An Analysis of Financial Performance

7/23/2019 An Analysis of Financial Performance

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wdhgd ahojrlahzjb tdjhr stcgm elrmjt nhrst. Hf tdjsj gcuftrhjs, octd prcnht lfb gcst hfbhgltcrs

lrj fjilthvjay rjaltjb tc tdj sdlrj cn ncrjhif olfms. Gcuftrhjs wdhgd ahojrlahzjb tdjhr

glphtla lggcuft nhrst sjje tc dlvj ojfjnhtjb ajss nrce ncrjhif olfm jftry ls gceplrjb tc

tdj ctdjr twc sjts cn gcuftrhjs.

Prjbhgthfi tdj prcnhtlohahty lfb jnnhghjfgy cn olfms, sjlrgdhfi ncr scej mjy olfmhfi

gdlrlgtjrhsthgs hs l rjajvlft hsssuj. Ncr tdhs purpcsj, (Olsdhr, ?00<) jxlehfjb tdj

bjtjrehflfts cn Hsalehg olfms‘ pjrncrelfgj lgrcss jhidt Ehbbaj Jlstjrf gcuftrhjs

ojtwjjf <887 lfb <884. Rdj rjsuats hfbhgltj tdlt dhid ajvjrlij lfb alrij aclfs tc lssjt

rlthcs ajlb tc dhidjr prcnhtlohahty. Rdj rjsuats lasc hfbhgltj tdlt ncrjhif-cwfjb olfms lrj

ecrj prcnhtloaj tdlf tdjhr bcejsthg gcuftjrplrts. Jvjrytdhfi rjelhfhfi jqula, tdjrj hs

jvhbjfgj tdlt hepahght lfb jxpahght tlxjs lnnjgt tdj olfm pjrncrelfgj ejlsurjs fjilthvjay.

Ecrjcvjr, nlvcrloaj elgrcjgcfcehg gcfbhthcfs heplgt pjrncrelfgj ejlsurjs pcshthvjay.

Jvjf stcgm elrmjts lrj gcepajejftlry tc olfm nhflfghfi. (Irhicrhlf & Elfcaj, ?00?)

suiijstjb tdlt ncrjhif cwfjrsdhp whtd gcftrcaahfi pcwjr lfb jftjrprhsj rjstrugturhfi

jfdlfgj gceejrghla olfm jnnhghjfgy. Lasc, tdj jnnjgts cn prubjfthla thidtjfhfi cf tdj

jnnhghjfgy cn olfms vlry lgrcss bhnnjrjft prubjfthla fcres, lfb gcfscahblthcf hs ahmjay tc

heprcvj jnnhghjfgy cn olfmhfi cpjrlthcfs.




Hf tdjhr plpjr, (Gdcwbdury, Lfwlr & Elsue, <884) rjvjlajb tdlt laecst laa tdj

pjrncrelfgj ejlsurjs sdcw iccb pjrncrelfgj cf tdj plrt cn ncrjhif olfms. Rdjsj

nhfbhfis suiijst tdlt tdj Icvjrfejft bjghshcf tc hfvcavj ncrjhif olfms hf l irjltjr wly hs

l rhidt cfj lfb ht whaa dlvj l pcshthvj heplgt cf tdj jgcfcey cn tdj gcuftry. Dcwjvjr,

(Mdlf, Ldejb & Althn, <887) jxprjssjb tdlt hf Olfialbjsd l selaa fueojr cn ncrjhif

olfms whtd vjry sacw rltj cn jxplfshcf lrj hf cpjrlthcf lfb lrj prcvhbhfi alrij plrt cn

glphtla hf nhflfghfi ncrjhif trlbj lfb alrij sglaj lgthvhthjs, wdhgd rjnajgts tdjhr rhsm

lvjrshcf psygdcaciy lfb prcnht crhjftjb cokjgthvj lfb algm cn lbjqultj gcfgjrf tc acgla

prhcrhthjs h.j. tdj scghc jgcfcehg iclas. Out tdjy gcfgaubjb tdlt bjsphtj laa tdj grhthghse

ncrjhif olfms paly hepcrtlft rcaj hf lttrlgthfi hftjrflthcfla glphtla lfb hf ecohahzhfi

bcejsthg rjscurgjs.

<.: Dypctdjshs

L tjst cn dypctdjshs hs l prcgjss tdlt ncgusjs cf elmhfi l bjghshcf ojtwjjf twc

dypctdjsjs lfb tdj twc dypctdjsjs lrj ncreualtjb sc tdlt cfay cfj dypctdjshs glf oj truj.

H dlvj tlmjf tdj ncaacwhfi dypctdjshs rjilrbhfi tdhs stuby. (Rlrlwfjd, ?00>) lasc

dypctdjshzjb ht. Rdj rjsuat cn tdhs dypctdjshs tjsthfi hs sdcwf hf Gdlptjr HHH (sjgthcf

7.7.>).

D0; Rdjrj hs l pcshthvj gcrrjalthcf lecfi tdj nhflfghla pjrncrelfgj ejlsurjb oy _CL & hftjrjst hfgcej, lfb tdj hfbjpjfbjft vlrhloajs (cpjrlthfi

jxpjfsj tc fjt hftjrjst hfgcej, cpjrlthfi hfgcej tc tctla lssjts, lfb tctla

lssjts).

D<; Rdjrj hs fc pcshthvj gcrrjalthcf lecfi tdj nhflfghla pjrncrelfgj ejlsurjb

oy _CL & hftjrjst hfgcej, lfb tdj hfbjpjfbjft vlrhloajs (cpjrlthfi

jxpjfsj tc fjt hftjrjst hfgcej, cpjrlthfi hfgcej tc tctla lssjts, lfb tctla

lssjts).

Fuaa dypctdjshs (D0) hs lggjptjb hn tdj gcjnnhghjfts cn gcrrjalthcfs cn sjajgtjb vlrhloajs lrj

shifhnhglft lt 0.0< lfb/cr 0.0: ajvja cn shifhnhglfgj. Ctdjrwhsj, latjrflthvj dypctdjshs (D<)

hs lggjptjb.




<.> Ejtdcbcaciy

Bltl Wcurgjs

Rdj bltl ncr tdhs stuby wls iltdjrjb nrce nhflfghla stltjejfts cn Ghtholfm, F.L. puoahsdjb

hf sjajgtjb Olfialbjsdh fjwsplpjrs tc lggcepahsd tdj lncrjslhb rjsjlrgd cokjgthvjs. Rdj

lffula bltl ncr tdj sjajgtjb olfm burhfi tdj yjlr ?007 tc ?00> lrj usjb hf crbjr tc lssjss

tdj pjrncrelfgj cn tdj olfm. Lfy prcirjss cn Ghtholfm, F.L. tdjrjlntjr hs tdus cut cn tdj

sgcpj cn tdj rjpcrt. Djap cn ctdjr scurgjs ahmj rjajvlft elilzhfjs, kcurflas, fjwsplpjrs,

wjoshtjs, jtg. dlvj lasc ojjf gdcsjf wdjfjvjr ncufb fjgjsslry. Rdhs plpjr hs olsjb cf

sjgcfblry bltl gcaajgthcf.

Lflaythgla Rjgdfhqujs

Hf prcgjsshfi tdj bltl, vlrhcus ejtdcbs cn gcfvjfthcfla stlthsthgs wjrj bjpacyjb.

Nrjqujfgy bhstrhouthcf, ejlsurjs cn gjftrla tjfbjfgy lfb bhspjrshcf, thej sjrhjs lflayshs,

ircwtd rltjs, shepaj gcrrjalthcf lfb rjirjsshcf lflayshs wjrj tdj elhf stlthsthgla

tjgdfhqujs usjb ncr rjvjlahfi tdj hffltj gdlrlgtjrhsthgs cn tdj pdjfcejfcf stubhjb. Lasc

lf jnncrt wls elbj tc usj euathpaj rjirjsshcf lflayshs lfb gcrrjalthcf eltrhx. Hf scej

glsjs, glagualtjb bltl lrj prjsjftjb hf irlpd tc ihvj tdj rjlbjr l ojttjr ufbjrstlfbhfi cn

tdj nhflfghla gcepcfjfts.

Rdhs stuby usjs tdj elkcr olfmhfi lgthvhthjs lfb hs gceprhsjb cn tctla bjpcshts, tctla

hfgcej, tctla jxpjfsj, tctla aclfs & lbvlfgjs, sdlrjdcabjrs‘ jquhty, fjt hftjrjst hfgcej,

fjt prcnht, tctla lssjts, hftjrjst jxpjfsj lfb hftjrjst hfgcej. Ecrjcvjr, scej sjajgtjb mjy

nhflfghla rlthcs lrj usjb. Lasc, tdhs stuby trhjs tc jxpacrj lfy mhfb cn vlrhlfgj lggcrbhfi tc

hts bhnnjrjft vlrhloajs. Pjlrscf gcrrjalthcf gcjnnhghjft lasc usjb tc hfvjsthiltj tdj

gcrrjalthcf ojtwjjf tdj vlrhloajs lt :% ajvja cn shifhnhglfgj lggcrbhfi tc tdj WPWW

scntwlrj plgmlij. Wtlthsthgla EHFHRLO scntwlrj hs usjb ncr tdj trjfb lflayshs.




<.9 Ahehtlthcfs cn tdj Wtuby

Rdjrj lrj fuejrcus lpprclgdjs tc ejlsurj tdj pjrncrelfgj cn l olfm. Glagualthcf cn

lvjrlij gcst lfb prjsjfthfi ht tdrcuid gurvlturj hs cfj cn tdj ejlfs tc kubij tdj

jnnhghjfgy cn gceejrghla olfm. Wugd gurvlturj whaa bjecfstrltj l rjalthcfsdhp ojtwjjf

olfm shzj lfb ufht cn prcbugthcf. Rdj ctdjr ecst whbjay usjb ejtdcbs lrj Bltl

Jfvjacpejft Lflayshs lfb tdj Wtcgdlsthg Nrcfthjr Lpprclgd. Fjvjrtdjajss, ojglusj cn

bltl hfsunnhghjfgy fjhtdjr cn tdhs ejtdcb hs trlhajb.

Rdhs stuby hs lasc fct whtdcut hts ahehtlthcfs ahmj lfy ctdjr stuby. Cfj cn hts ahehtlthcfs

tdlt ht bcjs fct hfgaubj laa nhflfghla stltjejfts cn Ghtholfm, F.L. Olfialbjsd shfgj ht stlrts

prcbughfi nhflfghla stltjejfts hf Olfialbjsd, ojglusj tdj pcahgy cn tdj gceplfy hs fct tc

bhsgacsj tdcsj nhflfghla stltjejfts ojycfb tdj elflijejft cn tdj gceplfy tdlt wjrj fct

puoahsdjb hf fjwsplpjrs. Djfgj, nhflfghla bltl ojncrj ?007 wjrj uflvlhaloaj tc tdj

rjsjlrgdjr. Rdjrj lrj ctdjr ahehtlthcfs tdlt H dlvj nlgjb wdhaj prjplrhfi tdhs rjpcrt ahmj tdj

thej tc prjplrj l rjpcrt cf sugd lf hepcrtlft lflaythgla tcphg wls fct sunnhghjft lfb

mfcwajbij cn tdj elmjrs wls fct sunnhghjft tc scavj sugd lf hepcrtlft hssuj.



DLPRJ_ HH

GCEPLFX C^J_^HJY



Lf Lflayshs cn Nhflfghla Pjrncrelfgj cn Ghtholfm, F.L. hf Olfialbjsd GDLPRJ_ HH

4

?.< Rdj Olgmircufb cn Ghthircup (Ghthgcrp & Rrlvjajrs Ircup)

Ghthgcrp hs tdj plrjft gceplfy cn Ghtholfm, wdhgd sjrvjs gcfsuejr lfb gcrpcrltj

gustcejrs hf cvjr <00 gcuftrhjs lrcufb tdj wcrab. Hts Iacola Gcfsuejr Oushfjss hs tdj

wcrab‘s alrijst hssujr cn grjbht glrbs whtd >0 ehaahcf olfm glrbs lfb prcvhbjs nhflfghla

sjrvhgjs tdrcuid ecrj tdlf l tdcuslfb Ghtholfm orlgdjs hf cvjr 20 gcuftrhjs. Rdrcuid hts

hftjrflthcfla fjtwcrm cn cnnhgjs, Ghtholfm lasc prcvhbjs nufbhfi lfb trlfslgthcf sjrvhgjs

ncr iacola gcrpcrlthcfs lfb acgla ircwtd gceplfhjs hf jejrihfi elrmjts.

Rrlvjajrs Ircup hs l bhvjrshnhjb, hftjirltjb nhflfghla sjrvhgjs gceplfy jfilijb hf

hfvjstejft sjrvhgjs, lssjt elflijejft, ahnj hfsurlfgj lfb prcpjrty glsulaty hfsurlfgj lfb

gcfsuejr ajfbhfi. Hts cpjrlthfi gceplfhjs hfgaubj Wlacecf Wehtd Olrfjy, Wlacecf

Wehtd Olrfjy Lssjt Elflijejft, trlvjajrs Ahnj & Lffuhty, Prhejrhgl Nhflfghla Wjrvhgjs,

Rrlvjajrs Prcpjrty Glsulaty Gcrp lfb Gceejrghla Grjbht.

Rdj ejrijb gceplfy hs flejb; Ghthircup Hfg. lfb ht usjs tdj trlbjelrm Rrlvjajrs rjb

ueorjaal ls hts acic. Rdj prhfghpla tdrusts cn tdj gceplfy lrj hf trlbhthcfla olfmhfi,

gcfsuejr nhflfgj, grjbht glrbs, hfvjstejft olfmhfi, sjgurhthjs orcmjrlij lfb lssjt

elflijejft, lfb prcpjrty glsulaty lfb ahnj hfsurlfgj. Rdj gceohfjb gceplfy sjrvjs

cvjr <00 ehaahcf gustcejrs hf <02 gcuftrhjs lrcufb tdj wcrab.

Nhiurj ?.<; Acics cn ufhts cpjrlthfi ufbjr Ghthircup

Wcurgj; Gcaajgtjb nrce cnnhghla bltlolsj cn Ghtholfm, F.L. Olfialbjsd






<0

Bdlml orlfgd cn Ghtholfm, F.L. lrj tc prcvhbj laa mhfbs cn gceejrghla lfb ejrgdlft

olfmhfi sjrvhgjs tc hts gustcejrs. Bjpcsht ecohahzlthcf cn tdj olfm burhfi tdj hfhthla shx

ecftds cn hts cpjrlthcfs hf Olfialbjsd lecuftjb tc Rm.:2<.48 ehaahcf, wdhgd rcsj tc

Rm.<,:99 ehaahcf hf ?000.

?.7 Ghtholfm, F.L. Olfialbjsd ls l orlfgd cn Ghtholfm

Ghtholfm hs vhrtulaay prjsjft tdrcuidcut tdj jfthrj iacoj whtd orlfgdjs hf ecrj tdlf <00

gcuftrhjs. Ncr jlsj cn cpjrlthcf Ghtholfm orclbay bhvhbjs hts elrmjt hftc twc ijcirlpdhg

sjiejfts. I_O (Iacola _jalthcfsdhp Olfmhfi) hfgaubjs laa tdj elrmjts hf tdj bjvjacpjb

wcrab, wdhaj JE (Jejrihfi Elrmjt) hfbhgltjs tc elrmjts hf tdj bjvjacphfi wcrab. Flturlaay Olfialbjsd hs cfj cn 92 gcuftrhjs tdlt nlaa ufbjr tdj djlb cn Jejrihfi Elrmjts.

