id	sid	tid	token	lemma	pos
hassl-824	1	1	123	123	NUM
hassl-824	1	2	©	©	PROPN
hassl-824	1	3	2019	2019	NUM
hassl-824	1	4	conscientia	conscientia	PROPN
hassl-824	1	5	beam	beam	PROPN
hassl-824	1	6	.	.	PUNCT
hassl-824	2	1	all	all	DET
hassl-824	2	2	rights	right	NOUN
hassl-824	2	3	reserved	reserve	VERB
hassl-824	2	4	.	.	PUNCT
hassl-824	3	1	the	the	DET
hassl-824	3	2	effects	effect	NOUN
hassl-824	3	3	of	of	ADP
hassl-824	3	4	country	country	NOUN
hassl-824	3	5	-	-	PUNCT
hassl-824	3	6	level	level	NOUN
hassl-824	3	7	governance	governance	NOUN
hassl-824	3	8	and	and	CCONJ
hassl-824	3	9	corporate	corporate	ADJ
hassl-824	3	10	cash	cash	NOUN
hassl-824	3	11	holdings	holding	NOUN
hassl-824	3	12	:	:	PUNCT
hassl-824	3	13	evidence	evidence	NOUN
hassl-824	3	14	from	from	ADP
hassl-824	3	15	hospitality	hospitality	NOUN
hassl-824	3	16	firms	firm	NOUN
hassl-824	3	17	in	in	ADP
hassl-824	3	18	asean-5	asean-5	NUM
hassl-824	3	19	jing	jing	PROPN
hassl-824	3	20	-	-	PUNCT
hassl-824	3	21	hui	hui	PROPN
hassl-824	3	22	kwan1	kwan1	PROPN
hassl-824	3	23	+	+	CCONJ
hassl-824	3	24	wee	wee	PROPN
hassl-824	3	25	-	-	PUNCT
hassl-824	3	26	yeap	yeap	PROPN
hassl-824	3	27	lau2	lau2	PROPN
hassl-824	3	28	1faculty	1faculty	NUM
hassl-824	3	29	of	of	ADP
hassl-824	3	30	management	management	NOUN
hassl-824	3	31	,	,	PUNCT
hassl-824	3	32	multimedia	multimedia	NOUN
hassl-824	3	33	university	university	NOUN
hassl-824	3	34	,	,	PUNCT
hassl-824	3	35	persiaran	persiaran	NOUN
hassl-824	3	36	multimedia	multimedia	NOUN
hassl-824	3	37	,	,	PUNCT
hassl-824	3	38	63100	63100	NUM
hassl-824	3	39	cyberjaya	cyberjaya	PROPN
hassl-824	3	40	,	,	PUNCT
hassl-824	3	41	selangor	selangor	PROPN
hassl-824	3	42	,	,	PUNCT
hassl-824	3	43	malaysia	malaysia	PROPN
hassl-824	3	44	.	.	PUNCT
hassl-824	4	1	2faculty	2faculty	NUM
hassl-824	4	2	of	of	ADP
hassl-824	4	3	economics	economic	NOUN
hassl-824	4	4	and	and	CCONJ
hassl-824	4	5	administration	administration	NOUN
hassl-824	4	6	,	,	PUNCT
hassl-824	4	7	university	university	PROPN
hassl-824	4	8	of	of	ADP
hassl-824	4	9	malaya	malaya	PROPN
hassl-824	4	10	,	,	PUNCT
hassl-824	4	11	50603	50603	NUM
hassl-824	4	12	kuala	kuala	PROPN
hassl-824	4	13	lumpur	lumpur	PROPN
hassl-824	4	14	,	,	PUNCT
hassl-824	4	15	malaysia	malaysia	PROPN
hassl-824	4	16	.	.	PUNCT
hassl-824	5	1	(	(	PUNCT
hassl-824	5	2	+	+	CCONJ
hassl-824	5	3	corresponding	correspond	VERB
hassl-824	5	4	author	author	NOUN
hassl-824	5	5	)	)	PUNCT
hassl-824	5	6	abstract	abstract	ADJ
hassl-824	5	7	article	article	NOUN
hassl-824	5	8	history	history	NOUN
hassl-824	5	9	received	receive	VERB
hassl-824	5	10	:	:	PUNCT
hassl-824	5	11	20	20	NUM
hassl-824	5	12	march	march	NOUN
hassl-824	5	13	2019	2019	NUM
hassl-824	5	14	revised	revise	VERB
hassl-824	5	15	:	:	PUNCT
hassl-824	5	16	26	26	NUM
hassl-824	5	17	april	april	PROPN
hassl-824	5	18	2019	2019	NUM
hassl-824	5	19	accepted	accept	VERB
hassl-824	5	20	:	:	PUNCT
hassl-824	5	21	17	17	NUM
hassl-824	5	22	june	june	PROPN
hassl-824	5	23	2019	2019	NUM
hassl-824	5	24	published	publish	VERB
hassl-824	5	25	:	:	PUNCT
hassl-824	5	26	8	8	NUM
hassl-824	5	27	august	august	PROPN
hassl-824	5	28	2019	2019	NUM
hassl-824	5	29	keywords	keyword	VERB
hassl-824	5	30	cash	cash	NOUN
hassl-824	5	31	holdings	holding	NOUN
hassl-824	5	32	country	country	NOUN
hassl-824	5	33	governance	governance	NOUN
hassl-824	5	34	corporate	corporate	ADJ
hassl-824	5	35	liquidity	liquidity	NOUN
hassl-824	5	36	institutional	institutional	ADJ
hassl-824	5	37	theory	theory	NOUN
hassl-824	5	38	hospitality	hospitality	NOUN
hassl-824	5	39	firms	firm	NOUN
hassl-824	5	40	asean	asean	ADJ
hassl-824	5	41	despite	despite	SCONJ
hassl-824	5	42	the	the	DET
hassl-824	5	43	proliferation	proliferation	NOUN
hassl-824	5	44	of	of	ADP
hassl-824	5	45	research	research	NOUN
hassl-824	5	46	on	on	ADP
hassl-824	5	47	cash	cash	NOUN
hassl-824	5	48	holdings	holding	NOUN
hassl-824	5	49	,	,	PUNCT
hassl-824	5	50	the	the	DET
hassl-824	5	51	effects	effect	NOUN
hassl-824	5	52	of	of	ADP
hassl-824	5	53	external	external	ADJ
hassl-824	5	54	factors	factor	NOUN
hassl-824	5	55	on	on	ADP
hassl-824	5	56	corporate	corporate	ADJ
hassl-824	5	57	cash	cash	NOUN
hassl-824	5	58	policy	policy	NOUN
hassl-824	5	59	are	be	AUX
hassl-824	5	60	little	little	ADV
hassl-824	5	61	known	known	ADJ
hassl-824	5	62	.	.	PUNCT
hassl-824	6	1	there	there	PRON
hassl-824	6	2	are	be	VERB
hassl-824	6	3	only	only	ADV
hassl-824	6	4	a	a	DET
hassl-824	6	5	handful	handful	NOUN
hassl-824	6	6	of	of	ADP
hassl-824	6	7	studies	study	NOUN
hassl-824	6	8	have	have	AUX
hassl-824	6	9	examined	examine	VERB
hassl-824	6	10	the	the	DET
hassl-824	6	11	relationship	relationship	NOUN
hassl-824	6	12	between	between	ADP
hassl-824	6	13	issues	issue	NOUN
hassl-824	6	14	related	relate	VERB
hassl-824	6	15	to	to	ADP
hassl-824	6	16	institutional	institutional	ADJ
hassl-824	6	17	factors	factor	NOUN
hassl-824	6	18	and	and	CCONJ
hassl-824	6	19	cash	cash	NOUN
hassl-824	6	20	holdings	holding	NOUN
hassl-824	6	21	to	to	ADP
hassl-824	6	22	date	date	NOUN
hassl-824	6	23	.	.	PUNCT
hassl-824	7	1	many	many	ADJ
hassl-824	7	2	studies	study	NOUN
hassl-824	7	3	have	have	AUX
hassl-824	7	4	examined	examine	VERB
hassl-824	7	5	the	the	DET
hassl-824	7	6	effects	effect	NOUN
hassl-824	7	7	of	of	ADP
hassl-824	7	8	internal	internal	ADJ
hassl-824	7	9	,	,	PUNCT
hassl-824	7	10	as	as	SCONJ
hassl-824	7	11	opposed	oppose	VERB
hassl-824	7	12	to	to	ADP
hassl-824	7	13	external	external	ADJ
hassl-824	7	14	factors	factor	NOUN
hassl-824	7	15	on	on	ADP
hassl-824	7	16	firms‟	firms‟	NOUN
hassl-824	7	17	cash	cash	NOUN
hassl-824	7	18	holdings	holding	NOUN
hassl-824	7	19	behaviours	behaviour	NOUN
hassl-824	7	20	.	.	PUNCT
hassl-824	8	1	external	external	ADJ
hassl-824	8	2	factors	factor	NOUN
hassl-824	8	3	,	,	PUNCT
hassl-824	8	4	such	such	ADJ
hassl-824	8	5	as	as	ADP
hassl-824	8	6	institutional	institutional	ADJ
hassl-824	8	7	environment	environment	NOUN
hassl-824	8	8	have	have	AUX
hassl-824	8	9	mostly	mostly	ADV
hassl-824	8	10	been	be	AUX
hassl-824	8	11	neglected	neglect	VERB
hassl-824	8	12	in	in	ADP
hassl-824	8	13	the	the	DET
hassl-824	8	14	extant	extant	ADJ
hassl-824	8	15	literature	literature	NOUN
hassl-824	8	16	,	,	PUNCT
hassl-824	8	17	despite	despite	SCONJ
hassl-824	8	18	the	the	DET
hassl-824	8	19	fact	fact	NOUN
hassl-824	8	20	that	that	SCONJ
hassl-824	8	21	institutional	institutional	ADJ
hassl-824	8	22	factors	factor	NOUN
hassl-824	8	23	have	have	AUX
hassl-824	8	24	a	a	DET
hassl-824	8	25	direct	direct	ADJ
hassl-824	8	26	effect	effect	NOUN
hassl-824	8	27	on	on	ADP
hassl-824	8	28	firms‟	firms‟	NOUN
hassl-824	8	29	behaviours	behaviour	NOUN
hassl-824	8	30	and	and	CCONJ
hassl-824	8	31	strategic	strategic	ADJ
hassl-824	8	32	choices	choice	NOUN
hassl-824	8	33	.	.	PUNCT
hassl-824	9	1	this	this	DET
hassl-824	9	2	paper	paper	NOUN
hassl-824	9	3	inspects	inspect	VERB
hassl-824	9	4	the	the	DET
hassl-824	9	5	relationships	relationship	NOUN
hassl-824	9	6	between	between	ADP
hassl-824	9	7	country	country	NOUN
hassl-824	9	8	governance	governance	NOUN
hassl-824	9	9	and	and	CCONJ
hassl-824	9	10	corporate	corporate	ADJ
hassl-824	9	11	cash	cash	NOUN
hassl-824	9	12	holdings	holding	NOUN
hassl-824	9	13	.	.	PUNCT
hassl-824	10	1	this	this	DET
hassl-824	10	2	paper	paper	NOUN
hassl-824	10	3	presents	present	VERB
hassl-824	10	4	a	a	DET
hassl-824	10	5	cross	cross	ADJ
hassl-824	10	6	-	-	ADJ
hassl-824	10	7	country	country	ADJ
hassl-824	10	8	study	study	NOUN
hassl-824	10	9	using	use	VERB
hassl-824	10	10	1274	1274	NUM
hassl-824	10	11	firmyear	firmyear	ADJ
hassl-824	10	12	observations	observation	NOUN
hassl-824	10	13	from	from	ADP
hassl-824	10	14	2001	2001	NUM
hassl-824	10	15	to	to	ADP
hassl-824	10	16	2013	2013	NUM
hassl-824	10	17	from	from	ADP
hassl-824	10	18	public	public	ADJ
hassl-824	10	19	listed	list	VERB
hassl-824	10	20	hospitality	hospitality	NOUN
hassl-824	10	21	firms	firm	NOUN
hassl-824	10	22	in	in	ADP
hassl-824	10	23	asean-5	asean-5	NUM
hassl-824	10	24	to	to	PART
hassl-824	10	25	test	test	VERB
hassl-824	10	26	the	the	DET
hassl-824	10	27	impact	impact	NOUN
hassl-824	10	28	of	of	ADP
hassl-824	10	29	corporate	corporate	ADJ
hassl-824	10	30	governance	governance	NOUN
hassl-824	10	31	on	on	ADP
hassl-824	10	32	cash	cash	NOUN
hassl-824	10	33	holdings	holding	NOUN
hassl-824	10	34	.	.	PUNCT
hassl-824	11	1	the	the	DET
hassl-824	11	2	relationship	relationship	NOUN
hassl-824	11	3	between	between	ADP
hassl-824	11	4	external	external	ADJ
hassl-824	11	5	governance	governance	NOUN
hassl-824	11	6	mechanism	mechanism	NOUN
hassl-824	11	7	and	and	CCONJ
hassl-824	11	8	cash	cash	NOUN
hassl-824	11	9	holdings	holding	NOUN
hassl-824	11	10	behaviour	behaviour	NOUN
hassl-824	11	11	of	of	ADP
hassl-824	11	12	firms	firm	NOUN
hassl-824	11	13	at	at	ADP
hassl-824	11	14	country	country	NOUN
hassl-824	11	15	-	-	PUNCT
hassl-824	11	16	level	level	NOUN
hassl-824	11	17	are	be	AUX
hassl-824	11	18	studied	study	VERB
hassl-824	11	19	.	.	PUNCT
hassl-824	12	1	the	the	DET
hassl-824	12	2	results	result	NOUN
hassl-824	12	3	show	show	VERB
hassl-824	12	4	positive	positive	ADJ
hassl-824	12	5	and	and	CCONJ
hassl-824	12	6	significant	significant	ADJ
hassl-824	12	7	relationship	relationship	NOUN
hassl-824	12	8	between	between	ADP
hassl-824	12	9	the	the	DET
hassl-824	12	10	countrylevel	countrylevel	ADJ
hassl-824	12	11	control	control	NOUN
hassl-824	12	12	of	of	ADP
hassl-824	12	13	corruption	corruption	NOUN
hassl-824	12	14	,	,	PUNCT
hassl-824	12	15	regulatory	regulatory	ADJ
hassl-824	12	16	quality	quality	NOUN
hassl-824	12	17	,	,	PUNCT
hassl-824	12	18	the	the	DET
hassl-824	12	19	rule	rule	NOUN
hassl-824	12	20	of	of	ADP
hassl-824	12	21	law	law	NOUN
hassl-824	12	22	,	,	PUNCT
hassl-824	12	23	and	and	CCONJ
hassl-824	12	24	corporate	corporate	ADJ
hassl-824	12	25	liquidity	liquidity	NOUN
hassl-824	12	26	.	.	PUNCT
hassl-824	13	1	however	however	ADV
hassl-824	13	2	,	,	PUNCT
hassl-824	13	3	there	there	PRON
hassl-824	13	4	is	be	VERB
hassl-824	13	5	no	no	DET
hassl-824	13	6	significant	significant	ADJ
hassl-824	13	7	relationship	relationship	NOUN
hassl-824	13	8	between	between	ADP
hassl-824	13	9	country	country	NOUN
hassl-824	13	10	-	-	PUNCT
hassl-824	13	11	level	level	NOUN
hassl-824	13	12	political	political	ADJ
hassl-824	13	13	stability	stability	NOUN
hassl-824	13	14	,	,	PUNCT
hassl-824	13	15	voice	voice	NOUN
hassl-824	13	16	and	and	CCONJ
hassl-824	13	17	accountability	accountability	NOUN
hassl-824	13	18	and	and	CCONJ
hassl-824	13	19	corporate	corporate	ADJ
hassl-824	13	20	liquidity	liquidity	NOUN
hassl-824	13	21	.	.	PUNCT
hassl-824	14	1	further	further	ADJ
hassl-824	14	2	investigation	investigation	NOUN
hassl-824	14	3	was	be	AUX
hassl-824	14	4	carried	carry	VERB
hassl-824	14	5	out	out	ADP
hassl-824	14	6	to	to	PART
hassl-824	14	7	test	test	VERB
hassl-824	14	8	the	the	DET
hassl-824	14	9	effect	effect	NOUN
hassl-824	14	10	of	of	ADP
hassl-824	14	11	tourism	tourism	NOUN
hassl-824	14	12	crisis	crisis	NOUN
hassl-824	14	13	and	and	CCONJ
hassl-824	14	14	corporate	corporate	ADJ
hassl-824	14	15	liquidity	liquidity	NOUN
hassl-824	14	16	.	.	PUNCT
hassl-824	15	1	the	the	DET
hassl-824	15	2	results	result	NOUN
hassl-824	15	3	shall	shall	AUX
hassl-824	15	4	benefit	benefit	VERB
hassl-824	15	5	various	various	ADJ
hassl-824	15	6	parties	party	NOUN
hassl-824	15	7	including	include	VERB
hassl-824	15	8	the	the	DET
hassl-824	15	9	legislators	legislator	NOUN
hassl-824	15	10	and	and	CCONJ
hassl-824	15	11	policy	policy	NOUN
hassl-824	15	12	makers	maker	NOUN
hassl-824	15	13	.	.	PUNCT
hassl-824	16	1	not	not	PART
hassl-824	16	2	only	only	ADV
hassl-824	16	3	it	it	PRON
hassl-824	16	4	serves	serve	VERB
hassl-824	16	5	as	as	ADP
hassl-824	16	6	a	a	DET
hassl-824	16	7	strategic	strategic	ADJ
hassl-824	16	8	deterrence	deterrence	NOUN
hassl-824	16	9	,	,	PUNCT
hassl-824	16	10	but	but	CCONJ
hassl-824	16	11	also	also	ADV
hassl-824	16	12	helps	help	VERB
hassl-824	16	13	firms	firm	NOUN
hassl-824	16	14	to	to	PART
hassl-824	16	15	gauge	gauge	VERB
hassl-824	16	16	opportunities	opportunity	NOUN
hassl-824	16	17	.	.	PUNCT
hassl-824	17	1	contribution	contribution	NOUN
hassl-824	17	2	/	/	SYM
hassl-824	17	3	originality	originality	NOUN
hassl-824	17	4	:	:	PUNCT
hassl-824	17	5	this	this	DET
hassl-824	17	6	study	study	NOUN
hassl-824	17	7	contributes	contribute	VERB
hassl-824	17	8	to	to	ADP
hassl-824	17	9	a	a	DET
hassl-824	17	10	growing	grow	VERB
hassl-824	17	11	body	body	NOUN
hassl-824	17	12	of	of	ADP
hassl-824	17	13	cash	cash	NOUN
hassl-824	17	14	literature	literature	NOUN
hassl-824	17	15	by	by	ADP
hassl-824	17	16	demonstrating	demonstrate	VERB
hassl-824	17	17	how	how	SCONJ
hassl-824	17	18	corporate	corporate	ADJ
hassl-824	17	19	cash	cash	NOUN
hassl-824	17	20	holdings	holding	NOUN
hassl-824	17	21	are	be	AUX
hassl-824	17	22	influenced	influence	VERB
hassl-824	17	23	by	by	ADP
hassl-824	17	24	country	country	NOUN
hassl-824	17	25	governance	governance	NOUN
hassl-824	17	26	.	.	PUNCT
hassl-824	18	1	although	although	SCONJ
hassl-824	18	2	enhancing	enhance	VERB
hassl-824	18	3	governance	governance	NOUN
hassl-824	18	4	mechanisms	mechanism	NOUN
hassl-824	18	5	at	at	ADP
hassl-824	18	6	the	the	DET
hassl-824	18	7	firm	firm	ADJ
hassl-824	18	8	level	level	NOUN
hassl-824	18	9	is	be	AUX
hassl-824	18	10	important	important	ADJ
hassl-824	18	11	in	in	ADP
hassl-824	18	12	alleviating	alleviate	VERB
hassl-824	18	13	agency	agency	NOUN
hassl-824	18	14	problems	problem	NOUN
hassl-824	18	15	within	within	ADP
hassl-824	18	16	the	the	DET
hassl-824	18	17	firm	firm	NOUN
hassl-824	18	18	,	,	PUNCT
hassl-824	18	19	improving	improve	VERB
hassl-824	18	20	the	the	DET
hassl-824	18	21	governance	governance	NOUN
hassl-824	18	22	mechanism	mechanism	NOUN
hassl-824	18	23	at	at	ADP
hassl-824	18	24	the	the	DET
hassl-824	18	25	country	country	NOUN
hassl-824	18	26	-	-	PUNCT
hassl-824	18	27	level	level	NOUN
hassl-824	18	28	first	first	ADV
hassl-824	18	29	can	can	AUX
hassl-824	18	30	be	be	AUX
hassl-824	18	31	equally	equally	ADV
hassl-824	18	32	important	important	ADJ
hassl-824	18	33	.	.	PUNCT
hassl-824	19	1	1	1	X
hassl-824	19	2	.	.	X
hassl-824	19	3	introduction	introduction	NOUN
hassl-824	19	4	the	the	DET
hassl-824	19	5	importance	importance	NOUN
hassl-824	19	6	of	of	ADP
hassl-824	19	7	corporate	corporate	ADJ
hassl-824	19	8	cash	cash	NOUN
hassl-824	19	9	holdings	holding	NOUN
hassl-824	19	10	coupled	couple	VERB
hassl-824	19	11	with	with	ADP
hassl-824	19	12	the	the	DET
hassl-824	19	13	prevalence	prevalence	NOUN
hassl-824	19	14	of	of	ADP
hassl-824	19	15	substantial	substantial	ADJ
hassl-824	19	16	cash	cash	NOUN
hassl-824	19	17	holdings	holding	NOUN
hassl-824	19	18	has	have	AUX
hassl-824	19	19	intrigued	intrigue	VERB
hassl-824	19	20	academics	academic	NOUN
hassl-824	19	21	and	and	CCONJ
hassl-824	19	22	industry	industry	NOUN
hassl-824	19	23	practitioners	practitioner	NOUN
hassl-824	19	24	in	in	ADP
hassl-824	19	25	recent	recent	ADJ
hassl-824	19	26	years	year	NOUN
hassl-824	19	27	.	.	PUNCT
hassl-824	20	1	there	there	PRON
hassl-824	20	2	is	be	VERB
hassl-824	20	3	sizeable	sizeable	ADJ
hassl-824	20	4	literature	literature	NOUN
hassl-824	20	5	offering	offer	VERB
hassl-824	20	6	insights	insight	NOUN
hassl-824	20	7	on	on	ADP
hassl-824	20	8	the	the	DET
hassl-824	20	9	reason	reason	NOUN
hassl-824	20	10	why	why	SCONJ
hassl-824	20	11	firms	firm	NOUN
hassl-824	20	12	hold	hold	VERB
hassl-824	20	13	cash	cash	NOUN
hassl-824	20	14	.	.	PUNCT
hassl-824	21	1	although	although	SCONJ
hassl-824	21	2	studies	study	NOUN
hassl-824	21	3	that	that	PRON
hassl-824	21	4	have	have	AUX
hassl-824	21	5	examined	examine	VERB
hassl-824	21	6	cash	cash	NOUN
hassl-824	21	7	holdings	holding	NOUN
hassl-824	21	8	are	be	AUX
hassl-824	21	9	prolific	prolific	ADJ
hassl-824	21	10	,	,	PUNCT
hassl-824	21	11	the	the	DET
hassl-824	21	12	knowledge	knowledge	NOUN
hassl-824	21	13	regarding	regard	VERB
hassl-824	21	14	determinants	determinant	NOUN
hassl-824	21	15	of	of	ADP
hassl-824	21	16	cash	cash	NOUN
hassl-824	21	17	holdings	holding	NOUN
hassl-824	21	18	remains	remain	VERB
hassl-824	21	19	inconclusive	inconclusive	ADJ
hassl-824	21	20	,	,	PUNCT
hassl-824	21	21	often	often	ADV
hassl-824	21	22	resulting	result	VERB
hassl-824	21	23	in	in	ADP
hassl-824	21	24	conflicting	conflicting	ADJ
hassl-824	21	25	findings	finding	NOUN
hassl-824	21	26	.	.	PUNCT
hassl-824	22	1	extant	extant	ADJ
hassl-824	22	2	cash	cash	NOUN
hassl-824	22	3	holdings	holding	NOUN
hassl-824	22	4	literature	literature	NOUN
hassl-824	22	5	has	have	AUX
hassl-824	22	6	mainly	mainly	ADV
hassl-824	22	7	emphasized	emphasize	VERB
hassl-824	22	8	on	on	ADP
hassl-824	22	9	firm	firm	ADJ
hassl-824	22	10	-	-	PUNCT
hassl-824	22	11	level	level	NOUN
hassl-824	22	12	determinants	determinant	NOUN
hassl-824	22	13	such	such	ADJ
hassl-824	22	14	as	as	ADP
hassl-824	22	15	firm	firm	ADJ
hassl-824	22	16	characteristics	characteristic	NOUN
hassl-824	22	17	(	(	PUNCT
hassl-824	22	18	opler	opler	NOUN
hassl-824	22	19	et	et	PROPN
hassl-824	22	20	al	al	PROPN
hassl-824	22	21	.	.	PROPN
hassl-824	22	22	,	,	PUNCT
hassl-824	22	23	1999	1999	NUM
hassl-824	22	24	;	;	PUNCT
hassl-824	22	25	al	al	PROPN
hassl-824	22	26	-	-	PUNCT
hassl-824	22	27	najjar	najjar	PROPN
hassl-824	22	28	,	,	PUNCT
hassl-824	22	29	2013	2013	NUM
hassl-824	22	30	)	)	PUNCT
hassl-824	22	31	and	and	CCONJ
hassl-824	22	32	,	,	PUNCT
hassl-824	22	33	corporate	corporate	ADJ
hassl-824	22	34	governance	governance	NOUN
hassl-824	22	35	(	(	PUNCT
hassl-824	22	36	kusnadi	kusnadi	NOUN
hassl-824	22	37	and	and	CCONJ
hassl-824	22	38	wei	wei	PROPN
hassl-824	22	39	,	,	PUNCT
hassl-824	22	40	2011	2011	NUM
hassl-824	22	41	)	)	PUNCT
hassl-824	22	42	.	.	PUNCT
hassl-824	23	1	despite	despite	SCONJ
hassl-824	23	2	that	that	PRON
hassl-824	23	3	,	,	PUNCT
hassl-824	23	4	findings	finding	NOUN
hassl-824	23	5	on	on	ADP
hassl-824	23	6	how	how	SCONJ
hassl-824	23	7	these	these	DET
hassl-824	23	8	firm	firm	ADJ
hassl-824	23	9	-	-	PUNCT
hassl-824	23	10	level	level	NOUN
hassl-824	23	11	variables	variable	NOUN
hassl-824	23	12	related	relate	VERB
hassl-824	23	13	to	to	ADP
hassl-824	23	14	corporate	corporate	ADJ
hassl-824	23	15	cash	cash	NOUN
hassl-824	23	16	holdings	holding	NOUN
hassl-824	23	17	remain	remain	VERB
hassl-824	23	18	ambiguous	ambiguous	ADJ
hassl-824	23	19	.	.	PUNCT
hassl-824	24	1	humanities	humanity	NOUN
hassl-824	24	2	and	and	CCONJ
hassl-824	24	3	social	social	ADJ
hassl-824	24	4	sciences	science	NOUN
hassl-824	24	5	letters	letter	NOUN
hassl-824	24	6	2019	2019	NUM
hassl-824	24	7	vol	vol	NOUN
hassl-824	24	8	.	.	PUNCT
hassl-824	25	1	7	7	NUM
hassl-824	25	2	,	,	PUNCT
hassl-824	25	3	no	no	INTJ
hassl-824	25	4	.	.	NOUN
hassl-824	25	5	3	3	NUM
hassl-824	25	6	,	,	PUNCT
hassl-824	25	7	pp	pp	ADJ
hassl-824	25	8	.	.	PUNCT
hassl-824	26	1	123	123	NUM
hassl-824	26	2	-	-	SYM
hassl-824	26	3	140	140	NUM
hassl-824	26	4	issn(e	issn(e	NOUN
hassl-824	26	5	):	):	PUNCT
hassl-824	26	6	2312	2312	NUM
hassl-824	26	7	-	-	SYM
hassl-824	26	8	4318	4318	NUM
hassl-824	26	9	issn(p	issn(p	NUM
hassl-824	26	10	):	):	PUNCT
hassl-824	26	11	2312	2312	NUM
hassl-824	26	12	-	-	SYM
hassl-824	26	13	5659	5659	NUM
hassl-824	26	14	doi	doi	NOUN
hassl-824	26	15	:	:	PUNCT
hassl-824	26	16	10.18488	10.18488	NUM
hassl-824	26	17	/	/	SYM
hassl-824	26	18	journal.73.2019.73.123.140	journal.73.2019.73.123.140	NOUN
hassl-824	26	19	©	©	PROPN
hassl-824	26	20	2019	2019	NUM
hassl-824	26	21	conscientia	conscientia	PROPN
hassl-824	26	22	beam	beam	PROPN
hassl-824	26	23	.	.	PUNCT
hassl-824	27	1	all	all	DET
hassl-824	27	2	rights	right	NOUN
hassl-824	27	3	reserved	reserve	VERB
hassl-824	27	4	.	.	PUNCT
hassl-824	28	1	https://orcid.org/0000-0002-7447-3228	https://orcid.org/0000-0002-7447-3228	PROPN
hassl-824	28	2	https://orcid.org/0000-0002-3447-9895	https://orcid.org/0000-0002-3447-9895	INTJ
hassl-824	28	3	https://www.doi.org/10.18488/journal.73.2019.73.123.140	https://www.doi.org/10.18488/journal.73.2019.73.123.140	ADJ
hassl-824	28	4	humanities	humanity	NOUN
hassl-824	28	5	and	and	CCONJ
hassl-824	28	6	social	social	ADJ
hassl-824	28	7	sciences	science	NOUN
hassl-824	28	8	letters	letter	NOUN
hassl-824	28	9	,	,	PUNCT
hassl-824	28	10	2019	2019	NUM
hassl-824	28	11	,	,	PUNCT
hassl-824	28	12	7(3	7(3	NUM
hassl-824	28	13	):	):	PUNCT
hassl-824	28	14	123	123	NUM
hassl-824	28	15	-	-	SYM
hassl-824	28	16	140	140	NUM
hassl-824	28	17	124	124	NUM
hassl-824	28	18	©	©	PROPN
hassl-824	28	19	2019	2019	NUM
hassl-824	28	20	conscientia	conscientia	PROPN
hassl-824	28	21	beam	beam	PROPN
hassl-824	28	22	.	.	PUNCT
hassl-824	29	1	all	all	DET
hassl-824	29	2	rights	right	NOUN
hassl-824	29	3	reserved	reserve	VERB
hassl-824	29	4	.	.	PUNCT
hassl-824	30	1	cash	cash	NOUN
hassl-824	30	2	management	management	NOUN
hassl-824	30	3	is	be	AUX
hassl-824	30	4	imperative	imperative	ADJ
hassl-824	30	5	to	to	ADP
hassl-824	30	6	the	the	DET
hassl-824	30	7	hospitality	hospitality	NOUN
hassl-824	30	8	industry	industry	NOUN
hassl-824	30	9	.	.	PUNCT
hassl-824	31	1	past	past	ADJ
hassl-824	31	2	studies	study	NOUN
hassl-824	31	3	show	show	VERB
hassl-824	31	4	that	that	SCONJ
hassl-824	31	5	cash	cash	NOUN
hassl-824	31	6	holdings	holding	NOUN
hassl-824	31	7	are	be	AUX
hassl-824	31	8	essential	essential	ADJ
hassl-824	31	9	to	to	ADP
hassl-824	31	10	hospitality	hospitality	NOUN
hassl-824	31	11	firms	firm	NOUN
hassl-824	31	12	since	since	SCONJ
hassl-824	31	13	they	they	PRON
hassl-824	31	14	operate	operate	VERB
hassl-824	31	15	in	in	ADP
hassl-824	31	16	a	a	DET
hassl-824	31	17	highly	highly	ADV
hassl-824	31	18	competitive	competitive	ADJ
hassl-824	31	19	market	market	NOUN
hassl-824	31	20	in	in	ADP
hassl-824	31	21	which	which	PRON
hassl-824	31	22	financial	financial	ADJ
hassl-824	31	23	and	and	CCONJ
hassl-824	31	24	operational	operational	ADJ
hassl-824	31	25	risks	risk	NOUN
hassl-824	31	26	are	be	AUX
hassl-824	31	27	high	high	ADJ
hassl-824	31	28	(	(	PUNCT
hassl-824	31	29	kim	kim	PROPN
hassl-824	31	30	et	et	PROPN
hassl-824	31	31	al	al	PROPN
hassl-824	31	32	.	.	PROPN
hassl-824	31	33	,	,	PUNCT
hassl-824	31	34	2011	2011	NUM
hassl-824	31	35	;	;	PUNCT
hassl-824	31	36	kao	kao	PROPN
hassl-824	31	37	,	,	PUNCT
hassl-824	31	38	2012	2012	NUM
hassl-824	31	39	)	)	PUNCT
hassl-824	31	40	.	.	PUNCT
hassl-824	32	1	cash	cash	NOUN
hassl-824	32	2	holdings	holding	NOUN
hassl-824	32	3	stimulate	stimulate	VERB
hassl-824	32	4	firm‟s	firm‟s	NOUN
hassl-824	32	5	acquisitions	acquisition	NOUN
hassl-824	32	6	and	and	CCONJ
hassl-824	32	7	business	business	NOUN
hassl-824	32	8	growth	growth	NOUN
hassl-824	32	9	(	(	PUNCT
hassl-824	32	10	bates	bate	NOUN
hassl-824	32	11	and	and	CCONJ
hassl-824	32	12	kahle	kahle	NOUN
hassl-824	32	13	,	,	PUNCT
hassl-824	32	14	2009	2009	NUM
hassl-824	32	15	)	)	PUNCT
hassl-824	32	16	making	make	VERB
hassl-824	32	17	them	they	PRON
hassl-824	32	18	relevant	relevant	ADJ
hassl-824	32	19	to	to	ADP
hassl-824	32	20	managers	manager	NOUN
hassl-824	32	21	especially	especially	ADV
hassl-824	32	22	in	in	ADP
hassl-824	32	23	the	the	DET
hassl-824	32	24	hospitality	hospitality	NOUN
hassl-824	32	25	industry	industry	NOUN
hassl-824	32	26	,	,	PUNCT
hassl-824	32	27	who	who	PRON
hassl-824	32	28	receive	receive	VERB
hassl-824	32	29	immense	immense	ADJ
hassl-824	32	30	pressure	pressure	NOUN
hassl-824	32	31	from	from	ADP
hassl-824	32	32	shareholders	shareholder	NOUN
hassl-824	32	33	to	to	PART
hassl-824	32	34	give	give	VERB
hassl-824	32	35	priority	priority	NOUN
hassl-824	32	36	to	to	ADP
hassl-824	32	37	the	the	DET
hassl-824	32	38	growth	growth	NOUN
hassl-824	32	39	of	of	ADP
hassl-824	32	40	the	the	DET
hassl-824	32	41	firm	firm	NOUN
hassl-824	32	42	(	(	PUNCT
hassl-824	32	43	chathoth	chathoth	NOUN
hassl-824	32	44	and	and	CCONJ
hassl-824	32	45	olsen	olsen	NOUN
hassl-824	32	46	,	,	PUNCT
hassl-824	32	47	2007	2007	NUM
hassl-824	32	48	)	)	PUNCT
hassl-824	32	49	.	.	PUNCT
hassl-824	33	1	hospitality	hospitality	NOUN
hassl-824	33	2	firms	firm	NOUN
hassl-824	33	3	face	face	VERB
hassl-824	33	4	various	various	ADJ
hassl-824	33	5	challenges	challenge	NOUN
hassl-824	33	6	.	.	PUNCT
hassl-824	34	1	bharwani	bharwani	PROPN
hassl-824	34	2	and	and	CCONJ
hassl-824	34	3	mathews	mathews	PROPN
hassl-824	34	4	(	(	PUNCT
hassl-824	34	5	2012	2012	NUM
hassl-824	34	6	)	)	PUNCT
hassl-824	34	7	did	do	VERB
hassl-824	34	8	an	an	DET
hassl-824	34	9	extensive	extensive	ADJ
hassl-824	34	10	review	review	NOUN
hassl-824	34	11	of	of	ADP
hassl-824	34	12	risk	risk	NOUN
hassl-824	34	13	identification	identification	NOUN
hassl-824	34	14	and	and	CCONJ
hassl-824	34	15	analysis	analysis	NOUN
hassl-824	34	16	in	in	ADP
hassl-824	34	17	the	the	DET
hassl-824	34	18	hospitality	hospitality	NOUN
hassl-824	34	19	industry	industry	NOUN
hassl-824	34	20	.	.	PUNCT
hassl-824	35	1	the	the	DET
hassl-824	35	2	authors	author	NOUN
hassl-824	35	3	highlighted	highlight	VERB
hassl-824	35	4	that	that	SCONJ
hassl-824	35	5	asset	asset	NOUN
hassl-824	35	6	illiquidity	illiquidity	NOUN
hassl-824	35	7	problem	problem	NOUN
hassl-824	35	8	is	be	AUX
hassl-824	35	9	one	one	NUM
hassl-824	35	10	of	of	ADP
hassl-824	35	11	the	the	DET
hassl-824	35	12	major	major	ADJ
hassl-824	35	13	challenges	challenge	NOUN
hassl-824	35	14	encountered	encounter	VERB
hassl-824	35	15	by	by	ADP
hassl-824	35	16	hospitality	hospitality	NOUN
hassl-824	35	17	firms	firm	NOUN
hassl-824	35	18	.	.	PUNCT
hassl-824	36	1	unlike	unlike	ADP
hassl-824	36	2	others	other	NOUN
hassl-824	36	3	,	,	PUNCT
hassl-824	36	4	hospitality	hospitality	NOUN
hassl-824	36	5	firms	firm	NOUN
hassl-824	36	6	tend	tend	VERB
hassl-824	36	7	to	to	PART
hassl-824	36	8	own	own	VERB
hassl-824	36	9	more	more	ADJ
hassl-824	36	10	fixed	fix	VERB
hassl-824	36	11	assets	asset	NOUN
hassl-824	36	12	such	such	ADJ
hassl-824	36	13	as	as	ADP
hassl-824	36	14	land	land	NOUN
hassl-824	36	15	,	,	PUNCT
hassl-824	36	16	buildings	building	NOUN
hassl-824	36	17	,	,	PUNCT
hassl-824	36	18	and	and	CCONJ
hassl-824	36	19	equipment	equipment	NOUN
hassl-824	36	20	compared	compare	VERB
hassl-824	36	21	to	to	ADP
hassl-824	36	22	firms	firm	NOUN
hassl-824	36	23	in	in	ADP
hassl-824	36	24	other	other	ADJ
hassl-824	36	25	industries	industry	NOUN
hassl-824	36	26	(	(	PUNCT
hassl-824	36	27	jang	jang	PROPN
hassl-824	36	28	and	and	CCONJ
hassl-824	36	29	ryu	ryu	PROPN
hassl-824	36	30	,	,	PUNCT
hassl-824	36	31	2006	2006	NUM
hassl-824	36	32	)	)	PUNCT
hassl-824	36	33	.	.	PUNCT
hassl-824	37	1	hospitality	hospitality	NOUN
hassl-824	37	2	may	may	AUX
hassl-824	37	3	not	not	PART
hassl-824	37	4	be	be	AUX
hassl-824	37	5	able	able	ADJ
hassl-824	37	6	to	to	PART
hassl-824	37	7	cope	cope	VERB
hassl-824	37	8	with	with	ADP
hassl-824	37	9	constantly	constantly	ADV
hassl-824	37	10	changing	change	VERB
hassl-824	37	11	macroeconomic	macroeconomic	ADJ
hassl-824	37	12	environment	environment	NOUN
hassl-824	37	13	promptly	promptly	ADV
hassl-824	37	14	as	as	ADP
hassl-824	37	15	a	a	DET
hassl-824	37	16	result	result	NOUN
hassl-824	37	17	of	of	ADP
hassl-824	37	18	high	high	ADJ
hassl-824	37	19	possession	possession	NOUN
hassl-824	37	20	in	in	ADP
hassl-824	37	21	a	a	DET
hassl-824	37	22	substantial	substantial	ADJ
hassl-824	37	23	proportion	proportion	NOUN
hassl-824	37	24	of	of	ADP
hassl-824	37	25	illiquid	illiquid	ADJ
hassl-824	37	26	asset	asset	NOUN
hassl-824	37	27	.	.	PUNCT
hassl-824	38	1	furthermore	furthermore	ADV
hassl-824	38	2	,	,	PUNCT
hassl-824	38	3	the	the	DET
hassl-824	38	4	hospitality	hospitality	NOUN
hassl-824	38	5	firms	firm	NOUN
hassl-824	38	6	are	be	AUX
hassl-824	38	7	highly	highly	ADV
hassl-824	38	8	leveraged	leveraged	ADJ
hassl-824	38	9	.	.	PUNCT
hassl-824	39	1	firms	firm	NOUN
hassl-824	39	2	are	be	AUX
hassl-824	39	3	exposed	expose	VERB
hassl-824	39	4	to	to	ADP
hassl-824	39	5	high	high	ADJ
hassl-824	39	6	financial	financial	ADJ
hassl-824	39	7	risk	risk	NOUN
hassl-824	39	8	where	where	SCONJ
hassl-824	39	9	there	there	PRON
hassl-824	39	10	is	be	VERB
hassl-824	39	11	a	a	DET
hassl-824	39	12	possibility	possibility	NOUN
hassl-824	39	13	of	of	ADP
hassl-824	39	14	not	not	PART
hassl-824	39	15	being	be	AUX
hassl-824	39	16	able	able	ADJ
hassl-824	39	17	to	to	PART
hassl-824	39	18	fulfil	fulfil	VERB
hassl-824	39	19	their	their	PRON
hassl-824	39	20	financial	financial	ADJ
hassl-824	39	21	obligations	obligation	NOUN
hassl-824	39	22	.	.	PUNCT
hassl-824	40	1	thus	thus	ADV
hassl-824	40	2	,	,	PUNCT
hassl-824	40	3	cash	cash	NOUN
hassl-824	40	4	holdings	holding	NOUN
hassl-824	40	5	are	be	AUX
hassl-824	40	6	a	a	DET
hassl-824	40	7	key	key	ADJ
hassl-824	40	8	issue	issue	NOUN
hassl-824	40	9	for	for	ADP
hassl-824	40	10	the	the	DET
hassl-824	40	11	hospitality	hospitality	NOUN
hassl-824	40	12	industry	industry	NOUN
hassl-824	40	13	.	.	PUNCT
hassl-824	41	1	despite	despite	SCONJ
hassl-824	41	2	the	the	DET
hassl-824	41	3	proliferation	proliferation	NOUN
hassl-824	41	4	of	of	ADP
hassl-824	41	5	research	research	NOUN
hassl-824	41	6	on	on	ADP
hassl-824	41	7	cash	cash	NOUN
hassl-824	41	8	holdings	holding	NOUN
hassl-824	41	9	and	and	CCONJ
hassl-824	41	10	corporate	corporate	ADJ
hassl-824	41	11	governance	governance	NOUN
hassl-824	41	12	,	,	PUNCT
hassl-824	41	13	studies	study	NOUN
hassl-824	41	14	in	in	ADP
hassl-824	41	15	the	the	DET
hassl-824	41	16	hospitality	hospitality	NOUN
hassl-824	41	17	industry	industry	NOUN
hassl-824	41	18	remain	remain	VERB
hassl-824	41	19	scant	scant	ADJ
hassl-824	41	20	.	.	PUNCT
hassl-824	42	1	guillet	guillet	NOUN
hassl-824	42	2	and	and	CCONJ
hassl-824	42	3	mattila	mattila	NOUN
hassl-824	42	4	(	(	PUNCT
hassl-824	42	5	2010	2010	NUM
hassl-824	42	6	)	)	PUNCT
hassl-824	42	7	were	be	AUX
hassl-824	42	8	one	one	NUM
hassl-824	42	9	of	of	ADP
hassl-824	42	10	the	the	DET
hassl-824	42	11	pioneers	pioneer	NOUN
hassl-824	42	12	who	who	PRON
hassl-824	42	13	examine	examine	VERB
hassl-824	42	14	the	the	DET
hassl-824	42	15	corporate	corporate	ADJ
hassl-824	42	16	governance	governance	NOUN
hassl-824	42	17	in	in	ADP
hassl-824	42	18	the	the	DET
hassl-824	42	19	hospitality	hospitality	NOUN
hassl-824	42	20	industry	industry	NOUN
hassl-824	42	21	.	.	PUNCT
hassl-824	43	1	based	base	VERB
hassl-824	43	2	on	on	ADP
hassl-824	43	3	their	their	PRON
hassl-824	43	4	findings	finding	NOUN
hassl-824	43	5	,	,	PUNCT
hassl-824	43	6	well	well	ADV
hassl-824	43	7	-	-	PUNCT
hassl-824	43	8	governed	govern	VERB
hassl-824	43	9	hospitality	hospitality	NOUN
hassl-824	43	10	firms	firm	NOUN
hassl-824	43	11	perform	perform	VERB
hassl-824	43	12	better	well	ADV
hassl-824	43	13	.	.	PUNCT
hassl-824	44	1	in	in	ADP
hassl-824	44	2	a	a	DET
hassl-824	44	3	more	more	ADV
hassl-824	44	4	recent	recent	ADJ
hassl-824	44	5	study	study	NOUN
hassl-824	44	6	,	,	PUNCT
hassl-824	44	7	dogru	dogru	PROPN
hassl-824	44	8	and	and	CCONJ
hassl-824	44	9	sirakaya	sirakaya	NOUN
hassl-824	44	10	-	-	PUNCT
hassl-824	44	11	turk	turk	PROPN
hassl-824	44	12	(	(	PUNCT
hassl-824	44	13	2017	2017	NUM
hassl-824	44	14	)	)	PUNCT
hassl-824	44	15	highlighted	highlight	VERB
hassl-824	44	16	the	the	DET
hassl-824	44	17	need	need	NOUN
hassl-824	44	18	for	for	ADP
hassl-824	44	19	sound	sound	ADJ
hassl-824	44	20	corporate	corporate	ADJ
hassl-824	44	21	governance	governance	NOUN
hassl-824	44	22	mechanism	mechanism	NOUN
hassl-824	44	23	in	in	ADP
hassl-824	44	24	hotel	hotel	NOUN
hassl-824	44	25	firms	firm	NOUN
hassl-824	44	26	.	.	PUNCT
hassl-824	45	1	their	their	PRON
hassl-824	45	2	findings	finding	NOUN
hassl-824	45	3	show	show	VERB
hassl-824	45	4	that	that	SCONJ
hassl-824	45	5	quality	quality	NOUN
hassl-824	45	6	of	of	ADP
hassl-824	45	7	corporate	corporate	ADJ
hassl-824	45	8	governance	governance	NOUN
hassl-824	45	9	is	be	AUX
hassl-824	45	10	negatively	negatively	ADV
hassl-824	45	11	related	relate	VERB
hassl-824	45	12	to	to	ADP
hassl-824	45	13	the	the	DET
hassl-824	45	14	cash	cash	NOUN
hassl-824	45	15	holdings	holding	NOUN
hassl-824	45	16	value	value	NOUN
hassl-824	45	17	.	.	PUNCT
hassl-824	46	1	furthermore	furthermore	ADV
hassl-824	46	2	,	,	PUNCT
hassl-824	46	3	weak	weak	ADJ
hassl-824	46	4	corporate	corporate	ADJ
hassl-824	46	5	governance	governance	NOUN
hassl-824	46	6	mechanisms	mechanism	NOUN
hassl-824	46	7	reduce	reduce	VERB
hassl-824	46	8	the	the	DET
hassl-824	46	9	value	value	NOUN
hassl-824	46	10	of	of	ADP
hassl-824	46	11	cash	cash	NOUN
hassl-824	46	12	holdings	holding	NOUN
hassl-824	46	13	regardless	regardless	ADV
hassl-824	46	14	of	of	ADP
hassl-824	46	15	degrees	degree	NOUN
hassl-824	46	16	of	of	ADP
hassl-824	46	17	financial	financial	ADJ
hassl-824	46	18	constraints	constraint	NOUN
hassl-824	46	19	.	.	PUNCT
hassl-824	47	1	although	although	SCONJ
hassl-824	47	2	a	a	DET
hassl-824	47	3	few	few	ADJ
hassl-824	47	4	cash	cash	NOUN
hassl-824	47	5	holdings	holding	NOUN
hassl-824	47	6	studies	study	NOUN
hassl-824	47	7	in	in	ADP
hassl-824	47	8	hospitality	hospitality	NOUN
hassl-824	47	9	industry	industry	NOUN
hassl-824	47	10	emerge	emerge	VERB
hassl-824	47	11	in	in	ADP
hassl-824	47	12	recent	recent	ADJ
hassl-824	47	13	years	year	NOUN
hassl-824	47	14	,	,	PUNCT
hassl-824	47	15	such	such	ADJ
hassl-824	47	16	as	as	ADP
hassl-824	47	17	restaurants	restaurant	NOUN
hassl-824	47	18	(	(	PUNCT
hassl-824	47	19	kim	kim	PROPN
hassl-824	47	20	et	et	PROPN
hassl-824	47	21	al	al	PROPN
hassl-824	47	22	.	.	PROPN
hassl-824	47	23	,	,	PUNCT
hassl-824	47	24	2011	2011	NUM
hassl-824	47	25	;	;	PUNCT
hassl-824	47	26	mun	mun	PROPN
hassl-824	47	27	and	and	CCONJ
hassl-824	47	28	jang	jang	PROPN
hassl-824	47	29	,	,	PUNCT
hassl-824	47	30	2015	2015	NUM
hassl-824	47	31	)	)	PUNCT
hassl-824	47	32	and	and	CCONJ
hassl-824	47	33	hotels	hotel	NOUN
hassl-824	47	34	(	(	PUNCT
hassl-824	47	35	morais	morais	NOUN
hassl-824	47	36	and	and	CCONJ
hassl-824	47	37	silva	silva	NOUN
hassl-824	47	38	,	,	PUNCT
hassl-824	47	39	2013	2013	NUM
hassl-824	47	40	;	;	PUNCT
hassl-824	47	41	dogru	dogru	PROPN
hassl-824	47	42	and	and	CCONJ
hassl-824	47	43	sirakaya	sirakaya	NOUN
hassl-824	47	44	-	-	PUNCT
hassl-824	47	45	turk	turk	NOUN
hassl-824	47	46	,	,	PUNCT
hassl-824	47	47	2017	2017	NUM
hassl-824	47	48	)	)	PUNCT
hassl-824	47	49	the	the	DET
hassl-824	47	50	extent	extent	NOUN
hassl-824	47	51	to	to	PART
hassl-824	47	52	which	which	PRON
hassl-824	47	53	the	the	DET
hassl-824	47	54	quality	quality	NOUN
hassl-824	47	55	of	of	ADP
hassl-824	47	56	corporate	corporate	ADJ
hassl-824	47	57	governance	governance	NOUN
hassl-824	47	58	affects	affect	VERB
hassl-824	47	59	corporate	corporate	ADJ
hassl-824	47	60	cash	cash	NOUN
hassl-824	47	61	holdings	holding	NOUN
hassl-824	47	62	in	in	ADP
hassl-824	47	63	hospitality	hospitality	NOUN
hassl-824	47	64	firms	firm	NOUN
hassl-824	47	65	remain	remain	VERB
hassl-824	47	66	vague	vague	ADJ
hassl-824	47	67	.	.	PUNCT
hassl-824	48	1	similar	similar	ADJ
hassl-824	48	2	to	to	ADP
hassl-824	48	3	mainstream	mainstream	VERB
hassl-824	48	4	corporate	corporate	ADJ
hassl-824	48	5	finance	finance	NOUN
hassl-824	48	6	research	research	NOUN
hassl-824	48	7	,	,	PUNCT
hassl-824	48	8	the	the	DET
hassl-824	48	9	majority	majority	NOUN
hassl-824	48	10	of	of	ADP
hassl-824	48	11	the	the	DET
hassl-824	48	12	literature	literature	NOUN
hassl-824	48	13	focuses	focus	VERB
hassl-824	48	14	on	on	ADP
hassl-824	48	15	the	the	DET
hassl-824	48	16	impact	impact	NOUN
hassl-824	48	17	of	of	ADP
hassl-824	48	18	internal	internal	ADJ
hassl-824	48	19	,	,	PUNCT
hassl-824	48	20	rather	rather	ADV
hassl-824	48	21	than	than	ADP
hassl-824	48	22	the	the	DET
hassl-824	48	23	external	external	ADJ
hassl-824	48	24	factors	factor	NOUN
hassl-824	48	25	on	on	ADP
hassl-824	48	26	firms‟	firms‟	NOUN
hassl-824	48	27	cash	cash	NOUN
hassl-824	48	28	holdings	holding	NOUN
hassl-824	48	29	behaviours	behaviour	NOUN
hassl-824	48	30	.	.	PUNCT
hassl-824	49	1	most	most	ADJ
hassl-824	49	2	literature	literature	PROPN
hassl-824	49	3	emphasises	emphasise	VERB
hassl-824	49	4	more	more	ADJ
hassl-824	49	5	on	on	ADP
hassl-824	49	6	managerially	managerially	ADV
hassl-824	49	7	controllable	controllable	ADJ
hassl-824	49	8	variables	variable	NOUN
hassl-824	49	9	.	.	PUNCT
hassl-824	50	1	although	although	SCONJ
hassl-824	50	2	informative	informative	ADJ
hassl-824	50	3	,	,	PUNCT
hassl-824	50	4	these	these	DET
hassl-824	50	5	researches	research	VERB
hassl-824	50	6	fall	fall	VERB
hassl-824	50	7	short	short	ADV
hassl-824	50	8	of	of	ADP
hassl-824	50	9	delineating	delineate	VERB
hassl-824	50	10	a	a	DET
hassl-824	50	11	holistic	holistic	ADJ
hassl-824	50	12	view	view	NOUN
hassl-824	50	13	of	of	ADP
hassl-824	50	14	corporate	corporate	ADJ
hassl-824	50	15	cash	cash	NOUN
hassl-824	50	16	holdings	holding	NOUN
hassl-824	50	17	across	across	ADP
hassl-824	50	18	institutions	institution	NOUN
hassl-824	50	19	.	.	PUNCT
hassl-824	51	1	the	the	DET
hassl-824	51	2	impacts	impact	NOUN
hassl-824	51	3	of	of	ADP
hassl-824	51	4	external	external	ADJ
hassl-824	51	5	institutional	institutional	ADJ
hassl-824	51	6	factors	factor	NOUN
hassl-824	51	7	on	on	ADP
hassl-824	51	8	corporate	corporate	ADJ
hassl-824	51	9	cash	cash	NOUN
hassl-824	51	10	holdings	holding	NOUN
hassl-824	51	11	are	be	AUX
hassl-824	51	12	often	often	ADV
hassl-824	51	13	omitted	omit	VERB
hassl-824	51	14	in	in	ADP
hassl-824	51	15	the	the	DET
hassl-824	51	16	existing	exist	VERB
hassl-824	51	17	literature	literature	NOUN
hassl-824	51	18	.	.	PUNCT
hassl-824	52	1	despite	despite	SCONJ
hassl-824	52	2	the	the	DET
hassl-824	52	3	significant	significant	ADJ
hassl-824	52	4	impact	impact	NOUN
hassl-824	52	5	of	of	ADP
hassl-824	52	6	institutional	institutional	ADJ
hassl-824	52	7	factors	factor	NOUN
hassl-824	52	8	on	on	ADP
hassl-824	52	9	corporate	corporate	ADJ
hassl-824	52	10	behaviours	behaviour	NOUN
hassl-824	52	11	and	and	CCONJ
hassl-824	52	12	strategic	strategic	ADJ
hassl-824	52	13	choices	choice	NOUN
hassl-824	52	14	,	,	PUNCT
hassl-824	52	15	especially	especially	ADV
hassl-824	52	16	in	in	ADP
hassl-824	52	17	emerging	emerge	VERB
hassl-824	52	18	economies	economy	NOUN
hassl-824	52	19	,	,	PUNCT
hassl-824	52	20	most	most	ADJ
hassl-824	52	21	studies	study	NOUN
hassl-824	52	22	conjectured	conjecture	VERB
hassl-824	52	23	that	that	SCONJ
hassl-824	52	24	institutions	institution	NOUN
hassl-824	52	25	only	only	ADV
hassl-824	52	26	serve	serve	VERB
hassl-824	52	27	a	a	DET
hassl-824	52	28	“	"	PUNCT
hassl-824	52	29	background	background	NOUN
hassl-824	52	30	”	"	PUNCT
hassl-824	52	31	(	(	PUNCT
hassl-824	52	32	peng	peng	PROPN
hassl-824	52	33	et	et	PROPN
hassl-824	52	34	al	al	PROPN
hassl-824	52	35	.	.	PROPN
hassl-824	52	36	,	,	PUNCT
hassl-824	52	37	2008	2008	NUM
hassl-824	52	38	)	)	PUNCT
hassl-824	52	39	.	.	PUNCT
hassl-824	53	1	therefore	therefore	ADV
hassl-824	53	2	,	,	PUNCT
hassl-824	53	3	existing	exist	VERB
hassl-824	53	4	literature	literature	NOUN
hassl-824	53	5	may	may	AUX
hassl-824	53	6	constitute	constitute	VERB
hassl-824	53	7	a	a	DET
hassl-824	53	8	significant	significant	ADJ
hassl-824	53	9	shortcoming	shortcoming	NOUN
hassl-824	53	10	since	since	SCONJ
hassl-824	53	11	the	the	DET
hassl-824	53	12	institutions	institution	NOUN
hassl-824	53	13	in	in	ADP
hassl-824	53	14	emerging	emerge	VERB
hassl-824	53	15	markets	market	NOUN
hassl-824	53	16	vary	vary	VERB
hassl-824	53	17	from	from	ADP
hassl-824	53	18	the	the	DET
hassl-824	53	19	developed	develop	VERB
hassl-824	53	20	ones	one	NOUN
hassl-824	53	21	(	(	PUNCT
hassl-824	53	22	de	de	X
hassl-824	53	23	clercq	clercq	X
hassl-824	53	24	et	et	PROPN
hassl-824	53	25	al	al	PROPN
hassl-824	53	26	.	.	PROPN
hassl-824	53	27	,	,	PUNCT
hassl-824	53	28	2010	2010	NUM
hassl-824	53	29	)	)	PUNCT
hassl-824	53	30	.	.	PUNCT
hassl-824	54	1	institutions	institution	NOUN
hassl-824	54	2	play	play	VERB
hassl-824	54	3	a	a	DET
hassl-824	54	4	crucial	crucial	ADJ
hassl-824	54	5	role	role	NOUN
hassl-824	54	6	in	in	ADP
hassl-824	54	7	shaping	shape	VERB
hassl-824	54	8	the	the	DET
hassl-824	54	9	firm	firm	ADJ
hassl-824	54	10	strategies	strategy	NOUN
hassl-824	54	11	,	,	PUNCT
hassl-824	54	12	practices	practice	NOUN
hassl-824	54	13	and	and	CCONJ
hassl-824	54	14	performance	performance	NOUN
hassl-824	54	15	and	and	CCONJ
hassl-824	54	16	affect	affect	VERB
hassl-824	54	17	the	the	DET
hassl-824	54	18	firm	firm	ADJ
hassl-824	54	19	performance	performance	NOUN
hassl-824	54	20	in	in	ADP
hassl-824	54	21	emerging	emerge	VERB
hassl-824	54	22	economies	economy	NOUN
hassl-824	54	23	.	.	PUNCT
hassl-824	55	1	ignoring	ignore	VERB
hassl-824	55	2	institutional	institutional	ADJ
hassl-824	55	3	environments	environment	NOUN
hassl-824	55	4	in	in	ADP
hassl-824	55	5	examining	examine	VERB
hassl-824	55	6	the	the	DET
hassl-824	55	7	determinants	determinant	NOUN
hassl-824	55	8	of	of	ADP
hassl-824	55	9	cash	cash	NOUN
hassl-824	55	10	holdings	holding	NOUN
hassl-824	55	11	thus	thus	ADV
hassl-824	55	12	limit	limit	VERB
hassl-824	55	13	the	the	DET
hassl-824	55	14	understanding	understanding	NOUN
hassl-824	55	15	of	of	ADP
hassl-824	55	16	corporate	corporate	ADJ
hassl-824	55	17	cash	cash	NOUN
hassl-824	55	18	policy	policy	NOUN
hassl-824	55	19	.	.	PUNCT
hassl-824	56	1	despite	despite	SCONJ
hassl-824	56	2	its	its	PRON
hassl-824	56	3	significance	significance	NOUN
hassl-824	56	4	,	,	PUNCT
hassl-824	56	5	it	it	PRON
hassl-824	56	6	is	be	AUX
hassl-824	56	7	surprising	surprising	ADJ
hassl-824	56	8	to	to	PART
hassl-824	56	9	find	find	VERB
hassl-824	56	10	that	that	SCONJ
hassl-824	56	11	only	only	ADV
hassl-824	56	12	a	a	DET
hassl-824	56	13	handful	handful	NOUN
hassl-824	56	14	of	of	ADP
hassl-824	56	15	research	research	NOUN
hassl-824	56	16	focuses	focus	VERB
hassl-824	56	17	on	on	ADP
hassl-824	56	18	the	the	DET
hassl-824	56	19	institutional	institutional	ADJ
hassl-824	56	20	impact	impact	NOUN
hassl-824	56	21	on	on	ADP
hassl-824	56	22	hospitality	hospitality	NOUN
hassl-824	56	23	firms	firm	NOUN
hassl-824	56	24	.	.	PUNCT
hassl-824	57	1	we	we	PRON
hassl-824	57	2	attempt	attempt	VERB
hassl-824	57	3	to	to	PART
hassl-824	57	4	reveal	reveal	VERB
hassl-824	57	5	the	the	DET
hassl-824	57	6	effect	effect	NOUN
hassl-824	57	7	of	of	ADP
hassl-824	57	8	country	country	NOUN
hassl-824	57	9	governance	governance	NOUN
hassl-824	57	10	on	on	ADP
hassl-824	57	11	cash	cash	NOUN
hassl-824	57	12	holdings	holding	NOUN
hassl-824	57	13	and	and	CCONJ
hassl-824	57	14	firm	firm	ADJ
hassl-824	57	15	performance	performance	NOUN
hassl-824	57	16	in	in	ADP
hassl-824	57	17	hospitality	hospitality	NOUN
hassl-824	57	18	firms	firm	NOUN
hassl-824	57	19	by	by	ADP
hassl-824	57	20	incorporating	incorporate	VERB
hassl-824	57	21	the	the	DET
hassl-824	57	22	institution	institution	NOUN
hassl-824	57	23	-	-	PUNCT
hassl-824	57	24	based	base	VERB
hassl-824	57	25	view	view	NOUN
hassl-824	57	26	.	.	PUNCT
hassl-824	58	1	this	this	DET
hassl-824	58	2	study	study	NOUN
hassl-824	58	3	intends	intend	VERB
hassl-824	58	4	to	to	PART
hassl-824	58	5	narrow	narrow	VERB
hassl-824	58	6	the	the	DET
hassl-824	58	7	gap	gap	NOUN
hassl-824	58	8	in	in	ADP
hassl-824	58	9	the	the	DET
hassl-824	58	10	current	current	ADJ
hassl-824	58	11	literature	literature	NOUN
hassl-824	58	12	on	on	ADP
hassl-824	58	13	corporate	corporate	ADJ
hassl-824	58	14	cash	cash	NOUN
hassl-824	58	15	holdings	holding	NOUN
hassl-824	58	16	by	by	ADP
hassl-824	58	17	tackling	tackle	VERB
hassl-824	58	18	the	the	DET
hassl-824	58	19	question	question	NOUN
hassl-824	58	20	based	base	VERB
hassl-824	58	21	on	on	ADP
hassl-824	58	22	the	the	DET
hassl-824	58	23	institutional	institutional	ADJ
hassl-824	58	24	perspective	perspective	NOUN
hassl-824	58	25	suggested	suggest	VERB
hassl-824	58	26	by	by	ADP
hassl-824	58	27	peng	peng	PROPN
hassl-824	58	28	et	et	PROPN
hassl-824	58	29	al	al	PROPN
hassl-824	58	30	.	.	PROPN
hassl-824	59	1	(	(	PUNCT
hassl-824	59	2	2008	2008	NUM
hassl-824	59	3	)	)	PUNCT
hassl-824	59	4	.	.	PUNCT
hassl-824	60	1	in	in	ADP
hassl-824	60	2	response	response	NOUN
hassl-824	60	3	to	to	ADP
hassl-824	60	4	park	park	NOUN
hassl-824	60	5	and	and	CCONJ
hassl-824	60	6	jang	jang	PROPN
hassl-824	60	7	(	(	PUNCT
hassl-824	60	8	2014	2014	NUM
hassl-824	60	9	)	)	PUNCT
hassl-824	60	10	call	call	NOUN
hassl-824	60	11	for	for	ADP
hassl-824	60	12	research	research	NOUN
hassl-824	60	13	in	in	ADP
hassl-824	60	14	expanding	expand	VERB
hassl-824	60	15	hospitality	hospitality	NOUN
hassl-824	60	16	finance	finance	NOUN
hassl-824	60	17	and	and	CCONJ
hassl-824	60	18	managerial	managerial	ADJ
hassl-824	60	19	accounting	accounting	NOUN
hassl-824	60	20	research	research	NOUN
hassl-824	60	21	horizon	horizon	NOUN
hassl-824	60	22	,	,	PUNCT
hassl-824	60	23	we	we	PRON
hassl-824	60	24	included	include	VERB
hassl-824	60	25	public	public	ADJ
hassl-824	60	26	listed	list	VERB
hassl-824	60	27	hospitality	hospitality	NOUN
hassl-824	60	28	firms	firm	NOUN
hassl-824	60	29	based	base	VERB
hassl-824	60	30	in	in	ADP
hassl-824	60	31	asean-5	asean-5	NUM
hassl-824	60	32	and	and	CCONJ
hassl-824	60	33	compared	compare	VERB
hassl-824	60	34	cash	cash	NOUN
hassl-824	60	35	holdings	holding	NOUN
hassl-824	60	36	behaviours	behaviour	NOUN
hassl-824	60	37	among	among	ADP
hassl-824	60	38	these	these	DET
hassl-824	60	39	five	five	NUM
hassl-824	60	40	countries	country	NOUN
hassl-824	60	41	.	.	PUNCT
hassl-824	61	1	investor	investor	NOUN
hassl-824	61	2	protection	protection	NOUN
hassl-824	61	3	in	in	ADP
hassl-824	61	4	asia	asia	PROPN
hassl-824	61	5	is	be	AUX
hassl-824	61	6	weak	weak	ADJ
hassl-824	61	7	in	in	ADP
hassl-824	61	8	general	general	ADJ
hassl-824	61	9	(	(	PUNCT
hassl-824	61	10	la	la	INTJ
hassl-824	61	11	porta	porta	NOUN
hassl-824	61	12	et	et	PROPN
hassl-824	61	13	al	al	PROPN
hassl-824	61	14	.	.	PROPN
hassl-824	61	15	,	,	PUNCT
hassl-824	61	16	2000	2000	NUM
