vlfdo khdowk - أوراق تربويةabhath.awraqtarbawia.net/wp-content/uploads/2020/04/...$:5$4...

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϭŽĨϭϯ

2FFXSDWLRQDOVWUHVVLQWKH6\ULDQ1*2VDQGWKHPRVWLPSRUWDQWFRQVHTXHQFHVRQWKHLQGLYLGXDODQGRUJDQL]DWLRQDOOHYHO

$QDSSOLHGVWXG\RQZRUNHUVLQ6\ULDQ1*2VZRUNLQJIURP7XUNH\

%\

'5$EGXUUDKPDQƣDON'U)DUXN.DOD\$KPHW1DVLI

9$1<Ʒ=Ʒ1&Ʒ<,/Ʒ1G9(56G7(6G

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

.H\ZRUGV2FFXSDWLRQDOVWUHVV VRXUFHVRIVWUHVV LQGLYLGXDODQGRUJDQL]DWLRQDOVWUHVVUHVXOWV

,QWURGXFWLRQ

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

7KHLPSRUWDQFHRIWKHVWXG\7KHLPSRUWDQFHRIWKHVWXG\FRPHVIURPWKHIROORZLQJ

7KHLPSRUWDQFHRIWKHUROHRIFLYLOVRFLHW\RUJDQL]DWLRQVLQSHULRGVRIFRQIOLFW

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϮŽĨϭϯ

7KHSRVVLELOLW\RILQYHVWLQJLWVUHVXOWVLQDUHDVWKDWVHUYHWKHVWDIIRIRUJDQL]DWLRQVVXFKDVJXLGDQFHWUDLQLQJDQGH[WHQVLRQ

WRFRQWULEXWHWRWKHSURYLVLRQRIDNQRZOHGJHEDVHIRUWKHPDQDJHPHQWRIRUJDQL]DWLRQVWKDWFDQEHLQLWLDWHGWRUHVHDUFKDGDSWDWLRQZLWK6WUHVVDQGUHVLVWDQFHWRLWVQHJDWLYHHIIHFWVRQWKHRUJDQL]DWLRQ

7KH VWXG\ VHUYHV 6\ULDQ FLYLO VRFLHW\ RUJDQL]DWLRQV ZLWK LWV ILQGLQJV DQGUHFRPPHQGDWLRQVZKLFKFDQEHXVHGWRGHYHORSVRXQGEDVHVWKDWKHOSRUJDQL]DWLRQVEXLOGDPHFKDQLVPWRUHGXFHWKHLPSDFWRIRFFXSDWLRQDOVWUHVVRQZRUNHUVLQDZD\WKDWFRQWULEXWHVWRLPSURYLQJWKHLURYHUDOOSHUIRUPDQFH

7KHLPSRUWDQFHRILGHQWLI\LQJVRXUFHVRIVWUHVVLQ6\ULDQRUJDQL]DWLRQVWKDWDIIHFWWKHSV\FKRORJLFDODQGEHKDYLRURIZRUNHUVDQGWKHLUSK\VLFDOKHDOWK

6WXG\REMHFWLYHV7KHVWXG\DLPVWRDFKLHYH

D WKHUHDOLW\RIWKHOHYHORISURIHVVLRQDOVWUHVVLQ6\ULDQRUJDQL]DWLRQVE 6WDWHPHQWRIVRXUFHVRIVWUHVVLQ6\ULDQFLYLOVRFLHW\RUJDQL]DWLRQVF ,GHQWLILFDWLRQRIWKHHIIHFWVRIRFFXSDWLRQDOVWUHVVRQZRUNHUVLQ6\ULDQRUJDQL]DWLRQVG .QRZOHGJHRIWKHGDPDJHFDXVHGE\SURIHVVLRQDOVWUHVVWR6\ULDQRUJDQL]DWLRQV

3UREOHPVRIVWXG\

7KH VWXG\ SUREOHP LV FHQWHUHGRQ WKH UHVXOWV RI SURIHVVLRQDO VWUHVV RQ WKH LQGLYLGXDO DQGRUJDQL]DWLRQ7KHSUREOHPRI WKHVWXG\ LV WKXVFU\VWDOOL]HGE\ WKH IROORZLQJPDLQTXHVWLRQ'RHVSURIHVVLRQDOVWUHVVLQ6\ULDQRUJDQL]DWLRQVRSHUDWLQJIURP7XUNH\KDYHFRQVHTXHQFHVIRUWKHLQGLYLGXDODQGRUJDQL]DWLRQ"

)URPWKLVPDLQTXHVWLRQZHDVNWKHIROORZLQJVXETXHVWLRQV

R :KDWLVWKHOHYHORIVWUHVVDPRQJZRUNHUVLQ6\ULDQFLYLOVRFLHW\RUJDQL]DWLRQV"R ,V WKHUHDQ LPSDFWRQ WKHGHPRJUDSKLFVDPSOHFKDUDFWHULVWLFVRIZRUNHUV LQ6\ULDQ

RUJDQL]DWLRQVDWWKHOHYHORIVWUHVV"

6WXG\K\SRWKHVHV

'HSHQGLQJRQWKHPRGHOYDULDEOHVWKHIROORZLQJK\SRWKHVHVDUHIRUPXODWHG

R 7KHOHYHORISURIHVVLRQDOVWUHVVDPRQJZRUNHUVLQ6\ULDQRUJDQL]DWLRQVLVORZR 7KHUH LV QR VWDWLVWLFDOO\ VLJQLILFDQW UHODWLRQVKLS EHWZHHQ WKH FKDUDFWHULVWLFV RI WKH

