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Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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 XIKWHRUKPK XPDRD JDND[UKD EANNHLH AG BXUKIHUU IDJH NDJ CAC \DK -=67=56+ VRHJ CXJDR D!N WKOD[D VDIKECDR -=67=75+ RHUHDREM PAVKE PMH @HPHRJKIDIPU AG @KWK@HI@ VD[AXP AG PMH PAV 266 JDND[UKDI VXBNKE*NKUPH@ EAJVDIKHU
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7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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XIKWHRUKPK XPDRD JDND[UKD

EANNHLH AG BXUKIHUU

IDJH

NDJ CAC \DK -=67=56+

VRHJ CXJDR D!N WKOD[D VDIKECDR -=67=75+

RHUHDREM PAVKEPMH @HPHRJKIDIPU AG @KWK@HI@ VD[AXP AG PMH

PAV 266 JDND[UKDI VXBNKE*NKUPH@ EAJVDIKHU

7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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  2

XIKWHRUKPK XPDRD JDND[UKD

EANNHLH AG BXUKIHUU

RHUHDREM RHVARP 

DED@HJKE [HDR 2646 * 2644

IDJH

NDJ CAC \DK

VRHJ CXJDR D!N WKOD[D VDIKECDR

RHUHDREM PAVKE

PMH @HPHRJKIDIPU AG @KWK@HI@ VD[AXP AGPMH PAV 266 JDND[UKDI VXBNKE*NKUPH@

EAJVDIKHU

UXVHRWKUAR ? RAMDGK_ UDBDR

ODIXDR[ 2644

Pmku rhuhdrem rhvarp ku uxbjkpph` ki vdrpkdn gxngknjhip ag pmh rhtxkrhjhipu gar pmh

BVJL 76<5)

FXikwhrukpk Xpdrd Jdnd{ukd. 2644 dnn rklmpu rhuhrwh`) Ia vdrp ag pmku vxbnkedpkai

jd{ bh rhvra`xeh` |kpmaxp pmh |rkpphi vhrjkuukai ag pmh eav{rklmp a|ihr)

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  5

DECIA\NH@LHJHIPU

\h |axn` nkch pa pdch pmku avvarpxikp{ pa h}vrhuu axr ukiehrh lrdpkpx`h pa axr

uxvhrwkuar. @r Ramdgkz Bkipk Udbdr) Mhr d`wkeh. lxk`dieh di` hieaxrdlhjhip

pmraxlmaxp pmh eaxruh ag pmku vraohep drh whr{ jxem dvvrhekdph`) \h |axn` nkch pa

pmdic mhr gar mhr lxk`dieh ki Rhuhdrem Jhpma`anal{)

\h h}phi` axr dvvrhekdpkai di` pmdicu {ax pa Ju \k U|hh Vkil ag Kiphrdepkwh @dpd

U{uphju -J+ U`i Bm` di` mhr gkrj. gar mdwkil vrawk`h` xu pmh gkidiekdn `dpd rhtxkrh`

pa edrr{ axp pmku rhuhdrem vraohep)

\h |axn` dnua nkch pa pmdic axr vdrhipu. eaxruhjdphu di` grkhi`u gar pmhkr uxvvarp.

d`wkeh di` hieaxrdlhjhip

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  0

@HENDRDPKAI

\h mhrhb{ `hendrh pmdp?

4+  Pmku BVJI76<5 Rhuhdrem Jhpma`u ku pmh hi` rhuxnp ag axr a|i |arc di` pmdp

`xh decia|nh`lhjhip mdu bhhi lkwhi ai pmh rhghrhiehu pa DNN uaxrehu ag 

kigarjdpkai bh pmh{ vrkiph`. hnhepraike. ar vhruaidn)

2+  Ia varpkai ag pmku rhuhdrem vraohep mdu bhhi uxbjkpph` ki uxvvarp ag di{

dvvnkedpkai gar di{ apmhr `hlrhhu ar txdnkgkedpkaiu ag pmku ar di{ apmhr

xikwhrukpkhu. ar apmhr kiupkpxpkaiu ag nhdrikil)

5+ Pmh |ar` eaxip ag pmku rhuhdrem rhvarp ku ;.86;)

Idjh ag upx`hip?

Ndj Cac \dk

Vrhj Cxjdr D!N Wkod{d

Vdikecdr

Upx`hip K@?

=67=56

=67=75

Uklidpxrh

@dph? 4= Odi 2644

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  8

DBUPRDEP

Pmku upx`{ dpphjvpu pa kiwhupkldph |mdp drh pmh gdeparu pmdp kignxhieh `kwk`hi` vd{axp

rdpka ag pmh pav 266 Jdnd{ukdi vxbnke*nkuph` eajvdikhu) Pmh upx`{ jhduxrhu pmh

rhndpkaiumkv bhp|hhi pmhuh gdeparu di` `kwk`hi` vd{axp rdpka. di` kg pmhrh ku d

uklikgkedip rhndpkaiumkv bhp|hhi pmhuh gdeparu di` `kwk`hi` vd{axp rdpka ki `kgghrhip

ki`xuprkhu) Uk} ixnn m{vapmhuhu |hrh `hwhnavh` di` phuph` ai pmh awhrdnn udjvnh di`

b{ ki`xuprkhu)

Pmh gki`kilu uxllhuph` pmdp pmh upx`{ ku xidbnh pa `hwhnav d laa` ja`hn |mkem edi

vrh`kep pmh `kwk`hi` vd{axp rdpka ag pmh pav 266 Jdnd{ukdi vxbnke*nkuph` eajvdikhu)

Pmku jd{ bh `xh pa uajh nkjkpdpkaiu ki pmh exrrhip upx`{) Pmh abohepkwh ag pmh upx`{ pa

gki` axp pmh `hphrjkidipu ag `kwk`hi` vd{axp rdpka rhjdkiu kieaienxukwh) Du kp ku.

earvardph `kwk`hi` vanke{ ku vxzznkil -Bndec. 4;<7+) Ma|hwhr. uajh gki`kilu rhwhdnh`

pmdp axp ag pmh uk} ki`hvhi`hip wdrkdbnhu xuh`. gaxr uma|h` uklikgkedip rhndpkaiumkv

|kpm `kwk`hi` vd{axp rdpka di` ki pmh `krhepkai ag uklikgkedieh |mkem drh eaiukuphip

|kpm pmh gki`kilu ag vdup nkphrdpxrhu) Pmh{ drh ukzh. vragkpdbknkp{. edum gna| di` `hbp

rdpka ag gkrju)

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  7

4 KIPRA@XEPKAI 

4)4 Bdeclraxi`

D `kwk`hi` ku jaih{ pmdp ku vdk` axp ag d eajvdi{‛u vragkp pa man`hru ag upaec)

@kwk`hi` vanke{ `huerkbhu ma| d eajvdi{ |knn `hek`h |mhpmhr ar iap pa vd{

`kwk`hi`u) @kwk`hi`u edi bh vdk` axp ki edum ar jarh upaec pa pmh upaecman`hru

-Jarlhiuai di` Mdrwh{. 2662+)

@kwk`hi` vanke{ kiwanwhu `hphrjkikil ma| jxem hdrikilu pa bh rhpdkih` pa

gkidieh kiwhupjhipu ai aih mdi` di` ma| jxem pa vd{ axp edum `kwk`hi`u ai pmh

apmhr) Pmh djaxip ag `kwk`hi`u vdk` rhndpkwh pa pmh eajvdi{‛u hdrikilu ku cia|i du

pmh `kwk`hi` vd{axp rdpka) Uajh vxbnke*nkuph` eajvdikhu -VNEu+ jdch cia|i pmhkr

`kwk`hi` vanke{ pa pmhkr umdrhman`hru) Gar h}djvnh. Bxrud Jdnd{ukd Bhrmd` diiaxiehu

kpu `kwk`hi` vanke{ ki kpu |hbukph |mkem updphu?

\h h}vhep pa `hendrh di` vd{ diixdn `kwk`hi`u ag iap nhuu pmdi

uhwhip{ gkwh vhr ehip ag axr Vragkp Dgphr Pd} -VDP+ dgphr Jkiarkp{

Kiphrhup -JK+ ki rhuvhep ag di{ {hdr) Ma|hwhr. ki eaiuk`hrkil pmh

nhwhn ag `kwk`hi` vd{jhipu. |h pdch kipa deeaxip wdrkaxu gdeparu

kienx`kil?

k+  pmh nhwhn ag axr dwdkndbnh edum di` edum htxkwdnhipu3

kk+ rhpxri ai htxkp{ di` rhpdkih` hdrikilu3 di` 

kkk+  axr vraoheph` nhwhnu ag edvkpdn h}vhi`kpxrh di` apmhrkiwhupjhip vndiu)

- Bxrud Jdnd{ukd Bhrmd`? @kwk`hi` Vanke{ ' Vd{jhip) -i)`)+) Rhprkhwh` Jdrem =.

266;. graj mppv?!!bxrud)nkuph`eajvdi{)eaj!`kwk`hi`Qvanke{)mpjn+

Jdi{ rhuhdremhru mdwh `hwkuh` pmharkhu di` vrawk`h` hjvkrkedn hwk`hieh

rhldr`kil pmh `hphrjkidipu ag d gkrj‛u `kwk`hi` vd{axp vanke{) Xigarpxidphn{. pmh

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  <

pmhar{ ai `kwk`hi` ku rhvnhph |kpm eaiprawhrukhu) Pmh `kwk`hi` vanke{ kuuxhu rhjdki

xirhuanwh` -Bndec. 4;<73 Bhriuphki. 4;;73 Dkwdzkdi di` Baapm. 2665+) Pmh gdeparu

pmdp kignxhieh `hekukaiu di` pmh jdiihr ki |mkem pmhuh gdeparu kiphrdep drh iap gxnn{

eajvrhmhiukbnh) Vdup rhuhdremhru -Bdchr hp dn). 26643 Gdjd di` Grhiem. 26643 Driapp

di` Duihuu. 26653 di` L|kn{j hp dn). 2667+ md` gaexuh` jdkin{ ai eajvdikhu nkuph`

ki jdrchpu ag `hwhnavh` idpkaiu uxem du Xikph` Updphu ag Djhrked -XUD+ di` Hxravh)

Pmhrhgarh. pmh eaienxukaiu rhdemh` jd{ iap bh dvvnkedbnh ki eaxiprkhu |kpm `kgghrhip

earvardph exnpxrhu di` heaiajke grdjh|arc uxem du Jdnd{ukd)

Ki pmku upx`{. pmh rhuhdremhr dpphjvpu pa h}djkih pmh rhndpkaiumkv bhp|hhi pmh

wdrkaxu uhnheph` `hphrjkidipu di` `kwk`hi` vd{axp ag ndrlh vxbnke*nkuph` eajvdikhu ki

pmh uhjk*`hwhnavh` jdrchp ag Jdnd{ukd) Dn*P|dkor{ -266<+ ki mku upx`{ ai `kwk`hi`

vanke{ di` vd{axp rdpka ag VNEu ki Jdnd{ukd eawhrkil gkwh {hdru graj 2664 pa 2668.

gaxi` pmdp gkrj ukzh mdu d uklikgkedip hgghep ai `kwk`hi` vd{axp) Gar pmku rhduai. d

udjvnh ag pmh pav 266 eajvdikhu ki phrju ag jdrchp edvkpdnkudpkai ai 54 @hehjbhr

2668 |knn bh uhnheph` pa h}djkih pmhkr bhmdwkaxr ai `kwk`hi` `kuprkbxpkai awhr d

pmrhh*{hdr vhrka` graj 2668 pa 266<) Pmhuh eajvdikhu drh ndrlh ki ukzh p{vkednn{.

bduh` ai pmhkr papdn duuhpu)

4)2  Vrabnhj Updphjhip

Pmhrh ku d lrhdp `hdn ag hwk`hieh ki pmh gkidieh nkphrdpxrh ai pmh ranh ag 

`kwk`hi`u ki earvardph vanke{. vrkjdrkn{ eaiehrih` |kpm vrawk`kil h}vndidpkai ai |m{

gkrju depxdnn{ vd{ `kwk`hi`u) Ma|hwhr. pknn pa`d{ pmh ranh ag `kwk`hi`u ki earvardph

vanke{ rhjdkiu di xiuhppnh` kuuxh)

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  =

Vdup rhuhdremhru -Bhriuphki. 4;;73 Dkwdzkdi di` Baapm. 26653 di` Braac hp dn).

4;;=+ gaxi` pmdp `kwk`hi` vanke{ rhjdkiu eaiprawhrukdn di` kiwanwh` ox`lhjhip b{

`hekukai jdchru) Pmhrh ku ia rhduai pa bhnkhwh pmdp earvardph `kwk`hi` vanke{ ku `rkwhi

b{ d ukilnh ladn) Bndec -4;<7+. ki mku upx`{ eaienx`h` pmdp kp |du xidbnh pa uma| pmdp

`kwk`hi`u jdpphr. pmaxlm pmh upx`{ |du dnua iap |knnkil pa duuhrp pmdp `kwk`hi`u

`hgkikphn{ `a iap jdpphr) Pmh hgghepkwhihuu ag `kwk`hi` vanke{ ku upknn rhldr`h` du

vxzznkil)

Ki d upx`{ b{ Dn*P|dkor{ -266<+ ai `kwk`hi` vanke{ di` vd{axp rdpka ag VNEu

ki Jdnd{ukd. uhwhrdn gdeparu uxem du ihp Hdrikilu vhr umdrh -HVU+. edum dwdkndbnh vhr

umdrh. baac wdnxh ag pmh umdrh. eajvdi{ ukzh. eajvdi{ dlh. vdup `kwk`hi`u. di` vdup

di` gxpxrh hdrikilu di` pmhkr rhndpkaiumkvu |kpm `kwk`hi` vd{axp |hrh h}djkih`)

Earrhndpkai di` jhdi eajvdrkuai didn{uhu |hrh hjvna{h` pa h}djkih pmh vauukbnh 

hgghep ag pmhuh gdeparu) Pmku upx`{ `k` iap xuh uhnheph` `hphrjkidipu uxem du gkidiekdn

rdpkau. gar h}djvnh. di` `k` iap h}djkih ma| pmhuh gdeparu |arc palhpmhr di` kiphr*

rhndph |kpm hdem apmhr dp pmh udjh pkjh ki `hphrjkikil pmh `kwk`hi` vd{axp ag pmh

gkrju)

Ki d upx`{ eai`xeph` b{ Vdvd`avaxnau di` Emdrdndjbk`ku -266<+ ai pmh

`hphrjkidipu ag `kwk`hi` vd{axp vanke{ ag eajvdikhu nkuph` ai pmh Dpmhiu Upaec 

H}emdilh. `hphrjkidipu uxem du gkrj ukzh. edvkpdn uprxepxrh. gkidiekdn nhwhrdlh.

vragkpdbknkp{. nktxk`kp{ di` edum gna|. |hrh xuh` pa h}djkih ma| pmh{ palhpmhr

vauukbn{ kignxhieh `kwk`hi` vd{axp ag pmh gkrju) D jxnpkvnh rhlrhuukai didn{uku |du

xuh` ki pmku upx`{ pa `hrkwh pmh rhlrhuukai htxdpkai di` pa jdch eaienxukaiu dbaxp pmh

rhndpkaiumkv bhp|hhi pmh `hvhi`hip di` pmh ki`hvhi`hip wdrkdbnhu) Ki pmku upx`{. kp

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  ;

|du gaxi` pmdp edum gna| |du vaukpkwhn{ rhndph` pa `kwk`hi` vd{axp di` dvvhdru pa bh

pmh jaup kjvarpdip `hphrjkidip ag `kwk`hi` vd{axp) Ukzh ag gkrj di` vragkpdbknkp{ |hrh

dnua vaukpkwhn{ rhndph` pa `kwk`hi` vd{axp) Ma|hwhr. edvkpdn uprxepxrh -pmdp ku. papdn

nkdbknkpkhu!papdn duuhpu du `hgkih` ki pmku upx`{+ mdu d vaukpkwh rhndpkaiumkv |kpm `kwk`hi`

vd{axp) Pmku ku kieaiukuphip |kpm gki`kilu b{ Jknnhr di` Ja`klnkdik. 4;74) Gkidnn{.

nktxk`kp{ hiphru ia ja`hn di` pmku eaiprd`keph` |kpm pmh gki`kilu graj apmhr upx`khu

-Wdi Marih di` Je@aidn`. 4;<4+) Pmh rhuxnpu abpdkih` graj pmh ja`hn ki pmku upx`{

|du iap udpkugdepar{ du pmh ja`hn mdu d na| R*utxdrh wdnxh) Pmxu. kp uhhju pmdp pmh

ki`hvhi`hip wdrkdbnhu xuh` ediiap h}vndki. pa d lrhdp `hlrhh. `kwk`hi` vd{axp)

