Financial Vulnerability of Nonprofit Organizations: The Health Care Sector in Belgium

7/23/2019 Financial Vulnerability of Nonprofit Organizations: The Health Care Sector in Belgium

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Ldmomidog vugmcrobdgdty

kl mkmprkldtkreomdzotdkms

Pfc fcogtf iorc scitkr dm Bcgedun

Ydnkm EC\ICM

Nostcr—s Pfcsds Yubndttc` lkr tfc @cercc klNostcr dm Dmtcrmotdkmog Busdmcss Cikmkndis om` Nomoecncmt

Yupcrvdskr: Yom`ro \CRBRSEECM

Oio`cndi Tcor: 21?0-21?3

@clcm`c` dm Jumc 21?3

LOISGPT KL CIKMKNDIY OM@ BSYDMCYY - IONQSY BRSYYCGY

UORNKCYBCRE 2< ’ B ?111 BRSYYCGY BCGEDSN

Mkt Ikmld`cmtdogDmtcrmoggy Kreomdsc` Nostcr —s Pfcsds

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2

NOYPCR—Y PFCYDY

Ldmomidog vugmcrobdgdty kl mkmprkldt kreomdzotdkms

Pfc fcogtf iorc scitkr dm Bcgedun Ydnkm EC\ICM

ObstroitUfctfcr om kreomdzotdkm ds lkr-prkldt kr mkmprkldt, dts ldmomidog vugmcrobdgdty ds o ikmicrm lkr dts

nomoecncmt. Pfc iknnkm `cmkndmotkr bctwccm bktf typcs kl kreomdzotdkms ds tfc forn tfot o

ldmomidog `dstrcss iom fovc km tfcdr obdgdty tk prkvd`c ikmstomt scrvdics. Fkwcvcr, mkmprkldts orc mkt

lkr-prkldt, wfdif dnpgdcs tfot tfc nk`cgs `csirdbdme tfc ldmomidog vugmcrobdgdty kl tfc lkr-prkldt scitkr

iommkt bc gdtcroggy tromspksc` tk mkmprkldt kreomdzotdkms. Dm`cc`, mcw nk`cgs fovc bccm `csdemc`

lkr tfc mkmprkldt scitkr. Pfcrclkrc, tfds ortdigc dmtcm`s tk sunnordzc ogg tfc nk`cgs osscssdme tfc

ldmomidog vugmcrobdgdty kl tfc mkmprkldt scitkr.

Pfrkuefkut tfc post tcm ycors, sifkgors pkdmtc` kut tfc wcohmcsscs kl tfc Bcgedom fcogtf iorc

mkmprkldt kreomdzotdkms, ecmcroggy ̀ csirdbc` os ldmomidoggy vugmcrobgc. Fkwcvcr, tfc gdtcroturc boihdme

tfds stotcncmt ds wcoh. Dmcxdstcmt, pcrfops. Dm loit, mk stotdstdiog rcscorif mkr omy cnpdrdiog stu`ysuppkrtdme tfds stotcncmt fos bccm ikmùitc` yct. Pfcrclkrc, tfds ortdigc ̀ csirdbcs tfc ldrst cnpdrdiog

dmvcstdeotdkm km tfc mkmprkldt scitkr dm Bcgedun dm kr`cr tk osscss tfc vordobgcs ollcitdme dts ldmomidog

vugmcrobdgdty dm tfc pcrdk` 21?1-21?9. Rcgydme km gkmedtu`dmog òto obkut funom fcogtf

kreomdzotdkms, rcsd`cmtdog iorc kreomdzotdkms, om` skidog wkrh kreomdzotdkms, tfds stu`y `ctcrndmcs

tfc sdemdldiomic kl ikmtdmukus om` iotcekrdiog prc`ditkrs os ̀ ctcrndmomts kl tfc ldmomidog vugmcrobdgdty

kl mkmprkldt kreomdzotdkms dm tfds fcogtf iorc scencmt kl tfc Bcgedom mkmprkldt scitkr.

Oihmkwgcèncmts: D cxprcss ny lodtflug tfomhs tk Qr. Yom`ro \crbrueecm lkr fcr suppkrt om`

eudòmic tfrkuefkut tfc oifdcvcncmt kl tfds Nostcr—s tfcsds.

Hcywkr`s: ldmomidog, vugmcrobdgdty, pcrlkrnomic, cxpksurc, `dstrcss, rotdks, mkmprkldts, mkmprkldt

kreomdzotdkms, fcogtf iorc, Bcgedun.

Dmtrkùitdkm

Ldmomidog vugmcrobdgdty ds tfc pktcmtdog cxpksurc kl om kreomdzotdkm loidme ldmomidog `dstrcss, wfdif ds

‗o iknnkm sdtuotdkm lkr nomy mkmprkldt kreomdzotdkms„ (Uome & Gdu, 21?1, p. 0<9). Oiikr`dme tk

Puihnom & Ifome (?44?), tfc ‗mkmprkldt scitkr fos bccm dm tfc sfo`kws lkr o vcry gkme tdnc„ (p.

034). Ogtfkuef tfc oio`cndi iknnumdty stortc` tk o``rcss tfc tkpdi kmgy rcicmtgy, rcscorifcrs ‗fovc

edvcm dmircosc` ottcmtdkm tk tfc tkpdi kl vugmcrobdgdty om` kreomdzotdkmog `cndsc„ (Foecr, 211?, p.

95<) dm tfc post ldltccm ycors.

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9

Uc iom d`cmtdly lkur rcoskms cxpgodmdme tfc goih kl rcscorif km tfds tkpdi, wfdif iom tfcm bc sccm os

o prdkrd gdndtotdkms tfot bkum`c` tfc prcvdkus dmvcstdeotdkms. Ldrst, o ecmcroggy oiicptc` `cldmdtdkm kl

o mkmprkldt kreomdzotdkm ds goihdme. Ycikm`, tfc cikmkndi wcdeft kl tfc mkmprkldt scitkr rcnodms

noredmog ogtfkuef dt ds ecttdme nkrc dnpkrtomic kvcr tdnc ot om dmircosdme rotc (Bomquc Motdkmogc

`c Bcgedquc, 2110, p. 4). Pfdr`, rcscorifcs `k mkt ogwoys fovc ogg mcicssory òto bciousc ‗gdttgc

dmlkrnotdkm ds ovodgobgc tk dmlkrn tfc ecmcrog pubgdi„ (Puihnom & Ifome, ?44?, p. 004). Lkurtf, tfc

gdtcroturc `d` mkt cm` up km o kmc-ldt-ogg nctfk`kgkey rceor`dme tfc stu`y kl mkmprkldt kreomdzotdkms.

Fkwcvcr, tfc goih kl rcscorif `kcs mkt ncom o goih kl dmtcrcst. Dm fds ortdigc, Prusscg (2112) mktc`

tfot ‗wfctfcr kr mkt o mkmprkldt kreomdzotdkm ds susicptdbgc tk ldmomidog prkbgcns ds o ikmicrm kl ogg

stohcfkg`crs kl tfc kreomdzotdkm, bciousc ldmomidog prkbgcns ndeft mkt oggkw om kreomdzotdkm tk

ikmtdmuc tk ncct dts kbjcitdvcs om` prkvd`c scrvdics„ (p. ?5). Ydmic sknc kreomdzotdkms ‗igksc os o

rcsugt kl ldmomidog `dstrcss„ (Pcvcg, Hotz, & Brkih, 21?0, p. 0), tfds ikmicrm ds kl dmtcrcst. Dm loit, kur

stu`y sfogg ottroit tfc ottcmtdkm kl nomy typcs kl oecmts dmigu`dme nomoecrs ùrdme tfc prkicss kl

strotcedi pgommdme, ekvcrmncmt bk`dcs scttdme pkgdidcs, ou`dtkrs ikmùitdme rcvdcw stu`dcs, ̀ kmkrs dm

tfc `cidsdkm-prkicss lkr tfcdr ikmtrdbutdkm, om` ‗ pktcmtdog irc`dtkrs dm `ctcrndmdme irc`dt-wkrtfdmcss

kl ifordtobgc kreomdzotdkms„ (Erccmgcc & Prusscg, 2111, p. 214).

Pfus, tfc rcscorif qucstdkm tk wfdif wc dmtcm` tk omswcr ot tfc cm` kl tfds rcscorif ds tfc lkggkwdme:

Ufot orc tfc vordobgcs ollcitdme tfc ldmomidog vugmcrobdgdty kl tfc Bcgedom fcogtf iorc mkmprkldt

kreomdzotdkms bctwccm 21?1 om` 21?9; Pfrkuefkut tfc prkicss kl tfds stu`y, tfc ikrc rcscorif

kbjcitdvc ds tk `ctcrndmc tk wfot cxtcm` icrtodm poronctcrs kl om MQK? iom `ctcrndmc dts ldmomidog

vugmcrobdgdty2, sdmic tfc gottcr iom forn omy MQK dm dts obdgdty tk ̀ cgdvcr ‗dts skidog kbjcitdvc„ (Orsfo`,

Bohor, Rozogd, & Knor, 21?9, p. 016). Dm tfcdr pdkmccr stu`y, Puihnom & Ifome (?44?) strcssc`

tfrcc rcoskms tk dmvcstdeotc km tfds ldcg`.

Ldrst, tfc mkmprkldt scitkr ds ‗erkwdme ropd`gy kvcr tdnc„ (Puihnom & Ifome, p. 00<). Os dt ‗ikmtdmucs

tk erkw, tfc ̀ cnom` lkr oiikumtdme scrvdics by tfcsc kreomdzotdkms wdgg dmircosc„ (Prusscg, Erccmgcc,

& Bro`y, 2112, p. <<). Dm loit, MQKs ‗rcnodm hcy pgoycrs dm tfc Bcgedom cikmkndi gom`siopc„ (\om`cr

@kmiht & Rdek, 21?9, p. ??) wdtf rcspcit tk tfcdr ikmtrdbutdkm kl nkrc tfom 3% tk tfc wcogtf kl tfcikumtry. Edvcm tfc dnpkrtomic kl tfds scitkr, dt ds kl dmtcrcst tk stu`y dts ldmomidog vugmcrobdgdty sdmic

tfc Bcgedom mkmprkldt scitkr ds mkt kmgy kmc kl tfc gorecst dm Curkpc but ds ogsk ‗o prkùit kl tfc X…^

wcglorc stotc nk`cg„ (Ncrtcms, ct og., ?444, p. 09).

Ycikm`, tfc dnpoits kl tfc mkmprkldt scitkr km cnpgkyncmt ds substomtdog os ‗dt ollcits o gorec munbcr

kl pckpgc„ (Puihnom & Ifome, ?44?, p. 00<). Dts ikmtrdbutdkm tk tfc ikumtry—s cnpgkyncmt ds obkut

??.4% dm 21?1 om` ‗rclgcits tfc gobkr-dmtcmsdvc moturc kl prkùitdkm„ (\om`cr @kmiht & Rdek, 21?9,

p. ??). Pfds suppkrt dnprkvc` ùrdme tfc pcrdk` 21?1-21?9 wdtf om dmircosdme munbcr kl pckpgc

cnpgkyc` dm tfot scitkr, os sfkwm dm Oppcm`dx ?. Edvcm tfc dnpkrtomic kl tfds scitkr, dt ds kl dmtcrcst

tk stu`y dts ldmomidog vugmcrobdgdty sdmic dt fos ‗ikmsd`crobgc cllcits bktf km cnpgkyncmt X…^ om` km

tfc dmstdtutdkms tfot trodm pckpgc lkr cnpgkyncmt„ (Puihnom & Ifome, ?44?, p. 00<).

Pfdr`, tfc rcvcmuc skurics kl tfc mkmprkldt scitkr ds o hcy loitkr tk omogyzc tfc obdgdty kl o mkmprkldt

kreomdzotdkm ‗tk rcspkm` tk ldmomidog prcssurcs„ (Puihnom & Ifome, ?44?, p. 00<). MQKs ‗ecmcrotc

nkst kl tfcdr rcvcmuc lrkn sogcs kl ekk`s om` scrvdics os wcgg os lrkn iurrc mt tromslcrs„ (\om`cr

@kmiht & Rdek, 21?9, p. ?2). Fkwcvcr, pubgdi lum`dme ds tfc nojkr skuric kl rcvcmuc lkr MQKs. Dm

loit, nkrc tfom fogl kl tfc pubgdi lum`dme ekdme tk tfc mkmprkldt scitkr ekcs tk tfc fcogtfiorc scitkr

(\om`cr @kmiht & Rdek, 21?9, p. ?2). Pobgc ? sfkws tfc pcricmtoec ̀ dstrdbutdkm kl tfc pubgdi lum`dme

tk tfc mkmprkldt scitkrs dm Bcgedun by scitkr kl oitdvdty dm 21?1.

? Obbrcvdotdkm kl ‗Mkmprkldt Kreomdzotdkm„. 2 Obbrcvdotc` os L\.



0

Pobgc ?. DUQQ9 `dstrdbutdkm kl Bcgedom pubgdi lum`dme, by scitkr kl oitdvdty (21?1)

Ykuric : (\om`cr @kmiht & Rdek, 21?9, p. 26)

O spcidldi lkius km tfds tfdr` cgcncmt iom bc o stortdme pkdmt tk kur stu`y. Oituoggy, tfc `dvcrsdty kl

rcvcmuc skurics iom sfkw sknc dmstobdgdty, om` tfds ‗dmstobdgdty dm tfc `kmkr bosc iom cnomotc lrkn

scvcrog skurics„ (Puihnom & Ifome, ?44?, p. 005). Pfrcc ifomecs iom kiiur om` iousc `dstrcss dm

tfc skurics kl rcvcmucs lkr MQKs. Pfc ldrst ifomec ikmicrms tfc `kmkrs— prclcrcmics: tfc tostc kl

`kmotkrs iom vory wfcm `cid`dme wfdif mkmprkldt tk lum` kvcr icrtodm pcrdk`s. Pfc scikm` ifomec

ikmicrms tfc cikmkny: dl tfc cikmkndi sdtuotdkm kl `kmotkrs— dmiknc ds ecttdme wkrsc, ‗`kmotdkms

noy bc onkme tfc ldrst `dsirctdkmory dtcns tfot `kmkrs iut„ (Puihnom & Ifome, ?44?, p. 005). Pfc

tfdr` ifomec ikmicrms tfc tox gow: tox rceugotdkm ollcits tfc mct ikmtrdbutdkm kl o `kmkr.

Ikmscqucmtgy, MQKs cxpcrdcmidme ‗rcvcmuc dmstobdgdty orc nkrc gdhcgy tk rcnodm ldmomidoggy

vugmcrobgc„ iknporc` tk tfksc mkt cxpcrdcmidme dt.

Udtf rcspcit tk tfds rcscorif boiherkum`, tfc ikmtrdbutdkm kl kur stu`y ds twklkg`. Pfc ldrst

ikmtrdbutdkm fos rceor` wdtf tfc oppgdiotdkm tk tfc Bcgedom mkmprkldt scitkr kl sknc nk`cgs prcscmtc`

dm tfds ortdigc. Dm loit, o tfkrkuef rcvdcw kl tfc gdtcroturc km tfc ldmomidog vugmcrobdgdty kl Bcgedom

MQKs gco`s tk tfc ikmigusdkm kl o iknpgctc goih kl rcscorif dm tfds orco. Nomy rko`s orc tfcm kpcm

lkr kur dmvcstdeotdkm. @cspdtc tfc pubgdiotdkms kl sknc outfkrs wdtf rceor` tk tfc ldmomidog

vugmcrobdgdty kl MQKs dm ecmcrog, lurtfcr rcscorif mcc`s tk cxpom` tfc hmkwgcèc kl tfds ldcg` dm

Bcgedun. Dm loit, tfc Bcgedom fcogtf iorc mkmprkldt scitkr ds ecmcroggy sod` tk bc ldmomidoggy vugmcrobgc,

wdtfkut omy stotdstdiog bosds. Pfcrclkrc, wdtf tfc ̀ cvcgkpncmt kl tfds Nostcr—s tfcsds, kur ikmtrdbutdkm

dmtcm` tk bc tfc boscncmt kl tfc cnpdrdiog gdtcroturc km tfc Bcgedom fcogtf iorc mkmprkldt scitkr.

Pfc scikm` ikmtrdbutdkm fos rceor` wdtf tfc nctfk`s. Ogtfkuef tfc nk`cgs ‗`cvcgkpc` dm tfc

busdmcss scitkr orc kltcm dmopprkprdotc lkr kreomdzotdkms wfksc purpksc ds tk noxdndzc scrvdic rotfcr

tfom prkldt„ (Prusscg, Erccmgcc, & Bro`y, 2112, p. <<), Uome & Gdu (21?1) mktc` tfot ‗tfc ikmscmsus

kl fkw tk ncosurc tfc ldmomidog pcrlkrnomic lkr mkm-prkldt kreomdzotdkm fos mkt bccm rcoifc` onkme

sifkgors„ (p. 0<9). Pfds vdcw ds sforc` by NiDm`kc & Yuggdvom (21?0) wfk mktc` tfot ncomwfdgc

‗tfcrc ds mk ikmscmsus km o sdmegc dm`diotkr kl mkmprkldt ldmomidog fcogtf, cxondmdme scvcrog ldmomidog

rotdks sdnugtomckusgy fos cncrec` os o iknnkm proitdic tk osscss tfc rcgotdkmsfdp bctwccm

ncosurcs kl mkmprkldt ldmomidog vugmcrobdgdty om` dnpkrtomt kutikncs suif os survdvog„ (p. 9).

Pfcrclkrc, wdtf tfc `cvcgkpncmt kl tfds Nostcr—s tfcsds, kur ikmtrdbutdkm dmtcm` tk oòpt nk`cgsprcscmtc` dm tfc gdtcroturc rcvdcw tk tfc fcogtf iorc scitkr kl tfc Bcgedom mkmprkldt scitkr.

Dm spdtc kl tfc ottcmtdkm edvcm by cxpcrts tk tfc mkmprkldt scitkr, tfds scencmt kl tfc cikmkny ds

rcgotdvcgy umhmkwm. Pfc sfkrtoec kl stotdstdiog òto `d` mkt oggkw rcscorifcrs tk kptdndzc dts stu`y.

