PENGARUH LINGKUNGAN BISNIS, STRATEGI OPERASI DAN ADOPSI TEKNOLOGI SEBAGAI VARIABEL PEMODERASI...

7/31/2019 PENGARUH LINGKUNGAN BISNIS, STRATEGI OPERASI DAN ADOPSI TEKNOLOGI SEBAGAI VARIABEL PEMODERASI TER

1/110

YHGAFSXE DKGALXGAFG CKRGKR$ R]SF]HAK OYHSFRK MFG

FMOYRK ]HLGODOAK RHCFAFK PFSKFCHD YHJOMHSFRK

]HSEFMFY LKGHSNF OYHSFRKOGFD YFMF RHG]SF KGMXR]SK

LHSFNKGFG LXDK] MK JFGMKGA CFG]XD [OA[FLFS]F

RLSKYRK

Mkrxrxg Odhe >

GFJF > GHMK GXASOEO

GKJ > 6=6909901

NXSXRFG JFGFNHJHG @FLXD]FR HLOGOJK

XGKPHSRK]FR YHJCFGAXGFG GFRKOGFD PH]HSFG

[OA[FLFS]F

3966


2/110

k





RLSKYRK

Mkrxrxg Odhe >

GFJF > GHMK GXASOEO

GKJ > 6=6909901

NXSXRFG JFGFNHJHG @FLXD]FR HLOGOJK

XGKPHSRK]FR YHJCFGAXGFG GFRKOGFD PH]HSFG

[OA[FLFS]F

3966


3/110

kk


4/110

kkk

YHSRHJCFEFG

RlskyrkkgkRf{fyhsrhjcfelfgxg}xl>

; J{NhrxrrhcfafkRfgaNxsxRhdfjf}lx'; Lhdxfsaflx%Fdj'CfyfllxRxmkefsno$KcxlxG{'Rxyfmjk$

LflfllxRkak}

Yxs}ogo$

R'Rk+

{fga

rhdfdx

jhjchsklfg

bkg}f

lfrkeg{fmfgmxlxgafgg{f'

; J{Eogh{Krmfskgkf}frbkg}fg{f{fga}xdxrmfgmfgrh}kfrhs}fmxlxgafgg{f'

; Lfs{fqfglfs{fqfglx@B'Gxasoeo%Gxs&Qkgmk+mfgQfsohgaKg}hsgh}Gxamo}gh}%Hlo&Reomkv+rhs}fGfjo&Ehsk{fgarxmfecfg{fljhjcfg}x'

; [fga}fl}hsdxyflfgFdjfjf}hslxXgkphsrk}frYhjcfgaxgfgGfrkogfdPh}hsfg[oa{flfs}f'


5/110

kp

YHSG[F]FFG LHFRDKFG LFS[F

Rf{f jhg{f}flfg mhgafg rhrxgaaxeg{f cfeqf rlskyrk {fga rf{f }xdkr kgk }kmfl

jhjxf} lfs{f f}fx cfakfg lfs{f osfga dfkg$ lhbxfdk {fga }hdfe mkrhcx}lfg mfdfj

lx}kyfg mfg mf`}fs yxr}flf$ rhcfafkjfgf df{flg{f lfs{f kdjkfe'

[oa{flfs}f$ Rhy}hjchs 3966

Yhgxdkr

GHMK GXASOEO


6/110

p

FCR]SFL





Ghmk Gxasoeo

Xgkphsrk}fr Yhjcfgaxgfg Gfrkogfd Ph}hsfg [oa{flfs}f

3966

]xnxfg yhghdk}kfg kgk fmfdfe> 6+ xg}xl jhgah}fexk mfg jhgafgfdkrf yhsfgr}sf}hak oyhsfrk }hsefmfy lkghsnf oyhsfrkogfd$ 3+ xg}xl jhgah}fexk mfg

jhgafgfdkrf yhsfg fmoyrk }hlgodoak mfdfj jhjyhslxf} yhgafsxe fg}fsf r}sf}hak

oyhsfrk }hsefmfy lkghsnf oyhsfrkogfd$ mfg 2+ xg}xl jhgah}fexk mfg jhgafgfdkrf

yhsfg fmoyrk }hlgodoak mfdfj jhjyhslxf} yhgafsxe fg}fsf r}sf}hak oyhsfrk

}hsefmfy lkghsnf oyhsfrkogfd'

Yhghdk}kfg kgk mkdflfrfgflfg yfmf cxdfg Nxdk rfjyfk mhgafg Ol}ochs 3966

mk Rhg}sf Kgmxr}sk Lhsfnkgfg Lxdk} mk Jfgmkga$ Cfg}xd$ [oa{flfs}f' Nhgkr

yhghdk}kfg {fga mkaxgflfg fmfdfe mhrlsky}k` frorkf}k` {fga chsrk`f} ldfxrfd'

Yoyxdfrk mfdfj yhghdk}kfg kgk chsnxjdfe 22 eojh kgmxr}s{ mhgafg }hlgkl

yhgafjckdfg rfjyhd jhgaaxgflfg rfjydkga nhgxe/rhgrxr' Jh}omh yhgaxjyxdfgmf}f jhgaaxgflfg lxhrkoghs' Fgfdkrkr mf}f {fga mkaxgflfg fmfdfe Jxd}kpfskf}h

Jxd}kydh Shashrrkog Fgfd{rkr %JJSF+ xg}xl jhgah}fexk fyflfe dkgalxgafg

ckrgkr chsyhgafsxe rkagk`klfg }hsefmfy r}sf}hak oyhsfrk mfgJomhsf}hm Shashrrkog

Fgfd{rkr %JSF+ xg}xl jhgah}fexk yhgafsxe r}sf}hak oyhsfrk }hsefmfy lkghsnf

oyhsfrkogfd rhs}f jhgah}fexk yhsfg fmoyrk }hlgodoak %ro`} }hbegodoa{+ {fga

jhjyhslxf} yhgafsxe r}sf}hak oyhsfrk }hsefmfy lkghsnf oyhsfrkogfd'

Mfsk efrkd fgfdkrkr mf}f jflf mfyf} mkrkjyxdlfg rhcfafk chsklx} >

6' Fmf yhgafsxe rkagk`klfg dkgalxgafg ckrgkr }hsefmfy mkjhgrk r}sf}hak oyhsfrk{fga jhdkyx}k > ckf{f shgmfe$ r}sf}hak `dhlrkckdk}fr$ mfg r}sf}hak yhgakskjfg'

Gfjxg }kmfl fmf yhgafsxe rkagk`klfg dkgalxgafg ckrgkr mhgafg mkjhgrk

lxfdk}fr'

3' Fmf yhgafsxe rkagk`klfg mkjhgrk r}sf}hak oyhsfrk mhgafg lkghsnf oyhsfrkogfd{fga mkjomhsfrk odhe pfskfchd fmoyrk }hlgodoak %ro`} }hbegodoa{+ rhcfafk

pfskfchd chcfr jfxyxg pfskfchd jomhsf}os {fga jhjyhslxf} lkghsnf

oyhsfrkogfd'


7/110


8/110

pkk

LF]F YHGAFG]FS

Rhafdf yxnk mfg r{xlxs yhgxdkr yfgnf}lfg lhyfmf Rfga Nxsx Rhdfjf} ]xefg

[hrxr Lskr}xr {fga }hdfe jhdkjyfelfg chslf}g{f$ rhekgaaf yhgxdkr mfyf}

jhg{hdhrfklfg rlskyrk {fga chsnxmxd YHGAFSXE DKGALXGAFG CKRGKR$

R]SF]HAK OYHSFRK MFG FMOYRK ]HLGODOAK RHCFAFK PFSKFCHD

YHJOMHSFRK ]HSEFMFY LKGHSNF OYHSFRKOGFD YFMF RHG]SF

KGMXR]SK LHSFNKGFG LXDK] MK JFGMKGA CFG]XD

[OA[FLFS]F'

Rlskyrk kgk mkrxrxg xg}xl jhdhgalfyk yhsr{fsf}fg lxsklxdxj mfdfj sfgalf

jhghjyxe xnkfg }kgalf} fleks axgf jhjyhsodhe ahdfs rfsnfgf Hlogojk Nxsxrfg

Jfgfnhjhg @flxd}fr Hlogojk Xgkphsrk}fr Yhjcfgaxgfg Gfrkogfd Ph}hsfg

[oa{flfs}f'

Yhgxdkrfg rlskyrk kgk }kmfl flfg mfyf} }hsrhdhrfklfg }fgyf mxlxgafg mfsk

cfg{fl ykefl' Odhe lfshgf k}x$ yfmf lhrhjyf}fg kgk yhgxdkr jhgaxbfylfg

}hskjflfrke lhyfmf >

6' Ms' Ehsx ]sk Rx}kogo$ J'Rk rhdflx Lh}xf @flxd}fr Hlogojk NxsxrfgJfgfnhjhg

3'

Msf' [hl}k X}fjk$ J' Rk rhdflx morhg yhjckjckga K {fga }hdfe jhjchsklfg

ckjckgafg mfg yh}xgnxl mfdfj yhgxdkrfg rlskyrk kgk'

2' Msr' ]xak{o$ JJ rhdflx morhg yhjckjckga KK {fga }hdfe jhjchsklfgckjckgafg mfg yh}xgnxl mfdfj yhgxdkrfg rlskyrk kgk'


9/110

pkkk

=' ]k}kl Lxrjfg}kgk$ RH$ J'Rk rhdflx morhg yhgaxnk K {fga }hdfe cfg{fljhjchsklfg rfsfg mfg jfrxlfg mfdfj yhgxdkrfg rlskyrk kgk'

8' Qkme{ ]sk Fr}x}k$ RH$ J'Rk rhdflx morhg yhgaxnk KK {fga }hdfe cfg{fljhjchsklfg rfsfg mfg jfrxlfg mfdfj yhgxdkrfg rlskyrk kgk'

0' Cfyfl Efmk Rxsfjh %Lh}xf Lfjyxga Jfgmkga+$ Cfyfl Rx{ogo %Loosmkgf}osRhlrk Yhgahjcfgafg Qkrf}f mfg Kgmxr}sk+$ Cfyfl Nxjflks %Lh}xf Yolmfsqkr

Dkg}fr Jfgmkga+$ Cfyfl S] 9= r/m S] 95$ {fga }hdfe chsrhmkf jhjchsklfg

kg`osjfrk {fga mkcx}xelfg mfg rhlfdkaxr jhjchsk knkg xg}xl jhgafmflfg

yhghdk}kfg mk Rhg}sf Kgmxr}sk Lhsfnkfg Lxdk} mk Jfgmkga rhekgaaf mfyf}

}hsrhdhrfklfgg{f rlskyrk kgk'

1' Lhdxfsaflx %Fdj' Cfyfl lx Rxmkefsmno$ Kcx lx G{' Rxyfmjk$ Lflfllx Rkak}Yxs}ogo$ R' Rk+ mfg lhdxfsaf chrfs lx {fga dfkg {fga }kmfl ckrf rf{f rhcx}lfg

rf}x yhsrf}x {fga }hdfe jhjchsklfg bkg}f lfrkeg{f mfg mxlxgafg yhgxe cfkl

joskd jfxyxg jf}hskd'

