id	sid	tid	token	lemma	pos
ijtc-1855	1	1	the	the	DET
ijtc-1855	1	2	illomata	illomata	PROPN
ijtc-1855	1	3	international	international	PROPN
ijtc-1855	1	4	journal	journal	PROPN
ijtc-1855	1	5	of	of	ADP
ijtc-1855	1	6	management	management	NOUN
ijtc-1855	1	7	ilomata	ilomata	PROPN
ijtc-1855	1	8	international	international	ADJ
ijtc-1855	1	9	journal	journal	NOUN
ijtc-1855	1	10	of	of	ADP
ijtc-1855	1	11	tax	tax	PROPN
ijtc-1855	1	12	&	&	CCONJ
ijtc-1855	1	13	accounting	account	VERB
ijtc-1855	1	14	p	p	PROPN
ijtc-1855	1	15	-	-	PUNCT
ijtc-1855	1	16	issn	issn	NOUN
ijtc-1855	1	17	:	:	PUNCT
ijtc-1855	1	18	2714	2714	NUM
ijtc-1855	1	19	-	-	SYM
ijtc-1855	1	20	9838	9838	NUM
ijtc-1855	1	21	;	;	PUNCT
ijtc-1855	1	22	e	e	X
ijtc-1855	1	23	-	-	PUNCT
ijtc-1855	1	24	issn	issn	NOUN
ijtc-1855	1	25	:	:	PUNCT
ijtc-1855	1	26	2714	2714	NUM
ijtc-1855	1	27	-	-	SYM
ijtc-1855	1	28	9846	9846	NUM
ijtc-1855	1	29	volume	volume	NOUN
ijtc-1855	1	30	6	6	NUM
ijtc-1855	1	31	,	,	PUNCT
ijtc-1855	1	32	issue	issue	NOUN
ijtc-1855	1	33	1	1	NUM
ijtc-1855	1	34	january	january	PROPN
ijtc-1855	1	35	2025	2025	NUM
ijtc-1855	1	36	page	page	NOUN
ijtc-1855	1	37	no	no	NOUN
ijtc-1855	1	38	.	.	NOUN
ijtc-1855	2	1	146	146	NUM
ijtc-1855	2	2	-	-	SYM
ijtc-1855	2	3	165	165	NUM
ijtc-1855	2	4	146|	146|	NUM
ijtc-1855	2	5	ilomata	ilomata	NOUN
ijtc-1855	2	6	international	international	ADJ
ijtc-1855	2	7	journal	journal	NOUN
ijtc-1855	2	8	of	of	ADP
ijtc-1855	2	9	tax	tax	PROPN
ijtc-1855	2	10	&	&	CCONJ
ijtc-1855	2	11	accounting	account	VERB
ijtc-1855	2	12	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	2	13	political	political	ADJ
ijtc-1855	2	14	connections	connection	NOUN
ijtc-1855	2	15	,	,	PUNCT
ijtc-1855	2	16	business	business	NOUN
ijtc-1855	2	17	groups	group	NOUN
ijtc-1855	2	18	,	,	PUNCT
ijtc-1855	2	19	and	and	CCONJ
ijtc-1855	2	20	firm	firm	ADJ
ijtc-1855	2	21	value	value	NOUN
ijtc-1855	2	22	in	in	ADP
ijtc-1855	2	23	indonesia	indonesia	PROPN
ijtc-1855	2	24	muhammad	muhammad	PROPN
ijtc-1855	2	25	fasha	fasha	PROPN
ijtc-1855	2	26	radya1	radya1	PROPN
ijtc-1855	2	27	,	,	PUNCT
ijtc-1855	2	28	eddy	eddy	PROPN
ijtc-1855	2	29	suranta2	suranta2	PROPN
ijtc-1855	2	30	12universitas	12universitas	NUM
ijtc-1855	2	31	bengkulu	bengkulu	VERB
ijtc-1855	2	32	,	,	PUNCT
ijtc-1855	2	33	indonesia	indonesia	PROPN
ijtc-1855	2	34	correspondent	correspondent	NOUN
ijtc-1855	2	35	:	:	PUNCT
ijtc-1855	2	36	pasharadya@gmail.com1	pasharadya@gmail.com1	PROPN
ijtc-1855	2	37	received	receive	VERB
ijtc-1855	2	38	:	:	PUNCT
ijtc-1855	2	39	november	november	PROPN
ijtc-1855	2	40	28	28	NUM
ijtc-1855	2	41	,	,	PUNCT
ijtc-1855	2	42	2024	2024	NUM
ijtc-1855	2	43	accepted	accept	VERB
ijtc-1855	2	44	:	:	PUNCT
ijtc-1855	2	45	january	january	PROPN
ijtc-1855	2	46	18	18	NUM
ijtc-1855	2	47	,	,	PUNCT
ijtc-1855	2	48	2024	2024	NUM
ijtc-1855	2	49	published	publish	VERB
ijtc-1855	2	50	:	:	PUNCT
ijtc-1855	2	51	january	january	PROPN
ijtc-1855	2	52	31	31	NUM
ijtc-1855	2	53	,	,	PUNCT
ijtc-1855	2	54	2025	2025	NUM
ijtc-1855	2	55	citation	citation	NOUN
ijtc-1855	2	56	:	:	PUNCT
ijtc-1855	3	1	radya	radya	NOUN
ijtc-1855	3	2	,	,	PUNCT
ijtc-1855	3	3	m.f	m.f	PROPN
ijtc-1855	3	4	.	.	PROPN
ijtc-1855	3	5	,	,	PUNCT
ijtc-1855	3	6	&	&	CCONJ
ijtc-1855	3	7	suranta	suranta	PROPN
ijtc-1855	3	8	,	,	PUNCT
ijtc-1855	3	9	e.	e.	PROPN
ijtc-1855	3	10	,	,	PUNCT
ijtc-1855	3	11	(	(	PUNCT
ijtc-1855	3	12	2025	2025	NUM
ijtc-1855	3	13	)	)	PUNCT
ijtc-1855	3	14	.	.	PUNCT
ijtc-1855	4	1	political	political	ADJ
ijtc-1855	4	2	connections	connection	NOUN
ijtc-1855	4	3	,	,	PUNCT
ijtc-1855	4	4	business	business	NOUN
ijtc-1855	4	5	groups	group	NOUN
ijtc-1855	4	6	,	,	PUNCT
ijtc-1855	4	7	and	and	CCONJ
ijtc-1855	4	8	firm	firm	ADJ
ijtc-1855	4	9	value	value	NOUN
ijtc-1855	4	10	in	in	ADP
ijtc-1855	4	11	indonesia	indonesia	PROPN
ijtc-1855	4	12	.	.	PUNCT
ijtc-1855	5	1	ilomata	ilomata	PROPN
ijtc-1855	5	2	international	international	PROPN
ijtc-1855	5	3	journal	journal	NOUN
ijtc-1855	5	4	of	of	ADP
ijtc-1855	5	5	accounting	accounting	PROPN
ijtc-1855	5	6	&	&	CCONJ
ijtc-1855	5	7	taxation	taxation	NOUN
ijtc-1855	5	8	.	.	PUNCT
ijtc-1855	6	1	6(1	6(1	NUM
ijtc-1855	6	2	)	)	PUNCT
ijtc-1855	6	3	,	,	PUNCT
ijtc-1855	6	4	146165	146165	NUM
ijtc-1855	6	5	.	.	PUNCT
ijtc-1855	7	1	https://doi.org/1061194/ijtc.v6i1.1855	https://doi.org/1061194/ijtc.v6i1.1855	PROPN
ijtc-1855	7	2	abstract	abstract	NOUN
ijtc-1855	7	3	:	:	PUNCT
ijtc-1855	7	4	this	this	DET
ijtc-1855	7	5	study	study	NOUN
ijtc-1855	7	6	examines	examine	VERB
ijtc-1855	7	7	the	the	DET
ijtc-1855	7	8	impact	impact	NOUN
ijtc-1855	7	9	of	of	ADP
ijtc-1855	7	10	politically	politically	ADV
ijtc-1855	7	11	connected	connect	VERB
ijtc-1855	7	12	board	board	NOUN
ijtc-1855	7	13	directors	director	NOUN
ijtc-1855	7	14	on	on	ADP
ijtc-1855	7	15	firm	firm	ADJ
ijtc-1855	7	16	value	value	NOUN
ijtc-1855	7	17	,	,	PUNCT
ijtc-1855	7	18	with	with	ADP
ijtc-1855	7	19	business	business	NOUN
ijtc-1855	7	20	group	group	NOUN
ijtc-1855	7	21	affiliation	affiliation	NOUN
ijtc-1855	7	22	serving	serve	VERB
ijtc-1855	7	23	as	as	ADP
ijtc-1855	7	24	a	a	DET
ijtc-1855	7	25	moderating	moderate	VERB
ijtc-1855	7	26	variable	variable	NOUN
ijtc-1855	7	27	,	,	PUNCT
ijtc-1855	7	28	focusing	focus	VERB
ijtc-1855	7	29	on	on	ADP
ijtc-1855	7	30	indonesian	indonesian	ADJ
ijtc-1855	7	31	manufacturing	manufacturing	NOUN
ijtc-1855	7	32	firms	firm	NOUN
ijtc-1855	7	33	.	.	PUNCT
ijtc-1855	8	1	drawing	draw	VERB
ijtc-1855	8	2	on	on	ADP
ijtc-1855	8	3	agency	agency	NOUN
ijtc-1855	8	4	theory	theory	NOUN
ijtc-1855	8	5	and	and	CCONJ
ijtc-1855	8	6	resource	resource	NOUN
ijtc-1855	8	7	dependence	dependence	NOUN
ijtc-1855	8	8	theory	theory	NOUN
ijtc-1855	8	9	,	,	PUNCT
ijtc-1855	8	10	the	the	DET
ijtc-1855	8	11	research	research	NOUN
ijtc-1855	8	12	analyzes	analyze	VERB
ijtc-1855	8	13	318	318	NUM
ijtc-1855	8	14	observations	observation	NOUN
ijtc-1855	8	15	from	from	ADP
ijtc-1855	8	16	106	106	NUM
ijtc-1855	8	17	listed	list	VERB
ijtc-1855	8	18	companies	company	NOUN
ijtc-1855	8	19	between	between	ADP
ijtc-1855	8	20	2020	2020	NUM
ijtc-1855	8	21	and	and	CCONJ
ijtc-1855	8	22	2022	2022	NUM
ijtc-1855	8	23	.	.	PUNCT
ijtc-1855	9	1	tobin	tobin	PROPN
ijtc-1855	9	2	’s	’s	PART
ijtc-1855	9	3	q	q	NOUN
ijtc-1855	9	4	is	be	AUX
ijtc-1855	9	5	used	use	VERB
ijtc-1855	9	6	as	as	ADP
ijtc-1855	9	7	a	a	DET
ijtc-1855	9	8	measure	measure	NOUN
ijtc-1855	9	9	of	of	ADP
ijtc-1855	9	10	firm	firm	ADJ
ijtc-1855	9	11	value	value	NOUN
ijtc-1855	9	12	.	.	PUNCT
ijtc-1855	10	1	the	the	DET
ijtc-1855	10	2	findings	finding	NOUN
ijtc-1855	10	3	reveal	reveal	VERB
ijtc-1855	10	4	that	that	SCONJ
ijtc-1855	10	5	political	political	ADJ
ijtc-1855	10	6	connections	connection	NOUN
ijtc-1855	10	7	alone	alone	ADV
ijtc-1855	10	8	do	do	AUX
ijtc-1855	10	9	not	not	PART
ijtc-1855	10	10	significantly	significantly	ADV
ijtc-1855	10	11	influence	influence	VERB
ijtc-1855	10	12	firm	firm	ADJ
ijtc-1855	10	13	value	value	NOUN
ijtc-1855	10	14	(	(	PUNCT
ijtc-1855	10	15	pcbod	pcbod	NOUN
ijtc-1855	10	16	=	=	SYM
ijtc-1855	10	17	0.421	0.421	NUM
ijtc-1855	10	18	,	,	PUNCT
ijtc-1855	10	19	pcbod2	pcbod2	NOUN
ijtc-1855	10	20	=	=	NOUN
ijtc-1855	10	21	0.106	0.106	NUM
ijtc-1855	10	22	)	)	PUNCT
ijtc-1855	10	23	,	,	PUNCT
ijtc-1855	10	24	but	but	CCONJ
ijtc-1855	10	25	their	their	PRON
ijtc-1855	10	26	effect	effect	NOUN
ijtc-1855	10	27	becomes	become	VERB
ijtc-1855	10	28	positive	positive	ADJ
ijtc-1855	10	29	and	and	CCONJ
ijtc-1855	10	30	significant	significant	ADJ
ijtc-1855	10	31	when	when	SCONJ
ijtc-1855	10	32	moderated	moderate	VERB
ijtc-1855	10	33	by	by	ADP
ijtc-1855	10	34	business	business	NOUN
ijtc-1855	10	35	groups	group	NOUN
ijtc-1855	10	36	(	(	PUNCT
ijtc-1855	10	37	pcbod×bg	pcbod×bg	PROPN
ijtc-1855	10	38	=	=	SYM
ijtc-1855	10	39	0.006	0.006	NUM
ijtc-1855	10	40	,	,	PUNCT
ijtc-1855	10	41	pcbod2×bg	pcbod2×bg	PROPN
ijtc-1855	10	42	=	=	NOUN
ijtc-1855	10	43	0.007	0.007	NUM
ijtc-1855	10	44	)	)	PUNCT
ijtc-1855	10	45	.	.	PUNCT
ijtc-1855	11	1	this	this	PRON
ijtc-1855	11	2	implies	imply	VERB
ijtc-1855	11	3	that	that	SCONJ
ijtc-1855	11	4	business	business	NOUN
ijtc-1855	11	5	group	group	NOUN
ijtc-1855	11	6	structures	structure	NOUN
ijtc-1855	11	7	,	,	PUNCT
ijtc-1855	11	8	particularly	particularly	ADV
ijtc-1855	11	9	in	in	ADP
ijtc-1855	11	10	familycontrolled	familycontrolled	ADJ
ijtc-1855	11	11	firms	firm	NOUN
ijtc-1855	11	12	,	,	PUNCT
ijtc-1855	11	13	can	can	AUX
ijtc-1855	11	14	enhance	enhance	VERB
ijtc-1855	11	15	the	the	DET
ijtc-1855	11	16	strategic	strategic	ADJ
ijtc-1855	11	17	value	value	NOUN
ijtc-1855	11	18	of	of	ADP
ijtc-1855	11	19	political	political	ADJ
ijtc-1855	11	20	ties	tie	NOUN
ijtc-1855	11	21	.	.	PUNCT
ijtc-1855	12	1	the	the	DET
ijtc-1855	12	2	study	study	NOUN
ijtc-1855	12	3	is	be	AUX
ijtc-1855	12	4	limited	limit	VERB
ijtc-1855	12	5	by	by	ADP
ijtc-1855	12	6	its	its	PRON
ijtc-1855	12	7	broad	broad	ADJ
ijtc-1855	12	8	classification	classification	NOUN
ijtc-1855	12	9	of	of	ADP
ijtc-1855	12	10	political	political	ADJ
ijtc-1855	12	11	connections	connection	NOUN
ijtc-1855	12	12	,	,	PUNCT
ijtc-1855	12	13	without	without	ADP
ijtc-1855	12	14	distinguishing	distinguish	VERB
ijtc-1855	12	15	their	their	PRON
ijtc-1855	12	16	type	type	NOUN
ijtc-1855	12	17	or	or	CCONJ
ijtc-1855	12	18	depth	depth	NOUN
ijtc-1855	12	19	.	.	PUNCT
ijtc-1855	13	1	future	future	ADJ
ijtc-1855	13	2	research	research	NOUN
ijtc-1855	13	3	should	should	AUX
ijtc-1855	13	4	examine	examine	VERB
ijtc-1855	13	5	more	more	ADV
ijtc-1855	13	6	specific	specific	ADJ
ijtc-1855	13	7	political	political	ADJ
ijtc-1855	13	8	affiliations	affiliation	NOUN
ijtc-1855	13	9	and	and	CCONJ
ijtc-1855	13	10	consider	consider	VERB
ijtc-1855	13	11	political	political	ADJ
ijtc-1855	13	12	dynamics	dynamic	NOUN
ijtc-1855	13	13	across	across	ADP
ijtc-1855	13	14	sectors	sector	NOUN
ijtc-1855	13	15	.	.	PUNCT
ijtc-1855	14	1	keywords	keyword	NOUN
ijtc-1855	14	2	:	:	PUNCT
ijtc-1855	14	3	political	political	ADJ
ijtc-1855	14	4	connections	connection	NOUN
ijtc-1855	14	5	,	,	PUNCT
ijtc-1855	14	6	business	business	NOUN
ijtc-1855	14	7	groups	group	NOUN
ijtc-1855	14	8	,	,	PUNCT
ijtc-1855	14	9	firm	firm	ADJ
ijtc-1855	14	10	value	value	NOUN
ijtc-1855	14	11	,	,	PUNCT
ijtc-1855	14	12	board	board	NOUN
ijtc-1855	14	13	of	of	ADP
ijtc-1855	14	14	directors	director	NOUN
ijtc-1855	14	15	,	,	PUNCT
ijtc-1855	14	16	tobin	tobin	PROPN
ijtc-1855	14	17	’s	’s	PART
ijtc-1855	14	18	q.	q.	PROPN
ijtc-1855	14	19	this	this	PRON
ijtc-1855	14	20	is	be	AUX
ijtc-1855	14	21	an	an	DET
ijtc-1855	14	22	open	open	ADJ
ijtc-1855	14	23	access	access	NOUN
ijtc-1855	14	24	article	article	NOUN
ijtc-1855	14	25	under	under	ADP
ijtc-1855	14	26	the	the	DET
ijtc-1855	14	27	cc	cc	NOUN
ijtc-1855	14	28	-	-	PUNCT
ijtc-1855	14	29	by	by	ADP
ijtc-1855	14	30	4.0	4.0	NUM
ijtc-1855	14	31	license	license	NOUN
ijtc-1855	14	32	introduction	introduction	NOUN
ijtc-1855	14	33	tobin	tobin	NOUN
ijtc-1855	14	34	’s	’s	PART
ijtc-1855	14	35	q	q	PROPN
ijtc-1855	14	36	is	be	AUX
ijtc-1855	14	37	a	a	DET
ijtc-1855	14	38	widely	widely	ADV
ijtc-1855	14	39	used	use	VERB
ijtc-1855	14	40	indicator	indicator	NOUN
ijtc-1855	14	41	of	of	ADP
ijtc-1855	14	42	firm	firm	ADJ
ijtc-1855	14	43	value	value	NOUN
ijtc-1855	14	44	,	,	PUNCT
ijtc-1855	14	45	reflecting	reflect	VERB
ijtc-1855	14	46	market	market	NOUN
ijtc-1855	14	47	expectations	expectation	NOUN
ijtc-1855	14	48	by	by	ADP
ijtc-1855	14	49	comparing	compare	VERB
ijtc-1855	14	50	the	the	DET
ijtc-1855	14	51	market	market	NOUN
ijtc-1855	14	52	value	value	NOUN
ijtc-1855	14	53	of	of	ADP
ijtc-1855	14	54	a	a	DET
ijtc-1855	14	55	company	company	NOUN
ijtc-1855	14	56	’s	’s	PART
ijtc-1855	14	57	assets	asset	NOUN
ijtc-1855	14	58	to	to	ADP
ijtc-1855	14	59	their	their	PRON
ijtc-1855	14	60	replacement	replacement	NOUN
ijtc-1855	14	61	cost	cost	NOUN
ijtc-1855	14	62	.	.	PUNCT
ijtc-1855	15	1	a	a	DET
ijtc-1855	15	2	higher	high	ADJ
ijtc-1855	15	3	tobin	tobin	NOUN
ijtc-1855	15	4	’s	’s	PART
ijtc-1855	15	5	q	q	NOUN
ijtc-1855	15	6	suggests	suggest	VERB
ijtc-1855	15	7	that	that	SCONJ
ijtc-1855	15	8	investors	investor	NOUN
ijtc-1855	15	9	perceive	perceive	VERB
ijtc-1855	15	10	strong	strong	ADJ
ijtc-1855	15	11	future	future	ADJ
ijtc-1855	15	12	growth	growth	NOUN
ijtc-1855	15	13	and	and	CCONJ
ijtc-1855	15	14	profitability	profitability	NOUN
ijtc-1855	15	15	potential	potential	NOUN
ijtc-1855	15	16	.	.	PUNCT
ijtc-1855	16	1	investors	investor	NOUN
ijtc-1855	16	2	see	see	VERB
ijtc-1855	16	3	excellent	excellent	ADJ
ijtc-1855	16	4	growth	growth	NOUN
ijtc-1855	16	5	prospects	prospect	NOUN
ijtc-1855	16	6	and	and	CCONJ
ijtc-1855	16	7	profitability	profitability	NOUN
ijtc-1855	16	8	potential	potential	NOUN
ijtc-1855	16	9	when	when	SCONJ
ijtc-1855	16	10	tobin	tobin	PROPN
ijtc-1855	16	11	's	's	PART
ijtc-1855	16	12	q	q	NOUN
ijtc-1855	16	13	exceeds	exceed	NOUN
ijtc-1855	16	14	1	1	NUM
ijtc-1855	16	15	,	,	PUNCT
ijtc-1855	16	16	as	as	SCONJ
ijtc-1855	16	17	the	the	DET
ijtc-1855	16	18	market	market	NOUN
ijtc-1855	16	19	value	value	NOUN
ijtc-1855	16	20	surpasses	surpass	VERB
ijtc-1855	16	21	the	the	DET
ijtc-1855	16	22	cost	cost	NOUN
ijtc-1855	16	23	of	of	ADP
ijtc-1855	16	24	replacing	replace	VERB
ijtc-1855	16	25	the	the	DET
ijtc-1855	16	26	physical	physical	ADJ
ijtc-1855	16	27	asset	asset	NOUN
ijtc-1855	16	28	.	.	PUNCT
ijtc-1855	17	1	(	(	PUNCT
ijtc-1855	17	2	chung	chung	PROPN
ijtc-1855	17	3	&	&	CCONJ
ijtc-1855	17	4	pruitt	pruitt	PROPN
ijtc-1855	17	5	,	,	PUNCT
ijtc-1855	17	6	2015	2015	NUM
ijtc-1855	17	7	)	)	PUNCT
ijtc-1855	17	8	.	.	PUNCT
ijtc-1855	18	1	according	accord	VERB
ijtc-1855	18	2	to	to	ADP
ijtc-1855	18	3	agency	agency	NOUN
ijtc-1855	18	4	theory	theory	NOUN
ijtc-1855	18	5	,	,	PUNCT
ijtc-1855	18	6	tobin	tobin	PROPN
ijtc-1855	18	7	’s	’s	PART
ijtc-1855	18	8	q	q	PUNCT
ijtc-1855	18	9	reflects	reflect	VERB
ijtc-1855	18	10	how	how	SCONJ
ijtc-1855	18	11	effectively	effectively	ADV
ijtc-1855	18	12	management	management	NOUN
ijtc-1855	18	13	(	(	PUNCT
ijtc-1855	18	14	agents	agent	NOUN
ijtc-1855	18	15	)	)	PUNCT
ijtc-1855	18	16	creates	create	VERB
ijtc-1855	18	17	value	value	NOUN
ijtc-1855	18	18	for	for	ADP
ijtc-1855	18	19	shareholders	shareholder	NOUN
ijtc-1855	18	20	(	(	PUNCT
ijtc-1855	18	21	principals	principal	NOUN
ijtc-1855	18	22	)	)	PUNCT
ijtc-1855	18	23	,	,	PUNCT
ijtc-1855	18	24	but	but	CCONJ
ijtc-1855	18	25	conflicts	conflict	NOUN
ijtc-1855	18	26	of	of	ADP
ijtc-1855	18	27	interest	interest	NOUN
ijtc-1855	18	28	and	and	CCONJ
ijtc-1855	18	29	information	information	NOUN
ijtc-1855	18	30	asymmetry	asymmetry	NOUN
ijtc-1855	18	31	often	often	ADV
ijtc-1855	18	32	hinder	hinder	VERB
ijtc-1855	18	33	this	this	DET
ijtc-1855	18	34	alignment	alignment	NOUN
ijtc-1855	18	35	.	.	PUNCT
ijtc-1855	19	1	in	in	ADP
ijtc-1855	19	2	developing	develop	VERB
ijtc-1855	19	3	countries	country	NOUN
ijtc-1855	19	4	like	like	ADP
ijtc-1855	19	5	indonesia	indonesia	PROPN
ijtc-1855	19	6	,	,	PUNCT
ijtc-1855	19	7	political	political	ADJ
ijtc-1855	19	8	connections	connection	NOUN
ijtc-1855	19	9	represent	represent	VERB
ijtc-1855	19	10	an	an	DET
ijtc-1855	19	11	external	external	ADJ
ijtc-1855	19	12	governance	governance	NOUN
ijtc-1855	19	13	mechanism	mechanism	NOUN
ijtc-1855	19	14	that	that	PRON
ijtc-1855	19	15	can	can	AUX
ijtc-1855	19	16	influence	influence	VERB
ijtc-1855	19	17	firm	firm	ADJ
ijtc-1855	19	18	value	value	NOUN
ijtc-1855	19	19	,	,	PUNCT
ijtc-1855	19	20	particularly	particularly	ADV
ijtc-1855	19	21	amid	amid	ADP
ijtc-1855	19	22	weak	weak	ADJ
ijtc-1855	19	23	regulatory	regulatory	ADJ
ijtc-1855	19	24	institutions	institution	NOUN
ijtc-1855	19	25	(	(	PUNCT
ijtc-1855	19	26	jensen	jensen	PROPN
ijtc-1855	19	27	and	and	CCONJ
ijtc-1855	19	28	meckling	meckling	NOUN
ijtc-1855	19	29	,	,	PUNCT
ijtc-1855	19	30	1976	1976	NUM
ijtc-1855	19	31	)	)	PUNCT
ijtc-1855	19	32	.	.	PUNCT
ijtc-1855	20	1	beyond	beyond	ADP
ijtc-1855	20	2	internal	internal	ADJ
ijtc-1855	20	3	governance	governance	NOUN
ijtc-1855	20	4	factors	factor	NOUN
ijtc-1855	20	5	,	,	PUNCT
ijtc-1855	20	6	external	external	ADJ
ijtc-1855	20	7	elements	element	NOUN
ijtc-1855	20	8	like	like	ADP
ijtc-1855	20	9	corporate	corporate	ADJ
ijtc-1855	20	10	political	political	ADJ
ijtc-1855	20	11	connections	connection	NOUN
ijtc-1855	20	12	also	also	ADV
ijtc-1855	20	13	significantly	significantly	ADV
ijtc-1855	20	14	influence	influence	VERB
ijtc-1855	20	15	tobin	tobin	PROPN
ijtc-1855	20	16	’s	’s	PART
ijtc-1855	20	17	q	q	PROPN
ijtc-1855	20	18	values	value	NOUN
ijtc-1855	20	19	(	(	PUNCT
ijtc-1855	20	20	joseline	joseline	NOUN
ijtc-1855	20	21	et	et	PROPN
ijtc-1855	20	22	al	al	PROPN
ijtc-1855	20	23	.	.	PROPN
ijtc-1855	20	24	,	,	PUNCT
ijtc-1855	20	25	2021	2021	NUM
ijtc-1855	20	26	)	)	PUNCT
ijtc-1855	20	27	,	,	PUNCT
ijtc-1855	20	28	illustrating	illustrate	VERB
ijtc-1855	20	29	how	how	SCONJ
ijtc-1855	20	30	the	the	DET
ijtc-1855	20	31	institutional	institutional	ADJ
ijtc-1855	20	32	context	context	NOUN
ijtc-1855	20	33	affects	affect	VERB
ijtc-1855	20	34	market	market	NOUN
ijtc-1855	20	35	valuation	valuation	NOUN
ijtc-1855	20	36	estimates	estimate	NOUN
ijtc-1855	20	37	.	.	PUNCT
ijtc-1855	21	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	21	2	mailto	mailto	PROPN
ijtc-1855	21	3	:	:	PUNCT
ijtc-1855	21	4	pasharadya@gmail.com1	pasharadya@gmail.com1	NOUN
ijtc-1855	21	5	https://doi.org/1061194/ijtc.v6i1.1855	https://doi.org/1061194/ijtc.v6i1.1855	VERB
ijtc-1855	21	6	the	the	DET
ijtc-1855	21	7	influence	influence	NOUN
ijtc-1855	21	8	of	of	ADP
ijtc-1855	21	9	politically	politically	ADV
ijtc-1855	21	10	connected	connect	VERB
ijtc-1855	21	11	board	board	NOUN
ijtc-1855	21	12	of	of	ADP
ijtc-1855	21	13	directors	director	NOUN
ijtc-1855	21	14	on	on	ADP
ijtc-1855	21	15	firm	firm	ADJ
ijtc-1855	21	16	value	value	NOUN
ijtc-1855	21	17	with	with	ADP
ijtc-1855	21	18	business	business	NOUN
ijtc-1855	21	19	groups	group	NOUN
ijtc-1855	21	20	as	as	ADP
ijtc-1855	21	21	a	a	DET
ijtc-1855	21	22	moderating	moderate	VERB
ijtc-1855	21	23	variable	variable	NOUN
ijtc-1855	21	24	muhammad	muhammad	PROPN
ijtc-1855	21	25	fasha	fasha	PROPN
ijtc-1855	21	26	radya1	radya1	PROPN
ijtc-1855	21	27	.	.	PROPN
ijtc-1855	21	28	,	,	PUNCT
ijtc-1855	21	29	eddy	eddy	PROPN
ijtc-1855	21	30	suranta2	suranta2	PROPN
ijtc-1855	21	31	147|ilomata	147|ilomata	NUM
ijtc-1855	21	32	international	international	ADJ
ijtc-1855	21	33	journal	journal	NOUN
ijtc-1855	21	34	of	of	ADP
ijtc-1855	21	35	social	social	ADJ
ijtc-1855	21	36	science	science	NOUN
ijtc-1855	21	37	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	21	38	prior	prior	ADJ
ijtc-1855	21	39	research	research	NOUN
ijtc-1855	21	40	presents	present	VERB
ijtc-1855	21	41	mixed	mixed	ADJ
ijtc-1855	21	42	evidence	evidence	NOUN
ijtc-1855	21	43	:	:	PUNCT
ijtc-1855	21	44	some	some	DET
ijtc-1855	21	45	studies	study	NOUN
ijtc-1855	21	46	find	find	VERB
ijtc-1855	21	47	that	that	SCONJ
ijtc-1855	21	48	politically	politically	ADV
ijtc-1855	21	49	connected	connect	VERB
ijtc-1855	21	50	firms	firm	NOUN
ijtc-1855	21	51	gain	gain	VERB
ijtc-1855	21	52	easier	easy	ADJ
ijtc-1855	21	53	access	access	NOUN
ijtc-1855	21	54	to	to	ADP
ijtc-1855	21	55	financing	financing	NOUN
ijtc-1855	21	56	and	and	CCONJ
ijtc-1855	21	57	government	government	NOUN
ijtc-1855	21	58	contracts	contract	NOUN
ijtc-1855	21	59	,	,	PUNCT
ijtc-1855	21	60	while	while	SCONJ
ijtc-1855	21	61	others	other	NOUN
ijtc-1855	21	62	reveal	reveal	VERB
ijtc-1855	21	63	that	that	SCONJ
ijtc-1855	21	64	such	such	ADJ
ijtc-1855	21	65	connections	connection	NOUN
ijtc-1855	21	66	can	can	AUX
ijtc-1855	21	67	lead	lead	VERB
ijtc-1855	21	68	to	to	ADP
ijtc-1855	21	69	inefficiencies	inefficiency	NOUN
ijtc-1855	21	70	and	and	CCONJ
ijtc-1855	21	71	agency	agency	NOUN
ijtc-1855	21	72	problems	problem	NOUN
ijtc-1855	21	73	.	.	PUNCT
ijtc-1855	22	1	however	however	ADV
ijtc-1855	22	2	,	,	PUNCT
ijtc-1855	22	3	few	few	ADJ
ijtc-1855	22	4	studies	study	NOUN
ijtc-1855	22	5	have	have	AUX
ijtc-1855	22	6	examined	examine	VERB
ijtc-1855	22	7	how	how	SCONJ
ijtc-1855	22	8	political	political	ADJ
ijtc-1855	22	9	connections	connection	NOUN
ijtc-1855	22	10	interact	interact	VERB
ijtc-1855	22	11	with	with	ADP
ijtc-1855	22	12	internal	internal	ADJ
ijtc-1855	22	13	ownership	ownership	NOUN
ijtc-1855	22	14	structures	structure	NOUN
ijtc-1855	22	15	,	,	PUNCT
ijtc-1855	22	16	especially	especially	ADV
ijtc-1855	22	17	family	family	NOUN
ijtc-1855	22	18	-	-	PUNCT
ijtc-1855	22	19	controlled	control	VERB
ijtc-1855	22	20	business	business	NOUN
ijtc-1855	22	21	groups	group	NOUN
ijtc-1855	22	22	to	to	PART
ijtc-1855	22	23	shape	shape	VERB
ijtc-1855	22	24	firm	firm	ADJ
ijtc-1855	22	25	value	value	NOUN
ijtc-1855	22	26	.	.	PUNCT
ijtc-1855	23	1	this	this	DET
ijtc-1855	23	2	study	study	NOUN
ijtc-1855	23	3	addresses	address	NOUN
ijtc-1855	23	4	that	that	DET
ijtc-1855	23	5	gap	gap	NOUN
ijtc-1855	23	6	by	by	ADP
ijtc-1855	23	7	analyzing	analyze	VERB
ijtc-1855	23	8	the	the	DET
ijtc-1855	23	9	indonesian	indonesian	ADJ
ijtc-1855	23	10	context	context	NOUN
ijtc-1855	23	11	,	,	PUNCT
ijtc-1855	23	12	where	where	SCONJ
ijtc-1855	23	13	family	family	NOUN
ijtc-1855	23	14	firms	firm	NOUN
ijtc-1855	23	15	and	and	CCONJ
ijtc-1855	23	16	conglomerates	conglomerate	NOUN
ijtc-1855	23	17	remain	remain	VERB
ijtc-1855	23	18	dominant	dominant	ADJ
ijtc-1855	23	19	and	and	CCONJ
ijtc-1855	23	20	politically	politically	ADV
ijtc-1855	23	21	engaged	engage	VERB
ijtc-1855	23	22	(	(	PUNCT
ijtc-1855	23	23	azizah	azizah	PROPN
ijtc-1855	23	24	&	&	CCONJ
ijtc-1855	23	25	al	al	PROPN
ijtc-1855	23	26	amin	amin	PROPN
ijtc-1855	23	27	,	,	PUNCT
ijtc-1855	23	28	2020	2020	NUM
ijtc-1855	23	29	)	)	PUNCT
ijtc-1855	23	30	.	.	PUNCT
ijtc-1855	24	1	the	the	DET
ijtc-1855	24	2	danantara	danantara	NOUN
ijtc-1855	24	3	case	case	NOUN
ijtc-1855	24	4	illustrates	illustrate	VERB
ijtc-1855	24	5	the	the	DET
ijtc-1855	24	6	strong	strong	ADJ
ijtc-1855	24	7	presence	presence	NOUN
ijtc-1855	24	8	of	of	ADP
ijtc-1855	24	9	political	political	ADJ
ijtc-1855	24	10	connections	connection	NOUN
ijtc-1855	24	11	within	within	ADP
ijtc-1855	24	12	the	the	DET
ijtc-1855	24	13	governance	governance	NOUN
ijtc-1855	24	14	structure	structure	NOUN
ijtc-1855	24	15	of	of	ADP
ijtc-1855	24	16	state	state	NOUN
ijtc-1855	24	17	-	-	PUNCT
ijtc-1855	24	18	owned	own	VERB
ijtc-1855	24	19	enterprises	enterprise	NOUN
ijtc-1855	24	20	.	.	PUNCT
ijtc-1855	25	1	as	as	ADP
ijtc-1855	25	2	a	a	DET
ijtc-1855	25	3	state	state	NOUN
ijtc-1855	25	4	asset	asset	NOUN
ijtc-1855	25	5	holding	hold	VERB
ijtc-1855	25	6	company	company	NOUN
ijtc-1855	25	7	,	,	PUNCT
ijtc-1855	25	8	pt	pt	PROPN
ijtc-1855	25	9	danantara	danantara	NOUN
ijtc-1855	25	10	has	have	AUX
ijtc-1855	25	11	appointed	appoint	VERB
ijtc-1855	25	12	several	several	ADJ
ijtc-1855	25	13	political	political	ADJ
ijtc-1855	25	14	figures	figure	NOUN
ijtc-1855	25	15	and	and	CCONJ
ijtc-1855	25	16	active	active	ADJ
ijtc-1855	25	17	officials	official	NOUN
ijtc-1855	25	18	,	,	PUNCT
ijtc-1855	25	19	including	include	VERB
ijtc-1855	25	20	minister	minister	NOUN
ijtc-1855	25	21	of	of	ADP
ijtc-1855	25	22	state	state	NOUN
ijtc-1855	25	23	-	-	PUNCT
ijtc-1855	25	24	owned	own	VERB
ijtc-1855	25	25	enterprises	enterprise	NOUN
ijtc-1855	25	26	erick	erick	PROPN
ijtc-1855	25	27	thohir	thohir	PROPN
ijtc-1855	25	28	as	as	ADP
ijtc-1855	25	29	chairman	chairman	NOUN
ijtc-1855	25	30	of	of	ADP
ijtc-1855	25	31	the	the	DET
ijtc-1855	25	32	supervisory	supervisory	ADJ
ijtc-1855	25	33	board	board	NOUN
ijtc-1855	25	34	and	and	CCONJ
ijtc-1855	25	35	deputy	deputy	NOUN
ijtc-1855	25	36	minister	minister	NOUN
ijtc-1855	25	37	dony	dony	PROPN
ijtc-1855	25	38	oskaria	oskaria	PROPN
ijtc-1855	25	39	as	as	ADP
ijtc-1855	25	40	chief	chief	ADJ
ijtc-1855	25	41	operating	operating	NOUN
ijtc-1855	25	42	officer	officer	NOUN
ijtc-1855	25	43	.	.	PUNCT
ijtc-1855	26	1	these	these	DET
ijtc-1855	26	2	appointments	appointment	NOUN
ijtc-1855	26	3	have	have	AUX
ijtc-1855	26	4	drawn	draw	VERB
ijtc-1855	26	5	criticism	criticism	NOUN
ijtc-1855	26	6	for	for	ADP
ijtc-1855	26	7	prioritizing	prioritize	VERB
ijtc-1855	26	8	political	political	ADJ
ijtc-1855	26	9	affiliation	affiliation	NOUN
ijtc-1855	26	10	over	over	ADP
ijtc-1855	26	11	professional	professional	ADJ
ijtc-1855	26	12	competence	competence	NOUN
ijtc-1855	26	13	,	,	PUNCT
ijtc-1855	26	14	raising	raise	VERB
ijtc-1855	26	15	concerns	concern	NOUN
ijtc-1855	26	16	about	about	ADP
ijtc-1855	26	17	potential	potential	ADJ
ijtc-1855	26	18	conflicts	conflict	NOUN
ijtc-1855	26	19	of	of	ADP
ijtc-1855	26	20	interest	interest	NOUN
ijtc-1855	26	21	,	,	PUNCT
ijtc-1855	26	22	weak	weak	ADJ
ijtc-1855	26	23	corporate	corporate	ADJ
ijtc-1855	26	24	governance	governance	NOUN
ijtc-1855	26	25	,	,	PUNCT
ijtc-1855	26	26	and	and	CCONJ
ijtc-1855	26	27	risks	risk	NOUN
ijtc-1855	26	28	of	of	ADP
ijtc-1855	26	29	corruption	corruption	NOUN
ijtc-1855	26	30	similar	similar	ADJ
ijtc-1855	26	31	to	to	ADP
ijtc-1855	26	32	the	the	DET
ijtc-1855	26	33	1mdb	1mdb	NUM
ijtc-1855	26	34	scandal	scandal	NOUN
ijtc-1855	26	35	in	in	ADP
ijtc-1855	26	36	malaysia	malaysia	PROPN
ijtc-1855	26	37	.	.	PUNCT
ijtc-1855	27	1	this	this	DET
ijtc-1855	27	2	situation	situation	NOUN
ijtc-1855	27	3	highlights	highlight	VERB
ijtc-1855	27	4	how	how	SCONJ
ijtc-1855	27	5	political	political	ADJ
ijtc-1855	27	6	ties	tie	NOUN
ijtc-1855	27	7	within	within	ADP
ijtc-1855	27	8	the	the	DET
ijtc-1855	27	9	boardroom	boardroom	NOUN
ijtc-1855	27	10	can	can	AUX
ijtc-1855	27	11	undermine	undermine	VERB
ijtc-1855	27	12	the	the	DET
ijtc-1855	27	13	independence	independence	NOUN
ijtc-1855	27	14	,	,	PUNCT
ijtc-1855	27	15	transparency	transparency	NOUN
ijtc-1855	27	16	,	,	PUNCT
ijtc-1855	27	17	and	and	CCONJ
ijtc-1855	27	18	credibility	credibility	NOUN
ijtc-1855	27	19	of	of	ADP
ijtc-1855	27	20	public	public	ADJ
ijtc-1855	27	21	companies	company	NOUN
ijtc-1855	27	22	(	(	PUNCT
ijtc-1855	27	23	merdeka.com	merdeka.com	X
ijtc-1855	27	24	)	)	PUNCT
ijtc-1855	27	25	.	.	PUNCT
ijtc-1855	28	1	according	accord	VERB
ijtc-1855	28	2	to	to	ADP
ijtc-1855	28	3	fitria	fitria	PROPN
ijtc-1855	28	4	asas	asas	PROPN
ijtc-1855	28	5	and	and	CCONJ
ijtc-1855	28	6	colleagues	colleague	NOUN
ijtc-1855	28	7	,	,	PUNCT
ijtc-1855	28	8	companies	company	NOUN
ijtc-1855	28	9	with	with	ADP
ijtc-1855	28	10	political	political	ADJ
ijtc-1855	28	11	ties	tie	NOUN
ijtc-1855	28	12	tend	tend	VERB
ijtc-1855	28	13	to	to	PART
ijtc-1855	28	14	secure	secure	VERB
ijtc-1855	28	15	government	government	NOUN
ijtc-1855	28	16	resources	resource	NOUN
ijtc-1855	28	17	more	more	ADV
ijtc-1855	28	18	easily	easily	ADV
ijtc-1855	28	19	,	,	PUNCT
ijtc-1855	28	20	which	which	PRON
ijtc-1855	28	21	ultimately	ultimately	ADV
ijtc-1855	28	22	enhances	enhance	VERB
ijtc-1855	28	23	firm	firm	ADJ
ijtc-1855	28	24	value	value	NOUN
ijtc-1855	28	25	,	,	PUNCT
ijtc-1855	28	26	including	include	VERB
ijtc-1855	28	27	environmental	environmental	ADJ
ijtc-1855	28	28	aspects	aspect	NOUN
ijtc-1855	28	29	.	.	PUNCT
ijtc-1855	29	1	moreover	moreover	ADV
ijtc-1855	29	2	,	,	PUNCT
ijtc-1855	29	3	political	political	ADJ
ijtc-1855	29	4	connections	connection	NOUN
ijtc-1855	29	5	strengthen	strengthen	VERB
ijtc-1855	29	6	a	a	DET
ijtc-1855	29	7	company	company	NOUN
ijtc-1855	29	8	’s	’s	PART
ijtc-1855	29	9	position	position	NOUN
ijtc-1855	29	10	in	in	ADP
ijtc-1855	29	11	shaping	shape	VERB
ijtc-1855	29	12	regulations	regulation	NOUN
ijtc-1855	29	13	that	that	PRON
ijtc-1855	29	14	favor	favor	VERB
ijtc-1855	29	15	their	their	PRON
ijtc-1855	29	16	business	business	NOUN
ijtc-1855	29	17	activities	activity	NOUN
ijtc-1855	29	18	re	re	VERB
ijtc-1855	29	19	(	(	PUNCT
ijtc-1855	29	20	asas	asas	PROPN
ijtc-1855	29	21	et	et	PROPN
ijtc-1855	29	22	al	al	PROPN
ijtc-1855	29	23	.	.	PROPN
ijtc-1855	29	24	,	,	PUNCT
ijtc-1855	29	25	2022	2022	NUM
ijtc-1855	29	26	)	)	PUNCT
ijtc-1855	29	27	.	.	PUNCT
ijtc-1855	30	1	in	in	ADP
ijtc-1855	30	2	the	the	DET
ijtc-1855	30	3	business	business	NOUN
ijtc-1855	30	4	context	context	NOUN
ijtc-1855	30	5	,	,	PUNCT
ijtc-1855	30	6	political	political	ADJ
ijtc-1855	30	7	connections	connection	NOUN
ijtc-1855	30	8	are	be	AUX
ijtc-1855	30	9	an	an	DET
ijtc-1855	30	10	external	external	ADJ
ijtc-1855	30	11	factor	factor	NOUN
ijtc-1855	30	12	that	that	PRON
ijtc-1855	30	13	can	can	AUX
ijtc-1855	30	14	influence	influence	VERB
ijtc-1855	30	15	a	a	DET
ijtc-1855	30	16	firm	firm	NOUN
ijtc-1855	30	17	's	's	PART
ijtc-1855	30	18	value	value	NOUN
ijtc-1855	30	19	.	.	PUNCT
ijtc-1855	31	1	these	these	DET
ijtc-1855	31	2	connections	connection	NOUN
ijtc-1855	31	3	are	be	AUX
ijtc-1855	31	4	often	often	ADV
ijtc-1855	31	5	manifested	manifest	VERB
ijtc-1855	31	6	by	by	ADP
ijtc-1855	31	7	the	the	DET
ijtc-1855	31	8	involvement	involvement	NOUN
ijtc-1855	31	9	of	of	ADP
ijtc-1855	31	10	board	board	NOUN
ijtc-1855	31	11	members	member	NOUN
ijtc-1855	31	12	who	who	PRON
ijtc-1855	31	13	have	have	VERB
ijtc-1855	31	14	direct	direct	ADJ
ijtc-1855	31	15	ties	tie	NOUN
ijtc-1855	31	16	to	to	ADP
ijtc-1855	31	17	political	political	ADJ
ijtc-1855	31	18	actors	actor	NOUN
ijtc-1855	31	19	,	,	PUNCT
ijtc-1855	31	20	such	such	ADJ
ijtc-1855	31	21	as	as	ADP
ijtc-1855	31	22	through	through	ADP
ijtc-1855	31	23	formal	formal	ADJ
ijtc-1855	31	24	positions	position	NOUN
ijtc-1855	31	25	or	or	CCONJ
ijtc-1855	31	26	familial	familial	ADJ
ijtc-1855	31	27	relationships	relationship	NOUN
ijtc-1855	31	28	.	.	PUNCT
ijtc-1855	32	1	(	(	PUNCT
ijtc-1855	32	2	faccio	faccio	PROPN
ijtc-1855	32	3	,	,	PUNCT
ijtc-1855	32	4	2019	2019	NUM
ijtc-1855	32	5	)	)	PUNCT
ijtc-1855	32	6	reveals	reveal	VERB
ijtc-1855	32	7	that	that	SCONJ
ijtc-1855	32	8	politically	politically	ADV
ijtc-1855	32	9	connected	connected	ADJ
ijtc-1855	32	10	firms	firm	NOUN
ijtc-1855	32	11	tend	tend	VERB
ijtc-1855	32	12	to	to	PART
ijtc-1855	32	13	benefit	benefit	VERB
ijtc-1855	32	14	from	from	ADP
ijtc-1855	32	15	advantages	advantage	NOUN
ijtc-1855	32	16	such	such	ADJ
ijtc-1855	32	17	as	as	ADP
ijtc-1855	32	18	access	access	NOUN
ijtc-1855	32	19	to	to	ADP
ijtc-1855	32	20	government	government	NOUN
ijtc-1855	32	21	contracts	contract	NOUN
ijtc-1855	32	22	,	,	PUNCT
ijtc-1855	32	23	regulatory	regulatory	ADJ
ijtc-1855	32	24	protection	protection	NOUN
ijtc-1855	32	25	,	,	PUNCT
ijtc-1855	32	26	and	and	CCONJ
ijtc-1855	32	27	easier	easy	ADJ
ijtc-1855	32	28	financing	financing	NOUN
ijtc-1855	32	29	.	.	PUNCT
ijtc-1855	33	1	however	however	ADV
ijtc-1855	33	2	,	,	PUNCT
ijtc-1855	33	3	the	the	DET
ijtc-1855	33	4	impact	impact	NOUN
ijtc-1855	33	5	of	of	ADP
ijtc-1855	33	6	political	political	ADJ
ijtc-1855	33	7	connections	connection	NOUN
ijtc-1855	33	8	on	on	ADP
ijtc-1855	33	9	firm	firm	ADJ
ijtc-1855	33	10	value	value	NOUN
ijtc-1855	33	11	remains	remain	VERB
ijtc-1855	33	12	a	a	DET
ijtc-1855	33	13	subject	subject	NOUN
ijtc-1855	33	14	of	of	ADP
ijtc-1855	33	15	debate	debate	NOUN
ijtc-1855	33	16	,	,	PUNCT
ijtc-1855	33	17	as	as	SCONJ
ijtc-1855	33	18	their	their	PRON
ijtc-1855	33	19	effects	effect	NOUN
ijtc-1855	33	20	can	can	AUX
ijtc-1855	33	21	be	be	AUX
ijtc-1855	33	22	either	either	CCONJ
ijtc-1855	33	23	positive	positive	ADJ
ijtc-1855	33	24	or	or	CCONJ
ijtc-1855	33	25	negative	negative	ADJ
ijtc-1855	33	26	,	,	PUNCT
ijtc-1855	33	27	depending	depend	VERB
ijtc-1855	33	28	on	on	ADP
ijtc-1855	33	29	the	the	DET
ijtc-1855	33	30	prevailing	prevail	VERB
ijtc-1855	33	31	economic	economic	ADJ
ijtc-1855	33	32	conditions	condition	NOUN
ijtc-1855	33	33	and	and	CCONJ
ijtc-1855	33	34	the	the	DET
ijtc-1855	33	35	country	country	NOUN
ijtc-1855	33	36	's	's	PART
ijtc-1855	33	37	institutional	institutional	ADJ
ijtc-1855	33	38	framework	framework	NOUN
ijtc-1855	33	39	.	.	PUNCT
ijtc-1855	34	1	from	from	ADP
ijtc-1855	34	2	an	an	DET
ijtc-1855	34	3	agency	agency	NOUN
ijtc-1855	34	4	theory	theory	NOUN
ijtc-1855	34	5	perspective	perspective	NOUN
ijtc-1855	34	6	,	,	PUNCT
ijtc-1855	34	7	the	the	DET
ijtc-1855	34	8	relationship	relationship	NOUN
ijtc-1855	34	9	between	between	ADP
ijtc-1855	34	10	firm	firm	ADJ
ijtc-1855	34	11	owners	owner	NOUN
ijtc-1855	34	12	(	(	PUNCT
ijtc-1855	34	13	principals	principal	NOUN
ijtc-1855	34	14	)	)	PUNCT
ijtc-1855	34	15	and	and	CCONJ
ijtc-1855	34	16	managers	manager	NOUN
ijtc-1855	34	17	or	or	CCONJ
ijtc-1855	34	18	directors	director	NOUN
ijtc-1855	34	19	(	(	PUNCT
ijtc-1855	34	20	agents	agent	NOUN
ijtc-1855	34	21	)	)	PUNCT
ijtc-1855	34	22	frequently	frequently	ADV
ijtc-1855	34	23	gives	give	VERB
ijtc-1855	34	24	rise	rise	NOUN
ijtc-1855	34	25	to	to	ADP
ijtc-1855	34	26	conflicts	conflict	NOUN
ijtc-1855	34	27	of	of	ADP
ijtc-1855	34	28	interest	interest	NOUN
ijtc-1855	34	29	.	.	PUNCT
ijtc-1855	35	1	although	although	SCONJ
ijtc-1855	35	2	owners	owner	NOUN
ijtc-1855	35	3	expect	expect	VERB
ijtc-1855	35	4	agents	agent	NOUN
ijtc-1855	35	5	to	to	PART
ijtc-1855	35	6	act	act	VERB
ijtc-1855	35	7	in	in	ADP
ijtc-1855	35	8	the	the	DET
ijtc-1855	35	9	company	company	NOUN
ijtc-1855	35	10	's	's	PART
ijtc-1855	35	11	best	good	ADJ
ijtc-1855	35	12	interests	interest	NOUN
ijtc-1855	35	13	,	,	PUNCT
ijtc-1855	35	14	differences	difference	NOUN
ijtc-1855	35	15	in	in	ADP
ijtc-1855	35	16	objectives	objective	NOUN
ijtc-1855	35	17	and	and	CCONJ
ijtc-1855	35	18	information	information	NOUN
ijtc-1855	35	19	asymmetry	asymmetry	NOUN
ijtc-1855	35	20	may	may	AUX
ijtc-1855	35	21	lead	lead	VERB
ijtc-1855	35	22	agents	agent	NOUN
ijtc-1855	35	23	to	to	PART
ijtc-1855	35	24	make	make	VERB
ijtc-1855	35	25	decisions	decision	NOUN
ijtc-1855	35	26	that	that	PRON
ijtc-1855	35	27	benefit	benefit	VERB
ijtc-1855	35	28	themselves	themselves	PRON
ijtc-1855	35	29	at	at	ADP
ijtc-1855	35	30	the	the	DET
ijtc-1855	35	31	expense	expense	NOUN
ijtc-1855	35	32	of	of	ADP
ijtc-1855	35	33	the	the	DET
ijtc-1855	35	34	owners	owner	NOUN
ijtc-1855	35	35	.	.	PUNCT
ijtc-1855	36	1	this	this	DET
ijtc-1855	36	2	situation	situation	NOUN
ijtc-1855	36	3	gives	give	VERB
ijtc-1855	36	4	rise	rise	NOUN
ijtc-1855	36	5	to	to	ADP
ijtc-1855	36	6	what	what	PRON
ijtc-1855	36	7	is	be	AUX
ijtc-1855	36	8	known	know	VERB
ijtc-1855	36	9	as	as	ADP
ijtc-1855	36	10	agency	agency	NOUN
ijtc-1855	36	11	costs	cost	NOUN
ijtc-1855	36	12	(	(	PUNCT
ijtc-1855	36	13	jensen	jensen	PROPN
ijtc-1855	36	14	and	and	CCONJ
ijtc-1855	36	15	meckling	meckling	NOUN
ijtc-1855	36	16	,	,	PUNCT
ijtc-1855	36	17	1976	1976	NUM
ijtc-1855	36	18	)	)	PUNCT
ijtc-1855	36	19	.	.	PUNCT
ijtc-1855	37	1	this	this	DET
ijtc-1855	37	2	study	study	NOUN
ijtc-1855	37	3	argues	argue	VERB
ijtc-1855	37	4	that	that	SCONJ
ijtc-1855	37	5	the	the	DET
ijtc-1855	37	6	presence	presence	NOUN
ijtc-1855	37	7	of	of	ADP
ijtc-1855	37	8	politically	politically	ADV
ijtc-1855	37	9	connected	connect	VERB
ijtc-1855	37	10	board	board	NOUN
ijtc-1855	37	11	members	member	NOUN
ijtc-1855	37	12	may	may	AUX
ijtc-1855	37	13	reduce	reduce	VERB
ijtc-1855	37	14	firm	firm	ADJ
ijtc-1855	37	15	value	value	NOUN
ijtc-1855	37	16	.	.	PUNCT
ijtc-1855	38	1	for	for	ADP
ijtc-1855	38	2	example	example	NOUN
ijtc-1855	38	3	,	,	PUNCT
ijtc-1855	38	4	(	(	PUNCT
ijtc-1855	38	5	fisman	fisman	NOUN
ijtc-1855	38	6	,	,	PUNCT
ijtc-1855	38	7	2001	2001	NUM
ijtc-1855	38	8	)	)	PUNCT
ijtc-1855	38	9	examined	examine	VERB
ijtc-1855	38	10	the	the	DET
ijtc-1855	38	11	impact	impact	NOUN
ijtc-1855	38	12	of	of	ADP
ijtc-1855	38	13	political	political	ADJ
ijtc-1855	38	14	connections	connection	NOUN
ijtc-1855	38	15	on	on	ADP
ijtc-1855	38	16	firm	firm	ADJ
ijtc-1855	38	17	value	value	NOUN
ijtc-1855	38	18	by	by	ADP
ijtc-1855	38	19	analyzing	analyze	VERB
ijtc-1855	38	20	market	market	NOUN
ijtc-1855	38	21	reactions	reaction	NOUN
ijtc-1855	38	22	to	to	ADP
ijtc-1855	38	23	news	news	NOUN
ijtc-1855	38	24	about	about	ADP
ijtc-1855	38	25	the	the	DET
ijtc-1855	38	26	health	health	NOUN
ijtc-1855	38	27	condition	condition	NOUN
ijtc-1855	38	28	of	of	ADP
ijtc-1855	38	29	former	former	ADJ
ijtc-1855	38	30	indonesian	indonesian	ADJ
ijtc-1855	38	31	president	president	PROPN
ijtc-1855	38	32	suharto	suharto	PROPN
ijtc-1855	38	33	.	.	PUNCT
ijtc-1855	39	1	the	the	DET
ijtc-1855	39	2	findings	finding	NOUN
ijtc-1855	39	3	revealed	reveal	VERB
ijtc-1855	39	4	that	that	SCONJ
ijtc-1855	39	5	firms	firm	NOUN
ijtc-1855	39	6	with	with	ADP
ijtc-1855	39	7	political	political	ADJ
ijtc-1855	39	8	ties	tie	NOUN
ijtc-1855	39	9	experienced	experience	VERB
ijtc-1855	39	10	a	a	DET
ijtc-1855	39	11	significantly	significantly	ADV
ijtc-1855	39	12	greater	great	ADJ
ijtc-1855	39	13	decline	decline	NOUN
ijtc-1855	39	14	in	in	ADP
ijtc-1855	39	15	value	value	NOUN
ijtc-1855	39	16	compared	compare	VERB
ijtc-1855	39	17	to	to	ADP
ijtc-1855	39	18	those	those	PRON
ijtc-1855	39	19	without	without	ADP
ijtc-1855	39	20	such	such	ADJ
ijtc-1855	39	21	connections	connection	NOUN
ijtc-1855	39	22	.	.	PUNCT
ijtc-1855	40	1	on	on	ADP
ijtc-1855	40	2	the	the	DET
ijtc-1855	40	3	other	other	ADJ
ijtc-1855	40	4	hand	hand	NOUN
ijtc-1855	40	5	,	,	PUNCT
ijtc-1855	40	6	several	several	ADJ
ijtc-1855	40	7	studies	study	NOUN
ijtc-1855	40	8	indicate	indicate	VERB
ijtc-1855	40	9	that	that	SCONJ
ijtc-1855	40	10	politically	politically	ADV
ijtc-1855	40	11	connected	connect	VERB
ijtc-1855	40	12	boards	board	NOUN
ijtc-1855	40	13	can	can	AUX
ijtc-1855	40	14	enhance	enhance	VERB
ijtc-1855	40	15	firm	firm	ADJ
ijtc-1855	40	16	value	value	NOUN
ijtc-1855	40	17	.	.	PUNCT
ijtc-1855	41	1	research	research	NOUN
ijtc-1855	41	2	by	by	ADP
ijtc-1855	41	3	(	(	PUNCT
ijtc-1855	41	4	boubakri	boubakri	NOUN
ijtc-1855	41	5	et	et	PROPN
ijtc-1855	41	6	al	al	PROPN
ijtc-1855	41	7	.	.	PROPN
ijtc-1855	41	8	,	,	PUNCT
ijtc-1855	41	9	2009	2009	NUM
ijtc-1855	41	10	)	)	PUNCT
ijtc-1855	41	11	;	;	PUNCT
ijtc-1855	41	12	(	(	PUNCT
ijtc-1855	41	13	wu	wu	PROPN
ijtc-1855	41	14	et	et	PROPN
ijtc-1855	41	15	al	al	PROPN
ijtc-1855	41	16	.	.	PROPN
ijtc-1855	41	17	,	,	PUNCT
ijtc-1855	41	18	2012	2012	NUM
ijtc-1855	41	19	)	)	PUNCT
ijtc-1855	41	20	;	;	PUNCT
ijtc-1855	41	21	(	(	PUNCT
ijtc-1855	41	22	liu	liu	PROPN
ijtc-1855	41	23	et	et	PROPN
ijtc-1855	41	24	al	al	PROPN
ijtc-1855	41	25	.	.	PROPN
ijtc-1855	41	26	,	,	PUNCT
ijtc-1855	41	27	2018	2018	NUM
ijtc-1855	41	28	)	)	PUNCT
ijtc-1855	41	29	has	have	AUX
ijtc-1855	41	30	found	find	VERB
ijtc-1855	41	31	that	that	SCONJ
ijtc-1855	41	32	political	political	ADJ
ijtc-1855	41	33	connections	connection	NOUN
ijtc-1855	41	34	provide	provide	VERB
ijtc-1855	41	35	advantages	advantage	NOUN
ijtc-1855	41	36	such	such	ADJ
ijtc-1855	41	37	as	as	ADP
ijtc-1855	41	38	easier	easy	ADJ
ijtc-1855	41	39	access	access	NOUN
ijtc-1855	41	40	to	to	ADP
ijtc-1855	41	41	resources	resource	NOUN
ijtc-1855	41	42	,	,	PUNCT
ijtc-1855	41	43	information	information	NOUN
ijtc-1855	41	44	,	,	PUNCT
ijtc-1855	41	45	and	and	CCONJ
ijtc-1855	41	46	business	business	NOUN
ijtc-1855	41	47	opportunities	opportunity	NOUN
ijtc-1855	41	48	.	.	PUNCT
ijtc-1855	42	1	additionally	additionally	ADV
ijtc-1855	42	2	,	,	PUNCT
ijtc-1855	42	3	these	these	DET
ijtc-1855	42	4	ties	tie	NOUN
ijtc-1855	42	5	can	can	AUX
ijtc-1855	42	6	strengthen	strengthen	VERB
ijtc-1855	42	7	a	a	DET
ijtc-1855	42	8	company	company	NOUN
ijtc-1855	42	9	's	's	PART
ijtc-1855	42	10	position	position	NOUN
ijtc-1855	42	11	in	in	ADP
ijtc-1855	42	12	navigating	navigate	VERB
ijtc-1855	42	13	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	42	14	the	the	DET
ijtc-1855	42	15	influence	influence	NOUN
ijtc-1855	42	16	of	of	ADP
ijtc-1855	42	17	politically	politically	ADV
ijtc-1855	42	18	connected	connect	VERB
ijtc-1855	42	19	board	board	NOUN
ijtc-1855	42	20	of	of	ADP
ijtc-1855	42	21	directors	director	NOUN
ijtc-1855	42	22	on	on	ADP
ijtc-1855	42	23	firm	firm	ADJ
ijtc-1855	42	24	value	value	NOUN
ijtc-1855	42	25	with	with	ADP
ijtc-1855	42	26	business	business	NOUN
ijtc-1855	42	27	groups	group	NOUN
ijtc-1855	42	28	as	as	ADP
ijtc-1855	42	29	a	a	DET
ijtc-1855	42	30	moderating	moderate	VERB
ijtc-1855	42	31	variable	variable	NOUN
ijtc-1855	42	32	muhammad	muhammad	PROPN
ijtc-1855	42	33	fasha	fasha	PROPN
ijtc-1855	42	34	radya1	radya1	PROPN
ijtc-1855	42	35	.	.	PROPN
ijtc-1855	42	36	,	,	PUNCT
ijtc-1855	42	37	eddy	eddy	PROPN
ijtc-1855	42	38	suranta2	suranta2	PROPN
ijtc-1855	42	39	148|ilomata	148|ilomata	PROPN
ijtc-1855	42	40	international	international	ADJ
ijtc-1855	42	41	journal	journal	PROPN
ijtc-1855	42	42	of	of	ADP
ijtc-1855	42	43	social	social	ADJ
ijtc-1855	42	44	science	science	NOUN
ijtc-1855	42	45	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	42	46	regulations	regulation	NOUN
ijtc-1855	42	47	and	and	CCONJ
ijtc-1855	42	48	bureaucracy	bureaucracy	NOUN
ijtc-1855	42	49	.	.	PUNCT
ijtc-1855	43	1	in	in	ADP
ijtc-1855	43	2	this	this	DET
ijtc-1855	43	3	context	context	NOUN
ijtc-1855	43	4	,	,	PUNCT
ijtc-1855	43	5	political	political	ADJ
ijtc-1855	43	6	connections	connection	NOUN
ijtc-1855	43	7	act	act	VERB
ijtc-1855	43	8	as	as	ADP
ijtc-1855	43	9	a	a	DET
ijtc-1855	43	10	mechanism	mechanism	NOUN
ijtc-1855	43	11	to	to	PART
ijtc-1855	43	12	reduce	reduce	VERB
ijtc-1855	43	13	external	external	ADJ
ijtc-1855	43	14	uncertainty	uncertainty	NOUN
ijtc-1855	43	15	and	and	CCONJ
ijtc-1855	43	16	risk	risk	NOUN
ijtc-1855	43	17	,	,	PUNCT
ijtc-1855	43	18	aligning	align	VERB
ijtc-1855	43	19	with	with	ADP
ijtc-1855	43	20	resource	resource	NOUN
ijtc-1855	43	21	dependence	dependence	NOUN
ijtc-1855	43	22	theory	theory	NOUN
ijtc-1855	43	23	.	.	PUNCT
ijtc-1855	44	1	this	this	DET
ijtc-1855	44	2	theory	theory	NOUN
ijtc-1855	44	3	suggests	suggest	VERB
ijtc-1855	44	4	that	that	SCONJ
ijtc-1855	44	5	firms	firm	NOUN
ijtc-1855	44	6	often	often	ADV
ijtc-1855	44	7	appoint	appoint	VERB
ijtc-1855	44	8	board	board	NOUN
ijtc-1855	44	9	members	member	NOUN
ijtc-1855	44	10	with	with	ADP
ijtc-1855	44	11	political	political	ADJ
ijtc-1855	44	12	connections	connection	NOUN
ijtc-1855	44	13	to	to	PART
ijtc-1855	44	14	mitigate	mitigate	VERB
ijtc-1855	44	15	dependence	dependence	NOUN
ijtc-1855	44	16	on	on	ADP
ijtc-1855	44	17	an	an	DET
ijtc-1855	44	18	uncertain	uncertain	ADJ
