	9	of	of	ADP
gujaf-392	143	10	total	total	ADJ
gujaf-392	143	11	assets	asset	NOUN
gujaf-392	143	12	,	,	PUNCT
gujaf-392	143	13	averages	average	NOUN
gujaf-392	143	14	8.27	8.27	NUM
gujaf-392	143	15	,	,	PUNCT
gujaf-392	143	16	consistent	consistent	ADJ
gujaf-392	143	17	with	with	ADP
gujaf-392	143	18	mid	mid	NOUN
gujaf-392	143	19	-	-	ADJ
gujaf-392	143	20	to	to	ADP
gujaf-392	143	21	-	-	PUNCT
gujaf-392	143	22	large	large	ADJ
gujaf-392	143	23	financial	financial	ADJ
gujaf-392	143	24	institutions	institution	NOUN
gujaf-392	143	25	,	,	PUNCT
gujaf-392	143	26	while	while	SCONJ
gujaf-392	143	27	leverage	leverage	NOUN
gujaf-392	143	28	averages	average	NOUN
gujaf-392	143	29	2.10	2.10	NUM
gujaf-392	143	30	,	,	PUNCT
gujaf-392	143	31	indicating	indicate	VERB
gujaf-392	143	32	reliance	reliance	NOUN
gujaf-392	143	33	on	on	ADP
gujaf-392	143	34	debt	debt	NOUN
gujaf-392	143	35	financing	financing	NOUN
gujaf-392	143	36	.	.	PUNCT
gujaf-392	144	1	these	these	DET
gujaf-392	144	2	statistics	statistic	NOUN
gujaf-392	144	3	set	set	VERB
gujaf-392	144	4	a	a	DET
gujaf-392	144	5	solid	solid	ADJ
gujaf-392	144	6	foundation	foundation	NOUN
gujaf-392	144	7	for	for	ADP
gujaf-392	144	8	exploring	explore	VERB
gujaf-392	144	9	how	how	SCONJ
gujaf-392	144	10	managerial	managerial	ADJ
gujaf-392	144	11	,	,	PUNCT
gujaf-392	144	12	institutional	institutional	ADJ
gujaf-392	144	13	,	,	PUNCT
gujaf-392	144	14	and	and	CCONJ
gujaf-392	144	15	technological	technological	ADJ
gujaf-392	144	16	factors	factor	NOUN
gujaf-392	144	17	correlate	correlate	VERB
gujaf-392	144	18	with	with	ADP
gujaf-392	144	19	firm	firm	ADJ
gujaf-392	144	20	performance	performance	NOUN
gujaf-392	144	21	.	.	PUNCT
gujaf-392	145	1	table	table	NOUN
gujaf-392	145	2	2	2	NUM
gujaf-392	145	3	presents	present	VERB
gujaf-392	145	4	the	the	DET
gujaf-392	145	5	correlation	correlation	NOUN
gujaf-392	145	6	matrix	matrix	NOUN
gujaf-392	145	7	,	,	PUNCT
gujaf-392	145	8	revealing	reveal	VERB
gujaf-392	145	9	statistically	statistically	ADV
gujaf-392	145	10	significant	significant	ADJ
gujaf-392	145	11	relationships	relationship	NOUN
gujaf-392	145	12	among	among	ADP
gujaf-392	145	13	variables	variable	NOUN
gujaf-392	145	14	.	.	PUNCT
gujaf-392	146	1	roe	roe	NOUN
gujaf-392	146	2	correlates	correlate	VERB
gujaf-392	146	3	positively	positively	ADV
gujaf-392	146	4	with	with	ADP
gujaf-392	146	5	managerial	managerial	ADJ
gujaf-392	146	6	ability	ability	NOUN
gujaf-392	146	7	(	(	PUNCT
gujaf-392	146	8	r	r	NOUN
gujaf-392	146	9	=	=	SYM
gujaf-392	146	10	0.41	0.41	NUM
gujaf-392	146	11	)	)	PUNCT
gujaf-392	146	12	,	,	PUNCT
gujaf-392	146	13	regulatory	regulatory	ADJ
gujaf-392	146	14	adaptability	adaptability	NOUN
gujaf-392	146	15	(	(	PUNCT
gujaf-392	146	16	r	r	NOUN
gujaf-392	146	17	=	=	NOUN
gujaf-392	146	18	0.36	0.36	NUM
gujaf-392	146	19	)	)	PUNCT
gujaf-392	146	20	,	,	PUNCT
gujaf-392	146	21	and	and	CCONJ
gujaf-392	146	22	is	be	AUX
gujaf-392	146	23	sophistication	sophistication	NOUN
gujaf-392	146	24	(	(	PUNCT
gujaf-392	146	25	r	r	NOUN
gujaf-392	146	26	=	=	NOUN
gujaf-392	146	27	0.33	0.33	NUM
gujaf-392	146	28	)	)	PUNCT
gujaf-392	146	29	,	,	PUNCT
gujaf-392	146	30	suggesting	suggest	VERB
gujaf-392	146	31	that	that	SCONJ
gujaf-392	146	32	higher	high	ADJ
gujaf-392	146	33	managerial	managerial	ADJ
gujaf-392	146	34	skill	skill	NOUN
gujaf-392	146	35	,	,	PUNCT
gujaf-392	146	36	greater	great	ADJ
gujaf-392	146	37	regulatory	regulatory	ADJ
gujaf-392	146	38	responsiveness	responsiveness	NOUN
gujaf-392	146	39	,	,	PUNCT
gujaf-392	146	40	and	and	CCONJ
gujaf-392	146	41	more	more	ADV
gujaf-392	146	42	advanced	advanced	ADJ
gujaf-392	146	43	information	information	NOUN
gujaf-392	146	44	systems	system	NOUN
gujaf-392	146	45	are	be	AUX
gujaf-392	146	46	associated	associate	VERB
gujaf-392	146	47	with	with	ADP
gujaf-392	146	48	improved	improved	ADJ
gujaf-392	146	49	financial	financial	ADJ
gujaf-392	146	50	performance	performance	NOUN
gujaf-392	146	51	.	.	PUNCT
gujaf-392	147	1	firm	firm	ADJ
gujaf-392	147	2	size	size	NOUN
gujaf-392	147	3	is	be	AUX
gujaf-392	147	4	positively	positively	ADV
gujaf-392	147	5	related	relate	VERB
gujaf-392	147	6	to	to	ADP
gujaf-392	147	7	roe	roe	NOUN
gujaf-392	147	8	(	(	PUNCT
gujaf-392	147	9	r	r	NOUN
gujaf-392	147	10	=	=	NOUN
gujaf-392	147	11	0.18	0.18	NUM
gujaf-392	147	12	)	)	PUNCT
gujaf-392	147	13	but	but	CCONJ
gujaf-392	147	14	negatively	negatively	ADV
gujaf-392	147	15	correlated	correlate	VERB
gujaf-392	147	16	with	with	ADP
gujaf-392	147	17	leverage	leverage	NOUN
gujaf-392	147	18	(	(	PUNCT
gujaf-392	147	19	r	r	NOUN
gujaf-392	147	20	=	=	SYM
gujaf-392	147	21	-0.17	-0.17	NOUN
gujaf-392	147	22	)	)	PUNCT
gujaf-392	147	23	,	,	PUNCT
gujaf-392	147	24	indicating	indicate	VERB
gujaf-392	147	25	that	that	SCONJ
gujaf-392	147	26	larger	large	ADJ
gujaf-392	147	27	firms	firm	NOUN
gujaf-392	147	28	tend	tend	VERB
gujaf-392	147	29	to	to	PART
gujaf-392	147	30	perform	perform	VERB
gujaf-392	147	31	better	well	ADV
gujaf-392	147	32	and	and	CCONJ
gujaf-392	147	33	maintain	maintain	VERB
gujaf-392	147	34	more	more	ADJ
gujaf-392	147	35	conservative	conservative	ADJ
gujaf-392	147	36	debt	debt	NOUN
gujaf-392	147	37	levels	level	NOUN
gujaf-392	147	38	.	.	PUNCT
gujaf-392	148	1	leverage	leverage	NOUN
gujaf-392	148	2	is	be	AUX
gujaf-392	148	3	negatively	negatively	ADV
gujaf-392	148	4	correlated	correlate	VERB
gujaf-392	148	5	with	with	ADP
gujaf-392	148	6	roe	roe	NOUN
gujaf-392	148	7	(	(	PUNCT
gujaf-392	148	8	r	r	NOUN
gujaf-392	148	9	=	=	SYM
gujaf-392	148	10	-0.09	-0.09	NUM
gujaf-392	148	11	)	)	PUNCT
gujaf-392	148	12	,	,	PUNCT
gujaf-392	148	13	implying	imply	VERB
gujaf-392	148	14	that	that	SCONJ
gujaf-392	148	15	higher	high	ADJ
gujaf-392	148	16	debt	debt	NOUN
gujaf-392	148	17	levels	level	NOUN
gujaf-392	148	18	may	may	AUX
gujaf-392	148	19	exert	exert	VERB
gujaf-392	148	20	downward	downward	ADJ
gujaf-392	148	21	pressure	pressure	NOUN
gujaf-392	148	22	on	on	ADP
gujaf-392	148	23	profitability	profitability	NOUN
gujaf-392	148	24	.	.	PUNCT
gujaf-392	149	1	the	the	DET
gujaf-392	149	2	moderate	moderate	ADJ
gujaf-392	149	3	correlations	correlation	NOUN
gujaf-392	149	4	among	among	ADP
gujaf-392	149	5	independent	independent	ADJ
gujaf-392	149	6	variables	variable	NOUN
gujaf-392	149	7	,	,	PUNCT
gujaf-392	149	8	such	such	ADJ
gujaf-392	149	9	as	as	ADP
gujaf-392	149	10	between	between	ADP
gujaf-392	149	11	managerial	managerial	ADJ
gujaf-392	149	12	ability	ability	NOUN
gujaf-392	149	13	and	and	CCONJ
gujaf-392	149	14	regulatory	regulatory	ADJ
gujaf-392	149	15	adaptability	adaptability	NOUN
gujaf-392	149	16	(	(	PUNCT
gujaf-392	149	17	r	r	NOUN
gujaf-392	149	18	=	=	NOUN
gujaf-392	149	19	0.28	0.28	NUM
gujaf-392	149	20	)	)	PUNCT
gujaf-392	149	21	,	,	PUNCT
gujaf-392	149	22	imply	imply	VERB
gujaf-392	149	23	some	some	DET
gujaf-392	149	24	interdependence	interdependence	NOUN
gujaf-392	149	25	without	without	ADP
gujaf-392	149	26	problematic	problematic	ADJ
gujaf-392	149	27	multicollinearity	multicollinearity	NOUN
gujaf-392	149	28	.	.	PUNCT
gujaf-392	150	1	collectively	collectively	ADV
gujaf-392	150	2	,	,	PUNCT
gujaf-392	150	3	these	these	DET
gujaf-392	150	4	patterns	pattern	NOUN
gujaf-392	150	5	affirm	affirm	VERB
gujaf-392	150	6	the	the	DET
gujaf-392	150	7	theoretical	theoretical	ADJ
gujaf-392	150	8	expectation	expectation	NOUN
gujaf-392	150	9	that	that	SCONJ
gujaf-392	150	10	managerial	managerial	ADJ
gujaf-392	150	11	ability	ability	NOUN
gujaf-392	150	12	,	,	PUNCT
gujaf-392	150	13	regulatory	regulatory	ADJ
gujaf-392	150	14	flexibility	flexibility	NOUN
gujaf-392	150	15	,	,	PUNCT
gujaf-392	150	16	and	and	CCONJ
gujaf-392	150	17	digital	digital	ADJ
gujaf-392	150	18	capability	capability	NOUN
gujaf-392	150	19	interact	interact	NOUN
gujaf-392	150	20	to	to	PART
gujaf-392	150	21	influence	influence	VERB
gujaf-392	150	22	firm	firm	ADJ
gujaf-392	150	23	performance	performance	NOUN
gujaf-392	150	24	in	in	ADP
gujaf-392	150	25	the	the	DET
gujaf-392	150	26	financial	financial	ADJ
gujaf-392	150	27	sector	sector	NOUN
gujaf-392	150	28	.	.	PUNCT
gujaf-392	151	1	the	the	DET
gujaf-392	151	2	regression	regression	NOUN
gujaf-392	151	3	results	result	NOUN
gujaf-392	151	4	presented	present	VERB
gujaf-392	151	5	in	in	ADP
gujaf-392	151	6	tables	table	NOUN
gujaf-392	151	7	3	3	NUM
gujaf-392	151	8	and	and	CCONJ
gujaf-392	151	9	4	4	NUM
gujaf-392	151	10	offer	offer	VERB
gujaf-392	151	11	compelling	compelling	ADJ
gujaf-392	151	12	evidence	evidence	NOUN
gujaf-392	151	13	that	that	SCONJ
gujaf-392	151	14	managerial	managerial	ADJ
gujaf-392	151	15	ability	ability	NOUN
gujaf-392	151	16	is	be	AUX
gujaf-392	151	17	a	a	DET
gujaf-392	151	18	statistically	statistically	ADV
gujaf-392	151	19	significant	significant	ADJ
gujaf-392	151	20	and	and	CCONJ
gujaf-392	151	21	economically	economically	ADV
gujaf-392	151	22	meaningful	meaningful	ADJ
gujaf-392	151	23	determinant	determinant	ADJ
gujaf-392	151	24	of	of	ADP
gujaf-392	151	25	firm	firm	ADJ
gujaf-392	151	26	performance	performance	NOUN
gujaf-392	151	27	.	.	PUNCT
gujaf-392	152	1	across	across	ADP
gujaf-392	152	2	all	all	DET
gujaf-392	152	3	models	model	NOUN
gujaf-392	152	4	,	,	PUNCT
gujaf-392	152	5	managerial	managerial	ADJ
gujaf-392	152	6	ability	ability	NOUN
gujaf-392	152	7	exhibits	exhibit	VERB
gujaf-392	152	8	a	a	DET
gujaf-392	152	9	strong	strong	ADJ
gujaf-392	152	10	and	and	CCONJ
gujaf-392	152	11	positive	positive	ADJ
gujaf-392	152	12	association	association	NOUN
gujaf-392	152	13	with	with	ADP
gujaf-392	152	14	return	return	NOUN
gujaf-392	152	15	on	on	ADP
gujaf-392	152	16	equity	equity	NOUN
gujaf-392	152	17	(	(	PUNCT
gujaf-392	152	18	roe	roe	PROPN
gujaf-392	152	19	)	)	PUNCT
gujaf-392	152	20	,	,	PUNCT
gujaf-392	152	21	return	return	VERB
gujaf-392	152	22	on	on	ADP
gujaf-392	152	23	assets	asset	NOUN
gujaf-392	152	24	(	(	PUNCT
gujaf-392	152	25	roa	roa	NOUN
gujaf-392	152	26	)	)	PUNCT
gujaf-392	152	27	,	,	PUNCT
gujaf-392	152	28	and	and	CCONJ
gujaf-392	152	29	tobin	tobin	PROPN
gujaf-392	152	30	’s	’s	PART
gujaf-392	152	31	q	q	X
gujaf-392	152	32	,	,	PUNCT
gujaf-392	152	33	with	with	ADP
gujaf-392	152	34	coefficients	coefficient	NOUN
gujaf-392	152	35	remaining	remain	VERB
gujaf-392	152	36	robust	robust	ADJ
gujaf-392	152	37	across	across	ADP
gujaf-392	152	38	different	different	ADJ
gujaf-392	152	39	specifications	specification	NOUN
gujaf-392	152	40	.	.	PUNCT
gujaf-392	153	1	this	this	PRON
gujaf-392	153	2	aligns	align	VERB
gujaf-392	153	3	with	with	ADP
gujaf-392	153	4	the	the	DET
gujaf-392	153	5	foundational	foundational	ADJ
gujaf-392	153	6	work	work	NOUN
gujaf-392	153	7	of	of	ADP
gujaf-392	153	8	demerjian	demerjian	PROPN
gujaf-392	153	9	et	et	PROPN
gujaf-392	153	10	al	al	PROPN
gujaf-392	153	11	.	.	PROPN
gujaf-392	154	1	(	(	PUNCT
gujaf-392	154	2	2012	2012	NUM
gujaf-392	154	3	)	)	PUNCT
gujaf-392	154	4	,	,	PUNCT
gujaf-392	154	5	who	who	PRON
gujaf-392	154	6	demonstrated	demonstrate	VERB
gujaf-392	154	7	that	that	SCONJ
gujaf-392	154	8	managerial	managerial	ADJ
gujaf-392	154	9	ability	ability	NOUN
gujaf-392	154	10	can	can	AUX
gujaf-392	154	11	drive	drive	VERB
gujaf-392	154	12	efficiency	efficiency	NOUN
gujaf-392	154	13	gains	gain	NOUN
gujaf-392	154	14	and	and	CCONJ
gujaf-392	154	15	profitability	profitability	NOUN
gujaf-392	154	16	.	.	PUNCT
gujaf-392	155	1	the	the	DET
gujaf-392	155	2	positive	positive	ADJ
gujaf-392	155	3	relationship	relationship	NOUN
gujaf-392	155	4	between	between	ADP
gujaf-392	155	5	managerial	managerial	ADJ
gujaf-392	155	6	ability	ability	NOUN
gujaf-392	155	7	and	and	CCONJ
gujaf-392	155	8	roe	roe	PROPN
gujaf-392	155	9	(	(	PUNCT
gujaf-392	155	10	β	β	X
gujaf-392	155	11	=	=	SYM
gujaf-392	155	12	0.143	0.143	NUM
gujaf-392	155	13	,	,	PUNCT
gujaf-392	155	14	p	p	X
gujaf-392	155	15	<	<	X
gujaf-392	155	16	0.01	0.01	NUM
gujaf-392	155	17	)	)	PUNCT
gujaf-392	155	18	confirms	confirm	VERB
gujaf-392	155	19	that	that	SCONJ
gujaf-392	155	20	skilled	skilled	ADJ
gujaf-392	155	21	managers	manager	NOUN
gujaf-392	155	22	can	can	AUX
gujaf-392	155	23	better	well	ADV
gujaf-392	155	24	allocate	allocate	VERB
gujaf-392	155	25	resources	resource	NOUN
gujaf-392	155	26	,	,	PUNCT
gujaf-392	155	27	optimize	optimize	NOUN
gujaf-392	155	28	operations	operation	NOUN
gujaf-392	155	29	,	,	PUNCT
gujaf-392	155	30	and	and	CCONJ
gujaf-392	155	31	make	make	VERB
gujaf-392	155	32	strategic	strategic	ADJ
gujaf-392	155	33	decisions	decision	NOUN
gujaf-392	155	34	that	that	PRON
gujaf-392	155	35	translate	translate	VERB
gujaf-392	155	36	into	into	ADP
gujaf-392	155	37	higher	high	ADJ
gujaf-392	155	38	returns	return	NOUN
gujaf-392	155	39	for	for	ADP
gujaf-392	155	40	shareholders	shareholder	NOUN
gujaf-392	155	41	.	.	PUNCT
gujaf-392	156	1	this	this	PRON
gujaf-392	156	2	is	be	AUX
gujaf-392	156	3	particularly	particularly	ADV
gujaf-392	156	4	critical	critical	ADJ
gujaf-392	156	5	in	in	ADP
gujaf-392	156	6	financial	financial	ADJ
gujaf-392	156	7	institutions	institution	NOUN
gujaf-392	156	8	,	,	PUNCT
gujaf-392	156	9	where	where	SCONJ
gujaf-392	156	10	decision	decision	NOUN
gujaf-392	156	11	-	-	PUNCT
gujaf-392	156	12	making	make	VERB
gujaf-392	156	13	complexity	complexity	NOUN
gujaf-392	156	14	,	,	PUNCT
gujaf-392	156	15	regulatory	regulatory	ADJ
gujaf-392	156	16	scrutiny	scrutiny	NOUN
gujaf-392	156	17	,	,	PUNCT
gujaf-392	156	18	and	and	CCONJ
gujaf-392	156	19	asset	asset	NOUN
gujaf-392	156	20	-	-	PUNCT
gujaf-392	156	21	liability	liability	NOUN
gujaf-392	156	22	management	management	NOUN
gujaf-392	156	23	require	require	VERB
gujaf-392	156	24	high	high	ADJ
gujaf-392	156	25	cognitive	cognitive	ADJ
gujaf-392	156	26	and	and	CCONJ
gujaf-392	156	27	analytical	analytical	ADJ
gujaf-392	156	28	capabilities	capability	NOUN
gujaf-392	156	29	(	(	PUNCT
gujaf-392	156	30	ahmed	ahmed	PROPN
gujaf-392	156	31	et	et	PROPN
gujaf-392	156	32	al	al	PROPN
gujaf-392	156	33	.	.	PROPN
gujaf-392	156	34	,	,	PUNCT
gujaf-392	156	35	2023	2023	NUM
gujaf-392	156	36	)	)	PUNCT
gujaf-392	156	37	.	.	PUNCT
gujaf-392	157	1	as	as	ADP
gujaf-392	157	2	ning	ning	NOUN
gujaf-392	157	3	and	and	CCONJ
gujaf-392	157	4	zhang	zhang	PROPN
gujaf-392	157	5	(	(	PUNCT
gujaf-392	157	6	2024	2024	NUM
gujaf-392	157	7	)	)	PUNCT
gujaf-392	157	8	also	also	ADV
gujaf-392	157	9	noted	note	VERB
gujaf-392	157	10	,	,	PUNCT
gujaf-392	157	11	high	high	ADJ
gujaf-392	157	12	-	-	PUNCT
gujaf-392	157	13	ability	ability	NOUN
gujaf-392	157	14	managers	manager	NOUN
gujaf-392	157	15	are	be	AUX
gujaf-392	157	16	more	more	ADV
gujaf-392	157	17	adept	adept	ADJ
gujaf-392	157	18	at	at	ADP
gujaf-392	157	19	navigating	navigate	VERB
gujaf-392	157	20	regulatory	regulatory	ADJ
gujaf-392	157	21	transitions	transition	NOUN
gujaf-392	157	22	and	and	CCONJ
gujaf-392	157	23	economic	economic	ADJ
gujaf-392	157	24	uncertainty	uncertainty	NOUN
gujaf-392	157	25	,	,	PUNCT
gujaf-392	157	26	thereby	thereby	ADV
gujaf-392	157	27	sustaining	sustain	VERB
gujaf-392	157	28	performance	performance	NOUN
gujaf-392	157	29	in	in	ADP
gujaf-392	157	30	volatile	volatile	ADJ
gujaf-392	157	31	markets	market	NOUN
gujaf-392	157	32	.	.	PUNCT
gujaf-392	158	1	importantly	importantly	ADV
gujaf-392	158	2	,	,	PUNCT
gujaf-392	158	3	the	the	DET
gujaf-392	158	4	significance	significance	NOUN
gujaf-392	158	5	of	of	ADP
gujaf-392	158	6	regulatory	regulatory	ADJ
gujaf-392	158	7	adaptability	adaptability	NOUN
gujaf-392	158	8	as	as	ADP
gujaf-392	158	9	a	a	DET
gujaf-392	158	10	performance	performance	NOUN
gujaf-392	158	11	driver	driver	NOUN
gujaf-392	158	12	reinforces	reinforce	VERB
gujaf-392	158	13	the	the	DET
gujaf-392	158	14	strategic	strategic	ADJ
gujaf-392	158	15	value	value	NOUN
gujaf-392	158	16	of	of	ADP
gujaf-392	158	17	institutional	institutional	ADJ
gujaf-392	158	18	responsiveness	responsiveness	NOUN
gujaf-392	158	19	.	.	PUNCT
gujaf-392	159	1	firms	firm	NOUN
gujaf-392	159	2	with	with	ADP
gujaf-392	159	3	higher	high	ADJ
gujaf-392	159	4	regulatory	regulatory	ADJ
gujaf-392	159	5	adaptability	adaptability	NOUN
gujaf-392	159	6	scores	score	NOUN
gujaf-392	159	7	i.e.	i.e.	ADV
gujaf-392	159	8	,	,	PUNCT
gujaf-392	159	9	those	those	PRON
gujaf-392	159	10	that	that	PRON
gujaf-392	159	11	proactively	proactively	ADV
gujaf-392	159	12	align	align	VERB
gujaf-392	159	13	with	with	ADP
gujaf-392	159	14	frameworks	framework	NOUN
gujaf-392	159	15	like	like	ADP
gujaf-392	159	16	basel	basel	PROPN
gujaf-392	159	17	iii	iii	PROPN
gujaf-392	159	18	or	or	CCONJ
gujaf-392	159	19	solvency	solvency	NOUN
gujaf-392	159	20	ii	ii	PROPN
gujaf-392	159	21	report	report	NOUN
gujaf-392	159	22	better	well	ADJ
gujaf-392	159	23	roe	roe	PROPN
gujaf-392	159	24	and	and	CCONJ
gujaf-392	159	25	tobin	tobin	PROPN
gujaf-392	159	26	’s	’s	PART
gujaf-392	159	27	q	q	X
gujaf-392	159	28	,	,	PUNCT
gujaf-392	159	29	as	as	SCONJ
gujaf-392	159	30	shown	show	VERB
gujaf-392	159	31	by	by	ADP
gujaf-392	159	32	the	the	DET
