id	sid	tid	token	lemma	pos
ijtc-504	1	1	the	the	DET
ijtc-504	1	2	illomata	illomata	PROPN
ijtc-504	1	3	international	international	PROPN
ijtc-504	1	4	journal	journal	PROPN
ijtc-504	1	5	of	of	ADP
ijtc-504	1	6	management	management	NOUN
ijtc-504	1	7	ilomata	ilomata	PROPN
ijtc-504	1	8	international	international	ADJ
ijtc-504	1	9	journal	journal	NOUN
ijtc-504	1	10	of	of	ADP
ijtc-504	1	11	tax	tax	PROPN
ijtc-504	1	12	&	&	CCONJ
ijtc-504	1	13	accounting	account	VERB
ijtc-504	1	14	p	p	PROPN
ijtc-504	1	15	-	-	PUNCT
ijtc-504	1	16	issn	issn	NOUN
ijtc-504	1	17	:	:	PUNCT
ijtc-504	1	18	2714	2714	NUM
ijtc-504	1	19	-	-	SYM
ijtc-504	1	20	9838	9838	NUM
ijtc-504	1	21	;	;	PUNCT
ijtc-504	1	22	e	e	X
ijtc-504	1	23	-	-	PUNCT
ijtc-504	1	24	issn	issn	NOUN
ijtc-504	1	25	:	:	PUNCT
ijtc-504	1	26	2714	2714	NUM
ijtc-504	1	27	-	-	SYM
ijtc-504	1	28	9846	9846	NUM
ijtc-504	1	29	volume	volume	NOUN
ijtc-504	1	30	3	3	NUM
ijtc-504	1	31	,	,	PUNCT
ijtc-504	1	32	issue	issue	NOUN
ijtc-504	1	33	3	3	NUM
ijtc-504	1	34	july	july	PROPN
ijtc-504	1	35	2022	2022	NUM
ijtc-504	1	36	page	page	NOUN
ijtc-504	1	37	no	no	NOUN
ijtc-504	1	38	.	.	NOUN
ijtc-504	1	39	272	272	NUM
ijtc-504	1	40	-	-	SYM
ijtc-504	1	41	289	289	NUM
ijtc-504	1	42	272	272	NUM
ijtc-504	1	43	|	|	ADV
ijtc-504	1	44	ilomata	ilomata	PROPN
ijtc-504	1	45	international	international	ADJ
ijtc-504	1	46	journal	journal	NOUN
ijtc-504	1	47	of	of	ADP
ijtc-504	1	48	tax	tax	PROPN
ijtc-504	1	49	&	&	CCONJ
ijtc-504	1	50	accounting	account	VERB
ijtc-504	1	51	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADJ
ijtc-504	1	52	importance	importance	NOUN
ijtc-504	1	53	of	of	ADP
ijtc-504	1	54	liquidity	liquidity	NOUN
ijtc-504	1	55	indicators	indicator	NOUN
ijtc-504	1	56	in	in	ADP
ijtc-504	1	57	intervening	intervene	VERB
ijtc-504	1	58	the	the	DET
ijtc-504	1	59	dividend	dividend	NOUN
ijtc-504	1	60	policy	policy	NOUN
ijtc-504	1	61	deni	deni	PROPN
ijtc-504	1	62	sunaryo	sunaryo	PROPN
ijtc-504	1	63	serang	serang	PROPN
ijtc-504	1	64	raya	raya	PROPN
ijtc-504	1	65	university	university	PROPN
ijtc-504	1	66	,	,	PUNCT
ijtc-504	1	67	indonesia	indonesia	PROPN
ijtc-504	1	68	corrospondent	corrospondent	NOUN
ijtc-504	1	69	:	:	PUNCT
ijtc-504	2	1	denisunaryomm@gmail.com	denisunaryomm@gmail.com	X
ijtc-504	2	2	received	receive	VERB
ijtc-504	2	3	:	:	PUNCT
ijtc-504	2	4	may	may	AUX
ijtc-504	2	5	19	19	NUM
ijtc-504	2	6	,	,	PUNCT
ijtc-504	2	7	2022	2022	NUM
ijtc-504	2	8	accepted	accept	VERB
ijtc-504	2	9	:	:	PUNCT
ijtc-504	2	10	july	july	PROPN
ijtc-504	2	11	16	16	NUM
ijtc-504	2	12	,	,	PUNCT
ijtc-504	2	13	2022	2022	NUM
ijtc-504	2	14	published	publish	VERB
ijtc-504	2	15	:	:	PUNCT
ijtc-504	2	16	july	july	PROPN
ijtc-504	2	17	31	31	NUM
ijtc-504	2	18	,	,	PUNCT
ijtc-504	2	19	2022	2022	NUM
ijtc-504	2	20	citation	citation	NOUN
ijtc-504	2	21	:	:	PUNCT
ijtc-504	2	22	sunardo	sunardo	NOUN
ijtc-504	2	23	,	,	PUNCT
ijtc-504	2	24	d.	d.	PROPN
ijtc-504	2	25	(	(	PUNCT
ijtc-504	2	26	2022	2022	NUM
ijtc-504	2	27	)	)	PUNCT
ijtc-504	2	28	.	.	PUNCT
ijtc-504	3	1	importance	importance	NOUN
ijtc-504	3	2	of	of	ADP
ijtc-504	3	3	liquidity	liquidity	NOUN
ijtc-504	3	4	indicators	indicator	NOUN
ijtc-504	3	5	in	in	ADP
ijtc-504	3	6	intervening	intervene	VERB
ijtc-504	3	7	the	the	DET
ijtc-504	3	8	dividend	dividend	NOUN
ijtc-504	3	9	policy	policy	NOUN
ijtc-504	3	10	.	.	PUNCT
ijtc-504	4	1	ilomata	ilomata	PROPN
ijtc-504	4	2	international	international	ADJ
ijtc-504	4	3	journal	journal	NOUN
ijtc-504	4	4	of	of	ADP
ijtc-504	4	5	tax	tax	NOUN
ijtc-504	4	6	and	and	CCONJ
ijtc-504	4	7	accounting	accounting	NOUN
ijtc-504	4	8	,	,	PUNCT
ijtc-504	4	9	3(3	3(3	NUM
ijtc-504	4	10	)	)	PUNCT
ijtc-504	4	11	,	,	PUNCT
ijtc-504	4	12	272	272	NUM
ijtc-504	4	13	-	-	SYM
ijtc-504	4	14	289	289	NUM
ijtc-504	4	15	.	.	PUNCT
ijtc-504	5	1	https://doi.org/10.52728/ijtc.v3i3.504	https://doi.org/10.52728/ijtc.v3i3.504	PROPN
ijtc-504	5	2	abstract	abstract	NOUN
ijtc-504	5	3	:	:	PUNCT
ijtc-504	5	4	this	this	DET
ijtc-504	5	5	study	study	NOUN
ijtc-504	5	6	aims	aim	VERB
ijtc-504	5	7	to	to	PART
ijtc-504	5	8	determine	determine	VERB
ijtc-504	5	9	the	the	DET
ijtc-504	5	10	effect	effect	NOUN
ijtc-504	5	11	of	of	ADP
ijtc-504	5	12	managerial	managerial	ADJ
ijtc-504	5	13	ownership	ownership	NOUN
ijtc-504	5	14	,	,	PUNCT
ijtc-504	5	15	institutional	institutional	ADJ
ijtc-504	5	16	ownership	ownership	NOUN
ijtc-504	5	17	and	and	CCONJ
ijtc-504	5	18	investment	investment	NOUN
ijtc-504	5	19	decisions	decision	NOUN
ijtc-504	5	20	on	on	ADP
ijtc-504	5	21	dividend	dividend	NOUN
ijtc-504	5	22	policy	policy	NOUN
ijtc-504	5	23	with	with	ADP
ijtc-504	5	24	liquidity	liquidity	NOUN
ijtc-504	5	25	as	as	ADP
ijtc-504	5	26	an	an	DET
ijtc-504	5	27	intervening	intervene	VERB
ijtc-504	5	28	variable	variable	NOUN
ijtc-504	5	29	in	in	ADP
ijtc-504	5	30	lq45	lq45	PROPN
ijtc-504	5	31	companies	company	NOUN
ijtc-504	5	32	listed	list	VERB
ijtc-504	5	33	on	on	ADP
ijtc-504	5	34	the	the	DET
ijtc-504	5	35	indonesia	indonesia	PROPN
ijtc-504	5	36	stock	stock	PROPN
ijtc-504	5	37	exchange	exchange	PROPN
ijtc-504	5	38	(	(	PUNCT
ijtc-504	5	39	idx	idx	PROPN
ijtc-504	5	40	)	)	PUNCT
ijtc-504	5	41	for	for	ADP
ijtc-504	5	42	the	the	DET
ijtc-504	5	43	period	period	NOUN
ijtc-504	5	44	2018	2018	NUM
ijtc-504	5	45	-	-	SYM
ijtc-504	5	46	2021	2021	NUM
ijtc-504	5	47	.	.	PUNCT
ijtc-504	6	1	this	this	DET
ijtc-504	6	2	study	study	NOUN
ijtc-504	6	3	uses	use	VERB
ijtc-504	6	4	the	the	DET
ijtc-504	6	5	causal	causal	ADJ
ijtc-504	6	6	associative	associative	ADJ
ijtc-504	6	7	method	method	NOUN
ijtc-504	6	8	.	.	PUNCT
ijtc-504	7	1	this	this	DET
ijtc-504	7	2	population	population	NOUN
ijtc-504	7	3	is	be	AUX
ijtc-504	7	4	45	45	NUM
ijtc-504	7	5	companies	company	NOUN
ijtc-504	7	6	using	use	VERB
ijtc-504	7	7	purposive	purposive	ADJ
ijtc-504	7	8	sampling	sampling	NOUN
ijtc-504	7	9	method	method	NOUN
ijtc-504	7	10	.	.	PUNCT
ijtc-504	8	1	this	this	DET
ijtc-504	8	2	research	research	NOUN
ijtc-504	8	3	was	be	AUX
ijtc-504	8	4	conducted	conduct	VERB
ijtc-504	8	5	in	in	ADP
ijtc-504	8	6	lq45	lq45	PROPN
ijtc-504	8	7	companies	company	NOUN
ijtc-504	8	8	listed	list	VERB
ijtc-504	8	9	on	on	ADP
ijtc-504	8	10	the	the	DET
ijtc-504	8	11	indonesia	indonesia	PROPN
ijtc-504	8	12	stock	stock	PROPN
ijtc-504	8	13	exchange	exchange	PROPN
ijtc-504	8	14	(	(	PUNCT
ijtc-504	8	15	idx	idx	PROPN
ijtc-504	8	16	)	)	PUNCT
ijtc-504	8	17	for	for	ADP
ijtc-504	8	18	the	the	DET
ijtc-504	8	19	period	period	NOUN
ijtc-504	8	20	2018	2018	NUM
ijtc-504	8	21	-	-	SYM
ijtc-504	8	22	2021	2021	NUM
ijtc-504	8	23	.	.	PUNCT
ijtc-504	9	1	the	the	DET
ijtc-504	9	2	type	type	NOUN
ijtc-504	9	3	of	of	ADP
ijtc-504	9	4	data	datum	NOUN
ijtc-504	9	5	used	use	VERB
ijtc-504	9	6	in	in	ADP
ijtc-504	9	7	this	this	DET
ijtc-504	9	8	study	study	NOUN
ijtc-504	9	9	is	be	AUX
ijtc-504	9	10	secondary	secondary	ADJ
ijtc-504	9	11	data	datum	NOUN
ijtc-504	9	12	and	and	CCONJ
ijtc-504	9	13	analyzed	analyze	VERB
ijtc-504	9	14	using	use	VERB
ijtc-504	9	15	spss	spss	PROPN
ijtc-504	9	16	25	25	NUM
ijtc-504	9	17	.	.	PUNCT
ijtc-504	10	1	the	the	DET
ijtc-504	10	2	analysis	analysis	NOUN
ijtc-504	10	3	technique	technique	NOUN
ijtc-504	10	4	in	in	ADP
ijtc-504	10	5	this	this	DET
ijtc-504	10	6	study	study	NOUN
ijtc-504	10	7	uses	use	VERB
ijtc-504	10	8	regression	regression	NOUN
ijtc-504	10	9	analysis	analysis	NOUN
ijtc-504	10	10	and	and	CCONJ
ijtc-504	10	11	path	path	NOUN
ijtc-504	10	12	analysis.the	analysis.the	DET
ijtc-504	10	13	results	result	NOUN
ijtc-504	10	14	of	of	ADP
ijtc-504	10	15	the	the	DET
ijtc-504	10	16	analysis	analysis	NOUN
ijtc-504	10	17	show	show	VERB
ijtc-504	10	18	that	that	SCONJ
ijtc-504	10	19	managerial	managerial	ADJ
ijtc-504	10	20	ownership	ownership	NOUN
ijtc-504	10	21	,	,	PUNCT
ijtc-504	10	22	institutional	institutional	ADJ
ijtc-504	10	23	ownership	ownership	NOUN
ijtc-504	10	24	and	and	CCONJ
ijtc-504	10	25	investment	investment	NOUN
ijtc-504	10	26	decisions	decision	NOUN
ijtc-504	10	27	partially	partially	ADV
ijtc-504	10	28	affect	affect	VERB
ijtc-504	10	29	dividend	dividend	NOUN
ijtc-504	10	30	policy	policy	NOUN
ijtc-504	10	31	.	.	PUNCT
ijtc-504	11	1	indirectly	indirectly	ADV
ijtc-504	11	2	,	,	PUNCT
ijtc-504	11	3	liquidity	liquidity	NOUN
ijtc-504	11	4	can	can	AUX
ijtc-504	11	5	intervene	intervene	VERB
ijtc-504	11	6	in	in	ADP
ijtc-504	11	7	managerial	managerial	ADJ
ijtc-504	11	8	ownership	ownership	NOUN
ijtc-504	11	9	and	and	CCONJ
ijtc-504	11	10	also	also	ADV
ijtc-504	11	11	institutional	institutional	ADJ
ijtc-504	11	12	ownership	ownership	NOUN
ijtc-504	11	13	on	on	ADP
ijtc-504	11	14	dividend	dividend	NOUN
ijtc-504	11	15	policy	policy	NOUN
ijtc-504	11	16	,	,	PUNCT
ijtc-504	11	17	while	while	SCONJ
ijtc-504	11	18	liquidity	liquidity	NOUN
ijtc-504	11	19	can	can	AUX
ijtc-504	11	20	not	not	PART
ijtc-504	11	21	intervene	intervene	VERB
ijtc-504	11	22	in	in	ADP
ijtc-504	11	23	investment	investment	NOUN
ijtc-504	11	24	decisions	decision	NOUN
ijtc-504	11	25	on	on	ADP
ijtc-504	11	26	dividend	dividend	NOUN
ijtc-504	11	27	policy	policy	NOUN
ijtc-504	11	28	.	.	PUNCT
ijtc-504	12	1	keywords	keyword	NOUN
ijtc-504	12	2	:	:	PUNCT
ijtc-504	12	3	managerial	managerial	ADJ
ijtc-504	12	4	ownership	ownership	NOUN
ijtc-504	12	5	,	,	PUNCT
ijtc-504	12	6	institutional	institutional	ADJ
ijtc-504	12	7	ownership	ownership	NOUN
ijtc-504	12	8	,	,	PUNCT
ijtc-504	12	9	investment	investment	NOUN
ijtc-504	12	10	decisions	decision	NOUN
ijtc-504	12	11	,	,	PUNCT
ijtc-504	12	12	liquidity	liquidity	NOUN
ijtc-504	12	13	and	and	CCONJ
ijtc-504	12	14	dividend	dividend	NOUN
ijtc-504	12	15	policy	policy	NOUN
ijtc-504	12	16	.	.	PUNCT
ijtc-504	13	1	this	this	PRON
ijtc-504	13	2	is	be	AUX
ijtc-504	13	3	an	an	DET
ijtc-504	13	4	open	open	ADJ
ijtc-504	13	5	access	access	NOUN
ijtc-504	13	6	article	article	NOUN
ijtc-504	13	7	under	under	ADP
ijtc-504	13	8	the	the	DET
ijtc-504	13	9	cc	cc	NOUN
ijtc-504	13	10	-	-	PUNCT
ijtc-504	13	11	by	by	ADP
ijtc-504	13	12	4.0	4.0	NUM
ijtc-504	13	13	license	license	NOUN
ijtc-504	13	14	.	.	PUNCT
ijtc-504	14	1	introduction	introduction	NOUN
ijtc-504	14	2	dividend	dividend	NOUN
ijtc-504	14	3	policy	policy	NOUN
ijtc-504	14	4	is	be	AUX
ijtc-504	14	5	essentially	essentially	ADV
ijtc-504	14	6	a	a	DET
ijtc-504	14	7	decision	decision	NOUN
ijtc-504	14	8	in	in	ADP
ijtc-504	14	9	determining	determine	VERB
ijtc-504	14	10	the	the	DET
ijtc-504	14	11	proportion	proportion	NOUN
ijtc-504	14	12	of	of	ADP
ijtc-504	14	13	profits	profit	NOUN
ijtc-504	14	14	to	to	PART
ijtc-504	14	15	be	be	AUX
ijtc-504	14	16	distributed	distribute	VERB
ijtc-504	14	17	to	to	ADP
ijtc-504	14	18	shareholders	shareholder	NOUN
ijtc-504	14	19	and	and	CCONJ
ijtc-504	14	20	which	which	PRON
ijtc-504	14	21	will	will	AUX
ijtc-504	14	22	be	be	AUX
ijtc-504	14	23	retained	retain	VERB
ijtc-504	14	24	as	as	ADP
ijtc-504	14	25	part	part	NOUN
ijtc-504	14	26	of	of	ADP
ijtc-504	14	27	retained	retain	VERB
ijtc-504	14	28	earnings	earning	NOUN
ijtc-504	14	29	(	(	PUNCT
ijtc-504	14	30	stereńczak	stereńczak	PROPN
ijtc-504	14	31	&	&	CCONJ
ijtc-504	14	32	kubiak	kubiak	PROPN
ijtc-504	14	33	,	,	PUNCT
ijtc-504	14	34	2022	2022	NUM
ijtc-504	14	35	)	)	PUNCT
ijtc-504	14	36	.	.	PUNCT
ijtc-504	15	1	dividend	dividend	NOUN
ijtc-504	15	2	policies	policy	NOUN
ijtc-504	15	3	in	in	ADP
ijtc-504	15	4	companies	company	NOUN
ijtc-504	15	5	are	be	AUX
ijtc-504	15	6	very	very	ADV
ijtc-504	15	7	much	much	ADV
ijtc-504	15	8	considered	consider	VERB
ijtc-504	15	9	by	by	ADP
ijtc-504	15	10	investors	investor	NOUN
ijtc-504	15	11	(	(	PUNCT
ijtc-504	15	12	hussain	hussain	PROPN
ijtc-504	15	13	&	&	CCONJ
ijtc-504	15	14	akbar	akbar	NOUN
ijtc-504	15	15	,	,	PUNCT
ijtc-504	15	16	2022	2022	NUM
ijtc-504	15	17	)	)	PUNCT
ijtc-504	15	18	.	.	PUNCT
ijtc-504	16	1	consideration	consideration	NOUN
ijtc-504	16	2	for	for	ADP
ijtc-504	16	3	investors	investor	NOUN
ijtc-504	16	4	is	be	AUX
ijtc-504	16	5	the	the	DET
ijtc-504	16	6	rate	rate	NOUN
ijtc-504	16	7	of	of	ADP
ijtc-504	16	8	return	return	NOUN
ijtc-504	16	9	on	on	ADP
ijtc-504	16	10	the	the	DET
ijtc-504	16	11	funds	fund	NOUN
ijtc-504	16	12	they	they	PRON
ijtc-504	16	13	invest	invest	VERB
ijtc-504	16	14	in	in	ADP
ijtc-504	16	15	the	the	DET
ijtc-504	16	16	form	form	NOUN
ijtc-504	16	17	of	of	ADP
ijtc-504	16	18	shares	share	NOUN
ijtc-504	16	19	in	in	ADP
ijtc-504	16	20	the	the	DET
ijtc-504	16	21	form	form	NOUN
ijtc-504	16	22	of	of	ADP
ijtc-504	16	23	dividends	dividend	NOUN
ijtc-504	16	24	or	or	CCONJ
ijtc-504	16	25	in	in	ADP
ijtc-504	16	26	the	the	DET
ijtc-504	16	27	form	form	NOUN
ijtc-504	16	28	of	of	ADP
ijtc-504	16	29	capital	capital	NOUN
ijtc-504	16	30	gains	gain	NOUN
ijtc-504	16	31	(	(	PUNCT
ijtc-504	16	32	l.	l.	PROPN
ijtc-504	16	33	liu	liu	PROPN
ijtc-504	16	34	&	&	CCONJ
ijtc-504	16	35	shu	shu	PROPN
ijtc-504	16	36	,	,	PUNCT
ijtc-504	16	37	2022	2022	NUM
ijtc-504	16	38	)	)	PUNCT
ijtc-504	16	39	.	.	PUNCT
ijtc-504	17	1	the	the	DET
ijtc-504	17	2	authority	authority	NOUN
ijtc-504	17	3	to	to	PART
ijtc-504	17	4	control	control	VERB
ijtc-504	17	5	dividend	dividend	NOUN
ijtc-504	17	6	policy	policy	NOUN
ijtc-504	17	7	is	be	AUX
ijtc-504	17	8	one	one	NUM
ijtc-504	17	9	of	of	ADP
ijtc-504	17	10	the	the	DET
ijtc-504	17	11	powers	power	NOUN
ijtc-504	17	12	delegated	delegate	VERB
ijtc-504	17	13	by	by	ADP
ijtc-504	17	14	shareholders	shareholder	NOUN
ijtc-504	17	15	to	to	ADP
ijtc-504	17	16	the	the	DET
ijtc-504	17	17	board	board	NOUN
ijtc-504	17	18	of	of	ADP
ijtc-504	17	19	directors	director	NOUN
ijtc-504	17	20	(	(	PUNCT
ijtc-504	17	21	akindayomi	akindayomi	PROPN
ijtc-504	17	22	&	&	CCONJ
ijtc-504	17	23	amin	amin	PROPN
ijtc-504	17	24	,	,	PUNCT
ijtc-504	17	25	2022	2022	NUM
ijtc-504	17	26	;	;	PUNCT
ijtc-504	17	27	lee	lee	PROPN
ijtc-504	17	28	,	,	PUNCT
ijtc-504	17	29	2022	2022	NUM
ijtc-504	17	30	)	)	PUNCT
ijtc-504	17	31	companies	company	NOUN
ijtc-504	17	32	that	that	PRON
ijtc-504	17	33	decide	decide	VERB
ijtc-504	17	34	to	to	PART
ijtc-504	17	35	distribute	distribute	VERB
ijtc-504	17	36	their	their	PRON
ijtc-504	17	37	profits	profit	NOUN
ijtc-504	17	38	in	in	ADP
ijtc-504	17	39	the	the	DET
ijtc-504	17	40	form	form	NOUN
ijtc-504	17	41	of	of	ADP
ijtc-504	17	42	dividends	dividend	NOUN
ijtc-504	17	43	will	will	AUX
ijtc-504	17	44	make	make	VERB
ijtc-504	17	45	available	available	ADJ
ijtc-504	17	46	company	company	NOUN
ijtc-504	17	47	funds	fund	NOUN
ijtc-504	17	48	limited	limit	VERB
ijtc-504	17	49	,	,	PUNCT
ijtc-504	17	50	but	but	CCONJ
ijtc-504	17	51	on	on	ADP
ijtc-504	17	52	the	the	DET
ijtc-504	17	53	other	other	ADJ
ijtc-504	17	54	hand	hand	NOUN
ijtc-504	17	55	the	the	DET
ijtc-504	17	56	distribution	distribution	NOUN
ijtc-504	17	57	of	of	ADP
ijtc-504	17	58	dividends	dividend	NOUN
ijtc-504	17	59	can	can	AUX
ijtc-504	17	60	give	give	VERB
ijtc-504	17	61	a	a	DET
ijtc-504	17	62	positive	positive	ADJ
ijtc-504	17	63	signal	signal	NOUN
ijtc-504	17	64	for	for	ADP
ijtc-504	17	65	companies	company	NOUN
ijtc-504	17	66	in	in	ADP
ijtc-504	17	67	the	the	DET
ijtc-504	17	68	capital	capital	NOUN
ijtc-504	17	69	market	market	NOUN
ijtc-504	17	70	because	because	SCONJ
ijtc-504	17	71	the	the	DET
ijtc-504	17	72	company	company	NOUN
ijtc-504	17	73	is	be	AUX
ijtc-504	17	74	considered	consider	VERB
ijtc-504	17	75	capable	capable	ADJ
ijtc-504	17	76	of	of	ADP
ijtc-504	17	77	providing	provide	VERB
ijtc-504	17	78	returns	return	NOUN
ijtc-504	17	79	to	to	ADP
ijtc-504	17	80	shareholders	shareholder	NOUN
ijtc-504	17	81	in	in	ADP
ijtc-504	17	82	the	the	DET
ijtc-504	17	83	form	form	NOUN
ijtc-504	17	84	of	of	ADP
ijtc-504	17	85	dividends	dividend	NOUN
ijtc-504	17	86	(	(	PUNCT
ijtc-504	17	87	cao	cao	PROPN
ijtc-504	17	88	et	et	PROPN
ijtc-504	17	89	al	al	PROPN
ijtc-504	17	90	.	.	PROPN
ijtc-504	17	91	,	,	PUNCT
ijtc-504	17	92	2022	2022	NUM
ijtc-504	17	93	;	;	PUNCT
ijtc-504	17	94	kasahara	kasahara	PROPN
ijtc-504	17	95	&	&	CCONJ
ijtc-504	17	96	orihara	orihara	PROPN
ijtc-504	17	97	,	,	PUNCT
ijtc-504	17	98	2022	2022	NUM
ijtc-504	17	99	)	)	PUNCT
ijtc-504	17	100	.	.	PUNCT
ijtc-504	18	1	shareholders	shareholder	NOUN
ijtc-504	18	2	or	or	CCONJ
ijtc-504	18	3	investors	investor	NOUN
ijtc-504	18	4	certainly	certainly	ADV
ijtc-504	18	5	want	want	VERB
ijtc-504	18	6	the	the	DET
ijtc-504	18	7	company	company	NOUN
ijtc-504	18	8	's	's	PART
ijtc-504	18	9	profit	profit	NOUN
ijtc-504	18	10	and	and	CCONJ
ijtc-504	18	11	profit	profit	NOUN
ijtc-504	18	12	per	per	ADP
ijtc-504	18	13	share	share	NOUN
ijtc-504	18	14	to	to	PART
ijtc-504	18	15	be	be	AUX
ijtc-504	18	16	stable	stable	ADJ
ijtc-504	18	17	or	or	CCONJ
ijtc-504	18	18	even	even	ADV
ijtc-504	18	19	increase	increase	VERB
ijtc-504	18	20	every	every	DET
ijtc-504	18	21	year	year	NOUN
ijtc-504	18	22	(	(	PUNCT
ijtc-504	18	23	barros	barros	PROPN
ijtc-504	18	24	et	et	PROPN
ijtc-504	18	25	al	al	PROPN
ijtc-504	18	26	.	.	PROPN
ijtc-504	18	27	,	,	PUNCT
ijtc-504	18	28	2021	2021	NUM
ijtc-504	18	29	,	,	PUNCT
ijtc-504	18	30	2022	2022	NUM
ijtc-504	18	31	;	;	PUNCT
ijtc-504	18	32	grassetti	grassetti	PROPN
ijtc-504	18	33	et	et	PROPN
ijtc-504	18	34	al	al	PROPN
ijtc-504	18	35	.	.	PROPN
ijtc-504	18	36	,	,	PUNCT
ijtc-504	18	37	2022	2022	NUM
ijtc-504	18	38	)	)	PUNCT
ijtc-504	18	39	.	.	PUNCT
ijtc-504	19	1	mailto:denisunaryomm@gmail.com	mailto:denisunaryomm@gmail.com	X
ijtc-504	19	2	https://doi.org/10.52728/ijtc.v3i3.504	https://doi.org/10.52728/ijtc.v3i3.504	PRON
ijtc-504	19	3	importance	importance	NOUN
ijtc-504	19	4	of	of	ADP
ijtc-504	19	5	liquidity	liquidity	NOUN
ijtc-504	19	6	indicators	indicator	NOUN
ijtc-504	19	7	in	in	ADP
ijtc-504	19	8	intervening	intervene	VERB
ijtc-504	19	9	the	the	DET
ijtc-504	19	10	dividend	dividend	NOUN
ijtc-504	19	11	policy	policy	NOUN
ijtc-504	19	12	sunaryo	sunaryo	NOUN
ijtc-504	20	1	273	273	NUM
ijtc-504	20	2	|	|	ADV
ijtc-504	20	3	ilomata	ilomata	PROPN
ijtc-504	20	4	international	international	ADJ
ijtc-504	20	5	journal	journal	NOUN
ijtc-504	20	6	of	of	ADP
ijtc-504	20	7	tax	tax	PROPN
ijtc-504	20	8	&	&	CCONJ
ijtc-504	20	9	accounting	accounting	PROPN
ijtc-504	20	10	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	20	11	dividend	dividend	NOUN
ijtc-504	20	12	policy	policy	NOUN
ijtc-504	20	13	is	be	AUX
ijtc-504	20	14	also	also	ADV
ijtc-504	20	15	related	relate	VERB
ijtc-504	20	16	to	to	ADP
ijtc-504	20	17	the	the	DET
ijtc-504	20	18	relationship	relationship	NOUN
ijtc-504	20	19	between	between	ADP
ijtc-504	20	20	managers	manager	NOUN
ijtc-504	20	21	and	and	CCONJ
ijtc-504	20	22	shareholders	shareholder	NOUN
ijtc-504	20	23	(	(	PUNCT
ijtc-504	20	24	nguyen	nguyen	PROPN
ijtc-504	20	25	&	&	CCONJ
ijtc-504	20	26	tran	tran	NOUN
ijtc-504	20	27	,	,	PUNCT
ijtc-504	20	28	2022	2022	NUM
ijtc-504	20	29	)	)	PUNCT
ijtc-504	20	30	.	.	PUNCT
ijtc-504	21	1	agency	agency	NOUN
ijtc-504	21	2	problems	problem	NOUN
ijtc-504	21	3	occur	occur	VERB
ijtc-504	21	4	when	when	SCONJ
ijtc-504	21	5	management	management	NOUN
ijtc-504	21	6	does	do	AUX
ijtc-504	21	7	not	not	PART
ijtc-504	21	8	own	own	VERB
ijtc-504	21	9	a	a	DET
ijtc-504	21	10	majority	majority	NOUN
ijtc-504	21	11	stake	stake	NOUN
ijtc-504	21	12	in	in	ADP
ijtc-504	21	13	the	the	DET
ijtc-504	21	14	company	company	NOUN
ijtc-504	21	15	.	.	PUNCT
ijtc-504	22	1	shareholders	shareholder	NOUN
ijtc-504	22	2	want	want	VERB
ijtc-504	22	3	managers	manager	NOUN
ijtc-504	22	4	to	to	PART
ijtc-504	22	5	work	work	VERB
ijtc-504	22	6	with	with	ADP
ijtc-504	22	7	the	the	DET
ijtc-504	22	8	aim	aim	NOUN
ijtc-504	22	9	of	of	ADP
ijtc-504	22	10	maximizing	maximize	VERB
ijtc-504	22	11	shareholder	shareholder	NOUN
ijtc-504	22	12	wealth	wealth	NOUN
ijtc-504	22	13	(	(	PUNCT
ijtc-504	22	14	ali	ali	PROPN
ijtc-504	22	15	&	&	CCONJ
ijtc-504	22	16	hegazy	hegazy	PROPN
ijtc-504	22	17	,	,	PUNCT
ijtc-504	22	18	2022	2022	NUM
ijtc-504	22	19	;	;	PUNCT
ijtc-504	23	1	fernández	fernández	PROPN
ijtc-504	23	2	-	-	PUNCT
ijtc-504	23	3	portillo	portillo	PROPN
ijtc-504	23	4	et	et	PROPN
ijtc-504	23	5	al	al	PROPN
ijtc-504	23	6	.	.	PROPN
ijtc-504	23	7	,	,	PUNCT
ijtc-504	23	8	2022	2022	NUM
ijtc-504	23	9	)	)	PUNCT
ijtc-504	23	10	.	.	PUNCT
ijtc-504	24	1	the	the	DET
ijtc-504	24	2	agency	agency	NOUN
ijtc-504	24	3	conflict	conflict	NOUN
ijtc-504	24	4	can	can	AUX
ijtc-504	24	5	be	be	AUX
ijtc-504	24	6	minimized	minimize	VERB
ijtc-504	24	7	by	by	ADP
ijtc-504	24	8	providing	provide	VERB
ijtc-504	24	9	an	an	DET
ijtc-504	24	10	opportunity	opportunity	NOUN
ijtc-504	24	11	for	for	SCONJ
ijtc-504	24	12	management	management	NOUN
ijtc-504	24	13	to	to	PART
ijtc-504	24	14	be	be	AUX
ijtc-504	24	15	involved	involve	VERB
ijtc-504	24	16	in	in	ADP
ijtc-504	24	17	the	the	DET
ijtc-504	24	18	ownership	ownership	NOUN
ijtc-504	24	19	of	of	ADP
ijtc-504	24	20	a	a	DET
ijtc-504	24	21	company	company	NOUN
ijtc-504	24	22	's	's	PART
ijtc-504	24	23	shares	share	NOUN
ijtc-504	24	24	so	so	SCONJ
ijtc-504	24	25	that	that	SCONJ
ijtc-504	24	26	the	the	DET
ijtc-504	24	27	management	management	NOUN
ijtc-504	24	28	and	and	CCONJ
ijtc-504	24	29	the	the	DET
ijtc-504	24	30	shareholders	shareholder	NOUN
ijtc-504	24	31	have	have	VERB
ijtc-504	24	32	the	the	DET
ijtc-504	24	33	same	same	ADJ
ijtc-504	24	34	interests	interest	NOUN
ijtc-504	24	35	,	,	PUNCT
ijtc-504	24	36	namely	namely	ADV
ijtc-504	24	37	in	in	ADP
ijtc-504	24	38	order	order	NOUN
ijtc-504	24	39	to	to	PART
ijtc-504	24	40	benefit	benefit	VERB
ijtc-504	24	41	from	from	ADP
ijtc-504	24	42	the	the	DET
ijtc-504	24	43	funds	fund	NOUN
ijtc-504	24	44	invested	invest	VERB
ijtc-504	24	45	(	(	PUNCT
ijtc-504	24	46	h.	h.	PROPN
ijtc-504	24	47	liu	liu	PROPN
ijtc-504	24	48	,	,	PUNCT
ijtc-504	24	49	2021	2021	NUM
ijtc-504	24	50	;	;	PUNCT
ijtc-504	24	51	xu	xu	PROPN
ijtc-504	24	52	&	&	CCONJ
ijtc-504	24	53	huang	huang	PROPN
ijtc-504	24	54	,	,	PUNCT
ijtc-504	24	55	2021	2021	NUM
ijtc-504	24	56	;	;	PUNCT
ijtc-504	24	57	yu	yu	PROPN
ijtc-504	24	58	et	et	PROPN
ijtc-504	24	59	al	al	PROPN
ijtc-504	24	60	.	.	PROPN
ijtc-504	24	61	,	,	PUNCT
ijtc-504	24	62	2021	2021	NUM
ijtc-504	24	63	)	)	PUNCT
ijtc-504	24	64	.	.	PUNCT
ijtc-504	25	1	company	company	NOUN
ijtc-504	25	2	liquidity	liquidity	NOUN
ijtc-504	25	3	is	be	AUX
ijtc-504	25	4	one	one	NUM
ijtc-504	25	5	of	of	ADP
ijtc-504	25	6	the	the	DET
ijtc-504	25	7	main	main	ADJ
ijtc-504	25	8	considerations	consideration	NOUN
ijtc-504	25	9	for	for	ADP
ijtc-504	25	10	managers	manager	NOUN
ijtc-504	25	11	in	in	ADP
ijtc-504	25	12	determining	determine	VERB
ijtc-504	25	13	the	the	DET
ijtc-504	25	14	amount	amount	NOUN
ijtc-504	25	15	of	of	ADP
ijtc-504	25	16	dividend	dividend	NOUN
ijtc-504	25	17	policy	policy	NOUN
ijtc-504	25	18	because	because	SCONJ
ijtc-504	25	19	a	a	DET
ijtc-504	25	20	company	company	NOUN
ijtc-504	25	21	's	's	PART
ijtc-504	25	22	liquidity	liquidity	NOUN
ijtc-504	25	23	will	will	AUX
ijtc-504	25	24	indicate	indicate	VERB
ijtc-504	25	25	a	a	DET
ijtc-504	25	26	company	company	NOUN
ijtc-504	25	27	's	's	PART
ijtc-504	25	28	ability	ability	NOUN
ijtc-504	25	29	to	to	PART
ijtc-504	25	30	provide	provide	VERB
ijtc-504	25	31	company	company	NOUN
ijtc-504	25	32	operational	operational	ADJ
ijtc-504	25	33	funds	fund	NOUN
ijtc-504	25	34	and	and	CCONJ
ijtc-504	25	35	to	to	PART
ijtc-504	25	36	pay	pay	VERB
ijtc-504	25	37	off	off	ADP
ijtc-504	25	38	its	its	PRON
ijtc-504	25	39	short	short	ADJ
ijtc-504	25	40	-	-	PUNCT
ijtc-504	25	41	term	term	NOUN
ijtc-504	25	42	obligations	obligation	NOUN
ijtc-504	25	43	(	(	PUNCT
ijtc-504	25	44	berrospide	berrospide	NOUN
ijtc-504	25	45	&	&	CCONJ
ijtc-504	25	46	herrerias	herrerias	PROPN
ijtc-504	25	47	,	,	PUNCT
ijtc-504	25	48	2015	2015	NUM
ijtc-504	25	49	;	;	PUNCT
ijtc-504	25	50	lin	lin	PROPN
ijtc-504	25	51	et	et	PROPN
ijtc-504	25	52	al	al	PROPN
ijtc-504	25	53	.	.	PROPN
ijtc-504	25	54	,	,	PUNCT
ijtc-504	25	55	2019	2019	NUM
ijtc-504	25	56	;	;	PUNCT
ijtc-504	25	57	ly	ly	PROPN
ijtc-504	25	58	&	&	CCONJ
ijtc-504	25	59	shimizu	shimizu	PROPN
ijtc-504	25	60	,	,	PUNCT
ijtc-504	25	61	2018	2018	NUM
ijtc-504	25	62	)	)	PUNCT
ijtc-504	25	63	.	.	PUNCT
ijtc-504	26	1	liquidity	liquidity	NOUN
ijtc-504	26	2	problems	problem	NOUN
ijtc-504	26	3	are	be	AUX
ijtc-504	26	4	related	relate	VERB
ijtc-504	26	5	to	to	ADP
ijtc-504	26	6	the	the	DET
ijtc-504	26	7	ability	ability	NOUN
ijtc-504	26	8	of	of	ADP
ijtc-504	26	9	a	a	DET
ijtc-504	26	10	company	company	NOUN
ijtc-504	26	11	to	to	PART
ijtc-504	26	12	meet	meet	VERB
ijtc-504	26	13	its	its	PRON
ijtc-504	26	14	financial	financial	ADJ
ijtc-504	26	15	obligations	obligation	NOUN
ijtc-504	26	16	which	which	PRON
ijtc-504	26	17	must	must	AUX
ijtc-504	26	18	be	be	AUX
ijtc-504	26	19	fulfilled	fulfil	VERB
ijtc-504	26	20	immediately	immediately	ADV
ijtc-504	26	21	in	in	ADP
ijtc-504	26	22	the	the	DET
ijtc-504	26	23	short	short	ADJ
ijtc-504	26	24	term	term	NOUN
ijtc-504	26	25	,	,	PUNCT
ijtc-504	26	26	therefore	therefore	ADV
ijtc-504	26	27	the	the	DET
ijtc-504	26	28	high	high	ADJ
ijtc-504	26	29	and	and	CCONJ
ijtc-504	26	30	low	low	ADJ
ijtc-504	26	31	liquidity	liquidity	NOUN
ijtc-504	26	32	of	of	ADP
ijtc-504	26	33	a	a	DET
ijtc-504	26	34	company	company	NOUN
ijtc-504	26	35	can	can	AUX
ijtc-504	26	36	affect	affect	VERB
ijtc-504	26	37	the	the	DET
ijtc-504	26	38	company	company	NOUN
ijtc-504	26	39	's	's	PART
ijtc-504	26	40	dividend	dividend	NOUN
ijtc-504	26	41	policy	policy	NOUN
ijtc-504	26	42	,	,	PUNCT
ijtc-504	26	43	to	to	PART
ijtc-504	26	44	assess	assess	VERB
ijtc-504	26	45	the	the	DET
ijtc-504	26	46	company	company	NOUN
ijtc-504	26	47	's	's	PART
ijtc-504	26	48	liquidity	liquidity	NOUN
ijtc-504	26	49	position	position	NOUN
ijtc-504	26	50	can	can	AUX
ijtc-504	26	51	use	use	VERB
ijtc-504	26	52	the	the	DET
ijtc-504	26	53	current	current	ADJ
ijtc-504	26	54	ratio	ratio	NOUN
ijtc-504	26	55	(	(	PUNCT
ijtc-504	26	56	norvaišienė	norvaišienė	PROPN
ijtc-504	26	57	&	&	CCONJ
ijtc-504	26	58	stankevičienė	stankevičienė	PROPN
ijtc-504	26	59	,	,	PUNCT
ijtc-504	26	60	2014	2014	NUM
ijtc-504	26	61	;	;	PUNCT
ijtc-504	26	62	vijayakumaran	vijayakumaran	NOUN
ijtc-504	26	63	,	,	PUNCT
ijtc-504	26	64	2021	2021	NUM
ijtc-504	26	65	;	;	PUNCT
ijtc-504	26	66	yeo	yeo	PROPN
ijtc-504	26	67	,	,	PUNCT
ijtc-504	26	68	2016	2016	NUM
ijtc-504	26	69	)	)	PUNCT
ijtc-504	26	70	.	.	PUNCT
ijtc-504	27	1	the	the	DET
ijtc-504	27	2	ownership	ownership	NOUN
ijtc-504	27	3	structure	structure	NOUN
ijtc-504	27	4	can	can	AUX
ijtc-504	27	5	minimize	minimize	VERB
ijtc-504	27	6	the	the	DET
ijtc-504	27	7	occurrence	occurrence	NOUN
ijtc-504	27	8	of	of	ADP
ijtc-504	27	9	agency	agency	NOUN
ijtc-504	27	10	conflicts	conflict	NOUN
ijtc-504	27	11	,	,	PUNCT
ijtc-504	27	12	one	one	NUM
ijtc-504	27	13	of	of	ADP
ijtc-504	27	14	which	which	PRON
ijtc-504	27	15	is	be	AUX
ijtc-504	27	16	the	the	DET
ijtc-504	27	17	existence	existence	NOUN
ijtc-504	27	18	of	of	ADP
ijtc-504	27	19	managerial	managerial	ADJ
ijtc-504	27	20	ownership	ownership	NOUN
ijtc-504	27	21	in	in	ADP
ijtc-504	27	22	a	a	DET
ijtc-504	27	23	company	company	NOUN
ijtc-504	27	24	(	(	PUNCT
ijtc-504	27	25	aksoy	aksoy	NOUN
ijtc-504	27	26	et	et	PROPN
ijtc-504	27	27	al	al	PROPN
ijtc-504	27	28	.	.	PROPN
ijtc-504	27	29	,	,	PUNCT
ijtc-504	27	30	2020	2020	NUM
ijtc-504	27	31	)	)	PUNCT
ijtc-504	27	32	.	.	PUNCT
ijtc-504	28	1	managerial	managerial	ADJ
ijtc-504	28	2	ownership	ownership	NOUN
ijtc-504	28	3	will	will	AUX
ijtc-504	28	4	align	align	VERB
ijtc-504	28	5	the	the	DET
ijtc-504	28	6	interests	interest	NOUN
ijtc-504	28	7	of	of	ADP
ijtc-504	28	8	management	management	NOUN
ijtc-504	28	9	and	and	CCONJ
ijtc-504	28	10	shareholders	shareholder	NOUN
ijtc-504	28	11	,	,	PUNCT
ijtc-504	28	12	so	so	SCONJ
ijtc-504	28	13	that	that	SCONJ
ijtc-504	28	14	managers	manager	NOUN
ijtc-504	28	15	will	will	AUX
ijtc-504	28	16	directly	directly	ADV
ijtc-504	28	17	feel	feel	VERB
ijtc-504	28	18	the	the	DET
ijtc-504	28	19	benefits	benefit	NOUN
ijtc-504	28	20	of	of	ADP
ijtc-504	28	21	decisions	decision	NOUN
ijtc-504	28	22	taken	take	VERB
ijtc-504	28	23	correctly	correctly	ADV
ijtc-504	28	24	and	and	CCONJ
ijtc-504	28	25	will	will	AUX
ijtc-504	28	26	feel	feel	VERB
ijtc-504	28	27	the	the	DET
ijtc-504	28	28	losses	loss	NOUN
ijtc-504	28	29	as	as	ADP
ijtc-504	28	30	a	a	DET
ijtc-504	28	31	consequence	consequence	NOUN
ijtc-504	28	32	of	of	ADP
ijtc-504	28	33	making	make	VERB
ijtc-504	28	34	wrong	wrong	ADJ
ijtc-504	28	35	decisions	decision	NOUN
ijtc-504	28	36	(	(	PUNCT
ijtc-504	28	37	karminsky	karminsky	PROPN
ijtc-504	28	38	&	&	CCONJ
ijtc-504	28	39	rybalka	rybalka	PROPN
ijtc-504	28	40	,	,	PUNCT
ijtc-504	28	41	2019	2019	NUM
ijtc-504	28	42	)	)	PUNCT
ijtc-504	28	43	.	.	PUNCT
ijtc-504	29	1	the	the	PRON
ijtc-504	29	2	greater	great	ADJ
ijtc-504	29	3	the	the	DET
ijtc-504	29	4	managerial	managerial	ADJ
ijtc-504	29	5	ownership	ownership	NOUN
ijtc-504	29	6	in	in	ADP
ijtc-504	29	7	the	the	DET
ijtc-504	29	8	company	company	NOUN
ijtc-504	29	9	,	,	PUNCT
ijtc-504	29	10	the	the	DET
ijtc-504	29	11	management	management	NOUN
ijtc-504	29	12	will	will	AUX
ijtc-504	29	13	tend	tend	VERB
ijtc-504	29	14	to	to	PART
ijtc-504	29	15	try	try	VERB
ijtc-504	29	16	to	to	PART
ijtc-504	29	17	improve	improve	VERB
ijtc-504	29	18	its	its	PRON
ijtc-504	29	19	performance	performance	NOUN
ijtc-504	29	20	for	for	ADP
ijtc-504	29	21	the	the	DET
ijtc-504	29	22	benefit	benefit	NOUN
ijtc-504	29	23	of	of	ADP
ijtc-504	29	24	shareholders	shareholder	NOUN
ijtc-504	29	25	and	and	CCONJ
ijtc-504	29	26	their	their	PRON
ijtc-504	29	27	own	own	ADJ
ijtc-504	29	28	interests	interest	NOUN
ijtc-504	29	29	(	(	PUNCT
ijtc-504	29	30	cui	cui	NOUN
ijtc-504	29	31	et	et	PROPN
ijtc-504	29	32	al	al	PROPN
ijtc-504	29	33	.	.	PROPN
ijtc-504	29	34	,	,	PUNCT
ijtc-504	29	35	2019	2019	NUM
ijtc-504	29	36	)	)	PUNCT
ijtc-504	29	37	.	.	PUNCT
ijtc-504	30	1	the	the	PRON
ijtc-504	30	2	better	well	ADJ
ijtc-504	30	3	the	the	DET
ijtc-504	30	4	company	company	NOUN
ijtc-504	30	5	's	's	PART
ijtc-504	30	6	performance	performance	NOUN
ijtc-504	30	7	,	,	PUNCT
ijtc-504	30	8	the	the	PRON
ijtc-504	30	9	higher	high	ADJ
ijtc-504	30	10	the	the	DET
ijtc-504	30	11	value	value	NOUN
ijtc-504	30	12	of	of	ADP
ijtc-504	30	13	the	the	DET
ijtc-504	30	14	company	company	NOUN
ijtc-504	30	15	and	and	CCONJ
ijtc-504	30	16	the	the	DET
ijtc-504	30	17	welfare	welfare	NOUN
ijtc-504	30	18	of	of	ADP
ijtc-504	30	19	shareholders	shareholder	NOUN
ijtc-504	30	20	will	will	AUX
ijtc-504	30	21	be	be	AUX
ijtc-504	30	22	realized	realize	VERB
ijtc-504	30	23	(	(	PUNCT
ijtc-504	30	24	alhazaimeh	alhazaimeh	NOUN
ijtc-504	30	25	et	et	PROPN
ijtc-504	30	26	al	al	PROPN
ijtc-504	30	27	.	.	PROPN
ijtc-504	30	28	,	,	PUNCT
ijtc-504	30	29	2014	2014	NUM
ijtc-504	30	30	;	;	PUNCT
ijtc-504	30	31	jiang	jiang	PROPN
ijtc-504	30	32	&	&	CCONJ
ijtc-504	30	33	li	li	PROPN
ijtc-504	30	34	,	,	PUNCT
ijtc-504	30	35	2015	2015	NUM
ijtc-504	30	36	)	)	PUNCT
ijtc-504	30	37	.	.	PUNCT
ijtc-504	31	1	in	in	ADP
ijtc-504	31	2	addition	addition	NOUN
ijtc-504	31	3	to	to	ADP
ijtc-504	31	4	managerial	managerial	ADJ
ijtc-504	31	5	ownership	ownership	NOUN
ijtc-504	31	6	,	,	PUNCT
ijtc-504	31	7	institutional	institutional	ADJ
ijtc-504	31	8	ownership	ownership	NOUN
ijtc-504	31	9	can	can	AUX
ijtc-504	31	10	also	also	ADV
ijtc-504	31	11	minimize	minimize	VERB
ijtc-504	31	12	agency	agency	NOUN
ijtc-504	31	13	conflicts	conflict	NOUN
ijtc-504	31	14	(	(	PUNCT
ijtc-504	31	15	rhou	rhou	PROPN
ijtc-504	31	16	et	et	PROPN
ijtc-504	31	17	al	al	PROPN
ijtc-504	31	18	.	.	PROPN
ijtc-504	31	19	,	,	PUNCT
ijtc-504	31	20	2019	2019	NUM
ijtc-504	31	21	)	)	PUNCT
ijtc-504	31	22	.	.	PUNCT
ijtc-504	32	1	institutional	institutional	ADJ
ijtc-504	32	2	ownership	ownership	NOUN
ijtc-504	32	3	in	in	ADP
ijtc-504	32	4	a	a	DET
ijtc-504	32	5	company	company	NOUN
ijtc-504	32	6	will	will	AUX
ijtc-504	32	7	encourage	encourage	VERB
ijtc-504	32	8	increased	increased	ADJ
ijtc-504	32	9	supervision	supervision	NOUN
ijtc-504	32	10	of	of	ADP
ijtc-504	32	11	management	management	NOUN
ijtc-504	32	12	performance	performance	NOUN
ijtc-504	32	13	,	,	PUNCT
ijtc-504	32	14	because	because	SCONJ
ijtc-504	32	15	share	share	NOUN
ijtc-504	32	16	ownership	ownership	NOUN
ijtc-504	32	17	represents	represent	VERB
ijtc-504	32	18	a	a	DET
ijtc-504	32	19	source	source	NOUN
ijtc-504	32	20	of	of	ADP
ijtc-504	32	21	power	power	NOUN
ijtc-504	32	22	that	that	PRON
ijtc-504	32	23	can	can	AUX
ijtc-504	32	24	be	be	AUX
ijtc-504	32	25	used	use	VERB
ijtc-504	32	26	to	to	PART
ijtc-504	32	27	support	support	VERB
ijtc-504	32	28	management	management	NOUN
ijtc-504	32	29	performance	performance	NOUN
ijtc-504	32	30	(	(	PUNCT
ijtc-504	32	31	shan	shan	INTJ
ijtc-504	32	32	et	et	PROPN
ijtc-504	32	33	al	al	PROPN
ijtc-504	32	34	.	.	PROPN
ijtc-504	32	35	,	,	PUNCT
ijtc-504	32	36	2021	2021	NUM
ijtc-504	32	37	)	)	PUNCT
ijtc-504	32	38	.	.	PUNCT
ijtc-504	33	1	supervision	supervision	NOUN
ijtc-504	33	2	carried	carry	VERB
ijtc-504	33	3	out	out	ADP
ijtc-504	33	4	by	by	ADP
ijtc-504	33	5	institutional	institutional	ADJ
ijtc-504	33	6	investors	investor	NOUN
ijtc-504	33	7	is	be	AUX
ijtc-504	33	8	highly	highly	ADV
ijtc-504	33	9	dependent	dependent	ADJ
ijtc-504	33	10	on	on	ADP
ijtc-504	33	11	the	the	DET
ijtc-504	33	12	size	size	NOUN
ijtc-504	33	13	of	of	ADP
ijtc-504	33	14	the	the	DET
ijtc-504	33	15	investment	investment	NOUN
ijtc-504	33	16	made	make	VERB
ijtc-504	33	17	(	(	PUNCT
ijtc-504	33	18	park	park	NOUN
ijtc-504	33	19	et	et	PROPN
ijtc-504	33	20	al	al	PROPN
ijtc-504	33	21	.	.	PROPN
ijtc-504	33	22	,	,	PUNCT
ijtc-504	33	23	2022	2022	NUM
ijtc-504	33	24	)	)	PUNCT
ijtc-504	33	25	.	.	PUNCT
ijtc-504	34	1	investment	investment	NOUN
ijtc-504	34	2	decisions	decision	NOUN
ijtc-504	34	3	have	have	VERB
ijtc-504	34	4	a	a	DET
ijtc-504	34	5	term	term	NOUN
ijtc-504	34	6	a	a	DET
ijtc-504	34	7	long	long	ADJ
ijtc-504	34	8	time	time	NOUN
ijtc-504	34	9	,	,	PUNCT
ijtc-504	34	10	so	so	SCONJ
ijtc-504	34	11	the	the	DET
ijtc-504	34	12	decisions	decision	NOUN
ijtc-504	34	13	taken	take	VERB
ijtc-504	34	14	must	must	AUX
ijtc-504	34	15	be	be	AUX
ijtc-504	34	16	considered	consider	VERB
ijtc-504	34	17	well	well	ADV
ijtc-504	34	18	,	,	PUNCT
ijtc-504	34	19	because	because	SCONJ
ijtc-504	34	20	it	it	PRON
ijtc-504	34	21	has	have	VERB
ijtc-504	34	22	long	long	ADJ
ijtc-504	34	23	-	-	PUNCT
ijtc-504	34	24	term	term	NOUN
ijtc-504	34	25	risks	risk	NOUN
ijtc-504	34	26	as	as	ADV
ijtc-504	34	27	well	well	ADV
ijtc-504	34	28	.	.	PUNCT
ijtc-504	35	1	a	a	DET
ijtc-504	35	2	decision	decision	NOUN
ijtc-504	35	3	investment	investment	NOUN
ijtc-504	35	4	is	be	AUX
ijtc-504	35	5	strongly	strongly	ADV
ijtc-504	35	6	influenced	influence	VERB
ijtc-504	35	7	by	by	ADP
ijtc-504	35	8	the	the	DET
ijtc-504	35	9	availability	availability	NOUN
ijtc-504	35	10	of	of	ADP
ijtc-504	35	11	company	company	NOUN
ijtc-504	35	12	funds	fund	NOUN
ijtc-504	35	13	originating	originate	VERB
ijtc-504	35	14	from	from	ADP
ijtc-504	35	15	internal	internal	ADJ
ijtc-504	35	16	funding	funding	NOUN
ijtc-504	35	17	sources	source	NOUN
ijtc-504	35	18	and	and	CCONJ
ijtc-504	35	19	external	external	ADJ
ijtc-504	35	20	funding	funding	NOUN
ijtc-504	35	21	sources	source	NOUN
ijtc-504	35	22	(	(	PUNCT
ijtc-504	35	23	fabisik	fabisik	NOUN
ijtc-504	35	24	et	et	PROPN
ijtc-504	35	25	al	al	PROPN
ijtc-504	35	26	.	.	PROPN
ijtc-504	35	27	,	,	PUNCT
ijtc-504	35	28	2021	2021	NUM
ijtc-504	35	29	)	)	PUNCT
ijtc-504	35	30	.	.	PUNCT
ijtc-504	36	1	company	company	NOUN
ijtc-504	36	2	management	management	NOUN
ijtc-504	36	3	has	have	VERB
ijtc-504	36	4	a	a	DET
ijtc-504	36	5	goal	goal	NOUN
ijtc-504	36	6	to	to	PART
ijtc-504	36	7	increase	increase	VERB
ijtc-504	36	8	the	the	DET
ijtc-504	36	9	value	value	NOUN
ijtc-504	36	10	of	of	ADP
ijtc-504	36	11	the	the	DET
ijtc-504	36	12	company	company	NOUN
ijtc-504	36	13	through	through	ADP
ijtc-504	36	14	the	the	DET
ijtc-504	36	15	implementation	implementation	NOUN
ijtc-504	36	16	of	of	ADP
ijtc-504	36	17	financial	financial	ADJ
ijtc-504	36	18	decisions	decision	NOUN
ijtc-504	36	19	consisting	consist	VERB
ijtc-504	36	20	of	of	ADP
ijtc-504	36	21	investment	investment	NOUN
ijtc-504	36	22	decisions	decision	NOUN
ijtc-504	36	23	,	,	PUNCT
ijtc-504	36	24	funding	funding	NOUN
ijtc-504	36	25	and	and	CCONJ
ijtc-504	36	26	dividend	dividend	NOUN
ijtc-504	36	27	policy	policy	NOUN
ijtc-504	36	28	,	,	PUNCT
ijtc-504	36	29	therefore	therefore	ADV
ijtc-504	36	30	in	in	ADP
ijtc-504	36	31	its	its	PRON
ijtc-504	36	32	implementation	implementation	NOUN
ijtc-504	36	33	must	must	AUX
ijtc-504	36	34	be	be	AUX
ijtc-504	36	35	carried	carry	VERB
ijtc-504	36	36	out	out	ADP
ijtc-504	36	37	carefully	carefully	ADV
ijtc-504	36	38	and	and	CCONJ
ijtc-504	36	39	precisely	precisely	ADV
ijtc-504	36	40	,	,	PUNCT
ijtc-504	36	41	bearing	bear	VERB
ijtc-504	36	42	in	in	ADP
ijtc-504	36	43	mind	mind	NOUN
ijtc-504	36	44	every	every	DET
ijtc-504	36	45	decision	decision	NOUN
ijtc-504	36	46	financial	financial	ADJ
ijtc-504	36	47	decisions	decision	NOUN
ijtc-504	36	48	taken	take	VERB
ijtc-504	36	49	will	will	AUX
ijtc-504	36	50	affect	affect	VERB
ijtc-504	36	51	other	other	ADJ
ijtc-504	36	52	financial	financial	ADJ
ijtc-504	36	53	decisions	decision	NOUN
ijtc-504	36	54	and	and	CCONJ
ijtc-504	36	55	will	will	AUX
ijtc-504	36	56	impact	impact	VERB
ijtc-504	36	57	on	on	ADP
ijtc-504	36	58	the	the	DET
ijtc-504	36	59	achievement	achievement	NOUN
ijtc-504	36	60	of	of	ADP
ijtc-504	36	61	company	company	NOUN
ijtc-504	36	62	goals	goal	NOUN
ijtc-504	36	63	(	(	PUNCT
ijtc-504	36	64	paula	paula	PROPN
ijtc-504	36	65	monteiro	monteiro	PROPN
ijtc-504	36	66	et	et	PROPN
ijtc-504	36	67	al	al	PROPN
ijtc-504	36	68	.	.	PROPN
ijtc-504	36	69	,	,	PUNCT
ijtc-504	36	70	2022	2022	NUM
ijtc-504	36	71	)	)	PUNCT
ijtc-504	36	72	.	.	PUNCT
ijtc-504	37	1	based	base	VERB
ijtc-504	37	2	on	on	ADP
ijtc-504	37	3	the	the	DET
ijtc-504	37	4	description	description	NOUN
