Citation
Stress and stress resistance resources among male dentists

Material Information

Title:
Stress and stress resistance resources among male dentists
Creator:
Klement, Elizabeth Cline, 1952-
Publication Date:
Language:
English
Physical Description:
xii, 188 leaves : ; 28 cm.

Subjects

Subjects / Keywords:
Dental research ( jstor )
Dentistry ( jstor )
Dentists ( jstor )
Diseases ( jstor )
Life events ( jstor )
Mathematical variables ( jstor )
Psychological stress ( jstor )
Self immolation ( jstor )
Social psychology ( jstor )
Spouses ( jstor )
Adjustment (Psychology) ( lcsh )
Dentists -- Job stress -- Florida ( lcsh )
Stress (Psychology) ( lcsh )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1988.
Bibliography:
Includes bibliographical references.
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Elizabeth Cline Klement.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
024801941 ( ALEPH )
AFM0892 ( NOTIS )
20071174 ( OCLC )

Downloads

This item has the following downloads:


Full Text













STRESS


AND STRESS RESISTANCE
AMONG MALE DENTISTS


ELIZABETH


CLINE


RESOURCES


KLEMENT


A DISSERTATION PRESENTED TO
THE UNIVERSITY
IN PARTIAL FULFILLMENT OF T
DEGREE OF DOCTOR


THE GRADUATE S
OF FLORIDA
HE REQUIREMENTS
OF PHILOSOPHY


SCHOOL

FOR


OF

THE



























Copyright


1988


Elizabeth


Cline


Klement




























This


dissertation


have
not

THOMAS


been
for


would


not


possible i
my husband


. KLEMENT,


D.M.D.


to whom


I dedicate


this


work














ACKNLOWLEDGEMENTS


A number


special


people


have


been


an important


part


thi


heartfelt


dissertation


appreciation


experience.


their


I wish


express


contributions,


encourage-


ment,


interest,


and


support.


First,


aid


I would


and


like


support


thank


role


. Roderick


as committee


. McDavi


chairman.


Rod'


guidance,


support,


and


friendship


have


been


invaluable


not


only


as committee


chair


but


also


as my


faculty


advisor


over


a 14-year


period.


I appreciated


his


patience,


respected


judgments,


valued


standards


of excellence,


and


needed


unswerving


belief


that


I would


indeed


complete


thi


degree.


wish


to thank,


also,


the


other


members


committee,


each


of whom


made


special


contributions.


thank


. Paul


. Fitzgerald


, for


encouragement


during


the


tough


times;


. Jane


. Myers


, for


her


diligence


and


constructive


criticisms


in reading


the


manuscript;


and


Wallace


Mealiea,


his


knowledge


of stress


dentists.


I extend


a special


thank


you


to Dr. Peggy


Fong,


S S


w ~ ~ ~ ~ ~ ~ ~~r amr A- I, CI -. 4---l-A .. iet


___ *~


mrrrrk~u,


AF CkA


1-,^-


* I I


CA~









helping


me conceptualize,


operationalize,


and


write


the


research


proposal


was


invaluable.


A number


of other


people


made


important


contributions,


directly


or indirectly,


effort.


I wish


thank


Arnold


White,


Jr.,


his


willingness


write


introductory


letter


to the


mail


survey.


His


contribution


was


especially


significant


because


the


personal


challenges


cancer.


was


thank


suggestions


facing

Marie S


writing


his


timpinsk


the


mail


heroic

i for


battle


her


survey.


helpful


I wish


Sharon


list,


Ross


letters,


her


envelopes,


and


work


the


the


mail


mailing


survey.


appreciated


her


commitment


to get


the


survey


out


on time


and


her


willingness


to work


around


the


clock


to meet


deadline.


I also


want


thank


Sharon'


daughter


Nicole


her


assistance


in stuffing


the


envelopes


also


wish


thank


Adele


Koehler


her


expert


typing


skills


and


her


commitment


to meeting


the


deadline.


thank


Kevin


McKillop


his


consultations


on the


data


analyses.


heartfelt


dear


gratitude


friend


her


Mickie


listening


Miller


ear,


I extend


intellectual


stimulation,


moral


support,


and


knowing


so well


what


like


to write


a dissertation.


Sharing


this


experience


with


her


made


the


difference.


against


tireless


thank


preparing


postcards









Each


of them,


their


own


special


way,


provided


the


special


"mothering"


children


needed


so I could


away


from


them


without


feeling


"too"


guilty.


I wish


express


sincere


appreciation


the


more


than


dentists


the


state


of Florida


who


gave


of their


time


to contribute


to this


attempt


to further


understand


the


stress


they


experience.


I would


like


thank


family


their


innumerable


contributions


this


effort.


thank


parents,


Cranmore


Lucile


Cline,


the


gifts


the


love


of learning


and


pride


educational


achievement


which


have


inspired


this


pursuit


the


Ph.D.


degree.


I deeply


appreciate


the


help


they


provided


me on my


many


trips


back


and


forth


between


Petersburg


and


Gainesville.


am especially


thankful


mother'


assistance


delivering


the


final


drafts


to the


typist,


the


copy


center,


and


the


committee


members.


thank


three


children,


Kristen


Elizabeth


Klement


(5),


Katherine


Victoria


Klement


(3),


and


Robert


Thomas


Klement


(2),


who


have


provided


me the


balance


and


diversity


I needed.


this


They


project


were


first


either


began.


very

I hope


young

that


or as yet

as they g


unborn


row


when


can


inspire


each


them


a dream


the


determination


reach


a high


goal.









dentists.


I appreciated


his


patience


with


almost


total


absorption


this


project


many


months.


thank


him


serving


as a sounding


board


and


providing


much


needed


emotional


occasions


his


support.


many


hours


also


relied


tedious


on him


labor


on numerous


helping


prepare


and


sorting


materials


the


project.


Additionally,


I could


not


have


accomplished


this


without


his


unfailing


sense


of humor,


encouragement,


love,


pride


accomplishments.


has


meant


a great


deal


to have


wonderful


partner


to share


this


endeavor


with


me.


















TABLE OF CONTENTS


Page


ACKNOWLEDGEMENTS......................................







CHAPTERS


I INTRODUCTION..................... ............ ...


Statement of the Problem...
Purpose of the Study.......
Need for the Study.........
Significance of the Study..
Definition of Terms........
Organization of the Study..


.a .a C .
. C .


. .
S a
. .........cCC
.............
.............
.............
.............


........
........
........

........
......g..
* .00*0*C C0
*0C.0*0*06C0
* IOOODO. C
*0a.00000*


REVIEW OF THE LITERATURE........................


Stress...... ... .....................
Historical Overview....................
Theoretical Models of Stress..........
Measurement Techniques.................
Stress in Dentistry........................
Stressors in the Practice of Dentistry.
Stress Response in Dentists............
Satisfaction...............................
Theories of Satisfaction...............
Career Satisfaction of Dentists........
Mediator Variables in the Stress Process...
Hardiness....*C.... ......... ........ ...
Coping............... .. ..............
Social Support.........................
Health Practices and Exercise..........
Health practices..................
Exercise..........................
Summary....................................


.....











Page


The Index of Well-Being....................
The Dental Stress Inventory.................
The Hardiness Test..........................
Coping Responses............................
The Vulnerability Scale of the Stress Audit.
Demographic Questionnaire...................
Data Collection.................................
Data Analysis.................................
Limitations of the Study.......................


IV RESULTS AND DISCUSSION.......................... 113


Results...e..................
Research Question One....
Research Question Two....
Research Question Three..
Research Question Four...
Career satisfaction.
Life satisfaction...
Intercorrelations...
Research Question Five...
Strain..............
Career satisfaction.
Life satisfaction...
Discussion...................


. .
.....0.....00


............ .
. .. .......
.............


. .a. C C
..........000
.............


. C C C C C
.............
.............
.............
C .*.CC .C C C
. "


....0


.....




.....
.....
0...0


C CS C


CONCLUSIONS, IMPLICATIONS, SUMMARY, AND
RECOMMENDATIONS................................. 151


Conclusions.............................
Implications............................
Summary......................... .......
Recommendations for Future Research......


.....I.
0000...
.......
..0.000


APPENDICES


A INSTRUMENTS..................................... 160


B COVER LETTERS FOR SURVEY QUESTIONNAIRE.......... 167


REFERENCES............................ ........... ... 170


BIOGRAPHICAL SKETCH................................... 187














LIST


OF TABLES


Table


Page


Frequency and Relative
Demographic Variables.


Frequency


Distributions


Means and
Criterion

Analyses
Meetings


Standard Deviations
Variables..........


of Predictor


Variance of Frequency
Other Variables.......


and


Staff


Analyses
Practice


Variance of Role
Other Variables.


of
. .


Spouse
. ..0 0.


the


Stepwise
Between


Regression
Strain and


Analysis of
the Predictor


the Relationship
Variables.......


Stepwise Regression Analysis
Between Career Satisfaction
Variables...................


of
and


the
the


Relationship
Predictor


Stepwise Regression Analysis
Between Life Satisfaction and
Variables.................. ..


Correlation
Continuous


of the Relationship
the Predictor
. *


Matrix Intercorrelations Among All
Predictor and Criterion Variables..


Simple Linear
Relationship
Variables and


Simple Linear
Relationship
Variables and

Simple Linear
Relationship
Variables and


Regression Analysis of
Between Stressors With
Strain................


Regression Analysis of
Between Stressors With
Career Satisfaction...

Regression Analysis of
Between Stressors With
Life Satisfaction.....


the
the Mediating


the
the Mediating


the
the Mediating










Abstract
of the U


of Dissertation


university


Requirements


Presented


of Florida


Degree


to the


Partial
of Doctor


Graduate


School


Fulfillment of
of Philosophy


the


STRESS


AND


STRESS


RESISTANCE


RESOURCES


AMONG


Elizabeth


MALE


DENTISTS


Cline


Klement


December


1988


Chairman:


Roderick


. McDavis


Major


Department


Counselor


Education


The


purpose


of thi


study


was


to describe


stress


role


of stress


resistance


resources


in male


dentists.


Specifically,


relative


using


effects


the


transactional


of hardiness,


coping


model

style,


stress


social


the


support,


and


health


practices


the


stressors-strain/satisfaction


relationship


male


dentists


were


explored.


The


sample


included


male


dentists


actively


involved


in practice


randomly


selected


from


the


membership


list


the


Florida


Dental


Association.


Participants


completed


questionnaires


assess


their


levels


of strain,


career


satisfaction,


life


satisfaction,


stressors,


hardiness,


coping


styles,


social


support,


health


practices,


and


demographic


characteristics.


One


finding


study


was


that


the


participants


reported


moderate


levels


of stressors,


strain,


hardiness,


career


sati


sfaction,


moderate


to high


levels


of social









certain d

spouse, d

meetings,


demographic


lays

typ


variables


of continuing

e of practice,


(years


education,

religious


practice,


frequency

preference


role


of staff

, income,


and


marital


status)


and


the


other


measures.


A third


finding


was


that


strain


was


positively


predicted


stressors


and


avoidance


coping


and


negatively


predicted


hardiness,


social


support,


and


role


the


spouse.


A fourth


finding


was


that


career


satisfaction


was


positively


predicted


income,


frequency


staff


meetings,


active-behavioral


coping,


and


hardiness,


and


negatively


predicted


religious


preference.


predicted


contrast,


hardiness,


life


social


satisfaction


support,


was


health


positively

practices,


and


role


the


spouse,


and


negatively


predicted


stressors.


A fifth


finding


was


that


hardiness,


avoidance


coping,


and


stressors


was


the


optimum


subset


predictors


strain


male


dentists.


Hardiness


, social


support,


and


health


practices


served


as mediators


the


stressors-life


satisfaction


relationship


among


male


dentists.
















CHAPTER I
INTRODUCTION


Nowadays, e
stress. Yo
daily conve
radio, in t
increasing
university
remarkably
same way or
definition.
as frustrat
traffic con
the biochem
chemical ev
tension. T
every human


everyone seems
u hear about
rsation but a
he newspapers
number of con
courses devot
few people de
even bother
The business
ion or emotion
troller, as a
ist and endoc
ent; and the
his list coul


exp


eri


surprisingly, most
accountants, short
surgeons--consider


stores
that
the c
death
been
the c
(Sely


sful.
ours
avema
from
just
rash
e, 19


Simi
the
s fe
unge
str
the
, P.


ence
peop
-orde
their
rly,
age o
of a
cold
sful
tock
7)


to b
this
Iso o
, and
feren
ed to
fine
to at
spers
nal t
prob
rinol
athle
d be
r act
e--be
cook
own
ost c


e
t


0


talking about
pic not only


n television
in the eve
ces, center
stress. Y
the concept
tempt a cle
on thinks o
ension; the
lem in conc
ogist, as a
te, as music
extended to
ivity, and,
they chart
s, [dentist


O
o


ccupat
mmenta


i
t


stress," for
tack by wild
or exhaustion
s our fear of


exchange,


n, v
r
s, a
et


a
f

e

u


e


in
ia


nd


in the
rcut
stress
air
ntration
purely
lar
almost
somewhat
red


s,]


on the
ors bel
getting
animals
n must
a world


;


There


are


many


reasons


dentists


experience


stress.


The


training


dentists


receive


competitive


and


long,


and


the


long-term


process


of establishing


and


maintaining


a dental


practice


demanding.


Dentists


often


work


long


hours,


with


anxious


fearful


patients,


who


may


have


a poor


public


or
most
ieve
that
or of
have
d war,


or overpopulation.


I









benefit


professional


social


support


that


other


occupations


enjoy


Since


"stress


a threat


the


quality


life,


and


to physical


and


psychological


well-being"


(Cox,


1978


cited


(albeit


dentists


are


controversial)


a population


statistics


at risk.


confirm


Frequently


that


dentists


have


a higher


than


average


rate


of physical


and


psychological


symptoms


that


are


considered


the


outcomes


high


stress.


Some


these


outcomes


include


coronary


heart


disease


(Russek,


1962),


suicide


(Blachly,


Osterud,


Josslin,


1963)


, divorce,


alcoholism,


and


drug


abuse


(Clarno,


1986)


The


effect


of occupational


stress


in the


development


physical

Calhoun,


and


1980)


mental


The


illness


National


well


established


Institute


(Calhoun


Occupational


Safety


and


Health


(NIOSH)


studied


the


relative


incidence


mental


health


disorders


occupational


categories


(Colligan,


Smith,


& Hurrell


, 1977)


The


study


revealed


that


seven


the


top


27 occupations


were


in the


health


care


field.


A recent


researcher


on high


stress


occupational


groups,


however


, did


not


find


such


a clear


cut


link


between


stress


and


decreased


phys


ical


and


mental


health


(Kobasa,


1979,


1982


Stress

identified


researchers

to be at high


have


examined


risk to


the


occupational


damaging


groups


effects


. v),









controllers


(Rose,


administrators


Jenkins,


(Orpen


& King,


Hurst,

1986) ,


1978) ,


university


commercial


airline


pilots (

General

experien


Sloan


findings

ce a grea


Cooper,


1986),


indicated


deal


that


of job


and


dentists


while

stress


these


(Katz, 1987)

individuals


not


did


them


showed


the


physical


and


psychological


symptoms


thought


to be


outcomes


stress.


Apparently


there


are


differences


ways


that


individuals


respond


to stress.


Some


individuals


become


while


others


show


no debilitating


signs


of stress


and


may


actually


thrive


under


stress


(Kobasa,


1979).


These


differences


can


be explained


through


the


transactional


model


of stress


which


maintains


that


stress


resides


neither


the


situation


nor


the


person


but


the


transaction


between


the


environment


situation)


and


the


person.


The


stress


response


is experienced


the


person


a result


of a stressful


transaction


between


the


person


the


environment


(Matheny


, Aycock,


Pugh,


Curlette,


Cannella,


1986)


The


stress


process


begins


with


demands


made


on the


person.


According


to Lazarus


(1966,


1981) ,


the


principal


spokesman


these


transactional


approaches,


demands


events


calling


adaptation


on the


part


the


person


lead


to two


forms


cognitive


appraisal


primary


appraisal








result


not


only


from


characteristic


ways


appra:


rising


demands


and


resources


but


from


the


individual'


habitual


style


of relating


to events


and


structuring


life


(Matheny


et al., 1986)


The


transactional


model


of stress


represents


a turn


away


and


from


illness


traditional


indicators


stress


were


research


measured


which


and


stress


correlated.


scores


Thi


model


also


signifies


serious


consideration


individual


differences


as well


as the


optimistic


view


that


some


people


do remain


healthy


(Rabkin


& Struening,


1976).


Hence,


researchers


have


proposed


the


idea


that


there


are


moderator


Johnson


or mediating


Sarason,


1979)


variable


or resistance


(Antonovsky,

e resources


1979

that


mediate


life


the


events


connection


the


between


onset


the


physical


occurrence


and


of stressful


psychological


symptoms.


As Johnson


Sarason


(1978),


Kobasa


(1979)


and


other


investigators


debilitated


even


have


though


shown

they 1


, many


ive


persons


quite


are


stressful


not

lives


Stress


res


instance


been


associ


ated


with


a wide


variety


resources


including


personality


characteristics


such


hardiness


1984;


(Kobasa,


Pearlin


(Billings


1979) ,


Schooler,


& Moos,


1981;


coping

1978),


Cobb


styles

perceiv<


, 1976;


(Lazarus

ad social


Schaefer


& Folkman,

support


, Coyne,


Lazarus,


1981;


Thoits,


1986)


health


practi


ces


(Wiebe









Statement


the


Problem


Although


relatively


new,


concept


there


of stress

initial em


resistance


pirical


resources


support


documenting


the


importance


of mediating


or moderator


variables


the


stress-illness


relationship.


Kobasa


(1979)


studied


the


personality


factor


hardiness--characterized


commitment,


control,


and


challenge--as


a conditioner


the

male


effects of stressful

business executives


life

and


events

lawyers


on illness


(Kobasa,


onset


1982


Results


both


studi


indicated


individuals


high


hardiness

individual


Other

hardiness


remained


low


researchers


combination


healthy under

hardiness did


have i

n with


high

not


stress

remain


investigated


other


the


mediating


while

healthy


effects

variable


such


as exercise


(Kobasa,


Maddi


, & Puccetti,


1982


social


support


(Kobasa


& Puccetti,


1983) ,


health


practi


ces


(Wiebe


McCallum,


1982


1986) ,


Katz


and


(1987)


social


found


support


that


and


hardiness


exerci


was


(Kobasa,


more


predictive


both


stress


career


satisfaction


dentists


than


were


any


the


situational


factors


inherent


within


the


practice


of dentistry


Another


investigator


examined


the


relationships


between


stress


and


satisfaction


level


and


hardiness,


social


support,


and


coping


strategies


academic


multinle-role


persons


ammond.


1987)


J- J


.


II


.









and


personality


characteristics


on psychological


symptoms


2300


Chicago


adults.


Results


indicated


the


effective


coping


modes


are


unequally


distributed


society,


with


men,


the


educated,


effective


and


coping


affluent


styles.


making


Billings


greater


and


use


Moos


the


(1984)


most


found


that


coping


and


social


resources


did


not


mediate


the


stress-


psychological


symptoms


relationship


a large


group


clinically


depressed


patients.


Social

mediating v


support


variable


has

and


been


yet


the


the


most


results


frequently


are


researched


inconsistent


whether


mediates,


or serves


as a buffer


between,


stre


ssful


events


psychological


distress.


Several


studies


have


found


that


social


support


significantly


negatively


correlated


with


psychiatric


symptoms


(Eaton,


1978;


Lin,


Ensel,


Simeone,


& Kuo,


1979;


Wilcox


, 1981)


LaRocco,


House,


and


French


(1980)


found


that


social


support


did


buffer


stress


and


mental/physical


health


a large


group


men


from


23 occupations;


however,


did


not


buffer


relationship


between


stress


and


dissatisfaction.


The


opposing


view


reflected


data


gathered


from


middle-aged


sample,


which


did


find


that


social


support


was


beneficial


because


mediated


effects


of stressful


events


(Schaefer


et al.


, 1981).


There


are


also


apparent


differences


the


importance









effects


life


stress


in women,


but


that


did


not


function


as a stress


resistance


factor


for


men.


Instead


work


environment


support


men


appears


(Holahan


to be


& Moos,


a more


1982;


important


Kobasa


source


& Puccetti,


1983).


Wellness


factors


such


as health


practi


ces


and


exerci


also


have


been


proposed


as mediating


variable


, although


ess


frequently


than


the


others


Kobasa


(1982


found


that


exerci


and


social


support


did


not


significantly


affect


degree


of strain


reported


lawyers.


Yet, in


another


study,


executives


high


both


hardiness


and


exercise


remained


more


healthy


than


those


high


in one


or the


other


(Kobasa,


Maddi,


Puccetti,


1982).


Wiebe


and


McCallum


(1986)


found


that


hardy


college


students


may


more


healthy


because


they


maintained


better


health


practices


while


experiencing


stress


than


did


nonhardy


individuals.


In spite


the


fact


that


numerous


artic


have


appeared


the


dental


literature


regarding


the


stressors


experienced


dentists,


have


been


based


on empirical


research.


Only


one


researcher


has


examined


the


effects


any


mediator


variable


on the


stress-illness


relationship


dentists

related


Katz


to lower


(1987)

level


found


hardiness


of stress


and


to be


significantly


psychiatric


symptoms


and


higher


level


career


sati


faction


experienced









years


both


stress


professional


of dentistry


and


and


the


public


purported


literature


inordinately


about


high


incidence


of suicide,


coronary


heart


disease,


alcohol


and


drug


abuse,


divorce,


depression,


and


other


problems


presumed


to be stress


related


among


dentists


(Howard,


Cunningham,


Rechnitzer,


Goode,


1978;


Katz,


1978)


However,


recent


evidence


indicates


that


the


case


high


suicide


rates


among


dentists


may


have


been


overstated


(Temple


University,


1976)


Yet


tion


the


courses,


frequency


and


of articles,


professional


books,


meeting


continuing


presentations


educa-

on the


topic


of stress


among


dentists


reflects


that


the


profession


as a whole


perceives


members


to be highly


stressed


their


work


settings.


Even


dentists


do not


differ


from


others


the


incidence


of stress


related


problems,


the


belief


that


they


do has


at least


reached


the


level


of widely


accepted


folklore


with


the


profession


and,


an increasing


extent,


with


the


general


public.


Purpose


the


Study


The


purpose


this


study


was


to describe


stress


and


the


role


of stress


resistance


resources


male


dentists.


Specifically,


using


the


transactional


model


of stress,


the


relative


mediating


effects


of hardiness,


coping


style,


social


sunnort


and


health


practices


'-.


the


stressors-


.


L


i









Need


the


Study


While


much


has


been


written


about


the


apparent


stress


of dentists,


actual


empirical


research


scant.


The


statistically


based


studies


that


have


been


conducted


suffer


from


serious


shortcomings


both


methodology


and


theoretical


conceptualization


(Howard


et al.,


1976;


O'Shea


et al.,


1984)


To date


there


has


been


only


one


researcher


(Katz,


1987)


who


interpreted


data


within


a theoretical


model


of stress


as a transaction


between


the


person


and


the


environment.


Most


articles


the


professional


and


lay


press


which


promote


the


image


of dentistry


as a highly


stressed


occupation


often


refer


the


"fact"


that


dentists


have


highest


suicide


rate


of all


professionals.


The


data


this


"fact"


come


from


an Oregon


study


(Blachly


et al.,


1963).


The


finding


indicated


that


from


1950


to 1956


dentists'


suicide


rate


was


higher,


about


six


times,


than


that


average


white


male


population


of Oregon


(and


highest


of all


prof


ess


ions


included


the


study).


However,


the


succeeding


five


years,


1957


to 1961


(years


not


included


the


study),


dentists'


suicide


rate


was


about


twice


that


the


general


population


and


about


the


equivalent


of physicians'


and


attorneys'


rates


Aver"


and


Mnrett


(19FR5


stated


that


dentistry


mav


not


*





-10-


dentists


are


not


as vulnerable


to the


negative


aspects


stress


as other


groups.


Money


can


buy


many


resources,


including


time


and


opportunities


exercise


and


vacations,


of which


may


mediate


the


effects


of stress.


The


extent


to which


one


has


control


or perceives


oneself


to have


control


over


potentially


negative


stressors


appears


reduce


the


adverse


consequences


of such


stressors.


These


authors


proposed


that


dentists


have


learned


or have


available


to them


relatively


appropriate


and


effective


means


dealing


with


stressors.


concept,


however,


seemingly


based


transactional


model


of stress


which


views


stress


as the


interaction


between


the


person


and


environment,


needs


to be empirically


tested


in a group


practicing


dentists.


Before


success


intervention


approaches


can


developed


to help


dentists


deal


with


their


professional


stressors,


basic


research


must


conducted


to determine


the


degree t

stressed


o which


their


dental


practitioners


occupational


es.


perceive


themselves


In addition,


attempt


should


be made


to systematically


identify


and


determine


relative


contribution


of the


factors


contributing

The tra


to dentists'


nsactional


strain


model


and


sati


stress


sfaction.


(Lazarus


Folkman,


1984)


has


been


studied


a limited


manner


with


samples






-11-


health.


Empirical


research


does


provide


evidence


about


mediating


effects


of such


stress


resistance


resources


personality


characteristics,


coping


styles


, social


support,


health


practices,


and


exercise.


There


have


been,


however,


no studies


that


have


adequately


investigated


the


effects


of each


of these


mediating


variables


the


same


study


In only


one


study


has


stress


and


accompanying


satisfaction


experienced


dentists


been


investigated


(Katz,


1987)


Clearly,


there


a need


to explore


the


effects


of multiple


moderator


variables


and


to investigate


the


applicability


the


transactional


model


of stress


with


a broader


population.


SiQnificance


the


Study


Information


about


stress


and


satisfaction


dentists


the


joint


mediating


of hardiness,


coping


styles,


social


support,


health


practices


has


significance


number


areas.


the


area


theory,


the


results


study


will


have


implications


the


transactional


theory


stress


investigating


the


joint


effects


of multiple


moderator


variable


es.


In the


area


of research,


the


results


the


study


will


make


a significant


contribution


the


dental


literature


as well


as the


stress


literature.


rnstil ts


lJ. I


the


studv


will


have


far-reachina


vbha






-12-


field.


Finally,


information


the


results


counselors


who


thi

are


study


concern


will p

d with


provide

such


matters


as person-environment


fit,


and


personal


growth


and


wellness


(Matheny


et al.


, 1986)


dentists


experience


high


level


stress


or low


level


sati


sfaction,


some


them


are


likely


to seek


the


help


counselors.


counselors


are


knowledgeable


about


stress


and


sati


faction


dentists


hardiness,


and


the


coping


relative


styles,


importance


social


support,


of mediators


and


such


health


practi


ces


, they


may


be better


prepared


to help


dentists


well


as others


high-stress


occupations.


Definition


Terms


A number


terms


will


be used


throughout


this


study


and


thus


require


further


elaboration


and


definition.


Career


satisfaction


an individual'


attitude


toward


one'


present


career,


essentially


comprised


of feelings


being


actualized


(having


a good


between


career


and


ability


and


interests)


and


feelings


being


successful


(Osherson


& Dill,


1983)


Cognitive


appraisal


denotes


the


way


people


construe


the


significance


of encounters


for


their


well-being,


that


, as


irrelevant


, benign


, harmful,


threatening,


or challenging


annrn l (T


fJ.A SI ratCn


aC raE~


*tLE wA r


Fn __mirr


InLL~u


rlYA


N






-13-


internal


the


demands


resources


that

the


are appraised

person (Lazarus


as taxing c

& Folkman,


r exceeding


1984,


141)


CoDina


style


a person'


general


propensity


to deal


with


stressful


events


a particular


way


Specifically,


cognitive


and


behavioral


reactions


that


are


performed


reduce


or eliminate


psychological


distress


or stressful


conditions


(Billings


& Moos,


1981)


Dentists


thi


study


are


men


actively


involved


the


practice


of dentistry


and


who


are


also


members


the


Florida


Dental


Association.


Hardiness


describes


a constellation


three


personality


characteristic


that


function


as a resistance


resource


encounter


with


stressful


life


events,


including


ability


to feel


deeply


involved


or committed


the


activities


their


lives,


the


belief


that


one


can


control


or influence


the


events


their


experience,


and


the


anticipation


of change


as an exciting


challenge


further


development


(Kobasa,


1979).


Health


practices


refer


a variety


of positive


and


negative


behaviors


related


to dietary


practi


ces


, hygienic


practices,


recklessness,


substance


abuse


, and


exercise


(Wiebe


McCallum,


1986)


Life


satis


faction


denotes


people'


assessment


the





-14-


Mediatinac


variables


are


variables


that


mediate


moderate


the


connection


between


stress


on an individual


and


the


onset


of physical


and


psychological


symptoms


(Johnson


Sarason,


1979)


In this


study,


hardiness


, coping


style,


social


support,


and


health


practices


will


be investigated


mediating


variables.


Sati


sfaction


the


affective


orientation


on the


part


people


toward


they


are


presently


occupying


(Vroom,


1964)


Social


SUDPort


describes


the


extent


to which


individual


support,


believe


information,


that


and


their


needs


feedback


and


are


resources


fulfilled


(Procidano


& Heller,


1983)


Strain


psychological


or physical


consequences


associated


with


stress,


often


referred


to as the


stress


response.


In thi


study,


strain


defined


as a syndrome


physical,

elicited,


behavioral,


varying


cognitive


degrees


, by


symptoms


environmental


that


are


demands


upon


the


individual


(Lefebvre


& Sandford,


1985).


Stress


denotes


the


particular


relationship


between


people


and


the


environment


that


appraised


people


taxing


or exceeding


their


resources


and


endangering


their


well-being


(Lazarus


& Folkman,


1984,


Stressors


are


the


demands


made


on the


person


from


. 19)






-15-


as unequal


resources


and


viewed


as a stressor


(Matheny


al.,


1986).


Organization


the


Study


Chapter


II contains


a review


and


analysis


of the


related


literature


on stress,


stress


dentistry,


satisfaction,

specifically


and


mediating


hardiness,


variables


coping


style,


the


social


stress

support


process,

. and


health


practices.


methodology


the


a description


Chapter

study,


the


includes


including


population


the


a description


research


sample,


the


of the


questions,

instruments,


the


data


collection


procedures,


the


data


analysis,


and


the


limitations

discussion


the


of the


study.

results


In Chapter


are


IV the


presented.


results


Chapter


and


V includes


conclusions,


implications


the


study,


summary,


and


recommendations


future


research.















CHAPTER


REVIEW


OF THE


LITERATURE


In this

literature r


chapter,


relevant


a review


to the


and


areas


synthesis


of stress,


the


stress


dentistry,


satisfaction,


and


stress


mediating


variables


are


presented


Stress


Pioneer


stress


researcher


Hans


Selye


stated


that


"stress


is a scientific


concept


which


suffers


from


the


mixed


essing


of being


too


well


known


and


too


little


understood"


(Selye,


1980,


Although


stress


a difficult


concept


to define,


much


research


has


been


directed


understanding


various


phenomena


associated


with


Thi


section


includes


a historical


overview


the


stress


concept;


theoretical


models


of stress


also


are


reviewed,


along


with


measurement


techniques.


Historical


Overview


Refnre


""irni nrr


ton c'nntemimnorar v


science.


-I- t- -I-


useful






-17-


several


disciplines,


including


physiology,


endocrinology,


medicine,


sociology


, anthropology,


and


psychology.


However,


there


are


two


basic


traditions


which


research


has


thrived.


One


has


evolved


from


the


biological


perspective,


based


on research


physiology


and


endocrinology.


The


other


based


on a psychosocial


tradition.


Each


has


made


important


contributions


the


understanding


of stress


(Fleming,


Baum,


& Singer,


1984).


The


biological


tradition


has


roots


the


medical


interest


stress,


which


can


traced


back


to Hippocrates


in ancient


Greece


(Selye,


1985).


Physicians


the


19th


and


20th


centuries


hypothesized


that


stress


and


strain


could


lead t

(cited


o physical


illnesses.


Feuerstein


et al.,


In 1910,

1986) ob


Sir


serve


William

d that


Osler

the


lifestyle


of certain


businessmen


resulted


significant


strain


and


predisposed


them


to angina


pectoris.


Later


the


great


American


physiologist


Walter


Cannon


made


one


the


earliest


contributions


to stress


research.


Cannon


(1932)


used


the


term


stress


to describe


his


research


on the


fight-


or-flight


response,


that


when


an organism


perceives


threat,


the


body


rapidly


aroused


and


motivated


through


the


sympathetic


nervous


system


the


endocrine


system.


There


a concerted


physiological


response


which


mobili


zes


the


organism


to attack


the


threat


or to flee;


hence,





-18-


harmful


because


disrupts


emotional


and


physiological


functioning


and


can


cause


medical


problems


over


time.


Though


Cannon'


(1936)


work


very


important


understanding


stress,


work


Selye


(1956,


1976)


reflects


primary


popular


view


of stress


research


the


biological


community


Although


Selye


(1936)


initially


explored


the


effects


sex


hormones


on physiological


functioning,


he became


interested


the


stressful


impact


interventions.


Accordingly,


Selye


exposed


laboratory


animal


to a variety


of prolonged


stressors--such


as extreme


cold


and


fatigue--and


observed


their


physiological


responses.


To Selye'


surpri


stressors,


regard


ess


type,


produced


essentially


the


same


pattern


physiological


responding.


From


these


observations,


Selye


(1956)


proposed


the


general


adaptation


syndrome


(GAS)


theory,


a three-stage


process


that


describes


how


stress


affects


the


organism.


The


first


stage


process


alarm,


which


the


organism


mobilized


to combat


physical


demands


the


stressor


The


second


stage


is resistance,


which


the


organism


appears


to hold


own


against


the


still


present


threat


The


third


stage


is exhaustion,


which


occurs


the


organism


fail


overcome


threat


and


depletes


physiological


resources


the


process


of trying.


The


organism


seemingly






-19-


enough


to overwhelm


the


organism's


ability


to resist


(Fleming


et al.,


1984).


The


substantial


impact


of Selye'


work


on the


field


stress


continues


to be


felt


today


The


Selye


model


remains


a cornerstone


of the


field


of stress.


One


reason


that


offers


a general


theory


of stress


(Selye,


1976)


with


several


important


implications.


First,


the


implication


thi


theory


that


the


effects


of stress


are


cumulative.


That


, the


damage


produced


stressors


accumulates


over


time.


Second,


Selye


proposed


that


repeated


or prolonged


exhaustion


resources,


the


third


stage


the


syndrome,


was


responsible


the


physiological


damage


that


laid


the


groundwork


disease.


In fact,


prolonged


or repeated


stress


has


been


implicated


orders


such


cardiovascular


disease,


arthriti


, hypertension,


and


immune-


related


deficiencies


(Taylor,


1986)


In addition


the


biological


tradition,


there


psychosocial


, 1984)


perspective


Thi


on the


perspective


study


has


of stress


generated


(Fleming


a stream


research


that


is usually


independent


physiological


studies.


thi


view


,stress


the


reaction


organism


to demands


placed


upon


The


key


focus


within


this r

normal


ather

human


broad

s and


perspective

nonphysical


upon


stressor


healthy,

s. The


usually

emphasis






-20-


only


exists


when


the


person


undergoing


defines


such


A classic


provided


Speisman,


students


research

Lazarus


Lazarus ,


viewed


example


and


Mordkoff


a film


of thi


colleagues (

, & Davison,


of aboriginal


conception


,Lazarus,


1964)


subincis


stress

1966;


College


rites


(adult


circumci


sion


means


of stone


-age


tools)


Before


viewing


the


film,


they


were


exposed


one


four


experimental


conditions.


One


group


listened


intellectual


anthropological


description


the


rites.


second


group


heard


a lecture


that


deemphasized


the


pain


the


initiates


were


experiencing


and


emphasized


their


excitement


over


the


events.


Another


group


heard


a description


that


emphasized


the


pain


and


trauma


that


the


initiates


were


undergoing


The


fourth


group


heard


no sound


track.


Measures


autonomic


arousal


(heart


rate,


skin


conductance)


and


self


-reports


suggested


that


the


first


two


groups


experienced


considerably


ess


stress


than


did


the


group


whose


attention


was


focused


on the


trauma


and


pain.


film


stressor


itself


elicited


no universal


reaction.


Thus,


this


study


illustrates


that


stress


was


not


only


intrinsic


to the


film


itself


but


also


depended


upon


the


viewer'


appraisal


Although


there


are


several


definitions


the


stress






-21-


represent


stimulus


events


or demands


requiring


some


form


adjustment


or adaptation.


responses,


stress


Stressors


response.


usually


The


evoke


circular


a typical


nature


thi


definition


intentional.


believed


that


complex


feedback


system


between


stressor


and


stress


response,


with


each


influencing


the


other.


the


most


basic


level,


one


cannot


assume


with


certainty


that


a particular


stimulus


will


result


a stress


response


for


individual


Actually


the


stress-response-


producing


properties


of a stimulus


may


also


vary


over


time


situations


same


individual.


At a broader


level,


these


observations


suggest


that


a number


of factors


can


mediate


or moderate


the


stressor-stress


response


interaction,


thus


determining


the


ultimate


stress


experience.


These


mediating


factors


are


discussed


detail


a later


Theoretical


section


Models


chapter


Stress


Biobehavioral


scientists


have


created


several


theori


try


to link


environmental


phenomenon


(stressors)


with


psychological


or phys


ical


consequences


(stress


responses)


Currently,


there


are


three


ma3 or


theoretical


model


stress


stimulus-ba


sed,


response-based,


and


interactional


a


a~ ~ ,,,~ -S.- 1--- aa a u a--e a


,1


ni


YI11 r


*


I


1..~


L






-22-


demands


made


on the


person


(Selye,


1956).


Transactional


models


, on the


other


hand,


see


stress


as an


interaction


between


the


person


and


environment


(Coyne


& Lazarus,


1980;


Lazarus,


Kanner,


Folkman,


1980)


The


general


public


usually


thinks


of stress


according


a stimulus-based


engineering


model,


principles.


which


essentially


In considering


this


based


engineering-


oriented


model,


a useful


analogy


has


been


drawn


with


Hooke'


Law


of elasticity


cited


Cox,


1978) ,


which


describes


how


loads


produce


deformation


metals.


The


main


factors


Hooke'


Law


are


that


of "stress,


" the


load


demand)


which


placed


deformation


strain


which


produced


on the


metal,


results.


a given


and


The


that


law


stress


of "strain,


states


falls


that


within


the


" the

the


"elastic


limit"


the


material


, when


the


stress


removed


the


material


will


simply


return


original


condition.


However


, if


the


strain


passes


beyond


the


elastic


limit


then


some

that


permanent


just


damage


as physical


will


systems


result.


have


Thi


analogy


an elasti


suggests


limit,


people


have


some


built-in


resistance


to stress.


to a point


stress


can


tolerated,


but


when


becomes


intolerable


permanent

result.


damage,

There ar


physiological


,pears


and


to be great


psychological


individual


may


variation


resistance


to stress,


level


which


one


finds


easily





-23-


some


environmental


condition


(the


stimulus


or stressor)


an impact

examples


on the


person


of research


that


using


produces


theory


strain.


are


Clear


studi


stressful


occupations


(Rose,


Jenkins,


& Hurst,


1978)


and


life


events


research


(Dohrenwend


& Dohrenwend,


1974)


The


major


task


delineate


the


characteristics


of stressful


situations


Holmes


and


Rahe


(1967)


have


identified


and


classified


divorce,


stressful


change


life


of job,


events


vacation,


, such


etc.,


as death


and


a spouse,


attempted


determine


the


impact


of these


life


events


on individuals


This


approach


postulates


tha


treats s

t stress


tress


as the


the


form


independent


clusterin


variable

a life e


and


vents


results


strain


or tension


which


increases


the


risk


illness.


Response-based


models


emphasize


determination


stress


response


which


reflects


a situation


which


the


person


under


strain


from


a stressor


(Feuerstein


1986)


Studies


investigating


this


model


view


stress


as a


dependent

syndrome


variable.


(GAS)


Selye'


an example


(1956)


the


general


adaptation


response-based


concept


of stress.


Selye


emphasized


that


stress


the


person'


response


the


demands


the


environment


(Cox,


1978)


The


stress


response


a nonspecific,


universal


pattern


of defense





-24-


although


initially


adaptive,


severe


and


prolonged


may


result


disease


states.


way,


a decline


resistance


to stress


below


normal


levels


associated


with


the


development


of disease


and


physical


trauma.


Both


the


stimulus-based


and


the


response-based


models


of stress


focus


only


on one


aspect


of the


stress


experience,


either


the


stimulus


or the


response.


The


stimulus-based


model


has


major


weaknesses


failure


to identify


what


stressful


about


particular


real


-life


situations


and


to explain


individual


differences


(Cox


, 1978)


The


response-based


model


assumes


that


any


stimulus


which


produces


the


stress


response


must


be viewed


as a stressor


Thus,


some


activities


and


phenomena


which


are


not


generally


considered


stressors,


such


as exercise,


emotions,


and


fatigue,


would


be labeled


as such.


Furthermore,


straightforward


relationship


between


the


various


components


of the


stress


response


across


individuals


and


situations


been


defined


(McGrath,


1970).


more


recent


model,


the


transactional


model,


overcomes


some


these


problems.


Transactional


models


beyond


considering


only


stimulus


and


response


aspects


stress.


Stress


seen


an intervening


variable


between


stimulus


and


response


(Cox,


1978).


The


transactional


model


proposes


that


stress


occurs


through


the


relationship,


or interaction,


between


the


person






-25-


transaction


implies


a newly


created


level


abstraction


which


the


separate


person


environment


elements


are


joined


together


form


a new


relational


meaning"


(Lazarus


Folkman,


1984,


. 294)


approach


takes


into


account


characteristics


of the


person


on the


one


hand


and


the


nature


the


environmental


event


on the


other


Stress


viewed


as the


reflection


of a lack


of fit


between


the


person


and


environment.


concept


This


of illness,


view


which


parallels


no longer


the


seen


modern


medical


as caused


ely


an external


organism.


Whether


or not


illness


occurs


depends


also


on the


individual'


susceptability


One

Lazarus


version


and


of the


colleagues


transactional


, Coyne


model


& Lazarus,


is proposed


1980;


Folkman,


1984;


Folkman,


Schaefer,


& Lazarus,


1979;


Lazarus,


1966


1981


Lazarus


Folkman


1984


Lazarus


& Launier,


1978)


It is a cognitively


oriented


theory


of psychological


stress


are


and


viewed


coping


as being


which


dynamic


the


and


person


and


mutually


environment


reciprocal


Stress


is conceptualized


as a relationship


between


the


person


and


environment


that


is appraised


the


person


as taxing


exceeding


one'


resources


and


as endangering


one'


well


being.


The


theory


identify


two


processes


, cognitive


appraisal


and


use


coping


strategies,


as critical


mediators


of stressful


person-environment


relationships


and






-26-


particular


encounter


with


the


environment


relevant


one'


well-being


and,


what


way.


Lazarus


and


Folkman


(1984)


propose


two


kinds


appraisal:


involves


the


primary


and


individual'


secondary.


Primary


determination


appraisal


the


situation


positive,


irrelevant,


or stressful.


Stressful


appraisals


can


take


three


forms:


harm/loss,


where


the


damage


has


already


been


done;


threat,


where


there


potential


harm/loss;

trigger ne


and
*t


Igative


challenge.

emotions


Harm/loss


such


and


as fear


threat


or anger,


appraisals

whereas


challenge


triggers


positive


emotions


such


as excitement


eagerness


(Matheny


et al.,


1986) .


During


this


process


the


individual


appraises


the


level


of demand


of the


situation


(Cox,


1978).


Thus,


demand


based


on the


person'


perception


the


environment.


Demand


may


be external,


coming


from


the


environment


(such


as a work


deadline),


internal,


including


psychological


and


physiological


needs


and


expectations,


such


as the


expectation


that


one


can


everything


well.


In secondary


appraisal,


the


individual


assesses


resources


available


and


what


can


be done


about


the


situation.


Numerous


factors


influence


the


appraisal


process,


including


factors


relating


to the


situation,


the


person,


and


to the


coping


strategies


available


(Lazarus


& Folkman,






-27-


about


personal


control,


expectations


of ability


and


outcome


affect


the


appraisal


process.


Factors


relating


to coping


strategies


available


to the


person


include


problem


solving


skills,


social


skills,


social


support,


and


material


resources.


These


factors


interact


influence


how


individuals


with


appraise


The


the


person'


situation


appraisal


and


then


their


ability


influences


the


to deal


coping


strategies


tried.


The


individual


continually


reappraises


the


situation


and


possibilities


as new


information


from


the


environment

received.


and

How


from


the


the


person


person's


copes


own


reactions


is thought


are


to have


short-


term


and


long-term


consequences


in terms


of social


functioning,


morale


and


well-being,


somatic


health.


The


transactional


model,


as opposed


the


stimulus-


based


and


response-based


models


, has


the


strength


of not


focusing


on either


just


the


stressor


or the


stress


response.


Instead,


focuses


on the


interaction


between


the


person


the


environment


Furthermore,


allows


individual


differences


through


the


inclusion


of perceptions


of demands


and


resources.


It also


proposes


mediating


factors


that


help


explain


why


people


under


stress


do not


experience


effects.


Finally,


considers


positive


outcomes


such


morale


well-being


, rather


than


focusing


only


on negative


outcomes


such


as psychological


symptoms


or physical


illness.






-28-


Measurement


Techniques


Methods


studying


stress


vary


terms


of type


setting,


such


as a laboratory


or natural


environment,


and


mode


of measurement,


such


as physiological,


behavioral,


cognitive


(Feuerstein


et al.,


1986).


This


section


illustrates


stress.


several


First,


current


measurement


techniques


of stressors


measuring


discussed,


followed


the


measurement


of various


aspects


the


stress


response.


Stressors


represent


are


stimulus


demands


events


made


that


on the


require


individual.


some


The


form


adaptation


or adjustment.


Stressors


can


be external


physical


stimuli,


such


as cold,


heat,


loud


noises,


crowding,


or interpersonal


difficulties


with


a loved


one,


or internal


stimuli,


such


as physical


pain


or cognitions


including


thoughts


or feelings.


Stressors


can


be both


positive


negative;


fact,


positive


events


may


require


as much


adaptation


or adjustment


as negative


events.


Stressors


also


vary


considerably


across


individuals,


as well


as across


time


and


situations


the


same


individual.


Several


research


teams


have


worked


identify


and


scale


stressors


that


are


common


to most


people.


The


Social


Readjustment


Rating


Scale


(SRRS)


and


Schedule


of Recent


P __n r_ an


hoan


1coA1


m Acii r-1


nrP cstressr


ttlrft rIal


, C'D\


l 91r





-29-


promotion,


while


the


SRE


measures


the


frequency


these


life


changes


the


last


year


Numerous


studies


relating


life


events


to subsequent


phy


sical


illness


have


established


moderate


correlations


ranging


from


(Schroeder


Costa,


1984).


relationship


Although


has


been


study


very


the


popular


life


events-illness


stress


research;


recently


researchers


have


been


critical


the


ma3or


life


event


scales


and


many


questions


have


been


raised


about


methodological


problems


(Taylor,


1986)


In contrast


the


work


on major


life


events


, Lazarus


and


associates


developed


the


Hassl


and


Uplifts


Scales


(Kanner,


Coyne,


Scahefer


, & Lazarus,


1981)


assess


the


role

and

are


of minor


their

the i


stressful


cumulative


rritating


events


impact


both


on health


, frustrating


negative


and


distre


and


illness.


ssing


deman


positive,

Hassles

ds that


characterize


everyday


transactions


with


environment.


They i

things


include


annoying


or traffic


jams


practical


and


problems


fortuitous


such


as losing


occurrences


such


inclement


weather,


as well


as arguments,


disappointments,


and


financial


family


concerns.


Uplifts


are


the


pleasant


events


everyday


life


that


may


buffer


people


against


illness;


such


small


joys


as playing


with


one'


child


enjoying


a pleasant


dinner


with


friends.


Several


studies


have


proved


hassles


to be a better


predictor


(than


major






-30-


may


ultimately


emerge


that


the


wear


and


tear


daily


life


that


more


reliably


predicts


illness


and


psychological


well-being


than


more


major


but


rare


life


events.


Another m

identification


ethod


of assessing


of specific


groups


stressors


of individual


the


commonly


exposed


to similar


occupational


stressors.


Thi


assessment


has


defined


and


quantified


these


occupational


stressors.


Two


examples


this


type


approach


are


the


Nursing


Stress


Scale


(Gray-Taft


& Anderson,


1981)


and


the


Dental


Stress


Index


(Katz,


1981)


The


Nursing


Stress


Scale


measures


stressors


nurses


encounter


the


performance


their


duties,


while


the


Dental


Stress


Index


measures


dentists'


perceptions


of stressors


common


the


practice


dentistry.


An assessment


of the


stress


response


can


be made


using


physiological


, behavioral,


or cognitive


measures.


Currently


there


more


variety


types


measures


the


stress


response


than


stressors.


Part


the


reason


that


the


stress


response


often


thought


as the


dependent


variable


in studies


and


, therefore,


must


measured


(Feuerstein


al., 1986)


The

includes


physiological


both


component


psychophysiological


the


and


stress


biochemical


sponse

responses


(Feuerstein


et al


, 1986).


The


electrical


activity






-31-


endorphins


are


some


biochemical


variable


studied.


Physiological


measures


of stress


should


not


be used


as the


sole


indicators


the


stress


response;


they


measure


only


one


aspect


the


stressor-stress


response


and


may


sensitive


to other


factors


as well.


In addition


stressors,


level


of activity,


sex,


age,


and


weight


can


affect


the


physiological


responses


humans.


In general,


assessment


the


behavioral


component


the


stress


response


includes


both


direct


observations


made


an experimenter


and


self-reports


the


subject.


There


are


two


types


of behavioral


servational


methods.


The


first


includes


recording


specific


behaviors


such


as facial


expressions,


movement,


verbal


responses,


or rate


of speech.


The


second


method


involves


observation


of performance


such


areas


as memory,


attention,


visual-motor


skill


, and


problem-solving.


Performance


tasks


are


useful


that


distress,


activation,


or arousal


can


affect


a person'


ability


to perform


decreasing


motivation,


attention,


concentration


which


can


determine


the


quality


of performance


before,


during,


and


after


exposure


to stressors.


Behavioral


self-reports


include


questionnaires,


rating


scal


checklists


used


the


subj ect


indicate


behavior


that


may


be observable


additional


in an experimental


information


on behavior


setting

Activity


or to provide


schedules






-32-


behavioral


self-reports.


Self-report


measures


are


probably


the


most


frequently


used


method


measuring


the


stress


response

The


humans


cognitive


(Baum, Gr

component


unberg,


the


& Singer,

stress re


1982)


tsponse


represents


an important


variable


several


stress


model


Cognitive


assessment


can


refer


a wide


variety


measures


designed


measure


thoughts,


beliefs,


attitudes,


and


mood,


name


a few.


important


emphasize


that


cognitive


processes


do not


only


represent


components


the


stress


response,


but


that


they


can


actually


influence


the


stress


response


, serve


as mediating


variable


concept


transaction


especially

al model


relevant


of stress.


when


considering


Measures


the


the

cognitive


components


stress


response


are


usually


the


form


self-report


questionnaires,


checklists


interviews.


Several


model


of stress


emphasize


the


occurrence


multiple


use


responses


of multimodal


reaction


measurement,


a stressor


including


Therefore


physiological,


behavioral,


cognitive


assessments


of the


stress


response

measure,


1985)


offers


the


the


Strain


assesses


greatest


degree


Questionnaire


three


dimensions


information.


(Lefebvre


using


One


& Sandford,


a self-report


format.


The


transactional


model


of stress


emphasis


zes


the






-33-


factors


(i.e.,


potential


stressors)


may


influence


the


pattern


stressful


of coping


efforts


transaction


and


that


also


are


that


into


coping


motion


may


during


influence


which


environmental


factors


will


be involved


and


what


form


they


will


take


(Coyne


& Lazarus,


1980).


Therefore,


rather


than


a fixed


entity


that


impinges


on the


person,


environmental


stimuli


are


only


potentially


important,


becoming


more


salient


their


interaction


or transaction


with


coping


efforts.


Such


a model


requires


a dynamic


assessment


of the


reciprocal


interactions


of environmental


contexts


(i.e.,


potential


stressors),


cognitive


appraisals


and


coping


behaviors


(i.e


as mediating


variables),


and


their


concomitant


physiological,


behavioral,


and


cognitive


outcomes


(i.e.,


stress


response).


Stress


Dentistry


Several


authors


have


stated


that


dentists


are


very


stressed


group


professionals


(Dunlap


Stewart,


1981).


The


job


a dentist


physically


hard;


moreover,


the


majority


practitioner


dentists,

s, are in


because


evolved


they

the


are


private


long-term


strains


building


a successful


practice.


Jackson


and


Mealiea


(1977)


reported:


ractt itlioner


a nracti ce


the


dental


''n 1nn


:


.I






-34-


sell,


an


service obv
understood
anxieties o
empathize a
effectively
personnel,
inventory,


attempt
iously n


to deliver


needed


or desired;
f patients,


nd


care;


manage


keep
order


yet


the


less


(3) allay
understand


(4) hire,
notoriously


financial


supply


care


and


frequently


the
and


train,


fears


and


support,
and


transient


records,


deal


manage


with


subcontractors


(dental


laboratories),


indeed,


handle


the


work


load


the


not-so-small


businessman;


read
sense
both


the
of


and


journals,
an array


of a clinical


(Jackson


& Mealiea,


) stay
attend


abreast


the


changes


and


of the


meetings


the


sociopolitica


1977,


field,


and


make


profession,
1 nature.


560)


no wonder


then


that


many


dentists


feel


overworked


and


that


they


must


things


to all


people.


Hence,


relatively


easy


over


a period


time


feel


stressed


and


become


emotionally


burned


out.


this


section


the


relevant


literature


reviewed


two


areas:


stressors


inherent


practice


dentistry


and


the


stress


response


dentists.


Stressors


the


Practice


of Dentistry


The


dentistry


vast


have


majority


focused


articles


discussing


on characteristics


stress


the


dental


profession,


or stressors


inherent


the


practice


dentistry,


that


purportedly


are


responsible


for


the


high


levels


stress


that


dentists


are


said


to experience.


Many


factors


inherent


practicing


dentistry


have


been


mentioned


In 4-ha 14 -~~~ a a 4-a enA r1~l a n eb)i14n


En/alrt/ll 1 ^Tt/


C AYI~ CI ~ YIA


* *a


1r Ck +*^A I


nnr^l





-35-


1978) ,

AIDS,


exposure

threat of


infectious


malpractice


diseases


(Phillips,


such a

1982),


is hepatitis


third


and


party


interference


treating


anxious


treatment


and


or fearful


financial


patients


plans


(Katz,


or patients


1986)


having


pain


(Dunlap


& Stewart,


1982),


negative


public


image


of dentists,


lack


of appreciation


or cooperation


from


patients


(O'Shea


al.,

socia


1984),


professional


support


(Nevin


isolation

ampson, 1


(Forrest,


986),


1978) ,


demands


little

managing


staff,


rapidly


changing


technology


and


standards


practice


(for


a recent


review


see


Katz,


1986).


The


personality


characteristics


of dentists


which


contribute


stress


also


have


been


researched.


Several


observations


have


been


made


about


the


personality


style


the


"typical"


dentist


These


characteristics


of personality


are


authoritarian


inflexible


(Heist,


1960) ;


hard-


working,


ambitious,


perfectionistic,


emotionally


controlled (Sword,

competitive, time


1977a);

urgent,


type A personality

extreme impatience;


traits


measuring


accomplishments


terms


of numbers


(Howard


et al


1976);


low


self-esteem,


left


brain


dominated,


and


unrealistic


beliefs,


attitudes,


and


values


(King,


1978).


As interesting


and


informative


as the


published


reports


above


may


appear,


many


are


suggestive


rather


than


definitive,


and


statistical


studies


are


few.


However,






-36-


Dunlap


and


Stewart


(1982)


analyzed


3,700


questionnaires


from


replies


to a magazine


poll


on dentists'


stress.


They


found


the


most


common


dental


stressors


were


perfectionism,


patients


exhibiting


pain


or fear,


pressure


earn


more


money,


situations


where


deci


sions


are


questioned


or others


can


not


do things


right,


feelings


of overwork,


hurry,


and


lack


of appreciation.


The


authors


also


examined


the


overall


report


of stress


demographic


characteristics.


The


results


indicated


the


never-married


group


demonstrated


less


stress


than


did


the


marrieds,


while


the


divorced


respondents


were


the


most


stressed


of all


categories.


Stress,


surprisingly,


was


relatively


low


the


first


year


practice.


Then


the


stress


index


continued


to rise


during


the


first


five


years


of practice,


until


reached


a rather


high


plateau


where


remained


more


or 1


ess


constant


through


the


fourteenth


year


of practice.


After


that,


continued


to decline


through


the


balance


the


dental


career.


Solo


practitioners


reported


higher


stress


than


those


practicing


in a partnership


or group


practice.


Another


interesting


finding


was


the


least


stressed


group


also


was


the


busiest,


with


the


highest


patient


volume.


In a study


participants


at a California


scientific


meeting


(Cooper,


Mallinger,


& Kahn,


1978),


dentists


were


asked


to rate


their


perceived


stressors


in a 15-item






-37-


assistance.


After


relating


each


the


items


physiological


measures


of stress


(blood


pressure,


pulse


rate,


and


ECG


readings),


they


found


that


only


one


item,


the


demands


of building


and


sustaining


a practice,


was


correlated


consistently


with


each


of the


health


criteria


measures.


In another


study


American


dentists,


who


voluntarily


attended


a health


screening


at a national


dental


meeting,


completed


a questionnaire


on sources


of practice


stress


(O'Shea


et al.,


1984).


Results


suggested


that


six


sources


dentists'


stress


were


problems


of patients'


compliance,


pain,


and


anxiety,


interpersonal


relationships,


the


physical


strain


of work,


economic


pressures,


third-party


constraints


, and


strain


of perfectionism


and


seeking


ideal


results.


Among


stressors


lowest


the


composite


ratings


were


isolation


from


fellow


practitioners,


competition,


monotony,


lack


of acceptance


patients


of the


preferred


treatment


plan,


and


lack


of appreciation.


Another


significant


finding


was


three-fourths


those


surveyed


thought


dentistry


was


more


stressful


than


other


occupations,


but


an equally


high


proportion


believed


that


they


were


under


less


stress


than


other


dentists.


Cooper


et al.


(1987)


studied


the


relationship


between


possible


causes


stress


(demographic,


personality,


and






-38-


stress


were


pressures


from


scheduling,


staffing,


income


needs,


and


quality


control.


The


authors


concluded


that


stress


levels


the


profession


were


high,


likely


higher,


and


were


already


showing


effects


with


deteriorating


levels


mental


health


and


job


satisfaction.


Studies


Cooper,


Mallinger,


and


Kahn


(1980)


and


the


follow-up


Mallinger,


Brousseau,


and


Cooper


(1978)


are


significant


that


they


represent


the


first


systematic


attempts


to evaluate


both


personality


and


situational/


environmental


contributions


to the


stressors


experienced


dentists.


One


serious


shortcoming


lack


randomization


selection.


Since


subjects


(150


and


110,


respectively)


were


volunteers


at a health


screening


clinic


dentists,


concern


about


the


representative


nature


of the


sample


should


be noted.


Despite


conceptual


difficulties


regarding


the


selection


of physiological


indices


as the


sole


criterion


stressfulness


(vs.


perceptual


criterion),


these


studies


point


the


way


further


examination


environmental

stressfulness


and

and


of the


personality

satisfaction


interaction


stressors


transaction)


as predictors


dentists.


Based


on the


literature


review


of dental


stressors,


only


one


study


addressed


the


need


that


the


American


Dental


Association


(ADA)


Bureau


Economic


Research


& Statistics






-39-


transactional


model


of stress,


examined


both


the


relative


importance


of personality


factors


and


factors


inherent


the


practice


dentistry


upon


perceived


stress


and


career


satisfaction.


The


personality


factor


hardiness


was


more


predictive


both


stress


and


career


satisfaction


than


were


any


the


practice


stressors.


Hardiness


was


found


to be significantly


related


lower


levels


of stress


and


psychiatric


symptoms


and


higher


levels


career


satisfaction


experienced


the


dentists


the


study.


contrast,


the


practice


stressors


and


outcome


measures


were


significantly


related


only


a few


instances.


Only


income


level


and


frequency


exercise


were


strongly


related


to dentists'


career


sati


sfaction.


Only


specialization


was


strongly


related


to reduced


stress.


Only


the


number


of weeks


away


from


the


office


was


found


to be


significantly


related


to both


reduced


stress


and


increased


career


study


satisfaction


support


(Katz,


position


1987)


that


The


the


findings


sources


this


of stress


dental


practitioners


are


a function


their


personality


and


perceptions


rather


than


their


practice


stressors.


Stress


Response


Dentists


inal-har %n~t7 nV 4+arClrn~r arn*aa4r


ral~~ac!


+-ka


~ t ra ~


Brka V r+


r-^^/^x


TE-~


P






-40-


1977a,

other


1977b).

articles,


Problems

as the c


frequently


consequences


cited,


of stress


these

for d


and


dentists


include


cardiovascular


disease,


depression,


divorce,


alcoholism,


drug


abuse,


and


suicide.


A frequently


cited


study,


published


years


ago


Russek


(1962),


indicated


that


the


prevalence


coronary


heart


disease


(CHD)


among


dentists


more


highly


influenced


relative


level


occupational


stress


than


heredity


or diet.


more


recent


report


(Nielsen


& Polakoff,


1975)


found


that


coronary


heart


disease


and


hypertension


are


more


population.


prevalent


Indeed,


dentists


Steinberg


than


(1977)


the


stated


general


cardiovascular


disease

killing


the


nearly


most

7 out


frequent


of 10,


cause


premature


middle-aged


male


death,

dentists.


Investigators


of maladaptive


behavior


outside


the


dental


office


but


resulting


from


stress


within


the


office


environment--divorce,


alcoholism,


or drug


abuse--suggest


that


stress


at work


could


result


in expressions


of symptoms


personal


life.


Indeed


a high


rate


divorce


among


dentists


frequently


reported


(Sword,


1977a).


However,


American


Research


and


Dental


Association


Statistics


(1977)


(ADA) Bureau

reported that


Economic


a literature


search


found


only


one


article


on this


topic.


This


study


divorce


complaints


filed


California


(Rosow


& Rose,


1972)






-41-


Substance


abuse


frequently


been


linked


to overwork


and


stress.


Clarno


(1986)


stated


that,


based


on the


evidence


available


today,


not


known


whether


dentists


suffer

does a


from


similar


a higher


or a lower


population


sample


incident

within


of alcoholism


society.


than


The


National


Council


on Alcoholism


estimates


that


the


percentage


alcoholics


among


professionals


general


1 1/2


times


greater

Bissell


than

and


that


among


Haberman


nonprofessionals


(1984),


(Forrest,


an important


and


1978).


recent


review


of alcoholism


the


professions


(dentists,


physicians,


women),


nurses,


estimated


attorneys,


that


social


the


workers,


dentists


and


the


college


country


were


alcoholic.


There


also


evidence


that


owing


to the


accessibility


of controlled


substances


in the


practice


dentistry,


dentists


may


have


a slightly


higher


incidence


drug


dependence


than


the


average


population.


this


also


true


in medicine


and


nursing.


However,


one


study


found


that


dentists


reported


less


stress


and


less


drug


use


than


physicians


(Stout-Wiegand


Trent,


1981)


Stress


can


be a significant


problem


dentistry


and


can,


undeniably,


(Shurtz


, Mayhew,


factor


& Cayton,


the


1986).


onset


of depression


In a conceptual


article,


Sword


(1977a)


discussed


the


relationship


of depression


substance


abuse


and


suicide.


The


description


the


pre-






-42-


such


characteristics


are


adaptive


aiding


the


dentist


achieving


life


goals


, the


same


characteristics


may


predispose


the


dentist


to experiencing


a high


level


stress


and


dissatis


faction


when


faced


with


the


limiting


realities


of dental


practice.


Depression


can


result


over


period


time


from


becoming


emotionally


burned


out


(Wiley,


1986)


Thi


turn


can


lead


to seeking


an escape


alcohol,


drugs,


or suicide.


Perhaps


researched


dentists


most


topic


that


frequently


concerning

of suicide


discussed


stress-related


Numerous


and


thoroughly


problems


articles


among


have


appeared


the


dental


literature


about


the


problem


and


how


to combat


(Forrest,


1978)


One


study


(Blachly,


Osterud,


Josslin,


1963)


found


that


dentists


had


the


highest


suicide


rate


among


any


profession.


Despite


methodological


flaws


this


regional


study,


thi


view


of dentists


as having


the


highest


suicide


rate


has


been


perpetuated


the


media


and


become


a popularly


held


belief


among


dentists


and


much


the


general


public


Rose


and


Rosow


(1973)


found


that


dentists


had


a suicide


rate,


comparable


to physicians,


approximately


twice


that


the


white,


male


population


the


United


States.


Orner


(1978)


concluded


that


dentists


have a

whole,


i lower

and t


rate


hat


of suicide


causes


than


of death


does


as the


the


population


result


any


as a

illness





-43-


The


topic


suicide


among


dentists


admittedly


controversial


(Ayer


& Moretti,


1985).


The


American


Dental


Association


(ADA)


expressed


concern


over


the


problem


and


has


sponsored


research


and


national


conferences


to discuss


the


topic


(ADA


News,


1977,


February


21) .


The


ADA


Bureau


Economic


extensive


Research


study


Statistics


conducted


(1977)


Temple


reported


University


on an


School


Dentistry


researchers


(Temple


University,


School


Dentistry,


1976).


The


results


this


study,


which


considered


the


most


extensive


date


both


scope


and


methodology


, concluded


that


dentists


do not


differ


from


the


general


population


suicide


rate


and


have


a death


rate


from


causes


that


less


than


the


general


population


groups.


While


issue


of dental


suicide


may


have


been


minimized


this


report,


issue


of stress


among


dentists


appears


to be


very


much


alive


based


on the


frequency


articles


on the


topic


the


dental


literature.


Many


the


conclusions


about


dental


stress


drawn


from


these


opinion


articles


are


invalid


according


research.


But


the


mythology


of dental


stress


has become


so credible


and


oversold


that


even


many


dentists


cannot


distinguish


between


fact


and


fantasy


(Hark,


1983).





-44-


interchangeably


with


similar


terms


such


as happiness,


quality

Converse


of life,

, and Re


and


,dgers


adjustment.

(9176), sa


According


ltisfaction


to Campbell,


implies


cognitive

external


j judgment

standards


a current


of comparison


situation


such


laid


as "other


against

people


know"


or more


private


level


aspiration.


Thi


may


compared


to happiness,


which


seems


to evoke


chiefly


absolutely


emotional


state


(Campbell


et al.,


1976)


Quality


of life


different


still


that


usually


measured


some


objective


standard,


such


as ownership


of luxury


items,


and


thus


assumes


that


people


who


have


a high


quality


of life


are


satisfied.


Finally,


the


term


adjustment


often


used


similarly


to satisfaction,


especially


the


area


marriage,


even


though


adjustment


refers


more


congruence


between


partners


expectations,


performances,


and


values


(Rhyne,


1981)


This


study


and


the


following


review


literature


Theori


focused



Satis


on satisfaction.


faction


There


are


several


theoretical


explanations


satisfaction.


These


include


Maslow'


(1954)


need


hierarchy,


the


motivation


theory


as proposed


Herzberg


(1966),


theori


that


compare


expectations


and


performance,


and


finally


theories


based


on rewards.






-45-


behavior


until


the


more


potent


are


fulfilled.


The


five


classes


needs


of needs


relating


are


physiological


to belonging,


needs


friendship


, safety


and


love,


needs,


esteem


needs


and


the


need


self-actualization.


The


assumption


that


the


higher


one


gets


the


hierarchy,


the


more


one


satisfied.


Unfortunately,


acceptance


the


theory


largely


an act


of faith,


little


research


has


been


carried


out


to verify


(Cox,


1978).


Herzberg


(1966)


has


developed


a theory


suggesting


that


nature


the


work


performed


itself


an important


factor


in determining


the


level


of satisfaction


experienced.


Individuals


who


find


their


daily


tasks


interesting


challenging


are


likely


experience


more


satisfaction


than


those


who


find


their


work


tasks


tedious


or boring.


Herzberg


(1966)


proposed


the


two-factor,


motivation-hygiene


theory


describe


sati


work


faction


satisfaction.


depends


Herzberg


on motivator


argued


factors,


that


whereas


dissatisfaction


relates


to hygiene


factors.


Good


hygiene,


such


as better


working


conditions


and


more


pay,


are


theorized


to decrease


dissatisfaction,


but


do not


promote


satisfaction.


Motivation


factors


such


as achievement,


recognition,


responsibility,


opportunity


personal


growth


or advancement


will


increase


satisfaction.


Unfortunately,


many


studies


have


failed


to support


this






-46-


performance


achieves


one'


desired


goal


or is


discrepant


from


one's


value


standard,


with


the


former


resulting


higher


satisfaction


the


latter


lower


sati


sfaction.


Similarly,


Locke


(1975)


argued


that


satisfaction


related


to the


amount


of discrepancy


existing


between


how


much


wanted


and


how


much


obtained


Hence,


appears


important


to examine


the


extent


to which


expectations


have


been


realized


to determine


a person'


true


level


satis


faction.


The


expectancy


theory


, developed


Wabah


and


House


(1974),


considers


satisfaction


to be measured


work


motivation.


The


theory


states


that


after


a reasonable


expenditure


of effort,


one'


professional


expectations


are


not


met,


the


result


will


be a lower


level


of professional


motivation


and


satisfaction.


Linsenmeier


and


Brickman


(1980)


sati


propose


faction


a similar

based,


idea.


at least


They


suggest


in part,


that


on the


goals


expectations


performing


the


well


individual.


generally


They


more


add


that,


satisfying


although


than


performing


badly,


the


lower


the


expectations,


the


more


person


will


be satisfied.


They


suggest,


short,


that


people


will


sati


sfied


with


themselves


and


what


they


accomplish


to the


extent


that


their


accomplishment


exceeds


what


they


had


expected


to achieve,


and


disappointed


fails


short





-47-


whereas


those


who


overestimate


themselves


are


apt


surprised


failure.


In effect,


satisfaction


depends


on expectations


regarding


performance


outcomes


as well


as the


performance


outcome


itself.


Vroom


(1964)


defined


satisfaction


as the


affective


orientation


on the


part


individuals


toward


the


roles


they


are


presently


occupying.


Satisfaction


also


a function


of the


attainment


of rewards.


Thus,


the


more


rewards


a role


offers,


the


more


satisfied


a person


will


with


The


theory


research


the


area


satisfaction


has


generally


focused


on satisfaction


within


role.


Such


areas


as job


satisfaction


and


marital


satisfaction


are


common


the


literature.


Thus,


each


role


has


own


specific


theories


assessment


techniques.


However,


there


is a tremendous


amount


of overlap


among


roles


how


satisfaction


conceptualized.


Campbell


et al.


(1976)


proposed


that


job


satisfaction


based


on how


persons


perceive


their


situation.


This


based,


in part,


on objective


characteristics


the


job


and


on characteristics


of the


respondent


which


determine


how


the


person


perceives


characteristics


the


job.


Thus,


one


approach


to assessing


job


satisfaction


to solicit


individuals'


assessments


the


attributes


of their


jobs.


Attributes


that


have


been


found


be important


are


comfort,





-48-


the


between


career


and


abiliti


and


interests,


and


the


degree


to which


they


feel


successful.


This


approach


has


been


taken


Osherson


and


Dill


(1983)


How


sati


sfaction


one


role


affects


satisfaction


other


roles


has


been


the


topic


some


interest


and


investigation.


The


most


commonly


researched


interrelationship


between


the


roles


of life


general


and


work.


Studies


have


generally


found


a positive


relationship


between


work


sati


sfaction


and


satisfaction


with


life


Hulin,


general


1969;


(Campbell


& Barrett,


al.,


1972;


1976;


Greenhaus,


Kornhauser,


1965


1974;


London,


Crandall,


& Seal


1977;


Schmitt


& Mellon,


1980)


Campbell


et al.


sati


(1976)


sfaction


estimate


shared


that

with


20%

work


of the


variance


satisfaction


of life


and


conclude


that


work


sati


sfaction


one


the


most


important


predictors


of life


sati


sfaction.


That


, at least


the


of work


and


general


life,


people


who


are


satisfied


with


one


role


are


likely


to be satis


fied


with


their


other


es.


However,


the


relationship


not


perfect.


There


of the


variance


that


still


unaccounted


for,


using


estimate


of shared


variance


computed


Campbell


et al


(1976)


Thus,


may


be wise


study


career


satisfaction


and


general


life


satisfaction


separately





-49-


profession,


not


much


known


about


factors


contributing


satisfaction


increasingly


with


dentistry.


important


Such


light


information


the


changing


becoming


nature


dental


practice


and


desire


to reduce


unnecessary


stress


(Dunlap,


1977).


The


practice


of dentistry


seems


possess


many


the


characteristics


commonly


associated


with


satisfaction.


offers


prestige,


good


income,


potential


for


personal


development,


a helping


profession.


Indeed,


Bisconti


and


Solmon


(1977)


showed


that


many


the


characteristics


traditional


private


practice,


such


as the


freedom


to design


one's


own


work


and


to fully


use


one'


skills

dental


were


practi


associated

ce rarely


with sa

requires


tisfaction.


working


In addition,

large


organizations


or doing


repetitive


clerical


tasks,


both


which


have


been


associated


with


occupational


dissatisfaction.


Jackson


and


Mealiea


(1977)


claim


other


factors,


such


ability


planning


to control


to avoid


one'


unnecessary


personal


financial


environment


burdens,


and


are


use


related


sati


sfaction


and


can


result


a reduction


stress.


They


also


suggest


that


dentists


who


find


rewarding


interact


professionally


with


peers


experience


a higher


level


of satisfaction.


The


practice


of dentistry


does


fact





-50-


help


others


as well


as creative


and


artistic


challenges.


Although


career


satisfaction


among


dentists


varies


widely,


the


plethora


of reports


describing


their


career


dissatisfaction


supported


(often


empirical


linked


research


high


stress)


investigating


not


the


topic


(King,


1978;


Sword,


1977b).


Hence


dentists'


career


satisfaction,


typically,


has


been


found


the


average


to be


quite


high


(George


& Milone,


1982).


Eccles


and


Powell


(1967)


conducted


a mail


survey


of 231


dentists


practicing


South


Wales.


Some


relevant


findings


were


that


dentists


between


the


ages


of 23-24


and


those


over


were


the


most


satisfied


while


those


the


45-54


age


group


were


the


least


satisfied.


The


greatest


sources


satisfaction


were


related


achievement


and


satisfaction


the


work


itself


, as well


as good


relationships


with


patients.


The


greatest


sources


of dissatisfaction


and


difficulty


external


limitations


imposed


on the


dentist


and


the


pace


work.


Income


and


status


had


little


effect


on job


satisfaction.


Sixty


percent


the


dentists


said


they


liked


their


work


while


stated


that


they


did


not


like


Howard


attributed


et al.


stress


(1976),


as a factor


a previously


the


cited


dissati


study,


faction


dentists.


The


best


predictors


of job


satisfaction


were


the






-51-


experience


of the


dentist.


The


younger


dentists


were


found


to be


the


most


dissatisfied


the


group.


A trio


of studies


on Utah


dentists


yielded


some


interesting


results.


Murray


and


Seggar


(1975)


found


unusually


high


level


of role


satisfaction


(90%)


among


dentists

negligible


practicing

v affected


Utah.

age,


Levels


number


of satisfaction


years


were


practice,


social


participation,


or practice


location.


In 1980,


Murray


compared


results


the


role


satisfaction


of dentists


from


different


cultural


areas.


The


Utah


study


was


essentially


replicated


and


compared


with


a study


of 94


dentists


practicing


Kentucky.


While


the


relationship


between


role


satisfaction


and


age


and


role


satisfaction


and


years


was


practicing


an increase


number


years


was


statistically


satisfaction


practicing


with


the


significant,


an increase


Kentucky


there


in the


group.


Conversely,


the


younger


dentists


the


Utah


sample


tended


to be


more


satisfied


than


their


Kentucky


counterparts.


Schwartz


and


Murray


(1981)


in a secondary


analysis


the


Utah


study


investigated


various


aspects


the


original


data


career


to try


to understand


satisfaction


level


reasons


their


the


respondents.


unusually


One


high


the


findings


was


that


dentists


who


reported


their


fees


were


"too


low"


tended


to be significantly


less


satisfied


than


those





-52-


a low


structure


associated


with


lower


dentist


work


satisfaction.


Lange,


Loupe,


and


Meskin


(1982)


reported


the


results


a longitudinal


study


of University


of Minnesota


School


Dentistry


graduates


entering


their


sixth


year


of practice.


The


researchers


sought


to determine


whether


there


were


any


characteristics


accounted


groups,


the


dentists


differences


14 dentists


each,


sati


or the


sfaction


identified


practice


between


that


two


"satisfied"


and


"dissatisfied.


While


age


was


not


a factor


this


group


young


dentists,


the


overall


results


identified


professional


and


community


involvement


as an important


characteristic


the


more


satisfied


group.


The


most


satisfied


dentists


also


seemed


to be


less


threatened


change


and


hold


a more


positive


view


of the


profession.


Conversely


the


less


satis


fied


dentists


were


as optimistic


as the


most


satisfied


dentists.


Yablon


and


Rosner


(1982)


also


studied


the


relationship


income


three


categories


career


satisfaction.


They


surveyed


1172


graduates


of Columbia


University'


School


of Dentistry


and


Oral


Surgery.


The


three


categories


career


satisfaction


were


intrinsic,


extrinsic,


and


overall


career


satisfaction.


The


results


indicated


a general


trend


toward


increased


overall





-53-


dentists'


satisfaction


increased


with


increasing


income,


but


only


to a point.


Apparently


the


lack


income


was


more


a source


of dissatisfaction


than


existence


of high


income


was


a source


of positive


satisfaction.


In another


article


about


the


same


study,


Yablon


and


Mayhew


(1984)


reported


on nonchairside


factors


that


contributed


results


to the


indicated


career


that


sati


dentists


faction

whose


of dentists.


background


The


and


personal


characteristics


promoted


life


stability


and


who


were


in the


mainstream


the


professional


community


tended


to be


more


satisfied.


These


characteristics


were


exemplified


a more


religious


orientation,


being


married


rather


than


single,


continuing


education


involvement,


and


higher


social


class


background


measured


educational


attainment


parents)


a survey


of 224


practicing


North


Carolina


dentists,


George


and


Milone


(1982)


found


dentists'


sati


faction


depended


financially


largely


on income.


successful


Dentists


practices


tended


the most

to be younger,


employ


more


auxiliaries,


see


more


patients


per


day,


have


more


patients


education,


and


on their


more


recall


lists,


satisfied


with


take m

their


ore


continuing


careers.


These


findings


were


supported


a more


recent


study


on dental


stress


satisfaction.


Katz


(1987)


concluded


that


the





-54-


Mediator


Variables


the


Stress


Process


A large


body


of literature


(life


events


research)


has


demonstrated


onset


that


physical


stress


and


plays


a precipitating


psychological


disturbance.


the


The


literature


also


has


documented


that


the


relationship


between


stressful


life


events


and


future


(physical


or psychological)


illness


, although


statistically


significant,


relatively


small


magnitude


(Dohrenwend


& Dohrenwend,


1974)


Given


the


very


large


sample


zes


characteristic


of life


events


research,


even


very


small


correlations


no practical


utility


may


pass


tests


of statistical


significance


(Rabkin


Streuning,


1976)


When


reports


of obtained


correlation


coefficients


are


included


the


reports,


they


are


typically


below


(accounting


at best


of the


variance


and


typically


-4%).


The


standard


deviations


these


associations


also


are


quite


extreme


suggesting


considerable


variability


across


individuals


the


degree


which


stress


associated


with


illness


(Feuerstein,


Labbe,


Kuczmierczyk,


1986)


Thus


researchers


have


been


sea


rching


factors


that


may


as mediators,


moderators,


buffers,


or resistance


stress


stress


resources


(Antonovsky,


are


against


1979)


identified,


the


Hence


measured


adverse


as the


reliably,


effects


mediators


and


of life


life


included


rToan red


incrsvassd


nredictiveness


likely


da nnin .


.


..


L-V





-55-


Bernstein,


1977);


having


a high


rather


than


a low


income


(Luborsky,


Todd,


& Katchen,


1973)


physiological


constitutional


strengths


such


as a well


-functioning


immunological


system


(Marshall,


1977) ,


family


medical


histories


diseases

health D


that


are


(Kobasa,


practices


free


Maddi,

(Wiebe


of certain


& Courington,


& McCallum,


genetically


1981;


1986) ,


and


linked


Weiner,


1977),


exercise


(Cooper,


Gallman,


& McDonald,


1986;


Kobasa,


Maddi,


Puccetti,


1982);


social


resources


such


as being


married


rather


than


single


(Myers,


Lindenthal,


& Pepper,


1974) ,


perceived


soc


support


(Billings


Moos,


1981;


Cobb,


1976


Schaefe:

styles


Coyne,


(Lazarus


& Lazarus,

Folkman,


1981;

1984;


Thoits,

Pearl in


1986)


coping


& Schooler,


1978);


certain


personality


characteristics


such


as the


absence


of Type


A behavior


patterns


(Chesney


, Black,


Chadwick,


Rosenman,

of control


Scheier,


1981


Friedman


(Johnson


Weintraub,


& Rosenman,


& Sarason,

& Carver,


1978),


1986)


1974),

dispo

and h


internal


sitional

ardiness


locus

optimism

(Kobasa,


1979).


The


mediator


variables


included


this


study,


and


reviewed


this


section,


are


hardiness,


coping


style,


social


support,


and


health


practices.


Hardiness


In a novel


anvroach


the


problem


correlations


I


w m


__


YV


S






-56-


needed


was


a scrutiny


the


factors


which


differentiated


between


highly


stressed


people


who


did


and


did


not


get


sick.


Kobasa


(1979)


studied


middle-


and


upper-level


business


executive


a large


public


utility


a major


metropolitan


area,


see


which


ones


did


and


did


not


develop


illness


as a consequence


their


stressful


lifestyle.


First,


Kobasa


divided


the


group


into


executives


who


had


experienced


a lot


of stress


during


the


previous


three


years


and


those


who


had


experienced


ess


stress,


using


the


Schedule


of Recent


Life


Events


(SRE)


and


the


Social


Readjustment


Rating


Scale


(SRRS)


(Holmes


& Rahe,


1967)


Then,


selected


looking


items


only

from


the


the


high-stress


Seriousness


executives,


of Illness


using


Survey


(Wyler,


Masuda,


& Holmes,


1968),


Kobasa


compared


those


who


had


had


a lot


illnesses


with


those


who


had


had


relatively


illnesses


see


what


stinguished


them.


the


final


sample


of 200


mal


Kobasa


found


that


the


highly


stressed


but


healthy


(high


stores


low


illness)


executives


were


distinguished


a multifaceted


personality


style


Kobasa


termed


hardiness.


