Citation
Support network resources of single adolescent mothers and development of their high-risk infants

Material Information

Title:
Support network resources of single adolescent mothers and development of their high-risk infants
Creator:
Stegelin, Dolores Hoffman, 1947-
Publication Date:
Language:
English
Physical Description:
viii, 131 leaves : ; 28 cm.

Subjects

Subjects / Keywords:
Adolescents ( jstor )
Child development ( jstor )
Child psychology ( jstor )
Infant development ( jstor )
Infants ( jstor )
Mothers ( jstor )
Parents ( jstor )
Psychomotor development ( jstor )
Regression analysis ( jstor )
Social networking ( jstor )
Child development ( lcsh )
Mother and child ( lcsh )
Teenage mothers ( lcsh )
Unmarried mothers ( lcsh )
Genre:
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1983.
Bibliography:
Includes bibliographical references (leaves 126-130).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Dolores Hoffman Stegelin.

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:
020567156 ( ALEPH )
ACA4580 ( NOTIS )
09882429 ( OCLC )

Downloads

This item has the following downloads:

supportnetworkre00steg ( .pdf )

AA00003850_00001.pdf

supportnetworkre00steg_0054.txt

supportnetworkre00steg_0074.txt

supportnetworkre00steg_0014.txt

supportnetworkre00steg_0017.txt

supportnetworkre00steg_0080.txt

supportnetworkre00steg_0057.txt

supportnetworkre00steg_0019.txt

supportnetworkre00steg_0101.txt

supportnetworkre00steg_0099.txt

supportnetworkre00steg_0083.txt

supportnetworkre00steg_0041.txt

supportnetworkre00steg_0031.txt

supportnetworkre00steg_0062.txt

supportnetworkre00steg_0010.txt

supportnetworkre00steg_0002.txt

supportnetworkre00steg_0084.txt

supportnetworkre00steg_0003.txt

supportnetworkre00steg_0035.txt

supportnetworkre00steg_0061.txt

supportnetworkre00steg_0007.txt

supportnetworkre00steg_0060.txt

supportnetworkre00steg_0039.txt

supportnetworkre00steg_0091.txt

supportnetworkre00steg_0076.txt

supportnetworkre00steg_0123.txt

supportnetworkre00steg_0047.txt

supportnetworkre00steg_0141.txt

supportnetworkre00steg_0034.txt

supportnetworkre00steg_0097.txt

supportnetworkre00steg_0064.txt

supportnetworkre00steg_0081.txt

supportnetworkre00steg_0072.txt

supportnetworkre00steg_0050.txt

supportnetworkre00steg_0005.txt

supportnetworkre00steg_0037.txt

supportnetworkre00steg_0018.txt

supportnetworkre00steg_0137.txt

supportnetworkre00steg_0025.txt

supportnetworkre00steg_0069.txt

supportnetworkre00steg_0102.txt

supportnetworkre00steg_0013.txt

supportnetworkre00steg_0036.txt

supportnetworkre00steg_0044.txt

supportnetworkre00steg_0117.txt

supportnetworkre00steg_0056.txt

supportnetworkre00steg_0070.txt

supportnetworkre00steg_0022.txt

supportnetworkre00steg_0104.txt

supportnetworkre00steg_0132.txt

supportnetworkre00steg_0106.txt

supportnetworkre00steg_0085.txt

supportnetworkre00steg_0065.txt

supportnetworkre00steg_0129.txt

supportnetworkre00steg_0046.txt

supportnetworkre00steg_0012.txt

supportnetworkre00steg_0067.txt

EK35KT5H8_5KML1D_xml.txt

supportnetworkre00steg_0016.txt

supportnetworkre00steg_0138.txt

supportnetworkre00steg_0093.txt

AA00003850_00001_pdf.txt

supportnetworkre00steg_0113.txt

supportnetworkre00steg_0114.txt

supportnetworkre00steg_0120.txt

supportnetworkre00steg_0015.txt

supportnetworkre00steg_0092.txt

supportnetworkre00steg_0043.txt

supportnetworkre00steg_0107.txt

supportnetworkre00steg_0089.txt

supportnetworkre00steg_0049.txt

supportnetworkre00steg_0020.txt

supportnetworkre00steg_0103.txt

supportnetworkre00steg_0030.txt

supportnetworkre00steg_0115.txt

supportnetworkre00steg_0073.txt

supportnetworkre00steg_0111.txt

supportnetworkre00steg_0079.txt

supportnetworkre00steg_0026.txt

supportnetworkre00steg_0127.txt

supportnetworkre00steg_0131.txt

supportnetworkre00steg_0125.txt

supportnetworkre00steg_0071.txt

supportnetworkre00steg_0063.txt

supportnetworkre00steg_0024.txt

supportnetworkre00steg_0045.txt

supportnetworkre00steg_0029.txt

supportnetworkre00steg_0053.txt

supportnetworkre00steg_0028.txt

supportnetworkre00steg_0000.txt

supportnetworkre00steg_0133.txt

supportnetworkre00steg_0038.txt

supportnetworkre00steg_0051.txt

supportnetworkre00steg_0108.txt

supportnetworkre00steg_0068.txt

supportnetworkre00steg_0032.txt

supportnetworkre00steg_0087.txt

supportnetworkre00steg_0126.txt

supportnetworkre00steg_0023.txt

supportnetworkre00steg_0004.txt

supportnetworkre00steg_0090.txt

supportnetworkre00steg_0011.txt

supportnetworkre00steg_0105.txt

supportnetworkre00steg_0098.txt

supportnetworkre00steg_0124.txt

supportnetworkre00steg_0140.txt

supportnetworkre00steg_0040.txt

supportnetworkre00steg_0109.txt

supportnetworkre00steg_0119.txt

supportnetworkre00steg_0095.txt

supportnetworkre00steg_0112.txt

supportnetworkre00steg_0008.txt

supportnetworkre00steg_0136.txt

supportnetworkre00steg_0009.txt

supportnetworkre00steg_0128.txt

supportnetworkre00steg_0094.txt

supportnetworkre00steg_0059.txt

supportnetworkre00steg_0110.txt

supportnetworkre00steg_0134.txt

supportnetworkre00steg_0006.txt

supportnetworkre00steg_0086.txt

supportnetworkre00steg_0058.txt

supportnetworkre00steg_0078.txt

supportnetworkre00steg_0077.txt

supportnetworkre00steg_0021.txt

supportnetworkre00steg_0027.txt

supportnetworkre00steg_0048.txt

supportnetworkre00steg_0100.txt

supportnetworkre00steg_0066.txt

supportnetworkre00steg_0139.txt

supportnetworkre00steg_0135.txt

supportnetworkre00steg_0096.txt

supportnetworkre00steg_0001.txt

supportnetworkre00steg_0033.txt

supportnetworkre00steg_0055.txt

supportnetworkre00steg_0075.txt

supportnetworkre00steg_0088.txt

supportnetworkre00steg_0118.txt

supportnetworkre00steg_pdf.txt

supportnetworkre00steg_0082.txt

supportnetworkre00steg_0130.txt

supportnetworkre00steg_0121.txt

supportnetworkre00steg_0042.txt

supportnetworkre00steg_0116.txt

supportnetworkre00steg_0052.txt

supportnetworkre00steg_0122.txt


Full Text















SUPPORT NETWORK RESOURCES OF SINGLE ADOLESCENT
MOTHERS AND DEVELOPMENT OF THEIR HIGH-RISK INFANTS




BY


DOLORES HOFFMAN STEGELIN


A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL
OF THE UNIVERSITY OF FLORIDA IN
PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE DEGREE OF DOCTOR OF PHILOSOPHY

UNIVERSITY OF FLORIDA


1983













ACKNOWLEDGMENTS


I wish to express gratitude to the following people who helped

to make this study possible:

To Dr. Athol Packer and Dr. Michael Resnick who made this study

possible by encouraging the use of medical data to study inter-

disciplinary research questions and to Dr. Fonda Eyler for her sug-

gestions in the organization of the study and in the collection of

the data;

To Dr. Linda Lamme for her encouragement and responsiveness to

my needs as a doctoral student;

To Dr. Steve Olejnik, Dr. Pat Ashton, and Dr. Suzanne Krogh

for their constructive feedback during the organizational stages and

the writing process;

To my husband, Forrest, and my two children, Stephen and Amber,

for their patience and understanding during three years of graduate

work;

To my fellow graduate students, Tess, Tish, Dwight, Beth, and

Bruce, for their support and encouragement.













TABLE OF CONTENTS

PAGE
ACKNOWLEDGMENTS. . .. ...... ii

LIST OF TABLES .. v

ABSTRACT . .. .. vii

CHAPTER

I INTRODUCTION. .. .. 1

Overview of Adolescent Pregnancy .. 1
Questions Raised by the Research 5
The Purpose of the Study 6
Hypotheses to be Studied 6
Definition of Terms. 7
Limitations of the Study 8

II REVIEW OF THE LITERATURE. .. 11

Adolescent Pregnancy and Outcomes. .. 11 .
The Theoretical Basis for Social Support Networks. 16
Research Related to Social Support Networks. 26
Conceptual Framework for Research on Networking
and Child Development. ............. 34
Research Related to Child Development and
Networking .... .35
Summary. . ... .. 44

III METHODOLOGY .. .. .46

Design of the Study. ... 46
Variables in this Study. ... 47
Hypotheses to be Tested. .. .. 50
Description of Subjects. ... 50
Instrumentation. ... 53
Data Collection. .. ....... 57
Data Analysis--Regression Analysis ........ 58
Regression Models for this Study ... 61
Analysis Procedure ... 62
Limitations of Methodology .... .63
Summary . .. 64








IV RESULTS .


Preliminary Anaysis. .... 65
Infant Scores. . 66
Hospital Visits . 67
Availability of Support Resources. .... ... 68
Actual Support Resources .... .68
Organizations. . .. 72
Perceptions of Support ..... .73
Secondary Independent Variables. 74
Regression Analysis. .. 81
Hypotheses Tested. ... .86
Stepwise Regression Analyses .. 92

V DISCUSSION, SUMMARY, AND CONCLUSIONS. .. 96

Discussion of Results. ... 96
Regression Analysis. ... 108
Stepwise Regression Analyses .. 113
Summary. . 115
Findings As Related to the Literature. .. 116
Recommendations for Future Research ... 119
Implications for Parent Education. .. 121
Conclusions. . ... 122

APPENDIX QUESTIONNAIRE. . 123

REFERENCES . .. 126

BIOGRAPHICAL SKETCH.. . .. .. 131













LIST OF TABLES


TABLE PAGE

1 Out-of-wedlock births per 1,000 women 15 to 19 years
of age, 1950-1978. . ... 12

2 Independent, dependent and control variables in this
study. . ... ...... .49

3 Birthweights of infants born to single adolescent
mothers . .. ... 51

4 Ages of single adolescent mother subjects. .. 53

5 Years of education completed by mothers. .. 52

6 Race of single adolescent mother subjects. ... 53

7 Distribution of the Bayley MDI and PDI scores of
infants at 12 months of age. .. 66

8 Number of visits made by infant's immediate family
during infant's hospitalization .. 67

9 Support resources available to the adolescent mother 69

10 Actual measures of support resources: Relatives in
the area. . 70

11 Number of relatives and/or friends mother can count
on in times of crisis. ... 71

12 Does mother get together with relatives/friends often. 71

13 Times per week mother gets together with friends/
relatives. ... ..... .72

14 Types of organizations mothers participated in 73

15 Mother's perception of her support network ...... 75

16 Times per month to get away by yourself. 76

17 Is this enough time to get away by yourself. 76







18 Mother's perception of her own health. ... 77

19 Mother's perception of her physical well-being .... 78

20 Mother's perception of her own body. .. 78

21 Mother's perception of her own weight. .. .. 79

22 Mother's perception of her life in general ...... 80

23 Stress scores of adolescent mothers. .. 81

24 Correlational matrix .. 84

25 Correlations of control and dependent variables ... 85

26 Correlation coefficients of four control variables in
quadratic form . ... 86

27 Linear regression of MDI and PDI by number of visits
by support network family members during the
infant's hospitalization .... .88

28 Linear regression of MDI and PDI by measures of the
mother's accessibility to her support network
resources. ... ..... .89

29 Linear regression of MDI and PDI by measures of the
adolescent mother's actual support network resources 89

30 Linear regression of MDI and PDI by measures of
adolescent mother's perception of her support network. 91

31 Stepwise regression models for MDI--Max R procedure. .. 93

32 Stepwise regression models for PDI--Max R procedure. 94













Abstract of Dissertation Presented to the Graduate Council
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy

SUPPORT NETWORK RESOURCES OF SINGLE ADOLESCENT
MOTHERS AND DEVELOPMENT OF THEIR HIGH-RISK INFANTS

By
Dolores Hoffman Stegelin

April 1983
Chairman: Linda L. Lamme
Cochairman: Athol Packer
Major Department: Curriculum and Instruction

The purpose of this study was to examine the association between

measures of support network resources of single adolescent mothers

and the Bayley scores of Mental and Psychomotor development attained

by their infants at 12 months of age.

The theoretical framework for this research originated from

Bronfenbrenner's theory of ecological human development. Bronfen-

brenner, along with recent theorists Cochran and Brassard, in 1979

proposed that social support might be associated with qualitative

child development. This research was an exploratory study of this

proposed relationship.

Four hypotheses were tested, utilizing data from the Children's

Developmental Clinic at Shands Teaching Hospital, University of

Florida. Subjects were 35 mother-infant dyads. The factors of

marital status, socioeconomic status, infant's birth other, and

neonatal condition of the infant were controlled for. All infants







were classified as high-risk due to low birthweights. Measures of

social support were obtained through a sociodemographic questionnaire

completed by the mothers. The infants' scores on the Bayley Scales of

Infant Development, Cognitive and Psychomotor Index, were used as

the dependent variables in the study.

Four measures of social support of the single adolescent mothers

were studied in relationship to scores attained by their infants on

the Bayley Scales of Mental and Psychomotor Development. Measures of

maternal social support were not associated significantly with measures

of infant development. Measures of the mother's perception of her

social support were associated significantly with the infant's scores

on the psychomotor index.

In summary, this exploratory study showed little association

between measures of social support of single adolescent mothers and

measures of their infants' cognitive and psychomotor development at

12 months of age. The results suggested there is an association

between the mother's perception of her support and the psychomotor

development of her infant. These results indicated a need for further

research as related to factors that influence the mother's perception

of her social support.


viii












CHAPTER I
INTRODUCTION

Overview of Adolescent Pregnancy

Considerable impetus on the study of the family network as a

factor in child development is encouraged by the research of

Bronfenbrenner (1974, 1979). More recently, Powell (1979) and

Cochran and Brassard (1979) have proposed theoretical frameworks for

networking as an important contributor to the qualitative development

in young children. This study addresses the relationship between

measures of support network resources of single adolescent mothers

and the qualitative development of their infants at 12 months of age,

as measured by the Bayley Scales of Mental and Psychomotor Development.

The occurrence of adolescent pregnancy and consequent parent-

hood has risen dramatically in the past decade (Guttmacher, 1976,

1981). The proportion of births to adolescent mothers as compared to

adult mothers is currently a major national concern (Scott, 1981).

While births to adult women continue to decline, the rate of adolescent

pregnancy and childbirth continues to remain at a high level. In the

case of very young mothers (10 to 14 years of age) the rate of

adolescent pregnancy has increased noticeably in the past decade.

Compared to white females, black females maintained a high rate of

adolescent pregnancy in the past decade while the rate of adolescent

pregnancy for white females doubled during the 1970's (Guttmacher,







1981). Clearly, adolescent pregnancy presents a complex and chal-

lenging research topic.

The consequences of adolescent pregnancy are far-reaching. Not

only does the young female experience accelerated role transition

(Bacon, 1974), but the consequences for the infant born to a very

young mother are of major concern to medical researchers. Numerous

studies document that pregnant adolescent females drop out of school,

have higher divorce rates, lower earning potential, higher rates of

child abuse, and, in general, more limited and long-term goal setting

opportunities (Furstenberg, 1976; Guttmacher, 1976, 1981).

The outcomes for the infants born to these very young mothers

are also well-documented. Adolescent mothers have higher incidences

of premature delivery, increased neonatal complications, and higher

infant mortality rates (Field, 1981; Monkus, 1981; Oppel and Royston,

1971; and Quay, 1981). This is especially true for the younger

adolescent mother, from 10 to 14 years of age (Field, 1981). In-

creasingly, researchers are focusing on the medical, social, psycho-

logical, and physical consequences of adolescent pregnancy. The

adolescent mother population presents many unanswered research

questions and problems. This study addresses this unique population

and the possible relationship between support networks of adolescent

mothers and the qualitative development of their infants.

Keniston (1977) indicates that the perception that adequate

families are independent, autonomous, self-sufficient units that

insulate their members from external pressures has been challenged.

The concept of the extended family network is hardly a new one,

especially to sociologists. However, the qualitative and quantitative







investigation of the social support system or network as it relates

to the development of young children who transact within the framework

of that support network is a new and fertile area for research.

Bronfenbrenner's (1974) ecological theory and model of child

development characterizes the family as a system, influenced by

various neighborhood groups, community agencies, voluntary associa-

tions, government offices and policies, as well as by broad cultural,

ideological, and political systems. While the concept of support

networks is utilized as a part of the system's theory, relatively few

investigators have linked systems of support (or networking) to the

family's qualitative growth and development, especially in relation to

the specific measures of infant cognitive, social, and physical

development.

According to Powell (1979), social networks may enhance a

family's childrearing processes by providing material, psychological,

and emotional support and by sharing information and reinforcing

accepted beliefs and behaviors that socialize adults into the parent-

ing role. Cochran and Brassard (1979) argue that the members of the

parents' social support network influence the child's development

indirectly by their more direct influence on the parent. Transactions

and interchanges that occur frequently between members of the same

network are more likely to enhance parent functioning and children's

development.

Cannon-Bonventre and Kahn (1979) found that teenage parents rely

on informal social networks to meet a range of material needs, includ-

ing money, housing, furniture, food, clothing, and medical assistance.

Similar studies on the use of support network systems by young







parents have been conducted by Epstein (1980) and Zitner and Miller

(1980). Stolz (1967) found that parents used a variety of resources

for child development information, though the principal sources were

interpersonal in nature. Epstein (1980) found that teenage mothers

who are coping well with parenting roles attribute their success to

someone who taught them to "negotiate the system" of available in-

formation and support systems. Egeland, Breitenbucher, and Deinard

(1980) found that low-income teenage mothers rated as giving excellent

care to their infants obtained most of their child development infor-

mation from relatives and their own childhood experiences. In a

nationwide survey of parents, including high-risk and teenage mothers,

Sparling, Lowman, Lewis, and Bartel (1978) found that there was a

strong preference of parents for interpersonal sources of information,

followed by print and audiovisual media sources. McKinlay (1973)

reported that networks appear to exert restrictive as well as enabling

influences, depending upon their characteristics.

The literature has supported the idea that parents do not rear

children in a social vacuum. Social relationships may be particularly

critical in the learning of parenting or acquisition of parenting

skills across the individual's lifespan. However, there have been

little data to support this speculation. Connectedness to others has

seemed to be associated with healthy family functioning. Parents

who have exhibited more problematic patterns of interaction, such as

abuse, have been more likely to be socially isolated. The study of

support networks utilized by parents has furthered our understanding

of forces that enhance parenting skills.





5

Questions Raised by the Research


The research literature supports the notion that support networks

are utilized by parents. Since the adolescent mother represents a

unique population, there is a need to study ways in which social sup-

port networks affect the lives of adolescent mothers and their off-

spring. Specifically, there is a need to investigate possible rela-

tionships between the nature and utilization of the adolescent

mother's social support network and quantitative measures of her

infant's cognitive and psychomotor development. Several research

questions are posed.

1) What types of social support resources constitute the

adolescent mother's support network?

2) With what frequency does the adolescent mother interact

with and rely upon her support network?

3) What role does the social support network play in times of

crisis for the adolescent mother and her offspring?

4) How do adolescent mothers perceive their social support

networks?

5) How accessible are adolescent mothers to their support

networks?

6) What social, religious, educational, and political organi-

zation play a role in the adolescent mother's support network?

7) Are social networks of adolescent mothers related to the

quality of their infants' development?







The Purpose of the Study

The purpose of this study was to investigate 1) the types of

support resources that make up the adolescent mother's support network

and the frequency with which she utilizes the support resources,

2) the correlation of four specific indicators of support in relation

to her infant's mental and psychomotor development scores on the

Bayley Scales of Infant Development at 12 months of age,and 3)measures

a self-concept and life stress of the adolescent mothers.


Hypotheses to be Studied

Hypothesis I. There will be no significant linear relationship

between measures of in-hospital communication efforts by members of

the support network and the Bayley scores of Mental and Psychomotor

Development of the infants at 12 months of age.

Hypothesis II. There will be no significant linear relationship

between measures of the adolescent mother's accessibility to her

support network resources and the Bayley scores of Mental and Psycho-

motor Development of the infants at 12 months of age.

Hypothesis III. There will be no significant linear relation-

ship between measures of actual support network resources of the

adolescent mother and the Bayley scores of Mental and Psychomotor

Development of the infants at 12 months of age.

Hypothesis IV. There will be no significant linear relationship

between measures of the mother's perception of her support network

and the Bayley scores of Mental and Psychomotor Development of the

infants at 12 months of age.








Definition of Terms

Single Adolescent Mother--an adolescent mother, under the age of

20, who has never been married or is separated or divorced. None of

the subjects are married at the time of the data collection and all

are lower socioeconomic status subjects.

High-Risk Infant--an infant who was placed in the Neonatal

Intensive Care Unit (NICU) at birth, due to neonatal low birthweight

or prematurity. All infants in this study were classified as "at

risk" at birth. Babies ranged in weight from 900 to 2240 grams.

Mental Development Index score (MDI)--referred to as the MDI,

this is a score obtained from the administration of the Bayley

Scales of Infant Development, Mental Development Index. The MDI scores

obtained for this study were taken when the infants were 12 months of

age. All testing was conducted at the Children's Developmental Clinic,

Shands Teaching Hospital, University of Florida, between January 1,

1979, and December 30, 1980.

Psychomotor Development Index score (PDI)--a score obtained

from administration of the Bayley Scales of Infant Development,

Psychomotor Development Index. The PDI scores obtained for this

study were taken when the infants were 12 months of age. All testing

was conducted at the Children's Developmental Clinic, Shands Teach-

ing Hospital, University of Florida, between January 1, 1979, and

December 30, 1980.

Control Variables--from previous neonatal research on infants

born to very young mothers, four variables will be used as control

variables in the initial analysis. The four variables are infant's








birthweight, number of days infant spent in the hospital after his/her

birth, mother's age, and mother's level of education. If these four

control variables are significantly correlated to the two dependent

variables--MDI and PDI scores--they will be used as controls in order

to reduce the error variance when investigating the independent

variables--measures of support network resources--in relation to the

two dependent variables, MDI and PDI scores for the infants taken at

12 months of age.


Limitations of the Study

This study includes the following limitations:

Selection of sample. The sample was selected through ex post

facto medical data. All adolescent mother subjects were single, lower

SES, and 19 years old or younger. The infant subjects were all first

born. All infants were born between January 1, 1979, and December 30,

1980, and utilized the NICU at Shands Teaching Hospital. The mother-

infant dyads were selected from a total sample of 139 dyads, based

on completeness of medical data, which may have biased the data.

However, the reasons for incompleteness of the data varied widely

from one dyad to another.

A local population. The sample was local in nature. These

mother-infant dyads were representative of a southern lower SES

population. Therefore, generalizability of the findings to a wider

or national population is not possible.

Data collection procedures. The data were collected by highly

trained medical personnel. While strict routines were followed in

this hospital setting, some variation in the collection of data must







be acknowledged, due to individual differences among hospital staff.

Also, the data on the adolescent mothers were collected by means of

a questionnaire. Human factors impacted this data collection process,

creating additional limitations to the study. Mothers provided

self-reported data, sometimes under conditions of fatigue and environ-

mental interference. Self-reported data always have limitations.

The interpretation of each question may vary by the subjects. In

this particular population--lower SES and adolescent in age--the

ability to read and comprehend the questions as intended by the

researcher may have been limited.

Incomplete medical data. A final limitation to this study was

the occurrence of some incomplete data. Again, what factors caused

this are difficult to ascertain. Since many of these mothers com-

pleted the questionnaire after several hours of waiting, the factor

of fatigue must be considered. No pressure was put on the subjects

to complete the data although hospital staff in the Children's Devel-

opmental Clinic were always present and available for clarification

of the questions. This is a common limitation to the use of medical

data since many factors intervene in the data collection process.

Limits of correlation studies. This study was correlational.

An attempt was made to investigate possible associations between

the measures of social support of adolescent mothers and the mental

and psychomotor development of their infants. Cause and effect

relationships are not implied in this study. The researcher is at-

tempting to ascertain possible associations between a specific kind of

variable, measures of social support, and measures of infant develop-

ment. Other variables which may contribute to the infant's mental





10

and psychomotor development are acknowledged by the researcher. Given

the newness of the theoretical framework for this study, the researcher

chose to conduct an exploratory study, utilizing appropriate correla-

tional procedures.













CHAPTER II
REVIEW OF THE LITERATURE

The concept of social support systems or networking has developed

primarily through the efforts of investigators in the field of

sociology. The role of social support in the qualitative develop-

ment of young children has been identified and studied only in the

past decade. More specifically, the relationship between social

support system and specific, measurable indices of cognitive, social,

and physical development of young children has been proposed only in

recent years.

This chapter reviews the literature on the following topics:

adolescent pregnancy and outcomes for the neonate and the young

mother; the theoretical basis for social support systems and networks;

and specific research that relates to the relationship of social

support systems to such dependent factors as mental health, child

abuse, and child development.


Adolescent Pregnancy and Outcomes


The proportion of births to adolescent mothers in the United

States has increased dramatically since the 1960's. The Bureau of

the United States census in 1980 summarized the occurrence of births

to 15 to 19 year olds since 1950. In 1950, 12.6 infants were born to

every 1,000 15 to 19 year olds, out-of-wedlock. By 1960, this figure

had increased to 15.3. An escalation of births born to adolescent







mothers occurred between 1960 and 1970. By 1970, 22.4 infants were

born to every 1,000 15 to 19 year olds out-of-wedlock. The increase

continued but did level off. By 1978, the latest year for which data

were available, 25.4 births occurred out-of-wedlock to young women

between the ages of 15 to 19 years of age. This information is sum-

marized in the table below.


Table 1. Out-of-wedlock births per 1,000 women 15 to 19 years of
age, 1950-1978.*


Year 15 to 19 20 to 24
years old years old


1978 25.4

1975 24.2

1970 22.4

1960 15.3

1950 12.6

*Bureau of the Census, January 1982, p. 7


36.1

31.6

38.4

39.7

21.3


The ratio of the number of out-of-wedlock births per 1,000 live

births has more than tripled since 1950 for women 15 to 19 years old

and for women 20 to 24 years old. By 1978, the latest year data are

available, 44 percent of all births to women 15 to 19 years old and

16 percent of all births to women 20 to 24 years old were classified

as occurring out-of-wedlock. The proportions are much higher for

blacks than for white women; in 1978, approximately 8 out of every

10 births to blacks 15 to 19 years old were born out-of-wedlock,







compared with 3 out of 10 for white women this age. These differences

between the two races can be traced to different patterns of contra-

ceptive effectiveness and marriage (Bureau of the U.S. Census, 1982,

p. 8).

The absolute number of live births to teenagers reached a maximum

in 1972 and 1973 but has since shown some decline (Scott, 1981).

Lincoln, Jaffe, and Ambrose (1976), writing in the influential

Guttmacher report, used the term "epidemic" to describe the occurrence

of adolescent pregnancy; articles in newspapers picked up the term,

thus reinforcing the general notion that the rate of adolescent

pregnancy had escalated rapidly. Currently, over one million female

adolescents give birth annually (Guttmacher, 1981).

Zelnick and Kantner (1979), in a national probability sample of

young women, found that there have been changes in sexual activity as

indexed by mean age of first coitus. Between 1971 and 1976 the median

age of first intercourse shifted among white females from 18.9 years

to 18.1 years, and for black females from 17.1 years to 16.6 years.

Moore, Hofferth, Wertheimer, Waite, and Caldwell (1981) reported that

during the past decade, the United States witnessed a dramatic decline

in fertility rates. Despite this overall trend, fertility rates have

not fallen as rapidly among teenagers as among older women. Thus

the relatively slow decline in fertility rates among teenagers rela-

tive to older women, combined with large teenage cohorts, has resulted

in another phenomenon--the proportion of all babies that are born to

teenage mothers has risen significantly.

In 1950, females under the age of 20 bore 12 percent of all

children and 20 percent of all first children. In 1978, they bore







17 percent of all children and 31 percent of all first children

(Moore, Hofferth, Wertheimer, Waite, & Caldwell, 1981). An accurate

assessment of occurrence of adolescent pregnancy might be summarized

in the following way: the actual rate of adolescent pregnancy has

not increased dramatically as some sources have indicated. Instead,

the rate of adolescent pregnancy has been sustained in a relatively

stable fashion. However, when the population as a whole has been

studied, the birth rate has definitely declined. In light of the

slowed rate of childbirth among adult women in the United States,

the rate of adolescent pregnancy must be viewed with concern. In

addition, outcomes for adolescent mothers and their infants are less

positive than for adult mothers and their offspring, as described in

the following section.


Outcomes of Adolescent Pregnancy

The adverse personal and social consequences of teenage pregnancy,

particularly in the earlier (13 to 15) years, have been well documented.

Included have been school dropout (Bacon, 1974; Furstenberg, 1976),

marital problems and divorce (Furstenberg, 1976), less psychologically

competent offspring (Furstenberg, 1976; Oppel and Royston, 1971; Field,

1981), and higher rates of abusiveness (DeLissovoy, 1973).

Early childbearing and lower educational attainment have been

documented in the research (Furstenberg, 1976; Moore and Waite,

1977; Guttmacher, 1976, 1981). The importance of schooling to other

life outcomes has been found repeatedly in the research. Income,

occupation, fertility, sex role orientation, unemployment, and even

the probability of divorce are affected by education (Moore et-al., 1981).







Scott (1981) indicated that when a wide range of medical, social, and

maternal criteria are applied to the prediction of intelligence levels

in childhood, maternal education appears as a major predictor of out-

come. Thus the consequences of early childbearing for the young

mother have been multifaceted--educational, social, psychological, and

heal th-related.

Neonatal Outcomes


Studies of the neonatal outcomes of infants born to teenage

mothers suggest that these infants are a high-risk group (Field,

1981; Holstrum, 1979; Hofheimer, 1979). The teenage population is

characterized by low socioeconomic status, poor nutrition (not only i

for financial reasons but also due to cultural idiosyncracies), in-

creased illegitimacy, and lack of early prenatal care, as well as a

higher rate of pregnancy and delivery complications (Monkus, 1981).

Field (1981) reported that previous and current research suggest that

the teenage mother and her offspring are at risk primarily due to

social, educational, and economic factors. Quay (1981) and Oppel

and Royston (1971) report that teenage mothers are more likely to

give birth to less psychologically competent offspring. 6

In summary, infants born to teenage mothers are at a greater

risk of being lower birth weight than infants born to mature women.

The increased risk is largely due to the frequent association between

teenage pregnancy and other factors, such as poor socioeconomic status,

poor nutrition, or lack of prenatal care (Monkus, 1981).

White (1979), writing in The Origins of Human Competence,
states







After 20 years of research on the origins of human
competence, we are convinced that much that shapes
the final human product takes place during the
first years of life. We are also convinced that
the traditional failure of society to offer train-
ing and assistance to new parents has several
harmful consequences put simply, people
could grow up to be more able and more secure if
their first teachers did not have to be "self-
taught and unsupported." (p. 183)


With this in mind, the concept of social support systems or networks

is now presented.


The Theoretical Basis for Social Support Networks

The concept of "social support network" or system is defined by

several investigators and theorists.

Sociologists have studied the family network or system extensively.

Buckley (1967) described a system's most fundamental property as

being the interdependence of parts or variables. Adams (1970), an-

other family sociologist, indicated that proximity, not separation,

is the rule for American families, with geographical isolation from

kin being characteristic of only a small portion of the population.

Adams (1970) also stated that it is the "professional and managerial

families of the upper-middle class who are most likely to be separated

from their kin" (p. 578). According to Sussman and Burchinal (1962)

and Adams (1970), the working classes are more kin oriented. In

terms of daily living, then, kin seem more salient to working class

people.

Keniston (1977) described the Carnegie Council on Children in

1972 as having addressed a central issue--is child development itself

heavily influenced by its social context? (p. 1). Keniston (1977)







went on to say that "until policy makers and planners shift their

focus to the broad ecological pressures on children and their parents,

our public policies will be unable to do much more then help indi-

viduals repair damage that the environment is constantly reinflict-

ing" (p. 2). Sussman and Burchinal (1962) agreed with Keniston's

assessment of family networks and challenged the concept of the

healthy family being autonomous and independent.

Several current theorists in human development support the re-

search of such sociologists as Adams, Buckley, Sussman, and Keniston.

Among human development researchers at the forefront are Bronfenbrenner,

Powell, Cochran, and Brassard. Bronfenbrenner (1974) presents an

"ecological model" of human development which states


At the heart of the system is the human organism,
which through its biology and "personality" establishes
many of the parameters of human behavior. Surrounding
and containing the organism is the immediate setting
which may be defined in terms of three dimensions:
design of physical space and materials, the roles and
relationships of other people to the organism, and
human activities surrounding the organism.
(Bronfenbrenner, 1974, p. 4)

Bronfenbrenner's ecological model provides a mechanism for analyzing

the development of the child and the personal social networks of

immediate family members (Cochran and Brassard, 1979). Families are

embedded in networks of relatives, neighbors, and friends. Those

network members influence the rearing of children, sometimes directly
and often indirectly. Yet such social influences have gone virtually

unrecognized by those studying child development (Powell, 1979).

Cochran and Brassard (1979) define a network as "those people

outside the household who engage in activities and exchange of an







affective and/or material nature with the members of the immediate

family. Membership is confined to persons outside the household

and usually consists of other kin, neighbors, friends, schoolmates,

and workmates" (Cochran and Brassard, 1979, p. 602).

Cochran and Brassard (1979) used the framework of network

analysis to assess the social ecology of the parent and child in

relation to its possible effects upon child development. They state

that families have always been embedded in networks of relatives,

neighbors, and friends. Those network members have undoubtedly in-

fluenced the rearing of children, sometimes directly and often

indirectly.

Cochran and Brassard (1979) made a strong theoretical case for

the impact of the support system on early child development. They

stated that there are four ways in which the parent's social network

has influenced the child:

1) Co-workers can compete with the child for the parent's time.