ijtc-504	37	5	above	above	ADV
ijtc-504	37	6	,	,	PUNCT
ijtc-504	37	7	this	this	DET
ijtc-504	37	8	research	research	NOUN
ijtc-504	37	9	focuses	focus	VERB
ijtc-504	37	10	on	on	ADP
ijtc-504	37	11	the	the	DET
ijtc-504	37	12	discussion	discussion	NOUN
ijtc-504	37	13	title	title	NOUN
ijtc-504	37	14	"	"	PUNCT
ijtc-504	37	15	importance	importance	NOUN
ijtc-504	37	16	of	of	ADP
ijtc-504	37	17	liquidity	liquidity	NOUN
ijtc-504	37	18	indicators	indicator	NOUN
ijtc-504	37	19	in	in	ADP
ijtc-504	37	20	intervening	intervene	VERB
ijtc-504	37	21	the	the	DET
ijtc-504	37	22	dividend	dividend	NOUN
ijtc-504	37	23	policy	policy	NOUN
ijtc-504	37	24	”	"	PUNCT
ijtc-504	37	25	.	.	PUNCT
ijtc-504	38	1	agency	agency	NOUN
ijtc-504	38	2	theory	theory	NOUN
ijtc-504	38	3	agency	agency	NOUN
ijtc-504	38	4	theory	theory	NOUN
ijtc-504	38	5	is	be	AUX
ijtc-504	38	6	a	a	DET
ijtc-504	38	7	theory	theory	NOUN
ijtc-504	38	8	that	that	PRON
ijtc-504	38	9	regulates	regulate	VERB
ijtc-504	38	10	the	the	DET
ijtc-504	38	11	relationship	relationship	NOUN
ijtc-504	38	12	between	between	ADP
ijtc-504	38	13	shareholders	shareholder	NOUN
ijtc-504	38	14	as	as	ADP
ijtc-504	38	15	principal	principal	NOUN
ijtc-504	38	16	with	with	ADP
ijtc-504	38	17	the	the	DET
ijtc-504	38	18	manager	manager	NOUN
ijtc-504	38	19	as	as	ADP
ijtc-504	38	20	agent	agent	NOUN
ijtc-504	38	21	(	(	PUNCT
ijtc-504	38	22	solomon	solomon	PROPN
ijtc-504	38	23	et	et	PROPN
ijtc-504	38	24	al	al	PROPN
ijtc-504	38	25	.	.	PROPN
ijtc-504	38	26	,	,	PUNCT
ijtc-504	38	27	2021	2021	NUM
ijtc-504	38	28	)	)	PUNCT
ijtc-504	38	29	.	.	PUNCT
ijtc-504	39	1	the	the	DET
ijtc-504	39	2	principal	principal	NOUN
ijtc-504	39	3	authorizes	authorize	VERB
ijtc-504	39	4	the	the	DET
ijtc-504	39	5	agent	agent	NOUN
ijtc-504	39	6	to	to	PART
ijtc-504	39	7	run	run	VERB
ijtc-504	39	8	the	the	DET
ijtc-504	39	9	company	company	NOUN
ijtc-504	39	10	's	's	PART
ijtc-504	39	11	business	business	NOUN
ijtc-504	39	12	in	in	ADP
ijtc-504	39	13	the	the	DET
ijtc-504	39	14	interests	interest	NOUN
ijtc-504	39	15	of	of	ADP
ijtc-504	39	16	the	the	DET
ijtc-504	39	17	principal	principal	NOUN
ijtc-504	39	18	(	(	PUNCT
ijtc-504	39	19	zapparoli	zapparoli	PROPN
ijtc-504	39	20	et	et	PROPN
ijtc-504	39	21	al	al	PROPN
ijtc-504	39	22	.	.	PROPN
ijtc-504	39	23	,	,	PUNCT
ijtc-504	39	24	2022	2022	NUM
ijtc-504	39	25	)	)	PUNCT
ijtc-504	39	26	.	.	PUNCT
ijtc-504	40	1	if	if	SCONJ
ijtc-504	40	2	managers	manager	NOUN
ijtc-504	40	3	act	act	VERB
ijtc-504	40	4	to	to	PART
ijtc-504	40	5	prioritize	prioritize	VERB
ijtc-504	40	6	their	their	PRON
ijtc-504	40	7	individual	individual	ADJ
ijtc-504	40	8	interests	interest	NOUN
ijtc-504	40	9	rather	rather	ADV
ijtc-504	40	10	than	than	ADP
ijtc-504	40	11	the	the	DET
ijtc-504	40	12	interests	interest	NOUN
ijtc-504	40	13	of	of	ADP
ijtc-504	40	14	shareholders	shareholder	NOUN
ijtc-504	40	15	,	,	PUNCT
ijtc-504	40	16	the	the	DET
ijtc-504	40	17	company	company	NOUN
ijtc-504	40	18	will	will	AUX
ijtc-504	40	19	be	be	AUX
ijtc-504	40	20	importance	importance	NOUN
ijtc-504	40	21	of	of	ADP
ijtc-504	40	22	liquidity	liquidity	NOUN
ijtc-504	40	23	indicators	indicator	NOUN
ijtc-504	40	24	in	in	ADP
ijtc-504	40	25	intervening	intervene	VERB
ijtc-504	40	26	the	the	DET
ijtc-504	40	27	dividend	dividend	NOUN
ijtc-504	40	28	policy	policy	NOUN
ijtc-504	40	29	sunaryo	sunaryo	NOUN
ijtc-504	40	30	274	274	NUM
ijtc-504	40	31	|	|	ADV
ijtc-504	40	32	ilomata	ilomata	NOUN
ijtc-504	40	33	international	international	ADJ
ijtc-504	40	34	journal	journal	NOUN
ijtc-504	40	35	of	of	ADP
ijtc-504	40	36	tax	tax	PROPN
ijtc-504	40	37	&	&	CCONJ
ijtc-504	40	38	accounting	accounting	NOUN
ijtc-504	40	39	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	ADV
ijtc-504	40	40	harmed	harm	VERB
ijtc-504	40	41	.	.	PUNCT
ijtc-504	41	1	this	this	DET
ijtc-504	41	2	situation	situation	NOUN
ijtc-504	41	3	gives	give	VERB
ijtc-504	41	4	rise	rise	NOUN
ijtc-504	41	5	to	to	ADP
ijtc-504	41	6	agency	agency	NOUN
ijtc-504	41	7	conflicts	conflict	NOUN
ijtc-504	41	8	between	between	ADP
ijtc-504	41	9	managers	manager	NOUN
ijtc-504	41	10	and	and	CCONJ
ijtc-504	41	11	company	company	NOUN
ijtc-504	41	12	owners	owner	NOUN
ijtc-504	41	13	.	.	PUNCT
ijtc-504	42	1	each	each	DET
ijtc-504	42	2	party	party	NOUN
ijtc-504	42	3	has	have	VERB
ijtc-504	42	4	a	a	DET
ijtc-504	42	5	purpose	purpose	NOUN
ijtc-504	42	6	and	and	CCONJ
ijtc-504	42	7	has	have	VERB
ijtc-504	42	8	different	different	ADJ
ijtc-504	42	9	risks	risk	NOUN
ijtc-504	42	10	associated	associate	VERB
ijtc-504	42	11	with	with	ADP
ijtc-504	42	12	its	its	PRON
ijtc-504	42	13	behavior	behavior	NOUN
ijtc-504	42	14	.	.	PUNCT
ijtc-504	43	1	if	if	SCONJ
ijtc-504	43	2	managers	manager	NOUN
ijtc-504	43	3	fail	fail	VERB
ijtc-504	43	4	to	to	PART
ijtc-504	43	5	carry	carry	VERB
ijtc-504	43	6	out	out	ADP
ijtc-504	43	7	their	their	PRON
ijtc-504	43	8	functions	function	NOUN
ijtc-504	43	9	,	,	PUNCT
ijtc-504	43	10	they	they	PRON
ijtc-504	43	11	risk	risk	VERB
ijtc-504	43	12	not	not	PART
ijtc-504	43	13	being	be	AUX
ijtc-504	43	14	appointed	appoint	VERB
ijtc-504	43	15	again	again	ADV
ijtc-504	43	16	as	as	ADP
ijtc-504	43	17	company	company	NOUN
ijtc-504	43	18	managers	manager	NOUN
ijtc-504	43	19	,	,	PUNCT
ijtc-504	43	20	while	while	SCONJ
ijtc-504	43	21	shareholders	shareholder	NOUN
ijtc-504	43	22	will	will	AUX
ijtc-504	43	23	risk	risk	VERB
ijtc-504	43	24	losing	lose	VERB
ijtc-504	43	25	their	their	PRON
ijtc-504	43	26	capital	capital	NOUN
ijtc-504	43	27	if	if	SCONJ
ijtc-504	43	28	they	they	PRON
ijtc-504	43	29	choose	choose	VERB
ijtc-504	43	30	the	the	DET
ijtc-504	43	31	wrong	wrong	ADJ
ijtc-504	43	32	manager	manager	NOUN
ijtc-504	43	33	(	(	PUNCT
ijtc-504	43	34	fan	fan	PROPN
ijtc-504	43	35	et	et	PROPN
ijtc-504	43	36	al	al	PROPN
ijtc-504	43	37	.	.	PROPN
ijtc-504	43	38	,	,	PUNCT
ijtc-504	43	39	2021	2021	NUM
ijtc-504	43	40	)	)	PUNCT
ijtc-504	43	41	.	.	PUNCT
ijtc-504	44	1	conflicts	conflict	NOUN
ijtc-504	44	2	of	of	ADP
ijtc-504	44	3	interest	interest	NOUN
ijtc-504	44	4	between	between	ADP
ijtc-504	44	5	managers	manager	NOUN
ijtc-504	44	6	and	and	CCONJ
ijtc-504	44	7	shareholders	shareholder	NOUN
ijtc-504	44	8	can	can	AUX
ijtc-504	44	9	be	be	AUX
ijtc-504	44	10	minimized	minimize	VERB
ijtc-504	44	11	by	by	ADP
ijtc-504	44	12	a	a	DET
ijtc-504	44	13	monitoring	monitoring	NOUN
ijtc-504	44	14	mechanism	mechanism	NOUN
ijtc-504	44	15	that	that	PRON
ijtc-504	44	16	can	can	AUX
ijtc-504	44	17	align	align	VERB
ijtc-504	44	18	these	these	DET
ijtc-504	44	19	related	relate	VERB
ijtc-504	44	20	interests	interest	NOUN
ijtc-504	44	21	(	(	PUNCT
ijtc-504	44	22	cruz	cruz	PROPN
ijtc-504	44	23	&	&	CCONJ
ijtc-504	44	24	haugan	haugan	PROPN
ijtc-504	44	25	,	,	PUNCT
ijtc-504	44	26	2019	2019	NUM
ijtc-504	44	27	)	)	PUNCT
ijtc-504	44	28	.	.	PUNCT
ijtc-504	45	1	however	however	ADV
ijtc-504	45	2	,	,	PUNCT
ijtc-504	45	3	with	with	ADP
ijtc-504	45	4	the	the	DET
ijtc-504	45	5	emergence	emergence	NOUN
ijtc-504	45	6	of	of	ADP
ijtc-504	45	7	this	this	DET
ijtc-504	45	8	supervisory	supervisory	ADJ
ijtc-504	45	9	mechanism	mechanism	NOUN
ijtc-504	45	10	,	,	PUNCT
ijtc-504	45	11	there	there	PRON
ijtc-504	45	12	is	be	VERB
ijtc-504	45	13	a	a	DET
ijtc-504	45	14	cost	cost	NOUN
ijtc-504	45	15	called	call	VERB
ijtc-504	45	16	agency	agency	NOUN
ijtc-504	45	17	cost	cost	NOUN
ijtc-504	45	18	(	(	PUNCT
ijtc-504	45	19	marks	mark	NOUN
ijtc-504	45	20	-	-	PUNCT
ijtc-504	45	21	bielska	bielska	NOUN
ijtc-504	45	22	,	,	PUNCT
ijtc-504	45	23	2021	2021	NUM
ijtc-504	45	24	)	)	PUNCT
ijtc-504	45	25	.	.	PUNCT
ijtc-504	46	1	this	this	DET
ijtc-504	46	2	agency	agency	NOUN
ijtc-504	46	3	cost	cost	NOUN
ijtc-504	46	4	will	will	AUX
ijtc-504	46	5	increase	increase	VERB
ijtc-504	46	6	the	the	DET
ijtc-504	46	7	use	use	NOUN
ijtc-504	46	8	of	of	ADP
ijtc-504	46	9	debt	debt	NOUN
ijtc-504	46	10	,	,	PUNCT
ijtc-504	46	11	if	if	SCONJ
ijtc-504	46	12	debt	debt	NOUN
ijtc-504	46	13	increases	increase	NOUN
ijtc-504	46	14	,	,	PUNCT
ijtc-504	46	15	the	the	DET
ijtc-504	46	16	company	company	NOUN
ijtc-504	46	17	's	's	PART
ijtc-504	46	18	risk	risk	NOUN
ijtc-504	46	19	will	will	AUX
ijtc-504	46	20	be	be	AUX
ijtc-504	46	21	higher	high	ADJ
ijtc-504	46	22	and	and	CCONJ
ijtc-504	46	23	the	the	DET
ijtc-504	46	24	dividend	dividend	NOUN
ijtc-504	46	25	distribution	distribution	NOUN
ijtc-504	46	26	expected	expect	VERB
ijtc-504	46	27	by	by	ADP
ijtc-504	46	28	shareholders	shareholder	NOUN
ijtc-504	46	29	will	will	AUX
ijtc-504	46	30	be	be	AUX
ijtc-504	46	31	reduced	reduce	VERB
ijtc-504	46	32	,	,	PUNCT
ijtc-504	46	33	because	because	SCONJ
ijtc-504	46	34	the	the	DET
ijtc-504	46	35	company	company	NOUN
ijtc-504	46	36	must	must	AUX
ijtc-504	46	37	pay	pay	VERB
ijtc-504	46	38	debts	debt	NOUN
ijtc-504	46	39	and	and	CCONJ
ijtc-504	46	40	previous	previous	ADJ
ijtc-504	46	41	debt	debt	NOUN
ijtc-504	46	42	burdens	burden	NOUN
ijtc-504	46	43	(	(	PUNCT
ijtc-504	46	44	meilita	meilita	PROPN
ijtc-504	46	45	&	&	CCONJ
ijtc-504	46	46	rokhmawati	rokhmawati	PROPN
ijtc-504	46	47	,	,	PUNCT
ijtc-504	46	48	2018	2018	NUM
ijtc-504	46	49	)	)	PUNCT
ijtc-504	46	50	.	.	PUNCT
ijtc-504	47	1	to	to	PART
ijtc-504	47	2	minimize	minimize	VERB
ijtc-504	47	3	agency	agency	NOUN
ijtc-504	47	4	costs	cost	NOUN
ijtc-504	47	5	,	,	PUNCT
ijtc-504	47	6	it	it	PRON
ijtc-504	47	7	can	can	AUX
ijtc-504	47	8	be	be	AUX
ijtc-504	47	9	done	do	VERB
ijtc-504	47	10	by	by	ADP
ijtc-504	47	11	increasing	increase	VERB
ijtc-504	47	12	ownership	ownership	NOUN
ijtc-504	47	13	structures	structure	NOUN
ijtc-504	47	14	such	such	ADJ
ijtc-504	47	15	as	as	ADP
ijtc-504	47	16	managerial	managerial	ADJ
ijtc-504	47	17	ownership	ownership	NOUN
ijtc-504	47	18	and	and	CCONJ
ijtc-504	47	19	institutional	institutional	ADJ
ijtc-504	47	20	ownership	ownership	NOUN
ijtc-504	47	21	(	(	PUNCT
ijtc-504	47	22	yusuf	yusuf	PROPN
ijtc-504	47	23	et	et	PROPN
ijtc-504	47	24	al	al	PROPN
ijtc-504	47	25	.	.	PROPN
ijtc-504	47	26	,	,	PUNCT
ijtc-504	47	27	2018	2018	NUM
ijtc-504	47	28	)	)	PUNCT
ijtc-504	47	29	.	.	PUNCT
ijtc-504	48	1	dividend	dividend	NOUN
ijtc-504	48	2	policy	policy	NOUN
ijtc-504	48	3	dividend	dividend	NOUN
ijtc-504	48	4	policy	policy	NOUN
ijtc-504	48	5	is	be	AUX
ijtc-504	48	6	a	a	DET
ijtc-504	48	7	company	company	NOUN
ijtc-504	48	8	's	's	PART
ijtc-504	48	9	decision	decision	NOUN
ijtc-504	48	10	about	about	ADP
ijtc-504	48	11	how	how	SCONJ
ijtc-504	48	12	much	much	ADJ
ijtc-504	48	13	profit	profit	NOUN
ijtc-504	48	14	earned	earn	VERB
ijtc-504	48	15	will	will	AUX
ijtc-504	48	16	be	be	AUX
ijtc-504	48	17	distributed	distribute	VERB
ijtc-504	48	18	to	to	ADP
ijtc-504	48	19	shareholders	shareholder	NOUN
ijtc-504	48	20	as	as	ADP
ijtc-504	48	21	dividends	dividend	NOUN
ijtc-504	48	22	or	or	CCONJ
ijtc-504	48	23	even	even	ADV
ijtc-504	48	24	prefer	prefer	VERB
ijtc-504	48	25	to	to	PART
ijtc-504	48	26	hold	hold	VERB
ijtc-504	48	27	these	these	DET
ijtc-504	48	28	profits	profit	NOUN
ijtc-504	48	29	as	as	ADP
ijtc-504	48	30	retained	retain	VERB
ijtc-504	48	31	earnings	earning	NOUN
ijtc-504	48	32	of	of	ADP
ijtc-504	48	33	the	the	DET
ijtc-504	48	34	company	company	NOUN
ijtc-504	48	35	.	.	PUNCT
ijtc-504	49	1	dividends	dividend	NOUN
ijtc-504	49	2	are	be	AUX
ijtc-504	49	3	the	the	DET
ijtc-504	49	4	rate	rate	NOUN
ijtc-504	49	5	of	of	ADP
ijtc-504	49	6	return	return	NOUN
ijtc-504	49	7	or	or	CCONJ
ijtc-504	49	8	the	the	DET
ijtc-504	49	9	level	level	NOUN
ijtc-504	49	10	of	of	ADP
ijtc-504	49	11	profit	profit	NOUN
ijtc-504	49	12	expected	expect	VERB
ijtc-504	49	13	by	by	ADP
ijtc-504	49	14	shareholders	shareholder	NOUN
ijtc-504	49	15	who	who	PRON
ijtc-504	49	16	invest	invest	VERB
ijtc-504	49	17	their	their	PRON
ijtc-504	49	18	funds	fund	NOUN
ijtc-504	49	19	in	in	ADP
ijtc-504	49	20	a	a	DET
ijtc-504	49	21	company	company	NOUN
ijtc-504	49	22	(	(	PUNCT
ijtc-504	49	23	hussain	hussain	PROPN
ijtc-504	49	24	&	&	CCONJ
ijtc-504	49	25	akbar	akbar	NOUN
ijtc-504	49	26	,	,	PUNCT
ijtc-504	49	27	2022	2022	NUM
ijtc-504	49	28	;	;	PUNCT
ijtc-504	49	29	stereńczak	stereńczak	PROPN
ijtc-504	49	30	&	&	CCONJ
ijtc-504	49	31	kubiak	kubiak	PROPN
ijtc-504	49	32	,	,	PUNCT
ijtc-504	49	33	2022	2022	NUM
ijtc-504	49	34	)	)	PUNCT
ijtc-504	49	35	.	.	PUNCT
ijtc-504	50	1	the	the	DET
ijtc-504	50	2	size	size	NOUN
ijtc-504	50	3	of	of	ADP
ijtc-504	50	4	the	the	DET
ijtc-504	50	5	dividends	dividend	NOUN
ijtc-504	50	6	paid	pay	VERB
ijtc-504	50	7	will	will	AUX
ijtc-504	50	8	affect	affect	VERB
ijtc-504	50	9	the	the	DET
ijtc-504	50	10	achievement	achievement	NOUN
ijtc-504	50	11	of	of	ADP
ijtc-504	50	12	the	the	DET
ijtc-504	50	13	goal	goal	NOUN
ijtc-504	50	14	of	of	ADP
ijtc-504	50	15	maximizing	maximize	VERB
ijtc-504	50	16	shareholder	shareholder	NOUN
ijtc-504	50	17	welfare	welfare	NOUN
ijtc-504	50	18	.	.	PUNCT
ijtc-504	51	1	the	the	DET
ijtc-504	51	2	company	company	NOUN
ijtc-504	51	3	's	's	PART
ijtc-504	51	4	dividend	dividend	NOUN
ijtc-504	51	5	policy	policy	NOUN
ijtc-504	51	6	is	be	AUX
ijtc-504	51	7	reflected	reflect	VERB
ijtc-504	51	8	in	in	ADP
ijtc-504	51	9	its	its	PRON
ijtc-504	51	10	dividend	dividend	NOUN
ijtc-504	51	11	payout	payout	NOUN
ijtc-504	51	12	ratio	ratio	NOUN
ijtc-504	51	13	,	,	PUNCT
ijtc-504	51	14	namely	namely	ADV
ijtc-504	51	15	the	the	DET
ijtc-504	51	16	percentage	percentage	NOUN
ijtc-504	51	17	of	of	ADP
ijtc-504	51	18	profits	profit	NOUN
ijtc-504	51	19	distributed	distribute	VERB
ijtc-504	51	20	in	in	ADP
ijtc-504	51	21	the	the	DET
ijtc-504	51	22	form	form	NOUN
ijtc-504	51	23	of	of	ADP
ijtc-504	51	24	cash	cash	NOUN
ijtc-504	51	25	dividends	dividend	NOUN
ijtc-504	51	26	,	,	PUNCT
ijtc-504	51	27	meaning	mean	VERB
ijtc-504	51	28	the	the	DET
ijtc-504	51	29	size	size	NOUN
ijtc-504	51	30	of	of	ADP
ijtc-504	51	31	the	the	DET
ijtc-504	51	32	dividend	dividend	NOUN
ijtc-504	51	33	payout	payout	NOUN
ijtc-504	51	34	ratio	ratio	NOUN
ijtc-504	51	35	will	will	AUX
ijtc-504	51	36	affect	affect	VERB
ijtc-504	51	37	the	the	DET
ijtc-504	51	38	investment	investment	NOUN
ijtc-504	51	39	decisions	decision	NOUN
ijtc-504	51	40	of	of	ADP
ijtc-504	51	41	shareholders	shareholder	NOUN
ijtc-504	51	42	and	and	CCONJ
ijtc-504	51	43	on	on	ADP
ijtc-504	51	44	the	the	DET
ijtc-504	51	45	other	other	ADJ
ijtc-504	51	46	hand	hand	NOUN
ijtc-504	51	47	affect	affect	VERB
ijtc-504	51	48	the	the	DET
ijtc-504	51	49	company	company	NOUN
ijtc-504	51	50	's	's	PART
ijtc-504	51	51	financial	financial	ADJ
ijtc-504	51	52	condition	condition	NOUN
ijtc-504	51	53	.	.	PUNCT
ijtc-504	52	1	in	in	ADP
ijtc-504	52	2	general	general	ADJ
ijtc-504	52	3	,	,	PUNCT
ijtc-504	52	4	shareholders	shareholder	NOUN
ijtc-504	52	5	expect	expect	VERB
ijtc-504	52	6	a	a	DET
ijtc-504	52	7	relatively	relatively	ADV
ijtc-504	52	8	stable	stable	ADJ
ijtc-504	52	9	dividend	dividend	NOUN
ijtc-504	52	10	distribution	distribution	NOUN
ijtc-504	52	11	because	because	SCONJ
ijtc-504	52	12	this	this	PRON
ijtc-504	52	13	will	will	AUX
ijtc-504	52	14	reduce	reduce	VERB
ijtc-504	52	15	uncertainty	uncertainty	NOUN
ijtc-504	52	16	over	over	ADP
ijtc-504	52	17	the	the	DET
ijtc-504	52	18	desired	desire	VERB
ijtc-504	52	19	results	result	NOUN
ijtc-504	52	20	from	from	ADP
ijtc-504	52	21	the	the	DET
ijtc-504	52	22	investments	investment	NOUN
ijtc-504	52	23	that	that	PRON
ijtc-504	52	24	have	have	AUX
ijtc-504	52	25	been	be	AUX
ijtc-504	52	26	made	make	VERB
ijtc-504	52	27	and	and	CCONJ
ijtc-504	52	28	can	can	AUX
ijtc-504	52	29	also	also	ADV
ijtc-504	52	30	increase	increase	VERB
ijtc-504	52	31	shareholder	shareholder	NOUN
ijtc-504	52	32	confidence	confidence	NOUN
ijtc-504	52	33	in	in	ADP
ijtc-504	52	34	the	the	DET
ijtc-504	52	35	company	company	NOUN
ijtc-504	52	36	so	so	SCONJ
ijtc-504	52	37	that	that	SCONJ
ijtc-504	52	38	the	the	DET
ijtc-504	52	39	share	share	NOUN
ijtc-504	52	40	value	value	NOUN
ijtc-504	52	41	can	can	AUX
ijtc-504	52	42	also	also	ADV
ijtc-504	52	43	increase	increase	VERB
ijtc-504	52	44	.	.	PUNCT
ijtc-504	53	1	for	for	ADP
ijtc-504	53	2	companies	company	NOUN
ijtc-504	53	3	,	,	PUNCT
ijtc-504	53	4	the	the	DET
ijtc-504	53	5	choice	choice	NOUN
ijtc-504	53	6	to	to	PART
ijtc-504	53	7	distribute	distribute	VERB
ijtc-504	53	8	profits	profit	NOUN
ijtc-504	53	9	in	in	ADP
ijtc-504	53	10	the	the	DET
ijtc-504	53	11	form	form	NOUN
ijtc-504	53	12	of	of	ADP
ijtc-504	53	13	dividends	dividend	NOUN
ijtc-504	53	14	will	will	AUX
ijtc-504	53	15	reduce	reduce	VERB
ijtc-504	53	16	their	their	PRON
ijtc-504	53	17	internal	internal	ADJ
ijtc-504	53	18	sources	source	NOUN
ijtc-504	53	19	of	of	ADP
ijtc-504	53	20	funds	fund	NOUN
ijtc-504	53	21	,	,	PUNCT
ijtc-504	53	22	on	on	ADP
ijtc-504	53	23	the	the	DET
ijtc-504	53	24	contrary	contrary	NOUN
ijtc-504	53	25	if	if	SCONJ
ijtc-504	53	26	the	the	DET
ijtc-504	53	27	company	company	NOUN
ijtc-504	53	28	holds	hold	VERB
ijtc-504	53	29	its	its	PRON
ijtc-504	53	30	profits	profit	NOUN
ijtc-504	53	31	in	in	ADP
ijtc-504	53	32	the	the	DET
ijtc-504	53	33	form	form	NOUN
ijtc-504	53	34	of	of	ADP
ijtc-504	53	35	retained	retain	VERB
ijtc-504	53	36	earnings	earning	NOUN
ijtc-504	53	37	,	,	PUNCT
ijtc-504	53	38	the	the	DET
ijtc-504	53	39	ability	ability	NOUN
ijtc-504	53	40	to	to	PART
ijtc-504	53	41	form	form	VERB
ijtc-504	53	42	internal	internal	ADJ
ijtc-504	53	43	funds	fund	NOUN
ijtc-504	53	44	will	will	AUX
ijtc-504	53	45	be	be	AUX
ijtc-504	53	46	greater	great	ADJ
ijtc-504	53	47	which	which	PRON
ijtc-504	53	48	can	can	AUX
ijtc-504	53	49	be	be	AUX
ijtc-504	53	50	used	use	VERB
ijtc-504	53	51	to	to	PART
ijtc-504	53	52	finance	finance	VERB
ijtc-504	53	53	company	company	NOUN
ijtc-504	53	54	activities	activity	NOUN
ijtc-504	53	55	,	,	PUNCT
ijtc-504	53	56	thereby	thereby	ADV
ijtc-504	53	57	reducing	reduce	VERB
ijtc-504	53	58	the	the	DET
ijtc-504	53	59	company	company	NOUN
ijtc-504	53	60	's	's	PART
ijtc-504	53	61	dependence	dependence	NOUN
ijtc-504	53	62	on	on	ADP
ijtc-504	53	63	external	external	ADJ
ijtc-504	53	64	funds	fund	NOUN
ijtc-504	53	65	(	(	PUNCT
ijtc-504	53	66	akindayomi	akindayomi	NOUN
ijtc-504	53	67	&	&	CCONJ
ijtc-504	53	68	amin	amin	PROPN
ijtc-504	53	69	,	,	PUNCT
ijtc-504	53	70	2022	2022	NUM
ijtc-504	53	71	;	;	PUNCT
ijtc-504	53	72	ali	ali	PROPN
ijtc-504	53	73	&	&	CCONJ
ijtc-504	53	74	hegazy	hegazy	PROPN
ijtc-504	53	75	,	,	PUNCT
ijtc-504	53	76	2022	2022	NUM
ijtc-504	53	77	;	;	PUNCT
ijtc-504	53	78	l.	l.	PROPN
ijtc-504	53	79	liu	liu	PROPN
ijtc-504	53	80	&	&	CCONJ
ijtc-504	53	81	shu	shu	PROPN
ijtc-504	53	82	,	,	PUNCT
ijtc-504	53	83	2022	2022	NUM
ijtc-504	53	84	)	)	PUNCT
ijtc-504	53	85	.	.	PUNCT
ijtc-504	54	1	if	if	SCONJ
ijtc-504	54	2	the	the	DET
ijtc-504	54	3	company	company	NOUN
ijtc-504	54	4	chooses	choose	VERB
ijtc-504	54	5	to	to	PART
ijtc-504	54	6	distribute	distribute	VERB
ijtc-504	54	7	profits	profit	NOUN
ijtc-504	54	8	as	as	ADP
ijtc-504	54	9	dividends	dividend	NOUN
ijtc-504	54	10	,	,	PUNCT
ijtc-504	54	11	the	the	DET
ijtc-504	54	12	growth	growth	NOUN
ijtc-504	54	13	rate	rate	NOUN
ijtc-504	54	14	will	will	AUX
ijtc-504	54	15	decrease	decrease	VERB
ijtc-504	54	16	so	so	SCONJ
ijtc-504	54	17	that	that	SCONJ
ijtc-504	54	18	it	it	PRON
ijtc-504	54	19	has	have	VERB
ijtc-504	54	20	a	a	DET
ijtc-504	54	21	negative	negative	ADJ
ijtc-504	54	22	impact	impact	NOUN
ijtc-504	54	23	on	on	ADP
ijtc-504	54	24	the	the	DET
ijtc-504	54	25	company	company	NOUN
ijtc-504	54	26	's	's	PART
ijtc-504	54	27	shares	share	NOUN
ijtc-504	54	28	.	.	PUNCT
ijtc-504	55	1	on	on	ADP
ijtc-504	55	2	the	the	DET
ijtc-504	55	3	other	other	ADJ
ijtc-504	55	4	hand	hand	NOUN
ijtc-504	55	5	,	,	PUNCT
ijtc-504	55	6	if	if	SCONJ
ijtc-504	55	7	the	the	DET
ijtc-504	55	8	company	company	NOUN
ijtc-504	55	9	does	do	AUX
ijtc-504	55	10	not	not	PART
ijtc-504	55	11	distribute	distribute	VERB
ijtc-504	55	12	dividends	dividend	NOUN
ijtc-504	55	13	,	,	PUNCT
ijtc-504	55	14	the	the	DET
ijtc-504	55	15	market	market	NOUN
ijtc-504	55	16	will	will	AUX
ijtc-504	55	17	give	give	VERB
ijtc-504	55	18	a	a	DET
ijtc-504	55	19	negative	negative	ADJ
ijtc-504	55	20	signal	signal	NOUN
ijtc-504	55	21	to	to	ADP
ijtc-504	55	22	the	the	DET
ijtc-504	55	23	company	company	NOUN
ijtc-504	55	24	's	's	PART
ijtc-504	55	25	prospects	prospect	NOUN
ijtc-504	55	26	so	so	SCONJ
ijtc-504	55	27	that	that	SCONJ
ijtc-504	55	28	an	an	DET
ijtc-504	55	29	increase	increase	NOUN
ijtc-504	55	30	in	in	ADP
ijtc-504	55	31	dividends	dividend	NOUN
ijtc-504	55	32	signals	signal	VERB
ijtc-504	55	33	a	a	DET
ijtc-504	55	34	favorable	favorable	ADJ
ijtc-504	55	35	change	change	NOUN
ijtc-504	55	36	in	in	ADP
ijtc-504	55	37	manager	manager	NOUN
ijtc-504	55	38	expectations	expectation	NOUN
ijtc-504	55	39	and	and	CCONJ
ijtc-504	55	40	a	a	DET
ijtc-504	55	41	decrease	decrease	NOUN
ijtc-504	55	42	in	in	ADP
ijtc-504	55	43	dividends	dividend	NOUN
ijtc-504	55	44	shows	show	VERB
ijtc-504	55	45	a	a	DET
ijtc-504	55	46	pessimistic	pessimistic	ADJ
ijtc-504	55	47	view	view	NOUN
ijtc-504	55	48	of	of	ADP
ijtc-504	55	49	the	the	DET
ijtc-504	55	50	company	company	NOUN
ijtc-504	55	51	's	's	PART
ijtc-504	55	52	prospects	prospect	NOUN
ijtc-504	55	53	in	in	ADP
ijtc-504	55	54	the	the	DET
ijtc-504	55	55	future	future	NOUN
ijtc-504	55	56	(	(	PUNCT
ijtc-504	55	57	cao	cao	PROPN
ijtc-504	55	58	et	et	PROPN
ijtc-504	55	59	al	al	PROPN
ijtc-504	55	60	.	.	PROPN
ijtc-504	55	61	,	,	PUNCT
ijtc-504	55	62	2022	2022	NUM
ijtc-504	55	63	)	)	PUNCT
ijtc-504	55	64	.	.	PUNCT
ijtc-504	56	1	managerial	managerial	ADJ
ijtc-504	56	2	ownership	ownership	NOUN
ijtc-504	56	3	managerial	managerial	ADJ
ijtc-504	56	4	ownership	ownership	NOUN
ijtc-504	56	5	is	be	AUX
ijtc-504	56	6	a	a	DET
ijtc-504	56	7	share	share	NOUN
ijtc-504	56	8	ownership	ownership	NOUN
ijtc-504	56	9	consisting	consist	VERB
ijtc-504	56	10	of	of	ADP
ijtc-504	56	11	management	management	NOUN
ijtc-504	56	12	parties	party	NOUN
ijtc-504	56	13	who	who	PRON
ijtc-504	56	14	take	take	VERB
ijtc-504	56	15	part	part	NOUN
ijtc-504	56	16	in	in	ADP
ijtc-504	56	17	making	make	VERB
ijtc-504	56	18	company	company	NOUN
ijtc-504	56	19	decisions	decision	NOUN
ijtc-504	56	20	such	such	ADJ
ijtc-504	56	21	as	as	ADP
ijtc-504	56	22	managers	manager	NOUN
ijtc-504	56	23	,	,	PUNCT
ijtc-504	56	24	directors	director	NOUN
ijtc-504	56	25	and	and	CCONJ
ijtc-504	56	26	commissioners	commissioner	NOUN
ijtc-504	56	27	.	.	PUNCT
ijtc-504	57	1	managerial	managerial	ADJ
ijtc-504	57	2	ownership	ownership	NOUN
ijtc-504	57	3	in	in	ADP
ijtc-504	57	4	a	a	DET
ijtc-504	57	5	company	company	NOUN
ijtc-504	57	6	can	can	AUX
ijtc-504	57	7	make	make	VERB
ijtc-504	57	8	management	management	NOUN
ijtc-504	57	9	have	have	VERB
ijtc-504	57	10	a	a	DET
ijtc-504	57	11	common	common	ADJ
ijtc-504	57	12	interest	interest	NOUN
ijtc-504	57	13	with	with	ADP
ijtc-504	57	14	outside	outside	ADJ
ijtc-504	57	15	investors	investor	NOUN
ijtc-504	57	16	,	,	PUNCT
ijtc-504	57	17	namely	namely	ADV
ijtc-504	57	18	to	to	PART
ijtc-504	57	19	obtain	obtain	VERB
ijtc-504	57	20	a	a	DET
ijtc-504	57	21	return	return	NOUN
ijtc-504	57	22	(	(	PUNCT
ijtc-504	57	23	refund	refund	NOUN
ijtc-504	57	24	)	)	PUNCT
ijtc-504	57	25	on	on	ADP
ijtc-504	57	26	the	the	DET
ijtc-504	57	27	funds	fund	NOUN
ijtc-504	57	28	invested	invest	VERB
ijtc-504	57	29	in	in	ADP
ijtc-504	57	30	the	the	DET
ijtc-504	57	31	form	form	NOUN
ijtc-504	57	32	of	of	ADP
ijtc-504	57	33	dividends	dividend	NOUN
ijtc-504	57	34	from	from	ADP
ijtc-504	57	35	the	the	DET
ijtc-504	57	36	profits	profit	NOUN
ijtc-504	57	37	earned	earn	VERB
ijtc-504	57	38	by	by	ADP
ijtc-504	57	39	the	the	DET
ijtc-504	57	40	company	company	NOUN
ijtc-504	57	41	(	(	PUNCT
ijtc-504	57	42	gilje	gilje	PROPN
ijtc-504	57	43	et	et	PROPN
ijtc-504	57	44	al	al	PROPN
ijtc-504	57	45	.	.	PROPN
ijtc-504	57	46	,	,	PUNCT
ijtc-504	57	47	2020	2020	NUM
ijtc-504	57	48	;	;	PUNCT
ijtc-504	57	49	guthrie	guthrie	PROPN
ijtc-504	57	50	&	&	CCONJ
ijtc-504	57	51	hobbs	hobbs	PROPN
ijtc-504	57	52	,	,	PUNCT
ijtc-504	57	53	2021	2021	NUM
ijtc-504	57	54	)	)	PUNCT
ijtc-504	57	55	.	.	PUNCT
ijtc-504	58	1	managerial	managerial	ADJ
ijtc-504	58	2	ownership	ownership	NOUN
ijtc-504	58	3	will	will	AUX
ijtc-504	58	4	make	make	VERB
ijtc-504	58	5	managers	manager	NOUN
ijtc-504	58	6	act	act	VERB
ijtc-504	58	7	carefully	carefully	ADV
ijtc-504	58	8	in	in	ADP
ijtc-504	58	9	managing	manage	VERB
ijtc-504	58	10	the	the	DET
ijtc-504	58	11	company	company	NOUN
ijtc-504	58	12	and	and	CCONJ
ijtc-504	58	13	in	in	ADP
ijtc-504	58	14	making	make	VERB
ijtc-504	58	15	company	company	NOUN
ijtc-504	58	16	decisions	decision	NOUN
ijtc-504	58	17	,	,	PUNCT
ijtc-504	58	18	because	because	SCONJ
ijtc-504	58	19	every	every	DET
ijtc-504	58	20	decision	decision	NOUN
ijtc-504	58	21	making	make	VERB
ijtc-504	58	22	the	the	DET
ijtc-504	58	23	manager	manager	NOUN
ijtc-504	58	24	will	will	AUX
ijtc-504	58	25	feel	feel	VERB
ijtc-504	58	26	directly	directly	ADV
ijtc-504	58	27	from	from	ADP
ijtc-504	58	28	the	the	DET
ijtc-504	58	29	decision	decision	NOUN
ijtc-504	58	30	making	making	NOUN
ijtc-504	58	31	(	(	PUNCT
ijtc-504	58	32	iwasaki	iwasaki	PROPN
ijtc-504	58	33	et	et	PROPN
ijtc-504	58	34	al	al	PROPN
ijtc-504	58	35	.	.	PROPN
ijtc-504	58	36	,	,	PUNCT
ijtc-504	58	37	2020	2020	NUM
ijtc-504	58	38	)	)	PUNCT
ijtc-504	58	39	.	.	PUNCT
ijtc-504	59	1	the	the	PRON
ijtc-504	59	2	greater	great	ADJ
ijtc-504	59	3	the	the	DET
ijtc-504	59	4	insider	insider	NOUN
ijtc-504	59	5	ownership	ownership	NOUN
ijtc-504	59	6	(	(	PUNCT
ijtc-504	59	7	managerial	managerial	ADJ
ijtc-504	59	8	ownership	ownership	NOUN
ijtc-504	59	9	)	)	PUNCT
ijtc-504	59	10	,	,	PUNCT
ijtc-504	59	11	then	then	ADV
ijtc-504	59	12	the	the	DET
ijtc-504	59	13	difference	difference	NOUN
ijtc-504	59	14	in	in	ADP
ijtc-504	59	15	interests	interest	NOUN
ijtc-504	59	16	between	between	ADP
ijtc-504	59	17	shareholders	shareholder	NOUN
ijtc-504	59	18	(	(	PUNCT
ijtc-504	59	19	owners	owner	NOUN
ijtc-504	59	20	)	)	PUNCT
ijtc-504	59	21	and	and	CCONJ
ijtc-504	59	22	company	company	NOUN
ijtc-504	59	23	managers	manager	NOUN
ijtc-504	59	24	importance	importance	NOUN
ijtc-504	59	25	of	of	ADP
ijtc-504	59	26	liquidity	liquidity	NOUN
ijtc-504	59	27	indicators	indicator	NOUN
ijtc-504	59	28	in	in	ADP
ijtc-504	59	29	intervening	intervene	VERB
ijtc-504	59	30	the	the	DET
ijtc-504	59	31	dividend	dividend	NOUN
ijtc-504	59	32	policy	policy	NOUN
ijtc-504	59	33	sunaryo	sunaryo	NOUN
ijtc-504	59	34	275	275	NUM
ijtc-504	59	35	|	|	ADV
ijtc-504	59	36	ilomata	ilomata	PROPN
ijtc-504	59	37	international	international	ADJ
ijtc-504	59	38	journal	journal	NOUN
ijtc-504	59	39	of	of	ADP
ijtc-504	59	40	tax	tax	PROPN
ijtc-504	59	41	&	&	CCONJ
ijtc-504	59	42	accounting	accounting	PROPN
ijtc-504	59	43	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	59	44	(	(	PUNCT
ijtc-504	59	45	management	management	NOUN
ijtc-504	59	46	)	)	PUNCT
ijtc-504	59	47	will	will	AUX
ijtc-504	59	48	be	be	AUX
ijtc-504	59	49	smaller	small	ADJ
ijtc-504	59	50	because	because	SCONJ
ijtc-504	59	51	they	they	PRON
ijtc-504	59	52	will	will	AUX
ijtc-504	59	53	act	act	VERB
ijtc-504	59	54	more	more	ADV
ijtc-504	59	55	carefully	carefully	ADV
ijtc-504	59	56	because	because	SCONJ
ijtc-504	59	57	managers	manager	NOUN
ijtc-504	59	58	also	also	ADV
ijtc-504	59	59	bear	bear	VERB
ijtc-504	59	60	the	the	DET
ijtc-504	59	61	consequences	consequence	NOUN
ijtc-504	59	62	of	of	ADP
ijtc-504	59	63	the	the	DET
ijtc-504	59	64	decisions	decision	NOUN
ijtc-504	59	65	they	they	PRON
ijtc-504	59	66	have	have	AUX
ijtc-504	59	67	taken	take	VERB
ijtc-504	59	68	(	(	PUNCT
ijtc-504	59	69	chen	chen	PROPN
ijtc-504	59	70	et	et	PROPN
ijtc-504	59	71	al	al	PROPN
ijtc-504	59	72	.	.	PROPN
ijtc-504	59	73	,	,	PUNCT
ijtc-504	59	74	2022	2022	NUM
ijtc-504	59	75	)	)	PUNCT
ijtc-504	59	76	.	.	PUNCT
ijtc-504	60	1	if	if	SCONJ
ijtc-504	60	2	the	the	DET
ijtc-504	60	3	insider	insider	NOUN
ijtc-504	60	4	ownership	ownership	NOUN
ijtc-504	60	5	is	be	AUX
ijtc-504	60	6	small	small	ADJ
ijtc-504	60	7	,	,	PUNCT
ijtc-504	60	8	it	it	PRON
ijtc-504	60	9	means	mean	VERB
ijtc-504	60	10	that	that	SCONJ
ijtc-504	60	11	only	only	ADV
ijtc-504	60	12	a	a	DET
ijtc-504	60	13	small	small	ADJ
ijtc-504	60	14	number	number	NOUN
ijtc-504	60	15	of	of	ADP
ijtc-504	60	16	shareholders	shareholder	NOUN
ijtc-504	60	17	are	be	AUX
ijtc-504	60	18	involved	involve	VERB
ijtc-504	60	19	in	in	ADP
ijtc-504	60	20	managing	manage	VERB
ijtc-504	60	21	the	the	DET
ijtc-504	60	22	company	company	NOUN
ijtc-504	60	23	,	,	PUNCT
ijtc-504	60	24	so	so	ADV
ijtc-504	60	25	the	the	PRON
ijtc-504	60	26	higher	high	ADJ
ijtc-504	60	27	the	the	DET
ijtc-504	60	28	possibility	possibility	NOUN
ijtc-504	60	29	of	of	ADP
ijtc-504	60	30	agency	agency	NOUN
ijtc-504	60	31	problems	problem	NOUN
ijtc-504	60	32	(	(	PUNCT
ijtc-504	60	33	simanjuntak	simanjuntak	ADJ
ijtc-504	60	34	,	,	PUNCT
ijtc-504	60	35	2019	2019	NUM
ijtc-504	60	36	)	)	PUNCT
ijtc-504	60	37	.	.	PUNCT
ijtc-504	61	1	institutional	institutional	ADJ
ijtc-504	61	2	ownership	ownership	NOUN
ijtc-504	61	3	institutional	institutional	ADJ
ijtc-504	61	4	ownership	ownership	NOUN
ijtc-504	61	5	is	be	AUX
ijtc-504	61	6	share	share	NOUN
ijtc-504	61	7	ownership	ownership	NOUN
ijtc-504	61	8	by	by	ADP
ijtc-504	61	9	other	other	ADJ
ijtc-504	61	10	institutions	institution	NOUN
ijtc-504	61	11	originating	originate	VERB
ijtc-504	61	12	from	from	ADP
ijtc-504	61	13	external	external	ADJ
ijtc-504	61	14	parties	party	NOUN
ijtc-504	61	15	(	(	PUNCT
ijtc-504	61	16	outside	outside	ADV
ijtc-504	61	17	)	)	PUNCT
ijtc-504	61	18	the	the	DET
ijtc-504	61	19	company	company	NOUN
ijtc-504	61	20	.	.	PUNCT
ijtc-504	62	1	in	in	ADP
ijtc-504	62	2	addition	addition	NOUN
ijtc-504	62	3	to	to	ADP
ijtc-504	62	4	managerial	managerial	ADJ
ijtc-504	62	5	ownership	ownership	NOUN
ijtc-504	62	6	,	,	PUNCT
ijtc-504	62	7	institutional	institutional	ADJ
ijtc-504	62	8	ownership	ownership	NOUN
ijtc-504	62	9	can	can	AUX
ijtc-504	62	10	also	also	ADV
ijtc-504	62	11	minimize	minimize	VERB
ijtc-504	62	12	agency	agency	NOUN
ijtc-504	62	13	conflicts	conflict	NOUN
ijtc-504	62	14	.	.	PUNCT
ijtc-504	63	1	because	because	SCONJ
ijtc-504	63	2	institutional	institutional	ADJ
ijtc-504	63	3	investors	investor	NOUN
ijtc-504	63	4	will	will	AUX
ijtc-504	63	5	appoint	appoint	VERB
ijtc-504	63	6	managers	manager	NOUN
ijtc-504	63	7	to	to	PART
ijtc-504	63	8	manage	manage	VERB
ijtc-504	63	9	the	the	DET
ijtc-504	63	10	funds	fund	NOUN
ijtc-504	63	11	they	they	PRON
ijtc-504	63	12	invest	invest	VERB
ijtc-504	63	13	and	and	CCONJ
ijtc-504	63	14	manage	manage	VERB
ijtc-504	63	15	the	the	DET
ijtc-504	63	16	company	company	NOUN
ijtc-504	63	17	in	in	ADP
ijtc-504	63	18	order	order	NOUN
ijtc-504	63	19	to	to	PART
ijtc-504	63	20	expect	expect	VERB
ijtc-504	63	21	a	a	DET
ijtc-504	63	22	return	return	NOUN
ijtc-504	63	23	from	from	ADP
ijtc-504	63	24	the	the	DET
ijtc-504	63	25	investment	investment	NOUN
ijtc-504	63	26	funds	fund	NOUN
ijtc-504	63	27	.	.	PUNCT
ijtc-504	64	1	this	this	PRON
ijtc-504	64	2	is	be	AUX
ijtc-504	64	3	because	because	SCONJ
ijtc-504	64	4	institutional	institutional	ADJ
ijtc-504	64	5	investors	investor	NOUN
ijtc-504	64	6	have	have	VERB
ijtc-504	64	7	greater	great	ADJ
ijtc-504	64	8	resources	resource	NOUN
ijtc-504	64	9	than	than	ADP
ijtc-504	64	10	other	other	ADJ
ijtc-504	64	11	shareholders	shareholder	NOUN
ijtc-504	64	12	so	so	SCONJ
ijtc-504	64	13	they	they	PRON
ijtc-504	64	14	are	be	AUX
ijtc-504	64	15	considered	consider	VERB
ijtc-504	64	16	capable	capable	ADJ
ijtc-504	64	17	of	of	ADP
ijtc-504	64	18	implementing	implement	VERB
ijtc-504	64	19	a	a	DET
ijtc-504	64	20	good	good	ADJ
ijtc-504	64	21	supervisory	supervisory	ADJ
ijtc-504	64	22	mechanism	mechanism	NOUN
ijtc-504	64	23	(	(	PUNCT
ijtc-504	64	24	mishra	mishra	PROPN
ijtc-504	64	25	,	,	PUNCT
ijtc-504	64	26	2022	2022	NUM
ijtc-504	64	27	)	)	PUNCT
ijtc-504	64	28	.	.	PUNCT
ijtc-504	65	1	the	the	PRON
ijtc-504	65	2	greater	great	ADJ
ijtc-504	65	3	the	the	DET
ijtc-504	65	4	ownership	ownership	NOUN
ijtc-504	65	5	of	of	ADP
ijtc-504	65	6	the	the	DET
ijtc-504	65	7	institution	institution	NOUN
ijtc-504	65	8	,	,	PUNCT
ijtc-504	65	9	the	the	PRON
ijtc-504	65	10	greater	great	ADJ
ijtc-504	65	11	the	the	DET
ijtc-504	65	12	voting	voting	NOUN
ijtc-504	65	13	power	power	NOUN
ijtc-504	65	14	and	and	CCONJ
ijtc-504	65	15	encouragement	encouragement	NOUN
ijtc-504	65	16	of	of	ADP
ijtc-504	65	17	the	the	DET
ijtc-504	65	18	institution	institution	NOUN
ijtc-504	65	19	to	to	PART
ijtc-504	65	20	oversee	oversee	VERB
ijtc-504	65	21	management	management	NOUN
ijtc-504	65	22	.	.	PUNCT
ijtc-504	66	1	as	as	ADP
ijtc-504	66	2	a	a	DET
ijtc-504	66	3	result	result	NOUN
ijtc-504	66	4	,	,	PUNCT
ijtc-504	66	5	it	it	PRON
ijtc-504	66	6	will	will	AUX
ijtc-504	66	7	provide	provide	VERB
ijtc-504	66	8	a	a	DET
ijtc-504	66	9	greater	great	ADJ
ijtc-504	66	10	impetus	impetus	NOUN
ijtc-504	66	11	to	to	PART
ijtc-504	66	12	optimize	optimize	VERB
ijtc-504	66	13	the	the	DET
ijtc-504	66	14	value	value	NOUN
ijtc-504	66	15	of	of	ADP
ijtc-504	66	16	the	the	DET
ijtc-504	66	17	company	company	NOUN
ijtc-504	66	18	so	so	SCONJ
ijtc-504	66	19	that	that	SCONJ
ijtc-504	66	20	the	the	DET
ijtc-504	66	21	company	company	NOUN
ijtc-504	66	22	's	's	PART
ijtc-504	66	23	performance	performance	NOUN
ijtc-504	66	24	will	will	AUX
ijtc-504	66	25	increase	increase	VERB
ijtc-504	66	26	.	.	PUNCT
ijtc-504	67	1	this	this	DET
ijtc-504	67	2	increased	increase	VERB
ijtc-504	67	3	performance	performance	NOUN
ijtc-504	67	4	will	will	AUX
ijtc-504	67	5	be	be	AUX
ijtc-504	67	6	beneficial	beneficial	ADJ
ijtc-504	67	7	for	for	ADP
ijtc-504	67	8	shareholders	shareholder	NOUN
ijtc-504	67	9	because	because	SCONJ
ijtc-504	67	10	in	in	ADP
ijtc-504	67	11	other	other	ADJ
ijtc-504	67	12	words	word	NOUN
ijtc-504	67	13	shareholders	shareholder	NOUN
ijtc-504	67	14	will	will	AUX
ijtc-504	67	15	get	get	VERB
ijtc-504	67	16	a	a	DET
ijtc-504	67	17	lot	lot	NOUN
ijtc-504	67	18	of	of	ADP
ijtc-504	67	19	benefits	benefit	NOUN
ijtc-504	67	20	in	in	ADP
ijtc-504	67	21	the	the	DET
ijtc-504	67	22	form	form	NOUN
ijtc-504	67	23	of	of	ADP
ijtc-504	67	24	dividends	dividend	NOUN
ijtc-504	67	25	(	(	PUNCT
ijtc-504	67	26	wang	wang	PROPN
ijtc-504	67	27	&	&	CCONJ
ijtc-504	67	28	sun	sun	PROPN
ijtc-504	67	29	,	,	PUNCT
ijtc-504	67	30	2022	2022	NUM
ijtc-504	67	31	)	)	PUNCT
ijtc-504	67	32	.	.	PUNCT
ijtc-504	68	1	investation	investation	NOUN
ijtc-504	68	2	decision	decision	NOUN
ijtc-504	68	3	investment	investment	NOUN
ijtc-504	68	4	is	be	AUX
ijtc-504	68	5	an	an	DET
ijtc-504	68	6	activity	activity	NOUN
ijtc-504	68	7	in	in	ADP
ijtc-504	68	8	investing	invest	VERB
ijtc-504	68	9	funds	fund	NOUN
ijtc-504	68	10	in	in	ADP
ijtc-504	68	11	a	a	DET
ijtc-504	68	12	particular	particular	ADJ
ijtc-504	68	13	field	field	NOUN
ijtc-504	68	14	.	.	PUNCT
ijtc-504	69	1	investments	investment	NOUN
ijtc-504	69	2	can	can	AUX
ijtc-504	69	3	be	be	AUX
ijtc-504	69	4	made	make	VERB
ijtc-504	69	5	in	in	ADP
ijtc-504	69	6	various	various	ADJ
ijtc-504	69	7	ways	way	NOUN
ijtc-504	69	8	,	,	PUNCT
ijtc-504	69	9	one	one	NUM
ijtc-504	69	10	of	of	ADP
ijtc-504	69	11	which	which	PRON
ijtc-504	69	12	is	be	AUX
ijtc-504	69	13	investing	invest	VERB
ijtc-504	69	14	in	in	ADP
ijtc-504	69	15	shares	share	NOUN
ijtc-504	69	16	(	(	PUNCT
ijtc-504	69	17	haque	haque	PROPN
ijtc-504	69	18	et	et	PROPN
ijtc-504	69	19	al	al	PROPN
ijtc-504	69	20	.	.	PROPN
ijtc-504	69	21	,	,	PUNCT
ijtc-504	69	22	2022	2022	NUM
ijtc-504	69	23	)	)	PUNCT
ijtc-504	69	24	.	.	PUNCT
ijtc-504	70	1	the	the	DET
ijtc-504	70	2	right	right	ADJ
ijtc-504	70	3	and	and	CCONJ
ijtc-504	70	4	maximum	maximum	ADJ
ijtc-504	70	5	investment	investment	NOUN
ijtc-504	70	6	decision	decision	NOUN
ijtc-504	70	7	will	will	AUX
ijtc-504	70	8	give	give	VERB
ijtc-504	70	9	a	a	DET
ijtc-504	70	10	positive	positive	ADJ
ijtc-504	70	11	signal	signal	NOUN
ijtc-504	70	12	to	to	ADP
ijtc-504	70	13	investors	investor	NOUN
ijtc-504	70	14	so	so	SCONJ
ijtc-504	70	15	that	that	SCONJ
ijtc-504	70	16	investors	investor	NOUN
ijtc-504	70	17	will	will	AUX
ijtc-504	70	18	no	no	ADV
ijtc-504	70	19	longer	long	ADV
ijtc-504	70	20	hesitate	hesitate	VERB
ijtc-504	70	21	to	to	PART
ijtc-504	70	22	invest	invest	VERB
ijtc-504	70	23	their	their	PRON
ijtc-504	70	24	funds	fund	NOUN
ijtc-504	70	25	in	in	ADP
ijtc-504	70	26	the	the	DET
ijtc-504	70	27	company	company	NOUN
ijtc-504	70	28	(	(	PUNCT
ijtc-504	70	29	siganos	sigano	NOUN
ijtc-504	70	30	,	,	PUNCT
ijtc-504	70	31	2022	2022	NUM
ijtc-504	70	32	)	)	PUNCT
ijtc-504	70	33	.	.	PUNCT
ijtc-504	71	1	however	however	ADV
ijtc-504	71	2	,	,	PUNCT
ijtc-504	71	3	investors	investor	NOUN
ijtc-504	71	4	must	must	AUX
ijtc-504	71	5	also	also	ADV
ijtc-504	71	6	pay	pay	VERB
ijtc-504	71	7	attention	attention	NOUN
ijtc-504	71	8	to	to	ADP
ijtc-504	71	9	other	other	ADJ
ijtc-504	71	10	things	thing	NOUN
ijtc-504	71	11	that	that	PRON
ijtc-504	71	12	can	can	AUX
ijtc-504	71	13	support	support	VERB
ijtc-504	71	14	or	or	CCONJ
ijtc-504	71	15	hinder	hinder	VERB
ijtc-504	71	16	the	the	DET
ijtc-504	71	17	return	return	NOUN
ijtc-504	71	18	of	of	ADP
ijtc-504	71	19	the	the	DET
ijtc-504	71	20	funds	fund	NOUN
ijtc-504	71	21	invested	invest	VERB
ijtc-504	71	22	.	.	PUNCT
ijtc-504	72	1	liquidity	liquidity	NOUN
ijtc-504	72	2	liquidity	liquidity	NOUN
ijtc-504	72	3	is	be	AUX
ijtc-504	72	4	an	an	DET
ijtc-504	72	5	indicator	indicator	NOUN
ijtc-504	72	6	of	of	ADP
ijtc-504	72	7	the	the	DET
ijtc-504	72	8	company	company	NOUN
ijtc-504	72	9	's	's	PART
ijtc-504	72	10	ability	ability	NOUN
ijtc-504	72	11	to	to	PART
ijtc-504	72	12	pay	pay	VERB
ijtc-504	72	13	all	all	DET
ijtc-504	72	14	short	short	ADJ
ijtc-504	72	15	-	-	PUNCT
ijtc-504	72	16	term	term	NOUN
ijtc-504	72	17	financial	financial	ADJ
ijtc-504	72	18	obligations	obligation	NOUN
ijtc-504	72	19	at	at	ADP