GHPRJUDSKLFVDPSOHDQGWKHOHYHORIVWUHVV

&XUULFXOXP

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϯŽĨϭϯ

7KHVWXG\ZLOOEHFRQGXFWHGRQWZRVLGHV

WKHRUHWLFDODVSHFWWKDWH[SODLQVSURIHVVLRQDOVWUHVVDQGLWVW\SHVDQGVRXUFHVLQRUJDQL]DWLRQV

3UDFWLFDODVSHFWE\UHO\LQJRQWKHIRUPGHVLJQHGE\)DWKLD%HQ=RHOWRGHWHUPLQHWKHOHYHORIRFFXSDWLRQDOVWUHVVE\LGHQWLI\LQJWKHSK\VLFDOSV\FKRORJLFDODQGEHKDYLRUDOV\PSWRPVIHOWE\WKHZRUNHUV LQ WKH ODVW WZRPRQWKVDQGUHDFKHGTXHVWLRQVWRGHWHUPLQHWKHOHYHORIVWUHVV

3UHYLRXVVWXGLHV

)DWKLD%HQ=RHOVVWXG\HQWLWOHG3HUVRQDOLW\3DWWHUQVDQGWKHLUUHODWLRQVKLSWRVWUHVVOHYHOV\PSWRPV VRXUFHV DQGFRQIURQWDWLRQVWUDWHJLHVLQ

6WXG\RI6DEHU%DKUL DQG0RQD.KUDPVHQWLWOHG WKH PRVW LPSRUWDQW LQGLYLGXDODQGRUJDQL]DWLRQDOUHVXOWVRISURIHVVLRQDOVWUHVVLQEXVLQHVVRUJDQL]DWLRQV

$ VWXG\ RI DZDG DO6PLLULV VXFFHVV HQWLWOHG 6HOI&RQILGHQFH DV DQ LQWHUPHGLDWHYDULDEOH LQ WKH UHODWLRQVKLS EHWZHHQ SV\FKRORJLFDO HPSRZHUPHQW DQG RFFXSDWLRQDOFRPEXVWLRQDPRQJVSHFLDOHGXFDWLRQWHDFKHUVLQ*D]DJRYHUQRUDWHV

7KHRUHWLFDOVHFWLRQ

2FFXSDWLRQDOVWUHVV

5LYROLHUVD\VWKDW3UHVVXUHRUSKUDVHVWKDWUHIHUWRLWVXFKDVVWUHVVVWUHVVDQ[LHW\SV\FKRORJLFDOEXUQLQJWHUPVWKDWDUHGLIILFXOWWRGHILQHEHFDXVHWKH\FRQWDLQDVHWRIYDULDEOHVRUFDXVHVWKDWKLQGHUWKHORJLFRIWKHSV\FKRORJLFDOPHQWDODQGHYHQSK\VLRORJLFDOV\VWHPSV\FKRORJLFDOVWUHVVVWUHVVRUVWUHVVDUHDOOWHUPVWKDWOLPLWWKHKDSSLQHVVRIWKHLQGLYLGXDODQGUHVWRIKLVPLQGDQGOHDGWRPDQ\PHQWDODQGSK\VLFDOGLVRUGHUV

+DOORQWKHRWKHUKDVGHILQHGVWUHVVDVDQH[WHUQDOIRUFHWKDWDIIHFWVWKHV\VWHPZKHWKHULQGLYLGXDORURUJDQL]DWLRQDQGOHDGVWRLQWHUQDOFKDQJHVLQDVWUHVVIXOPDQQHU

0HLFKHQEDXPDOVRGHILQHGVWUHVVDVDQH[WHUQDOIRUFHDIIHFWLQJWKHLQGLYLGXDODQGUHVXOWLQJLQVWUHVVDVZHOODVUHODWHGWRWKHLQGLYLGXDOVUHVSRQVHVZKHQH[SRVHGWRHQYLURQPHQWDOWKUHDWVZKLFK

ϭ Ͳ ,ĂŵĚĞƐŚEĂǁĂůWƌŽĨĞƐƐŝŽŶĂůƐƚƌĞƐƐŽĨƚŚĞůŐĞƌŝĂŶǁŽƌŬŝŶŐǁŝĨĞĂŶĚƐƚƌĂƚĞŐŝĞƐĨŽƌĚĞĂůŝŶŐǁŝƚŚŝƚWŚŝŶtŽƌŬWƐLJĐŚŽůŽŐLJ/ŶƐƚŝƚƵƚĞŽĨWƐLJĐŚŽůŽŐLJhŶŝǀĞƌƐŝƚLJŽĨŽŶƐƚĂŶƚŝŶĞϮϬϬϰƉϵϯͲϵϬϮ Ͳ ďĚĞƐƐĂůĂŵďƵYĂƐŚĞĨ>ĞĐƚƵƌĞƐŝŶKƌŐĂŶŝnjĂƚŝŽŶĂůĞŚĂǀŝŽƌhŶŝǀĞƌƐŝƚLJ,ŽƵƐĞĞŝƌƵƚ>ĞďĂŶŽŶϮϬϬϭƉϭϳϬ

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϰŽĨϭϯ

FDXVHVDQLPEDODQFHRISV\FKRORJLFDODQGSK\VLRORJLFDO ZKLFKPD\OHDGWRDIHHOLQJRISURYRFDWLRQIURPZLWKLQ

7KHUHDUH WHUPVFORVHWRVWUHVVVXFKDVSV\FKRORJLFDOFRPEXVWLRQDQG LWH[SUHVVHVDUHVSRQVHWRFKURQLF VWUHVV H[SUHVVHG WKURXJK SK\VLFDO IDWLJXH SV\FKRORJLFDO FRJQLWLYH DQG FKDUDFWHUL]HG E\LPSRWHQFH LPSRWHQFH ORZ VHOIHVWHHP DQG ORVV RI HQWKXVLDVP LQ OLIH LQ JHQHUDO DQG DW ZRUN LQSDUWLFXODU

7KHPRVWLPSRUWDQWLQGLYLGXDOUHVXOWVRIRFFXSDWLRQDOVWUHVVLQRUJDQL]DWLRQV)RUSURIHVVLRQDOVWUHVVPDQ\HIIHFWVRQWKHLQGLYLGXDODUHUHIOHFWHGLQLWDVIROORZV

