Yoshihiro Sato – Evidence from Swedish Data Dynamic Investment Models, Employment Generation and Productivity ________________________ ECONOMIC STUDIES DEPARTMENT OF ECONOMICS SCHOOL OF BUSINESS, ECONOMICS AND LAW UNIVERSITY OF GOTHENBURG 206
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(2) ISBN 978-91-85169-68-9 ISSN 1651-4289 print ISSN 1651-4297 online Printed in Sweden, Kompendiet 2012.
(3) To my dear parents, grandparents, sister and brother..
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(5) Contents. Acknowledgements. 6. Summary of the thesis. 7. Paper 1: Effects of shocks and uncertainty on capital and labor in a real options model with variable capacity utilization. 11. Paper 2: Capital adjustment under variable capacity utilization. 41. Paper 3: Are larger firms more productive because of scale economies? – Evidence from Swedish register data. 85. Paper 4: Employment generation and productivity contribution of entrepreneurial firms compared to large incumbents. 133. Paper 5: Initial firm size and post-entry growth in size and productivity. 165. 5.
(6) Acknowledgements My journey as a PhD student started in September 2004. Since the beginning, it has been full of sweat, tears, and occasional despair, but also hope. First of all, I would like to thank my supervisor Måns Söderbom for his engagement, advice, assistance, encouragement, and a lot more. During the work with this thesis, I have encountered many hurdles and have sometimes been lost in the jungle of econometric models and statistical problems. However, every time I met with Måns to get help, he was patient, positive and constructive, and always helped me work through the problems. Måns, your guidance has taught me a lot. I have been truly fortunate to have you as my supervisor. I am very grateful to Arne Bigsten, who connected me to Måns. I wish also thank to Johan Stennek for his support and encouragement. I also received a lot help and support from Lennart Hjalmarsson and Roger Wahlberg. I wish they were here with us and I’d be able to thank them. Financial assistance from the Wallander foundation is gratefully acknowledged. Also, thanks to my classmates Pelle Ahlerup, Annika Lindskog, Ann-Sofie Isaksson, Miyase Yesim Köksal-Ayhan, and Niklas Jakobsson. We started the PhD program together and have had a good time. I also wish to thank Matilda Orth, Florin Maican, Eyerusalem Siba and Daniela Roughsedge for support and advice on the topic of productivity analysis. To Dario Pozzoli, thanks for your help with STATA programming and serving as opponent at my final seminar. Among other colleagues at the department, I would especially like to thank Sven Tengstam, Heather Congdon Fors, Anders Boman, Måns Nerman, Björn Sund, Gustav Hansson, Anna Widerberg, Håkan Eggert, Katarina Nordblom, Åsa Löfgren, Karin Backteman, Selma Oliveira, Katarina Renström and not least Elizabeth Földi for personal support and nice conversations at the lunch table. I have had many insightful conversations with Johan Lönnroth and Bo Sandelin. I am very glad that Johan visited me in Japan. Hans Bjurek, Margareta Westberg, Per-Åke Andersson, Hans Hansson, Lars-Göran Larsson, Evert Köstner, Wlodek Bursztyn, and Mattias Sundén have helped me with my teaching of undergraduates on several occasions. Many other colleagues have supported me directly and indirectly, as well. I am also grateful to Eva-Lena Neth-Johansson, Jeanette Saldjoughi, Carita Olausson and Mona Jönefors for administrative assistance. Debbie Axlid has been an excellent editor of my five papers. Thank you. Saving the best for last, I wish to send a great big thank you to my dear parents, grandparents, sister and brother. Thank you all for showing understanding for my keen desire for studying, researching, and completing a PhD degree in Sweden – a country far away from home. Grandmother, it makes me smile every time I remember that you once sent me a postcard with a message starting “How’s life in Switzerland…” This thesis would not have seen the light of the day without the help I have received from so many kind and brilliant people.. Yoshihiro Sato Gothenburg, September 19, 2012. 6.
