%HLQJ D )HPDOH (GXFDWLRQ 6XSHUYLVRU 7KRXJKWV RQ WKH
3URIHVVLRQDQG3UREOHPV
6X]DQ&DQO×+DVDQ'HPLUWDü$KPHW%R]DN6HUSLO'RUXN
%DFNJURXQG (GXFDWLRQ VXSHUYLVRUV FRPSULVLQJ D VLJQLILFDQW VHJPHQW RI WKH
VXSHUYLVLRQ V\VWHP KDYH XQGHUWDNHQ D IXQFWLRQDO UHVSRQVLELOLW\ IRU WKH
HGXFDWLRQDOV\VWHPQRWRQO\WRDFKLHYHLWVJRDOVEXWDOVRWRLQWURGXFHDPRGHUQ
VWUXFWXUHDQGRSHUDWLRQWKHUHLQ7HU]LS(GXFDWLRQVXSHUYLVRUVPD\
SOD\ WKHLU H[SHFWHG UROHV DV ORQJ DV WKH\ IXOILOO WKHLU VXSHUYLVLQJ IXQFWLRQV
SHDFHIXOO\ZKLOHEHLQJDZD\IURPDOOVRUWVRILQIOXHQFHVDQGWURXEOHV7D\PD]
S 7KDW LV ZK\ WKH SUREOHPV EHLQJ HQFRXQWHUHG E\ WKH HGXFDWLRQ
VXSHUYLVRUV VKRXOG EH VROYHG IURP YDULRXV SRLQWV RI YLHZ 'HVSLWH QXPHURXV
UHVHDUFKHV %H\KDQ 'DùO× (UGHP g]PHQ ûDKLQ
6DUSND\D 6|E ûHQ\] 7D\PD] 7HU]L ZHUH
LQFOXGHGLQWKHOLWHUDWXUHGHDOLQJZLWKWKHSUREOHPVEHLQJHQFRXQWHUHGE\WKH
HGXFDWLRQ VXSHUYLVRUV QR UHVHDUFK KDV EHHQ PDGH RQ WKH SUREOHPV EHLQJ
HQFRXQWHUHGE\WKHIHPDOHHGXFDWLRQVXSHUYLVRUVLQWKHLUSURIHVVLRQDOSURFHVVHV
DV D PDWWHU RI WKHLU JHQGHU )XUWKHUPRUH LQ VRPH RI WKH UHVHDUFKHV KDYLQJ
EHHQPDGHRQWKHVXSHUYLVRUVIHPDOHHGXFDWLRQVXSHUYLVRUVKDYHEHHQIRXQGWR
KDYHORZHURFFXSDWLRQDOVDWLVIDFWLRQWKDQWKDWRIWKHLUPDOHFROOHDJXHV.D\×No×
DQGWRVXIIHUWKHVHQVHRIEXUQRXWPXFKPRUHWKDQWKHLUPDOHFROOHDJXHV
LQWHUPVRIHPRWLRQDOEXUQRXW(QJLQ7KLVPD\DULVHIURPWKHSUREOHPV
EHLQJ HQFRXQWHUHG E\ WKH IHPDOH HGXFDWLRQ VXSHU YLVRU V DV D PDWWHU RI WKHLU JHQGHU DQG GXH WR WKH QHJDWLYH UHIOHFWLRQ RI VXFK SUREOHPV WR WKHLU OLYHV
+HQFH LQ WKH EXVLQHVV OLIH ZRPHQ HQFRXQWHU SUREOHPV EHLQJ GLIIHUHQW IURP
WKRVHEHLQJHQFRXQWHUHGE\PHQ+HOPV *XIIH\.DUD.RFDF×N
$\DQ .RFDF×N *|NND\D /LX :LOVRQ <×OPD]
%R]NXUWDQGú]FL,WPD\EHVDLGWKDWGXHWRWKHUHIOHFWLRQRIWKHVRFLDO
JHQGHUIHDWXUHVWRWKHRUJDQL]DWLRQVWKHDQGGXHWRWKHVRFLDOJHQGHUUROHVRI
WKHZRPHQWKHSRLQWVRIYLHZRIWKHIHPDOHHGXFDWLRQVXSHUYLVRUVWRZDUGVWKH
RFFXSDWLRQ RI VXSHUYLVLQJ DV ZHOO DV WKH SUREOHPV WKH\ HQFRXQWHU LQ WKH
SURIHVVLRQDOSURFHVVHVPD\YDU\IURPWKRVHZLWKUHJDUGWRWKHPDOHHGXFDWLRQ
VXSHUYLVRUV