Fkwcvcr, tfc Jkfms Fkphdms Smdvcrsdty gkiotc` dm Bogtdnkrc, Smdtc` Ytotcs, ikkr`dmotc` tfc bdeecst

prkjcit cvcr goumifc` rceor`dme tfc mkmprkldt scitkr ot tfc wkrg` stoec, hmkwm os tfc Iknporotdvc

Mkmprkldt Ycitkr Qrkjcit (Ncrtcms, 2110, p. 00). Pfds prkjcit gco` tk tfc pubgdiotdkm kl o lumòncmtog

fom`bkkh by tfc Smdtc` Motdkms (2119) edvdme tk ogg dmstdtutdkms dm iforec kl motdkmog oiikumts tfc

dmicmtdvc tk ircotc o ‗Yotcggdtc Oiikumt kl Dmstdtutdkms wdtfkut Qrkldt Qurpksc 0„ (Noräc, 21?1o).

9 Obbrcvdotdkm kl ‗Dmstdtutdkms Udtfkut Qrkldt Qurpksc„. 0 Dm Lrcmif, Iknptc sotcggdtc ̀ cs dmstdtutdkms soms but guirotdl. Dm @utif, Bdjhkncm`c rchcmdme vom ̀ c dmstcggdmecm zkm`cr wdmstkkencrh.

??,3?,3

?,5

30,2

26,3

2,<Oerdiugturc om` Dmùstry

Ycrvdics

Cùiotdkm

Funom fcogtfYkidog oitdkm

Orts, spcitoigcs, om` rcircotdkmog oitdvdtdcs



3

O sotcggdtc oiikumt ds o sct kl struiturc` om` ikfcrcmt òto, rceor`dme o portdiugor ldcg`, om`

cstobgdsfc` dm ikfcrcmic wdtf tfc icmtrog lroncwkrh kl tfc motdkmog oiikumts kl tfc ikumtry (Bomquc

Motdkmogc `c Bcgedquc, 21?1, p. 9) tk kllcr stotdstdiog òto om` noirkcikmkndi dmlkrnotdkm (Noräc,

21?1b). Dm`cc`, tfds fom`bkkh ‗rciknncm`s stotdstdiog stomòr`s om` eud`cgdmcs lkr tfc

`cvcgkpncmt kl òto km mkm-prkldt dmstdtutdkms„ (Smdtc` Motdkms, 2119, p. ddd).

Lkggkwdme tfc rciknncmòtdkm kl Curkstot (Noräc, 21?1i), Bcgedun fos bccm kmc kl tfc ldrst

ikumtrdcs (Oix, Rdek, & \om`cr @kmiht, 21??, p. 3) tk pubgdsf dm corgy 2110 fds sotcggdtc oiikumt. Lkr

tfc iosc kl Bcgedun, tfds sotcggdtc oiikumt ds nomoec` by tfc Dmstdtutc kl Motdkmog Oiikumts 3, wfdif

ds tfc bk`y dm iforec kl tfc ommuog rcgcosc kl òto rceor`dme tfc Bcgedom mkmprkldt scitkr (Bomquc

Motdkmogc `c Bcgedquc, 21?2, p. 9). Oituoggy, dm kr`cr tk bc ikmsd`crc` dm Bcgedun os om dmstdtutdkm

wdtfkut prkldt purpksc, cmtdtdcs nust iknpgy wdtf ogg tfc lkggkwdme irdtcrdo:

Bc mkmprkldt : prkfdbdt tfc `dstrdbutdkm kl prkldt tk dts ncnbcrs kr o`ndmdstrotkrs,

Bc rcikemdzc` : os kreomdzotdkm wdtf om dmstdtutdkmog cxdstcmic,

Bc prdvotc : dmstdtutdkmoggy scporotc lrkn tfc Ytotc,

Bc dm`cpcm`cmt : fovc dts kwm rugcs om` `cidsdkm-nohdme bk`dcs,

Bc kpcm : ncnbcrsfdp ds kpcm om` tfc cmtdty ds obgc tk ikggcit vkgumtory rcskurics dm tfc lkrn

kl `kmotdkms om` vkgumtccrdme (Noräc, 21?1o).

Pfc prkicss kl eotfcrdme ogg dmstdtutdkms wdtfkut prkldt purpksc `kcs mkt rcqudrc ikmsd`crdme ogg kl

tfcn os o fknkecmckus erkup. (Bomquc Motdkmogc `c Bcgedquc, 2110, p. ?2). Pfc sct kl tfcsc

dmstdtutdkms orc `dvd`c` dm twk nk`cs: dmstdtutdkmog scencmtotdkm, om` scitkrdog scencmtotdkm.

Ldrst, rceor`dme tfc dmstdtutdkmog scencmtotdkm sfkwm dm Pobgc 2, tfc Bcgedom gcedsgotkr rcikemdzcs

nomy typcs kl kreomdzotdkms. Fkwcvcr, kur rcscorif lkiuscs km icrtodm spcidldi typcs kl

kreomdzotdkms. Dm loit, tfc nkst dnpkrtomt iotcekry ds tfc osskidotdkm wdtfkut prkldt purpksc, wfdif

ikmsdsts kl ot gcost tfrcc pcrskms, cdtfcr motdkmogs kr lkrcdemcrs, wdtf tfc purpksc kl rcogdzdme o mkm-

guirotdvc kbjcitdvc (Qkrtodg Bcgedun, 21?2). Dt ds cmtdtgc` tk kbtodm tfc gceog pcrskmogdty dl dt rcgcoscs

dts ortdigcs dm tfc Bcgedom Klldidog Jkurmog

<

om` rcedstcrs dts oitdvdtdcs dm tfc Irkssrko`s Bomh lkrCmtcrprdscs5.

Pobgc 2. Dmstdtutdkmog scencmtotdkm kl MQKs

O. Udtfkut gceog pcrskmogdty

- @c loitk osskidotdkm6 rclcrs tk omy eotfcrdme kl pckpgc, wfdif `kcs mkt rcqudrc omy gceog

rcikemdtdkm by tfc gcedsgotkr.

B. Udtf gceog pcrskmogdty (25 Jumc ?42? Gow, nk`dldc` by 2 Noy 2112 Gow)

- Qubgdi utdgdty dmstdtutdkm4 rclcrs tk omy osskidotdkm hmkwm bktf os lkumòtdkms om` os

prklcssdkmog umdkms (Bomquc Motdkmogc `c Bcgedquc, 2110, p. ?0).

- Osskidotdkm wdtfkut prkldt purpksc?1 rclcrs tk omy osskidotdkm tfot ds ‗mkt `cvktc` tk

dmùstrdog kr iknncridog kpcrotdkms om` wfdif `kcs mkt scch tk kbtodm notcrdogeodms lkr dts ncnbcrs„ (Ncrtcms & Gclæbvrc, 211?, p. 6).

- Dmtcrmotdkmog osskidotdkm wdtfkut prkldt purpksc?? rclcrs tk omy osskidotdkm tfot ldts wdtf tfc

rcqudrcncmts kl tfc osskidotdkm wdtfkut prkldt purpksc, but tfot ds lurtfcrnkrc

pursudme o mkmprkldt purpksc kl dmtcrmotdkmog utdgdty.

Ykuric : (Ncrtcms & Gclæbvrc, 211?, p. 68 Noräc, ct og., 2113, p. ??)

3 Dm Lrcmif, Dmstdtut ̀ cs iknptcs motdkmoux. Dm @utif, Dmstdtuut vkkr ̀ c Motdkmogc Rchcmdmecm. < Dm Lrcmif, Nkmdtcur bcgec. Dm @utif, Bcgedsif stootsbgo`.5 Dm Lrcmif, Bomquc-iorrclkur ̀ cs cmtrcprdscs. Dm @utif, Hrudspumtbomh vom Km`crmcndmecm.6 Dm Lrcmif, Osskidotdkm ̀ c lodt. Dm @utif, Lcdtcgdjhc vcrcmdedme. 4 Dm Lrcmif, Ctobgdsscncmt `—utdgdtä pubgdquc. Dm @utif, Dmstcggdme vom kpcmboor. ?1 Dm Lrcmif, Osskidotdkm Yoms But Guirotdl (OYBG). Dm @utif, \crcmdedme Zkm`cr Udmstkkencrh (\ZU). ?? Dm Lrcmif, Osskidotdkm dmtcrmotdkmogc. Dm @utif, Dmtcrmotdkmogc osskidotdc.



<

Dm`cc`, tfc gcedsgotdkm rceugotcs tfc bkumòrdcs kl tfds mkm-guirotdvc kbjcitdvc. Dt prcvcmts dt lrkn

pursudme om kbjcitdvc kl cmrdifncmt. Fcmic, tfc kreomdzotdkm ds mkt nomòtc` tk rctodm omy ndmdnun

iopdtog, mkr oggkwc` tk rc`dstrdbutc bcmcldts no`c lrkn tfc kreomdzotdkm oitdvdtdcs tk dts ncnbcrs,

mcdtfcr oggkwc` tk odn tk nohc prkldt ogtfkuef lccs ncnbcrsfdp iom bc iforec` (Ycrvdic Qubgdi

Lä`ärog Justdic, 21?9). Ydmic dt kpcrotcs os o mkmprkldt cmtdty, dt ds subjcit kmgy tk tfc ‗dmiknc tox

km gceog cmtdtdcs„ (Busdmcss Bcgedun, 21?1). Fkwcvcr, tfc oppgdiotdkm kl tfc ikrpkrotdkm tox ds

dnnc`dotc dl subscqucmt dmvcstdeotdkms rcvcog o prkldt scch kl tfc kreomdzotdkm.

Ycikm`, rceor`dme tfc oitdvdty scitkr scencmtotdkm sfkwm dm Pobgc 9, dts igossdldiotdkm rcgy km tfc

Curkpcom Mkncmigoturc lkr Cikmkndi Oitdvdtdcs?2 ?9 tfot ds o rclcrcmic lroncwkrh lkr tfc prkùitdkm

om` rcgcosc kl stotdstdiog ̀ oto rceor`dme cikmkndi oitdvdtdcs dm Curkpc. Lurtfcrnkrc, wc iom ogsk gkkh

ot tfc voguc o``c` kl coif scitkr tk tfc kvcrogg scitkr kl DUQQ.

Pobgc 9. @dstrdbutdkm kl tfc DUQQ o``c` voguc, by scitkr kl oitdvdty (21?1)


Lurtfcrnkrc, Oppcm`dx 2 sfkws tfc dnpkrtomic kl tfcsc oitdvdtdcs rceor`dme tfcdr gcvcg kl

cnpgkyncmt dm 21?1. Lrkn tfc tktog munbcr kl cnpgkyc` umdts, obkut fogl ds oggkiotc` tk kmgy twk

oitdvdtdcs ’ skidog oitdkm, om` funom fcogtf. Dm loit, tfcsc twk iotcekrdcs orc tfksc tfot oiikumt lkrnkst kl tfc jkb ircotdkm wdtf rcspcitdvcgy 4% om` 3.6%. Ogtfkuef bktf kl tfcn orc kl dmtcrcst lkr

tfds stu`y, o spcidldi rcscorif lkius fos tk bc scgcitc`. Pfcrclkrc, tfc rcscorif lkius kur stu`y wdgg

bc km tfc funom fcogtf scencmt kl tfc mkmprkldt kreomdzotdkm scitkr.

Gdtcroturc rcvdcw

Pfds gdtcroturc rcvdcw dmtcm`s tk edvc om kvcrvdcw kl tfc nkst dnpkrtomt nk`cgs `cvcgkpc` bktf dm

tfc lkr-prkldt pcrspcitdvc om` dm tfc mkmprkldt pcrspcitdvc. Pfc lkrncr fos sccm tfc cncrecmic kl

twk nk`cgs: Ogtnom (?4<6) nk`cg, om` Kfgskm (?461) nk`cg. Pfc gottcr fos sccm tfc rdsc kl tfrcc

nk`cgs: Qrkeron Cxpcm`dturc Nk`cg wdtf twk cxtcmsdkms, Mct Osscts Nk`cg, om` Mct Cormdmes Nk`cg.

Pfc lkr-prkldt scitkr ds kl dmtcrcst bciousc ogg nk`cgs rcgy km oiikumtdme ncosurcs. Dm loit, nkst kl

tfcn lkius km kmc loitkr: ikrpkrotc bomhruptiy. Oituoggy, tfcy nodmgy usc ‗prkldtobdgdty, iosf lgkw,

om` gcvcroec rotdks os prc`ditkr vordobgcs„ (Hcotdme, Ldsifcr, Ekr`km, & Erccmgcc, 2113, p. 0). Dm tfc

?4<1s, tfds orco kl rcscorif bcionc pkpugor. Ot tfot tdnc, Ogtnom (?4<6)—s nk`cg oppcorc` tk bc

tfc nkst dmlgucmtdog stu`y dm tfc ldcg` kl ‗prc`ditdme ikrpkrotc lodgurc„ (Buhfkrd, Ktfnom, Ords, &

Knor, 21?9, p. 953) bosc` km ‗tfc cvcmt kl bomhruptiy„ (Kfgskm, ?461, p. ?14), wfdif rcgdcs km ‗o

Z-Yikrc bosc` km ldvc vordobgcs tfot fo` tfc fdefcst prc`ditdvc pkwcr„ (Hcotdme, Ldsifcr, Ekr`km, &

Erccmgcc, 2113, p. 0). Oituoggy, ldvc ldmomidog rotdks ̀ ctcrndmc tfc Z-Yikrc. Dm proitdic, tfc gkwcr tfc

Z-Yikrc, tfc fdefcr tfc prkbobdgdty kl bomhruptiy. Mkwoòys, oio`cndis om` proitdtdkmcrs stdgg wd`cgy

usc tfc Z-Yikrc os dts oiiuroiy rcoifc` 43% (Horonzo`cf, 21?9, p. 2116).

?2 Dm Lrcmif, Mkncmigoturc curkpäcmmc ̀ cs oitdvdtäs äikmkndqucs. Dm @utif, Curkpcsc oitdvdtcdtcmmkncmigotuur. ?9 Obbrcvdotc` os MOIC-Bcg.

??9

2

9<

99

0

??

Oerdiugturc om` Dmùstry

Ycrvdics

Cùiotdkm

Funom fcogtf

Ykidog oitdkm

Orts, spcitoigcs, om` rcircotdkmog oitdvdtdcs

Ktfcr scrvdic oitdvdtdcs



5

Pfc mcxt ecmcrotdkm kl stu`dcs km ikrpkrotc bomhruptiy prc`ditdkm dmigu`c Yomtkncrk & \dmsk (?455),

Kfgskm (?461) om` Zndjcwshd (?460). Fkwcvcr, Kfgskm (?461) ds tfc nkst wd`cgy usc` om` idtc`.

Fds nk`cg ds no`c ‗lkr tfc prkbobdgdstdi prc`ditdkm kl bomhruptiy onkme dmùstrdog ldrns„ (Pcvcg, Hotz,

& Brkih, 21?0, p. <). Oituoggy, fds kmc-ycor prc`ditdkm nk`cg rcgdcs km om K-Yikrc, `ctcrndmc` by

tfc iknbdmotdkm kl rcsugts tk tfcsc sdx loitkrs. Fds stu`y ikmigu`c` tfot dt ikug` dm`diotc ot wfot

pkdmt dm tdnc o iknpomy—s ldmomidog stotcncmts ‗wcrc rcgcosc` tk tfc pubgdi, om` kmc ikug` tfcrclkrc

ifcih wfctfcr tfc iknpomy cmtcrc` bomhruptiy prdkr tk, kr oltcr tfc ̀ otc kl rcgcosc kl tfc ldmomidogs„(Qkmesotot, Ronoec, & Gowrcmic, 2110, p. 9). Ydmic fds nk`cg ikug` oiiurotcgy prc`dit ikrpkrotc

lodgurcs, fds nk`cg ‗wos usc` sdmic tfcm dm tfkusom`s kl stu`dcs, wdtf kr wdtfkut vordotdkms, dmigu`dme

dm tfc ikmtcxt kl mkmprkldt kreomdzotdkms„ (Pcvcg, Hotz, & Brkih, 21?0, p. <). Ikmscqucmtcgy, wdtf

rceor` tk tfc oiiuroiy kl tfcsc twk nk`cgs, tfcdr pkpugordty orc ‗rclgcitc` dm tfc lrcqucmt usc kl tfc

twk nk`cgs os cnpdrdiog prkxdcs lkr bomhruptiy rdsh dm oiikumtdme rcscorif„ (Hcotdme, Ldsifcr,

Ekr`km, & Erccmgcc, 2113, p. 3).

Bclkrc tfc mdmctdcs, nkst kl tfc stu`dcs lkiusc` km tfc lkr-prkldt pcrspcitdvc. Fkwcvcr, tfc goih kl

rcscorif rceor`dme tfc ldmomidog vugmcrobdgdty kl tfc mkmprkldt scitkr wos cmkrnkus. Lkr tfc purpksc

kl tfds stu`y, wc `k mkt tohc dmtk oiikumt tfc lkr-prkldt nk`cgs os bosds sdmic, ̀ cspdtc sknc outfkrs—

ossuromics, tfksc nk`cgs ionc kut tk bc ‗mkt sudtobgc lkr tfc omogysds kl mkmprkldt kreomdzotdkms„

(Pcvcg, Hotz, & Brkih, 21?0, p. ??).

?.

Qrkeron Cxpcm`dturc Nk`cg

Dm ?44?, o ldrst nk`cg oppcorc`. Dm loit, Puihnom & Ifome (?44?) wcrc tfc ldrst tk lkius km tfc

dmtcrcst kl tfds rcscorif, dm wfdif tfcy `cldmc` om MQK ‗os ldmomidoggy vugmcrobgc dl dt Xds^ gdhcgy tk iut

boih dts scrvdic kllcrdmes dnnc`dotcgy wfcm dt cxpcrdcmics o ldmomidog sfkih„ (p. 003). O ldmomidog

sfkih iom bc lkr dmstomic om cikmkndi rcicssdkm wdtf tfc pktcmtdog ikmscqucmics dt dmigu`cs, c.e.

tfc wdtf`rowog kl o nojkr `kmkr lrkn tfc gdst kl `kmotkrs. Pfksc MQKs tfot orc mkt ldmomidoggy

vugmcrobgc noy mkt `drcitgy iut tfcdr scrvdic kllcrdmes.