5' J{ Eogh{ Krmfskgk mfg lhdxfsafgg{f {fga }hdfe cfg{fl jhjcfg}x mfgrhdfdx jhjchsklfg bkg}fg{f rhs}f mxlxgafg yhgxe rfjyfk }hsrhdhrfklfgg{f

rlskyrk kgk'

;' Lfs{fqfg*lfs{fqfg lx %Hlo$ Rmoekv$ Gxs$ Qkgm{+ {fga rxmfe cfg{fljhjcfg}x rfjyfk }hsrhdhrfklfgg{f rlskyrk kgk'

69']hjfg*}hjfg lx %Fsjfg$ Ehr}k$ Rfsk$ Yf}skbl$ Mhpk$ ]{o$ Akdfga$ Fgmsh$

Lxjf$ Noefg$ Fmk$ [xrjfg}o$ Fggf$ Fgadh$ Yxyx}$ Hgmfe$ Mkfe$ Qhddf$ Hpk$

Nxd`klfs$ Fsdkj$ Skbl{$ Shgm{$ Goyhd$ Fgaaf$ Fgmk$ Cfafr$ Lh}x}$ Lfmhl$

Yfgnk$ Jfk~$ Cf{x$ Fskh/Bxjk3$ Sxm{$ Xdkg$ Ehsmkg$ Mkfgf$ Hgmfga$ Yfgmx$


10/110

ku

]fsk$ Dhg{$ Fsk`$ @fskm$ Hlo$ Faxr$ Jfsqfg$ Ehgs{$ Rfcfs$ Fj{$ Xx}$

Mekmkga$ Fckhjfg{x$ Gfgmef$ Aklf$ Momol$ Sfakd$ Mhc{$ Mkjfr$ Rfgm{$

Efgm{$ Ehgmsk$ Fr}sf}$ Mhg{$ [xmk$ mdd+ rhs}f }kmfl lh}kgaafdfg rfefcf}*

rfefcf} mknxsxrfg Jfgfnhjhg @flxd}fr Hlogojk Xgkphsrk}fr Yhjcfgaxgfg

Gfrkogfd Ph}hsfg [oa{flfs}f {fga }kmfl mfyf} mkrhcx}lfg rf}x yhsrf}x {fga

}hdfe jhgmxlxga$ jhjcfg}x$ mfg jhghjfgk yhgxdkr rhekgaaf yhgxdkrfg kgk

mfyf} }hsrhdhrfklfg'

66']hjfg*]hjfg lx %[xmf$ [h{hg$ Fsk`$ Fskh$ Mkmf$ Hsqkg$ Xbol$ Skfg$ Dxbl{*Rogg{$ ]o{kc$ ]fx`kl$ Hlo$ Jklo$ Efg{$ @f}fs$ Kqfg$ Mkog$ Gfjo$ Gkdf$

Mhcc{$ ^ex$ Mhrlf*@fmnfs$ Mklf$ Sockg$ Bfe{o$ Yxax}$ }hjfg*}hjfg

LOJYFGF ALN Yf}fdfg$ mdd+ rhs}f {fga }kmfl mfyf} mkrhcx}lfg rf}x yhsrf}x

{fga }hdfe jhgmxlxga$ jhjcfg}x$ mfg jhghjfgk yhgxdkr rhekgaaf yhgxdkrfg

kgk mfyf} }hsrhdhrfklfg'

63'Rhjxf ykefl {fga jhgmoflfg mfg jhgmxlxga yhgxdkr rhekgaaf mfyf}jhg{hdhrfklfg }xafr fleks kgk mhgafg cfkl mfg dfgbfs'

Yhgxdkr jhg{fmfsk cfeqf rlskyrk kgk nfxe mfsk lhrhjyxsgffg rhekgaaf

jfrke yhsdx mklfnk mfg mklhjcfgalfg dhcke dfgnx}' Fleks lf}f$ yhgxdkr chsefsfy

rhjoaf rlskyrk kgk mfyf} chsjfg`ff} mfg jhjchsklfg rxjcfgafg cfak kdjx

yhgah}fexfg rhs}f ykefl*ykefl {fga jhjcx}xelfg'

[oa{flfs}f$ 32 Rhy}hjchs 3966

Yhgxdkr


11/110

u

MF@]FS KRK

Efdfjfg

EFDFJFG NXMXD ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' k

EFDFJFG YSFR[FSF] AHDFS ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' kk

EFDFJFG YHSRHJCFEFG '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' kkk

YHSG[F]FFG LHFRDKFG LFS[F ''''''''''''''''''''''''''''''''''''''''''''''''''''''' kp

FCR]SFL''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' p

FCR]SFB] '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' pk

LF]F YHGAFG]FS ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' pkk

MF@]FS KRK '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' u

MF@]FS ]FCHD ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ukkk

MF@]FS DFJYKSFG ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ukp

CFC K YHGMFEXDXFG ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 6

F' Df}fs Chdflfga Jfrfdfe '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 6

C' Sxjxrfg Jfrfdfe ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 2

B' ]xnxfg Yhghdk}kfg ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 2

M' Jfg`ff} Yhghdk}kfg ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =

CFC KK ]KGNFXFG YXR]FLF ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8

F' Dfgmfrfg ]hosk '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8

6' Dkgalxgafg Ckrgkr '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 8


12/110

uk

3' Excxgafg Dkgalxgafg Ckrgkr mfg R}sf}hak Oyhsfrk'''''''''''''''' 1

2' R}sf}hak Oyhsfrk '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 5

=' Excxgafg R}sf}hak Oyhsfrk mfg Fmoyrk ]hlgodoak ''''''''''''''''''' 66

8' Fmoyrk ]hlgodoak '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 6=

0' Fmoyrk ]hlgodoak Rhcfafk Yhjomhsfrk Excxgafg

R}sf}hak Oyhsfrk mfg Lkghsnf Oyhsfrkogfd ''''''''''''''''''''''''''''''''' 60

1' Lkghsnf Oyhsfrkogfd '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 61

5' Excxgafg Dkgalxgafg Ckrgkr$ R}sf}hak Oyhsfrk$

mfg Lkghsnf Oyhsfrkogfd '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 65

C' Yhghdk}kfg ]hsmfexdx '' 39

B' Lhsfgalf Logrhy}xfd '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 36

M' Ekyo}hrkr 33

CFC KKK JH]OMH YHGHDK]KFG ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 32

F' Nhgkr Yhghdk}kfg '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 32

C' Yoyxdfrk mfg ]hlgkl Yhgafjckdfg Rfjyhd ''''''''''''''''''''''''''''''''''''' 32

B' Pfskfchd Yhghdk}kfg '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 3=

6' Nhgkr Pfskfchd ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 38

3' Mh`kgkrk Oyhsfrkogfd Pfskfchd ''''''''''''''''''''''''''''''''''''''''''''''''''' 38

M' Jh}omh Yhgaxjyxdfg Mf}f '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 29

H' Rlfdf Yhgaxlxsfg Pfskfchd ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 29

@' Kgr}sxjhg Fdf} Xlxs ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 23

6' Xnk Pfdkmk}fr ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 23


13/110

ukk

3' Xnk Shdkfckdk}fr '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 28

A' ]hlgkl Fgfdkrkr Mf}f ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 20

CFC KP EFRKD YHGHDK]KFG MFG YHJCFEFRFG'''''''''''''''''''''''''''''' 25

F' Lfsfl}hskr}kl shryogmhg''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 25

C' Fgfdkrkr Efrkd ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 2;

B' Yhjcfefrfg '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' ==

CFC P LHRKJYXDFG MFG RFSFG ''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =5

F' Lhrkjyxdfg ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =5

C' Rfsfg '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =;

MF@]FS YXR]FLF ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 89

DFJYKSFG


14/110

ukkk

MF@]FS ]FCHD

]fchd KKK'6 Efrkd Xnk Pfdkmk}fr Pfskfchd Dkgalxgafg Ckrgkr ''''''''''''''''''''''''''''''''''''' 22

]fchd KKK'3 Efrkd Xnk Pfdkmk}fr Pfskfchd R}sf}hak Oyhsfrk ''''''''''''''''''''''''''''''''''''''''' 2=

]fchd KKK'2 Efrkd Xnk Pfdkmk}fr Pfskfchd Fmoyrk ]hlgodoak '''''''''''''''''''''''''''''''''''''' 2=

]fchd KKK'= Efrkd Xnk Pfdkmk}fr Pfskfchd Lkghsnf Oyhsfrkogfd ''''''''''''''''''''''''''''''''''' 28

]fchd KKK'8 Efrkd Xnk Shdkfckdk}fr ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 20

]fchd KP'6 Yso`kd Yhsxrfeffg Eojh Kgmxr}sk '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' 25

]fchd KP'3 Efrkd Yhgaxnkfg Yhgafsxe Dkgalxgafg Ckrgkr

]hsefmfy R}sf}hak Oyhsfrk '''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =9

]fchd KP'2 Efrkd Yhgaxnkfg Yhgafsxe R}sf}hak Oyhsfrk ]hsefmfy Lkghsnf

Oyhsfrkogfd ''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' =3

]fchd KP'= Efrkd Yhgaxnkfg Yhsfg Fmoyrk ]hlgodoak %Ro`} ]hbegodoa{+

Jhjomhsfrk Fg}fsf R}sf}hak Oyhsfrk Mhgafg Lkghsnf Oyhsfrkogfd ' '''''' =2


15/110

6

CFC K

YHGMFEXDXFG

F' Df}fs Chdflfga JfrfdfeLo}f [oa{flfs}f jhsxyflfg lo}f {fga lojydhlr$ rhdfkg }hslhgfd

rhcfafk lo}f yhdfnfs$ lo}f kgk nxaf }hslhgfd rhcfafk lo}f qkrf}f' Cfg{fl

qkrf}fqfg {fga chslxgnxga lh lo}f }hsrhcx} }kmfl xg}xl rhlhmfs chsdkcxs f}fx

nxaf xg}xl r}xmk cfgmkga$ }h}fyk nxaf jhjyhdfnfsk mfhsfe*mfhsfe qkrf}f {fga

jhg{kjyfg cfg{fl bhsk}f mkmfdfjg{f' Rfdfe rf}x chslfe {fga jxgbxd mhgafg

fmfg{f qkrf}fqfg {fga chslxgnxga lh Lfcxyf}hg Cfg}xd fmfdfe fmfg{f

dfyfgafg yhlhsnffg cfsx rhcfafk yhgnfnf lhsfnkgfg*lhsfnkgfg mfhsfe rh}hjyf}'

Cfg{fl lhsfnkgfg {fga fmf mk qkdf{fe Lfcxyf}hg Cfg}xd$ rfdfe rf}xg{f {fga

}hslhgfd fmfdfe Rhg}sf Kgmxr}sk Lhsfnkgfg Lxdk} {fga fmf mk Jfgmkga$ Cfg}xd$

[oa{flfs}f'