(7) Summary of the thesis The thesis consists of five self-contained papers. Two of them are co-authored with Måns Söderbom.. Paper 1: Effects of shocks and uncertainty on capital and labor in a real options model with variable capacity utilization This study analyzes the effects of uncertainty on investment, capital use and labor demand, in both the short run and the long run, in dynamic capital models where firms have incentives not to operate at full capacity. We have modified the real options model with full irreversibility to incorporate variable capacity utilization. After obtaining a numerical solution to the investment function, we analyze the difference in the prediction between the real options model with full capacity and our models. In the short run, the firm is less cautious for new investment and accumulates more capital than in a real options model with full capacity utilization. In the long run, the firm tends to build a larger capital stock while capital use declines as uncertainty increases. This suggests inefficiency in the form of excessive capital accumulation. Implications for labor demand are also discussed.. Paper 2: Capital adjustment under variable capacity utilization (co-authored with Måns Söderbom) This study generalizes the existing real options model so as to accommodate fluctuations in capacity utilization, and then analyzes the effects of uncertainty in this modified model. Using both simulated data and Swedish 2-digit sectoral data for the manufacturing industry, we show that the main argument of the real options model – that the responses of the capital stock to demand shocks are weaker at higher levels of uncertainty – still holds, implying that policy stimuli have limited effects on investment in the immediate aftermath of an uncertainty shock. On the other hand, we find that actual capital use (active capital) flexibly responds to demand shocks through adjustments of capacity utilization even at high levels of uncertainty, which suggests that policy stimuli have positive impacts on production activities even at high uncertainty.. Paper 3: Are larger firms more productive because of scale economies? – Evidence from Swedish register data (co-authored with Måns Söderbom) This study investigates the factors driving higher labor productivity for large firms, using Swedish register-based microdata for the mining and manufacturing industries covering more than 28,000 firms during 1997-2006. We estimate translog production functions using dynamic panel approaches and the approach proposed by Ackerberg, Caves, and Frazer. The results show that micro and small firms operate under (locally) increasing returns to scale while medium and large firms face decreasing returns to scale. Scale elasticity decreases from 1.15 to 0.97, suggesting that scale effects are not the answer to our question. Further investigation shows that production technology is approximated by a non-homothetic function and that larger firms operate with more capital-intensive technology while the factor price ratio is constant, which drives the productivity difference in favor of larger firms.. 7.
(8) Paper 4: Employment generation and productivity contribution of entrepreneurial firms compared to large incumbents Previous studies have reported that young and small so-called entrepreneurial firms have disproportionately large impacts on both employment generation and productivity growth. However, these positive impacts are conditional on the firms’ survival. Many studies show that young and small firms have high mortality. In our study, we investigate the contributions of entrepreneurial firms to employment generation and productivity growth after taking the high mortality into account. We find that, although young and small firms are less likely to survive, they contribute more than other firms to both employment generation and aggregate productivity, simply because the survivors perform eminently.. The last paper, Paper 5, is a short complement to Paper 4. Paper 5: Initial firm size and post-entry growth in size and productivity Previous studies show that smaller entrants exhibit higher growth rates in terms of size (number of employees). Using register-based firm-level data for the Swedish mining and manufacturing industries, this study compares the development in size and productivity between a group of firms that started their business in 1998 and a group of firms that had been in business for at least 10 years in 1998. The results show that there is also a similar negative relationship between firms' initial size and post-entry productivity development. The average total factor productivity of the entrants is initially 15 percent lower than that of the incumbents and the difference becomes insignificant after three years. Regarding the growth pattern conditional on initial size, the entrants with one initial employee caught up with the incumbents of similar initial size already in the second year, and gained a lead in the fifth year. It takes three years for the productivity gap between the entrants with 10 initial employees and the incumbents with the same size to disappear. The entrants with more than 20 initial employees never caught up with the entrants of the same size during the nine years analyzed in this study.. 8.