The


hardy


personality


composed


of three


characteristic


CS.


The


first


a sense


of commitment,


or a


generalized

expressed a


sense


purpose


s a tendency


or meaningfulness


to involve


oneself


that


deeply






-57-


control


one'


environment.


The


third


component


challenge,


a perception


of change,


not


as a threat


but,


as a


normal


part


of life


that


provides


opportunities


growth


and


development.


As a result


their


sense


of commitment,


control,


and


challenge,


hardy


individuals


may


appraise


potentially


stressful


life


events


more


optimistically


than


would


individuals


who


are


so hardy.


Therefore,


they


may


take


more


direct


action


to find


out


about


these


events,


incorporate


them


into


their


lives,


and


to learn


from


them


what


may


be of value


the


future.


Consequently,


important


way


which


the


hardy


individual


avoids


illness


that


potentially


stressful


events


can


cause


is by


transforming


these


events


into


less


stressful


ones.


Although the h

measurement grounds


ardiness

(e.g.,


concept

Ganellen


has been

& Blaney,


criticized

1984),


Kobasa'


work


significant


several


reasons.


First


, it


identifies


a personality


factor,


hardiness,


that


appears


buffer


against


stress


see


also


Kobasa,


Maddi,


& Courington,


1981;


Kobasa,


Maddi,


& Puccetti,


1982).


Second,


clearly


illustrates


that


this


factor


can


moderate


the


relationship


between


stress


and


illness.


Third,


illustration


an important


method


of studying


stress,


namely,


focusing


attention


on the


people


who


do not


succumb


to stress


rather


than


the


ones


who


do become


debilitated


stress.


This






-58-


In the


initial


study


, hardiness


was


measured


various


sca


les covering


three


components


of hardiness.


They


included


the


Internal-External


Locus


Control


Scale


(Rotter


, Seeman,


& Liverant,


1962),


nine


scal


from


the


Alienation


Test,


including


the


Adventurousness


versus


Responsibility


scale,


the


Powerlessness


versus


Personal


Control


scale,


the


Nihilism


versus


Meaningfulness


scale,


Alienation


from


Self,


Work,


Interpersonal


Relationships,


Family


and


Friends


sca


and


the


Vegetative


versus


Vigorousness


scale


(Maddi,


Kobasa,


& Hoover,


1979)


the


Achievement


scale,


Need


Cognitive


Structure


scale,


and


Need


Endurance


sca


the


Personality


Research


Form


(Jackson,


1974),


as well


as the


Preference


Interesting


Experiences


scal


the


Security


Orientation


sca


the


California


Life


Goals


Evaluation


Schedule


(Hahn,


1966)


A discriminant


function


analysis


, identifying


the


best


combination


of variables


explaining


differences


between


groups,


explained


the


total


variance


between


the


groups


leaving


only


unexplained


(Kobasa,


Hilker,


Maddi,


1979)


Results


indicated


that


high


stress


/low


illness

external


subj ects

locus o


scored


f control,


significantly


lower


powerlessness


on nihilism,


alienation


from


self,


vegetativeness


than


did


high


stress/high


illness






-59-


socioeconomic


level


failed


to discriminate


between


the


two


groups.


There


have


been


longitudinal


studi


with


subjects


drawn


from


the


original


population.


Kobasa,


Maddi,


and


Kahn


(1982),


using


a prospective


research


design


with


subjects,


tested


the


effects


of hardiness


on the


stress-


illness


link


over


a two-year


follow-up


period.


Stress


and


illness


were


measured


same


way


the


earlier


investigation


(Kobasa,


1979).


Six


instruments


were


used


assess


hardine


SS.


They


included


two


tests


commitment,


the

from


Alienation


the


from


Alienation


Self

Test


and


Alienation


(Maddi


from


, 1979)


Work

, two


sca


tests


control,


the


External


Locus


of Control


Scale


(Rotter


et al


1962)


and


the


Powerlessness


sca


le of


the


Alienation


Test


(Maddi


Security


et al


, 1979),


Scal


the


two


tests


California


Life


of challenge,


Goal


the


Evaluation


Schedul


(Hahn,


1966)


and


the


Cognitive


Structure


Scale


the


Personality


Research


form


(Jackson,


1974)


Subjects


filled


out


stress


and


illness


que


stionnaires


once


a year


three


years.


The


hardiness


questionnai


res


were


completed


only


first


year.


As part


the


data


analysis


, Kobasa,


Maddi,


and


Kahn


(198


first


examined


intercorrelations


among


the


six


scal


used


measure


hardiness.


Because


cognitive


structure


did





-60-


analyses


the


data


using


an analysis


covariance


with


prior


illness


illness


(measured


(measured


the


the


sec


first


and


year)


third


as the


years)


covariate,


as the


dependent


variable,


and


hardiness


(measured


the


first


year),


and


stress


(measured


the


second


and


third


years)


independent


variables


indicated


that


stressful


life


events


were


associated


with


increased


illness


and


that


hardiness


decreased


likelihood


of symptom


onset.


Furthermore,


events,


hardy


hardiness


indicating


one


interacted


that


experiencing


with


especially

intensely


stressful


important


stressful


life


to be


life


events.


More


joint


recently,


influence


other


studi


of hardiness


and


have


other


investigated

mediating va


the


riables


such


as constitutional


strength,


exercise,


social


resources,


and


Type


A behavior


pattern.


Kobasa,


Maddi,


and


Courington


(1981)


, using


the


same


business


executive


sample


and


the


refined


five


subtest


measure


of hardiness


, operationalized


constitutional


predisposition


as parents'


illness.


With


prior


illness


statistically


controlled


for,


stress


life


events


, hardiness,


and


constitutional


predisposition


had


main


effects


on later


illness.


Hardiness


and


constitutional


predisposition


were


not


significantly


correlated


with


one


another,


indicating


that


they


were


not


just


measuring


the






-61-


have


an additive


stressful


life


effect


events


with


regard


increasing


to illness,


illness


and


with


a healthy


constitutional


predisposition


and


high


hardiness


decreasing


illness.


Kobasa,


effects


Maddi,


of hardiness


and

and


Puccetti


exerci


(1982


investigated


as buffers


the


the

stress-


illness


relationship.


Using


the


same


sample


and


measures,


hardiness


and


exerci


were


not


found


to be


related


one


another,


but


both


were


related


illness.


Furthermore,


both


interacted


with


stressful


life


events,


indicating


that


they


may


be most


helpful


under


high


stress


conditions.


Kobasa


and


Puccetti


(1983)


investigated


Soc


resources

executive


as well as

population,


hardiness.


they


Using


measured


the


social


same


business


resources


on the


home


and


work


subscal


the


Environment


Scal


developed


Moos


his


colleagues


(Moos


, 1976;


Moos,


Insel,


Humphrey,


1974)


and


the


Social


Assets


Scale


developed


Luborsky,


Todd,


and


Katcher


(1973)


Along


with


the


main


effects


hardiness


and


stressful


life


events


on illness,


boss-support


interacted


with


stressful


life


events


in such


way


that


boss-support


reduced


illness


more


high


stress


executives.


Stressful


life


events,


hardiness,


and


family


support


interacted


such


that


those


who


were


high


stressful


life


events


, high


in perceived


family


support,


and






-62-


Kobasa,


Maddi,


and


Zola


(1983),


using


the


same


male


business


executive


population,


examined


the


relationship


between


Type


A behavior


pattern


and


personality


hardiness


and


stress


and


illness


subjects.


Type


and


hardiness


were


found


to be conceptually


different


personality


orientations


and


empirically


independent


factors.


Type


A and


hardiness


emerged


from


this


study


bases


extrinsic


and


intrinsic


motivation,


respectively


The


results


confirmed


prediction


an interaction


between


the


two


variables


that


influenced


illness


onset.


Under


high


stressful


life


events,


male


executives


who


were


high


the


Type


greatest


but


simultaneously


deterioration


low


of general


hardiness,


health


the


showed


face


mounting


stressful


life


events.


Kobasa


(1980),


establishing


relevance


of hardiness


to stress-resistance


other


occupational


groups


, compared


the


executives


previously


studied


to lawyers


and


career


army


officers


In addition


illness


as an outcome,


measured


the


presence


or absence


of psychiatric


symptoms.


With


army


officers,


a high


correlation


was


found


between


stressful


life


events


both


physical


illness


and


psychiatric


symptoms.


The


personality


variable


challenge,


commitment,


and


control


were


significant


such


that


the


officer


with


a low


commitment,


high


interest





-63-


show


a significant


diagnosable


physical


correlation

1 illness (


between


Kobasa,


stress

1982).


scores and

There was,


however,


a significant


relationship


between


lawyers'


stress


experience


and


their


complaints


of strain


thi


case


physical


and


mental


symptoms


assoc


iated


with


the


stress


response)


Thi


relationship


was


mediated


two


stre


ss-


resistance


resources:


commitment


regressive


coping


techniques.


However,


two


other


stress


resistance


resources,


social


support


, and


exerci


were


not


found


to significantly


affect


the


degree


of strain


reported.


Kobasa


various


ideology"


explained


professions


the


on the


respective


diffe

basi


rences


between


the


groups


see


"profess


Katz,


outcomes


ional


1981)


According


there


to Kobasa


a belief


(1982),


that


within


stress


the


what


legal


makes


profes


the


sion,


profession


stimulating


and


challenging


Whereas,


the


business


executive


and


army


officer


exist


very


different


ideological


contexts.


Within


business,


and


especially


executive


ranks,


destructive.


The


there

army


is a strong


officer


belief


(Kobasa,


that


1980)


stress

presents


somewhat


system


different


which


situation.


officer


The


rigid


functions


authoritarian


requires


giving


high


degree


of control


to others.


Many


officers


find


themselves


functioning


the


modern


army


^





-64-


commitment


the


goals


and


purposes


the


systems


which


they


operate.


The


result


of such


conflicts


between


"subj ective


role


perception


and


objective


role


definition"


(Katz,


1981)


leads


the


more


destructive


stress


related


outcomes


which


the


officers


experience.


interesting


to note


that


the


published


research


on hardiness


Kobasa


and


associates,


the


Chicago


Stress


Project,


has


been


with


mal


only


and


primarily


with


business


executives.


More


recently


other


researchers


have


extended


the


investigation


hardiness


to other


populations.


Ganellan


and


Blaney


(1984)


as well


as Wiebe


McCallum


hardiness


witi


(1986) s

h social


tudied t

support


he


joint


and


mediating


health


practi


effects

ces,


respectively,


college


students


Katz


(1987)


examined


the


effect


of hardiness


on stress


and


satisfaction


dentists.


While


Hammond


(1987)


investigated


the


relative


mediating


effects


stress


hardiness


and


, social


satisfaction


support,


academic


and


coping


multiple


role


style


persons.


These


last


two


reports


are


reviewed


other


sections


chapter.


Ganellan


and


Blaney


(1984)


investigated


the


effects


hardiness


and


social


support


on illness.


The


presence


stressful


life


events


was


measured


the


Life


Experiences


Survey


Sarason,


Johnson,


& Siegal,


1978)


Illness


was





-65-


Internal


subscale


the


Levenson


Locus


Control


Scale


(Levenson,


1974),


and


the


Power


essness


, Vegetativeness,


Nihilism,


Adventurousness,


and


Alienation


from


Self


subscal


of the


Alienation


Test


(Maddi


et al.,


1979)


Social


support


was


measured


the


Social


Perception


Questionnaire


developed


the


authors


(Ganellen


& Blaney,


1984)


Using


a sample


of 83


female


undergraduates,


the


results


first


indicated


that


the


tests


measuring


commitment


and


challenge

In analyze


were


both


the


strongly


relationship


associated

s among ha


with


rdines


social

S, SOC


support.


support,


stressful


life


events,


and


depression,


depression


was


found


to be related


to stressful


life


events,


social


support,


and


the


alienation


from


self and


vegetativeness


subscales


of hardiness.


Only


Alienation


from


Self


subscale


interacted


with


stressful


life


events


significantly


affect


depression.


Ganellen


and


Blaney


(1984)


concluded


reiterating


the


effect


of social


support


on dep


ress


and


questioning


how


interrelated


are


the


three


dimensions


of hardiness.


must


be noted,


however


, that


Ganellen


and


Blaney


used


different


instruments


measure


life


events,


illness,


and


hardiness


than


did


Kobasa


and


colleagues.


Thus,


may


not


be appropriate


to generalize


the


results


obtained






-66-


Two


stress


and


illness


model


that


included


the


mediating

tested pr


effects


ospectively


health

over a


practices


two-month


and


hardiness


period


Wieb


were

e and


McCallum

students


(1986).

completed


Sixty

the


female


and


hardiness


26 mal


test


undergraduate


as described


Kobasa


(198


Stress,


health


practi


ces,


and


illness


the


prior


month


were


assessed


as well


as one


and


two


months


later


Health


practices


were


measured


the


Self


Care


Inventory


(Pardine


, Napoli,


& Dytell


, 1983)


Illness


was


measured


the


first


model


the


severity


of physical


symptoms


reported


on the


Seriousness


Illness


Rating


Secal


(Wyler,


Masuda,


Holmes,


1968);


whereas


in the


second


model


, it


was


measured


the


number


of physical


symptoms


reported.


Path


impact


analyses


stress


both


on illness


model


revealed


diminished


when


that


other


direct


variable


were


included.


Hardiness


exerted


effects


on illness


directly


as well


as indirectly


impact


on health


practices.


The


results


indicated


that


hardiness


did


not


appear


to have


a stress


buffering


effect


on illness


rather


appeared


to mediate


the


impact


stress


on health


practices.


Therefore,


could


be mi


leading


view


hardiness


as a stress


-res


instance


resource.


The


authors


concluded

health pr


that


actice


hardy

s while


individuals


experlenci


appeared

ng stress


to maintain


than


better


do nonhardy






-67-


Several


differences


between


this


study


and


prior


studies


on hardiness


may


contribute


the


contrasting


results.


First,


population


this


study


included


large


number


of females,


was


younger,


and


was


exposed


different


types


stressors


than


the


middle-aged,


male


executives


previous


studies.


Secondly,


this


prospective


study


used


a shorter


time


period


(three


months)


than


prior


studies


which


used


several


years.


Conina


The


impact


any


potentially


stressful


event


substantially


influenced


how


a person


copes


with


Recall


that


according


to the


transactional


model


of stress


(Lazarus


& Folkman,


1984),


cognitive


appraisal,


evaluation,


potentially


stressful


events


mediates


psychologically


between


the


individual


and


the


environment


when


the


individual


encounters


a stressful


event.


Any


new


event


make


event.


or change


a primary


An event


the


appraisal


can


environment


about


be appraised


prompts


significance


as benian


individual


the


(positive),


irrelevant


(neutral),


or stressful


(negative).


an event


judged


to be stress


ful,


will


further


be judged


terms


the


harm


or loss


that


has


already


been


done,


the


- ----- .8- t ~~~~8- --- a awe--


e.L1


a -


. .


- -


,,c,. -,- ,l4 .


,..,YL


'I


CL


I.. L....,,





-68-


Once


these


primary


appraisals


are


made,


the


individual


makes


a secondary


appraisal.


Secondary


appraisal


the


continuous


evaluation


of one'


coping


resources


and


options


to determine


whether


they


will


be sufficient


overcome


the


harm


and


threat


that


event


represents.


The


extent


which


an individual


experiences


psychological


stress,


then,


determined


the


evaluation


both


what


is at


stake


(primary


appraisal)


and


what


coping


resources


are


available


(secondary


appraisal)


It is


important


to define


operationally


what


meant


coping.


Coping,


according


to Lazarus


and


colleagues


(Lazarus


& Folkman,


1984),


defined


as the


cognitive


and


behavioral


efforts


manage


environmental


and


internal


demands


and


conflicts


among


them.


These


cognitive


behavioral

tolerating,


actions, c

reducing,


ir efforts,

and/or mi


are


directed


.nimizing


at mastering,


environmental


and


internal


demands


or exceeding


the


conflicts


resources


that


the


are


person.


appraised


Although


as taxing


coping


is commonly


conceptualized


as occurring


in reaction


stressful


situations,


also


can


occur


before


a stressful


confrontation.


This


form


of coping


anticipatory


coping.


Coping


also


refers


to the


efforts


manage


demands,


regardless


of the


success


those


efforts.


The


effectiveness


any


given


coping


strategy


not


inherent






-69-


terms


the


method


of coping,


the


individual


can


utilize


either


an active


response


to resolve


the


stressful


event


choose

of the


to avoi

coping


the


respon


stressor

se may b


(avoidance


e directed


coping).


at the


The


problem


focus

itself


(problem-focused)


stressor


or the


(emotion-focused


emotional c

) (Folkman,


consequencess

Schaefer,


of the

& Lazarus,


1979;


efforts


Pearlin


are


& Schooler,


attempts


1978) .


something


Problem-focused


constructive


coping


about


stressful


conditions


that


are


harming,


threatening,


challenging


individual.


Emotion-focused


coping


involves


efforts t

stressful 1


o regulate

event.


the


emotional


Sometimes


consequences


problem-solving


the


efforts


and


emotional


regulation


work


together.


However,


problem-


solving


efforts


and


emotional


regulation


also


may


work


cross


purposes.


There


are


literally


hundreds


coping


strategies


individual


might


use


in confronting


a stressful


event.


Some


will


problem-focused


emotional


regulation.


and


The


others


same


will


person


be oriented


may


toward


engage


intrapsychic


coping


efforts,


information


seeking,


direct


actions,


turning


to others,


and


inhibition


of action


(Cohen


& Lazarus,


1979)


at different


points


coping


with


the


same


event.

part c


Which


>n the


coping


nature


responses


the


will


stressor


be used


itself


depends


and


large


the






-70-


are


people


who


become


nearly


hysterical


the


smallest


stressor,


huge


whereas


amounts


other


of stress


people


and


seem


remain


to be able


nearly


to confront


unflappable


(Taylor,


1986)


Thi


is an example


of difference


coping


style.


Although


a variety


coping


styles


exists,


only


have


received


systematic


study.


Pearlin


and


Schooler


(1978)


studied


normative


coping


responses


to normative


life


problems


a large


sample


2300


adults


(ages


18-65)


Chicago.


Through


a structured


interview


format


information


was


gathered


about


life


strains


and


the


coping


repertoires


people


used


these


strains


each


of four


role


areas--occupation,


household


economic


marriage,


and


parenting.


The


researchers


examined


the


emotional


stresses,


depression,


and


anxiety


response


the


strains.


Coping


responses


represented


some


the


things


that


people


their


concrete


efforts


to deal


with


life


strains


encountered


their


different


roles.


Coping


resources


referred


not


to what


people


but


to what


was


available


to them


developing


their


coping


repertoires.


Social


resources


represented


the


interpersonal


networks


which


were


a potential


source


support:


family,


friends,


co-workers,


neighbors,


etc.


Psychological


resources


represented


some


the


things


people


are,


the


personality


characteristic


that


people


draw


upon


to help


them


withstand






-71-


the


situation


(the


most


direct


method);


responses


that


function


to perceptually


control


the


meaning


the


problem


(e.g.,


positive


comparisons,


selective


ignoring,


and


substitution


rewards);


and


responses


that


attempt


minimize


the


discomforts


engendered


the


problems,


but


are


not


directed


at the


problems


themselves.


The


efficacy


of 17 concrete


coping


behaviors


representing


these


three


functions


was


evaluated.


Results


indicated


that


individuals'


coping


interventions


were


most


effective


when


dealing


with


problems


within


the


close


interpersonal


area


of marriage,


and


to a lesser


extent


parenting,


and


least


effective


when


dealing


with


the


more


impersonal


problems


found


occupation.


The


most


effective


coping


responses


were


unequally


distributed


in society,


with


men,


the


educated,


and


affluent


making


greater


use


efficacious


mechanisms.


Pearl in


and


Schooler


(1978)


also


found


that


using


a particular


coping


response


was


less


important,


the


effects


of stress,


than


using


a variety


coping


responses.


Using


the


same


data


from


random


sample


of 2300


adults


(Pearlin


& Schooler,


1978),


Fleishman


(1984)


examined


the


relationships


between


coping


and


general


personality


variables


mastery,


self-esteem


self-denial,


and


nondisclosure


of problems.


Findings


indicated


that


both






-72-


affected


use


emotion-focused


coping,


and


nondisclosure


reduced


advice-seeking


whereas


mastery


and


self-esteem


had


weaker


effects.


The


author


concluded


that


coping


depended


upon


whether


problems


occurred


either


an interpersonal


impersonal


context


on whether


one


preferred


to act


independently


or seek


aid


from


others.


Billings


and


Moos


(1981)


explored


the


nature


individual


and


social


resources


as intervening


processes


mediating


the


effect


of life


events


on psychological


and


physical


distress.


Pearlin


and


Schooler


(1978),


their


analyses


focused


on two


approaches


to classifying


coping


responses,


method


coping


and


focus


coping,


and


their


roles


moderating


the


effects


stress.


The


method


of coping


classification


divided


coping


attempts


into


three


categories


Active-cognitive


coping


included


attempts


manage


one's


appraisal


the


stressfulness


the


event.


Active-behavioral


coping


referred


to overt


behavioral


attempts


to deal


directly


with


the


problem


and


effects.


Avoidance


coping


referred


to attempts


to avoid


actively


confronting

emotional t


the


problem


ension


such


or to indirectly


behavior


reduce


as eating


the


or smoking


more.


The


second


classification,


focus


coping,


was


composed


two


categories:


problem-focused


and


emotion-


focused


coping


(Antonovsky,


1979;


Lazarus,


1980)


Problem-






-73-


whose


primary


function


was


manage


the


emotional


consequences


of stressors


and


to help


maintain


one'


emotional


equilibrium.


Billings


and


Moos


(1981)


created


19-item


questionnaire


assess


the


use


of the


three


methods


of coping


categories


and


the


two


foci


coping


categories.


Results


were


presented


a representative


community


sample


two-parent


families


the


San


Francisco


Bay


Area.


Small


but


significant


gender


and


contextual


differences


in coping


were


identified.


Women


were


more


likely


use


avoidance


coping,


which


was


associated


with


greater


impairment


of functioning


Persons


with


more


education


and


income


also


were


more


likely


use


more


effective


coping


was


consistent


with


the


findings


Pearlin


and


Schooler


(1978)


The


predictive


value


of social


support


also


was


ess


salient


among


men


than


among


women.


The


conclusion


was


that


measures


coping


and


social


resources


life


did


events


mediate


and


the


personal


relationship

functioning (


between


Billings


stressful

& Moos,


1981)


More


recently,


Billings


Moos


(1984)


explored


of stress,


social


resources,


coping


among


men


women


entering


treatment


depression.


Stressors,


social


resources,


and


coping


were


additively


predictive


patients'


functioning


However,


coping


and


social


resources





-74-


work


effects


on factors


of life


that


buffer


stress.


potentially


survey


was


negative


used


health


measure


personality


characteristics,


coping


strategies,


and


family


support


with


a representative


community


sample


of 267


two-


parent


families.


comparison


Respondents


groups


the


were


Kobasa


divided


(1979)


into


two


hardiness


study),


high


stress/high


distress


and


high


stress/low


distress.


Findings


demonstrated


that


those


who


adapted


to life


stress


with


little


physical


or psychological


strain


were


more


easy-


going


and


less


inclined


use


avoidance


coping


than


individuals


who


became


under


stress.


In addition,


stress


resistant


group,


men


were


more


self-confident


and


women


had


better


family


support


than


their


counterparts


distressed


group.


Folkman


and


Lazarus


(1980)


analyzed


ways


community


stressful


residing


events


men


of daily


women,


living


aged


during


45-64,


one


coped


year.


with


The


item


Ways


Coping


checklist


was


developed


the


authors


measure


coping


this


study.


Results


indicated


that


work


situations


favored


the


use


of problem-focused


coping,


and


health


contexts


favored


emotion-focused


coping.


Situations


constructive


which

could


the


person


be done


thought


or that


were


something

appraised


requiring


more


information


favored


problem-focused


coping,





-75-


1978) ,


gender


differences


emerged


only


problem-


focused


coping.


Men


used


more


problem-focused


coping


than


women


at work


and


situations


having


accepted


and


requiring I

stereotype,


Iore


information.


there


were


Contrary


no gender


to the


differences


cultural


emotion-


focused


coping.


In keeping


with


transactional


perspective


which


emphasis


zes


situational


determinants


coping


efforts,


McCrae

assess


(1984)


the


reported


influence


on two


of losses,


studies


that


threats,


attempted


and


challenges


the


choice


coping


responses.


Analysis


of the


use


of 28


coping


mechanisms


showed


that,


across


both


studies,


type


stressor


had


a consistent


and


significant


effect


on the


choice


coping


mechanisms.


Faith,


fatalism,


and


expression


of feelings


were


used


especially


when


subjects


had


experienced


a loss;


while


wishful


thinking,


faith,


and


fatalism


were


used


subjects


facing


a threat.


A number


mechanisms


were


used


more


under


conditions


of challenge,


including


rational


action,


perseverance,


positive


thinking,


intellectual


denial,


restraint,


self-adaptation,


drawing


strength


from


adversity,


and


humor.


Another


study


Lazarus


and


colleagues


(Folkman,


Lazarus,


Gruen,


& DeLongis,


1986)


examined


the


relationship


between pe


!rsonality


factors,


primary


appraisal,


secondary






-76-


coping


processes


were


assessed


five


different


stressful


situations


that


subjects


experienced


their


day-to-day


lives.


The


results


indicated


that


personality


variable


and


aggregated


appraisal


coping


processes


had


a significant


relation


to psychological


symptoms.


The


more


subj ects


had


stake


(primary


appraisal)


over


diverse


encounters,


the


more


they


were


likely


to experience


psychological


symptoms.


Problem-focused

psychological s


coping


symptoms,


was


negatively


whereas


correlated


confrontive


copin


with

g was


positively


correlated.


These

(Folkman,


which


relations

Lazarus, D


a single


parallel


unkel


stressful


those


-Schetter,


encounter


found


DeLongis


and


another study

, & Gruen, 1986)


immediate


outcome


was


unit


of analysis


The


relations


among


cognitive


appraisal,


coping


, and


the


immediate


outcomes


stressful


encounters


were


examined.


An intraindividual


analysis


was


used


compare


the


same


person'


stre


ssful


encounters


order


to understand


the


functional


relations


among


these


variable


es.


The


findings


indicated


that


coping


was


related


and


appraisal


was


not


related


to the


quality


encounter


outcomes.


Confrontive


coping


and


distancing


were


ass


ociated


with


unsati


factory


outcomes,


and


problem


solving


positive


reappraisal


were


assoc


iated


with


sati


factory


outcomes.






-77-


Overall,


seems


that


coping


styles


which


focus


on problem


solving,


self-reliance,


and


cognitive


reappraisals


are


related


ignoring


to 1


the


ess


distress


problem


more


seems


satisfaction.


related


to higher


Avoiding


distress.


There


also


seems


to be


some


indication


that


the


role


sphere


which


coping


occurs


may


important.


This


supported


Lazarus


and


Folkman


(1984),


who


assert


that


coping


strategies


are


not


inherently


good


or bad.


strategy


that


effective


in one


situation


may


not


effective


another


Therefore,


the


effectiveness


coping


style


depends


on the


extent


to which


appropriate


the


demands


the


situation.


Social


SuDDort


Research


repeatedly


substantiated


that


people


ages


with


strong


supportive


relationships


and


meaningful


ties


with


others


are


able


cope


better


with


the


store


sses


their


environment


(Christen,


1986)


The


growing


evidence


that


the


presence


, and


contact


with,


others


may


enable


people


cope


better


with


stressors


has


resulted


increased


attention


being


given


during


recent


years


the


mediating


variable


of social


support


(Henderson,


1977;


Johnson


& Sarason,


1979)


Car., a


all nnnr+


lina


Haota


Af^pn f Q


caxrannrn 1


- e a -0


a-a:


Sif~.ia a ifr


1 Wr


|





-78-


the


form


of relationships,


on which


they


can


rely,


especially


These


time


resources


of need,


might


but


include


at other


spouse,


times


family,


as well.


friends,


neighbors,


coworkers,


and


members


the


larger


community


(Lin,


Ensel,


Simeone,


Kuo,


1979)


Cobb


(1976)


has


defined


Soc


support


more


specifically


information


that


leads


individuals


believe


that


they


are


cared


and


loved,


esteemed


and


valued,


and


belong


to a network


of communication


and


mutual


obligation.


Social


support


has


been


defined


somewhat


different


terms


Cassel


(1973),


and


Mechanic


(1974),


who


have


observed


that


social


networks


serve


multiple


functions


helping


one


adjust


demands


the


environment.


Caplan


(1974)


argued


that


times


of psychological


need,


social


support


can


provide


emotional


sustenance,


informational


guidance,


and


tangible


assistance.


Dean


and


Lin


(1977)


suggest


that


social


support


may


viewed


as being


organized


around


two


systems:


the


instrumental


system,


which


geared


the


fulfillment


tasks,


and


the


expressive


system,


which


geared


the


satisfaction


of individual


needs


and


the


maintenance


social


solidarity.


Schaefer,


Coyne,


and


Lazarus


(1981)


identified


three


dimensions


social


support:


emotional


support,


which


involves


intimacy


and


receiving


reassurance;






-79-


concerning


solutions


to one's


problems


and


feedback


about


one'


behavior.


this


time,


no single


conception


of social


support


has


received


consensual


acceptance,


though


Cobb


(1976)


and


Schaefer


et al.


(1981)


seem


to incorporate


the


important


elements


other


definitions.


There


are


two


other


important


aspects


these


authors'


conceptualizations


social

kind o


support.


f social


Cobb

support


(1976)


more


emphasizes


important


that

than


the

the


quality or

quantity.


While,


Schaefer


et al.


(1981),


distinguishing


quantity


versus


quality


of social


support,


recommend


using


the


terms


social


The


network


lack


and


consensus


perceived


social


concerning


the


support,


definition


respectively.


of social


support


also


reflected


ambiguities


measurement.


For


example,


several


studies


have


regarded


marital


status


the


sole


indicator


of social


support,


a practice


that


clearly


simplistic


light


any


the


foregoing


definitions.


The


view


that


social


support


important


to a person'


health


well-being


not


new.


In fact


some


of the


most


persuasive


evidence


power


social


support


factors


influencing


an individual'


susceptibility


to physical


illness


mortality


comes


from


animal


studies


(Bell,


LeRoy,


Stephenson,


1982).


Under


conditions


of laboratory-






-80-


heart


disease


rabbits


(Nerem,


Levesque,


& Cornhill,


1980) ,


hypertension


(Henry


& Cassel,


1969) ,


gastric


ulcer


formation


in rats


(Conger,


awrey,


& Turrell,


1958),


and


experimental


neurosis


a goat


(Liddell,


1950)


Studies


on mortality


rates


humans


have


provided


evidence


the


effects


of social


support


on illness.


the


1950s,


Kraus


and


Lillienfield


(1959)


concluded


from


existing


medical


evidence


that


married


people


experienced


lower


mortality


rate


from


causes


than


did


single


persons,


the


widowed,


and


the


divorced


for


every


age


group


regardless


gender


and


race.


Interestingly,


widowers


were


found


to have


a death


rate


three


to five


times


higher


than


that


married


men


of the


same


age


causes


death.


The


relationship


between


social


support


and


subsequent


mortality


was


replicated


Berkman


and


Syme


(1979).


Almost


7000


people


were


studied


and


their


mortality


rate


was


tracked


over


a 9-year


period.


The


results


confirmed


that


people


who


had


social


support


were


more


likely


to die


than


were


people


with


high


social


support.


They


addressed


social


support


the


broader


term


social


integration


reflected


marital


status,


contacts


with


close


friends


and


relatives,


Although


marital


church


membership,


status


related


or group


associations.


to mortality


within






-81-


Numerous


studies


have


demonstrated


links


between


social


support


and


physical


health


and


illness.


Lynch


(1977)


found


personal


relationships


were


significantly


associated


with


lower


rates


of all


types


of heart


disease.


Social


support


also


has


been


found


interact


with


life


stress


to reduce


the


negative


Cassel,


and


impact


Kaplan


of stress


(197


on physical


health


a well-designed


Nuckolls,


study,


showed


that


the


pregnancy


complication


rate


was


much


higher


those


women


who


experienced


many


life


events


but


had


low


support


scores


measured


quality


of marital


relationship,


interactions


with


extended


family,


and


adjustment


within


the


community)


than


those


who


also


experienced


many


life


events


but


scored


high


on the


social


support scale.

indicated that


Gore's


strain


(1978)


the


study

form o


of unemployed


f elevated


men


cholesterol


level


increased


depression,


and


more


frequent


illness


was


considerably


lessened


among


those


with


supportive


marital


relations


and


ties


the


extended


family


and


peer


groups.


Social


support


only


has


a beneficial


effect


mortality


and


physical


disease,


but


there


also


is a growing


body


distress


evidence

and dis


linking


order.


social


Brown


support


and


with


colleagues


psychological

(Brown,


Bhrolchain,


& Harris,


1975;


Brown


& Harri


1978)


examined






-82-


relationship,


developed


depre


ssion


compared


to only


women


with


such


a confiding


relationship.


Similarly


Eaton


(1978) ,


a new


analysis


another


data


set


(Myers,


Lindenthal,


Pepper,


1975)


found


the


relationship


between


life


stress


and


psychiatric


symptoms


was


greater


for


unmarried


persons


and


those


living


alone


than


individuals


and


Tausig,


who


their


& Ensel,


were


married


associates


1980;


or not


(Dean


Lin,


Lin,


Simeone,


living


1977


Ensel,


alone.


Dean,


& Kuo,


Dean


Lin,


1979)


observed


a significant


psychological


relationship


distress.


one


between


analysis,


social


Lin,


support


Someone,


Ensel,


and


Kuo


(1979)


examined


effects


social


support


and


stressors


on psychiatric


symptoms.


Their


findings


showed,


as expected,


that


stressors


were


positively


related


the


incidence


psychiatric


symptoms,


and


social


support


was


more


significantly


(and


negatively)


related


psychiatric


symptoms.


These


the


studies


likelihood


indicate


illness


social


and


support


to speed


appears


recovery


to lower

illness


when


does


occur


Apparently


people


with


high


levels


social

first


support

place.


may

Socia


be less 1

1 support


ikely

does


to develop


seem


illness


to enhance


in the


the


prospects


recovery


people


who


are


already


(Wallston,


Alagna,


DeVelli


& DeVellis


, 1983)


People


with






-83-


socia

have


support


failed


(Cobb,


to find


1979).


However,


differences


a number


illness


rates


studies


among


people


with


high


versus


low


levels


social


support


(Wallston


et al.,


1983),


may


that


social


support


more


effective


reducing


stress


than


actually


preventing


illness.


What,


exactly,


the


role


social


support


moderating


been


the


extensively


effects


of stress?


explored.


The


Two


first


possibilities

hypothesis, fr


have


equently


labeled


the


"direct


effects"


or "main


effects"


hypothesis


maintains


that


social


support


has


a direct


beneficial


effect


regardless


of the


level


stress.


A number


of studies


report


finding


primarily


main


effects


(Bell


et al.,


1982


Schaefer


Hewson, and

life stress,


et al., 1981)


Vaillant

social


One


(1978)

support,


study


examined


and


Andrews,


the


coping


Tennant,


contributions


style


psychological


impairment.


They


found


that


both


social


support


and


stress


were


independently


(rather


than


interactively)


related


to psychological


impairment


additive


fashion.


The


second


hypothesis,


often


called


the


buffering,


mediating,


or interaction


hypothesis,


proposes


that


social


support


operates


an interactive


fashion


with


level


stress


to modify


the


effects


stress


on health


outcomes.






-84-


found


that


the


relation


between


lack


social


support


and


psychological


distress


increased


as a function


the


level


life


stress


the


individual


had


experienced.


Under


this


hypothesis


the


health


mental


health


benefits


of social


support


when


are


there


chiefly


little


evident


stress


during


social


periods


support


of high


may


stress;


have


physical


or mental


health


benefits.


According


this


hypothesis,


what


social


support


does


act


as a reserve


and


resource


that


individual


blunts


cope


effects


with


stress


stress


more


or enables


effectively


the


when


at high


levels


or when


individual


needs


most.


LaRocco,


House,


French


(1980)


found


that


social


support


did


buffer


the


effects


stress


on mental


and


physical


health.


However,


Soc


support


did


not


buffer


the


effect


of stress


on job-related


strains


(job


dissati


sfac-


tion).

equally


Apparently


well


not


buffered


manifestations


social


support.


of stress


For


are


example,


study


res


idents


near


Three


Mile


Island


following


the


nuclear


accident,


people


with


high


levels


of social


support


showed


less


distress


fewer


behavioral


problems


than


did


people


with


low


levels


of social


support;


however,


physiological


indicators


stress


(arousal)


were


unaffected


social


support


(Fleming,


Baum,


Gisriel,


& Gatchel,


1982).


Interestingly,


while


the


mediating


role


of social






-85-


found


no significant


stress


buffering


effects


of social


support


on physiological


or psychological


strain


(Andrews,


Tennant,


Hewson,


& Vaillant,


1978;


Billings


& Moos,


1984;


Kobasa,


1982;


Schaefer


et al.,


1981).


It has


been


difficult


to determine


whether


the


effect


of social


support


direct,


a buffering


effect,


or the


result


a third


(unknown)


factor.


For


instance,


an issue


often


raised


stressor.


that


Persons


loss


who


live


social


alone


support


and


have


can


be itself


social


contacts


often


report


degrees


of symptomology


even


when


experiencing


stressors.


Perception


of the


need


social


support


and


type


support


needed,


along


with


availability,


accessibility,


and


whether


or not


such


support


used,


are


influenced


developmental


or life


cycle


changes.


Bruhn


Philips


(1984)


proposed


that


individual'


availability


perception


and


the


accessibility,


need


and


Soc


whether


support,


or not


used


are


related


to changes


social


roles


and


life


events


throughout


life


cycle.


Social


support


tends


to be at


peak,


both


terms


need


and


availability,


during


middle


age,


while


lower


levels


are


apparent


during


earlier


and


later


years.


There


are


a small


number


studies


that


have


found


different


results


the


role


social


support






-86-


important


source


of support


men


than


women,


and


that


family


environment


was


an especially


important


source


support


unemployed


women.


Billings


and


Moos


(1984)


generated


similar


results


with


males


and


females


entering


treatment


depression.


Social


support


was


more


strongly


related


to functioning


women,


while


different


sources


of support,


from


coworkers


and


supervisors


work

men's


environment,

adjustment.


were


thought


Holahan


and


to be

Moos


more

(1985)


important


found


stress


resistant


women


had


better


family


support


than


women


in the


distressed


group.


These


authors


suggested


that


these


gender-related


differences


social


support


were


function


of conventional


patterns


sex


role


behavior


in our


society.


In a study


of 102


male


and


female


academic


multiple


role


persons,


Hammond


(1987)


found


no differences


gender


on levels


social


support


perceived


from


families.


However,


women


perceived


significantly


more


social


support


from


friends


than


men.


Several


authors


have


suggested


that


Kobasa'


(1982)


failure


to find


that


social


support


operated


as a stress


resistance


factor,


the


sample


of all


male


lawyers,


was


because


these


observed


gender


differences


the


role


of social


support.






-87-


illness


relationship.


Although


health


practices


and


exercise have

of stress, the


been mentioned

y have been, a


frequently


s of yet,


as possible


only


buffers


minimally


researched.


A thorough


literature


search


generated


fewer


empirical


studies


examining


the


relationship


of health


practices


or exercise


moderating


the


effects


of stress.


Health


practices


a broad


term


and


includes


such


factors


as nutrition,


exercise,


sleep,


smoking,


and


alcohol


and


substance


abuse.


As previously


mentioned


the


cumulative


effect


stressful


life


can


take


toll


on the


body.


People


who


are


stressful 1


situations


may


themselves


eating,


drinking,


or smoking


excess


ively.


Heart


disea


arteriosclerosis,


known


to be


affected


stress.


Yet


number


of other


diseases


are


also


believed


to have


significant


stress


component.


Cancer


one


these


disea


ses,


with


some


fascinating


research


currently


being


done


an effort


identify


cancer-prone


personality


types.


It has


long


been


hypothesized


that


unhealthy


emotions


can


weaken


the


body'


defense


mechanisms


whose


to interfere


with


growth


and


proliferation


abnormal


cells.


Distress


and


emotions


also


seem


to be


important


contributing


factors


hypertension,


asthma,


allergies,


ulcers,


ulcerative


colitis,


and


migraine





-88-


established


as a variable


affecting


health


(Coyne


Holroyd,


1982).


example,


workers


physically


strenuous


occupations


were


found


to have


lower


incidence


rates


myocardial


infarction


(Karvonen,


Rautaharju,


Orma,


Punsar,


Takkunen,


1961)


and


a lower


risk


coronary


heart


mortality


(Paffenberger


& Hale,


1975)


compared


demographically


similar


workers


less


strenuous


occupations.


Assessing


life


style


more


globally,


Pratt


(1971)


found


that


a higher


quality of

nutrition,


Personal


health


elimination,


practices


dental


hygiene,


(e.g.,


sleep,


smoking,


exercise,


and


alcohol


use)


was


related


to a higher


subjective


level


of health


to fewer


health


problems.


Results


such


as these


have


investigators


to suggest


that


the


costly


toll


many


health


problems


exercise,


can


reduced


proper


sleep


through


rest


a healthy


habits,


diet,


restraint


regular


from


smoking


and


alcohol


or substance


abuse,


and


reduced


risk-


taking


behavior


(Matarazzo,


1982;


Pratt,


1971).


Health


practices


influencing


health


status


also


may


modified


stress.


Langlie


(1977)


found


that


subjects


with


many


demands


on their


time


reported


feeling


a lack


control


practices


perceived


as high.


costs


more


of maintaining


direct


support,


good


Weisman


health

(1956)


reported


that


peptic


ulcer


sufferers


aggravate


their


disease


increasing


alcohol


consumption


response


to work


- a


I


qk *


ft


1




Full Text

PAGE 1

675(66 $1' 675(66 5(6,67$1&( 5(6285&(6 $021* 0$/( '(17,676 %\ (/,=$%(7+ &/,1( (/(0(17 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$ 2) ) /,%5$5,(6

PAGE 2

&RS\ULJKW E\ (OL]DEHWK &OLQH (OHPHQW

PAGE 3

7KLV GLVVHUWDWLRQ ZRXOG QRW KDYH EHHQ SRVVLEOH LI QRW IRU P\ KXVEDQG 7+20$6 9 (/(0(17 '0' WR ZKRP GHGLFDWH WKLV ZRUN

PAGE 4

$&.12:/('*(0(176 $ QXPEHU RI VSHFLDO SHRSOH KDYH EHHQ DQ LPSRUWDQW SDUW RI WKLV GLVVHUWDWLRQ H[SHULHQFH ZLVK WR H[SUHVV P\ KHDUWIHOW DSSUHFLDWLRQ IRU WKHLU FRQWULEXWLRQV HQFRXUDJHn PHQW LQWHUHVW DQG VXSSRUW )LUVW ZRXOG OLNH WR WKDQN 'U 5RGHULFN 0F'DYLV IRU KLV DLG DQG VXSSRUW LQ KLV UROH DV FRPPLWWHH FKDLUPDQ 5RGn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

PAGE 5

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n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

PAGE 6

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nV DVVLVWDQFH LQ GHOLYHULQJ WKH ILQDO GUDIWV WR WKH W\SLVW WKH FRS\ FHQWHU DQG WKH FRPPLWWHH PHPEHUV WKDQN P\ WKUHH FKLOGUHQ .ULVWHQ (OL]DEHWK (OHPHQW f .DWKHULQH 9LFWRULD (OHPHQW f DQG 5REHUW 7KRPDV (OHPHQW f ZKR KDYH SURYLGHG PH WKH EDODQFH DQG GLYHUVLW\ QHHGHG 7KH\ ZHUH HLWKHU YHU\ \RXQJ RU DV \HW XQERUQ ZKHQ WKLV SURMHFW ILUVW EHJDQ KRSH WKDW DV WKH\ JURZ FDQ LQVSLUH LQ HDFK RI WKHP D GUHDP DQG WKH GHWHUPLQDWLRQ WR UHDFK D KLJK JRDO /DVWO\ DQG IRUHPRVW ZLVK WR WKDQN P\ KXVEDQG 7KRPDV 9 (OHPHQW '0' ILUVW IRU SURYLGLQJ PH WKH RSSRUWXQLW\ WR TXHVWLRQ DQG WKH GHVLUH WR XQGHUVWDQG PRUH DERXW VWUHVV YL

PAGE 7

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f i 9OO

PAGE 8

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

PAGE 9

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

PAGE 10

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

PAGE 11

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

PAGE 12

FHUWDLQ GHPRJUDSKLF YDULDEOHV \HDUV LQ SUDFWLFH UROH RI VSRXVH GD\V RI FRQWLQXLQJ HGXFDWLRQ IUHTXHQF\ RI VWDII PHHWLQJV W\SH RI SUDFWLFH UHOLJLRXV SUHIHUHQFH LQFRPH DQG PDULWDO VWDWXVf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f ;OO

PAGE 13

&+$37(5 ,1752'8&7,21 1RZDGD\V HYHU\RQH VHHPV WR EH WDONLQJ DERXW VWUHVV GHQWLVWV@ RU VXUJHRQVf§FRQVLGHU WKHLU RZQ RFFXSDWLRQ WKH PRVW VWUHVVIXO 6LPLODUO\ PRVW FRPPHQWDWRUV EHOLHYH WKDW RXUV LV WKH DJH RI VWUHVV IRUJHWWLQJ WKDW WKH FDYHPDQnV IHDU RI DWWDFN E\ ZLOG DQLPDOV RU RI GHDWK IURP KXQJHU FROG RU H[KDXVWLRQ PXVW KDYH EHHQ MXVW DV VWUHVVIXO DV RXU IHDU RI D ZRUOG ZDU WKH FUDVK RI WKH VWRFN H[FKDQJH RU RYHUSRSXODWLRQ 6HO\H S f 7KHUH DUH PDQ\ UHDVRQV GHQWLVWV H[SHULHQFH VWUHVV 7KH WUDLQLQJ GHQWLVWV UHFHLYH LV FRPSHWLWLYH DQG ORQJ DQG WKH ORQJWHUP SURFHVV RI HVWDEOLVKLQJ DQG PDLQWDLQLQJ D GHQWDO SUDFWLFH LV GHPDQGLQJ 'HQWLVWV RIWHQ ZRUN ORQJ KRXUV ZLWK DQ[LRXV DQG IHDUIXO SDWLHQWV ZKR PD\ KDYH D SRRU SXEOLF LPDJH RI GHQWLVWV 2n6KHD &RUDK t $\HU f 'HQWLVWV DOVR W\SLFDOO\ ZRUN LQGHSHQGHQWO\ DQG SHUKDSV ZLWKRXW WKH

PAGE 14

EHQHILW RI SURIHVVLRQDO VRFLDO VXSSRUW WKDW RWKHU RFFXSDWLRQV HQMR\ 6LQFH VWUHVV LV D WKUHDW WR WKH TXDOLW\ RI OLIH DQG WR SK\VLFDO DQG SV\FKRORJLFDO ZHOOEHLQJ &R[ S Yf GHQWLVWV DUH D SRSXODWLRQ DW ULVN )UHTXHQWO\ FLWHG DOEHLW FRQWURYHUVLDOf VWDWLVWLFV FRQILUP WKDW GHQWLVWV KDYH D KLJKHU WKDQ DYHUDJH UDWH RI SK\VLFDO DQG SV\FKRORJLFDO V\PSWRPV WKDW DUH FRQVLGHUHG WKH RXWFRPHV RI KLJK VWUHVV 6RPH RI WKHVH RXWFRPHV LQFOXGH FRURQDU\ KHDUW GLVHDVH 5XVVHN f VXLFLGH %ODFKO\ 2VWHUXG t -RVVOLQ f GLYRUFH DOFRKROLVP DQG GUXJ DEXVH &ODUQR f 7KH HIIHFW RI RFFXSDWLRQDO VWUHVV LQ WKH GHYHORSPHQW RI SK\VLFDO DQG PHQWDO LOOQHVV LV ZHOO HVWDEOLVKHG &DOKRXQ t &DOKRXQ f 7KH 1DWLRQDO ,QVWLWXWH IRU 2FFXSDWLRQDO 6DIHW\ DQG +HDOWK 1,26+f VWXGLHG WKH UHODWLYH LQFLGHQFH RI PHQWDO KHDOWK GLVRUGHUV LQ RFFXSDWLRQDO FDWHJRULHV &ROOLJDQ 6PLWK t +XUUHOO f 7KH VWXG\ UHYHDOHG WKDW VHYHQ RI WKH WRS RFFXSDWLRQV ZHUH LQ WKH KHDOWK FDUH ILHOG $ UHFHQW UHVHDUFKHU RQ KLJK VWUHVV RFFXSDWLRQDO JURXSV KRZHYHU GLG QRW ILQG VXFK D FOHDU FXW OLQN EHWZHHQ VWUHVV DQG GHFUHDVHG SK\VLFDO DQG PHQWDO KHDOWK .REDVD f 6WUHVV UHVHDUFKHUV KDYH H[DPLQHG RFFXSDWLRQDO JURXSV LGHQWLILHG WR EH DW KLJK ULVN WR WKH GDPDJLQJ HIIHFWV RI VWUHVV WKHVH RFFXSDWLRQV LQFOXGH WKH WUDGLWLRQDOO\ PDOH RFFXSDWLRQV RI EXVLQHVV H[HFXWLYHV .REDVD f PLOLWDU\ RIILFHUV .REDVD f ODZ\HUV .REDVD f DLU WUDIILF

PAGE 15

FRQWUROOHUV 5RVH -HQNLQV t +XUVW f XQLYHUVLW\ DGPLQLVWUDWRUV 2USHQ t .LQJ f FRPPHUFLDO DLUOLQH SLORWV 6ORDQ t &RRSHU f DQG GHQWLVWV .DW] f *HQHUDO ILQGLQJV LQGLFDWHG WKDW ZKLOH WKHVH LQGLYLGXDOV GLG H[SHULHQFH D JUHDW GHDO RI MRE VWUHVV QRW DOO RI WKHP VKRZHG WKH SK\VLFDO DQG SV\FKRORJLFDO V\PSWRPV WKRXJKW WR EH WKH RXWFRPHV RI VWUHVV $SSDUHQWO\ WKHUH DUH GLIIHUHQFHV LQ WKH ZD\V WKDW LQGLYLGXDOV UHVSRQG WR VWUHVV 6RPH LQGLYLGXDOV EHFRPH LOO ZKLOH RWKHUV VKRZ QR GHELOLWDWLQJ VLJQV RI VWUHVV DQG PD\ DFWXDOO\ WKULYH XQGHU VWUHVV .REDVD f 7KHVH GLIIHUHQFHV FDQ EH H[SODLQHG WKURXJK WKH WUDQVDFWLRQDO PRGHO RI VWUHVV ZKLFK PDLQWDLQV WKDW VWUHVV UHVLGHV QHLWKHU LQ WKH VLWXDWLRQ QRU LQ WKH SHUVRQ EXW LQ WKH WUDQVDFWLRQ EHWZHHQ WKH HQYLURQPHQW VLWXDWLRQf DQG WKH SHUVRQ 7KH VWUHVV UHVSRQVH LV H[SHULHQFHG E\ WKH SHUVRQ DV D UHVXOW RI D VWUHVVIXO WUDQVDFWLRQ EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW 0DWKHQ\ $\FRFN 3XJK &XUOHWWH t &DQQHOOD f 7KH VWUHVV SURFHVV EHJLQV ZLWK GHPDQGV PDGH RQ WKH SHUVRQ $FFRUGLQJ WR /D]DUXV f WKH SULQFLSDO VSRNHVPDQ IRU WKHVH WUDQVDFWLRQDO DSSURDFKHV GHPDQGV RU HYHQWV FDOOLQJ IRU DGDSWDWLRQ RQ WKH SDUW RI WKH SHUVRQ OHDG WR WZR IRUPV RI FRJQLWLYH DSSUDLVDO SULPDU\ DSSUDLVDO RI WKH VHULRXVQHVV RI WKH GHPDQGV DQG VHFRQGDU\ DSSUDLVDO RI WKH DGHTXDF\ RI RQHnV UHVRXUFHV DQG RSWLRQV IRU PHHWLQJ WKH GHPDQGV ,QGLYLGXDO GLIIHUHQFHV LQ UHDFWLQJ WR GHPDQGV

PAGE 16

UHVXOW QRW RQO\ IURP FKDUDFWHULVWLF ZD\V RI DSSUDLVLQJ GHPDQGV DQG UHVRXUFHV EXW DOVR IURP WKH LQGLYLGXDOnV KDELWXDO VW\OH RI UHODWLQJ WR HYHQWV DQG VWUXFWXULQJ OLIH 0DWKHQ\ HW DO f 7KH WUDQVDFWLRQDO PRGHO RI VWUHVV UHSUHVHQWV D WXUQ DZD\ IURP WUDGLWLRQDO VWUHVV UHVHDUFK LQ ZKLFK VWUHVV VFRUHV DQG LOOQHVV LQGLFDWRUV ZHUH PHDVXUHG DQG FRUUHODWHG 7KLV PRGHO DOVR VLJQLILHV VHULRXV FRQVLGHUDWLRQ RI LQGLYLGXDO GLIIHUHQFHV DV ZHOO DV WKH RSWLPLVWLF YLHZ WKDW VRPH SHRSOH GR UHPDLQ KHDOWK\ 5DENLQ t 6WUXHQLQJ f +HQFH UHVHDUFKHUV KDYH SURSRVHG WKH LGHD WKDW WKHUH DUH PRGHUDWRU RU PHGLDWLQJ YDULDEOHV $QWRQRYVN\ -RKQVRQ t 6DUDVRQ f RU UHVLVWDQFH UHVRXUFHV WKDW PHGLDWH WKH FRQQHFWLRQ EHWZHHQ WKH RFFXUUHQFH RI VWUHVVIXO OLIH HYHQWV DQG WKH RQVHW RI SK\VLFDO DQG SV\FKRORJLFDO V\PSWRPV $V -RKQVRQ DQG 6DUDVRQ f .REDVD f DQG RWKHU LQYHVWLJDWRUV KDYH VKRZQ PDQ\ SHUVRQV DUH QRW GHELOLWDWHG HYHQ WKRXJK WKH\ OLYH TXLWH VWUHVVIXO OLYHV 6WUHVV UHVLVWDQFH KDV EHHQ DVVRFLDWHG ZLWK D ZLGH YDULHW\ RI UHVRXUFHV LQFOXGLQJ SHUVRQDOLW\ FKDUDFWHULVWLFV VXFK DV KDUGLQHVV .REDVD f FRSLQJ VW\OHV /D]DUXV t )RONPDQ 3HDUOLQ t 6FKRROHU f SHUFHLYHG VRFLDO VXSSRUW %LOOLQJV t 0RRV &REE 6FKDHIHU &R\QH t /D]DUXV 7KRLWV f KHDOWK SUDFWLFHV :LHEH t 0F&DOOXP f DQG H[HUFLVH .REDVD 0DGGL t 3XFFHWWL f

PAGE 17

6WDWHPHQW RI WKH 3UREOHP $OWKRXJK WKH FRQFHSW RI VWUHVV UHVLVWDQFH UHVRXUFHV LV UHODWLYHO\ QHZ WKHUH LV LQLWLDO HPSLULFDO VXSSRUW GRFXPHQWLQJ WKH LPSRUWDQFH RI PHGLDWLQJ RU PRGHUDWRU YDULDEOHV LQ WKH VWUHVVLOOQHVV UHODWLRQVKLS .REDVD f VWXGLHG WKH SHUVRQDOLW\ IDFWRU RI KDUGLQHVVf§FKDUDFWHUL]HG E\ FRPPLWPHQW FRQWURO DQG FKDOOHQJHf§DV D FRQGLWLRQHU RI WKH HIIHFWV RI VWUHVVIXO OLIH HYHQWV RQ LOOQHVV RQVHW LQ PDOH EXVLQHVV H[HFXWLYHV DQG ODZ\HUV .REDVD f 5HVXOWV LQ ERWK VWXGLHV LQGLFDWHG LQGLYLGXDOV KLJK LQ KDUGLQHVV UHPDLQHG KHDOWK\ XQGHU KLJK VWUHVV ZKLOH LQGLYLGXDOV ORZ LQ KDUGLQHVV GLG QRW UHPDLQ KHDOWK\ 2WKHU UHVHDUFKHUV KDYH LQYHVWLJDWHG WKH HIIHFWV RI KDUGLQHVV LQ FRPELQDWLRQ ZLWK RWKHU PHGLDWLQJ YDULDEOHV VXFK DV H[HUFLVH .REDVD 0DGGL t 3XFFHWWL f VRFLDO VXSSRUW .REDVD t 3XFFHWWL f KHDOWK SUDFWLFHV :LHEH t 0F&DOOXP f DQG VRFLDO VXSSRUW DQG H[HUFLVH .REDVD f .DW] f IRXQG WKDW KDUGLQHVV ZDV IDU PRUH SUHGLFWLYH RI ERWK VWUHVV DQG FDUHHU VDWLVIDFWLRQ LQ GHQWLVWV WKDQ ZHUH DQ\ RI WKH VLWXDWLRQDO IDFWRUV LQKHUHQW ZLWKLQ WKH SUDFWLFH RI GHQWLVWU\ $QRWKHU LQYHVWLJDWRU H[DPLQHG WKH UHODWLRQVKLSV EHWZHHQ VWUHVV DQG VDWLVIDFWLRQ OHYHOV DQG KDUGLQHVV VRFLDO VXSSRUW DQG FRSLQJ VWUDWHJLHV LQ DFDGHPLF PXOWLSOHUROH SHUVRQV +DPPRQG f &RSLQJ VW\OH WKH ZD\ D SHUVRQ DFWXDOO\ FRSHV ZLWK RQH RU PRUH VWUHVVIXO HYHQWV LV DQRWKHU PHGLDWLQJ YDULDEOH 3HDUOLQ DQG 6FKRROHU f VWXGLHG WKH HIIHFWV RI FRSLQJ

PAGE 18

DQG SHUVRQDOLW\ FKDUDFWHULVWLFV RQ SV\FKRORJLFDO V\PSWRPV LQ &KLFDJR DGXOWV 5HVXOWV LQGLFDWHG WKH HIIHFWLYH FRSLQJ PRGHV DUH XQHTXDOO\ GLVWULEXWHG LQ VRFLHW\ ZLWK PHQ WKH HGXFDWHG DQG WKH DIIOXHQW PDNLQJ JUHDWHU XVH RI WKH PRVW HIIHFWLYH FRSLQJ VW\OHV %LOOLQJV DQG 0RRV f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t .XR :LOFR[ f /D5RFFR +RXVH DQG )UHQFK f IRXQG WKDW VRFLDO VXSSRUW GLG EXIIHU VWUHVV DQG PHQWDOSK\VLFDO KHDOWK LQ D ODUJH JURXS RI PHQ IURP RFFXSDWLRQV KRZHYHU LW GLG QRW EXIIHU WKH UHODWLRQVKLS EHWZHHQ VWUHVV DQG MRE GLVVDWLVIDFWLRQ 7KH RSSRVLQJ YLHZ LV UHIOHFWHG E\ GDWD JDWKHUHG IURP D PLGGOHDJHG VDPSOH ZKLFK GLG QRW ILQG WKDW VRFLDO VXSSRUW ZDV EHQHILFLDO EHFDXVH LW PHGLDWHG WKH HIIHFWV RI VWUHVVIXO HYHQWV 6FKDHIHU HW DO f 7KHUH DUH DOVR DSSDUHQW GLIIHUHQFHV LQ WKH LPSRUWDQFH RI VRFLDO VXSSRUW DV D VWUHVV UHVLVWDQFH UHVRXUFH LQ PHQ DQG ZRPHQ +RODKDQ DQG 0RRV f DQG +DPPRQG f IRXQG VRFLDO VXSSRUW IURP IDPLO\ GLG EXIIHU WKH QHJDWLYH KHDOWK

PAGE 19

HIIHFWV RI OLIH VWUHVV LQ ZRPHQ EXW WKDW LW GLG QRW IXQFWLRQ DV D VWUHVV UHVLVWDQFH IDFWRU IRU PHQ ,QVWHDG WKH ZRUN HQYLURQPHQW DSSHDUV WR EH D PRUH LPSRUWDQW VRXUFH RI VXSSRUW IRU PHQ +RODKDQ t 0RRV .REDVD t 3XFFHWWL f :HOOQHVV IDFWRUV VXFK DV KHDOWK SUDFWLFHV DQG H[HUFLVH DOVR KDYH EHHQ SURSRVHG DV PHGLDWLQJ YDULDEOHV DOWKRXJK OHVV IUHTXHQWO\ WKDQ WKH RWKHUV .REDVD f IRXQG WKDW H[HUFLVH DQG VRFLDO VXSSRUW GLG QRW VLJQLILFDQWO\ DIIHFW WKH GHJUHH RI VWUDLQ UHSRUWHG LQ ODZ\HUV
PAGE 20

\HDUV LQ ERWK SURIHVVLRQDO DQG OD\ SXEOLF OLWHUDWXUH DERXW WKH VWUHVV RI GHQWLVWU\ DQG WKH SXUSRUWHG LQRUGLQDWHO\ KLJK LQFLGHQFH RI VXLFLGH FRURQDU\ KHDUW GLVHDVH DOFRKRO DQG GUXJ DEXVH GLYRUFH GHSUHVVLRQ DQG RWKHU SUREOHPV SUHVXPHG WR EH VWUHVV UHODWHG DPRQJ GHQWLVWV +RZDUG &XQQLQJKDP 5HFKQLW]HU t *RRGH .DW] f +RZHYHU UHFHQW HYLGHQFH LQGLFDWHV WKDW WKH FDVH RI KLJK VXLFLGH UDWHV DPRQJ GHQWLVWV PD\ KDYH EHHQ RYHUVWDWHG 7HPSOH 8QLYHUVLW\ f
PAGE 21

1HHG IRU WKH 6WXG\ :KLOH PXFK KDV EHHQ ZULWWHQ DERXW WKH DSSDUHQW VWUHVV RI GHQWLVWV DFWXDO HPSLULFDO UHVHDUFK LV VFDQW 7KH IHZ VWDWLVWLFDOO\ EDVHG VWXGLHV WKDW KDYH EHHQ FRQGXFWHG VXIIHU IURP VHULRXV VKRUWFRPLQJV LQ ERWK PHWKRGRORJ\ DQG WKHRUHWLFDO FRQFHSWXDOL]DWLRQ +RZDUG HW DO 2n6KHD HW DO f 7R GDWH WKHUH KDV EHHQ RQO\ RQH UHVHDUFKHU .DW] f ZKR LQWHUSUHWHG GDWD ZLWKLQ D WKHRUHWLFDO PRGHO RI VWUHVV DV D WUDQVDFWLRQ EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW 0RVW RI WKH DUWLFOHV LQ WKH SURIHVVLRQDO DQG OD\ SUHVV ZKLFK SURPRWH WKH LPDJH RI GHQWLVWU\ DV D KLJKO\ VWUHVVHG RFFXSDWLRQ RIWHQ UHIHU WR WKH IDFW WKDW GHQWLVWV KDYH WKH KLJKHVW VXLFLGH UDWH RI DOO SURIHVVLRQDOV 7KH GDWD IRU WKLV IDFW FRPH IURP DQ 2UHJRQ VWXG\ %ODFKO\ HW DO f 7KH ILQGLQJ LQGLFDWHG WKDW IURP WR GHQWLVWVn VXLFLGH UDWH ZDV KLJKHU E\ DERXW VL[ WLPHV WKDQ WKDW RI WKH DYHUDJH ZKLWH PDOH SRSXODWLRQ RI 2UHJRQ DQG WKH KLJKHVW RI DOO SURIHVVLRQV LQFOXGHG LQ WKH VWXG\f +RZHYHU LQ WKH VXFFHHGLQJ ILYH \HDUV WR \HDUV QRW LQFOXGHG LQ WKH VWXG\f GHQWLVWVn VXLFLGH UDWH ZDV DERXW WZLFH WKDW RI WKH JHQHUDO SRSXODWLRQ DQG DERXW WKH HTXLYDOHQW RI SK\VLFLDQVn DQG DWWRUQH\Vn UDWHV $\HU DQG 0RUHWWL f VWDWHG WKDW GHQWLVWU\ PD\ QRW EH DV VWUHVVIXO DV WKH SXEOLF KDV EHHQ OHG WR EHOLHYH 7KH\ UHIHUUHG WR VWURQJ WKRXJK LQGLUHFW HYLGHQFH VXFK DV VRFLRHFRQRPLF VWDWXV DQG GHJUHH RI FRQWURO DV UHDVRQV ZK\

PAGE 22

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n VWUDLQ DQG VDWLVIDFWLRQ 7KH WUDQVDFWLRQDO PRGHO RI VWUHVV /D]DUXV t )RONPDQ f KDV EHHQ VWXGLHG LQ D OLPLWHG PDQQHU ZLWK VDPSOHV RI DGXOWV DJHG WR DQG WR 6HYHUDO RI WKH PHGLDWLQJ YDULDEOHV LQFOXGHG LQ WKH WUDQVDFWLRQDO PRGHO KDYH EHHQ VWXGLHG LQGLYLGXDOO\ RU LQ SDLUVf WR LQYHVWLJDWH WKHLU LQGHSHQGHQW HIIHFWV RQ RXWFRPHV VXFK DV VWUHVV DQG PHQWDO

PAGE 23

KHDOWK (PSLULFDO UHVHDUFK GRHV SURYLGH HYLGHQFH DERXW WKH PHGLDWLQJ HIIHFWV RI VXFK VWUHVV UHVLVWDQFH UHVRXUFHV DV SHUVRQDOLW\ FKDUDFWHULVWLFV FRSLQJ VW\OHV VRFLDO VXSSRUW b KHDOWK SUDFWLFHV DQG H[HUFLVH 7KHUH KDYH EHHQ KRZHYHU QR VWXGLHV WKDW KDYH DGHTXDWHO\ LQYHVWLJDWHG WKH HIIHFWV RI HDFK RI WKHVH PHGLDWLQJ YDULDEOHV LQ WKH VDPH VWXG\ ,Q RQO\ RQH VWXG\ KDV VWUHVV DQG DFFRPSDQ\LQJ VDWLVIDFWLRQ H[SHULHQFHG E\ GHQWLVWV EHHQ LQYHVWLJDWHG .DW] f &OHDUO\ WKHUH LV D QHHG WR H[SORUH WKH HIIHFWV RI PXOWLSOH PRGHUDWRU YDULDEOHV DQG WR LQYHVWLJDWH WKH DSSOLFDELOLW\ RI WKH WUDQVDFWLRQDO PRGHO RI VWUHVV ZLWK D EURDGHU SRSXODWLRQ 6LJQLILFDQFH RI WKH 6WXG\ ,QIRUPDWLRQ DERXW VWUHVV DQG VDWLVIDFWLRQ LQ GHQWLVWV DQG WKH MRLQW PHGLDWLQJ UROHV RI KDUGLQHVV FRSLQJ VW\OHV VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV KDV VLJQLILFDQFH LQ D QXPEHU RI DUHDV ,Q WKH DUHD RI WKHRU\ WKH UHVXOWV RI WKLV VWXG\ ZLOO KDYH LPSOLFDWLRQV IRU WKH WUDQVDFWLRQDO WKHRU\ RI VWUHVV E\ LQYHVWLJDWLQJ WKH MRLQW HIIHFWV RI PXOWLSOH PRGHUDWRU YDULDEOHV ,Q WKH DUHD RI UHVHDUFK WKH UHVXOWV RI WKH VWXG\ ZLOO PDNH D VLJQLILFDQW FRQWULEXWLRQ WR WKH GHQWDO OLWHUDWXUH DV ZHOO DV WKH VWUHVV OLWHUDWXUH 7KH UHVXOWV RI WKH VWXG\ ZLOO KDYH IDUUHDFKLQJ LPSOLFDWLRQV IRU WKH VHOHFWLRQ DQG WUDLQLQJ RI GHQWDO VWXGHQWV DV ZHOO DV WKH GHYHORSPHQW RI SURDFWLYH LQWHUYHQWLRQ VWUDWHJLHV ZLWK SUDFWLWLRQHUV FXUUHQWO\ LQ WKH

PAGE 24

ILHOG )LQDOO\ WKH UHVXOWV RI WKLV VWXG\ ZLOO SURYLGH LQIRUPDWLRQ IRU FRXQVHORUV ZKR DUH FRQFHUQHG ZLWK VXFK PDWWHUV DV SHUVRQHQYLURQPHQW ILW DQG SHUVRQDO JURZWK DQG ZHOOQHVV 0DWKHQ\ HW DO f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nV DWWLWXGH WRZDUG RQHnV SUHVHQW FDUHHU HVVHQWLDOO\ FRPSULVHG RI IHHOLQJV RI EHLQJ DFWXDOL]HG KDYLQJ D JRRG ILW EHWZHHQ FDUHHU DQG DELOLW\ DQG LQWHUHVWVf DQG IHHOLQJV RI EHLQJ VXFFHVVIXO 2VKHUVRQ t 'LOO f &RJQLWLYH DSSUDLVDO GHQRWHV WKH ZD\ SHRSOH FRQVWUXH WKH VLJQLILFDQFH RI HQFRXQWHUV IRU WKHLU ZHOOEHLQJ WKDW LV DV LUUHOHYDQW EHQLJQ KDUPIXO WKUHDWHQLQJ RU FKDOOHQJLQJ 7KH ODWWHU WKUHH DUH IRUPV RI VWUHVV DSSUDLVDO /D]DUXV t 'H/RQJLV f &RRLQJ GHVFULEHV WKH FRQVWDQWO\ FKDQJLQJ FRJQLWLYH DQG EHKDYLRUDO HIIRUWV WR PDQDJH VSHFLILF H[WHUQDO DQGRU

PAGE 25

LQWHUQDO GHPDQGV WKDW DUH DSSUDLVHG DV WD[LQJ RU H[FHHGLQJ WKH UHVRXUFHV RI WKH SHUVRQ /D]DUXV t )RONPDQ S f &RSLQJ VW\OH LV D SHUVRQnV JHQHUDO SURSHQVLW\ WR GHDO ZLWK VWUHVVIXO HYHQWV LQ D SDUWLFXODU ZD\ 6SHFLILFDOO\ LW LV FRJQLWLYH DQG EHKDYLRUDO UHDFWLRQV WKDW DUH SHUIRUPHG WR UHGXFH RU HOLPLQDWH SV\FKRORJLFDO GLVWUHVV RU VWUHVVIXO FRQGLWLRQV %LOOLQJV t 0RRV f 'HQWLVWV LQ WKLV VWXG\ DUH PHQ DFWLYHO\ LQYROYHG LQ WKH SUDFWLFH RI GHQWLVWU\ DQG ZKR DUH DOVR PHPEHUV RI WKH )ORULGD 'HQWDO $VVRFLDWLRQ +DUGLQHVV GHVFULEHV D FRQVWHOODWLRQ RI WKUHH SHUVRQDOLW\ FKDUDFWHULVWLFV WKDW IXQFWLRQ DV D UHVLVWDQFH UHVRXUFH LQ WKH HQFRXQWHU ZLWK VWUHVVIXO OLIH HYHQWV LQFOXGLQJ Df DQ DELOLW\ WR IHHO GHHSO\ LQYROYHG LQ RU FRPPLWWHG WR WKH DFWLYLWLHV RI WKHLU OLYHV Ef WKH EHOLHI WKDW RQH FDQ FRQWURO RU LQIOXHQFH WKH HYHQWV RI WKHLU H[SHULHQFH DQG Ff WKH DQWLFLSDWLRQ RI FKDQJH DV DQ H[FLWLQJ FKDOOHQJH WR IXUWKHU GHYHORSPHQW .REDVD f +HDOWK SUDFWLFHV UHIHU WR D YDULHW\ RI SRVLWLYH DQG QHJDWLYH EHKDYLRUV UHODWHG WR GLHWDU\ SUDFWLFHV K\JLHQLF SUDFWLFHV UHFNOHVVQHVV VXEVWDQFH DEXVH DQG H[HUFLVH :LHEH t 0F&DOOXP f /LIH VDWLVIDFWLRQ GHQRWHV SHRSOHnV DVVHVVPHQW RI WKH QDWXUH DQG TXDOLW\ RI WKHLU OLIH H[SHULHQFHV DV D ZKROH DV YLHZHG DW WKH SUHVHQW WLPH DQG DV PHDVXUHG E\ WKH ,QGH[ RI :HOO%HLQJ &DPSEHOO &RQYHUVH t 5RGJHUV f

PAGE 26

0HGLDWLQD YDULDEOHV DUH YDULDEOHV WKDW PHGLDWH RU PRGHUDWH WKH FRQQHFWLRQ EHWZHHQ VWUHVV RQ DQ LQGLYLGXDO DQG WKH RQVHW RI SK\VLFDO DQG SV\FKRORJLFDO V\PSWRPV -RKQVRQ t 6DUDVRQ f ,Q WKLV VWXG\ KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV ZLOO EH LQYHVWLJDWHG DV PHGLDWLQJ YDULDEOHV 6DWLVIDFWLRQ LV WKH DIIHFWLYH RULHQWDWLRQ RQ WKH SDUW RI SHRSOH WRZDUG UROHV WKH\ DUH SUHVHQWO\ RFFXS\LQJ 9URRP f 6RFLDO VXSSRUW GHVFULEHV WKH H[WHQW WR ZKLFK LQGLYLGXDOV EHOLHYH WKDW WKHLU QHHGV DQG UHVRXUFHV IRU VXSSRUW LQIRUPDWLRQ DQG IHHGEDFN DUH IXOILOOHG 3URFLGDQR t +HOOHU f 6WUDLQ LV WKH SV\FKRORJLFDO RU SK\VLFDO FRQVHTXHQFHV DVVRFLDWHG ZLWK VWUHVV RIWHQ UHIHUUHG WR DV WKH VWUHVV UHVSRQVH ,Q WKLV VWXG\ VWUDLQ LV GHILQHG DV D V\QGURPH RI SK\VLFDO EHKDYLRUDO DQG FRJQLWLYH V\PSWRPV WKDW DUH HOLFLWHG WR YDU\LQJ GHJUHHV E\ HQYLURQPHQWDO GHPDQGV XSRQ WKH LQGLYLGXDO /HIHEYUH t 6DQGIRUG f 6WUHVV GHQRWHV WKH SDUWLFXODU UHODWLRQVKLS EHWZHHQ SHRSOH DQG WKH HQYLURQPHQW WKDW LV DSSUDLVHG E\ SHRSOH DV WD[LQJ RU H[FHHGLQJ WKHLU UHVRXUFHV DQG HQGDQJHULQJ WKHLU ZHOOEHLQJ /D]DUXV t )RONPDQ S f 6WUHVVRUV DUH WKH GHPDQGV PDGH RQ WKH SHUVRQ IURP YDULRXV VRXUFHV HLWKHU VHOIJHQHUDWHG RU IURP WKH HQYLURQPHQW ZKLFK DUH FRJQLWLYHO\ DSSUDLVHG E\ WKH SHUVRQ

PAGE 27

DV XQHTXDO WR UHVRXUFHV DQG YLHZHG DV D VWUHVVRU 0DWKHQ\ HW DO f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

PAGE 28

&+$37(5 ,, 5(9,(: 2) 7+( /,7(5$785( ,Q WKLV FKDSWHU D UHYLHZ DQG V\QWKHVLV RI WKH OLWHUDWXUH UHOHYDQW WR WKH DUHDV RI VWUHVV VWUHVV LQ GHQWLVWU\ VDWLVIDFWLRQ DQG VWUHVV PHGLDWLQJ YDULDEOHV DUH SUHVHQWHG 3LRQHHU VWUHVV UHVHDUFKHU +DQV 6HO\H VWDWHG WKDW VWUHVV LV D VFLHQWLILF FRQFHSW ZKLFK VXIIHUV IURP WKH PL[HG EOHVVLQJ RI EHLQJ WRR ZHOO NQRZQ DQG WRR OLWWOH XQGHUVWRRG 6HO\H S f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

PAGE 29

VHYHUDO GLVFLSOLQHV LQFOXGLQJ SK\VLRORJ\ HQGRFULQRORJ\ PHGLFLQH VRFLRORJ\ DQWKURSRORJ\ DQG SV\FKRORJ\ +RZHYHU WKHUH DUH WZR EDVLF WUDGLWLRQV LQ ZKLFK UHVHDUFK KDV WKULYHG 2QH KDV HYROYHG IURP WKH ELRORJLFDO SHUVSHFWLYH EDVHG RQ UHVHDUFK LQ SK\VLRORJ\ DQG HQGRFULQRORJ\ 7KH RWKHU LV EDVHG RQ D SV\FKRVRFLDO WUDGLWLRQ (DFK KDV PDGH LPSRUWDQW FRQWULEXWLRQV WR WKH XQGHUVWDQGLQJ RI VWUHVV )OHPLQJ %DXP t 6LQJHU f 7KH ELRORJLFDO WUDGLWLRQ KDV LWV URRWV LQ WKH PHGLFDO LQWHUHVW LQ VWUHVV ZKLFK FDQ EH WUDFHG EDFN WR +LSSRFUDWHV LQ DQFLHQW *UHHFH 6HO\H f 3K\VLFLDQV LQ WKH WK DQG WK FHQWXULHV K\SRWKHVL]HG WKDW VWUHVV DQG VWUDLQ FRXOG OHDG WR SK\VLFDO LOOQHVVHV ,Q 6LU :LOOLDP 2VLHU FLWHG LQ )HXHUVWHLQ HW DO f REVHUYHG WKDW WKH OLIHVW\OH RI FHUWDLQ EXVLQHVVPHQ UHVXOWHG LQ VLJQLILFDQW VWUDLQ DQG SUHGLVSRVHG WKHP WR DQJLQD SHFWRULV /DWHU WKH JUHDW $PHULFDQ SK\VLRORJLVW :DOWHU &DQQRQ PDGH RQH RI WKH HDUOLHVW FRQWULEXWLRQV WR VWUHVV UHVHDUFK &DQQRQ f XVHG WKH WHUP VWUHVV WR GHVFULEH KLV UHVHDUFK RQ WKH ILJKW RUIOLJKW UHVSRQVH WKDW ZKHQ DQ RUJDQLVP SHUFHLYHV D WKUHDW WKH ERG\ LV UDSLGO\ DURXVHG DQG PRWLYDWHG WKURXJK WKH V\PSDWKHWLF QHUYRXV V\VWHP DQG WKH HQGRFULQH V\VWHP 7KHUH LV D FRQFHUWHG SK\VLRORJLFDO UHVSRQVH ZKLFK PRELOL]HV WKH RUJDQLVP WR DWWDFN WKH WKUHDW RU WR IOHH KHQFH LW LV FDOOHG WKH ILJKWRUIOLJKW UHVSRQVH ,Q &DQQRQnV f ZRUN RQ HPRWLRQDO VWUHVV KH FRQFOXGHG WKDW VWUHVV FDQ EH

PAGE 30

KDUPIXO EHFDXVH LW GLVUXSWV HPRWLRQDO DQG SK\VLRORJLFDO IXQFWLRQLQJ DQG FDQ FDXVH PHGLFDO SUREOHPV RYHU WLPH 7KRXJK &DQQRQnV f ZRUN LV YHU\ LPSRUWDQW LQ XQGHUVWDQGLQJ VWUHVV ZRUN E\ 6HO\H f UHIOHFWV WKH SULPDU\ SRSXODU YLHZ RI VWUHVV UHVHDUFK LQ WKH ELRORJLFDO FRPPXQLW\ $OWKRXJK 6HO\H f LQLWLDOO\ H[SORUHG WKH HIIHFWV RI VH[ KRUPRQHV RQ SK\VLRORJLFDO IXQFWLRQLQJ KH EHFDPH LQWHUHVWHG LQ WKH VWUHVVIXO LPSDFW RI KLV LQWHUYHQWLRQV $FFRUGLQJO\ 6HO\H H[SRVHG ODERUDWRU\ DQLPDOV WR D YDULHW\ RI SURORQJHG VWUHVVRUVf§VXFK DV H[WUHPH FROG DQG IDWLJXHf§DQG REVHUYHG WKHLU SK\VLRORJLFDO UHVSRQVHV 7R 6HO\HnV VXUSULVH DOO VWUHVVRUV UHJDUGOHVV RI W\SH SURGXFHG HVVHQWLDOO\ WKH VDPH SDWWHUQ RI SK\VLRORJLFDO UHVSRQGLQJ )URP WKHVH REVHUYDWLRQV 6HO\H f SURSRVHG WKH JHQHUDO DGDSWDWLRQ V\QGURPH *$6f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

PAGE 31

HQRXJK WR RYHUZKHOP WKH RUJDQLVPnV DELOLW\ WR UHVLVW )OHPLQJ HW DO f 7KH VXEVWDQWLDO LPSDFW RI 6HO\HnV ZRUN RQ WKH ILHOG RI VWUHVV FRQWLQXHV WR EH IHOW WRGD\ 7KH 6HO\H PRGHO UHPDLQV D FRUQHUVWRQH RI WKH ILHOG RI VWUHVV 2QH UHDVRQ LV WKDW LW RIIHUV D JHQHUDO WKHRU\ RI VWUHVV 6HO\H f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f ,Q DGGLWLRQ WR WKH ELRORJLFDO WUDGLWLRQ WKHUH LV D SV\FKRVRFLDO SHUVSHFWLYH RQ WKH VWXG\ RI VWUHVV )OHPLQJ HW DO f 7KLV SHUVSHFWLYH KDV JHQHUDWHG D VWUHDP RI UHVHDUFK WKDW LV XVXDOO\ LQGHSHQGHQW RI SK\VLRORJLFDO VWXGLHV ,Q WKLV YLHZ VWUHVV LV WKH UHDFWLRQ RI DQ RUJDQLVP WR GHPDQGV SODFHG XSRQ LW 7KH NH\ IRFXV ZLWKLQ WKLV UDWKHU EURDG SHUVSHFWLYH LV XSRQ KHDOWK\ XVXDOO\ QRUPDO KXPDQV DQG QRQSK\VLFDO VWUHVVRUV 7KH HPSKDVLV LV RQ WKH LQWHUDFWLRQ RI VWUHVVIXO DJHQWV DQG WKH KXPDQ V\VWHP RI DSSUDLVDO DQG HYDOXDWLRQ /D]DUXV f 7KLV YLHZ VXJJHVWV WKDW QR HYHQWV DUH XQLYHUVDOO\ VWUHVVIXO 6WUHVV