ijtc-1855	44	19	external	external	ADJ
ijtc-1855	44	20	environment	environment	NOUN
ijtc-1855	44	21	.	.	PUNCT
ijtc-1855	45	1	by	by	ADP
ijtc-1855	45	2	doing	do	VERB
ijtc-1855	45	3	so	so	ADV
ijtc-1855	45	4	,	,	PUNCT
ijtc-1855	45	5	firms	firm	NOUN
ijtc-1855	45	6	can	can	AUX
ijtc-1855	45	7	improve	improve	VERB
ijtc-1855	45	8	their	their	PRON
ijtc-1855	45	9	legitimacy	legitimacy	NOUN
ijtc-1855	45	10	and	and	CCONJ
ijtc-1855	45	11	operational	operational	ADJ
ijtc-1855	45	12	stability	stability	NOUN
ijtc-1855	45	13	(	(	PUNCT
ijtc-1855	45	14	hillman	hillman	PROPN
ijtc-1855	45	15	et	et	PROPN
ijtc-1855	45	16	al	al	PROPN
ijtc-1855	45	17	.	.	PROPN
ijtc-1855	45	18	,	,	PUNCT
ijtc-1855	45	19	2009	2009	NUM
ijtc-1855	45	20	)	)	PUNCT
ijtc-1855	45	21	.	.	PUNCT
ijtc-1855	46	1	family	family	NOUN
ijtc-1855	46	2	ownership	ownership	NOUN
ijtc-1855	46	3	refers	refer	VERB
ijtc-1855	46	4	to	to	ADP
ijtc-1855	46	5	a	a	DET
ijtc-1855	46	6	situation	situation	NOUN
ijtc-1855	46	7	where	where	SCONJ
ijtc-1855	46	8	a	a	DET
ijtc-1855	46	9	company	company	NOUN
ijtc-1855	46	10	is	be	AUX
ijtc-1855	46	11	owned	own	VERB
ijtc-1855	46	12	and	and	CCONJ
ijtc-1855	46	13	managed	manage	VERB
ijtc-1855	46	14	entirely	entirely	ADV
ijtc-1855	46	15	or	or	CCONJ
ijtc-1855	46	16	partially	partially	ADV
ijtc-1855	46	17	by	by	ADP
ijtc-1855	46	18	family	family	NOUN
ijtc-1855	46	19	members	member	NOUN
ijtc-1855	46	20	.	.	PUNCT
ijtc-1855	47	1	direct	direct	ADJ
ijtc-1855	47	2	involvement	involvement	NOUN
ijtc-1855	47	3	of	of	ADP
ijtc-1855	47	4	family	family	NOUN
ijtc-1855	47	5	in	in	ADP
ijtc-1855	47	6	management	management	NOUN
ijtc-1855	47	7	often	often	ADV
ijtc-1855	47	8	positively	positively	ADV
ijtc-1855	47	9	influences	influence	VERB
ijtc-1855	47	10	firm	firm	ADJ
ijtc-1855	47	11	value	value	NOUN
ijtc-1855	47	12	because	because	SCONJ
ijtc-1855	47	13	family	family	NOUN
ijtc-1855	47	14	owners	owner	NOUN
ijtc-1855	47	15	are	be	AUX
ijtc-1855	47	16	typically	typically	ADV
ijtc-1855	47	17	actively	actively	ADV
ijtc-1855	47	18	engaged	engage	VERB
ijtc-1855	47	19	in	in	ADP
ijtc-1855	47	20	daily	daily	ADJ
ijtc-1855	47	21	operations	operation	NOUN
ijtc-1855	47	22	,	,	PUNCT
ijtc-1855	47	23	which	which	PRON
ijtc-1855	47	24	allows	allow	VERB
ijtc-1855	47	25	for	for	ADP
ijtc-1855	47	26	closer	close	ADJ
ijtc-1855	47	27	oversight	oversight	NOUN
ijtc-1855	47	28	.	.	PUNCT
ijtc-1855	48	1	this	this	DET
ijtc-1855	48	2	involvement	involvement	NOUN
ijtc-1855	48	3	helps	helps	AUX
ijtc-1855	48	4	identify	identify	VERB
ijtc-1855	48	5	and	and	CCONJ
ijtc-1855	48	6	address	address	VERB
ijtc-1855	48	7	issues	issue	NOUN
ijtc-1855	48	8	early	early	ADV
ijtc-1855	48	9	,	,	PUNCT
ijtc-1855	48	10	such	such	ADJ
ijtc-1855	48	11	as	as	ADP
ijtc-1855	48	12	inefficient	inefficient	ADJ
ijtc-1855	48	13	decision	decision	NOUN
ijtc-1855	48	14	-	-	PUNCT
ijtc-1855	48	15	making	making	NOUN
ijtc-1855	48	16	or	or	CCONJ
ijtc-1855	48	17	opportunistic	opportunistic	ADJ
ijtc-1855	48	18	behavior	behavior	NOUN
ijtc-1855	48	19	by	by	ADP
ijtc-1855	48	20	management	management	NOUN
ijtc-1855	48	21	.	.	PUNCT
ijtc-1855	49	1	from	from	ADP
ijtc-1855	49	2	an	an	DET
ijtc-1855	49	3	agency	agency	NOUN
ijtc-1855	49	4	theory	theory	NOUN
ijtc-1855	49	5	perspective	perspective	NOUN
ijtc-1855	49	6	,	,	PUNCT
ijtc-1855	49	7	this	this	DET
ijtc-1855	49	8	setup	setup	NOUN
ijtc-1855	49	9	can	can	AUX
ijtc-1855	49	10	lower	lower	VERB
ijtc-1855	49	11	agency	agency	NOUN
ijtc-1855	49	12	costs	cost	NOUN
ijtc-1855	49	13	by	by	ADP
ijtc-1855	49	14	reducing	reduce	VERB
ijtc-1855	49	15	supervision	supervision	NOUN
ijtc-1855	49	16	problems	problem	NOUN
ijtc-1855	49	17	and	and	CCONJ
ijtc-1855	49	18	asymmetry	asymmetry	NOUN
ijtc-1855	49	19	of	of	ADP
ijtc-1855	49	20	information	information	NOUN
ijtc-1855	49	21	between	between	ADP
ijtc-1855	49	22	owners	owner	NOUN
ijtc-1855	49	23	(	(	PUNCT
ijtc-1855	49	24	principals	principal	NOUN
ijtc-1855	49	25	)	)	PUNCT
ijtc-1855	49	26	and	and	CCONJ
ijtc-1855	49	27	managers	manager	NOUN
ijtc-1855	49	28	(	(	PUNCT
ijtc-1855	49	29	agents	agent	NOUN
ijtc-1855	49	30	)	)	PUNCT
ijtc-1855	49	31	(	(	PUNCT
ijtc-1855	49	32	komalasari	komalasari	PROPN
ijtc-1855	49	33	&	&	CCONJ
ijtc-1855	49	34	nor	nor	CCONJ
ijtc-1855	49	35	,	,	PUNCT
ijtc-1855	49	36	2014	2014	NUM
ijtc-1855	49	37	)	)	PUNCT
ijtc-1855	49	38	.	.	PUNCT
ijtc-1855	50	1	meanwhile	meanwhile	ADV
ijtc-1855	50	2	,	,	PUNCT
ijtc-1855	50	3	a	a	DET
ijtc-1855	50	4	business	business	NOUN
ijtc-1855	50	5	group	group	NOUN
ijtc-1855	50	6	is	be	AUX
ijtc-1855	50	7	a	a	DET
ijtc-1855	50	8	set	set	NOUN
ijtc-1855	50	9	of	of	ADP
ijtc-1855	50	10	companies	company	NOUN
ijtc-1855	50	11	linked	link	VERB
ijtc-1855	50	12	through	through	ADP
ijtc-1855	50	13	ownership	ownership	NOUN
ijtc-1855	50	14	or	or	CCONJ
ijtc-1855	50	15	control	control	NOUN
ijtc-1855	50	16	,	,	PUNCT
ijtc-1855	50	17	usually	usually	ADV
ijtc-1855	50	18	under	under	ADP
ijtc-1855	50	19	a	a	DET
ijtc-1855	50	20	single	single	ADJ
ijtc-1855	50	21	parent	parent	NOUN
ijtc-1855	50	22	such	such	ADJ
ijtc-1855	50	23	as	as	ADP
ijtc-1855	50	24	a	a	DET
ijtc-1855	50	25	family	family	NOUN
ijtc-1855	50	26	,	,	PUNCT
ijtc-1855	50	27	foundation	foundation	NOUN
ijtc-1855	50	28	,	,	PUNCT
ijtc-1855	50	29	or	or	CCONJ
ijtc-1855	50	30	conglomerate	conglomerate	NOUN
ijtc-1855	50	31	.	.	PUNCT
ijtc-1855	51	1	although	although	SCONJ
ijtc-1855	51	2	each	each	DET
ijtc-1855	51	3	company	company	NOUN
ijtc-1855	51	4	within	within	ADP
ijtc-1855	51	5	the	the	DET
ijtc-1855	51	6	group	group	NOUN
ijtc-1855	51	7	may	may	AUX
ijtc-1855	51	8	be	be	AUX
ijtc-1855	51	9	a	a	DET
ijtc-1855	51	10	separate	separate	ADJ
ijtc-1855	51	11	legal	legal	ADJ
ijtc-1855	51	12	entity	entity	NOUN
ijtc-1855	51	13	,	,	PUNCT
ijtc-1855	51	14	they	they	PRON
ijtc-1855	51	15	are	be	AUX
ijtc-1855	51	16	typically	typically	ADV
ijtc-1855	51	17	managed	manage	VERB
ijtc-1855	51	18	in	in	ADP
ijtc-1855	51	19	a	a	DET
ijtc-1855	51	20	coordinated	coordinated	ADJ
ijtc-1855	51	21	way	way	NOUN
ijtc-1855	51	22	,	,	PUNCT
ijtc-1855	51	23	often	often	ADV
ijtc-1855	51	24	sharing	share	VERB
ijtc-1855	51	25	resources	resource	NOUN
ijtc-1855	51	26	,	,	PUNCT
ijtc-1855	51	27	internal	internal	ADJ
ijtc-1855	51	28	financing	financing	NOUN
ijtc-1855	51	29	,	,	PUNCT
ijtc-1855	51	30	market	market	NOUN
ijtc-1855	51	31	networks	network	NOUN
ijtc-1855	51	32	,	,	PUNCT
ijtc-1855	51	33	and	and	CCONJ
ijtc-1855	51	34	information	information	NOUN
ijtc-1855	51	35	.	.	PUNCT
ijtc-1855	52	1	in	in	ADP
ijtc-1855	52	2	many	many	ADJ
ijtc-1855	52	3	developing	develop	VERB
ijtc-1855	52	4	countries	country	NOUN
ijtc-1855	52	5	,	,	PUNCT
ijtc-1855	52	6	including	include	VERB
ijtc-1855	52	7	indonesia	indonesia	PROPN
ijtc-1855	52	8	,	,	PUNCT
ijtc-1855	52	9	business	business	NOUN
ijtc-1855	52	10	group	group	NOUN
ijtc-1855	52	11	structures	structure	NOUN
ijtc-1855	52	12	have	have	AUX
ijtc-1855	52	13	developed	develop	VERB
ijtc-1855	52	14	as	as	ADP
ijtc-1855	52	15	a	a	DET
ijtc-1855	52	16	response	response	NOUN
ijtc-1855	52	17	to	to	ADP
ijtc-1855	52	18	institutional	institutional	ADJ
ijtc-1855	52	19	weaknesses	weakness	NOUN
ijtc-1855	52	20	,	,	PUNCT
ijtc-1855	52	21	like	like	ADP
ijtc-1855	52	22	inefficient	inefficient	ADJ
ijtc-1855	52	23	financial	financial	ADJ
ijtc-1855	52	24	markets	market	NOUN
ijtc-1855	52	25	or	or	CCONJ
ijtc-1855	52	26	limited	limited	ADJ
ijtc-1855	52	27	investor	investor	NOUN
ijtc-1855	52	28	protections	protection	NOUN
ijtc-1855	52	29	.	.	PUNCT
ijtc-1855	53	1	as	as	ADP
ijtc-1855	53	2	a	a	DET
ijtc-1855	53	3	result	result	NOUN
ijtc-1855	53	4	,	,	PUNCT
ijtc-1855	53	5	these	these	DET
ijtc-1855	53	6	groups	group	NOUN
ijtc-1855	53	7	act	act	VERB
ijtc-1855	53	8	as	as	ADP
ijtc-1855	53	9	an	an	DET
ijtc-1855	53	10	alternative	alternative	ADJ
ijtc-1855	53	11	way	way	NOUN
ijtc-1855	53	12	for	for	SCONJ
ijtc-1855	53	13	firms	firm	NOUN
ijtc-1855	53	14	to	to	PART
ijtc-1855	53	15	access	access	NOUN
ijtc-1855	53	16	capital	capital	NOUN
ijtc-1855	53	17	,	,	PUNCT
ijtc-1855	53	18	lower	low	ADJ
ijtc-1855	53	19	risk	risk	NOUN
ijtc-1855	53	20	,	,	PUNCT
ijtc-1855	53	21	and	and	CCONJ
ijtc-1855	53	22	grow	grow	VERB
ijtc-1855	53	23	their	their	PRON
ijtc-1855	53	24	operations	operation	NOUN
ijtc-1855	53	25	(	(	PUNCT
ijtc-1855	53	26	khanna	khanna	PROPN
ijtc-1855	53	27	&	&	CCONJ
ijtc-1855	53	28	yafeh	yafeh	PROPN
ijtc-1855	53	29	,	,	PUNCT
ijtc-1855	53	30	2010	2010	NUM
ijtc-1855	53	31	)	)	PUNCT
ijtc-1855	53	32	.	.	PUNCT
ijtc-1855	54	1	family	family	NOUN
ijtc-1855	54	2	ownership	ownership	NOUN
ijtc-1855	54	3	and	and	CCONJ
ijtc-1855	54	4	the	the	DET
ijtc-1855	54	5	presence	presence	NOUN
ijtc-1855	54	6	of	of	ADP
ijtc-1855	54	7	companies	company	NOUN
ijtc-1855	54	8	within	within	ADP
ijtc-1855	54	9	business	business	NOUN
ijtc-1855	54	10	groups	group	NOUN
ijtc-1855	54	11	are	be	AUX
ijtc-1855	54	12	two	two	NUM
ijtc-1855	54	13	critical	critical	ADJ
ijtc-1855	54	14	characteristics	characteristic	NOUN
ijtc-1855	54	15	of	of	ADP
ijtc-1855	54	16	corporate	corporate	ADJ
ijtc-1855	54	17	structures	structure	NOUN
ijtc-1855	54	18	in	in	ADP
ijtc-1855	54	19	developing	develop	VERB
ijtc-1855	54	20	countries	country	NOUN
ijtc-1855	54	21	,	,	PUNCT
ijtc-1855	54	22	including	include	VERB
ijtc-1855	54	23	indonesia	indonesia	PROPN
ijtc-1855	54	24	,	,	PUNCT
ijtc-1855	54	25	that	that	PRON
ijtc-1855	54	26	can	can	AUX
ijtc-1855	54	27	significantly	significantly	ADV
ijtc-1855	54	28	influence	influence	VERB
ijtc-1855	54	29	firm	firm	ADJ
ijtc-1855	54	30	value	value	NOUN
ijtc-1855	54	31	.	.	PUNCT
ijtc-1855	55	1	family	family	NOUN
ijtc-1855	55	2	firms	firm	NOUN
ijtc-1855	55	3	are	be	AUX
ijtc-1855	55	4	often	often	ADV
ijtc-1855	55	5	associated	associate	VERB
ijtc-1855	55	6	with	with	ADP
ijtc-1855	55	7	stronger	strong	ADJ
ijtc-1855	55	8	managerial	managerial	ADJ
ijtc-1855	55	9	oversight	oversight	NOUN
ijtc-1855	55	10	and	and	CCONJ
ijtc-1855	55	11	a	a	DET
ijtc-1855	55	12	long	long	ADJ
ijtc-1855	55	13	-	-	PUNCT
ijtc-1855	55	14	term	term	NOUN
ijtc-1855	55	15	orientation	orientation	NOUN
ijtc-1855	55	16	,	,	PUNCT
ijtc-1855	55	17	enabling	enable	VERB
ijtc-1855	55	18	them	they	PRON
ijtc-1855	55	19	to	to	PART
ijtc-1855	55	20	create	create	VERB
ijtc-1855	55	21	greater	great	ADJ
ijtc-1855	55	22	value	value	NOUN
ijtc-1855	55	23	for	for	ADP
ijtc-1855	55	24	shareholders	shareholder	NOUN
ijtc-1855	55	25	(	(	PUNCT
ijtc-1855	55	26	anderson	anderson	PROPN
ijtc-1855	55	27	&	&	CCONJ
ijtc-1855	55	28	reeb	reeb	PROPN
ijtc-1855	55	29	,	,	PUNCT
ijtc-1855	55	30	2003	2003	NUM
ijtc-1855	55	31	)	)	PUNCT
ijtc-1855	55	32	.	.	PUNCT
ijtc-1855	56	1	however	however	ADV
ijtc-1855	56	2	,	,	PUNCT
ijtc-1855	56	3	family	family	NOUN
ijtc-1855	56	4	ownership	ownership	NOUN
ijtc-1855	56	5	also	also	ADV
ijtc-1855	56	6	carries	carry	VERB
ijtc-1855	56	7	the	the	DET
ijtc-1855	56	8	potential	potential	NOUN
ijtc-1855	56	9	for	for	ADP
ijtc-1855	56	10	conflicts	conflict	NOUN
ijtc-1855	56	11	of	of	ADP
ijtc-1855	56	12	interest	interest	NOUN
ijtc-1855	56	13	between	between	ADP
ijtc-1855	56	14	majority	majority	NOUN
ijtc-1855	56	15	owners	owner	NOUN
ijtc-1855	56	16	and	and	CCONJ
ijtc-1855	56	17	minority	minority	NOUN
ijtc-1855	56	18	shareholders	shareholder	NOUN
ijtc-1855	56	19	,	,	PUNCT
ijtc-1855	56	20	especially	especially	ADV
ijtc-1855	56	21	when	when	SCONJ
ijtc-1855	56	22	governance	governance	NOUN
ijtc-1855	56	23	mechanisms	mechanism	NOUN
ijtc-1855	56	24	are	be	AUX
ijtc-1855	56	25	ineffective	ineffective	ADJ
ijtc-1855	56	26	(	(	PUNCT
ijtc-1855	56	27	claessens	claessen	NOUN
ijtc-1855	56	28	et	et	PROPN
ijtc-1855	56	29	al	al	PROPN
ijtc-1855	56	30	.	.	PROPN
ijtc-1855	56	31	,	,	PUNCT
ijtc-1855	56	32	2000	2000	NUM
ijtc-1855	56	33	)	)	PUNCT
ijtc-1855	56	34	.	.	PUNCT
ijtc-1855	57	1	additionally	additionally	ADV
ijtc-1855	57	2	,	,	PUNCT
ijtc-1855	57	3	companies	company	NOUN
ijtc-1855	57	4	affiliated	affiliate	VERB
ijtc-1855	57	5	with	with	ADP
ijtc-1855	57	6	business	business	NOUN
ijtc-1855	57	7	groups	group	NOUN
ijtc-1855	57	8	benefit	benefit	VERB
ijtc-1855	57	9	from	from	ADP
ijtc-1855	57	10	broader	broad	ADJ
ijtc-1855	57	11	access	access	NOUN
ijtc-1855	57	12	to	to	ADP
ijtc-1855	57	13	internal	internal	ADJ
ijtc-1855	57	14	resources	resource	NOUN
ijtc-1855	57	15	,	,	PUNCT
ijtc-1855	57	16	financing	financing	NOUN
ijtc-1855	57	17	,	,	PUNCT
ijtc-1855	57	18	and	and	CCONJ
ijtc-1855	57	19	market	market	NOUN
ijtc-1855	57	20	networks	network	NOUN
ijtc-1855	57	21	,	,	PUNCT
ijtc-1855	57	22	which	which	PRON
ijtc-1855	57	23	can	can	AUX
ijtc-1855	57	24	enhance	enhance	VERB
ijtc-1855	57	25	operational	operational	ADJ
ijtc-1855	57	26	efficiency	efficiency	NOUN
ijtc-1855	57	27	and	and	CCONJ
ijtc-1855	57	28	firm	firm	ADJ
ijtc-1855	57	29	value	value	NOUN
ijtc-1855	57	30	(	(	PUNCT
ijtc-1855	57	31	khanna	khanna	PROPN
ijtc-1855	57	32	&	&	CCONJ
ijtc-1855	57	33	yafeh	yafeh	PROPN
ijtc-1855	57	34	,	,	PUNCT
ijtc-1855	57	35	2010	2010	NUM
ijtc-1855	57	36	)	)	PUNCT
ijtc-1855	57	37	.	.	PUNCT
ijtc-1855	58	1	on	on	ADP
ijtc-1855	58	2	the	the	DET
ijtc-1855	58	3	other	other	ADJ
ijtc-1855	58	4	hand	hand	NOUN
ijtc-1855	58	5	,	,	PUNCT
ijtc-1855	58	6	complex	complex	ADJ
ijtc-1855	58	7	business	business	NOUN
ijtc-1855	58	8	group	group	NOUN
ijtc-1855	58	9	structures	structure	NOUN
ijtc-1855	58	10	can	can	AUX
ijtc-1855	58	11	be	be	AUX
ijtc-1855	58	12	exploited	exploit	VERB
ijtc-1855	58	13	for	for	ADP
ijtc-1855	58	14	entrenchment	entrenchment	NOUN
ijtc-1855	58	15	or	or	CCONJ
ijtc-1855	58	16	tunneling	tunneling	NOUN
ijtc-1855	58	17	purposes	purpose	NOUN
ijtc-1855	58	18	,	,	PUNCT
ijtc-1855	58	19	transferring	transfer	VERB
ijtc-1855	58	20	resources	resource	NOUN
ijtc-1855	58	21	among	among	ADP
ijtc-1855	58	22	affiliated	affiliated	ADJ
ijtc-1855	58	23	firms	firm	NOUN
ijtc-1855	58	24	for	for	ADP
ijtc-1855	58	25	particular	particular	ADJ
ijtc-1855	58	26	interests	interest	NOUN
ijtc-1855	58	27	,	,	PUNCT
ijtc-1855	58	28	which	which	PRON
ijtc-1855	58	29	may	may	AUX
ijtc-1855	58	30	harm	harm	VERB
ijtc-1855	58	31	minority	minority	NOUN
ijtc-1855	58	32	shareholders	shareholder	NOUN
ijtc-1855	58	33	(	(	PUNCT
ijtc-1855	58	34	r.	r.	PROPN
ijtc-1855	58	35	la	la	PROPN
ijtc-1855	58	36	porta	porta	PROPN
ijtc-1855	58	37	et	et	PROPN
ijtc-1855	58	38	al	al	PROPN
ijtc-1855	58	39	.	.	PROPN
ijtc-1855	58	40	,	,	PUNCT
ijtc-1855	58	41	1999	1999	NUM
ijtc-1855	58	42	)	)	PUNCT
ijtc-1855	58	43	.	.	PUNCT
ijtc-1855	59	1	therefore	therefore	ADV
ijtc-1855	59	2	,	,	PUNCT
ijtc-1855	59	3	the	the	DET
ijtc-1855	59	4	impact	impact	NOUN
ijtc-1855	59	5	of	of	ADP
ijtc-1855	59	6	family	family	NOUN
ijtc-1855	59	7	ownership	ownership	NOUN
ijtc-1855	59	8	and	and	CCONJ
ijtc-1855	59	9	business	business	NOUN
ijtc-1855	59	10	group	group	NOUN
ijtc-1855	59	11	affiliation	affiliation	NOUN
ijtc-1855	59	12	on	on	ADP
ijtc-1855	59	13	firm	firm	ADJ
ijtc-1855	59	14	value	value	NOUN
ijtc-1855	59	15	largely	largely	ADV
ijtc-1855	59	16	depends	depend	VERB
ijtc-1855	59	17	on	on	ADP
ijtc-1855	59	18	the	the	DET
ijtc-1855	59	19	effectiveness	effectiveness	NOUN
ijtc-1855	59	20	of	of	ADP
ijtc-1855	59	21	internal	internal	ADJ
ijtc-1855	59	22	governance	governance	NOUN
ijtc-1855	59	23	and	and	CCONJ
ijtc-1855	59	24	the	the	DET
ijtc-1855	59	25	institutional	institutional	ADJ
ijtc-1855	59	26	environment	environment	NOUN
ijtc-1855	59	27	regulating	regulate	VERB
ijtc-1855	59	28	transparency	transparency	NOUN
ijtc-1855	59	29	and	and	CCONJ
ijtc-1855	59	30	investor	investor	NOUN
ijtc-1855	59	31	protection	protection	NOUN
ijtc-1855	59	32	.	.	PUNCT
ijtc-1855	60	1	in	in	ADP
ijtc-1855	60	2	the	the	DET
ijtc-1855	60	3	context	context	NOUN
ijtc-1855	60	4	of	of	ADP
ijtc-1855	60	5	family	family	NOUN
ijtc-1855	60	6	firms	firm	NOUN
ijtc-1855	60	7	and	and	CCONJ
ijtc-1855	60	8	business	business	NOUN
ijtc-1855	60	9	groups	group	NOUN
ijtc-1855	60	10	,	,	PUNCT
ijtc-1855	60	11	the	the	DET
ijtc-1855	60	12	presence	presence	NOUN
ijtc-1855	60	13	of	of	ADP
ijtc-1855	60	14	politically	politically	ADV
ijtc-1855	60	15	connected	connect	VERB
ijtc-1855	60	16	board	board	NOUN
ijtc-1855	60	17	members	member	NOUN
ijtc-1855	60	18	acts	act	VERB
ijtc-1855	60	19	as	as	ADP
ijtc-1855	60	20	a	a	DET
ijtc-1855	60	21	strategic	strategic	ADJ
ijtc-1855	60	22	factor	factor	NOUN
ijtc-1855	60	23	that	that	PRON
ijtc-1855	60	24	can	can	AUX
ijtc-1855	60	25	either	either	CCONJ
ijtc-1855	60	26	strengthen	strengthen	VERB
ijtc-1855	60	27	or	or	CCONJ
ijtc-1855	60	28	weaken	weaken	VERB
ijtc-1855	60	29	firm	firm	ADJ
ijtc-1855	60	30	value	value	NOUN
ijtc-1855	60	31	.	.	PUNCT
ijtc-1855	61	1	political	political	ADJ
ijtc-1855	61	2	connections	connection	NOUN
ijtc-1855	61	3	offer	offer	VERB
ijtc-1855	61	4	advantages	advantage	NOUN
ijtc-1855	61	5	,	,	PUNCT
ijtc-1855	61	6	including	include	VERB
ijtc-1855	61	7	access	access	NOUN
ijtc-1855	61	8	to	to	ADP
ijtc-1855	61	9	state	state	NOUN
ijtc-1855	61	10	resources	resource	NOUN
ijtc-1855	61	11	,	,	PUNCT
ijtc-1855	61	12	licensing	licensing	NOUN
ijtc-1855	61	13	,	,	PUNCT
ijtc-1855	61	14	and	and	CCONJ
ijtc-1855	61	15	regulatory	regulatory	ADJ
ijtc-1855	61	16	protection	protection	NOUN
ijtc-1855	61	17	,	,	PUNCT
ijtc-1855	61	18	especially	especially	ADV
ijtc-1855	61	19	in	in	ADP
ijtc-1855	61	20	developing	develop	VERB
ijtc-1855	61	21	countries	country	NOUN
ijtc-1855	61	22	with	with	ADP
ijtc-1855	61	23	relatively	relatively	ADV
ijtc-1855	61	24	weak	weak	ADJ
ijtc-1855	61	25	institutional	institutional	ADJ
ijtc-1855	61	26	frameworks	framework	NOUN
ijtc-1855	61	27	(	(	PUNCT
ijtc-1855	61	28	faccio	faccio	PROPN
ijtc-1855	61	29	,	,	PUNCT
ijtc-1855	61	30	2019	2019	NUM
ijtc-1855	61	31	)	)	PUNCT
ijtc-1855	61	32	.	.	PUNCT
ijtc-1855	62	1	within	within	ADP
ijtc-1855	62	2	family	family	NOUN
ijtc-1855	62	3	-	-	PUNCT
ijtc-1855	62	4	owned	own	VERB
ijtc-1855	62	5	companies	company	NOUN
ijtc-1855	62	6	,	,	PUNCT
ijtc-1855	62	7	political	political	ADJ
ijtc-1855	62	8	ties	tie	NOUN
ijtc-1855	62	9	held	hold	VERB
ijtc-1855	62	10	by	by	ADP
ijtc-1855	62	11	the	the	DET
ijtc-1855	62	12	board	board	NOUN
ijtc-1855	62	13	are	be	AUX
ijtc-1855	62	14	often	often	ADV
ijtc-1855	62	15	leveraged	leverage	VERB
ijtc-1855	62	16	to	to	PART
ijtc-1855	62	17	sustain	sustain	VERB
ijtc-1855	62	18	the	the	DET
ijtc-1855	62	19	business	business	NOUN
ijtc-1855	62	20	and	and	CCONJ
ijtc-1855	62	21	expand	expand	VERB
ijtc-1855	62	22	power	power	NOUN
ijtc-1855	62	23	networks	network	NOUN
ijtc-1855	62	24	for	for	ADP
ijtc-1855	62	25	long	long	ADJ
ijtc-1855	62	26	-	-	PUNCT
ijtc-1855	62	27	term	term	NOUN
ijtc-1855	62	28	interests	interest	NOUN
ijtc-1855	62	29	.	.	PUNCT
ijtc-1855	63	1	however	however	ADV
ijtc-1855	63	2	,	,	PUNCT
ijtc-1855	63	3	when	when	SCONJ
ijtc-1855	63	4	family	family	NOUN
ijtc-1855	63	5	ownership	ownership	NOUN
ijtc-1855	63	6	becomes	become	VERB
ijtc-1855	63	7	overly	overly	ADV
ijtc-1855	63	8	dominant	dominant	ADJ
ijtc-1855	63	9	without	without	ADP
ijtc-1855	63	10	adequate	adequate	ADJ
ijtc-1855	63	11	oversight	oversight	NOUN
ijtc-1855	63	12	mechanisms	mechanism	NOUN
ijtc-1855	63	13	,	,	PUNCT
ijtc-1855	63	14	these	these	DET
ijtc-1855	63	15	political	political	ADJ
ijtc-1855	63	16	connections	connection	NOUN
ijtc-1855	63	17	may	may	AUX
ijtc-1855	63	18	lead	lead	VERB
ijtc-1855	63	19	to	to	ADP
ijtc-1855	63	20	conflicts	conflict	NOUN
ijtc-1855	63	21	of	of	ADP
ijtc-1855	63	22	interest	interest	NOUN
ijtc-1855	63	23	and	and	CCONJ
ijtc-1855	63	24	inefficient	inefficient	ADJ
ijtc-1855	63	25	decision	decision	NOUN
ijtc-1855	63	26	-	-	PUNCT
ijtc-1855	63	27	making	make	VERB
ijtc-1855	63	28	practices	practice	NOUN
ijtc-1855	63	29	(	(	PUNCT
ijtc-1855	63	30	fan	fan	NOUN
ijtc-1855	63	31	et	et	PROPN
ijtc-1855	63	32	al	al	PROPN
ijtc-1855	63	33	.	.	PROPN
ijtc-1855	63	34	,	,	PUNCT
ijtc-1855	63	35	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	DET
ijtc-1855	63	36	the	the	DET
ijtc-1855	63	37	influence	influence	NOUN
ijtc-1855	63	38	of	of	ADP
ijtc-1855	63	39	politically	politically	ADV
ijtc-1855	63	40	connected	connect	VERB
ijtc-1855	63	41	board	board	NOUN
ijtc-1855	63	42	of	of	ADP
ijtc-1855	63	43	directors	director	NOUN
ijtc-1855	63	44	on	on	ADP
ijtc-1855	63	45	firm	firm	ADJ
ijtc-1855	63	46	value	value	NOUN
ijtc-1855	63	47	with	with	ADP
ijtc-1855	63	48	business	business	NOUN
ijtc-1855	63	49	groups	group	NOUN
ijtc-1855	63	50	as	as	ADP
ijtc-1855	63	51	a	a	DET
ijtc-1855	63	52	moderating	moderate	VERB
ijtc-1855	63	53	variable	variable	NOUN
ijtc-1855	63	54	muhammad	muhammad	PROPN
ijtc-1855	63	55	fasha	fasha	PROPN
ijtc-1855	63	56	radya1	radya1	PROPN
ijtc-1855	63	57	.	.	PROPN
ijtc-1855	64	1	,	,	PUNCT
ijtc-1855	64	2	eddy	eddy	PROPN
ijtc-1855	64	3	suranta2	suranta2	PROPN
ijtc-1855	64	4	149|ilomata	149|ilomata	NUM
ijtc-1855	64	5	international	international	ADJ
ijtc-1855	64	6	journal	journal	NOUN
ijtc-1855	64	7	of	of	ADP
ijtc-1855	64	8	social	social	ADJ
ijtc-1855	64	9	science	science	NOUN
ijtc-1855	64	10	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	64	11	2007	2007	NUM
ijtc-1855	64	12	)	)	PUNCT
ijtc-1855	64	13	.	.	PUNCT
ijtc-1855	65	1	a	a	DET
ijtc-1855	65	2	similar	similar	ADJ
ijtc-1855	65	3	dynamic	dynamic	ADJ
ijtc-1855	65	4	applies	applie	NOUN
ijtc-1855	65	5	to	to	ADP
ijtc-1855	65	6	firms	firm	NOUN
ijtc-1855	65	7	within	within	ADP
ijtc-1855	65	8	business	business	NOUN
ijtc-1855	65	9	groups	group	NOUN
ijtc-1855	65	10	,	,	PUNCT
ijtc-1855	65	11	where	where	SCONJ
ijtc-1855	65	12	political	political	ADJ
ijtc-1855	65	13	connections	connection	NOUN
ijtc-1855	65	14	can	can	AUX
ijtc-1855	65	15	either	either	CCONJ
ijtc-1855	65	16	reinforce	reinforce	VERB
ijtc-1855	65	17	synergy	synergy	NOUN
ijtc-1855	65	18	among	among	ADP
ijtc-1855	65	19	affiliated	affiliated	ADJ
ijtc-1855	65	20	companies	company	NOUN
ijtc-1855	65	21	or	or	CCONJ
ijtc-1855	65	22	be	be	AUX
ijtc-1855	65	23	exploited	exploit	VERB
ijtc-1855	65	24	for	for	ADP
ijtc-1855	65	25	resource	resource	NOUN
ijtc-1855	65	26	tunneling	tunnel	VERB
ijtc-1855	65	27	to	to	PART
ijtc-1855	65	28	benefit	benefit	VERB
ijtc-1855	65	29	controlling	control	VERB
ijtc-1855	65	30	parties	party	NOUN
ijtc-1855	65	31	.	.	PUNCT
ijtc-1855	66	1	therefore	therefore	ADV
ijtc-1855	66	2	,	,	PUNCT
ijtc-1855	66	3	the	the	DET
ijtc-1855	66	4	interplay	interplay	NOUN
ijtc-1855	66	5	of	of	ADP
ijtc-1855	66	6	political	political	ADJ
ijtc-1855	66	7	connections	connection	NOUN
ijtc-1855	66	8	,	,	PUNCT
ijtc-1855	66	9	family	family	NOUN
ijtc-1855	66	10	ownership	ownership	NOUN
ijtc-1855	66	11	,	,	PUNCT
ijtc-1855	66	12	and	and	CCONJ
ijtc-1855	66	13	business	business	NOUN
ijtc-1855	66	14	group	group	NOUN
ijtc-1855	66	15	structure	structure	NOUN
ijtc-1855	66	16	does	do	AUX
ijtc-1855	66	17	not	not	PART
ijtc-1855	66	18	always	always	ADV
ijtc-1855	66	19	create	create	VERB
ijtc-1855	66	20	added	add	VERB
ijtc-1855	66	21	value	value	NOUN
ijtc-1855	66	22	;	;	PUNCT
ijtc-1855	66	23	its	its	PRON
ijtc-1855	66	24	impact	impact	NOUN
ijtc-1855	66	25	on	on	ADP
ijtc-1855	66	26	firm	firm	ADJ
ijtc-1855	66	27	value	value	NOUN
ijtc-1855	66	28	largely	largely	ADV
ijtc-1855	66	29	depends	depend	VERB
ijtc-1855	66	30	on	on	ADP
ijtc-1855	66	31	the	the	DET
ijtc-1855	66	32	quality	quality	NOUN
ijtc-1855	66	33	of	of	ADP
ijtc-1855	66	34	governance	governance	NOUN
ijtc-1855	66	35	and	and	CCONJ
ijtc-1855	66	36	accountability	accountability	NOUN
ijtc-1855	66	37	exercised	exercise	VERB
ijtc-1855	66	38	within	within	ADP
ijtc-1855	66	39	the	the	DET
ijtc-1855	66	40	company	company	NOUN
ijtc-1855	66	41	.	.	PUNCT
ijtc-1855	67	1	the	the	DET
ijtc-1855	67	2	interplay	interplay	NOUN
ijtc-1855	67	3	between	between	ADP
ijtc-1855	67	4	family	family	NOUN
ijtc-1855	67	5	ownership	ownership	NOUN
ijtc-1855	67	6	,	,	PUNCT
ijtc-1855	67	7	business	business	NOUN
ijtc-1855	67	8	group	group	NOUN
ijtc-1855	67	9	affiliation	affiliation	NOUN
ijtc-1855	67	10	,	,	PUNCT
ijtc-1855	67	11	and	and	CCONJ
ijtc-1855	67	12	political	political	ADJ
ijtc-1855	67	13	connections	connection	NOUN
ijtc-1855	67	14	on	on	ADP
ijtc-1855	67	15	the	the	DET
ijtc-1855	67	16	board	board	NOUN
ijtc-1855	67	17	of	of	ADP
ijtc-1855	67	18	directors	director	NOUN
ijtc-1855	67	19	can	can	AUX
ijtc-1855	67	20	be	be	AUX
ijtc-1855	67	21	better	well	ADV
ijtc-1855	67	22	understood	understand	VERB
ijtc-1855	67	23	through	through	ADP
ijtc-1855	67	24	the	the	DET
ijtc-1855	67	25	lens	lens	NOUN
ijtc-1855	67	26	of	of	ADP
ijtc-1855	67	27	agency	agency	PROPN
ijtc-1855	67	28	theory	theory	NOUN
ijtc-1855	67	29	.	.	PUNCT
ijtc-1855	68	1	agency	agency	NOUN
ijtc-1855	68	2	theory	theory	NOUN
ijtc-1855	68	3	explains	explain	VERB
ijtc-1855	68	4	that	that	SCONJ
ijtc-1855	68	5	conflicts	conflict	NOUN
ijtc-1855	68	6	of	of	ADP
ijtc-1855	68	7	interest	interest	NOUN
ijtc-1855	68	8	may	may	AUX
ijtc-1855	68	9	arise	arise	VERB
ijtc-1855	68	10	between	between	ADP
ijtc-1855	68	11	management	management	NOUN
ijtc-1855	68	12	(	(	PUNCT
ijtc-1855	68	13	agents	agent	NOUN
ijtc-1855	68	14	)	)	PUNCT
ijtc-1855	68	15	and	and	CCONJ
ijtc-1855	68	16	shareholders	shareholder	NOUN
ijtc-1855	68	17	(	(	PUNCT
ijtc-1855	68	18	principals	principal	NOUN
ijtc-1855	68	19	)	)	PUNCT
ijtc-1855	68	20	,	,	PUNCT
ijtc-1855	68	21	particularly	particularly	ADV
ijtc-1855	68	22	when	when	SCONJ
ijtc-1855	68	23	their	their	PRON
ijtc-1855	68	24	objectives	objective	NOUN
ijtc-1855	68	25	are	be	AUX
ijtc-1855	68	26	not	not	PART
ijtc-1855	68	27	aligned	align	VERB
ijtc-1855	68	28	.	.	PUNCT
ijtc-1855	69	1	in	in	ADP
ijtc-1855	69	2	family	family	NOUN
ijtc-1855	69	3	firms	firm	NOUN
ijtc-1855	69	4	,	,	PUNCT
ijtc-1855	69	5	concentrated	concentrated	ADJ
ijtc-1855	69	6	ownership	ownership	NOUN
ijtc-1855	69	7	is	be	AUX
ijtc-1855	69	8	often	often	ADV
ijtc-1855	69	9	seen	see	VERB
ijtc-1855	69	10	as	as	ADP
ijtc-1855	69	11	a	a	DET
ijtc-1855	69	12	mechanism	mechanism	NOUN
ijtc-1855	69	13	to	to	PART
ijtc-1855	69	14	reduce	reduce	VERB
ijtc-1855	69	15	type	type	NOUN
ijtc-1855	69	16	i	i	PROPN
ijtc-1855	69	17	agency	agency	NOUN
ijtc-1855	69	18	conflicts	conflict	NOUN
ijtc-1855	69	19	—	—	PUNCT
ijtc-1855	69	20	those	those	PRON
ijtc-1855	69	21	between	between	ADP
ijtc-1855	69	22	managers	manager	NOUN
ijtc-1855	69	23	and	and	CCONJ
ijtc-1855	69	24	owners	owner	NOUN
ijtc-1855	69	25	—	—	PUNCT
ijtc-1855	69	26	since	since	SCONJ
ijtc-1855	69	27	family	family	NOUN
ijtc-1855	69	28	members	member	NOUN
ijtc-1855	69	29	have	have	VERB
ijtc-1855	69	30	long	long	ADJ
ijtc-1855	69	31	-	-	PUNCT
ijtc-1855	69	32	term	term	NOUN
ijtc-1855	69	33	incentives	incentive	NOUN
ijtc-1855	69	34	to	to	PART
ijtc-1855	69	35	preserve	preserve	VERB
ijtc-1855	69	36	firm	firm	ADJ
ijtc-1855	69	37	value	value	NOUN
ijtc-1855	69	38	(	(	PUNCT
ijtc-1855	69	39	jensen	jensen	PROPN
ijtc-1855	69	40	and	and	CCONJ
ijtc-1855	69	41	meckling	meckling	NOUN
ijtc-1855	69	42	,	,	PUNCT
ijtc-1855	69	43	1976	1976	NUM
ijtc-1855	69	44	)	)	PUNCT
ijtc-1855	69	45	.	.	PUNCT
ijtc-1855	70	1	however	however	ADV
ijtc-1855	70	2	,	,	PUNCT
ijtc-1855	70	3	this	this	DET
ijtc-1855	70	4	structure	structure	NOUN
ijtc-1855	70	5	can	can	AUX
ijtc-1855	70	6	give	give	VERB
ijtc-1855	70	7	rise	rise	NOUN
ijtc-1855	70	8	to	to	ADP
ijtc-1855	70	9	type	type	NOUN
ijtc-1855	70	10	ii	ii	PROPN
ijtc-1855	70	11	agency	agency	NOUN
ijtc-1855	70	12	conflicts	conflict	NOUN
ijtc-1855	70	13	,	,	PUNCT
ijtc-1855	70	14	which	which	PRON
ijtc-1855	70	15	occur	occur	VERB
ijtc-1855	70	16	between	between	ADP
ijtc-1855	70	17	majority	majority	NOUN
ijtc-1855	70	18	shareholders	shareholder	NOUN
ijtc-1855	70	19	(	(	PUNCT
ijtc-1855	70	20	the	the	DET
ijtc-1855	70	21	family	family	NOUN
ijtc-1855	70	22	)	)	PUNCT
ijtc-1855	70	23	and	and	CCONJ
ijtc-1855	70	24	minority	minority	NOUN
ijtc-1855	70	25	shareholders	shareholder	NOUN
ijtc-1855	70	26	,	,	PUNCT
ijtc-1855	70	27	especially	especially	ADV
ijtc-1855	70	28	if	if	SCONJ
ijtc-1855	70	29	controlling	control	VERB
ijtc-1855	70	30	owners	owner	NOUN
ijtc-1855	70	31	exploit	exploit	VERB
ijtc-1855	70	32	corporate	corporate	ADJ
ijtc-1855	70	33	resources	resource	NOUN
ijtc-1855	70	34	for	for	ADP
ijtc-1855	70	35	personal	personal	ADJ
ijtc-1855	70	36	gain	gain	NOUN
ijtc-1855	70	37	,	,	PUNCT
ijtc-1855	70	38	such	such	ADJ
ijtc-1855	70	39	as	as	ADP
ijtc-1855	70	40	through	through	ADP
ijtc-1855	70	41	leveraging	leverage	VERB
ijtc-1855	70	42	political	political	ADJ
ijtc-1855	70	43	connections	connection	NOUN
ijtc-1855	70	44	(	(	PUNCT
ijtc-1855	70	45	villalonga	villalonga	PROPN
ijtc-1855	70	46	&	&	CCONJ
ijtc-1855	70	47	amit	amit	PROPN
ijtc-1855	70	48	,	,	PUNCT
ijtc-1855	70	49	2004	2004	NUM
ijtc-1855	70	50	)	)	PUNCT
ijtc-1855	70	51	.	.	PUNCT
ijtc-1855	71	1	within	within	ADP
ijtc-1855	71	2	business	business	NOUN
ijtc-1855	71	3	group	group	NOUN
ijtc-1855	71	4	structures	structure	NOUN
ijtc-1855	71	5	,	,	PUNCT
ijtc-1855	71	6	incentives	incentive	VERB
ijtc-1855	71	7	to	to	PART
ijtc-1855	71	8	manage	manage	VERB
ijtc-1855	71	9	firms	firm	NOUN
ijtc-1855	71	10	efficiently	efficiently	ADV
ijtc-1855	71	11	may	may	AUX
ijtc-1855	71	12	be	be	AUX
ijtc-1855	71	13	further	far	ADV
ijtc-1855	71	14	distorted	distort	VERB
ijtc-1855	71	15	by	by	ADP
ijtc-1855	71	16	opportunities	opportunity	NOUN
ijtc-1855	71	17	to	to	PART
ijtc-1855	71	18	transfer	transfer	VERB
ijtc-1855	71	19	resources	resource	NOUN
ijtc-1855	71	20	among	among	ADP
ijtc-1855	71	21	subsidiaries	subsidiary	NOUN
ijtc-1855	71	22	in	in	ADP
ijtc-1855	71	23	ways	way	NOUN
ijtc-1855	71	24	that	that	PRON
ijtc-1855	71	25	do	do	AUX
ijtc-1855	71	26	not	not	PART
ijtc-1855	71	27	equally	equally	ADV
ijtc-1855	71	28	benefit	benefit	VERB
ijtc-1855	71	29	all	all	DET
ijtc-1855	71	30	shareholders	shareholder	NOUN
ijtc-1855	71	31	.	.	PUNCT
ijtc-1855	72	1	the	the	DET
ijtc-1855	72	2	presence	presence	NOUN
ijtc-1855	72	3	of	of	ADP
ijtc-1855	72	4	politically	politically	ADV
ijtc-1855	72	5	connected	connect	VERB
ijtc-1855	72	6	board	board	NOUN
ijtc-1855	72	7	members	member	NOUN
ijtc-1855	72	8	in	in	ADP
ijtc-1855	72	9	such	such	ADJ
ijtc-1855	72	10	contexts	context	NOUN
ijtc-1855	72	11	can	can	AUX
ijtc-1855	72	12	serve	serve	VERB
ijtc-1855	72	13	as	as	ADP
ijtc-1855	72	14	a	a	DET
ijtc-1855	72	15	strategic	strategic	ADJ
ijtc-1855	72	16	tool	tool	NOUN
ijtc-1855	72	17	to	to	PART
ijtc-1855	72	18	strengthen	strengthen	VERB
ijtc-1855	72	19	the	the	DET
ijtc-1855	72	20	family	family	NOUN
ijtc-1855	72	21	or	or	CCONJ
ijtc-1855	72	22	group	group	NOUN
ijtc-1855	72	23	’s	’s	PART
ijtc-1855	72	24	control	control	NOUN
ijtc-1855	72	25	over	over	ADP
ijtc-1855	72	26	business	business	NOUN
ijtc-1855	72	27	interests	interest	NOUN
ijtc-1855	72	28	,	,	PUNCT
ijtc-1855	72	29	but	but	CCONJ
ijtc-1855	72	30	also	also	ADV
ijtc-1855	72	31	raises	raise	VERB
ijtc-1855	72	32	the	the	DET
ijtc-1855	72	33	risk	risk	NOUN
ijtc-1855	72	34	of	of	ADP
ijtc-1855	72	35	entrenchment	entrenchment	ADJ
ijtc-1855	72	36	practices	practice	NOUN
ijtc-1855	72	37	.	.	PUNCT
ijtc-1855	73	1	therefore	therefore	ADV
ijtc-1855	73	2	,	,	PUNCT
ijtc-1855	73	3	according	accord	VERB
ijtc-1855	73	4	to	to	ADP
ijtc-1855	73	5	agency	agency	NOUN
ijtc-1855	73	6	theory	theory	NOUN
ijtc-1855	73	7	,	,	PUNCT
ijtc-1855	73	8	the	the	DET
ijtc-1855	73	9	combined	combine	VERB
ijtc-1855	73	10	impact	impact	NOUN
ijtc-1855	73	11	of	of	ADP
ijtc-1855	73	12	political	political	ADJ
ijtc-1855	73	13	connections	connection	NOUN
ijtc-1855	73	14	,	,	PUNCT
ijtc-1855	73	15	family	family	NOUN
ijtc-1855	73	16	ownership	ownership	NOUN
ijtc-1855	73	17	,	,	PUNCT
ijtc-1855	73	18	and	and	CCONJ
ijtc-1855	73	19	business	business	NOUN
ijtc-1855	73	20	group	group	NOUN
ijtc-1855	73	21	structure	structure	NOUN
ijtc-1855	73	22	on	on	ADP
ijtc-1855	73	23	firm	firm	ADJ
ijtc-1855	73	24	value	value	NOUN
ijtc-1855	73	25	largely	largely	ADV
ijtc-1855	73	26	depends	depend	VERB
ijtc-1855	73	27	on	on	ADP
ijtc-1855	73	28	the	the	DET
ijtc-1855	73	29	balance	balance	NOUN
ijtc-1855	73	30	between	between	ADP
ijtc-1855	73	31	effective	effective	ADJ
ijtc-1855	73	32	control	control	NOUN
ijtc-1855	73	33	and	and	CCONJ
ijtc-1855	73	34	the	the	DET
ijtc-1855	73	35	potential	potential	NOUN
ijtc-1855	73	36	for	for	ADP
ijtc-1855	73	37	power	power	NOUN
ijtc-1855	73	38	abuse	abuse	NOUN
ijtc-1855	73	39	(	(	PUNCT
ijtc-1855	73	40	layyinaturrobaniyah	layyinaturrobaniyah	NOUN
ijtc-1855	73	41	et	et	PROPN
ijtc-1855	73	42	al	al	PROPN
ijtc-1855	73	43	.	.	PROPN
ijtc-1855	73	44	,	,	PUNCT
ijtc-1855	73	45	2014	2014	NUM
ijtc-1855	73	46	)	)	PUNCT
ijtc-1855	73	47	.	.	PUNCT
ijtc-1855	74	1	prior	prior	ADJ
ijtc-1855	74	2	studies	study	NOUN
ijtc-1855	74	3	reveal	reveal	VERB
ijtc-1855	74	4	that	that	SCONJ
ijtc-1855	74	5	business	business	NOUN
ijtc-1855	74	6	groups	group	NOUN
ijtc-1855	74	7	influence	influence	VERB
ijtc-1855	74	8	firm	firm	ADJ
ijtc-1855	74	9	value	value	NOUN
ijtc-1855	74	10	,	,	PUNCT
ijtc-1855	74	11	though	though	SCONJ
ijtc-1855	74	12	this	this	DET
ijtc-1855	74	13	effect	effect	NOUN
ijtc-1855	74	14	is	be	AUX
ijtc-1855	74	15	not	not	PART
ijtc-1855	74	16	consistent	consistent	ADJ
ijtc-1855	74	17	across	across	ADP
ijtc-1855	74	18	all	all	DET
ijtc-1855	74	19	industry	industry	NOUN
ijtc-1855	74	20	sectors	sector	NOUN
ijtc-1855	74	21	.	.	PUNCT
ijtc-1855	75	1	in	in	ADP
ijtc-1855	75	2	innovation	innovation	NOUN
ijtc-1855	75	3	-	-	PUNCT
ijtc-1855	75	4	intensive	intensive	ADJ
ijtc-1855	75	5	industries	industry	NOUN
ijtc-1855	75	6	such	such	ADJ
ijtc-1855	75	7	as	as	ADP
ijtc-1855	75	8	technology	technology	NOUN
ijtc-1855	75	9	and	and	CCONJ
ijtc-1855	75	10	pharmaceuticals	pharmaceutical	NOUN
ijtc-1855	75	11	,	,	PUNCT
ijtc-1855	75	12	business	business	NOUN
ijtc-1855	75	13	groups	group	NOUN
ijtc-1855	75	14	tend	tend	VERB
ijtc-1855	75	15	to	to	PART
ijtc-1855	75	16	hinder	hinder	VERB
ijtc-1855	75	17	innovation	innovation	NOUN
ijtc-1855	75	18	due	due	ADP
ijtc-1855	75	19	to	to	ADP
ijtc-1855	75	20	their	their	PRON
ijtc-1855	75	21	focus	focus	NOUN
ijtc-1855	75	22	on	on	ADP
ijtc-1855	75	23	stability	stability	NOUN
ijtc-1855	75	24	and	and	CCONJ
ijtc-1855	75	25	preservation	preservation	NOUN
ijtc-1855	75	26	of	of	ADP
ijtc-1855	75	27	the	the	DET
ijtc-1855	75	28	status	status	NOUN
ijtc-1855	75	29	quo	quo	NOUN
ijtc-1855	75	30	(	(	PUNCT
ijtc-1855	75	31	gomez	gomez	PROPN
ijtc-1855	75	32	-	-	PUNCT
ijtc-1855	75	33	mejia	mejia	PROPN
ijtc-1855	75	34	et	et	PROPN
ijtc-1855	75	35	al	al	PROPN
ijtc-1855	75	36	.	.	PROPN
ijtc-1855	75	37	,	,	PUNCT
ijtc-1855	75	38	2001	2001	NUM
ijtc-1855	75	39	)	)	PUNCT
ijtc-1855	75	40	.	.	PUNCT
ijtc-1855	76	1	conversely	conversely	ADV
ijtc-1855	76	2	,	,	PUNCT
ijtc-1855	76	3	in	in	ADP
ijtc-1855	76	4	more	more	ADV
ijtc-1855	76	5	conservative	conservative	ADJ
ijtc-1855	76	6	or	or	CCONJ
ijtc-1855	76	7	traditional	traditional	ADJ
ijtc-1855	76	8	industries	industry	NOUN
ijtc-1855	76	9	,	,	PUNCT
ijtc-1855	76	10	business	business	NOUN
ijtc-1855	76	11	groups	group	NOUN
ijtc-1855	76	12	demonstrate	demonstrate	VERB
ijtc-1855	76	13	a	a	DET
ijtc-1855	76	14	positive	positive	ADJ
ijtc-1855	76	15	correlation	correlation	NOUN
ijtc-1855	76	16	with	with	ADP
ijtc-1855	76	17	firm	firm	ADJ
ijtc-1855	76	18	value	value	NOUN
ijtc-1855	76	19	owing	owe	VERB
ijtc-1855	76	20	to	to	ADP
ijtc-1855	76	21	their	their	PRON
ijtc-1855	76	22	long	long	ADJ
ijtc-1855	76	23	-	-	PUNCT
ijtc-1855	76	24	term	term	NOUN
ijtc-1855	76	25	orientation	orientation	NOUN
ijtc-1855	76	26	and	and	CCONJ
ijtc-1855	76	27	focus	focus	VERB
ijtc-1855	76	28	on	on	ADP
ijtc-1855	76	29	business	business	NOUN
ijtc-1855	76	30	sustainability	sustainability	NOUN
ijtc-1855	76	31	(	(	PUNCT
ijtc-1855	76	32	zahra	zahra	NOUN
ijtc-1855	76	33	,	,	PUNCT
ijtc-1855	76	34	2003	2003	NUM
ijtc-1855	76	35	)	)	PUNCT
ijtc-1855	76	36	.	.	PUNCT
ijtc-1855	77	1	this	this	DET
ijtc-1855	77	2	study	study	NOUN
ijtc-1855	77	3	offers	offer	VERB
ijtc-1855	77	4	a	a	DET
ijtc-1855	77	5	novel	novel	ADJ
ijtc-1855	77	6	contribution	contribution	NOUN
ijtc-1855	77	7	by	by	ADP
ijtc-1855	77	8	specifically	specifically	ADV
ijtc-1855	77	9	examining	examine	VERB
ijtc-1855	77	10	the	the	DET
ijtc-1855	77	11	role	role	NOUN
ijtc-1855	77	12	of	of	ADP
ijtc-1855	77	13	politically	politically	ADV
ijtc-1855	77	14	connected	connected	ADJ
ijtc-1855	77	15	boards	board	NOUN
ijtc-1855	77	16	of	of	ADP
ijtc-1855	77	17	directors	director	NOUN
ijtc-1855	77	18	on	on	ADP
ijtc-1855	77	19	firm	firm	ADJ
ijtc-1855	77	20	value	value	NOUN
ijtc-1855	77	21	,	,	PUNCT
ijtc-1855	77	22	while	while	SCONJ
ijtc-1855	77	23	positioning	positioning	NOUN
ijtc-1855	77	24	business	business	NOUN
ijtc-1855	77	25	group	group	NOUN
ijtc-1855	77	26	affiliation	affiliation	NOUN
ijtc-1855	77	27	as	as	ADP
ijtc-1855	77	28	a	a	DET
ijtc-1855	77	29	moderating	moderate	VERB
ijtc-1855	77	30	variable	variable	NOUN
ijtc-1855	77	31	within	within	ADP
ijtc-1855	77	32	the	the	DET
ijtc-1855	77	33	context	context	NOUN
ijtc-1855	77	34	of	of	ADP
ijtc-1855	77	35	indonesian	indonesian	ADJ
ijtc-1855	77	36	companies	company	NOUN
ijtc-1855	77	37	.	.	PUNCT
ijtc-1855	78	1	this	this	DET
ijtc-1855	78	2	study	study	NOUN
ijtc-1855	78	3	contributes	contribute	VERB
ijtc-1855	78	4	to	to	ADP
ijtc-1855	78	5	the	the	DET
ijtc-1855	78	6	literature	literature	NOUN
ijtc-1855	78	7	by	by	ADP
ijtc-1855	78	8	revealing	reveal	VERB
ijtc-1855	78	9	that	that	SCONJ
ijtc-1855	78	10	the	the	DET
ijtc-1855	78	11	moderating	moderate	VERB
ijtc-1855	78	12	effect	effect	NOUN
ijtc-1855	78	13	of	of	ADP
ijtc-1855	78	14	business	business	NOUN
ijtc-1855	78	15	groups	group	NOUN
ijtc-1855	78	16	on	on	ADP
ijtc-1855	78	17	the	the	DET
ijtc-1855	78	18	relationship	relationship	NOUN
ijtc-1855	78	19	between	between	ADP
ijtc-1855	78	20	political	political	ADJ
ijtc-1855	78	21	connections	connection	NOUN
ijtc-1855	78	22	and	and	CCONJ
ijtc-1855	78	23	firm	firm	ADJ
ijtc-1855	78	24	value	value	NOUN
ijtc-1855	78	25	in	in	ADP
ijtc-1855	78	26	indonesian	indonesian	ADJ
ijtc-1855	78	27	manufacturing	manufacturing	NOUN
ijtc-1855	78	28	firms	firm	NOUN
ijtc-1855	78	29	differs	differ	VERB
ijtc-1855	78	30	from	from	ADP
ijtc-1855	78	31	prior	prior	ADJ
ijtc-1855	78	32	studies	study	NOUN
ijtc-1855	78	33	that	that	PRON
ijtc-1855	78	34	found	find	VERB
ijtc-1855	78	35	null	null	ADJ
ijtc-1855	78	36	or	or	CCONJ
ijtc-1855	78	37	even	even	ADV
ijtc-1855	78	38	negative	negative	ADJ
ijtc-1855	78	39	moderation	moderation	NOUN
ijtc-1855	78	40	.	.	PUNCT
ijtc-1855	79	1	while	while	SCONJ
ijtc-1855	79	2	earlier	early	ADJ
ijtc-1855	79	3	research	research	NOUN
ijtc-1855	79	4	by	by	ADP
ijtc-1855	79	5	(	(	PUNCT
ijtc-1855	79	6	tangke	tangke	PROPN
ijtc-1855	79	7	,	,	PUNCT
ijtc-1855	79	8	2019	2019	NUM
ijtc-1855	79	9	)	)	PUNCT
ijtc-1855	79	10	did	do	AUX
ijtc-1855	79	11	not	not	PART
ijtc-1855	79	12	identify	identify	VERB
ijtc-1855	79	13	a	a	DET
ijtc-1855	79	14	significant	significant	ADJ
ijtc-1855	79	15	moderating	moderate	VERB
ijtc-1855	79	16	effect	effect	NOUN
ijtc-1855	79	17	,	,	PUNCT
ijtc-1855	79	18	our	our	PRON
ijtc-1855	79	19	findings	finding	NOUN
ijtc-1855	79	20	underscore	underscore	VERB
ijtc-1855	79	21	that	that	SCONJ
ijtc-1855	79	22	business	business	NOUN
ijtc-1855	79	23	groups	group	NOUN
ijtc-1855	79	24	can	can	AUX
ijtc-1855	79	25	transform	transform	VERB
ijtc-1855	79	26	political	political	ADJ
ijtc-1855	79	27	connections	connection	NOUN
ijtc-1855	79	28	into	into	ADP
ijtc-1855	79	29	value	value	NOUN
ijtc-1855	79	30	-	-	PUNCT
ijtc-1855	79	31	enhancing	enhance	VERB
ijtc-1855	79	32	mechanisms	mechanism	NOUN
ijtc-1855	79	33	.	.	PUNCT
ijtc-1855	80	1	this	this	DET
ijtc-1855	80	2	deviation	deviation	NOUN
ijtc-1855	80	3	highlights	highlight	VERB
ijtc-1855	80	4	the	the	DET
ijtc-1855	80	5	unique	unique	ADJ
ijtc-1855	80	6	governance	governance	NOUN
ijtc-1855	80	7	structures	structure	NOUN
ijtc-1855	80	8	in	in	ADP
ijtc-1855	80	9	indonesia	indonesia	PROPN
ijtc-1855	80	10	that	that	PRON
ijtc-1855	80	11	potentially	potentially	ADV
ijtc-1855	80	12	mitigate	mitigate	VERB
ijtc-1855	80	13	agency	agency	NOUN
ijtc-1855	80	14	costs	cost	NOUN
ijtc-1855	80	15	and	and	CCONJ
ijtc-1855	80	16	amplify	amplify	VERB
ijtc-1855	80	17	the	the	DET
ijtc-1855	80	18	strategic	strategic	ADJ
ijtc-1855	80	19	benefits	benefit	NOUN
ijtc-1855	80	20	of	of	ADP
ijtc-1855	80	21	political	political	ADJ
ijtc-1855	80	22	ties	tie	NOUN
ijtc-1855	80	23	.	.	PUNCT
ijtc-1855	81	1	by	by	ADP
ijtc-1855	81	2	employing	employ	VERB
ijtc-1855	81	3	a	a	DET
ijtc-1855	81	4	dual	dual	ADJ
ijtc-1855	81	5	theoretical	theoretical	ADJ
ijtc-1855	81	6	framework	framework	NOUN
ijtc-1855	81	7	,	,	PUNCT
ijtc-1855	81	8	resource	resource	NOUN
ijtc-1855	81	9	dependence	dependence	NOUN
ijtc-1855	81	10	theory	theory	NOUN
ijtc-1855	81	11	and	and	CCONJ
ijtc-1855	81	12	agency	agency	NOUN
ijtc-1855	81	13	theory	theory	NOUN
ijtc-1855	81	14	,	,	PUNCT
ijtc-1855	81	15	this	this	DET
ijtc-1855	81	16	article	article	NOUN
ijtc-1855	81	17	provides	provide	VERB
ijtc-1855	81	18	deeper	deep	ADJ
ijtc-1855	81	19	insights	insight	NOUN
ijtc-1855	81	20	into	into	ADP
ijtc-1855	81	21	the	the	DET
ijtc-1855	81	22	complex	complex	ADJ
ijtc-1855	81	23	relationships	relationship	NOUN
ijtc-1855	81	24	among	among	ADP
ijtc-1855	81	25	political	political	ADJ
ijtc-1855	81	26	actors	actor	NOUN
ijtc-1855	81	27	,	,	PUNCT
ijtc-1855	81	28	ownership	ownership	NOUN
ijtc-1855	81	29	structures	structure	NOUN
ijtc-1855	81	30	,	,	PUNCT
ijtc-1855	81	31	and	and	CCONJ
ijtc-1855	81	32	corporate	corporate	ADJ
ijtc-1855	81	33	governance	governance	NOUN
ijtc-1855	81	34	in	in	ADP
ijtc-1855	81	35	developing	develop	VERB
ijtc-1855	81	36	countries	country	NOUN
ijtc-1855	81	37	.	.	PUNCT
ijtc-1855	82	1	the	the	DET
ijtc-1855	82	2	findings	finding	NOUN
ijtc-1855	82	3	are	be	AUX
ijtc-1855	82	4	expected	expect	VERB
ijtc-1855	82	5	to	to	PART
ijtc-1855	82	6	make	make	VERB
ijtc-1855	82	7	a	a	DET
ijtc-1855	82	8	meaningful	meaningful	ADJ
ijtc-1855	82	9	contribution	contribution	NOUN
ijtc-1855	82	10	to	to	ADP
ijtc-1855	82	11	corporate	corporate	ADJ