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(95) . < B67A ;=23: =>B7;/: 7<D3AB;3<B @3J31BA BE= ;316/<7A;A B63 CA3@ 1=AB /<2 B63 6/<5=D3@ 3N31BA '7<13 B63 I@; 7A <=E C</0:3 B= A3:: 1/>7B/: AB=19 7B 7A 1=<AB@/7<32 0G 7BA =E< 7<D3AB;3<B 2317A7=< 7< B63 >/AB (67A ;/G @3AC:B 7< / 1/>7B/: AB=19 :3D3: 67563@ B6/< E6/B 7A =>B7;/: 7< B63 4@71B7=<:3AA ;=23: /<2 7A 1/::32 / 6/<5=D3@ 3N31B (63 =B63@ A723 =4 B63 A/;3 1=7< 7A / CA3@ 1=AB 3N31B (63 I@; 9<=EA B6/B 7B 7A C</0:3 B= 1CB 0/19 =< B63 1/>7B/: AB=19 7< /< 31=<=;71 2=E<BC@< 31/CA3 =4 7BA 1/CB7=CA 2317A7=<A @35/@27<5 7<D3AB;3<BA B63 @3A>=<A7D3<3AA =4 7<D3AB;3<BA B= / >=A7B7D3 23;/<2 A6=19 7A E3/93@ A /:@3/2G ;3<B7=<32 03: /<2 03@:G >@=D3 B6/B B63 A75< =4 B63 3N31B =4 7@@3D3@A707:7BG /<2 C<13@B/7<BG =< 3F>31B32 :=<5@C< 1/>7B/: AB=19 7A /;075C=CA /A B63 1=<A3?C3<13 031/CA3 B63A3 BE= 3N31BA 1=C<B3@/1B 3/16 =B63@. 18.
(96) . $! + ( *&, # % (, )( ! -( $# " #(## $'( "$!. +3 <=E :3B /1B7D3 1/>7B/:
(97) 23>/@B 4@=; B63 7<AB/::32 1/>7B/: AB=19
(98) +3 7< B@=2C13 B63 ;/7<B3</<13 1=AB ! 7< /227B7=< B= B63 >C@16/A3 1=AB (63 2G</;71 =>B7;7H/B7=< >@=0:3; 4=@ B63 I@; B63< 7A .
(99)
(100)
(101)
(102) . !
(103) #
(104)
(105)
(106)
(107) . E63@3 # 7A B63 >C@16/A3 1=AB =4 1/>7B/: (63 ;/7<B3</<13 1=AB 7A B63 1=AB CA7<5 B63 1/>7B/: B 1/< /:A= 03 7<B3@>@3B32 /A B63 1=AB B= @3>:/13 23B3@7=@/B32 1/>7B/: B= 933> B63 1/>7B/: AB=19 /B B63 A/;3 :3D3: < 3FB@3;3 1/A3 E63@3 ! # 7A 3?C7D/:3<B B= @3>:/17<5 /:: =4 B63 CA32 1/>7B/: < =B63@ E=@2A B63 23>@317/B7=< @/B3 7A >3@13<B +63< ! 7A 7<AB3/2 =<3I4B6 =4 # 73 ! # 7B 1/< 03 7<B3@>@3B32 /A B6/B B63 I@; <332A B= @3>:/13 =<3I4B6 =4 B63 CA32 1/>7B/: (63 23>@317/B7=< @/B3 7A >3@13<B (6CA B63 @/B7= !# 7A 3?C7D/:3<B B= B63 23>@317/B7=< @/B3 (63 =>B7;/: 7<>CB =4 :/0=@ 7A
(108)
(109) '. . . . .
(110)
(111) . . $>B7;/: :/0=@ 7<>CB B6CA 23>3<2A =< /1B7D3 1/>7B/: /<2 <=B B63 1/>7B/: AB=19 /A 7< ? =4 B63 ;=23: 6=713 =4
(112) 7A 23@7D32 0G AB/B71 =>B7;7H/B7=< =4 B63 =>3@/B7<5 >@=IB 4C<1B7=< /A
(113)
(114) '
(115) !
(116). . (63 A=:CB7=< 7A E63@3. .
(117)
(118) . . !
(119) . .
(120)
(121)
(122) . . .
