sme internationalization through global value chains and free trade agreements: malaysian evidence

8/9/2019 SME Internationalization through Global Value Chains and Free Trade Agreements: Malaysian Evidence

1/24

OCAG Udrigfe ]opbr Xbrgbs

XLB Gftbrfotgdfojgzotgdf tnrduen EjdaojPojub Hnogfs ofc @rbb Srocb Oerbblbfts;Lojoysgof Bvgcbfhb


2/24

Snb Udrigfe ]opbr sbrgbs gs o hdftgfuotgdf d` tnb `drlbrjy folbc Cgshussgdf ]opbr sbrgbs9tnb fulabrgfe d` tnb popbrs hdftgfubc wgtndut gftbrruptgdf dr hnofeb. OCAG‗s wdrigfepopbrs rb`jbht gfgtgoj gcbos df o tdpgh ofc orb pdstbc dfjgfb `dr cgshussgdf. OCAG bfhduroebsrbocbrs td pdst tnbgr hdllbfts df tnb logf poeb `dr bohn wdrigfe popbr (egvbf gf tnbhgtotgdf abjdw). Xdlb wdrigfe popbrs loy cbvbjdp gftd dtnbr `drls d` puajghotgdf.

Xueebstbc hgtotgdf;

Oruchnbjvof, L., ofc E. Ugeforoko. 1=?2. XLB Gftbrfotgdfojgzotgdf tnrduen Ejdaoj PojubHnogfs ofc @rbb Srocb Oerbblbfts; Lojoysgof Bvgcbfhb. OCAG Udrigfe ]opbr 2?2. Sdiyd; Osgof Cbvbjdplbft Aofi Gfstgtutb. Ovogjoajb; nttp;//www.ocag.dre/wdrigfe-popbr/1=?2/=1/?0/0282.slb.gftbrfotgdfojgzotgdf.lojoysgo/

Lbfoio Oruchnbjvof gs o ]rdkbht Hdfsujtoft ot tnb Osgof Cbvbjdplbft Aofi Gfstgtutb.Eofbsnof Ugeforoko gs Cgrbhtdr d` Qbsborhn ot tnb Osgof Cbvbjdplbft Aofi Gfstgtutb.

Snb vgbws bxprbssbc gf tngs popbr orb tnb vgbws d` tnb outndr ofc cd fdt fbhbssorgjyrb`jbht tnb vgbws dr pdjghgbs d` OCAG, OCA, gts Adorc d` Cgrbhtdrs, dr tnb edvbrflbftstnby rbprbsbft. OCAG cdbs fdt euoroftbb tnb ohhurohy d` tnb coto gfhjucbc gf tngs popbrofc ohhbpts fd rbspdfsgagjgty `dr ofy hdfsbqubfhbs d` tnbgr usb. Sbrlgfdjdey usbc loyfdt fbhbssorgjy ab hdfsgstbft wgtn OCA d``ghgoj tbrls.

Udrigfe popbrs orb suakbht td `drloj rbvgsgdf ofc hdrrbhtgdf ab`drb tnby orb `gfojgzbcofc hdfsgcbrbc puajgsnbc.


3/24

OCAG Udrigfe ]opbr 2?2 Oruchnbjvof ofc Ugeforoko

Oastroht

Erdwgfe gftbrfotgdfojgzotgdf d` `grls gf Osgo tnrduen portghgpotgdf gf ejdaoj vojub hnogfs(EPHs) ofc `rbb trocb oerbblbfts (@SOs) nos `dhusbc ottbftgdf df slojj ofc lbcgul-sgzbcbftbrprgsbs (XLBs). Wbt tnbrb gs shoft jgtbroturb df tnb hnorohtbrgstghs d` XLBs gfvdjvbc gfEPHs ofc @SOs. Lojoysgo gs rbputbc `dr gts bfeoeblbft gf EPHs ofc gs ohtgvbjy pursugfe@SOs. Crowgfe df o survby d` Lojoysgof bftbrprgsbs, tngs popbr bxolgfbs tnb hnorohtbrgstghsd` XLBs gf EPHs ofc @SOs ofc bxpjdrbs tnb pdjghy glpjghotgdfs. Gt `gfcs tnot bvbf oldfeXLBs, `grl sgzb lottbrs `dr portghgpotgdf gf EPHs ofc @SOs. Aut sgzb gs fdt tnb wndjb stdry`dr XLB gftbrfotgdfojgzotgdf. Jghbfsgfe d` `drbgef tbhnfdjdey ofc gfvbstlbft gf rbsborhn ofc

cbvbjdplbft orb ojsd pdsgtgvbjy ossdhgotbc wgtn XLBs kdgfgfe EPHs. @urtnbrldrb,gfhrbosbc bxpdsurb td gftbrfotgdfoj trocb, ifdwjbceb d` @SO prdvgsgdfs ofc hbftroj jdhotgdfpdsgtgvbjy o``bhts tnb usb d` @SOs ay XLBs. Ldrb ausgfbss suppdrt `dr XLBs hof nbjp tnbltd bfeoeb gf EPHs ofc @SOs.

KBJ Hjossg`ghotgdf; @?8, @?3, @?2


4/24


Hdftbfts

?. Gftrdcuhtgdf ................................................................................................................ 8

1.

Jgtbroturb Qbvgbw ....................................................................................................... 3

1.?

Ejdaoj Pojub Hnogf ]ortghgpotgdf .................................................................... 3

1.1

@rbb Srocb Oerbblbft ]rb`brbfhb Rtgjgzotgdf ................................................ 0

8.

Coto ofc Xullory Xtotgstghs ..................................................................................... 5

3.

Ejdaoj Pojub Hnogf ]ortghgpotgdf ............................................................................. ?=

3.? Hnorohtbrgstghs d` XLBs tnot ]ortghgpotb gf Ejdaoj Pojub Hnogfs ................. ?=

2.

@rbb Srocb Oerbblbft Rsb ..................................................................................... ?8

2.?

Hnorohtbrgstghs d` XLBs tnot Rsb @rbb Srocb Oerbblbfts .......................... ?8

2.1

Glpbcglbfts td @rbb Srocb Oerbblbft Rsb ofc Xuppdrt Xduent ................ ?2

0.

Hdfhjusgdf ............................................................................................................... ?5

Qb`brbfhbs ......................................................................................................................... ?7

Oppbfcgx ............................................................................................................................. 11


5/24


?. GFSQDCRHSGDFQbegdfojgsl gf Osgo, jbc ay ejdaoj vojub hnogfs (EPHs)? ofc `rbb trocb oerbblbfts(@SOs), nos gfhrbosgfejy put tnb spdtjgent df slojj ofc lbcgul-sgzbc bftbrprgsbs(XLBs). Fdw, ldrb tnof bvbr, XLBs gf Osgo novb tnb dppdrtufgty td bfeoeb gfgftbrfotgdfoj trocb cub td `ojjgfe aorrgbrs td trocb ofc `roelbftotgdf d` prdcuhtgdf,wnbrbay tnb prdcuhtgdf d` `gfoj eddcs gs sprboc dvbr `grls jdhotbc gf sbvbroj hduftrgbs,wgtn bohn dfb ufcbrtoigfe of gfcgvgcuoj ‚tosi“ gf tnb dvbrojj prdhbss. @grls fd jdfebr

fbbc td novb tnb bxpbrtgsb td bxpdrt td o ldcbrf loribt9 gfstboc, tnby hof sglpjysuppdrt tnb vojub hnogf os suppjgbrs d` gftbrlbcgotb gfputs, suhn os ports ofchdlpdfbfts, ofc oht os suahdftrohtdrs sbvbroj jbvbjs cdwf `rdl tnb ujtglotb auybr(Jgl ofc Igluro 1=?=).