PAGE 32

RQO\ H[LVWV ZKHQ WKH SHUVRQ XQGHUJRLQJ LW GHILQHV LW DV VXFK $ FODVVLF UHVHDUFK H[DPSOH RI WKLV FRQFHSWLRQ RI VWUHVV LV SURYLGHG E\ /D]DUXV DQG FROOHDJXHV HJ /D]DUXV 6SHLVPDQ /D]DUXV 0RUGNRII t 'DYLVRQ f &ROOHJH VWXGHQWV YLHZHG D ILOP RI DERULJLQDO VXELQFLVLRQ ULWHV DGXOW FLUFXPFLVLRQ E\ PHDQV RI VWRQHDJH WRROVf %HIRUH YLHZLQJ WKH ILOP WKH\ ZHUH H[SRVHG WR RQH RI IRXU H[SHULPHQWDO FRQGLWLRQV 2QH JURXS OLVWHQHG WR DQ LQWHOOHFWXDO DQWKURSRORJLFDO GHVFULSWLRQ RI WKH ULWHV $ VHFRQG JURXS KHDUG D OHFWXUH WKDW GHHPSKDVL]HG WKH SDLQ WKH LQLWLDWHV ZHUH H[SHULHQFLQJ DQG HPSKDVL]HG WKHLU H[FLWHPHQW RYHU WKH HYHQWV $QRWKHU JURXS KHDUG D GHVFULSWLRQ WKDW HPSKDVL]HG WKH SDLQ DQG WUDXPD WKDW WKH LQLWLDWHV ZHUH XQGHUJRLQJ 7KH IRXUWK JURXS KHDUG QR VRXQG WUDFN 0HDVXUHV RI DXWRQRPLF DURXVDO KHDUW UDWH VNLQ FRQGXFWDQFHf DQG VHOIUHSRUWV VXJJHVWHG WKDW WKH ILUVW WZR JURXSV H[SHULHQFHG FRQVLGHUDEO\ OHVV VWUHVV WKDQ GLG WKH JURXS ZKRVH DWWHQWLRQ ZDV IRFXVHG RQ WKH WUDXPD DQG SDLQ 7KH ILOP VWUHVVRU LWVHOI HOLFLWHG QR XQLYHUVDO UHDFWLRQ 7KXV WKLV VWXG\ LOOXVWUDWHV WKDW VWUHVV ZDV QRW RQO\ LQWULQVLF WR WKH ILOP LWVHOI EXW DOVR GHSHQGHG XSRQ WKH YLHZHUnV DSSUDLVDO RI LW $OWKRXJK WKHUH DUH VHYHUDO GHILQLWLRQV RI WKH VWUHVV FRQFHSW VRPH FRPPRQDOLWLHV HPHUJH %DVLFDOO\ WKH VWUHVV H[SHULHQFH LV FRPSULVHG RI WZR PDMRU FRPSRQHQWV VWUHVVRUV DQG VWUHVV UHVSRQVH )HXHUVWHLQ HW DO f 6WUHVVRUV

PAGE 33

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f ZLWK SV\FKRORJLFDO RU SK\VLFDO FRQVHTXHQFHV VWUHVV UHVSRQVHVf &XUUHQWO\ WKHUH DUH WKUHH PDMRU WKHRUHWLFDO PRGHOV RI VWUHVV VWLPXOXVEDVHG UHVSRQVHEDVHG DQG LQWHUDFWLRQDO RU WUDQVDFWLRQDO 6WLPXOXV PRGHOV YLHZ VWUHVV DV D SV\FKRVRFLDO GHPDQG OHDGLQJ WR SHUVRQDO VWUDLQ +ROPHV t 5DKH 6KLQQ 5RVDULR 0RUFK t &KHVWQXW f 5HVSRQVH PRGHOV VHH LW DV D SK\VLRORJLFDO UHVSRQVH WR

PAGE 34

GHPDQGV PDGH RQ WKH SHUVRQ 6HO\H f 7UDQVDFWLRQDO PRGHOV RQ WKH RWKHU KDQG VHH VWUHVV DV DQ LQWHUDFWLRQ EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW &R\QH t /D]DUXV /D]DUXV .DQQHU t )RONPDQ f 7KH JHQHUDO SXEOLF XVXDOO\ WKLQNV RI VWUHVV DFFRUGLQJ WR D VWLPXOXVEDVHG PRGHO ZKLFK HVVHQWLDOO\ LV EDVHG LQ HQJLQHHULQJ SULQFLSOHV ,Q FRQVLGHULQJ WKLV HQJLQHHULQJ IW RULHQWHG PRGHO D XVHIXO DQDORJ\ KDV EHHQ GUDZQ ZLWK +RRNHnV /DZ RI HODVWLFLW\ DV FLWHG LQ &R[ f ZKLFK GHVFULEHV KRZ ORDGV SURGXFH GHIRUPDWLRQ LQ PHWDOV 7KH PDLQ IDFWRUV LQ +RRNHnV /DZ DUH WKDW RI VWUHVV WKH ORDG RU GHPDQGf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n DOL]HG LQ WHUPV RI WKH HQYLURQPHQW 7KH DVVXPSWLRQ LV WKDW

PAGE 35

VRPH HQYLURQPHQWDO FRQGLWLRQ WKH VWLPXOXV RU VWUHVVRUf KDV DQ LPSDFW RQ WKH SHUVRQ WKDW SURGXFHV VWUDLQ &OHDU H[DPSOHV RI UHVHDUFK XVLQJ WKLV WKHRU\ DUH VWXGLHV RI VWUHVVIXO RFFXSDWLRQV 5RVH -HQNLQV t +XUVW f DQG OLIH HYHQWV UHVHDUFK 'RKUHQZHQG t 'RKUHQZHQG f 7KH PDMRU WDVN LV WR GHOLQHDWH WKH FKDUDFWHULVWLFV RI VWUHVVIXO VLWXDWLRQV +ROPHV DQG 5DKH f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f 6WXGLHV LQYHVWLJDWLQJ WKLV PRGHO YLHZ VWUHVV DV D GHSHQGHQW YDULDEOH 6HO\HnV f JHQHUDO DGDSWDWLRQ V\QGURPH *$6f LV DQ H[DPSOH RI WKH UHVSRQVHEDVHG FRQFHSW RI VWUHVV 6HO\H HPSKDVL]HG WKDW VWUHVV LV WKH SHUVRQnV UHVSRQVH WR WKH GHPDQGV RI WKH HQYLURQPHQW &R[ f 7KH VWUHVV UHVSRQVH LV D QRQVSHFLILF XQLYHUVDO SDWWHUQ RI GHIHQVH UHVSRQVHV WKDW VHUYHV WR SURWHFW DQG SUHVHUYH WKH ELRORJLFDO LQWHJULW\ RI WKH SHUVRQ $GGLWLRQDOO\ WKH VWUHVV UHVSRQVH

PAGE 36

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f 7KH UHVSRQVHEDVHG PRGHO DVVXPHV WKDW DQ\ VWLPXOXV ZKLFK SURGXFHV WKH VWUHVV UHVSRQVH PXVW EH YLHZHG DV D VWUHVVRU 7KXV VRPH DFWLYLWLHV DQG SKHQRPHQD ZKLFK DUH QRW JHQHUDOO\ FRQVLGHUHG VWUHVVRUV VXFK DV H[HUFLVH HPRWLRQV DQG IDWLJXH ZRXOG EH ODEHOHG DV VXFK )XUWKHUPRUH QR VWUDLJKWIRUZDUG UHODWLRQVKLS EHWZHHQ WKH YDULRXV FRPSRQHQWV RI WKH VWUHVV UHVSRQVH DFURVV DOO LQGLYLGXDOV DQG VLWXDWLRQV KDV EHHQ GHILQHG 0F*UDWK f $ PRUH UHFHQW PRGHO WKH WUDQVDFWLRQDO PRGHO RYHUFRPHV VRPH RI WKHVH SUREOHPV 7UDQVDFWLRQDO PRGHOV JR EH\RQG FRQVLGHULQJ RQO\ VWLPXOXV DQG UHVSRQVH DVSHFWV RI VWUHVV 6WUHVV LV VHHQ DV DQ LQWHUYHQLQJ YDULDEOH EHWZHHQ VWLPXOXV DQG UHVSRQVH &R[ f 7KH WUDQVDFWLRQDO PRGHO SURSRVHV WKDW VWUHVV RFFXUV WKURXJK WKH UHODWLRQVKLS RU LQWHUDFWLRQ EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW 7KH WHUP WUDQVDFWLRQ KDV D TXDOLW\ PLVVLQJ LQ WKH FRQFHSW RI LQWHUDFWLRQ ,W LV WKDW

PAGE 37

WUDQVDFWLRQ LPSOLHV D QHZO\ FUHDWHG OHYHO RI DEVWUDFWLRQ LQ ZKLFK WKH VHSDUDWH SHUVRQ DQG HQYLURQPHQW HOHPHQWV DUH MRLQHG WRJHWKHU WR IRUP D QHZ UHODWLRQDO PHDQLQJ /D]DUXV t )RONPDQ S f 7KLV DSSURDFK WDNHV LQWR DFFRXQW FKDUDFWHULVWLFV RI WKH SHUVRQ RQ WKH RQH KDQG DQG WKH QDWXUH RI WKH HQYLURQPHQWDO HYHQW RQ WKH RWKHU 6WUHVV LV YLHZHG DV WKH UHIOHFWLRQ RI D ODFN RI ILW EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW 7KLV YLHZ SDUDOOHOV WKH PRGHUQ PHGLFDO FRQFHSW RI LOOQHVV ZKLFK LV QR ORQJHU VHHQ DV FDXVHG VROHO\ E\ DQ H[WHUQDO RUJDQLVP :KHWKHU RU QRW LOOQHVV RFFXUV GHSHQGV DOVR RQ WKH LQGLYLGXDOnV VXVFHSWDELOLW\ 2QH YHUVLRQ RI WKH WUDQVDFWLRQDO PRGHO LV SURSRVHG E\ /D]DUXV DQG FROOHDJXHV HJ &R\QH t /D]DUXV )RONPDQ )RONPDQ 6FKDHIHU t /D]DUXV /D]DUXV /D]DUXV t )RONPDQ /D]DUXV t /DXQLHU f ,W LV D FRJQLWLYHO\ RULHQWHG WKHRU\ RI SV\FKRORJLFDO VWUHVV DQG FRSLQJ LQ ZKLFK WKH SHUVRQ DQG WKH HQYLURQPHQW DUH YLHZHG DV EHLQJ G\QDPLF DQG PXWXDOO\ UHFLSURFDO LV FRQFHSWXDOL]HG DV D UHODWLRQVKLS EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW WKDW LV DSSUDLVHG E\ WKH SHUVRQ DV WD[LQJ RU b b H[FHHGLQJ RQHnV UHVRXUFHV DQG DV HQGDQJHULQJ RQHnV ZHOOn EHLQJ 7KH WKHRU\ LGHQWLILHV WZR SURFHVVHV FRJQLWLYH DSSUDLVDO DQG XVH RI FRSLQJ PHGLDWRUV RI VWUHVVIXO SHUVRQHQYLURQPHQW UHODWLRQVKLSV DQG WKHLU LPPHGLDWH DQG ORQJWHUP RXWFRPHV &RJQLWLYH DSSUDLVDO LV WKH SURFHVV WKURXJK ZKLFK WKH SHUVRQ HYDOXDWHV ZKHWKHU D

PAGE 38

SDUWLFXODU HQFRXQWHU ZLWK WKH HQYLURQPHQW LV UHOHYDQW WR RQHnV ZHOOEHLQJ DQG LI VR LQ ZKDW ZD\ /D]DUXV DQG )RONPDQ f SURSRVH WZR NLQGV RI DSSUDLVDO SULPDU\ DQG VHFRQGDU\ 3ULPDU\ DSSUDLVDO LQYROYHV WKH LQGLYLGXDOnV GHWHUPLQDWLRQ RI WKH VLWXDWLRQ DV SRVLWLYH LUUHOHYDQW RU VWUHVVIXO 6WUHVVIXO DSSUDLVDOV FDQ WDNH WKUHH IRUPV KDUPORVV ZKHUH WKH GDPDJH KDV DOUHDG\ EHHQ GRQH WKUHDW ZKHUH WKHUH LV SRWHQWLDO IRU KDUPORVV DQG FKDOOHQJH +DUPORVV DQG WKUHDW DSSUDLVDOV WULJJHU QHJDWLYH HPRWLRQV VXFK DV IHDU RU DQJHU ZKHUHDV FKDOOHQJH WULJJHUV SRVLWLYH HPRWLRQV VXFK DV H[FLWHPHQW RU HDJHUQHVV 0DWKHQ\ HW DO f 'XULQJ WKLV SURFHVV WKH LQGLYLGXDO DSSUDLVHV WKH OHYHO RI GHPDQG RI WKH VLWXDWLRQ &R[ f 7KXV GHPDQG LV EDVHG RQ WKH SHUVRQnV SHUFHSWLRQ RI WKH HQYLURQPHQW 'HPDQG PD\ EH H[WHUQDO FRPLQJ IURP WKH HQYLURQPHQW VXFK DV D ZRUN GHDGOLQHf RU LQWHUQDO LQFOXGLQJ SV\FKRORJLFDO DQG SK\VLRORJLFDO QHHGV DQG H[SHFWDWLRQV VXFK DV WKH H[SHFWDWLRQ WKDW RQH FDQ GR HYHU\WKLQJ ZHOO ,Q VHFRQGDU\ DSSUDLVDO WKH LQGLYLGXDO DVVHVVHV WKH UHVRXUFHV DYDLODEOH DQG ZKDW FDQ EH GRQH DERXW WKH VLWXDWLRQ 1XPHURXV IDFWRUV LQIOXHQFH WKH DSSUDLVDO SURFHVV LQFOXGLQJ IDFWRUV UHODWLQJ WR WKH VLWXDWLRQ WR WKH SHUVRQ DQG WR WKH FRSLQJ VWUDWHJLHV DYDLODEOH /D]DUXV t )RONPDQ f )DFWRUV UHODWLQJ WR WKH VLWXDWLRQ WKDW DIIHFW DSSUDLVDO LQFOXGH LWV QRYHOW\ SUHGLFWDELOLW\ WLPLQJ DQG DPELJXLW\ )DFWRUV UHODWLQJ WR WKH SHUVRQ VXFK DV EHOLHIV

PAGE 39

DERXW SHUVRQDO FRQWURO H[SHFWDWLRQV RI DELOLW\ DQG RXWFRPH DIIHFW WKH DSSUDLVDO SURFHVV )DFWRUV UHODWLQJ WR FRSLQJ VWUDWHJLHV DYDLODEOH WR WKH SHUVRQ LQFOXGH SUREOHP VROYLQJ VNLOOV VRFLDO VNLOOV VRFLDO VXSSRUW DQG PDWHULDO UHVRXUFHV 7KHVH IDFWRUV DOO LQWHUDFW WR LQIOXHQFH KRZ LQGLYLGXDOV DSSUDLVH WKH VLWXDWLRQ DQG WKHLU DELOLW\ WR GHDO ZLWK LW 7KH SHUVRQnV DSSUDLVDO WKHQ LQIOXHQFHV WKH FRSLQJ VWUDWHJLHV WULHG 7KH LQGLYLGXDO FRQWLQXDOO\ UHDSSUDLVHV WKH VLWXDWLRQ DQG SRVVLELOLWLHV DV QHZ LQIRUPDWLRQ IURP WKH HQYLURQPHQW DQG IURP WKH SHUVRQnV RZQ UHDFWLRQV DUH UHFHLYHG +RZ WKH SHUVRQ FRSHV LV WKRXJKW WR KDYH VKRUWn WHUP DQG ORQJWHUP FRQVHTXHQFHV LQ WHUPV RI VRFLDO IXQFWLRQLQJ PRUDOH DQG ZHOOEHLQJ DQG VRPDWLF KHDOWK 7KH WUDQVDFWLRQDO PRGHO DV RSSRVHG WR WKH VWLPXOXV EDVHG DQG UHVSRQVHEDVHG PRGHOV KDV WKH VWUHQJWK RI QRW IRFXVLQJ RQ HLWKHU MXVW WKH VWUHVVRU RU WKH VWUHVV UHVSRQVH ,QVWHDG LW IRFXVHV RQ WKH LQWHUDFWLRQ EHWZHHQ WKH SHUVRQ DQG WKH HQYLURQPHQW )XUWKHUPRUH LW DOORZV IRU LQGLYLGXDO GLIIHUHQFHV WKURXJK WKH LQFOXVLRQ RI SHUFHSWLRQV RI GHPDQGV DQG UHVRXUFHV ,W DOVR SURSRVHV PHGLDWLQJ IDFWRUV WKDW KHOS H[SODLQ ZK\ DOO SHRSOH XQGHU VWUHVV GR QRW H[SHULHQFH LOO HIIHFWV )LQDOO\ LW FRQVLGHUV SRVLWLYH RXWFRPHV VXFK DV PRUDOH DQG ZHOOEHLQJ UDWKHU WKDQ IRFXVLQJ RQO\ RQ QHJDWLYH RXWFRPHV VXFK DV SV\FKRORJLFDO V\PSWRPV RU SK\VLFDO LOOQHVV 7KXV WKH WUDQVDFWLRQDO PRGHO VHHPV EHVW VXLWHG WR XVH WR DLG LQ H[SORULQJ WKH FRPSOH[ SURFHVV RI WKH UHODWLRQVKLS EHWZHHQ VWUHVV DQG RXWFRPHV

PAGE 40

0HDVXUHPHQW 7HFKQLFUXHV 0HWKRGV IRU VWXG\LQJ VWUHVV YDU\ LQ WHUPV RI W\SH RI VHWWLQJ VXFK DV D ODERUDWRU\ RU QDWXUDO HQYLURQPHQW DQG RGH RI PHDVXUHPHQW VXFK DV SK\VLRORJLFDO EHKDYLRUDO RU FRJQLWLYH )HXHUVWHLQ HW DO f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f DQG 6FKHGXOH RI 5HFHQW ([SHULHQFH 65(f KDYH EHHQ ZLGHO\ XVHG PHDVXUHV RI VWUHVVRUV +ROPHV t 5DKH f 7KH 6556 UDQNV WKH VWUHVVIXOQHVV RI PDMRU OLIH FKDQJHV WKDW UHTXLUH DGMXVWPHQW RU VLWXDWLRQV WKDW GLVUXSW GDLO\ OLYLQJ VXFK DV GHDWK RI D VSRXVH RU D

PAGE 41

MRE SURPRWLRQ ZKLOH WKH 65( PHDVXUHV WKH IUHTXHQF\ RI WKHVH OLIH FKDQJHV LQ WKH ODVW \HDU 1XPHURXV VWXGLHV UHODWLQJ OLIH HYHQWV WR VXEVHTXHQW SK\VLFDO LOOQHVV KDYH HVWDEOLVKHG PRGHUDWH FRUUHODWLRQV UDQJLQJ IURP WR 6FKURHGHU t &RVWD f $OWKRXJK VWXG\ RI WKH OLIH HYHQWVLOOQHVV UHODWLRQVKLS KDV EHHQ YHU\ SRSXODU LQ VWUHVV UHVHDUFK UHFHQWO\ UHVHDUFKHUV KDYH EHHQ FULWLFDO RI WKH PDMRU OLIH HYHQW VFDOHV DQG PDQ\ TXHVWLRQV KDYH EHHQ UDLVHG DERXW PHWKRGRORJLFDO SUREOHPV 7D\ORU f ,Q FRQWUDVW WR WKH ZRUN RQ PDMRU OLIH HYHQWV /D]DUXV DQG KLV DVVRFLDWHV GHYHORSHG WKH +DVVOHV DQG 8SOLIWV 6FDOHV .DQQHU &R\QH 6FDKHIHU t /D]DUXV f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nV FKLOG RU HQMR\LQJ D SOHDVDQW GLQQHU ZLWK IULHQGV 6HYHUDO VWXGLHV KDYH SURYHG KDVVOHV WR EH D EHWWHU SUHGLFWRU WKDQ PDMRU OLIH HYHQWVf RI SV\FKRORJLFDO V\PSWRPV RU SK\VLFDO KHDOWK VWDWXV PDMRU OLIH HYHQWV 'H/RQJLV &R\QH 'DNRI )RONPDQ t /D]DUXV .DQQHU HW DO 0RQURH f 7KXV LW

PAGE 42

PD\ XOWLPDWHO\ HPHUJH WKDW LW LV WKH ZHDU DQG WHDU RI GDLO\ OLIH WKDW PRUH UHOLDEO\ SUHGLFWV LOOQHVV DQG SV\FKRORJLFDO ZHOOEHLQJ WKDQ PRUH PDMRU EXW UDUH OLIH HYHQWV $QRWKHU PHWKRG RI DVVHVVLQJ VWUHVVRUV LV WKH LGHQWLILFDWLRQ RI VSHFLILF JURXSV RI LQGLYLGXDOV FRPPRQO\ H[SRVHG WR VLPLODU RFFXSDWLRQDO VWUHVVRUV 7KLV DVVHVVPHQW KDV GHILQHG DQG TXDQWLILHG WKHVH RFFXSDWLRQDO VWUHVVRUV 7ZR H[DPSOHV RI WKLV W\SH RI DSSURDFK DUH WKH 1XUVLQJ 6WUHVV 6FDOH *UD\7DIW t $QGHUVRQ f DQG WKH 'HQWDO 6WUHVV ,QGH[ .DW] f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f 7KH SK\VLRORJLFDO FRPSRQHQW RI WKH VWUHVV UHVSRQVH LQFOXGHV ERWK SV\FKRSK\VLRORJLFDO DQG ELRFKHPLFDO UHVSRQVHV )HXHUVWHLQ HW DO f 7KH HOHFWULFDO DFWLYLW\ RI PXVFOH KHDUW UDWH DQG EORRG SUHVVXUH DUH ZLGHO\ XVHG PHDVXUHV RI SV\FKRSK\VLRORJLFDO UHVSRQVHV WR VWUHVV $GUHQRFRUWLFRWURSLF KRUPRQH $&7+f FDWHFKRODPLQHV DQG

PAGE 43

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n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

PAGE 44

EHKDYLRUDO VHOIUHSRUWV 6HOIUHSRUW PHDVXUHV DUH SUREDEO\ WKH PRVW IUHTXHQWO\ XVHG PHWKRG RI PHDVXULQJ WKH VWUHVV UHVSRQVH LQ KXPDQV %DXP *UXQEHUJ t 6LQJHU f 7KH FRJQLWLYH FRPSRQHQW RI WKH VWUHVV UHVSRQVH UHSUHVHQWV DQ LPSRUWDQW YDULDEOH LQ VHYHUDO VWUHVV PRGHOV &RJQLWLYH DVVHVVPHQW FDQ UHIHU WR D ZLGH YDULHW\ RI PHDVXUHV GHVLJQHG WR PHDVXUH WKRXJKWV EHOLHIV DWWLWXGHV DQG PRRG WR QDPH D IHZ ,W LV LPSRUWDQW WR HPSKDVL]H WKDW FRJQLWLYH SURFHVVHV GR QRW RQO\ UHSUHVHQW FRPSRQHQWV RI WKH VWUHVV UHVSRQVH EXW DOVR WKDW WKH\ FDQ DFWXDOO\ LQIOXHQFH WKH VWUHVV UHVSRQVH LH VHUYH DV PHGLDWLQJ YDULDEOHVf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f /HIHEYUH t 6DQGIRUG f DVVHVVHV DOO WKUHH GLPHQVLRQV XVLQJ D VHOIUHSRUW IRUPDW 7KH WUDQVDFWLRQDO PRGHO RI VWUHVV HPSKDVL]HV WKH LPSRUWDQFH RI HYDOXDWLRQ RI VWUHVVRUV DQG FRJQLWLYH DSSUDLVDO SURFHVVHV DQG WKHLU RXWFRPH WKH VWUHVV UHVSRQVH &R[ f 7KLV PRGHO K\SRWKHVL]HV WKDW HQYLURQPHQWDO

PAGE 45

IDFWRUV LH SRWHQWLDO VWUHVVRUVf PD\ LQIOXHQFH WKH SDWWHUQ RI FRSLQJ HIIRUWV WKDW DUH VHW LQWR PRWLRQ GXULQJ D VWUHVVIXO WUDQVDFWLRQ DQG DOVR WKDW FRSLQJ PD\ LQIOXHQFH ZKLFK HQYLURQPHQWDO IDFWRUV ZLOO EH LQYROYHG DQG ZKDW IRUP WKH\ ZLOO WDNH &R\QH t /D]DUXV f 7KHUHIRUH UDWKHU WKDQ D IL[HG HQWLW\ WKDW LPSLQJHV RQ WKH SHUVRQ HQYLURQPHQWDO VWLPXOL DUH RQO\ SRWHQWLDOO\ LPSRUWDQW EHFRPLQJ PRUH VDOLHQW E\ WKHLU LQWHUDFWLRQ RU WUDQVDFWLRQ ZLWK FRSLQJ HIIRUWV 6XFK D PRGHO UHTXLUHV D G\QDPLF DVVHVVPHQW RI WKH UHFLSURFDO LQWHUDFWLRQV RI HQYLURQPHQWDO FRQWH[WV LH SRWHQWLDO VWUHVVRUVf FRJQLWLYH DSSUDLVDOV DQG FRSLQJ EHKDYLRUV LH DV PHGLDWLQJ YDULDEOHVf DQG WKHLU FRQFRPLWDQW SK\VLRORJLFDO EHKDYLRUDO DQG FRJQLWLYH RXWFRPHV LH WKH VWUHVV UHVSRQVHf 6WUHVV LQ 'HQWLVWU\ 6HYHUDO DXWKRUV KDYH VWDWHG WKDW GHQWLVWV DUH D YHU\ VWUHVVHG JURXS RI SURIHVVLRQDOV 'XQODS t 6WHZDUW f 7KH MRE RI D GHQWLVW LV SK\VLFDOO\ KDUG PRUHRYHU WKH PDMRULW\ RI GHQWLVWV EHFDXVH WKH\ DUH SULYDWH SUDFWLWLRQHUV DUH LQYROYHG LQ WKH ORQJWHUP VWUDLQV RI EXLOGLQJ D VXFFHVVIXO SUDFWLFH -DFNVRQ DQG 0HDOLHD f 7R UXQ D SUDFWLFH WKH GHQWDO SUDFWLWLRQHU LV UHTXLUHG WR f ZRUN ZLWK WKH SUHFLVLRQ RI D ZDWFKPDNHU RU GLDPRQG FXWWHU EXW LQ D ELRORJLFDO HQYLURQPHQW FRPSOHWH ZLWK RUDO IOXLGV IDFLDO PXVFXODWXUH DQG WKH VRPHWLPHV FDSULFLRXV ZLOO RI WKHLU RZQHU f SHUVXDGH FDMROH LQ D ZRUG

PAGE 46

VHOO LQ DQ DWWHPSW WR GHOLYHU WKH FDUH DQG VHUYLFH REYLRXVO\ QHHGHG \HW OHVV IUHTXHQWO\ XQGHUVWRRG RU GHVLUHG f DOOD\ WKH IHDUV DQG DQ[LHWLHV RI SDWLHQWV XQGHUVWDQG DQG VXSSRUW HPSDWKL]H DQG FDUH f KLUH WUDLQ DQG HIIHFWLYHO\ PDQDJH QRWRULRXVO\ WUDQVLHQW SHUVRQQHO NHHS ILQDQFLDO UHFRUGV PDQDJH LQYHQWRU\ RUGHU VXSSOLHV GHDO ZLWK VXEFRQWUDFWRUV GHQWDO ODERUDWRULHVf LQGHHG KDQGOH DOO RI WKH ZRUN ORDG RI WKH QRWVRVPDOO EXVLQHVVPDQ DQG f VWD\ DEUHDVW RI WKH ILHOG UHDG WKH MRXUQDOV DWWHQG WKH PHHWLQJV DQG PDNH VHQVH RI DQ DUUD\ RI FKDQJHV LQ WKH SURIHVVLRQ ERWK RI D FOLQLFDO DQG VRFLRSROLWLFDO QDWXUH -DFNVRQ t 0HDOLHD S f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t .HOO\ f GLIILFXOW ZRUNLQJ FRQGLWLRQV OLPLWHG DFFHVVf SK\VLFDO VWUDLQ RU ZRUN +DUULV t &UDEE

PAGE 47

f H[SRVXUH WR LQIHFWLRXV GLVHDVHV VXFK DV KHSDWLWLV DQG $,'6 WKUHDW RI PDOSUDFWLFH 3KLOOLSV f WKLUG SDUW\ LQWHUIHUHQFH LQ WUHDWPHQW DQG ILQDQFLDO SODQV .DW] f WUHDWLQJ DQ[LRXV RU IHDUIXO SDWLHQWV RU SDWLHQWV KDYLQJ SDLQ 'XQODS t 6WHZDUW f QHJDWLYH SXEOLF LPDJH RI GHQWLVWV ODFN RI DSSUHFLDWLRQ RU FRRSHUDWLRQ IURP SDWLHQWV 2n6KHD HW DO f SURIHVVLRQDO LVRODWLRQ )RUUHVW f OLWWOH VRFLDO VXSSRUW 1HYLQ t 6DPSVRQ f GHPDQGV RI PDQDJLQJ VWDII DQG UDSLGO\ FKDQJLQJ WHFKQRORJ\ DQG VWDQGDUGV RI SUDFWLFH IRU D UHFHQW UHYLHZ VHH .DW] f 7KH SHUVRQDOLW\ FKDUDFWHULVWLFV RI GHQWLVWV ZKLFK FRQWULEXWH WR VWUHVV DOVR KDYH EHHQ UHVHDUFKHG 6HYHUDO REVHUYDWLRQV KDYH EHHQ PDGH DERXW WKH SHUVRQDOLW\ VW\OH RI WKH W\SLFDO GHQWLVW 7KHVH FKDUDFWHULVWLFV RI SHUVRQDOLW\ DUH DXWKRULWDULDQ DQG LQIOH[LEOH +HLVW f KDUGn ZRUNLQJ DPELWLRXV SHUIHFWLRQLVWLF DQG HPRWLRQDOO\ FRQWUROOHG 6ZRUG Df W\SH $ SHUVRQDOLW\ WUDLWV RI FRPSHWLWLYH WLPH XUJHQW H[WUHPH LPSDWLHQFH PHDVXULQJ DFFRPSOLVKPHQWV LQ WHUPV RI QXPEHUV +RZDUG HW DO f ORZ VHOIHVWHHP OHIW EUDLQ GRPLQDWHG DQG XQUHDOLVWLF EHOLHIV DWWLWXGHV DQG YDOXHV .LQJ f $V LQWHUHVWLQJ DQG LQIRUPDWLYH DV WKH SXEOLVKHG UHSRUWV DERYH PD\ DSSHDU PDQ\ DUH VXJJHVWLYH UDWKHU WKDQ GHILQLWLYH DQG VWDWLVWLFDO VWXGLHV DUH IHZ +RZHYHU LW LV SRVVLEOH WR LGHQWLI\ VLPLODULWLHV DQG FRPPRQ WKHPHV LQ WKH IROORZLQJ VHYHQ HPSLULFDO VWXGLHV DERXW WKH VRXUFHV RI GHQWLVWVn VWUHVV

PAGE 48

'XQODS DQG 6WHZDUW f DQDO\]HG TXHVWLRQQDLUHV IURP UHSOLHV WR D PDJD]LQH SROO RQ GHQWLVWVn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t .DKQ f GHQWLVWV ZHUH DVNHG WR UDWH WKHLU SHUFHLYHG MRE VWUHVVRUV LQ D LWHP TXHVWLRQQDLUH 7KH IRXU LWHPV ZLWK WKH KLJKHVW PHDQ VFRUHV ZHUH FRSLQJ ZLWK GLIILFXOW SDWLHQWV WU\LQJ WR NHHS WR D VFKHGXOH WRR PXFK ZRUN DQG XQVDWLVIDFWRU\ DX[LOLDU\

PAGE 49

DVVLVWDQFH $IWHU UHODWLQJ HDFK RI WKH LWHPV WR SK\VLRORJLFDO PHDVXUHV RI VWUHVV EORRG SUHVVXUH SXOVH UDWH DQG (&* UHDGLQJVf WKH\ IRXQG WKDW RQO\ RQH LWHP WKH GHPDQGV RI EXLOGLQJ DQG VXVWDLQLQJ D SUDFWLFH ZDV FRUUHODWHG FRQVLVWHQWO\ ZLWK HDFK RI WKH KHDOWK FULWHULD PHDVXUHV ,Q DQRWKHU VWXG\ $PHULFDQ GHQWLVWV ZKR YROXQWDULO\ DWWHQGHG D KHDOWK VFUHHQLQJ DW D QDWLRQDO GHQWDO PHHWLQJ FRPSOHWHG D TXHVWLRQQDLUH RQ VRXUFHV RI SUDFWLFH VWUHVV 2n6KHD HW DO f 5HVXOWV VXJJHVWHG WKDW VL[ VRXUFHV LQ GHQWLVWVn VWUHVV ZHUH SUREOHPV RI SDWLHQWVn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f VWXGLHG WKH UHODWLRQVKLS EHWZHHQ SRVVLEOH FDXVHV RI VWUHVV GHPRJUDSKLF SHUVRQDOLW\ DQG ZRUN IDFWRUVf DQG WKH OHYHOV RI MRE VDWLVIDFWLRQ DQG PHQWDO KHDOWK DPRQJ D VDPSOH RI JHQHUDO GHQWDO SUDFWLWLRQHUV LQ WKH 8QLWHG .LQJGRP ,Q WKLV VWXG\ WKH PDMRU VRXUFHV RI

PAGE 50

VWUHVV ZHUH SUHVVXUHV IURP VFKHGXOLQJ VWDIILQJ LQFRPH QHHGV DQG TXDOLW\ FRQWURO 7KH DXWKRUV FRQFOXGHG WKDW VWUHVV OHYHOV LQ WKH SURIHVVLRQ ZHUH KLJK OLNHO\ WR JR KLJKHU DQG ZHUH DOUHDG\ VKRZLQJ HIIHFWV ZLWK GHWHULRUDWLQJ OHYHOV RI PHQWDO KHDOWK DQG MRE VDWLVIDFWLRQ 6WXGLHV E\ &RRSHU 0DOOLQJHU DQG .DKQ f DQG WKH IROORZXS E\ 0DOOLQJHU %URXVVHDX DQG &RRSHU f DUH VLJQLILFDQW LQ WKDW WKH\ UHSUHVHQW WKH ILUVW V\VWHPDWLF DWWHPSWV WR HYDOXDWH ERWK SHUVRQDOLW\ DQG VLWXDWLRQDO HQYLURQPHQWDO FRQWULEXWLRQV WR WKH VWUHVVRUV H[SHULHQFHG E\ GHQWLVWV 2QH VHULRXV VKRUWFRPLQJ LV WKH ODFN RI UDQGRPL]DWLRQ LQ VHOHFWLRQ 6LQFH DOO VXEMHFWV DQG UHVSHFWLYHO\f ZHUH YROXQWHHUV DW D KHDOWK VFUHHQLQJ FOLQLF IRU GHQWLVWV FRQFHUQ DERXW WKH UHSUHVHQWDWLYH QDWXUH RI WKH VDPSOH VKRXOG EH QRWHG 'HVSLWH FRQFHSWXDO GLIILFXOWLHV UHJDUGLQJ WKH VHOHFWLRQ RI SK\VLRORJLFDO LQGLFHV DV WKH VROH FULWHULRQ IRU VWUHVVIXOQHVV YV SHUFHSWXDO FULWHULRQf WKHVH VWXGLHV SRLQW WKH ZD\ IRU IXUWKHU H[DPLQDWLRQ RI WKH LQWHUDFWLRQ RU WUDQVDFWLRQf RI HQYLURQPHQWDO DQG SHUVRQDOLW\ VWUHVVRUV DV SUHGLFWRUV RI VWUHVVIXOQHVV DQG VDWLVIDFWLRQ IRU GHQWLVWV %DVHG RQ WKH OLWHUDWXUH UHYLHZ RI GHQWDO VWUHVVRUV RQO\ RQH VWXG\ DGGUHVVHG WKH QHHG WKDW WKH $PHULFDQ 'HQWDO $VVRFLDWLRQ $'$f %XUHDX RI (FRQRPLF 5HVHDUFK t 6WDWLVWLFV f PHQWLRQHG ZKHQ WKH\ FDOOHG IRU VWXGLHV WR LQWHUSUHW GDWD ZLWKLQ D WKHRUHWLFDO PRGHO RI SHUVRQDOLW\ DQG VRFLDO V\VWHP WKHRU\ S f .DW] f XVLQJ WKH WKHRU\ RI

PAGE 51

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n FDUHHU VDWLVIDFWLRQ 2QO\ VSHFLDOL]DWLRQ ZDV VWURQJO\ UHODWHG WR UHGXFHG VWUHVV 2QO\ WKH QXPEHU RI ZHHNV DZD\ IURP WKH RIILFH ZDV IRXQG WR EH VLJQLILFDQWO\ UHODWHG WR ERWK UHGXFHG VWUHVV DQG LQFUHDVHG FDUHHU VDWLVIDFWLRQ .DW] f 7KH ILQGLQJV RI WKLV VWXG\ VXSSRUW WKH SRVLWLRQ WKDW WKH VRXUFHV RI VWUHVV IRU GHQWDO SUDFWLWLRQHUV DUH D IXQFWLRQ RI WKHLU SHUVRQDOLW\ DQG SHUFHSWLRQV UDWKHU WKDQ WKHLU SUDFWLFH VWUHVVRUV 6WUHVV 5HVSRQVH LQ 'HQWLVWV $QRWKHU ERG\ RI OLWHUDWXUH UHODWHV WR WKH VWUHVV UHVSRQVH LQ GHQWLVWV WKH SXUSRUWHG KLJK LQFLGHQFH RI SK\VLFDO HPRWLRQDO DQG EHKDYLRUDO SUREOHPV ZKLFK UHVXOW DPRQJ VWUHVVHG GHQWLVWV )RUUHVW .DW] 6ZRUG

PAGE 52

D Ef 3UREOHPV IUHTXHQWO\ FLWHG LQ WKHVH DQG RWKHU DUWLFOHV DV WKH FRQVHTXHQFHV RI VWUHVV IRU GHQWLVWV LQFOXGH FDUGLRYDVFXODU GLVHDVH GHSUHVVLRQ GLYRUFH DOFRKROLVP GUXJ DEXVH DQG VXLFLGH $ IUHTXHQWO\ FLWHG VWXG\ SXEOLVKHG \HDUV DJR E\ 5XVVHN f LQGLFDWHG WKDW WKH SUHYDOHQFH RI FRURQDU\ KHDUW GLVHDVH &+'f DPRQJ GHQWLVWV LV PRUH KLJKO\ LQIOXHQFHG E\ WKH UHODWLYH OHYHO RI RFFXSDWLRQDO VWUHVV WKDQ E\ KHUHGLW\ RU GLHW $ PRUH UHFHQW UHSRUW 1LHOVHQ t 3RODNRII f IRXQG WKDW FRURQDU\ KHDUW GLVHDVH DQG K\SHUWHQVLRQ DUH b PRUH SUHYDOHQW LQ GHQWLVWV WKDQ LQ WKH JHQHUDO SRSXODWLRQ ,QGHHG 6WHLQEHUJ f VWDWHG FDUGLRYDVFXODU GLVHDVH LV WKH PRVW IUHTXHQW FDXVH RI SUHPDWXUH GHDWK NLOOLQJ QHDUO\ RXW RI LQ PLGGOHDJHG PDOH GHQWLVWV ,QYHVWLJDWRUV RI PDODGDSWLYH EHKDYLRU RXWVLGH WKH GHQWDO RIILFH EXW UHVXOWLQJ IURP VWUHVV ZLWKLQ WKH RIILFH HQYLURQPHQWf§GLYRUFH DOFRKROLVP RU GUXJ DEXVHf§VXJJHVW WKDW VWUHVV DW ZRUN FRXOG UHVXOW LQ H[SUHVVLRQV RI V\PSWRPV LQ WKH SHUVRQDO OLIH ,QGHHG D KLJK UDWH RI GLYRUFH DPRQJ GHQWLVWV LV IUHTXHQWO\ UHSRUWHG 6ZRUG Df +RZHYHU WKH $PHULFDQ 'HQWDO $VVRFLDWLRQ $'$f %XUHDX RI (FRQRPLF 5HVHDUFK DQG 6WDWLVWLFV f UHSRUWHG WKDW D OLWHUDWXUH VHDUFK IRXQG RQO\ RQH DUWLFOH RQ WKLV WRSLF 7KLV VWXG\ RI GLYRUFH FRPSODLQWV ILOHG LQ &DOLIRUQLD 5RVRZ t 5RVH f IRXQG WKDW WKH GLYRUFH UDWH RI GHQWLVWV ZDV ORZHU WKDQ WKDW RI WKH JHQHUDO SRSXODWLRQ ,Q IDFW DOO SURIHVVLRQDOV KDG D ORZHU GLYRUFH UDWH ZLWK GHQWLVWV KDYLQJ RQH RI WKH ORZHVW

PAGE 53

6XEVWDQFH DEXVH KDV IUHTXHQWO\ EHHQ OLQNHG WR RYHUZRUN DQG VWUHVV &ODUQR f VWDWHG WKDW EDVHG RQ WKH HYLGHQFH DYDLODEOH WRGD\ LW LV QRW NQRZQ ZKHWKHU GHQWLVWV VXIIHU IURP D KLJKHU RU D ORZHU LQFLGHQFH RI DOFRKROLVP WKDQ GRHV D VLPLODU SRSXODWLRQ VDPSOH ZLWKLQ VRFLHW\ 7KH 1DWLRQDO &RXQFLO RQ $OFRKROLVP HVWLPDWHV WKDW WKH SHUFHQWDJH RI DOFRKROLFV DPRQJ SURIHVVLRQDOV LQ JHQHUDO LV WLPHV JUHDWHU WKDQ WKDW DPRQJ QRQSURIHVVLRQDOV )RUUHVW f %LVVHOO DQG +DEHUPDQ f LQ DQ LPSRUWDQW DQG UHFHQW UHYLHZ RI DOFRKROLVP LQ WKH SURIHVVLRQV GHQWLVWV SK\VLFLDQV QXUVHV DWWRUQH\V VRFLDO ZRUNHUV DQG FROOHJH ZRPHQf HVWLPDWHG WKDW b RI WKH GHQWLVWV LQ WKH FRXQWU\ ZHUH DOFRKROLF 7KHUH DOVR LV HYLGHQFH WKDW RZLQJ WR WKH DFFHVVLELOLW\ RI FRQWUROOHG VXEVWDQFHV LQ WKH SUDFWLFH RI GHQWLVWU\ GHQWLVWV PD\ KDYH D VOLJKWO\ KLJKHU LQFLGHQFH RI GUXJ GHSHQGHQFH WKDQ WKH DYHUDJH SRSXODWLRQ %XW WKLV DOVR LV WUXH LQ PHGLFLQH DQG QXUVLQJ +RZHYHU RQH VWXG\ IRXQG WKDW GHQWLVWV UHSRUWHG OHVV VWUHVV DQG OHVV GUXJ XVH WKDQ SK\VLFLDQV 6WRXW:LHJDQG t 7UHQW f 6WUHVV FDQ EH D VLJQLILFDQW SUREOHP LQ GHQWLVWU\ DQG LW FDQ XQGHQLDEO\ EH D IDFWRU LQ WKH RQVHW RI GHSUHVVLRQ 6KXUW] 0D\KHZ t &D\WRQ f ,Q D FRQFHSWXDO DUWLFOH 6ZRUG Df GLVFXVVHG WKH UHODWLRQVKLS RI GHSUHVVLRQ WR VXEVWDQFH DEXVH DQG VXLFLGH 7KH GHVFULSWLRQ RI WKH SUH GHSUHVVLYH SHUVRQDOLW\f§KDUGZRUNLQJ DPELWLRXV SHUIHFWLRQLVWLF DQG HPRWLRQDOO\ FRQWUROOHGf§ZDV SUHVHQWHG DV W\SLFDO RI WKH DYHUDJH GHQWLVW 6ZRUG DUJXHG WKDW ZKLOH

PAGE 54

VXFK FKDUDFWHULVWLFV DUH DGDSWLYH LQ DLGLQJ WKH GHQWLVW LQ DFKLHYLQJ OLIH JRDOV WKH VDPH FKDUDFWHULVWLFV PD\ SUHGLVSRVH WKH GHQWLVW WR H[SHULHQFLQJ D KLJK OHYHO RI VWUHVV DQG GLVVDWLVIDFWLRQ ZKHQ IDFHG ZLWK WKH OLPLWLQJ UHDOLWLHV RI GHQWDO SUDFWLFH 'HSUHVVLRQ FDQ UHVXOW RYHU D SHULRG RI WLPH IURP EHFRPLQJ HPRWLRQDOO\ EXUQHG RXW :LOH\ f 7KLV LQ WXUQ FDQ OHDG WR VHHNLQJ DQ HVFDSH LQ DOFRKRO GUXJV RU VXLFLGH 3HUKDSV WKH PRVW IUHTXHQWO\ GLVFXVVHG DQG WKRURXJKO\ UHVHDUFKHG WRSLF FRQFHUQLQJ VWUHVVUHODWHG SUREOHPV DPRQJ GHQWLVWV LV WKDW RI VXLFLGH 1XPHURXV DUWLFOHV KDYH DSSHDUHG LQ WKH GHQWDO OLWHUDWXUH DERXW WKH SUREOHP DQG KRZ WR FRPEDW LW )RUUHVW f 2QH VWXG\ %ODFKO\ 2VWHUXG t -RVVOLQ f IRXQG WKDW GHQWLVWV KDG WKH KLJKHVW VXLFLGH UDWH DPRQJ DQ\ SURIHVVLRQ 'HVSLWH PHWKRGRORJLFDO IODZV LQ WKLV UHJLRQDO VWXG\ WKLV YLHZ RI GHQWLVWV DV KDYLQJ WKH KLJKHVW VXLFLGH UDWH KDV EHHQ SHUSHWXDWHG LQ WKH PHGLD DQG EHFRPH D SRSXODUO\ KHOG EHOLHI DPRQJ GHQWLVWV DQG PXFK RI WKH JHQHUDO SXEOLF 5RVH DQG 5RVRZ f IRXQG WKDW GHQWLVWV KDG D VXLFLGH UDWH FRPSDUDEOH WR SK\VLFLDQV DSSUR[LPDWHO\ WZLFH WKDW RI WKH ZKLWH PDOH SRSXODWLRQ RI WKH 8QLWHG 6WDWHV 2UQHU f FRQFOXGHG WKDW GHQWLVWV KDYH D ORZHU UDWH RI VXLFLGH WKDQ GRHV WKH SRSXODWLRQ DV D ZKROH DQG WKDW FDXVHV RI GHDWK DV WKH UHVXOW RI DQ\ LOOQHVV ZHUH QR JUHDWHU DPRQJ GHQWLVWV WKDQ FRXOG EH H[SHFWHG E\ FKDQFH DORQH

PAGE 55

7KH WRSLF RI VXLFLGH DPRQJ GHQWLVWV LV DGPLWWHGO\ FRQWURYHUVLDO $\HU t 0RUHWWL f 7KH $PHULFDQ 'HQWDO $VVRFLDWLRQ $'$f KDV H[SUHVVHG FRQFHUQ RYHU WKH SUREOHP DQG KDV VSRQVRUHG UHVHDUFK DQG QDWLRQDO FRQIHUHQFHV WR GLVFXVV WKH WRSLF $'$ 1HZV )HEUXDU\ f 7KH $'$ %XUHDX RI (FRQRPLF 5HVHDUFK DQG 6WDWLVWLFV f UHSRUWHG RQ DQ H[WHQVLYH VWXG\ FRQGXFWHG E\ 7HPSOH 8QLYHUVLW\ 6FKRRO RI 'HQWLVWU\ UHVHDUFKHUV 7HPSOH 8QLYHUVLW\ 6FKRRO RI 'HQWLVWU\ f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f 6DWLVIDFWLRQ $V ZLWK VWUHVV WKHUH LV QR VLQJOH PHDQLQJ IRU WKH WHUP VDWLVIDFWLRQ )XUWKHUPRUH VDWLVIDFWLRQ LV RIWHQ XVHG

PAGE 56

LQWHUFKDQJHDEO\ ZLWK VLPLODU WHUPV VXFK DV KDSSLQHVV TXDOLW\ RI OLIH DQG DGMXVWPHQW $FFRUGLQJ WR &DPSEHOO &RQYHUVH DQG 5RGJHUV f VDWLVIDFWLRQ LPSOLHV D FRJQLWLYH MXGJPHQW RI D FXUUHQW VLWXDWLRQ ODLG DJDLQVW H[WHUQDO VWDQGDUGV RI FRPSDULVRQ VXFK DV RWKHU SHRSOH NQRZ RU PRUH SULYDWH OHYHOV RI DVSLUDWLRQ 7KLV PD\ EH FRPSDUHG WR KDSSLQHVV ZKLFK VHHPV WR HYRNH FKLHIO\ DQ DEVROXWHO\ HPRWLRQDO VWDWH &DPSEHOO HW DO f 4XDOLW\ RI OLIH LV GLIIHUHQW VWLOO LQ WKDW LW LV XVXDOO\ PHDVXUHG E\ VRPH REMHFWLYH VWDQGDUG VXFK DV RZQHUVKLS RI OX[XU\ LWHPV DQG WKXV DVVXPHV WKDW SHRSOH ZKR KDYH D KLJK TXDOLW\ RI OLIH DUH VDWLVILHG )LQDOO\ WKH WHUP DGMXVWPHQW LV RIWHQ XVHG VLPLODUO\ WR VDWLVIDFWLRQ HVSHFLDOO\ LQ WKH DUHD RI PDUULDJH HYHQ WKRXJK DGMXVWPHQW UHIHUV PRUH WR FRQJUXHQFH EHWZHHQ SDUWQHUV LQ H[SHFWDWLRQV SHUIRUPDQFHV DQG YDOXHV 5K\QH f 7KLV VWXG\ DQG WKH IROORZLQJ UHYLHZ RI OLWHUDWXUH IRFXVHV RQ VDWLVIDFWLRQ 7KHRULHV RI 6DWLVIDFWLRQ 7KHUH DUH VHYHUDO WKHRUHWLFDO H[SODQDWLRQV RI VDWLVIDFWLRQ 7KHVH LQFOXGH 0DVORZnV f QHHG KLHUDUFK\ WKH PRWLYDWLRQ WKHRU\ DV SURSRVHG E\ +HU]EHUJ f WKHRULHV WKDW FRPSDUH H[SHFWDWLRQV DQG SHUIRUPDQFH DQG ILQDOO\ WKHRULHV EDVHG RQ UHZDUGV 0DVORZ f DVVHUWHG WKDW SHRSOH KDYH ILYH GLIIHUHQW FODVVHV RI QHHGV DQG WKDW WKHVH DUH DUUDQJHG RQ D KLHUDUFK\ RI SUHSRWHQF\ 7KH OHVV SRWHQW GR QRW FRPH WR JRYHUQ

PAGE 57

EHKDYLRU XQWLO WKH PRUH SRWHQW DUH IXOILOOHG 7KH ILYH FODVVHV RI QHHGV DUH SK\VLRORJLFDO QHHGV VDIHW\ QHHGV QHHGV UHODWLQJ WR EHORQJLQJ IULHQGVKLS DQG ORYH HVWHHP QHHGV DQG WKH QHHG IRU VHOIDFWXDOL]DWLRQ 7KH DVVXPSWLRQ LV WKDW WKH KLJKHU RQH JHWV LQ WKH KLHUDUFK\ WKH PRUH RQH LV VDWLVILHG 8QIRUWXQDWHO\ DFFHSWDQFH RI WKH WKHRU\ LV ODUJHO\ DQ DFW RI IDLWK IRU OLWWOH UHVHDUFK KDV EHHQ FDUULHG RXW WR YHULI\ LW &R[ f +HU]EHUJ f KDV GHYHORSHG D WKHRU\ VXJJHVWLQJ WKDW WKH QDWXUH RI WKH ZRUN SHUIRUPHG LV LWVHOI DQ LPSRUWDQW IDFWRU LQ GHWHUPLQLQJ WKH OHYHO RI VDWLVIDFWLRQ H[SHULHQFHG ,QGLYLGXDOV ZKR ILQG WKHLU GDLO\ WDVNV LQWHUHVWLQJ RU FKDOOHQJLQJ DUH OLNHO\ WR H[SHULHQFH PRUH VDWLVIDFWLRQ WKDQ WKRVH ZKR ILQG WKHLU ZRUN WDVNV WHGLRXV RU ERULQJ +HU]EHUJ f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f /RFNH &DUWOHGJH DQG .QHUU f SURSRVHG WKDW VDWLVIDFWLRQ LV D IXQFWLRQ RI WKH GHJUHH WR ZKLFK RQHnV

PAGE 58

SHUIRUPDQFH DFKLHYHV RQHnV GHVLUHG JRDO RU LV IURP RQHnV YDOXH VWDQGDUG ZLWK WKH IRUPHU UHVXOWLQJ LQ KLJKHU VDWLVIDFWLRQ DQG WKH ODWWHU LQ ORZHU VDWLVIDFWLRQ 6LPLODUO\ /RFNH f DUJXHG WKDW VDWLVIDFWLRQ LV UHODWHG WR WKH DPRXQW RI GLVFUHSDQF\ H[LVWLQJ EHWZHHQ KRZ PXFK LV ZDQWHG DQG KRZ PXFK LV REWDLQHG +HQFH LW DSSHDUV LPSRUWDQW WR H[DPLQH WKH H[WHQW WR ZKLFK EHHQ UHDOL]HG WR GHWHUPLQH D SHUVRQnV WUXH OHYHO RI KDYH 7KH H[SHFWDQF\ WKHRU\ GHYHORSHG E\ :DEDK DQG +RXVH f FRQVLGHUV MRE VDWLVIDFWLRQ WR EH PHDVXUHG E\ ZRUN PRWLYDWLRQ 7KH WKHRU\ VWDWHV WKDW LI DIWHU D UHDVRQDEOH H[SHQGLWXUH RI HIIRUW RQHnV SURIHVVLRQDO H[SHFWDWLRQV DUH QRW PHW WKH UHVXOW ZLOO EH D ORZHU OHYHO RI SURIHVVLRQDO PRWLYDWLRQ DQG VDWLVIDFWLRQ /LQVHQPHLHU DQG %ULFNPDQ f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

PAGE 59

ZKHUHDV WKRVH ZKR RYHUHVWLPDWH WKHPVHOYHV DUH DSW WR EH VXUSULVHG E\ IDLOXUH ,Q HIIHFW VDWLVIDFWLRQ GHSHQGV RQ H[SHFWDWLRQV UHJDUGLQJ SHUIRUPDQFH RXWFRPHV DV ZHOO DV WKH SHUIRUPDQFH RXWFRPH LWVHOI 9URRP f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f SURSRVHG WKDW MRE VDWLVIDFWLRQ LV EDVHG RQ KRZ SHUVRQV SHUFHLYH WKHLU MRE VLWXDWLRQ 7KLV LV EDVHG LQ SDUW RQ REMHFWLYH FKDUDFWHULVWLFV RI WKH MRE DQG RQ FKDUDFWHULVWLFV RI WKH UHVSRQGHQW ZKLFK GHWHUPLQH KRZ WKH SHUVRQ SHUFHLYHV WKH FKDUDFWHULVWLFV RI WKH MRE 7KXV RQH DSSURDFK WR DVVHVVLQJ MRE VDWLVIDFWLRQ LV WR VROLFLW LQGLYLGXDOVn DVVHVVPHQWV RI WKH DWWULEXWHV RI WKHLU MREV $WWULEXWHV WKDW KDYH EHHQ IRXQG WR EH LPSRUWDQW DUH FRPIRUW FKDOOHQJH SD\ FRZRUNHU UHODWLRQV DQG UHVRXUFHV &DPSEHOO HW DO f $ GLIIHUHQW DSSURDFK WR DVVHVVLQJ MRE VDWLVIDFWLRQ LV WR IRFXV RQ WKH LQGLYLGXDOVn DVVHVVPHQWV RI

PAGE 60

WKH ILW EHWZHHQ FDUHHU DQG DELOLWLHV DQG LQWHUHVWV DQG WKH GHJUHH WR ZKLFK WKH\ IHHO VXFFHVVIXO 7KLV DSSURDFK KDV EHHQ WDNHQ E\ 2VKHUVRQ DQG 'LOO f +RZ VDWLVIDFWLRQ LQ RQH UROH DIIHFWV VDWLVIDFWLRQ LQ RWKHU UROHV KDV EHHQ WKH WRSLF RI VRPH LQWHUHVW DQG LQYHVWLJDWLRQ 7KH PRVW FRPPRQO\ UHVHDUFKHG LQWHUUHODWLRQVKLS LV EHWZHHQ WKH UROHV RI OLIH LQ JHQHUDO DQG ZRUN 6WXGLHV KDYH JHQHUDOO\ IRXQG D SRVLWLYH UHODWLRQVKLS EHWZHHQ ZRUN VDWLVIDFWLRQ DQG VDWLVIDFWLRQ ZLWK OLIH LQ JHQHUDO &DPSEHOO HW DO *UHHQKDXV +XOLQ ,ULV t %DUUHWW .RUQKDXVHU /RQGRQ &UDQGDOO t 6HDOV 6FKPLWW t 0HOORQ f &DPSEHOO HW DO f HVWLPDWH WKDW b RI WKH YDULDQFH RI OLIH VDWLVIDFWLRQ LV VKDUHG ZLWK ZRUN VDWLVIDFWLRQ DQG FRQFOXGH WKDW ZRUN VDWLVIDFWLRQ LV RQH RI WKH PRVW LPSRUWDQW SUHGLFWRUV RI OLIH VDWLVIDFWLRQ 7KDW LV DW OHDVW IRU WKH UROHV RI ZRUN DQG JHQHUDO OLIH SHRSOH ZKR DUH VDWLVILHG ZLWK RQH UROH DUH OLNHO\ WR EH VDWLVILHG ZLWK WKHLU RWKHU UROHV +RZHYHU WKH UHODWLRQVKLS LV QRW SHUIHFW 7KHUH LV b RI WKH YDULDQFH WKDW LV VWLOO XQDFFRXQWHG IRU XVLQJ WKH HVWLPDWH RI VKDUHG YDULDQFH FRPSXWHG E\ &DPSEHOO HW DO f 7KXV LW PD\ EH ZLVH WR VWXG\ FDUHHU VDWLVIDFWLRQ DQG JHQHUDO OLIH VDWLVIDFWLRQ VHSDUDWHO\ &DUHHU 6DWLVIDFWLRQ RI 'HQWLVWV $OWKRXJK PRVW GHQWLVWV UHVSRQG TXLWH SRVLWLYHO\ ZKHQ DVNHG LI WKH\ DUH VDWLVILHG ZLWK WKHLU ZRUN RU FKRLFH RI

PAGE 61

SURIHVVLRQ QRW PXFK LV NQRZQ DERXW IDFWRUV FRQWULEXWLQJ WR VDWLVIDFWLRQ ZLWK GHQWLVWU\ 6XFK LQIRUPDWLRQ LV EHFRPLQJ LQFUHDVLQJO\ LPSRUWDQW LQ OLJKW RI WKH FKDQJLQJ QDWXUH RI GHQWDO SUDFWLFH DQG WKH GHVLUH WR UHGXFH XQQHFHVVDU\ VWUHVV 'XQODS f 7KH SUDFWLFH RI GHQWLVWU\ VHHPV WR SRVVHVV PDQ\ RI WKH FKDUDFWHULVWLFV FRPPRQO\ DVVRFLDWHG ZLWK VDWLVIDFWLRQ ,W RIIHUV SUHVWLJH JRRG LQFRPH SRWHQWLDO IRU SHUVRQDO GHYHORSPHQW DQG LW LV D KHOSLQJ SURIHVVLRQ ,QGHHG %LVFRQWL DQG 6ROPRQ f VKRZHG WKDW PDQ\ RI WKH FKDUDFWHULVWLFV RI WUDGLWLRQDO SULYDWH SUDFWLFH VXFK DV WKH IUHHGRP WR GHVLJQ RQHnV RZQ ZRUN DQG WR IXOO\ XVH RQHnV VNLOOV ZHUH DVVRFLDWHG ZLWK VDWLVIDFWLRQ ,Q DGGLWLRQ GHQWDO SUDFWLFH UDUHO\ UHTXLUHV ZRUNLQJ LQ ODUJH RUJDQL]DWLRQV RU GRLQJ UHSHWLWLYH FOHULFDO WDVNV ERWK RI ZKLFK KDYH EHHQ DVVRFLDWHG ZLWK RFFXSDWLRQDO GLVVDWLVIDFWLRQ -DFNVRQ DQG 0HDOLHD f FODLP RWKHU IDFWRUV VXFK DV WKH DELOLW\ WR FRQWURO RQHnV SHUVRQDO HQYLURQPHQW DQG WR XVH SODQQLQJ WR DYRLG XQQHFHVVDU\ ILQDQFLDO EXUGHQV DUH UHODWHG WR VDWLVIDFWLRQ DQG FDQ UHVXOW LQ D UHGXFWLRQ RI VWUHVV 7KH\ DOVR VXJJHVW WKDW GHQWLVWV ZKR ILQG LW UHZDUGLQJ WR LQWHUDFW SURIHVVLRQDOO\ ZLWK SHHUV H[SHULHQFH D KLJKHU OHYHO RI VDWLVIDFWLRQ 7KH SUDFWLFH RI GHQWLVWU\ GRHV LQ IDFW FRQWDLQ PDQ\ RI WKH IDFWRUV WUDGLWLRQDOO\ DVVRFLDWHG ZLWK SRVLWLYH FDUHHU VDWLVIDFWLRQ ,W RIIHUV SUHVWLJH UHODWLYH DXWRQRP\ LQFRPH ZHOO DERYH WKH DYHUDJH WKH RSSRUWXQLW\ WR

PAGE 62

KHOS RWKHUV DV ZHOO DV FUHDWLYH DQG DUWLVWLF FKDOOHQJHV $OWKRXJK FDUHHU VDWLVIDFWLRQ DPRQJ GHQWLVWV YDULHV ZLGHO\ WKH SOHWKRUD RI UHSRUWV GHVFULELQJ WKHLU FDUHHU GLVVDWLVIDFWLRQ RIWHQ OLQNHG WR KLJK VWUHVVf LV QRW VXSSRUWHG E\ HPSLULFDO UHVHDUFK LQYHVWLJDWLQJ WKH WRSLF .LQJ 6ZRUG Ef +HQFH GHQWLVWVn FDUHHU VDWLVIDFWLRQ W\SLFDOO\ KDV EHHQ IRXQG RQ WKH DYHUDJH WR EH TXLWH KLJK *HRUJH t 0LORQH f (FFOHV DQG 3RZHOO f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b VWDWHG WKDW WKH\ GLG QRW OLNH LW +RZDUG HW DO f LQ D SUHYLRXVO\ FLWHG VWXG\ DWWULEXWHG VWUHVV DV D IDFWRU LQ WKH MRE GLVVDWLVIDFWLRQ RI GHQWLVWV 7KH EHVW SUHGLFWRUV RI MRE VDWLVIDFWLRQ ZHUH WKH MREnV LQWHUIHUHQFH ZLWK RQHnV SHUVRQDO OLIH WKH OHQJWK RI WLPH LQ RQHnV SUHVHQW ORFDWLRQ DQG WKH QXPEHU RI \HDUV RI

PAGE 63

H[SHULHQFH RI WKH GHQWLVW 7KH \RXQJHU GHQWLVWV ZHUH IRXQG WR EH WKH PRVW GLVVDWLVILHG LQ WKH JURXS $ WULR RI VWXGLHV RQ 8WDK GHQWLVWV \LHOGHG VRPH LQWHUHVWLQJ UHVXOWV 0XUUD\ DQG 6HJJDU f IRXQG DQ XQXVXDOO\ KLJK OHYHO RI UROH VDWLVIDFWLRQ bf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f LQ D VHFRQGDU\ DQDO\VLV RI WKH 8WDK VWXG\ LQYHVWLJDWHG YDULRXV DVSHFWV RI WKH RULJLQDO GDWD WR WU\ WR XQGHUVWDQG WKH UHDVRQV IRU WKH XQXVXDOO\ KLJK FDUHHU VDWLVIDFWLRQ OHYHO RI WKHLU UHVSRQGHQWV 2QH RI WKH ILQGLQJV ZDV WKDW GHQWLVWV ZKR UHSRUWHG WKHLU IHHV ZHUH WRR ORZ WHQGHG WR EH VLJQLILFDQWO\ OHVV VDWLVILHG WKDQ WKRVH GHQWLVWV ZKR UHSRUWHG WKHLU IHHV ZHUH DERXW ULJKW 7KH\ FRQFOXGHG WKDW D KLJKHU IHH VWUXFWXUH IRU GHQWDO VHUYLFHV PD\ EH DVVRFLDWHG ZLWK LQFUHDVHG ZRUN VDWLVIDFWLRQ DQG WKDW

PAGE 64

D ORZ IHH VWUXFWXUH LV DVVRFLDWHG ZLWK ORZHU GHQWLVW ZRUN VDWLVIDFWLRQ /DQJH /RXSH DQG 0HVNLQ f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
PAGE 65

GHQWLVWV VDWLVIDFWLRQ LQFUHDVHG ZLWK LQFUHDVLQJ LQFRPH EXW RQO\ XS WR D SRLQW $SSDUHQWO\ WKH ODFN RI LQFRPH ZDV PRUH D VRXUFH RI GLVVDWLVIDFWLRQ WKDQ WKH H[LVWHQFH RI KLJK LQFRPH ZDV D VRXUFH RI SRVLWLYH VDWLVIDFWLRQ ,Q DQRWKHU DUWLFOH DERXW WKH VDPH VWXG\
PAGE 66

0HGLDWRU 9DULDEOHV LQ WKH 6WUHVV 3URFHVV $ ODUJH ERG\ RI OLWHUDWXUH OLIH HYHQWV UHVHDUFKf KDV GHPRQVWUDWHG WKDW VWUHVV SOD\V D SUHFLSLWDWLQJ UROH LQ WKH RQVHW RI SK\VLFDO DQG SV\FKRORJLFDO GLVWXUEDQFH 7KH OLWHUDWXUH DOVR KDV GRFXPHQWHG WKDW WKH UHODWLRQVKLS EHWZHHQ VWUHVVIXO OLIH HYHQWV DQG IXWXUH SK\VLFDO RU SV\FKRORJLFDOf LOOQHVV DOWKRXJK VWDWLVWLFDOO\ VLJQLILFDQW LV UHODWLYHO\ VPDOO LQ PDJQLWXGH 'RKUHQZHQG t 'RKUHQZHQG f *LYHQ WKH YHU\ ODUJH VDPSOH VL]HV FKDUDFWHULVWLF RI OLIH HYHQWV UHVHDUFK HYHQ YHU\ VPDOO FRUUHODWLRQV RI QR SUDFWLFDO XWLOLW\ PD\ SDVV WHVWV RI VWDWLVWLFDO VLJQLILFDQFH 5DENLQ t 6WUHXQLQJ f :KHQ UHSRUWV RI REWDLQHG FRUUHODWLRQ FRHIILFLHQWV DUH LQFOXGHG LQ WKH UHSRUWV WKH\ DUH W\SLFDOO\ EHORZ DFFRXQWLQJ DW EHVW IRU b RI WKH YDULDQFH DQG W\SLFDOO\ bf 7KH VWDQGDUG GHYLDWLRQV RI WKHVH DVVRFLDWLRQV DOVR DUH JXLWH H[WUHPH VXJJHVWLQJ FRQVLGHUDEOH YDULDELOLW\ DFURVV LQGLYLGXDOV LQ WKH GHJUHH WR ZKLFK VWUHVV LV DVVRFLDWHG ZLWK LOOQHVV )HXHUVWHLQ /DEEH t .XF]PLHUF]\N f 7KXV UHVHDUFKHUV KDYH EHHQ VHDUFKLQJ IRU IDFWRUV WKDW PD\ DFW DV PHGLDWRUV PRGHUDWRUV EXIIHUV RU UHVLVWDQFH UHVRXUFHV DJDLQVW WKH DGYHUVH HIIHFWV RI OLIH VWUHVV $QWRQRYVN\ f +HQFH DV WKH PHGLDWRUV RI OLIH VWUHVV DUH LGHQWLILHG PHDVXUHG UHOLDEO\ DQG LQFOXGHG LQ UHVHDUFK GHVLJQV LQFUHDVHG SUHGLFWLYHQHVV LV OLNHO\ WR UHVXOW -RKQVRQ t 6DUDVRQ f 6WUHVV UHVLVWDQFH KDV EHHQ DVVRFLDWHG ZLWK D ZLGH YDULHW\ RI UHVRXUFHV LQFOXGLQJ LQWHOOLJHQFH $QWRQRYVN\ t

PAGE 67

%HUQVWHLQ f KDYLQJ D KLJK UDWKHU WKDQ D ORZ LQFRPH /XERUVN\ 7RGG t .DWFKHQ f SK\VLRORJLFDO RU FRQVWLWXWLRQDO VWUHQJWKV VXFK DV D ZHOOIXQFWLRQLQJ LPPXQRORJLFDO V\VWHP 0DUVKDOO f IDPLO\ PHGLFDO KLVWRULHV WKDW DUH IUHH RI FHUWDLQ JHQHWLFDOO\ OLQNHG GLVHDVHV .REDVD 0DGGL t &RXULQJWRQ :HLQHU f KHDOWK SUDFWLFHV :LHEH t 0F&DOOXP f DQG H[HUFLVH &RRSHU *DOOPDQ t 0F'RQDOG .REDVD 0DGGL t 3XFFHWWL f VRFLDO UHVRXUFHV VXFK DV EHLQJ PDUULHG UDWKHU WKDQ VLQJOH 0\HUV /LQGHQWKDO t 3HSSHU f VRFLDO VXSSRUW %LOOLQJV t 0RRV &REE 6FKDHIHU &R\QH t /D]DUXV 7KRLWV f FRSLQJ VW\OHV /D]DUXV t )RONPDQ 3HDUOLQ t 6FKRROHU f DQG FHUWDLQ SHUVRQDOLW\ FKDUDFWHULVWLFV VXFK DV WKH DEVHQFH RI 7\SH $ EHKDYLRU SDWWHUQV &KHVQH\ %ODFN &KDGZLFN t 5RVHQPDQ )ULHGPDQ t 5RVHQPDQ f LQWHUQDO ORFXV RI FRQWURO -RKQVRQ t 6DUDVRQ f GLVSRVLWLRQDO RSWLPLVP 6FKHLHU :HLQWUDXE t &DUYHU f DQG KDUGLQHVV .REDVD f 7KH PHGLDWRU YDULDEOHV LQFOXGHG LQ WKLV VWXG\ DQG UHYLHZHG LQ WKLV VHFWLRQ DUH KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK ,Q D QRYHO DSSURDFK WR WKH SUREOHP RI ORZ FRUUHODWLRQV EHWZHHQ VWUHVV DQG LOOQHVV .REDVD f K\SRWKHVL]HG WKH UHDVRQ PD\ EH GXH WR WKH IDFW WKDW D QXPEHU RI VXEMHFWV XQGHU KLJK VWUHVV ZHUH QRW JHWWLQJ VLFN 3HUKDSV ZKDW ZDV

PAGE 68

QHHGHG ZDV D VFUXWLQ\ RI WKH IDFWRUV ZKLFK GLIIHUHQWLDWHG EHWZHHQ KLJKO\ VWUHVVHG SHRSOH ZKR GLG DQG GLG QRW JHW VLFN .REDVD f VWXGLHG PLGGOH DQG XSSHUOHYHO EXVLQHVV H[HFXWLYHV LQ D ODUJH SXEOLF XWLOLW\ LQ D PDMRU HWURSROLWDQ DUHD WR VHH ZKLFK RQHV GLG DQG GLG QRW GHYHORS LOOQHVV DV D FRQVHTXHQFH RI WKHLU VWUHVVIXO OLIHVW\OH )LUVW .REDVD GLYLGHG WKH JURXS LQWR H[HFXWLYHV ZKR KDG H[SHULHQFHG D ORW RI VWUHVV GXULQJ WKH SUHYLRXV WKUHH \HDUV DQG WKRVH ZKR KDG H[SHULHQFHG OHVV VWUHVV XVLQJ WKH 6FKHGXOH RI 5HFHQW /LIH (YHQWV 65(f DQG WKH 6RFLDO 5HDGMXVWPHQW 5DWLQJ 6FDOH 6556f +ROPHV t 5DKH f 7KHQ ORRNLQJ RQO\ DW WKH KLJKVWUHVV H[HFXWLYHV XVLQJ VHOHFWHG LWHPV IURP WKH 6HULRXVQHVV RI ,OOQHVV 6XUYH\ :\OHU 0DVXGD t +ROPHV f .REDVD FRPSDUHG WKRVH ZKR KDG KDG D ORW RI LOOQHVVHV ZLWK WKRVH ZKR KDG KDG UHODWLYHO\ IHZ LOOQHVVHV WR VHH ZKDW GLVWLQJXLVKHG WKHP ,Q WKH ILQDO VDPSOH RI PDOHV .REDVD IRXQG WKDW WKH KLJKO\ VWUHVVHG EXW KHDOWK\ KLJK VWUHVVORZ LOOQHVVf H[HFXWLYHV ZHUH GLVWLQJXLVKHG E\ D PXOWLIDFHWHG SHUVRQDOLW\ VW\OH .REDVD WHUPHG KDUGLQHVV 7KH KDUG\ SHUVRQDOLW\ LV FRPSRVHG RI WKUHH FKDUDFWHULVWLFV 7KH ILUVW LV D VHQVH RI FRPPLWPHQW RU D JHQHUDOL]HG VHQVH RI SXUSRVH RU PHDQLQJIXOQHVV WKDW LV H[SUHVVHG DV D WHQGHQF\ WR LQYROYH RQHVHOI GHHSO\ LQ ZKDWHYHU RQH HQFRXQWHUV 7KH VHFRQG IDFWRU LV D EHOLHI LQ FRQWURO WKH VHQVH WKDW RQH LQIOXHQFHV WKH HYHQWV WKDW KDSSHQ LQ RQHnV OLIH DQG WKDW RQH FDQ DW OHDVW SDUWLDOO\

PAGE 69

FRQWURO RQHn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t %ODQH\ f .REDVDnV ZRUN LV VLJQLILFDQW IRU VHYHUDO UHDVRQV )LUVW LW LGHQWLILHV D SHUVRQDOLW\ IDFWRU KDUGLQHVV WKDW DSSHDUV WR EXIIHU DJDLQVW VWUHVV VHH DOVR .REDVD 0DGGL t &RXULQJWRQ .REDVD 0DGGL t 3XFFHWWL f 6HFRQG LW FOHDUO\ LOOXVWUDWHV WKDW WKLV IDFWRU FDQ PRGHUDWH WKH UHODWLRQVKLS EHWZHHQ VWUHVV DQG LOOQHVV 7KLUG LW LV DQ LOOXVWUDWLRQ RI DQ LPSRUWDQW PHWKRG RI VWXG\LQJ VWUHVV QDPHO\ IRFXVLQJ DWWHQWLRQ RQ WKH SHRSOH ZKR GR QRW VXFFXPE WR VWUHVV UDWKHU WKDQ WKH RQHV ZKR GR EHFRPH GHELOLWDWHG E\ VWUHVV 7KLV HPSKDVLV LV FRQVLVWHQW ZLWK $QWRQRYVN\ f ZKR XUJHG UHVHDUFKHUV WR H[DPLQH WKH FDXVHV RI JRRG KHDOWK DQG QRW PHUHO\ WKRVH IDFWRUV WKDW OHDG SHRSOH WR EH VWUHVVHG RU LOO

PAGE 70

,Q WKH LQLWLDO VWXG\ KDUGLQHVV ZDV PHDVXUHG E\ YDULRXV VFDOHV FRYHULQJ DOO WKUHH FRPSRQHQWV RI KDUGLQHVV 7KH\ LQFOXGHG WKH ,QWHUQDO([WHUQDO /RFXV RI &RQWURO 6FDOH 5RWWHU 6HHPDQ t /LYHUDQW f QLQH VFDOHV IURP WKH $OLHQDWLRQ 7HVW LQFOXGLQJ WKH $GYHQWXURXVQHVV YHUVXV 5HVSRQVLELOLW\ VFDOH WKH 3RZHUOHVVQHVV YHUVXV 3HUVRQDO &RQWURO VFDOH WKH 1LKLOLVP YHUVXV 0HDQLQJIXOQHVV VFDOH WKH $OLHQDWLRQ IURP 6HOI :RUN ,QWHUSHUVRQDO 5HODWLRQVKLSV )DPLO\ DQG )ULHQGV VFDOHV DQG WKH 9HJHWDWLYH YHUVXV 9LJRURXVQHVV VFDOH 0DGGL .REDVD t +RRYHU f WKH $FKLHYHPHQW VFDOH WKH 1HHG IRU &RJQLWLYH 6WUXFWXUH VFDOH DQG 1HHG IRU (QGXUDQFH VFDOH RI WKH 3HUVRQDOLW\ 5HVHDUFK )RUP -DFNVRQ f DV ZHOO DV WKH 3UHIHUHQFH IRU ,QWHUHVWLQJ ([SHULHQFHV VFDOH DQG WKH 6HFXULW\ 2ULHQWDWLRQ VFDOH RI WKH &DOLIRUQLD /LIH *RDOV (YDOXDWLRQ 6FKHGXOH +DKQ f $ GLVFULPLQDQW IXQFWLRQ DQDO\VLV LGHQWLI\LQJ WKH EHVW FRPELQDWLRQ RI YDULDEOHV IRU H[SODLQLQJ GLIIHUHQFHV EHWZHHQ WKH JURXSV H[SODLQHG b RI WKH WRWDO YDULDQFH EHWZHHQ WKH JURXSV OHDYLQJ RQO\ b XQH[SODLQHG .REDVD +LONHU t 0DGGL f 5HVXOWV LQGLFDWHG WKDW KLJK VWUHVVORZ LOOQHVV VXEMHFWV VFRUHG VLJQLILFDQWO\ ORZHU RQ QLKLOLVP H[WHUQDO ORFXV RI FRQWURO SRZHUOHVVQHVV DOLHQDWLRQ IURP VHOI DQG YHJHWDWLYHQHVV WKDQ GLG KLJK VWUHVVKLJK LOOQHVV VXEMHFWV 7KHVH ILQGLQJV ZHUH HQKDQFHG E\ WKH IDFW WKDW YDULRXV GHPRJUDSKLF FKDUDFWHULVWLFV VXFK DV DJH HGXFDWLRQ

PAGE 71

DQG VRFLRHFRQRPLF OHYHO IDLOHG WR GLVFULPLQDWH EHWZHHQ WKH WZR JURXSV 7KHUH KDYH EHHQ WZR ORQJLWXGLQDO VWXGLHV ZLWK VXEMHFWV GUDZQ IURP WKH RULJLQDO SRSXODWLRQ .REDVD 0DGGL DQG .DKQ f XVLQJ D SURVSHFWLYH UHVHDUFK GHVLJQ ZLWK VXEMHFWV WHVWHG WKH HIIHFWV RI KDUGLQHVV RQ WKH VWUHVV LOOQHVV OLQN RYHU D WZR\HDU IROORZXS SHULRG 6WUHVV DQG LOOQHVV ZHUH PHDVXUHG WKH VDPH ZD\ DV LQ WKH HDUOLHU LQYHVWLJDWLRQ .REDVD f 6L[ LQVWUXPHQWV ZHUH XVHG WR DVVHVV KDUGLQHVV 7KH\ LQFOXGHG WZR WHVWV RI FRPPLWPHQW WKH $OLHQDWLRQ IURP 6HOI DQG $OLHQDWLRQ IURP :RUN VFDOHV IURP WKH $OLHQDWLRQ 7HVW 0DGGL HW DO f WZR WHVWV RI FRQWURO WKH ([WHUQDO /RFXV RI &RQWURO 6FDOH 5RWWHU HW DO f DQG WKH 3RZHUOHVVQHVV VFDOH RI WKH $OLHQDWLRQ 7HVW 0DGGL HW DO f DQG WZR WHVWV RI FKDOOHQJH WKH 6HFXULW\ 6FDOH RI WKH &DOLIRUQLD /LIH *RDOV (YDOXDWLRQ 6FKHGXOH +DKQ f DQG WKH &RJQLWLYH 6WUXFWXUH 6FDOH RI WKH 3HUVRQDOLW\ 5HVHDUFK IRUP -DFNVRQ f 6XEMHFWV ILOOHG RXW WKH VWUHVV DQG LOOQHVV TXHVWLRQQDLUHV RQFH D \HDU IRU WKUHH \HDUV 7KH KDUGLQHVV TXHVWLRQQDLUHV ZHUH FRPSOHWHG RQO\ LQ WKH ILUVW \HDU $V SDUW RI WKH GDWD DQDO\VLV .REDVD 0DGGL DQG .DKQ f ILUVW H[DPLQHG LQWHUFRUUHODWLRQV DPRQJ WKH VL[ VFDOHV XVHG WR PHDVXUH KDUGLQHVV %HFDXVH FRJQLWLYH VWUXFWXUH GLG QRW VKDUH FRPPRQ YDULDQFH ZLWK WKH RWKHU VFDOHV LW ZDV HOLPLQDWHG IURP WKH RYHUDOO WHVW 7KLV UHVXOWHG LQ WKH ILQDO XVH RI ILYH VFDOHV WR DVVHVV KDUGLQHVV )XUWKHU

PAGE 72

DQDO\VHV RI WKH GDWD XVLQJ DQ DQDO\VLV RI FRYDULDQFH ZLWK SULRU LOOQHVV PHDVXUHG LQ WKH ILUVW \HDUf DV WKH FRYDULDWH LOOQHVV PHDVXUHG LQ WKH VHFRQG DQG WKLUG \HDUVf DV WKH GHSHQGHQW YDULDEOH DQG KDUGLQHVV PHDVXUHG LQ WKH ILUVW \HDUf DQG VWUHVV PHDVXUHG LQ WKH VHFRQG DQG WKLUG \HDUVf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f XVLQJ WKH VDPH EXVLQHVV H[HFXWLYH VDPSOH DQG WKH UHILQHG ILYH VXEWHVW PHDVXUH RI KDUGLQHVV RSHUDWLRQDOL]HG FRQVWLWXWLRQDO SUHGLVSRVLWLRQ DV SDUHQWVn LOOQHVV :LWK SULRU LOOQHVV VWDWLVWLFDOO\ FRQWUROOHG IRU VWUHVVIXO OLIH HYHQWV KDUGLQHVV DQG FRQVWLWXWLRQDO SUHGLVSRVLWLRQ DOO KDG PDLQ HIIHFWV RQ ODWHU LOOQHVV +DUGLQHVV DQG FRQVWLWXWLRQDO SUHGLVSRVLWLRQ ZHUH QRW VLJQLILFDQWO\ FRUUHODWHG ZLWK RQH DQRWKHU LQGLFDWLQJ WKDW WKH\ ZHUH QRW MXVW PHDVXULQJ WKH VDPH FRQVWUXFW 7KH DXWKRUV FRQFOXGHG WKDW KDUGLQHVV FRQVWLWXWLRQDO SUHGLVSRVLWLRQ DQG VWUHVVIXO OLIH HYHQWV