ijtc-504	72	20	maturity	maturity	NOUN
ijtc-504	72	21	using	use	VERB
ijtc-504	72	22	available	available	ADJ
ijtc-504	72	23	current	current	ADJ
ijtc-504	72	24	assets	asset	NOUN
ijtc-504	72	25	.	.	PUNCT
ijtc-504	73	1	liquidity	liquidity	NOUN
ijtc-504	73	2	is	be	AUX
ijtc-504	73	3	not	not	PART
ijtc-504	73	4	only	only	ADV
ijtc-504	73	5	related	relate	VERB
ijtc-504	73	6	to	to	ADP
ijtc-504	73	7	the	the	DET
ijtc-504	73	8	overall	overall	ADJ
ijtc-504	73	9	state	state	NOUN
ijtc-504	73	10	of	of	ADP
ijtc-504	73	11	the	the	DET
ijtc-504	73	12	company	company	NOUN
ijtc-504	73	13	's	's	PART
ijtc-504	73	14	finances	finance	NOUN
ijtc-504	73	15	,	,	PUNCT
ijtc-504	73	16	but	but	CCONJ
ijtc-504	73	17	also	also	ADV
ijtc-504	73	18	relates	relate	VERB
ijtc-504	73	19	to	to	ADP
ijtc-504	73	20	its	its	PRON
ijtc-504	73	21	ability	ability	NOUN
ijtc-504	73	22	to	to	PART
ijtc-504	73	23	convert	convert	VERB
ijtc-504	73	24	current	current	ADJ
ijtc-504	73	25	assets	asset	NOUN
ijtc-504	73	26	into	into	ADP
ijtc-504	73	27	cash	cash	NOUN
ijtc-504	73	28	(	(	PUNCT
ijtc-504	73	29	afriani	afriani	NOUN
ijtc-504	73	30	et	et	PROPN
ijtc-504	73	31	al	al	PROPN
ijtc-504	73	32	.	.	PROPN
ijtc-504	73	33	,	,	PUNCT
ijtc-504	73	34	2013	2013	NUM
ijtc-504	73	35	;	;	PUNCT
ijtc-504	73	36	vijayakumaran	vijayakumaran	NOUN
ijtc-504	73	37	,	,	PUNCT
ijtc-504	73	38	2021	2021	NUM
ijtc-504	73	39	)	)	PUNCT
ijtc-504	73	40	.	.	PUNCT
ijtc-504	74	1	companies	company	NOUN
ijtc-504	74	2	that	that	PRON
ijtc-504	74	3	have	have	VERB
ijtc-504	74	4	a	a	DET
ijtc-504	74	5	high	high	ADJ
ijtc-504	74	6	level	level	NOUN
ijtc-504	74	7	of	of	ADP
ijtc-504	74	8	liquidity	liquidity	NOUN
ijtc-504	74	9	tend	tend	VERB
ijtc-504	74	10	to	to	PART
ijtc-504	74	11	have	have	VERB
ijtc-504	74	12	good	good	ADJ
ijtc-504	74	13	financial	financial	ADJ
ijtc-504	74	14	conditions	condition	NOUN
ijtc-504	74	15	because	because	SCONJ
ijtc-504	74	16	they	they	PRON
ijtc-504	74	17	can	can	AUX
ijtc-504	74	18	immediately	immediately	ADV
ijtc-504	74	19	disburse	disburse	VERB
ijtc-504	74	20	available	available	ADJ
ijtc-504	74	21	assets	asset	NOUN
ijtc-504	74	22	to	to	PART
ijtc-504	74	23	pay	pay	VERB
ijtc-504	74	24	off	off	ADP
ijtc-504	74	25	debts	debt	NOUN
ijtc-504	74	26	when	when	SCONJ
ijtc-504	74	27	they	they	PRON
ijtc-504	74	28	fall	fall	VERB
ijtc-504	74	29	due	due	ADJ
ijtc-504	74	30	.	.	PUNCT
ijtc-504	75	1	the	the	PRON
ijtc-504	75	2	better	well	ADJ
ijtc-504	75	3	the	the	DET
ijtc-504	75	4	liquidity	liquidity	NOUN
ijtc-504	75	5	of	of	ADP
ijtc-504	75	6	a	a	DET
ijtc-504	75	7	company	company	NOUN
ijtc-504	75	8	,	,	PUNCT
ijtc-504	75	9	it	it	PRON
ijtc-504	75	10	will	will	AUX
ijtc-504	75	11	be	be	AUX
ijtc-504	75	12	able	able	ADJ
ijtc-504	75	13	to	to	PART
ijtc-504	75	14	pay	pay	VERB
ijtc-504	75	15	more	more	ADJ
ijtc-504	75	16	dividends	dividend	NOUN
ijtc-504	75	17	(	(	PUNCT
ijtc-504	75	18	ly	ly	X
ijtc-504	75	19	&	&	CCONJ
ijtc-504	75	20	shimizu	shimizu	PROPN
ijtc-504	75	21	,	,	PUNCT
ijtc-504	75	22	2018	2018	NUM
ijtc-504	75	23	)	)	PUNCT
ijtc-504	75	24	.	.	PUNCT
ijtc-504	76	1	the	the	DET
ijtc-504	76	2	company	company	NOUN
ijtc-504	76	3	's	's	PART
ijtc-504	76	4	liquidity	liquidity	NOUN
ijtc-504	76	5	position	position	NOUN
ijtc-504	76	6	is	be	AUX
ijtc-504	76	7	an	an	DET
ijtc-504	76	8	important	important	ADJ
ijtc-504	76	9	factor	factor	NOUN
ijtc-504	76	10	that	that	PRON
ijtc-504	76	11	must	must	AUX
ijtc-504	76	12	be	be	AUX
ijtc-504	76	13	considered	consider	VERB
ijtc-504	76	14	before	before	ADP
ijtc-504	76	15	making	make	VERB
ijtc-504	76	16	a	a	DET
ijtc-504	76	17	decision	decision	NOUN
ijtc-504	76	18	to	to	PART
ijtc-504	76	19	determine	determine	VERB
ijtc-504	76	20	the	the	DET
ijtc-504	76	21	amount	amount	NOUN
ijtc-504	76	22	of	of	ADP
ijtc-504	76	23	dividends	dividend	NOUN
ijtc-504	76	24	to	to	PART
ijtc-504	76	25	be	be	AUX
ijtc-504	76	26	paid	pay	VERB
ijtc-504	76	27	to	to	ADP
ijtc-504	76	28	shareholders	shareholder	NOUN
ijtc-504	76	29	.	.	PUNCT
ijtc-504	77	1	because	because	SCONJ
ijtc-504	77	2	dividends	dividend	NOUN
ijtc-504	77	3	are	be	AUX
ijtc-504	77	4	cash	cash	NOUN
ijtc-504	77	5	outflows	outflow	NOUN
ijtc-504	77	6	,	,	PUNCT
ijtc-504	77	7	the	the	PRON
ijtc-504	77	8	stronger	strong	ADJ
ijtc-504	77	9	the	the	DET
ijtc-504	77	10	company	company	NOUN
ijtc-504	77	11	's	's	PART
ijtc-504	77	12	liquidity	liquidity	NOUN
ijtc-504	77	13	position	position	NOUN
ijtc-504	77	14	,	,	PUNCT
ijtc-504	77	15	the	the	PRON
ijtc-504	77	16	greater	great	ADJ
ijtc-504	77	17	the	the	DET
ijtc-504	77	18	company	company	NOUN
ijtc-504	77	19	's	's	PART
ijtc-504	77	20	ability	ability	NOUN
ijtc-504	77	21	to	to	PART
ijtc-504	77	22	pay	pay	VERB
ijtc-504	77	23	dividends	dividend	NOUN
ijtc-504	77	24	(	(	PUNCT
ijtc-504	77	25	yeo	yeo	PROPN
ijtc-504	77	26	,	,	PUNCT
ijtc-504	77	27	2016	2016	NUM
ijtc-504	77	28	)	)	PUNCT
ijtc-504	77	29	.	.	PUNCT
ijtc-504	78	1	importance	importance	NOUN
ijtc-504	78	2	of	of	ADP
ijtc-504	78	3	liquidity	liquidity	NOUN
ijtc-504	78	4	indicators	indicator	NOUN
ijtc-504	78	5	in	in	ADP
ijtc-504	78	6	intervening	intervene	VERB
ijtc-504	78	7	the	the	DET
ijtc-504	78	8	dividend	dividend	NOUN
ijtc-504	78	9	policy	policy	NOUN
ijtc-504	78	10	sunaryo	sunaryo	NOUN
ijtc-504	78	11	276	276	NUM
ijtc-504	78	12	|	|	ADV
ijtc-504	78	13	ilomata	ilomata	PROPN
ijtc-504	78	14	international	international	ADJ
ijtc-504	78	15	journal	journal	NOUN
ijtc-504	78	16	of	of	ADP
ijtc-504	78	17	tax	tax	PROPN
ijtc-504	78	18	&	&	CCONJ
ijtc-504	78	19	accounting	account	VERB
ijtc-504	78	20	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	78	21	framework	framework	NOUN
ijtc-504	78	22	research	research	NOUN
ijtc-504	78	23	hypothesis	hypothesis	NOUN
ijtc-504	78	24	1	1	NUM
ijtc-504	78	25	.	.	PUNCT
ijtc-504	78	26	managerial	managerial	ADJ
ijtc-504	78	27	ownership	ownership	NOUN
ijtc-504	78	28	has	have	VERB
ijtc-504	78	29	an	an	DET
ijtc-504	78	30	effect	effect	NOUN
ijtc-504	78	31	on	on	ADP
ijtc-504	78	32	dividend	dividend	NOUN
ijtc-504	78	33	policy	policy	NOUN
ijtc-504	78	34	.	.	PUNCT
ijtc-504	79	1	2	2	X
ijtc-504	79	2	.	.	X
ijtc-504	79	3	institutional	institutional	ADJ
ijtc-504	79	4	ownership	ownership	NOUN
ijtc-504	79	5	has	have	VERB
ijtc-504	79	6	an	an	DET
ijtc-504	79	7	effect	effect	NOUN
ijtc-504	79	8	on	on	ADP
ijtc-504	79	9	dividend	dividend	NOUN
ijtc-504	79	10	policy	policy	NOUN
ijtc-504	79	11	.	.	PUNCT
ijtc-504	80	1	3	3	X
ijtc-504	80	2	.	.	X
ijtc-504	80	3	investment	investment	NOUN
ijtc-504	80	4	decisions	decision	NOUN
ijtc-504	80	5	affect	affect	VERB
ijtc-504	80	6	dividend	dividend	NOUN
ijtc-504	80	7	policy	policy	NOUN
ijtc-504	80	8	.	.	PUNCT
ijtc-504	81	1	4	4	X
ijtc-504	81	2	.	.	X
ijtc-504	81	3	liquidity	liquidity	NOUN
ijtc-504	81	4	can	can	AUX
ijtc-504	81	5	intervene	intervene	VERB
ijtc-504	81	6	between	between	ADP
ijtc-504	81	7	managerial	managerial	ADJ
ijtc-504	81	8	ownership	ownership	NOUN
ijtc-504	81	9	of	of	ADP
ijtc-504	81	10	dividend	dividend	NOUN
ijtc-504	81	11	policy	policy	NOUN
ijtc-504	81	12	.	.	PUNCT
ijtc-504	82	1	5	5	X
ijtc-504	82	2	.	.	X
ijtc-504	82	3	liquidity	liquidity	NOUN
ijtc-504	82	4	can	can	AUX
ijtc-504	82	5	intervene	intervene	VERB
ijtc-504	82	6	between	between	ADP
ijtc-504	82	7	institutional	institutional	ADJ
ijtc-504	82	8	ownership	ownership	NOUN
ijtc-504	82	9	and	and	CCONJ
ijtc-504	82	10	dividend	dividend	NOUN
ijtc-504	82	11	policy	policy	NOUN
ijtc-504	82	12	.	.	PUNCT
ijtc-504	83	1	6	6	X
ijtc-504	83	2	.	.	X
ijtc-504	83	3	liquidity	liquidity	NOUN
ijtc-504	83	4	can	can	AUX
ijtc-504	83	5	not	not	PART
ijtc-504	83	6	intervene	intervene	VERB
ijtc-504	83	7	between	between	ADP
ijtc-504	83	8	investment	investment	NOUN
ijtc-504	83	9	decisions	decision	NOUN
ijtc-504	83	10	and	and	CCONJ
ijtc-504	83	11	dividend	dividend	NOUN
ijtc-504	83	12	policy	policy	NOUN
ijtc-504	83	13	.	.	PUNCT
ijtc-504	84	1	7	7	X
ijtc-504	84	2	.	.	X
ijtc-504	84	3	liquidity	liquidity	NOUN
ijtc-504	84	4	has	have	VERB
ijtc-504	84	5	an	an	DET
ijtc-504	84	6	effect	effect	NOUN
ijtc-504	84	7	on	on	ADP
ijtc-504	84	8	dividend	dividend	NOUN
ijtc-504	84	9	policy	policy	NOUN
ijtc-504	84	10	.	.	PUNCT
ijtc-504	85	1	method	method	VERB
ijtc-504	85	2	quantitative	quantitative	ADJ
ijtc-504	85	3	research	research	NOUN
ijtc-504	85	4	method	method	NOUN
ijtc-504	85	5	is	be	AUX
ijtc-504	85	6	a	a	DET
ijtc-504	85	7	research	research	NOUN
ijtc-504	85	8	method	method	NOUN
ijtc-504	85	9	based	base	VERB
ijtc-504	85	10	on	on	ADP
ijtc-504	85	11	the	the	DET
ijtc-504	85	12	philosophy	philosophy	NOUN
ijtc-504	85	13	of	of	ADP
ijtc-504	85	14	positivism	positivism	NOUN
ijtc-504	85	15	and	and	CCONJ
ijtc-504	85	16	research	research	NOUN
ijtc-504	85	17	data	datum	NOUN
ijtc-504	85	18	in	in	ADP
ijtc-504	85	19	the	the	DET
ijtc-504	85	20	form	form	NOUN
ijtc-504	85	21	of	of	ADP
ijtc-504	85	22	numbers	number	NOUN
ijtc-504	85	23	and	and	CCONJ
ijtc-504	85	24	analysis	analysis	NOUN
ijtc-504	85	25	using	use	VERB
ijtc-504	85	26	statistics	statistic	NOUN
ijtc-504	85	27	(	(	PUNCT
ijtc-504	85	28	ghozali	ghozali	ADJ
ijtc-504	85	29	,	,	PUNCT
ijtc-504	85	30	2016	2016	NUM
ijtc-504	85	31	;	;	PUNCT
ijtc-504	85	32	sugiyono	sugiyono	NOUN
ijtc-504	85	33	,	,	PUNCT
ijtc-504	85	34	2019	2019	NUM
ijtc-504	85	35	)	)	PUNCT
ijtc-504	85	36	.	.	PUNCT
ijtc-504	86	1	the	the	DET
ijtc-504	86	2	research	research	NOUN
ijtc-504	86	3	design	design	NOUN
ijtc-504	86	4	used	use	VERB
ijtc-504	86	5	in	in	ADP
ijtc-504	86	6	this	this	DET
ijtc-504	86	7	study	study	NOUN
ijtc-504	86	8	is	be	AUX
ijtc-504	86	9	a	a	DET
ijtc-504	86	10	causal	causal	ADJ
ijtc-504	86	11	associative	associative	ADJ
ijtc-504	86	12	design	design	NOUN
ijtc-504	86	13	,	,	PUNCT
ijtc-504	86	14	namely	namely	ADV
ijtc-504	86	15	research	research	NOUN
ijtc-504	86	16	that	that	PRON
ijtc-504	86	17	aims	aim	VERB
ijtc-504	86	18	to	to	PART
ijtc-504	86	19	determine	determine	VERB
ijtc-504	86	20	the	the	DET
ijtc-504	86	21	causal	causal	ADJ
ijtc-504	86	22	relationship	relationship	NOUN
ijtc-504	86	23	between	between	ADP
ijtc-504	86	24	two	two	NUM
ijtc-504	86	25	or	or	CCONJ
ijtc-504	86	26	more	more	ADJ
ijtc-504	86	27	variables	variable	NOUN
ijtc-504	86	28	in	in	ADP
ijtc-504	86	29	the	the	DET
ijtc-504	86	30	presence	presence	NOUN
ijtc-504	86	31	of	of	ADP
ijtc-504	86	32	intervening	intervene	VERB
ijtc-504	86	33	variables	variable	NOUN
ijtc-504	86	34	(	(	PUNCT
ijtc-504	86	35	basuki	basuki	NOUN
ijtc-504	86	36	&	&	CCONJ
ijtc-504	86	37	prawoto	prawoto	NOUN
ijtc-504	86	38	,	,	PUNCT
ijtc-504	86	39	2019	2019	NUM
ijtc-504	86	40	;	;	PUNCT
ijtc-504	86	41	santoso	santoso	NOUN
ijtc-504	86	42	,	,	PUNCT
ijtc-504	86	43	2014	2014	NUM
ijtc-504	86	44	)	)	PUNCT
ijtc-504	86	45	.	.	PUNCT
ijtc-504	87	1	population	population	NOUN
ijtc-504	87	2	and	and	CCONJ
ijtc-504	87	3	sample	sample	NOUN
ijtc-504	87	4	in	in	ADP
ijtc-504	87	5	this	this	DET
ijtc-504	87	6	study	study	NOUN
ijtc-504	87	7	,	,	PUNCT
ijtc-504	87	8	the	the	DET
ijtc-504	87	9	authors	author	NOUN
ijtc-504	87	10	took	take	VERB
ijtc-504	87	11	the	the	DET
ijtc-504	87	12	population	population	NOUN
ijtc-504	87	13	of	of	ADP
ijtc-504	87	14	lq45	lq45	PROPN
ijtc-504	87	15	companies	company	NOUN
ijtc-504	87	16	listed	list	VERB
ijtc-504	87	17	on	on	ADP
ijtc-504	87	18	the	the	DET
ijtc-504	87	19	idx	idx	NOUN
ijtc-504	87	20	as	as	ADV
ijtc-504	87	21	many	many	ADJ
ijtc-504	87	22	as	as	ADP
ijtc-504	87	23	45	45	NUM
ijtc-504	87	24	companies	company	NOUN
ijtc-504	87	25	.	.	PUNCT
ijtc-504	88	1	the	the	DET
ijtc-504	88	2	sampling	sample	VERB
ijtc-504	88	3	technique	technique	NOUN
ijtc-504	88	4	in	in	ADP
ijtc-504	88	5	this	this	DET
ijtc-504	88	6	study	study	NOUN
ijtc-504	88	7	was	be	AUX
ijtc-504	88	8	using	use	VERB
ijtc-504	88	9	the	the	DET
ijtc-504	88	10	purposive	purposive	ADJ
ijtc-504	88	11	sampling	sampling	NOUN
ijtc-504	88	12	method	method	NOUN
ijtc-504	88	13	,	,	PUNCT
ijtc-504	88	14	which	which	PRON
ijtc-504	88	15	means	mean	VERB
ijtc-504	88	16	that	that	SCONJ
ijtc-504	88	17	the	the	DET
ijtc-504	88	18	sample	sample	NOUN
ijtc-504	88	19	was	be	AUX
ijtc-504	88	20	taken	take	VERB
ijtc-504	88	21	based	base	VERB
ijtc-504	88	22	on	on	ADP
ijtc-504	88	23	predetermined	predetermine	VERB
ijtc-504	88	24	criteria	criterion	NOUN
ijtc-504	88	25	with	with	ADP
ijtc-504	88	26	the	the	DET
ijtc-504	88	27	following	follow	VERB
ijtc-504	88	28	criteria	criterion	NOUN
ijtc-504	88	29	:	:	PUNCT
ijtc-504	88	30	importance	importance	NOUN
ijtc-504	88	31	of	of	ADP
ijtc-504	88	32	liquidity	liquidity	NOUN
ijtc-504	88	33	indicators	indicator	NOUN
ijtc-504	88	34	in	in	ADP
ijtc-504	88	35	intervening	intervene	VERB
ijtc-504	88	36	the	the	DET
ijtc-504	88	37	dividend	dividend	NOUN
ijtc-504	88	38	policy	policy	NOUN
ijtc-504	88	39	sunaryo	sunaryo	NOUN
ijtc-504	88	40	277	277	NUM
ijtc-504	88	41	|	|	ADV
ijtc-504	88	42	ilomata	ilomata	PROPN
ijtc-504	88	43	international	international	ADJ
ijtc-504	88	44	journal	journal	NOUN
ijtc-504	88	45	of	of	ADP
ijtc-504	88	46	tax	tax	PROPN
ijtc-504	88	47	&	&	CCONJ
ijtc-504	88	48	accounting	accounting	PROPN
ijtc-504	88	49	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	88	50	sample	sample	NOUN
ijtc-504	88	51	criteria	criterion	NOUN
ijtc-504	88	52	results	result	VERB
ijtc-504	88	53	no	no	DET
ijtc-504	88	54	criteria	criterion	NOUN
ijtc-504	88	55	amount	amount	NOUN
ijtc-504	88	56	1	1	NUM
ijtc-504	88	57	lq45	lq45	PROPN
ijtc-504	88	58	companies	company	NOUN
ijtc-504	88	59	listed	list	VERB
ijtc-504	88	60	on	on	ADP
ijtc-504	88	61	the	the	DET
ijtc-504	88	62	idx	idx	NOUN
ijtc-504	88	63	for	for	ADP
ijtc-504	88	64	the	the	DET
ijtc-504	88	65	period	period	NOUN
ijtc-504	88	66	2018	2018	NUM
ijtc-504	88	67	-	-	SYM
ijtc-504	88	68	2021	2021	NUM
ijtc-504	88	69	45	45	NUM
ijtc-504	88	70	2	2	NUM
ijtc-504	88	71	companies	company	NOUN
ijtc-504	88	72	that	that	PRON
ijtc-504	88	73	do	do	AUX
ijtc-504	88	74	not	not	PART
ijtc-504	88	75	publish	publish	VERB
ijtc-504	88	76	consecutive	consecutive	ADJ
ijtc-504	88	77	financial	financial	ADJ
ijtc-504	88	78	statements	statement	NOUN
ijtc-504	88	79	during	during	ADP
ijtc-504	88	80	the	the	DET
ijtc-504	88	81	study	study	NOUN
ijtc-504	88	82	period	period	NOUN
ijtc-504	88	83	(	(	PUNCT
ijtc-504	88	84	0	0	NUM
ijtc-504	88	85	)	)	PUNCT
ijtc-504	88	86	3	3	NUM
ijtc-504	88	87	companies	company	NOUN
ijtc-504	88	88	that	that	PRON
ijtc-504	88	89	do	do	AUX
ijtc-504	88	90	not	not	PART
ijtc-504	88	91	use	use	VERB
ijtc-504	88	92	rupiah	rupiah	NOUN
ijtc-504	88	93	currency	currency	NOUN
ijtc-504	88	94	(	(	PUNCT
ijtc-504	88	95	12	12	NUM
ijtc-504	88	96	)	)	PUNCT
ijtc-504	88	97	4	4	NUM
ijtc-504	88	98	companies	company	NOUN
ijtc-504	88	99	that	that	PRON
ijtc-504	88	100	do	do	AUX
ijtc-504	88	101	not	not	PART
ijtc-504	88	102	earn	earn	VERB
ijtc-504	88	103	net	net	ADJ
ijtc-504	88	104	profit	profit	NOUN
ijtc-504	88	105	(	(	PUNCT
ijtc-504	88	106	2	2	NUM
ijtc-504	88	107	)	)	PUNCT
ijtc-504	88	108	5	5	NUM
ijtc-504	88	109	companies	company	NOUN
ijtc-504	88	110	that	that	PRON
ijtc-504	88	111	do	do	AUX
ijtc-504	88	112	not	not	PART
ijtc-504	88	113	distribute	distribute	VERB
ijtc-504	88	114	dividends	dividend	NOUN
ijtc-504	88	115	(	(	PUNCT
ijtc-504	88	116	dps	dps	NOUN
ijtc-504	88	117	)	)	PUNCT
ijtc-504	88	118	consecutively	consecutively	ADV
ijtc-504	88	119	during	during	ADP
ijtc-504	88	120	the	the	DET
ijtc-504	88	121	research	research	NOUN
ijtc-504	88	122	period	period	NOUN
ijtc-504	88	123	(	(	PUNCT
ijtc-504	88	124	3	3	X
ijtc-504	88	125	)	)	PUNCT
ijtc-504	88	126	6	6	NUM
ijtc-504	88	127	companies	company	NOUN
ijtc-504	88	128	that	that	PRON
ijtc-504	88	129	do	do	AUX
ijtc-504	88	130	not	not	PART
ijtc-504	88	131	have	have	VERB
ijtc-504	88	132	managerial	managerial	ADJ
ijtc-504	88	133	and	and	CCONJ
ijtc-504	88	134	institutional	institutional	ADJ
ijtc-504	88	135	shares	share	NOUN
ijtc-504	88	136	respectively	respectively	ADV
ijtc-504	88	137	during	during	ADP
ijtc-504	88	138	the	the	DET
ijtc-504	88	139	study	study	NOUN
ijtc-504	88	140	period	period	NOUN
ijtc-504	88	141	(	(	PUNCT
ijtc-504	88	142	16	16	NUM
ijtc-504	88	143	)	)	PUNCT
ijtc-504	88	144	number	number	NOUN
ijtc-504	88	145	of	of	ADP
ijtc-504	88	146	companies	company	NOUN
ijtc-504	88	147	sampled	sample	VERB
ijtc-504	88	148	12	12	NUM
ijtc-504	88	149	total	total	ADJ
ijtc-504	88	150	sample	sample	NOUN
ijtc-504	88	151	12	12	NUM
ijtc-504	88	152	x	x	SYM
ijtc-504	88	153	4	4	NUM
ijtc-504	88	154	years	year	NOUN
ijtc-504	88	155	48	48	NUM
ijtc-504	88	156	research	research	NOUN
ijtc-504	88	157	variable	variable	NOUN
ijtc-504	88	158	the	the	DET
ijtc-504	88	159	dividend	dividend	NOUN
ijtc-504	88	160	policy	policy	NOUN
ijtc-504	88	161	variable	variable	NOUN
ijtc-504	88	162	uses	use	VERB
ijtc-504	88	163	a	a	DET
ijtc-504	88	164	ratio	ratio	NOUN
ijtc-504	88	165	scale	scale	NOUN
ijtc-504	88	166	with	with	ADP
ijtc-504	88	167	its	its	PRON
ijtc-504	88	168	measurement	measurement	NOUN
ijtc-504	88	169	using	use	VERB
ijtc-504	88	170	the	the	DET
ijtc-504	88	171	formula	formula	NOUN
ijtc-504	88	172	by	by	ADP
ijtc-504	88	173	distributing	distribute	VERB
ijtc-504	88	174	dividends	dividend	NOUN
ijtc-504	88	175	per	per	ADP
ijtc-504	88	176	share	share	NOUN
ijtc-504	88	177	(	(	PUNCT
ijtc-504	88	178	dps	dps	NOUN
ijtc-504	88	179	)	)	PUNCT
ijtc-504	88	180	with	with	ADP
ijtc-504	88	181	earnings	earning	NOUN
ijtc-504	88	182	per	per	ADP
ijtc-504	88	183	share	share	NOUN
ijtc-504	88	184	so	so	SCONJ
ijtc-504	88	185	that	that	SCONJ
ijtc-504	88	186	the	the	DET
ijtc-504	88	187	dividend	dividend	NOUN
ijtc-504	88	188	payout	payout	NOUN
ijtc-504	88	189	ratio	ratio	NOUN
ijtc-504	88	190	percentage	percentage	NOUN
ijtc-504	88	191	of	of	ADP
ijtc-504	88	192	each	each	DET
ijtc-504	88	193	company	company	NOUN
ijtc-504	88	194	can	can	AUX
ijtc-504	88	195	be	be	AUX
ijtc-504	88	196	known	know	VERB
ijtc-504	88	197	.	.	PUNCT
ijtc-504	89	1	the	the	DET
ijtc-504	89	2	managerial	managerial	ADJ
ijtc-504	89	3	ownership	ownership	NOUN
ijtc-504	89	4	variable	variable	NOUN
ijtc-504	89	5	uses	use	VERB
ijtc-504	89	6	a	a	DET
ijtc-504	89	7	ratio	ratio	NOUN
ijtc-504	89	8	scale	scale	NOUN
ijtc-504	89	9	with	with	ADP
ijtc-504	89	10	the	the	DET
ijtc-504	89	11	measurement	measurement	NOUN
ijtc-504	89	12	using	use	VERB
ijtc-504	89	13	a	a	DET
ijtc-504	89	14	formula	formula	NOUN
ijtc-504	89	15	that	that	PRON
ijtc-504	89	16	divides	divide	VERB
ijtc-504	89	17	the	the	DET
ijtc-504	89	18	number	number	NOUN
ijtc-504	89	19	of	of	ADP
ijtc-504	89	20	managerial	managerial	ADJ
ijtc-504	89	21	shares	share	NOUN
ijtc-504	89	22	with	with	ADP
ijtc-504	89	23	the	the	DET
ijtc-504	89	24	number	number	NOUN
ijtc-504	89	25	of	of	ADP
ijtc-504	89	26	shares	share	NOUN
ijtc-504	89	27	outstanding	outstanding	ADJ
ijtc-504	89	28	so	so	SCONJ
ijtc-504	89	29	that	that	SCONJ
ijtc-504	89	30	the	the	DET
ijtc-504	89	31	percentage	percentage	NOUN
ijtc-504	89	32	of	of	ADP
ijtc-504	89	33	managerial	managerial	ADJ
ijtc-504	89	34	ownership	ownership	NOUN
ijtc-504	89	35	can	can	AUX
ijtc-504	89	36	be	be	AUX
ijtc-504	89	37	known	know	VERB
ijtc-504	89	38	.	.	PUNCT
ijtc-504	90	1	the	the	DET
ijtc-504	90	2	institutional	institutional	ADJ
ijtc-504	90	3	ownership	ownership	NOUN
ijtc-504	90	4	variable	variable	NOUN
ijtc-504	90	5	uses	use	VERB
ijtc-504	90	6	a	a	DET
ijtc-504	90	7	ratio	ratio	NOUN
ijtc-504	90	8	scale	scale	NOUN
ijtc-504	90	9	with	with	ADP
ijtc-504	90	10	the	the	DET
ijtc-504	90	11	measurement	measurement	NOUN
ijtc-504	90	12	using	use	VERB
ijtc-504	90	13	a	a	DET
ijtc-504	90	14	formula	formula	NOUN
ijtc-504	90	15	that	that	PRON
ijtc-504	90	16	divides	divide	VERB
ijtc-504	90	17	the	the	DET
ijtc-504	90	18	number	number	NOUN
ijtc-504	90	19	of	of	ADP
ijtc-504	90	20	institutional	institutional	ADJ
ijtc-504	90	21	shares	share	NOUN
ijtc-504	90	22	with	with	ADP
ijtc-504	90	23	the	the	DET
ijtc-504	90	24	number	number	NOUN
ijtc-504	90	25	of	of	ADP
ijtc-504	90	26	outstanding	outstanding	ADJ
ijtc-504	90	27	shares	share	NOUN
ijtc-504	90	28	so	so	SCONJ
ijtc-504	90	29	that	that	SCONJ
ijtc-504	90	30	the	the	DET
ijtc-504	90	31	percentage	percentage	NOUN
ijtc-504	90	32	of	of	ADP
ijtc-504	90	33	institutional	institutional	ADJ
ijtc-504	90	34	ownership	ownership	NOUN
ijtc-504	90	35	can	can	AUX
ijtc-504	90	36	be	be	AUX
ijtc-504	90	37	known	know	VERB
ijtc-504	90	38	.	.	PUNCT
ijtc-504	91	1	the	the	DET
ijtc-504	91	2	investment	investment	NOUN
ijtc-504	91	3	decision	decision	NOUN
ijtc-504	91	4	variable	variable	NOUN
ijtc-504	91	5	uses	use	VERB
ijtc-504	91	6	a	a	DET
ijtc-504	91	7	ratio	ratio	NOUN
ijtc-504	91	8	scale	scale	NOUN
ijtc-504	91	9	with	with	ADP
ijtc-504	91	10	the	the	DET
ijtc-504	91	11	measurement	measurement	NOUN
ijtc-504	91	12	using	use	VERB
ijtc-504	91	13	a	a	DET
ijtc-504	91	14	formula	formula	NOUN
ijtc-504	91	15	by	by	ADP
ijtc-504	91	16	dividing	divide	VERB
ijtc-504	91	17	the	the	DET
ijtc-504	91	18	price	price	NOUN
ijtc-504	91	19	per	per	ADP
ijtc-504	91	20	share	share	NOUN
ijtc-504	91	21	with	with	ADP
ijtc-504	91	22	the	the	DET
ijtc-504	91	23	outstanding	outstanding	ADJ
ijtc-504	91	24	earnings	earning	NOUN
ijtc-504	91	25	per	per	ADP
ijtc-504	91	26	share	share	NOUN
ijtc-504	91	27	so	so	SCONJ
ijtc-504	91	28	that	that	SCONJ
ijtc-504	91	29	the	the	DET
ijtc-504	91	30	percentage	percentage	NOUN
ijtc-504	91	31	of	of	ADP
ijtc-504	91	32	the	the	DET
ijtc-504	91	33	price	price	NOUN
ijtc-504	91	34	earning	earning	NOUN
ijtc-504	91	35	ratio	ratio	NOUN
ijtc-504	91	36	can	can	AUX
ijtc-504	91	37	be	be	AUX
ijtc-504	91	38	known	know	VERB
ijtc-504	91	39	.	.	PUNCT
ijtc-504	92	1	the	the	DET
ijtc-504	92	2	liquidity	liquidity	NOUN
ijtc-504	92	3	variable	variable	NOUN
ijtc-504	92	4	uses	use	VERB
ijtc-504	92	5	a	a	DET
ijtc-504	92	6	ratio	ratio	NOUN
ijtc-504	92	7	scale	scale	NOUN
ijtc-504	92	8	with	with	ADP
ijtc-504	92	9	its	its	PRON
ijtc-504	92	10	measurement	measurement	NOUN
ijtc-504	92	11	using	use	VERB
ijtc-504	92	12	the	the	DET
ijtc-504	92	13	current	current	ADJ
ijtc-504	92	14	ratio	ratio	NOUN
ijtc-504	92	15	formula	formula	NOUN
ijtc-504	92	16	by	by	ADP
ijtc-504	92	17	dividing	divide	VERB
ijtc-504	92	18	total	total	ADJ
ijtc-504	92	19	current	current	ADJ
ijtc-504	92	20	assets	asset	NOUN
ijtc-504	92	21	with	with	ADP
ijtc-504	92	22	total	total	ADJ
ijtc-504	92	23	current	current	ADJ
ijtc-504	92	24	liabilities	liability	NOUN
ijtc-504	92	25	so	so	SCONJ
ijtc-504	92	26	that	that	SCONJ
ijtc-504	92	27	the	the	DET
ijtc-504	92	28	percentage	percentage	NOUN
ijtc-504	92	29	of	of	ADP
ijtc-504	92	30	liquidity	liquidity	NOUN
ijtc-504	92	31	level	level	NOUN
ijtc-504	92	32	can	can	AUX
ijtc-504	92	33	be	be	AUX
ijtc-504	92	34	known	know	VERB
ijtc-504	92	35	.	.	PUNCT
ijtc-504	93	1	result	result	NOUN
ijtc-504	93	2	and	and	CCONJ
ijtc-504	93	3	discussion	discussion	VERB
ijtc-504	93	4	the	the	DET
ijtc-504	93	5	process	process	NOUN
ijtc-504	93	6	of	of	ADP
ijtc-504	93	7	data	datum	NOUN
ijtc-504	93	8	analysis	analysis	NOUN
ijtc-504	93	9	in	in	ADP
ijtc-504	93	10	this	this	DET
ijtc-504	93	11	study	study	NOUN
ijtc-504	93	12	is	be	AUX
ijtc-504	93	13	to	to	PART
ijtc-504	93	14	process	process	VERB
ijtc-504	93	15	data	datum	NOUN
ijtc-504	93	16	using	use	VERB
ijtc-504	93	17	the	the	DET
ijtc-504	93	18	spss	spss	PROPN
ijtc-504	93	19	25	25	NUM
ijtc-504	93	20	application	application	NOUN
ijtc-504	93	21	with	with	ADP
ijtc-504	93	22	data	datum	NOUN
ijtc-504	93	23	analysis	analysis	NOUN
ijtc-504	93	24	techniques	technique	NOUN
ijtc-504	93	25	using	use	VERB
ijtc-504	93	26	multiple	multiple	ADJ
ijtc-504	93	27	regression	regression	NOUN
ijtc-504	93	28	and	and	CCONJ
ijtc-504	93	29	path	path	NOUN
ijtc-504	93	30	analysis	analysis	NOUN
ijtc-504	93	31	.	.	PUNCT
ijtc-504	94	1	the	the	DET
ijtc-504	94	2	multiple	multiple	ADJ
ijtc-504	94	3	regression	regression	NOUN
ijtc-504	94	4	model	model	NOUN
ijtc-504	94	5	in	in	ADP
ijtc-504	94	6	this	this	DET
ijtc-504	94	7	study	study	NOUN
ijtc-504	94	8	is	be	AUX
ijtc-504	94	9	as	as	SCONJ
ijtc-504	94	10	follows	follow	VERB
ijtc-504	94	11	:	:	PUNCT
ijtc-504	94	12	information	information	NOUN
ijtc-504	94	13	:	:	PUNCT
ijtc-504	95	1	y	y	NOUN
ijtc-504	95	2	=	=	PUNCT
ijtc-504	95	3	dividend	dividend	NOUN
ijtc-504	95	4	policy	policy	NOUN
ijtc-504	95	5	a	a	DET
ijtc-504	95	6	=	=	X
ijtc-504	95	7	constant	constant	ADJ
ijtc-504	95	8	x1	x1	PROPN
ijtc-504	95	9	=	=	SYM
ijtc-504	95	10	managerial	managerial	ADJ
ijtc-504	95	11	ownership	ownership	NOUN
ijtc-504	95	12	x2	x2	NOUN
ijtc-504	95	13	=	=	PUNCT
ijtc-504	95	14	institutional	institutional	ADJ
ijtc-504	95	15	ownership	ownership	NOUN
ijtc-504	95	16	x3	x3	NOUN
ijtc-504	95	17	=	=	PUNCT
ijtc-504	95	18	investment	investment	NOUN
ijtc-504	95	19	decision	decision	NOUN
ijtc-504	95	20	,	,	PUNCT
ijtc-504	95	21	3	3	NUM
ijtc-504	95	22	=	=	NOUN
ijtc-504	95	23	regression	regression	NOUN
ijtc-504	95	24	coefficient	coefficient	NOUN
ijtc-504	95	25	y	y	PROPN
ijtc-504	95	26	=	=	PUNCT
ijtc-504	95	27	α	α	PROPN
ijtc-504	95	28	+	+	X
ijtc-504	95	29	β1x1	β1x1	PUNCT
ijtc-504	95	30	+	+	NUM
ijtc-504	95	31	β2x2	β2x2	PUNCT
ijtc-504	95	32	+	+	CCONJ
ijtc-504	95	33	β3x3	β3x3	PUNCT
ijtc-504	95	34	+	+	X
ijtc-504	95	35	e	e	NOUN
ijtc-504	95	36	importance	importance	NOUN
ijtc-504	95	37	of	of	ADP
ijtc-504	95	38	liquidity	liquidity	NOUN
ijtc-504	95	39	indicators	indicator	NOUN
ijtc-504	95	40	in	in	ADP
ijtc-504	95	41	intervening	intervene	VERB
ijtc-504	95	42	the	the	DET
ijtc-504	95	43	dividend	dividend	NOUN
ijtc-504	95	44	policy	policy	NOUN
ijtc-504	95	45	sunaryo	sunaryo	NOUN
ijtc-504	95	46	278	278	NUM
ijtc-504	95	47	|	|	ADV
ijtc-504	95	48	ilomata	ilomata	PROPN
ijtc-504	95	49	international	international	ADJ
ijtc-504	95	50	journal	journal	NOUN
ijtc-504	95	51	of	of	ADP
ijtc-504	95	52	tax	tax	PROPN
ijtc-504	95	53	&	&	CCONJ
ijtc-504	95	54	accounting	account	VERB
ijtc-504	95	55	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	95	56	e	e	NOUN
ijtc-504	95	57	=	=	NOUN
ijtc-504	95	58	error	error	NOUN
ijtc-504	95	59	and	and	CCONJ
ijtc-504	95	60	the	the	DET
ijtc-504	95	61	regression	regression	NOUN
ijtc-504	95	62	model	model	NOUN
ijtc-504	95	63	for	for	ADP
ijtc-504	95	64	path	path	NOUN
ijtc-504	95	65	analysis	analysis	NOUN
ijtc-504	95	66	in	in	ADP
ijtc-504	95	67	this	this	DET
ijtc-504	95	68	study	study	NOUN
ijtc-504	95	69	is	be	AUX
ijtc-504	95	70	as	as	SCONJ
ijtc-504	95	71	follows	follow	VERB
ijtc-504	95	72	:	:	PUNCT
ijtc-504	95	73	y	y	NOUN
ijtc-504	95	74	=	=	SYM
ijtc-504	95	75	pyx1	pyx1	PROPN
ijtc-504	95	76	+	+	CCONJ
ijtc-504	95	77	pyx2	pyx2	PROPN
ijtc-504	95	78	+	+	CCONJ
ijtc-504	95	79	pyx3	pyx3	PROPN
ijtc-504	96	1	+	+	CCONJ
ijtc-504	96	2	....................................	....................................	SYM
ijtc-504	96	3	1	1	NUM
ijtc-504	96	4	substructural	substructural	ADJ
ijtc-504	96	5	1	1	NUM
ijtc-504	96	6	z	z	NOUN
ijtc-504	96	7	=	=	SYM
ijtc-504	96	8	pzx1	pzx1	NOUN
ijtc-504	96	9	+	+	CCONJ
ijtc-504	96	10	p	p	X
ijtc-504	96	11	zx2	zx2	X
ijtc-504	96	12	+	+	CCONJ
ijtc-504	96	13	pzx3	pzx3	NOUN
ijtc-504	96	14	+	+	CCONJ
ijtc-504	96	15	pzy	pzy	NOUN
ijtc-504	96	16	.........................	.........................	PUNCT
ijtc-504	96	17	2	2	NUM
ijtc-504	96	18	substructural	substructural	ADJ
ijtc-504	96	19	2	2	NUM
ijtc-504	96	20	the	the	DET
ijtc-504	96	21	hypothesis	hypothesis	NOUN
ijtc-504	96	22	was	be	AUX
ijtc-504	96	23	tested	test	VERB
ijtc-504	96	24	with	with	ADP
ijtc-504	96	25	a	a	DET
ijtc-504	96	26	significance	significance	NOUN
ijtc-504	96	27	level	level	NOUN
ijtc-504	96	28	of	of	ADP
ijtc-504	96	29	5	5	NUM
ijtc-504	96	30	%	%	NOUN
ijtc-504	96	31	with	with	ADP
ijtc-504	96	32	the	the	DET
ijtc-504	96	33	decision	decision	NOUN
ijtc-504	96	34	-	-	PUNCT
ijtc-504	96	35	making	make	VERB
ijtc-504	96	36	criteria	criterion	NOUN
ijtc-504	96	37	,	,	PUNCT
ijtc-504	96	38	namely	namely	ADV
ijtc-504	96	39	if	if	SCONJ
ijtc-504	96	40	the	the	DET
ijtc-504	96	41	value	value	NOUN
ijtc-504	96	42	of	of	ADP
ijtc-504	96	43	sig	sig	NOUN
ijtc-504	96	44	<	<	X
ijtc-504	96	45	5	5	NUM
ijtc-504	96	46	%	%	NOUN
ijtc-504	96	47	or	or	CCONJ
ijtc-504	96	48	0.05	0.05	NUM
ijtc-504	96	49	,	,	PUNCT
ijtc-504	96	50	the	the	DET
ijtc-504	96	51	research	research	NOUN
ijtc-504	96	52	hypothesis	hypothesis	NOUN
ijtc-504	96	53	rejected	reject	VERB
ijtc-504	96	54	ho	ho	PROPN
ijtc-504	96	55	and	and	CCONJ
ijtc-504	96	56	accepted	accept	VERB
ijtc-504	96	57	ha	ha	INTJ
ijtc-504	96	58	,	,	PUNCT
ijtc-504	96	59	which	which	PRON
ijtc-504	96	60	means	mean	VERB
ijtc-504	96	61	that	that	SCONJ
ijtc-504	96	62	there	there	PRON
ijtc-504	96	63	is	be	VERB
ijtc-504	96	64	an	an	DET
ijtc-504	96	65	influence	influence	NOUN
ijtc-504	96	66	between	between	ADP
ijtc-504	96	67	the	the	DET
ijtc-504	96	68	independent	independent	ADJ
ijtc-504	96	69	variables	variable	NOUN
ijtc-504	96	70	on	on	ADP
ijtc-504	96	71	the	the	DET
ijtc-504	96	72	dependent	dependent	ADJ
ijtc-504	96	73	variable	variable	NOUN
ijtc-504	96	74	.	.	PUNCT
ijtc-504	97	1	in	in	ADP
ijtc-504	97	2	addition	addition	NOUN
ijtc-504	97	3	,	,	PUNCT
ijtc-504	97	4	if	if	SCONJ
ijtc-504	97	5	the	the	DET
ijtc-504	97	6	value	value	NOUN
ijtc-504	97	7	of	of	ADP
ijtc-504	97	8	direct	direct	ADJ
ijtc-504	97	9	influence	influence	NOUN
ijtc-504	97	10	<	<	X
ijtc-504	97	11	value	value	NOUN
ijtc-504	97	12	of	of	ADP
ijtc-504	97	13	indirect	indirect	ADJ
ijtc-504	97	14	influence	influence	NOUN
ijtc-504	97	15	,	,	PUNCT
ijtc-504	97	16	it	it	PRON
ijtc-504	97	17	can	can	AUX
ijtc-504	97	18	be	be	AUX
ijtc-504	97	19	said	say	VERB
ijtc-504	97	20	that	that	SCONJ
ijtc-504	97	21	the	the	DET
ijtc-504	97	22	intervening	intervene	VERB
ijtc-504	97	23	variable	variable	ADJ
ijtc-504	97	24	(	(	PUNCT
ijtc-504	97	25	intermediary	intermediary	NOUN
ijtc-504	97	26	)	)	PUNCT
ijtc-504	97	27	can	can	AUX
ijtc-504	97	28	intervene	intervene	VERB
ijtc-504	97	29	between	between	ADP
ijtc-504	97	30	the	the	DET
ijtc-504	97	31	independent	independent	ADJ
ijtc-504	97	32	variable	variable	NOUN
ijtc-504	97	33	and	and	CCONJ
ijtc-504	97	34	the	the	DET
ijtc-504	97	35	dependent	dependent	ADJ
ijtc-504	97	36	variable	variable	NOUN
ijtc-504	97	37	.	.	PUNCT
ijtc-504	98	1	descriptive	descriptive	ADJ
ijtc-504	98	2	statistics	statistic	NOUN
ijtc-504	98	3	descriptive	descriptive	ADJ
ijtc-504	98	4	statistical	statistical	ADJ
ijtc-504	98	5	tests	test	NOUN
ijtc-504	98	6	are	be	AUX
ijtc-504	98	7	used	use	VERB
ijtc-504	98	8	to	to	PART
ijtc-504	98	9	describe	describe	VERB
ijtc-504	98	10	the	the	DET
ijtc-504	98	11	minimum	minimum	ADJ
ijtc-504	98	12	,	,	PUNCT
ijtc-504	98	13	maximum	maximum	ADJ
ijtc-504	98	14	,	,	PUNCT
ijtc-504	98	15	mean	mean	ADJ
ijtc-504	98	16	and	and	CCONJ
ijtc-504	98	17	standard	standard	ADJ
ijtc-504	98	18	deviation	deviation	NOUN
ijtc-504	98	19	of	of	ADP
ijtc-504	98	20	each	each	DET
ijtc-504	98	21	variable	variable	NOUN
ijtc-504	98	22	,	,	PUNCT
ijtc-504	98	23	while	while	SCONJ
ijtc-504	98	24	the	the	DET
ijtc-504	98	25	results	result	NOUN
ijtc-504	98	26	of	of	ADP
ijtc-504	98	27	the	the	DET
ijtc-504	98	28	descriptive	descriptive	ADJ
ijtc-504	98	29	statistical	statistical	ADJ
ijtc-504	98	30	tests	test	NOUN
ijtc-504	98	31	are	be	AUX
ijtc-504	98	32	as	as	SCONJ
ijtc-504	98	33	follows	follow	VERB
ijtc-504	98	34	:	:	PUNCT
ijtc-504	98	35	descriptive	descriptive	ADJ
ijtc-504	98	36	statistics	statistic	NOUN
ijtc-504	98	37	n	n	PRON
ijtc-504	98	38	minimum	minimum	ADJ
ijtc-504	98	39	maximum	maximum	ADJ
ijtc-504	98	40	mean	mean	ADJ
ijtc-504	98	41	std	std	NOUN
ijtc-504	98	42	.	.	PUNCT
ijtc-504	99	1	deviation	deviation	NOUN
ijtc-504	99	2	mown	mow	VERB
ijtc-504	99	3	48	48	NUM
ijtc-504	99	4	,	,	PUNCT
ijtc-504	99	5	000	000	NUM
ijtc-504	99	6	,	,	PUNCT
ijtc-504	99	7	920	920	NUM
ijtc-504	99	8	,	,	PUNCT
ijtc-504	99	9	16041	16041	NUM
ijtc-504	99	10	,	,	PUNCT
ijtc-504	99	11	271895	271895	NUM
ijtc-504	99	12	cr	cr	ADP
ijtc-504	99	13	48	48	NUM
ijtc-504	99	14	,	,	PUNCT
ijtc-504	99	15	482	482	NUM
ijtc-504	99	16	2,463	2,463	NUM
ijtc-504	99	17	1.35627	1.35627	NUM
ijtc-504	99	18	,	,	PUNCT
ijtc-504	99	19	424495	424495	NUM
ijtc-504	99	20	invs	invs	NOUN
ijtc-504	99	21	48	48	NUM
ijtc-504	99	22	,	,	PUNCT
ijtc-504	99	23	962	962	NUM
ijtc-504	99	24	34,143	34,143	NUM
ijtc-504	99	25	16.63621	16.63621	NUM
ijtc-504	99	26	7.037462	7.037462	NUM
ijtc-504	99	27	dpr	dpr	PROPN
ijtc-504	99	28	48	48	NUM
ijtc-504	99	29	8,616	8,616	NUM
ijtc-504	99	30	77.057	77.057	NUM
ijtc-504	99	31	35.71440	35.71440	NUM
ijtc-504	99	32	18.102482	18.102482	NUM
ijtc-504	99	33	inst	inst	NOUN
ijtc-504	99	34	48	48	NUM
ijtc-504	99	35	48,915	48,915	NUM
ijtc-504	99	36	325,087	325,087	NUM
ijtc-504	99	37	69.60211	69.60211	NUM
ijtc-504	99	38	39.684860	39.684860	NUM
ijtc-504	99	39	valid	valid	ADJ
ijtc-504	99	40	n	n	CCONJ
ijtc-504	99	41	(	(	PUNCT
ijtc-504	99	42	listwise	listwise	PROPN
ijtc-504	99	43	)	)	PUNCT
ijtc-504	99	44	48	48	NUM
ijtc-504	99	45	source	source	NOUN
ijtc-504	99	46	:	:	PUNCT
ijtc-504	99	47	spss	spss	PROPN
ijtc-504	99	48	25	25	NUM
ijtc-504	99	49	output	output	NOUN
ijtc-504	99	50	,	,	PUNCT
ijtc-504	99	51	2019	2019	NUM
ijtc-504	99	52	.	.	PUNCT
ijtc-504	100	1	classic	classic	ADJ
ijtc-504	100	2	assumption	assumption	NOUN
ijtc-504	100	3	test	test	NOUN
ijtc-504	100	4	normality	normality	NOUN
ijtc-504	100	5	test	test	NOUN
ijtc-504	100	6	one	one	NUM
ijtc-504	100	7	-	-	PUNCT
ijtc-504	100	8	sample	sample	NOUN
ijtc-504	100	9	kolmogorov	kolmogorov	ADJ
ijtc-504	100	10	-	-	PUNCT
ijtc-504	100	11	smirnov	smirnov	ADJ
ijtc-504	100	12	test	test	NOUN
ijtc-504	100	13	unstandardized	unstandardize	VERB
ijtc-504	100	14	residual	residual	ADJ
ijtc-504	100	15	n	n	CCONJ
ijtc-504	100	16	48	48	NUM
ijtc-504	100	17	normal	normal	ADJ
ijtc-504	100	18	parameters	parameter	NOUN
ijtc-504	100	19	a	a	PRON
ijtc-504	100	20	,	,	PUNCT
ijtc-504	100	21	b	b	PROPN
ijtc-504	100	22	mean	mean	NOUN
ijtc-504	100	23	,	,	PUNCT
ijtc-504	100	24	0000000	0000000	NUM
ijtc-504	100	25	std	std	NOUN
ijtc-504	100	26	.	.	PUNCT
ijtc-504	101	1	deviation	deviation	NOUN
ijtc-504	101	2	15.07276910	15.07276910	NUM
ijtc-504	101	3	most	most	ADV
ijtc-504	101	4	extreme	extreme	ADJ
ijtc-504	101	5	differences	difference	NOUN
ijtc-504	101	6	absolute	absolute	ADJ
ijtc-504	101	7	,	,	PUNCT
ijtc-504	101	8	103	103	NUM
ijtc-504	101	9	positive	positive	ADJ
ijtc-504	101	10	,	,	PUNCT
ijtc-504	101	11	103	103	NUM
ijtc-504	101	12	negative	negative	ADJ
ijtc-504	101	13	-,064	-,064	PROPN
ijtc-504	101	14	test	test	NOUN
ijtc-504	101	15	statistics	statistic	NOUN
ijtc-504	101	16	,	,	PUNCT
ijtc-504	101	17	103	103	NUM
ijtc-504	101	18	asymp	asymp	NOUN
ijtc-504	101	19	.	.	PUNCT
ijtc-504	102	1	sig	sig	PROPN
ijtc-504	102	2	.	.	PUNCT
ijtc-504	103	1	(	(	PUNCT
ijtc-504	103	2	2	2	NUM
ijtc-504	103	3	-	-	PUNCT
ijtc-504	103	4	tailed	tail	VERB
ijtc-504	103	5	)	)	PUNCT
ijtc-504	103	6	,	,	PUNCT
ijtc-504	103	7	200	200	NUM
ijtc-504	103	8	c	c	NOUN
ijtc-504	103	9	,	,	PUNCT
ijtc-504	103	10	d	d	PRON
ijtc-504	103	11	a.	a.	NOUN
ijtc-504	103	12	test	test	NOUN
ijtc-504	103	13	distribution	distribution	NOUN
ijtc-504	103	14	is	be	AUX
ijtc-504	103	15	normal	normal	ADJ
ijtc-504	103	16	.	.	PUNCT
ijtc-504	104	1	b.	b.	PROPN
ijtc-504	104	2	calculated	calculate	VERB
ijtc-504	104	3	from	from	ADP
ijtc-504	104	4	data	datum	NOUN
ijtc-504	104	5	.	.	PUNCT
ijtc-504	105	1	c	c	NOUN
ijtc-504	105	2	.	.	PUNCT
ijtc-504	106	1	lilliefors	lilliefor	NOUN
ijtc-504	106	2	significance	significance	NOUN
ijtc-504	106	3	correction	correction	NOUN
ijtc-504	106	4	.	.	PUNCT
ijtc-504	107	1	d.	d.	PROPN
ijtc-504	107	2	this	this	PRON
ijtc-504	107	3	is	be	AUX
ijtc-504	107	4	a	a	DET
ijtc-504	107	5	lower	low	ADJ
ijtc-504	107	6	bound	bind	VERB
ijtc-504	107	7	of	of	ADP
ijtc-504	107	8	the	the	DET
ijtc-504	107	9	true	true	ADJ
ijtc-504	107	10	significance	significance	NOUN
ijtc-504	107	11	.	.	PUNCT
ijtc-504	108	1	importance	importance	NOUN
ijtc-504	108	2	of	of	ADP
ijtc-504	108	3	liquidity	liquidity	NOUN
ijtc-504	108	4	indicators	indicator	NOUN
ijtc-504	108	5	in	in	ADP
ijtc-504	108	6	intervening	intervene	VERB
ijtc-504	108	7	the	the	DET
ijtc-504	108	8	dividend	dividend	NOUN
ijtc-504	108	9	policy	policy	NOUN
ijtc-504	108	10	sunaryo	sunaryo	NOUN
ijtc-504	108	11	279	279	NUM
ijtc-504	108	12	|	|	ADV
ijtc-504	108	13	ilomata	ilomata	NOUN
ijtc-504	108	14	international	international	ADJ
ijtc-504	108	15	journal	journal	NOUN
ijtc-504	108	16	of	of	ADP
ijtc-504	108	17	tax	tax	PROPN
ijtc-504	108	18	&	&	CCONJ
ijtc-504	108	19	accounting	accounting	PROPN
ijtc-504	108	20	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	108	21	the	the	DET
ijtc-504	108	22	table	table	NOUN
ijtc-504	108	23	above	above	ADV
ijtc-504	108	24	shows	show	VERB
ijtc-504	108	25	the	the	DET
ijtc-504	108	26	results	result	NOUN
ijtc-504	108	27	of	of	ADP
ijtc-504	108	28	asymp	asymp	PROPN
ijtc-504	108	29	.	.	PUNCT
ijtc-504	109	1	sig	sig	PROPN
ijtc-504	109	2	.	.	PUNCT
ijtc-504	110	1	(	(	PUNCT
ijtc-504	110	2	2	2	NUM
ijtc-504	110	3	-	-	PUNCT
ijtc-504	110	4	tailed	tail	VERB
ijtc-504	110	5	)	)	PUNCT
ijtc-504	110	6	is	be	AUX
ijtc-504	110	7	greater	great	ADJ
ijtc-504	110	8	than	than	ADP
ijtc-504	110	9	0.05	0.05	NUM
ijtc-504	110	10	(	(	PUNCT
ijtc-504	110	11	0.200	0.200	NUM
ijtc-504	110	12	>	>	SYM
ijtc-504	110	13	0.05	0.05	NUM
ijtc-504	110	14	)	)	PUNCT
ijtc-504	110	15	which	which	PRON
ijtc-504	110	16	means	mean	VERB
ijtc-504	110	17	that	that	SCONJ
ijtc-504	110	18	the	the	DET
ijtc-504	110	19	data	datum	NOUN
ijtc-504	110	20	in	in	ADP
ijtc-504	110	21	this	this	DET
ijtc-504	110	22	study	study	NOUN
ijtc-504	110	23	are	be	AUX
ijtc-504	110	24	normally	normally	ADV
ijtc-504	110	25	distributed	distribute	VERB
ijtc-504	110	26	so	so	SCONJ
ijtc-504	110	27	that	that	SCONJ
ijtc-504	110	28	the	the	DET
ijtc-504	110	29	regression	regression	NOUN
ijtc-504	110	30	model	model	NOUN
ijtc-504	110	31	can	can	AUX