2) The social network can link the parent to new life possi-

bilities.

3) The social network can influence the child's development

through the parental role itself.

4) Provision of the opportunity for active participation in

the networks of his or her parents can lay the foundation for the

development of the child's own personal social network or "network

building skills" (Cochran and Brassard, 1979, p. 4).

In reference to three and four above, the following theoretical

framework was elaborated by Cochran and Brassard. The social network

can influence the child's development through the parental role itself.







More specifically, the parent's role is influenced by the 1) exchange

of emotional material assistance between parents and network members

(Stack, 1974; Cochran and Brassard, 1979; Furstenberg, 1976);

2) provision of childbearing controls, that is, friends, relatives,

or neighbors of parents encourage or discourage participation in pat-

terns of parent-child interactions; and 3) availability of role models.

Parents adopt or modify some childrearing practices as a consequence

of watching the behavior of network members. Bandura (1977) pointed

out that participation is not a necessary condition for the impact of

the modeling to be manifested. Bandura also found that to have an

impact, the modeling person must be able to demonstrate the ability to

nurture or to control valuable resources.

Provision of the opportunity for active participation in the

networks of his or her parents can lay the foundation for the develop-

ment of the child's own personal social network or network building

skills. Furthermore, Cochran and Brassard (1979) propose that there

is general acceptance of the fact that the normal child progresses

developmentally from a more to a less egocentric view of physical and

social events and structures and that this progress also involves a

cognitive shift from a concrete, stimulus-bound perception of the

world to a representation of reality which is more abstract and

symbolic. These developmental changes have significance for the

child in relation to both the personal social networks of the parents

and the development of the young child's own network-building skills.

According to Cochran and Brassard (1979), reciprocal exchange is the

major cognitive skill which is attained through the maintenance of

network relationships.







The developmental benefits of reciprocal exchange are cited by

Cochran and Brassard as contributing to successful participation in

the peer group, preadolescence, and adulthood. It is through ex-

changes between parents and members of their social networks that the

child has the first opportunity to observe these reciprocal processes

at work. In contrast to Piaget's (1962) concept of reciprocity de-

veloping due to peer exchange, Cochran and Brassard suggested that

adult members of the parent's social network provide another significant

vehicle for the development of reciprocal skills.

Finally, Cochran and Brassard (1979) emphasized in their theore-

tical model of networking that the relationships between the child

and the network members are bidirectional in influence. The child

stimulates and reinforces the adult members of the support network to

behave in certain ways.

Very few investigators, according to Cochran and Brassard, have

examined systematically the impact of the parents' social networks

upon child development. They proposed that research be conducted in

four areas related to cognitive child development.

1) In the Piagetian sense the members of the social network

may provide the moderately conflicting and contrasting experience

which upsets the cognitive equilibrium enough to permit movement to

a higher stage of cognitive development.

2) Task completion--the parents' social network may facilitate

the development of skills required by children in goal-oriented

tasks.

3) Representation thinking--members of a social network are

sometimes present and often absent. In their absence, reference







to these individuals mayfacilitate the development of cognitive

memory capacities.

4) Cognitive receptivity--social networks may affect the

development of cognitive receptivity or openness to new intellectual

stimuli. Hess, Shipman, Brophy and Bear (1968) found that mothers

who were involved in many rather than few out-of-home activities made

greater use of home resources in interacting with their preschool

children.

Cochran and Brassard (1979) stressed the direct influence of the

support system on the child. They cited cognitive and social stimula-

tion as being the result of interaction with new people, varied activi-

ties, and varied settings. Piaget (1962) described the modeling of

temper tantrums by a friend's child, which stimulated similar behavior

in his daughter. Finally, Cochran and Brassard stressed the provision

of opportunities for active participation in the networks of his/her

parents. This, according to Cochran and Brassard, contributed to the

child's own personal social network and encouraged the "network-

building skills."

How personal, social, support networks influence the child's

development can be summarized as follows: network influences are

both direct and indirect. They include the sanctioning of parental

behaviors and the provision of material and emotional support for

both parent and child. Network members also serve as models for

parent and child. These processes (stimulation, modeling, involvement)

interact with the developmental age of the child to "stimulate the

basic trust, empathy, and mastery of the reciprocal exchange skills

essential to network functioning" (Cochran and Brassard, 1979, p. 605).







McKinlay (1973) states that although of considerable potential,

the concept of a social network is one of the most underdeveloped and

underemployed concepts in present-day sociology (p. 275). Sussman and

Burchinal (1962) state that before 1940 most Americans rejected the

notion that receiving aid from their kin is a good thing. Then, a

new empiricism emerged in the late 1940's that questioned the per-

sistence of the isolated nuclear family notion and presented.evidence

to support the viability of kin family network in industrial society.

Today, empirical evidence from studies by investigators in a variety

of disciplines substantiates the notion that the extended kin family

carries on multitudinous activities that have implications for the

functioning of other social systems of the society. "The major

activities linking the network are mutual aid and social activities

among kin related families" (Sussman and Burchinal, 1962, p. 235).

Simm and Belz (1980) describe the network in terms of learning

theory. "It is clear that for many types of learning problems and

situations, the learner's impulse is to seek out another individual

within his or her own social network so that assistance can be acquired

about the learning project in question" (p. 22). Essentially, Simm

and Belz conceptualize the social support network into many possible

learning situations or environments, whereby the learners adapt their

own resources within the framework available to them. This process

has been described as substantially one of information processing or

the exchange of information. Furthermore, Simm and Belz have stated

that networking enhances learning rather than inhibits it, as has

been the case in more traditional learning modes. Mitchell (1969)







also described networks as "communication links" which act as vehicles

for the flow of information.

Luikart (1977) utilized a learning approach to his definition

of networking. Luikart described self-directed learners as those who

are most likely to seek out and receive help from other individuals

with whom they have a common bond.

Finally, Caplan (1974) defined a support system or network to

be an "enduring pattern of continuous or intermittent ties that play

a significant part in maintaining the psychological and physical

integrity of the individual over time" (p. 9).

Thus, in recent years, the significance of support systems,

often called networking, has been emphasized by many people in many

professions, but especially the helping professions. Waters (1981)

suggested that while supports are important to people throughout their

lives, they are crucial at times of transition.

Caplan (1974) noted that the concept of support systems has

focused on the health-promoting forces at the person-to-person and

social levels which enable people to master the challenges and strains

in their lives. Therefore, Caplan urges investigators to utilize the

network concept from the standpoint of being a "wellness" rather than

a sickness model, an approach that examines methods people use to

acknowledge and mobilize their strengths. In Caplan's view, the major

feature of support networks is that the person with a problem is

"dealt with as a unique individual. Significant others help

the individual to mobilize his psychological resources and master his

emotional burdens; they share his tasks and they provide him with

extra supplies of money, materials, tools, skills, and cognitive







guidance to improve his handling of his situation" (p. 5-6). Caplan

conceptualizes the support network in a positive fashion. To Caplan,

the notion of support represents an enrichment of existing strengths,

rather than a propping up of someone who .is weak.

Gourash (1978) reviewed the literature on help-seeking behavior

and concludes that help-seeking is a critical aspect in the nuclear

family's ability to cope and survive in time of crisis. Help-seeking

is defined by Gourash as "any communication about a problem or trouble-

some event that is directed toward obtaining support, advice, or

assistance in times of distress" (p. 414). This conceptualization of

support systems is defined, then, in a help-seeking fashion. Gourash

describes help-seeking as encompassing requests for assistance from

friends, relatives, and neighbors as well as professional helping

agents.

Zimbardo and Formica (1963) described people who solicit help as

usually looking for comfort, reassurance, and advice. Booth and

Babchuck (1972), Litman (1974), and Quarantelli (1960) all found that

individuals tend to turn initially to family and friends and, as a

last resort, to professional services and agencies. Rosenblatt and

Mayer (1972) found that the sole use of professional services occurs

much less freuqntly than either exclusive reliance on family and

friends or help-seeking from both the social network and professional

sources.

Gourash (1978) posited that members of the support network can

affect help-seeking in a number of ways: 1) by buffering the experi-

ence of stress which obviates the need for help; 2) by precluding

the necessity for professional assistance through the provision of







instrumental and affective support; 3) by acting as screening and

referral agents to professional services; and 4) by transmitting attitudes

values, and norms about help-seeking (p. 416).

Speck and Rueveni (1969) utilized the social network concept

in developing a therapy network for dysfunctional family units.

Speck and Rueveni (1969) defined social network as "a group of per-

sons who maintain an ongoing significance in each other's lives by

fulfilling specific human needs" (p. 184). Like Sussman, Speck and

Rueveni have rediscovered that even in our own culture of nuclear

families, the extended family kinship system still plays a significant

role in the adaptation of nuclear families. Utilizing this approach,

Speck and Rueveni (1969) successfully treated schizophrenic individuals

by assembling family therapy networks, some numbering as many as 40

people.

In summary, the notion of support systems or networking is

defined and described by several investigators and theorists, from

sociology to the helping professions. Support systems contribute not

only to positive mental health, but there is some evidence that the

absence of support networks is associated with negative outcomes,

as described in the subsequent section on research related to sup-

port systems. It is suggested that help-seeking is especially

crucial in times of transition or crisis (Waters, 1981). Adolescent

pregnancy thrusts the young female into accelerated role transition,

thus placing her in a crisis situation (Bacon, 1974). Thus, the

need for social support for the adolescent mother appears to be

critical at this time in her life.







Research Related to Social Support Networks

In the previous section, the relatively recent emphasis on the

role of support systems or networks is established. Research utiliz-

ing support systems as a predictor variable has been conducted. The

implications from this research are that social support systems are

important to persons through all stages of the lifespan. Cobb (1976)

summarized the research on social support and concludes that it plays

a critical role in moderating crisis situations. While most of the

research identifies social support as a positive force in human

lives, McKinlay's (1973) study found that social support systems may

discourage the use of medical facilities. Tolsdorf (1976) concluded

from his study of nonpsychiatric and psychiatric subjects that mental

health may be correlated with the quality and quantity of one's

social support system and the ability to draw upon its many re-

sources. Berkman and Syme (1979) reported that social circumstances

such as social isolation may have pervasive health consequences to

the individual, such as vulnerability to disease in general and even

death. Swick, Brown and Watson's (1980) study finds that neighbor-

hoods that have a higher degree of social interaction, less transience,

and more child-child interaction are perceived by residents to be

more supportive.

McKinlay (1973) conducted a study of social networks, lay con-

sultation, and help-seeking behavior. McKinlay addressed the gen-

eral question, "What is the apparent role of the family, and its kin

and friendship networks, in the utilization of services?" Utilizing

two approaches--sociodemographic data (such as geographic proximity







of friends and relatives and frequency of contact with them) and

open-ended responses to hypothetical questions/situations--McKinlay

studied 87 unskilled working-class families, consisting of two sub-

samples of "utilizing" and underutilizingg" respondents.

The subjects were drawn from a centralized hospital-based

maternity clinic in Aberdeen City, Scotland, and interviewed four

times over a period of about one and a half years. Women who attended

the central hospital clinic at least once after the birth of their

infants were included in the study. A woman was regarded as a

"utilizer" if she a) attended the clinic for the first antenatal

visit before the end of the 17th week of gestation and b) having

had the pregnancy confirmed by the obstetric staff, attended regularly

for antenatal care.

A woman was regarded as an "underutilizer" if she a) had no ante-

natal preparation at all, b) attended for some form of care only

after the 28th week of gestation, or c) was an emergency admission

during labor without any previous prenatal care, or d) defaulted

from her clinic appointments more than three times consecutively

without offering an excuse.

The subjects were a random sample consisting of 48 underutilizers

(40 multiparae and 8 primigravida) and 39 utilizers (24 multiparae

and 15 primigravida). The variables studied were components of kin-

ship and friendship network.

The findings indicate that more underutilizers had relatives

living in the same house and, when their presence was controlled for,

still had more relatives living close geographically, despite com-

parable numbers of relatives seen by members of both study groups.







The utilizers--whether multiparous or primiparous--visited with

relatives less frequently than did underutilizers. Utilizers made

greater use of friends and husbands and less use of mothers or other

relatives and tended to consult a narrower range of lay consultants.

The findings suggest that support by family members may serve as an

aid in medical situations. Further study is needed to determine the

effect of this intervention by the family on the degree of medical

care sought by the patient.

Cobb (1976), in a review of social support as a moderator of

life stress, identifies three classes of social support: 1) informa-

tion leading the subject to believe that he/she is cared for and

loved; 2) information leading the subject to believe that he/she is

esteemed and valued; and 3) information leading the subject to

believe that he/she belongs to a network of communication and mutual

obligation.

Cobb summarized the research on social support as a moderator of

life stress. He suggests that there is strong and often quite hard

evidence, repeated over a variety of transitions in the life cycle

from birth to death, that social support has been protective. Con-

vincing evidence exists that adequate social support can protect

people in crisis from a wide variety of pathological states: from

low birth weight to death, and from arthritis through tuberculosis

to depression, alcoholism, and other psychiatric illnesses. Cobb

encourages investigators to study the effect of a support system as a

moderator of life situations so that a more thorough understanding of

the role and function of support systems might be obtained.







Tolsdorf (1976) conducted an exploratory study of social networks,

support, and coping. Using the social network model, borrowed from

sociology and anthropology, Tolsdorf described and quantified an

individual's immediate family and those with whom he/she has regular

contact.

The purpose of the Tolsdorf (1976) study was to determine the

usefulness of the social network model in the study of stress, support,

and coping. The main interest was to expand the network model to

coping and psychopathology using a system rather than an individual-

istic approach. Extensive interviews were conducted at the Northampton,

Massachusetts, and Newington, Connecticut, Veterans Administration

Hospitals with ten recently hospitalized, first-admission males,

hospitalized as medical (nonpsychiatric) and ten psychiatric subjects.

In the psychiatric sample, seven were diagnosed as paranoid schizo-

phrenic, two as acute schizophrenic episode, and one simply as

schizophrenic. All subjects were male veterans matched for age,

marital status, education, and socioeconomic status.

Data were collected on the size and membership of the subjects'

social networks, the qualities of the relationships the subjects had

with their network members, the subjects' attitudes, beliefs, and

expectations toward their networks as to the role network members

could play in helping them cope with life stresses, the presence and

type of recent life stresses, and the extent and nature of their usual

coping styles.

The methodology yielded two types of data: quantitative data

that summarized the network variables and qualitative data gathered

during the interview process. Three classes of variables were found







to discriminate between the two groups: 1) relationship density and

multiplex relationships; 2) functional indegree and outdegree;

3) kinship members and linkages. Medical subjects tended to 1) give

and receive equal numbers of functions but psychiatric subjects tended

to receive many more functions than they provided to others; 2) the

psychiatric subjects reported fewer intimate relationships with their

network members in a network that was more heavily dominated by

family members, where functional people were in a more controlling

and dominant position and where overall there were relatively few but

relatively more powerful functional people in the network.

The medical subjects, on the other hand, reported more intimate

relationships with more people in a network that was less dominated

by family members and where functional people were on equal standing

with subjects in the exchange of support, advice, and feedback.

The qualitative data indicated that the psychiatric subjects

demonstrated negative network orientation--a set of expectations or

beliefs that it is inadvisable, impossible, useless, or potentially

dangerous to draw on network resources (p. 413). They had a history

of having not drawn on the advice, support, or feedback of their

network members, and they explicitly stated that they intended not to

draw on such supports in the future. When compared to the psychiatric

group, the medical group, by and large, held positive network ori-

entations; the majority stated that they did seek out support and

resources of their network members, especially if they could not

handle a problem themselves.

The above data suggest that the medical subjects had more contact

with, and drew more heavily on, a broader and stronger base of network







resources, compared to the psychiatric subjects. Consequently, the

medical subjects received much more network support compared with the

psychiatric group. "Network mobilization" was cited frequently by the

medical subjects as a way of coping with life stresses, while psychi-

atric subjects avoided it. In summary, medical subjects utilized

their social support networks more frequently than did the psychiatric

subjects. In this study, network utilization was associated with

healthier coping skills.

Berkman and Syme (1979) presented findings on a study of social

networks, host resistance, and mortality. The relationship between

social and community ties and mortality was assessed using the 1965

Human Population Laboratory survey of a random sample of 6928 adults

in Alameda County, California, and a subsequent nine-year follow-up

study of mortality. The findings showed that people who lacked social

and community ties were more likely to die in the follow-up period

than those with more extensive contacts. The age-adjusted relative

risks for those most isolated when compared to those with the most

social contacts were 2.3 for men and 2.8 for women. The association

between social ties and mortality was found to be independent of self-

reported physical healthy status at the time of the 1965 survey, year

of death, socioeconomic status, and health practices such as smoking,

alcoholic beverage consumption, obesity, physical activity, and

utilization of preventive health services as well as a cumulative

index.

A Chi square statistic was used in this study, modified to

include more than two comparison groups. Four sources of social

context were examined: 1) marriage, 2) contacts with close friends







and relatives, 3) church membership, and 4) informal and formal group

associations. With few exceptions, respondents with each type of

social tie had lower mortality rates than did respondents lacking

such connections. In every sex and age category, people who reported

having few friends and relatives and/or who saw them infrequently had

higher mortality rates than those people who had many friends and

relatives and saw them often. A Social Network Index was constructed

to summarize the effects on mortality of increasing social isolation.

The findings from this study suggest that social circumstances such

as social isolation may have pervasive health consequences, and they

support the hypothesis that social factors may influence host re-

sistance and affect vulnerability to disease in general.

Swick, Brown, and Watson (1980) hypothesized that at least four

factors within the neighborhood determined whether it was a supportive

social network or nonsupportive network. Three issues were addressed.

1) The family's perception of itself and the outer world as

positive or negative will affect the willingness to form networks

within the neighborhood.

2) The family's perception of its needs and the needs of neigh-

borhood members and the probability of meeting their needs within the

neighborhood will affect the willingness to form networks within the

neighborhood.

3) The degree of stress the family and neighbors are under as

well as their ability to deal effectively with stress will affect

the development of supportive networks. Swick and colleagues de-

veloped the PNSS (Percention of Neighborhood Supportiveness Scale)

which contained questions that related to perceived neighborhood







support and the demographic makeup of the neighborhood. Subjects were

early childhood graduate students at the University of South Carolina

during the fall semester of 1979. There were 164 subjects, pre-

dominantly Caucasian, married, professional educators, with middle

socioeconomic status. The subjects were administered the PNSS; Part A

consisted of 27 questions that provided demographic information about

the respondent and the respondent's neighborhood. Part B was a Likert

Scale of behaviors which might be found in supportive neighborhoods.

A Crombach Alpha internal consistency reliability coefficient of .93

was computed in a pretest.

The ANOVA revealed significant relationships for scores obtained

in Part A (Demography) and Part B (Perception of Supportiveness) for

Amount of Playtime, Age of Respondent, Type of Dwelling, Longevity in

Neighborhood, Income, Frequency of Social Activity, and Frequency of

Social Activity Involving Children. Neighborhoods were perceived as

more supportive when 1) more children played with other children;

2) slightly older adults resided in the neighborhood; 3) home owners

were more numerous; 4) higher incomes existed; and 5) longevity in

the neighborhood was present. In summary, this study evaluated a

neighborhood as to its degree of supportiveness and how the subject's

perception of the neighborhood related to the subject's attitude

about his neighborhood. Findings show that neighborhoods that had a

higher degree of social interaction, less transience, and more in-

volvement with children were perceived as being more supportive

neighborhoods.







Conceptual Framework for Research on Networking
and Child Development

The current resurgence of interest in familial influences on child

behavior and development is accompanied by a strong concern for the

social and economic conditions under which families carry out their

childrearing functions (Powell, 1979). The interplay between the

social environment and the family childrearing process is relatively

uncharted terrain,and theoretical guidelines for such research are

relatively few in number. Powell (1979) makes a strong argument that

the child's socialization experience is related to the nature of the

family's interaction with its immediate social environment. The net-

working approach views the family as an open, adaptive system whose

exchanges with the environment provided emotional and material support

for the family's childrearing functions, socialize the family into

certain childrearing beliefs, practices, and family-child relationships

(Powell, 1979). Bronfenbrenner (1974) suggests that the progressive

fragmentation and isolation of the family in its childrearing role

requires support systems that undergird parents in rearing their

children.

While research is limited, there is evidence of a strong rela-

tionship between family life ecology and child behavior from research.

on the correlates of child abuse (Garbarino, 1976; Parke, 1977) and

on the development of children in single-parent families (Hetherington

Cox, & Cox, 1977).

Parke (1977) posited a social-psychological theory of child abuse,

based on research data, in which cultural sanctioning of violence and

lack of community support systems for families are viewed as supporting







the development of abusive parents. Garbarino (1976) found that

the degree to which mothers have been subjected to social-emotional

stress without adequate support systems accounted for a substantial

proportion (36 percent) of the variance in rates of child abuse and

maltreatment. Hetherington, Cox, and Cox (1976) found that the lack

of support systems played a significant role in disruptions in the

development of children of mother-headed households.

As Keniston (1977) pointed out, since the early 1800's the concept

of families as autonomous units has been an integral part of the moral,

economic, and political fabric of the United States. Thus, the new

paradigm of a socioecological perspective has emerged slowly and with

some reluctance.

How personal, social, support systems influence the child's

development can be summarized as follows: network influences are both

direct and indirect. They include the sanctioning of parental be-

haviors and the provision of material and emotional support for both

parent and child. Network members also serve as models for parent

and child. These processes (stimulation, modeling, involvement)

interact with the developmental age of the child to "stimulate the

basic trust, empathy, and mastery of the reciprocal exchange skills

essential to network functioning" (Cochran and Brassard, 1979).


Research Related to Child Development and Networking

The paradigm of the socioecological relationship to child devel-

opment has emerged only in the last decade. Research that connects

networking with child development and behavior has been limited.

Several of these studies are now presented.







Stevens (1981) and Hough and Stevens (1981) stated that we have

been preoccupied with constructing and designing formal support sys-

tems like parent education programs, Home State programs,and parent-

child center programs that have enabled parents to rear competent

children. However laudable that goal, Stevens cautions that most
parent intervention programs have been developed from ignorance.

Most researchers, according to Stevens, have not attempted to uncover

existing informal networks that enable black parents, especially,

to rear children competently. Stack (1974) found that the black

parent's social network played a significant role in the rearing

of children. Childrearing was perceived not as an isolated task of

the mothers, but rather a task to be shared by network members.

Stevens studied 300 low-income black families in a large southern

metropolitan area to see if a number of aspects of the mother's

behavior and characteristics of her network were correlated with her
infant's development. Stevens utilized a multiple correlation ap-

proach and found that mothers who were more emotionally and verbally

responsive and who had networks composed of more females had toddlers
who were developing better, as measured by the Bayley Scales of

Infant Development. Stevens concluded from his study that "natural

networks" of black families were best left intact and undisturbed.

Stevens also concluded that intervention programs have not adequately
taken into account the role of support networks in the development of

young children.

Garbarino (1976) studied ecological correlates of child abuse.

Garbarino utilized Bronfenbrenner's ecological construct to look at
the possible correlates between child abuse and parent support systems.







The mediation of immediate family settings by socioeconomic forces was

hypothesized to be related to the degree to which children experienced

abuse and maltreatment. Counties of New York were chosen as units of

analysis. It was assumed that the 1973 reports recorded by the state-

wide Central Registry were a reasonably valid index of child abuse

and maltreatment. Data reported for the period September 1, 1973, to

January 31, 1974, were used. The United States census was chosen as

the source for indices of the independent variables support systems

for parenting. The variable indices were 1) transience, 2) economic

development, 3) utilization of educational resources, 4) rurality-

urbanism, and 5) SES of the mother.

The analysis was designed to test the hypothesis that the socio-

economic support system in the family in each county was directly

associated with the rate of child abuse and maltreatment. Stepwise

multiple regression was utilized to generate the best predictor

equation based on the independent variables.

The results indicated that the ecological context generated by

economic and educational resources was an important factor in the

etiology of child abuse and maltreatment. Overall economic distress

appeared to be important through its impact on mothers as well as

directly on the community and neighborhood. Garbarino concluded that

abuse and maltreatment was, to a large extent, related to economically

depressed mothers, often alone in the role of parent, attempting to

cope in isolation without adequate facilities and resources for their

children. The results of this study suggest that one promising way

to deal with the social problem of child abuse and maltreatment is by

dealing with the support systems of mothers.







Several studies have correlated infant development with socio-

environmental factors. In a study of the three-year developmental

status of high risk infants, Holstrum (1979) investigated the develop-

ment of premature and term infants. A multiphasic battery of tests

was used to assess the developmental status of each child and the

socioemotional environment in which she/he lived. Data were gathered

to answer the following research questions: 1) Do those infants who

were sick and/or premature at birth catch up in their developmental

status to term infants by three years of age? 2) Which of the vari-

ables under investigation contribute the most to the prediction of

developmental status.

The study involved 102 three-year-olds born at or transferred to

Shands Hospital, University of Florida. Half of the children had

been placed in the NICU (Neonatal Intensive Care Unit) due to pre-

maturity or illness. The others were term infants placed in the

Newborn Nursery. The children were evaluated with the Stanford

Binet, the Carrow Test for Language Comprehension, and the Beery

Developmental Test of Visual-Motor Integration. Demographic and

Socioenvironmental data were obtained through the Personal Interview,

the Stressful Life Events Checklist, and the Behavioral Interview.

Birthweights and amount of neonatal complications were obtained from

medical records.

The results showed no statistically significant differences

between the NICU and the term infants. The data suggest, however,

that the small-infants are still small at three years of age, and

the infants who had the greatest amount of complications were found

to be the most significant predictors of three-year developmental








status. Socioeconomic status contributed significantly to the pre-

diction of IQ and visual-motor integration. It was found that mothers

with more stress experiences in their lives were more likely to per-

ceive their children as having behavioral problems.

Bender (1980), in a study of adolescent, early childbearing,

and preventive health services, hypothesized that the high rate of

adolescent pregnancy and poor use of preventive health services by

adolescents before, during, and after pregnancy are conditioned by

factors in the adolescent's private culture. This cultural analysis

included a study of the events of pregnancy and the attitudes, be-

liefs, and values which surround the pregnancy for 35 adolescent

mothers. The adolescents were residents of a town in the southeastern

United States called Farmville. Viewpoints of members of the community

and of health providers were used also.

Instrumentation included a schedule, a questionnaire, open-

ended interviews, and direct observation. Data were collected from

35 of 76 adolescents who had given birth in Farmville in 1976.

Materials from ten of these interviews, when combined with data from

reinterviews, were developed into case studies. Data from the re-

maining 35 interviews were incorporated into the analysis which is

organized in six themes: contraceptive knowledge, use, and responsi-

bility; initial reactions to pregnancy; family relationships, sup-

portive networks, acceptability of health care, and adolescent

motherhood.

The author concluded that adolescents and adults alike perceive

early, unplanned pregnancy as a mistake. The high rate of adolescent

pregnancy in Farmville was attributed to differences between the







private culture of adolescents and the community's public culture.

Specifically, adolescents lacked information related to contra-

ceptives, and they were often unable or unwilling to admit that their

sexual activity violated certain cultural norms. Recommendations

for creating culturally appropriate services for adolescents were

made in keeping with the conclusions named above.

Hofheimer (1979) studied the developmental outcomes for infants

born to adolescent mothers. The primary purpose of the study was to

assess the contributions of the mother's age, perinatal risk, and

socioenvironmental and medical resources to the prediction of dimen-

sions of the mother-infant transaction process and the developmental

status of the infant.

Data were collected in a clinical setting on an age-specific

sample of 77 mothers and their six-month old infants. Infant devel-

opment was assessed using the Bayley Scales of Infant Development.

Mother-infant transaction was analyzed using the Adapted Beckwith

Behavior Scale (ABBS). Demographic and socioenvironmental data were

obtained from the Child and Family Development Interview.

Based upon the results of the multivariate multiple regression

analysis, the variables which were identified as predictors of mental

developments were 1) the age of the mother, 2) the type of prenatal

care of the mother, and 3) the presence of prenatal complications.

Psychomotor development was found to vary as a function of 1) respon-

sive vocalization of the mother-infant transaction process and

2) the type of prenatal care received by the mother.

The results suggested that the infants of young mothers are at

risk for problematic mental development. The data supported the







idea that the mother-infant relationship is important to the infant's

development of competence. The findings suggested that more compre-

hensive interdisciplinary models of perinatal and pediatric support

are associated with enhanced development of the infant. Also indi-

cated was a need for the design of parent and infant-centered inter-

ventions for the young mother in order to enrich the quality of care

and stimulation provided by the mother and thus enhance the development

of the infant.

Colletta, Hadler and Gregg (1981) studied how adolescents cope

with the problems of early motherhood. The purpose of this study

was to measure the coping responses used by adolescent mothers (N = 64),

to determine variables related to their choice of responses, and to

examine the relationship between coping responses and emotional stress.

A nonprobability sample of adolescent mothers was obtained

through the cooperation of a public school system in a large metro-

politan area. Mothers were accepted for participation in the study

if they were between 14 and 19 years of age, had one child two years

of age or under, and were not currently married. The sample con-

sisted of 64 black adolescents who averaged 16.27 years of age when

their children were born and 17.47 years of age at the time of the

interview.

An interview schedule was designed to elicit the mother's

perceptions of the major problems in their lives, the ways they

responded to the problem situations, and the emotional stress they

experienced in each area. Support was measured by asking the mothers

which individuals and/or institutions assisted them in each problem







area. Support was first coded 1 nonsupportt) to 4 (extensive support).

Intercoder reliability ranged from .84 to .91 with a mean of .87.

The results showed that the adolescent mothers' major coping

response was to ask others for assistance. This response was most

common when the young mothers were faced with task-oriented problems.

Interpersonal problems tended to elicit avoidance as a coping re-

sponse, while conflicts with institutions elicited a range of

responses. Direct action coping responses were related to higher

self-esteem, more active support systems, and lower levels of emo-

tional stress. The results are interpreted to indicate the impor-

tance of support systems which help young mothers deal with their

daily problems.

These young mothers also cited isolation from peers and finances

as being their major concerns. Fifty-four percent of the mothers

were satisfied or very satisfied with the amount and quality of help

available from community services. Twenty-nine percent reported

problems with community services, and 15 percent were acutely unhappy

with the quality or availability of services. The style of coping

was related to other variables. Young mothers with high self-

esteem and active support systems were significantly more likely to

choose an active coping strategy while there was a trend for those

with an internal locus of control to use active coping responses.

Finally, adolescent mothers with active coping styles reported lower

levels of emotional stress across problem categories.

A second major finding was that when faced with interpersonal

problems, with their parents, peers, or childcare, the mothers chose

to cope by avoiding the situation.







Held (1981) studied the self-esteem and social network of 62

women, 17 years of age and younger, who were in their third trimester

of pregnancy. Self-esteem was assessed by administration of the

Coopersmith Self-Esteem Inventory. Social network information was

sought by asking the adolescent to rate her perception of reactions

to the pregnancy by significant others. She was then asked to rank

these people in order of importance to her. The study population

included women from Houston's three major ethnic groups--white, black,

and Mexican-American--who were in five different program settings.

All women received medical care from the obstetrical staff of the

University of Texas Medical School.

Tests of significance were done using the Chi Square method of

correlation. In order to study self-esteem, the data were artifi-

cially dichotomized into scores above and below 70; 70 and above are

normal scores reported for most population groups. It was statis-

tically significant at the .05 level of confidence that almost 60

percent of black women keeping their babies scored 70 or above on the

Coopersmith Self-Esteem Test. Fewer than 30 percent of the whites and

Mexican-Americans scored 70 or above. Self-esteem was higher for

those women attending a day school for pregnant teenagers. Scores

were higher than for women at clinic sites and at the Home for Unwed

Mothers. Social Network data indicated that the mother of the ado-

lescent was most disapproving. The father of the baby was most

approving. Ninety-two percent of the adolescents placed their mothers

as being more important to them than they themselves were. In

summary, self-esteem scores were highest among black women keeping

their babies who attended the day school for pregnant women. Held







suggests that future research should include longitudinal research

especially with regard to enactment of future plans.


Summary

Social support systems or networks have been defined and studied

primarily in the fields of sociology and anthropology. More recent

research has viewed the social support system in relation to.family

development and functioning. Only in recent years has the possible

relationship between the social support system and specific measures

of child development been proposed. Indeed, very few studies have

focused on the mother's social support system and the qualitative

development of her young child.

The widespread occurrence of adolescent pregnancy in this society

has caused concern for the young mother, the development of her in-

fant, and for the consequences for society in general. There is a

need to study this population of adolescent mothers in regards to

the amount of social support that they have available to them and

the consequent development of their infants. Since adolescent

mothers have experienced higher rates of prenatal and obstetric

complications and since infants born to adolescent mothers frequently

have been high-risk, low-birth-weight, due to neonatal complications,

there is a specific need to investigate possible correlations between

the support system of the adolescent mother and particular develop-

mental measures of the infant.

There are limitations to the cited research by Held (1981),

Colletta, Hadler, and Gregg (1981), and Bender (1980). These studies

utilized questionnaires to obtain their data. The limitations of the







use of questionnaires included 1) the data were self-reported data;

2) incomplete data collection was more common; 3) interpretation of

questions by the subjects may have varied; and 4) they were correc-

tional rather than experimental. Additional limitations of these

studies included the fact that the populations were local and not

national in makeup. Thus, the generalizability of these findings was

limited to such local populations and not to samples of a national

scope. However, the findings of the above studies reinforced one

another.

The implications of such research have significance for parent

education, infant development, and mother-infant interaction. Inter-

vention for adolescent mothers has been traditionally on a formalized

basis. The possibility exists that social support systems may be a

vehicle to further means of informal intervention that might encourage

a young mother in her demanding role as a parent. Support systems

may be related to quality child development.













CHAPTER III
METHODOLOGY

Design of the Study

This study investigated the relationship between measures of

support network resources of single adolescent mothers and the cog-

nitive and psychomotor development of their infants.

The purpose of this study was to investigate 1) the types of

support network resources utilized by single adolescent mothers and

the frequency with which these support resources are used; 2) the

correlation of four indicators of support network resources to cogni-

tive and psychomotor measures of development of the high-risk infants

at 12 months of age (both linear and stepwise regression procedures

were utilized to study the nature of the relationship between the two

dependent variables and the four independent variables, each of which

consisted of several measures of support); and 3) measures of self-

concept and life stress of the adolescent mothers.

The research design used in this study was descriptive and ex

post facto. Due to the nature of the variables--measures of existing

support network resources and measures of cognitive and psychomotor

development taken at one year of age--an ex post facto design was

required. Therefore, the interpretation of the results from this

study design was associational or relational and not causal. The

strength of the design is that it allows the investigator to study







existing variables. Also, the support network was an attribute vari-

able and was not manipulative.