Cfak yfsf qkrf}fqfg {fga ehgmfl jhjkdklk lhgfga*lhgfgafg jflf

}hjyf} kgk bobol xg}xl mk lxgnxgak' Cfg{fl ysomxl {fga chscfefg cflx lxdk}

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16/110

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17/110

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18/110

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19/110

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28/110

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29/110

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30/110

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31/110

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32/110

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33/110

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34/110

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35/110

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37/110

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38/110

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39/110

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40/110

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41/110

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42/110

35

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43/110

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44/110

29

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nfqfcfgg{f rxmfe mkrhmkflfg odhe yhghdk}k' Rfrfsfg lxhrkoghs mk}xnxlfg odhe

22 yhjkdkl eojh kgmxr}sk'

H' Rlfdf Yhgaxlxsfg PfskfchdRlfdf yhgaxlxsfg jhsxyflfg lhrhyflf}fg {fga mkaxgflfg rhcfafk

fbxfg xg}xl jhghg}xlfg yfgnfga yhgmhlg{f kg}hspfd {fga fmf mfdfj fdf}

xlxs$ rhekgaaf fdf} xlxs }hsrhcx} ckdf mkaxgflfg mfdfj yhgaxlxsfg flfg

jhgaefrkdlfg mf}f lxfg}k}f}k` %Rxak{ogo$ 3998+' Rhrxfk mhgafg ekyo}hrkr

mfdfj yhghdk}kfg kgk$ jflf fmf = lojyoghg x}fjf mfdfj yhghdk}kfg kgk$ {fk}x >


45/110

26

pfskfchd dkgalxgafg$ r}sf}hak oyhsfrk$ fmoyrk }hlgodoak$ mfg lkghsnf

oyhsfrkogfd' Rlfdf dklhs} mkaxgflfg xg}xl jhgaxlxs rklfy$ yhgmfyf}$ mfg

yhsrhyrk rhrhosfga f}fx rhlhdojyol osfga }hg}fga `hgojhgf rorkfd'

Mfdfj yhghdk}kfg$ `hgojhgf rorkfd kgk }hdfe mk}h}fylfg rhbfsf ryhrk`kl

odhe yhghdk}k$ {fga rhdfgnx}g{f mkrhcx} rhcfafk pfskfchd yhghdk}kfg' Mhgafg

rlfdf dklhs}$ jflf pfskfchd {fga flfg mkxlxs mknfcfslfg jhgnfmk kgmklf}os

pfskfchd' Lhjxmkfg kgmklf}os }hsrhcx} mknfmklfg rhcfafk }k}kl }odfl xg}xl

jhg{xrxg k}hj*k}hj kgr}sxjhg} {fga mfyf} chsxyf yhsg{f}ffg f}fx yhs}fg{ffg

%Rxak{ogo$ 399;+' Nfqfcfg rh}kfy k}hj kgr}sxjhg} {fga jhgaaxgflfg rlfdf

dklhs} jhjyxg{fk asfmkfrk mfsk rfgaf} york}k` rfjyfk rfgaf} ghaf}k`' Mhgafg

rlfdf dklhs} kgk mkefsfylfg mfyf} jhjxmfelfg yhghdk}k mfdfj yhg{xrxgfg

mf`}fs yhs}fg{ffg f}fx yhsg{f}ffg lxhrkoghs mhgafg }hsr}sxl}xs' Rlfdf Dklhs}

{fga mkaxgflfg xg}xl jhgaxlxs mfdfj yhghdk}kfg kgk fmfdfe>

f' Dkgalxgafg ckrgkr6' Rfgaf} Shgmfe %RS+ rlos 63' Shgmfe %S+ rlos 32' Rhmfga %R+ rlos 2=' ]kgaak %]+ rlos =8' Rfgaf} ]kgaak %R]+ rlos 8

c'

R}sf}hak Oyhsfrk

6' Rfgaf} ]kmfl Yhg}kga %R]Y+ rlos 63' ]kmfl Yhg}kga %]Y+ rlos 32' Gh}sfd %G+ rlos 2


46/110

23

=' Yhg}kga %Y+ rlos =8' Rfgaf} Yhg}kga %RY+ rlos 8

b' Fmoyrk ]hlgodoak6' ]kmfl Jhgafmoyrk %]J+ rlos 63' Jhgafmoyrk %J+ rlos 32' Gh}sfd %G+ rlos 2=' ]kgaak %]+ rlos =8' Rfgaf} ]kgaak Jhgafmoyrk %R]J+ rlos 8

m' Lkghsnf Oyhsfrkogfd6' Rfgaf} ]kmfl Yhg}kga %R]Y+ rlos 63' ]kmfl Yhg}kga %]Y+ rlos 32' Gh}sfd %G+ rlos 2=' Yhg}kga %Y+ rlos =8' Rfgaf} Yhg}kga %RY+ rlos 8

@' Kgr}sxjhg Fdf} Xlxs6' Xnk Pfdkmk}fr

Xnk pfdkmk}fr fmfdfe kgr}sxjhg {fga mfyf} mkaxgflfg xg}xl

jhgaxlxs fyf {fga rhefsxrg{f mkxlxs %Rxak{ogo$ 3999+' Pfdkmk}fr

mkaxgflfg xg}xl jhgah}fexk lhrfjffg fg}fsf mf}f {fga }hslxjyxd

mhgafg mf}f {fga rhrxgaaxeg{f }hsnfmk yfmf oc{hl {fga mk}hdk}k$ rhekgaaf

mfyf} mkyhsodhe mf}f {fga pfdkm' Kgr}sxjhg mklf}flfg pfdkm nklf jfjyx


47/110

22

jhgaxlxs fyf {fga rhefsxrg{f mkxlxs mfg jfjyx jhgaxgalfy mf}f {fga

mk}hdk}k rhbfsf }hyf}'

Xnk pfdkmk}fr mfdfj yhghdk}kfg kgk jhgaaxgflfg Yhfsrog

Bosshdf}kog$ mkek}xga mhgafg jhgaaxgflfg cfg}xfg lojyx}hs yfmf

ysoasfj RYRR`os qkgmoqr 60'9' K}hj yhs}fg{ffg mkg{f}flfg pfdkm fyfckdf

jhjkdklk gkdfk ysocfckdk}fr }kgalf} rkagk`klfgrk 48( %9$98+' Efrkd

yhgaxnkfg pfdkmk}fr mfyf} mkdkef} yfmf }fchd mkcfqfe kgk >

]fchd KKK'6Efrkd Xnk Pfdkmk}fr

Pfskfchd Dkgalxgafg Ckrgkr

Dkgalxgafg

Ckrgkr

Yhsrog Bosshdf}kog Rkag s ek}xga Lh}hsfgafg

CC6 9'855 9'999 Pfdkm

CC3 9'058 9'999 Pfdkm

CC2 9'863 9'993 Pfdkm

CC= 9'181 9'999 Pfdkm

CC8 9'060 9'999 Pfdkm

CC0 9'186 9'999 PfdkmL]L6 9'525 9'999 Pfdkm

L]L3 9';88 9'999 Pfdkm

L]L2 9';61 9'999 Pfdkm

L]L= 9'169 9'999 Pfdkm

L]L8 9'160 9'999 Pfdkm

]Y6 9'523 9'999 Pfdkm

]Y3 9'09; 9'999 Pfdkm

]Y2 9'=68 9'960 Pfdkm

]Y= 9'1=5 9'999 Pfdkm

]Y8 9'061 9'999 Pfdkm

MY6 9'=20 9'966 Pfdkm

MY3 9'53= 9'999 Pfdkm

MY2 9'5;= 9'999 Pfdkm

MY= 9'508 9'999 Pfdkm

Rxjchs > Mf}f yskjhs {fga mkodfe$ 3966'


48/110

2=

]fchd KKK'3

Efrkd Xnk Pfdkmk}fr

Pfskfchd R}sf}hak Oyhsfrk

R}sf}hak

Oyhsfrk


RCS6 9';03 9'999 Pfdkm

RCS3 9';26 9'999 Pfdkm

RCS2 9';=; 9'999 Pfdkm

RCS= 9';26 9'999 Pfdkm

RL6 9'0;6 9'999 Pfdkm

RL3 9'10; 9'999 Pfdkm

RL2 9'139 9'999 Pfdkm

RL= 9'58; 9'999 Pfdkm

RL8 9'528 9'999 PfdkmR@6 9'106 9'999 Pfdkm

R@3 9'522 9'999 Pfdkm

R@2 9'1;6 9'999 Pfdkm

R@= 9'005 9'999 Pfdkm

R@8 9'=9= 9'939 Pfdkm

RY6 9'156 9'999 Pfdkm

RY3 9'165 9'999 Pfdkm

RY2 9'535 9'999 Pfdkm

RY= 9'569 9'999 Pfdkm

RY8 9'165 9'999 Pfdkm


]fchd KKK'2

Efrkd Xnk Pfdkmk}fr

Pfskfchd Fmoyrk ]hlgodoak

Fmoyrk

]hlgodoak


F]6 9'180 9'999 Pfdkm

F]3 9'0=9 9'999 Pfdkm

F]2 9'009 9'999 Pfdkm

F]= 9'008 9'999 PfdkmRxjchs > Mf}f yskjhs {fga mkodfe$ 3966'


49/110

28

]fchd KKK'=

Efrkd Xnk Pfdkmk}fr

Pfskfchd Lkghsnf Oyhsfrkogfd

Lkghsnf

Oyhsfrkogfd


LOY6 9'1=0 9'999 Pfdkm

LOY3 9'050 9'999 Pfdkm

LOY2 9'==6 9'969 Pfdkm

LOY= 9'1=3 9'999 Pfdkm

LOY8 9'53; 9'999 Pfdkm


3' Xnk Shdkckdk}frXnk shdkfckdk}fr fmfdfe }kgalf} lhr}fckdfg mfsk rxf}x fdf} xlxs mfdfj

jhgaxlxs rxf}x ahnfdf' Xnk kgk mkdflxlfg xg}xl jhgah}fexk }kgalf}

logrkr}hgrk efrkd yhgaxlxsfg ckdf mkdflxlfg yhgaxlxsfg mf}f mxf lfdk f}fx

dhcke ahnfdf {fga rfjf' Efrkdg{f mk}xgnxlfg odhe rhcxfe kgmhlr {fga

jhgxgnxlfg rhchsfyf nfxe rxf}x fdf} xlxs mfyf} mkyhsbf{f f}fx mfyf}

mkfgmfdlfg' Xnk kgk nxaf mk}hsfylfg xg}xl jhgah}fexk fyflfe shryogmhg

}hdfe jhgnfqfc yhs}fg{ffg*yhs}fg{ffg rhbfsf logrkr}hg f}fx }kmfl$

rhekgaaf lhrxgaaxefg nfqfcfgg{f mfyf} mkyhsbf{f' Rhjflkg }kgaak

loh`krkhg shdkfckdk}fr rhjflkg shdkfchd nfqfcfg {fga mkyhsodhe mfsk

shryogmhg'