ijtc-504	110	32	be	be	AUX
ijtc-504	110	33	said	say	VERB
ijtc-504	110	34	to	to	PART
ijtc-504	110	35	be	be	AUX
ijtc-504	110	36	good	good	ADJ
ijtc-504	110	37	and	and	CCONJ
ijtc-504	110	38	can	can	AUX
ijtc-504	110	39	be	be	AUX
ijtc-504	110	40	continued	continue	VERB
ijtc-504	110	41	.	.	PUNCT
ijtc-504	111	1	multicollinearity	multicollinearity	NOUN
ijtc-504	111	2	test	test	NOUN
ijtc-504	111	3	coefficients	coefficient	VERB
ijtc-504	111	4	a	a	DET
ijtc-504	111	5	model	model	NOUN
ijtc-504	111	6	collinearity	collinearity	NOUN
ijtc-504	111	7	statistics	statistic	NOUN
ijtc-504	111	8	tolerance	tolerance	NOUN
ijtc-504	111	9	vif	vif	NOUN
ijtc-504	111	10	1	1	NUM
ijtc-504	111	11	(	(	PUNCT
ijtc-504	111	12	constant	constant	ADJ
ijtc-504	111	13	)	)	PUNCT
ijtc-504	111	14	lag_x1	lag_x1	ADV
ijtc-504	111	15	,	,	PUNCT
ijtc-504	111	16	835	835	NUM
ijtc-504	111	17	1,198	1,198	NUM
ijtc-504	111	18	lag_x2	lag_x2	NOUN
ijtc-504	111	19	,	,	PUNCT
ijtc-504	111	20	849	849	NUM
ijtc-504	111	21	1,177	1,177	NUM
ijtc-504	111	22	lag_x3	lag_x3	NOUN
ijtc-504	111	23	,	,	PUNCT
ijtc-504	111	24	788	788	NUM
ijtc-504	111	25	1,269	1,269	NUM
ijtc-504	111	26	lag_z	lag_z	NOUN
ijtc-504	111	27	,	,	PUNCT
ijtc-504	111	28	860	860	NUM
ijtc-504	111	29	1,162	1,162	NUM
ijtc-504	111	30	a.	a.	NOUN
ijtc-504	111	31	dependent	dependent	ADJ
ijtc-504	111	32	variable	variable	NOUN
ijtc-504	111	33	:	:	PUNCT
ijtc-504	111	34	lag_y	lag_y	NOUN
ijtc-504	111	35	based	base	VERB
ijtc-504	111	36	on	on	ADP
ijtc-504	111	37	the	the	DET
ijtc-504	111	38	table	table	NOUN
ijtc-504	111	39	above	above	ADV
ijtc-504	111	40	,	,	PUNCT
ijtc-504	111	41	it	it	PRON
ijtc-504	111	42	can	can	AUX
ijtc-504	111	43	be	be	AUX
ijtc-504	111	44	seen	see	VERB
ijtc-504	111	45	that	that	SCONJ
ijtc-504	111	46	the	the	DET
ijtc-504	111	47	tolerance	tolerance	NOUN
ijtc-504	111	48	value	value	NOUN
ijtc-504	111	49	of	of	ADP
ijtc-504	111	50	each	each	DET
ijtc-504	111	51	variable	variable	NOUN
ijtc-504	111	52	is	be	AUX
ijtc-504	111	53	for	for	ADP
ijtc-504	111	54	managerial	managerial	ADJ
ijtc-504	111	55	ownership	ownership	NOUN
ijtc-504	111	56	variables	variable	NOUN
ijtc-504	111	57	0.835	0.835	NUM
ijtc-504	111	58	,	,	PUNCT
ijtc-504	111	59	institutional	institutional	ADJ
ijtc-504	111	60	ownership	ownership	NOUN
ijtc-504	111	61	0.849	0.849	NUM
ijtc-504	111	62	,	,	PUNCT
ijtc-504	111	63	investment	investment	NOUN
ijtc-504	111	64	decisions	decision	NOUN
ijtc-504	111	65	0.788	0.788	NUM
ijtc-504	111	66	and	and	CCONJ
ijtc-504	111	67	liquidity	liquidity	NOUN
ijtc-504	111	68	0.860	0.860	NUM
ijtc-504	111	69	which	which	PRON
ijtc-504	111	70	is	be	AUX
ijtc-504	111	71	greater	great	ADJ
ijtc-504	111	72	than	than	ADP
ijtc-504	111	73	0.10	0.10	NUM
ijtc-504	111	74	so	so	SCONJ
ijtc-504	111	75	that	that	SCONJ
ijtc-504	111	76	the	the	DET
ijtc-504	111	77	calculation	calculation	NOUN
ijtc-504	111	78	results	result	NOUN
ijtc-504	111	79	of	of	ADP
ijtc-504	111	80	the	the	DET
ijtc-504	111	81	tolerance	tolerance	NOUN
ijtc-504	111	82	value	value	NOUN
ijtc-504	111	83	indicate	indicate	VERB
ijtc-504	111	84	that	that	SCONJ
ijtc-504	111	85	there	there	PRON
ijtc-504	111	86	is	be	VERB
ijtc-504	111	87	no	no	DET
ijtc-504	111	88	correlation	correlation	NOUN
ijtc-504	111	89	between	between	ADP
ijtc-504	111	90	independent	independent	ADJ
ijtc-504	111	91	variables	variable	NOUN
ijtc-504	111	92	.	.	PUNCT
ijtc-504	111	93	.	.	PUNCT
ijtc-504	112	1	meanwhile	meanwhile	ADV
ijtc-504	112	2	,	,	PUNCT
ijtc-504	112	3	the	the	DET
ijtc-504	112	4	vif	vif	NOUN
ijtc-504	112	5	value	value	NOUN
ijtc-504	112	6	of	of	ADP
ijtc-504	112	7	each	each	DET
ijtc-504	112	8	variable	variable	NOUN
ijtc-504	112	9	shows	show	VERB
ijtc-504	112	10	results	result	NOUN
ijtc-504	112	11	that	that	PRON
ijtc-504	112	12	are	be	AUX
ijtc-504	112	13	less	less	ADJ
ijtc-504	112	14	than	than	ADP
ijtc-504	112	15	10	10	NUM
ijtc-504	112	16	so	so	SCONJ
ijtc-504	112	17	it	it	PRON
ijtc-504	112	18	can	can	AUX
ijtc-504	112	19	be	be	AUX
ijtc-504	112	20	concluded	conclude	VERB
ijtc-504	112	21	that	that	SCONJ
ijtc-504	112	22	there	there	PRON
ijtc-504	112	23	is	be	VERB
ijtc-504	112	24	no	no	DET
ijtc-504	112	25	multicollinearity	multicollinearity	NOUN
ijtc-504	112	26	between	between	ADP
ijtc-504	112	27	the	the	DET
ijtc-504	112	28	independent	independent	ADJ
ijtc-504	112	29	variables	variable	NOUN
ijtc-504	112	30	in	in	ADP
ijtc-504	112	31	the	the	DET
ijtc-504	112	32	regression	regression	NOUN
ijtc-504	112	33	model	model	NOUN
ijtc-504	112	34	.	.	PUNCT
ijtc-504	113	1	autocorrelation	autocorrelation	NOUN
ijtc-504	113	2	test	test	NOUN
ijtc-504	113	3	runs	run	VERB
ijtc-504	113	4	test	test	VERB
ijtc-504	113	5	unstandardized	unstandardized	ADJ
ijtc-504	113	6	residual	residual	ADJ
ijtc-504	113	7	test	test	NOUN
ijtc-504	113	8	value	value	NOUN
ijtc-504	113	9	a	a	DET
ijtc-504	113	10	-3.23951	-3.23951	NOUN
ijtc-504	113	11	cases	case	NOUN
ijtc-504	113	12	<	<	X
ijtc-504	113	13	test	test	NOUN
ijtc-504	113	14	value	value	NOUN
ijtc-504	113	15	23	23	NUM
ijtc-504	113	16	cases	case	NOUN
ijtc-504	113	17	>	>	PUNCT
ijtc-504	113	18	=	=	PUNCT
ijtc-504	113	19	test	test	NOUN
ijtc-504	113	20	value	value	NOUN
ijtc-504	113	21	24	24	NUM
ijtc-504	113	22	total	total	ADJ
ijtc-504	113	23	cases	case	NOUN
ijtc-504	113	24	47	47	NUM
ijtc-504	113	25	number	number	NOUN
ijtc-504	113	26	of	of	ADP
ijtc-504	113	27	runs	run	NOUN
ijtc-504	113	28	24	24	NUM
ijtc-504	113	29	z	z	NOUN
ijtc-504	113	30	,	,	PUNCT
ijtc-504	113	31	000	000	NUM
ijtc-504	113	32	asymp	asymp	PROPN
ijtc-504	113	33	.	.	PUNCT
ijtc-504	114	1	sig	sig	PROPN
ijtc-504	114	2	.	.	PUNCT
ijtc-504	115	1	(	(	PUNCT
ijtc-504	115	2	2	2	NUM
ijtc-504	115	3	-	-	PUNCT
ijtc-504	115	4	tailed	tailed	ADJ
ijtc-504	115	5	)	)	PUNCT
ijtc-504	115	6	1,000	1,000	NUM
ijtc-504	115	7	a.	a.	NOUN
ijtc-504	115	8	median	median	NOUN
ijtc-504	115	9	based	base	VERB
ijtc-504	115	10	on	on	ADP
ijtc-504	115	11	the	the	DET
ijtc-504	115	12	autocorrelation	autocorrelation	NOUN
ijtc-504	115	13	table	table	NOUN
ijtc-504	115	14	,	,	PUNCT
ijtc-504	115	15	the	the	DET
ijtc-504	115	16	results	result	NOUN
ijtc-504	115	17	obtained	obtain	VERB
ijtc-504	115	18	from	from	ADP
ijtc-504	115	19	the	the	DET
ijtc-504	115	20	asymp	asymp	PROPN
ijtc-504	115	21	value	value	NOUN
ijtc-504	115	22	.	.	PUNCT
ijtc-504	116	1	sig	sig	NOUN
ijtc-504	116	2	.	.	PUNCT
ijtc-504	117	1	(	(	PUNCT
ijtc-504	117	2	2	2	NUM
ijtc-504	117	3	-	-	PUNCT
ijtc-504	117	4	tailed	tail	VERB
ijtc-504	117	5	)	)	PUNCT
ijtc-504	118	1	which	which	PRON
ijtc-504	118	2	is	be	AUX
ijtc-504	118	3	greater	great	ADJ
ijtc-504	118	4	than	than	ADP
ijtc-504	118	5	0.05	0.05	NUM
ijtc-504	118	6	(	(	PUNCT
ijtc-504	118	7	1,000	1,000	NUM
ijtc-504	118	8	>	>	SYM
ijtc-504	118	9	0.05	0.05	NUM
ijtc-504	118	10	)	)	PUNCT
ijtc-504	118	11	which	which	PRON
ijtc-504	118	12	means	mean	VERB
ijtc-504	118	13	that	that	SCONJ
ijtc-504	118	14	in	in	ADP
ijtc-504	118	15	the	the	DET
ijtc-504	118	16	regression	regression	NOUN
ijtc-504	118	17	model	model	NOUN
ijtc-504	118	18	there	there	PRON
ijtc-504	118	19	is	be	VERB
ijtc-504	118	20	no	no	DET
ijtc-504	118	21	autocorrelation	autocorrelation	NOUN
ijtc-504	118	22	so	so	SCONJ
ijtc-504	118	23	that	that	SCONJ
ijtc-504	118	24	there	there	PRON
ijtc-504	118	25	is	be	VERB
ijtc-504	118	26	no	no	DET
ijtc-504	118	27	correlation	correlation	NOUN
ijtc-504	118	28	between	between	ADP
ijtc-504	118	29	the	the	DET
ijtc-504	118	30	confounding	confound	VERB
ijtc-504	118	31	variable	variable	NOUN
ijtc-504	118	32	in	in	ADP
ijtc-504	118	33	a	a	DET
ijtc-504	118	34	certain	certain	ADJ
ijtc-504	118	35	period	period	NOUN
ijtc-504	118	36	and	and	CCONJ
ijtc-504	118	37	the	the	DET
ijtc-504	118	38	previous	previous	ADJ
ijtc-504	118	39	variable	variable	NOUN
ijtc-504	118	40	.	.	PUNCT
ijtc-504	119	1	importance	importance	NOUN
ijtc-504	119	2	of	of	ADP
ijtc-504	119	3	liquidity	liquidity	NOUN
ijtc-504	119	4	indicators	indicator	NOUN
ijtc-504	119	5	in	in	ADP
ijtc-504	119	6	intervening	intervene	VERB
ijtc-504	119	7	the	the	DET
ijtc-504	119	8	dividend	dividend	NOUN
ijtc-504	119	9	policy	policy	NOUN
ijtc-504	119	10	sunaryo	sunaryo	NOUN
ijtc-504	119	11	280	280	NUM
ijtc-504	119	12	|	|	NOUN
ijtc-504	119	13	ilomata	ilomata	PROPN
ijtc-504	119	14	international	international	ADJ
ijtc-504	119	15	journal	journal	NOUN
ijtc-504	119	16	of	of	ADP
ijtc-504	119	17	tax	tax	PROPN
ijtc-504	119	18	&	&	CCONJ
ijtc-504	119	19	accounting	accounting	PROPN
ijtc-504	119	20	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	119	21	multiple	multiple	ADJ
ijtc-504	119	22	regression	regression	NOUN
ijtc-504	119	23	analysis	analysis	NOUN
ijtc-504	119	24	coefficients	coefficient	VERB
ijtc-504	119	25	a	a	DET
ijtc-504	119	26	model	model	NOUN
ijtc-504	119	27	unstandardized	unstandardized	ADJ
ijtc-504	119	28	coefficients	coefficient	NOUN
ijtc-504	119	29	standardized	standardize	VERB
ijtc-504	119	30	coefficients	coefficient	NOUN
ijtc-504	119	31	t	t	PROPN
ijtc-504	119	32	sig	sig	PROPN
ijtc-504	119	33	.	.	PUNCT
ijtc-504	120	1	b	b	X
ijtc-504	120	2	std	std	PROPN
ijtc-504	120	3	.	.	NOUN
ijtc-504	120	4	error	error	NOUN
ijtc-504	120	5	beta	beta	NOUN
ijtc-504	120	6	1	1	NUM
ijtc-504	120	7	(	(	PUNCT
ijtc-504	120	8	constant	constant	ADJ
ijtc-504	120	9	)	)	PUNCT
ijtc-504	120	10	11.533	11.533	NUM
ijtc-504	120	11	10,018	10,018	NUM
ijtc-504	120	12	1.151	1.151	NUM
ijtc-504	120	13	,	,	PUNCT
ijtc-504	120	14	256	256	NUM
ijtc-504	120	15	lag_x1	lag_x1	NOUN
ijtc-504	120	16	1,524	1,524	NUM
ijtc-504	120	17	10.088	10.088	NUM
ijtc-504	120	18	,	,	PUNCT
ijtc-504	120	19	022	022	NUM
ijtc-504	120	20	,	,	PUNCT
ijtc-504	120	21	151	151	NUM
ijtc-504	120	22	,	,	PUNCT
ijtc-504	120	23	881	881	NUM
ijtc-504	120	24	lag_x2	lag_x2	NOUN
ijtc-504	120	25	,	,	PUNCT
ijtc-504	120	26	143	143	NUM
ijtc-504	120	27	,	,	PUNCT
ijtc-504	120	28	061	061	NUM
ijtc-504	120	29	,	,	PUNCT
ijtc-504	120	30	334	334	NUM
ijtc-504	120	31	2,367	2,367	NUM
ijtc-504	120	32	,	,	PUNCT
ijtc-504	120	33	022	022	NUM
ijtc-504	120	34	lag_x3	lag_x3	NOUN
ijtc-504	120	35	,	,	PUNCT
ijtc-504	120	36	973	973	NUM
ijtc-504	120	37	,	,	PUNCT
ijtc-504	120	38	368	368	NUM
ijtc-504	120	39	,	,	PUNCT
ijtc-504	120	40	400	400	NUM
ijtc-504	120	41	2,646	2,646	NUM
ijtc-504	120	42	,	,	PUNCT
ijtc-504	120	43	011	011	NUM
ijtc-504	120	44	a.	a.	NOUN
ijtc-504	120	45	dependent	dependent	ADJ
ijtc-504	120	46	variable	variable	NOUN
ijtc-504	120	47	:	:	PUNCT
ijtc-504	120	48	lag_y	lag_y	VERB
ijtc-504	120	49	the	the	DET
ijtc-504	120	50	table	table	NOUN
ijtc-504	120	51	above	above	ADV
ijtc-504	120	52	can	can	AUX
ijtc-504	120	53	be	be	AUX
ijtc-504	120	54	formulated	formulate	VERB
ijtc-504	120	55	a	a	DET
ijtc-504	120	56	regression	regression	NOUN
ijtc-504	120	57	equation	equation	NOUN
ijtc-504	120	58	to	to	PART
ijtc-504	120	59	determine	determine	VERB
ijtc-504	120	60	the	the	DET
ijtc-504	120	61	effect	effect	NOUN
ijtc-504	120	62	of	of	ADP
ijtc-504	120	63	managerial	managerial	ADJ
ijtc-504	120	64	ownership	ownership	NOUN
ijtc-504	120	65	,	,	PUNCT
ijtc-504	120	66	institutional	institutional	ADJ
ijtc-504	120	67	ownership	ownership	NOUN
ijtc-504	120	68	and	and	CCONJ
ijtc-504	120	69	investment	investment	NOUN
ijtc-504	120	70	decisions	decision	NOUN
ijtc-504	120	71	on	on	ADP
ijtc-504	120	72	dividend	dividend	NOUN
ijtc-504	120	73	policy	policy	NOUN
ijtc-504	120	74	with	with	ADP
ijtc-504	120	75	the	the	DET
ijtc-504	120	76	following	follow	VERB
ijtc-504	120	77	mathematical	mathematical	ADJ
ijtc-504	120	78	equation	equation	NOUN
ijtc-504	120	79	:	:	PUNCT
ijtc-504	120	80	dpr	dpr	PROPN
ijtc-504	120	81	=	=	PROPN
ijtc-504	121	1	11.533	11.533	NUM
ijtc-504	121	2	+	+	NUM
ijtc-504	121	3	1.524	1.524	NUM
ijtc-504	121	4	mown	mown	NOUN
ijtc-504	121	5	+	+	CCONJ
ijtc-504	121	6	0.143	0.143	NUM
ijtc-504	121	7	inst	inst	NOUN
ijtc-504	121	8	+	+	CCONJ
ijtc-504	121	9	0.973	0.973	NUM
ijtc-504	121	10	invs	invs	NOUN
ijtc-504	121	11	+	+	CCONJ
ijtc-504	121	12	e	e	NOUN
ijtc-504	121	13	hypothesis	hypothesis	NOUN
ijtc-504	121	14	test	test	NOUN
ijtc-504	121	15	(	(	PUNCT
ijtc-504	121	16	testt	testt	NOUN
ijtc-504	121	17	)	)	PUNCT
ijtc-504	121	18	coefficients	coefficient	VERB
ijtc-504	121	19	a	a	DET
ijtc-504	121	20	model	model	NOUN
ijtc-504	121	21	t	t	PROPN
ijtc-504	121	22	sig	sig	NOUN
ijtc-504	121	23	.	.	PROPN
ijtc-504	121	24	1	1	NUM
ijtc-504	121	25	(	(	PUNCT
ijtc-504	121	26	constant	constant	ADJ
ijtc-504	121	27	)	)	PUNCT
ijtc-504	121	28	1.151	1.151	NUM
ijtc-504	121	29	,	,	PUNCT
ijtc-504	121	30	256	256	NUM
ijtc-504	121	31	lag_x1	lag_x1	NOUN
ijtc-504	121	32	,	,	PUNCT
ijtc-504	121	33	151	151	NUM
ijtc-504	121	34	,	,	PUNCT
ijtc-504	121	35	881	881	NUM
ijtc-504	121	36	lag_x2	lag_x2	NOUN
ijtc-504	121	37	2,367	2,367	NUM
ijtc-504	121	38	,	,	PUNCT
ijtc-504	121	39	022	022	NUM
ijtc-504	121	40	lag_x3	lag_x3	NOUN
ijtc-504	121	41	2,646	2,646	NUM
ijtc-504	121	42	,	,	PUNCT
ijtc-504	121	43	011	011	NUM
ijtc-504	121	44	a.	a.	NOUN
ijtc-504	121	45	dependent	dependent	ADJ
ijtc-504	121	46	variable	variable	NOUN
ijtc-504	121	47	:	:	PUNCT
ijtc-504	121	48	lag_y	lag_y	VERB
ijtc-504	121	49	to	to	PART
ijtc-504	121	50	answer	answer	VERB
ijtc-504	121	51	the	the	DET
ijtc-504	121	52	hypothesis	hypothesis	NOUN
ijtc-504	121	53	regarding	regard	VERB
ijtc-504	121	54	the	the	DET
ijtc-504	121	55	effect	effect	NOUN
ijtc-504	121	56	of	of	ADP
ijtc-504	121	57	the	the	DET
ijtc-504	121	58	independent	independent	ADJ
ijtc-504	121	59	variable	variable	NOUN
ijtc-504	121	60	on	on	ADP
ijtc-504	121	61	the	the	DET
ijtc-504	121	62	dependent	dependent	ADJ
ijtc-504	121	63	variable	variable	NOUN
ijtc-504	121	64	partially	partially	ADV
ijtc-504	121	65	,	,	PUNCT
ijtc-504	121	66	it	it	PRON
ijtc-504	121	67	can	can	AUX
ijtc-504	121	68	be	be	AUX
ijtc-504	121	69	seen	see	VERB
ijtc-504	121	70	through	through	ADP
ijtc-504	121	71	the	the	DET
ijtc-504	121	72	sig	sig	NOUN
ijtc-504	121	73	value	value	NOUN
ijtc-504	121	74	in	in	ADP
ijtc-504	121	75	the	the	DET
ijtc-504	121	76	table	table	NOUN
ijtc-504	121	77	and	and	CCONJ
ijtc-504	121	78	then	then	ADV
ijtc-504	121	79	compared	compare	VERB
ijtc-504	121	80	with	with	ADP
ijtc-504	121	81	the	the	DET
ijtc-504	121	82	alpha	alpha	ADJ
ijtc-504	121	83	level	level	NOUN
ijtc-504	121	84	value	value	NOUN
ijtc-504	121	85	of	of	ADP
ijtc-504	121	86	0.05	0.05	NUM
ijtc-504	121	87	and	and	CCONJ
ijtc-504	121	88	also	also	ADV
ijtc-504	121	89	looking	look	VERB
ijtc-504	121	90	at	at	ADP
ijtc-504	121	91	the	the	DET
ijtc-504	121	92	value	value	NOUN
ijtc-504	121	93	of	of	ADP
ijtc-504	121	94	the	the	DET
ijtc-504	121	95	t	t	NOUN
ijtc-504	121	96	-	-	PUNCT
ijtc-504	121	97	count	count	NOUN
ijtc-504	121	98	and	and	CCONJ
ijtc-504	121	99	then	then	ADV
ijtc-504	121	100	compared	compare	VERB
ijtc-504	121	101	with	with	ADP
ijtc-504	121	102	the	the	DET
ijtc-504	121	103	t	t	NOUN
ijtc-504	121	104	-	-	PUNCT
ijtc-504	121	105	table	table	NOUN
ijtc-504	121	106	.	.	PUNCT
ijtc-504	122	1	1st	1st	ADJ
ijtc-504	122	2	hypothesis	hypothesis	NOUN
ijtc-504	122	3	test	test	NOUN
ijtc-504	122	4	based	base	VERB
ijtc-504	122	5	on	on	ADP
ijtc-504	122	6	the	the	DET
ijtc-504	122	7	test	test	NOUN
ijtc-504	122	8	results	result	NOUN
ijtc-504	122	9	using	use	VERB
ijtc-504	122	10	spss	spss	PROPN
ijtc-504	122	11	25	25	NUM
ijtc-504	122	12	for	for	ADP
ijtc-504	122	13	the	the	DET
ijtc-504	122	14	managerial	managerial	ADJ
ijtc-504	122	15	ownership	ownership	NOUN
ijtc-504	122	16	variable	variable	NOUN
ijtc-504	122	17	,	,	PUNCT
ijtc-504	122	18	it	it	PRON
ijtc-504	122	19	obtained	obtain	VERB
ijtc-504	122	20	a	a	DET
ijtc-504	122	21	significance	significance	NOUN
ijtc-504	122	22	value	value	NOUN
ijtc-504	122	23	of	of	ADP
ijtc-504	122	24	0.881	0.881	NUM
ijtc-504	122	25	,	,	PUNCT
ijtc-504	122	26	which	which	PRON
ijtc-504	122	27	means	mean	VERB
ijtc-504	122	28	it	it	PRON
ijtc-504	122	29	is	be	AUX
ijtc-504	122	30	greater	great	ADJ
ijtc-504	122	31	than	than	ADP
ijtc-504	122	32	0.05	0.05	NUM
ijtc-504	122	33	and	and	CCONJ
ijtc-504	122	34	t	t	NOUN
ijtc-504	122	35	count	count	NOUN
ijtc-504	122	36	is	be	AUX
ijtc-504	122	37	smaller	small	ADJ
ijtc-504	122	38	than	than	ADP
ijtc-504	122	39	t	t	NOUN
ijtc-504	122	40	table	table	NOUN
ijtc-504	122	41	(	(	PUNCT
ijtc-504	122	42	0.151	0.151	NUM
ijtc-504	122	43	<	<	X
ijtc-504	122	44	1.677	1.677	NUM
ijtc-504	122	45	)	)	PUNCT
ijtc-504	122	46	,	,	PUNCT
ijtc-504	122	47	it	it	PRON
ijtc-504	122	48	can	can	AUX
ijtc-504	122	49	be	be	AUX
ijtc-504	122	50	concluded	conclude	VERB
ijtc-504	122	51	that	that	SCONJ
ijtc-504	122	52	the	the	DET
ijtc-504	122	53	first	first	ADJ
ijtc-504	122	54	hypothesis	hypothesis	NOUN
ijtc-504	122	55	accepts	accept	VERB
ijtc-504	122	56	ho	ho	PROPN
ijtc-504	122	57	and	and	CCONJ
ijtc-504	122	58	rejects	reject	VERB
ijtc-504	122	59	ha	ha	INTJ
ijtc-504	122	60	,	,	PUNCT
ijtc-504	122	61	which	which	PRON
ijtc-504	122	62	means	mean	VERB
ijtc-504	122	63	that	that	SCONJ
ijtc-504	122	64	managerial	managerial	ADJ
ijtc-504	122	65	ownership	ownership	NOUN
ijtc-504	122	66	has	have	VERB
ijtc-504	122	67	no	no	DET
ijtc-504	122	68	effect	effect	NOUN
ijtc-504	122	69	on	on	ADP
ijtc-504	122	70	dividend	dividend	NOUN
ijtc-504	122	71	policy	policy	NOUN
ijtc-504	122	72	.	.	PUNCT
ijtc-504	123	1	2nd	2nd	ADJ
ijtc-504	123	2	hypothesis	hypothesis	NOUN
ijtc-504	123	3	test	test	NOUN
ijtc-504	123	4	based	base	VERB
ijtc-504	123	5	on	on	ADP
ijtc-504	123	6	the	the	DET
ijtc-504	123	7	test	test	NOUN
ijtc-504	123	8	results	result	NOUN
ijtc-504	123	9	using	use	VERB
ijtc-504	123	10	spss	spss	PROPN
ijtc-504	123	11	25	25	NUM
ijtc-504	123	12	for	for	ADP
ijtc-504	123	13	the	the	DET
ijtc-504	123	14	institutional	institutional	ADJ
ijtc-504	123	15	ownership	ownership	NOUN
ijtc-504	123	16	variable	variable	NOUN
ijtc-504	123	17	,	,	PUNCT
ijtc-504	123	18	it	it	PRON
ijtc-504	123	19	obtained	obtain	VERB
ijtc-504	123	20	a	a	DET
ijtc-504	123	21	significance	significance	NOUN
ijtc-504	123	22	value	value	NOUN
ijtc-504	123	23	of	of	ADP
ijtc-504	123	24	0.022	0.022	NUM
ijtc-504	123	25	which	which	PRON
ijtc-504	123	26	means	mean	VERB
ijtc-504	123	27	it	it	PRON
ijtc-504	123	28	is	be	AUX
ijtc-504	123	29	smaller	small	ADJ
ijtc-504	123	30	than	than	ADP
ijtc-504	123	31	0.05	0.05	NUM
ijtc-504	123	32	and	and	CCONJ
ijtc-504	123	33	t	t	NOUN
ijtc-504	123	34	count	count	NOUN
ijtc-504	123	35	is	be	AUX
ijtc-504	123	36	greater	great	ADJ
ijtc-504	123	37	than	than	ADP
ijtc-504	123	38	t	t	NOUN
ijtc-504	123	39	table	table	NOUN
ijtc-504	123	40	(	(	PUNCT
ijtc-504	123	41	2.367	2.367	NUM
ijtc-504	123	42	>	>	SYM
ijtc-504	123	43	1.677	1.677	NUM
ijtc-504	123	44	)	)	PUNCT
ijtc-504	123	45	so	so	SCONJ
ijtc-504	123	46	it	it	PRON
ijtc-504	123	47	can	can	AUX
ijtc-504	123	48	be	be	AUX
ijtc-504	123	49	concluded	conclude	VERB
ijtc-504	123	50	that	that	SCONJ
ijtc-504	123	51	the	the	DET
ijtc-504	123	52	second	second	ADJ
ijtc-504	123	53	hypothesis	hypothesis	NOUN
ijtc-504	123	54	accepts	accept	VERB
ijtc-504	123	55	ha	ha	INTJ
ijtc-504	123	56	and	and	CCONJ
ijtc-504	123	57	rejects	reject	VERB
ijtc-504	123	58	ho	ho	PROPN
ijtc-504	123	59	,	,	PUNCT
ijtc-504	123	60	which	which	PRON
ijtc-504	123	61	means	mean	VERB
ijtc-504	123	62	that	that	SCONJ
ijtc-504	123	63	institutional	institutional	ADJ
ijtc-504	123	64	ownership	ownership	NOUN
ijtc-504	123	65	effect	effect	NOUN
ijtc-504	123	66	on	on	ADP
ijtc-504	123	67	dividend	dividend	NOUN
ijtc-504	123	68	policy	policy	NOUN
ijtc-504	123	69	.	.	PUNCT
ijtc-504	124	1	3rd	3rd	ADJ
ijtc-504	124	2	hypothesis	hypothesis	NOUN
ijtc-504	124	3	test	test	NOUN
ijtc-504	124	4	based	base	VERB
ijtc-504	124	5	on	on	ADP
ijtc-504	124	6	the	the	DET
ijtc-504	124	7	test	test	NOUN
ijtc-504	124	8	results	result	NOUN
ijtc-504	124	9	using	use	VERB
ijtc-504	124	10	spss	spss	PROPN
ijtc-504	124	11	25	25	NUM
ijtc-504	124	12	for	for	ADP
ijtc-504	124	13	the	the	DET
ijtc-504	124	14	investment	investment	NOUN
ijtc-504	124	15	decision	decision	NOUN
ijtc-504	124	16	variable	variable	NOUN
ijtc-504	124	17	,	,	PUNCT
ijtc-504	124	18	it	it	PRON
ijtc-504	124	19	obtained	obtain	VERB
ijtc-504	124	20	a	a	DET
ijtc-504	124	21	significance	significance	NOUN
ijtc-504	124	22	value	value	NOUN
ijtc-504	124	23	of	of	ADP
ijtc-504	124	24	0.011	0.011	NUM
ijtc-504	124	25	which	which	PRON
ijtc-504	124	26	means	mean	VERB
ijtc-504	124	27	it	it	PRON
ijtc-504	124	28	is	be	AUX
ijtc-504	124	29	smaller	small	ADJ
ijtc-504	124	30	than	than	ADP
ijtc-504	124	31	0.05	0.05	NUM
ijtc-504	124	32	and	and	CCONJ
ijtc-504	124	33	t	t	NOUN
ijtc-504	124	34	count	count	NOUN
ijtc-504	124	35	is	be	AUX
ijtc-504	124	36	greater	great	ADJ
ijtc-504	124	37	than	than	ADP
ijtc-504	124	38	t	t	NOUN
ijtc-504	124	39	table	table	NOUN
ijtc-504	124	40	importance	importance	NOUN
ijtc-504	124	41	of	of	ADP
ijtc-504	124	42	liquidity	liquidity	NOUN
ijtc-504	124	43	indicators	indicator	NOUN
ijtc-504	124	44	in	in	ADP
ijtc-504	124	45	intervening	intervene	VERB
ijtc-504	124	46	the	the	DET
ijtc-504	124	47	dividend	dividend	NOUN
ijtc-504	124	48	policy	policy	NOUN
ijtc-504	124	49	sunaryo	sunaryo	NOUN
ijtc-504	124	50	281	281	NUM
ijtc-504	124	51	|	|	ADV
ijtc-504	124	52	ilomata	ilomata	PROPN
ijtc-504	124	53	international	international	ADJ
ijtc-504	124	54	journal	journal	NOUN
ijtc-504	124	55	of	of	ADP
ijtc-504	124	56	tax	tax	PROPN
ijtc-504	124	57	&	&	CCONJ
ijtc-504	124	58	accounting	accounting	PROPN
ijtc-504	124	59	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	124	60	(	(	PUNCT
ijtc-504	124	61	2.646	2.646	NUM
ijtc-504	124	62	>	>	SYM
ijtc-504	124	63	1.677	1.677	NUM
ijtc-504	124	64	)	)	PUNCT
ijtc-504	124	65	so	so	SCONJ
ijtc-504	124	66	it	it	PRON
ijtc-504	124	67	can	can	AUX
ijtc-504	124	68	be	be	AUX
ijtc-504	124	69	concluded	conclude	VERB
ijtc-504	124	70	that	that	SCONJ
ijtc-504	124	71	the	the	DET
ijtc-504	124	72	third	third	ADJ
ijtc-504	124	73	hypothesis	hypothesis	NOUN
ijtc-504	124	74	accepts	accept	VERB
ijtc-504	124	75	ha	ha	INTJ
ijtc-504	124	76	and	and	CCONJ
ijtc-504	124	77	rejects	reject	VERB
ijtc-504	124	78	ho	ho	PROPN
ijtc-504	124	79	,	,	PUNCT
ijtc-504	124	80	which	which	PRON
ijtc-504	124	81	means	mean	VERB
ijtc-504	124	82	that	that	SCONJ
ijtc-504	124	83	investment	investment	NOUN
ijtc-504	124	84	decisions	decision	NOUN
ijtc-504	124	85	effect	effect	VERB
ijtc-504	124	86	on	on	ADP
ijtc-504	124	87	dividend	dividend	NOUN
ijtc-504	124	88	policy	policy	NOUN
ijtc-504	124	89	.	.	PUNCT
ijtc-504	125	1	pathway	pathway	NOUN
ijtc-504	125	2	analysis	analysis	NOUN
ijtc-504	125	3	pathway	pathway	NOUN
ijtc-504	125	4	analysis	analysis	NOUN
ijtc-504	125	5	1st	1st	ADJ
ijtc-504	125	6	(	(	PUNCT
ijtc-504	125	7	one	one	NUM
ijtc-504	125	8	)	)	PUNCT
ijtc-504	125	9	path	path	NOUN
ijtc-504	125	10	coefficients	coefficient	VERB
ijtc-504	125	11	a	a	DET
ijtc-504	125	12	model	model	NOUN
ijtc-504	125	13	standardized	standardize	VERB
ijtc-504	125	14	coefficients	coefficient	NOUN
ijtc-504	125	15	t	t	PROPN
ijtc-504	125	16	sig	sig	NOUN
ijtc-504	125	17	.	.	PUNCT
ijtc-504	126	1	beta	beta	NOUN
ijtc-504	126	2	1	1	NUM
ijtc-504	126	3	(	(	PUNCT
ijtc-504	126	4	constant	constant	ADJ
ijtc-504	126	5	)	)	PUNCT
ijtc-504	126	6	1.151	1.151	NUM
ijtc-504	126	7	,	,	PUNCT
ijtc-504	126	8	256	256	NUM
ijtc-504	126	9	lag_x1	lag_x1	NOUN
ijtc-504	126	10	,	,	PUNCT
ijtc-504	126	11	022	022	NUM
ijtc-504	126	12	,	,	PUNCT
ijtc-504	126	13	151	151	NUM
ijtc-504	126	14	,	,	PUNCT
ijtc-504	126	15	881	881	NUM
ijtc-504	126	16	lag_x2	lag_x2	NOUN
ijtc-504	126	17	,	,	PUNCT
ijtc-504	126	18	334	334	NUM
ijtc-504	126	19	2,367	2,367	NUM
ijtc-504	126	20	,	,	PUNCT
ijtc-504	126	21	022	022	NUM
ijtc-504	126	22	lag_x3	lag_x3	NOUN
ijtc-504	126	23	,	,	PUNCT
ijtc-504	126	24	400	400	NUM
ijtc-504	126	25	2,646	2,646	NUM
ijtc-504	126	26	,	,	PUNCT
ijtc-504	126	27	011	011	NUM
ijtc-504	126	28	a.	a.	NOUN
ijtc-504	126	29	dependent	dependent	ADJ
ijtc-504	126	30	variable	variable	NOUN
ijtc-504	126	31	:	:	PUNCT
ijtc-504	126	32	lag_y	lag_y	NOUN
ijtc-504	126	33	pathway	pathway	NOUN
ijtc-504	126	34	analysis	analysis	NOUN
ijtc-504	126	35	of	of	ADP
ijtc-504	126	36	path	path	NOUN
ijtc-504	126	37	2	2	NUM
ijtc-504	126	38	(	(	PUNCT
ijtc-504	126	39	two	two	NUM
ijtc-504	126	40	)	)	PUNCT
ijtc-504	126	41	coefficients	coefficient	VERB
ijtc-504	126	42	a	a	DET
ijtc-504	126	43	model	model	NOUN
ijtc-504	126	44	standardized	standardize	VERB
ijtc-504	126	45	coefficients	coefficient	NOUN
ijtc-504	126	46	t	t	PROPN
ijtc-504	126	47	sig	sig	NOUN
ijtc-504	126	48	.	.	PUNCT
ijtc-504	127	1	beta	beta	NOUN
ijtc-504	127	2	1	1	NUM
ijtc-504	127	3	(	(	PUNCT
ijtc-504	127	4	constant	constant	ADJ
ijtc-504	127	5	)	)	PUNCT
ijtc-504	127	6	6,292	6,292	NUM
ijtc-504	127	7	,	,	PUNCT
ijtc-504	127	8	000	000	NUM
ijtc-504	128	1	lag_x1	lag_x1	ADV
ijtc-504	128	2	,	,	PUNCT
ijtc-504	128	3	171	171	NUM
ijtc-504	128	4	1,186	1,186	NUM
ijtc-504	128	5	,	,	PUNCT
ijtc-504	128	6	242	242	NUM
ijtc-504	128	7	lag_x2	lag_x2	NOUN
ijtc-504	128	8	,	,	PUNCT
ijtc-504	128	9	173	173	NUM
ijtc-504	128	10	1,170	1,170	NUM
ijtc-504	128	11	,	,	PUNCT
ijtc-504	128	12	249	249	NUM
ijtc-504	128	13	lag_x3	lag_x3	NOUN
ijtc-504	128	14	-,306	-,306	NOUN
ijtc-504	128	15	-1.901	-1.901	INTJ
ijtc-504	128	16	,	,	PUNCT
ijtc-504	128	17	064	064	NUM
ijtc-504	128	18	lag_y	lag_y	NOUN
ijtc-504	128	19	,	,	PUNCT
ijtc-504	128	20	367	367	NUM
ijtc-504	128	21	2,441	2,441	NUM
ijtc-504	128	22	0.019	0.019	NUM
ijtc-504	128	23	a.	a.	NOUN
ijtc-504	128	24	dependent	dependent	ADJ
ijtc-504	128	25	variable	variable	NOUN
ijtc-504	128	26	:	:	PUNCT
ijtc-504	128	27	lag_z	lag_z	NOUN
ijtc-504	128	28	to	to	PART
ijtc-504	128	29	answer	answer	VERB
ijtc-504	128	30	the	the	DET
ijtc-504	128	31	hypothesis	hypothesis	NOUN
ijtc-504	128	32	regarding	regard	VERB
ijtc-504	128	33	the	the	DET
ijtc-504	128	34	effect	effect	NOUN
ijtc-504	128	35	of	of	ADP
ijtc-504	128	36	the	the	DET
ijtc-504	128	37	independent	independent	ADJ
ijtc-504	128	38	variable	variable	NOUN
ijtc-504	128	39	through	through	ADP
ijtc-504	128	40	the	the	DET
ijtc-504	128	41	intervening	intervene	VERB
ijtc-504	128	42	variable	variable	NOUN
ijtc-504	128	43	on	on	ADP
ijtc-504	128	44	the	the	DET
ijtc-504	128	45	dependent	dependent	ADJ
ijtc-504	128	46	variable	variable	NOUN
ijtc-504	128	47	,	,	PUNCT
ijtc-504	128	48	it	it	PRON
ijtc-504	128	49	can	can	AUX
ijtc-504	128	50	be	be	AUX
ijtc-504	128	51	seen	see	VERB
ijtc-504	128	52	through	through	ADP
ijtc-504	128	53	the	the	DET
ijtc-504	128	54	beta	beta	ADJ
ijtc-504	128	55	value	value	NOUN
ijtc-504	128	56	in	in	ADP
ijtc-504	128	57	the	the	DET
ijtc-504	128	58	analysis	analysis	NOUN
ijtc-504	128	59	of	of	ADP
ijtc-504	128	60	path	path	NOUN
ijtc-504	128	61	one	one	NUM
ijtc-504	128	62	for	for	ADP
ijtc-504	128	63	the	the	DET
ijtc-504	128	64	value	value	NOUN
ijtc-504	128	65	of	of	ADP
ijtc-504	128	66	direct	direct	ADJ
ijtc-504	128	67	influence	influence	NOUN
ijtc-504	128	68	and	and	CCONJ
ijtc-504	128	69	the	the	DET
ijtc-504	128	70	value	value	NOUN
ijtc-504	128	71	of	of	ADP
ijtc-504	128	72	indirect	indirect	ADJ
ijtc-504	128	73	influence	influence	NOUN
ijtc-504	128	74	can	can	AUX
ijtc-504	128	75	be	be	AUX
ijtc-504	128	76	calculated	calculate	VERB
ijtc-504	128	77	by	by	ADP
ijtc-504	128	78	the	the	DET
ijtc-504	128	79	value	value	NOUN
ijtc-504	128	80	in	in	ADP
ijtc-504	128	81	the	the	DET
ijtc-504	128	82	table	table	NOUN
ijtc-504	128	83	in	in	ADP
ijtc-504	128	84	lane	lane	PROPN
ijtc-504	128	85	two	two	NUM
ijtc-504	128	86	.	.	PUNCT
ijtc-504	129	1	fourth	fourth	ADJ
ijtc-504	129	2	hypothesis	hypothesis	NOUN
ijtc-504	129	3	based	base	VERB
ijtc-504	129	4	on	on	ADP
ijtc-504	129	5	the	the	DET
ijtc-504	129	6	path	path	NOUN
ijtc-504	129	7	table	table	NOUN
ijtc-504	129	8	1	1	NUM
ijtc-504	129	9	,	,	PUNCT
ijtc-504	129	10	the	the	DET
ijtc-504	129	11	direct	direct	ADJ
ijtc-504	129	12	value	value	NOUN
ijtc-504	129	13	of	of	ADP
ijtc-504	129	14	the	the	DET
ijtc-504	129	15	managerial	managerial	ADJ
ijtc-504	129	16	ownership	ownership	NOUN
ijtc-504	129	17	variable	variable	NOUN
ijtc-504	129	18	is	be	AUX
ijtc-504	129	19	0.022	0.022	NUM
ijtc-504	129	20	and	and	CCONJ
ijtc-504	129	21	the	the	DET
ijtc-504	129	22	indirect	indirect	ADJ
ijtc-504	129	23	effect	effect	NOUN
ijtc-504	129	24	value	value	NOUN
ijtc-504	129	25	is	be	AUX
ijtc-504	129	26	obtained	obtain	VERB
ijtc-504	129	27	by	by	ADP
ijtc-504	129	28	multiplying	multiply	VERB
ijtc-504	129	29	the	the	DET
ijtc-504	129	30	beta	beta	ADJ
ijtc-504	129	31	value	value	NOUN
ijtc-504	129	32	of	of	ADP
ijtc-504	129	33	the	the	DET
ijtc-504	129	34	x1	x1	PROPN
ijtc-504	129	35	variable	variable	NOUN
ijtc-504	129	36	against	against	ADP
ijtc-504	129	37	y	y	PROPN
ijtc-504	129	38	with	with	ADP
ijtc-504	129	39	the	the	DET
ijtc-504	129	40	beta	beta	NOUN
ijtc-504	129	41	value	value	NOUN
ijtc-504	129	42	of	of	ADP
ijtc-504	129	43	z	z	NOUN
ijtc-504	129	44	against	against	ADP
ijtc-504	129	45	y	y	PROPN
ijtc-504	129	46	(	(	PUNCT
ijtc-504	129	47	0.171	0.171	NUM
ijtc-504	129	48	x	x	SYM
ijtc-504	129	49	0.367	0.367	NUM
ijtc-504	129	50	=	=	SYM
ijtc-504	129	51	0.062	0.062	NUM
ijtc-504	129	52	)	)	PUNCT
ijtc-504	129	53	.	.	PUNCT
ijtc-504	130	1	the	the	DET
ijtc-504	130	2	result	result	NOUN
ijtc-504	130	3	of	of	ADP
ijtc-504	130	4	the	the	DET
ijtc-504	130	5	multiplication	multiplication	NOUN
ijtc-504	130	6	is	be	AUX
ijtc-504	130	7	also	also	ADV
ijtc-504	130	8	added	add	VERB
ijtc-504	130	9	up	up	ADP
ijtc-504	130	10	with	with	ADP
ijtc-504	130	11	the	the	DET
ijtc-504	130	12	direct	direct	ADJ
ijtc-504	130	13	influence	influence	NOUN
ijtc-504	130	14	value	value	NOUN
ijtc-504	130	15	,	,	PUNCT
ijtc-504	130	16	namely	namely	ADV
ijtc-504	130	17	0.022	0.022	NUM
ijtc-504	130	18	+	+	CCONJ
ijtc-504	130	19	0.062	0.062	NUM
ijtc-504	130	20	=	=	SYM
ijtc-504	130	21	0.084	0.084	NUM
ijtc-504	130	22	,	,	PUNCT
ijtc-504	130	23	then	then	ADV
ijtc-504	130	24	the	the	DET
ijtc-504	130	25	indirect	indirect	ADJ
ijtc-504	130	26	effect	effect	NOUN
ijtc-504	130	27	value	value	NOUN
ijtc-504	130	28	is	be	AUX
ijtc-504	130	29	greater	great	ADJ
ijtc-504	130	30	than	than	ADP
ijtc-504	130	31	the	the	DET
ijtc-504	130	32	direct	direct	ADJ
ijtc-504	130	33	effect	effect	NOUN
ijtc-504	130	34	value	value	NOUN
ijtc-504	130	35	(	(	PUNCT
ijtc-504	130	36	0.084	0.084	NUM
ijtc-504	130	37	>	>	X
ijtc-504	130	38	0.022	0.022	NUM
ijtc-504	130	39	)	)	PUNCT
ijtc-504	130	40	.	.	PUNCT
ijtc-504	131	1	this	this	DET
ijtc-504	131	2	result	result	NOUN
ijtc-504	131	3	indicates	indicate	VERB
ijtc-504	131	4	that	that	SCONJ
ijtc-504	131	5	x1	x1	PROPN
ijtc-504	131	6	through	through	ADP
ijtc-504	131	7	z	z	NOUN
ijtc-504	131	8	indirectly	indirectly	ADV
ijtc-504	131	9	has	have	VERB
ijtc-504	131	10	an	an	DET
ijtc-504	131	11	influence	influence	NOUN
ijtc-504	131	12	on	on	ADP
ijtc-504	131	13	y.	y.	NOUN
ijtc-504	131	14	thus	thus	ADV
ijtc-504	131	15	that	that	SCONJ
ijtc-504	131	16	managerial	managerial	ADJ
ijtc-504	131	17	ownership	ownership	NOUN
ijtc-504	131	18	through	through	ADP
ijtc-504	131	19	liquidity	liquidity	NOUN
ijtc-504	131	20	has	have	VERB
ijtc-504	131	21	an	an	DET
ijtc-504	131	22	effect	effect	NOUN
ijtc-504	131	23	on	on	ADP
ijtc-504	131	24	dividend	dividend	NOUN
ijtc-504	131	25	policy	policy	NOUN
ijtc-504	131	26	.	.	PUNCT
ijtc-504	132	1	fifth	fifth	ADJ
ijtc-504	132	2	hypothesis	hypothesis	NOUN
ijtc-504	132	3	based	base	VERB
ijtc-504	132	4	on	on	ADP
ijtc-504	132	5	the	the	DET
ijtc-504	132	6	path	path	NOUN
ijtc-504	132	7	table	table	NOUN
ijtc-504	132	8	1	1	NUM
ijtc-504	132	9	,	,	PUNCT
ijtc-504	132	10	the	the	DET
ijtc-504	132	11	direct	direct	ADJ
ijtc-504	132	12	value	value	NOUN
ijtc-504	132	13	of	of	ADP
ijtc-504	132	14	the	the	DET
ijtc-504	132	15	institutional	institutional	ADJ
ijtc-504	132	16	ownership	ownership	NOUN
ijtc-504	132	17	variable	variable	NOUN
ijtc-504	132	18	is	be	AUX
ijtc-504	132	19	0.334	0.334	NUM
ijtc-504	132	20	and	and	CCONJ
ijtc-504	132	21	the	the	DET
ijtc-504	132	22	indirect	indirect	ADJ
ijtc-504	132	23	effect	effect	NOUN
ijtc-504	132	24	value	value	NOUN
ijtc-504	132	25	is	be	AUX
ijtc-504	132	26	obtained	obtain	VERB
ijtc-504	132	27	by	by	ADP
ijtc-504	132	28	multiplying	multiply	VERB
ijtc-504	132	29	the	the	DET
ijtc-504	132	30	beta	beta	ADJ
ijtc-504	132	31	value	value	NOUN
ijtc-504	132	32	of	of	ADP
ijtc-504	132	33	the	the	DET
ijtc-504	132	34	x1	x1	PROPN
ijtc-504	132	35	variable	variable	NOUN
ijtc-504	132	36	to	to	ADP
ijtc-504	132	37	y	y	PROPN
ijtc-504	132	38	with	with	ADP
ijtc-504	132	39	the	the	DET
ijtc-504	132	40	importance	importance	NOUN
ijtc-504	132	41	of	of	ADP
ijtc-504	132	42	liquidity	liquidity	NOUN
ijtc-504	132	43	indicators	indicator	NOUN
ijtc-504	132	44	in	in	ADP
ijtc-504	132	45	intervening	intervene	VERB
ijtc-504	132	46	the	the	DET
ijtc-504	132	47	dividend	dividend	NOUN
ijtc-504	132	48	policy	policy	NOUN
ijtc-504	132	49	sunaryo	sunaryo	NOUN
ijtc-504	132	50	282	282	NUM
ijtc-504	132	51	|	|	ADV
ijtc-504	132	52	ilomata	ilomata	PROPN
ijtc-504	132	53	international	international	ADJ
ijtc-504	132	54	journal	journal	NOUN
ijtc-504	132	55	of	of	ADP
ijtc-504	132	56	tax	tax	PROPN
ijtc-504	132	57	&	&	CCONJ
ijtc-504	132	58	accounting	account	VERB
ijtc-504	132	59	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	132	60	beta	beta	ADJ
ijtc-504	132	61	value	value	NOUN
ijtc-504	132	62	of	of	ADP
ijtc-504	132	63	z	z	NOUN
ijtc-504	132	64	to	to	ADP
ijtc-504	132	65	y	y	PROPN
ijtc-504	132	66	(	(	PUNCT
ijtc-504	132	67	0.173	0.173	NUM
ijtc-504	132	68	x	x	SYM
ijtc-504	132	69	0.367	0.367	NUM
ijtc-504	132	70	=	=	SYM
ijtc-504	132	71	0.063	0.063	NUM
ijtc-504	132	72	)	)	PUNCT
ijtc-504	132	73	.	.	PUNCT
ijtc-504	133	1	the	the	DET
ijtc-504	133	2	result	result	NOUN
ijtc-504	133	3	of	of	ADP
ijtc-504	133	4	the	the	DET
ijtc-504	133	5	multiplication	multiplication	NOUN
ijtc-504	133	6	is	be	AUX
ijtc-504	133	7	also	also	ADV
ijtc-504	133	8	added	add	VERB
ijtc-504	133	9	with	with	ADP
ijtc-504	133	10	the	the	DET
ijtc-504	133	11	direct	direct	ADJ
ijtc-504	133	12	influence	influence	NOUN
ijtc-504	133	13	value	value	NOUN
ijtc-504	133	14	,	,	PUNCT
ijtc-504	133	15	namely	namely	ADV
ijtc-504	133	16	0.334	0.334	NUM
ijtc-504	133	17	+	+	CCONJ
ijtc-504	133	18	0.063	0.063	NUM
ijtc-504	133	19	=	=	SYM
ijtc-504	133	20	0.397	0.397	NUM
ijtc-504	133	21	,	,	PUNCT
ijtc-504	133	22	then	then	ADV
ijtc-504	133	23	the	the	DET
ijtc-504	133	24	indirect	indirect	ADJ
ijtc-504	133	25	effect	effect	NOUN
ijtc-504	133	26	value	value	NOUN
ijtc-504	133	27	is	be	AUX
ijtc-504	133	28	greater	great	ADJ
ijtc-504	133	29	than	than	ADP
ijtc-504	133	30	the	the	DET
ijtc-504	133	31	direct	direct	ADJ
ijtc-504	133	32	effect	effect	NOUN
ijtc-504	133	33	value	value	NOUN
ijtc-504	133	34	(	(	PUNCT
ijtc-504	133	35	0.397	0.397	NUM
ijtc-504	133	36	>	>	X
ijtc-504	133	37	0.334	0.334	NUM
ijtc-504	133	38	)	)	PUNCT
ijtc-504	133	39	.	.	PUNCT
ijtc-504	134	1	this	this	DET
ijtc-504	134	2	result	result	NOUN
ijtc-504	134	3	indicates	indicate	VERB
ijtc-504	134	4	that	that	SCONJ
ijtc-504	134	5	x1	x1	PROPN
ijtc-504	134	6	through	through	ADP
ijtc-504	134	7	z	z	NOUN
ijtc-504	134	8	indirectly	indirectly	ADV
ijtc-504	134	9	has	have	VERB
ijtc-504	134	10	an	an	DET
ijtc-504	134	11	influence	influence	NOUN
ijtc-504	134	12	on	on	ADP
ijtc-504	134	13	y.	y.	NOUN
ijtc-504	134	14	thus	thus	ADV
ijtc-504	134	15	that	that	SCONJ
ijtc-504	134	16	institutional	institutional	ADJ
ijtc-504	134	17	ownership	ownership	NOUN
ijtc-504	134	18	through	through	ADP
ijtc-504	134	19	liquidity	liquidity	NOUN
ijtc-504	134	20	has	have	VERB
ijtc-504	134	21	an	an	DET
ijtc-504	134	22	effect	effect	NOUN
ijtc-504	134	23	on	on	ADP
ijtc-504	134	24	dividend	dividend	NOUN
ijtc-504	134	25	policy	policy	NOUN
ijtc-504	134	26	.	.	PUNCT
ijtc-504	135	1	sixth	sixth	ADJ
ijtc-504	135	2	hypothesis	hypothesis	NOUN
ijtc-504	135	3	based	base	VERB
ijtc-504	135	4	on	on	ADP
ijtc-504	135	5	the	the	DET
ijtc-504	135	6	path	path	NOUN
ijtc-504	135	7	table	table	NOUN
ijtc-504	135	8	1	1	NUM
ijtc-504	135	9	,	,	PUNCT
ijtc-504	135	10	the	the	DET
ijtc-504	135	11	direct	direct	ADJ
ijtc-504	135	12	value	value	NOUN
ijtc-504	135	13	of	of	ADP
ijtc-504	135	14	the	the	DET
ijtc-504	135	15	investment	investment	NOUN
ijtc-504	135	16	decision	decision	NOUN
ijtc-504	135	17	variable	variable	NOUN
ijtc-504	135	18	is	be	AUX
ijtc-504	135	19	0.400	0.400	NUM
ijtc-504	135	20	and	and	CCONJ
ijtc-504	135	21	the	the	DET
ijtc-504	135	22	indirect	indirect	ADJ
ijtc-504	135	23	effect	effect	NOUN
ijtc-504	135	24	value	value	NOUN
ijtc-504	135	25	is	be	AUX
ijtc-504	135	26	obtained	obtain	VERB
ijtc-504	135	27	by	by	ADP
ijtc-504	135	28	multiplying	multiply	VERB
ijtc-504	135	29	the	the	DET
ijtc-504	135	30	beta	beta	ADJ
ijtc-504	135	31	value	value	NOUN
ijtc-504	135	32	of	of	ADP
ijtc-504	135	33	the	the	DET
ijtc-504	135	34	x1	x1	PROPN
ijtc-504	135	35	variable	variable	NOUN
ijtc-504	135	36	against	against	ADP
ijtc-504	135	37	y	y	PROPN
ijtc-504	135	38	with	with	ADP
ijtc-504	135	39	the	the	DET
ijtc-504	135	40	beta	beta	NOUN
ijtc-504	135	41	value	value	NOUN
ijtc-504	135	42	of	of	ADP
ijtc-504	135	43	z	z	NOUN
ijtc-504	135	44	against	against	ADP
ijtc-504	135	45	y	y	PROPN
ijtc-504	135	46	,	,	PUNCT
ijtc-504	135	47	namely	namely	ADV
ijtc-504	135	48	(	(	PUNCT
ijtc-504	135	49	-0.306	-0.306	NOUN
ijtc-504	135	50	x	x	SYM
ijtc-504	135	51	0.367	0.367	NUM
ijtc-504	135	52	=	=	SYM
ijtc-504	135	53	-0.112	-0.112	NOUN
ijtc-504	135	54	)	)	PUNCT
ijtc-504	135	55	.	.	PUNCT
ijtc-504	136	1	the	the	DET
ijtc-504	136	2	result	result	NOUN
ijtc-504	136	3	of	of	ADP
ijtc-504	136	4	the	the	DET
ijtc-504	136	5	multiplication	multiplication	NOUN
ijtc-504	136	6	is	be	AUX
ijtc-504	136	7	also	also	ADV
ijtc-504	136	8	added	add	VERB
ijtc-504	136	9	up	up	ADP
ijtc-504	136	10	with	with	ADP
ijtc-504	136	11	the	the	DET
ijtc-504	136	12	direct	direct	ADJ