hassl-824	61	17	)	)	PUNCT
hassl-824	61	18	.	.	PUNCT
hassl-824	62	1	according	accord	VERB
hassl-824	62	2	to	to	ADP
hassl-824	62	3	claessens	claessen	NOUN
hassl-824	62	4	and	and	CCONJ
hassl-824	62	5	yurtoglu	yurtoglu	PROPN
hassl-824	62	6	(	(	PUNCT
hassl-824	62	7	2013	2013	NUM
hassl-824	62	8	)	)	PUNCT
hassl-824	62	9	the	the	DET
hassl-824	62	10	asian	asian	ADJ
hassl-824	62	11	market	market	NOUN
hassl-824	62	12	is	be	AUX
hassl-824	62	13	characterised	characterise	VERB
hassl-824	62	14	as	as	ADP
hassl-824	62	15	ineffective	ineffective	ADJ
hassl-824	62	16	enforcement	enforcement	NOUN
hassl-824	62	17	of	of	ADP
hassl-824	62	18	shareholder	shareholder	NOUN
hassl-824	62	19	rights	right	NOUN
hassl-824	62	20	,	,	PUNCT
hassl-824	62	21	uncommon	uncommon	ADJ
hassl-824	62	22	takeovers	takeover	NOUN
hassl-824	62	23	,	,	PUNCT
hassl-824	62	24	and	and	CCONJ
hassl-824	62	25	low	low	ADJ
hassl-824	62	26	analysts‟	analysts‟	ADJ
hassl-824	62	27	following	following	NOUN
hassl-824	62	28	.	.	PUNCT
hassl-824	63	1	furthermore	furthermore	ADV
hassl-824	63	2	,	,	PUNCT
hassl-824	63	3	large	large	ADJ
hassl-824	63	4	controlling	control	VERB
hassl-824	63	5	shareholders	shareholder	NOUN
hassl-824	63	6	are	be	AUX
hassl-824	63	7	present	present	ADJ
hassl-824	63	8	in	in	ADP
hassl-824	63	9	firms	firm	NOUN
hassl-824	63	10	in	in	ADP
hassl-824	63	11	emerging	emerge	VERB
hassl-824	63	12	economies	economy	NOUN
hassl-824	63	13	(	(	PUNCT
hassl-824	63	14	lee	lee	PROPN
hassl-824	63	15	and	and	CCONJ
hassl-824	63	16	lee	lee	PROPN
hassl-824	63	17	,	,	PUNCT
hassl-824	63	18	2009	2009	NUM
hassl-824	63	19	)	)	PUNCT
hassl-824	63	20	.	.	PUNCT
hassl-824	64	1	therefore	therefore	ADV
hassl-824	64	2	,	,	PUNCT
hassl-824	64	3	firms	firm	NOUN
hassl-824	64	4	in	in	ADP
hassl-824	64	5	the	the	DET
hassl-824	64	6	region	region	NOUN
hassl-824	64	7	are	be	AUX
hassl-824	64	8	subject	subject	ADJ
hassl-824	64	9	to	to	ADP
hassl-824	64	10	less	less	ADJ
hassl-824	64	11	disciplinary	disciplinary	ADJ
hassl-824	64	12	pressure	pressure	NOUN
hassl-824	64	13	and	and	CCONJ
hassl-824	64	14	monitoring	monitoring	NOUN
hassl-824	64	15	from	from	ADP
hassl-824	64	16	corporate	corporate	ADJ
hassl-824	64	17	governance	governance	NOUN
hassl-824	64	18	mechanisms	mechanism	NOUN
hassl-824	64	19	externally	externally	ADV
hassl-824	64	20	.	.	PUNCT
hassl-824	65	1	as	as	ADP
hassl-824	65	2	a	a	DET
hassl-824	65	3	result	result	NOUN
hassl-824	65	4	of	of	ADP
hassl-824	65	5	ineffective	ineffective	ADJ
hassl-824	65	6	enforcement	enforcement	NOUN
hassl-824	65	7	,	,	PUNCT
hassl-824	65	8	the	the	DET
hassl-824	65	9	costs	cost	NOUN
hassl-824	65	10	of	of	ADP
hassl-824	65	11	the	the	DET
hassl-824	65	12	agency	agency	NOUN
hassl-824	65	13	are	be	AUX
hassl-824	65	14	humanities	humanity	NOUN
hassl-824	65	15	and	and	CCONJ
hassl-824	65	16	social	social	ADJ
hassl-824	65	17	sciences	science	NOUN
hassl-824	65	18	letters	letter	NOUN
hassl-824	65	19	,	,	PUNCT
hassl-824	65	20	2019	2019	NUM
hassl-824	65	21	,	,	PUNCT
hassl-824	65	22	7(3	7(3	NUM
hassl-824	65	23	):	):	PUNCT
hassl-824	65	24	123	123	NUM
hassl-824	65	25	-	-	SYM
hassl-824	65	26	140	140	NUM
hassl-824	65	27	125	125	NUM
hassl-824	65	28	©	©	PROPN
hassl-824	65	29	2019	2019	NUM
hassl-824	65	30	conscientia	conscientia	PROPN
hassl-824	65	31	beam	beam	PROPN
hassl-824	65	32	.	.	PUNCT
hassl-824	66	1	all	all	DET
hassl-824	66	2	rights	right	NOUN
hassl-824	66	3	reserved	reserve	VERB
hassl-824	66	4	.	.	PUNCT
hassl-824	66	5	expected	expect	VERB
hassl-824	66	6	to	to	PART
hassl-824	66	7	be	be	AUX
hassl-824	66	8	higher	high	ADJ
hassl-824	66	9	.	.	PUNCT
hassl-824	67	1	the	the	DET
hassl-824	67	2	objective	objective	NOUN
hassl-824	67	3	of	of	ADP
hassl-824	67	4	this	this	DET
hassl-824	67	5	study	study	NOUN
hassl-824	67	6	is	be	AUX
hassl-824	67	7	to	to	PART
hassl-824	67	8	bridge	bridge	VERB
hassl-824	67	9	the	the	DET
hassl-824	67	10	gap	gap	NOUN
hassl-824	67	11	in	in	ADP
hassl-824	67	12	the	the	DET
hassl-824	67	13	literature	literature	NOUN
hassl-824	67	14	using	use	VERB
hassl-824	67	15	cross	cross	ADJ
hassl-824	67	16	-	-	ADJ
hassl-824	67	17	countries	countries	ADJ
hassl-824	67	18	sample	sample	NOUN
hassl-824	67	19	of	of	ADP
hassl-824	67	20	public	public	ADJ
hassl-824	67	21	listed	list	VERB
hassl-824	67	22	hospitality	hospitality	NOUN
hassl-824	67	23	firms	firm	NOUN
hassl-824	67	24	.	.	PUNCT
hassl-824	68	1	although	although	SCONJ
hassl-824	68	2	the	the	DET
hassl-824	68	3	corporate	corporate	ADJ
hassl-824	68	4	cash	cash	NOUN
hassl-824	68	5	holdings	holding	NOUN
hassl-824	68	6	literature	literature	NOUN
hassl-824	68	7	is	be	AUX
hassl-824	68	8	voluminous	voluminous	ADJ
hassl-824	68	9	,	,	PUNCT
hassl-824	68	10	existing	exist	VERB
hassl-824	68	11	literature	literature	NOUN
hassl-824	68	12	predominantly	predominantly	ADV
hassl-824	68	13	examines	examine	VERB
hassl-824	68	14	at	at	ADP
hassl-824	68	15	firm	firm	ADJ
hassl-824	68	16	-	-	PUNCT
hassl-824	68	17	level	level	NOUN
hassl-824	68	18	,	,	PUNCT
hassl-824	68	19	such	such	ADJ
hassl-824	68	20	as	as	ADP
hassl-824	68	21	firm	firm	ADJ
hassl-824	68	22	characteristic	characteristic	ADJ
hassl-824	68	23	and	and	CCONJ
hassl-824	68	24	corporate	corporate	ADJ
hassl-824	68	25	governance	governance	NOUN
hassl-824	68	26	variables	variable	NOUN
hassl-824	68	27	in	in	ADP
hassl-824	68	28	predicting	predict	VERB
hassl-824	68	29	corporate	corporate	ADJ
hassl-824	68	30	cash	cash	NOUN
hassl-824	68	31	levels	level	NOUN
hassl-824	68	32	.	.	PUNCT
hassl-824	69	1	this	this	DET
hassl-824	69	2	article	article	NOUN
hassl-824	69	3	aims	aim	VERB
hassl-824	69	4	to	to	PART
hassl-824	69	5	extend	extend	VERB
hassl-824	69	6	that	that	DET
hassl-824	69	7	work	work	NOUN
hassl-824	69	8	by	by	ADP
hassl-824	69	9	demonstrating	demonstrate	VERB
hassl-824	69	10	the	the	DET
hassl-824	69	11	presence	presence	NOUN
hassl-824	69	12	and	and	CCONJ
hassl-824	69	13	importance	importance	NOUN
hassl-824	69	14	of	of	ADP
hassl-824	69	15	subnational	subnational	ADJ
hassl-824	69	16	institutions	institution	NOUN
hassl-824	69	17	and	and	CCONJ
hassl-824	69	18	their	their	PRON
hassl-824	69	19	influence	influence	NOUN
hassl-824	69	20	on	on	ADP
hassl-824	69	21	shaping	shape	VERB
hassl-824	69	22	the	the	DET
hassl-824	69	23	corporate	corporate	ADJ
hassl-824	69	24	cash	cash	NOUN
hassl-824	69	25	policy	policy	NOUN
hassl-824	69	26	of	of	ADP
hassl-824	69	27	hospitality	hospitality	NOUN
hassl-824	69	28	firms	firm	NOUN
hassl-824	69	29	embedded	embed	VERB
hassl-824	69	30	within	within	ADP
hassl-824	69	31	the	the	DET
hassl-824	69	32	context	context	NOUN
hassl-824	69	33	.	.	PUNCT
hassl-824	70	1	the	the	DET
hassl-824	70	2	remainder	remainder	NOUN
hassl-824	70	3	of	of	ADP
hassl-824	70	4	this	this	DET
hassl-824	70	5	paper	paper	NOUN
hassl-824	70	6	is	be	AUX
hassl-824	70	7	organised	organise	VERB
hassl-824	70	8	as	as	SCONJ
hassl-824	70	9	follows	follow	VERB
hassl-824	70	10	.	.	PUNCT
hassl-824	71	1	section	section	NOUN
hassl-824	71	2	2	2	NUM
hassl-824	71	3	discusses	discuss	VERB
hassl-824	71	4	the	the	DET
hassl-824	71	5	theoretical	theoretical	ADJ
hassl-824	71	6	framework	framework	NOUN
hassl-824	71	7	,	,	PUNCT
hassl-824	71	8	while	while	SCONJ
hassl-824	71	9	section	section	NOUN
hassl-824	71	10	3	3	NUM
hassl-824	71	11	presents	present	VERB
hassl-824	71	12	a	a	DET
hassl-824	71	13	brief	brief	ADJ
hassl-824	71	14	literature	literature	NOUN
hassl-824	71	15	review	review	NOUN
hassl-824	71	16	and	and	CCONJ
hassl-824	71	17	formulation	formulation	NOUN
hassl-824	71	18	of	of	ADP
hassl-824	71	19	research	research	NOUN
hassl-824	71	20	hypotheses	hypothesis	NOUN
hassl-824	71	21	.	.	PUNCT
hassl-824	72	1	the	the	DET
hassl-824	72	2	section	section	NOUN
hassl-824	72	3	is	be	AUX
hassl-824	72	4	followed	follow	VERB
hassl-824	72	5	by	by	ADP
hassl-824	72	6	section	section	NOUN
hassl-824	72	7	4	4	NUM
hassl-824	72	8	where	where	SCONJ
hassl-824	72	9	the	the	DET
hassl-824	72	10	detailed	detailed	ADJ
hassl-824	72	11	methodology	methodology	NOUN
hassl-824	72	12	adopted	adopt	VERB
hassl-824	72	13	in	in	ADP
hassl-824	72	14	this	this	DET
hassl-824	72	15	study	study	NOUN
hassl-824	72	16	is	be	AUX
hassl-824	72	17	presented	present	VERB
hassl-824	72	18	.	.	PUNCT
hassl-824	73	1	empirical	empirical	ADJ
hassl-824	73	2	results	result	NOUN
hassl-824	73	3	and	and	CCONJ
hassl-824	73	4	discussion	discussion	NOUN
hassl-824	73	5	are	be	AUX
hassl-824	73	6	discussed	discuss	VERB
hassl-824	73	7	in	in	ADP
hassl-824	73	8	section	section	NOUN
hassl-824	73	9	5	5	NUM
hassl-824	73	10	.	.	PUNCT
hassl-824	74	1	finally	finally	ADV
hassl-824	74	2	,	,	PUNCT
hassl-824	74	3	section	section	NOUN
hassl-824	74	4	6	6	NUM
hassl-824	74	5	concludes	conclude	VERB
hassl-824	74	6	the	the	DET
hassl-824	74	7	study	study	NOUN
hassl-824	74	8	and	and	CCONJ
hassl-824	74	9	indicates	indicate	VERB
hassl-824	74	10	its	its	PRON
hassl-824	74	11	theoretical	theoretical	ADJ
hassl-824	74	12	and	and	CCONJ
hassl-824	74	13	practical	practical	ADJ
hassl-824	74	14	implications	implication	NOUN
hassl-824	74	15	.	.	PUNCT
hassl-824	75	1	2	2	X
hassl-824	75	2	.	.	X
hassl-824	75	3	theoretical	theoretical	ADJ
hassl-824	75	4	framework	framework	NOUN
hassl-824	75	5	corporate	corporate	ADJ
hassl-824	75	6	cash	cash	NOUN
hassl-824	75	7	holdings	holding	NOUN
hassl-824	75	8	furnish	furnish	VERB
hassl-824	75	9	a	a	DET
hassl-824	75	10	distinctive	distinctive	ADJ
hassl-824	75	11	platform	platform	NOUN
hassl-824	75	12	to	to	PART
hassl-824	75	13	test	test	VERB
hassl-824	75	14	the	the	DET
hassl-824	75	15	agency	agency	NOUN
hassl-824	75	16	implications	implication	NOUN
hassl-824	75	17	emerging	emerge	VERB
hassl-824	75	18	from	from	ADP
hassl-824	75	19	managerial	managerial	ADJ
hassl-824	75	20	discretion	discretion	NOUN
hassl-824	75	21	(	(	PUNCT
hassl-824	75	22	jensen	jensen	PROPN
hassl-824	75	23	and	and	CCONJ
hassl-824	75	24	meckling	meckling	NOUN
hassl-824	75	25	,	,	PUNCT
hassl-824	75	26	1976	1976	NUM
hassl-824	75	27	)	)	PUNCT
hassl-824	75	28	.	.	PUNCT
hassl-824	76	1	the	the	DET
hassl-824	76	2	agency	agency	NOUN
hassl-824	76	3	theoretical	theoretical	ADJ
hassl-824	76	4	framework	framework	NOUN
hassl-824	76	5	suggests	suggest	VERB
hassl-824	76	6	how	how	SCONJ
hassl-824	76	7	corporate	corporate	ADJ
hassl-824	76	8	governance	governance	NOUN
hassl-824	76	9	mechanism	mechanism	NOUN
hassl-824	76	10	can	can	AUX
hassl-824	76	11	align	align	VERB
hassl-824	76	12	the	the	DET
hassl-824	76	13	interest	interest	NOUN
hassl-824	76	14	of	of	ADP
hassl-824	76	15	managers	manager	NOUN
hassl-824	76	16	and	and	CCONJ
hassl-824	76	17	shareholders	shareholder	NOUN
hassl-824	76	18	to	to	PART
hassl-824	76	19	ensure	ensure	VERB
hassl-824	76	20	that	that	SCONJ
hassl-824	76	21	managers	manager	NOUN
hassl-824	76	22	protect	protect	VERB
hassl-824	76	23	and	and	CCONJ
hassl-824	76	24	maximise	maximise	PROPN
hassl-824	76	25	shareholders‟	shareholders‟	PROPN
hassl-824	76	26	wealth	wealth	PROPN
hassl-824	76	27	.	.	PUNCT
hassl-824	77	1	therefore	therefore	ADV
hassl-824	77	2	,	,	PUNCT
hassl-824	77	3	the	the	DET
hassl-824	77	4	suggested	suggest	VERB
hassl-824	77	5	resolution	resolution	NOUN
hassl-824	77	6	tends	tend	VERB
hassl-824	77	7	to	to	PART
hassl-824	77	8	emphasise	emphasise	VERB
hassl-824	77	9	mainly	mainly	ADV
hassl-824	77	10	on	on	ADP
hassl-824	77	11	the	the	DET
hassl-824	77	12	interest	interest	NOUN
hassl-824	77	13	alignment	alignment	NOUN
hassl-824	77	14	principal	principal	ADJ
hassl-824	77	15	-	-	PUNCT
hassl-824	77	16	agent	agent	NOUN
hassl-824	77	17	relationship	relationship	NOUN
hassl-824	77	18	.	.	PUNCT
hassl-824	78	1	however	however	ADV
hassl-824	78	2	,	,	PUNCT
hassl-824	78	3	traditional	traditional	ADJ
hassl-824	78	4	agency	agency	NOUN
hassl-824	78	5	theory	theory	NOUN
hassl-824	78	6	lacks	lack	VERB
hassl-824	78	7	the	the	DET
hassl-824	78	8	analytical	analytical	ADJ
hassl-824	78	9	capability	capability	NOUN
hassl-824	78	10	to	to	PART
hassl-824	78	11	include	include	VERB
hassl-824	78	12	the	the	DET
hassl-824	78	13	social	social	ADJ
hassl-824	78	14	embeddedness	embeddedness	NOUN
hassl-824	78	15	and	and	CCONJ
hassl-824	78	16	legitimacy	legitimacy	NOUN
hassl-824	78	17	of	of	ADP
hassl-824	78	18	corporate	corporate	ADJ
hassl-824	78	19	governance	governance	NOUN
hassl-824	78	20	.	.	PUNCT
hassl-824	79	1	it	it	PRON
hassl-824	79	2	neglects	neglect	VERB
hassl-824	79	3	the	the	DET
hassl-824	79	4	impacts	impact	NOUN
hassl-824	79	5	of	of	ADP
hassl-824	79	6	country	country	NOUN
hassl-824	79	7	governance	governance	NOUN
hassl-824	79	8	mechanisms	mechanism	NOUN
hassl-824	79	9	(	(	PUNCT
hassl-824	79	10	kwan	kwan	PROPN
hassl-824	79	11	and	and	CCONJ
hassl-824	79	12	lau	lau	PROPN
hassl-824	79	13	,	,	PUNCT
hassl-824	79	14	2011	2011	NUM
hassl-824	79	15	;	;	PUNCT
hassl-824	79	16	filatotchev	filatotchev	PROPN
hassl-824	79	17	et	et	PROPN
hassl-824	79	18	al	al	PROPN
hassl-824	79	19	.	.	PROPN
hassl-824	79	20	,	,	PUNCT
hassl-824	79	21	2013	2013	NUM
hassl-824	79	22	)	)	PUNCT
hassl-824	79	23	.	.	PUNCT
hassl-824	80	1	therefore	therefore	ADV
hassl-824	80	2	,	,	PUNCT
hassl-824	80	3	it	it	PRON
hassl-824	80	4	does	do	AUX
hassl-824	80	5	not	not	PART
hassl-824	80	6	provide	provide	VERB
hassl-824	80	7	a	a	DET
hassl-824	80	8	complete	complete	ADJ
hassl-824	80	9	view	view	NOUN
hassl-824	80	10	of	of	ADP
hassl-824	80	11	the	the	DET
hassl-824	80	12	efficacy	efficacy	NOUN
hassl-824	80	13	of	of	ADP
hassl-824	80	14	corporate	corporate	ADJ
hassl-824	80	15	governance	governance	NOUN
hassl-824	80	16	strategies	strategy	NOUN
hassl-824	80	17	under	under	ADP
hassl-824	80	18	various	various	ADJ
hassl-824	80	19	institutional	institutional	ADJ
hassl-824	80	20	context	context	NOUN
hassl-824	80	21	(	(	PUNCT
hassl-824	80	22	kumar	kumar	PROPN
hassl-824	80	23	and	and	CCONJ
hassl-824	80	24	zattoni	zattoni	PROPN
hassl-824	80	25	,	,	PUNCT
hassl-824	80	26	2013	2013	NUM
hassl-824	80	27	)	)	PUNCT
hassl-824	80	28	.	.	PUNCT
hassl-824	81	1	corporate	corporate	ADJ
hassl-824	81	2	governance	governance	NOUN
hassl-824	81	3	mechanisms	mechanism	NOUN
hassl-824	81	4	consist	consist	VERB
hassl-824	81	5	of	of	ADP
hassl-824	81	6	two	two	NUM
hassl-824	81	7	major	major	ADJ
hassl-824	81	8	components	component	NOUN
hassl-824	81	9	namely	namely	ADV
hassl-824	81	10	,	,	PUNCT
hassl-824	81	11	internal	internal	ADJ
hassl-824	81	12	and	and	CCONJ
hassl-824	81	13	external	external	ADJ
hassl-824	81	14	governance	governance	NOUN
hassl-824	81	15	.	.	PUNCT
hassl-824	82	1	the	the	DET
hassl-824	82	2	former	former	ADJ
hassl-824	82	3	examines	examine	VERB
hassl-824	82	4	the	the	DET
hassl-824	82	5	effect	effect	NOUN
hassl-824	82	6	of	of	ADP
hassl-824	82	7	firm	firm	ADJ
hassl-824	82	8	-	-	PUNCT
hassl-824	82	9	level	level	NOUN
hassl-824	82	10	governance	governance	NOUN
hassl-824	82	11	mechanisms	mechanism	NOUN
hassl-824	82	12	.	.	PUNCT
hassl-824	83	1	the	the	DET
hassl-824	83	2	latter	latter	ADJ
hassl-824	83	3	focuses	focus	VERB
hassl-824	83	4	on	on	ADP
hassl-824	83	5	governance	governance	NOUN
hassl-824	83	6	mechanisms	mechanism	NOUN
hassl-824	83	7	at	at	ADP
hassl-824	83	8	country	country	NOUN
hassl-824	83	9	-	-	PUNCT
hassl-824	83	10	level	level	NOUN
hassl-824	83	11	.	.	PUNCT
hassl-824	84	1	these	these	PRON
hassl-824	84	2	include	include	VERB
hassl-824	84	3	the	the	DET
hassl-824	84	4	legal	legal	ADJ
hassl-824	84	5	regulations	regulation	NOUN
hassl-824	84	6	of	of	ADP
hassl-824	84	7	the	the	DET
hassl-824	84	8	country	country	NOUN
hassl-824	84	9	,	,	PUNCT
hassl-824	84	10	stock	stock	NOUN
hassl-824	84	11	market	market	NOUN
hassl-824	84	12	listing	list	VERB
hassl-824	84	13	requirement	requirement	NOUN
hassl-824	84	14	,	,	PUNCT
hassl-824	84	15	and	and	CCONJ
hassl-824	84	16	the	the	DET
hassl-824	84	17	guidelines	guideline	NOUN
hassl-824	84	18	of	of	ADP
hassl-824	84	19	the	the	DET
hassl-824	84	20	business	business	NOUN
hassl-824	84	21	code	code	NOUN
hassl-824	84	22	of	of	ADP
hassl-824	84	23	conduct	conduct	NOUN
hassl-824	84	24	(	(	PUNCT
hassl-824	84	25	aggarwal	aggarwal	NOUN
hassl-824	84	26	et	et	NOUN
hassl-824	84	27	al	al	PROPN
hassl-824	84	28	.	.	PROPN
hassl-824	84	29	,	,	PUNCT
hassl-824	84	30	2012	2012	NUM
hassl-824	84	31	)	)	PUNCT
hassl-824	84	32	.	.	PUNCT
hassl-824	85	1	according	accord	VERB
hassl-824	85	2	to	to	ADP
hassl-824	85	3	narayan	narayan	PROPN
hassl-824	85	4	et	et	PROPN
hassl-824	85	5	al	al	PROPN
hassl-824	85	6	.	.	PROPN
hassl-824	86	1	(	(	PUNCT
hassl-824	86	2	2015	2015	NUM
hassl-824	86	3	)	)	PUNCT
hassl-824	86	4	the	the	DET
hassl-824	86	5	sound	sound	ADJ
hassl-824	86	6	legal	legal	ADJ
hassl-824	86	7	and	and	CCONJ
hassl-824	86	8	institutional	institutional	ADJ
hassl-824	86	9	settings	setting	NOUN
hassl-824	86	10	is	be	AUX
hassl-824	86	11	considered	consider	VERB
hassl-824	86	12	as	as	ADP
hassl-824	86	13	an	an	DET
hassl-824	86	14	essential	essential	ADJ
hassl-824	86	15	platform	platform	NOUN
hassl-824	86	16	that	that	PRON
hassl-824	86	17	moulds	mould	NOUN
hassl-824	86	18	governance	governance	NOUN
hassl-824	86	19	characteristics	characteristic	NOUN
hassl-824	86	20	at	at	ADP
hassl-824	86	21	the	the	DET
hassl-824	86	22	firm	firm	ADJ
hassl-824	86	23	level	level	NOUN
hassl-824	86	24	.	.	PUNCT
hassl-824	87	1	although	although	SCONJ
hassl-824	87	2	institutions	institution	NOUN
hassl-824	87	3	have	have	AUX
hassl-824	87	4	long	long	ADV
hassl-824	87	5	been	be	AUX
hassl-824	87	6	acknowledged	acknowledge	VERB
hassl-824	87	7	to	to	PART
hassl-824	87	8	be	be	AUX
hassl-824	87	9	salient	salient	ADJ
hassl-824	87	10	determinants	determinant	NOUN
hassl-824	87	11	,	,	PUNCT
hassl-824	87	12	prior	prior	ADJ
hassl-824	87	13	corporate	corporate	ADJ
hassl-824	87	14	governance	governance	NOUN
hassl-824	87	15	research	research	NOUN
hassl-824	87	16	widely	widely	ADV
hassl-824	87	17	relies	rely	VERB
hassl-824	87	18	on	on	ADP
hassl-824	87	19	the	the	DET
hassl-824	87	20	explanations	explanation	NOUN
hassl-824	87	21	of	of	ADP
hassl-824	87	22	agency	agency	NOUN
hassl-824	87	23	theory	theory	NOUN
hassl-824	87	24	and	and	CCONJ
hassl-824	87	25	the	the	DET
hassl-824	87	26	resource	resource	NOUN
hassl-824	87	27	-	-	PUNCT
hassl-824	87	28	based	base	VERB
hassl-824	87	29	view	view	NOUN
hassl-824	87	30	.	.	PUNCT
hassl-824	88	1	however	however	ADV
hassl-824	88	2	,	,	PUNCT
hassl-824	88	3	institutional	institutional	ADJ
hassl-824	88	4	environments	environment	NOUN
hassl-824	88	5	affect	affect	VERB
hassl-824	88	6	the	the	DET
hassl-824	88	7	behaviour	behaviour	NOUN
hassl-824	88	8	and	and	CCONJ
hassl-824	88	9	performance	performance	NOUN
hassl-824	88	10	of	of	ADP
hassl-824	88	11	firms	firm	NOUN
hassl-824	88	12	(	(	PUNCT
hassl-824	88	13	liu	liu	PROPN
hassl-824	88	14	et	et	PROPN
hassl-824	88	15	al	al	PROPN
hassl-824	88	16	.	.	PROPN
hassl-824	88	17	,	,	PUNCT
hassl-824	88	18	2012	2012	NUM
hassl-824	88	19	)	)	PUNCT
hassl-824	88	20	.	.	PUNCT
hassl-824	89	1	some	some	PRON
hassl-824	89	2	of	of	ADP
hassl-824	89	3	the	the	DET
hassl-824	89	4	studies	study	NOUN
hassl-824	89	5	covering	cover	VERB
hassl-824	89	6	countrylevel	countrylevel	ADJ
hassl-824	89	7	governance	governance	NOUN
hassl-824	89	8	mechanisms	mechanism	NOUN
hassl-824	89	9	find	find	VERB
hassl-824	89	10	that	that	SCONJ
hassl-824	89	11	countries	country	NOUN
hassl-824	89	12	with	with	ADP
hassl-824	89	13	better	well	ADJ
hassl-824	89	14	shareholder	shareholder	NOUN
hassl-824	89	15	rights	right	NOUN
hassl-824	89	16	and	and	CCONJ
hassl-824	89	17	investor	investor	NOUN
hassl-824	89	18	protection	protection	NOUN
hassl-824	89	19	have	have	VERB
hassl-824	89	20	access	access	NOUN
hassl-824	89	21	to	to	ADP
hassl-824	89	22	broader	broad	ADJ
hassl-824	89	23	financing	financing	NOUN
hassl-824	89	24	choices	choice	NOUN
hassl-824	89	25	from	from	ADP
hassl-824	89	26	the	the	DET
hassl-824	89	27	established	establish	VERB
hassl-824	89	28	financial	financial	ADJ
hassl-824	89	29	markets	market	NOUN
hassl-824	89	30	.	.	PUNCT
hassl-824	90	1	for	for	ADP
hassl-824	90	2	example	example	NOUN
hassl-824	90	3	,	,	PUNCT
hassl-824	90	4	claessens	claessen	NOUN
hassl-824	90	5	and	and	CCONJ
hassl-824	90	6	yurtoglu	yurtoglu	PROPN
hassl-824	90	7	(	(	PUNCT
hassl-824	90	8	2013	2013	NUM
hassl-824	90	9	)	)	PUNCT
hassl-824	90	10	argues	argue	VERB
hassl-824	90	11	that	that	SCONJ
hassl-824	90	12	country	country	NOUN
hassl-824	90	13	-	-	PUNCT
hassl-824	90	14	level	level	NOUN
hassl-824	90	15	attributes	attribute	NOUN
hassl-824	90	16	are	be	AUX
hassl-824	90	17	a	a	DET
hassl-824	90	18	better	well	ADJ
hassl-824	90	19	predictor	predictor	NOUN
hassl-824	90	20	in	in	ADP
hassl-824	90	21	explaining	explain	VERB
hassl-824	90	22	the	the	DET
hassl-824	90	23	differences	difference	NOUN
hassl-824	90	24	in	in	ADP
hassl-824	90	25	corporate	corporate	ADJ
hassl-824	90	26	governance	governance	NOUN
hassl-824	90	27	.	.	PUNCT
hassl-824	91	1	doidge	doidge	VERB
hassl-824	91	2	et	et	PROPN
hassl-824	91	3	al	al	PROPN
hassl-824	91	4	.	.	PROPN
hassl-824	92	1	(	(	PUNCT
hassl-824	92	2	2007	2007	NUM
hassl-824	92	3	)	)	PUNCT
hassl-824	92	4	shows	show	VERB
hassl-824	92	5	that	that	SCONJ
hassl-824	92	6	firms	firm	NOUN
hassl-824	92	7	with	with	ADP
hassl-824	92	8	better	well	ADJ
hassl-824	92	9	governance	governance	NOUN
hassl-824	92	10	practices	practice	NOUN
hassl-824	92	11	can	can	AUX
hassl-824	92	12	obtain	obtain	VERB
hassl-824	92	13	better	well	ADJ
hassl-824	92	14	bargaining	bargaining	NOUN
hassl-824	92	15	power	power	NOUN
hassl-824	92	16	in	in	ADP
hassl-824	92	17	access	access	NOUN
hassl-824	92	18	to	to	ADP
hassl-824	92	19	needed	needed	ADJ
hassl-824	92	20	capital	capital	NOUN
hassl-824	92	21	.	.	PUNCT
hassl-824	93	1	improved	improve	VERB
hassl-824	93	2	external	external	ADJ
hassl-824	93	3	governance	governance	NOUN
hassl-824	93	4	thus	thus	ADV
hassl-824	93	5	eases	ease	VERB
hassl-824	93	6	the	the	DET
hassl-824	93	7	firm	firm	NOUN
hassl-824	93	8	's	's	PART
hassl-824	93	9	access	access	NOUN
hassl-824	93	10	to	to	ADP
hassl-824	93	11	external	external	ADJ
hassl-824	93	12	funds	fund	NOUN
hassl-824	93	13	from	from	ADP
hassl-824	93	14	the	the	DET
hassl-824	93	15	capital	capital	NOUN
hassl-824	93	16	markets	market	NOUN
hassl-824	93	17	and	and	CCONJ
hassl-824	93	18	enjoy	enjoy	VERB
hassl-824	93	19	better	well	ADJ
hassl-824	93	20	terms	term	NOUN
hassl-824	93	21	.	.	PUNCT
hassl-824	94	1	the	the	DET
hassl-824	94	2	institutional	institutional	ADJ
hassl-824	94	3	theory	theory	NOUN
hassl-824	94	4	provides	provide	VERB
hassl-824	94	5	a	a	DET
hassl-824	94	6	helpful	helpful	ADJ
hassl-824	94	7	complementary	complementary	ADJ
hassl-824	94	8	lens	lens	NOUN
hassl-824	94	9	to	to	ADP
hassl-824	94	10	the	the	DET
hassl-824	94	11	agency	agency	NOUN
hassl-824	94	12	theory	theory	NOUN
hassl-824	94	13	.	.	PUNCT
hassl-824	95	1	in	in	ADP
hassl-824	95	2	contrast	contrast	NOUN
hassl-824	95	3	to	to	ADP
hassl-824	95	4	the	the	DET
hassl-824	95	5	more	more	ADV
hassl-824	95	6	classical	classical	ADJ
hassl-824	95	7	agency	agency	NOUN
hassl-824	95	8	theory	theory	NOUN
hassl-824	95	9	and	and	CCONJ
hassl-824	95	10	resource	resource	NOUN
hassl-824	95	11	-	-	PUNCT
hassl-824	95	12	based	base	VERB
hassl-824	95	13	view	view	NOUN
hassl-824	95	14	,	,	PUNCT
hassl-824	95	15	institutional	institutional	ADJ
hassl-824	95	16	theory	theory	NOUN
hassl-824	95	17	recognises	recognise	VERB
hassl-824	95	18	the	the	DET
hassl-824	95	19	importance	importance	NOUN
hassl-824	95	20	of	of	ADP
hassl-824	95	21	institutions	institution	NOUN
hassl-824	95	22	(	(	PUNCT
hassl-824	95	23	zucker	zucker	NOUN
hassl-824	95	24	,	,	PUNCT
hassl-824	95	25	1987	1987	NUM
hassl-824	95	26	)	)	PUNCT
hassl-824	95	27	.	.	PUNCT
hassl-824	96	1	the	the	DET
hassl-824	96	2	conceptual	conceptual	ADJ
hassl-824	96	3	framework	framework	NOUN
hassl-824	96	4	of	of	ADP
hassl-824	96	5	institutional	institutional	ADJ
hassl-824	96	6	theory	theory	NOUN
hassl-824	96	7	is	be	AUX
hassl-824	96	8	much	much	ADV
hassl-824	96	9	broader	broad	ADJ
hassl-824	96	10	and	and	CCONJ
hassl-824	96	11	deeper	deep	ADJ
hassl-824	96	12	than	than	ADP
hassl-824	96	13	agency	agency	NOUN
hassl-824	96	14	theory	theory	NOUN
hassl-824	96	15	.	.	PUNCT
hassl-824	97	1	institutional	institutional	ADJ
hassl-824	97	2	theory	theory	NOUN
hassl-824	97	3	primarily	primarily	ADV
hassl-824	97	4	focuses	focus	VERB
hassl-824	97	5	a	a	DET
hassl-824	97	6	set	set	NOUN
hassl-824	97	7	of	of	ADP
hassl-824	97	8	formal	formal	ADJ
hassl-824	97	9	and	and	CCONJ
hassl-824	97	10	informal	informal	ADJ
hassl-824	97	11	rules	rule	NOUN
hassl-824	97	12	that	that	PRON
hassl-824	97	13	affect	affect	VERB
hassl-824	97	14	business	business	NOUN
hassl-824	97	15	activity	activity	NOUN
hassl-824	97	16	(	(	PUNCT
hassl-824	97	17	north	north	NOUN
hassl-824	97	18	,	,	PUNCT
hassl-824	97	19	2005	2005	NUM
hassl-824	97	20	)	)	PUNCT
hassl-824	97	21	as	as	SCONJ
hassl-824	97	22	cited	cite	VERB
hassl-824	97	23	in	in	ADP
hassl-824	97	24	hearn	hearn	NOUN
hassl-824	97	25	2013	2013	NUM
hassl-824	97	26	)	)	PUNCT
hassl-824	97	27	.	.	PUNCT
hassl-824	98	1	institutions	institution	NOUN
hassl-824	98	2	affect	affect	VERB
hassl-824	98	3	not	not	PART
hassl-824	98	4	only	only	ADV
hassl-824	98	5	the	the	DET
hassl-824	98	6	organisational	organisational	ADJ
hassl-824	98	7	routines	routine	NOUN
hassl-824	98	8	but	but	CCONJ
hassl-824	98	9	also	also	ADV
hassl-824	98	10	help	help	VERB
hassl-824	98	11	to	to	PART
hassl-824	98	12	determine	determine	VERB
hassl-824	98	13	the	the	DET
hassl-824	98	14	strategic	strategic	ADJ
hassl-824	98	15	choices	choice	NOUN
hassl-824	98	16	made	make	VERB
hassl-824	98	17	(	(	PUNCT
hassl-824	98	18	peng	peng	PROPN
hassl-824	98	19	et	et	PROPN
hassl-824	98	20	al	al	PROPN
hassl-824	98	21	.	.	PROPN
hassl-824	98	22	,	,	PUNCT
hassl-824	98	23	2008	2008	NUM
hassl-824	98	24	)	)	PUNCT
hassl-824	98	25	.	.	PUNCT
hassl-824	99	1	this	this	DET
hassl-824	99	2	theoretical	theoretical	ADJ
hassl-824	99	3	approach	approach	NOUN
hassl-824	99	4	is	be	AUX
hassl-824	99	5	most	most	ADV
hassl-824	99	6	suitable	suitable	ADJ
hassl-824	99	7	to	to	PART
hassl-824	99	8	explain	explain	VERB
hassl-824	99	9	corporate	corporate	ADJ
hassl-824	99	10	practices	practice	NOUN
hassl-824	99	11	in	in	ADP
hassl-824	99	12	contexts	context	NOUN
hassl-824	99	13	characterised	characterise	VERB
hassl-824	99	14	by	by	ADP
hassl-824	99	15	the	the	DET
hassl-824	99	16	market	market	NOUN
hassl-824	99	17	with	with	ADP
hassl-824	99	18	higher	high	ADJ
hassl-824	99	19	ownership	ownership	NOUN
hassl-824	99	20	concentration	concentration	NOUN
hassl-824	99	21	.	.	PUNCT
hassl-824	100	1	the	the	DET
hassl-824	100	2	institutional	institutional	ADJ
hassl-824	100	3	theory	theory	NOUN
hassl-824	100	4	thus	thus	ADV
hassl-824	100	5	emerges	emerge	VERB
hassl-824	100	6	as	as	ADP
hassl-824	100	7	the	the	DET
hassl-824	100	8	prevailing	prevail	VERB
hassl-824	100	9	theory	theory	NOUN
hassl-824	100	10	to	to	PART
hassl-824	100	11	analyse	analyse	VERB
hassl-824	100	12	corporate	corporate	ADJ
hassl-824	100	13	behaviour	behaviour	NOUN
hassl-824	100	14	in	in	ADP
hassl-824	100	15	emerging	emerge	VERB
hassl-824	100	16	markets	market	NOUN
hassl-824	100	17	(	(	PUNCT
hassl-824	100	18	peng	peng	PROPN
hassl-824	100	19	et	et	PROPN
hassl-824	100	20	al	al	PROPN
hassl-824	100	21	.	.	PROPN
hassl-824	100	22	,	,	PUNCT
hassl-824	100	23	2008	2008	NUM
hassl-824	100	24	)	)	PUNCT
hassl-824	100	25	.	.	PUNCT
hassl-824	101	1	therefore	therefore	ADV
hassl-824	101	2	,	,	PUNCT
hassl-824	101	3	by	by	ADP
hassl-824	101	4	using	use	VERB
hassl-824	101	5	institutions	institution	NOUN
hassl-824	101	6	as	as	ADP
hassl-824	101	7	the	the	DET
hassl-824	101	8	explanatory	explanatory	ADJ
hassl-824	101	9	variables	variable	NOUN
hassl-824	101	10	,	,	PUNCT
hassl-824	101	11	the	the	DET
hassl-824	101	12	institution	institution	NOUN
hassl-824	101	13	-	-	PUNCT
hassl-824	101	14	based	base	VERB
hassl-824	101	15	view	view	NOUN
hassl-824	101	16	defines	define	VERB
hassl-824	101	17	firms‟	firms‟	PUNCT
hassl-824	101	18	strategic	strategic	ADJ
hassl-824	101	19	choices	choice	NOUN
hassl-824	101	20	and	and	CCONJ
hassl-824	101	21	performance	performance	NOUN
hassl-824	101	22	as	as	SCONJ
hassl-824	101	23	linked	link	VERB
hassl-824	101	24	to	to	ADP
hassl-824	101	25	the	the	DET
hassl-824	101	26	economic	economic	ADJ
hassl-824	101	27	,	,	PUNCT
hassl-824	101	28	political	political	ADJ
hassl-824	101	29	,	,	PUNCT
hassl-824	101	30	and	and	CCONJ
hassl-824	101	31	social	social	ADJ
hassl-824	101	32	institutions	institution	NOUN
hassl-824	101	33	they	they	PRON
hassl-824	101	34	confront	confront	VERB
hassl-824	101	35	(	(	PUNCT
hassl-824	101	36	garrido	garrido	PROPN
hassl-824	101	37	et	et	PROPN
hassl-824	101	38	al	al	PROPN
hassl-824	101	39	.	.	PROPN
hassl-824	101	40	,	,	PUNCT
hassl-824	101	41	2014	2014	NUM
hassl-824	101	42	;	;	PUNCT
hassl-824	101	43	ma	ma	PROPN
hassl-824	101	44	et	et	PROPN
hassl-824	101	45	al	al	PROPN
hassl-824	101	46	.	.	PROPN
hassl-824	101	47	,	,	PUNCT
hassl-824	101	48	2016	2016	NUM
hassl-824	101	49	)	)	PUNCT
hassl-824	101	50	.	.	PUNCT
hassl-824	102	1	humanities	humanity	NOUN
hassl-824	102	2	and	and	CCONJ
hassl-824	102	3	social	social	ADJ
hassl-824	102	4	sciences	science	NOUN
hassl-824	102	5	letters	letter	NOUN
hassl-824	102	6	,	,	PUNCT
hassl-824	102	7	2019	2019	NUM
hassl-824	102	8	,	,	PUNCT
hassl-824	102	9	7(3	7(3	NUM
hassl-824	102	10	):	):	PUNCT
hassl-824	102	11	123	123	NUM
hassl-824	102	12	-	-	SYM
hassl-824	102	13	140	140	NUM
hassl-824	102	14	126	126	NUM
hassl-824	102	15	©	©	PROPN
hassl-824	102	16	2019	2019	NUM
hassl-824	102	17	conscientia	conscientia	PROPN
hassl-824	102	18	beam	beam	PROPN
hassl-824	102	19	.	.	PUNCT
hassl-824	103	1	all	all	DET
hassl-824	103	2	rights	right	NOUN
hassl-824	103	3	reserved	reserve	VERB
hassl-824	103	4	.	.	PUNCT
hassl-824	104	1	3	3	X
hassl-824	104	2	.	.	X
hassl-824	104	3	literature	literature	NOUN
hassl-824	104	4	review	review	PROPN
hassl-824	104	5	and	and	CCONJ
hassl-824	104	6	hypothesis	hypothesis	NOUN
hassl-824	104	7	development	development	NOUN
hassl-824	104	8	the	the	DET
hassl-824	104	9	impact	impact	NOUN
hassl-824	104	10	of	of	ADP
hassl-824	104	11	legal	legal	ADJ
hassl-824	104	12	and	and	CCONJ
hassl-824	104	13	institutional	institutional	ADJ
hassl-824	104	14	factors	factor	NOUN
hassl-824	104	15	on	on	ADP
hassl-824	104	16	corporate	corporate	ADJ
hassl-824	104	17	cash	cash	NOUN
hassl-824	104	18	holdings	holding	NOUN
hassl-824	104	19	emerge	emerge	VERB
hassl-824	104	20	in	in	ADP
hassl-824	104	21	recent	recent	ADJ
hassl-824	104	22	years	year	NOUN
hassl-824	104	23	.	.	PUNCT
hassl-824	105	1	pinkowitz	pinkowitz	VERB
hassl-824	105	2	et	et	PROPN
hassl-824	105	3	al	al	PROPN
hassl-824	105	4	.	.	PROPN
hassl-824	106	1	(	(	PUNCT
hassl-824	106	2	2003	2003	NUM
hassl-824	106	3	)	)	PUNCT
hassl-824	106	4	and	and	CCONJ
hassl-824	106	5	dittmar	dittmar	NOUN
hassl-824	106	6	et	et	PROPN
hassl-824	106	7	al	al	PROPN
hassl-824	106	8	.	.	PROPN
hassl-824	107	1	(	(	PUNCT
hassl-824	107	2	2003	2003	NUM
hassl-824	107	3	)	)	PUNCT
hassl-824	107	4	move	move	VERB
hassl-824	107	5	beyond	beyond	ADP
hassl-824	107	6	us	us	PROPN
hassl-824	107	7	firms	firm	NOUN
hassl-824	107	8	by	by	ADP
hassl-824	107	9	studying	study	VERB
hassl-824	107	10	the	the	DET
hassl-824	107	11	determinants	determinant	NOUN
hassl-824	107	12	of	of	ADP
hassl-824	107	13	firm	firm	ADJ
hassl-824	107	14	cash	cash	NOUN
hassl-824	107	15	holdings	holding	NOUN
hassl-824	107	16	in	in	ADP
hassl-824	107	17	cross	cross	NOUN
hassl-824	107	18	nation	nation	NOUN
hassl-824	107	19	settings	setting	NOUN
hassl-824	107	20	.	.	PUNCT
hassl-824	108	1	the	the	DET
hassl-824	108	2	result	result	NOUN
hassl-824	108	3	shows	show	VERB
hassl-824	108	4	that	that	SCONJ
hassl-824	108	5	the	the	DET
hassl-824	108	6	country	country	NOUN
hassl-824	108	7	-	-	PUNCT
hassl-824	108	8	specific	specific	ADJ
hassl-824	108	9	characteristics	characteristic	NOUN
hassl-824	108	10	are	be	AUX
hassl-824	108	11	significantly	significantly	ADV
hassl-824	108	12	related	relate	VERB
hassl-824	108	13	to	to	ADP
hassl-824	108	14	the	the	DET
hassl-824	108	15	crosscountry	crosscountry	PROPN
hassl-824	108	16	variation	variation	NOUN
hassl-824	108	17	in	in	ADP
hassl-824	108	18	corporate	corporate	ADJ
hassl-824	108	19	cash	cash	NOUN
hassl-824	108	20	holdings	holding	NOUN
hassl-824	108	21	.	.	PUNCT
hassl-824	109	1	the	the	DET
hassl-824	109	2	variables	variable	NOUN
hassl-824	109	3	include	include	VERB
hassl-824	109	4	corruption	corruption	NOUN
hassl-824	109	5	or	or	CCONJ
hassl-824	109	6	country	country	NOUN
hassl-824	109	7	risk	risk	NOUN
hassl-824	109	8	.	.	PUNCT
hassl-824	110	1	the	the	DET
hassl-824	110	2	agency	agency	NOUN
hassl-824	110	3	cost	cost	NOUN
hassl-824	110	4	is	be	AUX
hassl-824	110	5	higher	high	ADJ
hassl-824	110	6	in	in	ADP
hassl-824	110	7	countries	country	NOUN
hassl-824	110	8	with	with	ADP
hassl-824	110	9	high	high	ADJ
hassl-824	110	10	country	country	NOUN
hassl-824	110	11	risk	risk	NOUN
hassl-824	110	12	and	and	CCONJ
hassl-824	110	13	corruption	corruption	NOUN
hassl-824	110	14	due	due	ADP
hassl-824	110	15	to	to	ADP
hassl-824	110	16	higher	high	ADJ
hassl-824	110	17	agency	agency	NOUN
hassl-824	110	18	costs	cost	NOUN
hassl-824	110	19	.	.	PUNCT
hassl-824	111	1	lower	low	ADJ
hassl-824	111	2	quality	quality	NOUN
hassl-824	111	3	governmental	governmental	ADJ
hassl-824	111	4	,	,	PUNCT
hassl-824	111	5	financial	financial	ADJ
hassl-824	111	6	and	and	CCONJ
hassl-824	111	7	regulatory	regulatory	ADJ
hassl-824	111	8	institutions	institution	NOUN
hassl-824	111	9	could	could	AUX
hassl-824	111	10	entice	entice	VERB
hassl-824	111	11	managers	manager	NOUN
hassl-824	111	12	to	to	PART
hassl-824	111	13	divert	divert	VERB
hassl-824	111	14	corporate	corporate	ADJ
hassl-824	111	15	resources	resource	NOUN
hassl-824	111	16	for	for	ADP
hassl-824	111	17	private	private	ADJ
hassl-824	111	18	benefits	benefit	NOUN
hassl-824	111	19	.	.	PUNCT
hassl-824	112	1	the	the	DET
hassl-824	112	2	following	follow	VERB
hassl-824	112	3	section	section	NOUN
hassl-824	112	4	will	will	AUX
hassl-824	112	5	discuss	discuss	VERB
hassl-824	112	6	on	on	ADP
hassl-824	112	7	important	important	ADJ
hassl-824	112	8	governance	governance	NOUN
hassl-824	112	9	attributes	attribute	NOUN
hassl-824	112	10	as	as	SCONJ
hassl-824	112	11	identified	identify	VERB
hassl-824	112	12	in	in	ADP
hassl-824	112	13	previous	previous	ADJ
hassl-824	112	14	literature	literature	NOUN
hassl-824	112	15	and	and	CCONJ
hassl-824	112	16	development	development	NOUN
hassl-824	112	17	of	of	ADP
hassl-824	112	18	the	the	DET
hassl-824	112	19	hypothesis	hypothesis	NOUN
hassl-824	112	20	to	to	PART
hassl-824	112	21	be	be	AUX
hassl-824	112	22	tested	test	VERB
hassl-824	112	23	in	in	ADP
hassl-824	112	24	this	this	DET
hassl-824	112	25	study	study	NOUN
hassl-824	112	26	.	.	PUNCT
hassl-824	113	1	3.1	3.1	NUM
hassl-824	113	2	.	.	PUNCT
hassl-824	113	3	voice	voice	NOUN
hassl-824	113	4	and	and	CCONJ
hassl-824	113	5	accountability	accountability	NOUN
hassl-824	113	6	chen	chen	PROPN
hassl-824	113	7	and	and	CCONJ
hassl-824	113	8	yang	yang	PROPN
hassl-824	113	9	(	(	PUNCT
hassl-824	113	10	2016	2016	NUM
hassl-824	113	11	)	)	PUNCT
hassl-824	113	12	is	be	AUX
hassl-824	113	13	one	one	NUM
hassl-824	113	14	of	of	ADP
hassl-824	113	15	the	the	DET
hassl-824	113	16	first	first	ADJ
hassl-824	113	17	to	to	PART
hassl-824	113	18	link	link	VERB
hassl-824	113	19	democracy	democracy	NOUN
hassl-824	113	20	to	to	ADP
hassl-824	113	21	corporate	corporate	ADJ
hassl-824	113	22	cash	cash	NOUN
hassl-824	113	23	holdings	holding	NOUN
hassl-824	113	24	.	.	PUNCT
hassl-824	114	1	apart	apart	ADV
hassl-824	114	2	from	from	ADP
hassl-824	114	3	firm	firm	ADJ
hassl-824	114	4	-	-	PUNCT
hassl-824	114	5	level	level	NOUN
hassl-824	114	6	corporate	corporate	ADJ
hassl-824	114	7	governance	governance	NOUN
hassl-824	114	8	,	,	PUNCT
hassl-824	114	9	democracy	democracy	NOUN
hassl-824	114	10	is	be	AUX
hassl-824	114	11	aimed	aim	VERB
hassl-824	114	12	to	to	PART
hassl-824	114	13	alleviate	alleviate	VERB
hassl-824	114	14	agency	agency	NOUN
hassl-824	114	15	problems	problem	NOUN
hassl-824	114	16	,	,	PUNCT
hassl-824	114	17	especially	especially	ADV
hassl-824	114	18	at	at	ADP
hassl-824	114	19	country	country	NOUN
hassl-824	114	20	-	-	PUNCT
hassl-824	114	21	level	level	NOUN
hassl-824	114	22	.	.	PUNCT
hassl-824	115	1	democracy	democracy	NOUN
hassl-824	115	2	is	be	AUX
hassl-824	115	3	a	a	DET
hassl-824	115	4	political	political	ADJ
hassl-824	115	5	system	system	NOUN
hassl-824	115	6	.	.	PUNCT
hassl-824	116	1	there	there	PRON
hassl-824	116	2	are	be	VERB
hassl-824	116	3	two	two	NUM
hassl-824	116	4	main	main	ADJ
hassl-824	116	5	players	player	NOUN
hassl-824	116	6	in	in	ADP
hassl-824	116	7	the	the	DET
hassl-824	116	8	system	system	NOUN
hassl-824	116	9	.	.	PUNCT
hassl-824	117	1	they	they	PRON
hassl-824	117	2	are	be	AUX
hassl-824	117	3	agent	agent	NOUN
hassl-824	117	4	and	and	CCONJ
hassl-824	117	5	principal	principal	NOUN
hassl-824	117	6	.	.	PUNCT
hassl-824	118	1	a	a	DET
hassl-824	118	2	company	company	NOUN
hassl-824	118	3	manager	manager	NOUN
hassl-824	118	4	and	and	CCONJ
hassl-824	118	5	governor	governor	NOUN
hassl-824	118	6	serve	serve	VERB
hassl-824	118	7	as	as	ADP
hassl-824	118	8	an	an	DET
hassl-824	118	9	agent	agent	NOUN
hassl-824	118	10	at	at	ADP
hassl-824	118	11	firm	firm	ADJ
hassl-824	118	12	and	and	CCONJ
hassl-824	118	13	country	country	NOUN
hassl-824	118	14	-	-	PUNCT
hassl-824	118	15	level	level	NOUN
hassl-824	118	16	respectively	respectively	ADV
hassl-824	118	17	,	,	PUNCT
hassl-824	118	18	while	while	SCONJ
hassl-824	118	19	shareholders	shareholder	NOUN
hassl-824	118	20	(	(	PUNCT
hassl-824	118	21	firm	firm	ADJ
hassl-824	118	22	-	-	PUNCT
hassl-824	118	23	level	level	NOUN
hassl-824	118	24	)	)	PUNCT
hassl-824	118	25	and	and	CCONJ
hassl-824	118	26	public	public	ADJ
hassl-824	118	27	citizens	citizen	NOUN
hassl-824	118	28	(	(	PUNCT
hassl-824	118	29	country	country	NOUN
hassl-824	118	30	-	-	PUNCT
hassl-824	118	31	level	level	NOUN
hassl-824	118	32	)	)	PUNCT
hassl-824	118	33	are	be	AUX
hassl-824	118	34	the	the	DET
hassl-824	118	35	principals	principal	NOUN
hassl-824	118	36	.	.	PUNCT
hassl-824	119	1	agents	agent	NOUN
hassl-824	119	2	are	be	AUX
hassl-824	119	3	expected	expect	VERB
hassl-824	119	4	to	to	PART
hassl-824	119	5	act	act	VERB
hassl-824	119	6	in	in	ADP
hassl-824	119	7	the	the	DET
hassl-824	119	8	principals‟	principals‟	NOUN
hassl-824	119	9	best	good	ADJ
hassl-824	119	10	interest	interest	NOUN
hassl-824	119	11	.	.	PUNCT
hassl-824	120	1	the	the	DET
hassl-824	120	2	citizens	citizen	NOUN
hassl-824	120	3	are	be	AUX
hassl-824	120	4	supposed	suppose	VERB
hassl-824	120	5	to	to	PART
hassl-824	120	6	enjoy	enjoy	VERB
hassl-824	120	7	better	well	ADJ
hassl-824	120	8	benefits	benefit	NOUN
hassl-824	120	9	with	with	ADP
hassl-824	120	10	a	a	DET
hassl-824	120	11	higher	high	ADJ
hassl-824	120	12	level	level	NOUN
hassl-824	120	13	of	of	ADP
hassl-824	120	14	democracy	democracy	NOUN
hassl-824	120	15	.	.	PUNCT
hassl-824	121	1	similarly	similarly	ADV
hassl-824	121	2	,	,	PUNCT
hassl-824	121	3	the	the	DET
hassl-824	121	4	value	value	NOUN
hassl-824	121	5	of	of	ADP
hassl-824	121	6	shareholders	shareholder	NOUN
hassl-824	121	7	should	should	AUX
hassl-824	121	8	be	be	AUX
hassl-824	121	9	higher	high	ADJ
hassl-824	121	10	with	with	ADP
hassl-824	121	11	better	well	ADJ
hassl-824	121	12	corporate	corporate	ADJ
hassl-824	121	13	governance	governance	NOUN
hassl-824	121	14	.	.	PUNCT
hassl-824	122	1	according	accord	VERB
hassl-824	122	2	to	to	ADP
hassl-824	122	3	chen	chen	PROPN
hassl-824	122	4	and	and	CCONJ
hassl-824	122	5	yang	yang	PROPN
hassl-824	122	6	(	(	PUNCT
hassl-824	122	7	2016	2016	NUM
hassl-824	122	8	)	)	PUNCT
hassl-824	122	9	corporate	corporate	ADJ
hassl-824	122	10	governance	governance	NOUN
hassl-824	122	11	better	well	ADV
hassl-824	122	12	reflects	reflect	VERB
hassl-824	122	13	the	the	DET
hassl-824	122	14	external	external	ADJ
hassl-824	122	15	democratic	democratic	ADJ
hassl-824	122	16	setting	setting	NOUN
hassl-824	122	17	with	with	ADP
hassl-824	122	18	a	a	DET
hassl-824	122	19	higher	high	ADJ
hassl-824	122	20	level	level	NOUN
hassl-824	122	21	of	of	ADP
hassl-824	122	22	democracy	democracy	NOUN
hassl-824	122	23	.	.	PUNCT
hassl-824	123	1	in	in	ADP
hassl-824	123	2	such	such	ADJ
hassl-824	123	3	cases	case	NOUN
hassl-824	123	4	,	,	PUNCT
hassl-824	123	5	firms	firm	NOUN
hassl-824	123	6	tend	tend	VERB
hassl-824	123	7	to	to	PART
hassl-824	123	8	comply	comply	VERB
hassl-824	123	9	with	with	ADP
hassl-824	123	10	democratic	democratic	ADJ
hassl-824	123	11	procedures	procedure	NOUN
hassl-824	123	12	in	in	ADP
hassl-824	123	13	their	their	PRON
hassl-824	123	14	governance	governance	NOUN
hassl-824	123	15	system	system	NOUN
hassl-824	123	16	.	.	PUNCT
hassl-824	124	1	therefore	therefore	ADV
hassl-824	124	2	,	,	PUNCT
hassl-824	124	3	there	there	PRON
hassl-824	124	4	is	be	VERB
hassl-824	124	5	a	a	DET
hassl-824	124	6	need	need	NOUN
hassl-824	124	7	for	for	ADP
hassl-824	124	8	improvement	improvement	NOUN
hassl-824	124	9	of	of	ADP
hassl-824	124	10	corporate	corporate	ADJ
hassl-824	124	11	governance	governance	NOUN
hassl-824	124	12	.	.	PUNCT
hassl-824	125	1	with	with	ADP
hassl-824	125	2	good	good	ADJ
hassl-824	125	3	governance	governance	NOUN
hassl-824	125	4	in	in	ADP
hassl-824	125	5	place	place	NOUN
hassl-824	125	6	,	,	PUNCT
hassl-824	125	7	the	the	DET
hassl-824	125	8	agency	agency	NOUN
hassl-824	125	9	problems	problem	NOUN
hassl-824	125	10	are	be	AUX
hassl-824	125	11	expected	expect	VERB
hassl-824	125	12	to	to	PART
hassl-824	125	13	be	be	AUX
hassl-824	125	14	less	less	ADV
hassl-824	125	15	severe	severe	ADJ
hassl-824	125	16	and	and	CCONJ
hassl-824	125	17	thus	thus	ADV
hassl-824	125	18	fewer	few	ADJ
hassl-824	125	19	cash	cash	NOUN
hassl-824	125	20	holdings	holding	NOUN
hassl-824	125	21	.	.	PUNCT
hassl-824	126	1	thus	thus	ADV
hassl-824	126	2	,	,	PUNCT
hassl-824	126	3	the	the	DET
hassl-824	126	4	following	follow	VERB
hassl-824	126	5	hypothesis	hypothesis	NOUN
hassl-824	126	6	is	be	AUX
hassl-824	126	7	formulated	formulate	VERB
hassl-824	126	8	:	:	PUNCT
hassl-824	126	9	hypothesis	hypothesis	NOUN
hassl-824	126	10	1	1	NUM
hassl-824	126	11	.	.	PUNCT
hassl-824	127	1	there	there	PRON
hassl-824	127	2	is	be	VERB
hassl-824	127	3	a	a	DET
hassl-824	127	4	negative	negative	ADJ
hassl-824	127	5	relationship	relationship	NOUN
hassl-824	127	6	between	between	ADP
hassl-824	127	7	voice	voice	NOUN
hassl-824	127	8	and	and	CCONJ
hassl-824	127	9	accountability	accountability	NOUN
hassl-824	127	10	and	and	CCONJ
hassl-824	127	11	corporate	corporate	ADJ
hassl-824	127	12	cash	cash	NOUN
hassl-824	127	13	holdings	holding	NOUN
hassl-824	127	14	.	.	PUNCT
hassl-824	128	1	3.2	3.2	NUM
hassl-824	128	2	.	.	PUNCT
hassl-824	129	1	government	government	NOUN
hassl-824	129	2	effectiveness	effectiveness	NOUN
hassl-824	129	3	the	the	DET
hassl-824	129	4	role	role	NOUN
hassl-824	129	5	of	of	ADP
hassl-824	129	6	government	government	NOUN
hassl-824	129	7	has	have	AUX
hassl-824	129	8	emerged	emerge	VERB
hassl-824	129	9	as	as	ADP
hassl-824	129	10	an	an	DET
hassl-824	129	11	important	important	ADJ
hassl-824	129	12	explanatory	explanatory	ADJ
hassl-824	129	13	variable	variable	NOUN
hassl-824	129	14	on	on	ADP
hassl-824	129	15	corporate	corporate	ADJ
hassl-824	129	16	cash	cash	NOUN
hassl-824	129	17	holdings	holding	NOUN
hassl-824	129	18	in	in	ADP
hassl-824	129	19	recent	recent	ADJ
hassl-824	129	20	years	year	NOUN
hassl-824	129	21	(	(	PUNCT
hassl-824	129	22	chen	chen	PROPN
hassl-824	129	23	et	et	PROPN
hassl-824	129	24	al	al	PROPN
hassl-824	129	25	.	.	PROPN
hassl-824	129	26	,	,	PUNCT
hassl-824	129	27	2014	2014	NUM
hassl-824	129	28	)	)	PUNCT
hassl-824	129	29	.	.	PUNCT
hassl-824	130	1	a	a	DET
hassl-824	130	2	good	good	ADJ
hassl-824	130	3	government	government	NOUN
hassl-824	130	4	may	may	AUX
hassl-824	130	5	be	be	AUX
hassl-824	130	6	more	more	ADV
hassl-824	130	7	effective	effective	ADJ
hassl-824	130	8	in	in	ADP
hassl-824	130	9	mitigating	mitigate	VERB
hassl-824	130	10	expropriation	expropriation	NOUN
hassl-824	130	11	among	among	ADP
hassl-824	130	12	firms	firm	NOUN
hassl-824	130	13	.	.	PUNCT
hassl-824	131	1	caprio	caprio	PROPN
hassl-824	131	2	et	et	PROPN
hassl-824	131	3	al	al	PROPN
hassl-824	131	4	.	.	PROPN
hassl-824	132	1	(	(	PUNCT
hassl-824	132	2	2013	2013	NUM
hassl-824	132	3	)	)	PUNCT
hassl-824	132	4	take	take	VERB
hassl-824	132	5	into	into	ADP
hassl-824	132	6	consideration	consideration	NOUN
hassl-824	132	7	of	of	ADP
hassl-824	132	8	protecting	protect	VERB
hassl-824	132	9	their	their	PRON
hassl-824	132	10	assets	asset	NOUN
hassl-824	132	11	from	from	ADP
hassl-824	132	12	possible	possible	ADJ
hassl-824	132	13	government	government	NOUN
hassl-824	132	14	expropriation	expropriation	NOUN
hassl-824	132	15	when	when	SCONJ
hassl-824	132	16	structuring	structure	VERB
hassl-824	132	17	the	the	DET
hassl-824	132	18	firm‟s	firm‟s	NOUN
hassl-824	132	19	assets	asset	NOUN
hassl-824	132	20	.	.	PUNCT
hassl-824	133	1	they	they	PRON
hassl-824	133	2	argue	argue	VERB
hassl-824	133	3	that	that	SCONJ
hassl-824	133	4	firms	firm	NOUN
hassl-824	133	5	hold	hold	VERB
hassl-824	133	6	a	a	DET
hassl-824	133	7	lower	low	ADJ
hassl-824	133	8	proportion	proportion	NOUN
hassl-824	133	9	of	of	ADP
hassl-824	133	10	their	their	PRON
hassl-824	133	11	assets	asset	NOUN
hassl-824	133	12	in	in	ADP
hassl-824	133	13	the	the	DET
hassl-824	133	14	form	form	NOUN
hassl-824	133	15	of	of	ADP
hassl-824	133	16	liquid	liquid	ADJ
hassl-824	133	17	assets	asset	NOUN
hassl-824	133	18	in	in	ADP