PAGE 73

KDYH DQ DGGLWLYH HIIHFW ZLWK UHJDUG WR LOOQHVV ZLWK VWUHVVIXO OLIH HYHQWV LQFUHDVLQJ LOOQHVV DQG D KHDOWK\ FRQVWLWXWLRQDO SUHGLVSRVLWLRQ DQG KLJK KDUGLQHVV GHFUHDVLQJ b LOOQHVV .REDVD 0DGGL DQG 3XFFHWWL f LQYHVWLJDWHG WKH HIIHFWV RI KDUGLQHVV DQG H[HUFLVH DV EXIIHUV LQ WKH VWUHVV LOOQHVV UHODWLRQVKLS 8VLQJ WKH VDPH VDPSOH DQG PHDVXUHV KDUGLQHVV DQG H[HUFLVH ZHUH QRW IRXQG WR EH UHODWHG WR RQH DQRWKHU EXW ERWK ZHUH UHODWHG WR LOOQHVV )XUWKHUPRUH ERWK LQWHUDFWHG ZLWK VWUHVVIXO OLIH HYHQWV LQGLFDWLQJ WKDW WKH\ PD\ EH PRVW KHOSIXO XQGHU KLJK VWUHVV FRQGLWLRQV .REDVD DQG 3XFFHWWL f LQYHVWLJDWHG VRFLDO UHVRXUFHV DV ZHOO DV KDUGLQHVV 8VLQJ WKH VDPH EXVLQHVV H[HFXWLYH SRSXODWLRQ WKH\ PHDVXUHG VRFLDO UHVRXUFHV RQ WKH KRPH DQG ZRUN VXEVFDOHV RI WKH (QYLURQPHQW 6FDOH GHYHORSHG E\ 0RRV DQG KLV FROOHDJXHV 0RRV 0RRV ,QVHO t +XPSKUH\ f DQG E\ WKH 6RFLDO $VVHWV 6FDOH GHYHORSHG E\ /XERUVN\ 7RGG DQG .DWFKHU f $ORQJ ZLWK WKH PDLQ HIIHFWV RI KDUGLQHVV DQG VWUHVVIXO OLIH HYHQWV RQ LOOQHVV ERVVVXSSRUW LQWHUDFWHG ZLWK VWUHVVIXO OLIH HYHQWV LQ VXFK D ZD\ WKDW ERVVVXSSRUW UHGXFHG LOOQHVV PRUH LQ KLJK VWUHVV H[HFXWLYHV 6WUHVVIXO OLIH HYHQWV KDUGLQHVV DQG IDPLO\ VXSSRUW LQWHUDFWHG VXFK WKDW WKRVH ZKR ZHUH KLJK LQ VWUHVVIXO OLIH HYHQWV KLJK LQ SHUFHLYHG IDPLO\ VXSSRUW DQG ORZ LQ KDUGLQHVV ZHUH DW KLJKHVW ULVN IRU LOOQHVV 6RFLDO DVVHWV ZHUH QRW IRXQG WR EH UHODWHG WR LOOQHVV

PAGE 74

.REDVD 0DGGL DQG =ROD f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f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f /DZ\HUV VXUSULVLQJO\ ZHUH IRXQG QRW WR

PAGE 75

VKRZ D VLJQLILFDQW FRUUHODWLRQ EHWZHHQ VWUHVV VFRUHV DQG GLDJQRVDEOH SK\VLFDO LOOQHVV .REDVD f 7KHUH ZDV KRZHYHU D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ ODZ\HUVn VWUHVV H[SHULHQFH DQG WKHLU FRPSODLQWV RI VWUDLQ LQ WKLV FDVH SK\VLFDO DQG PHQWDO V\PSWRPV DVVRFLDWHG ZLWK WKH VWUHVV UHVSRQVHf 7KLV UHODWLRQVKLS ZDV PHGLDWHG E\ WZR VWUHVV UHVLVWDQFH UHVRXUFHV FRPPLWPHQW DQG UHJUHVVLYH FRSLQJ WHFKQLTXHV +RZHYHU WZR RWKHU VWUHVV UHVLVWDQFH UHVRXUFHV VRFLDO VXSSRUW DQG H[HUFLVH ZHUH QRW IRXQG WR VLJQLILFDQWO\ DIIHFW WKH GHJUHH RI VWUDLQ UHSRUWHG .REDVD H[SODLQHG WKH GLIIHUHQFHV EHWZHHQ RXWFRPHV IRU YDULRXV SURIHVVLRQV RQ WKH EDVLV RI WKH SURIHVVLRQDO LGHRORJ\ RI WKH UHVSHFWLYH JURXSV VHH .DW] f $FFRUGLQJ WR .REDVD f ZLWKLQ WKH OHJDO SURIHVVLRQ WKHUH LV D EHOLHI WKDW VWUHVV LV ZKDW PDNHV WKH SURIHVVLRQ VWLPXODWLQJ DQG FKDOOHQJLQJ :KHUHDV WKH EXVLQHVV H[HFXWLYH DQG WKH DUP\ RIILFHU H[LVW LQ YHU\ GLIIHUHQW LGHRORJLFDO FRQWH[WV :LWKLQ EXVLQHVV DQG HVSHFLDOO\ H[HFXWLYH UDQNV WKHUH LV D VWURQJ EHOLHI WKDW VWUHVV LV GHVWUXFWLYH 7KH DUP\ RIILFHU .REDVD f SUHVHQWV D VRPHZKDW GLIIHUHQW VLWXDWLRQ 7KH ULJLG DXWKRULWDULDQ V\VWHP LQ ZKLFK WKH RIILFHU IXQFWLRQV UHTXLUHV JLYLQJ XS D KLJK GHJUHH RI FRQWURO WR RWKHUV 0DQ\ RIILFHUV DOVR ILQG WKHPVHOYHV IXQFWLRQLQJ LQ UROHV LQ WKH PRGHUQ DUP\ IDU GLIIHUHQW IURP WKH FKDOOHQJLQJ DQG H[FLWLQJ UROH RI FRPEDW IRU ZKLFK WKH\ PD\ KDYH MRLQHG WKH DUP\ DQG ZHUH SUHSDUHG WKURXJK WUDLQLQJ 7KH UHVXOW VHHPV WR EH D ORVV RI

PAGE 76

FRPPLWPHQW WR WKH JRDOV DQG SXUSRVHV RI WKH V\VWHPV LQ ZKLFK WKH\ RSHUDWH 7KH UHVXOW RI VXFK FRQIOLFWV EHWZHHQ VXEMHFWLYH UROH SHUFHSWLRQ DQG REMHFWLYH UROH GHILQLWLRQ .DW] f OHDGV WR WKH PRUH GHVWUXFWLYH VWUHVV UHODWHG RXWFRPHV ZKLFK WKH RIILFHUV H[SHULHQFH ,W LV LQWHUHVWLQJ WR QRWH WKDW WKH SXEOLVKHG UHVHDUFK RQ KDUGLQHVV E\ .REDVD DQG DVVRFLDWHV DW WKH &KLFDJR 6WUHVV 3URMHFW KDV EHHQ ZLWK PDOHV RQO\ DQG SULPDULO\ ZLWK EXVLQHVV H[HFXWLYHV 0RUH UHFHQWO\ RWKHU UHVHDUFKHUV KDYH H[WHQGHG WKH LQYHVWLJDWLRQ RI KDUGLQHVV WR RWKHU SRSXODWLRQV *DQHOODQ DQG %ODQH\ f DV ZHOO DV :LHEH DQG 0F&DOOXP f VWXGLHG WKH MRLQW PHGLDWLQJ HIIHFWV RI KDUGLQHVV ZLWK VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV UHVSHFWLYHO\ LQ FROOHJH VWXGHQWV .DW] f H[DPLQHG WKH HIIHFW RI KDUGLQHVV RQ VWUHVV DQG VDWLVIDFWLRQ LQ GHQWLVWV :KLOH +DPPRQG f LQYHVWLJDWHG WKH UHODWLYH PHGLDWLQJ HIIHFWV RI KDUGLQHVV VRFLDO VXSSRUW DQG FRSLQJ VW\OH RQ VWUHVV DQG VDWLVIDFWLRQ LQ DFDGHPLF PXOWLSOH UROH SHUVRQV 7KHVH ODVW WZR UHSRUWV DUH UHYLHZHG LQ RWKHU VHFWLRQV RI WKLV FKDSWHU *DQHOODQ DQG %ODQH\ f LQYHVWLJDWHG WKH HIIHFWV RI KDUGLQHVV DQG VRFLDO VXSSRUW RQ LOOQHVV 7KH SUHVHQFH RI VWUHVVIXO OLIH HYHQWV ZDV PHDVXUHG E\ WKH /LIH ([SHULHQFHV 6XUYH\ 6DUDVRQ -RKQVRQ t 6LHJDO f ,OOQHVV ZDV PHDVXUHG E\ WKH %HFN 'HSUHVVLRQ ,QYHQWRU\ %HFN f +DUGLQHVV ZDV PHDVXUHG VOLJKWO\ GLIIHUHQWO\ IURP WKH VWXGLHV SUHYLRXVO\ FRQGXFWHG *DQHOOHQ DQG %ODQH\ f XVHG WKH

PAGE 77

,QWHUQDO VXEVFDOH RI WKH /HYHQVRQ /RFXV RI &RQWURO 6FDOH /HYHQVRQ f DQG WKH 3RZHUOHVVQHVV 9HJHWDWLYHQHVV 1LKLOLVP $GYHQWXURXVQHVV DQG $OLHQDWLRQ IURP 6HOI VXEVFDOHV RI WKH $OLHQDWLRQ 7HVW 0DGGL HW DO f 6RFLDO VXSSRUW ZDV PHDVXUHG E\ WKH 6RFLDO 3HUFHSWLRQ 4XHVWLRQQDLUH GHYHORSHG E\ WKH DXWKRUV *DQHOOHQ t %ODQH\ f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f FRQFOXGHG E\ UHLWHUDWLQJ WKH HIIHFW RI VRFLDO VXSSRUW RQ GHSUHVVLRQ DQG E\ TXHVWLRQLQJ KRZ LQWHUUHODWHG DUH WKH WKUHH GLPHQVLRQV RI KDUGLQHVV ,W PXVW EH QRWHG KRZHYHU WKDW *DQHOOHQ DQG %ODQH\ XVHG GLIIHUHQW LQVWUXPHQWV WR PHDVXUH OLIH HYHQWV LOOQHVV DQG KDUGLQHVV WKDQ GLG .REDVD DQG FROOHDJXHV 7KXV LW PD\ QRW EH DSSURSULDWH WR JHQHUDOL]H WKH UHVXOWV REWDLQHG E\ *DQHOOHQ DQG %ODQH\ WR WKH SUHYLRXV UHVHDUFK FRQGXFWHG E\ .REDVD DQG FROOHDJXHV

PAGE 78

7ZR VWUHVV DQG LOOQHVV PRGHOV WKDW LQFOXGHG WKH PHGLDWLQJ HIIHFWV RI KHDOWK SUDFWLFHV DQG KDUGLQHVV ZHUH WHVWHG SURVSHFWLYHO\ RYHU D WZRPRQWK SHULRG E\ :LHEH DQG 0F&DOOXP f 6L[W\ IHPDOH DQG PDOH XQGHUJUDGXDWH VWXGHQWV FRPSOHWHG WKH KDUGLQHVV WHVW DV GHVFULEHG E\ .REDVD f 6WUHVV KHDOWK SUDFWLFHV DQG LOOQHVV IRU WKH SULRU PRQWK ZHUH DVVHVVHG DV ZHOO DV RQH DQG WZR PRQWKV ODWHU +HDOWK SUDFWLFHV ZHUH PHDVXUHG E\ WKH 6HOI &DUH ,QYHQWRU\ 3DUGLQH 1DSROL t '\WHOO f ,OOQHVV ZDV PHDVXUHG LQ WKH ILUVW PRGHO E\ WKH RI SK\VLFDO V\PSWRPV UHSRUWHG RQ WKH 6HULRXVQHVV RI ,OOQHVV 5DWLQJ 6FDOH :\OHU 0DVXGD t +ROPHV f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

PAGE 79

6HYHUDO GLIIHUHQFHV EHWZHHQ WKLV VWXG\ DQG SULRU VWXGLHV RQ KDUGLQHVV PD\ FRQWULEXWH WR WKH FRQWUDVWLQJ UHVXOWV )LUVW WKH SRSXODWLRQ LQ WKLV VWXG\ LQFOXGHG D ODUJH QXPEHU RI IHPDOHV ZDV \RXQJHU DQG ZDV H[SRVHG WR GLIIHUHQW W\SHV RI VWUHVVRUV WKDQ WKH PLGGOHDJHG PDOH H[HFXWLYHV LQ SUHYLRXV VWXGLHV 6HFRQGO\ WKLV SURVSHFWLYH VWXG\ XVHG D VKRUWHU WLPH SHULRG WKUHH PRQWKVf WKDQ SULRU VWXGLHV ZKLFK XVHG VHYHUDO \HDUV &RSLQJ 7KH LPSDFW RI DQ\ SRWHQWLDOO\ VWUHVVIXO HYHQW LV VXEVWDQWLDOO\ LQIOXHQFHG E\ KRZ D SHUVRQ FRSHV ZLWK LW 5HFDOO WKDW DFFRUGLQJ WR WKH WUDQVDFWLRQDO PRGHO RI VWUHVV /D]DUXV t )RONPDQ f FRJQLWLYH DSSUDLVDO RU HYDOXDWLRQ RI SRWHQWLDOO\ VWUHVVIXO HYHQWV PHGLDWHV SV\FKRORJLFDOO\ EHWZHHQ WKH LQGLYLGXDO DQG WKH HQYLURQPHQW ZKHQ WKH LQGLYLGXDO HQFRXQWHUV D VWUHVVIXO HYHQW $Q\ QHZ HYHQW RU FKDQJH LQ WKH HQYLURQPHQW SURPSWV WKH LQGLYLGXDO WR PDNH D SULPDU\ DSSUDLVDO DERXW WKH VLJQLILFDQFH RI WKH HYHQW $Q HYHQW FDQ EH DSSUDLVHG DV EHQLJQ SRVLWLYHf LUUHOHYDQW QHXWUDOf RU VWUHVVIXO QHJDWLYHf ,I DQ HYHQW LV MXGJHG WR EH VWUHVVIXO LW ZLOO IXUWKHU EH MXGJHG LQ WHUPV RI WKH KDUP RU ORVV WKDW KDV DOUHDG\ EHHQ GRQH WKH IXWXUH WKUHDW DVVRFLDWHG ZLWK WKH HYHQW DQG WKH SRWHQWLDO FKDOOHQJH RI WKH HYHQWf§WKDW LV WKH SHUFHSWLRQ WKDW JDLQ JURZWK RU PDVWHU\ PD\ UHVXOW IURP GHDOLQJ ZLWK WKH HYHQW

PAGE 80

2QFH WKHVH SULPDU\ DSSUDLVDOV DUH PDGH WKH LQGLYLGXDO PDNHV D VHFRQGDU\ DSSUDLVDO 6HFRQGDU\ DSSUDLVDO LV WKH FRQWLQXRXV HYDOXDWLRQ RI RQHnV FRSLQJ UHVRXUFHV DQG RSWLRQV r WR GHWHUPLQH ZKHWKHU WKH\ ZLOO EH VXIILFLHQW WR RYHUFRPH WKH KDUP DQG WKUHDW WKDW WKH HYHQW UHSUHVHQWV 7KH H[WHQW WR ZKLFK DQ LQGLYLGXDO H[SHULHQFHV SV\FKRORJLFDO VWUHVV WKHQ LV GHWHUPLQHG E\ WKH HYDOXDWLRQ RI ERWK ZKDW LV DW VWDNH SULPDU\ DSSUDLVDOf DQG ZKDW FRSLQJ UHVRXUFHV DUH DYDLODEOH VHFRQGDU\ DSSUDLVDOf ,W LV LPSRUWDQW WR GHILQH RSHUDWLRQDOO\ ZKDW LV PHDQW E\ FRSLQJ &RSLQJ DFFRUGLQJ WR /D]DUXV DQG FROOHDJXHV /D]DUXV t )RONPDQ f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f &RSLQJ FDQ EH WKRXJKW RI DV KDYLQJ WZR FRPSRQHQWV WKH PHWKRGV RI FRSLQJ XVHG DQG WKH IRFXV RI WKH FRSLQJ UHVSRQVH

PAGE 81

,Q WHUPV RI WKH PHWKRG RI FRSLQJ WKH LQGLYLGXDO FDQ XWLOL]H HLWKHU DQ DFWLYH UHVSRQVH WR UHVROYH WKH VWUHVVIXO HYHQW RU FKRRVH WR DYRLG WKH VWUHVVRU DYRLGDQFH FRSLQJf 7KH IRFXV RI WKH FRSLQJ UHVSRQVH PD\ EH GLUHFWHG DW WKH SUREOHP LWVHOI SUREOHPIRFXVHGf RU WKH HPRWLRQDO FRQVHTXHQFHV RI WKH VWUHVVRU HPRWLRQIRFXVHGf )RONPDQ 6FKDHIHU t /D]DUXV 3HDUOLQ t 6FKRROHU f 3UREOHPIRFXVHG FRSLQJ HIIRUWV DUH DWWHPSWV WR GR VRPHWKLQJ FRQVWUXFWLYH DERXW WKH VWUHVVIXO FRQGLWLRQV WKDW DUH KDUPLQJ WKUHDWHQLQJ RU FKDOOHQJLQJ DQ LQGLYLGXDO (PRWLRQIRFXVHG FRSLQJ LQYROYHV HIIRUWV WR UHJXODWH WKH HPRWLRQDO FRQVHTXHQFHV RI WKH VWUHVVIXO HYHQW 6RPHWLPHV SUREOHPVROYLQJ HIIRUWV DQG HPRWLRQDO UHJXODWLRQ ZRUN WRJHWKHU +RZHYHU SUREOHPn VROYLQJ HIIRUWV DQG HPRWLRQDO UHJXODWLRQ DOVR PD\ ZRUN DW FURVV SXUSRVHV 7KHUH DUH OLWHUDOO\ KXQGUHGV RI FRSLQJ VWUDWHJLHV DQ LQGLYLGXDO PLJKW XVH LQ FRQIURQWLQJ D VWUHVVIXO HYHQW 6RPH ZLOO EH SUREOHPIRFXVHG DQG RWKHUV ZLOO EH RULHQWHG WRZDUG HPRWLRQDO UHJXODWLRQ 7KH VDPH SHUVRQ PD\ HQJDJH LQ LQWUDSV\FKLF FRSLQJ HIIRUWV LQIRUPDWLRQ VHHNLQJ GLUHFW DFWLRQV WXUQLQJ WR RWKHUV DQG LQKLELWLRQ RI DFWLRQ &RKHQ t /D]DUXV f DW GLIIHUHQW SRLQWV LQ FRSLQJ ZLWK WKH VDPH HYHQW :KLFK FRSLQJ UHVSRQVHV ZLOO EH XVHG GHSHQGV LQ ODUJH SDUW RQ WKH QDWXUH RI WKH VWUHVVRU LWVHOI DQG WKH LQGLYLGXDOnV FRSLQJ VW\OH &RSLQJ VW\OH LV D JHQHUDO SURSHQVLW\ WR GHDO ZLWK VWUHVVIXO HYHQWV LQ D SDUWLFXODU ZD\ )RU LQVWDQFH WKHUH

PAGE 82

DUH SHRSOH ZKR EHFRPH QHDUO\ K\VWHULFDO DW WKH VPDOOHVW VWUHVVRU ZKHUHDV RWKHU SHRSOH VHHP WR EH DEOH WR FRQIURQW KXJH DPRXQWV RI VWUHVV DQG UHPDLQ QHDUO\ XQIODSSDEOH 7D\ORU f 7KLV LV DQ H[DPSOH RI GLIIHUHQFH LQ FRSLQJ VW\OH $OWKRXJK D YDULHW\ RI FRSLQJ VW\OHV H[LVWV RQO\ D IHZ KDYH UHFHLYHG V\VWHPDWLF VWXG\ 3HDUOLQ DQG 6FKRROHU f VWXGLHG QRUPDWLYH FRSLQJ UHVSRQVHV WR QRUPDWLYH OLIH SUREOHPV LQ D ODUJH VDPSOH RI DGXOWV DJHV f LQ &KLFDJR 7KURXJK D VWUXFWXUHG LQWHUYLHZ IRUPDW LQIRUPDWLRQ ZDV JDWKHUHG DERXW OLIH VWUDLQV DQG WKH FRSLQJ UHSHUWRLUHV SHRSOH XVHG IRU WKHVH VWUDLQV LQ HDFK RI IRXU UROH DUHDVf§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f UHVSRQVHV WKDW PRGLI\

PAGE 83

WKH VLWXDWLRQ WKH PRVW GLUHFW PHWKRGf Ef UHVSRQVHV WKDW IXQFWLRQ WR SHUFHSWXDOO\ FRQWURO WKH PHDQLQJ RI WKH SUREOHP HJ SRVLWLYH FRPSDULVRQV VHOHFWLYH LJQRULQJ DQG VXEVWLWXWLRQ RI UHZDUGVf DQG Ff UHVSRQVHV WKDW DWWHPSW WR PLQLPL]H WKH GLVFRPIRUWV HQJHQGHUHG E\ WKH SUREOHPV EXW DUH QRW GLUHFWHG DW WKH SUREOHPV WKHPVHOYHV 7KH HIILFDF\ RI FRQFUHWH FRSLQJ EHKDYLRUV UHSUHVHQWLQJ WKHVH WKUHH IXQFWLRQV ZDV HYDOXDWHG 5HVXOWV LQGLFDWHG WKDW LQGLYLGXDOVn FRSLQJ LQWHUYHQWLRQV ZHUH PRVW HIIHFWLYH ZKHQ GHDOLQJ ZLWK SUREOHPV ZLWKLQ WKH FORVH LQWHUSHUVRQDO DUHD RI PDUULDJH DQG WR D OHVVHU H[WHQW SDUHQWLQJ DQG OHDVW HIIHFWLYH ZKHQ GHDOLQJ ZLWK WKH PRUH LPSHUVRQDO SUREOHPV IRXQG LQ RFFXSDWLRQ 7KH PRVW HIIHFWLYH FRSLQJ UHVSRQVHV ZHUH XQHTXDOO\ GLVWULEXWHG LQ VRFLHW\ ZLWK PHQ WKH HGXFDWHG DQG WKH DIIOXHQW PDNLQJ JUHDWHU XVH RI WKH HIILFDFLRXV PHFKDQLVPV 3HDUOLQ DQG 6FKRROHU f DOVR IRXQG WKDW XVLQJ D SDUWLFXODU FRSLQJ UHVSRQVH ZDV OHVV LPSRUWDQW IRU WKH HIIHFWV RI VWUHVV WKDQ XVLQJ D YDULHW\ RI FRSLQJ UHVSRQVHV 8VLQJ WKH VDPH GDWD IURP WKH UDQGRP VDPSOH RI DGXOWV 3HDUOLQ t 6FKRROHU f )OHLVKPDQ f H[DPLQHG WKH UHODWLRQVKLSV EHWZHHQ FRSLQJ DQG JHQHUDO SHUVRQDOLW\ YDULDEOHV RI PDVWHU\ VHOIHVWHHP VHOIGHQLDO DQG QRQGLVFORVXUH RI SUREOHPV )LQGLQJV LQGLFDWHG WKDW ERWK JHQHUDO SHUVRQDOLW\ YDULDEOHV DQG WKH SUHVHQFH RI VWUHVVIXO OLIH FRQGLWLRQV DIIHFWHG WKH IUHTXHQF\ RI FRSLQJ 6HYHUDO SDWWHUQV HPHUJHG 7KH SHUVRQDOLW\ YDULDEOH RI VHOIGHQLDO

PAGE 84

DIIHFWHG XVH RI HPRWLRQIRFXVHG FRSLQJ DQG QRQGLVFORVXUH UHGXFHG DGYLFHVHHNLQJ ZKHUHDV PDVWHU\ DQG VHOIHVWHHP KDG ZHDNHU HIIHFWV 7KH DXWKRU FRQFOXGHG WKDW FRSLQJ GHSHQGHG XSRQ ZKHWKHU SUREOHPV RFFXUUHG HLWKHU LQ DQ LQWHUSHUVRQDO RU LPSHUVRQDO FRQWH[W DQG RQ ZKHWKHU RQH SUHIHUUHG WR DFW LQGHSHQGHQWO\ RU VHHN DLG IURP RWKHUV %LOOLQJV DQG 0RRV f H[SORUHG WKH QDWXUH RI LQGLYLGXDO DQG VRFLDO UHVRXUFHV DV LQWHUYHQLQJ SURFHVVHV PHGLDWLQJ WKH HIIHFW RI OLIH HYHQWV RQ SV\FKRORJLFDO DQG SK\VLFDO GLVWUHVV $V LQ 3HDUOLQ DQG 6FKRROHU f WKHLU DQDO\VHV IRFXVHG RQ WZR DSSURDFKHV WR FODVVLI\LQJ FRSLQJ UHVSRQVHV PHWKRG RI FRSLQJ DQG IRFXV RI FRSLQJ DQG RQ WKHLU UROHV LQ PRGHUDWLQJ WKH HIIHFWV RI VWUHVV 7KH PHWKRG RI FRSLQJ FODVVLILFDWLRQ GLYLGHG FRSLQJ DWWHPSWV LQWR WKUHH FDWHJRULHV $FWLYHFRJQLWLYH FRSLQJ LQFOXGHG DWWHPSWV WR PDQDJH RQHnV DSSUDLVDO RI WKH VWUHVVIXOQHVV RI WKH HYHQW $FWLYHEHKDYLRUDO FRSLQJ UHIHUUHG WR RYHUW EHKDYLRUDO DWWHPSWV WR GHDO GLUHFWO\ ZLWK WKH SUREOHP DQG LWV HIIHFWV $YRLGDQFH FRSLQJ UHIHUUHG WR DWWHPSWV WR DYRLG DFWLYHO\ FRQIURQWLQJ WKH SUREOHP RU WR LQGLUHFWO\ UHGXFH WKH HPRWLRQDO WHQVLRQ E\ VXFK EHKDYLRU DV HDWLQJ RU VPRNLQJ PRUH 7KH VHFRQG FODVVLILFDWLRQ IRFXV RI FRSLQJ ZDV FRPSRVHG RI WZR FDWHJRULHV SUREOHPIRFXVHG DQG HPRWLRQ IRFXVHG FRSLQJ $QWRQRYVN\ /D]DUXV f 3UREOHP IRFXVHG FRSLQJ LQFOXGHG DWWHPSWV WR PRGLI\ RU HOLPLQDWH WKH VRXUFHV RI VWUHVV WKURXJK RQHnV RZQ EHKDYLRU (PRWLRQ IRFXVHG FRSLQJ LQFOXGHG EHKDYLRUDO RU FRJQLWLYH UHVSRQVHV

PAGE 85

ZKRVH SULPDU\ IXQFWLRQ ZDV WR PDQDJH WKH HPRWLRQDO FRQVHTXHQFHV RI VWUHVVRUV DQG WR KHOS PDLQWDLQ RQHnV HPRWLRQDO HTXLOLEULXP %LOOLQJV DQG 0RRV f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f 7KH SUHGLFWLYH YDOXH RI VRFLDO VXSSRUW DOVR ZDV OHVV VDOLHQW DPRQJ PHQ WKDQ DPRQJ ZRPHQ 7KH FRQFOXVLRQ ZDV WKDW PHDVXUHV RI FRSLQJ DQG VRFLDO UHVRXUFHV GLG PHGLDWH WKH UHODWLRQVKLS EHWZHHQ VWUHVVIXO OLIH HYHQWV DQG SHUVRQDO IXQFWLRQLQJ %LOOLQJV t 0RRV f 0RUH UHFHQWO\ %LOOLQJV DQG 0RRV f H[SORUHG WKH UROHV RI VWUHVV VRFLDO UHVRXUFHV DQG FRSLQJ DPRQJ PHQ DQG ZRPHQ HQWHULQJ WUHDWPHQW IRU GHSUHVVLRQ 6WUHVVRUV VRFLDO UHVRXUFHV DQG FRSLQJ ZHUH DGGLWLYHO\ SUHGLFWLYH RI SDWLHQWVn IXQFWLRQLQJ +RZHYHU FRSLQJ DQG VRFLDO UHVRXUFHV GLG QRW KDYH VWUHVVDWWHQXDWLRQ RU EXIIHULQJ HIIHFWV IRU WKLV JURXS RI FOLQLFDOO\ GHSUHVVHG SDWLHQWV DV LW KDV IRU QRUPDO VXEMHFWVf +RODKDQ DQG 0RRV f H[WHQGHG WKLV

PAGE 86

ZRUN RQ IDFWRUV WKDW EXIIHU SRWHQWLDOO\ QHJDWLYH KHDOWK HIIHFWV RI OLIH VWUHVV $ VXUYH\ ZDV XVHG WR PHDVXUH SHUVRQDOLW\ FKDUDFWHULVWLFV FRSLQJ VWUDWHJLHV DQG IDPLO\ VXSSRUW ZLWK D UHSUHVHQWDWLYH FRPPXQLW\ VDPSOH RI WZR SDUHQW IDPLOLHV 5HVSRQGHQWV ZHUH GLYLGHG LQWR WZR FRPSDULVRQ JURXSV DV LQ WKH .REDVD f KDUGLQHVV VWXG\f KLJK VWUHVVKLJK GLVWUHVV DQG KLJK VWUHVVORZ GLVWUHVV )LQGLQJV GHPRQVWUDWHG WKDW WKRVH ZKR DGDSWHG WR OLIH VWUHVV ZLWK OLWWOH SK\VLFDO RU SV\FKRORJLFDO VWUDLQ ZHUH PRUH HDV\n JRLQJ DQG OHVV LQFOLQHG WR XVH DYRLGDQFH FRSLQJ WKDQ LQGLYLGXDOV ZKR EHFDPH LOO XQGHU VWUHVV ,Q DGGLWLRQ LQ WKH VWUHVV UHVLVWDQW JURXS PHQ ZHUH PRUH VHOIFRQILGHQW DQG ZRPHQ KDG EHWWHU IDPLO\ VXSSRUW WKDQ WKHLU FRXQWHUSDUWV LQ WKH GLVWUHVVHG JURXS )RONPDQ DQG /D]DUXV f DQDO\]HG WKH ZD\V FRPPXQLW\ UHVLGLQJ PHQ DQG ZRPHQ DJHG FRSHG ZLWK WKH VWUHVVIXO HYHQWV RI GDLO\ OLYLQJ GXULQJ RQH \HDU 7KH LWHP :D\V RI &RSLQJ FKHFNOLVW ZDV GHYHORSHG E\ WKH DXWKRUV WR PHDVXUH FRSLQJ LQ WKLV VWXG\ 5HVXOWV LQGLFDWHG WKDW ZRUN VLWXDWLRQV IDYRUHG WKH XVH RI SUREOHPIRFXVHG FRSLQJ DQG KHDOWK FRQWH[WV IDYRUHG HPRWLRQIRFXVHG FRSLQJ 6LWXDWLRQV LQ ZKLFK WKH SHUVRQ WKRXJKW VRPHWKLQJ FRQVWUXFWLYH FRXOG EH GRQH RU WKDW ZHUH DSSUDLVHG DV UHTXLULQJ PRUH LQIRUPDWLRQ IDYRUHG SUREOHPIRFXVHG FRSLQJ ZKHUHDV WKRVH ZKLFK KDG WR EH DFFHSWHG IDYRUHG HPRWLRQ IRFXVHG FRSLQJ 7KHUH ZHUH QR HIIHFWV DVVRFLDWHG ZLWK DJH FRQVLVWHQW ZLWK %LOOLQJV t 0RRV 3HDUOLQ t 6FKRROHU

PAGE 87

f DQG JHQGHU GLIIHUHQFHV HPHUJHG RQO\ LQ SUREOHP IRFXVHG FRSLQJ 0HQ XVHG PRUH SUREOHPIRFXVHG FRSLQJ WKDQ ZRPHQ DW ZRUN DQG LQ VLWXDWLRQV KDYLQJ WR EH DFFHSWHG DQG UHTXLULQJ PRUH LQIRUPDWLRQ &RQWUDU\ WR WKH FXOWXUDO VWHUHRW\SH WKHUH ZHUH QR JHQGHU GLIIHUHQFHV LQ HPRWLRQ IRFXVHG FRSLQJ ,Q NHHSLQJ ZLWK WKH WUDQVDFWLRQDO SHUVSHFWLYH ZKLFK HPSKDVL]HV WKH VLWXDWLRQDO GHWHUPLQDQWV RI FRSLQJ HIIRUWV 0F&UDH f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t 'H/RQJLV f H[DPLQHG WKH UHODWLRQVKLS EHWZHHQ SHUVRQDOLW\ IDFWRUV SULPDU\ DSSUDLVDO VHFRQGDU\ DSSUDLVDO HLJKW IRUPV RI SUREOHP DQG HPRWLRQIRFXVHG FRSLQJ DQG VRPDWLF KHDOWK VWDWXV DQG SV\FKRORJLFDO V\PSWRPV LQ D VDPSOH RI FRPPXQLW\UHVLGLQJ DGXOWV $SSUDLVDO DQG

PAGE 88

FRSLQJ SURFHVVHV ZHUH DVVHVVHG LQ ILYH GLIIHUHQW VWUHVVIXO VLWXDWLRQV WKDW VXEMHFWV H[SHULHQFHG LQ WKHLU GD\WRGD\ OLYHV 7KH UHVXOWV LQGLFDWHG WKDW SHUVRQDOLW\ YDULDEOHV DQG DJJUHJDWHG DSSUDLVDO DQG FRSLQJ SURFHVVHV KDG D VLJQLILFDQW UHODWLRQ WR SV\FKRORJLFDO V\PSWRPV 7KH PRUH VXEMHFWV KDG DW VWDNH SULPDU\ DSSUDLVDOf RYHU GLYHUVH HQFRXQWHUV WKH PRUH WKH\ ZHUH OLNHO\ WR H[SHULHQFH SV\FKRORJLFDO V\PSWRPV 3UREOHPIRFXVHG FRSLQJ ZDV QHJDWLYHO\ FRUUHODWHG ZLWK SV\FKRORJLFDO V\PSWRPV ZKHUHDV FRQIURQWLYH FRSLQJ ZDV SRVLWLYHO\ FRUUHODWHG 7KHVH UHODWLRQV SDUDOOHO WKRVH IRXQG LQ DQRWKHU VWXG\ )RONPDQ /D]DUXV 'XQNHO6FKHWWHU 'H/RQJLV t *UXHQ f LQ ZKLFK D VLQJOH VWUHVVIXO HQFRXQWHU DQG LWV LPPHGLDWH RXWFRPH ZDV WKH XQLW RI DQDO\VLV 7KH UHODWLRQV DPRQJ FRJQLWLYH DSSUDLVDO FRSLQJ DQG WKH LPPHGLDWH RXWFRPHV RI VWUHVVIXO HQFRXQWHUV ZHUH H[DPLQHG $Q LQWUDLQGLYLGXDO DQDO\VLV ZDV XVHG WR FRPSDUH WKH VDPH SHUVRQn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

PAGE 89

2YHUDOO LW VHHPV WKDW FRSLQJ VW\OHV ZKLFK IRFXV RQ SUREOHP VROYLQJ VHOIUHOLDQFH DQG FRJQLWLYH UHDSSUDLVDOV DUH UHODWHG WR OHVV GLVWUHVV DQG PRUH VDWLVIDFWLRQ $YRLGLQJ RU LJQRULQJ WKH SUREOHP VHHPV WR EH UHODWHG WR KLJKHU GLVWUHVV 7KHUH DOVR VHHPV WR EH VRPH LQGLFDWLRQ WKDW WKH UROH VSKHUH LQ ZKLFK WKH FRSLQJ RFFXUV PD\ EH LPSRUWDQW 7KLV LV VXSSRUWHG E\ /D]DUXV DQG )RONPDQ f ZKR DVVHUW WKDW FRSLQJ VWUDWHJLHV DUH QRW LQKHUHQWO\ JRRG RU EDG $ VWUDWHJ\ WKDW LV HIIHFWLYH LQ RQH VLWXDWLRQ PD\ QRW EH HIIHFWLYH LQ DQRWKHU 7KHUHIRUH WKH HIIHFWLYHQHVV RI D FRSLQJ VW\OH GHSHQGV RQ WKH H[WHQW WR ZKLFK LW LV DSSURSULDWH WR WKH GHPDQGV RI WKH VLWXDWLRQ 6RFLDO 6XSSRUW 5HVHDUFK KDV UHSHDWHGO\ VXEVWDQWLDWHG WKDW SHRSOH RI DOO DJHV ZLWK VWURQJ VXSSRUWLYH UHODWLRQVKLSV DQG PHDQLQJIXO WLHV ZLWK RWKHUV DUH DEOH WR FRSH EHWWHU ZLWK WKH VWUHVVHV RI WKHLU HQYLURQPHQW &KULVWHQ f 7KH JURZLQJ HYLGHQFH WKDW WKH SUHVHQFH RI DQG FRQWDFW ZLWK RWKHUV PD\ HQDEOH SHRSOH WR FRSH EHWWHU ZLWK VWUHVVRUV KDV UHVXOWHG LQ LQFUHDVHG DWWHQWLRQ EHLQJ JLYHQ GXULQJ UHFHQW \HDUV WR WKH PHGLDWLQJ YDULDEOH RI VRFLDO VXSSRUW +HQGHUVRQ -RKQVRQ t 6DUDVRQ f 6RFLDO VXSSRUW KDV EHHQ GHILQHG LQ VHYHUDO ZD\V DQG LQYROYHV VRPHWKLQJ PRUH WKDQ WKH PHUH SUHVHQFH RI RWKHUV ,Q WKH PRVW JHQHUDO VHQVH VRFLDO VXSSRUW UHIHUV WR WKH GHJUHH WR ZKLFK LQGLYLGXDOV KDYH DFFHVV WR VRFLDO UHVRXUFHV

PAGE 90

LQ WKH IRUP RI UHODWLRQVKLSV RQ ZKLFK WKH\ FDQ UHO\ LQ WLPH RI QHHG EXW DW RWKHU WLPHV DV ZHOO 7KHVH UHVRXUFHV PLJKW LQFOXGH VSRXVH IDPLO\ IULHQGV QHLJKERUV FRZRUNHUV DQG PHPEHUV RI WKH ODUJHU FRPPXQLW\ /LQ (QVHO 6LPHRQH t .XR f &REE f KDV GHILQHG VRFLDO VXSSRUW PRUH DV LQIRUPDWLRQ WKDW OHDGV LQGLYLGXDOV WR EHOLHYH WKDW WKH\ DUH FDUHG IRU DQG ORYHG HVWHHPHG DQG YDOXHG DQG EHORQJ WR D QHWZRUN RI FRPPXQLFDWLRQ DQG PXWXDO REOLJDWLRQ 6RFLDO VXSSRUW KDV EHHQ GHILQHG LQ VRPHZKDW GLIIHUHQW WHUPV E\ &DVVHO f DQG 0HFKDQLF f ZKR KDYH REVHUYHG WKDW VRFLDO QHWZRUNV VHUYH PXOWLSOH IXQFWLRQV LQ KHOSLQJ RQH DGMXVW WR WKH GHPDQGV RI WKH HQYLURQPHQW &DSODQ f DUJXHG WKDW LQ WLPHV RI SV\FKRORJLFDO QHHG VRFLDO VXSSRUW FDQ SURYLGH HPRWLRQDO VXVWHQDQFH LQIRUPDWLRQDO JXLGDQFH DQG WDQJLEOH DVVLVWDQFH 'HDQ DQG /LQ f VXJJHVW WKDW VRFLDO VXSSRUW PD\ EH YLHZHG DV EHLQJ RUJDQL]HG DURXQG WZR V\VWHPV WKH LQVWUXPHQWDO V\VWHP ZKLFK LV JHDUHG WR WKH IXOILOOPHQW RI WDVNV DQG WKH H[SUHVVLYH V\VWHP ZKLFK LV JHDUHG WR WKH VDWLVIDFWLRQ RI LQGLYLGXDO QHHGV DQG WKH PDLQWHQDQFH RI VRFLDO VROLGDULW\ 6FKDHIHU &R\QH DQG /D]DUXV f LGHQWLILHG WKUHH GLPHQVLRQV RI VRFLDO VXSSRUW HPRWLRQDO VXSSRUW ZKLFK LQYROYHV LQWLPDF\ DQG UHFHLYLQJ UHDVVXUDQFH WDQJLEOH VXSSRUW RU WKH SURYLVLRQ RI GLUHFW DLG DQG VHUYLFHV DQG LQIRUPDWLRQDO VXSSRUW ZKLFK LQFOXGHV DGYLFH

PAGE 91

FRQFHUQLQJ VROXWLRQV WR RQHnV SUREOHPV DQG IHHGEDFN DERXW RQHnV EHKDYLRU $W WKLV WLPH QR VLQJOH FRQFHSWLRQ RI VRFLDO VXSSRUW KDV UHFHLYHG FRQVHQVXDO DFFHSWDQFH WKRXJK &REE f DQG 6FKDHIHU HW DO f VHHP WR LQFRUSRUDWH WKH LPSRUWDQW HOHPHQWV RI RWKHU GHILQLWLRQV 7KHUH DUH WZR RWKHU LPSRUWDQW DVSHFWV RI WKHVH DXWKRUVn FRQFHSWXDOL]DWLRQV RI VRFLDO VXSSRUW &REE f HPSKDVL]HV WKDW WKH JXDOLW\ RU NLQG RI VRFLDO VXSSRUW LV PRUH LPSRUWDQW WKDQ WKH JXDQWLW\ :KLOH 6FKDHIHU HW DO f LQ GLVWLQJXLVKLQJ TXDQWLW\ YHUVXV TXDOLW\ RI VRFLDO VXSSRUW UHFRPPHQG XVLQJ WKH WHUPV VRFLDO QHWZRUN DQG SHUFHLYHG VRFLDO VXSSRUW UHVSHFWLYHO\ 7KH ODFN RI FRQVHQVXV FRQFHUQLQJ WKH GHILQLWLRQ RI VRFLDO VXSSRUW DOVR LV UHIOHFWHG LQ DPELJXLWLHV LQ LWV PHDVXUHPHQW )RU H[DPSOH VHYHUDO VWXGLHV KDYH UHJDUGHG PDULWDO VWDWXV DV WKH VROH LQGLFDWRU RI VRFLDO VXSSRUW D SUDFWLFH WKDW LV FOHDUO\ VLPSOLVWLF LQ OLJKW RI DQ\ RI WKH IRUHJRLQJ GHILQLWLRQV 7KH YLHZ WKDW VRFLDO VXSSRUW LV LPSRUWDQW WR D SHUVRQnV KHDOWK DQG ZHOOEHLQJ LV QRW QHZ ,Q IDFW VRPH RI WKH PRVW SHUVXDVLYH HYLGHQFH IRU WKH SRZHU RI VRFLDO VXSSRUW IDFWRUV LQ LQIOXHQFLQJ DQ LQGLYLGXDOnV VXVFHSWLELOLW\ WR SK\VLFDO LOOQHVV DQG PRUWDOLW\ FRPHV IURP DQLPDO VWXGLHV %HOO /H5R\ t 6WHSKHQVRQ f 8QGHU FRQGLWLRQV RI ODERUDWRU\ LQGXFHG VWUHVV WKH SUHVHQFH RI WKH PRWKHU OLWWHUPDWHV RWKHU DQLPDOV ZKR ZHUH QRW VWUDQJHUV RU KXPDQ DIIHFWLRQ UHGXFHG RU HOLPLQDWHG VXFK LOOQHVVHV DV DUWHULRVFOHURWLF

PAGE 92

KHDUW GLVHDVH LQ UDEELWV 1HUHP /HYHVTXH t &RUQKLOO f K\SHUWHQVLRQ LQ PLFH +HQU\ t &DVVHO f XOFHU IRUPDWLRQ LQ UDWV &RQJHU 6DZUH\ t 7XUUHOO f DQG H[SHULPHQWDO QHXURVLV LQ D JRDW /LGGHOO f 6WXGLHV RQ PRUWDOLW\ UDWHV LQ KXPDQV KDYH SURYLGHG HYLGHQFH IRU WKH HIIHFWV RI VRFLDO VXSSRUW RQ LOOQHVV WKH V .UDXV DQG /LOOLHQILHOG f FRQFOXGHG IUR ,Q H[LVWLQJ PHGLFDO HYLGHQFH WKDW PDUULHG SHRSOH H[SHULHQFHG D ORZHU PRUWDOLW\ UDWH IURP DOO FDXVHV WKDQ GLG VLQJOH SHUVRQV WKH ZLGRZHG DQG WKH GLYRUFHG IRU HYHU\ DJH JURXS UHJDUGOHVV RI JHQGHU DQG UDFH ,QWHUHVWLQJO\ ZLGRZHUV ZHUH IRXQG WR KDYH D GHDWK UDWH WKUHH WR ILYH WLPHV KLJKHU WKDQ WKDW IRU PDUULHG PHQ RI WKH VDPH DJH IRU DOO FDXVHV RI GHDWK 7KH UHODWLRQVKLS EHWZHHQ VRFLDO VXSSRUW DQG VXEVHTXHQW PRUWDOLW\ ZDV %HUNPDQ DQG 6\PH f $OPRVW SHRSOH ZHUH VWXGLHG DQG WKHLU PRUWDOLW\ UDWH ZDV WUDFNHG RYHU D \HDU SHULRG 7KH UHVXOWV FRQILUPHG WKDW SHRSOH ZKR KDG ORZ VRFLDO VXSSRUW ZHUH PRUH OLNHO\ WR GLH WKDQ ZHUH SHRSOH ZLWK KLJK VRFLDO VXSSRUW 7KH\ DGGUHVVHG VRFLDO VXSSRUW LQ WKH EURDGHU WHUP RI VRFLDO LQWHJUDWLRQ DV UHIOHFWHG LQ PDULWDO VWDWXV DQG FRQWDFWV ZLWK FORVH IULHQGV DQG UHODWLYHV FKXUFK PHPEHUVKLS RU JURXS DVVRFLDWLRQV $OWKRXJK PDULWDO VWDWXV LV UHODWHG WR PRUWDOLW\ ZLWKLQ DOO DJH DQG UDFLDO JURXSV DQG IRU ERWK VH[HV WKHVH DQG RWKHU VWXGLHV DV UHYLHZHG LQ 7XUQHU f VXJJHVW WKDW WKH DSSDUHQW SURWHFWLRQ DJDLQVW VWUHVV DQG LOOQHVV FRQIHUUHG E\ PDUULDJH LV VXEVWDQWLDOO\ JUHDWHU IRU PHQ WKDQ ZRPHQ

PAGE 93

1XPHURXV VWXGLHV KDYH GHPRQVWUDWHG OLQNV EHWZHHQ VRFLDO VXSSRUW DQG SK\VLFDO KHDOWK DQG LOOQHVV /\QFK f IRXQG SHUVRQDO UHODWLRQVKLSV ZHUH VLJQLILFDQWO\ DVVRFLDWHG ZLWK ORZHU UDWHV RI DOO W\SHV RI KHDUW GLVHDVH 6RFLDO VXSSRUW DOVR KDV EHHQ IRXQG WR LQWHUDFW ZLWK OLIH VWUHVV WR UHGXFH WKH QHJDWLYH LPSDFW RI VWUHVV RQ SK\VLFDO KHDOWK 1XFNROOV &DVVHO DQG .DSODQ f LQ D ZHOOGHVLJQHG VWXG\ VKRZHG WKDW WKH SUHJQDQF\ FRPSOLFDWLRQ UDWH ZDV PXFK KLJKHU IRU WKRVH ZRPHQ ZKR H[SHULHQFHG PDQ\ OLIH HYHQWV EXW KDG ORZ VXSSRUW VFRUHV DV PHDVXUHG E\ WKH TXDOLW\ RI PDULWDO UHODWLRQVKLS LQWHUDFWLRQV ZLWK H[WHQGHG IDPLO\ DQG DGMXVWPHQW ZLWKLQ WKH FRPPXQLW\f WKDQ IRU WKRVH ZKR DOVR H[SHULHQFHG PDQ\ OLIH HYHQWV EXW VFRUHG KLJK RQ WKH VRFLDO VXSSRUW VFDOH *RUHnV f VWXG\ RI XQHPSOR\HG PHQ LQGLFDWHG WKDW VWUDLQ LQ WKH IRUP RI HOHYDWHG FKROHVWHURO OHYHOV LQFUHDVHG GHSUHVVLRQ DQG PRUH IUHTXHQW LOOQHVV ZDV FRQVLGHUDEO\ OHVVHQHG DPRQJ WKRVH ZLWK VXSSRUWLYH PDULWDO UHODWLRQV DQG WLHV WR WKH H[WHQGHG IDPLO\ DQG WR SHHU JURXSV 6RFLDO VXSSRUW QRW RQO\ KDV D EHQHILFLDO HIIHFW RQ PRUWDOLW\ DQG SK\VLFDO GLVHDVH EXW WKHUH DOVR LV D JURZLQJ ERG\ RI HYLGHQFH OLQNLQJ VRFLDO VXSSRUW ZLWK SV\FKRORJLFDO GLVWUHVV DQG GLVRUGHU %URZQ DQG FROOHDJXHV %URZQ %KUROFKDLQ t +DUULV %URZQ t +DUULV f H[DPLQHG WKH LQIOXHQFH RI D FORVH FRQILGLQJ UHODWLRQVKLS LQ UHGXFLQJ WKH ULVN RI GHSUHVVLRQ IROORZLQJ D PDMRU OLIH HYHQW RU ORQJn WHUP GLIILFXOW\ $PRQJ WKRVH ZRPHQ ZKR ODFNHG D FRQILGLQJ

PAGE 94

UHODWLRQVKLS b GHYHORSHG GHSUHVVLRQ FRPSDUHG WR RQO\ b RI ZRPHQ ZLWK VXFK D FRQILGLQJ UHODWLRQVKLS 6LPLODUO\ (DWRQ f LQ D QHZ DQDO\VLV RI DQRWKHU GDWD VHW 0\HUV /LQGHQWKDO t 3HSSHU f IRXQG WKH UHODWLRQVKLS EHWZHHQ OLIH VWUHVV DQG SV\FKLDWULF V\PSWRPV ZDV JUHDWHU IRU XQPDUULHG SHUVRQV DQG WKRVH OLYLQJ DORQH WKDQ IRU LQGLYLGXDOV ZKR ZHUH PDUULHG RU QRW OLYLQJ DORQH 'HDQ DQG /LQ DQG WKHLU DVVRFLDWHV 'HDQ t /LQ 'HDQ /LQ 7DXVLJ t (QVHO /LQ 6LPHRQH (QVHO t .XR f REVHUYHG D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ VRFLDO VXSSRUW DQG SV\FKRORJLFDO GLVWUHVV ,Q RQH DQDO\VLV /LQ 6LPHRQH (QVHO DQG .XR f H[DPLQHG WKH HIIHFWV RI VRFLDO VXSSRUW DQG VWUHVVRUV RQ SV\FKLDWULF V\PSWRPV 7KHLU ILQGLQJV VKRZHG DV H[SHFWHG WKDW VWUHVVRUV ZHUH SRVLWLYHO\ UHODWHG WR WKH LQFLGHQFH RI SV\FKLDWULF V\PSWRPV DQG VRFLDO VXSSRUW ZDV PRUH VLJQLILFDQWO\ DQG QHJDWLYHO\f UHODWHG WR SV\FKLDWULF V\PSWRPV 7KHVH VWXGLHV LQGLFDWH VRFLDO VXSSRUW DSSHDUV WR ORZHU WKH OLNHOLKRRG RI LOOQHVV DQG WR VSHHG UHFRYHU\ RI LOOQHVV ZKHQ LW GRHV RFFXU $SSDUHQWO\ SHRSOH ZLWK KLJK OHYHOV RI VRFLDO VXSSRUW PD\ EH OHVV OLNHO\ WR GHYHORS LOOQHVV LQ WKH ILUVW SODFH 6RFLDO VXSSRUW GRHV VHHP WR HQKDQFH WKH SURVSHFWV IRU UHFRYHU\ IRU SHRSOH ZKR DUH DOUHDG\ LOO :DOOVWRQ $ODJQD 'H9HOOLV t 'H9HOOLV f 3HRSOH ZLWK KLJK OHYHOV RI VRFLDO VXSSRUW PD\ UHTXLUH OHVV PHGLFDWLRQ 'H$UDXMR 9DQ $UVGHO +ROPHV t 'XGOH\ f DQG PD\ UHFRYHU IURP LOOQHVV IDVWHU WKDQ SHRSOH ZLWK ORZ OHYHOV RI

PAGE 95

VRFLDO VXSSRUW &REE f +RZHYHU D QXPEHU RI VWXGLHV KDYH IDLOHG WR ILQG GLIIHUHQFHV LQ LOOQHVV UDWHV DPRQJ SHRSOH ZLWK KLJK YHUVXV ORZ OHYHOV RI VRFLDO VXSSRUW :DOOVWRQ HW DO f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f 2QH VWXG\ E\ $QGUHZV 7HQQDQW +HZVRQ DQG 9DLOODQW f H[DPLQHG WKH FRQWULEXWLRQV RI OLIH VWUHVV VRFLDO VXSSRUW DQG FRSLQJ VW\OH WR SV\FKRORJLFDO LPSDLUPHQW 7KH\ IRXQG WKDW ERWK VRFLDO VXSSRUW DQG VWUHVV ZHUH LQGHSHQGHQWO\ UDWKHU WKDQ LQWHUDFWLYHO\f UHODWHG WR SV\FKRORJLFDO LPSDLUPHQW LQ DQ DGGLWLYH IDVKLRQ 7KH VHFRQG K\SRWKHVLV RIWHQ FDOOHG WKH EXIIHULQJ PHGLDWLQJ RU LQWHUDFWLRQ K\SRWKHVLV SURSRVHV WKDW VRFLDO VXSSRUW RSHUDWHV LQ DQ LQWHUDFWLYH IDVKLRQ ZLWK OHYHO RI VWUHVV WR PRGLI\ WKH HIIHFWV RI VWUHVV RQ KHDOWK RXWFRPHV 6XEVWDQWLDO HYLGHQFH FRQVLVWHQW ZLWK WKH EXIIHULQJ K\SRWKHVLV FDQ EH DVVHPEOHG )OHPLQJ %DXP *LVULHO t *DWFKHO :HWKLQJWRQ t .HVVOHU f :LOFR[ f

PAGE 96

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f IRXQG WKDW VRFLDO VXSSRUW GLG EXIIHU WKH HIIHFWV RI VWUHVV RQ PHQWDO DQG SK\VLFDO KHDOWK +RZHYHU VRFLDO VXSSRUW GLG QRW EXIIHU WKH HIIHFW RI VWUHVV RQ MREUHODWHG VWUDLQV MRE GLVVDWLVIDFn WLRQf $SSDUHQWO\ QRW DOO PDQLIHVWDWLRQV RI VWUHVV DUH HTXDOO\ ZHOO EXIIHUHG E\ VRFLDO VXSSRUW )RU H[DPSOH LQ D VWXG\ RI UHVLGHQWV QHDU 7KUHH 0LOH ,VODQG IROORZLQJ WKH QXFOHDU DFFLGHQW SHRSOH ZLWK KLJK OHYHOV RI VRFLDO VXSSRUW VKRZHG OHVV GLVWUHVV DQG IHZHU EHKDYLRUDO SUREOHPV WKDQ GLG SHRSOH ZLWK ORZ OHYHOV RI VRFLDO VXSSRUW KRZHYHU SK\VLRORJLFDO LQGLFDWRUV RI VWUHVV DURXVDOf ZHUH XQDIIHFWHG E\ VRFLDO VXSSRUW )OHPLQJ %DXP *LVULHO t *DWFKHO f ,QWHUHVWLQJO\ ZKLOH WKH PHGLDWLQJ UROH RI VRFLDO VXSSRUW KDV EHHQ H[WHQVLYHO\ VXJJHVWHG LQ VRPH FDVHV WKH EXIIHULQJ K\SRWKHVLV KDV EHHQ GLIILFXOW WR WHVW FRQYLQFLQJO\ *RUH 7KRLWV f ,Q IDFW VHYHUDO LQYHVWLJDWRUV

PAGE 97

IRXQG QR VLJQLILFDQW VWUHVV EXIIHULQJ HIIHFWV RI VRFLDO VXSSRUW RQ SK\VLRORJLFDO RU SV\FKRORJLFDO VWUDLQ $QGUHZV 7HQQDQW +HZVRQ t 9DLOODQW %LOOLQJV t 0RRV .REDVD 6FKDHIHU HW DO f ,W KDV EHHQ GLIILFXOW WR GHWHUPLQH ZKHWKHU WKH HIIHFW RI VRFLDO VXSSRUW LV GLUHFW D EXIIHULQJ HIIHFW RU WKH UHVXOW RI D WKLUG XQNQRZQf IDFWRU )RU LQVWDQFH DQ LVVXH RIWHQ UDLVHG LV WKDW ORVV RI VRFLDO VXSSRUW FDQ EH LWVHOI D VWUHVVRU 3HUVRQV ZKR OLYH DORQH DQG KDYH IHZ VRFLDO FRQWDFWV RIWHQ UHSRUW GHJUHHV RI V\PSWRPRORJ\ HYHQ ZKHQ H[SHULHQFLQJ IHZ VWUHVVRUV 3HUFHSWLRQ RI WKH QHHG IRU VRFLDO VXSSRUW DQG W\SH RI VXSSRUW QHHGHG DORQJ ZLWK DYDLODELOLW\ DFFHVVLELOLW\ DQG ZKHWKHU RU QRW VXFK VXSSRUW LV XVHG DUH LQIOXHQFHG E\ GHYHORSPHQWDO RU OLIH F\FOH FKDQJHV %UXKQ DQG 3KLOLSV f SURSRVHG WKDW DQ LQGLYLGXDOnV SHUFHSWLRQ RI WKH QHHG IRU VRFLDO VXSSRUW LWV DYDLODELOLW\ DQG DFFHVVLELOLW\ DQG ZKHWKHU RU QRW LW LV XVHG DUH UHODWHG WR FKDQJHV LQ VRFLDO UROHV DQG OLIH HYHQWV WKURXJKRXW WKH OLIH F\FOH 6RFLDO VXSSRUW WHQGV WR EH DW D SHDN ERWK LQ WHUPV RI QHHG DQG DYDLODELOLW\ GXULQJ PLGGOH DJH ZKLOH ORZHU OHYHOV DUH DSSDUHQW GXULQJ HDUOLHU DQG ODWHU \HDUV 7KHUH DUH D VPDOO QXPEHU RI VWXGLHV WKDW KDYH IRXQG GLIIHUHQW UHVXOWV IRU WKH UROH RI VRFLDO VXSSRUW LQ PHGLDWLQJ VWUHVV LQ PHQ DQG ZRPHQ %LOOLQJV t 0RRV +DPPRQG +RODKDQ t 0RRV f +RODKDQ DQG 0RRV f IRXQG WKDW WKH ZRUN HQYLURQPHQW ZDV D PRUH

PAGE 98

LPSRUWDQW VRXUFH RI VXSSRUW IRU PHQ WKDQ ZRPHQ DQG WKDW WKH IDPLO\ HQYLURQPHQW ZDV DQ LPSRUWDQW VRXUFH RI VXSSRUW IRU XQHPSOR\HG ZRPHQ %LOOLQJV DQG 0RRV f JHQHUDWHG VLPLODU UHVXOWV ZLWK PDOHV DQG IHPDOHV HQWHULQJ WUHDWPHQW IRU GHSUHVVLRQ 6RFLDO VXSSRUW ZDV PRUH VWURQJO\ UHODWHG WR IXQFWLRQLQJ LQ ZRPHQ ZKLOH GLIIHUHQW VRXUFHV RI VXSSRUW IURP FRZRUNHUV DQG VXSHUYLVRUV LQ WKH ZRUN HQYLURQPHQW ZHUH WKRXJKW WR EH PRUH LPSRUWDQW IRU PHQnV DGMXVWPHQW +RODKDQ DQG 0RRV f IRXQG VWUHVV UHVLVWDQW ZRPHQ KDG EHWWHU IDPLO\ VXSSRUW WKDQ ZRPHQ LQ WKH GLVWUHVVHG JURXS 7KHVH DXWKRUV VXJJHVWHG WKDW WKHVH JHQGHUUHODWHG GLIIHUHQFHV LQ VRFLDO VXSSRUW ZHUH D IXQFWLRQ RI FRQYHQWLRQDO SDWWHUQV LQ VH[ UROH EHKDYLRU LQ RXU VRFLHW\ ,Q D VWXG\ RI PDOH DQG IHPDOH DFDGHPLF PXOWLSOH UROH SHUVRQV +DPPRQG f IRXQG QR GLIIHUHQFHV E\ JHQGHU RQ OHYHOV RI VRFLDO VXSSRUW SHUFHLYHG IURP IDPLOLHV +RZHYHU ZRPHQ SHUFHLYHG VLJQLILFDQWO\ PRUH VRFLDO VXSSRUW IURP IULHQGV WKDQ PHQ 6HYHUDO DXWKRUV KDYH VXJJHVWHG WKDW .REDVDnV f IDLOXUH WR ILQG WKDW VRFLDO VXSSRUW RSHUDWHG DV D VWUHVV UHVLVWDQFH IDFWRU IRU WKH VDPSOH RI DOO PDOH ODZ\HUV ZDV EHFDXVH RI WKHVH REVHUYHG JHQGHU GLIIHUHQFHV LQ WKH UROH RI VRFLDO VXSSRUW +HDOWK 3UDFWLFHV DQG ([HUFLVH +DUGLQHVV FRSLQJ VW\OH DQG VRFLDO VXSSRUW DOO KDYH EHHQ ZLGHO\ UHVHDUFKHG DV PHGLDWLQJ YDULDEOHV LQ WKH VWUHVV

PAGE 99

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
PAGE 100

HVWDEOLVKHG DV D YDULDEOH DIIHFWLQJ KHDOWK &R\QH t +ROUR\G f )RU H[DPSOH ZRUNHUV LQ SK\VLFDOO\ VWUHQXRXV RFFXSDWLRQV ZHUH IRXQG WR KDYH ORZHU LQFLGHQFH UDWHV RI \RFDUGLDO LQIDUFWLRQ .DUYRQHQ 5DXWDKDUMX 2UPD 3XQVDU t 7DNNXQHQ f DQG D ORZHU ULVN RI FRURQDU\ KHDUW PRUWDOLW\ 3DIIHQEHUJHU t +DOH f FRPSDUHG WR GHPRJUDSKLFDOO\ VLPLODU ZRUNHUV LQ OHVV VWUHQXRXV RFFXSDWLRQV OLIH VW\OH PRUH JOREDOO\ 3UDWW f IRXQG WKDW D KLJKHU JXDOLW\ RI SHUVRQDO KHDOWK SUDFWLFHV HJ VOHHS H[HUFLVH QXWULWLRQ HOLPLQDWLRQ GHQWDO K\JLHQH VPRNLQJ DQG DOFRKRO XVHf ZDV UHODWHG WR D KLJKHU VXEMHFWLYH OHYHO RI KHDOWK DQG WR IHZHU KHDOWK SUREOHPV 5HVXOWV VXFK DV WKHVH KDYH OHG LQYHVWLJDWRUV WR VXJJHVW WKDW WKH FRVWO\ WROO RI PDQ\ KHDOWK SUREOHPV FDQ EH UHGXFHG WKURXJK D KHDOWK\ GLHW UHJXODU H[HUFLVH SURSHU VOHHS DQG UHVW KDELWV UHVWUDLQW IURP VPRNLQJ DQG DOFRKRO RU VXEVWDQFH DEXVH DQG UHGXFHG ULVNn WDNLQJ EHKDYLRU 0DWDUD]]R 3UDWW f +HDOWK SUDFWLFHV LQIOXHQFLQJ KHDOWK VWDWXV DOVR PD\ EH PRGLILHG E\ VWUHVV /DQJOLH f IRXQG WKDW VXEMHFWV ZLWK DQ\ GHPDQGV RQ WKHLU WLPH UHSRUWHG IHHOLQJ D ODFN RI FRQWURO DQG SHUFHLYHG WKH FRVWV RI PDLQWDLQLQJ JRRG KHDOWK DV KLJK )RU PRUH GLUHFW VXSSRUW :HLVPDQ f UHSRUWHG WKDW SHSWLF XOFHU VXIIHUHUV DJJUDYDWH WKHLU GLVHDVH E\ LQFUHDVLQJ DOFRKRO FRQVXPSWLRQ LQ UHVSRQVH WR ZRUN VWUHVV 6LPLODUO\ VPRNHUV WHQG WR VPRNH PRUH GXULQJ KLJK VWUHVV FRQGLWLRQV WKDQ GXULQJ ORZVWUHVV FRQGLWLRQV

PAGE 101

+RURZLW] HW DO 6FKDFKWHU 6LOYHUVWHLQ .R]ORZVNL +HUPDQ t /LHEOLQJ f :LWK HYLGHQFH WKDW VWUHVV DIIHFWV KHDOWK SUDFWLFHV WKDW LQ WXUQ LQIOXHQFH KHDOWK VWDWXV LW FDQ EH K\SRWKHVL]HG WKDW KHDOWK SUDFWLFHV PHGLDWH WKH UHODWLRQVKLS EHWZHHQ VWUHVV DQG LOOQHVV $OWKRXJK WKLV QRWLRQ KDV EHHQ VXJJHVWHG SUHYLRXVO\ HJ +LQNOH -HPPRWW t /RFNH f HPSLULFDO LQYHVWLJDWLRQ RI WKLV UHODWLRQVKLS KDV EHHQ PLQLPDO 7R WHVW WKLV K\SRWKHVLV GLUHFWO\ 3DUGLQH HW DO f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f LQYHVWLJDWHG WKH MRLQW PHGLDWLQJ HIIHFWV RI KHDOWK SUDFWLFHV DQG KDUGLQHVV LQ WKH VWUHVVLOOQHVV UHODWLRQVKLS +HDOWK SUDFWLFHV ZHUH PHDVXUHG E\ WKH 6HOI &DUH ,QYHQWRU\ 3DUGLQH HW DO f 7KH LWHP TXHVWLRQQDLUH DVVHVVHG D YDULHW\ RI SRVLWLYH DQG QHJDWLYH EHKDYLRUV UHODWHG WR GLHWDU\ SUDFWLFHV K\JLHQLF SUDFWLFHV UHFNOHVVQHVV VXEVWDQFH DEXVH DQG H[HUFLVH 7KH IHPDOH DQG PDOH XQGHUJUDGXDWH VXEMHFWV ZHUH DVNHG WR LQGLFDWH WKH IUHTXHQF\ ZLWK ZKLFK HDFK EHKDYLRU RFFXUUHG LQ

PAGE 102

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t 0RUULV 3DIIHQEHUJHU t +DOH f DSSHDUV WR EH WKDW H[HUFLVH GHFUHDVHV WKH OLNHOLKRRG RI KHDUW DWWDFNV (YHQ DPRQJ VXEMHFWV VKRZLQJ FRQVWLWXWLRQDO ULVN IDFWRUV WKRVH ZKR H[HUFLVHG KDG IHZHU KHDUW DWWDFNV WKDQ WKRVH ZKR ZHUH

PAGE 103

VHGHQWDU\ $SSDUHQWO\ WKH EHQHILFLDO HIIHFW RI H[HUFLVH LV QRW UHVWULFWHG WR VSRUWV LH MRJJLQJ WHQQLVf EXW LQFOXGHV SK\VLFDO ODERU DV ZHOO HJ 3DIIHQEHUJHU t +DOH f ([SODQDWLRQV RI WKHVH UHVXOWV HJ %R\HU (SVWHLQ HW DO 3DIIHQEHUJHU t +DOH f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t 7DDNXQHQ f 7KH HYLGHQFH WKDW H[HUFLVH SURWHFWV DJDLQVW RWKHU LOOQHVVHV LV OHVV FOHDU WKRXJK LW KDV EHHQ LPSOLFDWHG LQ WKDW IDVKLRQ HJ :HLQHU f ([HUFLVH VHHPV D SURPLVLQJ HQRXJK EXIIHU WR MXVWLI\ DGGLWLRQDO DWWHPSWV WR GHWHUPLQH LWV UROH ZLWK RWKHU SRVVLEOH PHGLDWRUV LQ SURWHFWLQJ KHDOWK .REDVD 0DGGL DQG 3XFFHWWL f H[DPLQHG H[HUFLVH DQG KDUGLQHVV DV LQGHSHQGHQW EXIIHUV RI WKH VWUHVVIXO HYHQW LOOQHVV UHODWLRQVKLS 8VLQJ D VHOIGHYHORSHG PHDVXUH RI H[HUFLVH WKH DXWKRUV IRXQG WKDW KDUGLQHVV DQG H[HUFLVH HDFK LQWHUDFWHG ZLWK VWUHVVIXO HYHQWV LQ GHFUHDVLQJ LOOQHVV LQ

PAGE 104

EXVLQHVV H[HFXWLYHV 7KHLU EXIIHULQJ HIIHFWV VHHP DGGLWLYH LQ WKDW SHUVRQV ZKR ERWK ZHUH KDUG\ DQG H[HUFLVHG ZHUH WKH KHDOWKLHVW ([HUFLVH EXIIHUHG VWUHVV E\ GHFUHDVLQJ WKH RUJDQLVPLF VWUDLQ SURGXFHG E\ VWUHVVIXO HYHQWV 7KH DXWKRUV LGHQWLILHG H[HUFLVH DV DQ LPSRUWDQW UHVLVWDQFH UHVRXUFH DJDLQVW LOOQHVV 7KH\ DOVR UHFRPPHQGHG IXWXUH UHVHDUFK IRFXVLQJ RQ WKH FRPSOHPHQWDU\ VWUHVVUHVLVWDQFH HIIHFWV RI KDUGLQHVV H[HUFLVH DQG DQRWKHU UHVRXUFH VXFK DV SHUFHLYHG VRFLDO VXSSRUW $OWKRXJK .REDVD f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

PAGE 105

RI SK\VLFDO DQG SV\FKRORJLFDO V\PSWRPV WKDW DUH FRQVLGHUHG WKH RXWFRPHV RI KLJK VWUHVV 2I WKH WKUHH PDMRU WKHRUHWLFDO PRGHOV RI VWUHVV RQH WKH WUDQVDFWLRQDO PRGHO IRFXVHV RQ ERWK VWUHVVRUV DQG VWUHVV UHVSRQVH ,W DOORZV IRU LQGLYLGXDO GLIIHUHQFHV E\ LQFOXGLQJ PHGLDWLQJ IDFWRUV VXFK DV KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHVf LQ WKH PRGHO ZKLFK PD\ KHOS H[SODLQ ZK\ DOO SHRSOH XQGHU VWUHVV GR QRW H[SHULHQFH LOO HIIHFWV )XUWKHUPRUH LW FRQVLGHUV SRVLWLYH RXWFRPHV VXFK DV PRUDOH DQG VDWLVIDFWLRQ UDWKHU WKDQ IRFXVLQJ RQO\ RQ QHJDWLYH RXWFRPHV VXFK DV SV\FKRORJLFDO V\PSWRPV RU SK\VLFDO LOOQHVV 7KXV WKH WUDQVDFWLRQDO PRGHO VHHPV EHVW VXLWHG WR JXLGH UHVHDUFK RQ WKH FRPSOH[ UHODWLRQVKLS EHWZHHQ VWUHVV DQG LWV RXWFRPHV RI VWUDLQ DQG VDWLVIDFWLRQ LQ SUDFWLFLQJ GHQWLVWV

PAGE 106

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

PAGE 107

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f ZKLFK UHSUHVHQWHG DERXW b RI WKH DFWLYHO\ SUDFWLFLQJ GHQWLVWV LQ WKH VWDWH 7KH )'$ RIIHUV DFFHVV WR WKH PHPEHUVKLS PDLOLQJ OLVW IRU D IHH 0DLOLQJ OLVWV FDQ EH SXUFKDVHG DFFRUGLQJ WR

PAGE 108

DOSKDEHWLFDO OLVWLQJ ]LS FRGH DUHDV RU SUDFWLFH VSHFLDOW\ )RU WKLV VWXG\ WKH HQWLUH PDLOLQJ OLVW ZDV XVHG 1DPHV RI SRWHQWLDO SDUWLFLSDQWV ZHUH UDQGRPO\ VHOHFWHG IURP WKH FXUUHQW PHPEHUVKLS URVWHU RI WKH )'$ 6WDUWLQJ DW WKH WRS RI WKH OLVW HYHU\ QDPH ZDV DVVLJQHG D QXPEHU WKHQ XVLQJ D FRPSXWHU JHQHUDWHG UDQGRP QXPEHU WDEOH QDPHV ZHUH VHOHFWHG IURP WKH OLVW IRU WKH LQLWLDO PDLORXW ,I DQ REYLRXVO\ IHPDOH QDPH ZDV VHOHFWHG DQRWKHU QDPH ZDV VHOHFWHG WR WDNH LWV SODFH XVLQJ WKH VDPH SURFHGXUH 7KH VXUYH\ ZDV PDLOHG GXULQJ WKH VXPPHU RI 7KH VDPSOH VHOHFWHG UHSUHVHQWHG DSSUR[LPDWHO\ b RI WKH FXUUHQW PHPEHUVKLS RI WKH )'$ 1R DWWHPSW ZDV PDGH WR VWUDWLI\ WKH VDPSOH EXW WKH UHVSRQGHQWVn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b LQ VOLJKWO\ RYHU WKUHH ZHHNV ZLWK RQO\ RQH IROORZXS UHPLQGHU ZDV TXLWH KLJK IRU D UDQGRP PDLO

PAGE 109

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f /HIHEYUH t 6DQGIRUG f ZDV XVHG WR PHDVXUH VWUDLQ RU WKH VWUHVV UHVSRQVH LQ WKH SDUWLFLSDQWV 7KH 64 LV D LWHP VHOIUHSRUW SDSHU DQGSHQFLO WHVW ZKLFK FRQFHSWXDOL]HV VWUDLQ DV D V\QGURPH RI SK\VLFDO EHKDYLRUDO DQG FRJQLWLYH V\PSWRPV WKDW DUH HOLFLWHG WR YDU\LQJ GHJUHHV E\ HQYLURQPHQWDO GHPDQGV XSRQ DQ LQGLYLGXDO 7KLV V\QGURPH LV UHODWLYHO\ LQGHSHQGHQW RI FRQFRPLWDQW HPRWLRQDO VWDWHV HJ DQ[LHW\ RU GHSUHVVLRQf

PAGE 110

DQG LV QRW VHYHUH RU FKURQLF HQRXJK WR KDYH UHVXOWHG LQ FOLQLFDO GLDJQRVHV 2Q WKH 64 UHVSRQGHQWV DUH DVNHG WR UDWH KRZ RIWHQ LQ WKH ODVW ZHHN WKH\ H[SHULHQFHG HDFK RI WKH V\PSWRPV E\ UHVSRQGLQJ QHYHU RQFH RU WZLFH WKUHH RU IRXU WLPHV ILYH RU VL[ WLPHV RU HYHU\ GD\ 5HVSRQVHV DUH DVVLJQHG QXPHULFDO HTXLYDOHQWV f DQG VXPPHG WR REWDLQ D WRWDO VFRUH DQG VFRUHV RQ HDFK RI WKH VXEVFDOHV 7KH 64 \LHOGV VFRUHV RQ WKUHH VXEVFDOHV SK\VLFDO EHKDYLRUDO DQG FRJQLWLYHf SOXV WKH IXOO VFDOH VFRUH 7ZHQW\HLJKW TXHVWLRQV DGGUHVV SK\VLFDO VLJQV RI VWUDLQ VXFK DV EDFNDFKHV DQG LQVRPQLD TXHVWLRQV FRYHU WKH EHKDYLRUDO V\PSWRPV VXFK DV VSHQGLQJ PRUH WLPH DORQH DQG EHLQJ DFFLGHQW SURQH DQG WKH ILQDO HLJKW TXHVWLRQV DVVHVV FRJQLWLYH V\PSWRPV VXFK DV EHOLHYLQJ WKH ZRUOG LV DJDLQVW \RX ,QLWLDO UHOLDELOLW\ DQG YDOLGLW\ VWXGLHV KDYH EHHQ FRQGXFWHG RQ WKH 64 7HVWV RI UHOLDELOLW\ RQ WKH 64 KDYH EHHQ FRQGXFWHG E\ /HIHEYUH t 6DQGIRUG f EDVHG RQ D WRWDO VDPSOH RI VXEMHFWV LQFOXGLQJ PDOH DQG IHPDOH LQVXUDQFH DJHQWV HOHPHQWDU\ DQG VHFRQGDU\ VFKRRO WHDFKHUV JUDGXDWH EXVLQHVV VWXGHQWV QDYDO HQJLQHHUV DQG XQGHUJUDGXDWH VWXGHQWV 7KHVH WHVWV LQFOXGH LQWHUQDO FRQVLVWHQF\ &URQEDFKnV DOSKDf DQG WHVWUHWHVW RYHU D SHULRG RI RQH PRQWK 7KH IXOO VFDOH KDG DQ DOSKD FRHIILFLHQW RI DQG WHVWUHWHVW FRUUHODWLRQ RI $OSKD FRHIILFLHQWV ZHUH UHSRUWHG WR EH IRU WKH EHKDYLRUDO VXEVFDOH IRU WKH

PAGE 111

FRJQLWLYH VXEVFDOH DQG IRU WKH SK\VLFDO VXEVFDOH 7HVWUHWHVW UHOLDELOLWLHV LQFOXGHG IRU WKH FRJQLWLYH VXEVFDOH IRU WKH SK\VLFDO VXEVFDOH DQG IRU WKH EHKDYLRUDO VXEVFDOH /HIHEYUH t 6DQGIRUG f &RQFXUUHQW YDOLGLW\ ZDV HVWDEOLVKHG RQ WKH 64 XVLQJ D VDPSOH RI EXVLQHVV VWXGHQWV /HIHEYUH t 6DQGIRUG f &RUUHODWLRQV EHWZHHQ WKH 64 LWV WKUHH VXEVFDOHV DQG WKH %HFN 'HSUHVVLRQ ,QYHQWRU\ %',f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

PAGE 112

7KH 'HQWDO &DUHHU 6DWLVIDFWLRQ ,QGH[ 6DWLVIDFWLRQ ZLWK RQHnV GHQWDO FDUHHU ZDV DVVHVVHG XVLQJ D LWHP VFDOH FUHDWHG E\ .DW] f 7KH 'HQWDO &DUHHU 6DWLVIDFWLRQ ,QGH[ '&6f ZDV GHVLJQHG WR PHDVXUH WKH GHJUHH WR ZKLFK GHQWLVWV IHOW VXFFHVVIXO DQG VDWLVILHG ZLWK WKHLU FKRLFH RI GHQWLVWU\ DV D FDUHHU 7KH FRQFHSW RI IHHOLQJ VXFFHVVIXO LQ RQHnV FDUHHU KDV EHHQ SURSRVHG DV RQH RI WKH FULWLFDO FRPSRQHQWV RI MRE VDWLVIDFWLRQ &DPSEHOO &RQYHUVH t 5RGJHUV 2VKHUVRQ t 'LOO f 2Q RQH JXHVWLRQ WKH UHVSRQGHQWV ZHUH DVNHG WR LQGLFDWH WKH GHJUHH WR ZKLFK WKH\ IHHO WKH\ DUH VXFFHVVIXO LQ WKHLU SURIHVVLRQ ZKHQ FRPSDUHG WR WKH DYHUDJHf GHQWLVW 7ZR RWKHU TXHVWLRQV ZHUH GHVLJQHG WR DVVHVV WKH GHVLUH WR HVFDSH IURP GHQWDO SUDFWLFH HLWKHU WKURXJK SDUWLFLSDWLQJ LQ VRPH RWKHU DVSHFW RI GHQWLVWU\ RU OHDYLQJ WKH SURIHVVLRQ DOWRJHWKHU 7KH VFDOH XVHG D /LNHUWW\SH UHVSRQVH IRUPDW UDQJLQJ IURP YHU\ XQKDSS\f WR YHU\ KDSS\f )RU WKLV VWXG\ WKH UHVSRQVH IRUPDW ZDV FKDQJHG WR D WR /LNHUW VFDOH LQ RUGHU WR EH FRQVLVWHQW ZLWK WKH RWKHU LQVWUXPHQWV XVHG 6HYHUDO LQYHVWLJDWRUV KDYH IRXQG WKDW FKDQJLQJ WKH QXPEHU RI UHVSRQVH FDWHJRULHV GRHV QRW DIIHFW WKH LQWHUQDO FRQVLVWHQF\ %HQGLJ .RPRULWD f SUHGLFWLYH YDOLGLW\ FRQFXUUHQW YDOLGLW\ RU WHVWUHWHVW UHOLDELOLW\ -DFRE\ t 0DWHOO f RI WKH LQVWUXPHQW ,WHPV ZHUH UHVSRQGHG WR RQ D VFDOH RI WR GLVDJUHH WR DJUHHf \LHOGLQJ D WRWDO VFRUH UDQJLQJ IURP WR

PAGE 113

.DW] f XVLQJ D VDPSOH RI GHQWLVWV LQ 7H[DV f $ UHSRUWHG DQ LQWHUQDO FRQVLVWHQF\ FRHIILFLHQW &URQEDFKnV DOSKDf RI IRU WKH '&6 ,WHPWRWDO FRUUHODWLRQV IRU WKH '&6 UDQJHG IURP WR ZLWK D PHDQ RI 8QIRUn WXQDWHO\ QR IXUWKHU UHOLDELOLW\ RU YDOLGLW\ LQIRUPDWLRQ ZDV DYDLODEOH IRU WKH '&6 7KH ,QGH[ RI :HOO%HLQJ 7KH ,QGH[ RI :HOO%HLQJ ,:%f GHYHORSHG E\ &DPSEHOO HW DO f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f WR WKH SRLQWV RQ HDFK LWHP ZLWK EHLQJ WKH OHDVW IDYRUDEOH UHVSRQVH DQG WKH PRVW IDYRUDEOH 7KHQ WKH PHDQ RI WKH ILUVW HLJKW LWHPV ZDV FRPSXWHG 1H[W WKH VFRUH RQ WKH QLQWK LWHP ZDV ZHLJKWHG E\ PXOWLSO\LQJ LW E\ )LQDOO\ WKH WRWDO VFRUH ZDV FRPSXWHG E\ DGGLQJ WKH PHDQ RI WKH ILUVW HLJKW LWHPV WR WKH ZHLJKWHG QLQWK LWHP