Pfcdr stu`y stotc` tfot tfc loitkrs `cldmdme om MQK—s ldmomidog sdtuotdkm orc ‗tfc ecmcrksdty kl dtssuppkrtcrs8 tfc o`cquoiy, stobdgdty, om` `dvcrsdty kl dts rcvcmucs8 tfc quogdty kl dts nomoecncmt8 dts

iopoidty tk wdtfstom` rcvcmuc lguituotdkms8 om` tfc sdzc kl dts iopdtog„ (Puihnom & Ifome, ?44?, p.

003). Bosc` km tfcsc loitkrs, tfcy ecmcrotc o nk`cg tk ncosurc om MQK—s ldmomidog vugmcrobdgdty.

Pfds nk`cg prkpkscs ‗lkur irdtcrdo lkr juèdme tfds ldmomidog lgcxdbdgdty„ (Pfknos & Prollkr`, 21?9, p.

<92) os sfkwm dm Pobgc 0: rcvcmuc ikmicmtrotdkm, gkw kr mceotdvc kpcrotdme noredms, dmo`cquotc

cqudty bogomics, om` gkw o`ndmdstrotdvc iksts (Hcotdme, Ldsifcr, Ekr`km, & Erccmgcc, 2113, p. <).

Rcvcmuc ikmicmtrotdkm rotdk. Om MQK wdtf rcvcmucs ikndme lrkn lcw rcskurics skurics noy fovc

nkrc `dlldiugtdcs tk ikumt km ogtcrmotdvc skurics dm iosc kl ldmomidog `dstrcss, fcmic bcdme igossdldc`

os ldmomidoggy vugmcrobgc. Ikmvcrscgy, tfksc MQKs wdtf gorec vordcty kl skurics kl dmiknc wdgg

kvcriknc tfc `dstrcss wdtf lcwcr `dlldiugtdcs.

Kpcrotdme noredm rotdk. Om MQK wdtf o rcgotdvcgy gkw kr mceotdvc gcvcg kl noredms noy loic nkrc

`dlldiugtdcs tk loic o ldmomidog `dstrcss iknporc` tk om MQK wdtf rcgotdvcgy fdefcr gcvcg kl kpcrotdme

noredms. Pfc gottcr wdgg bc obgc tk ‗kpcrotc wdtf o rcùic` kpcrotdme noredm rotfcr tfom Xrcùidme^

dts prkeron kllcrdmes„ (Erccmgcc & Prusscg, 2111, p. 211), fcmic ovkd`dme dts igossdldiotdkm os

ldmomidoggy vugmcrobgc.

Cqudty rotdk. Om MQK wdtf o gkw vkgunc kl cqudty rcgotdvc tk tfc sdzc kl dts kpcrotdkms (rcvcmucs) noy

loic nkrc `dlldiugtdcs tk rcpgoic tfc wdtf`rowog kl o nojkr `kmkr lrkn dts rcskurics skurics oltcr o

ldmomidog `dstrcss iknporc` om MQK wdtf o rcgotdvcgy fdefcr vkgunc. Ufcm tfc `dstrcss kiiurs, tfc

gottcr fos tfc iopoidty tk ‗gcvcroec dts osscts rotfcr tfom rcùic dts prkeron kllcrdmes„ (Erccmgcc &

Prusscg, 2111, p. 211). Fcmic, tfc fdefcr tfc cqudty bogomic, tfc bdeecr tfc gdhcgdfkk` tfc MQK wdgg

mkt bc igossdldc` ldmomidoggy vugmcrobgc.



6

O`ndmdstrotdvc ikst rotdk. Om MQK wdtf rcgotdvcgy fdef o`ndmdstrotdvc iksts noy fovc lcwcr ̀ dlldiugtdcs

tk loic o ldmomidog `dstrcss iknporc` tk om MQK wdtf rcgotdvcgy gkw o`ndmdstrotdvc iksts. Dl o sfkih

kiiurs, tfc lkrncr iom iut nkrc `dsirctdkmory iksts kl dts o`ndmdstrotdkm tfom tfc gcttcr. Pfcrclkrc,

o fdefcr gcvcg kl o`ndmdstrotdvc iksts rcùic tfc prkbobdgdty kl ̀ circosdme om MQK—s scrvdic prkerons,

fcmic ovkd`dme dts igossdldiotdkm os ldmomidoggy vugmcrobgc.

Pfcdr nctfk`kgkey rcgdc` km o rom`kn scgcitdkm kl MQKs usĿme tfc S.Y. Dmtcrmog Rcvcmuc Ycrvdic?0.

Pfc lkur rotdks wcrc ‗oppgdc` tk o ?469 motdkmog sonpgc kl tox rcturms ldgc` by 0,591 ifordtobgc

mkmprkldts„ (Puihnom & Ifome, ?44?, p. 003). Kmgy kreomdzotdkms tfot ldgc` tfds ommuog Lkrn 441

orc dmigu`c` dm tfc stu`y. Pfcy ̀ dvd`c` tfc rcsugts kbtodmc` dmtk qudmtdgcs, om` twk iotcekrdcs kl MQKs

oppcorc`. Km tfc kmc fom`, om MQK ds scvcroggy-ot-rdsh dl dt loggs dm tfc gkwcst qudmtdgc lkr ogg lkur

irdtcrdo. Km tfc ktfcr fom`, om MQK ds ot-rdsh dl dt loggs ‗dm tfc bkttkn qudmtdgc wdtf rcspcit tk omy kmc

kl tfc lkur irdtcrdo„ (Puihnom & Ifome, ?44?, p. 03?).

Pobgc 0. Ldmomidog \ugmcrobdgdty Rotdks by Puihnom & Ifome (?44?)

Rotdks Lkrnugo Ydem

Rcvcmuc ikmicmtrotdkm rotdk (IKMICM) ∟ (Rcvcmuc skuric jPktog rcvcmucs ) ’

Kpcrotdme noredm rotdk (NOREDM)Pktog rcvcmucsPktog cxpcmsc

Pktog rcvcmucs +

Cqudty rotdk (C_SDPT)Pktog cqudty

Pktog rcvcmuc +

O`ndmdstrotdvc ikst rotdk (O@NDM)O`ndmdstrotdvc cxpcmscs

Pktog cxpcmscs +

Ykuric: (Erccmgcc & Prusscg, 2111, p. 219)

Puihnom & Ifome (?44?) `crdvc` sknc ikmigusdkms lrkn tfcdr rcsugts, dmigu`dme tfc sueecstdkm tfot

fcogtf iorc MQKs orc onkme ‗tfc kmcs nkst gdhcgy tk bc dnpoitc` by o ldmomidog sfkih„ (p. 036).

Mcvcrtfcgcss, tfcdr stu`y ds subjcit tk om dnpkrtomt bdos gdmhc` tk tfc DRY òtobosc usoec. Km tfc

kmc fom`, os ‗snogg kreomdzotdkms orc um`crrcprcscmtc`, dt ds gdhcgy tfot kur stu`y `kcs mkt luggy

iopturc tfc ldmomidog prkbgcns kl skidog scrvdics oecmidcs, wfdif tcm` tk bc snoggcr tfom ktfcr

mkmprkldt kreomdzotdkms„ (Puihnom & Ifome, ?44?, p. 036). Km tfc ktfcr fom`, tfc stu`y cxigu`cs

ogg tfksc kreomdzotdkms tfot `k mkt ldgg tfc Lkrn 441, wfdif dnpgdcs tfc mcc` tk `csdem om ogtcrmotdvc

nk`cg tk stu`y tfc ldmomidog vugmcrobdgdty kl tfksc MQKs tfot ̀ k mkt ldg tfds lkrn. Fkwcvcr, tfcdr stu`y

`d` mkt odn ot gdtcroggy prc`dit luturc ldmomidog vugmcrobdgdty but tk ncosurc om MQK—s oituog ldmomidog

vugmcrobdgdty. Oituoggy, tfcy `d` mkt ‗ottcnpt tk scc dl tfcsc vordobgcs ikug` prc`dit luturc ldmomidog

`dstrcss„ (Pcvcg, Hotz, & Brkih, 21?0, p. 0). Pfds `csdrc kl prc`ditdkm ds tfc ikrc kl tfc cxtcmsdkms

no`c by Erccmgcc & Prusscg (2111) om` by Prusscg & Erccmgcc (211?).

?.?. Ldrst Cxtcmsdkm

Bosc` km tfc erkum`wkrh kl Puihnom & Ifome (?44?), Erccmgcc & Prusscg (2111) wcrc tfc ldrst tk

usc tfc prcvdkusgy `csirdbc` lkur oiikumtdme rotdks os wcgg os ‗nctfk`kgkedcs iknnkm dm tfc lkr -

prkldt scitkr„ (Prusscg, 2112, p. ?6) tk ̀ csdem o mcw nk`cg obgc tk ‗prc`dit tfc ldmomidog vugmcrobdgdty

kl mkmprkldt kreomdzotdkms„ (Uome & Gdu, 21?1, p. 0<0). Pfc ikrc kl tfds mcw nk`cg ds ‗tk cstobgdsf

ncosurcs prc`ditdme luturc ldmomidog fcogtf rotfcr tfom d`cmtdldiotdkm kl post prkbgcns„ (Ikr`cry &

Boshcrvdggc, 21?1, p. 2).

?0 S.Y. ekvcrmncmt oecmiy ‗rcspkmsdbgc lkr tox ikggcitdkm om` tox gow cmlkricncmt„ (Dmtcrmog Rcvcmuc Ycrvdic, 21?3).



4

Ydmic tfc vdcwpkdmt ifomec` lrkn ncosurdme oituog `dstrcss tk prc`ditdme luturc `dstrcss, o ifomec

kl `cldmdtdkm bcionc mcicssory. Os mktc` corgdcr, Puihnom & Ifome (?44?) gdmhc` tfc ldmomidog

vugmcrobdgdty tk tfc rcùitdkm dm prkeron scrvdics oltcr o ldmomidog sfkih. Fkwcvcr, Erccmgcc & Prusscg

(2111) demkrcs ‗tfc dnnc`doiy kl Xtfds^ `cldmdtdkm„ (Pfknos & Prollkr`, 21?9, p. <90) om` nk`dldc`

dt sk tfot omy MQK ds ldmomidoggy vugmcrobgc dl dt ‗sow om kvcrogg `cigdmc dm prkeron cxpcmscs ùrdme o

tfrcc-ycor pcrdk`„ (Hcotdme, Ldsifcr, Ekr`km, & Erccmgcc, 2113, p. <) bctwccm ?46< om`?443.

Lrkn prkeron scrvdics tk prkeron cxpcmscs, twk rcoskms cxpgodm tfc obom`km kl Puihnom & Ifome

(?44?)—s `cldmdtdkm. Ldrst, ‗tfc oiikumtdme systcn `kcs mkt luggy iopturc prkeron scrvdics„ (Erccmgcc

& Prusscg, 2111, p. 212). Ycikm`, ‗dt ds `dlldiugt tk `ctcrndmc wfdif ifordtdcs cxpcrdcmic` o ldmomidog

sfkih„ (Erccmgcc & Prusscg, 2111, p. 212). Pk sdnpgdly tfc nk`cg kl Erccmgcc & Prusscg (2111), o

ldmomidoggy vugmcrobgc MQK ds kmc tfot sfkws o `dndmutdkm dm dts prkeron cxpcm`dturcs lkr dmstomic dm

?449, ?440, om` ?443. Pfcy ncosurc tfcm tfc oiikumtdme rotdks dm ?442 tk cvoguotc wfctfcr tfc

nk`cg ikug` prc`dit tfc MQK—s oituog ldmomidog sdtuotdkm dm ?443. Pfcrclkrc, tfc stu`y uscs tfc lkur

rotdks tk `ctcrndmc om MQK—s prkbobdgdty tk bciknc ldmomidoggy vugmcrobgc.

Pobgc 3. Ldmomvdog \ugmcrobdgdty Nk`cg by Erccmgcc & Prusscg (2111)

Ldmomidog \ugmcrobdgdty Qrkbobdgdty > + −

Z > ’ 9.1<?1 1.??39C_SDPT ?.2326IKMICM ’ 2.2<94O@NDM ’ 9.0264NOREDM Dmtcrprctotdkm rugcs:

Ytrkme dm`diotdkm kl ldmomidog vugmcrobdgdty dl tfc prkbobdgdty ds fdefcr tfom ?1%.

Ytrkme dm`diotdkm kl mk ldmomidog vugmcrobdgdty dl tfc prkbobdgdty ds gkwcr tfom 5%.

Ioutdkm rciknncm`c` dm igossdlydme MQKs dl tfc prkbobdgdty ds bctwccm 5% om` ?1%.

Ykuric: (Ikr`cry & Boshcrvdggc, 21?1, p. 0)

Pobgc 3 sfkws tfc lkrnugo ̀ cldmc` by Erccmgcc & Prusscg (2111) tk iknputc tfc ldmomidog vugmcrobdgdty

prkbobdgdty. Pfcy ̀ csdemc` tfds lkrnugo, bosc` km o sonpgc kl 9,?3? MQKs lrkn o nugtd-ycor ̀ otobosckl tfc DRY `cgdvcrc` by tfc Motdkmog Icmtrc lkr Ifordtobgc Ytotdstdis. Pfds sonpgc dmigu`cs ogg MQKs

wdtf osscts fdefcr tfom SY@ ?1 ndggdkm os wcgg os 0,111 rom`kn MQKs kl snogg sdzc. Oituoggy, tk tcst

tfcdr nk`cg, tfcy lkggkwc` ldvc stcps.

Ldrst, tfc nk`cg oppgdcs tfc `cldmdtdkm kl ldmomidog vugmcrobdgdty om` `dvd`cs tfc sct kl MQKs dm twk

erkups: kmc ldmomidoggy vugmcrobgc, om` omktfcr kmc mkt ldmomidoggy vugmcrobgc. Ycikm`, dt rom`kngy

scgcits obkut fogl kl tfc MQKs kl bktf erkups. Kmc wdgg bc tfc nk`cg sonpgc tk ecmcrotc o gkedstdi

rcercssdkm nk`cg, om` tfc rcnodmdme ds usc` os o fkg`kut sonpgc. Pfc nk`cg wdgg tcst tfc sdemdldiomic

kl tfc dm`cpcm`cmt vordobgcs, wdtf tfc prc`cldmc` rotdks. Pfdr`, dt iknputcs tfc ldmomidog vugmcrobdgdty

prkbobdgdtdcs l kr coif MQK by ‗usdme tfc oituog rotdks lkr coif kreomdzotdkm dm tfc dmdtdog sonpgc„

(Erccmgcc & Prusscg, 2111, p. 213). Pfc outfkrs usc` o bdmory gkedstdi rcercssdkm nk`cg tk prc`dit

tfc prkbobdgdty wfctfcr om MQK ds ldmomidoggy vugmcrobgc kr mkt, bosc` km tfc rotdk. Lkurtf, dt igossdldcstfcsc prkbobdgdtdcs om` ifkkscs iut-kll pkdmts, d.c. 5% om` ?1%, tk iotcekrdzc coif MQK os ldmomidoggy

vugmcrobgc kr mkt. Ldltf, dt iknputcs tfc sonc prkbobdgdtdcs kl coif MQK mkt scgcitc` dm tfc scikm`

stcp, ‗tk scc dl tfc nk`cg `cvcgkpc` X…^ ikug` oiiurotcgy prc`dit wfdif kreomdzotdkms wkug` bciknc

ldmomidoggy vugmcrobgc„ (Erccmgcc & Prusscg, 2111, p. 21<).

Pfc stu`y mktc` tfot IKMICM, NOREDM, om` O@NDM orc sdemdldiomt dm prc`ditdme ldmomidog

vugmcrobdgdty, but C_SDPT ds mkt. Dm ktfcr wkr`s, tfcrc ds o ‗sdemdldiomt rcgotdkmsfdp bctwccm ldmomidog

`dstrcss om` tfrcc kl Puihnom & Ifome vordobgcs„ (Pcvcg, Hotz, & Brkih, 21?0, p. 0). Oituoggy, tfc

nk`cg wos ‗obgc tk prc`dit ikrrcitgy <3 pcricmt kl tfc ldmomidoggy vugmcrobgc kreomdzotdkms om` 36

pcricmt kl ogg kreomdzotdkms os ldmomidoggy vugmcrobgc kr mkt„ (Prusscg, 2112, p. ?4). Dm o``dtdkm, tfds

rcsugt wos ikrrkbkrotc` by tfc oppgdiotdkm kl tfc sonc nk`cg tk omktfcr sonpgc, wfdif eovc sdndgor

rcsugts ’ tfc ikrrcit prc`ditdkm ‗kl <? pcricmt kl tfc ldmomidoggy vugmcrobgc kreomdzotdkms om` <?pcricmt kl ogg kreomdzotdkms„ (Prusscg, 2112, p. ?4).



?1

Mcvcrtfcgcss, tfc nk`cg ossuncs omy MQK os ldmomidoggy vugmcrobgc dl dt loics o prkeron cxpcm`dturcs

rcùitdkm km o pcrdk` kl tfrcc ycors, but tfds ‗prcigu`cs omy `ctcrndmotdkm kl ldmomidog vugmcrobdgdty

ùrdme tfc ldrst lkur ycors kl om kreomdzotdkm—s cxdstcmic„ (Erccmgcc & Prusscg, 2111, p. 215).

Nkrckvcr, Erccmgcc & Prusscg (2111) mktc` tfot lurtfcr `cvcgkpncmts wkug` cxpcrdncmt mcw

`cldmdtdkms kl ldmomidog vugmcrobdgdty, dmircosc tfc tdnc siogc kl tfc nk`cg, om` dmircosc tfc sonpgc

pkpugotdkm. O rcvdsdkm kl tfc nk`cg pubgdsfc` by Prusscg (2112) ikvcrs tfcsc lurtfcr `cvcgkpncmts.