ijtc-504	136	13	influence	influence	NOUN
ijtc-504	136	14	value	value	NOUN
ijtc-504	136	15	,	,	PUNCT
ijtc-504	136	16	namely	namely	ADV
ijtc-504	136	17	0.400	0.400	NUM
ijtc-504	136	18	+	+	CCONJ
ijtc-504	136	19	(	(	PUNCT
ijtc-504	136	20	-0.112	-0.112	X
ijtc-504	136	21	)	)	PUNCT
ijtc-504	136	22	=	=	SYM
ijtc-504	136	23	0.288	0.288	NUM
ijtc-504	136	24	,	,	PUNCT
ijtc-504	136	25	then	then	ADV
ijtc-504	136	26	the	the	DET
ijtc-504	136	27	indirect	indirect	ADJ
ijtc-504	136	28	effect	effect	NOUN
ijtc-504	136	29	value	value	NOUN
ijtc-504	136	30	is	be	AUX
ijtc-504	136	31	smaller	small	ADJ
ijtc-504	136	32	than	than	ADP
ijtc-504	136	33	the	the	DET
ijtc-504	136	34	direct	direct	ADJ
ijtc-504	136	35	effect	effect	NOUN
ijtc-504	136	36	value	value	NOUN
ijtc-504	136	37	(	(	PUNCT
ijtc-504	136	38	0.288	0.288	NUM
ijtc-504	136	39	<	<	SYM
ijtc-504	136	40	0.400	0.400	NUM
ijtc-504	136	41	)	)	PUNCT
ijtc-504	136	42	this	this	DET
ijtc-504	136	43	result	result	NOUN
ijtc-504	136	44	indicates	indicate	VERB
ijtc-504	136	45	that	that	SCONJ
ijtc-504	136	46	x1	x1	PROPN
ijtc-504	136	47	through	through	ADP
ijtc-504	136	48	z	z	NOUN
ijtc-504	136	49	indirectly	indirectly	ADV
ijtc-504	136	50	has	have	VERB
ijtc-504	136	51	no	no	DET
ijtc-504	136	52	effect	effect	NOUN
ijtc-504	136	53	on	on	ADP
ijtc-504	136	54	y	y	PROPN
ijtc-504	136	55	thus	thus	ADV
ijtc-504	136	56	,	,	PUNCT
ijtc-504	136	57	investment	investment	NOUN
ijtc-504	136	58	decisions	decision	NOUN
ijtc-504	136	59	through	through	ADP
ijtc-504	136	60	liquidity	liquidity	NOUN
ijtc-504	136	61	have	have	VERB
ijtc-504	136	62	no	no	DET
ijtc-504	136	63	effect	effect	NOUN
ijtc-504	136	64	on	on	ADP
ijtc-504	136	65	dividend	dividend	NOUN
ijtc-504	136	66	policy	policy	NOUN
ijtc-504	136	67	.	.	PUNCT
ijtc-504	137	1	seventh	seventh	ADJ
ijtc-504	137	2	hypothesis	hypothesis	NOUN
ijtc-504	137	3	based	base	VERB
ijtc-504	137	4	on	on	ADP
ijtc-504	137	5	the	the	DET
ijtc-504	137	6	test	test	NOUN
ijtc-504	137	7	results	result	NOUN
ijtc-504	137	8	using	use	VERB
ijtc-504	137	9	spss	spss	PROPN
ijtc-504	137	10	25	25	NUM
ijtc-504	137	11	for	for	ADP
ijtc-504	137	12	the	the	DET
ijtc-504	137	13	institutional	institutional	ADJ
ijtc-504	137	14	ownership	ownership	NOUN
ijtc-504	137	15	variable	variable	NOUN
ijtc-504	137	16	,	,	PUNCT
ijtc-504	137	17	it	it	PRON
ijtc-504	137	18	obtained	obtain	VERB
ijtc-504	137	19	a	a	DET
ijtc-504	137	20	significance	significance	NOUN
ijtc-504	137	21	value	value	NOUN
ijtc-504	137	22	of	of	ADP
ijtc-504	137	23	0.019	0.019	NUM
ijtc-504	137	24	,	,	PUNCT
ijtc-504	137	25	which	which	PRON
ijtc-504	137	26	means	mean	VERB
ijtc-504	137	27	it	it	PRON
ijtc-504	137	28	is	be	AUX
ijtc-504	137	29	smaller	small	ADJ
ijtc-504	137	30	than	than	ADP
ijtc-504	137	31	0.05	0.05	NUM
ijtc-504	137	32	and	and	CCONJ
ijtc-504	137	33	t	t	NOUN
ijtc-504	137	34	count	count	NOUN
ijtc-504	137	35	is	be	AUX
ijtc-504	137	36	greater	great	ADJ
ijtc-504	137	37	than	than	ADP
ijtc-504	137	38	t	t	NOUN
ijtc-504	137	39	table	table	NOUN
ijtc-504	137	40	(	(	PUNCT
ijtc-504	137	41	2,442	2,442	NUM
ijtc-504	137	42	>	>	SYM
ijtc-504	137	43	1,677	1,677	NUM
ijtc-504	137	44	)	)	PUNCT
ijtc-504	137	45	,	,	PUNCT
ijtc-504	137	46	it	it	PRON
ijtc-504	137	47	can	can	AUX
ijtc-504	137	48	be	be	AUX
ijtc-504	137	49	concluded	conclude	VERB
ijtc-504	137	50	that	that	SCONJ
ijtc-504	137	51	the	the	DET
ijtc-504	137	52	seventh	seventh	ADJ
ijtc-504	137	53	hypothesis	hypothesis	NOUN
ijtc-504	137	54	accepts	accept	VERB
ijtc-504	137	55	ha	ha	INTJ
ijtc-504	137	56	and	and	CCONJ
ijtc-504	137	57	rejects	reject	VERB
ijtc-504	137	58	ho	ho	PROPN
ijtc-504	137	59	,	,	PUNCT
ijtc-504	137	60	which	which	PRON
ijtc-504	137	61	means	mean	VERB
ijtc-504	137	62	that	that	SCONJ
ijtc-504	137	63	liquidity	liquidity	NOUN
ijtc-504	137	64	has	have	VERB
ijtc-504	137	65	an	an	DET
ijtc-504	137	66	effect	effect	NOUN
ijtc-504	137	67	to	to	PART
ijtc-504	137	68	dividend	dividend	VERB
ijtc-504	137	69	policy	policy	NOUN
ijtc-504	137	70	.	.	PUNCT
ijtc-504	138	1	discussion	discussion	NOUN
ijtc-504	138	2	effect	effect	NOUN
ijtc-504	138	3	of	of	ADP
ijtc-504	138	4	managerial	managerial	ADJ
ijtc-504	138	5	ownership	ownership	NOUN
ijtc-504	138	6	on	on	ADP
ijtc-504	138	7	dividend	dividend	NOUN
ijtc-504	138	8	policy	policy	NOUN
ijtc-504	138	9	the	the	DET
ijtc-504	138	10	results	result	NOUN
ijtc-504	138	11	of	of	ADP
ijtc-504	138	12	the	the	DET
ijtc-504	138	13	tests	test	NOUN
ijtc-504	138	14	carried	carry	VERB
ijtc-504	138	15	out	out	ADP
ijtc-504	138	16	using	use	VERB
ijtc-504	138	17	a	a	DET
ijtc-504	138	18	partial	partial	ADJ
ijtc-504	138	19	hypothesis	hypothesis	NOUN
ijtc-504	138	20	test	test	NOUN
ijtc-504	138	21	that	that	PRON
ijtc-504	138	22	mown	mown	NOUN
ijtc-504	138	23	has	have	VERB
ijtc-504	138	24	no	no	DET
ijtc-504	138	25	effect	effect	NOUN
ijtc-504	138	26	on	on	ADP
ijtc-504	138	27	dividend	dividend	NOUN
ijtc-504	138	28	policy	policy	NOUN
ijtc-504	138	29	.	.	PUNCT
ijtc-504	139	1	this	this	PRON
ijtc-504	139	2	is	be	AUX
ijtc-504	139	3	based	base	VERB
ijtc-504	139	4	on	on	ADP
ijtc-504	139	5	that	that	PRON
ijtc-504	139	6	the	the	DET
ijtc-504	139	7	statistical	statistical	ADJ
ijtc-504	139	8	significance	significance	NOUN
ijtc-504	139	9	value	value	NOUN
ijtc-504	139	10	in	in	ADP
ijtc-504	139	11	spss	spss	PROPN
ijtc-504	139	12	is	be	AUX
ijtc-504	139	13	greater	great	ADJ
ijtc-504	139	14	than	than	ADP
ijtc-504	139	15	0.05	0.05	NUM
ijtc-504	139	16	(	(	PUNCT
ijtc-504	139	17	0.881	0.881	NUM
ijtc-504	139	18	>	>	SYM
ijtc-504	139	19	0.05	0.05	NUM
ijtc-504	139	20	)	)	PUNCT
ijtc-504	139	21	and	and	CCONJ
ijtc-504	139	22	the	the	DET
ijtc-504	139	23	t	t	PROPN
ijtc-504	139	24	count	count	NOUN
ijtc-504	139	25	is	be	AUX
ijtc-504	139	26	smaller	small	ADJ
ijtc-504	139	27	than	than	ADP
ijtc-504	139	28	the	the	DET
ijtc-504	139	29	t	t	NOUN
ijtc-504	139	30	table	table	NOUN
ijtc-504	139	31	(	(	PUNCT
ijtc-504	139	32	0.151	0.151	NUM
ijtc-504	139	33	<	<	X
ijtc-504	139	34	1.677	1.677	NUM
ijtc-504	139	35	)	)	PUNCT
ijtc-504	139	36	.	.	PUNCT
ijtc-504	140	1	this	this	PRON
ijtc-504	140	2	means	mean	VERB
ijtc-504	140	3	that	that	SCONJ
ijtc-504	140	4	the	the	PRON
ijtc-504	140	5	higher	high	ADJ
ijtc-504	140	6	the	the	DET
ijtc-504	140	7	managerial	managerial	ADJ
ijtc-504	140	8	ownership	ownership	NOUN
ijtc-504	140	9	in	in	ADP
ijtc-504	140	10	a	a	DET
ijtc-504	140	11	company	company	NOUN
ijtc-504	140	12	,	,	PUNCT
ijtc-504	140	13	the	the	DET
ijtc-504	140	14	dividend	dividend	NOUN
ijtc-504	140	15	policy	policy	NOUN
ijtc-504	140	16	will	will	AUX
ijtc-504	140	17	decrease	decrease	VERB
ijtc-504	140	18	.	.	PUNCT
ijtc-504	141	1	this	this	PRON
ijtc-504	141	2	is	be	AUX
ijtc-504	141	3	not	not	PART
ijtc-504	141	4	in	in	ADP
ijtc-504	141	5	line	line	NOUN
ijtc-504	141	6	with	with	ADP
ijtc-504	141	7	agency	agency	NOUN
ijtc-504	141	8	theory	theory	NOUN
ijtc-504	141	9	where	where	SCONJ
ijtc-504	141	10	high	high	ADJ
ijtc-504	141	11	managerial	managerial	ADJ
ijtc-504	141	12	ownership	ownership	NOUN
ijtc-504	141	13	will	will	AUX
ijtc-504	141	14	encourage	encourage	VERB
ijtc-504	141	15	the	the	DET
ijtc-504	141	16	relationship	relationship	NOUN
ijtc-504	141	17	between	between	ADP
ijtc-504	141	18	managers	manager	NOUN
ijtc-504	141	19	and	and	CCONJ
ijtc-504	141	20	shareholders	shareholder	NOUN
ijtc-504	141	21	to	to	PART
ijtc-504	141	22	get	get	VERB
ijtc-504	141	23	better	well	ADJ
ijtc-504	141	24	,	,	PUNCT
ijtc-504	141	25	so	so	SCONJ
ijtc-504	141	26	that	that	SCONJ
ijtc-504	141	27	the	the	DET
ijtc-504	141	28	debt	debt	NOUN
ijtc-504	141	29	used	use	VERB
ijtc-504	141	30	to	to	PART
ijtc-504	141	31	monitor	monitor	VERB
ijtc-504	141	32	managers	manager	NOUN
ijtc-504	141	33	will	will	AUX
ijtc-504	141	34	decrease	decrease	VERB
ijtc-504	141	35	,	,	PUNCT
ijtc-504	141	36	managers	manager	NOUN
ijtc-504	141	37	who	who	PRON
ijtc-504	141	38	have	have	VERB
ijtc-504	141	39	shares	share	NOUN
ijtc-504	141	40	in	in	ADP
ijtc-504	141	41	the	the	DET
ijtc-504	141	42	company	company	NOUN
ijtc-504	141	43	certainly	certainly	ADV
ijtc-504	141	44	do	do	AUX
ijtc-504	141	45	not	not	PART
ijtc-504	141	46	like	like	VERB
ijtc-504	141	47	debt	debt	NOUN
ijtc-504	141	48	,	,	PUNCT
ijtc-504	141	49	because	because	SCONJ
ijtc-504	141	50	with	with	SCONJ
ijtc-504	141	51	high	high	ADJ
ijtc-504	141	52	debt	debt	NOUN
ijtc-504	141	53	will	will	AUX
ijtc-504	141	54	increase	increase	VERB
ijtc-504	141	55	the	the	DET
ijtc-504	141	56	risk	risk	NOUN
ijtc-504	141	57	of	of	ADP
ijtc-504	141	58	bankruptcy	bankruptcy	NOUN
ijtc-504	141	59	.	.	PUNCT
ijtc-504	142	1	managers	manager	NOUN
ijtc-504	142	2	who	who	PRON
ijtc-504	142	3	own	own	VERB
ijtc-504	142	4	shares	share	NOUN
ijtc-504	142	5	in	in	ADP
ijtc-504	142	6	the	the	DET
ijtc-504	142	7	company	company	NOUN
ijtc-504	142	8	certainly	certainly	ADV
ijtc-504	142	9	try	try	VERB
ijtc-504	142	10	to	to	PART
ijtc-504	142	11	increase	increase	VERB
ijtc-504	142	12	the	the	DET
ijtc-504	142	13	prosperity	prosperity	NOUN
ijtc-504	142	14	of	of	ADP
ijtc-504	142	15	shareholders	shareholder	NOUN
ijtc-504	142	16	.	.	PUNCT
ijtc-504	143	1	the	the	DET
ijtc-504	143	2	more	more	ADJ
ijtc-504	143	3	shares	share	NOUN
ijtc-504	143	4	owned	own	VERB
ijtc-504	143	5	by	by	ADP
ijtc-504	143	6	the	the	DET
ijtc-504	143	7	manager	manager	NOUN
ijtc-504	143	8	,	,	PUNCT
ijtc-504	143	9	the	the	PRON
ijtc-504	143	10	lower	low	ADJ
ijtc-504	143	11	the	the	DET
ijtc-504	143	12	agency	agency	NOUN
ijtc-504	143	13	cost	cost	NOUN
ijtc-504	143	14	and	and	CCONJ
ijtc-504	143	15	the	the	DET
ijtc-504	143	16	managerial	managerial	NOUN
ijtc-504	143	17	will	will	AUX
ijtc-504	143	18	act	act	VERB
ijtc-504	143	19	more	more	ADV
ijtc-504	143	20	carefully	carefully	ADV
ijtc-504	143	21	considering	consider	VERB
ijtc-504	143	22	that	that	SCONJ
ijtc-504	143	23	the	the	DET
ijtc-504	143	24	managerial	managerial	ADJ
ijtc-504	143	25	party	party	NOUN
ijtc-504	143	26	will	will	AUX
ijtc-504	143	27	also	also	ADV
ijtc-504	143	28	bear	bear	VERB
ijtc-504	143	29	the	the	DET
ijtc-504	143	30	risk	risk	NOUN
ijtc-504	143	31	of	of	ADP
ijtc-504	143	32	making	make	VERB
ijtc-504	143	33	the	the	DET
ijtc-504	143	34	dividend	dividend	NOUN
ijtc-504	143	35	policy	policy	NOUN
ijtc-504	143	36	.	.	PUNCT
ijtc-504	144	1	the	the	DET
ijtc-504	144	2	effect	effect	NOUN
ijtc-504	144	3	of	of	ADP
ijtc-504	144	4	institutional	institutional	ADJ
ijtc-504	144	5	ownership	ownership	NOUN
ijtc-504	144	6	on	on	ADP
ijtc-504	144	7	dividend	dividend	NOUN
ijtc-504	144	8	policy	policy	NOUN
ijtc-504	144	9	the	the	DET
ijtc-504	144	10	results	result	NOUN
ijtc-504	144	11	of	of	ADP
ijtc-504	144	12	the	the	DET
ijtc-504	144	13	tests	test	NOUN
ijtc-504	144	14	carried	carry	VERB
ijtc-504	144	15	out	out	ADP
ijtc-504	144	16	using	use	VERB
ijtc-504	144	17	a	a	DET
ijtc-504	144	18	partial	partial	ADJ
ijtc-504	144	19	hypothesis	hypothesis	NOUN
ijtc-504	144	20	test	test	NOUN
ijtc-504	144	21	that	that	PRON
ijtc-504	144	22	inst	inst	NOUN
ijtc-504	144	23	has	have	VERB
ijtc-504	144	24	an	an	DET
ijtc-504	144	25	influence	influence	NOUN
ijtc-504	144	26	on	on	ADP
ijtc-504	144	27	dividend	dividend	NOUN
ijtc-504	144	28	policy	policy	NOUN
ijtc-504	144	29	.	.	PUNCT
ijtc-504	145	1	this	this	PRON
ijtc-504	145	2	is	be	AUX
ijtc-504	145	3	based	base	VERB
ijtc-504	145	4	on	on	ADP
ijtc-504	145	5	that	that	PRON
ijtc-504	145	6	the	the	DET
ijtc-504	145	7	statistical	statistical	ADJ
ijtc-504	145	8	significance	significance	NOUN
ijtc-504	145	9	value	value	NOUN
ijtc-504	145	10	in	in	ADP
ijtc-504	145	11	spss	spss	PROPN
ijtc-504	145	12	is	be	AUX
ijtc-504	145	13	less	less	ADJ
ijtc-504	145	14	than	than	ADP
ijtc-504	145	15	0.05	0.05	NUM
ijtc-504	145	16	(	(	PUNCT
ijtc-504	145	17	0.022	0.022	NUM
ijtc-504	145	18	<	<	X
ijtc-504	145	19	0.05	0.05	NUM
ijtc-504	145	20	)	)	PUNCT
ijtc-504	145	21	and	and	CCONJ
ijtc-504	145	22	the	the	DET
ijtc-504	145	23	t	t	PROPN
ijtc-504	145	24	count	count	NOUN
ijtc-504	145	25	is	be	AUX
ijtc-504	145	26	greater	great	ADJ
ijtc-504	145	27	than	than	ADP
ijtc-504	145	28	the	the	DET
ijtc-504	145	29	t	t	NOUN
ijtc-504	145	30	table	table	NOUN
ijtc-504	145	31	(	(	PUNCT
ijtc-504	145	32	2.367	2.367	NUM
ijtc-504	145	33	>	>	SYM
ijtc-504	145	34	1.677	1.677	NUM
ijtc-504	145	35	)	)	PUNCT
ijtc-504	145	36	.	.	PUNCT
ijtc-504	146	1	the	the	PRON
ijtc-504	146	2	bigger	big	ADJ
ijtc-504	146	3	the	the	DET
ijtc-504	146	4	institutional	institutional	ADJ
ijtc-504	146	5	share	share	NOUN
ijtc-504	146	6	ownership	ownership	NOUN
ijtc-504	146	7	,	,	PUNCT
ijtc-504	146	8	the	the	PRON
ijtc-504	146	9	bigger	big	ADJ
ijtc-504	146	10	the	the	DET
ijtc-504	146	11	dividend	dividend	NOUN
ijtc-504	146	12	policy	policy	NOUN
ijtc-504	146	13	will	will	AUX
ijtc-504	146	14	be	be	AUX
ijtc-504	146	15	.	.	PUNCT
ijtc-504	147	1	the	the	DET
ijtc-504	147	2	existence	existence	NOUN
ijtc-504	147	3	of	of	ADP
ijtc-504	147	4	institutional	institutional	ADJ
ijtc-504	147	5	owners	owner	NOUN
ijtc-504	147	6	is	be	AUX
ijtc-504	147	7	expected	expect	VERB
ijtc-504	147	8	to	to	PART
ijtc-504	147	9	be	be	AUX
ijtc-504	147	10	able	able	ADJ
ijtc-504	147	11	to	to	PART
ijtc-504	147	12	carry	carry	VERB
ijtc-504	147	13	out	out	ADP
ijtc-504	147	14	an	an	DET
ijtc-504	147	15	effective	effective	ADJ
ijtc-504	147	16	monitoring	monitoring	NOUN
ijtc-504	147	17	function	function	NOUN
ijtc-504	147	18	on	on	ADP
ijtc-504	147	19	company	company	NOUN
ijtc-504	147	20	management	management	NOUN
ijtc-504	147	21	.	.	PUNCT
ijtc-504	148	1	the	the	DET
ijtc-504	148	2	monitoring	monitoring	NOUN
ijtc-504	148	3	function	function	NOUN
ijtc-504	148	4	aims	aim	VERB
ijtc-504	148	5	to	to	PART
ijtc-504	148	6	make	make	VERB
ijtc-504	148	7	management	management	NOUN
ijtc-504	148	8	act	act	VERB
ijtc-504	148	9	with	with	ADP
ijtc-504	148	10	the	the	DET
ijtc-504	148	11	aim	aim	NOUN
ijtc-504	148	12	of	of	ADP
ijtc-504	148	13	prioritizing	prioritize	VERB
ijtc-504	148	14	the	the	DET
ijtc-504	148	15	prosperity	prosperity	NOUN
ijtc-504	148	16	of	of	ADP
ijtc-504	148	17	the	the	DET
ijtc-504	148	18	shareholders	shareholder	NOUN
ijtc-504	148	19	,	,	PUNCT
ijtc-504	148	20	not	not	PART
ijtc-504	148	21	prioritizing	prioritize	VERB
ijtc-504	148	22	their	their	PRON
ijtc-504	148	23	interests	interest	NOUN
ijtc-504	148	24	and	and	CCONJ
ijtc-504	148	25	acting	act	VERB
ijtc-504	148	26	opportunistically	opportunistically	ADV
ijtc-504	148	27	.	.	PUNCT
ijtc-504	149	1	however	however	ADV
ijtc-504	149	2	,	,	PUNCT
ijtc-504	149	3	this	this	DET
ijtc-504	149	4	research	research	NOUN
ijtc-504	149	5	is	be	AUX
ijtc-504	149	6	contrary	contrary	ADJ
ijtc-504	149	7	to	to	ADP
ijtc-504	149	8	previous	previous	ADJ
ijtc-504	149	9	research	research	NOUN
ijtc-504	149	10	which	which	PRON
ijtc-504	149	11	states	state	VERB
ijtc-504	149	12	that	that	SCONJ
ijtc-504	149	13	institutional	institutional	ADJ
ijtc-504	149	14	ownership	ownership	NOUN
ijtc-504	149	15	has	have	VERB
ijtc-504	149	16	no	no	DET
ijtc-504	149	17	effect	effect	NOUN
ijtc-504	149	18	on	on	ADP
ijtc-504	149	19	dividend	dividend	NOUN
ijtc-504	149	20	policy	policy	NOUN
ijtc-504	149	21	which	which	PRON
ijtc-504	149	22	states	state	VERB
ijtc-504	149	23	that	that	SCONJ
ijtc-504	149	24	the	the	DET
ijtc-504	149	25	existence	existence	NOUN
ijtc-504	149	26	of	of	ADP
ijtc-504	149	27	institutional	institutional	ADJ
ijtc-504	149	28	ownership	ownership	NOUN
ijtc-504	149	29	in	in	ADP
ijtc-504	149	30	a	a	DET
ijtc-504	149	31	company	company	NOUN
ijtc-504	149	32	has	have	VERB
ijtc-504	149	33	no	no	DET
ijtc-504	149	34	impact	impact	NOUN
ijtc-504	149	35	or	or	CCONJ
ijtc-504	149	36	effect	effect	NOUN
ijtc-504	149	37	on	on	ADP
ijtc-504	149	38	the	the	DET
ijtc-504	149	39	company	company	NOUN
ijtc-504	149	40	's	's	PART
ijtc-504	149	41	dividend	dividend	NOUN
ijtc-504	149	42	policy	policy	NOUN
ijtc-504	149	43	,	,	PUNCT
ijtc-504	149	44	which	which	PRON
ijtc-504	149	45	means	mean	VERB
ijtc-504	149	46	this	this	PRON
ijtc-504	149	47	is	be	AUX
ijtc-504	149	48	contrary	contrary	ADJ
ijtc-504	149	49	to	to	ADP
ijtc-504	149	50	the	the	DET
ijtc-504	149	51	assumption	assumption	NOUN
ijtc-504	149	52	which	which	PRON
ijtc-504	149	53	states	state	VERB
ijtc-504	149	54	that	that	SCONJ
ijtc-504	149	55	the	the	DET
ijtc-504	149	56	presence	presence	NOUN
ijtc-504	149	57	of	of	ADP
ijtc-504	149	58	high	high	ADJ
ijtc-504	149	59	importance	importance	NOUN
ijtc-504	149	60	of	of	ADP
ijtc-504	149	61	liquidity	liquidity	NOUN
ijtc-504	149	62	indicators	indicator	NOUN
ijtc-504	149	63	in	in	ADP
ijtc-504	149	64	intervening	intervene	VERB
ijtc-504	149	65	the	the	DET
ijtc-504	149	66	dividend	dividend	NOUN
ijtc-504	149	67	policy	policy	NOUN
ijtc-504	149	68	sunaryo	sunaryo	NOUN
ijtc-504	149	69	283	283	NUM
ijtc-504	149	70	|	|	ADV
ijtc-504	149	71	ilomata	ilomata	NOUN
ijtc-504	149	72	international	international	ADJ
ijtc-504	149	73	journal	journal	NOUN
ijtc-504	149	74	of	of	ADP
ijtc-504	149	75	tax	tax	PROPN
ijtc-504	149	76	&	&	CCONJ
ijtc-504	149	77	accounting	account	VERB
ijtc-504	149	78	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	149	79	institutional	institutional	ADJ
ijtc-504	149	80	ownership	ownership	NOUN
ijtc-504	149	81	will	will	AUX
ijtc-504	149	82	make	make	VERB
ijtc-504	149	83	institutional	institutional	ADJ
ijtc-504	149	84	investors	investor	NOUN
ijtc-504	149	85	carry	carry	VERB
ijtc-504	149	86	out	out	ADP
ijtc-504	149	87	intensive	intensive	ADJ
ijtc-504	149	88	supervision	supervision	NOUN
ijtc-504	149	89	of	of	ADP
ijtc-504	149	90	the	the	DET
ijtc-504	149	91	manager	manager	NOUN
ijtc-504	149	92	's	's	PART
ijtc-504	149	93	performance	performance	NOUN
ijtc-504	149	94	so	so	SCONJ
ijtc-504	149	95	that	that	SCONJ
ijtc-504	149	96	managers	manager	NOUN
ijtc-504	149	97	will	will	AUX
ijtc-504	149	98	strive	strive	VERB
ijtc-504	149	99	to	to	PART
ijtc-504	149	100	provide	provide	VERB
ijtc-504	149	101	high	high	ADJ
ijtc-504	149	102	returns	return	NOUN
ijtc-504	149	103	on	on	ADP
ijtc-504	149	104	share	share	NOUN
ijtc-504	149	105	ownership	ownership	NOUN
ijtc-504	149	106	.	.	PUNCT
ijtc-504	150	1	the	the	DET
ijtc-504	150	2	effect	effect	NOUN
ijtc-504	150	3	of	of	ADP
ijtc-504	150	4	investment	investment	NOUN
ijtc-504	150	5	decisions	decision	NOUN
ijtc-504	150	6	on	on	ADP
ijtc-504	150	7	dividend	dividend	NOUN
ijtc-504	150	8	policy	policy	NOUN
ijtc-504	150	9	the	the	DET
ijtc-504	150	10	results	result	NOUN
ijtc-504	150	11	of	of	ADP
ijtc-504	150	12	the	the	DET
ijtc-504	150	13	tests	test	NOUN
ijtc-504	150	14	carried	carry	VERB
ijtc-504	150	15	out	out	ADP
ijtc-504	150	16	using	use	VERB
ijtc-504	150	17	a	a	DET
ijtc-504	150	18	partial	partial	ADJ
ijtc-504	150	19	hypothesis	hypothesis	NOUN
ijtc-504	150	20	test	test	NOUN
ijtc-504	150	21	that	that	PRON
ijtc-504	150	22	invs	invs	PROPN
ijtc-504	150	23	has	have	VERB
ijtc-504	150	24	an	an	DET
ijtc-504	150	25	influence	influence	NOUN
ijtc-504	150	26	on	on	ADP
ijtc-504	150	27	dividend	dividend	NOUN
ijtc-504	150	28	policy	policy	NOUN
ijtc-504	150	29	.	.	PUNCT
ijtc-504	151	1	this	this	PRON
ijtc-504	151	2	is	be	AUX
ijtc-504	151	3	based	base	VERB
ijtc-504	151	4	on	on	ADP
ijtc-504	151	5	the	the	DET
ijtc-504	151	6	statistical	statistical	ADJ
ijtc-504	151	7	significance	significance	NOUN
ijtc-504	151	8	value	value	NOUN
ijtc-504	151	9	in	in	ADP
ijtc-504	151	10	spss	spss	PROPN
ijtc-504	151	11	which	which	PRON
ijtc-504	151	12	is	be	AUX
ijtc-504	151	13	less	less	ADJ
ijtc-504	151	14	than	than	ADP
ijtc-504	151	15	0.011	0.011	NUM
ijtc-504	151	16	(	(	PUNCT
ijtc-504	151	17	0.011	0.011	NUM
ijtc-504	151	18	<	<	X
ijtc-504	151	19	0.05	0.05	NUM
ijtc-504	151	20	)	)	PUNCT
ijtc-504	151	21	and	and	CCONJ
ijtc-504	151	22	t	t	PROPN
ijtc-504	151	23	count	count	NOUN
ijtc-504	151	24	is	be	AUX
ijtc-504	151	25	greater	great	ADJ
ijtc-504	151	26	than	than	ADP
ijtc-504	151	27	t	t	NOUN
ijtc-504	151	28	table	table	NOUN
ijtc-504	151	29	(	(	PUNCT
ijtc-504	151	30	2.646	2.646	NUM
ijtc-504	151	31	>	>	SYM
ijtc-504	151	32	1.677	1.677	NUM
ijtc-504	151	33	)	)	PUNCT
ijtc-504	151	34	.	.	PUNCT
ijtc-504	152	1	the	the	DET
ijtc-504	152	2	right	right	ADJ
ijtc-504	152	3	investment	investment	NOUN
ijtc-504	152	4	decisions	decision	NOUN
ijtc-504	152	5	taken	take	VERB
ijtc-504	152	6	by	by	ADP
ijtc-504	152	7	the	the	DET
ijtc-504	152	8	company	company	NOUN
ijtc-504	152	9	are	be	AUX
ijtc-504	152	10	expected	expect	VERB
ijtc-504	152	11	to	to	PART
ijtc-504	152	12	provide	provide	VERB
ijtc-504	152	13	good	good	ADJ
ijtc-504	152	14	profits	profit	NOUN
ijtc-504	152	15	for	for	ADP
ijtc-504	152	16	the	the	DET
ijtc-504	152	17	company	company	NOUN
ijtc-504	152	18	by	by	ADP
ijtc-504	152	19	generating	generate	VERB
ijtc-504	152	20	maximum	maximum	ADJ
ijtc-504	152	21	profit	profit	NOUN
ijtc-504	152	22	from	from	ADP
ijtc-504	152	23	the	the	DET
ijtc-504	152	24	investment	investment	NOUN
ijtc-504	152	25	.	.	PUNCT
ijtc-504	153	1	the	the	DET
ijtc-504	153	2	existence	existence	NOUN
ijtc-504	153	3	of	of	ADP
ijtc-504	153	4	a	a	DET
ijtc-504	153	5	maximum	maximum	ADJ
ijtc-504	153	6	profit	profit	NOUN
ijtc-504	153	7	allows	allow	VERB
ijtc-504	153	8	managers	manager	NOUN
ijtc-504	153	9	to	to	PART
ijtc-504	153	10	allocate	allocate	VERB
ijtc-504	153	11	these	these	DET
ijtc-504	153	12	profits	profit	NOUN
ijtc-504	153	13	to	to	ADP
ijtc-504	153	14	the	the	DET
ijtc-504	153	15	expected	expect	VERB
ijtc-504	153	16	dividend	dividend	NOUN
ijtc-504	153	17	distribution	distribution	NOUN
ijtc-504	153	18	for	for	ADP
ijtc-504	153	19	both	both	CCONJ
ijtc-504	153	20	managerial	managerial	ADJ
ijtc-504	153	21	and	and	CCONJ
ijtc-504	153	22	institutional	institutional	ADJ
ijtc-504	153	23	investors	investor	NOUN
ijtc-504	153	24	by	by	ADP
ijtc-504	153	25	taking	take	VERB
ijtc-504	153	26	into	into	ADP
ijtc-504	153	27	account	account	NOUN
ijtc-504	153	28	other	other	ADJ
ijtc-504	153	29	factors	factor	NOUN
ijtc-504	153	30	that	that	PRON
ijtc-504	153	31	can	can	AUX
ijtc-504	153	32	influence	influence	VERB
ijtc-504	153	33	the	the	DET
ijtc-504	153	34	dividend	dividend	NOUN
ijtc-504	153	35	policy	policy	NOUN
ijtc-504	153	36	taken	take	VERB
ijtc-504	153	37	.	.	PUNCT
ijtc-504	154	1	this	this	PRON
ijtc-504	154	2	is	be	AUX
ijtc-504	154	3	not	not	PART
ijtc-504	154	4	in	in	ADP
ijtc-504	154	5	line	line	NOUN
ijtc-504	154	6	with	with	ADP
ijtc-504	154	7	research	research	NOUN
ijtc-504	154	8	conducted	conduct	VERB
ijtc-504	154	9	by	by	ADP
ijtc-504	154	10	damaris	damaris	PROPN
ijtc-504	154	11	simanjuntak	simanjuntak	PROPN
ijtc-504	154	12	which	which	PRON
ijtc-504	154	13	states	state	VERB
ijtc-504	154	14	that	that	SCONJ
ijtc-504	154	15	investment	investment	NOUN
ijtc-504	154	16	(	(	PUNCT
ijtc-504	154	17	in	in	ADP
ijtc-504	154	18	)	)	PUNCT
ijtc-504	154	19	has	have	VERB
ijtc-504	154	20	a	a	DET
ijtc-504	154	21	negative	negative	ADJ
ijtc-504	154	22	and	and	CCONJ
ijtc-504	154	23	significant	significant	ADJ
ijtc-504	154	24	effect	effect	NOUN
ijtc-504	154	25	on	on	ADP
ijtc-504	154	26	dividend	dividend	NOUN
ijtc-504	154	27	policy	policy	NOUN
ijtc-504	154	28	(	(	PUNCT
ijtc-504	154	29	dpr	dpr	PROPN
ijtc-504	154	30	)	)	PUNCT
ijtc-504	154	31	.	.	PUNCT
ijtc-504	155	1	this	this	PRON
ijtc-504	155	2	shows	show	VERB
ijtc-504	155	3	that	that	SCONJ
ijtc-504	155	4	the	the	DET
ijtc-504	155	5	opening	opening	NOUN
ijtc-504	155	6	of	of	ADP
ijtc-504	155	7	investment	investment	NOUN
ijtc-504	155	8	opportunities	opportunity	NOUN
ijtc-504	155	9	has	have	AUX
ijtc-504	155	10	encouraged	encourage	VERB
ijtc-504	155	11	companies	company	NOUN
ijtc-504	155	12	to	to	PART
ijtc-504	155	13	pay	pay	VERB
ijtc-504	155	14	dividends	dividend	NOUN
ijtc-504	155	15	in	in	ADP
ijtc-504	155	16	small	small	ADJ
ijtc-504	155	17	amounts	amount	NOUN
ijtc-504	155	18	,	,	PUNCT
ijtc-504	155	19	so	so	SCONJ
ijtc-504	155	20	that	that	SCONJ
ijtc-504	155	21	companies	company	NOUN
ijtc-504	155	22	have	have	VERB
ijtc-504	155	23	internal	internal	ADJ
ijtc-504	155	24	equity	equity	NOUN
ijtc-504	155	25	to	to	PART
ijtc-504	155	26	fund	fund	VERB
ijtc-504	155	27	investments	investment	NOUN
ijtc-504	155	28	.	.	PUNCT
ijtc-504	156	1	on	on	ADP
ijtc-504	156	2	the	the	DET
ijtc-504	156	3	other	other	ADJ
ijtc-504	156	4	hand	hand	NOUN
ijtc-504	156	5	,	,	PUNCT
ijtc-504	156	6	companies	company	NOUN
ijtc-504	156	7	that	that	PRON
ijtc-504	156	8	do	do	AUX
ijtc-504	156	9	not	not	PART
ijtc-504	156	10	have	have	VERB
ijtc-504	156	11	good	good	ADJ
ijtc-504	156	12	prospects	prospect	NOUN
ijtc-504	156	13	will	will	AUX
ijtc-504	156	14	be	be	AUX
ijtc-504	156	15	reflected	reflect	VERB
ijtc-504	156	16	in	in	ADP
ijtc-504	156	17	the	the	DET
ijtc-504	156	18	limited	limited	ADJ
ijtc-504	156	19	opportunities	opportunity	NOUN
ijtc-504	156	20	available	available	ADJ
ijtc-504	156	21	for	for	ADP
ijtc-504	156	22	making	make	VERB
ijtc-504	156	23	investment	investment	NOUN
ijtc-504	156	24	decisions	decision	NOUN
ijtc-504	156	25	.	.	PUNCT
ijtc-504	157	1	limited	limit	VERB
ijtc-504	157	2	opportunities	opportunity	NOUN
ijtc-504	157	3	for	for	ADP
ijtc-504	157	4	investment	investment	NOUN
ijtc-504	157	5	will	will	AUX
ijtc-504	157	6	encourage	encourage	VERB
ijtc-504	157	7	companies	company	NOUN
ijtc-504	157	8	to	to	PART
ijtc-504	157	9	make	make	VERB
ijtc-504	157	10	large	large	ADJ
ijtc-504	157	11	dividend	dividend	NOUN
ijtc-504	157	12	payments	payment	NOUN
ijtc-504	157	13	.	.	PUNCT
ijtc-504	158	1	liquidity	liquidity	NOUN
ijtc-504	158	2	can	can	AUX
ijtc-504	158	3	intervening	intervene	VERB
ijtc-504	158	4	between	between	ADP
ijtc-504	158	5	managerial	managerial	ADJ
ijtc-504	158	6	ownership	ownership	NOUN
ijtc-504	158	7	and	and	CCONJ
ijtc-504	158	8	dividend	dividend	NOUN
ijtc-504	158	9	policy	policy	NOUN
ijtc-504	158	10	the	the	DET
ijtc-504	158	11	results	result	NOUN
ijtc-504	158	12	of	of	ADP
ijtc-504	158	13	hypothesis	hypothesis	NOUN
ijtc-504	158	14	testing	testing	NOUN
ijtc-504	158	15	using	use	VERB
ijtc-504	158	16	spss	spss	PROPN
ijtc-504	158	17	25	25	NUM
ijtc-504	158	18	regarding	regard	VERB
ijtc-504	158	19	managerial	managerial	ADJ
ijtc-504	158	20	ownership	ownership	NOUN
ijtc-504	158	21	on	on	ADP
ijtc-504	158	22	dividend	dividend	NOUN
ijtc-504	158	23	policy	policy	NOUN
ijtc-504	158	24	through	through	ADP
ijtc-504	158	25	intervening	intervene	VERB
ijtc-504	158	26	obtained	obtain	VERB
ijtc-504	158	27	the	the	DET
ijtc-504	158	28	results	result	NOUN
ijtc-504	158	29	of	of	ADP
ijtc-504	158	30	a	a	DET
ijtc-504	158	31	direct	direct	ADJ
ijtc-504	158	32	influence	influence	NOUN
ijtc-504	158	33	between	between	ADP
ijtc-504	158	34	managerial	managerial	ADJ
ijtc-504	158	35	ownership	ownership	NOUN
ijtc-504	158	36	on	on	ADP
ijtc-504	158	37	dividend	dividend	NOUN
ijtc-504	158	38	policy	policy	NOUN
ijtc-504	158	39	of	of	ADP
ijtc-504	158	40	0.022	0.022	NUM
ijtc-504	158	41	and	and	CCONJ
ijtc-504	158	42	an	an	DET
ijtc-504	158	43	indirect	indirect	ADJ
ijtc-504	158	44	effect	effect	NOUN
ijtc-504	158	45	of	of	ADP
ijtc-504	158	46	0.084	0.084	NUM
ijtc-504	158	47	,	,	PUNCT
ijtc-504	158	48	which	which	PRON
ijtc-504	158	49	means	mean	VERB
ijtc-504	158	50	that	that	SCONJ
ijtc-504	158	51	the	the	DET
ijtc-504	158	52	indirect	indirect	ADJ
ijtc-504	158	53	effect	effect	NOUN
ijtc-504	158	54	is	be	AUX
ijtc-504	158	55	greater	great	ADJ
ijtc-504	158	56	than	than	ADP
ijtc-504	158	57	the	the	DET
ijtc-504	158	58	direct	direct	ADJ
ijtc-504	158	59	effect	effect	NOUN
ijtc-504	158	60	(	(	PUNCT
ijtc-504	158	61	0.084	0.084	NUM
ijtc-504	158	62	>	>	X
ijtc-504	158	63	0.022	0.022	NUM
ijtc-504	158	64	)	)	PUNCT
ijtc-504	158	65	,	,	PUNCT
ijtc-504	158	66	with	with	SCONJ
ijtc-504	158	67	this	this	PRON
ijtc-504	158	68	shows	show	VERB
ijtc-504	158	69	that	that	SCONJ
ijtc-504	158	70	managerial	managerial	ADJ
ijtc-504	158	71	ownership	ownership	NOUN
ijtc-504	158	72	indirectly	indirectly	ADV
ijtc-504	158	73	affects	affect	VERB
ijtc-504	158	74	dividend	dividend	NOUN
ijtc-504	158	75	policy	policy	NOUN
ijtc-504	158	76	with	with	ADP
ijtc-504	158	77	liquidity	liquidity	NOUN
ijtc-504	158	78	as	as	ADP
ijtc-504	158	79	the	the	DET
ijtc-504	158	80	intervening	intervene	VERB
ijtc-504	158	81	variable	variable	NOUN
ijtc-504	158	82	.	.	PUNCT
ijtc-504	159	1	the	the	DET
ijtc-504	159	2	existence	existence	NOUN
ijtc-504	159	3	of	of	ADP
ijtc-504	159	4	high	high	ADJ
ijtc-504	159	5	managerial	managerial	ADJ
ijtc-504	159	6	ownership	ownership	NOUN
ijtc-504	159	7	and	and	CCONJ
ijtc-504	159	8	the	the	DET
ijtc-504	159	9	existence	existence	NOUN
ijtc-504	159	10	of	of	ADP
ijtc-504	159	11	a	a	DET
ijtc-504	159	12	high	high	ADJ
ijtc-504	159	13	level	level	NOUN
ijtc-504	159	14	of	of	ADP
ijtc-504	159	15	liquidity	liquidity	NOUN
ijtc-504	159	16	provide	provide	VERB
ijtc-504	159	17	a	a	DET
ijtc-504	159	18	signal	signal	NOUN
ijtc-504	159	19	to	to	ADP
ijtc-504	159	20	managerial	managerial	ADJ
ijtc-504	159	21	investors	investor	NOUN
ijtc-504	159	22	to	to	PART
ijtc-504	159	23	invest	invest	VERB
ijtc-504	159	24	their	their	PRON
ijtc-504	159	25	funds	fund	NOUN
ijtc-504	159	26	in	in	ADP
ijtc-504	159	27	the	the	DET
ijtc-504	159	28	company	company	NOUN
ijtc-504	159	29	.	.	PUNCT
ijtc-504	160	1	because	because	SCONJ
ijtc-504	160	2	with	with	ADP
ijtc-504	160	3	a	a	DET
ijtc-504	160	4	high	high	ADJ
ijtc-504	160	5	managerial	managerial	ADJ
ijtc-504	160	6	level	level	NOUN
ijtc-504	160	7	,	,	PUNCT
ijtc-504	160	8	it	it	PRON
ijtc-504	160	9	will	will	AUX
ijtc-504	160	10	be	be	AUX
ijtc-504	160	11	able	able	ADJ
ijtc-504	160	12	to	to	PART
ijtc-504	160	13	minimize	minimize	VERB
ijtc-504	160	14	conflicts	conflict	NOUN
ijtc-504	160	15	and	and	CCONJ
ijtc-504	160	16	agency	agency	NOUN
ijtc-504	160	17	costs	cost	NOUN
ijtc-504	160	18	because	because	SCONJ
ijtc-504	160	19	the	the	DET
ijtc-504	160	20	manager	manager	NOUN
ijtc-504	160	21	will	will	AUX
ijtc-504	160	22	have	have	VERB
ijtc-504	160	23	the	the	DET
ijtc-504	160	24	same	same	ADJ
ijtc-504	160	25	interests	interest	NOUN
ijtc-504	160	26	as	as	ADP
ijtc-504	160	27	the	the	DET
ijtc-504	160	28	principal	principal	NOUN
ijtc-504	160	29	who	who	PRON
ijtc-504	160	30	wants	want	VERB
ijtc-504	160	31	a	a	DET
ijtc-504	160	32	high	high	ADJ
ijtc-504	160	33	dividend	dividend	NOUN
ijtc-504	160	34	distribution	distribution	NOUN
ijtc-504	160	35	.	.	PUNCT
ijtc-504	161	1	the	the	DET
ijtc-504	161	2	high	high	ADJ
ijtc-504	161	3	level	level	NOUN
ijtc-504	161	4	of	of	ADP
ijtc-504	161	5	liquidity	liquidity	NOUN
ijtc-504	161	6	also	also	ADV
ijtc-504	161	7	gives	give	VERB
ijtc-504	161	8	a	a	DET
ijtc-504	161	9	signal	signal	NOUN
ijtc-504	161	10	to	to	ADP
ijtc-504	161	11	investors	investor	NOUN
ijtc-504	161	12	that	that	SCONJ
ijtc-504	161	13	the	the	DET
ijtc-504	161	14	company	company	NOUN
ijtc-504	161	15	is	be	AUX
ijtc-504	161	16	able	able	ADJ
ijtc-504	161	17	to	to	PART
ijtc-504	161	18	meet	meet	VERB
ijtc-504	161	19	its	its	PRON
ijtc-504	161	20	short	short	ADJ
ijtc-504	161	21	-	-	PUNCT
ijtc-504	161	22	term	term	NOUN
ijtc-504	161	23	obligations	obligation	NOUN
ijtc-504	161	24	with	with	ADP
ijtc-504	161	25	liquid	liquid	ADJ
ijtc-504	161	26	assets	asset	NOUN
ijtc-504	161	27	.	.	PUNCT
ijtc-504	162	1	the	the	DET
ijtc-504	162	2	existence	existence	NOUN
ijtc-504	162	3	of	of	ADP
ijtc-504	162	4	the	the	DET
ijtc-504	162	5	ability	ability	NOUN
ijtc-504	162	6	to	to	PART
ijtc-504	162	7	fulfill	fulfill	VERB
ijtc-504	162	8	its	its	PRON
ijtc-504	162	9	short	short	ADJ
ijtc-504	162	10	-	-	PUNCT
ijtc-504	162	11	term	term	NOUN
ijtc-504	162	12	obligations	obligation	NOUN
ijtc-504	162	13	gives	give	VERB
ijtc-504	162	14	an	an	DET
ijtc-504	162	15	illustration	illustration	NOUN
ijtc-504	162	16	that	that	SCONJ
ijtc-504	162	17	the	the	DET
ijtc-504	162	18	company	company	NOUN
ijtc-504	162	19	also	also	ADV
ijtc-504	162	20	has	have	AUX
ijtc-504	162	21	the	the	DET
ijtc-504	162	22	ability	ability	NOUN
ijtc-504	162	23	to	to	PART
ijtc-504	162	24	distribute	distribute	VERB
ijtc-504	162	25	dividends	dividend	NOUN
ijtc-504	162	26	in	in	ADP
ijtc-504	162	27	accordance	accordance	NOUN
ijtc-504	162	28	with	with	ADP
ijtc-504	162	29	the	the	DET
ijtc-504	162	30	expectations	expectation	NOUN
ijtc-504	162	31	of	of	ADP
ijtc-504	162	32	managerial	managerial	ADJ
ijtc-504	162	33	investors	investor	NOUN
ijtc-504	162	34	.	.	PUNCT
ijtc-504	163	1	therefore	therefore	ADV
ijtc-504	163	2	,	,	PUNCT
ijtc-504	163	3	liquidity	liquidity	NOUN
ijtc-504	163	4	is	be	AUX
ijtc-504	163	5	able	able	ADJ
ijtc-504	163	6	to	to	PART
ijtc-504	163	7	intervene	intervene	VERB
ijtc-504	163	8	between	between	ADP
ijtc-504	163	9	managerial	managerial	ADJ
ijtc-504	163	10	ownership	ownership	NOUN
ijtc-504	163	11	and	and	CCONJ
ijtc-504	163	12	dividend	dividend	NOUN
ijtc-504	163	13	policy	policy	NOUN
ijtc-504	163	14	.	.	PUNCT
ijtc-504	164	1	liquidity	liquidity	NOUN
ijtc-504	164	2	can	can	AUX
ijtc-504	164	3	intervene	intervene	VERB
ijtc-504	164	4	between	between	ADP
ijtc-504	164	5	institutional	institutional	ADJ
ijtc-504	164	6	ownership	ownership	NOUN
ijtc-504	164	7	and	and	CCONJ
ijtc-504	164	8	dividend	dividend	NOUN
ijtc-504	164	9	policy	policy	NOUN
ijtc-504	164	10	the	the	DET
ijtc-504	164	11	results	result	NOUN
ijtc-504	164	12	of	of	ADP
ijtc-504	164	13	hypothesis	hypothesis	NOUN
ijtc-504	164	14	testing	testing	NOUN
ijtc-504	164	15	using	use	VERB
ijtc-504	164	16	spss	spss	PROPN
ijtc-504	164	17	25	25	NUM
ijtc-504	164	18	regarding	regard	VERB
ijtc-504	164	19	institutional	institutional	ADJ
ijtc-504	164	20	ownership	ownership	NOUN
ijtc-504	164	21	on	on	ADP
ijtc-504	164	22	dividend	dividend	NOUN
ijtc-504	164	23	policy	policy	NOUN
ijtc-504	164	24	through	through	ADP
ijtc-504	164	25	intervening	intervene	VERB
ijtc-504	164	26	obtained	obtain	VERB
ijtc-504	164	27	a	a	DET
ijtc-504	164	28	direct	direct	ADJ
ijtc-504	164	29	effect	effect	NOUN
ijtc-504	164	30	between	between	ADP
ijtc-504	164	31	institutional	institutional	ADJ
ijtc-504	164	32	ownership	ownership	NOUN
ijtc-504	164	33	on	on	ADP
ijtc-504	164	34	dividend	dividend	NOUN
ijtc-504	164	35	policy	policy	NOUN
ijtc-504	164	36	of	of	ADP
ijtc-504	164	37	0.334	0.334	NUM
ijtc-504	164	38	and	and	CCONJ
ijtc-504	164	39	an	an	DET
ijtc-504	164	40	indirect	indirect	ADJ
ijtc-504	164	41	effect	effect	NOUN
ijtc-504	164	42	of	of	ADP
ijtc-504	164	43	0.397	0.397	NUM
ijtc-504	164	44	,	,	PUNCT
ijtc-504	164	45	which	which	PRON
ijtc-504	164	46	means	mean	VERB
ijtc-504	164	47	that	that	SCONJ
ijtc-504	164	48	the	the	DET
ijtc-504	164	49	indirect	indirect	ADJ
ijtc-504	164	50	effect	effect	NOUN
ijtc-504	164	51	is	be	AUX
ijtc-504	164	52	greater	great	ADJ
ijtc-504	164	53	than	than	ADP
ijtc-504	164	54	the	the	DET
ijtc-504	164	55	direct	direct	ADJ
ijtc-504	164	56	effect	effect	NOUN
ijtc-504	164	57	(	(	PUNCT
ijtc-504	164	58	0.397	0.397	NUM
ijtc-504	164	59	>	>	X
ijtc-504	164	60	0.334	0.334	NUM
ijtc-504	164	61	)	)	PUNCT
ijtc-504	164	62	,	,	PUNCT
ijtc-504	164	63	with	with	SCONJ
ijtc-504	164	64	this	this	PRON
ijtc-504	164	65	shows	show	VERB
ijtc-504	164	66	that	that	SCONJ
ijtc-504	164	67	institutional	institutional	ADJ
ijtc-504	164	68	ownership	ownership	NOUN
ijtc-504	164	69	indirectly	indirectly	ADV
ijtc-504	164	70	affects	affect	VERB
ijtc-504	164	71	dividend	dividend	NOUN
ijtc-504	164	72	policy	policy	NOUN
ijtc-504	164	73	with	with	ADP
ijtc-504	164	74	liquidity	liquidity	NOUN
ijtc-504	164	75	as	as	ADP
ijtc-504	164	76	the	the	DET
ijtc-504	164	77	intervening	intervene	VERB
ijtc-504	164	78	variable	variable	NOUN
ijtc-504	164	79	.	.	PUNCT
ijtc-504	165	1	high	high	ADJ
ijtc-504	165	2	institutional	institutional	ADJ
ijtc-504	165	3	ownership	ownership	NOUN
ijtc-504	165	4	will	will	AUX
ijtc-504	165	5	provide	provide	VERB
ijtc-504	165	6	intensive	intensive	ADJ
ijtc-504	165	7	supervision	supervision	NOUN
ijtc-504	165	8	of	of	ADP
ijtc-504	165	9	the	the	DET
ijtc-504	165	10	performance	performance	NOUN
ijtc-504	165	11	of	of	ADP
ijtc-504	165	12	managers	manager	NOUN
ijtc-504	165	13	or	or	CCONJ
ijtc-504	165	14	companies	company	NOUN
ijtc-504	165	15	,	,	PUNCT
ijtc-504	165	16	maximum	maximum	ADJ
ijtc-504	165	17	company	company	NOUN
ijtc-504	165	18	performance	performance	NOUN
ijtc-504	165	19	is	be	AUX
ijtc-504	165	20	expected	expect	VERB
ijtc-504	165	21	to	to	PART
ijtc-504	165	22	produce	produce	VERB
ijtc-504	165	23	maximum	maximum	ADJ
ijtc-504	165	24	company	company	NOUN
ijtc-504	165	25	profits	profit	NOUN
ijtc-504	165	26	as	as	ADV
ijtc-504	165	27	well	well	ADV
ijtc-504	165	28	.	.	PUNCT
ijtc-504	166	1	the	the	DET
ijtc-504	166	2	existence	existence	NOUN
ijtc-504	166	3	of	of	ADP
ijtc-504	166	4	high	high	ADJ
ijtc-504	166	5	profits	profit	NOUN
ijtc-504	166	6	obtained	obtain	VERB
ijtc-504	166	7	by	by	ADP
ijtc-504	166	8	the	the	DET
ijtc-504	166	9	company	company	NOUN
ijtc-504	166	10	,	,	PUNCT
ijtc-504	166	11	it	it	PRON
ijtc-504	166	12	is	be	AUX
ijtc-504	166	13	possible	possible	ADJ
ijtc-504	166	14	that	that	SCONJ
ijtc-504	166	15	the	the	DET
ijtc-504	166	16	company	company	NOUN
ijtc-504	166	17	will	will	AUX
ijtc-504	166	18	distribute	distribute	VERB
ijtc-504	166	19	dividends	dividend	NOUN
ijtc-504	166	20	in	in	ADP
ijtc-504	166	21	high	high	ADJ
ijtc-504	166	22	amounts	amount	NOUN
ijtc-504	166	23	as	as	ADV
ijtc-504	166	24	well	well	ADV
ijtc-504	166	25	.	.	PUNCT
ijtc-504	167	1	the	the	DET
ijtc-504	167	2	company	company	NOUN
ijtc-504	167	3	's	's	PART
ijtc-504	167	4	liquidity	liquidity	NOUN
ijtc-504	167	5	position	position	NOUN
ijtc-504	167	6	is	be	AUX
ijtc-504	167	7	an	an	DET
ijtc-504	167	8	important	important	ADJ
ijtc-504	167	9	factor	factor	NOUN
ijtc-504	167	10	that	that	PRON
ijtc-504	167	11	must	must	AUX
ijtc-504	167	12	be	be	AUX
ijtc-504	167	13	considered	consider	VERB
ijtc-504	167	14	before	before	ADP
ijtc-504	167	15	making	make	VERB
