Hi, @KinzleB. Good question; I differ with @Dam and take it to be a gerund object of transitive stand -- and it is the implicit object of emphasize! "It could tolerate [emphasizing it]." The passive version would be "It could stand being emphasized".
Thank you :) could I add an indefinite article between "stand" and "emphasizing"? I got lots of examples of "could stand a refurbishing" in Google Books.
@KinzleB In that case the gerund is fully deverbal. I don't think you'd use emphasize that way; the more ordinary noun would be employed, and only if it took some modifier: "It could stand an emphasis of some sort", "It could stand more emphasis".