?.2. Ycikm` Cxtcmsdkm

Ncomwfdgc Erccmgcc & Prusscg (2111) `csdemc` tfcdr ldrst `cvcgkpncmt kl Puihnom & Ifome (?44?)

nk`cg, Foecr (2111) pkdmtc` tfc `dllcrcmic bctwccm tfc lodgurc kl orts MQKs om` kl tfc mkm-orts

MQKs. Dm`cc`, orts MQKs ‗wcrc gcss gdhcgy tk survdvc tfc stu`y pcrdk`„ (p. 0) iknporc` tk omy ktfcr

typcs kl MQKs. Oituoggy, fc oppgdc` tfc Puihnom & Ifome (?44?) nk`cg tk tfds orts scitkr. Pfcrclkrc,

fc rcgdc` km tfc DRY ̀ otobosc ikmtodmdme ogg rcedstcrc` orts kreomdzotdkms tk kbtodm o sonpgc kl 5,22<

kreomdzotdkms, sub`dvd`c` dm 5 subscitkrs: \dsuog orts kreomdzotdkms, Orts nuscuns, Qcrlkrndme orts

icmtcrs om` sifkkgs, @omic kreomdzotdkms, Pfcotrc kreomdzotdkms, Dmstruncmtog om` ifkrog nusdi, om`

Ecmcrdi pcrlkrndme orts (Foecr, 211?, p. 969). Pfksc kreomdzotdkms ldgc` tfc ommuog Lkrn 441 tox

rcturm lrkn tfc DRY lkr o pcrdk` kl tfrcc tox ycors os ‗ogg vordobgcs orc ikmstruitc` lrkn

kreomdzotdkmog ldmomics rcpkrtc` dm ?441, ?44?, om` ?442„ (Foecr, 211?, p. 961).

Foecr (211?) mktc` tfot ‗ogtfkuef tfcy sfkwc` prkndsc, tfc ldmomidog vugmcrobdgdty ncosurcs ̀ crdvc`

by Puihnom om` Ifome (?44?) ikug` mkt bc usc` oirkss tfc bkor` tk prc`dit lodgurc dm pcrlkrndme

orts X…^ kreomdzotdkms„ (Ikr`cry & Boshcrvdggc, 21?1, p. 0). Dm loit, tk vordkus `cerccs, tfc rotdks

iom ‗cxpgodm tfc `cndsc kr gkmecvdty kl o mkmprkldt kreomdzotdkm„ (Fkèc & Qdiikgk, 21??, p. 329).

Fc ikmigu`c` tfot tfc lkur rotdks kl Puihnom & Ifome (?44?) orc mkt oppgdiobgc tk ogg MQKs sdmic

‗tfc oppgdiobdgdty kl tfcsc ncosurcs noy vory oirkss mkmprkldt sub-erkups„ (NiDm`kc & Yuggdvom,

21?0, p. 9). Lurtfcrnkrc, tfc ikmigusdkms lrkn Foecr (211?) orc gdndtc` tk kmgy orts MQKs. Ydmic

tfc lkius kl fds stu`y wos tkk morrkw, fds ‗ldm`dmes `k mkt oppcor tk fovc bccm oppgdc` tk ktfcr

spcidldi orcos kl tfc mkm-prkldt scitkr„ (Ikr`cry & Boshcrvdggc, 21?1, p. 0). Pfcrclkrc, ogtfkuef fds

stu`y wos dnpkrtomt tk tfc `cvcgkpncmt kl tfc gdtcroturc km MQKs— ldmomidog vugmcrobdgdty, wc `k mktrcgy km fds ldm`dmes dm kur rcscorif.

2. Mct Osscts Nk`cg

Ikmsd`crdme tfc gdndtotdkms kl tfc Qrkeron Cxpcm`dturc Nk`cg, tfds scikm` nk`cg wos `cvcgkpc` by

Prusscg (2112), Prusscg ct og. (2112), Prusscg & Erccmgcc (2110) om` ds hmkwm os tfc Mct Osscts

Nk`cg. Dt prkvd`c` rcspkmscs tk tfc prcvdkus irdtdis. Km tfc kmc fom`, tfc rotdks IKMICM om`

NOREDM `k mkt ifomec ot ogg. Km tfc ktfcr fom`, tfc outfkr cxpom`c` tfc pkpugotdkm kl

kreomdzotdkms. Dmstco` kl usdme tfc DRY Ytotdstdis kl Dmiknc òtobosc tfot ds ‗bdosc` tkwor` vcry

gorec kreomdzotdkms„ (p. 2?), tfds nk`cg uscs tfc DRY Ikrc Ldgcs òtobosc, wfdif dmigu`cs ogg MQKs

tfot ldggc` tfc 441 Lkrn. Pfcrclkrc, tfds mcw òtobosc edvcs o bcttcr rcprcscmtotdkm kl MQKs.

Fkwcvcr, tfds brko`cr ̀ otobosc ikmtodms gcss ̀ oto, wfdif gco`s tk sknc rcnorhs. Ldrst, ndssdme ̀ otodm`diotcs tfc dnpkssdbdgdty tk oppgy sknc rotdks: C_SDPT wos oncm`c`, om` O@NDM wos obrkeotc`.

Ycikm`, tfc outfkr o``c` mcw dm`diotkrs, moncgy YDZC om` YCIPKR, os sfkwm dm Pobgc <.

@cbt rotdk. Pfc lkrncr cqudty rotdk ds rcpgoic` by o `cbt rotdk, ncosurdme ‗tfc rcgotdvc onkumt kl

`cbt tfot om kreomdzotdkm uscs tk ldmomic dts prkerons„ (Prusscg, 2112, p. 21). Om MQK wdtf rcgotdvcgy

nkrc ̀ cbt noy loic nkrc `dlldiugtdcs tk ldmomic dts prkerons iknporc` tk om MQK wdtf rcgotdvcgy gcss

`cbt. Pfcrclkrc, om MQK ds nkrc vugmcrobgc tk ldmomidog `dstrcss dl dt sfkws o fdef `cbt rotdk os dt wdgg

bc ‗gdndtc` dm dts obdgdty tk rcpgoic tfcsc gkst rcvcmucs„ (Prusscg, Erccmgcc, & Bro`y, 2112, p. <<).

Ydzc. Om MQK—s sdzc ds om dnpkrtomt loitkr tk `ctcrndmc dts gdhcgdfkk` tk kvcriknc ldmomidog `dstrcss.

Dm`cc`, dt ds nkrc gdhcgy tk bc ldmomidoggy vugmcrobgc dl dt ds snogg ùc tk ‗loitkrs suif os oec,rcputotdkm, cikmkndcs kl siogc rcgotc` tk iksts„ (Prusscg, 2112, p. 21).



??

Ycitkr . Om MQK—s scitkr gdmhs ldmomidog `dstrcss tk ldmomidog iopoidtdcs. Nomy noirkcikmkndi loitkrs,

suif os dmlgotdkm kr rcicssdkm, ollcit MQKs `dllcrcmtgy. Pfcsc `dllcrcmics gco` tfc MQK tk bc nkrc

cxpksc` kr gcss cxpksc` tk ldmomidog `dstrcss, oiikr`dme tk tfc scitkr dt bcgkmes. Prusscg (2112)

cxpom`c` tfc nk`cg tk ?1 subscitkr vordobgcs: Orts, iugturc, om` funomdtdcs8 Cùiotdkm8

Cmvdrkmncmt om` omdnogs8 Fcogtf8 Funom scrvdics8 Dmtcrmotdkmog, lkrcdem ollodrs8 Qubgdi, skidctog

bcmcldt8 Rcgdedkm-rcgotc`8 Nutuog-ncnbcrsfdp bcmcldt8 om` Smhmkwm (Prusscg, 2112, p. 29).

Pobgc <. Ldmomidog \ugmcrobdgdty Rotdks by Prusscg (2112)

Rotdks Lkrnugo Ydem

Rcvcmuc ikmicmtrotdkm rotdk (IKMICM) ∟ ( Rcvcmuc jPktog rcvcmucs)

+

Yurpgus noredm rotdk (NOREDM)Pktog rcvcmucsPktog cxpcmsc

Pktog rcvcmucs ’

@cbt rotdk (C_SDPT)Pktog gdobdgdtdcs

Pktog osscts +

Ydzc (YDZC) Moturog gke kl tktog osscts ’

Ycitkr (YCIPKR) @unny (kr Logsc) vordobgc M/O

Ykuric: (Prusscg, 2112, p. 2?)

Pk cxciutc dt, tfc nk`cg lkggkws lkur stcps. Ldrst, dt iknputcs tfc ldmomidog dm`diotkrs, ncmtdkmc` dm

Pobgc <, lkr tfc gost ldvc ycors. Ycikm`, dt scgcits tfc subscitkr tk wfdif tfc MQK bcgkmes (dm tfds

iosc, fcogtf iorc). Pfdr`, dt iknporcs tfc ldmomidog dm`diotkrs kl tfc nkst rcicmt ycor tk tfc subscitkr

bcmifnorh. Lkurtf, dt iknputcs tfc L\D dm`cx usdme tfc Z cquotdkm prkvd`c` dm Pobgc 5 : ‗tfc fdefcr

tfc L\D, tfc ercotcr tfc gdhcgdfkk` tfot tfc kreomdzotdkm wdgg fovc ldmomidog prkbgcns„ (Prusscg,

Erccmgcc, & Bro`y, 2112, p. <6).

Pobgc 5. Ldmomidog \ugmcrobdgdty Nk`cg by Prusscg (2112)

Ldmomidog \ugmcrobdgdty Dm`cx > + −

> 1.2053 1.6012IKMICM ’ ?.9325NOREDM ?.?161@CBP ’ 1.?94<YDZC

Dmtcrprctotdkm rugcs:

Ytrkme dm`diotdkm kl ldmomidog vugmcrobdgdty dl tfc prkbobdgdty ds fdefcr tfom 21%.

Ytrkme dm`diotdkm kl mk ldmomidog vugmcrobdgdty dl tfc prkbobdgdty ds gkwcr tfom ?1%.

Ioutdkm rciknncm`c` dm igossdlydme MQKs dl tfc prkbobdgdty ds bctwccm ?1% om` 21%.

Ykuric: (Ikr`cry & Boshcrvdggc, 21?1, p. 08 Prusscg, 2112, p. 24)

Prusscg (2112) ottcsts kl tfrcc gdndtotdkms tfot ikmstrodmt tfc rcsugts. Ldrst, tfc nk`cg sgdeftgy

nk`dldcs tfc `cldmdtdkm kl o ldmomidoggy vugmcrobgc MQK tk bc kmc tfot ‗nust fovc fo` nkrc tfom o 21

pcricmt ̀ circosc„ (Prusscg, 2112, p. 21) dm dts mct osscts kvcr tfrcc ycors. Fkwcvcr, tfds pcricmtoec

ds orbdtrordgy sct os om ossunptdkm, fcmic gdndtdme tfc rcscorif dtscgl. Ycikm`, lkggkwdme tfc sonc

prkicùrc os dm tfc ldrst nk`cg, Pobgc 5 sfkws tfc lkrnugo tk iknputc tfc ldmomidog vugmcrobdgdty

prkbobdgdty. Mcvcrtfcgcss, tfds lkrnugo wos `csdemc` tk stu`y MQKs kmgy wdtfdm tfc Smdtc` Ytotcs.

Pfdr`, tfc stu`y ds bosc` km tfc pcrdk` lrkn ?44< tk ?444, wfdif ds o sfkrt tdnclronc.



?2

9. Mct Cormdmes Nk`cg

Fovdme rceor` tk tfc twk prcvdkus nk`cg, tfc Mct Cormdmes nk`cg ‗ds om oòptotdkm lrkn tfc lkr -

prkldt scitkr—s bomhruptiy om` ldmomidog `dstrcss gdtcroturc os wcgg os lrkn tfc mkmprkldt scitkr

ikmicmtrotdkm gdtcroturc„ (Ikr`cry, Ydn, & Boshcrvdggc, 21?9, p. ?65). Ogtfkuef nomy outfkrs wrktc

km tfds nk`cg, wc wdgg ikvcr kmgy tfc nkst dnpkrtomt popcrs.

Ldrst, Edgbcrt ct og. (?441), dm tfcdr ottcnpt tk prc`dit tfc lodgurc kl MQKs, ifomec` tfc vdcw rceor`dme

ldmomidog vugmcrobdgdty os ‖ldmomidog ̀ dstrcss—. Dm loit, tfc nk`cg ̀ csirdbcs tfot ldmomidog ̀ dstrcss kiiurs

wfcm loidme ‗mceotdvc iunugotdvc cormdmes, dmiknc lrkn ikmtdmudme kpcrotdkms, kvcr omy ikmsciutdvc

tfrcc-ycor pcrdk`„ (Edgbcrt, Ncmkm, & Yifwortz, ?441, p. ?<9). Pfcdr stu`y ikmigu`c` tfot tfc

sdemdldiomt vordobgcs dm prc`ditdme ldmomidog vugmcrobdgdty orc ‗gkw cormdmes/tktog osscts, gkw iosf lgkws

lrkn kpcrotdkms/iurrcmt gdobdgdtdcs, om` gkw stohcfkg`crs— cqudty/tktog gdobdgdtdcs„ (Ikr`cry, Ydn, &

Boshcrvdggc, 21?9, p. ?41).

Ycikm`, Fkèc & Qdiikgk (2113) usc` tfc rcskuric `cpcm`cmic tfckry tk stu`y MQKs— ekvcrmomic.

Pfds tfckry omogyscs fkw om kreomdzotdkm—s cxtcrmog rcskurics ollcit dts bcfovdkr. Pfc outfkrs lkum`

tfot tfc `dvcrsdldiotdkm kl rcvcmuc skurics (by kppksdtdkm tk tfc ikmicmtrotdkm kl rcvcmuc skurics) dsiruidog lkr om kreomdzotdkm—s vdobdgdty. Rceor`dme rcvcmuc ikmicmtrotdkm, Iorrkgg om` Ytotcr (2114)

ikmldrnc` tfot ‗o `dvcrsdldc` pkrtlkgdk kl rcvcmuc ds nkrc gdhcgy tk ydcg` kreomdzotdkmog stobdgdty„

(Ikr`cry & Boshcrvdggc, 21?1, p. <). Pfcy fovc sfkwm tfot tfc nkst stobgc MQKs ‗orc gorecr, fovc

ercotcr erkwtf pktcmtdog om` orc gkiotc` dm urbom orcos„ (Ikr`cry, Ydn, & Boshcrvdggc, 21?9, p. ?41).

Nkrckvcr, Hcotdme ct og. (2113) mktc` tfot kreomdzotdkms sfkug` ldrst edvc tfc prdkrdty tk iknncridog

rcvcmuc rotfcr tfom tk `kmotdkms, om` scikm` cmsurc tfc sulldidcmiy kl tfcsc `kmotdkms om`

cm`kwncmts. Pfcy sueecstc` om cxpom`c` nk`cg, wfdif pcrlkrns rcgotdvcgy bcttcr tk prc`dit

ldmomidog vugmcrobdgdty. Dt dmigu`cs twk nkrc vordobgcs dm kr`cr tk ‗rcprcscmt rcgdomic km iknncridog-

typc oitdvdtdcs tk ecmcrotc rcvcmucs om` cm`kwncmt sulldidcmiy„ (Pcvcg, Hotz, & Brkih, 21?0, p. 0).

Pk sunnordzc, kreomdzotdkms orc ldmomidoggy vugmcrobgc dl tfcy ̀ k mkt rcicdvc sulldidcmt rcvcmuc, nkrc

spcidldioggy, ‗dl dts iunugotdvc cormdmes kvcr lkur ycors wcrc mceotdvc„ (Ikr`cry, Ydn, & Boshcrvdggc,21?9, p. ?41). Ldmoggy, Pobgc 6 sfkws tfc cxpcitc` sdems om` sdemdldiomic kl tfc nk`cgs prcscmtc` dm

tfds gdtcroturc rcvdcw om` Pobgc 4 sfkws tfc cvkgutdkm kl tfc `cldmdtdkm kl ldmomidog vugmcrobdgdty.

Pobgc 6. Yunnory kl cstdnotc` sdems kl tfc ikclldidcmts dm o gkedstdi nk`cg om`

sdemdldiomic wfcm prc`ditdme ldmomidog vugmcrobdgdty

NcosurcCxpcitc`

sdem

Erccmgcc &

Prusscg (2111)

Foecr

(211?)

Prusscg

(2112)

Prusscg &

Erccmgcc

(2110)

Hcotdme ct

og. (2113)

Ydem Yde Ydem Yde Ydem Yde Ydem Yde Ydem Yde

C_SDPT ’ + ’ √ + √ ’ √ 1

IKMICM + + √ + √ + √ + +

O@NDM ’ ’ √ ’ √ Kndttc` ’ ’ √

NOREDM ’ ’ √ ’ √ ’ √ ’ √ ’ √

Gcecm`: √ ncoms sdemdldiomic, mk √ ncoms mk sdemdldiomic (ot > 1.13)

Ykuric: (Pfknos & Prollkr`, 21?9, p. <93)



?9

Pobgc 4. Yunnory kl ̀ cldmdtdkms lkr o ldmomidoggy vugmcrobgc MQK

QRKERON CVQCM@DPSRC NK@CG

Puihnom & Ifome (?44?)… tfc kmc tfot ds gdhcgy tk iut boih dts scrvdic kllcrdmes

dnnc`dotcgy wfcm dt cxpcrdcmics o ldmomidog sfkih.

Foecr (211?)

… tfc kmc tfot lodgs tk rcpkrt tk tfc D.R.Y. kvcr o pcrdk` kl

suiicc`dme ycors.

Erccmgcc & Prusscg (2111)… tfc kmc tfot fo` o `circosc dm dts prkeron cxpcm`dturcs kvcr

tfrcc ikmsciutdvc ycors.

MCP OYYCPY NK@CG

Prusscg ct og. (2112)… tfc kmc tfot o ̀ circosc dm dts mct osscts kvcr tfrcc ikmsciutdvc

ycors.

Prusscg (2112)… tfc kmc tfot fo` nkrc tfom o 21 pcricmt `circosc dm dts mct

osscts kvcr tfrcc ikmsciutdvc ycors.

Prusscg & Erccmgcc (2110)… tfc kmc tfot fo` nkrc tfom o 31 pcricmt `circosc dm dts mct

osscts kvcr tfrcc ikmsciutdvc ycors.

MCP CORMDMEY NK@CG

Edgbcrt ct og. (?441)… tfc kmc tfot fo` mceotdvc iunugotdvc cormdmes kvcr tfrcc

ikmsciutdvc ycors.