ijtc-504	167	16	a	a	DET
ijtc-504	167	17	decision	decision	NOUN
ijtc-504	167	18	to	to	PART
ijtc-504	167	19	determine	determine	VERB
ijtc-504	167	20	the	the	DET
ijtc-504	167	21	amount	amount	NOUN
ijtc-504	167	22	of	of	ADP
ijtc-504	167	23	dividends	dividend	NOUN
ijtc-504	167	24	to	to	PART
ijtc-504	167	25	be	be	AUX
ijtc-504	167	26	paid	pay	VERB
ijtc-504	167	27	to	to	ADP
ijtc-504	167	28	shareholders	shareholder	NOUN
ijtc-504	167	29	.	.	PUNCT
ijtc-504	168	1	because	because	SCONJ
ijtc-504	168	2	dividends	dividend	NOUN
ijtc-504	168	3	are	be	AUX
ijtc-504	168	4	cash	cash	NOUN
ijtc-504	168	5	outflows	outflow	NOUN
ijtc-504	168	6	,	,	PUNCT
ijtc-504	168	7	the	the	PRON
ijtc-504	168	8	stronger	strong	ADJ
ijtc-504	168	9	the	the	DET
ijtc-504	168	10	company	company	NOUN
ijtc-504	168	11	's	's	PART
ijtc-504	168	12	liquidity	liquidity	NOUN
ijtc-504	168	13	position	position	NOUN
ijtc-504	168	14	importance	importance	NOUN
ijtc-504	168	15	of	of	ADP
ijtc-504	168	16	liquidity	liquidity	NOUN
ijtc-504	168	17	indicators	indicator	NOUN
ijtc-504	168	18	in	in	ADP
ijtc-504	168	19	intervening	intervene	VERB
ijtc-504	168	20	the	the	DET
ijtc-504	168	21	dividend	dividend	NOUN
ijtc-504	168	22	policy	policy	NOUN
ijtc-504	168	23	sunaryo	sunaryo	NOUN
ijtc-504	168	24	284	284	NUM
ijtc-504	168	25	|	|	ADV
ijtc-504	168	26	ilomata	ilomata	PROPN
ijtc-504	168	27	international	international	ADJ
ijtc-504	168	28	journal	journal	NOUN
ijtc-504	168	29	of	of	ADP
ijtc-504	168	30	tax	tax	PROPN
ijtc-504	168	31	&	&	CCONJ
ijtc-504	168	32	accounting	accounting	PROPN
ijtc-504	168	33	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	168	34	,	,	PUNCT
ijtc-504	168	35	the	the	PRON
ijtc-504	168	36	higher	high	ADJ
ijtc-504	168	37	the	the	DET
ijtc-504	168	38	company	company	NOUN
ijtc-504	168	39	's	's	PART
ijtc-504	168	40	ability	ability	NOUN
ijtc-504	168	41	to	to	PART
ijtc-504	168	42	pay	pay	VERB
ijtc-504	168	43	dividends	dividend	NOUN
ijtc-504	168	44	.	.	PUNCT
ijtc-504	169	1	therefore	therefore	ADV
ijtc-504	169	2	,	,	PUNCT
ijtc-504	169	3	liquidity	liquidity	NOUN
ijtc-504	169	4	is	be	AUX
ijtc-504	169	5	able	able	ADJ
ijtc-504	169	6	to	to	PART
ijtc-504	169	7	intervene	intervene	VERB
ijtc-504	169	8	between	between	ADP
ijtc-504	169	9	institutional	institutional	ADJ
ijtc-504	169	10	ownership	ownership	NOUN
ijtc-504	169	11	and	and	CCONJ
ijtc-504	169	12	dividend	dividend	NOUN
ijtc-504	169	13	policy	policy	NOUN
ijtc-504	169	14	.	.	PUNCT
ijtc-504	170	1	liquidity	liquidity	NOUN
ijtc-504	170	2	can	can	AUX
ijtc-504	170	3	intervene	intervene	VERB
ijtc-504	170	4	between	between	ADP
ijtc-504	170	5	investment	investment	NOUN
ijtc-504	170	6	decisions	decision	NOUN
ijtc-504	170	7	and	and	CCONJ
ijtc-504	170	8	dividend	dividend	NOUN
ijtc-504	170	9	policy	policy	NOUN
ijtc-504	170	10	the	the	DET
ijtc-504	170	11	results	result	NOUN
ijtc-504	170	12	of	of	ADP
ijtc-504	170	13	hypothesis	hypothesis	NOUN
ijtc-504	170	14	testing	testing	NOUN
ijtc-504	170	15	using	use	VERB
ijtc-504	170	16	spss	spss	PROPN
ijtc-504	170	17	25	25	NUM
ijtc-504	170	18	regarding	regard	VERB
ijtc-504	170	19	institutional	institutional	ADJ
ijtc-504	170	20	ownership	ownership	NOUN
ijtc-504	170	21	on	on	ADP
ijtc-504	170	22	dividend	dividend	NOUN
ijtc-504	170	23	policy	policy	NOUN
ijtc-504	170	24	through	through	ADP
ijtc-504	170	25	intervening	intervene	VERB
ijtc-504	170	26	obtained	obtain	VERB
ijtc-504	170	27	a	a	DET
ijtc-504	170	28	direct	direct	ADJ
ijtc-504	170	29	effect	effect	NOUN
ijtc-504	170	30	between	between	ADP
ijtc-504	170	31	institutional	institutional	ADJ
ijtc-504	170	32	ownership	ownership	NOUN
ijtc-504	170	33	on	on	ADP
ijtc-504	170	34	dividend	dividend	NOUN
ijtc-504	170	35	policy	policy	NOUN
ijtc-504	170	36	of	of	ADP
ijtc-504	170	37	0.400	0.400	NUM
ijtc-504	170	38	and	and	CCONJ
ijtc-504	170	39	an	an	DET
ijtc-504	170	40	indirect	indirect	ADJ
ijtc-504	170	41	effect	effect	NOUN
ijtc-504	170	42	of	of	ADP
ijtc-504	170	43	-0.112	-0.112	PROPN
ijtc-504	170	44	,	,	PUNCT
ijtc-504	170	45	which	which	PRON
ijtc-504	170	46	means	mean	VERB
ijtc-504	170	47	that	that	SCONJ
ijtc-504	170	48	the	the	DET
ijtc-504	170	49	indirect	indirect	ADJ
ijtc-504	170	50	effect	effect	NOUN
ijtc-504	170	51	is	be	AUX
ijtc-504	170	52	smaller	small	ADJ
ijtc-504	170	53	than	than	ADP
ijtc-504	170	54	the	the	DET
ijtc-504	170	55	direct	direct	ADJ
ijtc-504	170	56	effect	effect	NOUN
ijtc-504	170	57	(	(	PUNCT
ijtc-504	170	58	-0.112	-0.112	PUNCT
ijtc-504	170	59	<	<	X
ijtc-504	170	60	0.400	0.400	NUM
ijtc-504	170	61	)	)	PUNCT
ijtc-504	170	62	,	,	PUNCT
ijtc-504	170	63	hereby	hereby	ADV
ijtc-504	170	64	indicates	indicate	VERB
ijtc-504	170	65	that	that	SCONJ
ijtc-504	170	66	the	the	DET
ijtc-504	170	67	investment	investment	NOUN
ijtc-504	170	68	decision	decision	NOUN
ijtc-504	170	69	indirectly	indirectly	ADV
ijtc-504	170	70	does	do	AUX
ijtc-504	170	71	not	not	PART
ijtc-504	170	72	affect	affect	VERB
ijtc-504	170	73	the	the	DET
ijtc-504	170	74	dividend	dividend	NOUN
ijtc-504	170	75	policy	policy	NOUN
ijtc-504	170	76	with	with	ADP
ijtc-504	170	77	liquidity	liquidity	NOUN
ijtc-504	170	78	as	as	ADP
ijtc-504	170	79	the	the	DET
ijtc-504	170	80	intervening	intervene	VERB
ijtc-504	170	81	variable	variable	NOUN
ijtc-504	170	82	.	.	PUNCT
ijtc-504	171	1	the	the	DET
ijtc-504	171	2	investment	investment	NOUN
ijtc-504	171	3	decision	decision	NOUN
ijtc-504	171	4	is	be	AUX
ijtc-504	171	5	a	a	DET
ijtc-504	171	6	decision	decision	NOUN
ijtc-504	171	7	that	that	PRON
ijtc-504	171	8	must	must	AUX
ijtc-504	171	9	be	be	AUX
ijtc-504	171	10	considered	consider	VERB
ijtc-504	171	11	maximally	maximally	ADV
ijtc-504	171	12	by	by	ADP
ijtc-504	171	13	the	the	DET
ijtc-504	171	14	company	company	NOUN
ijtc-504	171	15	,	,	PUNCT
ijtc-504	171	16	because	because	SCONJ
ijtc-504	171	17	the	the	DET
ijtc-504	171	18	investment	investment	NOUN
ijtc-504	171	19	decision	decision	NOUN
ijtc-504	171	20	taken	take	VERB
ijtc-504	171	21	will	will	AUX
ijtc-504	171	22	have	have	VERB
ijtc-504	171	23	an	an	DET
ijtc-504	171	24	impact	impact	NOUN
ijtc-504	171	25	on	on	ADP
ijtc-504	171	26	the	the	DET
ijtc-504	171	27	value	value	NOUN
ijtc-504	171	28	of	of	ADP
ijtc-504	171	29	the	the	DET
ijtc-504	171	30	company	company	NOUN
ijtc-504	171	31	.	.	PUNCT
ijtc-504	172	1	investment	investment	NOUN
ijtc-504	172	2	decisions	decision	NOUN
ijtc-504	172	3	are	be	AUX
ijtc-504	172	4	related	relate	VERB
ijtc-504	172	5	to	to	ADP
ijtc-504	172	6	company	company	NOUN
ijtc-504	172	7	funding	funding	NOUN
ijtc-504	172	8	,	,	PUNCT
ijtc-504	172	9	if	if	SCONJ
ijtc-504	172	10	the	the	DET
ijtc-504	172	11	company	company	NOUN
ijtc-504	172	12	uses	use	VERB
ijtc-504	172	13	more	more	ADJ
ijtc-504	172	14	of	of	ADP
ijtc-504	172	15	its	its	PRON
ijtc-504	172	16	funds	fund	NOUN
ijtc-504	172	17	to	to	PART
ijtc-504	172	18	invest	invest	VERB
ijtc-504	172	19	in	in	ADP
ijtc-504	172	20	various	various	ADJ
ijtc-504	172	21	types	type	NOUN
ijtc-504	172	22	of	of	ADP
ijtc-504	172	23	investments	investment	NOUN
ijtc-504	172	24	,	,	PUNCT
ijtc-504	172	25	it	it	PRON
ijtc-504	172	26	will	will	AUX
ijtc-504	172	27	reduce	reduce	VERB
ijtc-504	172	28	the	the	DET
ijtc-504	172	29	amount	amount	NOUN
ijtc-504	172	30	of	of	ADP
ijtc-504	172	31	dividend	dividend	NOUN
ijtc-504	172	32	distribution	distribution	NOUN
ijtc-504	172	33	for	for	ADP
ijtc-504	172	34	investors	investor	NOUN
ijtc-504	172	35	.	.	PUNCT
ijtc-504	173	1	the	the	DET
ijtc-504	173	2	high	high	ADJ
ijtc-504	173	3	level	level	NOUN
ijtc-504	173	4	of	of	ADP
ijtc-504	173	5	liquidity	liquidity	NOUN
ijtc-504	173	6	for	for	ADP
ijtc-504	173	7	the	the	DET
ijtc-504	173	8	company	company	NOUN
ijtc-504	173	9	has	have	VERB
ijtc-504	173	10	no	no	DET
ijtc-504	173	11	impact	impact	NOUN
ijtc-504	173	12	on	on	ADP
ijtc-504	173	13	the	the	DET
ijtc-504	173	14	level	level	NOUN
ijtc-504	173	15	of	of	ADP
ijtc-504	173	16	investment	investment	NOUN
ijtc-504	173	17	decisions	decision	NOUN
ijtc-504	173	18	taken	take	VERB
ijtc-504	173	19	by	by	ADP
ijtc-504	173	20	the	the	DET
ijtc-504	173	21	company	company	NOUN
ijtc-504	173	22	.	.	PUNCT
ijtc-504	174	1	the	the	DET
ijtc-504	174	2	effect	effect	NOUN
ijtc-504	174	3	of	of	ADP
ijtc-504	174	4	institutional	institutional	ADJ
ijtc-504	174	5	ownership	ownership	NOUN
ijtc-504	174	6	on	on	ADP
ijtc-504	174	7	dividend	dividend	NOUN
ijtc-504	174	8	policy	policy	NOUN
ijtc-504	174	9	the	the	DET
ijtc-504	174	10	results	result	NOUN
ijtc-504	174	11	of	of	ADP
ijtc-504	174	12	the	the	DET
ijtc-504	174	13	tests	test	NOUN
ijtc-504	174	14	carried	carry	VERB
ijtc-504	174	15	out	out	ADP
ijtc-504	174	16	using	use	VERB
ijtc-504	174	17	a	a	DET
ijtc-504	174	18	partial	partial	ADJ
ijtc-504	174	19	hypothesis	hypothesis	NOUN
ijtc-504	174	20	test	test	NOUN
ijtc-504	174	21	that	that	PRON
ijtc-504	174	22	cr	cr	PROPN
ijtc-504	174	23	has	have	VERB
ijtc-504	174	24	an	an	DET
ijtc-504	174	25	influence	influence	NOUN
ijtc-504	174	26	on	on	ADP
ijtc-504	174	27	dividend	dividend	NOUN
ijtc-504	174	28	policy	policy	NOUN
ijtc-504	174	29	.	.	PUNCT
ijtc-504	175	1	this	this	PRON
ijtc-504	175	2	is	be	AUX
ijtc-504	175	3	based	base	VERB
ijtc-504	175	4	on	on	ADP
ijtc-504	175	5	that	that	PRON
ijtc-504	175	6	the	the	DET
ijtc-504	175	7	statistical	statistical	ADJ
ijtc-504	175	8	significance	significance	NOUN
ijtc-504	175	9	value	value	NOUN
ijtc-504	175	10	in	in	ADP
ijtc-504	175	11	spss	spss	PROPN
ijtc-504	175	12	is	be	AUX
ijtc-504	175	13	less	less	ADJ
ijtc-504	175	14	than	than	ADP
ijtc-504	175	15	0.05	0.05	NUM
ijtc-504	175	16	(	(	PUNCT
ijtc-504	175	17	0.019<0.05	0.019<0.05	NUM
ijtc-504	175	18	)	)	PUNCT
ijtc-504	175	19	and	and	CCONJ
ijtc-504	175	20	t	t	PROPN
ijtc-504	175	21	-	-	PUNCT
ijtc-504	175	22	count	count	NOUN
ijtc-504	175	23	is	be	AUX
ijtc-504	175	24	greater	great	ADJ
ijtc-504	175	25	than	than	ADP
ijtc-504	175	26	t	t	NOUN
ijtc-504	175	27	-	-	PUNCT
ijtc-504	175	28	table	table	NOUN
ijtc-504	175	29	(	(	PUNCT
ijtc-504	175	30	2.441>1.677	2.441>1.677	NUM
ijtc-504	175	31	)	)	PUNCT
ijtc-504	175	32	.	.	PUNCT
ijtc-504	176	1	liquidity	liquidity	NOUN
ijtc-504	176	2	has	have	VERB
ijtc-504	176	3	a	a	DET
ijtc-504	176	4	positive	positive	ADJ
ijtc-504	176	5	and	and	CCONJ
ijtc-504	176	6	significant	significant	ADJ
ijtc-504	176	7	effect	effect	NOUN
ijtc-504	176	8	on	on	ADP
ijtc-504	176	9	the	the	DET
ijtc-504	176	10	amount	amount	NOUN
ijtc-504	176	11	of	of	ADP
ijtc-504	176	12	dividends	dividend	NOUN
ijtc-504	176	13	distributed	distribute	VERB
ijtc-504	176	14	to	to	ADP
ijtc-504	176	15	shareholders	shareholder	NOUN
ijtc-504	176	16	of	of	ADP
ijtc-504	176	17	manufacturing	manufacture	VERB
ijtc-504	176	18	companies	company	NOUN
ijtc-504	176	19	listed	list	VERB
ijtc-504	176	20	on	on	ADP
ijtc-504	176	21	the	the	DET
ijtc-504	176	22	idx	idx	PROPN
ijtc-504	176	23	.	.	PUNCT
ijtc-504	177	1	liquidity	liquidity	NOUN
ijtc-504	177	2	is	be	AUX
ijtc-504	177	3	one	one	NUM
ijtc-504	177	4	of	of	ADP
ijtc-504	177	5	the	the	DET
ijtc-504	177	6	main	main	ADJ
ijtc-504	177	7	considerations	consideration	NOUN
ijtc-504	177	8	in	in	ADP
ijtc-504	177	9	dividend	dividend	NOUN
ijtc-504	177	10	policy	policy	NOUN
ijtc-504	177	11	because	because	SCONJ
ijtc-504	177	12	dividends	dividend	NOUN
ijtc-504	177	13	are	be	AUX
ijtc-504	177	14	cash	cash	NOUN
ijtc-504	177	15	outflows	outflow	NOUN
ijtc-504	177	16	,	,	PUNCT
ijtc-504	177	17	the	the	DET
ijtc-504	177	18	greater	great	ADJ
ijtc-504	177	19	the	the	DET
ijtc-504	177	20	amount	amount	NOUN
ijtc-504	177	21	of	of	ADP
ijtc-504	177	22	cash	cash	NOUN
ijtc-504	177	23	available	available	ADJ
ijtc-504	177	24	along	along	ADP
ijtc-504	177	25	with	with	ADP
ijtc-504	177	26	the	the	DET
ijtc-504	177	27	company	company	NOUN
ijtc-504	177	28	's	's	PART
ijtc-504	177	29	liquidity	liquidity	NOUN
ijtc-504	177	30	,	,	PUNCT
ijtc-504	177	31	the	the	PRON
ijtc-504	177	32	greater	great	ADJ
ijtc-504	177	33	the	the	DET
ijtc-504	177	34	company	company	NOUN
ijtc-504	177	35	's	's	PART
ijtc-504	177	36	ability	ability	NOUN
ijtc-504	177	37	to	to	PART
ijtc-504	177	38	pay	pay	VERB
ijtc-504	177	39	dividends	dividend	NOUN
ijtc-504	177	40	.	.	PUNCT
ijtc-504	178	1	companies	company	NOUN
ijtc-504	178	2	that	that	PRON
ijtc-504	178	3	are	be	AUX
ijtc-504	178	4	able	able	ADJ
ijtc-504	178	5	to	to	PART
ijtc-504	178	6	distribute	distribute	VERB
ijtc-504	178	7	dividends	dividend	NOUN
ijtc-504	178	8	according	accord	VERB
ijtc-504	178	9	to	to	ADP
ijtc-504	178	10	investors	investor	NOUN
ijtc-504	178	11	'	'	PART
ijtc-504	178	12	expectations	expectation	NOUN
ijtc-504	178	13	will	will	AUX
ijtc-504	178	14	give	give	VERB
ijtc-504	178	15	a	a	DET
ijtc-504	178	16	positive	positive	ADJ
ijtc-504	178	17	signal	signal	NOUN
ijtc-504	178	18	to	to	ADP
ijtc-504	178	19	the	the	DET
ijtc-504	178	20	company	company	NOUN
ijtc-504	178	21	in	in	ADP
ijtc-504	178	22	the	the	DET
ijtc-504	178	23	capital	capital	NOUN
ijtc-504	178	24	market	market	NOUN
ijtc-504	178	25	.	.	PUNCT
ijtc-504	179	1	conclusion	conclusion	NOUN
ijtc-504	179	2	the	the	DET
ijtc-504	179	3	first	first	ADJ
ijtc-504	179	4	hypothesis	hypothesis	NOUN
ijtc-504	179	5	(	(	PUNCT
ijtc-504	179	6	h1	h1	PROPN
ijtc-504	179	7	)	)	PUNCT
ijtc-504	179	8	is	be	AUX
ijtc-504	179	9	rejected	reject	VERB
ijtc-504	179	10	,	,	PUNCT
ijtc-504	179	11	which	which	PRON
ijtc-504	179	12	means	mean	VERB
ijtc-504	179	13	that	that	SCONJ
ijtc-504	179	14	there	there	PRON
ijtc-504	179	15	is	be	VERB
ijtc-504	179	16	no	no	DET
ijtc-504	179	17	influence	influence	NOUN
ijtc-504	179	18	between	between	ADP
ijtc-504	179	19	managerial	managerial	ADJ
ijtc-504	179	20	ownership	ownership	NOUN
ijtc-504	179	21	variables	variable	NOUN
ijtc-504	179	22	on	on	ADP
ijtc-504	179	23	dividend	dividend	NOUN
ijtc-504	179	24	policy	policy	NOUN
ijtc-504	179	25	with	with	ADP
ijtc-504	179	26	a	a	DET
ijtc-504	179	27	significance	significance	NOUN
ijtc-504	179	28	value	value	NOUN
ijtc-504	179	29	greater	great	ADJ
ijtc-504	179	30	than	than	ADP
ijtc-504	179	31	0.05	0.05	NUM
ijtc-504	179	32	,	,	PUNCT
ijtc-504	179	33	namely	namely	ADV
ijtc-504	179	34	0.881	0.881	NUM
ijtc-504	179	35	>	>	SYM
ijtc-504	179	36	0.05	0.05	NUM
ijtc-504	179	37	with	with	ADP
ijtc-504	179	38	a	a	DET
ijtc-504	179	39	t	t	NOUN
ijtc-504	179	40	count	count	NOUN
ijtc-504	179	41	<	<	X
ijtc-504	179	42	t	t	NOUN
ijtc-504	179	43	table	table	NOUN
ijtc-504	179	44	(	(	PUNCT
ijtc-504	179	45	0.151	0.151	NUM
ijtc-504	179	46	<	<	X
ijtc-504	179	47	1.677	1.677	NUM
ijtc-504	179	48	)	)	PUNCT
ijtc-504	179	49	so	so	SCONJ
ijtc-504	179	50	that	that	SCONJ
ijtc-504	179	51	high	high	ADJ
ijtc-504	179	52	managerial	managerial	ADJ
ijtc-504	179	53	ownership	ownership	NOUN
ijtc-504	179	54	does	do	AUX
ijtc-504	179	55	not	not	PART
ijtc-504	179	56	guarantee	guarantee	VERB
ijtc-504	179	57	that	that	SCONJ
ijtc-504	179	58	the	the	DET
ijtc-504	179	59	company	company	NOUN
ijtc-504	179	60	will	will	AUX
ijtc-504	179	61	pay	pay	VERB
ijtc-504	179	62	high	high	ADJ
ijtc-504	179	63	dividends	dividend	NOUN
ijtc-504	179	64	as	as	ADV
ijtc-504	179	65	well	well	ADV
ijtc-504	179	66	.	.	PUNCT
ijtc-504	180	1	the	the	DET
ijtc-504	180	2	second	second	ADJ
ijtc-504	180	3	hypothesis	hypothesis	NOUN
ijtc-504	180	4	(	(	PUNCT
ijtc-504	180	5	h2	h2	NOUN
ijtc-504	180	6	)	)	PUNCT
ijtc-504	180	7	is	be	AUX
ijtc-504	180	8	accepted	accept	VERB
ijtc-504	180	9	which	which	PRON
ijtc-504	180	10	means	mean	VERB
ijtc-504	180	11	that	that	SCONJ
ijtc-504	180	12	there	there	PRON
ijtc-504	180	13	is	be	VERB
ijtc-504	180	14	an	an	DET
ijtc-504	180	15	influence	influence	NOUN
ijtc-504	180	16	between	between	ADP
ijtc-504	180	17	institutional	institutional	ADJ
ijtc-504	180	18	ownership	ownership	NOUN
ijtc-504	180	19	variables	variable	NOUN
ijtc-504	180	20	on	on	ADP
ijtc-504	180	21	dividend	dividend	NOUN
ijtc-504	180	22	policy	policy	NOUN
ijtc-504	180	23	with	with	ADP
ijtc-504	180	24	a	a	DET
ijtc-504	180	25	significance	significance	NOUN
ijtc-504	180	26	value	value	NOUN
ijtc-504	180	27	smaller	small	ADJ
ijtc-504	180	28	than	than	ADP
ijtc-504	180	29	0.05	0.05	NUM
ijtc-504	180	30	,	,	PUNCT
ijtc-504	180	31	namely	namely	ADV
ijtc-504	180	32	0.022	0.022	NUM
ijtc-504	180	33	and	and	CCONJ
ijtc-504	180	34	the	the	DET
ijtc-504	180	35	value	value	NOUN
ijtc-504	180	36	of	of	ADP
ijtc-504	180	37	t	t	PROPN
ijtc-504	180	38	arithmetic	arithmetic	PROPN
ijtc-504	180	39	>	>	X
ijtc-504	180	40	t	t	PROPN
ijtc-504	180	41	table	table	NOUN
ijtc-504	180	42	(	(	PUNCT
ijtc-504	180	43	2.364	2.364	NUM
ijtc-504	180	44	>	>	SYM
ijtc-504	180	45	1.677	1.677	NUM
ijtc-504	180	46	)	)	PUNCT
ijtc-504	180	47	so	so	SCONJ
ijtc-504	180	48	that	that	SCONJ
ijtc-504	180	49	high	high	ADJ
ijtc-504	180	50	institutional	institutional	ADJ
ijtc-504	180	51	ownership	ownership	NOUN
ijtc-504	180	52	allows	allow	VERB
ijtc-504	180	53	intensive	intensive	ADJ
ijtc-504	180	54	supervision	supervision	NOUN
ijtc-504	180	55	of	of	ADP
ijtc-504	180	56	company	company	NOUN
ijtc-504	180	57	performance	performance	NOUN
ijtc-504	180	58	so	so	SCONJ
ijtc-504	180	59	that	that	SCONJ
ijtc-504	180	60	managers	manager	NOUN
ijtc-504	180	61	will	will	AUX
ijtc-504	180	62	follow	follow	VERB
ijtc-504	180	63	the	the	DET
ijtc-504	180	64	interests	interest	NOUN
ijtc-504	180	65	of	of	ADP
ijtc-504	180	66	institutional	institutional	ADJ
ijtc-504	180	67	shareholders	shareholder	NOUN
ijtc-504	180	68	which	which	PRON
ijtc-504	180	69	in	in	ADP
ijtc-504	180	70	this	this	DET
ijtc-504	180	71	case	case	NOUN
ijtc-504	180	72	are	be	AUX
ijtc-504	180	73	in	in	ADP
ijtc-504	180	74	the	the	DET
ijtc-504	180	75	form	form	NOUN
ijtc-504	180	76	of	of	ADP
ijtc-504	180	77	dividend	dividend	NOUN
ijtc-504	180	78	distribution	distribution	NOUN
ijtc-504	180	79	in	in	ADP
ijtc-504	180	80	the	the	DET
ijtc-504	180	81	hope	hope	NOUN
ijtc-504	180	82	that	that	SCONJ
ijtc-504	180	83	institutional	institutional	ADJ
ijtc-504	180	84	shareholders	shareholder	NOUN
ijtc-504	180	85	will	will	AUX
ijtc-504	180	86	continue	continue	VERB
ijtc-504	180	87	to	to	PART
ijtc-504	180	88	invest	invest	VERB
ijtc-504	180	89	their	their	PRON
ijtc-504	180	90	shares	share	NOUN
ijtc-504	180	91	in	in	ADP
ijtc-504	180	92	the	the	DET
ijtc-504	180	93	company	company	NOUN
ijtc-504	180	94	.	.	PUNCT
ijtc-504	181	1	the	the	DET
ijtc-504	181	2	third	third	ADJ
ijtc-504	181	3	hypothesis	hypothesis	NOUN
ijtc-504	181	4	(	(	PUNCT
ijtc-504	181	5	h3	h3	NOUN
ijtc-504	181	6	)	)	PUNCT
ijtc-504	181	7	is	be	AUX
ijtc-504	181	8	accepted	accept	VERB
ijtc-504	181	9	,	,	PUNCT
ijtc-504	181	10	which	which	PRON
ijtc-504	181	11	means	mean	VERB
ijtc-504	181	12	that	that	SCONJ
ijtc-504	181	13	there	there	PRON
ijtc-504	181	14	is	be	VERB
ijtc-504	181	15	an	an	DET
ijtc-504	181	16	influence	influence	NOUN
ijtc-504	181	17	between	between	ADP
ijtc-504	181	18	the	the	DET
ijtc-504	181	19	investment	investment	NOUN
ijtc-504	181	20	decision	decision	NOUN
ijtc-504	181	21	variables	variable	NOUN
ijtc-504	181	22	on	on	ADP
ijtc-504	181	23	dividend	dividend	NOUN
ijtc-504	181	24	policy	policy	NOUN
ijtc-504	181	25	with	with	ADP
ijtc-504	181	26	a	a	DET
ijtc-504	181	27	significance	significance	NOUN
ijtc-504	181	28	value	value	NOUN
ijtc-504	181	29	smaller	small	ADJ
ijtc-504	181	30	than	than	ADP
ijtc-504	181	31	0.05	0.05	NUM
ijtc-504	181	32	and	and	CCONJ
ijtc-504	181	33	a	a	DET
ijtc-504	181	34	t	t	NOUN
ijtc-504	181	35	count	count	NOUN
ijtc-504	181	36	>	>	X
ijtc-504	181	37	t	t	NOUN
ijtc-504	181	38	table	table	NOUN
ijtc-504	181	39	(	(	PUNCT
ijtc-504	181	40	2.646	2.646	NUM
ijtc-504	181	41	>	>	SYM
ijtc-504	181	42	1.677	1.677	NUM
ijtc-504	181	43	)	)	PUNCT
ijtc-504	181	44	so	so	SCONJ
ijtc-504	181	45	that	that	SCONJ
ijtc-504	181	46	the	the	DET
ijtc-504	181	47	decisions	decision	NOUN
ijtc-504	181	48	taken	take	VERB
ijtc-504	181	49	by	by	ADP
ijtc-504	181	50	the	the	DET
ijtc-504	181	51	company	company	NOUN
ijtc-504	181	52	in	in	ADP
ijtc-504	181	53	the	the	DET
ijtc-504	181	54	form	form	NOUN
ijtc-504	181	55	of	of	ADP
ijtc-504	181	56	investment	investment	NOUN
ijtc-504	181	57	have	have	VERB
ijtc-504	181	58	an	an	DET
ijtc-504	181	59	influence	influence	NOUN
ijtc-504	181	60	on	on	ADP
ijtc-504	181	61	the	the	DET
ijtc-504	181	62	distribution	distribution	NOUN
ijtc-504	181	63	of	of	ADP
ijtc-504	181	64	dividends	dividend	NOUN
ijtc-504	181	65	to	to	ADP
ijtc-504	181	66	shareholders	shareholder	NOUN
ijtc-504	181	67	.	.	PUNCT
ijtc-504	182	1	shareholders	shareholder	NOUN
ijtc-504	182	2	by	by	ADP
ijtc-504	182	3	considering	consider	VERB
ijtc-504	182	4	other	other	ADJ
ijtc-504	182	5	factors	factor	NOUN
ijtc-504	182	6	that	that	PRON
ijtc-504	182	7	influence	influence	VERB
ijtc-504	182	8	the	the	DET
ijtc-504	182	9	distribution	distribution	NOUN
ijtc-504	182	10	of	of	ADP
ijtc-504	182	11	the	the	DET
ijtc-504	182	12	dividend	dividend	NOUN
ijtc-504	182	13	.	.	PUNCT
ijtc-504	183	1	the	the	DET
ijtc-504	183	2	fourth	fourth	ADJ
ijtc-504	183	3	hypothesis	hypothesis	NOUN
ijtc-504	183	4	(	(	PUNCT
ijtc-504	183	5	h4	h4	PROPN
ijtc-504	183	6	)	)	PUNCT
ijtc-504	183	7	is	be	AUX
ijtc-504	183	8	accepted	accept	VERB
ijtc-504	183	9	,	,	PUNCT
ijtc-504	183	10	which	which	PRON
ijtc-504	183	11	means	mean	VERB
ijtc-504	183	12	that	that	SCONJ
ijtc-504	183	13	liquidity	liquidity	NOUN
ijtc-504	183	14	can	can	AUX
ijtc-504	183	15	intervene	intervene	VERB
ijtc-504	183	16	(	(	PUNCT
ijtc-504	183	17	become	become	VERB
ijtc-504	183	18	an	an	DET
ijtc-504	183	19	intermediary	intermediary	NOUN
ijtc-504	183	20	)	)	PUNCT
ijtc-504	183	21	between	between	ADP
ijtc-504	183	22	managerial	managerial	ADJ
ijtc-504	183	23	ownership	ownership	NOUN
ijtc-504	183	24	of	of	ADP
ijtc-504	183	25	dividend	dividend	NOUN
ijtc-504	183	26	policy	policy	NOUN
ijtc-504	183	27	with	with	ADP
ijtc-504	183	28	the	the	DET
ijtc-504	183	29	value	value	NOUN
ijtc-504	183	30	of	of	ADP
ijtc-504	183	31	indirect	indirect	ADJ
ijtc-504	183	32	influence	influence	NOUN
ijtc-504	183	33	>	>	X
ijtc-504	183	34	direct	direct	ADJ
ijtc-504	183	35	influence	influence	NOUN
ijtc-504	183	36	(	(	PUNCT
ijtc-504	183	37	0.084	0.084	NUM
ijtc-504	183	38	>	>	X
ijtc-504	183	39	0.022	0.022	NUM
ijtc-504	183	40	)	)	PUNCT
ijtc-504	184	1	so	so	SCONJ
ijtc-504	184	2	that	that	SCONJ
ijtc-504	184	3	the	the	DET
ijtc-504	184	4	level	level	NOUN
ijtc-504	184	5	of	of	ADP
ijtc-504	184	6	liquidity	liquidity	NOUN
ijtc-504	184	7	of	of	ADP
ijtc-504	184	8	a	a	DET
ijtc-504	184	9	company	company	NOUN
ijtc-504	184	10	which	which	PRON
ijtc-504	184	11	,	,	PUNCT
ijtc-504	184	12	if	if	SCONJ
ijtc-504	184	13	associated	associate	VERB
ijtc-504	184	14	with	with	ADP
ijtc-504	184	15	the	the	DET
ijtc-504	184	16	level	level	NOUN
ijtc-504	184	17	of	of	ADP
ijtc-504	184	18	managerial	managerial	ADJ
ijtc-504	184	19	ownership	ownership	NOUN
ijtc-504	184	20	,	,	PUNCT
ijtc-504	184	21	can	can	AUX
ijtc-504	184	22	indirectly	indirectly	ADV
ijtc-504	184	23	influence	influence	VERB
ijtc-504	184	24	the	the	DET
ijtc-504	184	25	distribution	distribution	NOUN
ijtc-504	184	26	of	of	ADP
ijtc-504	184	27	dividends	dividend	NOUN
ijtc-504	184	28	.	.	PUNCT
ijtc-504	185	1	the	the	DET
ijtc-504	185	2	fifth	fifth	ADJ
ijtc-504	185	3	hypothesis	hypothesis	NOUN
ijtc-504	185	4	(	(	PUNCT
ijtc-504	185	5	h5	h5	PROPN
ijtc-504	185	6	)	)	PUNCT
ijtc-504	185	7	is	be	AUX
ijtc-504	185	8	accepted	accept	VERB
ijtc-504	185	9	,	,	PUNCT
ijtc-504	185	10	which	which	PRON
ijtc-504	185	11	means	mean	VERB
ijtc-504	185	12	that	that	SCONJ
ijtc-504	185	13	liquidity	liquidity	NOUN
ijtc-504	185	14	can	can	AUX
ijtc-504	185	15	intervene	intervene	VERB
ijtc-504	185	16	(	(	PUNCT
ijtc-504	185	17	become	become	VERB
ijtc-504	185	18	an	an	DET
ijtc-504	185	19	intermediary	intermediary	NOUN
ijtc-504	185	20	)	)	PUNCT
ijtc-504	185	21	between	between	ADP
ijtc-504	185	22	importance	importance	NOUN
ijtc-504	185	23	of	of	ADP
ijtc-504	185	24	liquidity	liquidity	NOUN
ijtc-504	185	25	indicators	indicator	NOUN
ijtc-504	185	26	in	in	ADP
ijtc-504	185	27	intervening	intervene	VERB
ijtc-504	185	28	the	the	DET
ijtc-504	185	29	dividend	dividend	NOUN
ijtc-504	185	30	policy	policy	NOUN
ijtc-504	185	31	sunaryo	sunaryo	NOUN
ijtc-504	185	32	285	285	NUM
ijtc-504	185	33	|	|	ADV
ijtc-504	185	34	ilomata	ilomata	PROPN
ijtc-504	185	35	international	international	ADJ
ijtc-504	185	36	journal	journal	NOUN
ijtc-504	185	37	of	of	ADP
ijtc-504	185	38	tax	tax	PROPN
ijtc-504	185	39	&	&	CCONJ
ijtc-504	185	40	accounting	account	VERB
ijtc-504	185	41	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	185	42	institutional	institutional	ADJ
ijtc-504	185	43	ownership	ownership	NOUN
ijtc-504	185	44	of	of	ADP
ijtc-504	185	45	dividend	dividend	NOUN
ijtc-504	185	46	policy	policy	NOUN
ijtc-504	185	47	with	with	ADP
ijtc-504	185	48	the	the	DET
ijtc-504	185	49	value	value	NOUN
ijtc-504	185	50	of	of	ADP
ijtc-504	185	51	indirect	indirect	ADJ
ijtc-504	185	52	influence	influence	NOUN
ijtc-504	185	53	>	>	X
ijtc-504	185	54	direct	direct	ADJ
ijtc-504	185	55	influence	influence	NOUN
ijtc-504	185	56	(	(	PUNCT
ijtc-504	185	57	0.397	0.397	NUM
ijtc-504	185	58	>	>	SYM
ijtc-504	185	59	0.334	0.334	NUM
ijtc-504	185	60	)	)	PUNCT
ijtc-504	186	1	so	so	SCONJ
ijtc-504	186	2	that	that	SCONJ
ijtc-504	186	3	the	the	DET
ijtc-504	186	4	level	level	NOUN
ijtc-504	186	5	of	of	ADP
ijtc-504	186	6	liquidity	liquidity	NOUN
ijtc-504	186	7	of	of	ADP
ijtc-504	186	8	a	a	DET
ijtc-504	186	9	company	company	NOUN
ijtc-504	186	10	which	which	PRON
ijtc-504	186	11	,	,	PUNCT
ijtc-504	186	12	if	if	SCONJ
ijtc-504	186	13	associated	associate	VERB
ijtc-504	186	14	with	with	ADP
ijtc-504	186	15	the	the	DET
ijtc-504	186	16	level	level	NOUN
ijtc-504	186	17	of	of	ADP
ijtc-504	186	18	institutional	institutional	ADJ
ijtc-504	186	19	ownership	ownership	NOUN
ijtc-504	186	20	,	,	PUNCT
ijtc-504	186	21	can	can	AUX
ijtc-504	186	22	indirectly	indirectly	ADV
ijtc-504	186	23	provide	provide	VERB
ijtc-504	186	24	influence	influence	NOUN
ijtc-504	186	25	in	in	ADP
ijtc-504	186	26	the	the	DET
ijtc-504	186	27	distribution	distribution	NOUN
ijtc-504	186	28	of	of	ADP
ijtc-504	186	29	dividends	dividend	NOUN
ijtc-504	186	30	.	.	PUNCT
ijtc-504	187	1	the	the	DET
ijtc-504	187	2	sixth	sixth	ADJ
ijtc-504	187	3	hypothesis	hypothesis	NOUN
ijtc-504	187	4	(	(	PUNCT
ijtc-504	187	5	h6	h6	PROPN
ijtc-504	187	6	)	)	PUNCT
ijtc-504	187	7	is	be	AUX
ijtc-504	187	8	rejected	reject	VERB
ijtc-504	187	9	,	,	PUNCT
ijtc-504	187	10	which	which	PRON
ijtc-504	187	11	means	mean	VERB
ijtc-504	187	12	that	that	SCONJ
ijtc-504	187	13	liquidity	liquidity	NOUN
ijtc-504	187	14	can	can	AUX
ijtc-504	187	15	not	not	PART
ijtc-504	187	16	intervene	intervene	VERB
ijtc-504	187	17	(	(	PUNCT
ijtc-504	187	18	become	become	VERB
ijtc-504	187	19	an	an	DET
ijtc-504	187	20	intermediary	intermediary	NOUN
ijtc-504	187	21	)	)	PUNCT
ijtc-504	187	22	between	between	ADP
ijtc-504	187	23	investment	investment	NOUN
ijtc-504	187	24	decisions	decision	NOUN
ijtc-504	187	25	on	on	ADP
ijtc-504	187	26	dividend	dividend	NOUN
ijtc-504	187	27	policy	policy	NOUN
ijtc-504	187	28	with	with	ADP
ijtc-504	187	29	the	the	DET
ijtc-504	187	30	value	value	NOUN
ijtc-504	187	31	of	of	ADP
ijtc-504	187	32	indirect	indirect	ADJ
ijtc-504	187	33	influence	influence	NOUN
ijtc-504	187	34	<	<	X
ijtc-504	187	35	direct	direct	ADJ
ijtc-504	187	36	influence	influence	NOUN
ijtc-504	187	37	(	(	PUNCT
ijtc-504	187	38	0.288	0.288	NUM
ijtc-504	187	39	<	<	SYM
ijtc-504	187	40	0.400	0.400	NUM
ijtc-504	187	41	)	)	PUNCT
ijtc-504	188	1	so	so	SCONJ
ijtc-504	188	2	that	that	SCONJ
ijtc-504	188	3	the	the	DET
ijtc-504	188	4	level	level	NOUN
ijtc-504	188	5	of	of	ADP
ijtc-504	188	6	liquidity	liquidity	NOUN
ijtc-504	188	7	of	of	ADP
ijtc-504	188	8	a	a	DET
ijtc-504	188	9	company	company	NOUN
ijtc-504	188	10	which	which	PRON
ijtc-504	188	11	,	,	PUNCT
ijtc-504	188	12	if	if	SCONJ
ijtc-504	188	13	associated	associate	VERB
ijtc-504	188	14	with	with	ADP
ijtc-504	188	15	the	the	DET
ijtc-504	188	16	level	level	NOUN
ijtc-504	188	17	of	of	ADP
ijtc-504	188	18	managerial	managerial	ADJ
ijtc-504	188	19	ownership	ownership	NOUN
ijtc-504	188	20	indirectly	indirectly	ADV
ijtc-504	188	21	can	can	AUX
ijtc-504	188	22	not	not	PART
ijtc-504	188	23	influence	influence	VERB
ijtc-504	188	24	the	the	DET
ijtc-504	188	25	distribution	distribution	NOUN
ijtc-504	188	26	of	of	ADP
ijtc-504	188	27	dividends	dividend	NOUN
ijtc-504	188	28	.	.	PUNCT
ijtc-504	189	1	the	the	DET
ijtc-504	189	2	seventh	seventh	ADJ
ijtc-504	189	3	hypothesis	hypothesis	NOUN
ijtc-504	189	4	(	(	PUNCT
ijtc-504	189	5	h7	h7	PROPN
ijtc-504	189	6	)	)	PUNCT
ijtc-504	189	7	is	be	AUX
ijtc-504	189	8	accepted	accept	VERB
ijtc-504	189	9	,	,	PUNCT
ijtc-504	189	10	which	which	PRON
ijtc-504	189	11	means	mean	VERB
ijtc-504	189	12	that	that	SCONJ
ijtc-504	189	13	there	there	PRON
ijtc-504	189	14	is	be	VERB
ijtc-504	189	15	an	an	DET
ijtc-504	189	16	influence	influence	NOUN
ijtc-504	189	17	between	between	ADP
ijtc-504	189	18	the	the	DET
ijtc-504	189	19	liquidity	liquidity	NOUN
ijtc-504	189	20	variable	variable	NOUN
ijtc-504	189	21	on	on	ADP
ijtc-504	189	22	dividend	dividend	NOUN
ijtc-504	189	23	policy	policy	NOUN
ijtc-504	189	24	with	with	ADP
ijtc-504	189	25	a	a	DET
ijtc-504	189	26	significance	significance	NOUN
ijtc-504	189	27	value	value	NOUN
ijtc-504	189	28	smaller	small	ADJ
ijtc-504	189	29	than	than	ADP
ijtc-504	189	30	0.05	0.05	NUM
ijtc-504	189	31	,	,	PUNCT
ijtc-504	189	32	i.e.	i.e.	X
ijtc-504	189	33	0.019	0.019	NUM
ijtc-504	189	34	and	and	CCONJ
ijtc-504	189	35	the	the	DET
ijtc-504	189	36	value	value	NOUN
ijtc-504	189	37	of	of	ADP
ijtc-504	189	38	t	t	PROPN
ijtc-504	189	39	count	count	PROPN
ijtc-504	189	40	>	>	X
ijtc-504	189	41	t	t	NOUN
ijtc-504	189	42	table	table	NOUN
ijtc-504	189	43	(	(	PUNCT
ijtc-504	189	44	2,441	2,441	NUM
ijtc-504	189	45	>	>	SYM
ijtc-504	189	46	1,677	1,677	NUM
ijtc-504	189	47	)	)	PUNCT
ijtc-504	189	48	so	so	SCONJ
ijtc-504	189	49	that	that	SCONJ
ijtc-504	189	50	the	the	DET
ijtc-504	189	51	company	company	NOUN
ijtc-504	189	52	's	's	PART
ijtc-504	189	53	liquidity	liquidity	NOUN
ijtc-504	189	54	level	level	NOUN
ijtc-504	189	55	is	be	AUX
ijtc-504	189	56	one	one	NUM
ijtc-504	189	57	of	of	ADP
ijtc-504	189	58	the	the	DET
ijtc-504	189	59	factors	factor	NOUN
ijtc-504	189	60	that	that	PRON
ijtc-504	189	61	must	must	AUX
ijtc-504	189	62	be	be	AUX
ijtc-504	189	63	considered	consider	VERB
ijtc-504	189	64	in	in	ADP
ijtc-504	189	65	distribution	distribution	NOUN
ijtc-504	189	66	of	of	ADP
ijtc-504	189	67	dividends	dividend	NOUN
ijtc-504	189	68	to	to	ADP
ijtc-504	189	69	shareholders	shareholder	NOUN
ijtc-504	189	70	.	.	PUNCT
ijtc-504	190	1	limitations	limitation	NOUN
ijtc-504	190	2	based	base	VERB
ijtc-504	190	3	on	on	ADP
ijtc-504	190	4	adjusted	adjusted	ADJ
ijtc-504	190	5	r2	r2	PROPN
ijtc-504	190	6	obtained	obtain	VERB
ijtc-504	190	7	a	a	DET
ijtc-504	190	8	value	value	NOUN
ijtc-504	190	9	of	of	ADP
ijtc-504	190	10	0.151	0.151	NUM
ijtc-504	190	11	which	which	PRON
ijtc-504	190	12	means	mean	VERB
ijtc-504	190	13	15.1	15.1	NUM
ijtc-504	190	14	%	%	NOUN
ijtc-504	190	15	obtained	obtain	VERB
ijtc-504	190	16	through	through	ADP
ijtc-504	190	17	path	path	NOUN
ijtc-504	190	18	1	1	NUM
ijtc-504	190	19	,	,	PUNCT
ijtc-504	190	20	changes	change	NOUN
ijtc-504	190	21	in	in	ADP
ijtc-504	190	22	dividend	dividend	NOUN
ijtc-504	190	23	policy	policy	NOUN
ijtc-504	190	24	variables	variable	NOUN
ijtc-504	190	25	as	as	SCONJ
ijtc-504	190	26	proxied	proxie	VERB
ijtc-504	190	27	by	by	ADP
ijtc-504	190	28	the	the	DET
ijtc-504	190	29	dividend	dividend	NOUN
ijtc-504	190	30	payout	payout	NOUN
ijtc-504	190	31	ratio	ratio	NOUN
ijtc-504	190	32	can	can	AUX
ijtc-504	190	33	be	be	AUX
ijtc-504	190	34	explained	explain	VERB
ijtc-504	190	35	by	by	ADP
ijtc-504	190	36	changes	change	NOUN
ijtc-504	190	37	in	in	ADP
ijtc-504	190	38	managerial	managerial	ADJ
ijtc-504	190	39	ownership	ownership	NOUN
ijtc-504	190	40	,	,	PUNCT
ijtc-504	190	41	institutional	institutional	ADJ
ijtc-504	190	42	ownership	ownership	NOUN
ijtc-504	190	43	,	,	PUNCT
ijtc-504	190	44	and	and	CCONJ
ijtc-504	190	45	investment	investment	NOUN
ijtc-504	190	46	decisions	decision	NOUN
ijtc-504	190	47	as	as	ADV
ijtc-504	190	48	well	well	ADV
ijtc-504	190	49	as	as	ADP
ijtc-504	190	50	changes	change	NOUN
ijtc-504	190	51	in	in	ADP
ijtc-504	190	52	dividend	dividend	NOUN
ijtc-504	190	53	policy	policy	NOUN
ijtc-504	190	54	together	together	ADV
ijtc-504	190	55	.	.	PUNCT
ijtc-504	191	1	same	same	ADJ
ijtc-504	191	2	.	.	PUNCT
ijtc-504	192	1	while	while	SCONJ
ijtc-504	192	2	the	the	DET
ijtc-504	192	3	remaining	remain	VERB
ijtc-504	192	4	84,9	84,9	NUM
ijtc-504	192	5	%	%	NOUN
ijtc-504	192	6	is	be	AUX
ijtc-504	192	7	influenced	influence	VERB
ijtc-504	192	8	by	by	ADP
ijtc-504	192	9	other	other	ADJ
ijtc-504	192	10	factors	factor	NOUN
ijtc-504	192	11	outside	outside	ADP
ijtc-504	192	12	this	this	DET
ijtc-504	192	13	research	research	NOUN
ijtc-504	192	14	model	model	NOUN
ijtc-504	192	15	such	such	ADJ
ijtc-504	192	16	as	as	ADP
ijtc-504	192	17	debt	debt	NOUN
ijtc-504	192	18	policy	policy	NOUN
ijtc-504	192	19	variables	variable	NOUN
ijtc-504	192	20	,	,	PUNCT
ijtc-504	192	21	profitability	profitability	NOUN
ijtc-504	192	22	,	,	PUNCT
ijtc-504	192	23	leverage	leverage	NOUN
ijtc-504	192	24	,	,	PUNCT
ijtc-504	192	25	company	company	NOUN
ijtc-504	192	26	size	size	NOUN
ijtc-504	192	27	and	and	CCONJ
ijtc-504	192	28	others	other	NOUN
ijtc-504	192	29	.	.	PUNCT
ijtc-504	193	1	while	while	SCONJ
ijtc-504	193	2	adjusted	adjusted	ADJ
ijtc-504	193	3	r2	r2	PROPN
ijtc-504	193	4	obtained	obtain	VERB
ijtc-504	193	5	a	a	DET
ijtc-504	193	6	value	value	NOUN
ijtc-504	193	7	of	of	ADP
ijtc-504	193	8	0.175	0.175	NUM
ijtc-504	193	9	which	which	PRON
ijtc-504	193	10	means	mean	VERB
ijtc-504	193	11	17.5	17.5	NUM
ijtc-504	193	12	%	%	NOUN
ijtc-504	193	13	changes	change	NOUN
ijtc-504	193	14	in	in	ADP
ijtc-504	193	15	dividend	dividend	NOUN
ijtc-504	193	16	policy	policy	NOUN
ijtc-504	193	17	variables	variable	NOUN
ijtc-504	193	18	as	as	SCONJ
ijtc-504	193	19	proxied	proxie	VERB
ijtc-504	193	20	by	by	ADP
ijtc-504	193	21	the	the	DET
ijtc-504	193	22	dividend	dividend	NOUN
ijtc-504	193	23	payout	payout	NOUN
ijtc-504	193	24	ratio	ratio	NOUN
ijtc-504	193	25	can	can	AUX
ijtc-504	193	26	be	be	AUX
ijtc-504	193	27	explained	explain	VERB
ijtc-504	193	28	by	by	ADP
ijtc-504	193	29	changes	change	NOUN
ijtc-504	193	30	in	in	ADP
ijtc-504	193	31	managerial	managerial	ADJ
ijtc-504	193	32	ownership	ownership	NOUN
ijtc-504	193	33	,	,	PUNCT
ijtc-504	193	34	institutional	institutional	ADJ
ijtc-504	193	35	ownership	ownership	NOUN
ijtc-504	193	36	,	,	PUNCT
ijtc-504	193	37	investment	investment	NOUN
ijtc-504	193	38	decisions	decision	NOUN
ijtc-504	193	39	and	and	CCONJ
ijtc-504	193	40	liquidity	liquidity	NOUN
ijtc-504	193	41	as	as	ADV
ijtc-504	193	42	well	well	ADV
ijtc-504	193	43	as	as	ADP
ijtc-504	193	44	changes	change	NOUN
ijtc-504	193	45	in	in	ADP
ijtc-504	193	46	dividend	dividend	NOUN
ijtc-504	193	47	policy	policy	NOUN
ijtc-504	193	48	together	together	ADV
ijtc-504	193	49	.	.	PUNCT
ijtc-504	194	1	while	while	SCONJ
ijtc-504	194	2	the	the	DET
ijtc-504	194	3	remaining	remain	VERB
ijtc-504	194	4	82.5	82.5	NUM
ijtc-504	194	5	%	%	NOUN
ijtc-504	194	6	is	be	AUX
ijtc-504	194	7	influenced	influence	VERB
ijtc-504	194	8	by	by	ADP
ijtc-504	194	9	other	other	ADJ
ijtc-504	194	10	factors	factor	NOUN
ijtc-504	194	11	outside	outside	ADP
ijtc-504	194	12	this	this	DET
ijtc-504	194	13	research	research	NOUN
ijtc-504	194	14	model	model	NOUN
ijtc-504	194	15	such	such	ADJ
ijtc-504	194	16	as	as	ADP
ijtc-504	194	17	debt	debt	NOUN
ijtc-504	194	18	policy	policy	NOUN
ijtc-504	194	19	variables	variable	NOUN
ijtc-504	194	20	,	,	PUNCT
ijtc-504	194	21	profitability	profitability	NOUN
ijtc-504	194	22	,	,	PUNCT
ijtc-504	194	23	leverage	leverage	NOUN
ijtc-504	194	24	,	,	PUNCT
ijtc-504	194	25	company	company	NOUN
ijtc-504	194	26	size	size	NOUN
ijtc-504	194	27	and	and	CCONJ
ijtc-504	194	28	others	other	NOUN
ijtc-504	194	29	.	.	PUNCT
ijtc-504	195	1	acknowledgements	acknowledgement	NOUN
ijtc-504	195	2	thanks	thank	NOUN
ijtc-504	195	3	to	to	ADP
ijtc-504	195	4	the	the	DET
ijtc-504	195	5	university	university	PROPN
ijtc-504	195	6	of	of	ADP
ijtc-504	195	7	serang	serang	PROPN
ijtc-504	195	8	raya	raya	PROPN
ijtc-504	195	9	for	for	ADP
ijtc-504	195	10	facilitating	facilitate	VERB
ijtc-504	195	11	and	and	CCONJ
ijtc-504	195	12	providing	provide	VERB
ijtc-504	195	13	financial	financial	ADJ
ijtc-504	195	14	funds	fund	NOUN
ijtc-504	195	15	for	for	ADP
ijtc-504	195	16	this	this	DET
ijtc-504	195	17	research	research	NOUN
ijtc-504	195	18	,	,	PUNCT
ijtc-504	195	19	and	and	CCONJ
ijtc-504	195	20	colleagues	colleague	NOUN
ijtc-504	195	21	who	who	PRON
ijtc-504	195	22	have	have	AUX
ijtc-504	195	23	provided	provide	VERB
ijtc-504	195	24	motivation	motivation	NOUN
ijtc-504	195	25	so	so	SCONJ
ijtc-504	195	26	that	that	SCONJ
ijtc-504	195	27	this	this	DET
ijtc-504	195	28	research	research	NOUN
ijtc-504	195	29	can	can	AUX
ijtc-504	195	30	run	run	VERB
ijtc-504	195	31	until	until	ADP
ijtc-504	195	32	the	the	DET
ijtc-504	195	33	appointed	appoint	VERB
ijtc-504	195	34	time	time	NOUN
ijtc-504	195	35	.	.	PUNCT
ijtc-504	196	1	reference	reference	NOUN
ijtc-504	196	2	afriani	afriani	PROPN
ijtc-504	196	3	,	,	PUNCT
ijtc-504	196	4	f.	f.	PROPN
ijtc-504	196	5	,	,	PUNCT
ijtc-504	196	6	savitri	savitri	PROPN
ijtc-504	196	7	,	,	PUNCT
ijtc-504	196	8	e.	e.	PROPN
ijtc-504	196	9	,	,	PUNCT
ijtc-504	196	10	&	&	CCONJ
ijtc-504	196	11	aprilia	aprilia	PROPN
ijtc-504	196	12	,	,	PUNCT
ijtc-504	196	13	r.	r.	PROPN
ijtc-504	196	14	(	(	PUNCT
ijtc-504	196	15	2013	2013	NUM
ijtc-504	196	16	)	)	PUNCT
ijtc-504	196	17	.	.	PUNCT