3XUSRVH :KDW LV LQWHQGHG KHUH LQ LV WR DVFHUWDLQ WKH IHPDOH HGXFDWLRQ
VXSHUYLVRUV·RSLQLRQVDERXWDQGSUREOHPVLQWKHRFFXSDWLRQRIVXSHUYLVLQJIRU
WKHSXUSRVHRIRIIHULQJUHVSHFWLYHVXJJHVWLRQVWRWKHSUDFWLWLRQHUVDQGWRWKH
UHVHDUFKHUV DV ZHOO )RU WKLV SXUSRVH WKH DQVZHUV WR WKH IROORZLQJ TXHVWLRQV
KDYH EHHQ VRXJKW :KDW DUH WKH IDFWRUV RULHQWDWLQJ WKH IHPDOH HGXFDWLRQ
0LOOv (ùLWLP 0GUOù $G×\DPDQ FDQOLVX]DQ#JPDLOFRP 'Ro 'U úQ|Q hQLYHUVLWHVL 0DODW\D
KDVDQGHPLUWDV#LQRQXHGXWU0LOOv(ùLWLP0GUOù0DODW\D0LOOv(ùLWLP0GUOùûDQO×XUID
>.XUDPYH8\JXODPDGD(ùLWLP<|QHWLPL&LOW6D\×@
VXSHUYLVRUVWRZDUGVWKHRFFXSDWLRQRIVXSHUYLVLQJ":KDWDUHWKHQHJDWLYLWLHV
EHLQJ HQFRXQWHUHG E\ WKH IHPDOH HGXFDWLRQ VXSHU YLVRU V DW WKH RQVHW RI WKHLU FDU HHU V DV D PDWWHU RI EHLQJ D ZRPDQ" :KDW DU H WKH SU REOHPV EHLQJ
HQFRXQWHUHG E\ WKH IHPDOH HGXFDWLRQ VXSHUYLVRUV WKURXJKRXW WKH SURIHVVLRQDO
SURFHVVHVDVDPDWWHURIEHLQJDZRPDQ":KDWDUHWKHDGYDQWDJHVRIEHLQJD
IHPDOHHGXFDWLRQVXSHUYLVRU":KDWFDXVHVWKHRFFXSDWLRQDOVDWLVIDFWLRQDQG
GLVVDWLVIDFWLRQRIWKHIHPDOHHGXFDWLRQVXSHUYLVRUV"
0HWKRG 'HVFU LSWLYH PHWKRG EDVHG RQ WKH GHVFU LSWLYH VFU HHQLQJ PHWKRG ZDV
XWLOL]HG LQ WKH UHVHDUFK +DYLQJ REWDLQHG WKH UHVHDUFK GDWD E\ PHDQV RI
TXDOLWDWLYH UHVHDUFK PHWKRG WKH UHVHDUFK ZDV FRQGXFWHG E\ PHDQV RI
SKHQRPHQRORJLFDO GHVLJQ DV EHLQJ DPRQJ WKH GHVLJQV RI WKH TXDOLWDWLYH
UHVHDUFK(DVLO\DFFHVVLEOHFRQGLWLRQVDPSOLQJWHFKQLTXHDPRQJWKHSXUSRVHIXO
VDPSOLQJPHWKRGZDVXVHGLQQRPLQDWLQJWKHSDUWLFLSDQWVRIWKHUHVHDUFK
6HPLVWUXFWXUHG LQWHUYLHZ IRUP ZDV XVHG DV WKH UHVHDUFK·V PHDQV RI GDWD
FROOHFWLRQ7KHUHZHUHTXHVWLRQVEHLQJDVNHGLQWKHVHPLVWUXFWXUHGLQWHUYLHZ
IRUPVRDVWREHDQVZHUHGE\WKHIHPDOHHGXFDWLRQVXSHUYLVRUVZLWKWKHLQWHQW
RI DVFHU WDLQLQJ WKHLU RSLQLRQV DERXW DQG WKHLU SU REOHPV DU LVLQJ IU RP WKH
SURIHVVLRQRIHGXFDWLRQVXSHUYLVLQJ'DWDRIWKHUHVHDUFKZHUHFROOHFWHGHLWKHU
E\ ZD\ RI IDFHWRIDFH LQWHU YLHZLQJ ZLWK WKH VXSHU YLVRU V EHLQJ HOLJLEOH IRU LQWHUYLHZLQJRUE\ZD\RIVHQGLQJWKHLQWHUYLHZIRUPWRWKHUHVWYLDHPDLOLQ
EHWZHHQWKHGDWHVRI