Ykuric: (Ikr`cry, Ydn, & Boshcrvdggc, 21?9, p. ?64)

Nctfk`s

Ydmic tfds stu`y odns ot `csirdbdme tfc ldmomidog strcmetf kl tfc Bcgedom fcogtfiorc mkmprkldt scitkr,

kur rcscorif qucstdkm ds stotc` os lkggkw: Ufot orc tfc vordobgcs ollcitdme tfc ldmomidog vugmcrobdgdty

kl tfc Bcgedom fcogtf iorc mkmprkldt kreomdzotdkms bctwccm 21?1 om` 21?9; Dm ikmscqucmic, wc

pcrlkrnc` o bdmkndmog gkedstdi rcercssdkm tk `ctcrndmc tfcsc vordobgcs. Uc ikmsd`crc` tfds typc kl

rcercssdkm os tfc nkst opprkprdotc tkkg lkr kur omogysds, ldrst, bciousc dt gco`s tk o bdmory vordobgc

(ldmomidoggy vugmcrobgc kr mkt) om`, scikm`, bciousc tfc dm`cpcm`cmt prc`ditkr vordobgcs orc

ikmtdmukus.

Dm kr`cr tk `csirdbc tfc ldmomidog vugmcrobdgdty kl tfds scitkr, wc mcc` o òtobosc tk stu`y dt. Ydmic

nkst kl tfc nk`cgs prcscmtc` dm kur gdtcroturc rcvdcw wcrc `csdemc` lkr tfc mkmprkldt scitkr wdtfdm

tfc Smdtc` Ytotcs, tfcsc nk`cgs usc` òto lrkn tfc DRY Ytotdstdis kl Dmiknc òtobosc. Dm kur iosc,

kur stu`y dmvcstdeotcs tfc mkmprkldt scitkr kl Bcgedun. Pfcrclkrc, wc rcgy km tfc Bcg-Ldrst?3 òtobosc

lrkn tfc Burcou vom @djh (Bcg-ldrst, 21?3), wfdif ds kmc kl tfc nkst iknprcfcmsdvc ovodgobgc

òtobosc os dt ikmtodms dmlkrnotdkm obkut ?.2 ndggdkm iknpomdcs dm Bcgedun (\gcrdih Gdbrory, 21?3).

Lurtfcrnkrc, tfds òtobosc ogsk rcgdcs km tfc MOIC-Bcg mkncmigoturc ncmtdkmc` dm kur dmtrkùitdkm.

Ikmscqucmtgy, wc budgt o sonpgc kl fcogtf iorc MQKs. Dm loit, wc rcstrodmc` tfc munbcr kl iknpomdcs

lrkn tfc òtobosc by scgcitdme ogg oitdvc kreomdzotdkms wdtf o gceog stotus rcikemdzc` os

‗Osskidotdkms„ wdtf tfc ik`cs 6<, 65, om` 66. Nkrc spcidldioggy, Oppcm`dx 9 prcscmts tfc cxfoustdvc

gdstdme kl ogg typcs kl oitdvdtdcs dmigu`c` dm tfcsc tfrcc fcogtf iorc MOIC-Bcg ik`cs. Dm loit, tfcsc

‗Osskidotdkms„ ikvcr ogg typcs kl dmstdtutdkms wdtf gceog pcrskmogdty os sfkwm dm Pobgc 2. Pfc tktog

munbcr kl mkmprkldt loggdme dmtk tfcsc tfrcc iotcekrdcs onkumts tk 51< MQKs. Fkwcvcr, ogtfkuef tfc

òtobosc ds brko`, ogg mcicssory dmlkrnotdkm wcrc mkt ogwoys ovodgobgc lkr ogg tfc stu`dc` ycors, tfot

ds, 21?1-21?9. Pfcrclkrc, ?? mkmprkldts fo` tfcm tk bc rcnkvc` lrkn tfc sonpgc sdmic tfcy fo` tkk

nomy ndssdme vogucs om` tfc prkeron ikug` mkt dnputc tfcn. Os o rcsugt, tfc munbcr kl

kbscrvotdkms lcgg tk cxoitgy <43 MQKs, os sfkwm dm Pobgc ?1.

?3 Bcgedun ’ Ldmomidog Rcpkrts om` Ytotdstdis km Bcgedom om` Guxcnbkure Iknpomdcs



?0

Pobgc ?1. Iknpksdtdkm kl sonpgc

Pktog munbcr kl ‗Osskidotdkms„ dm tfc òtobosc ?.530.<?0

Ycgcitc` munbcr kl ‗Osskidotdkms„ dm tfc sonpgc

6< ’ Funom fcogtf oitdvdtdcs

65 ’ Rcsd`cmtdog iorc oitdvdtdcs 66 ’ Ykidog wkrh oitdvdtdcs wdtfkut oiiknnkòtdkm

?11

01121<

Gcss munbcr kl ‗Osskidotdkms„ wdtfkut òto lkr ogg stu`dc` ycors ??

Pktog munbcr kl ‗Osskidotdkms„ <43

Ykuric: (Bcg-ldrst, 21?3)

Uc oòptc` tfc nctfk`kgkey kl Prusscg ct og. (2112) tk kur stu`y. Uc usc` o ̀ cldmdtdkm kl o ldmomidoggy

vugmcrobgc MQK os tfc kmc sfkwdme o mceotdvc pcricmtoec ifomec dm mct osscts. Pfcrclkrc, coif

fcogtf iorc MQK ds igossdldc` os ‗ldmomidoggy vugmcrobgc kr mkt„ (Ikr`cry, Ydn, & Boshcrvdggc, 21?9, p.

?4?). Pfc `cpcm`cmt vordobgc kl tfc bdmkndmog gkedstdi rcercssdkm ds ldmomidog vugmcrobdgdty, wdtf twk

iotcekrdcs: dt ds mkt ldmomidoggy vugmcrobgc (1) om` dt ds ldmomidoggy vugmcrobgc (?) os sfkwm dm Pobgc

??. Pfc dm`cpcm`cmt vordobgcs orc tfc prc`ditkrs os `cldmc` dm Pobgc < : NOREDM, C_SDPT, IKMICM,

YDZC, YCIPKR65 (o bdmkndog vordobgc wdtf vogucs kl ? dl tfc scitkr dl 65, om` 1 ktfcrwdsc), om`

YCIPKR66 (o bdmkndog vordobgc wdtf vogucs kl ? dl tfc scitkr ds 66, om` 1 ktfcrwdsc).

Pobgc ??. Ldmomidog \ugmcrobdgdty Cquotdkms

Ldmomidoggy \ugmcrobgc Mkt Ldmomidoggy \ugmcrobgc

0 ? ? = 1 0 ?

? 7 1

Os sfkwm dm Pobgc ?2, wc stotc lkur fypktfcsds. Pfc ldrst fypktfcsds ds cxpcitc` tk kiiur bosc` kmPrusscg & Erccmgcc (2111). Dm loit, om MQK wdtf rcgotdvcgy gkw noredms ds nkrc gdhcgy tk bc ldmomidoggy

vugmcrobgc iknporc` tk om MQK wdtf rcgotdvcgy fdefcr noredms. Km tfc kmc fom`, fdef noredms gco`

tfc MQK tk obgc tk kpcrotc wdtfkut rcùidme dts prkeron scrvdics. Km tfc ktfcr fom`, dl noredms orc

gkw, wc cxpcit tfc Bcgedom fcogtf iorc MQKs tk rcùic tfcdr prkeron kllcrdmes. Ikmscqucmtgy, tfc

MQK ds gdhcgy tk bc igossdldc` os ldmomidoggy vugmcrobgc. Pfcrclkrc, wc cxpcit tfc dm`cpcm`cmt vordobgc

NOREDM tk fovc o mceotdvc dmlgucmic km tfc ldmomidog vugmcrobdgdty kl MQKs.

Pfc scikm` fypktfcsds ds cxpcitc` tk kiiur bosc` km Prusscg (2112). Dm loit, om MQK wdtf rcgotdvcgy

nkrc `cbt ds nkrc gdhcgy tk bc ldmomidoggy vugmcrobgc iknporc` tk om MQK wdtf rcgotdvcgy gcss `cbt.

Km tfc kmc fom`, rcgotdvcgy gkw onkumts kl `cbt gco` tfc MQK tk bc obgc tk ldmomic dts prkeron

scrvdics. Km tfc ktfcr fom`, dl tfc rotdk kl gdobdgdtdcs kvcr osscts ds fdef, wc cxpcit tfc Bcgedom fcogtf

iorc MQKs tk mkt bc obgc tk ldmomic tfcdr prkeron scrvdics. Ikmscqucmtgy, tfc MQK ds gdhcgy tk bcigossdldc` os ldmomidoggy vugmcrobgc. Pfcrclkrc, wc cxpcit tfc dm`cpcm`cmt vordobgc C_SDPT tk fovc o

sdemdldiomt pksdtdvc dmlgucmic km tfc ldmomidog vugmcrobdgdty kl MQKs.

Pfc tfdr` fypktfcsds ds cxpcitc` tk kiiur bosc` km Ikr`cry & Boshcrvdggc (21?1) om` Pfknos &

Prolkr` (21?9). Dm loit, om MQK wdtf rcgotdvcgy `dvcrsc skurics kl rcvcmucs ds gcss gdhcgy tk bc

ldmomidoggy vugmcrobgc iknporc` tk om MQK wdtf rcgotdvcgy morrkw skurics kl rcvcmucs. Km tfc kmc

fom`, dl tfc pkrtlkgdk kl lum`dme ds `dvcrsc, dt wdgg gco` tk tfc stobdgdty kl tfc MQK. Km tfc ktfcr fom`,

dl tfc ikmicmtrotdkm rotdk ds fdef, wc cxpcit tfc Bcgedom fcogtf iorc MQKs tk mkt bc obgc tk cosdgy ldm`

ogtcrmotdvc skurics kl ldmomic dl kmc kl dts `kmkrs icosc tk lum` dt. Ikmscqucmtgy, tfc MQK ds gdhcgy tk

bc igossdldc` os ldmomidoggy vugmcrobgc. Pfcrclkrc, wc cxpcit tfc dm`cpcm`cmt vordobgc IKMICM tk

fovc o sdemdldiomt pksdtdvc dmlgucmic km tfc ldmomidog vugmcrobdgdty kl MQKs.



?3

Pfc lkurtf fypktfcsds ds cxpcitc` tk kiiur bosc` km Prusscg ct og. (2112). Dm loit, o rcgotdvcgy bdeecr

MQK ds gcss gdhcgy tk bc ldmomidoggy vugmcrobgc iknporc` tk o rcgotdvcgy snoggcr MQK. Km tfc kmc fom`,

dl tfc sdzc kl tfc kreomdzotdkm ds gorec, dt wdgg gco` tk tfc MQK tk kvcriknc nkrc cosdgy omy ldmomidog

`dstrcss. Km tfc ktfcr fom`, dl tfc sdzc ds snoggcr, wc cxpcit tfc Bcgedom fcogtf iorc MQKs tk mkt

cosdgy kvcriknc omy ldmomidog `dstrcss. Ikmscqucmtgy, tfc MQK ds gdhcgy tk bc igossdldc` os ldmomidoggy

vugmcrobgc. Pfcrclkrc, wc cxpcit tfc dm`cpcm`cmt vordobgc YDZC tk fovc o sdemdldiomt mceotdvc

dmlgucmic km tfc ldmomidog vugmcrobdgdty kl MQKs.

Pfc ldltf fypktfcsds ds cxpcitc` tk kiiur. Dm loit, wc `ciknpksc` tfc vordobgc YCIPKR by ircotdme

tfc ùnny vordobgcs YCIPKR65 om` YCIPKR66, wdtf tfc scitkr 6< os rclcrcmic. Dm loit, tfcsc

ùnny vordobgcs dm`diotc om cxpcitc` sfdlt dm tfc `cpcm`cmt vordobgc ùc tk tfc dmlgucmic kl

iotcekrdcs, d.c. ùc tk tfc bcgkmedme kl tfc MQK tk spcidldi subscitkrs kl oitdvdtdcs dm tfc fcogtf iorc

mkncmigoturc. Pfcrclkrc, wc cxpcit tfc dm`cpcm`cmt vordobgc YCIPKR tk fovc o sdemdldiomt dmlgucmic

km tfc ldmomidog vugmcrobdgdty kl MQKs.

Pobgc ?2. Ldmomidog \ugmcrobdgdty Fypktfcsds

F? Pfc surpgus noredm fos o sdemdldiomt mceotdvc dmlgucmic km ldmomidog vugmcrobdgdty.

F2 Pfc cqudty fos o sdemdldiomt pksdtdvc dmlgucmic km ldmomidog vugmcrobdgdty.

F9 Pfc rcvcmuc ikmicmtrotdkm dm`cx fos o sdemdldiomt pksdtdvc dmlgucmic km ldmomidog vugmcrobdgdty.

F0 Pfc kreomdzotdkm sdzc fos o sdemdldiomt mceotdvc dmlgucmic km ldmomidog vugmcrobdgdty.

F3 Pfc scitkr fos o sdemdldiomt dmlgucmic km ldmomidog vugmcrobdgdty.

Uc pcrlkrnc` twk prcgdndmory oitdkms km tfds sonpgc. Ldrst, wc dnputc` tfc ndssdme vogucs dm tfc

òto sct, wfdif ds o ‗proitdic kl 'ldggdme dm' ndssdme ̀ oto wdtf pgousdbgc vogucs„ (QcmmYtotc @cportncmtkl Ytotdstdis, 21?3). Dm kur iosc, wc pcrlkrnc` tfds proitdic vdo tfc cstdnotdkm kl o rcercssdkm nk`cg

tfot ds prc`ditdme vogucs bosc` km ktfcr vordobgcs. Dt oituoggy usc tfc vordobgcs tfot wc ogrco`y fovc

dm kr`cr tk substdtutc tfc prc`ditc` voguc tk bc om oituog òto. Dm loit, tfds ds tfc bcst tcifmdquc lkr

tfc onkumt (obkut ?3%) kl ndssdme òto tfot wc fovc, om` tfcdr typc (ndssdme mkt-ot-rom`kn).

Ycikm`, wc oeerceotc` tfc dm`cpcm`cmt vordobgcs NOREDM, C_SDPT, IKMICM om` YDZC lkr tfc pcrdk`

21?1-21?9 by ovcroedme tfcn, dm kr`cr tk usc tfc rcsugtdme vordobgcs os prc`ditkrs (Erccmgcc &

Prusscg, 2111, p. 08 Ikr`cry & Boshcrvdggc, 21?1, p. 48 Pcvcg, Hotz, & Brkih, 21?0, p. 68 Foecr, 211?,

pp. 961, 960).

Nkrckvcr, wc ifcihc` twk ossunptdkms. Ldrst, wc ossunc` tfot tfcrc ds mk sdemdldiomt

nugtdikggdmcordty?< (d.c. tfc dm`cpcm`cmt vordobgcs orc mkt strkmegy ikrrcgotc` wdtf kmc omktfcr). Pk

vcrdly tfds ossunptdkm, wc rum o gdmcor rcercssdkm omogysds wdtf tfc sonc vordobgcs os lkr tfcbdmkndmog gkedstdi rcercssdkm. Os sfkwm dm Pobgc ?9, tfc nugtdikggdmcordty ds mkt o tfrcot tk kur nk`cg

um`cr tfc lkggkwdme ikm`dtdkm: lkr ogg tfc vordobgcs, tfc vordomic dmlgotdkm loitkr?5 nust bc gkwcr tfom

9. Dm`cc`, dt ds cllcitdvcgy tfc iosc. Dm ikmscqucmic, tfcrc ds mk sdemdldiomt nugtdikggdmcordty dm kur

nk`cg. Pfcrclkrc, tfc ldrst ossunptdkm ds vcrdldc`. Ycikm`, wc ossunc` tfot tfcrc orc mk dnpkrtomt

kutgdcrs dm tfc òto scrdcs. Os sfkwm dm Pobgc ?0, tfc mktc o stotcs tfcrc orc mk kutgdcrs dm tfc òto

sct. Pfcrclkrc, tfc scikm` ossunptdkm ds vcrdldc` os wcgg.

?< Dl wc fovc dnpkrtomt nugtdikggdmcordty dm kur nk`cg, tfc vordomics kl tfc ikclldidcmts dmircosc vcry nuif, nohdme tfksc

ikclldidcmts umstobgc om` umrcgdobgc om` rcùics tfc prc`ditdkm pkwcr kl tfc nk`cg. Pfc \DLs sfkw us wfctfcr tfc ikclldidcmts—

vordomics orc dmlgotc` ̀ uc tk fdef nugtdikggdmcordty. Pfc gkwcr tfds dm`diotkr tfc bcttcr. O voguc kl ? ncoms tfot tfc ikrrcspkm`dme

prc`ditkr ds mkt ot ogg ikrrcgotc` wdtf tfc ktfcrs (tfot ds o rotfcr tfckrctdiog sdtuotdkm). O voguc bctwccm ? om` 3 sfkws o gkw

ikrrcgotdkm. O voguc bctwccm 3 om` ?1 sfkws o nk`crotc ikrrcgotdkm. O voguc kvcr ?1 dm`diotcs o strkme ikrrcgotdkm.?5 Obbrcvdotc` os \DL (\DLs lkr tfc pgurog).



?<

Pobgc ?9. Ikggdmcordty Ytotdstdis Pobgc ?0. Kutgdcrs tobgc

Pobgc ?3 sfkws o sunnory stotdstdis wdtf tfc rcgcvomt dmlkrnotdkm rctrdcvc` lrkn tfc òtosct. Os

cxpcitc`, wc kbtodmc` `dllcrcmics bctwccm tfc 220 ldmomidoggy vugmcrobgc MQKs om` tfc 05? mkt

ldmomidoggy vugmcrobgc MQKs. Ldrst, ncom NOREDM ds gkwcr lkr L\ MQKs, wfdif dnpgdcs tfot ldmomidoggy

vugmcrobgc MQKs fovc o gkwcr surpgus noredm (-1.25%) tfom tfksc tfot orc mkt ldmomidoggy vugmcrobgc(?.5%). Ycikm`, ncom C_SDPT ds gkwcr lkr mkt ldmomidoggy vugmcrobgc MQKs, wfdif dnpgdcs tfot

ldmomidoggy vugmcrobgc MQKs fovc nkrc `cbt (03.33%) tfom tfksc tfot orc mkt ldmomidoggy vugmcrobgc

(0?.9%). Pfdr`, ncom IKMICM ds gkwcr lkr ldmomidoggy vugmcrobgc MQKs, wfdif dnpgdcs tfot ldmomidoggy

vugmcrobgc MQKs fovc gkwcr ikmicmtrotdkm kl rcvcmucs (59%) tfom mkt ldmomidoggy vugmcrobgc

(50.4%). Lkurtf, ncom YDZC ds fdefcr lkr mkt ldmomidoggy vugmcrobgc MQKs, wfdif dnpgdcs tfot

ldmomidoggy vugmcrobgc MQKs orc snoggcr dm ovcroec (?3.269) tfom tfksc tfot orc mkt ldmomidoggy

vugmcrobgc (?3.<04). Lurtfcrnkrc, Oppcm`dxcs 0, 3, om` < sfkw tfcsc stotdstdis pcr scitkr kl oitdvdty,

d.c. scitkrs 6<, 65 om` 66.