D ukjkndr dvvradem |du xuh` b{ Djk`x di` Dbar -2667+ ki pmhkr upx`{

ai `hphrjkidipu ag `kwk`hi` vd{axp rdpka ki Lmdid bduh` ai pmh ja`hn xuh` b{

@‛Uaxzd -4;;;+) Ma|hwhr. `kgghrhip di` jarh `hphrjkidipu |hrh xuh` pa h}vndki pmh

rhndpkaiumkvu bhp|hhi pmh `hvhi`hip di` pmh ki`hvhi`hip wdrkdbnhu di` pmh rhuxnpu

|hrh eajvdrh` |kpm vrh`keph` rhndpkaiumkvu) Pmh ki`hvhi`hip wdrkdbnhu xuh` |hrh

vragkpdbknkp{. rkuc -wdrkdbknkp{ ki vragkp+. edum gna|. earvardph pd}. kiupkpxpkaidn man`kilu.

udnhu lra|pm di` jdrchp*pa*baac wdnxh) Du h}vheph`. vragkpdbknkp{ di` edum gna|

ki`kedph d vaukpkwh rhndpkaiumkv |kpm `kwk`hi` vd{axp) Pmh rhuxnpu uma| pmdp rkuc.

kiupkpxpkaidn umdrhman`kil. lra|pm ki udnhu di` jdrchp*pa*baac wdnxh mdwh ihldpkwh

rhndpkaiumkv |kpm `kwk`hi` vd{axp) Du gar earvardph pd}. pmh rhuxnpu uma| pmdp ku mdu d

vaukpkwh rhndpkaiumkv |kpm `kwk`hi` vd{axp di` pmku ku xixuxdn du kp eaiprd`kepu h}kupkil

nkphrdpxrh -Jduxnku di` Prxhjdi. 4;==+) Pmh R*utxdrh wdnxh abpdkih` gar pmku ja`hn

|du 6);220 di` kp uxllhupu pmdp pmku ja`hn ku d rhduaidbn{ laa` vrh`kepar ag pmh

`hvhi`hip wdrkdbnh)

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Graj pmh rhwkh| ag vdup upx`khu. pmhrh `ahu iap dvvhdr pa bh d

eaienxukwh ja`hn pa h}vndki pmh gdeparu pmdp dgghep `kwk`hi` vd{axp) Pmh gki`kilu b{

Vdvd`avanaxu di` Emdrdndjbk`ku -266<+ |du iap eaienxukwh du uajh rhuxnpu abpdkih`

|hrh iap dbnh pa h}vndki enhdrn{ pmh rhndpkaiumkv bhp|hhi pmh ki`hvhi`hip wdrkdbnhu

di` `kwk`hi` vd{axp) Pmxu. pmku exrrhip upx`{ kiphi`u pa d`avp d ja`hn xuh` b{

Vdvd`avanaxu di` Emdrdndjbk`ku -266<+ |kpm uajh ja`kgkedpkaiu pa pmh wdrkdbnhu di`

xuh gkidiekdn rdpkau pa gki` axp pmh rhndpkaiumkvu bhp|hhi pmh uhnheph` `hphrjkidipu di`

`kwk`hi` vd{axp ag VNEu ki Jdnd{ukd xukil jxnpkvnh nkihdr rhlrhuukai didn{uku) Pmku

upx`{ mavhu pa umh` uajh nklmp kg gkidiekdn rdpkau `a kignxhieh `kwk`hi` vd{axp ki d

`kgghrhip jdrchp ki Jdnd{ukd di` kg pmku ja`hn edi bh d laa` vrh`kepar ag pmh

`hvhi`hip wdrkdbnh. du pmh upx`{ b{ Vdvd`avanaxu hp dn) -266<+ |du kieaienxukwh di`

`k` iap {khn` udpkugdepar{ rhuxnpu)

4)5  Rhuhdrem Txhupkaiu

Pmku upx`{ dpphjvpu pa d``rhuu pmh ganna|kil rhuhdrem txhupkaiu?*

-4+  \mdp drh pmh gdeparu ar `hphrjkidipu pmdp kignxhieh `kwk`hi` vd{axp ki pmh

Jdnd{ukdi VNE1

-2+  Ku pmhrh d rhndpkaiumkv bhp|hhi pmh gdeparu ar `hphrjkidipu |kpm `kwk`hi`

vd{axp1

-5+  Ku pmhrh d rhndpkaiumkv bhp|hhi pmh gdeparu di` `kwk`hi` vd{axp |kpm

`kgghrhip ki`xuprkhu1

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  44

4)0  Abohepkwhu

Pmh abohepkwhu ag pmku upx`{ drh du ganna|u?*

-4+  Pa h}vnarh pmh gdeparu ar `hphrjkidipu pmdp kignxhieh `kwk`hi` vd{axp ag 

Jdnd{ukdi VNE)

-2+  Pa kiwhupkldph pmh rhndpkaiumkv bhp|hhi pmh gdeparu ar `hphrjkidipu |kpm

`kwk`hi` vd{axp)

-5+  Pa kiwhupkldph pmh rhndpkaiumkv bhp|hhi pmh gdeparu di` `kwk`hi` vd{axp

|kpm `kgghrhip ki`xuprkhu)

4)8  Uklikgkedieh Ag Pmh Upx`{

4)8)4 Cia|nh`lh

Pmku upx`{ |knn vrawk`h kiuklmpu pa axr xi`hrupdi`kil ag upaec `kwk`hi`

vmhiajhiai ki d `kgghrhip jdrchp |kpm `kgghrhip ghdpxrhu) Jdnd{ukd ku d gdup*lra|kil

jdrchp |mkem ku ki d updph bhp|hhi `hwhnavh` di` `hwhnavkil -Pmdiaai hp dn). 2668+)

Kp ku dnua uhppkil axp pa prdiugarj kpu heaiaj{ pmraxlm ki`xuprkdnkudpkai pa rhdnkuh kpu

Wkukai 2626 pa bheajh d gxnn{ `hwhnavh` eaxipr{ b{ pmh {hdr 2626) Jdnd{ukd‛u garj

ag heaiaj{ jklmp rhtxkrh d xiktxh di` `kgghrhip `kwk`hi` vanke{ graj pmauh xuh` ki

`hwhnavh` ar `hwhnavkil jdrchpu -Dn*P|dkor{. 266<+)

Pmku upx`{ dpphjvpu pa xuh d uhp ag gkidiekdn rdpkau |mkem h}vndkiu pmh gkidiekdn

vaukpkai di` vhrgarjdieh ag eajvdikhu di` xuh pmhj pa gki` axp kg pmh{ kignxhieh

`kwk`hi` vd{axp di` pmhkr rhndpkaiumkvu |kpm `kwk`hi` vd{axp) Rdpka didn{uku ku |k`hn{

xuh` b{ jdidlhjhip. exrrhip di` vrauvhepkwh kiwhuparu -umdrhman`hru. kiwhupjhip

gxi` jdidlhru. nhi`hru+. gkidiekdn jdrchp kiphrjh`kdrkhu uxem du didn{up. di` dx`kparu)

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Pmh rdpkau xuh` eawhr kjvarpdip duvhepu ag d bxukihuu. idjhn{. vragkpdbknkp{ di`

hggkekhie{. nktxk`kp{. di` ma| pmh gkrj ku gkidiekil kpu duuhpu) Kg pmh gki`kilu uma| pmdp

pmh rhndpkaiumkvu bhp|hhi pmh `hvhi`hip di` ki`hvhi`hip wdrkdbnhu drh uklikgkedip.

pmhi pmh ja`hn d`avph` edi bh xuh` pa duuhuu ar vrh`kep `kwk`hi` vd{axp ag VNEu ki

Jdnd{ukd)

4)8)2 Jdidlhrkdn vhruvhepkwh 

Deear`kil pa d upx`{ b{ Ohiuhi -4;=7+ bduh` ai pmh vrkiekvdn*dlhip

grdjh|arc. `kwk`hi`u drh xuh` b{ umdrhman`hru du d `hwkeh pa rh`xeh awhrkiwhupjhip

b{ jdidlhru) Pmh jdidlhru eaipran pmh gkrj di` pmhrhgarh. pmh{ jklmp kiwhup edum ki

vraohepu |kpm ihldpkwh ihp vrhuhip wdnxhu. bxp |mkem kierhduh pmh vhruaidn xpknkp{ ag pmh

jdidlhru ki uajh |d{) D `kwk`hi` rh`xehu pmku grhh edum gna| di` pmxu rh`xehu pmh

ueavh gar awhr*kiwhupjhip)

Ki diapmhr upx`{. Hduphrbraac -4;=0+ m{vapmhukzhu pmdp `kwk`hi`u drh xuh` pa

pdch d|d{ pmh grhh edum graj pmh eaipran ag pmh jdidlhru di` vd{ kp agg pa

umdrhman`hru) Pmku |knn `rkwh pmh jdidlhru pa dvvradem pmh edvkpdn jdrchp ki ar`hr pa

jhhp pmh gxi`kil ihh`u gar ih| vraohepu) Pmh ihh` pa dvvradem pmh edvkpdn jdrchp

kjvauhu d `kuekvnkih ai pmh jdidlhru. di` pmxu rh`xehu pmh eaup ag jaikparkil pmh

jdidlhru)

Gar jdpxrh eajvdikhu |kpm mklmn{ updbnh edum gna|u. vd{kil paa nkppnh

`kwk`hi`u eaxn` nhd` jdidlhru pa kiwhupkil h}ehuu edum gna| ki vraohepu ar

detxkukpkaiu |kpm kiuxggkekhip ihp vrhuhip wdnxhu) -Bdchr di` Va|hnn. 4;;<+) Ai pmh

apmhr mdi`. gar mklm lra|pm gkrju. vd{kil axp paa jxem ki edum `kwk`hi`u jd{ rh`xeh

pmh gkrj‛u gkidiekdn gnh}kbknkp{ di` kp ku gareh` pa vduu xv wdnxdbnh kiwhupjhip

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  45

avvarpxikpkhu pmdp drkuh) Bapm ukpxdpkaiu eaxn` ihldpkwhn{ dgghep d gkrj‛u wdnxh awhr 

pkjh) @huvkph jxem rhuhdrem kiphi`h` pa rhuanwh pmh `kwk`hi` vxzznh. `kwk`hi` vanke{

rhjdkiu aih ag pmh jaup ox`ljhipdn `hekukaiu pmdp d jdidlhr jxup jdch)

4)8)5 Kiwhuparu vhruvhepkwh 

Ki d upx`{ b{ @ail. Rabkiuai di` Whn` -2668+ ai pmh @xpem jdrchp ai |m{

ki`kwk`xdn kiwhuparu |dip `kwk`hi`u. kp |du gaxi` pmdp kiwhuparu mdwh d uprail

vrhghrhieh pa rhehkwh `kwk`hi`u) Kg pmh eajvdi{ ediiap vd{ edum `kwk`hi`u. pmh{

vrhghr pa rhehkwh upaec `kwk`hi`u eajvdrh` pa iap rhehkwkil `kwk`hi`u dp dnn) Pmku

uma|u pmh{ drh `hgkikphn{ iap ihxprdn pa|dr`u pmh `kwk`hi` vanke{)

Pmku upx`{ `ahu iap gki` jxem uxvvarp gar pmh xiehrpdki rhuanxpkai pmhar{ ag 

Lar`ai -4;74. 4;72+ -dnua cia|i du „bkr`*ki*pmh*mdi`‚ pmhar{+ di` pmdp kiwhuparu

vdrpn{ |dip `kwk`hi`u bhedxuh ag prdiudepkai eaupu) Pmh rhuxnpu drh kieaiukuphip |kpm

pmh dlhie{ pmharkhu ag Hduphrbraac -4;=0+ di` Ohiuhi -4;=7+) Ma|hwhr. pmhrh ku

uprail uxvvarp gar pmh uklidnnkil pmharkhu ag Bmdppdemdr{d -4;<;+. di` Jknnhr di` Raec 

-4;=8+)

4)7  Eaienxukai

Pmku emdvphr `huerkbh` `kwk`hi` vanke{ di` `kwk`hi` vd{axp di` pmh

ki`hvhi`hip wdrkdbnhu xuh` b{ vdup rhuhdremhru ki di dpphjvp pa gki` axp pmh gdeparu

pmdp kignxhieh `kwk`hi` vd{axp ki jdrchpu ki uhnheph` eaxiprkhu) Pmh rhuhdrem

txhupkaiu di` abohepkwhu ag pmku exrrhip upx`{ mdwh dnua bhhi axpnkih` mhrh) Bhuk`hu

pmku. pmh kjvarpdieh ag `kwk`hi` graj jdidlhrkdn vhruvhepkwh di` kiwhuparu

vhruvhepkwh mdwh bhhi ̀ kuexuuh` ki pmku emdvphr)

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  40

2  NKPHRDPXRH RHWKH\

2)4  Kipra`xepkai

Pmku emdvphr |knn `kuexuu pmh pmrhh nhd`kil pmharkhu ai `kwk`hi`. idjhn{. -4+

@kwk`hi` ku krrhnhwdip. -2+ Bkr`*ki*pmh*mdi` pmhar{ di` -5+ Pd} vrhghrhieh pmhar{ di`

apmhr h}phiukaiu graj pmhuh pmrhh jdki pmharkhu) Pmh{ kienx`h -4+ Rhuk`xdn `kwk`hi`

pmhar{. -2+ Pmh enkhiphnh hgghep. -5+ Pmh kigarjdpkai!uklidnnkil hgghep. -0+ Dlhie{

eaupu pmhar{ di` -8+ H}vhepdpkaiu pmhar{)

Vdup upx`khu ai `kwk`hi` vd{axp |mkem drh rhndph` pa pmku exrrhip upx`{ drh

rhwkh|h` pa bhpphr xi`hrupdi` `kwk`hi` vd{axp di` pmh gdeparu pmdp kignxhieh kp) Pmku ku

ganna|h` b{ pmh garjdpkai ag pmh rhuhdrem ja`hn di` m{vapmhuhu `hwhnavjhip gar pmku

exrrhip upx`{)

2)2  Pmhar{ 

Pmhrh ku jxem eaiprawhru{ uxrraxi`kil `kwk`hi` vanke{ di` jdi{ rhuhdremhu

mdwh bhhi edrrkh` axp pa xirdwhn pmku `kwk`hi` vxzznh gar d nail pkjh) Pmhrh drh jdi{

rhduaiu |m{ eajvdikhu umaxn` vd{ ar umaxn` iap vd{ `kwk`hi`u) [hp gklxrkil axp |m{

eajvdikhu vd{ `kwk`hi`u. ma| jxem pa vd{ di` |m{ kiwhuparu vd{ dpphipkai pa

`kwk`hi`u drh upknn vxzznkil -Bndec. 4;<73 Bhriuphki. 4;;73 di` Brhdnh{ di` J{hru.

2662+) Pmharhpkekdiu gki` pmhjuhnwhu `kwk`h` bhp|hhi pmauh |ma eaiphi` pmdp gkrju

umaxn` vd{ jarh `kwk`hi`u di` pmauh |ma drlxh gar gh|hr `kwk`hi`u. |mknh {hp apmhru

ud{ pmdp k̀wk`hi` ku krrhnhwdip) Pmh ih}p uhepkai |knn naac dp pmrhh nhd`kil pmharkhu

rhldr`kil ̀ kwk`hi` kuuxhu)

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  48

2)2)4  @kwk`hi` Ku Krrhnhwdip

Jknnhr di` Ja`klnkdik -4;74+ drlxh pmdp `kwk`hi` ku krrhnhwdip) Pmhkr upx`{

uma|h` pmdp ki d vhrghep edvkpdn jdrchp pmh `kwk`hi` vanke{ ag d gkrj `ahu iap dgghep kpu

wdnxh) Pmh gkrj‛u wdnxh ku `hphrjkih` ain{ b{ kpu bduke hdrikil va|hr di` kpu bxukihuu

rkuc) Pmh{ avkih` pmdp |mhi gkrj `ahu iap vd{ `kwk`hi` pmh kiwhupar |axn` bh

eajvhiudph` ki pmh garj ag umdrh vrkeh dvvrhekdpkai)

Pmku pmhar{ rhupu ai p|a vrheai`kpkaiu) Gkrup. kp ku duuxjh` pmdp kiwhupjhip di`

barra|kil `hekukaiu mdwh dnrhd`{ bhhi jd`h. di` pmdp pmhuh `hekukaiu |knn iap bh

dnphrh` b{ pmh djaxip ag di{ `kwk`hi` vd{jhipu) Uheai`. vhrghep edvkpdn jdrchpu drh

duuxjh` pa h}kup) „Vhrghep‚ edvkpdn jdrchpu drh edvkpdn jdrchpu |mhrh?*

-4+  kiwhuparu edi bx{ di` uhnn upaec |kpmaxp kiexrrkil di{ prdiudepkai eaupu.

uxem du brachrdlh eajjkuukaiu3

-2+  eajvdikhu edi kuuxh upaecu |kpmaxp di{ eaup ag `akil ua3

-5+  pmhrh drh ia earvardph ar vhruaidn pd}hu3

-0+  eajvnhph kigarjdpkai dbaxp pmh gkrj ku rhd`kn{ dwdkndbnh3

-8+  pmhrh drh ia eaignkepu ag kiphrhup bhp|hhi jdidlhjhip di` upaecman`hru3

-7+  gkidiekdn ̀ kuprhuu di` bdicerxvpe{ eaupu drh iai*h}kuphip)

-Cha|i. D)O). Jdrpki. O)@). Vhpp{. O)\). ' Ueapp. Or). @)G) -2668+) Gkidiekdn

jdidlhjhip? vrkiekvnhu di` dvvnkedpkaiu -46pm h`)+) Xvvhr Ud``nh Rkwhr. IO?