ijtc-1855	82	12	governance	governance	NOUN
ijtc-1855	82	13	literature	literature	NOUN
ijtc-1855	82	14	,	,	PUNCT
ijtc-1855	82	15	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	DET
ijtc-1855	82	16	the	the	DET
ijtc-1855	82	17	influence	influence	NOUN
ijtc-1855	82	18	of	of	ADP
ijtc-1855	82	19	politically	politically	ADV
ijtc-1855	82	20	connected	connect	VERB
ijtc-1855	82	21	board	board	NOUN
ijtc-1855	82	22	of	of	ADP
ijtc-1855	82	23	directors	director	NOUN
ijtc-1855	82	24	on	on	ADP
ijtc-1855	82	25	firm	firm	ADJ
ijtc-1855	82	26	value	value	NOUN
ijtc-1855	82	27	with	with	ADP
ijtc-1855	82	28	business	business	NOUN
ijtc-1855	82	29	groups	group	NOUN
ijtc-1855	82	30	as	as	ADP
ijtc-1855	82	31	a	a	DET
ijtc-1855	82	32	moderating	moderate	VERB
ijtc-1855	82	33	variable	variable	NOUN
ijtc-1855	82	34	muhammad	muhammad	PROPN
ijtc-1855	82	35	fasha	fasha	PROPN
ijtc-1855	82	36	radya1	radya1	PROPN
ijtc-1855	82	37	.	.	PROPN
ijtc-1855	82	38	,	,	PUNCT
ijtc-1855	82	39	eddy	eddy	PROPN
ijtc-1855	82	40	suranta2	suranta2	PROPN
ijtc-1855	82	41	150|ilomata	150|ilomata	NUM
ijtc-1855	82	42	international	international	ADJ
ijtc-1855	82	43	journal	journal	NOUN
ijtc-1855	82	44	of	of	ADP
ijtc-1855	82	45	social	social	ADJ
ijtc-1855	82	46	science	science	NOUN
ijtc-1855	82	47	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	82	48	particularly	particularly	ADV
ijtc-1855	82	49	regarding	regard	VERB
ijtc-1855	82	50	strategies	strategy	NOUN
ijtc-1855	82	51	to	to	PART
ijtc-1855	82	52	optimize	optimize	VERB
ijtc-1855	82	53	firm	firm	ADJ
ijtc-1855	82	54	value	value	NOUN
ijtc-1855	82	55	through	through	ADP
ijtc-1855	82	56	the	the	DET
ijtc-1855	82	57	synergy	synergy	NOUN
ijtc-1855	82	58	between	between	ADP
ijtc-1855	82	59	political	political	ADJ
ijtc-1855	82	60	connections	connection	NOUN
ijtc-1855	82	61	and	and	CCONJ
ijtc-1855	82	62	business	business	NOUN
ijtc-1855	82	63	group	group	NOUN
ijtc-1855	82	64	structures	structure	NOUN
ijtc-1855	82	65	within	within	ADP
ijtc-1855	82	66	indonesia	indonesia	PROPN
ijtc-1855	82	67	’s	’s	PART
ijtc-1855	82	68	unique	unique	ADJ
ijtc-1855	82	69	institutional	institutional	ADJ
ijtc-1855	82	70	environment	environment	NOUN
ijtc-1855	82	71	.	.	PUNCT
ijtc-1855	83	1	prior	prior	ADJ
ijtc-1855	83	2	studies	study	NOUN
ijtc-1855	83	3	provide	provide	VERB
ijtc-1855	83	4	mixed	mixed	ADJ
ijtc-1855	83	5	evidence	evidence	NOUN
ijtc-1855	83	6	on	on	ADP
ijtc-1855	83	7	whether	whether	SCONJ
ijtc-1855	83	8	political	political	ADJ
ijtc-1855	83	9	connections	connection	NOUN
ijtc-1855	83	10	enhance	enhance	VERB
ijtc-1855	83	11	or	or	CCONJ
ijtc-1855	83	12	harm	harm	VERB
ijtc-1855	83	13	firm	firm	ADJ
ijtc-1855	83	14	value	value	NOUN
ijtc-1855	83	15	,	,	PUNCT
ijtc-1855	83	16	and	and	CCONJ
ijtc-1855	83	17	few	few	ADJ
ijtc-1855	83	18	have	have	AUX
ijtc-1855	83	19	explored	explore	VERB
ijtc-1855	83	20	how	how	SCONJ
ijtc-1855	83	21	business	business	NOUN
ijtc-1855	83	22	groups	group	NOUN
ijtc-1855	83	23	might	might	AUX
ijtc-1855	83	24	moderate	moderate	VERB
ijtc-1855	83	25	this	this	DET
ijtc-1855	83	26	relationship	relationship	NOUN
ijtc-1855	83	27	.	.	PUNCT
ijtc-1855	84	1	therefore	therefore	ADV
ijtc-1855	84	2	,	,	PUNCT
ijtc-1855	84	3	this	this	DET
ijtc-1855	84	4	study	study	NOUN
ijtc-1855	84	5	addresses	address	VERB
ijtc-1855	84	6	the	the	DET
ijtc-1855	84	7	research	research	NOUN
ijtc-1855	84	8	question	question	NOUN
ijtc-1855	84	9	:	:	PUNCT
ijtc-1855	84	10	“	"	PUNCT
ijtc-1855	84	11	do	do	AUX
ijtc-1855	84	12	political	political	ADJ
ijtc-1855	84	13	connections	connection	NOUN
ijtc-1855	84	14	on	on	ADP
ijtc-1855	84	15	the	the	DET
ijtc-1855	84	16	board	board	NOUN
ijtc-1855	84	17	increase	increase	NOUN
ijtc-1855	84	18	firm	firm	ADJ
ijtc-1855	84	19	value	value	NOUN
ijtc-1855	84	20	,	,	PUNCT
ijtc-1855	84	21	and	and	CCONJ
ijtc-1855	84	22	how	how	SCONJ
ijtc-1855	84	23	is	be	AUX
ijtc-1855	84	24	this	this	DET
ijtc-1855	84	25	relationship	relationship	NOUN
ijtc-1855	84	26	moderated	moderate	VERB
ijtc-1855	84	27	by	by	ADP
ijtc-1855	84	28	business	business	NOUN
ijtc-1855	84	29	group	group	NOUN
ijtc-1855	84	30	affiliation	affiliation	NOUN
ijtc-1855	84	31	in	in	ADP
ijtc-1855	84	32	indonesian	indonesian	ADJ
ijtc-1855	84	33	manufacturing	manufacturing	NOUN
ijtc-1855	84	34	firms	firm	NOUN
ijtc-1855	84	35	?	?	PUNCT
ijtc-1855	84	36	”	"	PUNCT
ijtc-1855	85	1	theoretical	theoretical	ADJ
ijtc-1855	85	2	framework	framework	NOUN
ijtc-1855	85	3	firm	firm	NOUN
ijtc-1855	85	4	value	value	NOUN
ijtc-1855	85	5	serves	serve	VERB
ijtc-1855	85	6	as	as	ADP
ijtc-1855	85	7	a	a	DET
ijtc-1855	85	8	key	key	ADJ
ijtc-1855	85	9	indicator	indicator	NOUN
ijtc-1855	85	10	for	for	ADP
ijtc-1855	85	11	assessing	assess	VERB
ijtc-1855	85	12	the	the	DET
ijtc-1855	85	13	success	success	NOUN
ijtc-1855	85	14	of	of	ADP
ijtc-1855	85	15	strategies	strategy	NOUN
ijtc-1855	85	16	in	in	ADP
ijtc-1855	85	17	managing	manage	VERB
ijtc-1855	85	18	resources	resource	NOUN
ijtc-1855	85	19	,	,	PUNCT
ijtc-1855	85	20	including	include	VERB
ijtc-1855	85	21	the	the	DET
ijtc-1855	85	22	effective	effective	ADJ
ijtc-1855	85	23	utilization	utilization	NOUN
ijtc-1855	85	24	of	of	ADP
ijtc-1855	85	25	political	political	ADJ
ijtc-1855	85	26	connections	connection	NOUN
ijtc-1855	85	27	.	.	PUNCT
ijtc-1855	86	1	one	one	NUM
ijtc-1855	86	2	common	common	ADJ
ijtc-1855	86	3	measure	measure	NOUN
ijtc-1855	86	4	of	of	ADP
ijtc-1855	86	5	this	this	DET
ijtc-1855	86	6	performance	performance	NOUN
ijtc-1855	86	7	is	be	AUX
ijtc-1855	86	8	the	the	DET
ijtc-1855	86	9	market	market	NOUN
ijtc-1855	86	10	-	-	PUNCT
ijtc-1855	86	11	based	base	VERB
ijtc-1855	86	12	indicator	indicator	PROPN
ijtc-1855	86	13	tobin	tobin	PROPN
ijtc-1855	86	14	's	's	PART
ijtc-1855	86	15	q	q	NOUN
ijtc-1855	86	16	ratio	ratio	NOUN
ijtc-1855	86	17	(	(	PUNCT
ijtc-1855	86	18	ding	ding	NOUN
ijtc-1855	86	19	et	et	PROPN
ijtc-1855	86	20	al	al	PROPN
ijtc-1855	86	21	.	.	PROPN
ijtc-1855	86	22	,	,	PUNCT
ijtc-1855	86	23	2014	2014	NUM
ijtc-1855	86	24	)	)	PUNCT
ijtc-1855	86	25	.	.	PUNCT
ijtc-1855	87	1	research	research	NOUN
ijtc-1855	87	2	by	by	ADP
ijtc-1855	87	3	(	(	PUNCT
ijtc-1855	87	4	wu	wu	PROPN
ijtc-1855	87	5	et	et	PROPN
ijtc-1855	87	6	al	al	PROPN
ijtc-1855	87	7	.	.	PROPN
ijtc-1855	87	8	,	,	PUNCT
ijtc-1855	87	9	2012	2012	NUM
ijtc-1855	87	10	)	)	PUNCT
ijtc-1855	87	11	and	and	CCONJ
ijtc-1855	87	12	(	(	PUNCT
ijtc-1855	87	13	liu	liu	PROPN
ijtc-1855	87	14	et	et	PROPN
ijtc-1855	87	15	al	al	PROPN
ijtc-1855	87	16	.	.	PROPN
ijtc-1855	87	17	,	,	PUNCT
ijtc-1855	87	18	2018	2018	NUM
ijtc-1855	87	19	)	)	PUNCT
ijtc-1855	87	20	indicates	indicate	VERB
ijtc-1855	87	21	that	that	SCONJ
ijtc-1855	87	22	political	political	ADJ
ijtc-1855	87	23	connection	connection	NOUN
ijtc-1855	87	24	can	can	AUX
ijtc-1855	87	25	improve	improve	VERB
ijtc-1855	87	26	market	market	NOUN
ijtc-1855	87	27	outcomes	outcome	NOUN
ijtc-1855	87	28	,	,	PUNCT
ijtc-1855	87	29	especially	especially	ADV
ijtc-1855	87	30	in	in	ADP
ijtc-1855	87	31	countries	country	NOUN
ijtc-1855	87	32	where	where	SCONJ
ijtc-1855	87	33	regulations	regulation	NOUN
ijtc-1855	87	34	are	be	AUX
ijtc-1855	87	35	less	less	ADV
ijtc-1855	87	36	effective	effective	ADJ
ijtc-1855	87	37	.	.	PUNCT
ijtc-1855	88	1	this	this	DET
ijtc-1855	88	2	study	study	NOUN
ijtc-1855	88	3	employs	employ	VERB
ijtc-1855	88	4	tobin	tobin	PROPN
ijtc-1855	88	5	’s	’s	PART
ijtc-1855	88	6	q	q	X
ijtc-1855	88	7	,	,	PUNCT
ijtc-1855	88	8	as	as	SCONJ
ijtc-1855	88	9	formulated	formulate	VERB
ijtc-1855	88	10	by	by	ADP
ijtc-1855	88	11	(	(	PUNCT
ijtc-1855	88	12	lindenberg	lindenberg	PROPN
ijtc-1855	88	13	&	&	CCONJ
ijtc-1855	88	14	ross	ross	PROPN
ijtc-1855	88	15	,	,	PUNCT
ijtc-1855	88	16	1981	1981	NUM
ijtc-1855	88	17	)	)	PUNCT
ijtc-1855	88	18	,	,	PUNCT
ijtc-1855	88	19	to	to	PART
ijtc-1855	88	20	assess	assess	VERB
ijtc-1855	88	21	firm	firm	ADJ
ijtc-1855	88	22	value	value	NOUN
ijtc-1855	88	23	.	.	PUNCT
ijtc-1855	89	1	a	a	DET
ijtc-1855	89	2	tobin	tobin	NOUN
ijtc-1855	89	3	’s	’s	PART
ijtc-1855	89	4	q	q	VERB
ijtc-1855	89	5	exceeding	exceed	VERB
ijtc-1855	89	6	1.00	1.00	NUM
ijtc-1855	89	7	signifies	signifie	NOUN
ijtc-1855	89	8	promising	promise	VERB
ijtc-1855	89	9	investment	investment	NOUN
ijtc-1855	89	10	opportunities	opportunity	NOUN
ijtc-1855	89	11	,	,	PUNCT
ijtc-1855	89	12	strong	strong	ADJ
ijtc-1855	89	13	growth	growth	NOUN
ijtc-1855	89	14	potential	potential	NOUN
ijtc-1855	89	15	,	,	PUNCT
ijtc-1855	89	16	and	and	CCONJ
ijtc-1855	89	17	favorable	favorable	ADJ
ijtc-1855	89	18	market	market	NOUN
ijtc-1855	89	19	perceptions	perception	NOUN
ijtc-1855	89	20	of	of	ADP
ijtc-1855	89	21	management	management	NOUN
ijtc-1855	89	22	’s	’s	PART
ijtc-1855	89	23	ability	ability	NOUN
ijtc-1855	89	24	to	to	PART
ijtc-1855	89	25	utilize	utilize	VERB
ijtc-1855	89	26	company	company	NOUN
ijtc-1855	89	27	assets	asset	NOUN
ijtc-1855	89	28	efficiently	efficiently	ADV
ijtc-1855	89	29	.	.	PUNCT
ijtc-1855	90	1	generally	generally	ADV
ijtc-1855	90	2	,	,	PUNCT
ijtc-1855	90	3	a	a	DET
ijtc-1855	90	4	higher	high	ADJ
ijtc-1855	90	5	tobin	tobin	NOUN
ijtc-1855	90	6	's	's	PART
ijtc-1855	90	7	q	q	NOUN
ijtc-1855	90	8	indicates	indicate	VERB
ijtc-1855	90	9	greater	great	ADJ
ijtc-1855	90	10	firm	firm	ADJ
ijtc-1855	90	11	value	value	NOUN
ijtc-1855	90	12	.	.	PUNCT
ijtc-1855	91	1	(	(	PUNCT
ijtc-1855	91	2	momon	momon	NOUN
ijtc-1855	91	3	et	et	PROPN
ijtc-1855	91	4	al	al	PROPN
ijtc-1855	91	5	.	.	PROPN
ijtc-1855	91	6	,	,	PUNCT
ijtc-1855	91	7	2021	2021	NUM
ijtc-1855	91	8	)	)	PUNCT
ijtc-1855	91	9	.	.	PUNCT
ijtc-1855	92	1	formal	formal	ADJ
ijtc-1855	92	2	and	and	CCONJ
ijtc-1855	92	3	informal	informal	ADJ
ijtc-1855	92	4	ties	tie	NOUN
ijtc-1855	92	5	between	between	ADP
ijtc-1855	92	6	corporate	corporate	ADJ
ijtc-1855	92	7	board	board	NOUN
ijtc-1855	92	8	members	member	NOUN
ijtc-1855	92	9	and	and	CCONJ
ijtc-1855	92	10	political	political	ADJ
ijtc-1855	92	11	figures	figure	NOUN
ijtc-1855	92	12	,	,	PUNCT
ijtc-1855	92	13	such	such	ADJ
ijtc-1855	92	14	as	as	ADP
ijtc-1855	92	15	lawmakers	lawmaker	NOUN
ijtc-1855	92	16	,	,	PUNCT
ijtc-1855	92	17	government	government	NOUN
ijtc-1855	92	18	officials	official	NOUN
ijtc-1855	92	19	,	,	PUNCT
ijtc-1855	92	20	or	or	CCONJ
ijtc-1855	92	21	members	member	NOUN
ijtc-1855	92	22	of	of	ADP
ijtc-1855	92	23	the	the	DET
ijtc-1855	92	24	armed	armed	ADJ
ijtc-1855	92	25	forces	force	NOUN
ijtc-1855	92	26	,	,	PUNCT
ijtc-1855	92	27	are	be	AUX
ijtc-1855	92	28	referred	refer	VERB
ijtc-1855	92	29	to	to	ADP
ijtc-1855	92	30	as	as	ADP
ijtc-1855	92	31	political	political	ADJ
ijtc-1855	92	32	linkages	linkage	NOUN
ijtc-1855	92	33	(	(	PUNCT
ijtc-1855	92	34	faccio	faccio	PROPN
ijtc-1855	92	35	,	,	PUNCT
ijtc-1855	92	36	2019	2019	NUM
ijtc-1855	92	37	)	)	PUNCT
ijtc-1855	92	38	(	(	PUNCT
ijtc-1855	92	39	fan	fan	NOUN
ijtc-1855	92	40	et	et	PROPN
ijtc-1855	92	41	al	al	PROPN
ijtc-1855	92	42	.	.	PROPN
ijtc-1855	92	43	,	,	PUNCT
ijtc-1855	92	44	2007	2007	NUM
ijtc-1855	92	45	)	)	PUNCT
ijtc-1855	92	46	.	.	PUNCT
ijtc-1855	93	1	in	in	ADP
ijtc-1855	93	2	developing	develop	VERB
ijtc-1855	93	3	countries	country	NOUN
ijtc-1855	93	4	like	like	ADP
ijtc-1855	93	5	indonesia	indonesia	PROPN
ijtc-1855	93	6	,	,	PUNCT
ijtc-1855	93	7	firms	firm	NOUN
ijtc-1855	93	8	often	often	ADV
ijtc-1855	93	9	leverage	leverage	VERB
ijtc-1855	93	10	these	these	DET
ijtc-1855	93	11	political	political	ADJ
ijtc-1855	93	12	ties	tie	NOUN
ijtc-1855	93	13	as	as	ADP
ijtc-1855	93	14	a	a	DET
ijtc-1855	93	15	strategic	strategic	ADJ
ijtc-1855	93	16	response	response	NOUN
ijtc-1855	93	17	to	to	ADP
ijtc-1855	93	18	legal	legal	ADJ
ijtc-1855	93	19	uncertainties	uncertainty	NOUN
ijtc-1855	93	20	and	and	CCONJ
ijtc-1855	93	21	unstable	unstable	ADJ
ijtc-1855	93	22	regulatory	regulatory	ADJ
ijtc-1855	93	23	environments	environment	NOUN
ijtc-1855	93	24	(	(	PUNCT
ijtc-1855	93	25	hillman	hillman	PROPN
ijtc-1855	93	26	et	et	PROPN
ijtc-1855	93	27	al	al	PROPN
ijtc-1855	93	28	.	.	PROPN
ijtc-1855	93	29	,	,	PUNCT
ijtc-1855	93	30	2009	2009	NUM
ijtc-1855	93	31	)	)	PUNCT
ijtc-1855	93	32	.	.	PUNCT
ijtc-1855	94	1	according	accord	VERB
ijtc-1855	94	2	to	to	ADP
ijtc-1855	94	3	resource	resource	NOUN
ijtc-1855	94	4	dependence	dependence	NOUN
ijtc-1855	94	5	theory	theory	NOUN
ijtc-1855	94	6	(	(	PUNCT
ijtc-1855	94	7	rdt	rdt	PROPN
ijtc-1855	94	8	)	)	PUNCT
ijtc-1855	94	9	(	(	PUNCT
ijtc-1855	94	10	pfeffer	pfeffer	PROPN
ijtc-1855	94	11	&	&	CCONJ
ijtc-1855	94	12	salancik	salancik	PROPN
ijtc-1855	94	13	,	,	PUNCT
ijtc-1855	94	14	1978	1978	NUM
ijtc-1855	94	15	)	)	PUNCT
ijtc-1855	94	16	,	,	PUNCT
ijtc-1855	94	17	organizations	organization	NOUN
ijtc-1855	94	18	under	under	ADP
ijtc-1855	94	19	pressure	pressure	NOUN
ijtc-1855	94	20	from	from	ADP
ijtc-1855	94	21	their	their	PRON
ijtc-1855	94	22	external	external	ADJ
ijtc-1855	94	23	environment	environment	NOUN
ijtc-1855	94	24	look	look	VERB
ijtc-1855	94	25	to	to	ADP
ijtc-1855	94	26	players	player	NOUN
ijtc-1855	94	27	with	with	ADP
ijtc-1855	94	28	crucial	crucial	ADJ
ijtc-1855	94	29	resources	resource	NOUN
ijtc-1855	94	30	—	—	PUNCT
ijtc-1855	94	31	in	in	ADP
ijtc-1855	94	32	this	this	DET
ijtc-1855	94	33	case	case	NOUN
ijtc-1855	94	34	,	,	PUNCT
ijtc-1855	94	35	political	political	ADJ
ijtc-1855	94	36	elites	elite	NOUN
ijtc-1855	94	37	to	to	PART
ijtc-1855	94	38	help	help	VERB
ijtc-1855	94	39	them	they	PRON
ijtc-1855	94	40	obtain	obtain	VERB
ijtc-1855	94	41	permits	permit	NOUN
ijtc-1855	94	42	,	,	PUNCT
ijtc-1855	94	43	contracts	contract	NOUN
ijtc-1855	94	44	,	,	PUNCT
ijtc-1855	94	45	or	or	CCONJ
ijtc-1855	94	46	legal	legal	ADJ
ijtc-1855	94	47	protection	protection	NOUN
ijtc-1855	94	48	.	.	PUNCT
ijtc-1855	95	1	within	within	ADP
ijtc-1855	95	2	this	this	DET
ijtc-1855	95	3	framework	framework	NOUN
ijtc-1855	95	4	,	,	PUNCT
ijtc-1855	95	5	political	political	ADJ
ijtc-1855	95	6	connections	connection	NOUN
ijtc-1855	95	7	serve	serve	VERB
ijtc-1855	95	8	as	as	ADP
ijtc-1855	95	9	strategic	strategic	ADJ
ijtc-1855	95	10	assets	asset	NOUN
ijtc-1855	95	11	that	that	PRON
ijtc-1855	95	12	can	can	AUX
ijtc-1855	95	13	enhance	enhance	VERB
ijtc-1855	95	14	firm	firm	ADJ
ijtc-1855	95	15	value	value	NOUN
ijtc-1855	95	16	by	by	ADP
ijtc-1855	95	17	reducing	reduce	VERB
ijtc-1855	95	18	uncertainty	uncertainty	NOUN
ijtc-1855	95	19	and	and	CCONJ
ijtc-1855	95	20	creating	create	VERB
ijtc-1855	95	21	business	business	NOUN
ijtc-1855	95	22	opportunities	opportunity	NOUN
ijtc-1855	95	23	(	(	PUNCT
ijtc-1855	95	24	agrawal	agrawal	PROPN
ijtc-1855	95	25	&	&	CCONJ
ijtc-1855	95	26	knoeber	knoeber	PROPN
ijtc-1855	95	27	,	,	PUNCT
ijtc-1855	95	28	2001	2001	NUM
ijtc-1855	95	29	)	)	PUNCT
ijtc-1855	95	30	;	;	PUNCT
ijtc-1855	95	31	(	(	PUNCT
ijtc-1855	95	32	boubakri	boubakri	NOUN
ijtc-1855	95	33	et	et	PROPN
ijtc-1855	95	34	al	al	PROPN
ijtc-1855	95	35	.	.	PROPN
ijtc-1855	95	36	,	,	PUNCT
ijtc-1855	95	37	2009	2009	NUM
ijtc-1855	95	38	)	)	PUNCT
ijtc-1855	95	39	.	.	PUNCT
ijtc-1855	96	1	however	however	ADV
ijtc-1855	96	2	,	,	PUNCT
ijtc-1855	96	3	political	political	ADJ
ijtc-1855	96	4	connections	connection	NOUN
ijtc-1855	96	5	may	may	AUX
ijtc-1855	96	6	result	result	VERB
ijtc-1855	96	7	in	in	ADP
ijtc-1855	96	8	conflicts	conflict	NOUN
ijtc-1855	96	9	of	of	ADP
ijtc-1855	96	10	interest	interest	NOUN
ijtc-1855	96	11	between	between	ADP
ijtc-1855	96	12	shareholders	shareholder	NOUN
ijtc-1855	96	13	and	and	CCONJ
ijtc-1855	96	14	management	management	NOUN
ijtc-1855	96	15	(	(	PUNCT
ijtc-1855	96	16	jensen	jensen	PROPN
ijtc-1855	96	17	and	and	CCONJ
ijtc-1855	96	18	meckling	meckling	NOUN
ijtc-1855	96	19	,	,	PUNCT
ijtc-1855	96	20	1976	1976	NUM
ijtc-1855	96	21	)	)	PUNCT
ijtc-1855	96	22	.	.	PUNCT
ijtc-1855	97	1	the	the	DET
ijtc-1855	97	2	presence	presence	NOUN
ijtc-1855	97	3	of	of	ADP
ijtc-1855	97	4	politicians	politician	NOUN
ijtc-1855	97	5	on	on	ADP
ijtc-1855	97	6	boards	board	NOUN
ijtc-1855	97	7	of	of	ADP
ijtc-1855	97	8	directors	director	NOUN
ijtc-1855	97	9	or	or	CCONJ
ijtc-1855	97	10	commissioner	commissioner	NOUN
ijtc-1855	97	11	risks	risk	NOUN
ijtc-1855	97	12	decisions	decision	NOUN
ijtc-1855	97	13	being	be	AUX
ijtc-1855	97	14	influenced	influence	VERB
ijtc-1855	97	15	more	more	ADV
ijtc-1855	97	16	by	by	ADP
ijtc-1855	97	17	personal	personal	ADJ
ijtc-1855	97	18	or	or	CCONJ
ijtc-1855	97	19	party	party	NOUN
ijtc-1855	97	20	interests	interest	NOUN
ijtc-1855	97	21	rather	rather	ADV
ijtc-1855	97	22	than	than	ADP
ijtc-1855	97	23	those	those	PRON
ijtc-1855	97	24	of	of	ADP
ijtc-1855	97	25	the	the	DET
ijtc-1855	97	26	company	company	NOUN
ijtc-1855	97	27	,	,	PUNCT
ijtc-1855	97	28	potentially	potentially	ADV
ijtc-1855	97	29	harming	harm	VERB
ijtc-1855	97	30	minority	minority	NOUN
ijtc-1855	97	31	shareholders	shareholder	NOUN
ijtc-1855	97	32	(	(	PUNCT
ijtc-1855	97	33	fan	fan	NOUN
ijtc-1855	97	34	et	et	PROPN
ijtc-1855	97	35	al	al	PROPN
ijtc-1855	97	36	.	.	PROPN
ijtc-1855	97	37	,	,	PUNCT
ijtc-1855	97	38	2007	2007	NUM
ijtc-1855	97	39	)	)	PUNCT
ijtc-1855	97	40	;	;	PUNCT
ijtc-1855	97	41	(	(	PUNCT
ijtc-1855	97	42	faccio	faccio	PROPN
ijtc-1855	97	43	,	,	PUNCT
ijtc-1855	97	44	2019	2019	NUM
ijtc-1855	97	45	)	)	PUNCT
ijtc-1855	97	46	.	.	PUNCT
ijtc-1855	98	1	family	family	NOUN
ijtc-1855	98	2	business	business	NOUN
ijtc-1855	98	3	groupings	grouping	NOUN
ijtc-1855	98	4	occur	occur	VERB
ijtc-1855	98	5	when	when	SCONJ
ijtc-1855	98	6	families	family	NOUN
ijtc-1855	98	7	own	own	VERB
ijtc-1855	98	8	a	a	DET
ijtc-1855	98	9	majority	majority	NOUN
ijtc-1855	98	10	of	of	ADP
ijtc-1855	98	11	a	a	DET
ijtc-1855	98	12	company	company	NOUN
ijtc-1855	98	13	's	's	PART
ijtc-1855	98	14	shares	share	NOUN
ijtc-1855	98	15	and	and	CCONJ
ijtc-1855	98	16	actively	actively	ADV
ijtc-1855	98	17	manage	manage	VERB
ijtc-1855	98	18	it	it	PRON
ijtc-1855	98	19	.	.	PUNCT
ijtc-1855	99	1	this	this	DET
ijtc-1855	99	2	ownership	ownership	NOUN
ijtc-1855	99	3	significantly	significantly	ADV
ijtc-1855	99	4	influences	influence	VERB
ijtc-1855	99	5	the	the	DET
ijtc-1855	99	6	firm	firm	NOUN
ijtc-1855	99	7	’s	’s	PART
ijtc-1855	99	8	strategic	strategic	ADJ
ijtc-1855	99	9	direction	direction	NOUN
ijtc-1855	99	10	,	,	PUNCT
ijtc-1855	99	11	including	include	VERB
ijtc-1855	99	12	the	the	DET
ijtc-1855	99	13	use	use	NOUN
ijtc-1855	99	14	of	of	ADP
ijtc-1855	99	15	political	political	ADJ
ijtc-1855	99	16	connections	connection	NOUN
ijtc-1855	99	17	.	.	PUNCT
ijtc-1855	100	1	according	accord	VERB
ijtc-1855	100	2	to	to	ADP
ijtc-1855	100	3	(	(	PUNCT
ijtc-1855	100	4	anderson	anderson	PROPN
ijtc-1855	100	5	&	&	CCONJ
ijtc-1855	100	6	reeb	reeb	PROPN
ijtc-1855	100	7	,	,	PUNCT
ijtc-1855	100	8	2003	2003	NUM
ijtc-1855	100	9	)	)	PUNCT
ijtc-1855	100	10	,	,	PUNCT
ijtc-1855	100	11	family	family	NOUN
ijtc-1855	100	12	firms	firm	NOUN
ijtc-1855	100	13	typically	typically	ADV
ijtc-1855	100	14	adopt	adopt	VERB
ijtc-1855	100	15	a	a	DET
ijtc-1855	100	16	long	long	ADJ
ijtc-1855	100	17	-	-	PUNCT
ijtc-1855	100	18	term	term	NOUN
ijtc-1855	100	19	orientation	orientation	NOUN
ijtc-1855	100	20	,	,	PUNCT
ijtc-1855	100	21	striving	strive	VERB
ijtc-1855	100	22	to	to	PART
ijtc-1855	100	23	preserve	preserve	VERB
ijtc-1855	100	24	their	their	PRON
ijtc-1855	100	25	reputation	reputation	NOUN
ijtc-1855	100	26	and	and	CCONJ
ijtc-1855	100	27	ensure	ensure	VERB
ijtc-1855	100	28	business	business	NOUN
ijtc-1855	100	29	continuity	continuity	NOUN
ijtc-1855	100	30	across	across	ADP
ijtc-1855	100	31	generations	generation	NOUN
ijtc-1855	100	32	.	.	PUNCT
ijtc-1855	101	1	consequently	consequently	ADV
ijtc-1855	101	2	,	,	PUNCT
ijtc-1855	101	3	they	they	PRON
ijtc-1855	101	4	tend	tend	VERB
ijtc-1855	101	5	to	to	PART
ijtc-1855	101	6	be	be	AUX
ijtc-1855	101	7	more	more	ADV
ijtc-1855	101	8	selective	selective	ADJ
ijtc-1855	101	9	and	and	CCONJ
ijtc-1855	101	10	strategic	strategic	ADJ
ijtc-1855	101	11	in	in	ADP
ijtc-1855	101	12	leveraging	leverage	VERB
ijtc-1855	101	13	political	political	ADJ
ijtc-1855	101	14	ties	tie	NOUN
ijtc-1855	101	15	,	,	PUNCT
ijtc-1855	101	16	utilizing	utilize	VERB
ijtc-1855	101	17	them	they	PRON
ijtc-1855	101	18	only	only	ADV
ijtc-1855	101	19	when	when	SCONJ
ijtc-1855	101	20	they	they	PRON
ijtc-1855	101	21	genuinely	genuinely	ADV
ijtc-1855	101	22	support	support	VERB
ijtc-1855	101	23	long	long	ADJ
ijtc-1855	101	24	-	-	PUNCT
ijtc-1855	101	25	term	term	NOUN
ijtc-1855	101	26	performance	performance	NOUN
ijtc-1855	101	27	.	.	PUNCT
ijtc-1855	102	1	however	however	ADV
ijtc-1855	102	2	,	,	PUNCT
ijtc-1855	102	3	an	an	DET
ijtc-1855	102	4	alternative	alternative	NOUN
ijtc-1855	102	5	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	102	6	the	the	DET
ijtc-1855	102	7	influence	influence	NOUN
ijtc-1855	102	8	of	of	ADP
ijtc-1855	102	9	politically	politically	ADV
ijtc-1855	102	10	connected	connect	VERB
ijtc-1855	102	11	board	board	NOUN
ijtc-1855	102	12	of	of	ADP
ijtc-1855	102	13	directors	director	NOUN
ijtc-1855	102	14	on	on	ADP
ijtc-1855	102	15	firm	firm	ADJ
ijtc-1855	102	16	value	value	NOUN
ijtc-1855	102	17	with	with	ADP
ijtc-1855	102	18	business	business	NOUN
ijtc-1855	102	19	groups	group	NOUN
ijtc-1855	102	20	as	as	ADP
ijtc-1855	102	21	a	a	DET
ijtc-1855	102	22	moderating	moderate	VERB
ijtc-1855	102	23	variable	variable	NOUN
ijtc-1855	102	24	muhammad	muhammad	PROPN
ijtc-1855	102	25	fasha	fasha	PROPN
ijtc-1855	102	26	radya1	radya1	PROPN
ijtc-1855	102	27	.	.	PROPN
ijtc-1855	102	28	,	,	PUNCT
ijtc-1855	102	29	eddy	eddy	PROPN
ijtc-1855	102	30	suranta2	suranta2	PROPN
ijtc-1855	102	31	151|ilomata	151|ilomata	NUM
ijtc-1855	102	32	international	international	ADJ
ijtc-1855	102	33	journal	journal	NOUN
ijtc-1855	102	34	of	of	ADP
ijtc-1855	102	35	social	social	ADJ
ijtc-1855	102	36	science	science	NOUN
ijtc-1855	102	37	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	102	38	perspective	perspective	NOUN
ijtc-1855	102	39	suggests	suggest	VERB
ijtc-1855	102	40	that	that	SCONJ
ijtc-1855	102	41	,	,	PUNCT
ijtc-1855	102	42	in	in	ADP
ijtc-1855	102	43	some	some	DET
ijtc-1855	102	44	cases	case	NOUN
ijtc-1855	102	45	,	,	PUNCT
ijtc-1855	102	46	family	family	NOUN
ijtc-1855	102	47	-	-	PUNCT
ijtc-1855	102	48	owned	own	VERB
ijtc-1855	102	49	business	business	NOUN
ijtc-1855	102	50	groups	group	NOUN
ijtc-1855	102	51	may	may	AUX
ijtc-1855	102	52	exploit	exploit	VERB
ijtc-1855	102	53	political	political	ADJ
ijtc-1855	102	54	connections	connection	NOUN
ijtc-1855	102	55	for	for	ADP
ijtc-1855	102	56	the	the	DET
ijtc-1855	102	57	personal	personal	ADJ
ijtc-1855	102	58	benefit	benefit	NOUN
ijtc-1855	102	59	of	of	ADP
ijtc-1855	102	60	the	the	DET
ijtc-1855	102	61	family	family	NOUN
ijtc-1855	102	62	rather	rather	ADV
ijtc-1855	102	63	than	than	ADP
ijtc-1855	102	64	the	the	DET
ijtc-1855	102	65	interests	interest	NOUN
ijtc-1855	102	66	of	of	ADP
ijtc-1855	102	67	all	all	DET
ijtc-1855	102	68	shareholders	shareholder	NOUN
ijtc-1855	102	69	.	.	PUNCT
ijtc-1855	103	1	such	such	ADJ
ijtc-1855	103	2	actions	action	NOUN
ijtc-1855	103	3	can	can	AUX
ijtc-1855	103	4	reduce	reduce	VERB
ijtc-1855	103	5	corporate	corporate	ADJ
ijtc-1855	103	6	efficiency	efficiency	NOUN
ijtc-1855	103	7	and	and	CCONJ
ijtc-1855	103	8	harm	harm	NOUN
ijtc-1855	103	9	minority	minority	NOUN
ijtc-1855	103	10	shareholders	shareholder	NOUN
ijtc-1855	103	11	(	(	PUNCT
ijtc-1855	103	12	claessens	claessen	VERB
ijtc-1855	103	13	et	et	PROPN
ijtc-1855	103	14	al	al	PROPN
ijtc-1855	103	15	.	.	PROPN
ijtc-1855	103	16	,	,	PUNCT
ijtc-1855	103	17	2000	2000	NUM
ijtc-1855	103	18	)	)	PUNCT
ijtc-1855	103	19	.	.	PUNCT
ijtc-1855	104	1	conceptual	conceptual	ADJ
ijtc-1855	104	2	framework	framework	NOUN
ijtc-1855	104	3	hypothesis	hypothesis	NOUN
ijtc-1855	104	4	development	development	NOUN
ijtc-1855	104	5	the	the	DET
ijtc-1855	104	6	influence	influence	NOUN
ijtc-1855	104	7	of	of	ADP
ijtc-1855	104	8	political	political	ADJ
ijtc-1855	104	9	connections	connection	NOUN
ijtc-1855	104	10	board	board	NOUN
ijtc-1855	104	11	of	of	ADP
ijtc-1855	104	12	directors	director	NOUN
ijtc-1855	104	13	on	on	ADP
ijtc-1855	104	14	firm	firm	ADJ
ijtc-1855	104	15	value	value	NOUN
ijtc-1855	104	16	however	however	ADV
ijtc-1855	104	17	,	,	PUNCT
ijtc-1855	104	18	political	political	ADJ
ijtc-1855	104	19	connections	connection	NOUN
ijtc-1855	104	20	can	can	AUX
ijtc-1855	104	21	create	create	VERB
ijtc-1855	104	22	a	a	DET
ijtc-1855	104	23	moral	moral	ADJ
ijtc-1855	104	24	hazard	hazard	NOUN
ijtc-1855	104	25	if	if	SCONJ
ijtc-1855	104	26	management	management	NOUN
ijtc-1855	104	27	exploits	exploit	VERB
ijtc-1855	104	28	them	they	PRON
ijtc-1855	104	29	for	for	ADP
ijtc-1855	104	30	personal	personal	ADJ
ijtc-1855	104	31	or	or	CCONJ
ijtc-1855	104	32	group	group	NOUN
ijtc-1855	104	33	gain	gain	NOUN
ijtc-1855	104	34	,	,	PUNCT
ijtc-1855	104	35	often	often	ADV
ijtc-1855	104	36	leading	lead	VERB
ijtc-1855	104	37	to	to	ADP
ijtc-1855	104	38	biased	biased	ADJ
ijtc-1855	104	39	decisions	decision	NOUN
ijtc-1855	104	40	and	and	CCONJ
ijtc-1855	104	41	projects	project	NOUN
ijtc-1855	104	42	that	that	PRON
ijtc-1855	104	43	benefit	benefit	VERB
ijtc-1855	104	44	only	only	ADV
ijtc-1855	104	45	a	a	DET
ijtc-1855	104	46	privileged	privileged	ADJ
ijtc-1855	104	47	few	few	ADJ
ijtc-1855	104	48	.	.	PUNCT
ijtc-1855	105	1	(	(	PUNCT
ijtc-1855	105	2	fan	fan	NOUN
ijtc-1855	105	3	et	et	PROPN
ijtc-1855	105	4	al	al	PROPN
ijtc-1855	105	5	.	.	PROPN
ijtc-1855	105	6	,	,	PUNCT
ijtc-1855	105	7	2007	2007	NUM
ijtc-1855	105	8	)	)	PUNCT
ijtc-1855	105	9	found	find	VERB
ijtc-1855	105	10	that	that	SCONJ
ijtc-1855	105	11	companies	company	NOUN
ijtc-1855	105	12	with	with	ADP
ijtc-1855	105	13	political	political	ADJ
ijtc-1855	105	14	ties	tie	NOUN
ijtc-1855	105	15	typically	typically	ADV
ijtc-1855	105	16	perform	perform	VERB
ijtc-1855	105	17	worse	bad	ADJ
ijtc-1855	105	18	following	follow	VERB
ijtc-1855	105	19	their	their	PRON
ijtc-1855	105	20	initial	initial	ADJ
ijtc-1855	105	21	public	public	ADJ
ijtc-1855	105	22	offering	offering	NOUN
ijtc-1855	105	23	(	(	PUNCT
ijtc-1855	105	24	ipo	ipo	NOUN
ijtc-1855	105	25	)	)	PUNCT
ijtc-1855	105	26	.	.	PUNCT
ijtc-1855	106	1	generally	generally	ADV
ijtc-1855	106	2	,	,	PUNCT
ijtc-1855	106	3	political	political	ADJ
ijtc-1855	106	4	connections	connection	NOUN
ijtc-1855	106	5	in	in	ADP
ijtc-1855	106	6	a	a	DET
ijtc-1855	106	7	corporate	corporate	ADJ
ijtc-1855	106	8	context	context	NOUN
ijtc-1855	106	9	refer	refer	NOUN
ijtc-1855	106	10	to	to	ADP
ijtc-1855	106	11	relationships	relationship	NOUN
ijtc-1855	106	12	between	between	ADP
ijtc-1855	106	13	firms	firm	NOUN
ijtc-1855	106	14	and	and	CCONJ
ijtc-1855	106	15	influential	influential	ADJ
ijtc-1855	106	16	political	political	ADJ
ijtc-1855	106	17	figures	figure	NOUN
ijtc-1855	106	18	,	,	PUNCT
ijtc-1855	106	19	such	such	ADJ
ijtc-1855	106	20	as	as	ADP
ijtc-1855	106	21	government	government	NOUN
ijtc-1855	106	22	officials	official	NOUN
ijtc-1855	106	23	or	or	CCONJ
ijtc-1855	106	24	legislators	legislator	NOUN
ijtc-1855	106	25	.	.	PUNCT
ijtc-1855	107	1	empirical	empirical	ADJ
ijtc-1855	107	2	research	research	NOUN
ijtc-1855	107	3	suggests	suggest	VERB
ijtc-1855	107	4	political	political	ADJ
ijtc-1855	107	5	connections	connection	NOUN
ijtc-1855	107	6	have	have	VERB
ijtc-1855	107	7	mixed	mixed	ADJ
ijtc-1855	107	8	effects	effect	NOUN
ijtc-1855	107	9	on	on	ADP
ijtc-1855	107	10	corporate	corporate	ADJ
ijtc-1855	107	11	value	value	NOUN
ijtc-1855	107	12	.	.	PUNCT
ijtc-1855	108	1	(	(	PUNCT
ijtc-1855	108	2	maaloul	maaloul	PROPN
ijtc-1855	108	3	et	et	PROPN
ijtc-1855	108	4	al	al	PROPN
ijtc-1855	108	5	.	.	PROPN
ijtc-1855	108	6	,	,	PUNCT
ijtc-1855	108	7	2018	2018	NUM
ijtc-1855	108	8	)	)	PUNCT
ijtc-1855	108	9	,	,	PUNCT
ijtc-1855	108	10	for	for	ADP
ijtc-1855	108	11	example	example	NOUN
ijtc-1855	108	12	,	,	PUNCT
ijtc-1855	108	13	previous	previous	ADJ
ijtc-1855	108	14	research	research	NOUN
ijtc-1855	108	15	discovered	discover	VERB
ijtc-1855	108	16	that	that	SCONJ
ijtc-1855	108	17	political	political	ADJ
ijtc-1855	108	18	connections	connection	NOUN
ijtc-1855	108	19	can	can	AUX
ijtc-1855	108	20	enhance	enhance	VERB
ijtc-1855	108	21	shareholder	shareholder	NOUN
ijtc-1855	108	22	wealth	wealth	NOUN
ijtc-1855	108	23	and	and	CCONJ
ijtc-1855	108	24	business	business	NOUN
ijtc-1855	108	25	performance	performance	NOUN
ijtc-1855	108	26	.	.	PUNCT
ijtc-1855	109	1	similarly	similarly	ADV
ijtc-1855	109	2	,	,	PUNCT
ijtc-1855	109	3	a	a	DET
ijtc-1855	109	4	study	study	NOUN
ijtc-1855	109	5	conducted	conduct	VERB
ijtc-1855	109	6	in	in	ADP
ijtc-1855	109	7	indonesia	indonesia	PROPN
ijtc-1855	109	8	by	by	ADP
ijtc-1855	109	9	(	(	PUNCT
ijtc-1855	109	10	maulana	maulana	PROPN
ijtc-1855	109	11	,	,	PUNCT
ijtc-1855	109	12	2019	2019	NUM
ijtc-1855	109	13	)	)	PUNCT
ijtc-1855	109	14	found	find	VERB
ijtc-1855	109	15	a	a	DET
ijtc-1855	109	16	strong	strong	ADJ
ijtc-1855	109	17	positive	positive	ADJ
ijtc-1855	109	18	correlation	correlation	NOUN
ijtc-1855	109	19	between	between	ADP
ijtc-1855	109	20	corporate	corporate	ADJ
ijtc-1855	109	21	value	value	NOUN
ijtc-1855	109	22	and	and	CCONJ
ijtc-1855	109	23	political	political	ADJ
ijtc-1855	109	24	connections	connection	NOUN
ijtc-1855	109	25	.	.	PUNCT
ijtc-1855	110	1	on	on	ADP
ijtc-1855	110	2	the	the	DET
ijtc-1855	110	3	other	other	ADJ
ijtc-1855	110	4	hand	hand	NOUN
ijtc-1855	110	5	,	,	PUNCT
ijtc-1855	110	6	(	(	PUNCT
ijtc-1855	110	7	fisman	fisman	NOUN
ijtc-1855	110	8	,	,	PUNCT
ijtc-1855	110	9	2001	2001	NUM
ijtc-1855	110	10	)	)	PUNCT
ijtc-1855	110	11	,	,	PUNCT
ijtc-1855	110	12	who	who	PRON
ijtc-1855	110	13	studied	study	VERB
ijtc-1855	110	14	how	how	SCONJ
ijtc-1855	110	15	the	the	DET
ijtc-1855	110	16	market	market	NOUN
ijtc-1855	110	17	responded	respond	VERB
ijtc-1855	110	18	to	to	ADP
ijtc-1855	110	19	reports	report	NOUN
ijtc-1855	110	20	regarding	regard	VERB
ijtc-1855	110	21	the	the	DET
ijtc-1855	110	22	health	health	NOUN
ijtc-1855	110	23	of	of	ADP
ijtc-1855	110	24	former	former	ADJ
ijtc-1855	110	25	president	president	PROPN
ijtc-1855	110	26	suharto	suharto	PROPN
ijtc-1855	110	27	,	,	PUNCT
ijtc-1855	110	28	discovered	discover	VERB
ijtc-1855	110	29	that	that	SCONJ
ijtc-1855	110	30	enterprises	enterprise	NOUN
ijtc-1855	110	31	with	with	ADP
ijtc-1855	110	32	political	political	ADJ
ijtc-1855	110	33	connections	connection	NOUN
ijtc-1855	110	34	had	have	VERB
ijtc-1855	110	35	greater	great	ADJ
ijtc-1855	110	36	performance	performance	NOUN
ijtc-1855	110	37	drops	drop	NOUN
ijtc-1855	110	38	than	than	ADP
ijtc-1855	110	39	firms	firm	NOUN
ijtc-1855	110	40	without	without	ADP
ijtc-1855	110	41	such	such	ADJ
ijtc-1855	110	42	connections	connection	NOUN
ijtc-1855	110	43	.	.	PUNCT
ijtc-1855	111	1	furthermore	furthermore	ADV
ijtc-1855	111	2	,	,	PUNCT
ijtc-1855	111	3	(	(	PUNCT
ijtc-1855	111	4	tangke	tangke	NOUN
ijtc-1855	111	5	,	,	PUNCT
ijtc-1855	111	6	2019	2019	NUM
ijtc-1855	111	7	)	)	PUNCT
ijtc-1855	111	8	showed	show	VERB
ijtc-1855	111	9	that	that	SCONJ
ijtc-1855	111	10	while	while	SCONJ
ijtc-1855	111	11	political	political	ADJ
ijtc-1855	111	12	connections	connection	NOUN
ijtc-1855	111	13	do	do	AUX
ijtc-1855	111	14	not	not	PART
ijtc-1855	111	15	directly	directly	ADV
ijtc-1855	111	16	affect	affect	VERB
ijtc-1855	111	17	firm	firm	ADJ
ijtc-1855	111	18	value	value	NOUN
ijtc-1855	111	19	,	,	PUNCT
ijtc-1855	111	20	they	they	PRON
ijtc-1855	111	21	do	do	AUX
ijtc-1855	111	22	have	have	VERB
ijtc-1855	111	23	a	a	DET
ijtc-1855	111	24	favorable	favorable	ADJ
ijtc-1855	111	25	and	and	CCONJ
ijtc-1855	111	26	significant	significant	ADJ
ijtc-1855	111	27	impact	impact	NOUN
ijtc-1855	111	28	on	on	ADP
ijtc-1855	111	29	corporate	corporate	ADJ
ijtc-1855	111	30	social	social	ADJ
ijtc-1855	111	31	responsibility	responsibility	NOUN
ijtc-1855	111	32	.	.	PUNCT
ijtc-1855	112	1	this	this	PRON
ijtc-1855	112	2	implies	imply	VERB
ijtc-1855	112	3	that	that	SCONJ
ijtc-1855	112	4	political	political	ADJ
ijtc-1855	112	5	connections	connection	NOUN
ijtc-1855	112	6	may	may	AUX
ijtc-1855	112	7	influence	influence	VERB
ijtc-1855	112	8	a	a	DET
ijtc-1855	112	9	company	company	NOUN
ijtc-1855	112	10	's	's	PART
ijtc-1855	112	11	other	other	ADJ
ijtc-1855	112	12	operational	operational	ADJ
ijtc-1855	112	13	facets	facet	NOUN
ijtc-1855	112	14	,	,	PUNCT
ijtc-1855	112	15	which	which	PRON
ijtc-1855	112	16	may	may	AUX
ijtc-1855	112	17	eventually	eventually	ADV
ijtc-1855	112	18	have	have	VERB
ijtc-1855	112	19	an	an	DET
ijtc-1855	112	20	indirect	indirect	ADJ
ijtc-1855	112	21	impact	impact	NOUN
ijtc-1855	112	22	on	on	ADP
ijtc-1855	112	23	firm	firm	ADJ
ijtc-1855	112	24	value	value	NOUN
ijtc-1855	112	25	.	.	PUNCT
ijtc-1855	113	1	overall	overall	ADV
ijtc-1855	113	2	,	,	PUNCT
ijtc-1855	113	3	the	the	DET
ijtc-1855	113	4	research	research	NOUN
ijtc-1855	113	5	shows	show	VERB
ijtc-1855	113	6	that	that	SCONJ
ijtc-1855	113	7	political	political	ADJ
ijtc-1855	113	8	connection	connection	NOUN
ijtc-1855	113	9	has	have	VERB
ijtc-1855	113	10	a	a	DET
ijtc-1855	113	11	variety	variety	NOUN
ijtc-1855	113	12	of	of	ADP
ijtc-1855	113	13	effects	effect	NOUN
ijtc-1855	113	14	on	on	ADP
ijtc-1855	113	15	firm	firm	ADJ
ijtc-1855	113	16	value	value	NOUN
ijtc-1855	113	17	,	,	PUNCT
ijtc-1855	113	18	depending	depend	VERB
ijtc-1855	113	19	on	on	ADP
ijtc-1855	113	20	the	the	DET
ijtc-1855	113	21	economic	economic	ADJ
ijtc-1855	113	22	climate	climate	NOUN
ijtc-1855	113	23	and	and	CCONJ
ijtc-1855	113	24	context	context	NOUN
ijtc-1855	113	25	.	.	PUNCT
ijtc-1855	114	1	h1	h1	PROPN
ijtc-1855	114	2	:	:	PUNCT
ijtc-1855	114	3	political	political	ADJ
ijtc-1855	114	4	connections	connection	NOUN
ijtc-1855	114	5	on	on	ADP
ijtc-1855	114	6	the	the	DET
ijtc-1855	114	7	board	board	NOUN
ijtc-1855	114	8	positively	positively	ADV
ijtc-1855	114	9	affect	affect	VERB
ijtc-1855	114	10	firm	firm	ADJ
ijtc-1855	114	11	value	value	NOUN
ijtc-1855	114	12	political	political	ADJ
ijtc-1855	114	13	connections	connection	NOUN
ijtc-1855	114	14	(	(	PUNCT
ijtc-1855	114	15	x	x	NOUN
ijtc-1855	114	16	)	)	PUNCT
ijtc-1855	114	17	business	business	NOUN
ijtc-1855	114	18	groups	group	NOUN
ijtc-1855	114	19	(	(	PUNCT
ijtc-1855	114	20	z	z	NOUN
ijtc-1855	114	21	)	)	PUNCT
ijtc-1855	114	22	firm	firm	ADJ
ijtc-1855	114	23	value	value	NOUN
ijtc-1855	114	24	(	(	PUNCT
ijtc-1855	114	25	y	y	NOUN
ijtc-1855	114	26	)	)	PUNCT
ijtc-1855	114	27	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	114	28	the	the	DET
ijtc-1855	114	29	influence	influence	NOUN
ijtc-1855	114	30	of	of	ADP
ijtc-1855	114	31	politically	politically	ADV
ijtc-1855	114	32	connected	connect	VERB
ijtc-1855	114	33	board	board	NOUN
ijtc-1855	114	34	of	of	ADP
ijtc-1855	114	35	directors	director	NOUN
ijtc-1855	114	36	on	on	ADP
ijtc-1855	114	37	firm	firm	ADJ
ijtc-1855	114	38	value	value	NOUN
ijtc-1855	114	39	with	with	ADP
ijtc-1855	114	40	business	business	NOUN
ijtc-1855	114	41	groups	group	NOUN
ijtc-1855	114	42	as	as	ADP
ijtc-1855	114	43	a	a	DET
ijtc-1855	114	44	moderating	moderate	VERB
ijtc-1855	114	45	variable	variable	NOUN
ijtc-1855	114	46	muhammad	muhammad	PROPN
ijtc-1855	114	47	fasha	fasha	PROPN
ijtc-1855	114	48	radya1	radya1	PROPN
ijtc-1855	114	49	.	.	PROPN
ijtc-1855	115	1	,	,	PUNCT
ijtc-1855	115	2	eddy	eddy	PROPN
ijtc-1855	115	3	suranta2	suranta2	PROPN
ijtc-1855	115	4	152|ilomata	152|ilomata	NUM
ijtc-1855	115	5	international	international	ADJ
ijtc-1855	115	6	journal	journal	NOUN
ijtc-1855	115	7	of	of	ADP
ijtc-1855	115	8	social	social	ADJ
ijtc-1855	115	9	science	science	NOUN
ijtc-1855	115	10	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	115	11	business	business	NOUN
ijtc-1855	115	12	group	group	NOUN
ijtc-1855	115	13	moderates	moderate	VERB
ijtc-1855	115	14	the	the	DET
ijtc-1855	115	15	effect	effect	NOUN
ijtc-1855	115	16	of	of	ADP
ijtc-1855	115	17	political	political	ADJ
ijtc-1855	115	18	connections	connection	NOUN
ijtc-1855	115	19	boards	board	NOUN
ijtc-1855	115	20	of	of	ADP
ijtc-1855	115	21	directors	director	NOUN
ijtc-1855	115	22	on	on	ADP
ijtc-1855	115	23	firm	firm	ADJ
ijtc-1855	115	24	value	value	NOUN
ijtc-1855	115	25	in	in	ADP
ijtc-1855	115	26	developing	develop	VERB
ijtc-1855	115	27	nations	nation	NOUN
ijtc-1855	115	28	like	like	ADP
ijtc-1855	115	29	indonesia	indonesia	PROPN
ijtc-1855	115	30	,	,	PUNCT
ijtc-1855	115	31	family	family	NOUN
ijtc-1855	115	32	ownership	ownership	NOUN
ijtc-1855	115	33	is	be	AUX
ijtc-1855	115	34	closely	closely	ADV
ijtc-1855	115	35	intertwined	intertwine	VERB
ijtc-1855	115	36	with	with	ADP
ijtc-1855	115	37	the	the	DET
ijtc-1855	115	38	structure	structure	NOUN
ijtc-1855	115	39	of	of	ADP
ijtc-1855	115	40	family	family	NOUN
ijtc-1855	115	41	business	business	NOUN
ijtc-1855	115	42	groups	group	NOUN
ijtc-1855	115	43	,	,	PUNCT
ijtc-1855	115	44	where	where	SCONJ
ijtc-1855	115	45	families	family	NOUN
ijtc-1855	115	46	control	control	VERB
ijtc-1855	115	47	most	most	ADJ
ijtc-1855	115	48	enterprises	enterprise	NOUN
ijtc-1855	115	49	and	and	CCONJ
ijtc-1855	115	50	manage	manage	VERB
ijtc-1855	115	51	networks	network	NOUN
ijtc-1855	115	52	of	of	ADP
ijtc-1855	115	53	businesses	business	NOUN
ijtc-1855	115	54	within	within	ADP
ijtc-1855	115	55	both	both	CCONJ
ijtc-1855	115	56	formal	formal	ADJ
ijtc-1855	115	57	and	and	CCONJ
ijtc-1855	115	58	informal	informal	ADJ
ijtc-1855	115	59	groupings	grouping	NOUN
ijtc-1855	115	60	(	(	PUNCT
ijtc-1855	115	61	najahiyah	najahiyah	NOUN
ijtc-1855	115	62	et	et	PROPN
ijtc-1855	115	63	al	al	PROPN
ijtc-1855	115	64	.	.	PROPN
ijtc-1855	115	65	,	,	PUNCT
ijtc-1855	115	66	2022	2022	NUM
ijtc-1855	115	67	)	)	PUNCT
ijtc-1855	115	68	.	.	PUNCT
ijtc-1855	116	1	this	this	DET
ijtc-1855	116	2	model	model	NOUN
ijtc-1855	116	3	enables	enable	VERB
ijtc-1855	116	4	cross	cross	ADJ
ijtc-1855	116	5	-	-	ADJ
ijtc-1855	116	6	entity	entity	ADJ
ijtc-1855	116	7	efficiencies	efficiency	NOUN
ijtc-1855	116	8	and	and	CCONJ
ijtc-1855	116	9	strong	strong	ADJ
ijtc-1855	116	10	strategic	strategic	ADJ
ijtc-1855	116	11	and	and	CCONJ
ijtc-1855	116	12	operational	operational	ADJ
ijtc-1855	116	13	control	control	NOUN
ijtc-1855	116	14	through	through	ADP
ijtc-1855	116	15	internal	internal	ADJ
ijtc-1855	116	16	finance	finance	NOUN
ijtc-1855	116	17	,	,	PUNCT
ijtc-1855	116	18	resource	resource	NOUN
ijtc-1855	116	19	sharing	sharing	NOUN
ijtc-1855	116	20	,	,	PUNCT
ijtc-1855	116	21	and	and	CCONJ
ijtc-1855	116	22	business	business	NOUN
ijtc-1855	116	23	synergies	synergy	NOUN
ijtc-1855	116	24	.	.	PUNCT
ijtc-1855	117	1	(	(	PUNCT
ijtc-1855	117	2	xavier	xavier	PROPN
ijtc-1855	117	3	et	et	PROPN
ijtc-1855	117	4	al	al	PROPN
ijtc-1855	117	5	.	.	PROPN
ijtc-1855	117	6	,	,	PUNCT
ijtc-1855	117	7	2020	2020	NUM
ijtc-1855	117	8	)	)	PUNCT
ijtc-1855	117	9	.	.	PUNCT
ijtc-1855	118	1	politically	politically	ADV
ijtc-1855	118	2	connected	connect	VERB
ijtc-1855	118	3	board	board	NOUN
ijtc-1855	118	4	members	member	NOUN
ijtc-1855	118	5	play	play	VERB
ijtc-1855	118	6	a	a	DET
ijtc-1855	118	7	crucial	crucial	ADJ
ijtc-1855	118	8	role	role	NOUN
ijtc-1855	118	9	in	in	ADP
ijtc-1855	118	10	corporate	corporate	ADJ
ijtc-1855	118	11	governance	governance	NOUN
ijtc-1855	118	12	,	,	PUNCT
ijtc-1855	118	13	especially	especially	ADV
ijtc-1855	118	14	in	in	ADP
ijtc-1855	118	15	countries	country	NOUN
ijtc-1855	118	16	with	with	ADP
ijtc-1855	118	17	weak	weak	ADJ
ijtc-1855	118	18	institutional	institutional	ADJ
ijtc-1855	118	19	frameworks	framework	NOUN
ijtc-1855	118	20	.	.	PUNCT
ijtc-1855	119	1	politically	politically	ADV
ijtc-1855	119	2	connected	connect	VERB
ijtc-1855	119	3	directors	director	NOUN
ijtc-1855	119	4	are	be	AUX
ijtc-1855	119	5	believed	believe	VERB
ijtc-1855	119	6	to	to	PART
ijtc-1855	119	7	facilitate	facilitate	VERB
ijtc-1855	119	8	access	access	NOUN
ijtc-1855	119	9	to	to	ADP
ijtc-1855	119	10	state	state	NOUN
ijtc-1855	119	11	resources	resource	NOUN
ijtc-1855	119	12	,	,	PUNCT
ijtc-1855	119	13	lower	low	ADJ
ijtc-1855	119	14	regulatory	regulatory	ADJ
ijtc-1855	119	15	costs	cost	NOUN
ijtc-1855	119	16	,	,	PUNCT
ijtc-1855	119	17	and	and	CCONJ
ijtc-1855	119	18	offer	offer	VERB
ijtc-1855	119	19	protection	protection	NOUN
ijtc-1855	119	20	against	against	ADP
ijtc-1855	119	21	government	government	NOUN
ijtc-1855	119	22	interference	interference	NOUN
ijtc-1855	119	23	.	.	PUNCT
ijtc-1855	120	1	earlier	early	ADJ
ijtc-1855	120	2	studies	study	NOUN
ijtc-1855	120	3	suggest	suggest	VERB
ijtc-1855	120	4	that	that	SCONJ
ijtc-1855	120	5	political	political	ADJ
ijtc-1855	120	6	ties	tie	NOUN
ijtc-1855	120	7	can	can	AUX
ijtc-1855	120	8	increase	increase	VERB
ijtc-1855	120	9	a	a	DET
ijtc-1855	120	10	company	company	NOUN
ijtc-1855	120	11	's	's	PART
ijtc-1855	120	12	value	value	NOUN
ijtc-1855	120	13	,	,	PUNCT
ijtc-1855	120	14	particularly	particularly	ADV
ijtc-1855	120	15	in	in	ADP
ijtc-1855	120	16	ineffective	ineffective	ADJ
ijtc-1855	120	17	regulatory	regulatory	ADJ
ijtc-1855	120	18	environments	environment	NOUN
ijtc-1855	120	19	.	.	PUNCT
ijtc-1855	121	1	however	however	ADV
ijtc-1855	121	2	,	,	PUNCT
ijtc-1855	121	3	these	these	DET
ijtc-1855	121	4	benefits	benefit	NOUN
ijtc-1855	121	5	are	be	AUX
ijtc-1855	121	6	not	not	PART
ijtc-1855	121	7	available	available	ADJ
ijtc-1855	121	8	to	to	ADP
ijtc-1855	121	9	everyone	everyone	PRON
ijtc-1855	121	10	,	,	PUNCT
ijtc-1855	121	11	as	as	SCONJ
ijtc-1855	121	12	ownership	ownership	NOUN
ijtc-1855	121	13	structures	structure	NOUN
ijtc-1855	121	14	and	and	CCONJ
ijtc-1855	121	15	company	company	NOUN
ijtc-1855	121	16	control	control	NOUN
ijtc-1855	121	17	mechanisms	mechanism	NOUN
ijtc-1855	121	18	significantly	significantly	ADV
ijtc-1855	121	19	influence	influence	VERB
ijtc-1855	121	20	the	the	DET
ijtc-1855	121	21	effectiveness	effectiveness	NOUN
ijtc-1855	121	22	of	of	ADP
ijtc-1855	121	23	political	political	ADJ
ijtc-1855	121	24	connections	connection	NOUN
ijtc-1855	121	25	.	.	PUNCT
ijtc-1855	122	1	according	accord	VERB
ijtc-1855	122	2	to	to	ADP
ijtc-1855	122	3	agency	agency	NOUN
ijtc-1855	122	4	theory	theory	NOUN
ijtc-1855	122	5	,	,	PUNCT
ijtc-1855	122	6	having	have	VERB