hassl-824	133	19	fear	fear	NOUN
hassl-824	133	20	with	with	ADP
hassl-824	133	21	political	political	ADJ
hassl-824	133	22	extraction	extraction	NOUN
hassl-824	133	23	.	.	PUNCT
hassl-824	134	1	thus	thus	ADV
hassl-824	134	2	,	,	PUNCT
hassl-824	134	3	similar	similar	ADJ
hassl-824	134	4	to	to	ADP
hassl-824	134	5	chen	chen	PROPN
hassl-824	134	6	et	et	PROPN
hassl-824	134	7	al	al	PROPN
hassl-824	134	8	.	.	PROPN
hassl-824	135	1	(	(	PUNCT
hassl-824	135	2	2014	2014	NUM
hassl-824	135	3	)	)	PUNCT
hassl-824	135	4	a	a	DET
hassl-824	135	5	positive	positive	ADJ
hassl-824	135	6	relationship	relationship	NOUN
hassl-824	135	7	between	between	ADP
hassl-824	135	8	government	government	NOUN
hassl-824	135	9	quality	quality	NOUN
hassl-824	135	10	and	and	CCONJ
hassl-824	135	11	corporate	corporate	ADJ
hassl-824	135	12	cash	cash	NOUN
hassl-824	135	13	holdings	holding	NOUN
hassl-824	135	14	are	be	AUX
hassl-824	135	15	expected	expect	VERB
hassl-824	135	16	in	in	ADP
hassl-824	135	17	this	this	DET
hassl-824	135	18	study	study	NOUN
hassl-824	135	19	as	as	ADV
hassl-824	135	20	well	well	ADV
hassl-824	135	21	.	.	PUNCT
hassl-824	136	1	when	when	SCONJ
hassl-824	136	2	there	there	PRON
hassl-824	136	3	is	be	VERB
hassl-824	136	4	a	a	DET
hassl-824	136	5	high	high	ADJ
hassl-824	136	6	threat	threat	NOUN
hassl-824	136	7	in	in	ADP
hassl-824	136	8	political	political	ADJ
hassl-824	136	9	extraction	extraction	NOUN
hassl-824	136	10	,	,	PUNCT
hassl-824	136	11	corporate	corporate	ADJ
hassl-824	136	12	insiders	insider	NOUN
hassl-824	136	13	are	be	AUX
hassl-824	136	14	likely	likely	ADJ
hassl-824	136	15	to	to	PART
hassl-824	136	16	take	take	VERB
hassl-824	136	17	measures	measure	NOUN
hassl-824	136	18	to	to	PART
hassl-824	136	19	minimise	minimise	VERB
hassl-824	136	20	expropriation	expropriation	NOUN
hassl-824	136	21	by	by	ADP
hassl-824	136	22	the	the	DET
hassl-824	136	23	government	government	NOUN
hassl-824	136	24	(	(	PUNCT
hassl-824	136	25	stulz	stulz	ADJ
hassl-824	136	26	,	,	PUNCT
hassl-824	136	27	2005	2005	NUM
hassl-824	136	28	)	)	PUNCT
hassl-824	136	29	.	.	PUNCT
hassl-824	137	1	one	one	NUM
hassl-824	137	2	of	of	ADP
hassl-824	137	3	the	the	DET
hassl-824	137	4	steps	step	NOUN
hassl-824	137	5	includes	include	VERB
hassl-824	137	6	holding	hold	VERB
hassl-824	137	7	less	less	ADJ
hassl-824	137	8	liquid	liquid	ADJ
hassl-824	137	9	assets	asset	NOUN
hassl-824	137	10	such	such	ADJ
hassl-824	137	11	as	as	ADP
hassl-824	137	12	cash	cash	NOUN
hassl-824	137	13	in	in	ADP
hassl-824	137	14	the	the	DET
hassl-824	137	15	firm	firm	NOUN
hassl-824	137	16	.	.	PUNCT
hassl-824	138	1	since	since	SCONJ
hassl-824	138	2	cash	cash	NOUN
hassl-824	138	3	can	can	AUX
hassl-824	138	4	be	be	AUX
hassl-824	138	5	easily	easily	ADV
hassl-824	138	6	converted	convert	VERB
hassl-824	138	7	to	to	ADP
hassl-824	138	8	personal	personal	ADJ
hassl-824	138	9	benefits	benefit	NOUN
hassl-824	138	10	and	and	CCONJ
hassl-824	138	11	harder	hard	ADJ
hassl-824	138	12	to	to	PART
hassl-824	138	13	keep	keep	VERB
hassl-824	138	14	track	track	NOUN
hassl-824	138	15	,	,	PUNCT
hassl-824	138	16	cash	cash	NOUN
hassl-824	138	17	is	be	AUX
hassl-824	138	18	subject	subject	ADJ
hassl-824	138	19	to	to	ADP
hassl-824	138	20	the	the	DET
hassl-824	138	21	higher	high	ADJ
hassl-824	138	22	possibility	possibility	NOUN
hassl-824	138	23	of	of	ADP
hassl-824	138	24	expropriation	expropriation	NOUN
hassl-824	138	25	compared	compare	VERB
hassl-824	138	26	to	to	ADP
hassl-824	138	27	other	other	ADJ
hassl-824	138	28	assets	asset	NOUN
hassl-824	138	29	such	such	ADJ
hassl-824	138	30	as	as	ADP
hassl-824	138	31	fixed	fix	VERB
hassl-824	138	32	assets	asset	NOUN
hassl-824	138	33	(	(	PUNCT
hassl-824	138	34	myers	myers	PROPN
hassl-824	138	35	and	and	CCONJ
hassl-824	138	36	rajan	rajan	PROPN
hassl-824	138	37	,	,	PUNCT
hassl-824	138	38	1998	1998	NUM
hassl-824	138	39	)	)	PUNCT
hassl-824	138	40	.	.	PUNCT
hassl-824	139	1	however	however	ADV
hassl-824	139	2	,	,	PUNCT
hassl-824	139	3	if	if	SCONJ
hassl-824	139	4	a	a	DET
hassl-824	139	5	good	good	ADJ
hassl-824	139	6	government	government	NOUN
hassl-824	139	7	is	be	AUX
hassl-824	139	8	willing	willing	ADJ
hassl-824	139	9	to	to	PART
hassl-824	139	10	help	help	VERB
hassl-824	139	11	to	to	PART
hassl-824	139	12	construct	construct	VERB
hassl-824	139	13	a	a	DET
hassl-824	139	14	more	more	ADV
hassl-824	139	15	open	open	ADJ
hassl-824	139	16	and	and	CCONJ
hassl-824	139	17	well	well	ADV
hassl-824	139	18	-	-	PUNCT
hassl-824	139	19	regulated	regulate	VERB
hassl-824	139	20	banking	banking	NOUN
hassl-824	139	21	sector	sector	NOUN
hassl-824	139	22	,	,	PUNCT
hassl-824	139	23	firms	firm	NOUN
hassl-824	139	24	should	should	AUX
hassl-824	139	25	be	be	AUX
hassl-824	139	26	able	able	ADJ
hassl-824	139	27	to	to	PART
hassl-824	139	28	access	access	VERB
hassl-824	139	29	to	to	ADP
hassl-824	139	30	finance	finance	NOUN
hassl-824	139	31	.	.	PUNCT
hassl-824	140	1	thus	thus	ADV
hassl-824	140	2	,	,	PUNCT
hassl-824	140	3	the	the	DET
hassl-824	140	4	firm	firm	NOUN
hassl-824	140	5	would	would	AUX
hassl-824	140	6	not	not	PART
hassl-824	140	7	have	have	VERB
hassl-824	140	8	to	to	PART
hassl-824	140	9	hold	hold	VERB
hassl-824	140	10	so	so	ADV
hassl-824	140	11	much	much	ADJ
hassl-824	140	12	cash	cash	NOUN
hassl-824	140	13	.	.	PUNCT
hassl-824	141	1	this	this	DET
hassl-824	141	2	study	study	NOUN
hassl-824	141	3	examines	examine	VERB
hassl-824	141	4	how	how	SCONJ
hassl-824	141	5	government	government	NOUN
hassl-824	141	6	quality	quality	NOUN
hassl-824	141	7	helps	help	VERB
hassl-824	141	8	to	to	PART
hassl-824	141	9	relieve	relieve	VERB
hassl-824	141	10	financial	financial	ADJ
hassl-824	141	11	constraints	constraint	NOUN
hassl-824	141	12	.	.	PUNCT
hassl-824	142	1	the	the	DET
hassl-824	142	2	following	follow	VERB
hassl-824	142	3	hypothesis	hypothesis	NOUN
hassl-824	142	4	is	be	AUX
hassl-824	142	5	thus	thus	ADV
hassl-824	142	6	formulated	formulate	VERB
hassl-824	142	7	.	.	PUNCT
hassl-824	143	1	hypothesis	hypothesis	NOUN
hassl-824	143	2	2	2	NUM
hassl-824	143	3	.	.	PUNCT
hassl-824	144	1	government	government	NOUN
hassl-824	144	2	effectiveness	effectiveness	NOUN
hassl-824	144	3	is	be	AUX
hassl-824	144	4	negatively	negatively	ADV
hassl-824	144	5	related	relate	VERB
hassl-824	144	6	to	to	ADP
hassl-824	144	7	corporate	corporate	ADJ
hassl-824	144	8	cash	cash	NOUN
hassl-824	144	9	holdings	holding	NOUN
hassl-824	144	10	.	.	PUNCT
hassl-824	145	1	3.3	3.3	NUM
hassl-824	145	2	.	.	PUNCT
hassl-824	146	1	rule	rule	NOUN
hassl-824	146	2	of	of	ADP
hassl-824	146	3	law	law	NOUN
hassl-824	146	4	according	accord	VERB
hassl-824	146	5	to	to	ADP
hassl-824	146	6	oh	oh	INTJ
hassl-824	146	7	and	and	CCONJ
hassl-824	146	8	oetzel	oetzel	ADJ
hassl-824	146	9	(	(	PUNCT
hassl-824	146	10	2011	2011	NUM
hassl-824	146	11	)	)	PUNCT
hassl-824	146	12	strong	strong	ADJ
hassl-824	146	13	and	and	CCONJ
hassl-824	146	14	established	establish	VERB
hassl-824	146	15	regulatory	regulatory	ADJ
hassl-824	146	16	quality	quality	NOUN
hassl-824	146	17	and	and	CCONJ
hassl-824	146	18	the	the	DET
hassl-824	146	19	rule	rule	NOUN
hassl-824	146	20	of	of	ADP
hassl-824	146	21	law	law	NOUN
hassl-824	146	22	are	be	AUX
hassl-824	146	23	an	an	DET
hassl-824	146	24	essential	essential	ADJ
hassl-824	146	25	element	element	NOUN
hassl-824	146	26	of	of	ADP
hassl-824	146	27	country	country	NOUN
hassl-824	146	28	governance	governance	NOUN
hassl-824	146	29	.	.	PUNCT
hassl-824	147	1	for	for	ADP
hassl-824	147	2	example	example	NOUN
hassl-824	147	3	,	,	PUNCT
hassl-824	147	4	the	the	DET
hassl-824	147	5	rule	rule	NOUN
hassl-824	147	6	of	of	ADP
hassl-824	147	7	law	law	NOUN
hassl-824	147	8	can	can	AUX
hassl-824	147	9	alleviate	alleviate	VERB
hassl-824	147	10	the	the	DET
hassl-824	147	11	negative	negative	ADJ
hassl-824	147	12	impact	impact	NOUN
hassl-824	147	13	of	of	ADP
hassl-824	147	14	major	major	ADJ
hassl-824	147	15	disasters	disaster	NOUN
hassl-824	147	16	.	.	PUNCT
hassl-824	148	1	regulation	regulation	NOUN
hassl-824	148	2	quality	quality	NOUN
hassl-824	148	3	is	be	AUX
hassl-824	148	4	defined	define	VERB
hassl-824	148	5	based	base	VERB
hassl-824	148	6	on	on	ADP
hassl-824	148	7	kaufmann	kaufmann	PROPN
hassl-824	148	8	and	and	CCONJ
hassl-824	148	9	kraay	kraay	PROPN
hassl-824	148	10	(	(	PUNCT
hassl-824	148	11	2008	2008	NUM
hassl-824	148	12	)	)	PUNCT
hassl-824	148	13	.	.	PUNCT
hassl-824	149	1	similarly	similarly	ADV
hassl-824	149	2	,	,	PUNCT
hassl-824	149	3	regulatory	regulatory	ADJ
hassl-824	149	4	quality	quality	NOUN
hassl-824	149	5	used	use	VERB
hassl-824	149	6	in	in	ADP
hassl-824	149	7	this	this	DET
hassl-824	149	8	study	study	NOUN
hassl-824	149	9	is	be	AUX
hassl-824	149	10	measured	measure	VERB
hassl-824	149	11	based	base	VERB
hassl-824	149	12	on	on	ADP
hassl-824	149	13	the	the	DET
hassl-824	149	14	capability	capability	NOUN
hassl-824	149	15	of	of	ADP
hassl-824	149	16	governments	government	NOUN
hassl-824	149	17	to	to	PART
hassl-824	149	18	devise	devise	VERB
hassl-824	149	19	and	and	CCONJ
hassl-824	149	20	execute	execute	VERB
hassl-824	149	21	well	well	ADV
hassl-824	149	22	-	-	PUNCT
hassl-824	149	23	constructed	construct	VERB
hassl-824	149	24	policies	policy	NOUN
hassl-824	149	25	and	and	CCONJ
hassl-824	149	26	humanities	humanity	NOUN
hassl-824	149	27	and	and	CCONJ
hassl-824	149	28	social	social	ADJ
hassl-824	149	29	sciences	science	NOUN
hassl-824	149	30	letters	letter	NOUN
hassl-824	149	31	,	,	PUNCT
hassl-824	149	32	2019	2019	NUM
hassl-824	149	33	,	,	PUNCT
hassl-824	149	34	7(3	7(3	NUM
hassl-824	149	35	):	):	PUNCT
hassl-824	149	36	123	123	NUM
hassl-824	149	37	-	-	SYM
hassl-824	149	38	140	140	NUM
hassl-824	149	39	127	127	NUM
hassl-824	149	40	©	©	PROPN
hassl-824	149	41	2019	2019	NUM
hassl-824	149	42	conscientia	conscientia	PROPN
hassl-824	149	43	beam	beam	PROPN
hassl-824	149	44	.	.	PUNCT
hassl-824	150	1	all	all	DET
hassl-824	150	2	rights	right	NOUN
hassl-824	150	3	reserved	reserve	VERB
hassl-824	150	4	.	.	PUNCT
hassl-824	151	1	regulations	regulation	NOUN
hassl-824	151	2	.	.	PUNCT
hassl-824	152	1	the	the	DET
hassl-824	152	2	rule	rule	NOUN
hassl-824	152	3	of	of	ADP
hassl-824	152	4	law	law	NOUN
hassl-824	152	5	relates	relate	VERB
hassl-824	152	6	to	to	ADP
hassl-824	152	7	the	the	DET
hassl-824	152	8	degree	degree	NOUN
hassl-824	152	9	to	to	PART
hassl-824	152	10	which	which	PRON
hassl-824	152	11	citizens	citizen	NOUN
hassl-824	152	12	comply	comply	VERB
hassl-824	152	13	with	with	ADP
hassl-824	152	14	the	the	DET
hassl-824	152	15	societal	societal	ADJ
hassl-824	152	16	rules	rule	NOUN
hassl-824	152	17	.	.	PUNCT
hassl-824	153	1	it	it	PRON
hassl-824	153	2	also	also	ADV
hassl-824	153	3	refers	refer	VERB
hassl-824	153	4	to	to	ADP
hassl-824	153	5	the	the	DET
hassl-824	153	6	effectiveness	effectiveness	NOUN
hassl-824	153	7	of	of	ADP
hassl-824	153	8	contracts	contract	NOUN
hassl-824	153	9	enforcement	enforcement	NOUN
hassl-824	153	10	and	and	CCONJ
hassl-824	153	11	protection	protection	NOUN
hassl-824	153	12	of	of	ADP
hassl-824	153	13	rights	right	NOUN
hassl-824	153	14	(	(	PUNCT
hassl-824	153	15	la	la	X
hassl-824	153	16	porta	porta	NOUN
hassl-824	153	17	et	et	PROPN
hassl-824	153	18	al	al	PROPN
hassl-824	153	19	.	.	PROPN
hassl-824	153	20	,	,	PUNCT
hassl-824	153	21	2000	2000	NUM
hassl-824	153	22	)	)	PUNCT
hassl-824	153	23	.	.	PUNCT
hassl-824	154	1	on	on	ADP
hassl-824	154	2	regulatory	regulatory	ADJ
hassl-824	154	3	quality	quality	NOUN
hassl-824	154	4	,	,	PUNCT
hassl-824	154	5	governments	government	NOUN
hassl-824	154	6	often	often	ADV
hassl-824	154	7	enact	enact	VERB
hassl-824	154	8	various	various	ADJ
hassl-824	154	9	types	type	NOUN
hassl-824	154	10	of	of	ADP
hassl-824	154	11	regulations	regulation	NOUN
hassl-824	154	12	as	as	ADP
hassl-824	154	13	precaution	precaution	NOUN
hassl-824	154	14	measures	measure	NOUN
hassl-824	154	15	to	to	ADP
hassl-824	154	16	disasters	disaster	NOUN
hassl-824	154	17	.	.	PUNCT
hassl-824	155	1	nevertheless	nevertheless	ADV
hassl-824	155	2	,	,	PUNCT
hassl-824	155	3	the	the	DET
hassl-824	155	4	efficacy	efficacy	NOUN
hassl-824	155	5	of	of	ADP
hassl-824	155	6	the	the	DET
hassl-824	155	7	measure	measure	NOUN
hassl-824	155	8	depends	depend	VERB
hassl-824	155	9	on	on	ADP
hassl-824	155	10	the	the	DET
hassl-824	155	11	adequacy	adequacy	NOUN
hassl-824	155	12	of	of	ADP
hassl-824	155	13	government	government	NOUN
hassl-824	155	14	implementation	implementation	NOUN
hassl-824	155	15	and	and	CCONJ
hassl-824	155	16	enforcement	enforcement	NOUN
hassl-824	155	17	.	.	PUNCT
hassl-824	156	1	the	the	DET
hassl-824	156	2	latter	latter	ADJ
hassl-824	156	3	is	be	AUX
hassl-824	156	4	reflected	reflect	VERB
hassl-824	156	5	in	in	ADP
hassl-824	156	6	the	the	DET
hassl-824	156	7	rule	rule	NOUN
hassl-824	156	8	of	of	ADP
hassl-824	156	9	law	law	NOUN
hassl-824	156	10	.	.	PUNCT
hassl-824	157	1	however	however	ADV
hassl-824	157	2	,	,	PUNCT
hassl-824	157	3	it	it	PRON
hassl-824	157	4	is	be	AUX
hassl-824	157	5	also	also	ADV
hassl-824	157	6	the	the	DET
hassl-824	157	7	most	most	ADV
hassl-824	157	8	challenging	challenging	ADJ
hassl-824	157	9	part	part	NOUN
hassl-824	157	10	of	of	ADP
hassl-824	157	11	the	the	DET
hassl-824	157	12	regulatory	regulatory	ADJ
hassl-824	157	13	process	process	NOUN
hassl-824	157	14	.	.	PUNCT
hassl-824	158	1	similar	similar	ADJ
hassl-824	158	2	to	to	ADP
hassl-824	158	3	agency	agency	NOUN
hassl-824	158	4	theory	theory	NOUN
hassl-824	158	5	,	,	PUNCT
hassl-824	158	6	effective	effective	ADJ
hassl-824	158	7	enforcement	enforcement	NOUN
hassl-824	158	8	of	of	ADP
hassl-824	158	9	the	the	DET
hassl-824	158	10	law	law	NOUN
hassl-824	158	11	is	be	AUX
hassl-824	158	12	prerequisites	prerequisite	NOUN
hassl-824	158	13	to	to	ADP
hassl-824	158	14	reducing	reduce	VERB
hassl-824	158	15	agency	agency	NOUN
hassl-824	158	16	costs	cost	NOUN
hassl-824	158	17	.	.	PUNCT
hassl-824	159	1	the	the	DET
hassl-824	159	2	following	follow	VERB
hassl-824	159	3	hypothesis	hypothesis	NOUN
hassl-824	159	4	is	be	AUX
hassl-824	159	5	thus	thus	ADV
hassl-824	159	6	formulated	formulate	VERB
hassl-824	159	7	:	:	PUNCT
hassl-824	159	8	hypothesis	hypothesis	NOUN
hassl-824	159	9	3	3	NUM
hassl-824	159	10	.	.	PUNCT
hassl-824	160	1	the	the	DET
hassl-824	160	2	rule	rule	NOUN
hassl-824	160	3	of	of	ADP
hassl-824	160	4	law	law	NOUN
hassl-824	160	5	has	have	VERB
hassl-824	160	6	a	a	DET
hassl-824	160	7	positive	positive	ADJ
hassl-824	160	8	effect	effect	NOUN
hassl-824	160	9	on	on	ADP
hassl-824	160	10	corporate	corporate	ADJ
hassl-824	160	11	cash	cash	NOUN
hassl-824	160	12	holdings	holding	NOUN
hassl-824	160	13	.	.	PUNCT
hassl-824	161	1	3.4	3.4	NUM
hassl-824	161	2	.	.	PUNCT
hassl-824	161	3	political	political	ADJ
hassl-824	161	4	stability	stability	NOUN
hassl-824	161	5	another	another	DET
hassl-824	161	6	important	important	ADJ
hassl-824	161	7	governance	governance	NOUN
hassl-824	161	8	attribute	attribute	NOUN
hassl-824	161	9	is	be	AUX
hassl-824	161	10	the	the	DET
hassl-824	161	11	extent	extent	NOUN
hassl-824	161	12	of	of	ADP
hassl-824	161	13	political	political	ADJ
hassl-824	161	14	stability	stability	NOUN
hassl-824	161	15	in	in	ADP
hassl-824	161	16	a	a	DET
hassl-824	161	17	country	country	NOUN
hassl-824	161	18	.	.	PUNCT
hassl-824	162	1	cash	cash	NOUN
hassl-824	162	2	and	and	CCONJ
hassl-824	162	3	cash	cash	NOUN
hassl-824	162	4	equivalents	equivalent	NOUN
hassl-824	162	5	are	be	AUX
hassl-824	162	6	the	the	DET
hassl-824	162	7	most	most	ADV
hassl-824	162	8	liquid	liquid	ADJ
hassl-824	162	9	asset	asset	NOUN
hassl-824	162	10	in	in	ADP
hassl-824	162	11	a	a	DET
hassl-824	162	12	firm‟s	firm‟s	NOUN
hassl-824	162	13	balance	balance	NOUN
hassl-824	162	14	sheet	sheet	NOUN
hassl-824	162	15	.	.	PUNCT
hassl-824	163	1	it	it	PRON
hassl-824	163	2	is	be	AUX
hassl-824	163	3	arguably	arguably	ADV
hassl-824	163	4	most	most	ADV
hassl-824	163	5	susceptible	susceptible	ADJ
hassl-824	163	6	to	to	ADP
hassl-824	163	7	political	political	ADJ
hassl-824	163	8	exploitation	exploitation	NOUN
hassl-824	163	9	(	(	PUNCT
hassl-824	163	10	myers	myers	PROPN
hassl-824	163	11	and	and	CCONJ
hassl-824	163	12	rajan	rajan	PROPN
hassl-824	163	13	,	,	PUNCT
hassl-824	163	14	1998	1998	NUM
hassl-824	163	15	)	)	PUNCT
hassl-824	163	16	.	.	PUNCT
hassl-824	164	1	the	the	DET
hassl-824	164	2	more	more	ADV
hassl-824	164	3	unstable	unstable	ADJ
hassl-824	164	4	the	the	DET
hassl-824	164	5	political	political	ADJ
hassl-824	164	6	condition	condition	NOUN
hassl-824	164	7	in	in	ADP
hassl-824	164	8	a	a	DET
hassl-824	164	9	country	country	NOUN
hassl-824	164	10	would	would	AUX
hassl-824	164	11	lead	lead	VERB
hassl-824	164	12	to	to	ADP
hassl-824	164	13	more	more	ADJ
hassl-824	164	14	uncertainties	uncertainty	NOUN
hassl-824	164	15	associated	associate	VERB
hassl-824	164	16	with	with	ADP
hassl-824	164	17	doing	do	VERB
hassl-824	164	18	business	business	NOUN
hassl-824	164	19	,	,	PUNCT
hassl-824	164	20	vice	vice	NOUN
hassl-824	164	21	versa	versa	ADV
hassl-824	164	22	.	.	PUNCT
hassl-824	165	1	past	past	ADP
hassl-824	165	2	studies	study	NOUN
hassl-824	165	3	such	such	ADJ
hassl-824	165	4	as	as	ADP
hassl-824	165	5	(	(	PUNCT
hassl-824	165	6	hearn	hearn	NOUN
hassl-824	165	7	and	and	CCONJ
hassl-824	165	8	piesse	piesse	NOUN
hassl-824	165	9	,	,	PUNCT
hassl-824	165	10	2013	2013	NUM
hassl-824	165	11	)	)	PUNCT
hassl-824	165	12	show	show	VERB
hassl-824	165	13	that	that	SCONJ
hassl-824	165	14	political	political	ADJ
hassl-824	165	15	instability	instability	NOUN
hassl-824	165	16	can	can	AUX
hassl-824	165	17	lead	lead	VERB
hassl-824	165	18	to	to	ADP
hassl-824	165	19	avoidance	avoidance	NOUN
hassl-824	165	20	or	or	CCONJ
hassl-824	165	21	decline	decline	VERB
hassl-824	165	22	in	in	ADP
hassl-824	165	23	the	the	DET
hassl-824	165	24	level	level	NOUN
hassl-824	165	25	of	of	ADP
hassl-824	165	26	investment	investment	NOUN
hassl-824	165	27	by	by	ADP
hassl-824	165	28	firms	firm	NOUN
hassl-824	165	29	.	.	PUNCT
hassl-824	166	1	firms	firm	NOUN
hassl-824	166	2	tend	tend	VERB
hassl-824	166	3	to	to	PART
hassl-824	166	4	be	be	AUX
hassl-824	166	5	risk	risk	NOUN
hassl-824	166	6	averse	averse	ADJ
hassl-824	166	7	and	and	CCONJ
hassl-824	166	8	avoid	avoid	VERB
hassl-824	166	9	investment	investment	NOUN
hassl-824	166	10	during	during	ADP
hassl-824	166	11	political	political	ADJ
hassl-824	166	12	turbulence	turbulence	NOUN
hassl-824	166	13	.	.	PUNCT
hassl-824	167	1	in	in	ADP
hassl-824	167	2	another	another	DET
hassl-824	167	3	word	word	NOUN
hassl-824	167	4	,	,	PUNCT
hassl-824	167	5	firm	firm	NOUN
hassl-824	167	6	performs	perform	VERB
hassl-824	167	7	better	well	ADV
hassl-824	167	8	under	under	ADP
hassl-824	167	9	stable	stable	ADJ
hassl-824	167	10	conditions	condition	NOUN
hassl-824	167	11	.	.	PUNCT
hassl-824	168	1	since	since	SCONJ
hassl-824	168	2	good	good	ADJ
hassl-824	168	3	governance	governance	NOUN
hassl-824	168	4	is	be	AUX
hassl-824	168	5	associated	associate	VERB
hassl-824	168	6	with	with	ADP
hassl-824	168	7	the	the	DET
hassl-824	168	8	stability	stability	NOUN
hassl-824	168	9	and	and	CCONJ
hassl-824	168	10	accountability	accountability	NOUN
hassl-824	168	11	of	of	ADP
hassl-824	168	12	the	the	DET
hassl-824	168	13	political	political	ADJ
hassl-824	168	14	state	state	NOUN
hassl-824	168	15	of	of	ADP
hassl-824	168	16	a	a	DET
hassl-824	168	17	country	country	NOUN
hassl-824	168	18	,	,	PUNCT
hassl-824	168	19	firm‟s	firm‟s	NOUN
hassl-824	168	20	tendency	tendency	NOUN
hassl-824	168	21	to	to	PART
hassl-824	168	22	invest	invest	VERB
hassl-824	168	23	and	and	CCONJ
hassl-824	168	24	retain	retain	VERB
hassl-824	168	25	cash	cash	NOUN
hassl-824	168	26	varies	varie	NOUN
hassl-824	168	27	.	.	PUNCT
hassl-824	169	1	julio	julio	PROPN
hassl-824	169	2	and	and	CCONJ
hassl-824	169	3	yook	yook	NOUN
hassl-824	169	4	(	(	PUNCT
hassl-824	169	5	2012	2012	NUM
hassl-824	169	6	)	)	PUNCT
hassl-824	169	7	study	study	VERB
hassl-824	169	8	corporate	corporate	ADJ
hassl-824	169	9	investments	investment	NOUN
hassl-824	169	10	around	around	ADP
hassl-824	169	11	the	the	DET
hassl-824	169	12	time	time	NOUN
hassl-824	169	13	of	of	ADP
hassl-824	169	14	248	248	NUM
hassl-824	169	15	national	national	ADJ
hassl-824	169	16	elections	election	NOUN
hassl-824	169	17	in	in	ADP
hassl-824	169	18	48	48	NUM
hassl-824	169	19	countries	country	NOUN
hassl-824	169	20	from	from	ADP
hassl-824	169	21	1980	1980	NUM
hassl-824	169	22	to	to	ADP
hassl-824	169	23	2005	2005	NUM
hassl-824	169	24	.	.	PUNCT
hassl-824	170	1	given	give	VERB
hassl-824	170	2	the	the	DET
hassl-824	170	3	political	political	ADJ
hassl-824	170	4	uncertainty	uncertainty	NOUN
hassl-824	170	5	during	during	ADP
hassl-824	170	6	election	election	NOUN
hassl-824	170	7	years	year	NOUN
hassl-824	170	8	,	,	PUNCT
hassl-824	170	9	they	they	PRON
hassl-824	170	10	argue	argue	VERB
hassl-824	170	11	that	that	SCONJ
hassl-824	170	12	an	an	DET
hassl-824	170	13	election	election	NOUN
hassl-824	170	14	can	can	AUX
hassl-824	170	15	have	have	VERB
hassl-824	170	16	an	an	DET
hassl-824	170	17	adverse	adverse	ADJ
hassl-824	170	18	outcome	outcome	NOUN
hassl-824	170	19	for	for	ADP
hassl-824	170	20	a	a	DET
hassl-824	170	21	firm	firm	NOUN
hassl-824	170	22	.	.	PUNCT
hassl-824	171	1	hence	hence	ADV
hassl-824	171	2	,	,	PUNCT
hassl-824	171	3	there	there	PRON
hassl-824	171	4	is	be	VERB
hassl-824	171	5	a	a	DET
hassl-824	171	6	value	value	NOUN
hassl-824	171	7	on	on	ADP
hassl-824	171	8	the	the	DET
hassl-824	171	9	option	option	NOUN
hassl-824	171	10	of	of	ADP
hassl-824	171	11	waiting	wait	VERB
hassl-824	171	12	to	to	PART
hassl-824	171	13	invest	invest	VERB
hassl-824	171	14	.	.	PUNCT
hassl-824	172	1	the	the	DET
hassl-824	172	2	authors	author	NOUN
hassl-824	172	3	report	report	VERB
hassl-824	172	4	that	that	SCONJ
hassl-824	172	5	firms	firm	NOUN
hassl-824	172	6	reduce	reduce	VERB
hassl-824	172	7	their	their	PRON
hassl-824	172	8	investments	investment	NOUN
hassl-824	172	9	,	,	PUNCT
hassl-824	172	10	on	on	ADP
hassl-824	172	11	average	average	ADJ
hassl-824	172	12	,	,	PUNCT
hassl-824	172	13	by	by	ADP
hassl-824	172	14	4.8	4.8	NUM
hassl-824	172	15	%	%	NOUN
hassl-824	172	16	during	during	ADP
hassl-824	172	17	political	political	ADJ
hassl-824	172	18	uncertainty	uncertainty	NOUN
hassl-824	172	19	periods	period	NOUN
hassl-824	172	20	,	,	PUNCT
hassl-824	172	21	after	after	ADP
hassl-824	172	22	controlling	control	VERB
hassl-824	172	23	for	for	ADP
hassl-824	172	24	other	other	ADJ
hassl-824	172	25	factors	factor	NOUN
hassl-824	172	26	.	.	PUNCT
hassl-824	173	1	based	base	VERB
hassl-824	173	2	on	on	ADP
hassl-824	173	3	the	the	DET
hassl-824	173	4	literature	literature	NOUN
hassl-824	173	5	and	and	CCONJ
hassl-824	173	6	the	the	DET
hassl-824	173	7	helping	help	VERB
hassl-824	173	8	hand	hand	NOUN
hassl-824	173	9	hypothesis	hypothesis	NOUN
hassl-824	173	10	of	of	ADP
hassl-824	173	11	political	political	ADJ
hassl-824	173	12	uncertainty	uncertainty	NOUN
hassl-824	173	13	,	,	PUNCT
hassl-824	173	14	we	we	PRON
hassl-824	173	15	predict	predict	VERB
hassl-824	173	16	that	that	SCONJ
hassl-824	173	17	a	a	DET
hassl-824	173	18	firm	firm	NOUN
hassl-824	173	19	will	will	AUX
hassl-824	173	20	hold	hold	VERB
hassl-824	173	21	more	more	ADJ
hassl-824	173	22	cash	cash	NOUN
hassl-824	173	23	to	to	PART
hassl-824	173	24	take	take	VERB
hassl-824	173	25	advantage	advantage	NOUN
hassl-824	173	26	of	of	ADP
hassl-824	173	27	new	new	ADJ
hassl-824	173	28	government	government	NOUN
hassl-824	173	29	officials	official	NOUN
hassl-824	173	30	'	'	PART
hassl-824	173	31	initiatives	initiative	NOUN
hassl-824	173	32	.	.	PUNCT
hassl-824	174	1	it	it	PRON
hassl-824	174	2	is	be	AUX
hassl-824	174	3	in	in	ADP
hassl-824	174	4	the	the	DET
hassl-824	174	5	best	good	ADJ
hassl-824	174	6	interests	interest	NOUN
hassl-824	174	7	of	of	ADP
hassl-824	174	8	a	a	DET
hassl-824	174	9	firm	firm	NOUN
hassl-824	174	10	to	to	PART
hassl-824	174	11	respond	respond	VERB
hassl-824	174	12	quickly	quickly	ADV
hassl-824	174	13	to	to	ADP
hassl-824	174	14	the	the	DET
hassl-824	174	15	new	new	ADJ
hassl-824	174	16	initiatives	initiative	NOUN
hassl-824	174	17	.	.	PUNCT
hassl-824	175	1	hence	hence	ADV
hassl-824	175	2	,	,	PUNCT
hassl-824	175	3	a	a	DET
hassl-824	175	4	firm	firm	NOUN
hassl-824	175	5	will	will	AUX
hassl-824	175	6	hold	hold	VERB
hassl-824	175	7	more	more	ADJ
hassl-824	175	8	cash	cash	NOUN
hassl-824	175	9	for	for	ADP
hassl-824	175	10	precautionary	precautionary	ADJ
hassl-824	175	11	and	and	CCONJ
hassl-824	175	12	speculative	speculative	ADJ
hassl-824	175	13	purposes	purpose	NOUN
hassl-824	175	14	when	when	SCONJ
hassl-824	175	15	anticipating	anticipate	VERB
hassl-824	175	16	political	political	ADJ
hassl-824	175	17	uncertainty	uncertainty	NOUN
hassl-824	175	18	.	.	PUNCT
hassl-824	176	1	in	in	ADP
hassl-824	176	2	contrast	contrast	NOUN
hassl-824	176	3	,	,	PUNCT
hassl-824	176	4	the	the	DET
hassl-824	176	5	grabbing	grab	VERB
hassl-824	176	6	hand	hand	NOUN
hassl-824	176	7	hypothesis	hypothesis	NOUN
hassl-824	176	8	of	of	ADP
hassl-824	176	9	politician	politician	NOUN
hassl-824	176	10	suggests	suggest	VERB
hassl-824	176	11	that	that	SCONJ
hassl-824	176	12	a	a	DET
hassl-824	176	13	new	new	ADJ
hassl-824	176	14	government	government	NOUN
hassl-824	176	15	official	official	NOUN
hassl-824	176	16	is	be	AUX
hassl-824	176	17	likely	likely	ADJ
hassl-824	176	18	to	to	PART
hassl-824	176	19	extract	extract	VERB
hassl-824	176	20	assets	asset	NOUN
hassl-824	176	21	from	from	ADP
hassl-824	176	22	the	the	DET
hassl-824	176	23	firm	firm	NOUN
hassl-824	176	24	.	.	PUNCT
hassl-824	177	1	political	political	ADJ
hassl-824	177	2	uncertainty	uncertainty	NOUN
hassl-824	177	3	creates	create	VERB
hassl-824	177	4	the	the	DET
hassl-824	177	5	risk	risk	NOUN
hassl-824	177	6	of	of	ADP
hassl-824	177	7	extraction	extraction	NOUN
hassl-824	177	8	.	.	PUNCT
hassl-824	178	1	among	among	ADP
hassl-824	178	2	many	many	ADJ
hassl-824	178	3	assets	asset	NOUN
hassl-824	178	4	,	,	PUNCT
hassl-824	178	5	cash	cash	NOUN
hassl-824	178	6	is	be	AUX
hassl-824	178	7	the	the	DET
hassl-824	178	8	easiest	easy	ADJ
hassl-824	178	9	to	to	PART
hassl-824	178	10	extract	extract	VERB
hassl-824	178	11	.	.	PUNCT
hassl-824	179	1	hence	hence	ADV
hassl-824	179	2	,	,	PUNCT
hassl-824	179	3	it	it	PRON
hassl-824	179	4	is	be	AUX
hassl-824	179	5	a	a	DET
hassl-824	179	6	good	good	ADJ
hassl-824	179	7	strategy	strategy	NOUN
hassl-824	179	8	to	to	PART
hassl-824	179	9	hold	hold	VERB
hassl-824	179	10	less	less	ADJ
hassl-824	179	11	cash	cash	NOUN
hassl-824	179	12	to	to	PART
hassl-824	179	13	minimise	minimise	VERB
hassl-824	179	14	such	such	DET
hassl-824	179	15	a	a	DET
hassl-824	179	16	risk	risk	NOUN
hassl-824	179	17	.	.	PUNCT
hassl-824	180	1	in	in	ADP
hassl-824	180	2	sum	sum	NOUN
hassl-824	180	3	,	,	PUNCT
hassl-824	180	4	we	we	PRON
hassl-824	180	5	do	do	AUX
hassl-824	180	6	not	not	PART
hassl-824	180	7	know	know	VERB
hassl-824	180	8	if	if	SCONJ
hassl-824	180	9	the	the	DET
hassl-824	180	10	helping	helping	NOUN
hassl-824	180	11	or	or	CCONJ
hassl-824	180	12	the	the	DET
hassl-824	180	13	grabbing	grab	VERB
hassl-824	180	14	hand	hand	NOUN
hassl-824	180	15	hypothesis	hypothesis	NOUN
hassl-824	180	16	prevails	prevail	VERB
hassl-824	180	17	.	.	PUNCT
hassl-824	181	1	hence	hence	ADV
hassl-824	181	2	,	,	PUNCT
hassl-824	181	3	whether	whether	SCONJ
hassl-824	181	4	a	a	DET
hassl-824	181	5	firm	firm	NOUN
hassl-824	181	6	will	will	AUX
hassl-824	181	7	hold	hold	VERB
hassl-824	181	8	more	more	ADJ
hassl-824	181	9	cash	cash	NOUN
hassl-824	181	10	under	under	ADP
hassl-824	181	11	political	political	ADJ
hassl-824	181	12	uncertainty	uncertainty	NOUN
hassl-824	181	13	is	be	AUX
hassl-824	181	14	an	an	DET
hassl-824	181	15	empirical	empirical	ADJ
hassl-824	181	16	question	question	NOUN
hassl-824	181	17	.	.	PUNCT
hassl-824	182	1	our	our	PRON
hassl-824	182	2	testable	testable	ADJ
hassl-824	182	3	hypotheses	hypothesis	NOUN
hassl-824	182	4	are	be	AUX
hassl-824	182	5	the	the	DET
hassl-824	182	6	following	following	NOUN
hassl-824	182	7	.	.	PUNCT
hassl-824	183	1	hypothesis	hypothesis	NOUN
hassl-824	183	2	4	4	NUM
hassl-824	183	3	.	.	PUNCT
hassl-824	183	4	during	during	ADP
hassl-824	183	5	a	a	DET
hassl-824	183	6	period	period	NOUN
hassl-824	183	7	of	of	ADP
hassl-824	183	8	political	political	ADJ
hassl-824	183	9	uncertainty	uncertainty	NOUN
hassl-824	183	10	,	,	PUNCT
hassl-824	183	11	a	a	DET
hassl-824	183	12	firm	firm	NOUN
hassl-824	183	13	holds	hold	VERB
hassl-824	183	14	more	more	ADJ
hassl-824	183	15	cash	cash	NOUN
hassl-824	183	16	.	.	PUNCT
hassl-824	184	1	3.5	3.5	NUM
hassl-824	184	2	.	.	PUNCT
hassl-824	184	3	control	control	NOUN
hassl-824	184	4	of	of	ADP
hassl-824	184	5	corruption	corruption	NOUN
hassl-824	184	6	good	good	ADJ
hassl-824	184	7	governance	governance	NOUN
hassl-824	184	8	enhances	enhance	VERB
hassl-824	184	9	the	the	DET
hassl-824	184	10	performance	performance	NOUN
hassl-824	184	11	of	of	ADP
hassl-824	184	12	firms	firm	NOUN
hassl-824	184	13	when	when	SCONJ
hassl-824	184	14	it	it	PRON
hassl-824	184	15	fosters	foster	VERB
hassl-824	184	16	the	the	DET
hassl-824	184	17	rule	rule	NOUN
hassl-824	184	18	of	of	ADP
hassl-824	184	19	law	law	NOUN
hassl-824	184	20	and	and	CCONJ
hassl-824	184	21	sound	sound	NOUN
hassl-824	184	22	control	control	NOUN
hassl-824	184	23	of	of	ADP
hassl-824	184	24	corruption	corruption	NOUN
hassl-824	184	25	.	.	PUNCT
hassl-824	185	1	corporate	corporate	ADJ
hassl-824	185	2	governance	governance	NOUN
hassl-824	185	3	weakens	weaken	VERB
hassl-824	185	4	as	as	SCONJ
hassl-824	185	5	government	government	NOUN
hassl-824	185	6	officials	official	NOUN
hassl-824	185	7	appropriate	appropriate	ADJ
hassl-824	185	8	for	for	ADP
hassl-824	185	9	private	private	ADJ
hassl-824	185	10	benefit	benefit	NOUN
hassl-824	185	11	.	.	PUNCT
hassl-824	186	1	corruption	corruption	NOUN
hassl-824	186	2	is	be	AUX
hassl-824	186	3	important	important	ADJ
hassl-824	186	4	in	in	ADP
hassl-824	186	5	shaping	shape	VERB
hassl-824	186	6	corporate	corporate	ADJ
hassl-824	186	7	finance	finance	NOUN
hassl-824	186	8	practices	practice	NOUN
hassl-824	186	9	.	.	PUNCT
hassl-824	187	1	according	accord	VERB
hassl-824	187	2	to	to	ADP
hassl-824	187	3	du	du	PROPN
hassl-824	187	4	(	(	PUNCT
hassl-824	187	5	2008	2008	NUM
hassl-824	187	6	)	)	PUNCT
hassl-824	187	7	corruption	corruption	NOUN
hassl-824	187	8	is	be	AUX
hassl-824	187	9	associated	associate	VERB
hassl-824	187	10	with	with	ADP
hassl-824	187	11	more	more	ADJ
hassl-824	187	12	prevalent	prevalent	ADJ
hassl-824	187	13	ownership	ownership	NOUN
hassl-824	187	14	concentration	concentration	NOUN
hassl-824	187	15	and	and	CCONJ
hassl-824	187	16	poor	poor	ADJ
hassl-824	187	17	corporate	corporate	ADJ
hassl-824	187	18	governance	governance	NOUN
hassl-824	187	19	.	.	PUNCT
hassl-824	188	1	in	in	ADP
hassl-824	188	2	addition	addition	NOUN
hassl-824	188	3	,	,	PUNCT
hassl-824	188	4	as	as	SCONJ
hassl-824	188	5	investor	investor	NOUN
hassl-824	188	6	protection	protection	NOUN
hassl-824	188	7	and	and	CCONJ
hassl-824	188	8	corporate	corporate	ADJ
hassl-824	188	9	governance	governance	NOUN
hassl-824	188	10	weaken	weaken	VERB
hassl-824	188	11	,	,	PUNCT
hassl-824	188	12	the	the	DET
hassl-824	188	13	agency	agency	NOUN
hassl-824	188	14	problem	problem	NOUN
hassl-824	188	15	will	will	AUX
hassl-824	188	16	be	be	AUX
hassl-824	188	17	more	more	ADV
hassl-824	188	18	prevalent	prevalent	ADJ
hassl-824	188	19	.	.	PUNCT
hassl-824	189	1	besides	besides	ADV
hassl-824	189	2	,	,	PUNCT
hassl-824	189	3	aggarwal	aggarwal	NOUN
hassl-824	189	4	et	et	NOUN
hassl-824	189	5	al	al	PROPN
hassl-824	189	6	.	.	PROPN
hassl-824	190	1	(	(	PUNCT
hassl-824	190	2	2012	2012	NUM
hassl-824	190	3	)	)	PUNCT
hassl-824	190	4	argue	argue	VERB
hassl-824	190	5	that	that	SCONJ
hassl-824	190	6	the	the	DET
hassl-824	190	7	internal	internal	ADJ
hassl-824	190	8	agency	agency	NOUN
hassl-824	190	9	problems	problem	NOUN
hassl-824	190	10	worsen	worsen	VERB
hassl-824	190	11	as	as	ADP
hassl-824	190	12	the	the	DET
hassl-824	190	13	level	level	NOUN
hassl-824	190	14	of	of	ADP
hassl-824	190	15	political	political	ADJ
hassl-824	190	16	donation	donation	NOUN
hassl-824	190	17	increase	increase	NOUN
hassl-824	190	18	.	.	PUNCT
hassl-824	191	1	chen	chen	PROPN
hassl-824	191	2	(	(	PUNCT
hassl-824	191	3	2011	2011	NUM
hassl-824	191	4	)	)	PUNCT
hassl-824	191	5	claim	claim	VERB
hassl-824	191	6	that	that	SCONJ
hassl-824	191	7	levels	level	NOUN
hassl-824	191	8	of	of	ADP
hassl-824	191	9	corruption	corruption	NOUN
hassl-824	191	10	are	be	AUX
hassl-824	191	11	associated	associate	VERB
hassl-824	191	12	with	with	ADP
hassl-824	191	13	cash	cash	NOUN
hassl-824	191	14	holdings	holding	NOUN
hassl-824	191	15	.	.	PUNCT
hassl-824	192	1	they	they	PRON
hassl-824	192	2	show	show	VERB
hassl-824	192	3	that	that	SCONJ
hassl-824	192	4	there	there	PRON
hassl-824	192	5	is	be	VERB
hassl-824	192	6	a	a	DET
hassl-824	192	7	need	need	NOUN
hassl-824	192	8	to	to	PART
hassl-824	192	9	hoard	hoard	VERB
hassl-824	192	10	more	more	ADJ
hassl-824	192	11	cash	cash	NOUN
hassl-824	192	12	to	to	PART
hassl-824	192	13	cushion	cushion	VERB
hassl-824	192	14	future	future	ADJ
hassl-824	192	15	unexpected	unexpected	ADJ
hassl-824	192	16	shocks	shock	NOUN
hassl-824	192	17	in	in	ADP
hassl-824	192	18	such	such	ADJ
hassl-824	192	19	countries	country	NOUN
hassl-824	192	20	again	again	ADV
hassl-824	192	21	.	.	PUNCT
hassl-824	193	1	in	in	ADP
hassl-824	193	2	such	such	ADJ
hassl-824	193	3	circumstances	circumstance	NOUN
hassl-824	193	4	,	,	PUNCT
hassl-824	193	5	management	management	NOUN
hassl-824	193	6	may	may	AUX
hassl-824	193	7	engage	engage	VERB
hassl-824	193	8	in	in	ADP
hassl-824	193	9	corruption	corruption	NOUN
hassl-824	193	10	to	to	PART
hassl-824	193	11	secure	secure	VERB
hassl-824	193	12	investment	investment	NOUN
hassl-824	193	13	projects	project	NOUN
hassl-824	193	14	.	.	PUNCT
hassl-824	194	1	as	as	SCONJ
hassl-824	194	2	the	the	DET
hassl-824	194	3	internal	internal	ADJ
hassl-824	194	4	agency	agency	NOUN
hassl-824	194	5	problem	problem	NOUN
hassl-824	194	6	worsens	worsen	VERB
hassl-824	194	7	,	,	PUNCT
hassl-824	194	8	it	it	PRON
hassl-824	194	9	is	be	AUX
hassl-824	194	10	expected	expect	VERB
hassl-824	194	11	that	that	SCONJ
hassl-824	194	12	corporate	corporate	ADJ
hassl-824	194	13	cash	cash	NOUN
hassl-824	194	14	holdings	holding	NOUN
hassl-824	194	15	will	will	AUX
hassl-824	194	16	be	be	AUX
hassl-824	194	17	larger	large	ADJ
hassl-824	194	18	especially	especially	ADV
hassl-824	194	19	in	in	ADP
hassl-824	194	20	lower	low	ADJ
hassl-824	194	21	control	control	NOUN
hassl-824	194	22	of	of	ADP
hassl-824	194	23	corruption	corruption	NOUN
hassl-824	194	24	nation	nation	NOUN
hassl-824	194	25	.	.	PUNCT
hassl-824	195	1	hypothesis	hypothesis	NOUN
hassl-824	195	2	5	5	NUM
hassl-824	195	3	.	.	PUNCT
hassl-824	196	1	the	the	DET
hassl-824	196	2	level	level	NOUN
hassl-824	196	3	of	of	ADP
hassl-824	196	4	control	control	NOUN
hassl-824	196	5	of	of	ADP
hassl-824	196	6	corruption	corruption	NOUN
hassl-824	196	7	is	be	AUX
hassl-824	196	8	negatively	negatively	ADV
hassl-824	196	9	related	relate	VERB
hassl-824	196	10	to	to	ADP
hassl-824	196	11	cash	cash	NOUN
hassl-824	196	12	holdings	holding	NOUN
hassl-824	196	13	.	.	PUNCT
hassl-824	197	1	humanities	humanity	NOUN
hassl-824	197	2	and	and	CCONJ
hassl-824	197	3	social	social	ADJ
hassl-824	197	4	sciences	science	NOUN
hassl-824	197	5	letters	letter	NOUN
hassl-824	197	6	,	,	PUNCT
hassl-824	197	7	2019	2019	NUM
hassl-824	197	8	,	,	PUNCT
hassl-824	197	9	7(3	7(3	NUM
hassl-824	197	10	):	):	PUNCT
hassl-824	197	11	123	123	NUM
hassl-824	197	12	-	-	SYM
hassl-824	197	13	140	140	NUM
hassl-824	197	14	128	128	NUM
hassl-824	197	15	©	©	PROPN
hassl-824	197	16	2019	2019	NUM
hassl-824	197	17	conscientia	conscientia	PROPN
hassl-824	197	18	beam	beam	PROPN
hassl-824	197	19	.	.	PUNCT
hassl-824	198	1	all	all	DET
hassl-824	198	2	rights	right	NOUN
hassl-824	198	3	reserved	reserve	VERB
hassl-824	198	4	.	.	PUNCT
hassl-824	199	1	3.6	3.6	NUM
hassl-824	199	2	.	.	PUNCT
hassl-824	199	3	regulatory	regulatory	ADJ
hassl-824	199	4	quality	quality	NOUN
hassl-824	199	5	another	another	DET
hassl-824	199	6	important	important	ADJ
hassl-824	199	7	external	external	ADJ
hassl-824	199	8	governance	governance	NOUN
hassl-824	199	9	mechanism	mechanism	NOUN
hassl-824	199	10	which	which	PRON
hassl-824	199	11	affects	affect	VERB
hassl-824	199	12	the	the	DET
hassl-824	199	13	corporate	corporate	ADJ
hassl-824	199	14	behaviour	behaviour	NOUN
hassl-824	199	15	is	be	AUX
hassl-824	199	16	the	the	DET
hassl-824	199	17	regulatory	regulatory	ADJ
hassl-824	199	18	quality	quality	NOUN
hassl-824	199	19	of	of	ADP
hassl-824	199	20	a	a	DET
hassl-824	199	21	country	country	NOUN
hassl-824	199	22	(	(	PUNCT
hassl-824	199	23	ngobo	ngobo	NOUN
hassl-824	199	24	and	and	CCONJ
hassl-824	199	25	fouda	fouda	NOUN
hassl-824	199	26	,	,	PUNCT
hassl-824	199	27	2012	2012	NUM
hassl-824	199	28	)	)	PUNCT
hassl-824	199	29	.	.	PUNCT
hassl-824	200	1	regulatory	regulatory	ADJ
hassl-824	200	2	quality	quality	NOUN
hassl-824	200	3	refers	refer	VERB
hassl-824	200	4	to	to	ADP
hassl-824	200	5	the	the	DET
hassl-824	200	6	ability	ability	NOUN
hassl-824	200	7	of	of	ADP
hassl-824	200	8	governments	government	NOUN
hassl-824	200	9	to	to	PART
hassl-824	200	10	enact	enact	VERB
hassl-824	200	11	and	and	CCONJ
hassl-824	200	12	implement	implement	VERB
hassl-824	200	13	well	well	ADV
hassl-824	200	14	-	-	PUNCT
hassl-824	200	15	founded	found	VERB
hassl-824	200	16	policies	policy	NOUN
hassl-824	200	17	and	and	CCONJ
hassl-824	200	18	regulations	regulation	NOUN
hassl-824	200	19	(	(	PUNCT
hassl-824	200	20	kaufmann	kaufmann	PROPN
hassl-824	200	21	et	et	PROPN
hassl-824	200	22	al	al	PROPN
hassl-824	200	23	.	.	PROPN
hassl-824	200	24	,	,	PUNCT
hassl-824	200	25	2011	2011	NUM
hassl-824	200	26	)	)	PUNCT
hassl-824	200	27	.	.	PUNCT
hassl-824	201	1	it	it	PRON
hassl-824	201	2	should	should	AUX
hassl-824	201	3	be	be	AUX
hassl-824	201	4	negatively	negatively	ADV
hassl-824	201	5	related	relate	VERB
hassl-824	201	6	to	to	ADP
hassl-824	201	7	the	the	DET
hassl-824	201	8	capacity	capacity	NOUN
hassl-824	201	9	to	to	PART
hassl-824	201	10	extract	extract	VERB
hassl-824	201	11	private	private	ADJ
hassl-824	201	12	benefits	benefit	NOUN
hassl-824	201	13	of	of	ADP
hassl-824	201	14	control	control	NOUN
hassl-824	201	15	among	among	ADP
hassl-824	201	16	managers	manager	NOUN
hassl-824	201	17	(	(	PUNCT
hassl-824	201	18	la	la	INTJ
hassl-824	201	19	porta	porta	NOUN
hassl-824	201	20	et	et	PROPN
hassl-824	201	21	al	al	PROPN
hassl-824	201	22	.	.	PROPN
hassl-824	201	23	,	,	PUNCT
hassl-824	201	24	2000	2000	NUM
hassl-824	201	25	)	)	PUNCT
hassl-824	201	26	.	.	PUNCT
hassl-824	202	1	the	the	DET
hassl-824	202	2	presence	presence	NOUN
hassl-824	202	3	of	of	ADP
hassl-824	202	4	independent	independent	ADJ
hassl-824	202	5	and	and	CCONJ
hassl-824	202	6	strong	strong	ADJ
hassl-824	202	7	institutions	institution	NOUN
hassl-824	202	8	helps	help	VERB
hassl-824	202	9	to	to	PART
hassl-824	202	10	improve	improve	VERB
hassl-824	202	11	the	the	DET
hassl-824	202	12	performance	performance	NOUN
hassl-824	202	13	of	of	ADP
hassl-824	202	14	the	the	DET
hassl-824	202	15	firm	firm	NOUN
hassl-824	202	16	via	via	ADP
hassl-824	202	17	open	open	ADJ
hassl-824	202	18	and	and	CCONJ
hassl-824	202	19	equal	equal	ADJ
hassl-824	202	20	competition	competition	NOUN
hassl-824	202	21	.	.	PUNCT
hassl-824	203	1	however	however	ADV
hassl-824	203	2	,	,	PUNCT
hassl-824	203	3	strong	strong	ADJ
hassl-824	203	4	legal	legal	ADJ
hassl-824	203	5	and	and	CCONJ
hassl-824	203	6	judicial	judicial	ADJ
hassl-824	203	7	systems	system	NOUN
hassl-824	203	8	are	be	AUX
hassl-824	203	9	a	a	DET
hassl-824	203	10	prerequisite	prerequisite	NOUN
hassl-824	203	11	to	to	ADP
hassl-824	203	12	this	this	DET
hassl-824	203	13	assumption	assumption	NOUN
hassl-824	203	14	.	.	PUNCT
hassl-824	204	1	it	it	PRON
hassl-824	204	2	relies	rely	VERB
hassl-824	204	3	on	on	ADP
hassl-824	204	4	the	the	DET
hassl-824	204	5	development	development	NOUN
hassl-824	204	6	of	of	ADP
hassl-824	204	7	private	private	ADJ
hassl-824	204	8	sector	sector	NOUN
hassl-824	204	9	which	which	PRON
hassl-824	204	10	is	be	AUX
hassl-824	204	11	not	not	PART
hassl-824	204	12	necessarily	necessarily	ADV
hassl-824	204	13	available	available	ADJ
hassl-824	204	14	in	in	ADP
hassl-824	204	15	the	the	DET
hassl-824	204	16	emerging	emerge	VERB
hassl-824	204	17	markets	market	NOUN
hassl-824	204	18	.	.	PUNCT
hassl-824	205	1	according	accord	VERB
hassl-824	205	2	to	to	ADP
hassl-824	205	3	jalilian	jalilian	PROPN
hassl-824	205	4	et	et	PROPN
hassl-824	205	5	al	al	PROPN
hassl-824	205	6	.	.	PROPN
hassl-824	205	7	(	(	PUNCT
hassl-824	205	8	2007	2007	NUM
hassl-824	205	9	)	)	PUNCT
hassl-824	205	10	regulatory	regulatory	ADJ
hassl-824	205	11	quality	quality	NOUN
hassl-824	205	12	significantly	significantly	ADV
hassl-824	205	13	impacts	impact	VERB
hassl-824	205	14	economic	economic	ADJ
hassl-824	205	15	and	and	CCONJ
hassl-824	205	16	business	business	NOUN
hassl-824	205	17	performance	performance	NOUN
hassl-824	205	18	.	.	PUNCT
hassl-824	206	1	as	as	SCONJ
hassl-824	206	2	the	the	DET
hassl-824	206	3	governance	governance	NOUN
hassl-824	206	4	and	and	CCONJ
hassl-824	206	5	firm	firm	ADJ
hassl-824	206	6	performance	performance	NOUN
hassl-824	206	7	improved	improve	VERB
hassl-824	206	8	with	with	ADP
hassl-824	206	9	the	the	DET
hassl-824	206	10	degree	degree	NOUN
hassl-824	206	11	of	of	ADP
hassl-824	206	12	regulatory	regulatory	ADJ
hassl-824	206	13	quality	quality	NOUN
hassl-824	206	14	,	,	PUNCT
hassl-824	206	15	firms	firm	NOUN
hassl-824	206	16	are	be	AUX
hassl-824	206	17	expected	expect	VERB
hassl-824	206	18	to	to	PART
hassl-824	206	19	have	have	VERB
hassl-824	206	20	better	well	ADJ
hassl-824	206	21	entry	entry	NOUN
hassl-824	206	22	to	to	ADP
hassl-824	206	23	the	the	DET
hassl-824	206	24	financial	financial	ADJ
hassl-824	206	25	market	market	NOUN
hassl-824	206	26	for	for	ADP
hassl-824	206	27	external	external	ADJ
hassl-824	206	28	financing	financing	NOUN
hassl-824	206	29	.	.	PUNCT
hassl-824	207	1	there	there	PRON
hassl-824	207	2	is	be	VERB
hassl-824	207	3	less	less	ADJ
hassl-824	207	4	need	need	NOUN
hassl-824	207	5	to	to	PART
hassl-824	207	6	maintain	maintain	VERB
hassl-824	207	7	internal	internal	ADJ
hassl-824	207	8	funds	fund	NOUN
hassl-824	207	9	which	which	PRON
hassl-824	207	10	lead	lead	VERB
hassl-824	207	11	to	to	ADP
hassl-824	207	12	the	the	DET
hassl-824	207	13	following	follow	VERB
hassl-824	207	14	hypothesis	hypothesis	NOUN
hassl-824	207	15	.	.	PUNCT
hassl-824	208	1	hypothesis	hypothesis	NOUN
hassl-824	208	2	6	6	NUM
hassl-824	208	3	.	.	PUNCT
hassl-824	209	1	there	there	PRON
hassl-824	209	2	is	be	VERB
hassl-824	209	3	a	a	DET
hassl-824	209	4	negative	negative	ADJ
hassl-824	209	5	relationship	relationship	NOUN
hassl-824	209	6	between	between	ADP
hassl-824	209	7	the	the	DET
hassl-824	209	8	level	level	NOUN
hassl-824	209	9	of	of	ADP
hassl-824	209	10	regulatory	regulatory	ADJ
hassl-824	209	11	quality	quality	NOUN
hassl-824	209	12	and	and	CCONJ
hassl-824	209	13	cash	cash	NOUN
hassl-824	209	14	holdings	holding	NOUN
hassl-824	209	15	.	.	PUNCT
hassl-824	210	1	4	4	X
hassl-824	210	2	.	.	X
hassl-824	210	3	methodology	methodology	NOUN
hassl-824	210	4	4.1	4.1	NUM
hassl-824	210	5	.	.	PUNCT
hassl-824	211	1	sample	sample	NOUN
hassl-824	211	2	and	and	CCONJ
hassl-824	211	3	data	datum	NOUN
hassl-824	211	4	the	the	DET
hassl-824	211	5	sample	sample	NOUN
hassl-824	211	6	includes	include	VERB
hassl-824	211	7	1274	1274	NUM
hassl-824	211	8	firm	firm	ADJ
hassl-824	211	9	-	-	PUNCT
hassl-824	211	10	year	year	NOUN
hassl-824	211	11	observations	observation	NOUN
hassl-824	211	12	from	from	ADP
hassl-824	211	13	the	the	DET
hassl-824	211	14	year	year	NOUN
hassl-824	211	15	2001	2001	NUM
hassl-824	211	16	to	to	ADP
hassl-824	211	17	2013	2013	NUM
hassl-824	211	18	among	among	ADP
hassl-824	211	19	public	public	ADJ
hassl-824	211	20	listed	list	VERB
hassl-824	211	21	hospitality	hospitality	NOUN
hassl-824	211	22	firms	firm	NOUN
hassl-824	211	23	in	in	ADP
hassl-824	211	24	asean-5	asean-5	NUM
hassl-824	211	25	.	.	PUNCT
hassl-824	212	1	similar	similar	ADJ
hassl-824	212	2	to	to	ADP
hassl-824	212	3	previous	previous	ADJ
hassl-824	212	4	studies	study	NOUN
hassl-824	212	5	,	,	PUNCT
hassl-824	212	6	financial	financial	ADJ
hassl-824	212	7	firms	firm	NOUN
hassl-824	212	8	are	be	AUX
hassl-824	212	9	removed	remove	VERB
hassl-824	212	10	from	from	ADP
hassl-824	212	11	the	the	DET
hassl-824	212	12	sample	sample	NOUN
hassl-824	212	13	as	as	SCONJ
hassl-824	212	14	they	they	PRON
hassl-824	212	15	are	be	AUX
hassl-824	212	16	subject	subject	ADJ
hassl-824	212	17	to	to	ADP
hassl-824	212	18	different	different	ADJ
hassl-824	212	19	regulatory	regulatory	ADJ
hassl-824	212	20	compliance	compliance	NOUN
hassl-824	212	21	requirement	requirement	NOUN
hassl-824	212	22	,	,	PUNCT
hassl-824	212	23	in	in	ADP
hassl-824	212	24	which	which	PRON
hassl-824	212	25	might	might	AUX
hassl-824	212	26	affect	affect	VERB
hassl-824	212	27	the	the	DET
hassl-824	212	28	results	result	NOUN
hassl-824	212	29	(	(	PUNCT
hassl-824	212	30	dittmar	dittmar	NOUN
hassl-824	212	31	et	et	PROPN
hassl-824	212	32	al	al	PROPN
hassl-824	212	33	.	.	PROPN
hassl-824	212	34	,	,	PUNCT
hassl-824	212	35	2003	2003	NUM
hassl-824	212	36	)	)	PUNCT
hassl-824	212	37	.	.	PUNCT
hassl-824	213	1	the	the	DET
hassl-824	213	2	sample	sample	NOUN
hassl-824	213	3	hospitality	hospitality	NOUN
hassl-824	213	4	sectors	sector	NOUN
hassl-824	213	5	are	be	AUX
hassl-824	213	6	selected	select	VERB