Gfhrbosbc gftbrfotgdfojgzotgdf tnrduen portghgpotgdf gf EPHs ofc gftbrfotgdfoj trocbprdvgcbs XLBs gf Osgo tnb dppdrtufgty td ohngbvb bhdfdlgbs d` shojb, bxpofc loribtsnorb, ofc gfhrbosb prdcuhtgvgty. Occgtgdfojjy, portghgpotgdf gf EPHs ofc hddpbrotgdfwgtngf o fbtwdri d` upstrbol ofc cdwfstrbol portfbrs hof bfnofhb o `grl‗s

gf`drlotgdf `jdws ofc jborfgfe pdssgagjgtgbs, os wbjj os gftrdcuhb fbw ausgfbss prohtghbsofc ldrb ocvofhbc tbhnfdjdey, jbocgfe td erbotbr erdwtn ofc borfgfe pdtbftgoj(RFHSOC 1=?=). Cbspgtb tnb suastoftgoj eogfs `rdl gftbrfotgdfojgzotgdf, XLBs orbufcbrrbprbsbftbc gf gftbrfotgdfoj trocb bvbf gf lgccjb-gfhdlb bhdfdlgbs gf Osgo(Norvgb 1=?=). Gf Lojoysgo, XLBs ohhduft `dr 75% d` ojj bftbrprgsbs aut dfjy ?7% d`tdtoj bxpdrts. @urtnbrldrb, cbspgtb tnb gfhrbosgfe fulabr d` @SOs td slddtn tnb `jdwd` trocb, tnbrb gs lgxbc bvgcbfhb d` @SO utgjgzotgdf (Iowog ofc Ugeforoko 1=??, 1=?89Solaufof ofc Hnofcro 1=?3).

Ot tn `g j j tn a t aj a `gt ` k g g EPH c g @SO


6/24


joadr, ofc of Bfejgsn-spboigfe joadr `drhb orb sdlb d` tnb crowhorcs tnot cgstgfeugsn

Lojoysgo `rdl dtnbr hduftrgbs `dr bjbhtrdfghs `grls jddigfe td cbvbjdp jdhotgdfs `drjoadr-gftbfsgvb ossblajy ohtgvgtgbs (Iol 1=?8).

@urtnbrldrb, Lojoysgo nos abbf ohtgvbjy pursugfe tnb Bhdfdlgh Srofs`drlotgdf]rderollb (BS]), wnghn ogls td bjbvotb tnb hduftry td cbvbjdpbc fotgdf stotus ay1=1=, torebtgfe o erdss fotgdfoj gfhdlb pbr hopgto d` $?2,=== (]blofcu 1=?3).Bfhduroegfe XLBs td ldvb up tnb prdcuhtgdf hnogf ofc ohngbvb erbotbrgftbrfotgdfojgzotgdf orb glpdrtoft stbps gf rbbfbregzgfe prgvotb sbhtdr ohtgvgty ofcohngbvgfe cbvbjdpbc fotgdf stotus.

Dfb d` tnb sgx Xtrotbegh Qb`drl Gfgtgotgvbs ufcbr tnb BS] gs rbjotbc td trocbjgabrojgzotgdf (]blofcu 1=?3). Gf of b``drt td strbfetnbf jdhoj hopoagjgtgbs, bfnofhbhopohgty tnrduen erbotbr `drbgef gfvbstlbft ofc tbhnfdjdey, ofc `dstbr EPHportghgpotgdf, Lojoysgo nos abbf `djjdwgfe o lujtgtrohi opprdohn d` fbedtgotgfelujtgjotbroj trocb ofc agjotbroj @SOs ojdfesgcb ufgjotbroj jgabrojgzotgdf (USD 1=?3).Xgfhb sgefgfe tnb Ossdhgotgdf d` Xdutnbost Osgof Fotgdfs @rbb Srocb Orbo (O@SO) gf?778, Lojoysgo‗s fbtwdri d` @SOs nos erdwf td ?1 agjotbroj ofc rbegdfoj @SOs wgtn ?>trocgfe portfbrs os d` 1=?3. O `urtnbr sgx oerbblbfts orb ufcbr fbedtgotgdf (OCA

1=?2).

Snb popbr gs dreofgzbc os `djjdws. Xbhtgdf 1 rbvgbws rbjbvoft jgtbroturb df `grl-jbvbjportghgpotgdf gf EPHs ofc tnb usb d` @SO prb`brbfhbs. Xbhtgdf 8 cgshussbs tnb cotousbc gf tnb ofojysgs ofc sullory stotgstghs. Xbhtgdf 3 jddis ot tnb XLB hnorohtbrgstghsrbjotbc td EPH portghgpotgdf. Xbhtgdf 2 hdfsgcbrs tnb XLB hnorohtbrgstghs ossdhgotbcwgtn @SO usb ofc jddis ot tnb aorrgbrs `ohbc ay XLBs td usgfe @SOs. @gfojjy, Xbhtgdf 0hdfhjucbs.


7/24


Ofdtnbr rbjotbc strofc d` jgtbroturb gs tnb ‚fbw fbw“ trocb tnbdry d` Lbjgtz (1==8) ofc

Nbjplof bt oj. (1==3), wnghn blpnosgzbs `grl nbtbrdebfbgty gf gftbrfotgdfoj trocb (g.b.,tnot `grls orb hdfsgcbrbc cg``brbft gf tbrls d` b``ghgbfhy ofc `gxbc ofc vorgoajb hdstswnbf gfvdjvbc gf trocb). Ohhdrcgfejy, dfjy o `bw ngenjy b``ghgbft `grls orb oajb td bxpdrtofc gfvbst dvbrsbos os dfjy tnby orb oajb td loib su``ghgbft prd`gts td hdvbr tnb jorebtrocb hdsts rbqugrbc `dr dvbrsbos dpbrotgdfs.

@gfojjy, tnb tbhnfdjdeghoj hopoagjgty ofc fotgdfoj gffdvotgdf systbls opprdohn rbvbojso cg``brbft hnoffbj tnrduen wnghn `grl abnovgdr o``bhts bxpdrt pbr`drlofhb. @dhusgfedf gffdvotgdf ofc jborfgfe prdhbssbs gf cbvbjdpgfe hduftrgbs, prdpdfbfts blpnosgzb

tnb ohqugsgtgdf d` tbhnfdjdeghoj hopoagjgtgbs os o lokdr sdurhb d` bxpdrt ocvoftoeb ottnb `grl jbvbj (Abjj ofc ]ovgtt ?7789 Jojj ?7719 Gollorgfd bt oj. 1==>). Snb ufcbrjygfebvdjutgdfory tnbdry d` tbhnfghoj hnofeb blpnosgzbs tnot cg``ghujt `grl-spbhg`ghprdhbssbs ofc hdlpjbx gftbrohtgdfs wgtn gfstgtutgdfs orb fbbcbc td oasdra glpdrtbctbhnfdjdegbs b``ghgbftjy (Fbjsdf ofc Ugftbr ?771).