(123)
(124) !. . +3 3F>:=@3 A=;3 ;=@3 3FB@3;3 1/A3A +63< 7B ;3/<A B6/B B63 I@; 1/< 4@33:G @3<B 1/>7B/: E6716 7A 3?C7D/:3<B B= B63 4@71B7=<:3AA ;=23: +63< 7B 7A 3?C7D/:3<B B= B63 ;=23: E7B6 B=B/: 7@@3D3@A707:7BG. 19.
(125) (63 I@;KA 2G</;71 =>B7;7H/B7=< >@=0:3; ? 1/< 03 @3E@7BB3< /A .
(126)
(127)
(128)
(129) . !
(130) #
(131)
(132)
(133)
(134) . (63 A=:CB7=< 7A 3F>@3AA32 0G
(135)
(136)
(137) . . (63 =@53A=<7/< 4@71B7=<:3AA CA3@ 1=AB 7A #. . !. . #=B3 B6/B B63 1/>7B/: CA3@ 1=AB 7A 67563@ 0G ! 1=;>/@32 B= ? . (63 CB7:7H/B7=< @/B3
(138) 7A 3F>@3AA32 0G
(139) .
(140)
(141).
(142) . #=B3 B6/B
(143) 7A / 1=<B@=: D/@7/0:3 B6@=C56
(144) 031/CA3
(145)
(146)
(147)
(148) 3F1332A
(149) A7<13 / :/@53@
(150) ;3/<A (63 I@; 7A E7::7<5 B= 7<D3AB E63<3D3@ / 67563@ =>3@/B7<5 >@=IB =E3D3@ A7<13 <3E 7<D3AB;3<B 7<1C@A B63 >C@16/A3 1=AB # >3@ C<7B /<2 7<D3AB;3<B 1/<<=B 03 @3D3@A32 B63 I@; E7:: <=B /:E/GA I::
(151) /<2
(152) B63 E6=:3 5/> 03BE33< #=B3 /:A= B6/B B63 I@; ;/93A <3E 7<D3AB;3<BA =<:G E63<
(153) (67A 7A 031/CA3 B63 I@; 1/< 3F>/<2 B63 1/>7B/: AB=19 7;;327/B3:G E63<3D3@ 7B 7A <313AA/@G /<2 B63@3 7A B6CA <= <332 4=@ B63 I@; B= /<B717>/B3 / 4CBC@3 >=A7B7D3 23;/<2 A6=19 E63<
(154) +3 <=E A6=E B6/B B63 D/@7/B7=< 7< 1/>/17BG CB7:7H/B7=<
(155) 7A <35/B7D3:G @3
(156)
(157) /<2 >=A7B7D3:G @3:/B32 B= B63 @/B7= !# < B63 4@71 :/B32 B= B63 @/B7= B7=<:3AA 1/A3 E63@3 B63@3 7A <= 7@@3D3@A707:7BG 1=<AB@/7<B B63 I@; E7:: 933> B63 4@71B7=<:3AA =>B7;/: 1/>7B/: :3D3: B6/B 7A 3F>@3AA32 0G
(158) . ! # .
(159) .
(160) . .
(161)
(162) 7A :/@53@ A /<2 7B 7A 3/A7:G A6=E< B6/B B63 @/B7= B6/< =<3
(163) # !
(164) . 20.
(165) +3 23I<3
(166)
(167) /A B63 =>B7;/: 1/>7B/: :3D3: C<23@ B63 7@@3D3@A707: 7BG 1=<AB@/7<B E63@3 =<:G B63 CA3@ 1=AB 3N31B 7A /1B7D3 '= 4=@ 3F/;>:3 E63< / I@; AB/@BA E7B6=CB /<G 7<7B7/: 1/>7B/: 7B 7;;327/B3:G 7<D3ABA A= B6/B B63 1/>7B/: AB=19 7A 3?C/: B=
(168) =E3D3@ 74 B63 7<63@7B32 1/>7B/: 4@=; B63 >@3D7=CA >3@7=2
(169) 3F1332A
(170) B63 /1BC/: 1/>7B/: AB=19 /<2 B67A =>B7;/: 1/>7B/: AB=19 27D3@53 +3 9<=E 4@=; >@3D7=CA ABC273A B6/B
(171) 7A 3?C/: B= =@ :=E3@ B6/<
(172) 031/CA3 =4 B63 7@@3D3@A707:7BG 1=<AB@/7<B (6CA E3 6/D3 B63 4=::=E7<5 @3:/B7=<A67>. '7<13.