Variables in this Study

Measures of four independent variables were studied. Three of

these independent variables consist of more than one measure. The

four independent measures include

1) Measures of communication efforts made by the support network

during the infant's hospitalization in the Neonatal Intensive Care

Unit at Shands Hospital, University of Florida. A composite or

overall measure of this independent variable was obtained by totaling

the actual number of visits made by members of the support network

during the infant's hospitalization. (The length of stay in the

hospital, in number of days, will be used as a control variable in the

initial analysis.)

2) Measures of the adolescent mother's accessibility to her

support network were obtained from the sociodemographic data. Three

separate measures were grouped together to obtain this single measure.

These three measures of accessibility include 1) accessibility to a

car, 2) accessibility to a telephone, and 3) the mother's own per-

ception of her accessibility to her support network (ease or difficulty).

See Appendix for examples of this measure.

3) Measures of the adolescent mother's actual support network

were quantified. Five questions from the sociodemographic data were

used as measures of support; these measures were grouped to obtain one

multiple correlation coefficient which was used as an overall measure

of the relationships between adolescent mother's actual support and








the two dependent variables. These five measures include the number

of adult relatives/friends living in the immediate area, the number

of relatives/friends that can be counted on in times of real need,

the frequency of get together with relatives/friends, in general and

per week, and the total number of organizations the adolescent mother

participates in. See Appendix for examples of this measure.

4) Measures of the adolescent mother's perception of her support

network were grouped to obtain an overall measure of perception of

support. These measures include the mother's perceptions of enough

support, a perception of being overwhelmed, a perception of time to be

by herself, a perception of the adequacy of that time to be by her-

self, and a perception of the overall level of happiness with her

present living situation. See Appendix for examples of these measures.

Dependent Variables


The two dependent variables are scores attained by the admin-

istration of the Bayley Scales of Infant Development, Mental and

Psychomotor Development Index. These scores were obtained when the

infant was 12 months old, adjusted for prematurity.

Control Variables


Four variables used as control variables in the initial analysis

were measures of 1) the mother's age, in years; 2) the mother's level

of education, in years; 3) length of the infant's hospitalization, in

days; and 4) the infant's birthweight, in grams.











Table 2. Independent, dependent and control variables in this study.


Independent Variables

1. Measures of communication efforts by the support network
during the infant's hospitalization.

2. Measures of the mother's accessibility to her support
network.

3. Measures of actual support network resources of the
adolescent mother.

4. Measures of the mother's perception of her support network.

Secondary Variables

1. Measures of the mother's self-concept.

2. Measure of the mother's life stress.

Dependent Variables

1. The score attained by the infant when assessed with the
Bayley Scales of Infant Development, Mental Index (MDI).
2. The score attained by the infant when assessed with the
Bayley Scales of Infant Development, Psychomotor Index
(PDI).

Control Variables (Used only in primary analysis)

1. Mother's age at birth of infant, in years.

2. Mother's level of education completed, in years.

3. Infant's birthweight, in grams.

4. Number of days infant was hospitalized.







Hypotheses to be Tested

Hypothesis I: There will be no significant linear relationship

between measures of in-hospital communication efforts by the support

network and Bayley scores of cognitive and psychomotor development of

the infants at 12 months of age.

Hypothesis II: There will be no significant linear relationship

between measures of the mother's accessibility to her support network

resources and her infant's scores of development on the Bayley Mental

and Psychomotor Index.

Hypothesis III: There will be no significant linear relationship

between measures of the adolescent mother's actual support network

resources and her infant's scores on the Bayley Mental and Psychomotor

Index.

Hypothesis IV: There will be no significant linear relationship

between measures of the adolescent mother's perception of her support

network and her infant's scores on the Bayley Mental and Psychomotor

Index.


Description of Subjects

The following tables present descriptive data on the single

adolescent mother subjects and their 12-month old infants. The

infants in this sample ranged in weight from 800 to 2240 grams, with

the mean weight being 1415 grams. Only one infant weighed more than

1800 grams, the weight which is considered to be "at risk." All

infants were classified as premature/high risk at birth due to lower

birth weights or other medical complications. See Table 3 for a

summary of birthweights of the infant subjects.







Table 3. Birthweights of infants born to single adolescent mothers
(in grams).


Birthweight

800-1000
1001-1200
1201-1400
1401-1600
1601-1800
1801-2000
2001-2200
more than 2200
Total


Frequency

3
7
9
5
9
1
0
1
35


Percentage

9.00
20.00
26.00
14.00
26.00
3.00
00.00
3.00
100.00


Maternal Age


Table 4 presents data on maternal age which were available for

34 of the 35 subjects. Twelve of the mothers were 19 years of age

and 11 were 18 years of age. Only three mothers were age 15. There-

fore, two-thirds of the single adolescent mothers fell into the older

category. Approximately 20 percent of the adolescent mothers were

16 years of age or under. The mean age for the mother subjects was

17.7 years of age.


Maternal Level of Education


Data on education completed by adolescent mother subjects were

available for 34 of the 35 subjects, as shown in Table 5. Over half

(18) of the mothers had completed 12 years or more of education.

The mean level of maternal education was 10.9 years. Only three

mothers had completed nine years or less.







Table 4. Ages of single adolescent mother subjects (by years).


Age Frequency Percentage

15 3 9.00

16 4 12.00

17 4 12.00

18 11 32.00

19 12 35.00

Total 34 100.00



Table 5. Years of education completed by mothers (in years).


Years of education Frequency Percentage

9 or less 3 9.00
10 6 18.00
11 7 21.00
12 16 47.00
13 or more 2 6.00
Total 34 100.00



Mother's Race


Of the 35 single adolescent mothers, 33 were black and 2 were

white. Table 6 presents the data on the race of the mother subjects.

This population sample reflected a rather homogeneous group of single

adolescent mother subjects, both for race and socioeconomic status.

All mothers were lower SES, as indicated by their responses on the

personal data part of the questionnaire; all subjects indicated lower

incomes.








Table 6. Race of single adolescent mother subjects.


Race Number of Subjects Percentage

Black 33 94.00
White 2 6.00
Other 0 00.00
Total 35 100.00



In summary, the subjects for this study were single adolescent

mothers whose high-risk infants were placed in the Neonatal Intensive

Care Unit at Shands Teaching Hospital, University of Florida, during

the period from January 1, 1979, through December 31, 1980. All

mothers were less than 20 years of age and were classified as 1) never

married, 2) divorced, or 3) separated. Only medical files which were

complete were included in this study.


Instrumentation

The instrument used to collect data on the adolescent mother's

support system was a personal questionnaire administered to the mother

when she brought her child for assessment. Sociodemographic informa-

tion was coded from the personal interview and categorized into sub-

headings of measures of support. The following categories were

obtained: 1) measures of communication efforts by the support network

during the infant's hospitalization, 2) measures of the adolescent

mother's accessibility to her support network, 3) measures of actual

support network resources available to the mothers, and 4) measures

of the mother's perceived support.







Listed below are the specific questions used in this study.

I. Measures of Indicators of Communication between the Support

System of the Mother and the Infant during the Infant's Hos-

pitalization. The total number of visits made by members of

the support network was obtained from hospital records.

II. Measures of Mother's Accessibility to Support Network..

a. Do you own or have access to a car? YES NO

b. Do you have a telephone? YES NO

c. How difficult is it for you to get out and do what

you need to do?

YES = very difficult; somewhat difficult; depends

NO = somewhat easy; very easy

III. Measures of Actual Support Available to the Adolescent Mother.

a. How many relatives/friends live around your area (adults)?

total number
b. How many of these relative/friends can you count on in

times of real need? total number

c. Do you get together often with friends and relatives?

YES NO

d. How many times a week?

NOT OFTEN = never; rarely (up to once every few months)

OFTEN = sometimes (a few times a month to once a week);

often (a few times a week); very frequently (every day)

e. Do you belong to any organizations such as social,

religious, educational, or political groups?








social religious educational __political =

total number of organizations

IV. Measures of Mother's Perception of Support Network Resources.

a. Does your present situation provide you with enough or not

enough support? YES = enough, sometimes

NO = not enough; not at all
b. Do you feel you're overwhelmed with household tasks and

children? NO = never; infrequently

YES = sometimes; often; all the time
c. How many times a month do you get away by yourself to do

something you would like to do? (total)

d. Do you think this is enough time? NO = not enough

YES = enough or too much
e. On the whole, would you describe your present living

situation as happy? NO = very unhappy; somewhat unhappy;

neutral

YES = somewhat happy; very happy


Responses that were YES or NO were quantified by assigning a

value of 0 to No and a value of +1 to Yes. A point biserial correla-

tion coefficient was determined for each dichotomous response. The

responses were categorized into four independent general support

variables. Three of the support variables consisted of three or more

measures. These measures were grouped by their correlation coefficients

to form multiple correlation coefficients. These were 1) accessibility

to support, 2) actual measures of support, and 3) the mother's per-

ception of her support. The fourth independent variable, support by







the network during the infant's hospitalization, was quantified by

totaling the actual number of visits made by the family during the

infant's hospitalization. A numerical total was obtained, thus

quantifying this independent variable for the purpose of analysis.

The instrument used to collect data on the infants' development

was the Bayley Scales of Infant Development, Mental and Psychomotor

Indexes. This instrument has been used in child development settings

for over thirty years. Bayley (1969) reported a correlation of .60

between the Mental and Motor Scales. The split-half reliability

coefficient for the Mental Scales was .88 and for the Motor Scale, .84.

The coefficient of correlation between scores obtained on the Bayley

and the Binet was .57, with considerable restriction on the range of

scores on both tests, especially the Binet.

The mental scale is designed to assess sensory-perceptual acuities,

discrimination, and the ability to respond to these; the early acqui-

sition of "object constancy" and memory, learning and problem-solving

ability; vocalizations and the beginnings of verbal communication; and

early evidence of the ability to form generalizations and classifica-

tions. Results of the Mental Scale are expressed as a standard score,

the MDI, or Mental Developmental Index.

The Motor Scale is designed to provide a measure of the degree

of control of the body, coordination of the large muscles and finer

manipulatory skills of the hands and fingers. The Motor Scale is

specifically directed toward behaviors reflecting motor coordination

and skills and is not concerned with "mental" or "intelligent" func-

tions. Results of administration of the Motor Scale are expressed








as a standard score, the PDI, or Psychomotor Development Index

(Bayley, 1969, p. 3).


Data Collection

The data for this study were obtained from medical files at the

Children's Developmental Services Project at Shands Teaching Hospital,

Gainesville, Florida. Sociodemographic data on the adolescent mothers

were taken from the personal questionnaire administered to the mother

when her infant was six months old. These data consist of 1) measures

of communication efforts made by the support network during the in-

fant's hospitalization, 2) measures of the mother's accessibility to

her support network, 3) measures of the mother's actual support re-

sources, and 4) measures of the mother's perception of her support

network. In addition, two other secondary variables were studied

descriptively. They were 1) measures of the mother's self-concept

and 2) the mother's life stress score for the previous year. Data on

the infants were obtained from medical files at Shands Teaching

Hospital. Bayley Scales for Physical and Psychomotor Development

were obtained, and these scores were taken from administration of the

Bayley on the infants at 12 months of age. The data were obtained

from complete medical folders from January 1, 1979, through December 31,

1980. The researcher signed a confidentiality oath in conjunction

with the Children's Research Project. All subjects gave approval for

the use of these data, with confidentiality assured by the researchers.








Data Analysis--Regression Analysis

Regression analysis is a statistical tool for evaluating the

relationship between one or more independent variables, X1, X2,

X to a single continuous dependent variable Y. Practical

applications of regression analysis include the following:

1) When the investigator wishes to characterize the relationship

between the dependent and the independent variables in the sense of

determining the extent, direction, and strength of the association

among these variables.

2) The researcher desires to describe quantitatively or quali-

tatively the relationship between X1, X2, Xn and Y, while con-

trolling for the effects of other variables C1, C2, C which

may have an important relationship with the dependent variables.

3) The researcher wants to determine which of several independent

variables are important and which are not for describing or predicting

a dependent variable. Also, the researcher may desire to rank in-

dependent variables in their order of importance (Kleinbaum and

Kupper, 1978, p. 34-35).

Independent Variables in this Study


As indicated earlier in this chapter, the four independent

variables used in this study were made up of several measures, each

with the exception of the first independent variable, which was a

measure of support during the hospitalization of the infant; this

measure consisted of one measure--the total number of visits by the

family during the infant's hospitalization. Each of the three other







independent variables consisted of three or more measures. These

four variables and the measures included in each one are now presented.


Hypothesis I: Communication Efforts by the Support Network During

the Infant's Hospitalization.

X1 = total number of visits made by the support network during

the infant's hospitalization in the NICU.

Hypothesis II: Measures of the Adolescent Mother's Accessibility

to her Support Network.

X2 = adolescent mother's access to a car.

X3 = adolescent mother's access to a telephone.

X4 = adolescent mother's perception of difficulty to get out

and make contact with her support network.
Hypothesis III: Measures of Adolescent Mother's Actual Support

Network.

X5 = number of relatives/friends living in the immediate area

(adults).

X6 = number of relatives/friends living in the immediate area

that can be counted on in times of real need.
X7 = measures of frequency with which adolescent mother gets

together with relatives/friends.

X8 = frequency, per week, of mother's contact with support network.

X9 = number of organizations to which adolescent mother belongs.

Hypothesis IV: Measures of Adolescent Mother's Perception of

Adequacy of Support Network.

X10 = measure of mother's perception of adequacy of support network.

Xll = mother's perception of being overwhelmed with household

tasks and childcare responsibilities.








X12 = mother's perception of frequency of time to be by herself.

X13 = mother's estimation of adequacy of time to be by herself.

X14 = mother's perception of present living situation as happy.

Secondary Variables for Descriptive Study


Five measures of self-concept were studied for descriptive pur-

poses. These included the mother's perception of her health, physical

fitness, body shape, weight and life in general. The second variable,

life stress, was studied by obtaining a life stress score from the

questionnaire completed by the mothers. This score indicated the

types of stressful events the mother had experienced during the past

12 months prior to completing the questionnaire. A total stress

score was also obtained. See Appendix for example of questions for

these two secondary measures.

Dependent Variables


Y1 = Mental Development Index from the Bayley Scales of
Infant Development, administered to the infant at 12 months

of age.

Y2 = Physical Development Index from the Bayley Scales of
Infant Development, administered to the infant at 12 months

Control Variables

C1 = mother's age, in years.

C2 = mother's level of education, in years.

C3 = birthweight of infant, in grams.

C4 = infant's length of stay in hospital, in days.







These four control variables were included in the initial inter-

correlational matrix.


Regression Models for this Study

After an initial analysis which included the four control vari-

ables cited above and which included performing reduced, full, and

partial analyses, the researcher decided to eliminate the four con-

trol variables. None of the four variables were significantly related

to the dependent variables; therefore, it was not helpful to include

them in the final regression analysis. The final regression analysis

consisted of performing regression analysis on simple models and doing

a Max-R and a stepwise regression analysis which included all of the

independent variables.

Listed below are the regression models used in this study.

Hypothesis I: There will be no significant linear relationship be-

tween measures of communication efforts made by the support

network during the infant's hospitalization and the MDI and

PDI scores attained by the infant at 12 months of age.

Regression Model Utilized: Y = B0 + B1X1 + E


Hypothesis II: There will be no significant linear relationship

between measures of the mother's accessibility to her support

network and the MDI and PDI scores attained by the infant at

12 months of age.

Regression Model Utilized: Y = B0 B2X2 + B3X3 + B4X4 + E








Hypothesis III: There will be no significant linear relationship

between measures of the mother's actual support network re-

sources and the MID and PDI scores attained by the infant at

12 months of age.

Regression Model Utilized: Y = B0 + B5X5 + B6X6 + B7X7 + B8X8


+ B2X9 + E

Hypothesis IV: There will be no significant linear relationships be-

tween measures of the mother's perception of her support and

the MDI and PDI scores attained by the infant at 12 months of

age.

Regression Model Utilized: Y = B0 + B10X10 + B11X11 + B12X12


+ B13X13 + B14X14 = E

Analysis Procedure

The initial intercorrelational study indicated that none of the

four control variables were significantly related to either of the

two dependent variables in the study--the MDI and the PDI scores of

the infants at 12 months of age. A decision was made to delete the

four control variables from the remaining analysis. Therefore, the

use of simple linear regression models was indicated.

A simple linear regression model was developed in order to test

each of the four major hypotheses. Three of the four regression

equations consisted of three or more measures, grouped together to

form a multiple correlation coefficient. Therefore, multiple








regression was utilized in testing Hypotheses II, III, and IV. The

F-values and levels of significance were determined in order to test

the four hypotheses.


Limitation of Methodology

Correlational study has been utilized extensively in educational

research. It is especially helpful because it allows the researcher

to study the extent of relationship existing between variables.

Correlational studies enable one to determine the extent to which

variations in one variable are associated with variations in another

(Ary, 1979).

There are limitations to correlational studies. Correlational

findings indicate relationships between or in association with vari-

ables but do not imply a causal relationship. One cannot interpret

findings in correlational studies to be "cause and effect." Sec-

ondly, the coefficient of correlation is not to be interpreted as an

absolute fact. Values of r are found for sample cases,and the extent

of relationship found in one sample need not necessarily be the same

found in another sample from the same population. Additional limita-

tions to this study include those associated with the measurement

procedure. Data were collected from the adolescent mothers in a

self-report format. Dichotomization of responses may have limited'

the accuracy of the data. The sample size is also a limitation. Re-

strictions in the range of data and the reliability of correlation

coefficients are limitations due to small sample size.








Summary

Bronfenbrenner (1974) and Cochran and Brassard (1979) have

argued that the social support network of the family has a major

influence on the development of the child. Relatively few studies

have focused on measures of the family's support system and specific

measures of child development. This study focused on indicators of

social support of single adolescent mothers and their relationships

to specific measures of cognitive and physical development of their

infants. Data on the social support system of the mothers were taken

from personal interviews of the mothers which were administered to

the mother when her infant was six months old. Data on the infants

are measures of cognitive and psychomotor development as determined

by the Bayley Scales administered when the infants were 12 months old.

Linear regression and stepwise regression procedures were

utilized to study the relationship between measures of infant cog-

nitive and psychomotor development and specific measures of social

support networks of the mothers.













CHAPTER IV
RESULTS

Preliminary Analysis

The purpose of this study was to investigate 1) the types of

support networks utilized by single adolescent mothers and the fre-

quency with which these support networks are used, 2) the relation-

ship of four primary measures of support network resources to cognitive

and psychomotor measures of infants of the adolescent mothers at 12

months of age, and 3) measures of self-concept and life stress of

the adolescent mother subjects.

This chapter includes the following: 1) a description of the

types of support network resources utilized by single adolescent

mothers and the frequency with which these support network resources

were used, 2) a presentation of four major hypotheses which studied

the relationship between the use of support network resources of 35

single adolescent mothers and the Bayley scores of Mental and Physical

Development of the infants at 12 months of age, and 3) a description

of the measures of self-concept and life stress of the adolescent

mother subjects.

The Bayley Scales of Infant Development were administered to

each infant at his/her 12 month evaluation. Data were available on

34 of the 35 infant subjects. Table 7 shows that scores ranged from

50 to 150 on the Mental Development Index (MDI) and from 29 to 138 on







the Physical Development Index (PDI). Nearly one-third of the MDI

scores fell into the 91-110 range, which is considered a "normal" or

average range. Seventeen infants had MDI scores above 110. This

represented one half of the infant population. The mean MDI'score

was 109.5


Infant Scores


Table 7. Distribution of the Bayley MDI and PDI scores
at 12 months of age.


of infants


MDI PDI
Scores Frequency Percentage Frequency Percentage

Data
unavailable 1 3.00 1 3.00
50 or less 1 3.00 2 6.00
51-70 2 6.00 1 3.00
71-90 2 6.00 4 11.00
91-110 12 34.00 15 43.00
110-130 13 37.00 10 29.00
131 or more 4 11.00 2 6.00
Total 35 100.00 35 100.00



Infants scored more toward the average on the Physical Development

Index. Twenty-five scored between 91 and 130. Only two scored above

the 130 point. This indicated that infant scores fell into more of an

"average" range on PDI scores and more "above average" on MDI scores.

The mean PDI score was 99.4, 10 points below the mean of the MDI scores.





67

Hospital Visits


Data on hospital visits made by the family network during the

infant's hospitalization were available on 30 of the 35 infant sub-

jects. Fourteen infants, nearly one-half, received six to ten visits

during their hospitalization. Eight received five or less visits

while eight received more than ten visits. A visit was recorded each

time a member of the immediate family or combination of members of

the immediate family made a visit to the infant. Data were collected

by the Neonatal Intensive Care Unit staff. See Table 8.


Table 8. Number of visits made by infant's immediate family during
infant's hospitalization.

Number of visits Frequency Percentage

No response 5 14.00
0 to 5 8 23.00
6 to 10 14 40.00
11 to 15 4 11.00
16 to 20 1 3.00
21 to 25 3 9.00
Total 35 100.00



The mean number of visits made by support network members was 10 with

a range of 1 to 22. The number of days in the hospital ranged from

10 to 82 days with an average of 31 days, as compared with an average

of 5 days for normal infants.







Availability of Support Resources

Several questions sought to determine the availability of support

resources to the single adolescent mother. Three questions asked were

1) do you have accessibility to a car? 2) do you have accessibility

to a telephone? and 3) do you think it is difficult for you to get

out and do the things you need to do?

Of the 35 respondents, 21 said they did not have accessibility

to a car. Twenty-four of the 34 subjects responded that they did

have accessibility to a telephone. This represents 70 percent of the

total number of subjects, as shown in Table 9.

When asked if it were difficult to get out to do the things they

needed to do, 20 of the 34 respondents answered "yes." This rep-

resents 59 percent of the subjects.


Actual Support Resources

Several questions sought to determine the extent of actual support

resources available to single adolescent mothers in regards to rela-

tives and friends. All 35 subjects responded to the question, "How

many relatives and/or friends live in the immediate area (adult)?"

Fifteen subjects responded that they had five or fewer relatives and/or

friends in the immediate area. Of these, four reported having no

adult friends and/or relatives in the immediate area. Six responded

that they had from 6 to 10 relatives and/or friends living in the

area, and 9 answered that they had 15 or less relatives and/or friends

in the immediate area. Two responded that they had between 26 and 30,

and only one subject reported having more than 35 relatives in the

area. See Table 10 for these data.



















LD LC)








00
0 0
0 CO


LO








0
0


0 r-


o 0
o*
0 0Y


0
F-


4-.)
C









c"
C


0-



S.,



C
cv
(U
L


>.-












ct
0-
(u







(,





c,




0-

LL.


0 0
0 r-
I-








r- C
b. h



F- cb


O

01 4-) 4-
C ,-3
o o
0 0
0. *i-*J
) 4- U
S- 4 0
r 0 *e-
0. I- 0


r- O -
C r- r-







Table 10. Actual measures of support resources: Relatives in the
area (adult).


Number of adult
relatives and/or
friends in the area Frequency Percentage

0 4 11.00
1 to 5 11 31.00
6 to 10 6 17.00
11 to 15 9 26.00
16 to 20 2 6.00
21 to 25 0 0.00
26 to 30 2 6.00
31 to 35 0 0.00
more than 35 1 3.00
Total 35 100.00


Support During Crisis


When asked how many of these relatives and/or friends could

be counted on in times of crisis, 24 of the 33 respondents responded

with "0-5." This represents 73 percent of the total group.


Frequency of Interaction


When the adolescent mothers were asked if they got together

often with relatives and/or friends, 30 of the 34 subjects who re-

sponded said "yes," only 4 said "no." This represents 88 percent,

a high percentage of the total group, as shown in Table 12.







Table 11. Number of relatives and/or friends mother can count on
in times of crisis.

Number of adults
mother can count
on in crisis Frequency Percentage

0 to 5 24 69.00
6 to 10 6 17.00
11 to 15 2 6.00
16 to 20 0 0.00
21 to 25 0 0.00
26 to 30 0 0.00
31 to 35 1 3.00
No response 2 6.00
Total 35 100.00



Table 12. Does mother get together with relatives/friends often.


Response Frequency Percentage

Yes 30 86.00

No 4 11.00

No response 1 3.00

Total 35 100.00


Frequency of Interaction Per Week


The adolescent mothers were asked how many times per week they

got together with relatives or friends. Responses were collapsed into

the dichotomous responses of "not often" and "often." Those who re-

sponded with "never, rarely, or sometimes" were categorized into "not







often." Those who responded with a "few times per week" and "very

frequently/every day" were categorized into "often."

Of the 35 mothers who responded, 23 said "not often" (never,

rarely, or sometimes). This represents nearly 66 percent of the

responses; these responses seem to contradict the answer given in the

previous question, which was a general question as to whether the

adolescent got together with relatives and/or friends often.- It seems

that when the questions became more specific or focused, the mothers

responded that, in fact, they did not get together with the relatives

and/or friends very many times per week. Table 13 illustrates these

findings.


Table 13. Times per week mother gets together with friends/relatives.


Response Frequency Percentage

Not often 23 66.00

Often 12 34.00

Total 35 100.00


Organizations

Organizations are thought to be positive forms of support for

most people. This question sought to identify how many different

organizations the adolescent mothers participated in. The most common

organization identified by this population was the church. Twelve

adolescent mothers responded that they participated in a religious

organization or church. Only two reported being active in social







organizations, one in an educational organization, and none reported

participating in a political organization. Twenty adolescent mothers

did not participate in any type of organization, representing over

one-half of the subjects. See Table 14.


Table 14. Types of organizations mothers participated in.


Type of organization Frequency* Percentage

No participation 20 54.00
Social organization 4 11.00
Religious organization 12 32.00
Political organization 0 00.00
Educational organization 1 3.00
Total 37 100.00

*One subject participated in more than one organization.


Perceptions of Support

Five questions sought to measure the adolescent mother's per-

ceptions of her support network. When asked if their present situa-

tion provided them with enough support, 21 out of the 32 responding

answered that they perceived their present situation to have enough

support. That represents 65 percent or nearly two-thirds of the

responses.

Thirty-one members responded to the question, "Do you feel over-

whelmed with household tasks and children?" Twenty-two said "yes"

while only nine said "no." Therefore, over 70 percent of these sub-

jects indicated that they felt overwhelmed with household tasks and

children.







Another question, "Do you have time to do things by yourself

that you would like to do?" had 28 respondents. Half of these mothers

indicated that they were able to get away by themselves two or less

times per month. Nearly half indicated that they got away from three

to five times per month.

When the adolescent mothers were asked if they thought this was

enough time (in reference to the previous question), fully two-thirds

of the respondents replied that they had enough time to get away by

themselves each month. This indicates a perception that there are

sufficient resources to allow them to do this.

The adolescent mothers were asked if their present living situa-

tions were happy. Thirty-two adolescent mothers responded to this

question. Nearly 60 percent described their present living situa-

tions as being happy. In summary, five questions related to the

mother's perception of her support were asked. The adolescent mothers

responded favorably to all questions, except for one. "Do you feel

overwhelmed with household tasks and children?" Over 70 percent

responded with "yes" to this question. See Tables 15, 16, and 17 for

these data.


Secondary Independent Variables

Data were collected on two secondary variables: adolescent

mother's self-concept and her life stress. The researcher was curious

about the young mothers' perceptions of themselves (self-concept5) and

about the degree of life stress they had experienced during the year

previous to their completion of the questionnaire. While the major

purpose of collecting these data for the study was descriptive,























4-,


S-




0)




-4_
QJ













4.

U
a,
0-















a)
0"

II-


0-


S.-
au


Q,


U
aJ


,.


Ca)
C i-


0
I.C



4'





0e E
S-U ( I

0 t-







Mc:-e S
(U03,
so T..
>- .<, s.


C

L.-

3C ..- C

0 0 -)-.

U) 4-)
S- 0 'r-
#D


o 0
o 0
nI-















o 0o
o o

r Lf


C%-


0
O a"
Q 1




0 0m
o>
0
0 a
0m CU







Table 16. Times per month to get away by yourself.


Times per month Frequency Percentage

Data unavailable 7 ;20.00
0- 2 14 40.00
3- 5 12 34.00
6- 8 1 3.00
9-11 1 3.00
Total 35 100.00



Table 17. Is this enough time to get away by yourself.


Response Frequency Percentage

Data unavailable 5 14.00
Yes 20 57.00
No 10 29.00
Total 35 100.00



further research is suggested utilizing these data in relationship

to other variables.


Mother's Self-Concept


Five measures of self-concept were obtained from the adolescent

mothers. A scale from 1-7 on five different measures was used. This

was a continuous scale ranging from 1-7. Higher scores indicated a

lower self-concept. Twenty-seven of the 35 adolescent mothers re-

sponded to the measure of self-concept regarding health. Over 40

percent rated themselves as having excellent health and 22 of the 27







ranked themselves in the top four ratings for health. Only one sub-

ject perceived herself as having poor health. In general, these

subjects rated themselves as being in good to relatively good health.

The mean health score was 2.26. See Table 18.


Table 18. Mother's perception of her own health.


Score Frequency Percentage

Data unavailable 8 23.00
1 (excellent) 12 34.00
2 4 11.00
3 6 17.00
4 4 11.00
5 0 0.00
6 0 0.00
7 (poor) 1 3.00
Total 35 100.00


When asked about her perception of her physical well-being, 28

subjects responded. Over 90 percent rated themselves from excellent

to good on perception of well-being. This reflects a relatively

positive sense of physical well-being. The mean score on physical

well-being was 2.63. See Table 19.

As shown in Table 20, 25 subjects responded to the measure of

perception of her own body. Of the 25 respondents to this question,

nearly one-third rated perception of their bodies as excellent, and

88 percent rated their body perception in the four most positive

rankings. This also reflects a relatively positive body image. The







Table 19. Mother's perception of her physical well-being.


Score Frequency Percentage

Data unavailable 8 23.00
1 (excellent) 7 20.00
2 6 17.00
3 6 17.00
4 7 20.00
5 0 0.00
6 1 3.00
7 (poor) 0 0.00
Total 35 100.00



Table 20. Mother's perception of her own body.


Score Frequency Percentage

Data unavailable 10 29.00
1 (excellent) 8 23.00
2 6 17.00
3 4 11.00
4 4 11.00
5 2 6.00
6 1 3.00
7 (poor) 0 0.00
Total 35 100.00



mean score for the adolescent mothers' perceptions of their own

bodies was 2.52.

When asked about their perceptions of their weight, 27 adolescent

mothers responded to this self-concept item. Over 25 percent said







that they perceived their weight to be excellent and nearly 70 percent

responded that they perceived their weight to be very good to excellent.

In terms of perceived weight, these adolescent mothers held very

positive perceptions, as shown in Table 21. The mean score was 3.00.


Table 21. Mother's perception of her own weight.


Score Frequency Percentage

Data unavailable 8 23.00
1 (excellent) 7 20.00
2 5 14.00
3 7 20.00
4 3 9.00
5 2 6.00
6 0 0.00
7 (poor) 3 9.00
Total 35 100.00



The adolescent mothers were asked how they perceived their lives

in general. Of the 27 respondents, over one-third said that they

felt very positive about their lives in general. While 70 percent of

the responses fell into the more positive categories, it is interest-

ing to note that three of the mothers responded that they perceived

their lives to be in a "poor" state. However, the mean score was

3.03, the highest average of any of the measures of self-concept. See

Table 22 for these results.

In summary, an attempt to measure the adolescent mother's self-

concept was made by asking them to characterize their health, body







Table 22. Mother's perception of her life in general.


Score Frequency Percentage

Data unavailable 8 23.00
1 (excellent 10 29.00
2 4 11.00
3 1 3.00
4 5 14.00
5 4 11.00
6 0 0.00
7 (poor) 3 9.00
Total 35 100.00



image, weight, physical well-being, and life in general. This was

done by having the subjects indicate on a continuum from 1-7 their

own perceptions of their self-concepts. In general, these single

adolescent mothers described themselves in very positive terms.

Three subjects marked their weight and life status in general as

being "poor." However, a much larger proportion of the subjects

marked responses that fell into the top four categories. The overall

mean score for the five measures of self-concept was 2.71.

Life Stress


Another secondary variable was a measure of life stress.

Twenty-five mothers completed the Holmes Stress Scale (1973) which

was a part of the questionnaire completed by the subjects. As shown

in Table 23, the stress scores were evenly distributed. There was a

range of 5 to 260. Twenty percent fell into the 161-180 category.

Most of the stress scores were moderate. The mean score was 119.72.








Table 23. Stress scores of adolescent mothers.


Score Frequency Percentage

Data unavailable 10 29.00
0- 20 2 6.00
21- 40 1 3.00
41- 60 1 3.00
61- 80 1 3.00
81-100 5 14.00
101-120 2 6.00
121-140 4 11.00
141-160 2 6.00
161-180 5 14.00
181-200 0 0.00
201-220 0 0.00
221-240 1 3.00
241-260 1 3.00
Total 35 100.00




Regression Analysis

Regression analysis was utilized in this study. Several prelimin-

ary steps were taken to analyze the dependent and independent vari-

ables. The initial procedure was to obtain an intercorrelational matrix,

using both dependent variables--Mental Development Index scores and

Psychomotor Development Index scores--and all independent variables,

which were measures of support network resources of the single ado-

lescent mothers. The independent variables were all included in the

initial correlational matrix. Specifically, the four primary categories

were 1) Measures of Communication Efforts by the Support Network







During the Infant's Hospitalization, 2) Measures of the Adolescent

Mother's Accessibility to her Support Newtork, 3) Measures of Actaul

Support Resources Available to the Adolescent Mothers, and 4) Measures

of the Adolescent Mother's Perception of Her Support. Two secondary

measures related to the adolescent mother's social support were in-

cluded; they were 1) Measures of the Adolescent Mother's Self-Concept

and 2) Measures of the Adolescent Mother's Life Stress.

The correlational matrix represents correlations between the

dependent variables, between the independent variables, and between

the dependent and independent variables. This preliminary correla-

tional study was done in order to better understand the relationships

that existed among all the variables, both dependent and independent.

The researcher was especially interested in learning 1) which indepen-

dent variables were most highly correlated with the two dependent

variables and 2) which independent variables were most highly cor-

related with one another. If independent variables were highly cor-

related to one another, then some independent variables would be

eliminated in order to increase power in the analysis.

The intercorrelational matrix code and the matrix are seen

below. Note that the code listing includes the two dependent vari-

ables and the fourteen independent variables which were utilized in

the hypothesis testing. The intercorrelational matrix is read by

reading down the left-hand column initially and then reading to the

right to determine the correlation between the two variables in

question. For example, MDI has a correlation of 1.00 with MDI,

162 with the PDI score of the infant, .33 with the number of

visits by the family, .17 with the availability of a car by the







adolescent mother, and so on. Correlations which were significant

at the .05 level of probability or less are noted with an asterisk.