gujaf-392	159	33	positive	positive	ADJ
gujaf-392	159	34	and	and	CCONJ
gujaf-392	159	35	significant	significant	ADJ
gujaf-392	159	36	coefficients	coefficient	NOUN
gujaf-392	159	37	(	(	PUNCT
gujaf-392	159	38	e.g.	e.g.	ADV
gujaf-392	159	39	,	,	PUNCT
gujaf-392	159	40	β	β	X
gujaf-392	159	41	=	=	SYM
gujaf-392	159	42	0.082	0.082	NUM
gujaf-392	159	43	,	,	PUNCT
gujaf-392	159	44	p	p	X
gujaf-392	159	45	<	<	X
gujaf-392	159	46	0.05	0.05	NUM
gujaf-392	159	47	)	)	PUNCT
gujaf-392	159	48	.	.	PUNCT
gujaf-392	160	1	these	these	DET
gujaf-392	160	2	findings	finding	NOUN
gujaf-392	160	3	are	be	AUX
gujaf-392	160	4	consistent	consistent	ADJ
gujaf-392	160	5	with	with	ADP
gujaf-392	160	6	bauer	bauer	NOUN
gujaf-392	160	7	and	and	CCONJ
gujaf-392	160	8	heinrich	heinrich	PROPN
gujaf-392	160	9	(	(	PUNCT
gujaf-392	160	10	2025	2025	NUM
gujaf-392	160	11	)	)	PUNCT
gujaf-392	160	12	,	,	PUNCT
gujaf-392	160	13	who	who	PRON
gujaf-392	160	14	found	find	VERB
gujaf-392	160	15	that	that	SCONJ
gujaf-392	160	16	insurers	insurer	NOUN
gujaf-392	160	17	with	with	ADP
gujaf-392	160	18	timely	timely	ADJ
gujaf-392	160	19	compliance	compliance	NOUN
gujaf-392	160	20	under	under	ADP
gujaf-392	160	21	solvency	solvency	NOUN
gujaf-392	160	22	ii	ii	PROPN
gujaf-392	160	23	achieved	achieve	VERB
gujaf-392	160	24	greater	great	ADJ
gujaf-392	160	25	solvency	solvency	NOUN
gujaf-392	160	26	and	and	CCONJ
gujaf-392	160	27	investor	investor	NOUN
gujaf-392	160	28	confidence	confidence	NOUN
gujaf-392	160	29	,	,	PUNCT
gujaf-392	160	30	thereby	thereby	ADV
gujaf-392	160	31	improving	improve	VERB
gujaf-392	160	32	valuation	valuation	NOUN
gujaf-392	160	33	metrics	metric	NOUN
gujaf-392	160	34	.	.	PUNCT
gujaf-392	161	1	regulatory	regulatory	ADJ
gujaf-392	161	2	compliance	compliance	NOUN
gujaf-392	161	3	is	be	AUX
gujaf-392	161	4	not	not	PART
gujaf-392	161	5	merely	merely	ADV
gujaf-392	161	6	a	a	DET
gujaf-392	161	7	constraint	constraint	NOUN
gujaf-392	161	8	but	but	CCONJ
gujaf-392	161	9	can	can	AUX
gujaf-392	161	10	act	act	VERB
gujaf-392	161	11	as	as	ADP
gujaf-392	161	12	a	a	DET
gujaf-392	161	13	capability	capability	NOUN
gujaf-392	161	14	that	that	PRON
gujaf-392	161	15	reduces	reduce	VERB
gujaf-392	161	16	uncertainty	uncertainty	NOUN
gujaf-392	161	17	,	,	PUNCT
gujaf-392	161	18	improves	improve	VERB
gujaf-392	161	19	governance	governance	NOUN
gujaf-392	161	20	,	,	PUNCT
gujaf-392	161	21	and	and	CCONJ
gujaf-392	161	22	strengthens	strengthen	VERB
gujaf-392	161	23	firm	firm	ADJ
gujaf-392	161	24	legitimacy	legitimacy	NOUN
gujaf-392	161	25	in	in	ADP
gujaf-392	161	26	capital	capital	NOUN
gujaf-392	161	27	markets	market	NOUN
gujaf-392	161	28	(	(	PUNCT
gujaf-392	161	29	chen	chen	PROPN
gujaf-392	161	30	et	et	PROPN
gujaf-392	161	31	al	al	PROPN
gujaf-392	161	32	.	.	PROPN
gujaf-392	161	33	,	,	PUNCT
gujaf-392	161	34	2021	2021	NUM
gujaf-392	161	35	)	)	PUNCT
gujaf-392	161	36	.	.	PUNCT
gujaf-392	162	1	the	the	DET
gujaf-392	162	2	results	result	NOUN
gujaf-392	162	3	also	also	ADV
gujaf-392	162	4	confirm	confirm	VERB
gujaf-392	162	5	the	the	DET
gujaf-392	162	6	synergistic	synergistic	ADJ
gujaf-392	162	7	role	role	NOUN
gujaf-392	162	8	of	of	ADP
gujaf-392	162	9	is	be	AUX
gujaf-392	162	10	sophistication	sophistication	NOUN
gujaf-392	162	11	in	in	ADP
gujaf-392	162	12	enhancing	enhance	VERB
gujaf-392	162	13	firm	firm	ADJ
gujaf-392	162	14	outcomes	outcome	NOUN
gujaf-392	162	15	.	.	PUNCT
gujaf-392	163	1	the	the	DET
gujaf-392	163	2	inclusion	inclusion	NOUN
gujaf-392	163	3	of	of	ADP
gujaf-392	163	4	is	be	AUX
gujaf-392	163	5	variables	variable	NOUN
gujaf-392	163	6	in	in	ADP
gujaf-392	163	7	model	model	NOUN
gujaf-392	163	8	3	3	NUM
gujaf-392	163	9	significantly	significantly	ADV
gujaf-392	163	10	increases	increase	VERB
gujaf-392	163	11	the	the	DET
gujaf-392	163	12	explanatory	explanatory	ADJ
gujaf-392	163	13	power	power	NOUN
gujaf-392	163	14	of	of	ADP
gujaf-392	163	15	the	the	DET
gujaf-392	163	16	gusau	gusau	ADJ
gujaf-392	163	17	journal	journal	NOUN
gujaf-392	163	18	of	of	ADP
gujaf-392	163	19	accounting	accounting	NOUN
gujaf-392	163	20	and	and	CCONJ
gujaf-392	163	21	finance	finance	NOUN
gujaf-392	163	22	,	,	PUNCT
gujaf-392	163	23	vol.6	vol.6	PROPN
gujaf-392	163	24	,	,	PUNCT
gujaf-392	163	25	issue	issue	NOUN
gujaf-392	163	26	1	1	NUM
gujaf-392	163	27	,	,	PUNCT
gujaf-392	163	28	april	april	PROPN
gujaf-392	163	29	,	,	PUNCT
gujaf-392	163	30	2025	2025	NUM
gujaf-392	163	31	407	407	NUM
gujaf-392	163	32	model	model	NOUN
gujaf-392	163	33	(	(	PUNCT
gujaf-392	163	34	r²	r²	NOUN
gujaf-392	163	35	=	=	NOUN
gujaf-392	163	36	0.412	0.412	NUM
gujaf-392	163	37	)	)	PUNCT
gujaf-392	163	38	,	,	PUNCT
gujaf-392	163	39	and	and	CCONJ
gujaf-392	163	40	is	be	AUX
gujaf-392	163	41	sophistication	sophistication	NOUN
gujaf-392	163	42	shows	show	VERB
gujaf-392	163	43	a	a	DET
gujaf-392	163	44	positive	positive	ADJ
gujaf-392	163	45	and	and	CCONJ
gujaf-392	163	46	significant	significant	ADJ
gujaf-392	163	47	relationship	relationship	NOUN
gujaf-392	163	48	with	with	ADP
gujaf-392	163	49	roe	roe	PROPN
gujaf-392	163	50	(	(	PUNCT
gujaf-392	163	51	β	β	X
gujaf-392	163	52	=	=	PUNCT
gujaf-392	163	53	0.093	0.093	NUM
gujaf-392	163	54	,	,	PUNCT
gujaf-392	163	55	p	p	X
gujaf-392	163	56	<	<	X
gujaf-392	163	57	0.05	0.05	NUM
gujaf-392	163	58	)	)	PUNCT
gujaf-392	163	59	.	.	PUNCT
gujaf-392	164	1	kou	kou	PROPN
gujaf-392	164	2	et	et	PROPN
gujaf-392	164	3	al	al	PROPN
gujaf-392	164	4	.	.	PROPN
gujaf-392	164	5	(	(	PUNCT
gujaf-392	164	6	2022	2022	NUM
gujaf-392	164	7	)	)	PUNCT
gujaf-392	164	8	emphasized	emphasize	VERB
gujaf-392	164	9	that	that	SCONJ
gujaf-392	164	10	when	when	SCONJ
gujaf-392	164	11	managerial	managerial	ADJ
gujaf-392	164	12	ability	ability	NOUN
gujaf-392	164	13	is	be	AUX
gujaf-392	164	14	supported	support	VERB
gujaf-392	164	15	by	by	ADP
gujaf-392	164	16	advanced	advanced	ADJ
gujaf-392	164	17	is	be	AUX
gujaf-392	164	18	infrastructure	infrastructure	NOUN
gujaf-392	164	19	(	(	PUNCT
gujaf-392	164	20	e.g.	e.g.	ADV
gujaf-392	164	21	,	,	PUNCT
gujaf-392	164	22	ai	ai	ADJ
gujaf-392	164	23	-	-	PUNCT
gujaf-392	164	24	driven	drive	VERB
gujaf-392	164	25	decision	decision	NOUN
gujaf-392	164	26	support	support	NOUN
gujaf-392	164	27	,	,	PUNCT
gujaf-392	164	28	erp	erp	NOUN
gujaf-392	164	29	systems	system	NOUN
gujaf-392	164	30	)	)	PUNCT
gujaf-392	164	31	,	,	PUNCT
gujaf-392	164	32	it	it	PRON
gujaf-392	164	33	leads	lead	VERB
gujaf-392	164	34	to	to	ADP
gujaf-392	164	35	higher	high	ADJ
gujaf-392	164	36	operational	operational	ADJ
gujaf-392	164	37	efficiency	efficiency	NOUN
gujaf-392	164	38	and	and	CCONJ
gujaf-392	164	39	underwriting	underwriting	NOUN
gujaf-392	164	40	success	success	NOUN
gujaf-392	164	41	.	.	PUNCT
gujaf-392	165	1	this	this	PRON
gujaf-392	165	2	suggests	suggest	VERB
gujaf-392	165	3	that	that	SCONJ
gujaf-392	165	4	the	the	DET
gujaf-392	165	5	complementarity	complementarity	NOUN
gujaf-392	165	6	between	between	ADP
gujaf-392	165	7	human	human	ADJ
gujaf-392	165	8	capital	capital	NOUN
gujaf-392	165	9	and	and	CCONJ
gujaf-392	165	10	digital	digital	ADJ
gujaf-392	165	11	capabilities	capability	NOUN
gujaf-392	165	12	is	be	AUX
gujaf-392	165	13	crucial	crucial	ADJ
gujaf-392	165	14	in	in	ADP
gujaf-392	165	15	the	the	DET
gujaf-392	165	16	financial	financial	ADJ
gujaf-392	165	17	industry	industry	NOUN
gujaf-392	165	18	’s	’s	PART
gujaf-392	165	19	shift	shift	NOUN
gujaf-392	165	20	toward	toward	ADP
gujaf-392	165	21	datadriven	datadriven	ADJ
gujaf-392	165	22	strategy	strategy	NOUN
gujaf-392	165	23	execution	execution	NOUN
gujaf-392	165	24	.	.	PUNCT
gujaf-392	166	1	the	the	DET
gujaf-392	166	2	robustness	robustness	NOUN
gujaf-392	166	3	of	of	ADP
gujaf-392	166	4	the	the	DET
gujaf-392	166	5	findings	finding	NOUN
gujaf-392	166	6	across	across	ADP
gujaf-392	166	7	alternative	alternative	ADJ
gujaf-392	166	8	dependent	dependent	ADJ
gujaf-392	166	9	variables	variable	NOUN
gujaf-392	166	10	(	(	PUNCT
gujaf-392	166	11	roa	roa	NOUN
gujaf-392	166	12	and	and	CCONJ
gujaf-392	166	13	tobin	tobin	PROPN
gujaf-392	166	14	’s	’s	PART
gujaf-392	166	15	q	q	X
gujaf-392	166	16	)	)	PUNCT
gujaf-392	166	17	further	far	ADV
gujaf-392	166	18	strengthens	strengthen	VERB
gujaf-392	166	19	the	the	DET
gujaf-392	166	20	reliability	reliability	NOUN
gujaf-392	166	21	of	of	ADP
gujaf-392	166	22	the	the	DET
gujaf-392	166	23	results	result	NOUN
gujaf-392	166	24	.	.	PUNCT
gujaf-392	167	1	the	the	DET
gujaf-392	167	2	positive	positive	ADJ
gujaf-392	167	3	effect	effect	NOUN
gujaf-392	167	4	of	of	ADP
gujaf-392	167	5	managerial	managerial	ADJ
gujaf-392	167	6	ability	ability	NOUN
gujaf-392	167	7	on	on	ADP
gujaf-392	167	8	roa	roa	PROPN
gujaf-392	167	9	(	(	PUNCT
gujaf-392	167	10	β	β	X
gujaf-392	167	11	=	=	SYM
gujaf-392	167	12	0.076	0.076	NUM
gujaf-392	167	13	)	)	PUNCT
gujaf-392	167	14	and	and	CCONJ
gujaf-392	167	15	tobin	tobin	PROPN
gujaf-392	167	16	’s	’s	PART
gujaf-392	167	17	q	q	X
gujaf-392	167	18	(	(	PUNCT
gujaf-392	167	19	β	β	X
gujaf-392	167	20	=	=	SYM
gujaf-392	167	21	0.529	0.529	NUM
gujaf-392	167	22	)	)	PUNCT
gujaf-392	167	23	indicates	indicate	VERB
gujaf-392	167	24	that	that	SCONJ
gujaf-392	167	25	managerial	managerial	ADJ
gujaf-392	167	26	talent	talent	NOUN
gujaf-392	167	27	not	not	PART
gujaf-392	167	28	only	only	ADV
gujaf-392	167	29	improves	improve	VERB
gujaf-392	167	30	internal	internal	ADJ
gujaf-392	167	31	profitability	profitability	NOUN
gujaf-392	167	32	but	but	CCONJ
gujaf-392	167	33	also	also	ADV
gujaf-392	167	34	enhances	enhance	VERB
gujaf-392	167	35	external	external	ADJ
gujaf-392	167	36	investor	investor	NOUN
gujaf-392	167	37	perceptions	perception	NOUN
gujaf-392	167	38	.	.	PUNCT
gujaf-392	168	1	this	this	PRON
gujaf-392	168	2	is	be	AUX
gujaf-392	168	3	particularly	particularly	ADV
gujaf-392	168	4	relevant	relevant	ADJ
gujaf-392	168	5	in	in	ADP
gujaf-392	168	6	capital	capital	NOUN
gujaf-392	168	7	-	-	PUNCT
gujaf-392	168	8	intensive	intensive	ADJ
gujaf-392	168	9	sectors	sector	NOUN
gujaf-392	168	10	where	where	SCONJ
gujaf-392	168	11	long	long	ADJ
gujaf-392	168	12	-	-	PUNCT
gujaf-392	168	13	term	term	NOUN
gujaf-392	168	14	value	value	NOUN
gujaf-392	168	15	creation	creation	NOUN
gujaf-392	168	16	depends	depend	VERB
gujaf-392	168	17	on	on	ADP
gujaf-392	168	18	sound	sound	ADJ
gujaf-392	168	19	leadership	leadership	NOUN
gujaf-392	168	20	and	and	CCONJ
gujaf-392	168	21	strategic	strategic	ADJ
gujaf-392	168	22	foresight	foresight	NOUN
gujaf-392	168	23	(	(	PUNCT
gujaf-392	168	24	khan	khan	PROPN
gujaf-392	168	25	&	&	CCONJ
gujaf-392	168	26	lim	lim	PROPN
gujaf-392	168	27	,	,	PUNCT
gujaf-392	168	28	2020	2020	NUM
gujaf-392	168	29	)	)	PUNCT
gujaf-392	168	30	.	.	PUNCT
gujaf-392	169	1	control	control	NOUN
gujaf-392	169	2	variables	variable	NOUN
gujaf-392	169	3	behaved	behave	VERB
gujaf-392	169	4	largely	largely	ADV
gujaf-392	169	5	as	as	SCONJ
gujaf-392	169	6	expected	expect	VERB
gujaf-392	169	7	.	.	PUNCT
gujaf-392	170	1	firm	firm	ADJ
gujaf-392	170	2	size	size	NOUN
gujaf-392	170	3	showed	show	VERB
gujaf-392	170	4	a	a	DET
gujaf-392	170	5	modest	modest	ADJ
gujaf-392	170	6	positive	positive	ADJ
gujaf-392	170	7	association	association	NOUN
gujaf-392	170	8	with	with	ADP
gujaf-392	170	9	performance	performance	NOUN
gujaf-392	170	10	,	,	PUNCT
gujaf-392	170	11	reflecting	reflect	VERB
gujaf-392	170	12	scale	scale	NOUN
gujaf-392	170	13	economies	economy	NOUN
gujaf-392	170	14	and	and	CCONJ
gujaf-392	170	15	market	market	NOUN
gujaf-392	170	16	power	power	NOUN
gujaf-392	170	17	advantages	advantage	NOUN
gujaf-392	170	18	.	.	PUNCT
gujaf-392	171	1	however	however	ADV
gujaf-392	171	2	,	,	PUNCT
gujaf-392	171	3	leverage	leverage	NOUN
gujaf-392	171	4	was	be	AUX
gujaf-392	171	5	either	either	CCONJ
gujaf-392	171	6	insignificant	insignificant	ADJ
gujaf-392	171	7	or	or	CCONJ
gujaf-392	171	8	negatively	negatively	ADV
gujaf-392	171	9	signed	sign	VERB
gujaf-392	171	10	,	,	PUNCT
gujaf-392	171	11	suggesting	suggest	VERB
gujaf-392	171	12	that	that	SCONJ
gujaf-392	171	13	excessive	excessive	ADJ
gujaf-392	171	14	reliance	reliance	NOUN
gujaf-392	171	15	on	on	ADP
gujaf-392	171	16	debt	debt	NOUN
gujaf-392	171	17	may	may	AUX
gujaf-392	171	18	dilute	dilute	VERB
gujaf-392	171	19	the	the	DET
gujaf-392	171	20	benefits	benefit	NOUN
gujaf-392	171	21	of	of	ADP
gujaf-392	171	22	managerial	managerial	ADJ
gujaf-392	171	23	skill	skill	NOUN
gujaf-392	171	24	,	,	PUNCT
gujaf-392	171	25	particularly	particularly	ADV
gujaf-392	171	26	under	under	ADP
gujaf-392	171	27	tighter	tight	ADJ
gujaf-392	171	28	regulatory	regulatory	ADJ
gujaf-392	171	29	capital	capital	NOUN
gujaf-392	171	30	requirements	requirement	NOUN
gujaf-392	171	31	.	.	PUNCT
gujaf-392	172	1	in	in	ADP
gujaf-392	172	2	sum	sum	NOUN
gujaf-392	172	3	,	,	PUNCT
gujaf-392	172	4	these	these	PRON
gujaf-392	172	5	results	result	NOUN
gujaf-392	172	6	affirm	affirm	NOUN
gujaf-392	172	7	that	that	SCONJ
gujaf-392	172	8	managerial	managerial	ADJ
gujaf-392	172	9	ability	ability	NOUN
gujaf-392	172	10	is	be	AUX
gujaf-392	172	11	a	a	DET
gujaf-392	172	12	strategic	strategic	ADJ
gujaf-392	172	13	asset	asset	NOUN
gujaf-392	172	14	in	in	ADP
gujaf-392	172	15	the	the	DET
gujaf-392	172	16	resource	resource	NOUN
gujaf-392	172	17	-	-	PUNCT
gujaf-392	172	18	based	base	VERB
gujaf-392	172	19	view	view	NOUN
gujaf-392	172	20	(	(	PUNCT
gujaf-392	172	21	rbv	rbv	NOUN
gujaf-392	172	22	)	)	PUNCT
gujaf-392	172	23	framework	framework	NOUN
gujaf-392	172	24	,	,	PUNCT
gujaf-392	172	25	especially	especially	ADV
gujaf-392	172	26	when	when	SCONJ
gujaf-392	172	27	complemented	complement	VERB
gujaf-392	172	28	by	by	ADP
gujaf-392	172	29	digital	digital	ADJ
gujaf-392	172	30	infrastructure	infrastructure	NOUN
gujaf-392	172	31	and	and	CCONJ
gujaf-392	172	32	regulatory	regulatory	ADJ
gujaf-392	172	33	agility	agility	NOUN
gujaf-392	172	34	.	.	PUNCT
gujaf-392	173	1	the	the	DET
gujaf-392	173	2	findings	finding	NOUN
gujaf-392	173	3	echo	echo	VERB
gujaf-392	173	4	the	the	DET
gujaf-392	173	5	conclusions	conclusion	NOUN
gujaf-392	173	6	of	of	ADP
gujaf-392	173	7	wood	wood	NOUN
gujaf-392	173	8	et	et	PROPN
gujaf-392	173	9	al	al	PROPN
gujaf-392	173	10	.	.	PROPN
gujaf-392	174	1	(	(	PUNCT
gujaf-392	174	2	2022	2022	NUM
gujaf-392	174	3	)	)	PUNCT
gujaf-392	174	4	,	,	PUNCT
gujaf-392	174	5	who	who	PRON
gujaf-392	174	6	found	find	VERB
gujaf-392	174	7	non	non	ADJ
gujaf-392	174	8	-	-	ADJ
gujaf-392	174	9	linear	linear	ADJ
gujaf-392	174	10	but	but	CCONJ
gujaf-392	174	11	positive	positive	ADJ
gujaf-392	174	12	relationships	relationship	NOUN
gujaf-392	174	13	between	between	ADP
gujaf-392	174	14	managerial	managerial	ADJ
gujaf-392	174	15	capability	capability	NOUN
gujaf-392	174	16	and	and	CCONJ
gujaf-392	174	17	firm	firm	ADJ
gujaf-392	174	18	outcomes	outcome	NOUN
gujaf-392	174	19	in	in	ADP
gujaf-392	174	20	european	european	ADJ
gujaf-392	174	21	insurance	insurance	NOUN
gujaf-392	174	22	markets	market	NOUN
gujaf-392	174	23	.	.	PUNCT
gujaf-392	175	1	by	by	ADP
gujaf-392	175	2	triangulating	triangulate	VERB
gujaf-392	175	3	multiple	multiple	ADJ
gujaf-392	175	4	sources	source	NOUN
gujaf-392	175	5	of	of	ADP
gujaf-392	175	6	firm	firm	ADJ
gujaf-392	175	7	advantage	advantage	NOUN
gujaf-392	175	8	this	this	DET
gujaf-392	175	9	study	study	NOUN
gujaf-392	175	10	contributes	contribute	VERB
gujaf-392	175	11	to	to	ADP
gujaf-392	175	12	a	a	DET
gujaf-392	175	13	more	more	ADV
gujaf-392	175	14	integrated	integrated	ADJ
gujaf-392	175	15	understanding	understanding	NOUN
gujaf-392	175	16	of	of	ADP
gujaf-392	175	17	what	what	PRON
gujaf-392	175	18	drives	drive	VERB
gujaf-392	175	19	superior	superior	ADJ
gujaf-392	175	20	performance	performance	NOUN
gujaf-392	175	21	in	in	ADP
gujaf-392	175	22	the	the	DET
gujaf-392	175	23	modern	modern	ADJ
gujaf-392	175	24	financial	financial	ADJ
gujaf-392	175	25	sector	sector	NOUN
gujaf-392	175	26	.	.	PUNCT
gujaf-392	176	1	table	table	NOUN
gujaf-392	176	2	1	1	NUM
gujaf-392	176	3	:	:	PUNCT
gujaf-392	176	4	descriptive	descriptive	ADJ
gujaf-392	176	5	statistics	statistic	NOUN
gujaf-392	176	6	variable	variable	ADJ
gujaf-392	176	7	mean	mean	VERB
gujaf-392	176	8	std	std	PROPN
gujaf-392	176	9	.	.	PROPN
gujaf-392	177	1	dev	dev	PROPN
gujaf-392	177	2	.	.	PUNCT
gujaf-392	178	1	min	min	PROPN
gujaf-392	178	2	max	max	PROPN
gujaf-392	178	3	n	n	PROPN
gujaf-392	178	4	return	return	VERB
gujaf-392	178	5	on	on	ADP
gujaf-392	178	6	equity	equity	NOUN
gujaf-392	178	7	(	(	PUNCT
gujaf-392	178	8	roe	roe	PROPN
gujaf-392	178	9	)	)	PUNCT
gujaf-392	178	10	0.118	0.118	NUM
gujaf-392	178	11	0.087	0.087	NUM
gujaf-392	178	12	-0.12	-0.12	NUM
gujaf-392	178	13	0.39	0.39	NUM
gujaf-392	178	14	960	960	NUM
gujaf-392	178	15	return	return	NOUN
gujaf-392	178	16	on	on	ADP
gujaf-392	178	17	assets	asset	NOUN
gujaf-392	178	18	(	(	PUNCT
gujaf-392	178	19	roa	roa	NOUN
gujaf-392	178	20	)	)	PUNCT
gujaf-392	178	21	0.052	0.052	NUM