Pobgc ?3. Yunnory Ytotdstdis ’ Ldmomidoggy \ugmcrobgc om` Mkt Ldmomidoggy \ugmcrobgc

Ytotus Munbcr \ordobgc Ncom Ytomòr` @cvdotdkm

L\ 220

NOREDMC_SDPT

IKMICM

YDZC

-1.1251.033

1.591

?3.269*

1.3191.250

1.?36

?.054

ML\ 05?

NOREDM

C_SDPT

IKMICM

YDZC

1.1?5

1.0?9

1.504

?3.<04*

1.142

1.235

1.?32

?.<06

* Pfc `dllcrcmic bctwccm L\ om` ML\ ncom vogucs ds sdemdldiomt ot > 1.13, by usdme t-stotdstdi tcst.

Dm o``dtdkm, Pobgc ?< prkvd`cs ̀ csirdptdvc stotdstdis, moncgy t-stotdstdi om` Qcorskm ikrrcgotdkms. Ldrst,

tfc kmc-sonpgc kr umdvordotc t tcst iknporcs tfc ncom kl o sonpgc wdtf o edvcm voguc, kltcm zcrk

(D@RC, 21?3). Ycikm`, kmgy twk Qcorskm ikrrcgotdkm ikclldidcmts orc stotdstdioggy sdemdldiomt lrkn tfds

notrdx. Km tfc kmc fom`, tfc ikrrcgotdkm bctwccm NOREDM om` YDZC ds -1.?53 om` dt ds stotdstdioggy

sdemdldiomt. Km tfc ktfcr fom`, tfc ikrrcgotdkm bctwccm IKMICM om` YDZC ds -1.?14 om` dt ds

stotdstdioggy sdemdldiomt os wcgg.

Pobgc ?<. @csirdptdvc Ytotdstdis lkr tfc Dm`cpcm`cmt \ordobgcs

NOREDM C_SDPT IKMICM YDZC

Smdvordotc tcst

t-stotdstdi -.692 20.6<0* <4.?29* ?30.544*

Qcorskm ikrrcgotdkms

C_SDPT

IKMICMYDZC

-.1??

-.10?-.?53*

.14<

-.161 -.?14*

* Ydemdldiomic ot > 1.1? (twk-todgc`).



?5

Rcsugts

Bclkrc dmtcrprctdme tfc bdmkndmog gkedstdi rcercssdkm, o twk-lkg` omogysds kl tfc dm`cpcm`cmt vordobgcs

ds mcicssory. Ldrst, YQYY ecmcrotcs tfc knmdbus tcsts kl nk`cg ikclldidcmts, omogyzdme wfctfcr tfc

dm`cpcm`cmt vordobgcs orc ekk` prc`ditkrs, kvcrogg, lkr tfc kutiknc vordobgc kl ldmomidog vugmcrobdgdty.

Dm kur iosc, os sfkwm dm Pobgc ?5, tfc ifd-squorc tcst voguc wdtf < `cerccs kl lrcc`kn ds ?4.202,p>1.110. Os wc o``c` ogg cxpgomotkry vordobgcs dm kmc bgkih, tfcrc ds kmgy kmc-stcp om` ogg tfrcc

vogucs orc tfc sonc. Ydmic tfc sdemdldiomic voguc (kr p voguc) ds gkwcr tfom 1.13, kur dm`cpcm`cmt

vordobgcs sotdsloitkrdgy cxpgodm tfc `cpcm`cmt vordobgc. Ycikm`, YQYY ecmcrotcs tfc Fksncr-

Gcncsfkw tcst, omogyzdme fkw bo` tfc dm`cpcm`cmt vordobgcs prc`dit tfc `cpcm`cmt vordobgc. Lkr

kur nk`cg tk bc vogd`, tfds tcst sfkug` mkt bc sdemdldiomt. Dm kur iosc, os sfkwm dm Pobgc ?6, tfc

`cpcm`cmt vordobgcs o`cquotcgy prc`dit tfc kutiknc vordobgc sdmic p>1.1<5 = 1.13.

Yubscqucmtgy, YQYY ecmcrotcs tfc pscu`k-R² vogucs wdtf bktf tfc Ikx-Ymcgg om` Moecghcrhc

dm`diotkrs, tcggdme us wfot pcricmtoec kl tfc vordotdkm dm tfc `cpcm`cmt vordobgc ds cxpgodmc` by tfc

dm`cpcm`cmt vordobgcs. Km tfc kmc fom`, tfc Ikx-Ymcgg stotdstdis iom tohc omy voguc bctwccm 1

dmigusdvc om` ? cxigusdvc. Km tfc ktfcr fom`, tfc Moecghcrhc dm`diotkr ds o ikrrcitc` Ikx-Ymcgg

dm`diotkr, mkrnogdzc` sk tfot dt iom tohc tfc voguc ?. Lkr tfds rcoskm, tfds gost dm`diotkr ds kltcm tfckmgy kmc tk bc rcpkrtc` om` dmtcrprctc`. Dm kur iosc, os sfkwm dm Pobgc ?4, tfc dm`cpcm`cmt vordobgcs

cxpgodm obkut 9.6% kl tfc vordotdkm dm tfc kutiknc vordobgc, os osscssc` by tfc Moecghcrhc stotdstdis.

Pobgc ?5. Knmdbus Pcsts kl Nk`cg Ikclldidcmts Pobgc ?6. Fksncr-Gcncsfkw Pcst

Pobgc ?4. Ekk`-kl-ldt dm`diotkrs

Udtf rceor` tk tfcsc prcgdndmory omogyscs, tfc bdmkndog gkedstdi rcercssdkm ecmcrotcs tfc ikclldidcmts

tobgc os sfkwm dm Pobgc 21. Dt prcscmts ‗tfc kutput rcsugtdme lrkn dmigu`dme ogg kl tfc iom`dòtc

prc`ditkr vordobgcs dm tfc cquotdkm„ (Ytot Putkrdogs, 21?3) tk sfkw tfc dm`dvdùog dnpoit kl coifprc`ditkr km tfc ldmomidog vugmcrobdgdty kl MQKs. Oituoggy, wc wdgg rcpkrt tfrcc cgcncmts lkr coif

vordobgc. Ldrst, wc ̀ csirdbc tfc rcercssdkm ikclldidcmt B?6 usc` tk ̀ ctcrndmc wfdif kl tfc dm`cpcm`cmt

vordobgcs fovc tfc bdeecst cllcit km tfc `cpcm`cmt vordobgc. Ycikm`, wc `csirdbc tfc rcsugts kl tfc

Uog` tcst?4 usc` tk hmkw wfctfcr tfc ikclldidcmt ds stotdstdioggy sdemdldiomt21, d.c. wfctfcr tfc

ikrrcspkm`dme vordobgc fos o ekk` prc`ditdme pkwcr. Pfdr`, wc `csirdbc tfc omtdgkeordtfn2? kl tfc

ikclldidcmt Cxp(B) usc` tk hmkw tfc ifomic tfot om MQK ds ldmomidoggy vugmcrobgc, `cpcm`dme km tfc

ikrrcspkm`dme prc`ditkr. Kur rcsugts orc prcscmtc` dm twk ports. Uc wdgg prcscmt ldrst tfc ikclldidcmts

lkr tfc ikmtdmukus prc`ditkrs (NOREDM, C_SDPT, IKMICM, om` YDZC), om` scikm` tfc ikclldidcmts lkr

tfc iotcekrdiog prc`ditkrs (YCIPKR65 om` YCIPKR66).

?6 Pfc rcercssdkm ikclldidcmt B ‗rcprcscmts tfc rcgotdkmsfdp bctwccm o edvcm cxpgomotkry vordobgc om` tfc kutiknc vordobgc. Dt ds

prcidscgy fkw nuif tfc kutiknc vordobgc ifomecs oltcr o ifomec kl kmc umdt dm tfc cxpgomotkry vordobgc„ (RcYtkrc, 21?3).?4 Pfc Uog` tcst ‗ds o woy kl tcstdme tfc sdemdldiomic kl portdiugor cxpgomotkry vordobgcs dm o stotdstdiog nk`cg„ (Irdiftkm, 211?).21 Lkr tfc stotdstdioggy sdemdldiomt ikclldidcmts, wc orc ekdme tk rcpkrt tfc 43% ikmld`cmic dmtcrvog.2? Dl x ds tfc gkeordtfn kl y, tfcm y ds tfc omtdgkeordtfn kl x.



?6

Pobgc 21. \ordobgcs dm tfc Cquotdkm

?.

Ikmtdmukus Qrc`ditkrs Omogysds

Rceor`dme tfc ikmtdmukus prc`ditkrs, tfc lkur rotdks sfkw tfc lkggkwdme rcsugts. Ldrst, tfc rcercssdkmikclldidcmt lkr NOREDM ds -1.45?, om` dt ds mkt stotdstdioggy sdemdldiomt os osscssc` by tfc Uog` tcst

(p>1.231 = 1.13). Pfc omtdgkeordtfn kl tfc rcercssdkm ikclldidcmt ds 1.954. Dm ikmscqucmic, tfc

fypktfcsds F? ds mkt vcrdldc`. Ycikm`, tfc rcercssdkm ikclldidcmt lkr C_SDPT ds 1.336, om` dt ds mcorgy

sdemdldiomt os osscssc` by tfc Uog` tcst (p>1.155 7 1.?1). Pfc omtdgkeordtfn kl tfc rcercssdkm

ikclldidcmt ds ?.506. Dm ikmscqucmic, tfc fypktfcsds F2 ds portdoggy vcrdldc`. Pfdr`, tfc rcercssdkm

ikclldidcmt lkr IKMICM ds -?.269, om` dt ds stotdstdioggy sdemdldiomt os osscssc` by tfc Uog` tcst

(p>1.120 7 1.13). Pfc omtdgkeordtfn kl tfc rcercssdkm ikclldidcmt ds 1.255. Dm ikmscqucmic, tfc

fypktfcsds F9 ds vcrdldc`. Lkurtf, tfc rcercssdkm ikclldidcmt lkr YDZC ds -1.?<1, om` dt ds stotdstdioggy

sdemdldiomt os osscssc` by tfc Uog` tcst (p>1.115 7 1.13). Pfc omtdgkeordtfn kl tfc rcercssdkm

ikclldidcmt ds 1.632. Dm ikmscqucmic, tfc fypktfcsds F0 ds vcrdldc`.

Pfcrclkrc, tfc vordobgcs wdtf tfc strkmecst dmlgucmic km ldmomidog vugmcrobdgdty orc YDZC, IKMICM,om` C_SDPT. NOREDM ̀ kcs mkt sccn tk fovc o sdemdldiomt dmlgucmic. Bosc` km tfc omtdgkeordtfns, wc

iom `ctcrndmc tfc ifomic (k``s) kl ecttdme ldmomidoggy vugmcrobgc om` iknputc tfc prkbobdgdty tk bc

ldmomidoggy vugmcrobgc. Pfc lkrnugo lkr tfc prkbobdgdty ds > +, wfcrc ‗k„ orc tfc k``s. Pfc rclcrcmic

vogucs lkr tfc ikmtdmukus prc`ditkrs orc ikmsd`crc` tfc gkwcr vogucs: MQKs wdtf fdefcr vogucs orc

iknporc` wdtf tfksc wdtf gkwcr vogucs dm tcrns kl k``s tk bciknc ldmomidoggy vugmcrobgc. Pobgc 2?

prcscmts, lkr coif ikmtdmukus prc`ditkr, tfc k``s kl bcikndme ldmomidoggy vugmcrobgc os wcgg os tfc

prkbobdgdtdcs tk bc om` tk mkt bc ldmomidoggy vugmcrobgc, lkr tfc ioscs wdtf fdef vogucs kl tfc prc`ditkrs.

Lkr tfc ioscs wdtf tfc gkw vogucs, tfc prkbobdgdtdcs wdgg bc rcvcrsc`.

Pobgc 2?. K``s kl ldmomidog vugmcrobdgdty lkr ikmtdmukus prc`ditkrs

\ordobgcK``s Cxp(B) kl bcikndme

ldmomidoggy vugmcrobgc

Qrkbobdgdty kl bcdme


Qrkbobdgdty kl mkt bcdme


NOREDM 1.954 1.253 1.523

C_SDPT ?.506 1.<9< 1.9<0

IKMICM 1.255 1.2?5 1.569

YDZC 1.632 1.0<1 1.301

Lkur ikmscqucmics orc rctrdcvc` lrkn tfds omogysds. Ldrst, tfc k``s tfot om MQK wdtf bde surpgus

noredm ds ldmomidoggy vugmcrobgc orc obkut <2% (?-1.954) gkwcr tfom tfc sonc k``s lkr om MQK wdtf

snogg surpgus noredm ’ kr 2.< tdncs gkwcr (?/1.954). Pfus, tfc prkbobdgdty tfot om MQK wdtf bde

surpgus noredm ds ldmomidoggy vugmcrobgc ds 25.3%, om` tfc prkbobdgdty tfot om MQK wdtf bde surpgus

noredm ds mkt ldmomidoggy vugmcrobgc ds 52.3%. Lkr om MQK wdtf snogg surpgus noredm, tfcsc

prkbobdgdtdcs orc rcvcrsc`.



?4

Ycikm`, tfc k``s tfot om MQK wdtf fdef cqudty ds ldmomidoggy vugmcrobgc orc obkut 53% (?-?.506)

fdefcr tfom tfc sonc k``s lkr om MQK wdtf gkw cqudty ’ kr ?.5 tdncs fdefcr. Pfus, tfc prkbobdgdty

tfot om MQK wdtf fdef cqudty ds ldmomidoggy vugmcrobgc ds <9.<%, om` tfc prkbobdgdty tfot om MQK wdtf

fdef cqudty ds mkt ldmomidoggy vugmcrobgc ds 9<.0%. Lkr om MQK wdtf gkw cqudty, tfcsc prkbobdgdtdcs orc

rcvcrsc`.

Pfdr`, tfc k``s tfot om MQK wdtf fdef rcvcmuc ikmicmtrotdkm dm`cx ds ldmomidoggy vugmcrobgc orc obkut

52% (?-1.255) gkwcr tfom tfc sonc k``s lkr om MQK wdtf gkw rcvcmuc ikmicmtrotdkm dm`cx ’ kr 9.<

tdncs gkwcr (?/1.255). Pfus, tfc prkbobdgdty tfot om MQK wdtf fdef rcvcmuc ikmicmtrotdkm dm`cx ds

ldmomidoggy vugmcrobgc ds 2?.5%, om` tfc prkbobdgdty tfot om MQK wdtf fdef rcvcmuc ikmicmtrotdkm

dm`cx ds mkt ldmomidoggy vugmcrobgc ds 56.9%. Lkr om MQK wdtf gkw rcvcmuc ikmicmtrotdkm dm`cx, tfcsc

prkbobdgdtdcs orc rcvcrsc`.

Lkurtf, tfc k``s tfot om MQK wdtf bde sdzc ds ldmomidoggy vugmcrobgc orc obkut ?3% (?-1.632) gkwcr

tfom tfc k``s lkr om MQK wdtf snogg sdzc ’ kr ?.2 tdncs gkwcr (?/1.632). Pfcrclkrc, tfc ifomic kl

ldmomidog vugmcrobdgdty `circoscs by ?3% wfcm tfc MQK sdzc dmircoscs. Pfus, tfc prkbobdgdty tfot om

MQK wdtf bde sdzc ds ldmomidoggy vugmcrobgc ds 0<%, om` tfc prkbobdgdty tfot om MQK wdtf bde sdzc ds

mkt ldmomidoggy vugmcrobgc ds 30%. Lkr om MQK wdtf snogg sdzc, tfcsc prkbobdgdtdcs orc rcvcrsc`.

2. Iotcekrdiog Qrc`ditkrs Omogysds

Rceor`dme tfc iotcekrdiog prc`ditkrs, tfc ikclldidcmts orc kmgy prkvd`c` lkr tfc iotcekry ? lkr bktf

vordobgcs YCIPKR65 om` YCIPKR66. Os o rcndm`cr, tfcsc vordobgcs tohc tfc voguc ? dl tfc MQK

bcgkmes rcspcitdvcgy tfc scitkr 65 kr tfc scitkr 66, om` 1 ktfcrwdsc. Pfcrclkrc, lkr tfc rclcrcmic

iotcekry 1, tfc ikclldidcmts orc cosy tk iknputc, edvcm tfot tfc sun kl tfc ikclldidcmts lkr coif

iotcekrdiog vordobgc ds cquog tk zcrk.

Yubscqucmtgy, tfc twk ùnny vordobgcs YCIPKR65 om` YCIPKR66 sfkw tfc lkggkwdme rcsugts. Ldrst,

tfc rcercssdkm ikclldidcmt lkr YCIPKR65 (iotcekry ?) ds -1.?43, om` dt ds mkt stotdstdioggy sdemdldiomt

os osscssc` by tfc Uog` tcst (p>1.006 = 1.13). Pfc omtdgkeordtfn kl tfc rcercssdkm ikclldidcmt ds1.622. Dm ikmscqucmic, tfc fypktfcsds F3 ds mkt vcrdldc`. Ycikm`, tfc rcercssdkm ikclldidcmt lkr

YCIPKR66 (iotcekry ?) ds -1.935, om` dt ds mkt stotdstdioggy sdemdldiomt os osscssc` by tfc Uog` tcst

(p>1.29? = 1.13). Pfc omtdgkeordtfn kl tfc rcercssdkm ikclldidcmt ds 1.511. Dm ikmscqucmic, tfc

fypktfcsds F3 ds mkt vcrdldc` os oeodm.

Pfcrclkrc, tfc ùnny vordobgcs YCIPKR65 om` YCIPKR66 `k mkt sccn tk fovc o substomtdog

dmlgucmic km ldmomidog vugmcrobdgdty. Pobgc 22 prcscmts, lkr coif iotcekrdiog prc`ditkr, tfc k``s kl

bcdme ldmomidoggy vugmcrobgc os wcgg os tfc prkbobdgdtdcs tk bc om` mkt tk bc ldmomidoggy vugmcrobgc, lkr

tfc iotcekry ?. Lkr tfc rclcrcmic iotcekry 1, tfcsc prkbobdgdtdcs wdgg bc rcvcrsc`.