Correlational matrices are helpful in providing an overview of the

relationships that exist among the dependent and independent

variables.


Correlational Code and Matrix


CORRELATIONAL MATRIX CODE

MDI = Infant's score on the Bayley Mental Development Index.

PDI = Infant's score on the Bayley Psychomotor Development
Index.

NVF = Number of visits by family during infant's hospitalization
at birth.

AVCAR = Availability of a car for the mother.

ATEL = Mother's access to a telephone.

DIFOUT = Mother's estimation of difficulty to get out to do the
things she needs to do.

NREL = Number of adult relatives/friends in the immediate area.

COUNT = Number of adult relatives/friends in the immediate area that
can be counted on in crisis.

TOG = Mother's estimation of general frequency of her interaction
with adult friends/relatives.

FREQ = Frequency per week of mother's interaction with adult
friends/relatives.
TORG = Total number of organizations the mother participates in.

ENSUPP = Mother's perception of adequacy of support system.

OVWH = Mother's perception of being overwhelmed by children and
household tasks.

GETMH = Mother's perception of times to get away by herself per month.

SUFTIM = Mother's perception of the adequacy of her time to be alone.

HAPGEN = Mother's perception of her happiness with her life situation.






















) o R o R O .


I I


S00
00
























II
N
aM






S01














ia





M o






NC C






I I



































LI I







Control Variables


A general linear regression analysis was completed in order to
ascertain which, if any, control variables should be included in the

final regression analysis. Four control variables were initially

identified, based on previous research on premature infants born to

adolescent mothers (Holstrum, 1979; Hofheimer, 1979). The four con-

trol variables investigated were 1) Mother's age at birth of infant

mageE); 2) Mother's level of education, in years (YED); 3) Infant's

birthweight, in grams (BWT); and 4) Number of days in the hospital

(infant) (NDH). As can be seen in Table 25, the following correlations

were obtained.


Table 25. Correlations of control and dependent variables.

Control variable MDI P-value PDI P-value

1) Mother's age -.18 .33 -.09 .60
2) Mother's level of education -.09 .62 -.31 .08
3) Infant's birthweight .20 .25 .05 .78
4) Number of days in hospital -.19 .32 -.09 .64



None of the four control variables were related significantly to the

two dependent variables. Therefore, the researcher made a decision

to eliminate the four control variables from further analysis.

In addition, a correlational matrix was obtained using quadratic
forms of the four control variables to determine if a quadratic rela-

tionship existed between the four control variables and the two depen-

dent variables, therefore accounting for more of the variance in the







MDI and PDI scores. As shown in Table 26, none of the four control

variables was significantly correlated with the two dependent vari-

ables when quadratic forms of the control variables were used. There-

fore, the researcher decided to 1) eliminate all four control variables

in the regression study of the support network measures with the MDI

and PDI scores and 2) to allow a linear relationship to explain the

relationship between the independent variables and the two dependent

variables.


Table 26. Correlation coefficients of four control variables in
quadratic form.


N R P-value

For MDI

1) Mother's age 32 .18 .33
2) Number of days in hospital 29 -.26 .18
3) Birthweight of infant 33 .23 .19
4) Maternal years of education 32 -.15 .41

For PDI

1) Mother's age 32 -.20 .26
2) Number of days in hospital 29 -.08 .66
3) Birthweight of Infants 33 .06 .75
4) Maternal years of education 32 -.33 .07


Hypotheses Tested

Four primary hypotheses were tested. The four primary hypotheses

tested related to measures of support network resources. These four

hypotheses and the results of the regression analyses are now presented.







HYPOTHESIS I: There will be no significant linear relationship
between measures of in-hospital communication ef-
forts by the support network and the Bayley scores
of Mental and Psychomotor Development at 12 months
of age.

For each mother-infant dyad, the number of actual visits made by

the immediate family during the infant's hospitalization was obtained.

These visits were limited to only the immediate family and were closely

monitored and recorded by the NICU (Neonatal Intensive Care .Unit) staff.

The total number of visits made by the support network was designated

as NVF. This independent variable was entered into the overall

regression model--


MDI PDI = Number of Visits to the Infant by Support Network
During Hospitalization.

Table 27 lists the R2 for each of the simple regression models tested

for MDI and PDI. The independent variable used in this analysis is a

measure of the adolescent mother's support during the infant's hos-

pitalization. More specifically, the total number of visits made by

members of the support system was obtained and used as a measure of

support for the adolescent mother.

As noted in Table 27, the simple regression model using Number of

Visits by the Support Network members yielded a very small variance

for both dependent variables, MDI and PDI. Neither of the dependent

variables showed a statistically significant relationship with the

independent variable, Number of Visits by the Family.

In summary, Hypothesis I was not rejected. There was no signifi-

cant and linear relationship between the number of visits made by the

family during the infant's hospitalization and the infant's scores on

the Bayley Mental and Physical Development Index at 12 months of age.







Table 27. Linear regression of MDI and PDI by number of visits by
support network family members during the infant's
hospitalization.

Regression model analyzed N R2 F P > F

MDI = Number of visits 24 .0005 .01 .91
PDI = Number of visits 24 .0045 .10 .74



HYPOTHESIS II: There will be no significant linear relationship be-
tween measures of the mother's accessibility to her
support network resources and her infant's scores of
development on the Bayley Mental and Psychomotor
Index at 12 months of age.
Hypothesis II tested the association of measures of the mother's

accessibility to her support network with her infant's scores of devel-

opment on the Bayley Mental and Psychomotor Index at 12 months of age.

Regression models were analyzed for the simple linear models of Mental

Development and Psychomotor Development with the three measures of the

mother's accessibility to her support network. (See Appendix for ex-

amples of these three measures.) As shown in Table 28, the proportions

of variance explained by the regression of both MDI and PDI were both

small, .08 and .10, respectively. The F values obtained from these

analyses were both nonsignificant. Therefore, the results of the

linear regression analysis failed to reject Hypothesis II. There was

no significant linear relationship between measures of the mother's

accessibility to her support network and her infant'sscores of

development on the Bayley Mental and Psychomotor Development Index at

12 months of age.







Table 28. Linear regression of MDI and PDI by measures of the
mother's accessibility to her support network resources.


Regression Model Analyzed N R2 F P > F

MDI = Three measures of
accessibility* 32 .08 .84 .482
PDI = Three measures of
accessibility 32 .10 1.16 .342

*See Appendix for examples of these three measures.


HYPOTHESIS III: There will be no significant linear relationship
between measures of the adolescent mother's actual
support network and her infant's scores on the
Bayley Mental and Psychomotor Index at 12 months of
age.
As shown in Table 29, the linear regression analysis of the meas-

ures of the adolescent mother's actual support network with the infant's

scores on the Bayley Scale of Infant Development, Mental and Psycho-

motor Indexes, yielded R2's of .026 and .142, respectively. The F

values for both analyses were nonsignificant. Therefore, the re-

searcher failed to reject Hypothesis III. There was no significant

linear relationship between measures of the adolescent mother's actual

support network and her infant's scores on the Bayley Scales of Infant

Development, Mental and Psychomotor Index, at 12 months of age.

Table 29. Linear regression of MDI and PDI by measures of the adoles-
cent mother's actual support network resources.

Regression Models Analyzed N R2 F P > F

MDI = Five measures of actual support* 32 .026 .15 .979
PDI = Five measures of actual support 32 .142 .90 .497

*See Appendix for examples of these measures.







HYPOTHESIS IV: There will be no significant linear relationship
between measures of the adolescent mother's percep-
tion of her support network and the infant's scores
on the Bayley Mental and Psychomotor Index at 12
months of age.
Five measures of the adolescent mother's perception of her support

were utilized in this analysis. As shown in Table 30, these five

measures included the mother's perception of the adequacy of her sup-

port, her perception of being overwhelmed with household tasks and

children, her perception of her amount of time to be by herself, the

adequacy of that time to be by herself, and her perception of her own

happiness in regards to her living situation.

The linear regression of the MDI scores with the five measures of

the mother's perception of her support yielded an R2 of .25 and an

F value of 1.17. This finding was nonsignificant. Therefore, Hypothe-

sis IV, as related to the MDI, was not rejected. There was no signifi-

cant linear relationship between the MDI scores and the five measures

of the mother's perception of her support network.

The linear regression of the PDI scores with the five measures of

the mother's perception of her support network yielded an R2 of .53

with an F value of 4.02, significant at the .012 level. Therefore,

Hypothesis IV, as related to the PDI regression analysis, was rejected.

There was a significant relationship between the PDI scores of the

infants and the five measures of the mother's perception of her support

network.

Listed in Table 30 are the Type I and Type IV Sums of Squares.

Results for special Type I and Type IV Sums of Squares provided useful

information. The Type I Sums of Squares measured incremental sums of

squares for the regression model as each of the five variables was







added. The Type IV Sums of Squares was the sum of squares due to

adding each variable last in the model.


Table 30. Linear regression of MDI and PDI by measures
mother's perception of her support network.


of adolescent


Regression models analyzed N R2 F P > F

MDI = Five measures of mother's
perception of her support 23 .25 1.17 .363
PDI = Five measures of mother's
perception of her support* 23 .53 4.02 .012**

Type I Sums of Squares


Variable Sums of Squares F-value P > F

GETMH 166.105 1.03 .322
SUFTIM 394.888 2.46 .134
ENSUPP 1144.50 7.13 .016**
OVWH 1209.29 7.53 .013**
HAPGEN 312.86 1.95 .80

Type IV Sums of Squares

Variable Sums of Squares F-value P > F

GETMH 158.46 .99 .33
SUFTIM 3.16 .02 .89
ENSUPP 175.23 1.09 .31
OVWH 1018.97 6.35 .02**
HAPGEN 312.86 1.95 .18

*See Appendix for examples of these measures.
**Significant at the .05 level.


As noted, two variables had F values of significance in the

Type I Sums of Squares. The mother's perception of the adequacy of

her support (ENSUPP) yielded an F-value of 7.13, significant at the

.01 level. The second variable, a measure of whether the mother felt







overwhelmed by her childrearing responsibilities and household tasks,

(OVWH), yielded an F-value which was 7.53, also significant at the

.01 level.

In the Type IV Sums of Squares, only one variable yielded an

F-value which was significant; the variable OVWH, the mother's percep-

tion of being overwhelmed by childrearing responsibilities and house-

hold tasks, yielded an F value of 6.35, significant at the .02 level.


Stepwise Regression Analyses

Two stepwise regression procedures were conducted. In the first

stepwise analysis, a regression model was entered that included both

dependent variables, MDI and PDI, and all of the independent variables.

A "Max-R" procedure was conducted in which all of the independent

variables were sorted according to maximum contribution to the variance

of each of the two dependent variables. In this procedure, the com-

puter sorted all of the independent variables in many different com-

binations, arranging the variables in a descending order of contribution

to the variances of MDI and PDI. Listed in Table 31 are the best

models as determined by the Max-R procedure.

The best models for independent variables in relation to PDI

(Physical Development Index) scores were also obtained. Again, the

regression model entered included the dependent variable, PDI, and

all of the independent variables. This sorting procedure yielded a

series of models which accounted for the greatest amount of variance

in PDI scores. Table 32 illustrates these results.




Full Text
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 EK35KT5H8_5KML1D INGEST_TIME 2011-10-24T16:24:44Z PACKAGE AA00003850_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


SUPPORT NETWORK RESOURCES OF SINGLE ADOLESCENT
MOTHERS AND DEVELOPMENT OF THEIR HIGH-RISK INFANTS
BY
DOLORES HOFFMAN STEGELIN
A DISSERTATION PRESENTED TO THE GRADUATE COUNCIL
OF THE UNIVERSITY OF FLORIDA IN
PARTIAL FULFILLMENT OF THE REQUIREMENTS
FOR THE DEGREE OF DOCTOR OF PHILOSOPHY
UNIVERSITY OF FLORIDA
1983

ACKNOWLEDGMENTS
I wish to express gratitude to the following people who helped
to make this study possible:
To Dr. Athol Packer and Dr. Michael Resnick who made this study
possible by encouraging the use of medical data to study inter¬
disciplinary research questions and to Dr. Fonda Eyler for her sug¬
gestions in the organization of the study and in the collection of
the data;
To Dr. Linda Lamme for her encouragement and responsiveness to
my needs as a doctoral student;
To Dr. Steve Olejnik, Dr. Pat Ashton, and Dr. Suzanne Krogh
for their constructive feedback during the organizational stages and
the writing process;
To my husband, Forrest, and my two children, Stephen and Amber,
for their patience and understanding during three years of graduate
work;
To my fellow graduate students, Tess, Tish, Dwight, Beth, and
Bruce, for their support and encouragement.

TABLE OF CONTENTS
PAGE
ACKNOWLEDGMENTS ii
LIST OF TABLES v
ABSTRACT vii
CHAPTER
I INTRODUCTION
1 *
II
III
Overview of Adolescent Pregnancy 1
Questions Raised by the Research 5
The Purpose of the Study 6
Hypotheses to be Studied 6 u
Definition of Terms 7
Limitations of the Study 8
REVIEW OF THE LITERATURE 11
Adolescent Pregnancy and Outcomes 11 ,3
The Theoretical Basis for Social Support Networks. 16
Research Related to Social Support Networks. ... 26
Conceptual Framework for Research on Networking
and Child Development 34
Research Related to Child Development and
Networking 35
Summary 44
METHODOLOGY
46
Design of the Study 46
Variables in this Study 47
Hypotheses to be Tested. .»■ 50
Description of Subjects 50
Instrumentation 53
Data Collection 57
Data Analysis--Regression Analysis 58
Regression Models for this Study 61
Analysis Procedure 62
Limitations of Methodology 63
Summary 64

IV
RESULTS
65
Preliminary Anaysis 65
Infant Scores 66
Hospital Visits 67
Availability of Support Resources , . . 68
Actual Support Resources 68
Organizations 72
Perceptions of Support 73
Secondary Independent Variables 74
Regression Analysis 81
Hypotheses Tested 86
Stepwise Regression Analyses ... 92
V DISCUSSION, SUMMARY, AND CONCLUSIONS 96
Discussion of Results 96
Regression Analysis 108
Stepwise Regression Analyses 113
Summary 115
Findings As Related to the Literature 116
Recommendations for Future Research 119
Implications for Parent Education 121
Conclusions 122
APPENDIX QUESTIONNAIRE 123
REFERENCES 126
BIOGRAPHICAL SKETCH 131
TV

LIST OF TABLES
TABLE PAGE
1 Out-of-wedlock births per 1,000 women 15 to 19 years
of age, 1950-1978 12
2 Independent, dependent and control variables in this
study 49
3 Birthweights of infants born to single adolescent
mothers 51
4 Ages of single adolescent mother subjects 53
5 Years of education completed by mothers 52
6 Race of single adolescent mother subjects 53
7 Distribution of the Bayley MDI and PDI scores of
infants at 12 months of age 66
8 Number of visits made by infant's immediate family
during infant's hospitalization 67
9 Support resources available to the adolescent mother . . 69
10 Actual measures of support resources: Relatives in
the area 70
11 Number of relatives and/or friends mother can count
on in times of crisis 71
12 Does mother get together with relatives/friends often. . 71
13 Times per week mother gets together with friends/
relatives 72
14 Types of organizations mothers participated in 73
15 Mother's perception of her support network 75
16 Times per month to get away by yourself 76
17 Is this enough time to get away by yourself 76
v

18 Mother's perception of her own health 77
19 Mother's perception of her physical well-being 78
20 Mother's perception of her own body 78
21 Mother's perception of her own weight ! . . 79
22 Mother's perception of her life in general 80
23 Stress scores of adolescent mothers 81
24 Correlational matrix . . 84
25 Correlations of control and dependent variables 85
26 Correlation coefficients of four control variables in
quadratic form 86
27 Linear regression of MDI and PDI by number of visits
by support network family members during the
infant's hospitalization 88
28 Linear regression of MDI and PDI by measures of the
mother's accessibility to her support network
resources 89
29 Linear regression of MDI and PDI by measures of the
adolescent mother's actual support network resources . . 89
30 Linear regression of MDI and PDI by measures of
adolescent mother's perception of her support network. . 91
31 Stepwise regression models for MDI—Max R procedure. . . 93
32 Stepwise regression models for PDI—Max R procedure. . . 94
vi

Abstract of Dissertation Presented to the Graduate Council
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of Doctor of Philosophy
SUPPORT NETWORK RESOURCES OF SINGLE ADOLESCENT
MOTHERS AND DEVELOPMENT OF THEIR HIGH-RISK INFANTS
By
Dolores Hoffman Stegelin
April 1983
Chairman: Linda L. Lairme
Cochairman: Athol Packer
Major Department: Curriculum and Instruction
The purpose of this study was to examine the association between
measures of support network resources of single adolescent mothers
and the Bayley scores of Mental and Psychomotor development attained
by their infants at 12 months of age.
The theoretical framework for this research originated from
Bronfenbrenner1s theory of ecological human development. Bronfen-
brenner, along with recent theorists Cochran and Brassard, in 1979
proposed that social support might be associated with qualitative
child development. This research was an exploratory study of this
proposed relationship.
Four hypotheses were tested, utilizing data from the Children's
Developmental Clinic at Shands Teaching Hospital, University of
Florida. Subjects were 35 mother-infant dyads. The factors of
marital status, socioeconomic status, infant's birth orther, and
neonatal condition of the infant were controlled for. All infants

were classified as high-risk due to low birthweights. Measures of
social support were obtained through a sociodemographic questionnaire
completed by the mothers. The infants' scores on the Bayley Scales of
Infant Development, Cognitive and Psychomotor Index, were used as
the dependent variables in the study.
Four measures of social support of the single adolescent mothers
were studied in relationship to scores attained by their infants on
the Bayley Scales of Mental and Psychomotor Development. Measures of
maternal social support were not associated significantly with measures
of infant development. Measures of the mother's perception of her
social support were associated significantly with the infant's scores
on the psychomotor index.
In summary, this exploratory study showed little association
between measures of social support of single adolescent mothers and
measures of their infants' cognitive and psychomotor development at
12 months of age. The results suggested there is an association
between the mother's perception of her support and the psychomotor
development of her infant. These results indicated a need for further
research as related to factors that influence the mother's perception
of her social support.
viii

CHAPTER I
INTRODUCTION
Overview of Adolescent Pregnancy
Considerable impetus on the study of the family network as a
factor in child development is encouraged by the research of
Bronfenbrenner (1974, 1979). More recently, Powell (1979) and
Cochran and Brassard (1979) have proposed theoretical frameworks for
networking as an important contributor to the qualitative development
in young children. This study addresses the relationship between
measures of support network resources of single adolescent mothers
and the qualitative development of their infants at 12 months of age,
as measured by the Bayley Scales of Mental and Psychomotor Development.
The occurrence of adolescent pregnancy and consequent parent¬
hood has risen dramatically in the past decade (Guttmacher, 1976,
1981). The proportion of births to adolescent mothers as compared to
adult mothers is currently a major national concern (Scott, 1981).
While births to adult women continue to decline, the rate of adolescent
pregnancy and childbirth continues to remain at a high level. In the
case of very young mothers (10 to 14 years of age) the rate of
adolescent pregnancy has increased noticeably in the past decade.
Compared to white females, black females maintained a high rate of
adolescent pregnancy in the past decade while the rate of adolescent
pregnancy for white females doubled during the 1970's (Guttmacher,
1

2
1981). Clearly, adolescent pregnancy presents a complex and chal¬
lenging research topic.
The consequences of adolescent pregnancy are far-reaching. Not
only does the young female experience accelerated role transition
(Bacon, 1974), but the consequences for the infant born to a very
young mother are of major concern to medical researchers. Numerous
studies document that pregnant adolescent females drop out of school,
have higher divorce rates, lower earning potential, higher rates of
child abuse, and, in general, more limited and long-term goal setting
opportunities (Furstenberg, 1976; Guttmacher, 1976, 1981).
The outcomes for the infants born to these very young mothers
are also wel1-documented. Adolescent mothers have higher incidences
of premature delivery, increased neonatal complications, and higher
infant mortality rates (Field, 1981; Monkus, 1981; Oppel and Royston,
1971; and Quay, 1981). This is especially true for the younger
adolescent mother, from 10 to 14 years of age (Field, 1981). In¬
creasingly, researchers are focusing on the medical, social, psycho¬
logical, and physical consequences of adolescent pregnancy. The
adolescent mother population presents many unanswered research
questions and problems. This study addresses this unique population
and the possible relationship between support networks of adolescent
mothers and the qualitative development of their infants.
Keniston (1977) indicates that the perception that adequate
families are independent, autonomous, self-sufficient units that
insulate their members from external pressures has been challenged.
The concept of the extended family network is hardly a new one,
especially to sociologists. However, the qualitative and quantitative

3
investigation of the social support system or network as it relates
to the development of young children who transact within the framework
of that support network is a new and fertile area for research.
Bronfenbrenner's (1974) ecological theory and model of child
development characterizes the family as a system, influenced by
various neighborhood groups, community agencies, voluntary associa¬
tions, government offices and policies, as well as by broad cultural,
ideological, and political systems. While the concept of support
networks is utilized as a part of the system's theory, relatively few
investigators have linked systems of support (or networking) to the
family's qualitative growth and development, especially in relation to
the specific measures of infant cognitive, social, and physical
development.
According to Powell (1979), social networks may enhance a
family's childrearing processes by providing material, psychological,
and emotional support and by sharing information and reinforcing
accepted beliefs and behaviors that socialize adults into the parent¬
ing role. Cochran and Brassard (1979) argue that the members of the
parents' social support network influence the child's development
indirectly by their more direct influence on the parent. Transactions
and interchanges that occur frequently between members of the same
network are more likely to enhance parent functioning and children's
development.
Cannon-Bonventre and Kahn (1979) found that teenage parents rely
on informal social networks to meet a range of material needs, includ¬
ing money, housing, furniture, food, clothing, and medical assistance.
Similar studies on the use of support network systems by young

4
parents have been conducted by Epstein (1980) and Zitner and Miller
(1980). Stolz (1967) found that parents used a variety of resources
for child development information, though the principal sources were
interpersonal in nature. Epstein (1980) found that teenage mothers
who are coping well with parenting roles attribute their success to
someone who taught them to "negotiate the system" of available in¬
formation and support systems. Egeland, Breitenbucher, and Deinard
(1980) found that low-income teenage mothers rated as giving excellent
care to their infants obtained most of their child development infor¬
mation from relatives and their own childhood experiences. In a
nationwide survey of parents, including high-risk and teenage mothers,
Sparling, Lowman, Lewis, and Bartel (1978) found that there was a
strong preference of parents for interpersonal sources of information,
followed by print and audiovisual media sources. McKinlay (1973)
reported that networks appear to exert restrictive as well as enabling
influences, depending upon their characteristics.
The literature has supported the idea that parents do not rear
children in a social vacuum. Social relationships may be particularly
critical in the learning of parenting or acquisition of parenting
skills across the individual's lifespan. However, there have been
little data to support this speculation. Connectedness to others has
seemed to be associated with healthy family functioning. Parents
who have exhibited more problematic patterns of interaction, such as
abuse, have been more likely to be socially isolated. The study of
support networks utilized by parents has furthered our understanding
of forces that enhance parenting skills.

5
Questions Raised by the Research
The research literature supports the notion that support networks
are utilized by parents. Since the adolescent mother represents a
unique population, there is a need to study ways in which social sup¬
port networks affect the lives of adolescent mothers and their off¬
spring. Specifically, there is a need to investigate possible rela¬
tionships between the nature and utilization of the adolescent
mother's social support network and quantitative measures of her
infant's cognitive and psychomotor development. Several research
questions are posed.
1) What types of social support resources constitute the
adolescent mother's support network?
2) With what frequency does the adolescent mother interact
with and rely upon her support network?
3) What role does the social support network play in times of
crisis for the adolescent mother and her offspring?
4) How do adolescent mothers perceive their social support
networks?
5) How accessible are adolescent mothers to their support
networks?
6) What social, religious, educational, and political organi¬
zation play a role in the adolescent mother's support network?
7) Are social networks of adolescent mothers related to the
quality of their infants' development?

6
The Purpose of the Study
The purpose of this study was to investigate 1) the types of
support resources that make up the adolescent mother's support network
and the frequency with which she utilizes the support resources,
2) the correlation of four specific indicators of support in relation
to her infant's mental and psychomotor development scores on the
Bayley Scales of Infant Development at 12 months of age, and 3) measures
a self-concept and life stress of the adolescent mothers.
Hypotheses to be Studied
Hypothesis I. There will be no significant linear relationship
between measures of in-hospital communication efforts by members of
the support network and the Bayley scores of Mental and Psychomotor
Development of the infants at 12 months of age.
Hypothesis II. There will be no significant linear relationship
between measures of the adolescent mother's accessibility to her
support network resources and the Bayley scores of Mental and Psycho¬
motor Development of the infants at 12 months of age.
Hypothesis III. There will be no significant linear relation¬
ship between measures of actual support network resources of the
adolescent mother and the Bayley scores of Mental and Psychomotor
Development of the infants at 12 months of age.
Hypothesis IV. There will be no significant linear relationship
between measures of the mother's perception of her support network
and the Bayley scores of Mental and Psychomotor Development of the
infants at 12 months of age.

7
Definition of Terms
Single Adolescent Mother—an adolescent mother, under the age of
20, who has never been married or is separated or divorced. None of
the subjects are married at the time of the data collection and all
are lower socioeconomic status subjects.
High-Risk Infant--an infant who was placed in the Neonatal
Intensive Care Unit (NICU) at birth, due to neonatal low birthweight
or prematurity. All infants in this study were classified as "at
risk" at birth. Babies ranged in weight from 900 to 2240 grams.
Mental Development Index score (MDI)--referred to as the MDI,
this is a score obtained from the administration of the Bayley
Scales of Infant Development, Mental Development Index. The MDI scores
obtained for this study were taken when the infants were 12 months of
age. All testing was conducted at the Children's Developmental Clinic,
Shands Teaching Hospital, University of Florida, between January 1,
1979, and December 30, 1980.
Psychomotor Development Index score (PDI)--a score obtained
from administration of the Bayley Scales of Infant Development,
Psychomotor Development Index. The PDI scores obtained for this
study were taken when the infants were 12 months of age. All testing
was conducted at the Children's Developmental Clinic, Shands Teach¬
ing Hospital, University of Florida, between January 1, 1979, and
December 30, 1980.
Control Variab1es--from previous neonatal research on infants
born to very young mothers, four variables will be used as control
variables in the initial analysis. The four variables are infant’s

8
birthweight, number of days infant spent in the hospital after his/her
birth, mother's age, and mother's level of education. If these four
control variables are significantly correlated to the two dependent
variables--MDI and PDI scores--they will be used as controls in order
to reduce the error variance when investigating the independent
variables--measures of support network resources--in relation to the
two dependent variables, MDI and PDI scores for the infants taken at
12 months of age.
Limitations of the Study
This study includes the following limitations:
Selection of sample. The sample was selected through ex post
facto medical data. All adolescent mother subjects were single, lower
SES, and 19 years old or younger. The infant subjects were all first
born. All infants were born between January 1, 1979, and December 30,
1980, and utilized the NICU at Shands Teaching Hospital. The mother-
infant dyads were selected from a total sample of 139 dyads, based
on completeness of medical data, which may have biased the data.
However, the reasons for incompleteness of the data varied widely
from one dyad to another.
A local population. The sample was local in nature. These
mother-infant dyads were representative of a southern lower SES
population. Therefore, generalizability of the findings to a wider
or national population is not possible.
Data collection procedures. The data were collected by highly
trained medical personnel. While strict routines were followed in
this hospital setting, some variation in the collection of data must

9
be acknowledged, due to individual differences among hospital staff.
Also, the data on the adolescent mothers were collected by means of
a questionnaire. Human factors impacted this data collection process,
creating additional limitations to the study. Mothers provided
self-reported data, sometimes under conditions of fatigue and environ¬
mental interference. Self-reported data always have limitations.
The interpretation of each question may vary by the subjects. In
this particular population—lower SES and adolescent in age--the
ability to read and comprehend the questions as intended by the
researcher may have been limited.
Incomplete medical data. A final limitation to this study was
the occurrence of some incomplete data. Again, what factors caused
this are difficult to ascertain. Since many of these mothers com¬
pleted the questionnaire after several hours of waiting, the factor
of fatigue must be considered. No pressure was put on the subjects
to complete the data although hospital staff in the Children's Devel¬
opmental Clinic were always present and available for clarification
of the questions. This is a common limitation to the use of medical
data since many factors intervene in the data collection process.
Limits of correlation studies. This study was correlational.
An attempt was made to investigate possible associations between
the measures of social support of adolescent mothers and the mental
and psychomotor development of their infants. Cause and effect
relationships are not implied in this study. The researcher is at¬
tempting to ascertain possible associations between a specific kind of
variable, measures of social support, and measures of infant develop¬
ment. Other variables which may contribute to the infant's mental

10
and psychomotor development are acknowledged by the researcher. Given
the newness of the theoretical framework for this study, the researcher
chose to conduct an exploratory study, utilizing appropriate correla¬
tional procedures.

CHAPTER II
REVIEW OF THE LITERATURE
The concept of social support systems or networking has developed
primarily through the efforts of investigators in the field of
sociology. The role of social support in the qualitative develop¬
ment of young children has been identified and studied only in the
past decade. More specifically, the relationship between social
support system and specific, measurable indices of cognitive, social,
and physical development of young children has been proposed only in
recent years.
This chapter reviews the literature on the following topics:
adolescent pregnancy and outcomes for the neonate and the young
mother; the theoretical basis for social support systems and networks;
and specific research that relates to the relationship of social
support systems to such dependent factors as mental health, child
abuse, and child development.
Adolescent Pregnancy and Outcomes
The proportion of births to adolescent mothers in the United
States has increased dramatically since the 1960's. The Bureau of
the United States census in 1980 summarized the occurrence of births
to 15 to 19 year olds since 1950. In 1950, 12.6 infants were born to
every 1,000 15 to 19 year olds, out-of-wedlock. By 1960, this figure
had increased to 15.3. An escalation of births born to adolescent
11

12
mothers occurred between 1960 and 1970. By 1970, 22.4 infants were
born to every 1,000 15 to 19 year olds out-of-wedlock. The increase
continued but did level off. By 1978, the latest year for which data
were available, 25.4 births occurred out-of-wedlock to young women
between the ages of 15 to 19 years of age. This information is sum¬
marized in the table below.
Table 1. Out-of-wedlock births per 1,000 women 15 to 19 years of
age, 1950-1978.*
Year
15 to 19
years old
20 to 24
years old
1978
25.4
36.1
1975
24.2
31.6
1970
22.4
38.4
1960
15.3
39.7
1950
12.6
21.3
♦Bureau of the Census, January 1982, p. 7
The ratio of the number of out-of-wedlock births per 1,000 live
births has more than tripled since 1950 for women 15 to 19 years old
and for women 20 to 24 years old. By 1978, the latest year data are
available, 44 percent of all births to women 15 to 19 years old and
16 percent of all births to women 20 to 24 years old were classified
as occurring out-of-wedlock. The proportions are much higher for
blacks than for white women; in 1978, approximately 8 out of every
10 births to blacks 15 to 19 years old were born out-of-wedlock,

13
compared with 3 out of 10 for white women this age. These differences
between the two races can be traced to different patterns of contra¬
ceptive effectiveness and marriage (Bureau of the U.S. Census, 1982,
p. 8).
The absolute number of live births to teenagers reached a maximum
in 1972 and 1973 but has since shown some decline (Scott, 1981).
Lincoln, Jaffe, and Ambrose (1976), writing in the influential
Guttmacher report, used the term "epidemic" to describe the occurrence
of adolescent pregnancy; articles in newspapers picked up the term,
thus reinforcing the general notion that the rate of adolescent
pregnancy had escalated rapidly. Currently, over one million female
adolescents give birth annually (Guttmacher, 1981).
Zelnick and Kantner (1979), in a national probability sample of
young women, found that there have been changes in sexual activity as
indexed by mean age of first coitus. Between 1971 and 1976 the median
age of first intercourse shifted among white females from 18.9 years
to 18.1 years, and for black females from 17.1 years to 16.6 years.
Moore, Hofferth, Wertheimer, Waite, and Caldwell (1981) reported that
during the past decade, the United States witnessed a dramatic decline
in fertility rates. Despite this overall trend, fertility rates have
not fallen as rapidly among teenagers as among older women. Thus
the relatively slow decline in fertility rates among teenagers rela¬
tive to older women, combined with large teenage cohorts, has resulted
in another phenomenon--the proportion of all babies that are born to
teenage mothers has risen significantly.
In 1950, females under the age of 20 bore 12 percent of all
children and 20 percent of all first children. In 1978, they bore

14
17 percent of all children and 31 percent of all first children
(Moore, Hofferth, Wertheimer, Waite, & Caldwell, 1981). An accurate
assessment of occurrence of adolescent pregnancy might be summarized
in the following way: the actual rate of adolescent pregnancy has
not increased dramatically as some sources have indicated. Instead,
the rate of adolescent pregnancy has been sustained in a relatively
stable fashion. However, when the population as a whole has been
studied, the birth rate has definitely declined. In light of the
slowed rate of childbirth among adult women in the United States,
the rate of adolescent pregnancy must be viewed with concern. In
addition, outcomes for adolescent mothers and their infants are less
positive than for adult mothers and their offspring, as described in
the following section.
Outcomes of Adolescent Pregnancy
The adverse personal and social consequences of teenage pregnancy,
particularly in the earlier (13 to 15) years, have been well documented.
Included have been school dropout (Bacon, 1974; Furstenberg, 1976),
marital problems and divorce (Furstenberg, 1976), less psychologically
competent offspring (Furstenberg, 1976; Oppel and Royston, 1971; Field,
1981), and higher rates of abusiveness (DeLissovoy, 1973).
Early childbearing and lower educational attainment have been
documented in the research (Furstenberg, 1976; Moore and Waite,
1977; Guttmacher, 1976, 1981 ). The importance of schooling to other
life outcomes has been found repeatedly in the research. Income,
occupation, fertility, sex role orientation, unemployment, and even
the probability of divorce are affected by education (Moore et.al., 1981).