gujaf-392	178	22	0.031	0.031	NUM
gujaf-392	178	23	-0.02	-0.02	NUM
gujaf-392	179	1	0.16	0.16	NUM
gujaf-392	179	2	960	960	NUM
gujaf-392	179	3	tobin	tobin	PROPN
gujaf-392	179	4	’s	’s	PART
gujaf-392	179	5	q	q	PROPN
gujaf-392	179	6	1.842	1.842	NUM
gujaf-392	179	7	0.661	0.661	NUM
gujaf-392	179	8	0.89	0.89	NUM
gujaf-392	179	9	3.75	3.75	NUM
gujaf-392	179	10	960	960	NUM
gujaf-392	179	11	managerial	managerial	ADJ
gujaf-392	179	12	ability	ability	NOUN
gujaf-392	179	13	(	(	PUNCT
gujaf-392	179	14	ma	ma	PROPN
gujaf-392	179	15	)	)	PUNCT
gujaf-392	179	16	0.000	0.000	NUM
gujaf-392	179	17	1.000	1.000	NUM
gujaf-392	179	18	-2.45	-2.45	NUM
gujaf-392	179	19	2.13	2.13	NUM
gujaf-392	179	20	960	960	NUM
gujaf-392	179	21	regulatory	regulatory	ADJ
gujaf-392	179	22	adaptability	adaptability	NOUN
gujaf-392	179	23	0.617	0.617	NUM
gujaf-392	179	24	0.248	0.248	NUM
gujaf-392	179	25	0.12	0.12	NUM
gujaf-392	179	26	1.00	1.00	NUM
gujaf-392	179	27	960	960	NUM
gujaf-392	179	28	is	be	AUX
gujaf-392	179	29	sophistication	sophistication	NOUN
gujaf-392	179	30	0.534	0.534	NUM
gujaf-392	179	31	0.177	0.177	NUM
gujaf-392	179	32	0.11	0.11	NUM
gujaf-392	179	33	0.89	0.89	NUM
gujaf-392	179	34	960	960	NUM
gujaf-392	179	35	firm	firm	ADJ
gujaf-392	179	36	size	size	NOUN
gujaf-392	179	37	(	(	PUNCT
gujaf-392	179	38	log	log	NOUN
gujaf-392	179	39	assets	asset	NOUN
gujaf-392	179	40	)	)	PUNCT
gujaf-392	179	41	8.272	8.272	NUM
gujaf-392	179	42	1.106	1.106	NUM
gujaf-392	179	43	5.97	5.97	NUM
gujaf-392	179	44	10.44	10.44	NUM
gujaf-392	179	45	960	960	NUM
gujaf-392	179	46	leverage	leverage	NOUN
gujaf-392	179	47	(	(	PUNCT
gujaf-392	179	48	d	d	NOUN
gujaf-392	179	49	/	/	SYM
gujaf-392	179	50	e	e	NOUN
gujaf-392	179	51	)	)	PUNCT
gujaf-392	179	52	2.104	2.104	NUM
gujaf-392	179	53	0.918	0.918	NUM
gujaf-392	179	54	0.53	0.53	NUM
gujaf-392	179	55	4.76	4.76	NUM
gujaf-392	179	56	960	960	NUM
gujaf-392	179	57	source	source	NOUN
gujaf-392	179	58	:	:	PUNCT
gujaf-392	179	59	author	author	NOUN
gujaf-392	179	60	(	(	PUNCT
gujaf-392	179	61	2025	2025	NUM
gujaf-392	179	62	)	)	PUNCT
gujaf-392	179	63	.	.	PUNCT
gujaf-392	180	1	table	table	NOUN
gujaf-392	180	2	2	2	NUM
gujaf-392	180	3	:	:	PUNCT
gujaf-392	180	4	correlation	correlation	NOUN
gujaf-392	180	5	matrix	matrix	NOUN
gujaf-392	180	6	variable	variable	NOUN
gujaf-392	180	7	roe	roe	PROPN
gujaf-392	180	8	ma	ma	PROPN
gujaf-392	180	9	ra	ra	PROPN
gujaf-392	180	10	is	be	AUX
gujaf-392	180	11	size	size	NOUN
gujaf-392	180	12	lev	lev	PROPN
gujaf-392	180	13	roe	roe	PROPN
gujaf-392	180	14	1.00	1.00	NUM
gujaf-392	180	15	managerial	managerial	ADJ
gujaf-392	180	16	ability	ability	NOUN
gujaf-392	180	17	(	(	PUNCT
gujaf-392	180	18	ma	ma	PROPN
gujaf-392	180	19	)	)	PUNCT
gujaf-392	180	20	0.41	0.41	NUM
gujaf-392	180	21	1.00	1.00	NUM
gujaf-392	180	22	regulatory	regulatory	ADJ
gujaf-392	180	23	adaptability	adaptability	NOUN
gujaf-392	180	24	(	(	PUNCT
gujaf-392	180	25	ra	ra	NOUN
gujaf-392	180	26	)	)	PUNCT
gujaf-392	180	27	0.36	0.36	NUM
gujaf-392	180	28	0.28	0.28	NUM
gujaf-392	180	29	1.00	1.00	NUM
gujaf-392	180	30	is	be	AUX
gujaf-392	180	31	sophistication	sophistication	NOUN
gujaf-392	180	32	(	(	PUNCT
gujaf-392	180	33	is	be	AUX
gujaf-392	180	34	)	)	PUNCT
gujaf-392	180	35	0.33	0.33	NUM
gujaf-392	180	36	0.22	0.22	NUM
gujaf-392	180	37	0.26	0.26	NUM
gujaf-392	180	38	1.00	1.00	NUM
gujaf-392	180	39	firm	firm	ADJ
gujaf-392	180	40	size	size	NOUN
gujaf-392	180	41	0.18	0.18	NUM
gujaf-392	180	42	0.17	0.17	NUM
gujaf-392	180	43	0.21	0.21	NUM
gujaf-392	180	44	0.25	0.25	NUM
gujaf-392	180	45	1.00	1.00	NUM
gujaf-392	180	46	gusau	gusau	ADJ
gujaf-392	180	47	journal	journal	NOUN
gujaf-392	180	48	of	of	ADP
gujaf-392	180	49	accounting	accounting	NOUN
gujaf-392	180	50	and	and	CCONJ
gujaf-392	180	51	finance	finance	NOUN
gujaf-392	180	52	,	,	PUNCT
gujaf-392	180	53	vol.6	vol.6	PROPN
gujaf-392	180	54	,	,	PUNCT
gujaf-392	180	55	issue	issue	NOUN
gujaf-392	180	56	1	1	NUM
gujaf-392	180	57	,	,	PUNCT
gujaf-392	180	58	april	april	PROPN
gujaf-392	180	59	,	,	PUNCT
gujaf-392	180	60	2025	2025	NUM
gujaf-392	180	61	408	408	NUM
gujaf-392	180	62	variable	variable	ADJ
gujaf-392	180	63	roe	roe	PROPN
gujaf-392	180	64	ma	ma	PROPN
gujaf-392	180	65	ra	ra	PROPN
gujaf-392	180	66	is	be	AUX
gujaf-392	180	67	size	size	NOUN
gujaf-392	180	68	lev	lev	NOUN
gujaf-392	180	69	leverage	leverage	NOUN
gujaf-392	180	70	-0.09	-0.09	NUM
gujaf-392	180	71	-0.05	-0.05	NUM
gujaf-392	180	72	-0.08	-0.08	PRON
gujaf-392	180	73	-0.11	-0.11	NUM
gujaf-392	180	74	-0.17	-0.17	NUM
gujaf-392	180	75	1.00	1.00	NUM
gujaf-392	180	76	source	source	NOUN
gujaf-392	180	77	:	:	PUNCT
gujaf-392	180	78	author	author	NOUN
gujaf-392	180	79	(	(	PUNCT
gujaf-392	180	80	2025	2025	NUM
gujaf-392	180	81	)	)	PUNCT
gujaf-392	180	82	table	table	NOUN
gujaf-392	180	83	3	3	NUM
gujaf-392	180	84	:	:	PUNCT
gujaf-392	180	85	regression	regression	NOUN
gujaf-392	180	86	results	result	NOUN
gujaf-392	180	87	(	(	PUNCT
gujaf-392	180	88	dependent	dependent	ADJ
gujaf-392	180	89	variable	variable	NOUN
gujaf-392	180	90	:	:	PUNCT
gujaf-392	180	91	return	return	VERB
gujaf-392	180	92	on	on	ADP
gujaf-392	180	93	equity	equity	NOUN
gujaf-392	180	94	)	)	PUNCT
gujaf-392	180	95	variable	variable	ADJ
gujaf-392	180	96	model	model	NOUN
gujaf-392	180	97	1	1	NUM
gujaf-392	180	98	model	model	NOUN
gujaf-392	180	99	2	2	NUM
gujaf-392	180	100	model	model	NOUN
gujaf-392	180	101	3	3	NUM
gujaf-392	180	102	coef	coef	X
gujaf-392	180	103	.	.	PUNCT
gujaf-392	181	1	(	(	PUNCT
gujaf-392	181	2	t	t	NOUN
gujaf-392	181	3	-	-	PUNCT
gujaf-392	181	4	stat	stat	NOUN
gujaf-392	181	5	)	)	PUNCT
gujaf-392	181	6	coef	coef	PROPN
gujaf-392	181	7	.	.	PUNCT
gujaf-392	182	1	(	(	PUNCT
gujaf-392	182	2	t	t	NOUN
gujaf-392	182	3	-	-	PUNCT
gujaf-392	182	4	stat	stat	NOUN
gujaf-392	182	5	)	)	PUNCT
gujaf-392	182	6	coef	coef	PROPN
gujaf-392	182	7	.	.	PUNCT
gujaf-392	183	1	(	(	PUNCT
gujaf-392	183	2	t	t	NOUN
gujaf-392	183	3	-	-	PUNCT
gujaf-392	183	4	stat	stat	NOUN
gujaf-392	183	5	)	)	PUNCT
gujaf-392	183	6	managerial	managerial	ADJ
gujaf-392	183	7	ability	ability	NOUN
gujaf-392	183	8	(	(	PUNCT
gujaf-392	183	9	ma	ma	PROPN
gujaf-392	183	10	)	)	PUNCT
gujaf-392	183	11	0.143	0.143	NUM
gujaf-392	183	12	*	*	PUNCT
gujaf-392	183	13	*	*	PUNCT
gujaf-392	183	14	*	*	PUNCT
gujaf-392	183	15	(	(	PUNCT
gujaf-392	183	16	4.53	4.53	NUM
gujaf-392	183	17	)	)	PUNCT
gujaf-392	183	18	0.137	0.137	NUM
gujaf-392	183	19	*	*	PUNCT
gujaf-392	183	20	*	*	PUNCT
gujaf-392	183	21	*	*	PUNCT
gujaf-392	183	22	(	(	PUNCT
gujaf-392	183	23	4.28	4.28	NUM
gujaf-392	183	24	)	)	PUNCT
gujaf-392	183	25	0.139	0.139	NUM
gujaf-392	183	26	*	*	PUNCT
gujaf-392	183	27	*	*	PUNCT
gujaf-392	183	28	*	*	PUNCT
gujaf-392	183	29	(	(	PUNCT
gujaf-392	183	30	4.45	4.45	NUM
gujaf-392	183	31	)	)	PUNCT
gujaf-392	183	32	regulatory	regulatory	ADJ
gujaf-392	183	33	adaptability	adaptability	NOUN
gujaf-392	183	34	—	—	PUNCT
gujaf-392	183	35	0.082	0.082	NUM
gujaf-392	183	36	*	*	NOUN
gujaf-392	183	37	*	*	PUNCT
gujaf-392	183	38	(	(	PUNCT
gujaf-392	183	39	2.68	2.68	NUM
gujaf-392	183	40	)	)	PUNCT
gujaf-392	183	41	0.085	0.085	NUM
gujaf-392	183	42	*	*	PUNCT
gujaf-392	183	43	*	*	PUNCT
gujaf-392	183	44	(	(	PUNCT
gujaf-392	183	45	2.71	2.71	NUM
gujaf-392	183	46	)	)	PUNCT
gujaf-392	183	47	is	be	AUX
gujaf-392	183	48	sophistication	sophistication	NOUN
gujaf-392	183	49	—	—	PUNCT
gujaf-392	183	50	—	—	PUNCT
gujaf-392	183	51	0.093	0.093	NUM
gujaf-392	183	52	*	*	SYM
gujaf-392	183	53	*	*	PUNCT
gujaf-392	183	54	(	(	PUNCT
gujaf-392	183	55	3.01	3.01	NUM
gujaf-392	183	56	)	)	PUNCT
gujaf-392	183	57	firm	firm	ADJ
gujaf-392	183	58	size	size	NOUN
gujaf-392	183	59	(	(	PUNCT
gujaf-392	183	60	log	log	NOUN
gujaf-392	183	61	assets	asset	NOUN
gujaf-392	183	62	)	)	PUNCT
gujaf-392	183	63	0.049	0.049	NUM
gujaf-392	183	64	*	*	PUNCT
gujaf-392	183	65	(	(	PUNCT
gujaf-392	183	66	1.77	1.77	NUM
gujaf-392	183	67	)	)	PUNCT
gujaf-392	183	68	0.051	0.051	NUM
gujaf-392	183	69	*	*	PUNCT
gujaf-392	183	70	(	(	PUNCT
gujaf-392	183	71	1.80	1.80	NUM
gujaf-392	183	72	)	)	PUNCT
gujaf-392	183	73	0.052	0.052	NUM
gujaf-392	183	74	*	*	PUNCT
gujaf-392	183	75	(	(	PUNCT
gujaf-392	183	76	1.83	1.83	NUM
gujaf-392	183	77	)	)	PUNCT
gujaf-392	183	78	leverage	leverage	NOUN
gujaf-392	183	79	(	(	PUNCT
gujaf-392	183	80	d	d	NOUN
gujaf-392	183	81	/	/	SYM
gujaf-392	183	82	e	e	NOUN
gujaf-392	183	83	)	)	PUNCT
gujaf-392	183	84	-0.024	-0.024	PRON
gujaf-392	183	85	(	(	PUNCT
gujaf-392	183	86	-1.12	-1.12	NOUN
gujaf-392	183	87	)	)	PUNCT
gujaf-392	183	88	-0.023	-0.023	NOUN
gujaf-392	183	89	(	(	PUNCT
gujaf-392	183	90	-1.09	-1.09	PROPN
gujaf-392	183	91	)	)	PUNCT
gujaf-392	183	92	-0.022	-0.022	NOUN
gujaf-392	184	1	(	(	PUNCT
gujaf-392	184	2	-1.06	-1.06	NOUN
gujaf-392	184	3	)	)	PUNCT
gujaf-392	184	4	industry	industry	NOUN
gujaf-392	184	5	fe	fe	NOUN
gujaf-392	185	1	yes	yes	INTJ
gujaf-392	185	2	yes	yes	INTJ
gujaf-392	186	1	yes	yes	INTJ
gujaf-392	186	2	year	year	NOUN
gujaf-392	187	1	fe	fe	INTJ
gujaf-392	188	1	yes	yes	INTJ
gujaf-392	188	2	yes	yes	INTJ
gujaf-392	189	1	yes	yes	INTJ
gujaf-392	189	2	r	r	NOUN
gujaf-392	189	3	-	-	PUNCT
gujaf-392	189	4	squared	square	VERB
gujaf-392	189	5	0.361	0.361	NUM
gujaf-392	189	6	0.384	0.384	NUM
gujaf-392	189	7	0.412	0.412	NUM
gujaf-392	189	8	note	note	NOUN
gujaf-392	189	9	:	:	PUNCT
gujaf-392	189	10	*	*	PUNCT
gujaf-392	189	11	*	*	PUNCT
gujaf-392	189	12	p<0.1	p<0.1	PRON
gujaf-392	189	13	(	(	PUNCT
gujaf-392	189	14	)	)	PUNCT
gujaf-392	189	15	,	,	PUNCT
gujaf-392	189	16	p<0.05	p<0.05	NOUN
gujaf-392	189	17	(	(	PUNCT
gujaf-392	189	18	)	)	PUNCT
gujaf-392	189	19	,	,	PUNCT
gujaf-392	189	20	p<0.01	p<0.01	PROPN
gujaf-392	189	21	(	(	PUNCT
gujaf-392	189	22	)	)	PUNCT
gujaf-392	189	23	*	*	PUNCT
gujaf-392	189	24	*	*	PUNCT
gujaf-392	189	25	source	source	NOUN
gujaf-392	189	26	:	:	PUNCT
gujaf-392	189	27	author	author	NOUN
gujaf-392	189	28	(	(	PUNCT
gujaf-392	189	29	2025	2025	NUM
gujaf-392	189	30	)	)	PUNCT
gujaf-392	189	31	table	table	NOUN
gujaf-392	189	32	4	4	NUM
gujaf-392	189	33	:	:	PUNCT
gujaf-392	189	34	robustness	robustness	NOUN
gujaf-392	189	35	–	–	PUNCT
gujaf-392	189	36	alternative	alternative	ADJ
gujaf-392	189	37	dependent	dependent	ADJ
gujaf-392	189	38	variables	variable	NOUN
gujaf-392	189	39	dep	dep	NOUN
gujaf-392	189	40	.	.	PUNCT
gujaf-392	190	1	variable	variable	PROPN
gujaf-392	190	2	roa	roa	PROPN
gujaf-392	190	3	tobin	tobin	PROPN
gujaf-392	190	4	’s	’s	PART
gujaf-392	190	5	q	q	PROPN
gujaf-392	190	6	managerial	managerial	ADJ
gujaf-392	190	7	ability	ability	NOUN
gujaf-392	190	8	0.076	0.076	NUM
gujaf-392	190	9	*	*	PUNCT
gujaf-392	190	10	*	*	PUNCT
gujaf-392	190	11	*	*	PUNCT
gujaf-392	190	12	(	(	PUNCT
gujaf-392	190	13	4.01	4.01	NUM
gujaf-392	190	14	)	)	PUNCT
gujaf-392	190	15	0.529	0.529	NUM
gujaf-392	190	16	*	*	PUNCT
gujaf-392	190	17	*	*	PUNCT
gujaf-392	190	18	*	*	PUNCT
gujaf-392	190	19	(	(	PUNCT
gujaf-392	190	20	3.89	3.89	NUM
gujaf-392	190	21	)	)	PUNCT
gujaf-392	190	22	regulatory	regulatory	ADJ
gujaf-392	190	23	adapt	adapt	NOUN
gujaf-392	190	24	.	.	PUNCT
gujaf-392	191	1	0.041	0.041	NUM
gujaf-392	191	2	*	*	PUNCT
gujaf-392	191	3	*	*	PUNCT
gujaf-392	191	4	(	(	PUNCT
gujaf-392	191	5	2.17	2.17	NUM
gujaf-392	191	6	)	)	PUNCT
gujaf-392	191	7	0.411	0.411	NUM
gujaf-392	191	8	*	*	PUNCT
gujaf-392	191	9	*	*	PUNCT
gujaf-392	191	10	(	(	PUNCT
gujaf-392	191	11	2.56	2.56	NUM
gujaf-392	191	12	)	)	PUNCT
gujaf-392	191	13	is	be	AUX
gujaf-392	191	14	sophistication	sophistication	NOUN
gujaf-392	191	15	0.045	0.045	NUM
gujaf-392	191	16	*	*	NOUN
gujaf-392	191	17	*	*	PUNCT
gujaf-392	191	18	(	(	PUNCT
gujaf-392	191	19	2.38	2.38	NUM
gujaf-392	191	20	)	)	PUNCT
gujaf-392	191	21	0.397	0.397	NUM
gujaf-392	191	22	*	*	PUNCT
gujaf-392	191	23	*	*	PUNCT
gujaf-392	191	24	(	(	PUNCT
gujaf-392	191	25	2.70	2.70	NUM
gujaf-392	191	26	)	)	PUNCT
gujaf-392	191	27	firm	firm	ADJ
gujaf-392	191	28	size	size	NOUN
gujaf-392	191	29	0.022	0.022	NUM
gujaf-392	191	30	(	(	PUNCT
gujaf-392	191	31	1.59	1.59	NUM
gujaf-392	191	32	)	)	PUNCT
gujaf-392	191	33	0.170	0.170	NUM
gujaf-392	191	34	*	*	PUNCT
gujaf-392	191	35	(	(	PUNCT
gujaf-392	191	36	1.92	1.92	NUM
gujaf-392	191	37	)	)	PUNCT
gujaf-392	191	38	leverage	leverage	NOUN
gujaf-392	191	39	-0.015	-0.015	PRON
gujaf-392	191	40	(	(	PUNCT
gujaf-392	191	41	-0.88	-0.88	ADJ
gujaf-392	191	42	)	)	PUNCT
gujaf-392	191	43	-0.095	-0.095	NUM
gujaf-392	191	44	(	(	PUNCT
gujaf-392	191	45	-1.01	-1.01	X
gujaf-392	191	46	)	)	PUNCT
gujaf-392	191	47	r	r	NOUN
gujaf-392	191	48	-	-	PUNCT
gujaf-392	191	49	squared	square	VERB
gujaf-392	191	50	0.392	0.392	NUM
gujaf-392	191	51	0.436	0.436	NUM
gujaf-392	191	52	source	source	NOUN
gujaf-392	191	53	:	:	PUNCT
gujaf-392	191	54	author	author	NOUN
gujaf-392	191	55	(	(	PUNCT
gujaf-392	191	56	2025	2025	NUM
gujaf-392	191	57	)	)	PUNCT
gujaf-392	191	58	evaluation	evaluation	NOUN
gujaf-392	191	59	of	of	ADP
gujaf-392	191	60	working	work	VERB
gujaf-392	191	61	hypotheses	hypothesis	NOUN
gujaf-392	191	62	the	the	DET
gujaf-392	191	63	hypothesis	hypothesis	NOUN
gujaf-392	191	64	1	1	NUM
gujaf-392	191	65	is	be	AUX
gujaf-392	191	66	strongly	strongly	ADV
gujaf-392	191	67	supported	support	VERB
gujaf-392	191	68	by	by	ADP
gujaf-392	191	69	the	the	DET
gujaf-392	191	70	empirical	empirical	ADJ
gujaf-392	191	71	results	result	NOUN
gujaf-392	191	72	and	and	CCONJ
gujaf-392	191	73	existing	exist	VERB
gujaf-392	191	74	literature	literature	NOUN
gujaf-392	191	75	.	.	PUNCT
gujaf-392	192	1	the	the	DET
gujaf-392	192	2	regression	regression	NOUN
gujaf-392	192	3	models	model	NOUN
gujaf-392	192	4	consistently	consistently	ADV
gujaf-392	192	5	show	show	VERB
gujaf-392	192	6	a	a	DET
gujaf-392	192	7	significant	significant	ADJ
gujaf-392	192	8	positive	positive	ADJ
gujaf-392	192	9	coefficient	coefficient	NOUN
gujaf-392	192	10	for	for	ADP
gujaf-392	192	11	managerial	managerial	ADJ
gujaf-392	192	12	ability	ability	NOUN
gujaf-392	192	13	on	on	ADP
gujaf-392	192	14	key	key	ADJ
gujaf-392	192	15	firm	firm	ADJ
gujaf-392	192	16	performance	performance	NOUN
gujaf-392	192	17	metrics	metric	NOUN
gujaf-392	192	18	such	such	ADJ
gujaf-392	192	19	as	as	ADP
gujaf-392	192	20	roe	roe	NOUN
gujaf-392	192	21	,	,	PUNCT
gujaf-392	192	22	roa	roa	PROPN
gujaf-392	192	23	,	,	PUNCT
gujaf-392	192	24	and	and	CCONJ
gujaf-392	192	25	tobin	tobin	PROPN
gujaf-392	192	26	’s	’s	PART
gujaf-392	192	27	q.	q.	NOUN
gujaf-392	192	28	this	this	PRON
gujaf-392	192	29	confirms	confirm	VERB
gujaf-392	192	30	that	that	SCONJ
gujaf-392	192	31	managers	manager	NOUN
gujaf-392	192	32	with	with	ADP
gujaf-392	192	33	superior	superior	ADJ
gujaf-392	192	34	skills	skill	NOUN
gujaf-392	192	35	,	,	PUNCT
gujaf-392	192	36	strategic	strategic	ADJ
gujaf-392	192	37	insight	insight	NOUN
gujaf-392	192	38	,	,	PUNCT
gujaf-392	192	39	and	and	CCONJ
gujaf-392	192	40	operational	operational	ADJ
gujaf-392	192	41	efficiency	efficiency	NOUN
gujaf-392	192	42	contribute	contribute	VERB
gujaf-392	192	43	directly	directly	ADV
gujaf-392	192	44	to	to	ADP
gujaf-392	192	45	enhanced	enhance	VERB
gujaf-392	192	46	profitability	profitability	NOUN
gujaf-392	192	47	and	and	CCONJ
gujaf-392	192	48	firm	firm	ADJ
gujaf-392	192	49	valuation	valuation	NOUN
gujaf-392	192	50	(	(	PUNCT
gujaf-392	192	51	demerjian	demerjian	PROPN
gujaf-392	192	52	et	et	PROPN
gujaf-392	192	53	al	al	PROPN
gujaf-392	192	54	.	.	PROPN
gujaf-392	192	55	,	,	PUNCT
gujaf-392	192	56	2012	2012	NUM
gujaf-392	192	57	;	;	PUNCT
gujaf-392	192	58	ahmed	ahmed	PROPN
gujaf-392	192	59	et	et	PROPN
gujaf-392	192	60	al	al	PROPN
gujaf-392	192	61	.	.	PROPN
gujaf-392	192	62	,	,	PUNCT
gujaf-392	192	63	2023	2023	NUM
gujaf-392	192	64	)	)	PUNCT
gujaf-392	192	65	.	.	PUNCT
gujaf-392	193	1	the	the	DET
gujaf-392	193	2	resource	resource	NOUN
gujaf-392	193	3	-	-	PUNCT
gujaf-392	193	4	based	base	VERB
gujaf-392	193	5	view	view	NOUN
gujaf-392	193	6	(	(	PUNCT
gujaf-392	193	7	rbv	rbv	NOUN
gujaf-392	193	8	)	)	PUNCT
gujaf-392	193	9	further	far	ADV
gujaf-392	193	10	validates	validate	VERB
gujaf-392	193	11	this	this	PRON
gujaf-392	193	12	,	,	PUNCT
gujaf-392	193	13	positing	posit	VERB
gujaf-392	193	14	managerial	managerial	ADJ
gujaf-392	193	15	ability	ability	NOUN
gujaf-392	193	16	as	as	ADP
gujaf-392	193	17	a	a	DET
gujaf-392	193	18	critical	critical	ADJ
gujaf-392	193	19	intangible	intangible	ADJ
gujaf-392	193	20	resource	resource	NOUN
gujaf-392	193	21	that	that	PRON
gujaf-392	193	22	creates	create	VERB
gujaf-392	193	23	sustainable	sustainable	ADJ
gujaf-392	193	24	competitive	competitive	ADJ
gujaf-392	193	25	advantage	advantage	NOUN
gujaf-392	193	26	(	(	PUNCT
gujaf-392	193	27	wood	wood	NOUN
gujaf-392	193	28	et	et	NOUN
gujaf-392	193	29	al	al	PROPN
gujaf-392	193	30	.	.	PROPN
gujaf-392	193	31	,	,	PUNCT
gujaf-392	193	32	2022	2022	NUM
gujaf-392	193	33	)	)	PUNCT
gujaf-392	193	34	.	.	PUNCT
gujaf-392	194	1	however	however	ADV
gujaf-392	194	2	,	,	PUNCT
gujaf-392	194	3	it	it	PRON
gujaf-392	194	4	is	be	AUX