Vhdruai Vrhipkeh Mdnn)+

Pmh gkrup duuxjvpkai ku jd`h ua pmdp |h edi gki` axp pmh hgghep ag `kwk`hi`

`hekukaiu ai d updi`*dnaih bduku. |kpmaxp jk}kil ki apmhr `hekukaiu) Pmh uheai`

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  47

duuxjvpkai. pmdp ag vhrghep jdrchpu. dnua dnna|u xu pa upx`{ pmh hgghep ag `kwk`hi`

`hekukaiu ki kuandpkai) Lkwhi pmhuh duuxjvpkaiu. pmh hgghep ag d `kwk`hi` `hekukai ai

umdrh vrkeh jd{ bh updph` xihtxkwaednn{? Pmhrh ku ia rhndpkaiumkv bhp|hhi `kwk`hi` 

 vanke{ di` upaec wdnxh) 

Ki pmh dllrhldph. kiwhuparu drh eaiehrih` ain{ |kpm papdn rhpxriu graj

kiwhupjhip `hekukaiu) Pmh{ drh xikiphrhuph` |mhpmhr pmhuh rhpxriu eajh graj edvkpdn

ldkiu ar `kwk`hi` kieajh) Pmh{ dnua decia|nh`lh pmdp pmh `kwk`hi` `hekukai. lkwhi

pmh kiwhupjhip vanke{. ku rhdnn{ d emakeh ag gkidiekil uprdphl{) Pa gkidieh lra|pm. d

gkrj -4+ jd{ emauh pa kuuxh upaec. pmhrhb{ dnna|kil kiphridnn{ lhihrdph` gxi`u -vragkpu+

pa bh xuh` pa vd{ `kwk`hi`u3 ar -2+ jd{ xuh kiphridnn{ lhihrdph` gxi`u pa gkidieh kpu

lra|pm. pmhrhb{ vd{kil nhuu ki `kwk`hi`u. bxp iap mdwkil pa kuuxh upaec) Ki pmh gkrup

eduh. umdrhman`hru rhehkwh `kwk`hi` kieajh di` ki pmh uheai` eduh. pmh wdnxh ag pmhkr

upaec umaxn` kierhduh. vrawk`kil edvkpdn ldkiu) Pmh idpxrh ag pmh rhpxri ku pmh ain{

`kgghrhieh) Papdn rhpxriu umaxn` bh dbaxp pmh udjh)

Pmh gkrj‛u `kwk`hi` vd{axp eaxn` dgghep upaec vrkeh kg pmh umdrhman`hr mdu ia

apmhr |d{ pa rhehkwh kieajh graj pmh kiwhupjhip) Ma|hwhr. duuxjkil pmh edvkpdn

jdrchpu drh rhndpkwhn{ hggkekhip. d upaecman`hr |ma ihh`u exrrhip kieajh eaxn` dn|d{u

uhnn umdrhu) Kg pmh gkrj vd{u d `kwk`hi`. pmh kiwhupar eaxn` hnkjkidph di{ `kwk`hi`

rhehkwh`. ki |manh ar ki vdrp. b{ xukil pmh `kwk`hi` pa vxremduh upaec) Pmh kiwhupar

edi pmxu vhruaidnn{ erhdph di{ `hukrh` `kwk`hi` uprhdj. ia jdpphr |mdp `kwk`hi`

vanke{ ku ki hgghep)

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  4<

2)2)2  Bkr`*Ki*Pmh*Mdi` Pmhar{

Pmh bhnkhg pmdp d gkrj‛u `kwk`hi` vanke{ ku iap kjvarpdip dbuanxphn{ duuxjhu

pmdp di kiwhupar umaxn` xuh pmh udjh rhtxkrh` rdph ag rhpxri |mhpmhr kieajh ku

abpdkih` pmraxlm edvkpdn ldkiu ar pmraxlm k̀wk`hi`u) Ma|hwhr. `kwk`hi`u drh jarh

vrh`kepdbnh pmdi edvkpdn ldkiu) Jdidlhjhip edi eaipran `kwk`hi`u bxp kp ediiap `kepdph

pmh vrkeh ag pmh upaec) Kiwhuparu drh nhuu ehrpdki ag rhehkwkil kieajh graj edvkpdn ldkiu

pmdi graj  `kwk`hi`u) Kiwhuparu |axn` wdnxh d `anndr ag h}vheph` `kwk`hi`u jarh

mklmn{ pmdi d `anndr ag h}vheph` edvkpdn ldkiu) Pmku wkh|. |mkem ud{u `kwk`hi`u drh

jarh ehrpdki pmdi edvkpdn ldkiu. mdu bhhi ednnh` pmh „bkr`*ki*pmh*mdi`‚ `kwk`hi` pmhar{) 

Lar`ai -4;74. 4;72+ uxvvarpu pmku wkh| di` drlxhu pmdp umdrhman`hru vrhghr d

mklm `kwk`hi` vanke{) Pmku ku bhedxuh pmh{ vrhghr d `kwk`hi` pa`d{ pa d mklmn{

xiehrpdki edvkpdn ldki graj d txhupkaidbnh gxpxrh kiwhupjhip) Pmku pmhar{ uxllhupu pmdp

bhedxuh pmh `anndr ag `kwk`hi`u ku rhehkwh` pa`d{ kp umaxn` bh wdnxh` jarh mklmn{ pmdi

di xiehrpdki edvkpdn ldki pmdp jklmp bh rhehkwh` ki pmh gxpxrh) Pmh gxi`djhipdn

 vrhjkuh ag pmku vaukpkai ku pmdp pmh edum `kwk`hi` ki kiwhupar‛u mdi`. vndeh` pmhrh pa`d{

 b{ pmh gkrj‛u vd{axp vanke{ ku jarh ehrpdki di` nhuu rkuc{ pmdi d vauukbnh edvkpdn ldki)

2)2)5  Pd} Vrhghrhieh Pmhar{

Pmku pmhar{ vravauhu pmdp `kwk`hi`u depxdnn{ mxrp pmh kiwhupar) Pmku drlxjhip

mdu ndrlhn{ bhhi bduh` ai pmh `kgghrhieh ki pd} prhdpjhip gar `kwk`hi` kieajh di`

edvkpdn ldkiu |mkem emdilhu grhtxhipn{ ki uajh eaxiprkhu) Jaup kiwhuparu `a vd{

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  4=

kieajh pd}hu) Gar pmhuh pd}vd{hru. pmh abohepkwh ku pa jd}kjkuh pmh dgphr*pd} rhpxri ai

kiwhupjhip rhndpkwh pa pmh rkuc duuxjh`) Pmku abohepkwh ku rhdnkuh` b{ jkikjkukil pmh

hgghepkwh pd} rdph ai pmh kieajh di`. |mhihwhr vauukbnh. b{ `hghrrkil pmh vd{jhip ag 

pd}hu -Cha|i hp dn. 2668+)

Gar h}djvnh. ki pmh Xikph` Updphu `kwk`hi`u drh pd}h` jarh mklmn{ pmdi edvkpdn

ldkiu) Du pmh `kgghrhieh ku jdphrkdn kp vrawk`hu d uxbupdipkdn kiehipkwh gar kiwhuparu pa

vrhghr pa lhihrdph kieajh b{ uhnnkil uajh ag pmhkr umdrhu di` pa rhehkwh ia `kwk`hi`u)

Pmku ukpxdpkai edjh pa di hi` |mhi pmh pd} exp vdecdlh |du vduuh` ki Jd{ 2665)

Xi`hr pmh ih| nhlkundpkai. `kwk`hi`u di` edvkpdn ldkiu |knn bh pd}h` dp pmh udjh rdph

ag 48()

@hDilhna -2660+ vrawh` pmdp kiwhuparu‛ vrhghrhieh ar dwhrukai pa di{

`kwk`hi` vanke{ `hvhi`u ai pmh rhndpkaiumkvu djail pmrhh pd} rdphu. idjhn{. d+ pmdp ag 

earvardph kieajh. b+ pmdp ag `kwk`hi`u di` e+ pmdp ag kiwhuparu‛ vhruaidn kieajh) Gar 

h}djvnh. |mhi `kwk`hi` pd} rdph ku ujdnnhr pmdi edvkpdn ldkiu -vhruaidn kieajh+ pd}

rdph. kiwhuparu vrhghr `kwk`hi`u di` wkeh whrud) Gxrpmhrjarh. uajh gkrju garj pmhkr

`kwk`hi` vanke{ |kpm pmh dkj ag umhnphrkil a|ihru. jdkin{ pmh jdoar aihu. graj

vd{kil pd}hu -@h Oail. Wdi @koc di` Whn`. 2665+) Pmku lkwhu rkuh pa d rh`xepkai ki

`kwk`hi` vd{axp dgphr pd} rdphu kierhduh) 

Vdvd`avaxnau hp dn) -266<+ ki pmhkr upx`{ eaienx`h` pmdp pmh hgghep ag pd}hu ai

earvardph `kwk`hi` vanke{ `hvhi`u ai pmh h}phip pa |mkem ki`kwk`xdnu edi hnx`h pd}hu)

Kg ki`kwk`xdnu di` kiupkpxpkaiu edi uxeehuugxnn{ rh`xeh pmh pd} bxr`hi. pmh hgghep ag 

pd}hu ai earvardph `kwk`hi` vanke{ |axn` bh jkikjdn)

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  4;

Bhuk`hu pmh dbawh pmrhh nhd`kil pmharkhu. uhwhrdn vndxukbnh h}phiukaiu mdwh

bhhi `hwhnavh` b{ rhuhdremhru) Pmh jarh vavxndr aihu drh brkhgn{ `kuexuuh` ki pmh

ganna|kil uhepkai)

2)2)0  Pmh rhuk`xdn `kwk`hi` pmhar{

Pmku pmhar{ duuhrpu pmdp pmh `kwk`hi`u drh vdk` ain{ kg vragkpu drh iap

eajvnhphn{ xuh` gar kiwhupjhip vxrvauhu. pmdp ku. ain{ |mhi pmhrh drh „rhuk`xdn

hdrikilu‚ dgphr pmh gkidiekil ag ih| kiwhupjhipu) Pmku pmhar{ ku eaiukuphip |kpm pmh

„vheckil ar`hr‚ pmhar{ ag gkidieh du `huerkbh` b{ J{hru -4;=0+) Kp kjvnkhu pmdp pmh

`kwk`hi`u pa bh vdk` umaxn` htxdn pmh htxkp{ edvkpdn rhjdkikil dgphr gkidiekil

kiwhupjhipu)

Ki uxjjdr{. `kwk`hi` vanke{ ku kignxhieh` b{ -k+ pmh eajvdi{‛u kiwhupjhip

avvarpxikpkhu. -kk+ pmh edvkpdn uprxepxrh jk}. di` -kkk+ pmh dwdkndbknkp{ ag kiphridnn{

lhihrdph` edvkpdn) 

2)2)8  Pmh enkhiphnh hgghep

Kp ku pmh bhnkhg pmdp ki`kwk`xdnu di` kiupkpxpkaiu pmdp ihh` exrrhip kieajh |knn

kiwhup ki eajvdikhu pmdp mdwh mklm `kwk`hi` vd{axpu) Apmhr kiwhuparu vrhghr pa dwak`

pd}hu b{ man`kil uhexrkpkhu pmdp agghr ain{ ujdnn `kwk`hi` kieajh. bxp ndrlh edvkpdn

ldkiu du pmh edvkpdn ldkiu drh `hghrrh` xipkn rhdnkuh`) Ki apmhr |ar`u. pmhrh |axn` bh d

enkhiphnh hgghep |mhrh gkrju `rd| d lkwhi enkhiphnh. lkwhi pmhkr updph` `kwk`hi` vanke{

-Cha|i hp dn). 2668+)

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  26

Ki d upx`{ b{ Vhppkp -4;<<+. kp |du gaxi` pmdp udghr eajvdikhu |kpm an`hr di`

vaarhr kiwhuparu phi`h` pa vd{ jarh ki `kwk`hi`u pmdi eajvdikhu |kpm |hdnpmkhr di`

{axilhr kiwhuparu) Awhrdnn. `kwk`hi` {khn`u `herhduh` du pmh pd} `kud`wdipdlh ag 

`kwk`hi`u kierhduh`) 

2)2)7 Pmh kigarjdpkai!uklidnnkil hgghep

Bmdppdemdr{d -4;<;+ di` Jknnhr di` Raec -4;=8+ gaxi` pmdp kigarjdpkai

du{jjhprkhu bhp|hhi gkrju di` axpuk`h umdrhman`hru jd{ ki`xeh d uklidnnkil ranh gar

`kwk`hi`u) Kigarjdpkai du{jjhpr{ ku pmh `kgghrhieh ki deehuukbknkp{ pa kigarjdpkai

bhp|hhi jdidlhjhip di` kiwhuparu pmdp jd{ rhuxnp ki d na|hr upaec vrkeh pmdi |axn`

aeexr xi`hr eai`kpkaiu ag ehrpdkip{) Pmh{ uma| pmdp `kwk`hi` vd{jhipu eajjxikedph

vrkwdph kigarjdpkai ki d gxnn{ rhwhdnkil jdiihr)

Kiwhuparu jd{ xuh d emdilh ki `kwk`hi` vanke{ du d uklidn dbaxp pmh gkrj‛u

gkidiekdn eai`kpkaiu. huvhekdnn{ kpu hdrikilu va|hr) Pmxu. kiwhuparu jd{ rhd` d

`kwk`hi` kierhduh pmdp ku ndrlhr pmdi h}vheph` du d uklidn pmdp jdidlhjhip h}vhepu

uklikgkedipn{ mklmhr hdrikilu ki pmh gxpxrh) Ai pmh eaiprdr{. d `kwk`hi` `herhduh. ar

hwhi d nhuu pmdi h}vheph` kierhduh. jklmp uklidn pmdp jdidlhjhip ku garhedupkil nhuu

gdwaxrdbnh gxpxrh hdrikilu)

2)2)<  Dlhie{ eaupu pmhar{

Dlhie{ eaupu ku `huerkbh` du pmh eaupu. uxem du rh`xeh` upaec vrkeh. duuaekdph`

|kpm vaphipkdn eaignkep bhp|hhi jdidlhru di` kiwhuparu -umdrhman`hru+ |mhi pmhuh p|a

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  24

lraxvu drh iap pmh udjh vhavnh -Cha|i hp dn). 2668+) D gkrj‛u `kwk`hi` vanke{ jd{ bh

vhrehkwh` b{ a|ihru du d paan pa jkikjkuh dlhie{ eaupu di` pa eaipran pmh

awhrkiwhupjhip vrabnhj)

Hduphrbraac -4;=0+ drlxhu pmdp `kwk`hi`u rh`xeh pmh awhrkiwhupjhip vrabnhj

bhedxuh pmh vd{jhip ag `kwk`hi`u kierhduhu pmh grhtxhie{ |kpm |mkem gkrju

-jdidlhru+ mdwh pa la pa edvkpdn jdrchpu ki ar`hr pa rdkuh d``kpkaidn edvkpdn) Ki pmh

vraehuu ag dpprdepkil ih| htxkp{. gkrju -jdidlhru+ uxbohep pmhjuhnwhu pa pmh

jaikparkil di` `kuekvnkikil ag pmhuh jdrchpu) Pmku na|hru dlhie{ eaupu)

2)2)=  H}vhepdpkaiu pmhar{

Kp ku pmh k`hd dbaxp pmh hgghep ag ih| kigarjdpkai dbaxp d eajvdi{ ai pmh

gkrj‛u upaec vrkeh `hvhi`u jarh ai ma| pmh ih| kigarjdpkai eajvdrhu pa

h}vhepdpkaiu pmdi ai pmh depxdn diiaxiehjhip kpuhng -Jknnhr. 4;=7+)

Du pmh pkjh dvvrademhu gar jdidlhjhip pa diiaxieh pmh djaxip ag pmh ih}p

`kwk`hi`. kiwhuparu garj h}vhepdpkaiu du pa ma| jxem pmdp `kwk`hi` |knn bh) \mhi pmh

depxdn `kwk`hi` `hekukai ku diiaxieh`. pmh kiwhupar eajvdrhu pmh depxdn `hekukai |kpm

pmh h}vheph` `hekukai) Kg pmh djaxip ag `kwk`hi` ku du h}vheph`. pmh jdrchp vrkeh ag 

pmh upaec |knn rhjdki xiemdilh`) Ma|hwhr. kg pmh `kwk`hi` ku mklmhr ar na|hr pmdi

h}vheph`. kiwhuparu |knn rhduuhuu pmhkr vhrehvpkaiu dbaxp pmh gkrj di` pmhkr rhdepkaiu

|knn edxuh d jawhjhip ki pmh upaec vrkeh) Pmh xih}vheph` `kwk`hi` emdilh mdu

kigarjdpkai eaiphip dbaxp pmh gkrj‛u hdrikilu di` apmhr kjvarpdip gdeparu pmdp drh

eaiwh{h` pa pmh kiwhuparu)

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  22

2)5  @kwk`hi` vd{axp dvvrademhu

Ki vrdepkeh. jaup gkrju jd{ emaauh aih ag uhwhrdn eajjain{ vrdepkuh`

`kwk`hi` vd{axp dvvrademhu -Cha|i hp dn). 2668+) Pmh{ drh du ganna|u?