15
Scott (1981) indicated that when a wide range of medical, social, and
maternal criteria are applied to the prediction of intelligence levels
in childhood, maternal education appears as a major predictor of out¬
come. Thus the consequences of early childbearing for the young
mother have been multifaceted--educational, social, psychological, and
health-related.
Neonatal Outcomes
Studies of the neonatal outcomes of infants born to teenage
mothers suggest that these infants are a high-risk group (Field,
1981; Hoi strum, 1979; Hofheimer, 1979). The teenage population is
characterized by low socioeconomic status, poor nutrition (not only â– <,
for financial reasons but also due to cultural idiosyncracies), in¬
creased illegitimacy, and lack of early prenatal care, as well as a
higher rate of pregnancy and delivery complications (Monkus, 1981).
Field (1981) reported that previous and current research suggest that
the teenage mother and her offspring are at risk primarily due to
social, educational, and economic factors. Quay (1981) and Oppel
and Royston (1971) report that teenage mothers are more likely to
give birth to less psychologically competent offspring.
In summary, infants born to teenage mothers are at a greater
risk of being lower birth weight than infants born to mature women.
The increased risk is largely due to the frequent association between
teenage pregnancy and other factors, such as poor socioeconomic status,
poor nutrition, or lack of prenatal care (Monkus, 1981).
White (1979), writing in The Origins of Human Competence,
states

16
After 20 years of research on the origins of human
competence, we are convinced that much that shapes
the final human product takes place during the
first years of life. We are also convinced that
the traditional failure of society to offer train¬
ing and assistance to new parents has several
harmful consequences . . . put simply, people
could grow up to be more able and more secure if
their first teachers did not have to be "self-
taught and unsupported." (p. 183)
With this in mind, the concept of social support systems or networks
is now presented.
The Theoretical Basis for Social Support Networks
The concept of "social support network" or system is defined by
several investigators and theorists.
Sociologists have studied the family network or system extensively.
Buckley (1967) described a system's most fundamental property as
being the interdependence of parts or variables. Adams (1970), an¬
other family sociologist, indicated that proximity, not separation,
is the rule for American families, with geographical isolation from
kin being characteristic of only a small portion of the population.
Adams (1970) also stated that it is the "professional and managerial
families of the upper-middle class who are most likely to be separated
from their kin" (p. 578). According to Sussman and Burchinal (1962)
and Adams (1970), the working classes are more kin oriented. In
terms of daily living, then, kin seem more salient to working class
people.
Keniston (1977) described the Carnegie Council on Children in
1972 as having addressed a central issue--is child development itself
heavily influenced by its social context? (p. 1). Keniston (1977)

17
went on to say that "until policy makers and planners shift their
focus to the broad ecological pressures on children and their parents,
our public policies will be unable to do much more then help indi¬
viduals repair damage that the environment is constantly reinflict¬
ing" (p. 2). Sussman and Burchinal (1962) agreed with Keniston's
assessment of family networks and challenged the concept of the
healthy family being autonomous and independent.
Several current theorists in human development support the re¬
search of such sociologists as Adams, Buckley, Sussman, and Keniston.
Among human development researchers at the forefront are Bronfenbrenner,
Powell, Cochran, and Brassard. Bronfenbrenner (1974) presents an
"ecological model" of human development which states
At the heart of the system is the human organism,
which through its biology and "personality" establishes
many of the parameters of human behavior. Surrounding
and containing the organism is the immediate setting
which may be defined in terms of three dimensions:
design of physical space and materials, the roles and
relationships of other people to the organism, and
human activities surrounding the organism.
(Bronfenbrenner, 1974, p. 4)
Bronfenbrenner's ecological model provides a mechanism for analyzing
the development of the child and the personal social networks of
immediate family members (Cochran and Brassard, 1979). Families are
embedded in networks of relatives, neighbors, and friends. Those
network members influence the rearing of children, sometimes directly
and often indirectly. Yet such social influences have gone virtually
unrecognized by those studying child development (Powell, 1979).
Cochran and Brassard (1979) define a network as "those people
outside the household who engage in activities and exchange of an

18
affective and/or material nature with the members of the immediate
family. Membership is confined to persons outside the household
and usually consists of other kin, neighbors, friends, schoolmates,
and workmates" (Cochran and Brassard, 1979, p. 602).
Cochran and Brassard (1979) used the framework of network
analysis to assess the social ecology of the parent and child in
relation to its possible effects upon child development. They state
that families have always been embedded in networks of relatives,
neighbors, and friends. Those network members have undoubtedly in¬
fluenced the rearing of children, sometimes directly and often
indirectly.
Cochran and Brassard (1979) made a strong theoretical case for
the impact of the support system on early child development. They
stated that there are four ways in which the parent's social network
has influenced the child:
1) Co-workers can compete with the child for the parent's time.
2) The social network can link the parent to new life possi¬
bilities.
3) The social network can influence the child's development
through the parental role itself.
4) Provision of the opportunity for active participation in
the networks of his or her parents can lay the foundation for the
development of the child's own personal social network or "network
building skills" (Cochran and Brassard, 1979, p. 4).
In reference to three and four above, the following theoretical
framework was elaborated by Cochran and Brassard. The social network
can influence the child's development through the parental role itself.

19
More specifically, the parent's role is influenced by the 1) exchange
of emotional material assistance between parents and network members
(Stack, 1974; Cochran and Brassard, 1979; Furstenberg, 1976);
2) provision of childbearing controls, that is, friends, relatives,
or neighbors of parents encourage or discourage participation in pat¬
terns of parent-child interactions; and 3) availability of role models.
Parents adopt or modify some childrearing practices as a consequence
of watching the behavior of network members. Bandura (1977) pointed
out that participation is not a necessary condition for the impact of
the modeling to be manifested. Bandura also found that to have an
impact, the modeling person must be able to demonstrate the ability to
nurture or to control valuable resources.
Provision of the opportunity for active participation in the
networks of his or her parents can lay the foundation for the develop¬
ment of the child's own personal social network or network building
skills. Furthermore, Cochran and Brassard (1979) propose that there
is general acceptance of the fact that the normal child progresses
developmentally from a more to a less egocentric view of physical and
social events and structures and that this progress also involves a
cognitive shift from a concrete, stimulus-bound perception of the
world to a representation of reality which is more abstract and
symbolic. These developmental changes have significance for the
child in relation to both the personal social networks of the parents
and the development of the young child's own network-building skills.
According to Cochran and Brassard (1979), reciprocal exchange is the
major cognitive skill which is attained through the maintenance of
network relationships.

20
The developmental benefits of reciprocal exchange are cited by
Cochran and Brassard as contributing to successful participation in
the peer group, preadolescence, and adulthood. It is through ex¬
changes between parents and members of their social networks that the
child has the first opportunity to observe these reciprocal processes
at work. In contrast to Piaget's (1962) concept of reciprocity de¬
veloping due to peer exchange, Cochran and Brassard suggested that
adult members of the parent's social network provide another significant
vehicle for the development of reciprocal skills.
Finally, Cochran and Brassard (1979) emphasized in their theore¬
tical model of networking that the relationships between the child
and the network members are bidirectional in influence. The child
stimulates and reinforces the adult members of the support network to
behave in certain ways.
Very few investigators, according to Cochran and Brassard, have
examined systematically the impact of the parents' social networks
upon child development. They proposed that research be conducted in
four areas related to cognitive child development.
1) In the Piagetian sense the members of the social network
may provide the moderately conflicting and contrasting experience
which upsets the cognitive equilibrium enough to permit movement to
a higher stage of cognitive development.
2) Task completion--the parents' social network may facilitate
the development of skills required by children in goal-oriented
tasks.
3) Representation thinking--members of a social network are
sometimes present and often absent. In their absence, reference

21
to these individuals may fácil itate the development of cognitive
memory capacities.
4) Cognitive receptivity--social networks may affect the
development of cognitive receptivity or openness to new intellectual
stimuli. Hess, Shipman, Brophy and Bear (1968) found that mothers
who were involved in many rather than few out-of-home activities made
greater use of home resources in interacting with their preschool
children.
Cochran and Brassard (1979) stressed the direct influence of the
support system on the child. They cited cognitive and social stimula¬
tion as being the result of interaction with new people, varied activi¬
ties, and varied settings. Piaget (1962) described the modeling of
temper tantrums by a friend's child, which stimulated similar behavior
in his daughter. Finally, Cochran and Brassard stressed the provision
of opportunities for active participation in the networks of his/her
parents. This, according to Cochran and Brassard, contributed to the
child's own personal social network and encouraged the "network¬
building skills."
How personal, social, support networks influence the child's
development can be summarized as follows: network influences are
both direct and indirect. They include the sanctioning of parental
behaviors and the provision of material and emotional support for
both parent and child. Network members also serve as models for
parent and child. These processes (stimulation, modeling, involvement)
interact with the developmental age of the child to "stimulate the
basic trust, empathy, and mastery of the reciprocal exchange skills
essential to network functioning" (Cochran and Brassard, 1979, p. 605).

22
McKinlay (1973) states that although of considerable potential,
the concept of a social network is one of the most underdeveloped and
underemployed concepts in present-day sociology (p. 275) . Sussman and
Burchinal (1962) state that before 1940 most Americans rejected the
notion that receiving aid from their kin is a good thing. Then, a
new empiricism emerged in the late 1940's that questioned the per¬
sistence of the isolated nuclear family notion and presented evidence
to support the viability of kin family network in industrial society.
Today, empirical evidence from studies by investigators in a variety
of disciplines substantiates the notion that the extended kin family
carries on multitudinous activities that have implications for the
functioning of other social systems of the society. "The major
activities linking the network are mutual aid and social activities
among kin related families" (Sussman and Burchinal, 1962, p. 235).
Simm and Belz (1980) describe the network in terms of learning
theory. "It is clear that for many types of learning problems and
situations, the learner's impulse is to seek out another individual
within his or her own social network so that assistance can be acquired
about the learning project in question" (p. 22). Essentially, Simm
and Belz conceptualize the social support network into many possible
learning situations or environments, whereby the learners adapt their
own resources within the framework available to them. This process
has been described as substantially one of information processing or
the exchange of information. Furthermore, Simm and Belz have stated
that networking enhances learning rather than inhibits it, as has
been the case in more traditional learning modes. Mitchell (1969)

23
also described networks as "communication links" which act as vehicles
for the flow of information.
Luikart (1977) utilized a learning approach to his definition
of networking. Luikart described self-directed learners as those who
are most likely to seek out and receive help from other individuals
with whom they have a common bond.
Finally, Caplan (1974) defined a support system or network to
be an "enduring pattern of continuous or intermittent ties that play
a significant part in maintaining the psychological and physical
integrity of the individual over time" (p. 9).
Thus, in recent years, the significance of support systems,
often called networking, has been emphasized by many people in many
professions, but especially the helping professions. Waters (1981)
suggested that while supports are important to people throughout their
lives, they are crucial at times of transition.
Caplan (1974) noted that the concept of support systems has
focused on the health-promoting forces at the person-to-person and
social levels which enable people to master the challenges and strains
in their lives. Therefore, Caplan urges investigators to utilize the
network concept from the standpoint of being a "wellness" rather than
a sickness model, an approach that examines methods people use to
acknowledge and mobilize their strengths. In Caplan1s view, the major
feature of support networks is that the person with a problem is
"dealt with as a unique individual. . . . Significant others help
the individual to mobilize his psychological resources and master his
emotional burdens; they share his tasks and they provide him with
extra supplies of money, materials, tools, skills, and cognitive

24
guidance to improve his handling of his situation" (p. 5-6). Caplan
conceptualizes the support network in a positive fashion. To Caplan,
the notion of support represents an enrichment of existing strengths,
rather than a propping up of someone who is weak.
Gourash (1978) reviewed the literature on help-seeking behavior
and concludes that help-seeking is a critical aspect in the nuclear
family's ability to cope and survive in time of crisis. Help-seeking
is defined by Gourash as "any communication about a problem or trouble¬
some event that is directed toward obtaining support, advice, or
assistance in times of distress" (p. 414). This conceptualization of
support systems is defined, then, in a help-seeking fashion. Gourash
describes help-seeking as encompassing requests for assistance from
friends, relatives, and neighbors as well as professional helping
agents.
Zimbardo and Formica (1963) described people who solicit help as
usually looking for comfort, reassurance, and advice. Booth and
Babchuck (1972), Litman (1974), and Quarantelli (1960) all found that
individuals tend to turn initially to family and friends and, as a
last resort, to professional services and agencies. Rosenblatt and
Mayer (1972) found that the sole use of professional services occurs
much less freuqntly than either exclusive reliance on family and
friends or help-seeking from both the social network and professional
sources.
Gourash (1978) posited that members of the support network can
affect help-seeking in a number of ways: 1) by buffering the experi¬
ence of stress which obviates the need for help; 2) by precluding
the necessity for professional assistance through the provision of

25
instrumental and affective support; 3) by acting as screening and
referral agents to professional services; and 4) by transmitting attitudes
values, and norms about help-seeking (p. 416).
Speck and Rueveni (1969) utilized the social network concept
in developing a therapy network for dysfunctional family units.
Speck and Rueveni (1969) defined social network as "a group of per¬
sons who maintain an ongoing significance in each other's lives by
fulfilling specific human needs" (p. 184). Like Sussman, Speck and
Rueveni have rediscovered that even in our own culture of nuclear
families, the extended family kinship system still plays a significant
role in the adaptation of nuclear families. Utilizing this approach,
Speck and Rueveni (1969) successfully treated schizophrenic individuals
by assembling family therapy networks, some numbering as many as 40
people.
In summary, the notion of support systems or networking is
defined and described by several investigators and theorists, from
sociology to the helping professions. Support systems contribute not
only to positive mental health, but there is some evidence that the
absence of support networks is associated with negative outcomes,
as described in the subsequent section on research related to sup¬
port systems. It is suggested that help-seeking is especially
crucial in times of transition or crisis (Waters, 1981). Adolescent
pregnancy thrusts the young female into accelerated role transition,
thus placing her in a crisis situation (Bacon, 1974). Thus, the
need for social support for the adolescent mother appears to be
critical at this time in her life.

26
Research Related to Social Support Networks
In the previous section, the relatively recent emphasis on the
role of support systems or networks is established. Research utiliz¬
ing support systems as a predictor variable has been conducted. The
implications from this research are that social support systems are
important to persons through all stages of the lifespan. Cobb (1976)
summarized the research on social support and concludes that it plays
a critical role in moderating crisis situations. While most of the
research identifies social support as a positive force in human
lives, McKinlay's (1973) study found that social support systems may
discourage the use of medical facilities. Tolsdorf (1976) concluded
from his study of nonpsychiatric and psychiatric subjects that mental
health may be correlated with the quality and quantity of one's
social support system and the ability to draw upon its many re¬
sources. Berkman and Syme (1979) reported that social circumstances
such as social isolation may have pervasive health consequences to
the individual, such as vulnerability to disease in general and even
death. Swick, Brown and Watson's (1980) study finds that neighbor¬
hoods that have a higher degree of social interaction, less transience,
and more child-child interaction are perceived by residents to be
more supportive.
McKinlay (1973) conducted a study of social networks, lay con¬
sultation, and help-seeking behavior. McKinlay addressed the gen¬
eral question, "What is the apparent role of the family, and its kin
and friendship networks, in the utilization of services?" Utilizing
two approaches--sociodemographic data (such as geographic proximity

27
of friends and relatives and frequency of contact with them) and
open-ended responses to hypothetical questions/situations--McKinlay
studied 87 unskilled working-class families, consisting of two sub¬
samples of "utilizing" and "underutilizing" respondents.
The subjects were drawn from a centralized hospital-based
maternity clinic in Aberdeen City, Scotland, and interviewed four
times over a period of about one and a half years. Women who attended
the central hospital clinic at least once after the birth of their
infants were included in the study. A woman was regarded as a
"utilizer" if she a) attended the clinic for the first antenatal
visit before the end of the 17th week of gestation and b) having
had the pregnancy confirmed by the obstetric staff, attended regularly
for antenatal care.
A woman was regarded as an "underutilizer" if she a) had no ante¬
natal preparation at all, b) attended for some form of care only
after the 28th week of gestation, or c) was an emergency admission
during labor without any previous prenatal care, or d) defaulted
from her clinic appointments more than three times consecutively
without offering an excuse.
The subjects were a random sample consisting of 48 underutilizers
(40 multiparae and 8 primigrávida) and 39 utilizers (24 multiparae
and 15 primigrávida). The variables studied were components of kin¬
ship and friendship network.
The findings indicate that more underutilizers had relatives
living in the same house and, when their presence was controlled for,
still had more relatives living close geographically, despite com¬
parable numbers of relatives seen by members of both study groups.

28
The utilizers—whether multiparous or primiparous--visited with
relatives less frequently than did underutilizers. Utilizers made
greater use of friends and husbands and less use of mothers or other
relatives and tended to consult a narrower range of lay consultants.
The findings suggest that support by family members may serve as an
aid in medical situations. Further study is needed to determine the
effect of this intervention by the family on the degree of medical
care sought by the patient.
Cobb (1976), in a review of social support as a moderator of
life stress, identifies three classes of social support: 1) informa¬
tion leading the subject to believe that he/she is cared for and
loved; 2) information leading the subject to believe that he/she is
esteemed and valued; and 3) information leading the subject to
believe that he/she belongs to a network of communication and mutual
obiigation.
Cobb summarized the research on social support as a moderator of
life stress. He suggests that there is strong and often quite hard
evidence, repeated over a variety of transitions in the life cycle
from birth to death, that social support has been protective. Con¬
vincing evidence exists that adequate social support can protect
people in crisis from a wide variety of pathological states: from
low birth weight to death, and from arthritis through tuberculosis
to depression, alcoholism, and other psychiatric illnesses. Cobb
encourages investigators to study the effect of a support system as a
moderator of life situations so that a more thorough understanding of
the role and function of support systems might be obtained.

29
Tolsdorf (1976) conducted an exploratory study of social networks,
support, and coping. Using the social network model, borrowed from
sociology and anthropology, Tolsdorf described and quantified an
individual's immediate family and those with whom he/she has regular
contact.
The purpose of the Tolsdorf (1976) study was to determine the
usefulness of the social network model in the study of stress, support,
and coping. The main interest was to expand the network model to
coping and psychopathology using a system rather than an individual¬
istic approach. Extensive interviews were conducted at the Northampton,
Massachusetts, and Newington, Connecticut, Veterans Administration
Hospitals with ten recently hospitalized, first-admission males,
hospitalized as medical (nonpsychiatric) and ten psychiatric subjects.
In the psychiatric sample, seven were diagnosed as paranoid schizo¬
phrenic, two as acute schizophrenic episode, and one simply as
schizophrenic. All subjects were male veterans matched for age,
marital status, education, and socioeconomic status.
Data were collected on the size and membership of the subjects'
social networks, the qualities of the relationships the subjects had
with their network members, the subjects' attitudes, beliefs, and
expectations toward their networks as to the role network members
could play in helping them cope with life stresses, the presence and
type of recent life stresses, and the extent and nature of their usual
coping styles.
The methodology yielded two types of data: quantitative data
that summarized the network variables and qualitative data gathered
during the interview process. Three classes of variables were found

30
to discriminate between the two groups: 1) relationship density and
multiplex relationships; 2) functional indegree and outdegree;
3) kinship members and linkages. Medical subjects tended to 1) give
and receive equal numbers of functions but psychiatric subjects tended
to receive many more functions than they provided to others; 2) the
psychiatric subjects reported fewer intimate relationships with their
network members in a network that was more heavily dominated by
family members, where functional people were in a more controlling
and dominant position and where overall there were relatively few but
relatively more powerful functional people in the network.
The medical subjects, on the other hand, reported more intimate
relationships with more people in a network that was less dominated
by family members and where functional people were on equal standing
with subjects in the exchange of support, advice, and feedback.
The qualitative data indicated that the psychiatric subjects
demonstrated negative network orientation--a set of expectations or
beliefs that it is inadvisable, impossible, useless, or potentially
dangerous to draw on network resources (p. 413). They had a history
of having not drawn on the advice, support, or feedback of their
network members, and they explicitly stated that they intended not to
draw on such supports in the future. When compared to the psychiatric
group, the medical group, by and large, held positive network ori¬
entations; the majority stated that they did seek out support and
resources of their network members, especially if they could not
handle a problem themselves.
The above data suggest that the medical subjects had more contact
with, and drew more heavily on, a broader and stronger base of network

31
resources, compared to the psychiatric subjects. Consequently, the
medical subjects received much more network support compared with the
psychiatric group. "Network mobilization" was cited frequently by the
medical subjects as a way of coping with life stresses, while psychi¬
atric subjects avoided it. In summary, medical subjects utilized
their social support networks more frequently than did the psychiatric
subjects. In this study, network utilization was associated with
healthier coping skills.
Berkman and Syme (1979) presented findings on a study of social
networks, host resistance, and mortality. The relationship between
social and community ties and mortality was assessed using the 1965
Human Population Laboratory survey of a random sample of 6928 adults
in Alameda County, California, and a subsequent nine-year follow-up
study of mortality. The findings showed that people who lacked social
and community ties were more likely to die in the follow-up period
than those with more extensive contacts. The age-adjusted relative
risks for those most isolated when compared to those with the most
social contacts were 2.3 for men and 2.8 for women. The association
between social ties and mortality was found to be independent of self-
reported physical healthy status at the time of the 1965 survey, year
of death, socioeconomic status, and health practices such as smoking,
alcoholic beverage consumption, obesity, physical activity, and
utilization of preventive health services as well as a cumulative
index.
A Chi square statistic was used in this study, modified to
include more than two comparison groups. Four sources of social
context were examined: 1) marriage, 2) contacts with close friends

32
and relatives, 3) church membership, and 4) informal and formal group
associations. With few exceptions, respondents with each type of
social tie had lower mortality rates than did respondents lacking
such connections. In every sex and age category, people who reported
having few friends and relatives and/or who saw them infrequently had
higher mortality rates than those people who had many friends and
relatives and saw them often. A Social Network Index was constructed
to summarize the effects on mortality of increasing social isolation.
The findings from this study suggest that social circumstances such
as social isolation may have pervasive health consequences, and they
support the hypothesis that social factors may influence host re¬
sistance and affect vulnerability to disease in general.
Swick, Brown, and Watson (1980) hypothesized that at least four
factors within the neighborhood determined whether it was a supportive
social network or nonsupportive network. Three issues were addressed.
1) The family's perception of itself and the outer world as
positive or negative will affect the willingness to form networks
within the neighborhood.
2) The family's perception of its needs and the needs of neigh¬
borhood members and the probability of meeting their needs within the
neighborhood will affect the willingness to form networks within the
neighborhood.
3) The degree of stress the family and neighbors are under as
well as their ability to deal effectively with stress will affect
the development of supportive networks. Swick and colleagues de¬
veloped the PNSS (Percention of Neighborhood Supportiveness Scale)
which contained questions that related to perceived neighborhood

33
support and the demographic makeup of the neighborhood. Subjects were
early childhood graduate students at the University of South Carolina
during the fall semester of 1979. There were 164 subjects, pre¬
dominantly Caucasian, married, professional educators, with middle
socioeconomic status. The subjects were administered the PNSS; Part A
consisted of 27 questions that provided demographic information about
the respondent and the respondent's neighborhood. Part B was a Likert
Scale of behaviors which might be found in supportive neighborhoods.
A Crombach Alpha internal consistency reliability coefficient of .93
was computed in a pretest.
The ANOVA revealed significant relationships for scores obtained
in Part A (Demography) and Part B (Perception of Supportiveness) for
Amount of Playtime, Age of Respondent, Type of Dwelling, Longevity in
Neighborhood, Income, Frequency of Social Activity, and Frequency of
Social Activity Involving Children. Neighborhoods were perceived as
more supportive when 1) more children played with other children;
2) slightly older adults resided in the neighborhood; 3) home owners
were more numerous; 4) higher incomes existed; and 5) longevity in
the neighborhood was present. In summary, this study evaluated a
neighborhood as to its degree of supportiveness and how the subject's
perception of the neighborhood related to the subject's attitude
about his neighborhood. Findings show that neighborhoods that had a
higher degree of social interaction, less transience, and more in¬
volvement with children were perceived as being more supportive
neighborhoods.

34
Conceptual Framework for Research on Networking
and Child Development
The current resurgence of interest in familial influences on child
behavior and development is accompanied by a strong concern for the
social and economic conditions under which families carry out their
childrearing functions (Powell, 1979). The interplay between the
social environment and the family childrearing process is relatively
uncharted terrain,and theoretical guidelines for such research are
relatively few in number. Powell (1979) makes a strong argument that
the child's socialization experience is related to the nature of the
family's interaction with its immediate social environment. The net¬
working approach views the family as an open, adaptive system whose
exchanges with the environment provided emotional and material support
for the family's childrearing functions, socialize the family into
certain childrearing beliefs, practices, and family-child relationships
(Powell, 1979). Bronfenbrenner (1974) suggests that the progressive
fragmentation and isolation of the family in its childrearing role
requires support systems that undergird parents in rearing their
children.
While research is limited, there is evidence of a strong rela¬
tionship between family life ecology and child behavior from research
on the correlates of child abuse (Garbarino, 1976; Parke, 1977) and
on the development of children in single-parent families (Hetherington
Cox, & Cox, 1977).
Parke (1977) posited a social-psychological theory of child abuse,
based on research data, in which cultural sanctioning of violence and
lack of community support systems for families are viewed as supporting

35
the development of abusive parents. Garbarino (1976) found that
the degree to which mothers have been subjected to social-emotional
stress without adequate support systems accounted for a substantial
proportion (36 percent) of the variance in rates of child abuse and
maltreatment. Hetherington, Cox, and Cox (1976) found that the lack
of support systems played a significant role in disruptions in the
development of children of mother-headed households.
As Keniston (1977) pointed out, since the early 1800's the concept
of families as autonomous units has been an integral part of the moral,
economic, and political fabric of the United States. Thus, the new
paradigm of a socioecological perspective has emerged slowly and with
some reluctance.
How personal, social, support systems influence the child's
development can be summarized as follows: network influences are both
direct and indirect. They include the sanctioning of parental be¬
haviors and the provision of material and emotional support for both
parent and child. Network members also serve as models for parent
and child. These processes (stimulation, modeling, involvement)
interact with the developmental age of the child to "stimulate the
basic trust, empathy, and mastery of the reciprocal exchange skills
essential to network functioning" (Cochran and Brassard, 1979).
Research Related to Child Development and Networking
The paradigm of the socioecological relationship to child devel¬
opment has emerged only in the last decade. Research that connects
networking with child development and behavior has been limited.
Several of these studies are now presented.

36
Stevens (1981) and Hough and Stevens (1981) stated that we have
been preoccupied with constructing and designing formal support sys¬
tems like parent education programs, Home State programs, and parent-
child center programs that have enabled parents to rear competent
children. However laudable that goal, Stevens cautions that most
parent intervention programs have been developed from ignorance.
Most researchers, according to Stevens, have not attempted to uncover
existing informal networks that enable black parents, especially,
to rear children competently. Stack (1974) found that the black
parent's social network played a significant role in the rearing
of children. Childrearing was perceived not as an isolated task of
the mothers, but rather a task to be shared by network members.
Stevens studied 300 low-income black families in a large southern
metropolitan area to see if a number of aspects of the mother's
behavior and characteristics of her network were correlated with her
infant's development. Stevens utilized a multiple correlation ap¬
proach and found that mothers who were more emotionally and verbally
responsive and who had networks composed of more females had toddlers
who were developing better, as measured by the Bayley Scales of
Infant Development. Stevens concluded from his study that "natural
networks" of black families were best left intact and undisturbed.
Stevens also concluded that intervention programs have not adequately
taken into account the role of support networks in the development of
young children.
Garbarino (1976) studied ecological correlates of child abuse.
Garbarino utilized Bronfenbrenner's ecological construct to look at
the possible correlates between child abuse and parent support systems.

37
The mediation of immediate family settings by socioeconomic forces was
hypothesized to be related to the degree to which children experienced
abuse and maltreatment. Counties of New York were chosen as units of
analysis. It was assumed that the 1973 reports recorded by the state¬
wide Central Registry were a reasonably valid index of child abuse
and maltreatment. Data reported for the period September 1, 1973, to
January 31, 1974, were used. The United States census was chosen as
the source for indices of the independent variables support systems
for parenting. The variable indices were 1) transience, 2) economic
development, 3) utilization of educational resources, 4) rurality-
urbanism, and 5) SES of the mother.
The analysis was designed to test the hypothesis that the socio¬
economic support system in the family in each county was directly
associated with the rate of child abuse and maltreatment. Stepwise
multiple regression was utilized to generate the best predictor
equation based on the independent variables.
The results indicated that the ecological context generated by
economic and educational resources was an important factor in the
etiology of child abuse and maltreatment. Overall economic distress
appeared to be important through its impact on mothers as well as
directly on the community and neighborhood. Garbarino concluded that
abuse and maltreatment was, to a large extent, related to economically
depressed mothers, often alone in the role of parent, attempting to
cope in isolation without adequate facilities and resources for their
children. The results of this study suggest that one promising way
to deal with the social problem of child abuse and maltreatment is by
dealing with the support systems of mothers.

38
Several studies have correlated infant development with socio-
environmental factors. In a study of the three-year developmental
status of high risk infants, Hoi strum (1979) investigated the develop¬
ment of premature and term infants. A multi phasic battery of tests
was used to assess the developmental status of each child and the
socioemotional environment in which she/he lived. Data were gathered
to answer the following research questions: 1) Do those infants who
were sick and/or premature at birth catch up in their developmental
status to term infants by three years of age? 2) Which of the vari¬
ables under investigation contribute the most to the prediction of
developmental status.
The study involved 102 three-year-olds born at or transferred to
Shands Hospital, University of Florida. Half of the children had
been placed in the NICU (Neonatal Intensive Care Unit) due to pre¬
maturity or illness. The others were term infants placed in the
Newborn Nursery. The children were evaluated with the Stanford
Binet, the Carrow Test for Language Comprehension, and the Beery
Developmental Test of Visual-Motor Integration. Demographic and
Socioenvironmental data were obtained through the Personal Interview,
the Stressful Life Events Checklist, and the Behavioral Interview.
Birthweights and amount of neonatal complications were obtained from
medical records.
The results showed no statistically significant differences
between the NICU and the term infants. The data suggest, however,
that the smal1-infants are still small at three years of age, and
the infants who had the greatest amount of complications were found
to be the most significant predictors of three-year developmental

39
status. Socioeconomic status contributed significantly to the pre¬
diction of IQ and visual-motor integration. It was found that mothers
with more stress experiences in their lives were more likely to per¬
ceive their children as having behavioral problems.
Bender (1980), in a study of adolescent, early childbearing,
and preventive health services, hypothesized that the high rate of
adolescent pregnancy and poor use of preventive health services by
adolescents before, during, and after pregnancy are conditioned by
factors in the adolescent's private culture. This cultural analysis
included a study of the events of pregnancy and the attitudes, be¬
liefs, and values which surround the pregnancy for 35 adolescent
mothers. The adolescents were residents of a town in the southeastern
United States called Farmville. Viewpoints of members of the community
and of health providers were used also.
Instrumentation included a schedule, a questionnaire, open-
ended interviews, and direct observation. Data were collected from
35 of 76 adolescents who had given birth in Farmville in 1976.
Materials from ten of these interviews, when combined with data from
reinterviews, were developed into case studies. Data from the re¬
maining 35 interviews were incorporated into the analysis which is
organized in six themes: contraceptive knowledge, use, and responsi¬
bility; initial reactions to pregnancy; family relationships, sup¬
portive networks, acceptability of health care, and adolescent
motherhood.
The author concluded that adolescents and adults alike perceive
early, unplanned pregnancy as a mistake. The high rate of adolescent
pregnancy in Farmville was attributed to differences between the

40
private culture of adolescents and the community's public culture.
Specifically, adolescents lacked information related to contra¬
ceptives, and they were often unable or unwilling to admit that their
sexual activity violated certain cultural norms. Recommendations
for creating culturally appropriate services for adolescents were
made in keeping with the conclusions named above.
Hofheimer (1979) studied the developmental outcomes for infants
born to adolescent mothers. The primary purpose of the study was to
assess the contributions of the mother's age, perinatal risk, and
socioenvironmental and medical resources to the prediction of dimen¬
sions of the mother-infant transaction process and the developmental
status of the infant.
Data were collected in a clinical setting on an age-specific
sample of 77 mothers and their six-month old infants. Infant devel¬
opment was assessed using the Bayley Scales of Infant Development.
Mother-infant transaction was analyzed using the Adapted Beckwith
Behavior Scale (ABBS). Demographic and socioenvironmental data were
obtained from the Child and Family Development Interview.
Based upon the results of the multivariate multiple regression
analysis, the variables which were identified as predictors of mental
developments were 1) the age of the mother, 2) the type of prenatal
care of the mother, and 3) the presence of prenatal complications.
Psychomotor development was found to vary as a function of 1) respon¬
sive vocalization of the mother-infant transaction process and
2) the type of prenatal care received by the mother.
The results suggested that the infants of young mothers are at
risk for problematic mental development. The data supported the

41
idea that the mother-infant relationship is important to the infant's
development of competence. The findings suggested that more compre¬
hensive interdisciplinary models of perinatal and pediatric support
are associated with enhanced development of the infant. Also indi¬
cated was a need for the design of parent and infant-centered inter¬
ventions for the young mother in order to enrich the quality of care
and stimulation provided by the mother and thus enhance the development
of the infant.
Colletta, Hadler and Gregg (1981) studied how adolescents cope
with the problems of early motherhood. The purpose of this study
was to measure the coping responses used by adolescent mothers (N = 64),
to determine variables related to their choice of responses, and to
examine the relationship between coping responses and emotional stress.
A nonprobability sample of adolescent mothers was obtained
through the cooperation of a public school system in a large metro¬
politan area. Mothers were accepted for participation in the study
if they were between 14 and 19 years of age, had one child two years
of age or under, and were not currently married. The sample con¬
sisted of 64 black adolescents who averaged 16.27 years of age when
their children were born and 17.47 years of age at the time of the
interview.
An interview schedule was designed to elicit the mother's
perceptions of the major problems in their lives, the ways they
responded to the problem situations, and the emotional stress they
experienced in each area. Support was measured by asking the mothers
which individuals and/or institutions assisted them in each problem

42
area. Support was first coded 1 (nonsupport) to 4 (extensive support).
Intercoder reliability ranged from .84 to .91 with a mean of .87.
The results showed that the adolescent mothers' major coping
response was to ask others for assistance. This response was most
common when the young mothers were faced with task-oriented problems.
Interpersonal problems tended to elicit avoidance as a coping re¬
sponse, while conflicts with institutions elicited a range of
responses. Direct action coping responses were related to higher
self-esteem, more active support systems, and lower levels of emo¬
tional stress. The results are interpreted to indicate the impor¬
tance of support systems which help young mothers deal with their
daily problems.
These young mothers also cited isolation from peers and finances
as being their major concerns. Fifty-four percent of the mothers
were satisfied or very satisfied with the amount and quality of help
available from community services. Twenty-nine percent reported
problems with community services, and 15 percent were acutely unhappy
with the quality or availability of services. The style of coping
was related to other variables. Young mothers with high self¬
esteem and active support systems were significantly more likely to
choose an active coping strategy while there was a trend for those
with an internal locus of control to use active coping responses.
Finally, adolescent mothers with active coping styles reported lower
levels of emotional stress across problem categories.
A second major finding was that when faced with interpersonal
problems, with their parents, peers, or childcare, the mothers chose
to cope by avoiding the situation.