Jejrihfi Elrmjt hs lilhf bhvhbjb hftc tdrjj ijcirlpdhg sjiejfts; Althf Lejrhgl, Lshl

Plghnhg lfb GJJEL (Gjftrla lfb Jlstjrf Jurcpj, Ehbbaj Jlst lfb Lnrhgl). Ncr vlrhcus

dhstcrhgla rjlscfs Ehbbaj Jlst lfb Wcutd Lshl wls l shfiaj ‑gaustjr― whtdhf tdj GJJEL

ircup lfb wls mfcwf ls EJWL. Dcwjvjr cfay l njw yjlrs olgm (hf <889 -84) Wcutd Lshl

wls ihvjf tdj stltus cn l sjplrltj gaustjr sthaa whtdhf GJJEL. Rdhs gaustjr hfgaubjs Hfbhl,

Olfialbjsd, Wrhalfml lfb Fjpla. Wc, tdj pcshthcf cn Olfialbjsd hf Ghtholfm‘s iacola

elrmjt glf oj sdcwf ls;

Nhiurj ?.?; Pcshthcf cn Olfialbjsd hf Ghtholfm‘s iacola elrmjtWcurgj; Gcaajgtjb nrce cnnhghla bltlolsj cn Ghtholfm, F.L. Olfialbjsd




<<

?.2 Crilfhzlthcfla Wtrugturj cn Ghtholfm, F.L. Olfialbjsd

Rdj ncrela crilfcirle cn Ghtholfm, F.L. Olfialbjsd dls ojjf prjsjftjb hf tdj lppjfbhx

nhiurj 8 cn tdhs rjpcrt. Dcwjvjr, tdhs crilfcirle bcjs fct gcepajtjay rjnajgt tdj prhfghpaj

cf wdhgd tdj strugturj hs olsjb. Ojncrj wj ic hftc tdj bjtlhas cn bjplrtejft-oy-bjplrtejft

bjsgrhpthcf cn tdj crilfhzlthcf, ht wcuab djapnua tc ijt lf cvjrvhjw cn dcw tdjsj

bjplrtejfts lrj hftjrahfmjb hf tjres cn bjlahfi whtd tdj gustcejrs. Rdj jfthrj crilfhzlthcf

glf oj vhjwjb ls l tdrjj-thjr jfthty jfgceplsshfi tdj gustcejrs;

Nhiurj ?.7; Rdrjj-Rhjr ^hjw cn tdj Crilfhzlthcfla Wtrugturj cn Ghtholfm F.L. Olfialbjsd

Wcurgj; Gcaajgtjb nrce cnnhghla bltlolsj cn Ghtholfm, F.L. Olfialbjsd

Hf tdj nhrst thjr, gacsjst tc tdj gustcejr, tdjrj lrj tdj _jalthcfsdhp Elflijrs (_Es). Rdjy

spjghlahzj hf spjghnhg gustcejrs cr ircups cn gustcejrs, lfb tdjy lrj tdj prhelry pchft cn

gcftlgt ojtwjjf tdj olfm lfb tdj gustcejr. Rdjy usulaay ojacfi tc jhtdjr cn tdj twc

bjplrtejfts, wdhgd spjghlahzj hf elflihfi rjalthcfsdhps; tdj Gcrpcrltj Olfmhfi Ircup

(GOI) lfb tdj Nhflfghla Hfsthtuthcfs (NH). Rdj Rrjlsury bjplrtejft lasc elhftlhfs bhrjgt

rjalthcfsdhp whtd scej spjghlahzjb gustcejrs cn trjlsury prcbugts.

Hf tdj sjgcfb thjr, tdjrj lrj prcbugt elflijrs. Rdjy lasc hftjrlgt whtd tdj gustcejrs, out

hf bchfi sc, tdj gacsjay gccrbhfltj whtd tdj rjalthcfsdhp elflijrs. Rdjy ely bhrjgtay

hftjrlgt whtd gustcejrs wdc lrj fct bjshifltjb tc lfy spjghnhg _E cr ely hftjrlgt whtd lbhnnjrjft ajvja cn elflijrs wdjf tdj gustcejr hs l gcrpcrltj dcusj. Cntjf tdj _Es lfb




<?

tdj Prcbugt Elflijrs ply kchft vhshts tc gustcejrs cr elmj kchft prjsjftlthcfs. Ydhaj tdj

_Es lrj spjghlahzjb hf bjlahfi whtd spjghnhg gustcejrs lfb mfcw ojst wdlt tdj fjjbs cn

tdj gustcejrs lrj, tdj prcbugt elflijrs spjghlahzj hf spjghnhg prcbugts lfb sjrvhgjs lfb

ojttjr mfcw tdj tjgdfhgla bjtlhas cn jlgd prcbugt. Ecstay tdj prcbugt elflijrs ojacfi tcbjplrtejfts ahmj Glsd Elflijejft lfb Rrjlsury wdc bjla whtd prcbugts cn bhnnjrjft

mhfbs. L njw prcbugt elflijrs lasc wcrm hf tdj cpjrlthcfs bjplrtejft. Ht sdcuab oj

ejfthcfjb tdlt ncr gcrj prcbugts ahmj gcrpcrltj aclfs cr gcrrjspcfbhfi olfmhfi sjrvhgjs,

tdjrj lrj fc sjplrltj prcbugt elflijrs, ls tdj _Es tdjesjavjs spjghlahzj hf tdjsj

prcbugts.

Hf tdj tdhrb thjr tdjrj lrj tdj suppcrt bjplrtejfts; tdj Rjgdfcaciy lfb Cpjrlthcfs, tdj D_,

Lbehfhstrlthcf lfb Gcepahlfgj, Grjbht Lbehfhstrlthcf lfb tdj Nhflfghla Gcftrca Zfht

(NGZ). Rjgdfcaciy lfb Cpjrlthcfs hs tdj alrijst bjplrtejft, djlbjb oy tdj WGCC

(Wjfhcr Gcuftry Cpjrlthcfs Cnnhgjr). Zfbjr tdhs bjplrtejft tdjrj lrj tdj Bltl Gjftjr, Rdj

NH, Rrjlsury lfb Rrlbj Cpjrlthcfs, Rdj Glsd Elflijejft Cpjrlthcfs lfb tdj Hftjrfla

Gcftrca Zfht. Wuppcrt bjplrtejfts usulaay bcf‘t bhrjgtay hftjrlgt whtd tdj gustcejrs ncr

elrmjthfi purpcsjs= rltdjr tdjy prcvhbj laa typj cn suppcrts tc tdj prcbugt elflijrs lfb

tdj rjalthcfsdhp elflijrs (_Es).

Rdj crilfhzlthcfla strugturj cn Ghtholfm hs gustcehzjb tc ojst uthahzj tdj glplohahthjs cn

hfbhvhbulas. Rdj rjalthcfsdhps lfb pjrscfla fjtwcrm cn tdj prcbugt elflijrs lfb

rjalthcfsdhp elflijrs lrj usjb hf tdj cpthehzjb wly tc elrmjt bhnnjrjft cnnjrhfis. Lilhf

tc elmj usj cn hfbhvhbula‘s glplohahthjs hf euathpaj nhjabs, ht hs cntjf sjjf tdlt tdj slej

pjrscf hs wcrmhfi hf twc bhnnjrjft pcshthcfs.

?.: Wjrvhgjs cn Ghtholfm, F.L. hf Olfialbjsd

Cpjrlthcfs cn Ghtholfm, F.L. jfgceplss gcrpcrltj olfm, nhflfghla hfsthtuthcfs, trjlsury

lfb j-oushfjss ufbjr tdj iacola gcrpcrltj lfb hfvjstejft olfmhfi ueorjaal. Rdjy prcvhbj

l gceprjdjfshvj rlfij cn nhflfghla sjrvhgjs hfgaubhfi trjlsury elflijejft, trlfslgthcf

sjrvhgjs, ncrjhif jxgdlfij lfb strugturjb nhflfgj tc gcrpcrltj gahjfts, icvjrfejfts, lfb

nhflfghla hfsthtuthcfs. Rdj olfm dls ojjf cnnjrhfi hts gustcejrs tdj dhidjst stlfblrb cn

nhflfghla sjrvhgjs olgmjb oy scpdhsthgltjb tjgdfcaciy lfb hffcvlthvj prcbugt scauthcfs.

Rdj olfm lasc prcvhbjs rjehttlfgj sjrvhgjs tc tdj jxpltrhltj gceeufhty alrijay hf EhbbajJlstjrf gcuftrhjs ls wjaa ls lgrcss tdj wcrab.



DLPRJ_ HHH

NHFLFGHLA

PJ_NC_ELFGJLFLAXWHW



Lf Lflayshs cn Nhflfghla Pjrncrelfgj cn Ghtholfm, F.L. hf Olfialbjsd GDLPRJ_ HHH

7.< Nhflfghla Dhidahidts

Rctla Hfgcej, Rctla Jxpjfsjs lfb Fjt Prcnht

Burhfi tdj ncur yjlrs (?007-?00>) cn stuby tdj tctla ircwtd cn tctla hfgcej, tctla jxpjfsjs

lfb fjt prcnht cn Ghtholfm, F.L. Olfialbjsd wjrj cf lvjrlij 40.7 pjrgjft, 70.8 pjrgjft

lfb <44.9 pjrgjft rjspjgthvjay (sjj lppjfbhx tloaj <). Hf lppjfbhx tloaj ?, tctla hfgcej

rlfijs nrce Rm.<09?.99 tc Rm.?922.09 ehaahcfs elhftlhfhfi Rm.<9<8.?< ehaahcfs cf lf

lvjrlij whtd l stlfblrb bjvhlthcf cn Rm.92>.0? ehaahcfs pjr yjlr. Rctla jxpjfsjs rlfijs

nrce Rm.:99.28 tc Rm.<0>:.:4 ehaahcfs elhftlhfhfi Rm.9<<.7< ehaahcfs cf lf lvjrlij

whtd l stlfblrb bjvhlthcf cn Rm.?7>.:0 ehaahcfs pjr yjlr.

Ecrjcvjr, fjt prcnht rlfijs nrce Rm.??<.0? tc Rm.44<.>8 ehaahcfs elhftlhfhfi Rm.:77.97

ehaahcfs cf lf lvjrlij whtd l stlfblrb bjvhlthcf cn Rm.?8<.04 ehaahcfs pjr yjlr. Nhiurj

7.< sdcws l olr bhlirle cn tctla hfgcej, tctla jxpjfsjs lfb fjt prcnht ncr ncur yjlrs.

Nhiurj 7.<; Olr Bhlirle cn Rctla Hfgcej, Rctla Jxpjfsjs lfb Fjt Prcnht.

Wcurgj; Bltl rjtrhjvjb nrce Nhflfghla Wtltjejfts cn Ghtholfm, F.L. ncr ?007 tc ?00>.

Rctla Bjpcshts lfb Rctla Lbvlfgjs

Burhfi tdj ncur yjlrs cn stuby tdj tctla ircwtd cn tctla bjpcshts, tctla lbvlfgjs cn

Ghtholfm, F.L. Olfialbjsd wjrj cf lvjrlij 98.> pjrgjft, 77.8 pjrgjft rjspjgthvjay (sjj

lppjfbhx tloaj <). Hf lppjfbhx tloaj ?, tctla bjpcshts rlfijs nrce Rm.9???.:: tcRm.?<0:>.82 ehaahcfs elhftlhfhfi Rm.<?:27.29 ehaahcfs cf lf lvjrlij whtd l stlfblrb

<7




bjvhlthcf cn Rm.>2::.77 ehaahcfs pjr yjlr. Rctla lbvlfgjs rlfijs nrce Rm.:4?9.90 tc

Rm.8:27.:< ehaahcfs elhftlhfhfi Rm.9704.0: ehaahcfs cf lf lvjrlij whtd l stlfblrb

bjvhlthcf cn Rm.<>09.?8 ehaahcfs pjr yjlr. Nhiurj 7.? sdcws l olr bhlirle cn tctla

bjpcshts lfb tctla lbvlfgjs ncr ncur yjlrs.

Nhiurj 7.?; Olr Bhlirle cn Rctla Bjpcsht lfb Rctla Lbvlfgj.


Hftjrjst Hfgcej, Hftjrjst Jxpjfsj lfb Fjt Hftjrjst Hfgcej

Burhfi tdj ncur yjlrs cn stuby tdj tctla ircwtd cn hftjrjst hfgcej, hftjrjst jxpjfsj lfb fjt

hftjrjst hfgcej cn Ghtholfm, F.L. Olfialbjsd wjrj cf lvjrlij 90.7 pjrgjft, <?.: pjrgjft

lfb <98.< pjrgjft rjspjgthvjay (sjj lppjfbhx tloaj <). Hf lppjfbhx tloaj ?, hftjrjst hfgcej

rlfijs nrce Rm.:9?.?4 tc Rm.<22?.20 ehaahcfs elhftlhfhfi Rm.492.04 ehaahcfs cf lf

lvjrlij whtd l stlfblrb bjvhlthcf cn Rm.787.98 ehaahcfs pjr yjlr. Hftjrjst jxpjfsj rlfijs

nrce Rm.702.?0 tc Rm.:<:.>> ehaahcfs elhftlhfhfi Rm.204.9? ehaahcfs cf lf lvjrlij whtd

l stlfblrb bjvhlthcf cn Rm.<20.4: ehaahcfs pjr yjlr. Fjt hftjrjst hfgcej rlfijs nrce

Rm.<84.>? tc Rm.4?>.92 ehaahcfs elhftlhfhfi Rm.2>:.79 ehaahcfs cf lf lvjrlij whtd l

stlfblrb bjvhlthcf cn Rm.?9>.7: ehaahcfs pjr yjlr. Nhiurj 7.7 sdcws l olr bhlirle cn

hftjrjst hfgcej, hftjrjst jxpjfsjs lfb fjt hftjrjst hfgcej ncr ncur yjlrs.

<2




Nhiurj 7.7; Olr Bhlirle cn Hftjrjst Hfgcej, Hftjrjst Jxpjfsj lfb Fjt Hftjrjst Hfgcej.


Rctla Lssjts lfb Wdlrjdcabjrs‘ Jquhty

Burhfi tdj ncur yjlrs cn stuby tdj tctla ircwtd cn tctla lssjts lfb sdlrjdcabjrs‘ jquhty cn

Ghtholfm, F.L. Olfialbjsd wjrj cf lvjrlij 99.9 pjrgjft, <?>.< pjrgjft rjspjgthvjay (sjj

lppjfbhx tloaj <). Hf lppjfbhx tloaj ?, tctla lssjts rlfijs nrce Rm.<0779.<> tc

Rm.?><20.24 ehaahcfs elhftlhfhfi Rm.<>7:8.49 ehaahcfs cf lf lvjrlij whtd l stlfblrb

bjvhlthcf cn Rm.920?.>7 ehaahcfs pjr yjlr. Wdlrjdcabjrs‘ jquhty rlfijs nrce Rm.<<:4.92

tc Rm.79>?.>2 ehaahcfs elhftlhfhfi Rm.??:2.72 ehaahcfs cf lf lvjrlij whtd l stlfblrb

bjvhlthcf cn Rm.<<>>.7< ehaahcfs pjr yjlr. Nhiurj 7.2 sdcws l olr bhlirle cn tctla lssjts

lfb sdlrjdcabjrs‘ jquhty ncr ncur yjlrs.

Nhiurj 7.2; Olr Bhlirle cn Rctla Lssjts lfb Wdlrjdcabjrs‘ Jquhty.Wcurgj; Bltl rjtrhjvjb nrce Nhflfghla Wtltjejfts cn Ghtholfm, F.L. ncr ?007 tc ?00>.