Xnk shdkfckdk}fr mfdfj yhghdk}kfg kgk jhgaaxgflfg Bsogcfber

Fdyef$ mkek}xga mhgafg jhgaaxgflfg cfg}xfg lojyx}hs yfmf ysoasfj

RYRR `os qkgmoqr 60'9' Yhgaxnkfg shdkfckdk}fr kgk mkdflxlfg mhgafg

jhgaek}xga chrfsg{f gkdfk BsogcfberFdyef kgr}sxjhg mfsk jfrkga*

jfrkga pfskfchd {fga mkxnk' Fyfckdf gkdfk Boh``kbkhg} Bsogcfbe!r Fdyef


50/110

20

dhcke chrfs mfsk 9$0$ jflf nfqfcfg mfsk yfsf shryogmhg yfmf lxhrkoghs

rhcfafk fdf} yhgaxlxs mkgkdfk mkg{f}flfg shdkfchd' Nklf gkdfk Boh``kbkhg}

Bsogcfber Fdyef dhcke lhbkd 9$0 jflf nfqfcfg mfsk yfsf shryogmhg yfmf

lxhrkoghs rhcfafk fdf} yhgaxlxs mkgkdfk mkg{f}flfg }kmfl shdkfchd' Efrkd

yhgaxnkfg shfckdk}fr mfyf} mkdkef} yfmf }fchd mkcfqfe kgk >

]fchd KKK'8

Efrkd Xnk Shdkfckdk}fr

K}hj Pfskfchd Loh`krkhg Fdyef Lh}hsfgafg

Ckf{f Ckrgkr %CC+ 9'19; Shdkfchd

Lh}hsrhmkffg ]hgfaf Lhsnf %L]L+ 9'556 Shdkfchd

]kgalf} Yhsrfkgafg %]Y+ 9'022 Shdkfchd

Mkgfjkrjh Yfrfs %MY+ 9'1=5 Shdkfchd

R}sf}hak Ckf{f Shgmfe %RCS+ 9';85 Shdkfchd

R}sf}hak Lxdk}fr %RL+ 9'535 Shdkfchd

R}sf}hak @dhlrkckdk}fr %R@+ 9'055 Shdkfchd

R}sf}hak Yhgakskjfg %RY+ 9'035 Shdkfchd

Fmoyrk ]hlgodoak %F]+ 9'066 Shdkfchd

Lkghsnf Oyhsfrkogfd Yhsxrfeffg %LOY+ 9'135 Shdkfchd


A' ]hlgkl Fgfdkrkr Mf}f6' Ekyo}hrkr yhs}fjf$Dkgalxgafg ckrgkr chsyhgafsxe rkagk`klfg }hsefmfy

r}sf}hak oyhsfrk'

Xg}xl jhgaxnk ekyo}hrkr yhs}fjf jhgahgfk dkgalxgafg ckrgkr

chsyhgafsxe rkagk`klfg }hsefmfy r}sf}hak oyhsfrk mkaxgflfg jh}omh

Jxd}kpfskf}h Jxd}kydh Shashrrkog Fgfd{rkr %JJSF+ mklhsnflfg jhdfdxk

RYRR `os qkgmoqr 60'9'


51/110

21

3' Ekyo}hrkr lhmxf$ R}sf}hak oyhsfrk chsyhgafsxe rkagk`klfg }hsefmfylkghsnf oyhsfrkogfd

Xg}xl jhgaxnk ekyo}hrkr lhmxf jhgahgfk r}sf}hak oyhsfrk

chsyhgafsxe rkagk`klfg }hsefmfy lkghsnf oyhsfrkogfd mkaxgflfg jh}omh

Jomhsf}hm Shashrrkog Fgfd{rkr %JSF+ mklhsnflfg jhdfdxk RYRR `os

qkgmoqr 60'9'

2' Ekyo}hrkr lh}kaf$ Yhsfgfmoyrk }hlgodoak {fga jhjyhslxf} yhgafsxer}sf}hak oyhsfrk }hsefmfy lkghsnf oyhsfrkogfd'

Yhgaxnkfg ekyo}hrkr lh}kaf mkdflxlfg xg}xl jhdkef} yhsfg

yhjomhsfrkfg yfmf fmoyrk }hlgodoak }hsefmfy excxgafg r}sf}hak oyhsfrk

mfg lkghsnf oyhsfrkogfd' Yhgaxnkfg ekyo}hrkr lh}kaf mkdflxlfg xg}xl

jhjcxl}klfg fmfg{f yhgafsxe yhjomhsfrkfg ro`} }hbegodoa{ }hsefmfy

excxgafg fg}fsf r}sf}hak oyhsfrk mfg lkghsnf oyhsfrkogfd' Xg}xl jhgaxnk

ekyo}hrkr }hsrhcx} jhgaaxgflfg RYRR `os qkgmoqr 60'9 mhgafg jh}omh

Jomhsf}hm Shashrrkog Fgfd{rkr %JSF+'


52/110

25

CFC KP

EFRKD YHGHDK]KFG MFG YHJCFEFRFG

F' Lfsfl}hskr}kl ShryogmhgXg}xl jhjyhsodhe afjcfsfg }hg}fga lfsfl}hskr}kl shryogmhg {fga

flfg mk}hdk}k jflf mkdflxlfg yhgaodfefg }hsefmfy mf}f lfrfs jhdfdxk

yhsek}xgafg r}f}kr}kl mhrlsky}k` mhgafg `shlxhgrk }fchd' Lfsfl}hskr}kl

shryogmhg mfdfj yhghdk}kfg kgk$ jhdkyx}k> xjxs yhsxrfeffg mfg nxjdfe }hgfaf

lhsnf yhsxrfeffg rhbfsf xjxj' Mhgafg mhjklkfg$ flfg mkmfyf}lfg rxf}x

afjcfsfg }hg}fga rfjyhd yhsxrfeffg mfdfj yhghdk}kfg kgk' Chsklx} afjcfsfg

mhrlsky}k` mfsk yhsxrfeffg {fga }hsmksk mfsk 22 eojh kgmxr}sk jfgx`fl}xs

fmfdfe rhcfafk chsklx} >

]fchd KP'6

Yso`kd Yhsxrfeffg Eojh Kgmxr}sk

Mkjhgrk Lf}haoskNxjdfe

Eojh Kgmxr}sk

Yhsrhg}frh

%(+

Xjxs

Yhsxrfeffg

4 69 }fexg 2 ;'9;

7 69*39 }fexg 69 29'2

7 39*29 }fexg 62 2;'=

7 29*=9 }fexg 1 36'3

Nxjdfe 22 699

]hgfaf Lhsnf4 69 }hgfaf lhsnf 3; 51';7 69*39 }hgfaf lhsnf 2 ;'9;

7 39 }hgfaf lhsnf 6 2'9

Nxjdfe 22 699



53/110

2;

Mfdfj yhghdk}kfg kgk$ rfjyhd {fga mkaxgflfg fmfdfe rhcfg{fl 22

shryogmhg' Nxjdfe lxhrkoghs {fga mkcfaklfg rhcfg{fl 22 lxhrkoghs mfg

mkrhcfs rhbfsf dfgarxga odhe yhghdk}k rhekgaaf }kgalf} yhgahjcfdkfg lxhrkoghs

%shryog sf}h+ rhchrfs 699(' Lsk}hskf xjxs yhsxrfeffg mfdfj yhghdk}kfg kgk

fmfdfe yhsxrfeffg {fga rxmfe chsxjxs jkgkjfd 3 }fexg' Chsmfrfslfg xjxs

yhsxrfeffg$ shryogmhg mklhdojyollfg jhgnfmk = cfakfg {fk}x lf}haosk 469

}fexg rhcfg{fl ;'9;($ lf}haosk 769*39 }fexg rhcfg{fl 29'2($ lf}haosk 739*

29 }fexg rhcfg{fl 2;'=($ mfg lf}haosk 729*=9 }fexg rhcfg{fl 36'3(' Mfsk

lhhjyf} lh}haosk kgk$ shryogmhg {fga yfdkga cfg{fl fmfdfe lf}haosk 739*29

}fexg' Chsmfrfslfg nxjdfe }hgfaf lhsnf$ shryogmhg mklhdojyollfg jhgnfmk 2

cfakfg {fk}x lf}haosk 469 }hgfaf lhsnf rhcfg{fl 51';($ lf}haosk 769*39

}hgfaf lhsnf rhcfg{fl ;'9;($ mfg lf}haosk 739 }hgfaf lhsnf rhcfg{fl 2'9('

Mfsk lhhjyf} lh}haosk kgk$ shryogmhg {fga yfdkga cfg{fl fmfdfe yfmf lf}haosk

469 }hgfaf lhsnf'

C' Fgfdkrkr Efrkd6' Ekyo}hrkr Yhs}fjf$Dkgalxgafg ckrgkr chsyhgafsxe rkagk`klfg }hsefmfy

r}sf}hak oyhsfrk'

Xg}xl jhgah}fexk fyflfe dkgalxgafg ckrgkr jhjyhgafsxek

r}sf}hak oyhsfrk$ mkaxgflfg jh}omh Jxd}kpfskf}h Jxd}kydh Shashrrkog

Fgfd{rkr %JJSF+ mklhsnflfg jhdfdxk shashrk dkghfs chsafgmf mhgafg

jhgaaxgflfg fdf} cfg}x RYRR 60'9 `os qkgmoqr mhgafg efrkd yhgaxnkfg

rhcfafk chsklx} >


54/110

=9

]fchd KP'3

Efrkd Yhgaxnkfg Yhgafsxe Dkgalxgafg Ckrgkr

]hsefmfy R}sf}hak Oyhsfrk

Mhyhgmhg

Pfskfcdh

Yfsfjh}hs C RH } }hr} @ }hr}

Fmn S3] Rkag @ Rkag

]o}_RCS Bogr}fg} ='155 ='=35 6'956 9'35; 2'955 9'923 9'391

]o}_CC 9'835 9'390 3'880 9'960

]o}_L]L 9'909 9'606 9'219 9'16=

]o}_]Y 9'3;6 9'390 6'=6= 9'605

]o}_MY *9'36= 9'398 *6'9=2 9'290

]o}_RL Bogr}fg} 62'9=2 ='910 2'399 9'992 6'566 9'688 9'9;3

]o}_CC 9'935 9'6;9 9'6=; 9'553

]o}_L]L 9'630 9'6=5 9'5=; 9'=92

]o}_]Y 9'32= 9'65; 6'320 9'331]o}_MY 9'331 9'65; 6'399 9'3=9

]o}_R@ Bogr}fg} 8'109 2';01 6'=83 9'685 3'569 9'9== 9'658

]o}_CC 9'326 9'658 6'386 9'336

]o}_L]L 9'620 9'6== 9';2; 9'280

]o}_]Y 9'619 9'65= 9';3= 9'20=

]o}_MY 9'353 9'65= 6'820 9'620

]o}_RY Bogr}fg} 0'=3; 2';85 6'03= 9'660 =';10 9'99= 9'223

]o}_CC 9'69= 9'658 9'80= 9'881

]o}_L]L 9'62= 9'6== 9';26 9'209

]o}_]Y 9'89= 9'65= 3'1=3 9'966

]o}_MY 9'650 9'652 6'96= 9'26;