$ +HDOWKDQGSK\VLFDOHIIHFWVVXFKDVLQIHFWLRXVDQGJDVWURLQWHVWLQDOGLVRUGHUVEDFNSDLQPXVFOHWUHPRU

% 3V\FKRORJLFDOHIIHFWV6WUHVVIXOVLWXDWLRQVFDQDOVRDIIHFWWKHPHQWDOKHDOWKRIWKHLQGLYLGXDOPDNLQJKLP IHHOQHJDWLYH IHHOLQJVVXFKDVGHSUHVVLRQGHSUHVVLRQ LUULWDELOLW\QHUYRXVQHVV ORZPRWLYDWLRQLQFRPSHWHQFHDQGLQFRPSHWHQFHDQGPD\UHDFKWKHGXOOQHVVRIIHHOLQJV

& ,QWHOOHFWXDO HIIHFWV 6WUHVV FDQ EH DFFRPSDQLHG E\ LQWHOOHFWXDO GLVRUGHUV VXFK DV GLIILFXOW\ LQIRFXVLQJPHPRU\LPSDLUPHQWGLIILFXOWLHVLQGHFLVLRQPDNLQJPDNLQJLQFRUUHFWMXGJPHQWVIRUJHWWLQJLQFUHDVLQJ WKH UDWH RI HUURUV LQDELOLW\ WR SODQ DQG HYDOXDWH DFFXUDWHO\ ,QWHOOHFWXDO GLVRUGHUV DQGGHOXVLRQVPD\LQFUHDVHWKHFKRLFHRIUHDOLW\EHFRPHV OHVVHIILFLHQWREMHFWLYHHOHPHQWVRIFULWLFLVPGHFUHDVHDQGSDWWHUQVRIWKLQNLQJEHFRPHWXUEXOHQWLUUDWLRQDORULOORJLFDO

' %HKDYLRUDOHIIHFWVVWUHVVFDQEHDFFRPSDQLHGE\EHKDYLRUDOGLVRUGHUVVXFKDVGLVWUXVWRIRWKHUVWUROOLQJ WKHPLVWDNHV RI RWKHUV VDUFDVP DQG ULGLFXOH RI RWKHUV WRRPXFK GULQNLQJ DODUPV ODFN RIWHQGHQFLHVDQGJRDOVGLVRUGHURIVOHHSKDELWVGHOD\DQGDEVHQFHRIWKHLQGLYLGXDOIURPZRUNGXHWRLOOQHVVRU PDOLQJHULQJ

7KH PRVW LPSRUWDQW RUJDQL]DWLRQDO UHVXOWV RI SURIHVVLRQDO VWUHVV RQ RUJDQL]DWLRQV2FFXSDWLRQDOVWUHVVH[WHQGVWRWKHRUJDQL]DWLRQDQGLVQRWOLPLWHGWRLQGLYLGXDOHIIHFWVZKLFKQHJDWLYHO\

ϯ Ͳ ǁĞŝĚ^ĞůŬĂŶůͲDĂƐŚĂĂŶ^ŽƵƌĐĞƐŽĨWƌĞƐƐƵƌĞĂƚtŽƌŬ<ŝŶŐ ĂƵĚDĂŐĂnjŝŶĞsŽůƵŵĞϭϯZŝLJĂĚŚ^ĂƵĚŝƌĂďŝĂϮϬϬϭƉϳϭϰ Ͳ ďĚƵůDŽŚƐĞŶ &ĂŚĂĚ ůͲ^ĞŝĨ 'ĞŶĚĞƌ KĐĐƵƉĂƚŝŽŶĂů &ĂƚŝŐƵĞ ĞƚĞƌŵŝŶĂŶƚƐ WƵďůŝĐ ĚŵŝŶŝƐƚƌĂƚŝŽŶ :ŽƵƌŶĂůsŽůƵŵĞϯϵ/ƐƐƵĞϰZŝLJĂĚŚϮϬϬϬƉϲϴϳϱ Ͳ /ďƌĂŚŝŵďĚƵů ĂƚƚĂƌĞƉƌĞƐƐŝŽŶtŽƌůĚŽĨ<ŶŽǁůĞĚŐĞ ĞƌŝĞƐEĂƚŝŽŶĂůŽƵŶĐŝůĨŽƌƵůƚƵƌĞƌƚƐĂŶĚ>ŝƚĞƌĂƚƵƌĞ<ƵǁĂŝƚϭϵϵϴƉϭϯϭϲ ͲƌŝĐŬƐŽŶ:tŽůĨĞ:<ŝŶŐt<ŝŶŐ>Θ^ĐŚĂƌŬĂŶƐŬLJ :;&ĞďϮϬϬϭͿWŽƐƚƚƌĂƵŵĂƚŝĐ ƚƌĞƐƐŝƐŽƌĚĞƌĂŶĚĞƉƌĞƐƐŝŽŶ^LJŵƉƚŽŵĂƚŽůŽŐLJŝŶĂ^ĂŵƉůĞŽĨ'ƵůĨtĂƌsĞƚĞƌĂŶƐWƌŽƐƉĞĐƚŝǀĞŶĂůLJƐŝƐ:ŽƵƌŶĂůŽĨŽŶƐƵůƚŝŶŐĂŶĚůŝŶŝĐĂůWƐLJĐŚŽůŽŐLJsŽůϲϵEϳ Ͳ ^Ăŵŝƌ^ŚĞŝŬŚĂŶŝWƐLJĐŚŽƚŚĞƌĂƉŝƐƚƌĂďdŚŽƵŐŚƚ,ŽƵƐĞĞŝƌƵƚ>ĞďĂŶŽŶϮϬϬϯƉϭϵϴ Ͳ >ĞŽŶĂƌĚŽŽŶĞƌĂďŝnjĂƚŝŽŶŽĨůŝďĚĞƐůĂŵůŝ'ƵŝĚĞƚŽĂƉƉůLJŝŶŐƚŚĞŵĞƚŚŽĚƐŽĨĚĞĂůŝŶŐǁŝƚŚƚŚĞĞǀĞŶƚƐŽĨĚĂŝůLJůŝĨĞƐƚƌĞƐƐĨƵůŶŐůŽͲŐLJƉƚŝĂŶ>ŝďƌĂƌLJĂŝƌŽŝϭϮϬϬϯƉϭϯϵ Ͳ >ĞŽŶĂƌĚŽŽŶĞƉƌĞǀŝŽƵƐƌĞĨĞƌĞŶĐĞƉϭϰ