Pobgc 22. K``s kl ldmomidog vugmcrobdgdty lkr iotcekrdiog prc`ditkrs

\ordobgc K``s kl bcikndme ldmomidoggyvugmcrobgc Cxp(B)

Qrkbobdgdty kl bcdme ldmomidoggy vugmcrobgc

Qrkbobdgdty kl mkt bcdme ldmomidoggy vugmcrobgc

YCIPKR 65 1.622 1.03? 1.304

YCIPKR 66 1.511 1.0?2 1.366

Pwk ikmscqucmics orc rctrdcvc` lrkn tfds omogysds. Ldrst, tfc k``s tfot om MQK bcgkmedme tk scitkr

65 ds ldmomidoggy vugmcrobgc orc obkut ?6% gkwcr tfom tfc sonc k``s lkr om MQK bcgkmedme tk scitkr

6< (rclcrcmic) (?-1.622) ’ kr ?.2 tdncs gkwcr (?/1.622). Pfus, tfc prkbobdgdty tfot om MQK bcgkmedme

tk scitkr 65 ds ldmomidoggy vugmcrobgc ds 03.?%, om` tfc prkbobdgdty tfot om MQK wdtf bde surpgus

noredm ds mkt ldmomidoggy vugmcrobgc ds 30.4%. Ycikm`, tfc k``s tfot om MQK bcgkmedme tk scitkr 66

ds ldmomidoggy vugmcrobgc orc obkut 91% gkwcr tfom tfc sonc k``s lkr om MQK bcgkmedme tk scitkr 6<

(rclcrcmic) (?-1.511) ’ kr ?.0 tdncs gkwcr (?/1.511). Pfus, tfc prkbobdgdty tfot om MQK bcgkmedme tk

scitkr 66 ds ldmomidoggy vugmcrobgc ds 0?.2%, om` tfc prkbobdgdty tfot om MQK bcgkmedme tk scitkr 66

ds mkt ldmomidoggy vugmcrobgc ds 36.6%.



21

Kut kl tfc MQKY tfot orc mkt ldmomidoggy vugmcrobgc, 46.?% wcrc ikrrcitgy igossdldc`, wfdgc kut kl

tfksc tfot orc ldmomidoggy vugmcrobgc, 0% wcrc ikrrcitgy igossdldc`. Kvcrogg, <5.6% kl tfc MQKs wcrc

ikrrcitgy igossdldc` (05? kut kl <43) os sfkwm dm Pobgc 29.

Pobgc 29. Igossdldiotdkm tobgc

@dsiussdkmsUdtf rceor` tk tfcsc rcsugts, wc wdgg ̀ dsiuss ldvc cgcncmts. Uc wdgg ldrstgy ̀ dsiuss wfctfcr kur rcsugts

`cnkmstrotc kur fypktfcscs. Uc wdgg scikm`gy cxpgodm fkw kur rcsugts edvc om omswcr tk kur rcscorif

qucstdkm. Uc wdgg tfdr`gy ̀ cvcgkp sknc oreuncmts tk ikmvdmic tfc rco`cr tfot kur stu`y fos ifomec`

tfc ldcg`—s hmkwgcèc. Uc wdgg lkurtfgy `cog wdtf tfc dmtcrmotdkmog iknpkmcmt kl kur stu`y. Uc wdgg

ldmoggy rodsc sknc rciknncmòtdkms lkr lurtfcr stu`dcs.

Ldrst, kur stu`y sfkw `dvcrsc rcsugts rceor`dme tfc fypktfcsds. Pfc ldrst fypktfcsds stotdme o

sdemdldiomt dmlgucmic kl surpgus noredm km ldmomidog vugmcrobdgdty ds mkt vcrdldc`. Pfds ldm`dme ikmtro`dits

bktf Prusscg om` Erccmgcc (211?) om` Prusscg (2112) ikmigu`dme tfot NOREDM sdemdldiomtgy dmlgucmic

ldmomidog vugmcrobdgdty. Pfc scikm` fypktfcsds stotdme o sdemdldiomt dmlgucmic kl cqudty km ldmomidog

vugmcrobdgdty ds portgy vcrdldc`. Ogtfkuef ‗o prc`ditkr tfot fos o gkw p-voguc ds gdhcgy tk bc o ncomdmelugo``dtdkm tk Xtfc^ nk`cg bciousc ifomecs dm tfc prc`ditkr's voguc orc rcgotc` tk ifomecs dm tfc

rcspkmsc vordobgc„ (Lrkst, 21?9) om` `cspdtc vcry gkw p-voguc ecmcrotc` by tfc Uog` tcst, tfc

rcercssdkm ikclldidcmt ndtdeotcs tfc vcrdldiotdkm kl tfds fypktfcsds. Pfds ldm`dme ds rcgotdvcgy dm gdmc

bktf wdtf Prusscg (211?) ikmigu`dme tfot C_SDPT sdemdldiomtgy dmlgucmic ldmomidog vugmcrobdgdty, om`

Prusscg (2112) ikmigu`dme tfot C_SDPT `kcs mkt sdemdldiomtgy dmlgucmic ldmomidog vugmcrobdgdty.

Pfc tfdr` fypktfcsds stotdme o sdemdldiomt dmlgucmic kl rcvcmuc ikmicmtrotdkm dm`cx km ldmomidog

vugmcrobdgdty ds vcrdldc`. Pfds ldm`dme ikmtro`dits Prusscg om` Erccmgcc (211?) ikmigu`dme tfot IKMICM

`kcs mkt sdemdldiomtgy dmlgucmic ldmomidog vugmcrobdgdty, om` ds dm gdmc wdtf Prusscg (2112) ikmigu`dme

tfot IKMICM sdemdldiomtgy dmlgucmic ldmomidog vugmcrobdgdty. Pfc lkurtf fypktfcsds stotdme o sdemdldiomt

dmlgucmic kl kreomdzotdkm sdzc km ldmomidog vugmcrobdgdty ds vcrdldc`. Pfds ldm`dme ds dm gdmc wdtf Prusscg

om` Erccmgcc (211?) ikmigu`dme tfot YDZC sdemdldiomtgy dmlgucmic ldmomidog vugmcrobdgdty, om`

ikmtro`dits Prusscg (2112) ikmigu`dme tfot YDZC `kcs mkt sdemdldiomtgy dmlgucmic ldmomidog

vugmcrobdgdty. Pfc ldltf fypktfcsds stotdme o sdemdldiomt dmlgucmic kl scitkr km ldmomidog vugmcrobdgdty ds

mkt vcrdldc`. Pfds ikmtro`dits Prusscg om` Erccmgcc (211?) ikmigu`dme tfot YCIPKR sdemdldiomtgy

dmlgucmic ldmomidog vugmcrobdgdty.

Ycikm`, kur rcscorif qucstdkm cxondmc` Ufot orc tfc vordobgcs ollcitdme tfc ldmomidog vugmcrobdgdty

kl tfc Bcgedom fcogtf iorc mkmprkldt kreomdzotdkms bctwccm 21?1 om` 21?9; Pfc prc`ditkrs ecmcroggy

fovc o substomtdog dmlgucmic km ldmomidog vugmcrobdgdty, os osscssc` by tfc knmdbus tcsts om` tfc

Fksncr-Gcncsfkw tcst. Pfc prc`ditkrs wdtf tfc nkst dnpkrtomt ikmtrdbutdkms orc sdzc, rcvcmuc

ikmicmtrotdkm dm`cx om` cqudty, dm tfds kr`cr. Lkr tfcsc vordobgcs, tfc rcercssdkm ikclldidcmts orc

stotdstdioggy sdemdldiomt (kr bkr`crgdmc sdemdldiomt). Pfc prc`ditkr surpgus noredm fos o ncomdmelug

cllcit km tfc kutiknc vordobgc, tfkuef tfc rcercssdkm ikclldidcmt ds mkt stotdstdioggy sdemdldiomt. Os lkr

tfc vordobgc scitkr, dt `kcs mkt sccn tk fovc om dnpkrtomt cllcit km ldmomidog vugmcrobdgdty.



2?

Pfdr`, tfc ikmtrdbutdkm kl kur stu`y cmtodg o twk-lkg` ifomec dm tfc ldcg`—s hmkwgcèc. Km tfc kmc

fom`, tfds stu`y fos ifomec` tfc ldcg`—s hmkwgcèc os dt dmtcm`c` tk bc tfc vcry ldrst cnpdrdiog

erkum`wkrh lkr tfc gdtcroturc km tfc Bcgedom mkmprkldt scitkr. Dm loit, nkst cxpcrts ecmcroggy

`dsiussc` tfc ldmomidog vugmcrobdgdty kl tfc mkmprkldt scitkr dm Bcgedun wfcrcos mk stotdstdiog rcscorif

fos cvcr bccm ikmùitc` yct. Km tfc ktfcr fom`, tfds stu`y fos ifomec` tfc ldcg`—s hmkwgcèc ogsk

bciousc wc oòptc` Prusscg (2112) dm om cmtdrcgy ktfcr cmvdrkmncmt tfom tfc Smdtc` Ytotcs, lkr

wfdif dt fos bccm ̀ csdemc`. Dm`cc`, dt ds portdiugorgy rcgcvomt sdmic nkst ‗SY-`cvcgkpc` nk`cgs fovc

bccm lkum` tk cxfdbdt `dllcrcmt gcvcgs kl cxpgomotkry pkwcr dm `dllcrcmt scencmts„ (Ikr`cry, Ydn, &

Boshcrvdggc, 21?9, p. ?41) kl tfc mkmprkldt scitkr.

Lkurtf, om` ikmscqucmtgy tk kur tfdr` ̀ dsiussdkm, wc iom rcvcog tfc pktcmtdog dmtcrmotdkmog iknpkmcmt

kl kur stu`y by dts eckeropfdiog ikmtcxt. Ogtfkuef kur stu`y lkiusc` km o portdiugor scencmt kl tfc

Bcgedom mkmprkldt scitkr, dt noy bc rcgcvomt tk iknporc kur rcsugts dm o brko`cr eckeropfdiog ikmtcxt,

wcotfcr dt ds tk Curkpcom rcsugts, tk K.C.I.@. rcsugts, kr ncrcgy tk dmtcrmotdkmog rcsugts. Dm loit, suif

iknpordskms oggkw us tk cvoguotc tfc strcmetf kl tfc mkmprkldt scitkrs oirkss ikumtrdcs. Lurtfcrnkrc,

kur stu`y iom bc ecmcrogdzc` om` oppgdc` tk ktfcr ikmtcxt tfom tfc Bcgedom kmc sdmic omy motdkmog

mkmprkldt scitkr iom bc tfc lkius tfc omogysds nk`cg tfot wc oppgdc`.

Ldmoggy, twk rciknncmòtdkms iom bc rodsc` lkr lurtfcr stu`dcs. Km tfc kmc fom`, o ldrst gdndtotdkm kl

kur stu`y fos rceor` wdtf tfc rcgotdvcgy snogg òtobosc. Ogtfkuef tfc òtobosc ikmtodmc` o wd`c

munbcr kl osskidotdkms, kur stu`y `d` mkt ikvcr ogg kl tfcn ldrst bciousc kl tfc gdndtc` ovodgobdgdty kl

òto, om` scikm` bciousc tfcrc wcrc ndssdme vogucs. Dm loit, wc fovc usc` tfc òto dnputotdkm os

o tcifmdquc tk kvcriknc tfc ndssdme òto but tfds iom ogsk bc ikmsd`crc` os o wcohmcss kl kur

stu`y. Fkwcvcr, o podrwdsc `cgctdkm tcifmdquc ikug` mkt bc ikmicdvobgc bciousc tfc onkumt om` tfc

typc kl ndssdme ̀ oto, os cxpgodmc` dm kur nctfk`kgkey, sdmic tfc munbcr kl vogd` ioscs dm kur sonpgc

wkug` `circosc substomtdoggy. Pfcrclkrc, lurtfcr stu`dcs sfkug` ikggcit iknprcfcmsdvc òto kvcr o

wd`cr tdnclronc tfom kmgy lkur ycors. Km tfc ktfcr fom`, o scikm` gdndtotdkm kl kur stu`y fos rceor`

wdtf tfc rcscorif lkius, rcstrodmc` tk kmgy km kmc scencmt kl tfc mkmprkldt scitkr, d.c. tfc fcogtf

iorc scencmt. Pfcrclkrc, lurtfcr rcscorifcs sfkug` cxpom` dt tk dmigu`c ogg tfc mkmprkldt subscitkrs.

Ikmigusdkm

Pfrkuefkut tfc `cvcgkpncmt kl tfds Nostcr—s tfcsds, tfc ikrc d`co bcfdm` kur dmvcstdeotdkm wos tk

goy tfc cnpdrdiog lkumòtdkm kl tfc gdtcroturc km tfc Bcgedom mkmprkldt scitkr. Dm loit, tfds goih kl

cnpdrdiog rcscorif fos bccm o ikmstomt nktdvc lkr pursudme kur stu`y. Os cxpgodmc` dm tfc

dmtrkùitdkm, tfc fcogtf iorc subscitkr oiikumts lkr nkrc tfom fogl kl tfc pubgdi lum`dme oggkiotc` tk

tfc mkmprkldt scitkr om` rcprcscmts obkut o tfdr` kl tfc voguc o``c` kl tfc kvcrogg mkmprkldt scitkr

(\om`cr @kmiht & Rdek, 21?9, pp. 2?-22). @cspdtc tfc prc`kndmomic kl tfds scitkr, o tfkrkuef

rcscorif rceor`dme tfc ldmomidog vugmcrobdgdty kl fcogtf iorc kreomdzotdkms wos mcicssory tk

um`crstom` tfc dnpoit kl icrtodm poronctcrs km tfcdr obdgdty tk kvcriknc omy ldmomidog `dstrcss.

Ldmomidog ̀ dstrcss iom kiiur ot omy tdnc lkr omy kreomdzotdkm, wfctfcr lkr-prkldt kr mkmprkldt. Noredms

iom logg, ̀ kmotkrs iom wdtf`row tfcdr ikmtrdbutdkms, ̀ cbt iom dmircosc, om` tfc sdzc kl tfc kreomdzotdkm

iom bc dnpoitc` os wcgg. Pfcrclkrc, om kreomdzotdkm—s nomoecncmt sfkug` bc ikmicrmc` by dts

vugmcrobdgdty. Pfds stu`y, kvcrogg, ikmigu`cs tfot onkme tfc ldvc poronctcrs `cldmc` by Prusscg ct og.

(2112), kmgy tfrcc kl tfcn ’ kreomdzotdkmog sdzc, rcvcmuc ikmicmtrotdkm, om` `cbt rotdk ’ orc

sdemdldiomt poronctcrs tfot ollcitc` tfc ldmomidog vugmcrobdgdty kl Bcgedom fcogtf iorc mkmprkldt

kreomdzotdkms bctwccm 21?1 om` 21?9. Pfds noy rodsc sknc qucstdkms lkr lurtfcr rcscorifcs. Ydmic

tfcsc tfrcc vordobgcs orc sdemdldiomt, fkw `d` tfcsc poronctcrs vory kvcr tfc 2116-2114 ldmomidog

irdsds pcrdk`; Pk wfot cxtcm` tfc irdsds fos dnpoitc` tfksc kreomdzotdkms dm tfcdr ldmomidog

vugmcrobdgdty; Fkw `d` tfcy kvcriknc tfds sfkih; Ikug` tfcdr sdtuotdkm bclkrc tfc irdsds bc obgc tk

toihgc suif `dstrcss; Mcw `kkrs orc kpcm lkr lurtfcr dmvcstdeotdkms.



22

Rclcrcmics

Oix, R., Rdek, I., & \om`cr @kmiht, N. (21??). Gc pkd`s äikmkndquc `cs osskidotdkms cm Bcgedquc.

Bruxcggcs: Lkmòtdkm Rkd Bou`kdm.

Orsfo`, R., Bohor, M. O., Rozogd, U. O., & Knor, M. (21?9). Ldmomidog \ugmcrobdgdty, Rdsh Nomoecncmt

om` Oiikumtobdgdty kl Mkm-Qrkldt Kreomdsotdkms. Jkurmog kl Cmcrey Pcifmkgkedcs om` Qkgdiy,

9(??), 5.

Bomquc Motdkmogc `c Bcgedquc. (2110). Gc iknptc sotcggdtc `cs dmstdtutdkms soms but guirotdl : 2111-

211?. Bruxcggcs.

Bomquc Motdkmogc `c Bcgedquc. (21?1). Gc iknptc sotcggdtc `cs dmstdtutdkms soms but guirotdl : 2111-

2116. Bruxcggcs.

Bomquc Motdkmogc `c Bcgedquc. (21?2). Gc iknptc sotcggdtc `cs dmstdtutdkms soms but guirotdl : 2114-

21?1. Bruxcggcs.

Bcg-ldrst. (21?3). Rctrdcvc` Norif 24, 21?3, lrkn fttps://bcgldrst.bv`dmlk.ikn

Buhfkrd, N., Ktfnom, R., Ords, M., & Knor, M. (21?9). Osscssdme Ldmomidog \ugmcrobdgdty kl

Ikkpcrotdvc. Jkurmog kl Cmcrey Pcifmkgkedcs om` Qkgdiy, 9(??), 950-96?.

Busdmcss Bcgedun. (21?1). Rctrdcvc` Jomuory 26, 21?3, lrkn

fttp://busdmcss.bcgedun.bc/cm/nomoedme[ykur[busdmcss/scttdme[up[ykur[busdmcss

Ikr`cry, I. J., Ydn, @., & Boshcrvdggc, R. L. (21?9). Pfrcc nk`cgs, kmc ekog: Osscssdme mo midog

vugmcrobdgdty dm Mcw Zcogom` onotcur spkrts igubs. Ypkrt Nomoecncmt Rcvdcw, ?<(2), ?6<-

?44. `kd:?1.?1?</j.snr.21?2.16.112

Ikr`cry, I., & Boshcrvdggc, R. (21?1). Osscssdme ldmomidog vugmcrobdgdty dm mkmprkldt spkrts

kreomdzotdkms. Ucggdmetkm: \ditkrdo Smdvcrsdty.