'HVFULSWLYH DQG FRQWHQW DQDO\VLV PHWKRGV ZHUH XVHG LQ WKH DQDO\VLV RI WKH
REWDLQHGGDWD+DYLQJWKHUHVSRQVHVJLYHQWRWKHTXHVWLRQVZLWKLQWKHLQWHUYLHZ
IRUP H[DPLQHG PHWLFXORXVO\ UHVHDUFKHUV GLG HQFRGLQJ ZLWK DQ LQGXFWLYH
DSSU RDFK E\ ZD\ RI QRW PDNLQJ XVH RI D SU HGHWHU PLQHG FRGLQJ FRQWHQW EXW
VWLFNLQJWRWKHHVVHQFHRIWKHUHVSHFWLYHH[SUHVVLRQV:KLOHHQFRGLQJDWWHQWLRQ
ZDVSDLGWRGHWHUPLQHWKHIUHTXHQF\RIH[SUHVVLRQV*HWWLQJWKHFRGHVWRJHWKHU
WKH VLPLODULWLHV DQG GLIIHUHQFHV WKHUHRI ZHUH H[DPLQHG DQG WKHPHV ZHUH
FRPSRVHGWKHUHIURPE\ZD\RIILQGLQJWKHFRPPRQDVSHFWVEHWZHHQWKHVLPLODU
FRGHV :KLOH LW ZDV SRVVLEOH WR U HGXFH WKH TXDOLWDWLYH GDWD LQWR ILJXU HV DW D
FHUWDLQOHYHOIUHTXHQFLHVUHODWHGZLWKWKHFRGHVDQGWKHPHVZHUHFDOFXODWHG,Q
WKHSUHVHQWDWLRQRIWKHILQGLQJVVRPHRIWKHH[SUHVVLRQVLQGLYLGXDOO\XWWHUHGE\
WKHSDUWLFLSDQWVZHUHJLYHQ&HUWDLQUHVXOWVZHUHREWDLQHGE\ZD\RIKDYLQJWKH
DWWDLQHGGDWDH[DPLQHGZLWKWKHFDXVH HIIHFWUHODWLRQVKLSVWKHUHRI<×OG×U×P
ûLPüHN
)LQGLQJVDQG&RQFOXVLRQV'HVSLWHYDULRXVIDFWRUVKDYLQJRULHQWDWHGWKHIHPDOH
HGXFDWLRQ VXSHUYLVRUV WRZDUGV HGXFDWLRQ VXSHUYLVLQJ WKH PRVWO\ HPSKDVL]HG
IDFWRU DPRQJ WKHP ZDV IRXQG WR EH ´WKH QHJDWLYH DWWLWXGH WRZDU GV WHDFKLQJ
SURIHVVLRQµ )HPDOH HGXFDWLRQ VXSHUYLVRUV LQGLFDWHG WKHLU LQFOLQDWLRQ WRZDUGV
HGXFDWLRQVXSHUYLVLQJDVDFRQVHTXHQFHRIWKHURXWLQHSURIHVVLRQDOSURFHVVLQ
WHDFKLQJ RFFXSDWLRQ ODFN RI VHOIDFWXDOL]DWLRQ DQG HYHUGHFUHDVLQJ WHDFKLQJ
HIILFLHQF\
>(GXFDWLRQDO$GPLQLVWUDWLRQ7KHRU\DQG3UDFWLFH9RO,VVXH@
:KLOHPRVWRIWKHIHPDOHHGXFDWLRQVXSHUYLVRUVVSRNHRIQRQHJDWLYLW\WKH\
KDG HQFRXQWHUHG WKURXJKRXW WKH VWDJH RI WKHLU LQWURGXFWLRQ WR WKH HGXFDWLRQ
VXSHUYLVLQJ VRPH RI WKHP VSRNH RI KDYLQJ XQGHUJRQH JHQGHUEDVHG
RFFXSDWLRQDO GLVFULPLQDWLRQ LQ WKH PHDQWLPH )HPDOH HGXFDWLRQ VXSHUYLVRUV
LQGLFDWHGWKDWWKH\KDGXQGHUJRQHJHQGHUEDVHGRFFXSDWLRQDOGLVFULPLQDWLRQ
FRPPLWWHG E\ WKRVH IU RP WKHLU LQQHU FLU FOHV DXWKRU L]HG SHU VRQV DQG E\ WKH
PDOHHGXFDWLRQVXSHUYLVRUVDVZHOO*HQGHUEDVHGRFFXSDWLRQDOGLVFULPLQDWLRQ