PAGE 114

7KXV WKH ,:% JDYH FRQVLGHUDEO\ PRUH ZHLJKW WR WKH RYHUDOO OLIH VDWLVIDFWLRQ LWHP WKDQ WR DQ\ RI WKH VHPDQWLF GLIIHUHQWLDO LWHPV WDNHQ DORQH &DPSEHOO HW DO f &DPSEHOO HW DO f XVLQJ D QDWLRQDO VDPSOH RI RYHU SHRSOH UHSRUWHG DQ LQWHUQDO FRQVLVWHQF\ FRHIILFLHQW RI IRU WKH ,:% ,QWHUFRUUHODWLRQV RI WKH ILUVW LWHPV UDQJHG IURP WR $ SULQFLSDO FRPSRQHQWV IDFWRU DQDO\VLV HPSOR\LQJ YDULPD[ URWDWLRQ RI WKH FRUUHODWLRQV DPRQJ WKH ILUVW HLJKW LWHPV UHYHDOHG WKDW WKH\ MRLQWO\ GHILQH WKH ILUVW DQG RQO\ IDFWRU 7HVWUHWHVW UHOLDELOLW\ IRU WKH ,:% RYHU DQ PRQWK SHULRG ZDV UHSRUWHG WR EH &DPSEHOO HW DO f $ 7KH 'HQWDO 6WUHVV ,QYHQWRU\ 7KH 'HQWDO 6WUHVV ,QYHQWRU\ '6,f .DW] f ZDV XVHG WR PHDVXUH VWUHVVRUV RU WKH GHJUHH WR ZKLFK GHQWLVWV SHUFHLYH WKHPVHOYHV WR EH XQGHU VWUHVV LQ WKHLU ZRUN HQYLURQPHQW 7KH '6, FRQVLVWV RI LWHPV GHVLJQHG WR UHIOHFW YDULRXV DVSHFWV LQ WKH ZRUN H[SHULHQFH RI WKH SUDFWLFLQJ GHQWLVW ZKLFK KDYH EHHQ K\SRWKHVL]HG WR EH VWUHVVIXO IRU PDQ\ SUDFWLWLRQHUV 7KH ODVW LWHP DVNV 2YHUDOO KRZ VWUHVVIXO GR \RX ILQG WKH SUDFWLFH RI GHQWLVWU\" 7KH VFDOH XVHV D /LNHUW UHVSRQVH IRUPDW UDQJLQJ IURP VWURQJO\ GLVDJUHHf WKURXJK VWURQJO\ DJUHHf )RU WKLV VWXG\ WKH UHVSRQVH IRUPDW ZDV FKDQJHG WR WR LQ RUGHU WR EH FRQVLVWHQW ZLWK WKH RWKHU LQVWUXPHQWV XVHG $V SUHYLRXVO\ PHQWLRQHG VHYHUDO UHVHDUFKHUV KDYH IRXQG WKDW

PAGE 115

FKDQJLQJ WKH QXPEHU RI UHVSRQVH FDWHJRULHV GRHV QRW DIIHFW WKH LQWHUQDO FRQVLVWHQF\ %HQGLJ .RPRULWD f SUHGLFWLYH YDOLGLW\ FRQFXUUHQW YDOLGLW\ RU WHVWUHWHVW UHOLDELOLW\ -DFRE\ t 0DWHOO f RI WKH LQVWUXPHQW 7KH WRWDO VFRUH UDQJHG IURP WR .DW] f IRXQG WKH '6, KDG DQ LQWHUQDO UHOLDELOLW\ FRHIILFLHQW RI DQG D FRQVLVWHQWO\ JRRG LWHPWRWDO FRUUHODWLRQ UDQJLQJ IURP WR 9DOLGLW\ ZDV HVWDEn OLVKHG RQ WKH '6, XVLQJ D VDPSOH RI GHQWLVWV .DW] f 6XEMHFWV ILOOHG RXW WKH '6, DQG D PHDVXUH RI JHQHUDO OLIH VWUHVVIXOQHVV WKH *HQHUDO 6WUHVV ,QGH[ *6,f XVHG E\ .REDVD f 7KLV LWHP VFDOH GHWHUPLQHG WKH H[WHQW WR ZKLFK UHVSRQGHQWV IRXQG VWUHVVIXO HDFK RI WKH IROORZLQJ JHQHUDO DUHDV RI OLIH ZRUN ILQDQFLDO FRQFHUQV VRFLDOFRPPXQLW\ LQYROYHPHQWV LQWHUSHUVRQDO UHODWLRQVKLSV IDPLO\ DQG SHUVRQDO RU LQQHUOLIH FRQFHUQV 7KH FRUUHODWLRQ EHWZHHQ WKH WZR LQVWUXPHQWV ZDV DOPRVW ]HUR VXSSRUWLQJ WKH SUHVXPSWLRQ WKDW WKH '6, LV D SXUH PHDVXUH RI VWUHVV LQ GHQWLVWU\ DV SHUFHLYHG E\ WKH SUDFWLWLRQHU 7KH +DUGLQHVV 7HVW 7KH +DUGLQHVV 7HVW +7f .REDVD 0DGGL t .DKQ f ZDV XVHG WR PHDVXUH WKH GHJUHH WR ZKLFK WKH LQGLYLGXDO KDV D KDUG\ SHUVRQDOLW\ 7KH KDUG\ SHUVRQDOLW\ DV FRQFHSWXDOL]HG E\ .REDVD 0DGGL DQG 3XFFHWWL f LV GHILQHG DV SRVVHVVLQJ IHHOLQJV RI FRQWURO FRPPLWPHQW DQG FKDOOHQJH &RQWURO FRQFHUQV WKH IHHOLQJ DQG EHOLHI WKDW OLIH HYHQWV PD\

PAGE 116

EH LQIOXHQFHG E\ WKH VHOI UDWKHU WKDQ IHHOLQJ KHOSOHVV ZKHQ FRQIURQWHG ZLWK DGYHUVLW\ &RPPLWPHQW UHIOHFWV D JHQHUDOL]HG VHQVH RI SXUSRVH DQG PHDQLQJIXOQHVV WKDW LV H[SUHVVHG DV D WHQGHQF\ WR EHFRPH DFWLYHO\ LQYROYHG LQ HYHQWV UDWKHU WKDQ UHPDLQLQJ SDVVLYHO\ XQLQYROYHG &KDOOHQJH VXJJHVWV WKDW OLIH HYHQWV DUH SHUFHLYHG QRW DV DQ RQHURXV EXUGHQ E\ ZKLFK RQH LV ZHLJKHG GRZQ EXW LQVWHDG DV D QRUPDO SDUW RI OLIH WKDW SURYLGHV RSSRUWXQLW\ IRU GHYHORSPHQW *DQHOODQ t %ODQH\ f 2ULJLQDOO\ KDUGLQHVV EHLQJ D PXOWLIDFHWHG SHUVRQDOLW\ VW\OH ZDV PHDVXUHG E\ ILYH VFDOHV FRPELQHG LQWR D FRPSRVLWH VFRUH .REDVD 0DGGL t .DKQ f &RPPLWPHQW ZDV PHDVXUHG E\ LWHPV IRU WKH DOLHQDWLRQ IURP VHOI DQG DOLHQDWLRQ IURP ZRUN VFDOH LWHPV RI WKH $OLHQDWLRQ 7HVW 0DGGL .REDVD t +RRYHU f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f 7KLV WUXHIDOVH VFDOH PHDVXUHV WKH GHJUHH WR ZKLFK VDIHW\ VWDELOLW\ DQG SUHGLFWDELOLW\ DUH GHHPHG LPSRUWDQW

PAGE 117

VFRULQJ KLJK RQ WKLV VFDOH DUH XQOLNHO\ WR SHUFHLYH FKDQJHV DV VWLPXODWLQJ FKDOOHQJHV WR JURZWK $Q DWWLWXGH RI SHUVRQDO FRQWURO ZDV PHDVXUHG QHJDWLYHO\ E\ LWHPV IURP WKH H[WHUQDO ORFXV RI FRQWURO VFDOH 5RWWHU 6HHPDQ t /LYHUDQW f DQG WKH SRZHUOHVVQHVV VFDOH RI WKH $OLHQDWLRQ 7HVW 0DGGL HW DO f 7KH PRVW UHFHQW WKLUG JHQHUDWLRQf +DUGLQHVV 7HVW FRQWDLQV LWHPV IURP WKHVH ILYH VFDOHV WR IRUP D FRPSRVLWH WKDW KDV VKRZQ PRGHUDWHO\ KLJK LQWHUFRUUHODWLRQV EHWZHHQ VFDOHV UDQJLQJ IURP WR f DQG MRLQWO\ GHILQH WKH ILUVW DQG RQO\ ODUJH IDFWRU LQ D SULQFLSDO FRPSRQHQWV IDFWRU DQDO\VLV .REDVD 0DGGL t 3XFFHWWL f $V WR WKH UHOLDELOLW\ RI WKH +7 HVWLPDWHV RI LQWHUQDO FRQVLVWHQF\ KDYH \LHOGHG FRHIILFLHQW DOSKDV LQ WKH V IRU WRWDO KDUGLQHVV VFRUH DQG LQ WKH V IRU FRPPLWPHQW FRQWURO DQG FKDOOHQJH VFRUHV 6WDELOLW\ DSSHDUV WR EH LQ WKH V RYHU SHULRGV RI WZR ZHHNV RU PRUH .DKQ f ,Q DGGLWLRQ WKH KDUGLQHVV FRPSRVLWH KDV VKRZQ D VWDELOLW\ FRUUHODWLRQ RI RYHU D \HDU SHULRG .REDVD f 7KH WHVW LV VFRUHG E\ WKH +DUGLQHVV ,QVWLWXWH \LHOGLQJ D WRWDO KDUGLQHVV VFRUH SOXV VFRUHV IRU HDFK RI WKH WKUHH VXEVFDOHV RI FRPPLWPHQW FKDOOHQJH DQG FRQWURO &RSLQJ 5HVSRQVHV &RSLQJ VW\OH ZDV DVVHVVHG XVLQJ DQ LQVWUXPHQW RQ &RSLQJ 5HVSRQVHV GHYHORSHG E\ %LOOLQJV DQG 0RRV f 7KLV LQVWUXPHQW LV GHVLJQHG WR GHWHUPLQH KRZ UHVSRQGHQWV

PAGE 118

FRSH ZLWK D VSHFLILF FRQIOLFW RU SUREOHP XVLQJ \HV RU QR LWHPV ,Q WKLV VWXG\ VXEMHFWV ZHUH DVNHG WR UHVSRQG WR D W\SLFDO SUREOHP \RX KDYH IDFHG UHFHQWO\ LQ \RXU ZRUN DV D GHQWLVW 7KH LWHPV FDQ EH JURXSHG LQWR WKUHH PHWKRG RI FRSLQJ FDWHJRULHV DFWLYHFRJQLWLYH DFWLYHEHKDYLRUDO DQG DYRLGDQFH $FWLYHFRJQLWLYH FRSLQJ LQFOXGHV DWWHPSWV WR PDQDJH RQHnV DSSUDLVDO RI WKH VWUHVVIXOQHVV RI WKH HYHQW VXFK DV WULHG WR VHH WKH SRVLWLYH VLGH RI WKH VLWXDWLRQ DQG GUHZ RQ P\ SDVW H[SHULHQFH LQ VLPLODU VLWXDWLRQV $FWLYHEHKDYLRUDO FRSLQJ UHIHUV WR RYHUW EHKDYLRUDO DWWHPSWV WR GHDO GLUHFWO\ ZLWK WKH SUREOHP DQG LWV HIIHFWV VXFK DV WULHG WR ILQG RXW PRUH DERXW WKH VLWXDWLRQ DQG WRRN VRPH SRVLWLYH DFWLRQ $YRLGDQFH FRSLQJ UHIHUV WR DWWHPSWV WR DYRLG DFWLYHO\ FRQIURQWLQJ WKH SUREOHP IRU H[DPSOH SUHSDUHG IRU WKH ZRUVW DQG NHSW P\ IHHOLQJV WR P\VHOIf RU WR LQGLUHFWO\ UHGXFH HPRWLRQDO WHQVLRQ E\ VXFK EHKDYLRUV DV HDWLQJ RU VPRNLQJ PRUH %LOOLQJV t 0RRV f 7KH LWHPV DOVR PD\ EH JURXSHG LQWR WZR IRFXV RI FRSLQJ VWUDWHJLHV SUREOHPIRFXVHG DQG HPRWLRQIRFXVHG 3UREOHP IRFXVHG FRSLQJ LQFOXGHV DWWHPSWV WR PRGLI\ RU HOLPLQDWH WKH VRXUFHV RI VWUHVV WKURXJK RQHnV RZQ EHKDYLRU (PRWLRQ IRFXVHG FRSLQJ LQFOXGHV EHKDYLRUDO RU FRJQLWLYH UHVSRQVHV ZKRVH SULPDU\ IXQFWLRQ LV WR PDQDJH WKH HPRWLRQDO FRQVHTXHQFHV RI VWUHVVRUV DQG WR KHOS PDLQWDLQ RQHnV HPRWLRQDO HTXLOLEULXP %LOOLQJV t 0RRV f 7KH VFRUH

PAGE 119

IRU HDFK FRSLQJ PHDVXUH LV WKH SHUFHQWDJH RI LWHPV DQVZHUHG \HV *LYHQ WKH XQGHUO\LQJ DVVXPSWLRQV RI UHOLDELOLW\ WKHRU\ *XWWPDQ f W\SLFDO SV\FKRPHWULF HVWLPDWHV RI LQWHUQDO FRQVLVWHQF\ PD\ KDYH OLPLWHG DSSOLFDELOLW\ LQ DVVHVVLQJ WKH DGHTXDF\ RI PHDVXUHV RI FRSLQJ +DUWPDQQ 5RSHU t %UDGIRUG =XFNHUPDQ f $Q XSSHU OLPLW PD\ EH SODFHG RQ LQWHUQDO FRQVLVWHQF\ FRHIILFLHQWV E\ WKH IDFW WKDW WKH XVH RI RQH FRSLQJ UHVSRQVH PD\ EH VXIILFLHQW WR UHGXFH VWUHVV DQG WKXV OHVVHQ WKH QHHG WR XVH RWKHU UHVSRQVHV IURP HLWKHU WKH VDPH RU RWKHU FDWHJRULHV RI FRSLQJ %HDULQJ WKLV LQ PLQG LQWHUQDO FRQVLVWHQFLHV &URQEDFKnV DOSKDf RI WKH PHWKRG RI FRSLQJ FDWHJRULHV ZHUH IRU DFWLYHFRJQLWLYH FRSLQJ IRU DFWLYHEHKDYLRUDO FRSLQJ DQG IRU DYRLGDQFH FRSLQJ 7KH LQWHUFRUUHODWLRQV DPRQJ WKH WKUHH FRSLQJ FDWHJRULHV DUH UHODWLYHO\ ORZ WKH DYHUDJH FRUUHODWLRQ FRHIILFLHQW LV f LQGLFDWLQJ WKDW WKH FDWHJRULHV DUH UHODWLYHO\ LQGHSHQGHQW $GHTXDWH LQWHUQDO FRQVLVWHQF\ DQG LQGHSHQGHQFH RI WKH IRFXV RI WKH FRSLQJ FDWHJRULHV KDYH EHHQ GHPRQVWUDWHG E\ )RONPDQ DQG /D]DUXV f 7KH 9XOQHUDELOLW\ 6FDOH RI WKH 6WUHVV $XGLW 7KH 9XOQHUDELOLW\ 6FDOH 96f IURP WKH 6WUHVV $XGLW 0LOOHU t 6PLWK f ZDV XVHG WR DVVHVV VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV 7KH 6WUHVV $XGLW LV D LWHP VHOI DGPLQLVWHUHG SDSHUDQGSHQFLO LQVWUXPHQW 7KH 96 FRQVLVWV

PAGE 120

RI TXHVWLRQV ZKLFK DVN UHVSRQGHQWV WR UDWH WKH IUHTXHQF\ RI RFFXUUHQFH RI FHUWDLQ EHKDYLRUV RU VLWXDWLRQV ZKLFK DIIHFW RQHnV YXOQHUDELOLW\ WR VWUHVV 9XOQHUDELOLW\ LWHPV DUH UDWHG IURP DOPRVW DOZD\Vf WR QHYHUf ZKLFK LQGLFDWH WKH IUHTXHQF\ RI KHDOWKUHODWHG EHKDYLRU ,WHPV VDPSOH HDWLQJ VOHHS H[HUFLVH DQG UHFUHDWLRQDO KDELWV DOFRKRO FDIILHQH DQG WREDFFR XVH DELOLW\ WR H[SUHVV HPRWLRQV DQG VRFLDO DQG VSLULWXDO UHVRXUFHV 7KH 96 LV VFRUHG E\ VXPPLQJ WKH FLUFOHG QXPEHUV 6FRUHV UDQJH IURP WR )RU WKLV VWXG\ WKH UHVSRQVH IRUPDW ZDV FKDQJHG WR QHYHUf WR DOPRVW DOZD\Vf LQ RUGHU WR EH FRQVLVWHQW ZLWK WKH GLUHFWLRQDO YDOXHV ORZ WR KLJKf RI WKH RWKHU LQVWUXPHQWV XVHG $V SUHYLRXVO\ PHQWLRQHG VHYHUDO UHVHDUFKHUV KDYH IRXQG WKDW FKDQJLQJ WKH UHVSRQVH FDWHJRULHV GRHV QRW DIIHFW WKH LQWHUQDO FRQVLVWHQF\ %HQGLJ .RPRULWD f SUHGLFWLYH YDOLGLW\ FRQFXUUHQW YDOLGLW\ RU WHVWUHWHVW UHOLDELOLW\ -DFRE\ t 0DWHOO f RI WKH LQVWUXPHQW ,QLWLDO UHOLDELOLW\ VWXGLHV RQ WKH 96 KDYH EHHQ UHSRUWHG E\ 0LOOHU 6PLWK DQG 0HKOHU f EDVHG RQ D WRWDO VDPSOH RI VXEMHFWV LQFOXGLQJ QXUVHV JUDGXDWH VWXGHQWV DQG FROOHJH IUHVKPHQ 7KH UHSRUWHG WHVWUHWHVW UHOLDELOLWLHV RQ WKH 96 ZHUH IRU QXUVH HPSOR\HHV RI D XQLYHUVLW\ KRVSLWDO WHVWHG RQH ZHHN DSDUW IRU JUDGXDWH VWXGHQWV LQ SV\FKRORJ\ WHVWHG WZR ZHHNV DSDUW DQG IRU FROOHJH IUHVKPHQ WHVWHG VL[

PAGE 121

ZHHNV DSDUW 8QIRUWXQDWHO\ QR RWKHU UHOLDELOLW\ RU YDOLGLW\ LQIRUPDWLRQ ZDV DYDLODEOH IRU WKH 96 'HPRJUDSKLF 4XHVWLRQQDLUH 7ZHOYH TXHVWLRQV RQ D 'HPRJUDSKLF 4XHVWLRQQDLUH ZHUH XVHG WR JDWKHU GHPRJUDSKLF GDWD DQG WR DWWHPSW PHDVXUHPHQW RI D QXPEHU RI IDFWRUV SXUSRUWHG WR EH UHODWHG WR WKH GHQWLVWnV VWUHVV E\ YDULRXV DXWKRUV LQ WKH GHQWDO OLWHUDWXUH DV SUHYLRXVO\ UHYLHZHG 4XHVWLRQV FRYHUHG LQIRUPDWLRQ RQ VXEMHFWVn JHQGHU PDULWDO VWDWXV DJH UDFH SUHIHUHQFH \HDUV LQ SUDFWLFH VSHFLDOW\ DQG W\SH RI SUDFWLFH VROR YV JURXSf $GGLWLRQDO TXHVWLRQV LQFOXGHG WKH QXPEHU RI GD\V RI FRQWLQXLQJ HGXFDWLRQ WDNHQ SHU \HDU DYHUDJH IUHTXHQF\ RI VWDII PHHWLQJV DQQXDO JURVV LQFRPH IURP GHQWLVWU\ DQG UROH RI VSRXVH LQ WKH SUDFWLFH 'DWD &ROOHFWLRQ 7KH EDVLF SODQ IRU FRQGXFWLQJ WKH PDLO VXUYH\ ZDV LQ DFFRUGDQFH ZLWK WKH UHFRPPHQGDWLRQV RI 'LOOPDQ f 7KH TXHVWLRQQDLUH SDFNHW ZDV GHVLJQHG WR PHHW DV FORVHO\ DV SRVVLEOH 'LOOPDQnV VSHFLILFDWLRQV ,QVWUXPHQWV ZHUH UHGXFHG DQG FRPELQHG LQWR D ERRNOHW IRUPDW 7KH SDFNHW ZDV VHQW WR WKH VHOHFWHG GHQWLVWV DORQJ ZLWK DQ LQWURGXFWRU\ OHWWHU IURP D GHQWLVW DQG DQ H[SODQDWRU\ FRYHU OHWWHU ZKLFK LQFOXGHG D EULHI GHVFULSWLRQ RI WKH SXUSRVH RI WKH

PAGE 122

VWXG\ VHH $SSHQGL[ %f DQG D VWDPSHG DGGUHVVHG UHWXUQ HQYHORSH 6XEMHFWVn QDPHV ZHUH QRW SODFHG RQ WKH TXHVWLRQQDLUH WR HQVXUH FRQILGHQWLDOLW\ (DFK SDFNHW ZDV JLYHQ D FRGH QXPEHU ZKLFK ZDV SDLUHG ZLWK D UHVSRQGHQWnV QDPH RQ D VHSDUDWH OLVWLQJ DOORZLQJ IRU IROORZXS RI SDFNHWV WKDW ZHUH QRW UHWXUQHG ZKLOH VWLOO SURWHFWLQJ FRQILGHQWLDOLW\ 2QH ZHHN IURP WKH GD\ RI WKH RULJLQDO PDLORXW D IROORZXS SRVWFDUG ZDV VHQW WKDQNLQJ WKRVH ZKR KDG FRPSOHWHG WKH TXHVWLRQQDLUH DQG XUJLQJ WKRVH ZKR KDG QRW WR GR VR :KHQ VXIILFLHQW UHWXUQV VXEMHFWVf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

PAGE 123

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

PAGE 124

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

PAGE 125

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b

PAGE 126

DQG QXPEHU RI \HDUV LQ SUDFWLFHf DQG DUH SUHVHQWHG LQ 7DEOH 0HDQV DQG VWDQGDUG GHYLDWLRQV ZHUH FRPSXWHG IRU DJH QXPEHU RI \HDUV LQ SUDFWLFH DQG WKH RWKHU YDULDEOHV DQG DUH SUHVHQWHG LQ 7DEOH $V WKH GDWD LQ 7DEOHV DQG VKRZ WKH DYHUDJH PDOH GHQWLVW LQ WKLV VWXG\ ZDV \HDUV ROG KDG EHHQ LQ SUDFWLFH \HDUV ZDV ZKLWH PDUULHG DQG D JHQHUDO SUDFWLWLRQHU LQ VROR SUDFWLFH 7KH GDWD DOVR UHIOHFW WKDW SDUWLFLSDQWV UHSRUWHG DQ DYHUDJH RI RQ WKH VWUDLQ TXHVWLRQQDLUH ZKLFK KDG D SRVVLEOH UDQJH RI WKURXJK 7KLV LV EHORZ WKH DGXOW QRUP RI 6' f UHSRUWHG E\ WKH DXWKRUV RI WKLV LQVWUXPHQW /HIHEYUH t 6DQGIRUG f 7KH SDUWLFLSDQWV UHSRUWHG D PHDQ JHQHUDO OLIH VDWLVIDFWLRQ OHYHO RI RQ D SRVVLEOH VFDOH RI WKURXJK 7KLV LV YHU\ VLPLODU WR WKH DGXOW QRUP RI 6' f UHSRUWHG E\ &DPSEHOO &RQYHUVH DQG 5RJHUV f 2Q KDUGLQHVV WKH UHVSRQGHQWV VFRUHG D PHDQ VFRUH RI RQ D VFDOH RI WKURXJK ZKLFK FRPSDUHV WR D PHDQ RI IRU PDOHV LQ WKH QRUP JURXS 8QIRUWXQDWHO\ WKH RWKHU LQVWUXPHQWV GLG QRW KDYH QRUPV 7KH SDUWLFLSDQWVn PHDQ UDWLQJV RI VRFLDO VXSSRUW ZHUH DQG WKH PHDQ VFRUH RQ KHDOWK ZDV ERWK RQ VFDOHV RI WR 7KH PHDVXUH RI FRSLQJ VW\OH \LHOGHG WKUHH VHSDUDWH LQGHSHQGHQW VFRUHV FRJQLWLYH FRSLQJ DFWLYHEHKDYLRUDO FRSLQJ DQG DYRLGDQFH FRSLQJ )RU HDFK RI WKH WKUHH FRSLQJ VW\OHV D VFRUH ZDV REWDLQHG E\ GLYLGLQJ WKH QXPEHU RI LWHPV WKH SDUWLFLSDQW

PAGE 127

7DEOH )UHTXHQF\ DQG 5HODWLYH )UHTXHQF\ 'LVWULEXWLRQV RI 'HPRJUDSKLF 9DULDEOHV I b 5DFH U1 f %ODFN +LVSDQLF :KLWH *HQGHU 1 f 0DOHV 5HOLJLRQ 1 f &DWKROLF 3URWHVWDQW -HZLVK 2WKHU 1RQH 0DULWDO 6WDWXV 1 f 1HYHU 0DUULHG 0DUULHG 6HSDUDWHG 'LYRUFHG :LGRZHG 7YRH RI 3UDFWLFH I1 f 6ROR 3UDFWLFH $VVRFLDWHVKLS 3DUWQHUVKLS *URXS 3UDFWLFH &OLQLF 0LOLWDU\ 3XEOLF +HDOWK 'HQWDO (GXFDWLRQ 3UDFWLFH 6SHFLDOW\ 1 f *HQHUDO 'HQWLVWU\ 2UWKRGRQWLFV 3HGRGRQWLFV 3HULRGRQWLFV (QGRGRQWLFV 2UDO 6XUJHU\ 3URVWKRGRQWLFV

PAGE 128

7DEOH FRQWLQXHG I b f§ 'D\V RI &RQWLQXLQJ (GXFDWLRQ &RXUVHV 7DNHQ 3HU
PAGE 129

7DEOH 0HDQV DQG 6WDQGDUG 'HYLDWLRQV RI 3UHGLFWRU DQG &ULWHULRQ 9DULDEOHV 3RVVLEOH 9DULDEOH 0HDQ 6' 5DQJH $JH
PAGE 130

DQVZHUHG \HVf E\ WKH WRWDO QXPEHU RI LWHPV IRU WKDW VFDOH 7KH UHVSRQGHQWV UHSRUWHG XVLQJ WKH KLJKHVW SHUFHQWDJH RI DFWLYHFRJQLWLYH FRSLQJ VW\OH f IROORZHG E\ DFWLYH EHKDYLRUDO f DQG DYRLGDQFH FRSLQJ f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

PAGE 131

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

PAGE 132

7KH DQDO\VHV RI YDULDQFH LQGLFDWHG VLJQLILFDQW HIIHFWV RI UHOLJLRXV SUHIHUHQFH RQ ERWK FDUHHU VDWLVIDFWLRQ DQG VRFLDO VXSSRUW 7KHUH ZDV D VLJQLILFDQW PDLQ HIIHFW RI UHOLJLRXV SUHIHUHQFH RQ FDUHHU VDWLVIDFWLRQ )f S 6FKHIInV PXOWLSOH FRPSDULVRQ WHVW ZDV XVHG WR GHWHUPLQH WKH PHDQV EHWZHHQ ZKLFK VLJQLILFDQW GLIIHUHQFHV H[LVWHG ,W ZDV IRXQG WKDW 3URWHVWDQW GHQWLVWV UHSRUWHG D VLJQLILFDQWO\ KLJKHU FDUHHU VDWLVIDFWLRQ PHDQ WKDQ WKH PHDQ RI -HZLVK GHQWLVWV 7KHUH DOVR ZDV D VLJQLILFDQW PDLQ HIIHFW RI UHOLJLRXV SUHIHUHQFH RQ VRFLDO VXSSRUW )f S 6FKHIInV PXOWLSOH FRPSDULVRQ WHVW DOVR ZDV XVHG WR GHWHUPLQH WKH PHDQV EHWZHHQ ZKLFK VLJQLILFDQW GLIIHUHQFHV H[LVWHG ,W ZDV UHYHDOHG WKDW 3URWHVWDQW GHQWLVWV UHSRUWHG D VLJQLILFDQWO\ KLJKHU VRFLDO VXSSRUW PHDQ WKDQ WKH PHDQ IRU -HZLVK GHQWLVWV 7KH 3URWHVWDQW GHQWLVWV UHSRUWHG VLJQLILFDQWO\ KLJKHU PHDQV RQ ERWK FDUHHU VDWLVIDFWLRQ DQG VRFLDO VXSSRUW WKDQ GLG WKH -HZLVK GHQWLVWV 7KHUH ZDV D VLJQLILFDQW PDLQ HIIHFW DFFRUGLQJ WR WKH DQDO\VLV RI YDULDQFH RI PDULWDO VWDWXV RQ OLIH VDWLVIDFWLRQ )Of S 7KH PHDQ VFRUH ZDV IRU PDUULHG GHQWLVWV ZKLFK ZDV VLJQLILFDQWO\ JUHDWHU WKDQ WKH PHDQ VFRUH RI IRU XQPDUULHG GHQWLVWV 7KHVH UHVXOWV LQGLFDWH WKDW PDUULHG GHQWLVWV UHSRUWHG VLJQLILFDQWO\ KLJKHU OLIH VDWLVIDFWLRQ WKDQ QRQPDUULHG

PAGE 133

5HVXOWV RI WKH DQDO\VLV RI YDULDQFH UHYHDOHG VLJQLILFDQW PDLQ HIIHFWV RI W\SH RI SUDFWLFH RQ DFWLYH EHKDYLRUDO FRSLQJ )f S 7KH PHDQ VFRUH IRU WKH GHQWLVWV LQ VROR SUDFWLFH ZDV ZKLFK ZDV VLJQLILFDQWO\ ORZHU WKDQ WKH PHDQ VFRUH RI IRU GHQWLVWV ZKR SUDFWLFHG ZLWK VRPHRQH HOVH 7KH GHQWLVWV ZKR SUDFWLFHG ZLWK VRPHRQH HOVH VKRZHG D SRVLWLYH LQFUHDVH LQ DFWLYH EHKDYLRUDO FRSLQJ 7KHUH DOVR ZDV D VLJQLILFDQW PDLQ HIIHFW RI W\SH RI SUDFWLFH RQ KHDOWK SUDFWLFHV )f S 7KH GHQWLVWV ZKR SUDFWLFHG ZLWK VRPHRQH HOVH KDG D VLJQLILFDQWO\ KLJKHU PHDQ VFRUH WKDQ WKH PHDQ RI IRU GHQWLVWV LQ VROR SUDFWLFH 7KLV PHDQV WKDW GHQWLVWV ZKR SUDFWLFHG ZLWK VRPHRQH HOVH UDWKHU WKDQ DORQHf VKRZHG DQ LQFUHDVH LQ WKH XVH RI DFWLYHEHKDYLRUDO FRSLQJ DQG KHDOWK SUDFWLFHV 7KH DQDO\VLV RI YDULDQFH GHPRQVWUDWHG D VLJQLILFDQW PDLQ HIIHFW RI SUDFWLFH VSHFLDOW\ RQ VWUHVVRUV )f S *HQHUDO GHQWLVWV KDG D KLJKHU PHDQ VFRUH RQ VWUHVVRUV WKDQ WKH VSHFLDOLVW PHDQ RI $V H[SHFWHG JHQHUDO SUDFWLFH GHQWLVWV KDG KLJKHU VWUHVVRUV GHPDQGVf WKDQ GLG WKH VSHFLDOLVWV $ VLJQLILFDQW PDLQ HIIHFW ZDV GLVFRYHUHG IRU GD\V RI FRQWLQXLQJ HGXFDWLRQ RQ DFWLYHEHKDYLRUDO FRSLQJ )f S 6FKHIInV PXOWLSOH FRPSDULVRQ WHVW ZDV XVHG WR GHWHUPLQH WKH PHDQV EHWZHHQ ZKLFK VLJQLILFDQW GLIIHUHQFHV H[LVWHG 5HVXOWV LQGLFDWHG WKH PHDQ VFRUH RI RQ DFWLYHEHKDYLRUDO FRSLQJ IRU GHQWLVWV ZKR WRRN WR

PAGE 134

GD\V RI FRQWLQXLQJ HGXFDWLRQ FRXUVHV SHU \HDU ZDV VLJQLILFDQWO\ JUHDWHU WKDQ WKH PHDQ VFRUH RI IRU WKH JURXS WDNLQJ WR FRQWLQXLQJ HGXFDWLRQ FRXUVHV SHU \HDU $QRWKHU VLJQLILFDQW PDLQ HIIHFW ZDV IRXQG IRU QXPEHU RI GD\V RI FRQWLQXLQJ HGXFDWLRQ FRXUVHV WDNHQ SHU \HDU RQ KDUGLQHVV 5HVXOWV RI WKH 6FKHII PXOWLSOH FRPSDULVRQ WHVW UHYHDOHG VLJQLILFDQW GLIIHUHQFHV LQ PHDQ KDUGLQHVV VFRUHV EHWZHHQ WKH GHQWLVWV WDNLQJ WR GD\V RI FRQWLQXLQJ HGXFDWLRQ FRXUVHV SHU \HDU PHDQ DQG WKH GHQWLVWV WDNLQJ WR GD\V HDQ 7KH GHQWLVWV ZLWK WKH OHDVW GD\V RI FRQWLQXLQJ HGXFDWLRQ KDG VLJQLILFDQWO\ ORZHU KDUGLQHVV VFRUHV WKDQ GLG WKH GHQWLVWV LQ WKH WR GD\ JURXS $QDO\VLV RI YDULDQFH ILQGLQJV ZHUH VLJQLILFDQW IRU LQFRPH RQ ERWK FDUHHU VDWLVIDFWLRQ DQG KDUGLQHVV $ VLJQLILFDQW PDLQ HIIHFW ZDV IRXQG IRU LQFRPH RQ FDUHHU VDWLVIDFWLRQ )Of S $V H[SHFWHG WKH KLJKHU LQFRPH JURXS UHSRUWHG VLJQLILFDQWO\ JUHDWHU FDUHHU 0 f WKDQ GLG WKH ORZHU LQFRPH JURXS 0 f $ PDUJLQDOO\ VLJQLILFDQW PDLQ HIIHFW DOVR ZDV IRXQG IRU LQFRPH RQ KDUGLQHVV )f S 7KH KLJKHU LQFRPH JURXS VKRZHG D PDUJLQDOO\ VLJQLILFDQW KLJKHU KDUGLQHVV OHYHO 0 f WKDQ GLG WKH ORZHU LQFRPH JURXS 0 f $GGLWLRQDO DQDO\VHV RI YDULDQFH UHYHDOHG VLJQLILFDQW HIIHFWV RI QXPEHU RI \HDUV LQ SUDFWLFH RQ ERWK VWUHVVRUV DQG OLIH VDWLVIDFWLRQ 7KH GHQWLVWV ZHUH GLYLGHG LQWR WZR JURXSV WKRVH ZLWK \HDUV RU OHVV LQ SUDFWLFH DQG WKRVH

PAGE 135

ZLW K PRUH WKDQ \HDUV LQ SUDFWLFH 7KHUH ZDV D VLJQLILFDQW PDLQ HIIHFW RI \HDUV LQ SUDFWLFH RQ VWUHVVRUV )f S 'HQWLVWV ZLWK IHZHU \HDUV LQ SUDFWLFH KDG VLJQLILFDQWO\ KLJKHU PHDQ VWUHVVRU VFRUHV WKDQ GLG WKH GHQWLVWV ZLWK PRUH \HDUV LQ SUDFWLFH PHDQ VFRUH $QRWKHU VLJQLILFDQW PDLQ HIIHFW ZDV IRXQG ZLWK \HDUV LQ SUDFWLFH RQ OLIH VDWLVIDFWLRQ )f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

PAGE 136

7DEOH $QDO\VHV RI 9DULDQFH RI )UHTXHQF\ RI 6WDII 0HHWLQJV RQ 2WKHU 9DULDEOHV 6RXUFH RI 9DULDWLRQ 'HJUHHV RI )UHHGRP )5DWLR 3 0HDQV )UHTXHQF\ RI 5DUHO\ IRU 6WDII 0HHWLQJV 5HJXODUO\ &DUHHU 6DWLVIDFWLRQ /LIH 6DWLVIDFWLRQ &RJQLWLYH 6WUDLQ +DUGLQHVV +HDOWK 3UDFWLFHV 6RFLDO 6XSSRUW S XQOHVV RWKHUZLVH VWDWHG

PAGE 137

7DEOH $QDO\VHV RI 9DULDQFH RI 5ROH RI 6SRXVH LQ WKH 3UDFWLFH RQ 2WKHU 9DULDEOHV 6RXUFH RI 9DULDWLRQ 'HJUHHV RI )UHHGRP )5DWLR 3 0HDQV IRU 5ROH RI 6SRXVH 1RQH 6RPH /RWV /LIH 6DWLVIDFWLRQ r D OODE E 6WUDLQ &RJQLWLYH 6WUDLQ D fDE E 6WUHVVRUV rDE E r D +DUGLQHVV D E $FWLYH%HKDYLRUDO &RSLQJ D n E nDE $YRLGDQFH &RSLQJ S XQOHVV VWDWHG RWKHUZLVH 1RWH 0HDQV ZLWK GLIIHUHQW VXEVFULSWV GLIIHU VLJQLILFDQWO\ EDVHG RQ 6FKHIInV PXOWLSOH FRPSDULVRQ WHVW

PAGE 138

7KLV LV PRVW OLNHO\ EHFDXVH 6FKHIInV WHVW LV WKH PRVW FRQVHUYDWLYH RI DOO WKH PXOWLSOH FRPSDULVRQ WHVWV +RZHYHU WKH DQDO\VHV RI YDULDQFH GLG UHYHDO VLJQLILFDQW GLIIHUHQFHV EHWZHHQ WKH KLJK DQG ORZ PHDQV 7KH GDWD LQGLFDWH WKDW GHQWLVWV LQ WKH QRQH FDWHJRU\ ZKHUH VSRXVHV KDG QR LQYROYHPHQW LQ WKH SUDFWLFHf VKRZ VLJQLILFDQWO\ OHVV OLIH VDWLVIDFWLRQ DQG KDUGLQHVV DQG VLJQLILFDQWO\ PRUH FRJQLWLYH VWUDLQ DYRLGDQFH FRSLQJ DQG VWUDLQ PDUJLQDOO\ VLJQLILFDQWf WKDQ WKH GHQWLVWV LQ WKH ORWV FDWHJRU\ VSRXVH LQYROYHG DV SDUWWLPH RU IXOOWLPH VWDII PHPEHUf 7KH GDWD DOVR UHYHDO WKDW IRU VWUHVVRUV WKH VLJQLILFDQW GLIIHUHQFH LV WKDW GHQWLVWV LQ WKH ORWV FDWHJRU\ VKRZ VLJQLILFDQWO\ KLJKHU VWUHVVRUV GHPDQGVf WKDQ WKH GHQWLVWV LQ WKH VRPH FDWHJRU\ VSRXVH LQYROYHG DV DGYLVRUFRQVXOWDQW RU RFFDVLRQDO ILOOLQ ZRUNf )RU DFWLYH EHKDYLRUDO FRSLQJ WKH VLJQLILFDQW GLIIHUHQFH LV EHWZHHQ QRQH DQG VRPH ZLWK GHQWLVWV ZLWK VRPH VSRXVH LQYROYHPHQW XVLQJ VLJQLILFDQWO\ PRUH RI WKH DFWLYH EHKDYLRUDO FRSLQJ VW\OH WKDQ WKH SDUWLFLSDQWV LQ WKH QRQH FDWHJRU\ 5HVHDUFK 4XHVWLRQ 7KUHH 7KH WRSLF DGGUHVVHG LQ UHVHDUFK TXHVWLRQ WKUHH ZDV WKH UHODWLRQVKLS RI GHPRJUDSKLFV VWUHVVRUV KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV WR WKH OHYHO RI VWUDLQ LQ PDOH GHQWLVWV )RU WKLV TXHVWLRQ VWHSZLVH

PAGE 139

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b RI LWV YDULDQFH RI VWUDLQ 7KH UHJUHVVLRQ HVWLPDWH IRU VWUHVVRUV LQGLFDWHV WKDW GHQWLVWV ZKR GLIIHU E\ SRLQW LQ VWUHVVRUV EXW DUH HTXLYDOHQW RQ DOO RWKHU YDULDEOHV ZRXOG EH H[SHFWHG WR GLIIHU E\ SRLQWV RQ VWUDLQ 6LPLODU LQWHUSUHWDWLRQV FDQ EH DSSOLHG WR HDFK RI WKH RWKHU YDULDEOHV VKRZQ LQ 7DEOH $OWKRXJK WKH UROH RI WKH VSRXVH LQ WKH SUDFWLFH ZDV WKH RQO\ GHPRJUDSKLF YDULDEOH ZKLFK VWD\HG LQ WKH PRGHO EDVHG RQ D YDOXH RI WR HQWHU WKH PRGHO RU EH GHOHWHG IURP WKH PRGHOf LW VKRXOG EH QRWHG WKDW LWV SUHGLFWLYH YDOXH ZDV RQO\ PDUJLQDOO\ VLJQLILFDQW S f 7KHVH UHVXOWV LQGLFDWH WKDW VWUHVVRUV DYRLGDQFH FRSLQJ KDUGLQHVV VRFLDO VXSSRUW DQG UROH RI WKH VSRXVH LQ WKH SUDFWLFH WR D OHVVHU H[WHQWf ZHUH WKH VHW RI YDULDEOHV WDNHQ WRJHWKHU WKDW SURYLGHG RSWLPXP SUHGLFWLYH DFFXUDF\ IRU VWUDLQ LQ PDOH

PAGE 140

7DEOH 6WHSZLVH 5HJUHVVLRQ $QDO\VLV RI WKH 5HODWLRQVKLS %HWZHHQ 6WUDLQ DQG WKH 3UHGLFWRU 9DULDEOHV 3DUDPHWHU (VWLPDWH 6( ) 3 ,QWHUFHSW 6WUHVVRUV $YRLGDQFH &RSLQJ +DUGLQHVV 6RFLDO 6XSSRUW 5ROH RI 6SRXVH )f S U

PAGE 141

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f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b RI WKH YDULDQFH LQ FDUHHU VDWLVIDFWLRQ 7KH UHJUHVVLRQ HVWLPDWH IRU LQFRPH

PAGE 142

7DEOH 6WHSZLVH 5HJUHVVLRQ $QDO\VLV RI WKH 5HODWLRQVKLS %HWZHHQ &DUHHU 6DWLVIDFWLRQ DQG WKH 3UHGLFWRU 9DULDEOHV 3DUDPHWHU (VWLPDWH 6( ) 3 ,QWHUFHSW ,QFRPH 5HOLJLRXV 3UHIHUHQFH )UHTXHQF\ RI 6WDII 0HHWLQJV $FWLYH%HKDYLRUDO &RSLQJ +DUGLQHVV S U )f

PAGE 143

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b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

PAGE 144

7DEOH 6WHSZLVH 5HJUHVVLRQ $QDO\VLV RI WKH 5HODWLRQVKLS %HWZHHQ /LIH 6DWLVIDFWLRQ DQG WKH 3UHGLFWRU 9DULDEOHV 3DUDPHWHU (VWLPDWH 6( ) 3 ,QWHUFHSW +DUGLQHVV 6RFLDO 6XSSRUW +HDOWK 3UDFWLFHV 6WUHVVRUV 5ROH RI 6SRXVH f )f S U

PAGE 145

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

PAGE 146

7DEOH &RUUHODWLRQ 0DWUL[ ,QWHUFRUUHODWLRQV $PRQJ $OO &RQWLQXRXV 3UHGLFWRU DQG &ULWHULRQ 9DULDEOHV $JH p p
PAGE 147

WKH RWKHU YDULDEOHV DQG WKXV GLG QRW DGG VLJQLILFDQW SUHGLFWLQJ SRZHU WR WKH HTXDWLRQ 5HVHDUFK 4XHVWLRQ )LYH 5HVHDUFK TXHVWLRQ ILYH FRQFHUQHG WKH VLJQLILFDQFH RI LQGLYLGXDO YDULDEOHV KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV ZKLFK KDYH EHHQ UHIHUUHG WR DV PHGLDWLQJ YDULDEOHVf LQ WKH VWUHVVRUV VWUDLQVDWLVIDFWLRQ UHODWLRQVKLS DPRQJ PDOH GHQWLVWV %HFDXVH WKLV LV D PRGHO EXLOGLQJ TXHVWLRQ D VHULHV RI VLPSOH OLQHDU UHJUHVVLRQV ZHUH GRQH ZLWK HDFK RI WKH WKUHH FULWHULRQ YDULDEOHV RI VWUDLQ FDUHHU VDWLVIDFWLRQ DQG OLIH VDWLVIDFWLRQf DGGLQJ VWUHVVRUV ILUVW WKHQ HDFK RI WKH YDULDEOHV ZHUH DGGHG RQH DW D WLPH EDVHG RQ ERWK D WKHRUHWLFDO RUGHU 7KH ILUVW UHJUHVVLRQ HTXDWLRQ XVHG RQH SUHGLFWRU YDULDEOH WKH QH[W UHJUHVVLRQ HTXDWLRQ XVHG WZR DQG DW HDFK VWHS DQRWKHU VLQJOH YDULDEOH ZDV DGGHG WR WKH UHJUHVVLRQ PRGHOf HTXDWLRQ XQWLO DOO VHYHQ YDULDEOHV KDG EHHQ DGGHG 7KHQ D WHVW RI FRPSOHWH YHUVXV UHGXFHG PRGHOV ZDV SHUIRUPHG WR GHWHUPLQH ZKLFK PRGHO SURYLGHG ERWK WKH PRVW SDUVLPRQLRXV PRGHO DQG WKH JUHDWHVW SUHGLFWLYH YDOXH 6WUDLQ 7KH ILUVW VWHS LQ PRGHO EXLOGLQJ ZLWK VWUDLQ DV WKH FULWHULRQ YDULDEOH ZDV D YHU\ VLPSOH UHJUHVVLRQ HTXDWLRQ ZLWK VWUHVVRUV SUHGLFWLQJ VWUDLQ 7KLV HTXDWLRQ DFFRXQWHG IRU b RI WKH YDULDQFH LQ VWUDLQ U 7KHQ KDUGLQHVV ZDV DGGHG WR WKH PRGHO ZKLFK LQFUHDVHG WKH U WR LQGLFDWLQJ VWUHVVRUV SOXV KDUGLQHVV DFFRXQWHG IRU

PAGE 148

b RI WKH YDULDQFH LQ VWUDLQ 7KH WKLUG VWHS ZDV WR DGG DYRLGDQFH FRSLQJ WR WKH PRGHO ZKLFK LQ WXUQ LQFUHDVHG WKH U WR ZKLFK LQGLFDWHG WKDW VWUHVVRUV KDUGLQHVV DQG DYRLGDQFH FRSLQJ WDNHQ WRJHWKHU DFFRXQWHG IRU b RI WKH YDULDQFH LQ VWUDLQ :KHQ WKH YDULDEOH KHDOWK SUDFWLFHV ZDV DGGHG DW WKH IRXUWK VWHS WKH U UHPDLQHG DW DV LW GLG ZKHQ VRFLDO VXSSRUW ZDV DGGHG WR WKH HTXDWLRQ DW WKH ILIWK VWHS $W WKH VL[WK VWHS DFWLYHEHKDYLRUDO FRSLQJ ZDV DGGHG WR WKH PRGHO DQG WKH U LQFUHDVHG WR LQGLFDWLQJ WKDW DFWLYHEHKDYLRUDO FRSLQJ WDNHQ WRJHWKHU ZLWK WKH SUHYLRXVO\ PHQWLRQHG YDULDEOHV DFFRXQWHG IRU b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b RI WKH YDULDQFH LQ FDUHHU VDWLVIDFWLRQ U 7KHQ KDUGLQHVV ZDV DGGHG WR WKH PRGHO ZKLFK LQFUHDVHG WKH U WR LQGLFDWLQJ VWUHVVRUV SOXV KDUGLQHVV DFFRXQWHG IRU b RI WKH YDULDQFH LQ FDUHHU VDWLVIDFWLRQ 7KH WKLUG VWHS ZDV WR DGG DFWLYHEHKDYLRUDO FRSLQJ WR WKH PRGHO ZKLFK LQ WXUQ LQFUHDVHG WKH U WR $V VRFLDO VXSSRUW ZDV DGGHG WKH U EHFDPH

PAGE 149

7DEOH 6LPSOH /LQHDU 0XOWLSOH 5HJUHVVLRQ $QDO\VLV RI WKH 5HODWLRQVKLS %HWZHHQ 6WUHVVRUV :LWK WKH 0HGLDWLQJ 9DULDEOHV DQG 6WUDLQ 3DUDPHWHU (VWLPDWH 6( 7 3 ,QWHUFHSW 6WUHVVRUV +DUGLQHVV b $YRLGDQFH &RSLQJ )f S U ‘

PAGE 150

7DEOH FRQWDLQV D VXPPDU\ RI WKH OLQHDU UHJUHVVLRQ DQDO\VLV FRQWDLQLQJ WKH WKUHH YDULDEOHV VWUHVVRUV KDUGLQHVV DQG DFWLYH EHKDYLRUDO FRSLQJ ZKLFK SURYLGHG RSWLPXP SUHGLFWLYH DFFXUDF\ IRU FDUHHU VDWLVIDFWLRQ IRU WKLV VDPSOH ,W VKRXOG EH QRWHG KRZHYHU WKDW WKH YDULDEOH VWUHVVRUV KDG D SUREDELOLW\ OHVV WKDQ KHQFH LW GLG QRW PDNH D VLJQLILFDQW FRQWULEXWLRQ 2YHUDOO WKH VWUHQJWK RI WKLV SUHGLFWLRQ HTXDWLRQ LV UDWKHU ZHDN DFFRXQWLQJ IRU RQO\ b RI WKH YDULDQFH LQ FDUHHU VDWLVIDFWLRQ OHDYLQJ b XQH[SODLQHG 7KHVH UHVXOWV UHYHDO WKDW WKH KDUGLQHVV DQG DFWLYHEHKDYLRUDO UHODWLRQVKLS FRSLQJ WDNHQ ZLWK VWUHVVRUV SURYLGH RSWLPXP SUHGLFWLYH DFFXUDF\ IRU FDUHHU VDWLVIDFWLRQ LQ PDOH GHQWLVWV LQ WKLV VWXG\ /LIH VDWLVIDFWLRQ $V ZLWK WKH RWKHU PRGHOV WKH ILUVW VWHS ZDV WKH VLPSOH UHJUHVVLRQ HTXDWLRQ RI VWUHVVRUV SUHGLFWLQJ OLIH VDWLVIDFWLRQ 7KLV HTXDWLRQ UHVXOWHG LQ DQ U RI LQGLFDWLQJ VWUHVVRUV DFFRXQWV IRU b RI WKH YDULDQFH LQ OLIH VDWLVIDFWLRQ 7KHQ KDUGLQHVV ZDV DGGHG WR WKH PRGHO DQG LQFUHDVHG WKH U WR DQG DFFRXQWHG IRU b RI WKH YDULDQFH LQ OLIH VDWLVIDFWLRQ $W VWHS WKUHH VRFLDO VXSSRUW ZDV DGGHG WR WKH PRGHO DFFRXQWLQJ IRU b RI WKH YDULDQFH LQ OLIH VDWLVIDFWLRQ U $V KHDOWK SUDFWLFHV ZDV DGGHG WR WKH PRGHO WKH U LQFUHDVHG DJDLQ WR LQGLFDWLQJ WKDW KHDOWK SUDFWLFHV WRJHWKHU ZLWK VWUHVVRUV KDUGLQHVV DQG VRFLDO VXSSRUW DFFRXQWHG IRU b RI WKH YDULDQFH LQ OLIH VDWLVIDFWLRQ 7KH QH[W VWHS DGGHG

PAGE 151

7DEOH 6LPSOH /LQHDU 5HJUHVVLRQ $QDO\VLV RI WKH 5HODWLRQVKLS %HWZHHQ 6WUHVVRUV :LWK WKH 0HGLDWLQJ 9DULDEOHV DQG &DUHHU 6DWLVIDFWLRQ 3DUDPHWHU (VWLPDWH 6( 7 3 ,QWHUFHSW 6WUHVVRUV +DUGLQHVV $FWLYH%HKDYLRUDO &RSLQJ S U ) f

PAGE 152

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f DV ZHOO DV WKH 7H[DV GHQWLVWV GHVFULEHG E\ .DW] f 7KH GHQWLVWVn PHDQ VFRUH RI RQ VWUHVVRUV RU SHUFHLYHG GHPDQGV ZDV EHORZ WKH WK SHUFHQWLOH f ZKLFK LV FRQVLVWHQW ZLWK ILQGLQJV IURP D SUHYLRXV VWXG\ .DW] f 7KHLU PHDQ KDUGLQHVV VFRUH ZDV 6' f ZKLFK FRPSDUHV IDYRUDEO\ WR WKH PDOH QRUP PHDQ RI 6' f 7KH GHQWLVWV UHSRUWHG b XVH RI DFWLYHFRJQLWLYH FRSLQJ b XVH RI DFWLYHEHKDYLRUDO FRSLQJ DQG RQO\ b

PAGE 153

7DEOH 6LPSOH /LQHDU 5HJUHVVLRQ $QDO\VLV RI WKH 5HODWLRQVKLS %HWZHHQ 6WUHVVRUV :LWK WKH 0HGLDWLQJ 9DULDEOHV DQG /LIH 6DWLVIDFWLRQ 3DUDPHWHU (VWLPDWH 6( 7 3 ,QWHUFHSW 6WUHVVRUV +DUGLQHVV 6RFLDO 6XSSRUW +HDOWK 3UDFWLFHV )f S U

PAGE 154

XVH RI DYRLGDQFH FRSLQJ 7KHLU KLJK XVH RI GHVLUDEOH FRSLQJ VW\OHV DFWLYHFRJQLWLYH DQG DFWLYHEHKDYLRUDOf DQG UHODWLYHO\ ORZ XVH RI DYRLGDQFH FRSLQJ FRQILUPV WKH ILQGLQJV RI 3HDUOLQ DQG 6FKRROHU f WKDW PHQ WKH HGXFDWHG DQG WKH DIIOXHQW PDNH JUHDWHU XVH RI WKH HIILFDFLRXV FRSLQJ PHFKDQLVPV 7KH GHQWLVWVn XVH RI VRFLDO VXSSRUW ZDV GHVLUDEO\ KLJK 0 f DV ZDV KHDOWK SUDFWLFHV 0 f ERWK RQ D SRLQW VFDOH 7KHVH ILQGLQJV VXSSRUW WKH LGHD SURSRVHG E\ $\HU DQG 0RUHWWL f WKDW GHQWLVWV PD\ QRW EH DV YXOQHUDEOH WR VWUHVV EHFDXVH WKH\ KDYH OHDUQHG RU KDYH DYDLODEOH WR WKHP UHODWLYHO\ DSSURSULDWH DQG HIIHFWLYH UHVRXUFHV IRU GHDOLQJ ZLWK VWUHVVRUV 7KH UHVXOWV RI WKLV VWXG\ DOVR LQGLFDWH WKDW PDOH GHQWLVWV LQ WKLV VWXG\ UHSRUWHG IDLUO\ ORZ OHYHOV RI VWUDLQ 7KLV VDPSOH VFRUHG DOPRVW D IXOO VWDQGDUG GHYLDWLRQ EHORZ WKH QRUP SURYLGHG E\ WKH DXWKRUV RI WKH LQVWUXPHQW WR PHDVXUH VWUDLQ /HIHEYUH t 6DQGIRUG f 7KLV ORZ VFRUH ZDV FRQVLVWHQW RYHU DOO WKUHH GLPHQVLRQV SK\VLFDO EHKDYLRUDO DQG FRJQLWLYHf PHDVXUHG E\ WKH WHVW 7KLV ILQGLQJ VXSSRUWV WKH YLHZ SURSRVHG E\ $\HU DQG 0RUHWWL f WKDW GHQWLVWU\ PD\ QRW EH DV VWUHVVIXO DV WKH SXEOLF KDV EHHQ OHG WR EHOLHYH &RQYHUVHO\ WKH UHODWLYHO\ ORZ OHYHOV RI VWUDLQ LQ GHQWLVWV UDLVH D TXHVWLRQ DERXW WKH QRUPV IRU WKH 6WUDLQ 4XHVWLRQQDLUH 64f 7KH LQVWUXPHQW ZDV QRUPHG ZLWK XQGHUJUDGXDWH DQG JUDGXDWH VWXGHQWV QDYDO HQJLQHHUV WHDFKHUV DQG LQVXUDQFH DJHQWV HQUROOHG LQ VWUHVV PDQDJHPHQW FODVVHV ,V WKH QRUP JURXS WUXO\ UHSUHVHQWDWLYH

PAGE 155

RI WKH SRSXODWLRQ DV D ZKROH" ,I WKH\ DUH GR GHQWLVWV WUXO\ DQG DFFXUDWHO\ UHDOO\ KDYH ORZ OHYHOV RI VWUDLQ" 3DUWLFLSDQWV DOVR UHSRUWHG IDLUO\ KLJK OHYHOV RI VDWLVIDFWLRQ )RU FDUHHU VDWLVIDFWLRQ WKHLU PHDQ VFRUH ZDV ZKLFK ZDV MXVW EHORZ WKH WK SHUFHQWLOH f DQG LV FRPSDUDEOH WR WKH ILQGLQJV RI .DW] f )RU OLIH VDWLVIDFWLRQ WKH GHQWLVWVn VFRUHV ZHUH FRQVLVWHQW ZLWK WKH QRUPV SURYLGHG E\ WKH DXWKRUV RI WKH LQVWUXPHQW &DPSEHOO HW DO f ,Q VXPPDU\ WKH GHQWLVWV LQ WKLV VWXG\ FDQ EH GHVFULEHG DV KDYLQJ PRGHUDWH OHYHOV RI VWUHVVRUV DQG UHVXOWLQJ VWUDLQ PRGHUDWH KDUGLQHVV PRGHUDWH WR KLJK OHYHOV RI VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV DQG SUHGRPLQDQWO\ XVLQJ HIIHFWLYH DFWLYHFRJQLWLYH DQG DFWLYHEHKDYLRUDOf FRSLQJ VW\OHV DQG XVLQJ IHZ LQHIIHFWLYH DYRLGDQFHf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

PAGE 156

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
PAGE 157

UHVHDUFK *HRUJH t 0LORQH .DW]
PAGE 158

DOVR UHSRUWHG VLJQLILFDQWO\ KLJKHU VWUHVVRUV WKDQ WKH GHQWLVWV ZLWK VRPH LQYROYHPHQW IURP WKHLU VSRXVHV 7KLV ILQGLQJ LV FRQJUXHQW ZLWK SUHYLRXV UHVHDUFK .DW] f UHSRUWHG WKDW KLJK OHYHO RI LQYROYHPHQW RI WKH VSRXVH LQ WKH GHQWLVWnV SUDFWLFH ZDV VLJQLILFDQWO\ UHODWHG WR VWUHVVRUV $SSDUHQWO\ WKH LQYROYHPHQW RI WKH VSRXVH LQ WKH SUDFWLFH LV FULWLFDOO\ LPSRUWDQW RQ PDQ\ PHDVXUHV EXW ORWV RI LQYROYHPHQW FDQ FUHDWH D KLJKHU OHYHO RI VWUHVVRUV RU GHPDQGVf RQ WKH GHQWLVW 6WUDLQ LQ PDOH GHQWLVWV ZDV VLJQLILFDQWO\ SUHGLFWHG E\ VWUHVVRUV DYRLGDQFH FRSLQJ KDUGLQHVV VRFLDO VXSSRUW DQG UROH RI WKH VSRXVH LQ WKH SUDFWLFH 1RQH RI WKH RWKHU YDULDEOHV HKDQFHG WKH SUHGLFWDELOLW\ RI VWUDLQ 7KH SUHGLFWLYH UHODWLRQVKLS EHWZHHQ VWUHVVRUV DQG VWUDLQ ZDV H[SHFWHG IURP SUHYLRXV UHVHDUFK +ROPHV t 5DKH 6KLQQ HW DO f DV ZHOO DV WKH KLJK LQWHUFRUUHODWLRQ EHWZHHQ WKH WZR YDULDEOHV 7KH UROH RI WKH VSRXVH ZDV D PDUJLQDOO\ VLJQLILFDQW QHJDWLYH SUHGLFWRU RI VWUDLQ $YRLGDQFH FRSLQJ VXFK DV VPRNLQJ PRUH RU NHHSLQJ RQHnV IHHOLQJV WR RQHVHOI ZDV IRXQG WR SRVLWLYHO\ SUHGLFW VWUDLQ ZKHUHDV WKH RWKHU WZR IRUPV RI FRSLQJ GLG QRW HQKDQFH WKH SUHGLFWLRQ RI VWUDLQ 7KLV ILQGLQJ LV FRQVLVWHQW ZLWK UHVHDUFK GRQH E\ %LOOLQJV DQG 0RRV f LQ ZKLFK WKH DXWKRUV IRXQG WKDW DYRLGDQFH FRSLQJ ZDV VLJQLILFDQWO\ UHODWHG WR GHSUHVVLRQ DQ[LHW\ DQG SK\VLFDO V\PSWRPV DQG ZDV PRUH KLJKO\ UHODWHG WR WKHVH FULWHULD WKDQ WKH RWKHU WZR PHWKRGV RI FRSLQJ

PAGE 159

+DUGLQHVV ZDV IRXQG WR EH D QHJDWLYH SUHGLFWRU RI VWUDLQ ZKLFK VXSSRUWV WKH UHVHDUFK GRQH E\ .REDVD DQG KHU FROOHDJXHV HJ .REDVD f 6RFLDO VXSSRUW ZDV SRVLWLYHO\ SUHGLFWLYH RI UHGXFLQJ VWUDLQ ZKLFK LV FRQVLVWHQW ZLWK WKH ODUJH ERG\ RI OLWHUDWXUH ZKLFK GHPRQVWUDWHV WKDW VRFLDO VXSSRUW KDV D SRVLWLYH HIIHFW RQ SK\VLFDO DQG SV\FKRORJLFDO KHDOWK +RZHYHU WKLV ILQGLQJ LV LQFRQVLVWHQW ZLWK WZR VWXGLHV +DPPRQG .REDVD f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nV f UHVHDUFK RQ PDOH DFDGHPLF PXOWLSOH UROH SHUVRQV ZKLOH WKH UHVXOW RI DFWLYHEHKDYLRUDO FRSLQJ ZDV LQFRQVLVWHQW ZLWK WKH ILQGLQJV LQ WKDW VWXG\ ZKLFK IRXQG D VLJQLILFDQW SUHGLFWLYH

PAGE 160

UHODWLRQVKLS EHWZHHQ DFWLYHFRJQLWLYH FRSLQJ DQG FDUHHU VDWLVIDFWLRQ LQ PHQ /LIH VDWLVIDFWLRQ LQ PDOH GHQWLVWV ZDV PRVW VLJQLILFDQWO\ SUHGLFWHG E\ WKH VHW RI YDULDEOHV ZKLFK LQFOXGHG KDUGLQHVV VRFLDO VXSSRUW KHDOWK VWUHVVRUV DQG UROH RI WKH VSRXVH LQ WKH VWURQJO\ VLJQLILFDQW S f SUHGLFWLYH YDOXH RI 7KH KDUGLQHVV DQG VRFLDO VXSSRUW WR OLIH VDWLVIDFWLRQ LQ PHQ LV FRQVLVWHQW ZLWK SUHYLRXV UHVHDUFK +DPPRQG f +RZHYHU XQOLNH +DPPRQGn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

PAGE 161

ILQGLQJV DUH FRQVLVWHQW ZLWK WKH UHVHDUFK RI +DPPRQG f ZKR IRXQG WKDW KDUGLQHVV DQG DYRLGDQFH FRSLQJ ZHUH WKH PRVW VLJQLILFDQW SUHGLFWRUV RI VWUHVV VWUDLQf LQ PHQ :KDW LV XQLTXHO\ GLIIHUHQW DERXW WKH UHVXOWV RI WKLV VWXG\ LV WKDW VWUHVV ZDV PHDVXUHG ERWK DV D SUHGLFWRU YDULDEOH LQ WKH IRUP RI VWUHVVRUV DQG DV D FULWHULRQ YDULDEOH LQ WKH IRUP RI VWUDLQ 5HVXOWV RI WKH PRGHO EXLOGLQJ WR GHWHUPLQH WKH PHGLDWLQJ UROH RI KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV EHWZHHQ VWUHVVRUV DQG FDUHHU VDWLVIDFWLRQ UHYHDOHG KDUGLQHVV DQG DFWLYHEHKDYLRUDO FRSLQJ ZHUH WKH PRVW RSWLPXP SUHGLFWRUV 7KHVH ILQGLQJV DUH FRQVLVWHQW ZLWK +DPPRQGnV f DERXW WKH VWURQJ S f SUHGLFWLYH YDOXH RI KDUGLQHVV WR FDUHHU VDWLVIDFWLRQ LQ PHQ 2YHUDOO WKH SUHGLFWLRQ YDOXH RI WKH YDULDEOHV LV YHU\ ZHDN DV UHYHDOHG E\ WKH ORZ OHYHOV RI VLJQLILFDQFH S DQG f DQG WKH U RI 7KLV OHDYHV b RI WKH YDULDQFH LQ FDUHHU VDWLVIDFWLRQ XQH[SODLQHG 5HVXOWV RI WKH PRGHO EXLOGLQJ WR GHWHUPLQH WKH PHGLDWLQJ UROH RI KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV EHWZHHQ VWUHVVRUV DQG OLIH VDWLVIDFWLRQ UHYHDOHG KDUGLQHVV VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV ZHUH WKH PRVW RSWLPXP VHW RI SUHGLFWRUV DQG DYRLGDQFH FRSLQJ ZDV D PXFK OHVV VLJQLILFDQW SUHGLFWRU S f 7KH ILQGLQJV DUH YHU\ VLPLODU WR WKH +DPPRQG f VWXG\ ZKLFK IRXQG KDUGLQHVV VRFLDO VXSSRUW IURP IDPLO\f DQG DYRLGDQFH FRSLQJ ZHUH VLJQLILFDQW SUHGLFWRUV RI OLIH VDWLVIDFWLRQ LQ

PAGE 162

PHQ 7KH VWUHQJWK RI WKLV PRGHO LV TXLWH SRZHUIXO DV UHIOHFWHG LQ WKH U YDOXH RI ZKLFK PHDQV WKLV PRGHO ZLWK VWUHVVRUV DQG WKH VLJQLILFDQWO\ SUHGLFWLYH RWKHU YDULDEOHV DFFRXQWV IRU b RI WKH YDULDQFH LQ OLIH VDWLVIDFWLRQ LQ PDOH GHQWLVWV :KDW LV XQLTXHO\ GLIIHUHQW DERXW WKLV VWXG\ LV WKDW VWUHVVRUV ZHUH FRQVLGHUHG ILUVW DV WKH RQO\ SUHGLFWRU RI OLIH VDWLVIDFWLRQ WKHQ LQ FRPELQDWLRQ ZLWK WKH RWKHU YDULDEOHV

PAGE 163

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

PAGE 164

OHYHOV RI VRFLDO VXSSRUW DQG FDUHHU VDWLVIDFWLRQ WKDQ GLG GHQWLVWV ZLWK D -HZLVK UHOLJLRXV SUHIHUHQFH 'HQWLVWV LQ WKH KLJKHU LQFRPH JURXS KDG KLJKHU FDUHHU VDWLVIDFWLRQ WKDQ GHQWLVWV LQ WKH ORZHU LQFRPH JURXS 'HQWLVWV ZKR SUDFWLFHG ZLWK VRPHRQH HOVH XVHG PRUH DFWLYHEHKDYLRUDO FRSLQJ DQG KHDOWK SUDFWLFHV WKDQ VROR SUDFWLWLRQHUV *HQHUDO SUDFWLFH GHQWLVWV KDG KLJKHU VWUHVVRUV WKDQ GLG WKH VSHFLDOLVWV 'HQWLVWV ZKR KDG UHJXODU VWDII PHHWLQJV UHSRUWHG KLJKHU FDUHHU VDWLVIDFWLRQ OLIH VDWLVIDFWLRQ KDUGLQHVV KHDOWK SUDFWLFHV DQG VRFLDO VXSSRUW DQG OHVV FRJQLWLYH VWUDLQ WKDQ GHQWLVWV ZKR UDUHO\ PHW ZLWK WKHLU VWDIIV 7KH QXPEHU RI GD\V RI FRQWLQXLQJ HGXFDWLRQ FRXUVHV WDNHQ SHU \HDU ZDV VLJQLILFDQWO\ UHODWHG WR ERWK DFWLYHEHKDYLRUDO FRSLQJ DQG KDUGLQHVV 7KH UROH RI WKH VSRXVH LQ WKH SUDFWLFH ZDV VLJQLILFDQWO\ UHODWHG WR VWUHVVRUV KDUGLQHVV FRSLQJ VW\OH VWUDLQ DQG OLIH VDWLVIDFWLRQ 6WUHVVRUV DYRLGDQFH FRSLQJ KDUGLQHVV DQG VRFLDO VXSSRUW DUH WKH VHW RI YDULDEOHV ZKLFK ZKHQ WDNHQ WRJHWKHU SURYLGHG WKH RSWLPXP SUHGLFWLYH DFFXUDF\ RI WKH OHYHO RI VWUDLQ LQ WKH PDOH GHQWLVWV LQ WKLV VWXG\ ,QFRPH UHOLJLRXV SUHIHUHQFH IUHTXHQF\ RI VWDII PHHWLQJV DFWLYHEHKDYLRUDO FRSLQJ DQG KDUGLQHVV ZHUH WKH VHW RI YDULDEOHV ZKLFK ZKHQ WDNHQ WRJHWKHU SURYLGHG WKH RSWLPXP SUHGLFWLYH DFFXUDF\ RI FDUHHU VDWLVIDFWLRQ LQ PDOH GHQWLVWV LQ WKLV VWXG\ +RZHYHU KDUGLQHVV VRFLDO VXSSRUW KHDOWK SUDFWLFHV VWUHVVRUV DQG UROH RI WKH VSRXVH LQ WKH

PAGE 165

DUH WKH RSWLPXP VHW RI YDULDEOHV IRU SUHGLFWLQJ OLIH VDWLVIDFWLRQ LQ PDOH GHQWLVWV LQ WKLV VWXG\ +DUGLQHVV DQG DYRLGDQFH FRSLQJ VHUYH DV WKH EHVW SUHGLFWRU YDULDEOHV LQ WKH VWUHVVRUVWUDLQ UHODWLRQVKLS DPRQJ PDOH GHQWLVWV +DUGLQHVV DQG DFWLYHEHKDYLRUDO FRSLQJ VHUYH DV WKH EHVW PHGLDWRU YDULDEOHV LQ WKH VWUHVVRUFDUHHU VDWLVIDFWLRQ UHODWLRQVKLS DPRQJ PDOH +DUGLQHVV VRFLDO VXSSRUW DQG KHDOWK VHUYH DV WKH EHVW SUHGLFWRU YDULDEOHV LQ WKH VWUHVVRUVOLIH VDWLVIDFWLRQ UHODWLRQVKLS DPRQJ PDOH GHQWLVWV ,PSOLFDWLRQV 7KH UHVXOWV RI WKLV VWXG\ KDYH LPSRUWDQW DSSOLFDWLRQV IRU WKHRU\ SUDFWLFH DQG WUDLQLQJ ,Q WKH WKHRU\ DUHD WKLV VWXG\ FRQWULEXWHV WR WKH VWUHVV UHVHDUFK OLWHUDWXUH LQ WZR LPSRUWDQW ZD\V ILUVW E\ H[WHQGLQJ WR D QHZ SRSXODWLRQ JURXS WKH DSSOLFDWLRQ RI WKH WUDQVDFWLRQDO PRGHO DV GHVFULEHG E\ /D]DUXV DQG )RONPDQ f 6HFRQGO\ WKLV VWXG\ LV SHUKDSV WKH ILUVW VWXG\ ZKLFK KDV H[DPLQHG WKH UHODWLRQVKLSV RI D EURDG UDQJH RI YDULDEOHV IURP WKH WUDQVDFWLRQDO PRGHO ZLWKLQ WKH VDPH VWXG\ $QRWKHU LPSOLFDWLRQ RI WKLV VWXG\ UHODWHV WR UHVHDUFK ILQGLQJV FRQFHUQLQJ VWUDLQ DQG VDWLVIDFWLRQ LQ PDOH GHQWLVWV :KLOH WKLV VWXG\ YDOLGDWHG WKH ILQGLQJV RI SUHYLRXV UHVHDUFKHUV VHYHUDO QHZ ILQGLQJV DUH RI SDUWLFXODU LQWHUHVW 3HUKDSV WKH PRVW VLJQLILFDQW LV WKDW PDOH

PAGE 166

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n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

PAGE 167

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

PAGE 168

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f DQG WKH RWKHU PHDVXUHV VWUHVVRUV KDUGLQHVV FRSLQJ VW\OH VRFLDO VXSSRUW KHDOWK SUDFWLFHV VWUDLQ DQG FDUHHU DQG OLIH VDWLVIDFWLRQf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

PAGE 169

UHODWLRQVKLS +DUGLQHVV VRFLDO VXSSRUW DQG KHDOWK SUDFWLFHV VHUYHG DV PHGLDWRUV LQ WKH VWUHVVRUVOLIH VDWLVIDFWLRQ UHODWLRQVKLS b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

PAGE 170

WKHVH UHODWLRQVKLSV H[LVW LV LQ RUGHU 3HUKDSV D GHVFULSWLYH VWXG\ XVLQJ D VWUXFWXUHG LQWHUYLHZ IRUPDW DQ H[SHULPHQWDO VWXG\ RU D WLPH ODSVHG VWXG\ ZLWK SUH DQG SRVWPHDVXUHV FRXOG PRUH HIIHFLWYHO\ DQVZHU WKHVH TXHVWLRQV $ UHVHDUFK VWXG\ VKRXOG EH FRQGXFWHG WR FRPSDUH GHQWLVWVn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

PAGE 171

$33(1',; $ ,167580(176

PAGE 172

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

PAGE 173

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

PAGE 174

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n7 *,9( 0( 08&+ &+$1*( \RX ZLWK \RXU OLIH DV D ZKROH WKHVH GD\V" &203/(7(/< 6$7,6),('

PAGE 175

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f DERXW WKH VLWXDWLRQ 7RRN VRPH SRVLWLYH DFWLRQ 7DONHG ZLWK P\ VSRXVH RU RWKHU UHODWLYH DERXW WKH SUREOHP 7DONHG ZLWK D IULHQG DERXW WKH VLWXDWLRQ ([HUFLVHG PRUH 3UHSDUHG IRU WKH ZRUVW 6RPHWLPHV WRRN LW RXW RQ RWKHU SHRSOH ZKHQ IHOW DQJU\ RU GHSUHVVHG 7ULHG WR UHGXFH WKH WHQVLRQ E\ HDWLQJ PRUH 7ULHG WR UHGXFH WKH WHQVLRQ E\ VPRNLQJ PRUH .HSW P\ IHHOLQJV WR P\VHOI *RW EXV\ ZLWK RWKHU WKLQJV LQ RUGHU WR NHHS P\ PLQG RII WKH SUREOHP 'LGQnW ZRUU\ DERXW LW ILJXUHG HYHU\WKLQJ ZRXOG SUREDEO\ ZRUN RXW ILQH

PAGE 176

'(02*5$3+,& 48(67,211$,5( )LQDOO\ ZRXOG OLNH WR DVN VRPH TXHVWLRQV DERXW \RX DQG \RXU SUDFWLFH WR KHOS LQWHUSUHW WKH UHVXOWV 3OHDVH FLUFOH RQH QXPEHU ZKLFK UHSUHVHQWV WKH EHVW DQVZHU WR HDFK TXHVWLRQ LQ 0$/( )(0$/( %/$&. +,63$1,& :+,7( 27+(5 0DULWDO VWDWXV 1(9(5 0$55,(' 0$55,(' 6(3$5$7(' ',925&(' :,'2:(' 5HOLTLRXV SUHIHUHQFH &$7+2/,& -(:,6+ 27+(5 3527(67$17 ,6/$0,& 121( 6SHFLDOW\ *(1(5$/ '(17,675< 257+2'217,&6 ‘‘ 35('2'217,&6 3(5,2'217,&6 (1'2'217,&6 25$/ 685*(5< 35267+2'217,&6 7\SH RI SUDFWLFH 62/2 35$&7,&( $662&,$7(6+,3 3$571(56+,3 *5283 35$&7,&( &/,1,& 0,/,7$5< 38%/,& +($/7+ '(17$/ ('8&$7,21 $QQXDO LQFRPH /(66 7+$1 025( 7+$1 'D\V RI FRQWLQXLQJ HGXFDWLRQ FRXUVHV WDNHQ SHU \HDU 29(5

PAGE 177

$YHUDJH IUHTXHQF\ RI VWDII PHHWLQJV $/0267 1(9(5 2&&$6,21$//< 0217+/< %,:((./< :((./< '$,/< 5ROH RI \RXU VSRXVH LQ \RXU SUDFWLFH FLUFOH LI \RX DUH QRW PDUULHGf 121( $'9,625&2168/7$17 2&&$6,21$/ ),//,1 :25. 3$577,0( 67$)) 0(0%(5 )8//7,0( 67$)) 0(0%(5

PAGE 178

$33(1',; % &29(5 /(77(56 )25 6859(< 48(67,211$,5(

PAGE 179

-XO\ 'HDU 'RFWRU &RXQWOHVV DUWLFOHV DSSHDU LQ WKH SURIHVVLRQDO OLWHUDWXUH DQG SXEOLF SUHVV FRQFHUQLQJ WKH VWUHVVHV GHQWLVWV H[SHULHQFH LQ WKHLU SURIHVVLRQDO SUDFWLFHV 7KHVH DUWLFOHV FRQWDLQ D JUHDW GHDO RI VSHFXODWLRQ DERXW WKH IDFWRUV EHOLHYHG WR FRQWULEXWH WR GHQWLVWVn VWUHVV +RZHYHU DOPRVW QR V\VWHPDWLF UHVHDUFK KDV EHHQ FDUULHG RXW WR GHWHUPLQH IURP WKH GHQWLVWnV SRLQW RI YLHZ ZKDW FRQWULEXWHV WR WKHLU VWUHVV 0\ QDPH LV %HWK .OHPHQW DP D 3K' FDQGLGDWH LQ &RXQVHORU (GXFDWLRQ DW WKH 8QLYHUVLW\ RI )ORULGD GRLQJ UHVHDUFK RQ VWUHVV LQ GHQWLVWU\ DQG LWV UDPLILFDWLRQV ,Q DGGLWLRQ WR P\ DFDGHPLF LQWHUHVW LQ WKH WRSLF KDYH D LQWHUHVW EHFDXVH P\ KXVEDQG 7RP LV D GHQWLVW KLV ZLIH VHH WKH HYHU\GD\ UHVXOWV RI VWUHVV EURXJKW RQ E\ KLV GHQWDO
PAGE 180

7KDQN \RX LQ DGYDQFH IRU VSHQGLQJ D IHZ PLQXWHV RI \RXU YDOXDEOH WLPH DVVLVWLQJ ZLWK WKLV UHVHDUFK HQGHDYRU %HWK (OHPHQW (G6 5HVHDUFKHU

PAGE 181

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

PAGE 182

5()(5(1&(6 $'$ 1HZV )HEUXDU\ f :RUNVKRS VWXGLHV YDULRXV KD]DUGV RI FDUHHU LQ GHQWLVWU\ &KLFDJR $PHULFDQ 'HQWDO $VVRFLDWLRQ $PHULFDQ 'HQWDO $VVRFLDWLRQ $'$f %XUHDX RI (FRQRPLF 5HVHDUFK t 6WDWLVWLFV f 7KH RFFXSDWLRQ RI GHQWLVWU\ ,WV UHODWLRQ WR LOOQHVV DQG GHDWK -$'$ $QGUHZV 7HQQDQW & +HZVRQ t 9DLOODQW *( f /LIH HYHQW VWUHVV VRFLDO VXSSRUW FRSLQJ VW\OH DQG ULVN RI SV\FKRORJLFDO LPSDLUPHQW -RXUQDO RI 1HUYRXV DQG 0HQWDO 'LVHDVH $QWRQRYVN\ $ f +HDOWK VWUHVV DQG FRSLQJ :DVKLQJWRQ '& -RVVH\%DVV $QWRQRYVN\ $ t %HUQVWHLQ f 6RFLDO FODVV DQG LQIDQW PRUWDOLW\ 6RFLDO 6FLHQFH DQG 0HGLFLQH $\HU :$ t 0RUHWWL 5 f 6WUHVV LQ GHQWLVWU\ :KHUHnV WKH HYLGHQFH" -$'$ %DXP $ *UXQEHUJ 1( t 6LQJHU -( f 7KH XVH RI SV\FKRORJLFDO DQG QHXURHQGRFULQRORJLFDO PHDVXUHPHQWV LQ WKH VWXG\ RI VWUHVV +HDOWK 3V\FKRORJ\ %HFN $7 f 'HSUHVVLRQ &OLQLFDO H[SHULPHQWV DQG WKHRUHWLFDO DVSHFWV 1HZ
PAGE 183

%LOOLQJV $* t 0RRV 5+ f 7KH UROH RI FRSLQJ UHVSRQVHV DQG VRFLDO UHVRXUFHV LQ DWWHQXDWLQJ WKH VWUHVV RI OLIH HYHQWV -RXUQDO RI %HKDYLRUDO 0HGLFLQH %LOOLQJV $* t 0RRV 5+ f &RSLQJ VWUHVV DQG VRFLDO UHVRXUFHV DPRQJ DGXOWV ZLWK XQLSRODU GHSUHVVLRQ -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ %LVFRQWL $6 t 6ROPRQ /& f -RE VDWLVIDFWLRQ DIWHU FROOHJH 7KH JUDGXDWHG YLHZSRLQW %HWKOHKHP 3$ &3& )RXQGDWLRQ %LVVHOO / t +DEHUPDQ 3: f $OFRKROLVP LQ WKH SURIHVVLRQV 1HZ
PAGE 184

&DVVHO f 7KH UHODWLRQ RI XUEDQ HQYLURQPHQW WR KHDOWK ,PSOLFDWLRQV IRU SUHYHQWLRQ 0RXQW 6LQDL -RXUQDO RI 0HGLFLQH &KHVQH\ 0$ %ODFN *: &KDGZLFN -+ t 5RVHQPDQ 5+ f 3V\FKRORJLFDO FRUUHODWHV RI WKH 7\SH $ EHKDYLRU SDWWHUQ -RXUQDO RI %HKDYLRUDO 0HGLFLQH &KULVWHQ $* f 'HYHORSLQJ D VRFLDO VXSSRUW QHWZRUN V\VWHP WR HQKDQFH PHQWDO DQG SK\VLFDO KHDOWK 'HQWDO &OLQLFV RI 1RUWK $PHULFD 66 &ODPR -& f 7KH LPSDLUHG GHQWLVW 5HFRJQLWLRQ DQG WUHDWPHQW RI WKH DOFRKROLF DQG GUXJGHSHQGHQW SURIHVVLRQDO 'HQWDO &OLQLFV RI 1RUWK $PHULFD 66 &REE 6 f 6RFLDO VXSSRUW DV D PRGHUDWRU RI OLIH VWUHVV 3V\FKRVRPDWLF 0HGLFLQH &RKHQ ) t /D]DUXV 56 f &RSLQJ ZLWK WKH VWUHVVHV RI LOOQHVV ,Q *& 6WRQH ) &RKHQ t 1( $GOHU (GVf +HDOWK SV\FKRORJ\ $ KDQGERRN SS f 6DQ )UDQFLVFR -RVVH\%DVV &ROOLJDQ 06PLWK 0t +XUUHOO -U f 2FFXSDWLRQDO LQFLGHQFH UDWHV RI PHQWDO KHDOWK GLVRUGHUV -RXUQDO RI +XPDQ 6WUHVV &RQJHU -6DZUH\ -: t 7XUUHOO (6 f 7KH UROH RI VRFLDO H[SHULHQFH LQ WKH SURGXFWLRQ RI JDVWULF XOFHUV LQ KRRGHG UDWV SODFHG LQ D FRQIOLFW VLWXDWLRQ -RXUQDO RI $EQRUPDO 3V\FKRORJ\ &RRSHU &/ 0DOOLQJHU 0 t .DKQ 5 f 'HQWLVWU\ ,GHQWLI\LQJ VRXUFHV RI RFFXSDWLRQDO VWUHVV DPRQJ GHQWLVWV -RXUQDO RI 2FFXSDWLRQDO 3V\FKLDWU\ &RRSHU */ :DWWV t .HOO\ 0 f -RE VDWLVIDFWLRQ PHQWDO KHDOWK DQG MRE VWUHVVRUV DPRQJ JHQHUDO GHQWDO SUDFWLWLRQHUV LQ WKH 8. %ULWLVK 'HQWDO -RXUQDO &RRSHU .+ *DOOPDQ -6 t 0F'RQDOG -/ -U f 5ROH RI DHURELF H[HUFLVH LQ UHGXFWLRQ RI VWUHVV 'HQWDO &OLQLFV RI 1RUWK $PHULFD 66 &R[ 7 f 6WUHVV %DOWLPRUH 0' 8QLYHUVLW\ 3DUN 3UHVV