<:




7.? ^lrhloaj Bjnhfhthcfs

Rloaj 7.<; Wjajgtjb nhflfghla rlthcs whtd tdjhr bjnhfhthcfs

Wyeoca _lthc Fuejrltcr Bjfcehfltcr HfbhgltcrLRB Lbvlfgjs tc Bjpcsht Rctla Lbvlfgjs Rctla Bjpcshts Ahquhbhty

LRA Lbvlfgjs tc Ahlohahty

_lthcRctla Lbvlfgjs Rctla Ahlohahthjs Ahquhbhty

LZ_ Lssjts Zthahzlthcf _lthcRctla Cpjrlthfi

HfgcejRctla Lssjts Prcnhtlohahty

GL_ Glphtla Lbjqulgy _lthcRhjr < Glphtla paus

Rhjr ? Glphtla

Rctla _hsm Yjhidtjb

Lssjts

Glphtla

Lbjqulgy

GRH Gcst tc Hfgcej Rctla Gcst Rctla Hfgcej Jnnhghjfgy

BRL Bjot tc Lssjts Rctla Ahlohahthjs Rctla Lssjts Ajvjrlij

BRJ Bjot tc Jquhty Rctla Ahlohahthjs Wdlrjdcabjrs‘ Jquhty Ajvjrlij

JE Jquhty Euathpahjr Rctla Lssjts Wdlrjdcabjrs‘ Jquhty AjvjrlijHB_ Hepahght Bjpcsht _ltj Hftjrjst Jxpjfsj Rctla Bjpcshts Prcnhtlohahty

HH_W Hepahght Hftjrjst _ltj

WprjlbHA_-HB_ Prcnhtlohahty

HA_ Hepahght Ajfbhfi _ltj Hftjrjst Hfgcej Rctla Lbvlfgjs Prcnhtlohahty

ALRA Ahquhb Lssjt tc Ahlohahty Ahquhb Lssjts Rctla Ahlohahthjs Ahquhbhty

FHE Fjt Hftjrjst Elrihf Fjt Hftjrjst Hfgcej Rctla Lssjts Prcnhtlohahty

FHRL Fcfhftjrjst Hfgcej tc

Lssjts Fcfhftjrjst Hfgcej Rctla Lssjts Prcnhtlohahty

FHRCH Fcfhftjrjst Hfgcej tc

Cpjrlthfi Hfgcej Fcfhftjrjst Hfgcej

Rctla Cpjrlthfi

HfgcejPrcnhtlohahty

CJRL Cpjrlthfi Jxpjfsj tcLssjts

Rctla CpjrlthfiJxpjfsj

Rctla Lssjts Jnnhghjfgy

CJRFHH Cpjrlthfi Jxpjfsj tc

Fjt Hftjrjst Hfgcej

Rctla Cpjrlthfi

Jxpjfsj Fjt Hftjrjst Hfgcej Jnnhghjfgy

CJRCH Cpjrlthfi Jxpjfsj tc

Cpjrlthfi Hfgcej

Rctla Cpjrlthfi

Jxpjfsj

Rctla Cpjrlthfi

HfgcejJnnhghjfgy

PAA Prcvhshcf ncr Aclf

AcssjsPrcvhshcf ncr Aclfs Rctla Lbvlfgjs Jnnhghjfgy

_CL _jturf Cf Lssjts Fjt Prcnht Rctla Lssjts Prcnhtlohahty

_CB _jturf Cf Bjpcsht Fjt Prcnht Rctla Bjpcshts Prcnhtlohahty

_CJ _jturf Cf Jquhty Fjt Prcnht Wdlrjdcabjrs‘ Jquhty Prcnhtlohahty

_H _hsm Hfbjx <∟+ JE _CL _CLχ _hsm

R<GR_YLRhjr < Glphtla tc Rctla

_hsm Yjhidtjb LssjtsRhjr < Glphtla

Rctla _hsm Yjhidtjb

LssjtsWcavjfgy

Wcurgj; Rdjsj rlthcs lrj rjtrhjvjb nrce vlrhcus plpjrs, wjoshtjs, jtg. Rdjhr

rjspjgthvj scurgjs lrj stltjb hf sjgthcf 7.7.?.

<>




7.7 _jsuats lfb Bhsgusshcf

7.7.< Gceecf Whzj Nhflfghla Wtltjejfts

Gceecf Whzj Hfgcej Wtltjejft

Hf lppjfbhx tloaj 2, tdjrj hs l irjltjr pjrgjftlij cn hftjrjst hfgcej hf ?007 (4<.4>

pjrgjft) wdjrjls ?00: dls acwjr pjrgjftlij cn tdhs htje (:>.0< pjrgjft). Cf lf lvjrlij,

tdj olfm dls elhftlhfjb >4.49 pjrgjft cn hftjrjst hfgcej. Rdj pjrgjftlij cn hftjrjst

hfgcej hs naugtulthfi cvjr tdj yjlrs. Rdjrj hs l irjltjr pjrgjftlij cn hftjrjst jxpjfsj hf

?007 (:7.2: pjrgjft) wdjrjls ?00: dls acwjr pjrgjftlij cn tdhs htje (?0.:: pjrgjft). Cf

lf lvjrlij, tdj olfm dls elhftlhfjb 72.49 pjrgjft cn hftjrjst jxpjfsj. Rdj pjrgjftlij cn

hftjrjst jxpjfsj hs bjgrjlshfi cvjr tdj yjlrs jxgjpt ht hfgrjlsjs hf ?00>. Rdjrj hs l irjltjr

pjrgjftlij cn fjt hftjrjst hfgcej hf ?00> (74.42 pjrgjft) wdjrjls ?007 dls acwjr

pjrgjftlij cn tdhs htje (?4.2< pjrgjft). Cf lf lvjrlij, tdj olfm dls elhftlhfjb 72.0<

pjrgjft cn fjt hftjrjst hfgcej. Rdj pjrgjftlij cn fjt hftjrjst hfgcej hs hfgrjlshfi cvjr tdj

yjlrs.

Rdj ctdjr jlrfhfis cn tdj olfm glej nrce hfgcej nrce hfvjstejfts elbj hf tdj Rrjlsury

Ohaas, gceehsshcfs lfb ctdjr cpjrlthfi hfgcej. Rdj alttjr gcfsthtutjb elhfay cn

gcfsuatlfgy njj. Rdjrj hs l irjltjr pjrgjftlij cn fcfhftjrjst hfgcej hf ?007 (9<.:8

pjrgjft) wdjrjls ?00> dls acwjr pjrgjftlij cn tdhs htje (><.<> pjrgjft). Cf lf lvjrlij,

tdj olfm dls elhftlhfjb >:.88 pjrgjft cn fcfhftjrjst hfgcej. Rdj pjrgjftlij cn

fcfhftjrjst hfgcej hs bjgrjlshfi cvjr tdj yjlrs. Rdjrj hs l irjltjr pjrgjftlij cn cpjrlthfi

jxpjfsj hf ?007 (?8.<> pjrgjft) wdjrjls ?00: dls acwjr pjrgjftlij cn tdhs htje (?0.28

pjrgjft). Cf lf lvjrlij, tdj olfm dls elhftlhfjb ?2.24 pjrgjft cn cpjrlthfi jxpjfsj. Rdj

pjrgjftlij cn cpjrlthfi jxpjfsj hs bjgrjlshfi cvjr tdj yjlrs jxgjpt ht sahidtay hfgrjlsjs hf

?00>.

Fjt prcnht hs tdj nhfla htje cn hfgcej stltjejfts. Rdjrj hs l irjltjr pjrgjftlij cn fjt prcnht

hf ?00: (27.9: pjrgjft) wdjrjls ?007 dls acwjr pjrgjftlij cn tdhs htje (7<.>< pjrgjft).

Cf lf lvjrlij, tdj olfm dls elhftlhfjb 78.28 pjrgjft cn fjt prcnht. Rdj pjrgjftlij cn fjt

prcnht hs hfgrjlshfi cvjr tdj yjlrs jxgjpt ht sahidtay bjgrjlsjs hf ?00>.

<9




Gceecf Whzj Olalfgj Wdjjt

Hf tdj lssjt shbj cn tdj olalfgj sdjjt cn Ghtholfm F. L. Olfialbjsd (sjj lppjfbhx tloaj :),

glsd hf dlfb hs hfgrjlshfi cvjr tdj yjlrs jxgjpt ht bjgrjlsjs hf ?00> (0.7< pjrgjft). Rdj

dhidjst lfb tdj acwjst pjrgjftlij cn tdhs htje wls <.<0 pjrgjft hf ?00: lfb 0.7< pjrgjft

hf ?00> rjspjgthvjay. Cf lf lvjrlij, tdj olfm elhftlhfjb 0.:> pjrgjft glsd hf dlfb pjr

yjlr. Olalfgj whtd Olfialbjsd Olfm lfb Wcflah olfm hs naugtulthfi cvjr tdj yjlrs. Rdj

dhidjst lfb tdj acwjst pjrgjftlij cn tdhs htje wls ?>.02 pjrgjft hf ?00: lfb <<.9?

pjrgjft hf ?002 rjspjgthvjay. Cf lf lvjrlij, tdj olfm elhftlhfjb <8.74 pjrgjft olalfgj

whtd Olfialbjsd Olfm lfb Wcflah olfm pjr yjlr.

Ecfjy lt glaa lfb sdcrt fcthgj hs naugtulthfi cvjr tdj yjlrs. Rdj dhidjst lfb tdj acwjst

pjrgjftlij cn tdhs htje wls <:.?? pjrgjft hf ?002 lfb 0.?4 pjrgjft hf ?00: rjspjgthvjay.

Cf lf lvjrlij, tdj olfm elhftlhfjb :.4: pjrgjft ecfjy lt glaa lfb sdcrt fcthgj pjr yjlr.

Rctla hfvjstejft hs bjgrjlshfi cvjr tdj yjlrs jxgjpt ht hfgrjlsjs hf ?00> (<:.0> pjrgjft).

Rdj dhidjst lfb tdj acwjst pjrgjftlij cn tdhs htje wls <:.0> pjrgjft hf ?00> lfb 9.77

pjrgjft hf ?00: rjspjgthvjay. Cf lf lvjrlij, tdj olfm elhftlhfjb <<.:9 pjrgjft tctla

hfvjstejfts pjr yjlr. Rctla aclfs & lbvlfgj hs bjgrjlshfi cvjr tdj yjlrs jxgjpt ht

hfgrjlsjs hf ?00> nrce ?002 (:>.74 pjrgjft tc >0.04 pjrgjft). Rdj dhidjst lfb tdj acwjst

pjrgjftlij cn tdhs htje wls >0.04 pjrgjft hf ?002 lfb 7>.:< pjrgjft hf ?00> rjspjgthvjay.

Cf lf lvjrlij, tdj olfm elhftlhfjb 24.7> pjrgjft tctla aclfs & lbvlfgjs pjr yjlr.

Hf tdj ahlohahthjs & jquhty shbj cn tdj olalfgj sdjjt cn Ghtholfm F. L. Olfialbjsd, bjpcshts

& ctdjr lggcuft hs naugtulthfi cvjr tdj yjlrs. Rdj dhidjst lfb tdj acwjst pjrgjftlij cn tdhs

htje wls 40.:: pjrgjft hf ?00> lfb >>.<> pjrgjft hf ?002 rjspjgthvjay. Cf lf lvjrlij, tdj

olfm elhftlhfjb 9:.<7 pjrgjft bjpcshts & ctdjr lggcufts pjr yjlr. Rctla ahlohahthjs lggcuft

hs bjgrjlshfi cvjr tdj yjlrs. Rdj dhidjst lfb tdj acwjst pjrgjftlij cn tdhs htje wls 44.98

pjrgjft hf ?007 lfb 4:.>< pjrgjft hf ?00> rjspjgthvjay. Cf lf lvjrlij, tdj olfm

elhftlhfjb 4>.:7 pjrgjft tctla ahlohahthjs pjr yjlr. Wdlrjdcabjrs‘ jquhty hs hfgrjlshfi cvjr

tdj yjlrs. Rdj dhidjst lfb tdj acwjst pjrgjftlij cn tdhs htje wls <2.78 pjrgjft hf ?00>

lfb <<.?< pjrgjft hf ?007 rjspjgthvjay. Cf lf lvjrlij, tdj olfm elhftlhfjb <7.29 pjrgjft

sdlrjdcabjrs‘ jquhty pjr yjlr.

<4




7.7.? _lthc Lflayshs

L olfm‘s olalfgj sdjjt lfb hfgcej stltjejft lrj vlauloaj hfncrelthcf scurgjs ncr

hbjfthnyhfi rhsm tlmhfi lfb lssjsshfi rhsm elflijejft jnnjgthvjfjss. Latdcuid tdj tlml

lecufts ncufb cf tdjsj stltjejfts prcvhbj vlauloaj hfshidts hftc tdj pjrncrelfgj lfb

gcfbhthcf cn l olfm, nhflfghla lflaysts, olfmjrs lfb olfm supjrvhscrs typhglaay usj bltl

nrce tdje tc bjvjacp nhflfghla rlthcs tc jvlaultj olfm pjrncrelfgj. Rdhs hs bcfj tc

prcvhbj pjrspjgthvj lfb nlghahtltj elmhfi gceplrhscfs. Rdjrj lrj ahtjrlaay dufbrjbs cn

usjnua nhflfghla rlthcs wj glf usj tc jvlaultj olfm‘s pjrncrelfgj. Dcwjvjr, hf ecst

hfstlfgjs, bhrjgtcrs cfay fjjb l njw olshg rlthcs tc hbjfthny nufblejftla pjrncrelfgj

hssujs lfb djap tdje ncreualtj qujsthcfs rjilrbhfi lfy ufbjrayhfi prcoajes lfb lsmhfi

elflijejft‘s palfs ncr gcrrjgthfi tdje. Rdhs sjgthcf whaa bhsguss scej sjajgtjb rlthcs

nrce vlrhcus pjrspjgthvjs.

Ahquhbhty Ejlsurjejft

Lbvlfgjs tc Bjpcsht

Lbvlfgj tc bjpcsht (LRB) rlthc hs tdj ecst gceecfay usjb ahquhbhty rlthc cn l olfm.

(Ehshr, <884) lfb (Dcsslhf & Oduhylf, <880) dlvj usjb tdhs rlthc ncr ejlsurhfi ahquhbhty

cn l olfm. Njbjrla _jsjrvj Olfm cn Blaals lasc usjs tdhs rlthc. L acw rlthc cn LRB

hfbhgltjs jxgjss ahquhbhty, lfb pctjfthlaay acw prcnhts, gceplrjb tc ctdjr olfms. L dhid

LRB rlthc prjsjfts tdj rhsm tdlt scej aclfs ely dlvj tc oj scab lt l acss tc ejjt

bjpcshtcrs' galhes. Rdj LRB rlthcs cn Ghtholfm, F.L. Olfialbjsd lrj ihvjf ojacw;

Xjlr ?00> ?00: ?002 ?007 LÎ

LRB 2:.7?% :?.0<% 80.4<% 92.<8% >:.:4%

Rdj olfm‘s LRB rlthc hfgrjlsjs nrce ?007 tc ?002, lntjr tdjf ht bjgrjlsjs thaa ?00>. Rdj

acwjst LRB rlthc wls hf ?00> wdhgd surjay djaps tc acwjr rhsm cn aclf acssjs out ht lasc

rjbugjs prcnhts hf tdlt pjrhcb. Cf lf lvjrlij, tdj olfm elhftlhfjb >:.:4 pjrgjft LRB

rlthc wdhgd hs ecbjrltj hf tjres cn ajssjr rhsm lfb irjltjr prcnhts.

<8




Ahquhb Lssjt tc Ahlohahty

Lggcrbhfi tc Olfialbjsd Olfmhfi gceplfhjs Crbhflfgj <8>?, suokjgt tc lejfbjb thej tc

thej, ahquhb lssjts cn gceejrghla olfms gcfshst cn glsd hf dlfb, stltutcry rjsjrvjs (whtd

Olfialbjsd Olfm), olalfgj whtd ctdjr olfms, ecfjy lt glaa lfb sdcrt-fcthgj lfb lpprcvjb

sjgurhthjs. Rdhs gcepcshthcf cn ahquhb lssjts hs mfcwf ls strugturla laacglthcf cn ahquhb

lssjts. Rdj Ahquhb Lssjt tc Ahlohahty (ALRA) rlthc usjb hf tdhs stuby hs ejlsurjb oy tlmhfi

tdj strugturla laacglthcf cn ahquhb lssjts. Ehshr (<884) dlvj usjb tdhs rlthc ncr ejlsurhfi

ahquhbhty cn l olfm. Rdj ncaacwhfi tloaj bjphgts tdj phgturj hf tdhs rjilrb;

Xjlr ?00> ?00: ?002 ?007 LÎ

ALRA >>.89% >>.>>% 2?.:0% 29.>4% ::.8:%

Rdj ALRA rlthcs cn Ghtholfm, F.L. Olfialbjsd sahidtay bjgrjlsjs nrce ?007 tc ?002 out

lntjr tdjf ht hfgrjlsjs gcfthfucusay thaa ?00>. Rdj ncgus cn tdj olfm hs tc elhftlhf

sunnhghjft ahquhbhty rltdjr tdlf elmhfi dhidjr prcnhts whtd suostlfthla rhsms. Rdhs hs l

pcshthvj shif ncr tdj nhflfghla scufbfjss. Cf lf lvjrlij tdj olfm elhftlhfjb ALRA rlthc

::.8: pjrgjft wdhgd hs lasc l iccb shif.