gujaf-392	194	5	important	important	ADJ
gujaf-392	194	6	to	to	PART
gujaf-392	194	7	note	note	VERB
gujaf-392	194	8	that	that	SCONJ
gujaf-392	194	9	managerial	managerial	ADJ
gujaf-392	194	10	ability	ability	NOUN
gujaf-392	194	11	’s	’s	PART
gujaf-392	194	12	impact	impact	NOUN
gujaf-392	194	13	may	may	AUX
gujaf-392	194	14	vary	vary	VERB
gujaf-392	194	15	by	by	ADP
gujaf-392	194	16	institutional	institutional	ADJ
gujaf-392	194	17	context	context	NOUN
gujaf-392	194	18	and	and	CCONJ
gujaf-392	194	19	industry	industry	NOUN
gujaf-392	194	20	-	-	PUNCT
gujaf-392	194	21	specific	specific	ADJ
gujaf-392	194	22	dynamics	dynamic	NOUN
gujaf-392	194	23	(	(	PUNCT
gujaf-392	194	24	chen	chen	PROPN
gujaf-392	194	25	et	et	PROPN
gujaf-392	194	26	al	al	PROPN
gujaf-392	194	27	.	.	PROPN
gujaf-392	194	28	,	,	PUNCT
gujaf-392	194	29	2021	2021	NUM
gujaf-392	194	30	)	)	PUNCT
gujaf-392	194	31	,	,	PUNCT
gujaf-392	194	32	suggesting	suggest	VERB
gujaf-392	194	33	scope	scope	NOUN
gujaf-392	194	34	for	for	ADP
gujaf-392	194	35	contingency	contingency	NOUN
gujaf-392	194	36	factors	factor	NOUN
gujaf-392	194	37	that	that	PRON
gujaf-392	194	38	moderate	moderate	VERB
gujaf-392	194	39	this	this	DET
gujaf-392	194	40	relationship	relationship	NOUN
gujaf-392	194	41	.	.	PUNCT
gujaf-392	195	1	the	the	DET
gujaf-392	195	2	data	datum	NOUN
gujaf-392	195	3	provide	provide	VERB
gujaf-392	195	4	meaningful	meaningful	ADJ
gujaf-392	195	5	support	support	NOUN
gujaf-392	195	6	for	for	ADP
gujaf-392	195	7	hypothesis	hypothesis	NOUN
gujaf-392	195	8	2	2	NUM
gujaf-392	195	9	.	.	PUNCT
gujaf-392	195	10	firms	firm	NOUN
gujaf-392	195	11	demonstrating	demonstrate	VERB
gujaf-392	195	12	higher	high	ADJ
gujaf-392	195	13	adaptability	adaptability	NOUN
gujaf-392	195	14	to	to	ADP
gujaf-392	195	15	regulatory	regulatory	ADJ
gujaf-392	195	16	changes	change	NOUN
gujaf-392	195	17	tend	tend	VERB
gujaf-392	195	18	to	to	PART
gujaf-392	195	19	leverage	leverage	VERB
gujaf-392	195	20	managerial	managerial	ADJ
gujaf-392	195	21	talent	talent	NOUN
gujaf-392	195	22	more	more	ADV
gujaf-392	195	23	effectively	effectively	ADV
gujaf-392	195	24	,	,	PUNCT
gujaf-392	195	25	as	as	SCONJ
gujaf-392	195	26	indicated	indicate	VERB
gujaf-392	195	27	by	by	ADP
gujaf-392	195	28	positive	positive	ADJ
gujaf-392	195	29	interaction	interaction	NOUN
gujaf-392	195	30	terms	term	NOUN
gujaf-392	195	31	and	and	CCONJ
gujaf-392	195	32	enhanced	enhance	VERB
gujaf-392	195	33	explanatory	explanatory	ADJ
gujaf-392	195	34	power	power	NOUN
gujaf-392	195	35	in	in	ADP
gujaf-392	195	36	the	the	DET
gujaf-392	195	37	models	model	NOUN
gujaf-392	195	38	(	(	PUNCT
gujaf-392	195	39	bauer	bauer	PROPN
gujaf-392	195	40	&	&	CCONJ
gujaf-392	195	41	heinrich	heinrich	PROPN
gujaf-392	195	42	,	,	PUNCT
gujaf-392	195	43	2025	2025	NUM
gujaf-392	195	44	;	;	PUNCT
gujaf-392	195	45	ning	ning	PROPN
gujaf-392	195	46	&	&	CCONJ
gujaf-392	195	47	zhang	zhang	PROPN
gujaf-392	195	48	,	,	PUNCT
gujaf-392	195	49	2024	2024	NUM
gujaf-392	195	50	)	)	PUNCT
gujaf-392	195	51	.	.	PUNCT
gujaf-392	196	1	this	this	PRON
gujaf-392	196	2	aligns	align	VERB
gujaf-392	196	3	with	with	ADP
gujaf-392	196	4	institutional	institutional	ADJ
gujaf-392	196	5	theory	theory	NOUN
gujaf-392	196	6	,	,	PUNCT
gujaf-392	196	7	where	where	SCONJ
gujaf-392	196	8	firms	firm	NOUN
gujaf-392	196	9	capable	capable	ADJ
gujaf-392	196	10	of	of	ADP
gujaf-392	196	11	timely	timely	ADJ
gujaf-392	196	12	regulatory	regulatory	ADJ
gujaf-392	196	13	compliance	compliance	NOUN
gujaf-392	196	14	reduce	reduce	VERB
gujaf-392	196	15	uncertainty	uncertainty	NOUN
gujaf-392	196	16	,	,	PUNCT
gujaf-392	196	17	avoid	avoid	VERB
gujaf-392	196	18	sanctions	sanction	NOUN
gujaf-392	196	19	,	,	PUNCT
gujaf-392	196	20	and	and	CCONJ
gujaf-392	196	21	better	well	ADJ
gujaf-392	196	22	signal	signal	VERB
gujaf-392	196	23	credibility	credibility	NOUN
gujaf-392	196	24	to	to	ADP
gujaf-392	196	25	investors	investor	NOUN
gujaf-392	196	26	(	(	PUNCT
gujaf-392	196	27	chen	chen	PROPN
gujaf-392	196	28	et	et	PROPN
gujaf-392	196	29	al	al	PROPN
gujaf-392	196	30	.	.	PROPN
gujaf-392	196	31	,	,	PUNCT
gujaf-392	196	32	2021	2021	NUM
gujaf-392	196	33	)	)	PUNCT
gujaf-392	196	34	.	.	PUNCT
gujaf-392	197	1	however	however	ADV
gujaf-392	197	2	,	,	PUNCT
gujaf-392	197	3	the	the	DET
gujaf-392	197	4	moderating	moderate	VERB
gujaf-392	197	5	effect	effect	NOUN
gujaf-392	197	6	may	may	AUX
gujaf-392	197	7	be	be	AUX
gujaf-392	197	8	industryand	industryand	NOUN
gujaf-392	197	9	regime	regime	NOUN
gujaf-392	197	10	-	-	PUNCT
gujaf-392	197	11	specific	specific	ADJ
gujaf-392	197	12	,	,	PUNCT
gujaf-392	197	13	given	give	VERB
gujaf-392	197	14	that	that	SCONJ
gujaf-392	197	15	regulatory	regulatory	ADJ
gujaf-392	197	16	environments	environment	NOUN
gujaf-392	197	17	differ	differ	VERB
gujaf-392	197	18	substantially	substantially	ADV
gujaf-392	197	19	across	across	ADP
gujaf-392	197	20	countries	country	NOUN
gujaf-392	197	21	and	and	CCONJ
gujaf-392	197	22	financial	financial	ADJ
gujaf-392	197	23	sub	sub	NOUN
gujaf-392	197	24	-	-	NOUN
gujaf-392	197	25	sectors	sector	NOUN
gujaf-392	197	26	(	(	PUNCT
gujaf-392	197	27	khan	khan	PROPN
gujaf-392	197	28	&	&	CCONJ
gujaf-392	197	29	lim	lim	PROPN
gujaf-392	197	30	,	,	PUNCT
gujaf-392	197	31	2020	2020	NUM
gujaf-392	197	32	)	)	PUNCT
gujaf-392	197	33	.	.	PUNCT
gujaf-392	198	1	future	future	ADJ
gujaf-392	198	2	studies	study	NOUN
gujaf-392	198	3	could	could	AUX
gujaf-392	198	4	refine	refine	VERB
gujaf-392	198	5	this	this	PRON
gujaf-392	198	6	by	by	ADP
gujaf-392	198	7	explicitly	explicitly	ADV
gujaf-392	198	8	modeling	model	VERB
gujaf-392	198	9	regulatory	regulatory	ADJ
gujaf-392	198	10	complexity	complexity	NOUN
gujaf-392	198	11	and	and	CCONJ
gujaf-392	198	12	managerial	managerial	ADJ
gujaf-392	198	13	gusau	gusau	ADJ
gujaf-392	198	14	journal	journal	NOUN
gujaf-392	198	15	of	of	ADP
gujaf-392	198	16	accounting	accounting	NOUN
gujaf-392	198	17	and	and	CCONJ
gujaf-392	198	18	finance	finance	NOUN
gujaf-392	198	19	,	,	PUNCT
gujaf-392	198	20	vol.6	vol.6	PROPN
gujaf-392	198	21	,	,	PUNCT
gujaf-392	198	22	issue	issue	NOUN
gujaf-392	198	23	1	1	NUM
gujaf-392	198	24	,	,	PUNCT
gujaf-392	198	25	april	april	PROPN
gujaf-392	198	26	,	,	PUNCT
gujaf-392	198	27	2025	2025	NUM
gujaf-392	198	28	409	409	NUM
gujaf-392	198	29	flexibility	flexibility	NOUN
gujaf-392	198	30	.	.	PUNCT
gujaf-392	199	1	empirical	empirical	ADJ
gujaf-392	199	2	findings	finding	NOUN
gujaf-392	199	3	corroborate	corroborate	VERB
gujaf-392	199	4	hypothesis	hypothesis	NOUN
gujaf-392	199	5	3	3	NUM
gujaf-392	199	6	,	,	PUNCT
gujaf-392	199	7	showing	show	VERB
gujaf-392	199	8	that	that	SCONJ
gujaf-392	199	9	firms	firm	NOUN
gujaf-392	199	10	with	with	ADP
gujaf-392	199	11	advanced	advanced	ADJ
gujaf-392	199	12	is	be	AUX
gujaf-392	199	13	infrastructure	infrastructure	NOUN
gujaf-392	199	14	and	and	CCONJ
gujaf-392	199	15	capable	capable	ADJ
gujaf-392	199	16	managers	manager	NOUN
gujaf-392	199	17	outperform	outperform	VERB
gujaf-392	199	18	peers	peer	NOUN
gujaf-392	199	19	in	in	ADP
gujaf-392	199	20	operational	operational	ADJ
gujaf-392	199	21	efficiency	efficiency	NOUN
gujaf-392	199	22	and	and	CCONJ
gujaf-392	199	23	profitability	profitability	NOUN
gujaf-392	199	24	(	(	PUNCT
gujaf-392	199	25	kou	kou	PROPN
gujaf-392	199	26	et	et	PROPN
gujaf-392	199	27	al	al	PROPN
gujaf-392	199	28	.	.	PROPN
gujaf-392	199	29	,	,	PUNCT
gujaf-392	199	30	2022	2022	NUM
gujaf-392	199	31	)	)	PUNCT
gujaf-392	199	32	.	.	PUNCT
gujaf-392	200	1	this	this	DET
gujaf-392	200	2	synergy	synergy	NOUN
gujaf-392	200	3	supports	support	VERB
gujaf-392	200	4	the	the	DET
gujaf-392	200	5	complementarity	complementarity	NOUN
gujaf-392	200	6	hypothesis	hypothesis	NOUN
gujaf-392	200	7	,	,	PUNCT
gujaf-392	200	8	which	which	PRON
gujaf-392	200	9	states	state	VERB
gujaf-392	200	10	that	that	SCONJ
gujaf-392	200	11	human	human	ADJ
gujaf-392	200	12	capital	capital	NOUN
gujaf-392	200	13	and	and	CCONJ
gujaf-392	200	14	technology	technology	NOUN
gujaf-392	200	15	jointly	jointly	ADV
gujaf-392	200	16	enhance	enhance	VERB
gujaf-392	200	17	firm	firm	ADJ
gujaf-392	200	18	capabilities	capability	NOUN
gujaf-392	200	19	beyond	beyond	ADP
gujaf-392	200	20	their	their	PRON
gujaf-392	200	21	isolated	isolate	VERB
gujaf-392	200	22	effects	effect	NOUN
gujaf-392	200	23	(	(	PUNCT
gujaf-392	200	24	brynjolfsson	brynjolfsson	NOUN
gujaf-392	200	25	&	&	CCONJ
gujaf-392	200	26	hitt	hitt	PROPN
gujaf-392	200	27	,	,	PUNCT
gujaf-392	200	28	2003	2003	NUM
gujaf-392	200	29	;	;	PUNCT
gujaf-392	200	30	kou	kou	PROPN
gujaf-392	200	31	et	et	PROPN
gujaf-392	200	32	al	al	PROPN
gujaf-392	200	33	.	.	PROPN
gujaf-392	200	34	,	,	PUNCT
gujaf-392	200	35	2022	2022	NUM
gujaf-392	200	36	)	)	PUNCT
gujaf-392	200	37	.	.	PUNCT
gujaf-392	201	1	nonetheless	nonetheless	ADV
gujaf-392	201	2	,	,	PUNCT
gujaf-392	201	3	is	be	AUX
gujaf-392	201	4	sophistication	sophistication	NOUN
gujaf-392	201	5	alone	alone	ADV
gujaf-392	201	6	is	be	AUX
gujaf-392	201	7	insufficient	insufficient	ADJ
gujaf-392	201	8	;	;	PUNCT
gujaf-392	201	9	managerial	managerial	ADJ
gujaf-392	201	10	ability	ability	NOUN
gujaf-392	201	11	is	be	AUX
gujaf-392	201	12	necessary	necessary	ADJ
gujaf-392	201	13	to	to	PART
gujaf-392	201	14	translate	translate	VERB
gujaf-392	201	15	digital	digital	ADJ
gujaf-392	201	16	tools	tool	NOUN
gujaf-392	201	17	into	into	ADP
gujaf-392	201	18	strategic	strategic	ADJ
gujaf-392	201	19	decisions	decision	NOUN
gujaf-392	201	20	.	.	PUNCT
gujaf-392	202	1	the	the	DET
gujaf-392	202	2	evidence	evidence	NOUN
gujaf-392	202	3	suggests	suggest	VERB
gujaf-392	202	4	a	a	DET
gujaf-392	202	5	multiplicative	multiplicative	NOUN
gujaf-392	202	6	rather	rather	ADV
gujaf-392	202	7	than	than	ADP
gujaf-392	202	8	additive	additive	ADJ
gujaf-392	202	9	effect	effect	NOUN
gujaf-392	202	10	,	,	PUNCT
gujaf-392	202	11	underscoring	underscore	VERB
gujaf-392	202	12	the	the	DET
gujaf-392	202	13	importance	importance	NOUN
gujaf-392	202	14	of	of	ADP
gujaf-392	202	15	integrated	integrate	VERB
gujaf-392	202	16	investments	investment	NOUN
gujaf-392	202	17	in	in	ADP
gujaf-392	202	18	both	both	DET
gujaf-392	202	19	people	people	NOUN
gujaf-392	202	20	and	and	CCONJ
gujaf-392	202	21	technology	technology	NOUN
gujaf-392	202	22	.	.	PUNCT
gujaf-392	203	1	regulatory	regulatory	ADJ
gujaf-392	203	2	agencies	agency	NOUN
gujaf-392	203	3	such	such	ADJ
gujaf-392	203	4	as	as	ADP
gujaf-392	203	5	central	central	ADJ
gujaf-392	203	6	banks	bank	NOUN
gujaf-392	203	7	and	and	CCONJ
gujaf-392	203	8	insurance	insurance	NOUN
gujaf-392	203	9	commissions	commission	NOUN
gujaf-392	203	10	should	should	AUX
gujaf-392	203	11	consider	consider	VERB
gujaf-392	203	12	integrating	integrate	VERB
gujaf-392	203	13	managerial	managerial	ADJ
gujaf-392	203	14	ability	ability	NOUN
gujaf-392	203	15	indicators	indicator	NOUN
gujaf-392	203	16	into	into	ADP
gujaf-392	203	17	their	their	PRON
gujaf-392	203	18	supervisory	supervisory	ADJ
gujaf-392	203	19	assessments	assessment	NOUN
gujaf-392	203	20	and	and	CCONJ
gujaf-392	203	21	risk	risk	NOUN
gujaf-392	203	22	-	-	PUNCT
gujaf-392	203	23	scoring	score	VERB
gujaf-392	203	24	systems	system	NOUN
gujaf-392	203	25	.	.	PUNCT
gujaf-392	204	1	just	just	ADV
gujaf-392	204	2	as	as	ADP
gujaf-392	204	3	capital	capital	NOUN
gujaf-392	204	4	adequacy	adequacy	NOUN
gujaf-392	204	5	,	,	PUNCT
gujaf-392	204	6	liquidity	liquidity	NOUN
gujaf-392	204	7	,	,	PUNCT
gujaf-392	204	8	and	and	CCONJ
gujaf-392	204	9	leverage	leverage	NOUN
gujaf-392	204	10	are	be	AUX
gujaf-392	204	11	routinely	routinely	ADV
gujaf-392	204	12	monitored	monitor	VERB
gujaf-392	204	13	,	,	PUNCT
gujaf-392	204	14	supervisory	supervisory	ADJ
gujaf-392	204	15	authorities	authority	NOUN
gujaf-392	204	16	could	could	AUX
gujaf-392	204	17	track	track	VERB
gujaf-392	204	18	managerial	managerial	ADJ
gujaf-392	204	19	capability	capability	NOUN
gujaf-392	204	20	(	(	PUNCT
gujaf-392	204	21	bauer	bauer	PROPN
gujaf-392	204	22	&	&	CCONJ
gujaf-392	204	23	heinrich	heinrich	PROPN
gujaf-392	204	24	,	,	PUNCT
gujaf-392	204	25	2025	2025	NUM
gujaf-392	204	26	)	)	PUNCT
gujaf-392	204	27	.	.	PUNCT
gujaf-392	205	1	this	this	PRON
gujaf-392	205	2	would	would	AUX
gujaf-392	205	3	allow	allow	VERB
gujaf-392	205	4	early	early	ADJ
gujaf-392	205	5	identification	identification	NOUN
gujaf-392	205	6	of	of	ADP
gujaf-392	205	7	firms	firm	NOUN
gujaf-392	205	8	that	that	PRON
gujaf-392	205	9	may	may	AUX
gujaf-392	205	10	underperform	underperform	VERB
gujaf-392	205	11	not	not	PART
gujaf-392	205	12	due	due	ADJ
gujaf-392	205	13	to	to	ADP
gujaf-392	205	14	external	external	ADJ
gujaf-392	205	15	shocks	shock	NOUN
gujaf-392	205	16	but	but	CCONJ
gujaf-392	205	17	due	due	ADP
gujaf-392	205	18	to	to	ADP
gujaf-392	205	19	internal	internal	ADJ
gujaf-392	205	20	managerial	managerial	ADJ
gujaf-392	205	21	weaknesses	weakness	NOUN
gujaf-392	205	22	.	.	PUNCT
gujaf-392	206	1	given	give	VERB
gujaf-392	206	2	the	the	DET
gujaf-392	206	3	robust	robust	ADJ
gujaf-392	206	4	link	link	NOUN
gujaf-392	206	5	between	between	ADP
gujaf-392	206	6	managerial	managerial	ADJ
gujaf-392	206	7	ability	ability	NOUN
gujaf-392	206	8	and	and	CCONJ
gujaf-392	206	9	firm	firm	ADJ
gujaf-392	206	10	performance	performance	NOUN
gujaf-392	206	11	,	,	PUNCT
gujaf-392	206	12	policymakers	policymaker	NOUN
gujaf-392	206	13	may	may	AUX
gujaf-392	206	14	consider	consider	VERB
gujaf-392	206	15	mandating	mandate	VERB
gujaf-392	206	16	that	that	SCONJ
gujaf-392	206	17	financial	financial	ADJ
gujaf-392	206	18	institutions	institution	NOUN
gujaf-392	206	19	include	include	VERB
gujaf-392	206	20	qualitative	qualitative	ADJ
gujaf-392	206	21	and	and	CCONJ
gujaf-392	206	22	quantitative	quantitative	ADJ
gujaf-392	206	23	disclosures	disclosure	NOUN
gujaf-392	206	24	on	on	ADP
gujaf-392	206	25	senior	senior	ADJ
gujaf-392	206	26	management	management	NOUN
gujaf-392	206	27	capabilities	capability	NOUN
gujaf-392	206	28	,	,	PUNCT
gujaf-392	206	29	training	training	NOUN
gujaf-392	206	30	,	,	PUNCT
gujaf-392	206	31	and	and	CCONJ
gujaf-392	206	32	succession	succession	NOUN
gujaf-392	206	33	planning	planning	NOUN
gujaf-392	206	34	in	in	ADP
gujaf-392	206	35	annual	annual	ADJ
gujaf-392	206	36	reports	report	NOUN
gujaf-392	206	37	.	.	PUNCT
gujaf-392	207	1	much	much	ADV
gujaf-392	207	2	like	like	ADP
gujaf-392	207	3	environmental	environmental	ADJ
gujaf-392	207	4	or	or	CCONJ
gujaf-392	207	5	esg	esg	NOUN
gujaf-392	207	6	disclosures	disclosure	NOUN
gujaf-392	207	7	,	,	PUNCT
gujaf-392	207	8	such	such	ADJ
gujaf-392	207	9	transparency	transparency	NOUN
gujaf-392	207	10	would	would	AUX
gujaf-392	207	11	allow	allow	VERB
gujaf-392	207	12	investors	investor	NOUN
gujaf-392	207	13	,	,	PUNCT
gujaf-392	207	14	stakeholders	stakeholder	NOUN
gujaf-392	207	15	,	,	PUNCT
gujaf-392	207	16	and	and	CCONJ
gujaf-392	207	17	regulators	regulator	NOUN
gujaf-392	207	18	to	to	PART
gujaf-392	207	19	better	well	ADV
gujaf-392	207	20	assess	assess	VERB
gujaf-392	207	21	the	the	DET
gujaf-392	207	22	strategic	strategic	ADJ
gujaf-392	207	23	readiness	readiness	NOUN
gujaf-392	207	24	of	of	ADP
gujaf-392	207	25	firms	firm	NOUN
gujaf-392	207	26	in	in	ADP
gujaf-392	207	27	adapting	adapt	VERB
gujaf-392	207	28	to	to	ADP
gujaf-392	207	29	macro	macro	ADJ
gujaf-392	207	30	-	-	ADJ
gujaf-392	207	31	financial	financial	ADJ
gujaf-392	207	32	shifts	shift	NOUN
gujaf-392	207	33	(	(	PUNCT
gujaf-392	207	34	ahmed	ahmed	PROPN
gujaf-392	207	35	et	et	PROPN
gujaf-392	207	36	al	al	PROPN
gujaf-392	207	37	.	.	PROPN
gujaf-392	207	38	,	,	PUNCT
gujaf-392	207	39	2023	2023	NUM
gujaf-392	207	40	)	)	PUNCT
gujaf-392	207	41	.	.	PUNCT
gujaf-392	208	1	policy	policy	NOUN
gujaf-392	208	2	incentives	incentive	VERB
gujaf-392	208	3	such	such	ADJ
gujaf-392	208	4	as	as	ADP
gujaf-392	208	5	tax	tax	NOUN
gujaf-392	208	6	reliefs	relief	NOUN
gujaf-392	208	7	or	or	CCONJ
gujaf-392	208	8	innovation	innovation	NOUN
gujaf-392	208	9	grants	grant	NOUN
gujaf-392	208	10	could	could	AUX
gujaf-392	208	11	be	be	AUX
gujaf-392	208	12	extended	extend	VERB
gujaf-392	208	13	to	to	ADP
gujaf-392	208	14	firms	firm	NOUN
gujaf-392	208	15	that	that	PRON
gujaf-392	208	16	invest	invest	VERB
gujaf-392	208	17	in	in	ADP
gujaf-392	208	18	digital	digital	ADJ
gujaf-392	208	19	infrastructure	infrastructure	NOUN
gujaf-392	208	20	aligned	align	VERB
gujaf-392	208	21	with	with	ADP
gujaf-392	208	22	strategic	strategic	ADJ
gujaf-392	208	23	management	management	NOUN
gujaf-392	208	24	training	training	NOUN
gujaf-392	208	25	.	.	PUNCT
gujaf-392	209	1	the	the	DET
gujaf-392	209	2	study	study	NOUN
gujaf-392	209	3	’s	’s	PART
gujaf-392	209	4	findings	finding	NOUN
gujaf-392	209	5	(	(	PUNCT
gujaf-392	209	6	kou	kou	PROPN
gujaf-392	209	7	et	et	PROPN
gujaf-392	209	8	al	al	PROPN
gujaf-392	209	9	.	.	PROPN
gujaf-392	209	10	,	,	PUNCT
gujaf-392	209	11	2022	2022	NUM
gujaf-392	209	12	)	)	PUNCT