PAGE 185

&R\QH -& t /D]DUXV 56 f &RJQLWLYH VW\OH VWUHVV SHUVSHFWLYH DQG FRSLQJ ,Q ,/ .XWDVK t /% 6FKOHVLQJHU (GVf +DQGERRN RQ VWUHVV DQG DQ[LHW\ 6DQ )UDQFLVFR -RVVH\%DVV &R\QH -& t +ROUR\G f 6WUHVV FRSLQJ DQG LOOQHVV $ WUDQVDFWLRQDO SHUVSHFWLYH ,Q 7 0LOOQ & *UHHQ t 0HDJKHU (GVf +DQGERRN RI FOLQLFDO KHDOWK SV\FKRORJ\ SS f 1HZ
PAGE 186

(FFOHV -' t 3RZHOO 0 f 7KH KHDOWK RI GHQWLVWV $ VXUYH\ LQ 6RXWK :DOHV %ULWLVK 'HQWDO -RXUQDO (SVWHLQ / 0LOOHU *6WLWW ): t 0RUULV -1 f 9LJRURXV H[HUFLVH LQ OHLVXUH WLPH FRURQDU\ ULVN IDFWRUV DQG UHVWLQJ HOHFWURFDUGLRJUDP LQ PLGGOH DJHG FLYLO VHUYDQWV %ULWLVK +HDUW -RXUQDO )HXHUVWHLQ 0 /DEEH (( t .XF]PLHUF]\N $f +HDOWK SV\FKRORJ\ $ SVYFKRELRORTLFDO SHUVSHFWLYH 1HZ
PAGE 187

)RONPDQ 6 6FKDHIHU & t /D]DUXV 56 f &RJQLWLYH SURFHVVHV DV PHGLDWRUV RI VWUHVV DQG FRSLQJ ,Q 9 +DPLOWRQ t '0 :DUEXUWRQ (GVf +XPDQ VWUHVV DQG FRJQLWLRQ $Q LQIRUPDWLRQSURFHVVLQJ DSSURDFK SS f /RQGRQ :LOH\ )RUUHVW :5 f 6WUHVVHV DQG VHOIGHVWUXFWLYH EHKDYLRUV RI GHQWLVWV 'HQWDO &OLQLFV RI 1RUWK $PHULFD )ULHGPDQ 0 t 5RVHQPDQ 5+ f 7\SH $ EHKDYLRU DQG YRXU KHDUW 1HZ
PAGE 188

+DUULV 12 t &UDEE /f (UJRQRPLFV 5HGXFLQJ PHQWDO DQG SK\VLFDO IDWLJXH LQ WKH GHQWDO RSHUDWRU\ 'HQWDO &OLQLFV RI 1RUWK $PHULFD +DUWPDQQ '3 5RSHU %/ t %UDGIRUG '& f 6RPH UHODWLRQVKLSV EHWZHHQ EHKDYLRUDO DQG WUDGLWLRQDO DVVHVVPHQW -RXUQDO RI %HKDYLRUDO $VVHVVPHQW +HLVW 3 f 3HUVRQDOLW\ FKDUDFWHULVWLFV RI GHQWDO VWXGHQWV (GXFDWLRQ 5HFRUG +HQGHUVRQ 6 f 7KH VRFLDO QHWZRUN VXSSRUW DQG QHXURVLV 7KH IXQFWLRQ RI DWWDFKPHQW LQ DGXOW OLIH 7KH %ULWLVK -RXUQDO RI 3V\FKLDWU\ +HQU\ -3 t &DVVHO -& f 3V\FKRVRFLDO IDFWRUV LQ HVVHQWLDO K\SHUWHQVLRQ -RXUQDO RI (SLGHPLRORJ\ +HU]EHUJ ) f :RUN DQG WKH QDWXUH RI PDQ /RQGRQ 6WDSOHV +LQNOH /( f 7KH HIIHFWV RI H[SRVXUH WR FXOWXUH FKDQJH VRFLDO FKDQJH DQG FKDQJHV LQ LQWHUSHUVRQDO UHODWLRQVKLSV RQ KHDOWK ,Q %6 'RKUHQZHQG t %3 'RKUHQZHQG (GVf 6WUHVVIXO OLIH HYHQWV 7KHLU QDWXUH DQG HIIHFWV SS f 1HZ
PAGE 189

,ULV % t %DUUHWW *9 f 6RPH UHODWLRQV EHWZHHQ MRE DQG OLIH VDWLVIDFWLRQ DQG MRE LPSRUWDQFH -RXUQDO RI $SSOLHG 3V\FKRORJ\ -DFNVRQ '1 f 3HUVRQDOLW\ UHVHDUFK IRUP PDQXDO *RVKHQ 1< 5HVHDUFK 3V\FKRORJLVWV 3UHVV -DFNVRQ ( t 0HDOLHD :/ -U f 6WUHVV PDQDJHPHQW DQG SHUVRQDO VDWLVIDFWLRQ LQ GHQWDO SUDFWLFH 'HQWDO &OLQLFV RI 1RUWK $PHULFD -DFRE\ t 0DWHOO 06 f 7KUHHSRLQW /LNHUW VFDOHV DUH JRRG HQRXJK -RXUQDO RI 0DUNHWLQJ 5HVHDUFK -HPPRWW -% t /RFNH 6( f 3V\FKRVRFLDO IDFWRUV LPPXQRORJLF PHGLDWLRQ DQG KXPDQ VXVFHSWLELOLW\ WR LQIHFWLRXV GLVHDVH +RZ PXFK GR ZH NQRZ" 3V\FKRORJLFDO %XOOHWLQ -RKQVRQ -+ t 6DUDVRQ ,* f /LIH VWUHVV GHSUHVVLRQ DQG DQ[LHW\ ,QWHUQDOH[WHUQDO FRQWURO DV D PRGHUDWRU YDULDEOH -RXUQDO RI 3V\FKRVRPDWLF 5HVHDUFK -RKQVRQ -+ t 6DUDVRQ ,* f 0RGHUDWRU YDULDEOHV LQ OLIH VWUHVV UHVHDUFK ,Q ,* 6DUDVRQ t &' 6SLHOEHUJHU (GVf 6WUHVV DQG DQ[LHW\ 9RO SS f :DVKLQJWRQ '& +HPLVSKHUH .DKQ 6 f )DFW VKHHW IRU WKLUG JHQHUDWLRQ KDUGLQHVV WHVW $UOLQJWRQ +HLJKWV ,/ 7KH +DUGLQHVV ,QVWLWXWH .DQQHU $' &R\QH -& 6FKDHIHU & t /D]DUXV 56 f &RPSDULVRQ RI WZR PRGHV RI VWUHVV PHDVXUHPHQW 'DLO\ KDVVOHV DQG XSOLIWV YHUVXV PDMRU OLIH HYHQWV -RXUQDO RI %HKDYLRUDO 0HGLFLQH .DUYRQHQ 05DXWDKDUMX 30 2UPD ( 3XQVDU 6 t 7DNNXQHQ f +HDUW GLVHDVH DQG HPSOR\PHQW &DUGLRYDVFXODU VWXGLHV RQ OXPEHUMDFNV -RXUQDO RI 2FFXSDWLRQDO 0HGLFLQH .DW] &$ f 5HGXFLQJ LQWHUSHUVRQDO VWUHVV LQ GHQWDO SUDFWLFH 'HQWDO &OLQLFV RI 1RUWK $PHULFD .DW] &$ f 6WUHVV DQG FDUHHU VDWLVIDFWLRQ DPRQJ GHQWLVWV $Q H[DPLQDWLRQ RI SHUVRQDOLW\ DQG VLWXDWLRQDO FRQWULEXWRUV 'RFWRUDO GLVVHUWDWLRQ 7KH 8QLYHUVLW\ RI 7H[DV DW $XVWLQ f 'LVVHUWDWLRQ $EVWUDFWV ,QWHUQDWLRQDO % 8QLYHUVLW\ 0LFURILOPV 1R ''-f

PAGE 190

.DW] &$ f 6WUHVV IDFWRUV RSHUDWLQJ LQ WKH GHQWDO RIILFH ZRUN HQYLURQPHQW 'HQWDO &OLQLFV RI 1RUWK $PHULFD 66 .DW] &$ f $UH \RX D KDUG\ GHQWLVW" 7KH UHODWLRQVKLS EHWZHHQ SHUVRQDOLW\ DQG VWUHVV -RXUQDO RI 'HQWDO 3UDFWLFH $GPLQLVWUDWLRQ .LQJ $( f 0DQDJLQJ WRPRUURZnV GHQWDO SUDFWLFH WRGD\ +RZ WR WKULYH RU VXUYLYH LQ SULYDWH GHQWLVWU\ 6FRWWVGDOH $= 7KH 1H[XV *URXS .REDVD 6& f 6WUHVVIXO OLIH HYHQWV SHUVRQDOLW\ DQG KHDOWK $Q LQTXLU\ LQWR KDUGLQHVV -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ .REDVD 6& 6HSWHPEHUf 3HUVRQDOLW\ DQG VWUHVV UHVLVWDQFH DFURVV SURIHVVLRQDO JURXSV 3DSHU SUHVHQWHG DW WKH DQQXDO PHHWLQJ RI WKH $PHULFDQ 3V\FKRORJLFDO $VVRFLDWLRQ 0RQWUHDO .REDVD 6& f &RPPLWPHQW DQG FRSLQJ LQ VWUHVV UHVLVWDQFH DPRQJ ODZ\HUV -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ .REDVD 6& +LONHU 55 t 0DGGL 65 f :KR VWD\V KHDOWK\ XQGHU VWUHVV" -RXUQDO RI 2FFXSDWLRQDO 0HGLFLQH .REDVD 6& 0DGGL 65 t &RXULQJWRQ 6 f 3HUVRQDOLW\ DQG FRQVWLWXWLRQ DV PHGLDWRUV LQ WKH VWUHVVLOOQHVV UHODWLRQVKLS -RXUQDO RI +HDOWK DQG 6RFLDO %HKDYLRU .REDVD 6& 0DGGL 65 t .DKQ 6 f +DUGLQHVV DQG KHDOWK $ SURVSHFWLYH VWXG\ -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ .REDVD 6& 0DGGL 65 t 3XFFHWWL 0& f 3HUVRQDOLW\ DQG H[HUFLVH DV EXIIHUV LQ WKH VWUHVV LOOQHVV UHODWLRQVKLS -RXUQDO RI %HKDYLRUDO 0HGLFLQH .REDVD 6& 0DGGL 65 t =ROD 0$ f 7\SH $ DQG KDUGLQHVV -RXUQDO RI %HKDYLRUDO 0HGLFLQH .REDVD 6& t 3XFFHWWL 0& f 3HUVRQDOLW\ DQG VRFLDO UHVRXUFHV LQ VWUHVVUHVLVWDQFH -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ .RPRULWD 66 f $WWLWXGH FRQWHQW LQWHQVLW\ DQG WKH QHXWUDO SRLQW RQ D /LNHUW VFDOH -RXUQDO RI 6RFLDO 3V\FKRORJ\

PAGE 191

.RUQKDXVHU $: f 0HQWDO KHDOWK RI WKH LQGXVWULDO ZRUNHU 1HZ
PAGE 192

/LGGHOO +6 f 6RPH VSHFLILF IDFWRUV WKDW PRGLI\ WROHUDQFH IRU HQYLURQPHQWDO VWUHVV ,Q +* :ROII 6 :ROI t & +DUH (GVf /LIH VWUHVV DQG ERGLO\ GLVHDVH SS f %DOWLPRUH :LOOLDPV t :LONLQV /LQ 1 (QVHO :0 6LPHRQH 56 t .XR : f 6RFLDO VXSSRUW VWUHVVIXO OLIH HYHQWV DQG LOOQHVV $ PRGHO DQG DQ HPSLULFDO WHVW -RXUQDO RI +HDOWK DQG 6RFLDO %HKDYLRU /LQVHQPHLHU -$ t %ULFNPDQ 3 f ([SHFWDWLRQV DQG VDWLVIDFWLRQ 8QSXEOLVKHG PDQXVFULSW 8QLYHUVLW\ RI ,OOLQRLV (YDQVWRQ /RFNH ($ (Gf f $QQXDO UHYLHZ RI SV\FKRORJ\ 3DOR $OWR &$ $QQXDO 5HYLHZV ,QF /RFNH ($ &DUWOHGJH 1 t .QHUU &6 f 6WXGLHV RI WKH UHODWLRQVKLS EHWZHHQ VDWLVIDFWLRQ JRDOVHWWLQJ DQG SHUIRUPDQFH 2UJDQL]DWLRQDO %HKDYLRU DQG +XPDQ 3HUIRUPDQFH /RQGRQ 0 &UDQGDOO 5 t 6HDOV *: f 7KH FRQWULEXWLRQ RI MRE DQG OHLVXUH VDWLVIDFWLRQ WR HTXDOLW\ RI OLIH -RXUQDO RI $SSOLHG 3V\FKRORJ\ /XERUVN\ / 7RGG 7& t .DWFKHQ $+ f $ VHOI DGPLQLVWHUHG VRFLDO DVVHWV VFDOH IRU SUHGLFWLQJ SK\VLFDO DQG SV\FKRORJLFDO LOOQHVV DQG KHDOWK -RXUQDO RI 3V\FKRVRPDWLF 5HVHDUFK /\QFK f 7KH EURNHQ KHDUW 1HZ
PAGE 193

0DWKHQ\ .% $\FRFN ': 3XJK -/ &XUOHWWH :/ t &DQQHOOD .$6 f 6WUHVV FRSLQJ $ TXDOLWDWLYH DQG TXDQWLWDWLYH V\QWKHVLV ZLWK LPSOLFDWLRQV IRU WUHDWPHQW 7KH &RXQVHOLQJ 3V\FKRORJLVW 0F&UDH 55 f 6LWXDWLRQDO GHWHUPLQDQWV RI FRSLQJ UHVSRQVHV /RVV WKUHDW DQG FKDOOHQJH -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ 0F*UDWK -( f 6RFLDO DQG SV\FKRORJLFDO IDFWRUV LQ VWUHVV 1HZ
PAGE 194

1HUHP 5 /HYHVTXH 0t &RUQKLOO -) f 6RFLDO HQYLURQPHQW DV D IDFWRU LQ GLHWLQGXFHG DWKHURn VFOHURVLV 6FLHQFH 1HYLQ 56 t 6DPSVRQ 90 f 'HQWDO IDPLO\ VWUHVV DQG FRSLQJ SDWWHUQV 'HQWDO &OLQLFV RI 1RUWK $PHULFD 66 1LHOVHQ 1 t 3RODNRII 3 f ,W KXUWV WKH GHQWLVW WRR -RE 6DIHW\ DQG +HDOWK 1XFNROOV .% &DVVHO -& t .DSODQ %+ f 3V\FKRVRFLDO DVVHWV OLIH FULVLV DQG WKH SURJQRVLV RI SUHJQDQF\ $PHULFDQ -RXUQDO RI (SLGHPLRORJ\ 2IILFH RI 5HJXODWLRQ DQG +HDOWK )DFLOLWLHV f )ORULGD KHDOWK PDQSRZHU UHSRUW 'HQWLVWV 7DOODKDVVHH )/ )ORULGD 'HSDUWPHQW RI +HDOWK DQG 5HKDELOLWDWLYH 6HUYLFHV 2UQHU f 7KH TXDOLW\ RI OLIH RI WKH GHQWLVW ,QWHUQDWLRQDO 'HQWDO -RXUQDO 2USHQ & t .LQJ f 5HODWLRQVKLS EHWZHHQ SHUFHLYHG MRE VWUHVV DQG SK\VLFDO DQG SV\FKRORJLFDO VWUDLQ DPRQJ XQLYHUVLW\ DGPLQLVWUDWRUV 3HUFHSWXDO DQG 0RWRU 6NLOOV 2n6KHD 50 &RUDK 1/ t $\HU :$ f 6RXUFHV RI GHQWLVWVn VWUHVV -6)6 2VKHUVRQ 6 t 'LOO f 9DU\LQJ ZRUN DQG IDPLO\ FKRLFHV 7KHLU LPSDFW RQ PHQnV ZRUN VDWLVIDFWLRQ -RXUQDO RI 0DUULDJH DQG WKH )DPLO\ 3DIIHQEHUJHU 56 t +DOH :( f :RUN DFWLYLW\ DQG FRURQDU\ KHDUW PRUWDOLW\ 7KH 1HZ (QJODQG -RXUQDO RI 0HGLFLQH 3DUGLQH 3 1DSROL $ t '\WHOO 5 $XJXVWf +HDOWKEHKDYLRU FKDQJH PHGLDWLQJ WKH VWUHVVLOOQHVV UHODWLRQVKLS 3DSHU SUHVHQWHG DW WKH DQQXDO PHHWLQJ RI WKH $PHULFDQ 3V\FKRORJLFDO $VVRFLDWLRQ $QDKHLP &$ 3HDUOLQ /, t 6FKRROHU & f 7KH VWUXFWXUH RI FRSLQJ -RXUQDO RI +HDOWK DQG 6RFLDO %HKDYLRU 3KLOOLSV (/ f 6WUHVV KHDOWK DQG SV\FKRORJLFDO SUREOHPV LQ WKH PDQRU SURIHVVLRQV :DVKLQJWRQ '& 8QLYHUVLW\ 3UHVV RI $PHULFD ,QF

PAGE 195

3UDWW / f 7KH UHODWLRQVKLS RI VRFLRHFRQRPLF VWDWXV WR KHDOWK $PHULFDQ -RXUQDO RI 3XEOLF +HDOWK 3URFLGDQR 0( t +HOOHU f 0HDVXUHV RI SHUFHLYHG VRFLDO VXSSRUW IURP IULHQGV DQG IURP IDPLO\ 7KUHH YDOLGDWLRQ VWXGLHV $PHULFDQ -RXUQDO RI &RPPXQLW\ 3V\FKRORJ\ 5DENLQ -* t 6WUHXQLQJ (/ f /LIH HYHQWV VWUHVV DQG LOOQHVV 6FLHQFH 5K\QH f %DVHV RI PDULWDO VDWLVIDFWLRQ DPRQJ PHQ DQG ZRPHQ -RXUQDO RI 0DUULDJH DQG WKH )DPLO\ 5RVH .' t 5RVRZ f 3K\VLFLDQV ZKR NLOO WKHPVHOYHV $UFKLYHV RI *HQHUDO 3V\FKLDWU\ 5RVH 50 -HQNLQV &' t +XUVW 0: f +HDOWK FKDQJH LQ DLU WUDIILF FRQWUROOHUV $ SURVSHFWLYH VWXG\ EDFNJURXQG DQG GHVFULSWLRQ 3V\FKRVRPDWLF 0HGLFLQH 5262: -RXUQDO L 9 :-/ 9: 8O8:89M LW .RVH .8  RI 0DUULDJH DQG WKH )DPLO\ 5XVVHN +, f (PRWLRQDO VWUHVV DQG LQ $PHULFDQ SK\VLFLDQV $PHULFDQ -RXUQDO RI WKH 0HGLFDO FRURQDU\ KHDUW DQG 6FLHQFHV 6DUDVRQ ,* -RKQVRQ -+ t 6LHJDO -0 f $VVHVVLQJ WKH LPSDFW RI OLIH FKDQJHV 'HYHORSPHQW RI WKH /LIH ([SHULHQFHV 6XUYH\ -RXUQDO RI &RQVXOWLQJ DQG &OLQLFDO 3V\FKRORJ\ 6FKDFKWHU 6 6LOYHUVWHLQ % .R]ORZVNL /7 +HUPDQ /3 t /LHEOLQJ % f (IIHFWV RI VWUHVV RQ FLJDUHWWH VPRNLQJ DQG XULQDU\ S+ -RXUQDO RI ([SHULPHQWDO 3V\FKRORJ\ *HQHUDO 6FKDHIHU & &R\QH -& t /D]DUXV 56 f 7KH KHDOWKUHODWHG IXQFWLRQV RI VRFLDO VXSSRUW -RXUQDO RI %HKDYLRUDO 0HGLFLQH 6FKHLHU 0) :HLQWUDXE -. t &RSLQJ ZLWK VWUHVV 'LYHUJHQW &6 f RI RSWLPLVWV DQG SHVVLPLVWV -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ 6FKPLWW 1 t 0HOORQ 30 f /LIH DQG MRE VDWLVIDFWLRQ ,V WKH MRE FHQWUDO" -RXUQDO RI 9RFDWLRQDO %HKDYLRU

PAGE 196

6FKURHGHU t &RVWD 3 f ,QIOXHQFH RI OLIH HYHQW VWUHVV RQ SK\VLFDO LOOQHVV 6XEVWDQWLYH HIIHFWV RU PHWKRGRORJLFDO IODZV" -RXUQDO RI 3HUVRQDOLW\ DQG 6RFLDO 3V\FKRORJ\ 6FKZDUW] 5+ t 0XUUD\ %3 f )DFWRUV DIIHFWLQJ ZRUN VDWLVIDFWLRQ DPRQJ GHQWLVWV LQ 8WDK $ VHFRQGDU\ DQDO\VLV -RXUQDO RI WKH $PHULFDQ &ROOHJH RI 'HQWLVWV 6HO\H + f $ V\QGURPH SURGXFHG E\ GLYHUVH QRFXRXV DJHQWV 1DWXUH 6HO\H + f 7KH VWUHVV RI OLIH 1HZ
PAGE 197

6ZRUG 52 Df 7KH GHSUHVVLRQSURQH SHUVRQDOLW\ $OPRVW WRR JRRG WR EH WUXH 'HQWDO 6XUYH\ 6ZRUG 52 Ef 6WUHVV DQG VXLFLGH DPRQJ GHQWLVWV &RPSHWLWLYHQHVV DQG EHLQJ DOO WKLQJV 'HQWDO 6XUYH\ 7D\ORU 6( f +HDOWK SV\FKRORJ\ 1HZ
PAGE 198

:LHEH 't 0F&DOOXP '0 f +HDOWK SUDFWLFHV LQ WKH DQG UHODWLRQVKLS +HDOWK 3V\FKRORJ\ :LOFR[ %/ f 6RFLDO VXSSRUW OLIH VWUHVV DQG SV\FKRORJLFDO DGMXVWPHQW $ WHVW RI WKH EXIIHULQJ K\SRWKHVLV $PHULFDQ -RXUQDO RI &RPPXQLW\ 3V\FKRORJ\ :LOH\ -/ f 'HQWDO EXUQRXW -RXUQDO RI 'HQWDO 3UDFWLFH $GPLQLVWUDWLRQ :LOOLDPV $) t :HFKVOHU + f ,QWHUUHODWLRQVKLS RI SUHYHQWLYH DFWLRQV LQ KHDOWK DQG RWKHU DUHDV +HDOWK 6HUYLFHV 5HSRUWV :LOOLDPV $: :DUH -( t 'RQDOG &$ f $ PRGHO RI PHQWDO KHDOWK OLIH HYHQWV DQG VRFLDO VXSSRUWV DSSOLFDEOH WR JHQHUDO SRSXODWLRQV -RXUQDO RI +HDOWK DQG 6RFLDO %HKDYLRU :\OHU $5 0DVXGD 0 t +ROPHV 7+ f 6HULRXVn QHVV RI ,OOQHVV 5DWLQJ 6FDOH -RXUQDO RI 3V\FKRVRPDWLF 5HVHDUFK
PAGE 199

%,2*5$3+,&$/ 6.(7&+ (OL]DEHWK &OLQH (OHPHQW ZDV ERUQ LQ 2DN 5LGJH 7HQQHVVHH 0D\ WR /XFLOH + DQG &UDQPRUH : &OLQH $IWHU JUDGXDWLQJ IURP KLJK VFKRRO LQ %HWK DWWHQGHG WKH 8QLYHUVLW\ RI )ORULGD ZKHUH VKH JUDGXDWHG LQ ZLWK D %DFKHORU RI 6FLHQFH LQ -RXUQDOLVP ZLWK D PDMRU LQ SXEOLF UHODWLRQV $V D JUDGXDWH VWXGHQW %HWK KHOG JUDGXDWH DVVLVWDQWVKLS SRVLWLRQV LQ WKH 8QLYHUVLW\ RI )ORULGD 8)f $GPLVVLRQV 2IILFH DQG WKH &RXQVHORU (GXFDWLRQ 'HSDUWPHQW ,Q VKH UHFHLYHG 0DVWHU RI (GXFDWLRQ DQG 6SHFLDOLVW LQ (GXFDWLRQ GHJUHHV IURP WKH &RXQVHORU (GXFDWLRQ 'HSDUWPHQW %HWK WKHQ DFFHSWHG D SRVLWLRQ DV 5HVLGHQFH /LIH &RRUGLQDWRU ZLWK WKH 'LYLVLRQ RI +RXVLQJ DW 8) $IWHU RQH \HDU VKH ZDV SURPRWHG WR $VVLVWDQW 'LUHFWRU RI +RXVLQJ 6KH ZDV HPSOR\HG DW 8) IRU WKUHH \HDUV IURP WR %HWK WKHQ PRYHG WR 6W 3HWHUVEHUJ )ORULGD PDUULHG 7KRPDV 9 .OHPHQW '0' DQG DFFHSWHG D SRVLWLRQ DV 7UDLQLQJ $GPLQLVWUDWRU ZLWK 6SHUU\ 'HIHQVH (OHFWURQLFV LQ ,Q %HWK ZDV SURPRWHG WR 6XSHUYLVRU IRU 0DQDJHPHQW 7UDLQLQJ DQG 'HYHORSPHQW %HWK ZDV DFWLYH LQ WKH 6XQFRDVW &KDSWHU RI WKH $PHULFDQ 6RFLHW\ IRU 7UDLQLQJ DQG 'HYHORSPHQW DQG VHUYHG DV FKDSWHU WUHDVXUHU DQG SUHVLGHQW

PAGE 200

$IWHU KDYLQJ WZR GDXJKWHUV LQ DQG %HWK UHVLJQHG KHU SRVLWLRQ ZLWK 6SHUU\ LQ WR EHFRPH D IXOOn WLPH GRFWRUDO VWXGHQW +HU VRQ ZDV ERUQ LQ

PAGE 201

, FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ DQG WKDW LQ P\ RSLQLRQ LW FRQIRUPV WR DFFHSWDEOH VWDQGDUGV RI VFKRODUO\ SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH LQ VFRSH DQG TXDOLW\ DV D GLVVHUWDWLRQ IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 'DYLV &KDLUPDQ 3URIHVVRU RI n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

PAGE 202

, FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ RSLQLRQ LW FRQIRUPV WR SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH D GLVVHUWDWLRQ IRU WKH GHJUHH P RI 'RFWRU RI DQG WKDW LQ P\ RI VFKRODUO\ DQG TXDOLW\ 3KLORVRSK\ 3URIHVVRU RI &OLQLFDO 3V\FKRORJ\ 7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH &ROOHJH RI (GXFDWLRQ DQG WR WKH *UDGXDWH 6FKRRO DQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 'HFHPEHU 'HDQ *UDGXDWH 6FKRRO

PAGE 203

81,9(56,7< 2) )/25,'$


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID E5P7TK2JC_174D1V INGEST_TIME 2017-07-11T22:18:32Z PACKAGE AA00002141_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


STRESS AND STRESS RESISTANCE RESOURCES
AMONG MALE DENTISTS
By
ELIZABETH CLINE ELEMENT
A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL OF
THE UNIVERSITY OF FLORIDA
IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE
DEGREE OF DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA
1988
P OF F LIBRARIES

Copyright 1988
by
Elizabeth Cline Element

This dissertation would not
have been possible if
not for my husband
THOMAS V. ELEMENT, D.M.D.
to whom I dedicate this work

ACKNOWLEDGEMENTS
A number of special people have been an important part
of this dissertation experience. I wish to express my
heartfelt appreciation for their contributions, encourage¬
ment, interest, and support.
First, I would like to thank Dr. Roderick J. McDavis
for his aid and support in his role as committee chairman.
Rod's guidance, support, and friendship have been invaluable
not only as committee chair but also as my faculty advisor
over a 14-year period. I appreciated his patience,
respected his judgments, valued his standards of excellence,
and needed his unswerving belief that I would indeed
complete this degree.
I wish to thank, also, the other members of my
committee, each of whom made special contributions. I thank
Dr. Paul W. Fitzgerald, for his encouragement during the
tough times; Dr. Jane E. Myers, for her diligence and
constructive criticisms in reading the manuscript; and Dr.
Wallace L. Mealiea, Jr., for his knowledge of stress in
dentists. I extend a special thank you to Dr. Peggy Fong,
an original member of the committee, for all her expertise
and contributions to the development of the research
proposal. Her willingness to spend time and energy
iv

helping me conceptualize, operationalize, and write the
research proposal was invaluable.
A number of other people made important contributions,
directly or indirectly, to my effort. I wish to thank Dr.
Arnold S. White, Jr., for his willingness to write an
introductory letter to the mail survey. His contribution
was especially significant because of the personal
challenges he was facing in his heroic battle against
cancer. I thank Marie Stimpinski for her helpful
suggestions in writing the mail survey. I wish to thank
Sharon Ross for her tireless work in preparing the mailing
list, letters, envelopes, and postcards for the mail survey.
I appreciated her commitment to get the survey out on time
and her willingness to work around the clock to meet the
deadline. I also want to thank Sharon's daughter Nicole for
her assistance in stuffing the envelopes.
I also wish to thank Adele Koehler for her expert
typing skills and her commitment to meeting the deadline. I
thank Kevin McKillop for his consultations on the data
analyses. To my dear friend Mickie Miller I extend
heartfelt gratitude for her listening ear, intellectual
stimulation, moral support, and for knowing so well what it
is like to write a dissertation. Sharing this experience
with her made the difference.
I wish to thank three wonderful women, Annetta
Reinhardt, Sharon Hutson, and Kitty Horak, who took care of
my children at different stages during the past three years.
v

Each of them, in their own special way, provided the special
"mothering” my children needed so I could be away from them
without feeling "too" guilty.
I wish to express my sincere appreciation to the more
than 251 dentists in the state of Florida who gave of their
time to contribute to this attempt to further understand the
stress they experience.
I would like to thank my family for their innumerable
contributions to this effort. I thank my parents, Cranmore
and Lucile Cline, for the gifts of the love of learning and
pride in educational achievement which have inspired me in
this pursuit of the Ph.D. degree. I deeply appreciate all
the help they provided me on my many trips back and forth
between St. Petersburg and Gainesville. I am especially
thankful for my mother's assistance in delivering the final
drafts to the typist, the copy center, and the committee
members.
I thank my three children, Kristen Elizabeth Element
(5), Katherine Victoria Element (3), and Robert Thomas
Element (2), who have provided me the balance and diversity
I needed. They were either very young or as yet unborn when
this project first began. I hope that as they grow I can
inspire in each of them a dream and the determination to
reach a high goal.
Lastly and foremost, I wish to thank my husband, Thomas
V. Element, D.M.D., first for providing me the opportunity
to question and the desire to understand more about stress
vi

in dentists. I appreciated his patience with my almost
total absorption in this project for many months. I thank
him for serving as a sounding board and providing much
needed emotional support. I also relied on him on numerous
occasions for his many hours of tedious labor helping me
prepare and sorting materials for the project.
Additionally, I could not have accomplished this without his
unfailing sense of humor, encouragement, love, pride in my
accomplishments. It has meant a great deal to have a
wonderful partner to share in this endeavor with me.
vii

TABLE OF CONTENTS
Page
ACKNOWLEDGEMENTS iv
LIST OF TABLES x
ABSTRACT xi
CHAPTERS
IINTRODUCTION 1
Statement of the Problem 5
Purpose of the Study 8
Need for the Study 9
Significance of the Study 11
Definition of Terms 12
Organization of the Study 15
II REVIEW OF THE LITERATURE 16
Stress 16
Historical Overview 16
Theoretical Models of Stress 21
Measurement Techniques 28
Stress in Dentistry 3 3
Stressors in the Practice of Dentistry 34
Stress Response in Dentists 39
Satisfaction 43
Theories of Satisfaction 44
Career Satisfaction of Dentists 48
Mediator Variables in the Stress Process 54
Hardiness 55
Coping 67
Social Support 77
Health Practices and Exercise 86
Health practices 87
Exercise 90
Summary 92
III METHODOLOGY 94
Research Questions 94
Population and Sample 95
Instruments 97
The Strain Questionnaire 97
The Dental Career Satisfaction Index 100
viii

Page
The Index of Well-Being 101
The Dental Stress Inventory 102
The Hardiness Test 103
Coping Responses 105
The Vulnerability Scale of the Stress Audit. 107
Demographic Questionnaire 109
Data Collection 109
Data Analysis 110
Limitations of the Study Ill
IV RESULTS AND DISCUSSION 113
Results 113
Research Question One 113
Research Question Two 118
Research Question Three 12 6
Research Question Four 129
Career satisfaction 129
Life satisfaction 131
Intercorrelations 133
Research Question Five 135
Strain 135
Career satisfaction 136
Life satisfaction 138
Discussion 140
V CONCLUSIONS, IMPLICATIONS, SUMMARY, AND
RECOMMENDATIONS 151
Conclusions 151
Implications 153
Summary 155
Recommendations for Future Research 157
APPENDICES
A INSTRUMENTS 160
B COVER LETTERS FOR SURVEY QUESTIONNAIRE 167
REFERENCES 170
BIOGRAPHICAL SKETCH 187
ix

LIST OF TABLES
Table Page
1 Frequency and Relative Frequency Distributions of
Demographic Variables 115
2 Means and Standard Deviations of Predictor and
Criterion Variables 117
3 Analyses of Variance of Frequency of Staff
Meetings on Other Variables 12 4
4 Analyses of Variance of Role of Spouse in the
Practice on Other Variables 125
5 Stepwise Regression Analysis of the Relationship
Between Strain and the Predictor Variables 128
6 Stepwise Regression Analysis of the Relationship
Between Career Satisfaction and the Predictor
Variables 130
7 Stepwise Regression Analysis of the Relationship
Between Life Satisfaction and the Predictor
Variables 132
8 Correlation Matrix Intercorrelations Among All
Continuous Predictor and Criterion Variables 134
9 Simple Linear Regression Analysis of the
Relationship Between Stressors With the Mediating
Variables and Strain 137
10 Simple Linear Regression Analysis of the
Relationship Between Stressors With the Mediating
Variables and Career Satisfaction 139
11 Simple Linear Regression Analysis of the
Relationship Between Stressors With the Mediating
Variables and Life Satisfaction 141
x

Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy
STRESS AND STRESS RESISTANCE RESOURCES
AMONG MALE DENTISTS
by
Elizabeth Cline Element
December 1988
Chairman: Roderick J. McDavis
Major Department: Counselor Education
The purpose of this study was to describe stress and
the role of stress resistance resources in male dentists.
Specifically, using the transactional model of stress, the
relative effects of hardiness, coping style, social support,
and health practices in the stressors-strain/satisfaction
relationship in male dentists were explored. The sample
included 251 male dentists actively involved in practice,
randomly selected from the membership list of the Florida
Dental Association. Participants completed questionnaires
assessing their levels of strain, career satisfaction, life
satisfaction, stressors, hardiness, coping styles, social
support, health practices, and demographic characteristics.
One finding of this study was that the participants
reported moderate levels of stressors, strain, hardiness,
career satisfaction, moderate to high levels of social
support, health practices, and life satisfaction. They also
used predominantly effective coping styles. Another finding
of this study was that differences existed among dentists on
xi

certain demographic variables (years in practice, role of
spouse, days of continuing education, frequency of staff
meetings, type of practice, religious preference, income,
and marital status) and the other measures. A third finding
was that strain was positively predicted by stressors and
avoidance coping and negatively predicted by hardiness,
social support, and role of the spouse. A fourth finding
was that career satisfaction was positively predicted by
income, frequency of staff meetings, active-behavioral
coping, and hardiness, and negatively predicted by religious
preference. By contrast, life satisfaction was positively
predicted by hardiness, social support, health practices,
and role of the spouse, and negatively predicted by
stressors. A fifth finding was that hardiness, avoidance
coping, and stressors was the optimum subset of predictors
for strain in male dentists. Hardiness, social support, and
health practices served as mediators in the stressors-life
satisfaction relationship among male dentists.
xii

CHAPTER I
INTRODUCTION
Nowadays, everyone seems to be talking about
stress. You hear about this topic not only in
daily conversation but also on television, via
radio, in the newspapers, and in the ever
increasing number of conferences, centers, and
university courses devoted to stress. Yet
remarkably few people define the concept in the
same way or even bother to attempt a clearcut
definition. The businessperson thinks of stress
as frustration or emotional tension; the air
traffic controller, as a problem in concentration;
the biochemist and endocrinologist, as a purely
chemical event; and the athlete, as muscular
tension. This list could be extended to almost
every human experience or activity, and, somewhat
surprisingly, most people—be they chartered
accountants, short-order cooks, [dentists,] or
surgeons—consider their own occupation the most
stressful. Similarly, most commentators believe
that ours is the "age of stress," forgetting that
the caveman's fear of attack by wild animals or of
death from hunger, cold, or exhaustion must have
been just as stressful as our fear of a world war,
the crash of the stock exchange, or overpopulation.
(Selye, 1985, p. 17)
There are many reasons dentists experience stress. The
training dentists receive is competitive and long, and the
long-term process of establishing and maintaining a dental
practice is demanding. Dentists often work long hours, with
anxious and fearful patients, who may have a poor public
image of dentists (O'Shea, Corah, & Ayer, 1984). Dentists
also typically work independently and perhaps without the
-1-

-2-
benefit of professional social support that other
occupations enjoy. Since "stress is a threat to the quality
of life, and to physical and psychological well-being" (Cox,
1978, p. v), dentists are a population at risk. Frequently
cited (albeit controversial) statistics confirm that
dentists have a higher than average rate of physical and
psychological symptoms that are considered the outcomes of
high stress. Some of these outcomes include coronary heart
disease (Russek, 1962), suicide (Blachly, Osterud, &
Josslin, 1963), divorce, alcoholism, and drug abuse (Clarno,
1986) .
The effect of occupational stress in the development of
physical and mental illness is well established (Calhoun &
Calhoun, 1980). The National Institute for Occupational
Safety and Health (NIOSH) studied the relative incidence of
mental health disorders in 130 occupational categories
(Colligan, Smith, & Hurrell, 1977). The study revealed that
seven of the top 27 occupations were in the health care
field. A recent researcher on high stress occupational
groups, however, did not find such a clear cut link between
stress and decreased physical and mental health (Kobasa,
1979, 1982).
Stress researchers have examined occupational groups
identified to be at high risk to the damaging effects of
stress; these occupations include the traditionally male
occupations of business executives (Kobasa, 1979), military
officers (Kobasa, 1980), lawyers (Kobasa, 1982), air traffic

-3-
controllers (Rose, Jenkins, & Hurst, 1978), university
administrators (Orpen & King, 1986), commercial airline
pilots (Sloan & Cooper, 1986), and dentists (Katz, 1987).
General findings indicated that while these individuals did
experience a great deal of job stress, not all of them
showed the physical and psychological symptoms thought to be
the outcomes of stress. Apparently there are differences in
the ways that individuals respond to stress. Some
individuals become ill while others show no debilitating
signs of stress and may actually thrive under stress
(Kobasa, 1979).
These differences can be explained through the
transactional model of stress which maintains that stress
resides neither in the situation nor in the person but in
the transaction between the environment (situation) and the
person. The stress response is experienced by the person as
a result of a stressful transaction between the person and
the environment (Matheny, Aycock, Pugh, Curlette, &
Cannella, 1986).
The stress process begins with demands made on the
person. According to Lazarus (1966, 1981), the principal
spokesman for these transactional approaches, demands or
events calling for adaptation on the part of the person lead
to two forms of cognitive appraisal: primary appraisal of
the seriousness of the demands and secondary appraisal of
the adequacy of one's resources and options for meeting the
demands. Individual differences in reacting to demands

-4-
result not only from characteristic ways of appraising
demands and resources but also from the individual's
habitual style of relating to events and structuring life
(Matheny et al., 1986).
The transactional model of stress represents a turn
away from traditional stress research in which stress scores
and illness indicators were measured and correlated. This
model also signifies serious consideration of individual
differences as well as the optimistic view that some people
do remain healthy (Rabkin & Struening, 1976).
Hence, researchers have proposed the idea that there
are moderator or mediating variables (Antonovsky, 1979;
Johnson & Sarason, 1979) or resistance resources that
mediate the connection between the occurrence of stressful
life events and the onset of physical and psychological
symptoms. As Johnson and Sarason (1978), Kobasa (1979), and
other investigators have shown, many persons are not
debilitated even though they live quite stressful lives.
Stress resistance has been associated with a wide variety of
resources including personality characteristics such as
hardiness (Kobasa, 1979), coping styles (Lazarus & Folkman,
1984; Pearlin & Schooler, 1978), perceived social support
(Billings & Moos, 1981; Cobb, 1976; Schaefer, Coyne, &
Lazarus, 1981; Thoits, 1986), health practices (Wiebe &
McCallum, 1986), and exercise (Kobasa, Maddi, & Puccetti,
1982) .

-5-
Statement of the Problem
Although the concept of stress resistance resources is
relatively new, there is initial empirical support
documenting the importance of mediating or moderator
variables in the stress-illness relationship. Kobasa (1979)
studied the personality factor of hardiness—characterized
by commitment, control, and challenge—as a conditioner of
the effects of stressful life events on illness onset in
male business executives and lawyers (Kobasa, 1982).
Results in both studies indicated individuals high in
hardiness remained healthy under high stress while
individuals low in hardiness did not remain healthy.
Other researchers have investigated the effects of
hardiness in combination with other mediating variables,
such as exercise (Kobasa, Maddi, & Puccetti, 1982), social
support (Kobasa & Puccetti, 1983), health practices (Wiebe &
McCallum, 1986), and social support and exercise (Kobasa,
1982). Katz (1987) found that hardiness was far more
predictive of both stress and career satisfaction in
dentists than were any of the situational factors inherent
within the practice of dentistry. Another investigator
examined the relationships between stress and satisfaction
levels and hardiness, social support, and coping strategies
in academic multiple-role persons (Hammond, 1987).
Coping style, the way a person actually copes with one
or more stressful events, is another mediating variable.
Pearlin and Schooler (1978) studied the effects of coping

-6-
and personality characteristics on psychological symptoms in
2300 Chicago adults. Results indicated the effective coping
modes are unequally distributed in society, with men, the
educated, and the affluent making greater use of the most
effective coping styles. Billings and Moos (1984) found
that coping and social resources did not mediate the stress-
psychological symptoms relationship in a large group of
clinically depressed patients.
Social support has been the most frequently researched
mediating variable and yet the results are inconsistent as
to whether it mediates, or serves as a buffer between,
stressful events and psychological distress. Several
studies have found that social support is significantly
negatively correlated with psychiatric symptoms (Eaton,
1978; Lin, Ensel, Simeone, & Kuo, 1979; Wilcox, 1981).
LaRocco, House, and French (1980) found that social support
did buffer stress and mental/physical health in a large
group of men from 23 occupations; however, it did not buffer
the relationship between stress and job dissatisfaction.
The opposing view is reflected by data gathered from a
middle-aged sample, which did not find that social support
was beneficial because it mediated the effects of stressful
events (Schaefer et al., 1981).
There are also apparent differences in the importance
of social support as a stress resistance resource in men and
women. Holahan and Moos (1985) and Hammond (1978) found
social support from family did buffer the negative health

-7-
effects of life stress in women, but that it did not
function as a stress resistance factor for men. Instead the
work environment appears to be a more important source of
support for men (Holahan & Moos, 1982; Kobasa & Puccetti,
1983) .
Wellness factors such as health practices and exercise
also have been proposed as mediating variables, although
less frequently than the others. Kobasa (1982) found that
exercise and social support did not significantly affect the
degree of strain reported in lawyers. Yet,in another study,
executives high in both hardiness and exercise remained more
healthy than those high in one or the other (Kobasa, Maddi,
& Puccetti, 1982). Wiebe and McCallum (1986) found that
hardy college students may be more healthy because they
maintained better health practices while experiencing stress
than did nonhardy individuals.
In spite of the fact that numerous articles have
appeared in the dental literature regarding the stressors
experienced by dentists, few have been based on empirical
research. Only one researcher has examined the effects of
any mediator variable on the stress-illness relationship in
dentists. Katz (1987) found hardiness to be significantly
related to lower levels of stress and psychiatric symptoms
and higher levels of career satisfaction experienced by
dentists.
The dental profession has increasingly been identified
as highly stressed. Many articles have appeared in recent

-8-
years in both professional and lay public literature about
the stress of dentistry and the purported inordinately high
incidence of suicide, coronary heart disease, alcohol and
drug abuse, divorce, depression, and other problems presumed
to be stress related among dentists (Howard, Cunningham,
Rechnitzer, & Goode, 1978; Katz, 1978). However, recent
evidence indicates that the case of high suicide rates among
dentists may have been overstated (Temple University, 1976).
Yet the frequency of articles, books, continuing educa¬
tion courses, and professional meeting presentations on the
topic of stress among dentists reflects that the profession
as a whole perceives its members to be highly stressed in
their work settings. Even if dentists do not differ from
others in the incidence of stress related problems, the
belief that they do has at least reached the level of widely
accepted folklore with the profession and, to an increasing
extent, with the general public.
Purpose of the Study
The purpose of this study was to describe stress and
the role of stress resistance resources in male dentists.
Specifically, using the transactional model of stress,
the relative mediating effects of hardiness, coping style,
social support, and health practices in the stressors-
strain/satisfaction relationship in male dentists were
explored in this study.

-9-
Need for the Study
While much has been written about the apparent stress
of dentists, actual empirical research is scant. The few
statistically based studies that have been conducted suffer
from serious shortcomings in both methodology and
theoretical conceptualization (Howard et al., 1976; O'Shea
et al., 1984). To date there has been only one researcher
(Katz, 1987) who interpreted data within a theoretical model
of stress as a transaction between the person and the
environment.
Most of the articles in the professional and lay press
which promote the image of dentistry as a highly stressed
occupation often refer to the "fact" that dentists have the
highest suicide rate of all professionals. The data for
this "fact" come from an Oregon study (Blachly et al.,
1963). The finding indicated that from 1950 to 1956
dentists' suicide rate was higher, by about six times, than
that of the average white male population of Oregon (and the
highest of all professions included in the study). However,
in the succeeding five years, 1957 to 1961 (years not
included in the study), dentists' suicide rate was about
twice that of the general population and about the
eguivalent of physicians' and attorneys' rates.
Ayer and Moretti (1985) stated that dentistry may not
be as stressful as the public has been led to believe. They
referred to strong, though indirect, evidence such as
socioeconomic status and degree of control as reasons why

-10-
dentists are not as vulnerable to the negative aspects of
stress as other groups. Money can buy many resources,
including time and opportunities for exercise and vacations,
all of which may mediate the effects of stress. The extent
to which one has control or perceives oneself to have
control over potentially negative stressors appears to
reduce the adverse consequences of such stressors. These
authors proposed that dentists have learned or have
available to them relatively appropriate and effective means
for dealing with stressors. This concept, however,
seemingly based in the transactional model of stress which
views stress as the interaction between the person and the
environment, needs to be empirically tested in a group of
practicing dentists.
Before successful intervention approaches can be
developed to help dentists deal with their professional
stressors, basic research must be conducted to determine the
degree to which dental practitioners perceive themselves as
stressed in their occupational roles. In addition, an
attempt should be made to systematically identify and
determine the relative contribution of the factors
contributing to dentists' strain and satisfaction.
The transactional model of stress (Lazarus & Folkman,
1984) has been studied in a limited manner with samples
of adults aged 35 to 45 and 45 to 65. Several of the
mediating variables included in the transactional model have
been studied individually (or in pairs) to investigate their
independent effects on outcomes such as stress and mental

-11-
health. Empirical research does provide evidence about the
mediating effects of such stress resistance resources as
personality characteristics, coping styles, social support,
health practices, and exercise.
There have been, however, no studies that have
adequately investigated the effects of each of these
mediating variables in the same study. In only one study
has stress and accompanying satisfaction experienced by
dentists been investigated (Katz, 1987). Clearly, there is
a need to explore the effects of multiple moderator
variables and to investigate the applicability of the
transactional model of stress with a broader population.
Significance of the Study
Information about stress and satisfaction in dentists
and the joint mediating roles of hardiness, coping styles,
social support, and health practices has significance in a
number of areas. In the area of theory, the results of this
study will have implications for the transactional theory of
stress by investigating the joint effects of multiple
moderator variables. In the area of research, the results
of the study will make a significant contribution to the
dental literature as well as the stress literature.
The results of the study will have far-reaching
implications for the selection and training of dental
students as well as the development of proactive
intervention strategies with practitioners currently in the

-12-
field. Finally, the results of this study will provide
information for counselors who are concerned with such
matters as person-environment fit, and personal growth and
wellness (Matheny et al., 1986). If dentists experience
high levels of stress or low levels of satisfaction, some of
them are likely to seek the help of counselors. If
counselors are knowledgeable about stress and satisfaction
in dentists and the relative importance of mediators such as
hardiness, coping styles, social support, and health
practices, they may be better prepared to help dentists as
well as others in high-stress occupations.
Definition of Terms
A number of terms will be used throughout this study
and thus require further elaboration and definition.
Career satisfaction is an individual's attitude toward
one's present career, essentially comprised of feelings of
being actualized (having a good fit between career and
ability and interests) and feelings of being successful
(Osherson & Dill, 1983).
Cognitive appraisal denotes the way people construe the
significance of encounters for their well-being, that is, as
irrelevant, benign, harmful, threatening, or challenging.
The latter three are forms of stress appraisal (Lazarus &
DeLongis, 1983).
Cooing describes the constantly changing cognitive and
behavioral efforts to manage specific external and/or

-13-
internal demands that are appraised as taxing or exceeding
the resources' of the person (Lazarus & Folkman, 1984, p.
141) .
Coping style is a person's general propensity to deal
with stressful events in a particular way. Specifically, it
is cognitive and behavioral reactions that are performed to
reduce or eliminate psychological distress or stressful
conditions (Billings & Moos, 1981).
Dentists in this study are men actively involved in the
practice of dentistry and who are also members of the
Florida Dental Association.
Hardiness describes a constellation of three personality
characteristics that function as a resistance resource in
the encounter with stressful life events, including (a) an
ability to feel deeply involved in or committed to the
activities of their lives, (b) the belief that one can
control or influence the events of their experience, and (c)
the anticipation of change as an exciting challenge to
further development (Kobasa, 1979).
Health practices refer to a variety of positive and
negative behaviors related to dietary practices, hygienic
practices, recklessness, substance abuse, and exercise
(Wiebe & McCallum, 1986).
Life satisfaction denotes people's assessment of the
nature and quality of their life experiences as a whole, as
viewed at the present time and as measured by the Index of
Well-Being (Campbell, Converse, & Rodgers, 1976).

-14-
Mediatina variables are variables that mediate or
moderate the connection between stress on an individual and
the onset of physical and psychological symptoms (Johnson &
Sarason, 1979). In this study, hardiness, coping style,
social support, and health practices will be investigated as
mediating variables.
Satisfaction is the affective orientation on the part
of people toward roles they are presently occupying (Vroom,
1964).
Social support describes the extent to which
individuals believe that their needs and resources for
support, information, and feedback are fulfilled (Procidano
& Heller, 1983) .
Strain is the psychological or physical consequences
associated with stress, often referred to as the stress
response. In this study, strain is defined as a syndrome of
physical, behavioral, and cognitive symptoms that are
elicited, to varying degrees, by environmental demands upon
the individual (Lefebvre & Sandford, 1985).
Stress denotes the particular relationship between
people and the environment that is appraised by people as
taxing or exceeding their resources and endangering their
well-being (Lazarus & Folkman, 1984, p. 19).
Stressors are the demands made on the person from
various sources, either self-generated or from the
environment, which are cognitively appraised by the person

-15-
as unequal to resources and viewed as a stressor (Matheny et
al., 1986).
Organization of the Study
Chapter II contains a review and analysis of the
related literature on stress, stress in dentistry,
satisfaction, and mediating variables in the stress process,
specifically hardiness, coping style, social support, and
health practices. Chapter III includes a description of the
methodology of the study, including the research questions,
a description of the population and sample, the instruments,
the data collection procedures, the data analysis, and the
limitations of the study. In Chapter IV the results and a
discussion of the results are presented. Chapter V includes
the conclusions, implications of the study, summary, and
recommendations for future research.

CHAPTER II
REVIEW OF THE LITERATURE
In this chapter, a review and synthesis of the
literature relevant to the areas of stress, stress in
dentistry, satisfaction, and stress mediating variables are
presented.
Stress
Pioneer stress researcher Hans Selye stated that
"stress is a scientific concept which suffers from the mixed
blessing of being too well known and too little understood"
(Selye, 1980, p. 127). Although stress is a difficult
concept to define, much research has been directed at
understanding the various phenomena associated with it.
This section includes a historical overview of the stress
concept; theoretical models of stress also are reviewed,
along with measurement techniques.
Historical Overview
Before turning to contemporary science, it is useful to
review some of the perspectives that laid the foundation for
the current theories of stress. Scientific interest in
stress in the biobehavioral sciences has developed from
-16-

-17-
several disciplines, including physiology, endocrinology,
medicine, sociology, anthropology, and psychology. However,
there are two basic traditions in which research has
thrived. One has evolved from the biological perspective,
based on research in physiology and endocrinology. The
other is based on a psychosocial tradition. Each has made
important contributions to the understanding of stress
(Fleming, Baum, & Singer, 1984).
The biological tradition has its roots in the medical
interest in stress, which can be traced back to Hippocrates
in ancient Greece (Selye, 1985). Physicians in the 19th and
20th centuries hypothesized that stress and strain could
lead to physical illnesses. In 1910, Sir William Osier
(cited in Feuerstein et al., 1986) observed that the
lifestyle of certain businessmen resulted in significant
strain and predisposed them to angina pectoris. Later the
great American physiologist Walter Cannon made one of the
earliest contributions to stress research. Cannon (1932)
used the term stress to describe his research on the fight-
or-flight response, that when an organism perceives a
threat, the body is rapidly aroused and motivated through
the sympathetic nervous system and the endocrine system.
There is a concerted physiological response which mobilizes
the organism to attack the threat or to flee; hence, it is
called the fight-or-flight response. In Cannon's (1936)
work on emotional stress, he concluded that stress can be

-18-
harmful because it disrupts emotional and physiological
functioning and can cause medical problems over time.
Though Cannon's (1936) work is very important in
understanding stress, work by Selye (1956, 1976) reflects
the primary popular view of stress research in the
biological community. Although Selye (1936) initially
explored the effects of sex hormones on physiological
functioning, he became interested in the stressful impact of
his interventions. Accordingly, Selye exposed laboratory
animals to a variety of prolonged stressors—such as extreme
cold and fatigue—and observed their physiological
responses. To Selye's surprise, all stressors, regardless
of type, produced essentially the same pattern of
physiological responding.
From these observations, Selye (1956) proposed the
general adaptation syndrome (GAS) theory, a three-stage
process that describes how stress affects the organism. The
first stage of the process is alarm, in which the organism
is mobilized to combat the physical demands of the stressor.
The second stage is resistance, in which the organism
appears to hold its own against the still present threat.
The third stage is exhaustion, which occurs if the organism
fails to overcome the threat and depletes its physiological
resources in the process of trying. The organism seemingly
gives up, and the collapse may result in death. Presumably
this only occurs when the threats persist or repeat often

-19-
enough to overwhelm the organism's ability to resist
(Fleming et al., 1984).
The substantial impact of Selye's work on the field of
stress continues to be felt today. The Selye model remains
a cornerstone of the field of stress. One reason is that it
offers a general theory of stress (Selye, 1976) with several
important implications. First, the implication of this
theory is that the effects of stress are cumulative. That
is, the damage produced by stressors accumulates over time.
Second, Selye proposed that repeated or prolonged exhaustion
of resources, the third stage of the syndrome, was
responsible for the physiological damage that laid the
groundwork for disease. In fact, prolonged or repeated
stress has been implicated in disorders such as
cardiovascular disease, arthritis, hypertension, and immune-
related deficiencies (Taylor, 1986).
In addition to the biological tradition, there is a
psychosocial perspective on the study of stress (Fleming et
al., 1984). This perspective has generated a stream of
research that is usually independent of physiological
studies. In this view, stress is the reaction of an
organism to demands placed upon it. The key focus within
this rather broad perspective is upon healthy, usually
normal humans and nonphysical stressors. The emphasis is on
the interaction of stressful agents and the human system of
appraisal and evaluation (Lazarus, 1966). This view
suggests that no events are universally stressful. Stress

-20-
only exists when the person undergoing it defines it as
such.
A classic research example of this conception of stress
is provided by Lazarus and colleagues (e.g., Lazarus, 1966;
Speisman, Lazarus, Mordkoff, & Davison, 1964). College
students viewed a film of aboriginal subincision rites
(adult circumcision by means of stone-age tools). Before
viewing the film, they were exposed to one of four
experimental conditions. One group listened to an
intellectual anthropological description of the rites. A
second group heard a lecture that deemphasized the pain the
initiates were experiencing and emphasized their excitement
over the events. Another group heard a description that
emphasized the pain and trauma that the initiates were
undergoing. The fourth group heard no sound track.
Measures of autonomic arousal (heart rate, skin
conductance) and self-reports suggested that the first two
groups experienced considerably less stress than did the
group whose attention was focused on the trauma and pain.
The film stressor itself elicited no universal reaction.
Thus, this study illustrates that stress was not only
intrinsic to the film itself but also depended upon the
viewer's appraisal of it.
Although there are several definitions of the stress
concept, some commonalities emerge. Basically, the stress
experience is comprised of two major components: stressors
and stress response (Feuerstein et al.,
1986). Stressors

-21-
represent stimulus events or demands requiring some form of
adjustment or adaptation. Stressors usually evoke a typical
set of responses, the stress response. The circular nature
of this definition is intentional. It is believed that a
complex feedback system exists between stressor and stress
response, with each influencing the other.
At the most basic level, one cannot assume with
certainty that a particular stimulus will result in a stress
response for all individuals. Actually the stress-response-
producing properties of a stimulus may also vary over time
and situations for the same individual. At a broader level,
these observations suggest that a number of factors can
mediate or moderate the stressor-stress response
interaction, thus determining the ultimate stress
experience. These mediating factors are discussed in detail
in a later section of this chapter.
Theoretical Models of Stress
Biobehavioral scientists have created several theories
to try to link environmental phenomenon (stressors) with
psychological or physical consequences (stress responses).
Currently, there are three major theoretical models of
stress: stimulus-based, response-based, and interactional
or transactional. Stimulus models view stress as a
psychosocial demand leading to personal strain (Holmes &
Rahe, 1967; Shinn, Rosario, Morch, & Chestnut, 1984).
Response models see it as a physiological response to

-22-
demands made on the person (Selye, 1956). Transactional
models, on the other hand, see stress as an interaction
between the person and the environment (Coyne & Lazarus,
1980; Lazarus, Kanner, & Folkman, 1980).
The general public usually thinks of stress according
to a stimulus-based model, which essentially is based in
engineering principles. In considering this engineering-
oriented model, a useful analogy has been drawn with Hooke's
Law of elasticity (as cited in Cox, 1978), which describes
how loads produce deformation in metals. The main factors
in Hooke's Law are that of "stress," the load (or demand)
which is placed on the metal, and that of "strain," the
deformation which results. The law states that if the
strain produced by a given stress falls within the "elastic
limit" of the material, when the stress is removed the
material will simply return to its original condition.
However, if the strain passes beyond the elastic limit then
some permanent damage will result. This analogy suggests
that just as physical systems have an elastic limit, people
have some built-in resistance to stress. Up to a point
stress can be tolerated, but when it becomes intolerable
permanent damage, physiological and psychological may
result. There appears to be great individual variation in
resistance to stress, and levels which one finds easily
tolerable may be completely intolerable to the next person.
Thus for stimulus-based models, stress is conceptu¬
alized in terms of the environment. The assumption is that

-23-
some environmental condition (the stimulus or stressor) has
an impact on the person that produces strain. Clear
examples of research using this theory are studies of
stressful occupations (Rose, Jenkins, & Hurst, 1978) and
life events research (Dohrenwend & Dohrenwend, 1974). The
major task is to delineate the characteristics of stressful
situations. Holmes and Rahe (1967) have identified and
classified stressful life events, such as death of a spouse,
divorce, change of job, vacation, etc., and attempted to
determine the impact of these life events on individuals.
This approach treats stress as the independent variable and
postulates that stress in the form of clustering life events
results in strain or tension which increases the risk of
illness.
Response-based models emphasize the determination of a
stress response which reflects a situation in which the
person is under strain from a stressor (Feuerstein et al.,
1986). Studies investigating this model view stress as a
dependent variable. Selye's (1956) general adaptation
syndrome (GAS) is an example of the response-based concept
of stress.
Selye emphasized that stress is the person's response
to the demands of the environment (Cox, 1978). The stress
response is a nonspecific, universal pattern of defense
responses that serves to protect and preserve the biological
integrity of the person. Additionally, the stress response

-24-
although initially adaptive, if severe and prolonged may
result in disease states. In this way, a decline in
resistance to stress below normal levels is associated with
the development of disease and physical trauma.
Both the stimulus-based and the response-based models
of stress focus only on one aspect of the stress experience,
either the stimulus or the response. The stimulus-based
model has its major weaknesses in its failure to identify
what is stressful about particular real-life situations and
to explain individual differences (Cox, 1978). The
response-based model assumes that any stimulus which
produces the stress response must be viewed as a stressor.
Thus, some activities and phenomena which are not generally
considered stressors, such as exercise, emotions, and
fatigue, would be labeled as such. Furthermore, no
straightforward relationship between the various components
of the stress response across all individuals and situations
has been defined (McGrath, 1970). A more recent model, the
transactional model, overcomes some of these problems.
Transactional models go beyond considering only
stimulus and response aspects of stress. Stress is seen as
an intervening variable between stimulus and response (Cox,
1978). The transactional model proposes that stress occurs
through the relationship, or interaction, between the person
and the environment. The term transaction has a quality
missing in the concept of interaction. It is "that

-25-
transaction implies a newly created level of abstraction in
which the separate person and environment elements are
joined together to form a new relational meaning" (Lazarus &
Folkman, 1984, p. 294). This approach takes into account
characteristics of the person on the one hand and the nature
of the environmental event on the other. Stress is viewed
as the reflection of a lack of fit between the person and
the environment. This view parallels the modern medical
concept of illness, which is no longer seen as caused solely
by an external organism. Whether or not illness occurs
depends also on the individual's susceptability.
One version of the transactional model is proposed by
Lazarus and colleagues (e.g., Coyne & Lazarus, 1980;
Folkman, 1984; Folkman, Schaefer, & Lazarus, 1979; Lazarus,
1966; 1981; Lazarus & Folkman 1984; Lazarus & Launier,
1978). It is a cognitively oriented theory of psychological
stress and coping in which the person and the environment
are viewed as being dynamic and mutually reciprocal. Stress
is conceptualized as a relationship between the person and
the environment that is appraised by the person as taxing or
exceeding one's resources and as endangering one's well¬
being. The theory identifies two processes, cognitive
appraisal and use of coping strategies, as critical
mediators of stressful person-environment relationships and
their immediate and long-term outcomes. Cognitive appraisal
is the process through which the person evaluates whether a
»

-26-
particular encounter with the environment is relevant to
one's well-being and, if so, in what way.
Lazarus and Folkman (1984) propose two kinds of
appraisal: primary and secondary. Primary appraisal
involves the individual's determination of the situation as
positive, irrelevant, or stressful. Stressful appraisals
can take three forms: harm/loss, where the damage has
already been done; threat, where there is potential for
harm/loss; and challenge. Harm/loss and threat appraisals
trigger negative emotions such as fear or anger, whereas
challenge triggers positive emotions such as excitement or
eagerness (Matheny et al., 1986). During this process the
individual appraises the level of demand of the situation
(Cox, 1978). Thus, demand is based on the person's
perception of the environment. Demand may be external,
coming from the environment (such as a work deadline), or
internal, including psychological and physiological needs
and expectations, such as the expectation that one can do
everything well. In secondary appraisal, the individual
assesses the resources available and what can be done about
the situation.
Numerous factors influence the appraisal process,
including factors relating to the situation, to the person,
and to the coping strategies available (Lazarus & Folkman,
1984). Factors relating to the situation that affect
appraisal include its novelty, predictability, timing, and
ambiguity. Factors relating to the person, such as beliefs

-27-
about personal control, expectations of ability and outcome
affect the appraisal process. Factors relating to coping
strategies available to the person include problem solving
skills, social skills, social support, and material
resources. These factors all interact to influence how
individuals appraise the situation and their ability to deal
with it. The person's appraisal then influences the coping
strategies tried. The individual continually reappraises
the situation and possibilities as new information from the
environment and from the person's own reactions are
received. How the person copes is thought to have short¬
term and long-term consequences in terms of social
functioning, morale and well-being, and somatic health.
The transactional model, as opposed to the stimulus-
based and response-based models, has the strength of not
focusing on either just the stressor or the stress response.
Instead, it focuses on the interaction between the person
and the environment. Furthermore, it allows for individual
differences through the inclusion of perceptions of demands
and resources. It also proposes mediating factors that help
explain why all people under stress do not experience ill
effects. Finally, it considers positive outcomes such as
morale and well-being, rather than focusing only on negative
outcomes such as psychological symptoms or physical illness.
Thus, the transactional model seems best suited to use to
aid in exploring the complex process of the relationship
between stress and outcomes.

-28-
Measurement Technicrues
Methods for studying stress vary in terms of type of
setting, such as a laboratory or natural environment, and
mode of measurement, such as physiological, behavioral, or
cognitive (Feuerstein et al., 1986). This section
illustrates several of the current techniques for measuring
stress. First, the measurement of stressors is discussed,
followed by the measurement of various aspects of the stress
response.
Stressors are demands made on the individual. The
represent stimulus events that require some form of
adaptation or adjustment. Stressors can be external
physical stimuli, such as cold, heat, loud noises, crowding,
or interpersonal difficulties with a loved one, or internal
stimuli, such as physical pain or cognitions including
thoughts or feelings. Stressors can be both positive or
negative; in fact, positive events may require as much
adaptation or adjustment as negative events. Stressors also
vary considerably across individuals, as well as across time
and situations for the same individual.
Several research teams have worked to identify and
scale stressors that are common to most people. The Social
Readjustment Rating Scale (SRRS) and Schedule of Recent
Experience (SRE) have been widely used measures of stressors
(Holmes & Rahe, 1967). The SRRS ranks the stressfulness of
major life changes that require adjustment or situations
that disrupt daily living, such as death of a spouse or a

-29-
job promotion, while the SRE measures the frequency of these
life changes in the last year. Numerous studies relating
life events to subsequent physical illness have established
moderate correlations ranging from .20 to .30 (Schroeder &
Costa, 1984). Although study of the life events-illness
relationship has been very popular in stress research;
recently researchers have been critical of the major life
event scales and many questions have been raised about
methodological problems (Taylor, 1986).
In contrast to the work on major life events, Lazarus
and his associates developed the Hassles and Uplifts Scales
(Kanner, Coyne, Scahefer, & Lazarus, 1981) to assess the
role of minor stressful events, both negative and positive,
and their cumulative impact on health and illness. Hassles
are the irritating, frustrating, distressing demands that
characterize everyday transactions with the environment.
They include annoying practical problems such as losing
things or traffic jams and fortuitous occurrences such as
inclement weather, as well as arguments, disappointments,
and financial and family concerns. Uplifts are the pleasant
events of everyday life that may buffer people against
illness; such small joys as playing with one's child or
enjoying a pleasant dinner with friends. Several studies
have proved hassles to be a better predictor (than major
life events) of psychological symptoms or physical health
status major life events (DeLongis, Coyne, Dakof, Folkman, &
Lazarus, 1982; Kanner et al., 1981; Monroe, 1983). Thus, it

-30-
may ultimately emerge that it is the wear and tear of daily
life that more reliably predicts illness and psychological
well-being than more major but rare life events.
Another method of assessing stressors is the
identification of specific groups of individuals commonly
exposed to similar occupational stressors. This assessment
has defined and quantified these occupational stressors.
Two examples of this type of approach are the Nursing Stress
Scale (Gray-Taft & Anderson, 1981) and the Dental Stress
Index (Katz, 1981). The Nursing Stress Scale measures
stressors nurses encounter in the performance of their
duties, while the Dental Stress Index measures dentists7
perceptions of stressors common to the practice of
dentistry.
An assessment of the stress response can be made using
physiological, behavioral, or cognitive measures. Currently
there is more variety in types of measures for the stress
response than for stressors. Part of the reason for this is
that the stress response is often thought of as the
dependent variable in studies and, therefore, must be
measured (Feuerstein et al., 1986).
The physiological component of the stress response
includes both psychophysiological and biochemical responses
(Feuerstein et al., 1986). The electrical activity of
muscle, heart rate, and blood pressure are widely used
measures of psychophysiological responses to stress.
Adrenocorticotropic hormone (ACTH), catecholamines, and

-31-
endorphins are some of the biochemical variables studied.
Physiological measures of stress should not be used as the
sole indicators of the stress response; they measure only
one aspect of the stressor-stress response and may be
sensitive to other factors as well. In addition to
stressors, level of activity, sex, age, and weight can
affect the physiological responses in humans.
In general, assessment of the behavioral component of
the stress response includes both direct observations made
by an experimenter and self-reports by the subject. There
are two types of behavioral observational methods. The
first includes recording specific behaviors such as facial
expressions, movement, verbal responses, or rate of speech.
The second method involves observation of performance in
such areas as memory, attention, visual-motor skills, and
problem-solving. Performance tasks are useful in that
distress, activation, or arousal can affect a person's
ability to perform by decreasing motivation, attention, or
concentration which can determine the quality of performance
before, during, and after exposure to stressors. Behavioral
self-reports include questionnaires, rating scales or
checklists used by the subject to indicate behavior that may
not be observable in an experimental setting or to provide
additional information on behavior. Activity schedules,
sexual behavior questionnaires, or ratings of specific
behaviors such as nail biting, frequency of urination, or
avoidance of certain stressors are a few examples of

-32-
behavioral self-reports. Self-report measures are probably
the most frequently used method of measuring the stress
response in humans (Baum, Grunberg, & Singer, 1982).
The cognitive component of the stress response
represents an important variable in several stress models.
Cognitive assessment can refer to a wide variety of measures
designed to measure thoughts, beliefs, attitudes, and mood,
to name a few. It is important to emphasize that cognitive
processes do not only represent components of the stress
response, but also that they can actually influence the
stress response (i.e., serve as mediating variables). This
concept is especially relevant when considering the
transactional model of stress. Measures of the cognitive
components of the stress response are usually in the form of
self-report questionnaires, checklists, or interviews.
Several models of stress emphasize the occurrence of
multiple responses in reaction to a stressor. Therefore the
use of multimodal measurement, including physiological,
behavioral, and cognitive assessments of the stress
response, offers the greatest degree of information. One
measure, the Strain Questionnaire (SQ) (Lefebvre & Sandford,
1985) assesses all three dimensions using a self-report
format.
The transactional model of stress emphasizes the
importance of evaluation of stressors and cognitive
appraisal processes and their outcome, the stress response
(Cox, 1978). This model hypothesizes that environmental

-33-
factors (i.e., potential stressors) may influence the
pattern of coping efforts that are set into motion during a
stressful transaction and also that coping may influence
which environmental factors will be involved and what form
they will take (Coyne & Lazarus, 1980). Therefore, rather
than a fixed entity that impinges on the person,
environmental stimuli are only potentially important,
becoming more salient by their interaction or transaction
with coping efforts. Such a model requires a dynamic
assessment of the reciprocal interactions of environmental
contexts (i.e., potential stressors), cognitive appraisals
and coping behaviors (i.e., as mediating variables), and
their concomitant physiological, behavioral, and cognitive
outcomes (i.e., the stress response).
Stress in Dentistry
Several authors have stated that dentists are a very
stressed group of professionals (Dunlap & Stewart, 1981).
The job of a dentist is physically hard; moreover, the
majority of dentists, because they are private
practitioners, are involved in the long-term strains of
building a successful practice. Jackson and Mealiea (1977)
reported:
To run a practice, the dental practitioner is
required to (1) work with the precision of a
watchmaker or diamond cutter, but in a biological
environment complete with oral fluids, facial
musculature and the sometimes capricious will of
their owner; (2) persuade, cajole, in a word,

-34-
sell, in an attempt to deliver the care and
service obviously needed yet less frequently
understood or desired; (3) allay the fears and
anxieties of patients, understand and support,
empathize and care; (4) hire, train, and
effectively manage notoriously transient
personnel, keep financial records, manage
inventory, order supplies, deal with
subcontractors (dental laboratories), indeed,
handle all of the work load of the not-so-small
businessman; and (5) stay abreast of the field,
read the journals, attend the meetings and make
sense of an array of changes in the profession,
both of a clinical and sociopolitical nature.
(Jackson & Mealiea, 1977, p. 560)
It is no wonder then that many dentists feel overworked
and that they must be all things to all people. Hence, it
is relatively easy over a period of time to feel stressed
and become emotionally burned out. In this section the
relevant literature is reviewed in two areas: stressors
inherent in the practice of dentistry and the stress
response in dentists.
Stressors in the Practice of Dentistry
The vast majority of articles discussing stress in
dentistry have focused on characteristics of the dental
profession, or stressors inherent in the practice of
dentistry, that purportedly are responsible for the high
levels of stress that dentists are said to experience. Many
factors inherent in practicing dentistry have been mentioned
in the literature as stressors: time and scheduling
pressure, feeling overworked and hurried, economic pressure
(Cooper, Watts, & Kelly, 1987), difficult working conditions
(limited access), physical strain or work (Harris & Crabb,

-35-
1978), exposure to infectious diseases such as hepatitis and
AIDS, threat of malpractice (Phillips, 1982), third party
interference in treatment and financial plans (Katz, 1986),
treating anxious or fearful patients or patients having pain
(Dunlap & Stewart, 1982), negative public image of dentists,
lack of appreciation or cooperation from patients (O'Shea et
al., 1984), professional isolation (Forrest, 1978), little
social support (Nevin & Sampson, 1986), demands of managing
staff, and rapidly changing technology and standards of
practice (for a recent review see Katz, 1986).
The personality characteristics of dentists which
contribute to stress also have been researched. Several
observations have been made about the personality style of
the "typical" dentist. These characteristics of personality
are authoritarian and inflexible (Heist, 1960); hard¬
working, ambitious, perfectionistic, and emotionally
controlled (Sword, 1977a); type A personality traits of
competitive, time urgent, extreme impatience; measuring
accomplishments in terms of numbers (Howard et al., 1976);
low self-esteem, left brain dominated, and unrealistic
beliefs, attitudes, and values (King, 1978).
As interesting and informative as the published reports
above may appear, many are suggestive rather than
definitive, and statistical studies are few. However, it is
possible to identify similarities and common themes in the
following seven empirical studies about the sources of
dentists' stress.

-36-
Dun lap and Stewart (1982) analyzed 3,700 questionnaires
from replies to a magazine poll on dentists' stress. They
found the most common dental stressors were perfectionism,
patients exhibiting pain or fear, pressure to earn more
money, situations where decisions are questioned or others
can not do things right, feelings of overwork, hurry, and
lack of appreciation. The authors also examined the overall
report of stress by demographic characteristics. The
results indicated the never-married group demonstrated less
stress than did the marrieds, while the divorced respondents
were the most stressed of all categories. Stress,
surprisingly, was relatively low in the first year of
practice. Then the stress index continued to rise during
the first five years of practice, until it reached a rather
high plateau where it remained more or less constant through
the fourteenth year of practice. After that, it continued
to decline through the balance of the dental career. Solo
practitioners reported higher stress than those practicing
in a partnership or group practice. Another interesting
finding was the least stressed group also was the busiest,
with the highest patient volume.
In a study of participants at a California scientific
meeting (Cooper, Mallinger, & Kahn, 1978), 150 dentists were
asked to rate their perceived job stressors in a 15-item
questionnaire. The four items with the highest mean scores
were coping with difficult patients, trying to keep to a
schedule, too much work, and unsatisfactory auxiliary

-37-
assistance. After relating each of the 15 items to
physiological measures of stress (blood pressure, pulse
rate, and ECG readings), they found that only one item, the
demands of building and sustaining a practice, was
correlated consistently with each of the health criteria
measures.
In another study, 977 American dentists, who
voluntarily attended a health screening at a national dental
meeting, completed a questionnaire on sources of practice
stress (O'Shea et al., 1984). Results suggested that six
sources in dentists' stress were problems of patients'
compliance, pain, and anxiety, interpersonal relationships,
the physical strain of work, economic pressures, third-party
constraints, and the strain of perfectionism and seeking
ideal results. Among the stressors lowest in the composite
ratings were isolation from fellow practitioners,
competition, monotony, lack of acceptance by patients of the
preferred treatment plan, and lack of appreciation. Another
significant finding was three-fourths of those surveyed
thought dentistry was more stressful than other occupations,
but an equally high proportion believed that they were under
less stress than other dentists.
Cooper et al. (1987) studied the relationship between
possible causes of stress (demographic, personality, and
work factors) and the levels of job satisfaction and mental
health among a sample of 484 general dental practitioners in
the United Kingdom. In this study, the major sources of

-38-
stress were pressures from scheduling, staffing, income
needs, and quality control. The authors concluded that
stress levels in the profession were high, likely to go
higher, and were already showing effects with deteriorating
levels of mental health and job satisfaction.
Studies by Cooper, Mallinger, and Kahn (1980) and the
follow-up by Mallinger, Brousseau, and Cooper (1978) are
significant in that they represent the first systematic
attempts to evaluate both personality and situational/
environmental contributions to the stressors experienced by
dentists. One serious shortcoming is the lack of
randomization in selection. Since all subjects (150 and
110, respectively) were volunteers at a health screening
clinic for dentists, concern about the representative nature
of the sample should be noted. Despite conceptual
difficulties regarding the selection of physiological
indices as the sole criterion for stressfulness (vs.
perceptual criterion), these studies point the way for
further examination of the interaction (or transaction) of
environmental and personality stressors as predictors of
stressfulness and satisfaction for dentists.
Based on the literature review of dental stressors,
only one study addressed the need that the American Dental
Association (ADA) Bureau of Economic Research & Statistics
(1977) mentioned, when they called for studies to interpret
"data within a theoretical model of personality and social
system theory" (p. 607). Katz (1987), using the theory of

-39-
the transactional model of stress, examined both the
relative importance of personality factors and factors
inherent in the practice of dentistry upon perceived stress
and career satisfaction. The personality factor of
hardiness was far more predictive of both stress and career
satisfaction than were any of the practice stressors.
Hardiness was found to be significantly related to lower
levels of stress and psychiatric symptoms and higher levels
of career satisfaction experienced by the 291 dentists in
the study.
By contrast, the practice stressors and outcome
measures were significantly related in only a few instances.
Only income level and frequency of exercise were strongly
related to dentists' career satisfaction. Only
specialization was strongly related to reduced stress. Only
the number of weeks away from the office was found to be
significantly related to both reduced stress and increased
career satisfaction (Katz, 1987). The findings of this
study support the position that the sources of stress for
dental practitioners are a function of their personality and
perceptions rather than their practice stressors.
Stress Response in Dentists
Another body of literature relates to the stress
response in dentists: the purported high incidence of
physical, emotional, and behavioral problems which result
among stressed dentists (Forrest, 1978; Katz, 1978; Sword,

-40-
1977a, 1977b). Problems frequently cited, in these and
other articles, as the consequences of stress for dentists
include cardiovascular disease, depression, divorce,
alcoholism, drug abuse, and suicide.
A frequently cited study, published 26 years ago by
Russek (1962), indicated that the prevalence of coronary
heart disease (CHD) among dentists is more highly influenced
by the relative level of occupational stress than by
heredity or diet. A more recent report (Nielsen & Polakoff,
1975) found that coronary heart disease and hypertension are
25% more prevalent in dentists than in the general
population. Indeed, Steinberg (1977) stated cardiovascular
disease is the most frequent cause of premature death,
killing nearly 7 out of 10, in middle-aged male dentists.
Investigators of maladaptive behavior outside the
dental office but resulting from stress within the office
environment—divorce, alcoholism, or drug abuse—suggest
that stress at work could result in expressions of symptoms
in the personal life. Indeed a high rate of divorce among
dentists is frequently reported (Sword, 1977a). However,
the American Dental Association (ADA) Bureau of Economic
Research and Statistics (1977) reported that a literature
search found only one article on this topic. This study of
divorce complaints filed in California (Rosow & Rose, 1972)
found that the divorce rate of dentists was lower than that
of the general population. In fact, all professionals had a
lower divorce rate, with dentists having one of the lowest.