Mfsk }fchd mk f}fr$ mfyf} mk dkef} cfeqf lhhjyf} jomhd shashrk {fga

}hdfe mkxnk mhgafg mkjhgrk r}sf}hak ckf{f shgmfe$ r}sf}hak lxfdk}fr$ r}sf}hak

`dhlrkckdk}fr$ mfg r}sf}hak yhgakskjfg rhcfafk pfskfchd }hsklf} %mhyhgmhg

pfskfcdh+$ jfrkga*jfrkga jhjkdklk gkdfk @ }hr}mhgafg }kgalf} rkagk`klfgrk

rhchrfs 9'923 < 9'688 < 9'9== mfg 9'99=' Rxf}x pfskfchd mklf}flfg

chsyhgafsxe rkagk`klfg fyfckdf jhjkdklk gkdfk ysocfckdk}fr }kgalf}

rkagk`klfgrk 48( %9$98+' Yfmf pfskfchd yhs}fjf mfyf} mkdkef} mfsk gkdfk Fmn

S3

rhchrfs 39'1( {fga jhgxgnxllfg cfeqf chrfsg{f yhgafsxe


55/110

=6

dkgalxgafg ckrgkr }hsefmfy mkjhgrk r}sf}hak ckf{f shgmfe rhchrfs 39'1($

rhmfgalfg rkrfg{f rhchrfs 1;'2( mknhdfrlfg odhe `fl}os*`fl}os dfkg mkdxfs

jomhd'

Yfmf pfskfchd lhmxf$ gkdfk Fmn S3 rhchrfs ;'3( mfyf} jhgnhdfrlfg

cfeqf chrfsg{f yhgafsxe dkgalxgafg ckrgkr }hsefmfy mkjhgrk r}sf}hak

lxfdk}fr rhchrfs ;'3 ($ rhmfgalfg ;9'5 ( mknhdfrlfg odhe `fl}os*`fl}os

dfkg mkdxfs jomhd' Yfmf pfskfchd lh}kaf$ gkdfk Fmn S3

rhchrfs 65'8( mfyf}

jhgnhdfrlfg cfeqf chrfsg{f yhgafsxe dkgalxgafg ckrgkr }hsefmfy

mkjhgrk r}sf}hak `dhlrkckdk}fr rhchrfs 65'8($ rhmfgalfg 56'8 ( mknhdfrlfg

odhe `fl}os*`fl}os dfkg mkdxfs jomhd' Yfmf pfskfchd lhhjyf}$ gkdfk Fmn S3

rhchrfs 22'3( mfyf} jhgnhdfrlfg cfeqf chrfsg{f yhgafsxe dkgalxgafg

ckrgkr }hsefmfy mkjhgrk r}sf}hak yhgakskjfg rhchrfs 22'3($ rhmfgalfg

00';( mknhdfrlfg odhe `fl}os*`fl}os dfkg mkdxfs jomhd' Mfsk efrkd yhgaxnkfg

ekyo}hrkr yhs}fjf mk f}fr$ mfyf} mknhdfrlfg cfeqf fmf yhgafsxe {fga

rkagk`klfg fg}fsf dkgalxgafg ckrgkr mhgafg mkjhgrk r}sf}hak ckf{f shgmfe$

r}sf}hak `dhlrkckdk}fr$ mfg r}sf}hak yhgakskjfg' Gfjxg }kmfl fmf yhgafsxe

{fga rkagk`klfg fg}fsf dkgalxgafg ckrgkr mhgafg mkjhgrk r}sf}hak lxfdk}fr'

3' Ekyo}hrkr lhmxf$ R}sf}hak oyhsfrk chsyhgafsxe rkagk`klfg }hsefmfylkghsnf oyhsfrkogfd

Xg}xl jhgaxnk ekyo}hrkr lhmxf jhgahgfk r}sf}hak oyhsfrk

chsyhgafsxe rkagk`klfg }hsefmfy lkghsnf oyhsfrkogfd mkaxgflfg jh}omh

Jomhsf}hm Shashrrkog Fgfd{rkr %JSF+ mklhsnflfg jhdfdxk fdf} cfg}x RYRR

60'9 `os qkgmoqr mhgafg efrkd yhgaxnkfg rhcfafk chsklx} >


56/110

=3

]fchd KP'2

Efrkd Yhgaxnkfg Yhgafsxe R}sf}hak Oyhsfrk

]hsefmfy Lkghsnf Oyhsfrkogfd

Jomhd

R}fgmfsmk~hm

Boh``krkhg Xnk } S3

Fmn S3 @ Rkag

C ] Rkag

6 Bogr}fg} 2'=16 9'993 9'888 9'=;6 5'16; 9'999

]O]_RCS 9'980 9'=30 9'01=

]O]_RL *9'968 *9'663 9';66

]O]_R@ 9'656 6'2;6 9'618

]O]_RY 9'000 ='02= 9'999


Mfsk }fchd mk f}fr$ mfyf} mkdkef} cfeqf yfmf jomhd 6 gkdfk S3

rhchrfs 9'888 mfg Fmn S3

rhchrfs 9'=;6 rhs}f @ rhchrfs 5'16;' Efd kgk

jhgxgnxllfg cfeqf chrfsg{f yhgafsxe mkjhgrk r}sf}hak ckf{f shgmfe$

r}sf}hak lxfdk}fr$ r}sf}hak `dhlrkckdk}fr$ mfg r}sf}hak yhgakskjfg }hsefmfy

lkghsnf oyhsfrkogfd yhsxrfeffg rhchrfs =;'6($ rhmfgalfg rkrfg{f rhchrfs

89';( mknhdfrlfg odhe `fl}os*`fl}os dfkg mkdxfs jomhd'

2' Ekyo}hrkr lh}kaf$ Yhsfg fmoyrk }hlgodoak {fga jhjyhslxf} yhgafsxer}sf}hak oyhsfrk }hsefmfy lkghsnf oyhsfrkogfd'

Ekyo}hrkr lhmxf mfdfj yhghdk}kfg kgk mkaxgflfg xg}xl jhgaxnk

fyflfe fmf yhgafsxe pfskfchd fmoyrk }hlgodoak %ro`} }hbegodoa{+

jhjomhsfrk excxgafg fg}fsf r}sf}hak oyhsfrk mhgafg lkghsnf oyhsfrkogfd

yhsxrfeffg' Xg}xl jhgaxnk ekyo}hrkr kgk$ mkaxgflfg jh}omh Jomhsf}hm

Shashrrkog Fgfd{rkr %JSF+ {fga jhgaaxgflfg fdf} cfg}x RYRR `os

qkgmoqr 60'9 mhgafg efrkd yhgaxnkfg rhcfafk chsklx} >


57/110

=2

]fchd KP'=

Efrkd Yhgaxnkfg Yhsfg Fmoyrk ]hlgodoak %Ro`} ]hbegodoa{+

Jhjomhsfrk Fg}fsf R}sf}hak Oyhsfrk Mhgafg Lkghsnf Oyhsfrkogfd

Jomhd

R}fgmfsmk~hm

Boh``krkhg Xnk } S3

Fmn S3 @ Rkag

C ] Rkag

3 Bogr}fg} 6'952 9'3;9 9'020 9'=;= ='=1= 9'993

]O]_RCS *9'082 *6'925 9'269

]O]_RL 9'916 9'918 9';=6

]O]_R@ *9'112 *9';=1 9'282

]O]_RY 6'28; 3'89; 9'939

]O]_F] *9';22 *9'=52 9'02=

RCS pr F] 6'=32 6'322 9'329

RL pr F] *9'95= *9'92; 9';0;R@ pr F] 6'556 6'389 9'33=

RY pr F] *6';8; *6'288 9'65;


Mfsk }fchd mk f}fr$ mfyf} mkdkef} cfeqf yfmf jomhd 3 lh}klf pfskfchd

kg}hsflrk mkjfrxllfg jflf S3 jhgkgalf} rhchrfs 9'91; rhekgaaf jhgnfmk

9'020 mfg Fmn S3

jhgkgalf} rhchrfs 9'=;= rhs}f @ }xsxg jhgnfmk ='=1='

Mfsk jomhd 3 mfyf} mknhdfrlfg cfeqf rhchrfs =;'=( pfskfrk pfskfchd

lkghsnf oyhsfrkogfd mfyf} mknhdfrlfg odhe pfskfchd r}sf}hak oyhsfrk mfg

fmoyrk }hlgodoak %ro`} }hbegodoa{+$ rhmfgalfg rkrfg{f rhchrfs 89'0( mfyf}

jhgnhdfrlfg odhe `fl}os dfkg mkdxfs jomhd' Yhgkgalf}fg }hsrhcx} rkagk`klfg

lfshgf rhjxf gkdfk rkagk`klfrkg{f dhcke lhbkd mfsk 8( %rkag 49'98+'


58/110

==

B' Yhjcfefrfg6' Dkgalxgafg ckrgkr chsyhgafsxe rkagk`klfg }hsefmfy r}sf}hak

oyhsfrk'

Efrkd yhgaxnkfg yhs}fjf jhg{f}flfg cfeqf fmf yhgafsxe {fga

rkagk`klfg fg}fsf dkgalxgafg ckrgkr mhgafg mkjhgrk r}sf}hak ckf{f

shgmfe$ r}sf}hak `dhlrkckdk}fr$ mfg r}sf}hak yhgakskjfg' Gfjxg }kmfl fmf

yhgafsxe {fga rkagk`klfg fg}fsf dkgalxgafg ckrgkr mhgafg mkjhgrk

r}sf}hak lxfdk}fr' Mfdfj efd yhgaxnkfg fg}fsf mkjhgrk r}sf}hak ckf{f

shgmfe mhgafg dkgalxgafg ckrgkr }hsmfyf} yhgafsxe {fga rkagk`klfg

lfshgf rhcfakfg chrfs yhsxrfeffg/eojh kgmxr}sk jhgafgaafy

yhg}kgag{f jhgxsxglfg ckf{f yhs xgk}$ jhgxsxglfg ckf{f

jf}hskfd/cfefg$ jhgxsxglfg ckf{f ophsehfm$ mfg jhgxsxglfg ckf{f

yhsrhmkffg' Mfsk efrkd yhghdk}kfg rhchdxjg{f jhgxgnxlfg cfeqf

dkgalxgafg ckrgkr jhjfkglfg yhsfg mfdfj efd jhghg}xlfg ykdkefg

lojyh}k}k` r}sf}hak oyhsfrk'