ijtc-1855	122	7	political	political	ADJ
ijtc-1855	122	8	connections	connection	NOUN
ijtc-1855	122	9	on	on	ADP
ijtc-1855	122	10	the	the	DET
ijtc-1855	122	11	board	board	NOUN
ijtc-1855	122	12	may	may	AUX
ijtc-1855	122	13	provide	provide	VERB
ijtc-1855	122	14	strategic	strategic	ADJ
ijtc-1855	122	15	advantages	advantage	NOUN
ijtc-1855	122	16	,	,	PUNCT
ijtc-1855	122	17	but	but	CCONJ
ijtc-1855	122	18	without	without	ADP
ijtc-1855	122	19	strict	strict	ADJ
ijtc-1855	122	20	oversight	oversight	NOUN
ijtc-1855	122	21	,	,	PUNCT
ijtc-1855	122	22	it	it	PRON
ijtc-1855	122	23	can	can	AUX
ijtc-1855	122	24	also	also	ADV
ijtc-1855	122	25	lead	lead	VERB
ijtc-1855	122	26	to	to	ADP
ijtc-1855	122	27	conflicts	conflict	NOUN
ijtc-1855	122	28	of	of	ADP
ijtc-1855	122	29	interest	interest	NOUN
ijtc-1855	122	30	.	.	PUNCT
ijtc-1855	123	1	directors	director	NOUN
ijtc-1855	123	2	in	in	ADP
ijtc-1855	123	3	companies	company	NOUN
ijtc-1855	123	4	with	with	ADP
ijtc-1855	123	5	dispersed	disperse	VERB
ijtc-1855	123	6	ownership	ownership	NOUN
ijtc-1855	123	7	might	might	AUX
ijtc-1855	123	8	exploit	exploit	VERB
ijtc-1855	123	9	their	their	PRON
ijtc-1855	123	10	political	political	ADJ
ijtc-1855	123	11	ties	tie	NOUN
ijtc-1855	123	12	for	for	ADP
ijtc-1855	123	13	personal	personal	ADJ
ijtc-1855	123	14	gain	gain	NOUN
ijtc-1855	123	15	.	.	PUNCT
ijtc-1855	124	1	conversely	conversely	ADV
ijtc-1855	124	2	,	,	PUNCT
ijtc-1855	124	3	in	in	ADP
ijtc-1855	124	4	family	family	NOUN
ijtc-1855	124	5	-	-	PUNCT
ijtc-1855	124	6	owned	own	VERB
ijtc-1855	124	7	and	and	CCONJ
ijtc-1855	124	8	controlled	control	VERB
ijtc-1855	124	9	businesses	business	NOUN
ijtc-1855	124	10	,	,	PUNCT
ijtc-1855	124	11	especially	especially	ADV
ijtc-1855	124	12	those	those	PRON
ijtc-1855	124	13	within	within	ADP
ijtc-1855	124	14	family	family	NOUN
ijtc-1855	124	15	business	business	NOUN
ijtc-1855	124	16	groups	group	NOUN
ijtc-1855	124	17	,	,	PUNCT
ijtc-1855	124	18	the	the	DET
ijtc-1855	124	19	controlling	control	VERB
ijtc-1855	124	20	family	family	NOUN
ijtc-1855	124	21	is	be	AUX
ijtc-1855	124	22	motivated	motivated	ADJ
ijtc-1855	124	23	to	to	PART
ijtc-1855	124	24	ensure	ensure	VERB
ijtc-1855	124	25	that	that	SCONJ
ijtc-1855	124	26	political	political	ADJ
ijtc-1855	124	27	connections	connection	NOUN
ijtc-1855	124	28	are	be	AUX
ijtc-1855	124	29	used	use	VERB
ijtc-1855	124	30	to	to	PART
ijtc-1855	124	31	advance	advance	VERB
ijtc-1855	124	32	the	the	DET
ijtc-1855	124	33	long	long	ADJ
ijtc-1855	124	34	-	-	PUNCT
ijtc-1855	124	35	term	term	NOUN
ijtc-1855	124	36	interests	interest	NOUN
ijtc-1855	124	37	of	of	ADP
ijtc-1855	124	38	the	the	DET
ijtc-1855	124	39	family	family	NOUN
ijtc-1855	124	40	and	and	CCONJ
ijtc-1855	124	41	the	the	DET
ijtc-1855	124	42	group	group	NOUN
ijtc-1855	124	43	as	as	ADP
ijtc-1855	124	44	a	a	DET
ijtc-1855	124	45	whole	whole	NOUN
ijtc-1855	124	46	.	.	PUNCT
ijtc-1855	125	1	(	(	PUNCT
ijtc-1855	125	2	kinger	kinger	NOUN
ijtc-1855	125	3	-	-	PUNCT
ijtc-1855	125	4	hans	hans	PROPN
ijtc-1855	125	5	et	et	PROPN
ijtc-1855	125	6	al	al	PROPN
ijtc-1855	125	7	.	.	PROPN
ijtc-1855	125	8	,	,	PUNCT
ijtc-1855	125	9	2024	2024	NUM
ijtc-1855	125	10	)	)	PUNCT
ijtc-1855	125	11	.	.	PUNCT
ijtc-1855	126	1	therefore	therefore	ADV
ijtc-1855	126	2	,	,	PUNCT
ijtc-1855	126	3	family	family	NOUN
ijtc-1855	126	4	ownership	ownership	NOUN
ijtc-1855	126	5	in	in	ADP
ijtc-1855	126	6	a	a	DET
ijtc-1855	126	7	business	business	NOUN
ijtc-1855	126	8	group	group	NOUN
ijtc-1855	126	9	can	can	AUX
ijtc-1855	126	10	significantly	significantly	ADV
ijtc-1855	126	11	influence	influence	VERB
ijtc-1855	126	12	firm	firm	ADJ
ijtc-1855	126	13	behavior	behavior	NOUN
ijtc-1855	126	14	.	.	PUNCT
ijtc-1855	127	1	as	as	ADP
ijtc-1855	127	2	controllers	controller	NOUN
ijtc-1855	127	3	,	,	PUNCT
ijtc-1855	127	4	families	family	NOUN
ijtc-1855	127	5	are	be	AUX
ijtc-1855	127	6	incentivized	incentivize	VERB
ijtc-1855	127	7	to	to	PART
ijtc-1855	127	8	increase	increase	VERB
ijtc-1855	127	9	firm	firm	ADJ
ijtc-1855	127	10	value	value	NOUN
ijtc-1855	127	11	because	because	SCONJ
ijtc-1855	127	12	their	their	PRON
ijtc-1855	127	13	wealth	wealth	NOUN
ijtc-1855	127	14	and	and	CCONJ
ijtc-1855	127	15	prestige	prestige	NOUN
ijtc-1855	127	16	are	be	AUX
ijtc-1855	127	17	tied	tie	VERB
ijtc-1855	127	18	to	to	ADP
ijtc-1855	127	19	the	the	DET
ijtc-1855	127	20	company	company	NOUN
ijtc-1855	127	21	's	's	PART
ijtc-1855	127	22	success	success	NOUN
ijtc-1855	127	23	.	.	PUNCT
ijtc-1855	128	1	on	on	ADP
ijtc-1855	128	2	the	the	DET
ijtc-1855	128	3	other	other	ADJ
ijtc-1855	128	4	hand	hand	NOUN
ijtc-1855	128	5	,	,	PUNCT
ijtc-1855	128	6	more	more	ADV
ijtc-1855	128	7	controlled	controlled	ADJ
ijtc-1855	128	8	and	and	CCONJ
ijtc-1855	128	9	strategic	strategic	ADJ
ijtc-1855	128	10	exploitation	exploitation	NOUN
ijtc-1855	128	11	of	of	ADP
ijtc-1855	128	12	political	political	ADJ
ijtc-1855	128	13	connections	connection	NOUN
ijtc-1855	128	14	is	be	AUX
ijtc-1855	128	15	made	make	VERB
ijtc-1855	128	16	possible	possible	ADJ
ijtc-1855	128	17	by	by	ADP
ijtc-1855	128	18	direct	direct	ADJ
ijtc-1855	128	19	family	family	NOUN
ijtc-1855	128	20	supervision	supervision	NOUN
ijtc-1855	128	21	.	.	PUNCT
ijtc-1855	129	1	therefore	therefore	ADV
ijtc-1855	129	2	,	,	PUNCT
ijtc-1855	129	3	the	the	DET
ijtc-1855	129	4	degree	degree	NOUN
ijtc-1855	129	5	of	of	ADP
ijtc-1855	129	6	family	family	NOUN
ijtc-1855	129	7	influence	influence	NOUN
ijtc-1855	129	8	inside	inside	ADP
ijtc-1855	129	9	the	the	DET
ijtc-1855	129	10	business	business	NOUN
ijtc-1855	129	11	group	group	NOUN
ijtc-1855	129	12	structure	structure	NOUN
ijtc-1855	129	13	will	will	AUX
ijtc-1855	129	14	determine	determine	VERB
ijtc-1855	129	15	how	how	SCONJ
ijtc-1855	129	16	much	much	ADJ
ijtc-1855	129	17	of	of	ADP
ijtc-1855	129	18	an	an	DET
ijtc-1855	129	19	impact	impact	NOUN
ijtc-1855	129	20	political	political	ADJ
ijtc-1855	129	21	links	link	NOUN
ijtc-1855	129	22	on	on	ADP
ijtc-1855	129	23	the	the	DET
ijtc-1855	129	24	board	board	NOUN
ijtc-1855	129	25	have	have	VERB
ijtc-1855	129	26	on	on	ADP
ijtc-1855	129	27	the	the	DET
ijtc-1855	129	28	firm	firm	NOUN
ijtc-1855	129	29	's	's	PART
ijtc-1855	129	30	worth	worth	NOUN
ijtc-1855	129	31	.	.	PUNCT
ijtc-1855	130	1	while	while	SCONJ
ijtc-1855	130	2	family	family	NOUN
ijtc-1855	130	3	ownership	ownership	NOUN
ijtc-1855	130	4	offers	offer	VERB
ijtc-1855	130	5	advantages	advantage	NOUN
ijtc-1855	130	6	,	,	PUNCT
ijtc-1855	130	7	agency	agency	NOUN
ijtc-1855	130	8	theory	theory	NOUN
ijtc-1855	130	9	highlights	highlight	VERB
ijtc-1855	130	10	potential	potential	ADJ
ijtc-1855	130	11	drawbacks	drawback	NOUN
ijtc-1855	130	12	,	,	PUNCT
ijtc-1855	130	13	such	such	ADJ
ijtc-1855	130	14	as	as	ADP
ijtc-1855	130	15	illogical	illogical	ADJ
ijtc-1855	130	16	decisions	decision	NOUN
ijtc-1855	130	17	arising	arise	VERB
ijtc-1855	130	18	from	from	ADP
ijtc-1855	130	19	internal	internal	ADJ
ijtc-1855	130	20	conflicts	conflict	NOUN
ijtc-1855	130	21	or	or	CCONJ
ijtc-1855	130	22	emotions	emotion	NOUN
ijtc-1855	130	23	.	.	PUNCT
ijtc-1855	131	1	the	the	DET
ijtc-1855	131	2	family	family	NOUN
ijtc-1855	131	3	's	's	PART
ijtc-1855	131	4	complete	complete	ADJ
ijtc-1855	131	5	authority	authority	NOUN
ijtc-1855	131	6	in	in	ADP
ijtc-1855	131	7	these	these	DET
ijtc-1855	131	8	circumstances	circumstance	NOUN
ijtc-1855	131	9	could	could	AUX
ijtc-1855	131	10	impede	impede	VERB
ijtc-1855	131	11	the	the	DET
ijtc-1855	131	12	best	good	ADJ
ijtc-1855	131	13	possible	possible	ADJ
ijtc-1855	131	14	decision	decision	NOUN
ijtc-1855	131	15	-	-	PUNCT
ijtc-1855	131	16	making	making	NOUN
ijtc-1855	131	17	.	.	PUNCT
ijtc-1855	132	1	inefficiencies	inefficiency	NOUN
ijtc-1855	132	2	can	can	AUX
ijtc-1855	132	3	also	also	ADV
ijtc-1855	132	4	result	result	VERB
ijtc-1855	132	5	from	from	ADP
ijtc-1855	132	6	nepotistic	nepotistic	ADJ
ijtc-1855	132	7	practices	practice	NOUN
ijtc-1855	132	8	,	,	PUNCT
ijtc-1855	132	9	such	such	ADJ
ijtc-1855	132	10	as	as	ADP
ijtc-1855	132	11	assigning	assign	VERB
ijtc-1855	132	12	family	family	NOUN
ijtc-1855	132	13	members	member	NOUN
ijtc-1855	132	14	to	to	ADP
ijtc-1855	132	15	administrative	administrative	ADJ
ijtc-1855	132	16	roles	role	NOUN
ijtc-1855	132	17	without	without	ADP
ijtc-1855	132	18	considering	consider	VERB
ijtc-1855	132	19	their	their	PRON
ijtc-1855	132	20	qualifications	qualification	NOUN
ijtc-1855	132	21	.	.	PUNCT
ijtc-1855	133	1	agency	agency	NOUN
ijtc-1855	133	2	costs	cost	NOUN
ijtc-1855	133	3	increase	increase	VERB
ijtc-1855	133	4	when	when	SCONJ
ijtc-1855	133	5	unqualified	unqualified	ADJ
ijtc-1855	133	6	individuals	individual	NOUN
ijtc-1855	133	7	are	be	AUX
ijtc-1855	133	8	appointed	appoint	VERB
ijtc-1855	133	9	due	due	ADJ
ijtc-1855	133	10	to	to	ADP
ijtc-1855	133	11	familial	familial	ADJ
ijtc-1855	133	12	interests	interest	NOUN
ijtc-1855	133	13	overriding	override	VERB
ijtc-1855	133	14	the	the	DET
ijtc-1855	133	15	firm	firm	NOUN
ijtc-1855	133	16	's	's	PART
ijtc-1855	133	17	best	good	ADJ
ijtc-1855	133	18	interests	interest	NOUN
ijtc-1855	133	19	in	in	ADP
ijtc-1855	133	20	decision	decision	NOUN
ijtc-1855	133	21	-	-	PUNCT
ijtc-1855	133	22	making	making	NOUN
ijtc-1855	133	23	(	(	PUNCT
ijtc-1855	133	24	morck	morck	NOUN
ijtc-1855	133	25	et	et	PROPN
ijtc-1855	133	26	al	al	PROPN
ijtc-1855	133	27	.	.	PROPN
ijtc-1855	133	28	,	,	PUNCT
ijtc-1855	133	29	1988	1988	NUM
ijtc-1855	133	30	)	)	PUNCT
ijtc-1855	133	31	.	.	PUNCT
ijtc-1855	134	1	several	several	ADJ
ijtc-1855	134	2	prior	prior	ADJ
ijtc-1855	134	3	studies	study	NOUN
ijtc-1855	134	4	have	have	AUX
ijtc-1855	134	5	examined	examine	VERB
ijtc-1855	134	6	the	the	DET
ijtc-1855	134	7	influence	influence	NOUN
ijtc-1855	134	8	of	of	ADP
ijtc-1855	134	9	business	business	NOUN
ijtc-1855	134	10	groups	group	NOUN
ijtc-1855	134	11	on	on	ADP
ijtc-1855	134	12	firm	firm	ADJ
ijtc-1855	134	13	value	value	NOUN
ijtc-1855	134	14	,	,	PUNCT
ijtc-1855	134	15	but	but	CCONJ
ijtc-1855	134	16	their	their	PRON
ijtc-1855	134	17	findings	finding	NOUN
ijtc-1855	134	18	remain	remain	VERB
ijtc-1855	134	19	mixed	mixed	ADJ
ijtc-1855	134	20	,	,	PUNCT
ijtc-1855	134	21	creating	create	VERB
ijtc-1855	134	22	an	an	DET
ijtc-1855	134	23	intriguing	intriguing	ADJ
ijtc-1855	134	24	empirical	empirical	ADJ
ijtc-1855	134	25	gap	gap	NOUN
ijtc-1855	134	26	for	for	ADP
ijtc-1855	134	27	further	further	ADJ
ijtc-1855	134	28	research	research	NOUN
ijtc-1855	134	29	.	.	PUNCT
ijtc-1855	135	1	for	for	ADP
ijtc-1855	135	2	example	example	NOUN
ijtc-1855	135	3	,	,	PUNCT
ijtc-1855	135	4	(	(	PUNCT
ijtc-1855	135	5	anderson	anderson	PROPN
ijtc-1855	135	6	&	&	CCONJ
ijtc-1855	135	7	reeb	reeb	PROPN
ijtc-1855	135	8	,	,	PUNCT
ijtc-1855	135	9	2003	2003	NUM
ijtc-1855	135	10	)	)	PUNCT
ijtc-1855	135	11	found	find	VERB
ijtc-1855	135	12	that	that	SCONJ
ijtc-1855	135	13	family	family	NOUN
ijtc-1855	135	14	businesses	business	NOUN
ijtc-1855	135	15	often	often	ADV
ijtc-1855	135	16	exhibit	exhibit	VERB
ijtc-1855	135	17	greater	great	ADJ
ijtc-1855	135	18	profitability	profitability	NOUN
ijtc-1855	135	19	and	and	CCONJ
ijtc-1855	135	20	firm	firm	ADJ
ijtc-1855	135	21	value	value	NOUN
ijtc-1855	135	22	than	than	ADP
ijtc-1855	135	23	non	non	ADJ
ijtc-1855	135	24	-	-	ADJ
ijtc-1855	135	25	family	family	ADJ
ijtc-1855	135	26	businesses	business	NOUN
ijtc-1855	135	27	.	.	PUNCT
ijtc-1855	136	1	however	however	ADV
ijtc-1855	136	2	,	,	PUNCT
ijtc-1855	136	3	they	they	PRON
ijtc-1855	136	4	also	also	ADV
ijtc-1855	136	5	cautioned	caution	VERB
ijtc-1855	136	6	that	that	SCONJ
ijtc-1855	136	7	conflicts	conflict	NOUN
ijtc-1855	136	8	of	of	ADP
ijtc-1855	136	9	interest	interest	NOUN
ijtc-1855	136	10	and	and	CCONJ
ijtc-1855	136	11	managerial	managerial	ADJ
ijtc-1855	136	12	skill	skill	NOUN
ijtc-1855	136	13	gaps	gap	NOUN
ijtc-1855	136	14	during	during	ADP
ijtc-1855	136	15	generational	generational	ADJ
ijtc-1855	136	16	transitions	transition	NOUN
ijtc-1855	136	17	can	can	AUX
ijtc-1855	136	18	diminish	diminish	VERB
ijtc-1855	136	19	firm	firm	ADJ
ijtc-1855	136	20	value	value	NOUN
ijtc-1855	136	21	.	.	PUNCT
ijtc-1855	137	1	thus	thus	ADV
ijtc-1855	137	2	,	,	PUNCT
ijtc-1855	137	3	while	while	SCONJ
ijtc-1855	137	4	family	family	NOUN
ijtc-1855	137	5	business	business	NOUN
ijtc-1855	137	6	groups	group	NOUN
ijtc-1855	137	7	can	can	AUX
ijtc-1855	137	8	offer	offer	VERB
ijtc-1855	137	9	a	a	DET
ijtc-1855	137	10	competitive	competitive	ADJ
ijtc-1855	137	11	edge	edge	NOUN
ijtc-1855	137	12	,	,	PUNCT
ijtc-1855	137	13	careful	careful	ADJ
ijtc-1855	137	14	management	management	NOUN
ijtc-1855	137	15	of	of	ADP
ijtc-1855	137	16	governance	governance	NOUN
ijtc-1855	137	17	and	and	CCONJ
ijtc-1855	137	18	succession	succession	NOUN
ijtc-1855	137	19	is	be	AUX
ijtc-1855	137	20	crucial	crucial	ADJ
ijtc-1855	137	21	to	to	ADP
ijtc-1855	137	22	preserving	preserve	VERB
ijtc-1855	137	23	firm	firm	ADJ
ijtc-1855	137	24	value	value	NOUN
ijtc-1855	137	25	.	.	PUNCT
ijtc-1855	138	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	138	2	the	the	DET
ijtc-1855	138	3	influence	influence	NOUN
ijtc-1855	138	4	of	of	ADP
ijtc-1855	138	5	politically	politically	ADV
ijtc-1855	138	6	connected	connect	VERB
ijtc-1855	138	7	board	board	NOUN
ijtc-1855	138	8	of	of	ADP
ijtc-1855	138	9	directors	director	NOUN
ijtc-1855	138	10	on	on	ADP
ijtc-1855	138	11	firm	firm	ADJ
ijtc-1855	138	12	value	value	NOUN
ijtc-1855	138	13	with	with	ADP
ijtc-1855	138	14	business	business	NOUN
ijtc-1855	138	15	groups	group	NOUN
ijtc-1855	138	16	as	as	ADP
ijtc-1855	138	17	a	a	DET
ijtc-1855	138	18	moderating	moderate	VERB
ijtc-1855	138	19	variable	variable	NOUN
ijtc-1855	138	20	muhammad	muhammad	PROPN
ijtc-1855	138	21	fasha	fasha	PROPN
ijtc-1855	138	22	radya1	radya1	PROPN
ijtc-1855	138	23	.	.	PROPN
ijtc-1855	138	24	,	,	PUNCT
ijtc-1855	138	25	eddy	eddy	PROPN
ijtc-1855	138	26	suranta2	suranta2	PROPN
ijtc-1855	138	27	153|ilomata	153|ilomata	PROPN
ijtc-1855	138	28	international	international	ADJ
ijtc-1855	138	29	journal	journal	NOUN
ijtc-1855	138	30	of	of	ADP
ijtc-1855	138	31	social	social	ADJ
ijtc-1855	138	32	science	science	NOUN
ijtc-1855	139	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	139	2	(	(	PUNCT
ijtc-1855	139	3	villalonga	villalonga	PROPN
ijtc-1855	139	4	&	&	CCONJ
ijtc-1855	139	5	amit	amit	PROPN
ijtc-1855	139	6	,	,	PUNCT
ijtc-1855	139	7	2004	2004	NUM
ijtc-1855	139	8	)	)	PUNCT
ijtc-1855	139	9	demonstrated	demonstrate	VERB
ijtc-1855	139	10	that	that	SCONJ
ijtc-1855	139	11	the	the	DET
ijtc-1855	139	12	effect	effect	NOUN
ijtc-1855	139	13	of	of	ADP
ijtc-1855	139	14	business	business	NOUN
ijtc-1855	139	15	groups	group	NOUN
ijtc-1855	139	16	on	on	ADP
ijtc-1855	139	17	firm	firm	ADJ
ijtc-1855	139	18	value	value	NOUN
ijtc-1855	139	19	heavily	heavily	ADV
ijtc-1855	139	20	depends	depend	VERB
ijtc-1855	139	21	on	on	ADP
ijtc-1855	139	22	the	the	DET
ijtc-1855	139	23	level	level	NOUN
ijtc-1855	139	24	of	of	ADP
ijtc-1855	139	25	family	family	NOUN
ijtc-1855	139	26	involvement	involvement	NOUN
ijtc-1855	139	27	in	in	ADP
ijtc-1855	139	28	management	management	NOUN
ijtc-1855	139	29	.	.	PUNCT
ijtc-1855	140	1	when	when	SCONJ
ijtc-1855	140	2	families	family	NOUN
ijtc-1855	140	3	are	be	AUX
ijtc-1855	140	4	actively	actively	ADV
ijtc-1855	140	5	involved	involve	VERB
ijtc-1855	140	6	in	in	ADP
ijtc-1855	140	7	management	management	NOUN
ijtc-1855	140	8	,	,	PUNCT
ijtc-1855	140	9	firm	firm	ADJ
ijtc-1855	140	10	value	value	NOUN
ijtc-1855	140	11	tends	tend	VERB
ijtc-1855	140	12	to	to	PART
ijtc-1855	140	13	improve	improve	VERB
ijtc-1855	140	14	due	due	ADJ
ijtc-1855	140	15	to	to	ADP
ijtc-1855	140	16	tighter	tight	ADJ
ijtc-1855	140	17	oversight	oversight	NOUN
ijtc-1855	140	18	and	and	CCONJ
ijtc-1855	140	19	aligned	aligned	ADJ
ijtc-1855	140	20	interests	interest	NOUN
ijtc-1855	140	21	between	between	ADP
ijtc-1855	140	22	owners	owner	NOUN
ijtc-1855	140	23	and	and	CCONJ
ijtc-1855	140	24	managers	manager	NOUN
ijtc-1855	140	25	.	.	PUNCT
ijtc-1855	141	1	conversely	conversely	ADV
ijtc-1855	141	2	,	,	PUNCT
ijtc-1855	141	3	if	if	SCONJ
ijtc-1855	141	4	families	family	NOUN
ijtc-1855	141	5	act	act	VERB
ijtc-1855	141	6	merely	merely	ADV
ijtc-1855	141	7	as	as	ADP
ijtc-1855	141	8	passive	passive	ADJ
ijtc-1855	141	9	owners	owner	NOUN
ijtc-1855	141	10	without	without	ADP
ijtc-1855	141	11	managerial	managerial	ADJ
ijtc-1855	141	12	engagement	engagement	NOUN
ijtc-1855	141	13	,	,	PUNCT
ijtc-1855	141	14	firms	firm	NOUN
ijtc-1855	141	15	risk	risk	NOUN
ijtc-1855	141	16	performance	performance	NOUN
ijtc-1855	141	17	declines	decline	VERB
ijtc-1855	141	18	due	due	ADJ
ijtc-1855	141	19	to	to	ADP
ijtc-1855	141	20	ineffective	ineffective	ADJ
ijtc-1855	141	21	control	control	NOUN
ijtc-1855	141	22	.	.	PUNCT
ijtc-1855	142	1	one	one	NUM
ijtc-1855	142	2	study	study	NOUN
ijtc-1855	142	3	found	find	VERB
ijtc-1855	142	4	that	that	SCONJ
ijtc-1855	142	5	political	political	ADJ
ijtc-1855	142	6	connections	connection	NOUN
ijtc-1855	142	7	within	within	ADP
ijtc-1855	142	8	family	family	NOUN
ijtc-1855	142	9	firms	firm	NOUN
ijtc-1855	142	10	can	can	AUX
ijtc-1855	142	11	offer	offer	VERB
ijtc-1855	142	12	several	several	ADJ
ijtc-1855	142	13	benefits	benefit	NOUN
ijtc-1855	142	14	,	,	PUNCT
ijtc-1855	142	15	such	such	ADJ
ijtc-1855	142	16	as	as	ADP
ijtc-1855	142	17	easier	easy	ADJ
ijtc-1855	142	18	access	access	NOUN
ijtc-1855	142	19	to	to	ADP
ijtc-1855	142	20	financing	financing	NOUN
ijtc-1855	142	21	and	and	CCONJ
ijtc-1855	142	22	protection	protection	NOUN
ijtc-1855	142	23	against	against	ADP
ijtc-1855	142	24	political	political	ADJ
ijtc-1855	142	25	risks	risk	NOUN
ijtc-1855	142	26	(	(	PUNCT
ijtc-1855	142	27	wu	wu	PROPN
ijtc-1855	142	28	et	et	PROPN
ijtc-1855	142	29	al	al	PROPN
ijtc-1855	142	30	.	.	PROPN
ijtc-1855	142	31	,	,	PUNCT
ijtc-1855	142	32	2012	2012	NUM
ijtc-1855	142	33	)	)	PUNCT
ijtc-1855	142	34	.	.	PUNCT
ijtc-1855	143	1	however	however	ADV
ijtc-1855	143	2	,	,	PUNCT
ijtc-1855	143	3	these	these	DET
ijtc-1855	143	4	advantages	advantage	NOUN
ijtc-1855	143	5	often	often	ADV
ijtc-1855	143	6	come	come	VERB
ijtc-1855	143	7	with	with	ADP
ijtc-1855	143	8	additional	additional	ADJ
ijtc-1855	143	9	risks	risk	NOUN
ijtc-1855	143	10	,	,	PUNCT
ijtc-1855	143	11	including	include	VERB
ijtc-1855	143	12	reduced	reduce	VERB
ijtc-1855	143	13	transparency	transparency	NOUN
ijtc-1855	143	14	and	and	CCONJ
ijtc-1855	143	15	agency	agency	NOUN
ijtc-1855	143	16	conflicts	conflict	NOUN
ijtc-1855	143	17	between	between	ADP
ijtc-1855	143	18	majority	majority	NOUN
ijtc-1855	143	19	family	family	NOUN
ijtc-1855	143	20	shareholders	shareholder	NOUN
ijtc-1855	143	21	and	and	CCONJ
ijtc-1855	143	22	minority	minority	NOUN
ijtc-1855	143	23	shareholders	shareholder	NOUN
ijtc-1855	143	24	.	.	PUNCT
ijtc-1855	144	1	h2	h2	NOUN
ijtc-1855	144	2	:	:	PUNCT
ijtc-1855	144	3	business	business	NOUN
ijtc-1855	144	4	group	group	NOUN
ijtc-1855	144	5	affiliation	affiliation	NOUN
ijtc-1855	144	6	strengthens	strengthen	VERB
ijtc-1855	144	7	the	the	DET
ijtc-1855	144	8	positive	positive	ADJ
ijtc-1855	144	9	effect	effect	NOUN
ijtc-1855	144	10	of	of	ADP
ijtc-1855	144	11	board	board	NOUN
ijtc-1855	144	12	political	political	ADJ
ijtc-1855	144	13	connections	connection	NOUN
ijtc-1855	144	14	on	on	ADP
ijtc-1855	144	15	firm	firm	ADJ
ijtc-1855	144	16	value	value	NOUN
ijtc-1855	144	17	.	.	PUNCT
ijtc-1855	145	1	method	method	NOUN
ijtc-1855	145	2	this	this	DET
ijtc-1855	145	3	research	research	NOUN
ijtc-1855	145	4	adopts	adopt	VERB
ijtc-1855	145	5	a	a	DET
ijtc-1855	145	6	quantitative	quantitative	ADJ
ijtc-1855	145	7	explanatory	explanatory	ADJ
ijtc-1855	145	8	approach	approach	NOUN
ijtc-1855	145	9	to	to	PART
ijtc-1855	145	10	empirically	empirically	ADV
ijtc-1855	145	11	test	test	VERB
ijtc-1855	145	12	the	the	DET
ijtc-1855	145	13	influence	influence	NOUN
ijtc-1855	145	14	of	of	ADP
ijtc-1855	145	15	politically	politically	ADV
ijtc-1855	145	16	connected	connect	VERB
ijtc-1855	145	17	board	board	NOUN
ijtc-1855	145	18	members	member	NOUN
ijtc-1855	145	19	on	on	ADP
ijtc-1855	145	20	firm	firm	ADJ
ijtc-1855	145	21	value	value	NOUN
ijtc-1855	145	22	and	and	CCONJ
ijtc-1855	145	23	the	the	DET
ijtc-1855	145	24	moderating	moderate	VERB
ijtc-1855	145	25	role	role	NOUN
ijtc-1855	145	26	of	of	ADP
ijtc-1855	145	27	business	business	NOUN
ijtc-1855	145	28	group	group	NOUN
ijtc-1855	145	29	affiliation	affiliation	NOUN
ijtc-1855	145	30	.	.	PUNCT
ijtc-1855	146	1	the	the	DET
ijtc-1855	146	2	linear	linear	PROPN
ijtc-1855	146	3	regression	regression	NOUN
ijtc-1855	146	4	model	model	NOUN
ijtc-1855	146	5	is	be	AUX
ijtc-1855	146	6	chosen	choose	VERB
ijtc-1855	146	7	as	as	ADP
ijtc-1855	146	8	the	the	DET
ijtc-1855	146	9	primary	primary	ADJ
ijtc-1855	146	10	analytical	analytical	ADJ
ijtc-1855	146	11	tool	tool	NOUN
ijtc-1855	146	12	because	because	SCONJ
ijtc-1855	146	13	it	it	PRON
ijtc-1855	146	14	effectively	effectively	ADV
ijtc-1855	146	15	captures	capture	VERB
ijtc-1855	146	16	the	the	DET
ijtc-1855	146	17	linear	linear	ADJ
ijtc-1855	146	18	relationships	relationship	NOUN
ijtc-1855	146	19	between	between	ADP
ijtc-1855	146	20	variables	variable	NOUN
ijtc-1855	146	21	and	and	CCONJ
ijtc-1855	146	22	allows	allow	VERB
ijtc-1855	146	23	for	for	ADP
ijtc-1855	146	24	the	the	DET
ijtc-1855	146	25	inclusion	inclusion	NOUN
ijtc-1855	146	26	of	of	ADP
ijtc-1855	146	27	interaction	interaction	NOUN
ijtc-1855	146	28	terms	term	NOUN
ijtc-1855	146	29	to	to	PART
ijtc-1855	146	30	test	test	VERB
ijtc-1855	146	31	moderation	moderation	NOUN
ijtc-1855	146	32	effects	effect	NOUN
ijtc-1855	146	33	(	(	PUNCT
ijtc-1855	146	34	baig	baig	PROPN
ijtc-1855	146	35	et	et	PROPN
ijtc-1855	146	36	al	al	PROPN
ijtc-1855	146	37	.	.	PROPN
ijtc-1855	146	38	,	,	PUNCT
ijtc-1855	146	39	2023	2023	NUM
ijtc-1855	146	40	)	)	PUNCT
ijtc-1855	146	41	.	.	PUNCT
ijtc-1855	147	1	this	this	DET
ijtc-1855	147	2	approach	approach	NOUN
ijtc-1855	147	3	is	be	AUX
ijtc-1855	147	4	suitable	suitable	ADJ
ijtc-1855	147	5	for	for	ADP
ijtc-1855	147	6	examining	examine	VERB
ijtc-1855	147	7	firm	firm	ADJ
ijtc-1855	147	8	-	-	PUNCT
ijtc-1855	147	9	level	level	NOUN
ijtc-1855	147	10	panel	panel	NOUN
ijtc-1855	147	11	data	datum	NOUN
ijtc-1855	147	12	,	,	PUNCT
ijtc-1855	147	13	as	as	SCONJ
ijtc-1855	147	14	it	it	PRON
ijtc-1855	147	15	controls	control	VERB
ijtc-1855	147	16	for	for	ADP
ijtc-1855	147	17	multiple	multiple	ADJ
ijtc-1855	147	18	firm	firm	ADJ
ijtc-1855	147	19	characteristics	characteristic	NOUN
ijtc-1855	147	20	simultaneously	simultaneously	ADV
ijtc-1855	147	21	and	and	CCONJ
ijtc-1855	147	22	supports	support	VERB
ijtc-1855	147	23	causal	causal	ADJ
ijtc-1855	147	24	inference	inference	NOUN
ijtc-1855	147	25	within	within	ADP
ijtc-1855	147	26	observational	observational	ADJ
ijtc-1855	147	27	datasets	dataset	NOUN
ijtc-1855	147	28	.	.	PUNCT
ijtc-1855	148	1	the	the	DET
ijtc-1855	148	2	sample	sample	NOUN
ijtc-1855	148	3	was	be	AUX
ijtc-1855	148	4	selected	select	VERB
ijtc-1855	148	5	using	use	VERB
ijtc-1855	148	6	purposive	purposive	NOUN
ijtc-1855	148	7	sampling	sampling	NOUN
ijtc-1855	148	8	with	with	ADP
ijtc-1855	148	9	clearly	clearly	ADV
ijtc-1855	148	10	defined	define	VERB
ijtc-1855	148	11	criteria	criterion	NOUN
ijtc-1855	148	12	to	to	PART
ijtc-1855	148	13	ensure	ensure	VERB
ijtc-1855	148	14	data	datum	NOUN
ijtc-1855	148	15	consistency	consistency	NOUN
ijtc-1855	148	16	and	and	CCONJ
ijtc-1855	148	17	relevance	relevance	NOUN
ijtc-1855	148	18	:	:	PUNCT
ijtc-1855	148	19	(	(	PUNCT
ijtc-1855	148	20	1	1	X
ijtc-1855	148	21	)	)	PUNCT
ijtc-1855	148	22	manufacturing	manufacturing	NOUN
ijtc-1855	148	23	firms	firm	NOUN
ijtc-1855	148	24	listed	list	VERB
ijtc-1855	148	25	on	on	ADP
ijtc-1855	148	26	the	the	DET
ijtc-1855	148	27	indonesia	indonesia	PROPN
ijtc-1855	148	28	stock	stock	PROPN
ijtc-1855	148	29	exchange	exchange	PROPN
ijtc-1855	148	30	during	during	ADP
ijtc-1855	148	31	2020–2022	2020–2022	NUM
ijtc-1855	148	32	,	,	PUNCT
ijtc-1855	148	33	(	(	PUNCT
ijtc-1855	148	34	2	2	X
ijtc-1855	148	35	)	)	PUNCT
ijtc-1855	148	36	availability	availability	NOUN
ijtc-1855	148	37	of	of	ADP
ijtc-1855	148	38	complete	complete	ADJ
ijtc-1855	148	39	financial	financial	ADJ
ijtc-1855	148	40	and	and	CCONJ
ijtc-1855	148	41	governance	governance	NOUN
ijtc-1855	148	42	data	datum	NOUN
ijtc-1855	148	43	,	,	PUNCT
ijtc-1855	148	44	(	(	PUNCT
ijtc-1855	148	45	3	3	X
ijtc-1855	148	46	)	)	PUNCT
ijtc-1855	148	47	financial	financial	ADJ
ijtc-1855	148	48	statements	statement	NOUN
ijtc-1855	148	49	reported	report	VERB
ijtc-1855	148	50	in	in	ADP
ijtc-1855	148	51	indonesian	indonesian	ADJ
ijtc-1855	148	52	rupiah	rupiah	PROPN
ijtc-1855	148	53	,	,	PUNCT
ijtc-1855	148	54	and	and	CCONJ
ijtc-1855	148	55	(	(	PUNCT
ijtc-1855	148	56	4	4	X
ijtc-1855	148	57	)	)	PUNCT
ijtc-1855	148	58	public	public	ADJ
ijtc-1855	148	59	accessibility	accessibility	NOUN
ijtc-1855	148	60	of	of	ADP
ijtc-1855	148	61	reports	report	NOUN
ijtc-1855	148	62	.	.	PUNCT
ijtc-1855	149	1	to	to	PART
ijtc-1855	149	2	mitigate	mitigate	VERB
ijtc-1855	149	3	potential	potential	ADJ
ijtc-1855	149	4	selection	selection	NOUN
ijtc-1855	149	5	bias	bias	NOUN
ijtc-1855	149	6	and	and	CCONJ
ijtc-1855	149	7	enhance	enhance	VERB
ijtc-1855	149	8	the	the	DET
ijtc-1855	149	9	representativeness	representativeness	NOUN
ijtc-1855	149	10	of	of	ADP
ijtc-1855	149	11	the	the	DET
ijtc-1855	149	12	sample	sample	NOUN
ijtc-1855	149	13	,	,	PUNCT
ijtc-1855	149	14	the	the	DET
ijtc-1855	149	15	study	study	NOUN
ijtc-1855	149	16	applied	apply	VERB
ijtc-1855	149	17	consistent	consistent	ADJ
ijtc-1855	149	18	filtering	filtering	NOUN
ijtc-1855	149	19	across	across	ADP
ijtc-1855	149	20	all	all	DET
ijtc-1855	149	21	observations	observation	NOUN
ijtc-1855	149	22	and	and	CCONJ
ijtc-1855	149	23	verified	verify	VERB
ijtc-1855	149	24	the	the	DET
ijtc-1855	149	25	presence	presence	NOUN
ijtc-1855	149	26	of	of	ADP
ijtc-1855	149	27	politically	politically	ADV
ijtc-1855	149	28	connected	connect	VERB
ijtc-1855	149	29	directors	director	NOUN
ijtc-1855	149	30	through	through	ADP
ijtc-1855	149	31	triangulation	triangulation	NOUN
ijtc-1855	149	32	from	from	ADP
ijtc-1855	149	33	multiple	multiple	ADJ
ijtc-1855	149	34	data	datum	NOUN
ijtc-1855	149	35	sources	source	NOUN
ijtc-1855	149	36	,	,	PUNCT
ijtc-1855	149	37	including	include	VERB
ijtc-1855	149	38	company	company	NOUN
ijtc-1855	149	39	websites	website	NOUN
ijtc-1855	149	40	and	and	CCONJ
ijtc-1855	149	41	public	public	ADJ
ijtc-1855	149	42	announcements	announcement	NOUN
ijtc-1855	149	43	.	.	PUNCT
ijtc-1855	150	1	this	this	DET
ijtc-1855	150	2	method	method	NOUN
ijtc-1855	150	3	follows	follow	VERB
ijtc-1855	150	4	(	(	PUNCT
ijtc-1855	150	5	baig	baig	PROPN
ijtc-1855	150	6	et	et	PROPN
ijtc-1855	150	7	al	al	PROPN
ijtc-1855	150	8	.	.	PROPN
ijtc-1855	150	9	,	,	PUNCT
ijtc-1855	150	10	2023	2023	NUM
ijtc-1855	150	11	)	)	PUNCT
ijtc-1855	150	12	,	,	PUNCT
ijtc-1855	150	13	who	who	PRON
ijtc-1855	150	14	stress	stress	VERB
ijtc-1855	150	15	the	the	DET
ijtc-1855	150	16	need	need	NOUN
ijtc-1855	150	17	for	for	ADP
ijtc-1855	150	18	consistent	consistent	ADJ
ijtc-1855	150	19	and	and	CCONJ
ijtc-1855	150	20	representative	representative	ADJ
ijtc-1855	150	21	data	datum	NOUN
ijtc-1855	150	22	in	in	ADP
ijtc-1855	150	23	panel	panel	NOUN
ijtc-1855	150	24	analysis	analysis	NOUN
ijtc-1855	150	25	.	.	PUNCT
ijtc-1855	151	1	applying	apply	VERB
ijtc-1855	151	2	these	these	DET
ijtc-1855	151	3	criteria	criterion	NOUN
ijtc-1855	151	4	helps	help	VERB
ijtc-1855	151	5	ensure	ensure	VERB
ijtc-1855	151	6	valid	valid	ADJ
ijtc-1855	151	7	and	and	CCONJ
ijtc-1855	151	8	generalizable	generalizable	ADJ
ijtc-1855	151	9	findings	finding	NOUN
ijtc-1855	151	10	for	for	ADP
ijtc-1855	151	11	indonesia	indonesia	PROPN
ijtc-1855	151	12	's	's	PART
ijtc-1855	151	13	manufacturing	manufacturing	NOUN
ijtc-1855	151	14	sector	sector	NOUN
ijtc-1855	151	15	.	.	PUNCT
ijtc-1855	152	1	the	the	DET
ijtc-1855	152	2	sample	sample	NOUN
ijtc-1855	152	3	consists	consist	VERB
ijtc-1855	152	4	of	of	ADP
ijtc-1855	152	5	318	318	NUM
ijtc-1855	152	6	firm	firm	ADJ
ijtc-1855	152	7	-	-	PUNCT
ijtc-1855	152	8	year	year	NOUN
ijtc-1855	152	9	observations	observation	NOUN
ijtc-1855	152	10	from	from	ADP
ijtc-1855	152	11	106	106	NUM
ijtc-1855	152	12	companies	company	NOUN
ijtc-1855	152	13	over	over	ADP
ijtc-1855	152	14	the	the	DET
ijtc-1855	152	15	period	period	NOUN
ijtc-1855	152	16	2020	2020	NUM
ijtc-1855	152	17	to	to	ADP
ijtc-1855	152	18	2022	2022	NUM
ijtc-1855	152	19	.	.	PUNCT
ijtc-1855	153	1	companies	company	NOUN
ijtc-1855	153	2	were	be	AUX
ijtc-1855	153	3	further	far	ADV
ijtc-1855	153	4	selected	select	VERB
ijtc-1855	153	5	based	base	VERB
ijtc-1855	153	6	on	on	ADP
ijtc-1855	153	7	the	the	DET
ijtc-1855	153	8	presence	presence	NOUN
ijtc-1855	153	9	of	of	ADP
ijtc-1855	153	10	politically	politically	ADV
ijtc-1855	153	11	connected	connect	VERB
ijtc-1855	153	12	board	board	NOUN
ijtc-1855	153	13	members	member	NOUN
ijtc-1855	153	14	,	,	PUNCT
ijtc-1855	153	15	identified	identify	VERB
ijtc-1855	153	16	by	by	ADP
ijtc-1855	153	17	reviewing	review	VERB
ijtc-1855	153	18	board	board	NOUN
ijtc-1855	153	19	profiles	profile	NOUN
ijtc-1855	153	20	in	in	ADP
ijtc-1855	153	21	the	the	DET
ijtc-1855	153	22	companies	company	NOUN
ijtc-1855	153	23	’	’	PART
ijtc-1855	153	24	annual	annual	ADJ
ijtc-1855	153	25	reports	report	NOUN
ijtc-1855	153	26	.	.	PUNCT
ijtc-1855	154	1	this	this	DET
ijtc-1855	154	2	study	study	NOUN
ijtc-1855	154	3	relies	rely	VERB
ijtc-1855	154	4	on	on	ADP
ijtc-1855	154	5	secondary	secondary	ADJ
ijtc-1855	154	6	data	datum	NOUN
ijtc-1855	154	7	,	,	PUNCT
ijtc-1855	154	8	including	include	VERB
ijtc-1855	154	9	financial	financial	ADJ
ijtc-1855	154	10	and	and	CCONJ
ijtc-1855	154	11	corporate	corporate	ADJ
ijtc-1855	154	12	governance	governance	NOUN
ijtc-1855	154	13	information	information	NOUN
ijtc-1855	154	14	.	.	PUNCT
ijtc-1855	155	1	financial	financial	ADJ
ijtc-1855	155	2	data	datum	NOUN
ijtc-1855	155	3	were	be	AUX
ijtc-1855	155	4	gathered	gather	VERB
ijtc-1855	155	5	from	from	ADP
ijtc-1855	155	6	the	the	DET
ijtc-1855	155	7	annual	annual	ADJ
ijtc-1855	155	8	reports	report	NOUN
ijtc-1855	155	9	of	of	ADP
ijtc-1855	155	10	firms	firm	NOUN
ijtc-1855	155	11	listed	list	VERB
ijtc-1855	155	12	on	on	ADP
ijtc-1855	155	13	the	the	DET
ijtc-1855	155	14	indonesia	indonesia	PROPN
ijtc-1855	155	15	stock	stock	PROPN
ijtc-1855	155	16	exchange	exchange	PROPN
ijtc-1855	155	17	(	(	PUNCT
ijtc-1855	155	18	idx	idx	PROPN
ijtc-1855	155	19	)	)	PUNCT
ijtc-1855	155	20	between	between	ADP
ijtc-1855	155	21	2020	2020	NUM
ijtc-1855	155	22	and	and	CCONJ
ijtc-1855	155	23	2022	2022	NUM
ijtc-1855	155	24	,	,	PUNCT
ijtc-1855	155	25	which	which	PRON
ijtc-1855	155	26	were	be	AUX
ijtc-1855	155	27	accessible	accessible	ADJ
ijtc-1855	155	28	via	via	ADP
ijtc-1855	155	29	the	the	DET
ijtc-1855	155	30	official	official	ADJ
ijtc-1855	155	31	idx	idx	NOUN
ijtc-1855	155	32	and	and	CCONJ
ijtc-1855	155	33	company	company	NOUN
ijtc-1855	155	34	websites	website	NOUN
ijtc-1855	155	35	.	.	PUNCT
ijtc-1855	156	1	the	the	DET
ijtc-1855	156	2	reports	report	NOUN
ijtc-1855	156	3	identified	identify	VERB
ijtc-1855	156	4	control	control	NOUN
ijtc-1855	156	5	factors	factor	NOUN
ijtc-1855	156	6	including	include	VERB
ijtc-1855	156	7	loss	loss	NOUN
ijtc-1855	156	8	,	,	PUNCT
ijtc-1855	156	9	leverage	leverage	NOUN
ijtc-1855	156	10	,	,	PUNCT
ijtc-1855	156	11	firm	firm	ADJ
ijtc-1855	156	12	size	size	NOUN
ijtc-1855	156	13	,	,	PUNCT
ijtc-1855	156	14	and	and	CCONJ
ijtc-1855	156	15	firm	firm	ADJ
ijtc-1855	156	16	age	age	NOUN
ijtc-1855	156	17	.	.	PUNCT
ijtc-1855	157	1	corporate	corporate	ADJ
ijtc-1855	157	2	governance	governance	NOUN
ijtc-1855	157	3	data	datum	NOUN
ijtc-1855	157	4	,	,	PUNCT
ijtc-1855	157	5	including	include	VERB
ijtc-1855	157	6	political	political	ADJ
ijtc-1855	157	7	connections	connection	NOUN
ijtc-1855	157	8	and	and	CCONJ
ijtc-1855	157	9	business	business	NOUN
ijtc-1855	157	10	group	group	NOUN
ijtc-1855	157	11	affiliations	affiliation	NOUN
ijtc-1855	157	12	,	,	PUNCT
ijtc-1855	157	13	were	be	AUX
ijtc-1855	157	14	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	157	15	the	the	DET
ijtc-1855	157	16	influence	influence	NOUN
ijtc-1855	157	17	of	of	ADP
ijtc-1855	157	18	politically	politically	ADV
ijtc-1855	157	19	connected	connect	VERB
ijtc-1855	157	20	board	board	NOUN
ijtc-1855	157	21	of	of	ADP
ijtc-1855	157	22	directors	director	NOUN
ijtc-1855	157	23	on	on	ADP
ijtc-1855	157	24	firm	firm	ADJ
ijtc-1855	157	25	value	value	NOUN
ijtc-1855	157	26	with	with	ADP
ijtc-1855	157	27	business	business	NOUN
ijtc-1855	157	28	groups	group	NOUN
ijtc-1855	157	29	as	as	ADP
ijtc-1855	157	30	a	a	DET
ijtc-1855	157	31	moderating	moderate	VERB
ijtc-1855	157	32	variable	variable	NOUN
ijtc-1855	157	33	muhammad	muhammad	PROPN
ijtc-1855	157	34	fasha	fasha	PROPN
ijtc-1855	157	35	radya1	radya1	PROPN
ijtc-1855	157	36	.	.	PROPN
ijtc-1855	157	37	,	,	PUNCT
ijtc-1855	158	1	eddy	eddy	PROPN
ijtc-1855	158	2	suranta2	suranta2	PROPN
ijtc-1855	158	3	154|ilomata	154|ilomata	PROPN
ijtc-1855	159	1	international	international	PROPN
ijtc-1855	159	2	journal	journal	NOUN
ijtc-1855	159	3	of	of	ADP
ijtc-1855	159	4	social	social	ADJ
ijtc-1855	159	5	science	science	NOUN
ijtc-1855	159	6	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	159	7	gathered	gather	VERB
ijtc-1855	159	8	from	from	ADP
ijtc-1855	159	9	the	the	DET
ijtc-1855	159	10	governance	governance	NOUN
ijtc-1855	159	11	sections	section	NOUN
ijtc-1855	159	12	of	of	ADP
ijtc-1855	159	13	the	the	DET
ijtc-1855	159	14	annual	annual	ADJ
ijtc-1855	159	15	reports	report	NOUN
ijtc-1855	159	16	to	to	PART
ijtc-1855	159	17	examine	examine	VERB
ijtc-1855	159	18	the	the	DET
ijtc-1855	159	19	relationship	relationship	NOUN
ijtc-1855	159	20	between	between	ADP
ijtc-1855	159	21	the	the	DET
ijtc-1855	159	22	independent	independent	ADJ
ijtc-1855	159	23	and	and	CCONJ
ijtc-1855	159	24	dependent	dependent	ADJ
ijtc-1855	159	25	variables	variable	NOUN
ijtc-1855	159	26	(	(	PUNCT
ijtc-1855	159	27	huguet	huguet	NOUN
ijtc-1855	159	28	&	&	CCONJ
ijtc-1855	159	29	gandía	gandía	PROPN
ijtc-1855	159	30	,	,	PUNCT
ijtc-1855	159	31	2014	2014	NUM
ijtc-1855	159	32	)	)	PUNCT
ijtc-1855	159	33	.	.	PUNCT
ijtc-1855	160	1	this	this	DET
ijtc-1855	160	2	study	study	NOUN
ijtc-1855	160	3	collected	collect	VERB
ijtc-1855	160	4	data	datum	NOUN
ijtc-1855	160	5	through	through	ADP
ijtc-1855	160	6	a	a	DET
ijtc-1855	160	7	documentation	documentation	NOUN
ijtc-1855	160	8	method	method	NOUN
ijtc-1855	160	9	in	in	ADP
ijtc-1855	160	10	three	three	NUM
ijtc-1855	160	11	steps	step	NOUN
ijtc-1855	160	12	.	.	PUNCT
ijtc-1855	161	1	the	the	DET
ijtc-1855	161	2	researcher	researcher	NOUN
ijtc-1855	161	3	gathered	gather	VERB
ijtc-1855	161	4	accurate	accurate	ADJ
ijtc-1855	161	5	and	and	CCONJ
ijtc-1855	161	6	reliable	reliable	ADJ
ijtc-1855	161	7	data	datum	NOUN
ijtc-1855	161	8	from	from	ADP
ijtc-1855	161	9	financial	financial	ADJ
ijtc-1855	161	10	statements	statement	NOUN
ijtc-1855	161	11	and	and	CCONJ
ijtc-1855	161	12	annual	annual	ADJ
ijtc-1855	161	13	reports	report	NOUN
ijtc-1855	161	14	on	on	ADP
ijtc-1855	161	15	the	the	DET
ijtc-1855	161	16	indonesia	indonesia	PROPN
ijtc-1855	161	17	stock	stock	PROPN
ijtc-1855	161	18	exchange	exchange	PROPN
ijtc-1855	161	19	(	(	PUNCT
ijtc-1855	161	20	idx	idx	PROPN
ijtc-1855	161	21	)	)	PUNCT
ijtc-1855	161	22	website	website	NOUN
ijtc-1855	161	23	and	and	CCONJ
ijtc-1855	161	24	company	company	NOUN
ijtc-1855	161	25	websites	website	NOUN
ijtc-1855	161	26	.	.	PUNCT
ijtc-1855	162	1	(	(	PUNCT
ijtc-1855	162	2	roychowdhury	roychowdhury	NOUN
ijtc-1855	162	3	,	,	PUNCT
ijtc-1855	162	4	2006	2006	NUM
ijtc-1855	162	5	)	)	PUNCT
ijtc-1855	162	6	.	.	PUNCT
ijtc-1855	163	1	second	second	ADJ
ijtc-1855	163	2	,	,	PUNCT
ijtc-1855	163	3	a	a	DET
ijtc-1855	163	4	data	data	NOUN
ijtc-1855	163	5	selection	selection	NOUN
ijtc-1855	163	6	process	process	NOUN
ijtc-1855	163	7	was	be	AUX
ijtc-1855	163	8	conducted	conduct	VERB
ijtc-1855	163	9	,	,	PUNCT
ijtc-1855	163	10	where	where	SCONJ
ijtc-1855	163	11	only	only	ADV
ijtc-1855	163	12	companies	company	NOUN
ijtc-1855	163	13	meeting	meet	VERB
ijtc-1855	163	14	the	the	DET
ijtc-1855	163	15	sample	sample	NOUN
ijtc-1855	163	16	criteria	criterion	NOUN
ijtc-1855	163	17	were	be	AUX
ijtc-1855	163	18	analyzed	analyze	VERB
ijtc-1855	163	19	,	,	PUNCT
ijtc-1855	163	20	including	include	VERB
ijtc-1855	163	21	the	the	DET
ijtc-1855	163	22	requirement	requirement	NOUN
ijtc-1855	163	23	that	that	SCONJ
ijtc-1855	163	24	financial	financial	ADJ
ijtc-1855	163	25	reports	report	NOUN
ijtc-1855	163	26	be	be	AUX
ijtc-1855	163	27	presented	present	VERB
ijtc-1855	163	28	in	in	ADP
ijtc-1855	163	29	indonesian	indonesian	ADJ
ijtc-1855	163	30	rupiah	rupiah	PROPN
ijtc-1855	163	31	(	(	PUNCT
ijtc-1855	163	32	idr	idr	PROPN
ijtc-1855	163	33	)	)	PUNCT
ijtc-1855	163	34	.	.	PUNCT
ijtc-1855	164	1	this	this	DET
ijtc-1855	164	2	criterion	criterion	NOUN
ijtc-1855	164	3	was	be	AUX
ijtc-1855	164	4	applied	apply	VERB
ijtc-1855	164	5	to	to	PART
ijtc-1855	164	6	maintain	maintain	VERB
ijtc-1855	164	7	consistency	consistency	NOUN
ijtc-1855	164	8	in	in	ADP
ijtc-1855	164	9	variable	variable	ADJ
ijtc-1855	164	10	measurement	measurement	NOUN
ijtc-1855	164	11	(	(	PUNCT
ijtc-1855	164	12	joni	joni	PROPN
ijtc-1855	164	13	et	et	PROPN
ijtc-1855	164	14	al	al	PROPN
ijtc-1855	164	15	.	.	PROPN
ijtc-1855	164	16	,	,	PUNCT
ijtc-1855	164	17	2020a	2020a	NUM
ijtc-1855	164	18	)	)	PUNCT
ijtc-1855	164	19	.	.	PUNCT
ijtc-1855	165	1	third	third	ADV
ijtc-1855	165	2	,	,	PUNCT
ijtc-1855	165	3	the	the	DET
ijtc-1855	165	4	collected	collect	VERB
ijtc-1855	165	5	data	datum	NOUN
ijtc-1855	165	6	were	be	AUX
ijtc-1855	165	7	processed	process	VERB
ijtc-1855	165	8	and	and	CCONJ
ijtc-1855	165	9	analyzed	analyze	VERB
ijtc-1855	165	10	using	use	VERB
ijtc-1855	165	11	suitable	suitable	ADJ
ijtc-1855	165	12	statistical	statistical	ADJ
ijtc-1855	165	13	techniques	technique	NOUN
ijtc-1855	165	14	to	to	PART
ijtc-1855	165	15	test	test	VERB
ijtc-1855	165	16	the	the	DET
ijtc-1855	165	17	study	study	NOUN
ijtc-1855	165	18	’s	’s	PART
ijtc-1855	165	19	hypotheses	hypothesis	NOUN
ijtc-1855	165	20	.	.	PUNCT
ijtc-1855	166	1	this	this	DET
ijtc-1855	166	2	method	method	NOUN
ijtc-1855	166	3	enabled	enable	VERB
ijtc-1855	166	4	precise	precise	ADJ
ijtc-1855	166	5	measurement	measurement	NOUN
ijtc-1855	166	6	of	of	ADP
ijtc-1855	166	7	political	political	ADJ
ijtc-1855	166	8	connections	connection	NOUN
ijtc-1855	166	9	and	and	CCONJ
ijtc-1855	166	10	business	business	NOUN
ijtc-1855	166	11	group	group	NOUN
ijtc-1855	166	12	roles	role	NOUN
ijtc-1855	166	13	within	within	ADP
ijtc-1855	166	14	corporate	corporate	ADJ
ijtc-1855	166	15	governance	governance	NOUN
ijtc-1855	166	16	.	.	PUNCT
ijtc-1855	167	1	the	the	DET
ijtc-1855	167	2	analysis	analysis	NOUN
ijtc-1855	167	3	was	be	AUX
ijtc-1855	167	4	conducted	conduct	VERB
ijtc-1855	167	5	using	use	VERB
ijtc-1855	167	6	spss	spss	PROPN
ijtc-1855	167	7	software	software	NOUN
ijtc-1855	167	8	to	to	PART
ijtc-1855	167	9	answer	answer	VERB
ijtc-1855	167	10	the	the	DET
ijtc-1855	167	11	research	research	NOUN
ijtc-1855	167	12	questions	question	NOUN
ijtc-1855	167	13	and	and	CCONJ
ijtc-1855	167	14	verify	verify	VERB
ijtc-1855	167	15	the	the	DET
ijtc-1855	167	16	hypotheses	hypothesis	NOUN
ijtc-1855	167	17	.	.	PUNCT
ijtc-1855	168	1	table	table	NOUN
ijtc-1855	168	2	1	1	NUM
ijtc-1855	168	3	.	.	PUNCT
ijtc-1855	168	4	operational	operational	ADJ
ijtc-1855	168	5	definition	definition	NOUN
ijtc-1855	168	6	and	and	CCONJ
ijtc-1855	168	7	variable	variable	ADJ
ijtc-1855	168	8	measurement	measurement	NOUN
ijtc-1855	168	9	variable	variable	PROPN
ijtc-1855	168	10	measurement	measurement	NOUN
ijtc-1855	168	11	source	source	NOUN
ijtc-1855	168	12	dependent	dependent	ADJ
ijtc-1855	168	13	variable	variable	NOUN
ijtc-1855	168	14	(	(	PUNCT
ijtc-1855	168	15	firm	firm	ADJ
ijtc-1855	168	16	value	value	NOUN
ijtc-1855	168	17	)	)	PUNCT
ijtc-1855	168	18	tobins	tobin	VERB
ijtc-1855	168	19	q	q	NOUN
ijtc-1855	168	20	q	q	NOUN
ijtc-1855	168	21	=	=	NOUN
ijtc-1855	168	22	mve	mve	NOUN
ijtc-1855	168	23	ta	ta	X
ijtc-1855	168	24	(	(	PUNCT
ijtc-1855	168	25	joni	joni	PROPN
ijtc-1855	168	26	et	et	PROPN
ijtc-1855	168	27	al	al	PROPN
ijtc-1855	168	28	.	.	PROPN
ijtc-1855	168	29	,	,	PUNCT
ijtc-1855	168	30	2020a	2020a	NUM
ijtc-1855	168	31	)	)	PUNCT
ijtc-1855	168	32	independent	independent	ADJ
ijtc-1855	168	33	variables	variable	NOUN
ijtc-1855	168	34	pcbod	pcbod	PROPN
ijtc-1855	168	35	pcbod2	pcbod2	NOUN
ijtc-1855	168	36	the	the	DET
ijtc-1855	168	37	proportion	proportion	NOUN
ijtc-1855	168	38	of	of	ADP
ijtc-1855	168	39	board	board	NOUN
ijtc-1855	168	40	members	member	NOUN
ijtc-1855	168	41	with	with	ADP
ijtc-1855	168	42	political	political	ADJ
ijtc-1855	168	43	connections	connection	NOUN
ijtc-1855	168	44	relative	relative	ADJ
ijtc-1855	168	45	to	to	ADP
ijtc-1855	168	46	the	the	DET
ijtc-1855	168	47	total	total	ADJ
ijtc-1855	168	48	number	number	NOUN
ijtc-1855	168	49	of	of	ADP
ijtc-1855	168	50	board	board	NOUN
ijtc-1855	168	51	members	member	NOUN
ijtc-1855	168	52	.	.	PUNCT
ijtc-1855	169	1	the	the	DET
ijtc-1855	169	2	proportion	proportion	NOUN
ijtc-1855	169	3	of	of	ADP
ijtc-1855	169	4	board	board	NOUN
ijtc-1855	169	5	members	member	NOUN
ijtc-1855	169	6	with	with	ADP
ijtc-1855	169	7	higher	high	ADJ
ijtc-1855	169	8	political	political	ADJ
ijtc-1855	169	9	connections	connection	NOUN
ijtc-1855	169	10	relative	relative	ADJ
ijtc-1855	169	11	to	to	ADP
ijtc-1855	169	12	the	the	DET
ijtc-1855	169	13	total	total	ADJ
ijtc-1855	169	14	number	number	NOUN
ijtc-1855	169	15	of	of	ADP
ijtc-1855	169	16	board	board	NOUN
ijtc-1855	169	17	members	member	NOUN
ijtc-1855	169	18	.	.	PUNCT
ijtc-1855	170	1	(	(	PUNCT
ijtc-1855	170	2	joni	joni	NOUN
ijtc-1855	170	3	et	et	PROPN
ijtc-1855	170	4	al	al	PROPN