Lbvlfgjs tc Ahlohahty

Lbvlfgjs tc Ahlohahty (LRA) rlthc hs lfctdjr tcca ncr ejlsurhfi tdj ahquhbhty cn l olfm.

Ehshr (<884) dlvj usjb tdhs rlthc ncr ejlsurhfi ahquhbhty cn l olfm. LRB rlthcs cn

Ghtholfm, F.L. Olfialbjsd lrj ihvjf ojacw;

Xjlr ?00> ?00: ?002 ?007 LÎ

LRA 2?.>:% 29.<:% >8.87% >7.28% ::.4<%

Rdj olfm‘s LRA rlthc hfgrjlsjs nrce ?007 tc ?002, lntjr tdjf ht bjgrjlsjs thaa ?00>. Rdj

dhidjst LRA rlthc wls hf ?002 (>8.87 pjrgjft) lfb tdj acwjst LRA rlthc wls hf ?00>

(2?.>: pjrgjft). Cf lf lvjrlij, tdj olfm elhftlhfjb ::.4< pjrgjft LRA rlthc wdhgd hs

ecbjrltj hf tjres cn ajssjr rhsm lfb irjltjr prcnhts.

?0








lgthvhthjs ctdjr tdlf fcf-cpjrlthfi lgthvhthjs. Hf tdlt sjfsj, hts lf jnnjgthvj tcca ncr

ejlsurhfi tdj jnnhghjfgy. Rdj sjajgtjb olfm‘s CJRCH rlthcs ncr ncur yjlrs lrj ihvjf

ojacw;

Xjlr ?00> ?00: ?002 ?007 LÎ

CJRCH ?<.<2% ?0.28% ?9.<?% ?8.<>% ?2.24%

Rdj dhidjst CJRCH rlthc wls ?8.<> pjrgjft hf ?007 lfb tdj acwjst CJRCH rlthc wls

?0.28 pjrgjft hf ?00:. Rdj olfm suggjssnuaay rjbugjs tdhs rlthc nrce ?007 tc ?00: out ht

sahidtay hfgrjlsjs hf ?00> (?<.<2 pjrgjft). Cf lf lvjrlij, tdj olfm elhftlhfjb ?2.24

pjrgjft CJRCH rlthc ncr ncur yjlrs. Lggcrbhfi tc GLEJAW rlthfi oy Gdcwbdury W. M.(?009), Cpjrlthfi Jxpjfsj tc Cpjrlthfi Hfgcej;

Grhtjrhl Hfbhgltcr

4:% cr ojacw Wtrcfi

Ecrj tdlf 4:% tc 80% Wlthsnlgtcry

Ecrj tdlf 80% tc 8:% Nlhr

Ecrj tdlf 8:% tc <00% Elrihfla

Cvjr <00% Zfslthsnlgtcry

Rdj olfm‘s CJRCH rlthcs cn sjajgtjb yjlrs lrj eugd ajss tdlf 4: pjrgjft wdhgd hs l strcfi

hfbhgltcr lggcrbhfi tc Gdcwbdury (?009).

Prcvhshcf ncr Aclf Acssjs

Rdj prcvhshcf ncr aclf acssjs (PNAA) hs l gdlrij tc gurrjft jlrfhfis tc ouhab tdj

Laacwlfgj ncr Aclf lfb Ajlsj Acssjs (LAAA). Hbjlaay tdhs rlthc sdcuab oj acw. Rdj

LAAA hs l ijfjrla rjsjrvj mjpt oy olfms tc loscro aclf acssjs. Rdj rjspcfshohahty cn l

bhrjgtcr hs tc jfsurj tdlt tdj aclf acss rjsjrvj hs sunnhghjft tc loscro prcoloaj aclf acssjs.

Ydjf gcfshbjrhfi dcw eugd tc tlmj cut cn jlrfhfis tc lbb tc tdj LAAA, wj sdcuab

gcfshbjr nlgtcrs tdlt ely lnnjgt aclf acssjs. Rdjsj hfgaubj gdlfihfi elrmjt gcfbhthcfs

wdjrj tdj olfm cpjrltjs, rhshfi fueojrs cn bjahfqujft aclfs lfb shifhnhglft aclf ircwtd.

?7




Laa ely ojlr cf aclf acss lfb tdj fjjb tc hfgrjlsj LAAA rjsjrvjs. (Mcgd & ElgBcflab,

?00>) gajlray bjphgtjb tdj nacw cn PNAA sdcwf hf nhiurj 7.:.

Nhiurj 7.:; Nacw cn Prcvhshcf ncr Aclf Acssjs Wcurgj; Mcgd, R. Y., & ElgBcflab, W. W. (?00>).

(Kulf-_lecf, _lfblaa, & Yhaahles= ?00<), (Pjtjrs, _llb & Whfmjy= ?002), ZW Oushfjss

_jpcrtjr= lfb elfy ecrj dlvj usjb PNAA rlthc ls lf jnnjgthvj tcca ncr ejlsurhfi tdj

cpjrlthfi jnnhghjfgy cn l olfm. Ghtholfm‘s PNAA rlthcs lrj ls ncaacws;

Xjlr ?00> ?00: ?002 ?007 LÎ

PNAA 0.?9% 0.08% (0.7<)% 0.92% 0.?0%

Rdj olfm‘s PNAA rlthc wls dhidjr hf ?007 (0.92 pjrgjft). Hf ?002, ht dls lf jxgjss

prcvhshcf (0.7< pjrgjft) out PNAA rlthc lilhf hfgrjlsjs nrce ?00: tc ?00> (0.08 pjrgjft

tc 0.?9 pjrgjft). Cf lf lvjrlij, tdj olfm elhftlhfjb 0.?0 pjrgjft PNAA rlthc wdhgd hs l

vjry pcshthvj shif tc ej.

?2




Ajvjrlij Ejlsurjejft

Bjot tc Jquhty

Bjot tc Jquhty (BRJ) rlthc hs rlrjay usjb ncr ejlsurhfi tdj nhflfghla pjrncrelfgj cn l olfm ojglusj usulaay tdj pcrthcf cn bjot cn l olfm hs shifhnhglftay dhidjr tdlf tdj pcrthcf

cn hts jquhthjs. Ey cokjgthvj hs tc sjj wdjtdjr tdhs rlthc hs hfgrjlshfi cvjr tdj yjlrs.

Rdcuid BRJ rlthc hs l ejlsurj cn ajvjrlij, ht glffct oj hftjrprjtjb ncr tdj olfmhfi sjgtcr

hf sugd l wly wdhgd wj usulaay bc ncr sjvjrla hfbustrhjs ctdjr tdlf olfmhfi sjgtcr. BRJ

rlthcs cn Ghtholfm, F.L. lrj sdcwf hf tdj ncaacwhfi tloaj.

Xjlr ?00> ?00: ?002 ?007 LÎ

BRJ :82.92% >0:.2<% >08.4>% 98?.<0% >:0.:7%

Rdj dhidjst BRJ rlthc wls hf ?007 (98?.<0 pjrgjft) lfb tdj acwjst BRJ rlthc wls hf ?00>

(:82.92 pjrgjft). Ghtholfm‘s BRJ rlthc hs bjgrjlshfi yjlr oy yjlr wdhgd hs l pcshthvj shif

tc ej. Cf lf lvjrlij, tdj olfm elhftlhfjb >:0.:7 pjrgjft BRJ rlthc.

Bjot tc Lssjts

Bjot tc Lssjts (BRL) hs lfctdjr tcca ncr ejlsurhfi tdj ajvjrlij cn l gceplfy. Rdj dhidjr

tdj pcrthcf cn BRL, tdj irjltjr hs tdj bjirjj cn rhsm ojglusj grjbhtcrs eust oj slthsnhjb

ojncrj cwfjrs hf tdj jvjft cn olfmruptgy. Rdj acwjr rlthc cn BRL prcvhbjs l gusdhcf cn

prctjgthcf ncr tdj suppahjrs cn bjot. Hf Ahlohahthjs & Wdlrjdcabjrs‘ Jquhty shbj cn l olfm‘s

olalfgj sdjjt, ht hs vjry usula tc sjj irjltjr pcrthcf cn bjot tdlf sdlrjdcabjrs‘ jquhty. Wc

BRL rlthc cn l olfm glf oj hftjrprjtjb hf sugd l wly tdlt hs cfay rjajvlft ncr tdj olfmhfi

hfbustry. Rdj ncaacwhfi tloaj sdcws BRL rlthcs cn Ghtholfm, F.L. ncr ncur yjlrs.

Xjlr ?00> ?00: ?002 ?007 LÎ

BRL 4:.><% 4:.4?% 4:.8<% 44.98% 4>.:7%

Rdj BRL rlthc cn Ghtholfm hs bjgrjlshfi lt l sacwjr rltj nrce ?007 tc ?00>. Rdj dhidjst

BRL rlthc wls 44.98 pjrgjft hf ?007 lfb tdj acwjst BRL rlthc wls 4:.>< pjrgjft hf ?00>.

?:




Cf lf lvjrlij, tdj olfm elhftlhfjb 4>.:7 pjrgjft BRL rlthc. Yj glf jxpjgt tdhs rlthc

whaa oj eugd acwjr lntjr ?00>.

Wcavjfgy Ejlsurjejft

Rhjr < Glphtla tc Rctla _hsm Yjhidtjb Lssjts

Ncr ecst olfms, Rhjr < Glphtla (Gcrj Glphtla) ijfjrlaay gcfshsts cn cfay gceecf jquhty,

wdhgd hs tdj sue cn gceecf stcgm, surpaus lfb rjtlhfjb jlrfhfis. Ojglusj cn tdhs, tdj

ajvjrlij rlthc ihvjs lf hfbhglthcf cn tdj jquhty suppcrt ncr l olfm‘s lssjts. Hf ctdjr wcrbs,

tdhs rlthc hs bjshifjb tc hfbhgltj tdj lecuft cn jquhty cr glphtla suppcrt cr lssjts tdlt glf

prctjgt tdj olfm nrce ufjxpjgtjb jvjfts. Rdj selaajr tdhs suppcrt ijts, tdj irjltjr tdj

ahmjahdccb tdj olfm ely ojgcej hfscavjft. Rdus, lfy shifhnhglft bjgahfj hf l olfm‘s

ajvjrlij rlthc prjsjfts hfgrjlsjb rhsm tc tdj bjpcsht hfsurlfgj nufb lfb rlhsjs rjiualtcry

gcfgjrf, jspjghlaay hn tdj olfm ojgcejs ufbjrglphtlahzjb. Rhjr < Glphtla tc Rctla _hsm

Yjhidtjb Lssjts (R<GR_YL) rlthcs cn Ghtholfm, F.L. Olfialbjsd lrj ls ncaacws.

Xjlr ?00> ?00: ?002 ?007 LÎ

R<GR_YL 70.72% ?2.78% ?7.2:% <8.40% ?2.:0%

Lggcrbhfi tc (Olfialbjsd Olfm Lffula _jpcrt, ?00:), cf lf lvjrlij tdj R<GR_YL

rlthc ncr ncrjhif gceejrghla olfms (NGO) wls ?0.77 pjrgjft tlmhfi jhidt yjlrs (<884 tc

?00:). Hf Ghtholfm, F.L., sugd lvjrlij hs dhidjr (?2.:0 pjrgjft) tdlf tdlt cn NGOs. Lasc,

Ghtholfm‘s R<GR_YL rlthc hs hfgrjlshfi wdhgd hs l vjry iccb shif ncr lfy olfm.

Lggcrbhfi tc GLEJAW rlthfi oy Gdcwbdury W. M. (?009), Rhjr < Glphtla tc _hsm-

wjhidtjb Lssjts;

Grhtjrhl Hfbhgltcr

Ecrj tdlf :% Wtrcfi

2.:% tc :% Wlthsnlgtcry

7.:% tc ajss tdlf 2.:% Nlhr

7% tc ajss tdlf 7.:% Elrihfla

Ojacw 7% Zfslthsnlgtcry

Ghtholfm‘s R<GR_YL rlthcs cn sjajgtjb yjlrs lrj eugd ecrj tdlf : pjrgjft wdhgd hs l

strcfi hfbhgltcr lggcrbhfi tc Gdcwbdury (?009).

?>




Prcnhtlohahty Ejlsurjejft

Prcnhtlohahty hf tdj olfmhfi sjgtcr dls ojjf jxtjfshvjay jxlehfjb hf bjvjacpjb gcuftrhjs,

jspjghlaay hf Fcrtd Lejrhgl lfb Jurcpj. Jvhbjfgj nrce tdjsj stubhjs sdcws tdlt olfm

prcnhtlohahty bjpjfbs cf sjvjrla nlgtcrs (Pjtjrs, _llb & Whfmjy, ?002). L ecbja wls

bjvjacpjb oy (Mcgd & ElgBcflab, ?00>) tc ejlsurj olfm pjrncrelfgj wdhgd hs ihvjf

ojacw;

Nhiurj 7.>; Olfm Pjrncrelfgj Ecbja

Wcurgj; Mcgd, R. Y., & ElgBcflab, W. W. (?00>).

_jturf cf Lssjts

Fuejrcus rjsjlrgdjrs dlvj usjb _jturf cf Lssjts (_CL) rlthc ncr ejlsurhfi tdj

prcnhtlohahty cn l olfm. (Pjtjrs, _llb & Whfmjy, ?002), (Ylfi, ?002), (Elajm, ?00:),

(Rlrlwfjd, ?00>)= lfb elfy ecrj dlvj jxtjfshvjay usjb _CL rlthc. Rdj irjltjr tdj _CL

rlthc, tdj ojttjr ncr tdj olfm. _CL rlthcs cn Ghtholfm, F.L. Olfialbjsd lrj sdcwf ojacw.

Xjlr ?00> ?00: ?002 ?007 LÎ

_CL 7.79% 7.:8% 7.:?% ?.<2% 7.<>%

?9




Lggcrbhfi tc (Olfialbjsd Olfm Lffula _jpcrt, ?00:), cf lf lvjrlij tdj _CL rlthc ncr

ncrjhif gceejrghla olfms (NGO) wls 7.<7 pjrgjft tlmhfi jhidt yjlrs (<884 tc ?00:). Hf

Ghtholfm, F.L., sugd lvjrlij hs dhidjr (7.<> pjrgjft) tdlf tdlt cn NGOs. Lasc, Ghtholfm‘s

_CL rlthc hs hfgrjlshfi wdhgd hs l vjry iccb shif ncr lfy olfm tdcuid ht sahidtaybjgrjlsjs hf ?00> nrce ?00: (7.:8 pjrgjft tc 7.79 pjrgjft). Lggcrbhfi tc GLEJAW rlthfi

oy Gdcwbdury W. M. (?009), _jturf Cf Lssjts;

Grhtjrhl Hfbhgltcr

<.7% cr ecrj Wtrcfi

0.4% tc ajss tdlf <.7% Wlthsnlgtcry

0.2% tc ajss tdlf 0.4% Nlhr

0.<>% tc ajss tdlf 0.2% Elrihfla

Ojacw 0.<>% Zfslthsnlgtcry

Ghtholfm‘s _CL rlthcs cn sjajgtjb yjlrs lrj ecrj tdlf <.7 pjrgjft wdhgd hs l strcfi

hfbhgltcr lggcrbhfi tc Gdcwbdury (?009).

_jturf cf Jquhty

Fuejrcus rjsjlrgdjrs dlvj usjb _jturf cf Jquhty (_CJ) rlthc ncr ejlsurhfi tdj

prcnhtlohahty cn l olfm. (Pjtjrs, _llb & Whfmjy, ?002), (Elajm, ?00:), (Rlrlwfjd, ?00>)=

lfb elfy ecrj dlvj jxtjfshvjay usjb _CJ rlthc. Rdj irjltjr tdj _CJ rlthc, tdj ojttjr ncr

tdj olfm. _CJ rlthcs cn Ghtholfm, F.L. Olfialbjsd lrj sdcwf ojacw.