LV LQ WKH OHDG DPRQJ WKH SU REOHPV EHLQJ HQFRXQWHU HG E\ WKH ZRPHQ LQ WKHLU ZRUN OLYHV 3DUODNWXQD S 7DNLQJ WKH VHUYLFHV UHTXLUHG E\ WKH
RFFXSDWLRQ RI HGXFDWLRQ VXSHUYLVLQJ DQG WKH ZRUNORDG WKHUHRI LQWR
FRQVLGHUDWLRQGHYHORSPHQWRIVXFKDWKRXJKWPD\EHVHHQDVDUHIOHFWLRQRIWKH
VRFLDOJHQGHUVRQWKHRFFXSDWLRQUDWKHUWKDQEHLQJDIDFWRIELRORJLFDOJHQGHU
,WZDVIXUWKHUIRXQGRXWWKDWPRVWRIWKHIHPDOHHGXFDWLRQVXSHUYLVRUVZHUH
HQFRXQWHULQJ SUREOHPV ZKLOH GRLQJ WKHLU GDLO\ SURIHVVLRQDO URXWLQHV DQG WKH
´QHJDWLYH DWWLWXGHV DQG EHKDYLRUV RI WKRVH XQGHU VXSHUYLVLRQµ ZDV WKH PRVWO\
FLWHG DPRQJ WKH DIRUHPHQWLRQHG SUREOHPV $PRQJ WKHVH FRPPLWWHG E\ WKH
DGPLQLVWUDWRUVDQGWHDFKHUVZHUHILQGLQJIHPDOHHGXFDWLRQVXSHUYLVRUVVWUDQJH
DQGQRWEHOLHYLQJLQWKHPWREHHGXFDWLRQVXSHUYLVRUV7KLVPD\EHGXHWRWKH
UHODWLYHO\ UHFHQW HPEDUN RI WKH ZRPHQ XSRQ EXLOGLQJ FDUHHU LQ HGXFDWLRQ
VXSHUYLVLQJDQGRQWKHPHQ·VSDUWGXHWREHLQJXQDFFXVWRPHGWRVHHZRPHQLQ
WKLVRFFXSDWLRQDOILHOGORQJRFFXSLHGE\PHQ
0RVWRIWKHIHPDOHHGXFDWLRQVXSHUYLVRUVLQGLFDWHGWKDWWKH\KDGQRSUREOHP
LQ WHDFKHU VXSHUYLVLRQ 2Q WKH RWKHU KDQG WKH\ PHQWLRQHG RI ´WKH EHOLHI LQ
ZRPHQDVEHLQJFDSULFLRXVµDVWKHPRVWIUHTXHQWO\HQFRXQWHUHGSUREOHPGXULQJ
WHDFKHUVXSHUYLVLRQ)HPDOHHGXFDWLRQVXSHUYLVRUVQRWRQO\FODLPHGWKDWWHDFKHUV
ZHU H WKLQNLQJ DERXW WKH IHPDOH HGXFDWLRQ VXSHU YLVRU V DV EHLQJ FDSU LFLRXV DQG
WKDWYLHZLQJZRPHQDVEHLQJFDSULFLRXVZDVVRPHWKLQJDERXWWKHVRFLHW\·VYLHZ
RQWKHZRPHQWKH\HYHQFODLPHGWKDWLWZDVWKHPDOHHGXFDWLRQVXSHUYLVRUVZKR
ZHUHVSUHDGLQJWKLVSRLQWRIYLHZ6XFKDWKRXJKWPD\VHHPWREHDUHIOHFWLRQRI
FHUWDLQSUHMXGLFHVZLWKLQWKHVRFLHW\DLPLQJDWWKHZRPHQ
0RVW RI WKH IHPDOH HGXFDWLRQ VXSHU YLVRU V LQGLFDWHG WKDW EHLQJ IHPDOH
HGXFDWLRQVXSHUYLVRUVGLGQRWSURYLGHDQ\DGYDQWDJHIRUWKHP2QWKHRWKHUKDQG
VRPHRIWKHIHPDOHHGXFDWLRQVXSHUYLVRUVFLWHG´SD\LQJDWWHQWLRQWRWKHEHKDYLRUV
RIWKHLQWHUDFWHGSHUVRQVJHWWLQJLQWRFRQWDFWZLWKIHPDOHVWXGHQWVDQGWHDFKHUV
PRUHHDVLO\µDPRQJWKHDGYDQWDJHVRIEHLQJDIHPDOHHGXFDWLRQVXSHUYLVRU
2XWRIWKHWRWDORIWKHIHPDOHHGXFDWLRQVXSHUYLVRUVWKHUHRIZHUH