ijtc-504	197	1	pengaruh	pengaruh	NOUN
ijtc-504	197	2	likuiditas	likuidita	NOUN
ijtc-504	197	3	,	,	PUNCT
ijtc-504	197	4	leverage	leverage	NOUN
ijtc-504	197	5	,	,	PUNCT
ijtc-504	197	6	profitabilitas	profitabilita	NOUN
ijtc-504	197	7	,	,	PUNCT
ijtc-504	197	8	ukuran	ukuran	PROPN
ijtc-504	197	9	perusahaan	perusahaan	PROPN
ijtc-504	197	10	dan	dan	PROPN
ijtc-504	197	11	growth	growth	PROPN
ijtc-504	197	12	terhadap	terhadap	PROPN
ijtc-504	197	13	kebijakan	kebijakan	PROPN
ijtc-504	197	14	dividen	dividen	PROPN
ijtc-504	197	15	.	.	PUNCT
ijtc-504	198	1	jurnal	jurnal	ADJ
ijtc-504	198	2	manajemen	manajeman	NOUN
ijtc-504	198	3	stie	stie	PROPN
ijtc-504	198	4	mdp	mdp	PROPN
ijtc-504	198	5	,	,	PUNCT
ijtc-504	198	6	3(1	3(1	NUM
ijtc-504	198	7	)	)	PUNCT
ijtc-504	198	8	,	,	PUNCT
ijtc-504	198	9	1–13	1–13	NOUN
ijtc-504	198	10	.	.	PUNCT
ijtc-504	199	1	https://core.ac.uk/download/pdf/35319144.pdf	https://core.ac.uk/download/pdf/35319144.pdf	NOUN
ijtc-504	199	2	akindayomi	akindayomi	NOUN
ijtc-504	199	3	,	,	PUNCT
ijtc-504	199	4	a.	a.	PROPN
ijtc-504	199	5	,	,	PUNCT
ijtc-504	199	6	&	&	CCONJ
ijtc-504	199	7	amin	amin	PROPN
ijtc-504	199	8	,	,	PUNCT
ijtc-504	199	9	m.	m.	PROPN
ijtc-504	199	10	r.	r.	PROPN
ijtc-504	199	11	(	(	PUNCT
ijtc-504	199	12	2022	2022	NUM
ijtc-504	199	13	)	)	PUNCT
ijtc-504	199	14	.	.	PUNCT
ijtc-504	200	1	does	do	AUX
ijtc-504	200	2	business	business	NOUN
ijtc-504	200	3	strategy	strategy	NOUN
ijtc-504	200	4	affect	affect	VERB
ijtc-504	200	5	dividend	dividend	NOUN
ijtc-504	200	6	payout	payout	NOUN
ijtc-504	200	7	policies	policy	NOUN
ijtc-504	200	8	?	?	PUNCT
ijtc-504	201	1	journal	journal	NOUN
ijtc-504	201	2	of	of	ADP
ijtc-504	201	3	business	business	NOUN
ijtc-504	201	4	research	research	NOUN
ijtc-504	201	5	,	,	PUNCT
ijtc-504	201	6	151	151	NUM
ijtc-504	201	7	,	,	PUNCT
ijtc-504	201	8	531–550	531–550	NUM
ijtc-504	201	9	.	.	PUNCT
ijtc-504	201	10	https://doi.org/10.1016/j.jbusres.2022.07.028	https://doi.org/10.1016/j.jbusres.2022.07.028	PROPN
ijtc-504	201	11	aksoy	aksoy	PROPN
ijtc-504	201	12	,	,	PUNCT
ijtc-504	201	13	m.	m.	NOUN
ijtc-504	201	14	,	,	PUNCT
ijtc-504	201	15	yilmaz	yilmaz	PROPN
ijtc-504	201	16	,	,	PUNCT
ijtc-504	201	17	m.	m.	PROPN
ijtc-504	201	18	k.	k.	PROPN
ijtc-504	201	19	,	,	PUNCT
ijtc-504	201	20	tatoglu	tatoglu	PROPN
ijtc-504	201	21	,	,	PUNCT
ijtc-504	201	22	e.	e.	PROPN
ijtc-504	201	23	,	,	PUNCT
ijtc-504	201	24	&	&	CCONJ
ijtc-504	201	25	basar	basar	PROPN
ijtc-504	201	26	,	,	PUNCT
ijtc-504	201	27	m.	m.	NOUN
ijtc-504	201	28	(	(	PUNCT
ijtc-504	201	29	2020	2020	NUM
ijtc-504	201	30	)	)	PUNCT
ijtc-504	201	31	.	.	PUNCT
ijtc-504	202	1	antecedents	antecedent	NOUN
ijtc-504	202	2	of	of	ADP
ijtc-504	202	3	corporate	corporate	ADJ
ijtc-504	202	4	sustainability	sustainability	NOUN
ijtc-504	202	5	performance	performance	NOUN
ijtc-504	202	6	in	in	ADP
ijtc-504	202	7	turkey	turkey	PROPN
ijtc-504	202	8	:	:	PUNCT
ijtc-504	202	9	the	the	DET
ijtc-504	202	10	effects	effect	NOUN
ijtc-504	202	11	of	of	ADP
ijtc-504	202	12	ownership	ownership	NOUN
ijtc-504	202	13	structure	structure	NOUN
ijtc-504	202	14	and	and	CCONJ
ijtc-504	202	15	board	board	NOUN
ijtc-504	202	16	attributes	attribute	NOUN
ijtc-504	202	17	on	on	ADP
ijtc-504	202	18	non	non	ADJ
ijtc-504	202	19	-	-	ADJ
ijtc-504	202	20	financial	financial	ADJ
ijtc-504	202	21	companies	company	NOUN
ijtc-504	202	22	.	.	PUNCT
ijtc-504	203	1	journal	journal	NOUN
ijtc-504	203	2	of	of	ADP
ijtc-504	203	3	cleaner	clean	ADJ
ijtc-504	203	4	production	production	NOUN
ijtc-504	203	5	,	,	PUNCT
ijtc-504	203	6	276	276	NUM
ijtc-504	203	7	,	,	PUNCT
ijtc-504	203	8	124284	124284	NUM
ijtc-504	203	9	.	.	PUNCT
ijtc-504	204	1	https://doi.org/10.1016/j.jclepro.2020.124284	https://doi.org/10.1016/j.jclepro.2020.124284	NOUN
ijtc-504	204	2	alhazaimeh	alhazaimeh	NOUN
ijtc-504	204	3	,	,	PUNCT
ijtc-504	204	4	a.	a.	NOUN
ijtc-504	204	5	,	,	PUNCT
ijtc-504	204	6	palaniappan	palaniappan	PROPN
ijtc-504	204	7	,	,	PUNCT
ijtc-504	204	8	r.	r.	PROPN
ijtc-504	204	9	,	,	PUNCT
ijtc-504	204	10	&	&	CCONJ
ijtc-504	204	11	almsafir	almsafir	PROPN
ijtc-504	204	12	,	,	PUNCT
ijtc-504	204	13	m.	m.	NOUN
ijtc-504	204	14	(	(	PUNCT
ijtc-504	204	15	2014	2014	NUM
ijtc-504	204	16	)	)	PUNCT
ijtc-504	204	17	.	.	PUNCT
ijtc-504	205	1	the	the	DET
ijtc-504	205	2	impact	impact	NOUN
ijtc-504	205	3	of	of	ADP
ijtc-504	205	4	corporate	corporate	ADJ
ijtc-504	205	5	governance	governance	NOUN
ijtc-504	205	6	and	and	CCONJ
ijtc-504	205	7	ownership	ownership	NOUN
ijtc-504	205	8	structure	structure	NOUN
ijtc-504	205	9	on	on	ADP
ijtc-504	205	10	voluntary	voluntary	ADJ
ijtc-504	205	11	disclosure	disclosure	NOUN
ijtc-504	205	12	in	in	ADP
ijtc-504	205	13	annual	annual	ADJ
ijtc-504	205	14	reports	report	NOUN
ijtc-504	205	15	among	among	ADP
ijtc-504	205	16	listed	list	VERB
ijtc-504	205	17	jordanian	jordanian	ADJ
ijtc-504	205	18	companies	company	NOUN
ijtc-504	205	19	.	.	PUNCT
ijtc-504	206	1	procedia	procedia	PROPN
ijtc-504	206	2	social	social	ADJ
ijtc-504	206	3	and	and	CCONJ
ijtc-504	206	4	behavioral	behavioral	ADJ
ijtc-504	206	5	sciences	science	NOUN
ijtc-504	206	6	,	,	PUNCT
ijtc-504	206	7	129	129	NUM
ijtc-504	206	8	,	,	PUNCT
ijtc-504	206	9	341–348	341–348	NUM
ijtc-504	206	10	.	.	PUNCT
ijtc-504	207	1	https://doi.org/10.1016/j.sbspro.2014.03.686	https://doi.org/10.1016/j.sbspro.2014.03.686	PROPN
ijtc-504	207	2	ali	ali	PROPN
ijtc-504	207	3	,	,	PUNCT
ijtc-504	207	4	h.	h.	PROPN
ijtc-504	207	5	,	,	PUNCT
ijtc-504	207	6	&	&	CCONJ
ijtc-504	207	7	hegazy	hegazy	PROPN
ijtc-504	207	8	,	,	PUNCT
ijtc-504	207	9	a.	a.	PROPN
ijtc-504	207	10	y.	y.	PROPN
ijtc-504	207	11	(	(	PUNCT
ijtc-504	207	12	2022	2022	NUM
ijtc-504	207	13	)	)	PUNCT
ijtc-504	207	14	.	.	PUNCT
ijtc-504	208	1	dividend	dividend	NOUN
ijtc-504	208	2	policy	policy	NOUN
ijtc-504	208	3	,	,	PUNCT
ijtc-504	208	4	risk	risk	NOUN
ijtc-504	208	5	and	and	CCONJ
ijtc-504	208	6	the	the	DET
ijtc-504	208	7	cross	cross	NOUN
ijtc-504	208	8	-	-	NOUN
ijtc-504	208	9	section	section	NOUN
ijtc-504	208	10	of	of	ADP
ijtc-504	208	11	stock	stock	NOUN
ijtc-504	208	12	returns	return	NOUN
ijtc-504	208	13	:	:	PUNCT
ijtc-504	208	14	evidence	evidence	NOUN
ijtc-504	208	15	from	from	ADP
ijtc-504	208	16	india	india	PROPN
ijtc-504	208	17	.	.	PUNCT
ijtc-504	209	1	international	international	ADJ
ijtc-504	209	2	review	review	PROPN
ijtc-504	209	3	of	of	ADP
ijtc-504	209	4	economics	economics	PROPN
ijtc-504	209	5	&	&	CCONJ
ijtc-504	209	6	finance	finance	PROPN
ijtc-504	209	7	,	,	PUNCT
ijtc-504	209	8	79	79	NUM
ijtc-504	209	9	,	,	PUNCT
ijtc-504	209	10	169–192	169–192	NUM
ijtc-504	209	11	.	.	PUNCT
ijtc-504	210	1	importance	importance	NOUN
ijtc-504	210	2	of	of	ADP
ijtc-504	210	3	liquidity	liquidity	NOUN
ijtc-504	210	4	indicators	indicator	NOUN
ijtc-504	210	5	in	in	ADP
ijtc-504	210	6	intervening	intervene	VERB
ijtc-504	210	7	the	the	DET
ijtc-504	210	8	dividend	dividend	NOUN
ijtc-504	210	9	policy	policy	NOUN
ijtc-504	210	10	sunaryo	sunaryo	NOUN
ijtc-504	210	11	286	286	NUM
ijtc-504	210	12	|	|	NOUN
ijtc-504	210	13	ilomata	ilomata	NOUN
ijtc-504	210	14	international	international	ADJ
ijtc-504	210	15	journal	journal	NOUN
ijtc-504	210	16	of	of	ADP
ijtc-504	210	17	tax	tax	PROPN
ijtc-504	210	18	&	&	CCONJ
ijtc-504	210	19	accounting	account	VERB
ijtc-504	210	20	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	210	21	https://doi.org/10.1016/j.iref.2022.02.002	https://doi.org/10.1016/j.iref.2022.02.002	PROPN
ijtc-504	210	22	barros	barros	PROPN
ijtc-504	210	23	,	,	PUNCT
ijtc-504	210	24	v.	v.	PROPN
ijtc-504	210	25	,	,	PUNCT
ijtc-504	210	26	guedes	guede	NOUN
ijtc-504	210	27	,	,	PUNCT
ijtc-504	210	28	m.	m.	NOUN
ijtc-504	210	29	j.	j.	PROPN
ijtc-504	210	30	,	,	PUNCT
ijtc-504	210	31	santos	santos	PROPN
ijtc-504	210	32	,	,	PUNCT
ijtc-504	210	33	p.	p.	NOUN
ijtc-504	210	34	,	,	PUNCT
ijtc-504	210	35	&	&	CCONJ
ijtc-504	210	36	sarmento	sarmento	PROPN
ijtc-504	210	37	,	,	PUNCT
ijtc-504	210	38	j.	j.	PROPN
ijtc-504	210	39	m.	m.	PROPN
ijtc-504	210	40	(	(	PUNCT
ijtc-504	210	41	2022	2022	NUM
ijtc-504	210	42	)	)	PUNCT
ijtc-504	210	43	.	.	PUNCT
ijtc-504	211	1	does	do	AUX
ijtc-504	211	2	ceo	ceo	VERB
ijtc-504	211	3	turnover	turnover	NOUN
ijtc-504	211	4	influence	influence	NOUN
ijtc-504	211	5	dividend	dividend	NOUN
ijtc-504	211	6	policy	policy	NOUN
ijtc-504	211	7	?	?	PUNCT
ijtc-504	212	1	finance	finance	NOUN
ijtc-504	212	2	research	research	NOUN
ijtc-504	212	3	letters	letter	NOUN
ijtc-504	212	4	,	,	PUNCT
ijtc-504	212	5	44	44	NUM
ijtc-504	212	6	,	,	PUNCT
ijtc-504	212	7	102085	102085	NUM
ijtc-504	212	8	.	.	PUNCT
ijtc-504	213	1	https://doi.org/10.1016/j.frl.2021.102085	https://doi.org/10.1016/j.frl.2021.102085	PROPN
ijtc-504	213	2	barros	barros	PROPN
ijtc-504	213	3	,	,	PUNCT
ijtc-504	213	4	v.	v.	PROPN
ijtc-504	213	5	,	,	PUNCT
ijtc-504	213	6	verga	verga	NOUN
ijtc-504	213	7	matos	matos	PROPN
ijtc-504	213	8	,	,	PUNCT
ijtc-504	213	9	p.	p.	PROPN
ijtc-504	213	10	,	,	PUNCT
ijtc-504	213	11	miranda	miranda	PROPN
ijtc-504	213	12	sarmento	sarmento	PROPN
ijtc-504	213	13	,	,	PUNCT
ijtc-504	213	14	j.	j.	PROPN
ijtc-504	213	15	,	,	PUNCT
ijtc-504	213	16	&	&	CCONJ
ijtc-504	213	17	rino	rino	PROPN
ijtc-504	213	18	vieira	vieira	PROPN
ijtc-504	213	19	,	,	PUNCT
ijtc-504	213	20	p.	p.	NOUN
ijtc-504	213	21	(	(	PUNCT
ijtc-504	213	22	2021	2021	NUM
ijtc-504	213	23	)	)	PUNCT
ijtc-504	213	24	.	.	PUNCT
ijtc-504	214	1	do	do	AUX
ijtc-504	214	2	activist	activist	ADJ
ijtc-504	214	3	shareholders	shareholder	NOUN
ijtc-504	214	4	influence	influence	VERB
ijtc-504	214	5	a	a	DET
ijtc-504	214	6	manager	manager	NOUN
ijtc-504	214	7	’s	’s	PART
ijtc-504	214	8	decisions	decision	NOUN
ijtc-504	214	9	on	on	ADP
ijtc-504	214	10	a	a	DET
ijtc-504	214	11	firm	firm	NOUN
ijtc-504	214	12	’s	’s	PART
ijtc-504	214	13	dividend	dividend	NOUN
ijtc-504	214	14	policy	policy	NOUN
ijtc-504	214	15	:	:	PUNCT
ijtc-504	214	16	a	a	DET
ijtc-504	214	17	mixed	mix	VERB
ijtc-504	214	18	-	-	PUNCT
ijtc-504	214	19	method	method	NOUN
ijtc-504	214	20	study	study	NOUN
ijtc-504	214	21	.	.	PUNCT
ijtc-504	215	1	journal	journal	PROPN
ijtc-504	215	2	of	of	ADP
ijtc-504	215	3	business	business	NOUN
ijtc-504	215	4	research	research	NOUN
ijtc-504	215	5	,	,	PUNCT
ijtc-504	215	6	122	122	NUM
ijtc-504	215	7	,	,	PUNCT
ijtc-504	215	8	387–397	387–397	NUM
ijtc-504	215	9	.	.	PUNCT
ijtc-504	216	1	https://doi.org/10.1016/j.jbusres.2020.08.048	https://doi.org/10.1016/j.jbusres.2020.08.048	NOUN
ijtc-504	216	2	basuki	basuki	NOUN
ijtc-504	216	3	,	,	PUNCT
ijtc-504	216	4	a.	a.	NOUN
ijtc-504	216	5	t.	t.	PROPN
ijtc-504	216	6	,	,	PUNCT
ijtc-504	216	7	&	&	CCONJ
ijtc-504	216	8	prawoto	prawoto	NOUN
ijtc-504	216	9	,	,	PUNCT
ijtc-504	216	10	n.	n.	NOUN
ijtc-504	216	11	(	(	PUNCT
ijtc-504	216	12	2019	2019	NUM
ijtc-504	216	13	)	)	PUNCT
ijtc-504	216	14	.	.	PUNCT
ijtc-504	217	1	analisis	analisis	ADJ
ijtc-504	217	2	regresi	regresi	NOUN
ijtc-504	217	3	dalam	dalam	PROPN
ijtc-504	217	4	penelitian	penelitian	PROPN
ijtc-504	217	5	ekonomi	ekonomi	PROPN
ijtc-504	217	6	dan	dan	PROPN
ijtc-504	217	7	bisnis	bisnis	PROPN
ijtc-504	217	8	(	(	PUNCT
ijtc-504	217	9	a.	a.	PROPN
ijtc-504	217	10	t.	t.	PROPN
ijtc-504	217	11	basuki	basuki	PROPN
ijtc-504	217	12	(	(	PUNCT
ijtc-504	217	13	ed	ed	NOUN
ijtc-504	217	14	.	.	PUNCT
ijtc-504	217	15	)	)	PUNCT
ijtc-504	217	16	;	;	PUNCT
ijtc-504	217	17	3rd	3rd	ADJ
ijtc-504	217	18	ed	ed	NOUN
ijtc-504	217	19	.	.	PUNCT
ijtc-504	217	20	)	)	PUNCT
ijtc-504	217	21	.	.	PUNCT
ijtc-504	218	1	rajagrafindo	rajagrafindo	PROPN
ijtc-504	218	2	persada	persada	PROPN
ijtc-504	218	3	.	.	PUNCT
ijtc-504	219	1	https://www.rajagrafindo.co.id/produk/analisis-regresi-dalam-penelitian-ekonomi-bisnisilengkapi-aplikasi-spss-eviews/	https://www.rajagrafindo.co.id/produk/analisis-regresi-dalam-penelitian-ekonomi-bisnisilengkapi-aplikasi-spss-eviews/	PROPN
ijtc-504	219	2	berrospide	berrospide	PROPN
ijtc-504	219	3	,	,	PUNCT
ijtc-504	219	4	j.	j.	PROPN
ijtc-504	219	5	m.	m.	PROPN
ijtc-504	219	6	,	,	PUNCT
ijtc-504	219	7	&	&	CCONJ
ijtc-504	219	8	herrerias	herrerias	PROPN
ijtc-504	219	9	,	,	PUNCT
ijtc-504	219	10	r.	r.	PROPN
ijtc-504	219	11	(	(	PUNCT
ijtc-504	219	12	2015	2015	NUM
ijtc-504	219	13	)	)	PUNCT
ijtc-504	219	14	.	.	PUNCT
ijtc-504	220	1	finance	finance	NOUN
ijtc-504	220	2	companies	company	NOUN
ijtc-504	220	3	in	in	ADP
ijtc-504	220	4	mexico	mexico	PROPN
ijtc-504	220	5	:	:	PUNCT
ijtc-504	220	6	unexpected	unexpected	ADJ
ijtc-504	220	7	victims	victim	NOUN
ijtc-504	220	8	of	of	ADP
ijtc-504	220	9	the	the	DET
ijtc-504	220	10	global	global	ADJ
ijtc-504	220	11	liquidity	liquidity	PROPN
ijtc-504	220	12	crunch	crunch	NOUN
ijtc-504	220	13	.	.	PUNCT
ijtc-504	221	1	journal	journal	NOUN
ijtc-504	221	2	of	of	ADP
ijtc-504	221	3	financial	financial	ADJ
ijtc-504	221	4	stability	stability	NOUN
ijtc-504	221	5	,	,	PUNCT
ijtc-504	221	6	18	18	NUM
ijtc-504	221	7	,	,	PUNCT
ijtc-504	221	8	33–54	33–54	NUM
ijtc-504	221	9	.	.	PUNCT
ijtc-504	222	1	https://doi.org/10.1016/j.jfs.2015.02.004	https://doi.org/10.1016/j.jfs.2015.02.004	PROPN
ijtc-504	222	2	cao	cao	PROPN
ijtc-504	222	3	,	,	PUNCT
ijtc-504	222	4	z.	z.	PROPN
ijtc-504	222	5	,	,	PUNCT
ijtc-504	222	6	chen	chen	PROPN
ijtc-504	222	7	,	,	PUNCT
ijtc-504	222	8	s.	s.	PROPN
ijtc-504	222	9	x.	x.	PROPN
ijtc-504	222	10	,	,	PUNCT
ijtc-504	222	11	harakeh	harakeh	PROPN
ijtc-504	222	12	,	,	PUNCT
ijtc-504	222	13	m.	m.	NOUN
ijtc-504	222	14	,	,	PUNCT
ijtc-504	222	15	&	&	CCONJ
ijtc-504	222	16	lee	lee	PROPN
ijtc-504	222	17	,	,	PUNCT
ijtc-504	222	18	e.	e.	PROPN
ijtc-504	222	19	(	(	PUNCT
ijtc-504	222	20	2022	2022	NUM
ijtc-504	222	21	)	)	PUNCT
ijtc-504	222	22	.	.	PUNCT
ijtc-504	223	1	do	do	AUX
ijtc-504	223	2	non	non	ADJ
ijtc-504	223	3	-	-	ADJ
ijtc-504	223	4	financial	financial	ADJ
ijtc-504	223	5	factors	factor	NOUN
ijtc-504	223	6	influence	influence	VERB
ijtc-504	223	7	corporate	corporate	ADJ
ijtc-504	223	8	dividend	dividend	NOUN
ijtc-504	223	9	policies	policy	NOUN
ijtc-504	223	10	?	?	PUNCT
ijtc-504	224	1	evidence	evidence	NOUN
ijtc-504	224	2	from	from	ADP
ijtc-504	224	3	business	business	NOUN
ijtc-504	224	4	strategy	strategy	NOUN
ijtc-504	224	5	.	.	PUNCT
ijtc-504	225	1	international	international	ADJ
ijtc-504	225	2	review	review	NOUN
ijtc-504	225	3	of	of	ADP
ijtc-504	225	4	financial	financial	ADJ
ijtc-504	225	5	analysis	analysis	NOUN
ijtc-504	225	6	,	,	PUNCT
ijtc-504	225	7	82	82	NUM
ijtc-504	225	8	,	,	PUNCT
ijtc-504	225	9	102211	102211	NUM
ijtc-504	225	10	.	.	PUNCT
ijtc-504	226	1	https://doi.org/10.1016/j.irfa.2022.102211	https://doi.org/10.1016/j.irfa.2022.102211	PROPN
ijtc-504	226	2	chen	chen	PROPN
ijtc-504	226	3	,	,	PUNCT
ijtc-504	226	4	c.-j	c.-j	PROPN
ijtc-504	226	5	.	.	PUNCT
ijtc-504	226	6	,	,	PUNCT
ijtc-504	226	7	ruey	ruey	NOUN
ijtc-504	226	8	-	-	PUNCT
ijtc-504	226	9	shan	shan	NOUN
ijtc-504	226	10	guo	guo	PROPN
ijtc-504	226	11	,	,	PUNCT
ijtc-504	226	12	wang	wang	PROPN
ijtc-504	226	13	,	,	PUNCT
ijtc-504	226	14	s.-h	s.-h	PROPN
ijtc-504	226	15	.	.	PROPN
ijtc-504	226	16	,	,	PUNCT
ijtc-504	226	17	&	&	CCONJ
ijtc-504	226	18	lin	lin	PROPN
ijtc-504	226	19	,	,	PUNCT
ijtc-504	226	20	y.-h	y.-h	PROPN
ijtc-504	226	21	.	.	PUNCT
ijtc-504	226	22	(	(	PUNCT
ijtc-504	226	23	2022	2022	NUM
ijtc-504	226	24	)	)	PUNCT
ijtc-504	226	25	.	.	PUNCT
ijtc-504	227	1	power	power	NOUN
ijtc-504	227	2	distance	distance	NOUN
ijtc-504	227	3	diversification	diversification	NOUN
ijtc-504	227	4	,	,	PUNCT
ijtc-504	227	5	ownership	ownership	NOUN
ijtc-504	227	6	structure	structure	NOUN
ijtc-504	227	7	,	,	PUNCT
ijtc-504	227	8	and	and	CCONJ
ijtc-504	227	9	business	business	NOUN
ijtc-504	227	10	group	group	NOUN
ijtc-504	227	11	performance	performance	NOUN
ijtc-504	227	12	.	.	PUNCT
ijtc-504	228	1	journal	journal	PROPN
ijtc-504	228	2	of	of	ADP
ijtc-504	228	3	business	business	NOUN
ijtc-504	228	4	research	research	NOUN
ijtc-504	228	5	,	,	PUNCT
ijtc-504	228	6	151	151	NUM
ijtc-504	228	7	,	,	PUNCT
ijtc-504	228	8	70	70	NUM
ijtc-504	228	9	–	–	PUNCT
ijtc-504	228	10	85	85	NUM
ijtc-504	228	11	.	.	PUNCT
ijtc-504	229	1	https://doi.org/10.1016/j.jbusres.2022.06.041	https://doi.org/10.1016/j.jbusres.2022.06.041	PROPN
ijtc-504	229	2	cruz	cruz	PROPN
ijtc-504	229	3	,	,	PUNCT
ijtc-504	229	4	a.	a.	NOUN
ijtc-504	229	5	m.	m.	NOUN
ijtc-504	229	6	,	,	PUNCT
ijtc-504	229	7	&	&	CCONJ
ijtc-504	229	8	haugan	haugan	PROPN
ijtc-504	229	9	,	,	PUNCT
ijtc-504	229	10	g.	g.	PROPN
ijtc-504	229	11	l.	l.	PROPN
ijtc-504	229	12	(	(	PUNCT
ijtc-504	229	13	2019	2019	NUM
ijtc-504	229	14	)	)	PUNCT
ijtc-504	229	15	.	.	PUNCT
ijtc-504	230	1	determinants	determinant	NOUN
ijtc-504	230	2	of	of	ADP
ijtc-504	230	3	maintenance	maintenance	NOUN
ijtc-504	230	4	performance	performance	NOUN
ijtc-504	230	5	:	:	PUNCT
ijtc-504	230	6	a	a	DET
ijtc-504	230	7	resourcebased	resourcebased	ADJ
ijtc-504	230	8	view	view	NOUN
ijtc-504	230	9	and	and	CCONJ
ijtc-504	230	10	agency	agency	NOUN
ijtc-504	230	11	theory	theory	NOUN
ijtc-504	230	12	approach	approach	NOUN
ijtc-504	230	13	.	.	PUNCT
ijtc-504	231	1	journal	journal	NOUN
ijtc-504	231	2	of	of	ADP
ijtc-504	231	3	engineering	engineering	NOUN
ijtc-504	231	4	and	and	CCONJ
ijtc-504	231	5	technology	technology	NOUN
ijtc-504	231	6	management	management	NOUN
ijtc-504	231	7	,	,	PUNCT
ijtc-504	231	8	51	51	NUM
ijtc-504	231	9	,	,	PUNCT
ijtc-504	231	10	33–47	33–47	NUM
ijtc-504	231	11	.	.	PUNCT
ijtc-504	232	1	https://doi.org/10.1016/j.jengtecman.2019.03.001	https://doi.org/10.1016/j.jengtecman.2019.03.001	PROPN
ijtc-504	232	2	cui	cui	PROPN
ijtc-504	232	3	,	,	PUNCT
ijtc-504	232	4	y.	y.	PROPN
ijtc-504	232	5	,	,	PUNCT
ijtc-504	232	6	zhang	zhang	PROPN
ijtc-504	232	7	,	,	PUNCT
ijtc-504	232	8	y.	y.	PROPN
ijtc-504	232	9	,	,	PUNCT
ijtc-504	232	10	guo	guo	PROPN
ijtc-504	232	11	,	,	PUNCT
ijtc-504	232	12	j.	j.	PROPN
ijtc-504	232	13	,	,	PUNCT
ijtc-504	232	14	hu	hu	PROPN
ijtc-504	232	15	,	,	PUNCT
ijtc-504	232	16	h.	h.	PROPN
ijtc-504	232	17	,	,	PUNCT
ijtc-504	232	18	&	&	CCONJ
ijtc-504	232	19	meng	meng	PROPN
ijtc-504	232	20	,	,	PUNCT
ijtc-504	232	21	h.	h.	PROPN
ijtc-504	232	22	(	(	PUNCT
ijtc-504	232	23	2019	2019	NUM
ijtc-504	232	24	)	)	PUNCT
ijtc-504	232	25	.	.	PUNCT
ijtc-504	233	1	top	top	ADJ
ijtc-504	233	2	management	management	NOUN
ijtc-504	233	3	team	team	NOUN
ijtc-504	233	4	knowledge	knowledge	NOUN
ijtc-504	233	5	heterogeneity	heterogeneity	NOUN
ijtc-504	233	6	,	,	PUNCT
ijtc-504	233	7	ownership	ownership	NOUN
ijtc-504	233	8	structure	structure	NOUN
ijtc-504	233	9	and	and	CCONJ
ijtc-504	233	10	financial	financial	ADJ
ijtc-504	233	11	performance	performance	NOUN
ijtc-504	233	12	:	:	PUNCT
ijtc-504	233	13	evidence	evidence	NOUN
ijtc-504	233	14	from	from	ADP
ijtc-504	233	15	chinese	chinese	PROPN
ijtc-504	233	16	it	it	PRON
ijtc-504	233	17	listed	list	VERB
ijtc-504	233	18	companies	company	NOUN
ijtc-504	233	19	.	.	PUNCT
ijtc-504	234	1	technological	technological	ADJ
ijtc-504	234	2	forecasting	forecasting	NOUN
ijtc-504	234	3	and	and	CCONJ
ijtc-504	234	4	social	social	ADJ
ijtc-504	234	5	change	change	NOUN
ijtc-504	234	6	,	,	PUNCT
ijtc-504	234	7	140	140	NUM
ijtc-504	234	8	,	,	PUNCT
ijtc-504	234	9	14–21	14–21	NUM
ijtc-504	234	10	.	.	PUNCT
ijtc-504	235	1	https://doi.org/10.1016/j.techfore.2018.12.008	https://doi.org/10.1016/j.techfore.2018.12.008	NOUN
ijtc-504	235	2	fabisik	fabisik	NOUN
ijtc-504	235	3	,	,	PUNCT
ijtc-504	235	4	k.	k.	PROPN
ijtc-504	235	5	,	,	PUNCT
ijtc-504	235	6	fahlenbrach	fahlenbrach	NOUN
ijtc-504	235	7	,	,	PUNCT
ijtc-504	235	8	r.	r.	PROPN
ijtc-504	235	9	,	,	PUNCT
ijtc-504	235	10	stulz	stulz	ADJ
ijtc-504	235	11	,	,	PUNCT
ijtc-504	235	12	r.	r.	PROPN
ijtc-504	235	13	m.	m.	PROPN
ijtc-504	235	14	,	,	PUNCT
ijtc-504	235	15	&	&	CCONJ
ijtc-504	235	16	taillard	taillard	PROPN
ijtc-504	235	17	,	,	PUNCT
ijtc-504	235	18	j.	j.	PROPN
ijtc-504	235	19	p.	p.	PROPN
ijtc-504	235	20	(	(	PUNCT
ijtc-504	235	21	2021	2021	NUM
ijtc-504	235	22	)	)	PUNCT
ijtc-504	235	23	.	.	PUNCT
ijtc-504	236	1	why	why	SCONJ
ijtc-504	236	2	are	be	AUX
ijtc-504	236	3	firms	firm	NOUN
ijtc-504	236	4	with	with	ADP
ijtc-504	236	5	more	more	ADJ
ijtc-504	236	6	managerial	managerial	ADJ
ijtc-504	236	7	ownership	ownership	NOUN
ijtc-504	236	8	worth	worth	ADJ
ijtc-504	236	9	less	less	ADJ
ijtc-504	236	10	?	?	PUNCT
ijtc-504	237	1	journal	journal	NOUN
ijtc-504	237	2	of	of	ADP
ijtc-504	237	3	financial	financial	ADJ
ijtc-504	237	4	economics	economic	NOUN
ijtc-504	237	5	,	,	PUNCT
ijtc-504	237	6	140(3	140(3	NUM
ijtc-504	237	7	)	)	PUNCT
ijtc-504	237	8	,	,	PUNCT
ijtc-504	237	9	699–725	699–725	PROPN
ijtc-504	237	10	.	.	PUNCT
ijtc-504	238	1	https://doi.org/10.1016/j.jfineco.2021.02.008	https://doi.org/10.1016/j.jfineco.2021.02.008	PROPN
ijtc-504	238	2	fan	fan	PROPN
ijtc-504	238	3	,	,	PUNCT
ijtc-504	238	4	y.	y.	PROPN
ijtc-504	238	5	,	,	PUNCT
ijtc-504	238	6	zhang	zhang	PROPN
ijtc-504	238	7	,	,	PUNCT
ijtc-504	238	8	f.	f.	PROPN
ijtc-504	238	9	,	,	PUNCT
ijtc-504	238	10	&	&	CCONJ
ijtc-504	238	11	zhu	zhu	PROPN
ijtc-504	238	12	,	,	PUNCT
ijtc-504	238	13	l.	l.	PROPN
ijtc-504	238	14	(	(	PUNCT
ijtc-504	238	15	2021	2021	NUM
ijtc-504	238	16	)	)	PUNCT
ijtc-504	238	17	.	.	PUNCT
ijtc-504	239	1	do	do	AUX
ijtc-504	239	2	family	family	NOUN
ijtc-504	239	3	firms	firm	NOUN
ijtc-504	239	4	invest	invest	VERB
ijtc-504	239	5	more	more	ADV
ijtc-504	239	6	in	in	ADP
ijtc-504	239	7	pollution	pollution	NOUN
ijtc-504	239	8	prevention	prevention	NOUN
ijtc-504	239	9	strategy	strategy	NOUN
ijtc-504	239	10	than	than	ADP
ijtc-504	239	11	non	non	ADJ
ijtc-504	239	12	-	-	ADJ
ijtc-504	239	13	family	family	ADJ
ijtc-504	239	14	firms	firm	NOUN
ijtc-504	239	15	?	?	PUNCT
ijtc-504	240	1	an	an	DET
ijtc-504	240	2	integration	integration	NOUN
ijtc-504	240	3	of	of	ADP
ijtc-504	240	4	agency	agency	NOUN
ijtc-504	240	5	and	and	CCONJ
ijtc-504	240	6	institutional	institutional	ADJ
ijtc-504	240	7	theories	theory	NOUN
ijtc-504	240	8	.	.	PUNCT
ijtc-504	241	1	journal	journal	NOUN
ijtc-504	241	2	of	of	ADP
ijtc-504	241	3	cleaner	clean	ADJ
ijtc-504	241	4	production	production	NOUN
ijtc-504	241	5	,	,	PUNCT
ijtc-504	241	6	286	286	NUM
ijtc-504	241	7	,	,	PUNCT
ijtc-504	241	8	124988	124988	NUM
ijtc-504	241	9	.	.	PUNCT
ijtc-504	242	1	https://doi.org/10.1016/j.jclepro.2020.124988	https://doi.org/10.1016/j.jclepro.2020.124988	NOUN
ijtc-504	242	2	fernández	fernández	PROPN
ijtc-504	242	3	-	-	PUNCT
ijtc-504	242	4	portillo	portillo	PROPN
ijtc-504	242	5	,	,	PUNCT
ijtc-504	242	6	a.	a.	NOUN
ijtc-504	242	7	,	,	PUNCT
ijtc-504	242	8	almodóvar	almodóvar	NOUN
ijtc-504	242	9	-	-	PUNCT
ijtc-504	242	10	gonzález	gonzález	PROPN
ijtc-504	242	11	,	,	PUNCT
ijtc-504	242	12	m.	m.	NOUN
ijtc-504	242	13	,	,	PUNCT
ijtc-504	242	14	sánchez	sánchez	PROPN
ijtc-504	242	15	-	-	PUNCT
ijtc-504	242	16	escobedo	escobedo	PROPN
ijtc-504	242	17	,	,	PUNCT
ijtc-504	242	18	m.	m.	PROPN
ijtc-504	242	19	c.	c.	PROPN
ijtc-504	242	20	,	,	PUNCT
ijtc-504	242	21	&	&	CCONJ
ijtc-504	242	22	coca	coca	PROPN
ijtc-504	242	23	-	-	PUNCT
ijtc-504	242	24	pérez	pérez	NOUN
ijtc-504	242	25	,	,	PUNCT
ijtc-504	242	26	j.	j.	PROPN
ijtc-504	242	27	l.	l.	PROPN
ijtc-504	242	28	(	(	PUNCT
ijtc-504	242	29	2022	2022	NUM
ijtc-504	242	30	)	)	PUNCT
ijtc-504	242	31	.	.	PUNCT
ijtc-504	243	1	the	the	DET
ijtc-504	243	2	role	role	NOUN
ijtc-504	243	3	of	of	ADP
ijtc-504	243	4	innovation	innovation	NOUN
ijtc-504	243	5	in	in	ADP
ijtc-504	243	6	the	the	DET
ijtc-504	243	7	relationship	relationship	NOUN
ijtc-504	243	8	between	between	ADP
ijtc-504	243	9	digitalisation	digitalisation	NOUN
ijtc-504	243	10	and	and	CCONJ
ijtc-504	243	11	economic	economic	ADJ
ijtc-504	243	12	and	and	CCONJ
ijtc-504	243	13	financial	financial	ADJ
ijtc-504	243	14	performance	performance	NOUN
ijtc-504	243	15	.	.	PUNCT
ijtc-504	244	1	a	a	DET
ijtc-504	244	2	company	company	NOUN
ijtc-504	244	3	-	-	PUNCT
ijtc-504	244	4	level	level	NOUN
ijtc-504	244	5	research	research	NOUN
ijtc-504	244	6	.	.	PUNCT
ijtc-504	245	1	european	european	ADJ
ijtc-504	245	2	research	research	PROPN
ijtc-504	245	3	on	on	ADP
ijtc-504	245	4	management	management	NOUN
ijtc-504	245	5	and	and	CCONJ
ijtc-504	245	6	business	business	NOUN
ijtc-504	245	7	economics	economic	NOUN
ijtc-504	245	8	,	,	PUNCT
ijtc-504	245	9	28(3	28(3	NUM
ijtc-504	245	10	)	)	PUNCT
ijtc-504	245	11	,	,	PUNCT
ijtc-504	245	12	100190	100190	NUM
ijtc-504	245	13	.	.	PUNCT
ijtc-504	246	1	https://doi.org/10.1016/j.iedeen.2021.100190	https://doi.org/10.1016/j.iedeen.2021.100190	VERB
ijtc-504	246	2	ghozali	ghozali	ADJ
ijtc-504	246	3	,	,	PUNCT
ijtc-504	246	4	i.	i.	PROPN
ijtc-504	246	5	(	(	PUNCT
ijtc-504	246	6	2016	2016	NUM
ijtc-504	246	7	)	)	PUNCT
ijtc-504	246	8	.	.	PUNCT
ijtc-504	247	1	aplikasi	aplikasi	PROPN
ijtc-504	247	2	analisis	analisis	PROPN
ijtc-504	247	3	multivariete	multivariete	PROPN
ijtc-504	247	4	dengan	dengan	PROPN
ijtc-504	247	5	program	program	PROPN
ijtc-504	247	6	ibm	ibm	PROPN
ijtc-504	247	7	spss	spss	PROPN
ijtc-504	247	8	23	23	NUM
ijtc-504	247	9	(	(	PUNCT
ijtc-504	247	10	i.	i.	PROPN
ijtc-504	247	11	ghozali	ghozali	PROPN
ijtc-504	247	12	(	(	PUNCT
ijtc-504	247	13	ed	ed	NOUN
ijtc-504	247	14	.	.	PUNCT
ijtc-504	247	15	)	)	PUNCT
ijtc-504	247	16	;	;	PUNCT
ijtc-504	247	17	8th	8th	ADJ
ijtc-504	247	18	ed	ed	NOUN
ijtc-504	247	19	.	.	PUNCT
ijtc-504	247	20	)	)	PUNCT
ijtc-504	247	21	.	.	PUNCT
ijtc-504	248	1	badan	badan	PROPN
ijtc-504	248	2	penerbit	penerbit	PROPN
ijtc-504	248	3	universitas	universita	NOUN
ijtc-504	248	4	diponegoro	diponegoro	PROPN
ijtc-504	248	5	.	.	PUNCT
ijtc-504	249	1	http://kin.perpusnas.go.id/displaydata.aspx?pid=218217&pregioncode=un11mar&p	http://kin.perpusnas.go.id/displaydata.aspx?pid=218217&pregioncode=un11mar&p	PROPN
ijtc-504	249	2	clientid=112	clientid=112	PROPN
ijtc-504	249	3	gilje	gilje	PROPN
ijtc-504	249	4	,	,	PUNCT
ijtc-504	249	5	e.	e.	PROPN
ijtc-504	249	6	p.	p.	PROPN
ijtc-504	249	7	,	,	PUNCT
ijtc-504	249	8	gormley	gormley	PROPN
ijtc-504	249	9	,	,	PUNCT
ijtc-504	249	10	t.	t.	PROPN
ijtc-504	249	11	a.	a.	PROPN
ijtc-504	249	12	,	,	PUNCT
ijtc-504	249	13	&	&	CCONJ
ijtc-504	249	14	levit	levit	PROPN
ijtc-504	249	15	,	,	PUNCT
ijtc-504	249	16	d.	d.	PROPN
ijtc-504	249	17	(	(	PUNCT
ijtc-504	249	18	2020	2020	NUM
ijtc-504	249	19	)	)	PUNCT
ijtc-504	249	20	.	.	PUNCT
ijtc-504	250	1	who	who	PRON
ijtc-504	250	2	’s	’s	AUX
ijtc-504	250	3	paying	pay	VERB
ijtc-504	250	4	attention	attention	NOUN
ijtc-504	250	5	?	?	PUNCT
ijtc-504	251	1	measuring	measure	VERB
ijtc-504	251	2	common	common	ADJ
ijtc-504	251	3	ownership	ownership	NOUN
ijtc-504	251	4	and	and	CCONJ
ijtc-504	251	5	its	its	PRON
ijtc-504	251	6	impact	impact	NOUN
ijtc-504	251	7	on	on	ADP
ijtc-504	251	8	managerial	managerial	ADJ
ijtc-504	251	9	incentives	incentive	NOUN
ijtc-504	251	10	.	.	PUNCT
ijtc-504	252	1	journal	journal	NOUN
ijtc-504	252	2	of	of	ADP
ijtc-504	252	3	financial	financial	ADJ
ijtc-504	252	4	economics	economic	NOUN
ijtc-504	252	5	,	,	PUNCT
ijtc-504	252	6	137(1	137(1	NUM
ijtc-504	252	7	)	)	PUNCT
ijtc-504	252	8	,	,	PUNCT
ijtc-504	252	9	152–178	152–178	NUM
ijtc-504	252	10	.	.	PUNCT
ijtc-504	253	1	https://doi.org/10.1016/j.jfineco.2019.12.006	https://doi.org/10.1016/j.jfineco.2019.12.006	ADJ
ijtc-504	253	2	importance	importance	NOUN
ijtc-504	253	3	of	of	ADP
ijtc-504	253	4	liquidity	liquidity	NOUN
ijtc-504	253	5	indicators	indicator	NOUN
ijtc-504	253	6	in	in	ADP
ijtc-504	253	7	intervening	intervene	VERB
ijtc-504	253	8	the	the	DET
ijtc-504	253	9	dividend	dividend	NOUN
ijtc-504	253	10	policy	policy	NOUN
ijtc-504	253	11	sunaryo	sunaryo	NOUN
ijtc-504	253	12	287	287	NUM
ijtc-504	253	13	|	|	ADV
ijtc-504	253	14	ilomata	ilomata	PROPN
ijtc-504	253	15	international	international	ADJ
ijtc-504	253	16	journal	journal	NOUN
ijtc-504	253	17	of	of	ADP
ijtc-504	253	18	tax	tax	PROPN
ijtc-504	253	19	&	&	CCONJ
ijtc-504	253	20	accounting	account	VERB
ijtc-504	253	21	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	253	22	grassetti	grassetti	PROPN
ijtc-504	253	23	,	,	PUNCT
ijtc-504	253	24	f.	f.	PROPN
ijtc-504	253	25	,	,	PUNCT
ijtc-504	253	26	mammana	mammana	PROPN
ijtc-504	253	27	,	,	PUNCT
ijtc-504	253	28	c.	c.	PROPN
ijtc-504	253	29	,	,	PUNCT
ijtc-504	253	30	&	&	CCONJ
ijtc-504	253	31	michetti	michetti	PROPN
ijtc-504	253	32	,	,	PUNCT
ijtc-504	253	33	e.	e.	PROPN
ijtc-504	253	34	(	(	PUNCT
ijtc-504	253	35	2022	2022	NUM
ijtc-504	253	36	)	)	PUNCT
ijtc-504	253	37	.	.	PUNCT
ijtc-504	254	1	nonlinear	nonlinear	ADJ
ijtc-504	254	2	dynamics	dynamic	NOUN
ijtc-504	254	3	in	in	ADP
ijtc-504	254	4	real	real	ADJ
ijtc-504	254	5	economy	economy	NOUN
ijtc-504	254	6	and	and	CCONJ
ijtc-504	254	7	financial	financial	ADJ
ijtc-504	254	8	markets	market	NOUN
ijtc-504	254	9	:	:	PUNCT
ijtc-504	254	10	the	the	DET
ijtc-504	254	11	role	role	NOUN
ijtc-504	254	12	of	of	ADP
ijtc-504	254	13	dividend	dividend	NOUN
ijtc-504	254	14	policies	policy	NOUN
ijtc-504	254	15	in	in	ADP
ijtc-504	254	16	fluctuations	fluctuation	NOUN
ijtc-504	254	17	.	.	PUNCT
ijtc-504	255	1	chaos	chaos	NOUN
ijtc-504	255	2	,	,	PUNCT
ijtc-504	255	3	solitons	soliton	NOUN
ijtc-504	255	4	&	&	CCONJ
ijtc-504	255	5	fractals	fractal	NOUN
ijtc-504	255	6	,	,	PUNCT
ijtc-504	255	7	160	160	NUM
ijtc-504	255	8	,	,	PUNCT
ijtc-504	255	9	112191	112191	NUM
ijtc-504	255	10	.	.	PUNCT
ijtc-504	256	1	https://doi.org/10.1016/j.chaos.2022.112191	https://doi.org/10.1016/j.chaos.2022.112191	PROPN
ijtc-504	256	2	guthrie	guthrie	PROPN
ijtc-504	256	3	,	,	PUNCT
ijtc-504	256	4	g.	g.	PROPN
ijtc-504	256	5	,	,	PUNCT
ijtc-504	256	6	&	&	CCONJ
ijtc-504	256	7	hobbs	hobbs	PROPN
ijtc-504	256	8	,	,	PUNCT
ijtc-504	256	9	c.	c.	PROPN
ijtc-504	256	10	(	(	PUNCT
ijtc-504	256	11	2021	2021	NUM
ijtc-504	256	12	)	)	PUNCT
ijtc-504	256	13	.	.	PUNCT
ijtc-504	257	1	how	how	SCONJ
ijtc-504	257	2	managerial	managerial	ADJ
ijtc-504	257	3	ownership	ownership	NOUN
ijtc-504	257	4	and	and	CCONJ
ijtc-504	257	5	the	the	DET
ijtc-504	257	6	market	market	NOUN
ijtc-504	257	7	for	for	ADP
ijtc-504	257	8	corporate	corporate	ADJ
ijtc-504	257	9	control	control	NOUN
ijtc-504	257	10	can	can	AUX
ijtc-504	257	11	improve	improve	VERB
ijtc-504	257	12	investment	investment	NOUN
ijtc-504	257	13	timing	timing	NOUN
ijtc-504	257	14	.	.	PUNCT
ijtc-504	258	1	journal	journal	NOUN
ijtc-504	258	2	of	of	ADP
ijtc-504	258	3	banking	banking	NOUN
ijtc-504	258	4	&	&	CCONJ
ijtc-504	258	5	finance	finance	PROPN
ijtc-504	258	6	,	,	PUNCT
ijtc-504	258	7	128	128	NUM
ijtc-504	258	8	,	,	PUNCT
ijtc-504	258	9	106154	106154	NUM
ijtc-504	258	10	.	.	PUNCT
ijtc-504	259	1	https://doi.org/10.1016/j.jbankfin.2021.106154	https://doi.org/10.1016/j.jbankfin.2021.106154	PROPN
ijtc-504	259	2	haque	haque	PROPN
ijtc-504	259	3	,	,	PUNCT
ijtc-504	259	4	m.	m.	NOUN
ijtc-504	259	5	z.	z.	PROPN
ijtc-504	259	6	,	,	PUNCT
ijtc-504	259	7	qian	qian	PROPN
ijtc-504	259	8	,	,	PUNCT
ijtc-504	259	9	a.	a.	NOUN
ijtc-504	259	10	,	,	PUNCT
ijtc-504	259	11	hoque	hoque	NOUN
ijtc-504	259	12	,	,	PUNCT
ijtc-504	259	13	m.	m.	NOUN
ijtc-504	259	14	r.	r.	PROPN
ijtc-504	259	15	,	,	PUNCT
ijtc-504	259	16	&	&	CCONJ
ijtc-504	259	17	lucky	lucky	ADJ
ijtc-504	259	18	,	,	PUNCT
ijtc-504	259	19	s.	s.	PROPN
ijtc-504	259	20	a.	a.	PROPN
ijtc-504	259	21	(	(	PUNCT
ijtc-504	259	22	2022	2022	NUM
ijtc-504	259	23	)	)	PUNCT
ijtc-504	259	24	.	.	PUNCT
ijtc-504	260	1	a	a	DET
ijtc-504	260	2	unified	unify	VERB
ijtc-504	260	3	framework	framework	NOUN
ijtc-504	260	4	for	for	ADP
ijtc-504	260	5	exploring	explore	VERB
ijtc-504	260	6	the	the	DET
ijtc-504	260	7	determinants	determinant	NOUN
ijtc-504	260	8	of	of	ADP
ijtc-504	260	9	online	online	ADJ
ijtc-504	260	10	social	social	ADJ
ijtc-504	260	11	networks	network	NOUN
ijtc-504	260	12	(	(	PUNCT
ijtc-504	260	13	osns	osns	NOUN
ijtc-504	260	14	)	)	PUNCT
ijtc-504	260	15	on	on	ADP
ijtc-504	260	16	institutional	institutional	ADJ
ijtc-504	260	17	investors	investor	NOUN
ijtc-504	260	18	’	’	PART
ijtc-504	260	19	capital	capital	NOUN
ijtc-504	260	20	market	market	NOUN
ijtc-504	260	21	investment	investment	NOUN
ijtc-504	260	22	decision	decision	NOUN
ijtc-504	260	23	.	.	PUNCT
ijtc-504	261	1	technology	technology	NOUN
ijtc-504	261	2	in	in	ADP
ijtc-504	261	3	society	society	NOUN
ijtc-504	261	4	,	,	PUNCT
ijtc-504	261	5	70	70	NUM
ijtc-504	261	6	,	,	PUNCT
ijtc-504	261	7	102061	102061	NUM
ijtc-504	261	8	.	.	PUNCT
ijtc-504	262	1	https://doi.org/10.1016/j.techsoc.2022.102061	https://doi.org/10.1016/j.techsoc.2022.102061	PROPN
ijtc-504	262	2	hussain	hussain	PROPN
ijtc-504	262	3	,	,	PUNCT
ijtc-504	262	4	a.	a.	NOUN
ijtc-504	262	5	,	,	PUNCT
ijtc-504	262	6	&	&	CCONJ
ijtc-504	262	7	akbar	akbar	NOUN
ijtc-504	262	8	,	,	PUNCT
ijtc-504	262	9	m.	m.	NOUN
ijtc-504	262	10	(	(	PUNCT
ijtc-504	262	11	2022	2022	NUM
ijtc-504	262	12	)	)	PUNCT
ijtc-504	262	13	.	.	PUNCT
ijtc-504	263	1	dividend	dividend	NOUN
ijtc-504	263	2	policy	policy	NOUN
ijtc-504	263	3	and	and	CCONJ
ijtc-504	263	4	earnings	earning	NOUN
ijtc-504	263	5	management	management	NOUN
ijtc-504	263	6	:	:	PUNCT
ijtc-504	263	7	do	do	VERB
ijtc-504	263	8	agency	agency	NOUN
ijtc-504	263	9	problem	problem	NOUN
ijtc-504	263	10	and	and	CCONJ
ijtc-504	263	11	financing	financing	NOUN
ijtc-504	263	12	constraints	constraint	NOUN
ijtc-504	263	13	matter	matter	NOUN
ijtc-504	263	14	?	?	PUNCT
ijtc-504	264	1	borsa	borsa	PROPN
ijtc-504	264	2	istanbul	istanbul	PROPN
ijtc-504	264	3	review	review	PROPN
ijtc-504	264	4	.	.	PUNCT
ijtc-504	265	1	https://doi.org/10.1016/j.bir.2022.05.003	https://doi.org/10.1016/j.bir.2022.05.003	PROPN
ijtc-504	265	2	iwasaki	iwasaki	PROPN
ijtc-504	265	3	,	,	PUNCT
ijtc-504	265	4	i.	i.	PROPN
ijtc-504	265	5	,	,	PUNCT
ijtc-504	265	6	ma	ma	PROPN
ijtc-504	265	7	,	,	PUNCT
ijtc-504	265	8	x.	x.	NOUN
ijtc-504	265	9	,	,	PUNCT
ijtc-504	265	10	&	&	CCONJ
ijtc-504	265	11	mizobata	mizobata	PROPN
ijtc-504	265	12	,	,	PUNCT
ijtc-504	265	13	s.	s.	PROPN
ijtc-504	265	14	(	(	PUNCT
ijtc-504	265	15	2020	2020	NUM
ijtc-504	265	16	)	)	PUNCT
ijtc-504	265	17	.	.	PUNCT
ijtc-504	266	1	corporate	corporate	ADJ
ijtc-504	266	2	ownership	ownership	NOUN
ijtc-504	266	3	and	and	CCONJ
ijtc-504	266	4	managerial	managerial	ADJ
ijtc-504	266	5	turnover	turnover	NOUN
ijtc-504	266	6	in	in	ADP
ijtc-504	266	7	china	china	PROPN
ijtc-504	266	8	and	and	CCONJ
ijtc-504	266	9	eastern	eastern	PROPN
ijtc-504	266	10	europe	europe	PROPN
ijtc-504	266	11	:	:	PUNCT
ijtc-504	266	12	a	a	DET
ijtc-504	266	13	comparative	comparative	ADJ
ijtc-504	266	14	meta	meta	ADJ
ijtc-504	266	15	-	-	PUNCT
ijtc-504	266	16	analysis	analysis	NOUN
ijtc-504	266	17	.	.	PUNCT
ijtc-504	266	18	journal	journal	PROPN
ijtc-504	266	19	of	of	ADP
ijtc-504	266	20	economics	economic	NOUN
ijtc-504	266	21	and	and	CCONJ
ijtc-504	266	22	business	business	NOUN
ijtc-504	266	23	,	,	PUNCT
ijtc-504	266	24	111	111	NUM
ijtc-504	266	25	,	,	PUNCT
ijtc-504	266	26	105928	105928	NUM
ijtc-504	266	27	.	.	PUNCT
ijtc-504	267	1	https://doi.org/10.1016/j.jeconbus.2020.105928	https://doi.org/10.1016/j.jeconbus.2020.105928	PROPN
ijtc-504	267	2	jiang	jiang	PROPN
ijtc-504	267	3	,	,	PUNCT
ijtc-504	267	4	b.	b.	PROPN
ijtc-504	267	5	,	,	PUNCT
ijtc-504	267	6	&	&	CCONJ
ijtc-504	267	7	li	li	PROPN
ijtc-504	267	8	,	,	PUNCT
ijtc-504	267	9	j.	j.	PROPN
ijtc-504	267	10	(	(	PUNCT
ijtc-504	267	11	2015	2015	NUM
ijtc-504	267	12	)	)	PUNCT
ijtc-504	267	13	.	.	PUNCT
ijtc-504	268	1	research	research	NOUN
ijtc-504	268	2	on	on	ADP
ijtc-504	268	3	the	the	DET
ijtc-504	268	4	impact	impact	NOUN
ijtc-504	268	5	of	of	ADP
ijtc-504	268	6	ownership	ownership	NOUN
ijtc-504	268	7	structure	structure	NOUN
ijtc-504	268	8	to	to	ADP
ijtc-504	268	9	operation	operation	NOUN
ijtc-504	268	10	performance	performance	NOUN
ijtc-504	268	11	of	of	ADP
ijtc-504	268	12	the	the	DET
ijtc-504	268	13	chinese	chinese	ADJ
ijtc-504	268	14	listed	list	VERB
ijtc-504	268	15	port	port	NOUN
ijtc-504	268	16	companies	company	NOUN
ijtc-504	268	17	.	.	PUNCT
ijtc-504	269	1	international	international	ADJ
ijtc-504	269	2	journal	journal	NOUN
ijtc-504	269	3	of	of	ADP
ijtc-504	269	4	e	e	NOUN
ijtc-504	269	5	-	-	NOUN
ijtc-504	269	6	navigation	navigation	ADJ
ijtc-504	269	7	and	and	CCONJ
ijtc-504	269	8	maritime	maritime	ADJ
ijtc-504	269	9	economy	economy	NOUN
ijtc-504	269	10	,	,	PUNCT
ijtc-504	269	11	2	2	NUM
ijtc-504	269	12	,	,	PUNCT
ijtc-504	269	13	63–72	63–72	NUM
ijtc-504	269	14	.	.	PUNCT
ijtc-504	270	1	https://doi.org/10.1016/j.enavi.2015.06.006	https://doi.org/10.1016/j.enavi.2015.06.006	PROPN
ijtc-504	270	2	karminsky	karminsky	NOUN
ijtc-504	270	3	,	,	PUNCT
ijtc-504	270	4	a.	a.	NOUN
ijtc-504	270	5	,	,	PUNCT
ijtc-504	270	6	&	&	CCONJ
ijtc-504	270	7	rybalka	rybalka	PROPN
ijtc-504	270	8	,	,	PUNCT
ijtc-504	270	9	a.	a.	NOUN
ijtc-504	270	10	(	(	PUNCT
ijtc-504	270	11	2019	2019	NUM
ijtc-504	270	12	)	)	PUNCT
ijtc-504	270	13	.	.	PUNCT
ijtc-504	271	1	an	an	DET
ijtc-504	271	2	analysis	analysis	NOUN
ijtc-504	271	3	of	of	ADP
ijtc-504	271	4	links	link	NOUN
ijtc-504	271	5	between	between	ADP
ijtc-504	271	6	the	the	DET
ijtc-504	271	7	ownership	ownership	NOUN
ijtc-504	271	8	structure	structure	NOUN
ijtc-504	271	9	and	and	CCONJ
ijtc-504	271	10	financial	financial	ADJ
ijtc-504	271	11	stability	stability	NOUN
ijtc-504	271	12	:	:	PUNCT
ijtc-504	271	13	case	case	NOUN
ijtc-504	271	14	of	of	ADP
ijtc-504	271	15	russian	russian	ADJ
ijtc-504	271	16	companies	company	NOUN
ijtc-504	271	17	.	.	PUNCT
ijtc-504	272	1	procedia	procedia	PROPN
ijtc-504	272	2	computer	computer	NOUN
ijtc-504	272	3	science	science	NOUN
ijtc-504	272	4	,	,	PUNCT
ijtc-504	272	5	162	162	NUM
ijtc-504	272	6	,	,	PUNCT
ijtc-504	272	7	496–502	496–502	NUM
ijtc-504	272	8	.	.	PUNCT
ijtc-504	273	1	https://doi.org/10.1016/j.procs.2019.12.016	https://doi.org/10.1016/j.procs.2019.12.016	PROPN
ijtc-504	273	2	kasahara	kasahara	NOUN
ijtc-504	273	3	,	,	PUNCT
ijtc-504	273	4	a.	a.	NOUN
ijtc-504	273	5	,	,	PUNCT
ijtc-504	273	6	&	&	CCONJ
ijtc-504	273	7	orihara	orihara	PROPN
ijtc-504	273	8	,	,	PUNCT