ijtc-1855	170	5	.	.	PROPN
ijtc-1855	170	6	,	,	PUNCT
ijtc-1855	170	7	2020	2020	NUM
ijtc-1855	170	8	)	)	PUNCT
ijtc-1855	170	9	moderation	moderation	NOUN
ijtc-1855	170	10	variables	variable	NOUN
ijtc-1855	170	11	business	business	NOUN
ijtc-1855	170	12	group	group	NOUN
ijtc-1855	170	13	a	a	DET
ijtc-1855	170	14	dummy	dummy	ADJ
ijtc-1855	170	15	variable	variable	NOUN
ijtc-1855	170	16	coded	code	VERB
ijtc-1855	170	17	as	as	ADP
ijtc-1855	170	18	1	1	NUM
ijtc-1855	170	19	if	if	SCONJ
ijtc-1855	170	20	family	family	NOUN
ijtc-1855	170	21	ownership	ownership	NOUN
ijtc-1855	170	22	includes	include	VERB
ijtc-1855	170	23	a	a	DET
ijtc-1855	170	24	business	business	NOUN
ijtc-1855	170	25	group	group	NOUN
ijtc-1855	170	26	,	,	PUNCT
ijtc-1855	170	27	and	and	CCONJ
ijtc-1855	170	28	0	0	NUM
ijtc-1855	170	29	if	if	SCONJ
ijtc-1855	170	30	it	it	PRON
ijtc-1855	170	31	does	do	VERB
ijtc-1855	170	32	not	not	PART
ijtc-1855	170	33	(	(	PUNCT
ijtc-1855	170	34	joni	joni	NOUN
ijtc-1855	170	35	et	et	PROPN
ijtc-1855	170	36	al	al	PROPN
ijtc-1855	170	37	.	.	PROPN
ijtc-1855	170	38	,	,	PUNCT
ijtc-1855	170	39	2020a	2020a	NUM
ijtc-1855	170	40	)	)	PUNCT
ijtc-1855	170	41	control	control	NOUN
ijtc-1855	170	42	variables	variable	NOUN
ijtc-1855	170	43	firm	firm	ADJ
ijtc-1855	170	44	size	size	NOUN
ijtc-1855	170	45	𝐿𝑛(𝑇𝑜𝑡𝑎𝑙	𝐿𝑛(𝑇𝑜𝑡𝑎𝑙	PROPN
ijtc-1855	170	46	𝐴𝑠𝑠𝑒𝑡𝑠	𝐴𝑠𝑠𝑒𝑡𝑠	PROPN
ijtc-1855	170	47	)	)	PUNCT
ijtc-1855	170	48	(	(	PUNCT
ijtc-1855	170	49	joni	joni	NOUN
ijtc-1855	170	50	et	et	PROPN
ijtc-1855	170	51	al	al	PROPN
ijtc-1855	170	52	.	.	PROPN
ijtc-1855	170	53	,	,	PUNCT
ijtc-1855	170	54	2020b	2020b	NUM
ijtc-1855	170	55	)	)	PUNCT
ijtc-1855	170	56	leverage	leverage	NOUN
ijtc-1855	170	57	total	total	ADJ
ijtc-1855	170	58	debt	debt	NOUN
ijtc-1855	170	59	totas	tota	NOUN
ijtc-1855	170	60	aset	aset	VERB
ijtc-1855	170	61	(	(	PUNCT
ijtc-1855	170	62	joni	joni	PROPN
ijtc-1855	170	63	et	et	PROPN
ijtc-1855	170	64	al	al	PROPN
ijtc-1855	170	65	.	.	PROPN
ijtc-1855	170	66	,	,	PUNCT
ijtc-1855	170	67	2020b	2020b	NUM
ijtc-1855	170	68	)	)	PUNCT
ijtc-1855	170	69	firm	firm	ADJ
ijtc-1855	170	70	age	age	NOUN
ijtc-1855	170	71	reporting	reporting	NOUN
ijtc-1855	170	72	year	year	NOUN
ijtc-1855	170	73	–	–	PUNCT
ijtc-1855	170	74	company	company	NOUN
ijtc-1855	170	75	year	year	NOUN
ijtc-1855	170	76	(	(	PUNCT
ijtc-1855	170	77	joni	joni	PROPN
ijtc-1855	170	78	et	et	PROPN
ijtc-1855	170	79	al	al	PROPN
ijtc-1855	170	80	.	.	PROPN
ijtc-1855	170	81	,	,	PUNCT
ijtc-1855	170	82	2020b	2020b	NUM
ijtc-1855	170	83	)	)	PUNCT
ijtc-1855	170	84	loss	loss	VERB
ijtc-1855	170	85	a	a	DET
ijtc-1855	170	86	dummy	dummy	ADJ
ijtc-1855	170	87	variable	variable	NOUN
ijtc-1855	170	88	coded	code	VERB
ijtc-1855	170	89	as	as	ADP
ijtc-1855	170	90	1	1	NUM
ijtc-1855	170	91	if	if	SCONJ
ijtc-1855	170	92	the	the	DET
ijtc-1855	170	93	company	company	NOUN
ijtc-1855	170	94	reports	report	VERB
ijtc-1855	170	95	a	a	DET
ijtc-1855	170	96	loss	loss	NOUN
ijtc-1855	170	97	,	,	PUNCT
ijtc-1855	170	98	and	and	CCONJ
ijtc-1855	170	99	0	0	NUM
ijtc-1855	170	100	otherwise	otherwise	ADV
ijtc-1855	170	101	.	.	PUNCT
ijtc-1855	171	1	(	(	PUNCT
ijtc-1855	171	2	joni	joni	NOUN
ijtc-1855	171	3	et	et	PROPN
ijtc-1855	171	4	al	al	PROPN
ijtc-1855	171	5	.	.	PROPN
ijtc-1855	171	6	,	,	PUNCT
ijtc-1855	171	7	2020b	2020b	NUM
ijtc-1855	171	8	)	)	PUNCT
ijtc-1855	171	9	the	the	DET
ijtc-1855	171	10	equation	equation	NOUN
ijtc-1855	171	11	used	use	VERB
ijtc-1855	171	12	to	to	PART
ijtc-1855	171	13	test	test	VERB
ijtc-1855	171	14	hypotheses	hypothesis	NOUN
ijtc-1855	171	15	1	1	NUM
ijtc-1855	171	16	and	and	CCONJ
ijtc-1855	171	17	2	2	NUM
ijtc-1855	171	18	is	be	AUX
ijtc-1855	171	19	as	as	SCONJ
ijtc-1855	171	20	follows	follow	VERB
ijtc-1855	171	21	:	:	PUNCT
ijtc-1855	172	1	𝑻𝒐𝒃𝒊𝒏𝒔	𝑻𝒐𝒃𝒊𝒏𝒔	PROPN
ijtc-1855	172	2	𝑸	𝑸	PROPN
ijtc-1855	172	3	=	=	PROPN
ijtc-1855	172	4	𝜷𝟎	𝜷𝟎	PROPN
ijtc-1855	172	5	+	+	CCONJ
ijtc-1855	172	6	𝜷𝟏𝑷𝑪𝑩𝑶𝑫	𝜷𝟏𝑷𝑪𝑩𝑶𝑫	PROPN
ijtc-1855	173	1	+	+	CCONJ
ijtc-1855	173	2	𝜷𝟐𝑷𝑪𝑩𝑶𝑫𝟐	𝜷𝟐𝑷𝑪𝑩𝑶𝑫𝟐	ADV
ijtc-1855	173	3	+	+	NUM
ijtc-1855	173	4	𝜷𝟑𝑳𝑬𝑽	𝜷𝟑𝑳𝑬𝑽	NOUN
ijtc-1855	174	1	+	+	CCONJ
ijtc-1855	174	2	𝜷𝟒𝑭𝑺𝑰𝒁𝑬	𝜷𝟒𝑭𝑺𝑰𝒁𝑬	NOUN
ijtc-1855	174	3	+	+	X
ijtc-1855	174	4	𝜷𝟓𝑳𝑶𝑺𝑺	𝜷𝟓𝑳𝑶𝑺𝑺	NOUN
ijtc-1855	174	5	+	+	CCONJ
ijtc-1855	174	6	𝜷𝟔𝑭𝑨𝑮𝑬	𝜷𝟔𝑭𝑨𝑮𝑬	NOUN
ijtc-1855	175	1	+	+	CCONJ
ijtc-1855	175	2	𝜺𝒊𝒕	𝜺𝒊𝒕	NOUN
ijtc-1855	175	3	(	(	PUNCT
ijtc-1855	175	4	1	1	X
ijtc-1855	175	5	)	)	PUNCT
ijtc-1855	175	6	𝑻𝒐𝒃𝒊𝒏𝒔	𝑻𝒐𝒃𝒊𝒏𝒔	PROPN
ijtc-1855	175	7	𝑸	𝑸	NOUN
ijtc-1855	175	8	=	=	PROPN
ijtc-1855	175	9	𝜷𝟎	𝜷𝟎	PROPN
ijtc-1855	175	10	+	+	CCONJ
ijtc-1855	175	11	𝜷𝟏𝑷𝑪𝑩𝑶𝑫	𝜷𝟏𝑷𝑪𝑩𝑶𝑫	PROPN
ijtc-1855	176	1	+	+	CCONJ
ijtc-1855	176	2	𝜷𝟐𝑷𝑪𝑩𝑶𝑫𝟐	𝜷𝟐𝑷𝑪𝑩𝑶𝑫𝟐	ADJ
ijtc-1855	176	3	+	+	CCONJ
ijtc-1855	176	4	𝜷𝟑𝑩𝑮	𝜷𝟑𝑩𝑮	NOUN
ijtc-1855	176	5	+	+	CCONJ
ijtc-1855	176	6	𝜷𝟒𝑷𝑪𝑩𝑶𝑫	𝜷𝟒𝑷𝑪𝑩𝑶𝑫	NOUN
ijtc-1855	176	7	∗	∗	NOUN
ijtc-1855	176	8	𝑩𝑮	𝑩𝑮	PROPN
ijtc-1855	176	9	+	+	CCONJ
ijtc-1855	176	10	𝜷𝟓𝑷𝑪𝑩𝑶𝑫𝟐	𝜷𝟓𝑷𝑪𝑩𝑶𝑫𝟐	ADJ
ijtc-1855	176	11	∗	∗	NOUN
ijtc-1855	176	12	𝑩𝑮	𝑩𝑮	NOUN
ijtc-1855	176	13	+	+	CCONJ
ijtc-1855	176	14	𝜷𝟓𝑳𝑬𝑽	𝜷𝟓𝑳𝑬𝑽	PRON
ijtc-1855	176	15	+	+	CCONJ
ijtc-1855	176	16	𝜷𝟔𝑭𝑺𝑰𝒁𝑬	𝜷𝟔𝑭𝑺𝑰𝒁𝑬	PROPN
ijtc-1855	177	1	+	+	CCONJ
ijtc-1855	177	2	𝜷𝟕𝑳𝑶𝑺𝑺	𝜷𝟕𝑳𝑶𝑺𝑺	NUM
ijtc-1855	177	3	+	+	CCONJ
ijtc-1855	177	4	𝜷𝟖𝑭𝑨𝑮𝑬	𝜷𝟖𝑭𝑨𝑮𝑬	VERB
ijtc-1855	178	1	+	+	CCONJ
ijtc-1855	178	2	𝜺𝒊𝒕	𝜺𝒊𝒕	NOUN
ijtc-1855	178	3	(	(	PUNCT
ijtc-1855	178	4	2	2	NUM
ijtc-1855	178	5	)	)	PUNCT
ijtc-1855	178	6	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	178	7	the	the	DET
ijtc-1855	178	8	influence	influence	NOUN
ijtc-1855	178	9	of	of	ADP
ijtc-1855	178	10	politically	politically	ADV
ijtc-1855	178	11	connected	connect	VERB
ijtc-1855	178	12	board	board	NOUN
ijtc-1855	178	13	of	of	ADP
ijtc-1855	178	14	directors	director	NOUN
ijtc-1855	178	15	on	on	ADP
ijtc-1855	178	16	firm	firm	ADJ
ijtc-1855	178	17	value	value	NOUN
ijtc-1855	178	18	with	with	ADP
ijtc-1855	178	19	business	business	NOUN
ijtc-1855	178	20	groups	group	NOUN
ijtc-1855	178	21	as	as	ADP
ijtc-1855	178	22	a	a	DET
ijtc-1855	178	23	moderating	moderate	VERB
ijtc-1855	178	24	variable	variable	NOUN
ijtc-1855	178	25	muhammad	muhammad	PROPN
ijtc-1855	178	26	fasha	fasha	PROPN
ijtc-1855	178	27	radya1	radya1	PROPN
ijtc-1855	178	28	.	.	PROPN
ijtc-1855	178	29	,	,	PUNCT
ijtc-1855	178	30	eddy	eddy	PROPN
ijtc-1855	178	31	suranta2	suranta2	PROPN
ijtc-1855	178	32	155|ilomata	155|ilomata	PROPN
ijtc-1855	178	33	international	international	PROPN
ijtc-1855	178	34	journal	journal	NOUN
ijtc-1855	178	35	of	of	ADP
ijtc-1855	178	36	social	social	ADJ
ijtc-1855	178	37	science	science	NOUN
ijtc-1855	178	38	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	178	39	this	this	DET
ijtc-1855	178	40	research	research	NOUN
ijtc-1855	178	41	employs	employ	VERB
ijtc-1855	178	42	multiple	multiple	ADJ
ijtc-1855	178	43	linear	linear	ADJ
ijtc-1855	178	44	regression	regression	NOUN
ijtc-1855	178	45	to	to	PART
ijtc-1855	178	46	examine	examine	VERB
ijtc-1855	178	47	two	two	NUM
ijtc-1855	178	48	hypotheses	hypothesis	NOUN
ijtc-1855	178	49	:	:	PUNCT
ijtc-1855	178	50	first	first	ADV
ijtc-1855	178	51	,	,	PUNCT
ijtc-1855	178	52	the	the	DET
ijtc-1855	178	53	impact	impact	NOUN
ijtc-1855	178	54	of	of	ADP
ijtc-1855	178	55	political	political	ADJ
ijtc-1855	178	56	connections	connection	NOUN
ijtc-1855	178	57	on	on	ADP
ijtc-1855	178	58	firm	firm	ADJ
ijtc-1855	178	59	value	value	NOUN
ijtc-1855	178	60	;	;	PUNCT
ijtc-1855	178	61	and	and	CCONJ
ijtc-1855	178	62	second	second	ADV
ijtc-1855	178	63	,	,	PUNCT
ijtc-1855	178	64	the	the	DET
ijtc-1855	178	65	moderating	moderate	VERB
ijtc-1855	178	66	effect	effect	NOUN
ijtc-1855	178	67	of	of	ADP
ijtc-1855	178	68	business	business	NOUN
ijtc-1855	178	69	groups	group	NOUN
ijtc-1855	178	70	on	on	ADP
ijtc-1855	178	71	this	this	DET
ijtc-1855	178	72	relationship	relationship	NOUN
ijtc-1855	178	73	.	.	PUNCT
ijtc-1855	179	1	tobin	tobin	PROPN
ijtc-1855	179	2	's	's	PART
ijtc-1855	179	3	q	q	NOUN
ijtc-1855	179	4	,	,	PUNCT
ijtc-1855	179	5	which	which	PRON
ijtc-1855	179	6	reflects	reflect	VERB
ijtc-1855	179	7	growth	growth	NOUN
ijtc-1855	179	8	expectations	expectation	NOUN
ijtc-1855	179	9	by	by	ADP
ijtc-1855	179	10	comparing	compare	VERB
ijtc-1855	179	11	market	market	NOUN
ijtc-1855	179	12	and	and	CCONJ
ijtc-1855	179	13	book	book	NOUN
ijtc-1855	179	14	values	value	NOUN
ijtc-1855	179	15	,	,	PUNCT
ijtc-1855	179	16	is	be	AUX
ijtc-1855	179	17	used	use	VERB
ijtc-1855	179	18	to	to	PART
ijtc-1855	179	19	measure	measure	VERB
ijtc-1855	179	20	firm	firm	ADJ
ijtc-1855	179	21	value	value	NOUN
ijtc-1855	179	22	.	.	PUNCT
ijtc-1855	180	1	the	the	DET
ijtc-1855	180	2	first	first	ADJ
ijtc-1855	180	3	model	model	NOUN
ijtc-1855	180	4	(	(	PUNCT
ijtc-1855	180	5	1	1	X
ijtc-1855	180	6	)	)	PUNCT
ijtc-1855	180	7	looks	look	VERB
ijtc-1855	180	8	at	at	ADP
ijtc-1855	180	9	the	the	DET
ijtc-1855	180	10	direct	direct	ADJ
ijtc-1855	180	11	impact	impact	NOUN
ijtc-1855	180	12	of	of	ADP
ijtc-1855	180	13	political	political	ADJ
ijtc-1855	180	14	connections	connection	NOUN
ijtc-1855	180	15	on	on	ADP
ijtc-1855	180	16	the	the	DET
ijtc-1855	180	17	board	board	NOUN
ijtc-1855	180	18	(	(	PUNCT
ijtc-1855	180	19	pcbod	pcbod	PROPN
ijtc-1855	180	20	)	)	PUNCT
ijtc-1855	180	21	,	,	PUNCT
ijtc-1855	180	22	the	the	DET
ijtc-1855	180	23	squared	squared	ADJ
ijtc-1855	180	24	term	term	NOUN
ijtc-1855	180	25	of	of	ADP
ijtc-1855	180	26	political	political	ADJ
ijtc-1855	180	27	connections	connection	NOUN
ijtc-1855	180	28	(	(	PUNCT
ijtc-1855	180	29	pcbod²	pcbod²	NOUN
ijtc-1855	180	30	)	)	PUNCT
ijtc-1855	180	31	to	to	PART
ijtc-1855	180	32	capture	capture	VERB
ijtc-1855	180	33	any	any	DET
ijtc-1855	180	34	non	non	ADJ
ijtc-1855	180	35	-	-	ADJ
ijtc-1855	180	36	linear	linear	ADJ
ijtc-1855	180	37	effects	effect	NOUN
ijtc-1855	180	38	,	,	PUNCT
ijtc-1855	180	39	leverage	leverage	NOUN
ijtc-1855	180	40	(	(	PUNCT
ijtc-1855	180	41	lev	lev	NOUN
ijtc-1855	180	42	)	)	PUNCT
ijtc-1855	180	43	,	,	PUNCT
ijtc-1855	180	44	firm	firm	ADJ
ijtc-1855	180	45	size	size	NOUN
ijtc-1855	180	46	(	(	PUNCT
ijtc-1855	180	47	fsize	fsize	NOUN
ijtc-1855	180	48	)	)	PUNCT
ijtc-1855	180	49	,	,	PUNCT
ijtc-1855	180	50	loss	loss	NOUN
ijtc-1855	180	51	(	(	PUNCT
ijtc-1855	180	52	loss	loss	NOUN
ijtc-1855	180	53	)	)	PUNCT
ijtc-1855	180	54	,	,	PUNCT
ijtc-1855	180	55	and	and	CCONJ
ijtc-1855	180	56	firm	firm	ADJ
ijtc-1855	180	57	age	age	NOUN
ijtc-1855	180	58	(	(	PUNCT
ijtc-1855	180	59	fage	fage	NOUN
ijtc-1855	180	60	)	)	PUNCT
ijtc-1855	180	61	on	on	ADP
ijtc-1855	180	62	firm	firm	ADJ
ijtc-1855	180	63	value	value	NOUN
ijtc-1855	180	64	.	.	PUNCT
ijtc-1855	181	1	this	this	DET
ijtc-1855	181	2	model	model	NOUN
ijtc-1855	181	3	not	not	PART
ijtc-1855	181	4	only	only	ADV
ijtc-1855	181	5	assesses	assess	VERB
ijtc-1855	181	6	the	the	DET
ijtc-1855	181	7	influence	influence	NOUN
ijtc-1855	181	8	of	of	ADP
ijtc-1855	181	9	political	political	ADJ
ijtc-1855	181	10	connections	connection	NOUN
ijtc-1855	181	11	but	but	CCONJ
ijtc-1855	181	12	also	also	ADV
ijtc-1855	181	13	controls	control	VERB
ijtc-1855	181	14	for	for	ADP
ijtc-1855	181	15	internal	internal	ADJ
ijtc-1855	181	16	firm	firm	ADJ
ijtc-1855	181	17	factors	factor	NOUN
ijtc-1855	181	18	that	that	PRON
ijtc-1855	181	19	may	may	AUX
ijtc-1855	181	20	affect	affect	VERB
ijtc-1855	181	21	market	market	NOUN
ijtc-1855	181	22	perception	perception	NOUN
ijtc-1855	181	23	.	.	PUNCT
ijtc-1855	182	1	the	the	DET
ijtc-1855	182	2	goal	goal	NOUN
ijtc-1855	182	3	is	be	AUX
ijtc-1855	182	4	to	to	PART
ijtc-1855	182	5	clarify	clarify	VERB
ijtc-1855	182	6	the	the	DET
ijtc-1855	182	7	extent	extent	NOUN
ijtc-1855	182	8	to	to	PART
ijtc-1855	182	9	which	which	PRON
ijtc-1855	182	10	political	political	ADJ
ijtc-1855	182	11	connections	connection	NOUN
ijtc-1855	182	12	contribute	contribute	VERB
ijtc-1855	182	13	positively	positively	ADV
ijtc-1855	182	14	or	or	CCONJ
ijtc-1855	182	15	negatively	negatively	ADV
ijtc-1855	182	16	to	to	ADP
ijtc-1855	182	17	firm	firm	ADJ
ijtc-1855	182	18	value	value	NOUN
ijtc-1855	182	19	.	.	PUNCT
ijtc-1855	183	1	the	the	DET
ijtc-1855	183	2	second	second	ADJ
ijtc-1855	183	3	regression	regression	NOUN
ijtc-1855	183	4	model	model	NOUN
ijtc-1855	183	5	(	(	PUNCT
ijtc-1855	183	6	2	2	X
ijtc-1855	183	7	)	)	PUNCT
ijtc-1855	183	8	extends	extend	VERB
ijtc-1855	183	9	model	model	NOUN
ijtc-1855	183	10	1	1	NUM
ijtc-1855	183	11	by	by	ADP
ijtc-1855	183	12	incorporating	incorporate	VERB
ijtc-1855	183	13	an	an	DET
ijtc-1855	183	14	interaction	interaction	NOUN
ijtc-1855	183	15	term	term	NOUN
ijtc-1855	183	16	between	between	ADP
ijtc-1855	183	17	political	political	ADJ
ijtc-1855	183	18	connections	connection	NOUN
ijtc-1855	183	19	(	(	PUNCT
ijtc-1855	183	20	pcbod	pcbod	NOUN
ijtc-1855	183	21	)	)	PUNCT
ijtc-1855	183	22	and	and	CCONJ
ijtc-1855	183	23	business	business	NOUN
ijtc-1855	183	24	group	group	NOUN
ijtc-1855	183	25	affiliation	affiliation	NOUN
ijtc-1855	183	26	(	(	PUNCT
ijtc-1855	183	27	bg	bg	PROPN
ijtc-1855	183	28	)	)	PUNCT
ijtc-1855	183	29	,	,	PUNCT
ijtc-1855	183	30	a	a	DET
ijtc-1855	183	31	dummy	dummy	ADJ
ijtc-1855	183	32	variable	variable	NOUN
ijtc-1855	183	33	coded	code	VERB
ijtc-1855	183	34	as	as	ADP
ijtc-1855	183	35	1	1	NUM
ijtc-1855	183	36	if	if	SCONJ
ijtc-1855	183	37	the	the	DET
ijtc-1855	183	38	firm	firm	NOUN
ijtc-1855	183	39	belongs	belong	VERB
ijtc-1855	183	40	to	to	ADP
ijtc-1855	183	41	a	a	DET
ijtc-1855	183	42	family	family	NOUN
ijtc-1855	183	43	business	business	NOUN
ijtc-1855	183	44	group	group	NOUN
ijtc-1855	183	45	and	and	CCONJ
ijtc-1855	183	46	0	0	NUM
ijtc-1855	183	47	otherwise	otherwise	ADV
ijtc-1855	183	48	.	.	PUNCT
ijtc-1855	184	1	this	this	DET
ijtc-1855	184	2	study	study	NOUN
ijtc-1855	184	3	examines	examine	VERB
ijtc-1855	184	4	how	how	SCONJ
ijtc-1855	184	5	political	political	ADJ
ijtc-1855	184	6	connections	connection	NOUN
ijtc-1855	184	7	affect	affect	VERB
ijtc-1855	184	8	firm	firm	ADJ
ijtc-1855	184	9	value	value	NOUN
ijtc-1855	184	10	in	in	ADP
ijtc-1855	184	11	family	family	NOUN
ijtc-1855	184	12	versus	versus	ADP
ijtc-1855	184	13	non	non	ADJ
ijtc-1855	184	14	-	-	ADJ
ijtc-1855	184	15	family	family	ADJ
ijtc-1855	184	16	firms	firm	NOUN
ijtc-1855	184	17	.	.	PUNCT
ijtc-1855	185	1	the	the	DET
ijtc-1855	185	2	coefficient	coefficient	NOUN
ijtc-1855	185	3	of	of	ADP
ijtc-1855	185	4	the	the	DET
ijtc-1855	185	5	interaction	interaction	NOUN
ijtc-1855	185	6	term	term	NOUN
ijtc-1855	185	7	(	(	PUNCT
ijtc-1855	185	8	β4	β4	PROPN
ijtc-1855	185	9	)	)	PUNCT
ijtc-1855	185	10	indicates	indicate	VERB
ijtc-1855	185	11	whether	whether	SCONJ
ijtc-1855	185	12	business	business	NOUN
ijtc-1855	185	13	groups	group	NOUN
ijtc-1855	185	14	strengthen	strengthen	VERB
ijtc-1855	185	15	or	or	CCONJ
ijtc-1855	185	16	weaken	weaken	VERB
ijtc-1855	185	17	the	the	DET
ijtc-1855	185	18	impact	impact	NOUN
ijtc-1855	185	19	of	of	ADP
ijtc-1855	185	20	political	political	ADJ
ijtc-1855	185	21	connections	connection	NOUN
ijtc-1855	185	22	.	.	PUNCT
ijtc-1855	186	1	a	a	DET
ijtc-1855	186	2	negative	negative	ADJ
ijtc-1855	186	3	β4	β4	PROPN
ijtc-1855	186	4	suggests	suggest	VERB
ijtc-1855	186	5	that	that	SCONJ
ijtc-1855	186	6	political	political	ADJ
ijtc-1855	186	7	connections	connection	NOUN
ijtc-1855	186	8	are	be	AUX
ijtc-1855	186	9	less	less	ADV
ijtc-1855	186	10	effective	effective	ADJ
ijtc-1855	186	11	in	in	ADP
ijtc-1855	186	12	family	family	NOUN
ijtc-1855	186	13	firms	firm	NOUN
ijtc-1855	186	14	,	,	PUNCT
ijtc-1855	186	15	while	while	SCONJ
ijtc-1855	186	16	a	a	DET
ijtc-1855	186	17	positive	positive	ADJ
ijtc-1855	186	18	β4	β4	PROPN
ijtc-1855	186	19	implies	imply	VERB
ijtc-1855	186	20	that	that	SCONJ
ijtc-1855	186	21	family	family	NOUN
ijtc-1855	186	22	firms	firm	NOUN
ijtc-1855	186	23	leverage	leverage	VERB
ijtc-1855	186	24	political	political	ADJ
ijtc-1855	186	25	ties	tie	NOUN
ijtc-1855	186	26	more	more	ADV
ijtc-1855	186	27	advantageously	advantageously	ADV
ijtc-1855	186	28	.	.	PUNCT
ijtc-1855	187	1	the	the	DET
ijtc-1855	187	2	data	data	NOUN
ijtc-1855	187	3	analysis	analysis	NOUN
ijtc-1855	187	4	is	be	AUX
ijtc-1855	187	5	performed	perform	VERB
ijtc-1855	187	6	using	use	VERB
ijtc-1855	187	7	a	a	DET
ijtc-1855	187	8	linear	linear	ADJ
ijtc-1855	187	9	regression	regression	NOUN
ijtc-1855	187	10	model	model	NOUN
ijtc-1855	187	11	with	with	ADP
ijtc-1855	187	12	spss	spss	PROPN
ijtc-1855	187	13	software	software	NOUN
ijtc-1855	187	14	.	.	PUNCT
ijtc-1855	188	1	to	to	PART
ijtc-1855	188	2	ensure	ensure	VERB
ijtc-1855	188	3	the	the	DET
ijtc-1855	188	4	reliability	reliability	NOUN
ijtc-1855	188	5	and	and	CCONJ
ijtc-1855	188	6	validity	validity	NOUN
ijtc-1855	188	7	of	of	ADP
ijtc-1855	188	8	the	the	DET
ijtc-1855	188	9	regression	regression	NOUN
ijtc-1855	188	10	models	model	NOUN
ijtc-1855	188	11	,	,	PUNCT
ijtc-1855	188	12	several	several	ADJ
ijtc-1855	188	13	classical	classical	ADJ
ijtc-1855	188	14	assumption	assumption	NOUN
ijtc-1855	188	15	tests	test	NOUN
ijtc-1855	188	16	were	be	AUX
ijtc-1855	188	17	conducted	conduct	VERB
ijtc-1855	188	18	.	.	PUNCT
ijtc-1855	189	1	the	the	DET
ijtc-1855	189	2	normality	normality	NOUN
ijtc-1855	189	3	of	of	ADP
ijtc-1855	189	4	residuals	residual	NOUN
ijtc-1855	189	5	was	be	AUX
ijtc-1855	189	6	examined	examine	VERB
ijtc-1855	189	7	using	use	VERB
ijtc-1855	189	8	the	the	DET
ijtc-1855	189	9	kolmogorov	kolmogorov	ADJ
ijtc-1855	189	10	–	–	PUNCT
ijtc-1855	189	11	smirnov	smirnov	ADJ
ijtc-1855	189	12	test	test	NOUN
ijtc-1855	189	13	.	.	PUNCT
ijtc-1855	190	1	multicollinearity	multicollinearity	NOUN
ijtc-1855	190	2	was	be	AUX
ijtc-1855	190	3	assessed	assess	VERB
ijtc-1855	190	4	by	by	ADP
ijtc-1855	190	5	checking	check	VERB
ijtc-1855	190	6	the	the	DET
ijtc-1855	190	7	variance	variance	NOUN
ijtc-1855	190	8	inflation	inflation	NOUN
ijtc-1855	190	9	factor	factor	NOUN
ijtc-1855	190	10	(	(	PUNCT
ijtc-1855	190	11	vif	vif	PROPN
ijtc-1855	190	12	)	)	PUNCT
ijtc-1855	190	13	,	,	PUNCT
ijtc-1855	190	14	with	with	ADP
ijtc-1855	190	15	all	all	DET
ijtc-1855	190	16	vif	vif	NOUN
ijtc-1855	190	17	values	value	NOUN
ijtc-1855	190	18	below	below	ADP
ijtc-1855	190	19	10	10	NUM
ijtc-1855	190	20	,	,	PUNCT
ijtc-1855	190	21	indicating	indicate	VERB
ijtc-1855	190	22	no	no	DET
ijtc-1855	190	23	multicollinearity	multicollinearity	NOUN
ijtc-1855	190	24	issues	issue	NOUN
ijtc-1855	190	25	.	.	PUNCT
ijtc-1855	191	1	heteroscedasticity	heteroscedasticity	NOUN
ijtc-1855	191	2	was	be	AUX
ijtc-1855	191	3	tested	test	VERB
ijtc-1855	191	4	using	use	VERB
ijtc-1855	191	5	the	the	DET
ijtc-1855	191	6	park	park	NOUN
ijtc-1855	191	7	test	test	NOUN
ijtc-1855	191	8	,	,	PUNCT
ijtc-1855	191	9	and	and	CCONJ
ijtc-1855	191	10	the	the	DET
ijtc-1855	191	11	results	result	NOUN
ijtc-1855	191	12	showed	show	VERB
ijtc-1855	191	13	that	that	SCONJ
ijtc-1855	191	14	the	the	DET
ijtc-1855	191	15	residuals	residual	NOUN
ijtc-1855	191	16	were	be	AUX
ijtc-1855	191	17	homoscedastic	homoscedastic	ADJ
ijtc-1855	191	18	.	.	PUNCT
ijtc-1855	192	1	these	these	DET
ijtc-1855	192	2	diagnostic	diagnostic	ADJ
ijtc-1855	192	3	tests	test	NOUN
ijtc-1855	192	4	confirm	confirm	VERB
ijtc-1855	192	5	that	that	SCONJ
ijtc-1855	192	6	the	the	DET
ijtc-1855	192	7	regression	regression	NOUN
ijtc-1855	192	8	models	model	NOUN
ijtc-1855	192	9	meet	meet	VERB
ijtc-1855	192	10	the	the	DET
ijtc-1855	192	11	classical	classical	ADJ
ijtc-1855	192	12	assumptions	assumption	NOUN
ijtc-1855	192	13	required	require	VERB
ijtc-1855	192	14	for	for	ADP
ijtc-1855	192	15	valid	valid	ADJ
ijtc-1855	192	16	inference	inference	NOUN
ijtc-1855	192	17	.	.	PUNCT
ijtc-1855	193	1	result	result	NOUN
ijtc-1855	193	2	and	and	CCONJ
ijtc-1855	193	3	discussion	discussion	NOUN
ijtc-1855	193	4	classical	classical	ADJ
ijtc-1855	193	5	assumption	assumption	NOUN
ijtc-1855	193	6	testing	testing	NOUN
ijtc-1855	193	7	before	before	ADP
ijtc-1855	193	8	performing	perform	VERB
ijtc-1855	193	9	regression	regression	NOUN
ijtc-1855	193	10	analysis	analysis	NOUN
ijtc-1855	193	11	,	,	PUNCT
ijtc-1855	193	12	diagnostic	diagnostic	ADJ
ijtc-1855	193	13	tests	test	NOUN
ijtc-1855	193	14	were	be	AUX
ijtc-1855	193	15	conducted	conduct	VERB
ijtc-1855	193	16	to	to	PART
ijtc-1855	193	17	ensure	ensure	VERB
ijtc-1855	193	18	the	the	DET
ijtc-1855	193	19	model	model	NOUN
ijtc-1855	193	20	met	meet	VERB
ijtc-1855	193	21	classical	classical	ADJ
ijtc-1855	193	22	linear	linear	NOUN
ijtc-1855	193	23	regression	regression	NOUN
ijtc-1855	193	24	assumptions	assumption	NOUN
ijtc-1855	193	25	.	.	PUNCT
ijtc-1855	194	1	multicollinearity	multicollinearity	NOUN
ijtc-1855	194	2	test	test	NOUN
ijtc-1855	194	3	table	table	NOUN
ijtc-1855	194	4	2	2	NUM
ijtc-1855	194	5	.	.	PUNCT
ijtc-1855	194	6	multicollinearity	multicollinearity	NOUN
ijtc-1855	194	7	test	test	NOUN
ijtc-1855	194	8	model	model	NOUN
ijtc-1855	194	9	unstandardized	unstandardized	ADJ
ijtc-1855	194	10	coefficients	coefficient	NOUN
ijtc-1855	194	11	standardized	standardize	VERB
ijtc-1855	194	12	coefficients	coefficient	NOUN
ijtc-1855	194	13	t	t	PROPN
ijtc-1855	194	14	sig	sig	PROPN
ijtc-1855	194	15	.	.	PUNCT
ijtc-1855	195	1	collinearity	collinearity	PROPN
ijtc-1855	195	2	statistics	statistic	NOUN
ijtc-1855	195	3	b	b	NOUN
ijtc-1855	195	4	std	std	PROPN
ijtc-1855	195	5	.	.	NOUN
ijtc-1855	195	6	error	error	NOUN
ijtc-1855	195	7	beta	beta	NOUN
ijtc-1855	195	8	tolerance	tolerance	NOUN
ijtc-1855	195	9	vif	vif	NOUN
ijtc-1855	195	10	pcbod	pcbod	NOUN
ijtc-1855	195	11	-1.894	-1.894	PUNCT
ijtc-1855	195	12	1.465	1.465	NUM
ijtc-1855	195	13	-0.164	-0.164	NOUN
ijtc-1855	195	14	-1.293	-1.293	NOUN
ijtc-1855	195	15	0.197	0.197	NUM
ijtc-1855	195	16	0.139	0.139	NUM
ijtc-1855	195	17	7.191	7.191	NUM
ijtc-1855	195	18	pcbod2	pcbod2	NOUN
ijtc-1855	195	19	1.412	1.412	NUM
ijtc-1855	195	20	1.952	1.952	NUM
ijtc-1855	195	21	0.090	0.090	NUM
ijtc-1855	195	22	0.723	0.723	NUM
ijtc-1855	195	23	0.470	0.470	NUM
ijtc-1855	195	24	0.145	0.145	NUM
ijtc-1855	195	25	6.890	6.890	NUM
ijtc-1855	195	26	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	195	27	the	the	DET
ijtc-1855	195	28	influence	influence	NOUN
ijtc-1855	195	29	of	of	ADP
ijtc-1855	195	30	politically	politically	ADV
ijtc-1855	195	31	connected	connect	VERB
ijtc-1855	195	32	board	board	NOUN
ijtc-1855	195	33	of	of	ADP
ijtc-1855	195	34	directors	director	NOUN
ijtc-1855	195	35	on	on	ADP
ijtc-1855	195	36	firm	firm	ADJ
ijtc-1855	195	37	value	value	NOUN
ijtc-1855	195	38	with	with	ADP
ijtc-1855	195	39	business	business	NOUN
ijtc-1855	195	40	groups	group	NOUN
ijtc-1855	195	41	as	as	ADP
ijtc-1855	195	42	a	a	DET
ijtc-1855	195	43	moderating	moderate	VERB
ijtc-1855	195	44	variable	variable	NOUN
ijtc-1855	195	45	muhammad	muhammad	PROPN
ijtc-1855	195	46	fasha	fasha	PROPN
ijtc-1855	195	47	radya1	radya1	PROPN
ijtc-1855	195	48	.	.	PROPN
ijtc-1855	195	49	,	,	PUNCT
ijtc-1855	195	50	eddy	eddy	PROPN
ijtc-1855	195	51	suranta2	suranta2	PROPN
ijtc-1855	195	52	156|ilomata	156|ilomata	PROPN
ijtc-1855	195	53	international	international	PROPN
ijtc-1855	195	54	journal	journal	NOUN
ijtc-1855	195	55	of	of	ADP
ijtc-1855	195	56	social	social	ADJ
ijtc-1855	195	57	science	science	NOUN
ijtc-1855	195	58	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	195	59	bg	bg	PROPN
ijtc-1855	195	60	-0.256	-0.256	PROPN
ijtc-1855	195	61	0.270	0.270	NUM
ijtc-1855	195	62	-0.046	-0.046	NOUN
ijtc-1855	195	63	-0.948	-0.948	NOUN
ijtc-1855	195	64	0.344	0.344	NUM
ijtc-1855	195	65	0.964	0.964	NUM
ijtc-1855	195	66	1.038	1.038	NUM
ijtc-1855	195	67	the	the	DET
ijtc-1855	195	68	results	result	NOUN
ijtc-1855	195	69	of	of	ADP
ijtc-1855	195	70	the	the	DET
ijtc-1855	195	71	multicollinearity	multicollinearity	NOUN
ijtc-1855	195	72	test	test	NOUN
ijtc-1855	195	73	indicate	indicate	VERB
ijtc-1855	195	74	that	that	SCONJ
ijtc-1855	195	75	all	all	DET
ijtc-1855	195	76	independent	independent	ADJ
ijtc-1855	195	77	variables	variable	NOUN
ijtc-1855	195	78	exhibit	exhibit	VERB
ijtc-1855	195	79	variance	variance	NOUN
ijtc-1855	195	80	inflation	inflation	NOUN
ijtc-1855	195	81	factor	factor	NOUN
ijtc-1855	195	82	(	(	PUNCT
ijtc-1855	195	83	vif	vif	NOUN
ijtc-1855	195	84	)	)	PUNCT
ijtc-1855	195	85	values	value	NOUN
ijtc-1855	195	86	below	below	ADP
ijtc-1855	195	87	10.00	10.00	NUM
ijtc-1855	195	88	and	and	CCONJ
ijtc-1855	195	89	tolerance	tolerance	NOUN
ijtc-1855	195	90	values	value	NOUN
ijtc-1855	195	91	above	above	ADP
ijtc-1855	195	92	0.100	0.100	NUM
ijtc-1855	195	93	.	.	PUNCT
ijtc-1855	196	1	these	these	DET
ijtc-1855	196	2	findings	finding	NOUN
ijtc-1855	196	3	confirm	confirm	VERB
ijtc-1855	196	4	that	that	SCONJ
ijtc-1855	196	5	the	the	DET
ijtc-1855	196	6	model	model	NOUN
ijtc-1855	196	7	meets	meet	VERB
ijtc-1855	196	8	the	the	DET
ijtc-1855	196	9	assumption	assumption	NOUN
ijtc-1855	196	10	of	of	ADP
ijtc-1855	196	11	no	no	DET
ijtc-1855	196	12	multicollinearity	multicollinearity	NOUN
ijtc-1855	196	13	,	,	PUNCT
ijtc-1855	196	14	indicating	indicate	VERB
ijtc-1855	196	15	that	that	SCONJ
ijtc-1855	196	16	multicollinearity	multicollinearity	NOUN
ijtc-1855	196	17	is	be	AUX
ijtc-1855	196	18	not	not	PART
ijtc-1855	196	19	a	a	DET
ijtc-1855	196	20	significant	significant	ADJ
ijtc-1855	196	21	issue	issue	NOUN
ijtc-1855	196	22	in	in	ADP
ijtc-1855	196	23	this	this	DET
ijtc-1855	196	24	analysis	analysis	NOUN
ijtc-1855	196	25	.	.	PUNCT
ijtc-1855	197	1	heteroscedasticity	heteroscedasticity	NOUN
ijtc-1855	197	2	test	test	NOUN
ijtc-1855	197	3	table	table	NOUN
ijtc-1855	197	4	3	3	PROPN
ijtc-1855	197	5	.	.	PUNCT
ijtc-1855	198	1	heteroscedasticity	heteroscedasticity	NOUN
ijtc-1855	198	2	test	test	NOUN
ijtc-1855	198	3	model	model	PROPN
ijtc-1855	198	4	unstandardized	unstandardized	ADJ
ijtc-1855	198	5	coefficients	coefficient	NOUN
ijtc-1855	198	6	standardized	standardize	VERB
ijtc-1855	198	7	coefficients	coefficient	NOUN
ijtc-1855	198	8	t	t	PROPN
ijtc-1855	198	9	sig	sig	PROPN
ijtc-1855	198	10	.	.	PUNCT
ijtc-1855	199	1	b	b	X
ijtc-1855	199	2	std	std	PROPN
ijtc-1855	199	3	.	.	NOUN
ijtc-1855	199	4	error	error	NOUN
ijtc-1855	199	5	beta	beta	NOUN
ijtc-1855	199	6	pcbod	pcbod	NOUN
ijtc-1855	199	7	-1.894	-1.894	PUNCT
ijtc-1855	199	8	1.465	1.465	NUM
ijtc-1855	199	9	-.164	-.164	NOUN
ijtc-1855	199	10	-1.293	-1.293	NOUN
ijtc-1855	199	11	0.197	0.197	NUM
ijtc-1855	199	12	pcbod2	pcbod2	NOUN
ijtc-1855	200	1	1.412	1.412	NUM
ijtc-1855	200	2	1.952	1.952	NUM
ijtc-1855	200	3	0.090	0.090	NUM
ijtc-1855	200	4	0.723	0.723	NUM
ijtc-1855	200	5	0.470	0.470	NUM
ijtc-1855	200	6	bg	bg	NOUN
ijtc-1855	200	7	-0.256	-0.256	PROPN
ijtc-1855	200	8	0.270	0.270	NUM
ijtc-1855	200	9	-0.046	-0.046	NOUN
ijtc-1855	200	10	-0.948	-0.948	NOUN
ijtc-1855	200	11	0.344	0.344	NUM
ijtc-1855	200	12	the	the	DET
ijtc-1855	200	13	park	park	NOUN
ijtc-1855	200	14	test	test	NOUN
ijtc-1855	200	15	is	be	AUX
ijtc-1855	200	16	used	use	VERB
ijtc-1855	200	17	to	to	PART
ijtc-1855	200	18	detect	detect	VERB
ijtc-1855	200	19	heteroskedasticity	heteroskedasticity	NOUN
ijtc-1855	200	20	,	,	PUNCT
ijtc-1855	200	21	and	and	CCONJ
ijtc-1855	200	22	the	the	DET
ijtc-1855	200	23	results	result	NOUN
ijtc-1855	200	24	show	show	VERB
ijtc-1855	200	25	no	no	DET
ijtc-1855	200	26	indication	indication	NOUN
ijtc-1855	200	27	of	of	ADP
ijtc-1855	200	28	heteroskedasticity	heteroskedasticity	NOUN
ijtc-1855	200	29	,	,	PUNCT
ijtc-1855	200	30	as	as	SCONJ
ijtc-1855	200	31	all	all	DET
ijtc-1855	200	32	variables	variable	NOUN
ijtc-1855	200	33	have	have	VERB
ijtc-1855	200	34	significance	significance	NOUN
ijtc-1855	200	35	values	value	NOUN
ijtc-1855	200	36	greater	great	ADJ
ijtc-1855	200	37	than	than	ADP
ijtc-1855	200	38	0.05	0.05	NUM
ijtc-1855	200	39	.	.	PUNCT
ijtc-1855	201	1	therefore	therefore	ADV
ijtc-1855	201	2	,	,	PUNCT
ijtc-1855	201	3	the	the	DET
ijtc-1855	201	4	regression	regression	NOUN
ijtc-1855	201	5	model	model	NOUN
ijtc-1855	201	6	satisfies	satisfy	VERB
ijtc-1855	201	7	all	all	DET
ijtc-1855	201	8	classical	classical	ADJ
ijtc-1855	201	9	assumptions	assumption	NOUN
ijtc-1855	201	10	and	and	CCONJ
ijtc-1855	201	11	is	be	AUX
ijtc-1855	201	12	appropriate	appropriate	ADJ
ijtc-1855	201	13	for	for	ADP
ijtc-1855	201	14	hypothesis	hypothesis	NOUN
ijtc-1855	201	15	testing	testing	NOUN
ijtc-1855	201	16	.	.	PUNCT
ijtc-1855	202	1	normality	normality	NOUN
ijtc-1855	202	2	test	test	NOUN
ijtc-1855	202	3	table	table	NOUN
ijtc-1855	202	4	4	4	NUM
ijtc-1855	202	5	.	.	PUNCT
ijtc-1855	203	1	one	one	NUM
ijtc-1855	203	2	-	-	PUNCT
ijtc-1855	203	3	sample	sample	NOUN
ijtc-1855	203	4	kolmogorov	kolmogorov	ADJ
ijtc-1855	203	5	-	-	PUNCT
ijtc-1855	203	6	smirnov	smirnov	ADJ
ijtc-1855	203	7	test	test	NOUN
ijtc-1855	203	8	unstandardized	unstandardize	VERB
ijtc-1855	203	9	residual	residual	ADJ
ijtc-1855	203	10	n	n	NOUN
ijtc-1855	203	11	318	318	NUM
ijtc-1855	203	12	normal	normal	ADJ
ijtc-1855	203	13	parametersa	parametersa	NOUN
ijtc-1855	203	14	,	,	PUNCT
ijtc-1855	203	15	b	b	PROPN
ijtc-1855	203	16	mean	mean	NOUN
ijtc-1855	203	17	0.0000000	0.0000000	NUM
ijtc-1855	203	18	std	std	NOUN
ijtc-1855	203	19	.	.	PUNCT
ijtc-1855	204	1	deviation	deviation	NOUN
ijtc-1855	204	2	8.61966527	8.61966527	NUM
ijtc-1855	204	3	most	most	ADV
ijtc-1855	204	4	extreme	extreme	ADJ
ijtc-1855	204	5	differences	difference	NOUN
ijtc-1855	204	6	absolute	absolute	ADJ
ijtc-1855	204	7	0.349	0.349	NUM
ijtc-1855	204	8	positive	positive	ADJ
ijtc-1855	204	9	0.349	0.349	NUM
ijtc-1855	204	10	negative	negative	ADJ
ijtc-1855	204	11	-0.327	-0.327	NOUN
ijtc-1855	204	12	test	test	NOUN
ijtc-1855	204	13	statistic	statistic	NOUN
ijtc-1855	204	14	0.349	0.349	NUM
ijtc-1855	204	15	asymp	asymp	NOUN
ijtc-1855	204	16	.	.	PUNCT
ijtc-1855	205	1	sig	sig	PROPN
ijtc-1855	205	2	.	.	PUNCT
ijtc-1855	206	1	(	(	PUNCT
ijtc-1855	206	2	2	2	NUM
ijtc-1855	206	3	-	-	PUNCT
ijtc-1855	206	4	tailed	tailed	ADJ
ijtc-1855	206	5	)	)	PUNCT
ijtc-1855	206	6	2.410	2.410	NUM
ijtc-1855	206	7	the	the	DET
ijtc-1855	206	8	test	test	NOUN
ijtc-1855	206	9	results	result	NOUN
ijtc-1855	206	10	show	show	VERB
ijtc-1855	206	11	that	that	SCONJ
ijtc-1855	206	12	the	the	DET
ijtc-1855	206	13	significance	significance	NOUN
ijtc-1855	206	14	values	value	NOUN
ijtc-1855	206	15	(	(	PUNCT
ijtc-1855	206	16	p	p	NOUN
ijtc-1855	206	17	-	-	PUNCT
ijtc-1855	206	18	values	value	NOUN
ijtc-1855	206	19	)	)	PUNCT
ijtc-1855	206	20	are	be	AUX
ijtc-1855	206	21	greater	great	ADJ
ijtc-1855	206	22	than	than	ADP
ijtc-1855	206	23	0.05	0.05	NUM
ijtc-1855	206	24	,	,	PUNCT
ijtc-1855	206	25	indicating	indicate	VERB
ijtc-1855	206	26	that	that	SCONJ
ijtc-1855	206	27	the	the	DET
ijtc-1855	206	28	residuals	residual	NOUN
ijtc-1855	206	29	are	be	AUX
ijtc-1855	206	30	normally	normally	ADV
ijtc-1855	206	31	distributed	distribute	VERB
ijtc-1855	206	32	.	.	PUNCT
ijtc-1855	207	1	therefore	therefore	ADV
ijtc-1855	207	2	,	,	PUNCT
ijtc-1855	207	3	the	the	DET
ijtc-1855	207	4	normality	normality	NOUN
ijtc-1855	207	5	assumption	assumption	NOUN
ijtc-1855	207	6	is	be	AUX
ijtc-1855	207	7	satisfied	satisfied	ADJ
ijtc-1855	207	8	,	,	PUNCT
ijtc-1855	207	9	and	and	CCONJ
ijtc-1855	207	10	the	the	DET
ijtc-1855	207	11	regression	regression	NOUN
ijtc-1855	207	12	model	model	NOUN
ijtc-1855	207	13	is	be	AUX
ijtc-1855	207	14	expected	expect	VERB
ijtc-1855	207	15	to	to	PART
ijtc-1855	207	16	produce	produce	VERB
ijtc-1855	207	17	unbiased	unbiased	ADJ
ijtc-1855	207	18	and	and	CCONJ
ijtc-1855	207	19	efficient	efficient	ADJ
ijtc-1855	207	20	estimates	estimate	NOUN
ijtc-1855	207	21	.	.	PUNCT
ijtc-1855	208	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	208	2	the	the	DET
ijtc-1855	208	3	influence	influence	NOUN
ijtc-1855	208	4	of	of	ADP
ijtc-1855	208	5	politically	politically	ADV
ijtc-1855	208	6	connected	connect	VERB
ijtc-1855	208	7	board	board	NOUN
ijtc-1855	208	8	of	of	ADP
ijtc-1855	208	9	directors	director	NOUN
ijtc-1855	208	10	on	on	ADP
ijtc-1855	208	11	firm	firm	ADJ
ijtc-1855	208	12	value	value	NOUN
ijtc-1855	208	13	with	with	ADP
ijtc-1855	208	14	business	business	NOUN
ijtc-1855	208	15	groups	group	NOUN
ijtc-1855	208	16	as	as	ADP
ijtc-1855	208	17	a	a	DET
ijtc-1855	208	18	moderating	moderate	VERB
ijtc-1855	208	19	variable	variable	NOUN
ijtc-1855	208	20	muhammad	muhammad	PROPN
ijtc-1855	208	21	fasha	fasha	PROPN
ijtc-1855	208	22	radya1	radya1	PROPN
ijtc-1855	208	23	.	.	PROPN
ijtc-1855	208	24	,	,	PUNCT
ijtc-1855	208	25	eddy	eddy	PROPN
ijtc-1855	208	26	suranta2	suranta2	PROPN
ijtc-1855	208	27	157|ilomata	157|ilomata	NUM
ijtc-1855	208	28	international	international	ADJ
ijtc-1855	208	29	journal	journal	NOUN
ijtc-1855	208	30	of	of	ADP
ijtc-1855	208	31	social	social	ADJ
ijtc-1855	208	32	science	science	NOUN
ijtc-1855	208	33	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	208	34	scatter	scatter	NOUN
ijtc-1855	208	35	plot	plot	NOUN
ijtc-1855	208	36	based	base	VERB
ijtc-1855	208	37	on	on	ADP
ijtc-1855	208	38	the	the	DET
ijtc-1855	208	39	interpretation	interpretation	NOUN
ijtc-1855	208	40	of	of	ADP
ijtc-1855	208	41	the	the	DET
ijtc-1855	208	42	scatter	scatter	NOUN
ijtc-1855	208	43	plot	plot	NOUN
ijtc-1855	208	44	between	between	ADP
ijtc-1855	208	45	pcbod	pcbod	NOUN
ijtc-1855	208	46	and	and	CCONJ
ijtc-1855	208	47	tobinsq	tobinsq	NOUN
ijtc-1855	208	48	,	,	PUNCT
ijtc-1855	208	49	the	the	DET
ijtc-1855	208	50	relationship	relationship	NOUN
ijtc-1855	208	51	between	between	ADP
ijtc-1855	208	52	the	the	DET
ijtc-1855	208	53	two	two	NUM
ijtc-1855	208	54	variables	variable	NOUN
ijtc-1855	208	55	appears	appear	VERB
ijtc-1855	208	56	weak	weak	ADJ
ijtc-1855	208	57	and	and	CCONJ
ijtc-1855	208	58	does	do	AUX
ijtc-1855	208	59	not	not	PART
ijtc-1855	208	60	exhibit	exhibit	VERB
ijtc-1855	208	61	a	a	DET
ijtc-1855	208	62	clear	clear	ADJ
ijtc-1855	208	63	linear	linear	NOUN
ijtc-1855	208	64	pattern	pattern	NOUN
ijtc-1855	208	65	.	.	PUNCT
ijtc-1855	209	1	the	the	DET
ijtc-1855	209	2	data	data	NOUN
ijtc-1855	209	3	points	point	NOUN
ijtc-1855	209	4	are	be	AUX
ijtc-1855	209	5	relatively	relatively	ADV
ijtc-1855	209	6	evenly	evenly	ADV
ijtc-1855	209	7	distributed	distribute	VERB
ijtc-1855	209	8	across	across	ADP
ijtc-1855	209	9	the	the	DET
ijtc-1855	209	10	range	range	NOUN
ijtc-1855	209	11	of	of	ADP
ijtc-1855	209	12	pcbod	pcbod	ADJ
ijtc-1855	209	13	values	value	NOUN
ijtc-1855	209	14	,	,	PUNCT
ijtc-1855	209	15	without	without	ADP
ijtc-1855	209	16	any	any	DET
ijtc-1855	209	17	noticeable	noticeable	ADJ
ijtc-1855	209	18	funneling	funneling	NOUN
ijtc-1855	209	19	or	or	CCONJ
ijtc-1855	209	20	dispersion	dispersion	NOUN
ijtc-1855	209	21	,	,	PUNCT
ijtc-1855	209	22	indicating	indicate	VERB
ijtc-1855	209	23	no	no	DET
ijtc-1855	209	24	strong	strong	ADJ
ijtc-1855	209	25	evidence	evidence	NOUN
ijtc-1855	209	26	of	of	ADP
ijtc-1855	209	27	heteroskedasticity	heteroskedasticity	NOUN
ijtc-1855	209	28	.	.	PUNCT
ijtc-1855	210	1	furthermore	furthermore	ADV
ijtc-1855	210	2	,	,	PUNCT
ijtc-1855	210	3	there	there	PRON
ijtc-1855	210	4	are	be	VERB
ijtc-1855	210	5	no	no	DET
ijtc-1855	210	6	extreme	extreme	ADJ
ijtc-1855	210	7	outliers	outlier	NOUN
ijtc-1855	210	8	observed	observe	VERB
ijtc-1855	210	9	that	that	PRON
ijtc-1855	210	10	could	could	AUX
ijtc-1855	210	11	potentially	potentially	ADV
ijtc-1855	210	12	affect	affect	VERB
ijtc-1855	210	13	the	the	DET
ijtc-1855	210	14	stability	stability	NOUN
ijtc-1855	210	15	of	of	ADP
ijtc-1855	210	16	the	the	DET
ijtc-1855	210	17	relationship	relationship	NOUN
ijtc-1855	210	18	between	between	ADP
ijtc-1855	210	19	the	the	DET
ijtc-1855	210	20	variables	variable	NOUN
ijtc-1855	210	21	.	.	PUNCT
ijtc-1855	211	1	descriptive	descriptive	ADJ
ijtc-1855	211	2	statistics	statistic	NOUN
ijtc-1855	211	3	table	table	NOUN
ijtc-1855	211	4	5	5	NUM
ijtc-1855	211	5	.	.	PUNCT
ijtc-1855	211	6	descriptive	descriptive	ADJ
ijtc-1855	211	7	statistics	statistic	NOUN
ijtc-1855	211	8	model	model	NOUN
ijtc-1855	211	9	n	n	CCONJ
ijtc-1855	211	10	minimum	minimum	ADJ
ijtc-1855	211	11	maximum	maximum	ADJ
ijtc-1855	211	12	mean	mean	ADJ
ijtc-1855	211	13	std	std	NOUN
ijtc-1855	211	14	.	.	PUNCT
ijtc-1855	212	1	deviation	deviation	NOUN
ijtc-1855	212	2	tobinsq	tobinsq	NOUN
ijtc-1855	212	3	318	318	NUM
ijtc-1855	212	4	0.16	0.16	NUM
ijtc-1855	212	5	102.81	102.81	NUM
ijtc-1855	212	6	2.6082	2.6082	NUM
ijtc-1855	212	7	8.69730	8.69730	NUM
ijtc-1855	212	8	pcbod	pcbod	NOUN
ijtc-1855	212	9	318	318	NUM
ijtc-1855	212	10	0.00	0.00	NUM
ijtc-1855	212	11	1.00	1.00	NUM
ijtc-1855	212	12	0.1063	0.1063	NUM
ijtc-1855	212	13	0.20408	0.20408	NUM
ijtc-1855	212	14	bg	bg	NOUN
ijtc-1855	212	15	318	318	NUM
ijtc-1855	212	16	0.00	0.00	NUM
ijtc-1855	212	17	1.00	1.00	NUM
ijtc-1855	212	18	0.23	0.23	NUM
ijtc-1855	212	19	0.421	0.421	NUM
ijtc-1855	212	20	lev	lev	NOUN
ijtc-1855	212	21	318	318	NUM
ijtc-1855	212	22	0.00248	0.00248	NUM
ijtc-1855	212	23	3.3875	3.3875	NUM
ijtc-1855	212	24	0.46	0.46	NUM
ijtc-1855	212	25	0.3268	0.3268	NUM
ijtc-1855	212	26	fsize	fsize	NOUN
ijtc-1855	212	27	318	318	NUM
ijtc-1855	212	28	23.31	23.31	NUM
ijtc-1855	212	29	33.66	33.66	NUM
ijtc-1855	212	30	28.5191	28.5191	NUM
ijtc-1855	212	31	1.67407	1.67407	NUM
ijtc-1855	212	32	loss	loss	NOUN
ijtc-1855	212	33	318	318	NUM
ijtc-1855	212	34	0	0	NUM
ijtc-1855	212	35	1	1	NUM
ijtc-1855	212	36	0.22	0.22	NUM
ijtc-1855	212	37	0.415	0.415	NUM
ijtc-1855	212	38	fage	fage	NOUN
ijtc-1855	212	39	318	318	NUM
ijtc-1855	212	40	7.00	7.00	NUM
ijtc-1855	212	41	144.00	144.00	NUM
ijtc-1855	212	42	44.5377	44.5377	NUM
ijtc-1855	212	43	22.75456	22.75456	NUM
ijtc-1855	212	44	the	the	DET
ijtc-1855	212	45	tobinsq	tobinsq	ADJ
ijtc-1855	212	46	variable	variable	NOUN
ijtc-1855	212	47	has	have	VERB
ijtc-1855	212	48	a	a	DET
ijtc-1855	212	49	minimum	minimum	ADJ
ijtc-1855	212	50	value	value	NOUN
ijtc-1855	212	51	of	of	ADP
ijtc-1855	212	52	0.16	0.16	NUM
ijtc-1855	212	53	,	,	PUNCT
ijtc-1855	212	54	indicating	indicate	VERB
ijtc-1855	212	55	that	that	SCONJ
ijtc-1855	212	56	some	some	DET
ijtc-1855	212	57	companies	company	NOUN
ijtc-1855	212	58	in	in	ADP
ijtc-1855	212	59	the	the	DET
ijtc-1855	212	60	sample	sample	NOUN
ijtc-1855	212	61	have	have	VERB
ijtc-1855	212	62	a	a	DET
ijtc-1855	212	63	market	market	NOUN
ijtc-1855	212	64	value	value	NOUN
ijtc-1855	212	65	smaller	small	ADJ
ijtc-1855	212	66	than	than	ADP
ijtc-1855	212	67	their	their	PRON
ijtc-1855	212	68	total	total	ADJ
ijtc-1855	212	69	assets	asset	NOUN
ijtc-1855	212	70	compared	compare	VERB
ijtc-1855	212	71	to	to	ADP
ijtc-1855	212	72	other	other	ADJ
ijtc-1855	212	73	firms	firm	NOUN
ijtc-1855	212	74	.	.	PUNCT
ijtc-1855	213	1	the	the	DET
ijtc-1855	213	2	maximum	maximum	ADJ
ijtc-1855	213	3	value	value	NOUN
ijtc-1855	213	4	of	of	ADP
ijtc-1855	213	5	102.81	102.81	NUM
ijtc-1855	213	6	shows	show	VERB
ijtc-1855	213	7	that	that	SCONJ
ijtc-1855	213	8	certain	certain	ADJ
ijtc-1855	213	9	companies	company	NOUN
ijtc-1855	213	10	have	have	VERB
ijtc-1855	213	11	a	a	DET
ijtc-1855	213	12	market	market	NOUN
ijtc-1855	213	13	value	value	NOUN
ijtc-1855	213	14	significantly	significantly	ADV
ijtc-1855	213	15	higher	high	ADJ
ijtc-1855	213	16	than	than	ADP
ijtc-1855	213	17	their	their	PRON
ijtc-1855	213	18	assets	asset	NOUN
ijtc-1855	213	19	relative	relative	ADJ
ijtc-1855	213	20	to	to	ADP
ijtc-1855	213	21	others	other	NOUN
ijtc-1855	213	22	in	in	ADP
ijtc-1855	213	23	the	the	DET
ijtc-1855	213	24	sample	sample	NOUN
ijtc-1855	213	25	.	.	PUNCT
ijtc-1855	214	1	the	the	DET
ijtc-1855	214	2	average	average	ADJ
ijtc-1855	214	3	tobinsq	tobinsq	NOUN
ijtc-1855	214	4	of	of	ADP
ijtc-1855	214	5	2.61	2.61	NUM
ijtc-1855	214	6	suggests	suggest	VERB
ijtc-1855	214	7	that	that	SCONJ
ijtc-1855	214	8	,	,	PUNCT
ijtc-1855	214	9	on	on	ADP
ijtc-1855	214	10	average	average	ADJ
ijtc-1855	214	11	,	,	PUNCT
ijtc-1855	214	12	the	the	DET
ijtc-1855	214	13	market	market	NOUN
ijtc-1855	214	14	value	value	NOUN
ijtc-1855	214	15	of	of	ADP
ijtc-1855	214	16	companies	company	NOUN
ijtc-1855	214	17	in	in	ADP
ijtc-1855	214	18	this	this	DET
ijtc-1855	214	19	sample	sample	NOUN
ijtc-1855	214	20	is	be	AUX
ijtc-1855	214	21	approximately	approximately	ADV
ijtc-1855	214	22	2.6	2.6	NUM
ijtc-1855	214	23	times	time	NOUN
ijtc-1855	214	24	their	their	PRON
ijtc-1855	214	25	total	total	ADJ
ijtc-1855	214	26	assets	asset	NOUN
ijtc-1855	214	27	.	.	PUNCT
ijtc-1855	215	1	a	a	DET
ijtc-1855	215	2	standard	standard	ADJ
ijtc-1855	215	3	deviation	deviation	NOUN
ijtc-1855	215	4	of	of	ADP
ijtc-1855	215	5	8.70	8.70	NUM
ijtc-1855	215	6	,	,	PUNCT
ijtc-1855	215	7	which	which	PRON
ijtc-1855	215	8	exceeds	exceed	VERB
ijtc-1855	215	9	the	the	DET
ijtc-1855	215	10	mean	mean	NOUN
ijtc-1855	215	11	,	,	PUNCT
ijtc-1855	215	12	indicates	indicate	VERB
ijtc-1855	215	13	considerable	considerable	ADJ
ijtc-1855	215	14	variation	variation	NOUN
ijtc-1855	215	15	in	in	ADP
ijtc-1855	215	16	tobin	tobin	PROPN
ijtc-1855	215	17	’s	’s	PART
ijtc-1855	215	18	q	q	PROPN
ijtc-1855	215	19	values	value	NOUN
ijtc-1855	215	20	across	across	ADP
ijtc-1855	215	21	the	the	DET
ijtc-1855	215	22	sampled	sample	VERB
ijtc-1855	215	23	firms	firm	NOUN
ijtc-1855	215	24	.	.	PUNCT
ijtc-1855	216	1	pcbod	pcbod	PROPN
ijtc-1855	216	2	represents	represent	VERB
ijtc-1855	216	3	the	the	DET
ijtc-1855	216	4	ratio	ratio	NOUN
ijtc-1855	216	5	of	of	ADP
ijtc-1855	216	6	politically	politically	ADV
ijtc-1855	216	7	connected	connect	VERB
ijtc-1855	216	8	board	board	NOUN
ijtc-1855	216	9	directors	director	NOUN
ijtc-1855	216	10	to	to	ADP
ijtc-1855	216	11	the	the	DET
ijtc-1855	216	12	total	total	ADJ
ijtc-1855	216	13	number	number	NOUN
ijtc-1855	216	14	of	of	ADP
ijtc-1855	216	15	directors	director	NOUN
ijtc-1855	216	16	within	within	ADP
ijtc-1855	216	17	a	a	DET
ijtc-1855	216	18	company	company	NOUN
ijtc-1855	216	19	.	.	PUNCT
ijtc-1855	217	1	the	the	DET
ijtc-1855	217	2	minimum	minimum	ADJ
ijtc-1855	217	3	value	value	NOUN
ijtc-1855	217	4	of	of	ADP
ijtc-1855	217	5	0.00	0.00	NUM
ijtc-1855	217	6	indicates	indicate	VERB
ijtc-1855	217	7	that	that	SCONJ
ijtc-1855	217	8	some	some	DET
ijtc-1855	217	9	companies	company	NOUN
ijtc-1855	217	10	in	in	ADP
ijtc-1855	217	11	the	the	DET
ijtc-1855	217	12	sample	sample	NOUN
ijtc-1855	217	13	have	have	VERB
ijtc-1855	217	14	boards	board	NOUN
ijtc-1855	217	15	with	with	ADP
ijtc-1855	217	16	no	no	DET