(173)
(174)
(175) . .
(176)
(177)
(178)
(179) . .
(180)
(181) A3@D3A /A B63 J==@ 4=@
(182)
(183) (63 235@33 =4 D/@7/B7=< 7< B63 1/>/17BG CB7:7H/B7=< @/B3
(184) 7A 23B3@;7<32 0G
(185) 7A B== 6756 7< >@=>=@B7=< B= B63 1/>/17BG
(186) B=
(187) +63< B63 B63 @/B7= =4
(188) CB7:7H/B7=< @/B3 /:E/GA 67BA B63 137:7<5 =4 C<7BG < =@23@ 4=@ 1/>/17BG CB7:7H/B7=<
(189) B=
(190) A6=C:2 03 1:=A3 B= B= D/@G /:=<5 B63 @3/:7H/B7=< =4
(191) B63 @/B7= =4 .
(192)
(193) E6716 1=<AB7BCB3A B63 J==@ 4=@
(194) 7A =<3 A ? B63 @/B7= =4 <35/B7D3:G @3:/B32 B= B63 @/B7= =4 !# (63 @3:/B7=<A67> 03BE33< B63 235@33 =4 D/@7/B7=< 7< 1/>/17BG CB7:7H/B7=<
(195) /<2 B63 235@33 =4 C<13@B/7<BG 7A C<1:3/@ :/@53@ ;/93A
(196) A;/::3@ 2C3 B=
(197)
(198) B B63 A/;3 B7;3 / :/@53@ B63 CA3@ 1=AB 3N31B E6716 :3/2A B= / :/@53@ @/7A3A B63 >@=0/07:7BG =4 / AC223< A6=19 7< B63 AB=16/AB71 23;/<2 A674B 4/1B=@
(199) E6716 /1B7D/B3A B63 6/<5=D3@
(200) :/@53 <35/B7D3 A6=19 :3/2A B= / A;/::3@ 3N31B (63 B=B/: 3N31B 7A B63@34=@3 /;075C=CA. . $! + ( *&, # % (, )( ! -( $# $#( %&$ )( $# )#( $#. +3 >@=D723 /< /:B3@</B7D3 ;=23: E7B6=CB /<G ;/7<B3</<13 1=ABA (= :3B B63 1/>/17BG CB7:7H/B7=< JC1BC/B3 E3 7<AB3/2 /AAC;3 / !3=<B734 >@=2C1B7=< 4C<1B7=< E63@3 :/0=@ /<2 1/>7B/: /@3 1=;07<32 /B / IF32 >@=>=@B7=< (63 23;/<2 4C<1B7=< 7A 7A=3:/AB71 /A 7< B63 >@3D7=CA ;=23:A
(201)
(202)
(203) . 21. .
(204) =E3D3@ B63 >@=2C1B7=< B316<=:=5G 7A <=E =4 / !3=<B734 BG>3
(205)
(206)
(207)
(208) . . E63@3
(209) 23<=B3A / IF32 >/@/;3B3@ #=B3 B6/B 7B 7A /1B7D3 1/>7B/: <=B B63 1/>7B/: AB=19 B6/B /N31BA >@=2C1B7=< (63 1/>7B/: AB=19 3D=:D3A /11=@27<5 B= ? 31/CA3 :/0=@ /<2 1/>7B/: /@3 1=;07<32 /B / IF32 >@=>=@B7=< B63 /1B7D3 1/>7B/:
(210) 23>3<2A =< :/0=@ 7<>CB B B63 A/;3 B7;3 B63G /@3 0=B6 1=<AB@/7<32 0G B63 1C@@3<B 1/>7B/: AB=19
(211)
(212)
(213)
(214).
(215) .