IRXQGWREHFRQWHQWZLWKWKHLUMREVZHUHIRXQGWREHLQGHFLVLYHDQGWKH
UHPDLQLQJZHUHIRXQGWREHGLVFRQWHQWZLWKWKHLUMREV7KHIDFWRUPRVW
IUHTXHQWO\FLWHGE\WKHIHPDOHHGXFDWLRQVXSHUYLVRUVIRUWKHLUFRQWHQWPHQWZLWK
WKHLU MRE ZDV ´EHLQJ KHOSIXOµ ZKLOH WKH IDFWRU PRVW IUHTXHQWO\ FLWHG E\ WKH
IHPDOH HGXFDWLRQ VXSHU YLVRU V IRU WKHLU GLVFRQWHQWPHQW ZLWK WKHLU MRE ZDV
´ILQDQFLDOLQVXIILFLHQF\µ
>.XUDPYH8\JXODPDGD(ùLWLP<|QHWLPL&LOW6D\×@
.D\QDNODU5HIHUHQFHV
$OW×QGDù 0 úON|ùUHWLP PIHWWLüOHULQLQ UHKEHUOLN GHùHUOHQGLUPH YH VRUXüWXUPD
UROOHUL KDNN×QGD $QNDUD LOL |ùUHWPHQ YH PIHWWLüOHULQLQ J|UüOHUL <D\×PODQPDP×ü
\NVHNOLVDQVWH]L$QNDUDhQLYHUVLWHVL$QNDUD
$\G×Q ú gùUHWLPGH GHQHWLP 'XUXP VDSWDPD GHùHUOHQGLUPH YH JHOLüWLUPH
%DVN×$QNDUD3HJHP
$\G×Q0dDùGDüHùLWLPGHQHWLPL%DVN×$QNDUD+DWLSRùOX
%HDFK ' 0 5HLQKDUW] - 6XSHUYLVRU\ OHDGHUVKLS )RFXV RQ LQVWUXFWLRQ
0DVVDFKXVHWWV$OO\QDQG%DFRQ
%HVOHU 6 YH 2UXo ú 7UNL\H·GH YH \D]×O× EDV×QGD NDG×Q \|QHWLFLOHU $QDGROX
hQLYHUVLWHVL6RV\DO%LOLPOHU'HUJLVL
%H\KDQ$úON|ùUHWLPPIHWWLüOHULQLQGLVLSOLQVRUXüWXUPDV×VUHFLQGHNDUü×ODüW×NODU×
VRUXQODU<D\×PODQPDP×ü\NVHNOLVDQVWH]L$QNDUDhQLYHUVLWHVL$QNDUD
%REELWW=HKHU ' *HQGHU GLVFULPLQDWLRQ DW ZRUN &RQQHFWLQJ JHQGHU
VWHUHRW\SHV LQVWLWXWLRQDO SROLFLHV DQG JHQGHU FRPSRVLWLRQ RI ZRUNSODFH *HQGHU 6RFLHW\
%UHQQHU2&7RPNLHZLF]- 6FKHLQ9(7KHUHODWLRQVKLSEHWZHHQVH[
UROHVWHUHRW\SHVDQGUHTXLVLWHPDQDJHPHQWFKDUDFWHULVWLFVUHYLVWHG7KH$FDGHP\RI
0DQDJHPHQW-RXUQDO
%XUQKDP50,QVWUXFWLRQDOVXSHUYLVLRQ3DVWSUHVHQWDQGIXWXUHSHUVSHFWLYHV
7KHRU\LQWR3UDFWLFH
&RRSHU&/ /HZLV6:RUNLQJWRJHWKHUPHQDQGZRPHQLQRUJDQL]DWLRQ
/HDGHUVKLS 2UJDQL]DWLRQ'HYHORSPHQW-RXUQDO
'DùO× $ úON|ùUHWLP GHQHWPHQOHULQLQ HùLWLP YH \DüDP LOH LOJLOL NDUü×ODüW×NODU×
VRUXQODU YHEX VRUXQODU×Q o|]PQH LOLüNLQ |QHULOHU 'LFOH hQLYHUVLWHVL =L\D *|NDOS
(ùLWLP)DNOWHVL'HUJLVL
'LEHN 7 (ùLWLP PIHWWLüOHULQLQ VRUXQODU× PHFOLV JQGHPLQGH
KWWSZZZPXIHWWLVOHU QHWGHUQHNGX\XUXODULHJLWLPPXIHWWLVOHULQLQVRUXQODUL
PHFOLVJXQGHPLQGHKWPODGUHVLQGHQ1LVDQWDULKLQGHDO×QP×üW×U