Glpjghgt gf ldst d` tnb oadvb tnbdrgbs gs tnb fdtgdf tnot XLBs orb ot o cgsocvoftoeb gfportghgpotgfe gf suppjy hnogfs hdlporbc wgtn jorebr `grls. Hdlporbc td jorebr `grls,XLBs `ohb lofy hnojjbfebs gf tnb ejdaoj bfvgrdflbft. Sgfe‗s (1==3) ofojysgs d`

Lojoysgof XLBs gcbftg`gbc `gvb iby hnojjbfebs; johi d` ohhbss td `gfofhb, nulofrbsdurhbs hdfstrogfts, jglgtbc dr fd oagjgty td ocdpt tbhnfdjdey, johi d` gf`drlotgdf dfpdtbftgoj loribts ofc hustdlbrs, ofc ejdaoj hdlpbtgtgdf. Nb ojsd oreubc tnot tnbrb gso ngen rgsi XLBs wgjj ab wgpbc dut g` tnby cd fdt gfhrbosb tnbgr hdlpbtgtgvbfbss gf tnbfbw, ropgcjy hnofegfe wdrjc d` ejdaojgzotgdf. Egvbf tnbsb hnojjbfebs, tnb prdaoagjgty d`XLBs kdgfgfe suppjy hnogfs (os cgrbht bxpdrtbrs, gfcgrbht bxpdrtbrs, dr dvbrsbosgfvbstdrs) gs jdwbr tnof tnot d` joreb `grls.

Snbrb gs vbry jgttjb blpgrghoj jgtbroturb df tnb hnorohtbrgstghs d` XLBs tnot portghgpotb gf


8/24


1.1 @rbb Srocb Oerbblbft ]rb`brbfhb Rtgjgzotgdf

Dfb d` tnb lokdr hnojjbfebs td rbsborhngfe tnb glpoht d` @SOs gs tnb johi d` puajgsnbcgf`drlotgdf df trocb `jdws (dr gfcgvgcuoj ausgfbss trofsohtgdfs) bfkdygfe torg``prb`brbfhbs. Srofsohtgdf rbhdrcs df bxpdrts ofc glpdrts `dr prb`brbftgoj torg`` purpdsbsorb `gjbc wgtn tnb outndrgtgbs d` drgegf, suhn os fotgdfoj hustdls outndrgtgbs dr trocblgfgstrgbs, aut fdt puajgsnbc. Snogjofc gs dfb bxhbptgdf td tngs fdrl, puajgsngfe offuojgf`drlotgdf df @SO prb`brbfhb usb, ojabgt gf tnb Snog jofeuoeb. Rsgfe Snog coto,Hngrotngvot (1==>) nos sndwf tnot tnb dvbrojj ohtuoj utgjgzotgdf rotb `dr Snogjofc‗s @SO

portfbrs nos abbf rgsgfe, ofc fborjy cduajbc (`rdl ?0% td 15%) curgfe 1==2‘1==>.Snb 1==> utgjgzotgdf rotbs d` Snogjofc‗s portfbrs vory ay loribt, wgtn 51% `dr tnbSnogjofc‘Oustrojgo @SO ofc 1>% `dr O@SO. Rsgfe coto `rdl Snog sbhdfcory sdurhbs,Iowog ofc Ugeforoko (1=?8) novb sndwf tnot tnb dvbrojj ohtuoj utgjgzotgdf rotb `drSnogjofc‗s @SO portfbrs rdsb ùrtnbr td ordufc 0?% gf 1=??, wngjb tnb @SO utgjgzotgdfrotb `dr tnb Snogjofc‘Oustrojgo @SO gfhrbosbc td 7?% ofc O@SO td 21%. Solaufofofc Hnofcro (1=?3) forrdw gf df XLBs gf OXBOF. Gf tnbgr shof d` bhdfdlgh jgtbroturbofc edvbrflbft suppdrtbc prderols tnby `gfc tnot XLBs orb ay òr tnb jbost ohtgvbbhdfdlgh ohtdrs gf tnb rbegdf td loib usb d` tnb `jdurgsngfe trocb oerbblbfts.

Gf tnb oasbfhb d` puajgsnbc coto df prb`brbfhb utgjgzotgdf, lghrd-jbvbj gf`drlotgdfdatogfbc `rdl gftbrvgbws wgtn `grls os wbjj os joreb-shojb bftbrprgsb survbys hof abusbùj. Gf of borjy stucy, Iulor (?771) gftbrvgbwbc ?2 trocgfe hdlpofgbs ofclofuòhturbrs gf Iuojo Julpur, Xgfeopdrb, ofc Koiorto td gcbftg`y pdssgajbglpbcglbfts td suhhbssùj glpjblbftotgdf d` O@SO gf tnb ùturb. Iulor rbpdrtbc tnottnb logf adttjbfbhis wbrb jgibjy td ab fdf-torg`` aorrgbrs (stofcorcs, tbstgfe prdhbcurbs,ofc hustdls prdhbcurbs), o johi d` gf`drlotgdf oadut tnb Hdlldf B``bhtgvb

] ` tg j S g`` (HB]S) n ` OXBOF c tg g t t j tg c


9/24


suhn prohtghbs, ofc tnot trocgfe bxpbrgbfhb gf @SO loribts ojsd gf`jubfhbc tnb

jgibjgnddc d` @SO usb.Gf tnbgr stucy d` Kopofbsb lujtgfotgdfoj hdrpdrotgdfs (LFHs), Ngrotsuio bt oj. (1==7)tbstbc tnb rbjotgdfsngp abtwbbf `grl sgzb ofc @SO usb, ofc vorgdus bftbrprgsbhnorohtbrgstghs (b.e., tnb snorb d` jdhoj gfputs oldfe tdtoj gfputs, tnb snorb d` glpdrtswgtn zbrd torg``s, ofc sbhtdr ofc hduftry cully vorgoajbs). Dfb iby `gfcgfe wos tnotjoreb `grl sgzb (prdxgbc ay blpjdylbft) pdsgtgvbjy hdrrbjotbc wgtn @SO usb. Ofdtnbrwos tnot `grls ohtgvbjy bfeoebc gf gftbrfotgdfoj `roelbftotgdf orb jgibjy td usb @SOs `drbxpdrts.

Snbsb bhdfdlbtrgh stucgbs prdvgcb usbùj gfsgents gftd tnb cbtbrlgfofts d` @SO usb ottnb `grl jbvbj. Ndwbvbr, tnby ojsd `dhus df `grls `rdl Kopof–o cbvbjdpbc gfcustrgojbhdfdly wgtn rbjotgvbjy wbjj-ùfhtgdfgfe loribts ofc gfstgtutgdfs–`rdl wnghn gt gscg``ghujt td bxtropdjotb td fbwjy gfcustrgojgzgfe bhdfdlgbs. @urtnbrldrb, tnbrb loy ablbtndcdjdeghoj eops gf tnbsb stucgbs. @dr gfstofhb, gf Soionosng ofc Rroto (1==>) tnbbxhjusgvb usb d` cully vorgoajbs os rberbssdrs rbsujtbc gf o ldcbj wgtn wboibxpjofotdry pdwbr. Df tnb dtnbr nofc, Ngrotsuio bt oj. (1==7) blpjdybc osdpngstghotbc pofbj coto ofojysgs d` o joreb solpjb d` Kopofbsb LFHs aut dfjy o `bw

bxpjofotdry vorgoajbs wbrb bxpjdrbc, wnghn hdujc hdftrgautb td dlgttbc-vorgoajb agos gftnb rbsujts.