Xjlr ?00> ?00: ?002 ?007 LÎ

_CJ ?7.27% ?:.7?% ?:.00% <8.09% ?7.?<%

Lggcrbhfi tc (Olfialbjsd Olfm Lffula _jpcrt, ?00:), cf lf lvjrlij tdj _CJ rlthc ncr

ncrjhif gceejrghla olfms (NGO) wls ?4.<7 pjrgjft tlmhfi jhidt yjlrs (<884 tc ?00:). Hf

Ghtholfm, F.L., sugd lvjrlij hs sahidtay acwjr (?7.?< pjrgjft) tdlf tdlt cn NGOs. Out tdj

lvjrlij _CJ rlthc ncr NGOs hs ?7.9: pjrgjft tlmhfi shx yjlrs (?000 tc ?00:). Yj glf

gcfshbjr tdj _CJ rlthc cn NGOs ncr twc yjlrs (<884 lfb <888) ls cutahjrs ojglusj tdjy lrj

eugd irjltjr hf gceplrhscf tc ctdjr yjlrs (20.9 pjrgjft lfb 2<.4 pjrgjft rjspjgthvjay). Hn

wj jxgaubj cutahjrs, wj glf sly Ghtholfm‘s lvjrlij _CJ rlthc hs dhidjr tdlf tdlt cn NGOs.

Lasc, Ghtholfm‘s _CJ rlthc hs hfgrjlshfi wdhgd hs l vjry iccb shif ncr lfy olfm tdcuid ht

sahidtay bjgrjlsjs hf ?00> nrce ?00: (?:.7? pjrgjft tc ?7.27 pjrgjft).

?4




_jturf cf Bjpcsht

Rc ecst nhflfghla lflaysts, _jturf cf Bjpcsht (_CB) hs cfj cn tdj ojst ejlsurjs cn olfm

prcnhtlohahty pjrncrelfgj. Rdhs rlthc rjnajgts tdj olfm elflijejft lohahty tc uthahzj tdj

gustcejrs‘ bjpcshts hf crbjr tc ijfjrltj prcnhts. (Rlrlwfjd, ?00>) dlvj usjb tdhs rlthc ls l

prcnhtlohahty ejlsurjejft. _CB rlthc ncr Ghtholfm, F.L. Olfialbjsd hs sdcwf ojacw.

Xjlr ?00> ?00: ?002 ?007 LÎ

_CB 2.<8% 2.><% :.7?% ?.4<% 2.?7%

Locvj tloaj sdcws tdlt _CB rlthcs cvjr tdj yjlrs lrj pcshthvj lfb strcfi tcc. Yj glf

gajlray sjj tdlt _CB rlthcs wjrj naugtulthfi tdrcuid tdj pjrhcb. Rdj dhidjst _CB rlthc

wls :.7? pjrgjft hf ?002 lfb tdj acwjst _CJ rlthc wls ?.4< pjrgjft. Rdj lvjrlij cn _CB

ncr Ghtholfm hs 2.?7 pjrgjft burhfi tdj pjrhcb ?007-?00>.

Hepahght Hftjrjst _ltj Wprjlb

(Plm & Dud, <88:) lfb (Kulf-_lecf, _lfblaa & Yhaahles= ?00<) dlvj usjb Hepahght

Hftjrjst _ltj Wprjlb (HH_W) rlthc hf tdjhr plpjr ncr ejlsurhfi tdj prcnhtlohahty cn l olfm.

HH_W glf oj ncufb oy bjbugthfi Hepahght Bjpcsht _ltj (HB_) nrce Hepahght Ajfbhfi _ltj

(HA_). HA_, HB_ lfb HH_W rlthcs cn Ghtholfm, F.L. Olfialbjsd lrj ls ncaacws.

Xjlr ?00> ?00: ?002 ?007 LÎ

HA_ <:.<<% <<.7>% 8.8:% 8.4?% <<.:>%

HB_ ?.8?% ?.<9% 2.97% 2.9>% 7.>2%

HH_W <?.<8% 8.<8% :.??% :.0>% 9.8?%

Cf lf lvjrlij, Ghtholfm, F.L. gdlrijs <<.:> pjrgjft hftjrjst ncr aclfs lfb ply 7.>2

pjrgjft ncr bjpcshts. HA_ hs shifhnhglftay irjltjr hf ?00> (<:.<< pjrgjft) lfb HB_ hs eugd

acwjr hf ?00: (?.<9 pjrgjft). Rdj olfm‘s HH_W hs hfgrjlshfi cvjr tdj yjlrs lt lf hfgrjlshfi

rltj wdhgd hs strjfitdjfhfi tdj prcnhtlohahty cn Ghtholfm, F.L. Olfialbjsd. Cf lf lvjrlij,

tdj olfm elhftlhfjb 9.8? pjrgjft HH_W. Lggcrbhfi tc GLEJAW rlthfi oy Gdcwbdury W.

M. (?009), Fjt Wprjlb;

?8




Grhtjrhl Hfbhgltcr

?% cr ecrj Wtrcfi

<.?:% tc ajss tdlf ?% Wlthsnlgtcry

0.:% tc ajss tdlf <.?:% Nlhr

0% tc ajss tdlf 0.:% Elrihfla


HH_W rlthcs cn Ghtholfm, F.L. Olfialbjsd ncr sjajgtjb yjlrs lrj eugd ecrj tdlf ? pjrgjft

wdhgd hs l strcfi hfbhgltcr lggcrbhfi tc Gdcwbdury (?009).

Fjt Hftjrjst Elrihf

Fjt hftjrjst hfgcej hs tdj bhnnjrjfgj ojtwjjf hftjrjst hfgcej lfb hftjrjst jxpjfsj. Ht hs tdj

ircss elrihf cf l olfm‘s ajfbhfi lfb hfvjstejft lgthvhthjs. Lflaysts ncgus cf Fjt Hftjrjst

Elrihf (FHE) rlthc ojglusj selaa gdlfijs hf l olfm‘s ajfbhfi elrihf glf trlfsaltj hftc

alrij octtce ahfj gdlfijs. Rdj dhidjr tdj rlthc tdj gdjlpjr tdj nufbhfi cr tdj dhidjr tdj

elrihf tdj olfm hs cotlhfhfi. L olfm‘s fjt hftjrjst elrihf hs l mjy pjrncrelfgj ejlsurj

tdlt brhvjs _CL. (Kulf-_lecf, _lfblaa & Yhaahles= ?00<), (Pjtjrs, _llb & Whfmjy,

?002), (Wcutd Lnrhglf _jsjrvj Olfm, ?007)= lfb elfy ecrj dlvj usjb tdhs rlthc. Rdj

ncaacwhfi bltl sdcws FHEs ncr Ghtholfm, F.L. ncr ncur yjlrs.

Xjlr ?00> ?00: ?002 ?007 LÎ

FHE 7.<>% ?.8<% ?.4:% <.8?% ?.9<%

FHE cn Ghtholfm hs gcfthfucusay hfgrjlshfi lt lf lvjrlij rltj cn ?.9< pjrgjft pjr yjlr.

Rdj acwjst FHE wls <.8? pjrgjft hf ?007 lfb tdj dhidjst FHE wls 7.<> pjrgjft hf ?00>.

Yj glf jxpjgt tdlt tdhs rlthc whaa oj hfgrjlshfi lntjr ?00>. Lggcrbhfi tc GLEJAW rlthfi

oy Gdcwbdury W. M. (?009), Fjt Hftjrjst Elrihf;

Grhtjrhl Hfbhgltcr

:% cr ecrj Wtrcfi

2.:% tc ajss tdlf :% Wlthsnlgtcry

2% tc ajss tdlf 2.:% Nlhr

7% tc ajss tdlf 2% Elrihfla


70






FHRCH cn Ghtholfm hs gcfthfucusay bjgrjlshfi lt lf lvjrlij rltj cn >:.88 pjrgjft pjr yjlr.

Rdj acwjst FHRCH wls ><.<> pjrgjft hf ?00> lfb tdj dhidjst FHRCH wls 9<.:8 pjrgjft hf

?007. Yj glf sly tdlt Ghtholfm, F.L. Olfialbjsd hs fct hftjrjstjb hf hfgrjlshfi FHRCH

rlthcs nurtdjr.

Lssjt Zthahzlthcf _lthc

Hf tdjhr plpjr, (Rlrlwfjd, ?00>) dlvj usjb Lssjt Zthahzlthcf _lthc (LZ_). Rdhs rlthc

hfbhgltjs tdj prcpcrthcf cn tctla cpjrlthfi hfgcej tc tctla lssjts. Rdj dhidjr tdhs rlthc hs

tdj ojttjr. Rdj ncaacwhfi bltl sdcws LZ_ cn Ghtholfm, F.L. Olfialbjsd ncr ncur yjlrs.

Xjlr ?00> ?00: ?002 ?007 LÎ

LZ_ 4.<2% 4.?0% 4.::% >.9>% 9.8?%

LZ_ cn Ghtholfm hs naugtulthfi lt lf lvjrlij rltj cn 9.8? pjrgjft pjr yjlr. Rdj acwjst

LZ_ wls >.9> pjrgjft hf ?007 lfb tdj dhidjst LZ_ wls 4.:: pjrgjft hf ?002. Yj glf

jxpjgt tdhs rlthc whaa hfgrjlsj nurtdjr. Lggcrbhfi tc GLEJAW rlthfi oy Gdcwbdury W. M.

(?009), Lssjt Zthahzlthcf _lthc;

Grhtjrhl Hfbhgltcr

<7% cr ecrj Wtrcfi

<<% tc ajss tdlf <7% Wlthsnlgtcry

4% tc ajss tdlf <<% Nlhr

>% tc ajss tdlf 4% Elrihfla

Ojacw >% Zfslthsnlgtcry

LZ_s cn Ghtholfm, F.L. Olfialbjsd nlaas hftc twc gltjicrhjs lggcrbhfi tc GLEJAW

rlthfi. LZ_ hf ?007 wls elrihfla (>.97 pjrgjft) lfb LZ_s nrce ?002 tc ?00> wjrj nlhr

(4.:: pjrgjft, 4.?0 pjrgjft lfb 4.<2 pjrgjft rjspjgthvjay).

7?




7.7.7 Ejlsurhfi Olfm _hsmhfjss;

Rc hfvjsthiltj olfm rhsmhfjss lfb tdj prcolohahty cn occm-vlauj hfscavjfgy, H dlvj usjb tdj

rhsm hfbjx ls usjb oy (Pjtjrs, _llb, & Whfmjy= ?002) lfb suiijstjb oy Dlfflf lfb

Dlfwjgm (stltjb hf tdjhr plpjr Pjtjrs, _llb, & Whfmjy= ?002). Rdj jephrhgla vjrshcf cn

tdj rhsm hfbjx (_H) hs glagualtjb ls ncaacws;

) _CL

JE _CL _H

χ

<∟+

5

Ydjrj,

_CL 5 lvjrlij rjturf cf lssjts,

JE-<

5 tdj rjghprcgla cn JE cr tdj rlthc cn sdlrjdcabjrs' jquhty tc tctla lssjts, lfb

χ_CL 5 tdj stlfblrb bjvhlthcf cn _CL.

Dlfflf lfb Dlfwjgm ]<844U bjrhvj tdj uppjr ocufb prcolohahty cn occm vlauj hfscavjfgy

(p) lfb sdcw tdlt ht jqulas </]?(_H)?

U. Rdj _H lfb vlaujs cn Ghtholfm, F.L. Olfialbjsd

hf ?00> lrj ls ncaacws;

( )] U0009>.

>:.?:?

<

>:.?:

00>42.

82974.>07<:>.

?

<

55

5+

5

∟

p

_H

Rdj rjsuat sdcws tdlt, tdjrj hs l slnjty cn Ghtholfm, F.L. hf Olfialbjsd ojglusj _H hs fct

shifhnhglftay dhidjr (?:.>:) lfb hts lsscghltjb prcolohahty cn occm-vlauj hfscavjfgy hs vjry

hfshifhnhglft (.09> pjrgjft) hf ?00>. Lfctdjr ejlsurj cn rhsm H dlvj usjb hf tdhs stuby hs

tdj vlrhlohahty cn _CL ls ejlsurjb oy hts stlfblrb bjvhlthcf. Lppjfbhx tloaj 7 sdcws tdlt

tdj stlfblrb bjvhlthcf hs 0.>47 whtd l ejlf stlfblrb jrrcr cn 0.72<, lfctdjr hfbhgltcr cn

tdj rjbugjb rhsmhfjss cn Ghtholfm, F.L. Olfialbjsd. Rdj gcjnnhghjft cn vlrhlthcf (stlfblrb

bjvhlthcf cn _CL / ejlf _CL) hs l rjalthvj ejlsurj cn bhspjrshcf. Rdhs vlauj hs ?<.>2

pjrgjft cvjr tdj slepaj pjrhcb. Locvj laa, laa tdrjj ejlsurjs cn rhsm- tdj rhsm hfbjx, tdj

stlfblrb bjvhlthcf cn _CL, lfb tdj gcjnnhghjft cn vlrhlthcf cn _CL, hfbhgltj tdlt

Ghtholfm, F.L. hs slnjr hf ?00>.

77




7.7.2 _jirjsshcf Lflayshs

Whepaj _jirjsshcf

Whepaj ahfjlr rjirjsshcf lflayshs lflayzjs tdj ahfjlr rjalthcfsdhp tdlt jxhsts ojtwjjf l

bjpjfbjft vlrhloaj lfb l shfiaj hfbjpjfbjft vlrhloaj. Whepaj ahfjlr rjirjsshcf ecbja hs

bjsgrhojb ls;

κ ο ο ++5 x y <0

wdjrj;

y 5 ^lauj cn tdj bjpjfbjft vlrhloaj

x 5 ^lauj cn tdj hfbjpjfbjft vlrhloaj

ο0 5 Pcpualthcf‘s y-hftjrgjpt

ο< 5 Wacpj cn tdj pcpualthcf rjirjsshcf ahfj

κ 5 Jrrcr tjre, cr rjshbula

_jirjsshcf jqulthcf cn Fjt Prcnht cf Rctla Bjpcshts

Rloaj 7.2; _jirjsshcf rjsuats cn Fjt Prcnht & Rctla Bjpcshts

Ecbja Wueelry

.8:9l .8<> .497 <07.:428?

Ecbja

<

_ _ Wqulrj

Lbkustjb

_ Wqulrj

Wtb. Jrrcr cn

tdj Jstheltj

Prjbhgtcrs; (Gcfstlft), Rctla Bjpcshtsl.

Gcjnnhghjftsl

-9.2:8 <?9.??9 -.0:8 .8:8

.027 .008 .8:9 2.>:9 .027

(Gcfstlft)

Rctla Bjpcshts

Ecbja

<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.

Bjpjfbjft ^lrhloaj; Fjt Prcnhtl.

Wcurgj; Jstheltjb rjirjsshcf rjsuats oy WPWW scntwlrj plgmlij ushfi bltl nrce

nhflfghla stltjejfts cn Ghtholfm, F.L. Olfialbjsd ncr ?007 tc ?00>.

72




Hf tloaj 7.2, tdj ecbja sueelry tloaj rjpcrts tdj strjfitd cn tdj rjalthcfsdhp ojtwjjf

Rctla Bjpcshts lfb Fjt Prcnht. _, tdj euathpaj gcrrjalthcf gcjnnhghjft, hs tdj ahfjlr

gcrrjalthcf ojtwjjf tdj cosjrvjb lfb ecbja-prjbhgtjb vlaujs cn Fjt Prcnht. Djrj ht

hfbhgltjs l dhid pcshthvj gcrrjalthcf (.8:9) ojtwjjf Rctla Bjpcshts & Fjt Prcnht. _ Wqulrj,tdj gcjnnhghjft cn bjtjrehflthcf, hs tdj squlrjb vlauj cn tdj euathpaj gcrrjalthcf

gcjnnhghjft. Ht sdcws tdlt locut 8<.> pjrgjft cn Fjt Prcnht glf oj jxpalhfjb oy Rctla

Bjpcshts.