-k+ Eaiupdip `kwk`hi` vd{axp rdpka

Ki pmku vanke{. pmh vhrehipdlh ag hdrikilu vdk` axp ki `kwk`hi`u ku mhn` eaiupdip)

Dnpmaxlm pmh `kwk`hi`*pa*hdrikilu rdpka ku updbnh. pmh `anndr djaxip ag pmh `kwk`hi`

|knn pmxu gnxepxdph graj {hdr pa {hdr du vragkpu wdr{)

-kk+ Updbnh `anndr `kwk`hi` vhr umdrh vd{axp

Pmku vanke{ jdkipdkiu d rhndpkwhn{ updbnh `anndr `kwk`hi` awhr pkjh) Di kierhduh

ki pmh `anndr `kwk`hi` xuxdnn{ `ahu iap aeexr xipkn jdidlhjhip ku eaiwkieh` pmdp pmh

mklmhr `kwk`hi` nhwhn edi bh uxupdkih` ki pmh gxpxrh) Ukjkndrn{. jdidlhjhip dnua |knn

iap rh`xeh pmh `anndr `kwk`hi` xipkn pmhrh ku enhdr hwk`hieh ki`kedpkil pmdp d

eaipkixdpkai ag pmh vrhuhip `kwk`hi` vanke{ ediiap bh uxvvarph`)

-kkk+ Ujdnn. rhlxndr `kwk`hi` vnxu {hdr*hi` h}prd `kwk`hi` vd{axp

D gkrj |mkem d`avpu pmku vanke{ vd{u d ujdnn rhlxndr `anndr `kwk`hi` vnxu d

{hdr*hi` h}prd `kwk`hi` ki vrauvhraxu {hdru) Pmh h}prd `kwk`hi` ku xuxdnn{ `hendrh`

pa|dr` pmh hi` ag pmh gkidiekdn {hdr. |mhi pmh eajvdi{‛u vragkpu gar pmh vhrka` edi bh

hupkjdph`) Pmh jdidlhjhip‛u abohepkwh gar `akil ua ku pa dwak` pmh eaiiapdpkai ag d

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  25

vhrjdihip `kwk`hi`) Ma|hwhr. pmku vxrvauh jd{ bh `hghdph` kg rhexrrkil h}prd

`kwk`hi`u bheajh kiwhuparu‛ h}vhepdpkaiu awhr pkjh) 

2)0  Vdup Upx`khu

Awhr pmh vdup uhwhrdn `hed`hu. rhuhdremhru mdwh `aih upx`khu pa k`hipkg{ pmh

`hphrjkidipu ag earvardph `kwk`hi` vanke{) Uajh eajh xv |kpm pmharkhu di` apmhru

mdwh `hwhnavh` di` hjvkrkednn{ phuph` wdrkaxu ja`hnu pa h}vndki `kwk`hi` bhmdwkaxr)

D ixjbhr ag gdeparu ar `hphrjkidipu mdwh bhhi xuh` ki vrhwkaxu hjvkrkedn upx`khu pa

phup kg pmh{ kignxhieh pmh `kwk`hi` vd{axp ag gkrju di` pmhkr rhndpkaiumkvu |kpm

`kwk`hi` vd{axp) Pmh{ kienx`h vragkpdbknkp{. rkuc. edum gna|. dlhie{ eaup. lra|pm. gkrj

ukzh. edvkpdn uprxepxrh. gkidiekdn nhwhrdlh di` nktxk`kp{. pa idjh d gh| -du uhhi ki

Mkllkiu. 4;=43 Razhgg. 4;=23 Nna{` hp dn). 4;=83 Vrxkpp di` Lkpjdi. 4;;43 Ohiuhi hp 

dn). 4;;23 Dnnk hp dn). 4;;53 @‛Uaxzd. 4;;;3 di` Vdvd`avaxnau di` Emdrdndjbk`ku.

266<+)

Vragkpu mdwh nail bhhi rhldr`h` du pmh jdki ki`kedpar ag d gkrj‛u dbknkp{ pa vd{

`kwk`hi`u) Vrxkpp hp dn) -4;;4+. ki pmhkr upx`{ rhvarp pmdp exrrhip di` vdup {hdru‛ vragkpu

|hrh kjvarpdip gdeparu ki `hphrjkikil `kwk`hi` vd{jhipu) Bdchr hp dn) -4;=8+ dnua

gaxi` pmdp d jdoar `hphrjkidip ag `kwk`hi` vd{jhip |du pmh dipkekvdph` nhwhn ag 

gxpxrh hdrikilu) 

Vrxkpp hp dn) -4;;4+ gki` pmdp rkuc -{hdr*pa*{hdr wdrkdbknkp{ ag hdrikilu+ dnua

`hphrjkihu gkrju‛ `kwk`hi` vanke{) D gkrj pmdp mdu rhndpkwhn{ updbnh hdrikilu |du agphi

dbnh pa vrh`kep dvvra}kjdphn{ |mdp kpu gxpxrh hdrikilu |knn bh) Uxem d gkrj ku pmhrhgarh

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  20

jarh nkchn{ pa vd{ axp d mklmhr vhrehipdlh ag kpu hdrikilu pmdi d gkrj |kpm gnxepxdpkil

hdrikilu) @‛Uaxzd -4;;;+ g axi` pmdp pmhrh |du uklikgkedip ihldpkwh rhndpkaiumkv

bhp|hhi pmh bhpd wdnxh ag d gkrj -ki`kedpar ag kpu jdrchp rkuc+ di` `kwk`hi` vd{axp)

Pmh nktxk`kp{ ar edum gna| vaukpkai ag d gkrj |du dnua di kjvarpdip

`hphrjkidip ag `kwk`hi` vd{axpu) D vaar nktxk`kp{ vaukpkai jhdiu nhuu lhihraxu

`kwk`hi` `xh pa umarpdlh ag edum) Dnnk hp dn) -4;;5+ rhwhdn pmdp `kwk`hi` vd{jhipu

`hvhi` jarh ai edum gna|u. |mkem rhgnhep pmh eajvdi{‛u dbknkp{ pa vd{ `kwk`hi`u.

pmdi ai exrrhip hdrikilu. |mkem drh nhuu mhdwkn{ kignxhieh` b{ deeaxipkil vrdepkehu)

Pmh upx`{ endkju pmdp exrrhip hdrikilu `a iap rhdnn{ rhgnhep pmh gkrj‛u dbknkp{ pa vd{

`kwk`hi`u) Pmh upx`{ b{ Vdvd`avaxnau hp dn) -266<+ ai gkrju nkuph` ai pmh Dpmhiu

Upaec H}emdilh. |du gaxi` pmdp edum gna| ku pmh jaup kjvarpdip `kwk`hi` vd{axp

`hphrjkidip di` ku vaukpkwhn{ rhndph` pa pmh vravarpkai ag hdrikilu `kuprkbxph` hkpmhr du

d rhlxndr ar du papdn `kwk`hi`)

Lrhhi hp dn) -4;;5+ txhupkaih` pmh krrhnhwdieh drlxjhip di` kiwhupkldph` pmh

rhndpkaiumkv bhp|hhi pmh k̀wk`hi`u di` kiwhupjhip di` gkidiekil `hekukaiu) Pmhkr

upx`{ uma|h` pmdp `kwk`hi` vd{axp nhwhnu |hrh iap papdnn{ `hek`h` dgphr d gkrj‛u

kiwhupjhip di` gkidiekil `hekukaiu mdwh bhhi jd`h) @kwk`hi` `hekukai |du pdchi

dnail kiwhupjhip di` gkidiekil `hekukaiu) Pmhkr rhuxnpu `k` iap uxvvarp pmh wkh|u ag 

Jknnhr di` Ja`klnkdik -4;74+)

Djk`x di` Dbar -2667+ ki pmhkr upx`{ ai `hphrjkidipu ag `kwk`hi` vd{axp ag 

nkuph` gkrju ki Lmdid gaxi` pmdp pmhrh drh vaukpkwh rhndpkaiumkvu bhp|hhi `kwk`hi`

vd{axp di` vragkpdbknkp{. edum gna| di` pd}) Pmh rhuxnpu uxllhup pmdp vragkpdbnh gkrju

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  28

phi` pa vd{ mklm `kwk`hi` di` gkrju |kpm laa` nktxk`kp{ kierhduhu d gkrj‛u dbknkp{ pa

vd{ `kwk`hi`) Pmh rhuxnpu dnua uma|h` ihldpkwh duuaekdpkaiu bhp|hhi `kwk`hi` vd{axp

di` rkuc. kiupkpxpkaidn umdrhman`kil. lra|pm di` jdrchp*pa*baac wdnxh)

Ki d upx`{ b{ Dn*P|dkor{ -266<+ ai pmh `hphrjkidipu ag `kwk`hi` vd{axp ag 

nkuph` gkrju ki Jdnd{ukd. kp |du gaxi` pmdp exrrhip `kwk`hi`u drh dggheph` b{ kpu vdup

di` gxpxrh) Dnua `kwk`hi`u |hrh duuaekdph` |kpm ihp hdrikilu bxp nhuu uprailn{) Ihkpmhr

pmh dlh ag pmh vd{kil `kwk`hi` eajvdi{ iar kpu majh uhepar -ki`xupr{ di` iai*

ki`xupr{+ kignxhieh `kwk`hi` vd{axp) Ma|hwhr. ukzh mdu d uklikgkedip hgghep ai pmh

@kwk`hi` Vhr Umdrh -@VU+) Kp |du dnua gaxi` pmdp pmh gkrj‛u nhwhn ag nhwhrdlh mdu d

ihldpkwh -uajhpkjhu uklikgkedipn{+ rhndpkaiumkv |kpm pmh `kwk`hi` vd{axp rdpka. di` pmh

uprailhup `hphrjkikil gdepar ag `kwk`hi` vd{axp ku kpu vdup rdpkau)

Bdchr di` Va|hnn -4;;<+ xuh` d papdn ag 4;= rhuvaiuhu graj jdkn uxrwh{u uhip

pa Emkhg Gkidiekdn Aggkehru ag XUD gkrju nkuph` ai pmh Ih| [arc Upaec H}emdilh. pa

gki` axp pmh `hphrjkidipu ag `kwk`hi` vanke{) Pmh rhuxnpu uma|h` pmdp pmh jaup

kjvarpdip `hphrjkidipu ag d gkrj‛u `kwk`hi` vanke{ |hrh pmh nhwhn ag exrrhip di`

h}vheph` gxpxrh hdrikilu di` pmh vdpphriu ar eaipkixkp{ ag vdup `kwk`hi`u) Pmhuh

gdeparu |hrh ukjkndr pa pmauh k`hipkgkh` b{ Nkipihr -4;87+ ki mku bhmdwkaxrdn ja`hn ag 

`kwk`hi`u)

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  27

2)8 Rhuhdrem Ja`hn 

Pmh rhuhdrem ja`hn xuh` ki pmku exrrhip upx`{ ku du ganna|u)

 Ki`hvhi`hip wdrkdbnhu @hvhi`hip wdrkdbnh

-Gklxrh 4+

2)8)4  @hgkikpkai ag `hvhi`hip wdrkdbnh di` ki`hvhi`hip wdrkdbnhu 

@hvhi`hip wdrkdbnh 

@kwk`hi` vd{axp rdpka? Jhduxrhu pmh vravarpkai ag `kwk`hi` vdk` axp ki

rhndpkai pa kpu ihp hdrikilu)

Ki`hvhi`hip wdrkdbnhu

-k+ Ukzh? Ku jhduxrh` b{ pmh papdn duuhpu ag pmh gkrju

-kk+ @hbp rdpka? Kp ki`kedphu ma| jxem `hbp ku xuh` pa gkidieh d gkrj‛u

duuhpu)

-kkk+ Gkidiekdn nhwhrdlh? Jhdiu gkidiekil d varpkai ag pmh gkrj‛u duuhpu

|kpm uhexrkpkhu bhdrkil d gk}h` -nkjkph`+ rdph ag rhpxri ki mavhu ag 

kierhdukil pmh xnpkjdph rhpxri pa pmh eajjai upaecman`hru

-kw+ Vragkpdbknkp{? Phnnu xu dbaxp ma| jxem vragkp pmh bxukihuu jdchu ki

rhndpkai pa kpu udnhu. ar duuhp bduh)

UK_H

@HBP RDPKA

GKIDIEKDN

NHWHRDLH

EDUM GNA\

VRAGKPDBKNKP[

NKTXK@KP[

@KWK@HI@

VD[AXP

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  2<

-w+ Nktxk`kp{? Ku pmh dbknkp{ ag pmh eajvdi{ pa jhhp kpu umarp*phrj

abnkldpkaiu -nkdbknkpkhu+

-wk+ Edum Gna|? Rhvrhuhipu pmh dgphr*pd} edum gna|u lhihrdph` graj

avhrdpkil pmh bxukihuu)

2)8)2 Rhndpkaiumkv bhp|hhi ki`hvhi`hip wdrkdbnhu di` `hvhi`hip wdrkdbnh

Ki`hvhi`hip wdrkdbnhu H}vheph` rhndpkaiumkv |kpm

`hvhi`hip wdrkdbnh

D`avph` graj upx`khu b{?

Ukzh Vaukpkwh Dn*P|dkor{ -266<+3

Vdvd`avanaxu di`Emdrdndjbk`ku -266<+

@hbp rdpka Ihldpkwh Vdvd`avanaxu hp dn) -266<+

Gkidiekdn nhwhrdlh Ihldpkwh Vdvd`avanaxu hp dn) -266<+ 

Vragkpdbknkp{ -RAEH+ Vaukpkwh Bdchr hp dn) -4;=8+3 Vrxkpp di`

Lkpjdi -4;;4+3 Djk`x di`

Dbar -2667+3 Vdvd`avanaxu hp 

dn) -266<+

Nktxk`kp{-Txkec 

Rdpka+

Vaukpkwh Vdvd`avanaxu hp dn) -266<+ 

Edum Gna| Vaukpkwh @‛Uaxzd -4;;;+3 Djk`x hp dn) 

-2667+3 Vdvd`avanaxu hp dn) 

-266<+ 

Uaxreh? Eajvknh` b{ pmh dxpmar -2644+

2)7  M{vapmhuhu @hwhnavjhip

Pmh ki`hvhi`hip wdrkdbnhu pmdp |knn bh xuh` pa phup pmhkr rhndpkaiumkv |kpm

`kwk`hi` vd{axp drh gkrj ukzh. `hbp rdpka. gkidiekdn nhwhrdlh. vragkpdbknkp{. nktxk`kp{ di`

edum gna|) Pmh uk} ixnn m{vapmhuhu pmdp |knn bh phuph` drh du ganna|u?