43
Held (1981) studied the self-esteem and social network of 62
women, 17 years of age and younger, who were in their third trimester
of pregnancy. Self-esteem was assessed by administration of the
Coopersmith Self-Esteem Inventory. Social network information was
sought by asking the adolescent to rate her perception of reactions
to the pregnancy by significant others. She was then asked to rank
these people in order of importance to her. The study population
included women from Houston's three major ethnic groups--white, black,
and Mexican-American--who were in five different program settings.
All women received medical care from the obstetrical staff of the
University of Texas Medical School.
Tests of significance were done using the Chi Square method of
correlation. In order to study self-esteem, the data were artifi¬
cially dichotomized into scores above and below 70; 70 and above are
normal scores reported for most population groups. It was statis¬
tically significant at the .05 level of confidence that almost 60
percent of black women keeping their babies scored 70 or above on the
Coopersmith Self-Esteem Test. Fewer than 30 percent of the whites and
Mexican-Americans scored 70 or above. Self-esteem was higher for
those women attending a day school for pregnant teenagers. Scores
were higher than for women at clinic sites and at the Home for Unwed
Mothers. Social Network data indicated that the mother of the ado¬
lescent was most disapproving. The father of the baby was most
approving. Ninety-two percent of the adolescents placed their mothers
as being more important to them than they themselves were. In
summary, self-esteem scores were highest among black women keeping
their babies who attended the day school for pregnant women. Held

44
suggests that future research should include longitudinal research
especially with regard to enactment of future plans.
Summary
Social support systems or networks have been defined and studied
primarily in the fields of sociology and anthropology. More recent
research has viewed the social support system in relation to family
development and functioning. Only in recent years has the possible
relationship between the social support system and specific measures
of child development been proposed. Indeed, very few studies have
focused on the mother's social support system and the qualitative
development of her young child.
The widespread occurrence of adolescent pregnancy in this society
has caused concern for the young mother, the development of her in¬
fant, and for the consequences for society in general. There is a
need to study this population of adolescent mothers in regards to
the amount of social support that they have available to them and
the consequent development of their infants. Since adolescent
mothers have experienced higher rates of prenatal and obstetric
complications and since infants born to adolescent mothers frequently
have been high-risk, low-birth-weight, due to neonatal complications,
there is a specific need to investigate possible correlations between
the support system of the adolescent mother and particular develop¬
mental measures of the infant.
There are limitations to the cited research by Held (1981),
Colletta, Hadler, and Gregg (1981), and Bender (1980). These studies
utilized questionnaires to obtain their data. The limitations of the

45
use of questionnaires included 1) the data were self-reported data;
2) incomplete data collection was more common; 3) interpretation of
questions by the subjects may have varied; and 4) they were correc¬
tional rather than experimental. Additional limitations of these
studies included the fact that the populations were local and not
national in makeup. Thus, the generalizability of these findings was
limited to such local populations and not to samples of a national
scope. However, the findings of the above studies reinforced one
another.
The implications of such research have significance for parent
education, infant development, and mother-infant interaction. Inter¬
vention for adolescent mothers has been traditionally on a formalized
basis. The possibility exists that social support systems may be a
vehicle to further means of informal intervention that might encourage
a young mother in her demanding role as a parent. Support systems
may be related to quality child development.

CHAPTER III
METHODOLOGY
Design of the Study
This study investigated the relationship between measures of
support network resources of single adolescent mothers and the cog¬
nitive and psychomotor development of their infants.
C--
The purpose of this study was to investigate 1) the types of
support network resources utilized by single adolescent mothers and
the frequency with which these support resources are used; 2) the
correlation of four indicators of support network resources to cogni¬
tive and psychomotor measures of development of the high-risk infants
at 12 months of age (both linear and stepwise regression procedures
were utilized to study the nature of the relationship between the two
dependent variables and the four independent variables, each of which
consisted of several measures of support); and 3) measures of self-
concept and life stress of the adolescent mothers.
The research design used in this study was descriptive and ex
post facto. Due to the nature of the variables--measures of existing
support network resources and measures of cognitive and psychomotor
development taken at one year of age--an ex post facto design was
required. Therefore, the interpretation of the results from this
study design was associational or relational and not causal. The
strength of the design is that it allows the investigator to study
46

47
existing variables. Also, the support network was an attribute vari¬
able and was not manipulative.
Variables in this Study
Measures of four independent variables were studied. Three of
these independent variables consist of more than one measure. The
four independent measures include
1) Measures of communication efforts made by the support network
during the infant's hospitalization in the Neonatal Intensive Care
Unit at Shands Hospital, University of Florida. A composite or
overall measure of this independent variable was obtained by totaling
the actual number of visits made by members of the support network
during the infant's hospitalization. (The length of stay in the
hospital, in number of days, will be used as a control variable in the
initial analysis.)
2) Measures of the adolescent mother's accessibility to her
support network were obtained from the sociodemographic data. Three
separate measures were grouped together to obtain this single measure.
These three measures of accessibility include 1) accessibility to a
car, 2) accessibility to a telephone, and 3) the mother's own per¬
ception of her accessibility to her support network (ease or difficulty).
See Appendix for examples of this measure.
3) Measures of the adolescent mother's actual support network
were quantified. Five questions from the sociodemographic data were
used as measures of support; these measures were grouped to obtain one
multiple correlation coefficient which was used as an overall measure
of the relationships between adolescent mother's actual support and

48
the two dependent variables. These five measures include the number
of adult relatives/friends living in the immediate area, the number
of relatives/friends that can be counted on in times of real need,
the frequency of get togethers with relatives/friends, in general and
per week, and the total number of organizations the adolescent mother
participates in. See Appendix for examples of this measure.
4) Measures of the adolescent mother's perception of her support
network were grouped to obtain an overall measure of perception of
support. These measures include the mother's perceptions of enough
support, a perception of being overwhelmed, a perception of time to be
by herself, a perception of the adequacy of that time to be by her¬
self, and a perception of the overall level of happiness with her
present living situation. See Appendix for examples of these measures.
Dependent Variables
The two dependent variables are scores attained by the admin¬
istration of the Bayley Scales of Infant Development, Mental and
Psychomotor Development Index. These scores were obtained when the
infant was 12 months old, adjusted for prematurity.
Control Variables
Four variables used as control variables in the initial analysis
were measures of 1) the mother's age, in years; 2) the mother's level
of education, in years; 3) length of the infant's hospitalization, in
days; and 4) the infant's birthweight, in grams.

49
Table 2. Independent, dependent and control variables in this study.
Independent Variables
1. Measures of communication efforts by the support network
during the infant's hospitalization.
2. Measures of the mother's accessibility to her support
network.
3. Measures of actual support network resources of the
adolescent mother.
4. Measures of the mother's perception of her support network.
Secondary Variables
1. Measures of the mother's self-concept.
2. Measure of the mother's life stress.
Dependent Variables
1. The score attained by the infant when assessed with the
Bayley Scales of Infant Development, Mental Index (MDI).
2. The score attained by the infant when assessed with the
Bayley Scales of Infant Development, Psychomotor Index
(PDI).
Control Variables (Used only in primary analysis)
1. Mother's age at birth of infant, in years.
2. Mother's level of education completed, in years.
3. Infant's birthweight, in grams.
4. Number of days infant was hospitalized.

50
Hypotheses to be Tested
Hypothesis I: There will be no significant linear relationship
between measures of in-hospital communication efforts by the support
network and Bayley scores of cognitive and psychomotor development of
the infants at 12 months of age.
Hypothesis II: There will be no significant linear relationship
between measures of the mother's accessibility to her support network
resources and her infant's scores of development on the Bayley Mental
and Psychomotor Index.
Hypothesis III: There will be no significant linear relationship
between measures of the adolescent mother's actual support network
resources and her infant's scores on the Bayley Mental and Psychomotor
Index.
Hypothesis IV: There will be no significant linear relationship
between measures of the adolescent mother's perception of her support
network and her infant's scores on the Bayley Mental and Psychomotor
Index.
Description of Subjects
The following tables present descriptive data on the single
adolescent mother subjects and their 12-month old infants. The
infants in this sample ranged in weight from 800 to 2240 grams, with
the mean weight being 1415 grams. Only one infant weighed more than
1800 grams, the weight which is considered to be "at risk." All
infants were classified as premature/high risk at birth due to lower
birth weights or other medical complications. See Table 3 for a
summary of birthweights of the infant subjects.

51
Table 3. Birthweights of infants born to single adolescent mothers
(in grams).
Birthweight
Frequency
Percentage
800-1000
3
9.00
1001-1200
7
20.00
1201-1400
9
26.00
1401-1600
5
14.00
1601-1800
9
26.00
1801-2000
1
3.00
2001-2200
0
00.00
more than 2200
3.00
Total
35
100.00
Maternal Age
Table 4 presents data on maternal age which were available for
34 of the 35 subjects. Twelve of the mothers were 19 years of age
and 11 were 18 years of age. Only three mothers were age 15. There¬
fore, two-thirds of the single adolescent mothers fell into the older
category. Approximately 20 percent of the adolescent mothers were
16 years of age or under. The mean age for the mother subjects was
17.7 years of age.
Maternal Level of Education
Data on education completed by adolescent mother subjects were
available for 34 of the 35 subjects, as shown in Table 5. Over half
(18) of the mothers had completed 12 years or more of education.
The mean level of maternal education was 10.9 years. Only three
mothers had completed nine years or less.

52
Table 4. Ages of single adolescent mother subjects (by years).
Age
Frequency
Percentage
15
3
9.00
16
4
12.00
17
4
12.00
18
11
32.00
19
12
35.00
Total
34
100.00
Table 5. Years of education completed by mothers (in years).
Years of education
Frequency
Percentage
9 or less
3
9.00
10
6
18.00
11
7
21.00
12
16
47.00
13 or more
2
6.00
Total
34
100.00
Mother's Race
Of the 35 single adolescent mothers, 33 were black and 2 were
white. Table 6 presents the data on the race of the mother subjects.
This population sample reflected a rather homogeneous group of single
adolescent mother subjects, both for race and socioeconomic status.
All mothers were lower SES, as indicated by their responses on the
personal data part of the questionnaire; all subjects indicated lower
incomes.

53
Table 6. Race of single adolescent mother subjects.
Race
Number of Subjects
Percentage
Black
33
94.00
White
2
6.00
Other
0
00.00
Total
35
100.00
In summary, the subjects for this study were single adolescent
mothers whose high-risk infants were placed in the Neonatal Intensive
Care Unit at Shands Teaching Hospital, University of Florida, during
the period from January 1, 1979, through December 31, 1980. All
mothers were less than 20 years of age and were classified as 1) never
married, 2) divorced, or 3) separated. Only medical files which were
complete were included in this study.
Instrumentation
The instrument used to collect data on the adolescent mother's
support system was a personal questionnaire administered to the mother
when she brought her child for assessment. Sociodemographic informa¬
tion was coded from the personal interview and categorized into sub¬
headings of measures of support. The following categories were
obtained: 1) measures of communication efforts by the support network
during the infant's hospitalization, 2) measures of the adolescent
mother's accessibility to her support network, 3) measures of actual
support network resources available to the mothers, and 4) measures
of the mother's perceived support.

54
Listed below are the specific questions used in this study.
I. Measures of Indicators of Communication between the Support
System of the Mother and the Infant during the Infant's Hos¬
pitalization. The total number of visits made by members of
the support network was obtained from hospital records.
II. Measures of Mother's Accessibility to Support Network..
a. Do you own or have access to a car? YES NO
b. Do you have a telephone? YES NO
c. How difficult is it for you to get out and do what
you need to do?
YES = very difficult; somewhat difficult; depends
NO = somewhat easy; very easy
III. Measures of Actual Support Available to the Adolescent Mother.
a. How many relatives/friends live around your area (adults)?
total number
b. How many of these relative/friends can you count on in
times of real need? total number
c. Do you get together often with friends and relatives?
YES NO
d. How many times a week?
NOT OFTEN = never; rarely (up to once every few months)
OFTEN = sometimes (a few times a month to once a week);
often (a few times a week); very frequently (every day)
e. Do you belong to any organizations such as social,
religious, educational, or political groups?

55
soc i al religious educational political =
total number of organizations
IV. Measures of Mother's Perception of Support Network Resources.
a. Does your present situation provide you with enough or not
enough support? YES = enough, sometimes
NO = not enough; not at all
b. Do you feel you're overwhelmed with household tasks and
children? NO = never; infrequently
YES = sometimes; often; all the time
c. How many times a month do you get away by yourself to do
something you would like to do? (total)
d. Do you think this is enough time? NO = not enough
YES = enough or too much
e. On the whole, would you describe your present living
situation as happy? NO = very unhappy; somewhat unhappy;
neutral
YES = somewhat happy; very happy
Responses that were YES or NO were quantified by assigning a
value of 0 to No and a value of +1 to Yes. A point biserial correla¬
tion coefficient was determined for each dichotomous response. The
responses were categorized into four independent general support
variables. Three of the support variables consisted of three or more
measures. These measures were grouped by their correlation coefficients
to form multiple correlation coefficients. These were 1) accessibility
to support, 2) actual measures of support, and 3) the mother's per¬
ception of her support. The fourth independent variable, support by

56
the network during the infant's hospitalization, was quantified by
totaling the actual number of visits made by the family during the
infant's hospitalization. A numerical total was obtained, thus
quantifying this independent variable for the purpose of analysis.
The instrument used to collect data on the infants' development
was the Bayley Scales of Infant Development, Mental and Psychomotor
Indexes. This instrument has been used in child development settings
for over thirty years. Bayley (1969) reported a correlation of .60
between the Mental and Motor Scales. The split-half reliability
coefficient for the Mental Scales was .88 and for the Motor Scale, .84.
The coefficient of correlation between scores obtained on the Bayley
and the Binet was .57, with considerable restriction on the range of
scores on both tests, especially the Binet.
The mental scale is designed to assess sensory-perceptual acuities,
discriminations, and the ability to respond to these; the early acqui¬
sition of "object constancy" and memory, learning and problem-solving
ability; vocalizations and the beginnings of verbal communication; and
early evidence of the ability to form generalizations and classifica¬
tions. Results of the Mental Scale are expressed as a standard score,
the MDI, or Mental Developmental Index.
The Motor Scale is designed to provide a measure of the degree
of control of the body, coordination of the large muscles and finer
manipulatory skills of the hands and fingers. The Motor Scale is
specifically directed toward behaviors reflecting motor coordination
and skills and is not concerned with "mental" or "intelligent" func¬
tions. Results of administration of the Motor Scale are expressed

57
as a standard score, the PDI, or Psychomotor Development Index
(Bayley, 1969, p. 3).
Data Collection
The data for this study were obtained from medical files at the
Children's Developmental Services Project at Shands Teaching Hospital,
Gainesville, Florida. Sociodemographic data on the adolescent mothers
were taken from the personal questionnaire administered to the mother
when her infant was six months old. These data consist of 1) measures
of communication efforts made by the support network during the in¬
fant's hospitalization, 2) measures of the mother's accessibility to
her support network, 3) measures of the mother's actual support re¬
sources, and 4) measures of the mother's perception of her support
network. In addition, two other secondary variables were studied
descriptively. They were 1) measures of the mother's self-concept
and 2) the mother's life stress score for the previous year. Data on
the infants were obtained from medical files at Shands Teaching
Hospital. Bayley Scales for Physical and Psychomotor Development
were obtained, and these scores were taken from administration of the
Bayley on the infants at 12 months of age. The data were obtained
from complete medical folders from January 1, 1979, through December 31,
1980. The researcher signed a confidentiality oath in conjunction
with the Children's Research Project. All subjects gave approval for
the use of these data, with confidentiality assured by the researchers.

58
Data Analysis--Regression Analysis
Regression analysis is a statistical tool for evaluating the
relationship between one or more independent variables, X-j, X^,
. . . X to a single continuous dependent variable Y. Practical
applications of regression analysis include the following:
1) When the investigator wishes to characterize the relationship
between the dependent and the independent variables in the sense of
determining the extent, direction, and strength of the association
among these variables.
2) The researcher desires to describe quantitatively or quali¬
tatively the relationship between X-j, Xg, . . . Xn and Y, while con¬
trolling for the effects of other variables C-j > C2, . . . Cp, which
may have an important relationship with the dependent variables.
3) The researcher wants to determine which of several independent
variables are important and which are not for describing or predicting
a dependent variable. Also, the researcher may desire to rank in¬
dependent variables in their order of importance (Kleinbaum and
Kupper, 1978, p. 34-35).
Independent Variables in this Study
As indicated earlier in this chapter, the four independent
variables used in this study were made up of several measures, each
with the exception of the first independent variable, which was a
measure of support during the hospitalization of the infant; this
measure consisted of one measure—the total number of visits by the
family during the infant's hospitalization. Each of the three other

59
independent variables consisted of three or more measures. These
four variables and the measures included in each one are now presented.
Hypothesis I: Communication Efforts by the Support Network During
the Infant's Hospitalization.
X-j = total number of visits made by the support network during
the infant's hospitalization in the NICU.
Hypothesis II: Measures of the Adolescent Mother's Accessibility
to her Support Network.
X2 = adolescent mother's access to a car.
X3 = adolescent mother's access to a telephone.
X^ = adolescent mother's perception of difficulty to get out
and make contact with her support network.
Hypothesis III: Measures of Adolescent Mother's Actual Support
Network.
Xg = number of relatives/friends living in the immediate area
(adults).
Xg = number of relatives/friends living in the immediate area
that can be counted on in times of real need.
X^ = measures of frequency with which adolescent mother gets
together with relatives/friends.
Xg = frequency, per week, of mother's contact with support network
Xg = number of organizations to which adolescent mother belongs.
Hypothesis IV: Measures of Adolescent Mother's Perception of
Adequacy of Support Network.
X^g = measure of mother's perception of adequacy of support network
X.|, = mother's perception of being overwhelmed with household
tasks and childcare responsibilities.

60
X-J2 = mother's perception of frequency of time to be by herself.
X.J2 = mother's estimation of adequacy of time to be by herself.
X-j4 = mother's perception of present living situation as happy.
Secondary Variables for Descriptive Study
Five measures of self-concept were studied for descriptive pur¬
poses. These included the mother's perception of her health, physical
fitness, body shape, weight and life in general. The second variable,
life stress, was studied by obtaining a life stress score from the
questionnaire completed by the mothers. This score indicated the
types of stressful events the mother had experienced during the past
12 months prior to completing the questionnaire. A total stress
score was also obtained. See Appendix for example of questions for
these two secondary measures.
Dependent Variables
Y.| = Mental Development Index from the Bayley Scales of
Infant Development, administered to the infant at 12 months
of age.
Y2 = Physical Development Index from the Bayley Scales of
Infant Development, administered to the infant at 12 months
Control Variables
C.j = mother's age, in years.
C2 = mother's level of education, in years.
C3 = birthweight of infant, in grams.
C4 = infant's length of stay in hospital, in days.

61
These four control variables were included in the initial inter-
correlational matrix.
Regression Models for this Study
After an initial analysis which included the four control vari¬
ables cited above and which included performing reduced, full, and
partial analyses, the researcher decided to eliminate the four con¬
trol variables. None of the four variables were significantly related
to the dependent variables; therefore, it was not helpful to include
them in the final regression analysis. The final regression analysis
consisted of performing regression analysis on simple models and doing
a Max-R and a stepwise regression analysis which included all of the
independent variables.
Listed below are the regression models used in this study.
Hypothesis I: There will be no significant linear relationship be¬
tween measures of communication efforts made by the support
network during the infant's hospitalization and the MDI and
PDI scores attained by the infant at 12 months of age.
Regression Model Utilized: Y = Bg + B^X-j + E
Hypothesis II: There will be no significant linear relationship
between measures of the mother's accessibility to her support
network and the MDI and PDI scores attained by the infant at
12 months of age.
Regression Model Utilized: Y = BQ - B2X2 + B3X3 + B4X4 + E

62
Hypothesis III: There will be no significant linear relationship
between measures of the mother's actual support network re¬
sources and the MID and PDI scores attained by the infant at
12 months of age.
Regression Model Utilized: Y = BQ + BgXg + BgXg + ByX^ + BgXg
+ B^^g + E
Hypothesis IV: There will be no significant linear relationships be¬
tween measures of the mother's perception of her support and
the MDI and PDI scores attained by the infant at 12 months of
age.
Regression Model Utilized: Y = bq + biqX10 + B11X11 + B12X12
+ B13X13 + B14X14 E
Analysis Procedure
The initial intercorrelational study indicated that none of the
four control variables were significantly related to either of the
two dependent variables in the study--the MDI and the PDI scores of
the infants at 12 months of age. A decision was made to delete the
four control variables from the remaining analysis. Therefore, the
use of simple linear regression models was indicated.
A simple linear regression model was developed in order to test
each of the four major hypotheses. Three of the four regression
equations consisted of three or more measures, grouped together to
form a multiple correlation coefficient. Therefore, multiple

63
regression was utilized in testing Hypotheses II, III, and IV. The
F-values and levels of significance were determined in order to test
the four hypotheses.
Limitation of Methodology
Correlational study has been utilized extensively in educational
research. It is especially helpful because it allows the researcher
to study the extent of relationship existing between variables.
Correlational studies enable one to determine the extent to which
variations in one variable are associated with variations in another
(Ary, 1979).
There are limitations to correlational studies. Correlational
findings indicate relationships between or in association with vari¬
ables but do not imply a causal relationship. One cannot interpret
findings in correlational studies to be "cause and effect." Sec¬
ondly, the coefficient of correlation is not to be interpreted as an
absolute fact. Values of r are found for sample cases, and the extent
of relationship found in one sample need not necessarily be the same
found in another sample from the same population. Additional limita¬
tions to this study include those associated with the measurement
procedure. Data were collected from the adolescent mothers in a
self-report format. Dichotomization of responses may have limited
the accuracy of the data. The sample size is also a limitation. Re¬
strictions in the range of data and the reliability of correlation
coefficients are limitations due to small sample size.

64
Summary
Bronfenbrenner (1974) and Cochran and Brassard (1979) have
argued that the social support network of the family has a major
influence on the development of the child. Relatively few studies
have focused on measures of the family's support system and specific
measures of child development. This study focused on indicators of
social support of single adolescent mothers and their relationships
to specific measures of cognitive and physical development of their
infants. Data on the social support system of the mothers were taken
from personal interviews of the mothers which were administered to
the mother when her infant was six months old. Data on the infants
are measures of cognitive and psychomotor development as determined
by the Bayley Scales administered when the infants were 12 months old.
Linear regression and stepwise regression procedures were
utilized to study the relationship between measures of infant cog¬
nitive and psychomotor development and specific measures of social
support networks of the mothers.

CHAPTER IV
RESULTS
Preliminary Analysis
The purpose of this study was to investigate 1) the types of
support networks utilized by single adolescent mothers and the fre¬
quency with which these support networks are used, 2) the relation¬
ship of four primary measures of support network resources to cognitive
and psychomotor measures of infants of the adolescent mothers at 12
months of age, and 3) measures of self-concept and life stress of
the adolescent mother subjects.
This chapter includes the following: 1) a description of the
types of support network resources utilized by single adolescent
mothers and the frequency with which these support network resources
were used, 2) a presentation of four major hypotheses which studied
the relationship between the use of support network resources of 35
single adolescent mothers and the Bayley scores of Mental and Physical
Development of the infants at 12 months of age, and 3) a description
of the measures of self-concept and life stress of the adolescent
mother subjects.
The Bayley Scales of Infant Development were administered to
each infant at his/her 12 month evaluation. Data were availaable on
34 of the 35 infant subjects. Table 7 shows that scores ranged from
50 to 150 on the Mental Development Index (MDI) and from 29 to 138 on
65

66
the Physical Development Index (PDI). Nearly one-third of the MDI
scores fell into the 91-110 range, which is considered a "normal" or
average range. Seventeen infants had MDI scores above 110. This
represented one half of the infant population. The mean MDI score
was 109.5
Infant Scores
Table 7. Distribution of the Bayley MDI and PDI scores of infants
at 12 months of age.
MDI
PDI
Scores
Frequency
Percentage
Frequency
Percentage
Data
unavailable
1
3.00
1
3.00
50 or less
1
3.00
2
6.00
51-70
2
6.00
1
3.00
71-90
2
6.00
4
11.00
91-110
12
34.00
15
43.00
110-130
13
37.00
10
29.00
131 or more
4
11.00
2
6.00
Total
35
100.00
35
100.00
Infants scored more toward the average on the Physical Development
Index. Twenty-five scored between 91 and 130. Only two scored above
the 130 point. This indicated that infant scores fell into more of an
"average" range on PDI scores and more "above average" on MDI scores.
The mean PDI score was 99.4, 10 points below the mean of the MDI scores.

67
Hospital Visits
Data on hospital visits made by the family network during the
infant's hospitalization were available on 30 of the 35 infant sub¬
jects. Fourteen infants, nearly one-half, received six to ten visits
during their hospitalization. Eight received five or less visits
while eight received more than ten visits. A visit was recorded each
time a member of the immediate family or combination of members of
the immediate family made a visit to the infant. Data were collected
by the Neonatal Intensive Care Unit staff. See Table 8.
Table 8. Number of visits made by infant's immediate family during
infant's hospitalization.
Number of visits
Frequency
Percentage
No response
5
14.00
0 to 5
8
23.00
6 to 10
14
40.00
11 to 15
4
11.00
16 to 20
1
3.00
21 to 25
2
9.00
Total
35
100.00
The mean number of visits made by support network members was 10 with
a range of 1 to 22. The number of days in the hospital ranged from
10 to 82 days with an average of 31 days, as compared with an average
of 5 days for normal infants.

68
Availability of Support Resources
Several questions sought to determine the availability of support
resources to the single adolescent mother. Three questions asked were
1) do you have accessibility to a car? 2) do you have accessibility
to a telephone? and 3) do you think it is difficult for you to get
out and do the things you need to do?
Of the 35 respondents, 21 said they did not have accessibility
to a car. Twenty-four of the 34 subjects responded that they did
have accessibility to a telephone. This represents 70 percent of the
total number of subjects, as shown in Table 9.
When asked if it were difficult to get out to do the things they
needed to do, 20 of the 34 respondents answered "yes." This rep¬
resents 59 percent of the subjects.
Actual Support Resources
Several questions sought to determine the extent of actual support
resources available to single adolescent mothers in regards to rela¬
tives and friends. All 35 subjects responded to the question, "How
many relatives and/or friends live in the immediate area (adult)?"
Fifteen subjects responded that they had five or fewer relatives and/or
friends in the immediate area. Of these, four reported having no
adult friends and/or relatives in the immediate area. Six responded
that they had from 6 to 10 relatives and/or friends living in the
area, and 9 answered that they had 15 or less relatives and/or friends
in the immediate area. Two responded that they had between 26 and 30,
and only one subject reported having more than 35 relatives in the
area. See Table 10 for these data.

Table 9. Support resources available to the adolescent mother.
Resource
Yes
No
No response
Total
Frequency
Percent
Frequency
Percent
Frequency
Percent
Car
14
40.0
21
60.0
0
0.00
35
Telephone
24
71.0
10
30.0
1
3.00
35
Difficult to
get out
20
59.0
14
41.0
1
3.00
35

70
Table 10. Actual measures of support resources: Relatives in the
area (adult).
Number of adult
relatives and/or
friends in the area
Frequency
Percentage
0
4
11.00
1
to
5
11
31.00
6
to
10
6
17.00
11
to
15
9
26.00
16
to
20
2
6.00
21
to
25
0
0.00
26
to
30
2
6.00
31
to
35
0
0.00
more
than 35
J_
3.00
Total
35
100.00
Support During Crisis
When asked how many of these relatives and/or friends could
be counted on in times of crisis, 24 of the 33 respondents responded
with "0-5." This represents 73 percent of the total group.
Frequency of Interaction
When the adolescent mothers were asked if they got together
often with relatives and/or friends, 30 of the 34 subjects who re¬
sponded said "yes," only 4 said "no." This represents 88 percent,
a high percentage of the total group, as shown in Table 12.

71
Table 11. Number of relatives and/or friends mother can count on
in times of crisis.
Number of adults
mother can count
on in crisis
Frequency
Percentage
0 to 5
24
69.00
6 to 10
6
17.00
11 to 15
2
6.00
16 to 20
0
0.00
21 to 25
0
0.00
26 to 30
0
0.00
31 to 35
1
3.00
No response
2
6.00
Total
35
100.00
Table 12. Does mother get together with relatives/friends often.
Response
Frequency
Percentage
Yes
30
86.00
No
4
11.00
No response
J_
3.00
Total
35
100.00
Frequency of Interaction Per Week
The adolescent mothers were asked how many times per week they
got together with relatives or friends. Responses were collapsed into
the dichotomous responses of "not often" and "often." Those who re¬
sponded with "never, rarely, or sometimes" were categorized into "not

72
often." Those who responded with a "few times per week" and "very
frequently/every day" were categorized into "often."
Of the 35 mothers who responded, 23 said "not often" (never,
rarely, or sometimes). This represents nearly 66 percent of the
responses; these responses seem to contradict the answer given in the
previous question, which was a general question as to whether the
adolescent got together with relatives and/or friends often. It seems
that when the questions became more specific or focused, the mothers
responded that, in fact, they did not get together with the relatives
and/or friends very many times per week. Table 13 illustrates these
findings.
Table 13. Times per week mother gets together with friends/relatives.
Response
Frequency
Percentage
Not often
23
66.00
Often •
12_
34.00
Total
35
100.00
Organizations
Organizations are thought to be positive forms of support for
most people. This question sought to identify how many different
organizations the adolescent mothers participated in. The most common
organization identified by this population was the church. Twelve
adolescent mothers responded that they participated in a religious
organization or church. Only two reported being active in social

73
organizations, one in an educational organization, and none reported
participating in a political organization. Twenty adolescent mothers
did not participate in any type of organization, representing over
one-half of the subjects. See Table 14.
Table 14. Types of organizations mothers participated in.
Type of organization
Frequency*
Percentage
No participation
20
54.00
Social organization
4
11.00
Religious organization
12
32.00
Political organization
0
00.00
Educational organization
j_
3.00
Total
37
100.00
*0ne subject participated in more than one organization.
Perceptions of Support
Five questions sought to measure the adolescent mother's per¬
ceptions of her support network. When asked if their present situa¬
tion provided them with enough support, 21 out of the 32 responding
answered that they perceived their present situation to have enough
support. That represents 65 percent or nearly two-thirds of the
responses.
Thirty-one members responded to the question, "Do you feel over¬
whelmed with household tasks and children?" Twenty-two said "yes"
while only nine said "no." Therefore, over 70 percent of these sub¬
jects indicated that they felt overwhelmed with household tasks and
children.

74
Another question, "Do you have time to do things by yourself
that you would like to do?" had 28 respondents. Half of these mothers
indicated that they were able to get away by themselves two or less
times per month. Nearly half indicated that they got away from three
to five times per month.
When the adolescent mothers were asked if they thought this was
enough time (in reference to the previous question), fully two-thirds
of the respondents replied that they had enough time to get away by
themselves each month. This indicates a perception that there are
sufficient resources to allow them to do this.
The adolescent mothers were asked if their present living situa¬
tions were happy. Thirty-two adolescent mothers responded to this
question. Nearly 60 percent described their present living situa¬
tions as being happy. In summary, five questions related to the
mother's perception of her support were asked. The adolescent mothers
responded favorably to all questions, except for one. "Do you feel
overwhelmed with household tasks and children?" Over 70 percent
responded with "yes" to this question. See Tables 15, 16, and 17 for
these data.
Secondary Independent Variables
Data were collected on two secondary variables: adolescent
mother's self-concept and her life stress. The researcher was curious
about the young mothers' perceptions of themselves (self-concepts) and
about the degree of life stress they had experienced during the year
previous to their completion of the questionnaire. While the major
purpose of collecting these data for the study was descriptive,

Table 15. Mother's perception of her support network.
Question
Yes
No
No response
Frequency Percent Frequency Percent Frequency Percent
Do you have
enough support? 21 66.00 11 34.00 3 9.00
Do you feel over¬
whelmed by household
tasks and child-
rearing ? 22 71.00 9 29.00 4 11.00
Are you happy in
your overall
situation? 19 59.00 13 41.00 3 9.00
Total
35
35
35

76
Table 16. Times per month to get away by yourself.
Times per month
Frequency
Percentage
Data unavailable
7
20.00
0- 2
14
40.00
3- 5
12
34.00
6- 8
1
3.00
9-11
J_
3.00
Total
35
100.00
Table 17. Is this enough
time to get away by yourself.
Response
Frequency
Percentage
Data unavailable
5
14.00
Yes
20
57.00
No
10
29.00
Total
35
100.00
further research is suggested utilizing these data in relationship
to other variables.
Mother's Self-Concept
Five measures of self-concept were obtained from the adolescent
mothers. A scale from 1-7 on five different measures was used. This
was a continuous scale ranging from 1-7. Higher scores indicated a
lower self-concept. Twenty-seven of the 35 adolescent mothers re¬
sponded to the measure of self-concept regarding health. Over 40
percent rated themselves as having excellent health and 22 of the 27

77
ranked themselves in the top four ratings for health. Only one sub¬
ject perceived herself as having poor health. In general, these
subjects rated themselves as being in good to relatively good health.
The mean health score was 2.26. See Table 18.
Table 18. Mother's perception of her own health.
Score
Frequency
Percentage
Data unavailable
8
23.00
1 (excellent)
12
34.00
2
4
11.00
3
6
17.00
4
4
11.00
5
0
0.00
6
0
0.00
7 (poor)
J_
3.00
Total
35
100.00
When asked about her perception of her physical well-being, 28
subjects responded. Over 90 percent rated themselves from excellent
to good on perception of well-being. This reflects a relatively
positive sense of physical well-being. The mean score on physical
well-being was 2.63. See Table 19.
As shown in Table 20, 25 subjects responded to the measure of
perception of her own body. Of the 25 respondents to this question,
nearly one-third rated perception of their bodies as excellent, and
88 percent rated their body perception in the four most positive
rankings. This also reflects a relatively positive body image. The

78
Table 19. Mother's perception of her physical well-being.
Score
Frequency
Percentage
Data unavailable
8
23.00
1 (excellent)
7
20.00
2
6
17.00
3
6
17.00
4
7
20.00
5
0
0.00
6
1
3.00
7 (poor)
o
0.00
Total
35
100.00
Table 20. Mother's perception of her own body.
Score
Frequency
Percentage
Data unavailable
10
29.00
1 (excellent)
8
23.00
2
6
17.00
3
4
11.00
4
4
11.00
5
2
6.00
6
1 '
3.00
7 (poor)
0
0.00
Total
35
100.00
mean score for the adolescent mothers' perceptions of their own
bodies was 2.52.
When asked about their perceptions of their weight, 27 adolescent
mothers responded to this self-concept item. Over 25 percent said

79
that they perceived their weight to be excellent and nearly 70 percent
responded that they perceived their weight to be very good to excellent.
In terms of perceived weight, these adolescent mothers held very
positive perceptions, as shown in Table 21. The mean score was 3.00.
Table 21. Mother's perception of her own weight.
Score
Frequency
Percentage
Data unavailable
8
23.00
1 (excellent)
7
20.00
2
5
14.00
3
7
20.00
4
3
9.00
5
2
6.00
6
0
0.00
7 (poor)
J_
9.00
Total
35
100.00
The adolescent mothers were asked how they perceived their lives
in general. Of the 27 respondents, over one-third said that they
felt very positive about their lives in general. While 70 percent of
the responses fell into the more positive categories, it is interest¬
ing to note that three of the mothers responded that they perceived
their lives to be in a "poor" state. However, the mean score was
3.03, the highest average of any of the measures of self-concept. See
Table 22 for these results.
In summary, an attempt to measure the adolescent mother's self-
concept was made by asking them to characterize their health, body

80
Table 22. Mother's perception of her life in general.
Score
Frequency
Percentage
Data unavailable
8
:23.00
1 (excellent
10
29.00
2
4
11.00
3
1
3.00
4
5
14.00
5
4
11.00
6
0
0.00
7 (poor)
3
9.00
Total
35
100.00
image, weight, physical well-being, and life in general. This was
done by having the subjects indicate on a continuum from 1-7 their
own perceptions of their self-concepts. In general, these single
adolescent mothers described themselves in very positive terms.
Three subjects marked their weight and life status in general as
being "poor." However, a much larger proportion of the subjects
marked responses that fell into the top four categories. The overall
mean score for the five measures of self-concept was 2.71.
Life Stress
Another secondary variable was a measure of life stress.
Twenty-five mothers completed the Holmes Stress Scale (1973) which
was a part of the questionnaire completed by the subjects. As shown
in Table 23, the stress scores were evenly distributed. There was a
range of 5 to 260. Twenty percent fell into the 161-180 category.
Most of the stress scores were moderate. The mean score was 119.72.