(QJLQ $ 0LOOL (ùLWLP %DNDQO×ù× LON|ùUHWLP PIHWWLüOHULQLQ WNHQPLüOLN GX\JXVX
]HULQHELUDUDüW×UPD<D\×PODQPDP×ü\NVHNOLVDQVWH]L+DUUDQhQLYHUVLWHVLûDQO×
8UID
(U GHP + % úON|ùUHWLP PIHWWLüOHULQLQ J|UHYOHULQL \HULQH JHWLULUNHQ NDUü×ODüW×ù×
VRUXQODU<D\×PODQPDP×ü\NVHNOLVDQVWH]L<]QF<×OhQLYHUVLWHVL9DQ
)UDHQNHO-:DOOHQ1 +\XQ+++RZWRGHVLJQDQGHYDOXDWHUHVHDUFKLQ
HGXFDWLRQWKHG%RVWRQ0F*UDZ+LOO
*ODWWKRUQ$$6XSHUYLVRU\OHDGHUVKLS,QWURGXFWLRQWRLQVWUXFWLRQDOVXSHUYLVLRQ
1HZ<RUN+DUSHU&ROOLQV
*OLFNPDQ & ' *RU GRQ 6 3 5RVV*RU GRQ - 0 6XSHUYLVLRQ DQG
LQVWUXFWLRQDO O HDGHUVKLS $ GHYHO RSPHQWDO DSSURDFK WK HG %RVWRQ $OO\Q DQG
%DFRQ
>(GXFDWLRQDO$GPLQLVWUDWLRQ7KHRU\DQG3UDFWLFH9RO,VVXH@
*|NoH 6 0HVOHN YH FLQVL\HW KWWSZZZNDGLQPXKHQGLVOHURUJVJB0HVOHNYH
&LQVL\HWDVS[DGUHVLQGHQ1LVDQWDULKLQGHDO×QP×üW×U
+DUULV%06XSHUYLVRU\EHKDYLRULQHGXFDWLRQUGHG1HZ-HUVH\3UHQWLFH
+DOO
+HOPV00 *XIIH\&-7KHUROHRIZRPHQLQ(XURSH(XURSHDQ%XVLQHVV
5HYLHZ
+R\ : . )RUV\WK 3 % (IIHFWLYH VXSHUYLVLRQ 7KHRU\ LQWR SUDFWLFH 1<
0F*UDZ+LOOKWWSZZZZD\QHNKR\FRPSGIVVXSHUYLVLRQBERRNSGIDGUHVLQGHQ
1LVDQWDULQLQGHDO×QP×üW×U
.DUD 2 2FFXSDWLRQDO JHQGHU ZDJH GLVFULPLQDWLRQ LQ 7XUNH\ -RXUQDO RI
(FRQRPLF6WXGLHV
.DUDPDQ 1 gùUHWPHQOHULQ PHVOHNOHULQL DOJ×ODPD ELoLPOHUL YH JHOHFHNWHQ
EHNOHQWLOHUL QHOHUGLU" <NVHN OLVDQV G|QHP SURMHVL 7UDN\D hQLYHUVLWHVL (GLUQH
KWWS7H]0(7,1SGI DGUHVLQGHQ 1LVDQ WDULKLQGH
DO×QP×üW×U
.DUDVDU1$UDüW×UPDODUGDUDSRUKD]×UODPD$QNDUD1REHO
.D\×No× . 0LOOL (ùLWLP %DNDQO×ù× PIHWWLüOHULQLQ GHQHWLP VLVWHPLQLQ \DS×VDO
VRUXQODU×QD LOLüNLQ DOJ×ODU× YH Lü GR\XP G]H\OHUL .XUDP YH 8\JXODPDGD (ùLWLP
<|QHWLPL
.RFDF×N)YH$\DQ67UNL\H·GHWHNVWLODODQ×QGDoDO×üDQNDG×QODUYHVRUXQODU×
úVWDQEXO$GDQD'HQL]OL6LYDVYH7HNLUGDùLOL|UQHNOHUL8OXVODUDUDV×úQVDQ%LOLPOHUL
'HUJLVL
.RFDF×N ) YH *|NND\D 9 % 7UNL\H·GH oDO×üDQ NDG×QODU YH VRUXQODU× & h
úNWLVDGLYHúGDUL%LOLPOHU'HUJLVL
.XPDü+YH)LGDQ)$NDGHPLV\HQYHWHNVWLOLüoLOHULNDUü×ODüW×UPDV×|UQHùLQGH
oDO×üDQNDG×QODU×QoDO×üPDROJXVXQDEDN×üDo×ODU×6RV\DO6L\DVHW.RQIHUDQVODU×'HUJLVL