(216) . '7<13 :/0=@ 7A J3F70:3 B63 =>B7;/: :3D3: =4
(217) 7A 23B3@;7<32 0G ;/F7;7H7<5 B63 =>3@/B7<5 >@=IB
(218)
(219)
(220) '
(221) =E3D3@ /A ?
(222) A6=EA
(223) 7A :7;7B32 0G
(224)
(225) (63@34=@3 . . '. .
(226)
(227)
(228) .
(229) . (63 I@;KA 2G</;71 =>B7;7H/B7=< >@=0:3; 7A @3E@7BB3< /A . .
(230)
(231)
(232)
(233) . '
(234) #
(235)
(236)
(237)
(238) .
(239) . 5/7< B63 A=:CB7=< 7A 3F>@3AA32 0G
(240)
(241)
(242) .
(243)
(244) . < / A>317/: 1/A3 E63@3 B63@3 7A <= 7@@3D3@A707:7BG 1=<AB@/7<B B63 =>B7;/: 1/>7B/: :3D3: 7< 3/16 >3@7=2 7A
(245) .
(246). . '.
(247) .
(248) . )"& ! '$!)( $# ($ #*'("#( )#( $#'. +3 <=E A=:D3 4=@ =>B7;/: 7<D3AB;3<B
(249)
(250)
(251) . 22.
(252) .
(253) 4=@ B63 27N3@3<B ;=23: A3BB7<5A 27A1CAA32 /0=D3 CA7<5 <C;3@71/: 2G</;71 >@= 5@/;;7<5 ;3B6=2A (63 =0B/7<32 4C<1B7=<A E7:: 03 CA32 B= 1=;>/@3 B63 A6=@B @C< /<2 B63 :=<5@C< 3N31BA =4 C<13@B/7<BG =< B63 I@;KA 7<D3AB;3<B 1/>7B/: CA3 /<2 :/0=@ 7<>CB 7< B63A3 ;=23:A < /:: 1/A3A B63 23B3@;7<7AB71 B@3<2 7A IF32 /B B63 27A1=C<B 4/1B=@ 7A A3B B=
(254) $ E63@3 $
(255) B63 >@713 3:/AB717BG =4 23;/<2 7A A3B B= /<2 B63@3 7A <= 1/>7B/: 23>@317/B7=< 73 /A 7< 03: /<2 03@:G =@ B63 ;/7<B3</<13 1=AB ;=23: E3 A3B B63 1=AB A6/@3 =4 1/>7B/: 7< B63 =00=C5:/A >@=2C1B7=< 4C<1B7=< B= . :: B63 =B63@ >/@/;3B3@A 1/< 03 /@07B@/@7:G 16=A3< 3F13>B 4=@ B63 @/B7= 03BE33< ! /<2 # A7<13 B63G 2= <=B /N31B =C@ @3AC:BA &35/@27<5 B63 ;/7<B3</<13 1=AB ;=23: B63 D/@7/B7=< 7< 1/>/17BG CB7:7H/B7=< 23>3<2A =< B63 @/B7= =4 ! B= # +3 /AAC;3 BE= 27N3@3<B @/B7=A !# /<2 !#
(256) B= A33 6=E B63 @/B7= /N31BA B63 @3AC:B A E3 A33 7< ? B63 :=E3@ @/B7= 7A 3F>31B32 B= 53<3@/B3 / :/@53@ D/@7/B7=< 7< 1/>/17BG CB7:7H/B7=< &35/@27<5 B63 !3=<B734 ;=23: E3 A3B
(257) B= B63 D/:C3 /B E6716 B63 =>B7;/: 1=AB A6/@3 =4 1/>7B/: 7A 3?C/: B= . /A 7< B63 =00=C5:/A ;=23:A +3 /AAC;3 B6/B B63 I@; 7A @7A9 <3CB@/: +3 7<7B7/::G A3B B63 D/:C3 4C<1B7=<
(258)