hassl-824	213	7	based	base	VERB
hassl-824	213	8	on	on	ADP
hassl-824	213	9	the	the	DET
hassl-824	213	10	definition	definition	NOUN
hassl-824	213	11	of	of	ADP
hassl-824	213	12	hospitality	hospitality	NOUN
hassl-824	213	13	provided	provide	VERB
hassl-824	213	14	by	by	ADP
hassl-824	213	15	pizam	pizam	NOUN
hassl-824	213	16	(	(	PUNCT
hassl-824	213	17	2009	2009	NUM
hassl-824	213	18	)	)	PUNCT
hassl-824	213	19	.	.	PUNCT
hassl-824	214	1	the	the	DET
hassl-824	214	2	hospitality	hospitality	NOUN
hassl-824	214	3	industry	industry	NOUN
hassl-824	214	4	is	be	AUX
hassl-824	214	5	identified	identify	VERB
hassl-824	214	6	using	use	VERB
hassl-824	214	7	the	the	DET
hassl-824	214	8	north	north	ADJ
hassl-824	214	9	american	american	ADJ
hassl-824	214	10	industrial	industrial	ADJ
hassl-824	214	11	classification	classification	NOUN
hassl-824	214	12	system	system	NOUN
hassl-824	214	13	(	(	PUNCT
hassl-824	214	14	naics	naic	NOUN
hassl-824	214	15	)	)	PUNCT
hassl-824	214	16	for	for	ADP
hassl-824	214	17	various	various	ADJ
hassl-824	214	18	aspects	aspect	NOUN
hassl-824	214	19	of	of	ADP
hassl-824	214	20	the	the	DET
hassl-824	214	21	hospitality	hospitality	NOUN
hassl-824	214	22	industry	industry	NOUN
hassl-824	214	23	.	.	PUNCT
hassl-824	215	1	the	the	DET
hassl-824	215	2	codes	code	NOUN
hassl-824	215	3	are	be	AUX
hassl-824	215	4	arts	art	NOUN
hassl-824	215	5	,	,	PUNCT
hassl-824	215	6	entertainment	entertainment	NOUN
hassl-824	215	7	and	and	CCONJ
hassl-824	215	8	recreation	recreation	NOUN
hassl-824	215	9	(	(	PUNCT
hassl-824	215	10	71	71	NUM
hassl-824	215	11	)	)	PUNCT
hassl-824	215	12	,	,	PUNCT
hassl-824	215	13	accommodation	accommodation	NOUN
hassl-824	215	14	and	and	CCONJ
hassl-824	215	15	food	food	NOUN
hassl-824	215	16	services	service	NOUN
hassl-824	215	17	(	(	PUNCT
hassl-824	215	18	72	72	NUM
hassl-824	215	19	)	)	PUNCT
hassl-824	215	20	,	,	PUNCT
hassl-824	215	21	accommodation	accommodation	NOUN
hassl-824	215	22	(	(	PUNCT
hassl-824	215	23	721	721	NUM
hassl-824	215	24	)	)	PUNCT
hassl-824	215	25	,	,	PUNCT
hassl-824	215	26	food	food	NOUN
hassl-824	215	27	services	service	NOUN
hassl-824	215	28	and	and	CCONJ
hassl-824	215	29	drinking	drinking	NOUN
hassl-824	215	30	places	place	NOUN
hassl-824	215	31	(	(	PUNCT
hassl-824	215	32	722	722	NUM
hassl-824	215	33	)	)	PUNCT
hassl-824	215	34	.	.	PUNCT
hassl-824	216	1	firm	firm	ADJ
hassl-824	216	2	-	-	PUNCT
hassl-824	216	3	specific	specific	ADJ
hassl-824	216	4	annual	annual	ADJ
hassl-824	216	5	financial	financial	ADJ
hassl-824	216	6	data	datum	NOUN
hassl-824	216	7	are	be	AUX
hassl-824	216	8	collected	collect	VERB
hassl-824	216	9	from	from	ADP
hassl-824	216	10	the	the	DET
hassl-824	216	11	isi	isi	ADJ
hassl-824	216	12	emerging	emerge	VERB
hassl-824	216	13	market	market	NOUN
hassl-824	216	14	database	database	NOUN
hassl-824	216	15	(	(	PUNCT
hassl-824	216	16	emis	emis	PROPN
hassl-824	216	17	)	)	PUNCT
hassl-824	216	18	.	.	PUNCT
hassl-824	217	1	4.2	4.2	NUM
hassl-824	217	2	.	.	PUNCT
hassl-824	217	3	model	model	NOUN
hassl-824	217	4	specification	specification	NOUN
hassl-824	217	5	we	we	PRON
hassl-824	217	6	develop	develop	VERB
hassl-824	217	7	a	a	DET
hassl-824	217	8	set	set	NOUN
hassl-824	217	9	of	of	ADP
hassl-824	217	10	hypotheses	hypothesis	NOUN
hassl-824	217	11	in	in	ADP
hassl-824	217	12	section	section	NOUN
hassl-824	217	13	3	3	NUM
hassl-824	217	14	given	give	VERB
hassl-824	217	15	each	each	DET
hassl-824	217	16	dimension	dimension	NOUN
hassl-824	217	17	of	of	ADP
hassl-824	217	18	country	country	NOUN
hassl-824	217	19	-	-	PUNCT
hassl-824	217	20	level	level	NOUN
hassl-824	217	21	governance	governance	NOUN
hassl-824	217	22	quality	quality	NOUN
hassl-824	217	23	as	as	SCONJ
hassl-824	217	24	captured	capture	VERB
hassl-824	217	25	by	by	ADP
hassl-824	217	26	the	the	DET
hassl-824	217	27	worldwide	worldwide	ADJ
hassl-824	217	28	governance	governance	NOUN
hassl-824	217	29	indicators	indicator	NOUN
hassl-824	217	30	(	(	PUNCT
hassl-824	217	31	wgi	wgi	PROPN
hassl-824	217	32	)	)	PUNCT
hassl-824	217	33	.	.	PUNCT
hassl-824	218	1	these	these	DET
hassl-824	218	2	hypotheses	hypothesis	NOUN
hassl-824	218	3	were	be	AUX
hassl-824	218	4	also	also	ADV
hassl-824	218	5	built	build	VERB
hassl-824	218	6	on	on	ADP
hassl-824	218	7	the	the	DET
hassl-824	218	8	evidence	evidence	NOUN
hassl-824	218	9	from	from	ADP
hassl-824	218	10	doidge	doidge	PROPN
hassl-824	218	11	et	et	PROPN
hassl-824	218	12	al	al	PROPN
hassl-824	218	13	.	.	PROPN
hassl-824	219	1	(	(	PUNCT
hassl-824	219	2	2007	2007	NUM
hassl-824	219	3	)	)	PUNCT
hassl-824	219	4	that	that	PRON
hassl-824	219	5	highlight	highlight	VERB
hassl-824	219	6	the	the	DET
hassl-824	219	7	significance	significance	NOUN
hassl-824	219	8	of	of	ADP
hassl-824	219	9	country	country	NOUN
hassl-824	219	10	-	-	PUNCT
hassl-824	219	11	level	level	NOUN
hassl-824	219	12	institutional	institutional	ADJ
hassl-824	219	13	factors	factor	NOUN
hassl-824	219	14	in	in	ADP
hassl-824	219	15	the	the	DET
hassl-824	219	16	firm‟s	firm‟s	NOUN
hassl-824	219	17	ease	ease	NOUN
hassl-824	219	18	of	of	ADP
hassl-824	219	19	access	access	NOUN
hassl-824	219	20	to	to	ADP
hassl-824	219	21	the	the	DET
hassl-824	219	22	capital	capital	NOUN
hassl-824	219	23	markets	market	NOUN
hassl-824	219	24	.	.	PUNCT
hassl-824	220	1	according	accord	VERB
hassl-824	220	2	to	to	ADP
hassl-824	220	3	the	the	DET
hassl-824	220	4	authors	author	NOUN
hassl-824	220	5	,	,	PUNCT
hassl-824	220	6	the	the	DET
hassl-824	220	7	external	external	ADJ
hassl-824	220	8	influence	influence	NOUN
hassl-824	220	9	was	be	AUX
hassl-824	220	10	found	find	VERB
hassl-824	220	11	to	to	PART
hassl-824	220	12	be	be	AUX
hassl-824	220	13	more	more	ADV
hassl-824	220	14	influential	influential	ADJ
hassl-824	220	15	than	than	ADP
hassl-824	220	16	the	the	DET
hassl-824	220	17	firmlevel	firmlevel	ADJ
hassl-824	220	18	governance	governance	NOUN
hassl-824	220	19	.	.	PUNCT
hassl-824	221	1	therefore	therefore	ADV
hassl-824	221	2	,	,	PUNCT
hassl-824	221	3	each	each	PRON
hassl-824	221	4	of	of	ADP
hassl-824	221	5	the	the	DET
hassl-824	221	6	six	six	NUM
hassl-824	221	7	hypotheses	hypothesis	NOUN
hassl-824	221	8	is	be	AUX
hassl-824	221	9	formulated	formulate	VERB
hassl-824	221	10	based	base	VERB
hassl-824	221	11	on	on	ADP
hassl-824	221	12	the	the	DET
hassl-824	221	13	expected	expect	VERB
hassl-824	221	14	link	link	NOUN
hassl-824	221	15	between	between	ADP
hassl-824	221	16	these	these	DET
hassl-824	221	17	country	country	NOUN
hassl-824	221	18	governance	governance	NOUN
hassl-824	221	19	quality	quality	NOUN
hassl-824	221	20	measures	measure	NOUN
hassl-824	221	21	and	and	CCONJ
hassl-824	221	22	corporate	corporate	ADJ
hassl-824	221	23	cash	cash	NOUN
hassl-824	221	24	holdings	holding	NOUN
hassl-824	221	25	.	.	PUNCT
hassl-824	222	1	we	we	PRON
hassl-824	222	2	augment	augment	VERB
hassl-824	222	3	the	the	DET
hassl-824	222	4	cash	cash	NOUN
hassl-824	222	5	model	model	NOUN
hassl-824	222	6	developed	develop	VERB
hassl-824	222	7	by	by	ADP
hassl-824	222	8	opler	opl	ADJ
hassl-824	222	9	et	et	PROPN
hassl-824	222	10	al	al	PROPN
hassl-824	222	11	.	.	PROPN
hassl-824	223	1	(	(	PUNCT
hassl-824	223	2	1999	1999	NUM
hassl-824	223	3	)	)	PUNCT
hassl-824	223	4	by	by	ADP
hassl-824	223	5	including	include	VERB
hassl-824	223	6	the	the	DET
hassl-824	223	7	six	six	NUM
hassl-824	223	8	dimension	dimension	NOUN
hassl-824	223	9	of	of	ADP
hassl-824	223	10	governance	governance	NOUN
hassl-824	223	11	as	as	SCONJ
hassl-824	223	12	developed	develop	VERB
hassl-824	223	13	by	by	ADP
hassl-824	223	14	kaufmann	kaufmann	PROPN
hassl-824	223	15	et	et	PROPN
hassl-824	223	16	al	al	PROPN
hassl-824	223	17	.	.	PROPN
hassl-824	224	1	(	(	PUNCT
hassl-824	224	2	2011	2011	NUM
hassl-824	224	3	)	)	PUNCT
hassl-824	224	4	.	.	PUNCT
hassl-824	225	1	the	the	DET
hassl-824	225	2	model	model	NOUN
hassl-824	225	3	is	be	AUX
hassl-824	225	4	formulated	formulate	VERB
hassl-824	225	5	in	in	ADP
hassl-824	225	6	equation	equation	NOUN
hassl-824	225	7	1	1	NUM
hassl-824	225	8	:	:	PUNCT
hassl-824	225	9	(	(	PUNCT
hassl-824	225	10	1	1	X
hassl-824	225	11	)	)	PUNCT
hassl-824	225	12	where	where	SCONJ
hassl-824	225	13	,	,	PUNCT
hassl-824	225	14	y_it	y_it	NOUN
hassl-824	225	15	is	be	AUX
hassl-824	225	16	cash	cash	NOUN
hassl-824	225	17	which	which	PRON
hassl-824	225	18	refers	refer	VERB
hassl-824	225	19	to	to	ADP
hassl-824	225	20	the	the	DET
hassl-824	225	21	cash	cash	NOUN
hassl-824	225	22	holdings	holding	NOUN
hassl-824	225	23	of	of	ADP
hassl-824	225	24	firm	firm	NOUN
hassl-824	225	25	i	i	PRON
hassl-824	225	26	in	in	ADP
hassl-824	225	27	year	year	NOUN
hassl-824	225	28	t	t	PROPN
hassl-824	225	29	;	;	PUNCT
hassl-824	225	30	α_0	α_0	NOUN
hassl-824	225	31	is	be	AUX
hassl-824	225	32	the	the	DET
hassl-824	225	33	constant	constant	ADJ
hassl-824	225	34	;	;	PUNCT
hassl-824	225	35	α_1	α_1	NOUN
hassl-824	225	36	and	and	CCONJ
hassl-824	225	37	β_k	β_k	PUNCT
hassl-824	225	38	represents	represent	VERB
hassl-824	225	39	the	the	DET
hassl-824	225	40	estimated	estimate	VERB
hassl-824	225	41	coefficients	coefficient	NOUN
hassl-824	225	42	for	for	ADP
hassl-824	225	43	the	the	DET
hassl-824	225	44	variables	variable	NOUN
hassl-824	225	45	;	;	PUNCT
hassl-824	225	46	x	x	X
hassl-824	225	47	is	be	AUX
hassl-824	225	48	a	a	DET
hassl-824	225	49	vector	vector	NOUN
hassl-824	225	50	of	of	ADP
hassl-824	225	51	independent	independent	ADJ
hassl-824	225	52	variables	variable	NOUN
hassl-824	225	53	used	use	VERB
hassl-824	225	54	in	in	ADP
hassl-824	225	55	the	the	DET
hassl-824	225	56	model	model	NOUN
hassl-824	225	57	that	that	PRON
hassl-824	225	58	are	be	AUX
hassl-824	225	59	based	base	VERB
hassl-824	225	60	on	on	ADP
hassl-824	225	61	extensive	extensive	ADJ
hassl-824	225	62	literature	literature	NOUN
hassl-824	225	63	review	review	NOUN
hassl-824	225	64	of	of	ADP
hassl-824	225	65	the	the	DET
hassl-824	225	66	cash	cash	NOUN
hassl-824	225	67	holdings	holding	NOUN
hassl-824	225	68	literature	literature	PROPN
hassl-824	225	69	and	and	CCONJ
hassl-824	225	70	control	control	NOUN
hassl-824	225	71	variables	variable	NOUN
hassl-824	225	72	.	.	PUNCT
hassl-824	226	1	the	the	DET
hassl-824	226	2	details	detail	NOUN
hassl-824	226	3	and	and	CCONJ
hassl-824	226	4	descriptions	description	NOUN
hassl-824	226	5	of	of	ADP
hassl-824	226	6	these	these	DET
hassl-824	226	7	variables	variable	NOUN
hassl-824	226	8	are	be	AUX
hassl-824	226	9	summarized	summarize	VERB
hassl-824	226	10	in	in	ADP
hassl-824	226	11	the	the	DET
hassl-824	226	12	table	table	NOUN
hassl-824	226	13	2	2	NUM
hassl-824	226	14	;	;	PUNCT
hassl-824	226	15	μ_i	μ_i	NUM
hassl-824	226	16	is	be	AUX
hassl-824	226	17	the	the	DET
hassl-824	226	18	unobserved	unobserved	ADJ
hassl-824	226	19	firm	firm	ADJ
hassl-824	226	20	fixed	fix	VERB
hassl-824	226	21	effects	effect	NOUN
hassl-824	226	22	;	;	PUNCT
hassl-824	226	23	η_t	η_t	NUM
hassl-824	226	24	is	be	AUX
hassl-824	226	25	the	the	DET
hassl-824	226	26	time	time	NOUN
hassl-824	226	27	-	-	PUNCT
hassl-824	226	28	specific	specific	ADJ
hassl-824	226	29	effects	effect	NOUN
hassl-824	226	30	;	;	PUNCT
hassl-824	226	31	ε_it	ε_it	PROPN
hassl-824	226	32	represents	represent	VERB
hassl-824	226	33	the	the	DET
hassl-824	226	34	error	error	NOUN
hassl-824	226	35	term	term	NOUN
hassl-824	226	36	which	which	PRON
hassl-824	226	37	is	be	AUX
hassl-824	226	38	assumed	assume	VERB
hassl-824	226	39	to	to	PART
hassl-824	226	40	be	be	AUX
hassl-824	226	41	independent	independent	ADJ
hassl-824	226	42	and	and	CCONJ
hassl-824	226	43	identically	identically	ADV
hassl-824	226	44	distributed	distribute	VERB
hassl-824	226	45	(	(	PUNCT
hassl-824	226	46	iid	iid	NOUN
hassl-824	226	47	)	)	PUNCT
hassl-824	226	48	.	.	PUNCT
hassl-824	227	1	using	use	VERB
hassl-824	227	2	the	the	DET
hassl-824	227	3	measures	measure	NOUN
hassl-824	227	4	of	of	ADP
hassl-824	227	5	cash	cash	NOUN
hassl-824	227	6	holdings	holding	NOUN
hassl-824	227	7	and	and	CCONJ
hassl-824	227	8	firm	firm	NOUN
hassl-824	227	9	attributes	attribute	NOUN
hassl-824	227	10	,	,	PUNCT
hassl-824	227	11	equation	equation	NOUN
hassl-824	227	12	2	2	NUM
hassl-824	227	13	and	and	CCONJ
hassl-824	227	14	3	3	NUM
hassl-824	227	15	can	can	AUX
hassl-824	227	16	be	be	AUX
hassl-824	227	17	written	write	VERB
hassl-824	227	18	as	as	SCONJ
hassl-824	227	19	follows	follow	VERB
hassl-824	227	20	:	:	PUNCT
hassl-824	227	21	(	(	PUNCT
hassl-824	227	22	21	21	NUM
hassl-824	227	23	)	)	PUNCT
hassl-824	227	24	humanities	humanity	NOUN
hassl-824	227	25	and	and	CCONJ
hassl-824	227	26	social	social	ADJ
hassl-824	227	27	sciences	science	NOUN
hassl-824	227	28	letters	letter	NOUN
hassl-824	227	29	,	,	PUNCT
hassl-824	227	30	2019	2019	NUM
hassl-824	227	31	,	,	PUNCT
hassl-824	227	32	7(3	7(3	NUM
hassl-824	227	33	):	):	PUNCT
hassl-824	227	34	123	123	NUM
hassl-824	227	35	-	-	SYM
hassl-824	227	36	140	140	NUM
hassl-824	227	37	129	129	NUM
hassl-824	227	38	©	©	PROPN
hassl-824	227	39	2019	2019	NUM
hassl-824	227	40	conscientia	conscientia	PROPN
hassl-824	227	41	beam	beam	PROPN
hassl-824	227	42	.	.	PUNCT
hassl-824	228	1	all	all	DET
hassl-824	228	2	rights	right	NOUN
hassl-824	228	3	reserved	reserve	VERB
hassl-824	228	4	.	.	PUNCT
hassl-824	229	1	+	+	CCONJ
hassl-824	229	2	(	(	PUNCT
hassl-824	229	3	3	3	X
hassl-824	229	4	)	)	PUNCT
hassl-824	229	5	4.3	4.3	NUM
hassl-824	229	6	.	.	PUNCT
hassl-824	230	1	dependent	dependent	ADJ
hassl-824	230	2	variable	variable	ADJ
hassl-824	230	3	cash	cash	NOUN
hassl-824	230	4	ratio	ratio	NOUN
hassl-824	230	5	is	be	AUX
hassl-824	230	6	measured	measure	VERB
hassl-824	230	7	following	follow	VERB
hassl-824	230	8	the	the	DET
hassl-824	230	9	mainstream	mainstream	ADJ
hassl-824	230	10	cash	cash	NOUN
hassl-824	230	11	literature	literature	NOUN
hassl-824	230	12	,	,	PUNCT
hassl-824	230	13	for	for	ADP
hassl-824	230	14	instance	instance	NOUN
hassl-824	230	15	:	:	PUNCT
hassl-824	230	16	opler	opler	PROPN
hassl-824	230	17	et	et	PROPN
hassl-824	230	18	al	al	PROPN
hassl-824	230	19	.	.	PUNCT
hassl-824	231	1	(	(	PUNCT
hassl-824	231	2	1999	1999	NUM
hassl-824	231	3	)	)	PUNCT
hassl-824	231	4	;	;	PUNCT
hassl-824	232	1	ozkan	ozkan	NOUN
hassl-824	232	2	and	and	CCONJ
hassl-824	232	3	ozkan	ozkan	NOUN
hassl-824	232	4	(	(	PUNCT
hassl-824	232	5	2004	2004	NUM
hassl-824	232	6	)	)	PUNCT
hassl-824	232	7	and	and	CCONJ
hassl-824	232	8	dittmar	dittmar	VERB
hassl-824	232	9	et	et	PROPN
hassl-824	232	10	al	al	PROPN
hassl-824	232	11	.	.	PROPN
hassl-824	232	12	(	(	PUNCT
hassl-824	232	13	2003	2003	NUM
hassl-824	232	14	)	)	PUNCT
hassl-824	232	15	in	in	ADP
hassl-824	232	16	constructing	construct	VERB
hassl-824	232	17	the	the	DET
hassl-824	232	18	variables	variable	NOUN
hassl-824	232	19	.	.	PUNCT
hassl-824	233	1	the	the	DET
hassl-824	233	2	measurement	measurement	NOUN
hassl-824	233	3	is	be	AUX
hassl-824	233	4	adopted	adopt	VERB
hassl-824	233	5	for	for	ADP
hassl-824	233	6	future	future	ADJ
hassl-824	233	7	replication	replication	NOUN
hassl-824	233	8	and	and	CCONJ
hassl-824	233	9	comparability	comparability	NOUN
hassl-824	233	10	of	of	ADP
hassl-824	233	11	literature	literature	NOUN
hassl-824	233	12	purpose	purpose	NOUN
hassl-824	233	13	.	.	PUNCT
hassl-824	234	1	cash	cash	NOUN
hassl-824	234	2	&	&	CCONJ
hassl-824	234	3	cash	cash	NOUN
hassl-824	234	4	equivalents	equivalent	NOUN
hassl-824	234	5	(	(	PUNCT
hassl-824	234	6	cash	cash	NOUN
hassl-824	234	7	)	)	PUNCT
hassl-824	234	8	is	be	AUX
hassl-824	234	9	used	use	VERB
hassl-824	234	10	as	as	ADP
hassl-824	234	11	an	an	DET
hassl-824	234	12	indicator	indicator	NOUN
hassl-824	234	13	for	for	ADP
hassl-824	234	14	liquid	liquid	ADJ
hassl-824	234	15	assets	asset	NOUN
hassl-824	234	16	;	;	PUNCT
hassl-824	234	17	cash	cash	NOUN
hassl-824	234	18	is	be	AUX
hassl-824	234	19	computed	compute	VERB
hassl-824	234	20	as	as	SCONJ
hassl-824	234	21	the	the	DET
hassl-824	234	22	ratio	ratio	NOUN
hassl-824	234	23	of	of	ADP
hassl-824	234	24	cash	cash	NOUN
hassl-824	234	25	and	and	CCONJ
hassl-824	234	26	equivalents	equivalent	NOUN
hassl-824	234	27	divided	divide	VERB
hassl-824	234	28	by	by	ADP
hassl-824	234	29	total	total	ADJ
hassl-824	234	30	assets	asset	NOUN
hassl-824	234	31	has	have	AUX
hassl-824	234	32	been	be	AUX
hassl-824	234	33	employed	employ	VERB
hassl-824	234	34	extensively	extensively	ADV
hassl-824	234	35	in	in	ADP
hassl-824	234	36	the	the	DET
hassl-824	234	37	finance	finance	NOUN
hassl-824	234	38	literature	literature	NOUN
hassl-824	234	39	.	.	PUNCT
hassl-824	235	1	4.4	4.4	NUM
hassl-824	235	2	.	.	PUNCT
hassl-824	236	1	independent	independent	ADJ
hassl-824	236	2	variables	variable	NOUN
hassl-824	236	3	:	:	PUNCT
hassl-824	236	4	country	country	NOUN
hassl-824	236	5	governance	governance	NOUN
hassl-824	236	6	the	the	DET
hassl-824	236	7	quality	quality	NOUN
hassl-824	236	8	of	of	ADP
hassl-824	236	9	country	country	NOUN
hassl-824	236	10	governance	governance	NOUN
hassl-824	236	11	in	in	ADP
hassl-824	236	12	this	this	DET
hassl-824	236	13	study	study	NOUN
hassl-824	236	14	is	be	AUX
hassl-824	236	15	measured	measure	VERB
hassl-824	236	16	using	use	VERB
hassl-824	236	17	wgi	wgi	NOUN
hassl-824	236	18	disseminated	disseminate	VERB
hassl-824	236	19	by	by	ADP
hassl-824	236	20	the	the	DET
hassl-824	236	21	world	world	PROPN
hassl-824	236	22	bank	bank	PROPN
hassl-824	236	23	and	and	CCONJ
hassl-824	236	24	developed	develop	VERB
hassl-824	236	25	by	by	ADP
hassl-824	236	26	kaufmann	kaufmann	PROPN
hassl-824	236	27	et	et	PROPN
hassl-824	236	28	al	al	PROPN
hassl-824	236	29	.	.	PROPN
hassl-824	236	30	(	(	PUNCT
hassl-824	236	31	2011	2011	NUM
hassl-824	236	32	)	)	PUNCT
hassl-824	236	33	.	.	PUNCT
hassl-824	237	1	wgi	wgi	PROPN
hassl-824	237	2	is	be	AUX
hassl-824	237	3	predominantly	predominantly	ADV
hassl-824	237	4	used	use	VERB
hassl-824	237	5	as	as	ADP
hassl-824	237	6	a	a	DET
hassl-824	237	7	proxy	proxy	NOUN
hassl-824	237	8	for	for	ADP
hassl-824	237	9	the	the	DET
hassl-824	237	10	quality	quality	NOUN
hassl-824	237	11	of	of	ADP
hassl-824	237	12	country	country	NOUN
hassl-824	237	13	governance	governance	NOUN
hassl-824	237	14	.	.	PUNCT
hassl-824	238	1	the	the	DET
hassl-824	238	2	wgi	wgi	PROPN
hassl-824	238	3	data	datum	NOUN
hassl-824	238	4	are	be	AUX
hassl-824	238	5	collected	collect	VERB
hassl-824	238	6	from	from	ADP
hassl-824	238	7	some	some	DET
hassl-824	238	8	various	various	ADJ
hassl-824	238	9	established	establish	VERB
hassl-824	238	10	organisations	organisation	NOUN
hassl-824	238	11	and	and	CCONJ
hassl-824	238	12	experts	expert	NOUN
hassl-824	238	13	.	.	PUNCT
hassl-824	239	1	the	the	DET
hassl-824	239	2	wgi	wgi	PROPN
hassl-824	239	3	project	project	NOUN
hassl-824	239	4	constructs	construct	VERB
hassl-824	239	5	aggregate	aggregate	ADJ
hassl-824	239	6	indicators	indicator	NOUN
hassl-824	239	7	of	of	ADP
hassl-824	239	8	six	six	NUM
hassl-824	239	9	dimensions	dimension	NOUN
hassl-824	239	10	of	of	ADP
hassl-824	239	11	governance	governance	NOUN
hassl-824	239	12	.	.	PUNCT
hassl-824	240	1	the	the	DET
hassl-824	240	2	dimensions	dimension	NOUN
hassl-824	240	3	include	include	VERB
hassl-824	240	4	control	control	NOUN
hassl-824	240	5	of	of	ADP
hassl-824	240	6	corruption	corruption	NOUN
hassl-824	240	7	;	;	PUNCT
hassl-824	240	8	rule	rule	NOUN
hassl-824	240	9	of	of	ADP
hassl-824	240	10	law	law	NOUN
hassl-824	240	11	;	;	PUNCT
hassl-824	240	12	political	political	ADJ
hassl-824	240	13	stability	stability	NOUN
hassl-824	240	14	and	and	CCONJ
hassl-824	240	15	absence	absence	NOUN
hassl-824	240	16	of	of	ADP
hassl-824	240	17	violence	violence	NOUN
hassl-824	240	18	/	/	SYM
hassl-824	240	19	terrorism	terrorism	NOUN
hassl-824	240	20	;	;	PUNCT
hassl-824	240	21	voice	voice	NOUN
hassl-824	240	22	and	and	CCONJ
hassl-824	240	23	accountability	accountability	NOUN
hassl-824	240	24	;	;	PUNCT
hassl-824	240	25	government	government	NOUN
hassl-824	240	26	effectiveness	effectiveness	NOUN
hassl-824	240	27	;	;	PUNCT
hassl-824	240	28	and	and	CCONJ
hassl-824	240	29	,	,	PUNCT
hassl-824	240	30	regulatory	regulatory	ADJ
hassl-824	240	31	quality	quality	NOUN
hassl-824	240	32	.	.	PUNCT
hassl-824	241	1	each	each	PRON
hassl-824	241	2	of	of	ADP
hassl-824	241	3	the	the	DET
hassl-824	241	4	dimensions	dimension	NOUN
hassl-824	241	5	has	have	VERB
hassl-824	241	6	a	a	DET
hassl-824	241	7	score	score	NOUN
hassl-824	241	8	ranging	range	VERB
hassl-824	241	9	between	between	ADP
hassl-824	241	10	−2.5	−2.5	PROPN
hassl-824	241	11	to	to	ADP
hassl-824	241	12	2.5	2.5	NUM
hassl-824	241	13	.	.	PUNCT
hassl-824	242	1	these	these	DET
hassl-824	242	2	indicators	indicator	NOUN
hassl-824	242	3	are	be	AUX
hassl-824	242	4	known	know	VERB
hassl-824	242	5	to	to	PART
hassl-824	242	6	have	have	VERB
hassl-824	242	7	a	a	DET
hassl-824	242	8	significant	significant	ADJ
hassl-824	242	9	impact	impact	NOUN
hassl-824	242	10	on	on	ADP
hassl-824	242	11	firm‟s	firm‟s	NOUN
hassl-824	242	12	success	success	NOUN
hassl-824	242	13	and	and	CCONJ
hassl-824	242	14	performance	performance	NOUN
hassl-824	242	15	(	(	PUNCT
hassl-824	242	16	ngobo	ngobo	NOUN
hassl-824	242	17	and	and	CCONJ
hassl-824	242	18	fouda	fouda	NOUN
hassl-824	242	19	,	,	PUNCT
hassl-824	242	20	2012	2012	NUM
hassl-824	242	21	)	)	PUNCT
hassl-824	242	22	.	.	PUNCT
hassl-824	243	1	the	the	PRON
hassl-824	243	2	higher	high	ADJ
hassl-824	243	3	the	the	DET
hassl-824	243	4	scores	score	NOUN
hassl-824	243	5	indicate	indicate	VERB
hassl-824	243	6	a	a	DET
hassl-824	243	7	better	well	ADJ
hassl-824	243	8	outcome	outcome	NOUN
hassl-824	243	9	.	.	PUNCT
hassl-824	244	1	each	each	DET
hassl-824	244	2	wgi	wgi	PROPN
hassl-824	244	3	dimension	dimension	NOUN
hassl-824	244	4	score	score	NOUN
hassl-824	244	5	is	be	AUX
hassl-824	244	6	computed	compute	VERB
hassl-824	244	7	“	"	PUNCT
hassl-824	244	8	based	base	VERB
hassl-824	244	9	on	on	ADP
hassl-824	244	10	hundreds	hundred	NOUN
hassl-824	244	11	of	of	ADP
hassl-824	244	12	underlying	underlie	VERB
hassl-824	244	13	individual	individual	ADJ
hassl-824	244	14	indicators	indicator	NOUN
hassl-824	244	15	drawn	draw	VERB
hassl-824	244	16	from	from	ADP
hassl-824	244	17	30	30	NUM
hassl-824	244	18	organisations	organisation	NOUN
hassl-824	244	19	,	,	PUNCT
hassl-824	244	20	based	base	VERB
hassl-824	244	21	on	on	ADP
hassl-824	244	22	responses	response	NOUN
hassl-824	244	23	from	from	ADP
hassl-824	244	24	tens	ten	NOUN
hassl-824	244	25	of	of	ADP
hassl-824	244	26	thousands	thousand	NOUN
hassl-824	244	27	of	of	ADP
hassl-824	244	28	citizens	citizen	NOUN
hassl-824	244	29	,	,	PUNCT
hassl-824	244	30	enterprise	enterprise	NOUN
hassl-824	244	31	managers	manager	NOUN
hassl-824	244	32	,	,	PUNCT
hassl-824	244	33	and	and	CCONJ
hassl-824	244	34	experts	expert	NOUN
hassl-824	244	35	”	"	PUNCT
hassl-824	244	36	(	(	PUNCT
hassl-824	244	37	kaufmann	kaufmann	PROPN
hassl-824	244	38	and	and	CCONJ
hassl-824	244	39	kraay	kraay	PROPN
hassl-824	244	40	,	,	PUNCT
hassl-824	244	41	2008	2008	NUM
hassl-824	244	42	)	)	PUNCT
hassl-824	244	43	.	.	PUNCT
hassl-824	245	1	according	accord	VERB
hassl-824	245	2	to	to	ADP
hassl-824	245	3	globerman	globerman	NOUN
hassl-824	245	4	and	and	CCONJ
hassl-824	245	5	shapiro	shapiro	PROPN
hassl-824	245	6	(	(	PUNCT
hassl-824	245	7	2002	2002	NUM
hassl-824	245	8	)	)	PUNCT
hassl-824	245	9	the	the	DET
hassl-824	245	10	dimension	dimension	NOUN
hassl-824	245	11	-	-	PUNCT
hassl-824	245	12	level	level	NOUN
hassl-824	245	13	measures	measure	NOUN
hassl-824	245	14	will	will	AUX
hassl-824	245	15	have	have	VERB
hassl-824	245	16	less	less	ADJ
hassl-824	245	17	measurement	measurement	NOUN
hassl-824	245	18	error	error	NOUN
hassl-824	245	19	compared	compare	VERB
hassl-824	245	20	to	to	ADP
hassl-824	245	21	individual	individual	ADJ
hassl-824	245	22	items	item	NOUN
hassl-824	245	23	.	.	PUNCT
hassl-824	246	1	these	these	DET
hassl-824	246	2	indicators	indicator	NOUN
hassl-824	246	3	can	can	AUX
hassl-824	246	4	capture	capture	VERB
hassl-824	246	5	various	various	ADJ
hassl-824	246	6	facets	facet	NOUN
hassl-824	246	7	of	of	ADP
hassl-824	246	8	country	country	NOUN
hassl-824	246	9	-	-	PUNCT
hassl-824	246	10	level	level	NOUN
hassl-824	246	11	political	political	ADJ
hassl-824	246	12	and	and	CCONJ
hassl-824	246	13	governance	governance	NOUN
hassl-824	246	14	mechanism	mechanism	NOUN
hassl-824	246	15	.	.	PUNCT
hassl-824	247	1	thus	thus	ADV
hassl-824	247	2	it	it	PRON
hassl-824	247	3	is	be	AUX
hassl-824	247	4	a	a	DET
hassl-824	247	5	useful	useful	ADJ
hassl-824	247	6	input	input	NOUN
hassl-824	247	7	to	to	ADP
hassl-824	247	8	wider	wide	ADJ
hassl-824	247	9	country	country	NOUN
hassl-824	247	10	-	-	PUNCT
hassl-824	247	11	level	level	NOUN
hassl-824	247	12	governance	governance	NOUN
hassl-824	247	13	and	and	CCONJ
hassl-824	247	14	their	their	PRON
hassl-824	247	15	effect	effect	NOUN
hassl-824	247	16	on	on	ADP
hassl-824	247	17	the	the	DET
hassl-824	247	18	cash	cash	NOUN
hassl-824	247	19	holdings	holding	NOUN
hassl-824	247	20	of	of	ADP
hassl-824	247	21	hospitality	hospitality	NOUN
hassl-824	247	22	firms	firm	NOUN
hassl-824	247	23	in	in	ADP
hassl-824	247	24	this	this	DET
hassl-824	247	25	study	study	NOUN
hassl-824	247	26	.	.	PUNCT
hassl-824	248	1	consistent	consistent	ADJ
hassl-824	248	2	with	with	ADP
hassl-824	248	3	prior	prior	ADJ
hassl-824	248	4	research	research	NOUN
hassl-824	248	5	such	such	ADJ
hassl-824	248	6	as	as	ADP
hassl-824	248	7	globerman	globerman	NOUN
hassl-824	248	8	and	and	CCONJ
hassl-824	248	9	shapiro	shapiro	PROPN
hassl-824	248	10	(	(	PUNCT
hassl-824	248	11	2002	2002	NUM
hassl-824	248	12	)	)	PUNCT
hassl-824	248	13	the	the	DET
hassl-824	248	14	correlation	correlation	NOUN
hassl-824	248	15	between	between	ADP
hassl-824	248	16	these	these	DET
hassl-824	248	17	governance	governance	NOUN
hassl-824	248	18	indicators	indicator	NOUN
hassl-824	248	19	are	be	AUX
hassl-824	248	20	high	high	ADJ
hassl-824	248	21	.	.	PUNCT
hassl-824	249	1	the	the	DET
hassl-824	249	2	strong	strong	ADJ
hassl-824	249	3	correlations	correlation	NOUN
hassl-824	249	4	among	among	ADP
hassl-824	249	5	these	these	DET
hassl-824	249	6	governance	governance	NOUN
hassl-824	249	7	indicators	indicator	NOUN
hassl-824	249	8	would	would	AUX
hassl-824	249	9	cause	cause	VERB
hassl-824	249	10	multicollinearity	multicollinearity	NOUN
hassl-824	249	11	if	if	SCONJ
hassl-824	249	12	we	we	PRON
hassl-824	249	13	were	be	AUX
hassl-824	249	14	to	to	PART
hassl-824	249	15	have	have	VERB
hassl-824	249	16	all	all	PRON
hassl-824	249	17	of	of	ADP
hassl-824	249	18	them	they	PRON
hassl-824	249	19	tested	test	VERB
hassl-824	249	20	in	in	ADP
hassl-824	249	21	a	a	DET
hassl-824	249	22	single	single	ADJ
hassl-824	249	23	regression	regression	NOUN
hassl-824	249	24	.	.	PUNCT
hassl-824	250	1	for	for	ADP
hassl-824	250	2	this	this	DET
hassl-824	250	3	reason	reason	NOUN
hassl-824	250	4	,	,	PUNCT
hassl-824	250	5	each	each	PRON
hassl-824	250	6	of	of	ADP
hassl-824	250	7	the	the	DET
hassl-824	250	8	indicators	indicator	NOUN
hassl-824	250	9	is	be	AUX
hassl-824	250	10	examined	examine	VERB
hassl-824	250	11	separately	separately	ADV
hassl-824	250	12	(	(	PUNCT
hassl-824	250	13	model	model	NOUN
hassl-824	250	14	(	(	PUNCT
hassl-824	250	15	11	11	NUM
hassl-824	250	16	)	)	PUNCT
hassl-824	250	17	.	.	PUNCT
hassl-824	251	1	besides	besides	SCONJ
hassl-824	251	2	,	,	PUNCT
hassl-824	251	3	in	in	ADP
hassl-824	251	4	line	line	NOUN
hassl-824	251	5	with	with	ADP
hassl-824	251	6	knudsen	knudsen	PROPN
hassl-824	251	7	(	(	PUNCT
hassl-824	251	8	2011	2011	NUM
hassl-824	251	9	)	)	PUNCT
hassl-824	251	10	the	the	DET
hassl-824	251	11	individual	individual	ADJ
hassl-824	251	12	indicators	indicator	NOUN
hassl-824	251	13	are	be	AUX
hassl-824	251	14	combined	combine	VERB
hassl-824	251	15	to	to	PART
hassl-824	251	16	form	form	VERB
hassl-824	251	17	an	an	DET
hassl-824	251	18	aggregate	aggregate	ADJ
hassl-824	251	19	country	country	NOUN
hassl-824	251	20	governance	governance	NOUN
hassl-824	251	21	index	index	NOUN
hassl-824	251	22	(	(	PUNCT
hassl-824	251	23	denoted	denote	VERB
hassl-824	251	24	as	as	ADP
hassl-824	251	25	wgi	wgi	PROPN
hassl-824	251	26	)	)	PUNCT
hassl-824	251	27	as	as	ADP
hassl-824	251	28	in	in	ADP
hassl-824	251	29	model	model	NOUN
hassl-824	251	30	(	(	PUNCT
hassl-824	251	31	12	12	NUM
hassl-824	251	32	)	)	PUNCT
hassl-824	251	33	.	.	PUNCT
hassl-824	252	1	the	the	DET
hassl-824	252	2	aggregate	aggregate	ADJ
hassl-824	252	3	index	index	NOUN
hassl-824	252	4	is	be	AUX
hassl-824	252	5	constructed	construct	VERB
hassl-824	252	6	by	by	ADP
hassl-824	252	7	adding	add	VERB
hassl-824	252	8	six	six	NUM
hassl-824	252	9	dimensions	dimension	NOUN
hassl-824	252	10	similar	similar	ADJ
hassl-824	252	11	to	to	ADP
hassl-824	252	12	alon	alon	PROPN
hassl-824	252	13	and	and	CCONJ
hassl-824	252	14	dwyer	dwyer	PROPN
hassl-824	252	15	(	(	PUNCT
hassl-824	252	16	2014	2014	NUM
hassl-824	252	17	)	)	PUNCT
hassl-824	252	18	;	;	PUNCT
hassl-824	252	19	knudsen	knudsen	PROPN
hassl-824	252	20	(	(	PUNCT
hassl-824	252	21	2011	2011	NUM
hassl-824	252	22	)	)	PUNCT
hassl-824	252	23	;	;	PUNCT
hassl-824	252	24	nguyen	nguyen	NOUN
hassl-824	252	25	et	et	PROPN
hassl-824	252	26	al	al	PROPN
hassl-824	252	27	.	.	PROPN
hassl-824	253	1	(	(	PUNCT
hassl-824	253	2	2015	2015	NUM
hassl-824	253	3	)	)	PUNCT
hassl-824	253	4	.	.	PUNCT
hassl-824	254	1	aggregate	aggregate	ADJ
hassl-824	254	2	scores	score	NOUN
hassl-824	254	3	for	for	ADP
hassl-824	254	4	the	the	DET
hassl-824	254	5	wgi	wgi	PROPN
hassl-824	254	6	measure	measure	NOUN
hassl-824	254	7	fall	fall	VERB
hassl-824	254	8	in	in	ADP
hassl-824	254	9	the	the	DET
hassl-824	254	10	range	range	NOUN
hassl-824	254	11	of	of	ADP
hassl-824	254	12	-15	-15	PUNCT
hassl-824	254	13	to	to	ADP
hassl-824	254	14	15	15	NUM
hassl-824	254	15	.	.	PUNCT
hassl-824	255	1	the	the	DET
hassl-824	255	2	summary	summary	NOUN
hassl-824	255	3	descriptions	description	NOUN
hassl-824	255	4	of	of	ADP
hassl-824	255	5	the	the	DET
hassl-824	255	6	variables	variable	NOUN
hassl-824	255	7	and	and	CCONJ
hassl-824	255	8	measurements	measurement	NOUN
hassl-824	255	9	are	be	AUX
hassl-824	255	10	detailed	detail	VERB
hassl-824	255	11	in	in	ADP
hassl-824	255	12	the	the	DET
hassl-824	255	13	table	table	NOUN
hassl-824	255	14	1	1	NUM
hassl-824	255	15	.	.	PUNCT
hassl-824	256	1	humanities	humanity	NOUN
hassl-824	256	2	and	and	CCONJ
hassl-824	256	3	social	social	ADJ
hassl-824	256	4	sciences	science	NOUN
hassl-824	256	5	letters	letter	NOUN
hassl-824	256	6	,	,	PUNCT
hassl-824	256	7	2019	2019	NUM
hassl-824	256	8	,	,	PUNCT
hassl-824	256	9	7(3	7(3	NUM
hassl-824	256	10	):	):	PUNCT
hassl-824	256	11	123	123	NUM
hassl-824	256	12	-	-	SYM
hassl-824	256	13	140	140	NUM
hassl-824	256	14	130	130	NUM
hassl-824	256	15	©	©	PROPN
hassl-824	256	16	2019	2019	NUM
hassl-824	256	17	conscientia	conscientia	PROPN
hassl-824	256	18	beam	beam	PROPN
hassl-824	256	19	.	.	PUNCT
hassl-824	257	1	all	all	DET
hassl-824	257	2	rights	right	NOUN
hassl-824	257	3	reserved	reserve	VERB
hassl-824	257	4	.	.	PUNCT
hassl-824	258	1	table-1	table-1	X
hassl-824	258	2	.	.	PUNCT
hassl-824	258	3	variable	variable	ADJ
hassl-824	258	4	measurements	measurement	NOUN
hassl-824	258	5	.	.	PUNCT
hassl-824	259	1	variables	variable	NOUN
hassl-824	259	2	acronym	acronym	NOUN
hassl-824	259	3	definition	definition	NOUN
hassl-824	259	4	expected	expect	VERB
hassl-824	259	5	sign	sign	NOUN
hassl-824	259	6	references	reference	NOUN
hassl-824	259	7	source	source	NOUN
hassl-824	259	8	of	of	ADP
hassl-824	259	9	data	datum	NOUN
hassl-824	259	10	dependent	dependent	ADJ
hassl-824	259	11	variable	variable	ADJ
hassl-824	259	12	cash	cash	NOUN
hassl-824	259	13	ratio	ratio	NOUN
hassl-824	259	14	cash	cash	NOUN
hassl-824	259	15	the	the	DET
hassl-824	259	16	ratio	ratio	NOUN
hassl-824	259	17	of	of	ADP
hassl-824	259	18	cash	cash	NOUN
hassl-824	259	19	and	and	CCONJ
hassl-824	259	20	cash	cash	NOUN
hassl-824	259	21	equivalent	equivalent	ADJ
hassl-824	259	22	divide	divide	NOUN
hassl-824	259	23	by	by	ADP
hassl-824	259	24	total	total	ADJ
hassl-824	259	25	assets	asset	NOUN
hassl-824	259	26	.	.	PUNCT
hassl-824	260	1	al	al	PROPN
hassl-824	260	2	-	-	PUNCT
hassl-824	260	3	najjar	najjar	PROPN
hassl-824	260	4	(	(	PUNCT
hassl-824	260	5	2013	2013	NUM
hassl-824	260	6	)	)	PUNCT
hassl-824	260	7	;	;	PUNCT
hassl-824	260	8	chen	chen	PROPN
hassl-824	260	9	(	(	PUNCT
hassl-824	260	10	2008	2008	NUM
hassl-824	260	11	)	)	PUNCT
hassl-824	260	12	;	;	PUNCT
hassl-824	260	13	han	han	PROPN
hassl-824	260	14	and	and	CCONJ
hassl-824	260	15	qiu	qiu	PROPN
hassl-824	260	16	(	(	PUNCT
hassl-824	260	17	2007	2007	NUM
hassl-824	260	18	)	)	PUNCT
hassl-824	260	19	;	;	PUNCT
hassl-824	260	20	kalcheva	kalcheva	PROPN
hassl-824	260	21	and	and	CCONJ
hassl-824	260	22	lins	lin	NOUN
hassl-824	260	23	(	(	PUNCT
hassl-824	260	24	2007	2007	NUM
hassl-824	260	25	)	)	PUNCT
hassl-824	260	26	;	;	PUNCT
hassl-824	260	27	ozkan	ozkan	NOUN
hassl-824	260	28	and	and	CCONJ
hassl-824	260	29	ozkan	ozkan	NOUN
hassl-824	260	30	(	(	PUNCT
hassl-824	260	31	2004	2004	NUM
hassl-824	260	32	)	)	PUNCT
hassl-824	260	33	.	.	PUNCT
hassl-824	261	1	emis	emis	PROPN
hassl-824	261	2	database	database	PROPN
hassl-824	261	3	independent	independent	PROPN
hassl-824	261	4	variables	variables	PROPN
hassl-824	261	5	country	country	NOUN
hassl-824	261	6	governance	governance	NOUN
hassl-824	261	7	quality	quality	NOUN
hassl-824	261	8	variables	variable	NOUN
hassl-824	261	9	voice	voice	NOUN
hassl-824	261	10	and	and	CCONJ
hassl-824	261	11	accountability	accountability	NOUN
hassl-824	261	12	va	va	NOUN
hassl-824	261	13	measures	measure	VERB
hassl-824	261	14	the	the	DET
hassl-824	261	15	degree	degree	NOUN
hassl-824	261	16	of	of	ADP
hassl-824	261	17	ability	ability	NOUN
hassl-824	261	18	of	of	ADP
hassl-824	261	19	a	a	DET
hassl-824	261	20	country	country	NOUN
hassl-824	261	21	's	's	PART
hassl-824	261	22	citizens	citizen	NOUN
hassl-824	261	23	to	to	PART
hassl-824	261	24	take	take	VERB
hassl-824	261	25	part	part	NOUN
hassl-824	261	26	in	in	ADP
hassl-824	261	27	their	their	PRON
hassl-824	261	28	government	government	NOUN
hassl-824	261	29	selection	selection	NOUN
hassl-824	261	30	,	,	PUNCT
hassl-824	261	31	freedom	freedom	NOUN
hassl-824	261	32	of	of	ADP
hassl-824	261	33	expression	expression	NOUN
hassl-824	261	34	,	,	PUNCT
hassl-824	261	35	freedom	freedom	NOUN
hassl-824	261	36	of	of	ADP
hassl-824	261	37	association	association	NOUN
hassl-824	261	38	,	,	PUNCT
hassl-824	261	39	and	and	CCONJ
hassl-824	261	40	a	a	DET
hassl-824	261	41	free	free	ADJ
hassl-824	261	42	media	medium	NOUN
hassl-824	261	43	.	.	PUNCT
hassl-824	262	1	chen	chen	PROPN
hassl-824	262	2	and	and	CCONJ
hassl-824	262	3	yang	yang	PROPN
hassl-824	262	4	(	(	PUNCT
hassl-824	262	5	2016	2016	NUM
hassl-824	262	6	)	)	PUNCT
hassl-824	262	7	kaufmann	kaufmann	PROPN
hassl-824	262	8	et	et	PROPN
hassl-824	262	9	al	al	PROPN
hassl-824	262	10	.	.	PROPN
hassl-824	263	1	(	(	PUNCT
hassl-824	263	2	2011	2011	NUM
hassl-824	263	3	)	)	PUNCT
hassl-824	263	4	government	government	NOUN
hassl-824	263	5	effectiveness	effectiveness	NOUN
hassl-824	263	6	ge	ge	PROPN
hassl-824	263	7	measures	measure	VERB
hassl-824	263	8	the	the	DET
hassl-824	263	9	quality	quality	NOUN
hassl-824	263	10	of	of	ADP
hassl-824	263	11	the	the	DET
hassl-824	263	12	civil	civil	ADJ
hassl-824	263	13	service	service	NOUN
hassl-824	263	14	and	and	CCONJ
hassl-824	263	15	the	the	DET
hassl-824	263	16	degree	degree	NOUN
hassl-824	263	17	of	of	ADP
hassl-824	263	18	its	its	PRON
hassl-824	263	19	independence	independence	NOUN
hassl-824	263	20	from	from	ADP
hassl-824	263	21	political	political	ADJ
hassl-824	263	22	pressures	pressure	NOUN
hassl-824	263	23	,	,	PUNCT
hassl-824	263	24	quality	quality	NOUN
hassl-824	263	25	of	of	ADP
hassl-824	263	26	public	public	ADJ
hassl-824	263	27	services	service	NOUN
hassl-824	263	28	,	,	PUNCT
hassl-824	263	29	the	the	DET
hassl-824	263	30	quality	quality	NOUN
hassl-824	263	31	of	of	ADP
hassl-824	263	32	policy	policy	NOUN
hassl-824	263	33	development	development	NOUN
hassl-824	263	34	and	and	CCONJ
hassl-824	263	35	execution	execution	NOUN
hassl-824	263	36	,	,	PUNCT
hassl-824	263	37	and	and	CCONJ
hassl-824	263	38	how	how	SCONJ
hassl-824	263	39	credible	credible	ADJ
hassl-824	263	40	the	the	DET
hassl-824	263	41	government	government	NOUN
hassl-824	263	42	is	be	AUX
hassl-824	263	43	to	to	PART
hassl-824	263	44	commit	commit	VERB
hassl-824	263	45	to	to	ADP
hassl-824	263	46	the	the	DET
hassl-824	263	47	policies	policy	NOUN
hassl-824	263	48	.	.	PUNCT
hassl-824	264	1	+	+	CCONJ
hassl-824	264	2	chen	chen	PROPN
hassl-824	264	3	et	et	PROPN
hassl-824	264	4	al	al	PROPN
hassl-824	264	5	.	.	PROPN
hassl-824	264	6	(	(	PUNCT
hassl-824	264	7	2014	2014	NUM
hassl-824	264	8	)	)	PUNCT
hassl-824	264	9	;	;	PUNCT
hassl-824	264	10	dudley	dudley	PROPN
hassl-824	264	11	and	and	CCONJ
hassl-824	264	12	zhang	zhang	PROPN
hassl-824	264	13	(	(	PUNCT
hassl-824	264	14	2016	2016	NUM
hassl-824	264	15	)	)	PUNCT
hassl-824	264	16	kaufmann	kaufmann	PROPN
hassl-824	264	17	et	et	PROPN
hassl-824	264	18	al	al	PROPN
hassl-824	264	19	.	.	PROPN
hassl-824	264	20	(	(	PUNCT
hassl-824	264	21	2011	2011	NUM
hassl-824	264	22	)	)	PUNCT
hassl-824	264	23	rule	rule	NOUN
hassl-824	264	24	of	of	ADP
hassl-824	264	25	law	law	NOUN
hassl-824	264	26	rl	rl	NOUN
hassl-824	264	27	measures	measure	NOUN
hassl-824	264	28	the	the	DET
hassl-824	264	29	extent	extent	NOUN
hassl-824	264	30	to	to	PART
hassl-824	264	31	which	which	PRON
hassl-824	264	32	agents	agent	NOUN
hassl-824	264	33	have	have	VERB
hassl-824	264	34	confidence	confidence	NOUN
hassl-824	264	35	in	in	ADP
hassl-824	264	36	and	and	CCONJ
hassl-824	264	37	abide	abide	VERB
hassl-824	264	38	by	by	ADP
hassl-824	264	39	the	the	DET
hassl-824	264	40	rules	rule	NOUN
hassl-824	264	41	of	of	ADP
hassl-824	264	42	society	society	NOUN
hassl-824	264	43	.	.	PUNCT
hassl-824	265	1	it	it	PRON
hassl-824	265	2	includes	include	VERB
hassl-824	265	3	the	the	DET
hassl-824	265	4	quality	quality	NOUN
hassl-824	265	5	of	of	ADP
hassl-824	265	6	contract	contract	NOUN
hassl-824	265	7	enforcement	enforcement	NOUN
hassl-824	265	8	,	,	PUNCT
hassl-824	265	9	property	property	NOUN
hassl-824	265	10	rights	right	NOUN
hassl-824	265	11	,	,	PUNCT
hassl-824	265	12	the	the	DET
hassl-824	265	13	police	police	NOUN
hassl-824	265	14	,	,	PUNCT
hassl-824	265	15	and	and	CCONJ
hassl-824	265	16	the	the	DET
hassl-824	265	17	courts	court	NOUN
hassl-824	265	18	,	,	PUNCT
hassl-824	265	19	as	as	ADV
hassl-824	265	20	well	well	ADV
hassl-824	265	21	as	as	ADP
hassl-824	265	22	the	the	DET
hassl-824	265	23	likelihood	likelihood	NOUN
hassl-824	265	24	of	of	ADP
hassl-824	265	25	crime	crime	NOUN
hassl-824	265	26	and	and	CCONJ
hassl-824	265	27	violence	violence	NOUN
hassl-824	265	28	.	.	PUNCT
hassl-824	266	1	+	+	CCONJ
hassl-824	266	2	chen	chen	PROPN
hassl-824	266	3	and	and	CCONJ
hassl-824	266	4	yang	yang	PROPN
hassl-824	266	5	(	(	PUNCT
hassl-824	266	6	2016	2016	NUM
hassl-824	266	7	)	)	PUNCT
hassl-824	266	8	;	;	PUNCT
hassl-824	266	9	dudley	dudley	PROPN
hassl-824	266	10	and	and	CCONJ
hassl-824	266	11	zhang	zhang	PROPN
hassl-824	266	12	(	(	PUNCT
hassl-824	266	13	2016	2016	NUM
hassl-824	266	14	)	)	PUNCT
hassl-824	266	15	kaufmann	kaufmann	PROPN
hassl-824	266	16	et	et	PROPN
hassl-824	266	17	al	al	PROPN
hassl-824	266	18	.	.	PROPN
hassl-824	267	1	(	(	PUNCT
hassl-824	267	2	2011	2011	NUM
hassl-824	267	3	)	)	PUNCT
hassl-824	267	4	political	political	ADJ
hassl-824	267	5	stability	stability	NOUN
hassl-824	267	6	and	and	CCONJ
hassl-824	267	7	absence	absence	NOUN
hassl-824	267	8	of	of	ADP
hassl-824	267	9	violence	violence	NOUN
hassl-824	267	10	ps	ps	NOUN
hassl-824	267	11	measures	measure	VERB
hassl-824	267	12	the	the	DET
hassl-824	267	13	tendency	tendency	NOUN
hassl-824	267	14	that	that	SCONJ
hassl-824	267	15	the	the	DET
hassl-824	267	16	government	government	NOUN
hassl-824	267	17	will	will	AUX
hassl-824	267	18	be	be	AUX
hassl-824	267	19	destabilised	destabilise	VERB
hassl-824	267	20	or	or	CCONJ
hassl-824	267	21	overthrown	overthrow	VERB
hassl-824	267	22	by	by	ADP
hassl-824	267	23	unconstitutional	unconstitutional	ADJ
hassl-824	267	24	or	or	CCONJ
hassl-824	267	25	violent	violent	ADJ
hassl-824	267	26	means	mean	NOUN
hassl-824	267	27	,	,	PUNCT
hassl-824	267	28	which	which	PRON
hassl-824	267	29	include	include	VERB
hassl-824	267	30	politically	politically	ADV
hassl-824	267	31	-	-	PUNCT
hassl-824	267	32	motivated	motivate	VERB
hassl-824	267	33	violence	violence	NOUN
hassl-824	267	34	and	and	CCONJ
hassl-824	267	35	terrorist	terrorist	ADJ
hassl-824	267	36	activities	activity	NOUN
hassl-824	267	37	.	.	PUNCT
hassl-824	268	1	dudley	dudley	PROPN
hassl-824	268	2	and	and	CCONJ
hassl-824	268	3	zhang	zhang	PROPN
hassl-824	268	4	(	(	PUNCT
hassl-824	268	5	2016	2016	NUM
hassl-824	268	6	)	)	PUNCT
hassl-824	268	7	–	–	PUNCT
hassl-824	268	8	not	not	PART
hassl-824	268	9	significant	significant	ADJ
hassl-824	268	10	;	;	PUNCT
hassl-824	268	11	kaufmann	kaufmann	PROPN
hassl-824	268	12	et	et	PROPN
hassl-824	268	13	al	al	PROPN
hassl-824	268	14	.	.	PROPN
hassl-824	269	1	(	(	PUNCT
hassl-824	269	2	2011	2011	NUM
hassl-824	269	3	)	)	PUNCT
hassl-824	270	1	+	+	CCONJ
hassl-824	270	2	xu	xu	INTJ
hassl-824	270	3	et	et	PROPN
hassl-824	270	4	al	al	PROPN
hassl-824	270	5	.	.	PROPN
hassl-824	271	1	(	(	PUNCT
hassl-824	271	2	2016	2016	NUM
hassl-824	271	3	)	)	PUNCT
hassl-824	271	4	control	control	NOUN
hassl-824	271	5	of	of	ADP
hassl-824	271	6	corruption	corruption	NOUN
hassl-824	271	7	cc	cc	NOUN
hassl-824	271	8	measures	measure	NOUN
hassl-824	271	9	the	the	DET
hassl-824	271	10	extent	extent	NOUN
hassl-824	271	11	to	to	PART
hassl-824	271	12	which	which	PRON
hassl-824	271	13	public	public	ADJ
hassl-824	271	14	power	power	NOUN
hassl-824	271	15	is	be	AUX
hassl-824	271	16	exercised	exercise	VERB
hassl-824	271	17	for	for	ADP
hassl-824	271	18	private	private	ADJ
hassl-824	271	19	gain	gain	NOUN
hassl-824	271	20	,	,	PUNCT
hassl-824	271	21	including	include	VERB
hassl-824	271	22	different	different	ADJ
hassl-824	271	23	forms	form	NOUN
hassl-824	271	24	of	of	ADP
hassl-824	271	25	corruption	corruption	NOUN
hassl-824	271	26	,	,	PUNCT
hassl-824	271	27	as	as	ADV
hassl-824	271	28	well	well	ADV
hassl-824	271	29	as	as	ADP
hassl-824	271	30	"	"	PUNCT
hassl-824	271	31	capture	capture	NOUN
hassl-824	271	32	"	"	PUNCT
hassl-824	271	33	of	of	ADP
hassl-824	271	34	the	the	DET
hassl-824	271	35	state	state	NOUN
hassl-824	271	36	by	by	ADP
hassl-824	271	37	elites	elite	NOUN
hassl-824	271	38	and	and	CCONJ
hassl-824	271	39	private	private	ADJ
hassl-824	271	40	interests	interest	NOUN
hassl-824	271	41	.	.	PUNCT
hassl-824	272	1	chen	chen	PROPN
hassl-824	272	2	(	(	PUNCT
hassl-824	272	3	2011	2011	NUM
hassl-824	272	4	)	)	PUNCT
hassl-824	272	5	;	;	PUNCT
hassl-824	272	6	dudley	dudley	PROPN
hassl-824	272	7	and	and	CCONJ
hassl-824	272	8	zhang	zhang	PROPN
hassl-824	272	9	(	(	PUNCT
hassl-824	272	10	2016	2016	NUM
hassl-824	272	11	)	)	PUNCT
hassl-824	272	12	kaufmann	kaufmann	PROPN
hassl-824	272	13	et	et	PROPN
hassl-824	272	14	al	al	PROPN
hassl-824	272	15	.	.	PROPN
hassl-824	273	1	(	(	PUNCT
hassl-824	273	2	2011	2011	NUM
hassl-824	273	3	)	)	PUNCT
hassl-824	273	4	regulatory	regulatory	ADJ
hassl-824	273	5	quality	quality	NOUN
hassl-824	273	6	rq	rq	NOUN
hassl-824	273	7	measures	measure	NOUN
hassl-824	273	8	the	the	DET
hassl-824	273	9	extent	extent	NOUN
hassl-824	273	10	of	of	ADP
hassl-824	273	11	the	the	DET
hassl-824	273	12	government	government	NOUN
hassl-824	273	13	to	to	PART
hassl-824	273	14	enact	enact	VERB
hassl-824	273	15	and	and	CCONJ
hassl-824	273	16	execute	execute	VERB
hassl-824	273	17	well	well	ADV
hassl-824	273	18	-	-	PUNCT
hassl-824	273	19	constructed	construct	VERB
hassl-824	273	20	policies	policy	NOUN
hassl-824	273	21	and	and	CCONJ
hassl-824	273	22	regulations	regulation	NOUN
hassl-824	273	23	that	that	PRON
hassl-824	273	24	allow	allow	VERB
hassl-824	273	25	and	and	CCONJ
hassl-824	273	26	foster	foster	VERB
hassl-824	273	27	the	the	DET
hassl-824	273	28	development	development	NOUN
hassl-824	273	29	of	of	ADP
hassl-824	273	30	private	private	ADJ
hassl-824	273	31	sector	sector	NOUN
hassl-824	273	32	.	.	PUNCT
hassl-824	274	1	dudley	dudley	PROPN
hassl-824	274	2	and	and	CCONJ
hassl-824	274	3	zhang	zhang	PROPN
hassl-824	274	4	(	(	PUNCT
hassl-824	274	5	2016	2016	NUM
hassl-824	274	6	)	)	PUNCT
hassl-824	274	7	kaufmann	kaufmann	PROPN
hassl-824	274	8	et	et	PROPN
hassl-824	274	9	al	al	PROPN
hassl-824	274	10	.	.	PROPN
hassl-824	275	1	(	(	PUNCT
hassl-824	275	2	2011	2011	NUM
hassl-824	275	3	)	)	PUNCT
hassl-824	275	4	humanities	humanity	NOUN
hassl-824	275	5	and	and	CCONJ
hassl-824	275	6	social	social	ADJ
hassl-824	275	7	sciences	science	NOUN
hassl-824	275	8	letters	letter	NOUN
hassl-824	275	9	,	,	PUNCT
hassl-824	275	10	2019	2019	NUM
hassl-824	275	11	,	,	PUNCT
hassl-824	275	12	7(3	7(3	NUM
hassl-824	275	13	):	):	PUNCT
hassl-824	275	14	123	123	NUM
hassl-824	275	15	-	-	SYM
hassl-824	275	16	140	140	NUM
hassl-824	275	17	131	131	NUM
hassl-824	275	18	©	©	PROPN
hassl-824	275	19	2019	2019	NUM
hassl-824	275	20	conscientia	conscientia	PROPN
hassl-824	275	21	beam	beam	PROPN
hassl-824	275	22	.	.	PUNCT
hassl-824	276	1	all	all	DET
hassl-824	276	2	rights	right	NOUN
hassl-824	276	3	reserved	reserve	VERB
hassl-824	276	4	.	.	PUNCT
hassl-824	277	1	aggregate	aggregate	VERB
hassl-824	277	2	national	national	ADJ
hassl-824	277	3	governance	governance	NOUN
hassl-824	277	4	index	index	NOUN
hassl-824	277	5	wgi	wgi	PROPN
hassl-824	277	6	ngindex=	ngindex=	NUM
hassl-824	277	7	political	political	ADJ
hassl-824	277	8	stability	stability	NOUN
hassl-824	277	9	+	+	CCONJ
hassl-824	277	10	voice	voice	NOUN
hassl-824	277	11	and	and	CCONJ
hassl-824	277	12	accountability	accountability	NOUN