-41-
Substance abuse has frequently been linked to overwork
and stress. Clarno (1986) stated that, based on the
evidence available today, it is not known whether dentists
suffer from a higher or a lower incidence of alcoholism than
does a similar population sample within society. The
National Council on Alcoholism estimates that the percentage
of alcoholics among professionals in general is 1 1/2 times
greater than that among nonprofessionals (Forrest, 1978).
Bissell and Haberman (1984), in an important and recent
review of alcoholism in the professions (dentists,
physicians, nurses, attorneys, social workers, and college
women), estimated that 8% of the dentists in the country
were alcoholic. There also is evidence that owing to the
accessibility of controlled substances in the practice of
dentistry, dentists may have a slightly higher incidence of
drug dependence than the average population. But this also
is true in medicine and nursing. However, one study found
that dentists reported less stress and less drug use than
physicians (Stout-Wiegand & Trent, 1981).
Stress can be a significant problem in dentistry and it
can, undeniably, be a factor in the onset of depression
(Shurtz, Mayhew, & Cayton, 1986). In a conceptual article,
Sword (1977a) discussed the relationship of depression to
substance abuse and suicide. The description of the pre-
depressive personality—hard-working, ambitious,
perfectionistic, and emotionally controlled—was presented
as typical of the average dentist. Sword argued that while

-42-
such characteristics are adaptive in aiding the dentist in
achieving life goals, the same characteristics may
predispose the dentist to experiencing a high level of
stress and dissatisfaction when faced with the limiting
realities of dental practice. Depression can result over a
period of time from becoming emotionally burned out (Wiley,
1986). This in turn can lead to seeking an escape in
alcohol, drugs, or suicide.
Perhaps the most frequently discussed and thoroughly
researched topic concerning stress-related problems among
dentists is that of suicide. Numerous articles have
appeared in the dental literature about the problem and how
to combat it (Forrest, 1978). One study (Blachly, Osterud,
& Josslin, 1963) found that dentists had the highest suicide
rate among any profession. Despite methodological flaws in
this regional study, this view of dentists as having the
highest suicide rate has been perpetuated in the media and
become a popularly held belief among dentists and much of
the general public. Rose and Rosow (1973) found that
dentists had a suicide rate, comparable to physicians,
approximately twice that of the white, male population of
the United States. Orner (1978) concluded that dentists
have a lower rate of suicide than does the population as a
whole, and that causes of death as the result of any illness
were no greater among dentists than could be expected by
chance alone.

-43-
The topic of suicide among dentists is admittedly
controversial (Ayer & Moretti, 1985). The American Dental
Association (ADA) has expressed concern over the problem and
has sponsored research and national conferences to discuss
the topic (ADA News, 1977, February 21). The ADA Bureau of
Economic Research and Statistics (1977) reported on an
extensive study conducted by Temple University School of
Dentistry researchers (Temple University, School of
Dentistry, 1976). The results of this study, which is
considered the most extensive to date in both scope and
methodology, concluded that dentists do not differ from the
general population in suicide rate and have a death rate
from all causes that is less than the general population in
all age groups.
While the issue of dental suicide may have been
minimized by this report, the issue of stress among dentists
appears to be very much alive based on the frequency of
articles on the topic in the dental literature. Many of the
conclusions about dental stress drawn from these opinion
articles are invalid according to the research. But the
mythology of dental stress has become so credible and
oversold that even many dentists cannot distinguish between
fact and fantasy (Hark, 1983) .
Satisfaction
As with stress, there is no single meaning for the term
satisfaction. Furthermore, satisfaction is often used

-44-
interchangeably with similar terms such as happiness,
quality of life, and adjustment. According to Campbell,
Converse, and Rodgers (9176), satisfaction implies a
cognitive judgment of a current situation laid against
external standards of comparison such as "other people I
know" or more private levels of aspiration. This may be
compared to happiness, which seems to evoke chiefly an
absolutely emotional state (Campbell et al., 1976). Quality
of life is different still in that it is usually measured by
some objective standard, such as ownership of luxury items,
and thus assumes that people who have a high quality of life
are satisfied. Finally, the term adjustment is often used
similarly to satisfaction, especially in the area of
marriage, even though adjustment refers more to congruence
between partners in expectations, performances, and values
(Rhyne, 1981). This study and the following review of
literature focuses on satisfaction.
Theories of Satisfaction
There are several theoretical explanations of
satisfaction. These include Maslow's (1954) need hierarchy,
the motivation theory as proposed by Herzberg (1966),
theories that compare expectations and performance, and
finally theories based on rewards.
Maslow (1954) asserted that people have five different
classes of needs, and that these are arranged on a hierarchy
of prepotency. The less potent do not come to govern

-45-
behavior until the more potent are fulfilled. The five
classes of needs are physiological needs, safety needs,
needs relating to belonging, friendship and love, esteem
needs, and the need for self-actualization. The assumption
is that the higher one gets in the hierarchy, the more one
is satisfied. Unfortunately, acceptance of the theory is
largely an act of faith, for little research has been
carried out to verify it (Cox, 1978) .
Herzberg (1966) has developed a theory suggesting that
the nature of the work performed is itself an important
factor in determining the level of satisfaction experienced.
Individuals who find their daily tasks interesting or
challenging are likely to experience more satisfaction than
those who find their work tasks tedious or boring. Herzberg
(1966) proposed the two-factor, motivation-hygiene theory to
describe work satisfaction. Herzberg argued that
satisfaction depends on motivator factors, whereas
dissatisfaction relates to hygiene factors. Good hygiene,
such as better working conditions and more pay, are
theorized to decrease dissatisfaction, but do not promote
satisfaction. Motivation factors such as achievement,
recognition, responsibility, and opportunity for personal
growth or advancement will increase satisfaction.
Unfortunately, many studies have failed to support this
theory (Cox, 1978).
Locke, Cartledge, and Knerr (1970) proposed that
satisfaction is a function of the degree to which one's

-46-
performance achieves one's desired goal or is discrepant
from one's value standard, with the former resulting in
higher satisfaction and the latter in lower satisfaction.
Similarly, Locke (1975) argued that satisfaction is related
to the amount of discrepancy existing between how much is
wanted and how much is obtained. Hence, it appears
important to examine the extent to which expectations have
been realized to determine a person's true level of
satisfaction.
The expectancy theory, developed by Wabah and House
(1974), considers job satisfaction to be measured by work
motivation. The theory states that if after a reasonable
expenditure of effort, one's professional expectations are
not met, the result will be a lower level of professional
motivation and satisfaction. Linsenmeier and Brickman
(1980) propose a similar idea. They suggest that
satisfaction is based, at least in part, on the goals or
expectations of the individual. They add that, although
performing well is generally more satisfying than performing
badly, the lower the expectations, the more the person will
be satisfied. They suggest, in short, that people will be
satisfied with themselves and what they accomplish to the
extent that their accomplishment exceeds what they had
expected to achieve, and disappointed if it fails short of
what they had expected. Thus, people who underestimate
themselves are apt to be continually surprised by success,

-47-
whereas those who overestimate themselves are apt to be
surprised by failure.
In effect, satisfaction depends on expectations
regarding performance outcomes as well as the performance
outcome itself. Vroom (1964) defined satisfaction as the
affective orientation on the part of individuals toward the
roles they are presently occupying. Satisfaction also is
a function of the attainment of rewards. Thus, the more
rewards a role offers, the more satisfied a person will be
with it. The theory and research in the area of
satisfaction has generally focused on satisfaction within a
role. Such areas as job satisfaction and marital
satisfaction are common in the literature. Thus, each role
has its own specific theories and assessment techniques.
However, there is a tremendous amount of overlap among roles
in how satisfaction is conceptualized.
Campbell et al. (1976) proposed that job satisfaction
is based on how persons perceive their job situation. This
is based, in part, on objective characteristics of the job
and on characteristics of the respondent which determine how
the person perceives the characteristics of the job. Thus,
one approach to assessing job satisfaction is to solicit
individuals' assessments of the attributes of their jobs.
Attributes that have been found to be important are comfort,
challenge, pay, coworker relations, and resources (Campbell
et al., 1976). A different approach to assessing job
satisfaction is to focus on the individuals' assessments of

-48-
the fit between career and abilities and interests, and the
degree to which they feel successful. This approach has
been taken by Osherson and Dill (1983).
How satisfaction in one role affects satisfaction in
other roles has been the topic of some interest and
investigation. The most commonly researched
interrelationship is between the roles of life in general
and work. Studies have generally found a positive
relationship between work satisfaction and satisfaction with
life in general (Campbell et al., 1976; Greenhaus, 1974;
Hulin, 1969; Iris & Barrett, 1972; Kornhauser, 1965; London,
Crandall, & Seals, 1977; Schmitt & Mellon, 1980). Campbell
et al. (1976) estimate that 20% of the variance of life
satisfaction is shared with work satisfaction and conclude
that work satisfaction is one of the most important
predictors of life satisfaction. That is, at least for the
roles of work and general life, people who are satisfied
with one role are likely to be satisfied with their other
roles. However, the relationship is not perfect. There is
80% of the variance that is still unaccounted for, using the
estimate of shared variance computed by Campbell et al.
(1976) . Thus, it may be wise to study career satisfaction
and general life satisfaction separately.
Career Satisfaction of Dentists
Although most dentists respond quite positively when
asked if they are satisfied with their work or choice of

-49-
profession, not much is known about factors contributing to
satisfaction with dentistry. Such information is becoming
increasingly important in light of the changing nature of
dental practice and the desire to reduce unnecessary stress
(Dunlap, 1977).
The practice of dentistry seems to possess many of the
characteristics commonly associated with satisfaction. It
offers prestige, good income, potential for personal
development, and it is a helping profession. Indeed,
Bisconti and Solmon (1977) showed that many of the
characteristics of traditional private practice, such as the
freedom to design one's own work and to fully use one's
skills, were associated with satisfaction. In addition,
dental practice rarely requires working in large
organizations or doing repetitive clerical tasks, both of
which have been associated with occupational
dissatisfaction.
Jackson and Mealiea (1977) claim other factors, such as
the ability to control one's personal environment and to use
planning to avoid unnecessary financial burdens, are related
to satisfaction and can result in a reduction of stress.
They also suggest that dentists who find it rewarding to
interact professionally with peers experience a higher level
of satisfaction. The practice of dentistry does in fact
contain many of the factors traditionally associated with
positive career satisfaction. It offers prestige, relative
autonomy, income well above the average, the opportunity to

-50-
help others as well as creative and artistic challenges.
Although career satisfaction among dentists varies widely,
the plethora of reports describing their career
dissatisfaction (often linked to high stress) is not
supported by empirical research investigating the topic
(King, 1978; Sword, 1977b). Hence dentists' career
satisfaction, typically, has been found on the average to be
quite high (George & Milone, 1982).
Eccles and Powell (1967) conducted a mail survey of 231
dentists practicing in South Wales. Some relevant findings
were that dentists between the ages of 23-24 and those over
65 were the most satisfied, while those in the 45-54 age
group were the least satisfied. The greatest sources of
satisfaction were related to achievement and satisfaction in
the work itself, as well as good relationships with
patients. The greatest sources of dissatisfaction and
difficulty lay in the external limitations imposed on the
dentist and the pace of the work. Income and status had
little effect on job satisfaction. Sixty percent of the
dentists said they liked their work while 19% stated that
they did not like it.
Howard et al. (1976), in a previously cited study,
attributed stress as a factor in the job dissatisfaction of
dentists. The best predictors of job satisfaction were the
job's interference with one's personal life, the length of
time in one's present location, and the number of years of

-51-
experience of the dentist. The younger dentists were found
to be the most dissatisfied in the group.
A trio of studies on Utah dentists yielded some
interesting results. Murray and Seggar (1975) found an
unusually high level of role satisfaction (90%) among 253
dentists practicing in Utah. Levels of satisfaction were
negligibly affected by age, number of years in practice,
social participation, or practice location. In 1980, Murray
compared the results of the role satisfaction of dentists
from two different cultural areas. The Utah study was
essentially replicated and compared with a study of 94
dentists practicing in Kentucky. While the relationship
between role satisfaction and age and role satisfaction and
years practicing was not statistically significant, there
was an increase in satisfaction with an increase in the
number of years practicing for the Kentucky group.
Conversely, the younger dentists in the Utah sample tended
to be more satisfied than their Kentucky counterparts.
Schwartz and Murray (1981) in a secondary analysis of
the Utah study investigated various aspects of the original
data to try to understand the reasons for the unusually high
career satisfaction level of their respondents. One of the
findings was that dentists who reported their fees were "too
low" tended to be significantly less satisfied than those
dentists who reported their fees were "about right." They
concluded that a higher fee structure for dental services
may be associated with increased work satisfaction, and that

-52-
a low fee structure is associated with lower dentist work
satisfaction.
Lange, Loupe, and Meskin (1982) reported the results of
a longitudinal study of University of Minnesota School of
Dentistry graduates entering their sixth year of practice.
The researchers sought to determine whether there were any
characteristics of the dentists or the practice that
accounted for differences in satisfaction between two
groups, of 14 dentists each, identified as "satisfied" and
"dissatisfied." While age was not a factor in this group of
young dentists, the overall results identified professional
and community involvement as an important characteristic of
the more satisfied group. The most satisfied dentists also
seemed to be less threatened by change and hold a more
positive view of the profession. Conversely the less
satisfied dentists were not as optimistic as the most
satisfied dentists.
Yablon and Rosner (1982) also studied the relationship
of age and income to three categories of career
satisfaction. They surveyed 1172 graduates of Columbia
University's School of Dentistry and Oral Surgery. The
three categories of career satisfaction were intrinsic,
extrinsic, and overall career satisfaction. The results
indicated a general trend toward increased overall
satisfaction with increasing age. Age was significantly
related to extrinsic satisfaction, but was not significantly
related to intrinsic or overall satisfaction. In general,

-53-
dentists7 satisfaction increased with increasing income, but
only up to a point. Apparently the lack of income was more
a source of dissatisfaction than the existence of high
income was a source of positive satisfaction.
In another article about the same study, Yablon and
Mayhew (1984) reported on nonchairside factors that
contributed to the career satisfaction of dentists. The
results indicated that dentists whose background and
personal characteristics promoted life stability and who
were in the mainstream of the professional community tended
to be more satisfied. These characteristics were
exemplified by a more religious orientation, being married
rather than single, continuing education involvement, and a
higher social class background (as measured by educational
attainment of parents).
In a survey of 224 practicing North Carolina dentists,
George and Milone (1982) found dentists' satisfaction
depended largely on income. Dentists in the most
financially successful practices tended to be younger,
employ more auxiliaries, see more patients per day, have
more patients on their recall lists, take more continuing
education, and be more satisfied with their careers. These
findings were supported by a more recent study on dental
stress and satisfaction. Katz (1987) concluded that the
satisfied dentist appeared to have a financially successful
practice, exercised regularly, and took more time off for
vacation and continuing education courses than less
satisfied dentists.

-54-
Mediator Variables in the Stress Process
A large body of literature (life events research) has
demonstrated that stress plays a precipitating role in the
onset of physical and psychological disturbance. The
literature also has documented that the relationship between
stressful life events and future (physical or psychological)
illness, although statistically significant, is relatively
small in magnitude (Dohrenwend & Dohrenwend, 1974). Given
the very large sample sizes characteristic of life events
research, even very small correlations of no practical
utility may pass tests of statistical significance (Rabkin &
Streuning, 1976). When reports of obtained correlation
coefficients are included in the reports, they are typically
below .30 (accounting at best for 9% of the variance and
typically 3-4%). The standard deviations of these
associations also are guite extreme suggesting considerable
variability across individuals in the degree to which stress
is associated with illness (Feuerstein, Labbe, &
Kuczmierczyk, 1986). Thus researchers have been searching
for factors that may act as mediators, moderators, buffers,
or resistance resources against the adverse effects of life
stress (Antonovsky, 1979). Hence as the mediators of life
stress are identified, measured reliably, and included in
research designs, increased predictiveness is likely to
result (Johnson & Sarason, 1979).
Stress resistance has been associated with a wide
variety of resources including intelligence (Antonovsky &

-55-
Bernstein, 1977); having a high rather than a low income
(Luborsky, Todd, & Katchen, 1973); physiological or
constitutional strengths such as a well-functioning
immunological system (Marshall, 1977), family medical
histories that are free of certain genetically linked
diseases (Kobasa, Maddi, & Courington, 1981; Weiner, 1977),
health practices (Wiebe & McCallum, 1986), and exercise
(Cooper, Gallman, & McDonald, 1986; Kobasa, Maddi, &
Puccetti, 1982); social resources such as being married
rather than single (Myers, Lindenthal, & Pepper, 1974),
perceived social support (Billings & Moos, 1981; Cobb, 1976;
Schaefer, Coyne, & Lazarus, 1981; Thoits, 1986) ; coping
styles (Lazarus & Folkman, 1984; Pearlin & Schooler, 1978);
and certain personality characteristics such as the absence
of Type A behavior patterns (Chesney, Black, Chadwick, &
Rosenman, 1981; Friedman & Rosenman, 1974), internal locus
of control (Johnson & Sarason, 1978), dispositional optimism
(Scheier, Weintraub, & Carver, 1986), and hardiness (Kobasa,
1979). The mediator variables included in this study, and
reviewed in this section, are hardiness, coping style,
social support, and health practices.
Hardiness
In a novel approach to the problem of low correlations
between stress and illness, Kobasa (1979) hypothesized the
reason may be due to the fact that a number of subjects
under high stress were not getting sick. Perhaps what was

-56-
needed was a scrutiny of the factors which differentiated
between highly stressed people who did and did not get sick.
Kobasa (1979) studied middle- and upper-level business
executives, in a large public utility in a major
metropolitan area, to see which ones did and did not develop
illness as a consequence of their stressful lifestyle.
First, Kobasa divided the group into executives who had
experienced a lot of stress during the previous three years
and those who had experienced less stress, using the
Schedule of Recent Life Events (SRE) and the Social
Readjustment Rating Scale (SRRS) (Holmes & Rahe, 1967).
Then, looking only at the high-stress executives, using
selected items from the Seriousness of Illness Survey
(Wyler, Masuda, & Holmes, 1968), Kobasa compared those who
had had a lot of illnesses with those who had had relatively
few illnesses to see what distinguished them. In the final
sample of 200 males, Kobasa found that the highly stressed
but healthy (high stress/low illness) executives were
distinguished by a multifaceted personality style Kobasa
termed hardiness.
The hardy personality is composed of three
characteristics. The first is a sense of commitment. or a
generalized sense of purpose or meaningfulness that is
expressed as a tendency to involve oneself deeply in
whatever one encounters. The second factor is a belief in
control. the sense that one influences the events that
happen in one's life and that one can at least partially

-57-
control one's environment. The third component is
challenge. a perception of change, not as a threat but, as a
normal part of life that provides opportunities for growth
and development. As a result of their sense of commitment,
control, and challenge, hardy individuals may appraise
potentially stressful life events more optimistically than
would individuals who are not so hardy. Therefore, they may
take more direct action to find out about these events, to
incorporate them into their lives, and to learn from them
what may be of value for the future. Consequently, an
important way in which the hardy individual avoids the
illness that potentially stressful events can cause is by
transforming these events into less stressful ones.
Although the hardiness concept has been criticized on
measurement grounds (e.g., Ganellen & Blaney, 1984),
Kobasa's work is significant for several reasons. First, it
identifies a personality factor, hardiness, that appears to
buffer against stress (see also Kobasa, Maddi, & Courington,
1981; Kobasa, Maddi, & Puccetti, 1982). Second, it clearly
illustrates that this factor can moderate the relationship
between stress and illness. Third, it is an illustration
of an important method of studying stress, namely, focusing
attention on the people who do not succumb to stress rather
than the ones who do become debilitated by stress. This
emphasis is consistent with Antonovsky (1979) who urged
researchers to examine the causes of good health and not
merely those factors that lead people to be stressed or ill.

-58-
In the initial study, hardiness was measured by 15
various scales covering all three components of hardiness.
They included the Internal-External Locus of Control Scale
(Rotter, Seeman, & Liverant, 1962), nine scales from the
Alienation Test, including the Adventurousness versus
Responsibility scale, the Powerlessness versus Personal
Control scale, the Nihilism versus Meaningfulness scale, the
Alienation from Self, Work, Interpersonal Relationships,
Family and Friends scales, and the Vegetative versus
Vigorousness scale (Maddi, Kobasa, & Hoover, 1979), the
Achievement scale, the Need for Cognitive Structure scale,
and Need for Endurance scale of the Personality Research
Form (Jackson, 1974) , as well as the Preference for
Interesting Experiences scale and the Security Orientation
scale of the California Life Goals Evaluation Schedule
(Hahn, 1966).
A discriminant function analysis, identifying the best
combination of variables for explaining differences between
the groups, explained 74% of the total variance between the
groups leaving only 26% unexplained (Kobasa, Hilker, &
Maddi, 1979). Results indicated that high stress/low
illness subjects scored significantly lower on nihilism,
external locus of control, powerlessness, alienation from
self, and vegetativeness than did high stress/high illness
subjects. These findings were enhanced by the fact that
various demographic characteristics such as age, education,

-59-
and socioeconomic level failed to discriminate between the
two groups.
There have been two longitudinal studies with subjects
drawn from the original population. Kobasa, Maddi, and Kahn
(1982), using a prospective research design with 259
subjects, tested the effects of hardiness on the stress-
illness link over a two-year follow-up period. Stress and
illness were measured the same way as in the earlier
investigation (Kobasa, 1979). Six instruments were used to
assess hardiness. They included two tests of commitment,
the Alienation from Self and Alienation from Work scales
from the Alienation Test (Maddi et al., 1979), two tests of
control, the External Locus of Control Scale (Rotter et al.,
1962) and the Powerlessness scale of the Alienation Test
(Maddi et al., 1979), and two tests of challenge, the
Security Scale of the California Life Goals Evaluation
Schedule (Hahn, 1966) and the Cognitive Structure Scale of
the Personality Research form (Jackson, 1974). Subjects
filled out the stress and illness questionnaires once a year
for three years. The hardiness questionnaires were
completed only in the first year.
As part of the data analysis, Kobasa, Maddi, and Kahn
(1982) first examined intercorrelations among the six scales
used to measure hardiness. Because cognitive structure did
not share common variance with the other scales, it was
eliminated from the overall test. This resulted in the
final use of five scales to assess hardiness. Further

-60-
analyses of the data using an analysis of covariance with
prior illness (measured in the first year) as the covariate,
illness (measured in the second and third years) as the
dependent variable, and hardiness (measured in the first
year), and stress (measured in the second and third years)
as independent variables indicated that stressful life
events were associated with increased illness and that
hardiness decreased the likelihood of symptom onset.
Furthermore, hardiness interacted with stressful life
events, indicating that it is especially important to be
hardy if one is experiencing intensely stressful life
events.
More recently, other studies have investigated the
joint influence of hardiness and other mediating variables
such as constitutional strength, exercise, social resources,
and Type A behavior pattern. Kobasa, Maddi, and Courington
(1981), using the same business executive sample and the
refined five subtest measure of hardiness, operationalized
constitutional predisposition as parents7 illness. With
prior illness statistically controlled for, stressful life
events, hardiness, and constitutional predisposition all had
main effects on later illness. Hardiness and constitutional
predisposition were not significantly correlated with one
another, indicating that they were not just measuring the
same construct. The authors concluded that hardiness,
constitutional predisposition, and stressful life events

-61-
have an additive effect with regard to illness, with
stressful life events increasing illness and a healthy
constitutional predisposition and high hardiness decreasing
illness.
Kobasa, Maddi, and Puccetti (1982) investigated the
effects of hardiness and exercise as buffers in the stress-
illness relationship. Using the same sample and measures,
hardiness and exercise were not found to be related to one
another, but both were related to illness. Furthermore,
both interacted with stressful life events, indicating that
they may be most helpful under high stress conditions.
Kobasa and Puccetti (1983) investigated social
resources as well as hardiness. Using the same business
executive population, they measured social resources on the
home and work subscales of the Environment Scale developed
by Moos and his colleagues (Moos, 1976; Moos, Insel, &
Humphrey, 1974) and by the Social Assets Scale developed by
Luborsky, Todd, and Katcher (1973). Along with the main
effects of hardiness and stressful life events on illness,
boss-support interacted with stressful life events in such a
way that boss-support reduced illness more in high stress
executives. Stressful life events, hardiness, and family
support interacted such that those who were high in
stressful life events, high in perceived family support, and
low in hardiness were at highest risk for illness. Social
assets were not found to be related to illness.

-62-
Kobasa, Maddi, and Zola (1983), also using the same
male business executive population, examined the
relationship between Type A behavior pattern and personality
hardiness and stress and illness in 158 subjects. Type A
and hardiness were found to be conceptually different
personality orientations and empirically independent
factors. Type A and hardiness emerged from this study as
bases for extrinsic and intrinsic motivation, respectively.
The results confirmed the prediction of an interaction
between the two variables that influenced illness onset.
Under high stressful life events, male executives who were
high in Type A, but simultaneously low in hardiness, showed
the greatest deterioration of general health in the face of
mounting stressful life events.
Kobasa (1980), establishing the relevance of hardiness
to stress-resistance in other occupational groups, compared
the executives previously studied to lawyers and career army
officers. In addition to illness as an outcome, she also
measured the presence or absence of psychiatric symptoms.
With the army officers, a high correlation was found between
stressful life events and both physical illness and
psychiatric symptoms. The personality variables of
challenge, commitment, and control were all significant such
that the officer with a low commitment, high interest in
challenge, and low sense of control tended to have the
highest level of physical and emotional symptoms (see Katz,
1981, for review). Lawyers surprisingly were found not to

-63-
show a significant correlation between stress scores and
diagnosable physical illness (Kobasa, 1982). There was,
however, a significant relationship between lawyers' stress
experience and their complaints of strain (in this case
physical and mental symptoms associated with the stress
response). This relationship was mediated by two stress-
resistance resources: commitment and regressive coping
techniques. However, two other stress resistance resources,
social support, and exercise were not found to significantly
affect the degree of strain reported.
Kobasa explained the differences between outcomes for
various professions on the basis of the "professional
ideology" of the respective groups (see Katz, 1981).
According to Kobasa (1982), within the legal profession,
there is a belief that stress is what makes the profession
stimulating and challenging. Whereas, the business
executive and the army officer exist in very different
ideological contexts. Within business, and especially
executive ranks, there is a strong belief that stress is
destructive. The army officer (Kobasa, 1980) presents a
somewhat different situation. The rigid authoritarian
system in which the officer functions requires giving up a
high degree of control to others. Many officers also find
themselves functioning in roles in the modern army far
different from the challenging and exciting role of combat
for which they may have joined the army and were prepared
through training. The result seems to be a loss of

-64-
commitment to the goals and purposes of the systems in which
they operate. The result of such conflicts between
"subjective role perception and objective role definition"
(Katz, 1981) leads to the more destructive stress related
outcomes which the officers experience.
It is interesting to note that the published research
on hardiness by Kobasa and associates, at the Chicago Stress
Project, has been with males only and primarily with
business executives. More recently other researchers have
extended the investigation of hardiness to other
populations. Ganellan and Blaney (1984) as well as Wiebe
and McCallum (1986) studied the joint mediating effects of
hardiness with social support and health practices,
respectively, in college students. Katz (1987) examined the
effect of hardiness on stress and satisfaction in dentists.
While Hammond (1987) investigated the relative mediating
effects of hardiness, social support, and coping style on
stress and satisfaction in academic multiple role persons.
These last two reports are reviewed in other sections of
this chapter.
Ganellan and Blaney (1984) investigated the effects of
hardiness and social support on illness. The presence of
stressful life events was measured by the Life Experiences
Survey (Sarason, Johnson, & Siegal, 1978). Illness was
measured by the Beck Depression Inventory (Beck, 1967).
Hardiness was measured slightly differently from the studies
previously conducted. Ganellen and Blaney (1984) used the

-65-
Internal subscale of the Levenson Locus of Control Scale
(Levenson, 1974), and the Powerlessness, Vegetativeness,
Nihilism, Adventurousness, and Alienation from Self
subscales of the Alienation Test (Maddi et al., 1979).
Social support was measured by the Social Perception
Questionnaire developed by the authors (Ganellen & Blaney,
1984).
Using a sample of 83 female undergraduates, the results
first indicated that the tests measuring commitment and
challenge were both strongly associated with social support.
In analyzing the relationships among hardiness, social
support, stressful life events, and depression, depression
was found to be related to stressful life events, social
support, and the alienation from self and vegetativeness
subscales of hardiness. Only the Alienation from Self
subscale interacted with stressful life events to
significantly affect depression.
Ganellen and Blaney (1984) concluded by reiterating the
effect of social support on depression and by questioning
how interrelated are the three dimensions of hardiness. It
must be noted, however, that Ganellen and Blaney used
different instruments to measure life events, illness, and
hardiness than did Kobasa and colleagues. Thus, it may not
be appropriate to generalize the results obtained by
Ganellen and Blaney to the previous research conducted by
Kobasa and colleagues.

- 66-
Two stress and illness models that included the
mediating effects of health practices and hardiness were
tested prospectively over a two-month period by Wiebe and
McCallum (1986). Sixty female and 26 male undergraduate
students completed the hardiness test as described by Kobasa
(1982). Stress, health practices, and illness for the prior
month were assessed as well as one and two months later.
Health practices were measured by the Self Care Inventory
(Pardine, Napoli, & Dytell, 1983). Illness was measured in
the first model by the severity of physical symptoms
reported on the Seriousness of Illness Rating Scale (Wyler,
Masuda, & Holmes, 1968); whereas in the second model, it was
measured by the number of physical symptoms reported.
Path analyses for both models revealed that the direct
impact of stress on illness diminished when other variables
were included. Hardiness exerted its effects on illness
directly as well as indirectly by its impact on health
practices. The results indicated that hardiness did not
appear to have a stress buffering effect on illness; rather
it appeared to mediate the impact of stress on health
practices. Therefore, it could be misleading to view
hardiness as a stress-resistance resource. The authors
concluded that hardy individuals appeared to maintain better
health practices while experiencing stress than do nonhardy
individuals. Hence, hardy individuals may be more healthy
because they practice better health behaviors than nonhardy
individuals.

-67-
Several differences between this study and prior
studies on hardiness may contribute to the contrasting
results. First, the population in this study included a
large number of females, was younger, and was exposed to
different types of stressors than the middle-aged, male
executives in previous studies. Secondly, this prospective
study used a shorter time period (three months) than prior
studies which used several years.
Coping
The impact of any potentially stressful event is
substantially influenced by how a person copes with it.
Recall that according to the transactional model of stress
(Lazarus & Folkman, 1984), cognitive appraisal, or
evaluation, of potentially stressful events mediates
psychologically between the individual and the environment
when the individual encounters a stressful event. Any new
event or change in the environment prompts the individual to
make a primary appraisal about the significance of the
event. An event can be appraised as benign (positive),
irrelevant (neutral), or stressful (negative). If an event
is judged to be stressful, it will further be judged in
terms of the harm or loss that has already been done, the
future threat associated with the event, and the potential
challenge of the event—that is, the perception that gain,
growth, or mastery may result from dealing with the event.

-68-
Once these primary appraisals are made, the individual
makes a secondary appraisal. Secondary appraisal is the
continuous evaluation of one's coping resources and options
to determine whether they will be sufficient to overcome the
harm and threat that the event represents. The extent to
which an individual experiences psychological stress, then,
is determined by the evaluation of both what is at stake
(primary appraisal) and what coping resources are available
(secondary appraisal).
It is important to define operationally what is meant
by coping. Coping, according to Lazarus and colleagues
(Lazarus & Folkman, 1984), is defined as the cognitive and
behavioral efforts to manage environmental and internal
demands and the conflicts among them. These cognitive or
behavioral actions, or efforts, are directed at mastering,
tolerating, reducing, and/or minimizing environmental and
internal demands and conflicts that are appraised as taxing
or exceeding the resources of the person. Although coping
is commonly conceptualized as occurring in reaction to
stressful situations, it also can occur before a stressful
confrontation. This form of coping is anticipatory coping.
Coping also refers to the efforts to manage demands,
regardless of the success of those efforts. The
effectiveness of any given coping strategy is not inherent
in the strategy (Folkman, 1984).
Coping can be thought of as having two components: the
methods of coping used and the focus of the coping response.

-69-
In terms of the method of coping, the individual can utilize
either an active response to resolve the stressful event or
choose to avoid the stressor (avoidance coping). The focus
of the coping response may be directed at the problem itself
(problem-focused) or the emotional consequences of the
stressor (emotion-focused) (Folkman, Schaefer, & Lazarus,
1979; Pearlin & Schooler, 1978). Problem-focused coping
efforts are attempts to do something constructive about the
stressful conditions that are harming, threatening, or
challenging an individual. Emotion-focused coping involves
efforts to regulate the emotional consequences of the
stressful event. Sometimes problem-solving efforts and
emotional regulation work together. However, problem¬
solving efforts and emotional regulation also may work at
cross purposes.
There are literally hundreds of coping strategies an
individual might use in confronting a stressful event. Some
will be problem-focused and others will be oriented toward
emotional regulation. The same person may engage in
intrapsychic coping efforts, information seeking, direct
actions, turning to others, and inhibition of action (Cohen
& Lazarus, 1979) at different points in coping with the same
event. Which coping responses will be used depends in large
part on the nature of the stressor itself and the
individual's coping style.
Coping style is a general propensity to deal with
stressful events in a particular way. For instance, there

-70-
are people who become nearly hysterical at the smallest
stressor, whereas other people seem to be able to confront
huge amounts of stress and remain nearly unflappable
(Taylor, 1986). This is an example of difference in coping
style. Although a variety of coping styles exists, only a
few have received systematic study.
Pearlin and Schooler (1978) studied normative coping
responses to normative life problems in a large sample of
2300 adults (ages 18-65) in Chicago. Through a structured
interview format information was gathered about life strains
and the coping repertoires people used for these strains in
each of four role areas—occupation, household economics,
marriage, and parenting. The researchers also examined the
emotional stresses, depression, and anxiety in response to
the strains. Coping responses represented some of the
things that people do, their concrete efforts to deal with
life strains encountered in their different roles. Coping
resources referred not to what people do, but to what was
available to them in developing their coping repertoires.
Social resources represented the interpersonal networks
which were a potential source of support: family, friends,
co-workers, neighbors, etc. Psychological resources
represented some of the things people are, the personality
characteristics that people draw upon to help them withstand
stress.
The coping responses were divided into three categories
by the nature of their functions: (a) responses that modify

-71-
the situation (the most direct method); (b) responses that
function to perceptually control the meaning of the problem
(e.g., positive comparisons, selective ignoring, and
substitution of rewards); and (c) responses that attempt to
minimize the discomforts engendered by the problems, but are
not directed at the problems themselves.
The efficacy of 17 concrete coping behaviors
representing these three functions was evaluated. Results
indicated that individuals' coping interventions were most
effective when dealing with problems within the close
interpersonal area of marriage, and to a lesser extent
parenting, and least effective when dealing with the more
impersonal problems found in occupation. The most effective
coping responses were unequally distributed in society, with
men, the educated, and the affluent making greater use of
the efficacious mechanisms. Pearlin and Schooler (1978)
also found that using a particular coping response was less
important, for the effects of stress, than using a variety
of coping responses.
Using the same data from the random sample of 2300
adults (Pearlin & Schooler, 1978), Fleishman (1984) examined
the relationships between coping and general personality
variables of mastery, self-esteem self-denial, and
nondisclosure of problems. Findings indicated that both
general personality variables and the presence of stressful
life conditions affected the frequency of coping. Several
patterns emerged. The personality variable of self-denial

-72-
affected use of emotion-focused coping, and nondisclosure
reduced advice-seeking, whereas mastery and self-esteem had
weaker effects. The author concluded that coping depended
upon whether problems occurred either in an interpersonal or
impersonal context and on whether one preferred to act
independently or seek aid from others.
Billings and Moos (1981) explored the nature of
individual and social resources as intervening processes
mediating the effect of life events on psychological and
physical distress. As in Pearlin and Schooler (1978), their
analyses focused on two approaches to classifying coping
responses, method of coping and focus of coping, and on
their roles in moderating the effects of stress. The method
of coping classification divided coping attempts into three
categories. Active-cognitive coping included attempts to
manage one's appraisal of the stressfulness of the event.
Active-behavioral coping referred to overt behavioral
attempts to deal directly with the problem and its effects.
Avoidance coping referred to attempts to avoid actively
confronting the problem or to indirectly reduce the
emotional tension by such behavior as eating or smoking
more. The second classification, focus of coping, was
composed of two categories: problem-focused and emotion-
focused coping (Antonovsky, 1979; Lazarus, 1980). Problem-
focused coping included attempts to modify or eliminate the
sources of stress through one's own behavior. Emotion-
focused coping included behavioral or cognitive responses

-73-
whose primary function was to manage the emotional
consequences of stressors and to help maintain one's
emotional equilibrium. Billings and Moos (1981) created a
19-item questionnaire to assess the use of the three methods
of coping categories and the two foci of coping categories.
Results were presented for a representative community
sample of 194 two-parent families in the San Francisco Bay
Area. Small but significant gender and contextual
differences in coping were identified. Women were more
likely to use avoidance coping, which was associated with
greater impairment of functioning. Persons with more
education and income also were more likely to use more
effective coping. This was consistent with the findings of
Pearlin and Schooler (1978). The predictive value of social
support also was less salient among men than among women.
The conclusion was that measures of coping and social
resources did mediate the relationship between stressful
life events and personal functioning (Billings & Moos,
1981).
More recently, Billings and Moos (1984) explored the
roles of stress, social resources, and coping among 424 men
and women entering treatment for depression. Stressors,
social resources, and coping were additively predictive of
patients' functioning. However, coping and social resources
did not have stress-attenuation or buffering effects for
this group of clinically depressed patients (as it has for
normal subjects). Holahan and Moos (1985) extended this

-74-
work on factors that buffer potentially negative health
effects of life stress. A survey was used to measure
personality characteristics, coping strategies, and family
support with a representative community sample of 267 two-
parent families. Respondents were divided into two
comparison groups (as in the Kobasa (1979) hardiness study),
high stress/high distress and high stress/low distress.
Findings demonstrated that those who adapted to life stress
with little physical or psychological strain were more easy¬
going and less inclined to use avoidance coping than
individuals who became ill under stress. In addition, in
the stress resistant group, men were more self-confident and
women had better family support than their counterparts in
the distressed group.
Folkman and Lazarus (1980) analyzed the ways 100
community residing men and women, aged 45-64, coped with the
stressful events of daily living during one year. The 68-
item Ways of Coping checklist was developed by the authors
to measure coping in this study. Results indicated that
work situations favored the use of problem-focused coping,
and health contexts favored emotion-focused coping.
Situations in which the person thought something
constructive could be done or that were appraised as
requiring more information favored problem-focused coping,
whereas those which had to be accepted favored emotion-
focused coping. There were no effects associated with age
(consistent with Billings & Moos, 1981; Pearlin & Schooler,

-75-
1978), and gender differences emerged only in problem-
focused coping. Men used more problem-focused coping than
women at work and in situations having to be accepted and
requiring more information. Contrary to the cultural
stereotype, there were no gender differences in emotion-
focused coping.
In keeping with the transactional perspective which
emphasizes the situational determinants of coping efforts,
McCrae (1984) reported on two studies that attempted to
assess the influence of losses, threats, and challenges on
the choice of coping responses. Analysis of the use of 28
coping mechanisms showed that, across both studies, type of
stressor had a consistent and significant effect on the
choice of coping mechanisms. Faith, fatalism, and
expression of feelings were used especially when subjects
had experienced a loss; while wishful thinking, faith, and
fatalism were used by subjects facing a threat. A number of
mechanisms were used more under conditions of challenge,
including rational action, perseverance, positive thinking,
intellectual denial, restraint, self-adaptation, drawing
strength from adversity, and humor.
Another study by Lazarus and colleagues (Folkman,
Lazarus, Gruen, & DeLongis, 1986) examined the relationship
between personality factors, primary appraisal, secondary
appraisal, eight forms of problem- and emotion-focused
coping, and somatic health status and psychological symptoms
in a sample of 150 community-residing adults. Appraisal and

-76-
coping processes were assessed in five different stressful
situations that subjects experienced in their day-to-day
lives. The results indicated that personality variables and
aggregated appraisal and coping processes had a significant
relation to psychological symptoms. The more subjects had
at stake (primary appraisal) over diverse encounters, the
more they were likely to experience psychological symptoms.
Problem-focused coping was negatively correlated with
psychological symptoms, whereas confrontive coping was
positively correlated.
These relations parallel those found in another study
(Folkman, Lazarus, Dunkel-Schetter, DeLongis, & Gruen, 1986)
in which a single stressful encounter and its immediate
outcome was the unit of analysis. The relations among
cognitive appraisal, coping, and the immediate outcomes of
stressful encounters were examined. An intraindividual
analysis was used to compare the same person's stressful
encounters in order to understand the functional relations
among these variables. The findings indicated that coping
was related and appraisal was not related to the quality of
encounter outcomes. Confrontive coping and distancing were
associated with unsatisfactory outcomes, and problem solving
and positive reappraisal were associated with satisfactory
outcomes.
Coping style has been conceptualized in many different
ways. Although there is some overlap, it is difficult to
derive one conclusion based on the research available.

-77-
Overall, it seems that coping styles which focus on problem
solving, self-reliance, and cognitive reappraisals are
related to less distress and more satisfaction. Avoiding or
ignoring the problem seems to be related to higher distress.
There also seems to be some indication that the role sphere
in which the coping occurs may be important. This is
supported by Lazarus and Folkman (1984), who assert that
coping strategies are not inherently good or bad. A
strategy that is effective in one situation may not be
effective in another. Therefore, the effectiveness of a
coping style depends on the extent to which it is
appropriate to the demands of the situation.
Social Support
Research has repeatedly substantiated that people of
all ages with strong supportive relationships and meaningful
ties with others are able to cope better with the stresses
of their environment (Christen, 1986). The growing evidence
that the presence of, and contact with, others may enable
people to cope better with stressors has resulted in
increased attention being given during recent years to the
mediating variable of social support (Henderson, 1977;
Johnson & Sarason, 1979).
Social support has been defined in several ways and
involves something more than the mere presence of others.
In the most general sense social support refers to the
degree to which individuals have access to social resources,

-78-
in the form of relationships, on which they can rely,
especially in time of need, but at other times as well.
These resources might include spouse, family, friends,
neighbors, coworkers, and members of the larger community
(Lin, Ensel, Simeone, & Kuo, 1979).
Cobb (1976) has defined social support more
specifically as information that leads individuals to
believe that they are cared for and loved, esteemed and
valued, and belong to a network of communication and mutual
obligation. Social support has been defined in somewhat
different terms by Cassel (1973), and Mechanic (1974), who
have observed that social networks serve multiple functions
in helping one adjust to the demands of the environment.
Caplan (1974) argued that in times of psychological need,
social support can provide emotional sustenance,
informational guidance, and tangible assistance.
Dean and Lin (1977) suggest that social support may be
viewed as being organized around two systems: the
instrumental system, which is geared to the fulfillment of
tasks, and the expressive system, which is geared to the
satisfaction of individual needs and the maintenance of
social solidarity. Schaefer, Coyne, and Lazarus (1981)
identified three dimensions of social support: emotional
support, which involves intimacy and receiving reassurance;
tangible support, or the provision of direct aid and
services; and informational support, which includes advice

-79-
concerning solutions to one's problems and feedback about
one's behavior.
At this time, no single conception of social support
has received consensual acceptance, though Cobb (1976) and
Schaefer et al. (1981) seem to incorporate the important
elements of other definitions. There are two other
important aspects of these authors' conceptualizations of
social support. Cobb (1976) emphasizes that the guality or
kind of social support is more important than the guantity.
While, Schaefer et al. (1981), in distinguishing quantity
versus quality of social support, recommend using the terms
social network and perceived social support, respectively.
The lack of consensus concerning the definition of social
support also is reflected in ambiguities in its measurement.
For example, several studies have regarded marital status as
the sole indicator of social support, a practice that is
clearly simplistic in light of any of the foregoing
definitions.
The view that social support is important to a person's
health and well-being is not new. In fact some of the most
persuasive evidence for the power of social support factors
in influencing an individual's susceptibility to physical
illness and mortality comes from animal studies (Bell,
LeRoy, & Stephenson, 1982). Under conditions of laboratory-
induced stress, the presence of the mother, littermates,
other animals who were not strangers, or human affection
reduced or eliminated such illnesses as arteriosclerotic

-80-
heart disease in rabbits (Nerem, Levesque, & Cornhill,
1980), hypertension in mice (Henry & Cassel, 1969), gastric
ulcer formation in rats (Conger, Sawrey, & Turrell, 1958),
and experimental neurosis in a goat (Liddell, 1950).
Studies on mortality rates in humans have provided
evidence for the effects of social support on illness. In
the 1950s, Kraus and Lillienfield (1959) concluded from
existing medical evidence that married people experienced a
lower mortality rate from all causes than did single
persons, the widowed, and the divorced for every age group
regardless of gender and race. Interestingly, widowers were
found to have a death rate three to five times higher than
that for married men of the same age for all causes of
death.
The relationship between social support and subsequent
mortality was replicated by Berkman and Syme (1979). Almost
7000 people were studied and their mortality rate was
tracked over a 9-year period. The results confirmed that
people who had low social support were more likely to die
than were people with high social support. They addressed
social support in the broader term of social integration as
reflected in marital status, and contacts with close friends
and relatives, church membership, or group associations.
Although marital status is related to mortality within all
age and racial groups, and for both sexes, these and other
studies (as reviewed in Turner, 1983) suggest that the
apparent protection against stress and illness conferred by
marriage is substantially greater for men than women.

-81-
Numerous studies have demonstrated links between social
support and physical health and illness. Lynch (1977) found
personal relationships were significantly associated with
lower rates of all types of heart disease. Social support
also has been found to interact with life stress to reduce
the negative impact of stress on physical health. Nuckolls,
Cassel, and Kaplan (1972), in a well-designed study, showed
that the pregnancy complication rate was much higher for
those women who experienced many life events but had low
support scores (as measured by the quality of marital
relationship, interactions with extended family, and
adjustment within the community) than for those who also
experienced many life events but scored high on the social
support scale. Gore's (1978) study of unemployed men
indicated that strain in the form of elevated cholesterol
levels, increased depression, and more frequent illness was
considerably lessened among those with supportive marital
relations and ties to the extended family and to peer
groups.
Social support not only has a beneficial effect on
mortality and physical disease, but there also is a growing
body of evidence linking social support with psychological
distress and disorder. Brown and colleagues (Brown,
Bhrolchain, & Harris, 1975; Brown & Harris, 1978) examined
the influence of a close confiding relationship in reducing
the risk of depression following a major life event or long¬
term difficulty. Among those women who lacked a confiding

-82-
relationship, 38% developed depression compared to only 4%
of women with such a confiding relationship. Similarly
Eaton (1978), in a new analysis of another data set (Myers,
Lindenthal, & Pepper, 1975), found the relationship between
life stress and psychiatric symptoms was greater for
unmarried persons and those living alone than for
individuals who were married or not living alone. Dean and
Lin and their associates (Dean & Lin, 1977; Dean, Lin,
Tausig, & Ensel, 1980; Lin, Simeone, Ensel, & Kuo, 1979)
observed a significant relationship between social support
and psychological distress. In one analysis, Lin, Simeone,
Ensel, and Kuo (1979) examined the effects of social support
and stressors on psychiatric symptoms. Their findings
showed, as expected, that stressors were positively related
to the incidence of psychiatric symptoms, and social support
was more significantly (and negatively) related to
psychiatric symptoms.
These studies indicate social support appears to lower
the likelihood of illness and to speed recovery of illness
when it does occur. Apparently people with high levels of
social support may be less likely to develop illness in the
first place. Social support does seem to enhance the
prospects for recovery for people who are already ill
(Wallston, Alagna, DeVellis, & DeVellis, 1983). People with
high levels of social support may require less medication
(DeAraujo, Van Arsdel, Holmes, & Dudley, 1973) and may
recover from illness faster than people with low levels of

-83-
social support (Cobb, 1979). However, a number of studies
have failed to find differences in illness rates among
people with high versus low levels of social support
(Wallston et al., 1983), so it may be that social support is
more effective in reducing stress than in actually
preventing illness.
What, exactly, is the role of social support in
moderating the effects of stress? Two possibilities have
been extensively explored. The first hypothesis, frequently
labeled the "direct effects" or "main effects" hypothesis
maintains that social support has a direct beneficial effect
regardless of the level of stress. A number of studies
report finding primarily main effects (Bell et al., 1982;
Schaefer et al., 1981). One study by Andrews, Tennant,
Hewson, and Vaillant (1978) examined the contributions of
life stress, social support, and coping style to
psychological impairment. They found that both social
support and stress were independently (rather than
interactively) related to psychological impairment in an
additive fashion.
The second hypothesis, often called the buffering,
mediating, or interaction hypothesis, proposes that social
support operates in an interactive fashion with level of
stress to modify the effects of stress on health outcomes.
Substantial evidence consistent with the buffering
hypothesis can be assembled (Fleming, Baum, Gisriel, &
Gatchel, 1985; Wethington & Kessler, 1986). Wilcox (1981)

-84-
found that the relation between lack of social support and
psychological distress increased as a function of the level
of life stress the individual had experienced. Under this
hypothesis the health and mental health benefits of social
support are chiefly evident during periods of high stress;
when there is little stress social support may have few
physical or mental health benefits. According to this
hypothesis, what social support does is act as a reserve and
resource that blunts the effects of stress or enables the
individual to cope with stress more effectively when it is
at high levels or when the individual needs it most.
LaRocco, House, and French (1980) found that social
support did buffer the effects of stress on mental and
physical health. However, social support did not buffer the
effect of stress on job-related strains (job dissatisfac¬
tion) . Apparently not all manifestations of stress are
equally well buffered by social support. For example, in a
study of residents near Three Mile Island following the
nuclear accident, people with high levels of social support
showed less distress and fewer behavioral problems than did
people with low levels of social support; however,
physiological indicators of stress (arousal) were unaffected
by social support (Fleming, Baum, Gisriel, & Gatchel, 1982).
Interestingly, while the mediating role of social
support has been extensively suggested, in some cases the
buffering hypothesis has been difficult to test convincingly
(Gore, 1978; Thoits, 1982). In fact, several investigators

-85-
found no significant stress buffering effects of social
support on physiological or psychological strain (Andrews,
Tennant, Hewson, & Vaillant, 1978; Billings & Moos, 1984;
Kobasa, 1982; Schaefer et al., 1981).
It has been difficult to determine whether the effect
of social support is direct, a buffering effect, or the
result of a third (unknown) factor. For instance, an issue
often raised is that loss of social support can be itself a
stressor. Persons who live alone and have few social
contacts often report degrees of symptomology even when
experiencing few stressors. Perception of the need for
social support and type of support needed, along with
availability, accessibility, and whether or not such support
is used, are influenced by developmental or life cycle
changes. Bruhn and Philips (1984) proposed that an
individual's perception of the need for social support, its
availability and accessibility, and whether or not it is
used are related to changes in social roles and life events
throughout the life cycle. Social support tends to be at a
peak, both in terms of need and availability, during middle
age, while lower levels are apparent during earlier and
later years.
There are a small number of studies that have found
different results for the role of social support in
mediating stress in men and women (Billings & Moos, 1984;
Hammond, 1987; Holahan & Moos, 1982, 1985). Holahan and
Moos (1982) found that the work environment was a more

-86-
important source of support for men than women, and that the
family environment was an especially important source of
support for unemployed women. Billings and Moos (1984)
generated similar results with 424 males and females
entering treatment for depression. Social support was more
strongly related to functioning in women, while different
sources of support, from coworkers and supervisors in the
work environment, were thought to be more important for
men's adjustment. Holahan and Moos (1985) found stress
resistant women had better family support than women in the
distressed group. These authors suggested that these
gender-related differences in social support were a function
of conventional patterns in sex role behavior in our
society.
In a study of 102 male and 111 female academic multiple
role persons, Hammond (1987) found no differences by gender
on levels of social support perceived from families.
However, women perceived significantly more social support
from friends than men. Several authors have suggested that
Kobasa's (1982) failure to find that social support operated
as a stress resistance factor, for the sample of all male
lawyers, was because of these observed gender differences in
the role of social support.
Health Practices and Exercise
Hardiness, coping style, and social support all have
been widely researched as mediating variables in the stress-

-87-
illness relationship. Although health practices and
exercise have been mentioned frequently as possible buffers
of stress, they have been, as of yet, only minimally
researched. A thorough literature search generated fewer
empirical studies examining the relationship of health
practices or exercise in moderating the effects of stress.
Health practices is a broad term and includes such factors
as nutrition, exercise, sleep, smoking, and alcohol and
substance abuse.
As previously mentioned, the cumulative effect of a
stressful life can take its toll on the body. People who
are in stressful situations may let themselves go, by
eating, drinking, or smoking excessively. Heart disease, or
arteriosclerosis, is known to be affected by stress. Yet a
number of other diseases are also believed to have a
significant stress component. Cancer is one of these
diseases, with some fascinating research currently being
done in an effort to identify cancer-prone personality
types. It has long been hypothesized that unhealthy
emotions can weaken the body's defense mechanisms whose job
it is to interfere with the growth and proliferation of
abnormal cells. Distress and emotions also seem to be
important contributing factors in hypertension, asthma,
allergies, ulcers, ulcerative colitis, and migraine
headaches (Cooper, Gallman, & McDonald, 1986).
Health practices. Personal life style, including such
factors as exercise, diet, and sleep, has become well

-88-
established as a variable affecting health (Coyne & Holroyd,
1982). For example, workers in physically strenuous
occupations were found to have lower incidence rates of
myocardial infarction (Karvonen, Rautaharju, Orma, Punsar, &
Takkunen, 1961) and a lower risk of coronary heart mortality
(Paffenberger & Hale, 1975) compared to demographically
similar workers in less strenuous occupations. Assessing
life style more globally, Pratt (1971) found that a higher
guality of personal health practices (e.g., sleep, exercise,
nutrition, elimination, dental hygiene, smoking, and alcohol
use) was related to a higher subjective level of health and
to fewer health problems. Results such as these have led
investigators to suggest that the costly toll of many health
problems can be reduced through a healthy diet, regular
exercise, proper sleep and rest habits, restraint from
smoking and alcohol or substance abuse, and reduced risk¬
taking behavior (Matarazzo, 1982; Pratt, 1971).
Health practices influencing health status also may be
modified by stress. Langlie (1977) found that subjects with
many demands on their time reported feeling a lack of
control and perceived the costs of maintaining good health
practices as high. For more direct support, Weisman (1956)
reported that peptic ulcer sufferers aggravate their disease
by increasing alcohol consumption in response to work
stress. Similarly, smokers tend to smoke more during high-
stress conditions than during low-stress conditions

-89-
(Horowitz et al., 1979; Schachter, Silverstein, Kozlowski,
Herman, & Liebling, 1977).
With evidence that stress affects health practices
that, in turn, influence health status, it can be
hypothesized that health practices mediate the relationship
between stress and illness. Although this notion has been
suggested previously (e.g., Hinkle, 1974; Jemmott & Locke,
1984), empirical investigation of this relationship has been
minimal. To test this hypothesis directly, Pardine et al.
(1983) studied the effects of stress and stress-related
health behavior departures on subsequent illness. Subjects
with higher levels of stress reported poorer normal health
practices and more negative health behavior changes. Both
life stress and health behavior departures correlated
significantly with future illness measures. Path analyses
revealed that stress-related health behavior departures
contributed as much to the stress-illness relationship as
did the independent effect of stress.
Wiebe and McCallum (1986) investigated the joint
mediating effects of health practices and hardiness in the
stress-illness relationship. Health practices were measured
by the Self Care Inventory (Pardine et al., 1983). The 40-
item questionnaire assessed a variety of positive and
negative behaviors related to dietary practices, hygienic
practices, recklessness, substance abuse, and exercise. The
60 female and 26 male undergraduate subjects were asked to
indicate the frequency with which each behavior occurred in

-90-
the past month on a four-point scale ranging from "never" to
"most of the time." Higher scores represented poorer health
practices. Path analysis technigues were utilized to
explore the relationship among stress, hardiness, health
practices, and illness. Results showed that stress exerts
its effects by changing health practices in addition to the
direct effect on illness. Apparently individuals who become
ill after experiencing a stressor may do so partially
because they do not maintain good health behaviors. The
direct impact of health practices on illness was as strong
or stronger than that of hardiness. However, the greatest
effect comes from the indirect effect of hardiness on health
practices. Apparently hardy individuals maintain better
health practices while experiencing stress than do nonhardy
individuals. The authors recommended more research on the
mediational role of health practices.
Exercise. Many hopes have been placed upon exercise as
a protector of health. The evidence available is not
complete regarding cardiovascular disorders. Generally, the
studies are longitudinal, first obtaining self-report
measures of exercise level and then checking periodically
for evidence of heart symptoms. The consensus of these
studies (Epstein, Miller, Stitt, & Morris, 1976;
Paffenberger & Hale, 1975) appears to be that exercise
decreases the likelihood of heart attacks. Even among
subjects showing constitutional risk factors, those who
exercised had fewer heart attacks than those who were

-91-
sedentary. Apparently, the beneficial effect of exercise is
not restricted to sports (i.e., jogging, tennis), but
includes physical labor as well (e.g., Paffenberger & Hale,
1975) .
Explanations of these results (e.g., Boyer, 1972;
Epstein et al., 1976; Paffenberger & Hale, 1975) begin with
vigorous exercise increasing the efficiency of cardiac
action, slowing the heart, and regularizing rhythm.
Further, levels of energy expenditure probably increase
fibromolytic activity and, finally, increase collateral
circulation of the luminal area of coronary arteries. In
this fashion, exercise can protect health by decreasing
organismic strain as the result of stressful life events.
These speculations are based on some evidence that
inactivity is associated with cardiac arrhythmia and other
signs of circulatory impairment (Karkoven, Rautaharju, Orma,
Pensar, & Taakunen, 1961). The evidence that exercise
protects against other illnesses is less clear, though it
has been implicated in that fashion (e.g., Weiner, 1977).
Exercise seems a promising enough buffer to justify
additional attempts to determine its role with other
possible mediators in protecting health.
Kobasa, Maddi, and Puccetti (1982) examined exercise
and hardiness as independent buffers of the stressful event-
illness relationship. Using a self-developed measure of
exercise, the authors found that hardiness and exercise each
interacted with stressful events in decreasing illness in

-92-
137 business executives. Their buffering effects seem
additive in that persons who both were hardy and exercised
were the healthiest. Exercise buffered stress by decreasing
the organismic strain produced by stressful events. The
authors identified exercise as an important resistance
resource against illness. They also recommended future
research focusing on the complementary stress-resistance
effects of hardiness, exercise, and another resource such as
perceived social support.
Although Kobasa (1982) studied the role of exercise in
stress resistance among lawyers, it was not found to
significantly affect the degree of strain reported. The
lack of any affect from exercise probably had less to do
with lawyers than with the simple way in which physical
fitness was measured. Lawyers were asked how many hours a
week they currently spent in aerobic exercise. No history
of physical fitness was obtained. Kobasa proposed that
maybe only exercise over a long period of time increases
stress resistance, and that future research should employ a
more sophisticated measure of fitness.
Summary
Stress, from the psychosocial research perspective,
only exists when the person experiencing it defines it as
such. Hence, no events are universally stressful. Although
dentistry is widely recognized as a high stress occupation,
not all dentists suffer from the higher than average rates

-93-
of physical and psychological symptoms that are considered
the outcomes of high stress.
Of the three major theoretical models of stress, one,
the transactional model, focuses on both stressors and
stress response. It allows for individual differences by
including mediating factors (such as hardiness, coping
style, social support, and health practices) in the model,
which may help explain why all people under stress do not
experience ill effects. Furthermore, it considers positive
outcomes such as morale and satisfaction, rather than
focusing only on negative outcomes such as psychological
symptoms or physical illness. Thus, the transactional model
seems best suited to guide research on the complex
relationship between stress and its outcomes of strain and
satisfaction in practicing dentists.

CHAPTER III
METHODOLOGY
The purpose of this study was to describe stress and
the role of stress resistance resources in male dentists.
Specifically, using the transactional model of stress, the
relative mediating effects of hardiness, coping style,
social support, and health practices in the stressors-
strain/satisfaction relationship in male dentists were
explored. The research questions, population and sample,
instruments, data collection procedures, data analysis
procedures, and limitations of this study are presented in
this chapter.
Research Questions
Research Question One. How can male dentists be
described in terms of their demographic characteristics,
dental stressors, hardiness, coping styles, social support
and health practices, strain, and career and general life
satisfaction?
Research Question Two. Do male dentists with different
demographic characteristics differ with regard to their
stressors, hardiness, coping style, and social support and
health practices, as well as the level of strain and career
and general life satisfaction they experience?
-94-

-95-
Research Question Three. Considering the demographic
characteristics, stressors, hardiness, coping style, social
support, and health practices, what is the optimal set of
variables for predicting the level of strain in male
dentists?
Research Question Four. Considering the demographic
characteristics, stressors, hardiness, coping style, social
support, and health practices, what is the optimal set of
variables for predicting the level of career and general
life satisfaction in male dentists?
Research Question Five. Which of the variables,
stressors, hardiness, coping style, social support, and
health practices, is significantly related to strain and
career or life satisfaction among male dentists when the
effects of other variables are held constant?
Population and Sample
The population for this study was male dentists
actively practicing in the state of Florida. In September
1987 there were approximately 8000 licensed dentists in the
state, although not all of these were male or actively
practicing. In May 1988 there were 4849 dentists who were
members of the Florida Dental Association (FDA), which
represented about 80% of the actively practicing dentists in
the state.
The FDA offers access to the membership mailing list
for a fee. Mailing lists can be purchased according to

-96-
alphabetical listing, zip code areas, or practice specialty.
For this study, the entire mailing list was used.
Names of potential participants were randomly selected
from the current membership roster of the FDA. Starting at
the top of the list every name was assigned a number, then
using a computer generated random number table, 500 names
were selected from the list for the initial mailout. If an
obviously female name was selected, another name was
selected to take its place using the same procedure. The
survey was mailed during the summer of 1988.
The sample selected represented approximately 10% of
the current membership of the FDA. No attempt was made to
stratify the sample, but the respondents' demographic
characteristics were examined to determine if the responding
group was representative of Florida dentists according to
other reported statistics on race, age, years in practice,
and specialization.
The final research sample included 251 dentists who
returned questionnaires properly completed. Of the
respondents not included in the final sample, nine were
retired from active practice, three did not adequately
complete the instruments, four were returned after the data
analyses were completed, two did not meet the criteria for
inclusion, two did not wish to participate, two were
returned by the Post Office as undeliverable, one was
deceased, one was disabled, and 228 did not respond. The
return rate of over 50% in slightly over three weeks with
only one follow-up reminder was quite high for a random mail

-97-
survey. Completing the questionnaire required about 15 to
30 minutes for the average participant.
Instruments
The respondents were asked to complete eight paper-and-
pencil self-report questionnaires with a total of 180 items
covering stressors, strain, career satisfaction, general
life satisfaction, hardiness, coping styles, social support
and health practices, and demographic information. The
instruments were the Strain Questionnaire, Dental Career
Satisfaction Index, Index of Well Being, Dental Stress
Inventory, Hardiness Test, Coping Responses, Vulnerability
Scale of the Stress Audit, and Demographic Questionnaire.
The questionnaires assessing strain level, vulnerability to
stress, and hardiness are copyrighted and are available from
their authors. A copy of all other questionnaires can be
found in Appendix A.
The Strain Questionnaire
The Strain Questionnaire (SQ) (Lefebvre & Sandford,
1985) was used to measure strain or the stress response in
the participants. The SQ is a 48-item self-report paper-
and-pencil test which conceptualizes strain as a syndrome of
physical, behavioral, and cognitive symptoms that are
elicited, to varying degrees, by environmental demands upon
an individual. This syndrome is relatively independent of
concomitant emotional states (e.g., anxiety or depression),

-98-
and is not severe or chronic enough to have resulted in
clinical diagnoses. On the SQ respondents are asked to rate
how often in the last week they experienced each of the 48
symptoms by responding "never," "once or twice," "three or
four times," "five or six times," or "every day." Responses
are assigned numerical equivalents (1-5) and summed to
obtain a total score and scores on each of the subscales.
The SQ yields scores on three subscales (physical,
behavioral, and cognitive), plus the full scale score.
Twenty-eight questions address physical signs of strain,
such as backaches and insomnia, 12 questions cover the
behavioral symptoms, such as spending more time alone and
being accident prone, and the final eight questions assess
cognitive symptoms such as believing the world is against
you.
Initial reliability and validity studies have been
conducted on the SQ. Tests of reliability on the SQ have
been conducted by (Lefebvre & Sandford, 1985) based on a
total sample of 412 subjects, including male and female
insurance agents, elementary and secondary school teachers,
graduate business students, naval engineers, and
undergraduate students. These tests include internal
consistency (Cronbach's alpha), and test-retest over a
period of one month.
The full scale had an alpha coefficient of .94 and
test-retest correlation of .79. Alpha coefficients were
reported to be .71 for the behavioral subscale, .86 for the

-99-
cognitive subscale, and .92 for the physical subscale.
Test-retest reliabilities included .73 for the cognitive
subscale, .75 for the physical subscale, and .77 for the
behavioral subscale (Lefebvre & Sandford, 1985).
Concurrent validity was established on the SQ using a
sample of 68 business students (Lefebvre & Sandford, 1985).
Correlations between the SQ, its three subscales, and the
Beck Depression Inventory (BDI) were all significant,
ranging from .63 to .78. These data indicate a moderate
degree of shared variance by the two instruments which is
primarily attributable to the overlap of cognitive symptoms.
Further evidence of validity was established by
comparing subgroups of the sample who were considered to be
under somewhat stressful conditions with subgroups that were
not when they completed the SQ. For the SQ and the
cognitive and behavioral subscales, the nonstressed group
scored significantly lower than any of the other subgroups.
On the physical subscale, the nonstressed group and one of
the stressed groups both scored significantly lower than the
remaining three stressed groups.
While still being researched, the SQ is one of the few
brief, self-report instruments available to measure strain
which has empirical evidence of reliability and validity.
It takes into account more than just the physical symptoms
of strain by including behavioral and cognitive items.
Furthermore, it is designed for use with non-clinical
populations.

-100-
The Dental Career Satisfaction Index
Satisfaction with one's dental career was assessed
using a 6-item scale created by Katz (1981). The Dental
Career Satisfaction Index (DCS) was designed to measure the
degree to which dentists felt successful and satisfied with
their choice of dentistry as a career. The concept of
feeling successful in one's career has been proposed as one
of the critical components of job satisfaction (Campbell,
Converse, & Rodgers, 1976; Osherson & Dill, 1983).
On one guestion the respondents were asked to indicate
the degree to which they feel they are successful in their
profession when compared to the "average" dentist. Two
other guestions were designed to assess the desire to escape
from dental practice either through participating in some
other aspect of dentistry or leaving the profession
altogether. The scale used a Likert-type response format,
ranging from 0 (very unhappy) to 10 (very happy). For this
study, the response format was changed to a 1 to 5 Likert
scale, in order to be consistent with the other instruments
used.
Several investigators have found that changing the
number of response categories does not affect the internal
consistency (Bendig, 1954; Komorita, 1963), predictive
validity, concurrent validity, or test-retest reliability
(Jacoby & Matell, 1971) of the instrument. Items were
responded to on a scale of 1 to 5 (disagree to agree),
yielding a total score ranging from 6 to 30.

-101-
Katz (1981), using a sample of 291 dentists in Texas,
reported an internal consistency coefficient (Cronbach's
alpha) of .77 for the DCS. Item-total correlations for the
DCS ranged from .38 to .65 with a mean of .56. Unfor¬
tunately, no further reliability or validity information was
available for the DCS.
The Index of Well-Being
The Index of Well-Being (IWB), developed by Campbell et
al. (1976), is a nine-item instrument that was used to
measure general life satisfaction. Eight of the items use a
semantic differential technique with a 7-point rating scale.
Respondents were asked to describe their "present life" by
checking a point on the scale between two adjective poles.
For example, respondents chose a point between "enjoyable"
and "miserable," and between "discouraging" and "hopeful."
The ninth item asked, "How satisfied are you with your life
as a whole these days?" and was responded to on a 7-point
Likert-type scale, ranging from "completely dissatisfied" to
"completely satisfied."
Scores on the IWB were calculated by first assigning
values (1-7) to the points on each item, with 1 being the
least favorable response and 7 the most favorable. Then,
the mean of the first eight items was computed. Next, the
score on the ninth item was weighted by multiplying it by
1.1. Finally, the total score was computed by adding the
mean of the first eight items to the weighted ninth item.

102-
Thus, the IWB gave considerably more weight to the overall
life satisfaction item than to any of the semantic
differential items taken alone (Campbell et al., 1976).
Campbell et al. (1976), using a national sample of over
2000 people, reported an internal consistency coefficient
of .89 for the IWB. Intercorrelations of the first items
ranged from .40 to .61. A principal components factor
analysis employing varimax rotation of the correlations
among the first eight items revealed that they jointly
define the first and only factor. Test-retest reliability
for the IWB over an 8-month period was reported to be .53
(Campbell et al., 1976).
The Dental Stress Inventory
The Dental Stress Inventory (DSI) (Katz, 1981) was used
to measure stressors or the degree to which dentists
perceive themselves to be under stress in their work
environment. The DSI consists of 15 items, 14 designed to
reflect various aspects in the work experience of the
practicing dentist which have been hypothesized to be
stressful for many practitioners. The last item asks
"Overall, how stressful do you find the practice of
dentistry?" The scale uses a Likert response format ranging
from 0 (strongly disagree) through 10 (strongly agree).
For this study, the response format was changed to 1 to
5 in order to be consistent with the other instruments used.
As previously mentioned, several researchers have found that

-103-
changing the number of response categories does not affect
the internal consistency (Bendig, 1954; Komorita, 1963),
predictive validity, concurrent validity, or test-retest
reliability (Jacoby & Matell, 1971) of the instrument. The
total score ranged from 15 to 75.
Katz (1981) found the DSI had an internal reliability
coefficient of .84 and a consistently good item-total
correlation ranging from .29 to .73. Validity was estab¬
lished on the DSI using a sample of 34 dentists (Katz,
1981) . Subjects filled out the DSI and a measure of general
life stressfulness, the General Stress Index (GSI), used by
Kobasa (1979). This 6-item scale determined the extent to
which respondents found stressful each of the following
general areas of life: work, financial concerns,
social/community involvements, interpersonal relationships,
family, and personal or inner-life concerns. The
correlation between the two instruments was almost zero,
supporting the presumption that the DSI is a pure measure of
stress in dentistry as perceived by the practitioner.
The Hardiness Test
The Hardiness Test (HT) (Kobasa, Maddi, & Kahn, 1982)
was used to measure the degree to which the individual has a
hardy personality. The hardy personality as conceptualized
by Kobasa, Maddi, and Puccetti (1982) is defined as
possessing feelings of control, commitment, and challenge.
Control concerns the feeling and belief that life events may

-104-
be influenced by the self rather than feeling helpless when
confronted with adversity. Commitment reflects a
generalized sense of purpose and meaningfulness that is
expressed as a tendency to become actively involved in
events rather than remaining passively uninvolved.
Challenge suggests that life events are perceived not as an
onerous burden by which one is weighed down, but instead as
a normal part of life that provides opportunity for
development (Ganellan & Blaney, 1984).
Originally, hardiness, being a multifaceted personality
style, was measured by five scales combined into a composite
score (Kobasa, Maddi, & Kahn, 1982). Commitment was
measured by items for the alienation from self and
alienation from work scale items of the Alienation Test
(Maddi, Kobasa, & Hoover, 1979) , employed as a negative
indicator. Strong agreement with the alienation from self
items indicates a lack of the self-recognition and
fundamental sense of purpose associated with the committed
person. High scores on the alienation from work scale
indicate a lack of personal investment in that area of life
involving socially productive occupation and signal an
absence of that engagement and accountability definitive of
commitment. An emphasis on challenge was measured
negatively by the items from the security scale of the
California Life Goals Evaluation Schedule (Hahn, 1966).
This true-false scale measures the degree to which safety,
stability, and predictability are deemed important. Persons

-105-
scoring high on this scale are unlikely to perceive changes
as stimulating challenges to growth. An attitude of
personal control was measured negatively by items from the
external locus of control scale (Rotter, Seeman, & Liverant,
1962) and the powerlessness scale of the Alienation Test
(Maddi et al., 1979).
The most recent (third generation) Hardiness Test
contains 50 items from these five scales to form a composite
that has shown moderately high intercorrelations between
scales (ranging from .17 to .74) and jointly define the
first and only large factor in a principal components factor
analysis (Kobasa, Maddi, & Puccetti, 1982). As to the
reliability of the HT, estimates of internal consistency
have yielded coefficient alphas in the .90s for total
hardiness score, and in the .70s for commitment, control,
and challenge scores. Stability appears to be in the .60s
over periods of two weeks or more (Kahn, 1986). In
addition, the hardiness composite has shown a stability
correlation of .61 over a 5-year period (Kobasa, 1982). The
test is scored by the Hardiness Institute, yielding a total
hardiness score plus scores for each of the three subscales
of commitment, challenge, and control.
Coping Responses
Coping style was assessed using an instrument on
Coping Responses developed by Billings and Moos (1981).
This instrument is designed to determine how respondents

-106-
cope with a specific conflict or problem using 19 yes or no
items. In this study, subjects were asked to respond to "a
typical problem you have faced recently in your work as a
dentist."
The items can be grouped into three method of coping
categories: active-cognitive, active-behavioral, and
avoidance. Active-cognitive coping includes attempts to
manage one's appraisal of the stressfulness of the event,
such as "tried to see the positive side of the situation"
and "drew on my past experience in similar situations."
Active-behavioral coping refers to overt behavioral attempts
to deal directly with the problem and its effects, such as
"tried to find out more about the situation" and "took some
positive action." Avoidance coping refers to attempts to
avoid actively confronting the problem (for example,
"prepared for the worst" and "kept my feelings to myself")
or to indirectly reduce emotional tension by such behaviors
as eating or smoking more (Billings & Moos, 1981).
The items also may be grouped into two focus of coping
strategies: problem-focused and emotion-focused. Problem-
focused coping includes attempts to modify or eliminate the
sources of stress through one's own behavior. Emotion-
focused coping includes behavioral or cognitive responses
whose primary function is to manage the emotional
consequences of stressors and to help maintain one's
emotional equilibrium (Billings & Moos, 1981). The score

-107-
for each coping measure is the percentage of items answered
"yes."
Given the underlying assumptions of reliability theory
(Guttman, 1945), typical psychometric estimates of internal
consistency may have limited applicability in assessing the
adequacy of measures of coping (Hartmann, Roper, & Bradford,
1979; Zuckerman, 1979). An upper limit may be placed on
internal consistency coefficients by the fact that the use
of one coping response may be sufficient to reduce stress
and thus lessen the need to use other responses from either
the same or other categories of coping. Bearing this in
mind, internal consistencies (Cronbach's alpha) of the
method of coping categories were .72 for active-cognitive
coping, .80 for active-behavioral coping, and .44 for
avoidance coping. The intercorrelations among the three
coping categories are relatively low (the average
correlation coefficient is .21), indicating that the
categories are relatively independent. Adequate internal
consistency and independence of the focus of the coping
categories have been demonstrated by Folkman and Lazarus
(1980).
The Vulnerability Scale of the Stress Audit
The Vulnerability Scale (VS) from the Stress Audit
(Miller & Smith, 1983) was used to assess social support and
health practices. The Stress Audit is a 238-item self-
administered paper-and-pencil instrument. The VS consists

-108-
of 20 questions which ask respondents to rate the frequency
of occurrence of certain behaviors or situations which
affect one's vulnerability to stress. Vulnerability items
are rated from 1 (almost always) to 5 (never), which
indicate the frequency of specific health-related behavior.
Items sample eating, sleep, exercise, and recreational
habits, alcohol, caffiene and tobacco use, ability to
express emotions, and social and spiritual resources. The
VS is scored by summing the circled numbers. Scores range
from 20 to 100.
For this study, the response format was changed to 1
(never) to 5 (almost always) in order to be consistent with
the directional values (low to high) of the other
instruments used. As previously mentioned, several
researchers have found that changing the response categories
does not affect the internal consistency (Bendig, 1954;
Komorita, 1963), predictive validity, concurrent validity,
or test-retest reliability (Jacoby & Matell, 1971) of the
instrument.
Initial reliability studies on the VS have been
reported by Miller, Smith, and Mehler (1984) based on a
total sample of 559 subjects, including nurses, graduate
students, and college freshmen. The reported test-retest
reliabilities on the VS were .88 for 64 nurse employees of a
university hospital, tested one week apart; .84 for 52
graduate students in professional psychology, tested two
weeks apart; and .62 for 443 college freshmen, tested six

-109-
weeks apart. Unfortunately, no other reliability or
validity information was available for the VS.
Demographic Questionnaire
Twelve questions on a Demographic Questionnaire were
used to gather demographic data and to attempt measurement
of a number of factors purported to be related to the
dentist's stress by various authors in the dental literature
as previously reviewed. Questions covered information on
subjects' gender, marital status, age, race, religious
preference, years in practice, specialty, and type of
practice (solo vs. group). Additional questions included
the number of days of continuing education taken per year,
average frequency of staff meetings, annual gross income
from dentistry, and role of spouse in the practice.
Data Collection
The basic plan for conducting the mail survey was in
accordance with the recommendations of Dillman (1977). The
questionnaire packet was designed to meet, as closely as
possible, Dillman's specifications. Instruments were
reduced and combined into a booklet format. The packet
was sent to the selected dentists along with an introductory
letter from a dentist and an explanatory cover letter
which included a brief description of the purpose of the

-110-
study (see Appendix B) and a stamped, addressed return
envelope.
Subjects' names were not placed on the questionnaire to
ensure confidentiality. Each packet was given a code number
which was paired with a respondent's name on a separate
listing, allowing for follow-up of packets that were not
returned while still protecting confidentiality.
One week from the day of the original mailout, a
follow-up postcard was sent thanking those who had completed
the questionnaire and urging those who had not to do so.
When sufficient returns (120 subjects) had been received,
the data were analyzed according to the procedures described
below. Those subjects who requested follow-up information
were sent a summary of the findings from the study upon
completion of the analysis of the data.
Data Analysis
Means and standard deviations, or frequencies and
relative frequencies, were used to describe male dentists in
terms of their demographic characteristics, dental
stressors, hardiness, coping styles, social support and
health practices, strain and career and general life
satisfaction. Means and standard deviations also were used
to describe male dentists by the various demographic
characteristics and categories by stressors, satisfaction,
coping styles, social support and health practices, strain
and career and life satisfaction. Analysis of variance was

-Ill-
used to determine if male dentists differed demographically
regarding their stressors, hardiness, coping style, social
support and health practices, as well as level of strain and
amount of career and general life satisfaction.
Stepwise multiple regression analysis was used to
determine how demographic characteristics, stressors,
hardiness, coping style, and social support and health
practices relate to the level of strain in male dentists.
Stepwise multiple regression analyses also were used to
determine how demographic characteristics, stressors,
hardiness, coping style, and social support and health
practices relate to career and general life satisfaction in
male dentists. In all, three stepwise multiple regression
analyses were used with strain, career satisfaction, and
general life satisfaction representing the criterion
variables in each regression equation. Stepwise multiple
regression analysis was used to determine the relative
importance of hardiness, coping style, and social support
and health practices as mediating variables in the
stressors-strain/satisfaction relationship in male dentists.
Limitations of the Study
This study, as with all descriptive studies, must be
interpreted with caution because of the limitations of
sampling procedures and the instruments. Although the
method involved random selection of male participants, a
sampling bias due to self-selection could be present,

-112-
because of the voluntary nature of participation. Also
participants were actively involved in practicing dentistry
and were members of the FDA. Therefore, the results may not
generalize to dentists who are not members of the state
association or to dentists in other states. Also, results
cannot be generalized to female dentists.
The instruments that were used in this study may be a
possible limitation. Efforts were made to use instruments
for which reliability and validity were previously
established; however, self-report questionnaires are
inherently limited by the desire and ability of the
participants to answer them accurately and truthfully.

CHAPTER IV
RESULTS AND DISCUSSION
Results
The purpose of this study was to describe stress and
the role of stress resistance resources in male dentists.
Using the transactional model of stress, the relative
mediating effects of hardiness, coping style, social
support, and health practices in the stressors-
strain/satisfaction relationship in male dentists were
explored. The sample consisted of 251 male dentists who
were actively involved in practicing dentistry in the state
of Florida. Frequencies, means, standard deviations,
analyses of variance, stepwise multiple regression, and
simple linear regression were used to analyze the data.
Research Question One
The first research question concerned the distributions
of several demographic characteristics for male dentists.
Specific variables of interest were dental stressors,
hardiness, coping styles, social support, health practices,
strain, and career and general life satisfaction.
Frequencies and relative frequencies were tabulated for most
of the demographic variables (with the exception of age
-113-

-114-
and number of years in practice) and are presented in Table
1. Means and standard deviations were computed for age,
number of years in practice, and the other variables and are
presented in Table 2.
As the data in Tables 1 and 2 show, the average male
dentist in this study was 46 years old, had been in practice
19 years, was white, married, and a general practitioner in
solo practice. The data also reflect that participants
reported an average of 64.91 on the strain questionnaire,
which had a possible range of 48 through 240. This is below
the adult norm of 86 (SD = 25) reported by the authors of
this instrument (Lefebvre & Sandford, 1985). The
participants reported a mean general life satisfaction level
of 11.52 on a possible scale of 2.1 through 14.7. This is
very similar to the adult norm of 11.77 (SD = 2.2) reported
by Campbell, Converse, and Rogers (1976). On hardiness, the
respondents scored a mean score of 71.58 on a scale of 0
through 100, which compares to a mean of 76.63 for males in
the norm group. Unfortunately the other instruments did not
have norms.
The participants7 mean ratings of social support were
30.01, and the mean score on health practices was 32.36,
both on scales of 8 to 40. The measure of coping style
yielded three separate, independent scores: active-
cognitive coping, active-behavioral coping, and avoidance
coping. For each of the three coping styles, a score was
obtained by dividing the number of items the participant

-115-
Table 1
Frequency and Relative Frequency Distributions of
Demographic Variables
f
%
Race (N = 249)
Black
3
1.2
Hispanic
6
2.4
White
240
96.4
Gender (N = 251)
Males
251
100
Reliqion (N = 247)
Catholic
48
19.4
Protestant
119
48.2
Jewish
57
23
Other
5
2
None
18
7.3
Marital Status (N = 251)
Never Married
12
4.8
Married
221
88
Separated
2
.8
Divorced
14
5.6
Widowed
2
. 8
Tvoe of Practice (N = 250)
Solo Practice
172
68.8
Associateship
16
6.4
Partnership
35
14
Group Practice
22
8.8
Clinic
0
Military
0
Public Health
3
1.2
Dental Education
2
.8
Practice Specialty (N = 250)
General Dentistry
192
76.8
Orthodontics
19
7.6
Pedodontics
7
2.8
Periodontics
9
3.6
Endodontics
11
4.4
Oral Surgery
10
4
Prosthodontics
2
.8
8

-116-
Table 1 continued
f
%
Days of Continuing Education Courses
Taken Per Year--(N.wi 250)
None
1
.4
1 to 5
43
17.2
6 to 10
91
36.4
11 to 15
58
23.2
16 to 20
26
10.4
Over 20
26
12.4
Annual Net Income frem Dentistry
in 1987 ÍN = 242)
Less than $50,000
37
15.3
$51,000 to $75,000
72
29.8
$76,000 to $100,000
56
23.1
$101,000 to -$150,000
50
20.6
$151,000 to $200,000
11
4.5
Averaae Freauencv ofr'Staff
Meetinqs ÍN = 250)
Almost Never
43
17.2
Occasionally
98
39.2
Monthly
56
22.4
Biweekly
17
6.8
Weekly
23
9.2
Daily
13
5.2
Role of Soouse in Practice
(N = 250)
None
81
32.4
f- Advisor/Consultant
32
12.8
Occasional Fill-fin Work
29
11.6
Part-time StaffoMember
50
20
Full-time StaffoMember
34
13.6
Not Married
24
9.6

-117-
Table 2
Means and Standard Deviations of Predictor and Criterion
Variables
Possible
Variable
Mean
SD
Range
Age
46.38
11.36
27-81
Years in Practice
18.93
11.43
1-52
Stressors
39.80
9.06
15-75
Hardiness
71.58
8.52
0-100
Active-Cognitive Coping
.85
. 14
0-1
Active-Behavioral Coping
.56
. 18
0-1
Avoidance Coping
. 33
.22
0-1
Social Support
30.01
6.71
8-40
Health Practices
32.36
5.16
8-40
Strain
64.91
13.58
48-240
Career Satisfaction
17.75
3.60
6-30
Life Satisfaction
11.52
2.09
2.1-14.7

-118-
answered "yes” by the total number of items for that scale.
The respondents reported using the highest percentage of
active-cognitive coping style (.85), followed by active-
behavioral (.56), and avoidance coping (.33). The mean on
the stressors measure was 39.80, and the mean career
satisfaction score was 17.75. These results mean that the
male dentists in this study were not experiencing high
strain and they were well satisfied with both their careers
and life in general.
Research Question Two
The focus of research question two was whether male
dentists with different demographic characteristics also
differed with regard to stressors, hardiness, coping style,
social support, and health practices, as well as the level
of strain and career and general life satisfaction they
experience. This question was answered by using analyses of
variance to compare the demographic characteristics of
religious preference, marital status, type of practice,
practice specialty, number of days of continuing education
courses taken per year, annual net income from dentistry,
number of years in practice, frequency of staff meetings,
and role of the spouse in the practice with the previously
mentioned variables. In all, a total of 90 one-way analyses
of variance were conducted.
Using the frequency distributions as a guide, the
demographic characteristics were combined into several

-119-
smaller categorical groups. Religious preference was
limited to three groups: Catholic, Protestant, and Jewish.
Marital status was divided into two groups: married and not
married. Type of practice was also divided into two groups
by dentists in solo practice and dentists who practiced with
someone else. The practice categories of clinic, military,
public health, and dental education were dropped. Practice
specialty became two groups, general practitioners and
specialists. Days of continuing education courses taken per
year was collapsed from 6 to 4 groups by 0 to 5 days per
year, 6 to 10 days per year, 11 to 15 days per year, and 16
or more days per year. The variable of annual net income
was divided into two groups: "less" included those earning
$75,000 or less and "more" included those earning $76,000 or
more.
Number of years in practice was divided into two
groups: "less" included those with 24 years or less and
"more" included those with more than 24 years in practice.
Frequency of staff meetings was collapsed into two groups:
the "rarely" category included those participants who
answered "almost never" and "occasionally," while the
"regular" category included those participants who answered
"monthly," "biweekly," "weekly," and "daily." Responses to
the item of role of the spouse in the practice were combined
into three categories: "none"; "some," which included
"advisor/consultant" and "occasional fill-in work"; and
"lots," which included both "part-time" and "full-time staff
member."