gujaf-392	209	13	suggest	suggest	VERB
gujaf-392	209	14	that	that	SCONJ
gujaf-392	209	15	digital	digital	ADJ
gujaf-392	209	16	sophistication	sophistication	NOUN
gujaf-392	209	17	alone	alone	ADV
gujaf-392	209	18	is	be	AUX
gujaf-392	209	19	insufficient	insufficient	ADJ
gujaf-392	209	20	unless	unless	SCONJ
gujaf-392	209	21	paired	pair	VERB
gujaf-392	209	22	with	with	ADP
gujaf-392	209	23	high	high	ADJ
gujaf-392	209	24	managerial	managerial	ADJ
gujaf-392	209	25	ability	ability	NOUN
gujaf-392	209	26	.	.	PUNCT
gujaf-392	210	1	governments	government	NOUN
gujaf-392	210	2	can	can	AUX
gujaf-392	210	3	design	design	VERB
gujaf-392	210	4	co	co	ADJ
gujaf-392	210	5	-	-	ADJ
gujaf-392	210	6	financing	financing	ADJ
gujaf-392	210	7	programs	program	NOUN
gujaf-392	210	8	that	that	PRON
gujaf-392	210	9	support	support	VERB
gujaf-392	210	10	joint	joint	ADJ
gujaf-392	210	11	investment	investment	NOUN
gujaf-392	210	12	in	in	ADP
gujaf-392	210	13	is	be	AUX
gujaf-392	210	14	capabilities	capability	NOUN
gujaf-392	210	15	and	and	CCONJ
gujaf-392	210	16	leadership	leadership	NOUN
gujaf-392	210	17	development	development	NOUN
gujaf-392	210	18	,	,	PUNCT
gujaf-392	210	19	particularly	particularly	ADV
gujaf-392	210	20	for	for	ADP
gujaf-392	210	21	small	small	ADJ
gujaf-392	210	22	and	and	CCONJ
gujaf-392	210	23	medium	medium	ADJ
gujaf-392	210	24	-	-	PUNCT
gujaf-392	210	25	sized	sized	ADJ
gujaf-392	210	26	financial	financial	ADJ
gujaf-392	210	27	institutions	institution	NOUN
gujaf-392	210	28	.	.	PUNCT
gujaf-392	211	1	national	national	ADJ
gujaf-392	211	2	corporate	corporate	ADJ
gujaf-392	211	3	governance	governance	NOUN
gujaf-392	211	4	codes	code	NOUN
gujaf-392	211	5	can	can	AUX
gujaf-392	211	6	be	be	AUX
gujaf-392	211	7	revised	revise	VERB
gujaf-392	211	8	to	to	PART
gujaf-392	211	9	emphasize	emphasize	VERB
gujaf-392	211	10	the	the	DET
gujaf-392	211	11	selection	selection	NOUN
gujaf-392	211	12	,	,	PUNCT
gujaf-392	211	13	evaluation	evaluation	NOUN
gujaf-392	211	14	,	,	PUNCT
gujaf-392	211	15	and	and	CCONJ
gujaf-392	211	16	continuous	continuous	ADJ
gujaf-392	211	17	development	development	NOUN
gujaf-392	211	18	of	of	ADP
gujaf-392	211	19	top	top	ADJ
gujaf-392	211	20	management	management	NOUN
gujaf-392	211	21	.	.	PUNCT
gujaf-392	212	1	governance	governance	NOUN
gujaf-392	212	2	guidelines	guideline	NOUN
gujaf-392	212	3	could	could	AUX
gujaf-392	212	4	require	require	VERB
gujaf-392	212	5	independent	independent	ADJ
gujaf-392	212	6	boards	board	NOUN
gujaf-392	212	7	to	to	PART
gujaf-392	212	8	establish	establish	VERB
gujaf-392	212	9	clear	clear	ADJ
gujaf-392	212	10	performance	performance	NOUN
gujaf-392	212	11	-	-	PUNCT
gujaf-392	212	12	linked	link	VERB
gujaf-392	212	13	evaluations	evaluation	NOUN
gujaf-392	212	14	for	for	ADP
gujaf-392	212	15	ceos	ceos	NOUN
gujaf-392	212	16	and	and	CCONJ
gujaf-392	212	17	top	top	ADJ
gujaf-392	212	18	executives	executive	NOUN
gujaf-392	212	19	,	,	PUNCT
gujaf-392	212	20	including	include	VERB
gujaf-392	212	21	criteria	criterion	NOUN
gujaf-392	212	22	based	base	VERB
gujaf-392	212	23	on	on	ADP
gujaf-392	212	24	strategic	strategic	ADJ
gujaf-392	212	25	foresight	foresight	NOUN
gujaf-392	212	26	,	,	PUNCT
gujaf-392	212	27	regulatory	regulatory	ADJ
gujaf-392	212	28	adaptability	adaptability	NOUN
gujaf-392	212	29	,	,	PUNCT
gujaf-392	212	30	and	and	CCONJ
gujaf-392	212	31	risk	risk	NOUN
gujaf-392	212	32	management	management	NOUN
gujaf-392	212	33	aptitude	aptitude	NOUN
gujaf-392	212	34	.	.	PUNCT
gujaf-392	213	1	this	this	PRON
gujaf-392	213	2	would	would	AUX
gujaf-392	213	3	institutionalize	institutionalize	VERB
gujaf-392	213	4	the	the	DET
gujaf-392	213	5	role	role	NOUN
gujaf-392	213	6	of	of	ADP
gujaf-392	213	7	managerial	managerial	ADJ
gujaf-392	213	8	quality	quality	NOUN
gujaf-392	213	9	as	as	ADP
gujaf-392	213	10	a	a	DET
gujaf-392	213	11	governance	governance	NOUN
gujaf-392	213	12	priority	priority	NOUN
gujaf-392	213	13	,	,	PUNCT
gujaf-392	213	14	improving	improve	VERB
gujaf-392	213	15	long	long	ADJ
gujaf-392	213	16	-	-	PUNCT
gujaf-392	213	17	term	term	NOUN
gujaf-392	213	18	firm	firm	ADJ
gujaf-392	213	19	stability	stability	NOUN
gujaf-392	213	20	and	and	CCONJ
gujaf-392	213	21	competitiveness	competitiveness	NOUN
gujaf-392	213	22	(	(	PUNCT
gujaf-392	213	23	ning	ning	PROPN
gujaf-392	213	24	&	&	CCONJ
gujaf-392	213	25	zhang	zhang	PROPN
gujaf-392	213	26	,	,	PUNCT
gujaf-392	213	27	2024	2024	NUM
gujaf-392	213	28	)	)	PUNCT
gujaf-392	213	29	.	.	PUNCT
gujaf-392	214	1	for	for	ADP
gujaf-392	214	2	emerging	emerge	VERB
gujaf-392	214	3	economies	economy	NOUN
gujaf-392	214	4	,	,	PUNCT
gujaf-392	214	5	development	development	NOUN
gujaf-392	214	6	finance	finance	NOUN
gujaf-392	214	7	institutions	institution	NOUN
gujaf-392	214	8	and	and	CCONJ
gujaf-392	214	9	central	central	ADJ
gujaf-392	214	10	banks	bank	NOUN
gujaf-392	214	11	could	could	AUX
gujaf-392	214	12	implement	implement	VERB
gujaf-392	214	13	capacity	capacity	NOUN
gujaf-392	214	14	-	-	PUNCT
gujaf-392	214	15	building	build	VERB
gujaf-392	214	16	programs	program	NOUN
gujaf-392	214	17	to	to	PART
gujaf-392	214	18	upskill	upskill	VERB
gujaf-392	214	19	managers	manager	NOUN
gujaf-392	214	20	in	in	ADP
gujaf-392	214	21	the	the	DET
gujaf-392	214	22	financial	financial	ADJ
gujaf-392	214	23	sector	sector	NOUN
gujaf-392	214	24	.	.	PUNCT
gujaf-392	215	1	these	these	DET
gujaf-392	215	2	programs	program	NOUN
gujaf-392	215	3	should	should	AUX
gujaf-392	215	4	focus	focus	VERB
gujaf-392	215	5	on	on	ADP
gujaf-392	215	6	risk	risk	NOUN
gujaf-392	215	7	analytics	analytic	NOUN
gujaf-392	215	8	,	,	PUNCT
gujaf-392	215	9	regulatory	regulatory	ADJ
gujaf-392	215	10	foresight	foresight	NOUN
gujaf-392	215	11	,	,	PUNCT
gujaf-392	215	12	and	and	CCONJ
gujaf-392	215	13	digital	digital	ADJ
gujaf-392	215	14	transformation	transformation	NOUN
gujaf-392	215	15	management	management	NOUN
gujaf-392	215	16	.	.	PUNCT
gujaf-392	216	1	the	the	DET
gujaf-392	216	2	empirical	empirical	ADJ
gujaf-392	216	3	evidence	evidence	NOUN
gujaf-392	216	4	shows	show	VERB
gujaf-392	216	5	that	that	SCONJ
gujaf-392	216	6	high	high	ADJ
gujaf-392	216	7	managerial	managerial	ADJ
gujaf-392	216	8	ability	ability	NOUN
gujaf-392	216	9	cushions	cushion	VERB
gujaf-392	216	10	firms	firm	NOUN
gujaf-392	216	11	during	during	ADP
gujaf-392	216	12	crises	crisis	NOUN
gujaf-392	216	13	and	and	CCONJ
gujaf-392	216	14	boosts	boost	VERB
gujaf-392	216	15	adaptation	adaptation	NOUN
gujaf-392	216	16	to	to	ADP
gujaf-392	216	17	evolving	evolve	VERB
gujaf-392	216	18	regulatory	regulatory	ADJ
gujaf-392	216	19	landscapes	landscape	NOUN
gujaf-392	216	20	(	(	PUNCT
gujaf-392	216	21	chen	chen	PROPN
gujaf-392	216	22	et	et	PROPN
gujaf-392	216	23	al	al	PROPN
gujaf-392	216	24	.	.	PROPN
gujaf-392	216	25	,	,	PUNCT
gujaf-392	216	26	2021	2021	NUM
gujaf-392	216	27	;	;	PUNCT
gujaf-392	216	28	khan	khan	PROPN
gujaf-392	216	29	&	&	CCONJ
gujaf-392	216	30	lim	lim	PROPN
gujaf-392	216	31	,	,	PUNCT
gujaf-392	216	32	2020	2020	NUM
gujaf-392	216	33	)	)	PUNCT
gujaf-392	216	34	,	,	PUNCT
gujaf-392	216	35	which	which	PRON
gujaf-392	216	36	is	be	AUX
gujaf-392	216	37	critical	critical	ADJ
gujaf-392	216	38	for	for	ADP
gujaf-392	216	39	economies	economy	NOUN
gujaf-392	216	40	with	with	ADP
gujaf-392	216	41	volatile	volatile	ADJ
gujaf-392	216	42	institutional	institutional	ADJ
gujaf-392	216	43	environments	environment	NOUN
gujaf-392	216	44	.	.	PUNCT
gujaf-392	217	1	at	at	ADP
gujaf-392	217	2	a	a	DET
gujaf-392	217	3	macroeconomic	macroeconomic	ADJ
gujaf-392	217	4	level	level	NOUN
gujaf-392	217	5	,	,	PUNCT
gujaf-392	217	6	policymakers	policymaker	NOUN
gujaf-392	217	7	should	should	AUX
gujaf-392	217	8	acknowledge	acknowledge	VERB
gujaf-392	217	9	managerial	managerial	ADJ
gujaf-392	217	10	human	human	ADJ
gujaf-392	217	11	capital	capital	NOUN
gujaf-392	217	12	as	as	ADP
gujaf-392	217	13	a	a	DET
gujaf-392	217	14	national	national	ADJ
gujaf-392	217	15	productive	productive	ADJ
gujaf-392	217	16	asset	asset	NOUN
gujaf-392	217	17	,	,	PUNCT
gujaf-392	217	18	similar	similar	ADJ
gujaf-392	217	19	to	to	ADP
gujaf-392	217	20	physical	physical	ADJ
gujaf-392	217	21	and	and	CCONJ
gujaf-392	217	22	technological	technological	ADJ
gujaf-392	217	23	capital	capital	NOUN
gujaf-392	217	24	.	.	PUNCT
gujaf-392	218	1	integrating	integrate	VERB
gujaf-392	218	2	managerial	managerial	ADJ
gujaf-392	218	3	capability	capability	NOUN
gujaf-392	218	4	indicators	indicator	NOUN
gujaf-392	218	5	into	into	ADP
gujaf-392	218	6	productivity	productivity	NOUN
gujaf-392	218	7	analyses	analysis	NOUN
gujaf-392	218	8	and	and	CCONJ
gujaf-392	218	9	national	national	ADJ
gujaf-392	218	10	accounts	account	NOUN
gujaf-392	218	11	can	can	AUX
gujaf-392	218	12	provide	provide	VERB
gujaf-392	218	13	a	a	DET
gujaf-392	218	14	more	more	ADV
gujaf-392	218	15	nuanced	nuanced	ADJ
gujaf-392	218	16	understanding	understanding	NOUN
gujaf-392	218	17	of	of	ADP
gujaf-392	218	18	sectoral	sectoral	ADJ
gujaf-392	218	19	efficiency	efficiency	NOUN
gujaf-392	218	20	and	and	CCONJ
gujaf-392	218	21	resilience	resilience	NOUN
gujaf-392	218	22	,	,	PUNCT
gujaf-392	218	23	especially	especially	ADV
gujaf-392	218	24	in	in	ADP
gujaf-392	218	25	the	the	DET
gujaf-392	218	26	financial	financial	ADJ
gujaf-392	218	27	services	service	NOUN
gujaf-392	218	28	industry	industry	NOUN
gujaf-392	218	29	,	,	PUNCT
gujaf-392	218	30	gusau	gusau	ADJ
gujaf-392	218	31	journal	journal	NOUN
gujaf-392	218	32	of	of	ADP
gujaf-392	218	33	accounting	accounting	NOUN
gujaf-392	218	34	and	and	CCONJ
gujaf-392	218	35	finance	finance	NOUN
gujaf-392	218	36	,	,	PUNCT
gujaf-392	218	37	vol.6	vol.6	PROPN
gujaf-392	218	38	,	,	PUNCT
gujaf-392	218	39	issue	issue	NOUN
gujaf-392	218	40	1	1	NUM
gujaf-392	218	41	,	,	PUNCT
gujaf-392	218	42	april	april	PROPN
gujaf-392	218	43	,	,	PUNCT
gujaf-392	218	44	2025	2025	NUM
gujaf-392	218	45	410	410	NUM
gujaf-392	218	46	which	which	PRON
gujaf-392	218	47	underpins	underpin	VERB
gujaf-392	218	48	broader	broad	ADJ
gujaf-392	218	49	economic	economic	ADJ
gujaf-392	218	50	stability	stability	NOUN
gujaf-392	218	51	and	and	CCONJ
gujaf-392	218	52	growth	growth	NOUN
gujaf-392	218	53	(	(	PUNCT
gujaf-392	218	54	wood	wood	NOUN
gujaf-392	218	55	et	et	NOUN
gujaf-392	218	56	al	al	PROPN
gujaf-392	218	57	.	.	PROPN
gujaf-392	218	58	,	,	PUNCT
gujaf-392	218	59	2022	2022	NUM
gujaf-392	218	60	)	)	PUNCT
gujaf-392	218	61	.	.	PUNCT
gujaf-392	219	1	5	5	X
gujaf-392	219	2	.	.	X
gujaf-392	219	3	conclusions	conclusion	NOUN
gujaf-392	219	4	the	the	DET
gujaf-392	219	5	empirical	empirical	ADJ
gujaf-392	219	6	evidence	evidence	NOUN
gujaf-392	219	7	from	from	ADP
gujaf-392	219	8	the	the	DET
gujaf-392	219	9	regression	regression	NOUN
gujaf-392	219	10	analyses	analysis	NOUN
gujaf-392	219	11	robustly	robustly	ADV
gujaf-392	219	12	confirms	confirm	VERB
gujaf-392	219	13	that	that	SCONJ
gujaf-392	219	14	managerial	managerial	ADJ
gujaf-392	219	15	ability	ability	NOUN
gujaf-392	219	16	is	be	AUX
gujaf-392	219	17	a	a	DET
gujaf-392	219	18	key	key	ADJ
gujaf-392	219	19	determinant	determinant	NOUN
gujaf-392	219	20	of	of	ADP
gujaf-392	219	21	firm	firm	ADJ
gujaf-392	219	22	performance	performance	NOUN
gujaf-392	219	23	in	in	ADP
gujaf-392	219	24	the	the	DET
gujaf-392	219	25	financial	financial	ADJ
gujaf-392	219	26	sector	sector	NOUN
gujaf-392	219	27	.	.	PUNCT
gujaf-392	220	1	managerial	managerial	ADJ
gujaf-392	220	2	ability	ability	NOUN
gujaf-392	220	3	consistently	consistently	ADV
gujaf-392	220	4	exhibits	exhibit	VERB
gujaf-392	220	5	a	a	DET
gujaf-392	220	6	strong	strong	ADJ
gujaf-392	220	7	positive	positive	ADJ
gujaf-392	220	8	association	association	NOUN
gujaf-392	220	9	with	with	ADP
gujaf-392	220	10	profitability	profitability	NOUN
gujaf-392	220	11	metrics	metric	NOUN
gujaf-392	220	12	such	such	ADJ
gujaf-392	220	13	as	as	ADP
gujaf-392	220	14	return	return	NOUN
gujaf-392	220	15	on	on	ADP
gujaf-392	220	16	equity	equity	NOUN
gujaf-392	220	17	,	,	PUNCT
gujaf-392	220	18	return	return	VERB
gujaf-392	220	19	on	on	ADP
gujaf-392	220	20	assets	asset	NOUN
gujaf-392	220	21	,	,	PUNCT
gujaf-392	220	22	and	and	CCONJ
gujaf-392	220	23	market	market	NOUN
gujaf-392	220	24	valuation	valuation	NOUN
gujaf-392	220	25	.	.	PUNCT
gujaf-392	221	1	the	the	DET
gujaf-392	221	2	results	result	NOUN
gujaf-392	221	3	corroborate	corroborate	VERB
gujaf-392	221	4	the	the	DET
gujaf-392	221	5	findings	finding	NOUN
gujaf-392	221	6	of	of	ADP
gujaf-392	221	7	demerjian	demerjian	PROPN
gujaf-392	221	8	et	et	PROPN
gujaf-392	221	9	al	al	PROPN
gujaf-392	221	10	.	.	PROPN
gujaf-392	222	1	(	(	PUNCT
gujaf-392	222	2	2012	2012	NUM
gujaf-392	222	3	)	)	PUNCT
gujaf-392	222	4	,	,	PUNCT
gujaf-392	222	5	emphasizing	emphasize	VERB
gujaf-392	222	6	that	that	SCONJ
gujaf-392	222	7	skilled	skilled	ADJ
gujaf-392	222	8	managers	manager	NOUN
gujaf-392	222	9	enhance	enhance	VERB
gujaf-392	222	10	operational	operational	ADJ
gujaf-392	222	11	efficiency	efficiency	NOUN
gujaf-392	222	12	,	,	PUNCT
gujaf-392	222	13	strategic	strategic	ADJ
gujaf-392	222	14	resource	resource	NOUN
gujaf-392	222	15	allocation	allocation	NOUN
gujaf-392	222	16	,	,	PUNCT
gujaf-392	222	17	and	and	CCONJ
gujaf-392	222	18	ultimately	ultimately	ADV
gujaf-392	222	19	shareholder	shareholder	NOUN
gujaf-392	222	20	value	value	NOUN
gujaf-392	222	21	.	.	PUNCT
gujaf-392	223	1	in	in	ADP
gujaf-392	223	2	the	the	DET
gujaf-392	223	3	context	context	NOUN
gujaf-392	223	4	of	of	ADP
gujaf-392	223	5	financial	financial	ADJ
gujaf-392	223	6	institutions	institution	NOUN
gujaf-392	223	7	characterized	characterize	VERB
gujaf-392	223	8	by	by	ADP
gujaf-392	223	9	complex	complex	ADJ
gujaf-392	223	10	regulatory	regulatory	ADJ
gujaf-392	223	11	environments	environment	NOUN
gujaf-392	223	12	and	and	CCONJ
gujaf-392	223	13	asset	asset	NOUN
gujaf-392	223	14	-	-	PUNCT
gujaf-392	223	15	liability	liability	NOUN
gujaf-392	223	16	management	management	NOUN
gujaf-392	223	17	challenges	challenge	NOUN
gujaf-392	223	18	,	,	PUNCT
gujaf-392	223	19	managerial	managerial	ADJ
gujaf-392	223	20	talent	talent	NOUN
gujaf-392	223	21	proves	prove	VERB
gujaf-392	223	22	indispensable	indispensable	ADJ
gujaf-392	223	23	for	for	ADP
gujaf-392	223	24	navigating	navigate	VERB
gujaf-392	223	25	these	these	DET
gujaf-392	223	26	dynamics	dynamic	NOUN
gujaf-392	223	27	effectively	effectively	ADV
gujaf-392	223	28	(	(	PUNCT
gujaf-392	223	29	ning	ning	PROPN
gujaf-392	223	30	&	&	CCONJ
gujaf-392	223	31	zhang	zhang	PROPN
gujaf-392	223	32	,	,	PUNCT
gujaf-392	223	33	2024	2024	NUM
gujaf-392	223	34	)	)	PUNCT
gujaf-392	223	35	.	.	PUNCT
gujaf-392	224	1	moreover	moreover	ADV
gujaf-392	224	2	,	,	PUNCT
gujaf-392	224	3	the	the	DET
gujaf-392	224	4	study	study	NOUN
gujaf-392	224	5	highlights	highlight	VERB
gujaf-392	224	6	the	the	DET
gujaf-392	224	7	strategic	strategic	ADJ
gujaf-392	224	8	importance	importance	NOUN
gujaf-392	224	9	of	of	ADP
gujaf-392	224	10	regulatory	regulatory	ADJ
gujaf-392	224	11	adaptability	adaptability	NOUN
gujaf-392	224	12	as	as	ADP
gujaf-392	224	13	an	an	DET
gujaf-392	224	14	enabler	enabler	NOUN
gujaf-392	224	15	of	of	ADP
gujaf-392	224	16	superior	superior	ADJ
gujaf-392	224	17	firm	firm	ADJ
gujaf-392	224	18	performance	performance	NOUN
gujaf-392	224	19	.	.	PUNCT
gujaf-392	225	1	firms	firm	NOUN
gujaf-392	225	2	that	that	PRON
gujaf-392	225	3	proactively	proactively	ADV
gujaf-392	225	4	align	align	VERB
gujaf-392	225	5	with	with	ADP
gujaf-392	225	6	evolving	evolve	VERB
gujaf-392	225	7	regulatory	regulatory	ADJ
gujaf-392	225	8	standards	standard	NOUN
gujaf-392	225	9	such	such	ADJ
gujaf-392	225	10	as	as	ADP
gujaf-392	225	11	basel	basel	PROPN
gujaf-392	225	12	iii	iii	PROPN
gujaf-392	225	13	and	and	CCONJ
gujaf-392	225	14	solvency	solvency	PROPN
gujaf-392	225	15	ii	ii	PROPN
gujaf-392	225	16	experience	experience	NOUN
gujaf-392	225	17	higher	high	ADJ
gujaf-392	225	18	returns	return	NOUN
gujaf-392	225	19	and	and	CCONJ
gujaf-392	225	20	improved	improve	VERB
gujaf-392	225	21	market	market	NOUN
gujaf-392	225	22	valuation	valuation	NOUN
gujaf-392	225	23	,	,	PUNCT
gujaf-392	225	24	supporting	support	VERB
gujaf-392	225	25	the	the	DET
gujaf-392	225	26	notion	notion	NOUN
gujaf-392	225	27	that	that	SCONJ
gujaf-392	225	28	regulatory	regulatory	ADJ
gujaf-392	225	29	compliance	compliance	NOUN
gujaf-392	225	30	can	can	AUX
gujaf-392	225	31	be	be	AUX
gujaf-392	225	32	transformed	transform	VERB
gujaf-392	225	33	from	from	ADP
gujaf-392	225	34	a	a	DET
gujaf-392	225	35	mere	mere	ADJ
gujaf-392	225	36	obligation	obligation	NOUN
gujaf-392	225	37	into	into	ADP
gujaf-392	225	38	a	a	DET
gujaf-392	225	39	competitive	competitive	ADJ
gujaf-392	225	40	advantage	advantage	NOUN
gujaf-392	225	41	(	(	PUNCT
gujaf-392	225	42	bauer	bauer	PROPN
gujaf-392	225	43	&	&	CCONJ
gujaf-392	225	44	heinrich	heinrich	PROPN
gujaf-392	225	45	,	,	PUNCT
gujaf-392	225	46	2025	2025	NUM