KWWSZZZLXGHUJLFRPWULQGH[SKSVRV\DOVL\DVHWDUWLFOH YLHZ
DGUHVLQGHQ$ùXVWRVWDULKLQGHDO×QP×üW×U
/LX- :LOVRQ'7KHXQFKDQJLQJSHUFHSWLRQRIZRPHQDVPDQDJHUV:RPHQ
LQ0DQDJHPHQW5HYLHZ
0DFN1:RRGVRQJ&0DF4XHHQ.0*XHVW* 1DPH\(4XDOLWDWLYH
UHVHDUFK PHWKRGV $ GDWD FROOHFWRU·V ILHOG JXLGH 5HVHDUFK 7ULDQJOH 3DUN 1RUWK
&DUROLQD)DPLO\+HDOWK,QWHUQDWLRQDO
0HUFDQO×RùOX d &LQVL\HWH GD\DO× HüLWVL]OLN NDG×Q \|QHWLFLOHULQ Lü YH |]HO
KD\DWODU×Q× GHQJHOHPH ]RUOXNODU× YH EHGHOOHUL 8OXVODUDUDV×'LVLSOLQOHUDUDV× .DG×Q
dDO×üPDODU× .RQJUHVL 0DUW VV 6DNDU\D 6DNDU\D hQLYHUVLWHVL
5HNW|UOù
0LOHV 0 % +XEHUPDQ $ 0 4XDOLWDWLYH GDWD DQDO\VLV $Q H[SDQGH
VRXUFHERRNQGHG/RQGRQ6DJH
0LOOL(ùLWLP%DNDQO×ù×>0(%@úON|ùUHWLPPIHWWLüOHULEDüNDQO×NODU×UHKEHUOLNYH
WHIWLü \|QHUJHVL 7HEOLùOHU 'HUJLVL ûXEDW KWWSPHY]XDW
PHEJRYWUKWPOKWPODGUHVLQGHQ0D\×VWDULKLQGHDO×QP×üW×U
>.XUDPYH8\JXODPDGD(ùLWLP<|QHWLPL&LOW6D\×@
1HXPDQ : / 7RSOXPVDO DUDüW×UPD \|QWHPOHUL 1LWHO YH QLFHO \DNODü×PODU
%DVN×6g]JHdHYúVWDQEXO<D\×Q2GDV×
g]PHQ ) YH ûDKLQ û úON|ùUHWLP PIHWWLüOHULQLQ VRUXüWXUPD J|UHYLQL \HULQH
JHWLULUNHQ NDUü×ODüW×NODU× VRUXQODU 'LFOH hQLYHUVLWHVL =L\D *|NDOS (ùLWLP )DNOWHVL
'HUJLVL
3DUODNWXQD ú 7UNL\H·GH FLQVL\HWH GD\DO× PHVOHNL D\U×PF×O×ù×Q DQDOL]L (JH
$NDGHPLN%DN×ü
3UHVWRQ - $ 2FFXSDWLRQDO JHQGHU VHJUHJDWLRQ 7UHQGV DQG H[SODQDWLRQV 7KH
4XDUWHUO\5HYLHZRI(FRQRPLFVDQG)LQDQFH
5HVPL*D]HWHE0LOOL(ùLWLP%DNDQO×ù×Q×Q7HüNLODWYH*|UHYOHUL+DNN×QGD.DQXQ
+NPQGH .DUDUQDPH (\OO KWWSZZZUHVPLJD]HWHJRYWU
HVNLOHUKWPDGUHVLQGHQ0D\×VWDULKLQGHDO×QP×üW×U
6DUSND\D 5 úON|ùUHWLP GHQHWPHQOHULQLQ GHQHWLP VUHFLQGH NDUü×ODüW×NODU×
VRUXQODU%XUGXU(ùLWLP)DNOWHVL'HUJLVL
6DEXQFXRùOX=YH7]0gUJWVHOSVLNRORML%XUVD(]JL
6KDUPD 6 <XVRII 0 .DQQDQ 6 %DED 6 % &RQFHUQV RI WHDFKHUV DQG
SULQFLSDOVRQLQVWUXFWLRQDOVXSHUYLVLRQLQWKUHH$VLDQFRXQWULHV6RFLDO6FLHQFH DQG
+XPDQLW\
6|E $ úON|ùUHWLP PIHWWLüOHULQLQ VRUXQODU× ,9 +L]PHW E|OJHVL |UQHùL <D\×PODQPDP×ü\NVHNOLVDQVWH]L&XPKXUL\HWhQLYHUVLWHVL6LYDV