(259) B= A=;3 D/:C3 BG>71/::G H3@= /<2 /B 3/16 7B3@/B7=< E3 16==A3 B63 =>B7;/: 7<D3AB;3<B D/:C3 B= ;/F7;7H3 B63 D/:C3 4C<1B7=< 23>3<27<5 =< B63 AB/B3 D/@7/0:3A
(260) /<2
(261) /<2 B63 3F>31B32 D/:C3 =4 B63 D/:C3 4C<1B7=< 7< B63 <3FB >3@7=2
(262)
(263) . . $&(&)# #*'("#( ,#" '. (= 6756:756B B63 I@;KA A6=@B@C< 7<D3AB;3<B 036/D7=@ =D3@ B63 0CA7<3AA 1G1:3 E3 53<3@/B3 / E/D3:793 A/;>:3 >/B6 =4 B63 23;/<2 A6=19
(264) E63@3 B63 AB/<2/@2 23D7/B7=< 7A A3B B= (63 23D3:=>;3<B >/B6A =4 B63 I@;KA 1/>7B/: AB=19 7< B63 27N3@3<B ;=23:A /@3 >@3A3<B32 7< 75C@3 '7<13 B63 >/@/;3B3@A 4=@;A =4 B63 4C<1B7=<A /<2 B63 /AA=17/B32 1/>7B/: CA3@ 1=ABA 27N3@ /1@=AA B63 ;=23:A E3 <=@;/:7H3 B63 >/B6A E7B6 B63 1/>7B/: AB=19 >/B6 7< B63 @3A>31B7D3 4@71B7=<:3AA ;=23: -75C@3 '/;>:3 >/B6A =4 B63 1/>7B/: AB=19 /<2 /1B7D3 1/>7B/: . < B63 4@71B7=<:3AA ;=23: B63 I@; 7;;327/B3:G /28CABA 7BA 1/>7B/: AB=19 0=B6 C>E/@2A /<2 2=E<E/@2A B= B63 =>B7;/: :3D3: E63@3 B63 ;/@57</: @3D3<C3 >@=2 C1B =4 1/>7B/: 3?C/:A B63 =@53<A=<7/< CA3@ 1=AB. 23.
(265) < B63 ;=23: E7B6 4C:: 7@@3D3@A707:7BG B63 I@; ;/93A / <3E 7<D3AB;3<B =<:G E63< B63 ;/@57</: @3D3<C3 >@=2C1B =4 1/>7B/: 3F1332A / A75<7I1/<B:G 67563@ 6C@2:3 031/CA3 =4 B63 CA3@ 1=AB 3N31B 2C3 B= B63 7@@3D3@A707:7BG 1=<AB@/7<B A / @3AC:B B63 I@;KA 1/>7B/: AB=19 @3A>=<2A :3AA B= / >=A7B7D3 23;/<2 A6=19 B6/< 7< B63 4@71B7=<:3AA ;=23: < B63 BE= ;/7<B3</<13 1=AB ;=23:A B63 I@; 6/A / :=E3@ 7<D3AB;3<B 6C@2:3 /<2 B6CA 7<D3ABA ;=@3 7< 31=<=;71 0==;A B6/< E6/B 7A B63 1/A3 7< B63 ;=23: (63 CA3@ 1=AB =4 1/>7B/: 7< B63 ;/7<B3</<13 1=AB ;=23: 1=<A7ABA =4 0=B6 B63 >C@16/A3 1=AB # /<2 B63 ;/7<B3</<13 1=AB ! /A 23A1@7032 7< ? (63 I@; 7A /0:3 B= >CB /A723 A=;3 @32C<2/<B 1/>7B/: AB=19 7< / @313AA7=< /<2 B63@30G /D=72 >/G7<5 B63 ;/7<B3</<13 1=AB 4=@ B6/B >/@B =4 7BA 1/>7B/: 3<13 B63 3N31B7D3 CA3@ 1=AB =4 1/>7B/: 7A :=E3@ B63 ;=@3 B63 23;/<2 A6=19 JC1BC/B3A 73 / :/@53@ (67A 3F>:/7<A E6G B63 I@; 7< B63 ;/7<B3</<13 1=AB ;=23:A B3<2 B= 7<D3AB ;=@3 7< 31=<=;71 0==;A (67A /:A= /<AE3@A B63 ?C3AB7=< =4 E6G B63 I@; 7<D3ABA ;=@3 E7B6 !# B6/< E7B6 !#