ijtc-1855	217	17	politically	politically	ADV
ijtc-1855	217	18	connected	connect	VERB
ijtc-1855	217	19	members	member	NOUN
ijtc-1855	217	20	.	.	PUNCT
ijtc-1855	218	1	conversely	conversely	ADV
ijtc-1855	218	2	,	,	PUNCT
ijtc-1855	218	3	the	the	DET
ijtc-1855	218	4	maximum	maximum	ADJ
ijtc-1855	218	5	value	value	NOUN
ijtc-1855	218	6	of	of	ADP
ijtc-1855	218	7	1.00	1.00	NUM
ijtc-1855	218	8	signifies	signifie	NOUN
ijtc-1855	218	9	that	that	SCONJ
ijtc-1855	218	10	in	in	ADP
ijtc-1855	218	11	some	some	DET
ijtc-1855	218	12	companies	company	NOUN
ijtc-1855	218	13	,	,	PUNCT
ijtc-1855	218	14	all	all	DET
ijtc-1855	218	15	board	board	NOUN
ijtc-1855	218	16	members	member	NOUN
ijtc-1855	218	17	have	have	VERB
ijtc-1855	218	18	political	political	ADJ
ijtc-1855	218	19	connections	connection	NOUN
ijtc-1855	218	20	.	.	PUNCT
ijtc-1855	219	1	the	the	DET
ijtc-1855	219	2	average	average	ADJ
ijtc-1855	219	3	pcbod	pcbod	NOUN
ijtc-1855	219	4	value	value	NOUN
ijtc-1855	219	5	of	of	ADP
ijtc-1855	219	6	0.1063	0.1063	NUM
ijtc-1855	219	7	,	,	PUNCT
ijtc-1855	219	8	which	which	PRON
ijtc-1855	219	9	is	be	AUX
ijtc-1855	219	10	calculated	calculate	VERB
ijtc-1855	219	11	as	as	ADP
ijtc-1855	219	12	the	the	DET
ijtc-1855	219	13	percentage	percentage	NOUN
ijtc-1855	219	14	of	of	ADP
ijtc-1855	219	15	politically	politically	ADV
ijtc-1855	219	16	connected	connect	VERB
ijtc-1855	219	17	directors	director	NOUN
ijtc-1855	219	18	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	VERB
ijtc-1855	219	19	the	the	DET
ijtc-1855	219	20	influence	influence	NOUN
ijtc-1855	219	21	of	of	ADP
ijtc-1855	219	22	politically	politically	ADV
ijtc-1855	219	23	connected	connect	VERB
ijtc-1855	219	24	board	board	NOUN
ijtc-1855	219	25	of	of	ADP
ijtc-1855	219	26	directors	director	NOUN
ijtc-1855	219	27	on	on	ADP
ijtc-1855	219	28	firm	firm	ADJ
ijtc-1855	219	29	value	value	NOUN
ijtc-1855	219	30	with	with	ADP
ijtc-1855	219	31	business	business	NOUN
ijtc-1855	219	32	groups	group	NOUN
ijtc-1855	219	33	as	as	ADP
ijtc-1855	219	34	a	a	DET
ijtc-1855	219	35	moderating	moderate	VERB
ijtc-1855	219	36	variable	variable	NOUN
ijtc-1855	219	37	muhammad	muhammad	PROPN
ijtc-1855	219	38	fasha	fasha	PROPN
ijtc-1855	219	39	radya1	radya1	PROPN
ijtc-1855	219	40	.	.	PROPN
ijtc-1855	219	41	,	,	PUNCT
ijtc-1855	219	42	eddy	eddy	PROPN
ijtc-1855	219	43	suranta2	suranta2	PROPN
ijtc-1855	219	44	158|ilomata	158|ilomata	PROPN
ijtc-1855	219	45	international	international	ADJ
ijtc-1855	219	46	journal	journal	NOUN
ijtc-1855	219	47	of	of	ADP
ijtc-1855	219	48	social	social	ADJ
ijtc-1855	219	49	science	science	NOUN
ijtc-1855	219	50	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	219	51	relative	relative	ADJ
ijtc-1855	219	52	to	to	ADP
ijtc-1855	219	53	the	the	DET
ijtc-1855	219	54	total	total	ADJ
ijtc-1855	219	55	board	board	NOUN
ijtc-1855	219	56	size	size	NOUN
ijtc-1855	219	57	,	,	PUNCT
ijtc-1855	219	58	shows	show	VERB
ijtc-1855	219	59	that	that	SCONJ
ijtc-1855	219	60	approximately	approximately	ADV
ijtc-1855	219	61	10.6	10.6	NUM
ijtc-1855	219	62	%	%	NOUN
ijtc-1855	219	63	of	of	ADP
ijtc-1855	219	64	board	board	NOUN
ijtc-1855	219	65	members	member	NOUN
ijtc-1855	219	66	across	across	ADP
ijtc-1855	219	67	the	the	DET
ijtc-1855	219	68	sampled	sample	VERB
ijtc-1855	219	69	companies	company	NOUN
ijtc-1855	219	70	have	have	VERB
ijtc-1855	219	71	political	political	ADJ
ijtc-1855	219	72	ties	tie	NOUN
ijtc-1855	219	73	.	.	PUNCT
ijtc-1855	220	1	meanwhile	meanwhile	ADV
ijtc-1855	220	2	,	,	PUNCT
ijtc-1855	220	3	the	the	DET
ijtc-1855	220	4	standard	standard	ADJ
ijtc-1855	220	5	deviation	deviation	NOUN
ijtc-1855	220	6	of	of	ADP
ijtc-1855	220	7	0.2041	0.2041	NUM
ijtc-1855	220	8	reflects	reflect	VERB
ijtc-1855	220	9	variability	variability	NOUN
ijtc-1855	220	10	in	in	ADP
ijtc-1855	220	11	the	the	DET
ijtc-1855	220	12	proportion	proportion	NOUN
ijtc-1855	220	13	of	of	ADP
ijtc-1855	220	14	politically	politically	ADV
ijtc-1855	220	15	connected	connect	VERB
ijtc-1855	220	16	directors	director	NOUN
ijtc-1855	220	17	among	among	ADP
ijtc-1855	220	18	the	the	DET
ijtc-1855	220	19	companies	company	NOUN
ijtc-1855	220	20	included	include	VERB
ijtc-1855	220	21	in	in	ADP
ijtc-1855	220	22	this	this	DET
ijtc-1855	220	23	study	study	NOUN
ijtc-1855	220	24	.	.	PUNCT
ijtc-1855	221	1	based	base	VERB
ijtc-1855	221	2	on	on	ADP
ijtc-1855	221	3	the	the	DET
ijtc-1855	221	4	results	result	NOUN
ijtc-1855	221	5	,	,	PUNCT
ijtc-1855	221	6	the	the	DET
ijtc-1855	221	7	bg	bg	PROPN
ijtc-1855	221	8	variable	variable	NOUN
ijtc-1855	221	9	represents	represent	VERB
ijtc-1855	221	10	family	family	NOUN
ijtc-1855	221	11	ownership	ownership	NOUN
ijtc-1855	221	12	within	within	ADP
ijtc-1855	221	13	a	a	DET
ijtc-1855	221	14	business	business	NOUN
ijtc-1855	221	15	group	group	NOUN
ijtc-1855	221	16	and	and	CCONJ
ijtc-1855	221	17	is	be	AUX
ijtc-1855	221	18	measured	measure	VERB
ijtc-1855	221	19	as	as	ADP
ijtc-1855	221	20	a	a	DET
ijtc-1855	221	21	dummy	dummy	ADJ
ijtc-1855	221	22	variable	variable	NOUN
ijtc-1855	221	23	,	,	PUNCT
ijtc-1855	221	24	coded	code	VERB
ijtc-1855	221	25	as	as	ADP
ijtc-1855	221	26	0	0	NUM
ijtc-1855	221	27	for	for	ADP
ijtc-1855	221	28	firms	firm	NOUN
ijtc-1855	221	29	without	without	ADP
ijtc-1855	221	30	family	family	NOUN
ijtc-1855	221	31	ownership	ownership	NOUN
ijtc-1855	221	32	in	in	ADP
ijtc-1855	221	33	a	a	DET
ijtc-1855	221	34	business	business	NOUN
ijtc-1855	221	35	group	group	NOUN
ijtc-1855	221	36	and	and	CCONJ
ijtc-1855	221	37	1	1	NUM
ijtc-1855	221	38	for	for	ADP
ijtc-1855	221	39	those	those	PRON
ijtc-1855	221	40	with	with	ADP
ijtc-1855	221	41	such	such	ADJ
ijtc-1855	221	42	ownership	ownership	NOUN
ijtc-1855	221	43	.	.	PUNCT
ijtc-1855	222	1	the	the	DET
ijtc-1855	222	2	mean	mean	ADJ
ijtc-1855	222	3	value	value	NOUN
ijtc-1855	222	4	is	be	AUX
ijtc-1855	222	5	0.23	0.23	NUM
ijtc-1855	222	6	,	,	PUNCT
ijtc-1855	222	7	indicating	indicate	VERB
ijtc-1855	222	8	that	that	SCONJ
ijtc-1855	222	9	23	23	NUM
ijtc-1855	222	10	%	%	NOUN
ijtc-1855	222	11	of	of	ADP
ijtc-1855	222	12	the	the	DET
ijtc-1855	222	13	sampled	sample	VERB
ijtc-1855	222	14	companies	company	NOUN
ijtc-1855	222	15	are	be	AUX
ijtc-1855	222	16	part	part	NOUN
ijtc-1855	222	17	of	of	ADP
ijtc-1855	222	18	a	a	DET
ijtc-1855	222	19	family	family	NOUN
ijtc-1855	222	20	business	business	NOUN
ijtc-1855	222	21	group	group	NOUN
ijtc-1855	222	22	defined	define	VERB
ijtc-1855	222	23	as	as	ADP
ijtc-1855	222	24	having	have	VERB
ijtc-1855	222	25	family	family	NOUN
ijtc-1855	222	26	ownership	ownership	NOUN
ijtc-1855	222	27	exceeding	exceed	VERB
ijtc-1855	222	28	50	50	NUM
ijtc-1855	222	29	%	%	NOUN
ijtc-1855	222	30	(	(	PUNCT
ijtc-1855	222	31	coded	code	VERB
ijtc-1855	222	32	as	as	ADP
ijtc-1855	222	33	1	1	NUM
ijtc-1855	222	34	)	)	PUNCT
ijtc-1855	222	35	,	,	PUNCT
ijtc-1855	222	36	while	while	SCONJ
ijtc-1855	222	37	the	the	DET
ijtc-1855	222	38	remaining	remain	VERB
ijtc-1855	222	39	77	77	NUM
ijtc-1855	222	40	%	%	NOUN
ijtc-1855	222	41	are	be	AUX
ijtc-1855	222	42	not	not	PART
ijtc-1855	222	43	(	(	PUNCT
ijtc-1855	222	44	coded	code	VERB
ijtc-1855	222	45	as	as	ADP
ijtc-1855	222	46	0	0	NUM
ijtc-1855	222	47	)	)	PUNCT
ijtc-1855	222	48	the	the	DET
ijtc-1855	222	49	>	>	SYM
ijtc-1855	222	50	50	50	NUM
ijtc-1855	222	51	%	%	NOUN
ijtc-1855	222	52	cut	cut	NOUN
ijtc-1855	222	53	-	-	PUNCT
ijtc-1855	222	54	off	off	ADP
ijtc-1855	222	55	aligns	align	VERB
ijtc-1855	222	56	with	with	ADP
ijtc-1855	222	57	prior	prior	ADJ
ijtc-1855	222	58	studies	study	NOUN
ijtc-1855	222	59	(	(	PUNCT
ijtc-1855	222	60	joni	joni	PROPN
ijtc-1855	222	61	et	et	PROPN
ijtc-1855	222	62	al	al	PROPN
ijtc-1855	222	63	.	.	PROPN
ijtc-1855	222	64	,	,	PUNCT
ijtc-1855	222	65	2020b	2020b	NUM
ijtc-1855	222	66	)	)	PUNCT
ijtc-1855	222	67	to	to	PART
ijtc-1855	222	68	identify	identify	VERB
ijtc-1855	222	69	effective	effective	ADJ
ijtc-1855	222	70	family	family	NOUN
ijtc-1855	222	71	control	control	NOUN
ijtc-1855	222	72	typical	typical	ADJ
ijtc-1855	222	73	in	in	ADP
ijtc-1855	222	74	indonesian	indonesian	ADJ
ijtc-1855	222	75	firms	firm	NOUN
ijtc-1855	222	76	.	.	PUNCT
ijtc-1855	223	1	the	the	DET
ijtc-1855	223	2	standard	standard	ADJ
ijtc-1855	223	3	deviation	deviation	NOUN
ijtc-1855	223	4	of	of	ADP
ijtc-1855	223	5	0.421	0.421	NUM
ijtc-1855	223	6	suggests	suggest	VERB
ijtc-1855	223	7	a	a	DET
ijtc-1855	223	8	considerable	considerable	ADJ
ijtc-1855	223	9	variation	variation	NOUN
ijtc-1855	223	10	in	in	ADP
ijtc-1855	223	11	the	the	DET
ijtc-1855	223	12	distribution	distribution	NOUN
ijtc-1855	223	13	between	between	ADP
ijtc-1855	223	14	family	family	NOUN
ijtc-1855	223	15	and	and	CCONJ
ijtc-1855	223	16	non	non	ADJ
ijtc-1855	223	17	-	-	ADJ
ijtc-1855	223	18	family	family	ADJ
ijtc-1855	223	19	business	business	NOUN
ijtc-1855	223	20	group	group	NOUN
ijtc-1855	223	21	companies	company	NOUN
ijtc-1855	223	22	.	.	PUNCT
ijtc-1855	224	1	lev	lev	PROPN
ijtc-1855	224	2	,	,	PUNCT
ijtc-1855	224	3	the	the	DET
ijtc-1855	224	4	ratio	ratio	NOUN
ijtc-1855	224	5	of	of	ADP
ijtc-1855	224	6	total	total	ADJ
ijtc-1855	224	7	debt	debt	NOUN
ijtc-1855	224	8	to	to	ADP
ijtc-1855	224	9	total	total	ADJ
ijtc-1855	224	10	assets	asset	NOUN
ijtc-1855	224	11	,	,	PUNCT
ijtc-1855	224	12	has	have	VERB
ijtc-1855	224	13	a	a	DET
ijtc-1855	224	14	minimum	minimum	ADJ
ijtc-1855	224	15	value	value	NOUN
ijtc-1855	224	16	of	of	ADP
ijtc-1855	224	17	0.0025	0.0025	NUM
ijtc-1855	224	18	,	,	PUNCT
ijtc-1855	224	19	indicating	indicate	VERB
ijtc-1855	224	20	some	some	DET
ijtc-1855	224	21	firms	firm	NOUN
ijtc-1855	224	22	carry	carry	VERB
ijtc-1855	224	23	almost	almost	ADV
ijtc-1855	224	24	no	no	PRON
ijtc-1855	224	25	debt	debt	NOUN
ijtc-1855	224	26	relative	relative	ADJ
ijtc-1855	224	27	to	to	ADP
ijtc-1855	224	28	their	their	PRON
ijtc-1855	224	29	assets	asset	NOUN
ijtc-1855	224	30	.	.	PUNCT
ijtc-1855	225	1	the	the	DET
ijtc-1855	225	2	maximum	maximum	ADJ
ijtc-1855	225	3	value	value	NOUN
ijtc-1855	225	4	of	of	ADP
ijtc-1855	225	5	3.3875	3.3875	NUM
ijtc-1855	225	6	reveals	reveal	VERB
ijtc-1855	225	7	that	that	SCONJ
ijtc-1855	225	8	certain	certain	ADJ
ijtc-1855	225	9	companies	company	NOUN
ijtc-1855	225	10	have	have	VERB
ijtc-1855	225	11	debt	debt	NOUN
ijtc-1855	225	12	exceeding	exceed	VERB
ijtc-1855	225	13	three	three	NUM
ijtc-1855	225	14	times	time	NOUN
ijtc-1855	225	15	their	their	PRON
ijtc-1855	225	16	total	total	ADJ
ijtc-1855	225	17	assets	asset	NOUN
ijtc-1855	225	18	,	,	PUNCT
ijtc-1855	225	19	signaling	signal	VERB
ijtc-1855	225	20	potentially	potentially	ADV
ijtc-1855	225	21	risky	risky	ADJ
ijtc-1855	225	22	financial	financial	ADJ
ijtc-1855	225	23	conditions	condition	NOUN
ijtc-1855	225	24	.	.	PUNCT
ijtc-1855	226	1	the	the	DET
ijtc-1855	226	2	average	average	ADJ
ijtc-1855	226	3	lev	lev	NOUN
ijtc-1855	226	4	of	of	ADP
ijtc-1855	226	5	0.46	0.46	NUM
ijtc-1855	226	6	means	mean	VERB
ijtc-1855	226	7	that	that	SCONJ
ijtc-1855	226	8	,	,	PUNCT
ijtc-1855	226	9	on	on	ADP
ijtc-1855	226	10	average	average	ADJ
ijtc-1855	226	11	,	,	PUNCT
ijtc-1855	226	12	46	46	NUM
ijtc-1855	226	13	%	%	NOUN
ijtc-1855	226	14	of	of	ADP
ijtc-1855	226	15	the	the	DET
ijtc-1855	226	16	assets	asset	NOUN
ijtc-1855	226	17	in	in	ADP
ijtc-1855	226	18	the	the	DET
ijtc-1855	226	19	sample	sample	NOUN
ijtc-1855	226	20	firms	firm	NOUN
ijtc-1855	226	21	are	be	AUX
ijtc-1855	226	22	financed	finance	VERB
ijtc-1855	226	23	through	through	ADP
ijtc-1855	226	24	debt	debt	NOUN
ijtc-1855	226	25	.	.	PUNCT
ijtc-1855	227	1	a	a	DET
ijtc-1855	227	2	standard	standard	ADJ
ijtc-1855	227	3	deviation	deviation	NOUN
ijtc-1855	227	4	of	of	ADP
ijtc-1855	227	5	0.3268	0.3268	NUM
ijtc-1855	227	6	shows	show	VERB
ijtc-1855	227	7	considerable	considerable	ADJ
ijtc-1855	227	8	variation	variation	NOUN
ijtc-1855	227	9	in	in	ADP
ijtc-1855	227	10	debt	debt	NOUN
ijtc-1855	227	11	usage	usage	NOUN
ijtc-1855	227	12	among	among	ADP
ijtc-1855	227	13	the	the	DET
ijtc-1855	227	14	companies	company	NOUN
ijtc-1855	227	15	.	.	PUNCT
ijtc-1855	228	1	fsize	fsize	NOUN
ijtc-1855	228	2	represents	represent	VERB
ijtc-1855	228	3	firm	firm	ADJ
ijtc-1855	228	4	size	size	NOUN
ijtc-1855	228	5	,	,	PUNCT
ijtc-1855	228	6	with	with	ADP
ijtc-1855	228	7	a	a	DET
ijtc-1855	228	8	minimum	minimum	ADJ
ijtc-1855	228	9	value	value	NOUN
ijtc-1855	228	10	of	of	ADP
ijtc-1855	228	11	23.31	23.31	NUM
ijtc-1855	228	12	and	and	CCONJ
ijtc-1855	228	13	a	a	DET
ijtc-1855	228	14	maximum	maximum	NOUN
ijtc-1855	228	15	of	of	ADP
ijtc-1855	228	16	33.66	33.66	NUM
ijtc-1855	228	17	,	,	PUNCT
ijtc-1855	228	18	reflecting	reflect	VERB
ijtc-1855	228	19	substantial	substantial	ADJ
ijtc-1855	228	20	differences	difference	NOUN
ijtc-1855	228	21	in	in	ADP
ijtc-1855	228	22	company	company	NOUN
ijtc-1855	228	23	size	size	NOUN
ijtc-1855	228	24	within	within	ADP
ijtc-1855	228	25	the	the	DET
ijtc-1855	228	26	sample	sample	NOUN
ijtc-1855	228	27	.	.	PUNCT
ijtc-1855	229	1	the	the	DET
ijtc-1855	229	2	average	average	ADJ
ijtc-1855	229	3	fsize	fsize	NOUN
ijtc-1855	229	4	of	of	ADP
ijtc-1855	229	5	28.52	28.52	NUM
ijtc-1855	229	6	suggests	suggest	VERB
ijtc-1855	229	7	that	that	SCONJ
ijtc-1855	229	8	most	most	ADJ
ijtc-1855	229	9	firms	firm	NOUN
ijtc-1855	229	10	are	be	AUX
ijtc-1855	229	11	medium	medium	ADJ
ijtc-1855	229	12	to	to	ADP
ijtc-1855	229	13	large	large	ADJ
ijtc-1855	229	14	in	in	ADP
ijtc-1855	229	15	scale	scale	NOUN
ijtc-1855	229	16	based	base	VERB
ijtc-1855	229	17	on	on	ADP
ijtc-1855	229	18	total	total	ADJ
ijtc-1855	229	19	assets	asset	NOUN
ijtc-1855	229	20	.	.	PUNCT
ijtc-1855	230	1	a	a	DET
ijtc-1855	230	2	standard	standard	ADJ
ijtc-1855	230	3	deviation	deviation	NOUN
ijtc-1855	230	4	of	of	ADP
ijtc-1855	230	5	1.67	1.67	NUM
ijtc-1855	230	6	indicates	indicate	VERB
ijtc-1855	230	7	moderate	moderate	ADJ
ijtc-1855	230	8	variation	variation	NOUN
ijtc-1855	230	9	in	in	ADP
ijtc-1855	230	10	firm	firm	ADJ
ijtc-1855	230	11	size	size	NOUN
ijtc-1855	230	12	,	,	PUNCT
ijtc-1855	230	13	though	though	SCONJ
ijtc-1855	230	14	the	the	DET
ijtc-1855	230	15	range	range	NOUN
ijtc-1855	230	16	remains	remain	VERB
ijtc-1855	230	17	relatively	relatively	ADV
ijtc-1855	230	18	stable	stable	ADJ
ijtc-1855	230	19	.	.	PUNCT
ijtc-1855	231	1	this	this	DET
ijtc-1855	231	2	variable	variable	NOUN
ijtc-1855	231	3	provides	provide	VERB
ijtc-1855	231	4	an	an	DET
ijtc-1855	231	5	overview	overview	NOUN
ijtc-1855	231	6	of	of	ADP
ijtc-1855	231	7	the	the	DET
ijtc-1855	231	8	scale	scale	NOUN
ijtc-1855	231	9	of	of	ADP
ijtc-1855	231	10	companies	company	NOUN
ijtc-1855	231	11	studied	study	VERB
ijtc-1855	231	12	.	.	PUNCT
ijtc-1855	232	1	loss	loss	NOUN
ijtc-1855	232	2	is	be	AUX
ijtc-1855	232	3	a	a	DET
ijtc-1855	232	4	dummy	dummy	ADJ
ijtc-1855	232	5	variable	variable	NOUN
ijtc-1855	232	6	coded	code	VERB
ijtc-1855	232	7	as	as	ADP
ijtc-1855	232	8	1	1	NUM
ijtc-1855	232	9	if	if	SCONJ
ijtc-1855	232	10	a	a	DET
ijtc-1855	232	11	company	company	NOUN
ijtc-1855	232	12	reports	report	VERB
ijtc-1855	232	13	a	a	DET
ijtc-1855	232	14	loss	loss	NOUN
ijtc-1855	232	15	and	and	CCONJ
ijtc-1855	232	16	0	0	NUM
ijtc-1855	232	17	if	if	SCONJ
ijtc-1855	232	18	it	it	PRON
ijtc-1855	232	19	reports	report	VERB
ijtc-1855	232	20	a	a	DET
ijtc-1855	232	21	profit	profit	NOUN
ijtc-1855	232	22	.	.	PUNCT
ijtc-1855	233	1	the	the	DET
ijtc-1855	233	2	minimum	minimum	ADJ
ijtc-1855	233	3	and	and	CCONJ
ijtc-1855	233	4	maximum	maximum	ADJ
ijtc-1855	233	5	values	value	NOUN
ijtc-1855	233	6	confirm	confirm	VERB
ijtc-1855	233	7	the	the	DET
ijtc-1855	233	8	binary	binary	ADJ
ijtc-1855	233	9	nature	nature	NOUN
ijtc-1855	233	10	of	of	ADP
ijtc-1855	233	11	this	this	DET
ijtc-1855	233	12	variable	variable	NOUN
ijtc-1855	233	13	.	.	PUNCT
ijtc-1855	234	1	an	an	DET
ijtc-1855	234	2	average	average	NOUN
ijtc-1855	234	3	of	of	ADP
ijtc-1855	234	4	0.22	0.22	NUM
ijtc-1855	234	5	indicates	indicate	VERB
ijtc-1855	234	6	that	that	SCONJ
ijtc-1855	234	7	22	22	NUM
ijtc-1855	234	8	%	%	NOUN
ijtc-1855	234	9	of	of	ADP
ijtc-1855	234	10	the	the	DET
ijtc-1855	234	11	firms	firm	NOUN
ijtc-1855	234	12	in	in	ADP
ijtc-1855	234	13	the	the	DET
ijtc-1855	234	14	sample	sample	NOUN
ijtc-1855	234	15	experienced	experience	VERB
ijtc-1855	234	16	losses	loss	NOUN
ijtc-1855	234	17	during	during	ADP
ijtc-1855	234	18	the	the	DET
ijtc-1855	234	19	observation	observation	NOUN
ijtc-1855	234	20	period	period	NOUN
ijtc-1855	234	21	,	,	PUNCT
ijtc-1855	234	22	while	while	SCONJ
ijtc-1855	234	23	78	78	NUM
ijtc-1855	234	24	%	%	NOUN
ijtc-1855	234	25	reported	report	VERB
ijtc-1855	234	26	profits	profit	NOUN
ijtc-1855	234	27	.	.	PUNCT
ijtc-1855	235	1	the	the	DET
ijtc-1855	235	2	standard	standard	ADJ
ijtc-1855	235	3	deviation	deviation	NOUN
ijtc-1855	235	4	of	of	ADP
ijtc-1855	235	5	0.415	0.415	NUM
ijtc-1855	235	6	indicates	indicate	VERB
ijtc-1855	235	7	a	a	DET
ijtc-1855	235	8	typical	typical	ADJ
ijtc-1855	235	9	distribution	distribution	NOUN
ijtc-1855	235	10	for	for	ADP
ijtc-1855	235	11	a	a	DET
ijtc-1855	235	12	binary	binary	ADJ
ijtc-1855	235	13	variable	variable	NOUN
ijtc-1855	235	14	,	,	PUNCT
ijtc-1855	235	15	with	with	ADP
ijtc-1855	235	16	most	most	ADJ
ijtc-1855	235	17	firms	firm	NOUN
ijtc-1855	235	18	not	not	PART
ijtc-1855	235	19	incurring	incur	VERB
ijtc-1855	235	20	losses	loss	NOUN
ijtc-1855	235	21	.	.	PUNCT
ijtc-1855	236	1	the	the	DET
ijtc-1855	236	2	fage	fage	NOUN
ijtc-1855	236	3	represents	represent	VERB
ijtc-1855	236	4	the	the	DET
ijtc-1855	236	5	company	company	NOUN
ijtc-1855	236	6	's	's	PART
ijtc-1855	236	7	age	age	NOUN
ijtc-1855	236	8	in	in	ADP
ijtc-1855	236	9	years	year	NOUN
ijtc-1855	236	10	.	.	PUNCT
ijtc-1855	237	1	the	the	DET
ijtc-1855	237	2	minimum	minimum	ADJ
ijtc-1855	237	3	value	value	NOUN
ijtc-1855	237	4	of	of	ADP
ijtc-1855	237	5	7	7	NUM
ijtc-1855	237	6	years	year	NOUN
ijtc-1855	237	7	indicates	indicate	VERB
ijtc-1855	237	8	that	that	SCONJ
ijtc-1855	237	9	the	the	DET
ijtc-1855	237	10	youngest	young	ADJ
ijtc-1855	237	11	company	company	NOUN
ijtc-1855	237	12	in	in	ADP
ijtc-1855	237	13	the	the	DET
ijtc-1855	237	14	sample	sample	NOUN
ijtc-1855	237	15	has	have	AUX
ijtc-1855	237	16	been	be	AUX
ijtc-1855	237	17	in	in	ADP
ijtc-1855	237	18	operation	operation	NOUN
ijtc-1855	237	19	for	for	ADP
ijtc-1855	237	20	7	7	NUM
ijtc-1855	237	21	years	year	NOUN
ijtc-1855	237	22	,	,	PUNCT
ijtc-1855	237	23	while	while	SCONJ
ijtc-1855	237	24	the	the	DET
ijtc-1855	237	25	maximum	maximum	ADJ
ijtc-1855	237	26	value	value	NOUN
ijtc-1855	237	27	of	of	ADP
ijtc-1855	237	28	144	144	NUM
ijtc-1855	237	29	years	year	NOUN
ijtc-1855	237	30	indicates	indicate	VERB
ijtc-1855	237	31	the	the	DET
ijtc-1855	237	32	presence	presence	NOUN
ijtc-1855	237	33	of	of	ADP
ijtc-1855	237	34	a	a	DET
ijtc-1855	237	35	company	company	NOUN
ijtc-1855	237	36	that	that	PRON
ijtc-1855	237	37	has	have	AUX
ijtc-1855	237	38	been	be	AUX
ijtc-1855	237	39	in	in	ADP
ijtc-1855	237	40	business	business	NOUN
ijtc-1855	237	41	for	for	ADP
ijtc-1855	237	42	a	a	DET
ijtc-1855	237	43	very	very	ADV
ijtc-1855	237	44	long	long	ADJ
ijtc-1855	237	45	time	time	NOUN
ijtc-1855	237	46	.	.	PUNCT
ijtc-1855	238	1	the	the	DET
ijtc-1855	238	2	average	average	ADJ
ijtc-1855	238	3	age	age	NOUN
ijtc-1855	238	4	of	of	ADP
ijtc-1855	238	5	the	the	DET
ijtc-1855	238	6	companies	company	NOUN
ijtc-1855	238	7	in	in	ADP
ijtc-1855	238	8	the	the	DET
ijtc-1855	238	9	sample	sample	NOUN
ijtc-1855	238	10	is	be	AUX
ijtc-1855	238	11	44.5	44.5	NUM
ijtc-1855	238	12	years	year	NOUN
ijtc-1855	238	13	,	,	PUNCT
ijtc-1855	238	14	indicating	indicate	VERB
ijtc-1855	238	15	that	that	SCONJ
ijtc-1855	238	16	they	they	PRON
ijtc-1855	238	17	are	be	AUX
ijtc-1855	238	18	relatively	relatively	ADV
ijtc-1855	238	19	old	old	ADJ
ijtc-1855	238	20	and	and	CCONJ
ijtc-1855	238	21	experienced	experienced	ADJ
ijtc-1855	238	22	.	.	PUNCT
ijtc-1855	239	1	a	a	DET
ijtc-1855	239	2	standard	standard	ADJ
ijtc-1855	239	3	deviation	deviation	NOUN
ijtc-1855	239	4	of	of	ADP
ijtc-1855	239	5	22.75	22.75	NUM
ijtc-1855	239	6	indicates	indicate	VERB
ijtc-1855	239	7	a	a	DET
ijtc-1855	239	8	wide	wide	ADJ
ijtc-1855	239	9	range	range	NOUN
ijtc-1855	239	10	of	of	ADP
ijtc-1855	239	11	company	company	NOUN
ijtc-1855	239	12	ages	age	NOUN
ijtc-1855	239	13	,	,	PUNCT
ijtc-1855	239	14	from	from	ADP
ijtc-1855	239	15	relatively	relatively	ADV
ijtc-1855	239	16	new	new	ADJ
ijtc-1855	239	17	to	to	ADP
ijtc-1855	239	18	highly	highly	ADV
ijtc-1855	239	19	established	establish	VERB
ijtc-1855	239	20	businesses	business	NOUN
ijtc-1855	239	21	.	.	PUNCT
ijtc-1855	240	1	this	this	DET
ijtc-1855	240	2	age	age	NOUN
ijtc-1855	240	3	difference	difference	NOUN
ijtc-1855	240	4	can	can	AUX
ijtc-1855	240	5	have	have	VERB
ijtc-1855	240	6	an	an	DET
ijtc-1855	240	7	impact	impact	NOUN
ijtc-1855	240	8	on	on	ADP
ijtc-1855	240	9	firms	firm	NOUN
ijtc-1855	240	10	'	'	PART
ijtc-1855	240	11	strategies	strategy	NOUN
ijtc-1855	240	12	,	,	PUNCT
ijtc-1855	240	13	stability	stability	NOUN
ijtc-1855	240	14	,	,	PUNCT
ijtc-1855	240	15	and	and	CCONJ
ijtc-1855	240	16	competitiveness	competitiveness	NOUN
ijtc-1855	240	17	in	in	ADP
ijtc-1855	240	18	conducting	conduct	VERB
ijtc-1855	240	19	business	business	NOUN
ijtc-1855	240	20	.	.	PUNCT
ijtc-1855	241	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	241	2	the	the	DET
ijtc-1855	241	3	influence	influence	NOUN
ijtc-1855	241	4	of	of	ADP
ijtc-1855	241	5	politically	politically	ADV
ijtc-1855	241	6	connected	connect	VERB
ijtc-1855	241	7	board	board	NOUN
ijtc-1855	241	8	of	of	ADP
ijtc-1855	241	9	directors	director	NOUN
ijtc-1855	241	10	on	on	ADP
ijtc-1855	241	11	firm	firm	ADJ
ijtc-1855	241	12	value	value	NOUN
ijtc-1855	241	13	with	with	ADP
ijtc-1855	241	14	business	business	NOUN
ijtc-1855	241	15	groups	group	NOUN
ijtc-1855	241	16	as	as	ADP
ijtc-1855	241	17	a	a	DET
ijtc-1855	241	18	moderating	moderate	VERB
ijtc-1855	241	19	variable	variable	NOUN
ijtc-1855	241	20	muhammad	muhammad	PROPN
ijtc-1855	241	21	fasha	fasha	PROPN
ijtc-1855	241	22	radya1	radya1	PROPN
ijtc-1855	241	23	.	.	PROPN
ijtc-1855	241	24	,	,	PUNCT
ijtc-1855	241	25	eddy	eddy	PROPN
ijtc-1855	241	26	suranta2	suranta2	PROPN
ijtc-1855	241	27	159|ilomata	159|ilomata	NUM
ijtc-1855	241	28	international	international	ADJ
ijtc-1855	241	29	journal	journal	NOUN
ijtc-1855	241	30	of	of	ADP
ijtc-1855	241	31	social	social	ADJ
ijtc-1855	241	32	science	science	NOUN
ijtc-1855	241	33	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	241	34	hypothesis	hypothesis	NOUN
ijtc-1855	241	35	test	test	NOUN
ijtc-1855	241	36	first	first	ADJ
ijtc-1855	241	37	hypothesis	hypothesis	NOUN
ijtc-1855	241	38	to	to	PART
ijtc-1855	241	39	examine	examine	VERB
ijtc-1855	241	40	the	the	DET
ijtc-1855	241	41	effect	effect	NOUN
ijtc-1855	241	42	of	of	ADP
ijtc-1855	241	43	political	political	ADJ
ijtc-1855	241	44	connections	connection	NOUN
ijtc-1855	241	45	within	within	ADP
ijtc-1855	241	46	the	the	DET
ijtc-1855	241	47	board	board	NOUN
ijtc-1855	241	48	of	of	ADP
ijtc-1855	241	49	directors	director	NOUN
ijtc-1855	241	50	on	on	ADP
ijtc-1855	241	51	firm	firm	ADJ
ijtc-1855	241	52	value	value	NOUN
ijtc-1855	241	53	,	,	PUNCT
ijtc-1855	241	54	this	this	DET
ijtc-1855	241	55	study	study	NOUN
ijtc-1855	241	56	employs	employ	VERB
ijtc-1855	241	57	multiple	multiple	ADJ
ijtc-1855	241	58	linear	linear	ADJ
ijtc-1855	241	59	regression	regression	NOUN
ijtc-1855	241	60	analysis	analysis	NOUN
ijtc-1855	241	61	.	.	PUNCT
ijtc-1855	242	1	tobin	tobin	PROPN
ijtc-1855	242	2	’s	’s	PART
ijtc-1855	242	3	q	q	PROPN
ijtc-1855	242	4	serves	serve	VERB
ijtc-1855	242	5	as	as	ADP
ijtc-1855	242	6	the	the	DET
ijtc-1855	242	7	dependent	dependent	ADJ
ijtc-1855	242	8	variable	variable	NOUN
ijtc-1855	242	9	,	,	PUNCT
ijtc-1855	242	10	acting	act	VERB
ijtc-1855	242	11	as	as	ADP
ijtc-1855	242	12	a	a	DET
ijtc-1855	242	13	proxy	proxy	NOUN
ijtc-1855	242	14	for	for	ADP
ijtc-1855	242	15	firm	firm	ADJ
ijtc-1855	242	16	value	value	NOUN
ijtc-1855	242	17	.	.	PUNCT
ijtc-1855	243	1	the	the	DET
ijtc-1855	243	2	independent	independent	ADJ
ijtc-1855	243	3	variables	variable	NOUN
ijtc-1855	243	4	representing	represent	VERB
ijtc-1855	243	5	political	political	ADJ
ijtc-1855	243	6	connections	connection	NOUN
ijtc-1855	243	7	include	include	VERB
ijtc-1855	243	8	two	two	NUM
ijtc-1855	243	9	indicators	indicator	NOUN
ijtc-1855	243	10	:	:	PUNCT
ijtc-1855	243	11	pcbod	pcbod	NOUN
ijtc-1855	243	12	and	and	CCONJ
ijtc-1855	243	13	pcbod²	pcbod²	NOUN
ijtc-1855	243	14	.	.	PUNCT
ijtc-1855	244	1	additionally	additionally	ADV
ijtc-1855	244	2	,	,	PUNCT
ijtc-1855	244	3	control	control	NOUN
ijtc-1855	244	4	variables	variable	NOUN
ijtc-1855	244	5	such	such	ADJ
ijtc-1855	244	6	as	as	ADP
ijtc-1855	244	7	leverage	leverage	NOUN
ijtc-1855	244	8	(	(	PUNCT
ijtc-1855	244	9	lev	lev	NOUN
ijtc-1855	244	10	)	)	PUNCT
ijtc-1855	244	11	,	,	PUNCT
ijtc-1855	244	12	firm	firm	ADJ
ijtc-1855	244	13	size	size	NOUN
ijtc-1855	244	14	(	(	PUNCT
ijtc-1855	244	15	fsize	fsize	NOUN
ijtc-1855	244	16	)	)	PUNCT
ijtc-1855	244	17	,	,	PUNCT
ijtc-1855	244	18	prior	prior	ADJ
ijtc-1855	244	19	losses	loss	NOUN
ijtc-1855	244	20	(	(	PUNCT
ijtc-1855	244	21	loss	loss	NOUN
ijtc-1855	244	22	)	)	PUNCT
ijtc-1855	244	23	,	,	PUNCT
ijtc-1855	244	24	and	and	CCONJ
ijtc-1855	244	25	firm	firm	ADJ
ijtc-1855	244	26	age	age	NOUN
ijtc-1855	244	27	(	(	PUNCT
ijtc-1855	244	28	fage	fage	NOUN
ijtc-1855	244	29	)	)	PUNCT
ijtc-1855	244	30	are	be	AUX
ijtc-1855	244	31	incorporated	incorporate	VERB
ijtc-1855	244	32	into	into	ADP
ijtc-1855	244	33	the	the	DET
ijtc-1855	244	34	model	model	NOUN
ijtc-1855	244	35	to	to	PART
ijtc-1855	244	36	account	account	VERB
ijtc-1855	244	37	for	for	ADP
ijtc-1855	244	38	other	other	ADJ
ijtc-1855	244	39	factors	factor	NOUN
ijtc-1855	244	40	influencing	influence	VERB
ijtc-1855	244	41	firm	firm	ADJ
ijtc-1855	244	42	value	value	NOUN
ijtc-1855	244	43	.	.	PUNCT
ijtc-1855	245	1	table	table	NOUN
ijtc-1855	245	2	6	6	NUM
ijtc-1855	245	3	.	.	PUNCT
ijtc-1855	246	1	political	political	ADJ
ijtc-1855	246	2	connections	connection	NOUN
ijtc-1855	246	3	of	of	ADP
ijtc-1855	246	4	the	the	DET
ijtc-1855	246	5	board	board	NOUN
ijtc-1855	246	6	of	of	ADP
ijtc-1855	246	7	directors	director	NOUN
ijtc-1855	246	8	affect	affect	VERB
ijtc-1855	246	9	firm	firm	ADJ
ijtc-1855	246	10	value	value	NOUN
ijtc-1855	246	11	.	.	PUNCT
ijtc-1855	247	1	model	model	PROPN
ijtc-1855	247	2	coefficient	coefficient	PROPN
ijtc-1855	247	3	t	t	PROPN
ijtc-1855	247	4	sig	sig	PROPN
ijtc-1855	247	5	.	.	PUNCT
ijtc-1855	248	1	pcbod	pcbod	PROPN
ijtc-1855	248	2	-0.867	-0.867	NUM
ijtc-1855	248	3	-0.805	-0.805	NOUN
ijtc-1855	248	4	0.421	0.421	NUM
ijtc-1855	248	5	pcbod2	pcbod2	NOUN
ijtc-1855	248	6	2.188	2.188	NUM
ijtc-1855	248	7	1.622	1.622	NUM
ijtc-1855	248	8	0.106	0.106	NUM
ijtc-1855	248	9	lev	lev	NOUN
ijtc-1855	248	10	1.018	1.018	NUM
ijtc-1855	248	11	3.332	3.332	NUM
ijtc-1855	248	12	0.001	0.001	NUM
ijtc-1855	248	13	fsize	fsize	NOUN
ijtc-1855	248	14	-0.019	-0.019	PUNCT
ijtc-1855	248	15	-0.284	-0.284	ADP
ijtc-1855	248	16	0.777	0.777	NUM
ijtc-1855	248	17	loss	loss	NOUN
ijtc-1855	248	18	-0.298	-0.298	SYM
ijtc-1855	248	19	-1.567	-1.567	NUM
ijtc-1855	248	20	0.118	0.118	NUM
ijtc-1855	248	21	fage	fage	NOUN
ijtc-1855	248	22	0.024	0.024	NUM
ijtc-1855	248	23	4.480	4.480	NUM
ijtc-1855	248	24	0.000	0.000	NUM
ijtc-1855	248	25	based	base	VERB
ijtc-1855	248	26	on	on	ADP
ijtc-1855	248	27	the	the	DET
ijtc-1855	248	28	table	table	NOUN
ijtc-1855	248	29	above	above	ADV
ijtc-1855	248	30	,	,	PUNCT
ijtc-1855	248	31	hypothesis	hypothesis	NOUN
ijtc-1855	248	32	testing	testing	NOUN
ijtc-1855	248	33	was	be	AUX
ijtc-1855	248	34	conducted	conduct	VERB
ijtc-1855	248	35	to	to	PART
ijtc-1855	248	36	determine	determine	VERB
ijtc-1855	248	37	whether	whether	SCONJ
ijtc-1855	248	38	political	political	ADJ
ijtc-1855	248	39	connections	connection	NOUN
ijtc-1855	248	40	among	among	ADP
ijtc-1855	248	41	board	board	NOUN
ijtc-1855	248	42	members	member	NOUN
ijtc-1855	248	43	influence	influence	VERB
ijtc-1855	248	44	firm	firm	ADJ
ijtc-1855	248	45	value	value	NOUN
ijtc-1855	248	46	.	.	PUNCT
ijtc-1855	249	1	this	this	DET
ijtc-1855	249	2	study	study	NOUN
ijtc-1855	249	3	measures	measure	VERB
ijtc-1855	249	4	political	political	ADJ
ijtc-1855	249	5	connections	connection	NOUN
ijtc-1855	249	6	through	through	ADP
ijtc-1855	249	7	two	two	NUM
ijtc-1855	249	8	variables	variable	NOUN
ijtc-1855	249	9	:	:	PUNCT
ijtc-1855	249	10	pcbod	pcbod	NOUN
ijtc-1855	249	11	and	and	CCONJ
ijtc-1855	249	12	pcbod2	pcbod2	NOUN
ijtc-1855	249	13	.	.	PUNCT
ijtc-1855	250	1	the	the	DET
ijtc-1855	250	2	regression	regression	NOUN
ijtc-1855	250	3	analysis	analysis	NOUN
ijtc-1855	250	4	reveals	reveal	VERB
ijtc-1855	250	5	that	that	SCONJ
ijtc-1855	250	6	political	political	ADJ
ijtc-1855	250	7	connections	connection	NOUN
ijtc-1855	250	8	(	(	PUNCT
ijtc-1855	250	9	pcbod	pcbod	NOUN
ijtc-1855	250	10	)	)	PUNCT
ijtc-1855	250	11	have	have	VERB
ijtc-1855	250	12	a	a	DET
ijtc-1855	250	13	negative	negative	ADJ
ijtc-1855	250	14	but	but	CCONJ
ijtc-1855	250	15	statistically	statistically	ADV
ijtc-1855	250	16	insignificant	insignificant	ADJ
ijtc-1855	250	17	effect	effect	NOUN
ijtc-1855	250	18	on	on	ADP
ijtc-1855	250	19	firm	firm	ADJ
ijtc-1855	250	20	value	value	NOUN
ijtc-1855	250	21	(	(	PUNCT
ijtc-1855	250	22	p	p	NOUN
ijtc-1855	250	23	=	=	NOUN
ijtc-1855	250	24	0.421	0.421	NUM
ijtc-1855	250	25	)	)	PUNCT
ijtc-1855	250	26	.	.	PUNCT
ijtc-1855	251	1	similarly	similarly	ADV
ijtc-1855	251	2	,	,	PUNCT
ijtc-1855	251	3	the	the	DET
ijtc-1855	251	4	squared	squared	ADJ
ijtc-1855	251	5	term	term	NOUN
ijtc-1855	251	6	pcbod²	pcbod²	NOUN
ijtc-1855	251	7	is	be	AUX
ijtc-1855	251	8	not	not	PART
ijtc-1855	251	9	significant	significant	ADJ
ijtc-1855	251	10	(	(	PUNCT
ijtc-1855	251	11	p	p	X
ijtc-1855	251	12	=	=	NOUN
ijtc-1855	251	13	0.106	0.106	NUM
ijtc-1855	251	14	)	)	PUNCT
ijtc-1855	251	15	,	,	PUNCT
ijtc-1855	251	16	suggesting	suggest	VERB
ijtc-1855	251	17	no	no	DET
ijtc-1855	251	18	clear	clear	ADJ
ijtc-1855	251	19	nonlinear	nonlinear	ADJ
ijtc-1855	251	20	pattern	pattern	NOUN
ijtc-1855	251	21	.	.	PUNCT
ijtc-1855	252	1	these	these	DET
ijtc-1855	252	2	findings	finding	NOUN
ijtc-1855	252	3	indicate	indicate	VERB
ijtc-1855	252	4	that	that	SCONJ
ijtc-1855	252	5	political	political	ADJ
ijtc-1855	252	6	connections	connection	NOUN
ijtc-1855	252	7	,	,	PUNCT
ijtc-1855	252	8	when	when	SCONJ
ijtc-1855	252	9	considered	consider	VERB
ijtc-1855	252	10	in	in	ADP
ijtc-1855	252	11	isolation	isolation	NOUN
ijtc-1855	252	12	,	,	PUNCT
ijtc-1855	252	13	do	do	AUX
ijtc-1855	252	14	not	not	PART
ijtc-1855	252	15	enhance	enhance	VERB
ijtc-1855	252	16	firm	firm	ADJ
ijtc-1855	252	17	value	value	NOUN
ijtc-1855	252	18	.	.	PUNCT
ijtc-1855	253	1	from	from	ADP
ijtc-1855	253	2	an	an	DET
ijtc-1855	253	3	agency	agency	NOUN
ijtc-1855	253	4	theory	theory	NOUN
ijtc-1855	253	5	perspective	perspective	NOUN
ijtc-1855	253	6	,	,	PUNCT
ijtc-1855	253	7	this	this	PRON
ijtc-1855	253	8	supports	support	VERB
ijtc-1855	253	9	the	the	DET
ijtc-1855	253	10	notion	notion	NOUN
ijtc-1855	253	11	that	that	SCONJ
ijtc-1855	253	12	political	political	ADJ
ijtc-1855	253	13	ties	tie	NOUN
ijtc-1855	253	14	can	can	AUX
ijtc-1855	253	15	introduce	introduce	VERB
ijtc-1855	253	16	agency	agency	NOUN
ijtc-1855	253	17	costs	cost	NOUN
ijtc-1855	253	18	if	if	SCONJ
ijtc-1855	253	19	exploited	exploit	VERB
ijtc-1855	253	20	for	for	ADP
ijtc-1855	253	21	managerial	managerial	ADJ
ijtc-1855	253	22	or	or	CCONJ
ijtc-1855	253	23	personal	personal	ADJ
ijtc-1855	253	24	gain	gain	NOUN
ijtc-1855	253	25	rather	rather	ADV
ijtc-1855	253	26	than	than	ADP
ijtc-1855	253	27	shareholder	shareholder	NOUN
ijtc-1855	253	28	interest	interest	NOUN
ijtc-1855	253	29	(	(	PUNCT
ijtc-1855	253	30	fan	fan	NOUN
ijtc-1855	253	31	et	et	PROPN
ijtc-1855	253	32	al	al	PROPN
ijtc-1855	253	33	.	.	PROPN
ijtc-1855	253	34	,	,	PUNCT
ijtc-1855	253	35	2007	2007	NUM
ijtc-1855	253	36	;	;	PUNCT
ijtc-1855	253	37	jensen	jensen	PROPN
ijtc-1855	253	38	and	and	CCONJ
ijtc-1855	253	39	meckling	meckling	NOUN
ijtc-1855	253	40	,	,	PUNCT
ijtc-1855	253	41	1976	1976	NUM
ijtc-1855	253	42	)	)	PUNCT
ijtc-1855	253	43	.	.	PUNCT
ijtc-1855	254	1	these	these	DET
ijtc-1855	254	2	findings	finding	NOUN
ijtc-1855	254	3	reconcile	reconcile	VERB
ijtc-1855	254	4	conflicting	conflicting	ADJ
ijtc-1855	254	5	results	result	NOUN
ijtc-1855	254	6	in	in	ADP
ijtc-1855	254	7	previous	previous	ADJ
ijtc-1855	254	8	studies	study	NOUN
ijtc-1855	254	9	.	.	PUNCT
ijtc-1855	255	1	while	while	SCONJ
ijtc-1855	255	2	(	(	PUNCT
ijtc-1855	255	3	fisman	fisman	NOUN
ijtc-1855	255	4	,	,	PUNCT
ijtc-1855	255	5	2001	2001	NUM
ijtc-1855	255	6	)	)	PUNCT
ijtc-1855	255	7	reported	report	VERB
ijtc-1855	255	8	a	a	DET
ijtc-1855	255	9	negative	negative	ADJ
ijtc-1855	255	10	market	market	NOUN
ijtc-1855	255	11	response	response	NOUN
ijtc-1855	255	12	to	to	ADP
ijtc-1855	255	13	political	political	ADJ
ijtc-1855	255	14	ties	tie	NOUN
ijtc-1855	255	15	in	in	ADP
ijtc-1855	255	16	indonesia	indonesia	PROPN
ijtc-1855	255	17	,	,	PUNCT
ijtc-1855	255	18	(	(	PUNCT
ijtc-1855	255	19	maulana	maulana	PROPN
ijtc-1855	255	20	,	,	PUNCT
ijtc-1855	255	21	2019	2019	NUM
ijtc-1855	255	22	;	;	PUNCT
ijtc-1855	255	23	wu	wu	PROPN
ijtc-1855	255	24	et	et	PROPN
ijtc-1855	255	25	al	al	PROPN
ijtc-1855	255	26	.	.	PROPN
ijtc-1855	255	27	,	,	PUNCT
ijtc-1855	255	28	2012	2012	NUM
ijtc-1855	255	29	)	)	PUNCT
ijtc-1855	255	30	documented	document	VERB
ijtc-1855	255	31	their	their	PRON
ijtc-1855	255	32	benefits	benefit	NOUN
ijtc-1855	255	33	in	in	ADP
ijtc-1855	255	34	specific	specific	ADJ
ijtc-1855	255	35	contexts	contexts	NOUN
ijtc-1855	255	36	.	.	PUNCT
ijtc-1855	256	1	our	our	PRON
ijtc-1855	256	2	results	result	NOUN
ijtc-1855	256	3	bridge	bridge	VERB
ijtc-1855	256	4	this	this	DET
ijtc-1855	256	5	gap	gap	NOUN
ijtc-1855	256	6	by	by	ADP
ijtc-1855	256	7	demonstrating	demonstrate	VERB
ijtc-1855	256	8	that	that	SCONJ
ijtc-1855	256	9	political	political	ADJ
ijtc-1855	256	10	connections	connection	NOUN
ijtc-1855	256	11	require	require	VERB
ijtc-1855	256	12	institutional	institutional	ADJ
ijtc-1855	256	13	support	support	NOUN
ijtc-1855	256	14	like	like	ADP
ijtc-1855	256	15	business	business	NOUN
ijtc-1855	256	16	groups	group	NOUN
ijtc-1855	256	17	to	to	PART
ijtc-1855	256	18	deliver	deliver	VERB
ijtc-1855	256	19	value	value	NOUN
ijtc-1855	256	20	.	.	PUNCT
ijtc-1855	257	1	consequently	consequently	ADV
ijtc-1855	257	2	,	,	PUNCT
ijtc-1855	257	3	firms	firm	NOUN
ijtc-1855	257	4	must	must	AUX
ijtc-1855	257	5	ensure	ensure	VERB
ijtc-1855	257	6	their	their	PRON
ijtc-1855	257	7	political	political	ADJ
ijtc-1855	257	8	connections	connection	NOUN
ijtc-1855	257	9	are	be	AUX
ijtc-1855	257	10	substantive	substantive	ADJ
ijtc-1855	257	11	and	and	CCONJ
ijtc-1855	257	12	support	support	VERB
ijtc-1855	257	13	long	long	ADJ
ijtc-1855	257	14	-	-	PUNCT
ijtc-1855	257	15	term	term	NOUN
ijtc-1855	257	16	value	value	NOUN
ijtc-1855	257	17	creation	creation	NOUN
ijtc-1855	257	18	.	.	PUNCT
ijtc-1855	258	1	this	this	DET
ijtc-1855	258	2	perspective	perspective	NOUN
ijtc-1855	258	3	is	be	AUX
ijtc-1855	258	4	consistent	consistent	ADJ
ijtc-1855	258	5	with	with	ADP
ijtc-1855	258	6	prior	prior	ADJ
ijtc-1855	258	7	research	research	NOUN
ijtc-1855	258	8	(	(	PUNCT
ijtc-1855	258	9	fan	fan	NOUN
ijtc-1855	258	10	et	et	PROPN
ijtc-1855	258	11	al	al	PROPN
ijtc-1855	258	12	.	.	PROPN
ijtc-1855	258	13	,	,	PUNCT
ijtc-1855	258	14	2007	2007	NUM
ijtc-1855	258	15	)	)	PUNCT
ijtc-1855	258	16	,	,	PUNCT
ijtc-1855	258	17	which	which	PRON
ijtc-1855	258	18	indicates	indicate	VERB
ijtc-1855	258	19	that	that	SCONJ
ijtc-1855	258	20	political	political	ADJ
ijtc-1855	258	21	connections	connection	NOUN
ijtc-1855	258	22	may	may	AUX
ijtc-1855	258	23	instead	instead	ADV
ijtc-1855	258	24	increase	increase	VERB
ijtc-1855	258	25	agency	agency	NOUN
ijtc-1855	258	26	costs	cost	NOUN
ijtc-1855	258	27	and	and	CCONJ
ijtc-1855	258	28	reduce	reduce	VERB
ijtc-1855	258	29	corporate	corporate	ADJ
ijtc-1855	258	30	efficiency	efficiency	NOUN
ijtc-1855	258	31	.	.	PUNCT
ijtc-1855	259	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	259	2	the	the	DET
ijtc-1855	259	3	influence	influence	NOUN
ijtc-1855	259	4	of	of	ADP
ijtc-1855	259	5	politically	politically	ADV
ijtc-1855	259	6	connected	connect	VERB
ijtc-1855	259	7	board	board	NOUN
ijtc-1855	259	8	of	of	ADP
ijtc-1855	259	9	directors	director	NOUN
ijtc-1855	259	10	on	on	ADP
ijtc-1855	259	11	firm	firm	ADJ
ijtc-1855	259	12	value	value	NOUN
ijtc-1855	259	13	with	with	ADP
ijtc-1855	259	14	business	business	NOUN
ijtc-1855	259	15	groups	group	NOUN
ijtc-1855	259	16	as	as	ADP
ijtc-1855	259	17	a	a	DET
ijtc-1855	259	18	moderating	moderate	VERB
ijtc-1855	259	19	variable	variable	NOUN
ijtc-1855	259	20	muhammad	muhammad	PROPN
ijtc-1855	259	21	fasha	fasha	PROPN
ijtc-1855	259	22	radya1	radya1	PROPN
ijtc-1855	259	23	.	.	PROPN
ijtc-1855	259	24	,	,	PUNCT
ijtc-1855	259	25	eddy	eddy	PROPN
ijtc-1855	259	26	suranta2	suranta2	PROPN
ijtc-1855	259	27	160|ilomata	160|ilomata	NUM
ijtc-1855	259	28	international	international	ADJ
ijtc-1855	259	29	journal	journal	NOUN
ijtc-1855	259	30	of	of	ADP
ijtc-1855	259	31	social	social	ADJ
ijtc-1855	259	32	science	science	NOUN
ijtc-1855	259	33	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	259	34	second	second	ADJ
ijtc-1855	259	35	hypothesis	hypothesis	NOUN
ijtc-1855	259	36	table	table	NOUN
ijtc-1855	259	37	7	7	NUM
ijtc-1855	259	38	.	.	PUNCT
ijtc-1855	259	39	business	business	NOUN
ijtc-1855	259	40	groups	group	NOUN
ijtc-1855	259	41	moderate	moderate	VERB
ijtc-1855	259	42	the	the	DET
ijtc-1855	259	43	effect	effect	NOUN
ijtc-1855	259	44	of	of	ADP
ijtc-1855	259	45	political	political	ADJ
ijtc-1855	259	46	connections	connection	NOUN
ijtc-1855	259	47	of	of	ADP
ijtc-1855	259	48	boards	board	NOUN
ijtc-1855	259	49	of	of	ADP
ijtc-1855	259	50	directors	director	NOUN
ijtc-1855	259	51	on	on	ADP
ijtc-1855	259	52	firm	firm	ADJ
ijtc-1855	259	53	value	value	NOUN
ijtc-1855	259	54	variable	variable	ADJ
ijtc-1855	259	55	coefficient	coefficient	NOUN
ijtc-1855	259	56	t	t	PROPN
ijtc-1855	259	57	sig	sig	PROPN
ijtc-1855	259	58	.	.	PUNCT
ijtc-1855	260	1	pcbod	pcbod	PROPN
ijtc-1855	260	2	-0.965	-0.965	X
ijtc-1855	260	3	-0.734	-0.734	X
ijtc-1855	260	4	0.463	0.463	NUM
ijtc-1855	260	5	pcbod2	pcbod2	NOUN
ijtc-1855	260	6	2.300	2.300	NUM
ijtc-1855	260	7	1.419	1.419	NUM
ijtc-1855	260	8	0.157	0.157	NUM
ijtc-1855	260	9	pcbod_bg	pcbod_bg	NOUN
ijtc-1855	260	10	8.862	8.862	NUM
ijtc-1855	260	11	2.790	2.790	NUM
ijtc-1855	260	12	0.006	0.006	NUM
ijtc-1855	260	13	pcbod2_bg	pcbod2_bg	ADP
ijtc-1855	260	14	-14.200	-14.200	PROPN
ijtc-1855	260	15	-2.726	-2.726	NUM
ijtc-1855	260	16	0.007	0.007	NUM
ijtc-1855	260	17	lev	lev	NOUN
ijtc-1855	260	18	0.556	0.556	NUM
ijtc-1855	260	19	1.642	1.642	NUM
ijtc-1855	260	20	0.102	0.102	NUM
ijtc-1855	260	21	fsize	fsize	NOUN
ijtc-1855	260	22	-0.024	-0.024	PUNCT
ijtc-1855	260	23	-0.338	-0.338	NUM
ijtc-1855	260	24	0.735	0.735	NUM
ijtc-1855	260	25	loss	loss	NOUN
ijtc-1855	260	26	-0.437	-0.437	X
ijtc-1855	260	27	-1.986	-1.986	PUNCT
ijtc-1855	260	28	0.048	0.048	NUM
ijtc-1855	260	29	fage	fage	NOUN
ijtc-1855	260	30	0.015	0.015	NUM
ijtc-1855	260	31	2.901	2.901	NUM
ijtc-1855	260	32	0.004	0.004	NUM
ijtc-1855	260	33	regression	regression	NOUN
ijtc-1855	260	34	analysis	analysis	NOUN
ijtc-1855	260	35	shows	show	VERB
ijtc-1855	260	36	that	that	SCONJ
ijtc-1855	260	37	the	the	DET
ijtc-1855	260	38	effects	effect	NOUN
ijtc-1855	260	39	of	of	ADP
ijtc-1855	260	40	political	political	ADJ
ijtc-1855	260	41	connections	connection	NOUN
ijtc-1855	260	42	become	become	VERB
ijtc-1855	260	43	significant	significant	ADJ
ijtc-1855	260	44	when	when	SCONJ
ijtc-1855	260	45	moderated	moderate	VERB
ijtc-1855	260	46	by	by	ADP
ijtc-1855	260	47	business	business	NOUN
ijtc-1855	260	48	groups	group	NOUN
ijtc-1855	260	49	.	.	PUNCT
ijtc-1855	261	1	the	the	DET
ijtc-1855	261	2	variables	variables	PROPN
ijtc-1855	261	3	pcbod_bg	pcbod_bg	PROPN
ijtc-1855	261	4	and	and	CCONJ
ijtc-1855	261	5	pcbod2_bg	pcbod2_bg	PROPN
ijtc-1855	261	6	show	show	NOUN
ijtc-1855	261	7	significance	significance	NOUN
ijtc-1855	261	8	levels	level	NOUN
ijtc-1855	261	9	of	of	ADP
ijtc-1855	261	10	0.006	0.006	NUM
ijtc-1855	261	11	and	and	CCONJ
ijtc-1855	261	12	0.007	0.007	NUM
ijtc-1855	261	13	,	,	PUNCT
ijtc-1855	261	14	respectively	respectively	ADV
ijtc-1855	261	15	,	,	PUNCT
ijtc-1855	261	16	suggesting	suggest	VERB
ijtc-1855	261	17	that	that	SCONJ
ijtc-1855	261	18	political	political	ADJ
ijtc-1855	261	19	connections	connection	NOUN
ijtc-1855	261	20	held	hold	VERB
ijtc-1855	261	21	by	by	ADP
ijtc-1855	261	22	the	the	DET
ijtc-1855	261	23	board	board	NOUN
ijtc-1855	261	24	of	of	ADP
ijtc-1855	261	25	directors	director	NOUN
ijtc-1855	261	26	significantly	significantly	ADV
ijtc-1855	261	27	enhance	enhance	VERB
ijtc-1855	261	28	firm	firm	ADJ
ijtc-1855	261	29	value	value	NOUN
ijtc-1855	261	30	when	when	SCONJ
ijtc-1855	261	31	combined	combine	VERB
ijtc-1855	261	32	with	with	ADP
ijtc-1855	261	33	business	business	NOUN
ijtc-1855	261	34	group	group	NOUN
ijtc-1855	261	35	affiliation	affiliation	NOUN
ijtc-1855	261	36	.	.	PUNCT
ijtc-1855	262	1	these	these	DET
ijtc-1855	262	2	findings	finding	NOUN
ijtc-1855	262	3	can	can	AUX
ijtc-1855	262	4	be	be	AUX
ijtc-1855	262	5	explained	explain	VERB
ijtc-1855	262	6	through	through	ADP
ijtc-1855	262	7	agency	agency	NOUN
ijtc-1855	262	8	theory	theory	NOUN
ijtc-1855	262	9	,	,	PUNCT
ijtc-1855	262	10	business	business	NOUN
ijtc-1855	262	11	groups	group	NOUN
ijtc-1855	262	12	internally	internally	ADV
ijtc-1855	262	13	monitor	monitor	VERB
ijtc-1855	262	14	and	and	CCONJ
ijtc-1855	262	15	reduce	reduce	VERB
ijtc-1855	262	16	conflicts	conflict	NOUN
ijtc-1855	262	17	between	between	ADP
ijtc-1855	262	18	management	management	NOUN
ijtc-1855	262	19	and	and	CCONJ
ijtc-1855	262	20	shareholders	shareholder	NOUN
ijtc-1855	262	21	.	.	PUNCT
ijtc-1855	263	1	when	when	SCONJ
ijtc-1855	263	2	politically	politically	ADV