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϱŽĨϭϯ

DIIHFWVWKHVWDWXVDQGVWDWXVRIWKHRUJDQL]DWLRQDQGWKLVHIIHFWFDQFDUU\WKHRUJDQL]DWLRQFRVWVWKDWPD\EH

$ 'LUHFWFRVWVEHLQWKHIRUPRIDEVHQFHGHOD\LQDWWHQGDQFHRUFRPSOHWLRQRIWDVNVLQFUHDVHGUDWHRIFRPSODLQWVGHFUHDVHGSURGXFWLYLW\PDQ\PDOIXQFWLRQVWLPHPLVXVHRIHTXLSPHQWRUSRZHUV

% ,QGLUHFW FRVWV EH LQ WKH IRUP RI DQ /RZ LQ PRUDOH GLVVDWLVIDFWLRQ GLVWUXVW RI FROOHDJXHV RUPDQDJHPHQW ODFN RI UHVSHFW KDWUHG RI FROOHDJXHV RU PDQDJHPHQW ORZ UDWHV RI PHHWLQJVPLVUHSUHVHQWDWLRQRIPHVVDJHVPLVUHSUHVHQWDWLRQVPLVVHGRSSRUWXQLW\FRVWV 7KHUHVHDUFKHUVDOVREHOLHYHWKDWVWUHVVLVD FRQVWUDLQWWKDWH[WHQGVWRUHJXODWRU\FRQILGHQFHDQGRUJDQL]DWLRQDOFRPPLWPHQWWRLPEDODQFHZKLFKQHJDWLYHO\DIIHFWVWKHRUJDQL]DWLRQVDELOLW\WR*RLQJ&RQFHUQ

6RXUFHVRIVWUHVVLQRUJDQL]DWLRQVWKHVRXUFHVRIRUJDQL]DWLRQDOVWUHVVDFFRUGLQJWR&RRSHUDQG0DUVKDOODUHWKHIROORZLQJGLPHQVLRQV

0DQDJHPHQWDVDVRXUFHRIVWUHVVFRZRUNHUVFRPPXQLW\QDWXUHRIZRUNZRUNHQYLURQPHQW

,QDGGLWLRQWRSUHYLRXVVRXUFHVWKHUHVHDUFKHUVEHOLHYHWKDWWKHIROORZLQJFRQILVFDWLRQFDQEHDGGHGDVDVSHFLDOVRXUFHIRU6\ULDQRUJDQL]DWLRQV

x /DFNRIIXQGLQJIRU6\ULDQRUJDQL]DWLRQVx 'RQRUVUHODWLRQVKLSZLWKWKHP FKDQJLQJWKHLURULHQWDWLRQV

x 0LOLWDU\YDULDEOHVRQWKHJURXQG,QVLGH6\ULDx ,QWHUQDWLRQDOSROLWLFVDQGHYHQWVWDNLQJSODFHLQWKHZRUOGDQGLWVLPSDFWRQ WKH6\ULDQILOHx /HJDOVWDWXVLQ7XUNH\ZRUNSHUPLW RIILFLDOSDSHUV HWF

$OWKRXJKWKHUHDUHLQWHUQDODQGH[WHUQDOVRXUFHVWKDWFDXVHSURIHVVLRQDOVWUHVVWKH\LQWHUDFWZLWKDQXPEHURI LQWHUPHGLDWHYDULDEOHVVXFKDVJHQHWLFVVH[W\SHRIXSEULQJLQJ FXOWXUDOFXVWRPVSHUVRQDOLW\DQGDZDUHQHVVSK\VLFDOVWUXFWXUHSURIHVVLRQDOH[SHULHQFHDQGOHYHORIHGXFDWLRQDUHDOO LQWHUPHGLDWHIDFWRUVWKDWGHWHUPLQHWKHLQGLYLGXDOVUHVSRQVHVWRVWUHVVLQWHUPVRIW\SHDQGVHYHULW\DVZHOODVLWVFRQWLQXLW\