@ohtdrs o``bhtgfe `grl-jbvbj @SO usb gf Gfcdfbsgo, Lojoysgo, ofc tnb ]ngjgppgfbs wbrbhdfsgcbrbc ay Ugeforoko (1=?3). Bhdfdlbtrgh ofojysgs usgfe `grl-jbvbj coto prdcuhbcsdlb gftbrbstgfe rbsujts. Iby rbsujts gfhjucbc; `grl-nbtbrdebfbgty lottbrs gf @SO usb. Ohqugrgfe ifdwjbceb oadut @SOs tnrduen gf-ndusb b``drts ofc ohtgvbjy `dregfe jgfiswgtn @SO suppdrt gfstgtutgdfs, augjcgfe tbhnfdjdeghoj hopoagjgtgbs, ofc lblabrsngp d`gfcustrgoj hjustbrs sndw up os sgefg`ghoft òhtdrs o``bhtgfe tnb jgibjgnddc d` `grl-jbvbj


10/24


lofu`ohturgfe sbhtdrs ofc wbrb prbcdlgfoftjy slojj `grls–>>.2% d` tnb `grls gf tnb

solpjb wbrb slojj `grls wgtn `bwbr tnof ?== blpjdybbs.Soajb ?; Hnorohtbrgstghs d` Xurvbybc @grls

Hduft %

Sypb d` Srocbrs

Bxpdrtbrs dfjy ?5 5.8Glpdrtbrs dfjy ?35 01.>Bxpdrt ofc glpdrt 07 17.2Fd ofswbr ? =.3

XgzbXlojj 1=5 >>.2Joreb 1= >.2Egoft 5 8

Xbhtdr

Sbxtgjbs ofc eorlbfts 37 1=.7@ddc ofc abvbroebs 10 ??.?Uddc ofc wddc prdcuhts 18 7.>Bjbhtrdfgh prdcuhts ofchdlpdfbfts

>5 85.1

Outdldtgvb ofc ports 35 1=.?Dtnbr 1 =.7

@drbgef Dwfbrsngp

@drbgef dwfbc 13 ?=.8Cdlbstghojjy dwfbc 1?= >7.5

Sdtoj Fulabr d` Qbspdfcbfts 183 ?==Xdurhb; Outndrs‗ hojhujotgdfs aosbc df OCA/OCAG survby coto.

] g g g g EPH a `g g c ` @SO ` a `g g g n g


11/24


Soajb 8; ]ortghgpotgdf gf EPHs ofc usb d` @SO ay XLBs

EPH ]ortghgpotgdf @SO Rsb

Wbs Fd t-tbst Wbs Fd t-tbst

Xgzb 8=.3? ?2.=? 1.>>*** 1>.5? ?3.7? 1.05***

Oeb ?=.01 ?=.>0 =.?2 ?=.>7 ?=.57 =.=5

]rdpdrtgdf d` `grls gf bjbhtrdfghs =.80 =.82 =.=7 =.13 =.8> -?.>3*

]rdpdrtgdf d` `grls gf outd =.10 =.1= =.5= =.88 =.?> 1.==*

Hbftroj jdhotgdf =.8> =.8? =.>5 =.35 =.1> 1.1=**]rdpdrtgdf d` `grls tnot orb `drbgefdwfbc

=.?2 =.=1 1.17** =.=7 =.=8 ?.17

]rdpdrtgdf d` `grls wgtn o tbhnfdjdeyjghbfsb `rdl o `drbgef-dwfbc hdlpofy

=.33 =.?= 3.=5*** =.15 =.?8 ?.7?*

Q&C spbfcgfe os o snorb d` tdtoj sojbs 12.57 0.>3 8.5=*** ?2.0= >.75 1.=1**

]rdpdrtgdf d` `grls wgtn GXD hbrtg`ghotgdf =.1> =.=5 1.5>*** =.1= =.=7 ?.55*

Bxpdrt snorb d` tdtoj sojbs 87.80 7.0? 3.2=*** 8?.>7 ?=.27 8.00***

]rdpdrtgdf d` row lotbrgojs glpdrtbc 88.27 >.>? 3.?=*** 8=.5> >.05 8.5=***

Joadr prdcuhtgvgty (turfdvbr gf QLlgjjgdf pbr blpjdybb)

?2,?00 5,2?2 =.50 ?=,720 ?,50= ?.70*

Ifdwjbceb d` @SOs =.8> =.?7 1.38**

@SO < `rbb trocb oerbblbft, EPH < ejdaoj vojub hnogf, Q&C < rbsborhn ofc cbvbjdplbft.

Fdtb; ***, **, ofc * gfcghotb sgefg`ghofhb ot tnb ?%, 2%, ofc ?=% jbvbjs, rbspbhtgvbjy.

Xdurhb; Outndrs‗ hojhujotgdfs aosbc df OCA/OCAG survby coto.


12/24


3. EJDAOJ POJRB HNOGF ]OQSGHG]OSGDF

3.? Hnorohtbrgstghs d` XLBs tnot ]ortghgpotb gf Ejdaoj PojubHnogfs

Novgfe gcbftg`gbc sdlb iby hnorohtbrgstghs tnot cg``brbftgotb EPH portghgpofts/XLBsutgjgzgfe @SO prb`brbfhbs `rdl dtnbr XLBs gf dur solpjb, gt gs d` gftbrbst td gfvbstgeotbtnb bxtbft td wnghn sdlb d` tnbsb hnorohtbrgstghs orb rbjotbc td EPH portghgpotgdf.

Bhdfdlbtrgh rbsujtsSnb hnorohtbrgstghs rbjotbc td XLB portghgpotgdf gf EPHs orb bxolgfbc ay o prdagtrberbssgdf.

Snb EPH portghgpotgdf ldcbj gs spbhg`gbc os;

+ 7) Snb vorgoajbs ofc tnb bxpbhtbc cgrbhtgdf d` ossdhgotgdf orb cbshrgabc abjdw.

EPH portghgpotgdf gs tnb cbpbfcbft vorgoajb. Gt toibs df tnb vojub d` ? g` tnb `grl rbspdfcspdsgtgvbjy td tnb qubstgdf ‚gs ydur `grl port d` o rbegdfoj/ejdaoj suppjy hnogf“ dr gs =dtnbrwgsb.

XG[B lbosurbs tnb fulabr d` pbrlofbft blpjdybbs. Bvbf oldfe XLBs, g.b., `grlswgtn `bwbr tnof ?== blpjdybbs, gt gs bxpbhtbc tnot ageebr `grls orb ldrb jgibjy td


13/24


toigfe df tnb vojub d` ? g` tnb `grl nos sdlb jbvbj d` `drbgef dwfbrsngp dr = dtnbrwgsb.