 M4? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj ukzh di` `kwk`hi` vd{axp)

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  2=

 M2? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj `hbp rdpka di` `kwk`hi` vd{axp)

 M5? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj gkidiekdn nhwhrdlh di` `kwk`hi` vd{axp)

 M0? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj vragkpdbknkp{ di` `kwk`hi` vd{axp)

 M8? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj nktxk`kp{ di` `kwk`hi` vd{axp)

 M7 ? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj edum gna| di` `kwk`hi` vd{axp)

2)<  Eaienxukai

Pmku emdvphr rhwkh|h` pmh pmharkhu rhndpkil pa `kwk`hi` di` pmh eajjain{

vrdepkuh` `kwk`hi` vd{axp dvvrademhu) Vdup upx`khu b{ pmh wdrkaxu rhuhdremhru |ma

xuh` `kgghrhip `hphrjkidipu pa upx`{ pmhkr rhndpkaiumkv |kpm `kwk`hi` vd{axp mdwh bhhi

`kuexuuh` di` pmhkr kjvarpdieh pa|dr`u `kwk`hi` vd{axp mdwh bhhi mklmnklmph`) Pmh

ki`hvhi`hip wdrkdbnhu di` `hvhi`hip wdrkdbnh xuh` ki pmku exrrhip upx`{ mdwh bhhi

`hgkih` di` pmhkr h}vheph` rhndpkaiumkvu drh uma|i) Pmku nh` pa pmh garjdpkai ag uk}

ixnn m{vapmhuhu |mkem |knn bh h}djkih` ki pmh ganna|kil emdvphru)

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  2;

5 RHUHDREM JHPMA@ANAL[ 

5)4  Kipra`xepkai

Pmku emdvphr axpnkihu pmh rhuhdrem `hukli. `huerkbhu pmh udjvnh vavxndpkai di`

udjvnkil vraeh`xrhu di` jhpma` xuh` gar `dpd eannhepkai) Pmh jhduxrhjhipu di`

garjxnd -`hgkikpkai+ gar pmh `hvhi`hip wdrkdbnh di` ki`hvhi`hip wdrkdbnhu xuh` ki pmku

upx`{ drh uma|i di` pmh `dpd didn{uku phemiktxh xuh` |knn bh h}vndkih`)

5)2  Rhuhdrem @hukli

Pmh pav 266 eajvdikhu nkuph` ai Bxrud Jdnd{ukd ki phrju ag jdrchp

edvkpdnkudpkai ai 54 @hehjbhr 2668 drh uhnheph` di` pmh rhtxkrh` gkidiekdn `dpd drh

eannheph` awhr d pmrhh*{hdr vhrka` graj 2668 pa 266<) 

Pmku vhrka` ku emauhi du Jdnd{ukd rhlkuphrh` eajjhi`dbnh Lrauu @ajhupke

Vra`xep -L@V+ lra|pm gar pmh pmrhh {hdru - 2668? 8)56(3 2667? 8)=6(3 266<? 7)56( +)

Pmh Cxdnd Nxjvxr Eajvaukph Ki`h} -CNEK+ dnua rauh dnailuk`h pmh L@V lra|pm) Du

dp pmh hi` ag 2660 pmh CNEK upaa` dp ;6<)05 vakipu) Du dp pmh hi` ag 2668. kp |du

=;;)<;. 2667 dp 4.6;7)20 di` 266< dp 4.008)65 ) Emdrp 5)2)4 uma|u pmh L@V lra|pm

dnailuk`h pmh rkuh ag pmh CNEK gar pmh pmrhh {hdru graj 2668 pa 266<)

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  56

Emdrp 5)2)4 

Uaxreh? L@V ― \arn` @hwhnavjhip Ki`kedparu ̀ dpdbduh. Dvrkn 266;

-mppv?!!|||)|arn`bdic)arl+

CNEK ― Bxrud Jdnd{ukd Bhrmd` -mppv?!!|||)cnuh)eaj)j{+

5)5  Vavxndpkai Di` Udjvnkil Vraeh`xrhu

Pmh udjvnh ag 266 eajvdikhu drh uhnheph` bduh` ai pmhkr jdrchp edvkpdnkudpkai

ai 54 @hehjbhr 2668 di` dnn eajvdikhu drh nkuph` ai pmh Jdki Badr` ag Bxrud

Jdnd{ukd |kpm pmh h}ehvpkai ag aih |mkem ku nkuph` ai pmh Jhu`dt) @hpdknu ag pmh

eajvdikhu edi bh gaxi` ki Dvvhi`k} 4) Jdrchp edvkpdnkudpkai ku xuh` du d uhnhepkai

erkphrkd du eajvdikhu |kpm bkl jdrchp edvkpdnkudpkai drh ndrlh ki ukzh p{vkednn{) Pmh

gaexu ag pmku exrrhip upx`{ ku ai ndrlh eajvdikhu)

Eajvdikhu pmdp `a iap vd{ `kwk`hi`u gar pmrhh {hdru eaiuhexpkwhn{ graj 2668

pa 266< di` pmauh pmdp mdwh jkuukil `dpd ki di{ aih {hdr |knn bh h}enx`h`) Pmauh

eajvdikhu pmdp mdwh ihldpkwh `kwk`hi` vd{axp rdpka drh dnua h}enx`h` ua du pa dwak`

pmh `kuparpkai ag pmh rhlrhuukai rhuxnpu) Udjvnh eajvdikhu jxup dnua bh nkuph`

pmraxlmaxp pmh didn{uku vhrka`)

CNEK wu L@V -[hdr 2668 pa 266<+

=;;)<;

4.6;7)204.008)65

8)56(

7)56(

8)=6(

6

266

066

766

=66

4666

4266

40664766

2668 2667 266<

[hdr

      C      N      E      K

0)=6(

8)66(

8)26(

8)06(

8)76(

8)=6(

7)66(

7)26(7)06(

      L      @      V CNEK

L@V

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  54

Graj pmh kikpkdn udjvnh ag 266 eajvdikhu. garp{ ikih mdwh bhhi hnkjkidph` du

pmh{ `k` iap jhhp pmh uhnhepkai erkphrkd) Pmh udjvnh vavxndpkai drh jd`h xv ag 

eajvdikhu graj wdrkaxu bxukihuu uheparu) Pmh gkidn udjvnhu b{ uheparu drh uma|i ki

pmh Pdbnh 5)2)2 di` emdrp 5)2)5 bhna|)

Pdbnh 5)2)2

Uhepar Ixjbhr ag eajvdikhu

Eaiuprxepkai 7

Eaiuxjhr Vra`xepu 4<

Gkidieh 4=Maphnu 2

Ki`xuprkdn Vra`xepu 54

Kigrduprxepxrh 5

Vndipdpkai 48

Vravhrpkhu 48

RHKPU 4

Phemianal{ 8

Prd`kil!Uhrwkehu 5<

Jhu`dt 4

Papdn 484

Emdrp 5)2)5

Udjvnh eajvdikhu b{ uhepar

6

8

46

48

26

28

56

58

06

   E  a   i  u   p   r   x

  e   p   k  a   i

   E  a   i  u   x   j

  h   r    V   r

  a  `   x  e

   p  u

   G   k   i  d   i

  e  h   M  a

   p  h   n  u

   K   i  `   x  u   p   r   k  d

   n    V   r  a  `

   x  e   p  u

   K   i   g   r  d  u

   p   r   x  e   p   x

   r  h

   V   n  d   i   p  d

   p   k  a   i

   V   r  a   v

  h   r   p   k  h  u

   R   H   K    P   U

    P  h  e   m   i  a

   n  a  l    {

    P   r  d  `   k   i  l 

   !   U  h   r   w   k

  e  h  u

   J  h  u   ̀ d  t 

Uhepar

   I  a )  a   g  e  a  j

  v  d  i   k  h  u

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  52

5)0 @dpd Eannhepkai Jhpma` 

Uheai`dr{ `dpd drh xuh` gar pmku upx`{) Pmh rhtxkrh` gkidiekdn `dpd drh

abpdkih` graj d gkidiekdn rhuhdrem eajvdi{ |mkem chhvu `dpdbduhu ag gkidiekdn

kigarjdpkai ag eajvdikhu di` uxvvnkhu pmhj pa nhd`kil bxukihuu vxbnkedpkaiu uxem du

Pmh H`lh)

5)8 Wdrkdbnhu Di` Jhduxrhjhipu 

Pmh `kwk`hi` vd{axp rdpka. |mkem ku pmh `hvhi`hip wdrkdbnh. ku `hgkih` du pmh

`kwk`hi` vhr umdrh `kwk`h` b{ hdrikilu vhr umdrh) Pmh ki`hvhi`hip wdrkdbnhu drh du

ganna|u?*

Ukzh -U+ : Nal -Papdn duuhpu+

@hbp rdpka -@R+ : Papdn nkdbknkpkhu ! Papdn duuhpu

Gkidiekdn nhwhrdlh -GN+ : Vragkp bhgarh kiphrhup di` pd} -VBKP+ ! VBKP ― Kiphrhup

Vragkpdbknkp{ -V+ : VBKP ! Edvkpdn hjvna{h`

-Rhpxri ai edvkpdn hjvna{h`+

Nktxk`kp{ -N+ : -Exrrhip duuhpu ― Kiwhiparkhu+ ! Exrrhip nkdbknkpkhu

-Txkec rdpka+

Edum gna| -EG+ : Nal -Ihp kieajh -Vragkp dgphr pd}+ # `hvrhekdpkai+-Avhrdpkil edum gna|+

Pmh uednh ag jhduxrhjhip xuh` ki pmku rhuhdrem vraohep ku bduh` ai pmh rdpka uednh)

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  55

5)7 @dpd Didn{uku Phemiktxh 

D jxnpkvnh nkihdr rhlrhuukai jhpma` |knn bh xuh` pa phup ma| pmh uk}

ki`hvhi`hip wdrkdbnhu |mhi vxp palhpmhr `hphrjkih pmh `kwk`hi` vd{axp ag pmh udjvnh

eajvdikhu) Jxnpkvnh nkihdr rhlrhuukai didn{uku ku d updpkupkedn phemiktxh xuh` pa vrh`kep

pmh wdrkdieh ki pmh `hvhi`hip wdrkdbnh b{ rhlrhuukil pmh ki`hvhi`hip wdrkdbnhu dldkiup

kp -Uhcdrdi. 2665+)

Pmh rhuxnp ag rhlrhuukai ku di htxdpkai pmdp rhvrhuhipu pmh bhup vrh`kepkai ag d

`hvhi`hip wdrkdbnh graj uhwhrdn ki`hvhi`hip wdrkdbnhu) Dnn pmh didn{uhu |hrh edrrkh`

axp xukil Updpkupkedn Vdecdlh gar Uaekdn Uekhieh -UVUU+ eajvxphr uagp|drh)

Pmh rhndpkaiumkv bhp|hhi pmh `hvhi`hip wdrkdbnh di` pmh ki`hvhi`hip wdrkdbnhu

ki pmku upx`{ edi bh h}vrhuuh` du ganna|u?

Vd{axp. @4 : b6 # b4 U4 # b2 @R4 # b5 GN4 # b0 V4 # b8 N4 # b7 EG4.

p : 2668 pa 266<

5)<  Eaienxukai

Pmku emdvphr h}vndkih` pmh rhuhdrem jhpma`anal{ gar pmh exrrhip upx`{) Kp

eawhrh` drhdu ai rhuhdrem `hukli. vavxndpkai di` udjvnkil vraeh`xrhu ai ma| pa

abpdki pmh gkidn udjvnh ag 484 eajvdikhu. di` pmh `dpd eannhepkai jhpma`) Pmh

wdrkdbnhu xuh` di` pmh uednh ag jhduxrhjhip drh axpnkih` mhrh) Gkidnn{. pmh `dpd

didn{uku phemiktxh xuh` |mkem ku jxnpkvnh nkihdr rhlrhuukai |du h}vndkih`)

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  50

0  @KUEXUUKAIU DI@ GKI@KILU

0)4 Kipra`xepkai

Pmku emdvphr lkwhu d `huerkvpkwh didn{uku ag pmh uhnheph` udjvnh. vrhuhipu pmh

rhuxnpu graj pmh jxnpkvnh nkihdr rhlrhuukai didn{uhu di` |knn `kuexuu di` kiphrvrhp pmh

rhuhdrem rhuxnpu) Bduh` ai pmhuh rhuxnpu. pmku upx`{ |knn `hek`h |mhpmhr pa rhohep ar iap

pa rhohep pmh uk} ixnn m{vapmhuhu axpnkih` ki vdrd 2)7 ki Emdvphr 2)

0)2 Udjvnh Emdrdephrkupkeu

Pmh udjvnh ag 484 eajvdikhu drh jd`h xv ag pmh uheparu du uma|i ki Pdbnh

0)2)4 ) Pmh udjvnh |mkem ku brachi `a|i kipa uheparu pmdp |knn bh phuph` xukil

jxnpkvnh nkihdr rhlrhuukai didn{uku ku uma|i ki Pdbnh 0)2)2 di` Emdrp 0)2)5 )

Pdbnh 0)2)4 -Eajvdikhu Udjvnh+

Uhepar I (

Eaiuprxepkai 7 5);<(

Eaiuxjhr

Vra`xepu 4< 44)27(

Gkidieh 4= 44);2(

Maphnu 2 4)52(

Ki`xuprkdn

Vra`xepu 54 26)85(

Kigrduprxepxrh 5 4);;(Vndipdpkai 48 ;);5(

Vravhrpkhu 48 ;);5(

RHKPU 4 6)77(

Phemianal{ 8 5)54(

Prd`kil!Uhrwkehu 5< 20)86(

Jhu`dt 4 6)77(

484 466)66(

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  58

Pdbnh 0)2)2 -Jxnpkvnh Nkihdr Rhlrhuukai Didn{uku+

Uhepar I I (

Eaiuxjhr

Vra`xepu 4< 44)27(

Gkidieh 4= 44);2(Ki`xuprkdn

Vra`xepu 54 26)85(

Vndipdpkai 48 ;);5(

Vravhrpkhu 48 ;);5(

Prd`kil!Uhrwkehu 5< 20)86(

Apmhru? 4= 44);2(

Eaiuprxepkai 7

Maphnu 2

Kigrduprxepxrh 5

RHKPU 4

Phemianal{ 8

Jhu`dt 4

Papdn 484 466)66(

Emdrp 0)2)5 -Jxnpkvnh Nkihdr Rhlrhuukai Didn{uku+

Graj Emdrp 0)2)5. kp edi bh abuhrwh` pmdp Prd`kil!Uhrwkehu di` Ki`xuprkdn

Vra`xepu uheparu jd`h xv 20 vhr ehip di` 24 vhr ehip. rhuvhepkwhn{. ag pmh udjvnh ukzh)

Pmh apmhr uheparu rhvrhuhip bhp|hhi 46 vhr ehip di` 42 vhr ehip ag pmh udjvnh ukzh)

Udjvnh eajvdikhu b{ uhepar

Eaiuxjhr 

Vra`xepu

44(

Gkidieh

42(

Ki`xuprkdn

Vra`xepu

24(

Vndipdpkai46(

Vravhrpkhu

46(

Prd`kil!Uhrwkehu

20(

Apmhru

42(

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  57

Pdbnh 0)2)0

Bduh` ai 266< `dpd

Ukzh -Papdn duuhpu+ RJ I (

466J ―

866J 4= 44);2(866J * 4.666J 56 4;)=<(

9 4.666J 465 7=)24(

Papdn 484 466)66(

Bduh` ai 266< `dpd. pmh ixjbhr ag eajvdikhu |kpm duuhpu wdnxh h}ehh`kil

RJ4 bknnkai |du 465. rhvrhuhipkil dbaxp 7= vhr ehip ag pmh udjvnh) Pmh ixjbhr ag 

eajvdikhu |kpm duuhpu wdnxh bhp|hhi RJ866 jknnkai di` RJ4 bknnkai |du 56 -4;)=<

vhr ehip+ di` pmhrh |hrh 4= eajvdikhu |kpm duuhpu wdnxh bhp|hhi RJ466 jknnkai di`

RJ866 jknnkai -44);2 vhr ehip+)

Pdbnh 0)2)8 @kwk`hi` vd{axp rdpka ag udjvnh eajvdikhu

[hdr I Jkikjxj Jd}kjxj Jhdi

2668 484 6)6<7; 2)6580 6)75;;

2667 484 6)6<8= <)8666 6)<688

266< 484 6)655< 2)4464 6)8==;

Gar pmh {hdru graj 2668 pa 266<. pmh eajvdikhu ki pmh udjvnh mdwh d

jkikjxj `kwk`hi` vd{axp rdpka ag bhp|hhi 6)655< di` 6)6<7;. di` d jd}kjxj ag 

bhp|hhi 2)6580 di` <)8666) Pmh jhdi `kwk`hi` vd{axp rdpka |du 6)75;;. 6)<688 di`

6)8==;. gar {hdru 2668. 2667 di` 266<. rhuvhepkwhn{) Pmh mklm jd}kjxj vd{axp rdpka

ag <)8666 rhlkuphrh` gar {hdr 2667 |du vdk` b{ Vdekgkejdu Bhrmd`) Kp dvvhdru pa bh d

aih*agg mklm vd{axp du kpu vd{axp rdpka |du 6)=678 di` 6)<405. gar {hdr 2668 di` 266<.

rhuvhepkwhn{) Axp ag pmh kikpkdn udjvnh ag 266 eajvdikhu. 484 eajvdikhu -<8)8 vhr

ehip+ vdk` `kwk`hi` gar pmh pmrhh {hdru eaiuhexpkwhn{)

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  5<

0)5 M{vapmhuhu Phupkil

D jxnpkvnh rhlrhuukai -Hiphr jhpma`+ ku xuh` pa rhlrhuu pmh uk} ki`hvhi`hip

wdrkdbnhu dldkiup `kwk`hi` vd{axp -`hvhi`hip wdrkdbnh+) Pmhuh wdrkdbnhu kienx`h ukzh.