ϭϬ Ͳ ďĚĞů,ĂŬŝŵŚŵĞĚůͲ<ŚĂnjŵŝdŚĞdŝŵĞƐtŽƌŬĂŶĚ>ŝĨĞWƌĞƐƐƵƌĞƐĞƚǁĞĞŶƚŚĞ ŝƌĞĐƚŽƌĂŶĚƚŚĞdžƉĞƌƚĂŝƌŽ/ďŶ^ŝŶĂ>ŝďƌĂƌLJϭϵϵϴƉϲϱϭϭ ͲDĂŶƐŽƵƌůͲKƚĂŝďŝĂĚŵŝŶŝƐƚƌĂƚŝǀĞƉƌĞƐƐƵƌĞƐĨĂĐŝŶŐƚŚĞŵĂŶĂŐĞƌƐŽĨƉƵďůŝĐĞĚƵĐĂƚŝŽŶƐĐŚŽŽůƐĂŶĚƚŚĞŝƌŝŵƉĂĐƚŽŶƚŚĞŝƌƉĞƌĨŽƌŵĂŶĐĞĨƌŽŵƚŚĞŝƌƉŽŝŶƚŽĨǀŝĞǁƚŚĞ/ŶƐƚŝƚƵƚĞŽĨ^ĐŝĞŶƚŝĨŝĐZĞƐĞĂƌĐŚhŵĂůͲYƵƌĂhŶŝǀĞƌƐŝƚLJDĞĐĐĂϮϬϬϯƉϭϳϳϭϮ Ͳ ďĚƵƌƌĂŚŵĂŶĂůŦŬΘŚŵĞƚEĂƐŝĨΘ,ƵƐƐĂŵ,ůĂĂŬdŚĞ/ŵƉĂĐƚŽĨKƌŐĂŶŝnjĂƚŝŽŶĂůŽŶĨŝĚĞŶĐĞŝŶĐŚŝĞǀŝŶŐƚŚĞKďůŝŐĂƚŝŽŶĂŵŽŶŐtŽƌŬĞƌƐŝŶŝǀŝů ŽĐŝĞƚLJKƌŐĂŶŝnjĂƚŝŽŶƐWƌĂĐƚŝĐĂů^ƚƵĚLJĨŽƌ^LJƌŝĂŶŝǀŝůĞĨĞŶƐĞKƌŐĂŶŝnjĂƚŝŽŶΗtŚŝƚĞ,ĞůŵĞƚƐDŽĚĞůΗh^ĂŵĂƌĂďĂĐEϯϲϮϬϮϬWWϭϯϵͲϭϱϲϭϯ Ͳ ŽŽƉĞƌ>DĂƌƐŚĂůů:;ϭϵϳϴͿ^ŽƵƌĐĞƐŽĨDĂŶĂŐĞƌŝĂůĂŶĚtŚŝƚĞͲŽůůĂƌ^ƚƌĞƐƐ/ŶŽŽƉĞƌ>ΘWĂLJŶĞZ;ĚͿƐƚƌĞƐƐĂƚǁŽƌŬEĞǁLJŽƌŬ:ŽŶŶǁŝůĞLJĂŶĚ^ŽŶƐWϴϯϭϰ Ͳ ďĚƵƌƌĂŚŵĂŶĂůŦŬΘŚŵĞƚEĂƐŝĨŝŵƉůĞŵĞŶƚĚŝƐĐůŽƐƵƌĞƐƚĂŶĚĂƌĚƐƚŽĞŶŚĂŶĐĞƚƌĂŶƐƉĂƌĞŶĐLJŝŶĐŝǀŝůƐŽĐŝĞƚLJŽƌŐĂŶŝnjĂƚŝŽŶƐZD,:ŽƌĚĂŶEϯϮϮϬϭϵWϮϴϭϭϱ Ͳ &ĂƚŚŝĂĞŶŽĞůƉĞƌƐŽŶĂůŝƚLJ ƉĂƚƚĞƌŶƐĂŶĚŚĞƌƌĞůĂƚŝŽŶƐŚŝƉƚŽƐƚƌĞƐƐhŶŝǀĞƌƐŝƚLJŽĨDĂŶƚŽƌĞůŐĞƌŝĂϮϬϬϴƉϭϰϬ

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϲŽĨϭϯ

3UDFWLFDOVHFWLRQ

'DWDDQDO\VLVDQGK\SRWKHVHVWHVWLQJ

7KLVVHFWLRQDLPVWRSUHVHQWDQGDQDO\]HILHOGVWXG\GDWDWHVWDQGYHULI\K\SRWKHVHV

)LUVW7KHFRPPXQLW\RIWKHVWXG\DQGLWVH\HV

7KHVWXG\FRPPXQLW\FRQVLVWVRI6\ULDQKXPDQLWDULDQZRUNHUVDQGDFWLYLVWVLQ7XUNH\ZKLOHWKHVWXG\VDPSOH FRQVLVWHG PDLQO\ RI RUJDQL]DWLRQV ZLWK TXHVWLRQQDLUHV GLVWULEXWHG WR WKHP DQG TXHVWLRQQDLUHVZHUHUHWULHYHGIURPTXHVWLRQQDLUHV

6HFRQG 7KHVWXG\WRRO

7KHVWXG\ZDVEDVHGRQWKHTXHVWLRQQDLUH RI)DWKLD%HQ=RXDO WRPHDVXUHWKHVWUHVVOHYHODQGWKHIROORZLQJZHLJKWVZHUHJLYHQIRUDQVZHUVWRTXHVWLRQVDERXWHDFKYDULDEOHRQDVFDOHIURPWRZKHUHH[SUHVVHVDJUHDWGHJUHHRIIHHOLQJDQG]HURLVUDUH

7KLUG6WDWLVWLFDOWUHDWPHQW

7KH UHVHDUFKHU XVHG FHQWUDOLW\PHDVXUHV UHSHWLWLRQV DQG FRPSXWDWLRQDOPHGLXPV DQG GLVSHUVLRQPHDVXUHVVWDQGDUGGHYLDWLRQDQGWWHVWLQJRIK\SRWKHVHVDQGWKHVWDWLVWLFVZHUHSURFHVVHGXVLQJVSVV

)RXUWK'HVFULSWLRQRIWKHFKDUDFWHULVWLFVRIWKHVDPSOH

7KH ILUVW ILYH SDUDJUDSKV RI WKH TXHVWLRQQDLUH DUH GHYRWHG WR FROOHFWLQJ JHQHUDO GDWD UHODWHG WRUHVSRQGHQWVWRGHVFULEHWKHFKDUDFWHULVWLFVRIWKHVWXG\VFRPPXQLW\DQGVDPSOHWKURXJK

*HQGHU

7\SH3HUFHQWDJH3HUFHQWDJH0DOH)HPDOH7RWDO

(GXFDWLRQDOOHYHO

(GXFDWLRQDOOHYHOQXPEHU3HUFHQWDJH/HVV8QLYHUVLW\0DVWHU3K'7RWDO

6RFLDOVWDWXV

6RFLDOVWDWXVQXPEHU3HUFHQWDJH6LQJOH

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϳŽĨϭϯ

HQJDJHG0DUULHGZLWKQRFKLOGUHQ0DUULHGZLWKFKLOGUHQ:LGRZ 'LYRUFHG7RWDO

$JH

$JHQXPEHU3HUFHQWDJH

7RWDO

-RE'HVFULSWLRQV

-RE'HVFULSWLRQVQXPEHU3HUFHQWDJH2IILFHU+HDGRI'HSDUWPHQW([HFXWLYH'LUHFWRU7RWDO

%DVHGRQWKHUHVXOWVREWDLQHGLQUHODWLRQWRWKHFKDUDFWHULVWLFVRIWKHVDPSOHHPSOR\HHVZHPD\FRQFOXGHWKDWWKHVDPSOHLVZHOOGLVWULEXWHGLQWHUPVRIVH[DJHPDULWDOVWDWXVHGXFDWLRQDOOHYHODQGMRESRVLWLRQWKXVDFKLHYLQJWKHVDPSOHVDELOLW\WRUHSUHVHQWWKHLQGLJHQRXVFRPPXQLW\DQGWKXVWKHDELOLW\WRGLVVHPLQDWHWKHUHVXOWVWRWKHVWXGLHGFRPPXQLW\