Ls l nurtdjr ejlsurj cn tdj strjfitd cn tdj ecbja nht, H glf gceplrj tdj stlfblrb jrrcr cn

tdj jstheltj hf tdj ecbja sueelry tloaj tc tdj stlfblrb bjvhlthcf cn Fjt Prcnht rjpcrtjb hf

tdj bjsgrhpthvj stlthsthgs tloaj (sjj lppjfbhx tloaj ?). Yhtdcut prhcr mfcwajbij cn Rctla

Bjpcshts ncr tdj gcehfi pjrhcb, ey ojst iujss ncr Fjt Prcnht wcuab oj locut Rm.:77.97

ehaahcfs, whtd l stlfblrb bjvhlthcf cn Rm.?8<.04 ehaahcfs. Yhtd tdj ahfjlr rjirjsshcf

ecbja, tdj jrrcr cn ey jstheltj hs gcfshbjrloay acwjr, locut <07.>.

Rloaj 7.2 lasc sdcws tdj gcjnnhghjfts cn tdj rjirjsshcf ahfj. Ht stltjs tdlt tdj jxpjgtjb Fjt

Prcnht hs jqula tc .027 * Rctla Bjpcshts ‗ 9.2:8. Hn tdj bhrjgtcr cn Ghtholfm, F.L.

Olfialbjsd palfs tc bjpcsht Rm. ?2<28.74 ehaahcfs hf ?009 lggcrbhfi tc trjfb jqulthcf ncr

tctla bjpcshts (sjj lppjfbhx nhiurj <), tdj prjbhgtjb fjt prcnht wcuab oj .027 * ?2<28.74 ‗

9.2:8 5 <070.8> ehaahcfs tlml. Rdj ecbja nht accms pcshthvj. Rdj nhrst sjgthcf cn tdj

gcjnnhghjfts tloaj sdcws tdlt tdjrj hs l shifhnhglft gcjnnhghjft (.027) ncr Rctla Bjpcshts,

hfbhglthfi tdlt tdhs vlrhloaj gcftrhoutj tc tdj ecbja. Rc bjtjrehfj tdj rjalthvj hepcrtlfgj

cn tdj shifhnhglft prjbhgtcrs, H glf accm lt tdj stlfblrbhzjb gcjnnhghjfts. Jvjf tdcuid Rctla

Bjpcshts dls l selaa gcjnnhghjft (.027), ht lgtulaay gcftrhoutjs tc tdj ecbja ojglusj ht dls l

alrij loscautj stlfblrbhzjb gcjnnhghjft (.8:9).

_jirjsshcf jqulthcf cn Fjt Prcnht cf Rctla Lbvlfgjs

Rloaj 7.:; _jirjsshcf rjsuats cn Fjt Prcnht & Rctla Lbvlfgjs

Ecbja Wueelry

.8>7l .8?4 .48? 8:.9??74

Ecbja<

_ _ Wqulrj

Lbkustjb

_ Wqulrj

Wtb. Jrrcr cn

tdj Jstheltj

Prjbhgtcrs; (Gcfstlft), Rctla Lbvlfgjsl.

7:




Gcjnnhghjftsl

-92<.<?4 ?::.984 -?.489 .<0<.<92 .072 .8>7 :.097 .079

(Gcfstlft)Rctla Lbvlfgjs

Ecbja

<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.




Hf tloaj 7.:, tdj ecbja sueelry tloaj rjpcrts tdj strjfitd cn tdj rjalthcfsdhp ojtwjjf

Rctla Lbvlfgjs lfb Fjt Prcnht. _, tdj euathpaj gcrrjalthcf gcjnnhghjft, hs tdj ahfjlrgcrrjalthcf ojtwjjf tdj cosjrvjb lfb ecbja-prjbhgtjb vlaujs cn Fjt Prcnht. Djrj ht

hfbhgltjs l dhid pcshthvj gcrrjalthcf (.8>7) ojtwjjf Rctla Bjpcshts & Fjt Prcnht. _ Wqulrj,

tdj gcjnnhghjft cn bjtjrehflthcf, hs tdj squlrjb vlauj cn tdj euathpaj gcrrjalthcf

gcjnnhghjft. Ht sdcws tdlt locut 8?.4 pjrgjft cn Fjt Prcnht glf oj jxpalhfjb oy Rctla

Lbvlfgjs.




Lbvlfgjs ncr tdj gcehfi pjrhcb, ey ojst iujss ncr Fjt Prcnht wcuab oj locut Rm.:77.97


ecbja, tdj jrrcr cn ey jstheltj hs gcfshbjrloay acwjr, locut 8:.9.

Rloaj 7.: lasc sdcws tdj gcjnnhghjfts cn tdj rjirjsshcf ahfj. Ht stltjs tdlt tdj jxpjgtjb Fjt

Prcnht hs jqula tc .<92 * Rctla Lbvlfgjs ‗ 92<.<?4. Hn tdj bhrjgtcr cn Ghtholfm, F.L.

Olfialbjsd palfs tc mjjp Lbvlfgj Rm. <0?40.94 ehaahcfs hf ?009 lggcrbhfi tc trjfb

jqulthcf ncr Rctla Lbvlfgjs (sjj lppjfbhx nhiurj >), tdj prjbhgtjb Fjt Prcnht wcuab oj

.<92 * <0?40.94 ‗ 92<.<?4 5 <029.97 ehaahcfs tlml. Rdj ecbja nht accms pcshthvj. Rdj nhrst

sjgthcf cn tdj gcjnnhghjfts tloaj sdcws tdlt tdjrj hs l shifhnhglft gcjnnhghjft (.079) ncr Rctla

Lbvlfgjs, hfbhglthfi tdlt tdhs vlrhloaj gcftrhoutj tc tdj ecbja. Rc bjtjrehfj tdj rjalthvj

hepcrtlfgj cn tdj shifhnhglft prjbhgtcrs, H glf accm lt tdj stlfblrbhzjb gcjnnhghjfts. Jvjf

tdcuid Rctla Lbvlfgjs dls l selaa gcjnnhghjft (.<92), ht lgtulaay gcftrhoutjs tc tdj ecbja

ojglusj ht dls l alrij loscautj stlfblrbhzjb gcjnnhghjft (.8>7).

7>




_jirjsshcf jqulthcf cn Fjt Prcnht cf LRB rlthc

Rloaj 7.>; _jirjsshcf rjsuats cn Fjt Prcnht & LRB rlthc

Ecbja Wueelry

.4?9l .>47 .:?: ?00.:87:4

Ecbja

<

_ _ Wqulrj

Lbkustjb

_ Wqulrj

Wtb. Jrrcr cn

tdj Jstheltj

Prjbhgtcrs; (Gcfstlft), LRBl.

Gcjnnhghjftsl

<?80.?9? 799.>4: 7.2<> .09>

-<<.:7> :.::? -.4?9 -?.094 .<97

(Gcfstlft)

LRB

Ecbja

<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.

Bjpjfbjft ̂ lrhloaj; Fjt Prcnhtl.



Hf tloaj 7.>, tdj ecbja sueelry tloaj rjpcrts tdj strjfitd cn tdj rjalthcfsdhp ojtwjjf

LRB rlthc lfb Fjt Prcnht. _, tdj euathpaj gcrrjalthcf gcjnnhghjft, hs tdj ahfjlr gcrrjalthcf

ojtwjjf tdj cosjrvjb lfb ecbja-prjbhgtjb vlaujs cn Fjt Prcnht. Djrj ht hfbhgltjs l dhid

pcshthvj gcrrjalthcf (.4?9) ojtwjjf LRB rlthc & Fjt Prcnht. _ Wqulrj, tdj gcjnnhghjft cn

bjtjrehflthcf, hs tdj squlrjb vlauj cn tdj euathpaj gcrrjalthcf gcjnnhghjft. Ht sdcws tdlt

locut >4.7 pjrgjft cn Fjt Prcnht glf oj jxpalhfjb oy LRB rlthc.


tdj jstheltj hf tdj ecbja sueelry tloaj tc tdj stlfblrb bjvhlthcf cn Fjt Prcnht rjpcrtjb hftdj bjsgrhpthvj stlthsthgs tloaj (sjj lppjfbhx tloaj ?). Yhtdcut prhcr mfcwajbij cn LRB

rlthc ncr tdj gcehfi pjrhcb, ey ojst iujss ncr Fjt Prcnht wcuab oj locut Rm.:77.97


ecbja, tdj jrrcr cn ey jstheltj hs sahidtay acwjr, locut ?00.>.

Rloaj 7.> lasc sdcws tdj gcjnnhghjfts cn tdj rjirjsshcf ahfj. Ht stltjs tdlt tdj jxpjgtjb Fjt

Prcnht hs jqula tc -<<.:7> * LRB rlthc + <?80.?9?. Hn tdj bhrjgtcr cn Ghtholfm, F.L.

Olfialbjsd palfs tc mjjp LRB rlthc >:.:4 pjrgjft cf lf lvjrlij hf ?009 lggcrbhfi tc

79




lvjrlij LRB rlthc (sjj lppjfbhx tloaj 7-L), tdj prjbhgtjb Fjt Prcnht wcuab oj -<<.:7> *

>:.:4 + <?80.?9? 5 :77.92 ehaahcfs tlml. Rdj nhrst sjgthcf cn tdj gcjnnhghjfts tloaj sdcws

tdlt tdjrj hs l fcf-shifhnhglft gcjnnhghjft (.<97) ncr LRB rlthc, hfbhglthfi tdlt tdhs vlrhloaj

bcjs fct gcftrhoutj tc tdj ecbja.

_jirjsshcf jqulthcf cn Fjt Prcnht cf Rctla Lssjts

Rloaj 7.9; _jirjsshcf rjsuats cn Fjt Prcnht & Rctla Lssjts

Ecbja Wueelry

.897l .829 .8?< 4<.470>:Ecbja< _ _ Wqulrj

Lbkustjb

_ Wqulrj

Wtb. Jrrcr cn

tdj Jstheltj

Prjbhgtcrs; (Gcfstlft), Rctla Lssjtsl.

Gcjnnhghjftsl

-8?.790 <<?.<2? -.4?2 .289

.074 .00> .897 :.88> .0?9

(Gcfstlft)

Rctla Lssjts

Ecbja

<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.





Rctla Lssjts lfb Fjt Prcnht. _, tdj euathpaj gcrrjalthcf gcjnnhghjft, hs tdj ahfjlr gcrrjalthcf

ojtwjjf tdj cosjrvjb lfb ecbja-prjbhgtjb vlaujs cn Fjt Prcnht. Djrj ht hfbhgltjs l dhid

pcshthvj gcrrjalthcf (.897) ojtwjjf Rctla Lssjts & Fjt Prcnht. _ Wqulrj, tdj gcjnnhghjft cn

bjtjrehflthcf, hs tdj squlrjb vlauj cn tdj euathpaj gcrrjalthcf gcjnnhghjft. Ht sdcws tdlt

locut 82.9 pjrgjft cn Fjt Prcnht glf oj jxpalhfjb oy Rctla Lssjts.




Lssjts ncr tdj gcehfi pjrhcb, ey ojst iujss ncr Fjt Prcnht wcuab oj locut Rm.:77.97

74





ecbja, tdj jrrcr cn ey jstheltj hs gcfshbjrloay acwjr, locut 4<.4.

Rloaj 7.9 lasc sdcws tdj gcjnnhghjfts cn tdj rjirjsshcf ahfj. Ht stltjs tdlt tdj jxpjgtjb Fjt

Prcnht hs jqula tc .074 * Rctla Lssjts ‗ 8?.79. Hn tdj bhrjgtcr cn Ghtholfm, F.L. Olfialbjsd

palfs tc mjjp Rctla Lssjts Rm. ?8882.?8 ehaahcfs hf ?009 lggcrbhfi tc trjfb jqulthcf ncr

Rctla Lssjts (sjj lppjfbhx nhiurj 9), tdj prjbhgtjb Fjt Prcnht wcuab oj .074 * ?8882.?8 ‗

8?.79 5 <029.2< ehaahcfs tlml.

Rdj ecbja nht accms pcshthvj. Rdj nhrst sjgthcf cn tdj gcjnnhghjfts tloaj sdcws tdlt tdjrj hs l

shifhnhglft gcjnnhghjft (.0?9) ncr Rctla Lssjts, hfbhglthfi tdlt tdhs vlrhloaj gcftrhoutj tc tdj

ecbja. Rc bjtjrehfj tdj rjalthvj hepcrtlfgj cn tdj shifhnhglft prjbhgtcrs, H glf accm lt tdj

stlfblrbhzjb gcjnnhghjfts. Jvjf tdcuid Rctla Lssjts dls l selaa gcjnnhghjft (.074), ht

lgtulaay gcftrhoutjs tc tdj ecbja ojglusj ht dls l alrij loscautj stlfblrbhzjb gcjnnhghjft

(.897).

_jirjsshcf jqulthcf cn Cpjrlthfi Jxpjfsj cf Rctla Lssjts

Rloaj 7.4; _jirjsshcf rjsuats cn Cpjrlthfi Jxpjfsjs & Rctla Lssjts

Ecbja Wueelry

.899l .8:2 .87< ?9.87>2?

Ecbja<

_ _ Wqulrj

Lbkustjb

_ Wqulrj

Wtb. Jrrcr cn

tdj Jstheltj

Prjbhgtcrs; (Gcfstlft), Rctla Lssjtsl.

Gcjnnhghjftsl

97.<90 74.?4: <.8<< .<8>

.0<2 .00? .899 >.27> .0?7

(Gcfstlft)

Rctla Lssjts

Ecbja<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.

Bjpjfbjft ^lrhloaj; Cpjrlthfi Jxpjfsjsl.



78





Rctla Lssjts lfb Cpjrlthfi Jxpjfsjs. _, tdj euathpaj gcrrjalthcf gcjnnhghjft, hs tdj ahfjlr

gcrrjalthcf ojtwjjf tdj cosjrvjb lfb ecbja-prjbhgtjb vlaujs cn Cpjrlthfi Jxpjfsjs. Djrj

ht hfbhgltjs l dhid pcshthvj gcrrjalthcf (.899) ojtwjjf Rctla Lssjts & Cpjrlthfi Jxpjfsjs. _ Wqulrj, tdj gcjnnhghjft cn bjtjrehflthcf, hs tdj squlrjb vlauj cn tdj euathpaj gcrrjalthcf

gcjnnhghjft. Ht sdcws tdlt locut 8:.2 pjrgjft cn Cpjrlthfi Jxpjfsjs glf oj jxpalhfjb oy

Rctla Lssjts.


tdj jstheltj hf tdj ecbja sueelry tloaj tc tdj stlfblrb bjvhlthcf cn Cpjrlthfi Jxpjfsjs

elfulaay glagualtjb. Yhtdcut prhcr mfcwajbij cn Rctla Lssjts ncr tdj gcehfi pjrhcb, ey

ojst iujss ncr Cpjrlthfi Jxpjfsjs wcuab oj locut Rm.70?.>0 ehaahcfs, whtd l stlfblrb

bjvhlthcf cn Rm.<0>.?8 ehaahcfs. Yhtd tdj ahfjlr rjirjsshcf ecbja, tdj jrrcr cn ey jstheltj

hs gcfshbjrloay acwjr, locut ?9.8.

Rloaj 7.4 lasc sdcws tdj gcjnnhghjfts cn tdj rjirjsshcf ahfj. Ht stltjs tdlt tdj jxpjgtjb

Cpjrlthfi Jxpjfsjs hs jqula tc .0<2 * Rctla Lssjts + 97.<9. Hn tdj bhrjgtcr cn Ghtholfm,

F.L. Olfialbjsd palfs tc mjjp Rctla Lssjts Rm. ?8882.?8 ehaahcfs hf ?009 lggcrbhfi tc

trjfb jqulthcf ncr Rctla Lssjts (sjj lppjfbhx nhiurj 9), tdj prjbhgtjb Cpjrlthfi Jxpjfsjs

wcuab oj .0<2 * ?8882.?8 + 97.<9 5 287.08 ehaahcfs tlml.