gujaf-392	225	47	;	;	PUNCT
gujaf-392	225	48	chen	chen	PROPN
gujaf-392	225	49	et	et	PROPN
gujaf-392	225	50	al	al	PROPN
gujaf-392	225	51	.	.	PROPN
gujaf-392	225	52	,	,	PUNCT
gujaf-392	225	53	2021	2021	NUM
gujaf-392	225	54	)	)	PUNCT
gujaf-392	225	55	.	.	PUNCT
gujaf-392	226	1	the	the	DET
gujaf-392	226	2	findings	finding	NOUN
gujaf-392	226	3	also	also	ADV
gujaf-392	226	4	underscore	underscore	VERB
gujaf-392	226	5	the	the	DET
gujaf-392	226	6	critical	critical	ADJ
gujaf-392	226	7	complementarity	complementarity	NOUN
gujaf-392	226	8	between	between	ADP
gujaf-392	226	9	managerial	managerial	ADJ
gujaf-392	226	10	ability	ability	NOUN
gujaf-392	226	11	and	and	CCONJ
gujaf-392	226	12	information	information	NOUN
gujaf-392	226	13	systems	system	NOUN
gujaf-392	226	14	(	(	PUNCT
gujaf-392	226	15	is	be	AUX
gujaf-392	226	16	)	)	PUNCT
gujaf-392	226	17	sophistication	sophistication	NOUN
gujaf-392	226	18	.	.	PUNCT
gujaf-392	227	1	firms	firm	NOUN
gujaf-392	227	2	integrating	integrate	VERB
gujaf-392	227	3	advanced	advanced	ADJ
gujaf-392	227	4	digital	digital	ADJ
gujaf-392	227	5	infrastructure	infrastructure	NOUN
gujaf-392	227	6	with	with	ADP
gujaf-392	227	7	high	high	ADJ
gujaf-392	227	8	managerial	managerial	ADJ
gujaf-392	227	9	competence	competence	NOUN
gujaf-392	227	10	outperform	outperform	NOUN
gujaf-392	227	11	peers	peer	NOUN
gujaf-392	227	12	,	,	PUNCT
gujaf-392	227	13	illustrating	illustrate	VERB
gujaf-392	227	14	the	the	DET
gujaf-392	227	15	synergistic	synergistic	ADJ
gujaf-392	227	16	effect	effect	NOUN
gujaf-392	227	17	between	between	ADP
gujaf-392	227	18	human	human	ADJ
gujaf-392	227	19	capital	capital	NOUN
gujaf-392	227	20	and	and	CCONJ
gujaf-392	227	21	technology	technology	NOUN
gujaf-392	227	22	in	in	ADP
gujaf-392	227	23	driving	drive	VERB
gujaf-392	227	24	operational	operational	ADJ
gujaf-392	227	25	excellence	excellence	PROPN
gujaf-392	227	26	and	and	CCONJ
gujaf-392	227	27	risk	risk	NOUN
gujaf-392	227	28	management	management	NOUN
gujaf-392	227	29	(	(	PUNCT
gujaf-392	227	30	kou	kou	PROPN
gujaf-392	227	31	et	et	PROPN
gujaf-392	227	32	al	al	PROPN
gujaf-392	227	33	.	.	PROPN
gujaf-392	227	34	,	,	PUNCT
gujaf-392	227	35	2022	2022	NUM
gujaf-392	227	36	)	)	PUNCT
gujaf-392	227	37	.	.	PUNCT
gujaf-392	228	1	the	the	DET
gujaf-392	228	2	consistency	consistency	NOUN
gujaf-392	228	3	of	of	ADP
gujaf-392	228	4	these	these	DET
gujaf-392	228	5	results	result	NOUN
gujaf-392	228	6	across	across	ADP
gujaf-392	228	7	alternative	alternative	ADJ
gujaf-392	228	8	performance	performance	NOUN
gujaf-392	228	9	measures	measure	NOUN
gujaf-392	228	10	affirms	affirm	VERB
gujaf-392	228	11	the	the	DET
gujaf-392	228	12	robustness	robustness	NOUN
gujaf-392	228	13	and	and	CCONJ
gujaf-392	228	14	broad	broad	ADJ
gujaf-392	228	15	applicability	applicability	NOUN
gujaf-392	228	16	of	of	ADP
gujaf-392	228	17	the	the	DET
gujaf-392	228	18	conclusions	conclusion	NOUN
gujaf-392	228	19	.	.	PUNCT
gujaf-392	229	1	additionally	additionally	ADV
gujaf-392	229	2	,	,	PUNCT
gujaf-392	229	3	control	control	NOUN
gujaf-392	229	4	variables	variable	NOUN
gujaf-392	229	5	such	such	ADJ
gujaf-392	229	6	as	as	ADP
gujaf-392	229	7	firm	firm	ADJ
gujaf-392	229	8	size	size	NOUN
gujaf-392	229	9	and	and	CCONJ
gujaf-392	229	10	leverage	leverage	NOUN
gujaf-392	229	11	behave	behave	VERB
gujaf-392	229	12	in	in	ADP
gujaf-392	229	13	line	line	NOUN
gujaf-392	229	14	with	with	ADP
gujaf-392	229	15	extant	extant	ADJ
gujaf-392	229	16	theory	theory	NOUN
gujaf-392	229	17	,	,	PUNCT
gujaf-392	229	18	where	where	SCONJ
gujaf-392	229	19	scale	scale	NOUN
gujaf-392	229	20	economies	economy	NOUN
gujaf-392	229	21	promote	promote	VERB
gujaf-392	229	22	performance	performance	NOUN
gujaf-392	229	23	while	while	SCONJ
gujaf-392	229	24	excessive	excessive	ADJ
gujaf-392	229	25	debt	debt	NOUN
gujaf-392	229	26	dampens	dampen	VERB
gujaf-392	229	27	managerial	managerial	ADJ
gujaf-392	229	28	impact	impact	NOUN
gujaf-392	229	29	under	under	ADP
gujaf-392	229	30	stringent	stringent	ADJ
gujaf-392	229	31	capital	capital	NOUN
gujaf-392	229	32	regulation	regulation	NOUN
gujaf-392	229	33	.	.	PUNCT
gujaf-392	230	1	taken	take	VERB
gujaf-392	230	2	together	together	ADV
gujaf-392	230	3	,	,	PUNCT
gujaf-392	230	4	this	this	DET
gujaf-392	230	5	study	study	NOUN
gujaf-392	230	6	affirms	affirm	VERB
gujaf-392	230	7	that	that	SCONJ
gujaf-392	230	8	managerial	managerial	ADJ
gujaf-392	230	9	ability	ability	NOUN
gujaf-392	230	10	,	,	PUNCT
gujaf-392	230	11	enhanced	enhance	VERB
gujaf-392	230	12	by	by	ADP
gujaf-392	230	13	regulatory	regulatory	ADJ
gujaf-392	230	14	agility	agility	NOUN
gujaf-392	230	15	and	and	CCONJ
gujaf-392	230	16	digital	digital	ADJ
gujaf-392	230	17	capabilities	capability	NOUN
gujaf-392	230	18	,	,	PUNCT
gujaf-392	230	19	represents	represent	VERB
gujaf-392	230	20	a	a	DET
gujaf-392	230	21	critical	critical	ADJ
gujaf-392	230	22	strategic	strategic	ADJ
gujaf-392	230	23	resource	resource	NOUN
gujaf-392	230	24	as	as	ADP
gujaf-392	230	25	articulated	articulate	VERB
gujaf-392	230	26	within	within	ADP
gujaf-392	230	27	the	the	DET
gujaf-392	230	28	resource	resource	NOUN
gujaf-392	230	29	-	-	PUNCT
gujaf-392	230	30	based	base	VERB
gujaf-392	230	31	view	view	NOUN
gujaf-392	230	32	framework	framework	NOUN
gujaf-392	230	33	(	(	PUNCT
gujaf-392	230	34	wood	wood	NOUN
gujaf-392	230	35	et	et	NOUN
gujaf-392	230	36	al	al	PROPN
gujaf-392	230	37	.	.	PROPN
gujaf-392	230	38	,	,	PUNCT
gujaf-392	230	39	2022	2022	NUM
gujaf-392	230	40	)	)	PUNCT
gujaf-392	230	41	.	.	PUNCT
gujaf-392	231	1	by	by	ADP
gujaf-392	231	2	integrating	integrate	VERB
gujaf-392	231	3	multiple	multiple	ADJ
gujaf-392	231	4	dimensions	dimension	NOUN
gujaf-392	231	5	of	of	ADP
gujaf-392	231	6	firm	firm	ADJ
gujaf-392	231	7	advantage	advantage	NOUN
gujaf-392	231	8	,	,	PUNCT
gujaf-392	231	9	this	this	DET
gujaf-392	231	10	research	research	NOUN
gujaf-392	231	11	contributes	contribute	VERB
gujaf-392	231	12	to	to	ADP
gujaf-392	231	13	a	a	DET
gujaf-392	231	14	holistic	holistic	ADJ
gujaf-392	231	15	understanding	understanding	NOUN
gujaf-392	231	16	of	of	ADP
gujaf-392	231	17	value	value	NOUN
gujaf-392	231	18	creation	creation	NOUN
gujaf-392	231	19	in	in	ADP
gujaf-392	231	20	modern	modern	ADJ
gujaf-392	231	21	financial	financial	ADJ
gujaf-392	231	22	markets	market	NOUN
gujaf-392	231	23	.	.	PUNCT
gujaf-392	232	1	in	in	ADP
gujaf-392	232	2	light	light	NOUN
gujaf-392	232	3	of	of	ADP
gujaf-392	232	4	the	the	DET
gujaf-392	232	5	findings	finding	NOUN
gujaf-392	232	6	,	,	PUNCT
gujaf-392	232	7	financial	financial	ADJ
gujaf-392	232	8	institutions	institution	NOUN
gujaf-392	232	9	and	and	CCONJ
gujaf-392	232	10	policymakers	policymaker	NOUN
gujaf-392	232	11	should	should	AUX
gujaf-392	232	12	prioritize	prioritize	VERB
gujaf-392	232	13	the	the	DET
gujaf-392	232	14	development	development	NOUN
gujaf-392	232	15	and	and	CCONJ
gujaf-392	232	16	retention	retention	NOUN
gujaf-392	232	17	of	of	ADP
gujaf-392	232	18	managerial	managerial	ADJ
gujaf-392	232	19	talent	talent	NOUN
gujaf-392	232	20	as	as	ADP
gujaf-392	232	21	a	a	DET
gujaf-392	232	22	core	core	ADJ
gujaf-392	232	23	strategic	strategic	ADJ
gujaf-392	232	24	asset	asset	NOUN
gujaf-392	232	25	.	.	PUNCT
gujaf-392	233	1	investment	investment	NOUN
gujaf-392	233	2	in	in	ADP
gujaf-392	233	3	leadership	leadership	NOUN
gujaf-392	233	4	development	development	NOUN
gujaf-392	233	5	programs	program	NOUN
gujaf-392	233	6	aimed	aim	VERB
gujaf-392	233	7	at	at	ADP
gujaf-392	233	8	enhancing	enhance	VERB
gujaf-392	233	9	cognitive	cognitive	ADJ
gujaf-392	233	10	and	and	CCONJ
gujaf-392	233	11	analytical	analytical	ADJ
gujaf-392	233	12	skills	skill	NOUN
gujaf-392	233	13	can	can	AUX
gujaf-392	233	14	yield	yield	VERB
gujaf-392	233	15	measurable	measurable	ADJ
gujaf-392	233	16	improvements	improvement	NOUN
gujaf-392	233	17	in	in	ADP
gujaf-392	233	18	firm	firm	ADJ
gujaf-392	233	19	profitability	profitability	NOUN
gujaf-392	233	20	and	and	CCONJ
gujaf-392	233	21	resilience	resilience	NOUN
gujaf-392	233	22	amid	amid	ADP
gujaf-392	233	23	regulatory	regulatory	ADJ
gujaf-392	233	24	and	and	CCONJ
gujaf-392	233	25	economic	economic	ADJ
gujaf-392	233	26	uncertainty	uncertainty	NOUN
gujaf-392	233	27	.	.	PUNCT
gujaf-392	234	1	firms	firm	NOUN
gujaf-392	234	2	are	be	AUX
gujaf-392	234	3	encouraged	encourage	VERB
gujaf-392	234	4	to	to	PART
gujaf-392	234	5	adopt	adopt	VERB
gujaf-392	234	6	dynamic	dynamic	ADJ
gujaf-392	234	7	regulatory	regulatory	ADJ
gujaf-392	234	8	strategies	strategy	NOUN
gujaf-392	234	9	that	that	PRON
gujaf-392	234	10	not	not	PART
gujaf-392	234	11	only	only	ADV
gujaf-392	234	12	ensure	ensure	VERB
gujaf-392	234	13	compliance	compliance	NOUN
gujaf-392	234	14	but	but	CCONJ
gujaf-392	234	15	also	also	ADV
gujaf-392	234	16	leverage	leverage	VERB
gujaf-392	234	17	regulatory	regulatory	ADJ
gujaf-392	234	18	frameworks	framework	NOUN
gujaf-392	234	19	to	to	PART
gujaf-392	234	20	build	build	VERB
gujaf-392	234	21	investor	investor	NOUN
gujaf-392	234	22	trust	trust	NOUN
gujaf-392	234	23	and	and	CCONJ
gujaf-392	234	24	operational	operational	ADJ
gujaf-392	234	25	transparency	transparency	NOUN
gujaf-392	234	26	.	.	PUNCT
gujaf-392	235	1	furthermore	furthermore	ADV
gujaf-392	235	2	,	,	PUNCT
gujaf-392	235	3	organizations	organization	NOUN
gujaf-392	235	4	should	should	AUX
gujaf-392	235	5	accelerate	accelerate	VERB
gujaf-392	235	6	digital	digital	ADJ
gujaf-392	235	7	transformation	transformation	NOUN
gujaf-392	235	8	initiatives	initiative	NOUN
gujaf-392	235	9	by	by	ADP
gujaf-392	235	10	integrating	integrate	VERB
gujaf-392	235	11	sophisticated	sophisticated	ADJ
gujaf-392	235	12	information	information	NOUN
gujaf-392	235	13	systems	system	NOUN
gujaf-392	235	14	that	that	PRON
gujaf-392	235	15	complement	complement	VERB
gujaf-392	235	16	managerial	managerial	ADJ
gujaf-392	235	17	decision	decision	NOUN
gujaf-392	235	18	-	-	PUNCT
gujaf-392	235	19	making	making	NOUN
gujaf-392	235	20	.	.	PUNCT
gujaf-392	236	1	leveraging	leverage	VERB
gujaf-392	236	2	technologies	technology	NOUN
gujaf-392	236	3	such	such	ADJ
gujaf-392	236	4	as	as	ADP
gujaf-392	236	5	artificial	artificial	ADJ
gujaf-392	236	6	intelligence	intelligence	NOUN
gujaf-392	236	7	,	,	PUNCT
gujaf-392	236	8	advanced	advanced	ADJ
gujaf-392	236	9	analytics	analytic	NOUN
gujaf-392	236	10	,	,	PUNCT
gujaf-392	236	11	and	and	CCONJ
gujaf-392	236	12	enterprise	enterprise	NOUN
gujaf-392	236	13	resource	resource	NOUN
gujaf-392	236	14	planning	planning	NOUN
gujaf-392	236	15	(	(	PUNCT
gujaf-392	236	16	erp	erp	NOUN
gujaf-392	236	17	)	)	PUNCT
gujaf-392	236	18	systems	system	NOUN
gujaf-392	236	19	will	will	AUX
gujaf-392	236	20	amplify	amplify	VERB
gujaf-392	236	21	the	the	DET
gujaf-392	236	22	positive	positive	ADJ
gujaf-392	236	23	impact	impact	NOUN
gujaf-392	236	24	of	of	ADP
gujaf-392	236	25	managerial	managerial	ADJ
gujaf-392	236	26	ability	ability	NOUN
gujaf-392	236	27	on	on	ADP
gujaf-392	236	28	firm	firm	ADJ
gujaf-392	236	29	outcomes	outcome	NOUN
gujaf-392	236	30	.	.	PUNCT
gujaf-392	237	1	regulators	regulator	NOUN
gujaf-392	237	2	bodies	body	NOUN
gujaf-392	237	3	might	might	AUX
gujaf-392	237	4	also	also	ADV
gujaf-392	237	5	consider	consider	VERB
gujaf-392	237	6	policies	policy	NOUN
gujaf-392	237	7	that	that	PRON
gujaf-392	237	8	incentivize	incentivize	VERB
gujaf-392	237	9	proactive	proactive	ADJ
gujaf-392	237	10	regulatory	regulatory	ADJ
gujaf-392	237	11	adaptability	adaptability	NOUN
gujaf-392	237	12	and	and	CCONJ
gujaf-392	237	13	technological	technological	ADJ
gujaf-392	237	14	innovation	innovation	NOUN
gujaf-392	237	15	,	,	PUNCT
gujaf-392	237	16	facilitating	facilitate	VERB
gujaf-392	237	17	a	a	DET
gujaf-392	237	18	more	more	ADV
gujaf-392	237	19	resilient	resilient	ADJ
gujaf-392	237	20	and	and	CCONJ
gujaf-392	237	21	competitive	competitive	ADJ
gujaf-392	237	22	financial	financial	ADJ
gujaf-392	237	23	sector	sector	NOUN
gujaf-392	237	24	.	.	PUNCT
gujaf-392	238	1	gusau	gusau	ADJ
gujaf-392	238	2	journal	journal	PROPN
gujaf-392	238	3	of	of	ADP
gujaf-392	238	4	accounting	accounting	NOUN
gujaf-392	238	5	and	and	CCONJ
gujaf-392	238	6	finance	finance	NOUN
gujaf-392	238	7	,	,	PUNCT
gujaf-392	238	8	vol.6	vol.6	PROPN
gujaf-392	238	9	,	,	PUNCT
gujaf-392	238	10	issue	issue	NOUN
gujaf-392	238	11	1	1	NUM
gujaf-392	238	12	,	,	PUNCT
gujaf-392	238	13	april	april	PROPN
gujaf-392	238	14	,	,	PUNCT
gujaf-392	238	15	2025	2025	NUM
gujaf-392	238	16	411	411	NUM
gujaf-392	238	17	finally	finally	ADV
gujaf-392	238	18	,	,	PUNCT
gujaf-392	238	19	given	give	VERB
gujaf-392	238	20	the	the	DET
gujaf-392	238	21	negative	negative	ADJ
gujaf-392	238	22	implications	implication	NOUN
gujaf-392	238	23	of	of	ADP
gujaf-392	238	24	high	high	ADJ
gujaf-392	238	25	leverage	leverage	NOUN
gujaf-392	238	26	observed	observe	VERB
gujaf-392	238	27	in	in	ADP
gujaf-392	238	28	this	this	DET
gujaf-392	238	29	study	study	NOUN
gujaf-392	238	30	,	,	PUNCT
gujaf-392	238	31	firms	firm	NOUN
gujaf-392	238	32	should	should	AUX
gujaf-392	238	33	balance	balance	VERB
gujaf-392	238	34	growth	growth	NOUN
gujaf-392	238	35	ambitions	ambition	NOUN
gujaf-392	238	36	with	with	ADP
gujaf-392	238	37	prudent	prudent	ADJ
gujaf-392	238	38	capital	capital	NOUN
gujaf-392	238	39	structures	structure	NOUN
gujaf-392	238	40	to	to	PART
gujaf-392	238	41	safeguard	safeguard	VERB
gujaf-392	238	42	the	the	DET
gujaf-392	238	43	effectiveness	effectiveness	NOUN
gujaf-392	238	44	of	of	ADP
gujaf-392	238	45	managerial	managerial	ADJ
gujaf-392	238	46	expertise	expertise	NOUN
gujaf-392	238	47	.	.	PUNCT
gujaf-392	239	1	future	future	ADJ
gujaf-392	239	2	research	research	NOUN
gujaf-392	239	3	could	could	AUX
gujaf-392	239	4	explore	explore	VERB
gujaf-392	239	5	non	non	ADJ
gujaf-392	239	6	-	-	ADJ
gujaf-392	239	7	linear	linear	ADJ
gujaf-392	239	8	and	and	CCONJ
gujaf-392	239	9	dynamic	dynamic	ADJ
gujaf-392	239	10	effects	effect	NOUN
gujaf-392	239	11	of	of	ADP
gujaf-392	239	12	managerial	managerial	ADJ
gujaf-392	239	13	ability	ability	NOUN
gujaf-392	239	14	,	,	PUNCT
gujaf-392	239	15	regulatory	regulatory	ADJ
gujaf-392	239	16	changes	change	NOUN
gujaf-392	239	17	,	,	PUNCT
gujaf-392	239	18	and	and	CCONJ
gujaf-392	239	19	digital	digital	ADJ
gujaf-392	239	20	adoption	adoption	NOUN
gujaf-392	239	21	to	to	PART
gujaf-392	239	22	inform	inform	VERB
gujaf-392	239	23	adaptive	adaptive	ADJ
gujaf-392	239	24	strategies	strategy	NOUN
gujaf-392	239	25	in	in	ADP
gujaf-392	239	26	a	a	DET
gujaf-392	239	27	rapidly	rapidly	ADV
gujaf-392	239	28	evolving	evolve	VERB
gujaf-392	239	29	industry	industry	NOUN
gujaf-392	239	30	landscape	landscape	NOUN
gujaf-392	239	31	.	.	PUNCT
gujaf-392	240	1	references	reference	NOUN
gujaf-392	240	2	ahmed	ahmed	PROPN
gujaf-392	240	3	,	,	PUNCT
gujaf-392	240	4	f.	f.	PROPN
gujaf-392	240	5	,	,	PUNCT
gujaf-392	240	6	zhang	zhang	PROPN
gujaf-392	240	7	,	,	PUNCT
gujaf-392	240	8	y.	y.	PROPN
gujaf-392	240	9	,	,	PUNCT
gujaf-392	240	10	&	&	CCONJ
gujaf-392	240	11	sutherland	sutherland	PROPN
gujaf-392	240	12	,	,	PUNCT
gujaf-392	240	13	m.	m.	NOUN
gujaf-392	240	14	(	(	PUNCT
gujaf-392	240	15	2023	2023	NUM
gujaf-392	240	16	)	)	PUNCT
gujaf-392	240	17	.	.	PUNCT
gujaf-392	241	1	managerial	managerial	ADJ
gujaf-392	241	2	ability	ability	NOUN
gujaf-392	241	3	and	and	CCONJ
gujaf-392	241	4	firm	firm	ADJ
gujaf-392	241	5	-	-	PUNCT
gujaf-392	241	6	level	level	NOUN
gujaf-392	241	7	profitability	profitability	NOUN
gujaf-392	241	8	:	:	PUNCT
gujaf-392	241	9	evidence	evidence	NOUN
gujaf-392	241	10	from	from	ADP
gujaf-392	241	11	global	global	ADJ
gujaf-392	241	12	financial	financial	ADJ
gujaf-392	241	13	institutions	institution	NOUN
gujaf-392	241	14	.	.	PUNCT
gujaf-392	242	1	journal	journal	PROPN
gujaf-392	242	2	of	of	ADP
gujaf-392	242	3	financial	financial	ADJ
gujaf-392	242	4	economics	economic	NOUN
gujaf-392	242	5	,	,	PUNCT
gujaf-392	242	6	45(2	45(2	NOUN
gujaf-392	242	7	)	)	PUNCT
gujaf-392	242	8	,	,	PUNCT
gujaf-392	242	9	152173	152173	NUM
gujaf-392	242	10	.	.	PUNCT
gujaf-392	243	1	ahmed	ahmed	PROPN
gujaf-392	243	2	,	,	PUNCT
gujaf-392	243	3	m.	m.	NOUN
gujaf-392	243	4	,	,	PUNCT
gujaf-392	243	5	chen	chen	PROPN
gujaf-392	243	6	,	,	PUNCT
gujaf-392	243	7	l.	l.	PROPN
gujaf-392	243	8	,	,	PUNCT
gujaf-392	243	9	&	&	CCONJ
gujaf-392	243	10	torres	torres	PROPN
gujaf-392	243	11	,	,	PUNCT
gujaf-392	243	12	j.	j.	PROPN
gujaf-392	243	13	(	(	PUNCT
gujaf-392	243	14	2023	2023	NUM
gujaf-392	243	15	)	)	PUNCT
gujaf-392	243	16	.	.	PUNCT
gujaf-392	244	1	managerial	managerial	ADJ
gujaf-392	244	2	ability	ability	NOUN
gujaf-392	244	3	,	,	PUNCT
gujaf-392	244	4	financial	financial	ADJ
gujaf-392	244	5	resilience	resilience	NOUN
gujaf-392	244	6	,	,	PUNCT
gujaf-392	244	7	and	and	CCONJ
gujaf-392	244	8	firm	firm	ADJ
gujaf-392	244	9	performance	performance	NOUN
gujaf-392	244	10	during	during	ADP
gujaf-392	244	11	crisis	crisis	NOUN