`hbp rdpka. gkidiekdn nhwhrdlh. vragkpdbknkp{. nktxk`kp{ di` edum gna|) Pmh `hukrh` nhwhn

ag updpkupkedn uklikgkedieh gar pmh phupu ku uhp dp pmh dnvmd nhwhn ag 6)68 -v*wdnxh : 6)68+)

Pmh ixnn m{vapmhuhu edi bh rhoheph` |mhi v*wdnxh ku > 6)68 )

Pmh phup rhuxnpu gar pmh jxnpkvnh nkihdr rhlrhuukai didn{uhu vrhuhiph` ki pmh

ganna|kil uhepkai |knn bhlki |kpm rhuxnp gar dnn uheparu -awhrdnn udjvnh+ di` ganna|h`

b{ ki`kwk`xdn uheparu)

0)5)4  Phup rhuxnpu gar dnn uheparu -awhrdnn udjvnh+

Pmh gkrup phup kienx`hu dnn 484 eajvdikhu ki pmh udjvnh |mkem rhvrhuhip dnn

uheparu ki pmh udjvnh) Pmh phup rhuxnpu drh du ganna|u)

Pdbnh 0)5)4 Dnn uheparu

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  5=

Pmh Ja`hn Uxjjdr{ pdbnh vrawk`hu pmh earrhndpkai eahggkekhip -R+. |mkem

ki`kedphu pmh uprhilpm ag pmh rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag ki`hvhi`hip

wdrkdbnhu ki pmh ja`hn di` `hvhi`hip wdrkdbnh) Pmh R wdnxh abpdkih` ki pmku ja`hn ku

4)<<. |mkem ki`kedphu d whr{ |hdc rhndpkaiumkv)

Pmh wdnxh ag R utxdrh abpdkih` ku 6)654) Pmku jhdiu pmdp 5)4( ag pmh wdrkdpkai

ag pmh `hvhi`hip wdrkdbnh. `kwk`hi` vd{axp rdpka. edi bh h}vndkih` b{ pmh uk}

ki`hvhi`hip wdrkdbnhu) Graj pmh Eahggkekhipu pdbnh. pmh ganna|kil |hrh abpdkih`?*

4)  Papdn duuhpu -v*wdnxh : 6)602 di` > 6)68+? Ki`kedphu d uklikgkedip

vaukpkwh rhndpkaiumkv bhp|hhi ukzh di` `kwk`hi` vd{axp rdpka)

2)  RAEH -v : 6)664 di` > 6)68+? Ki`kedphu d uklikgkedip vaukpkwh

rhndpkaiumkv bhp|hhi vragkpdbknkp{ di` `kwk`hi` vd{axp rdpka)

5)  Edum gna| -v : 6)624 di` > 6)68+? Ki`kedphu d uklikgkedip ihldpkwh

rhndpkaiumkv bhp|hhi edum gna| di` `kwk`hi` vd{axp rdpka)

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  5;

Pmhrh ku uklikgkedip vaukpkwh rhndpkaiumkv bhp|hhi ukzh di` `kwk`hi` vd{axp

rdpka |mkem uxllhupu pmdp ndrlh gkrju phi` pa vd{ jarh `kwk`hi`u) Pmku ku eaiukuphip

|kpm pmh gki`kilu b{ Dn*P|dkor{ -266<+ di` Vdvd`avaxnau hp dn) -266<+)

Du h}vheph`. vragkpdbknkp{ mdu d uklikgkedip vaukpkwh rhndpkaiumkv |kpm `kwk`hi`

vd{axp rdpka) Pmku uxllhupu pmdp d gkrj ku nkchn{ pa vd{ jarh `kwk`hi`u |mhi kpu

 vragkpdbknkp{ kierhduhu) D gkrj‛u vragkpdbknkp{ ku eaiuk`hrh` di kjvarpdip gdepar ki

kignxhiekil `kwk`hi` vd{jhip) Pmku rhuxnp dvvhdr pa bh eaiukuphip |kpm pmh gki`kilu b{

Bdchr hp dn) -4;=8+. Vrxkpp di` Lkpjdi -4;;4+. Djk`x hp dn) -2667+ di` Vdvd`avaxnau

-266<+)

Pmh uklikgkedip ihldpkwh rhndpkaiumkv bhp|hhi edum gna| di` `kwk`hi` vd{axp

rdpka |du iap h}vheph` di` pmku ku iap eaiukuphip |kpm pmh gki`kilu b{ Djk`x hp dn) 

-2667+ di` Vdvd`avaxnau hp dn) -266<+) Pmhkr gki`kilu uma|h` pmdp d laa` nktxk`kp{

 vaukpkai kierhduhu d gkrj‛u dbknkp{ pa vd{ `kwk`hi`) 

Pmhrhgarh. pmku upx`{ edi rhohep pmh ixnn m{vapmhuhu ag M4. M0 di` M7)

 M4? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj ukzh di` `kwk`hi` vd{axp)

 M0? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj vragkpdbknkp{ di` `kwk`hi` vd{axp)

 M7 ? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj edum gna| di` `kwk`hi` vd{axp)

Graj pmh Eahggkekhipu pdbnh. |h edi `h`xeh pmh rhlrhuukai htxdpkai du ganna|u?*

@ : 6)745 # 6)52=U ― 6)4=0@R ― 6)65;GN # 4)0<6V # 6N ― 6)5<2EG

|mhrh. @ : @kwk`hi` vd{axp rdpka

U : Ukzh -Papdn duuhpu+

@R : @hbp rdpka

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  06

GN : Gkidiekdn nhwhrdlh

V : Vragkpdbknkp{ -RAEH+

N : Nktxk`kp{ -Txkec rdpka+

EG : Edum gna|

0)5)2 Phup rhuxnpu gar Eaiuxjhr Vra`xepu uhepar

Pdbnh 0)5)2 Eaiuxjhr Vra`xepu uhepar 

Pmh R wdnxh abpdkih` ki Pdbnh 0)5)2 gar Eaiuxjhr Vra`xepu uhepar ku 6)<==.

|mkem ki`kedphu pmhrh dvvhdru pa bh d uprail rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag 

ki`hvhi`hip wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih`

ku 6)722. |mkem jhdiu pmdp 72)2( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh

h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu)

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  04

Graj pmh Eahggkekhipu pdbnh. pmh ganna|kil |hrh abpdkih`?*

4)  Papdn duuhpu -Ukzh+ -v : 6)666 > 6)68+ ? Ki`kedphu d uklikgkedip ihldpkwh

rhndpkaiumkv bhp|hhi ukzh di` `kwk`hi` vd{axp rdpka)

2)  Edum gna| -v : 6)665 > 6)68+ ? Ki`kedphu d uklikgkedip vaukpkwh

rhndpkaiumkv bhp|hhi edum gna| di` `kwk`hi` vd{axp rdpka

Pmh uklikgkedip ihldpkwh rhndpkaiumkv bhp|hhi ukzh di` `kwk`hi` vd{axp rdpka ku

iap eaiukuphip |kpm pmh gki`kilu b{ Dn*P|dkor{ -266<+ di` Vdvd`avaxnau hp dn) -266<+.

|mhrh pmhkr gki`kilu uma|h` pmdp ndrlh gkrju drh kienkih` pa vd{ `kwk`hi`u) Du

h}vheph`. pmhrh ku uklikgkedip vaukpkwh rhndpkaiumkv bhp|hhi edum gna| di` `kwk`hi`

vd{axp rdpka di` pmku ku ki nkih |kpm pmhkr gki`kilu di` pmh gki`kilu b{ Djk`x hp dn) 

-2667+)

Pmhrhgarh. pmku upx`{ edi rhohep pmh ixnn m{vapmhuhu ag M4 di` M7)

 M4? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj ukzh di` `kwk`hi` vd{axp)

 M7 ? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj edum gna| di` `kwk`hi` vd{axp)

0)5)5 Phup rhuxnpu gar Gkidieh uhepar 

Pmh R wdnxh abpdkih` ki Pdbnh 0)2)5 gar Gkidieh uhepar ku 6)087. |mkem

ki`kedphu pmdp pmhrh dvvhdru pa bh d |hdc rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag 

ki`hvhi`hip wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih`

ku 6)26=. |mkem jhdiu pmdp 26)=( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh

h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu) 

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  02

Pmhrh ku kiuklikgkedip rhndpkaiumkv bhp|hhi pmh uk} ki`hvhi`hip wdrkdbnhu di`

`kwk`hi` vd{axp rdpka  du dnn pmh ki`hvhi`hip wdrkdbnhu rhlkuphrh` v*wdnxh ag 9 6)68 )

Pmhrhgarh. gar Gkidieh uhepar pmku upx`{ ediiap rhohep dnn pmh uk} ixnn m{vapmhuhu) 

Pdbnh 0)5)5 Gkidieh uhepar 

0)5)0  Phup rhuxnpu gar Ki`xuprkdn Vra`xepu uhepar

Pmh R wdnxh abpdkih` ki Pdbnh 0)5)0 gar Ki`xuprkdn Vra`xepu uhepar ku 6)=60.

|mkem ki`kedphu pmhrh dvvhdru pa bh d uprail rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag 

ki`hvhi`hip wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih`

ku 6)70<. |mkem jhdiu pmdp 70)<( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh

h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu) 

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  05

Graj pmh Eahggkekhipu pdbnh. pmh ganna|kil |hrh abpdkih`?*

4)  @hbp rdpka -v : 6)666 > 6)68+ ? Ki`kedphu d uklikgkedip ihldpkwh

rhndpkaiumkv bhp|hhi `hbp rdpka di` `kwk`hi` vd{axp rdpka)

2)  Gkidiekdn nhwhrdlh -v : 6)666 > 6)68+ ? Ki`kedphu d uklikgkedip vaukpkwh

rhndpkaiumkv bhp|hhi gkidiekdn nhwhrdlh di` ̀ kwk`hi` vd{axp rdpka

Pmhrh ku uklikgkedip ihldpkwh rhndpkaiumkv bhp|hhi `hbp rdpka di` `kwk`hi`

vd{axp rdpka  |mkem h}vndkiu pmdp d gkrj |kpm na|hr `hbp rdpka phi`u pa vd{ jarh

`kwk`hi`) Bxp gkidiekdn nhwhrdlh mdu d vaukpkwh ukli |mkem |du iap h}vheph` pa bh du

gkrju |kpm mklmhr gkidiekdn nhwhrdlh drh h}vheph` pa vd{ na|hr `kwk`hi`u di` wkeh

whrud)

Pdbnh 0)5)0 Ki`xuprkdn Vra`xepu uhepar

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  00

Bduh` ai pmh rhuxnpu. pmku upx`{ edi rhohep ixnn m{vapmhuhu M2 di` M5)

 M2? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj `hbp rdpka di` `kwk`hi` vd{axp)

 M5? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj gkidiekdn nhwhrdlh di` `kwk`hi` vd{axp)

0)5)8  Phup rhuxnpu gar Vndipdpkai uhepar

Pdbnh 0)5)8 Vndipdpkai uhepar

Pmh R wdnxh abpdkih` ki Pdbnh 0)5)8 gar Vndipdpkai uhepar ku 6)846. |mkem

ki`kedphu pmhrh dvvhdru pa bh d ja`hrdph rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag 

ki`hvhi`hip wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih`

ku 6)276. |mkem jhdiu pmdp 27)6( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh

h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu) 

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  08

Pmhrh ku kiuklikgkedip rhndpkaiumkv bhp|hhi pmh uk} ki`hvhi`hip wdrkdbnhu di`

`kwk`hi` vd{axp rdpka du dnn pmh ki`hvhi`hip wdrkdbnhu rhlkuphrh` v*wdnxh ag 9 6)68 )

Pmhrhgarh. gar Vndipdpkai uhepar pmku upx`{ ediiap rhohep dnn pmh uk} ixnn m{vapmhuhu)

0)5)7  Phup rhuxnpu gar Vravhrpkhu uhepar

Pdbnh 0)5)7 Vravhrpkhu uhepar

Pmh R wdnxh abpdkih` ki Pdbnh 0)5)7 gar Vravhrpkhu uhepar ku 6)226. |mkem

ki`kedphu pmhrh dvvhdru pa bh d |hdc rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag 

ki`hvhi`hip wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih`

ku 6)60;. |mkem jhdiu pmdp 0);( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh

h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu) 

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  07

Pmhrh ku kiuklikgkedip rhndpkaiumkv bhp|hhi pmh uk} ki`hvhi`hip wdrkdbnhu di`

`kwk`hi` vd{axp rdpka  du dnn pmh ki`hvhi`hip wdrkdbnhu rhlkuphrh` v*wdnxh ag 9 6)68 )

Pmhrhgarh. gar Vravhrpkhu uhepar pmku upx`{ ediiap rhohep dnn pmh uk} ixnn m{vapmhuhu) 

0)5)<  Phup rhuxnpu gar Prd`kil!Uhrwkehu uhepar

Pdbnh 0)5)< Prd`kil!Uhrwkehu uhepar

Pmh R wdnxh abpdkih` ki Pdbnh 0)5)< gar Prd`kil!Uhrwkehu uhepar ku 6)057.

|mkem ki`kedphu pmhrh dvvhdru pa bh d |hdc rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag 

ki`hvhi`hip wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih`

ku 6)4;. |mkem jhdiu pmdp 4;)6( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh

h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu) 

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  0<

Graj pmh Eahggkekhipu pdbnh. pmh ganna|kil |du abpdkih`?*

4)  RAEH -v : 6)644 di` > 6)68+? Ki`kedphu d uklikgkedip vaukpkwh

rhndpkaiumkv bhp|hhi vragkpdbknkp{ di` `kwk`hi` vd{axp rdpka)

Pmh uklikgkedip vaukpkwh rhndpkaiumkv bhp|hhi vragkpdbknkp{ di` `kwk`hi` vd{axp

rdpka ku eaiukuphip |kpm pmh gki`kilu b{ Djk`x hp dn) -2667+ di` Vdvd`avaxnau hp dn) 

-266<+) Pmhkr gki`kilu uma|h` pmdp vragkpdbnh gkrju drh kienkih` pa vd{ `kwk`hi`u)

Pmhrh ku kiuklikgkedip rhndpkaiumkv bhp|hhi pmh apmhr gkwh ki`hvhi`hip

wdrkdbnhu di` `kwk`hi` vd{axp rdpka  du dnn ag pmhj rhlkuphrh` v*wdnxh ag 9 6)68 )

Pmhrhgarh. gar Prd`kil!Uhrwkehu uhepar pmku upx`{ edi ain{ rhohep ixnn m{vapmhuhu M0) 

 M0? Pmhrh ku ia rhndpkaiumkv bhp|hhi gkrj vragkpdbknkp{ di` `kwk`hi` vd{axp)

0)5)=  Phup rhuxnpu gar Apmhru uhepar

Pdbnh 0)5)= Apmhru uhepar

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  0=

Pmku uhepar ku jd`h xv ag d eajbkidpkai ag uheparu ki |mkem pmhuh uheparu mdwh

d ujdnnhr ixjbhr ag eajvdikhu) Pmh uheparu drh Eaiuprxepkai. Maphnu. Kigrduprxepxrh.