)LIWK'DWDSUHVHQWDWLRQDQGDQDO\VLV

7KLVVHFWLRQ FRQWDLQVQXPEHURITXHVWLRQV WKDWDQVZHU WKHVWXG\VK\SRWKHVHVDQGFRQVLVWVRIVL[SDUWV

7DEOHWKDWLQFOXGHVWKHJHQHUDOOHYHORISURIHVVLRQDOVWUHVVLQ6\ULDQRUJDQL]DWLRQVRSHUDWLQJIURP7XUNH\

7\SH$YHUDJH6WDQGDUGGHYLDWLRQ3V\FKRORJLFDOVWUHVV3K\VLFDOVWUHVV%HKDYLRUDOVWUHVV

)URPWKHWDEOHDERYHWKHPLQLPXPSRVVLEOHDQVZHUZDVRXWRIZKHUHLVUDUHDQGWKHPD[LPXPZDVZDVPXFK7KHJHQHUDOOHYHORIVWUHVVDPRQJ6\ULDQRUJDQL]DWLRQVIURP7XUNH\ZDV,WLVDOVRFRQVLGHUHGZHDNDQGWKHVWDQGDUGGHYLDWLRQZDV

7DEOHWKDWLQFOXGHVWKHOHYHORISURIHVVLRQDOVWUHVVLQ6\ULDQRUJDQL]DWLRQVRSHUDWLQJIURP7XUNH\E\

JHQGHU

&RUUHODWLRQV

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϴŽĨϭϯ

JHQGHU

3K\VLFDOVWUHVV

3V\FKRORJLFDO %HKDYLRUDO

*HQHUDOVWUHVV

JHQGHU 3HDUVRQ&RUUHODWLRQ

6LJWDLOHG

1 &RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG &RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

JHQGHU 2YHUDOODYHUDJH %HKDYLRUDOVWUHVV 3V\FKRORJLFDO 3K\VLFDOVWUHVV 0HDQ

0HDQ

7RWDO 0HDQ

7\SH$YHUDJHIHPDOH0DOH

3V\FKRORJLFDOVWUHVV3K\VLFDOVWUHVV

%HKDYLRUDOVWUHVV2YHUDOODYHUDJH

)URPWKHWDEOHDERYHWKHSURIHVVLRQDOVWUHVVRIWKHZRUNHUVRI6\ULDQRUJDQL]DWLRQVGRHVQRWPXFKDIIHFWWKHGHPRJUDSKLFVDPSOHLQWHUPVRIJHQGHU

WDEOH WKDW LQFOXGHV WKH OHYHO RI SURIHVVLRQDO VWUHVV DPRQJ ZRUNHUV LQ 6\ULDQ RUJDQL]DWLRQV IURP 7XUNH\DFFRUGLQJWRWKHOHYHORIHGXFDWLRQ

&RUUHODWLRQV

3K\VLFDOVWUHVV

3V\FKRORJLFDO

%HKDYLRUDOVWUHVV

*HQHUDOVWUHVV

OHYHORIHGXFDWLRQ

OHYHORIHGXFDWLRQ

3HDUVRQ&RUUHODWLRQ

6LJWDLOHG

1

&RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

OHYHORIHGXFDWLRQ 2YHUDOODYHUDJH %HKDYLRUDOVWUHVV 3V\FKRORJLFDO 3K\VLFDOVWUHVV 0HDQ 0HDQ 0HDQ 7RWDO 0HDQ

OHYHORIHGXFDWLRQ$YHUDJHE\HGXFDWLRQDOOHYHO2YHUDOODYHUDJH

/HVV8QLYHUVLW\

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϵŽĨϭϯ

0DVWHU3K'

)URPWKHWDEOHDERYHWKHSURIHVVLRQDOVWUHVVRIWKHZRUNHUVRI6\ULDQRUJDQL]DWLRQVGRHVQRWDIIHFWWKHGHPRJUDSKLFVDPSOHIURPDQHGXFDWLRQDOSRLQWRIYLHZ

7DEOHWKDWLQFOXGHVWKHOHYHORISURIHVVLRQDOVWUHVVDPRQJZRUNHUVLQ6\ULDQRUJDQL]DWLRQVLQ7XUNH\DFFRUGLQJWRWKHVRFLDOVLWXDWLRQ

&RUUHODWLRQV

3K\VLFDOVWUHVV

3V\FKRORJLFDO

%HKDYLRUDOVWUHVV

*HQHUDOVWUHVV 6RFLDOVWDWXV

6RFLDOVWDWXV 3HDUVRQ&RUUHODWLRQ

6LJWDLOHG

1

&RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG &RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

6RFLDOVWDWXV *HQHUDOVWUHVV %HKDYLRUDOVWUHVV 3V\FKRORJLFDO 3K\VLFDOVWUHVV 0HDQ

0HDQ 0HDQ 0HDQ 0HDQ

7RWDO 0HDQ

6RFLDOVWDWXV$YHUDJHE\VRFLDOVWDWXV2YHUDOODYHUDJH6LQJOHHQJDJHG0DUULHGZLWKQRFKLOGUHQ0DUULHGZLWKFKLOGUHQ:LGRZ 'LYRUFHG

)URPWKHWDEOHDERYH WKHSURIHVVLRQDOVWUHVVRIZRUNHUV LQ6\ULDQRUJDQL]DWLRQV LVDIIHFWHGE\ WKHGHPRJUDSKLFVDPSOHIURPDVRFLDOSRLQWRIYLHZ

