Is it grammatically correct to have a pronoun refer to a subject in the next clause? See the below example.
Because their guardians are with them, teenagers will not be able to approach drug dealers to buy illegal substances.
What is this called?
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It is grammatically correct. When the pronoun follows its antecedent, it is called anaphoric. When the pronoun precedes its antecedent, it is called cataphoric.
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"... a cataphoric (forward-looking) pronoun would find its referent coming later in the sentence: After his discovery of New Zealand, Captain Cook went on to discover several Pacific islands. (This example appears in New Fowler, p. 134.)