6WHPOHU 6 $Q RYHUYLHZ RI FRQWHQW DQDO\VLV 3UDFWLFDO $VVHVPHQW 5HVHDUFK (YDOXDWLRQ KWWSSDUHRQOLQHQHWJHWYQDVS"Y Q DGUHVLQGHQ 1LVDQ
WDULKLQGHDO×QP×üW×U
ûDKLQ6dHN)YH=H\WLQ1(ùLWLPPIHWWLüOHULQLQPHVOHNLPHPQXQL\HWYH
PHPQXQL\HWVL]OLNOHUL.XUDPYH8\JXODPDGD(ùLWLP<|QHWLPL
ûHQ\] + úON|ùUHWLP PIHWWLüOHULQLQ J|UHYOHUL LOH LOJLOL KL]PHWOHULQLQ \UWOPHVL
V×UDV×QGD NDUü×ODüW×NODU× VRUXQODU <D\×PODQPDP×ü \NVHN OLVDQV WH]L <×OG×] 7HNQLN
hQLYHUVLWHVLúVWDQEXO
ûLüPDQ 0 YH 7XUDQ 6 %D]× |UJWVHO GHùLüNHQOHU Do×V×QGDQ oDO×üDQODU×Q Lü
GR\XPXYHVRV\DOGX\JXVDO\DOQ×]O×NG]H\OHUL0(%üXEHPGUDGD\ODU×]HULQGH
ELUDUDüW×UPD2VPDQJD]LhQLYHUVLWHVL6RV\DO%LOLPOHU'HUJLVL
7D\PD]+7HIWLüWHNDUü×ODü×ODQVRUXQODUYH|QHULOHU(ùLWLP<|QHWLPL
7D\PD] + (ùLWLP VLVWHPLQGH WHIWLü .DYUDPODU LONHOHU \|QWHPOHU %DVN×
$QNDUD3HJHP
7HU]L $ 5 úON|ùUHWLP PIHWWLüOHULQLQ WHIWLü VRUXQODU× $QNDUD LOL |UQHùL
<D\×PODQPDP×ü\NVHNOLVDQVWH]L*D]LhQLYHUVLWHVL$QNDUD
7UNPHQ 0 úON|ùUHWLP PIHWWLüL LVWLKGDP×QGD NDG×Q YH LOJLOL WXWXPODU
<D\×PODQPDP×ü\NVHNOLVDQVWH]L$QNDUDhQLYHUVLWHVL$QNDUD
7\DJL 56 6FKRRO EDVHG LQVWUXFWLRQDO VXSHUYLVLRQ DQG HIIHFWLYH 3URIHVVLRQDO
GHYHORSPHQW RI WHDFKHUV &RPSDUH $ -RXUQDO RI &RPSDUDWLYH DQG ,QWHUQDWLRQDO
(GXFDWLRQ
>(GXFDWLRQDO$GPLQLVWUDWLRQ7KHRU\DQG3UDFWLFH9RO,VVXH@
<×OG×U×P 1 0IHWWLüOLN PHVOHùLQLQ HùLWLP PIHWWLüOHUL ]HULQGHNL HWNLOHUL H
,QWHUQDWLRQDO-RXUQDORI(GXFDWLRQDO5HVHDUFK
<×OG×U×P$YHûLPüHN+6RV\DOELOLPOHUGHQLWHODUDüW×UPD\|QWHPOHUL%DVN×
$QNDUD6HoNLQ
<×OPD]$%R]NXUW<YHú]FL).DPX|UJWOHULQGHoDO×üDQNDG×QLüJ|UHQOHULQ
oDO×üPD\DüDP×QGDNDUü×ODüW×NODU×VRUXQODU]HULQHELUDUDüW×UPD(VNLüHKLU2VPDQJD]L
hQLYHUVLWHVL6RV\DO%LOLPOHU'HUJLVL
:HEHU53%DVLFFRQWHQWDQDOLV\VQGHG1HZEXU\3DUN&$6DJH
:RRWWRQ%+*HQGHUGLIIHUHQFHVLQRFFXSDWLRQDOHPSOR\PHQW0RQWKO\/DERU
5HYLHZ
5HFHLYHG
5HYLVLRQUHFHLYHG
6HFRQGUHYLVLRQUHFHLYHG
$SSURYHG
%X DUDüW×UPD 0D\×V +D]LUDQ WDULKOHUL DUDV×QGD 0XùOD hQLYHUVLWHVL YH 7P (ùLWLPFLOHU YH (ùLWLP
0IHWWLüOHUL 6HQGLNDV× 7(06(1 LüELUOLùL LOH G]HQOHQHQ ,9 8OXVODUDUDV× .DW×O×PO× (ùLWLP 'HQHWLPL
.RQJUHVL·QGHV|]OELOGLULRODUDNVXQXOPXüWXU