hassl-824	277	13	+	+	CCONJ
hassl-824	277	14	government	government	NOUN
hassl-824	277	15	effectiveness+	effectiveness+	CCONJ
hassl-824	277	16	regulatory	regulatory	ADJ
hassl-824	277	17	quality	quality	NOUN
hassl-824	277	18	+	+	CCONJ
hassl-824	277	19	control	control	NOUN
hassl-824	277	20	of	of	ADP
hassl-824	277	21	corruption	corruption	NOUN
hassl-824	277	22	+	+	CCONJ
hassl-824	277	23	rule	rule	NOUN
hassl-824	277	24	of	of	ADP
hassl-824	277	25	law	law	NOUN
hassl-824	277	26	.	.	PUNCT
hassl-824	278	1	each	each	PRON
hassl-824	278	2	of	of	ADP
hassl-824	278	3	the	the	DET
hassl-824	278	4	components	component	NOUN
hassl-824	278	5	of	of	ADP
hassl-824	278	6	this	this	DET
hassl-824	278	7	index	index	NOUN
hassl-824	278	8	is	be	AUX
hassl-824	278	9	built	build	VERB
hassl-824	278	10	by	by	ADP
hassl-824	278	11	kaufmann	kaufmann	PROPN
hassl-824	278	12	et	et	PROPN
hassl-824	278	13	al	al	PROPN
hassl-824	278	14	.	.	PROPN
hassl-824	279	1	(	(	PUNCT
hassl-824	279	2	2011	2011	NUM
hassl-824	279	3	)	)	PUNCT
hassl-824	279	4	.	.	PUNCT
hassl-824	280	1	alon	alon	PROPN
hassl-824	280	2	and	and	CCONJ
hassl-824	280	3	dwyer	dwyer	PROPN
hassl-824	280	4	(	(	PUNCT
hassl-824	280	5	2014	2014	NUM
hassl-824	280	6	)	)	PUNCT
hassl-824	280	7	;	;	PUNCT
hassl-824	280	8	hearn	hearn	X
hassl-824	280	9	(	(	PUNCT
hassl-824	280	10	2014	2014	NUM
hassl-824	280	11	)	)	PUNCT
hassl-824	280	12	;	;	PUNCT
hassl-824	280	13	knudsen	knudsen	PROPN
hassl-824	280	14	(	(	PUNCT
hassl-824	280	15	2011	2011	NUM
hassl-824	280	16	)	)	PUNCT
hassl-824	280	17	;	;	PUNCT
hassl-824	280	18	ngobo	ngobo	NOUN
hassl-824	280	19	and	and	CCONJ
hassl-824	280	20	fouda	fouda	NOUN
hassl-824	280	21	(	(	PUNCT
hassl-824	280	22	2012	2012	NUM
hassl-824	280	23	)	)	PUNCT
hassl-824	280	24	;	;	PUNCT
hassl-824	280	25	nguyen	nguyen	NOUN
hassl-824	280	26	et	et	PROPN
hassl-824	280	27	al	al	PROPN
hassl-824	280	28	.	.	PROPN
hassl-824	281	1	(	(	PUNCT
hassl-824	281	2	2015	2015	NUM
hassl-824	281	3	)	)	PUNCT
hassl-824	281	4	;	;	PUNCT
hassl-824	281	5	saona	saona	NOUN
hassl-824	281	6	and	and	CCONJ
hassl-824	281	7	san	san	PROPN
hassl-824	281	8	(	(	PUNCT
hassl-824	281	9	2016	2016	NUM
hassl-824	281	10	)	)	PUNCT
hassl-824	281	11	kaufmann	kaufmann	PROPN
hassl-824	281	12	et	et	PROPN
hassl-824	281	13	al	al	PROPN
hassl-824	281	14	.	.	PROPN
hassl-824	282	1	(	(	PUNCT
hassl-824	282	2	2011	2011	NUM
hassl-824	282	3	)	)	PUNCT
hassl-824	282	4	;	;	PUNCT
hassl-824	283	1	knudsen	knudsen	PROPN
hassl-824	283	2	(	(	PUNCT
hassl-824	283	3	2011	2011	NUM
hassl-824	283	4	)	)	PUNCT
hassl-824	283	5	;	;	PUNCT
hassl-824	283	6	nguyen	nguyen	NOUN
hassl-824	283	7	et	et	PROPN
hassl-824	283	8	al	al	PROPN
hassl-824	283	9	.	.	PROPN
hassl-824	283	10	(	(	PUNCT
hassl-824	283	11	2015	2015	NUM
hassl-824	283	12	)	)	PUNCT
hassl-824	283	13	;	;	PUNCT
hassl-824	283	14	ho	ho	PROPN
hassl-824	283	15	et	et	PROPN
hassl-824	283	16	al	al	PROPN
hassl-824	283	17	.	.	PROPN
hassl-824	284	1	(	(	PUNCT
hassl-824	284	2	2016	2016	NUM
hassl-824	284	3	)	)	PUNCT
hassl-824	284	4	control	control	NOUN
hassl-824	284	5	variables	variable	NOUN
hassl-824	284	6	size	size	NOUN
hassl-824	284	7	size	size	NOUN
hassl-824	284	8	natural	natural	ADJ
hassl-824	284	9	logarithm	logarithm	NOUN
hassl-824	284	10	of	of	ADP
hassl-824	284	11	total	total	ADJ
hassl-824	284	12	assets	asset	NOUN
hassl-824	284	13	al	al	PROPN
hassl-824	284	14	-	-	PUNCT
hassl-824	284	15	najjar	najjar	PROPN
hassl-824	284	16	(	(	PUNCT
hassl-824	284	17	2013	2013	NUM
hassl-824	284	18	)	)	PUNCT
hassl-824	284	19	;	;	PUNCT
hassl-824	284	20	ferreira	ferreira	PROPN
hassl-824	284	21	and	and	CCONJ
hassl-824	284	22	vilela	vilela	PROPN
hassl-824	284	23	(	(	PUNCT
hassl-824	284	24	2004	2004	NUM
hassl-824	284	25	)	)	PUNCT
hassl-824	284	26	;	;	PUNCT
hassl-824	284	27	opler	opler	NOUN
hassl-824	284	28	et	et	PROPN
hassl-824	284	29	al	al	PROPN
hassl-824	284	30	.	.	PROPN
hassl-824	285	1	(	(	PUNCT
hassl-824	285	2	1999	1999	NUM
hassl-824	285	3	)	)	PUNCT
hassl-824	285	4	emis	emis	PROPN
hassl-824	285	5	database	database	NOUN
hassl-824	285	6	cash	cash	NOUN
hassl-824	285	7	flow	flow	NOUN
hassl-824	285	8	cf	cf	NOUN
hassl-824	285	9	the	the	DET
hassl-824	285	10	earnings	earning	NOUN
hassl-824	285	11	before	before	ADP
hassl-824	285	12	tax	tax	NOUN
hassl-824	285	13	plus	plus	CCONJ
hassl-824	285	14	depreciation	depreciation	NOUN
hassl-824	285	15	&	&	CCONJ
hassl-824	285	16	amortisation	amortisation	NOUN
hassl-824	285	17	scaled	scale	VERB
hassl-824	285	18	by	by	ADP
hassl-824	285	19	total	total	ADJ
hassl-824	285	20	assets	asset	NOUN
hassl-824	285	21	.	.	PUNCT
hassl-824	286	1	+	+	CCONJ
hassl-824	286	2	al	al	PROPN
hassl-824	286	3	-	-	PUNCT
hassl-824	286	4	najjar	najjar	PROPN
hassl-824	286	5	(	(	PUNCT
hassl-824	286	6	2013	2013	NUM
hassl-824	286	7	)	)	PUNCT
hassl-824	286	8	;	;	PUNCT
hassl-824	286	9	guney	guney	NOUN
hassl-824	286	10	et	et	PROPN
hassl-824	286	11	al	al	PROPN
hassl-824	286	12	.	.	PUNCT
hassl-824	287	1	(	(	PUNCT
hassl-824	287	2	2007	2007	NUM
hassl-824	287	3	)	)	PUNCT
hassl-824	287	4	emis	emis	PROPN
hassl-824	287	5	database	database	PROPN
hassl-824	287	6	net	net	PROPN
hassl-824	287	7	working	working	PROPN
hassl-824	287	8	capital	capital	PROPN
hassl-824	287	9	nwc	nwc	PROPN
hassl-824	287	10	current	current	ADJ
hassl-824	287	11	assets	asset	NOUN
hassl-824	287	12	minus	minus	ADP
hassl-824	287	13	current	current	ADJ
hassl-824	287	14	liabilities	liability	NOUN
hassl-824	287	15	divided	divide	VERB
hassl-824	287	16	by	by	ADP
hassl-824	287	17	total	total	ADJ
hassl-824	287	18	assets	asset	NOUN
hassl-824	287	19	.	.	PUNCT
hassl-824	288	1	+	+	CCONJ
hassl-824	288	2	guney	guney	NOUN
hassl-824	288	3	et	et	PROPN
hassl-824	288	4	al	al	PROPN
hassl-824	288	5	.	.	PUNCT
hassl-824	289	1	(	(	PUNCT
hassl-824	289	2	2007	2007	NUM
hassl-824	289	3	)	)	PUNCT
hassl-824	289	4	emis	emis	PROPN
hassl-824	289	5	database	database	NOUN
hassl-824	289	6	al‐najjar	al‐najjar	PROPN
hassl-824	289	7	(	(	PUNCT
hassl-824	289	8	2015	2015	NUM
hassl-824	289	9	)	)	PUNCT
hassl-824	289	10	;	;	PUNCT
hassl-824	289	11	ferreira	ferreira	PROPN
hassl-824	289	12	and	and	CCONJ
hassl-824	289	13	vilela	vilela	PROPN
hassl-824	289	14	(	(	PUNCT
hassl-824	289	15	2004	2004	NUM
hassl-824	289	16	)	)	PUNCT
hassl-824	289	17	emis	emis	PROPN
hassl-824	289	18	database	database	PROPN
hassl-824	289	19	capital	capital	NOUN
hassl-824	289	20	expenditures	expenditure	NOUN
hassl-824	289	21	capex	capex	VERB
hassl-824	289	22	the	the	DET
hassl-824	289	23	ratio	ratio	NOUN
hassl-824	289	24	of	of	ADP
hassl-824	289	25	capital	capital	NOUN
hassl-824	289	26	expenditure	expenditure	NOUN
hassl-824	289	27	to	to	ADP
hassl-824	289	28	total	total	ADJ
hassl-824	289	29	assets	asset	NOUN
hassl-824	289	30	.	.	PUNCT
hassl-824	290	1	chen	chen	PROPN
hassl-824	290	2	(	(	PUNCT
hassl-824	290	3	2008	2008	NUM
hassl-824	290	4	)	)	PUNCT
hassl-824	290	5	;	;	PUNCT
hassl-824	290	6	guney	guney	NOUN
hassl-824	290	7	et	et	PROPN
hassl-824	290	8	al	al	PROPN
hassl-824	290	9	.	.	PUNCT
hassl-824	291	1	(	(	PUNCT
hassl-824	291	2	2007	2007	NUM
hassl-824	291	3	)	)	PUNCT
hassl-824	291	4	emis	emis	PROPN
hassl-824	291	5	database	database	NOUN
hassl-824	291	6	leverage	leverage	NOUN
hassl-824	291	7	lev	lev	VERB
hassl-824	291	8	the	the	DET
hassl-824	291	9	ratio	ratio	NOUN
hassl-824	291	10	of	of	ADP
hassl-824	291	11	total	total	ADJ
hassl-824	291	12	liabilities	liability	NOUN
hassl-824	291	13	to	to	PART
hassl-824	291	14	total	total	ADJ
hassl-824	291	15	assets	asset	NOUN
hassl-824	291	16	.	.	PUNCT
hassl-824	292	1	al‐najjar	al‐najjar	PROPN
hassl-824	292	2	(	(	PUNCT
hassl-824	292	3	2015	2015	NUM
hassl-824	292	4	)	)	PUNCT
hassl-824	292	5	;	;	PUNCT
hassl-824	292	6	opler	opler	NOUN
hassl-824	292	7	et	et	PROPN
hassl-824	292	8	al	al	PROPN
hassl-824	292	9	.	.	PUNCT
hassl-824	293	1	(	(	PUNCT
hassl-824	293	2	1999	1999	NUM
hassl-824	293	3	)	)	PUNCT
hassl-824	293	4	;	;	PUNCT
hassl-824	294	1	ozkan	ozkan	NOUN
hassl-824	294	2	and	and	CCONJ
hassl-824	294	3	ozkan	ozkan	NOUN
hassl-824	294	4	(	(	PUNCT
hassl-824	294	5	2004	2004	NUM
hassl-824	294	6	)	)	PUNCT
hassl-824	294	7	emis	emis	PROPN
hassl-824	294	8	database	database	PROPN
hassl-824	294	9	dividend	dividend	NOUN
hassl-824	294	10	div	div	X
hassl-824	294	11	the	the	DET
hassl-824	294	12	dummy	dummy	ADJ
hassl-824	294	13	variable	variable	NOUN
hassl-824	294	14	set	set	VERB
hassl-824	294	15	equal	equal	ADJ
hassl-824	294	16	to	to	ADP
hassl-824	294	17	one	one	NUM
hassl-824	294	18	in	in	ADP
hassl-824	294	19	years	year	NOUN
hassl-824	294	20	in	in	ADP
hassl-824	294	21	which	which	PRON
hassl-824	294	22	a	a	DET
hassl-824	294	23	firm	firm	NOUN
hassl-824	294	24	pays	pay	VERB
hassl-824	294	25	common	common	ADJ
hassl-824	294	26	dividends	dividend	NOUN
hassl-824	294	27	,	,	PUNCT
hassl-824	294	28	and	and	CCONJ
hassl-824	294	29	zero	zero	NUM
hassl-824	294	30	otherwise	otherwise	ADV
hassl-824	294	31	.	.	PUNCT
hassl-824	295	1	opler	opler	PROPN
hassl-824	295	2	et	et	PROPN
hassl-824	295	3	al	al	PROPN
hassl-824	295	4	.	.	PROPN
hassl-824	296	1	(	(	PUNCT
hassl-824	296	2	1999	1999	NUM
hassl-824	296	3	)	)	PUNCT
hassl-824	296	4	emis	emis	PROPN
hassl-824	296	5	database	database	NOUN
hassl-824	296	6	growth	growth	NOUN
hassl-824	296	7	opportunities	opportunity	NOUN
hassl-824	296	8	gro	gro	PROPN
hassl-824	296	9	proxied	proxie	VERB
hassl-824	296	10	using	use	VERB
hassl-824	296	11	market	market	NOUN
hassl-824	296	12	-	-	PUNCT
hassl-824	296	13	to	to	ADP
hassl-824	296	14	-	-	PUNCT
hassl-824	296	15	book	book	NOUN
hassl-824	296	16	ratio	ratio	NOUN
hassl-824	296	17	,	,	PUNCT
hassl-824	296	18	where	where	SCONJ
hassl-824	296	19	the	the	DET
hassl-824	296	20	market	market	NOUN
hassl-824	296	21	value	value	NOUN
hassl-824	296	22	of	of	ADP
hassl-824	296	23	assets	asset	NOUN
hassl-824	296	24	is	be	AUX
hassl-824	296	25	divided	divide	VERB
hassl-824	296	26	by	by	ADP
hassl-824	296	27	book	book	NOUN
hassl-824	296	28	value	value	NOUN
hassl-824	296	29	of	of	ADP
hassl-824	296	30	assets	asset	NOUN
hassl-824	296	31	.	.	PUNCT
hassl-824	297	1	+	+	CCONJ
hassl-824	297	2	al‐najjar	al‐najjar	PROPN
hassl-824	297	3	(	(	PUNCT
hassl-824	297	4	2015	2015	NUM
hassl-824	297	5	)	)	PUNCT
hassl-824	297	6	;	;	PUNCT
hassl-824	297	7	opler	opler	NOUN
hassl-824	297	8	et	et	PROPN
hassl-824	297	9	al	al	PROPN
hassl-824	297	10	.	.	PUNCT
hassl-824	298	1	(	(	PUNCT
hassl-824	298	2	1999	1999	NUM
hassl-824	298	3	)	)	PUNCT
hassl-824	298	4	;	;	PUNCT
hassl-824	299	1	ozkan	ozkan	NOUN
hassl-824	299	2	and	and	CCONJ
hassl-824	299	3	ozkan	ozkan	NOUN
hassl-824	299	4	(	(	PUNCT
hassl-824	299	5	2004	2004	NUM
hassl-824	299	6	)	)	PUNCT
hassl-824	299	7	emis	emis	PROPN
hassl-824	299	8	database	database	NOUN
hassl-824	299	9	private	private	ADJ
hassl-824	299	10	credit	credit	NOUN
hassl-824	299	11	pc	pc	NOUN
hassl-824	299	12	the	the	DET
hassl-824	299	13	ratio	ratio	NOUN
hassl-824	299	14	of	of	ADP
hassl-824	299	15	claims	claim	NOUN
hassl-824	299	16	on	on	ADP
hassl-824	299	17	the	the	DET
hassl-824	299	18	private	private	ADJ
hassl-824	299	19	sector	sector	NOUN
hassl-824	299	20	by	by	ADP
hassl-824	299	21	commercial	commercial	ADJ
hassl-824	299	22	banks	bank	NOUN
hassl-824	299	23	and	and	CCONJ
hassl-824	299	24	other	other	ADJ
hassl-824	299	25	financial	financial	ADJ
hassl-824	299	26	institutions	institution	NOUN
hassl-824	299	27	to	to	ADP
hassl-824	299	28	gdp	gdp	PROPN
hassl-824	299	29	.	.	PUNCT
hassl-824	300	1	chen	chen	PROPN
hassl-824	300	2	(	(	PUNCT
hassl-824	300	3	2011	2011	NUM
hassl-824	300	4	)	)	PUNCT
hassl-824	300	5	;	;	PUNCT
hassl-824	300	6	dittmar	dittmar	NOUN
hassl-824	300	7	et	et	PROPN
hassl-824	300	8	al	al	PROPN
hassl-824	300	9	.	.	PROPN
hassl-824	301	1	(	(	PUNCT
hassl-824	301	2	2003	2003	NUM
hassl-824	301	3	)	)	PUNCT
hassl-824	301	4	;	;	PUNCT
hassl-824	301	5	kalcheva	kalcheva	PROPN
hassl-824	301	6	and	and	CCONJ
hassl-824	301	7	lins	lin	NOUN
hassl-824	301	8	(	(	PUNCT
hassl-824	301	9	2007	2007	NUM
hassl-824	301	10	)	)	PUNCT
hassl-824	301	11	worldbank	worldbank	ADJ
hassl-824	301	12	humanities	humanity	NOUN
hassl-824	301	13	and	and	CCONJ
hassl-824	301	14	social	social	ADJ
hassl-824	301	15	sciences	science	NOUN
hassl-824	301	16	letters	letter	NOUN
hassl-824	301	17	,	,	PUNCT
hassl-824	301	18	2019	2019	NUM
hassl-824	301	19	,	,	PUNCT
hassl-824	301	20	7(3	7(3	NUM
hassl-824	301	21	):	):	PUNCT
hassl-824	301	22	123	123	NUM
hassl-824	301	23	-	-	SYM
hassl-824	301	24	140	140	NUM
hassl-824	301	25	132	132	NUM
hassl-824	301	26	©	©	PROPN
hassl-824	301	27	2019	2019	NUM
hassl-824	301	28	conscientia	conscientia	PROPN
hassl-824	301	29	beam	beam	PROPN
hassl-824	301	30	.	.	PUNCT
hassl-824	302	1	all	all	DET
hassl-824	302	2	rights	right	NOUN
hassl-824	302	3	reserved	reserve	VERB
hassl-824	302	4	.	.	PUNCT
hassl-824	303	1	5	5	X
hassl-824	303	2	.	.	X
hassl-824	303	3	empirical	empirical	ADJ
hassl-824	303	4	results	result	NOUN
hassl-824	303	5	and	and	CCONJ
hassl-824	303	6	discussion	discussion	NOUN
hassl-824	303	7	5.1	5.1	NUM
hassl-824	303	8	.	.	PUNCT
hassl-824	304	1	descriptive	descriptive	ADJ
hassl-824	304	2	statistics	statistic	NOUN
hassl-824	304	3	table	table	NOUN
hassl-824	304	4	2	2	NUM
hassl-824	304	5	shows	show	VERB
hassl-824	304	6	the	the	DET
hassl-824	304	7	summary	summary	NOUN
hassl-824	304	8	statistics	statistic	NOUN
hassl-824	304	9	for	for	ADP
hassl-824	304	10	cash	cash	NOUN
hassl-824	304	11	holdings	holding	NOUN
hassl-824	304	12	and	and	CCONJ
hassl-824	304	13	the	the	DET
hassl-824	304	14	variables	variable	NOUN
hassl-824	304	15	.	.	PUNCT
hassl-824	305	1	country	country	NOUN
hassl-824	305	2	governance	governance	NOUN
hassl-824	305	3	variables	variable	NOUN
hassl-824	305	4	include	include	VERB
hassl-824	305	5	the	the	DET
hassl-824	305	6	indexes	index	NOUN
hassl-824	305	7	of	of	ADP
hassl-824	305	8	voice	voice	NOUN
hassl-824	305	9	and	and	CCONJ
hassl-824	305	10	accountability	accountability	NOUN
hassl-824	305	11	(	(	PUNCT
hassl-824	305	12	va	va	NOUN
hassl-824	305	13	)	)	PUNCT
hassl-824	305	14	,	,	PUNCT
hassl-824	305	15	government	government	NOUN
hassl-824	305	16	effectiveness	effectiveness	NOUN
hassl-824	305	17	(	(	PUNCT
hassl-824	305	18	ge	ge	PROPN
hassl-824	305	19	)	)	PUNCT
hassl-824	305	20	,	,	PUNCT
hassl-824	305	21	rule	rule	NOUN
hassl-824	305	22	of	of	ADP
hassl-824	305	23	law	law	NOUN
hassl-824	305	24	(	(	PUNCT
hassl-824	305	25	rl	rl	NOUN
hassl-824	305	26	)	)	PUNCT
hassl-824	305	27	,	,	PUNCT
hassl-824	305	28	political	political	ADJ
hassl-824	305	29	stability	stability	NOUN
hassl-824	305	30	&	&	CCONJ
hassl-824	305	31	absence	absence	NOUN
hassl-824	305	32	of	of	ADP
hassl-824	305	33	violence	violence	NOUN
hassl-824	305	34	(	(	PUNCT
hassl-824	305	35	ps	ps	NOUN
hassl-824	305	36	)	)	PUNCT
hassl-824	305	37	,	,	PUNCT
hassl-824	305	38	control	control	NOUN
hassl-824	305	39	of	of	ADP
hassl-824	305	40	corruption	corruption	NOUN
hassl-824	305	41	(	(	PUNCT
hassl-824	305	42	cc	cc	NOUN
hassl-824	305	43	)	)	PUNCT
hassl-824	305	44	,	,	PUNCT
hassl-824	305	45	and	and	CCONJ
hassl-824	305	46	regulatory	regulatory	ADJ
hassl-824	305	47	quality	quality	NOUN
hassl-824	305	48	,	,	PUNCT
hassl-824	305	49	as	as	SCONJ
hassl-824	305	50	developed	develop	VERB
hassl-824	305	51	by	by	ADP
hassl-824	305	52	kaufmann	kaufmann	PROPN
hassl-824	305	53	et	et	PROPN
hassl-824	305	54	al	al	PROPN
hassl-824	305	55	.	.	PROPN
hassl-824	306	1	(	(	PUNCT
hassl-824	306	2	2011	2011	NUM
hassl-824	306	3	)	)	PUNCT
hassl-824	306	4	.	.	PUNCT
hassl-824	307	1	the	the	DET
hassl-824	307	2	values	value	NOUN
hassl-824	307	3	for	for	ADP
hassl-824	307	4	each	each	PRON
hassl-824	307	5	of	of	ADP
hassl-824	307	6	these	these	DET
hassl-824	307	7	six	six	NUM
hassl-824	307	8	indexes	index	NOUN
hassl-824	307	9	range	range	NOUN
hassl-824	307	10	from	from	ADP
hassl-824	307	11	-2.5	-2.5	NOUN
hassl-824	307	12	to	to	ADP
hassl-824	307	13	2.5	2.5	NUM
hassl-824	307	14	.	.	PUNCT
hassl-824	308	1	higher	high	ADJ
hassl-824	308	2	values	value	NOUN
hassl-824	308	3	are	be	AUX
hassl-824	308	4	corresponding	correspond	VERB
hassl-824	308	5	to	to	ADP
hassl-824	308	6	better	well	ADJ
hassl-824	308	7	governance	governance	NOUN
hassl-824	308	8	outcomes	outcome	NOUN
hassl-824	308	9	.	.	PUNCT
hassl-824	309	1	panel	panel	NOUN
hassl-824	309	2	a	a	DET
hassl-824	309	3	summarizes	summarize	NOUN
hassl-824	309	4	the	the	DET
hassl-824	309	5	statistics	statistic	NOUN
hassl-824	309	6	description	description	NOUN
hassl-824	309	7	for	for	ADP
hassl-824	309	8	the	the	DET
hassl-824	309	9	variables	variable	NOUN
hassl-824	309	10	used	use	VERB
hassl-824	309	11	in	in	ADP
hassl-824	309	12	this	this	DET
hassl-824	309	13	study	study	NOUN
hassl-824	309	14	.	.	PUNCT
hassl-824	310	1	panel	panel	NOUN
hassl-824	310	2	b	b	PROPN
hassl-824	310	3	shows	show	VERB
hassl-824	310	4	the	the	DET
hassl-824	310	5	correlation	correlation	NOUN
hassl-824	310	6	coefficients	coefficient	VERB
hassl-824	310	7	details	detail	NOUN
hassl-824	310	8	for	for	ADP
hassl-824	310	9	the	the	DET
hassl-824	310	10	variables	variable	NOUN
hassl-824	310	11	.	.	PUNCT
hassl-824	311	1	cash	cash	NOUN
hassl-824	311	2	holdings	holding	NOUN
hassl-824	311	3	(	(	PUNCT
hassl-824	311	4	cash	cash	NOUN
hassl-824	311	5	)	)	PUNCT
hassl-824	311	6	is	be	AUX
hassl-824	311	7	the	the	DET
hassl-824	311	8	ratio	ratio	NOUN
hassl-824	311	9	of	of	ADP
hassl-824	311	10	total	total	ADJ
hassl-824	311	11	cash	cash	NOUN
hassl-824	311	12	and	and	CCONJ
hassl-824	311	13	cash	cash	NOUN
hassl-824	311	14	equivalent	equivalent	ADJ
hassl-824	311	15	to	to	ADP
hassl-824	311	16	total	total	ADJ
hassl-824	311	17	assets	asset	NOUN
hassl-824	311	18	.	.	PUNCT
hassl-824	312	1	cash	cash	NOUN
hassl-824	312	2	flow	flow	NOUN
hassl-824	312	3	(	(	PUNCT
hassl-824	312	4	cf	cf	NOUN
hassl-824	312	5	)	)	PUNCT
hassl-824	312	6	is	be	AUX
hassl-824	312	7	the	the	DET
hassl-824	312	8	earnings	earning	NOUN
hassl-824	312	9	before	before	ADP
hassl-824	312	10	tax	tax	NOUN
hassl-824	312	11	plus	plus	CCONJ
hassl-824	312	12	depreciation	depreciation	NOUN
hassl-824	312	13	&	&	CCONJ
hassl-824	312	14	amortisation	amortisation	NOUN
hassl-824	312	15	scared	scare	VERB
hassl-824	312	16	by	by	ADP
hassl-824	312	17	total	total	ADJ
hassl-824	312	18	assets	asset	NOUN
hassl-824	312	19	.	.	PUNCT
hassl-824	313	1	net	net	ADJ
hassl-824	313	2	working	working	NOUN
hassl-824	313	3	capital	capital	NOUN
hassl-824	313	4	(	(	PUNCT
hassl-824	313	5	nwc	nwc	PROPN
hassl-824	313	6	)	)	PUNCT
hassl-824	313	7	is	be	AUX
hassl-824	313	8	measured	measure	VERB
hassl-824	313	9	as	as	SCONJ
hassl-824	313	10	current	current	ADJ
hassl-824	313	11	assets	asset	NOUN
hassl-824	313	12	deduct	deduct	VERB
hassl-824	313	13	current	current	ADJ
hassl-824	313	14	liabilities	liability	NOUN
hassl-824	313	15	divided	divide	VERB
hassl-824	313	16	by	by	ADP
hassl-824	313	17	total	total	ADJ
hassl-824	313	18	assets	asset	NOUN
hassl-824	313	19	.	.	PUNCT
hassl-824	314	1	table-2	table-2	X
hassl-824	314	2	.	.	PUNCT
hassl-824	314	3	summary	summary	NOUN
hassl-824	314	4	statistics	statistic	NOUN
hassl-824	314	5	.	.	PUNCT
hassl-824	315	1	panel	panel	NOUN
hassl-824	315	2	a	a	DET
hassl-824	315	3	:	:	PUNCT
hassl-824	315	4	summary	summary	NOUN
hassl-824	315	5	statistics	statistic	NOUN
hassl-824	315	6	for	for	ADP
hassl-824	315	7	the	the	DET
hassl-824	315	8	aggregate	aggregate	ADJ
hassl-824	315	9	sample	sample	NOUN
hassl-824	315	10	of	of	ADP
hassl-824	315	11	asean-5	asean-5	NUM
hassl-824	315	12	variable	variable	ADJ
hassl-824	315	13	mean	mean	NOUN
hassl-824	315	14	std	std	PROPN
hassl-824	315	15	.	.	PROPN
hassl-824	316	1	dev	dev	PROPN
hassl-824	316	2	.	.	PUNCT
hassl-824	317	1	min	min	PROPN
hassl-824	317	2	max	max	PROPN
hassl-824	317	3	observations	observation	NOUN
hassl-824	317	4	dependent	dependent	ADJ
hassl-824	317	5	variable	variable	ADJ
hassl-824	317	6	cash	cash	NOUN
hassl-824	317	7	0.133	0.133	NUM
hassl-824	317	8	0.153	0.153	NUM
hassl-824	317	9	0.0012	0.0012	NUM
hassl-824	317	10	0.875	0.875	NUM
hassl-824	317	11	1140	1140	NUM
hassl-824	317	12	lncash	lncash	NOUN
hassl-824	317	13	-2.685	-2.685	PUNCT
hassl-824	317	14	1.287	1.287	NUM
hassl-824	317	15	-6.728	-6.728	NOUN
hassl-824	317	16	-0.134	-0.134	NOUN
hassl-824	317	17	1140	1140	NUM
hassl-824	317	18	explanatory	explanatory	ADJ
hassl-824	317	19	variables	variable	NOUN
hassl-824	317	20	va	va	PROPN
hassl-824	317	21	-0.18	-0.18	NUM
hassl-824	317	22	0.242	0.242	NUM
hassl-824	317	23	-0.7	-0.7	PROPN
hassl-824	317	24	0.5	0.5	NUM
hassl-824	317	25	1194	1194	NUM
hassl-824	317	26	ge	ge	PROPN
hassl-824	317	27	1.087	1.087	NUM
hassl-824	317	28	0.982	0.982	NUM
hassl-824	317	29	-0.5	-0.5	NUM
hassl-824	317	30	2.4	2.4	NUM
hassl-824	317	31	1194	1194	NUM
hassl-824	317	32	rl	rl	ADP
hassl-824	317	33	0.601	0.601	NUM
hassl-824	317	34	0.919	0.919	NUM
hassl-824	317	35	-1	-1	ADP
hassl-824	317	36	1.8	1.8	NUM
hassl-824	317	37	1194	1194	NUM
hassl-824	317	38	ps	ps	NOUN
hassl-824	317	39	0.0554	0.0554	NUM
hassl-824	317	40	1.076	1.076	NUM
hassl-824	317	41	-2.1	-2.1	NUM
hassl-824	317	42	1.3	1.3	NUM
hassl-824	317	43	1194	1194	NUM
hassl-824	317	44	cc	cc	ADP
hassl-824	317	45	0.721	0.721	NUM
hassl-824	317	46	1.276	1.276	NUM
hassl-824	317	47	-1.1	-1.1	NOUN
hassl-824	317	48	2.4	2.4	NUM
hassl-824	317	49	1198	1198	NUM
hassl-824	317	50	rq	rq	VERB
hassl-824	317	51	0.829	0.829	NUM
hassl-824	317	52	0.892	0.892	NUM
hassl-824	317	53	-0.8	-0.8	NUM
hassl-824	317	54	2.1	2.1	NUM
hassl-824	317	55	1194	1194	NUM
hassl-824	317	56	control	control	NOUN
hassl-824	317	57	variables	variable	NOUN
hassl-824	317	58	size	size	VERB
hassl-824	317	59	4.962	4.962	NUM
hassl-824	317	60	1.911	1.911	NUM
hassl-824	317	61	-0.428	-0.428	NOUN
hassl-824	317	62	9.989	9.989	NUM
hassl-824	317	63	1140	1140	NUM
hassl-824	317	64	cf	cf	NOUN
hassl-824	317	65	0.0268	0.0268	NUM
hassl-824	317	66	0.204	0.204	NUM
hassl-824	317	67	-2.59	-2.59	NUM
hassl-824	317	68	2.29	2.29	NUM
hassl-824	317	69	1140	1140	NUM
hassl-824	317	70	nwc	nwc	PROPN
hassl-824	317	71	2.238	2.238	NUM
hassl-824	317	72	65.8	65.8	NUM
hassl-824	317	73	-3.994	-3.994	NUM
hassl-824	317	74	2220	2220	NUM
hassl-824	317	75	1140	1140	NUM
hassl-824	317	76	capex	capex	NOUN
hassl-824	317	77	0.0579	0.0579	NUM
hassl-824	317	78	0.109	0.109	NUM
hassl-824	317	79	-1.112	-1.112	PROPN
hassl-824	317	80	1.027	1.027	NUM
hassl-824	317	81	1157	1157	NUM
hassl-824	317	82	lev	lev	NOUN
hassl-824	317	83	0.45	0.45	NUM
hassl-824	317	84	0.253	0.253	NUM
hassl-824	317	85	0	0	NUM
hassl-824	317	86	2.998	2.998	NUM
hassl-824	317	87	1140	1140	NUM
hassl-824	317	88	div	div	X
hassl-824	317	89	0.623	0.623	NUM
hassl-824	317	90	0.485	0.485	NUM
hassl-824	317	91	0	0	NUM
hassl-824	317	92	1	1	NUM
hassl-824	317	93	1153	1153	NUM
hassl-824	317	94	gro	gro	NOUN
hassl-824	317	95	0.919	0.919	NUM
hassl-824	317	96	1.16	1.16	NUM
hassl-824	317	97	-9.06	-9.06	NUM
hassl-824	317	98	12.15	12.15	NUM
hassl-824	317	99	1137	1137	NUM
hassl-824	317	100	panel	panel	NOUN
hassl-824	317	101	b	b	NOUN
hassl-824	317	102	:	:	PUNCT
hassl-824	317	103	summary	summary	NOUN
hassl-824	317	104	statistics	statistic	NOUN
hassl-824	317	105	by	by	ADP
hassl-824	317	106	country	country	NOUN
hassl-824	317	107	country	country	NOUN
hassl-824	317	108	malaysia	malaysia	PROPN
hassl-824	317	109	singapore	singapore	PROPN
hassl-824	317	110	thailand	thailand	PROPN
hassl-824	317	111	indonesia	indonesia	PROPN
hassl-824	317	112	philippines	philippines	PROPN
hassl-824	317	113	observations	observation	NOUN
hassl-824	317	114	247	247	NUM
hassl-824	317	115	494	494	NUM
hassl-824	317	116	208	208	NUM
hassl-824	317	117	208	208	NUM
hassl-824	317	118	117	117	NUM
hassl-824	317	119	cash	cash	NOUN
hassl-824	317	120	0.0881	0.0881	NUM
hassl-824	317	121	0.187	0.187	NUM
hassl-824	317	122	0.072	0.072	NUM
hassl-824	317	123	0.105	0.105	NUM
hassl-824	317	124	0.162	0.162	NUM
hassl-824	317	125	size	size	NOUN
hassl-824	317	126	6.181	6.181	NUM
hassl-824	317	127	5.240	5.240	NUM
hassl-824	317	128	4.751	4.751	NUM
hassl-824	317	129	3.583	3.583	NUM
hassl-824	317	130	3.695	3.695	NUM
hassl-824	317	131	cf	cf	NOUN
hassl-824	317	132	0.0136	0.0136	NUM
hassl-824	317	133	0.0295	0.0295	NUM
hassl-824	317	134	0.038	0.038	NUM
hassl-824	317	135	0.0226	0.0226	NUM
hassl-824	317	136	0.0295	0.0295	NUM
hassl-824	317	137	nwc	nwc	PROPN
hassl-824	317	138	0.0850	0.0850	PROPN
hassl-824	317	139	0.265	0.265	NUM
hassl-824	317	140	0.041	0.041	NUM
hassl-824	317	141	0.101	0.101	NUM
hassl-824	317	142	21.16	21.16	NUM
hassl-824	317	143	capex	capex	NOUN
hassl-824	317	144	0.0361	0.0361	NUM
hassl-824	317	145	0.0537	0.0537	NUM
hassl-824	317	146	0.076	0.076	NUM
hassl-824	317	147	0.0789	0.0789	NUM
hassl-824	317	148	0.0553	0.0553	NUM
hassl-824	317	149	lev	lev	NOUN
hassl-824	317	150	0.431	0.431	NUM
hassl-824	317	151	0.480	0.480	NUM
hassl-824	317	152	0.391	0.391	NUM
hassl-824	317	153	0.531	0.531	NUM
hassl-824	317	154	0.364	0.364	NUM
hassl-824	317	155	div	div	NOUN
hassl-824	317	156	0.740	0.740	NUM
hassl-824	317	157	0.702	0.702	NUM
hassl-824	317	158	0.718	0.718	NUM
hassl-824	317	159	0.313	0.313	NUM
hassl-824	317	160	0.345	0.345	NUM
hassl-824	317	161	gro	gro	NOUN
hassl-824	317	162	0.539	0.539	NUM
hassl-824	317	163	0.737	0.737	NUM
hassl-824	317	164	1.150	1.150	NUM
hassl-824	317	165	1.140	1.140	NUM
hassl-824	317	166	1.638	1.638	NUM
hassl-824	317	167	va	va	NOUN
hassl-824	317	168	-0.406	-0.406	NUM
hassl-824	317	169	-0.109	-0.109	NUM
hassl-824	317	170	-0.237	-0.237	PROPN
hassl-824	317	171	-0.120	-0.120	PUNCT
hassl-824	317	172	0	0	NUM
hassl-824	317	173	ps	ps	PROPN
hassl-824	317	174	0.208	0.208	NUM
hassl-824	317	175	1.156	1.156	NUM
hassl-824	317	176	-0.858	-0.858	NOUN
hassl-824	317	177	-1.121	-1.121	ADP
hassl-824	317	178	-1.454	-1.454	PUNCT
hassl-824	317	179	ge	ge	PROPN
hassl-824	317	180	1.098	1.098	NUM
hassl-824	317	181	2.171	2.171	NUM
hassl-824	317	182	0.300	0.300	NUM
hassl-824	317	183	-0.287	-0.287	NOUN
hassl-824	317	184	-0.0154	-0.0154	NOUN
hassl-824	317	185	rq	rq	VERB
hassl-824	317	186	0.523	0.523	NUM
hassl-824	317	187	1.868	1.868	NUM
hassl-824	317	188	0.268	0.268	NUM
hassl-824	317	189	-0.368	-0.368	PUNCT
hassl-824	317	190	-0.108	-0.108	PUNCT
hassl-824	317	191	rl	rl	VERB
hassl-824	317	192	0.500	0.500	NUM
hassl-824	317	193	1.627	1.627	NUM
hassl-824	317	194	0.00340	0.00340	NUM
hassl-824	317	195	-0.691	-0.691	NOUN
hassl-824	317	196	-0.492	-0.492	NOUN
hassl-824	317	197	cc	cc	ADP
hassl-824	317	198	0.248	0.248	NUM
hassl-824	317	199	2.244	2.244	NUM
hassl-824	317	200	-0.270	-0.270	SYM
hassl-824	317	201	-0.760	-0.760	NOUN
hassl-824	317	202	-0.631	-0.631	PUNCT
hassl-824	317	203	capital	capital	NOUN
hassl-824	317	204	expenditure	expenditure	NOUN
hassl-824	317	205	(	(	PUNCT
hassl-824	317	206	capex	capex	NOUN
hassl-824	317	207	)	)	PUNCT
hassl-824	317	208	is	be	AUX
hassl-824	317	209	the	the	DET
hassl-824	317	210	ratio	ratio	NOUN
hassl-824	317	211	of	of	ADP
hassl-824	317	212	capital	capital	NOUN
hassl-824	317	213	expenditure	expenditure	NOUN
hassl-824	317	214	to	to	ADP
hassl-824	317	215	total	total	ADJ
hassl-824	317	216	assets	asset	NOUN
hassl-824	317	217	.	.	PUNCT
hassl-824	318	1	leverage	leverage	NOUN
hassl-824	318	2	(	(	PUNCT
hassl-824	318	3	lev	lev	NOUN
hassl-824	318	4	)	)	PUNCT
hassl-824	318	5	is	be	AUX
hassl-824	318	6	the	the	DET
hassl-824	318	7	ratio	ratio	NOUN
hassl-824	318	8	of	of	ADP
hassl-824	318	9	total	total	ADJ
hassl-824	318	10	liabilities	liability	NOUN
hassl-824	318	11	to	to	PART
hassl-824	318	12	total	total	ADJ
hassl-824	318	13	assets	asset	NOUN
hassl-824	318	14	.	.	PUNCT
hassl-824	319	1	dividend	dividend	NOUN
hassl-824	319	2	(	(	PUNCT
hassl-824	319	3	div	div	PROPN
hassl-824	319	4	)	)	PUNCT
hassl-824	319	5	is	be	AUX
hassl-824	319	6	the	the	DET
hassl-824	319	7	dummy	dummy	ADJ
hassl-824	319	8	variable	variable	NOUN
hassl-824	319	9	which	which	PRON
hassl-824	319	10	is	be	AUX
hassl-824	319	11	set	set	VERB
hassl-824	319	12	to	to	PART
hassl-824	319	13	be	be	AUX
hassl-824	319	14	equal	equal	ADJ
hassl-824	319	15	to	to	ADP
hassl-824	319	16	1	1	NUM
hassl-824	319	17	in	in	ADP
hassl-824	319	18	years	year	NOUN
hassl-824	319	19	in	in	ADP
hassl-824	319	20	which	which	PRON
hassl-824	319	21	a	a	DET
hassl-824	319	22	firm	firm	NOUN
hassl-824	319	23	pays	pay	VERB
hassl-824	319	24	common	common	ADJ
hassl-824	319	25	dividends	dividend	NOUN
hassl-824	319	26	,	,	PUNCT
hassl-824	319	27	otherwise	otherwise	ADV
hassl-824	319	28	0	0	X
hassl-824	319	29	.	.	PUNCT
hassl-824	320	1	growth	growth	NOUN
hassl-824	320	2	opportunities	opportunity	NOUN
hassl-824	320	3	(	(	PUNCT
hassl-824	320	4	gro	gro	NOUN
hassl-824	320	5	)	)	PUNCT
hassl-824	320	6	is	be	AUX
hassl-824	320	7	proxied	proxie	VERB
hassl-824	320	8	using	use	VERB
hassl-824	320	9	market	market	NOUN
hassl-824	320	10	-	-	PUNCT
hassl-824	320	11	to	to	ADP
hassl-824	320	12	-	-	PUNCT
hassl-824	320	13	book	book	NOUN
hassl-824	320	14	ratio	ratio	NOUN
hassl-824	320	15	.	.	PUNCT
hassl-824	321	1	*	*	PUNCT
hassl-824	321	2	,	,	PUNCT
hassl-824	321	3	*	*	PUNCT
hassl-824	321	4	*	*	PUNCT
hassl-824	321	5	,	,	PUNCT
hassl-824	321	6	and	and	CCONJ
hassl-824	321	7	*	*	PUNCT
hassl-824	321	8	*	*	PUNCT
hassl-824	321	9	*	*	PUNCT
hassl-824	321	10	indicate	indicate	VERB
hassl-824	321	11	statistical	statistical	ADJ
hassl-824	321	12	significance	significance	NOUN
hassl-824	321	13	level	level	NOUN
hassl-824	321	14	at	at	ADP
hassl-824	321	15	the	the	DET
hassl-824	321	16	10	10	NUM
hassl-824	321	17	%	%	NOUN
hassl-824	321	18	,	,	PUNCT
hassl-824	321	19	5	5	NUM
hassl-824	321	20	%	%	NOUN
hassl-824	321	21	,	,	PUNCT
hassl-824	321	22	and	and	CCONJ
hassl-824	321	23	1	1	NUM
hassl-824	321	24	%	%	NOUN
hassl-824	321	25	respectively	respectively	ADV
hassl-824	321	26	.	.	PUNCT
hassl-824	322	1	this	this	DET
hassl-824	322	2	table	table	NOUN
hassl-824	322	3	presents	present	VERB
hassl-824	322	4	the	the	DET
hassl-824	322	5	humanities	humanity	NOUN
hassl-824	322	6	and	and	CCONJ
hassl-824	322	7	social	social	ADJ
hassl-824	322	8	sciences	science	NOUN
hassl-824	322	9	letters	letter	NOUN
hassl-824	322	10	,	,	PUNCT
hassl-824	322	11	2019	2019	NUM
hassl-824	322	12	,	,	PUNCT
hassl-824	322	13	7(3	7(3	NUM
hassl-824	322	14	):	):	PUNCT
hassl-824	322	15	123	123	NUM
hassl-824	322	16	-	-	SYM
hassl-824	322	17	140	140	NUM
hassl-824	322	18	133	133	NUM
hassl-824	322	19	©	©	PROPN
hassl-824	322	20	2019	2019	NUM
hassl-824	322	21	conscientia	conscientia	PROPN
hassl-824	322	22	beam	beam	PROPN
hassl-824	322	23	.	.	PUNCT
hassl-824	323	1	all	all	DET
hassl-824	323	2	rights	right	NOUN
hassl-824	323	3	reserved	reserve	VERB
hassl-824	323	4	.	.	PUNCT
hassl-824	324	1	descriptive	descriptive	ADJ
hassl-824	324	2	statistics	statistic	NOUN
hassl-824	324	3	based	base	VERB
hassl-824	324	4	on	on	ADP
hassl-824	324	5	aggregate	aggregate	ADJ
hassl-824	324	6	samples	sample	NOUN
hassl-824	324	7	.	.	PUNCT
hassl-824	325	1	the	the	DET
hassl-824	325	2	variables	variable	NOUN
hassl-824	325	3	are	be	AUX
hassl-824	325	4	as	as	ADP
hassl-824	325	5	defined	define	VERB
hassl-824	325	6	in	in	ADP
hassl-824	325	7	the	the	DET
hassl-824	325	8	table	table	NOUN
hassl-824	325	9	2	2	NUM
hassl-824	325	10	.	.	PUNCT
hassl-824	325	11	financial	financial	ADJ
hassl-824	325	12	data	datum	NOUN
hassl-824	325	13	are	be	AUX
hassl-824	325	14	downloaded	download	VERB
hassl-824	325	15	from	from	ADP
hassl-824	325	16	emerging	emerge	VERB
hassl-824	325	17	market	market	NOUN
hassl-824	325	18	information	information	NOUN
hassl-824	325	19	system	system	NOUN
hassl-824	325	20	(	(	PUNCT
hassl-824	325	21	emis	emis	NOUN
hassl-824	325	22	)	)	PUNCT
hassl-824	325	23	database	database	NOUN
hassl-824	325	24	.	.	PUNCT
hassl-824	326	1	worldwide	worldwide	ADJ
hassl-824	326	2	governance	governance	NOUN
hassl-824	326	3	indicators	indicator	NOUN
hassl-824	326	4	(	(	PUNCT
hassl-824	326	5	wgi	wgi	PROPN
hassl-824	326	6	)	)	PUNCT
hassl-824	326	7	are	be	AUX
hassl-824	326	8	constructed	construct	VERB
hassl-824	326	9	by	by	ADP
hassl-824	326	10	kaufmann	kaufmann	PROPN
hassl-824	326	11	et	et	PROPN
hassl-824	326	12	al	al	PROPN
hassl-824	326	13	.	.	PROPN
hassl-824	327	1	(	(	PUNCT
hassl-824	327	2	2011	2011	NUM
hassl-824	327	3	)	)	PUNCT
hassl-824	327	4	and	and	CCONJ
hassl-824	327	5	available	available	ADJ
hassl-824	327	6	from	from	ADP
hassl-824	327	7	world	world	PROPN
hassl-824	327	8	bank	bank	PROPN
hassl-824	327	9	database	database	NOUN
hassl-824	327	10	.	.	PUNCT
hassl-824	328	1	5.2	5.2	NUM
hassl-824	328	2	.	.	PUNCT
hassl-824	328	3	country	country	NOUN
hassl-824	328	4	governance	governance	NOUN
hassl-824	328	5	and	and	CCONJ
hassl-824	328	6	cash	cash	NOUN
hassl-824	328	7	holdings	holding	NOUN
hassl-824	328	8	table	table	NOUN
hassl-824	328	9	3	3	NUM
hassl-824	328	10	reports	report	NOUN
hassl-824	328	11	empirical	empirical	ADJ
hassl-824	328	12	results	result	NOUN
hassl-824	328	13	from	from	ADP
hassl-824	328	14	estimating	estimate	VERB
hassl-824	328	15	equation	equation	NOUN
hassl-824	328	16	2	2	NUM
hassl-824	328	17	.	.	PUNCT
hassl-824	329	1	all	all	DET
hassl-824	329	2	tested	test	VERB
hassl-824	329	3	models	model	NOUN
hassl-824	329	4	are	be	AUX
hassl-824	329	5	estimated	estimate	VERB
hassl-824	329	6	using	use	VERB
hassl-824	329	7	the	the	DET
hassl-824	329	8	arellano	arellano	PROPN
hassl-824	329	9	and	and	CCONJ
hassl-824	329	10	bond	bond	NOUN
hassl-824	329	11	dynamic	dynamic	ADJ
hassl-824	329	12	panel	panel	NOUN
hassl-824	329	13	.	.	PUNCT
hassl-824	330	1	two	two	NUM
hassl-824	330	2	-	-	PUNCT
hassl-824	330	3	step	step	NOUN
hassl-824	330	4	system	system	NOUN
hassl-824	330	5	gmm	gmm	NOUN
hassl-824	330	6	method	method	NOUN
hassl-824	330	7	is	be	AUX
hassl-824	330	8	estimated	estimate	VERB
hassl-824	330	9	using	use	VERB
hassl-824	330	10	the	the	DET
hassl-824	330	11	stata	stata	NOUN
hassl-824	330	12	“	"	PUNCT
hassl-824	330	13	xtabond2	xtabond2	PROPN
hassl-824	330	14	”	"	PUNCT
hassl-824	330	15	command	command	NOUN
hassl-824	330	16	to	to	PART
hassl-824	330	17	control	control	VERB
hassl-824	330	18	potential	potential	ADJ
hassl-824	330	19	sources	source	NOUN
hassl-824	330	20	of	of	ADP
hassl-824	330	21	endogeneity	endogeneity	NOUN
hassl-824	330	22	.	.	PUNCT
hassl-824	331	1	hansen	hansen	PROPN
hassl-824	331	2	test	test	PROPN
hassl-824	331	3	and	and	CCONJ
hassl-824	331	4	arellano	arellano	PROPN
hassl-824	331	5	-	-	PUNCT
hassl-824	331	6	bond	bond	NOUN
hassl-824	331	7	test	test	NOUN
hassl-824	331	8	for	for	ADP
hassl-824	331	9	serial	serial	ADJ
hassl-824	331	10	correlation	correlation	NOUN
hassl-824	331	11	had	have	AUX
hassl-824	331	12	been	be	AUX
hassl-824	331	13	carried	carry	VERB
hassl-824	331	14	out	out	ADP
hassl-824	331	15	,	,	PUNCT
hassl-824	331	16	and	and	CCONJ
hassl-824	331	17	the	the	DET
hassl-824	331	18	p	p	NOUN
hassl-824	331	19	-	-	PUNCT
hassl-824	331	20	values	value	NOUN
hassl-824	331	21	are	be	AUX
hassl-824	331	22	reported	report	VERB
hassl-824	331	23	.	.	PUNCT
hassl-824	332	1	t	t	PROPN
hassl-824	332	2	-	-	PUNCT
hassl-824	332	3	statistics	statistic	NOUN
hassl-824	332	4	are	be	AUX
hassl-824	332	5	reported	report	VERB
hassl-824	332	6	in	in	ADP
hassl-824	332	7	the	the	DET
hassl-824	332	8	parentheses	parenthesis	NOUN
hassl-824	332	9	.	.	PUNCT
hassl-824	333	1	whereas	whereas	SCONJ
hassl-824	333	2	the	the	DET
hassl-824	333	3	significance	significance	NOUN
hassl-824	333	4	level	level	NOUN
hassl-824	333	5	is	be	AUX
hassl-824	333	6	indicated	indicate	VERB
hassl-824	333	7	by	by	ADP
hassl-824	333	8	*	*	NOUN
hassl-824	333	9	,	,	PUNCT
hassl-824	333	10	*	*	PUNCT
hassl-824	333	11	*	*	PUNCT
hassl-824	333	12	and	and	CCONJ
hassl-824	333	13	*	*	PUNCT
hassl-824	333	14	*	*	PUNCT
hassl-824	333	15	*	*	PUNCT
hassl-824	333	16	with	with	ADP
hassl-824	333	17	10	10	NUM
hassl-824	333	18	%	%	NOUN
hassl-824	333	19	,	,	PUNCT
hassl-824	333	20	5	5	NUM
hassl-824	333	21	%	%	NOUN
hassl-824	333	22	and	and	CCONJ
hassl-824	333	23	1	1	NUM
hassl-824	333	24	%	%	NOUN
hassl-824	333	25	significance	significance	NOUN
hassl-824	333	26	levels	level	NOUN
hassl-824	333	27	respectively	respectively	ADV
hassl-824	333	28	.	.	PUNCT
hassl-824	334	1	z	z	NOUN
hassl-824	334	2	-	-	PUNCT
hassl-824	334	3	statistics	statistic	NOUN
hassl-824	334	4	are	be	AUX
hassl-824	334	5	shown	show	VERB
hassl-824	334	6	in	in	ADP
hassl-824	334	7	parentheses	parenthesis	NOUN
hassl-824	334	8	.	.	PUNCT
hassl-824	335	1	based	base	VERB
hassl-824	335	2	on	on	ADP
hassl-824	335	3	the	the	DET
hassl-824	335	4	f	f	PROPN
hassl-824	335	5	-	-	PUNCT
hassl-824	335	6	statistics	statistics	PROPN
hassl-824	335	7	,	,	PUNCT
hassl-824	335	8	the	the	DET
hassl-824	335	9	explanatory	explanatory	ADJ
hassl-824	335	10	variables	variable	NOUN
hassl-824	335	11	are	be	AUX
hassl-824	335	12	jointly	jointly	ADV
hassl-824	335	13	significant	significant	ADJ
hassl-824	335	14	in	in	ADP
hassl-824	335	15	all	all	DET
hassl-824	335	16	regression	regression	NOUN
hassl-824	335	17	models	model	NOUN
hassl-824	335	18	.	.	PUNCT
hassl-824	336	1	instrument	instrument	NOUN
hassl-824	336	2	validity	validity	NOUN
hassl-824	336	3	is	be	AUX
hassl-824	336	4	also	also	ADV
hassl-824	336	5	carried	carry	VERB
hassl-824	336	6	out	out	ADP
hassl-824	336	7	.	.	PUNCT
hassl-824	337	1	it	it	PRON
hassl-824	337	2	shows	show	VERB
hassl-824	337	3	significant	significant	ADJ
hassl-824	337	4	results	result	NOUN
hassl-824	337	5	when	when	SCONJ
hassl-824	337	6	it	it	PRON
hassl-824	337	7	is	be	AUX
hassl-824	337	8	regressed	regress	VERB
hassl-824	337	9	on	on	ADP
hassl-824	337	10	the	the	DET
hassl-824	337	11	instrument	instrument	NOUN
hassl-824	337	12	variables	variable	NOUN
hassl-824	337	13	.	.	PUNCT
hassl-824	338	1	the	the	DET
hassl-824	338	2	sargan	sargan	ADJ
hassl-824	338	3	test	test	NOUN
hassl-824	338	4	of	of	ADP
hassl-824	338	5	over	over	ADP
hassl-824	338	6	-	-	PUNCT
hassl-824	338	7	identification	identification	NOUN
hassl-824	338	8	on	on	ADP
hassl-824	338	9	restrictions	restriction	NOUN
hassl-824	338	10	also	also	ADV
hassl-824	338	11	confirms	confirm	VERB
hassl-824	338	12	that	that	SCONJ
hassl-824	338	13	the	the	DET
hassl-824	338	14	instruments	instrument	NOUN
hassl-824	338	15	are	be	AUX
hassl-824	338	16	valid	valid	ADJ
hassl-824	338	17	.	.	PUNCT
hassl-824	339	1	similarly	similarly	ADV
hassl-824	339	2	,	,	PUNCT
hassl-824	339	3	hausman	hausman	ADJ
hassl-824	339	4	test	test	NOUN
hassl-824	339	5	is	be	AUX
hassl-824	339	6	carried	carry	VERB
hassl-824	339	7	out	out	ADP
hassl-824	339	8	to	to	PART
hassl-824	339	9	test	test	VERB
hassl-824	339	10	the	the	DET
hassl-824	339	11	non	non	NOUN
hassl-824	339	12	-	-	NOUN
hassl-824	339	13	significance	significance	NOUN
hassl-824	339	14	of	of	ADP
hassl-824	339	15	these	these	DET
hassl-824	339	16	instruments	instrument	NOUN
hassl-824	339	17	by	by	ADP
hassl-824	339	18	running	run	VERB
hassl-824	339	19	the	the	DET
hassl-824	339	20	residuals	residual	NOUN
hassl-824	339	21	from	from	ADP
hassl-824	339	22	a	a	DET
hassl-824	339	23	regression	regression	NOUN
hassl-824	339	24	on	on	ADP
hassl-824	339	25	all	all	DET
hassl-824	339	26	the	the	DET
hassl-824	339	27	variables	variable	NOUN
hassl-824	339	28	of	of	ADP
hassl-824	339	29	the	the	DET
hassl-824	339	30	model	model	NOUN
hassl-824	339	31	.	.	PUNCT
hassl-824	340	1	table	table	NOUN
hassl-824	340	2	4	4	NUM
hassl-824	340	3	shows	show	VERB
hassl-824	340	4	the	the	DET
hassl-824	340	5	relationship	relationship	NOUN
hassl-824	340	6	of	of	ADP
hassl-824	340	7	corporate	corporate	ADJ
hassl-824	340	8	cash	cash	NOUN
hassl-824	340	9	holdings	holding	NOUN
hassl-824	340	10	to	to	ADP
hassl-824	340	11	the	the	DET
hassl-824	340	12	quality	quality	NOUN
hassl-824	340	13	of	of	ADP
hassl-824	340	14	country	country	NOUN
hassl-824	340	15	governance	governance	NOUN
hassl-824	340	16	.	.	PUNCT
hassl-824	341	1	the	the	DET
hassl-824	341	2	findings	finding	NOUN
hassl-824	341	3	are	be	AUX
hassl-824	341	4	consistent	consistent	ADJ
hassl-824	341	5	with	with	ADP
hassl-824	341	6	previous	previous	ADJ
hassl-824	341	7	studies	study	NOUN
hassl-824	341	8	(	(	PUNCT
hassl-824	341	9	opler	opler	NOUN
hassl-824	341	10	et	et	PROPN
hassl-824	341	11	al	al	PROPN
hassl-824	341	12	.	.	PROPN
hassl-824	341	13	,	,	PUNCT
hassl-824	341	14	1999	1999	NUM
hassl-824	341	15	;	;	PUNCT
hassl-824	341	16	dittmar	dittmar	NOUN
hassl-824	341	17	et	et	PROPN
hassl-824	341	18	al	al	PROPN
hassl-824	341	19	.	.	PROPN
hassl-824	341	20	,	,	PUNCT
hassl-824	341	21	2003	2003	NUM
hassl-824	341	22	)	)	PUNCT
hassl-824	341	23	where	where	SCONJ
hassl-824	341	24	there	there	PRON
hassl-824	341	25	is	be	VERB
hassl-824	341	26	a	a	DET
hassl-824	341	27	positive	positive	ADJ
hassl-824	341	28	relationship	relationship	NOUN
hassl-824	341	29	between	between	ADP
hassl-824	341	30	firm	firm	ADJ
hassl-824	341	31	size	size	NOUN
hassl-824	341	32	and	and	CCONJ
hassl-824	341	33	cash	cash	NOUN
hassl-824	341	34	holdings	holding	NOUN
hassl-824	341	35	level	level	NOUN
hassl-824	341	36	in	in	ADP
hassl-824	341	37	low	low	ADJ
hassl-824	341	38	control	control	NOUN
hassl-824	341	39	of	of	ADP
hassl-824	341	40	corruption	corruption	NOUN
hassl-824	341	41	countries	country	NOUN
hassl-824	341	42	.	.	PUNCT
hassl-824	342	1	however	however	ADV
hassl-824	342	2	,	,	PUNCT
hassl-824	342	3	such	such	ADJ
hassl-824	342	4	impact	impact	NOUN
hassl-824	342	5	is	be	AUX
hassl-824	342	6	not	not	PART
hassl-824	342	7	observed	observe	VERB
hassl-824	342	8	in	in	ADP
hassl-824	342	9	countries	country	NOUN
hassl-824	342	10	with	with	ADP
hassl-824	342	11	higher	high	ADJ
hassl-824	342	12	control	control	NOUN
hassl-824	342	13	of	of	ADP
hassl-824	342	14	corruption	corruption	NOUN
hassl-824	342	15	.	.	PUNCT
hassl-824	343	1	the	the	DET
hassl-824	343	2	results	result	NOUN
hassl-824	343	3	imply	imply	VERB
hassl-824	343	4	that	that	SCONJ
hassl-824	343	5	higher	high	ADJ
hassl-824	343	6	cash	cash	NOUN
hassl-824	343	7	holdings	holding	NOUN
hassl-824	343	8	are	be	AUX
hassl-824	343	9	more	more	ADV
hassl-824	343	10	prevalent	prevalent	ADJ
hassl-824	343	11	in	in	ADP
hassl-824	343	12	countries	country	NOUN
hassl-824	343	13	with	with	ADP
hassl-824	343	14	lower	low	ADJ
hassl-824	343	15	quality	quality	NOUN
hassl-824	343	16	of	of	ADP
hassl-824	343	17	governance	governance	NOUN
hassl-824	343	18	.	.	PUNCT
hassl-824	344	1	contrarily	contrarily	ADV
hassl-824	344	2	,	,	PUNCT
hassl-824	344	3	firms	firm	NOUN
hassl-824	344	4	hold	hold	VERB
hassl-824	344	5	lesser	less	ADJ
hassl-824	344	6	cash	cash	NOUN
hassl-824	344	7	in	in	ADP
hassl-824	344	8	the	the	DET
hassl-824	344	9	high	high	ADJ
hassl-824	344	10	quality	quality	NOUN
hassl-824	344	11	of	of	ADP
hassl-824	344	12	governance	governance	NOUN
hassl-824	344	13	countries	country	NOUN
hassl-824	344	14	as	as	SCONJ
hassl-824	344	15	they	they	PRON
hassl-824	344	16	have	have	VERB
hassl-824	344	17	better	well	ADJ
hassl-824	344	18	access	access	NOUN
hassl-824	344	19	to	to	ADP
hassl-824	344	20	the	the	DET
hassl-824	344	21	financial	financial	ADJ
hassl-824	344	22	markets	market	NOUN
hassl-824	344	23	.	.	PUNCT
hassl-824	345	1	this	this	DET
hassl-824	345	2	effect	effect	NOUN
hassl-824	345	3	is	be	AUX
hassl-824	345	4	elevated	elevate	VERB
hassl-824	345	5	even	even	ADV
hassl-824	345	6	more	more	ADV
hassl-824	345	7	with	with	ADP
hassl-824	345	8	higher	high	ADJ
hassl-824	345	9	control	control	NOUN
hassl-824	345	10	of	of	ADP
hassl-824	345	11	corruption	corruption	NOUN
hassl-824	345	12	.	.	PUNCT
hassl-824	346	1	next	next	ADV
hassl-824	346	2	,	,	PUNCT
hassl-824	346	3	there	there	PRON
hassl-824	346	4	is	be	VERB
hassl-824	346	5	a	a	DET
hassl-824	346	6	positive	positive	ADJ
hassl-824	346	7	relationship	relationship	NOUN
hassl-824	346	8	between	between	ADP
hassl-824	346	9	growth	growth	NOUN
hassl-824	346	10	opportunities	opportunity	NOUN
hassl-824	346	11	and	and	CCONJ
hassl-824	346	12	level	level	NOUN
hassl-824	346	13	of	of	ADP
hassl-824	346	14	cash	cash	NOUN
hassl-824	346	15	.	.	PUNCT
hassl-824	347	1	it	it	PRON
hassl-824	347	2	indicates	indicate	VERB
hassl-824	347	3	greater	great	ADJ
hassl-824	347	4	need	need	NOUN
hassl-824	347	5	to	to	PART
hassl-824	347	6	hold	hold	VERB
hassl-824	347	7	cash	cash	NOUN
hassl-824	347	8	as	as	SCONJ
hassl-824	347	9	firms	firm	NOUN
hassl-824	347	10	have	have	VERB
hassl-824	347	11	greater	great	ADJ
hassl-824	347	12	growth	growth	NOUN
hassl-824	347	13	opportunities	opportunity	NOUN
hassl-824	347	14	.	.	PUNCT
hassl-824	348	1	on	on	ADP
hassl-824	348	2	the	the	DET
hassl-824	348	3	other	other	ADJ
hassl-824	348	4	hand	hand	NOUN
hassl-824	348	5	,	,	PUNCT
hassl-824	348	6	cash	cash	NOUN
hassl-824	348	7	flow	flow	NOUN
hassl-824	348	8	plays	play	VERB
hassl-824	348	9	a	a	DET
hassl-824	348	10	minimal	minimal	ADJ
hassl-824	348	11	role	role	NOUN
hassl-824	348	12	as	as	ADP
hassl-824	348	13	cash	cash	NOUN
hassl-824	348	14	holdings	holding	NOUN
hassl-824	348	15	determinants	determinant	NOUN
hassl-824	348	16	in	in	ADP
hassl-824	348	17	countries	country	NOUN
hassl-824	348	18	with	with	ADP
hassl-824	348	19	low	low	ADJ
hassl-824	348	20	quality	quality	NOUN
hassl-824	348	21	of	of	ADP
hassl-824	348	22	country	country	NOUN
hassl-824	348	23	governance	governance	NOUN
hassl-824	348	24	.	.	PUNCT
hassl-824	349	1	nevertheless	nevertheless	ADV
hassl-824	349	2	,	,	PUNCT
hassl-824	349	3	it	it	PRON
hassl-824	349	4	has	have	VERB
hassl-824	349	5	an	an	DET
hassl-824	349	6	adverse	adverse	ADJ
hassl-824	349	7	impact	impact	NOUN
hassl-824	349	8	on	on	ADP
hassl-824	349	9	cash	cash	NOUN
hassl-824	349	10	in	in	ADP
hassl-824	349	11	countries	country	NOUN
hassl-824	349	12	with	with	ADP
hassl-824	349	13	a	a	DET
hassl-824	349	14	higher	high	ADJ
hassl-824	349	15	quality	quality	NOUN
hassl-824	349	16	of	of	ADP
hassl-824	349	17	country	country	NOUN
hassl-824	349	18	governance	governance	NOUN
hassl-824	349	19	(	(	PUNCT
hassl-824	349	20	dittmar	dittmar	NOUN