-120-
The analyses of variance indicated significant effects
of religious preference on both career satisfaction and
social support. There was a significant main effect of
religious preference on career satisfaction, F(2,221) =
4.15, p < .05. Scheffé's multiple comparison test was used
to determine the means between which significant differences
existed. It was found that Protestant dentists reported a
significantly higher career satisfaction mean, 18.24, than
the 16.68 mean of Jewish dentists. There also was a
significant main effect of religious preference on social
support, F(2,218) = 4.41, p < .05. Scheffé's multiple
comparison test also was used to determine the means between
which significant differences existed. It was revealed that
Protestant dentists reported a significantly higher social
support mean 31.52, than the 28.40 mean for Jewish dentists.
The Protestant dentists reported significantly higher means
on both career satisfaction and social support than did the
Jewish dentists.
There was a significant main effect, according to the
analysis of variance, of marital status on life
satisfaction, F(l,245) = 5.93, p < .05. The mean score was
11.63 for married dentists, which was significantly greater
than the mean score of 10.64 for unmarried dentists. These
results indicate that married dentists reported
significantly higher life satisfaction than non-married
dentists.

-121-
Results of the analysis of variance revealed
significant main effects of type of practice on active-
behavioral coping, F(1,243) = 4.07, p < .05. The mean score
for the dentists in solo practice was 3.83, which was
significantly lower than the mean score of 4.19 for dentists
who practiced with someone else. The dentists who practiced
with someone else showed a positive increase in active-
behavioral coping. There also was a significant main effect
of type of practice on health practices, F(l,238) = 5.24, p
< .05. The dentists who practiced with someone else had a
significantly higher mean score 33.56, than the mean of
31.89 for dentists in solo practice. This means that
dentists who practiced with someone else (rather than alone)
showed an increase in the use of active-behavioral coping
and health practices.
The analysis of variance demonstrated a significant
main effect of practice specialty on stressors, F(1,247) =
6.49, p < .01. General dentists had a higher mean score
40.57, on stressors than the specialist mean of 37.12. As
expected, general practice dentists had higher stressors
(demands) than did the specialists.
A significant main effect was discovered for days of
continuing education on active-behavioral coping, F(3,246) =
3.65, p < .01. Scheffé's multiple comparison test was used
to determine the means between which significant differences
existed. Results indicated the mean score of 4.33 on
active-behavioral coping, for dentists who took 11 to 15

-122-
days of continuing education courses per year, was
significantly greater than the mean score of 3.71 for the
group taking 6 to 10 continuing education courses per year.
Another significant main effect was found for number of days
of continuing education courses taken per year on hardiness.
Results of the Scheffé multiple comparison test revealed
significant differences in mean hardiness scores between the
dentists taking 0 to 5 days of continuing education courses
per year mean 68.49, and the dentists taking 11 to 15 days
per year, mean 73.31. The dentists with the least days of
continuing education had significantly lower hardiness
scores than did the dentists in the 11 to 15 day group.
Analysis of variance findings were significant for
income on both career satisfaction and hardiness. A
significant main effect was found for income on career
satisfaction F(l,249) = 10.23, p < .01. As expected, the
higher income group reported significantly greater career
satisfaction (M = 18.42) than did the lower income group (M
= 16.99). A marginally significant main effect also was
found for income on hardiness, F(1,248) = 3.63, p = .058.
The higher income group showed a marginally significant
higher hardiness level (M = 72.55) than did the lower income
group (M = 70.50).
Additional analyses of variance revealed significant
effects of number of years in practice on both stressors and
life satisfaction. The dentists were divided into two
groups: those with 24 years or less in practice and those

-123-
wit h more than 24 years in practice. There was a
significant main effect of years in practice on stressors,
F(1,248) = 8.00, p < .05. Dentists with fewer years in
practice had significantly higher mean stressor scores,
40.84, than did the dentists with more years in practice,
mean score 37.34. Another significant main effect was found
with years in practice on life satisfaction, F(1,245) =
5.22, p < .05. The mean score for dentists with more years
in practice was 11.99, which was significantly higher than
the mean score of 11.32 for dentists with less years in
practice. Apparently the dentists with less years in
practice showed higher stressors and lower life
satisfaction, while conversely dentists with more years in
practice had lower stressors and higher life satisfaction.
The frequency of staff meetings had significant main
effects with several variables and are reflected in Table 3.
The data indicate that dentists who have regular staff
meetings report significantly higher career satisfaction,
life satisfaction, hardiness, and health practices, as well
as significantly less cognitive strain and marginally
significant more social support than dentists who rarely
meet with their staffs.
Another variable, role of the spouse in the practice,
had significant main effects with many variables. The
results are displayed in Table 4. It should be noted that
the Scheffé multiple comparison test did not reveal
significant mean differences in strain or avoidance coping.

Table 3
Analyses of Variance of Frequency of Staff Meetings on Other Variables
Source of
Variation
Degrees of
Freedom
F-Ratio
P
Means
Frequency of
Rarely
for
Staff Meetings
Regularly
Career Satisfaction
1,248
11.38
17.09
18.61
Life Satisfaction
1,244
4.39
11.27
11.83
Cognitive Strain
1,247
4.06
9.71
8.97
Hardiness
1,247
9.78
70.14
73.49
Health Practices
1,243
4.50
31.75
33.15
Social Support
1,245
3.60
.059
29.28
30.90
p < .05, unless otherwise stated
-124-

Table 4
Analyses of Variance of Role of Spouse in the Practice on Other Variables
Source of
Variation
Degrees of
Freedom
F-Ratio
P
Means for
Role of Spouse
None Some
Lots
Life Satisfaction
2,220
5.58
< .01
10.97a
n-69ab
12.04b
Strain
2,223
2.75
= .06
68.07
54.11
63.35
Cognitive Strain
2,222
5.53
< .01
10.23a
9*44ab
8.7ib
Stressors
2,223
3.77
39.33ab
37.54b
41.69a
Hardiness
2,222
4.76
= .0095
69.11a
73.01b
Active-Behavioral
Coping 2,223
4.37
3.71a
4.36b
3‘93ab
Avoidance Coping
2,223
3.07
1.89
1.51
1.50
p < .05, unless stated otherwise
Note: Means with different subscripts differ significantly, based on Scheffé's
multiple comparison test.
-125-

-126-
This is most likely because Scheffé's test is the most
conservative of all the multiple comparison tests. However,
the analyses of variance did reveal significant differences
between the high and low means.
The data indicate that dentists in the "none" category
(where spouses had no involvement in the practice) show
significantly less life satisfaction and hardiness and
significantly more cognitive strain, avoidance coping, and
strain (marginally significant) than the dentists in the
"lots" category (spouse involved as part-time or full-time
staff member). The data also reveal that for stressors the
significant difference is that dentists in the "lots"
category show significantly higher stressors (demands) than
the dentists in the "some" category (spouse involved as
advisor/consultant or occasional fill-in work). For active-
behavioral coping the significant difference is between
"none" and "some," with dentists with "some" spouse
involvement using significantly more of the active-
behavioral coping style than the participants in the "none"
category.
Research Question Three
The topic addressed in research question three was the
relationship of demographics, stressors, hardiness, coping
style, social support, and health practices to the level of
strain in male dentists. For this question stepwise

-127-
multiple regression analysis was used. Strain, a continuous
variable, was the criterion variable and stressors,
avoidance coping, hardiness, social support, and role of the
spouse in the practice were the predictor variables.
Table 5 contains the regression analysis results. The
stepwise regression model included only those variables
which had F-to-enter ratios with probabilities less
than .10. The multiple regression analyses revealed that
four variables, stressors, avoidance coping, hardiness, and
social support, were significant predictors of strain,
accounting for 32% of its variance. The regression estimate
for stressors indicates that dentists who differ by 1 point
in stressors, but are equivalent on all other variables,
would be expected to differ by .43 points on strain.
Similar interpretations can be applied to each of the other
variables shown in Table 5.
Although the role of the spouse in the practice was the
only demographic variable which stayed in the model (based
on a value of .10 to enter the model or be deleted from the
model), it should be noted that its predictive value was
only marginally significant (p = .09). These results
indicate that stressors, avoidance coping, hardiness, social
support, and role of the spouse in the practice (to a lesser
extent) were the set of variables taken together that
provided optimum predictive accuracy for strain in male
dentists.

-128-
Table 5
Stepwise Regression Analysis of the Relationship Between
Strain and the Predictor Variables
Parameter
Estimate
SE
F
P
Intercept
75.29
Stressors
.43
.09
22.71
.0001
Avoidance Coping
2.41
.74
10.53
.001
Hardiness
-.29
. 11
7.73
.006
Social Support
-.29
.12
5.48
. 02
Role of Spouse
-1.56
.93
2.81
.09
F(5,218) = 20.98,
p < .0001, r^ =
.32

-129-
Research Question Four
The fourth research question dealt with whether
demographics, stressors, hardiness, coping style, social
support, and health practices relate to the level of career
and general life satisfaction in male dentists. This
question was answered using two stepwise multiple regression
analyses, one with career satisfaction as the criterion
variable and one with general life satisfaction as the
criterion variable.
Each stepwise multiple regression analysis added to the
regression equation the predictor variable that most
significantly related to the independent variable (with any
variance shared with other predictor variables in the
equation partialled out) until none of the remaining
predictor variables added significantly to the regression
equation. The resultant equation contained only the
predictor variables that significantly entered the
regression equation.
Career satisfaction. Table 6 contains the regression
analysis data for career satisfaction. The five variables
of income, religious preference, frequency of staff
meetings, active-behavioral coping, and hardiness were the
most optimum predictors of career satisfaction. This set of
variables taken together accounted for 18% of the variance
in career satisfaction. The regression estimate for income

-130-
Table 6
Stepwise Regression Analysis of the Relationship Between
Career Satisfaction and the Predictor Variables
Parameter
Estimate
SE
F
P
Intercept
11.65
Income
.60
.16
13.38
.0003
Religious Preference
-1.04
.32
10.35
.002
Frequency of
Staff Meetings
. 39
. 17
5.40
. 02
Active-Behavioral
Coping
.39
. 17
5.29
.02
Hardiness
.06
.03
3.99
.05
F(5,209) = 9.20, p < .0001, r2 = .18

-131-
indicates that dentists who differ by 1 point in income, but
are equivalent on all other variables, would be expected to
differ by .60 points on career satisfaction. Likewise,
dentists who differ by 1 point in hardiness, but are
equivalent on all other variables, would be expected to
differ by .06 points in career satisfaction. Similar
interpretations can be applied to each of the other
variables shown in Table 6.
These results indicate that it was the demographic
variables of income, religious preference, and frequency of
staff meetings as well as active-behavioral coping and
hardiness which were the most optimum set of variables for
predicting career satisfaction in the male dentists in the
study.
Life satisfaction. The five variables of hardiness,
social support, health practices, stressors, and role of
spouse were significant predictors of life satisfaction,
accounting for 44% of its variance. A summary of the
multiple regression analysis is presented in Table 7. The
regression estimate for hardiness indicates that dentists
who differ by 1 point in hardiness, but are equivalent on
all other variables, would be expected to differ by .09
points on life satisfaction. Similar interpretations can be
applied to each of the other variables in Table 7.
These results mean that life satisfaction in the male
dentists in this study was most optimally predicted by the
set of variables including hardiness, social support, health

-132-
Table 7
Stepwise Regression Analysis of the Relationship Between
Life Satisfaction and the Predictor Variables
Parameter
Estimate
SE
F
P
Intercept
1.31
Hardiness
.09
.01
39.05
.0001
Social Support
.08
.02
20.86
.0001
Health Practices
. 06
.02
6.90
.009
Stressors
-.03
.01
4.25
.04
Role of Spouse
.27
. 13
• 4.13
.04
F (5,210) = 33.40,
p < .0001, r2 =
.44

-133-
practices, involvement of the spouse in the practice, and
stressors.
Intercorrelations. It must be noted that several of
the predictor variables were found to correlate with the
criterion variables. Intercorrelations among all the
continuous predictor and criterion variables are presented
in Table 8.
Strain was significantly positively correlated with
stressors and avoidance coping, and significantly negatively
correlated with hardiness, social support, and health
practices. These correlation coefficients ranged from .37
to -.42. Career satisfaction was significantly positively
correlated with hardiness, active-behavioral coping, active-
cognitive coping, and social support, while it was
significantly negatively correlated with stressors. These
correlation coefficients ranged from .24 to -.15. Life
satisfaction was significantly positively correlated with
hardiness, social support, health practices, active-
behavioral coping, and active-cognitive coping, whereas it
was significantly negatively correlated with stressors and
avoidance coping. These correlation coefficients ranged
from .58 to -.34.
The correlation matrix reveals that many variables are
significantly highly correlated with each other and could
explain why certain variables did not enter the regression
equations, because they also correlated with one or more of

Table 8
Correlation Matrix Intercorrelations Among All Continuous Predictor and Criterion
Variables
1
2 3
4
5
6
7
8
9
10
11
12
1.
Age
.95+ -.18®
.03
-.05
. 07
-.09
.08
.05
-.05
.07
. 16®
2.
Years in Practice
-.19®
.03
-.04
. 06
-.09
. 10
.08
-.05
.07
.14*
3.
Stressors
-
-. 33+
.09
-.02
.20®
-.17®
-.11
.37+
-.15*
-.28+
4.
Hardiness
-
.09
.15*
-. 38+
. 35+
. 35+
-.42+
.24®
. 58 +
5.
Active-Cognitive Coping
-
. 32+
-.02
. 28+
.19®
-.00
.13*
.16*
6.
Active-Behavioral Coping
-
-.05
.32+
.23®
-.08
.16*
. 18®
7.
Avoidance Coping
-
-.24+
-. 38+
. 3 6+
-.10
-. 34+
8.
Social Support
-
.31+
-.28+
.15*
• 45+
9.
Health Practices
-
-.28+
. 11
.37+
10.
Strain
-
-.07
-.40+
11.
Career Satisfaction
_
. 35+
12. Life Satisfaction
*p < .05, ®p < .01, +p < .0001
134-

-135-
the other variables and thus did not add significant
predicting power to the equation.
Research Question Five
Research question five concerned the significance of
individual variables, hardiness, coping style, social
support, and health practices (which have been referred to
as mediating variables), in the stressors-
strain/satisfaction relationship among male dentists.
Because this is a model building question a series of simple
linear regressions were done (with each of the three
criterion variables of strain, career satisfaction, and life
satisfaction), adding stressors first, then each of the
variables were added one at a time (based on both a
theoretical order. The first regression equation used one
predictor variable, the next regression equation used two,
and at each step another single variable was added to the
regression (model) equation, until all seven variables had
been added. Then a test of complete versus reduced models
was performed to determine which model provided both the
most parsimonious model and the greatest predictive value.
Strain. The first step in model building with strain
as the criterion variable was a very simple regression
equation with stressors predicting strain. This equation
accounted for 14% of the variance in strain, r2 = .14. Then
hardiness was added to the model which increased the r
to .24, indicating stressors plus hardiness accounted for

-136-
24% of the variance in strain. The third step was to add
avoidance coping to the model which in turn increased the r2
to .28, which indicated that stressors, hardiness, and
avoidance coping taken together accounted for 28% of the
variance in strain. When the variable health practices was
added at the fourth step the r2 remained at .28, as it did
when social support was added to the equation at the fifth
step. At the sixth step, active-behavioral coping was added
to the model and the r2 increased to .29, indicating that
active-behavioral coping taken together with the previously
mentioned variables accounted for 29% of the variance in
strain.
The model which had three variables in it is contained
in Table 9. These results indicate that hardiness and
avoidance coping were the variables which, taken together
with stressors, provided the optimum predictive accuracy for
strain in male dentists in this sample.
Career satisfaction. The first step in model building
with career satisfaction as the criterion variable was the
simple regression equation with stressors predicting career
satisfaction. This equation accounted for 2% of the
variance in career satisfaction, r2 = .02. Then hardiness
was added to the model which increased the r^ to .06,
indicating stressors plus hardiness accounted for 6% of the
variance in career satisfaction. The third step was to add
active-behavioral coping to the model, which in turn
• o ,
increased the r to .08. As social support was added, the
r2 became .07.

-137-
Table 9
Simple Linear Multiple Regression Analysis of the
Relationship Between Stressors With the Mediating Variables
and Strain
Parameter
Estimate
SE
T
P
Intercept
75.71
Stressors
.37
.09
4.27
.0001
Hardiness
-.42
. 10
CO
CM
•
"ST
1
.0001
Avoidance Coping
2.60
.73
3.57
.0004
F(3,245) = 31.32,
p < .0001, r2 =
.28

-138-
Table 10 contains a summary of the linear regression
analysis containing the three variables stressors
hardiness, and active behavioral coping which provided
optimum predictive accuracy for career satisfaction for this
sample. It should be noted however that the variable
stressors had a probability less than .05; hence, it did not
make a significant contribution. Overall, the strength
of this prediction equation is rather weak, accounting for
only 8% of the variance in career satisfaction, leaving 92%
unexplained. These results reveal that the hardiness and
active-behavioral relationship coping taken with stressors
provide optimum predictive accuracy for career satisfaction
in male dentists in this study.
Life satisfaction. As with the other models, the first
step was the simple regression equation of stressors
predicting life satisfaction. This equation resulted in an
r of .08, indicating stressors accounts for 8% of the
variance in life satisfaction. Then hardiness was added to
the model and increased the r2 to .34 and accounted for 34%
of the variance in life satisfaction. At step three, social
support was added to the model accounting for 40% of the
variance in life satisfaction, r2 = .40. As health
practices was added to the model the r2 increased again
to .42, indicating that health practices together with
stressors, hardiness, and social support accounted for 42%
of the variance in life satisfaction. The next step added

-139-
Table 10
Simple Linear Regression Analysis of the Relationship
Between Stressors With the Mediating Variables and Career
Satisfaction
Parameter
Estimate
SE
T
P
Intercept
11.98
Stressors
-.03
.03
-1.32
.19
Hardiness
.08
.03
2.88
.004
Active-Behavioral
Coping
.36
. 17
2.06
.04
F (3,245) = 6.91, p
< .0002, r2 =
. 08

-140-
the fifth variable, avoidance coping, to the model and the
r2 stayed the same, .42.
A summary of the linear regression analysis which
provided the optimum predictive accuracy for life
satisfaction is presented in Table 11. These results
indicate that in male dentists life satisfaction is
optimally predicted by stressors, hardiness, social support,
and health practices, owever, the variable stressors had a
probability less than .05; hence, it did not make a
significant contribution.
Discussion
The results of this study indicate that male dentists
had on the average been in practice 19 years, were 46 years
old, white, married, and general practitioners in solo
practice. This profile matches very closely the description
of dentists across the state of Florida (Office of
Regulation and Health Facilities, 1987) as well as the Texas
dentists described by Katz (1981).
The dentists' mean score of 39.80 on stressors or
perceived demands was below the 50th percentile (45), which
is consistent with findings from a previous study (Katz,
1981). Their mean hardiness score was 71.58 (SD = 8.52)
which compares favorably to the male norm mean of 76.63 (SD
= 9.29). The dentists reported 85% use of active-cognitive
coping, 56% use of active-behavioral coping, and only 33%

-141-
Table 11
Simple Linear Regression Analysis of the Relationship
Between Stressors With the Mediating Variables and Life
Satisfaction
Parameter
Estimate
SE
T
P
Intercept
1.13
Stressors
-.02
.01
-1.83
.07
Hardiness
.10
.01
6.86
.0001
Social Support
.08
.02
4.72
.0001
Health Practices
.06
.02
2.59
.01
F (4,233) = 41.79,
p < .0001, r2 =
.42

-142-
use of avoidance coping. Their high use of desirable coping
styles (active-cognitive and active-behavioral) and
relatively low use of avoidance coping confirms the findings
of Pearlin and Schooler (1978), that men, the educated, and
the affluent make greater use of the efficacious coping
mechanisms. The dentists' use of social support was
desirably high (M = 30.01), as was health practices (M =
32.36), both on a 40 point scale. These findings support
the idea proposed by Ayer and Moretti (1985) that dentists
may not be as vulnerable to stress because they have learned
or have available to them relatively appropriate and
effective resources for dealing with stressors.
The results of this study also indicate that male
dentists in this study reported fairly low levels of strain.
This sample scored almost a full standard deviation below
the norm provided by the authors of the instrument to
measure strain (Lefebvre & Sandford, 1985). This low score
was consistent over all three dimensions (physical,
behavioral, and cognitive) measured by the test. This
finding supports the view proposed by Ayer and Moretti
(1985) that dentistry may not be as stressful as the public
has been led to believe. Conversely, the relatively low
levels of strain in dentists raise a question about the
norms for the Strain Questionnaire (SQ). The instrument was
normed with undergraduate and graduate students, naval
engineers, teachers, and insurance agents enrolled in stress
management classes. Is the norm group truly representative

-143-
of the population as a whole? If they are, do dentists
truly and accurately really have low levels of strain?
Participants also reported fairly high levels of
satisfaction. For career satisfaction, their mean score was
17.75, which was just below the 50th percentile (18) and is
comparable to the findings of Katz (1981). For life
satisfaction, the dentists' scores were consistent with the
norms provided by the authors of the instrument (Campbell et
al., 1976).
In summary, the dentists in this study can be described
as having moderate levels of stressors and resulting strain,
moderate hardiness, moderate to high levels of social
support and health practices, and predominantly using
effective (active-cognitive and active-behavioral) coping
styles and using few ineffective (avoidance) coping styles.
They also may be described as moderately satisfied with
their careers and rather highly satisfied with life in
general.
Significant differences did exist among male dentists
by demographic characteristics regarding their stressors,
hardiness, coping style, social support, and health
practices, as well as levels of strain, career satisfaction,
and life satisfaction. However, a cautionary note should be
added that because of the large number of one-way analyses
of variance several of these significant relationships could
be due to chance alone; however, it is not possible to know
which occurred by chance. The findings indicated that

-144-
dentists with a Protestant religious preference reported
significantly higher career satisfaction and social support
than did dentists reporting a Jewish religious preference.
This finding was quite curious and as such unexplainable.
Religious preference has never been studied in relation to
any of these variables before, so further research
investigating reltion as a stress resistance resource is
warranted.
It is not surprising that married dentists reported
significantly higher life satisfaction than non-married
dentists. This finding supports the conclusions of Yablon
and Mayhew (1984) that dentists who were married rather than
single tended to be more satisfied. Results also indicated
that dentists who practice with someone else rather than
alone used more active-behavioral coping and health
practices. As expected, general dentists experienced
significantly higher stressors (demands) than did the
specialists. This finding is consistent with past research
(Dunlap & Stewart, 1982; Katz, 1981; Russek, 1962)
indicating that general practitioners find dentistry much
more stressful than do specialists.
The number of days of continuing education courses
taken per year was significantly related to increases in
active-behavioral coping and higher hardiness. Results also
showed that dentists with higher incomes were more satisfied
with their careers, which is consistent with previous

-145-
research (George & Milone, 1982; Katz, 1987; Yablon &
Mayhew, 1984).
Dentists with fewer years in practice reported
significantly higher stressors and lower life satisfaction.
These findings are supported by previous research. Dunlap
and Stewart (1982) found dentists with fewer years in
practice reported higher stress, while Yablon and Rosner
(1982) reported a general trend toward increased overall
satisfaction with increasing age.
The data indicated dentists who have regular staff
meetings reported higher career satisfaction, life
satisfaction, hardiness, and health practices, as well as
significantly less cognitive strain and marginally
significant more social support than dentists who rarely
meet with their staffs. These results are consistent with
previous research (Katz, 1981) which have linked frequency
of staff meetings to career satisfaction.
The role of the spouse in the practice was
significantly related to life satisfaction, hardiness,
cognitive strain, avoidance coping, and strain. The
dentists with "lots" of involvement from their spouses
scored significantly better on these measures than did
dentists with no involvement from their spouses. Dentists
with "some" involvement by their spouse reported
significantly more active-behavioral coping than dentists
with no involvement of the spouse in the practice. However,
the dentists with "lots" of involvement from their spouses

-146-
also reported significantly higher stressors than the
dentists with "some" involvement from their spouses. This
finding is congruent with previous research. Katz (1981)
reported that high level of involvement of the spouse in the
dentist's practice was significantly related to stressors.
Apparently the involvement of the spouse in the practice is
critically important on many measures, but lots of
involvement can create a higher level of stressors (or
demands) on the dentist.
Strain in male dentists was significantly predicted by
stressors, avoidance coping, hardiness, social support, and
role of the spouse in the practice. None of the other
variables ehanced the predictability of strain. The
predictive relationship between stressors and strain was
expected from previous research (Holmes & Rahe, 1967; Shinn
et al., 1984) as well as the high intercorrelation between
the two variables. The role of the spouse was a marginally
significant negative predictor of strain. Avoidance coping,
such as smoking more or keeping one's feelings to oneself,
was found to positively predict strain, whereas the other
two forms of coping did not enhance the prediction of
strain. This finding is consistent with research done by
Billings and Moos (1981) in which the authors found that
avoidance coping was significantly related to depression,
anxiety, and physical symptoms and was more highly related
to these criteria than the other two methods of coping.

-147-
Hardiness was found to be a negative predictor of
strain, which supports the research done by Kobasa and her
colleagues (e.g., Kobasa, 1979). Social support was
positively predictive of reducing strain which is consistent
with the large body of literature which demonstrates that
social support has a positive effect on physical and
psychological health. However, this finding is inconsistent
with two studies (Hammond, 1987; Kobasa, 1982) which did not
find a significant relationship between social support in
reducing strain in male academics and lawyers, respectively.
Career satisfaction in male dentists was most optimally
predicted by the demographic characteristics of income,
religious preference, and frequency of staff meetings. The
variables of active-behavioral coping and hardiness also
added to the prediction of career satisfaction; however, not
as strongly as the demographic variables. The value of
income and frequency of staff meetings as predictors of
career satisfaction can be linked to the previous discussion
as well as research previously cited. Although the negative
relationship of religious preference to career satisfaction
is strong, it is unique and cannot be tied to any previous
research; as such it is difficult to explain. The finding
of the significance of hardiness in predicting career
satisfaction is supported by Hammond's (1987) research on
male academic multiple role persons, while the result of
active-behavioral coping was inconsistent with the findings
in that study, which found a significant predictive

-148-
relationship between active-cognitive coping and career
satisfaction in men.
Life satisfaction in male dentists was most
significantly predicted by the set of variables which
included hardiness, social support, health practices,
stressors, and role of the spouse in the practice. The
strongly significant (p < .0001) predictive value of
hardiness and social support to life satisfaction in men is
consistent with previous research (Hammond, 1987). However,
unlike Hammond's study, this study also revealed the lesser
significance of health practices, stressors, and role of the
spouse in predicting life satisfaction. Interestingly the
value of the set of predictor variables in predicting life
satisfaction was much stronger than for career satisfaction,
as reflected in the r values of .44 and .18, respectively.
For career satisfaction the demographic characteristics were
more powerful predictors than active-behavioral coping or
hardiness.
Results of the model building to determine the role of
hardiness, coping style, social support, and health
practices into the prediction of stressors to strain
revealed hardiness and avoidance coping were significant
predictors. This could be interpreted to mean that
hardiness may significantly reduce one perception of
stressors and hence lower resulting strain. However, use of
avoidance coping may have the opposite effect. Increased
use of avoidance coping in response to stressors
correspondingly increases the level of strain. These

-149-
findings are consistent with the research of Hammond (1987),
who found that hardiness and avoidance coping were the most
significant predictors of stress (strain) in men. What is
uniquely different about the results of this study is that
stress was measured both as a predictor variable in the form
of stressors and as a criterion variable in the form of
strain.
Results of the model building to determine the
mediating role of hardiness, coping style, social support,
and health practices between stressors and career
satisfaction revealed hardiness and active-behavioral coping
were the most optimum predictors. These findings are
consistent with Hammond's (1987) about the strong (p
< .0001) predictive value of hardiness to career satisfaction
in men. Overall the prediction value of the variables is
very weak as revealed by the low levels of significance (p
= .18, .02, and .06) and the r2 of .07. This leaves 93% of
the variance in career satisfaction unexplained.
Results of the model building to determine the
mediating role of hardiness, coping style, social support,
and health practices between stressors and life satisfaction
revealed hardiness, social support, and health practices
were the most optimum set of predictors, and avoidance
coping was a much less significant predictor (p = .24). The
findings are very similar to the Hammond (1987) study, which
found hardiness, social support (from family), and avoidance
coping were significant predictors of life satisfaction in

-150-
men. The strength of this model is quite powerful as
reflected in the r2 value of .42, which means this model
with stressors and the significantly predictive other
variables accounts for 42% of the variance in life
satisfaction in male dentists. What is uniquely different
about this study is that stressors were considered first as
the only predictor of life satisfaction, then in combination
with the other variables.

CHAPTER V
CONCLUSIONS, IMPLICATIONS, SUMMARY,
AND RECOMMENDATIONS
Conclusions
Based on the results of this study, the following
conclusions were drawn:
1. Male dentists in this study were predominantly
white, married, general practitioners in solo practice.
Their average age was 46 years and the average years in
practice was 19 years. The dentists reported moderate
levels of stressors, strain, and hardiness, and moderate to
high levels of social support and health practices. They
used predominantly effective coping styles. They also
reported moderate career satisfaction and moderate to high
life satisfaction.
2. Male dentists in this study differed by demographic
characteristics according to stressors, hardiness, coping
styles, social support, health practices, strain, career
satisfaction, and life satisfaction. Dentists with fewer
years in practice showed higher stressors and less life
satisfaction, while dentists with more years in practice had
lower stressors and higher life satisfaction. Married
dentists reported higher life satisfaction than the
unmarried dentists. Protestant dentists reported higher
-151-

-152-
levels of social support and career satisfaction than did
dentists with a Jewish religious preference. Dentists in
the higher income group had higher career satisfaction than
dentists in the lower income group. Dentists who practiced
with someone else used more active-behavioral coping and
health practices than solo practitioners. General practice
dentists had higher stressors than did the specialists.
Dentists who had regular staff meetings reported higher
career satisfaction, life satisfaction, hardiness, health
practices, and social support and less cognitive strain than
dentists who rarely met with their staffs. The number of
days of continuing education courses taken per year was
significantly related to both active-behavioral coping and
hardiness. The role of the spouse in the practice was
significantly related to stressors, hardiness, coping style,
strain, and life satisfaction.
3. Stressors, avoidance coping, hardiness, and social
support are the set of variables which, when taken together,
provided the optimum predictive accuracy of the level of
strain in the male dentists in this study.
4. Income, religious preference, frequency of staff
meetings, active-behavioral coping, and hardiness were the
set of variables which, when taken together, provided the
optimum predictive accuracy of career satisfaction in male
dentists in this study. However, hardiness, social support,
health practices, stressors and role of the spouse in the

-153-
practice are the optimum set of variables for predicting
life satisfaction in male dentists in this study.
5. Hardiness and avoidance coping serve as the best
predictor variables in the stressor-strain relationship
among male dentists. Hardiness and active-behavioral coping
serve as the best predictor mediator variables in the
stressor-career satisfaction relationship among male
dentists. Hardiness, social support, and health practices
serve as the best predictor variables in the stressors-life
satisfaction relationship among male dentists.
Implications
The results of this study have important applications
for theory, practice, and training. In the theory area,
this study contributes to the stress research literature in
two important ways: first, by extending to a new population
group the application of the transactional model as
described by Lazarus and Folkman (1984). Secondly, this
study is perhaps the first study which has examined the
relationships of a broad range of variables from the
transactional model within the same study.
Another implication of this study relates to research
findings concerning strain and satisfaction in male
dentists. While this study validated the findings of
previous researchers, several new findings are of particular
interest. Perhaps the most significant is that male

-154-
dentists did not report high levels of strain. Another new
finding was that many of the demographic characteristics are
better predictors of career satisfaction among male dentists
and a second was the relationship of religious preference and
career satisfaction in male dentists. The question of
religion as a stress resistance resource deserves further
investigation.
Another implication of this study concerns the practice
of dentistry. There are specific things that male dentists
can do within their practices that may reduce their strain
and increase their satisfaction. Specifically the
involvement by the spouse in the practice and having regular
staff meetings can help dentists in this regard.
There are implications in the area of training for both
dentists and counselors. The dentists' participation in
continuing education was related to improved levels of
hardiness and coping styles which in turn related to reduced
strain and satisfaction. Although a direct relationship can
not be concluded an implied relationship is certainly
evident. Hence specific skill building sequences in the
dental school curriculum as well as continuing education
courses for practicing dentists may be very beneficial. The
results of this study may also be helpful in training
counselors who are interested in working with professional
groups such as dentists.

-155-
Summary
The purpose of this study was to describe stress and
the role of stress resistance resources in male dentists.
Specifically, using the transactional model of stress, the
relative mediating effects of hardiness, coping style,
social support, and health practices in the stressors-
strain/satisfaction relationship in male dentists were
explored. The statement of the problem, purpose of the
study, need for the study, significance of the study,
definition of terms, and organization of the study were
discussed in Chapter I.
The literature related to stress, stress in dentistry,
satisfaction, and the mediator variables in the stress
process was reviewed in Chapter II. The sections included
under stress were a historical overview, theoretical models
of stress, and measurement techniques. The sections
included under stress in dentistry were stressors in the
practice of dentistry and the stress response in dentists.
The sections included under satisfaction were theories of
satisfaction and career satisfaction of dentists. The
sections included under the mediator variables in the stress
process were hardiness, coping, social support, health
practices, and exercise.
The research questions, population and sample,
instruments, data collection, data analyses, and limitations
of the study were described in Chapter III.

-156-
The results and a discussion of the results were
presented in Chapter IV. The findings of this study
indicated that male dentists reported moderate levels of
stressors, strain, and hardiness, and moderate to high
levels of social support and health practices. Male
dentists used predominantly effective coping styles and
reported moderate career satisfaction and moderate to high
life satisfaction. Differences did exist between male
dentists on certain demographic variables (i.e., years in
practice, role of spouse, days of continuing education,
frequency of staff meetings, type of practice, religious
preference, income, and marital status) and the other
measures (stressors, hardiness, coping style, social
support, health practices, strain, and career and life
satisfaction). Regression analyses showed that strain was
optimally predicted by the variables of stressors, avoidance
coping, hardiness, and social support.
Career satisfaction was optimally predicted by income,
religious preference, frequency of staff meetings, active-
behavioral coping, and hardiness. Hardiness, social
support, health practices, stressors, and role of the spouse
were the set of variables taken together that provided
optimum predictive accuracy of life satisfaction in male
dentists in this sample. Hardiness and avoidance coping
served as mediator variables in the stressor-strain
relationship. Hardiness and active-behavioral coping served
as mediator variables in the stressor-career satisfaction

-157-
relationship. Hardiness, social support, and health
practices served as mediators in the stressors-life
satisfaction relationship.
Recommendations for Future Research
Based on the results of this study, the following
research studies are suggested:
1. A study should be conducted to determine the
differences between dentists with high and low levels of
strain. It could be conducted with a similar population,
divided into two equal groups by high and low strain, and
the differences in the role of the mediating variables
between the two groups could be compared.
2. A research study is needed which includes female
dentists, to determine if there are gender differences which
may affect the relationships between the variables.
3. A research study is needed to investigate the
importance of religion as a stress resistance resource and
the relationship of religion to career and life
satisfaction.
4. A research study is needed which tests for the
interaction among variables in the regression model; in this
way the mediating effects of the stress resistance resources
can be investigated.
5. A research study is needed to take the results of
this descriptive study one step further. Since the
relationships have been established, an exploration of why

-158-
these relationships exist is in order. Perhaps a
descriptive study using a structured interview format, an
experimental study, or a time lapsed study with pre- and
post-measures could more effecitvely answer these questions.
6. A research study should be conducted to compare
dentists' strain, satisfaction, and stress-resistance
resources with other professional groups such as physicians
and lawyers.
7. A replication study of this research should be
conducted to examine the reliability of these findings.
Replication should be conducted under conditions
approximately equivalent to this study. Replication studies
that vary the occupational group or the gender could provide
useful information as to whether the results of this study
are unique to dentists or whether they are generalizable in
scope.

APPENDIX A
INSTRUMENTS

DENTAL STRESS INDEX
Using a 1-5 scale, please indicate how stressful you find
each of the following for you in the practice of dentistry.
NOT STRESSFUL 1 5 VERY
AT ALL STRESSFUL
1 Time pressures
2 Financial concerns
3 Dealing with anxious patients
4 Lack of patient appreciation
5 Lack of acceptance of treatment plans
6 Personnel management
7 Business management/paper work
8 Inflicting pain
9 Lack of patient cooperation
10 Problems with laboratories
11 Dealing with third party payment plans
12 Repetition/boredom of work
13 Daily confinement to office
14 Isolation from professional peers
15 Overall, how stressful do you find the practice of
dentistry?
-160-

-161-
DENTAL CAREER SATISFACTION INDEX
Next, I would like to get your indication of how you feel
about the practice and profession of dentistry. Please rate
on a 1-5 scale how strongly you feel about each of the
following questions.
1 Overall, how happy would you say you feel about
being a dentist?
VERY UNHAPPY 1 5 EXTREMELY HAPPY
2 To what extent would you encourage your son or
daughter to become a dentist?
WOULD STRONGLY WOULD STRONGLY
DISCOURAGE 1 5 ENCOURAGE
3 If you had it to do over again, knowing what you do
now, how likely would it be that you would choose
dentistry for your career?
HIGHLY HIGHLY
UNLIKELY 1 5 LIKELY
4 To what extent have you seriously considered leaving
private practice for some other form of dentistry
such as teaching or public health?
HAVE NOT HAVE VERY
CONSIDERED 1 5 SERIOUSLY
AT ALL CONSIDERED
5 To what extent have you seriously considered leaving
the profession of dentistry for some other
profession or occupation?
HAVE NOT HAVE VERY
CONSIDERED 1 5 SERIOUSLY
AT ALL CONSIDERED
6 Overall, how successful do you feel you are in your
profession when compared to the average dentist?
VERY
UNSUCCESSFUL 1 5
VERY
SUCCESSFUL

-162-
GENERAL LIFE SATISFACTION
Here are some words and phrases which I would like you to
use to describe how you feel about your life at the present.
For example, if you think your life is very "boring," put an
"X" in the box next to the word "boring." If you think it
is very "interesting," put an "X" in the box right next to
the word "interesting." If you think it is somewhere in
between, put an "X" where you think it belongs. Put an "X"
in one box on every line.
BORING
ENJOYABLE
USELESS
FRIENDLY
FULL
DISCOURAGING
DISAPPOINTING
BRINGS OUT THE
BEST IN ME
INTERESTING
MISERABLE
WORTHWHILE
LONELY
EMPTY
HOPEFUL
REWARDING
DOESN'T GIVE ME
MUCH CHANGE
How satisfied are you with your life as a whole these days?
COMPLETELY |”| |“| |~| |~| |I| |I| |I| COMPLETELY
DISSATISFIED SATISFIED

-163-
COPING RESPONSES
Think of a typical problem you have recently faced in your
work as a dentist. How did you deal with this problem?
Please read each statement below and circle "YES" if you did
the action described or "NO" if you did not.
YES
NO
1.
Tried to see the positive side.
YES
NO
2.
Tried to step back from the situation and be
more objective.
YES
NO
3.
Prayed for guidance or strength.
YES
NO
4.
Took things one step at a time.
YES
NO
5.
Considered several alternatives for handling
the problem.
YES
NO
6.
Drew on my past experiences.
YES
NO
7.
Tried to find out more about the situation.
YES
NO
8.
Talked with a professional person (e.g.,
doctor, clergy, lawyer) about the situation.
YES
NO
9.
Took some positive action.
YES
NO
10.
Talked with my spouse or other relative about
the problem.
YES
NO
11.
Talked with a friend about the situation.
YES
NO
12.
Exercised more.
YES
NO
13.
Prepared for the worst.
YES
NO
14.
Sometimes took it out on other people when I
felt angry or depressed.
YES
NO
15.
Tried to reduce the tension by eating more.
YES
NO
16.
Tried to reduce the tension by smoking more.
YES
NO
17.
Kept my feelings to myself.
YES
NO
18.
Got busy with other things in order to keep my
mind off the problem.
YES
NO
19.
Didn't worry about it; figured everything
would probably work out fine.

-164-
DEMOGRAPHIC QUESTIONNAIRE
Finally, I would like to ask some questions about you and
your practice to help interpret the results. Please circle
one number which represents the best answer to each
question.
Age
Years in practice
Sex
1 = MALE
2 = FEMALE
Race
1 = BLACK 2 = HISPANIC
3 = WHITE 4 = OTHER
Marital status
1 = NEVER MARRIED 2 = MARRIED
3 = SEPARATED 4 = DIVORCED
5 = WIDOWED
Religious preference
1 = CATHOLIC
3 = JEWISH
5 = OTHER
2 = PROTESTANT
4 = ISLAMIC
6 = NONE
Specialty 1 = GENERAL DENTISTRY
2 = ORTHODONTICS
3 = PREDODONTICS
4 = PERIODONTICS
5 = ENDODONTICS
6 = ORAL SURGERY
7 = PROSTHODONTICS
Type of practice 1 = SOLO PRACTICE
2 = ASSOCIATESHIP
3 = PARTNERSHIP
4 = GROUP PRACTICE
5 = CLINIC
6 = MILITARY
7 = PUBLIC HEALTH
8 = DENTAL EDUCATION
Annual income
1 = LESS THAN $50,000
2 = $51,000-$75,000
3 = $76,000-$100,000
4 = $101,000-$150,000
5 = $151,000-$200,000
6 = MORE THAN $200,000
Days of continuing education courses taken per year
1 = 1-5
2 = 6-10
3 = 11-15
4 = 16-20
5 = OVER 20

-165-
Average frequency of staff meetings
1 = ALMOST NEVER
2 = OCCASIONALLY
3 = MONTHLY
4 = BI-WEEKLY
5 = WEEKLY
6 = DAILY
Role of your spouse in your practice (circle "1" if you are
not married)
1 = NONE
2 = ADVISOR/CONSULTANT
3 = OCCASIONAL FILL-IN WORK
4 = PART-TIME STAFF MEMBER
5 = FULL-TIME STAFF MEMBER

APPENDIX B
COVER LETTERS FOR SURVEY QUESTIONNAIRE

July 20, 1988
Dear Doctor:
Countless articles appear in the professional literature and
public press concerning the stresses dentists experience in
their professional practices. These articles contain a
great deal of speculation about the factors believed to
contribute to dentists' stress. However, almost no
systematic research has been carried out to determine, from
the dentist's point of view, what contributes to their
stress.
My name is Beth Klement. I am a Ph.D. candidate in
Counselor Education at the University of Florida doing
research on stress in dentistry and its ramifications. In
addition to my academic interest in the topic, I have a
personal interest because my husband, Tom, is a dentist. As
his wife I see the everyday results of stress brought on by
his dental practice.
You are one of a small number of dentists who are being
asked to help us better understand the stress experienced by
practicing dentists. Your name was randomly drawn, and, in
order for this study to be truly representative, it is
important that each questionnaire be completed and returned.
I am enclosing a stamped, self-addressed envelope for your
convenience.
You may be assured to complete confidentiality. The
questionnaire has an identification number on it for mailing
purposes only. This is so that I may cross your name off
the mailing list when your questionnaire is returned. Your
name will never be associated with your responses. In fact
when the data collection phase is complete the code sheet
linking your name with the questionnaire will be destroyed
to protect your identity.
The results of this study can be an important contribution
to furthering our understanding of the stresses experienced
by dentists. If you wish, you may receive a summary of the
results. simply wirte "COPY OF RESULTS REQUESTED" on the
back of the return envelope and print your name and address
below it. Please DO NOT put this information on the
questionnaire itself.
I would be most happy to answer any questions you might have
about this study. Please write or call. The telephone
number is (813)527-4053.
-167-

-168-
Thank you in advance for spending a few minutes of your
valuable time assisting with this research endeavor.
Sincerely,
Beth Klement, Ed.S.
Researcher
Enclosures

-169-
July 20, 1988
Dr. David L. Kraus
10161 W. Sample Road
Coral Springs, FL 33065-3954
Dear Dr. Kraus:
Like you I am a practicing dentist and while I love my
profession one of the biggest difficulties I deal with is
stress. Stress caused by all the different roles I must
play, frustration caused by lack of time, and my concern for
quality work.
If you feel the way I do, please help add to research on
stress related problems in dentistry. The attached material
was compiled by Beth Klement, a Ph.D. candidate and
dedicated person I have known for years. Her husband, Tom,
is a practicing dentist in St. Petersburg so she has a
personal interest and awareness about stress in dentistry.
This survey takes about 15 to 25 minutes to complete. The
results can be an important contribution to our profession.
Sincerely,
Arnold S. White, Jr.
D.M.D., M.S.
Orthodontist

REFERENCES
ADA News. (1977, February 21). Workshop studies various
hazards of career in dentistry. Chicago: American
Dental Association.
American Dental Association (ADA) Bureau of Economic
Research & Statistics. (1977). The occupation of
dentistry: Its relation to illness and death. JADA.
95. 606-613.
Andrews, G., Tennant, C., Hewson, D., & Vaillant, G.E.
(1978). Life event stress, social support, coping
style, and risk of psychological impairment. Journal
of Nervous and Mental Disease. 166. 307-316.
Antonovsky, A. (1979). Health, stress, and coping.
Washington, DC: Jossey-Bass.
Antonovsky, A., & Bernstein, J. (1977). Social class and
infant mortality. Social Science and Medicine. 11.
453-470.
Ayer, W.A., & Moretti, R. (1985). Stress in dentistry:
Where's the evidence? JADA. 110. 22.
Baum, A., Grunberg, N.E., & Singer, J.E. (1982). The use
of psychological and neuroendocrinological measurements
in the study of stress. Health Psychology. 1, 217-236.
Beck, A.T. (1967). Depression: Clinical, experiments, and
theoretical aspects. New York: Harper & Row.
Bell, R.A., LeRoy, J.B., & Stephenson, J.J. (1982).
Evaluating the mediating effects of social support upon
life events and depressive symptoms. Journal of
Community Psychology. 10, 325-340.
Bendig, A.W. (1954). Reliability and the number of rating
scale categories. Journal of Applied Psychology. 38.,
38-40.
Berkman, L., & Syme, S.L. (1979). Social networks, host
resistance and mortality: A nine-year follow-up study
of Alameda County residents. American Journal of
Epidemiology. 109. 186-204.
-170-

-171-
Billings, A.G., & Moos, R.H. (1981). The role of coping
responses and social resources in attenuating the
stress of life events. Journal of Behavioral Medicine.
4, 139-157.
Billings, A.G., & Moos, R.H. (1984). Coping, stress, and
social resources among adults with unipolar depression.
Journal of Personality and Social Psychology. 46. 877-
891.
Bisconti, A.S., & Solmon, L.C. (1977). Job satisfaction
after college: The graduated viewpoint. Bethlehem,
PA: CPC Foundation.
Bissell, L., & Haberman, P.W. (1984). Alcoholism in the
professions. New York: Oxford University Press.
Blachly, P.H., Osterud, H.T., & Josslin, R. (1963).
Suicide in professional groups. The New England
Journal of Medicine. 268. 1278-1282.
Boyer, J.M. (1972). Effects of chronic exercise on
cardiovascular function. Physical Fitness Research
Digest. 2, 1.
Brown, G.W., Bhrolchain, M., & Harris, T. (1975). Social
class and psychiatric disturbance among women in an
urban population. Sociology. 9, 225-254.
Brown, G.W., & Harris, T. (1978). Social origins of
depression. New York: The Free Press.
Bruhn, J.G., & Philips, B.U. (1984). Measuring social
support: A synthesis of current approaches. Journal of
Behavioral Medicine. 7, 151-169.
Calhoun, G.L., & Calhoun, J.G. (1980). Occupational
stress—Implications for hospitals. In H. Selye (Ed.),
Selve's guide to stress research (Vol. 1, pp. 99-110).
New York: Van Nostrand Reinhold, Scientific and
Academic Editions.
Campbell, A., Converse, P.E., & Rodgers, W.L. (1976). The
gualitv of American life: Perceptions, evaluations, and
satisfactions. New York: Russell Sage.
Cannon, W.B. (1932). The wisdom of the body. New York:
Norton.
Cannon, W.B. (1936). Bodily changes in pain, hunger, fear
and rage (2nd ed.). New York: Appleton-Century.
Caplan, G. (1974). Support systems and community mental
health. New York: Behavioral Publications.

-172-
Cassel, J. (1973). The relation of urban environment to
health: Implications for prevention. Mount Sinai
Journal of Medicine. 40, 539-550.
Chesney, M.A., Black, G.W., Chadwick, J.H., & Rosenman, R.H.
(1981). Psychological correlates of the Type A
behavior pattern. Journal of Behavioral Medicine. 4,
217-229.
Christen, A.G. (1986). Developing a social support network
system to enhance mental and physical health. Dental
Clinics of North America. 30, S79-S92.
Clamo, J.C. (1986) . The impaired dentist: Recognition and
treatment of the alcoholic and drug-dependent
professional. Dental Clinics of North America. 30,
S45-S53.
Cobb, S. (1976). Social support as a moderator of life
stress. Psychosomatic Medicine. 38. 300-314.
Cohen, F., & Lazarus, R.S. (1979). Coping with the
stresses of illness. In G.C. Stone, F. Cohen, & N.E.
Adler (Eds.), Health psychology: A handbook (pp. 217-
254). San Francisco: Jossey-Bass.
Colligan, M.J., Smith, M.J., & Hurrell, J., Jr. (1977).
Occupational incidence rates of mental health
disorders. Journal of Human Stress. 3., 34-39.
Conger, J.J., Sawrey, J.W., & Turrell, E.S. (1958). The
role of social experience in the production of gastric
ulcers in hooded rats placed in a conflict situation.
Journal of Abnormal Psychology. 57, 214-220.
Cooper, C.L., Mallinger, M., & Kahn, R. (1978). Dentistry:
Identifying sources of occupational stress among
dentists. Journal of Occupational Psychiatry. 51. 227-
234.
Cooper, G.L., Watts, J., & Kelly, M. (1987). Job
satisfaction, mental health, and job stressors among
general dental practitioners in the UK. British Dental
Journal. 162. 77-81.
Cooper, K.H., Gallman, J.S., & McDonald, J.L., Jr. (1986).
Role of aerobic exercise in reduction of stress.
Dental Clinics of North America. 30, S133-S142.
Cox, T. (1978) . Stress. Baltimore, MD: University Park
Press.

-173-
Coyne, J.C., & Lazarus, R.S. (1980). Cognitive style,
stress perspective, and coping. In I.L. Kutash & L.B.
Schlesinger (Eds.), Handbook on stress and anxiety.
San Francisco: Jossey-Bass.
Coyne, J.C., & Holroyd, K. (1982). Stress, coping, and
illness: A transactional perspective. In T. Millón, C.
Green, & Meagher (Eds.), Handbook of clinical health
psychology (pp. 103-127). New York: Plenum.
De Araujo, G., Van Arsdel, P., Jr., Holmes, T.H., & Dudley,
D. (1973). Life change, coping ability and chronic
intrinsic asthma. Journal of Psychosomatic Research.
17, 359-373.
Dean, A., & Lin, N. (1977). The stress-buffering role of
social support: Problems and prospects for systematic
investigation. Journal of Nervous and Mental Disease.
165. 403-417.
Dean, A., Lin, N., Tausig, M., & Ensel, W.M. (1980).
Relating types of social support to depression in the
life course. Paper presented at the annual meeting of
the American Sociological Association, New York.
DeLongis, A., Coyne, J.C., Dakof, G., Folkman, S., &
Lazarus, R.S. (1982). Relationship of daily hassles,
uplifts, and major life events to health status.
Health Psychology. 1, 119-136.
Dillman, D.A. (1977). Mail and telephone surveys: The
total design method. New York: Wiley.
Dohrenwend, B.S., & Dohrenwend, B.P. (1974). Stressful
life events: Their nature and effects. New York:
Wiley.
Dunlap, J.E. (1977). Surviving in dentistry: The sources
of stress. Tulsa, OK: Petroleum Publishing Co.
Dunlap, J.E., & Stewart, J.D. (1981). Stress in the dental
office. A dental economics7 survey. Dental Economics.
71, 50-52.
Dunlap, J.E., & Stewart, J.D. (1982). Survey suggests less
stress in group offices. Dental Economics. 72, 46-
48,41,53-54,56.
Eaton, W.W. (1978). Life events, social supports, and
psychiatric symptoms: A re-analysis of the New Haven
data. Journal of Health and Social Behavior.19.230-
234.

-174-
Eccles, J.D., & Powell, M. (1967). The health of dentists:
A survey in South Wales 1965-1966. British Dental
Journal. 123. 379-387.
Epstein, L., Miller, G.J., Stitt, F.W., & Morris, J.N.
(1976). Vigorous exercise in leisure time, coronary
risk factors, and resting electrocardiogram in middle-
aged civil servants. British Heart Journal. 38, 403.
Feuerstein, M., Labbe, E.E., & Kuczmierczyk, A.J. (1986).
Health psychology: A psvchobioloqical perspective. New
York: Plenum Press.
Fleishman, J.A. (1984). Personality characteristics and
coping patterns. Journal of Health and Social
Behavior. 25, 229-244.
Fleming, R., Baum, A., Gisriel, M.M., & Gatchel, R.J.
(1982). Mediating influences on social support on
stress at Three Mile Island. Journal of Human Stress.
8, 14-22.
Fleming, R., Baum, A., Gisriel, M.M., & Gatchel, R.J.
(1985) . Mediating influences of social support of
stress at Three Mile Island. In A. Monat & R.S.
Lazarus (Eds.), Stress and cooing (pp. 95-106). New
York: Columbia University Press.
Fleming, R., Baum, A., & Singer, J.E. (1984). Toward an
integrative approach to the study of stress. Journal
of Personality and Social Psychology. 46, 939-949.
Folkman, S. (1984). Personal control and stress and coping
processes: A theoretical analysis. Journal of
Personality and Social Psychology. 46. 839-852.
Folkman, S., & Lazarus, R.S. (1980). An analysis of coping
in a middle-aged community sample. Journal of Health
and Social Behavior. 21, 219-239.
Folkman, S., Lazarus, R.S., Dunkel-Schetter, C., DeLongis,
A., & Gruen, R.J. (1986). Dynamics of a stressful
encounter: Cognitive appraisal, coping, and encounter
outcomes. Journal of Personality and Social
Psychology. 50, 992-1003.
Folkman, S., Lazarus, R.S., Gruen, R.J., & DeLongis, A.
(1986). Appraisal, coping, health status, and
psychological symptoms. Journal of Personality and
Social Psychology. 50, 571-579.

-175-
Folkman, S., Schaefer, C., & Lazarus, R.S. (1979).
Cognitive processes as mediators of stress and coping.
In V. Hamilton & D.M. Warburton (Eds.), Human stress
and cognition: An information-processing approach (pp.
265-298). London: Wiley.
Forrest, W.R. (1978). Stresses and self-destructive
behaviors of dentists. Dental Clinics of North
America. 22., 361-371.
Friedman, M., & Rosenman, R.H. (1974). Type A behavior and
vour heart. New York: Knopf.
Ganellan, R.J., & Blaney, P.H. (1984). Hardiness and
social support as moderators of the effects of life
stress. Journal of Personality and Social Psychology.
47, 156-163.
George, J.M., & Milone, C.L. (1982). Dentists' management
style, career satisfaction, and practice
characteristics. Journal of American College of
Dentists, 4j), 32-34.
Gore, S. (1978). The effect of social support in
moderating the health consequences of unemployment.
Journal of Health and Social Behavior. 19, 157-165.
Gray-Taft, P., & Anderson, J.G. (1981). The nursing stress
scale: Development of an instrument. Journal of
Behavioral Assessment. 3, 11-23.
Greenhaus, J.H. (1974). Career salience as a moderator of
the relationship between satisfaction with occupational
preference and satisfaction with life in general. The
Journal of Psychology. 86, 53-55.
Guttman, L. (1945). A basis for analyzing test-retest
reliability. Psvchometrika. 10. 255-282.
Hahn, M.E. (1966). California life goals evaluation
schedule. Palo Alto, CA: Western Psychological
Services.
Hammond, L.A. (1987). Stress and role satisfaction: The
mediating effects of social support, hardiness, coping
strategies, and gender in academic multiple role
persons (Doctoral dissertation, University of Florida,
1987) . Number as yet unassigned by Dissertation
Abstracts International.
Hark, R.D. (1983). The mythology of dental stress. Dental
Economics. 73., 66-68,70.

-176-
Harris, N.O., & Crabb, L.J. (1978). Ergonomics: Reducing
mental and physical fatigue in the dental operatory.
Dental Clinics of North America. 22. 331-345.
Hartmann, D.P., Roper, B.L., & Bradford, D.C. (1979). Some
relationships between behavioral and traditional
assessment. Journal of Behavioral Assessment. 1, 3-21.
Heist, P. (1960). Personality characteristics of dental
students. Education Record. 41. 240-252.
Henderson, S. (1977). The social network, support, and
neurosis: The function of attachment in adult life.
The British Journal of Psychiatry. 131. 185-191.
Henry, J.P., & Cassel, J.C. (1969). Psychosocial factors
in essential hypertension. Journal of Epidemiology.
90, 171-200.
Herzberg, F. (1966). Work and the nature of man. London:
Staples.
Hinkle, L.E. (1974). The effects of exposure to culture
change, social change, and changes in interpersonal
relationships on health. In B.S. Dohrenwend & B.P.
Dohrenwend (Eds.), Stressful life events: Their nature
and effects (pp. 9-44). New York: Wiley.
Holahan, C.J., & Moos, R.H. (1982). Social support and
adjustment: Predictive benefits of social climate
indices. American Journal of Community Psychology. 10.
403-415.
Holahan, C.J., & Moos, R.H. (1985). Life stress and
health: Personality, coping, and family support in
stress resistance. Journal of Personality and Social
Psychology. 49, 739-747.
Holmes, T.H., & Rahe, R.H. (1967). The social readjustment
rating scale. Journal of Psychosomatic Research. 11.
213-218.
Horowitz, M.J., Benfari, R., Hulley, S., Blair, S., Alvarez,
W., Borhani, N., Reynolds, A., & Simon, N. (1979).
Life events, risk factors, and coronary disease.
Psvchosomatics. 20. 586-592.
Howard, J.H., Cunningham, D.A., Rechnitzer, P.A., & Goode,
R.C. (1976). Stress in the job and career of a
dentist. JADA. 93, 630-636.
Hulin, C.L. (1969). Sources of variation in job and life
satisfaction: The role of community and job-related
variables. Journal of Applied Psychology. 53. 279-291.

-177-
Iris, B., & Barrett, G.V. (1972). Some relations between
job and life satisfaction and job importance. Journal
of Applied Psychology. 56, 301-304.
Jackson, D.N. (1974). Personality research form manual.
Goshen, NY: Research Psychologists Press.
Jackson, E., & Mealiea, W.L., Jr. (1977). Stress
management and personal satisfaction in dental
practice. Dental Clinics of North America. 21, 559-
576.
Jacoby, J., & Matell, M.S. (1971). Three-point Likert
scales are good enough. Journal of Marketing Research.
8, 495-500.
Jemmott, J.B., & Locke, S.E. (1984). Psychosocial factors,
immunologic mediation, and human susceptibility to
infectious disease: How much do we know? Psychological
Bulletin. 95, 78-108.
Johnson, J.H., & Sarason, I.G. (1978). Life stress,
depression and anxiety: Internal-external control as a
moderator variable. Journal of Psychosomatic Research.
22, 205-208.
Johnson, J.H., & Sarason, I.G. (1979). Moderator variables
in life stress research. In I.G. Sarason & C.D.
Spielberger (Eds.), Stress and anxiety (Vol. 6, pp.
151-167). Washington, DC: Hemisphere.
Kahn, S. (1986). Fact sheet for third generation hardiness
test. Arlington Heights, IL: The Hardiness Institute.
Kanner, A.D., Coyne, J.C., Schaefer, C., & Lazarus, R.S.
(1981). Comparison of two modes of stress measurement:
Daily hassles and uplifts versus major life events.
Journal of Behavioral Medicine. 4, 1-39.
Karvonen, M.J., Rautaharju, P.M., Orma, E., Punsar, S., &
Takkunen, J. (1961). Heart disease and employment:
Cardiovascular studies on lumberjacks. Journal of
Occupational Medicine. 3, 49-53.
Katz, C.A. (1978). Reducing interpersonal stress in dental
practice. Dental Clinics of North America. 22., 347-
359.
Katz, C.A. (1981). Stress and career satisfaction among
dentists: An examination of personality and situational
contributors (Doctoral dissertation, The University of
Texas at Austin, 1981). Dissertation Abstracts
International. 42. 2971B. (University Microfilms No.
DDJ81-28645,183)

-178-
Katz, C.A. (1986). Stress factors operating in the dental
office work environment. Dental Clinics of North
America. 30, S29-S36.
Katz, C.A. (1987). Are you a hardy dentist? The
relationship between personality and stress. Journal
of Dental Practice Administration. 4, 100-107.
King, A.E. (1978). Managing tomorrow's dental practice
today: How to thrive or survive in private dentistry.
Scottsdale, AZ: The Nexus Group.
Kobasa, S.C. (1979). Stressful life events, personality,
and health: An inquiry into hardiness. Journal of
Personality and Social Psychology. 37, 1-11.
Kobasa, S.C. (1980, September). Personality and stress-
resistance across professional groups. Paper presented
at the annual meeting of the American Psychological
Association, Montreal.
Kobasa, S.C. (1982). Commitment and coping in stress
resistance among lawyers. Journal of Personality and
Social Psychology. 42., 707-717.
Kobasa, S.C., Hilker, R.R., & Maddi, S.R. (1979). Who
stays healthy under stress? Journal of Occupational
Medicine, 21, 595-598.
Kobasa, S.C., Maddi, S.R., & Courington, S. (1981).
Personality and constitution as mediators in the
stress-illness relationship. Journal of Health and
Social Behavior. 22., 368-378.
Kobasa, S.C., Maddi, S.R., & Kahn, S. (1982). Hardiness
and health: A prospective study. Journal of
Personality and Social Psychology. 42., 168-177.
Kobasa, S.C., Maddi, S.R., & Puccetti, M.C. (1982).
Personality and exercise as buffers in the stress-
illness relationship. Journal of Behavioral Medicine.
5, 391-404.
Kobasa, S.C., Maddi, S.R., & Zola, M.A. (1983). Type A and
hardiness. Journal of Behavioral Medicine. 6, 41-51.
Kobasa, S.C., & Puccetti, M.C. (1983). Personality and
social resources in stress-resistance. Journal of
Personality and Social Psychology. 45, 839-850.
Komorita, S.S. (1963). Attitude content, intensity, and
the neutral point on a Likert scale. Journal of Social
Psychology. 61, 327-334.

-179-
Kornhauser, A.W. (1965). Mental health of the industrial
worker. New York: Wiley.
Kraus, A.S., & Lillienfield, A.M. (1959). Some
epidemiologic aspects of the high mortality rate in the
young widowed group. Journal of Chronic Diseases. 10,
207-217.
Lange, A.L., Loupe, M.J., & Meskin, L.H. (1982). Profes¬
sional satisfaction in dentistry. JADA. 104. 619-624.
Langlie, J.K. (1977). Social networks, health beliefs, and
preventive health behavior. Journal of Health and
Social Behavior. 18, 244-260.
LaRocco, J.M., House, J.S., & French, J.R.P., Jr. (1980).
Social support, occupational stress, and health.
Journal of Health and Social Behavior. 21. 202-218.
Lazarus, R.S. (1966). Psychological stress and the cooing
process. New York: McGraw-Hill.
Lazarus, R.S. (1981). The stress and coping paradigm. In
C. Eisdorfer, D. Cohen, A. Kleinman, & P. Maxim (Eds.),
Models for clinical psychopathology (pp. 177-214). New
York: Spectrum.
Lazarus, R.S., & DeLongis, A. (1983). Psychological stress
and coping in aging. American Psychologist. 38, 245-
254.
Lazarus, R.S., & Folkman, S. (1984). Stress, appraisal,
and coping. New York: Springer.
Lazarus, R.S., Kanner, A.D., & Folkman, S. (1980).
Emotions: A cognitive-phenomenological analysis. In R.
Plutchik & H. Kellerman (Eds.), Theories of emotion
(pp. 189-217). New York: Academic Press.
Lazarus, R.S., & Launier, R. (1978). Stress-related
transactions between person and environment. In L.A.
Pervin & M. Lewis (Eds.), Perspectives in interactional
psychology (pp. 287-327). New York: Plenum.
Lefebvre, R.C., & Sandford, S.L. (1985). A multi-modal
questionnaire for stress. Journal of Human Stress. 11.
69-75.
Levenson, H. (1974). Activism and powerful others:
Distinctions within the concept of internal-external
control. Journal of Personality Assessment. 38. 377-
383.

-180-
Liddell, H.S. (1950). Some specific factors that modify
tolerance for environmental stress. In H.G. Wolff, S.
Wolf, & C. Hare (Eds.), Life stress and bodily disease
(pp. 155-171). Baltimore: Williams & Wilkins.
Lin, N., Ensel, W.M., Simeone, R.S., & Kuo, W. (1979).
Social support, stressful life events, and illness: A
model and an empirical test. Journal of Health and
Social Behavior. 20, 108-119.
Linsenmeier, J.A., & Brickman, P. (1980). Expectations.
performance, and satisfaction. Unpublished manuscript.
University of Illinois, Evanston.
Locke, E.A. (Ed.). (1975). Annual review of psychology.
Palo Alto, CA: Annual Reviews, Inc.
Locke, E.A., Cartledge, N., & Knerr, C.S. (1970). Studies
of the relationship between satisfaction, goal-setting,
and performance. Organizational Behavior and Human
Performance. 5, 135-158.
London, M., Crandall, R., & Seals, G.W. (1977). The
contribution of job and leisure satisfaction to
equality of life. Journal of Applied Psychology. 62,
328-334.
Luborsky, L., Todd, T.C., & Katchen, A.H. (1973). A self-
administered social assets scale for predicting
physical and psychological illness and health. Journal
of Psychosomatic Research. 17, 109-120.
Lynch, J. (1977). The broken heart. New York: Basic
Books.
Maddi, S.R., Kobasa, S.C., & Hoover, M. (1979). An
alienation test. Journal of Humantistic Psychology.
19. 73-76.
Mallinger, M.A., Brousseau, R.R., & Cooper, C.L. (1978).
Stress and success in dentistry. Journal of
Occupational Medicine. 20, 549-553.
Marshall, W. (1977). Immunologic psychology and
psychiatry. University, AL: University of Alabama
Press.
Maslow, A.H. (1954). Motivation and personality (2nd ed.).
New York: Harper and Row.
Matarazzo, J.D. (1982). Behavioral health's challenge to
academic, scientific, and professional psychology.
American Psychologist. 37, 1-14.

-181-
Matheny, K.B., Aycock, D.W., Pugh, J.L., Curlette, W.L., &
Cannella, K.A.S. (1986). Stress coping: A qualitative
and quantitative synthesis with implications for
treatment. The Counseling Psychologist. 14, 499-549.
McCrae, R.R. (1984). Situational determinants of coping
responses: Loss, threat, and challenge. Journal of
Personality and Social Psychology. 46, 919-928.
McGrath, J.E. (1971). Social and psychological factors in
stress. New York: Holt, Rhinehart and Winston.
Mechanic, D. (1974). Social structure and personal
adaptation: Some neglected dimensions. In G. Coelho,
D. Hamburg, & J. Adams (Eds.), Coping and adaptation
(pp. 32-44). New York: Basic Books.
Miller, L.H., & Smith, A.D. (1983). Stress audit. Boston:
Biobehavioral Associates.
Miller, L.H., Smith, A.D., & Mehler, B.L. (1984). Manual
for stress audit. Boston: Biobehavioral Associates.
Monroe, S.M. (1983). Major and minor life events as
predictors of psychological distress: Further issues
and findings. Journal of Behavioral Medicine. 6, 189-
205.
Moos, R.H. (1976). The human context: Environmental
determinants of behavior. New York: Wiley.
Moos, R.H., Insel, P.M., & Humphrey, B. (1974). Family,
work, and group environmental scales manual. Palo
Alto, CA: Consulting Psychologists Press.
Murray, B.P. (1980). Professional role satisfactions of
dentists: Some cross-cultural comparisons. Journal of
the American College of Dentists. 47. 214-228.
Murray, B.P., & Seggar, J.F. (1975). A study of the
professional role satisfaction of dentists. Journal of
the American College of Dentists. 42., 107-117, 120.
Myers, J., Lindenthal, J.J., & Pepper, M.P. (1974). Social
class life events, and psychiatric symptoms: A
longitudinal study. In B.S. Dohrenwend & B.P.
Dohrenwend (Eds.), Stressful life events: Their nature
and effects (pp. 191-206) . New York: Wiley.
Myers, J., Lindenthal, J.J., & Pepper, M.P. (1975). Life
events, social integration and psychiatric
symptomatology. Journal of Health and Social Behavior.
14/ 421-427.

-182-
Nerem, R., Levesque, M.J., & Cornhill, J.F. (1980). Social
environment as a factor in diet-induced athero¬
sclerosis. Science, 208, 1475-1476.
Nevin, R.S., & Sampson, V.M. (1986). Dental family stress
and coping patterns. Dental Clinics of North America.
30, S117-S131.
Nielsen, N., & Polakoff, P. (1975). It hurts the dentist
too. Job Safety and Health. 3, 21-25.
Nuckolls, K.B., Cassel, J.C., & Kaplan, B.H. (1972).
Psychosocial assets, life crisis and the prognosis of
pregnancy. American Journal of Epidemiology. 95, 431-
441.
Office of Regulation and Health Facilities. (1987) .
Florida health manpower report: Dentists 1986.
Tallahassee, FL: Florida Department of Health and
Rehabilitative Services.
Orner, G. (1978). The quality of life of the dentist.
International Dental Journal. 28, 20-26.
Orpen, C., & King, G. (1986). Relationship between
perceived job stress and physical and psychological
strain among university administrators. Perceptual and
Motor Skills. 63, 1137-1138.
O'Shea, R.M., Corah, N.L., & Ayer, W.A. (1984). Sources of
dentists' stress. JSFS. 109. 48-51.
Osherson, S., & Dill, D. (1983). Varying work and family
choices: Their impact on men's work satisfaction.
Journal of Marriage and the Family. 45. 339-346.
Paffenberger, R.S., & Hale, W.E. (1975). Work activity and
coronary heart mortality. The New England Journal of
Medicine. 292. 545-550.
Pardine, P., Napoli, A., & Dytell, R. (1983, August).
Health-behavior change mediating the stress-illness
relationship. Paper presented at the annual meeting of
the American Psychological Association, Anaheim, CA.
Pearlin, L.I., & Schooler, C. (1978). The structure of
coping. Journal of Health and Social Behavior. 19, 2-
21.
Phillips, E.L. (1982). Stress, health and psychological
problems in the manor professions. Washington, DC:
University Press of America, Inc.

-183-
Pratt, L. (1971). The relationship of socioeconomic status
to health. American Journal of Public Health. 61, 281-
291.
Procidano, M.E., & Heller, K. (1983). Measures of
perceived social support from friends and from family:
Three validation studies. American Journal of
Community Psychology. 11. 1-24.
Rabkin, J.G., & Streuning, E.L. (1976). Life events,
stress and illness. Science. 194. 1013-1020.
Rhyne, D. (1981). Bases of marital satisfaction among men
and women. Journal of Marriage and the Family. 43.
941-955.
Rose, K.D., & Rosow, I. (1973). Physicians who kill
themselves. Archives of General Psychiatry. 29, 800.
Rose, R.M., Jenkins, C.D., & Hurst, M.W. (1978). Health
change in air traffic controllers: A prospective study,
background and description. Psychosomatic Medicine.
40, 142-165.
Rosow, I., & Rose, K.D. (1972). Divorce among doctors.
Journal of Marriage and the Family. 587.
Russek, H.I. (1962). Emotional stress and coronary heart
disease in American physicians, dentists and lawyers.
American Journal of the Medical Sciences. 243. 716-725.
Sarason, I.G., Johnson, J.H., & Siegal, J.M. (1978).
Assessing the impact of life changes: Development of
the Life Experiences Survey. Journal of Consulting and
Clinical Psychology. 46, 932-936.
Schachter, S., Silverstein, B., Kozlowski, L.T., Herman,
L.P., & Liebling, B. (1977). Effects of stress on
cigarette smoking and urinary pH. Journal of
Experimental Psychology: General. 106. 24-30.
Schaefer, C., Coyne, J.C., & Lazarus, R.S. (1981). The
health-related functions of social support. Journal of
Behavioral Medicine. 4, 381-406.
Scheier, M.F., Weintraub, J.K., & Carver, C.S. (1986).
Coping with stress: Divergent strategies of optimists
and pessimists. Journal of Personality and Social
Psychology. 51. 1257-1264.
Schmitt, N., & Mellon, P.M. (1980). Life and job
satisfaction: Is the job central? Journal of
Vocational Behavior. 16. 51-58.

-184-
Schroeder, D., & Costa, P. (1984). Influence of life event
stress on physical illness: Substantive effects or
methodological flaws? Journal of Personality and
Social Psychology. 46, 853-863.
Schwartz, R.H., & Murray, B.P. (1981). Factors affecting
work satisfaction among dentists in Utah: A secondary
analysis. Journal of the American College of Dentists.
48, 47-58.
Selye, H. (1936). A syndrome produced by diverse nocuous
agents. Nature. 138. 32.
Selye, H. (1956). The stress of life. New York: McGraw-
Hill.
Selye, H. (1976). Stress in health and disease. Reading,
MA: Butterworth.
Selye, H. (1980). The stress concept today. In I.L.
Kutash & L.B. Schlesinger (Eds.), Handbook on stress
and anxiety (pp. 127-129) . San Francisco: Jossey-Bass.
Selye, H. (1985). History and present status of the stress
concept. In A. Monat & R.S. Lazarus (Eds.), Stress and
coping: An anthology (2nd ed., pp. 17-29). New York:
Columbia University Press.
Shinn, M., Rosario, M., Morch, H., & Chestnut, D.E. (1984).
Coping with job stress and burnout in the human
services. Journal of Personality and Social
Psychology. 46. 864-876.
Shurtz, J.D., Mayhew, R.B., & Clayton, T.G. (1986).
Depression: Recognition and control. Dental Clinics of
North America. 30. S55-S65.
Sloan, S.J., & Cooper, C.L. (1986). Stress coping
strategies in commercial airline pilots. Journal of
Occupational Medicine. 28. 49-52.
Speisman, J., Lazarus, R.S., Mordkoff, A., & Davison, L.
(1964). Experimental reduction of stress based on ego
defense theory. Journal of Abnormal and Social
Psychology. 68, 367-380.
Steinberg, M.A. (1977, February). The downhill race: Are
you winning or losing? Paper presented at the meeting
of the Chicago Dental Society's Midwinter Meeting,
February 20-23, 1977.
Stout-Wiegand, N., & Trent, R.B. (1981). Physician drug
use: Availability or occupational stress? The
International Journal of the Additions. 16, 317-330.

-185-
Sword, R.O. (1977a). The depression-prone personality:
Almost "too good" to be true. Dental Survey. 53., 12-
14,17-18.
Sword, R.O. (1977b). Stress and suicide among dentists:
Competitiveness and "being all things." Dental Survey.
53, 10-16.
Taylor, S.E. (1986). Health psychology. New York: Random
House.
Temple University, School of Dentistry. (1976, December).
Mortality study of dentists, final report. Prepared
for the U.S. Department of Health, Education and
Welfare, National Institute for Occupational Safety and
Health (NIOSH), Washington, DC.
Thoits, P.A. (1982). Conceptual, methodological, and
theoretical problems in studying social support as a
buffer against life stress. Journal of Health and
Social Behavior. 23., 145-158.
Thoits, P.A. (1986). Social support as coping assistance.
Journal of Consulting and Clinical Psychology. 54, 416-
423.
Turner, R.J. (1983). Direct, indirect, and moderating
effects of social support on psychological distress and
associated conditions. In H.B. Kaplan (Ed.),
Psychosocial stress: Trends in theory and research (pp.
105-155). New York: Academic Press.
Vroom, V.H. (1964). Work and motivation. New York: Wiley.
Wabah, M.A., & House, R.J. (1974). Expectancy theory in
work and motivation: Some logical and methodological
issues. Human Relations. 27, 121-147.
Wallston, B.S., Alagna, S.W., DeVellis, B.H., & DeVellis,
R.F. (1983). Social support and health. Journal of
Health Psychology. 2, 367-391.
Weiner, H. (1977). Psychobiology and human disease. New
York: Elsevier.
Weisman, A. (1956). A study of the psychodynamics of
duodenal ulcer exacerbations with special reference to
treatment and the problem of specificity.
Psychosomatic Medicine. 18, 2-42.
Wethington, E., & Kessler, R.C. (1986). Perceived support,
received support, and adjustment to stressful life
events. Journal of Health and Social Behavior. 27, 78-
89.

-186-
Wiebe, D.J., & McCallum, D.M. (1986). Health practices and
hardiness as mediators in the stress-illness
relationship. Health Psychology. 5, 425-438.
Wilcox, B.L. (1981). Social support, life stress, and
psychological adjustment: A test of the buffering
hypothesis. American Journal of Community Psychology.
9, 371-386.
Wiley, J.L. (1987). Dental burnout. Journal of Dental
Practice Administration. 4, 108-111.
Williams, A.F., & Wechsler, H. (1972). Interrelationship
of preventive actions in health and other areas.
Health Services Reports. 87. 969-976.
Williams, A.W., Ware, J.E., & Donald, C.A. (1981). A model
of mental health life events, and social supports
applicable to general populations. Journal of Health
and Social Behavior. 22. 324-336.
Wyler, A.R., Masuda, M., & Holmes, T.H. (1968). Serious¬
ness of Illness Rating Scale. Journal of Psychosomatic
Research. 11. 363-375.
Yablon, P., & Mayhew, K.P. (1984). Nonchairside factors
affecting the career satisfaction of dentists. Journal
of Dental Practice Administration. 1, 42-46.
Yablon, P., & Rosner, J.F. (1982). The career satisfaction
of dentists: In relation to their age and income.
Journal of the American College of Dentists. 49, 45-52.
Zuckerman, M. (1979). Traits, states, and uncertainty.
Journal of Behavioral Assessment. 1, 43-54.

BIOGRAPHICAL SKETCH
Elizabeth Cline Element was born in Oak Ridge,
Tennessee, May 14, 1952, to Lucile H. and Cranmore W. Cline.
After graduating from high school in 1970, Beth attended the
University of Florida where she graduated in 1974 with a
Bachelor of Science in Journalism with a major in public
relations.
As a graduate student, Beth held graduate assistantship
positions in the University of Florida (UF) Admissions
Office and the Counselor Education Department. In 1976, she
received Master of Education and Specialist in Education
degrees from the Counselor Education Department.
Beth then accepted a position as Residence Life
Coordinator with the Division of Housing at UF. After one
year, she was promoted to Assistant Director of Housing.
She was employed at UF for three years from 1976 to 1979.
Beth then moved to St. Petersberg, Florida; married
Thomas V. Element, D.M.D.; and accepted a position as
Training Administrator with Sperry Defense Electronics in
1980. In 1984, Beth was promoted to Supervisor for
Management Training and Development. Beth was active in the
Suncoast Chapter of the American Society for Training and
Development and served as chapter treasurer and president.
-187-

-188-
After having two daughters, in 1983 and 1984, Beth
resigned her position with Sperry in 1985 to become a full¬
time doctoral student. Her son was born in 1986.

I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
Roderick j. I^Davis, Chairman
Professor of Counselor Education
I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
Paul W. Fitzgerald
Professor of Counselor Education
I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
. ¡?Uh Ao
Jang E/. Myers /
Asgogaate Professor of Counselor
Education

I certify that I have read this study and that in my
opinion it conforms to acceptable standards of scholarly
presentation and is fully adequate, in scope and quality, as
a dissertation for the degree of Doctor of Philosophy.
Psychology
This dissertation was submitted to the Graduate Faculty
of the College of Education and to the Graduate School and
was accepted as partial fulfillment of the requirements for
the degree of Doctor of Philosophy.
December 1988
Dean, College of Education
Dean, Graduate School

UNIVERSITY OF FLORIDA
3 1262 08556 8573