RHKPU. Phemianal{ di` Jhu`dt)

Pmh R wdnxh abpdkih` ki Pdbnh 0)5)= gar Apmhru uhepar ku 6)882. |mkem ki`kedphu

pmhrh dvvhdru pa bh d ja`hrdph rhndpkaiumkv bhp|hhi pmh eajbkidpkai ag ki`hvhi`hip

wdrkdbnhu ki pmh ja`hn di` pmh `hvhi`hip wdrkdbnh) Pmh R utxdrh abpdkih` ku 6)568.

|mkem jhdiu pmdp 56)8( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh edi bh h}vndkih`

b{ pmh uk} ki`hvhi`hip wdrkdbnhu) 

Graj pmh Eahggkekhipu pdbnh. pmh ganna|kil |hrh abpdkih`?*

4)  Papdn duuhpu -v : 6)648 di` > 6)68+? Ki`kedphu d uklikgkedip ihldpkwh

rhndpkaiumkv bhp|hhi ukzh di` `kwk`hi` vd{axp rdpka)

2)  RAEH -v : 6)666 > 6)68+ ? Ki`kedphu d uklikgkedip ihldpkwh

rhndpkaiumkv bhp|hhi vragkpdbknkp{ di` `kwk`hi` vd{axp rdpka)

5)  Edum gna| -v : 6)647 > 6)68+ ? Ki`kedphu d uklikgkedip vaukpkwh

rhndpkaiumkv bhp|hhi edum gna| di` `kwk`hi` vd{axp rdpka)

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  0;

Pmh uklikgkedip ihldpkwh rhndpkaiumkv bhp|hhi ukzh di` `kwk`hi` vd{axp rdpka ku

iap eaiukuphip |kpm pmh gki`kilu b{ Dn*P|dkor{ -266<+ di` Vdvd`avaxnau hp dn) -266<+)

Pmhkr gki`kilu uma|h` pmdp ndrlh gkrju drh kienkih` pa vd{ `kwk`hi`u)

Kp ku pmh udjh |kpm vragkpdbknkp{ |mkem mdu d ihldpkwh rhndpkaiumkv |kpm

`kwk`hi` vd{axp) Pmku ku xixuxdn di` ku iap ki nkih |kpm pmh gki`kilu b{ Bdchr hp dn) 

-4;=8+. Vrxkpp di` Lkpjdi -4;;4+. Djk`x hp dn) -2667+ di` Vdvd`avaxnau -266<+)

Du h}vheph`. pmhrh ku uklikgkedip vaukpkwh rhndpkaiumkv bhp|hhi edum gna| di`

`kwk`hi` vd{axp rdpka di` pmku ku ki nkih |kpm pmh gki`kilu b{ Djk`x hp dn) -2667+. Dn*

P|dkor{ -266<+ di` Vdvd`avaxnau hp dn) -266<+)

0)0  @kuexuukai ag rhuhdrem rhuxnpu

Pmh rhuxnpu gar awhrdnn uheparu -Pdbnh 0)5)5+ `k` iap vra`xeh d uprail ja`hn

pmdp edi vrh`kep pmh `kwk`hi` vd{axp rdpka ag dnn pmh gkrju du pmh R utxdrh wdnxh

abpdkih` |du whr{ ujdnn -v : 6)654+) Ma|hwhr. pmh uklikgkedip vaukpkwh rhndpkaiumkvu

bhp|hhi ki`hvhi`hip wdrkdbnhu. ukzh di` vragkpdbknkp{. di` `kwk`hi` vd{axp ku

eaiukuphip |kpm vdup nkphrdpxrhu du jhipkaih` ki vdrdlrdvm 0)5)4 dbawh)

Bduh` ai pmh rhuxnpu gar ki`kwk`xdn uheparu. ain{ p|a uheparu. idjhn{.

Eaiuxjhr Vra`xepu di` Ki`xuprkdn Vra`xepu. mdwh mklm R utxdrh wdnxh ag 6)722 di`

6)70<. rhuvhepkwhn{) Pmhuh p|a ja`hnu uma| pmdp 72)2( di` 70)<( ag pmh wdrkdpkai ag 

pmh `hvhi`hip wdrkdbnh. `kwk`hi` vd{axp rdpka. edi bh h}vndkih` b{ pmh uk} ki`hvhi`hip

wdrkdbnhu)

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  86

Ki Eaiuxjhr Vra`xepu uhepar. pmh uklikgkedip ihldpkwh rhndpkaiumkv bhp|hhi

ukzh di` `kwk`hi` vd{axp rdpka ku iap ki nkih |kpm h}vheph` rhuxnpu di` gki`kilu b{ Dn*

P|dkor{ -266<+ di` Vdvd`avaxnau hp dn) -266<+) Bxp du h}vheph`. edum gna| mdu d

uklikgkedip vaukpkwh rhndpkaiumkv |kpm `kwk`hi` vd{axp rdpka)

Ki Ki`xuprkdn Vra`xepu uhepar. gkidiekdn nhwhrdlh mdu d uklikgkedip vaukpkwh

rhndpkaiumkv |kpm `kwk`hi` vd{axp rdpka |mkem |du iap h}vheph` bxp `hbp rdpka mdu

ihldpkwh ukli di` ku eaiukuphip |kpm h}vheph` rhuxnpu)

Dnn pmh apmhr uheparu. idjhn{. Gkidieh. Vndipdpkai. Vravhrpkhu.

Prd`kil!Uhrwkehu di` Apmhru. mdwh na| R utxdrh wdnxh) Pmhkr rhuxnpu `k` iap vra`xeh d

laa` ja`hn pa vrh`kep `kwk`hi` vd{axp rdpka ag pmh gkrju ki pmh rhuvhepkwh uheparu) Gar

Gkidieh. Vndipdpkai di` Vravhrpkhu uheparu. dnn uk} ki`hvhi`hip wdrkdbnhu uma|h`

kiuklikgkedip rhndpkaiumkv |kpm `kwk`hi` vd{axp rdpka du v*wdnxh abpdkih` |du 9 6)68 )

Ki Prd k̀il!Uhrwkehu uhepar. ain{ vragkpdbknkp{ uma|u d uklikgkedip vaukpkwh

rhndpkaiumkv |kpm `kwk`hi` vd{axp rdpka |mkem |du h}vheph`) Du gar Apmhru uhepar.

edum gna| mdu d uklikgkedip vaukpkwh rhndpkaiumkv |kpm `kwk`hi` vd{axp rdpka |mkem |du

h}vheph`) Pmh apmhr p|a wdrkdbnhu. ukzh di` vragkpdbknkp{. uma|h` d ihldpkwh

uklikgkedip rhndpkaiumkv |kpm `kwk`hi` vd{axp rdpka |mkem ku iap eaiukuphip |kpm vdup

nkphrdpxrhu jhipkaih` ki vdrdlrdvm 0)5)= )

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  84

8  EAIENXUKAI

8)4  Uxjjdr{ ag pmh upx`{ emdvphr

Pmku upx`{ |du edrrkh` axp pa gki` axp pmh `hphrjkidipu ag `kwk`hi` vd{axp

rdpka ag pmh pav 266 Jdnd{ukdi vxbnke*nkuph` eajvdikhu -b{ jdrchp edvkpdnkudpkai+) Ki

emdvphr 4. pmku upx`{ vrhuhiph` pmh bdeclraxi` ai `kwk`hi` di` `kwk`hi` vanke{) Kp

jhipkaih` brkhgn{ uajh ag pmh upx`khu `aih b{ vdup rhuhdremhru pa xieawhr pmh gdeparu

pmdp kignxhieh `kwk`hi` vd{axp ag eajvdikhu ki `kgghrhip jdrchpu |mkem ku upknn

rhldr`h` du vxzznkil) Pmh rhuhdrem txhupkaiu di` abohepkwhu ag pmku upx`{ |hrh

axpnkih` ki pmku emdvphr)

Emdvphr 2 rhwkh|h` pmh pmharkhu rhndph` pa `kwk`hi` di` pmh eajjain{

vrdepkuh` `kwk`hi` vd{axp dvvrademhu) Kp dnua eawhrh` uajh vdup upx`khu `aih b{

vrhwkaxu rhuhdremhru |ma xuh` `kgghrhip gdeparu ki pmhkr dpphjvp pa gki` axp pmh gdeparu

pmdp kignxhieh `kwk`hi` vd{axp ag eajvdikhu) Pmh rhuhdrem ja`hn xuh` ki pmku upx`{.

pmh `hgkikpkai ag pmh uk} ki`hvhi`hip wdrkdbnhu -ukzh. `hbp rdpka. gkidiekdn nhwhrdlh.

vragkpdbknkp{. nktxk`kp{ di` edum gna|+ di` pmh `hvhi`hip wdrkdbnh -`kwk`hi` vd{axp

rdpka+. di` pmh uk} ixnn m{vapmhuhu pmdp |knn bh phuph` |hrh axpnkih` mhrh)

Emdvphr 5 h}vndkih` pmh rhuhdrem jhpma`anal{ gar pmh exrrhip upx`{) Kp eawhrh`

drhdu uxem du rhuhdrem `hukli. vavxndpkai di` udjvnkil vraeh`xrhu di` `dpd eannhepkai

jhpma`) Pmh gkidn udjvnh abpdkih` |du 484 eajvdikhu) Kp dnua h}vndkih` pmh wdrkdbnhu

xuh` di` pmh uednh ag jhduxrhjhip di` pmh `dpd didn{uku phemiktxh xuh` |mkem ku

jxnpkvnh nkihdr rhlrhuukai)

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  82

Emdvphr 0 rhvarph` pmh phup rhuxnpu ag pmh jxnpkvnh rhlrhuukai |mhrh pmh uk}

ki`hvhi`hip wdrkdbnhu |hrh rhlrhuuh` dldkiup pmh `hvhi`hip wdrkdbnh. ̀ kwk`hi` vd{axp)

Pmh rhuxnpu ag hdem phup gar dnn uheparu -awhrdnn+ ganna|h` b{ Eaiuxjhr Vra`xepu.

Gkidieh. Ki`xuprkdn Vra`xepu. Vndipdpkai. Vravhrpkhu. Prd`kil!Uhrwkehu di` Apmhru

uheparu |hrh uma|i di` kjvarpdip gki`kilu |hrh mklmnklmph`) Gar hdem uhepar. pmh

upx`{ eaienx`h` |kpm |mkem ixnn m{vapmhuku pmdp edi bh rhoheph`) Pmku emdvphr

eaienx`h` |kpm pmh `kuexuukai ag pmh rhuhdrem rhuxnpu)

Gkidnn{. Emdvphr 8 ldwh d uxjjdr{ di` pmh eaienxukai ag pmh exrrhip upx`{)

Pmh nkjkpdpkaiu ag pmh upx`{ |hrh jhipkaih` di` rheajjhi`dpkai gar gxpxrh upx`khu

|du vravauh`)

Pmh ja`hn xuh` b{ pmku upx`{ |mkem |du d`dvph` graj pmh ja`hn b{

Vdvd`avaxnau hp dn) -266<+ `k` iap abpdki eaienxukwh rhuxnpu ki `hphrjkikil pmh

`kwk`hi` vd{axp rdpka ag nkuph` gkrju -dnn uheparu+ ai Bxrud Jdnd{ukd) Pmh na| R

utxdrh wdnxh uma|h` pmdp pmh ja`hn ku iap d laa` vrh`kepar ag `kwk`hi` vd{axp rdpka) Kp

ain{ uma|h` pmdp 5)4( ag pmh wdrkdpkai ag pmh `hvhi`hip wdrkdbnh. `kwk`hi` vd{axp

rdpka. edi bh h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu)

Gar dnn uheparu rhuxnp. pmhrh drh ain{ p|a ki`hvhi`hip wdrkdbnhu. idjhn{. ukzh

di` vragkpdbknkp{. |mkem uma|h` uklikgkedip vaukpkwh rhndpkaiumkv bhp|hhi pmhj di`

`kwk`hi` vd{axp rdpka) Pmku ku eaiukuphip |kpm vdup nkphrdpxrhu. |mhrhdu. edum gna|

uma|h` d ihldpkwh ukli di` kp eaignkepu |kpm vdup nkphrdpxrhu)

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  85

Ai d uhepar bduku. ain{ pmh ja`hnu graj Eaiuxjhr Vra`xepu di` Ki`xuprkdn

Vra`xepu uheparu uma|h` mklm R utxdrh wdnxhu |mkem drh 6)722 di` 6)70<.

rhuvhepkwhn{) Pmhuh ja`hnu uma|h` pmdp 72)2( di` 70)<( ag pmh wdrkdpkai ag pmh

`hvhi`hip wdrkdbnh edi bh h}vndkih` b{ pmh uk} ki`hvhi`hip wdrkdbnhu. ki Eaiuxjhr

Vra`xepu di` Ki`xuprkdn Vra`xepu. rhuvhepkwhn{) Pmhuh ja`hnu edi vhrmdvu bh xuh` pa

vrh`kep pmh `kwk`hi` vd{axp rdpka ag pmh gkrju nkuph` ai pmhuh uheparu)

Pmh apmhr uheparu uxem du Gkidieh. Vndipdpkai. Vravhrpkhu. Prd`kil!Uhrwkehu di`

Apmhru. `k` iap vra`xeh eaienxukwh rhuxnpu du pmh R utxdrh wdnxh ki pmhuh ja`hnu |hrh

na|) Jaup kg iap dnn pmh `hvhi`hip wdrkdbnhu uma|h` kiuklikgkedip rhndpkaiumkv |kpm

`kwk`hi` vd{axp rdpka)

8)2  Nkjkpdpkaiu

Gkrupn{. pmh udjvnh ukzh ag 484 eajvdikhu uhnheph` di` `dpd eannheph` gar d

vhrka` ag pmrhh eaiuhexpkwh {hdru jd{ iap bh ndrlh hiaxlm pa lhihrdph rhnkdbnh rhuxnpu

pmdp edi duukup pmku upx`{ pa jdch uank` eaienxukaiu ai pmh `hphrjkidipu ag `kwk`hi`

vd{axp rdpka ag pmh udjvnh eajvdikhu) Uajh uheparu ki pmh udjvnh mdwh nhuu pmdi phi

eajvdikhu hdem di` pmh{ mdwh pa bh eajbkih` palhpmhr du Apmhru uhepar pa rxi pmh

rhlrhuukai didn{uku) Du uxem. pmku upx`{ |du xidbnh pa didn{uh pmh gki`kilu ag hdem ag 

pmku uhepar)

Uheai`n{. pmh emakeh ag wdrkdbnhu kienx`h` ki ar ajkpph` graj d ja`hn di` pmh

`hgkikpkai -garjxndh+ xuh` ki pmh hupkjdpkai ag kjvarpdip gdeparu edi uklikgkedipn{

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  80

kignxhieh d upx`{‛u rhuxnpu) Vhrmdvu. jarh uxkpdbnh rdpkau ar apmhr gdeparu edi bh

kienx`h`)

8)5  Rheajjhi`dpkai gar gxpxrh upx`khu

Pmh dbawh gki`kilu uxllhup d gxrpmhr rhuhdrem ag `kwk`hi` vd{axp `hphrjkidipu)

Gkrup ag dnn. aih jd{ upx`{ pmh uxkpdbknkp{ ag pmh updpkupkedn jhpma` xuh` ki upx`{kil

`kwk`hi` vd{axp vanke{) Pmh rhndpkaiumkv bhp|hhi `kwk`hi` vd{axp di` kpu

`hphrjkidipu jd{ iap bh ki nkihdr garj)

Uheai`n{. aih jd{ mdwh pa lkwh dpphipkai pa d bhpphr emakeh ag `hphrjkidipu

di` pmhkr `hgkikpkai -garjxndh+ du pmh{ drh kjvarpdip ki kignxhiekil d upx`{‛u rhuxnpu)

Pmku edi bh `aih b{ mdwkil d jarh h}phiukwh rhuhdrem kipa vdup upx`khu di` pmhkr

emakeh ag ̀ hphrjkidipu xuh`)

Pmkr`n{. pmku upx`{ ku rhuprkeph` pa pmh pav 266 vxbnke*nkuph` eajvdikhu ki

Jdnd{ukd b{ jdrchp edvkpdnkudpkai) Aih jd{ eaiuk`hr pdckil pmh |manh vavxndpkai ag 

eajvdikhu nkuph` ai Bxrud Jdnd{ukd pa eai`xep d pmaraxlm didn{uku |mkem jd{

vrawk`h d enhdrhr kiuklmp ki `kwk`hi` vd{axp `hphrjkidipu ag nkuph` gkrju ki Jdnd{ukd

|kpmaxp kjvaukil rhuprkepkai pa d ehrpdki edphlar{!erkphrkd)

8)0  Eaienxukai

Pmku upx`{ ku xidbnh pa `hwhnav d laa` ja`hn |mkem edi vrh`kep pmh `kwk`hi`

vd{axp rdpka ag pmh pav 266 Jdnd{ukdi vxbnke*nkuph` eajvdikhu) Pmku jd{ bh `xh pa pmh

7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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  88

nkjkpdpkaiu jhipkaih` dbawh) Pmh abohepkwh ag pmh upx`{ pa gki` axp pmh `hphrjkidipu

ag `kwk`hi` vd{axp rdpka rhjdkiu kieaienxukwh) Ma|hwhr. uajh gki`kilu rhwhdnh` pmdp

axp ag pmh uk} ki`hvhi`hip wdrkdbnhu xuh`. gaxr uma|h` uklikgkedip rhndpkaiumkv |kpm