7DEOHWKDWLQFOXGHVWKHOHYHORISURIHVVLRQDOVWUHVVRIZRUNHUVLQ6\ULDQRUJDQL]DWLRQVLQ7XUNH\E\DJH

&RUUHODWLRQV

3K\VLFDOVWUHVV

3V\FKRORJLFDO

%HKDYLRUDOVWUHVV

*HQHUDOVWUHVV DJH

DJH 3HDUVRQ&RUUHODWLRQ

6LJWDLOHG

1

&RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG &RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϭϬŽĨϭϯ

DJH *HQHUDOVWUHVV %HKDYLRUDOVWUHVV 3V\FKRORJLFDO 3K\VLFDOVWUHVV 0HDQ 0HDQ 0HDQ 0HDQ 0HDQ 0HDQ 7RWDO 0HDQ

DJH$YHUDJHE\DJH2YHUDOODYHUDJH

)URPWKHWDEOHDERYHWKHSURIHVVLRQDOVWUHVVRIWKHZRUNHUVRI6\ULDQRUJDQL]DWLRQVLVDIIHFWHGE\WKHGHPRJUDSKLFVDPSOHLQWHUPVRIDJH

7DEOH WKDW LQFOXGHV WKH OHYHORISURIHVVLRQDOVWUHVVRIZRUNHUV LQ6\ULDQRUJDQL]DWLRQV LQ7XUNH\E\ -RE'HVFULSWLRQV

-RE'HVFULSWLRQV$YHUDJHE\-RE'HVFULSWLRQV2YHUDOODYHUDJH

2IILFHU

+HDGRI'HSDUWPHQW

([HFXWLYH'LUHFWRU

-RE'HVFULSWLRQV *HQHUDOVWUHVV %HKDYLRUDOVWUHVV 3V\FKRORJLFDO 3K\VLFDOVWUHVV 0HDQ

0HDQ

0HDQ

7RWDO 0HDQ

&RUUHODWLRQV

3K\VLFDOVWUHVV

3V\FKRORJLFDO

%HKDYLRUDOVWUHVV

§ *HQHUDOVWUHVV

-RE'HVFULSWLRQV

-RE'HVFULSWLRQV

3HDUVRQ&RUUHODWLRQ

6LJWDLOHG

1

&RUUHODWLRQLVVLJQLILFDQWDWWKHOHYHOWDLOHG

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϭϭŽĨϭϯ

)URPWKHWDEOHDERYHWKHSURIHVVLRQDOVWUHVVRIWKHZRUNHUVRI6\ULDQRUJDQL]DWLRQV1RWDIIHFWHGPXFKWKHGHPRJUDSKLFVDPSOHLQWHUPVRIWKHIXQFWLRQDOOHYHO

5HVXOWV

6WDIIVWUHVVLQ6\ULDQRUJDQL]DWLRQVRSHUDWLQJIURP7XUNH\LVORZ

2QWKHOHYHORISK\VLFDOVWUHVVWKHIHHOLQJRIVHQVLWLYLW\RIVWDIIWRRNWKHGLUHFWLRQRIQRLVHLQWKHWRSRIWKHODGGHUIROORZHGE\DIHHOLQJRIIDWLJXHWKHQSDLQLQWKHEDFNDQGPXVFOHV

$WWKHOHYHORIVWUHVVDQ[LHW\DERXWWKHIXWXUHKDVEHHQKLJKHVWLQWKLVJURXSIROORZHGE\ERUHGIHHOLQJORVVRIHQWKXVLDVPIHHOLQJRIHQHUJ\VKRUWDJHDQGWKHQWKHVSHHGRIDQJHU

2QWKHOHYHORIEHKDYLRUDOVWUHVVLWZDVGLIILFXOWWRUHJXODWHWLPHDWWKHKLJKHVWOHYHOLQWKLVJURXSIROORZHG E\IRUJHWWLQJDQGWKHQGLIILFXOW\IRFXVLQJ

$FFRUGLQJWR7DEOHRFFXSDWLRQDOVWUHVVLVQRWPXFKDIIHFWHGE\WKH*HQGHURIHPSOR\HHVLHWKHFRUUHODWLRQLVZHDNZKHUHZHILQG

2FFXSDWLRQDOVWUHVVLQPDOHVLVKLJKHUWKDQLQIHPDOHV

&RQFHUQ DERXWWKHIXWXUHRIPDOHVLVKLJKHUWKDQIHPDOHVZLWKDOHYHORIIRUPDOHVDQGIRUIHPDOHV

7KHUHLVDZHDNFRUUHODWLRQEHWZHHQSK\VLFDOVWUHVVDQGJHQGHURI

7KHUHLVDZHDNDGYHUVHFRUUHODWLRQEHWZHHQVWUHVVDQGJHQGHURI

7KHUHLVDZHDNDGYHUVHFRUUHODWLRQEHWZHHQEHKDYLRUDOVWUHVVDQGJHQGHURI

7KHSURIHVVLRQDOVWUHVVRIWKHOHYHORIHGXFDWLRQRIWKHHPSOR\HHVGRHVQRWDIIHFW

0DVWHUDQG3K'KROGHUVFDPHLQWKHPRVWVWUHVVIXOZLWKXQLYHUVLW\HGXFDWLRQDQGWKHOHDVWHGXFDWHG

,QWHUPVRIFRQFHUQDERXWWKHIXWXUHWKHKROGHUVRIXQLYHUVLW\GHJUHHVDUHWKHPRVWFRQFHUQHGDPRQJDOOWKHFHUWLILFDWHVDQGWKHOHDVWJUDGXDWHV

7KHUHLVDZHDNFRUUHODWLRQEHWZHHQWKHHGXFDWLRQDOOHYHODQGEHKDYLRUDODQGSV\FKRORJLFDOVWUHVV

7KHUHLVDZHDNFRUUHODWLRQEHWZHHQWKHHGXFDWLRQDOOHYHODQGSK\VLFDOVWUHVV

7KHRFFXSDWLRQDOVWUHVVRI6\ULDQZRUNHUVLQRUJDQL]DWLRQVLVDIIHFWHGE\WKHVRFLDOVLWXDWLRQ

7KHUHODWLRQVKLSEHWZHHQWKHRFFXSDWLRQDOVWUHVVLQ6\ULDQRUJDQL]DWLRQVDQGWKHVRFLDOFRQGLWLRQRILWVHPSOR\HHVLVORZDQGLWLVORZZLWKWKHFKDQJHRIVRFLDOVWDWXVDQGLVORZLQWKHXQPDUULHGDQGORZLQWKHPDUULHG