Gfjxg mfdfj efd kgk$ lexrxrg{f yfmf Rhg}sf Kgmxr}sk

Lhsfnkgfg Lxdk} mk Jfgmkga xg}xl mkjhgrk r}sf}hak lxfdk}fr }kmfl

jhjkdklk yhsfg {fga rkagk`klfg }hsefmfy dkgalxgafg ckrgkr

mklfshgflfg yhsxrfeffg rxmfe mkfgaafy jfjyx xg}xl jhghsfylfg

r}fgmfs lxfdk}fr {fga mkkgakglfg logrxjhg' Rhekgaaf mfdfj efd

jhgxsxglfg }kgalf} lhsxrflfg$ jhjyhscfklk lkghsnf mfg lhefgmfdfg

ysomxl$ jhjyhscfklk lxfdk}fr yhjfrol/phgmos$ jhjyhsodhe rh`}k`klf}

lxfdk}fr }kgalf} kg}hsgfrkogfd rhs}f jhjyhsodhe rhs}k`klf} lxfdk}fr


59/110

=8

}kgalf} dolfd mkfgaafy }kmfl }hsdfdx yhg}kga' Nfmk$ ysomxl {fga

mkefrkdlfg yhsxrfeffg/eojh kgmxr}sk jhjkdklk }kgalf} lhefgmfdfg {fga

}kgaak' @fl}os dkgalxgafg ckrgkr nxaf }kmfl jhjchsk yhgafsxe mfdfj

efd yhsodhefg rhs}k`klf} cfkl dolfd jfxyxg kg}hsgfrkogfd lfshgf yfsf

yhgasfnkg chsfgaafyfg cfeqf rhs}k`klf} }hsrhcx} }kmfl }hsdfdx mkfgaafy

yhg}kga' Efd kgk mklfshgflfg jhshlf jhgnxfd cfsfga efrkd ysomxlrk

}kmfl jhgaaxgflfg jhsl'

Chschmf mhgafg mkjhgrk r}sf}hak lxfdk}fr$ dkgalxgafg ckrgkr

nxaf jhjkdklk yhgafsxe {fga rkagk`klfg }hsefmfy mkjhgrk r}sf}hak

`dhlrkckdk}fr mfg mkjhgrk r}sf}hak yhgakskjfg' Yhsxrfeffg mk}xg}x}

xg}xl rhjflkg bhlf}fg mfdfj jhgakskjlfg cfsfga lhyfmf logrxjhg

mhgafg qfl}x }xgaax {fga yhgmhl' Rhdfkg k}x$ yhsxrfeffg efsxr dhcke

nhdk mfdfj efd chslojyh}krk mhgafg yhsxrfeffg/eojh kgmxr}sk rhnhgkr

rhekgaaf mfdfj logmkrk {fga rhyhs}k kgk$ yhsxrfeffg/eojh kgmxr}sk

efsxr jhgahjcfgalfg ysomxl cfsx {fga dhcke kgopf}k` rhekgaaf mfyf}

chs}fefg mfdfj yhsrfkgafg'

Rhbfsf xjxj yhsxrfeffg/eojh kgmxr}sk efsxr jhjyhsef}klfg

}kgalf} yhsrfkgafg {fga fmf' Efd kgk }hscxl}k mfsk efrkd {fga mkyhsodhe

cfeqf }kgalf} yhsrfkgafg ckrgkr jhjkdklk yhgafsxe dfgarxga {fga

rkagk`klfg yfmf mkjhgrk r}sf}hak ckf{f shgmfe$ r}sf}hak `dhrkckdk}fr mfg

r}sf}hak yhgakskjfg'


60/110

=0

3' R}sf}hak oyhsfrk chsyhgafsxe rkagk`klfg }hsefmfy lkghsnfoyhsfrkogfd

Efrkd yhgaxnkfg mf}f lhmxf kgk mfyf} mknhdfrlfg cfeqf fmf

yhgafsxe rkagk`klfg fg}fsf pfskfchd fmoyrk }hlgodoak %ro`} }hbegodoa{+

{fga jhjomhsfrk excxgafg fg}fsf r}sf}hak oyhsfrk mhgafg lkghsnf

oyhsfrkogfd yhsxrfeffg' Efrkd yhghdk}kfg xg}xl yhsxrfeffg jfgx`fl}xs

jhgxgnxlfg cfeqf yhgahjcfgafg mfg kjydhjhg}frk r}sf}hak oyhsfrk

mhgafg mxlxgafg ro`} }hbegodoa{ flfg chsyhgafsxe rkagk`klfg yfmf

lkghsnf oyhsfrkogfd' Efd kgk mklfshgflfg fydklfrk ro`} }hbegodoa{

jhjchsklfg lhrhjyf}fg cfsx cfak yhsxrfeffg/eojh kgmxr}sk xg}xl

dhcke jhgahjcfgalfg kgopfrk*kgopfrk cfsx mfdfj jhjyhscfklk jx}x

mfsk efrkd ysomxlrk' Fydklfrk ro`} }hbegodoa{ mfdfj jhgnfdfglfg xrfef

mk ckmfga Lhsfnkgfg Lxdk} mk Jfgmkga jhjchsk jfg`ff} cfak eojh

kgmxr}sk/yhsxrfeffg xg}xl mfyf} jhjyhscfklk lxfdk}fr$ `dhlkckdk}fr$

lfyfckdk}fr yhgakskjfg cfelfg yhgbfyfkfg ckf{f ysomxlrk {fga shgmfe

mhgafg jhgxsxglfg ckf{f ophsehfm'

2' Yhsfg fmoyrk }hlgodoak {fga jhjyhslxf} yhgafsxe r}sf}hakoyhsfrk }hsefmfy lkghsnf oyhsfrkogfd'

Chsmfrfslfg lsk}hskf JSF$ jflf pfskfchd fmoyrk }hlgodoak

%ro`} }hbegodoa{+ jhsxyflfg vxfrh jomhsf}os' Cfkl rhcfafk pfskfchd

chcfr jfxyxg pfskfchd yhjomhsfrk$ pfskfchd fmoyrk }hlgodoak %ro`}

}hbegodoa{+ rhbfsf rkagk`klfg jhjyhgafsxek lkghsnf oyhsfrkogfd

rhcfafk pfskfchd }hsklf} %mhyhgmhg pfskfcdh+' Mhgafg mhjklkfg$ mfyf}


61/110

=1

mknhdfrlfg cfeqf ekyo}hrkr lhmxf {fga jhg{f}flfg pfskfchd fmoyrk

}hlgodoak %ro`} }hbegodoa{+ jhjomhsfrk excxgafg fg}fsf r}sf}hak

oyhsfrk mhgafg lkghsnf oyhsfrkogfd }hscxl}k' Mhgafg lf}f dfkg$ fmf

yhgafsxe fg}fsf r}sf}hak oyhsfrk mhgafg lkghsnf oyhsfrkogfd {fga

mkjomhsfrk odhe pfskfchd fmoyrk }hlgodoak %ro`} }hbegodoa{+'

Nklf mklfk}lfg mhgafg efrkd fgfdkrkr yhgafsxe dkgalxgafg ckrgkr

yfmf lhyx}xrfg mkjhgrk r}sf}hak oyhsfrk %r}sf}hak ckf{f shgmfe$ r}sf}hak

`dhlrkckdk}fr mfg r}sf}hak yhgakskjfg+ mfyf} mknhdfrlfg cfeqf mfdfj

jhgaefmfyk logmkrk dkgalxgafg ckrgkr mhgafg }kgalf} yhsrfkgafg {fga

fmf$ yhsxcfefg logmkrk yfrfs mfg }xg}x}fg logrxjhg mhgafg qfl}x

yhgakskjfg mfg qfl}x }xgaax {fga rkgalf}' Fydklfrk ro`} }hbegodoa{

nklf mkrhdfsfrlfg mhgafg mkjhgrk r}sf}hak oyhsfrk %r}sf}hak ckf{f

shgmfe$ r}sf}hak `dhlrkckdk}fr mfg r}sf}hak yhgakskjfg+ {fga }hyf}$ jflf

flfg mfyf} jhjyhscfklk lkghsnf oyhsfrkogfd/eojh kgmxr}sk }hsrhcx}'


62/110

=5

CFC P

LHRKJYXDFG MFG RFSFG

F' LHRKJYXDFG

Chsmfrfslfg efrkd fgfdkrkr mf}f {fga }hdfe mkdflxlfg }hsefmfy 22 eojh

kgmxr}s{ yfmf Rhg}sf Kgmxr}sk Lhsfnkgfg Lxdk} mk Jfgmkga Cfg}xd [oa{flfs}f$

jflf Yhgxdkr jhgafjckd lhrkjyxdfg jhgahgfk yhgafsxe dkgalxgafg ckrgkr$

r}sf}hak oyhsfrk mfg fmoyrk }hlgodoak rhcfafk pfskfchd yhjomhsfrk }hsefmfy

lkghsnf yhsfrkogfd yhsxrfeffg rhcfafk chsklx} >

6' Fmf yhgafsxe rkagk`klfg dkgalxgafg ckrgkr }hsefmfy mkjhgrk r}sf}hakoyhsfrk {fga jhdkyx}k > ckf{f shgmfe$ r}sf}hak `dhlrkckdk}fr$ mfg r}sf}hak

yhgakskjfg' Gfjxg }kmfl fmf yhgafsxe rkagk`klfg dkgalxgafg ckrgkr

mhgafg mkjhgrk lxfdk}fr'

3' Fmf yhgafsxe rkagk`klfg mkjhgrk r}sf}hak oyhsfrk mhgafg lkghsnfoyhsfrkogfd {fga mkjomhsfrk odhe pfskfchd fmoyrk }hlgodoak %ro`}

}hbegodoa{+ rhcfafk pfskfchd chcfr jfxyxg pfskfchd jomhsf}os {fga

jhjyhslxf} lkghsnf oyhsfrkogfd'


63/110

=;

C' RFSFG

Chsmfrfslfg efrkd fgfdkrkr mfg lhrkjyxdfg mkf}fr$ jflf yhgxdkr mfyf}

jhjchsklfg rfsfg*rfsfg rhcfafk chsklx} >

6' Yhsxrfeffg efsxr jfjyx jhgahdodf ckf{f*ckf{f ckrgkr mhgafg h`hl}k` mfgh`krkhg$ }kmfl yhsdx fmfg{f yhgaxsfgafg chchsfyf r}f``$ yhsdx fmfg{f

kgopfrk*kgopfrk cfsx fafs jfjyx chsrfkga mhgafg yhsxrfeffg dfkg {fga

rhnhgkr$ jfjyx jhgnfaf lxfdk}fr mhgafg cfkl$ }kgalf} yhgakskjfg efsxr

rhdfdx mkyhsef}klfg xg}xl jhjyhs}fefglfg yhdfgaafg'

3' Mfdfj yhghdk}kfg rhdfgnx}g{f$ yhghdk}k yhsdx jhgfjcfelfg pfskfchd fmoyrk}hlgodoak %efsm }hbegodoa{+ rhcfafk pfskfchd jomhsfrk fafs mfyf} mk dkef}

fyflfe pfskfchd kgk chsyhsfg rhcfafk pfskfchd {fga

jhjyhslxf}/jhjyhsdhjfe pfskfchd dfkg'


64/110

89

MF@]FS YXR]FLF

Fjoflo$ L' A{fjyfe$ 3992' ]eh Shdf}kogreky fjoga rhdhb}hm cxrkghrr

hgpksogjhg} `fb}osr fgm oyhsf}kogfd r}sf}ha{> kgrkae}r `soj fg hjhsakga

hbogoj{' Ojhaf$ 26$ 351*296'

Fx}koh$ F'$ & Dhjfghg$ ]' %6;;8+' Jhfrxshjhg} fgm hpfdxf}kog o` }hbegodoa{

}sfgr`hs' Kg}hsgf}kogfd Noxsgfd o` ]hbegodoa{ Jfgfahjhg}$ 69$ 0=2*00='