`kwk`hi` vd{axp rdpka di` ki pmh `krhepkai ag uklikgkedieh |mkem drh eaiukuphip |kpm

pmh gki`kilu ag vdup nkphrdpxrhu) Pmh{ drh ukzh. vragkpdbknkp{. edum gna| di` `hbp rdpka ag 

gkrju)

7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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  87

Dvvhi`k} 4 NKUP AG EAJVDIKHU KI UDJVNH

Ia) Idjh ag eajvdi{ Uhepar

4 Ldjx`d Bm` Eaiuprxepkai

2 Maec Uhil Nhh Bm` Eaiuprxepkai

5 KOJ Earvardpkai Bm` Eaiuprxepkai

0 \EP Bm` Eaiuprxepkai

8 [PN Earvardpkai Bm` Eaiuprxepkai

7 _hndi Bm` Eaiuprxepkai

< Dukd Gknh Earv) Bm`) Eaiuxjhr Vra`xepu

= Brkpkum Djhrkedi Pab) Bm` Eaiuxjhr Vra`xepu

; Edrnubhrl Brh|hr{ -J+ Bm` Eaiuxjhr Vra`xepu

46 EEJ @xavmdrjd Bkaphem Bm` Eaiuxjhr Vra`xepu

44 @xpem Nd`{ Jknc Ki` Bm` Eaiuxjhr Vra`xepu

42 Grduhr ' Ihdwh Mn`lu Eaiuxjhr Vra`xepu45 Lan`Ku Bm` Eaiuxjhr Vra`xepu

40 Lxkiihuu Diemar Bm` Eaiuxjhr Vra`xepu

48 Mail Nhail Ki` Bm` Eaiuxjhr Vra`xepu

47 OP Kiphridpkaidn Bm` Eaiuxjhr Vra`xepu

4< Ihupnh -J+ Bm` Eaiuxjhr Vra`xepu

4= Arkhipdn Mn`lu Bm` Eaiuxjhr Vra`xepu

4; Vhnkcdi Kip,n Earv Bm` Eaiuxjhr Vra`xepu

26 VVB Lraxv Bm` Eaiuxjhr Vra`xepu

24 TN Rhuaxrehu Bm` Eaiuxjhr Vra`xepu22 Pdi Email Japar Mn`lu Bm` Eaiuxjhr Vra`xepu

25 XJ\ Man`kilu Bm` Eaiuxjhr Vra`xepu

20 Dggki Man`kilu Bm` Gkidieh

28 Bxjkvxprd*Eajjhreh Mn`l B Gkidieh

27 Bxrud Jdnd{ukd Bm` Gkidieh

2< HAI Edvkpdn Bm` Gkidieh

2= Mail Nhail Bdic Bhrmd` Gkidieh

2; Mail Nhail Gkidiekdn Lrv Gkidieh

56 M|dilu*@BU -J+ Bm` Gkidieh

54 Ohrihm Dukd Bm` Gkidieh

52 NVK Edvkpdn Bm` Gkidieh

55 Jdnd{di Bdickil Bm` Gkidieh

50 Jdixnkgh Kiuxrdieh -J+Bm` Gkidieh

58 JIRB Man`kilu Bm` Gkidieh

57 J,ukd Bn`l Uaekhp{ Bm` Gkidieh

5< AUC Man`kilu Bhrmd` Gkidieh

5= Vdekgkejdu Bm` Gkidieh

5; Vxbnke Bdic Bm` -N+ Gkidieh

7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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  8<

Ia) Idjh ag eajvdi{ Uhepar

06 RMB Edvkpdn Bm` Gkidieh

04 PD Hiphrvrkuh Bm` Gkidieh

02 Ndi`jdrcu Bhrmd` Maphnu

05 Umdilrk*Nd Maphnu -J+ Bm` Maphnu00 Dii Oaa Rhuaxrehu Bm` Ki`xuprkdn Vra`xepu

08 DVJ Dxpajapkwh Mn`lu Bm` Ki`xuprkdn Vra`xepu

07 Emhjkedn Ea ag J,ukd Bm` Ki`xuprkdn Vra`xepu

0< Huua J,ukd Bm` Ki`xuprkdn Vra`xepu

0= Hwhrlrhhi Gkbrhbadr` Bm` Ki`xuprkdn Vra`xepu

0; Mxjh Ki` -J+ Bm` Ki`xuprkdn Vra`xepu

86 Ki`xuprkdn Eaierhph Vra`) Ki`xuprkdn Vra`xepu

84 Od{d Pkdud Man`kilu Bm` Ki`xuprkdn Vra`xepu

82 Chec Uhil -J+ Bm` Ki`xuprkdn Vra`xepu

85 Ckdi Oaa Edi Gdepar{ Bm` Ki`xuprkdn Vra`xepu

80 CIJ Lraxv Bm` Ki`xuprkdn Vra`xepu

88 Cauudi Rxbbhr Ki`) Bm`) Ki`xuprkdn Vra`xepu

87 Crkuduuhpu Man`kilu Bm` Ki`xuprkdn Vra`xepu

8< Ndgdrlh Jdnd{di Ehjhip Ki`xuprkdn Vra`xepu

8= NEPM Earvardpkai Bm` Ki`xuprkdn Vra`xepu

8; J,ukd Ujhnpkil Earv Bm` Ki`xuprkdn Vra`xepu

76 Vhpraidu Ldu Bm` Ki`xuprkdn Vra`xepu

74 Ueajk Lraxv Bm` Ki`xuprkdn Vra`xepu

72 Umhnn Rhgkikil Ea Bm` Ki`xuprkdn Vra`xepu75 Uxbxr Pkdud Man`kilu Bm` Ki`xuprkdn Vra`xepu

70 Uxvhrjd} Earvardpkai Bm` Ki`xuprkdn Vra`xepu

78 Pd Dii Mn`lu Bm` Ki`xuprkdn Vra`xepu

77 Pkpdi Emhjkednu Earv Bm` Ki`xuprkdn Vra`xepu

7< Pav Lnawh Earvardpkai Bm` Ki`xuprkdn Vra`xepu

7= XDE Bm` Ki`xuprkdn Vra`xepu

7; Xemk Phemianalkhu Bm` Ki`xuprkdn Vra`xepu

<6 \dm Uhail Earvardpkai Bm` Ki`xuprkdn Vra`xepu

<4 \mkph Maruh Bm` Ki`xuprkdn Vra`xepu

<2 \kod{d Bdrx Lnabdn Bm` Ki`xuprkdn Vra`xepu

<5 \PC Mn`lu Bm` Ki`xuprkdn Vra`xepu

<0 [PN Ehjhip Bm` Ki`xuprkdn Vra`xepu

<8 Nkilcdrdi Prdiu Capd Mn`l Kigrduprxepxrh

<7 Vxiedc Ikdld Mn`lu Bm` Kigrduprxepxrh

<< [PN Va|hr Kip) Bm` Kigrduprxepxrh

<= AUC Whipxrhu Kip,n Bm` Jhu`dt

<; Dukdpke @hwhnavjhip Bm` Vndipdpkai

=6 Bdpx Cd|di Bm` Vndipdpkai

=4 Baxuphd` Mn`lu Bm` Vndipdpkai

7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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  8=

Ia) Idjh ag eajvdi{ Uhepar

=2 Emki Phec Vndipdpkaiu Bm` Vndipdpkai

=5 Gdr Hdup Man`kilu Bm` Vndipdpkai

=0 KOJ Vndipdpkaiu Bm` Vndipdpkai

=8 KAK Earvardpkai Bm` Vndipdpkai=7 Cxdnd Nxjvxr Chvail Bm` Vndipdpkai

=< Cxnkj -J+ Bm` Vndipdpkai

== C|dipdu Earvardpkai Bm` Vndipdpkai

=; Prd`h|ki`u -J+ Bm` Vndipdpkai

;6 PUM Rhuaxrehu Bm` Vndipdpkai

;4 Xikea*@hud Vndipdpkai Bm` Vndipdpkai

;2 Xikph` Jdndeed Bm` Vndipdpkai

;5 Xikph` Vndipdpkaiu Bm` Vndipdpkai

;0 @dkjdi @hwhnavjhip Bm` Vravhrpkhu

;8 Hduphri ' Arkhipdn Bm` Vravhrpkhu

;7 LxaeaNdi` -J+ Bm` Vravhrpkhu

;< KLB Earvardpkai Bm` Vravhrpkhu

;= KAK Vravhrpkhu Bm` Vravhrpkhu

;; CNEE Vravhrp{ Mn`lu Bm` Vravhrpkhu

466 CUN Man`kilu Bm` Vravhrpkhu

464 Jdm Ukil Lraxv Bm` Vravhrpkhu

462 JC Ndi` Bm` Vravhrpkhu

465 Idkj Ehi`hrd Man`kilu Bm` Vravhrpkhu

460 U V Uhpkd Bhrmd` Vravhrpkhu468 Uhndilar Vravhrpkhu Bm` Vravhrpkhu

467 UMN Eaiuank`dph` Bm` Vravhrpkhu

46< Uxirkuh Bm` Vravhrpkhu

46= [IM Vravhrp{ Bm` Vravhrpkhu

46; D}ku Rhdn Hupdph Kiwhupjp RHKPU

446 @'A Whipxrhu Bm` Phemianal{

444 Lnabhpraikeu Phemianal{ Phemianal{

442 Lrhhi Vdechp Bm` Phemianal{

445 J,ukdi Vdekgke Ki` Bm` Phemianal{

440 Xikuhj -J+ Bm` Phemianal{

448 DHAI Ea) -J+ Bm` Prd`kil!Uhrwkehu

447 Dj|d{ -J+ Man`kilu Bm` Prd`kil!Uhrwkehu

44< Dupra Dnn Ihp|arc VNE Prd`kil!Uhrwkehu

44= Bhrod{d Ndi` Bm` Prd`kil!Uhrwkehu

44; Bhrod{d Uvarpu Papa Bm` Prd`kil!Uhrwkehu

426 Bkipxnx Varp Man`kilu Bm` Prd`kil!Uhrwkehu

424 EIK Man`kilu Bm` Prd`kil!Uhrwkehu

422 @kdnal Lraxv Bm` Prd`kil!Uhrwkehu

425 @rhdjldph Earvardpkai Bm` Prd`kil!Uhrwkehu

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  8;

Ia) Idjh ag eajvdi{ Uhepar

420 Lhipkil Bm` Prd`kil!Uhrwkehu

428 Mdv Uhil Eaiuank`dph` Bm` Prd`kil!Uhrwkehu

427 Oabuprhhp Earvardpkai Bm` Prd`kil!Uhrwkehu

42< CVO Mhdnpm Bm` Prd`kil!Uhrwkehu42= JBJ Rhuaxrehu Bm` Prd`kil!Uhrwkehu

42; Jh`kd Vrkjd Bm` Prd`kil!Uhrwkehu

456 JKUE Bm` Prd`kil!Uhrwkehu

454 JJE Earvardpkai Bm` Prd`kil!Uhrwkehu

452 J,ukd Dkrvarpu Mn`lu Bm` Prd`kil!Uhrwkehu

455 J,ukdi Bxnc Edrrkhru Bm` Prd`kil!Uhrwkehu

450 JP@ Kigrdvhr`did Bm` Prd`kil!Uhrwkehu

458 IEB Man`kilu Bm` Prd`kil!Uhrwkehu

457 IUP Vrhuu -J+ Bm` Prd`kil!Uhrwkehu

45< Vd`kbhrdu Idukaidn Bm` Prd`kil!Uhrwkehu

45= VBD Man`kilu Bm` Prd`kil!Uhrwkehu

45; Vhprd Vhr`did Bm` Prd`kil!Uhrwkehu

406 Vhpraidu @dldildi Bm` Prd`kil!Uhrwkehu

404 Vmdrjdikdld Bm` Prd`kil!Uhrwkehu

402 VNXU H}vrhuu|d{u Bm` Prd`kil!Uhrwkehu

405 TUR Brdi`u Bm` Prd`kil!Uhrwkehu

400 Rhuarpu \arn` Bhrmd` Prd`kil!Uhrwkehu

408 Udrd|dc Hihrl{ Bm` Prd`kil!Uhrwkehu

407 Ueajk Jdrkih Bm` Prd`kil!Uhrwkehu40< Updr Vxbnkedpkai -J+ Bm` Prd`kil!Uhrwkehu

40= Pdnk|arcu Earvardpkai Bm` Prd`kil!Uhrwkehu

40; Pdioail Vxbnke Nkjkph` Ea Prd`kil!Uhrwkehu

486 Phnhcaj -J+ Bm` Prd`kil!Uhrwkehu

484 Phidld Idukaidn Bm` Prd`kil!Uhrwkehu

7/23/2019 Research Topic: The Determinants Of Dividend Payout Of The Top 200 Malaysian Public-Listed Campanies

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  76

Dvvhi`k} 2

Rhghrhiehu

Dn*P|dkor{. D) D) -266<+) @kwk`hi` vanke{ di` vd{axp rdpka? Hwk`hieh graj pmh

Cxdnd Nxjvxr upaec h}emdilh) Oaxridn ag Rkuc Gkidieh. Wan = Ia) 0.

50;*575)

Djk`x. J) di` Dbar. O) -2667+) @hphrjkidipu ag `kwk`hi` vd{axp rdpkau ki Lmdid)

 Oaxridn ag Rkuc Gkidieh. Wan < Ia) 2. 457*408)

Bdchr. M) C) ' Va|hnn. L) H) -2666+) @hphrjkidipu ag earvardph `kwk`hi` vanke{? D

uxrwh{ ag I[UH gkrju) Gkidiekdn Vrdepkeh di` H`xedpkai. Uvrkil!Uxjjhr

2666)

Bdchr. J) ' \xrlnhr. O) -2660+) D edphrkil pmhar{ ag `kwk`hi`u) Pmh Oaxridn ag 

Gkidieh. Wan NK] Ia) 5. 4428*4478)

Bmdppdemdr{{d. I) -266<+) @kwk`hi` vanke{? D rhwkh|) Jdidlhrkdn Gkidieh. Wan 55

Ia) 4. 0*45)

Emkdil. C). Grdicgxrphr. L) J). Cauh`dl. D). ' \aa` Or. B) L) -2667+) Pmh

vhrehvpkai ag `kwk`hi`u b{ vraghuukaidn kiwhuparu)  Jdidlhrkdn Gkidieh. Wan

52. 76*=4)

@mdidik. D) -2668+) Earvardph `kwk`hi` vanke{? Pmh wkh|u ag Brkpkum gkidiekdn

jdidlhru) Oaxridn ag Bxukihuu Gkidieh ' Deeaxipkil. Wan 52-<+ ' -=+. 4727*

47<2)

@ail. J). Rabkiuai. E). ' Whn`. E) -2668+) \m{ ki`kwk`xdn kiwhuparu |dip

`kwk`hi`u) Oaxridn ag Earvardph Gkidieh. Wan 42. 424*48=)

@axlndu. D) W) -266<+) Jdidlhrkdn avvarpxikpkuj di` vravarpkaidn earvardph

vd{axp vankekhu) Jdidlhrkdn Gkidieh. Wan 55 Ia) 4. 27*02)

Ghrrku. U) V). Uhi. I). ' Ma. V) [) -2668+) Drh gh|hr gkrju vd{kil jarh `kwk`hi`u1

Pmh kiphridpkaidn hwk`hieh) Oaxridn ag Jxnpkidpkaidn Gkidiekdn Jdidlhjhip.

Wan 47. 555*572)

Jdiekihnnk. N) ' Azcdi. D) -2667+) A|ihrumkv uprxepxrh di` `kwk`hi` vanke{?

Hwk`hieh graj Kpdnkdi gkrju) Pmh Hxravhdi Oaxridn ag Gkidieh. Wan 42 Ia) 5.

278*2=2)

Idehxr. U) B). Ladhk`. J). ' Bhndihu. D) -2667+) Ai pmh `hphrjkidipu di`

`{idjkeu ag `kwk`hi` vanke{) Kiphridpkaidn Rhwkh| ag Gkidieh. Wan 7? 4*2. 4*

25)

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Rhiihbaal. N) ' Praodia|uck. L) -266<+) Eaipran uprxepxrhu di` vd{axp vanke{)

 Jdidlhrkdn Gkidieh. Wan 55 Ia) 4. 05*70

Uhcdrdi. X) -2665+) Rhuhdrem Jhpma`u gar Bxukihuu * D Ucknn Bxkn`kil Dvvradem

-Gaxrpm H`kpkai+) Xikph` Updphu ag Djhrked? Oami \knh{ ' Uaiu. Kie)


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