hassl-824	349	21	et	et	PROPN
hassl-824	349	22	al	al	PROPN
hassl-824	349	23	.	.	PROPN
hassl-824	349	24	,	,	PUNCT
hassl-824	349	25	2003	2003	NUM
hassl-824	349	26	)	)	PUNCT
hassl-824	349	27	.	.	PUNCT
hassl-824	350	1	private	private	ADJ
hassl-824	350	2	credit	credit	NOUN
hassl-824	350	3	,	,	PUNCT
hassl-824	350	4	on	on	ADP
hassl-824	350	5	the	the	DET
hassl-824	350	6	other	other	ADJ
hassl-824	350	7	hand	hand	NOUN
hassl-824	350	8	,	,	PUNCT
hassl-824	350	9	is	be	AUX
hassl-824	350	10	a	a	DET
hassl-824	350	11	proxy	proxy	NOUN
hassl-824	350	12	for	for	ADP
hassl-824	350	13	the	the	DET
hassl-824	350	14	depth	depth	NOUN
hassl-824	350	15	of	of	ADP
hassl-824	350	16	the	the	DET
hassl-824	350	17	debt	debt	NOUN
hassl-824	350	18	market	market	NOUN
hassl-824	350	19	,	,	PUNCT
hassl-824	350	20	is	be	AUX
hassl-824	350	21	positively	positively	ADV
hassl-824	350	22	related	relate	VERB
hassl-824	350	23	to	to	ADP
hassl-824	350	24	corporate	corporate	ADJ
hassl-824	350	25	cash	cash	NOUN
hassl-824	350	26	holdings	holding	NOUN
hassl-824	350	27	in	in	ADP
hassl-824	350	28	countries	country	NOUN
hassl-824	350	29	with	with	ADP
hassl-824	350	30	the	the	DET
hassl-824	350	31	low	low	ADJ
hassl-824	350	32	quality	quality	NOUN
hassl-824	350	33	of	of	ADP
hassl-824	350	34	country	country	NOUN
hassl-824	350	35	governance	governance	NOUN
hassl-824	350	36	.	.	PUNCT
hassl-824	351	1	when	when	SCONJ
hassl-824	351	2	a	a	DET
hassl-824	351	3	country	country	NOUN
hassl-824	351	4	has	have	VERB
hassl-824	351	5	good	good	ADJ
hassl-824	351	6	governance	governance	NOUN
hassl-824	351	7	quality	quality	NOUN
hassl-824	351	8	,	,	PUNCT
hassl-824	351	9	firms	firm	NOUN
hassl-824	351	10	tend	tend	VERB
hassl-824	351	11	to	to	PART
hassl-824	351	12	hold	hold	VERB
hassl-824	351	13	more	more	ADJ
hassl-824	351	14	cash	cash	NOUN
hassl-824	351	15	.	.	PUNCT
hassl-824	352	1	the	the	DET
hassl-824	352	2	results	result	NOUN
hassl-824	352	3	imply	imply	VERB
hassl-824	352	4	the	the	DET
hassl-824	352	5	possibility	possibility	NOUN
hassl-824	352	6	that	that	SCONJ
hassl-824	352	7	firms	firm	NOUN
hassl-824	352	8	tend	tend	VERB
hassl-824	352	9	to	to	PART
hassl-824	352	10	maintain	maintain	VERB
hassl-824	352	11	higher	high	ADJ
hassl-824	352	12	cash	cash	NOUN
hassl-824	352	13	reserves	reserve	NOUN
hassl-824	352	14	when	when	SCONJ
hassl-824	352	15	the	the	DET
hassl-824	352	16	financial	financial	ADJ
hassl-824	352	17	market	market	NOUN
hassl-824	352	18	is	be	AUX
hassl-824	352	19	more	more	ADV
hassl-824	352	20	accessible	accessible	ADJ
hassl-824	352	21	and	and	CCONJ
hassl-824	352	22	developed	developed	ADJ
hassl-824	352	23	.	.	PUNCT
hassl-824	353	1	there	there	PRON
hassl-824	353	2	is	be	VERB
hassl-824	353	3	a	a	DET
hassl-824	353	4	negative	negative	ADJ
hassl-824	353	5	relationship	relationship	NOUN
hassl-824	353	6	between	between	ADP
hassl-824	353	7	leverage	leverage	NOUN
hassl-824	353	8	and	and	CCONJ
hassl-824	353	9	corporate	corporate	ADJ
hassl-824	353	10	cash	cash	NOUN
hassl-824	353	11	holdings	holding	NOUN
hassl-824	353	12	.	.	PUNCT
hassl-824	354	1	leverage	leverage	NOUN
hassl-824	354	2	may	may	AUX
hassl-824	354	3	serve	serve	VERB
hassl-824	354	4	as	as	ADP
hassl-824	354	5	a	a	DET
hassl-824	354	6	substitute	substitute	NOUN
hassl-824	354	7	.	.	PUNCT
hassl-824	355	1	dividend	dividend	NOUN
hassl-824	355	2	-	-	PUNCT
hassl-824	355	3	paying	pay	VERB
hassl-824	355	4	firms	firm	NOUN
hassl-824	355	5	appear	appear	VERB
hassl-824	355	6	to	to	PART
hassl-824	355	7	hold	hold	VERB
hassl-824	355	8	more	more	ADJ
hassl-824	355	9	cash	cash	NOUN
hassl-824	355	10	in	in	ADP
hassl-824	355	11	countries	country	NOUN
hassl-824	355	12	with	with	ADP
hassl-824	355	13	the	the	DET
hassl-824	355	14	low	low	ADJ
hassl-824	355	15	quality	quality	NOUN
hassl-824	355	16	of	of	ADP
hassl-824	355	17	country	country	NOUN
hassl-824	355	18	governance	governance	NOUN
hassl-824	355	19	,	,	PUNCT
hassl-824	355	20	vice	vice	NOUN
hassl-824	355	21	versa	versa	ADV
hassl-824	355	22	.	.	PUNCT
hassl-824	356	1	the	the	DET
hassl-824	356	2	coefficient	coefficient	NOUN
hassl-824	356	3	sign	sign	NOUN
hassl-824	356	4	of	of	ADP
hassl-824	356	5	net	net	ADJ
hassl-824	356	6	working	working	NOUN
hassl-824	356	7	capital	capital	NOUN
hassl-824	356	8	is	be	AUX
hassl-824	356	9	negative	negative	ADJ
hassl-824	356	10	,	,	PUNCT
hassl-824	356	11	thus	thus	ADV
hassl-824	356	12	confirming	confirm	VERB
hassl-824	356	13	that	that	SCONJ
hassl-824	356	14	it	it	PRON
hassl-824	356	15	serves	serve	VERB
hassl-824	356	16	as	as	ADP
hassl-824	356	17	a	a	DET
hassl-824	356	18	cash	cash	NOUN
hassl-824	356	19	substitute	substitute	NOUN
hassl-824	356	20	.	.	PUNCT
hassl-824	357	1	5.3	5.3	NUM
hassl-824	357	2	.	.	PUNCT
hassl-824	357	3	value	value	NOUN
hassl-824	357	4	of	of	ADP
hassl-824	357	5	cash	cash	NOUN
hassl-824	357	6	holdings	holding	NOUN
hassl-824	357	7	table	table	NOUN
hassl-824	357	8	5	5	NUM
hassl-824	357	9	reports	report	VERB
hassl-824	357	10	the	the	DET
hassl-824	357	11	association	association	NOUN
hassl-824	357	12	of	of	ADP
hassl-824	357	13	firm	firm	ADJ
hassl-824	357	14	value	value	NOUN
hassl-824	357	15	to	to	ADP
hassl-824	357	16	cash	cash	NOUN
hassl-824	357	17	holdings	holding	NOUN
hassl-824	357	18	.	.	PUNCT
hassl-824	358	1	it	it	PRON
hassl-824	358	2	also	also	ADV
hassl-824	358	3	presents	present	VERB
hassl-824	358	4	the	the	DET
hassl-824	358	5	findings	finding	NOUN
hassl-824	358	6	on	on	ADP
hassl-824	358	7	the	the	DET
hassl-824	358	8	influence	influence	NOUN
hassl-824	358	9	of	of	ADP
hassl-824	358	10	the	the	DET
hassl-824	358	11	country	country	NOUN
hassl-824	358	12	governance	governance	NOUN
hassl-824	358	13	quality	quality	NOUN
hassl-824	358	14	on	on	ADP
hassl-824	358	15	the	the	DET
hassl-824	358	16	relationship	relationship	NOUN
hassl-824	358	17	.	.	PUNCT
hassl-824	359	1	models	model	NOUN
hassl-824	359	2	are	be	AUX
hassl-824	359	3	adopted	adopt	VERB
hassl-824	359	4	following	follow	VERB
hassl-824	359	5	dittmar	dittmar	NOUN
hassl-824	359	6	and	and	CCONJ
hassl-824	359	7	mahrt	mahrt	PROPN
hassl-824	359	8	-	-	PUNCT
hassl-824	359	9	smith	smith	NOUN
hassl-824	359	10	(	(	PUNCT
hassl-824	359	11	2007	2007	NUM
hassl-824	359	12	)	)	PUNCT
hassl-824	359	13	with	with	ADP
hassl-824	359	14	the	the	DET
hassl-824	359	15	addition	addition	NOUN
hassl-824	359	16	of	of	ADP
hassl-824	359	17	the	the	DET
hassl-824	359	18	country	country	NOUN
hassl-824	359	19	governance	governance	NOUN
hassl-824	359	20	factors	factor	NOUN
hassl-824	359	21	.	.	PUNCT
hassl-824	360	1	in	in	ADP
hassl-824	360	2	column	column	NOUN
hassl-824	360	3	2	2	NUM
hassl-824	360	4	and	and	CCONJ
hassl-824	360	5	3	3	NUM
hassl-824	360	6	,	,	PUNCT
hassl-824	360	7	a	a	DET
hassl-824	360	8	comparison	comparison	NOUN
hassl-824	360	9	between	between	ADP
hassl-824	360	10	a	a	DET
hassl-824	360	11	country	country	NOUN
hassl-824	360	12	with	with	ADP
hassl-824	360	13	high	high	ADJ
hassl-824	360	14	vs	vs	ADP
hassl-824	360	15	low	low	ADJ
hassl-824	360	16	country	country	NOUN
hassl-824	360	17	governance	governance	NOUN
hassl-824	360	18	is	be	AUX
hassl-824	360	19	made	make	VERB
hassl-824	360	20	.	.	PUNCT
hassl-824	361	1	when	when	SCONJ
hassl-824	361	2	the	the	DET
hassl-824	361	3	interaction	interaction	NOUN
hassl-824	361	4	variable	variable	NOUN
hassl-824	361	5	such	such	ADJ
hassl-824	361	6	as	as	ADP
hassl-824	361	7	va	va	PROPN
hassl-824	361	8	,	,	PUNCT
hassl-824	361	9	ge	ge	PROPN
hassl-824	361	10	,	,	PUNCT
hassl-824	361	11	rl	rl	PROPN
hassl-824	361	12	,	,	PUNCT
hassl-824	361	13	ps	ps	PROPN
hassl-824	361	14	,	,	PUNCT
hassl-824	361	15	cc	cc	PROPN
hassl-824	361	16	,	,	PUNCT
hassl-824	361	17	rq	rq	NOUN
hassl-824	361	18	,	,	PUNCT
hassl-824	361	19	and	and	CCONJ
hassl-824	361	20	aggregate	aggregate	ADJ
hassl-824	361	21	wgi	wgi	PROPN
hassl-824	361	22	is	be	AUX
hassl-824	361	23	included	include	VERB
hassl-824	361	24	,	,	PUNCT
hassl-824	361	25	the	the	DET
hassl-824	361	26	coefficient	coefficient	NOUN
hassl-824	361	27	of	of	ADP
hassl-824	361	28	cash	cash	NOUN
hassl-824	361	29	becomes	become	VERB
hassl-824	361	30	negative	negative	ADJ
hassl-824	361	31	.	.	PUNCT
hassl-824	362	1	based	base	VERB
hassl-824	362	2	on	on	ADP
hassl-824	362	3	the	the	DET
hassl-824	362	4	results	result	NOUN
hassl-824	362	5	,	,	PUNCT
hassl-824	362	6	it	it	PRON
hassl-824	362	7	implies	imply	VERB
hassl-824	362	8	enhancement	enhancement	NOUN
hassl-824	362	9	of	of	ADP
hassl-824	362	10	firm	firm	ADJ
hassl-824	362	11	value	value	NOUN
hassl-824	362	12	depends	depend	VERB
hassl-824	362	13	on	on	ADP
hassl-824	362	14	the	the	DET
hassl-824	362	15	quality	quality	NOUN
hassl-824	362	16	of	of	ADP
hassl-824	362	17	country	country	NOUN
hassl-824	362	18	governance	governance	NOUN
hassl-824	362	19	.	.	PUNCT
hassl-824	363	1	notably	notably	ADV
hassl-824	363	2	,	,	PUNCT
hassl-824	363	3	holding	hold	VERB
hassl-824	363	4	excessive	excessive	ADJ
hassl-824	363	5	cash	cash	NOUN
hassl-824	363	6	may	may	AUX
hassl-824	363	7	hurt	hurt	VERB
hassl-824	363	8	the	the	DET
hassl-824	363	9	firm	firm	ADJ
hassl-824	363	10	value	value	NOUN
hassl-824	363	11	.	.	PUNCT
hassl-824	364	1	however	however	ADV
hassl-824	364	2	,	,	PUNCT
hassl-824	364	3	effective	effective	ADJ
hassl-824	364	4	country	country	NOUN
hassl-824	364	5	governance	governance	NOUN
hassl-824	364	6	may	may	AUX
hassl-824	364	7	alleviate	alleviate	VERB
hassl-824	364	8	the	the	DET
hassl-824	364	9	negative	negative	ADJ
hassl-824	364	10	effect	effect	NOUN
hassl-824	364	11	of	of	ADP
hassl-824	364	12	excess	excess	ADJ
hassl-824	364	13	cash	cash	NOUN
hassl-824	364	14	especially	especially	ADV
hassl-824	364	15	when	when	SCONJ
hassl-824	364	16	country	country	NOUN
hassl-824	364	17	governance	governance	NOUN
hassl-824	364	18	is	be	AUX
hassl-824	364	19	sufficiently	sufficiently	ADV
hassl-824	364	20	effective	effective	ADJ
hassl-824	364	21	(	(	PUNCT
hassl-824	364	22	hgovern	hgovern	ADJ
hassl-824	364	23	)	)	PUNCT
hassl-824	364	24	.	.	PUNCT
hassl-824	365	1	humanities	humanity	NOUN
hassl-824	365	2	and	and	CCONJ
hassl-824	365	3	social	social	ADJ
hassl-824	365	4	sciences	science	NOUN
hassl-824	365	5	letters	letter	NOUN
hassl-824	365	6	,	,	PUNCT
hassl-824	365	7	2019	2019	NUM
hassl-824	365	8	,	,	PUNCT
hassl-824	365	9	7(3	7(3	NUM
hassl-824	365	10	):	):	PUNCT
hassl-824	365	11	123	123	NUM
hassl-824	365	12	-	-	SYM
hassl-824	365	13	140	140	NUM
hassl-824	365	14	134	134	NUM
hassl-824	365	15	©	©	PROPN
hassl-824	365	16	2019	2019	NUM
hassl-824	365	17	conscientia	conscientia	PROPN
hassl-824	365	18	beam	beam	PROPN
hassl-824	365	19	.	.	PUNCT
hassl-824	366	1	all	all	DET
hassl-824	366	2	rights	right	NOUN
hassl-824	366	3	reserved	reserve	VERB
hassl-824	366	4	.	.	PUNCT
hassl-824	367	1	table-3	table-3	X
hassl-824	367	2	.	.	PUNCT
hassl-824	368	1	results	result	NOUN
hassl-824	368	2	of	of	ADP
hassl-824	368	3	dynamic	dynamic	ADJ
hassl-824	368	4	panel	panel	NOUN
hassl-824	368	5	gmm	gmm	PROPN
hassl-824	368	6	estimations	estimation	NOUN
hassl-824	368	7	.	.	PUNCT
hassl-824	369	1	dependent	dependent	ADJ
hassl-824	369	2	variable	variable	NOUN
hassl-824	369	3	:	:	PUNCT
hassl-824	369	4	lncash	lncash	ADJ
hassl-824	369	5	.	.	PUNCT
hassl-824	370	1	variables	variable	NOUN
hassl-824	370	2	1	1	NUM
hassl-824	370	3	2	2	NUM
hassl-824	370	4	3	3	NUM
hassl-824	370	5	4	4	NUM
hassl-824	370	6	5	5	NUM
hassl-824	370	7	6	6	NUM
hassl-824	370	8	7	7	NUM
hassl-824	370	9	lncash	lncash	NOUN
hassl-824	370	10	l.lncash	l.lncash	VERB
hassl-824	370	11	0.471	0.471	NUM
hassl-824	370	12	*	*	PUNCT
hassl-824	370	13	*	*	PUNCT
hassl-824	370	14	*	*	PUNCT
hassl-824	370	15	0.469	0.469	NUM
hassl-824	370	16	*	*	PUNCT
hassl-824	370	17	*	*	PUNCT
hassl-824	370	18	*	*	PUNCT
hassl-824	370	19	0.468	0.468	NUM
hassl-824	370	20	*	*	PUNCT
hassl-824	370	21	*	*	PUNCT
hassl-824	370	22	*	*	PUNCT
hassl-824	370	23	0.473	0.473	NUM
hassl-824	370	24	*	*	PUNCT
hassl-824	370	25	*	*	PUNCT
hassl-824	370	26	*	*	PUNCT
hassl-824	370	27	0.471	0.471	NUM
hassl-824	370	28	*	*	PUNCT
hassl-824	370	29	*	*	PUNCT
hassl-824	370	30	*	*	PUNCT
hassl-824	370	31	0.469	0.469	NUM
hassl-824	370	32	*	*	PUNCT
hassl-824	370	33	*	*	PUNCT
hassl-824	370	34	*	*	PUNCT
hassl-824	370	35	0.472	0.472	NUM
hassl-824	370	36	*	*	PUNCT
hassl-824	370	37	*	*	PUNCT
hassl-824	370	38	*	*	NOUN
hassl-824	370	39	size	size	NOUN
hassl-824	370	40	-0.0905	-0.0905	NOUN
hassl-824	370	41	*	*	PUNCT
hassl-824	370	42	*	*	PUNCT
hassl-824	370	43	*	*	PUNCT
hassl-824	370	44	-0.0825	-0.0825	PROPN
hassl-824	371	1	*	*	PUNCT
hassl-824	371	2	*	*	PUNCT
hassl-824	371	3	*	*	PUNCT
hassl-824	371	4	-0.0917	-0.0917	X
hassl-824	372	1	*	*	PUNCT
hassl-824	373	1	*	*	PUNCT
hassl-824	373	2	*	*	PUNCT
hassl-824	373	3	-0.0739	-0.0739	X
hassl-824	373	4	*	*	PUNCT
hassl-824	373	5	*	*	PUNCT
hassl-824	373	6	*	*	PUNCT
hassl-824	373	7	-0.0895	-0.0895	ADJ
hassl-824	373	8	*	*	PUNCT
hassl-824	373	9	*	*	PUNCT
hassl-824	373	10	*	*	PUNCT
hassl-824	373	11	-0.0776	-0.0776	NOUN
hassl-824	373	12	*	*	PUNCT
hassl-824	373	13	*	*	PUNCT
hassl-824	373	14	*	*	PUNCT
hassl-824	373	15	-0.0751	-0.0751	NOUN
hassl-824	373	16	*	*	PUNCT
hassl-824	373	17	*	*	PUNCT
hassl-824	373	18	*	*	PUNCT
hassl-824	373	19	cf	cf	NUM
hassl-824	373	20	0.149	0.149	NUM
hassl-824	373	21	*	*	PUNCT
hassl-824	373	22	*	*	PUNCT
hassl-824	373	23	*	*	PUNCT
hassl-824	373	24	0.174	0.174	NUM
hassl-824	373	25	*	*	PUNCT
hassl-824	373	26	*	*	PUNCT
hassl-824	373	27	*	*	PUNCT
hassl-824	374	1	0.168	0.168	NUM
hassl-824	374	2	*	*	PUNCT
hassl-824	374	3	*	*	PUNCT
hassl-824	374	4	*	*	PUNCT
hassl-824	374	5	0.163	0.163	NUM
hassl-824	374	6	*	*	PUNCT
hassl-824	374	7	*	*	PUNCT
hassl-824	374	8	*	*	PUNCT
hassl-824	374	9	0.162	0.162	NUM
hassl-824	374	10	*	*	PUNCT
hassl-824	374	11	*	*	PUNCT
hassl-824	374	12	*	*	PUNCT
hassl-824	374	13	0.169	0.169	NUM
hassl-824	374	14	*	*	PUNCT
hassl-824	374	15	*	*	PUNCT
hassl-824	374	16	*	*	PUNCT
hassl-824	374	17	0.165	0.165	NUM
hassl-824	374	18	*	*	PUNCT
hassl-824	374	19	*	*	PUNCT
hassl-824	374	20	*	*	PROPN
hassl-824	374	21	nwc	nwc	PROPN
hassl-824	374	22	0.000423	0.000423	NUM
hassl-824	374	23	*	*	PUNCT
hassl-824	374	24	*	*	PUNCT
hassl-824	374	25	*	*	PUNCT
hassl-824	374	26	0.000439	0.000439	NUM
hassl-824	374	27	*	*	PUNCT
hassl-824	374	28	*	*	PUNCT
hassl-824	374	29	*	*	X
hassl-824	374	30	0.000422	0.000422	NUM
hassl-824	374	31	*	*	PUNCT
hassl-824	374	32	*	*	PUNCT
hassl-824	374	33	*	*	PUNCT
hassl-824	374	34	0.000441	0.000441	NUM
hassl-824	374	35	*	*	PUNCT
hassl-824	374	36	*	*	PUNCT
hassl-824	374	37	*	*	PUNCT
hassl-824	374	38	0.000420	0.000420	NUM
hassl-824	374	39	*	*	PUNCT
hassl-824	374	40	*	*	PUNCT
hassl-824	374	41	*	*	PUNCT
hassl-824	374	42	0.000442	0.000442	NUM
hassl-824	374	43	*	*	PUNCT
hassl-824	374	44	*	*	PUNCT
hassl-824	374	45	*	*	PUNCT
hassl-824	374	46	0.000437	0.000437	NUM
hassl-824	374	47	*	*	PUNCT
hassl-824	374	48	*	*	PUNCT
hassl-824	374	49	*	*	PUNCT
hassl-824	374	50	capex	capex	NOUN
hassl-824	374	51	-0.397	-0.397	PROPN
hassl-824	374	52	*	*	PUNCT
hassl-824	374	53	*	*	PUNCT
hassl-824	374	54	*	*	PUNCT
hassl-824	374	55	-0.334	-0.334	VERB
hassl-824	374	56	*	*	PUNCT
hassl-824	374	57	*	*	PUNCT
hassl-824	374	58	*	*	PUNCT
hassl-824	374	59	-0.378	-0.378	PUNCT
hassl-824	374	60	*	*	PUNCT
hassl-824	374	61	*	*	PUNCT
hassl-824	374	62	*	*	PUNCT
hassl-824	374	63	-0.310	-0.310	X
hassl-824	374	64	*	*	PUNCT
hassl-824	374	65	*	*	PUNCT
hassl-824	374	66	*	*	PUNCT
hassl-824	374	67	-0.347	-0.347	PUNCT
hassl-824	374	68	*	*	PUNCT
hassl-824	374	69	*	*	PUNCT
hassl-824	374	70	*	*	PUNCT
hassl-824	374	71	-0.328	-0.328	PUNCT
hassl-824	374	72	*	*	PUNCT
hassl-824	374	73	*	*	PUNCT
hassl-824	374	74	*	*	PUNCT
hassl-824	374	75	-0.325	-0.325	PUNCT
hassl-824	374	76	*	*	PUNCT
hassl-824	374	77	*	*	PUNCT
hassl-824	374	78	*	*	PUNCT
hassl-824	374	79	lev	lev	NOUN
hassl-824	374	80	-0.307	-0.307	PUNCT
hassl-824	374	81	*	*	PUNCT
hassl-824	374	82	*	*	PUNCT
hassl-824	374	83	*	*	PUNCT
hassl-824	374	84	-0.282	-0.282	PUNCT
hassl-824	374	85	*	*	PUNCT
hassl-824	374	86	*	*	PUNCT
hassl-824	374	87	*	*	PUNCT
hassl-824	374	88	-0.283	-0.283	PUNCT
hassl-824	375	1	*	*	PUNCT
hassl-824	375	2	*	*	PUNCT
hassl-824	375	3	*	*	PUNCT
hassl-824	375	4	-0.302	-0.302	PUNCT
hassl-824	375	5	*	*	PUNCT
hassl-824	375	6	*	*	PUNCT
hassl-824	375	7	*	*	PUNCT
hassl-824	375	8	-0.309	-0.309	NOUN
hassl-824	375	9	*	*	PUNCT
hassl-824	375	10	*	*	PUNCT
hassl-824	375	11	*	*	PUNCT
hassl-824	375	12	-0.291	-0.291	PUNCT
hassl-824	375	13	*	*	PUNCT
hassl-824	375	14	*	*	PUNCT
hassl-824	375	15	*	*	PUNCT
hassl-824	376	1	-0.289	-0.289	PUNCT
hassl-824	376	2	*	*	PUNCT
hassl-824	376	3	*	*	PUNCT
hassl-824	376	4	*	*	PUNCT
hassl-824	376	5	div	div	X
hassl-824	376	6	-0.037	-0.037	PUNCT
hassl-824	376	7	-0.0388	-0.0388	PRON
hassl-824	376	8	-0.0402	-0.0402	NOUN
hassl-824	376	9	*	*	PUNCT
hassl-824	376	10	-0.0394	-0.0394	NOUN
hassl-824	376	11	-0.0338	-0.0338	PROPN
hassl-824	376	12	-0.0411	-0.0411	PROPN
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hassl-824	377	1	*	*	PUNCT
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hassl-824	397	15	*	*	PUNCT
hassl-824	397	16	*	*	PUNCT
hassl-824	397	17	*	*	PUNCT
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hassl-824	397	19	*	*	PUNCT
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hassl-824	397	23	*	*	PUNCT
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hassl-824	397	30	nwc	nwc	PROPN
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hassl-824	397	42	*	*	NOUN
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hassl-824	397	44	*	*	PUNCT
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hassl-824	397	46	*	*	PUNCT
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hassl-824	397	48	*	*	PUNCT
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hassl-824	397	52	*	*	PUNCT
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hassl-824	400	12	lev	lev	NOUN
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hassl-824	402	1	*	*	PUNCT
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hassl-824	410	1	*	*	PUNCT
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hassl-824	410	5	*	*	PUNCT
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hassl-824	410	21	*	*	PUNCT
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hassl-824	410	42	*	*	PUNCT
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hassl-824	412	4	*	*	PUNCT
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hassl-824	414	1	*	*	PUNCT
hassl-824	414	2	*	*	PUNCT
hassl-824	414	3	*	*	PUNCT
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hassl-824	414	6	*	*	NOUN
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hassl-824	414	11	1,023	1,023	NUM
hassl-824	414	12	1,023	1,023	NUM
hassl-824	414	13	1,023	1,023	NUM
hassl-824	414	14	1,023	1,023	NUM
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hassl-824	414	16	number	number	NOUN
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hassl-824	414	20	98	98	NUM
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hassl-824	414	23	98	98	NUM
hassl-824	414	24	98	98	NUM
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hassl-824	414	27	-	-	PUNCT
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hassl-824	414	29	in	in	ADP
hassl-824	414	30	parentheses	parenthesis	NOUN
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hassl-824	415	2	and	and	CCONJ
hassl-824	415	3	social	social	ADJ
hassl-824	415	4	sciences	science	NOUN
hassl-824	415	5	letters	letter	NOUN
hassl-824	415	6	,	,	PUNCT
hassl-824	415	7	2019	2019	NUM
hassl-824	415	8	,	,	PUNCT
hassl-824	415	9	7(3	7(3	NUM
hassl-824	415	10	):	):	PUNCT
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hassl-824	415	12	-	-	SYM
hassl-824	415	13	140	140	NUM
hassl-824	415	14	136	136	NUM
hassl-824	415	15	©	©	PROPN
hassl-824	415	16	2019	2019	NUM
hassl-824	415	17	conscientia	conscientia	PROPN
hassl-824	415	18	beam	beam	PROPN
hassl-824	415	19	.	.	PUNCT
hassl-824	416	1	all	all	DET
hassl-824	416	2	rights	right	NOUN
hassl-824	416	3	reserved	reserve	VERB
hassl-824	416	4	.	.	PUNCT
hassl-824	417	1	there	there	PRON
hassl-824	417	2	is	be	VERB
hassl-824	417	3	a	a	DET
hassl-824	417	4	need	need	NOUN
hassl-824	417	5	to	to	PART
hassl-824	417	6	hold	hold	VERB
hassl-824	417	7	a	a	DET
hassl-824	417	8	higher	high	ADJ
hassl-824	417	9	level	level	NOUN
hassl-824	417	10	of	of	ADP
hassl-824	417	11	cash	cash	NOUN
hassl-824	417	12	in	in	ADP
hassl-824	417	13	less	less	ADJ
hassl-824	417	14	developed	develop	VERB
hassl-824	417	15	markets	market	NOUN
hassl-824	417	16	.	.	PUNCT
hassl-824	418	1	however	however	ADV
hassl-824	418	2	,	,	PUNCT
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hassl-824	418	4	cash	cash	NOUN
hassl-824	418	5	may	may	AUX
hassl-824	418	6	harm	harm	VERB
hassl-824	418	7	the	the	DET
hassl-824	418	8	value	value	NOUN
hassl-824	418	9	of	of	ADP
hassl-824	418	10	the	the	DET
hassl-824	418	11	firm	firm	NOUN
hassl-824	418	12	.	.	PUNCT
hassl-824	419	1	this	this	PRON
hassl-824	419	2	can	can	AUX
hassl-824	419	3	be	be	AUX
hassl-824	419	4	overcome	overcome	VERB
hassl-824	419	5	by	by	ADP
hassl-824	419	6	better	well	ADJ
hassl-824	419	7	country	country	NOUN
hassl-824	419	8	governance	governance	NOUN
hassl-824	419	9	.	.	PUNCT
hassl-824	420	1	similar	similar	ADJ
hassl-824	420	2	findings	finding	NOUN
hassl-824	420	3	can	can	AUX
hassl-824	420	4	be	be	AUX
hassl-824	420	5	seen	see	VERB
hassl-824	420	6	in	in	ADP
hassl-824	420	7	column	column	NOUN
hassl-824	420	8	3	3	NUM
hassl-824	420	9	.	.	PUNCT
hassl-824	421	1	in	in	ADP
hassl-824	421	2	this	this	DET
hassl-824	421	3	case	case	NOUN
hassl-824	421	4	,	,	PUNCT
hassl-824	421	5	a	a	DET
hassl-824	421	6	dummy	dummy	ADJ
hassl-824	421	7	variable	variable	NOUN
hassl-824	421	8	of	of	ADP
hassl-824	421	9	h	h	NOUN
hassl-824	421	10	is	be	AUX
hassl-824	421	11	used	use	VERB
hassl-824	421	12	to	to	PART
hassl-824	421	13	measure	measure	VERB
hassl-824	421	14	each	each	DET
hassl-824	421	15	governance	governance	NOUN
hassl-824	421	16	components	component	NOUN
hassl-824	421	17	.	.	PUNCT
hassl-824	422	1	the	the	DET
hassl-824	422	2	coefficient	coefficient	NOUN
hassl-824	422	3	of	of	ADP
hassl-824	422	4	cash	cash	NOUN
hassl-824	422	5	reported	report	VERB
hassl-824	422	6	negative	negative	ADJ
hassl-824	422	7	and	and	CCONJ
hassl-824	422	8	significant	significant	ADJ
hassl-824	422	9	.	.	PUNCT
hassl-824	423	1	a	a	DET
hassl-824	423	2	significant	significant	ADJ
hassl-824	423	3	and	and	CCONJ
hassl-824	423	4	positive	positive	ADJ
hassl-824	423	5	coefficient	coefficient	NOUN
hassl-824	423	6	is	be	AUX
hassl-824	423	7	also	also	ADV
hassl-824	423	8	observed	observe	VERB
hassl-824	423	9	from	from	ADP
hassl-824	423	10	the	the	DET
hassl-824	423	11	interaction	interaction	NOUN
hassl-824	423	12	variable	variable	ADJ
hassl-824	423	13	hgovern	hgovern	ADJ
hassl-824	423	14	x	x	ADJ
hassl-824	423	15	cash	cash	NOUN
hassl-824	423	16	.	.	PUNCT
hassl-824	424	1	in	in	ADP
hassl-824	424	2	a	a	DET
hassl-824	424	3	nutshell	nutshell	NOUN
hassl-824	424	4	,	,	PUNCT
hassl-824	424	5	the	the	DET
hassl-824	424	6	results	result	NOUN
hassl-824	424	7	show	show	VERB
hassl-824	424	8	that	that	SCONJ
hassl-824	424	9	cash	cash	NOUN
hassl-824	424	10	may	may	AUX
hassl-824	424	11	harm	harm	VERB
hassl-824	424	12	firm	firm	ADJ
hassl-824	424	13	value	value	NOUN
hassl-824	424	14	in	in	ADP
hassl-824	424	15	countries	country	NOUN
hassl-824	424	16	with	with	ADP
hassl-824	424	17	low	low	ADJ
hassl-824	424	18	country	country	NOUN
hassl-824	424	19	governance	governance	NOUN
hassl-824	424	20	.	.	PUNCT
hassl-824	425	1	however	however	ADV
hassl-824	425	2	,	,	PUNCT
hassl-824	425	3	such	such	ADJ
hassl-824	425	4	adverse	adverse	ADJ
hassl-824	425	5	effect	effect	NOUN
hassl-824	425	6	can	can	AUX
hassl-824	425	7	be	be	AUX
hassl-824	425	8	alleviated	alleviate	VERB
hassl-824	425	9	when	when	SCONJ
hassl-824	425	10	governance	governance	NOUN
hassl-824	425	11	is	be	AUX
hassl-824	425	12	enhanced	enhance	VERB
hassl-824	425	13	and	and	CCONJ
hassl-824	425	14	improved	improve	VERB
hassl-824	425	15	.	.	PUNCT
hassl-824	426	1	on	on	ADP
hassl-824	426	2	the	the	DET
hassl-824	426	3	other	other	ADJ
hassl-824	426	4	hand	hand	NOUN
hassl-824	426	5	,	,	PUNCT
hassl-824	426	6	excess	excess	ADJ
hassl-824	426	7	cash	cash	NOUN
hassl-824	426	8	contributes	contribute	VERB
hassl-824	426	9	to	to	ADP
hassl-824	426	10	the	the	DET
hassl-824	426	11	firm	firm	ADJ
hassl-824	426	12	value	value	NOUN
hassl-824	426	13	in	in	ADP
hassl-824	426	14	countries	country	NOUN
hassl-824	426	15	with	with	ADP
hassl-824	426	16	high	high	ADJ
hassl-824	426	17	country	country	NOUN
hassl-824	426	18	governance	governance	NOUN
hassl-824	426	19	.	.	PUNCT
hassl-824	427	1	results	result	NOUN
hassl-824	427	2	support	support	VERB
hassl-824	427	3	the	the	DET
hassl-824	427	4	formulated	formulate	VERB
hassl-824	427	5	hypotheses	hypothesis	NOUN
hassl-824	427	6	.	.	PUNCT
hassl-824	428	1	in	in	ADP
hassl-824	428	2	addition	addition	NOUN
hassl-824	428	3	,	,	PUNCT
hassl-824	428	4	a	a	DET
hassl-824	428	5	robustness	robustness	NOUN
hassl-824	428	6	test	test	NOUN
hassl-824	428	7	is	be	AUX
hassl-824	428	8	performed	perform	VERB
hassl-824	428	9	.	.	PUNCT
hassl-824	429	1	results	result	NOUN
hassl-824	429	2	are	be	AUX
hassl-824	429	3	consistent	consistent	ADJ
hassl-824	429	4	with	with	ADP
hassl-824	429	5	the	the	DET
hassl-824	429	6	previous	previous	ADJ
hassl-824	429	7	models	model	NOUN
hassl-824	429	8	.	.	PUNCT
hassl-824	430	1	5.4	5.4	NUM
hassl-824	430	2	.	.	PUNCT
hassl-824	430	3	robustness	robustness	NOUN
hassl-824	430	4	check	check	NOUN
hassl-824	430	5	and	and	CCONJ
hassl-824	430	6	summary	summary	NOUN
hassl-824	430	7	based	base	VERB
hassl-824	430	8	on	on	ADP
hassl-824	430	9	petersen	petersen	PROPN
hassl-824	430	10	(	(	PUNCT
hassl-824	430	11	2009	2009	NUM
hassl-824	430	12	)	)	PUNCT
hassl-824	430	13	panel	panel	NOUN
hassl-824	430	14	data	datum	NOUN
hassl-824	430	15	analysis	analysis	NOUN
hassl-824	430	16	should	should	AUX
hassl-824	430	17	adjust	adjust	VERB
hassl-824	430	18	to	to	ADP
hassl-824	430	19	the	the	DET
hassl-824	430	20	standard	standard	ADJ
hassl-824	430	21	errors	error	NOUN
hassl-824	430	22	for	for	ADP
hassl-824	430	23	possible	possible	ADJ
hassl-824	430	24	dependence	dependence	NOUN
hassl-824	430	25	in	in	ADP
hassl-824	430	26	the	the	DET
hassl-824	430	27	residuals	residual	NOUN
hassl-824	430	28	.	.	PUNCT
hassl-824	431	1	if	if	SCONJ
hassl-824	431	2	the	the	DET
hassl-824	431	3	residuals	residual	NOUN
hassl-824	431	4	in	in	ADP
hassl-824	431	5	the	the	DET
hassl-824	431	6	panel	panel	NOUN
hassl-824	431	7	data	data	NOUN
hassl-824	431	8	sets	set	NOUN
hassl-824	431	9	are	be	AUX
hassl-824	431	10	correlated	correlate	VERB
hassl-824	431	11	across	across	ADP
hassl-824	431	12	firms	firm	NOUN
hassl-824	431	13	or	or	CCONJ
hassl-824	431	14	across	across	ADP
hassl-824	431	15	time	time	NOUN
hassl-824	431	16	,	,	PUNCT
hassl-824	431	17	then	then	ADV
hassl-824	431	18	the	the	DET
hassl-824	431	19	standard	standard	ADJ
hassl-824	431	20	errors	error	NOUN
hassl-824	431	21	estimated	estimate	VERB
hassl-824	431	22	can	can	AUX
hassl-824	431	23	be	be	AUX
hassl-824	431	24	biased	bias	VERB
hassl-824	431	25	.	.	PUNCT
hassl-824	432	1	as	as	ADP
hassl-824	432	2	such	such	ADJ
hassl-824	432	3	,	,	PUNCT
hassl-824	432	4	in	in	ADP
hassl-824	432	5	the	the	DET
hassl-824	432	6	effort	effort	NOUN
hassl-824	432	7	to	to	PART
hassl-824	432	8	provide	provide	VERB
hassl-824	432	9	support	support	NOUN
hassl-824	432	10	to	to	ADP
hassl-824	432	11	the	the	DET
hassl-824	432	12	robustness	robustness	NOUN
hassl-824	432	13	of	of	ADP
hassl-824	432	14	results	result	NOUN
hassl-824	432	15	for	for	ADP
hassl-824	432	16	this	this	DET
hassl-824	432	17	study	study	NOUN
hassl-824	432	18	,	,	PUNCT
hassl-824	432	19	different	different	ADJ
hassl-824	432	20	adjusted	adjust	VERB
hassl-824	432	21	standard	standard	ADJ
hassl-824	432	22	errors	error	NOUN
hassl-824	432	23	are	be	AUX
hassl-824	432	24	compared	compare	VERB
hassl-824	432	25	to	to	PART
hassl-824	432	26	consider	consider	VERB
hassl-824	432	27	the	the	DET
hassl-824	432	28	possibility	possibility	NOUN
hassl-824	432	29	of	of	ADP
hassl-824	432	30	the	the	DET
hassl-824	432	31	existence	existence	NOUN
hassl-824	432	32	of	of	ADP
hassl-824	432	33	time	time	NOUN
hassl-824	432	34	and	and	CCONJ
hassl-824	432	35	the	the	DET
hassl-824	432	36	firm	firm	ADJ
hassl-824	432	37	effects	effect	NOUN
hassl-824	432	38	.	.	PUNCT
hassl-824	433	1	as	as	SCONJ
hassl-824	433	2	shown	show	VERB
hassl-824	433	3	table	table	NOUN
hassl-824	433	4	5	5	NUM
hassl-824	433	5	,	,	PUNCT
hassl-824	433	6	the	the	DET
hassl-824	433	7	different	different	ADJ
hassl-824	433	8	adjusted	adjusted	ADJ
hassl-824	433	9	standard	standard	ADJ
hassl-824	433	10	errors	error	NOUN
hassl-824	433	11	are	be	AUX
hassl-824	433	12	not	not	PART
hassl-824	433	13	widely	widely	ADV
hassl-824	433	14	deviated	deviate	VERB
hassl-824	433	15	among	among	ADP
hassl-824	433	16	each	each	DET
hassl-824	433	17	other	other	ADJ
hassl-824	433	18	.	.	PUNCT
hassl-824	434	1	this	this	PRON
hassl-824	434	2	is	be	AUX
hassl-824	434	3	one	one	NUM
hassl-824	434	4	of	of	ADP
hassl-824	434	5	the	the	DET
hassl-824	434	6	criteria	criterion	NOUN
hassl-824	434	7	indicating	indicate	VERB
hassl-824	434	8	a	a	DET
hassl-824	434	9	large	large	ADJ
hassl-824	434	10	robustness	robustness	NOUN
hassl-824	434	11	of	of	ADP
hassl-824	434	12	results	result	NOUN
hassl-824	434	13	.	.	PUNCT
hassl-824	435	1	white	white	PROPN
hassl-824	435	2	corrected	correct	VERB
hassl-824	435	3	standard	standard	ADJ
hassl-824	435	4	errors	error	NOUN
hassl-824	435	5	and	and	CCONJ
hassl-824	435	6	panel	panel	NOUN
hassl-824	435	7	corrected	correct	VERB
hassl-824	435	8	standard	standard	ADJ
hassl-824	435	9	errors	error	NOUN
hassl-824	435	10	are	be	AUX
hassl-824	435	11	included	include	VERB
hassl-824	435	12	for	for	ADP
hassl-824	435	13	comparison	comparison	NOUN
hassl-824	435	14	purposes	purpose	NOUN
hassl-824	435	15	.	.	PUNCT
hassl-824	436	1	the	the	DET
hassl-824	436	2	findings	finding	NOUN
hassl-824	436	3	are	be	AUX
hassl-824	436	4	similar	similar	ADJ
hassl-824	436	5	to	to	ADP
hassl-824	436	6	the	the	DET
hassl-824	436	7	results	result	NOUN
hassl-824	436	8	presented	present	VERB
hassl-824	436	9	in	in	ADP
hassl-824	436	10	earlier	early	ADJ
hassl-824	436	11	sections	section	NOUN
hassl-824	436	12	.	.	PUNCT
hassl-824	437	1	table-5	table-5	PROPN
hassl-824	437	2	.	.	PUNCT
hassl-824	437	3	robustness	robustness	NOUN
hassl-824	437	4	check	check	NOUN
hassl-824	437	5	.	.	PUNCT
hassl-824	438	1	variables	variable	NOUN
hassl-824	438	2	(	(	PUNCT
hassl-824	438	3	1	1	NUM
hassl-824	438	4	)	)	PUNCT
hassl-824	438	5	(	(	PUNCT
hassl-824	438	6	2	2	NUM
hassl-824	438	7	)	)	PUNCT
hassl-824	438	8	(	(	PUNCT
hassl-824	438	9	3	3	X
hassl-824	438	10	)	)	PUNCT
hassl-824	438	11	(	(	PUNCT
hassl-824	438	12	4	4	X
hassl-824	438	13	)	)	PUNCT
hassl-824	438	14	white	white	ADJ
hassl-824	438	15	gls	gl	VERB
hassl-824	438	16	gls	gl	VERB
hassl-824	438	17	-	-	PUNCT
hassl-824	438	18	cluster	cluster	NOUN
hassl-824	438	19	firm	firm	NOUN
hassl-824	438	20	fgls	fgls	NUM
hassl-824	438	21	va	va	PROPN
hassl-824	438	22	-0.321	-0.321	PROPN
hassl-824	438	23	-0.385	-0.385	PUNCT
hassl-824	438	24	-0.385	-0.385	PROPN
hassl-824	438	25	-1.133	-1.133	PUNCT
hassl-824	438	26	ps	ps	VERB
hassl-824	438	27	0.129	0.129	NUM
hassl-824	438	28	0.154	0.154	NUM
hassl-824	438	29	0.154	0.154	NUM
hassl-824	438	30	-0.0412	-0.0412	NOUN
hassl-824	438	31	*	*	PUNCT
hassl-824	438	32	*	*	PUNCT
hassl-824	438	33	ge	ge	PROPN
hassl-824	438	34	0.0481	0.0481	NUM
hassl-824	438	35	-0.164	-0.164	NOUN
hassl-824	438	36	*	*	SYM
hassl-824	438	37	-0.164	-0.164	NOUN
hassl-824	438	38	-0.257	-0.257	NOUN
hassl-824	438	39	*	*	NOUN
hassl-824	438	40	rq	rq	NOUN
hassl-824	438	41	-0.118	-0.118	X
hassl-824	438	42	*	*	NOUN
hassl-824	438	43	-0.0138	-0.0138	PROPN
hassl-824	438	44	*	*	PUNCT
hassl-824	438	45	-0.0138	-0.0138	PROPN
hassl-824	439	1	*	*	PUNCT
hassl-824	439	2	0.472	0.472	NUM
hassl-824	439	3	rl	rl	ADP
hassl-824	439	4	0.855	0.855	NUM
hassl-824	439	5	0.855	0.855	NUM
hassl-824	439	6	0.855	0.855	NUM
hassl-824	439	7	0.932	0.932	NUM
hassl-824	439	8	cc	cc	NOUN
hassl-824	439	9	-0.0309	-0.0309	NOUN
hassl-824	439	10	*	*	PUNCT
hassl-824	439	11	*	*	PUNCT
hassl-824	439	12	-0.146	-0.146	ADJ
hassl-824	439	13	*	*	ADJ
hassl-824	439	14	-0.146	-0.146	PROPN
hassl-824	439	15	*	*	ADJ
hassl-824	439	16	-0.618	-0.618	NOUN
hassl-824	439	17	*	*	PUNCT
hassl-824	439	18	crisis	crisis	NOUN
hassl-824	439	19	-0.647	-0.647	X
hassl-824	439	20	-0.966	-0.966	X
hassl-824	439	21	-0.966	-0.966	PUNCT
hassl-824	439	22	-0.902	-0.902	PUNCT
hassl-824	439	23	crisisxva	crisisxva	NOUN
hassl-824	439	24	-0.0406	-0.0406	NOUN
hassl-824	439	25	*	*	PUNCT
hassl-824	439	26	-0.101	-0.101	NOUN
hassl-824	439	27	*	*	PUNCT
hassl-824	439	28	*	*	PUNCT
hassl-824	440	1	-0.101	-0.101	PUNCT
hassl-824	440	2	*	*	X
hassl-824	440	3	0.0208	0.0208	NUM
hassl-824	440	4	crisisxps	crisisxps	ADJ
hassl-824	440	5	-0.233	-0.233	NOUN
hassl-824	440	6	-0.277	-0.277	PROPN
hassl-824	440	7	-0.277	-0.277	PROPN
hassl-824	440	8	-0.326	-0.326	X
hassl-824	440	9	crisisxge	crisisxge	NOUN
hassl-824	440	10	0.788	0.788	NUM
hassl-824	440	11	0.969	0.969	NUM
hassl-824	440	12	0.969	0.969	NUM
hassl-824	440	13	0.567	0.567	NUM
hassl-824	440	14	crisisxrq	crisisxrq	NOUN
hassl-824	440	15	-0.221	-0.221	X
hassl-824	440	16	*	*	PUNCT
hassl-824	440	17	-0.486	-0.486	PROPN
hassl-824	440	18	*	*	PUNCT
hassl-824	440	19	-0.486	-0.486	PUNCT
hassl-824	440	20	*	*	PUNCT
hassl-824	440	21	-0.893	-0.893	NOUN
hassl-824	440	22	*	*	NOUN
hassl-824	440	23	crisisxrl	crisisxrl	NOUN
hassl-824	440	24	-0.0896	-0.0896	NOUN
hassl-824	441	1	-0.171	-0.171	INTJ
hassl-824	441	2	-0.171	-0.171	VERB
hassl-824	441	3	0.660	0.660	NUM
hassl-824	441	4	crisisxcc	crisisxcc	ADJ
hassl-824	441	5	-0.219	-0.219	PROPN
hassl-824	441	6	*	*	SYM
hassl-824	441	7	-0.125	-0.125	PROPN
hassl-824	441	8	*	*	PUNCT
hassl-824	442	1	-0.125	-0.125	PROPN
hassl-824	442	2	*	*	PUNCT
hassl-824	442	3	-0.118	-0.118	PUNCT
hassl-824	442	4	*	*	NOUN
hassl-824	442	5	constant	constant	ADJ
hassl-824	442	6	-5.405	-5.405	PRON
hassl-824	442	7	-2.702	-2.702	NUM
hassl-824	442	8	-2.702	-2.702	NUM
hassl-824	442	9	-6.609	-6.609	NOUN
hassl-824	442	10	*	*	PUNCT
hassl-824	442	11	*	*	PUNCT
hassl-824	442	12	robust	robust	ADJ
hassl-824	442	13	standard	standard	ADJ
hassl-824	442	14	errors	error	NOUN
hassl-824	442	15	in	in	ADP
hassl-824	442	16	parentheses	parenthesis	NOUN
hassl-824	442	17	*	*	PUNCT
hassl-824	442	18	*	*	PUNCT
hassl-824	442	19	*	*	PUNCT
hassl-824	442	20	p<0.01	p<0.01	PROPN
hassl-824	442	21	,	,	PUNCT
hassl-824	442	22	*	*	PUNCT
hassl-824	442	23	*	*	PUNCT
hassl-824	442	24	p<0.05	p<0.05	NOUN
hassl-824	442	25	,	,	PUNCT
hassl-824	442	26	*	*	PUNCT
hassl-824	442	27	p<0.1	p<0.1	X
hassl-824	442	28	.	.	NOUN
hassl-824	442	29	6	6	NUM
hassl-824	442	30	.	.	X
hassl-824	443	1	conclusion	conclusion	NOUN
hassl-824	443	2	our	our	PRON
hassl-824	443	3	research	research	NOUN
hassl-824	443	4	has	have	VERB
hassl-824	443	5	two	two	NUM
hassl-824	443	6	major	major	ADJ
hassl-824	443	7	contributions	contribution	NOUN
hassl-824	443	8	.	.	PUNCT
hassl-824	444	1	firstly	firstly	ADV
hassl-824	444	2	,	,	PUNCT
hassl-824	444	3	this	this	DET
hassl-824	444	4	study	study	NOUN
hassl-824	444	5	contributes	contribute	VERB
hassl-824	444	6	to	to	ADP
hassl-824	444	7	existing	exist	VERB
hassl-824	444	8	cash	cash	NOUN
hassl-824	444	9	literature	literature	NOUN
hassl-824	444	10	by	by	ADP
hassl-824	444	11	looking	look	VERB
hassl-824	444	12	beyond	beyond	ADP
hassl-824	444	13	commonly	commonly	ADV
hassl-824	444	14	used	use	VERB
hassl-824	444	15	determinants	determinant	NOUN
hassl-824	444	16	.	.	PUNCT
hassl-824	445	1	we	we	PRON
hassl-824	445	2	integrate	integrate	VERB
hassl-824	445	3	the	the	DET
hassl-824	445	4	cash	cash	NOUN
hassl-824	445	5	literature	literature	NOUN
hassl-824	445	6	and	and	CCONJ
hassl-824	445	7	institution	institution	NOUN
hassl-824	445	8	-	-	PUNCT
hassl-824	445	9	based	base	VERB
hassl-824	445	10	views	view	NOUN
hassl-824	445	11	to	to	PART
hassl-824	445	12	study	study	VERB
hassl-824	445	13	the	the	DET
hassl-824	445	14	factors	factor	NOUN
hassl-824	445	15	that	that	PRON
hassl-824	445	16	influence	influence	VERB
hassl-824	445	17	a	a	DET
hassl-824	445	18	firm‟s	firm‟s	NOUN
hassl-824	445	19	tendency	tendency	NOUN
hassl-824	445	20	to	to	PART
hassl-824	445	21	hoard	hoard	VERB
hassl-824	445	22	cash	cash	NOUN
hassl-824	445	23	.	.	PUNCT
hassl-824	446	1	through	through	ADP
hassl-824	446	2	this	this	DET
hassl-824	446	3	analysis	analysis	NOUN
hassl-824	446	4	,	,	PUNCT
hassl-824	446	5	we	we	PRON
hassl-824	446	6	contribute	contribute	VERB
hassl-824	446	7	to	to	ADP
hassl-824	446	8	the	the	DET
hassl-824	446	9	emerging	emerge	VERB
hassl-824	446	10	literature	literature	NOUN
hassl-824	446	11	that	that	PRON
hassl-824	446	12	uses	use	VERB
hassl-824	446	13	external	external	ADJ
hassl-824	446	14	governance	governance	NOUN
hassl-824	446	15	mechanism	mechanism	NOUN
hassl-824	446	16	variables	variable	NOUN
hassl-824	446	17	,	,	PUNCT
hassl-824	446	18	such	such	ADJ
hassl-824	446	19	as	as	ADP
hassl-824	446	20	government	government	NOUN
hassl-824	446	21	quality	quality	NOUN
hassl-824	446	22	and	and	CCONJ
hassl-824	446	23	cash	cash	NOUN
hassl-824	446	24	holdings	holding	NOUN
hassl-824	446	25	(	(	PUNCT
hassl-824	446	26	chen	chen	PROPN
hassl-824	446	27	et	et	PROPN
hassl-824	446	28	al	al	PROPN
hassl-824	446	29	.	.	PROPN
hassl-824	446	30	,	,	PUNCT
hassl-824	446	31	2014	2014	NUM
hassl-824	446	32	)	)	PUNCT
hassl-824	446	33	;	;	PUNCT
hassl-824	446	34	democracy	democracy	NOUN
hassl-824	446	35	and	and	CCONJ
hassl-824	446	36	law	law	NOUN
hassl-824	446	37	(	(	PUNCT
hassl-824	446	38	chen	chen	PROPN
hassl-824	446	39	and	and	CCONJ
hassl-824	446	40	yang	yang	PROPN
hassl-824	446	41	,	,	PUNCT
hassl-824	446	42	2016	2016	NUM
hassl-824	446	43	)	)	PUNCT
hassl-824	446	44	;	;	PUNCT
hassl-824	446	45	securities	security	NOUN
hassl-824	446	46	legislation	legislation	NOUN
hassl-824	446	47	and	and	CCONJ
hassl-824	446	48	control	control	NOUN
hassl-824	446	49	of	of	ADP
hassl-824	446	50	corruption	corruption	NOUN
hassl-824	446	51	(	(	PUNCT
hassl-824	446	52	chen	chen	PROPN
hassl-824	446	53	,	,	PUNCT
hassl-824	446	54	2011	2011	NUM
hassl-824	446	55	)	)	PUNCT
hassl-824	446	56	to	to	PART
hassl-824	446	57	uncover	uncover	VERB
hassl-824	446	58	determinants	determinant	NOUN
hassl-824	446	59	of	of	ADP
hassl-824	446	60	cash	cash	NOUN
hassl-824	446	61	holdings	holding	NOUN
hassl-824	446	62	.	.	PUNCT
hassl-824	447	1	like	like	ADP
hassl-824	447	2	these	these	DET
hassl-824	447	3	studies	study	NOUN
hassl-824	447	4	,	,	PUNCT
hassl-824	447	5	we	we	PRON
hassl-824	447	6	include	include	VERB
hassl-824	447	7	six	six	NUM
hassl-824	447	8	dimensions	dimension	NOUN
hassl-824	447	9	of	of	ADP
hassl-824	447	10	the	the	DET
hassl-824	447	11	country	country	NOUN
hassl-824	447	12	governance	governance	NOUN
hassl-824	447	13	quality	quality	NOUN
hassl-824	447	14	(	(	PUNCT
hassl-824	447	15	kaufmann	kaufmann	PROPN
hassl-824	447	16	et	et	PROPN
hassl-824	447	17	al	al	PROPN
hassl-824	447	18	.	.	PROPN
hassl-824	447	19	,	,	PUNCT
hassl-824	447	20	2011	2011	NUM
hassl-824	447	21	)	)	PUNCT
hassl-824	447	22	as	as	SCONJ
hassl-824	447	23	which	which	PRON
hassl-824	447	24	include	include	VERB
hassl-824	447	25	:	:	PUNCT
hassl-824	447	26	the	the	DET
hassl-824	447	27	regulatory	regulatory	ADJ
hassl-824	447	28	quality	quality	NOUN
hassl-824	447	29	,	,	PUNCT
hassl-824	447	30	the	the	DET
hassl-824	447	31	rule	rule	NOUN
hassl-824	447	32	of	of	ADP
hassl-824	447	33	law	law	NOUN
hassl-824	447	34	,	,	PUNCT
hassl-824	447	35	control	control	NOUN
hassl-824	447	36	of	of	ADP
hassl-824	447	37	corruption	corruption	NOUN
hassl-824	447	38	,	,	PUNCT
hassl-824	447	39	government	government	NOUN
hassl-824	447	40	effectiveness	effectiveness	NOUN
hassl-824	447	41	,	,	PUNCT
hassl-824	447	42	voice	voice	NOUN
hassl-824	447	43	and	and	CCONJ
hassl-824	447	44	accountability	accountability	NOUN
hassl-824	447	45	;	;	PUNCT
hassl-824	447	46	political	political	ADJ
hassl-824	447	47	stability	stability	NOUN
hassl-824	447	48	and	and	CCONJ
hassl-824	447	49	absence	absence	NOUN
hassl-824	447	50	of	of	ADP
hassl-824	447	51	violence	violence	NOUN
hassl-824	447	52	&	&	CCONJ
hassl-824	447	53	terrorism	terrorism	NOUN
hassl-824	447	54	.	.	PUNCT
hassl-824	448	1	secondly	secondly	ADV
hassl-824	448	2	,	,	PUNCT
hassl-824	448	3	this	this	DET
hassl-824	448	4	study	study	NOUN
hassl-824	448	5	contributes	contribute	VERB
hassl-824	448	6	further	further	ADJ
hassl-824	448	7	evidence	evidence	NOUN
hassl-824	448	8	that	that	SCONJ
hassl-824	448	9	country	country	NOUN
hassl-824	448	10	-	-	PUNCT
hassl-824	448	11	level	level	NOUN
hassl-824	448	12	governance	governance	NOUN
hassl-824	448	13	is	be	AUX
hassl-824	448	14	an	an	DET
hassl-824	448	15	essential	essential	ADJ
hassl-824	448	16	factor	factor	NOUN
hassl-824	448	17	which	which	PRON
hassl-824	448	18	affects	affect	VERB
hassl-824	448	19	the	the	DET
hassl-824	448	20	humanities	humanity	NOUN
hassl-824	448	21	and	and	CCONJ
hassl-824	448	22	social	social	ADJ
hassl-824	448	23	sciences	science	NOUN
hassl-824	448	24	letters	letter	NOUN
hassl-824	448	25	,	,	PUNCT
hassl-824	448	26	2019	2019	NUM
hassl-824	448	27	,	,	PUNCT
hassl-824	448	28	7(3	7(3	NUM
hassl-824	448	29	):	):	PUNCT
hassl-824	448	30	123	123	NUM
hassl-824	448	31	-	-	SYM
hassl-824	448	32	140	140	NUM
hassl-824	448	33	137	137	NUM
hassl-824	448	34	©	©	PROPN
hassl-824	448	35	2019	2019	NUM
hassl-824	448	36	conscientia	conscientia	PROPN
hassl-824	448	37	beam	beam	PROPN
hassl-824	448	38	.	.	PUNCT
hassl-824	449	1	all	all	DET
hassl-824	449	2	rights	right	NOUN
hassl-824	449	3	reserved	reserve	VERB
hassl-824	449	4	.	.	PUNCT
hassl-824	450	1	corporate	corporate	ADJ
hassl-824	450	2	cash	cash	NOUN
hassl-824	450	3	policy	policy	NOUN
hassl-824	450	4	,	,	PUNCT
hassl-824	450	5	particularly	particularly	ADV
hassl-824	450	6	in	in	ADP
hassl-824	450	7	the	the	DET
hassl-824	450	8	hospitality	hospitality	NOUN
hassl-824	450	9	industry	industry	NOUN
hassl-824	450	10	.	.	PUNCT
hassl-824	451	1	with	with	ADP
hassl-824	451	2	this	this	DET
hassl-824	451	3	analysis	analysis	NOUN
hassl-824	451	4	,	,	PUNCT
hassl-824	451	5	this	this	DET
hassl-824	451	6	study	study	NOUN
hassl-824	451	7	provides	provide	VERB
hassl-824	451	8	additional	additional	ADJ
hassl-824	451	9	insight	insight	NOUN
hassl-824	451	10	into	into	ADP
hassl-824	451	11	cash	cash	NOUN
hassl-824	451	12	literature	literature	NOUN
hassl-824	451	13	by	by	ADP
hassl-824	451	14	including	include	VERB
hassl-824	451	15	country	country	NOUN
hassl-824	451	16	-	-	PUNCT
hassl-824	451	17	level	level	NOUN
hassl-824	451	18	governance	governance	NOUN
hassl-824	451	19	as	as	SCONJ
hassl-824	451	20	defined	define	VERB
hassl-824	451	21	by	by	ADP
hassl-824	451	22	kaufmann	kaufmann	PROPN
hassl-824	451	23	et	et	PROPN
hassl-824	451	24	al	al	PROPN
hassl-824	451	25	.	.	PROPN
hassl-824	452	1	(	(	PUNCT
hassl-824	452	2	2011	2011	NUM
hassl-824	452	3	)	)	PUNCT
hassl-824	453	1	to	to	PART
hassl-824	453	2	uncover	uncover	VERB
hassl-824	453	3	the	the	DET
hassl-824	453	4	determinants	determinant	NOUN
hassl-824	453	5	of	of	ADP
hassl-824	453	6	cash	cash	NOUN
hassl-824	453	7	holdings	holding	NOUN
hassl-824	454	1	.	.	PUNCT
hassl-824	455	1	the	the	DET
hassl-824	455	2	variables	variable	NOUN
hassl-824	455	3	include	include	VERB
hassl-824	455	4	voice	voice	NOUN
hassl-824	455	5	and	and	CCONJ
hassl-824	455	6	accountability	accountability	NOUN
hassl-824	455	7	;	;	PUNCT
hassl-824	455	8	government	government	NOUN
hassl-824	455	9	effectiveness	effectiveness	NOUN
hassl-824	455	10	;	;	PUNCT
hassl-824	455	11	control	control	NOUN
hassl-824	455	12	of	of	ADP
hassl-824	455	13	corruption	corruption	NOUN
hassl-824	455	14	;	;	PUNCT
hassl-824	455	15	political	political	ADJ
hassl-824	455	16	stability	stability	NOUN
hassl-824	455	17	&	&	CCONJ
hassl-824	455	18	absence	absence	NOUN
hassl-824	455	19	of	of	ADP
hassl-824	455	20	violence	violence	NOUN
hassl-824	455	21	or	or	CCONJ
hassl-824	455	22	terrorism	terrorism	NOUN
hassl-824	455	23	;	;	PUNCT
hassl-824	455	24	the	the	DET
hassl-824	455	25	rule	rule	NOUN
hassl-824	455	26	of	of	ADP
hassl-824	455	27	law	law	NOUN
hassl-824	455	28	;	;	PUNCT
hassl-824	455	29	and	and	CCONJ
hassl-824	455	30	,	,	PUNCT
hassl-824	455	31	the	the	DET
hassl-824	455	32	regulatory	regulatory	ADJ
hassl-824	455	33	quality	quality	NOUN
hassl-824	455	34	.	.	PUNCT
hassl-824	456	1	the	the	DET
hassl-824	456	2	results	result	NOUN
hassl-824	456	3	of	of	ADP
hassl-824	456	4	this	this	DET
hassl-824	456	5	study	study	NOUN
hassl-824	456	6	will	will	AUX
hassl-824	456	7	serve	serve	VERB
hassl-824	456	8	as	as	ADP
hassl-824	456	9	a	a	DET
hassl-824	456	10	guide	guide	NOUN
hassl-824	456	11	for	for	ADP
hassl-824	456	12	researchers	researcher	NOUN
hassl-824	456	13	,	,	PUNCT
hassl-824	456	14	practitioners	practitioner	NOUN
hassl-824	456	15	and	and	CCONJ
hassl-824	456	16	policymakers	policymaker	NOUN
hassl-824	456	17	.	.	PUNCT
hassl-824	457	1	firms	firm	NOUN
hassl-824	457	2	determine	determine	VERB
hassl-824	457	3	the	the	DET
hassl-824	457	4	level	level	NOUN
hassl-824	457	5	of	of	ADP
hassl-824	457	6	cash	cash	NOUN
hassl-824	457	7	holdings	holding	NOUN
hassl-824	457	8	based	base	VERB
hassl-824	457	9	on	on	ADP
hassl-824	457	10	their	their	PRON
hassl-824	457	11	degrees	degree	NOUN
hassl-824	457	12	of	of	ADP
hassl-824	457	13	financial	financial	ADJ
hassl-824	457	14	constraints	constraint	NOUN
hassl-824	457	15	and	and	CCONJ
hassl-824	457	16	the	the	DET