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϭϮŽĨϭϯ

7KHOHYHORISK\VLFDOVWUHVVRI6\ULDQRUJDQL]DWLRQVLVYHU\VOLJKWO\ DIIHFWHGE\WKHLUVRFLDOVLWXDWLRQ

$FFRUGLQJWR7DEOHWKHRFFXSDWLRQDOVWUHVVRI6\ULDQHPSOR\HHVLQRUJDQL]DWLRQVLVDIIHFWHGE\WKHDJHJURXSRIWKHHPSOR\HH

7KHDJHJURXS IURP WR\HDUV LV WKHKLJKHVW LQVWUHVVDPRQJRWKHUDJHJURXSVZKHUHSK\VLFDOVWUHVVUHDFKHGVWUHVVDQGEHKDYLRUDOVWUHVVDOORIZKLFKDUHKLJKHUWKDQWKHJHQHUDOUDWHRIVWUHVVLQWKLVVWXG\

:LWKLQ WKHDJHJURXS LQGLYLGXDOVFDPHDFFRUGLQJWR WKHVRFLDOVLWXDWLRQ LQ WKHDERYHPHQWLRQHGFDWHJRU\WKHVLQJOHDQGWKHQHQJDJHGDPRQJWKHPRVWVWUHVVHG

7KHUHLVDVWDWLVWLFDOO\VLJQLILFDQWFRUUHODWLRQEHWZHHQHPSOR\HHRFFXSDWLRQDOVWUHVVDQGDJHLQ6\ULDQRUJDQL]DWLRQVDQG WKLV LV WKHRSSRVLWH UHODWLRQVKLSDV WKHROGHU WKHHPSOR\HHKDVD ORZHURFFXSDWLRQDOVWUHVV

7KHUHLVQRVWDWLVWLFDOO\VLJQLILFDQWFRUUHODWLRQEHWZHHQRFFXSDWLRQDOVWUHVVDQGMREOHYHOLQ6\ULDQRUJDQL]DWLRQV

7KHUHLVDUHYHUVHUHODWLRQVKLSEHWZHHQVWUHVVDQGMREOHYHODVWKHKLJKHUWKHOHYHORIFDUHHUVWUHVVLQ6\ULDQRUJDQL]DWLRQV

7KHUHLVQRFRUUHODWLRQEHWZHHQIXQFWLRQDOOHYHODQGSK\VLFDOVWUHVVLHSK\VLFDOVWUHVVLVYHU\FORVHDWDOOIXQFWLRQDOOHYHOV

7KHUHLVDFRUUHODWLRQEHWZHHQJHQHUDOVWUHVVLQ6\ULDQRUJDQL]DWLRQVDQGRWKHUVXEJURXSVWKDWPDNHXSLWSK\VLFDOVWUHVV EHKDYLRUDOVWUHVV SV\FKRORJLFDOVWUHVV

7KHJUHDWHUWKHJHQHUDOVWUHVVE\WKHJUHDWHUWKHSV\FKRORJLFDOVWUHVVE\WKHJUHDWHUWKHEHKDYLRUDOVWUHVVE\DQGWKHLQFUHDVHSK\VLFDOVWUHVVE\

7KHUHLVDPHGLXPVWUHQJWKH[SXOVLRQOLQN%HWZHHQSK\VLFDOVWUHVVDQGERWKSV\FKRORJLFDODQGEHKDYLRUDOVWUHVVWKHPRUHSK\VLFDOVWUHVVLQV\ULDQRUJDQL]DWLRQVWKHJUHDWHUWKHSV\FKRORJLFDODQGEHKDYLRUDOVWUHVVE\DSSUR[LPDWHO\

7KHUHLVDVWURQJH[RUFLVP%HWZHHQEHKDYLRUDOVWUHVVDQGSV\FKRORJLFDOVWUHVVDPRQJWKHZRUNHUVRI6\ULDQRUJDQL]DWLRQVDQGWKH\DUHYHU\FORVHLQWHUPVRIIHHOLQJERWKVWUHVVHV

5HFRPPHQGDWLRQV

6\ULDQ RUJDQL]DWLRQV ZKHQ EXLOGLQJ UHFRYHU\ SURJUDPV DQG SV\FKRORJLFDO VXSSRUW IRU WKHLUHPSOR\HHVVKRXOGFRQVLGHU WKHYDULDEOHDJHDQGVRFLDOVWDWXVRIWKHHPSOR\HH

+XPDQUHVRXUFHVPDQDJHPHQWPRQLWRUDQGFROOHFWLQIRUPDWLRQFRQWLQXRXVO\DERXWVWUHVV LQGLFDWRUVLQWKHLURUJDQL]DWLRQVDQGWU\WRJHWULGRIRUUHGXFHVWUHVVWRLPSURYHWKHZRUNLQJHQYLURQPHQW

$:5$47$5%$:,$,661$SULO /HEDQRQ

WĂŐĞϭϯŽĨϭϯ

,QWHJUDWLQJWKHKHDOWKRIHPSOR\HHVLQWRWKHRUJDQL]DWLRQVFRQFHUQVWRDFKLHYHMREZHOOEHLQJ

3UHSDULQJ JXLGDQFHPHVVDJHV IRU HPSOR\HHV DV SDUW RI DZDUHQHVV HIIRUWV WR DFWLYDWH VWUHVVUHVSRQVHVWUDWHJLHVDQG FRQGXFWFRQWLQXRXVWUDLQLQJIRUHPRWLRQDOYHQWLQJRIHPSOR\HHV

:RUNWRUHGXFHWKHULVNRIVWUHVVRQWKHRUJDQL]DWLRQDQGWKHLQGLYLGXDOZKLFKUHIOHFWVSRVLWLYHO\RQWKHSXEOLFLQWHUHVWLQ6\ULDQRUJDQL]DWLRQV