Irdiftkm, M. (211?). Dmlkrnotdkm Qkdmt: Uog` Pcst. Jkurmog kl Igdmdiog Mursdme, 550. Rctrdcvc` lrkn

www.bgoihwcggpubgdsfdme.ikn/spcidogortdigcs/jim[?1[550.p`l

@ovoegc, N. (?445). Ncncmtk `cs OYBG. Hgucwcr C`dtdkm Jurd`dqucs.

Curkpo. (21?3). Rctrdcvc` Oprdg 9r`, 21?3, lrkn

fttp://ci.curkpo.cu/iknpctdtdkm/ncrecrs/ioscs/dm`cx/moic[ogg.ftng

Lrkst, J. (21?9). Fkw tk Dmtcrprct Rcercssdkm Omogysds Rcsugts: Q-vogucs om` Ikclldidcmts. Rctrdcvc`

Oprdg 2?, 21?3, lrkn fttp://bgke.ndmdtob.ikn/bgke/o`vcmturcs-dm-stotdstdis/fkw-tk-

dmtcrprct-rcercssdkm-omogysds-rcsugts-p-vogucs-om`-ikclldidcmts

Edgbcrt, G. R., Ncmkm, H., & Yifwortz, H. B. (?441). Qrc`ditdme bomhruptiy lkr rns dm momidog

`dstrcss. Jkurmog kl Busdmcss Ldmomic & Oiikumtdme, ?5 (?), ?<?-?5?.

Erccmgcc, J. Y., & Prusscg, J. N. (2111). Qrc`ditdme tfc Ldmomidog \ugmcrobdgdty kl Ifordtobgc

Kreomdzotdkms. Mkmprkldt Nomoecncmt & Gco`crsfdp, ??(2), ?44-2?1.

`kd:?1.?112/mng.??213

Foecr, N. O. (2111). Pfc Yurvdvobdgdty Loitkr: Rcscorif km tfc Igksurc kl Mkmprkldt Orts

Kreomdzotdkms. Oncrdioms lkr tfc Orts Nkmkeropf, 0(?), pp. ?-?2.



29

Foecr, N. O. (211?). Ldmomidog \ugmcrobdgdty Onkme Orts Kreomdzotdkms: O Pcst kl tfc Puihnom-Ifome

Ncosurcs. Mkmprkldt om` \kgumtory Ycitkr _uortcrgy, 91(2), pp. 95<-942.

`kd:?1.??55/16445<011?9121?1

Fkèc, N. N., & Qdiikgk, R. L. (21??). Mkmprkldt Bkor` Cllcitdvcmcss, Qrdvotc Qfdgomtfrkpy, om`

Ldmomidog \ugmcrobdgdty. Qubgdi O`ndmdstrotdkm _uortcrgy, 93 (0), 321-331.

D@RC. (21?3). Rctrdcvc` Oprdg 24, 21?3, lrkn

fttp://www.ots.uigo.cù/stot/spss/kutput/Ypss[ttcst.ftn

Dmtcrmog Rcvcmuc Ycrvdic. (21?3). Rctrdcvc` Norif ?, 21?3, lrkn www.drs.ekv

Horonzo`cf, N. Y. (21?9). Oppgdiotdkm om` Iknpordskm kl Ogtnom om` Kfgskm Nk`cgs tk Qrc`dit.

Rcscorif Jkurmog kl Oppgdc` Yidcmics, Cmedmccrdme om` Pcifmkgkey, 3 (<), 2115-21??.

Hcotdme, C. H., Ldsifcr, N., Ekr`km, P. Q., & Erccmgcc, J. (2113). Osscssdme Ldmomidog \ugmcrobdgdty dm

tfc Mkmprkldt Ycitkr. Ionbrdèc: Forvor` Smdvcrsdty.

Noräc, N. (21?1o). Iknptc sotcggdtc `c DYBG. Rctrdcvc` Norif 23, 21?3, lrkn

www.ics.uge.oi.bc/lr[LR/scrvdics/igcs/`ditdkmmodrc/i-`/iknptc-sotcggdtc-`c-dsbg

Noräc, N. (21?1b). _u'cst ic qu'um iknptc sotcggdtc; Rctrdcvc` Norif 23, 21?3, lrkn

www.ics.uge.oi.bc/lr[LR/scrvdics/igcs/mktcs-`c-symtfcsc/iknprcm`rc-gc-iknptc-sotcggdtc-

`cs-dsbg-cm-bcgedquc/qu-cst-ic-qu-um-iknptc-sotcggdtc

Noräc, N. (21?1i). ICY SGe - Iknprcm`rc gc iknptc sotcggdtc ̀ cs DYBG cm Bcgedquc. Rctrdcvc` Norif

23, 21?3, lrkn www.ics.uge.oi.bc/lr[LR/scrvdics/igcs/mktcs-`c-symtfcsc/iknprcm`rc-gc-

iknptc-sotcggdtc-`cs-dsbg-cm-bcgedquc

Noräc, N., Edjscgdmihx, I., Gkksc, N., Rdjpcms, J., & Lromifkds, C. (2116). Gcs osskidotdkms cm

Bcgedquc. Bruxcggcs: Lkmòtdkm Rkd Bou`kdm.

Noräc, N., Ncrtcms, Y., @clkurmy, J., @cvcgtcrc, Q., Roynochcrs, Q., & Ncdrcnom, H. (2113). Gc

scitcur osskidotdl cm Bcgedquc : Smc omogysc quomtdtotdvc ct quogdtotdvc. Bruxcggcs: Lkmòtdkm

Rkd Bou`kdm.

NiDm`kc, F., & Yuggdvom, L. (21?0). Mkmprkldt Rcspkmscs tk Ldmomidog Smicrtodmty: Fkw @kcs Ldmomidog

\ugmcrobdgdty Yfopc Mkmprkldt Ikggobkrotdkm; Jkurmog kl Nomoecncmt om` Yustodmobdgdty, 0(9),

?-?3. `kd:?1.3394/jns.v0m9p?

Ncrtcms, Y. (2110). Gc iknptc sotcggdtc ̀ cs osskidotdkms cm Bcgedquc. Rcvuc dmtcrmotdkmogc(242), pp.

02-36.

Ncrtcms, Y., & Gclæbvrc, N. (211?). Pcstdme tfc fom`bkkh kl mkmprkldt dmstdtutdkms dm tfc systcn kl

motdkmog oiikumts: Bcgedom rcpkrt. Icmtcr lkr Ykidog Cikmkny - SGe.

Ncrtcms, Y., Oòn, Y., @clkurmy, J., Noräc, N., Qoikgct, J., & \om `c Quttc, D. (?444). Ifoptcr 2:

Bcgedun. Dm G. N. Yogonkm, F. H. Omfcgcr, R. Gdst, Y. Pkcpgcr, & Y. Ukjidcif Ykhkgkwshd om`

Osskidotcs, Egkbog Idvdg Ykidcty: @dncmsdkms kl tfc Mkmprkldt Ycitkr (pp. 09-<?). Bogtdnkrc:

Jkfm Fkphdms Icmtcr lkr Idvdg Ykidcty Ytu`dcs.

Kfgskm, J. O. (?461). Ldmomidog Rotdks om` tfc Qrkbobdgdstdi Qrc`ditdkm kl Bomhruptiy. Jkurmog kl

Oiikumtdme Rcscorif, ?6(?), ?14-?9?.

QcmmYtotc @cportncmt kl Ytotdstdis. (21?3). Rctrdcvc` Oprdg ?4, 21?3, lrkn Nugtdpgc Dnputotdkm:

fttp://sdtcs.stot.psu.cù/~jgs/ndloq.ftng



20

Qkmesotot, Y., Ronoec, J., & Gowrcmic, F. (2110). Bomhruptiy Qrc`ditdkm lkr Gorec om` Ynogg Ldrns

dm Osdo: O Iknpordskm kl Kfgskm om` Ogtnom. Jkurmog kl Oiikumtdme om` Irkpkrotc

Ekvcrmomic, ?(2), ?-?9.

Qkrtodg Bcgedun. (21?2). Rctrdcvc` Jomuory 91, 21?3, lrkn

www.bcgedun.bc/lr/cikmkndc/cmtrcprdsc/ircotdkm/typcs[`c[skidctc

RcYtkrc. (21?3). Rctrdcvc` Oprdg ?4, 21?3, lrkn Ssdme Ytotdstdiog Rcercssdkm Nctfk`s dm Cùiotdkm

Rcscorif: fttp://www.rcstkrc.oi.uh/srnc/www/loi/ski/wdc/rcscorif-

mcw/srnc/egkssory/dm`cx2l0l.ftng;scgcitc`Gcttcr>R#rcercssdkm-ikclldidcmt

Ycrvdic Qubgdi Lä`ärog Justdic. (21?9). Rctrdcvc` Jomuory 2<, 21?3, lrkn

fttp://justdic.bcgedun.bc/lr/bdmordcs/OYBG-LR[tin02?-?40?23.p`l

Ytot Putkrdogs. (21?3). Rctrdcvc` Oprdg ?4, 21?3, lrkn Gkedstdi Rcercssdkm usdme YQYY:

fttp://www.stottutkrdogs.ikn/YQYY/PSPKRDOG-YQYY-Gkedstdi-Rcercssdkm.ftn

Ytotdstdis Ykgutdkms. (21?3). Rctrdcvc` Oprdg ?4, 21?3, lrkn Nugtdikggdmcordty:

fttp://www.stotdstdisskgutdkms.ikn/nugtdikggdmcordty/

Pcvcg, C., Hotz, F., & Brkih, @. N. (21?0). Mkmprkldt Ldmomidog \ugmcrobdgdty: Pcstdme Iknpctdme

Nk`cgs, Rciknncm`c` Dnprkvcncmts, om` Dnpgdiotdkms. \KGSMPOY: Dmtcrmotdkmog Jkurmog

kl \kgumtory om` Mkmprkldt Kreomdzotdkms, ?5.

Pfknos, R., & Prollkr`, R. (21?9). Ucrc SH Iugturc, Ypkrt om` Rcircotdkm Ifordtdcs Qrcporc` lkr tfc

2116 Cikmkndi @kwmturm; Om Oppgdiotdkm kl Puihnom om` Ifome's Ncosurcs kl Ldmomidog

\ugmcrobdgdty. \KGSMPOY: Dmtcrmotdkmog Jkurmog kl \kgumtory om` Mkmprkldt Kreomdzotdkms,

20(9), <91-<06. `kd:?1.?115/s??2<<-1?2-4259-?

Prusscg, J. N. (2112). Rcvdsdtdme tfc Qrc`ditdkm kl Ldmomidog \ugmcrobdgdty. Mkmprkldt Nomoecncmt &Gco`crsfdp, ?9(?), ?5-9?.

Prusscg, J. N., Erccmgcc, J. Y., & Bro`y, P. (2112). Qrc`ditdme Ldmomidog \ugmcrobdgdty dm Ifordtobgc

Kreomdzotdkms. Pfc IQO Jkurmog, 52(<), <<-<4.

Puihnom, F. Q., & Ifome, I. L. (?44?). O Nctfk`kgkey lkr Ncosurdme tfc Ldmomidog \ugmcrobdgdty kl

Ifordtobgc Mkmprkldt Kreomdzotdkms. Mkmprkldt om` \kgumtory Ycitkr _uortcrgy, 21(0), 003-

0<1. `kd:?1.??55/16445<014?12111015

Smdtc` Motdkms. (2119). Fom`bkkh km Mkm-Qrkldt Dmstdtutdkms dm tfc Yystcn kl Motdkmog Oiikumts. Mcw

Tkrh.

\om`cr @kmiht, N., & Rdek, I. (21?9). Gc pkd`s äikmkndquc `cs dmstdtutdkms soms but guirotdl cm

Bcgedquc. Bruxcggcs: Lkmòtdkm Rkd Bou`kdm.

\gcrdih Gdbrory. (21?3). Rctrdcvc` Norif 24, 21?3, lrkn fttp://www.vgcrdih.ikn/cm/rcscorif-om`-

loiugty/vgcrdih-gdbrory/òtoboscs/bcgldrst

Uome, F.-I., & Gdu, O. T. (21?1). Qcrlkrnomic om` \ugmcrobdgdty kl Mkm-Qrkldt Kreomdzotdkm dm Podwom.

(DCCC, C`.) Iknputcr, Iknnumdiotdkm, Ikmtrkg om` Outknotdkm (9IO), 2, 0<9-0<3.

`kd:?1.??14/9IO.21?1.3399933



23

Oppcm`dxcs

Oppcm`dx ?. Cnpgkyncmt dm DUQQ (2110-21?1)

2110 2113 211< 2115 2116 2114 21?1

Munbcr kl DUQQ ?<,4?9 ?5,1?3 ?5,011 ?5,<20 ?5,540 ?6,<91 ?6,59?

Uoec cnpgkyncmt

(obskgutc voguc)9<6,911 962,411 01?,311 0?<.311 09?,511 091,<11 00<,311

Uoec cnpgkyncmt

(os % kl tfc

ikumtry—s woec

cnpgkyncmt)

?1.3% ?1.6% ??.?% ??.9% ??.3% ??.3% ??.4%

Ykuric : (Noräc, Edjscgdmihx, Gkksc, Rdjpcms, & Lromifkds, 2116, p. ?98 Noräc, 21?1o8 Bomquc

Motdkmogc `c Bcgedquc, 21?1, p. 58 Bomquc Motdkmogc `c Bcgedquc, 21?2, p. 68 \om`cr @kmiht &

Rdek, 21?9, p. ?5)

Oppcm`dx 2. Cnpgkyncmt dm DUQQ, by scitkr kl oitdvdty (21?1)

Uoec cnpgkyncmt dm 21?1 (dm

tfkusom`s, umdts)

Oerdiugturc om` dmùstry ?1.9

Ycrvdics <?.5Cùiotdkm 6.4

Funom fcogtf ?0<.5

Ykidog oitdkm ?<9.<

Orts, spcitoigcs, om` ktfcr rcircotdkmog oitdvdtdcs ?<.1

Ktfcr scrvdic oitdvdtdcs 94.3

Pktog kl DUQQ 00<.3

Rcst kl tfc cikmkny 9,9?1.6




2<

Oppcm`dx 9. MOIC-Bcg 2116 Mkncmigoturc ’ Ik`c _

_6< Funom fcogtf oitdvdtdcs

_6<.? Fkspdtog oitdvdtdcs

_6<.?.1 Fkspdtog oitdvdtdcs

_6<.2 Nc`diog om` `cmtog proitdic oitdvdtdcs_6<.2.? Ecmcrog nc`diog proitdic oitdvdtdcs

_6<.2.2 Ypcidogdst nc`diog proitdic oitdvdtdcs

_6<.2.9 @cmtog proitdic oitdvdtdcs

_6<.4 Ktfcr funom fcogtf oitdvdtdcs

_6<.4.1 Ktfcr funom fcogtf oitdvdtdcs

_65 Rcsd`cmtdog iorc oitdvdtdcs

_65.? Rcsd`cmtdog mursdme iorc oitdvdtdcs

_65.?.1 Rcsd`cmtdog mursdme iorc oitdvdtdcs

_65.2 Rcsd`cmtdog iorc oitdvdtdcs lkr ncmtog rctoròtdkm, ncmtog fcogtf om` substomic obusc_65.2.1 Rcsd`cmtdog iorc oitdvdtdcs lkr ncmtog rctoròtdkm, ncmtog fcogtf om` substomic obusc

_65.9 Rcsd`cmtdog iorc oitdvdtdcs lkr tfc cg`crgy om` `dsobgc`

_65.9.1 Rcsd`cmtdog iorc oitdvdtdcs lkr tfc cg`crgy om` `dsobgc`

_65.4 Ktfcr rcsd`cmtdog iorc oitdvdtdcs

_65.4.1 Ktfcr rcsd`cmtdog iorc oitdvdtdcs

_66 Ykidog wkrh oitdvdtdcs wdtfkut oiiknnkòtdkm

_66.? Ykidog wkrh oitdvdtdcs wdtfkut oiiknnkòtdkm lkr tfc cg`crgy om` `dsobgc`

_66.?.1 Ykidog wkrh oitdvdtdcs wdtfkut oiiknnkòtdkm lkr tfc cg`crgy om` `dsobgc`

_66.4 Ktfcr skidog wkrh oitdvdtdcs wdtfkut oiiknnkòtdkm_66.4.? - Ifdg` òy-iorc oitdvdtdcs

_66.4.4 - Ktfcr skidog wkrh oitdvdtdcs wdtfkut oiiknnkòtdkm m.c.i.

Ykuric : (Curkpo, 21?3)



Oppcm`dx 0. Yunnory Ytotdstdis ’ Ldmomidoggy \ugmcrobgc om` Mkt Ldmomidoggy \ugmcrobgc ’

Ycitkr 6<


L\ 9? NOREDM 1.12? 1.164

C_SDPT 1.042 1.202

IKMICM 1.532 1.?5?

YDZC ?3.5?9o ?.433

ML\ <5 NOREDM 1.1?5 1.135

C_SDPT 1.031 1.2?3

IKMICM 1.619 1.?9?

YDZC ?5.<9?o ?.<44


Oppcm`dx 3. Yunnory Ytotdstdis ’ Ldmomidoggy \ugmcrobgc om` Mkt Ldmomidoggy \ugmcrobgc ’

Ycitkr 65


L\ ?25 NOREDM -1.194 1.165

C_SDPT 1.03? 1.201

IKMICM 1.530 1.601

YDZC ?3.029 ?.?4<

ML\ 2<5 NOREDM 1.1?4 1.165

C_SDPT 1.02< 1.261IKMICM 1.5<2 1.?25

YDZC ?3.302 ?.?09* Pfc `dllcrcmic bctwccm L\ om` ML\ ncom vogucs ds sdemdldiomt ot > 1.13, by usdme t-stotdstdi tcst.

Oppcm`dx <. Yunnory Ytotdstdis ’ Ldmomidoggy \ugmcrobgc om` Mkt Ldmomidoggy \ugmcrobgc ’

Ycitkr 66


L\ << NOREDM -1.191 1.163

C_SDPT 1.00< 1.902

IKMICM 1.<52 1.?52

YDZC ?0.6?? ?.6?9

ML\ ?95 NOREDM 1.1?9 1.??0

C_SDPT 1.95? 1.222

IKMICM 1.<46 1.?66

YDZC ?3.1?4 ?.665


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