gujaf-392	244	12	periods	period	NOUN
gujaf-392	244	13	:	:	PUNCT
gujaf-392	244	14	a	a	DET
gujaf-392	244	15	bayesian	bayesian	NOUN
gujaf-392	244	16	approach	approach	NOUN
gujaf-392	244	17	.	.	PUNCT
gujaf-392	245	1	journal	journal	NOUN
gujaf-392	245	2	of	of	ADP
gujaf-392	245	3	financial	financial	ADJ
gujaf-392	245	4	stability	stability	NOUN
gujaf-392	245	5	,	,	PUNCT
gujaf-392	245	6	68	68	NUM
gujaf-392	245	7	.	.	PUNCT
gujaf-392	246	1	bauer	bauer	PROPN
gujaf-392	246	2	,	,	PUNCT
gujaf-392	246	3	a.	a.	PROPN
gujaf-392	246	4	,	,	PUNCT
gujaf-392	246	5	&	&	CCONJ
gujaf-392	246	6	heinrich	heinrich	PROPN
gujaf-392	246	7	,	,	PUNCT
gujaf-392	246	8	t.	t.	PROPN
gujaf-392	246	9	(	(	PUNCT
gujaf-392	246	10	2025	2025	NUM
gujaf-392	246	11	)	)	PUNCT
gujaf-392	246	12	.	.	PUNCT
gujaf-392	247	1	managerial	managerial	ADJ
gujaf-392	247	2	ability	ability	NOUN
gujaf-392	247	3	and	and	CCONJ
gujaf-392	247	4	performance	performance	NOUN
gujaf-392	247	5	in	in	ADP
gujaf-392	247	6	european	european	ADJ
gujaf-392	247	7	insurance	insurance	NOUN
gujaf-392	247	8	markets	market	NOUN
gujaf-392	247	9	:	:	PUNCT
gujaf-392	247	10	evidence	evidence	NOUN
gujaf-392	247	11	from	from	ADP
gujaf-392	247	12	germany	germany	PROPN
gujaf-392	247	13	,	,	PUNCT
gujaf-392	247	14	austria	austria	PROPN
gujaf-392	247	15	,	,	PUNCT
gujaf-392	247	16	and	and	CCONJ
gujaf-392	247	17	the	the	DET
gujaf-392	247	18	netherlands	netherlands	PROPN
gujaf-392	247	19	.	.	PUNCT
gujaf-392	248	1	european	european	PROPN
gujaf-392	248	2	journal	journal	PROPN
gujaf-392	248	3	of	of	ADP
gujaf-392	248	4	risk	risk	NOUN
gujaf-392	248	5	and	and	CCONJ
gujaf-392	248	6	insurance	insurance	NOUN
gujaf-392	248	7	,	,	PUNCT
gujaf-392	248	8	38(1	38(1	NUM
gujaf-392	248	9	)	)	PUNCT
gujaf-392	248	10	,	,	PUNCT
gujaf-392	248	11	56	56	NUM
gujaf-392	248	12	-	-	SYM
gujaf-392	248	13	75	75	NUM
gujaf-392	248	14	.	.	PUNCT
gujaf-392	249	1	bauer	bauer	PROPN
gujaf-392	249	2	,	,	PUNCT
gujaf-392	249	3	r.	r.	PROPN
gujaf-392	249	4	,	,	PUNCT
gujaf-392	249	5	&	&	CCONJ
gujaf-392	249	6	heinrich	heinrich	PROPN
gujaf-392	249	7	,	,	PUNCT
gujaf-392	249	8	p.	p.	NOUN
gujaf-392	249	9	(	(	PUNCT
gujaf-392	249	10	2025	2025	NUM
gujaf-392	249	11	)	)	PUNCT
gujaf-392	249	12	.	.	PUNCT
gujaf-392	250	1	managerial	managerial	ADJ
gujaf-392	250	2	ability	ability	NOUN
gujaf-392	250	3	,	,	PUNCT
gujaf-392	250	4	regulatory	regulatory	ADJ
gujaf-392	250	5	change	change	NOUN
gujaf-392	250	6	,	,	PUNCT
gujaf-392	250	7	and	and	CCONJ
gujaf-392	250	8	financial	financial	ADJ
gujaf-392	250	9	performance	performance	NOUN
gujaf-392	250	10	:	:	PUNCT
gujaf-392	250	11	evidence	evidence	NOUN
gujaf-392	250	12	from	from	ADP
gujaf-392	250	13	the	the	DET
gujaf-392	250	14	european	european	PROPN
gujaf-392	250	15	insurance	insurance	NOUN
gujaf-392	250	16	industry	industry	NOUN
gujaf-392	250	17	.	.	PUNCT
gujaf-392	251	1	journal	journal	PROPN
gujaf-392	251	2	of	of	ADP
gujaf-392	251	3	insurance	insurance	NOUN
gujaf-392	251	4	regulation	regulation	NOUN
gujaf-392	251	5	,	,	PUNCT
gujaf-392	251	6	42(1	42(1	NOUN
gujaf-392	251	7	)	)	PUNCT
gujaf-392	251	8	,	,	PUNCT
gujaf-392	251	9	68	68	NUM
gujaf-392	251	10	-	-	SYM
gujaf-392	251	11	89	89	NUM
gujaf-392	251	12	.	.	PUNCT
gujaf-392	252	1	chen	chen	PROPN
gujaf-392	252	2	,	,	PUNCT
gujaf-392	252	3	l.	l.	PROPN
gujaf-392	252	4	,	,	PUNCT
gujaf-392	252	5	zhang	zhang	PROPN
gujaf-392	252	6	,	,	PUNCT
gujaf-392	252	7	w.	w.	PROPN
gujaf-392	252	8	,	,	PUNCT
gujaf-392	252	9	&	&	CCONJ
gujaf-392	252	10	liu	liu	PROPN
gujaf-392	252	11	,	,	PUNCT
gujaf-392	252	12	j.	j.	PROPN
gujaf-392	252	13	(	(	PUNCT
gujaf-392	252	14	2021	2021	NUM
gujaf-392	252	15	)	)	PUNCT
gujaf-392	252	16	.	.	PUNCT
gujaf-392	253	1	managerial	managerial	ADJ
gujaf-392	253	2	efficiency	efficiency	NOUN
gujaf-392	253	3	and	and	CCONJ
gujaf-392	253	4	performance	performance	NOUN
gujaf-392	253	5	in	in	ADP
gujaf-392	253	6	the	the	DET
gujaf-392	253	7	banking	banking	NOUN
gujaf-392	253	8	sector	sector	NOUN
gujaf-392	253	9	:	:	PUNCT
gujaf-392	253	10	a	a	DET
gujaf-392	253	11	dea	dea	NOUN
gujaf-392	253	12	-	-	PUNCT
gujaf-392	253	13	based	base	VERB
gujaf-392	253	14	study	study	NOUN
gujaf-392	253	15	of	of	ADP
gujaf-392	253	16	chinese	chinese	ADJ
gujaf-392	253	17	and	and	CCONJ
gujaf-392	253	18	european	european	ADJ
gujaf-392	253	19	banks	bank	NOUN
gujaf-392	253	20	.	.	PUNCT
gujaf-392	254	1	journal	journal	NOUN
gujaf-392	254	2	of	of	ADP
gujaf-392	254	3	banking	banking	NOUN
gujaf-392	254	4	and	and	CCONJ
gujaf-392	254	5	finance	finance	NOUN
gujaf-392	254	6	,	,	PUNCT
gujaf-392	254	7	52(4	52(4	NUM
gujaf-392	254	8	)	)	PUNCT
gujaf-392	254	9	,	,	PUNCT
gujaf-392	254	10	209	209	NUM
gujaf-392	254	11	-	-	SYM
gujaf-392	254	12	226	226	NUM
gujaf-392	254	13	.	.	PUNCT
gujaf-392	255	1	chen	chen	PROPN
gujaf-392	255	2	,	,	PUNCT
gujaf-392	255	3	y.	y.	PROPN
gujaf-392	255	4	,	,	PUNCT
gujaf-392	255	5	he	he	PRON
gujaf-392	255	6	,	,	PUNCT
gujaf-392	255	7	w.	w.	PROPN
gujaf-392	255	8	,	,	PUNCT
gujaf-392	255	9	&	&	CCONJ
gujaf-392	255	10	li	li	PROPN
gujaf-392	255	11	,	,	PUNCT
gujaf-392	255	12	s.	s.	PROPN
gujaf-392	255	13	(	(	PUNCT
gujaf-392	255	14	2021	2021	NUM
gujaf-392	255	15	)	)	PUNCT
gujaf-392	255	16	.	.	PUNCT
gujaf-392	256	1	regulatory	regulatory	ADJ
gujaf-392	256	2	compliance	compliance	NOUN
gujaf-392	256	3	and	and	CCONJ
gujaf-392	256	4	managerial	managerial	ADJ
gujaf-392	256	5	efficiency	efficiency	NOUN
gujaf-392	256	6	in	in	ADP
gujaf-392	256	7	the	the	DET
gujaf-392	256	8	banking	banking	NOUN
gujaf-392	256	9	sector	sector	NOUN
gujaf-392	256	10	:	:	PUNCT
gujaf-392	256	11	a	a	DET
gujaf-392	256	12	cross	cross	ADJ
gujaf-392	256	13	-	-	ADJ
gujaf-392	256	14	country	country	ADJ
gujaf-392	256	15	analysis	analysis	NOUN
gujaf-392	256	16	using	use	VERB
gujaf-392	256	17	dea	dea	PROPN
gujaf-392	256	18	.	.	PUNCT
gujaf-392	257	1	international	international	PROPN
gujaf-392	257	2	review	review	NOUN
gujaf-392	257	3	of	of	ADP
gujaf-392	257	4	financial	financial	ADJ
gujaf-392	257	5	analysis	analysis	NOUN
gujaf-392	257	6	,	,	PUNCT
gujaf-392	257	7	77	77	NUM
gujaf-392	257	8	,	,	PUNCT
gujaf-392	257	9	101856	101856	NUM
gujaf-392	257	10	.	.	PUNCT
gujaf-392	258	1	chen	chen	PROPN
gujaf-392	258	2	,	,	PUNCT
gujaf-392	258	3	y.	y.	PROPN
gujaf-392	258	4	,	,	PUNCT
gujaf-392	258	5	he	he	PRON
gujaf-392	258	6	,	,	PUNCT
gujaf-392	258	7	w.	w.	PROPN
gujaf-392	258	8	,	,	PUNCT
gujaf-392	258	9	&	&	CCONJ
gujaf-392	258	10	li	li	PROPN
gujaf-392	258	11	,	,	PUNCT
gujaf-392	258	12	s.	s.	PROPN
gujaf-392	258	13	(	(	PUNCT
gujaf-392	258	14	2021	2021	NUM
gujaf-392	258	15	)	)	PUNCT
gujaf-392	258	16	.	.	PUNCT
gujaf-392	259	1	regulatory	regulatory	ADJ
gujaf-392	259	2	compliance	compliance	NOUN
gujaf-392	259	3	and	and	CCONJ
gujaf-392	259	4	managerial	managerial	ADJ
gujaf-392	259	5	efficiency	efficiency	NOUN
gujaf-392	259	6	in	in	ADP
gujaf-392	259	7	the	the	DET
gujaf-392	259	8	banking	banking	NOUN
gujaf-392	259	9	sector	sector	NOUN
gujaf-392	259	10	:	:	PUNCT
gujaf-392	259	11	a	a	DET
gujaf-392	259	12	cross	cross	ADJ
gujaf-392	259	13	-	-	ADJ
gujaf-392	259	14	country	country	ADJ
gujaf-392	259	15	analysis	analysis	NOUN
gujaf-392	259	16	using	use	VERB
gujaf-392	259	17	dea	dea	PROPN
gujaf-392	259	18	.	.	PUNCT
gujaf-392	260	1	international	international	PROPN
gujaf-392	260	2	review	review	NOUN
gujaf-392	260	3	of	of	ADP
gujaf-392	260	4	financial	financial	ADJ
gujaf-392	260	5	analysis	analysis	NOUN
gujaf-392	260	6	,	,	PUNCT
gujaf-392	260	7	77	77	NUM
gujaf-392	260	8	.	.	PUNCT
gujaf-392	261	1	demerjian	demerjian	ADJ
gujaf-392	261	2	,	,	PUNCT
gujaf-392	261	3	p.	p.	PROPN
gujaf-392	261	4	r.	r.	PROPN
gujaf-392	261	5	,	,	PUNCT
gujaf-392	261	6	lev	lev	PROPN
gujaf-392	261	7	,	,	PUNCT
gujaf-392	261	8	b.	b.	PROPN
gujaf-392	261	9	,	,	PUNCT
gujaf-392	261	10	&	&	CCONJ
gujaf-392	261	11	mcvay	mcvay	PROPN
gujaf-392	261	12	,	,	PUNCT
gujaf-392	261	13	s.	s.	PROPN
gujaf-392	261	14	(	(	PUNCT
gujaf-392	261	15	2012	2012	NUM
gujaf-392	261	16	)	)	PUNCT
gujaf-392	261	17	.	.	PUNCT
gujaf-392	262	1	managerial	managerial	ADJ
gujaf-392	262	2	ability	ability	NOUN
gujaf-392	262	3	and	and	CCONJ
gujaf-392	262	4	firm	firm	ADJ
gujaf-392	262	5	performance	performance	NOUN
gujaf-392	262	6	.	.	PUNCT
gujaf-392	263	1	journal	journal	NOUN
gujaf-392	263	2	of	of	ADP
gujaf-392	263	3	accounting	accounting	NOUN
gujaf-392	263	4	and	and	CCONJ
gujaf-392	263	5	economics	economic	NOUN
gujaf-392	263	6	,	,	PUNCT
gujaf-392	263	7	54(1	54(1	NUM
gujaf-392	263	8	)	)	PUNCT
gujaf-392	263	9	,	,	PUNCT
gujaf-392	263	10	1	1	NUM
gujaf-392	263	11	-	-	SYM
gujaf-392	263	12	26	26	NUM
gujaf-392	263	13	.	.	PUNCT
gujaf-392	264	1	demerjian	demerjian	ADJ
gujaf-392	264	2	,	,	PUNCT
gujaf-392	264	3	p.	p.	PROPN
gujaf-392	264	4	r.	r.	PROPN
gujaf-392	264	5	,	,	PUNCT
gujaf-392	264	6	lev	lev	PROPN
gujaf-392	264	7	,	,	PUNCT
gujaf-392	264	8	b.	b.	PROPN
gujaf-392	264	9	,	,	PUNCT
gujaf-392	264	10	&	&	CCONJ
gujaf-392	264	11	mcvay	mcvay	PROPN
gujaf-392	264	12	,	,	PUNCT
gujaf-392	264	13	s.	s.	PROPN
gujaf-392	264	14	e.	e.	PROPN
gujaf-392	264	15	(	(	PUNCT
gujaf-392	264	16	2012	2012	NUM
gujaf-392	264	17	)	)	PUNCT
gujaf-392	264	18	.	.	PUNCT
gujaf-392	265	1	quantifying	quantify	VERB
gujaf-392	265	2	managerial	managerial	ADJ
gujaf-392	265	3	ability	ability	NOUN
gujaf-392	265	4	:	:	PUNCT
gujaf-392	265	5	a	a	DET
gujaf-392	265	6	new	new	ADJ
gujaf-392	265	7	measure	measure	NOUN
gujaf-392	265	8	and	and	CCONJ
gujaf-392	265	9	validity	validity	NOUN
gujaf-392	265	10	tests	test	NOUN
gujaf-392	265	11	.	.	PUNCT
gujaf-392	266	1	management	management	NOUN
gujaf-392	266	2	science	science	NOUN
gujaf-392	266	3	,	,	PUNCT
gujaf-392	266	4	58(7	58(7	NUM
gujaf-392	266	5	)	)	PUNCT
gujaf-392	266	6	,	,	PUNCT
gujaf-392	266	7	1229–1248	1229–1248	NUM
gujaf-392	266	8	.	.	PUNCT
gujaf-392	267	1	demerjian	demerjian	ADJ
gujaf-392	267	2	,	,	PUNCT
gujaf-392	267	3	p.	p.	NOUN
gujaf-392	267	4	,	,	PUNCT
gujaf-392	267	5	lev	lev	PROPN
gujaf-392	267	6	,	,	PUNCT
gujaf-392	267	7	b.	b.	PROPN
gujaf-392	267	8	,	,	PUNCT
gujaf-392	267	9	&	&	CCONJ
gujaf-392	267	10	mcvay	mcvay	PROPN
gujaf-392	267	11	,	,	PUNCT
gujaf-392	267	12	s.	s.	PROPN
gujaf-392	267	13	(	(	PUNCT
gujaf-392	267	14	2012	2012	NUM
gujaf-392	267	15	)	)	PUNCT
gujaf-392	267	16	.	.	PUNCT
gujaf-392	268	1	managerial	managerial	ADJ
gujaf-392	268	2	ability	ability	NOUN
gujaf-392	268	3	and	and	CCONJ
gujaf-392	268	4	firm	firm	ADJ
gujaf-392	268	5	performance	performance	NOUN
gujaf-392	268	6	:	:	PUNCT
gujaf-392	268	7	evidence	evidence	NOUN
gujaf-392	268	8	from	from	ADP
gujaf-392	268	9	a	a	DET
gujaf-392	268	10	dea	dea	NOUN
gujaf-392	268	11	-	-	PUNCT
gujaf-392	268	12	based	base	VERB
gujaf-392	268	13	measure	measure	NOUN
gujaf-392	268	14	of	of	ADP
gujaf-392	268	15	managerial	managerial	ADJ
gujaf-392	268	16	ability	ability	NOUN
gujaf-392	268	17	.	.	PUNCT
gujaf-392	269	1	journal	journal	NOUN
gujaf-392	269	2	of	of	ADP
gujaf-392	269	3	accounting	accounting	NOUN
gujaf-392	269	4	research	research	NOUN
gujaf-392	269	5	,	,	PUNCT
gujaf-392	269	6	50(3	50(3	NUM
gujaf-392	269	7	)	)	PUNCT
gujaf-392	269	8	,	,	PUNCT
gujaf-392	269	9	705	705	NUM
gujaf-392	269	10	-	-	SYM
gujaf-392	269	11	731	731	NUM
gujaf-392	269	12	.	.	PUNCT
gujaf-392	270	1	khan	khan	PROPN
gujaf-392	270	2	,	,	PUNCT
gujaf-392	270	3	m.	m.	NOUN
gujaf-392	270	4	a.	a.	PROPN
gujaf-392	270	5	,	,	PUNCT
gujaf-392	270	6	&	&	CCONJ
gujaf-392	270	7	lim	lim	PROPN
gujaf-392	270	8	,	,	PUNCT
gujaf-392	270	9	j.	j.	PROPN
gujaf-392	270	10	h.	h.	PROPN
gujaf-392	270	11	(	(	PUNCT
gujaf-392	270	12	2020	2020	NUM
gujaf-392	270	13	)	)	PUNCT
gujaf-392	270	14	.	.	PUNCT
gujaf-392	271	1	decomposing	decompose	VERB
gujaf-392	271	2	firm	firm	ADJ
gujaf-392	271	3	performance	performance	NOUN
gujaf-392	271	4	:	:	PUNCT
gujaf-392	271	5	managerial	managerial	ADJ
gujaf-392	271	6	ability	ability	NOUN
gujaf-392	271	7	and	and	CCONJ
gujaf-392	271	8	technical	technical	ADJ
gujaf-392	271	9	inefficiency	inefficiency	NOUN
gujaf-392	271	10	in	in	ADP
gujaf-392	271	11	southeast	southeast	ADJ
gujaf-392	271	12	asian	asian	ADJ
gujaf-392	271	13	banks	bank	NOUN
gujaf-392	271	14	.	.	PUNCT
gujaf-392	272	1	journal	journal	PROPN
gujaf-392	272	2	of	of	ADP
gujaf-392	272	3	financial	financial	ADJ
gujaf-392	272	4	services	service	NOUN
gujaf-392	272	5	research	research	NOUN
gujaf-392	272	6	,	,	PUNCT
gujaf-392	272	7	57(3	57(3	NUM
gujaf-392	272	8	)	)	PUNCT
gujaf-392	272	9	,	,	PUNCT
gujaf-392	272	10	251	251	NUM
gujaf-392	272	11	-	-	SYM
gujaf-392	272	12	269	269	NUM
gujaf-392	272	13	.	.	PUNCT
gujaf-392	273	1	khan	khan	PROPN
gujaf-392	273	2	,	,	PUNCT
gujaf-392	273	3	m.	m.	NOUN
gujaf-392	273	4	a.	a.	PROPN
gujaf-392	273	5	,	,	PUNCT
gujaf-392	273	6	&	&	CCONJ
gujaf-392	273	7	lim	lim	PROPN
gujaf-392	273	8	,	,	PUNCT
gujaf-392	273	9	j.	j.	PROPN
gujaf-392	273	10	h.	h.	PROPN
gujaf-392	273	11	(	(	PUNCT
gujaf-392	273	12	2020	2020	NUM
gujaf-392	273	13	)	)	PUNCT
gujaf-392	273	14	.	.	PUNCT
gujaf-392	274	1	disentangling	disentangle	VERB
gujaf-392	274	2	sources	source	NOUN
gujaf-392	274	3	of	of	ADP
gujaf-392	274	4	inefficiency	inefficiency	NOUN
gujaf-392	274	5	in	in	ADP
gujaf-392	274	6	southeast	southeast	ADJ
gujaf-392	274	7	asian	asian	ADJ
gujaf-392	274	8	banks	bank	NOUN
gujaf-392	274	9	:	:	PUNCT
gujaf-392	274	10	a	a	DET
gujaf-392	274	11	stochastic	stochastic	ADJ
gujaf-392	274	12	frontier	frontier	NOUN
gujaf-392	274	13	approach	approach	NOUN
gujaf-392	274	14	.	.	PUNCT
gujaf-392	275	1	emerging	emerge	VERB
gujaf-392	275	2	markets	market	NOUN
gujaf-392	275	3	review	review	NOUN
gujaf-392	275	4	,	,	PUNCT
gujaf-392	275	5	45	45	NUM
gujaf-392	275	6	,	,	PUNCT
gujaf-392	275	7	100727	100727	NUM
gujaf-392	275	8	.	.	PUNCT
gujaf-392	276	1	khan	khan	PROPN
gujaf-392	276	2	,	,	PUNCT
gujaf-392	276	3	m.	m.	NOUN
gujaf-392	276	4	,	,	PUNCT
gujaf-392	276	5	&	&	CCONJ
gujaf-392	276	6	lim	lim	PROPN
gujaf-392	276	7	,	,	PUNCT
gujaf-392	276	8	g.	g.	PROPN
gujaf-392	276	9	(	(	PUNCT
gujaf-392	276	10	2020	2020	NUM
gujaf-392	276	11	)	)	PUNCT
gujaf-392	276	12	.	.	PUNCT
gujaf-392	277	1	decomposing	decompose	VERB
gujaf-392	277	2	firm	firm	ADJ
gujaf-392	277	3	efficiency	efficiency	NOUN
gujaf-392	277	4	:	:	PUNCT
gujaf-392	277	5	managerial	managerial	ADJ
gujaf-392	277	6	ability	ability	NOUN
gujaf-392	277	7	and	and	CCONJ
gujaf-392	277	8	performance	performance	NOUN
gujaf-392	277	9	in	in	ADP
gujaf-392	277	10	southeast	southeast	ADJ
gujaf-392	277	11	asian	asian	ADJ
gujaf-392	277	12	banks	bank	NOUN
gujaf-392	277	13	.	.	PUNCT
gujaf-392	278	1	international	international	ADJ
gujaf-392	278	2	journal	journal	PROPN
gujaf-392	278	3	of	of	ADP
gujaf-392	278	4	banking	banking	NOUN
gujaf-392	278	5	and	and	CCONJ
gujaf-392	278	6	finance	finance	NOUN
gujaf-392	278	7	,	,	PUNCT
gujaf-392	278	8	43(5	43(5	NUM
gujaf-392	278	9	)	)	PUNCT
gujaf-392	278	10	,	,	PUNCT
gujaf-392	278	11	12451268	12451268	NUM
gujaf-392	278	12	.	.	PUNCT
gujaf-392	279	1	kim	kim	PROPN
gujaf-392	279	2	,	,	PUNCT
gujaf-392	279	3	h.	h.	PROPN
gujaf-392	279	4	,	,	PUNCT
gujaf-392	279	5	lee	lee	PROPN
gujaf-392	279	6	,	,	PUNCT
gujaf-392	279	7	s.	s.	PROPN
gujaf-392	279	8	,	,	PUNCT
gujaf-392	279	9	&	&	CCONJ
gujaf-392	279	10	chang	chang	PROPN
gujaf-392	279	11	,	,	PUNCT
gujaf-392	279	12	c.	c.	PROPN
gujaf-392	279	13	(	(	PUNCT
gujaf-392	279	14	2021	2021	NUM
gujaf-392	279	15	)	)	PUNCT
gujaf-392	279	16	.	.	PUNCT
gujaf-392	280	1	managerial	managerial	ADJ
gujaf-392	280	2	ability	ability	NOUN
gujaf-392	280	3	and	and	CCONJ
gujaf-392	280	4	corporate	corporate	ADJ
gujaf-392	280	5	risk	risk	NOUN
gujaf-392	280	6	-	-	PUNCT
gujaf-392	280	7	taking	taking	NOUN
gujaf-392	280	8	:	:	PUNCT
gujaf-392	280	9	evidence	evidence	NOUN
gujaf-392	280	10	from	from	ADP
gujaf-392	280	11	mergers	merger	NOUN
gujaf-392	280	12	and	and	CCONJ
gujaf-392	280	13	acquisitions	acquisition	NOUN
gujaf-392	280	14	.	.	PUNCT
gujaf-392	281	1	journal	journal	NOUN
gujaf-392	281	2	of	of	ADP
gujaf-392	281	3	corporate	corporate	ADJ
gujaf-392	281	4	finance	finance	NOUN
gujaf-392	281	5	,	,	PUNCT
gujaf-392	281	6	36(1	36(1	NUM
gujaf-392	281	7	)	)	PUNCT
gujaf-392	281	8	,	,	PUNCT
gujaf-392	281	9	59	59	NUM
gujaf-392	281	10	-	-	SYM
gujaf-392	281	11	80	80	NUM
gujaf-392	281	12	.	.	PUNCT
gujaf-392	282	1	kou	kou	PROPN
gujaf-392	282	2	,	,	PUNCT
gujaf-392	282	3	g.	g.	PROPN
gujaf-392	282	4	,	,	PUNCT
gujaf-392	282	5	yang	yang	PROPN
gujaf-392	282	6	,	,	PUNCT
gujaf-392	282	7	p.	p.	PROPN
gujaf-392	282	8	,	,	PUNCT
gujaf-392	282	9	chen	chen	PROPN
gujaf-392	282	10	,	,	PUNCT
gujaf-392	282	11	y.	y.	PROPN
gujaf-392	282	12	,	,	PUNCT
gujaf-392	282	13	&	&	CCONJ
gujaf-392	282	14	li	li	PROPN
gujaf-392	282	15	,	,	PUNCT
gujaf-392	282	16	x.	x.	NOUN
gujaf-392	282	17	(	(	PUNCT
gujaf-392	282	18	2022	2022	NUM
gujaf-392	282	19	)	)	PUNCT
gujaf-392	282	20	.	.	PUNCT
gujaf-392	283	1	information	information	NOUN
gujaf-392	283	2	systems	system	NOUN
gujaf-392	283	3	sophistication	sophistication	NOUN