ijtc-504	273	9	m.	m.	NOUN
ijtc-504	273	10	(	(	PUNCT
ijtc-504	273	11	2022	2022	NUM
ijtc-504	273	12	)	)	PUNCT
ijtc-504	273	13	.	.	PUNCT
ijtc-504	274	1	family	family	NOUN
ijtc-504	274	2	firms	firm	NOUN
ijtc-504	274	3	’	’	PART
ijtc-504	274	4	dividend	dividend	NOUN
ijtc-504	274	5	policies	policy	NOUN
ijtc-504	274	6	:	:	PUNCT
ijtc-504	274	7	evidence	evidence	NOUN
ijtc-504	274	8	from	from	ADP
ijtc-504	274	9	a	a	DET
ijtc-504	274	10	japanese	japanese	ADJ
ijtc-504	274	11	tax	tax	NOUN
ijtc-504	274	12	reform	reform	NOUN
ijtc-504	274	13	.	.	PUNCT
ijtc-504	275	1	finance	finance	NOUN
ijtc-504	275	2	research	research	NOUN
ijtc-504	275	3	letters	letter	NOUN
ijtc-504	275	4	,	,	PUNCT
ijtc-504	275	5	45	45	NUM
ijtc-504	275	6	,	,	PUNCT
ijtc-504	275	7	102199	102199	NUM
ijtc-504	275	8	.	.	PUNCT
ijtc-504	276	1	https://doi.org/10.1016/j.frl.2021.102199	https://doi.org/10.1016/j.frl.2021.102199	PROPN
ijtc-504	276	2	lee	lee	PROPN
ijtc-504	276	3	,	,	PUNCT
ijtc-504	276	4	y.	y.	PROPN
ijtc-504	276	5	k.	k.	PROPN
ijtc-504	276	6	(	(	PUNCT
ijtc-504	276	7	2022	2022	NUM
ijtc-504	276	8	)	)	PUNCT
ijtc-504	276	9	.	.	PUNCT
ijtc-504	277	1	the	the	DET
ijtc-504	277	2	effect	effect	NOUN
ijtc-504	277	3	of	of	ADP
ijtc-504	277	4	ownership	ownership	NOUN
ijtc-504	277	5	structure	structure	NOUN
ijtc-504	277	6	on	on	ADP
ijtc-504	277	7	corporate	corporate	ADJ
ijtc-504	277	8	payout	payout	NOUN
ijtc-504	277	9	policy	policy	NOUN
ijtc-504	277	10	and	and	CCONJ
ijtc-504	277	11	performance	performance	NOUN
ijtc-504	277	12	:	:	PUNCT
ijtc-504	277	13	evidence	evidence	NOUN
ijtc-504	277	14	from	from	ADP
ijtc-504	277	15	korea	korea	PROPN
ijtc-504	277	16	’s	’s	PART
ijtc-504	277	17	exogenous	exogenous	ADJ
ijtc-504	277	18	dividends	dividend	NOUN
ijtc-504	277	19	tax	tax	NOUN
ijtc-504	277	20	shock	shock	NOUN
ijtc-504	277	21	.	.	PUNCT
ijtc-504	278	1	pacific	pacific	ADJ
ijtc-504	278	2	-	-	PUNCT
ijtc-504	278	3	basin	basin	NOUN
ijtc-504	278	4	finance	finance	NOUN
ijtc-504	278	5	journal	journal	NOUN
ijtc-504	278	6	,	,	PUNCT
ijtc-504	278	7	73	73	NUM
ijtc-504	278	8	,	,	PUNCT
ijtc-504	278	9	101763	101763	NUM
ijtc-504	278	10	.	.	PUNCT
ijtc-504	279	1	https://doi.org/10.1016/j.pacfin.2022.101763	https://doi.org/10.1016/j.pacfin.2022.101763	PROPN
ijtc-504	279	2	lin	lin	PROPN
ijtc-504	279	3	,	,	PUNCT
ijtc-504	279	4	s.	s.	PROPN
ijtc-504	279	5	,	,	PUNCT
ijtc-504	279	6	chen	chen	PROPN
ijtc-504	279	7	,	,	PUNCT
ijtc-504	279	8	r.	r.	PROPN
ijtc-504	279	9	,	,	PUNCT
ijtc-504	279	10	lv	lv	PROPN
ijtc-504	279	11	,	,	PUNCT
ijtc-504	279	12	z.	z.	PROPN
ijtc-504	279	13	,	,	PUNCT
ijtc-504	279	14	zhou	zhou	PROPN
ijtc-504	279	15	,	,	PUNCT
ijtc-504	279	16	t.	t.	PROPN
ijtc-504	279	17	,	,	PUNCT
ijtc-504	279	18	&	&	CCONJ
ijtc-504	279	19	jin	jin	PROPN
ijtc-504	279	20	,	,	PUNCT
ijtc-504	279	21	c.	c.	PROPN
ijtc-504	279	22	(	(	PUNCT
ijtc-504	279	23	2019	2019	NUM
ijtc-504	279	24	)	)	PUNCT
ijtc-504	279	25	.	.	PUNCT
ijtc-504	280	1	integrated	integrate	VERB
ijtc-504	280	2	measurement	measurement	NOUN
ijtc-504	280	3	of	of	ADP
ijtc-504	280	4	liquidity	liquidity	NOUN
ijtc-504	280	5	risk	risk	NOUN
ijtc-504	280	6	and	and	CCONJ
ijtc-504	280	7	market	market	NOUN
ijtc-504	280	8	risk	risk	NOUN
ijtc-504	280	9	of	of	ADP
ijtc-504	280	10	company	company	NOUN
ijtc-504	280	11	bonds	bond	NOUN
ijtc-504	280	12	based	base	VERB
ijtc-504	280	13	on	on	ADP
ijtc-504	280	14	the	the	DET
ijtc-504	280	15	optimal	optimal	ADJ
ijtc-504	280	16	copula	copula	NOUN
ijtc-504	280	17	model	model	NOUN
ijtc-504	280	18	.	.	PUNCT
ijtc-504	281	1	the	the	DET
ijtc-504	281	2	north	north	ADJ
ijtc-504	281	3	american	american	ADJ
ijtc-504	281	4	journal	journal	PROPN
ijtc-504	281	5	of	of	ADP
ijtc-504	281	6	economics	economic	NOUN
ijtc-504	281	7	and	and	CCONJ
ijtc-504	281	8	finance	finance	NOUN
ijtc-504	281	9	,	,	PUNCT
ijtc-504	281	10	50	50	NUM
ijtc-504	281	11	,	,	PUNCT
ijtc-504	281	12	101004	101004	NUM
ijtc-504	281	13	.	.	PUNCT
ijtc-504	282	1	https://doi.org/10.1016/j.najef.2019.101004	https://doi.org/10.1016/j.najef.2019.101004	PROPN
ijtc-504	282	2	liu	liu	PROPN
ijtc-504	282	3	,	,	PUNCT
ijtc-504	282	4	h.	h.	PROPN
ijtc-504	282	5	(	(	PUNCT
ijtc-504	282	6	2021	2021	NUM
ijtc-504	282	7	)	)	PUNCT
ijtc-504	282	8	.	.	PUNCT
ijtc-504	283	1	does	do	AUX
ijtc-504	283	2	strengthening	strengthen	VERB
ijtc-504	283	3	large	large	ADJ
ijtc-504	283	4	shareholders	shareholder	NOUN
ijtc-504	283	5	’	'	PUNCT
ijtc-504	283	6	cash	cash	NOUN
ijtc-504	283	7	flow	flow	NOUN
ijtc-504	283	8	rights	right	NOUN
ijtc-504	283	9	reduce	reduce	VERB
ijtc-504	283	10	their	their	PRON
ijtc-504	283	11	expropriation	expropriation	NOUN
ijtc-504	283	12	motivation	motivation	NOUN
ijtc-504	283	13	?	?	PUNCT
ijtc-504	284	1	evidence	evidence	NOUN
ijtc-504	284	2	from	from	ADP
ijtc-504	284	3	china	china	PROPN
ijtc-504	284	4	’s	’s	PART
ijtc-504	284	5	dividend	dividend	NOUN
ijtc-504	284	6	tax	tax	NOUN
ijtc-504	284	7	reforms	reform	NOUN
ijtc-504	284	8	.	.	PUNCT
ijtc-504	285	1	china	china	PROPN
ijtc-504	285	2	journal	journal	PROPN
ijtc-504	285	3	of	of	ADP
ijtc-504	285	4	accounting	accounting	PROPN
ijtc-504	285	5	research	research	NOUN
ijtc-504	285	6	,	,	PUNCT
ijtc-504	285	7	14(4	14(4	NUM
ijtc-504	285	8	)	)	PUNCT
ijtc-504	285	9	,	,	PUNCT
ijtc-504	285	10	100206	100206	NUM
ijtc-504	285	11	.	.	PUNCT
ijtc-504	286	1	https://doi.org/10.1016/j.cjar.2021.100206	https://doi.org/10.1016/j.cjar.2021.100206	PROPN
ijtc-504	286	2	liu	liu	PROPN
ijtc-504	286	3	,	,	PUNCT
ijtc-504	286	4	l.	l.	PROPN
ijtc-504	286	5	,	,	PUNCT
ijtc-504	286	6	&	&	CCONJ
ijtc-504	286	7	shu	shu	PROPN
ijtc-504	286	8	,	,	PUNCT
ijtc-504	286	9	h.	h.	PROPN
ijtc-504	286	10	(	(	PUNCT
ijtc-504	286	11	2022	2022	NUM
ijtc-504	286	12	)	)	PUNCT
ijtc-504	286	13	.	.	PUNCT
ijtc-504	287	1	mandatory	mandatory	ADJ
ijtc-504	287	2	dividend	dividend	NOUN
ijtc-504	287	3	policy	policy	NOUN
ijtc-504	287	4	and	and	CCONJ
ijtc-504	287	5	perk	perk	ADJ
ijtc-504	287	6	consumption	consumption	NOUN
ijtc-504	287	7	:	:	PUNCT
ijtc-504	287	8	evidence	evidence	NOUN
ijtc-504	287	9	from	from	ADP
ijtc-504	287	10	state	state	NOUN
ijtc-504	287	11	-	-	PUNCT
ijtc-504	287	12	owned	own	VERB
ijtc-504	287	13	business	business	NOUN
ijtc-504	287	14	groups	group	NOUN
ijtc-504	287	15	in	in	ADP
ijtc-504	287	16	china	china	PROPN
ijtc-504	287	17	.	.	PUNCT
ijtc-504	288	1	journal	journal	PROPN
ijtc-504	288	2	of	of	ADP
ijtc-504	288	3	international	international	ADJ
ijtc-504	288	4	financial	financial	ADJ
ijtc-504	288	5	markets	market	NOUN
ijtc-504	288	6	,	,	PUNCT
ijtc-504	288	7	institutions	institution	NOUN
ijtc-504	288	8	and	and	CCONJ
ijtc-504	288	9	money	money	NOUN
ijtc-504	288	10	,	,	PUNCT
ijtc-504	288	11	77	77	NUM
ijtc-504	288	12	,	,	PUNCT
ijtc-504	288	13	101536	101536	NUM
ijtc-504	288	14	.	.	PUNCT
ijtc-504	289	1	https://doi.org/10.1016/j.intfin.2022.101536	https://doi.org/10.1016/j.intfin.2022.101536	VERB
ijtc-504	289	2	ly	ly	ADP
ijtc-504	289	3	,	,	PUNCT
ijtc-504	289	4	k.	k.	PROPN
ijtc-504	289	5	c.	c.	PROPN
ijtc-504	289	6	,	,	PUNCT
ijtc-504	289	7	&	&	CCONJ
ijtc-504	289	8	shimizu	shimizu	PROPN
ijtc-504	289	9	,	,	PUNCT
ijtc-504	289	10	k.	k.	PROPN
ijtc-504	289	11	(	(	PUNCT
ijtc-504	289	12	2018	2018	NUM
ijtc-504	289	13	)	)	PUNCT
ijtc-504	289	14	.	.	PUNCT
ijtc-504	290	1	funding	fund	VERB
ijtc-504	290	2	liquidity	liquidity	NOUN
ijtc-504	290	3	risk	risk	NOUN
ijtc-504	290	4	and	and	CCONJ
ijtc-504	290	5	internal	internal	ADJ
ijtc-504	290	6	markets	market	NOUN
ijtc-504	290	7	in	in	ADP
ijtc-504	290	8	multi	multi	ADJ
ijtc-504	290	9	-	-	ADJ
ijtc-504	290	10	bank	bank	ADJ
ijtc-504	290	11	holding	hold	VERB
ijtc-504	290	12	companies	company	NOUN
ijtc-504	290	13	:	:	PUNCT
ijtc-504	290	14	diversification	diversification	NOUN
ijtc-504	290	15	or	or	CCONJ
ijtc-504	290	16	internalization	internalization	NOUN
ijtc-504	290	17	?	?	PUNCT
ijtc-504	291	1	international	international	ADJ
ijtc-504	291	2	review	review	NOUN
ijtc-504	291	3	of	of	ADP
ijtc-504	291	4	financial	financial	ADJ
ijtc-504	291	5	analysis	analysis	NOUN
ijtc-504	291	6	,	,	PUNCT
ijtc-504	291	7	57	57	NUM
ijtc-504	291	8	,	,	PUNCT
ijtc-504	291	9	77–89	77–89	NUM
ijtc-504	291	10	.	.	PUNCT
ijtc-504	292	1	https://doi.org/10.1016/j.irfa.2017.12.011	https://doi.org/10.1016/j.irfa.2017.12.011	NUM
ijtc-504	292	2	marks	mark	NOUN
ijtc-504	292	3	-	-	PUNCT
ijtc-504	292	4	bielska	bielska	NOUN
ijtc-504	292	5	,	,	PUNCT
ijtc-504	292	6	r.	r.	PROPN
ijtc-504	292	7	(	(	PUNCT
ijtc-504	292	8	2021	2021	NUM
ijtc-504	292	9	)	)	PUNCT
ijtc-504	292	10	.	.	PUNCT
ijtc-504	293	1	conditions	condition	NOUN
ijtc-504	293	2	underlying	underlie	VERB
ijtc-504	293	3	agricultural	agricultural	ADJ
ijtc-504	293	4	land	land	NOUN
ijtc-504	293	5	lease	lease	NOUN
ijtc-504	293	6	in	in	ADP
ijtc-504	293	7	poland	poland	PROPN
ijtc-504	293	8	,	,	PUNCT
ijtc-504	293	9	in	in	ADP
ijtc-504	293	10	the	the	DET
ijtc-504	293	11	context	context	NOUN
ijtc-504	293	12	of	of	ADP
ijtc-504	293	13	the	the	DET
ijtc-504	293	14	agency	agency	NOUN
ijtc-504	293	15	theory	theory	NOUN
ijtc-504	293	16	.	.	PUNCT
ijtc-504	294	1	land	land	NOUN
ijtc-504	294	2	use	use	NOUN
ijtc-504	294	3	policy	policy	NOUN
ijtc-504	294	4	,	,	PUNCT
ijtc-504	294	5	102	102	NUM
ijtc-504	294	6	,	,	PUNCT
ijtc-504	294	7	105251	105251	NUM
ijtc-504	294	8	.	.	PUNCT
ijtc-504	295	1	https://doi.org/10.1016/j.landusepol.2020.105251	https://doi.org/10.1016/j.landusepol.2020.105251	PROPN
ijtc-504	295	2	meilita	meilita	PROPN
ijtc-504	295	3	,	,	PUNCT
ijtc-504	295	4	w.	w.	PROPN
ijtc-504	295	5	,	,	PUNCT
ijtc-504	295	6	&	&	CCONJ
ijtc-504	295	7	rokhmawati	rokhmawati	PROPN
ijtc-504	295	8	,	,	PUNCT
ijtc-504	295	9	a.	a.	NOUN
ijtc-504	295	10	(	(	PUNCT
ijtc-504	295	11	2018	2018	NUM
ijtc-504	295	12	)	)	PUNCT
ijtc-504	295	13	.	.	PUNCT
ijtc-504	296	1	the	the	DET
ijtc-504	296	2	effect	effect	NOUN
ijtc-504	296	3	of	of	ADP
ijtc-504	296	4	managerial	managerial	ADJ
ijtc-504	296	5	ownership	ownership	NOUN
ijtc-504	296	6	,	,	PUNCT
ijtc-504	296	7	institutional	institutional	ADJ
ijtc-504	296	8	ownership	ownership	NOUN
ijtc-504	296	9	,	,	PUNCT
ijtc-504	296	10	foreign	foreign	ADJ
ijtc-504	296	11	ownership	ownership	NOUN
ijtc-504	296	12	,	,	PUNCT
ijtc-504	296	13	individual	individual	ADJ
ijtc-504	296	14	ownership	ownership	NOUN
ijtc-504	296	15	,	,	PUNCT
ijtc-504	296	16	debt	debt	NOUN
ijtc-504	296	17	and	and	CCONJ
ijtc-504	296	18	dividend	dividend	NOUN
ijtc-504	296	19	policy	policy	NOUN
ijtc-504	296	20	of	of	ADP
ijtc-504	296	21	previous	previous	ADJ
ijtc-504	296	22	years	year	NOUN
ijtc-504	296	23	influence	influence	NOUN
ijtc-504	296	24	on	on	ADP
ijtc-504	296	25	dividend	dividend	NOUN
ijtc-504	296	26	policy	policy	NOUN
ijtc-504	296	27	.	.	PUNCT
ijtc-504	297	1	jurnal	jurnal	ADJ
ijtc-504	297	2	tepak	tepak	PROPN
ijtc-504	297	3	manajemen	manajemen	PROPN
ijtc-504	297	4	bisnis	bisnis	PROPN
ijtc-504	297	5	,	,	PUNCT
ijtc-504	297	6	9(2	9(2	NUM
ijtc-504	297	7	)	)	PUNCT
ijtc-504	297	8	.	.	PUNCT
ijtc-504	298	1	importance	importance	NOUN
ijtc-504	298	2	of	of	ADP
ijtc-504	298	3	liquidity	liquidity	NOUN
ijtc-504	298	4	indicators	indicator	NOUN
ijtc-504	298	5	in	in	ADP
ijtc-504	298	6	intervening	intervene	VERB
ijtc-504	298	7	the	the	DET
ijtc-504	298	8	dividend	dividend	NOUN
ijtc-504	298	9	policy	policy	NOUN
ijtc-504	298	10	sunaryo	sunaryo	NOUN
ijtc-504	298	11	288	288	NUM
ijtc-504	298	12	|	|	ADV
ijtc-504	298	13	ilomata	ilomata	PROPN
ijtc-504	298	14	international	international	ADJ
ijtc-504	298	15	journal	journal	NOUN
ijtc-504	298	16	of	of	ADP
ijtc-504	298	17	tax	tax	PROPN
ijtc-504	298	18	&	&	CCONJ
ijtc-504	298	19	accounting	accounting	PROPN
ijtc-504	299	1	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	299	2	https://jtmb.ejournal.unri.ac.id/index.php/jtmb/article/view/4916	https://jtmb.ejournal.unri.ac.id/index.php/jtmb/article/view/4916	NUM
ijtc-504	299	3	mishra	mishra	PROPN
ijtc-504	299	4	,	,	PUNCT
ijtc-504	299	5	c.	c.	PROPN
ijtc-504	299	6	s.	s.	PROPN
ijtc-504	299	7	(	(	PUNCT
ijtc-504	299	8	2022	2022	NUM
ijtc-504	299	9	)	)	PUNCT
ijtc-504	299	10	.	.	PUNCT
ijtc-504	300	1	does	do	VERB
ijtc-504	300	2	institutional	institutional	ADJ
ijtc-504	300	3	ownership	ownership	NOUN
ijtc-504	300	4	discourage	discourage	NOUN
ijtc-504	300	5	investment	investment	NOUN
ijtc-504	300	6	in	in	ADP
ijtc-504	300	7	corporate	corporate	ADJ
ijtc-504	300	8	r&amp;d	r&amp;d	NOUN
ijtc-504	300	9	?	?	PUNCT
ijtc-504	300	10	technological	technological	ADJ
ijtc-504	300	11	forecasting	forecasting	NOUN
ijtc-504	300	12	and	and	CCONJ
ijtc-504	300	13	social	social	ADJ
ijtc-504	300	14	change	change	NOUN
ijtc-504	300	15	,	,	PUNCT
ijtc-504	300	16	182	182	NUM
ijtc-504	300	17	,	,	PUNCT
ijtc-504	300	18	121837	121837	NUM
ijtc-504	300	19	.	.	PUNCT
ijtc-504	301	1	https://doi.org/10.1016/j.techfore.2022.121837	https://doi.org/10.1016/j.techfore.2022.121837	NOUN
ijtc-504	301	2	nguyen	nguyen	NOUN
ijtc-504	301	3	,	,	PUNCT
ijtc-504	301	4	t.	t.	PROPN
ijtc-504	301	5	t.	t.	PROPN
ijtc-504	301	6	m.	m.	NOUN
ijtc-504	301	7	,	,	PUNCT
ijtc-504	301	8	&	&	CCONJ
ijtc-504	301	9	tran	tran	PROPN
ijtc-504	301	10	,	,	PUNCT
ijtc-504	301	11	q.	q.	PROPN
ijtc-504	301	12	t.	t.	PROPN
ijtc-504	301	13	(	(	PUNCT
ijtc-504	301	14	2022	2022	NUM
ijtc-504	301	15	)	)	PUNCT
ijtc-504	301	16	.	.	PUNCT
ijtc-504	302	1	democracy	democracy	NOUN
ijtc-504	302	2	and	and	CCONJ
ijtc-504	302	3	dividend	dividend	NOUN
ijtc-504	302	4	policy	policy	NOUN
ijtc-504	302	5	around	around	ADP
ijtc-504	302	6	the	the	DET
ijtc-504	302	7	world	world	NOUN
ijtc-504	302	8	.	.	PUNCT
ijtc-504	303	1	the	the	DET
ijtc-504	303	2	north	north	ADJ
ijtc-504	303	3	american	american	PROPN
ijtc-504	303	4	journal	journal	PROPN
ijtc-504	303	5	of	of	ADP
ijtc-504	303	6	economics	economic	NOUN
ijtc-504	303	7	and	and	CCONJ
ijtc-504	303	8	finance	finance	NOUN
ijtc-504	303	9	,	,	PUNCT
ijtc-504	303	10	62	62	NUM
ijtc-504	303	11	,	,	PUNCT
ijtc-504	303	12	101713	101713	NUM
ijtc-504	303	13	.	.	PUNCT
ijtc-504	304	1	https://doi.org/10.1016/j.najef.2022.101713	https://doi.org/10.1016/j.najef.2022.101713	PROPN
ijtc-504	304	2	norvaišienė	norvaišienė	PROPN
ijtc-504	304	3	,	,	PUNCT
ijtc-504	304	4	r.	r.	PROPN
ijtc-504	304	5	,	,	PUNCT
ijtc-504	304	6	&	&	CCONJ
ijtc-504	304	7	stankevičienė	stankevičienė	PROPN
ijtc-504	304	8	,	,	PUNCT
ijtc-504	304	9	j.	j.	PROPN
ijtc-504	304	10	(	(	PUNCT
ijtc-504	304	11	2014	2014	NUM
ijtc-504	304	12	)	)	PUNCT
ijtc-504	304	13	.	.	PUNCT
ijtc-504	305	1	impact	impact	NOUN
ijtc-504	305	2	of	of	ADP
ijtc-504	305	3	companies	company	NOUN
ijtc-504	305	4	’	'	PUNCT
ijtc-504	305	5	internal	internal	ADJ
ijtc-504	305	6	factors	factor	NOUN
ijtc-504	305	7	on	on	ADP
ijtc-504	305	8	stock	stock	NOUN
ijtc-504	305	9	liquidity	liquidity	NOUN
ijtc-504	305	10	in	in	ADP
ijtc-504	305	11	baltic	baltic	ADJ
ijtc-504	305	12	markets	market	NOUN
ijtc-504	305	13	.	.	PUNCT
ijtc-504	306	1	procedia	procedia	ADJ
ijtc-504	306	2	social	social	ADJ
ijtc-504	306	3	and	and	CCONJ
ijtc-504	306	4	behavioral	behavioral	ADJ
ijtc-504	306	5	sciences	science	NOUN
ijtc-504	306	6	,	,	PUNCT
ijtc-504	306	7	156	156	NUM
ijtc-504	306	8	,	,	PUNCT
ijtc-504	306	9	543–547	543–547	NUM
ijtc-504	306	10	.	.	PUNCT
ijtc-504	307	1	https://doi.org/10.1016/j.sbspro.2014.11.237	https://doi.org/10.1016/j.sbspro.2014.11.237	PROPN
ijtc-504	307	2	park	park	NOUN
ijtc-504	307	3	,	,	PUNCT
ijtc-504	307	4	h.	h.	PROPN
ijtc-504	307	5	,	,	PUNCT
ijtc-504	307	6	noh	noh	PROPN
ijtc-504	307	7	,	,	PUNCT
ijtc-504	307	8	j.-h	j.-h	PROPN
ijtc-504	307	9	.	.	PUNCT
ijtc-504	307	10	,	,	PUNCT
ijtc-504	307	11	pedersen	pedersen	PROPN
ijtc-504	307	12	,	,	PUNCT
ijtc-504	307	13	m.	m.	NOUN
ijtc-504	307	14	,	,	PUNCT
ijtc-504	307	15	&	&	CCONJ
ijtc-504	307	16	lee	lee	PROPN
ijtc-504	307	17	,	,	PUNCT
ijtc-504	307	18	s.	s.	PROPN
ijtc-504	307	19	(	(	PUNCT
ijtc-504	307	20	2022	2022	NUM
ijtc-504	307	21	)	)	PUNCT
ijtc-504	307	22	.	.	PUNCT
ijtc-504	308	1	what	what	PRON
ijtc-504	308	2	are	be	AUX
ijtc-504	308	3	the	the	DET
ijtc-504	308	4	determinants	determinant	NOUN
ijtc-504	308	5	and	and	CCONJ
ijtc-504	308	6	managerial	managerial	ADJ
ijtc-504	308	7	motivations	motivation	NOUN
ijtc-504	308	8	for	for	ADP
ijtc-504	308	9	employee	employee	NOUN
ijtc-504	308	10	ownership	ownership	NOUN
ijtc-504	308	11	in	in	ADP
ijtc-504	308	12	retirement	retirement	NOUN
ijtc-504	308	13	pension	pension	NOUN
ijtc-504	308	14	plans	plan	NOUN
ijtc-504	308	15	?	?	PUNCT
ijtc-504	309	1	the	the	DET
ijtc-504	309	2	north	north	ADJ
ijtc-504	309	3	american	american	ADJ
ijtc-504	309	4	journal	journal	PROPN
ijtc-504	309	5	of	of	ADP
ijtc-504	309	6	economics	economic	NOUN
ijtc-504	309	7	and	and	CCONJ
ijtc-504	309	8	finance	finance	NOUN
ijtc-504	309	9	,	,	PUNCT
ijtc-504	309	10	59	59	NUM
ijtc-504	309	11	,	,	PUNCT
ijtc-504	309	12	101560	101560	NUM
ijtc-504	309	13	.	.	PUNCT
ijtc-504	310	1	https://doi.org/10.1016/j.najef.2021.101560	https://doi.org/10.1016/j.najef.2021.101560	PROPN
ijtc-504	310	2	paula	paula	PROPN
ijtc-504	310	3	monteiro	monteiro	PROPN
ijtc-504	310	4	,	,	PUNCT
ijtc-504	310	5	a.	a.	NOUN
ijtc-504	310	6	,	,	PUNCT
ijtc-504	310	7	vale	vale	NOUN
ijtc-504	310	8	,	,	PUNCT
ijtc-504	310	9	j.	j.	PROPN
ijtc-504	310	10	,	,	PUNCT
ijtc-504	310	11	leite	leite	PROPN
ijtc-504	310	12	,	,	PUNCT
ijtc-504	310	13	e.	e.	PROPN
ijtc-504	310	14	,	,	PUNCT
ijtc-504	310	15	lis	lis	PROPN
ijtc-504	310	16	,	,	PUNCT
ijtc-504	310	17	m.	m.	NOUN
ijtc-504	310	18	,	,	PUNCT
ijtc-504	310	19	&	&	CCONJ
ijtc-504	310	20	kurowska	kurowska	NOUN
ijtc-504	310	21	-	-	PUNCT
ijtc-504	310	22	pysz	pysz	NOUN
ijtc-504	310	23	,	,	PUNCT
ijtc-504	310	24	j.	j.	PROPN
ijtc-504	310	25	(	(	PUNCT
ijtc-504	310	26	2022	2022	NUM
ijtc-504	310	27	)	)	PUNCT
ijtc-504	310	28	.	.	PUNCT
ijtc-504	311	1	the	the	DET
ijtc-504	311	2	impact	impact	NOUN
ijtc-504	311	3	of	of	ADP
ijtc-504	311	4	information	information	NOUN
ijtc-504	311	5	systems	system	NOUN
ijtc-504	311	6	and	and	CCONJ
ijtc-504	311	7	non	non	ADJ
ijtc-504	311	8	-	-	ADJ
ijtc-504	311	9	financial	financial	ADJ
ijtc-504	311	10	information	information	NOUN
ijtc-504	311	11	on	on	ADP
ijtc-504	311	12	company	company	NOUN
ijtc-504	311	13	success	success	NOUN
ijtc-504	311	14	.	.	PUNCT
ijtc-504	312	1	international	international	ADJ
ijtc-504	312	2	journal	journal	PROPN
ijtc-504	312	3	of	of	ADP
ijtc-504	312	4	accounting	accounting	NOUN
ijtc-504	312	5	information	information	NOUN
ijtc-504	312	6	systems	system	NOUN
ijtc-504	312	7	,	,	PUNCT
ijtc-504	312	8	45	45	NUM
ijtc-504	312	9	,	,	PUNCT
ijtc-504	312	10	100557	100557	NUM
ijtc-504	312	11	.	.	PUNCT
ijtc-504	313	1	https://doi.org/10.1016/j.accinf.2022.100557	https://doi.org/10.1016/j.accinf.2022.100557	PROPN
ijtc-504	313	2	rhou	rhou	PROPN
ijtc-504	313	3	,	,	PUNCT
ijtc-504	313	4	y.	y.	PROPN
ijtc-504	313	5	,	,	PUNCT
ijtc-504	313	6	li	li	PROPN
ijtc-504	313	7	,	,	PUNCT
ijtc-504	313	8	y.	y.	PROPN
ijtc-504	313	9	,	,	PUNCT
ijtc-504	313	10	&	&	CCONJ
ijtc-504	313	11	singal	singal	PROPN
ijtc-504	313	12	,	,	PUNCT
ijtc-504	313	13	m.	m.	NOUN
ijtc-504	313	14	(	(	PUNCT
ijtc-504	313	15	2019	2019	NUM
ijtc-504	313	16	)	)	PUNCT
ijtc-504	313	17	.	.	PUNCT
ijtc-504	314	1	does	do	AUX
ijtc-504	314	2	managerial	managerial	ADJ
ijtc-504	314	3	ownership	ownership	NOUN
ijtc-504	314	4	influence	influence	NOUN
ijtc-504	314	5	franchising	franchising	NOUN
ijtc-504	314	6	in	in	ADP
ijtc-504	314	7	restaurant	restaurant	NOUN
ijtc-504	314	8	companies	company	NOUN
ijtc-504	314	9	?	?	PUNCT
ijtc-504	315	1	international	international	ADJ
ijtc-504	315	2	journal	journal	PROPN
ijtc-504	315	3	of	of	ADP
ijtc-504	315	4	hospitality	hospitality	PROPN
ijtc-504	315	5	management	management	NOUN
ijtc-504	315	6	,	,	PUNCT
ijtc-504	315	7	78	78	NUM
ijtc-504	315	8	,	,	PUNCT
ijtc-504	315	9	122–130	122–130	NUM
ijtc-504	315	10	.	.	PUNCT
ijtc-504	316	1	https://doi.org/10.1016/j.ijhm.2018.11.019	https://doi.org/10.1016/j.ijhm.2018.11.019	NUM
ijtc-504	316	2	santoso	santoso	NOUN
ijtc-504	316	3	,	,	PUNCT
ijtc-504	316	4	s.	s.	PROPN
ijtc-504	316	5	(	(	PUNCT
ijtc-504	316	6	2014	2014	NUM
ijtc-504	316	7	)	)	PUNCT
ijtc-504	316	8	.	.	PUNCT
ijtc-504	317	1	statistik	statistik	PROPN
ijtc-504	317	2	non	non	PROPN
ijtc-504	317	3	parametrik	parametrik	PROPN
ijtc-504	317	4	konsep	konsep	PROPN
ijtc-504	317	5	dan	dan	PROPN
ijtc-504	317	6	aplikasi	aplikasi	PROPN
ijtc-504	317	7	dengan	dengan	PROPN
ijtc-504	317	8	spss	spss	PROPN
ijtc-504	317	9	(	(	PUNCT
ijtc-504	317	10	1st	1st	ADJ
ijtc-504	317	11	ed	ed	NOUN
ijtc-504	317	12	.	.	PUNCT
ijtc-504	317	13	)	)	PUNCT
ijtc-504	317	14	.	.	PUNCT
ijtc-504	318	1	elex	elex	PROPN
ijtc-504	318	2	media	media	PROPN
ijtc-504	318	3	komputindo	komputindo	NOUN
ijtc-504	318	4	.	.	PUNCT
ijtc-504	319	1	https://opac.perpusnas.go.id/detailopac.aspx?id=889344	https://opac.perpusnas.go.id/detailopac.aspx?id=889344	PROPN
ijtc-504	319	2	shan	shan	PROPN
ijtc-504	319	3	,	,	PUNCT
ijtc-504	319	4	y.	y.	PROPN
ijtc-504	319	5	g.	g.	PROPN
ijtc-504	319	6	,	,	PUNCT
ijtc-504	319	7	tang	tang	PROPN
ijtc-504	319	8	,	,	PUNCT
ijtc-504	319	9	q.	q.	PROPN
ijtc-504	319	10	,	,	PUNCT
ijtc-504	319	11	&	&	CCONJ
ijtc-504	319	12	zhang	zhang	PROPN
ijtc-504	319	13	,	,	PUNCT
ijtc-504	319	14	j.	j.	PROPN
ijtc-504	319	15	(	(	PUNCT
ijtc-504	319	16	2021	2021	NUM
ijtc-504	319	17	)	)	PUNCT
ijtc-504	319	18	.	.	PUNCT
ijtc-504	320	1	the	the	DET
ijtc-504	320	2	impact	impact	NOUN
ijtc-504	320	3	of	of	ADP
ijtc-504	320	4	managerial	managerial	ADJ
ijtc-504	320	5	ownership	ownership	NOUN
ijtc-504	320	6	on	on	ADP
ijtc-504	320	7	carbon	carbon	NOUN
ijtc-504	320	8	transparency	transparency	NOUN
ijtc-504	320	9	:	:	PUNCT
ijtc-504	320	10	australian	australian	ADJ
ijtc-504	320	11	evidence	evidence	NOUN
ijtc-504	320	12	.	.	PUNCT
ijtc-504	321	1	journal	journal	NOUN
ijtc-504	321	2	of	of	ADP
ijtc-504	321	3	cleaner	clean	ADJ
ijtc-504	321	4	production	production	NOUN
ijtc-504	321	5	,	,	PUNCT
ijtc-504	321	6	317	317	NUM
ijtc-504	321	7	,	,	PUNCT
ijtc-504	321	8	128480	128480	NUM
ijtc-504	321	9	.	.	PUNCT
ijtc-504	322	1	https://doi.org/10.1016/j.jclepro.2021.128480	https://doi.org/10.1016/j.jclepro.2021.128480	PROPN
ijtc-504	322	2	siganos	siganos	PROPN
ijtc-504	322	3	,	,	PUNCT
ijtc-504	322	4	a.	a.	NOUN
ijtc-504	322	5	(	(	PUNCT
ijtc-504	322	6	2022	2022	NUM
ijtc-504	322	7	)	)	PUNCT
ijtc-504	322	8	.	.	PUNCT
ijtc-504	323	1	does	do	VERB
ijtc-504	323	2	the	the	DET
ijtc-504	323	3	stock	stock	NOUN
ijtc-504	323	4	market	market	NOUN
ijtc-504	323	5	influence	influence	NOUN
ijtc-504	323	6	investor	investor	NOUN
ijtc-504	323	7	everyday	everyday	NOUN
ijtc-504	323	8	decisions	decision	NOUN
ijtc-504	323	9	?	?	PUNCT
ijtc-504	324	1	the	the	DET
ijtc-504	324	2	case	case	NOUN
ijtc-504	324	3	of	of	ADP
ijtc-504	324	4	parking	parking	NOUN
ijtc-504	324	5	violations	violation	NOUN
ijtc-504	324	6	.	.	PUNCT
ijtc-504	325	1	international	international	ADJ
ijtc-504	325	2	review	review	NOUN
ijtc-504	325	3	of	of	ADP
ijtc-504	325	4	financial	financial	ADJ
ijtc-504	325	5	analysis	analysis	NOUN
ijtc-504	325	6	,	,	PUNCT
ijtc-504	325	7	82	82	NUM
ijtc-504	325	8	,	,	PUNCT
ijtc-504	325	9	102164	102164	NUM
ijtc-504	325	10	.	.	PUNCT
ijtc-504	326	1	https://doi.org/10.1016/j.irfa.2022.102164	https://doi.org/10.1016/j.irfa.2022.102164	PROPN
ijtc-504	326	2	simanjuntak	simanjuntak	PROPN
ijtc-504	326	3	,	,	PUNCT
ijtc-504	326	4	d.	d.	PROPN
ijtc-504	326	5	(	(	PUNCT
ijtc-504	326	6	2019	2019	NUM
ijtc-504	326	7	)	)	PUNCT
ijtc-504	326	8	.	.	PUNCT
ijtc-504	327	1	pengaruh	pengaruh	PROPN
ijtc-504	327	2	investasi	investasi	PROPN
ijtc-504	327	3	,	,	PUNCT
ijtc-504	327	4	kepemilikan	kepemilikan	VERB
ijtc-504	327	5	manajerial	manajerial	ADJ
ijtc-504	327	6	,	,	PUNCT
ijtc-504	327	7	kepemilikan	kepemilikan	PROPN
ijtc-504	327	8	institusional	institusional	PROPN
ijtc-504	327	9	,	,	PUNCT
ijtc-504	327	10	kebijakan	kebijakan	PROPN
ijtc-504	327	11	hutang	hutang	PROPN
ijtc-504	327	12	,	,	PUNCT
ijtc-504	327	13	dan	dan	PROPN
ijtc-504	327	14	profitabilitas	profitabilitas	PROPN
ijtc-504	327	15	terhadap	terhadap	PROPN
ijtc-504	327	16	kebijakan	kebijakan	AUX
ijtc-504	327	17	dividen	dividen	PROPN
ijtc-504	327	18	pada	pada	PROPN
ijtc-504	327	19	perusahaan	perusahaan	PROPN
ijtc-504	327	20	manufaktur	manufaktur	PROPN
ijtc-504	327	21	yang	yang	PROPN
ijtc-504	327	22	terdaftar	terdaftar	PROPN
ijtc-504	327	23	di	di	PROPN
ijtc-504	327	24	bursa	bursa	PROPN
ijtc-504	327	25	efek	efek	NOUN
ijtc-504	327	26	indonesia	indonesia	PROPN
ijtc-504	327	27	2011	2011	NUM
ijtc-504	327	28	-	-	SYM
ijtc-504	327	29	2017	2017	NUM
ijtc-504	327	30	[	[	SYM
ijtc-504	327	31	universitas	universita	NOUN
ijtc-504	327	32	negeri	negeri	PROPN
ijtc-504	327	33	semarang	semarang	PROPN
ijtc-504	327	34	]	]	X
ijtc-504	327	35	.	.	PUNCT
ijtc-504	328	1	http://lib.unnes.ac.id/22351/1/7211411088-s.pdf	http://lib.unnes.ac.id/22351/1/7211411088-s.pdf	PROPN
ijtc-504	328	2	solomon	solomon	PROPN
ijtc-504	328	3	,	,	PUNCT
ijtc-504	328	4	s.	s.	PROPN
ijtc-504	328	5	j.	j.	PROPN
ijtc-504	328	6	,	,	PUNCT
ijtc-504	328	7	bendickson	bendickson	PROPN
ijtc-504	328	8	,	,	PUNCT
ijtc-504	328	9	j.	j.	PROPN
ijtc-504	328	10	s.	s.	PROPN
ijtc-504	328	11	,	,	PUNCT
ijtc-504	328	12	marvel	marvel	NOUN
ijtc-504	328	13	,	,	PUNCT
ijtc-504	328	14	m.	m.	NOUN
ijtc-504	328	15	r.	r.	PROPN
ijtc-504	328	16	,	,	PUNCT
ijtc-504	328	17	mcdowell	mcdowell	PROPN
ijtc-504	328	18	,	,	PUNCT
ijtc-504	328	19	w.	w.	PROPN
ijtc-504	328	20	c.	c.	PROPN
ijtc-504	328	21	,	,	PUNCT
ijtc-504	328	22	&	&	CCONJ
ijtc-504	328	23	mahto	mahto	PROPN
ijtc-504	328	24	,	,	PUNCT
ijtc-504	328	25	r.	r.	PROPN
ijtc-504	328	26	(	(	PUNCT
ijtc-504	328	27	2021	2021	NUM
ijtc-504	328	28	)	)	PUNCT
ijtc-504	328	29	.	.	PUNCT
ijtc-504	329	1	agency	agency	NOUN
ijtc-504	329	2	theory	theory	NOUN
ijtc-504	329	3	and	and	CCONJ
ijtc-504	329	4	entrepreneurship	entrepreneurship	NOUN
ijtc-504	329	5	:	:	PUNCT
ijtc-504	329	6	a	a	DET
ijtc-504	329	7	cross	cross	ADJ
ijtc-504	329	8	-	-	ADJ
ijtc-504	329	9	country	country	ADJ
ijtc-504	329	10	analysis	analysis	NOUN
ijtc-504	329	11	.	.	PUNCT
ijtc-504	330	1	journal	journal	PROPN
ijtc-504	330	2	of	of	ADP
ijtc-504	330	3	business	business	NOUN
ijtc-504	330	4	research	research	NOUN
ijtc-504	330	5	,	,	PUNCT
ijtc-504	330	6	122	122	NUM
ijtc-504	330	7	,	,	PUNCT
ijtc-504	330	8	466	466	NUM
ijtc-504	330	9	–	–	PUNCT
ijtc-504	330	10	476	476	NUM
ijtc-504	330	11	.	.	PUNCT
ijtc-504	331	1	https://doi.org/10.1016/j.jbusres.2020.09.003	https://doi.org/10.1016/j.jbusres.2020.09.003	PROPN
ijtc-504	331	2	stereńczak	stereńczak	PROPN
ijtc-504	331	3	,	,	PUNCT
ijtc-504	331	4	s.	s.	PROPN
ijtc-504	331	5	,	,	PUNCT
ijtc-504	331	6	&	&	CCONJ
ijtc-504	331	7	kubiak	kubiak	PROPN
ijtc-504	331	8	,	,	PUNCT
ijtc-504	331	9	j.	j.	PROPN
ijtc-504	331	10	(	(	PUNCT
ijtc-504	331	11	2022	2022	NUM
ijtc-504	331	12	)	)	PUNCT
ijtc-504	331	13	.	.	PUNCT
ijtc-504	332	1	dividend	dividend	NOUN
ijtc-504	332	2	policy	policy	NOUN
ijtc-504	332	3	and	and	CCONJ
ijtc-504	332	4	stock	stock	NOUN
ijtc-504	332	5	liquidity	liquidity	NOUN
ijtc-504	332	6	:	:	PUNCT
ijtc-504	332	7	lessons	lesson	NOUN
ijtc-504	332	8	from	from	ADP
ijtc-504	332	9	central	central	ADJ
ijtc-504	332	10	and	and	CCONJ
ijtc-504	332	11	eastern	eastern	ADJ
ijtc-504	332	12	europe	europe	PROPN
ijtc-504	332	13	.	.	PUNCT
ijtc-504	333	1	research	research	NOUN
ijtc-504	333	2	in	in	ADP
ijtc-504	333	3	international	international	ADJ
ijtc-504	333	4	business	business	NOUN
ijtc-504	333	5	and	and	CCONJ
ijtc-504	333	6	finance	finance	NOUN
ijtc-504	333	7	,	,	PUNCT
ijtc-504	333	8	101727	101727	NUM
ijtc-504	333	9	.	.	PUNCT
ijtc-504	334	1	https://doi.org/10.1016/j.ribaf.2022.101727	https://doi.org/10.1016/j.ribaf.2022.101727	PROPN
ijtc-504	334	2	sugiyono	sugiyono	PROPN
ijtc-504	334	3	.	.	PUNCT
ijtc-504	335	1	(	(	PUNCT
ijtc-504	335	2	2019	2019	NUM
ijtc-504	335	3	)	)	PUNCT
ijtc-504	335	4	.	.	PUNCT
ijtc-504	336	1	metode	metode	PROPN
ijtc-504	336	2	penelitian	penelitian	PROPN
ijtc-504	336	3	kuantitatif	kuantitatif	PROPN
ijtc-504	336	4	kualitatif	kualitatif	PROPN
ijtc-504	336	5	dan	dan	PROPN
ijtc-504	336	6	r&d	r&d	PROPN
ijtc-504	336	7	(	(	PUNCT
ijtc-504	336	8	i	i	NOUN
ijtc-504	336	9	)	)	PUNCT
ijtc-504	336	10	.	.	PUNCT
ijtc-504	337	1	alfabeta	alfabeta	PROPN
ijtc-504	337	2	.	.	PUNCT
ijtc-504	338	1	https://cvalfabeta.com/product/metode-penelitian-kuantitatif-kualitatif-dan-rd-mpkk/	https://cvalfabeta.com/product/metode-penelitian-kuantitatif-kualitatif-dan-rd-mpkk/	PROPN
ijtc-504	338	2	vijayakumaran	vijayakumaran	PROPN
ijtc-504	338	3	,	,	PUNCT
ijtc-504	338	4	r.	r.	PROPN
ijtc-504	338	5	(	(	PUNCT
ijtc-504	338	6	2021	2021	NUM
ijtc-504	338	7	)	)	PUNCT
ijtc-504	338	8	.	.	PUNCT
ijtc-504	339	1	impact	impact	NOUN
ijtc-504	339	2	of	of	ADP
ijtc-504	339	3	managerial	managerial	ADJ
ijtc-504	339	4	ownership	ownership	NOUN
ijtc-504	339	5	on	on	ADP
ijtc-504	339	6	investment	investment	NOUN
ijtc-504	339	7	and	and	CCONJ
ijtc-504	339	8	liquidity	liquidity	NOUN
ijtc-504	339	9	constraints	constraint	NOUN
ijtc-504	339	10	:	:	PUNCT
ijtc-504	339	11	evidence	evidence	NOUN
ijtc-504	339	12	from	from	ADP
ijtc-504	339	13	chinese	chinese	ADJ
ijtc-504	339	14	listed	list	VERB
ijtc-504	339	15	companies	company	NOUN
ijtc-504	339	16	.	.	PUNCT
ijtc-504	340	1	research	research	NOUN
ijtc-504	340	2	in	in	ADP
ijtc-504	340	3	international	international	ADJ
ijtc-504	340	4	business	business	NOUN
ijtc-504	340	5	and	and	CCONJ
ijtc-504	340	6	finance	finance	NOUN
ijtc-504	340	7	,	,	PUNCT
ijtc-504	340	8	55	55	NUM
ijtc-504	340	9	,	,	PUNCT
ijtc-504	340	10	101321	101321	NUM
ijtc-504	340	11	.	.	PUNCT
ijtc-504	341	1	https://doi.org/10.1016/j.ribaf.2020.101321	https://doi.org/10.1016/j.ribaf.2020.101321	PROPN
ijtc-504	341	2	wang	wang	PROPN
ijtc-504	341	3	,	,	PUNCT
ijtc-504	341	4	k.	k.	PROPN
ijtc-504	341	5	t.	t.	PROPN
ijtc-504	341	6	,	,	PUNCT
ijtc-504	341	7	&	&	CCONJ
ijtc-504	341	8	sun	sun	PROPN
ijtc-504	341	9	,	,	PUNCT
ijtc-504	341	10	a.	a.	NOUN
ijtc-504	341	11	(	(	PUNCT
ijtc-504	341	12	2022	2022	NUM
ijtc-504	341	13	)	)	PUNCT
ijtc-504	341	14	.	.	PUNCT
ijtc-504	342	1	institutional	institutional	ADJ
ijtc-504	342	2	ownership	ownership	NOUN
ijtc-504	342	3	stability	stability	NOUN
ijtc-504	342	4	and	and	CCONJ
ijtc-504	342	5	corporate	corporate	ADJ
ijtc-504	342	6	social	social	ADJ
ijtc-504	342	7	performance	performance	NOUN
ijtc-504	342	8	.	.	PUNCT
ijtc-504	343	1	finance	finance	NOUN
ijtc-504	343	2	research	research	NOUN
ijtc-504	343	3	letters	letter	NOUN
ijtc-504	343	4	,	,	PUNCT
ijtc-504	343	5	47	47	NUM
ijtc-504	343	6	,	,	PUNCT
ijtc-504	343	7	102861	102861	NUM
ijtc-504	343	8	.	.	PUNCT
ijtc-504	344	1	https://doi.org/10.1016/j.frl.2022.102861	https://doi.org/10.1016/j.frl.2022.102861	PROPN
ijtc-504	344	2	importance	importance	NOUN
ijtc-504	344	3	of	of	ADP
ijtc-504	344	4	liquidity	liquidity	NOUN
ijtc-504	344	5	indicators	indicator	NOUN
ijtc-504	344	6	in	in	ADP
ijtc-504	344	7	intervening	intervene	VERB
ijtc-504	344	8	the	the	DET
ijtc-504	344	9	dividend	dividend	NOUN
ijtc-504	344	10	policy	policy	NOUN
ijtc-504	344	11	sunaryo	sunaryo	NOUN
ijtc-504	344	12	289	289	NUM
ijtc-504	344	13	|	|	ADV
ijtc-504	344	14	ilomata	ilomata	PROPN
ijtc-504	344	15	international	international	ADJ
ijtc-504	344	16	journal	journal	NOUN
ijtc-504	344	17	of	of	ADP
ijtc-504	344	18	tax	tax	PROPN
ijtc-504	344	19	&	&	CCONJ
ijtc-504	344	20	accounting	accounting	PROPN
ijtc-504	344	21	https://www.ilomata.org/index.php/ijtc	https://www.ilomata.org/index.php/ijtc	PROPN
ijtc-504	344	22	xu	xu	PROPN
ijtc-504	344	23	,	,	PUNCT
ijtc-504	344	24	j.	j.	PROPN
ijtc-504	344	25	,	,	PUNCT
ijtc-504	344	26	&	&	CCONJ
ijtc-504	344	27	huang	huang	PROPN
ijtc-504	344	28	,	,	PUNCT
ijtc-504	344	29	h.	h.	PROPN
ijtc-504	344	30	(	(	PUNCT
ijtc-504	344	31	2021	2021	NUM
ijtc-504	344	32	)	)	PUNCT
ijtc-504	344	33	.	.	PUNCT
ijtc-504	345	1	pay	pay	VERB
ijtc-504	345	2	more	more	ADJ
ijtc-504	345	3	or	or	CCONJ
ijtc-504	345	4	pay	pay	VERB
ijtc-504	345	5	less	less	ADJ
ijtc-504	345	6	?	?	PUNCT
ijtc-504	346	1	the	the	DET
ijtc-504	346	2	impact	impact	NOUN
ijtc-504	346	3	of	of	ADP
ijtc-504	346	4	controlling	control	VERB
ijtc-504	346	5	shareholders	shareholder	NOUN
ijtc-504	346	6	’	'	PUNCT
ijtc-504	346	7	share	share	NOUN
ijtc-504	346	8	pledging	pledge	VERB
ijtc-504	346	9	on	on	ADP
ijtc-504	346	10	firms	firm	NOUN
ijtc-504	346	11	’	'	PUNCT
ijtc-504	346	12	dividend	dividend	NOUN
ijtc-504	346	13	payouts	payout	NOUN
ijtc-504	346	14	.	.	PUNCT
ijtc-504	347	1	pacific	pacific	ADJ
ijtc-504	347	2	-	-	PUNCT
ijtc-504	347	3	basin	basin	NOUN
ijtc-504	347	4	finance	finance	NOUN
ijtc-504	347	5	journal	journal	NOUN
ijtc-504	347	6	,	,	PUNCT
ijtc-504	347	7	65	65	NUM
ijtc-504	347	8	,	,	PUNCT
ijtc-504	347	9	101493	101493	NUM
ijtc-504	347	10	.	.	PUNCT
ijtc-504	348	1	https://doi.org/10.1016/j.pacfin.2020.101493	https://doi.org/10.1016/j.pacfin.2020.101493	PROPN
ijtc-504	348	2	yeo	yeo	PROPN
ijtc-504	348	3	,	,	PUNCT
ijtc-504	348	4	h.	h.	PROPN
ijtc-504	348	5	(	(	PUNCT
ijtc-504	348	6	2016	2016	NUM
ijtc-504	348	7	)	)	PUNCT
ijtc-504	348	8	.	.	PUNCT
ijtc-504	349	1	solvency	solvency	NOUN
ijtc-504	349	2	and	and	CCONJ
ijtc-504	349	3	liquidity	liquidity	NOUN
ijtc-504	349	4	in	in	ADP
ijtc-504	349	5	shipping	shipping	NOUN
ijtc-504	349	6	companies	company	NOUN
ijtc-504	349	7	.	.	PUNCT
ijtc-504	350	1	the	the	DET
ijtc-504	350	2	asian	asian	ADJ
ijtc-504	350	3	journal	journal	NOUN
ijtc-504	350	4	of	of	ADP
ijtc-504	350	5	shipping	shipping	NOUN
ijtc-504	350	6	and	and	CCONJ
ijtc-504	350	7	logistics	logistic	NOUN
ijtc-504	350	8	,	,	PUNCT
ijtc-504	350	9	32(4	32(4	NUM
ijtc-504	350	10	)	)	PUNCT
ijtc-504	350	11	,	,	PUNCT
ijtc-504	350	12	235–241	235–241	NUM
ijtc-504	350	13	.	.	PUNCT
ijtc-504	351	1	https://doi.org/10.1016/j.ajsl.2016.12.007	https://doi.org/10.1016/j.ajsl.2016.12.007	PROPN
ijtc-504	351	2	yu	yu	PROPN
ijtc-504	351	3	,	,	PUNCT
ijtc-504	351	4	x.	x.	PROPN
ijtc-504	351	5	,	,	PUNCT
ijtc-504	351	6	wang	wang	PROPN
ijtc-504	351	7	,	,	PUNCT
ijtc-504	351	8	y.	y.	PROPN
ijtc-504	351	9	,	,	PUNCT
ijtc-504	351	10	chen	chen	PROPN
ijtc-504	351	11	,	,	PUNCT
ijtc-504	351	12	y.	y.	PROPN
ijtc-504	351	13	,	,	PUNCT
ijtc-504	351	14	&	&	CCONJ
ijtc-504	351	15	wang	wang	PROPN
ijtc-504	351	16	,	,	PUNCT
ijtc-504	351	17	g.	g.	PROPN
ijtc-504	351	18	(	(	PUNCT
ijtc-504	351	19	2021	2021	NUM
ijtc-504	351	20	)	)	PUNCT
ijtc-504	351	21	.	.	PUNCT
ijtc-504	352	1	dividend	dividend	NOUN
ijtc-504	352	2	payouts	payout	NOUN
ijtc-504	352	3	and	and	CCONJ
ijtc-504	352	4	catering	catering	NOUN
ijtc-504	352	5	to	to	ADP
ijtc-504	352	6	demands	demand	NOUN
ijtc-504	352	7	:	:	PUNCT
ijtc-504	352	8	evidence	evidence	NOUN
ijtc-504	352	9	from	from	ADP
ijtc-504	352	10	a	a	DET
ijtc-504	352	11	dividend	dividend	NOUN
ijtc-504	352	12	tax	tax	NOUN
ijtc-504	352	13	reform	reform	NOUN
ijtc-504	352	14	.	.	PUNCT
ijtc-504	353	1	international	international	ADJ
ijtc-504	353	2	review	review	NOUN
ijtc-504	353	3	of	of	ADP
ijtc-504	353	4	financial	financial	ADJ
ijtc-504	353	5	analysis	analysis	NOUN
ijtc-504	353	6	,	,	PUNCT
ijtc-504	353	7	77	77	NUM
ijtc-504	353	8	,	,	PUNCT
ijtc-504	353	9	101841	101841	NUM
ijtc-504	353	10	.	.	PUNCT
ijtc-504	354	1	https://doi.org/10.1016/j.irfa.2021.101841	https://doi.org/10.1016/j.irfa.2021.101841	PROPN
ijtc-504	354	2	yusuf	yusuf	PROPN
ijtc-504	354	3	,	,	PUNCT
ijtc-504	354	4	f.	f.	PROPN
ijtc-504	354	5	,	,	PUNCT
ijtc-504	354	6	yousaf	yousaf	PROPN
ijtc-504	354	7	,	,	PUNCT
ijtc-504	354	8	a.	a.	PROPN
ijtc-504	354	9	,	,	PUNCT
ijtc-504	354	10	&	&	CCONJ
ijtc-504	354	11	saeed	saeed	PROPN
ijtc-504	354	12	,	,	PUNCT
ijtc-504	354	13	a.	a.	NOUN
ijtc-504	354	14	(	(	PUNCT
ijtc-504	354	15	2018	2018	NUM
ijtc-504	354	16	)	)	PUNCT
ijtc-504	354	17	.	.	PUNCT
ijtc-504	355	1	rethinking	rethink	VERB
ijtc-504	355	2	agency	agency	NOUN
ijtc-504	355	3	theory	theory	NOUN
ijtc-504	355	4	in	in	ADP
ijtc-504	355	5	developing	develop	VERB
ijtc-504	355	6	countries	country	NOUN
ijtc-504	355	7	:	:	PUNCT
ijtc-504	355	8	a	a	DET
ijtc-504	355	9	case	case	NOUN
ijtc-504	355	10	study	study	NOUN
ijtc-504	355	11	of	of	ADP
ijtc-504	355	12	pakistan	pakistan	PROPN
ijtc-504	355	13	.	.	PUNCT
ijtc-504	356	1	accounting	accounting	PROPN
ijtc-504	356	2	forum	forum	PROPN
ijtc-504	356	3	.	.	PUNCT
ijtc-504	357	1	https://doi.org/10.1016/j.accfor.2018.10.002	https://doi.org/10.1016/j.accfor.2018.10.002	ADJ
ijtc-504	357	2	zapparoli	zapparoli	PROPN
ijtc-504	357	3	,	,	PUNCT
ijtc-504	357	4	l.	l.	PROPN
ijtc-504	357	5	,	,	PUNCT
ijtc-504	357	6	paulesu	paulesu	NOUN
ijtc-504	357	7	,	,	PUNCT
ijtc-504	357	8	e.	e.	PROPN
ijtc-504	357	9	,	,	PUNCT
ijtc-504	357	10	mariano	mariano	PROPN
ijtc-504	357	11	,	,	PUNCT
ijtc-504	357	12	m.	m.	NOUN
ijtc-504	357	13	,	,	PUNCT
ijtc-504	357	14	ravani	ravani	NOUN
ijtc-504	357	15	,	,	PUNCT
ijtc-504	357	16	a.	a.	PROPN
ijtc-504	357	17	,	,	PUNCT
ijtc-504	357	18	&	&	CCONJ
ijtc-504	357	19	sacheli	sacheli	PROPN
ijtc-504	357	20	,	,	PUNCT
ijtc-504	357	21	l.	l.	PROPN
ijtc-504	357	22	m.	m.	PROPN
ijtc-504	357	23	(	(	PUNCT
ijtc-504	357	24	2022	2022	NUM
ijtc-504	357	25	)	)	PUNCT
ijtc-504	357	26	.	.	PUNCT
ijtc-504	358	1	the	the	DET
ijtc-504	358	2	sense	sense	NOUN
ijtc-504	358	3	of	of	ADP
ijtc-504	358	4	agency	agency	NOUN
ijtc-504	358	5	in	in	ADP
ijtc-504	358	6	joint	joint	ADJ
ijtc-504	358	7	actions	action	NOUN
ijtc-504	358	8	:	:	PUNCT
ijtc-504	358	9	a	a	DET
ijtc-504	358	10	theory	theory	NOUN
ijtc-504	358	11	-	-	PUNCT
ijtc-504	358	12	driven	drive	VERB
ijtc-504	358	13	meta	meta	ADJ
ijtc-504	358	14	-	-	PUNCT
ijtc-504	358	15	analysis	analysis	NOUN
ijtc-504	358	16	.	.	PUNCT
ijtc-504	359	1	cortex	cortex	NOUN
ijtc-504	359	2	,	,	PUNCT
ijtc-504	359	3	148	148	NUM
ijtc-504	359	4	,	,	PUNCT
ijtc-504	359	5	99–120	99–120	NUM
ijtc-504	359	6	.	.	PUNCT
ijtc-504	360	1	https://doi.org/10.1016/j.cortex.2022.01.002	https://doi.org/10.1016/j.cortex.2022.01.002	NOUN