Sbhnfdjdey jghbfsb gs ojsd o cully vorgoajb, toigfe df tnb vojub d` ? g` tnb `grl usbstbhnfdjdey jghbfsbc `rdl o `drbgef-dwfbc hdlpofy (bxhjucgfe d``ghb sd`tworb) dr gs =dtnbrwgsb. Adtn `drbgef dwfbrsngp ofc ndjcgfe o `drbgef tbhnfdjdey jghbfsb wdujc egvbcdlbstgh `grls ohhbss td ifdwjbceb d` gftbrfotgdfoj prdcuhtgdf, tbhnfdjdey,lofoeblbft ifdw-ndw, ofc sdpngstghotbc gftbrfotgdfoj fbtwdris ofc tnbrb`drb orbbxpbhtbc td ab pdsgtgvbjy rbjotbc td EPH portghgpotgdf.

@grl-jbvbj gfvbstlbft gf jborfgfe gs hopturbc ay tnb twd tbhnfdjdey vorgoajbs Q&C ofcGXD. Snbsb vorgoajbs orb bxpbhtbc td ab pdsgtgvbjy rbjotbc td prdcuhtgdf fbtwdri

portghgpotgdf. Qbsborhn ofc cbvbjdplbft gs lbosurbc os tnb snorb d` Q&C spbfcgfe tdsojbs. GXD gs o cully vorgoajb toigfe df tnb vojub d` ? g` tnb `grl nos GXD hbrtg`ghotgdfdr gs = dtnbrwgsb. @grl-jbvbj b``drt gf gfvbstgfe gf Q&C ofc tbhnfdjdey gs bxpbhtbc tdglprdvb tnb quojgty d` tnb prdcuht dr sbrvghb ofc gfhrbosb tnb hdlpbtgtgvbfbss d` tnb`grl gf ebttgfe gfvgtbc td portghgpotb gf EPHs.

@gfojjy, JOADQ ]QDCRHSGPGSW , lbosurbc os offuoj sojbs turfdvbr gf QL lgjjgdf pbrblpjdybb gs bxpbhtbc td ab pdsgtgvbjy rbjotbc td EPH portghgpotgdf. ]rdcuhtgvb `grls orbabttbr oajb td hdlpbtb oeogfst dtnbr `grls gf eogfgfe o `ddtndjc dftd tnb prdcuhtgdf

hnogf `djjdwgfe df `rdl Abrforc ofc Kbfsbf‗s (?777) oreulbft tnot tnbrb gs o hdstgfvdjvbc gf portghgpotgfe gf tnb bxpdrt loribt/prdcuhtgdf fbtwdri. Aut bvbf o`tbrbftbrgfe o EPH, prdcuhtgvb `grls orb ldrb jgibjy td logftogf tnbgr `ddtndjc ay jborfgfeofc ocoptgfe tnbgr prdcuht os pbr loribt fbbcs (Hjbrgcbs, John, ofc Syadut ?77>).

Snb rberbssgdf rbsujts orb sullorgzbc gf Soajb 3 os o aosbjgfb spbhg`ghotgdf (bquotgdfg) ofc ojtbrfotgvb spbhg`ghotgdfs (bquotgdfs gg‘gv). Gf tnb cgshussgdf tnot `djjdws wb wgjjab rb`brrgfe td tnb `ujj ldcbj (bquotgdf gv). Snb psbucd Q1 gf bquotgdf (g) ofc (gv)sueebst tnot tnb rberbssgdfs bxpjogf oadut 1=% d` tnb vorgotgdf gf tnb coto.


14/24


Soajb 3; ]rdagt Ldcbj d` @ohtdrs Gf`jubfhgfe ]ortghgpotgdf gf EPHs

Lojoysgo

(g) (gg) (ggg) (gv)

XG[B =.=?31 =.==71 =.==>2 =.==>>

(=.==)*** (=.==)** (=.==)* (=.==)*

OEB -=.=?3? -=.=??? -=.==7> -=.==5>

(=.=?) (=.=?) (=.=?) (=.=?)

BJBHSQDFGHX =.=538 -=.==>8 -=.=570 -=.=0?>

(=.11) (=.13) (=.12) (=.12)JDHOSGDF =.10>5 =.80>2 =.8=5= =.1131

(=.11) (=.11)* (=.13) (=.12)

SBHN JGHBFXB =.7017 =.>002 =.>50=

(=.8?)*** (=.8?)*** (=.8?)***@DQBGEFDUFBQXNG] =.8770 =.=382 =.=?71

(=.2)3 (=.23) (=.23)

Q&C =.=?20 =.=?03(=.=?)*** (=.=?)***

GXD =.8300 =.8225

(=.83) (=.83)JOADQ]QDCRHSGPGSW =.====

(=.==)

Hdfstoft -?.?3>8 -?.812> -?.37>? -?.2303


15/24


2. @QBB SQOCB OEQBBLBFS RXB

2.? Hnorohtbrgstghs d` XLBs tnot Rsb @rbb Srocb Oerbblbfts

Gf sbbigfe dut tnb XLB hnorohtbrgstghs rbjotbc td @SO utgjgzotgdf wb usb o prdagt ldcbj.

Snb @SO usb ldcbj gs spbhg`gbc os;

Snb nypdtnbsbs ofc vorgoajbs gf tnb ldcbj orb cbshrgabc abjdw.

@SORXB gs tnb cbpbfcbft vorgoajb. Gt toibs df o vojub d` ? g` tnb `grl rbspdfcs pdsgtgvbjytd tnb qubstgdf ‚cdbs ydur `grl usb torg`` prb`brbfhb gf @SOs `dr bxpdrts, glpdrts, dradtn,“ dr gs = dtnbrwgsb.

XG[B gs lbosurbc ay tnb fulabr d` pbrlofbft blpjdybbs ofc gs bxpbhtbc td ab

pdsgtgvbjy rbjotbc td @SO usb. Snb jorebr tnb XLB, tnb ldrb rbsdurhbs gt gs jgibjy tdnovb td lbbt tnb ossdhgotbc hdsts d` usgfe @SOs.

OEB gs lbosurbc os tnb fulabr d` ybors tnb XLB nos abbf gf dpbrotgdf. Dfhb oeogf,wb orb olagvojbft oadut tnb cgrbhtgdf d` housotgdf. Djcbr `grls loy ab ldrbbxpbrgbfhbc gf fovgeotgfe trocgfe rujbs ofc utgjgzgfe @SOs, aut hdujc ojsd ab sbt gf tnbgrwoys ofc jbss gfhjgfbc td utgjgzb prb`brbftgoj torg`` rotbs. Ojtbrfotgvbjy, ydufebr `grlslgent ab ldrb ohtgvb gf toigfe ocvoftoeb d` tnb dppdrtufgtgbs locb ovogjoajb tnrduen@SOs.


16/24


ohqugrgfe rbjbvoft gf-ndusb @SO bxpbrtgsb ofc tnot ohtgvbjy augjc jgfioebs wgtn @SO

suppdrt gfstgtutgdfs orb ldrb jgibjy td ab bqugppbc td toib ocvoftoeb d` @SO prdvgsgdfs.Snb rberbssgdf rbsujts d` `ohtdrs o``bhtgfe tnb usb d` @SOs orb sullorgzbc gf Soajb 2wgtn o aosbjgfb spbhg`ghotgdf (bquotgdf g) ofc ojtbrfotgvb spbhg`ghotgdfs (bquotgdfs gg‘gv).Gf tnb cgshussgdf tnot `djjdws wb wgjj ab rb`brrgfe td tnb `ujj ldcbj (g.b., bquotgdf gv). Snbpsbucd Q1 gf bquotgdf (gv) sueebsts tnot tnb rberbssgdfs bxpjogf oadut 1=% d` tnbvorgotgdf gf tnb coto.

Soajb 2; ]rdagt Ldcbj d` @ohtdrs Gf`jubfhgfe @SO Rsb

Lojoysgo

(g) (gg) (ggg) (gv)

XG[B =.=?12 =.=?82 =.=?=0 =.=?=8

(=.==)*** (=.==)*** (=.==)** (=.==)**

OEB -=.=??= -=.=??> -=.==52 -=.==>?

(=.=?) (=.=?3) (=.=?) (=.=?)

ORSD =.35?0 =.381? =.0581 =.0??7

(=.18)** (=.13)** (=.12)*** (=.10)**

JDHOSGDF =.2?31 =.>=07 =.5>>7

(=.1?)** (=.18)*** (=.13)***

@DQBGEF DUFBQXNG] -=.0812 -=.2182

(=.20) (=.25)

B^]DQS XNOQB D@ XOJBX =.==01 =.==>1

(=.==) (=.==)*


17/24


jdhotbc gf hbftroj Lojoysgo, ngenjgentgfe tnb erbotbr ovogjoagjgty d` suppdrt ofc tbhnfghoj

ossgstofhb gf lokdr gfcustrgoj hbftbrs ofc tnb shdpb `dr gf`drlotgdf spgjjdvbrs ofcbxhnofebs abtwbbf `grls.

Bxpdsurb td gftbrfotgdfoj trocb, os hopturbc ay tnb bxpdrt snorb d` sojbs, ofc tnbprdpdrtgdf d` row lotbrgojs glpdrtbc orb pdsgtgvb gfcghotdrs d` @SO usb. Snb prdaoagjgtyd` @SO usb gfhrbosbs `rdl 13% td 8=% wnbf tnb bxpdrt snorb d` tdtoj sojbs gfhrbosbs`drl 2=% td 52%. Xglgjorjy, os tnb prdpdrtgdf d` row lotbrgojs gfhrbosbs `rdl 2=% td52%, prdaoagjgty d` @SO usb gfhrbosbs `rdl 8?% td 38%. @gfojjy, o `grl‗s gfvbstlbft gfohqugrgfe ifdwjbceb td usb @SOs ojsd gfhrbosbs tnb prdaoagjgty d` usb ay ?1%.

Sngs gs o vbry gftbrbstgfe rbsujt sueebstgfe tnot of XLB‗s usb d` @SOs gs jorebjy rbjotbctd gts hopoagjgty gf tbrls d` ufcbrstofcgfe @SO prdvgsgdf, ohhbss td `gfofhgoj ofc nulofrbsdurhbs hopturbc ay sgzb, bxpdsurb td trocb hopturbc ay tnb prdpdrtgdf d` rowlotbrgojs glpdrtbc, ofc `grl jdhotgdf ofc sbhtdr.

2.1 Glpbcglbfts td @rbb Srocb Oerbblbft Rsb ofc XuppdrtXduent

Snb pbrhbgvbc aorrgbrs ay XLBs td usgfe @SOs ofc tnb suppdrt sduent gs tnb `gfojrbsborhn qubstgdf. Snb survby rbsujts sueebst tnot tnb ldst sgefg`ghoft aorrgbr td @SOusb oldfe XLB `grls gs johi d` gf`drlotgdf, wgtn ??3 XLBs rofigfe johi d` gf`drlotgdfos dfb d` tnbgr tdp tnrbb rbosdfs `dr fdt usgfe @SOs (sbb @geurb ?). Swd dtnbr lokdraorrgbrs orb tnot `grls cd fdt sbb tnb fbbc td usb @SOs ofc orb fdt gftbrbstbc gftrocgfe wgtn hurrbft @SO portfbrs.

@geurb ?; Glpbcglbfts td @SO Rsb


18/24


tnb @SOs ufcbr glpjblbftotgdf, ofc bfnofhbc hdfsujtotgdfs ab`drb, curgfe, ofc o`tbr

@SO fbedtgotgdfs (sbb @geurb 1). Sngs sueebsts tnbrb gs o rboj rdjb `dr puajgh pdjghy gfoccrbssgfe jglgtbc @SO usb.

@geurb 1; Xbrvghbs Qbqubstbc ay @grls td Ockust td @SOs

(fulabr d` `grls)

@SO < ̀ rbb trocb oerbblbft, XLB < slojj ofc lbcgul-sgzbc bftbrprgsb.

?83

?1=

>>

>=

03

35

30

31

= 1= 3= 0= >= ?== ?1= ?3=

Ldrb gf`drlotgdf df tnb glpjghotgdf d` @SOs df ausgfbss

Ldrb trogfgfe df @SOs ufcbr glpjblbftotgdf

Bfnofhbc hdfsujotgdf ab`drb, curgfe, ofc o`tbr @SO fbedtgotgdfs

Loib hdlpjgofhb wgtn @SOs bosgbr ay jdwbrgfe ̀ bbs ofcrbcuhgfe prdhbssgfe tglbs ofc cdhulbftotgdf rbqugrblbfts

@gfofhgoj suppdrt `dr uperocgfe tbhndfdjdey ofc sigjjs

Glprdvbc bxtbfsgdf sbrvghbs ̀ dr XLBs

Rperocgfe d` tbhnfghoj stofcorcs ofc quojgty

Ldrb b``bhtgvb survbgjjofhb d` fdf-torrg` lbosurbs gf @SO portfbr hduftry loribts


19/24


0. HDFHJRXGDF

Sngs popbr bvojuotbc tnb hnorohtbrgstghs d` XLBs tnot novb suhhbss`ujjygftbrfotgdfojgzbc ay portghgpotgfe gf EPHs ofc @SOs gf Lojoysgo, ofc tnb pdjghyglpjghotgdfs. Ofojysgs wos horrgbc dut usgfe survby coto d` 183 bxpdrtbrs ofcglpdrtbrs. Gt sduent td glprdvb dur ufcbrstofcgfe d` tnb gftbrfotgdfojgzotgdf d` XLBs gf Osgo ofc hdftrgautb td tnb shoft jgtbroturb.

Snrbb `gfcgfes hdlb dut d` tnb ofojysgs. @grstjy, XLB sgzb lottbrs gf EPH portghgpotgdf.Bvbf oldfe XLBs, `grl sgzb wos `dufc td ab pdsgtgvbjy ofc sgefg`ghoftjy ossdhgotbc

wgtn portghgpotgdf gf EPHs. Sngs iby rbsujt ngenjgents tnot bhdfdlgbs d` shojb ofc `grlrbsdurhbs, wnghn orb pdsgtgvbjy jgfibc wgtn sgzb, orb glpdrtoft gf dvbrhdlgfe tnb gfgtgoj`gxbc hdsts d` bftbrgfe tnb vojub hnogf. Gf occgtgdf td sgzb, tbhnfdjdeghoj hopoagjgty d`bftbrprgsbs, os hopturbc ay tnb dwfbrsngp d` o `drbgef tbhnfdjdey jghbfsb ofc Q&Csnorb d` sojbs, wos `dufc td ab pdsgtgvbjy ofc sgefg`ghoftjy ossdhgotbc wgtn XLBportghgpotgdf gf EPH trocb. Sngs sueebsts tnot tnb bxtbft td wnghn o `grl ohtgvbjybfeoebs gf glprdvgfe gts tbhnfdjdey, prdcuhtgdf, ofc prdhbssbs pdsgtgvbjy gf`jubfhbs gtsportghgpotgdf gf EPHs. Xurprgsgfejy, `drbgef dwfbrsngp wos fdt `dufc td ab o sgefg`ghoft

prbcghtdr d` vojub hnogf portghgpotgdf.Xbhdfcjy, sgzb wos ojsd `dufc td ab pdsgtgvbjy ossdhgotbc wgtn @SO usb hopturgfepbrnops tnb hdsts ossdhgotbc wgtn ufcbrstofcgfe tnb hdlpjbx ofc jbfetny jbeojcdhulbfts. Gf occgtgdf td sgzb, o eddc ufcbrstofcgfe d` @SO prdvgsgdf ofc bxpdsurb tdtrocb rbsujts gf erbotbr usb d` @SOs. @grls tnot gfvbst tglb gf ohqugrgfe rbjbvoft gf-ndusb @SO bxpbrtgsb ofc tnot ohtgvbjy augjc jgfioebs wgtn @SO suppdrt gfstgtutgdfs wbrb`dufc td ab ldrb jgibjy td usb @SOs. Snb stucy ojsd `dufc o pdsgtgvb ofc sgefg`ghoftrbjotgdfsngp abtwbbf bxpdsurb td trocb, os lbosurbc ay bxpdrt snorb d` sojbs ofc tnb


20/24


O hdlagfotgdf d` puajgh ofc prgvotb gfstgtutgdfoj suppdrt sbrvghbs gs of b``bhtgvb lbofs

d` cbjgvbrgfe suhn sbrvghbs td XLBs. Sngs wdujc gfvdjvb hjdsb hddrcgfotgdf oldfe tnb`djjdwgfe gftugtgdfs; tnb Lgfgstry d` Srocb ofc Hustdls, ausgfbss ofc gfcustrgojossdhgotgdfs, ofc hnolabrs d` hdllbrhb. Ugtn tnbsb pdjghgbs gf pjohb, XLBs gfLojoysgo ofc Osgo loy gftbrfotgdfojgzb ldrb b``ghgbftjy ofc ohhbss tnb ejdaoj loribt.

Sngs wos tnb `grst Osgof stucy, td dur ifdwjbceb, td hdfsgcbr tnb hnorohtbrgstghs d` `grlstnot portghgpotb gf EPHs ofc utgjgzb @SO prb`brbfhbs. Xdlb jglgtotgdfs gf tnb coto ofclbtndcdjdey sndujc ab fdtbc. @grstjy, egvbf tnb slojj solpjb sgzb, tnb stotgstghoj pdwbrd` tnb bstglotgdf gs rbcuhbc jbocgfe td tnb pdssgagjgty d` o Sypb GG brrdr, wnbrb tnb

sgefg`ghofhb d` o vorgoajb ufcbr hdfsgcbrotgdf gs gfhdrrbhtjy cgslgssbc. Xbhdfcjy, tnbEPH portghgpotgdf ldcbj ofc tnb @SO prb`brbfhb usb ldcbj orb stotgh os dfjy hrdss-sbhtgdfoj coto wbrb ovogjoajb. Os pofbj coto abhdlbs ovogjoajb dvbr tglb, wb wgjjabhdlb gfhrbosgfejy oajb td gfvbstgeotb tnb hnofebs gf pdjghy ofc bftbrprgsbrbspdfsbs. @gfojjy, tnbrb orb dtnbr òhtdrs tnot loy gf`jubfhb portghgpotgdf gf EPHs ofc@SO prb`brbfhb usb, suhn os trocb pdjghgbs, cdlbstgh rbeujotgdfs, gf`rostruhturb, ofcausgfbss suppdrt sbrvghbs. Ottblptgfe td gfhdrpdrotb tnbsb pdjghy òhtdrs gf ùturbbhdfdlbtrgh wdri loy prdvgcb occgtgdfoj gfsgents. Snus, tnb rbsujts sndujc ab

gftbrprbtbc wgtn houtgdf.


21/24


QB@BQBFHBX

Orfct, U. ofc N. Igbrzidwsig. 1==?. @roelbftotgdf; Fbw ]rdcuhtgdf ]ottbrfs gf tnbUdrjc Bhdfdly . Dx`drc, RI; Dx`drc Rfgvbrsgty ]rbss.

Osgof Cbvbjdplbft Aofi (OCA). 1=?2. Osgo Qbegdfoj Gftberotgdf Hbftbr @SO cotoaosb. Ohhbssbc ?= Kofuory 1=?2. Ovogjoajb ot; nttp;//www.orgh.oca.dre

Otnuidrojo, ]. 1=??. ]rdcuhtgdf Fbtwdris ofc Srocb ]ottbrfs gf Bost Osgo;Qbegdfojgzotgdf dr Ejdaojgzotgdf4 Osgof Bhdfdlgh ]opbrs ?=(?);02‘72.

Abjj, L., ofc I. ]ovgtt. ?778. Sbhnfdjdeghoj Ohhulujotgdf ofc Gfcustrgoj Erdwtn.Gfcustrgoj ofc Hdrpdrotb Hnofeb 1(1); ?25‘1=7.

Abrforc, O. A., ofc K. Aroc`drc Kbfsbf. ?777. Bxpdrtgfe ofc ]rdcuhtgvgty. FABQUdrigfe ]opbrs Fd. 5?82. Holargceb, LO. Fotgdfoj Aurbou d` BhdfdlghQbsborhn.

Hngrotngvot, X. 1==>. OXBOF‗s Xtrotbey tdworc of Gfhrbosgfe Osgof Gftberotgdf. Gf Bost Osgof Bhdfdlgbs ofc Fbw Qbegdfojgsl, bcgtbc ay O. Xngebyuig ofc A.

Fgcngproao. Iydtd, Kopof; Iydtd Rfgvbrsgty ]rbss.Hjbrgcbs, X., X. John, ofc K. Syadut ?770. Gs Jborfgfe-ay-bxpdrtgfe Glpdrtoft4 Lghrd-

cyfolgh Bvgcbfhb `rdl Hdjdlago, Lbxghd ofc Ldrdhhd. @gfofhb ofcBhdfdlghs Cgshussgdf Xbrgbs 70-8=. Adorc d` Edvbrfdrs d` tnb @bcbrojQbsbrvb Xystbl (Rfgtbc Xtotbs).

Norvgb, H. 1=?=. Bost Osgof ]rdcuhtgdf Fbtwdris–tnb Qdjb ofc Hdftrgautgdf d` XLBs.Gftbrfotgdfoj Kdurfoj d` Ausgfbss ofc Cbvbjdplbft Xtucgbs 1(?);15‘01.

https://ideas.repec.org/p/nbr/nberwo/7135.htmlhttps://ideas.repec.org/s/nbr/nberwo.htmlhttps://ideas.repec.org/s/nbr/nberwo.htmlhttp://ideas.repec.org/p/fip/fedgfe/96-30.htmlhttp://ideas.repec.org/p/fip/fedgfe/96-30.htmlhttp://ideas.repec.org/s/fip/fedgfe.htmlhttp://ideas.repec.org/s/fip/fedgfe.htmlhttp://ideas.repec.org/s/fip/fedgfe.htmlhttp://ideas.repec.org/s/fip/fedgfe.htmlhttp://ideas.repec.org/p/fip/fedgfe/96-30.htmlhttp://ideas.repec.org/p/fip/fedgfe/96-30.htmlhttps://ideas.repec.org/s/nbr/nberwo.htmlhttps://ideas.repec.org/s/nbr/nberwo.htmlhttps://ideas.repec.org/p/nbr/nberwo/7135.html


22/24


Iddplof, Q., U. L. ]dwbrs, [. Uofe, ofc X.-K. Ubg. 1=?=. Egvb Hrbcgt wnbrb Hrbcgt

gs Cub. Srohgfe Pojub Occbc gf Ejdaoj ]rdcuhtgdf Fbtwdris. Fotgdfoj Aurbou d`Bhdfdlgh Qbsborhn Udrigfe ]opbr Fd. U?0310. Holargceb, LO; FABQ.

Iulor, X. ?771. ]djghy Gssubs ofc tnb @drlotgdf d` tnb OXBOF @rbb Srocb Orbo. Gf O@SO; Snb Uoy Onboc , bcgtbc ay ]. Gloco ofc X. Foyo. Xgfeopdrb; Gfstgtutb d`Xdutnbost Osgof Xtucgbs.

Iurdgwo, G., bc. 1==7. ]jueegfe gftd ]rdcuhtgdf Fbtwdris! Gfcustrgojgzotgdf Xtrotbegbs gfJbss Cbvbjdpbc Xdutnbost Osgof Hduftrgbs. Xgfeopdrb; Gfstgtutb d` Xdutnbost Osgof Xtucgbs (GXBOX).

Iurdgwo, G. ofc S. L. Nbfe, bcs. 1==>. ]rdcuhtgdf Fbtwdris ofc Gfcustrgoj Hjustbrs;Gftberotgfe Bhdfdlgbs gf Xdutnbost Osgo. Xgfeopdrb; GXBOX.

Jojj, X. ?771. Sbhnfdjdeghoj Hopoagjgtgbs ofc Gfcustrgojgzotgdf. Udrjc Cbvbjdplbft 1=(1); ?02‘?>0.

Jgl, N., ofc @. Igluro. 1=?=. Snb Gftbrfotgdfojgzotgdf d` Xlojj ofc LbcgulBftbrprgsbs gf Qbegdfoj ofc Ejdaoj Pojub Hnogfs. OCAG Udrigfe ]opbr XbrgbsFd. 18?. Sdiyd; OCAG.

Lbjgtz, L. K. 1==8. Snb Glpoht d` Srocb df Gftro-gfcustry Qbojjdhotgdfs ofc OeerbeotbGfcustry ]rdcuhtgvgty. Bhdfdlbtrgho ?5(0); ?,072‘?,512.

Fbjsdf, Q. Q., ofc X. E. Ugftbr. ?7>1. Of Bvdjutgdfory Snbdry d` Bhdfdlgh Hnofeb. Holargceb, LO; Abjifop/Norvorc Rfgvbrsgty ]rbss.

Fe, @., ofc O. Wbots. 1==8. Lokdr Srocb Srbfcs gf Bost Osgo–Unot orb tnbgrGlpjghotgdfs `dr Qbegdfoj Hddpbrotgdf ofc Erdwtn4 Udrjc Aofi ]djghy


23/24


Ugeforoko, E. 1=?3. Snb Cbtbrlgfofts d` @SO Rsb gf Xdutnbost Osgo; O @grl-jbvbj Ofojysgs.

Kdurfoj d` Osgof Bhdfdlghs 82; 81‘32.

Udrjc Srocb Dreofgzotgdf. 1=?3. Srocb ]djghy Qbvgbw, Qbpdrt d` tnb Xbhrbtorgot,Lojoysgo. Qbtrgbvbc `rdl nttp;//www.wtd.dre/bfejgsn/trotdpTb/tprTb/e171Tb.pc`

USD ofc GCB-KBSQD. 1=??. Srocb ]ottbrfs ofc Ejdaoj Pojub Hnogfs gf Bost Osgo;@rdl Srocb gf Eddcs td Srocb gf Sosis. Ebfbvo; Udrjc Srocb Dreofgzotgdfofc Sdiyd; Gfstgtutb `dr Cbvbjdpgfe Bhdfdlgbs-Kopof Bxtbrfoj SrocbDreofgzotgdf.


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O]]BFCG^

Soajb O?; ]borsdf hdrrbjotgdf hdb``ghgbfts

Xgzb Oeb Outd Bjbhtrdfghs Hbftroj@drbgef

dwfbrsngpSbhn

jghbfsbQ&C GXD

Joadrprdcuhtgvgty

Bxpdrtsnorb

d` sojbs

]rdpdrtgdf d`row lotbrgojs

glpdrtbc

Xgzb ?.==

Oeb =.12 ?.==

Outd =.=0 =.=1 ?.==

Bjbhtrdfghs -=.=5 -=.=8 -=.8> ?.==

Hbftroj -=.=2 =.=? =.=5 -=.=0 ?.==

@drbgef dwfbrsngp =.1> -=.=3 =.=? -=.=? -=.?= ?.==

Sbhn jghbfsb =.8? =.=1 -=.?= =.=7 -=.=2 =.37 ?.==Q&C =.=2 -=.?= =.=0 =.?= =.=0 =.1> =.12 ?.==

GXD =.82 =.?2 =.?2 -=.=3 =.=2 =.18 =.11 =.8? ?.==

Joadr prdcuhtgvgty -=.=> -=.?= -=.=8 -=.=8 =.12 -=.=1 -=.=2 -=.=> -=.=2 ?.==

Bxpdrt snorb d` sojbs =.80 =.=1 -=.=2 -=.=> -=.?3 =.85 =.31 =.?2 =.?3 -=.=0 ?.==]rdpdrtgdf d` rowlotbrgojs glpdrtbc =.?> -=.=3 -=.?= -=.=8 -=.?2 =.33 =.88 =.?3 -=.=? -=.=0 =.05 ?.==

Xdlb ifdwjbceb d` @SOs =.=1 =.=1 =.1= -=.1? =.=7 -=.=0 -=.=> -=.=5 -=.=? =.=5 -=.=0 =.?=@SO < `rbb trocb oerbblbft, Q&C < rbsborhn ofc cbvbjdplbft.

Xdurhb; Outndrs‗ hojhujotgdfs aosbc df OCA/OCAG survby coto.

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sme internationalization through global value chains and free trade agreements: malaysian evidence

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