Cfmskh$ J' F'$ Mfpkr$ M' & Mfpkr$ M' 3999' Oyhsf}kog r}sf}ha{$ hgpksogjhg}

xgbhs}fkg}{$ fgm yhs`osjfgbh> f yf}e fgfd{}kb jomhd o` kgmxr}skhr kg

mhphdoykga boxg}s{$ Ojhaf$ Kg}hsgf}kogfd Noxsgfd o` Jfgfahjhg} Rbkhgbh$35$ 688*612'

Coxsahokr$ D' N'$ 6;59' R}sf}ha{ fgm hgpksogjhg}> f bogbhy}xfd kg}hasf}kog'

Fbfmhj{ o` Jfgfahjhg} Shpkhq$ 8 %6+$ 38*2;'

Csfadkf$ J'$ Yh}sogk$ F'$ 3999' ]oqfsm f }fuogoj{ o` rhfsbe yf}}hsg o`

jfgx`fb}xskga `dhukckdk}{ kg rjfdd fgm jhmkxj rk~hm `ksj' Ojhaf' 35$ 6;8*

362'

Bfadkfgo$ S & Rykgf$ A'$ 3999' Eoq kjysophjhg} ysoasfjr o` jfgx`fb}xskga fsh

rhdhb}hm> }eh sodh o` r}sf}hakb yskosk}khr fgm yfr} huyhskhgbh' Kg}hsgf}kogfd

Noxsgfd o` Ysomxb}kog fgm Oyhsf}kog Jfgfahjhg}$ 39 %1+$ 113*1;6'

Mhjh}hs$ L'$ 3992' Oyhsf}kogfd r}sf}ha{ fgm bojyh}k}kphghrr' Kg}hsgf}kogfd

Noxsgfd o` Ysomxb}kog Hbogojkbr$ 56$ 398*362'

Ahsqkg$ M'$ 6;;2' Jfgx`fb}xskga `dhukckdk}{> f r}sf}hakb yhsryhb}kph' Jfgfahjhg}

rbkhgbh$ 2;$ 2;8*=69'

Aosmog$ N'$ Roefd'$ 3999' Jfgx`fb}xskga ysfb}kbh fgm bojyh}k}kph bfyfckdk}{> fg

Fxr}sfdkfg r}xm{' ]hbegopf}kog$ 6;$ 3;8*29='


65/110

86

Ehk~hs$ N'$ & Shgmhs$ C'$ 399=' Oyhsf}kog Jfgfahjhg}' Rhphg}e Hmk}kog Yhfsrog

Hmxbf}kog Kg}hsgf}kogfd'

Kjfj Aeo~fdk$ Fydklfrk Fgfdkrkr Jxd}kpfskf}h mhgafg Ysoasfj RYRR' Cfmfg

Yhghsck} Xgkphsrk}fr Mkyoghaoso$ Rhjfsfga$ Ol}ochs 3990'

Dfafbh$ A' L'$ Coxsafxd}$ J'$ 3992' Dkglkga jfgx`fb}xskga kjysophjhg}

ysoasfjr }o bojyh}k}kph yskosk}khr o` Bfgfmkfg RJHr' ]hbegopf}kog 32$

198*168'

Dhgf Hddk}fg & Dkgf Fgf}fg$ Jfgfnhjhg R}sf}hak Oyhsfrk> ]hosk Mfg Skrh} Mk

Kgmoghrkf' Fd`f Ch}f$ Cfgmxga$ 3995$ 6=1*659'

Roefd$ F'R' & ]hs~koprl{$ J 3999' ]VJ kg Fxr}sfdkf jfgx`fb}xskga> `fb}os

bsk}kbfd }o rxbbhrr' Kg}hsgf}kogfd Noxsgfd o` Vxfdk}{ fgm Shfckdk}{

Jfgfahjhg}$ pod' 61 %3+' yy' 685*601'

Rxak{ogo' %399;+'Jh}omh Yhghdk}kfg Ckrgkr' Fd`f Ch}f$ Cfgmxga'

Rqfjkmfrr$ YJ'$ Ghqhdd$ Q']'$ 6;51' Oyhsf}kogfd r}sf}ha{$ hgpksogjhg}fd

xgbhs}fkg}{ fgm yhs`osjfgbh> f yf}e fgfd{}kb jomhd' Jfghahjhg} Rbkhgbh$

22 %=+$ 89;*83='

]og{ Qknf{f$ Fgfdkrkr Mf}f Yhghdk}kfg jhgaaxgflfg RYRR' Xgkphsrk}fr F}jf

Nf{f$ [oa{flfs}f$ 399;'

Qfsgobl' K'$ 6;;0' Jfgx`fb}xskga fgm Cxrkghrr Hubhddhgbh > R}sh}hakhr$

]hbegkvxhr$ fgm ]hbegodoakhr Yshg}khbh Efdd Hxsoyh'

Qfsm$ Y']'$ Mxsf{$ S'$ 3999' Oyhsf}kogfd r}sf}ha{ kg bxog}hu> hgpksgjhg}$bojyh}k}kph r}sf}ha{$ fgm oyhsf}kogfd r}sf}ha{' Noxsgfd o` Oyhsf}kog

Jfgfahjhg}$ 65$ 632*625'

e}}y>//sh{bbf'qosmyshrr'boj/399;/66/95/yhgahs}kfg*dkgalxgafg*ckrgkr/


66/110

83

DFJYKSFG 6

LXKRKOGHS


67/110

LXKRKOGHS


]HLGODOAK RHCFAFK PFSKFCHD YHJOMHSFRK ]HSEFMFY

LKGHSNF OYHSFRKOGFD YFMF RHG]SF KGMXR]SK LHSFNKGFG

LXDK] MK JFGMKGA CFG]XD [OA[FLFS]F

K' KMHG]K]FR SHRYOGMHG6' Gfjf Yhsxrfeffg > ''3' ]fexg Chsmksk > ''2' Gfjf Yhjkdkl > '' %nklf }kmfl lhchsf}fg+=' Nxjdfe ]hgfaf Lhsnf > ''

KK' YH]XGNXL6' Fgmf %yhjkdkl yhsxrfeffg+ mk jkg}f jhgnfqfc yhs}fg{ffg cfakfg >

F' Dkgalxgafg Ckrgkr6' Rfgaf} Shgmfe %RS+ rlos 63' Shgmfe %S+ rlos 32' Rhmfga %R+ rlos 2=' ]kgaak %]+ rlos =8' Rfgaf} ]kgaak %R]+ rlos 8

C' R}sf}hak Oyhsfrk6' Rfgaf} ]kmfl Yhg}kga %R]Y+ rlos 63' ]kmfl Yhg}kga %]Y+ rlos 32' Gh}sfd %G+ rlos 2=' Yhg}kga %Y+ rlos =8' Rfgaf} Yhg}kga %RY+ rlos 8

B' Fmoyrk ]hlgodoak6' ]kmfl Jhgafmoyrk %]J+ rlos 63' Jhgafmoyrk %J+ rlos 32' Gh}sfd %G+ rlos 2=' ]kgaak %]+ rlos =8'

Rfgaf} ]kgaak Jhgafmoyrk %R]J+ rlos 8M' Lkghsnf Oyhsfrkogfd

6' Rfgaf} ]kmfl Yhg}kga %R]Y+ rlos 63' ]kmfl Yhg}kga %]Y+ rlos 32' Gh}sfd %G+ rlos 2=' Yhg}kga %Y+ rlos =8' Rfgaf} Yhg}kga %RY+ rlos 8

3' Chskdfe }fgmf %+ xg}xl rh}kfy nfqfcfg {fga fgmf fgaafy rhrxfk'


68/110

Cfakfg F

Dkgalxgafg Ckrgkr

Go Pfskfchd Dkgalxgafg Ckrgkr RS S R ] R]

6 3 2 = 86 Ckf{f Ckrgkr

f' Yhgkgalf}lfg ckf{f }hgfaf lhsnf'c' Yhgkgalf}lfg ckf{f jf}hskfd'b' Yhgkgalf}lfg ckf{f yhgafgalx}fg cfefg jhg}fe

mfg cfsfga nfmk'

m' Yhgkgalf}lfg ckf{f }hdhlojxgklfrk'h' Yhgkgalf}lfg ckf{f yhg{hqffg ahmxga'`' Yhgkgalf}lfg ckf{f yhsfqf}fg lhrhef}fg lfs{fqfg'

3 Lh}hsrhmkffg ]hgfaf Lhsnf

f' Yhgaxsfgafg r}f` jfgfnhskfd mfg fmjkgkr}sfrk'c'

Yhgaxsfgafg }hlgkrk'b' Yhgaxsfgafg bdhskbfd mfg yhlhsnffg }hslfk}'

m' Yhgaxsfgafg lfs{fqfg {fga }hsdf}ke'h' Yhgaxsfgafg r}f` ysomxlrk'

2 ]kgalf} Yhsrfkgafg

f' ]fnfjg{f yhsrfkgafg mfdfj yfrfs dolfd'c' Jfsakg yso`k}{fga shgmfe'b' Yhgxsxgfg yhsjkg}ffg mfdfj yfrfs mfdfj ghahsk'm' Yhgxsxgfg yhsjkg}ffg yfmf yfrfs dxfs ghahsk'h' Ysomxlrk xg}xl jhjhgxek r}fgmfs lxfdk}fr'

= Mkgfjkrjh Yfrfs

f' ]kgalf} ysomxl mfg nfrf jhgnfmk lh}kgaafdfgmkcfgmkgalfg yhrfkga'

c' ]kgalf} kgopfrk ysomxl cfsx'b' ]kgalf} kgopfrk ysorhr ysomxlrk cfsx'm' ]kgalf} yhsxcfefg rhdhsf mfg ykdkefg yhdfgaafg'


69/110

Cfakfg C

R}sf}hak Oyhsfrk

Go Pfskfchd R}sf}hak Oyhsfrk R]Y ]Y G Y RY

6 3 2 = 86 R}sf}hak Ckf{f Shgmfe

f' Jhgxsxgfg ckf{f yhs xgk}'c' Jhgxsxglfg ckf{f jf}hskfd/cfefg'b' Jhgxsxglfg ckf{f ophsehfm'm' Jhgxsxglfg ckf{f yhsrhmkffg'

3 R}sf}hak Lxfdk}fr

f' Jhgxsxglfg }kgalf} lhsxrflfg'c' Jhjyhscfklk lkghsnf mfg lhefgmfdfg ysomxl'b' Jhjyhscfklk lxdk}fr yhjfrol/phgmos'm' Jhjyhsodfe rhs}k`klfrk lxfdk}fr }kgalf}

kg}hsgfrkogfd'h' Jhjyhsodfe rhs}k`klfrk lxfdk}fr }kgalf} dolfd'2 R}sf}hak @dhlrkckdk}fr

f' Jhgxsxglfg }hgaafga qfl}x yfcsklfrk'c' Jhgxsxglfg }hgaafga qfl}x yhsodhefg cfefg

jhg}fe mfg yhghskjffg'

b' Jhgxsxglfg qfl}x yhgahjcfgafg ysomxl cfsx'm' Jhgxsxglfg qfl}x rh} xy/befgah*ophs %qfl}x

xg}xl jhg{kfylfg rxf}x jhrkg f}fx ysorhr xg}xl

ysomxlrk+'

h' Jhgkgalf}lfg jomhd mfg pfskfrk ysomxl'= R}sf}hak Yhgakskjfg

f' Jhgkgalf}lfg lhefgmfdfg yhgakskjfg'c' Jhgkgalf}lfg lhbhyf}fg yhgakskjfg'b' Jhjyhscfklk df{fgfg rhchdxj yhgnxfdfg mfg

yhgmxlxga {fga chsrk`f} }hlgkr'

m' Jhjyhscfklk cfg}xfg yhdf{fgfg }hlgkr lhyfmfyhdfgaafg'

h' Jhjyhscfklk yhdf{fgfg rh}hdfe yhgnxfdfg'