81
Table 23. Stress scores of adolescent mothers.
Score
Frequency
Percentage
Data unavailable
10
29.00
0- 20
2
6.00
21- 40
1
3.00
41- 60
1
3.00
61- 80
1
3.00
81-100
5
14.00
101-120
2
6.00
121-140
4
11.00
141-160
2
6.00
161-180
5
14.00
181-200
0
0.00
201-220
0
0.00
221-240
1
3.00
241-260
J_
3.00
Total
35
100.00
Regression Analysis
Regression analysis was utilized in this study. Several prelimin¬
ary steps were taken to analyze the dependent and independent vari¬
ables. The initial procedure was to obtain an intercorrelational matrix,
using both dependent variables--Mental Development Index scores and
Psychomotor Development Index scores--and all independent variables,
which were measures of support network resources of the single ado¬
lescent mothers. The independent variables were all included in the
initial correlational matrix. Specifically, the four primary categories
were 1) Measures of Communication Efforts by the Support Network

82
During the Infant's Hospitalization, 2) Measures of the Adolescent
Mother's Accessibility to her Support Newtork, 3) Measures of Actaul
Support Resources Available to the Adolescent Mothers, and 4) Measures
of the Adolescent Mother's Perception of Her Support. Two secondary
measures related to the adolescent mother's social support were in¬
cluded; they were 1) Measures of the Adolescent Mother's Self-Concept
and 2) Measures of the Adolescent Mother's Life Stress.
The correlational matrix represents correlations between the
dependent variables, between the independent variables, and between
the dependent and independent variables. This preliminary correla¬
tional study was done in order to better understand the relationships
that existed among all the variables, both dependent and independent.
The researcher was especially interested in learning 1) which indepen¬
dent variables were most highly correlated with the two dependent
variables and 2) which independent variables were most highly cor¬
related with one another. If independent variables were highly cor¬
related to one another, then some independent variables would be
eliminated in order to increase power in the analysis.
The intercorrelational matrix code and the matrix are seen
below. Note that the code listing includes the two dependent vari¬
ables and the fourteen independent variables which were utilized in
the hypothesis testing. The intercorrelational matrix is read by
reading down the left-hand column initially and then reading to the
right to determine the correlation between the two variables in
question. For example, MDI has a correlation of 1.00 with MDI,
162 with the PDI score of the infant, .33 with the number of
visits by the family, .17 with the availability of a car by the

83
adolescent mother, and so on. Correlations which were significant
at the .05 level of probability or less are noted with an asterisk.
Correlational matrices are helpful in providing an overview of the
relationships that exist among the dependent and independent
variables.
Correlational Code and Matrix
CORRELATIONAL MATRIX CODE
MDI
PDI
NVF
AVCAR
ATEL
DIFOUT
NREL
COUNT
TOG
FREQ
TORG
ENSUPP
OVWH
GETMH
SUFTIM
Infant's score on the Bayley Mental Development Index.
Infant's score on the Bayley Psychomotor Development
Index.
Number of visits by family during infant's hospitalization
at birth.
Availability of a car for the mother.
Mother's access to a telephone.
Mother's estimation of difficulty to get out to do the
things she needs to do.
Number of adult relatives/friends in the immediate area.
Number of adult relatives/friends in the immediate area that
can be counted on in crisis.
Mother's estimation of general frequency of her interacion
with adult friends/relatives.
Frequency per week of mother's interaction with adult
friends/relatives.
Total number of organizations the mother participates in.
Mother's perception of adequacy of support system.
Mother's perception of being overwhelmed by children and
household tasks.
Mother's perception of times to get away by herself per month.
Mother's perception of the adequacy of her time to be alone.
HAPGEN = Mother's perception of her happiness with her life situation.

Table 24. Correlational matrix
MD1
PDI
NVF
AVCAR
DIFOUT
ATEL
NREL
COUNT
TOG
FREQ
TORG
ENSUP
OVWH
GETH
SUFTIH
HAPGEN
HD I
1.00
.62*
.33
.17
-.12
.10
.11
-.02
.06
.19
-.10
.06
-.25
.43*
.43*
.15
PDI
.62*
1.00
-.07
-.01
.22
.21
.18
.10
-.03
.12
-.28
.25
-.57*
.26
.20
.41
NVF
-.02
-.07
1.00
.07
-.14
.32
-.24
-.37
.26
.18
.19
-.19
.12
-.31
-.10
-.03
AVCAR
.18
.01
.07
1.00
.17
.24
.05
.20
-.28
-.27
.15
.11
-.17
.17
.20
.34
DIFOUT
-.02
-.22
-.14
.17
1.00
.12
.18
.07
-.13
.13
-.06
-.15
.08
-.18
-.29
-.30
ATEL
.10
.21
.32
.24
.12
1.00
-.03
-.14
.16
.20
.20
.57*
-.22
.06
.21
.28
NREL
.11
.18
-.24
.05
.18
-.03
1.00
.63*
-.39*
-.12
-.13
.06
.14
.37*
.01
-.21
COUNT
-.02
.10
-.37
.20
.07
-.14
.63*
1.00
-.23
-.02
-.14
.02
.04
-.07
-.06
.17
TOG
-.03
-.03
.26
-.28
-.13
.16
-.39*
-.23
1.00
.54*
.09
.21
.14
-.22
-.25
.29
FREQ
-.01
.12
-.18
-.27
.13
.20
-.12
-.02
.53*
1.00
.09
.22
-.10
.20
.00
-.43*
TORG
-.06
-.28
.04
.15
-.06
.20
-.13
-.14
.09
.09
.79*
.28
.24
.07
.00
-.20
ENSUP
.06
.25
-.19
.11
-.15
.57*
.06
.02
.21
.22
.28
1.00
-.29
.15
.24
.27
OVWH
-.25
-.57*
.12
-.17
.08
-.22
.14
.04
.14
.10
.24
-.29
1.00
.04
-.17
-.36
GETMH
.43*
.26
-.31
.17
-.18
.06
.37*
-.07
-.22
.20
.07
.16
.04
1.00
.54*
-.34
SUFTIM
.20
.20
-.10
.20
-.29
.21
.01
-.06
-.25
.00
.00
.24
-.17
.54*
1.00
.07
HAPGEN
.15
.41
.39
.34
-.30
.28
-.21
.17
-.29
-.43*
-.19
.27
-.36
-.34
.07
1.00
‘Significant at the .05 level or better

85
Control Variables
A general linear regression analysis was completed in order to
ascertain which, if any, control variables should be included in the
final regression analysis. Four control variables were initially
identified, based on previous research on premature infants born to
adolescent mothers (Hoistrum, 1979; Hofheimer, 1979). The four con¬
trol variables investigated were 1) Mother's age at birth of infant
(MAGE); 2) Mother's level of education, in years (YED); 3) Infant's
birthweight, in grams (BWT); and 4) Number of days in the hospital
(infant) (NDH). As can be seen in Table 25, the following correlations
were obtained.
Table 25. Correlations of control and dependent variables.
Control variable
MDI
P-value
PDI
P-value
1) Mother's age
-.18
.33
-.09
.60
2) Mother's level of education
-.09
.62
-.31
.08
3) Infant's birthweight
.20
.25
.05
.78
4) Number of days in hospital
-.19
.32
-.09
.64
None of the four control variables were related significantly to the
two dependent variables. Therefore, the researcher made a decision
to eliminate the four control variables from further analysis.
In addition, a correlational matrix was obtained using quadratic
forms of the four control variables to determine if a quadratic rela¬
tionship existed between the four control variables and the two depen¬
dent variables, therefore accounting for more of the variance in the

86
MDI and PDI scores. As shown in Table 26, none of the four control
variables was significantly correlated with the two dependent vari¬
ables when quadratic forms of the control variables were used. There¬
fore, the researcher decided to 1) eliminate all four control variables
in the regression study of the support network measures with the MDI
and PDI scores and 2) to allow a linear relationship to explain the
relationship between the independent variables and the two dependent
variables.
Table 26. Correlation coefficients of four control variables in
quadratic form.
N
R
P-value
For MDI
1) Mother's age
32
.18
.33
2) Number of days in hospital
29
-.26
.18
3) Birthweight of infant
33
.23
.19
4) Maternal years of education
32
-.15
.41
For PDI
1) Mother's age
32
-.20
.26
2) Number of days in hospital
29
-.08
.66
3) Birthweight of Infants
33
.06
.75
4) Maternal years of education
32
-.33
.07
Hypotheses Tested
Four primary hypotheses were tested. The four primary hypotheses
tested related to measures of support network resources. These four
hypotheses and the results of the regression analyses are now presented.

87
HYPOTHESIS I: There will be no significant linear relationship
between measures of in-hospital communication ef¬
forts by the support network and the Bayley scores
of Mental and Psychomotor Development at 12 months
of age.
For each mother-infant dyad, the number of actual visits made by
the immediate family during the infant's hospitalization was obtained.
These visits were limited to only the immediate family and were closely
monitored and recorded by the NICU (Neonatal Intensive Care Unit) staff.
The total number of visits made by the support network was designated
as NVF. This independent variable was entered into the overall
regression model —
MDI PDI = Number of Visits to the Infant by Support Network
During Hospitalization.
2
Table 27 lists the R for each of the simple regression models tested
for MDI and PDI. The independent variable used in this analysis is a
measure of the adolescent mother's support during the infant's hos¬
pitalization. More specifically, the total number of visits made by
members of the support system was obtained and used as a measure of
support for the adolescent mother.
As noted in Table 27, the simple regression model using Number of
Visits by the Support Network members yielded a very small variance
for both dependent variables, MDI and PDI. Neither of the dependent
variables showed a statistically significant relationship with the
independent variable, Number of Visits by the Family.
In summary, Hypothesis I was not rejected. There was no signifi¬
cant and linear relationship between the number of visits made by the
family during the infant's hospitalization and the infant's scores on
the Bayley Mental and Physical Development Index at 12 months of age.

88
Table 27. Linear regression of MDI and PDI by number of visits by
support network family members during the infant's
hospitalization.
Regression model analyzed
N
R2
F
P > F
MDI = Number of visits
24
.0005
.01
.91
PDI = Number of visits
24
.0045
.10
.74
HYPOTHESIS II: There will be no significant linear relationship be¬
tween measures of the mother's accessibility to her
support network resources and her infant's scores of
development on the Bayley Mental and Psychomotor
Index at 12 months of age.
Hypothesis II tested the association of measures of the mother's
accessibility to her support network with her infant's scores of devel¬
opment on the Bayley Mental and Psychomotor Index at 12 months of age.
Regression models were analyzed for the simple linear models of Mental
Development and Psychomotor Development with the three measures of the
mother's accessibility to her support network. (See Appendix for ex¬
amples of these three measures.) As shown in Table 28, the proportions
of variance explained by the regression of both MDI and PDI were both
small, .08 and .10, respectively. The F values obtained from these
analyses were both nonsignificant. Therefore, the results of the
linear regression analysis failed to reject Hypothesis II. There was
no significant linear relationship between measures of the mother's
accessibility to her support network and her infant's scores of
development on the Bayley Mental and Psychomotor Development Index at
12 months of age.

89
Table 28. Linear regression of MDI and PDI by measures of the
mother's accessibility to her support network resources.
Regression Model Analyzed
N R2 F P > F
MDI = Three measures of
accessibility*
32
.08
.84
.482
PDI = Three measures of
accessibility
32
.10
1.16
.342
*See Appendix for examples of these three measures.
HYPOTHESIS III: There will be no significant linear relationship
between measures of the adolescent mother's actual
support network and her infant's scores on the
Bayley Mental and Psychomotor Index at 12 months of
age.
As shown in Table 29, the linear regression analysis of the meas¬
ures of the adolescent mother's actual support network with the infant's
scores on the Bayley Scale of Infant Development, Mental and Psycho-
?
motor Indexes, yielded R s of .026 and .142, respectively. The F
values for both analyses were nonsignificant. Therefore, the re¬
searcher failed to reject Hypothesis III. There was no significant
linear relationship between measures of the adolescent mother's actual
support network and her infant's scores on the Bayley Scales of Infant
Development, Mental and Psychomotor Index, at 12 months of age.
Table 29. Linear regression of MDI and PDI by measures of the adoles¬
cent mother's actual support network resources.
Regression
Models Analyzed
N
R2
F
P > F
MDI = Five
measures of actual
support*
32
.026
.15
.979
PDI = Five
measures of actual
support
32
.142
.90
.497
*See Appendix for examples of these measures.

90
HYPOTHESIS IV: There will be no significant linear relationship
between measures of the adolescent mother's percep¬
tion of her support network and the infant's scores
on the Bayley Mental and Psychomotor Index at 12
months of age.
Five measures of the adolescent mother's perception of her support
were utilized in this analysis. As shown in Table 30, these five
measures included the mother's perception of the adequacy of her sup¬
port, her perception of being overwhelmed with household tasks and
children, her perception of her amount of time to be by herself, the
adequacy of that time to be by herself, and her perception of her own
happiness in regards to her living situation.
The linear regression of the MDI scores with the five measures of
?
the mother's perception of her support yielded an R of .25 and an
F value of 1.17. This finding was nonsignificant. Therefore, Hypothe¬
sis IV, as related to the MDI, was not rejected. There was no signifi¬
cant linear relationship between the MDI scores and the five measures
of the mother's perception of her support network.
The linear regression of the PDI scores with the five measures of
2
the mother's perception of her support network yielded an R of .53
with an F value of 4.02, significant at the .012 level. Therefore,
Hypothesis IV, as related to the PDI regression analysis, was rejected.
There was a significant relationship between the PDI scores of the
infants and the five measures of the mother's perception of her support
network.
Listed in Table 30 are the Type I and Type IV Sums of Squares.
Results for special Type I and Type IV Sums of Squares provided useful
information. The Type I Sums of Squares measured incremental sums of
squares for the regression model as each of the five variables was

91
added. The Type IV Sums of Squares was the sum of squares due to
adding each variable last in the model.
Table 30. Linear regression of MDI and PDI by measures of adolescent
mother's perception of her support network.
Regression models analyzed
N
R2 F
P > F
MDI = Five
measures of mother's
perception of her support
23 .
25 1.17
.363
PDI = Five
measures of mother's
perception of her support*
23 .
53 4.02
.012**
Type I Sums of Squares
Variable
Sums of Squares
F-value
P > F
GETMH
166.105
1.03
.322
SUFTIM
394.888
2.46
.134
ENSUPP
1144.50
7.13
.016**
OVWH
1209.29
7.53
.013**
HAPGEN
312.86
1.95
.80
Type IV Sums of Squares
Variable
Sums of Squares
F-value
P > F
GETMH
158.46
.99
.33
SUFTIM
3.16
.02
.89
ENSUPP
175.23
1.09
.31
OVWH
1018.97
6.35
.02**
HAPGEN
312.86
1.95
.18
*See Appendix for examples of these measures.
**Significant at the .05 level.
As noted, two variables had F values of significance in the
Type I Sums of Squares. The mother's perception of the adequacy of
her support (ENSUPP) yielded an F-value of 7.13, significant at the
.01 level. The second variable, a measure of whether the mother felt

92
overwhelmed by her childrearing responsibilities and household tasks,
(OVWH), yielded an F-value which was 7.53, also significant at the
.01 level.
In the Type IV Sums of Squares, only one variable yielded an
F-value which was signifcant; the variable OVWH, the mother's percep¬
tion of being overwhelmed by childrearing responsibilities and house¬
hold tasks, yielded an F value of 6.35, significant at the .02 level.
Stepwise Regression Analyses
Two stepwise regression procedures were conducted. In the first
stepwise analysis, a regression model was entered that included both
dependent variables, MDI and PDI, and all of the independent variables.
A "Max-R" procedure was conducted in which all of the independent
variables were sorted according to maximum contribution to the variance
of each of the two dependent variables. In this procedure, the com¬
puter sorted all of the independent variables in many different com¬
binations, arranging the variables in a descending order of contribution
to the variances of MDI and PDI. Listed in Table 31 are the best
models as determined by the Max-R procedure.
The best models for independent variables in relation to PDI
(Physical Development Index) scores were also obtained. Again, the
regression model entered included the dependent variable, PDI, and
all of the independent variables. This sorting procedure yielded a
series of models which accounted for the greatest amount of variance
in PDI scores. Table 32 illustrates these results.

93
Table 31. Stepwise regression models for MDI--Max R procedure.
Best model
2
Variables included R
One Variable Model
Mother1 Perception of
Enough Support .250
Two Variable Model
Number of Visits by Family
Mother's Happiness in
General .459
Three Variable Model
Number of Visits by Family
Mother's Happiness in
General .614
Mother's Self-Concept:
Physical Well-Being
Four Variable Model
Number of Visits by Family
Number of Relatives in Area
Mother's Happiness in
General .698
Mother's Self-Concept:
Physical Well-Being
Five Variable Model
Number of Visits by Family
Mother's Happiness in
General
Mother's Self-Concept:
Physical Well-Being .871
Mother's Self Concept:
Weight
Mother's Self-Concept:
Life in General
Six Variable Model
Number of Visits by Family
Get Together Each Month
Mother's Happiness in
General .912
Mother's Self-Concept: Weight
Mother's Self-Concept: Life
in General
Seven Variable Model
Number of Visits by Family
Get Together Each Month
Mother's Happiness in General
Mother's Self-Concept: Physical .944
Mother's Self-Concept: Weight
Mother's Self-Concept: Life
Stress Score of Mother

94
Table 32. Stepwise regression models for PDI--Max R procedure
Best model
Variables included
R2
One Variable Model
Mother's Perception of
Enough Support
.442
Two Variable Model
Mother's Feeling of Being
Overwhelmed
Mother's Self-Concept: Life
in General
.573
Three Variable Model
Availability of a Car
Number of Relatives
Mother's Happiness in General
Mother's Self-Concept: Life
in General
.728
Four Variable Model
Availability of a Car
Number of Relatives in Area
Mother's Happiness in General
Mother's Self-Concept: Life
in General
.795
Five Variable Model
Availability of a Car
Availability of a Telephone
Number of Relatives in Area
Mother's Happiness in General
Mother's Self-Concept: Life
in General
.811
Six Variable Model
Availability of a Car
Number of Relatives in Area
Mother's Feeling of Being
Overwhelmed
Mother's Happiness in General
Mother's Self-Concept: Life
. in General
Mother's Stress Score
.848
Seven Variable Model
Availability of a Car
Availability of a Telephone
Number of Relatives in Area
Mother's Feelings of Being
Overwhelmed
Mother's Happiness in General
Mother's Self-Concept: Life in
General
Mother's Life Stress Score
.866

95
The second regression analysis involved identifying those inde¬
pendent variables which made a significant contribution to the variance
of MDI and PDI at the .15 level. For each of the dependent variables,
the only independent variable which made such a contribution was
"enough support," which was a measure of the mother's perception of
the adequacy of her support system. For MDI, the F-value was 3.94,
significant at the .07 level. For PDI, the F-value was 9.5T, signifi¬
cant at the .0095 level.

CHAPTER V
DISCUSSION, SUMMARY, AND CONCLUSIONS
Discussion of Results
This chapter discusses the results of the study. Conclusions
are drawn and recommendations for further research are suggested.
Infant Scores
The scores from evaluation of the infant subjects with the Bayley
Scales of Mental and Physical Development were higher than the re¬
searcher had anticipated. The literature suggests that the neonatal
outcomes for infants born to very young mothers are indeed negative.
Studies by numerous researchers have reinforced the idea that babies
born to teenage mothers are "at risk" (Field, 1981; Holstrum, 1979;
and Hofheimer, 1979). The reasons for this negative outcome for
infants born to teenage mothers are complex. The teenage population
is usually characterized by low socioeconomic status, poor nutrition
(not only for financial reasons but also due to cultural idiosyncra¬
sies), increased illegitimacy, lack of prenatal care, as well as a
higher rate of pregnancy and delivery complications (Monkus, 1981).
Quay (1981) and Oppel and Royston (1971) report that teenage mothers
are more likely to give birth to less psychologically competent off¬
spring. Browman (1981) stated that demographic variables of ethnicity
and SES play prominent roles in birth weights of infants--not just
maternal age.
96

97
In this study, the scores on the MDI (Mental Development Index)
ranged from 50 to 150. Nearly one-third of the MDI scores fell into
the 91-110 range, which is considered a "normal" or average range.
More significantly, 17 infants had MDI scores above 110. This rep¬
resented one-half of the infant population. Clearly, over two-thirds
of the infants scored in the normal or above average range.
The reasons for these higher scores may be complex. A major
factor may be the age of the adolescent mothers. Two-thirds of these
mothers were 18 and 19 years of age, which is clearly in the upper age
bracket for adolescence. The infants' birthweights were in the lower
range. Nearly all of the infants were 1800 grams or below at birth.
This researcher suggests that future study be done on this infant
population to ascertain more clearly the positive forces which are
impacting their development. Also, a follow-up study might be con¬
ducted that investigates the developmental scores made by these in¬
fants at ages 24 and 36 months.
The infants scored more toward the average on the Psychomotor
test. Twenty-five scored between 91 and 130, and only two scored
above the 120 point. The infants seem to have more positive cogni¬
tive development as compared to physical development, at this particu¬
lar point in time. However, the psychomotor development scores
clearly fell into the normal or average range.
Other possible explanations for the relatively high developmental
scores were considered by the researcher. Inflated testing scores
were not thought to be a reasonable explanation since interrater
reliability among the test administrators has been established by
the Children's Developmental Clinic. Formal intervention procedures

98
were considered as a possible explanation. When these data have been
organized and quantified, follow-up studies of these infant subjects
would be appropriate. Other factors considered by the researcher in¬
cluded parental cognitive levels. Data on this variable were not
available.
Hospital Visits
The total number of hospital visits made by members of the sup¬
port network during the infant's hospitalization was obtained from
hospital records. Data were available for 30 of the infants. Of
these, 14 had 6 to 10 visits during hospitalization. This represented
nearly one-half of the subjects. The data reflected a rather steady
routine of visitation on the part of the support network and may be
indicative of the quality of support that these infants continued to
receive after departure from the hospital. The number of days of
hospitalization of the infant certainly played a part in the number of
hospital visits made by the support network members. Longer stays
in the hospital required more contacts by the network. Therefore, in
the initial analysis of this study, the number of days in the hospital
for the infant was used as a control variable.
Availability of Support Resources
Several questions sought to determine the accessibility of the
adolescent mother to her support network. When asked if they had
accessibility to a car, 21 of the 35 respondents said they did not.
This represents 60 percent of the responses and may indicate that many
of these mothers did not own their own vehicle or did not have access

99
to someone else's. This may be a significant finding. If lower SES,
black, single adolescent mothers do not have access to transportation,
does this limit their potential for interaction with others? Does
this contribute to feelings of isolation? These questions need to be
pursued, perhaps with a larger sample. Also, a comparative study of
single adolescent mothers' accessibility to support resources, based
on SES, might also be helpful in providing information on special
needs of teenage mothers. Of special interest would be the accessi¬
bility of public transportation, such as bus lines, to this population.
Twenty-four of the 34 subjects responded that they had accessi¬
bility to a telephone. This represents over 70 percent of the subjects
and indicates that the telephone is still a common means of accessibility
to support, even among this sample of lower SES subjects. Intervention
may be conducted via the telephone in the form of hot lines for
crisis situations or parent assistance programs which have volunteers
to maintain contact with young, relatively isolated parents. The high
accessibility of this population to a telephone was reassuring to
this researcher.
The third question asked the subjects if it were difficult for
them to get out and do the things they needed to do. Twenty of the
respondents answered "yes." This represents nearly 60 percent of the
total subjects responding. The perception that it is difficult to
get out to do things may be an important one. It may also indicate
that telephone accessibility alone is not adequate and that physical
forms of accessibility--such as cars, buses, or other forms of trans-
portation--may be more important to these young mothers.

100
In summary, most of these mothers had ready access to a telephone
but not a car. Most of them perceived it was difficult for them to
get out and do the things they need to do. The literature supports
the notion that isolation, or lack of accessibility to support re¬
sources, does have negative consequences. Caplan (1974) stated,
" . . . the concept of support systems has focused on the health-
promoting forces at the person-to-person level and the social level
•
which enable people to master the challenges and strains in their
lives" (p. 5-6). Gourash (1978) concluded from his research that
help-seeking is a critical aspect in the nuclear family's ability to
cope and survive in times of crisis. Finally, Garbarino (1976) found
that limited economic conditions, along with isolation, contributed
to the etiology of child abuse and maltreatment. Clearly, the feel¬
ings of isolation experienced by these mothers need to be addressed
in terms of intervention.
Actual Support Resources
Several questions dealt with measures of actual support resources
available to these adolescent mothers. When asked, "How many friends
and relatives (adults) live in the immediate area?" all 35 subjects
responded. Fifteen said that they had five or fewer relatives and
friends in the immediate area. This represents 43 percent of all
subjects. Six said they had from 6 to 10 relatives and friends living
in the area, and 9 answered they had 11 to 15. Therefore, nearly two-
thirds of the respondents answered that they had 15 or less relatives
and friends living in the immediate area. Two reported having between

101
26 and 30; only one subject reported having more than 35 relatives
and friends in the area. Four mothers reported having no relatives
in the area.
Nearly half of the mothers reported having five or less relatives
in the immediate area. The literature supports the fact that most
black, lower SES families have large extended families.. Over one-
fourth of the subjects reported having 11-15 relatives or friends in
the area. Clearly, some of the subjects did have extensive family
support potential. Perhaps a more pertinent question for further
research is not merely the actual numbers of people available for
assistance but the mother's perception of available support. This
question is addressed later in this study.
Another question asked the mothers how many of the relatives or
friends could be counted on in times of crisis. Of the 34 respondents,
24 said "0-5." This represented 73 percent of the total group and
corresponded with the responses given in the previous question.
Another 18 percent stated that they could count on from six to ten
people in times of crisis. Again, the real question may not be how
many people can the mother count on in crisis but rather, how does the
mother perceive the adequacy of her support in time of crisis.
When the adolescent mothers were asked if they got together
often with relatives or friends, 30 of the 34 subjects who responded
said "yes," and only 4 said "no." This represents a high percentage—
88 percent. This finding may be significant. In contrast to their
answer of limited accessibility to a car, these subjects reflected a
rather high degree of interaction with relatives or friends. One
wonders how these interactions occur. Do relatives or friends take the

102
initiative? Do they also provide transportation for these young
mothers? Further study of the lifestyles of these mothers is needed
in order to better understand the nature of these interactions.
A follow-up question to the previous one asked the mothers the
frequency of interaction each week that they had with friends or
relatives. Responses were collapsed into dichotomous responses of
"not often" and "often." Those who responded with "never, rarely, or
sometimes" were categorized into "not often." Those who responded
with "a few times per week" and "very frequently/everyday" were cate¬
gorized into "often." Of the 35 respondents, 23 said "not often"
(never, rarely, or sometimes). This represents nearly two-thirds of
the responses. These responses seemed to contradict the answers
given in the previous question, which was a general question as to
whether the adolescent mother got together with relatives or friends
often. It seems that when the question became more specific, the
mothers responded that, in fact, they did not get together often each
week with their relatives or friends but still perceived that the
interaction was very adequate. Self-reported data have limitations;
perhaps this is an example of questions not being clearly stated or
open to various interpretations.
Organizations
A broader definition of support systems or networks includes vari¬
ous types of organizations. Membership in organizations can be a
measure of community involvement. Swick, Brown, and Watson (1980)
found that neighborhoods which have a higher degree of social inter¬
action are perceived by residents to be more supportive. On the other

103
hand, McKinlay (1973) found that subjects who were more intricately
woven into a family support system did not utilize medical facilities
as frequently as did subjects who were not intricately bound to a
close family system. Bronfenbrenner's (1974) ecological theory and
model of child development characterizes the family unit as a system,
influenced by various neighborhood groups, community agencies, volun¬
tary associations, government offices and policies, as well as by
broad cultural, ideological, and political systems. Thus the role of
organizations and community agencies in the shaping of human develop¬
ment is still in need of further study.
This researcher was curious about the level of involvement in
organizations of these young, single adolescent mothers. Each subject
was asked to identify how many organizations she participated in and
what types of organizations she belonged to. Over half of the subjects
responded to this question with an answer of nonparticipation. Two
reported they were members of social organizations; 12 stated they
participated in religious groups or the church. One stated she belonged
to an educational organization and none of the subjects reported having
participated in a political organization. It is interesting to note
that the most commonly reported type of organizational involvement
was religious. Perhaps this has implications for intervention pro¬
grams. Could more parenting education be done through the avenues of
church-related groups? Could community educational programs be
offered at church locations? Is the lack of involvement in organiza¬
tions by these subjects representative of most adolescent females or
only of lower SES adolescent females? Certainly further study is sug¬
gested in order to better understand the role of organizations on the

104
development of young mothers. Perhaps the lack of organizational
involvement is an indicator of relative social isolation for these
young mothers.
Perceptions of Support
Five questions related to how the young mother perceived her
support network. When asked if their present situation provided them
with enough support, 21 of the 32 respondents answered that they per¬
ceived their present situation to have enough support. That represents
65 percent or nearly two-thirds of the total responses. This may be
a significant finding. If indeed these young single mothers with "at
risk" infants did perceive their present situations to have enough
support, then support from family and other sources must be relatively
strong.
When asked if they felt overwhelmed with household tasks and
children, 22 mothers said "yes" while only 9 said "no." Therefore,
over 70 percent of these subjects indicated that they felt overwhelmed
with household tasks and children. This seemed to contradict the
previous responses which indicated the mothers felt their current
situation had adequate support. Perhaps the feelings of being over¬
whelmed with household tasks and children are common feelings among
all mothers. Certainly a comparative study of mothers who vary in
age, SES, and marital status would be helpful in knowing if these
feelings are common. If, indeed, 70 percent of most single adolescent
mothers feel overwhelmed with their childbearing responsibilities,
then the need for early intervention is surely indicated.