(266) /A B63 A6/@3 =4 B63 ;/7<B3</<13 1=AB 7< B63 1/>7B/: CA3@ 1=AB 7A :/@53@ 7< B63 4=@;3@ 1/A3 < / @313AA7=< =< B63 =B63@ 6/<2 1/>/17BG CB7:7H/B7=< 7A :=E3@ B6/< C<7BG 7< B63 ;/7<B3</<13 1=AB ;=23:A 031/CA3 B63 I@; 6/A /< 7<13<B7D3 B= 1CB B63 =>3@/B7<5 1=AB 0G @32C17<5 1/>7B/: CA3 B B63 A/;3 B7;3 ;=@3 1/>7B/: 7A /1B7D3 7< B63 ;/7<B3</<13 1=AB ;=23:A B6/< 7< B63 4@71B7=<:3AA ;=23: (67A 7A 031/CA3 B63 I@; 7< B63 ;/7<B3</<13 1=AB ;=23:A =<:G <332A B= 3?C/B3 B63 ;/@57</: @3D3<C3 >@=2C1B =4 1/>7B/: E7B6 ! E63< 7B 6/A 3F13AA7D3 1/>/17BG E67:3 B63 I@; 7< B63 4@71B7=<:3AA ;=23: <332A B= 3?C/B3 B63 ;/@57</: @3D3<C3 >@=2C1B =4 1/>7B/: E7B6 B63 E6=:3 CA3@ 1=AB =4 1/>7B/: #=B3 /:A= B6/B 031/CA3 B63 ;/7<B3</<13 1=AB 7A @3:/B7D3:G :=E3@ 7< B63 1/A3 E7B6 !#
(267) B6/< 7< B63 1/A3 E7B6 !# B63 I@; 6/A 67563@ 1/>/17BG CB7:7H/B7=< 7< B63 4=@;3@ 1/A3 (63 !3=<B734 ;=23: G73:2A / A7;7:/@ @3AC:B /A B63 ;/7<B3</<13 1=AB ;=23:A (63 /;=C<B =4 /1B7D3 1/>7B/: 7A 23B3@;7<32 0G :/0=@ 7<>CB /A :=<5 /A 7B 2=3A <=B 3F1332 B63 1/>7B/: AB=19 />/17BG CB7:7H/B7=< 231@3/A3A E63< B63 I@; 4/13A / <35/B7D3 23;/<2 A6=19. . $&(&)# .( $# !$&. < 75C@3 E3 7::CAB@/B3 6=E :/0=@ 7<>CB D/@73A 7< B63 27N3@3<B ;=23:A =D3@ B63 A/;>:3 0CA7<3AA 1G1:3 53<3@/B32 7< B63 >@3D7=CA AC0A31B7=< 75C@3
(268) A6=EA B63 /AA=17/B32 @/B7= 03BE33< :/0=@ /<2 /1B7D3 1/>7B/:. 24.
(269) -75C@3 '/;>:3 >/B6A =4 :/0=@ . -75C@3
(270) /1B=@ @/B7=A 03BE33< :/0=@ /<2 /1B7D3 1/>7B/: . < B63 4@71B7=<:3AA ;=23: :/0=@ 23;/<2 5=3A 6/<2 7< 6/<2 E7B6 B63 1/>7B/: AB=19 031/CA3 B63 @/B7= =4 E/53 B= B63 1/>7B/: CA3@ 1=AB 7A 1=<AB/<B < B63 ;=23: E7B6 4C:: 7@@3D3@A707:7BG :/0=@ 23;/<2
(271) 7A 23B3@;7<32 0G B63 1/>7B/: AB=19
(272) /<2 B63 23;/<2 A6=19
(273) /A 7< ? '7<13 B63 I@; 7A C</0:3 B= 1CB B63 1/>7B/: AB=19 7< / @313AA7=< :/0=@ 23;/<2 7A @32C132 =<:G 2C3 B= / @32C1B7=< 7<
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