gujaf-392	283	4	,	,	PUNCT
gujaf-392	283	5	managerial	managerial	ADJ
gujaf-392	283	6	ability	ability	NOUN
gujaf-392	283	7	,	,	PUNCT
gujaf-392	283	8	and	and	CCONJ
gujaf-392	283	9	firm	firm	ADJ
gujaf-392	283	10	performance	performance	NOUN
gujaf-392	283	11	:	:	PUNCT
gujaf-392	283	12	evidence	evidence	NOUN
gujaf-392	283	13	from	from	ADP
gujaf-392	283	14	fintech	fintech	NOUN
gujaf-392	283	15	adoption	adoption	NOUN
gujaf-392	283	16	.	.	PUNCT
gujaf-392	284	1	decision	decision	NOUN
gujaf-392	284	2	support	support	NOUN
gujaf-392	284	3	systems	system	NOUN
gujaf-392	284	4	,	,	PUNCT
gujaf-392	284	5	159	159	NUM
gujaf-392	284	6	.	.	PUNCT
gujaf-392	285	1	kou	kou	PROPN
gujaf-392	285	2	,	,	PUNCT
gujaf-392	285	3	g.	g.	PROPN
gujaf-392	285	4	,	,	PUNCT
gujaf-392	285	5	yu	yu	PROPN
gujaf-392	285	6	,	,	PUNCT
gujaf-392	285	7	y.	y.	PROPN
gujaf-392	285	8	,	,	PUNCT
gujaf-392	285	9	&	&	CCONJ
gujaf-392	285	10	song	song	PROPN
gujaf-392	285	11	,	,	PUNCT
gujaf-392	285	12	x.	x.	NOUN
gujaf-392	285	13	(	(	PUNCT
gujaf-392	285	14	2022	2022	NUM
gujaf-392	285	15	)	)	PUNCT
gujaf-392	285	16	.	.	PUNCT
gujaf-392	286	1	the	the	DET
gujaf-392	286	2	impact	impact	NOUN
gujaf-392	286	3	of	of	ADP
gujaf-392	286	4	managerial	managerial	ADJ
gujaf-392	286	5	decisions	decision	NOUN
gujaf-392	286	6	and	and	CCONJ
gujaf-392	286	7	information	information	NOUN
gujaf-392	286	8	systems	system	NOUN
gujaf-392	286	9	sophistication	sophistication	NOUN
gujaf-392	286	10	on	on	ADP
gujaf-392	286	11	firm	firm	ADJ
gujaf-392	286	12	outcomes	outcome	NOUN
gujaf-392	286	13	.	.	PUNCT
gujaf-392	287	1	journal	journal	PROPN
gujaf-392	287	2	of	of	ADP
gujaf-392	287	3	business	business	PROPN
gujaf-392	287	4	research	research	NOUN
gujaf-392	287	5	,	,	PUNCT
gujaf-392	287	6	138	138	NUM
gujaf-392	287	7	,	,	PUNCT
gujaf-392	287	8	417	417	NUM
gujaf-392	287	9	-	-	SYM
gujaf-392	287	10	428	428	NUM
gujaf-392	287	11	.	.	PUNCT
gujaf-392	288	1	https://doi.org/10.1016/j.jbusres.2021.09.010	https://doi.org/10.1016/j.jbusres.2021.09.010	PROPN
gujaf-392	288	2	kou	kou	PROPN
gujaf-392	288	3	,	,	PUNCT
gujaf-392	288	4	g.	g.	PROPN
gujaf-392	288	5	,	,	PUNCT
gujaf-392	288	6	yu	yu	PROPN
gujaf-392	288	7	,	,	PUNCT
gujaf-392	288	8	y.	y.	PROPN
gujaf-392	288	9	,	,	PUNCT
gujaf-392	288	10	&	&	CCONJ
gujaf-392	288	11	song	song	PROPN
gujaf-392	288	12	,	,	PUNCT
gujaf-392	288	13	x.	x.	NOUN
gujaf-392	288	14	(	(	PUNCT
gujaf-392	288	15	2022	2022	NUM
gujaf-392	288	16	)	)	PUNCT
gujaf-392	288	17	.	.	PUNCT
gujaf-392	289	1	the	the	DET
gujaf-392	289	2	impact	impact	NOUN
gujaf-392	289	3	of	of	ADP
gujaf-392	289	4	managerial	managerial	ADJ
gujaf-392	289	5	decisions	decision	NOUN
gujaf-392	289	6	and	and	CCONJ
gujaf-392	289	7	information	information	NOUN
gujaf-392	289	8	systems	system	NOUN
gujaf-392	289	9	sophistication	sophistication	NOUN
gujaf-392	289	10	on	on	ADP
gujaf-392	289	11	firm	firm	ADJ
gujaf-392	289	12	outcomes	outcome	NOUN
gujaf-392	289	13	.	.	PUNCT
gujaf-392	290	1	journal	journal	PROPN
gujaf-392	290	2	of	of	ADP
gujaf-392	290	3	business	business	PROPN
gujaf-392	290	4	research	research	NOUN
gujaf-392	290	5	,	,	PUNCT
gujaf-392	290	6	138	138	NUM
gujaf-392	290	7	,	,	PUNCT
gujaf-392	290	8	417	417	NUM
gujaf-392	290	9	-	-	SYM
gujaf-392	290	10	428	428	NUM
gujaf-392	290	11	.	.	PUNCT
gujaf-392	291	1	gusau	gusau	PROPN
gujaf-392	291	2	journal	journal	PROPN
gujaf-392	291	3	of	of	ADP
gujaf-392	291	4	accounting	accounting	NOUN
gujaf-392	291	5	and	and	CCONJ
gujaf-392	291	6	finance	finance	NOUN
gujaf-392	291	7	,	,	PUNCT
gujaf-392	291	8	vol.6	vol.6	PROPN
gujaf-392	291	9	,	,	PUNCT
gujaf-392	291	10	issue	issue	NOUN
gujaf-392	291	11	1	1	NUM
gujaf-392	291	12	,	,	PUNCT
gujaf-392	291	13	april	april	PROPN
gujaf-392	291	14	,	,	PUNCT
gujaf-392	291	15	2025	2025	NUM
gujaf-392	291	16	412	412	NUM
gujaf-392	291	17	kou	kou	PROPN
gujaf-392	291	18	,	,	PUNCT
gujaf-392	291	19	s.	s.	PROPN
gujaf-392	291	20	,	,	PUNCT
gujaf-392	291	21	lee	lee	PROPN
gujaf-392	291	22	,	,	PUNCT
gujaf-392	291	23	s.	s.	PROPN
gujaf-392	291	24	,	,	PUNCT
gujaf-392	291	25	&	&	CCONJ
gujaf-392	291	26	huang	huang	PROPN
gujaf-392	291	27	,	,	PUNCT
gujaf-392	291	28	r.	r.	PROPN
gujaf-392	291	29	(	(	PUNCT
gujaf-392	291	30	2022	2022	NUM
gujaf-392	291	31	)	)	PUNCT
gujaf-392	291	32	.	.	PUNCT
gujaf-392	292	1	information	information	NOUN
gujaf-392	292	2	systems	system	NOUN
gujaf-392	292	3	capabilities	capability	NOUN
gujaf-392	292	4	and	and	CCONJ
gujaf-392	292	5	managerial	managerial	ADJ
gujaf-392	292	6	ability	ability	NOUN
gujaf-392	292	7	:	:	PUNCT
gujaf-392	292	8	synergies	synergy	NOUN
gujaf-392	292	9	in	in	ADP
gujaf-392	292	10	enhancing	enhance	VERB
gujaf-392	292	11	firm	firm	ADJ
gujaf-392	292	12	performance	performance	NOUN
gujaf-392	292	13	.	.	PUNCT
gujaf-392	293	1	journal	journal	NOUN
gujaf-392	293	2	of	of	ADP
gujaf-392	293	3	business	business	NOUN
gujaf-392	293	4	informatics	informatic	NOUN
gujaf-392	293	5	,	,	PUNCT
gujaf-392	293	6	40(2	40(2	NUM
gujaf-392	293	7	)	)	PUNCT
gujaf-392	293	8	,	,	PUNCT
gujaf-392	293	9	98116	98116	NUM
gujaf-392	293	10	.	.	PUNCT
gujaf-392	294	1	lee	lee	PROPN
gujaf-392	294	2	,	,	PUNCT
gujaf-392	294	3	h.	h.	PROPN
gujaf-392	294	4	,	,	PUNCT
gujaf-392	294	5	park	park	PROPN
gujaf-392	294	6	,	,	PUNCT
gujaf-392	294	7	s.	s.	PROPN
gujaf-392	294	8	,	,	PUNCT
gujaf-392	294	9	&	&	CCONJ
gujaf-392	294	10	lim	lim	PROPN
gujaf-392	294	11	,	,	PUNCT
gujaf-392	294	12	j.	j.	PROPN
gujaf-392	294	13	(	(	PUNCT
gujaf-392	294	14	2022	2022	NUM
gujaf-392	294	15	)	)	PUNCT
gujaf-392	294	16	.	.	PUNCT
gujaf-392	295	1	managerial	managerial	ADJ
gujaf-392	295	2	ability	ability	NOUN
gujaf-392	295	3	and	and	CCONJ
gujaf-392	295	4	corporate	corporate	ADJ
gujaf-392	295	5	governance	governance	NOUN
gujaf-392	295	6	in	in	ADP
gujaf-392	295	7	family	family	NOUN
gujaf-392	295	8	businesses	business	NOUN
gujaf-392	295	9	:	:	PUNCT
gujaf-392	295	10	a	a	DET
gujaf-392	295	11	strategic	strategic	ADJ
gujaf-392	295	12	approach	approach	NOUN
gujaf-392	295	13	.	.	PUNCT
gujaf-392	296	1	family	family	NOUN
gujaf-392	296	2	business	business	PROPN
gujaf-392	296	3	review	review	PROPN
gujaf-392	296	4	,	,	PUNCT
gujaf-392	296	5	34(2	34(2	NUM
gujaf-392	296	6	)	)	PUNCT
gujaf-392	296	7	,	,	PUNCT
gujaf-392	296	8	130	130	NUM
gujaf-392	296	9	-	-	SYM
gujaf-392	296	10	149	149	NUM
gujaf-392	296	11	.	.	PUNCT
gujaf-392	297	1	li	li	PROPN
gujaf-392	297	2	,	,	PUNCT
gujaf-392	297	3	j.	j.	PROPN
gujaf-392	297	4	,	,	PUNCT
gujaf-392	297	5	&	&	CCONJ
gujaf-392	297	6	wang	wang	PROPN
gujaf-392	297	7	,	,	PUNCT
gujaf-392	297	8	l.	l.	PROPN
gujaf-392	297	9	(	(	PUNCT
gujaf-392	297	10	2021	2021	NUM
gujaf-392	297	11	)	)	PUNCT
gujaf-392	297	12	.	.	PUNCT
gujaf-392	298	1	e	e	X
gujaf-392	298	2	-	-	NOUN
gujaf-392	298	3	commerce	commerce	NOUN
gujaf-392	298	4	strategy	strategy	NOUN
gujaf-392	298	5	and	and	CCONJ
gujaf-392	298	6	managerial	managerial	ADJ
gujaf-392	298	7	ability	ability	NOUN
gujaf-392	298	8	:	:	PUNCT
gujaf-392	298	9	a	a	DET
gujaf-392	298	10	study	study	NOUN
gujaf-392	298	11	of	of	ADP
gujaf-392	298	12	retail	retail	ADJ
gujaf-392	298	13	performance	performance	NOUN
gujaf-392	298	14	in	in	ADP
gujaf-392	298	15	the	the	DET
gujaf-392	298	16	digital	digital	ADJ
gujaf-392	298	17	era	era	NOUN
gujaf-392	298	18	.	.	PUNCT
gujaf-392	299	1	journal	journal	NOUN
gujaf-392	299	2	of	of	ADP
gujaf-392	299	3	retailing	retailing	NOUN
gujaf-392	299	4	and	and	CCONJ
gujaf-392	299	5	consumer	consumer	NOUN
gujaf-392	299	6	services	service	NOUN
gujaf-392	299	7	,	,	PUNCT
gujaf-392	299	8	56(4	56(4	NOUN
gujaf-392	299	9	)	)	PUNCT
gujaf-392	299	10	,	,	PUNCT
gujaf-392	299	11	204221	204221	NUM
gujaf-392	299	12	.	.	PUNCT
gujaf-392	300	1	mazzola	mazzola	NOUN
gujaf-392	300	2	,	,	PUNCT
gujaf-392	300	3	p.	p.	NOUN
gujaf-392	300	4	,	,	PUNCT
gujaf-392	300	5	castellani	castellani	PROPN
gujaf-392	300	6	,	,	PUNCT
gujaf-392	300	7	d.	d.	PROPN
gujaf-392	300	8	,	,	PUNCT
gujaf-392	300	9	&	&	CCONJ
gujaf-392	300	10	subramanian	subramanian	PROPN
gujaf-392	300	11	,	,	PUNCT
gujaf-392	300	12	v.	v.	PROPN
gujaf-392	300	13	(	(	PUNCT
gujaf-392	300	14	2021	2021	NUM
gujaf-392	300	15	)	)	PUNCT
gujaf-392	300	16	.	.	PUNCT
gujaf-392	301	1	managerial	managerial	ADJ
gujaf-392	301	2	ability	ability	NOUN
gujaf-392	301	3	and	and	CCONJ
gujaf-392	301	4	innovation	innovation	NOUN
gujaf-392	301	5	performance	performance	NOUN
gujaf-392	301	6	in	in	ADP
gujaf-392	301	7	high	high	ADJ
gujaf-392	301	8	-	-	PUNCT
gujaf-392	301	9	tech	tech	NOUN
gujaf-392	301	10	manufacturing	manufacturing	NOUN
gujaf-392	301	11	firms	firm	NOUN
gujaf-392	301	12	.	.	PUNCT
gujaf-392	302	1	research	research	NOUN
gujaf-392	302	2	policy	policy	NOUN
gujaf-392	302	3	,	,	PUNCT
gujaf-392	302	4	50(5	50(5	NUM
gujaf-392	302	5	)	)	PUNCT
gujaf-392	302	6	,	,	PUNCT
gujaf-392	302	7	1047	1047	NUM
gujaf-392	302	8	-	-	SYM
gujaf-392	302	9	1060	1060	NUM
gujaf-392	302	10	.	.	PUNCT
gujaf-392	303	1	ning	ning	PROPN
gujaf-392	303	2	,	,	PUNCT
gujaf-392	303	3	h.	h.	PROPN
gujaf-392	303	4	,	,	PUNCT
gujaf-392	303	5	&	&	CCONJ
gujaf-392	303	6	zhang	zhang	PROPN
gujaf-392	303	7	,	,	PUNCT
gujaf-392	303	8	q.	q.	PROPN
gujaf-392	303	9	(	(	PUNCT
gujaf-392	303	10	2024	2024	NUM
gujaf-392	303	11	)	)	PUNCT
gujaf-392	303	12	.	.	PUNCT
gujaf-392	304	1	managerial	managerial	ADJ
gujaf-392	304	2	ability	ability	NOUN
gujaf-392	304	3	,	,	PUNCT
gujaf-392	304	4	regulatory	regulatory	ADJ
gujaf-392	304	5	change	change	NOUN
gujaf-392	304	6	,	,	PUNCT
gujaf-392	304	7	and	and	CCONJ
gujaf-392	304	8	firm	firm	ADJ
gujaf-392	304	9	performance	performance	NOUN
gujaf-392	304	10	in	in	ADP
gujaf-392	304	11	the	the	DET
gujaf-392	304	12	insurance	insurance	NOUN
gujaf-392	304	13	industry	industry	NOUN
gujaf-392	304	14	.	.	PUNCT
gujaf-392	305	1	insurance	insurance	NOUN
gujaf-392	305	2	:	:	PUNCT
gujaf-392	305	3	mathematics	mathematic	NOUN
gujaf-392	305	4	and	and	CCONJ
gujaf-392	305	5	economics	economic	NOUN
gujaf-392	305	6	,	,	PUNCT
gujaf-392	305	7	110	110	NUM
gujaf-392	305	8	,	,	PUNCT
gujaf-392	305	9	43–59	43–59	NOUN
gujaf-392	305	10	.	.	PUNCT
gujaf-392	306	1	ning	ning	PROPN
gujaf-392	306	2	,	,	PUNCT
gujaf-392	306	3	j.	j.	PROPN
gujaf-392	306	4	,	,	PUNCT
gujaf-392	306	5	&	&	CCONJ
gujaf-392	306	6	zhang	zhang	PROPN
gujaf-392	306	7	,	,	PUNCT
gujaf-392	306	8	x.	x.	PROPN
gujaf-392	306	9	(	(	PUNCT
gujaf-392	306	10	2024	2024	NUM
gujaf-392	306	11	)	)	PUNCT
gujaf-392	306	12	.	.	PUNCT
gujaf-392	307	1	managerial	managerial	ADJ
gujaf-392	307	2	ability	ability	NOUN
gujaf-392	307	3	and	and	CCONJ
gujaf-392	307	4	performance	performance	NOUN
gujaf-392	307	5	in	in	ADP
gujaf-392	307	6	the	the	DET
gujaf-392	307	7	insurance	insurance	NOUN
gujaf-392	307	8	sector	sector	NOUN
gujaf-392	307	9	:	:	PUNCT
gujaf-392	307	10	evidence	evidence	NOUN
gujaf-392	307	11	from	from	ADP
gujaf-392	307	12	regulatory	regulatory	ADJ
gujaf-392	307	13	changes	change	NOUN
gujaf-392	307	14	and	and	CCONJ
gujaf-392	307	15	macroeconomic	macroeconomic	ADJ
gujaf-392	307	16	uncertainty	uncertainty	NOUN
gujaf-392	307	17	.	.	PUNCT
gujaf-392	308	1	journal	journal	NOUN
gujaf-392	308	2	of	of	ADP
gujaf-392	308	3	risk	risk	NOUN
gujaf-392	308	4	and	and	CCONJ
gujaf-392	308	5	insurance	insurance	NOUN
gujaf-392	308	6	,	,	PUNCT
gujaf-392	308	7	92(1	92(1	NOUN
gujaf-392	308	8	)	)	PUNCT
gujaf-392	308	9	,	,	PUNCT
gujaf-392	308	10	88	88	NUM
gujaf-392	308	11	-	-	SYM
gujaf-392	308	12	104	104	NUM
gujaf-392	308	13	.	.	PUNCT
gujaf-392	309	1	ning	ning	PROPN
gujaf-392	309	2	,	,	PUNCT
gujaf-392	309	3	y.	y.	PROPN
gujaf-392	309	4	,	,	PUNCT
gujaf-392	309	5	&	&	CCONJ
gujaf-392	309	6	zhang	zhang	PROPN
gujaf-392	309	7	,	,	PUNCT
gujaf-392	309	8	z.	z.	PROPN
gujaf-392	309	9	(	(	PUNCT
gujaf-392	309	10	2024	2024	NUM
gujaf-392	309	11	)	)	PUNCT
gujaf-392	309	12	.	.	PUNCT
gujaf-392	310	1	managerial	managerial	ADJ
gujaf-392	310	2	ability	ability	NOUN
gujaf-392	310	3	and	and	CCONJ
gujaf-392	310	4	performance	performance	NOUN
gujaf-392	310	5	variation	variation	NOUN
gujaf-392	310	6	in	in	ADP
gujaf-392	310	7	the	the	DET
gujaf-392	310	8	insurance	insurance	NOUN
gujaf-392	310	9	sector	sector	NOUN
gujaf-392	310	10	:	:	PUNCT
gujaf-392	310	11	a	a	DET
gujaf-392	310	12	regulatory	regulatory	ADJ
gujaf-392	310	13	perspective	perspective	NOUN
gujaf-392	310	14	.	.	PUNCT
gujaf-392	311	1	the	the	DET
gujaf-392	311	2	geneva	geneva	PROPN
gujaf-392	311	3	papers	paper	NOUN
gujaf-392	311	4	on	on	ADP
gujaf-392	311	5	risk	risk	NOUN
gujaf-392	311	6	and	and	CCONJ
gujaf-392	311	7	insurance	insurance	NOUN
gujaf-392	311	8	issues	issue	NOUN
gujaf-392	311	9	and	and	CCONJ
gujaf-392	311	10	practice	practice	NOUN
gujaf-392	311	11	,	,	PUNCT
gujaf-392	311	12	49(1	49(1	NOUN
gujaf-392	311	13	)	)	PUNCT
gujaf-392	311	14	,	,	PUNCT
gujaf-392	311	15	32	32	NUM
gujaf-392	311	16	-	-	SYM
gujaf-392	311	17	48	48	NUM
gujaf-392	311	18	.	.	PUNCT
gujaf-392	312	1	patel	patel	PROPN
gujaf-392	312	2	,	,	PUNCT
gujaf-392	312	3	a.	a.	PROPN
gujaf-392	312	4	,	,	PUNCT
gujaf-392	312	5	kumar	kumar	PROPN
gujaf-392	312	6	,	,	PUNCT
gujaf-392	312	7	r.	r.	PROPN
gujaf-392	312	8	,	,	PUNCT
gujaf-392	312	9	&	&	CCONJ
gujaf-392	312	10	agarwal	agarwal	PROPN
gujaf-392	312	11	,	,	PUNCT
gujaf-392	312	12	a.	a.	NOUN
gujaf-392	312	13	(	(	PUNCT
gujaf-392	312	14	2022	2022	NUM
gujaf-392	312	15	)	)	PUNCT
gujaf-392	312	16	.	.	PUNCT
gujaf-392	313	1	managerial	managerial	ADJ
gujaf-392	313	2	ability	ability	NOUN
gujaf-392	313	3	and	and	CCONJ
gujaf-392	313	4	the	the	DET
gujaf-392	313	5	adoption	adoption	NOUN
gujaf-392	313	6	of	of	ADP
gujaf-392	313	7	artificial	artificial	ADJ
gujaf-392	313	8	intelligence	intelligence	NOUN
gujaf-392	313	9	in	in	ADP
gujaf-392	313	10	financial	financial	ADJ
gujaf-392	313	11	services	service	NOUN
gujaf-392	313	12	.	.	PUNCT
gujaf-392	314	1	journal	journal	NOUN
gujaf-392	314	2	of	of	ADP
gujaf-392	314	3	technology	technology	NOUN
gujaf-392	314	4	in	in	ADP
gujaf-392	314	5	finance	finance	NOUN
gujaf-392	314	6	,	,	PUNCT
gujaf-392	314	7	17(2	17(2	NUM
gujaf-392	314	8	)	)	PUNCT
gujaf-392	314	9	,	,	PUNCT
gujaf-392	314	10	83	83	NUM
gujaf-392	314	11	-	-	SYM
gujaf-392	314	12	101	101	NUM
gujaf-392	314	13	.	.	PUNCT
gujaf-392	315	1	wood	wood	PROPN
gujaf-392	315	2	,	,	PUNCT
gujaf-392	315	3	s.	s.	PROPN
gujaf-392	315	4	n.	n.	PROPN
gujaf-392	315	5	,	,	PUNCT
gujaf-392	315	6	fischer	fischer	PROPN
gujaf-392	315	7	,	,	PUNCT
gujaf-392	315	8	m.	m.	NOUN
gujaf-392	315	9	,	,	PUNCT
gujaf-392	315	10	&	&	CCONJ
gujaf-392	315	11	reiter	reiter	PROPN
gujaf-392	315	12	,	,	PUNCT
gujaf-392	315	13	j.	j.	PROPN
gujaf-392	315	14	(	(	PUNCT
gujaf-392	315	15	2022	2022	NUM
gujaf-392	315	16	)	)	PUNCT
gujaf-392	315	17	.	.	PUNCT
gujaf-392	316	1	non	non	ADJ
gujaf-392	316	2	-	-	ADJ
gujaf-392	316	3	linear	linear	ADJ
gujaf-392	316	4	modeling	modeling	NOUN
gujaf-392	316	5	of	of	ADP
gujaf-392	316	6	managerial	managerial	ADJ
gujaf-392	316	7	ability	ability	NOUN
gujaf-392	316	8	and	and	CCONJ
gujaf-392	316	9	firm	firm	ADJ
gujaf-392	316	10	performance	performance	NOUN
gujaf-392	316	11	:	:	PUNCT
gujaf-392	316	12	a	a	DET
gujaf-392	316	13	generalized	generalized	ADJ
gujaf-392	316	14	additive	additive	ADJ
gujaf-392	316	15	model	model	NOUN
gujaf-392	316	16	approach	approach	NOUN
gujaf-392	316	17	.	.	PUNCT
gujaf-392	317	1	european	european	PROPN
gujaf-392	317	2	journal	journal	PROPN
gujaf-392	317	3	of	of	ADP
gujaf-392	317	4	operational	operational	ADJ
gujaf-392	317	5	research	research	NOUN
gujaf-392	317	6	,	,	PUNCT
gujaf-392	317	7	299(3	299(3	NUM
gujaf-392	317	8	)	)	PUNCT
gujaf-392	317	9	,	,	PUNCT
gujaf-392	317	10	925–938	925–938	NUM
gujaf-392	317	11	.	.	PUNCT
gujaf-392	318	1	zhang	zhang	PROPN
gujaf-392	318	2	,	,	PUNCT
gujaf-392	318	3	y.	y.	PROPN
gujaf-392	318	4	,	,	PUNCT
gujaf-392	318	5	liu	liu	PROPN
gujaf-392	318	6	,	,	PUNCT
gujaf-392	318	7	f.	f.	PROPN
gujaf-392	318	8	,	,	PUNCT
gujaf-392	318	9	&	&	CCONJ
gujaf-392	318	10	wang	wang	PROPN
gujaf-392	318	11	,	,	PUNCT
gujaf-392	318	12	x.	x.	NOUN
gujaf-392	318	13	(	(	PUNCT
gujaf-392	318	14	2020	2020	NUM
gujaf-392	318	15	)	)	PUNCT
gujaf-392	318	16	.	.	PUNCT
gujaf-392	319	1	managerial	managerial	ADJ
gujaf-392	319	2	ability	ability	NOUN
gujaf-392	319	3	and	and	CCONJ
gujaf-392	319	4	firm	firm	ADJ
gujaf-392	319	5	productivity	productivity	NOUN
gujaf-392	319	6	in	in	ADP
gujaf-392	319	7	capitalintensive	capitalintensive	ADJ
gujaf-392	319	8	sectors	sector	NOUN
gujaf-392	319	9	:	:	PUNCT
gujaf-392	319	10	a	a	DET
gujaf-392	319	11	production	production	NOUN
gujaf-392	319	12	function	function	NOUN
gujaf-392	319	13	approach	approach	NOUN
gujaf-392	319	14	.	.	PUNCT
gujaf-392	320	1	journal	journal	NOUN
gujaf-392	320	2	of	of	ADP
gujaf-392	320	3	productivity	productivity	NOUN
gujaf-392	320	4	analysis	analysis	NOUN
gujaf-392	320	5	,	,	PUNCT
gujaf-392	320	6	54(3	54(3	NUM
gujaf-392	320	7	)	)	PUNCT
gujaf-392	320	8	,	,	PUNCT
gujaf-392	320	9	249	249	NUM
gujaf-392	320	10	-	-	SYM
gujaf-392	320	11	268	268	NUM
gujaf-392	320	12	.	.	PUNCT