hassl-824	457	17	quality	quality	NOUN
hassl-824	457	18	of	of	ADP
hassl-824	457	19	corporate	corporate	ADJ
hassl-824	457	20	governance	governance	NOUN
hassl-824	457	21	mechanisms	mechanism	NOUN
hassl-824	457	22	.	.	PUNCT
hassl-824	458	1	the	the	DET
hassl-824	458	2	adopted	adopt	VERB
hassl-824	458	3	business	business	NOUN
hassl-824	458	4	model	model	NOUN
hassl-824	458	5	can	can	AUX
hassl-824	458	6	further	far	ADV
hassl-824	458	7	affect	affect	VERB
hassl-824	458	8	the	the	DET
hassl-824	458	9	perceived	perceive	VERB
hassl-824	458	10	value	value	NOUN
hassl-824	458	11	of	of	ADP
hassl-824	458	12	cash	cash	NOUN
hassl-824	458	13	holdings	holding	NOUN
hassl-824	458	14	.	.	PUNCT
hassl-824	459	1	hospitality	hospitality	NOUN
hassl-824	459	2	firms	firm	NOUN
hassl-824	459	3	can	can	AUX
hassl-824	459	4	better	well	ADV
hassl-824	459	5	devise	devise	VERB
hassl-824	459	6	cash	cash	NOUN
hassl-824	459	7	management	management	NOUN
hassl-824	459	8	and	and	CCONJ
hassl-824	459	9	cash	cash	NOUN
hassl-824	459	10	holding	holding	NOUN
hassl-824	459	11	strategies	strategy	NOUN
hassl-824	459	12	depending	depend	VERB
hassl-824	459	13	on	on	ADP
hassl-824	459	14	their	their	PRON
hassl-824	459	15	investment	investment	NOUN
hassl-824	459	16	models	model	NOUN
hassl-824	459	17	.	.	PUNCT
hassl-824	460	1	the	the	DET
hassl-824	460	2	results	result	NOUN
hassl-824	460	3	can	can	AUX
hassl-824	460	4	potentially	potentially	ADV
hassl-824	460	5	guide	guide	VERB
hassl-824	460	6	hotel	hotel	NOUN
hassl-824	460	7	firms‟	firms‟	NOUN
hassl-824	460	8	decision	decision	NOUN
hassl-824	460	9	either	either	ADV
hassl-824	460	10	via	via	ADP
hassl-824	460	11	expansion	expansion	NOUN
hassl-824	460	12	through	through	ADP
hassl-824	460	13	franchising	franchising	NOUN
hassl-824	460	14	or	or	CCONJ
hassl-824	460	15	corporate	corporate	ADV
hassl-824	460	16	-	-	PUNCT
hassl-824	460	17	owned	own	VERB
hassl-824	460	18	divisions	division	NOUN
hassl-824	460	19	.	.	PUNCT
hassl-824	461	1	this	this	DET
hassl-824	461	2	study	study	NOUN
hassl-824	461	3	has	have	VERB
hassl-824	461	4	several	several	ADJ
hassl-824	461	5	limitations	limitation	NOUN
hassl-824	461	6	.	.	PUNCT
hassl-824	462	1	since	since	SCONJ
hassl-824	462	2	this	this	DET
hassl-824	462	3	study	study	NOUN
hassl-824	462	4	is	be	AUX
hassl-824	462	5	limited	limit	VERB
hassl-824	462	6	to	to	ADP
hassl-824	462	7	public	public	ADJ
hassl-824	462	8	firms	firm	NOUN
hassl-824	462	9	in	in	ADP
hassl-824	462	10	the	the	DET
hassl-824	462	11	hospitality	hospitality	NOUN
hassl-824	462	12	industry	industry	NOUN
hassl-824	462	13	,	,	PUNCT
hassl-824	462	14	the	the	DET
hassl-824	462	15	results	result	NOUN
hassl-824	462	16	can	can	AUX
hassl-824	462	17	not	not	PART
hassl-824	462	18	be	be	AUX
hassl-824	462	19	generalised	generalise	VERB
hassl-824	462	20	to	to	ADP
hassl-824	462	21	the	the	DET
hassl-824	462	22	entire	entire	ADJ
hassl-824	462	23	hospitality	hospitality	NOUN
hassl-824	462	24	industry	industry	NOUN
hassl-824	462	25	.	.	PUNCT
hassl-824	463	1	future	future	ADJ
hassl-824	463	2	research	research	NOUN
hassl-824	463	3	could	could	AUX
hassl-824	463	4	use	use	VERB
hassl-824	463	5	samples	sample	NOUN
hassl-824	463	6	from	from	ADP
hassl-824	463	7	private	private	ADJ
hassl-824	463	8	firms	firm	NOUN
hassl-824	463	9	to	to	PART
hassl-824	463	10	study	study	VERB
hassl-824	463	11	the	the	DET
hassl-824	463	12	corporate	corporate	ADJ
hassl-824	463	13	cash	cash	NOUN
hassl-824	463	14	holdings	holding	NOUN
hassl-824	463	15	strategies	strategy	NOUN
hassl-824	463	16	and	and	CCONJ
hassl-824	463	17	its	its	PRON
hassl-824	463	18	impact	impact	NOUN
hassl-824	463	19	on	on	ADP
hassl-824	463	20	firm	firm	ADJ
hassl-824	463	21	performance	performance	NOUN
hassl-824	463	22	,	,	PUNCT
hassl-824	463	23	which	which	PRON
hassl-824	463	24	will	will	AUX
hassl-824	463	25	help	help	VERB
hassl-824	463	26	improve	improve	VERB
hassl-824	463	27	the	the	DET
hassl-824	463	28	generalizability	generalizability	NOUN
hassl-824	463	29	of	of	ADP
hassl-824	463	30	this	this	DET
hassl-824	463	31	study	study	NOUN
hassl-824	463	32	.	.	PUNCT
hassl-824	464	1	funding	funding	NOUN
hassl-824	464	2	:	:	PUNCT
hassl-824	464	3	this	this	DET
hassl-824	464	4	study	study	NOUN
hassl-824	464	5	received	receive	VERB
hassl-824	464	6	no	no	DET
hassl-824	464	7	specific	specific	ADJ
hassl-824	464	8	financial	financial	ADJ
hassl-824	464	9	support	support	NOUN
hassl-824	464	10	.	.	PUNCT
hassl-824	465	1	competing	compete	VERB
hassl-824	465	2	interests	interest	NOUN
hassl-824	465	3	:	:	PUNCT
hassl-824	465	4	the	the	DET
hassl-824	465	5	authors	author	NOUN
hassl-824	465	6	declare	declare	VERB
hassl-824	465	7	that	that	SCONJ
hassl-824	465	8	they	they	PRON
hassl-824	465	9	have	have	VERB
hassl-824	465	10	no	no	DET
hassl-824	465	11	competing	compete	VERB
hassl-824	465	12	interests	interest	NOUN
hassl-824	465	13	.	.	PUNCT
hassl-824	466	1	acknowledgement	acknowledgement	NOUN
hassl-824	466	2	:	:	PUNCT
hassl-824	466	3	both	both	DET
hassl-824	466	4	authors	author	NOUN
hassl-824	466	5	contributed	contribute	VERB
hassl-824	466	6	equally	equally	ADV
hassl-824	466	7	to	to	ADP
hassl-824	466	8	the	the	DET
hassl-824	466	9	conception	conception	NOUN
hassl-824	466	10	and	and	CCONJ
hassl-824	466	11	design	design	NOUN
hassl-824	466	12	of	of	ADP
hassl-824	466	13	the	the	DET
hassl-824	466	14	study	study	NOUN
hassl-824	466	15	.	.	PUNCT
hassl-824	467	1	references	reference	NOUN
hassl-824	467	2	aggarwal	aggarwal	PROPN
hassl-824	467	3	,	,	PUNCT
hassl-824	467	4	r.k	r.k	PROPN
hassl-824	467	5	.	.	PROPN
hassl-824	467	6	,	,	PUNCT
hassl-824	467	7	f.	f.	PROPN
hassl-824	467	8	meschke	meschke	PROPN
hassl-824	467	9	and	and	CCONJ
hassl-824	467	10	t.y	t.y	PROPN
hassl-824	467	11	.	.	PROPN
hassl-824	467	12	wang	wang	PROPN
hassl-824	467	13	,	,	PUNCT
hassl-824	467	14	2012	2012	NUM
hassl-824	467	15	.	.	PUNCT
hassl-824	468	1	corporate	corporate	ADJ
hassl-824	468	2	political	political	ADJ
hassl-824	468	3	donations	donation	NOUN
hassl-824	468	4	:	:	PUNCT
hassl-824	468	5	investment	investment	NOUN
hassl-824	468	6	or	or	CCONJ
hassl-824	468	7	agency	agency	NOUN
hassl-824	468	8	?	?	PUNCT
hassl-824	469	1	business	business	NOUN
hassl-824	469	2	and	and	CCONJ
hassl-824	469	3	politics	politic	NOUN
hassl-824	469	4	,	,	PUNCT
hassl-824	469	5	14(1	14(1	NUM
hassl-824	469	6	):	):	PUNCT
hassl-824	469	7	1-38.available	1-38.available	NUM
hassl-824	469	8	at	at	ADP
hassl-824	469	9	:	:	PUNCT
hassl-824	469	10	https://doi.org/10.1515/1469-3569.1391	https://doi.org/10.1515/1469-3569.1391	PROPN
hassl-824	469	11	.	.	PUNCT
hassl-824	470	1	al	al	PROPN
hassl-824	470	2	-	-	PUNCT
hassl-824	470	3	najjar	najjar	PROPN
hassl-824	470	4	,	,	PUNCT
hassl-824	470	5	b.	b.	PROPN
hassl-824	470	6	,	,	PUNCT
hassl-824	470	7	2013	2013	NUM
hassl-824	470	8	.	.	PUNCT
hassl-824	471	1	the	the	DET
hassl-824	471	2	financial	financial	ADJ
hassl-824	471	3	determinants	determinant	NOUN
hassl-824	471	4	of	of	ADP
hassl-824	471	5	corporate	corporate	ADJ
hassl-824	471	6	cash	cash	NOUN
hassl-824	471	7	holdings	holding	NOUN
hassl-824	471	8	:	:	PUNCT
hassl-824	471	9	evidence	evidence	NOUN
hassl-824	471	10	from	from	ADP
hassl-824	471	11	some	some	DET
hassl-824	471	12	emerging	emerge	VERB
hassl-824	471	13	markets	market	NOUN
hassl-824	471	14	.	.	PUNCT
hassl-824	472	1	international	international	ADJ
hassl-824	472	2	business	business	PROPN
hassl-824	472	3	review	review	PROPN
hassl-824	472	4	,	,	PUNCT
hassl-824	472	5	22(1	22(1	NUM
hassl-824	472	6	):	):	PUNCT
hassl-824	472	7	77–88.available	77–88.available	ADJ
hassl-824	472	8	at	at	ADP
hassl-824	472	9	:	:	PUNCT
hassl-824	472	10	https://doi.org/10.1016/j.ibusrev.2012.02.004	https://doi.org/10.1016/j.ibusrev.2012.02.004	NOUN
hassl-824	472	11	.	.	PUNCT
hassl-824	473	1	al	al	PROPN
hassl-824	473	2	-	-	PUNCT
hassl-824	473	3	najjar	najjar	PROPN
hassl-824	473	4	,	,	PUNCT
hassl-824	473	5	b.	b.	PROPN
hassl-824	473	6	,	,	PUNCT
hassl-824	473	7	2013	2013	NUM
hassl-824	473	8	.	.	PUNCT
hassl-824	474	1	the	the	DET
hassl-824	474	2	financial	financial	ADJ
hassl-824	474	3	determinants	determinant	NOUN
hassl-824	474	4	of	of	ADP
hassl-824	474	5	corporate	corporate	ADJ
hassl-824	474	6	cash	cash	NOUN
hassl-824	474	7	holdings	holding	NOUN
hassl-824	474	8	:	:	PUNCT
hassl-824	474	9	evidence	evidence	NOUN
hassl-824	474	10	from	from	ADP
hassl-824	474	11	some	some	DET
hassl-824	474	12	emerging	emerge	VERB
hassl-824	474	13	markets	market	NOUN
hassl-824	474	14	.	.	PUNCT
hassl-824	475	1	international	international	ADJ
hassl-824	475	2	business	business	PROPN
hassl-824	475	3	review	review	PROPN
hassl-824	475	4	,	,	PUNCT
hassl-824	475	5	22(1	22(1	NUM
hassl-824	475	6	):	):	PUNCT
hassl-824	475	7	77-88.available	77-88.available	VERB
hassl-824	475	8	at	at	ADP
hassl-824	475	9	:	:	PUNCT
hassl-824	475	10	https://doi.org/10.1016/j.ibusrev.2012.02.004	https://doi.org/10.1016/j.ibusrev.2012.02.004	NOUN
hassl-824	475	11	.	.	PUNCT
hassl-824	476	1	al‐najjar	al‐najjar	PROPN
hassl-824	476	2	,	,	PUNCT
hassl-824	476	3	b.	b.	PROPN
hassl-824	476	4	,	,	PUNCT
hassl-824	476	5	2015	2015	NUM
hassl-824	476	6	.	.	PUNCT
hassl-824	477	1	the	the	DET
hassl-824	477	2	effect	effect	NOUN
hassl-824	477	3	of	of	ADP
hassl-824	477	4	governance	governance	NOUN
hassl-824	477	5	mechanisms	mechanism	NOUN
hassl-824	477	6	on	on	ADP
hassl-824	477	7	small	small	ADJ
hassl-824	477	8	and	and	CCONJ
hassl-824	477	9	medium	medium	ADJ
hassl-824	477	10	-	-	PUNCT
hassl-824	477	11	sized	sized	ADJ
hassl-824	477	12	enterprise	enterprise	NOUN
hassl-824	477	13	cash	cash	NOUN
hassl-824	477	14	holdings	holding	NOUN
hassl-824	477	15	:	:	PUNCT
hassl-824	477	16	evidence	evidence	NOUN
hassl-824	477	17	from	from	ADP
hassl-824	477	18	the	the	DET
hassl-824	477	19	united	united	ADJ
hassl-824	477	20	kingdom	kingdom	PROPN
hassl-824	477	21	.	.	PUNCT
hassl-824	478	1	journal	journal	PROPN
hassl-824	478	2	of	of	ADP
hassl-824	478	3	small	small	ADJ
hassl-824	478	4	business	business	NOUN
hassl-824	478	5	management	management	NOUN
hassl-824	478	6	,	,	PUNCT
hassl-824	478	7	53(2	53(2	NUM
hassl-824	478	8	):	):	PUNCT
hassl-824	478	9	303-320.available	303-320.available	NUM
hassl-824	478	10	at	at	ADP
hassl-824	478	11	:	:	PUNCT
hassl-824	478	12	https://doi.org/10.1111/jsbm.12062	https://doi.org/10.1111/jsbm.12062	X
hassl-824	478	13	.	.	PUNCT
hassl-824	479	1	alon	alon	PROPN
hassl-824	479	2	,	,	PUNCT
hassl-824	479	3	a.	a.	PROPN
hassl-824	479	4	and	and	CCONJ
hassl-824	479	5	p.d	p.d	PROPN
hassl-824	479	6	.	.	PROPN
hassl-824	479	7	dwyer	dwyer	PROPN
hassl-824	479	8	,	,	PUNCT
hassl-824	479	9	2014	2014	NUM
hassl-824	479	10	.	.	PUNCT
hassl-824	480	1	early	early	ADJ
hassl-824	480	2	adoption	adoption	NOUN
hassl-824	480	3	of	of	ADP
hassl-824	480	4	ifrs	ifrs	PROPN
hassl-824	480	5	as	as	ADP
hassl-824	480	6	a	a	DET
hassl-824	480	7	strategic	strategic	ADJ
hassl-824	480	8	response	response	NOUN
hassl-824	480	9	to	to	ADP
hassl-824	480	10	transnational	transnational	ADJ
hassl-824	480	11	and	and	CCONJ
hassl-824	480	12	local	local	ADJ
hassl-824	480	13	influences	influence	NOUN
hassl-824	480	14	.	.	PUNCT
hassl-824	481	1	the	the	DET
hassl-824	481	2	international	international	ADJ
hassl-824	481	3	journal	journal	NOUN
hassl-824	481	4	of	of	ADP
hassl-824	481	5	accounting	accounting	NOUN
hassl-824	481	6	,	,	PUNCT
hassl-824	481	7	49(3	49(3	PROPN
hassl-824	481	8	):	):	PUNCT
hassl-824	481	9	348-370.available	348-370.available	NUM
hassl-824	481	10	at	at	ADP
hassl-824	481	11	:	:	PUNCT
hassl-824	481	12	https://doi.org/10.1016/j.intacc.2014.07.003	https://doi.org/10.1016/j.intacc.2014.07.003	NUM
hassl-824	481	13	.	.	PUNCT
hassl-824	481	14	bates	bate	NOUN
hassl-824	481	15	,	,	PUNCT
hassl-824	481	16	t.w	t.w	PROPN
hassl-824	481	17	.	.	PROPN
hassl-824	481	18	and	and	CCONJ
hassl-824	481	19	k.m	k.m	PROPN
hassl-824	481	20	.	.	PROPN
hassl-824	481	21	kahle	kahle	PROPN
hassl-824	481	22	,	,	PUNCT
hassl-824	481	23	2009	2009	NUM
hassl-824	481	24	.	.	PUNCT
hassl-824	482	1	why	why	SCONJ
hassl-824	482	2	do	do	AUX
hassl-824	482	3	u.s	u.s	PROPN
hassl-824	482	4	.	.	PROPN
hassl-824	482	5	firms	firm	NOUN
hassl-824	482	6	hold	hold	VERB
hassl-824	482	7	so	so	ADV
hassl-824	482	8	much	much	ADV
hassl-824	482	9	more	more	ADJ
hassl-824	482	10	cash	cash	NOUN
hassl-824	482	11	than	than	SCONJ
hassl-824	482	12	they	they	PRON
hassl-824	482	13	used	use	VERB
hassl-824	482	14	to	to	PART
hassl-824	482	15	 	 	SPACE
hassl-824	482	16	?	?	PUNCT
hassl-824	482	17	,	,	PUNCT
hassl-824	482	18	64(5	64(5	PROPN
hassl-824	482	19	):	):	PUNCT
hassl-824	482	20	1985	1985	NUM
hassl-824	482	21	-	-	SYM
hassl-824	482	22	2021	2021	NUM
hassl-824	482	23	.	.	PUNCT
hassl-824	483	1	bharwani	bharwani	PROPN
hassl-824	483	2	,	,	PUNCT
hassl-824	483	3	s.	s.	PROPN
hassl-824	483	4	and	and	CCONJ
hassl-824	483	5	d.	d.	PROPN
hassl-824	483	6	mathews	mathews	PROPN
hassl-824	483	7	,	,	PUNCT
hassl-824	483	8	2012	2012	NUM
hassl-824	483	9	.	.	PUNCT
hassl-824	484	1	risk	risk	NOUN
hassl-824	484	2	identification	identification	NOUN
hassl-824	484	3	and	and	CCONJ
hassl-824	484	4	analysis	analysis	NOUN
hassl-824	484	5	in	in	ADP
hassl-824	484	6	the	the	DET
hassl-824	484	7	hospitality	hospitality	NOUN
hassl-824	484	8	industry	industry	NOUN
hassl-824	484	9	:	:	PUNCT
hassl-824	484	10	practitioners	practitioner	NOUN
hassl-824	484	11	'	'	PART
hassl-824	484	12	perspectives	perspective	NOUN
hassl-824	484	13	from	from	ADP
hassl-824	484	14	india	india	PROPN
hassl-824	484	15	.	.	PUNCT
hassl-824	485	1	worldwide	worldwide	PROPN
hassl-824	485	2	hospitality	hospitality	NOUN
hassl-824	485	3	and	and	CCONJ
hassl-824	485	4	tourism	tourism	NOUN
hassl-824	485	5	themes	theme	NOUN
hassl-824	485	6	,	,	PUNCT
hassl-824	485	7	4(5	4(5	NUM
hassl-824	485	8	):	):	PUNCT
hassl-824	485	9	410-427.available	410-427.available	NUM
hassl-824	485	10	at	at	ADP
hassl-824	485	11	:	:	PUNCT
hassl-824	485	12	https://doi.org/10.1108/17554211211277851	https://doi.org/10.1108/17554211211277851	PROPN
hassl-824	485	13	.	.	PROPN
hassl-824	486	1	caprio	caprio	PROPN
hassl-824	486	2	,	,	PUNCT
hassl-824	486	3	l.	l.	PROPN
hassl-824	486	4	,	,	PUNCT
hassl-824	486	5	m.	m.	PROPN
hassl-824	486	6	faccio	faccio	PROPN
hassl-824	486	7	and	and	CCONJ
hassl-824	486	8	j.j	j.j	PROPN
hassl-824	486	9	.	.	PROPN
hassl-824	486	10	mcconnell	mcconnell	PROPN
hassl-824	486	11	,	,	PUNCT
hassl-824	486	12	2013	2013	NUM
hassl-824	486	13	.	.	PUNCT
hassl-824	487	1	sheltering	shelter	VERB
hassl-824	487	2	corporate	corporate	ADJ
hassl-824	487	3	assets	asset	NOUN
hassl-824	487	4	from	from	ADP
hassl-824	487	5	political	political	ADJ
hassl-824	487	6	extraction	extraction	NOUN
hassl-824	487	7	.	.	PUNCT
hassl-824	488	1	journal	journal	PROPN
hassl-824	488	2	of	of	ADP
hassl-824	488	3	law	law	NOUN
hassl-824	488	4	,	,	PUNCT
hassl-824	488	5	economics	economic	NOUN
hassl-824	488	6	,	,	PUNCT
hassl-824	488	7	and	and	CCONJ
hassl-824	488	8	organization	organization	NOUN
hassl-824	488	9	,	,	PUNCT
hassl-824	488	10	29(2	29(2	NUM
hassl-824	488	11	):	):	PUNCT
hassl-824	488	12	332–354	332–354	NUM
hassl-824	488	13	.	.	PUNCT
hassl-824	488	14	chathoth	chathoth	PROPN
hassl-824	488	15	,	,	PUNCT
hassl-824	488	16	p.k	p.k	PROPN
hassl-824	488	17	.	.	PROPN
hassl-824	488	18	and	and	CCONJ
hassl-824	488	19	m.d	m.d	PROPN
hassl-824	488	20	.	.	PROPN
hassl-824	488	21	olsen	olsen	PROPN
hassl-824	488	22	,	,	PUNCT
hassl-824	488	23	2007	2007	NUM
hassl-824	488	24	.	.	PUNCT
hassl-824	489	1	does	do	AUX
hassl-824	489	2	corporate	corporate	ADJ
hassl-824	489	3	growth	growth	NOUN
hassl-824	489	4	really	really	ADV
hassl-824	489	5	matter	matter	VERB
hassl-824	489	6	in	in	ADP
hassl-824	489	7	the	the	DET
hassl-824	489	8	restaurant	restaurant	NOUN
hassl-824	489	9	industry	industry	NOUN
hassl-824	489	10	?	?	PUNCT
hassl-824	490	1	international	international	ADJ
hassl-824	490	2	journal	journal	PROPN
hassl-824	490	3	of	of	ADP
hassl-824	490	4	hospitality	hospitality	PROPN
hassl-824	490	5	management	management	NOUN
hassl-824	490	6	,	,	PUNCT
hassl-824	490	7	26(1	26(1	NUM
hassl-824	490	8	):	):	PUNCT
hassl-824	490	9	66-80.available	66-80.available	NUM
hassl-824	490	10	at	at	ADP
hassl-824	490	11	:	:	PUNCT
hassl-824	490	12	https://doi.org/10.1016/j.ijhm.2005.09.004	https://doi.org/10.1016/j.ijhm.2005.09.004	NOUN
hassl-824	490	13	.	.	PUNCT
hassl-824	491	1	chen	chen	PROPN
hassl-824	491	2	,	,	PUNCT
hassl-824	491	3	d.	d.	PROPN
hassl-824	491	4	,	,	PUNCT
hassl-824	491	5	s.	s.	PROPN
hassl-824	491	6	li	li	PROPN
hassl-824	491	7	,	,	PUNCT
hassl-824	491	8	j.z	j.z	PROPN
hassl-824	491	9	.	.	PROPN
hassl-824	491	10	xiao	xiao	PROPN
hassl-824	491	11	and	and	CCONJ
hassl-824	491	12	h.	h.	PROPN
hassl-824	491	13	zou	zou	PROPN
hassl-824	491	14	,	,	PUNCT
hassl-824	491	15	2014	2014	NUM
hassl-824	491	16	.	.	PUNCT
hassl-824	492	1	the	the	DET
hassl-824	492	2	effect	effect	NOUN
hassl-824	492	3	of	of	ADP
hassl-824	492	4	government	government	NOUN
hassl-824	492	5	quality	quality	NOUN
hassl-824	492	6	on	on	ADP
hassl-824	492	7	corporate	corporate	ADJ
hassl-824	492	8	cash	cash	NOUN
hassl-824	492	9	holdings	holding	NOUN
hassl-824	492	10	.	.	PUNCT
hassl-824	493	1	journal	journal	NOUN
hassl-824	493	2	of	of	ADP
hassl-824	493	3	corporate	corporate	ADJ
hassl-824	493	4	finance	finance	NOUN
hassl-824	493	5	,	,	PUNCT
hassl-824	493	6	27	27	NUM
hassl-824	493	7	:	:	PUNCT
hassl-824	493	8	384–400.available	384–400.available	NUM
hassl-824	493	9	at	at	ADP
hassl-824	493	10	:	:	PUNCT
hassl-824	493	11	https://doi.org/10.1016/j.jcorpfin.2014.05.008	https://doi.org/10.1016/j.jcorpfin.2014.05.008	NOUN
hassl-824	493	12	.	.	PUNCT
hassl-824	494	1	chen	chen	PROPN
hassl-824	494	2	,	,	PUNCT
hassl-824	494	3	n.	n.	NOUN
hassl-824	494	4	,	,	PUNCT
hassl-824	494	5	2011	2011	NUM
hassl-824	494	6	.	.	PUNCT
hassl-824	495	1	securities	security	NOUN
hassl-824	495	2	laws	law	NOUN
hassl-824	495	3	,	,	PUNCT
hassl-824	495	4	control	control	NOUN
hassl-824	495	5	of	of	ADP
hassl-824	495	6	corruption	corruption	NOUN
hassl-824	495	7	,	,	PUNCT
hassl-824	495	8	and	and	CCONJ
hassl-824	495	9	corporate	corporate	ADJ
hassl-824	495	10	liquidity	liquidity	NOUN
hassl-824	495	11	:	:	PUNCT
hassl-824	495	12	international	international	ADJ
hassl-824	495	13	evidence	evidence	NOUN
hassl-824	495	14	.	.	PUNCT
hassl-824	496	1	corporate	corporate	ADJ
hassl-824	496	2	governance	governance	NOUN
hassl-824	496	3	:	:	PUNCT
hassl-824	496	4	an	an	DET
hassl-824	496	5	international	international	ADJ
hassl-824	496	6	review	review	NOUN
hassl-824	496	7	,	,	PUNCT
hassl-824	496	8	19(1	19(1	NUM
hassl-824	496	9	):	):	PUNCT
hassl-824	496	10	3-24.available	3-24.available	ADJ
hassl-824	496	11	at	at	ADP
hassl-824	496	12	:	:	PUNCT
hassl-824	496	13	https://doi.org/10.1111/j.1467-8683.2010.00823.x	https://doi.org/10.1111/j.1467-8683.2010.00823.x	NOUN
hassl-824	496	14	.	.	PUNCT
hassl-824	497	1	chen	chen	PROPN
hassl-824	497	2	,	,	PUNCT
hassl-824	497	3	n.	n.	PROPN
hassl-824	497	4	and	and	CCONJ
hassl-824	497	5	t.c	t.c	PROPN
hassl-824	497	6	.	.	PROPN
hassl-824	497	7	yang	yang	PROPN
hassl-824	497	8	,	,	PUNCT
hassl-824	497	9	2016	2016	NUM
hassl-824	497	10	.	.	PUNCT
hassl-824	498	1	democracy	democracy	NOUN
hassl-824	498	2	,	,	PUNCT
hassl-824	498	3	rule	rule	NOUN
hassl-824	498	4	of	of	ADP
hassl-824	498	5	law	law	NOUN
hassl-824	498	6	,	,	PUNCT
hassl-824	498	7	and	and	CCONJ
hassl-824	498	8	corporate	corporate	ADJ
hassl-824	498	9	governancea	governancea	PROPN
hassl-824	498	10	liquidity	liquidity	NOUN
hassl-824	498	11	perspective	perspective	NOUN
hassl-824	498	12	.	.	PUNCT
hassl-824	499	1	economics	economic	NOUN
hassl-824	499	2	of	of	ADP
hassl-824	499	3	governance	governance	NOUN
hassl-824	499	4	:	:	PUNCT
hassl-824	499	5	1–36.available	1–36.available	NUM
hassl-824	499	6	at	at	ADP
hassl-824	499	7	:	:	PUNCT
hassl-824	499	8	https://doi.org/10.1007/s10101-016-0182-4	https://doi.org/10.1007/s10101-016-0182-4	NUM
hassl-824	499	9	.	.	PUNCT
hassl-824	500	1	humanities	humanity	NOUN
hassl-824	500	2	and	and	CCONJ
hassl-824	500	3	social	social	ADJ
hassl-824	500	4	sciences	science	NOUN
hassl-824	500	5	letters	letter	NOUN
hassl-824	500	6	,	,	PUNCT
hassl-824	500	7	2019	2019	NUM
hassl-824	500	8	,	,	PUNCT
hassl-824	500	9	7(3	7(3	NUM
hassl-824	500	10	):	):	PUNCT
hassl-824	500	11	123	123	NUM
hassl-824	500	12	-	-	SYM
hassl-824	500	13	140	140	NUM
hassl-824	500	14	138	138	NUM
hassl-824	500	15	©	©	PROPN
hassl-824	500	16	2019	2019	NUM
hassl-824	500	17	conscientia	conscientia	PROPN
hassl-824	500	18	beam	beam	PROPN
hassl-824	500	19	.	.	PUNCT
hassl-824	501	1	all	all	DET
hassl-824	501	2	rights	right	NOUN
hassl-824	501	3	reserved	reserve	VERB
hassl-824	501	4	.	.	PUNCT
hassl-824	502	1	chen	chen	PROPN
hassl-824	502	2	,	,	PUNCT
hassl-824	502	3	y.-r	y.-r	PROPN
hassl-824	502	4	.	.	PROPN
hassl-824	502	5	,	,	PUNCT
hassl-824	502	6	2008	2008	NUM
hassl-824	502	7	.	.	PUNCT
hassl-824	503	1	corporate	corporate	ADJ
hassl-824	503	2	governance	governance	NOUN
hassl-824	503	3	and	and	CCONJ
hassl-824	503	4	cash	cash	NOUN
hassl-824	503	5	holdings	holding	NOUN
hassl-824	503	6	:	:	PUNCT
hassl-824	503	7	listed	list	VERB
hassl-824	503	8	new	new	ADJ
hassl-824	503	9	economy	economy	NOUN
hassl-824	503	10	versus	versus	ADP
hassl-824	503	11	old	old	ADJ
hassl-824	503	12	economy	economy	NOUN
hassl-824	503	13	firms	firm	NOUN
hassl-824	503	14	.	.	PUNCT
hassl-824	504	1	corporate	corporate	ADJ
hassl-824	504	2	governance	governance	NOUN
hassl-824	504	3	:	:	PUNCT
hassl-824	504	4	an	an	DET
hassl-824	504	5	international	international	ADJ
hassl-824	504	6	review	review	NOUN
hassl-824	504	7	,	,	PUNCT
hassl-824	504	8	16(5	16(5	NUM
hassl-824	504	9	):	):	PUNCT
hassl-824	504	10	430-442.available	430-442.available	PROPN
hassl-824	504	11	at	at	ADP
hassl-824	504	12	:	:	PUNCT
hassl-824	504	13	https://doi.org/10.1111/j.14678683.2008.00701.x	https://doi.org/10.1111/j.14678683.2008.00701.x	X
hassl-824	504	14	.	.	PUNCT
hassl-824	504	15	claessens	claessens	PROPN
hassl-824	504	16	,	,	PUNCT
hassl-824	504	17	s.	s.	PROPN
hassl-824	504	18	and	and	CCONJ
hassl-824	504	19	b.b	b.b	PROPN
hassl-824	504	20	.	.	PROPN
hassl-824	504	21	yurtoglu	yurtoglu	PROPN
hassl-824	504	22	,	,	PUNCT
hassl-824	504	23	2013	2013	NUM
hassl-824	504	24	.	.	PUNCT
hassl-824	505	1	corporate	corporate	ADJ
hassl-824	505	2	governance	governance	NOUN
hassl-824	505	3	in	in	ADP
hassl-824	505	4	emerging	emerge	VERB
hassl-824	505	5	markets	market	NOUN
hassl-824	505	6	:	:	PUNCT
hassl-824	505	7	a	a	DET
hassl-824	505	8	survey	survey	NOUN
hassl-824	505	9	.	.	PUNCT
hassl-824	506	1	emerging	emerge	VERB
hassl-824	506	2	markets	market	NOUN
hassl-824	506	3	review	review	VERB
hassl-824	506	4	,	,	PUNCT
hassl-824	506	5	15	15	NUM
hassl-824	506	6	:	:	SYM
hassl-824	506	7	133.available	133.available	ADJ
hassl-824	506	8	at	at	ADP
hassl-824	506	9	:	:	PUNCT
hassl-824	506	10	https://doi.org/10.1016/j.ememar.2012.03.002	https://doi.org/10.1016/j.ememar.2012.03.002	PROPN
hassl-824	506	11	.	.	PUNCT
hassl-824	506	12	de	de	PROPN
hassl-824	506	13	clercq	clercq	PROPN
hassl-824	506	14	,	,	PUNCT
hassl-824	506	15	d.	d.	PROPN
hassl-824	506	16	,	,	PUNCT
hassl-824	506	17	w.m	w.m	PROPN
hassl-824	506	18	.	.	PROPN
hassl-824	506	19	danis	danis	PROPN
hassl-824	506	20	and	and	CCONJ
hassl-824	506	21	m.	m.	NOUN
hassl-824	506	22	dakhli	dakhli	NOUN
hassl-824	506	23	,	,	PUNCT
hassl-824	506	24	2010	2010	NUM
hassl-824	506	25	.	.	PUNCT
hassl-824	507	1	the	the	DET
hassl-824	507	2	moderating	moderate	VERB
hassl-824	507	3	effect	effect	NOUN
hassl-824	507	4	of	of	ADP
hassl-824	507	5	institutional	institutional	ADJ
hassl-824	507	6	context	context	NOUN
hassl-824	507	7	on	on	ADP
hassl-824	507	8	the	the	DET
hassl-824	507	9	relationship	relationship	NOUN
hassl-824	507	10	between	between	ADP
hassl-824	507	11	associational	associational	ADJ
hassl-824	507	12	activity	activity	NOUN
hassl-824	507	13	and	and	CCONJ
hassl-824	507	14	new	new	ADJ
hassl-824	507	15	business	business	NOUN
hassl-824	507	16	activity	activity	NOUN
hassl-824	507	17	in	in	ADP
hassl-824	507	18	emerging	emerge	VERB
hassl-824	507	19	economies	economy	NOUN
hassl-824	507	20	.	.	PUNCT
hassl-824	508	1	international	international	ADJ
hassl-824	508	2	business	business	PROPN
hassl-824	508	3	review	review	PROPN
hassl-824	508	4	,	,	PUNCT
hassl-824	508	5	19(1	19(1	NUM
hassl-824	508	6	):	):	PUNCT
hassl-824	508	7	85101.available	85101.available	ADJ
hassl-824	508	8	at	at	ADP
hassl-824	508	9	:	:	PUNCT
hassl-824	508	10	https://doi.org/10.1016/j.ibusrev.2009.09.002	https://doi.org/10.1016/j.ibusrev.2009.09.002	NOUN
hassl-824	508	11	.	.	PUNCT
hassl-824	509	1	dittmar	dittmar	NOUN
hassl-824	509	2	,	,	PUNCT
hassl-824	509	3	a.	a.	PROPN
hassl-824	509	4	and	and	CCONJ
hassl-824	509	5	j.	j.	PROPN
hassl-824	509	6	mahrt	mahrt	PROPN
hassl-824	509	7	-	-	PUNCT
hassl-824	509	8	smith	smith	PROPN
hassl-824	509	9	,	,	PUNCT
hassl-824	509	10	2007	2007	NUM
hassl-824	509	11	.	.	PUNCT
hassl-824	510	1	corporate	corporate	ADJ
hassl-824	510	2	governance	governance	NOUN
hassl-824	510	3	and	and	CCONJ
hassl-824	510	4	the	the	DET
hassl-824	510	5	value	value	NOUN
hassl-824	510	6	of	of	ADP
hassl-824	510	7	cash	cash	NOUN
hassl-824	510	8	holdings	holding	NOUN
hassl-824	510	9	.	.	PUNCT
hassl-824	511	1	journal	journal	NOUN
hassl-824	511	2	of	of	ADP
hassl-824	511	3	financial	financial	ADJ
hassl-824	511	4	economics	economic	NOUN
hassl-824	511	5	,	,	PUNCT
hassl-824	511	6	83(3	83(3	NUM
hassl-824	511	7	):	):	PUNCT
hassl-824	511	8	599	599	NUM
hassl-824	511	9	-	-	SYM
hassl-824	511	10	634	634	NUM
hassl-824	511	11	.	.	PUNCT
hassl-824	512	1	dittmar	dittmar	NOUN
hassl-824	512	2	,	,	PUNCT
hassl-824	512	3	a.	a.	PROPN
hassl-824	512	4	,	,	PUNCT
hassl-824	512	5	j.	j.	PROPN
hassl-824	512	6	mahrt	mahrt	PROPN
hassl-824	512	7	-	-	PUNCT
hassl-824	512	8	smith	smith	PROPN
hassl-824	512	9	and	and	CCONJ
hassl-824	512	10	h.	h.	PROPN
hassl-824	512	11	servaes	servaes	PROPN
hassl-824	512	12	,	,	PUNCT
hassl-824	512	13	2003	2003	NUM
hassl-824	512	14	.	.	PUNCT
hassl-824	513	1	international	international	ADJ
hassl-824	513	2	corporate	corporate	ADJ
hassl-824	513	3	governance	governance	NOUN
hassl-824	513	4	and	and	CCONJ
hassl-824	513	5	corporate	corporate	ADJ
hassl-824	513	6	cash	cash	NOUN
hassl-824	513	7	holdings	holding	NOUN
hassl-824	513	8	.	.	PUNCT
hassl-824	514	1	journal	journal	NOUN
hassl-824	514	2	of	of	ADP
hassl-824	514	3	financial	financial	ADJ
hassl-824	514	4	and	and	CCONJ
hassl-824	514	5	quantitative	quantitative	ADJ
hassl-824	514	6	analysis	analysis	NOUN
hassl-824	514	7	,	,	PUNCT
hassl-824	514	8	38(1	38(1	NUM
hassl-824	514	9	):	):	PUNCT
hassl-824	514	10	111	111	NUM
hassl-824	514	11	-	-	SYM
hassl-824	514	12	133	133	NUM
hassl-824	514	13	.	.	PUNCT
hassl-824	515	1	dogru	dogru	PROPN
hassl-824	515	2	,	,	PUNCT
hassl-824	515	3	t.	t.	PROPN
hassl-824	515	4	and	and	CCONJ
hassl-824	515	5	e.	e.	PROPN
hassl-824	515	6	sirakaya	sirakaya	PROPN
hassl-824	515	7	-	-	PUNCT
hassl-824	515	8	turk	turk	PROPN
hassl-824	515	9	,	,	PUNCT
hassl-824	515	10	2017	2017	NUM
hassl-824	515	11	.	.	PUNCT
hassl-824	516	1	the	the	DET
hassl-824	516	2	value	value	NOUN
hassl-824	516	3	of	of	ADP
hassl-824	516	4	cash	cash	NOUN
hassl-824	516	5	holdings	holding	NOUN
hassl-824	516	6	in	in	ADP
hassl-824	516	7	hotel	hotel	NOUN
hassl-824	516	8	firms	firm	NOUN
hassl-824	516	9	.	.	PUNCT
hassl-824	517	1	international	international	ADJ
hassl-824	517	2	journal	journal	PROPN
hassl-824	517	3	of	of	ADP
hassl-824	517	4	hospitality	hospitality	PROPN
hassl-824	517	5	management	management	NOUN
hassl-824	517	6	,	,	PUNCT
hassl-824	517	7	65	65	NUM
hassl-824	517	8	:	:	SYM
hassl-824	517	9	20-28.available	20-28.available	NUM
hassl-824	517	10	at	at	ADP
hassl-824	517	11	:	:	PUNCT
hassl-824	517	12	https://doi.org/10.1016/j.ijhm.2017.05.004	https://doi.org/10.1016/j.ijhm.2017.05.004	PROPN
hassl-824	517	13	.	.	PUNCT
hassl-824	518	1	doidge	doidge	PROPN
hassl-824	518	2	,	,	PUNCT
hassl-824	518	3	c.	c.	PROPN
hassl-824	518	4	,	,	PUNCT
hassl-824	518	5	g.a	g.a	PROPN
hassl-824	518	6	.	.	PROPN
hassl-824	518	7	karolyi	karolyi	PROPN
hassl-824	518	8	and	and	CCONJ
hassl-824	518	9	r.m	r.m	PROPN
hassl-824	518	10	.	.	PROPN
hassl-824	518	11	stulz	stulz	ADJ
hassl-824	518	12	,	,	PUNCT
hassl-824	518	13	2007	2007	NUM
hassl-824	518	14	.	.	PUNCT
hassl-824	519	1	why	why	SCONJ
hassl-824	519	2	do	do	AUX
hassl-824	519	3	countries	country	NOUN
hassl-824	519	4	matter	matter	VERB
hassl-824	519	5	so	so	ADV
hassl-824	519	6	much	much	ADV
hassl-824	519	7	for	for	ADP
hassl-824	519	8	corporate	corporate	ADJ
hassl-824	519	9	governance	governance	NOUN
hassl-824	519	10	?	?	PUNCT
hassl-824	520	1	journal	journal	NOUN
hassl-824	520	2	of	of	ADP
hassl-824	520	3	financial	financial	ADJ
hassl-824	520	4	economics	economic	NOUN
hassl-824	520	5	,	,	PUNCT
hassl-824	520	6	86(1	86(1	PROPN
hassl-824	520	7	):	):	PUNCT
hassl-824	520	8	1-39.available	1-39.available	ADJ
hassl-824	520	9	at	at	ADP
hassl-824	520	10	:	:	PUNCT
hassl-824	520	11	https://doi.org/10.1016/j.jfineco.2006.09.002	https://doi.org/10.1016/j.jfineco.2006.09.002	NOUN
hassl-824	520	12	.	.	PUNCT
hassl-824	521	1	du	du	PROPN
hassl-824	521	2	,	,	PUNCT
hassl-824	521	3	j.	j.	PROPN
hassl-824	521	4	,	,	PUNCT
hassl-824	521	5	2008	2008	NUM
hassl-824	521	6	.	.	PUNCT
hassl-824	522	1	corruption	corruption	NOUN
hassl-824	522	2	and	and	CCONJ
hassl-824	522	3	corporate	corporate	ADJ
hassl-824	522	4	finance	finance	NOUN
hassl-824	522	5	patterns	pattern	NOUN
hassl-824	522	6	:	:	PUNCT
hassl-824	522	7	an	an	DET
hassl-824	522	8	international	international	ADJ
hassl-824	522	9	perspective	perspective	NOUN
hassl-824	522	10	.	.	PUNCT
hassl-824	523	1	pacific	pacific	PROPN
hassl-824	523	2	economic	economic	PROPN
hassl-824	523	3	review	review	PROPN
hassl-824	523	4	,	,	PUNCT
hassl-824	523	5	13(2	13(2	PROPN
hassl-824	523	6	):	):	PUNCT
hassl-824	523	7	183208.available	183208.available	ADJ
hassl-824	523	8	at	at	ADP
hassl-824	523	9	:	:	PUNCT
hassl-824	523	10	https://doi.org/10.1111/j.1468-0106.2008.00396.x	https://doi.org/10.1111/j.1468-0106.2008.00396.x	ADJ
hassl-824	523	11	.	.	PUNCT
hassl-824	524	1	dudley	dudley	PROPN
hassl-824	524	2	,	,	PUNCT
hassl-824	524	3	e.	e.	PROPN
hassl-824	524	4	and	and	CCONJ
hassl-824	524	5	n.	n.	PROPN
hassl-824	524	6	zhang	zhang	PROPN
hassl-824	524	7	,	,	PUNCT
hassl-824	524	8	2016	2016	NUM
hassl-824	524	9	.	.	PUNCT
hassl-824	525	1	trust	trust	NOUN
hassl-824	525	2	and	and	CCONJ
hassl-824	525	3	corporate	corporate	ADJ
hassl-824	525	4	cash	cash	NOUN
hassl-824	525	5	holdings	holding	NOUN
hassl-824	525	6	.	.	PUNCT
hassl-824	526	1	journal	journal	NOUN
hassl-824	526	2	of	of	ADP
hassl-824	526	3	corporate	corporate	ADJ
hassl-824	526	4	finance	finance	NOUN
hassl-824	526	5	,	,	PUNCT
hassl-824	526	6	41	41	NUM
hassl-824	526	7	:	:	PUNCT
hassl-824	526	8	363–387.available	363–387.available	NUM
hassl-824	526	9	at	at	ADP
hassl-824	526	10	:	:	PUNCT
hassl-824	526	11	https://doi.org/10.1016/j.jcorpfin.2016.10.010	https://doi.org/10.1016/j.jcorpfin.2016.10.010	PROPN
hassl-824	526	12	.	.	PUNCT
hassl-824	527	1	ferreira	ferreira	PROPN
hassl-824	527	2	,	,	PUNCT
hassl-824	527	3	m.a	m.a	PROPN
hassl-824	527	4	.	.	PROPN
hassl-824	527	5	and	and	CCONJ
hassl-824	527	6	a.s	a.s	PROPN
hassl-824	527	7	.	.	PROPN
hassl-824	527	8	vilela	vilela	PROPN
hassl-824	527	9	,	,	PUNCT
hassl-824	527	10	2004	2004	NUM
hassl-824	527	11	.	.	PUNCT
hassl-824	528	1	why	why	SCONJ
hassl-824	528	2	do	do	AUX
hassl-824	528	3	firms	firm	NOUN
hassl-824	528	4	hold	hold	VERB
hassl-824	528	5	cash	cash	NOUN
hassl-824	528	6	?	?	PUNCT
hassl-824	529	1	evidence	evidence	NOUN
hassl-824	529	2	from	from	ADP
hassl-824	529	3	emu	emu	PROPN
hassl-824	529	4	countries	country	NOUN
hassl-824	529	5	.	.	PUNCT
hassl-824	530	1	european	european	ADJ
hassl-824	530	2	financial	financial	ADJ
hassl-824	530	3	management	management	NOUN
hassl-824	530	4	,	,	PUNCT
hassl-824	530	5	10(2	10(2	NUM
hassl-824	530	6	):	):	PUNCT
hassl-824	530	7	295-319.available	295-319.available	NUM
hassl-824	530	8	at	at	ADP
hassl-824	530	9	:	:	PUNCT
hassl-824	530	10	https://doi.org/10.1111/j.1354-7798.2004.00251.x	https://doi.org/10.1111/j.1354-7798.2004.00251.x	NOUN
hassl-824	530	11	.	.	PUNCT
hassl-824	531	1	filatotchev	filatotchev	ADJ
hassl-824	531	2	,	,	PUNCT
hassl-824	531	3	i.	i.	PROPN
hassl-824	531	4	,	,	PUNCT
hassl-824	531	5	g.	g.	PROPN
hassl-824	531	6	jackson	jackson	PROPN
hassl-824	531	7	and	and	CCONJ
hassl-824	531	8	c.	c.	PROPN
hassl-824	531	9	nakajima	nakajima	PROPN
hassl-824	531	10	,	,	PUNCT
hassl-824	531	11	2013	2013	NUM
hassl-824	531	12	.	.	PUNCT
hassl-824	532	1	corporate	corporate	ADJ
hassl-824	532	2	governance	governance	NOUN
hassl-824	532	3	and	and	CCONJ
hassl-824	532	4	national	national	ADJ
hassl-824	532	5	institutions	institution	NOUN
hassl-824	532	6	:	:	PUNCT
hassl-824	532	7	a	a	DET
hassl-824	532	8	review	review	NOUN
hassl-824	532	9	and	and	CCONJ
hassl-824	532	10	emerging	emerge	VERB
hassl-824	532	11	research	research	NOUN
hassl-824	532	12	agenda	agenda	NOUN
hassl-824	532	13	.	.	PUNCT
hassl-824	533	1	asia	asia	PROPN
hassl-824	533	2	pacific	pacific	PROPN
hassl-824	533	3	journal	journal	PROPN
hassl-824	533	4	of	of	ADP
hassl-824	533	5	management	management	NOUN
hassl-824	533	6	,	,	PUNCT
hassl-824	533	7	30(4	30(4	NUM
hassl-824	533	8	):	):	PUNCT
hassl-824	533	9	965-986.available	965-986.available	NUM
hassl-824	533	10	at	at	ADP
hassl-824	533	11	:	:	PUNCT
hassl-824	533	12	https://doi.org/10.1007/s10490012-9293-9	https://doi.org/10.1007/s10490012-9293-9	PROPN
hassl-824	533	13	.	.	PUNCT
hassl-824	534	1	garrido	garrido	PROPN
hassl-824	534	2	,	,	PUNCT
hassl-824	534	3	e.	e.	PROPN
hassl-824	534	4	,	,	PUNCT
hassl-824	534	5	j.	j.	PROPN
hassl-824	534	6	gomez	gomez	PROPN
hassl-824	534	7	,	,	PUNCT
hassl-824	534	8	j.p	j.p	PROPN
hassl-824	534	9	.	.	PROPN
hassl-824	534	10	maicas	maicas	PROPN
hassl-824	534	11	and	and	CCONJ
hassl-824	534	12	r.	r.	PROPN
hassl-824	534	13	orcos	orcos	PROPN
hassl-824	534	14	,	,	PUNCT
hassl-824	534	15	2014	2014	NUM
hassl-824	534	16	.	.	PUNCT
hassl-824	535	1	the	the	DET
hassl-824	535	2	institution	institution	NOUN
hassl-824	535	3	-	-	PUNCT
hassl-824	535	4	based	base	VERB
hassl-824	535	5	view	view	NOUN
hassl-824	535	6	of	of	ADP
hassl-824	535	7	strategy	strategy	NOUN
hassl-824	535	8	:	:	PUNCT
hassl-824	535	9	how	how	SCONJ
hassl-824	535	10	to	to	PART
hassl-824	535	11	measure	measure	VERB
hassl-824	535	12	it	it	PRON
hassl-824	535	13	.	.	PUNCT
hassl-824	536	1	brq	brq	NOUN
hassl-824	536	2	business	business	NOUN
hassl-824	536	3	research	research	PROPN
hassl-824	536	4	quarterly	quarterly	ADV
hassl-824	536	5	,	,	PUNCT
hassl-824	536	6	17(2	17(2	NUM
hassl-824	536	7	):	):	PUNCT
hassl-824	536	8	82-101.available	82-101.available	ADJ
hassl-824	536	9	at	at	ADP
hassl-824	536	10	:	:	PUNCT
hassl-824	536	11	https://doi.org/10.1016/j.brq.2013.11.001	https://doi.org/10.1016/j.brq.2013.11.001	PROPN
hassl-824	536	12	.	.	PUNCT
hassl-824	537	1	globerman	globerman	NOUN
hassl-824	537	2	,	,	PUNCT
hassl-824	537	3	s.	s.	PROPN
hassl-824	537	4	and	and	CCONJ
hassl-824	537	5	d.	d.	PROPN
hassl-824	537	6	shapiro	shapiro	PROPN
hassl-824	537	7	,	,	PUNCT
hassl-824	537	8	2002	2002	NUM
hassl-824	537	9	.	.	PUNCT
hassl-824	538	1	global	global	ADJ
hassl-824	538	2	foreign	foreign	ADJ
hassl-824	538	3	direct	direct	ADJ
hassl-824	538	4	investment	investment	NOUN
hassl-824	538	5	flows	flow	VERB
hassl-824	538	6	:	:	PUNCT
hassl-824	538	7	the	the	DET
hassl-824	538	8	role	role	NOUN
hassl-824	538	9	of	of	ADP
hassl-824	538	10	governance	governance	NOUN
hassl-824	538	11	infrastructure	infrastructure	NOUN
hassl-824	538	12	.	.	PUNCT
hassl-824	539	1	world	world	NOUN
hassl-824	539	2	development	development	PROPN
hassl-824	539	3	,	,	PUNCT
hassl-824	539	4	30(11	30(11	NUM
hassl-824	539	5	):	):	PUNCT
hassl-824	539	6	1899-1919.available	1899-1919.available	NUM
hassl-824	539	7	at	at	ADP
hassl-824	539	8	:	:	PUNCT
hassl-824	539	9	https://doi.org/10.1016/s0305-750x(02)00110-9	https://doi.org/10.1016/s0305-750x(02)00110-9	VERB
hassl-824	539	10	.	.	PUNCT
hassl-824	540	1	guillet	guillet	VERB
hassl-824	540	2	,	,	PUNCT
hassl-824	540	3	b.d	b.d	PROPN
hassl-824	540	4	.	.	PROPN
hassl-824	541	1	and	and	CCONJ
hassl-824	541	2	a.s	a.s	PROPN
hassl-824	541	3	.	.	PROPN
hassl-824	541	4	mattila	mattila	PROPN
hassl-824	541	5	,	,	PUNCT
hassl-824	541	6	2010	2010	NUM
hassl-824	541	7	.	.	PUNCT
hassl-824	542	1	a	a	DET
hassl-824	542	2	descriptive	descriptive	ADJ
hassl-824	542	3	examination	examination	NOUN
hassl-824	542	4	of	of	ADP
hassl-824	542	5	corporate	corporate	ADJ
hassl-824	542	6	governance	governance	NOUN
hassl-824	542	7	in	in	ADP
hassl-824	542	8	the	the	DET
hassl-824	542	9	hospitality	hospitality	NOUN
hassl-824	542	10	industry	industry	NOUN
hassl-824	542	11	.	.	PUNCT
hassl-824	543	1	international	international	ADJ
hassl-824	543	2	journal	journal	PROPN
hassl-824	543	3	of	of	ADP
hassl-824	543	4	hospitality	hospitality	PROPN
hassl-824	543	5	management	management	NOUN
hassl-824	543	6	,	,	PUNCT
hassl-824	543	7	29(4	29(4	NOUN
hassl-824	543	8	):	):	PUNCT
hassl-824	543	9	677-684.available	677-684.available	NUM
hassl-824	543	10	at	at	ADP
hassl-824	543	11	:	:	PUNCT
hassl-824	543	12	https://doi.org/10.1016/j.ijhm.2010.01.004	https://doi.org/10.1016/j.ijhm.2010.01.004	NOUN
hassl-824	543	13	.	.	PUNCT
hassl-824	544	1	guney	guney	NOUN
hassl-824	544	2	,	,	PUNCT
hassl-824	544	3	y.	y.	PROPN
hassl-824	544	4	,	,	PUNCT
hassl-824	544	5	a.	a.	NOUN
hassl-824	544	6	ozkan	ozkan	PROPN
hassl-824	544	7	and	and	CCONJ
hassl-824	544	8	n.	n.	PROPN
hassl-824	544	9	ozkan	ozkan	PROPN
hassl-824	544	10	,	,	PUNCT
hassl-824	544	11	2007	2007	NUM
hassl-824	544	12	.	.	PUNCT
hassl-824	545	1	international	international	ADJ
hassl-824	545	2	evidence	evidence	NOUN
hassl-824	545	3	on	on	ADP
hassl-824	545	4	the	the	DET
hassl-824	545	5	non	non	ADJ
hassl-824	545	6	-	-	ADJ
hassl-824	545	7	linear	linear	ADJ
hassl-824	545	8	impact	impact	NOUN
hassl-824	545	9	of	of	ADP
hassl-824	545	10	leverage	leverage	NOUN
hassl-824	545	11	on	on	ADP
hassl-824	545	12	corporate	corporate	ADJ
hassl-824	545	13	cash	cash	NOUN
hassl-824	545	14	holdings	holding	NOUN
hassl-824	545	15	.	.	PUNCT
hassl-824	546	1	journal	journal	PROPN
hassl-824	546	2	of	of	ADP
hassl-824	546	3	multinational	multinational	ADJ
hassl-824	546	4	financial	financial	ADJ
hassl-824	546	5	management	management	NOUN
hassl-824	546	6	,	,	PUNCT
hassl-824	546	7	17(1	17(1	NUM
hassl-824	546	8	):	):	PUNCT
hassl-824	546	9	45-60.available	45-60.available	ADJ
hassl-824	546	10	at	at	ADP
hassl-824	546	11	:	:	PUNCT
hassl-824	546	12	https://doi.org/10.1016/j.mulfin.2006.03.003	https://doi.org/10.1016/j.mulfin.2006.03.003	NOUN
hassl-824	546	13	.	.	PUNCT
hassl-824	547	1	han	han	PROPN
hassl-824	547	2	,	,	PUNCT
hassl-824	547	3	s.	s.	PROPN
hassl-824	547	4	and	and	CCONJ
hassl-824	547	5	j.	j.	PROPN
hassl-824	547	6	qiu	qiu	PROPN
hassl-824	547	7	,	,	PUNCT
hassl-824	547	8	2007	2007	NUM
hassl-824	547	9	.	.	PUNCT
hassl-824	548	1	corporate	corporate	ADJ
hassl-824	548	2	precautionary	precautionary	ADJ
hassl-824	548	3	cash	cash	NOUN
hassl-824	548	4	holdings	holding	NOUN
hassl-824	548	5	.	.	PUNCT
hassl-824	549	1	journal	journal	NOUN
hassl-824	549	2	of	of	ADP
hassl-824	549	3	corporate	corporate	ADJ
hassl-824	549	4	finance	finance	NOUN
hassl-824	549	5	,	,	PUNCT
hassl-824	549	6	13(1	13(1	NUM
hassl-824	549	7	):	):	PUNCT
hassl-824	549	8	43-57.available	43-57.available	ADJ
hassl-824	549	9	at	at	ADP
hassl-824	549	10	:	:	PUNCT
hassl-824	549	11	https://doi.org/10.1016/j.jcorpfin.2006.05.002	https://doi.org/10.1016/j.jcorpfin.2006.05.002	NOUN
hassl-824	549	12	.	.	PUNCT
hassl-824	550	1	hearn	hearn	PROPN
hassl-824	550	2	,	,	PUNCT
hassl-824	550	3	b.	b.	PROPN
hassl-824	550	4	,	,	PUNCT
hassl-824	550	5	2014	2014	NUM
hassl-824	550	6	.	.	PUNCT
hassl-824	551	1	the	the	DET
hassl-824	551	2	impact	impact	NOUN
hassl-824	551	3	of	of	ADP
hassl-824	551	4	institutions	institution	NOUN
hassl-824	551	5	,	,	PUNCT
hassl-824	551	6	ownership	ownership	NOUN
hassl-824	551	7	structure	structure	NOUN
hassl-824	551	8	,	,	PUNCT
hassl-824	551	9	business	business	NOUN
hassl-824	551	10	angels	angel	NOUN
hassl-824	551	11	,	,	PUNCT
hassl-824	551	12	venture	venture	NOUN
hassl-824	551	13	capital	capital	NOUN
hassl-824	551	14	and	and	CCONJ
hassl-824	551	15	lead	lead	VERB
hassl-824	551	16	managers	manager	NOUN
hassl-824	551	17	on	on	ADP
hassl-824	551	18	ipo	ipo	PROPN
hassl-824	551	19	firm	firm	PROPN
hassl-824	551	20	underpricing	underprice	VERB
hassl-824	551	21	across	across	ADP
hassl-824	551	22	north	north	PROPN
hassl-824	551	23	africa	africa	PROPN
hassl-824	551	24	.	.	PUNCT
hassl-824	552	1	journal	journal	PROPN
hassl-824	552	2	of	of	ADP
hassl-824	552	3	multinational	multinational	ADJ
hassl-824	552	4	financial	financial	ADJ
hassl-824	552	5	management	management	NOUN
hassl-824	552	6	,	,	PUNCT
hassl-824	552	7	24	24	NUM
hassl-824	552	8	:	:	SYM
hassl-824	552	9	19-42.available	19-42.available	NUM
hassl-824	552	10	at	at	ADP
hassl-824	552	11	:	:	PUNCT
hassl-824	552	12	https://doi.org/10.1016/j.mulfin.2013.12.002	https://doi.org/10.1016/j.mulfin.2013.12.002	PROPN
hassl-824	552	13	.	.	PUNCT
hassl-824	553	1	hearn	hearn	PROPN
hassl-824	553	2	,	,	PUNCT
hassl-824	553	3	b.	b.	PROPN
hassl-824	553	4	and	and	CCONJ
hassl-824	553	5	j.	j.	PROPN
hassl-824	553	6	piesse	piesse	PROPN
hassl-824	553	7	,	,	PUNCT
hassl-824	553	8	2013	2013	NUM
hassl-824	553	9	.	.	PUNCT
hassl-824	554	1	firm	firm	ADJ
hassl-824	554	2	level	level	NOUN
hassl-824	554	3	governance	governance	NOUN
hassl-824	554	4	and	and	CCONJ
hassl-824	554	5	institutional	institutional	ADJ
hassl-824	554	6	determinants	determinant	NOUN
hassl-824	554	7	of	of	ADP
hassl-824	554	8	liquidity	liquidity	NOUN
hassl-824	554	9	:	:	PUNCT
hassl-824	554	10	evidence	evidence	NOUN
hassl-824	554	11	from	from	ADP
hassl-824	554	12	sub	sub	PROPN
hassl-824	554	13	saharan	saharan	PROPN
hassl-824	554	14	africa	africa	PROPN
hassl-824	554	15	.	.	PUNCT
hassl-824	555	1	international	international	ADJ
hassl-824	555	2	review	review	NOUN
hassl-824	555	3	of	of	ADP
hassl-824	555	4	financial	financial	ADJ
hassl-824	555	5	analysis	analysis	NOUN
hassl-824	555	6	,	,	PUNCT
hassl-824	555	7	28	28	NUM
hassl-824	555	8	:	:	SYM
hassl-824	555	9	93–111.available	93–111.available	ADJ
hassl-824	555	10	at	at	ADP
hassl-824	555	11	:	:	PUNCT
hassl-824	555	12	https://doi.org/10.1016/j.irfa.2013.02.004	https://doi.org/10.1016/j.irfa.2013.02.004	PROPN
hassl-824	555	13	.	.	PUNCT
hassl-824	556	1	ho	ho	PROPN
hassl-824	556	2	,	,	PUNCT
hassl-824	556	3	p.-h	p.-h	NOUN
hassl-824	556	4	.	.	PUNCT
hassl-824	556	5	,	,	PUNCT
hassl-824	556	6	c.-y	c.-y	NOUN
hassl-824	556	7	.	.	PUNCT
hassl-824	557	1	lin	lin	PROPN
hassl-824	557	2	and	and	CCONJ
hassl-824	557	3	w.-c	w.-c	PROPN
hassl-824	557	4	.	.	PUNCT
hassl-824	558	1	tsai	tsai	PROPN
hassl-824	558	2	,	,	PUNCT
hassl-824	558	3	2016	2016	NUM
hassl-824	558	4	.	.	PUNCT
hassl-824	559	1	effect	effect	NOUN
hassl-824	559	2	of	of	ADP
hassl-824	559	3	country	country	NOUN
hassl-824	559	4	governance	governance	NOUN
hassl-824	559	5	on	on	ADP
hassl-824	559	6	bank	bank	NOUN
hassl-824	559	7	privatization	privatization	NOUN
hassl-824	559	8	performance	performance	NOUN
hassl-824	559	9	.	.	PUNCT
hassl-824	560	1	international	international	ADJ
hassl-824	560	2	review	review	NOUN
hassl-824	560	3	of	of	ADP
hassl-824	560	4	economics	economics	PROPN
hassl-824	560	5	&	&	CCONJ
hassl-824	560	6	finance	finance	PROPN
hassl-824	560	7	,	,	PUNCT
hassl-824	560	8	43	43	NUM
hassl-824	560	9	:	:	SYM
hassl-824	560	10	3-18.available	3-18.available	NUM
hassl-824	560	11	at	at	ADP
hassl-824	560	12	:	:	PUNCT
hassl-824	560	13	https://doi.org/10.1016/j.iref.2015.10.028	https://doi.org/10.1016/j.iref.2015.10.028	PROPN
hassl-824	560	14	.	.	PUNCT
hassl-824	561	1	jalilian	jalilian	PROPN
hassl-824	561	2	,	,	PUNCT
hassl-824	561	3	h.	h.	PROPN
hassl-824	561	4	,	,	PUNCT
hassl-824	561	5	c.	c.	PROPN
hassl-824	561	6	kirkpatrick	kirkpatrick	PROPN
hassl-824	561	7	and	and	CCONJ
hassl-824	561	8	d.	d.	PROPN
hassl-824	561	9	parker	parker	PROPN
hassl-824	561	10	,	,	PUNCT
hassl-824	561	11	2007	2007	NUM
hassl-824	561	12	.	.	PUNCT
hassl-824	562	1	the	the	DET
hassl-824	562	2	impact	impact	NOUN
hassl-824	562	3	of	of	ADP
hassl-824	562	4	regulation	regulation	NOUN
hassl-824	562	5	on	on	ADP
hassl-824	562	6	economic	economic	ADJ
hassl-824	562	7	growth	growth	NOUN
hassl-824	562	8	in	in	ADP
hassl-824	562	9	developing	develop	VERB
hassl-824	562	10	countries	country	NOUN
hassl-824	562	11	:	:	PUNCT
hassl-824	562	12	a	a	DET
hassl-824	562	13	crosscountry	crosscountry	PROPN
hassl-824	562	14	analysis	analysis	NOUN
hassl-824	562	15	.	.	PUNCT
hassl-824	563	1	world	world	NOUN
hassl-824	563	2	development	development	PROPN
hassl-824	563	3	,	,	PUNCT
hassl-824	563	4	35(1	35(1	NUM
hassl-824	563	5	):	):	PUNCT
hassl-824	563	6	87-103.available	87-103.available	ADJ
hassl-824	563	7	at	at	ADP
hassl-824	563	8	:	:	PUNCT
hassl-824	563	9	https://doi.org/10.1016/j.worlddev.2006.09.005	https://doi.org/10.1016/j.worlddev.2006.09.005	NUM
hassl-824	563	10	.	.	PUNCT
hassl-824	564	1	humanities	humanity	NOUN
hassl-824	564	2	and	and	CCONJ
hassl-824	564	3	social	social	ADJ
hassl-824	564	4	sciences	science	NOUN
hassl-824	564	5	letters	letter	NOUN
hassl-824	564	6	,	,	PUNCT
hassl-824	564	7	2019	2019	NUM
hassl-824	564	8	,	,	PUNCT
hassl-824	564	9	7(3	7(3	NUM
hassl-824	564	10	):	):	PUNCT
hassl-824	564	11	123	123	NUM
hassl-824	564	12	-	-	SYM
hassl-824	564	13	140	140	NUM
hassl-824	564	14	139	139	NUM
hassl-824	564	15	©	©	PROPN
hassl-824	564	16	2019	2019	NUM