ijtc-1855	263	3	connected	connected	ADJ
ijtc-1855	263	4	boards	board	NOUN
ijtc-1855	263	5	are	be	AUX
ijtc-1855	263	6	controlled	control	VERB
ijtc-1855	263	7	by	by	ADP
ijtc-1855	263	8	founding	found	VERB
ijtc-1855	263	9	families	family	NOUN
ijtc-1855	263	10	,	,	PUNCT
ijtc-1855	263	11	such	such	ADJ
ijtc-1855	263	12	connections	connection	NOUN
ijtc-1855	263	13	may	may	AUX
ijtc-1855	263	14	be	be	AUX
ijtc-1855	263	15	leveraged	leverage	VERB
ijtc-1855	263	16	efficiently	efficiently	ADV
ijtc-1855	263	17	for	for	ADP
ijtc-1855	263	18	strategic	strategic	ADJ
ijtc-1855	263	19	corporate	corporate	ADJ
ijtc-1855	263	20	objectives	objective	NOUN
ijtc-1855	263	21	.	.	PUNCT
ijtc-1855	264	1	however	however	ADV
ijtc-1855	264	2	,	,	PUNCT
ijtc-1855	264	3	excessive	excessive	ADJ
ijtc-1855	264	4	or	or	CCONJ
ijtc-1855	264	5	disproportionate	disproportionate	ADJ
ijtc-1855	264	6	exploitation	exploitation	NOUN
ijtc-1855	264	7	of	of	ADP
ijtc-1855	264	8	political	political	ADJ
ijtc-1855	264	9	connections	connection	NOUN
ijtc-1855	264	10	by	by	ADP
ijtc-1855	264	11	a	a	DET
ijtc-1855	264	12	dominant	dominant	ADJ
ijtc-1855	264	13	family	family	NOUN
ijtc-1855	264	14	risks	risk	NOUN
ijtc-1855	264	15	generating	generate	VERB
ijtc-1855	264	16	new	new	ADJ
ijtc-1855	264	17	agency	agency	NOUN
ijtc-1855	264	18	costs	cost	NOUN
ijtc-1855	264	19	,	,	PUNCT
ijtc-1855	264	20	including	include	VERB
ijtc-1855	264	21	managerial	managerial	ADJ
ijtc-1855	264	22	opportunism	opportunism	NOUN
ijtc-1855	264	23	and	and	CCONJ
ijtc-1855	264	24	suboptimal	suboptimal	ADJ
ijtc-1855	264	25	decisionmaking	decisionmaking	NOUN
ijtc-1855	264	26	.	.	PUNCT
ijtc-1855	265	1	as	as	SCONJ
ijtc-1855	265	2	emphasized	emphasize	VERB
ijtc-1855	265	3	by	by	ADP
ijtc-1855	265	4	(	(	PUNCT
ijtc-1855	265	5	claessens	claessen	NOUN
ijtc-1855	265	6	et	et	PROPN
ijtc-1855	265	7	al	al	PROPN
ijtc-1855	265	8	.	.	PROPN
ijtc-1855	265	9	,	,	PUNCT
ijtc-1855	265	10	2000	2000	NUM
ijtc-1855	265	11	)	)	PUNCT
ijtc-1855	265	12	and	and	CCONJ
ijtc-1855	265	13	(	(	PUNCT
ijtc-1855	265	14	l.	l.	PROPN
ijtc-1855	265	15	porta	porta	PROPN
ijtc-1855	265	16	,	,	PUNCT
ijtc-1855	265	17	1998	1998	NUM
ijtc-1855	265	18	)	)	PUNCT
ijtc-1855	265	19	,	,	PUNCT
ijtc-1855	265	20	family	family	NOUN
ijtc-1855	265	21	ownership	ownership	NOUN
ijtc-1855	265	22	can	can	AUX
ijtc-1855	265	23	either	either	CCONJ
ijtc-1855	265	24	enhance	enhance	VERB
ijtc-1855	265	25	or	or	CCONJ
ijtc-1855	265	26	diminish	diminish	VERB
ijtc-1855	265	27	firm	firm	ADJ
ijtc-1855	265	28	value	value	NOUN
ijtc-1855	265	29	depending	depend	VERB
ijtc-1855	265	30	on	on	ADP
ijtc-1855	265	31	the	the	DET
ijtc-1855	265	32	effectiveness	effectiveness	NOUN
ijtc-1855	265	33	of	of	ADP
ijtc-1855	265	34	governance	governance	NOUN
ijtc-1855	265	35	mechanisms	mechanism	NOUN
ijtc-1855	265	36	.	.	PUNCT
ijtc-1855	266	1	conclusion	conclusion	NOUN
ijtc-1855	266	2	this	this	DET
ijtc-1855	266	3	study	study	NOUN
ijtc-1855	266	4	aims	aim	VERB
ijtc-1855	266	5	to	to	PART
ijtc-1855	266	6	examine	examine	VERB
ijtc-1855	266	7	the	the	DET
ijtc-1855	266	8	impact	impact	NOUN
ijtc-1855	266	9	of	of	ADP
ijtc-1855	266	10	political	political	ADJ
ijtc-1855	266	11	connections	connection	NOUN
ijtc-1855	266	12	held	hold	VERB
ijtc-1855	266	13	by	by	ADP
ijtc-1855	266	14	the	the	DET
ijtc-1855	266	15	board	board	NOUN
ijtc-1855	266	16	of	of	ADP
ijtc-1855	266	17	directors	director	NOUN
ijtc-1855	266	18	on	on	ADP
ijtc-1855	266	19	firm	firm	ADJ
ijtc-1855	266	20	value	value	NOUN
ijtc-1855	266	21	,	,	PUNCT
ijtc-1855	266	22	as	as	ADV
ijtc-1855	266	23	well	well	ADV
ijtc-1855	266	24	as	as	ADP
ijtc-1855	266	25	the	the	DET
ijtc-1855	266	26	moderating	moderate	VERB
ijtc-1855	266	27	role	role	NOUN
ijtc-1855	266	28	of	of	ADP
ijtc-1855	266	29	business	business	NOUN
ijtc-1855	266	30	groups	group	NOUN
ijtc-1855	266	31	in	in	ADP
ijtc-1855	266	32	this	this	DET
ijtc-1855	266	33	relationship	relationship	NOUN
ijtc-1855	266	34	.	.	PUNCT
ijtc-1855	267	1	tobin	tobin	PROPN
ijtc-1855	267	2	's	's	PART
ijtc-1855	267	3	q	q	NOUN
ijtc-1855	267	4	serves	serve	VERB
ijtc-1855	267	5	as	as	ADP
ijtc-1855	267	6	a	a	DET
ijtc-1855	267	7	proxy	proxy	NOUN
ijtc-1855	267	8	for	for	ADP
ijtc-1855	267	9	measuring	measure	VERB
ijtc-1855	267	10	firm	firm	ADJ
ijtc-1855	267	11	value	value	NOUN
ijtc-1855	267	12	.	.	PUNCT
ijtc-1855	268	1	the	the	DET
ijtc-1855	268	2	sample	sample	NOUN
ijtc-1855	268	3	includes	include	VERB
ijtc-1855	268	4	manufacturing	manufacturing	NOUN
ijtc-1855	268	5	companies	company	NOUN
ijtc-1855	268	6	listed	list	VERB
ijtc-1855	268	7	on	on	ADP
ijtc-1855	268	8	the	the	DET
ijtc-1855	268	9	indonesia	indonesia	PROPN
ijtc-1855	268	10	stock	stock	PROPN
ijtc-1855	268	11	exchange	exchange	NOUN
ijtc-1855	268	12	from	from	ADP
ijtc-1855	268	13	2020	2020	NUM
ijtc-1855	268	14	to	to	ADP
ijtc-1855	268	15	2022	2022	NUM
ijtc-1855	268	16	.	.	PUNCT
ijtc-1855	269	1	the	the	DET
ijtc-1855	269	2	results	result	NOUN
ijtc-1855	269	3	show	show	VERB
ijtc-1855	269	4	that	that	SCONJ
ijtc-1855	269	5	political	political	ADJ
ijtc-1855	269	6	connections	connection	NOUN
ijtc-1855	269	7	alone	alone	ADV
ijtc-1855	269	8	do	do	AUX
ijtc-1855	269	9	not	not	PART
ijtc-1855	269	10	have	have	VERB
ijtc-1855	269	11	a	a	DET
ijtc-1855	269	12	statistically	statistically	ADV
ijtc-1855	269	13	significant	significant	ADJ
ijtc-1855	269	14	effect	effect	NOUN
ijtc-1855	269	15	on	on	ADP
ijtc-1855	269	16	firm	firm	ADJ
ijtc-1855	269	17	value	value	NOUN
ijtc-1855	269	18	(	(	PUNCT
ijtc-1855	269	19	pcbod	pcbod	NOUN
ijtc-1855	269	20	:	:	PUNCT
ijtc-1855	269	21	β	β	X
ijtc-1855	269	22	=	=	PUNCT
ijtc-1855	269	23	-0.867	-0.867	PROPN
ijtc-1855	269	24	,	,	PUNCT
ijtc-1855	269	25	p	p	X
ijtc-1855	269	26	=	=	NOUN
ijtc-1855	269	27	0.421	0.421	NUM
ijtc-1855	269	28	;	;	PUNCT
ijtc-1855	269	29	pcbod²	pcbod²	NOUN
ijtc-1855	269	30	:	:	PUNCT
ijtc-1855	269	31	β	β	X
ijtc-1855	269	32	=	=	PUNCT
ijtc-1855	269	33	2.188	2.188	NUM
ijtc-1855	269	34	,	,	PUNCT
ijtc-1855	269	35	p	p	NOUN
ijtc-1855	269	36	=	=	NOUN
ijtc-1855	269	37	0.106	0.106	NUM
ijtc-1855	269	38	)	)	PUNCT
ijtc-1855	269	39	.	.	PUNCT
ijtc-1855	270	1	however	however	ADV
ijtc-1855	270	2	,	,	PUNCT
ijtc-1855	270	3	when	when	SCONJ
ijtc-1855	270	4	moderated	moderate	VERB
ijtc-1855	270	5	by	by	ADP
ijtc-1855	270	6	business	business	NOUN
ijtc-1855	270	7	group	group	NOUN
ijtc-1855	270	8	affiliation	affiliation	NOUN
ijtc-1855	270	9	,	,	PUNCT
ijtc-1855	270	10	political	political	ADJ
ijtc-1855	270	11	connections	connection	NOUN
ijtc-1855	270	12	significantly	significantly	ADV
ijtc-1855	270	13	enhance	enhance	VERB
ijtc-1855	270	14	firm	firm	ADJ
ijtc-1855	270	15	value	value	NOUN
ijtc-1855	270	16	(	(	PUNCT
ijtc-1855	270	17	pcbod×bg	pcbod×bg	NOUN
ijtc-1855	270	18	:	:	PUNCT
ijtc-1855	270	19	β	β	X
ijtc-1855	270	20	=	=	PUNCT
ijtc-1855	270	21	8.862	8.862	NUM
ijtc-1855	270	22	,	,	PUNCT
ijtc-1855	270	23	p	p	X
ijtc-1855	270	24	=	=	NOUN
ijtc-1855	270	25	0.006	0.006	NUM
ijtc-1855	270	26	;	;	PUNCT
ijtc-1855	270	27	pcbod²×bg	pcbod²×bg	NOUN
ijtc-1855	270	28	:	:	PUNCT
ijtc-1855	270	29	β	β	X
ijtc-1855	270	30	=	=	SYM
ijtc-1855	270	31	-14.200	-14.200	PROPN
ijtc-1855	270	32	,	,	PUNCT
ijtc-1855	270	33	p	p	X
ijtc-1855	270	34	=	=	NOUN
ijtc-1855	270	35	0.007	0.007	NUM
ijtc-1855	270	36	)	)	PUNCT
ijtc-1855	270	37	.	.	PUNCT
ijtc-1855	271	1	this	this	PRON
ijtc-1855	271	2	suggests	suggest	VERB
ijtc-1855	271	3	that	that	SCONJ
ijtc-1855	271	4	the	the	DET
ijtc-1855	271	5	existence	existence	NOUN
ijtc-1855	271	6	of	of	ADP
ijtc-1855	271	7	a	a	DET
ijtc-1855	271	8	business	business	NOUN
ijtc-1855	271	9	group	group	NOUN
ijtc-1855	271	10	strengthens	strengthen	VERB
ijtc-1855	271	11	the	the	DET
ijtc-1855	271	12	influence	influence	NOUN
ijtc-1855	271	13	of	of	ADP
ijtc-1855	271	14	political	political	ADJ
ijtc-1855	271	15	connections	connection	NOUN
ijtc-1855	271	16	on	on	ADP
ijtc-1855	271	17	enhancing	enhance	VERB
ijtc-1855	271	18	firm	firm	ADJ
ijtc-1855	271	19	value	value	NOUN
ijtc-1855	271	20	.	.	PUNCT
ijtc-1855	272	1	for	for	ADP
ijtc-1855	272	2	practitioners	practitioner	NOUN
ijtc-1855	272	3	,	,	PUNCT
ijtc-1855	272	4	particularly	particularly	ADV
ijtc-1855	272	5	in	in	ADP
ijtc-1855	272	6	family	family	NOUN
ijtc-1855	272	7	-	-	PUNCT
ijtc-1855	272	8	owned	own	VERB
ijtc-1855	272	9	manufacturing	manufacturing	NOUN
ijtc-1855	272	10	firms	firm	NOUN
ijtc-1855	272	11	,	,	PUNCT
ijtc-1855	272	12	the	the	DET
ijtc-1855	272	13	findings	finding	NOUN
ijtc-1855	272	14	suggest	suggest	VERB
ijtc-1855	272	15	that	that	SCONJ
ijtc-1855	272	16	political	political	ADJ
ijtc-1855	272	17	connections	connection	NOUN
ijtc-1855	272	18	should	should	AUX
ijtc-1855	272	19	not	not	PART
ijtc-1855	272	20	be	be	AUX
ijtc-1855	272	21	used	use	VERB
ijtc-1855	272	22	indiscriminately	indiscriminately	ADV
ijtc-1855	272	23	.	.	PUNCT
ijtc-1855	273	1	instead	instead	ADV
ijtc-1855	273	2	,	,	PUNCT
ijtc-1855	273	3	they	they	PRON
ijtc-1855	273	4	should	should	AUX
ijtc-1855	273	5	be	be	AUX
ijtc-1855	273	6	institutionalized	institutionalize	VERB
ijtc-1855	273	7	through	through	ADP
ijtc-1855	273	8	group	group	NOUN
ijtc-1855	273	9	-	-	PUNCT
ijtc-1855	273	10	wide	wide	ADJ
ijtc-1855	273	11	governance	governance	NOUN
ijtc-1855	273	12	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	273	13	the	the	DET
ijtc-1855	273	14	influence	influence	NOUN
ijtc-1855	273	15	of	of	ADP
ijtc-1855	273	16	politically	politically	ADV
ijtc-1855	273	17	connected	connect	VERB
ijtc-1855	273	18	board	board	NOUN
ijtc-1855	273	19	of	of	ADP
ijtc-1855	273	20	directors	director	NOUN
ijtc-1855	273	21	on	on	ADP
ijtc-1855	273	22	firm	firm	ADJ
ijtc-1855	273	23	value	value	NOUN
ijtc-1855	273	24	with	with	ADP
ijtc-1855	273	25	business	business	NOUN
ijtc-1855	273	26	groups	group	NOUN
ijtc-1855	273	27	as	as	ADP
ijtc-1855	273	28	a	a	DET
ijtc-1855	273	29	moderating	moderate	VERB
ijtc-1855	273	30	variable	variable	NOUN
ijtc-1855	273	31	muhammad	muhammad	PROPN
ijtc-1855	273	32	fasha	fasha	PROPN
ijtc-1855	273	33	radya1	radya1	PROPN
ijtc-1855	273	34	.	.	PROPN
ijtc-1855	274	1	,	,	PUNCT
ijtc-1855	274	2	eddy	eddy	PROPN
ijtc-1855	274	3	suranta2	suranta2	PROPN
ijtc-1855	274	4	161|ilomata	161|ilomata	NUM
ijtc-1855	274	5	international	international	ADJ
ijtc-1855	274	6	journal	journal	NOUN
ijtc-1855	274	7	of	of	ADP
ijtc-1855	274	8	social	social	ADJ
ijtc-1855	274	9	science	science	NOUN
ijtc-1855	274	10	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	274	11	strategies	strategy	NOUN
ijtc-1855	274	12	to	to	PART
ijtc-1855	274	13	enhance	enhance	VERB
ijtc-1855	274	14	credibility	credibility	NOUN
ijtc-1855	274	15	,	,	PUNCT
ijtc-1855	274	16	resource	resource	NOUN
ijtc-1855	274	17	access	access	NOUN
ijtc-1855	274	18	,	,	PUNCT
ijtc-1855	274	19	and	and	CCONJ
ijtc-1855	274	20	market	market	NOUN
ijtc-1855	274	21	confidence	confidence	NOUN
ijtc-1855	274	22	.	.	PUNCT
ijtc-1855	275	1	boards	board	NOUN
ijtc-1855	275	2	should	should	AUX
ijtc-1855	275	3	ensure	ensure	VERB
ijtc-1855	275	4	that	that	SCONJ
ijtc-1855	275	5	politically	politically	ADV
ijtc-1855	275	6	connected	connected	ADJ
ijtc-1855	275	7	members	member	NOUN
ijtc-1855	275	8	bring	bring	VERB
ijtc-1855	275	9	tangible	tangible	ADJ
ijtc-1855	275	10	value	value	NOUN
ijtc-1855	275	11	,	,	PUNCT
ijtc-1855	275	12	not	not	PART
ijtc-1855	275	13	just	just	ADV
ijtc-1855	275	14	symbolic	symbolic	ADJ
ijtc-1855	275	15	affiliations	affiliation	NOUN
ijtc-1855	275	16	.	.	PUNCT
ijtc-1855	276	1	from	from	ADP
ijtc-1855	276	2	a	a	DET
ijtc-1855	276	3	policy	policy	NOUN
ijtc-1855	276	4	perspective	perspective	NOUN
ijtc-1855	276	5	,	,	PUNCT
ijtc-1855	276	6	regulators	regulator	NOUN
ijtc-1855	276	7	should	should	AUX
ijtc-1855	276	8	encourage	encourage	VERB
ijtc-1855	276	9	disclosure	disclosure	NOUN
ijtc-1855	276	10	of	of	ADP
ijtc-1855	276	11	political	political	ADJ
ijtc-1855	276	12	affiliations	affiliation	NOUN
ijtc-1855	276	13	and	and	CCONJ
ijtc-1855	276	14	ownership	ownership	NOUN
ijtc-1855	276	15	structures	structure	NOUN
ijtc-1855	276	16	to	to	PART
ijtc-1855	276	17	ensure	ensure	VERB
ijtc-1855	276	18	transparency	transparency	NOUN
ijtc-1855	276	19	and	and	CCONJ
ijtc-1855	276	20	prevent	prevent	VERB
ijtc-1855	276	21	potential	potential	ADJ
ijtc-1855	276	22	abuses	abuse	NOUN
ijtc-1855	276	23	of	of	ADP
ijtc-1855	276	24	power	power	NOUN
ijtc-1855	276	25	.	.	PUNCT
ijtc-1855	277	1	enhanced	enhance	VERB
ijtc-1855	277	2	governance	governance	NOUN
ijtc-1855	277	3	codes	code	NOUN
ijtc-1855	277	4	may	may	AUX
ijtc-1855	277	5	be	be	AUX
ijtc-1855	277	6	necessary	necessary	ADJ
ijtc-1855	277	7	to	to	PART
ijtc-1855	277	8	guide	guide	VERB
ijtc-1855	277	9	how	how	SCONJ
ijtc-1855	277	10	firms	firm	NOUN
ijtc-1855	277	11	,	,	PUNCT
ijtc-1855	277	12	especially	especially	ADV
ijtc-1855	277	13	family	family	NOUN
ijtc-1855	277	14	conglomerates	conglomerate	NOUN
ijtc-1855	277	15	,	,	PUNCT
ijtc-1855	277	16	manage	manage	VERB
ijtc-1855	277	17	politically	politically	ADV
ijtc-1855	277	18	sensitive	sensitive	ADJ
ijtc-1855	277	19	positions	position	NOUN
ijtc-1855	277	20	on	on	ADP
ijtc-1855	277	21	boards	board	NOUN
ijtc-1855	277	22	.	.	PUNCT
ijtc-1855	278	1	investors	investor	NOUN
ijtc-1855	278	2	are	be	AUX
ijtc-1855	278	3	advised	advise	VERB
ijtc-1855	278	4	to	to	PART
ijtc-1855	278	5	assess	assess	VERB
ijtc-1855	278	6	not	not	PART
ijtc-1855	278	7	only	only	ADV
ijtc-1855	278	8	the	the	DET
ijtc-1855	278	9	existence	existence	NOUN
ijtc-1855	278	10	of	of	ADP
ijtc-1855	278	11	political	political	ADJ
ijtc-1855	278	12	ties	tie	NOUN
ijtc-1855	278	13	but	but	CCONJ
ijtc-1855	278	14	also	also	ADV
ijtc-1855	278	15	whether	whether	SCONJ
ijtc-1855	278	16	these	these	DET
ijtc-1855	278	17	connections	connection	NOUN
ijtc-1855	278	18	are	be	AUX
ijtc-1855	278	19	embedded	embed	VERB
ijtc-1855	278	20	within	within	ADP
ijtc-1855	278	21	strong	strong	ADJ
ijtc-1855	278	22	governance	governance	NOUN
ijtc-1855	278	23	systems	system	NOUN
ijtc-1855	278	24	,	,	PUNCT
ijtc-1855	278	25	such	such	ADJ
ijtc-1855	278	26	as	as	ADP
ijtc-1855	278	27	family	family	NOUN
ijtc-1855	278	28	business	business	NOUN
ijtc-1855	278	29	groups	group	NOUN
ijtc-1855	278	30	,	,	PUNCT
ijtc-1855	278	31	which	which	PRON
ijtc-1855	278	32	appear	appear	VERB
ijtc-1855	278	33	to	to	PART
ijtc-1855	278	34	channel	channel	VERB
ijtc-1855	278	35	political	political	ADJ
ijtc-1855	278	36	capital	capital	NOUN
ijtc-1855	278	37	more	more	ADV
ijtc-1855	278	38	productively	productively	ADV
ijtc-1855	278	39	these	these	DET
ijtc-1855	278	40	results	result	NOUN
ijtc-1855	278	41	support	support	VERB
ijtc-1855	278	42	the	the	DET
ijtc-1855	278	43	view	view	NOUN
ijtc-1855	278	44	that	that	SCONJ
ijtc-1855	278	45	family	family	NOUN
ijtc-1855	278	46	ownership	ownership	NOUN
ijtc-1855	278	47	within	within	ADP
ijtc-1855	278	48	business	business	NOUN
ijtc-1855	278	49	groups	group	NOUN
ijtc-1855	278	50	serves	serve	VERB
ijtc-1855	278	51	as	as	ADP
ijtc-1855	278	52	an	an	DET
ijtc-1855	278	53	internal	internal	ADJ
ijtc-1855	278	54	monitoring	monitoring	NOUN
ijtc-1855	278	55	mechanism	mechanism	NOUN
ijtc-1855	278	56	,	,	PUNCT
ijtc-1855	278	57	reducing	reduce	VERB
ijtc-1855	278	58	agency	agency	NOUN
ijtc-1855	278	59	conflicts	conflict	NOUN
ijtc-1855	278	60	and	and	CCONJ
ijtc-1855	278	61	enhancing	enhance	VERB
ijtc-1855	278	62	the	the	DET
ijtc-1855	278	63	efficient	efficient	ADJ
ijtc-1855	278	64	use	use	NOUN
ijtc-1855	278	65	of	of	ADP
ijtc-1855	278	66	political	political	ADJ
ijtc-1855	278	67	connections	connection	NOUN
ijtc-1855	278	68	.	.	PUNCT
ijtc-1855	279	1	this	this	DET
ijtc-1855	279	2	study	study	NOUN
ijtc-1855	279	3	has	have	VERB
ijtc-1855	279	4	several	several	ADJ
ijtc-1855	279	5	limitations	limitation	NOUN
ijtc-1855	279	6	.	.	PUNCT
ijtc-1855	280	1	first	first	ADV
ijtc-1855	280	2	,	,	PUNCT
ijtc-1855	280	3	the	the	DET
ijtc-1855	280	4	measure	measure	NOUN
ijtc-1855	280	5	of	of	ADP
ijtc-1855	280	6	political	political	ADJ
ijtc-1855	280	7	connection	connection	NOUN
ijtc-1855	280	8	is	be	AUX
ijtc-1855	280	9	broad	broad	ADJ
ijtc-1855	280	10	and	and	CCONJ
ijtc-1855	280	11	does	do	AUX
ijtc-1855	280	12	not	not	PART
ijtc-1855	280	13	differentiate	differentiate	VERB
ijtc-1855	280	14	between	between	ADP
ijtc-1855	280	15	types	type	NOUN
ijtc-1855	280	16	of	of	ADP
ijtc-1855	280	17	connections	connection	NOUN
ijtc-1855	280	18	,	,	PUNCT
ijtc-1855	280	19	such	such	ADJ
ijtc-1855	280	20	as	as	ADP
ijtc-1855	280	21	formal	formal	ADJ
ijtc-1855	280	22	political	political	ADJ
ijtc-1855	280	23	positions	position	NOUN
ijtc-1855	280	24	or	or	CCONJ
ijtc-1855	280	25	party	party	NOUN
ijtc-1855	280	26	affiliations	affiliation	NOUN
ijtc-1855	280	27	.	.	PUNCT
ijtc-1855	281	1	future	future	ADJ
ijtc-1855	281	2	research	research	NOUN
ijtc-1855	281	3	should	should	AUX
ijtc-1855	281	4	develop	develop	VERB
ijtc-1855	281	5	a	a	DET
ijtc-1855	281	6	typology	typology	NOUN
ijtc-1855	281	7	of	of	ADP
ijtc-1855	281	8	political	political	ADJ
ijtc-1855	281	9	ties	tie	NOUN
ijtc-1855	281	10	and	and	CCONJ
ijtc-1855	281	11	examine	examine	VERB
ijtc-1855	281	12	their	their	PRON
ijtc-1855	281	13	varying	vary	VERB
ijtc-1855	281	14	impacts	impact	NOUN
ijtc-1855	281	15	on	on	ADP
ijtc-1855	281	16	firm	firm	ADJ
ijtc-1855	281	17	value	value	NOUN
ijtc-1855	281	18	.	.	PUNCT
ijtc-1855	282	1	second	second	ADJ
ijtc-1855	282	2	,	,	PUNCT
ijtc-1855	282	3	the	the	DET
ijtc-1855	282	4	study	study	NOUN
ijtc-1855	282	5	focuses	focus	VERB
ijtc-1855	282	6	exclusively	exclusively	ADV
ijtc-1855	282	7	on	on	ADP
ijtc-1855	282	8	the	the	DET
ijtc-1855	282	9	manufacturing	manufacturing	NOUN
ijtc-1855	282	10	sector	sector	NOUN
ijtc-1855	282	11	,	,	PUNCT
ijtc-1855	282	12	which	which	PRON
ijtc-1855	282	13	may	may	AUX
ijtc-1855	282	14	limit	limit	VERB
ijtc-1855	282	15	generalizability	generalizability	NOUN
ijtc-1855	282	16	.	.	PUNCT
ijtc-1855	283	1	subsequent	subsequent	ADJ
ijtc-1855	283	2	studies	study	NOUN
ijtc-1855	283	3	could	could	AUX
ijtc-1855	283	4	compare	compare	VERB
ijtc-1855	283	5	across	across	ADP
ijtc-1855	283	6	sectors	sector	NOUN
ijtc-1855	283	7	particularly	particularly	ADV
ijtc-1855	283	8	those	those	PRON
ijtc-1855	283	9	with	with	ADP
ijtc-1855	283	10	higher	high	ADJ
ijtc-1855	283	11	political	political	ADJ
ijtc-1855	283	12	exposure	exposure	NOUN
ijtc-1855	283	13	,	,	PUNCT
ijtc-1855	283	14	such	such	ADJ
ijtc-1855	283	15	as	as	ADP
ijtc-1855	283	16	infrastructure	infrastructure	NOUN
ijtc-1855	283	17	or	or	CCONJ
ijtc-1855	283	18	energy	energy	NOUN
ijtc-1855	283	19	.	.	PUNCT
ijtc-1855	284	1	additionally	additionally	ADV
ijtc-1855	284	2	,	,	PUNCT
ijtc-1855	284	3	considering	consider	VERB
ijtc-1855	284	4	the	the	DET
ijtc-1855	284	5	evolving	evolve	VERB
ijtc-1855	284	6	political	political	ADJ
ijtc-1855	284	7	landscape	landscape	NOUN
ijtc-1855	284	8	in	in	ADP
ijtc-1855	284	9	indonesia	indonesia	PROPN
ijtc-1855	284	10	,	,	PUNCT
ijtc-1855	284	11	future	future	ADJ
ijtc-1855	284	12	work	work	NOUN
ijtc-1855	284	13	should	should	AUX
ijtc-1855	284	14	examine	examine	VERB
ijtc-1855	284	15	how	how	SCONJ
ijtc-1855	284	16	regime	regime	NOUN
ijtc-1855	284	17	changes	change	NOUN
ijtc-1855	284	18	or	or	CCONJ
ijtc-1855	284	19	regulatory	regulatory	ADJ
ijtc-1855	284	20	reforms	reform	NOUN
ijtc-1855	284	21	alter	alter	VERB
ijtc-1855	284	22	the	the	DET
ijtc-1855	284	23	strategic	strategic	ADJ
ijtc-1855	284	24	value	value	NOUN
ijtc-1855	284	25	of	of	ADP
ijtc-1855	284	26	political	political	ADJ
ijtc-1855	284	27	connections	connection	NOUN
ijtc-1855	284	28	.	.	PUNCT
ijtc-1855	285	1	from	from	ADP
ijtc-1855	285	2	a	a	DET
ijtc-1855	285	3	theoretical	theoretical	ADJ
ijtc-1855	285	4	perspective	perspective	NOUN
ijtc-1855	285	5	,	,	PUNCT
ijtc-1855	285	6	this	this	DET
ijtc-1855	285	7	study	study	NOUN
ijtc-1855	285	8	confirms	confirm	VERB
ijtc-1855	285	9	that	that	SCONJ
ijtc-1855	285	10	within	within	ADP
ijtc-1855	285	11	the	the	DET
ijtc-1855	285	12	framework	framework	NOUN
ijtc-1855	285	13	of	of	ADP
ijtc-1855	285	14	agency	agency	NOUN
ijtc-1855	285	15	theory	theory	NOUN
ijtc-1855	285	16	,	,	PUNCT
ijtc-1855	285	17	family	family	NOUN
ijtc-1855	285	18	business	business	NOUN
ijtc-1855	285	19	groups	group	NOUN
ijtc-1855	285	20	can	can	AUX
ijtc-1855	285	21	act	act	VERB
ijtc-1855	285	22	as	as	ADP
ijtc-1855	285	23	effective	effective	ADJ
ijtc-1855	285	24	internal	internal	ADJ
ijtc-1855	285	25	monitors	monitor	NOUN
ijtc-1855	285	26	that	that	PRON
ijtc-1855	285	27	discipline	discipline	VERB
ijtc-1855	285	28	the	the	DET
ijtc-1855	285	29	use	use	NOUN
ijtc-1855	285	30	of	of	ADP
ijtc-1855	285	31	political	political	ADJ
ijtc-1855	285	32	connections	connection	NOUN
ijtc-1855	285	33	,	,	PUNCT
ijtc-1855	285	34	thereby	thereby	ADV
ijtc-1855	285	35	reducing	reduce	VERB
ijtc-1855	285	36	agency	agency	NOUN
ijtc-1855	285	37	conflicts	conflict	NOUN
ijtc-1855	285	38	between	between	ADP
ijtc-1855	285	39	managers	manager	NOUN
ijtc-1855	285	40	and	and	CCONJ
ijtc-1855	285	41	owners	owner	NOUN
ijtc-1855	285	42	.	.	PUNCT
ijtc-1855	286	1	simultaneously	simultaneously	ADV
ijtc-1855	286	2	,	,	PUNCT
ijtc-1855	286	3	drawing	draw	VERB
ijtc-1855	286	4	on	on	ADP
ijtc-1855	286	5	resource	resource	NOUN
ijtc-1855	286	6	dependence	dependence	NOUN
ijtc-1855	286	7	theory	theory	NOUN
ijtc-1855	286	8	,	,	PUNCT
ijtc-1855	286	9	politically	politically	ADV
ijtc-1855	286	10	connected	connect	VERB
ijtc-1855	286	11	board	board	NOUN
ijtc-1855	286	12	members	member	NOUN
ijtc-1855	286	13	are	be	AUX
ijtc-1855	286	14	conceptualized	conceptualize	VERB
ijtc-1855	286	15	as	as	ADP
ijtc-1855	286	16	strategic	strategic	ADJ
ijtc-1855	286	17	external	external	ADJ
ijtc-1855	286	18	resources	resource	NOUN
ijtc-1855	286	19	that	that	PRON
ijtc-1855	286	20	secure	secure	VERB
ijtc-1855	286	21	critical	critical	ADJ
ijtc-1855	286	22	assets	asset	NOUN
ijtc-1855	286	23	such	such	ADJ
ijtc-1855	286	24	as	as	ADP
ijtc-1855	286	25	licenses	license	NOUN
ijtc-1855	286	26	,	,	PUNCT
ijtc-1855	286	27	financing	financing	NOUN
ijtc-1855	286	28	,	,	PUNCT
ijtc-1855	286	29	and	and	CCONJ
ijtc-1855	286	30	regulatory	regulatory	ADJ
ijtc-1855	286	31	relief	relief	NOUN
ijtc-1855	286	32	.	.	PUNCT
ijtc-1855	287	1	differentiating	differentiate	VERB
ijtc-1855	287	2	between	between	ADP
ijtc-1855	287	3	active	active	ADJ
ijtc-1855	287	4	connections	connection	NOUN
ijtc-1855	287	5	(	(	PUNCT
ijtc-1855	287	6	direct	direct	ADJ
ijtc-1855	287	7	ties	tie	NOUN
ijtc-1855	287	8	with	with	ADP
ijtc-1855	287	9	incumbent	incumbent	ADJ
ijtc-1855	287	10	officials	official	NOUN
ijtc-1855	287	11	)	)	PUNCT
ijtc-1855	287	12	and	and	CCONJ
ijtc-1855	287	13	passive	passive	ADJ
ijtc-1855	287	14	connections	connection	NOUN
ijtc-1855	287	15	(	(	PUNCT
ijtc-1855	287	16	former	former	ADJ
ijtc-1855	287	17	officials	official	NOUN
ijtc-1855	287	18	or	or	CCONJ
ijtc-1855	287	19	indirect	indirect	ADJ
ijtc-1855	287	20	networks	network	NOUN
ijtc-1855	287	21	)	)	PUNCT
ijtc-1855	287	22	could	could	AUX
ijtc-1855	287	23	offer	offer	VERB
ijtc-1855	287	24	deeper	deep	ADJ
ijtc-1855	287	25	insights	insight	NOUN
ijtc-1855	287	26	into	into	ADP
ijtc-1855	287	27	the	the	DET
ijtc-1855	287	28	varying	vary	VERB
ijtc-1855	287	29	strategic	strategic	ADJ
ijtc-1855	287	30	utility	utility	NOUN
ijtc-1855	287	31	of	of	ADP
ijtc-1855	287	32	these	these	DET
ijtc-1855	287	33	political	political	ADJ
ijtc-1855	287	34	ties	tie	NOUN
ijtc-1855	287	35	,	,	PUNCT
ijtc-1855	287	36	paving	pave	VERB
ijtc-1855	287	37	the	the	DET
ijtc-1855	287	38	way	way	NOUN
ijtc-1855	287	39	for	for	ADP
ijtc-1855	287	40	more	more	ADJ
ijtc-1855	287	41	refined	refined	ADJ
ijtc-1855	287	42	conceptualizations	conceptualization	NOUN
ijtc-1855	287	43	in	in	ADP
ijtc-1855	287	44	future	future	ADJ
ijtc-1855	287	45	research	research	NOUN
ijtc-1855	287	46	.	.	PUNCT
ijtc-1855	288	1	this	this	DET
ijtc-1855	288	2	study	study	NOUN
ijtc-1855	288	3	provides	provide	VERB
ijtc-1855	288	4	empirical	empirical	ADJ
ijtc-1855	288	5	evidence	evidence	NOUN
ijtc-1855	288	6	that	that	SCONJ
ijtc-1855	288	7	the	the	DET
ijtc-1855	288	8	impact	impact	NOUN
ijtc-1855	288	9	of	of	ADP
ijtc-1855	288	10	political	political	ADJ
ijtc-1855	288	11	connections	connection	NOUN
ijtc-1855	288	12	is	be	AUX
ijtc-1855	288	13	contextual	contextual	ADJ
ijtc-1855	288	14	and	and	CCONJ
ijtc-1855	288	15	influenced	influence	VERB
ijtc-1855	288	16	by	by	ADP
ijtc-1855	288	17	the	the	DET
ijtc-1855	288	18	firm	firm	NOUN
ijtc-1855	288	19	’s	’s	PART
ijtc-1855	288	20	ownership	ownership	NOUN
ijtc-1855	288	21	structure	structure	NOUN
ijtc-1855	288	22	.	.	PUNCT
ijtc-1855	289	1	practically	practically	ADV
ijtc-1855	289	2	,	,	PUNCT
ijtc-1855	289	3	these	these	DET
ijtc-1855	289	4	findings	finding	NOUN
ijtc-1855	289	5	suggest	suggest	VERB
ijtc-1855	289	6	that	that	SCONJ
ijtc-1855	289	7	family	family	NOUN
ijtc-1855	289	8	-	-	PUNCT
ijtc-1855	289	9	controlled	control	VERB
ijtc-1855	289	10	business	business	NOUN
ijtc-1855	289	11	groups	group	NOUN
ijtc-1855	289	12	in	in	ADP
ijtc-1855	289	13	indonesia	indonesia	PROPN
ijtc-1855	289	14	are	be	AUX
ijtc-1855	289	15	able	able	ADJ
ijtc-1855	289	16	to	to	PART
ijtc-1855	289	17	leverage	leverage	VERB
ijtc-1855	289	18	political	political	ADJ
ijtc-1855	289	19	connections	connection	NOUN
ijtc-1855	289	20	more	more	ADV
ijtc-1855	289	21	strategically	strategically	ADV
ijtc-1855	289	22	to	to	PART
ijtc-1855	289	23	support	support	VERB
ijtc-1855	289	24	long	long	ADJ
ijtc-1855	289	25	-	-	PUNCT
ijtc-1855	289	26	term	term	NOUN
ijtc-1855	289	27	objectives	objective	NOUN
ijtc-1855	289	28	.	.	PUNCT
ijtc-1855	290	1	however	however	ADV
ijtc-1855	290	2	,	,	PUNCT
ijtc-1855	290	3	the	the	DET
ijtc-1855	290	4	extent	extent	NOUN
ijtc-1855	290	5	of	of	ADP
ijtc-1855	290	6	this	this	DET
ijtc-1855	290	7	benefit	benefit	NOUN
ijtc-1855	290	8	may	may	AUX
ijtc-1855	290	9	vary	vary	VERB
ijtc-1855	290	10	depending	depend	VERB
ijtc-1855	290	11	on	on	ADP
ijtc-1855	290	12	factors	factor	NOUN
ijtc-1855	290	13	such	such	ADJ
ijtc-1855	290	14	as	as	ADP
ijtc-1855	290	15	whether	whether	SCONJ
ijtc-1855	290	16	the	the	DET
ijtc-1855	290	17	firm	firm	NOUN
ijtc-1855	290	18	is	be	AUX
ijtc-1855	290	19	still	still	ADV
ijtc-1855	290	20	under	under	ADP
ijtc-1855	290	21	firstgeneration	firstgeneration	NOUN
ijtc-1855	290	22	family	family	NOUN
ijtc-1855	290	23	leadership	leadership	NOUN
ijtc-1855	290	24	,	,	PUNCT
ijtc-1855	290	25	or	or	CCONJ
ijtc-1855	290	26	how	how	SCONJ
ijtc-1855	290	27	diversified	diversify	VERB
ijtc-1855	290	28	and	and	CCONJ
ijtc-1855	290	29	complex	complex	ADJ
ijtc-1855	290	30	the	the	DET
ijtc-1855	290	31	business	business	NOUN
ijtc-1855	290	32	group	group	NOUN
ijtc-1855	290	33	has	have	AUX
ijtc-1855	290	34	become	become	VERB
ijtc-1855	290	35	.	.	PUNCT
ijtc-1855	291	1	future	future	ADJ
ijtc-1855	291	2	research	research	NOUN
ijtc-1855	291	3	could	could	AUX
ijtc-1855	291	4	explore	explore	VERB
ijtc-1855	291	5	these	these	DET
ijtc-1855	291	6	heterogeneities	heterogeneity	NOUN
ijtc-1855	291	7	by	by	ADP
ijtc-1855	291	8	segmenting	segment	VERB
ijtc-1855	291	9	family	family	NOUN
ijtc-1855	291	10	firms	firm	NOUN
ijtc-1855	291	11	according	accord	VERB
ijtc-1855	291	12	to	to	ADP
ijtc-1855	291	13	ownership	ownership	NOUN
ijtc-1855	291	14	generation	generation	NOUN
ijtc-1855	291	15	or	or	CCONJ
ijtc-1855	291	16	business	business	NOUN
ijtc-1855	291	17	group	group	NOUN
ijtc-1855	291	18	scale	scale	NOUN
ijtc-1855	291	19	,	,	PUNCT
ijtc-1855	291	20	providing	provide	VERB
ijtc-1855	291	21	more	more	ADJ
ijtc-1855	291	22	granular	granular	ADJ
ijtc-1855	291	23	insights	insight	NOUN
ijtc-1855	291	24	into	into	ADP
ijtc-1855	291	25	how	how	SCONJ
ijtc-1855	291	26	these	these	DET
ijtc-1855	291	27	dimensions	dimension	NOUN
ijtc-1855	291	28	affect	affect	VERB
ijtc-1855	291	29	the	the	DET
ijtc-1855	291	30	value	value	NOUN
ijtc-1855	291	31	derived	derive	VERB
ijtc-1855	291	32	from	from	ADP
ijtc-1855	291	33	political	political	ADJ
ijtc-1855	291	34	connection	connection	NOUN
ijtc-1855	291	35	.	.	PUNCT
ijtc-1855	292	1	moreover	moreover	ADV
ijtc-1855	292	2	,	,	PUNCT
ijtc-1855	292	3	firms	firm	NOUN
ijtc-1855	292	4	are	be	AUX
ijtc-1855	292	5	encouraged	encourage	VERB
ijtc-1855	292	6	to	to	PART
ijtc-1855	292	7	strengthen	strengthen	VERB
ijtc-1855	292	8	governance	governance	NOUN
ijtc-1855	292	9	structures	structure	NOUN
ijtc-1855	292	10	by	by	ADP
ijtc-1855	292	11	enhancing	enhance	VERB
ijtc-1855	292	12	board	board	NOUN
ijtc-1855	292	13	independence	independence	NOUN
ijtc-1855	292	14	,	,	PUNCT
ijtc-1855	292	15	establishing	establish	VERB
ijtc-1855	292	16	rigorous	rigorous	ADJ
ijtc-1855	292	17	disclosure	disclosure	NOUN
ijtc-1855	292	18	standards	standard	NOUN
ijtc-1855	292	19	for	for	ADP
ijtc-1855	292	20	political	political	ADJ
ijtc-1855	292	21	affiliations	affiliation	NOUN
ijtc-1855	292	22	,	,	PUNCT
ijtc-1855	292	23	and	and	CCONJ
ijtc-1855	292	24	enforcing	enforce	VERB
ijtc-1855	292	25	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	292	26	the	the	DET
ijtc-1855	292	27	influence	influence	NOUN
ijtc-1855	292	28	of	of	ADP
ijtc-1855	292	29	politically	politically	ADV
ijtc-1855	292	30	connected	connect	VERB
ijtc-1855	292	31	board	board	NOUN
ijtc-1855	292	32	of	of	ADP
ijtc-1855	292	33	directors	director	NOUN
ijtc-1855	292	34	on	on	ADP
ijtc-1855	292	35	firm	firm	ADJ
ijtc-1855	292	36	value	value	NOUN
ijtc-1855	292	37	with	with	ADP
ijtc-1855	292	38	business	business	NOUN
ijtc-1855	292	39	groups	group	NOUN
ijtc-1855	292	40	as	as	ADP
ijtc-1855	292	41	a	a	DET
ijtc-1855	292	42	moderating	moderate	VERB
ijtc-1855	292	43	variable	variable	NOUN
ijtc-1855	292	44	muhammad	muhammad	PROPN
ijtc-1855	292	45	fasha	fasha	PROPN
ijtc-1855	292	46	radya1	radya1	PROPN
ijtc-1855	292	47	.	.	PROPN
ijtc-1855	293	1	,	,	PUNCT
ijtc-1855	293	2	eddy	eddy	PROPN
ijtc-1855	293	3	suranta2	suranta2	PROPN
ijtc-1855	293	4	162|ilomata	162|ilomata	NUM
ijtc-1855	293	5	international	international	ADJ
ijtc-1855	293	6	journal	journal	NOUN
ijtc-1855	293	7	of	of	ADP
ijtc-1855	293	8	social	social	ADJ
ijtc-1855	293	9	science	science	NOUN
ijtc-1855	293	10	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	293	11	transparent	transparent	ADJ
ijtc-1855	293	12	nomination	nomination	NOUN
ijtc-1855	293	13	processes	process	NOUN
ijtc-1855	293	14	.	.	PUNCT
ijtc-1855	294	1	such	such	ADJ
ijtc-1855	294	2	practices	practice	NOUN
ijtc-1855	294	3	help	help	VERB
ijtc-1855	294	4	ensure	ensure	VERB
ijtc-1855	294	5	that	that	SCONJ
ijtc-1855	294	6	political	political	ADJ
ijtc-1855	294	7	connections	connection	NOUN
ijtc-1855	294	8	are	be	AUX
ijtc-1855	294	9	harnessed	harness	VERB
ijtc-1855	294	10	to	to	PART
ijtc-1855	294	11	drive	drive	VERB
ijtc-1855	294	12	sustainable	sustainable	ADJ
ijtc-1855	294	13	competitive	competitive	ADJ
ijtc-1855	294	14	advantage	advantage	NOUN
ijtc-1855	294	15	rather	rather	ADV
ijtc-1855	294	16	than	than	SCONJ
ijtc-1855	294	17	to	to	PART
ijtc-1855	294	18	serve	serve	VERB
ijtc-1855	294	19	narrow	narrow	ADJ
ijtc-1855	294	20	interests	interest	NOUN
ijtc-1855	294	21	,	,	PUNCT
ijtc-1855	294	22	aligning	align	VERB
ijtc-1855	294	23	with	with	ADP
ijtc-1855	294	24	long	long	ADJ
ijtc-1855	294	25	-	-	PUNCT
ijtc-1855	294	26	term	term	NOUN
ijtc-1855	294	27	shareholder	shareholder	NOUN
ijtc-1855	294	28	value	value	NOUN
ijtc-1855	294	29	creation	creation	NOUN
ijtc-1855	294	30	.	.	PUNCT
ijtc-1855	295	1	references	reference	NOUN
ijtc-1855	295	2	agrawal	agrawal	PROPN
ijtc-1855	295	3	,	,	PUNCT
ijtc-1855	295	4	a.	a.	NOUN
ijtc-1855	295	5	,	,	PUNCT
ijtc-1855	295	6	&	&	CCONJ
ijtc-1855	295	7	knoeber	knoeber	PROPN
ijtc-1855	295	8	,	,	PUNCT
ijtc-1855	295	9	c.	c.	PROPN
ijtc-1855	295	10	r.	r.	PROPN
ijtc-1855	295	11	(	(	PUNCT
ijtc-1855	295	12	2001	2001	NUM
ijtc-1855	295	13	)	)	PUNCT
ijtc-1855	295	14	.	.	PUNCT
ijtc-1855	296	1	do	do	AUX
ijtc-1855	296	2	some	some	DET
ijtc-1855	296	3	outside	outside	ADJ
ijtc-1855	296	4	directors	director	NOUN
ijtc-1855	296	5	play	play	VERB
ijtc-1855	296	6	a	a	DET
ijtc-1855	296	7	political	political	ADJ
ijtc-1855	296	8	role	role	NOUN
ijtc-1855	296	9	?	?	PUNCT
ijtc-1855	297	1	journal	journal	NOUN
ijtc-1855	297	2	of	of	ADP
ijtc-1855	297	3	law	law	NOUN
ijtc-1855	297	4	and	and	CCONJ
ijtc-1855	297	5	economics	economic	NOUN
ijtc-1855	297	6	,	,	PUNCT
ijtc-1855	297	7	44(1	44(1	PROPN
ijtc-1855	297	8	)	)	PUNCT
ijtc-1855	297	9	,	,	PUNCT
ijtc-1855	297	10	179–198	179–198	NUM
ijtc-1855	297	11	.	.	PUNCT
ijtc-1855	298	1	https://doi.org/10.1086/320271	https://doi.org/10.1086/320271	NOUN
ijtc-1855	298	2	anderson	anderson	PROPN
ijtc-1855	298	3	,	,	PUNCT
ijtc-1855	298	4	r.	r.	PROPN
ijtc-1855	298	5	c.	c.	PROPN
ijtc-1855	298	6	,	,	PUNCT
ijtc-1855	298	7	&	&	CCONJ
ijtc-1855	298	8	reeb	reeb	PROPN
ijtc-1855	298	9	,	,	PUNCT
ijtc-1855	298	10	d.	d.	PROPN
ijtc-1855	298	11	m.	m.	PROPN
ijtc-1855	298	12	(	(	PUNCT
ijtc-1855	298	13	2003	2003	NUM
ijtc-1855	298	14	)	)	PUNCT
ijtc-1855	298	15	.	.	PUNCT
ijtc-1855	299	1	founding	found	VERB
ijtc-1855	299	2	-	-	PUNCT
ijtc-1855	299	3	family	family	NOUN
ijtc-1855	299	4	ownership	ownership	NOUN
ijtc-1855	299	5	and	and	CCONJ
ijtc-1855	299	6	firm	firm	ADJ
ijtc-1855	299	7	performance	performance	NOUN
ijtc-1855	299	8	:	:	PUNCT
ijtc-1855	299	9	evidence	evidence	NOUN
ijtc-1855	299	10	from	from	ADP
ijtc-1855	299	11	the	the	DET
ijtc-1855	299	12	s&p	s&p	PROPN
ijtc-1855	299	13	500	500	NUM
ijtc-1855	299	14	.	.	PUNCT
ijtc-1855	300	1	journal	journal	PROPN
ijtc-1855	300	2	of	of	ADP
ijtc-1855	300	3	finance	finance	NOUN
ijtc-1855	300	4	,	,	PUNCT
ijtc-1855	300	5	58(3	58(3	NUM
ijtc-1855	300	6	)	)	PUNCT
ijtc-1855	300	7	,	,	PUNCT
ijtc-1855	300	8	1301–1327	1301–1327	NUM
ijtc-1855	300	9	.	.	PUNCT
ijtc-1855	301	1	https://doi.org/10.1111/1540-6261.00567	https://doi.org/10.1111/1540-6261.00567	PROPN
ijtc-1855	301	2	asas	asas	PROPN
ijtc-1855	301	3	,	,	PUNCT
ijtc-1855	301	4	f.	f.	PROPN
ijtc-1855	301	5	,	,	PUNCT
ijtc-1855	301	6	khasanah	khasanah	PROPN
ijtc-1855	301	7	,	,	PUNCT
ijtc-1855	301	8	u.	u.	PROPN
ijtc-1855	301	9	,	,	PUNCT
ijtc-1855	301	10	&	&	CCONJ
ijtc-1855	301	11	najiyah	najiyah	PROPN
ijtc-1855	301	12	,	,	PUNCT
ijtc-1855	301	13	f.	f.	PROPN
ijtc-1855	301	14	(	(	PUNCT
ijtc-1855	301	15	2022	2022	NUM
ijtc-1855	301	16	)	)	PUNCT
ijtc-1855	301	17	.	.	PUNCT
ijtc-1855	302	1	hubungan	hubungan	ADJ
ijtc-1855	302	2	antara	antara	PROPN
ijtc-1855	302	3	koneksi	koneksi	PROPN
ijtc-1855	302	4	politik	politik	PROPN
ijtc-1855	302	5	terhadap	terhadap	PROPN
ijtc-1855	302	6	kinerja	kinerja	PROPN
ijtc-1855	302	7	lingkungan	lingkungan	PROPN
ijtc-1855	302	8	.	.	PUNCT
ijtc-1855	303	1	insight	insight	NOUN
ijtc-1855	303	2	management	management	NOUN
ijtc-1855	303	3	journal	journal	NOUN
ijtc-1855	303	4	,	,	PUNCT
ijtc-1855	303	5	2(2	2(2	NUM
ijtc-1855	303	6	)	)	PUNCT
ijtc-1855	303	7	,	,	PUNCT
ijtc-1855	303	8	69–74	69–74	NUM
ijtc-1855	303	9	.	.	PUNCT
ijtc-1855	304	1	https://doi.org/10.47065/imj.v2i2.122	https://doi.org/10.47065/imj.v2i2.122	PROPN
ijtc-1855	304	2	azizah	azizah	PROPN
ijtc-1855	304	3	,	,	PUNCT
ijtc-1855	304	4	f.	f.	PROPN
ijtc-1855	304	5	,	,	PUNCT
ijtc-1855	304	6	&	&	CCONJ
ijtc-1855	304	7	al	al	PROPN
ijtc-1855	304	8	amin	amin	PROPN
ijtc-1855	304	9	,	,	PUNCT
ijtc-1855	304	10	m.	m.	NOUN
ijtc-1855	304	11	(	(	PUNCT
ijtc-1855	304	12	2020	2020	NUM
ijtc-1855	304	13	)	)	PUNCT
ijtc-1855	304	14	.	.	PUNCT
ijtc-1855	305	1	pengaruh	pengaruh	PROPN
ijtc-1855	305	2	koneksi	koneksi	PROPN
ijtc-1855	305	3	politik	politik	PROPN
ijtc-1855	305	4	terhadap	terhadap	PROPN
ijtc-1855	305	5	kinerja	kinerja	PROPN
ijtc-1855	305	6	perusahaan	perusahaan	PROPN
ijtc-1855	305	7	.	.	PUNCT
ijtc-1855	306	1	indonesian	indonesian	PROPN
ijtc-1855	306	2	journal	journal	PROPN
ijtc-1855	306	3	of	of	ADP
ijtc-1855	306	4	accounting	accounting	NOUN
ijtc-1855	306	5	and	and	CCONJ
ijtc-1855	306	6	governance	governance	NOUN
ijtc-1855	306	7	,	,	PUNCT
ijtc-1855	306	8	4(1	4(1	NOUN
ijtc-1855	306	9	)	)	PUNCT
ijtc-1855	306	10	,	,	PUNCT
ijtc-1855	306	11	1–17	1–17	PROPN
ijtc-1855	306	12	.	.	PUNCT
ijtc-1855	307	1	https://doi.org/10.36766/ta16sf09	https://doi.org/10.36766/ta16sf09	PROPN
ijtc-1855	307	2	baig	baig	PROPN
ijtc-1855	307	3	,	,	PUNCT
ijtc-1855	307	4	m.	m.	PROPN
ijtc-1855	307	5	h.	h.	PROPN
ijtc-1855	307	6	,	,	PUNCT
ijtc-1855	307	7	jin	jin	PROPN
ijtc-1855	307	8	,	,	PUNCT
ijtc-1855	307	9	x.	x.	PROPN
ijtc-1855	307	10	,	,	PUNCT
ijtc-1855	307	11	&	&	CCONJ
ijtc-1855	307	12	ali	ali	PROPN
ijtc-1855	307	13	,	,	PUNCT
ijtc-1855	307	14	r.	r.	PROPN
ijtc-1855	307	15	(	(	PUNCT
ijtc-1855	307	16	2023	2023	NUM
ijtc-1855	307	17	)	)	PUNCT
ijtc-1855	307	18	.	.	PUNCT
ijtc-1855	308	1	politically	politically	ADV
ijtc-1855	308	2	connected	connect	VERB
ijtc-1855	308	3	business	business	NOUN
ijtc-1855	308	4	and	and	CCONJ
ijtc-1855	308	5	real	real	ADJ
ijtc-1855	308	6	earnings	earning	NOUN
ijtc-1855	308	7	management	management	NOUN
ijtc-1855	308	8	:	:	PUNCT
ijtc-1855	308	9	the	the	DET
ijtc-1855	308	10	moderating	moderate	VERB
ijtc-1855	308	11	role	role	NOUN
ijtc-1855	308	12	of	of	ADP
ijtc-1855	308	13	family	family	NOUN
ijtc-1855	308	14	control	control	NOUN
ijtc-1855	308	15	and	and	CCONJ
ijtc-1855	308	16	audit	audit	NOUN
ijtc-1855	308	17	quality	quality	NOUN
ijtc-1855	308	18	.	.	PUNCT
ijtc-1855	309	1	journal	journal	NOUN
ijtc-1855	309	2	of	of	ADP
ijtc-1855	309	3	accounting	account	VERB
ijtc-1855	309	4	in	in	ADP
ijtc-1855	309	5	emerging	emerge	VERB
ijtc-1855	309	6	economies	economy	NOUN
ijtc-1855	309	7	.	.	PUNCT
ijtc-1855	310	1	https://doi.org/10.1108/jaee-07-2023-0199	https://doi.org/10.1108/jaee-07-2023-0199	PROPN
ijtc-1855	310	2	boubakri	boubakri	NOUN
ijtc-1855	310	3	,	,	PUNCT
ijtc-1855	310	4	n.	n.	NOUN
ijtc-1855	310	5	,	,	PUNCT
ijtc-1855	310	6	cosset	cosset	NOUN
ijtc-1855	310	7	,	,	PUNCT
ijtc-1855	310	8	j.-c	j.-c	PROPN
ijtc-1855	310	9	.	.	PUNCT
ijtc-1855	310	10	,	,	PUNCT
ijtc-1855	310	11	&	&	CCONJ
ijtc-1855	310	12	saffar	saffar	PROPN
ijtc-1855	310	13	,	,	PUNCT
ijtc-1855	310	14	w.	w.	PROPN
ijtc-1855	310	15	(	(	PUNCT
ijtc-1855	310	16	2009	2009	NUM
ijtc-1855	310	17	)	)	PUNCT
ijtc-1855	310	18	.	.	PUNCT
ijtc-1855	311	1	the	the	DET
ijtc-1855	311	2	impact	impact	NOUN
ijtc-1855	311	3	of	of	ADP
ijtc-1855	311	4	political	political	ADJ
ijtc-1855	311	5	connections	connection	NOUN
ijtc-1855	311	6	on	on	ADP
ijtc-1855	311	7	firms	firm	NOUN
ijtc-1855	311	8	’	'	PUNCT
ijtc-1855	311	9	operating	operating	NOUN
ijtc-1855	311	10	performance	performance	NOUN
ijtc-1855	311	11	and	and	CCONJ
ijtc-1855	311	12	financing	financing	NOUN
ijtc-1855	311	13	decisions	decision	NOUN
ijtc-1855	311	14	*	*	PUNCT
ijtc-1855	311	15	the	the	DET
ijtc-1855	311	16	impact	impact	NOUN
ijtc-1855	311	17	of	of	ADP
ijtc-1855	311	18	political	political	ADJ
ijtc-1855	311	19	connections	connection	NOUN
ijtc-1855	311	20	on	on	ADP
ijtc-1855	311	21	firms	firm	NOUN
ijtc-1855	311	22	’	'	PUNCT
ijtc-1855	311	23	operating	operating	NOUN
ijtc-1855	311	24	performance	performance	NOUN
ijtc-1855	311	25	and	and	CCONJ
ijtc-1855	311	26	financing	financing	NOUN
ijtc-1855	311	27	decisions	decision	NOUN
ijtc-1855	311	28	.	.	PUNCT
ijtc-1855	312	1	chung	chung	PROPN
ijtc-1855	312	2	,	,	PUNCT
ijtc-1855	312	3	k.	k.	PROPN
ijtc-1855	312	4	h.	h.	PROPN
ijtc-1855	312	5	,	,	PUNCT
ijtc-1855	312	6	&	&	CCONJ
ijtc-1855	312	7	pruitt	pruitt	PROPN
ijtc-1855	312	8	,	,	PUNCT
ijtc-1855	312	9	s.	s.	PROPN
ijtc-1855	312	10	w.	w.	PROPN
ijtc-1855	312	11	(	(	PUNCT
ijtc-1855	312	12	2015	2015	NUM
ijtc-1855	312	13	)	)	PUNCT
ijtc-1855	312	14	.	.	PUNCT
ijtc-1855	313	1	simple	simple	ADJ
ijtc-1855	313	2	of	of	ADP
ijtc-1855	313	3	tobin	tobin	PROPN
ijtc-1855	313	4	’	'	PUNCT
ijtc-1855	313	5	s	s	PART
ijtc-1855	313	6	approximation	approximation	NOUN
ijtc-1855	313	7	q.	q.	PROPN
ijtc-1855	313	8	23(3	23(3	PROPN
ijtc-1855	313	9	)	)	PUNCT
ijtc-1855	313	10	,	,	PUNCT
ijtc-1855	313	11	70–74	70–74	X
ijtc-1855	313	12	.	.	PUNCT
ijtc-1855	314	1	claessens	claessen	NOUN
ijtc-1855	314	2	,	,	PUNCT
ijtc-1855	314	3	s.	s.	PROPN
ijtc-1855	314	4	,	,	PUNCT
ijtc-1855	314	5	djankov	djankov	PROPN
ijtc-1855	314	6	,	,	PUNCT
ijtc-1855	314	7	s.	s.	PROPN
ijtc-1855	314	8	,	,	PUNCT
ijtc-1855	314	9	&	&	CCONJ
ijtc-1855	314	10	lang	lang	PROPN
ijtc-1855	314	11	,	,	PUNCT
ijtc-1855	314	12	l.	l.	PROPN
ijtc-1855	314	13	h.	h.	PROPN
ijtc-1855	314	14	p.	p.	PROPN
ijtc-1855	314	15	(	(	PUNCT
ijtc-1855	314	16	2000	2000	NUM
ijtc-1855	314	17	)	)	PUNCT
ijtc-1855	314	18	.	.	PUNCT
ijtc-1855	315	1	the	the	DET
ijtc-1855	315	2	separation	separation	NOUN
ijtc-1855	315	3	of	of	ADP
ijtc-1855	315	4	ownership	ownership	NOUN
ijtc-1855	315	5	and	and	CCONJ
ijtc-1855	315	6	control	control	NOUN
ijtc-1855	315	7	in	in	ADP
ijtc-1855	315	8	east	east	ADJ
ijtc-1855	315	9	asian	asian	ADJ
ijtc-1855	315	10	corporations	corporation	NOUN
ijtc-1855	315	11	.	.	PUNCT
ijtc-1855	316	1	in	in	ADP
ijtc-1855	316	2	journal	journal	NOUN
ijtc-1855	316	3	of	of	ADP
ijtc-1855	316	4	financial	financial	ADJ
ijtc-1855	316	5	economics	economic	NOUN
ijtc-1855	316	6	(	(	PUNCT
ijtc-1855	316	7	vol	vol	NOUN
ijtc-1855	316	8	.	.	PROPN
ijtc-1855	316	9	58	58	NUM
ijtc-1855	316	10	)	)	PUNCT
ijtc-1855	316	11	.	.	PUNCT
ijtc-1855	317	1	ding	ding	PROPN
ijtc-1855	317	2	,	,	PUNCT
ijtc-1855	317	3	s.	s.	PROPN
ijtc-1855	317	4	,	,	PUNCT
ijtc-1855	317	5	jia	jia	PROPN
ijtc-1855	317	6	,	,	PUNCT
ijtc-1855	317	7	c.	c.	PROPN
ijtc-1855	317	8	,	,	PUNCT
ijtc-1855	317	9	wu	wu	PROPN
ijtc-1855	317	10	,	,	PUNCT
ijtc-1855	317	11	z.	z.	PROPN
ijtc-1855	317	12	,	,	PUNCT
ijtc-1855	317	13	&	&	CCONJ
ijtc-1855	317	14	zhang	zhang	PROPN
ijtc-1855	317	15	,	,	PUNCT
ijtc-1855	317	16	x.	x.	PROPN
ijtc-1855	317	17	(	(	PUNCT
ijtc-1855	317	18	2014	2014	NUM
ijtc-1855	317	19	)	)	PUNCT
ijtc-1855	317	20	.	.	PUNCT
ijtc-1855	318	1	executive	executive	ADJ
ijtc-1855	318	2	political	political	ADJ
ijtc-1855	318	3	connections	connection	NOUN
ijtc-1855	318	4	and	and	CCONJ
ijtc-1855	318	5	firm	firm	ADJ
ijtc-1855	318	6	performance	performance	NOUN
ijtc-1855	318	7	:	:	PUNCT