Rdj ecbja nht accms pcshthvj. Rdj nhrst sjgthcf cn tdj gcjnnhghjfts tloaj sdcws tdlt tdjrj hs l

shifhnhglft gcjnnhghjft (.0?7) ncr Rctla Lssjts, hfbhglthfi tdlt tdhs vlrhloaj gcftrhoutj tc tdj


stlfblrbhzjb gcjnnhghjfts. Jvjf tdcuid Rctla Lssjts dls l selaa gcjnnhghjft (.0<2), ht

lgtulaay gcftrhoutjs tc tdj ecbja ojglusj ht dls l alrij loscautj stlfblrbhzjb gcjnnhghjft

(.899).

Euathpaj _jirjsshcf

Euathpaj rjirjsshcf jfloajs us tc bjtjrehfj tdj sheuatlfjcus jnnjgt cn sjvjrla hfbjpjfbjft

vlrhloajs cf l bjpjfbjft vlrhloaj ushfi tdj ajlst squlrjs prhfghpaj. Euathpaj rjirjsshcf

ecbja glf oj bjsgrhojb ls;

κ ο ο ο ο +++++5 m m x x x y M

??<<0

20




wdjrj;

ο0 5 Pcpualthcf‘s rjirjsshcf gcfstlft

ο k 5 Pcpualthcf‘s rjirjsshcf gcjnnhghjft ncr vlrhloaj k= k5<, ?, … m

m 5 Fueojr cn hfbjpjfbjft vlrhloajs

κ 5 Ecbja jrrcr

_jirjsshcf jqulthcf cn Fjt Prcnht cf Rctla Bjpcshts & Rctla Lbvlfgjs

Rloaj 7.8; _jirjsshcf rjsuats cn Fjt Prcnht, Rctla Bjpcshts & Rctla Lbvlfgjs

Gcjnnhghjftsl

-2:2.87> 9<9.0:< -.>72 .>20

.0<4 .02< .202 .2:0 .97<

.<02 .<>7 .:92 .>74 .>74

(Gcfstlft)

Rctla Bjpcshts

Rctla Lbvlfgjs

Ecbja<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.




Hf tdjhr plpjr, (Dcsslhf & Oduhylf, <880) dlvj usjb tdhs euathpaj rjirjsshcf jqulthcf. Hf

tloaj 7.8, tdj ecbja sueelry tloaj rjpcrts tdj strjfitd cn tdj rjalthcfsdhp lecfi Fjt

Prcnht cf Rctla Bjpcshts lfb Rctla Lbvlfgjs. Rdj gcjnnhghjfts cn tdj rjirjsshcf ahfj stltjs

tdlt tdj jxpjgtjb Fjt Prcnht hs jqula tc .<02 * Rctla Lbvlfgjs + .0<4 Rctla Bjpcshts ‗

2:2.87>. Hn tdj bhrjgtcr cn Ghtholfm, F.L. Olfialbjsd palfs tc Bjpcsht Rm. ?2<28.74

ehaahcfs hf ?009 lggcrbhfi tc trjfb jqulthcf ncr tctla bjpcshts (sjj lppjfbhx nhiurj <) lfb

Lbvlfgjs Rm. <0?40.94 ehaahcfs hf ?009 lggcrbhfi tc trjfb jqulthcf ncr Rctla Lbvlfgjs

(sjj lppjfbhx nhiurj >), tdj prjbhgtjb Fjt Prcnht wcuab oj .<02 * <0?40.94 + .0<4 *

?2<28.74 ‗ 2:2.87> 5 <024.8: ehaahcfs tlml.

Rdj ecbja nht bcjs fct accm pcshthvj. Rdj nhrst sjgthcf cn tdj gcjnnhghjfts tloaj sdcws tdlt

tdjrj hs l fcf-shifhnhglft gcjnnhghjft (.97<) ncr Rctla Bjpcshts lfb l fcf-shifhnhglft

gcjnnhghjft (.>74) ncr Rctla Lbvlfgjs, hfbhglthfi tdlt tdjsj vlrhloajs bc fct gcftrhoutj tc

tdj ecbja. Rc bjtjrehfj tdj rjalthvj hepcrtlfgj cn tdj shifhnhglft prjbhgtcrs, H glf accm lt

tdj stlfblrbhzjb gcjnnhghjfts. Rctla Lbvlfgjs dls l irjltjr gcjnnhghjft (.<02) lfb ht

lgtulaay gcftrhoutjs ecrj tc tdj ecbja ojglusj ht dls l alrijr loscautj stlfblrbhzjbgcjnnhghjft (.:92).

2<




_jirjsshcf jqulthcf cn Fjt Prcnht cf Rctla Lbvlfgjs & Rctla Lssjts

Rloaj 7.<0; _jirjsshcf rjsuats cn Fjt Prcnht, Rctla Lbvlfgjs & Rctla Lssjts

Gcjnnhghjftsl

-?4>.<?4 9?9.988 -.787 .9>?

.0:0 .<4: .?98 .?9? .47<

.0?4 .020 .90< .>4: .><9

(Gcfstlft)

Rctla Lbvlfgjs

Rctla Lssjts

Ecbja<

O Wtb. Jrrcr

Zfstlfblrbhzjb

Gcjnnhghjfts

Ojtl

Wtlfblrbhzjb

Gcjnnhghjfts

t Whi.

Bjpjfbjft ̂ lrhloaj; Fjt Prcnhtl.



Hf tloaj 7.<0, tdj ecbja sueelry tloaj rjpcrts tdj strjfitd cn tdj rjalthcfsdhp lecfi Fjt

Prcnht cf Rctla Lssjts lfb Rctla Lbvlfgjs. Rdj gcjnnhghjfts cn tdj rjirjsshcf ahfj stltjs

tdlt tdj jxpjgtjb Fjt Prcnht hs jqula tc .0:0 * Rctla Lbvlfgjs + .0?4 Rctla Bjpcshts ‗

?4>.<?4. Hn tdj bhrjgtcr cn Ghtholfm, F.L. Olfialbjsd palfs tc mjjp Lbvlfgjs Rm.

<0?40.94 ehaahcfs hf ?009 lggcrbhfi tc trjfb jqulthcf ncr Rctla Lbvlfgjs (sjj lppjfbhx

nhiurj >) lfb Rctla Lssjts Rm. ?8882.?8 ehaahcfs hf ?009 lggcrbhfi tc trjfb jqulthcf ncr

Rctla Lssjts (sjj lppjfbhx nhiurj 9), tdj prjbhgtjb Fjt Prcnht wcuab oj .0:0 * <0?40.94 +

.0?4 * ?8882.?8 ‗ ?4>.<?4 5 <0>9.9: ehaahcfs tlml.

Rdj ecbja nht bcjs fct accm pcshthvj. Rdj nhrst sjgthcf cn tdj gcjnnhghjfts tloaj sdcws tdlt

tdjrj hs l fcf-shifhnhglft gcjnnhghjft (.47<) ncr Rctla Lbvlfgjs lfb l fcf-shifhnhglft

gcjnnhghjft (.><9) ncr Rctla Lssjts, hfbhglthfi tdlt tdjsj vlrhloajs bc fct gcftrhoutj tc tdj


stlfblrbhzjb gcjnnhghjfts. Jvjf tdcuid Rctla Lssjts dls l selaajr gcjnnhghjft (.0?4), ht

lgtulaay gcftrhoutjs ecrj tc tdj ecbja ojglusj ht dls l alrijr loscautj stlfblrbhzjb

gcjnnhghjft (.90<).

2?




7.7.: Rrjfb Lflayshs

Rrjfb lflayshs ncr tctla bjpcshts

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr tctla bjpcshts;

(Xt 5 879.:9: + 2>2?.7>*t) whtd l ?0.87 pjrgjft ejlf loscautj pjrgjftlij jrrcr (ELPJ)

lfb l ejlf loscautj bjvhlthcf (ELB) vlauj <8<?.78 (sjj lppjfbhx nhiurj <). Rdj

ncrjglstjb tctla bjpcshts hf ?009 lggcrbhfi tc trjfb jqulthcf hs Rm.?2<28.20 ehaahcfs.

Rrjfb lflayshs ncr fjt hftjrjst hfgcej

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr fjt hftjrjst hfgcej;

(Xt 5 -:8.?0: + ?08.4?4*t) whtd l <7.:9 pjrgjft ELPJ lfb l ELB vlauj 29.7? (sjj

lppjfbhx nhiurj ?). Rdj ncrjglstjb fjt hftjrjst hfgcej hf ?009 lggcrbhfi tc trjfb jqulthcf

hs Rm.848.82 ehaahcfs.

Rrjfb lflayshs ncr tctla hfgcej

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr tctla hfgcej;

(Xt 5 774.7: + ::?.727*t) whtd l <?.?9 pjrgjft ELPJ lfb l ELB vlauj <48.?< (sjj

lppjfbhx nhiurj 7). Rdj ncrjglstjb tctla hfgcej hf ?009 lggcrbhfi tc trjfb jqulthcf hs

Rm.7<00.09 ehaahcfs.

Rrjfb lflayshs ncr tctla jxpjfsj

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr tctla jxpjfsj;

(Xt 5 72?.0<: + <29.9<8*t) whtd l <>.0? pjrgjft ELPJ lfb l ELB vlauj <<0.?? (sjj

lppjfbhx nhiurj 2). Rdj ncrjglstjb tctla jxpjfsj hf ?009 lggcrbhfi tc trjfb jqulthcf hsRm.<040.>< ehaahcfs.

Rrjfb lflayshs ncr fjt prcnht

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr fjt prcnht;

(Xt 5 -?9.>? + ??2.:2<*t) whtd l :.:? pjrgjft ELPJ lfb l ELB vlauj <4.:7 (sjj

lppjfbhx nhiurj :). Rdj ncrjglstjb fjt prcnht hf ?009 lggcrbhfi tc trjfb jqulthcf hs

Rm.<08:.08 ehaahcfs.

27




Rrjfb lflayshs ncr tctla aclfs & lbvlfgjs

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr tctla aclfs & lbvlfgjs;

(Xt 5 277:.77 + <<48.08*t) whtd l :.<7 pjrgjft ELPJ lfb l ELB vlauj 799.:> (sjj

lppjfbhx nhiurj >). Rdj ncrjglstjb tctla aclfs & lbvlfgjs hf ?009 lggcrbhfi tc trjfb

jqulthcf hs Rm.<0?40.40 ehaahcfs.

Rrjfb lflayshs ncr tctla lssjts

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr tctla lssjts;

(Xt 5 ?9?:.22 + :2:7.99*t ) whtd l <2.2< pjrgjft ELPJ lfb l ELB vlauj <494.8: (sjj

lppjfbhx nhiurj 9). Rdj ncrjglstjb tctla lssjts hf ?009 lggcrbhfi tc trjfb jqulthcf hs

Rm.?8882.70 ehaahcfs.

Rrjfb lflayshs ncr sdlrjdcabjrs‘ jquhty

Lggcrbhfi tc EHFHRLO, nhttjb trjfb jqulthcf ncr sdlrjdcabjrs‘ jquhty;

(Xt 5 2>.79: + 447.<4>*t) whtd l <<.84 pjrgjft ELPJ lfb l ELB vlauj ?0>.7: (sjj

lppjfbhx nhiurj 4). Rdj ncrjglstjb sdlrjdcabjrs‘ jquhty hf ?009 lggcrbhfi tc trjfb

jqulthcf hs Rm.22>?.7< ehaahcfs.

7.7.> Rjsthfi Dypctdjsjs

Nhflfghla pjrncrelfgj hs tdj bjpjfbjft vlrhloaj, lfb ejlsurjb oy rjturf cf lssjts (_CL)

lfb tdj hftjrjst hfgcej. Rdj hfbjpjfbjft vlrhloajs cn tdhs stuby lrj tdj ncaacwhfi;

• Rdj Olfm Whzj ejlsurjb oy tdj tctla lssjts cn tdj olfm.

• Lssjt Elflijejft ejlsurjb oy lssjt uthahzlthcf rlthc (LZ_)

• Cpjrlthcfla Jnnhghjfgy ejlsurjb oy tdj cpjrlthfi jnnhghjfgy rlthc (tctla cpjrlthfi

jxpjfsjs bhvhbjb oy fjt hftjrjst hfgcej-CJFHH)

Olsjb cf lflayzhfi tdj bltl ncr laa vlrhloajs cn tdj stuby burhfi tdj pjrhcb ?007-?00>,

gcrrjalthcfs wls glagualtjb tc jxlehfj tdj heplgt cn hfbjpjfbjfts vlrhloajs cf tdj

bjpjfbjft vlrhloaj.

22




Rloaj 7.<<; Gcrrjalthcf eltrhx cn vlrhloajs T< tc T>

< .209 -.4<: .89:* .2:8. .:87 .<4: .0?: .:2<

2 2 2 2 2

.209 < -.994 .72> .897*

.:87 . .??? .>:2 .0?9

2 2 2 2 2

-.4<: -.994 < -.90< -.4>7

.<4: .??? . .?88 .<79

2 2 2 2 2

.89:* .72> -.90< < .7:7

.0?: .>:2 .?88 . .>292 2 2 2 2

.2:8 .897* -.4>7 .7:7 <

.:2< .0?9 .<79 .>29 .

2 2 2 2 2

Pjlrscf GcrrjalthcfWhi. (?-tlhajb)

F

Pjlrscf Gcrrjalthcf

Whi. (?-tlhajb)

F

Pjlrscf Gcrrjalthcf

Whi. (?-tlhajb)

F

Pjlrscf Gcrrjalthcf

Whi. (?-tlhajb)F

Pjlrscf Gcrrjalthcf

Whi. (?-tlhajb)

F

_CL

Hftjrjst

Hfgcej

CJRFHH

LZ_

Rctla

Lssjts

_CL

Hftjrjst

Hfgcej CJRFHH LZ_

Rctla

Lssjts

Gcrrjalthcf hs shifhnhglft lt tdj 0.0: ajvja (?-tlhajb).*.

Wcurgj; Gcrrjalthcf eltrhx oy WPWW scntwlrj plgmlij ushfi bltl nrce nhflfghla

stltjejfts cn Ghtholfm, F.L. Olfialbjsd ncr ?007 tc ?00>.

Hf tloaj 7.<<, tdj rjsuat cn gcrrjalthcfs lflayshs ojtwjjf hfbjpjfbjft vlrhloajs lfb

bjpjfbjft vlrhloaj sdcwjb tdlt jxhstjfgj cn strcfi pcshthvj gcrrjalthcf ojtwjjf nhflfghla

pjrncrelfgj lfb tdj cpjrlthcfla jnnhghjfgy (+ .89:). L ecbjrltj pcshthvj gcrrjalthcf

rjalthcfsdhp (+ .2:8) jxhsts ojtwjjf _CL lfb olfm shzj (lssjts shzj). Ecrjcvjr, tdjrj hs

shifhnhglft pcshthvj gcrrjalthcf ojtwjjf nhflfghla pjrncrelfgj (hftjrjst hfgcej shzj) lfb

tdj hfbjpjfbjft vlrhloaj tctla lssjts whtd gcrrjalthcf gcjnnhghjft cn +.897.

Dcwjvjr, CJFHH hs fjilthvjay gcrrjaltjb whtd hfbjpjfbjft vlrhloajs whtd gcrrjalthcf

gcjnnhghjfts cn -.4<: ncr _CL lfb -.994 ncr hftjrjst hfgcej, out tdjsj lrj fct shifhnhglft lt

0.0: ajvja cn shifhnhglfgj. Olsjb cf tdjsj gcrrjalthcfs, tdjf tdj nhrst dypctdjshs wls

lggjptjb. Rdus, tdjrj hs l pcshthvj rjalthcfsdhp lecfi rjturf cf lssjts, hftjrjst hfgcej,

lssjt elflijejft, cpjrlthcfla jnnhghjfgy, lfb tdj olfm's shzj.