70/110

Cfakfg B

Fmoyrk ]hlgodoak %Ro`} ]hbegodoa{+

Lh}hsfgafg >6' NK] %Nxr} Kg ]kjh+ fmfdfe rhyhsfgalf} jh}omh f}fx }hlgkl {fga mkfydklfrklfg

yfmf r{r}hj yhjchdkfg$ `xgark yfcsklfrk$ mfg mfg `xgark yhgakskjfg' @kdoro`k

NK] {fk}x jhgahdkjkgfrk rhjxf fl}kpk}fr {fga }kmfl yhg}kga mfg }kmfl

jhjchsklfg gkdfk }fjcfe mkjfgfyxg fl}kpk}fr k}x chsfmf'

3' ]VJ %]o}fd Vxfdk}{ Jfgfahjhg}+ jhsxyflfg ysoasfj yhscfklfg }hsxrjhghsxr {fga mkdflxlfg rhbfsf chs}fefy mfg }kmfl yhsgfe chsfleks'

2' JSY %Jf}hskfd Shvxkshjhg} Ydfggkga+ jhsxyflfg }hlgkl yhsjkg}ffgmhyhgmhg {fga jhgaaxgflfg ckdd o` jf}hskfd$ yhsrhmkffg$ huyhb}hm shbhkphm$

JYR %Jfr}hs Ysomxb}kog Rbehmxdh+ xg}xl jhghg}xlfg lhcx}xefg jf}hskfd'

=' ]YJ %]o}fd Ysomxb}kph Jfkg}hgfgbh+ fmfdfe yhgmhlf}fg kgopf}k` xg}xlyhsfqf}fg yhsfdf}fg %efsmqfsh mfg ro`}qfsh+ mfg jhrkg yfcskl' Kjydhjhg}frk

]YJ jhjchsklfg log}skcxrk mfdfj jhgaxsfgak qosl kg ysoashrr$jhgkgalf}lfg lxfdk}fr ysomxl$ jhgaxsfgak qfl}x rkldxr ysomxlrk$ mfg rfgaf}

h`hl}k` xg}xl oy}kjfrk jhrkg mfg yhsfdf}fg'

Go Pfskfchd Fmoyrk ]hlgodoak %Ro`} ]hbegodoa{+ jhdkyx}k > ]J J G ] R]J

6 3 2 = 8

6 NK] %Nxr} Kg ]kjh+'

3 ]VJ %]o}fd Vxfdk}{ Jfgfahjhg}+'

2 JSY %Jf}hskfd Shvxkshjhg} Ydfggkga+'

= ]YJ %]o}fd Ysomxb}kph Jfkg}hgfgbh+'


71/110

Cfakfg M

Lkghsnf Oyhsfrkogfd Yhsxrfeffg

Lh}hsfgafg >6' Ysomxl}kpk}fr jhsxyflfg lhakf}fg xg}xl jhgaefrkdlfg rhrxf}x %cfsfga f}fx

nfrf+ {fga dhcke }kgaak f}fx dhcke cfg{fl'

3' Ckf{f fmfdfe yhgaoscfgfg rxjchs hlogojkr {fga mkxlxs mfdfj rf}xfg xfga${fga }hdfe }hsnfmk$ rhmfga }hsnfmk f}fx {fga lhjxgalkgfg flfg }hsnfmk xg}xl

}xnxfg }hs}hg}x'

2' Lxfdk}fr jhsxyflfg logmkrk mkgfjkr {fga chsexcxgafg mhgafg ysomxl$ nfrf$rxjchs mf{f jfgxrkf$ ysorhr$ mfg dkgalxgafg {fga jhjhgxek f}fx jhdhckek

efsfyfg'

=' @dhlrkckdk}fr jfgx`fl}xs jhsxyflfg lhjfjyxfg yhsxrfeffg xg}xl jhshryogrhbfsf h`hl}k` yhsxcfefg {fga }hsnfmk$ cfkl {fga }hsnfmk mk kg}hsgfd %oyhsfrk+

yhsxrfeffg jfxyxg mk hlr}hsgfd dkgalxgafg yhsxrfeffg'

8' Lhjfjyxfg yhgakskjfg jhsxyflfg rhafdf xyf{f {fga mkdflxlfg rhbfsfrhgmksk f}fx chsrfjf*rfjf mfdfj rxf}x osafgkrfrk xg}xl jhjhchsklfg

yhdf{fgfg nfrf chsxyf yhgakskjfg cfsfga'

Go Yhgkgalf}fg Lkghsnf Oyhsfrkogfd Yhsxrfeffg jhdfdxk > R]Y ]Y G Y RY

6 3 2 = 8

6 Ysomxl}k`k}fr'

3 Ckf{f'

2 Lxfdk}fr'

= @dhlrkckdk}fr'

8 Lhjfjyxfg yhgakskjfg'


72/110

85

DFJYKSFG 3

Mf}f

yhghdk}kfg


73/110

CC6 CC3 CC2 CC= CC8 CC0 ]O]_DC L ]L6 L]L3 L]L2 L]L= L]L8 ] O]_L]L ]Y6 ]Y3 ]Y2 ]Y= ]Y8 ]

6 2 8 3 2 6 2 61 6 6 6 6 6 8 3 2 3 6 =

3 2 8 2 2 6 2 65 3 3 3 8 6 63 6 3 6 6 2

2 2 = 2 = 2 = 36 6 6 6 6 6 8 2 2 2 = 2

= 2 = 2 2 6 2 61 2 2 2 2 2 68 2 2 2 2 =

8 2 8 2 2 6 2 65 6 6 6 6 6 8 6 3 = 6 2

0 2 8 2 2 6 2 65 6 6 6 6 6 8 8 2 2 2 8

1 = 8 6 = = = 33 6 6 6 6 6 8 3 2 3 3 8

5 2 2 2 2 6 2 60 6 6 6 3 3 1 8 2 = 2 =

; 2 = 2 2 6 2 61 3 6 6 3 6 1 2 2 2 2 =

69 2 = 2 2 6 2 61 3 6 6 6 6 0 2 2 2 2 2

66 2 = 2 2 6 2 61 2 3 3 2 3 63 2 2 2 2 =

63 = 8 = 2 6 = 36 6 6 6 6 6 8 8 2 = = 8

62 = 8 = 2 6 = 36 6 6 6 6 6 8 8 2 = = 8 6= = 8 = 2 6 = 36 6 6 6 6 6 8 8 2 = = 8

68 2 2 2 6 6 2 6= 6 6 6 6 6 8 2 3 = 6 2

60 2 = 2 2 6 2 61 3 6 6 6 6 0 2 2 3 3 =

61 3 3 3 3 6 3 66 6 6 6 6 6 8 8 2 8 6 =

65 2 2 2 2 6 2 60 2 2 2 2 2 68 6 2 2 2 2

6; 2 8 2 2 2 2 39 6 6 6 6 6 8 8 2 = = 8

39 2 8 2 2 6 2 65 6 6 6 6 6 8 = 2 3 3 8

36 2 2 2 2 6 2 60 6 6 6 6 6 8 2 2 3 3 8

33 2 8 2 2 6 2 65 6 6 6 6 6 8 2 2 = 6 2

32 = 8 2 = 6 2 39 6 6 6 6 6 8 8 8 = 2 2

3= = 8 = 2 2 2 33 6 6 6 6 6 8 8 2 = 6 =

38 = 8 = = 2 = 3= 6 6 6 6 6 8 3 3 8 6 2

30 8 2 2 2 6 2 65 3 3 3 3 3 69 6 2 = = 8

31 = 8 = = = = 38 6 6 6 6 6 8 8 = 8 8 8

35 2 8 = 8 3 = 32 = 2 = 6 6 62 8 2 3 8 8

3; 2 = 2 2 3 6 60 3 2 2 3 2 62 2 2 2 = =

29 2 2 8 2 2 2 39 6 2 2 2 6 66 8 2 2 2 2

26 2 = 2 2 2 2 6; 6 6 6 6 6 8 = 2 6 2 =

23 2 8 = 8 3 = 32 = 2 = 6 6 62 8 2 3 8 8

22 2 2 2 2 2 2 65 3 3 2 3 3 66 2 2 2 2 2

Ckf{fCkrgkr Lh}hsrhmkffg]hgfafLhsnf ]kgalf}Yhsrfkgafg

MF]FYHGHDK]KFG6DKGALXGAFGCKRGKR

Go


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RCS6 RCS3 RCS2 RCS= ]O]_RCS RL6 RL3 RL2 RL= RL8 ]O]_RL R@6 R@3 R@2 R@= R@8 ]O]_R@

6 = = = = 60 8 = = 2 = 39 = = 2 6 = 60

3 8 8 8 8 39 8 = 8 8 8 3= = = = 2 = 6;

2 = = = 2 68 = = 8 = = 36 3 = = 2 = 61

= 2 3 2 2 66 = 8 = 8 8 32 2 2 2 6 2 62

8 = 8 = = 61 3 2 2 3 3 63 = = = 6 8 65

0 8 8 8 = 6; 8 8 8 8 = 3= 8 8 = 6 8 39

1 = = = = 60 = = = 2 2 65 = = = = = 39

5 8 8 8 8 39 = = = 8 8 33 = = = = = 39

; = = = = 60 8 8 8 8 8 38 2 2 2 6 8 68

69 = = = = 60 8 8 8 8 8 38 2 2 2 2 8 61

66 = = = = 60 8 8 8 8 8 38 2 2 2 2 8 61

63 8 8 8 8 39 8 = 8 = = 33 8 = = 2 2 6;

62 8 8 8 8 39 8 = 8 = 8 32 8 = = 2 2 6; 6= 8 8 8 8 39 8 = 8 = 8 32 8 = = 2 2 6;

68 6 6 6 6 = 2 = = 8 8 36 = = = 2 8 39

60 = = = = 60 8 8 8 8 8 38 2 2 2 6 2 62

61 3 3 3 3 5 8 8 = 2 2 39 8 8 = 2 8 33

65 = 8 = = 61 8 = = 6 6 68 2 2 2 6 = 6=

6; 8 8 8 8 39 8 8 8 = = 32 8 8 8 6 = 39

39 = = = = 60

PENGARUH LINGKUNGAN BISNIS, STRATEGI OPERASI DAN ADOPSI TEKNOLOGI SEBAGAI VARIABEL PEMODERASI...

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