hassl-824	564	17	conscientia	conscientia	PROPN
hassl-824	564	18	beam	beam	PROPN
hassl-824	564	19	.	.	PUNCT
hassl-824	565	1	all	all	DET
hassl-824	565	2	rights	right	NOUN
hassl-824	565	3	reserved	reserve	VERB
hassl-824	565	4	.	.	PUNCT
hassl-824	566	1	jang	jang	PROPN
hassl-824	566	2	,	,	PUNCT
hassl-824	566	3	s.s	s.s	PROPN
hassl-824	566	4	.	.	PROPN
hassl-824	566	5	and	and	CCONJ
hassl-824	566	6	k.	k.	PROPN
hassl-824	566	7	ryu	ryu	PROPN
hassl-824	566	8	,	,	PUNCT
hassl-824	566	9	2006	2006	NUM
hassl-824	566	10	.	.	PUNCT
hassl-824	567	1	cross	cross	ADJ
hassl-824	567	2	-	-	ADJ
hassl-824	567	3	balance	balance	ADJ
hassl-824	567	4	sheet	sheet	NOUN
hassl-824	567	5	interdependencies	interdependency	NOUN
hassl-824	567	6	of	of	ADP
hassl-824	567	7	restaurant	restaurant	NOUN
hassl-824	567	8	firms	firm	NOUN
hassl-824	567	9	:	:	PUNCT
hassl-824	567	10	a	a	DET
hassl-824	567	11	canonical	canonical	ADJ
hassl-824	567	12	correlation	correlation	NOUN
hassl-824	567	13	analysis	analysis	NOUN
hassl-824	567	14	.	.	PUNCT
hassl-824	568	1	international	international	ADJ
hassl-824	568	2	journal	journal	PROPN
hassl-824	568	3	of	of	ADP
hassl-824	568	4	hospitality	hospitality	PROPN
hassl-824	568	5	management	management	NOUN
hassl-824	568	6	,	,	PUNCT
hassl-824	568	7	25(1	25(1	NUM
hassl-824	568	8	):	):	PUNCT
hassl-824	568	9	159-166.available	159-166.available	NUM
hassl-824	568	10	at	at	ADP
hassl-824	568	11	:	:	PUNCT
hassl-824	568	12	https://doi.org/10.1016/j.ijhm.2004.12.011	https://doi.org/10.1016/j.ijhm.2004.12.011	PROPN
hassl-824	568	13	.	.	PUNCT
hassl-824	569	1	jensen	jensen	PROPN
hassl-824	569	2	,	,	PUNCT
hassl-824	569	3	m.c	m.c	PROPN
hassl-824	569	4	.	.	PROPN
hassl-824	569	5	and	and	CCONJ
hassl-824	569	6	w.h	w.h	PROPN
hassl-824	569	7	.	.	PROPN
hassl-824	569	8	meckling	meckling	NOUN
hassl-824	569	9	,	,	PUNCT
hassl-824	569	10	1976	1976	NUM
hassl-824	569	11	.	.	PUNCT
hassl-824	570	1	theory	theory	NOUN
hassl-824	570	2	of	of	ADP
hassl-824	570	3	the	the	DET
hassl-824	570	4	firm	firm	NOUN
hassl-824	570	5	:	:	PUNCT
hassl-824	570	6	managerial	managerial	ADJ
hassl-824	570	7	behavior	behavior	NOUN
hassl-824	570	8	,	,	PUNCT
hassl-824	570	9	agency	agency	NOUN
hassl-824	570	10	costs	cost	NOUN
hassl-824	570	11	and	and	CCONJ
hassl-824	570	12	ownership	ownership	NOUN
hassl-824	570	13	structure	structure	NOUN
hassl-824	570	14	.	.	PUNCT
hassl-824	571	1	journal	journal	NOUN
hassl-824	571	2	of	of	ADP
hassl-824	571	3	financial	financial	ADJ
hassl-824	571	4	economics	economic	NOUN
hassl-824	571	5	,	,	PUNCT
hassl-824	571	6	3(4	3(4	NUM
hassl-824	571	7	):	):	PUNCT
hassl-824	571	8	305-360.available	305-360.available	NUM
hassl-824	571	9	at	at	ADP
hassl-824	571	10	:	:	PUNCT
hassl-824	571	11	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
hassl-824	571	12	.	.	PUNCT
hassl-824	572	1	julio	julio	PROPN
hassl-824	572	2	,	,	PUNCT
hassl-824	572	3	b.	b.	PROPN
hassl-824	572	4	and	and	CCONJ
hassl-824	572	5	y.	y.	PROPN
hassl-824	572	6	yook	yook	PROPN
hassl-824	572	7	,	,	PUNCT
hassl-824	572	8	2012	2012	NUM
hassl-824	572	9	.	.	PUNCT
hassl-824	573	1	political	political	ADJ
hassl-824	573	2	uncertainty	uncertainty	NOUN
hassl-824	573	3	and	and	CCONJ
hassl-824	573	4	corporate	corporate	ADJ
hassl-824	573	5	investment	investment	NOUN
hassl-824	573	6	cycles	cycle	NOUN
hassl-824	573	7	.	.	PUNCT
hassl-824	574	1	the	the	DET
hassl-824	574	2	journal	journal	PROPN
hassl-824	574	3	of	of	ADP
hassl-824	574	4	finance	finance	NOUN
hassl-824	574	5	,	,	PUNCT
hassl-824	574	6	67(1	67(1	NUM
hassl-824	574	7	):	):	PUNCT
hassl-824	574	8	45-83.available	45-83.available	ADJ
hassl-824	574	9	at	at	ADP
hassl-824	574	10	:	:	PUNCT
hassl-824	574	11	https://doi.org/10.1111/j.1540-6261.2011.01707.x	https://doi.org/10.1111/j.1540-6261.2011.01707.x	ADJ
hassl-824	574	12	.	.	PUNCT
hassl-824	575	1	kalcheva	kalcheva	PROPN
hassl-824	575	2	,	,	PUNCT
hassl-824	575	3	i.	i.	PROPN
hassl-824	575	4	and	and	CCONJ
hassl-824	575	5	k.v	k.v	PROPN
hassl-824	575	6	.	.	PROPN
hassl-824	575	7	lins	lins	PROPN
hassl-824	575	8	,	,	PUNCT
hassl-824	575	9	2007	2007	NUM
hassl-824	575	10	.	.	PUNCT
hassl-824	576	1	international	international	ADJ
hassl-824	576	2	evidence	evidence	NOUN
hassl-824	576	3	on	on	ADP
hassl-824	576	4	cash	cash	NOUN
hassl-824	576	5	holdings	holding	NOUN
hassl-824	576	6	and	and	CCONJ
hassl-824	576	7	expected	expect	VERB
hassl-824	576	8	managerial	managerial	ADJ
hassl-824	576	9	agency	agency	NOUN
hassl-824	576	10	problems	problem	NOUN
hassl-824	576	11	.	.	PUNCT
hassl-824	577	1	the	the	DET
hassl-824	577	2	review	review	NOUN
hassl-824	577	3	of	of	ADP
hassl-824	577	4	financial	financial	ADJ
hassl-824	577	5	studies	study	NOUN
hassl-824	577	6	,	,	PUNCT
hassl-824	577	7	20(4	20(4	NOUN
hassl-824	577	8	):	):	PUNCT
hassl-824	577	9	1087-1112.available	1087-1112.available	ADJ
hassl-824	577	10	at	at	ADP
hassl-824	577	11	:	:	PUNCT
hassl-824	577	12	https://doi.org/10.1093/rfs/hhm023	https://doi.org/10.1093/rfs/hhm023	PROPN
hassl-824	577	13	.	.	PUNCT
hassl-824	578	1	kao	kao	PROPN
hassl-824	578	2	,	,	PUNCT
hassl-824	578	3	s.w	s.w	PROPN
hassl-824	578	4	.	.	PROPN
hassl-824	578	5	,	,	PUNCT
hassl-824	578	6	2012	2012	NUM
hassl-824	578	7	.	.	PUNCT
hassl-824	579	1	research	research	NOUN
hassl-824	579	2	note	note	NOUN
hassl-824	579	3	:	:	PUNCT
hassl-824	579	4	cash	cash	NOUN
hassl-824	579	5	holding	holding	NOUN
hassl-824	579	6	and	and	CCONJ
hassl-824	579	7	firm	firm	ADJ
hassl-824	579	8	value	value	NOUN
hassl-824	579	9	:	:	PUNCT
hassl-824	579	10	the	the	DET
hassl-824	579	11	case	case	NOUN
hassl-824	579	12	of	of	ADP
hassl-824	579	13	taiwan‟s	taiwan‟s	ADJ
hassl-824	579	14	tourism	tourism	NOUN
hassl-824	579	15	industry	industry	NOUN
hassl-824	579	16	.	.	PUNCT
hassl-824	580	1	tourism	tourism	NOUN
hassl-824	580	2	economics	economic	NOUN
hassl-824	580	3	,	,	PUNCT
hassl-824	580	4	18(4	18(4	NUM
hassl-824	580	5	):	):	PUNCT
hassl-824	580	6	897–902.available	897–902.available	NUM
hassl-824	580	7	at	at	ADP
hassl-824	580	8	:	:	PUNCT
hassl-824	580	9	https://doi.org/10.5367/te.2012.0150	https://doi.org/10.5367/te.2012.0150	NOUN
hassl-824	580	10	.	.	PUNCT
hassl-824	581	1	kaufmann	kaufmann	PROPN
hassl-824	581	2	,	,	PUNCT
hassl-824	581	3	d.	d.	PROPN
hassl-824	581	4	and	and	CCONJ
hassl-824	581	5	a.	a.	PROPN
hassl-824	581	6	kraay	kraay	PROPN
hassl-824	581	7	,	,	PUNCT
hassl-824	581	8	2008	2008	NUM
hassl-824	581	9	.	.	PUNCT
hassl-824	582	1	governance	governance	NOUN
hassl-824	582	2	indicators	indicator	NOUN
hassl-824	582	3	:	:	PUNCT
hassl-824	582	4	where	where	SCONJ
hassl-824	582	5	are	be	AUX
hassl-824	582	6	we	we	PRON
hassl-824	582	7	,	,	PUNCT
hassl-824	582	8	where	where	SCONJ
hassl-824	582	9	should	should	AUX
hassl-824	582	10	we	we	PRON
hassl-824	582	11	be	be	AUX
hassl-824	582	12	going	go	VERB
hassl-824	582	13	?	?	PUNCT
hassl-824	583	1	the	the	DET
hassl-824	583	2	world	world	PROPN
hassl-824	583	3	bank	bank	PROPN
hassl-824	583	4	research	research	PROPN
hassl-824	583	5	observer	observer	PROPN
hassl-824	583	6	,	,	PUNCT
hassl-824	583	7	23(1	23(1	ADV
hassl-824	583	8	):	):	PUNCT
hassl-824	583	9	1–30	1–30	PROPN
hassl-824	583	10	.	.	PUNCT
hassl-824	584	1	kaufmann	kaufmann	PROPN
hassl-824	584	2	,	,	PUNCT
hassl-824	584	3	d.	d.	PROPN
hassl-824	584	4	,	,	PUNCT
hassl-824	584	5	a.	a.	PROPN
hassl-824	584	6	kraay	kraay	PROPN
hassl-824	584	7	and	and	CCONJ
hassl-824	584	8	m.	m.	NOUN
hassl-824	584	9	mastruzzi	mastruzzi	PROPN
hassl-824	584	10	,	,	PUNCT
hassl-824	584	11	2011	2011	NUM
hassl-824	584	12	.	.	PUNCT
hassl-824	585	1	the	the	DET
hassl-824	585	2	worldwide	worldwide	ADJ
hassl-824	585	3	governance	governance	NOUN
hassl-824	585	4	indicators	indicator	NOUN
hassl-824	585	5	:	:	PUNCT
hassl-824	585	6	methodology	methodology	NOUN
hassl-824	585	7	and	and	CCONJ
hassl-824	585	8	analytical	analytical	ADJ
hassl-824	585	9	issues	issue	NOUN
hassl-824	585	10	.	.	PUNCT
hassl-824	586	1	hague	hague	PROPN
hassl-824	586	2	journal	journal	PROPN
hassl-824	586	3	on	on	ADP
hassl-824	586	4	the	the	DET
hassl-824	586	5	rule	rule	NOUN
hassl-824	586	6	of	of	ADP
hassl-824	586	7	law	law	NOUN
hassl-824	586	8	,	,	PUNCT
hassl-824	586	9	3(2	3(2	NUM
hassl-824	586	10	):	):	PUNCT
hassl-824	586	11	220-246.available	220-246.available	NUM
hassl-824	586	12	at	at	ADP
hassl-824	586	13	:	:	PUNCT
hassl-824	586	14	https://doi.org/10.1017/s1876404511200046	https://doi.org/10.1017/s1876404511200046	X
hassl-824	586	15	.	.	PUNCT
hassl-824	587	1	kim	kim	PROPN
hassl-824	587	2	,	,	PUNCT
hassl-824	587	3	j.	j.	PROPN
hassl-824	587	4	,	,	PUNCT
hassl-824	587	5	h.	h.	PROPN
hassl-824	587	6	kim	kim	PROPN
hassl-824	587	7	and	and	CCONJ
hassl-824	587	8	d.	d.	PROPN
hassl-824	587	9	woods	woods	PROPN
hassl-824	587	10	,	,	PUNCT
hassl-824	587	11	2011	2011	NUM
hassl-824	587	12	.	.	PUNCT
hassl-824	588	1	determinants	determinant	NOUN
hassl-824	588	2	of	of	ADP
hassl-824	588	3	corporate	corporate	ADJ
hassl-824	588	4	cash	cash	NOUN
hassl-824	588	5	-	-	PUNCT
hassl-824	588	6	holding	hold	VERB
hassl-824	588	7	levels	level	NOUN
hassl-824	588	8	:	:	PUNCT
hassl-824	588	9	an	an	DET
hassl-824	588	10	empirical	empirical	ADJ
hassl-824	588	11	examination	examination	NOUN
hassl-824	588	12	of	of	ADP
hassl-824	588	13	the	the	DET
hassl-824	588	14	restaurant	restaurant	NOUN
hassl-824	588	15	industry	industry	NOUN
hassl-824	588	16	.	.	PUNCT
hassl-824	589	1	international	international	ADJ
hassl-824	589	2	journal	journal	PROPN
hassl-824	589	3	of	of	ADP
hassl-824	589	4	hospitality	hospitality	PROPN
hassl-824	589	5	management	management	NOUN
hassl-824	589	6	,	,	PUNCT
hassl-824	589	7	30(3	30(3	NUM
hassl-824	589	8	):	):	PUNCT
hassl-824	589	9	568-574.available	568-574.available	NUM
hassl-824	589	10	at	at	ADP
hassl-824	589	11	:	:	PUNCT
hassl-824	589	12	https://doi.org/10.1016/j.ijhm.2010.10.004	https://doi.org/10.1016/j.ijhm.2010.10.004	NOUN
hassl-824	589	13	.	.	PUNCT
hassl-824	590	1	knudsen	knudsen	PROPN
hassl-824	590	2	,	,	PUNCT
hassl-824	590	3	j.s	j.s	PROPN
hassl-824	590	4	.	.	PROPN
hassl-824	590	5	,	,	PUNCT
hassl-824	590	6	2011	2011	NUM
hassl-824	590	7	.	.	PUNCT
hassl-824	591	1	company	company	NOUN
hassl-824	591	2	delistings	delisting	NOUN
hassl-824	591	3	from	from	ADP
hassl-824	591	4	the	the	DET
hassl-824	591	5	un	un	PROPN
hassl-824	591	6	global	global	PROPN
hassl-824	591	7	compact	compact	PROPN
hassl-824	591	8	:	:	PUNCT
hassl-824	591	9	limited	limited	ADJ
hassl-824	591	10	business	business	NOUN
hassl-824	591	11	demand	demand	NOUN
hassl-824	591	12	or	or	CCONJ
hassl-824	591	13	domestic	domestic	ADJ
hassl-824	591	14	governance	governance	NOUN
hassl-824	591	15	failure	failure	NOUN
hassl-824	591	16	?	?	PUNCT
hassl-824	592	1	journal	journal	NOUN
hassl-824	592	2	of	of	ADP
hassl-824	592	3	business	business	NOUN
hassl-824	592	4	ethics	ethic	NOUN
hassl-824	592	5	,	,	PUNCT
hassl-824	592	6	103(3	103(3	NUM
hassl-824	592	7	):	):	PUNCT
hassl-824	592	8	331-349.available	331-349.available	NUM
hassl-824	592	9	at	at	ADP
hassl-824	592	10	:	:	PUNCT
hassl-824	592	11	https://doi.org/10.1007/s10551-011-0875-0	https://doi.org/10.1007/s10551-011-0875-0	NUM
hassl-824	592	12	.	.	PUNCT
hassl-824	593	1	kumar	kumar	PROPN
hassl-824	593	2	,	,	PUNCT
hassl-824	593	3	p.	p.	NOUN
hassl-824	593	4	and	and	CCONJ
hassl-824	593	5	a.	a.	PROPN
hassl-824	593	6	zattoni	zattoni	PROPN
hassl-824	593	7	,	,	PUNCT
hassl-824	593	8	2013	2013	NUM
hassl-824	593	9	.	.	PUNCT
hassl-824	594	1	how	how	SCONJ
hassl-824	594	2	much	much	ADJ
hassl-824	594	3	do	do	AUX
hassl-824	594	4	country	country	NOUN
hassl-824	594	5	-	-	PUNCT
hassl-824	594	6	level	level	NOUN
hassl-824	594	7	or	or	CCONJ
hassl-824	594	8	firm	firm	ADJ
hassl-824	594	9	-	-	PUNCT
hassl-824	594	10	level	level	NOUN
hassl-824	594	11	variables	variable	NOUN
hassl-824	594	12	matter	matter	VERB
hassl-824	594	13	in	in	ADP
hassl-824	594	14	corporate	corporate	ADJ
hassl-824	594	15	governance	governance	NOUN
hassl-824	594	16	studies	study	NOUN
hassl-824	594	17	?	?	PUNCT
hassl-824	595	1	corporate	corporate	ADJ
hassl-824	595	2	governance	governance	NOUN
hassl-824	595	3	:	:	PUNCT
hassl-824	595	4	an	an	DET
hassl-824	595	5	international	international	ADJ
hassl-824	595	6	review	review	NOUN
hassl-824	595	7	,	,	PUNCT
hassl-824	595	8	21(3	21(3	NUM
hassl-824	595	9	):	):	PUNCT
hassl-824	595	10	199–200.available	199–200.available	NUM
hassl-824	595	11	at	at	ADP
hassl-824	595	12	:	:	PUNCT
hassl-824	595	13	https://doi.org/10.1111/corg.12025	https://doi.org/10.1111/corg.12025	X
hassl-824	595	14	.	.	PUNCT
hassl-824	596	1	kusnadi	kusnadi	NOUN
hassl-824	596	2	,	,	PUNCT
hassl-824	596	3	y.	y.	PROPN
hassl-824	596	4	and	and	CCONJ
hassl-824	596	5	k.j	k.j	PROPN
hassl-824	596	6	.	.	PROPN
hassl-824	596	7	wei	wei	PROPN
hassl-824	596	8	,	,	PUNCT
hassl-824	596	9	2011	2011	NUM
hassl-824	596	10	.	.	PUNCT
hassl-824	597	1	the	the	DET
hassl-824	597	2	determinants	determinant	NOUN
hassl-824	597	3	of	of	ADP
hassl-824	597	4	corporate	corporate	ADJ
hassl-824	597	5	cash	cash	NOUN
hassl-824	597	6	management	management	NOUN
hassl-824	597	7	policies	policy	NOUN
hassl-824	597	8	:	:	PUNCT
hassl-824	597	9	evidence	evidence	NOUN
hassl-824	597	10	from	from	ADP
hassl-824	597	11	around	around	ADP
hassl-824	597	12	the	the	DET
hassl-824	597	13	world	world	NOUN
hassl-824	597	14	.	.	PUNCT
hassl-824	598	1	journal	journal	NOUN
hassl-824	598	2	of	of	ADP
hassl-824	598	3	corporate	corporate	ADJ
hassl-824	598	4	finance	finance	NOUN
hassl-824	598	5	,	,	PUNCT
hassl-824	598	6	17(3	17(3	NUM
hassl-824	598	7	):	):	PUNCT
hassl-824	598	8	725-740.available	725-740.available	NUM
hassl-824	598	9	at	at	ADP
hassl-824	598	10	:	:	PUNCT
hassl-824	598	11	https://doi.org/10.1016/j.jcorpfin.2010.12.002	https://doi.org/10.1016/j.jcorpfin.2010.12.002	PROPN
hassl-824	598	12	.	.	PUNCT
hassl-824	599	1	kwan	kwan	PROPN
hassl-824	599	2	,	,	PUNCT
hassl-824	599	3	j.-h	j.-h	PROPN
hassl-824	599	4	.	.	PUNCT
hassl-824	599	5	and	and	CCONJ
hassl-824	599	6	w.-y	w.-y	NOUN
hassl-824	599	7	.	.	PUNCT
hassl-824	600	1	lau	lau	PROPN
hassl-824	600	2	,	,	PUNCT
hassl-824	600	3	2011	2011	NUM
hassl-824	600	4	.	.	PUNCT
hassl-824	601	1	a	a	DET
hassl-824	601	2	review	review	NOUN
hassl-824	601	3	of	of	ADP
hassl-824	601	4	regulatory	regulatory	ADJ
hassl-824	601	5	enforcement	enforcement	NOUN
hassl-824	601	6	,	,	PUNCT
hassl-824	601	7	corporate	corporate	ADJ
hassl-824	601	8	governance	governance	NOUN
hassl-824	601	9	and	and	CCONJ
hassl-824	601	10	market	market	NOUN
hassl-824	601	11	reactions	reaction	NOUN
hassl-824	601	12	.	.	PUNCT
hassl-824	602	1	african	african	ADJ
hassl-824	602	2	journal	journal	PROPN
hassl-824	602	3	of	of	ADP
hassl-824	602	4	business	business	NOUN
hassl-824	602	5	management	management	NOUN
hassl-824	602	6	,	,	PUNCT
hassl-824	602	7	5(35	5(35	NUM
hassl-824	602	8	):	):	PUNCT
hassl-824	602	9	13510-13516.available	13510-13516.available	ADJ
hassl-824	602	10	at	at	ADP
hassl-824	602	11	:	:	PUNCT
hassl-824	602	12	https://doi.org/10.5897/ajbmx11.028	https://doi.org/10.5897/ajbmx11.028	NOUN
hassl-824	602	13	.	.	PUNCT
hassl-824	603	1	la	la	PROPN
hassl-824	603	2	porta	porta	PROPN
hassl-824	603	3	,	,	PUNCT
hassl-824	603	4	r.	r.	PROPN
hassl-824	603	5	,	,	PUNCT
hassl-824	603	6	f.	f.	PROPN
hassl-824	603	7	lopez	lopez	PROPN
hassl-824	603	8	-	-	PUNCT
hassl-824	603	9	de	de	NOUN
hassl-824	603	10	-	-	NOUN
hassl-824	603	11	silanes	silane	NOUN
hassl-824	603	12	,	,	PUNCT
hassl-824	603	13	a.	a.	NOUN
hassl-824	603	14	shleifer	shleifer	PROPN
hassl-824	603	15	and	and	CCONJ
hassl-824	603	16	r.	r.	PROPN
hassl-824	603	17	vishny	vishny	PROPN
hassl-824	603	18	,	,	PUNCT
hassl-824	603	19	2000	2000	NUM
hassl-824	603	20	.	.	PUNCT
hassl-824	604	1	investor	investor	NOUN
hassl-824	604	2	protection	protection	NOUN
hassl-824	604	3	and	and	CCONJ
hassl-824	604	4	corporate	corporate	ADJ
hassl-824	604	5	governance	governance	NOUN
hassl-824	604	6	.	.	PUNCT
hassl-824	605	1	journal	journal	NOUN
hassl-824	605	2	of	of	ADP
hassl-824	605	3	financial	financial	ADJ
hassl-824	605	4	economics	economic	NOUN
hassl-824	605	5	,	,	PUNCT
hassl-824	605	6	58(1	58(1	PROPN
hassl-824	605	7	-	-	SYM
hassl-824	605	8	2	2	NUM
hassl-824	605	9	):	):	PUNCT
hassl-824	605	10	3	3	NUM
hassl-824	605	11	-	-	SYM
hassl-824	605	12	27	27	NUM
hassl-824	605	13	.	.	PUNCT
hassl-824	606	1	lee	lee	PROPN
hassl-824	606	2	,	,	PUNCT
hassl-824	606	3	k.-w	k.-w	PROPN
hassl-824	606	4	.	.	PUNCT
hassl-824	606	5	and	and	CCONJ
hassl-824	606	6	c.-f	c.-f	NOUN
hassl-824	606	7	.	.	PUNCT
hassl-824	607	1	lee	lee	PROPN
hassl-824	607	2	,	,	PUNCT
hassl-824	607	3	2009	2009	NUM
hassl-824	607	4	.	.	PUNCT
hassl-824	608	1	cash	cash	NOUN
hassl-824	608	2	holdings	holding	NOUN
hassl-824	608	3	,	,	PUNCT
hassl-824	608	4	corporate	corporate	ADJ
hassl-824	608	5	governance	governance	NOUN
hassl-824	608	6	structure	structure	NOUN
hassl-824	608	7	and	and	CCONJ
hassl-824	608	8	firm	firm	ADJ
hassl-824	608	9	valuation	valuation	NOUN
hassl-824	608	10	.	.	PUNCT
hassl-824	609	1	review	review	NOUN
hassl-824	609	2	of	of	ADP
hassl-824	609	3	pacific	pacific	PROPN
hassl-824	609	4	basin	basin	PROPN
hassl-824	609	5	financial	financial	ADJ
hassl-824	609	6	markets	market	NOUN
hassl-824	609	7	and	and	CCONJ
hassl-824	609	8	policies	policy	NOUN
hassl-824	609	9	,	,	PUNCT
hassl-824	609	10	12(03	12(03	NUM
hassl-824	609	11	):	):	PUNCT
hassl-824	609	12	475-508.available	475-508.available	NUM
hassl-824	609	13	at	at	ADP
hassl-824	609	14	:	:	PUNCT
hassl-824	609	15	https://doi.org/10.1142/s021909150900171x	https://doi.org/10.1142/s021909150900171x	PROPN
hassl-824	609	16	.	.	PUNCT
hassl-824	610	1	liu	liu	PROPN
hassl-824	610	2	,	,	PUNCT
hassl-824	610	3	w.	w.	PROPN
hassl-824	610	4	,	,	PUNCT
hassl-824	610	5	h.	h.	PROPN
hassl-824	610	6	yang	yang	PROPN
hassl-824	610	7	and	and	CCONJ
hassl-824	610	8	g.	g.	PROPN
hassl-824	610	9	zhang	zhang	PROPN
hassl-824	610	10	,	,	PUNCT
hassl-824	610	11	2012	2012	NUM
hassl-824	610	12	.	.	PUNCT
hassl-824	611	1	does	do	AUX
hassl-824	611	2	family	family	NOUN
hassl-824	611	3	business	business	NOUN
hassl-824	611	4	excel	excel	VERB
hassl-824	611	5	in	in	ADP
hassl-824	611	6	firm	firm	ADJ
hassl-824	611	7	performance	performance	NOUN
hassl-824	611	8	?	?	PUNCT
hassl-824	612	1	an	an	DET
hassl-824	612	2	institution	institution	NOUN
hassl-824	612	3	-	-	PUNCT
hassl-824	612	4	based	base	VERB
hassl-824	612	5	view	view	NOUN
hassl-824	612	6	.	.	PUNCT
hassl-824	613	1	asia	asia	PROPN
hassl-824	613	2	pacific	pacific	PROPN
hassl-824	613	3	journal	journal	PROPN
hassl-824	613	4	of	of	ADP
hassl-824	613	5	management	management	NOUN
hassl-824	613	6	,	,	PUNCT
hassl-824	613	7	29(4	29(4	NOUN
hassl-824	613	8	):	):	PUNCT
hassl-824	613	9	965-987.available	965-987.available	NUM
hassl-824	613	10	at	at	ADP
hassl-824	613	11	:	:	PUNCT
hassl-824	613	12	https://doi.org/10.1007/s10490-010-9216-6	https://doi.org/10.1007/s10490-010-9216-6	NUM
hassl-824	613	13	.	.	PUNCT
hassl-824	614	1	ma	ma	PROPN
hassl-824	614	2	,	,	PUNCT
hassl-824	614	3	x.	x.	PROPN
hassl-824	614	4	,	,	PUNCT
hassl-824	614	5	z.	z.	PROPN
hassl-824	614	6	ding	ding	PROPN
hassl-824	614	7	and	and	CCONJ
hassl-824	614	8	l.	l.	PROPN
hassl-824	614	9	yuan	yuan	PROPN
hassl-824	614	10	,	,	PUNCT
hassl-824	614	11	2016	2016	NUM
hassl-824	614	12	.	.	PUNCT
hassl-824	615	1	subnational	subnational	ADJ
hassl-824	615	2	institutions	institution	NOUN
hassl-824	615	3	,	,	PUNCT
hassl-824	615	4	political	political	ADJ
hassl-824	615	5	capital	capital	NOUN
hassl-824	615	6	,	,	PUNCT
hassl-824	615	7	and	and	CCONJ
hassl-824	615	8	the	the	DET
hassl-824	615	9	internationalization	internationalization	NOUN
hassl-824	615	10	of	of	ADP
hassl-824	615	11	entrepreneurial	entrepreneurial	ADJ
hassl-824	615	12	firms	firm	NOUN
hassl-824	615	13	in	in	ADP
hassl-824	615	14	emerging	emerge	VERB
hassl-824	615	15	economies	economy	NOUN
hassl-824	615	16	.	.	PUNCT
hassl-824	616	1	journal	journal	PROPN
hassl-824	616	2	of	of	ADP
hassl-824	616	3	world	world	PROPN
hassl-824	616	4	business	business	NOUN
hassl-824	616	5	,	,	PUNCT
hassl-824	616	6	51(5	51(5	NUM
hassl-824	616	7	):	):	PUNCT
hassl-824	616	8	843-854.available	843-854.available	NUM
hassl-824	616	9	at	at	ADP
hassl-824	616	10	:	:	PUNCT
hassl-824	616	11	https://doi.org/10.1016/j.jwb.2016.07.004	https://doi.org/10.1016/j.jwb.2016.07.004	PROPN
hassl-824	616	12	.	.	PROPN
hassl-824	616	13	morais	morais	PROPN
hassl-824	616	14	,	,	PUNCT
hassl-824	616	15	f.	f.	PROPN
hassl-824	616	16	and	and	CCONJ
hassl-824	616	17	p.	p.	PROPN
hassl-824	616	18	silva	silva	PROPN
hassl-824	616	19	,	,	PUNCT
hassl-824	616	20	2013	2013	NUM
hassl-824	616	21	.	.	PUNCT
hassl-824	617	1	determinants	determinant	NOUN
hassl-824	617	2	of	of	ADP
hassl-824	617	3	cash	cash	NOUN
hassl-824	617	4	holdings	holding	NOUN
hassl-824	617	5	in	in	ADP
hassl-824	617	6	the	the	DET
hassl-824	617	7	accommodation	accommodation	NOUN
hassl-824	617	8	industry	industry	NOUN
hassl-824	617	9	.	.	PUNCT
hassl-824	618	1	tourism	tourism	NOUN
hassl-824	618	2	and	and	CCONJ
hassl-824	618	3	hospitality	hospitality	NOUN
hassl-824	618	4	international	international	ADJ
hassl-824	618	5	journal	journal	NOUN
hassl-824	618	6	,	,	PUNCT
hassl-824	618	7	1	1	NUM
hassl-824	618	8	:	:	PUNCT
hassl-824	618	9	95–136	95–136	NUM
hassl-824	618	10	.	.	PUNCT
hassl-824	619	1	mun	mun	PROPN
hassl-824	619	2	,	,	PUNCT
hassl-824	619	3	s.g	s.g	PROPN
hassl-824	619	4	.	.	PROPN
hassl-824	619	5	and	and	CCONJ
hassl-824	619	6	s.s	s.s	PROPN
hassl-824	619	7	.	.	PROPN
hassl-824	619	8	jang	jang	PROPN
hassl-824	619	9	,	,	PUNCT
hassl-824	619	10	2015	2015	NUM
hassl-824	619	11	.	.	PUNCT
hassl-824	620	1	working	work	VERB
hassl-824	620	2	capital	capital	NOUN
hassl-824	620	3	,	,	PUNCT
hassl-824	620	4	cash	cash	NOUN
hassl-824	620	5	holding	holding	NOUN
hassl-824	620	6	,	,	PUNCT
hassl-824	620	7	and	and	CCONJ
hassl-824	620	8	profitability	profitability	NOUN
hassl-824	620	9	of	of	ADP
hassl-824	620	10	restaurant	restaurant	NOUN
hassl-824	620	11	firms	firm	NOUN
hassl-824	620	12	.	.	PUNCT
hassl-824	621	1	international	international	ADJ
hassl-824	621	2	journal	journal	PROPN
hassl-824	621	3	of	of	ADP
hassl-824	621	4	hospitality	hospitality	PROPN
hassl-824	621	5	management	management	NOUN
hassl-824	621	6	,	,	PUNCT
hassl-824	621	7	48	48	NUM
hassl-824	621	8	:	:	SYM
hassl-824	621	9	1-11.available	1-11.available	NUM
hassl-824	621	10	at	at	ADP
hassl-824	621	11	:	:	PUNCT
hassl-824	621	12	https://doi.org/10.1016/j.ijhm.2015.04.003	https://doi.org/10.1016/j.ijhm.2015.04.003	NUM
hassl-824	621	13	.	.	PUNCT
hassl-824	621	14	myers	myers	PROPN
hassl-824	621	15	,	,	PUNCT
hassl-824	621	16	s.c	s.c	PROPN
hassl-824	621	17	.	.	PROPN
hassl-824	621	18	and	and	CCONJ
hassl-824	621	19	r.g	r.g	PROPN
hassl-824	621	20	.	.	PROPN
hassl-824	621	21	rajan	rajan	PROPN
hassl-824	621	22	,	,	PUNCT
hassl-824	621	23	1998	1998	NUM
hassl-824	621	24	.	.	PUNCT
hassl-824	622	1	the	the	DET
hassl-824	622	2	paradox	paradox	NOUN
hassl-824	622	3	of	of	ADP
hassl-824	622	4	liquidity	liquidity	NOUN
hassl-824	622	5	.	.	PUNCT
hassl-824	623	1	the	the	DET
hassl-824	623	2	quarterly	quarterly	ADJ
hassl-824	623	3	journal	journal	NOUN
hassl-824	623	4	of	of	ADP
hassl-824	623	5	economics	economic	NOUN
hassl-824	623	6	,	,	PUNCT
hassl-824	623	7	113(3	113(3	NUM
hassl-824	623	8	):	):	PUNCT
hassl-824	623	9	733	733	NUM
hassl-824	623	10	-	-	SYM
hassl-824	623	11	771	771	NUM
hassl-824	623	12	.	.	PUNCT
hassl-824	623	13	narayan	narayan	PROPN
hassl-824	623	14	,	,	PUNCT
hassl-824	623	15	p.k	p.k	PROPN
hassl-824	623	16	.	.	PROPN
hassl-824	623	17	,	,	PUNCT
hassl-824	623	18	s.s	s.s	PROPN
hassl-824	623	19	.	.	PROPN
hassl-824	623	20	sharma	sharma	PROPN
hassl-824	623	21	and	and	CCONJ
hassl-824	623	22	k.s	k.s	PROPN
hassl-824	623	23	.	.	PROPN
hassl-824	623	24	thuraisamy	thuraisamy	PROPN
hassl-824	623	25	,	,	PUNCT
hassl-824	623	26	2015	2015	NUM
hassl-824	623	27	.	.	PUNCT
hassl-824	624	1	can	can	AUX
hassl-824	624	2	governance	governance	VERB
hassl-824	624	3	quality	quality	NOUN
hassl-824	624	4	predict	predict	VERB
hassl-824	624	5	stock	stock	NOUN
hassl-824	624	6	market	market	NOUN
hassl-824	624	7	returns	return	NOUN
hassl-824	624	8	?	?	PUNCT
hassl-824	625	1	new	new	ADJ
hassl-824	625	2	global	global	ADJ
hassl-824	625	3	evidence	evidence	NOUN
hassl-824	625	4	.	.	PUNCT
hassl-824	626	1	pacific	pacific	PROPN
hassl-824	626	2	basin	basin	PROPN
hassl-824	626	3	finance	finance	PROPN
hassl-824	626	4	journal	journal	NOUN
hassl-824	626	5	,	,	PUNCT
hassl-824	626	6	35	35	NUM
hassl-824	626	7	:	:	SYM
hassl-824	626	8	367–380.available	367–380.available	NUM
hassl-824	626	9	at	at	ADP
hassl-824	626	10	:	:	PUNCT
hassl-824	626	11	https://doi.org/10.1016/j.pacfin.2015.02.007	https://doi.org/10.1016/j.pacfin.2015.02.007	X
hassl-824	626	12	.	.	PUNCT
hassl-824	626	13	ngobo	ngobo	PROPN
hassl-824	626	14	,	,	PUNCT
hassl-824	626	15	p.v	p.v	PROPN
hassl-824	626	16	.	.	PROPN
hassl-824	626	17	and	and	CCONJ
hassl-824	626	18	m.	m.	NOUN
hassl-824	626	19	fouda	fouda	PROPN
hassl-824	626	20	,	,	PUNCT
hassl-824	626	21	2012	2012	NUM
hassl-824	626	22	.	.	PUNCT
hassl-824	626	23	is	be	AUX
hassl-824	626	24	„	„	PUNCT
hassl-824	626	25	good‟governance	good‟governance	NOUN
hassl-824	626	26	good	good	ADJ
hassl-824	626	27	for	for	ADP
hassl-824	626	28	business	business	NOUN
hassl-824	626	29	?	?	PUNCT
hassl-824	627	1	a	a	DET
hassl-824	627	2	cross	cross	ADJ
hassl-824	627	3	-	-	ADJ
hassl-824	627	4	national	national	ADJ
hassl-824	627	5	analysis	analysis	NOUN
hassl-824	627	6	of	of	ADP
hassl-824	627	7	firms	firm	NOUN
hassl-824	627	8	in	in	ADP
hassl-824	627	9	african	african	ADJ
hassl-824	627	10	countries	country	NOUN
hassl-824	627	11	.	.	PUNCT
hassl-824	628	1	journal	journal	PROPN
hassl-824	628	2	of	of	ADP
hassl-824	628	3	world	world	PROPN
hassl-824	628	4	business	business	NOUN
hassl-824	628	5	,	,	PUNCT
hassl-824	628	6	47(3	47(3	NUM
hassl-824	628	7	):	):	PUNCT
hassl-824	628	8	435-449.available	435-449.available	NUM
hassl-824	628	9	at	at	ADP
hassl-824	628	10	:	:	PUNCT
hassl-824	628	11	https://doi.org/10.1016/j.jwb.2011.05.010	https://doi.org/10.1016/j.jwb.2011.05.010	PROPN
hassl-824	628	12	.	.	PUNCT
hassl-824	629	1	humanities	humanity	NOUN
hassl-824	629	2	and	and	CCONJ
hassl-824	629	3	social	social	ADJ
hassl-824	629	4	sciences	science	NOUN
hassl-824	629	5	letters	letter	NOUN
hassl-824	629	6	,	,	PUNCT
hassl-824	629	7	2019	2019	NUM
hassl-824	629	8	,	,	PUNCT
hassl-824	629	9	7(3	7(3	NUM
hassl-824	629	10	):	):	PUNCT
hassl-824	629	11	123	123	NUM
hassl-824	629	12	-	-	SYM
hassl-824	629	13	140	140	NUM
hassl-824	629	14	140	140	NUM
hassl-824	629	15	©	©	PROPN
hassl-824	629	16	2019	2019	NUM
hassl-824	629	17	conscientia	conscientia	PROPN
hassl-824	629	18	beam	beam	PROPN
hassl-824	629	19	.	.	PUNCT
hassl-824	630	1	all	all	DET
hassl-824	630	2	rights	right	NOUN
hassl-824	630	3	reserved	reserve	VERB
hassl-824	630	4	.	.	PUNCT
hassl-824	631	1	nguyen	nguyen	NOUN
hassl-824	631	2	,	,	PUNCT
hassl-824	631	3	t.	t.	PROPN
hassl-824	631	4	,	,	PUNCT
hassl-824	631	5	s.	s.	PROPN
hassl-824	631	6	locke	locke	PROPN
hassl-824	631	7	and	and	CCONJ
hassl-824	631	8	k.	k.	PROPN
hassl-824	631	9	reddy	reddy	PROPN
hassl-824	631	10	,	,	PUNCT
hassl-824	631	11	2015	2015	NUM
hassl-824	631	12	.	.	PUNCT
hassl-824	632	1	ownership	ownership	NOUN
hassl-824	632	2	concentration	concentration	NOUN
hassl-824	632	3	and	and	CCONJ
hassl-824	632	4	corporate	corporate	ADJ
hassl-824	632	5	performance	performance	NOUN
hassl-824	632	6	from	from	ADP
hassl-824	632	7	a	a	DET
hassl-824	632	8	dynamic	dynamic	ADJ
hassl-824	632	9	perspective	perspective	NOUN
hassl-824	632	10	:	:	PUNCT
hassl-824	632	11	does	do	VERB
hassl-824	632	12	national	national	ADJ
hassl-824	632	13	governance	governance	NOUN
hassl-824	632	14	quality	quality	NOUN
hassl-824	632	15	matter	matter	NOUN
hassl-824	632	16	?	?	PUNCT
hassl-824	633	1	international	international	ADJ
hassl-824	633	2	review	review	NOUN
hassl-824	633	3	of	of	ADP
hassl-824	633	4	financial	financial	ADJ
hassl-824	633	5	analysis	analysis	NOUN
hassl-824	633	6	,	,	PUNCT
hassl-824	633	7	41	41	NUM
hassl-824	633	8	:	:	SYM
hassl-824	633	9	148-161.available	148-161.available	NUM
hassl-824	633	10	at	at	ADP
hassl-824	633	11	:	:	PUNCT
hassl-824	633	12	https://doi.org/10.1016/j.irfa.2015.06.005	https://doi.org/10.1016/j.irfa.2015.06.005	PROPN
hassl-824	633	13	.	.	PUNCT
hassl-824	634	1	north	north	PROPN
hassl-824	634	2	,	,	PUNCT
hassl-824	634	3	d.	d.	PROPN
hassl-824	634	4	,	,	PUNCT
hassl-824	634	5	2005	2005	NUM
hassl-824	634	6	.	.	PUNCT
hassl-824	635	1	understanding	understand	VERB
hassl-824	635	2	the	the	DET
hassl-824	635	3	process	process	NOUN
hassl-824	635	4	of	of	ADP
hassl-824	635	5	economic	economic	ADJ
hassl-824	635	6	change	change	NOUN
hassl-824	635	7	.	.	PUNCT
hassl-824	636	1	princeton	princeton	PROPN
hassl-824	636	2	,	,	PUNCT
hassl-824	636	3	nj	nj	PROPN
hassl-824	636	4	:	:	PUNCT
hassl-824	636	5	princeton	princeton	PROPN
hassl-824	636	6	university	university	PROPN
hassl-824	636	7	press	press	NOUN
hassl-824	636	8	.	.	PUNCT
hassl-824	637	1	oh	oh	INTJ
hassl-824	637	2	,	,	PUNCT
hassl-824	637	3	c.h	c.h	PROPN
hassl-824	637	4	.	.	PROPN
hassl-824	638	1	and	and	CCONJ
hassl-824	638	2	j.	j.	PROPN
hassl-824	638	3	oetzel	oetzel	PROPN
hassl-824	638	4	,	,	PUNCT
hassl-824	638	5	2011	2011	NUM
hassl-824	638	6	.	.	PUNCT
hassl-824	639	1	multinationals	multinational	NOUN
hassl-824	639	2	'	'	PART
hassl-824	639	3	response	response	NOUN
hassl-824	639	4	to	to	ADP
hassl-824	639	5	major	major	ADJ
hassl-824	639	6	disasters	disaster	NOUN
hassl-824	639	7	:	:	PUNCT
hassl-824	639	8	how	how	SCONJ
hassl-824	639	9	does	do	AUX
hassl-824	639	10	subsidiary	subsidiary	NOUN
hassl-824	639	11	investment	investment	NOUN
hassl-824	639	12	vary	vary	VERB
hassl-824	639	13	in	in	ADP
hassl-824	639	14	response	response	NOUN
hassl-824	639	15	to	to	ADP
hassl-824	639	16	the	the	DET
hassl-824	639	17	type	type	NOUN
hassl-824	639	18	of	of	ADP
hassl-824	639	19	disaster	disaster	NOUN
hassl-824	639	20	and	and	CCONJ
hassl-824	639	21	the	the	DET
hassl-824	639	22	quality	quality	NOUN
hassl-824	639	23	of	of	ADP
hassl-824	639	24	country	country	NOUN
hassl-824	639	25	governance	governance	NOUN
hassl-824	639	26	?	?	PUNCT
hassl-824	640	1	strategic	strategic	ADJ
hassl-824	640	2	management	management	NOUN
hassl-824	640	3	journal	journal	NOUN
hassl-824	640	4	,	,	PUNCT
hassl-824	640	5	32(6	32(6	NUM
hassl-824	640	6	):	):	PUNCT
hassl-824	640	7	658-681.available	658-681.available	NUM
hassl-824	640	8	at	at	ADP
hassl-824	640	9	:	:	PUNCT
hassl-824	640	10	https://doi.org/10.1002/smj.904	https://doi.org/10.1002/smj.904	PROPN
hassl-824	640	11	.	.	PUNCT
hassl-824	640	12	opler	opler	ADJ
hassl-824	640	13	,	,	PUNCT
hassl-824	640	14	t.	t.	PROPN
hassl-824	640	15	,	,	PUNCT
hassl-824	640	16	l.	l.	PROPN
hassl-824	640	17	pinkowitz	pinkowitz	PROPN
hassl-824	640	18	,	,	PUNCT
hassl-824	640	19	r.	r.	PROPN
hassl-824	640	20	stulz	stulz	PROPN
hassl-824	640	21	and	and	CCONJ
hassl-824	640	22	r.	r.	PROPN
hassl-824	640	23	williamson	williamson	PROPN
hassl-824	640	24	,	,	PUNCT
hassl-824	640	25	1999	1999	NUM
hassl-824	640	26	.	.	PUNCT
hassl-824	641	1	the	the	DET
hassl-824	641	2	determinants	determinant	NOUN
hassl-824	641	3	and	and	CCONJ
hassl-824	641	4	implications	implication	NOUN
hassl-824	641	5	of	of	ADP
hassl-824	641	6	corporate	corporate	ADJ
hassl-824	641	7	cash	cash	NOUN
hassl-824	641	8	holdings	holding	NOUN
hassl-824	641	9	.	.	PUNCT
hassl-824	642	1	journal	journal	NOUN
hassl-824	642	2	of	of	ADP
hassl-824	642	3	financial	financial	ADJ
hassl-824	642	4	economics	economic	NOUN
hassl-824	642	5	,	,	PUNCT
hassl-824	642	6	52(1	52(1	NOUN
hassl-824	642	7	):	):	PUNCT
hassl-824	642	8	3-46.available	3-46.available	NUM
hassl-824	642	9	at	at	ADP
hassl-824	642	10	:	:	PUNCT
hassl-824	642	11	https://doi.org/10.1016/s0304-405x(99)00003-3	https://doi.org/10.1016/s0304-405x(99)00003-3	PROPN
hassl-824	642	12	.	.	PUNCT
hassl-824	643	1	ozkan	ozkan	ADJ
hassl-824	643	2	,	,	PUNCT
hassl-824	643	3	a.	a.	NOUN
hassl-824	643	4	and	and	CCONJ
hassl-824	643	5	n.	n.	PROPN
hassl-824	643	6	ozkan	ozkan	PROPN
hassl-824	643	7	,	,	PUNCT
hassl-824	643	8	2004	2004	NUM
hassl-824	643	9	.	.	PUNCT
hassl-824	644	1	corporate	corporate	ADJ
hassl-824	644	2	cash	cash	NOUN
hassl-824	644	3	holdings	holding	NOUN
hassl-824	644	4	:	:	PUNCT
hassl-824	644	5	an	an	DET
hassl-824	644	6	empirical	empirical	ADJ
hassl-824	644	7	investigation	investigation	NOUN
hassl-824	644	8	of	of	ADP
hassl-824	644	9	uk	uk	PROPN
hassl-824	644	10	companies	company	NOUN
hassl-824	644	11	.	.	PUNCT
hassl-824	645	1	journal	journal	PROPN
hassl-824	645	2	of	of	ADP
hassl-824	645	3	banking	banking	NOUN
hassl-824	645	4	&	&	CCONJ
hassl-824	645	5	finance	finance	PROPN
hassl-824	645	6	,	,	PUNCT
hassl-824	645	7	28(9	28(9	NOUN
hassl-824	645	8	):	):	PUNCT
hassl-824	645	9	2103-2134.available	2103-2134.available	ADJ
hassl-824	645	10	at	at	ADP
hassl-824	645	11	:	:	PUNCT
hassl-824	645	12	https://doi.org/10.1016/j.jbankfin.2003.08.003	https://doi.org/10.1016/j.jbankfin.2003.08.003	PROPN
hassl-824	645	13	.	.	PROPN
hassl-824	645	14	park	park	PROPN
hassl-824	645	15	,	,	PUNCT
hassl-824	645	16	k.	k.	PROPN
hassl-824	645	17	and	and	CCONJ
hassl-824	645	18	s.	s.	PROPN
hassl-824	645	19	jang	jang	PROPN
hassl-824	645	20	,	,	PUNCT
hassl-824	645	21	2014	2014	NUM
hassl-824	645	22	.	.	PUNCT
hassl-824	646	1	hospitality	hospitality	NOUN
hassl-824	646	2	finance	finance	NOUN
hassl-824	646	3	and	and	CCONJ
hassl-824	646	4	managerial	managerial	ADJ
hassl-824	646	5	accounting	accounting	NOUN
hassl-824	646	6	research	research	NOUN
hassl-824	646	7	:	:	PUNCT
hassl-824	646	8	suggesting	suggest	VERB
hassl-824	646	9	an	an	DET
hassl-824	646	10	interdisciplinary	interdisciplinary	ADJ
hassl-824	646	11	research	research	NOUN
hassl-824	646	12	agenda	agenda	NOUN
hassl-824	646	13	.	.	PUNCT
hassl-824	647	1	international	international	ADJ
hassl-824	647	2	journal	journal	PROPN
hassl-824	647	3	of	of	ADP
hassl-824	647	4	contemporary	contemporary	PROPN
hassl-824	647	5	hospitality	hospitality	PROPN
hassl-824	647	6	management	management	NOUN
hassl-824	647	7	,	,	PUNCT
hassl-824	647	8	26(5	26(5	NUM
hassl-824	647	9	):	):	PUNCT
hassl-824	647	10	751-777.available	751-777.available	NUM
hassl-824	647	11	at	at	ADP
hassl-824	647	12	:	:	PUNCT
hassl-824	647	13	https://doi.org/10.1108/ijchm-12-2013-0554	https://doi.org/10.1108/ijchm-12-2013-0554	NOUN
hassl-824	647	14	.	.	PUNCT
hassl-824	648	1	peng	peng	PROPN
hassl-824	648	2	,	,	PUNCT
hassl-824	648	3	m.w	m.w	PROPN
hassl-824	648	4	.	.	PROPN
hassl-824	648	5	,	,	PUNCT
hassl-824	648	6	d.y	d.y	PROPN
hassl-824	648	7	.	.	PROPN
hassl-824	648	8	wang	wang	PROPN
hassl-824	648	9	and	and	CCONJ
hassl-824	648	10	y.	y.	PROPN
hassl-824	648	11	jiang	jiang	PROPN
hassl-824	648	12	,	,	PUNCT
hassl-824	648	13	2008	2008	NUM
hassl-824	648	14	.	.	PUNCT
hassl-824	649	1	an	an	DET
hassl-824	649	2	institution	institution	NOUN
hassl-824	649	3	-	-	PUNCT
hassl-824	649	4	based	base	VERB
hassl-824	649	5	view	view	NOUN
hassl-824	649	6	of	of	ADP
hassl-824	649	7	international	international	ADJ
hassl-824	649	8	business	business	NOUN
hassl-824	649	9	strategy	strategy	NOUN
hassl-824	649	10	:	:	PUNCT
hassl-824	649	11	a	a	DET
hassl-824	649	12	focus	focus	NOUN
hassl-824	649	13	on	on	ADP
hassl-824	649	14	emerging	emerge	VERB
hassl-824	649	15	economies	economy	NOUN
hassl-824	649	16	.	.	PUNCT
hassl-824	650	1	journal	journal	PROPN
hassl-824	650	2	of	of	ADP
hassl-824	650	3	international	international	ADJ
hassl-824	650	4	business	business	NOUN
hassl-824	650	5	studies	study	NOUN
hassl-824	650	6	,	,	PUNCT
hassl-824	650	7	39(5	39(5	NUM
hassl-824	650	8	):	):	PUNCT
hassl-824	650	9	920-936.available	920-936.available	NUM
hassl-824	650	10	at	at	ADP
hassl-824	650	11	:	:	PUNCT
hassl-824	650	12	https://doi.org/10.1057/palgrave.jibs.8400377	https://doi.org/10.1057/palgrave.jibs.8400377	NOUN
hassl-824	650	13	.	.	PUNCT
hassl-824	651	1	petersen	petersen	PROPN
hassl-824	651	2	,	,	PUNCT
hassl-824	651	3	m.a	m.a	PROPN
hassl-824	651	4	.	.	PROPN
hassl-824	651	5	,	,	PUNCT
hassl-824	651	6	2009	2009	NUM
hassl-824	651	7	.	.	PUNCT
hassl-824	652	1	estimating	estimate	VERB
hassl-824	652	2	standard	standard	ADJ
hassl-824	652	3	errors	error	NOUN
hassl-824	652	4	in	in	ADP
hassl-824	652	5	finance	finance	NOUN
hassl-824	652	6	panel	panel	NOUN
hassl-824	652	7	data	datum	NOUN
hassl-824	652	8	sets	set	NOUN
hassl-824	652	9	:	:	PUNCT
hassl-824	652	10	comparing	compare	VERB
hassl-824	652	11	approaches	approach	NOUN
hassl-824	652	12	.	.	PUNCT
hassl-824	653	1	the	the	DET
hassl-824	653	2	review	review	NOUN
hassl-824	653	3	of	of	ADP
hassl-824	653	4	financial	financial	ADJ
hassl-824	653	5	studies	study	NOUN
hassl-824	653	6	,	,	PUNCT
hassl-824	653	7	22(1	22(1	NUM
hassl-824	653	8	):	):	PUNCT
hassl-824	653	9	435-480.available	435-480.available	NUM
hassl-824	653	10	at	at	ADP
hassl-824	653	11	:	:	PUNCT
hassl-824	653	12	https://doi.org/10.1093/rfs/hhn053	https://doi.org/10.1093/rfs/hhn053	ADJ
hassl-824	653	13	.	.	PUNCT
hassl-824	654	1	pinkowitz	pinkowitz	PROPN
hassl-824	654	2	,	,	PUNCT
hassl-824	654	3	l.	l.	PROPN
hassl-824	654	4	,	,	PUNCT
hassl-824	654	5	r.m	r.m	PROPN
hassl-824	654	6	.	.	PROPN
hassl-824	654	7	stulz	stulz	PROPN
hassl-824	654	8	and	and	CCONJ
hassl-824	654	9	r.	r.	PROPN
hassl-824	654	10	williamson	williamson	PROPN
hassl-824	654	11	,	,	PUNCT
hassl-824	654	12	2003	2003	NUM
hassl-824	654	13	.	.	PUNCT
hassl-824	655	1	do	do	VERB
hassl-824	655	2	firms	firm	NOUN
hassl-824	655	3	in	in	ADP
hassl-824	655	4	countries	country	NOUN
hassl-824	655	5	with	with	ADP
hassl-824	655	6	poor	poor	ADJ
hassl-824	655	7	protection	protection	NOUN
hassl-824	655	8	of	of	ADP
hassl-824	655	9	investor	investor	NOUN
hassl-824	655	10	rights	right	NOUN
hassl-824	655	11	hold	hold	VERB
hassl-824	655	12	more	more	ADJ
hassl-824	655	13	cash	cash	NOUN
hassl-824	655	14	?	?	PUNCT
hassl-824	656	1	(	(	PUNCT
hassl-824	656	2	no	no	INTJ
hassl-824	656	3	.	.	PUNCT
hassl-824	656	4	w10188	w10188	NOUN
hassl-824	656	5	)	)	PUNCT
hassl-824	656	6	.	.	PUNCT
hassl-824	657	1	national	national	PROPN
hassl-824	657	2	bureau	bureau	PROPN
hassl-824	657	3	of	of	ADP
hassl-824	657	4	economic	economic	ADJ
hassl-824	657	5	research	research	NOUN
hassl-824	657	6	.	.	PUNCT
hassl-824	658	1	pizam	pizam	NOUN
hassl-824	658	2	,	,	PUNCT
hassl-824	658	3	a.	a.	NOUN
hassl-824	658	4	,	,	PUNCT
hassl-824	658	5	2009	2009	NUM
hassl-824	658	6	.	.	PUNCT
hassl-824	659	1	what	what	PRON
hassl-824	659	2	is	be	AUX
hassl-824	659	3	the	the	DET
hassl-824	659	4	hospitality	hospitality	NOUN
hassl-824	659	5	industry	industry	NOUN
hassl-824	659	6	and	and	CCONJ
hassl-824	659	7	how	how	SCONJ
hassl-824	659	8	does	do	AUX
hassl-824	659	9	it	it	PRON
hassl-824	659	10	differ	differ	VERB
hassl-824	659	11	from	from	ADP
hassl-824	659	12	the	the	DET
hassl-824	659	13	tourism	tourism	NOUN
hassl-824	659	14	and	and	CCONJ
hassl-824	659	15	travel	travel	NOUN
hassl-824	659	16	industries	industry	NOUN
hassl-824	659	17	?	?	PUNCT
hassl-824	660	1	international	international	ADJ
hassl-824	660	2	journal	journal	PROPN
hassl-824	660	3	of	of	ADP
hassl-824	660	4	hospitality	hospitality	PROPN
hassl-824	660	5	management	management	NOUN
hassl-824	660	6	,	,	PUNCT
hassl-824	660	7	28(2	28(2	NUM
hassl-824	660	8	):	):	PUNCT
hassl-824	660	9	183-184.available	183-184.available	NUM
hassl-824	660	10	at	at	ADP
hassl-824	660	11	:	:	PUNCT
hassl-824	660	12	https://doi.org/10.1016/j.ijhm.2009.01.001	https://doi.org/10.1016/j.ijhm.2009.01.001	PROPN
hassl-824	660	13	.	.	PROPN
hassl-824	660	14	saona	saona	PROPN
hassl-824	660	15	,	,	PUNCT
hassl-824	660	16	p.	p.	NOUN
hassl-824	660	17	and	and	CCONJ
hassl-824	660	18	m.p	m.p	PROPN
hassl-824	660	19	.	.	PROPN
hassl-824	660	20	san	san	PROPN
hassl-824	660	21	,	,	PUNCT
hassl-824	660	22	2016	2016	NUM
hassl-824	660	23	.	.	PUNCT
hassl-824	661	1	country	country	NOUN
hassl-824	661	2	level	level	NOUN
hassl-824	661	3	governance	governance	NOUN
hassl-824	661	4	variables	variable	NOUN
hassl-824	661	5	and	and	CCONJ
hassl-824	661	6	ownership	ownership	NOUN
hassl-824	661	7	concentration	concentration	NOUN
hassl-824	661	8	as	as	ADP
hassl-824	661	9	determinants	determinant	NOUN
hassl-824	661	10	of	of	ADP
hassl-824	661	11	firm	firm	ADJ
hassl-824	661	12	value	value	NOUN
hassl-824	661	13	in	in	ADP
hassl-824	661	14	latin	latin	PROPN
hassl-824	661	15	america	america	PROPN
hassl-824	661	16	.	.	PUNCT
hassl-824	662	1	international	international	ADJ
hassl-824	662	2	review	review	NOUN
hassl-824	662	3	of	of	ADP
hassl-824	662	4	law	law	NOUN
hassl-824	662	5	and	and	CCONJ
hassl-824	662	6	economics	economic	NOUN
hassl-824	662	7	,	,	PUNCT
hassl-824	662	8	47	47	NUM
hassl-824	662	9	:	:	PUNCT
hassl-824	662	10	84-95.available	84-95.available	ADJ
hassl-824	662	11	at	at	ADP
hassl-824	662	12	:	:	PUNCT
hassl-824	662	13	https://doi.org/10.1016/j.irle.2016.06.004	https://doi.org/10.1016/j.irle.2016.06.004	PROPN
hassl-824	662	14	.	.	PUNCT
hassl-824	663	1	stulz	stulz	PROPN
hassl-824	663	2	,	,	PUNCT
hassl-824	663	3	r.m	r.m	PROPN
hassl-824	663	4	.	.	PROPN
hassl-824	663	5	,	,	PUNCT
hassl-824	663	6	2005	2005	NUM
hassl-824	663	7	.	.	PUNCT
hassl-824	664	1	the	the	DET
hassl-824	664	2	limits	limit	NOUN
hassl-824	664	3	of	of	ADP
hassl-824	664	4	financial	financial	ADJ
hassl-824	664	5	globalization	globalization	NOUN
hassl-824	664	6	.	.	PUNCT
hassl-824	665	1	the	the	DET
hassl-824	665	2	journal	journal	PROPN
hassl-824	665	3	of	of	ADP
hassl-824	665	4	finance	finance	NOUN
hassl-824	665	5	,	,	PUNCT
hassl-824	665	6	60(4	60(4	NUM
hassl-824	665	7	):	):	PUNCT
hassl-824	665	8	1595-1638.available	1595-1638.available	NUM
hassl-824	665	9	at	at	ADP
hassl-824	665	10	:	:	PUNCT
hassl-824	665	11	https://doi.org/10.1111/j.1540-6261.2005.00775.x	https://doi.org/10.1111/j.1540-6261.2005.00775.x	PROPN
hassl-824	665	12	.	.	PUNCT
hassl-824	666	1	xu	xu	PROPN
hassl-824	666	2	,	,	PUNCT
hassl-824	666	3	n.	n.	PROPN
hassl-824	666	4	,	,	PUNCT
hassl-824	666	5	q.	q.	PROPN
hassl-824	666	6	chen	chen	PROPN
hassl-824	666	7	,	,	PUNCT
hassl-824	666	8	y.	y.	PROPN
hassl-824	666	9	xu	xu	PROPN
hassl-824	666	10	and	and	CCONJ
hassl-824	666	11	k.c	k.c	PROPN
hassl-824	666	12	.	.	PROPN
hassl-824	666	13	chan	chan	PROPN
hassl-824	666	14	,	,	PUNCT
hassl-824	666	15	2016	2016	NUM
hassl-824	666	16	.	.	PUNCT
hassl-824	667	1	political	political	ADJ
hassl-824	667	2	uncertainty	uncertainty	NOUN
hassl-824	667	3	and	and	CCONJ
hassl-824	667	4	cash	cash	NOUN
hassl-824	667	5	holdings	holding	NOUN
hassl-824	667	6	:	:	PUNCT
hassl-824	667	7	evidence	evidence	NOUN
hassl-824	667	8	from	from	ADP
hassl-824	667	9	china	china	PROPN
hassl-824	667	10	.	.	PUNCT
hassl-824	668	1	journal	journal	PROPN
hassl-824	668	2	of	of	ADP
hassl-824	668	3	corporate	corporate	ADJ
hassl-824	668	4	finance	finance	NOUN
hassl-824	668	5	,	,	PUNCT
hassl-824	668	6	40	40	NUM
hassl-824	668	7	:	:	SYM
hassl-824	668	8	276-295.available	276-295.available	NUM
hassl-824	668	9	at	at	ADP
hassl-824	668	10	:	:	PUNCT
hassl-824	669	1	https://doi.org/10.1016/j.jcorpfin.2016.08.007	https://doi.org/10.1016/j.jcorpfin.2016.08.007	ADJ
hassl-824	669	2	.	.	PROPN
hassl-824	669	3	zucker	zucker	PROPN
hassl-824	669	4	,	,	PUNCT
hassl-824	669	5	l.g	l.g	PROPN
hassl-824	669	6	.	.	PROPN
hassl-824	669	7	,	,	PUNCT
hassl-824	669	8	1987	1987	NUM
hassl-824	669	9	.	.	PUNCT
hassl-824	670	1	institutional	institutional	ADJ
hassl-824	670	2	theories	theory	NOUN
hassl-824	670	3	of	of	ADP
hassl-824	670	4	organization	organization	NOUN
hassl-824	670	5	.	.	PUNCT
hassl-824	671	1	annual	annual	ADJ
hassl-824	671	2	review	review	NOUN
hassl-824	671	3	of	of	ADP
hassl-824	671	4	sociology	sociology	NOUN
hassl-824	671	5	,	,	PUNCT
hassl-824	671	6	13(1	13(1	NUM
hassl-824	671	7	):	):	PUNCT
hassl-824	671	8	443-464.available	443-464.available	NUM
hassl-824	671	9	at	at	ADP
hassl-824	671	10	:	:	PUNCT
hassl-824	671	11	https://doi.org/10.1146/annurev.soc.13.1.443	https://doi.org/10.1146/annurev.soc.13.1.443	NOUN
hassl-824	671	12	.	.	PUNCT
hassl-824	672	1	views	view	NOUN
hassl-824	672	2	and	and	CCONJ
hassl-824	672	3	opinions	opinion	NOUN
hassl-824	672	4	expressed	express	VERB
hassl-824	672	5	in	in	ADP
hassl-824	672	6	this	this	DET
hassl-824	672	7	article	article	NOUN
hassl-824	672	8	are	be	AUX
hassl-824	672	9	the	the	DET
hassl-824	672	10	views	view	NOUN
hassl-824	672	11	and	and	CCONJ
hassl-824	672	12	opinions	opinion	NOUN
hassl-824	672	13	of	of	ADP
hassl-824	672	14	the	the	DET
hassl-824	672	15	author(s	author(s	NOUN
hassl-824	672	16	)	)	PUNCT
hassl-824	672	17	,	,	PUNCT
hassl-824	672	18	humanities	humanity	NOUN
hassl-824	672	19	and	and	CCONJ
hassl-824	672	20	social	social	ADJ
hassl-824	672	21	sciences	science	NOUN
hassl-824	672	22	letters	letter	NOUN
hassl-824	672	23	shall	shall	AUX
hassl-824	672	24	not	not	PART
hassl-824	672	25	be	be	AUX
hassl-824	672	26	responsible	responsible	ADJ
hassl-824	672	27	or	or	CCONJ
hassl-824	672	28	answerable	answerable	ADJ
hassl-824	672	29	for	for	ADP
hassl-824	672	30	any	any	DET
hassl-824	672	31	loss	loss	NOUN
hassl-824	672	32	,	,	PUNCT
hassl-824	672	33	damage	damage	NOUN
hassl-824	672	34	or	or	CCONJ
hassl-824	672	35	liability	liability	NOUN
hassl-824	672	36	etc	etc	X
hassl-824	672	37	.	.	X
hassl-824	673	1	caused	cause	VERB
hassl-824	673	2	in	in	ADP
hassl-824	673	3	relation	relation	NOUN
hassl-824	673	4	to	to	PART
hassl-824	673	5	/	/	PUNCT
hassl-824	673	6	arising	arise	VERB
hassl-824	673	7	out	out	ADP
hassl-824	673	8	of	of	ADP
hassl-824	673	9	the	the	DET
hassl-824	673	10	use	use	NOUN
hassl-824	673	11	of	of	ADP
hassl-824	673	12	the	the	DET
hassl-824	673	13	content	content	NOUN
hassl-824	673	14	.	.	PUNCT