2:



DLPRJ_ H^

GCFGAZBHFI _JEL_MW



Lf Lflayshs cn Nhflfghla Pjrncrelfgj cn Ghtholfm, F.L. hf Olfialbjsd GDLPRJ_ H^

2>

2.< WYCR Lflayshs

WYCR lflayshs hs l tcca ncr lubhthfi lf crilfhzlthcf lfb hts jfvhrcfejft. Ht hs tdj nhrst

stlij cn palffhfi lfb djaps elrmjtjrs tc ncgus cf mjy hssujs. WYCR stlfbs ncr strjfitds,

wjlmfjssjs, cppcrtufhthjs, lfb tdrjlts. Wtrjfitds lfb wjlmfjssjs lrj hftjrfla nlgtcrs.

Cppcrtufhthjs lfb tdrjlts lrj jxtjrfla nlgtcrs. Rdj WYCR lflayshs djlbhfis prcvhbj l

iccb nrlejwcrm ncr rjvhjwhfi strltjiy, pcshthcf lfb bhrjgthcf cn l gceplfy cr oushfjss

prcpcshthcf, cr lfy ctdjr hbjl. WYCR lflayshs lasc wcrms wjaa hf orlhfstcrehfi ejjthfis.

Hf WYCR, strjfitds lfb wjlmfjssjs lrj hftjrfla nlgtcrs. Ncr jxlepaj, strjfitd gcuab oj;

spjghlahst elrmjthfi jxpjrthsj= l fjw, hffcvlthvj prcbugt cr sjrvhgj= acglthcf cn cfj‘s

oushfjss= qulahty prcgjssjs lfb prcgjburjs= lfy ctdjr lspjgt cn cfj‘s oushfjss tdlt lbbs

vlauj tc dhs cr djr prcbugt cr sjrvhgj. L wjlmfjss gcuab oj; algm cn elrmjthfi jxpjrthsj=

ufbhnnjrjfthltjb prcbugts cr sjrvhgjs= acglthcf cn cfj‘s oushfjss= pccr qulahty iccbs cr

sjrvhgjs= blelijb rjputlthcf= jtg.

Hf WYCR, cppcrtufhthjs lfb tdrjlts lrj jxtjrfla nlgtcrs. Ncr jxlepaj, lf cppcrtufhty

gcuab oj; l bjvjacphfi elrmjt sugd ls tdj Hftjrfjt= ejrijrs, kchft vjfturjs cr strltjihg

laahlfgjs= ecvhfi hftc fjw elrmjt sjiejfts tdlt cnnjr heprcvjb prcnhts= l fjw

hftjrflthcfla elrmjt= l elrmjt vlgltjb oy lf hfjnnjgthvj gcepjthtcr= jtg. L tdrjlt gcuab

oj; l fjw gcepjthtcr hf cfj‘s dcej elrmjt= prhgj wlrs whtd gcepjthtcrs= l gcepjthtcr dls

l fjw, hffcvlthvj prcbugt cr sjrvhgj= gcepjthtcrs dlvj supjrhcr lggjss tc gdlffjas cn

bhstrhouthcf= tlxlthcf hs hftrcbugjb cf cfj‘s prcbugt cr sjrvhgj= jtg. Rdj WYCR lflayshs

cn Ghtholfm, F.L. Olfialbjsd hs ihvjf hf tloaj 2.<.

Rloaj 2.<; WYCR Lflayshs cn Ghtholfm, F.L. Olfialbjsd

Wtrjfitds Yjlmfjssjs • Iacola prcbugt strjfitd / Wuggjss

Rrlfsnjr

• Iacola strcfi helij cn Ghtholfm

• Djhidtjfjb gustcejr / elrmjt

lwlrjfjss

• Hfgrjlsjb gaustjr suppcrt

• Wjfhcr acgla elflijejft whtd acgla

elrmjt jxpjrhjfgj• Wtrcfi gcftrca jfvhrcfejft

• Losjfgj cn gcfsuejr olfmhfi

• Hflbjqultj pdyshgla prjsjfgj (fueojr

cn orlfgdjs ahehtjb)

• Fct duij elrmjthfi gleplhif tlmjf

hf dlfb tc elrmjt tdj Ghtholfm helij

• Fct acfi yjlrs cn prjsjfgj hf tdhs

gcuftry




29

Cppcrtufhthjs Rdrjlts • Gdjlpjr ahlohahty scurgj tc nufb lssjt

ircwtd oy stlrthfi rjtlha olfmhfi

• Ircwhfi fjjb ncr latjrfltj olfmhfi

gdlffja (LREs, PCW, Rjaj-olfmhfi

jtg.)

• Ircwhfi uppjr ehbbaj galss lfb

uppjr galss pcpualthcf

• Fjw hffcvlthvj prcbugts (larjlby

tjstjb hf ctdjr elrmjts) glf oj

orcuidt tc Olfialbjsd

• Cvjrlaa heprcvjejft hf tdj olfmhfi

sjgtcr

• Zfjxpacrjb Iacola _jalthcfsdhp

Olfmhfi / Rcp Rhjr Acgla Gcrpcrltjs

elrmjt ncr grjbht lfb fcf-grjbht prcbugts

• Zfjxpacrjb FNH / FIC sjiejft

• Jejrijfgj cn prhvltj olfms whtd

pccajb LREs/ JNRPCW, jxtjfbjb

orlfgd fjtwcrm, dhid rltjs lfb jx-

ncrjhif olfmjrs

• Hflbjqultj elrmjt hfncrelthcf

• Alrij fcf-pjrncrehfi lssjts cn

puoahg sjgtcr olfms

• Acw Lfth Ecfjy Alufbjrhfi

prjplrjbfjss cn olfmhfi sjgtcr

• Acw NT rjsjrvjs whtd nlaahfi jxpcrts

• Elrihf squjjzj ojglusj cn dhid

gcepjththcf

• Prcbugt rlfij fjjbs tc hfgcrpcrltj

ecohaj olfmhfi, jxjguthvj plgmlij,

suppahjr nhflfghfi, jtg.• Wacwbcwf hf iacola jgcfcey

• Yjlm ajila strugturj

Wcurgj; Rdhs WYCR lflayshs hs l suokjgthvj lssjssejft cn tdj rjsjlrgdjr. Ht glf oj

usjb ls iuhbj out fct l prjsgrhpthcf.

2.? _jgceejfblthcfs

Ht wls rjlaay bhnnhguat ncr ej tc nhfb cut lfy shifhnhglft fjilthvj shbjs cn Ghtholfm, F.L.

Olfialbjsd lecfi hts fuejrcus pcshthvj shbjs hf tjres cn jnnhghjfgy lfb prcnhtlohahty.

Dcwjvjr, tdjrj lrj njw prcoajes wdhgd fjjb tc oj gcrrjgtjb oy tdj elflijejft cn tdj

olfm. Wcej fjgjsslry stjps lrj rjgceejfbjb ojacw cf tdj olshs cn gcaajgtjb bltl,

cosjrvlthcf, jxpjrt stlnns‘ cphfhcf lfb ey mfcwajbij lfb kubiejft.

• Ghtholfm, F.L. Olfialbjsd sdcuab ply lttjfthcf tc hfgrjlsj tdjhr fjt hftjrjst

elrihf rlthc shfgj lggcrbhfi tc (Gdcwbdury, ?009), tdhs elrihf hs gltjicrhzjb ls

ufslthsnlgtcry nrce ?007 tc ?00:. Rdj olfm ely hfgrjlsj tdhs rlthc jhtdjr oy

hfgrjlshfi hftjrjst hfgcej oy lttrlgthfi ecrj gahjfts tc hfvjst cr oy bjgrjlshfi

hftjrjst jxpjfsj oy elmhfi lf cptheue pcrtncahc cn hfvjstejft wdhgd whaa rjbugj

tdj cvjrlaa jxpjfsj cf hftjrjst= cr octd.




24

• Rrjfb lflayshs cn tctla jxpjfsj nrce ?007 tc ?00> rjvjlas eugd ecrj bjvhlthcfs

nrce tdj lvjrlij tctla jxpjfsj lfb tdhs gcepcfjft hs hfgrjlshfi lt lf hfgrjlshfi

rltj. Rdj elflijejft cn Ghtholfm, F.L. sdcuab ncgus cf sacw bcwf tdj hfgrjlshfi

rltj cn tctla jxpjfsj cvjr tdj yjlrs oy gutthfi bcwf uffjgjsslry gcsts whtdcuthepjbhfi acfi-tjre cokjgthvjs. Rdjy glf hepajejft lgthvhty-olsjb gcsthfi (LOG)

tc hbjfthny tdj lpprcprhltj gcst brhvjrs rltdjr tdlf trlbhthcfla gcsthfi systje.

• Latdcuid trjfb lflayshs sdcws upwlrb sacphfi tctla aclfs & lbvlfgjs ahfj out tdj

pjrgjftlij cn tctla aclfs & lbvlfgjs hf tjres cn tctla lssjts lrj tc scej jxtjft

nlaahfi cvjr tdj yjlrs hfbhgltjb oy gceecf shzj olalfgj sdjjt. Whfgj tdhs jajejft

dls tdj dhidjst pjrgjftlij hf tdj lssjt shbj cn tdj gceplfy‘s olalfgj sdjjt,

elflijejft sdcuab accm cvjr tdhs htje glrjnuaay lfb sdcuab nhfb cut tdj wly tc

hfgrjlsj aclfs, glsd grjbht & cvjrbrlnt ls wjaa ls ohaas purgdlsjb & bhsgcuftjb.

Ojshbjs tdj locvj rjgceejfblthcfs rjilrbhfi nhflfghla pjrncrelfgj cn Ghtholfm, F.L.

Olfialbjsd, tdj ncaacwhfi tdhfis sdcuab oj gcfshbjrjb ncr tdj wjaa-ojhfi cn tdj gceplfy;

• Rdj bjghshcf elmhfi prcgjss hs quhtj shepaj hf Ghtholfm F. L. Olfialbjsd. Lfy

bjghshcf tdlt hs tlmjf oy tdj ELFGCE (Elflijejft Gceehttjj) icjs bcwf tdj

crilfhzlthcf dhjrlrgdy. Ydhgd ejlfs tdj crilfhzlthcf ncaacws tdj tcp bcwf

lpprclgd. Hf scej glsjs octtce up lpprclgd hs lasc ncaacwjb. Hffcvlthvj hbjl hs

wjagcejb out tdlt rjlgdjs tc tdj Gcuftry djlb tdrcuid l vjry ncrela prcgjss. Wc

scejthejs tdj hffcvltcr hs acst nrce tdj shidt. Rc bjvjacp lf hftrlprjfjurhla

guaturj hs rjgceejfbjb.

• Rdj jfthrj bjplrtejft sdcuab oj wjaa hfncrejb rjilrbhfi tdjhr iclas lfb

cokjgthvjs. Ht hs jssjfthla tc jxjgutj gceplfy cokjgthvjs hftc hfbhvhbula tlrijt.

Ydjf tdj gceplfy alufgdjs l fjw prcbugt cr shifs l fjw lirjjejft whtd lfctdjr

gceplfy, tdjsj sdcuab oj prcpjray gceeufhgltjb tc laa jepacyjjs ojglusj tdjy

fjjb tc mfcw wdlt hs dlppjfhfi whtdhf tdj gceplfy wdjtdjr iccb cr olb.






:0

Ohoahcirlpdy

Lorju, E., & Ejfbjs, ^., Gceejrghla Olfm Hftjrjst Elrihfs lfb Prcnhtlohahty; Jvhbjfgj

ncr Wcej JZ Gcuftrhjs. <-<<.

Ldejb, E. (<84>). Prcnht Pjrncrelfgj cn _urla Orlfgdjs cn tdj Flthcflahsjb Olfms. Rdj

Bdlml Zfhvjrshty Wtubhjs , 9(?), <8-?>.

Latelf, J. H. (?00?, Wjptjeojr). Gcrpcrltj Bhstrjss Prjbhgthcf Ecbjas hf l Rurouajft

Jgcfcehg lfb Olsja HH Jfvhrcfejft. (F. W. Gjftjr) <-7<.

Olfialbjsd Olfm; Olfialbjsd Olfm Lffula _jpcrt. (?00:). Olfmhfi Wjgtcr Pjrncrelfgj,

_jiualthcf lfb Olfm Wupjrvhshcf.Gdlptjr-:. _jtrhjvjb Lprha <0, ?009, nrce

Olfialbjsd Olfm; dttp;//www.olfialbjsd-olfm.cri

Olfm cn Rdlhalfb. Lvjrlij cn Nhflfghla Bltl lfb _lthc cn Rdlh Gceejrghla Olfms (PjjrIrcup) . _jtrhjvjb Lprha <0, ?009, nrce Olfm cn Rdlhalfb;

dttp;//www.oct.cr.td/OCRdcejplij/BltlOlfm/NhflfghlaSHfsthtuthcfs/FjwSNhfSB

ltl/GO/PjjrSR2J.lsp

Olrtd, K. _., Fcaaj, B. J., Pduehwlslfl, R., & Xlic, I. (Kufj ?8-Kuay 7, ?00?). L Grcss-

Gcuftry Lflayshs cn tdj Olfm Wupjrvhscry Nrlejwcrm lfb Olfm Pjrncrelfgj.

99td Lffula Gcfnjrjfgj cn tdj Yjstjrf Jgcfcehg Lsscghlthcf Hftjrflthcfla, (pp.

<->0). Wjlttaj, Ylsdhfitcf.

Olsdhr, L. D. E. (?00<). Lssjsshfi tdj Pjrncrelfgj cn Hsalehg Olfms; Wcej Jvhbjfgj

nrce tdj Ehbbaj Jlst. Lffula ejjthfi cn tdj EJJL/Lejrhglf jgcfcehg Lsscghlthcf lffula Ejjthfi. Fjw Crajlfs, Acuhshlfl.

Olyrlmtlr, F., & Ylfi, X. (?002, Njorulry ?0). Ncrjhif Olfm Jftry, Pjrncrelfgj cn

Bcejsthg Olfms lfb tdj Wjqujfgj cn Nhflfghla Ahojrlahzlthcf. YOHP_ .

Odcwehm, O. (<849). L Gceplrlthvj Wtuby cn OWO lfb OW_W Pjrncrelfgj, <89?-<84:.

Rdj Bdlml Zfhvjrshty Wtubhjs , 9(?), <0<-<?0.

Oduhylf, E. E. (<88:). Elflijrhla Jnnjgthvjfjss cn Prhvltj Gceejrghla Olfms; L

Gceplrlthvj Wtuby. Bdlml Zfhvjrshty Kcurfla cn Oushfjss Wtubhjs , <>(<), <29-

<:4.

Gdcwbdury, L. L., Lfwlr, L. F., & Elsue, E. L. (<884). Pjrncrelfgj cn Ncrjhif

Olfms ^hs-l-vhs Ctdjr Gceejrghla Olfms Cpjrlthfi hf Olfialbjsd. Bdlml

Zfhvjrshty Kcurfla cn Oushfjss Wtubhjs , <8(?), ?07-?<7.

Gdcwbdury, W. M. (?009). GLEJAW _lthfi; Lf Cvjrvhjw. Zpbltjb GLEJAs _lthfi

Lpprclgd, (pp. <-<8). Bdlml.

Jfijrjr, D., & Wgdrcctjf, E. (?002, Cgtcojr). Bc Ncrjhif Olfms Heprcvj Nhflfghla

Pjrncrelfgj3 Jvhbjfgj nrce JZ Lsscghlthcf Gcuftrhjs. BHY Ojrahf , <-<2.

Nhflfghla Wtltjejfts cn Ghtholfm, F.L. Olfialbjsd Orlfgdjs nrce ?007 tc ?00>.







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Ircwtd <>4.04% 94.92% (4.0:)% 98.>%

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Ircwtd 7<>.?2% <>2.77% :>.>7% <98.<%

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Ircwtd <::.98% >>.79% <4.49% 40.7%

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Ircwtd 42.:?% :.?<% ?.89% 70.8%

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Ircwtd ?84.8?% <87.<0% 97.87% <44.9%

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Olalfgj whtd Ctdjr Olfms & Nhflfghla

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Rctla Aclfs & Lbvlfgjs>

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glagualtjb.

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(Wcurgj; Cnnhghla bltlolsj cn Ghtholfm, F.L. Olfialbjsd)

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An Analysis of Financial Performance