ijtc-1855	318	8	comparative	comparative	ADJ
ijtc-1855	318	9	evidence	evidence	NOUN
ijtc-1855	318	10	from	from	ADP
ijtc-1855	318	11	privately	privately	ADV
ijtc-1855	318	12	-	-	PUNCT
ijtc-1855	318	13	controlled	control	VERB
ijtc-1855	318	14	and	and	CCONJ
ijtc-1855	318	15	state	state	NOUN
ijtc-1855	318	16	-	-	PUNCT
ijtc-1855	318	17	owned	own	VERB
ijtc-1855	318	18	enterprises	enterprise	NOUN
ijtc-1855	318	19	.	.	PUNCT
ijtc-1855	319	1	international	international	ADJ
ijtc-1855	319	2	review	review	NOUN
ijtc-1855	319	3	of	of	ADP
ijtc-1855	319	4	financial	financial	ADJ
ijtc-1855	319	5	analysis	analysis	NOUN
ijtc-1855	319	6	,	,	PUNCT
ijtc-1855	319	7	36	36	NUM
ijtc-1855	319	8	,	,	PUNCT
ijtc-1855	319	9	153–167	153–167	NUM
ijtc-1855	319	10	.	.	PUNCT
ijtc-1855	320	1	https://doi.org/10.1016/j.irfa.2013.12.006	https://doi.org/10.1016/j.irfa.2013.12.006	PROPN
ijtc-1855	320	2	faccio	faccio	PROPN
ijtc-1855	320	3	,	,	PUNCT
ijtc-1855	320	4	m.	m.	NOUN
ijtc-1855	320	5	(	(	PUNCT
ijtc-1855	320	6	2019	2019	NUM
ijtc-1855	320	7	)	)	PUNCT
ijtc-1855	320	8	.	.	PUNCT
ijtc-1855	321	1	politically	politically	ADV
ijtc-1855	321	2	connected	connect	VERB
ijtc-1855	321	3	firms	firm	NOUN
ijtc-1855	321	4	.	.	PUNCT
ijtc-1855	322	1	the	the	DET
ijtc-1855	322	2	american	american	PROPN
ijtc-1855	322	3	economic	economic	PROPN
ijtc-1855	322	4	review	review	PROPN
ijtc-1855	322	5	,	,	PUNCT
ijtc-1855	322	6	96	96	NUM
ijtc-1855	322	7	,	,	PUNCT
ijtc-1855	322	8	369–386	369–386	NUM
ijtc-1855	322	9	.	.	PUNCT
ijtc-1855	323	1	https://doi.org/10.1257/000282806776157704	https://doi.org/10.1257/000282806776157704	NUM
ijtc-1855	323	2	fan	fan	PROPN
ijtc-1855	323	3	,	,	PUNCT
ijtc-1855	323	4	j.	j.	PROPN
ijtc-1855	323	5	p.	p.	PROPN
ijtc-1855	323	6	h.	h.	PROPN
ijtc-1855	323	7	,	,	PUNCT
ijtc-1855	323	8	wong	wong	PROPN
ijtc-1855	323	9	,	,	PUNCT
ijtc-1855	323	10	t.	t.	PROPN
ijtc-1855	323	11	j.	j.	PROPN
ijtc-1855	323	12	,	,	PUNCT
ijtc-1855	323	13	&	&	CCONJ
ijtc-1855	323	14	zhang	zhang	PROPN
ijtc-1855	323	15	,	,	PUNCT
ijtc-1855	323	16	t.	t.	PROPN
ijtc-1855	323	17	(	(	PUNCT
ijtc-1855	323	18	2007	2007	NUM
ijtc-1855	323	19	)	)	PUNCT
ijtc-1855	323	20	.	.	PUNCT
ijtc-1855	324	1	politically	politically	ADV
ijtc-1855	324	2	connected	connect	VERB
ijtc-1855	324	3	ceos	ceo	NOUN
ijtc-1855	324	4	,	,	PUNCT
ijtc-1855	324	5	corporate	corporate	ADJ
ijtc-1855	324	6	governance	governance	NOUN
ijtc-1855	324	7	,	,	PUNCT
ijtc-1855	324	8	and	and	CCONJ
ijtc-1855	324	9	post	post	ADJ
ijtc-1855	324	10	-	-	ADJ
ijtc-1855	324	11	ipo	ipo	ADJ
ijtc-1855	324	12	performance	performance	NOUN
ijtc-1855	324	13	of	of	ADP
ijtc-1855	324	14	china	china	PROPN
ijtc-1855	324	15	’s	’s	PART
ijtc-1855	324	16	newly	newly	ADV
ijtc-1855	324	17	partially	partially	ADV
ijtc-1855	324	18	privatized	privatized	ADJ
ijtc-1855	324	19	firms	firm	NOUN
ijtc-1855	324	20	.	.	PUNCT
ijtc-1855	325	1	journal	journal	NOUN
ijtc-1855	325	2	of	of	ADP
ijtc-1855	325	3	financial	financial	ADJ
ijtc-1855	325	4	economics	economic	NOUN
ijtc-1855	325	5	,	,	PUNCT
ijtc-1855	325	6	84(2	84(2	NUM
ijtc-1855	325	7	)	)	PUNCT
ijtc-1855	325	8	,	,	PUNCT
ijtc-1855	325	9	330–357	330–357	NUM
ijtc-1855	325	10	.	.	PUNCT
ijtc-1855	326	1	https://doi.org/10.1016/j.jfineco.2006.03.008	https://doi.org/10.1016/j.jfineco.2006.03.008	NOUN
ijtc-1855	326	2	fisman	fisman	PROPN
ijtc-1855	326	3	,	,	PUNCT
ijtc-1855	326	4	r.	r.	PROPN
ijtc-1855	326	5	(	(	PUNCT
ijtc-1855	326	6	2001	2001	NUM
ijtc-1855	326	7	)	)	PUNCT
ijtc-1855	326	8	.	.	PUNCT
ijtc-1855	327	1	estimating	estimate	VERB
ijtc-1855	327	2	the	the	DET
ijtc-1855	327	3	value	value	NOUN
ijtc-1855	327	4	of	of	ADP
ijtc-1855	327	5	political	political	ADJ
ijtc-1855	327	6	connections	connection	NOUN
ijtc-1855	327	7	.	.	PUNCT
ijtc-1855	328	1	american	american	PROPN
ijtc-1855	328	2	economic	economic	PROPN
ijtc-1855	328	3	review	review	PROPN
ijtc-1855	328	4	,	,	PUNCT
ijtc-1855	328	5	91	91	NUM
ijtc-1855	328	6	,	,	PUNCT
ijtc-1855	328	7	1095–1102	1095–1102	NUM
ijtc-1855	328	8	.	.	PUNCT
ijtc-1855	329	1	https://doi.org/10.1257/aer.91.4.1095	https://doi.org/10.1257/aer.91.4.1095	NOUN
ijtc-1855	330	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	330	2	the	the	DET
ijtc-1855	330	3	influence	influence	NOUN
ijtc-1855	330	4	of	of	ADP
ijtc-1855	330	5	politically	politically	ADV
ijtc-1855	330	6	connected	connect	VERB
ijtc-1855	330	7	board	board	NOUN
ijtc-1855	330	8	of	of	ADP
ijtc-1855	330	9	directors	director	NOUN
ijtc-1855	330	10	on	on	ADP
ijtc-1855	330	11	firm	firm	ADJ
ijtc-1855	330	12	value	value	NOUN
ijtc-1855	330	13	with	with	ADP
ijtc-1855	330	14	business	business	NOUN
ijtc-1855	330	15	groups	group	NOUN
ijtc-1855	330	16	as	as	ADP
ijtc-1855	330	17	a	a	DET
ijtc-1855	330	18	moderating	moderate	VERB
ijtc-1855	330	19	variable	variable	NOUN
ijtc-1855	330	20	muhammad	muhammad	PROPN
ijtc-1855	330	21	fasha	fasha	PROPN
ijtc-1855	330	22	radya1	radya1	PROPN
ijtc-1855	330	23	.	.	PROPN
ijtc-1855	331	1	,	,	PUNCT
ijtc-1855	331	2	eddy	eddy	PROPN
ijtc-1855	331	3	suranta2	suranta2	PROPN
ijtc-1855	331	4	163|ilomata	163|ilomata	NUM
ijtc-1855	331	5	international	international	ADJ
ijtc-1855	331	6	journal	journal	NOUN
ijtc-1855	331	7	of	of	ADP
ijtc-1855	331	8	social	social	ADJ
ijtc-1855	331	9	science	science	NOUN
ijtc-1855	331	10	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	331	11	gomez	gomez	PROPN
ijtc-1855	331	12	-	-	PUNCT
ijtc-1855	331	13	mejia	mejia	PROPN
ijtc-1855	331	14	,	,	PUNCT
ijtc-1855	331	15	l.	l.	PROPN
ijtc-1855	331	16	r.	r.	PROPN
ijtc-1855	331	17	,	,	PUNCT
ijtc-1855	331	18	nuñez	nuñez	PROPN
ijtc-1855	331	19	-	-	PUNCT
ijtc-1855	331	20	nickel	nickel	NOUN
ijtc-1855	331	21	,	,	PUNCT
ijtc-1855	331	22	m.	m.	NOUN
ijtc-1855	331	23	,	,	PUNCT
ijtc-1855	331	24	&	&	CCONJ
ijtc-1855	331	25	gutierrez	gutierrez	PROPN
ijtc-1855	331	26	,	,	PUNCT
ijtc-1855	331	27	i.	i.	PROPN
ijtc-1855	331	28	(	(	PUNCT
ijtc-1855	331	29	2001	2001	NUM
ijtc-1855	331	30	)	)	PUNCT
ijtc-1855	331	31	.	.	PUNCT
ijtc-1855	332	1	the	the	DET
ijtc-1855	332	2	role	role	NOUN
ijtc-1855	332	3	of	of	ADP
ijtc-1855	332	4	family	family	NOUN
ijtc-1855	332	5	ties	tie	NOUN
ijtc-1855	332	6	in	in	ADP
ijtc-1855	332	7	agency	agency	NOUN
ijtc-1855	332	8	contracts	contract	NOUN
ijtc-1855	332	9	.	.	PUNCT
ijtc-1855	333	1	academy	academy	PROPN
ijtc-1855	333	2	of	of	ADP
ijtc-1855	333	3	management	management	PROPN
ijtc-1855	333	4	journal	journal	PROPN
ijtc-1855	333	5	,	,	PUNCT
ijtc-1855	333	6	44(1	44(1	PROPN
ijtc-1855	333	7	)	)	PUNCT
ijtc-1855	333	8	,	,	PUNCT
ijtc-1855	333	9	81–95	81–95	NUM
ijtc-1855	333	10	.	.	PUNCT
ijtc-1855	334	1	https://doi.org/10.5465/3069338	https://doi.org/10.5465/3069338	PROPN
ijtc-1855	334	2	hillman	hillman	PROPN
ijtc-1855	334	3	,	,	PUNCT
ijtc-1855	334	4	a.	a.	PROPN
ijtc-1855	334	5	j.	j.	PROPN
ijtc-1855	334	6	,	,	PUNCT
ijtc-1855	334	7	withers	wither	NOUN
ijtc-1855	334	8	,	,	PUNCT
ijtc-1855	334	9	m.	m.	NOUN
ijtc-1855	334	10	c.	c.	PROPN
ijtc-1855	334	11	,	,	PUNCT
ijtc-1855	334	12	&	&	CCONJ
ijtc-1855	334	13	collins	collins	PROPN
ijtc-1855	334	14	,	,	PUNCT
ijtc-1855	334	15	b.	b.	PROPN
ijtc-1855	334	16	j.	j.	PROPN
ijtc-1855	334	17	(	(	PUNCT
ijtc-1855	334	18	2009	2009	NUM
ijtc-1855	334	19	)	)	PUNCT
ijtc-1855	334	20	.	.	PUNCT
ijtc-1855	335	1	resource	resource	NOUN
ijtc-1855	335	2	dependence	dependence	NOUN
ijtc-1855	335	3	theory	theory	NOUN
ijtc-1855	335	4	:	:	PUNCT
ijtc-1855	335	5	a	a	DET
ijtc-1855	335	6	review	review	NOUN
ijtc-1855	335	7	.	.	PUNCT
ijtc-1855	336	1	in	in	ADP
ijtc-1855	336	2	journal	journal	NOUN
ijtc-1855	336	3	of	of	ADP
ijtc-1855	336	4	management	management	NOUN
ijtc-1855	336	5	(	(	PUNCT
ijtc-1855	336	6	vol	vol	NOUN
ijtc-1855	336	7	.	.	PROPN
ijtc-1855	336	8	35	35	NUM
ijtc-1855	336	9	,	,	PUNCT
ijtc-1855	336	10	issue	issue	NOUN
ijtc-1855	336	11	6	6	NUM
ijtc-1855	336	12	,	,	PUNCT
ijtc-1855	336	13	pp	pp	ADJ
ijtc-1855	336	14	.	.	PUNCT
ijtc-1855	336	15	1404–1427	1404–1427	NUM
ijtc-1855	336	16	)	)	PUNCT
ijtc-1855	336	17	.	.	PUNCT
ijtc-1855	337	1	https://doi.org/10.1177/0149206309343469	https://doi.org/10.1177/0149206309343469	X
ijtc-1855	337	2	huguet	huguet	PROPN
ijtc-1855	337	3	,	,	PUNCT
ijtc-1855	337	4	d.	d.	PROPN
ijtc-1855	337	5	,	,	PUNCT
ijtc-1855	337	6	&	&	CCONJ
ijtc-1855	337	7	gandía	gandía	PROPN
ijtc-1855	337	8	,	,	PUNCT
ijtc-1855	337	9	j.	j.	PROPN
ijtc-1855	337	10	l.	l.	PROPN
ijtc-1855	337	11	(	(	PUNCT
ijtc-1855	337	12	2014	2014	NUM
ijtc-1855	337	13	)	)	PUNCT
ijtc-1855	337	14	.	.	PUNCT
ijtc-1855	338	1	coste	coste	PROPN
ijtc-1855	338	2	financiero	financiero	PROPN
ijtc-1855	338	3	y	y	PROPN
ijtc-1855	338	4	auditoría	auditoría	VERB
ijtc-1855	338	5	en	en	PROPN
ijtc-1855	338	6	las	las	PROPN
ijtc-1855	338	7	pymes	pymes	PROPN
ijtc-1855	338	8	españolas	españolas	PROPN
ijtc-1855	338	9	.	.	PROPN
ijtc-1855	339	1	revista	revista	PROPN
ijtc-1855	339	2	espanola	espanola	PROPN
ijtc-1855	339	3	de	de	PROPN
ijtc-1855	339	4	financiacion	financiacion	PROPN
ijtc-1855	339	5	y	y	PROPN
ijtc-1855	339	6	contabilidad	contabilidad	PROPN
ijtc-1855	339	7	,	,	PUNCT
ijtc-1855	339	8	43(3	43(3	NUM
ijtc-1855	339	9	)	)	PUNCT
ijtc-1855	339	10	,	,	PUNCT
ijtc-1855	339	11	266–289	266–289	NUM
ijtc-1855	339	12	.	.	PUNCT
ijtc-1855	340	1	https://doi.org/10.1080/02102412.2014.942154	https://doi.org/10.1080/02102412.2014.942154	PROPN
ijtc-1855	340	2	jensen	jensen	PROPN
ijtc-1855	340	3	and	and	CCONJ
ijtc-1855	340	4	meckling	meckling	NOUN
ijtc-1855	340	5	.	.	PUNCT
ijtc-1855	341	1	(	(	PUNCT
ijtc-1855	341	2	1976	1976	NUM
ijtc-1855	341	3	)	)	PUNCT
ijtc-1855	341	4	.	.	PUNCT
ijtc-1855	342	1	agency	agency	NOUN
ijtc-1855	342	2	theory	theory	NOUN
ijtc-1855	342	3	.	.	PUNCT
ijtc-1855	343	1	the	the	DET
ijtc-1855	343	2	corporate	corporate	ADJ
ijtc-1855	343	3	financiers	financier	NOUN
ijtc-1855	343	4	,	,	PUNCT
ijtc-1855	343	5	3	3	NUM
ijtc-1855	343	6	,	,	PUNCT
ijtc-1855	343	7	305–360	305–360	NUM
ijtc-1855	343	8	.	.	PUNCT
ijtc-1855	343	9	https://doi.org/10.1057/9781137341280.0038	https://doi.org/10.1057/9781137341280.0038	PROPN
ijtc-1855	343	10	joni	joni	PROPN
ijtc-1855	343	11	,	,	PUNCT
ijtc-1855	343	12	ahmed	ahmed	PROPN
ijtc-1855	343	13	,	,	PUNCT
ijtc-1855	343	14	k.	k.	PROPN
ijtc-1855	343	15	,	,	PUNCT
ijtc-1855	343	16	&	&	CCONJ
ijtc-1855	343	17	hamilton	hamilton	PROPN
ijtc-1855	343	18	,	,	PUNCT
ijtc-1855	343	19	j.	j.	PROPN
ijtc-1855	343	20	(	(	PUNCT
ijtc-1855	343	21	2020a	2020a	NUM
ijtc-1855	343	22	)	)	PUNCT
ijtc-1855	343	23	.	.	PUNCT
ijtc-1855	344	1	politically	politically	ADV
ijtc-1855	344	2	connected	connect	VERB
ijtc-1855	344	3	boards	board	NOUN
ijtc-1855	344	4	,	,	PUNCT
ijtc-1855	344	5	family	family	NOUN
ijtc-1855	344	6	and	and	CCONJ
ijtc-1855	344	7	business	business	NOUN
ijtc-1855	344	8	group	group	NOUN
ijtc-1855	344	9	affiliations	affiliation	NOUN
ijtc-1855	344	10	,	,	PUNCT
ijtc-1855	344	11	and	and	CCONJ
ijtc-1855	344	12	cost	cost	NOUN
ijtc-1855	344	13	of	of	ADP
ijtc-1855	344	14	capital	capital	NOUN
ijtc-1855	344	15	:	:	PUNCT
ijtc-1855	344	16	evidence	evidence	NOUN
ijtc-1855	344	17	from	from	ADP
ijtc-1855	344	18	indonesia	indonesia	PROPN
ijtc-1855	344	19	.	.	PUNCT
ijtc-1855	345	1	british	british	ADJ
ijtc-1855	345	2	accounting	accounting	PROPN
ijtc-1855	345	3	review	review	PROPN
ijtc-1855	345	4	,	,	PUNCT
ijtc-1855	345	5	52(3	52(3	NOUN
ijtc-1855	345	6	)	)	PUNCT
ijtc-1855	345	7	,	,	PUNCT
ijtc-1855	345	8	21	21	NUM
ijtc-1855	345	9	.	.	PUNCT
ijtc-1855	346	1	https://doi.org/10.1016/j.bar.2019.100878	https://doi.org/10.1016/j.bar.2019.100878	PROPN
ijtc-1855	346	2	joni	joni	PROPN
ijtc-1855	346	3	,	,	PUNCT
ijtc-1855	346	4	j.	j.	PROPN
ijtc-1855	346	5	,	,	PUNCT
ijtc-1855	346	6	ahmed	ahmed	PROPN
ijtc-1855	346	7	,	,	PUNCT
ijtc-1855	346	8	k.	k.	PROPN
ijtc-1855	346	9	,	,	PUNCT
ijtc-1855	346	10	&	&	CCONJ
ijtc-1855	346	11	hamilton	hamilton	PROPN
ijtc-1855	346	12	,	,	PUNCT
ijtc-1855	346	13	j.	j.	PROPN
ijtc-1855	346	14	(	(	PUNCT
ijtc-1855	346	15	2020b	2020b	NUM
ijtc-1855	346	16	)	)	PUNCT
ijtc-1855	346	17	.	.	PUNCT
ijtc-1855	347	1	politically	politically	ADV
ijtc-1855	347	2	connected	connect	VERB
ijtc-1855	347	3	boards	board	NOUN
ijtc-1855	347	4	,	,	PUNCT
ijtc-1855	347	5	family	family	NOUN
ijtc-1855	347	6	business	business	NOUN
ijtc-1855	347	7	groups	group	NOUN
ijtc-1855	347	8	and	and	CCONJ
ijtc-1855	347	9	firm	firm	ADJ
ijtc-1855	347	10	performance	performance	NOUN
ijtc-1855	347	11	:	:	PUNCT
ijtc-1855	347	12	evidence	evidence	NOUN
ijtc-1855	347	13	from	from	ADP
ijtc-1855	347	14	indonesia	indonesia	PROPN
ijtc-1855	347	15	.	.	PROPN
ijtc-1855	348	1	journal	journal	PROPN
ijtc-1855	348	2	of	of	ADP
ijtc-1855	348	3	accounting	accounting	NOUN
ijtc-1855	348	4	and	and	CCONJ
ijtc-1855	348	5	organizational	organizational	ADJ
ijtc-1855	348	6	change	change	NOUN
ijtc-1855	348	7	,	,	PUNCT
ijtc-1855	348	8	16(1	16(1	NUM
ijtc-1855	348	9	)	)	PUNCT
ijtc-1855	348	10	,	,	PUNCT
ijtc-1855	348	11	93–121	93–121	NUM
ijtc-1855	348	12	.	.	PUNCT
ijtc-1855	349	1	https://doi.org/10.1108/jaoc-09-2019-0091	https://doi.org/10.1108/jaoc-09-2019-0091	PROPN
ijtc-1855	349	2	joseline	joseline	PROPN
ijtc-1855	349	3	,	,	PUNCT
ijtc-1855	349	4	j.	j.	PROPN
ijtc-1855	349	5	,	,	PUNCT
ijtc-1855	349	6	frandy	frandy	PROPN
ijtc-1855	349	7	,	,	PUNCT
ijtc-1855	349	8	s.	s.	PROPN
ijtc-1855	349	9	,	,	PUNCT
ijtc-1855	349	10	&	&	CCONJ
ijtc-1855	349	11	pangestu	pangestu	PROPN
ijtc-1855	349	12	,	,	PUNCT
ijtc-1855	349	13	s.	s.	PROPN
ijtc-1855	349	14	(	(	PUNCT
ijtc-1855	349	15	2021	2021	NUM
ijtc-1855	349	16	)	)	PUNCT
ijtc-1855	349	17	.	.	PUNCT
ijtc-1855	350	1	pengaruh	pengaruh	PROPN
ijtc-1855	350	2	koneksi	koneksi	PROPN
ijtc-1855	350	3	politik	politik	PROPN
ijtc-1855	350	4	terhadap	terhadap	PROPN
ijtc-1855	350	5	nilai	nilai	PROPN
ijtc-1855	350	6	perusahaan	perusahaan	PROPN
ijtc-1855	350	7	non	non	PROPN
ijtc-1855	350	8	-	-	ADJ
ijtc-1855	350	9	keuangan	keuangan	ADJ
ijtc-1855	350	10	.	.	PUNCT
ijtc-1855	351	1	studi	studi	PROPN
ijtc-1855	351	2	akuntansi	akuntansi	PROPN
ijtc-1855	351	3	dan	dan	PROPN
ijtc-1855	351	4	keuangan	keuangan	PROPN
ijtc-1855	351	5	indonesia	indonesia	PROPN
ijtc-1855	351	6	,	,	PUNCT
ijtc-1855	351	7	4(1	4(1	NOUN
ijtc-1855	351	8	)	)	PUNCT
ijtc-1855	351	9	,	,	PUNCT
ijtc-1855	351	10	68–77	68–77	NUM
ijtc-1855	351	11	.	.	PUNCT
ijtc-1855	352	1	https://doi.org/10.21632/saki.4.1.68-77	https://doi.org/10.21632/saki.4.1.68-77	VERB
ijtc-1855	352	2	khanna	khanna	PROPN
ijtc-1855	352	3	,	,	PUNCT
ijtc-1855	352	4	t.	t.	PROPN
ijtc-1855	352	5	,	,	PUNCT
ijtc-1855	352	6	&	&	CCONJ
ijtc-1855	352	7	yafeh	yafeh	PROPN
ijtc-1855	352	8	,	,	PUNCT
ijtc-1855	352	9	y.	y.	PROPN
ijtc-1855	352	10	(	(	PUNCT
ijtc-1855	352	11	2010	2010	NUM
ijtc-1855	352	12	)	)	PUNCT
ijtc-1855	352	13	.	.	PUNCT
ijtc-1855	353	1	business	business	NOUN
ijtc-1855	353	2	groups	group	NOUN
ijtc-1855	353	3	in	in	ADP
ijtc-1855	353	4	emerging	emerge	VERB
ijtc-1855	353	5	markets	market	NOUN
ijtc-1855	353	6	:	:	PUNCT
ijtc-1855	353	7	paragons	paragon	NOUN
ijtc-1855	353	8	or	or	CCONJ
ijtc-1855	353	9	parasites	parasite	NOUN
ijtc-1855	353	10	?	?	PUNCT
ijtc-1855	354	1	the	the	DET
ijtc-1855	354	2	oxford	oxford	PROPN
ijtc-1855	354	3	handbook	handbook	NOUN
ijtc-1855	354	4	of	of	ADP
ijtc-1855	354	5	business	business	NOUN
ijtc-1855	354	6	groups	group	NOUN
ijtc-1855	354	7	,	,	PUNCT
ijtc-1855	354	8	xlv(june	xlv(june	NOUN
ijtc-1855	354	9	)	)	PUNCT
ijtc-1855	354	10	,	,	PUNCT
ijtc-1855	354	11	331–372	331–372	NUM
ijtc-1855	354	12	.	.	PUNCT
ijtc-1855	355	1	https://doi.org/10.1093/oxfordhb/9780199552863.003.0020	https://doi.org/10.1093/oxfordhb/9780199552863.003.0020	ADP
ijtc-1855	355	2	kinger	kinger	NOUN
ijtc-1855	355	3	-	-	PUNCT
ijtc-1855	355	4	hans	hans	PROPN
ijtc-1855	355	5	,	,	PUNCT
ijtc-1855	355	6	l.	l.	PROPN
ijtc-1855	355	7	,	,	PUNCT
ijtc-1855	355	8	chittoor	chittoor	PROPN
ijtc-1855	355	9	,	,	PUNCT
ijtc-1855	355	10	r.	r.	PROPN
ijtc-1855	355	11	,	,	PUNCT
ijtc-1855	355	12	vissa	vissa	PROPN
ijtc-1855	355	13	,	,	PUNCT
ijtc-1855	355	14	b.	b.	PROPN
ijtc-1855	355	15	,	,	PUNCT
ijtc-1855	355	16	&	&	CCONJ
ijtc-1855	355	17	chen	chen	PROPN
ijtc-1855	355	18	,	,	PUNCT
ijtc-1855	355	19	g.	g.	PROPN
ijtc-1855	355	20	(	(	PUNCT
ijtc-1855	355	21	2024	2024	NUM
ijtc-1855	355	22	)	)	PUNCT
ijtc-1855	355	23	.	.	PUNCT
ijtc-1855	356	1	family	family	NOUN
ijtc-1855	356	2	-	-	PUNCT
ijtc-1855	356	3	controlled	control	VERB
ijtc-1855	356	4	business	business	NOUN
ijtc-1855	356	5	groups	group	NOUN
ijtc-1855	356	6	:	:	PUNCT
ijtc-1855	356	7	an	an	DET
ijtc-1855	356	8	in	in	ADP
ijtc-1855	356	9	-	-	PUNCT
ijtc-1855	356	10	depth	depth	NOUN
ijtc-1855	356	11	review	review	NOUN
ijtc-1855	356	12	and	and	CCONJ
ijtc-1855	356	13	a	a	DET
ijtc-1855	356	14	microfoundations	microfoundation	NOUN
ijtc-1855	356	15	-	-	PUNCT
ijtc-1855	356	16	based	base	VERB
ijtc-1855	356	17	research	research	NOUN
ijtc-1855	356	18	agenda	agenda	NOUN
ijtc-1855	356	19	.	.	PUNCT
ijtc-1855	357	1	journal	journal	PROPN
ijtc-1855	357	2	of	of	ADP
ijtc-1855	357	3	management	management	NOUN
ijtc-1855	357	4	,	,	PUNCT
ijtc-1855	357	5	50(1	50(1	PROPN
ijtc-1855	357	6	)	)	PUNCT
ijtc-1855	357	7	,	,	PUNCT
ijtc-1855	357	8	307–346	307–346	NUM
ijtc-1855	357	9	.	.	PUNCT
ijtc-1855	358	1	https://doi.org/10.1177/01492063231180130	https://doi.org/10.1177/01492063231180130	NUM
ijtc-1855	358	2	komalasari	komalasari	NOUN
ijtc-1855	358	3	,	,	PUNCT
ijtc-1855	358	4	p.	p.	PROPN
ijtc-1855	358	5	,	,	PUNCT
ijtc-1855	358	6	&	&	CCONJ
ijtc-1855	358	7	nor	nor	CCONJ
ijtc-1855	358	8	,	,	PUNCT
ijtc-1855	358	9	m.	m.	NOUN
ijtc-1855	358	10	(	(	PUNCT
ijtc-1855	358	11	2014	2014	NUM
ijtc-1855	358	12	)	)	PUNCT
ijtc-1855	358	13	.	.	PUNCT
ijtc-1855	359	1	pengaruh	pengaruh	NOUN
ijtc-1855	359	2	struktur	struktur	PROPN
ijtc-1855	359	3	kepemilikan	kepemilikan	PROPN
ijtc-1855	359	4	keluarga	keluarga	PROPN
ijtc-1855	359	5	,	,	PUNCT
ijtc-1855	359	6	kepemimpinan	kepemimpinan	PROPN
ijtc-1855	359	7	dan	dan	PROPN
ijtc-1855	359	8	perwakilan	perwakilan	PROPN
ijtc-1855	359	9	keluarga	keluarga	PROPN
ijtc-1855	359	10	terhadap	terhadap	PROPN
ijtc-1855	359	11	kinerja	kinerja	PROPN
ijtc-1855	359	12	perusahaan	perusahaan	PROPN
ijtc-1855	359	13	.	.	PUNCT
ijtc-1855	360	1	akrual	akrual	ADJ
ijtc-1855	360	2	:	:	PUNCT
ijtc-1855	360	3	jurnal	jurnal	PROPN
ijtc-1855	360	4	akuntansi	akuntansi	PROPN
ijtc-1855	360	5	,	,	PUNCT
ijtc-1855	360	6	5	5	NUM
ijtc-1855	360	7	.	.	PUNCT
ijtc-1855	360	8	https://doi.org/10.26740/jaj.v5n2.p133-150	https://doi.org/10.26740/jaj.v5n2.p133-150	PROPN
ijtc-1855	360	9	la	la	PROPN
ijtc-1855	360	10	porta	porta	PROPN
ijtc-1855	360	11	,	,	PUNCT
ijtc-1855	360	12	r.	r.	PROPN
ijtc-1855	360	13	,	,	PUNCT
ijtc-1855	360	14	lopez	lopez	NOUN
ijtc-1855	360	15	-	-	PUNCT
ijtc-1855	360	16	de	de	NOUN
ijtc-1855	360	17	-	-	NOUN
ijtc-1855	360	18	silanes	silanes	PROPN
ijtc-1855	360	19	,	,	PUNCT
ijtc-1855	360	20	f.	f.	PROPN
ijtc-1855	360	21	,	,	PUNCT
ijtc-1855	360	22	&	&	CCONJ
ijtc-1855	360	23	shleifer	shleifer	PROPN
ijtc-1855	360	24	,	,	PUNCT
ijtc-1855	360	25	a.	a.	NOUN
ijtc-1855	360	26	(	(	PUNCT
ijtc-1855	360	27	1999	1999	NUM
ijtc-1855	360	28	)	)	PUNCT
ijtc-1855	360	29	.	.	PUNCT
ijtc-1855	361	1	corporate	corporate	ADJ
ijtc-1855	361	2	ownership	ownership	NOUN
ijtc-1855	361	3	around	around	ADP
ijtc-1855	361	4	the	the	DET
ijtc-1855	361	5	world	world	NOUN
ijtc-1855	361	6	.	.	PUNCT
ijtc-1855	362	1	journal	journal	PROPN
ijtc-1855	362	2	of	of	ADP
ijtc-1855	362	3	finance	finance	NOUN
ijtc-1855	362	4	,	,	PUNCT
ijtc-1855	362	5	54(2	54(2	NUM
ijtc-1855	362	6	)	)	PUNCT
ijtc-1855	362	7	,	,	PUNCT
ijtc-1855	362	8	471–517	471–517	NUM
ijtc-1855	362	9	.	.	PUNCT
ijtc-1855	363	1	https://doi.org/10.1111/0022-1082.00115	https://doi.org/10.1111/0022-1082.00115	PROPN
ijtc-1855	363	2	layyinaturrobaniyah	layyinaturrobaniyah	PROPN
ijtc-1855	363	3	,	,	PUNCT
ijtc-1855	363	4	sudarsono	sudarsono	PROPN
ijtc-1855	363	5	,	,	PUNCT
ijtc-1855	363	6	r.	r.	PROPN
ijtc-1855	363	7	,	,	PUNCT
ijtc-1855	363	8	&	&	CCONJ
ijtc-1855	363	9	fitriyana	fitriyana	PROPN
ijtc-1855	363	10	,	,	PUNCT
ijtc-1855	363	11	d.	d.	PROPN
ijtc-1855	363	12	(	(	PUNCT
ijtc-1855	363	13	2014	2014	NUM
ijtc-1855	363	14	)	)	PUNCT
ijtc-1855	363	15	.	.	PUNCT
ijtc-1855	364	1	agency	agency	NOUN
ijtc-1855	364	2	cost	cost	PROPN
ijtc-1855	364	3	pada	pada	PROPN
ijtc-1855	364	4	perusahaan	perusahaan	PROPN
ijtc-1855	364	5	keluarga	keluarga	PROPN
ijtc-1855	364	6	dan	dan	PROPN
ijtc-1855	364	7	non	non	PROPN
ijtc-1855	364	8	keluarga	keluarga	PROPN
ijtc-1855	364	9	.	.	PROPN
ijtc-1855	365	1	jurnal	jurnal	PROPN
ijtc-1855	365	2	siasat	siasat	PROPN
ijtc-1855	365	3	bisnis	bisnis	PROPN
ijtc-1855	365	4	,	,	PUNCT
ijtc-1855	365	5	18(2	18(2	NUM
ijtc-1855	365	6	)	)	PUNCT
ijtc-1855	365	7	,	,	PUNCT
ijtc-1855	365	8	169–179	169–179	NUM
ijtc-1855	365	9	.	.	PUNCT
ijtc-1855	366	1	https://doi.org/10.20885/jsb.vol18.iss2.art3	https://doi.org/10.20885/jsb.vol18.iss2.art3	PROPN
ijtc-1855	366	2	lindenberg	lindenberg	PROPN
ijtc-1855	366	3	,	,	PUNCT
ijtc-1855	366	4	e.	e.	PROPN
ijtc-1855	366	5	b.	b.	PROPN
ijtc-1855	366	6	,	,	PUNCT
ijtc-1855	366	7	&	&	CCONJ
ijtc-1855	366	8	ross	ross	PROPN
ijtc-1855	366	9	,	,	PUNCT
ijtc-1855	366	10	s.	s.	PROPN
ijtc-1855	366	11	a.	a.	PROPN
ijtc-1855	366	12	(	(	PUNCT
ijtc-1855	366	13	1981	1981	NUM
ijtc-1855	366	14	)	)	PUNCT
ijtc-1855	366	15	.	.	PUNCT
ijtc-1855	367	1	tobin	tobin	PROPN
ijtc-1855	367	2	’s	’	VERB
ijtc-1855	367	3	$	$	SYM
ijtc-1855	367	4	q$	q$	NOUN
ijtc-1855	367	5	ratio	ratio	NOUN
ijtc-1855	367	6	and	and	CCONJ
ijtc-1855	367	7	industrial	industrial	ADJ
ijtc-1855	367	8	organization	organization	NOUN
ijtc-1855	367	9	.	.	PUNCT
ijtc-1855	368	1	the	the	DET
ijtc-1855	368	2	journal	journal	NOUN
ijtc-1855	368	3	of	of	ADP
ijtc-1855	368	4	business	business	NOUN
ijtc-1855	368	5	,	,	PUNCT
ijtc-1855	368	6	54(1	54(1	NUM
ijtc-1855	368	7	)	)	PUNCT
ijtc-1855	368	8	,	,	PUNCT
ijtc-1855	368	9	1	1	X
ijtc-1855	368	10	.	.	X
ijtc-1855	368	11	https://doi.org/10.1086/296120	https://doi.org/10.1086/296120	PROPN
ijtc-1855	368	12	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-1855	368	13	the	the	DET
ijtc-1855	368	14	influence	influence	NOUN
ijtc-1855	368	15	of	of	ADP
ijtc-1855	368	16	politically	politically	ADV
ijtc-1855	368	17	connected	connect	VERB
ijtc-1855	368	18	board	board	NOUN
ijtc-1855	368	19	of	of	ADP
ijtc-1855	368	20	directors	director	NOUN
ijtc-1855	368	21	on	on	ADP
ijtc-1855	368	22	firm	firm	ADJ
ijtc-1855	368	23	value	value	NOUN
ijtc-1855	368	24	with	with	ADP
ijtc-1855	368	25	business	business	NOUN
ijtc-1855	368	26	groups	group	NOUN
ijtc-1855	368	27	as	as	ADP
ijtc-1855	368	28	a	a	DET
ijtc-1855	368	29	moderating	moderate	VERB
ijtc-1855	368	30	variable	variable	NOUN
ijtc-1855	368	31	muhammad	muhammad	PROPN
ijtc-1855	368	32	fasha	fasha	PROPN
ijtc-1855	368	33	radya1	radya1	PROPN
ijtc-1855	368	34	.	.	PROPN
ijtc-1855	368	35	,	,	PUNCT
ijtc-1855	368	36	eddy	eddy	PROPN
ijtc-1855	368	37	suranta2	suranta2	PROPN
ijtc-1855	368	38	164|ilomata	164|ilomata	PROPN
ijtc-1855	368	39	international	international	ADJ
ijtc-1855	368	40	journal	journal	NOUN
ijtc-1855	368	41	of	of	ADP
ijtc-1855	368	42	social	social	ADJ
ijtc-1855	368	43	science	science	NOUN
ijtc-1855	368	44	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	368	45	liu	liu	PROPN
ijtc-1855	368	46	,	,	PUNCT
ijtc-1855	368	47	l.	l.	PROPN
ijtc-1855	368	48	,	,	PUNCT
ijtc-1855	368	49	liu	liu	PROPN
ijtc-1855	368	50	,	,	PUNCT
ijtc-1855	368	51	q.	q.	PROPN
ijtc-1855	368	52	,	,	PUNCT
ijtc-1855	368	53	tian	tian	PROPN
ijtc-1855	368	54	,	,	PUNCT
ijtc-1855	368	55	g.	g.	PROPN
ijtc-1855	368	56	,	,	PUNCT
ijtc-1855	368	57	&	&	CCONJ
ijtc-1855	368	58	wang	wang	PROPN
ijtc-1855	368	59	,	,	PUNCT
ijtc-1855	368	60	p.	p.	NOUN
ijtc-1855	368	61	(	(	PUNCT
ijtc-1855	368	62	2018	2018	NUM
ijtc-1855	368	63	)	)	PUNCT
ijtc-1855	368	64	.	.	PUNCT
ijtc-1855	369	1	government	government	NOUN
ijtc-1855	369	2	connections	connection	NOUN
ijtc-1855	369	3	and	and	CCONJ
ijtc-1855	369	4	the	the	DET
ijtc-1855	369	5	persistence	persistence	NOUN
ijtc-1855	369	6	of	of	ADP
ijtc-1855	369	7	profitability	profitability	NOUN
ijtc-1855	369	8	:	:	PUNCT
ijtc-1855	369	9	evidence	evidence	NOUN
ijtc-1855	369	10	from	from	ADP
ijtc-1855	369	11	chinese	chinese	ADJ
ijtc-1855	369	12	listed	list	VERB
ijtc-1855	369	13	firms	firm	NOUN
ijtc-1855	369	14	.	.	PUNCT
ijtc-1855	370	1	emerging	emerge	VERB
ijtc-1855	370	2	markets	market	NOUN
ijtc-1855	370	3	review	review	VERB
ijtc-1855	370	4	,	,	PUNCT
ijtc-1855	370	5	36	36	NUM
ijtc-1855	370	6	,	,	PUNCT
ijtc-1855	370	7	110–129	110–129	NUM
ijtc-1855	370	8	.	.	PUNCT
ijtc-1855	371	1	https://doi.org/10.1016/j.ememar.2018.04.002	https://doi.org/10.1016/j.ememar.2018.04.002	PROPN
ijtc-1855	371	2	maaloul	maaloul	PROPN
ijtc-1855	371	3	,	,	PUNCT
ijtc-1855	371	4	a.	a.	NOUN
ijtc-1855	371	5	,	,	PUNCT
ijtc-1855	371	6	chakroun	chakroun	PROPN
ijtc-1855	371	7	,	,	PUNCT
ijtc-1855	371	8	r.	r.	PROPN
ijtc-1855	371	9	,	,	PUNCT
ijtc-1855	371	10	&	&	CCONJ
ijtc-1855	371	11	yahyaoui	yahyaoui	PROPN
ijtc-1855	371	12	,	,	PUNCT
ijtc-1855	371	13	s.	s.	PROPN
ijtc-1855	371	14	(	(	PUNCT
ijtc-1855	371	15	2018	2018	NUM
ijtc-1855	371	16	)	)	PUNCT
ijtc-1855	371	17	.	.	PUNCT
ijtc-1855	372	1	the	the	DET
ijtc-1855	372	2	effect	effect	NOUN
ijtc-1855	372	3	of	of	ADP
ijtc-1855	372	4	political	political	ADJ
ijtc-1855	372	5	connections	connection	NOUN
ijtc-1855	372	6	on	on	ADP
ijtc-1855	372	7	companies	company	NOUN
ijtc-1855	372	8	’	’	PART
ijtc-1855	372	9	performance	performance	NOUN
ijtc-1855	372	10	and	and	CCONJ
ijtc-1855	372	11	value	value	NOUN
ijtc-1855	372	12	:	:	PUNCT
ijtc-1855	372	13	evidence	evidence	NOUN
ijtc-1855	372	14	from	from	ADP
ijtc-1855	372	15	tunisian	tunisian	ADJ
ijtc-1855	372	16	companies	company	NOUN
ijtc-1855	372	17	after	after	ADP
ijtc-1855	372	18	the	the	DET
ijtc-1855	372	19	revolution	revolution	NOUN
ijtc-1855	372	20	.	.	PUNCT
ijtc-1855	373	1	journal	journal	NOUN
ijtc-1855	373	2	of	of	ADP
ijtc-1855	373	3	accounting	account	VERB
ijtc-1855	373	4	in	in	ADP
ijtc-1855	373	5	emerging	emerge	VERB
ijtc-1855	373	6	economies	economy	NOUN
ijtc-1855	373	7	,	,	PUNCT
ijtc-1855	373	8	8(2	8(2	NUM
ijtc-1855	373	9	)	)	PUNCT
ijtc-1855	373	10	,	,	PUNCT
ijtc-1855	373	11	185–204	185–204	NUM
ijtc-1855	373	12	.	.	PUNCT
ijtc-1855	374	1	https://doi.org/10.1108/jaee-122016-0105	https://doi.org/10.1108/jaee-122016-0105	ADJ
ijtc-1855	374	2	maulana	maulana	PROPN
ijtc-1855	374	3	,	,	PUNCT
ijtc-1855	374	4	w.	w.	PROPN
ijtc-1855	374	5	(	(	PUNCT
ijtc-1855	374	6	2019	2019	NUM
ijtc-1855	374	7	)	)	PUNCT
ijtc-1855	374	8	.	.	PUNCT
ijtc-1855	375	1	pengaruh	pengaruh	PROPN
ijtc-1855	375	2	koneksi	koneksi	PROPN
ijtc-1855	375	3	politik	politik	PROPN
ijtc-1855	375	4	dan	dan	PROPN
ijtc-1855	375	5	struktur	struktur	PROPN
ijtc-1855	375	6	kepemilikan	kepemilikan	PROPN
ijtc-1855	375	7	manjerial	manjerial	PROPN
ijtc-1855	375	8	terhadap	terhadap	PROPN
ijtc-1855	375	9	nilai	nilai	PROPN
ijtc-1855	375	10	perusahaan	perusahaan	PROPN
ijtc-1855	375	11	.	.	PROPN
ijtc-1855	376	1	jurnal	jurnal	PROPN
ijtc-1855	376	2	akuntansi	akuntansi	PROPN
ijtc-1855	376	3	,	,	PUNCT
ijtc-1855	376	4	8(1	8(1	NOUN
ijtc-1855	376	5	)	)	PUNCT
ijtc-1855	376	6	,	,	PUNCT
ijtc-1855	376	7	1–12	1–12	NOUN
ijtc-1855	376	8	.	.	PUNCT
ijtc-1855	377	1	momon	momon	NOUN
ijtc-1855	377	2	,	,	PUNCT
ijtc-1855	377	3	wati	wati	PROPN
ijtc-1855	377	4	,	,	PUNCT
ijtc-1855	377	5	l.	l.	PROPN
ijtc-1855	377	6	n.	n.	PROPN
ijtc-1855	377	7	,	,	PUNCT
ijtc-1855	377	8	&	&	CCONJ
ijtc-1855	377	9	sutar	sutar	PROPN
ijtc-1855	377	10	.	.	PUNCT
ijtc-1855	378	1	(	(	PUNCT
ijtc-1855	378	2	2021	2021	NUM
ijtc-1855	378	3	)	)	PUNCT
ijtc-1855	378	4	.	.	PUNCT
ijtc-1855	379	1	the	the	DET
ijtc-1855	379	2	role	role	NOUN
ijtc-1855	379	3	of	of	ADP
ijtc-1855	379	4	political	political	ADJ
ijtc-1855	379	5	connections	connection	NOUN
ijtc-1855	379	6	and	and	CCONJ
ijtc-1855	379	7	family	family	NOUN
ijtc-1855	379	8	ownership	ownership	NOUN
ijtc-1855	379	9	in	in	ADP
ijtc-1855	379	10	increasing	increase	VERB
ijtc-1855	379	11	firm	firm	ADJ
ijtc-1855	379	12	value	value	NOUN
ijtc-1855	379	13	.	.	PUNCT
ijtc-1855	380	1	in	in	ADP
ijtc-1855	380	2	acrn	acrn	PROPN
ijtc-1855	380	3	journal	journal	PROPN
ijtc-1855	380	4	of	of	ADP
ijtc-1855	380	5	finance	finance	NOUN
ijtc-1855	380	6	and	and	CCONJ
ijtc-1855	380	7	risk	risk	NOUN
ijtc-1855	380	8	perspectives	perspective	NOUN
ijtc-1855	380	9	(	(	PUNCT
ijtc-1855	380	10	vol	vol	NOUN
ijtc-1855	380	11	.	.	PROPN
ijtc-1855	380	12	10	10	NUM
ijtc-1855	380	13	,	,	PUNCT
ijtc-1855	380	14	pp	pp	ADJ
ijtc-1855	380	15	.	.	PUNCT
ijtc-1855	380	16	40–53	40–53	NUM
ijtc-1855	380	17	)	)	PUNCT
ijtc-1855	380	18	.	.	PUNCT
ijtc-1855	381	1	acrn	acrn	PROPN
ijtc-1855	381	2	oxford	oxford	PROPN
ijtc-1855	381	3	ltd	ltd	PROPN
ijtc-1855	381	4	.	.	PUNCT
ijtc-1855	382	1	https://doi.org/10.35944/jofrp.2021.10.1.003	https://doi.org/10.35944/jofrp.2021.10.1.003	PROPN
ijtc-1855	382	2	morck	morck	PROPN
ijtc-1855	382	3	,	,	PUNCT
ijtc-1855	382	4	r.	r.	PROPN
ijtc-1855	382	5	,	,	PUNCT
ijtc-1855	382	6	shleifer	shleifer	PROPN
ijtc-1855	382	7	,	,	PUNCT
ijtc-1855	382	8	a.	a.	PROPN
ijtc-1855	382	9	,	,	PUNCT
ijtc-1855	382	10	&	&	CCONJ
ijtc-1855	382	11	vishny	vishny	PROPN
ijtc-1855	382	12	,	,	PUNCT
ijtc-1855	382	13	r.	r.	PROPN
ijtc-1855	382	14	w.	w.	PROPN
ijtc-1855	382	15	(	(	PUNCT
ijtc-1855	382	16	1988	1988	NUM
ijtc-1855	382	17	)	)	PUNCT
ijtc-1855	382	18	.	.	PUNCT
ijtc-1855	383	1	management	management	NOUN
ijtc-1855	383	2	ownership	ownership	NOUN
ijtc-1855	383	3	and	and	CCONJ
ijtc-1855	383	4	market	market	NOUN
ijtc-1855	383	5	valuation	valuation	NOUN
ijtc-1855	383	6	.	.	PUNCT
ijtc-1855	384	1	an	an	DET
ijtc-1855	384	2	empirical	empirical	ADJ
ijtc-1855	384	3	analysis	analysis	NOUN
ijtc-1855	384	4	.	.	PUNCT
ijtc-1855	385	1	journal	journal	NOUN
ijtc-1855	385	2	of	of	ADP
ijtc-1855	385	3	financial	financial	ADJ
ijtc-1855	385	4	economics	economic	NOUN
ijtc-1855	385	5	,	,	PUNCT
ijtc-1855	385	6	20(c	20(c	NUM
ijtc-1855	385	7	)	)	PUNCT
ijtc-1855	385	8	,	,	PUNCT
ijtc-1855	385	9	293–315	293–315	NUM
ijtc-1855	385	10	.	.	PUNCT
ijtc-1855	386	1	https://doi.org/10.1016/0304-405x(88)90048-7	https://doi.org/10.1016/0304-405x(88)90048-7	PROPN
ijtc-1855	386	2	najahiyah	najahiyah	PROPN
ijtc-1855	386	3	,	,	PUNCT
ijtc-1855	386	4	n.	n.	PROPN
ijtc-1855	386	5	,	,	PUNCT
ijtc-1855	386	6	aisjah	aisjah	PROPN
ijtc-1855	386	7	,	,	PUNCT
ijtc-1855	386	8	s.	s.	PROPN
ijtc-1855	386	9	,	,	PUNCT
ijtc-1855	386	10	&	&	CCONJ
ijtc-1855	386	11	dzajuli	dzajuli	PROPN
ijtc-1855	386	12	,	,	PUNCT
ijtc-1855	386	13	a.	a.	NOUN
ijtc-1855	386	14	(	(	PUNCT
ijtc-1855	386	15	2022	2022	NUM
ijtc-1855	386	16	)	)	PUNCT
ijtc-1855	386	17	.	.	PUNCT
ijtc-1855	387	1	the	the	DET
ijtc-1855	387	2	effect	effect	NOUN
ijtc-1855	387	3	of	of	ADP
ijtc-1855	387	4	family	family	NOUN
ijtc-1855	387	5	ownership	ownership	NOUN
ijtc-1855	387	6	on	on	ADP
ijtc-1855	387	7	company	company	NOUN
ijtc-1855	387	8	values	value	NOUN
ijtc-1855	387	9	mediated	mediate	VERB
ijtc-1855	387	10	by	by	ADP
ijtc-1855	387	11	financial	financial	ADJ
ijtc-1855	387	12	performance	performance	NOUN
ijtc-1855	387	13	and	and	CCONJ
ijtc-1855	387	14	corporate	corporate	ADJ
ijtc-1855	387	15	governance	governance	NOUN
ijtc-1855	387	16	.	.	PUNCT
ijtc-1855	388	1	international	international	ADJ
ijtc-1855	388	2	journal	journal	PROPN
ijtc-1855	388	3	of	of	ADP
ijtc-1855	388	4	research	research	NOUN
ijtc-1855	388	5	in	in	ADP
ijtc-1855	388	6	business	business	NOUN
ijtc-1855	388	7	and	and	CCONJ
ijtc-1855	388	8	social	social	ADJ
ijtc-1855	388	9	science	science	NOUN
ijtc-1855	388	10	(	(	PUNCT
ijtc-1855	388	11	21474478	21474478	NUM
ijtc-1855	388	12	)	)	PUNCT
ijtc-1855	388	13	,	,	PUNCT
ijtc-1855	388	14	11(6	11(6	NUM
ijtc-1855	388	15	)	)	PUNCT
ijtc-1855	388	16	,	,	PUNCT
ijtc-1855	388	17	148–156	148–156	NUM
ijtc-1855	388	18	.	.	PUNCT
ijtc-1855	389	1	https://doi.org/10.20525/ijrbs.v11i6.1923	https://doi.org/10.20525/ijrbs.v11i6.1923	PRON
ijtc-1855	389	2	pfeffer	pfeffer	PROPN
ijtc-1855	389	3	,	,	PUNCT
ijtc-1855	389	4	&	&	CCONJ
ijtc-1855	389	5	salancik	salancik	VERB
ijtc-1855	389	6	.	.	PUNCT
ijtc-1855	390	1	(	(	PUNCT
ijtc-1855	390	2	1978	1978	NUM
ijtc-1855	390	3	)	)	PUNCT
ijtc-1855	390	4	.	.	PUNCT
ijtc-1855	391	1	the	the	DET
ijtc-1855	391	2	external	external	ADJ
ijtc-1855	391	3	control	control	NOUN
ijtc-1855	391	4	of	of	ADP
ijtc-1855	391	5	organizations	organization	NOUN
ijtc-1855	391	6	,	,	PUNCT
ijtc-1855	391	7	by	by	ADP
ijtc-1855	391	8	pfeffer	pfeffer	PROPN
ijtc-1855	391	9	and	and	CCONJ
ijtc-1855	391	10	salancik	salancik	ADJ
ijtc-1855	391	11	(	(	PUNCT
ijtc-1855	391	12	1978	1978	NUM
ijtc-1855	391	13	)	)	PUNCT
ijtc-1855	391	14	.	.	PUNCT
ijtc-1855	392	1	environment	environment	NOUN
ijtc-1855	392	2	,	,	PUNCT
ijtc-1855	392	3	3–4	3–4	NUM
ijtc-1855	392	4	.	.	NOUN
ijtc-1855	392	5	porta	porta	PROPN
ijtc-1855	392	6	,	,	PUNCT
ijtc-1855	392	7	l.	l.	PROPN
ijtc-1855	392	8	(	(	PUNCT
ijtc-1855	392	9	1998	1998	NUM
ijtc-1855	392	10	)	)	PUNCT
ijtc-1855	392	11	.	.	PUNCT
ijtc-1855	393	1	corp	corp	PROPN
ijtc-1855	393	2	ownership	ownership	PROPN
ijtc-1855	393	3	.	.	PUNCT
ijtc-1855	394	1	the	the	DET
ijtc-1855	394	2	journal	journal	PROPN
ijtc-1855	394	3	of	of	ADP
ijtc-1855	394	4	finance	finance	NOUN
ijtc-1855	394	5	,	,	PUNCT
ijtc-1855	394	6	43(march	43(march	NUM
ijtc-1855	394	7	)	)	PUNCT
ijtc-1855	394	8	,	,	PUNCT
ijtc-1855	394	9	1–9	1–9	PROPN
ijtc-1855	394	10	.	.	NOUN
ijtc-1855	394	11	roychowdhury	roychowdhury	PROPN
ijtc-1855	394	12	,	,	PUNCT
ijtc-1855	394	13	s.	s.	PROPN
ijtc-1855	394	14	(	(	PUNCT
ijtc-1855	394	15	2006	2006	NUM
ijtc-1855	394	16	)	)	PUNCT
ijtc-1855	394	17	.	.	PUNCT
ijtc-1855	395	1	earnings	earning	NOUN
ijtc-1855	395	2	management	management	NOUN
ijtc-1855	395	3	through	through	ADP
ijtc-1855	395	4	real	real	ADJ
ijtc-1855	395	5	activities	activity	NOUN
ijtc-1855	395	6	manipulation	manipulation	NOUN
ijtc-1855	395	7	.	.	PUNCT
ijtc-1855	396	1	journal	journal	NOUN
ijtc-1855	396	2	of	of	ADP
ijtc-1855	396	3	accounting	accounting	NOUN
ijtc-1855	396	4	and	and	CCONJ
ijtc-1855	396	5	economics	economic	NOUN
ijtc-1855	396	6	,	,	PUNCT
ijtc-1855	396	7	42(3	42(3	NUM
ijtc-1855	396	8	)	)	PUNCT
ijtc-1855	396	9	,	,	PUNCT
ijtc-1855	396	10	335–370	335–370	NUM
ijtc-1855	396	11	.	.	PUNCT
ijtc-1855	397	1	https://doi.org/10.1016/j.jacceco.2006.01.002	https://doi.org/10.1016/j.jacceco.2006.01.002	NOUN
ijtc-1855	397	2	tangke	tangke	NOUN
ijtc-1855	397	3	,	,	PUNCT
ijtc-1855	397	4	p.	p.	NOUN
ijtc-1855	397	5	(	(	PUNCT
ijtc-1855	397	6	2019	2019	NUM
ijtc-1855	397	7	)	)	PUNCT
ijtc-1855	397	8	.	.	PUNCT
ijtc-1855	398	1	pengaruh	pengaruh	NOUN
ijtc-1855	398	2	political	political	ADJ
ijtc-1855	398	3	connection	connection	NOUN
ijtc-1855	398	4	dan	dan	PROPN
ijtc-1855	398	5	kepemilikan	kepemilikan	PROPN
ijtc-1855	398	6	keluarga	keluarga	PROPN
ijtc-1855	398	7	terhadap	terhadap	PROPN
ijtc-1855	398	8	nilai	nilai	PROPN
ijtc-1855	398	9	perusahaan	perusahaan	PROPN
ijtc-1855	398	10	dengan	dengan	PROPN
ijtc-1855	398	11	mediasi	mediasi	PROPN
ijtc-1855	398	12	corporate	corporate	ADJ
ijtc-1855	398	13	governance	governance	NOUN
ijtc-1855	398	14	.	.	PUNCT
ijtc-1855	399	1	bongaya	bongaya	PROPN
ijtc-1855	399	2	journal	journal	PROPN
ijtc-1855	399	3	for	for	ADP
ijtc-1855	399	4	research	research	NOUN
ijtc-1855	399	5	in	in	ADP
ijtc-1855	399	6	accounting	accounting	NOUN
ijtc-1855	399	7	(	(	PUNCT
ijtc-1855	399	8	bjra	bjra	PROPN
ijtc-1855	399	9	)	)	PUNCT
ijtc-1855	399	10	,	,	PUNCT
ijtc-1855	399	11	2(2	2(2	NUM
ijtc-1855	399	12	)	)	PUNCT
ijtc-1855	399	13	,	,	PUNCT
ijtc-1855	399	14	65–75	65–75	NUM
ijtc-1855	399	15	.	.	PUNCT
ijtc-1855	400	1	https://doi.org/10.37888/bjra.v2i2.196	https://doi.org/10.37888/bjra.v2i2.196	PROPN
ijtc-1855	400	2	villalonga	villalonga	PROPN
ijtc-1855	400	3	,	,	PUNCT
ijtc-1855	400	4	b.	b.	PROPN
ijtc-1855	400	5	,	,	PUNCT
ijtc-1855	400	6	&	&	CCONJ
ijtc-1855	400	7	amit	amit	PROPN
ijtc-1855	400	8	,	,	PUNCT
ijtc-1855	400	9	r.	r.	PROPN
ijtc-1855	400	10	(	(	PUNCT
ijtc-1855	400	11	2004	2004	NUM
ijtc-1855	400	12	)	)	PUNCT
ijtc-1855	400	13	.	.	PUNCT
ijtc-1855	401	1	how	how	SCONJ
ijtc-1855	401	2	do	do	AUX
ijtc-1855	401	3	family	family	NOUN
ijtc-1855	401	4	ownership	ownership	NOUN
ijtc-1855	401	5	,	,	PUNCT
ijtc-1855	401	6	management	management	NOUN
ijtc-1855	401	7	,	,	PUNCT
ijtc-1855	401	8	and	and	CCONJ
ijtc-1855	401	9	control	control	NOUN
ijtc-1855	401	10	affect	affect	VERB
ijtc-1855	401	11	firm	firm	ADJ
ijtc-1855	401	12	value	value	NOUN
ijtc-1855	401	13	?	?	PUNCT
ijtc-1855	402	1	https://doi.org/https://doi.org/10.1016/j.jfineco.2004.12.005	https://doi.org/https://doi.org/10.1016/j.jfineco.2004.12.005	PROPN
ijtc-1855	402	2	wu	wu	PROPN
ijtc-1855	402	3	,	,	PUNCT
ijtc-1855	402	4	w.	w.	PROPN
ijtc-1855	402	5	,	,	PUNCT
ijtc-1855	402	6	wu	wu	PROPN
ijtc-1855	402	7	,	,	PUNCT
ijtc-1855	402	8	c.	c.	PROPN
ijtc-1855	402	9	,	,	PUNCT
ijtc-1855	402	10	zhou	zhou	PROPN
ijtc-1855	402	11	,	,	PUNCT
ijtc-1855	402	12	c.	c.	PROPN
ijtc-1855	402	13	,	,	PUNCT
ijtc-1855	402	14	&	&	CCONJ
ijtc-1855	402	15	wu	wu	PROPN
ijtc-1855	402	16	,	,	PUNCT
ijtc-1855	402	17	j.	j.	PROPN
ijtc-1855	402	18	(	(	PUNCT
ijtc-1855	402	19	2012	2012	NUM
ijtc-1855	402	20	)	)	PUNCT
ijtc-1855	402	21	.	.	PUNCT
ijtc-1855	403	1	political	political	ADJ
ijtc-1855	403	2	connections	connection	NOUN
ijtc-1855	403	3	,	,	PUNCT
ijtc-1855	403	4	tax	tax	NOUN
ijtc-1855	403	5	benefits	benefit	NOUN
ijtc-1855	403	6	and	and	CCONJ
ijtc-1855	403	7	firm	firm	ADJ
ijtc-1855	403	8	performance	performance	NOUN
ijtc-1855	403	9	:	:	PUNCT
ijtc-1855	403	10	evidence	evidence	NOUN
ijtc-1855	403	11	from	from	ADP
ijtc-1855	403	12	china	china	PROPN
ijtc-1855	403	13	.	.	PUNCT
ijtc-1855	404	1	journal	journal	PROPN
ijtc-1855	404	2	of	of	ADP
ijtc-1855	404	3	accounting	accounting	NOUN
ijtc-1855	404	4	and	and	CCONJ
ijtc-1855	404	5	public	public	ADJ
ijtc-1855	404	6	policy	policy	NOUN
ijtc-1855	404	7	,	,	PUNCT
ijtc-1855	404	8	31(3	31(3	NUM
ijtc-1855	404	9	)	)	PUNCT
ijtc-1855	404	10	,	,	PUNCT
ijtc-1855	404	11	277–300	277–300	NUM
ijtc-1855	404	12	.	.	PUNCT
ijtc-1855	405	1	https://doi.org/10.1016/j.jaccpubpol.2011.10.005	https://doi.org/10.1016/j.jaccpubpol.2011.10.005	PROPN
ijtc-1855	405	2	xavier	xavier	PROPN
ijtc-1855	405	3	,	,	PUNCT
ijtc-1855	405	4	w.	w.	PROPN
ijtc-1855	405	5	,	,	PUNCT
ijtc-1855	405	6	camilo	camilo	PROPN
ijtc-1855	405	7	,	,	PUNCT
ijtc-1855	406	1	s.	s.	PROPN
ijtc-1855	406	2	p.	p.	PROPN
ijtc-1855	406	3	o.	o.	PROPN
ijtc-1855	406	4	,	,	PUNCT
ijtc-1855	406	5	marcon	marcon	PROPN
ijtc-1855	406	6	,	,	PUNCT
ijtc-1855	406	7	r.	r.	PROPN
ijtc-1855	406	8	,	,	PUNCT
ijtc-1855	406	9	&	&	CCONJ
ijtc-1855	406	10	greene	greene	PROPN
ijtc-1855	406	11	,	,	PUNCT
ijtc-1855	406	12	f.	f.	PROPN
ijtc-1855	406	13	(	(	PUNCT
ijtc-1855	406	14	2020	2020	NUM
ijtc-1855	406	15	)	)	PUNCT
ijtc-1855	406	16	.	.	PUNCT
ijtc-1855	407	1	ownership	ownership	NOUN
ijtc-1855	407	2	structure	structure	NOUN
ijtc-1855	407	3	of	of	ADP
ijtc-1855	407	4	family	family	NOUN
ijtc-1855	407	5	business	business	NOUN
ijtc-1855	407	6	groups	group	NOUN
ijtc-1855	407	7	.	.	PUNCT
ijtc-1855	408	1	revista	revista	PROPN
ijtc-1855	408	2	visão	visão	PROPN
ijtc-1855	408	3	:	:	PUNCT
ijtc-1855	408	4	gestão	gestão	PROPN
ijtc-1855	408	5	organizacional	organizacional	ADJ
ijtc-1855	408	6	,	,	PUNCT
ijtc-1855	408	7	9(2	9(2	NUM
ijtc-1855	408	8	)	)	PUNCT
ijtc-1855	408	9	,	,	PUNCT
ijtc-1855	408	10	240–253	240–253	NUM
ijtc-1855	408	11	.	.	PUNCT
ijtc-1855	409	1	https://doi.org/10.33362/visao.v9i2.2470	https://doi.org/10.33362/visao.v9i2.2470	PROPN
ijtc-1855	409	2	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-1855	409	3	the	the	DET
ijtc-1855	409	4	influence	influence	NOUN
ijtc-1855	409	5	of	of	ADP
ijtc-1855	409	6	politically	politically	ADV
ijtc-1855	409	7	connected	connect	VERB
ijtc-1855	409	8	board	board	NOUN
ijtc-1855	409	9	of	of	ADP
ijtc-1855	409	10	directors	director	NOUN
ijtc-1855	409	11	on	on	ADP
ijtc-1855	409	12	firm	firm	ADJ
ijtc-1855	409	13	value	value	NOUN
ijtc-1855	409	14	with	with	ADP
ijtc-1855	409	15	business	business	NOUN
ijtc-1855	409	16	groups	group	NOUN
ijtc-1855	409	17	as	as	ADP
ijtc-1855	409	18	a	a	DET
ijtc-1855	409	19	moderating	moderate	VERB
ijtc-1855	409	20	variable	variable	NOUN
ijtc-1855	409	21	muhammad	muhammad	PROPN
ijtc-1855	409	22	fasha	fasha	PROPN
ijtc-1855	409	23	radya1	radya1	PROPN
ijtc-1855	409	24	.	.	PROPN
ijtc-1855	409	25	,	,	PUNCT
ijtc-1855	409	26	eddy	eddy	PROPN
ijtc-1855	409	27	suranta2	suranta2	PROPN
ijtc-1855	409	28	165|ilomata	165|ilomata	PROPN
ijtc-1855	409	29	international	international	PROPN
ijtc-1855	409	30	journal	journal	NOUN
ijtc-1855	409	31	of	of	ADP
ijtc-1855	409	32	social	social	ADJ
ijtc-1855	409	33	science	science	NOUN
ijtc-1855	409	34	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-1855	409	35	zahra	zahra	PROPN
ijtc-1855	409	36	,	,	PUNCT
ijtc-1855	409	37	s.	s.	PROPN
ijtc-1855	409	38	a.	a.	PROPN
ijtc-1855	409	39	(	(	PUNCT
ijtc-1855	409	40	2003	2003	NUM
ijtc-1855	409	41	)	)	PUNCT
ijtc-1855	409	42	.	.	PUNCT
ijtc-1855	410	1	international	international	ADJ
ijtc-1855	410	2	expansion	expansion	NOUN
ijtc-1855	410	3	of	of	ADP
ijtc-1855	410	4	u.s	u.s	PROPN
ijtc-1855	410	5	.	.	PROPN
ijtc-1855	410	6	manufacturing	manufacture	VERB
ijtc-1855	410	7	family	family	NOUN
ijtc-1855	410	8	businesses	business	NOUN
ijtc-1855	410	9	:	:	PUNCT
ijtc-1855	410	10	the	the	DET
ijtc-1855	410	11	effect	effect	NOUN
ijtc-1855	410	12	of	of	ADP
ijtc-1855	410	13	ownership	ownership	NOUN
ijtc-1855	410	14	and	and	CCONJ
ijtc-1855	410	15	involvement	involvement	NOUN
ijtc-1855	410	16	.	.	PUNCT
ijtc-1855	411	1	journal	journal	NOUN
ijtc-1855	411	2	of	of	ADP
ijtc-1855	411	3	business	business	NOUN
ijtc-1855	411	4	venturing	venturing	NOUN
ijtc-1855	411	5	,	,	PUNCT
ijtc-1855	411	6	18(4	18(4	NUM
ijtc-1855	411	7	)	)	PUNCT
ijtc-1855	411	8	,	,	PUNCT
ijtc-1855	411	9	495–512	495–512	NUM
ijtc-1855	411	10	.	.	PUNCT
ijtc-1855	412	1	https://doi.org/10.1016/s0883-9026(03)00057-0	https://doi.org/10.1016/s0883-9026(03)00057-0	PROPN
ijtc-1855	412	2	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN