Professional Documents
Culture Documents
Attitudes To School Life: Their Influences and Their Effects On Achievement and Leaving School
Attitudes To School Life: Their Influences and Their Effects On Achievement and Leaving School
ACEReSearch
9-1-1998
Attitudes to school life: their influences and their effects on achievement and leaving school
Gary Marks
ACER
Recommended Citation
Marks, Gary, "Attitudes to school life: their influences and their effects on achievement and leaving school" (1998). LSAY Research Reports. Longitudinal surveys of Australian youth research report ;
n.5 http://research.acer
This Report is brought to you for free and open access by the Longitudinal Surveys of Australian Youth (LSAY) at ACEReSearch. It has been accepted for inclusion in LSAY Research Reports by an authorized administrator of ACEReSearch. For more information, please contact
mcdowell@acer.edu.au.
5HVHDUFK5HSRUW1XPEHU
*DU\10DUNV
6HSWHPEHU
This report forms part of the Longitudinal Surveys of Australian Youth: a research program that is financially supported by the Commonwealth Department of Employment, Education, Training and Youth Affairs.
The views expressed in this report are those of the authors and not necessarily of the
Commonwealth Department of Employment, Education, Training and Youth Affairs.
September 1998
3XEOLVKHGE\
7KH$XVWUDOLDQ&RXQFLOIRU(GXFDWLRQDO5HVHDUFK/WG
,6%1
&RQWHQWV
7DEOHV LY
(;(&87,9(6800$5<Y ,1752'8&7,21 &+$1*(629(57,0(,1$77,78'(6726&+22/6 ,1)/8(1&(621$77,78'(6726&+22/6 ())(&762)$77,78'(6726&+22/6216(/)5$7('$&+,(9(0(17 ())(&762)$77,78'(6726&+22/621/($9,1*6&+22/ &21&/86,21 5()(5(1&(6 $33(1',;'$7$$1'0($685(6 $33(1',;7$%/(2)5(68/76
7DEOHV
$WWLWXGHVWR6FKRRO&RPSDUHG2YHU7LPH3HUFHQWDJH$JUHHPHQW_
(IIHFWVRQ/HDYLQJ6FKRROEHIRUH<HDU
7DEOH$
LY
EXECUTIVE SUMMARY
7KLV UHSRUW LQYHVWLJDWHV VWXGHQWV DWWLWXGHV WR VFKRRO OLIH 6XFK DWWLWXGHV PD\ KDYH
LPSOLFDWLRQVIRUVWXGHQWVDFKLHYHPHQWDQGRWKHUHGXFDWLRQDORXWFRPHVDVZHOODVEHLQJD
PHDVXUHRIHGXFDWLRQDORXWFRPHVLQWKHLURZQULJKW7KHVWXG\XVHVGDWDIURPWKHILUVW
WZR ZDYHV RI WKH \HDU FRKRUW LQ WKH /RQJLWXGLQDO 6XUYH\V RI $XVWUDOLDQ <RXWK
/6$<_SURMHFW7KLVVWXG\H[DPLQHVWKUHHDVSHFWVRIVWXGHQWVDWWLWXGHVWRVFKRROOLIH SRVVLEOH FKDQJHV RYHU WLPH WKH LQIOXHQFH RI LQGLYLGXDO DQG VFKRROOHYHO YDULDEOHV RQ
DWWLWXGHVDQGWKHHIIHFWRIWKHVHDWWLWXGHVRQDFKLHYHPHQWDQGOHDYLQJVFKRRO7KHIRXU
GLPHQVLRQV RI DWWLWXGHV WR VFKRRO LVRODWHG KHUH DUH VWXGHQWV JHQHUDO VDWLVIDFWLRQ ZLWK VFKRRO WKHLU DWWLWXGHV WR WKHLU WHDFKHUV WKHLU YLHZV RQ WKH RSSRUWXQLWLHV WKHLU VFKRRO
SURYLGHVDQGWKHLUVHQVHRIDFKLHYHPHQW 7KHPDLQILQGLQJVRQWKHIRXUGLPHQVLRQVRI$WWLWXGHVWR6FKRRO/LIHDUHDVIROORZV
7KHUHDSSHDUVWRKDYHEHHQDGHFOLQHEHWZHHQWKHPLGVDQGPLGVLQ\HDU
VWXGHQWVJHQHUDOVDWLVIDFWLRQZLWKVFKRRODQGDVPDOOHUGHFOLQHZLWKWKHLUDWWLWXGHWR WHDFKHUV
2QO\DVPDOOWRPRGHUDWHSURSRUWLRQRIWKHYDULDWLRQLQDWWLWXGHVWRVFKRROOLIHLVGXH
WREHWZHHQVFKRROGLIIHUHQFHV6WXGHQWVDWWLWXGHVWRWKHLUWHDFKHUVGLVSOD\WKHODUJHVW
6WXGHQWV IURP &DWKROLF DQG ,QGHSHQGHQW VFKRROV KDYH KLJKHU OHYHOV RI JHQHUDO
VDWLVIDFWLRQDQGDUHVXEVWDQWLDOO\PRUHVDWLVILHGZLWKWKHLUWHDFKHUV
7KHPDLQILQGLQJVIURPWKHDQDO\VHVRQWKHFRQVHTXHQFHVRIDWWLWXGHVWRVFKRROOLIHRQ VHOISHUFHLYHGDFKLHYHPHQWLQ\HDUDQGOHDYLQJVFKRRODUH
%RWK WKH *HQHUDO 6DWLVIDFWLRQ
VHOISHUFHLYHG\HDU_DFKLHYHPHQW 2I WKH IRXU GLPHQVLRQV RI $WWLWXGHV WR 6FKRRO /LIH RQO\ WKH 6HQVH RI $FKLHYHPHQW GLPHQVLRQLQIOXHQFHVVWXGHQWVOHDYLQJVFKRROGXULQJ\HDU
VFKRROV VKRXOG EH SODFHV ZKLFK PD[LPL]H VWXGHQWV OHDUQLQJ DQG ZKHUH VWXGHQWV IHHO KDSS\ DQG VHFXUH VDWLVILHG ZLWK WKHLU WHDFKHUV DQG HQMR\ OHDUQLQJ $ KDSS\ VFKRRO
HQYLURQPHQW VKRXOG IDFLOLWDWH DFDGHPLF DFKLHYHPHQW 7KH UHQHZHG LQWHUHVW LQ VFKRRO
HIIHFWLYHQHVVUHIOHFWVDSHUFHSWLRQRIWKHVFKRROHQYLURQPHQWDVDQLPSRUWDQWFRQWULEXWRU
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
FRPPXQLW\VWULYHVIRU 2QH PHDVXUH RI VWXGHQWV DWWLWXGHV WR VFKRRO OLIH WKH 4XDOLW\ RI 6FKRRO /LIH 6FDOH
(SVWHLQ0F3DUWODQG_ZDVGHYHORSHGLQWKH8QLWHG6WDWHVDSSO\LQJWKHFRQFHSW RITXDOLW\RIOLIHGHILQHGDVVXEMHFWLYHO\NQRZQDQGHYDOXDWHGDVSHFWVRIOLIH_WRDVFKRRO
VHWWLQJWRPHDVXUHVWXGHQWVDWWLWXGHVWRVFKRROLQJHQHUDOWKHLULQWHUHVWLQFODVVZRUN
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
DFDGHPLFDFKLHYHPHQWDWVFKRRO
*HQHUDOO\WKH4XDOLW\RI6FKRRO/LIHVXUYH\VLQGLFDWHWKDWWKHPDMRULW\RIVWXGHQWVKDYH
SRVLWLYH YLHZV RI VFKRRO $LQOH\ _ SURYLGHV H[DPSOHV IURP ERWK SULPDU\ DQG
VHFRQGDU\VFKRROV )RUH[DPSOHRYHU SHU FHQW RI VHFRQGDU\ VFKRRO VWXGHQWV DJUHHG
ZLWKWKHVWDWHPHQW0\VFKRROLVDSODFHZKHUHWKHZRUN,GRLVDJRRGSUHSDUDWLRQIRU
WKHIXWXUH2YHUSHUFHQWDJUHHGZLWKWKHVWDWHPHQWWKDW0\6FKRROLVDSODFHZKHUH,
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
DP D VXFFHVV DV D VWXGHQW $PRQJ SULPDU\ VFKRRO VWXGHQWV WKH OHYHO RI SRVLWLYH DJUHHPHQW ZDV HYHQ KLJKHU 6R ZKDWHYHU WKH SRSXODU LPDJH RI VFKRRO HQYLURQPHQWV
UHFHQWVXUYH\VRIVWXGHQWVXVLQJWKHVHEDWWHULHVVXJJHVWWKDWWKHRYHUZKHOPLQJPDMRULW\RI
VWXGHQWVDUHKDSS\ZLWKWKHLUVFKRROV $QREYLRXVLQIOXHQFHRQWKHVWXGHQWVDWWLWXGHVWRVFKRROLVRIFRXUVHWKHVFKRROLWVHOI :LWKLQWKHVDPHVFKRROVWXGHQWVJHQHUDOO\H[SHULHQFHWKHVDPHWHDFKHUVDUHVXEMHFWWR WKH VDPH DXWKRULW\ VWUXFWXUH DQG LQWHUDFW ZLWK RQH DQRWKHU LQ WKH VDPH SK\VLFDO
HQYLURQPHQW,WVWDQGVWRUHDVRQWKDWDWWLWXGHVWRVFKRROVKRXOGEHODUJHO\GXHWRVFKRROV
WKHPVHOYHV+RZHYHUWKHHIIHFWRIWKHLQGLYLGXDOVFKRROLVVPDOOHUWKDQH[SHFWHG$LQOH\ %DWWHQ 0LOOHU _ IRXQG VPDOO EXW VLJQLILFDQW GLIIHUHQFHV EHWZHHQ VFKRROV 0RN
DQG0F'RQDOG_FRQFOXGHGWKDWRQO\WRSHUFHQWRIWKHYDULDQFHVLQWKH4XDOLW\
RI 6FKRRO /LIH VFDOHV ZHUH H[SODLQHG E\ EHWZHHQ VFKRRO GLIIHUHQFHV 8VLQJ D GLIIHUHQW
PHWKRGRORJ\$LQOH\_IRXQGWKDWEHWZHHQVFKRROGLIIHUHQFHVDFFRXQWHGIRUDERXW SHU FHQW RI WKH YDULDQFH LQ JHQHUDO VDWLVIDFWLRQ ZLWK VFKRROV 7KLV EHWZHHQ VFKRRO
YDULDWLRQLVJHQHUDOO\FRQVLGHUDEO\ORZHUWKDQWKDWIRUDFKLHYHPHQW
,I VFKRRO GLIIHUHQFHV DUH VPDOO ZKDW DUH WKH PDLQ LQIOXHQFHV RQ VWXGHQWV DWWLWXGHV WR
VFKRRO"5HVHDUFKKDVVKRZQDFRQVLVWHQWHIIHFWRIJHQGHUZLWKJLUOVEHLQJPRUHVDWLVILHG ZLWK VFKRRO LQ JHQHUDO ZLWK WKHLU WHDFKHUV DQG RQ WKH LGHQWLW\ VFDOH $LQOH\ 5HHG
0LOOHU$LQOH\6KHUHW_6WXGHQWVIURPQRQ(QJOLVKVSHDNLQJEDFNJURXQGV
DUHJHQHUDOO\PRUHVDWLVILHGZLWKWKHODUJHVWHIIHFWVRQJHQHUDOVDWLVIDFWLRQ7KLVILQGLQJ PD\UHIOHFWWKHJUHDWHULPSRUWDQFHLPPLJUDQWVSODFHRQHGXFDWLRQ$LQOH\$LQOH\
5HHG0LOOHU$LQOH\6KHUHW_7KHUHLVOLWWOHDVVRFLDWLRQEHWZHHQSDUHQWV
RFFXSDWLRQ DQG DWWLWXGHV WR VFKRRO 0RVW RIWHQ VWXGLHV ILQG QR DVVRFLDWLRQ $LQOH\
*ROGPDQ5HHG$LQOH\5HHG0LOOHU$LQOH\6KHUHW_DOWKRXJK
VRPHILQGDVPDOOSRVLWLYHDVVRFLDWLRQ$LQOH\%RXUNH_,Q&DQDGDDQH[WHQVLYH
VWXG\RQVWXGHQWVDWWLWXGHVWRVFKRROIRXQGQRLPSDFWRISDUHQWDOVRFLRHFRQRPLFVWDWXV
,VKHUZRRG+DPPDK_
$PDMRUUHDVRQIRUWKHLQWHUHVWLQDWWLWXGHVWRVFKRROLVLWVSRVVLEOHLQIOXHQFHRQHGXFDWLRQ
RXWFRPHV 0RVW UHVHDUFK KDV IRFXVHG RQ DFKLHYHPHQW $OWKRXJK WKHUH LV DQ H[WHQVLYH ERG\ RI OLWHUDWXUH RQ WKH HIIHFWV RI VFKRROV DQG VFKRRO SUDFWLFHV RQ DFKLHYHPHQW WKH
HIIHFWLYHVFKRROVOLWHUDWXUH_VWXGHQWVDWWLWXGHVWRVFKRROOLIHKDYHOLWWOHRUQRLPSDFWRQ
DFKLHYHPHQW,QDUHFHQWUHYLHZ$LQOH\_QRWHVWKDWWKHUHLVQRVWURQJDQGJHQHUDO OLQN EHWZHHQ VFKRRO OLIH VFRUHV DQG VWDWLF PHDVXUHV RI DFKLHYHPHQW +RZHYHU UHVXOWV
&RQWUDU\ WR$LQOH\V FRQFOXVLRQRIQRHIIHFWVRQ VWDWLFPHDVXUHVRI DFKLHYHPHQW 0RN DQG)O\QQ_IRXQGWKDWDPRQJ&DWKROLFVFKRROVWKH4XDOLW\RI6FKRRO/LIHPHDVXUHV KDG D VLJQLILFDQW LPSDFW RQ SHUIRUPDQFH LQ WKH 1HZ 6RXWK :DOHV +LJKHU 6FKRRO
&HUWLILFDWHQHWRIVWXGHQWDQGVFKRROFKDUDFWHULVWLFV+RZHYHUWKHVHHIIHFWVGRQRWDSSHDU
WREHODUJH
$WWLWXGHVWR6FKRRO/LIH
2QHZRXOGH[SHFWWKDWDWWLWXGHVWRVFKRROZRXOGEHDQLPSRUWDQWSUHGLFWRURIZKHWKHURU
QRWVWXGHQWVVWD\HGRQDWVFKRRO0RUHSRVLWLYHDWWLWXGHVVKRXOGGHFUHDVHWKHSUREDELOLW\
RI D VWXGHQW OHDYLQJ VFKRRO /HVV ZRUN KDV EHHQ GLUHFWHG WR WKLV LVVXH WKDQ WR
DFKLHYHPHQW$LQOH\DQG6KHUHW_IRXQGDFRUUHODWLRQRIDURXQGEHWZHHQ
DWWLWXGHVWRVFKRRODQGVWD\LQJDWVFKRROXQWLO\HDU7KLVFRPSDUHVZLWKFRUUHODWLRQVRI DURXQG EHWZHHQ OHDYLQJ VFKRRO HDUO\ DQG DFKLHYHPHQW PHDVXUHG E\ UHDGLQJ DQG PDWKHPDWLFV WHVWV ,Q D VXEVHTXHQW SDWK DQDO\VLV DWWLWXGHV WR VFKRRO OLIH KDG D
VWDQGDUGL]HGHIIHFWRIRQVWD\LQJDWVFKRROLQ\HDUQHWRIDQHIIHFWRIIRU
PHDVXUHGDFKLHYHPHQW7KLVPHDQVWKDWVWXGHQWVZLWKPRUHSRVLWLYHDWWLWXGHVZHUHOHVV
OLNHO\WROHDYHWKDQVWXGHQWVZLWKPRUHQHJDWLYHDWWLWXGHVHYHQLIWKH\KDGHTXDOOHYHOVRI
PHDVXUHGDFKLHYHPHQW
7KHUHDUHWKUHHSDUWVWRWKLVLQYHVWLJDWLRQRIVWXGHQWVDWWLWXGHVWRVFKRROOLIH
)LUVWZHFRPSDUHWKHUHVSRQVHVWRWKHVHLWHPVIURPGDWDFROOHFWHGLQZLWKHDUOLHU VWXGLHV7KLVFRPSDULVRQZLOOLQGLFDWHLIWKHUHKDYHEHHQFKDQJHVRYHUWLPHLQVWXGHQWV
DWWLWXGHVWRVFKRRO
6HFRQGZHLQYHVWLJDWHWKHHIIHFWVRILQGLYLGXDODQGVFKRROOHYHOIDFWRUVRQIRXUGRPDLQV RU VFDOHV_ RI WKH TXDOLW\ RI VFKRRO OLIH EDWWHU\ 7KLV DQDO\VLV LV LQ SDUW WR FRQILUP
SUHYLRXVZRUNEXWDOVRWRWHVWLIWKHUHDUHVFKRROV\VWHPGLIIHUHQFHVLQUHVSRQVHVWRWKHVH
LWHPV
)LQDOO\ZHH[DPLQHWKHLQIOXHQFHRIDWWLWXGHVWRVFKRROLQWZRDUHDVRQVHOISHUFHLYHG
DFKLHYHPHQWLQ\HDUDQGRQOHDYLQJVFKRROEHIRUH\HDU
,Q WKHVH DQDO\VHV ZH HVWLPDWH WKH HIIHFWV RI WKHVH VFDOHV QHW RI \HDU DFKLHYHPHQW PHDVXUHG E\ UHDGLQJ FRPSUHKHQVLRQ DQG QXPHUDF\ WHVWV DQG VRFLDO EDFNJURXQG
$SSHQGL[SUHVHQWVWKHGDWDDQGPHDVXUHVXVHGIRUWKLVUHSRUW
7KHSHUFHQWDJHVLQ7DEOHVXJJHVWWKHUHKDVEHHQDGHFOLQHLQWKHOHYHOVRIDJUHHPHQWRQ
WKH *HQHUDO 6DWLVIDFWLRQ
2SSRUWXQLW\DQG$FKLHYHPHQWLWHPV
7KH*HQHUDO6DWLVIDFWLRQLWHPVVKRZLQJWKHODUJHVWGHFOLQHVZHUH,ILQGWKDWOHDUQLQJLV
DORWRIIXQDQG,UHDOO\OLNHWRJRHDFKGD\LWHPV6PDOOHUEXWQRWLQVXEVWDQWLDOGHFOLQHV ZHUHIRXQGIRUWKH,OLNHOHDUQLQJDQG,JHWHQMR\PHQWIURPEHLQJ WKHUH LWHPV7KH
GHFOLQHVLQWKHIRXULWHPVLQWKH*HQHUDO6DWLVIDFWLRQGRPDLQZHUHXQOLNHO\WRUHVXOWIURP VDPSOLQJGLIIHUHQFHV
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
$WWLWXGHVWR6FKRRO&RPSDUHG2YHU7LPH3HUFHQWDJH$JUHHPHQW_
48$/,7<2) 6&+22//,)(,7(0
E
0\6FKRROLVDSODFHZKHUH
,DPJLYHQWKHFKDQFHWRGRZRUNWKDWUHDOO\LQWHUHVWVPH
,IHHOKDSS\
,OLNHOHDUQLQJ ,JHWHQMR\PHQWIURPEHLQJWKHUH
,OLNHWRDVNTXHVWLRQVLQFODVV
0($1IRU*HQHUDO6DWLVIDFWLRQ,WHPV
7HDFKHUVDUHIDLUDQGMXVW
7HDFKHUVOLVWHQWRZKDW,VD\
0($1IRU7HDFKHU,WHPV
7KHWKLQJV,OHDUQDUHLPSRUWDQWWRPH
7KHZRUN,GRLVJRRGSUHSDUDWLRQIRUWKHIXWXUH
,KDYHDFTXLUHGVNLOOVWKDWZLOOEHRIXVHWRPHZKHQ,OHDYH
VFKRRO
7KLQJV,OHDUQZLOOKHOSPHLQDGXOWOLIH
7KHWKLQJV,DPWDXJKWDUHZRUWKZKLOHOHDUQLQJ
0($1IRU2SSRUWXQLW\,WHPV
,KDYHOHDUQWWRZRUNKDUG
$WWLWXGHVWR6FKRRO/LIH
7KHGHFOLQHLVQRWGXHWRWKHGLIIHUHQWSRSXODWLRQVH[DPLQHGDOOVWXGHQWVZHUHLQFOXGHG
LQWKH/6$<VDPSOHEXWRQO\JRYHUQPHQWVFKRROVWXGHQWVLQWKHRWKHUWZRVWXGLHV_ 7KH UHVXOWV LQ 7DEOH VKRZ WKDW JRYHUQPHQW VFKRRO VWXGHQWV WHQGHG WR H[KLELW ORZHU
OHYHOVRIVDWLVIDFWLRQZLWKVFKRRO6RLIDQ\WKLQJWKHGHFOLQHVDUHOLNHO\WREHJUHDWHUWKDQ
VKRZQLQ7DEOH
7KH 7HDFKHULWHPVWKDWH[KLELWHGWKHODUJHVWGHFOLQHVZHUH7HDFKHUVWUHDWPHIDLUO\LQ
FODVV
6PDOOHUGHFOLQHVZHUHIRXQGIRUWKH7KHWHDFKHUVKHOSPHWRGRP\EHVWDQG7HDFKHUV
DUHIDLUDQGMXVWLWHPV1RVXEVWDQWLDOGHFOLQHVZHUHIRXQGRQWKHRWKHU 7HDFKHULWHPV
7HDFKHUVOLVWHQWRZKDW,VD\DQG7HDFKHUVJLYHPHWKHPDUNV,GHVHUYH$VLVWKHFDVH
IRU WKH *HQHUDO 6DWLVIDFWLRQ LWHPV WKH REVHUYHG GHFOLQHV DUH XQOLNHO\ WR EH GXH WR
VDPSOLQJGLIIHUHQFHVEHWZHHQWKHWKUHHVWXGLHV 2QH SRVVLEOH H[SODQDWLRQ IRU WKHVH GHFOLQHV LV WKDW LW PD\ UHIOHFW DQ LQFUHDVLQJ GLVHQFKDQWPHQWZLWKVFKRROVDQGWHDFKHUVE\ER\V:LWKRXWUHDQDO\VLQJWKHHDUOLHUGDWD
ZH FDQQRW FRPSOHWHO\ GLVFRXQW WKLV UHVXOW +RZHYHU VXEVHTXHQW DQDO\VHV VKRZHG WKDW
DQG
$FKLHYHPHQWLWHPV)URPWKHVHGDWDRXUFRQFOXVLRQLVWKDWDPRQJ\HDUVWXGHQWVWKHUH
KDVEHHQDGHFOLQHRYHUWKHODVWGHFDGHLQVDWLVIDFWLRQZLWKVFKRROOLIHLQJHQHUDODQGZLWK WHDFKHUVLQSDUWLFXODU
GLPHQVLRQV 7KLV DQDO\VLV VKRZV WKH HIIHFWV RI LQIOXHQFHV RQ DWWLWXGHV FRQWUROOLQJ IRU
RWKHU LQIOXHQFHV LQ RWKHU ZRUGV RWKHU WKLQJV EHLQJ HTXDO 7KH ILUVW OLQH RI WKH WDEOH
VFDOH DERXW SHU FHQW RI WKH YDULDWLRQ LV GXH WR EHWZHHQ VFKRRO GLIIHUHQFHV IRU WKH 7HDFKHUVFDOHSHUFHQWDQGOHVVWKDQSHUFHQWIRUWKH 2SSRUWXQLW\DQG$FKLHYHPHQW PHDVXUHV ,W DSSHDUV WKDW HYHQ WKRXJK WKHVH LWHPV DUH DERXW VFKRRO 0\
6FKRRO LV D
SODFH_GLIIHUHQFHVEHWZHHQVFKRROVDFFRXQWIRUOLWWOHYDULDWLRQ$VQRWHGHDUOLHU0RN DQG0F'RQDOG_IRXQGRQO\WRSHUFHQWRIWKHYDULDWLRQLQWKHDWWLWXGHWRVFKRRO VFDOHV FRXOG EH H[SODLQHG E\ EHWZHHQ VFKRRO GLIIHUHQFHV 7KH JUHDWHU EHWZHHQ VFKRRO YDULDWLRQ IRXQG LQ WKH FXUUHQW LQYHVWLJDWLRQ LV SUREDEO\ EHFDXVH WKH /6$< VDPSOH LQFOXGHV VFKRROV IURP DOO WKUHH VHFWRUV ZKHUHDV WKH 0RN DQG 0F'RQDOG VWXG\ ZDV
UHVWULFWHGWR&DWKROLFVFKRROVLQ1HZ6RXWK:DOHV
7DEOH VKRZV VPDOO EXW FRQVLVWHQW JHQGHU GLIIHUHQFHV RQ WKHVH LQGLFHV ZLWK JLUOV
UHSRUWLQJJUHDWHUOHYHOVRIVDWLVIDFWLRQDERXWWKHLUVFKRROWKDQER\V*LUOVDUHRYHUXQLWV
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
WKH FDVH WKHUH VKRXOG DOVR EH D JHQGHU JDS IRU WKH 2SSRUWXQLW\ LQGH[ 2QH SRVVLEOH
H[SODQDWLRQIRUWKHJHQGHUGLIIHUHQFHVLVWKDWWKHVPDOOQXPEHURIPDOHWURXEOHPDNHUV
WHQGVWRUHGXFHWKHPHDQOHYHOVIRUER\V
6WXGHQWVIURPKLJKHUVRFLRHFRQRPLFJURXSVDUHPRUHOLNHO\WREHKDSSLHUDWVFKRRODQG ZLWK WKHLU WHDFKHUV +RZHYHU LQ DFFRUGDQFH ZLWK SUHYLRXV VWXGLHV WKLV HIIHFW LV YHU\ VPDOO$WHQXQLWGLIIHUHQFHLQRFFXSDWLRQDOVWDWXVWUDQVODWHVWRDGLIIHUHQFHRIRQO\
XQLWVLQWKH*HQHUDO6DWLVIDFWLRQDQG7HDFKHUVFDOHV$SSHQGL[SURYLGHVGHWDLOVRQWKH
HYHQVPDOOHURQWKH2SSRUWXQLW\DQG$FKLHYHPHQWVFDOHV
7KHHIIHFWRISDUHQWVHGXFDWLRQLVJUHDWHUWKDQWKHHIIHFWIRUVRFLRHFRQRPLFVWDWXV)RUD
VLQJOH\HDULQFUHDVHLQWKHDYHUDJHOHYHORISDUHQWVHGXFDWLRQ VDWLVIDFWLRQ ZLWK VFKRRO
ULVHVDERXWXQLWVRQWKH*HQHUDO6DWLVIDFWLRQ
2SSRUWXQLW\DQG$FKLHYHPHQWLQGLFHVVR
DILYH\HDUGLIIHUHQFHLQWKHDYHUDJHOHYHORIHGXFDWLRQPHDQVDGLIIHUHQFHRIRYHUXQLWV RQWKHVHLQGLFHV)RUDVLQJOH\HDULQFUHDVHWKHUHLVDQLQFUHDVHRIXQLWVRQWKH7HDFKHU LQGH[ 7KH JUHDWHU LPSDFW RI SDUHQWV HGXFDWLRQ FRPSDUHG WR RFFXSDWLRQDO VWDWXV LV SUREDEO\GXHWRPRUHHGXFDWHGSDUHQWVEHLQJPRUHLQWHUHVWHGLQDQGVXSSRUWLYHRIWKHLU
FKLOGUHQVVFKRROOLIH$LQOH\DQG6KHUHW_DOVRUHSRUWWKDWVWXGHQWDWWLWXGHVWRVFKRRO DUH SRVLWLYHO\ UHODWHG WR SDUHQWDO H[SHFWDWLRQV RI SRVWVHFRQGDU\ HGXFDWLRQ ZKLFK LV DVVRFLDWHGZLWKSDUHQWVHGXFDWLRQ
6FKRROVRFLRHFRQRPLFVWDWXVPHDVXUHGE\WKHPHDQRFFXSDWLRQDOVWDWXVRIWKHVWXGHQWV SDUHQWV LQ HDFK VFKRRO KDV PLQLPDO HIIHFWV RQ DWWLWXGHV WR VFKRRO 2QO\ RQ WKH $FKLHYHPHQWPHDVXUHLVLWVLPSDFWVLJQLILFDQW7KHHIIHFWLVQHJDWLYHVRWKDWVWXGHQWVLQ KLJKHU RFFXSDWLRQDO VWDWXV VFKRROV WHQGHG WR EH OHVV VDWLVILHG ZLWK WKHLU DFDGHPLF DFKLHYHPHQWV DW VFKRRO 7KLV PD\ EH EHFDXVH VFKRROV VHUYLQJ VWXGHQW SRSXODWLRQV RI KLJKHUWKDQDYHUDJHRFFXSDWLRQDOEDFNJURXQGVGRZQSOD\WKHLUVWXGHQWVDFKLHYHPHQWLQ
RUGHUWRHQFRXUDJHVWXGHQWVWRDWWDLQKLJKHUOHYHOVRIDFKLHYHPHQW,QDGGLWLRQVFKRROVRI ORZHU WKDQ DYHUDJH VRFLRHFRQRPLF VWDWXV PD\ RYHUVWDWH WKHLU VWXGHQWV DFKLHYHPHQW JLYLQJWKHPJUHDWHUVDWLVIDFWLRQZLWKWKHLUDFKLHYHPHQW
6WXGHQWVZKRXVHDODQJXDJHRWKHUWKDQ(QJOLVKDWKRPHWHQGWREHPRUHVDWLVILHGZLWK
VFKRRO7KLVJURXSRIVWXGHQWVVFRUHGQHDUO\XQLWVKLJKHURQWKH *HQHUDO6DWLVIDFWLRQ
VFDOH DQG IRXU XQLWV KLJKHU RQ WKH 2SSRUWXQLW\ VFDOH 7KH HIIHFWV RI D QRQ(QJOLVK EDFNJURXQG RQ WKH RWKHU WZR VFDOHV DUH VPDOOHU EXW LQ WKH VDPH GLUHFWLRQ 7KHUH LV D FRPPRQO\KHOGYLHZWKDWLPPLJUDQWIDPLOLHVSODFHDKLJKHUYDOXHRQHGXFDWLRQEHFDXVH
WKH\VHHHGXFDWLRQDVWKHNH\WRWKHLUFKLOGUHQJDLQLQJEHWWHUMREVDQGWKXVDKLJKHUVRFLDO
VWDQGLQJ7KHVHUHVXOWVVXSSRUWWKLVYLHZ
$OWKRXJK,QGLJHQRXVVWXGHQWVWHQGWRSHUIRUPDFDGHPLFDOO\DWVXEVWDQWLDOO\ORZHUOHYHOV
WKDQRWKHUVWXGHQWVWKHUHLVQRFRUUHVSRQGLQJGLIIHUHQFHLQWKHLUDWWLWXGHVWRZDUGVFKRRO
2QO\RQWKH $FKLHYHPHQWPHDVXUHGRWKH\VFRUHVLJQLILFDQWO\ORZHUWKDQRWKHUVWXGHQWV
DQG WKLV GLIIHUHQFH LV PXFK VPDOOHU WKDQ RQ DFKLHYHPHQW WHVW VFRUHV 7KLV ILQGLQJ LV HYLGHQFH DJDLQVW WKH LGHD WKDW WKH SRRU DFDGHPLF SHUIRUPDQFH RI ,QGLJHQRXV JURXSV LV EHFDXVHRIWKHLUGLVHQFKDQWPHQWZLWKVFKRRO
$WWLWXGHVWR6FKRRO/LIH
,QIOXHQFHVRQ$WWLWXGHVWR6FKRRO'RPDLQV
7DEOH
2SSRUWXQLW\ $FKLHYHPHQW
6DWLVIDFWLRQ
*HQHUDO 7HDFKHUV
,QWUD&ODVV&RUUHODWLRQ
0RGHO(VWLPDWHV ,QWHUFHSW
)HPDOH
3DUHQWDO2FFXS6WDWXV 3DUHQWV(GXFDWLRQ
1RQ(QJOLVK6SNJ%FN
$ERULJLQDO7RUUHV6WUDLW
6FKRRO6HFWRU5HI*RY_
, QGHSHQGHQW6FKRRO &DWKROLF6FKRRO
6FKRRO6(6
333
2IWKHVFKRROOHYHOYDULDEOHVVFKRROVHFWRUGRHVKDYHDVLJQLILFDQWHIIHFWRQWKHVHDWWLWXGH
WKDQJRYHUQPHQWVFKRROVWXGHQWV
6WXGHQWVDW&DWKROLFVFKRROVDUHDOVRPRUHVDWLVILHGZLWKWKHLUWHDFKHUVDQGOLNHVWXGHQWV
DW LQGHSHQGHQW VFKRROV KDYH KLJKHU DYHUDJH VFRUHV RQ WKH *HQHUDO 6DWLVIDFWLRQ VFDOH
&DWKROLF VFKRRO VWXGHQWV VFRUH QHDUO\ XQLWV KLJKHU RQ WKH 2SSRUWXQLW\ VFDOH WKDQ GR JRYHUQPHQWVFKRROVWXGHQWV7KHUHDUHQRVLJQLILFDQWVHFWRUGLIIHUHQFHVLQUHODWLRQWRWKH
$FKLHYHPHQWVFDOH
LQ (QJOLVK PDWKHPDWLFV DQG RYHUDOO VFKRRO DFKLHYHPHQW 2XU LQLWLDO PRGHO 0RGHO _
VSHFLILHGVHOIUDWHGDELOLW\RUVHOISHUFHLYHGDFKLHYHPHQWDVGHSHQGHQWRQWKHDWWLWXGHVWR
VFKRROOLIHDQG\HDUWHVWVFRUHV7KHVHPRGHOVZHUHDQDO\VHGE\RUGLQDU\OHDVWVTXDUHV
UHJUHVVLRQ 6LQFHWKHVH PHDVXUHVDUHUHODWLYH WR RWKHUVWXGHQWV LQ WKH VDPH OHYHO DW WKH
VDPHVFKRROWKHUHLVQRQHHGWRFRUUHFWIRUVFKRROHIIHFWV,QWKHDQDO\VHVRI(QJOLVKDQG PDWKHPDWLFVDFKLHYHPHQWWKHVFRUHVIURPERWK\HDUWHVWVZHUHLQFOXGHGEHFDXVHWKH\
DUHOLNHO\WRKDYHGLIIHUHQWHIIHFWV$GGLWLRQDODQDO\VHVVKRZHGWKDWWKHKLJKFRUUHODWLRQ EHWZHHQ UHDGLQJ DQG PDWKHPDWLFV WHVW VFRUHV GLG QRW SURGXFH XQVWDEOH HVWLPDWHV_ )RU
DQDO\VHV RI JHQHUDO DFKLHYHPHQW WKH VFRUHV RQ WKH WZR WHVWV ZHUH FRPELQHG *HQHUDO VFKRRODFKLHYHPHQWZDVDOVRDQDO\VHGZLWKDIXOOHUPRGHO0RGHO_ZKLFKLQFOXGHGWKH LQGLYLGXDOOHYHOYDULDEOHVXVHGLQWKHSUHFHGLQJDQDO\VHV:HLQFOXGHGWKHVHYDULDEOHVWR
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
7DEOH
0RGHO
0RGHO(VWLPDWHV ,QWHUFHSW
$WWLWXGHVWR
0RGHO
*HQHUDO6DWLVIDFWLRQ
7HDFKHUV
2SSRUWXQLW\
$FKLHYHPHQW
7HVW6FRUHV 5HDGLQJ&RPSUHKHQVLRQ
1XPHUDF\ &RPELQHG
'HPRJUDSKLF6RFLDO
%DFNJURXQG
0DOH
3DUHQWDO2FFXS6WDWXV 3DUHQWV(GXFDWLRQ
1RQ(QJOLVK6SNJ%FN
$ERULJLQDO7RUUHV6WUDLW
6FKRRO6HFWRU5HI*RY_
,QGHSHQGHQW6FKRRO &DWKROLF6FKRRO
6WDWH7HUULWRU\5HI16:_
6FKRRO6(6
6FKRRO$FKLHYHPHQW\HDU_
*HQHUDO6DWLVIDFWLRQ $FKLHYHPHQW$WWLWXGHV
56TXDUH
333
$WWLWXGHVWR6FKRRO/LIH
,Q DGGLWLRQ WR WKH VFKRROOHYHO YDULDEOH PHDQ VFKRRO RFFXSDWLRQDO VWDWXV ZH LQFOXGHG PHDQ VFKRRO DFKLHYHPHQW DQG PHDQ VFKRRO VFRUHV RQ WKH *HQHUDO 6DWLVIDFWLRQ DQG
$FKLHYHPHQWVFDOHV7KHVHYDULDEOHVWHVWIRUDGGLWLRQDOFRQWH[WXDOHIIHFWVRIVFKRROV
7DEOH VKRZV WKDW IRU VHOISHUFHLYHG DFKLHYHPHQW LQ (QJOLVK WKH $FKLHYHPHQW VFDOH VKRZHGDVLJQLILFDQWDQGPRGHUDWHHIIHFW$XQLWLQFUHDVHLQWKLVVFDOHLQFUHDVHGVHOI
HIIHFWZDVFRPSDUDWLYHO\ZHDN7KHHIIHFWRIWHVWVFRUHVLVTXLWHGLIIHUHQWIRUPDWKHPDWLFV WKDQIRU(QJOLVK1XPHUDF\WHVWVFRUHKDGDVWURQJHIIHFWZLWKDVWDQGDUGLVHGFRHIILFLHQW
RIZKHUHDVUHDGLQJFRPSUHKHQVLRQWHVWVFRUHKDGDVWDQGDUGLVHGHIIHFWRIRQO\
6HOIUDWHGJHQHUDODFKLHYHPHQWVKRZHGDSDWWHUQVLPLODUWRWKDWIRU(QJOLVK$FKLHYHPHQW
KDGWKHODUJHVWHIIHFWRIWKHDWWLWXGHWRVFKRROOLIHGRPDLQPHDVXUHVZLWKDVPDOOHUHIIHFW
IRU *HQHUDO 6DWLVIDFWLRQ 7KH FRPELQHG WHVW VFRUH KDG WKH ODUJHVW LPSDFW ZLWK D
VWDQGDUGLVHGFRHIILFLHQWDWDERXW7KHUHDUHQRVLJQLILFDQWHIIHFWVIRUWKH7HDFKHURU
2SSRUWXQLW\ VFDOHV 7KHVH UHVXOWV DUH IXUWKHU HYLGHQFH WKDW WKH DWWLWXGH WR VFKRRO OLIH
GRPDLQVKDYHDQLQGHSHQGHQWHIIHFWRQVHOIUDWHG_DFKLHYHPHQW
,WFRXOGEHDUJXHGWKDWWKHVHGRPDLQVKDYHDUHODWLRQVKLSZLWKVHOIUDWHGDELOLW\EHFDXVH WKH\ DUH ERWK FRUUHODWHG ZLWK D WKLUG YDULDEOH RU DQ XQGHUO\LQJ GLPHQVLRQ FRPPRQ WR ERWK7KHUHPD\EHSHUVRQDOLW\IDFWRUVDWZRUN6RPHVWXGHQWVWHQGWRUDWH WKHPVHOYHV
KLJKO\DQGDOVRIHHOEHWWHUDERXWVFKRRO2WKHUVUDWHWKHLUDELOLWLHVORZHUDQGDUHDOVROHVV
KDSS\ DERXW VFKRRO ,Q RWKHU ZRUGV LW LV SRVVLEOH WKDW WKHVH UHODWLRQVKLSV DUH SRVVLEO\ VSXULRXVVLQFHSHUVRQDOLW\WUDLWVPD\EHFRUUHODWHGZLWKERWKDWWLWXGHVWRVFKRRODQGVHOI
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
DFKLHYHPHQWWHVWVFRUHVGHFOLQHGDOWKRXJKWKH\UHPDLQHGVLJQLILFDQW)RUDOPRVWDOORWKHU YDULDEOHVWKHHVWLPDWHVDUHRQO\VOLJKWO\VPDOOHU
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
7DEOHDOVRVKRZVWKDWWKHUHZHUHVHYHUDOGHPRJUDSKLFDQGVRFLDOEDFNJURXQGYDULDEOHV
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
,VODQGHU
7KH HIIHFWV RIVFKRROOHYHO YDULDEOHV DUH UDUHO\ VLJQLILFDQW DQG DUH QRW ODUJH 7KHUH DUH
KRZHYHUHIIHFWVIRUVWDWHRUWHUULWRU\2WKHUWKLQJVEHLQJHTXDOVWXGHQWVJRLQJWRVFKRROLQ
WKH$&79LFWRULD:HVWHUQ$XVWUDOLDDQG7DVPDQLDUHSRUWHGKLJKHUOHYHOVRIVHOIUDWHG DFKLHYHPHQW WKDQ 1HZ 6RXWK :DOHV VWXGHQWV 7KLV VXJJHVWV WKDW VWDWH VFKRRO V\VWHPV
GLIIHUVRPHZKDWLQWKHSHUFHSWLRQVWKH\JLYHWRVWXGHQWVRQKRZZHOOWKH\DUHGRLQJ
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
VFKRRO
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
RIVFKRROOHDYLQJ7KHUHZHUHQRHIIHFWVRIWKHVFKRROOHYHOYDULDEOHVXVHGKHUH
$WWLWXGHVWR6FKRRO/LIH
7DEOH
/HIW6FKRRO
0RGHO
(IIHFWVRQ/HDYLQJ6FKRROEHIRUH<HDU
/HIW6FKRRO
0RGHO
0RGHO(VWLPDWHV ,QWHUFHSW
$WWLWXGHVWR
*HQHUDO6DWLVIDFWLRQ
7HDFKHUV
2SSRUWXQLW\
$FKLHYHPHQW
$FKLHYHPHQW 7HVW6FRUHV&RPELQHG
'HPRJUDSKLF6RFLDO%DFNJURXQG
0DOH
3DUHQWDO2FFXSDWLRQDO6WDWXV
3DUHQWV(GXFDWLRQ
1RW(QJOLVK $ERULJLQDO7RUUHV6W
6FKRRO6HFWRU ,QGHSHQGHQW6FKRRO &DWKROLF6FKRRO
6WDWH7HUULWRU\
6FKRRO6(6
6FKRRO$FKLHYHPHQW<HDU_
*HQHUDO6DWLVIDFWLRQ $FKLHYHPHQW$WWLWXGHV
333
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
CONCLUSION
7KLVLQYHVWLJDWLRQVXJJHVWVWKDWRYHUWLPHWKHUHKDVEHHQDGHFOLQHLQVWXGHQWVJHQHUDO
DWWLWXGHV WR VFKRRO OLIH DQG LQ WKHLU DWWLWXGHV WR WKHLU WHDFKHUV 7KH GHFOLQH PD\ EH
LQIOXHQFHGE\DYDULHW\RIIDFWRUVLQFOXGLQJORZHUVDWLVIDFWLRQDPRQJ\RXQJSHRSOHZLWK LQVWLWXWLRQV JHQHUDOO\ JUHDWHU SUHVV FRYHUDJH RI SUREOHPV ZLWK VFKRROV DQG WHDFKHUV GLIIHUHQFHVLQWHDFKHUVSURILOHVRUWHDFKLQJPHWKRGVRUFKDQJHVLQWKHRUJDQLVDWLRQRI VFKRROV7KHVHH[SODQDWLRQVDUHRIFRXUVHVSHFXODWLYHDQGWKHUHLVQRUHDVRQWRVXJJHVW DQ\RQHRIWKHPLVFRUUHFW6LQFHDWWLWXGHVGRKDYHHIIHFWVRQODWHUHGXFDWLRQDORXWFRPHV
WKHGHFOLQHLVFDXVHIRUVRPHFRQFHUQ
7KLV VWXG\ FRQILUPV WKDW EHWZHHQVFKRRO GLIIHUHQFHV LQ DWWLWXGHV WR VFKRRO DUH VPDOO
'LIIHUHQFHVLQ VWXGHQWVDWWLWXGHV WR VFKRRO ZLWKLQ VFKRROV DUH FRQVLGHUDEO\ ODUJHU WKDQ
GLIIHUHQFHV EHWZHHQ VFKRROV 7KLV UHVXOW VXJJHVWV WKDW LQGLYLGXDO VFKRRO IDFWRUV
WKHPVHOYHVGRQRWKDYHDQDSSUHFLDEOHHIIHFWRQVWXGHQWVDWWLWXGHVWRWKHLUVFKRROVDQG
2WKHUILQGLQJVIURPWKHOLWHUDWXUHDUHDOVRFRQILUPHGE\WKLVVWXG\7KHVHLQFOXGHVPDOO
JHQGHU GLIIHUHQFHV WKH ZHDN UHODWLRQVKLS ZLWK SDUHQWDO RFFXSDWLRQDO VWDWXV DQG WKH
VOLJKWO\ KLJKHU VDWLVIDFWLRQ OHYHOV UHSRUWHG IURP FKLOGUHQ RI QRQ(QJOLVK VSHDNLQJ EDFNJURXQGV 7KH ODFN RI D VLJQLILFDQW GLIIHUHQFH IRU $ERULJLQDO DQG 7RUUHV 6WUDLW
,VODQGHUVWXGHQWVRQWKH*HQHUDO6DWLVIDFWLRQ
DQG7HDFKHUVFDOHVLVVXUSULVLQJ+RZHYHU
,QGLJHQRXVVWXGHQWVDUHOHVVVDWLVILHGZLWKWKHLUDFKLHYHPHQWDWVFKRRO )LQDOO\WKHILQGLQJVLQGLFDWHWKDWDWWLWXGHVWRVFKRROGRPDNHDGLIIHUHQFHWRVXEMHFWLYH
HYDOXDWLRQVRI\HDUDFKLHYHPHQWDQGOHDYLQJVFKRRO7KHVHHIIHFWVDUHQRWODUJHEXWGR PDNHDGLIIHUHQFHDQGDUHQRWVXEVXPHGE\JHQHUDODELOLW\7KHUHIRUHDQLPSURYHGVFKRRO
HQYLURQPHQWLVOLNHO\WRKDYHSRVLWLYHHIIHFWVRQVFKRRODFKLHYHPHQW$VWXGHQWVDWWLWXGH
WRWKHLUDFKLHYHPHQWDWVFKRROKDVDPRGHUDWHHIIHFWRQWKHSUREDELOLW\RIOHDYLQJVFKRRO HDUO\$JDLQWKLVHIIHFWLVLQGHSHQGHQWRISULRU\HDU_DFKLHYHPHQW7KLVVXJJHVWVWKDW
WKHUHDUHFDVHVZKHUHDVWXGHQWVGHFLVLRQWROHDYHVFKRROHDUO\LVEDVHGWRVRPHH[WHQWRQ VXEMHFWLYHMXGJHPHQWRIWKHLUVFKRRODFKLHYHPHQW
$WWLWXGHVWR6FKRRO/LIH
REFERENCES
$LQOH\ - _
,QWHUQDWLRQDO &RQJUHVV IRU 6FKRRO (IIHFWLYHQHVV DQG ,PSURYHPHQW
SS
1RUUNRSLQJ6ZHGHQ
$LQOH\-_8QLFRUQ_SS
$LQOH\ - %DWWHQ 0 DQG 0LOOHU + _ 6WD\LQJ DW 6FKRRO LQ 9LFWRULD $&(5
5HVHDUFK 0RQRJUDSK 1R 0HOERXUQH $XVWUDOLDQ &RXQFLO IRU (GXFDWLRQDO
5HVHDUFK
$LQOH\-DQG%RXUNH6_5HVHDUFK3DSHUVLQ
(GXFDWLRQ_SS
5HVHDUFK
$LQOH\ - DQG 6KHUHW 0 _ 3URJUHVV WKURXJK +LJK 6FKRRO $ 6WXG\ RI 6HQLRU 6HFRQGDU\6FKRROLQJLQ1HZ6RXWK:DOHV$&(5 5HVHDUFK 0RQRJUDSK 1R
0HOERXUQH$&(5 %DWWHQ0_<HDU6WXGHQWV$&(5+DZWKRUQ
(SVWHLQ-/DQG0F3DUWODQG-0_7KH&RQFHSWDQG0HDVXUHPHQWRIWKH4XDOLW\
RI6FKRRO/LIH$PHULFDQ(GXFDWLRQDO5HVHDUFK-RXUQDOSS
,VKHUZRRG*%DQG+DPPDK&._ VFKRROOLIHLQ&DQDGLDQKLJKVFKRROV7KH4XDOLW\RI
6FKRRO/LIHSS0DVVDFKXVHWWHV/H[LQJWRQ%RRNV
0RN0DQG)O\QQ0_
+6&DPXOWLOHYHODQDO\VLV$XVWUDOLDQ-RXUQDORI(GXFDWLRQSS
0RN0&DQG0F'RQDOG53_
H[SHULHQFHRIVFKRROFOLPDWH(GXFDWLRQDODQG3V\FKRORJLFDO0HDVXUHPHQW
SS
:LOOLDPV 7 DQG %DWWHQ 0 _ 7KH 4XDOLW\ RI 6FKRRO /LIH $&(5 5HVHDUFK
0RQRJUDSK1R0HOERXUQH$&(5
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
$WWLWXGHVWR6FKRRO/LIH
Data
7KHGDWDXVHGLQWKLVUHSRUWZDVGHULYHGIURPWKH<HDUVDPSOHRI/RQJLWXGLQDO
6XUYH\VRI$XVWUDOLDQ<RXWK/6$<_SURMHFW7KLV LVDUHVHDUFKSURMHFWFRQGXFWHGE\WKH
$XVWUDOLDQ&RXQFLOIRU(GXFDWLRQDO5HVHDUFK$&(5_ ZKLFK LQYHVWLJDWHV WKH FKDQJLQJ HGXFDWLRQDO DQG ODERXU IRUFH SDUWLFLSDWLRQ RI GLIIHUHQW DJH JURXSV RI \RXQJ SHRSOH ,Q DQ LQLWLDO QDWLRQDO VDPSOH RI RYHU \HDU VWXGHQWV ZDV HVWDEOLVKHG 7KH
VWXGHQWV ZHUH VXUYH\HG LQ WKHLU VFKRROV ZKHUH WKH\ FRPSOHWHG D TXHVWLRQQDLUH DERXW
WKHPVHOYHVDQGWKHLUIDPLOLHVDQGXQGHUWRRNUHDGLQJFRPSUHKHQVLRQDQGQXPHUDF\WHVWV
Measures
7KHTXHVWLRQQDLUHFRQWDLQHGDVHFWLRQDERXWVWXGHQWVDWWLWXGHVWRVFKRRO6WXGHQWVZHUH
DVNHGDERXWDUDQJHRILWHPV-VFKRROLQJHQHUDOKRZWKH\JRWRQZLWKWKHLUWHDFKHUVDQG
KRZ WKH\ IHOW DERXW VFKRRO ZRUN DQG WKHLU DFKLHYHPHQWV DW VFKRRO 7KH LWHPV ZHUH
SUHIDFHG E\ WKH ZRUGV 0\ VFKRRO LV D SODFH ZKHUH DQG VWXGHQWV ZHUH DVNHG WR
LQGLFDWHZKHWKHUWKH\VWURQJO\DJUHHGDJUHHGGLVDJUHHGRUVWURQJO\GLVDJUHHGZLWKHDFK RQH 7KH LWHPV XVHG WR DVFHUWDLQ VWXGHQWV RSLQLRQV DERXW WKHLU VFKRRO DQG WKH FRPELQHGSHUFHQWDJHVRIVWXGHQWVZKRVWURQJO\DJUHHGRUDJUHHGZLWKHDFKRIWKHLWHPV
DUHVKRZQLQ7DEOH
0RVW RI WKH LWHPV EXW QRW DOO ZHUH GUDZQ IURP WKH LQLWLDO 4XDOLW\ RI 6FKRRO /LIH
4XHVWLRQQDLUH $OORIWKHLWHPV XVHG LQ ZHUH SRVLWLYHO\ ZRUGHG VR WKDW D KLJKHU
SHUFHQWDJHRIVWXGHQWVDJUHHLQJLQGLFDWHGDKLJKHUOHYHORIVDWLVIDFWLRQZLWKVFKRRO7KH VFDOHV FRUUHVSRQG WR PHDVXUHV XVHG LQ HDUOLHU $&(5 VWXGLHV DQG WKH ZRUN RI 0RN )O\QQ 7KHUH LV D JHQHUDO VDWLVIDFWLRQ VFDOH RU LQGH[ *HQHUDO 6DWLVIDFWLRQ_ D PHDVXUH
FRPSULVLQJLWHPVRQUHODWLRQVKLSVZLWKWHDFKHUV7HDFKHUV_DVFDOHFRPSULVLQJLWHPVWKDW
IRFXVRQWKHUHOHYDQFHRIVFKRROZRUNWRIXWXUHOLIH2SSRUWXQLW\_DQGDVFDOHRILWHPV
DERXWWKHVWXGHQWVDFKLHYHPHQWDWVFKRRO $FKLHYHPHQW
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
<RXWK LQ 7UDQVLWLRQ VWXG\ DQG WKH $XVWUDOLDQ <RXWK 6XUYH\_ )RU WKHVH DQDO\VHV WKHVH PHDVXUHVZHUHFHQWHUHGDERXWWKHLUPHDQV
7KH VHFRQG _ ZDYH RI WKH <HDU /6$< VDPSOH ZKHQ PRVW ZHUH LQ \HDU _
LQFOXGHGTXHVWLRQVRQVHOISHUFHLYHGDFKLHYHPHQW7KLVTXHVWLRQDVNHGKRZZHOOVWXGHQWV ZHUHGRLQJLQHDFKRIWKHLUVXEMHFWDUHDVFRPSDUHGWRRWKHUVWXGHQWVLQWKHLU\HDUOHYHO 6WXGHQWVFRXOGFKRRVH9HU\:HOO%HWWHUWKDQ$YHUDJH$ERXW$YHUDJH1RWYHU\ :HOO 9HU\ 3RRUO\ DQG 1RW 'RLQJ DQ\ VXEMHFW LQ WKLV DUHD 7KHUH ZDV D GHJUHH RI
VNHZQHVVLQUHVSRQVHVWRWKHVHLWHPVZLWKVPDOOHUSURSRUWLRQVRIVWXGHQWVLQGLFDWLQJWKH\
ZHUH SHUIRUPLQJ OHVV ZHOO WKDQ DYHUDJH 7KUHH PHDVXUHV ZHUH FRQVWUXFWHG 7KH ILUVW PHDVXUH ZDV EDVHG RQ WKH VWXGHQWV VHOIUDWHG DFKLHYHPHQW LQ (QJOLVK WKH VHFRQG IRU PDWKHPDWLFVDQGWKHWKLUGFRPELQHGWKHLUVHOIUDWHGDFKLHYHPHQWIRUDOOVXEMHFWV7KHVH
PHDVXUHVZHUHDGMXVWHGVRWKDWWKH\UDQJHGIURPWR3HUFHLYHGDFKLHYHPHQWZDV
/RQJLWXGLQDO6XUYH\VRI$XVWUDOLDQ<RXWK5HVHDUFK5HSRUW1R
XVHGVLQFHREMHFWLYHDFKLHYHPHQWIRU\HDUZDVQRWDYDLODEOH7KHFRUUHODWLRQVEHWZHHQ
SHUFHLYHGDFKLHYHPHQWDQGREMHFWLYHO\PHDVXUHGDFKLHYHPHQWDUHPRGHUDWH$LQOH\DQG
6KHUHW_UHSRUWFRUUHODWLRQVIRU1HZ6RXWK:DOHV\HDUVWXGHQWVRIIRU
VHOIUDWHG DQG DFWXDO DFKLHYHPHQW LQ PDWKHPDWLFV DQG IRU (QJOLVK $OWKRXJK
REMHFWLYHDFKLHYHPHQWPHDVXUHVZRXOGEHSUHIHUDEOHWKHUHDOLW\LVWKDWVXFKPHDVXUHVIRU
\HDUZRXOGUHTXLUHVHSDUDWHDQDO\VHVIRUHDFK6WDWH
7KH VXUYH\ REWDLQHG GDWD RQ WKH VWXGHQWV JHQGHU WKH RFFXSDWLRQV DQG KLJKHVW HGXFDWLRQ OHYHOV RI WKHLU SDUHQWV WKH ODQJXDJH WKH\ VSRNH DW KRPH DQG ZKHWKHU WKH VWXGHQWZDVDQ$ERULJLQDORUD7RUUHV6WUDLW,VODQGHU)URPUHVSRQVHVWRWKHVHTXHVWLRQV DSSURSULDWH PHDVXUHV ZHUH FRQVWUXFWHG *HQGHU ODQJXDJH DW KRPH DQG $ERULJLQDO RU 7RUUHV6WUDLWEDFNJURXQGZHUHPHDVXUHGDVGLFKRWRPRXVYDULDEOHV7KH$18VFDOHRI
RFFXSDWLRQDOVWDWXVZDVFRQVWUXFWHGIURPWKHGDWDRQSDUHQWVRFFXSDWLRQVXVLQJIDWKHUV
$WWLWXGHVWR6FKRRO/LIH
56TXDUH
6HOI3HUFHLYHG$ELOLW\LQ
(QJOLVK 0DWKV
$OO6XEMHFWV
$WWLWXGHVWR
0R G H O
*HQHUDO6DWLVIDFWLRQ
5HDGLQJ&RPSUHKHQVLRQ
1XPHUDF\ &RPELQHG
'HPRJUDSKLF6RFLDO%JURXQG
0DOH
3DUHQWDO2FFXSDWLRQDO6WDWXV
3DUHQWV(GXFDWLRQ
1RW(QJOLVK
$ERULJLQDO7RUUHV6W
6FKRRO6HFWRU5()*RY_
,QGHSHQGHQW6FKRRO &DWKROLF6FKRRO 6WDWH7HUULWRU\5HI16:_
6FKRRO6(6
6FKRRO$FKLHYHPHQW<HDU_
*HQHUDO6DWLVIDFWLRQ $FKLHYHPHQW$WWLWXGHV
$OO6XEMHFWV
0RGHO
333