105
When asked how many times they were able to get away each month
to do something they wanted to do, half of the 28 respondents said
from 0-2 times per month and 12 reported from 3-5 times per month.
Perhaps more importantly, 20 of the 30 respondents to the second
question reported that they perceived they had adequate opportunity
to get away by themselves. Again, the mother's perception of the
adequacy of time to herself may be a more important measure than the
actual numbers of times per month reported by the mother.
Secondary Variables
To further understand these adolescent mothers, the researcher
decided to study two additional variables--measures of self-concept
of the mothers and measures of life stress. These measures were in¬
cluded for descriptive purposes only. However, further research may
be indicated in order to better understand the relationship of these
two variables to the infant's qualitative development. Recent re¬
search by Held (1981) and Colletta, Hadler, and Gregg (1981) found
that interval vs. external locus of control was related to the coping
styles of young mothers. Held (1981) studied three types of inter¬
vention programs for adolescent mothers and correlated measures of
self-esteem with each program type.
In this study, five measures of self-concept were obtained from
the adolescent mother data. Each measure was on a continuous scale of
1-7, with 1 being equal to "excellent" and 7 being equal to "poor."
The first measure was a measure of the adolescent mother's per¬
ception of her own health. Of 27 respondents, 12 rated themselves as
"excellent." In fact, 22 of the 27 respondents ranked themselves in

106
the top three categories. This reflects a very positive concept of
personal health.
When asked about her perception of her physical well-being, 27
subjects responded. Over 94 percent rated themselves in the top four
categories. Again, the adolescent mothers rated themselves highly
in relation to their self-concept of physical well-being.
Twenty-five subjects responded to the measure of perception of
their own bodies. Nearly one-third rated their perception of the
bodies as excellent and nearly 90 percent rated their body perception
in the top four categories. Twelve percent rated themselves in the
lower three categories, significantly more than had rated themselves
in the lower categories in the first two measures of self-concept.
While the responses were generally positive, more mothers did express
negative feelings about their own bodies than they did for physical
well-being or health.
When asked about their perceptions of their weight, 27 adolescent
mothers responded. Nineteen rated their weight perceptions in the
top three categories while five rated themselves in the lower three
categories. While most of the responses were relatively positive,
there was still a definite response to the more negative categories.
This pattern of negative response is similar to the previous question.
There were more negative responses to perceptions of body and weight
than to perceptions of health and physical well-being.
The final question related to self-concept asked the mothers
to rank their perceptions of their lives in general. Of the 27 re¬
spondents, 10 scored themselves in the highest category and 4 in the
next highest category. Fifteen mothers rated themselves in the three

107
highest categories. Since the scores fell nearly equally into the
upper and lower categories, this may indicate less positive overall
feelings about their life situations.
In summary, these adolescent mothers ranked their perceptions of
themselves more highly in regards to health and well-being. On three
measures of self-concept, the scores were notably lower--perceptions of
weight, body, and life in general.
Life Stress Scores
Another secondary variable was included for descriptive purposes.
Twenty-five adolescent mothers completed the Holmes and Rahe stress
scale which was a part of the questionnaire completed by the mothers.
This instrument seeks to ascertain, in a quantitative manner, the
amount of stress experienced by an individual during the previous 12
months. Higher scores indicate higher levels of stress experienced by
the subject. The stress scores of these adolescent mother subjects
were evenly distributed. There was a range of 5 to 260. Twenty per¬
cent fell into the 81-100 category and 20 percent fell into the 161-
180 category. Most of the stress scores fell into the moderate
range. Therefore, the stress scale data did not produce scores that
were unusually high or low.
One purpose of studying the descriptive data was to ascertain
whether single adolescent mothers experienced unusually high levels of
stress. The data indicated that this single adolescent mother popu¬
lation did not experience unusually high levels of stress. Cobb
(1976) identified support as a moderator of life stress. Further
study on this single adolescent population might provide more complete

108
information on the types of life stress that are most common to this
population and which forms of support modify stress most effec¬
tively.
Regression Analysis
The initial step in the regression analysis was to obtain an
intercorrelational matrix. All variables were included in this
matrix. The two dependent variables were the MDI and PDI scores for
each infant subject obtained at the infant's 12 month evaluation
with the Bayley Scales of Infant Development. The independent
variables consisted of 14 measures of support network resources ob¬
tained from the questionnaire administered to the mother when the
infant was six months of age. A point biserial correlation co¬
efficient was obtained for each independent variable.
All 14 independent variables were treated independently in
the intercorrelational matrix. Later, the 14 variables were grouped
into the following four categories: 1) one measure of hospital
visitations by the support network family members, 2) three measures
of the mother's accessibility to her support network, 3) five meas¬
ures of actual support network resources, and 4) five measures
of the mother's perceptions of her social support. Based on
regression models, these 14 variables were tested to see if there
was a significant association between them and the two dependent
variables. The intercorrelational matrix is shown in Table 24.

109
Several high correlations were obtained. The two dependent
variables had a correlation of .62 which reflected relatively high
and consistent measurement between the two tests. The researcher was
satisfied that the testing of the infants in the developmental clinic
was done in a reliable and consistent manner.
The researcher hoped to find relatively high correlations among
the independent variables that were grouped together theoretically.
For example, the researcher hoped to find a negative high correlation
between the availability of a car and the mother's estimation of how
difficult it is to get out. However, a correlation of .14 was ob¬
tained. The four control variables were deleted from further analysis
because of their low and nonsignificant correlations with the two
dependent variables, MDI and PDI. The relatively low correlations
obtained among some of the variables in this study may be attributed
to a small number of subjects, lack of range or variation in the
mothers' ages and years of education, and relative homogeneity in the
infants' birthweights.
Hypothesis I
Hypothesis I stated that no significant linear relationship
existed between measures of in-hospital visitation by the support
network and the MDI and PDI scores of the infants at 12 months of age.
The results of this linear regression analysis yielded a very
o
small R for both the MDI and PDI variables. The F-values were not
significant. There does not appear to be a significant relationship
between in-hospital communication efforts by the support network
and the Bayley Scores of Mental and Psychomotor Development at 12

no
months of age. The findings of this particular analysis are limited
by a relatively small number of subjects. However, the findings sug¬
gest that no relationship exists between in-hospital communication
efforts by members of the infants' support networks and the Mental and
Psychomotor Development scores on the Bayley Scales of Infant Develop¬
ment at 12 months of age.
Hypothesis II
The second hypothesis stated that there was no significant linear
relationship between measures of the mother's accessibility to her
support network and her infant's scores on the Bayley Scales of
Infant Development, Mental and Psychomotor Index.
Again, regression models were tested to determine if a significant
relationship existed. The three measures of accessibility to support
were grouped to form a multiple correlation coefficient. The results
of this analysis failed to reject Hypothesis II. There was no signi¬
ficant linear relationship between measures of the mother's accessibil¬
ity to her support network and her infant's scores of development on
the Bayley Mental and Psychomotor Index at 12 months of age.
Hypothesis III
Hypothesis III tested the relationship between the measures of
the adolescent mother's actual support and her infant's scores on the
Bayley MDI and PDI at 12 months of age. The same regression pro¬
cedures were followed as for the first two hypotheses. A simple
regression model was run which included only the measures of actual
support as related to the MDI and PDI scores on the infants at 12

ni
months of age. The association of these five measures of the mother's
actual support network with the scores attained on the Mental and
Psychomotor Development Index by her infant at 12 months of age does
not appear to be a significant one.
Hypothesis IV
Hypothesis IV stated that no significant relationship existed
between measures of the adolescent mother's perceptions of her support
network and her infant's scores on the Bayley Scales of Infant Develop¬
ment, Mental and Psychomotor Index, at 12 months of age. The same
regression analysis was conducted for this hypothesis as was done for
the previous ones.
The five measures of the mother's perception of her support net¬
work were grouped to obtain a multiple correlation coefficient. As
seen in Table 30, the F-value obtained from the regression analysis
of the measures of perception of support with the MDI scores was 1.17,
which was not significant. Therefore, Hypothesis IV, as related to the
MDI scores, was not rejected.
The regression analysis of the five measures of perception of
support with the PDI scores did yield a significant F-value. An
F-value of 4.02, significant at the .01 level, was obtained. In
studying the Type I and Type IV Sums of Squares in this regression
analysis, two variables yielded significant F-values. The Type I Sums
of Squares included two variables with F-values significant at the
.01 level. These were 1) ENSUPP, a measure of the mother's percep¬
tion of the adequacy of her support network, and 2) OVWH, a measure of

112
the mother's perception of being overwhelmed by household tasks and
childrearing responsibilities.
As discussed in Chapter IV, the Type I Sums of Squares was of
interest because it measured incremental sums of squares for the
regression model as each of the five variables was added. In this
case, the addition of the variable ENSUPP to the regression model al¬
ready including the variable of GETMH and SUFTIM, yielded an incre¬
mental sums of squares which resulted in an F-value of 7.13, signifi¬
cant at the .01 level.
The addition of the variable OVWH to the above model which con¬
tained the first three variables--GETHM, SUFTIM, and ENSUPP--also
yielded an incremental sums of squares that resulted in an F-value of
7.53, also significant at the .01 level.
Type IV Sums of Squares yielded only one significant F-value.
The variable, OVWH, a measure of the mother's perception of being
overwhelmed by household tasks and childrearing responsibilities,
yielded an F-value of 6.35, significant at the .02 level of signifi¬
cance. Type IV Sums of Squares was a measure of sums of squares due
to adding the variable OVWH last in the model. The results indicated
that the addition of OVWH to the regression model last resulted in an
F-value of 6.35, significant at the .02 level. The addition of each
of the other four variables to the model last did not result in
significant F-values.
In summary, the regression analysis of the five measures of the
mother's perceptions of her support network with her infant's PDI
scores at 12 months of age resulted in an F-value significant at the
.01 level. Therefore, Hypothesis IV, as related to PDI scores, was

113
rejected. There is a significant relationship between the adolescent
mother's perceptions of her support and her infant's score on the
Bayley Scale of Infant Development, Psychomotor Index.
More specifically, the measure of the mother's perception of
being overwhelmed by household tasks and childrearing responsibilities
was significant at the .05 level for both Type I and Type IV Sums of
Squares. The mother's perception of her support network was also
significant at the .01 level in the Type I Sums of Squares.
These findings suggest that an adolescent mother's perception of
the adequacy of her support system may play a critical role in how she
feels about her parenting role. If indeed a mother's perception of
her support system does play such an important role, then further
research is surely indicated to better understand what factors impact
the mother's perception of the adequacy of her support. Absolute
numbers of individuals or resouces available for support may be less
critical than the qua!ity of support provided the young mother, per¬
haps by only a few resources. Clearly, this finding merits future
study. It would be interesting to look at this variable-perception
of support--in relationship to self-esteem measures and locus of
control—measures. Does the mother who perceives her support to be
adequate have stronger internal locus of control? This question needs
further study.
Stepwise Regression Analyses
The stepwise regression procedure, known as Max-R, produced a
series of "best" models in terms of accounting for the variances of
the Mental Development Index and the Psychomotor Development Index

114
scores. The best one-variable model was "enough support," which is a
measure of the mother's perception of the adequacy of her support.
This model is of interest because, out of all the possible predictor
variables, "enough support" was the one variable that accounted for
the greatest amount of variance of the two dependent variables. This
model also supports the findings in Hypothesis IV: there appears to
be a significant association between the mother's perception of her
support and the qualitative psychomotor development of the infant.
Other "best" models were produced. The best two-variable model
included the variables "number of hospital visits by the family" and
"mother's happiness in general." These two variables, along with
"mother's self-concept--physical," comprised the best three-variable
model.
The remaining best models reported in the results chapter of
this study utilized these three variables as the foundation, with
more variables being added for each best model. It is interesting
to note that the variables that fell into the best models primarily
included those from the categories of 1) mother's perception of her
support system and 2) mother's self-concept.
While this Max-R stepwise procedure is of interest, a more
rigorous stepwise procedure can be accomplished. This procedure is
now presented.
The second stepwise regression procedure consisted of identifying
those independent variables which made a significant contribution to
the variance of MDI and PDI scores, the two dependent variables, at
the .15 level of significance. For both MDI and PDI, the only pre¬
dictor variable that met this criterion was "enough support," the

115
young mother's perception of the adequacy of her support network.
This finding reinforces previous results that indicate the mother's
perception of her support system may be as important as actual meas¬
ures of the support system.
Summary
An exploratory study was conducted to determine if a relationship
might exist between measures of support network resources of single
adolescent mothers and the qualitative development of their high-risk
infants at 12 months of age, as measured by the Bayley Scales of
Infant Development.
A multiple linear regression procedure was utilized. Four pri¬
mary hypotheses were studied utilizing simple linear regression models.
Three of the four hypotheses were not rejected. The fourth hypothe¬
sis, as related to the relationship between the mother's perceptions
of her support and her infant's score on the Bayley Scale of Infant
Development, Psychomotor Index, at 12 months of age, was rejected.
There is a significant relationship between the mother's perception
of her support and her infant's score on the Psychomotor test.
Stepwise regression procedures resulted in the identification of
one independent variable as being the best predictor variable. This
variable was a measure of the young mother's perception of the ade¬
quacy of her support system.
Further research was indicated, especially in relation to the
finding in Hypothesis IV, which indicated that the mother's perception
of her support network may be a significant factor in the quality of
her child's development.

116
Findings As Related to the Literature
The infant subjects in this study presented more positive cogni¬
tive and psychomotor outcomes than did infants born to adolescent
mothers as reported in studies by Field (1981), Hoi strum (1979), Quay
(1981), and Oppel and Royston (1971). The average birthweight of
the infant subjects in this study was 1415 grams, clearly in the "at
risk" classification, as described by Quay (1981) and Oppel and Royston
(1971). The MDI scores averaged 109.5, slightly above average. The
PDI scores averaged 99.4, an average score for normal population
infants.
The average age of the adolescent mothers in this study was 17.7
years. This relatively high and homogeneous maternal age level may
have contributed to the more positive developmental outcomes of their
infants at 12 months of age. However, Broman (1981) stated that such
factors as socioeconomic status played an important role in neonatal
outcome, not just maternal age.
Measures of social support of these adolescent mothers and their
infants indicated that social support was provided primarily by mem¬
bers of the immediate family and very close friends, all of whom
lived in the immediate geographic area.
The concept of family networks and kinship support has been
studied extensively by sociologists Buckley (1967), Adams (1970),
Sussman and Burchinal (1962), and Keniston (1977). The field of
sociology acknowledges the role of family support as being critical
in healthy family functioning.

117
Additionally, Bronfenbrenner (1974), Cochran and Brassard (1979),
and Powell (1979) all proposed recent theories which linked quality
family support with quality child development. Bronfenbrenner (1979)
proposed a theory of ecological human development that delineated
specific ways in which the parent's social network impacted the
child's growth and development.
Infants in this study received an average of ten visits from
family members while they were hospitalized immediately after birth.
With an average hospital stay of 31 days, this meant that infants were
visited regularly and frequently during their hospitalization.
Most of the mothers reported that such social supports as ac¬
cessibility to a car and a telephone were available to them. However,
nearly 60 percent also reported that it was difficult for them to get
out when they needed to. Most of the mothers reported having adult
family members or close friends who lived in the area. Only 4 of the
35 subjects reported having none. These data supported previous
research that indicated that families interact and provide support on
a regular basis (Adams, 1970; Sussman and Burchinal, 1962).
Research linking social support to such dependent variables as
abuse (Garbarino, 1976), mortality rate (Berkman and Syme, 1979),
utilization of medical facilities (McKinlay, 1973), and help-seeking
(Gourash, 1978) has been helpful in furthering our understanding of
the role of social support in human development. Cobb (1976) con¬
cluded from his research that social support was a moderator of life
stress. Tolsdorf (1976) studied social support and mental health and
concluded that psychiatric subjects had less social network support.

118
Network mobilization was avoided by more psychiatric subjects while
the control subjects (nonpsychiatric) relied on it.
In summary, the subjects in this study experienced rather
positive levels of social support, as indicated by hospital visita¬
tion, accessibility to transportation and communication channels,
adult family members and friends who lived nearby, and the frequency
of interaction with these support system members.
Adolescent mothers' self-concepts as related to support were
studied by Colletta, Hadler, and Gregg (1981). Internal locus of
control was related directly to active coping responses. Held (1981)
found that black adolescent mothers who kept their babies and who
attended a day school for pregnant mothers had higher self-esteem
measures than did mothers who did not attend a school for pregnant
mothers.
In this study, mothers rated themselves rather positively on
self-measures of health, weight, well-being, and happiness in general.
Most of the mothers reported feeling overwhelmed by household tasks
and childrearing responsibilities. At the same time, they also re¬
ported feeling that they had adequate support. The regression analysis
resulted in only one significant finding. The mother's perception
of her support contributed significantly to the variance of the PDI
scores. Other measures of actual support were not significantly
associated with the two dependent variables.
The findings of this study, along with those of Colletta, Hadler,
and Gregg (1981) and Held (1981), suggested the need to study self-
concept of adolescent mothers in relation to locus of control and
perception of support.

119
Recommendations for Future Research
This descriptive study raised questions for further study. Be¬
cause there were 35 mother-infant dyads in this study, there are
limitations to the generalizabil ity of the findings. Generaliza¬
tions should be directed to similar populations of mother-infant
dyads who are served by such a clinic as the Children's Developmental
Clinic at Shands Teaching Hospital, University of Florida. The
results of this suggest that there may be an association between the
young mother's perception of her support network and the development
of her infant. Measures of support resources did not show a signifi¬
cant association with the development of the infant in most of the
hypotheses tested.
Questions for further investigation include the following:
1) Is there a significant difference in the qualitative development
of infants born to adolescent mothers under the age of 16 in
relationship to measures of social support?
2) What factors may interact with social support measures that
may impact the qualitative development of infants born to very
young mothers?
3) Is the feeling of isolation more common among adolescent mothers
who vary according to race, age, and SES?
4) What variables affect the adolescent mother's perceptions of
the adequacy of her social support?
5) Is there a relationship between the adolescent mother's per¬
ception of her social support and measures of her internal
locus of control?

120
6) Is there a relationship between the adolescent mother's
perception of her social support and her self-esteem?
7) Is there a relationship between the degree of organizational
involvement and the rate of adolescent pregnancy?
8) Is there a relationship between the degree of neonatal compli¬
cations and the adolescent mother's feelings of being over¬
whelmed with parenting responsibilities?
Further recommendations for future research include using
experimental methodology which would allow the investigation of cause
and effect relationships between dependent and independent variables.
Control groups might be obtained and the use of a large study sample
is suggested. Experimental methodology does have limitations in the
study of social support, however. This researcher has chosen to
study measures of social support of adolescent mothers in an ex post
facto manner. In this researcher's opinion, social support is
studied most authentically when left intact. This researcher does
not advocate the manipulation of a variable such as social support.
Indeed, the major studies cited in the literature on social support
have been primarily ex post facto and correlational in design. These
correlational studies included those done by Berkman and Syme (1979);
Colletta, Hadler, and Gregg (1931); Garbarino (1976); Held (1981);
Stevens (1981); McKinlay (1973); and Swick, Brown, and Watson (1980).
The above studies utilized ex post facto data in a correlational way
in order to investigate associations between measures of social sup¬
port and such dependent variables as mortality rate, self-esteem,
abusive behavior, stress moderation, perception of neighborhood, and
utilization of medical facilities.

121
A final recommendation would be the use of ethnographic methods
in order to more completely understand why support networks relate
to measures of child development. Greater study of detail and a more
refined research approach to questions of interest might be attained
through ethnography. Case studies which focused in great depth on
the lifestyles of a few representative adolescent mothers would be
helpful in better understanding social support resources which are
available and utilized by this growing population.
Implications for Parent Education
Stevens (1981) suggested that many parent education programs
have been developed without serious study or sensitivity to the
context of the lives of the parents involved. Stevens advocated the
use of informal educational avenues in order to reach the growing
numbers of adolescent parents.
The results of this study indicated that a young mother's percep¬
tion of her support network resources was related to the quality of
her infant's physical development. Therefore, parent education or
intervention programs should focus on what factors affect the young
mother's perception of her support and then develop objectives that
strengthen and enhance her relationship with her support system. The
results of this study suggested that Bronfenbrenner's (1979) theory
of ecological human development helps to explain the parenting needs
of adolescent mothers. Adolescent mothers do not cope successfully
in a social vacuum. They have--and apparently need--a sense of
connectedness with the members of their support networks. How

122
positively the young mother views this support system adequacy may
influence her parenting attitudes and, in turn, her parenting skills.
Conclusions
As the research on adolescent pregnancy and parenting becomes
more refined, a better understanding of the complexity of this
societal issue should be attained. Methods of studying this popula¬
tion are improving as researchers seek to utilize appropriate re¬
search tools for the many questions being uncovered. This population
is a particularly challenging one to study. Young single mothers are
typically less verbal than their older counterparts, making certain
qualitative approaches more difficult to conduct. However, this
researcher believes that dual approaches which combine qualitative
and quantitative methods of study may provide the most thorough and
accurate means of studying this population.
This study of the relationships between measures of social sup¬
port network resources and the development of the infants born to
these adolescent mothers has raised questions for further research.
The need for continued research on adolescent pregnancy and parenting
is imperative if society is to better understand and be responsive to
the needs of this growing population. Further understanding of the
support mechanisms utilized by adolescent mothers may lead to new and
more effective means of parenting intervention.

APPENDIX
QUESTIONNAIRE
(Taken from the parent questionnaire administered to the mothers of
infants being assessed in the Children's Developmental Clinic, Shands
Teaching Hospital, University of Florida. These data were collected
at the six month evaluation of the infant.)
26. Do you own or have access to a car? YES NO
27. Is it easy/difficult for you to get out and do what you need
to do?
1. very difficult
2. somewhat difficult
3. depends
4. somewhat easy
5. very easy
YES = 1, 2, or 3 NO = 4, 5
28. Do you own or have access to a telephone? YES NO
29. How many relatives and/or friends live around your area?
(adults)
30. How many of these can you count on in times of real need (crisis)?
31. Do you get together with relatives or friends often? YES NO
32. How many times a week?
1 = never
2 = rarely, up to once every few months
3 = sometimes, a few times a week to once a week
4 = often, a few times a week
5 = very frequently, every day
OFTEN = 3, 4, and 5 NOT OFTEN = 1 and 2
33. Do you belong to any organizations, such as social
religious educational or political ?
Indicate the number of each kind of organization. Total =
123

124
34.Does your present situation provide you with enough or not
enough of the emotional support you want?
1 = enough
3 = not enough
2= sometimes, sort of
4 = not at all
YES = 1 and 2
NO = 3 and 4
35. Do you feel you're overwhelmed with household tasks and
children? How often do you feel this way?
1 = never
2 = infrequently
3 = sometimes
4 = often
5 = all the time
NO = 1 and 2 YES = 3, 4, and 5
36. How many times a month do you get away by yourself to do
something you would like to do?
37. Do you think this is enough time?
1 = not enough
2 = enough
3 = too much
NO = 1 YES = 2 and 3
38. On the whole, would you describe your present living situation
as happy or unhappy?
1 = very unhappy
2 = somewhat unhappy
3 = neutral
4 = somewhat happy
5 = very happy
NO = 1, 2, and 3 YES (happy) = 4 and 5
For the items below, circle the number which best describes you.
39. How would you rate your health in general?
Excellent 1 234567 Poor
40. How would you rate your physical fitness?
Excellent 1 2 3 4 5 6 7 Poor

125
41. How would you rate your body shape?
Excellent 1 2 3 4 5 6 7 Poor
42. How would you rate your weight?
Excellent 1 2 3 4 5 6 7 Poor
43. How satisfied are you with your life in general?
Very 1 234567 Disappointed
Satisfied Could be better

REFERENCES
Adams, B. Isolation, function, and beyond: American kinship in the
1960's. Journal of Marriage and the Family, 1970, 4_, 575-597.
Ary, D. Introduction to research in education. New York: Holt,
Rinehart and Winston, 1979.
Bacon, L. Early motherhood, accelerated role transaction, and social
pathologies. Social Forces, 1974, 52^, 333-341.
Bandura, A. Social learning theory. Englewood Cliffs, New Jersey:
Prentice-Hall, 1977.
Bayley, N. Manual for the Bayley scales of infant development.
New YorlTi The Psychological Corporation, 1969.
Bender, D. Adolescence, early childbearing and preventive health
services: A cultural analysis. Dissertation. The American
University, 1980.
Berkman, L. & Syme, S. Social networks, host resistance and mortality
A nine-year follow-up study of Alameda County residents.
American Journal of Epidemiology, 1979, 109, 186-204.
Booth, A. & Babchuck, N. Seeking healthcare from new resources.
Journal of Health and Social Behavior, 1972, 13_, 90-99.
Broman, S. Long-term development of children born to teenagers.
In K. Scott, T. Field & E. Robertson (Eds.), Teenage parents
and their offspring. New York: Gruñe & Stratton, 1981.
Bronfenbrenner, U. The origins of alienation. Scientific American,
1974, 231, 53-61.
Bronfenbrenner, U. The ecology of human development. Cambridge,
Massachusetts: Harvard University Press, 1979.
Buckley, W. Sociology and modern systems theory. Englewood Cliffs,
New Jersey: Prentice-Hall, Inc., 1967.
Bureau of the U.S. Census. Characteristics of American children and
youth: Current population reports. Washington, D.C.: U.S.
Government Publishing Office, 1982.
126

127
Cannon-Bonventre, K. & Kahn, J. The ecology of help-seeking behavior
among adolescent parents. Cambridge, Massachusetts: American
Institute for Research, 1979.
Caplan, G. Support systems and community mental health: Lectures
on concept development. New York: Behavioral Publications, 1974.
Cobb, S. Social support as a moderator of life stress. Psychosomatic
Medicine, 1976, 38, 300-314.
Cochran, M. & Brassard, J. Child development and personal social
networks. Child Development, 1979, 50, 601-616.
Colletta, N., Hadler, S. & Gregg, C. How adolescents cope with the
problems of early motherhood. Adolescence, 1981 , 26_, 499-512.
DeLissovoy, V. Childcare by adolescent parents. Children Today,
1973, 35, 22-25.
Egeland, B., Breitenbucher, M. & Deinard, A. The effects of prenatal
knowledge and expectations in the development of child competence.
In J. Sparling & I. Lewis (Eds.), Information needs of parents
with young children. Washington, D.C.: Administration for
Children, Youth and Families, 1980.
Epstein, A. Assessing the child development information needed by
adolescent parents with very young children. Washington, D.C.:
Administration for Children, Youth and Families, 1980.
Field, T. Early development of the preterm offspring of teenage
mothers. In K. Scott, T. Field & E. Robertson (Eds.), Teenage
parents and their offspring. New York: Gruñe & Stratton, 1981.
Furstenberg, F. Unplanned parenthood: Societal conseguences of
teenage childbearing. New York: Free Press, 1976.
Garbarino, J. A preliminary study of some ecological correlates of
child abuse: The impact of socioeconomic stress on mothers.
Child Development, 1976, 47^, 178-185.
Gourash, N. Help-seeking: A review of the literature. American
Journal of Community Psychology, 1978, 6_, 413-423.
Guttmacher, A. 11 million teenagers. New York: Alan Guttmacher
Institute, 1976.
Guttmacher, A. Teenage pregnancy: The problem that hasn't gone
away. New York: The Alan Guttmacher Institute, 1981.
Held, L. Self-esteem and social network of the young pregnant
teenager. Adolescence, 1981, 1_6, 905-912.

128
Hess, R., Shipman, V., Brophy, J. & Bear, R. The cognitive environ¬
ment of urban preschool children. University of Chicago:
Graduate School of Education, 1968.
Hetherington, E., Cox, M. & Cox, R. Divorced fathers. Family
Coordinator, 1976, ,25, 417-428.
Hofheimer, J. The adolescent mother and her infant: Correlates of
transaction and development. Doctoral dissertation. University
of Florida, 1979.
Holmes, T. How different events cause stress. Seattle, Washington:
The University of Washington School of Medicine, 1973.
Hoi strum, W. The prediction of three year developmental status of
high risk infants. Doctoral dissertation. University of
Florida, 1979.
Hough, R. & Stevens, J. Social networks as supports for parenting.
Young Children, 1981, 30, 50-60.
Keniston, K. All our children. New York: Harcourt-Brace-Jovanovich
1977.
Kleinbaum, D. & Kupper, L. Applied regression analysis and other
multivariable methods. Belmont, California: Wadsworth Publish¬
ing Company, 1978.
Lincoln, R., Jaffe, F. & Ambrose, L. 11 million teenagers: What
can be done about the epidemic of adolescent pregnancies in
the United States. New York: The Alan Guttmacher Institute,
1976.
Litman, T. The family as a basic unit in health and medical care:
Social-behavior overview. Social Science and Medicine, 1974,
8, 495-519.
Luikart, C. Social networks and the self-planned learner. Chapel
Hill: University of North Carolina, 1977.
McKinlay, J. Social networks, lay consultation and help-seeking
behavior. Social Forces, 1973, 51_, 215-292.
Mitchell, J. (Ed.). Social networks in urban situations. Manchester
Manchester University Press, 1969.
Monkus, E. Neonatal outcome. In K. Scott, T. Field & E. Robertson
(Eds.), Teenage parents and their offspring. New York: Gruñe
& Stratton, 1981.
Moore, K., Hofferth, S., Wertheimer, R., Waite, L. & Caldwell, S.
Teenage childbearing: Consequences for women, families, and
government welfare expenditures. In K. Scott, T. Field & E.
Robertson (Eds.), Teenage parents and their offspring. New
York: Gruñe & Stratton, 1981.

129
Moore, K. & Waite, L. Early childberaring and educational attainment.
Family Planning Perspectives, 1977, 9^, 220-225.
Oppel, W. & Royston, A. Teenage births: Some social and physical
sequelae. American Journal of Public Health, 1971, 61_, 751-796.
Parke, R. Socialization into child abuse: A social interactional
perspective. In J. Tapp & F. Levine (Eds.), Law, justice and
the individual in society: Psychological and legal issues.
New York: Holt, Rinehart & Winston, 1977.
Piaget, J. Play, dreams and imitation in childhood. New York:
Norton, 1962.
Powell, D. Family-environment, relations and early childrearing:
The role of social networks and neighborhoods. Journal of
Research and Development in Education, 1979, 1_3, 1-11.
Quarantelli, E. A note on the protective function of the family in
disasters. Journal of Marriage and Family Living, 1960, 22,
263-264.
Quay, H. Psychological factors in teenage pregnancy. In K. Scott,
T. Field & E. Robertson (Eds.), Teenage parents and their
offspring. New York: Gruñe & Stratton, 1981.
Rosenblatt, A. & Mayer, J. Helpseeking for family problems: A
survey of utilization and satisfaction. American Journal of
Psychiatry, 1972, 23, 126-130.
Scott, K. Epidemiologic aspects of teenage pregnancy. In K. Scott,
T. Field & E. Robertson (Eds.), Teenage parents and their
offspring. New York: Gruñe & Stratton, 1981.
Simm, J. & Belz, E. A look at network learning systems. Lifelong
Learning: The Adult Years, 1980, 1_2, 22-24.
Sparling, J., Lowman, B., Lewis, I. & Bartel, J. What parents say
about their information needs--A progress report. Washington,
D.C.: Administration for Children, Youth and Families, 1978.
Speck, R. & Rueveni, U. Network theory—A developing concept.
Family Process, 1969, 8, 182-191.
Stack, C. All our kin. New York: Harper, 1974.
Stevens, J. Support systems for black families. Childhood Education,
1981 , 57, 200-204.
Stolz, L. Influences on parent behavior. Standford, California:
Stanford University Press, 1967.

130
Sussman, M. & Burchinal, L. Kin family network: Unheralded
structure in current conceptualizations of family function¬
ing. Marriage and Family Living, 1962, 24, 231-240.
Swick, K., Brown, M. & Watson, T. Perspectives on family assisted
learning. Children Our Concern, 1980, 2, 8-11, 23-24.
Tolsdorf, C. Social network support and coping: An exploratory
study. Family Process, 1976, 1_5, 407-417.
Waters, E. I get by with a little help from my friends: The
importance of support systems. The Vocational Guidance
Quarterly, 1981, 1_5, 362-369.
White, B. The origins of human competence. Lexington, Massachusetts
D.C. Heath & Company, 1979.
Zelnick, M. & Kantner, J. Sexual activity, contraceptive use and
pregnancy among metropolitan-area teenagers: 1971-1979.
Family Planning Perspective, 1979, 1_2, 230-239.
Zimbardo, P. & Formica, R. Emotional comparison and self-esteem
as determinants of affiliation. Journal of Personality, 1963,
31_, 141-162.
Zitner, R. & Miller, S. A study of the use of support services by
adolescent mothers. In J. Sparling &I. Lewis (Eds.), Informa¬
tion needs of parents with young children. Washington, D.C.:
Administration for Children, Youth and Families, 1980.

BIOGRAPHICAL SKETCH
Dolores Ann Hoffman Stegelin was born May 16, 1947, in Salina,
Kansas, growing to adulthood on a dairy farm in central Kansas. She
attended schools in rural Dickinson County and was an honor student
at Chapman High School, Chapman, Kansas.
In 1965, Dolores began her undergraduate work at Kansas State
University. Active in numerous honoraries and organizations, she
graduated magna cum laude in 1969 with a B.S. degree in home economics
education. Selected as the General Foods Fellow at Kansas State
University in 1969, she completed her master's degree in family rela¬
tions and child development at Kansas State in 1970.
Dolores' professional experiences include college instruction
at California State University-Sacramento; Oscar Rose Junior College,
Midwest City, Oklahoma; and Santa Fe Community College, Gainesville,
Florida. Mrs. Stegelin pursued her doctoral work in early childhood
education at the University of Florida from 1979-1982. Her area of
special interest was infant development and parent education.
On June 1, 1982, Dolores assumed the position of Family Life
Education Specialist for the Texas Agricultural Extension Service,
Texas A & M University. She writes curriculum materials and does state¬
wide programming in Child and Adolescent Development and Family Rela¬
tions. She is married to Dr. Forrest E. Stegelin and has two children,
Stephen and Amber.
131

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.
Linda L. Lamme, Chairman
Associate Professor of General
Teacher 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.
Athol B. Packer, Cochairman
Associate Professor of General
Teacher 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.
Associate Professor of Foundations
of 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.
Pat Ashton
Associate Professor of Foundations
of 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.
Teacher Education
This dissertation was submitted to the Graduate Faculty of the
Division of Curriculum and Instruction in the College of Education
and to the Graduate Council, and was accepted as partial fulfillment
of the requirements for the degree of Doctor of Philosophy.
April 1983
Dean for Graduate Studies and Research





PAGE 1

6833257 1(7:25. 5(6285&(6 2) 6,1*/( $'2/(6&(17 027+(56 $1' '(9(/230(17 2) 7+(,5 +,*+5,6. ,1)$176 %< '2/25(6 +2))0$1 67(*(/,1 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( &281&,/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,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,'$

PAGE 2

$&.12:/('*0(176 ZLVK WR H[SUHVV JUDWLWXGH WR WKH IROORZLQJ SHRSOH ZKR KHOSHG WR PDNH WKLV VWXG\ SRVVLEOH 7R 'U $WKRO 3DFNHU DQG 'U 0LFKDHO 5HVQLFN ZKR PDGH WKLV VWXG\ SRVVLEOH E\ HQFRXUDJLQJ WKH XVH RI PHGLFDO GDWD WR VWXG\ LQWHUn GLVFLSOLQDU\ UHVHDUFK TXHVWLRQV DQG WR 'U )RQGD (\OHU IRU KHU VXJn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

PAGE 3

7$%/( 2) &217(176 3$*( $&.12:/('*0(176 LL /,67 2) 7$%/(6 Y $%675$&7 YLL &+$37(5 ,1752'8&7,21 r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}‘ 'HVFULSWLRQ RI 6XEMHFWV ,QVWUXPHQWDWLRQ 'DWD &ROOHFWLRQ 'DWD $QDO\VLV5HJUHVVLRQ $QDO\VLV 5HJUHVVLRQ 0RGHOV IRU WKLV 6WXG\ $QDO\VLV 3URFHGXUH /LPLWDWLRQV RI 0HWKRGRORJ\ 6XPPDU\

PAGE 4

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

PAGE 5

/,67 2) 7$%/(6 7$%/( 3$*( 2XWRIZHGORFN ELUWKV SHU ZRPHQ WR \HDUV RI DJH ,QGHSHQGHQW GHSHQGHQW DQG FRQWURO YDULDEOHV LQ WKLV VWXG\ %LUWKZHLJKWV RI LQIDQWV ERUQ WR VLQJOH DGROHVFHQW PRWKHUV $JHV RI VLQJOH DGROHVFHQW PRWKHU VXEMHFWV
PAGE 6

0RWKHUnV SHUFHSWLRQ RI KHU RZQ KHDOWK 0RWKHUnV SHUFHSWLRQ RI KHU SK\VLFDO ZHOOEHLQJ 0RWKHUnV SHUFHSWLRQ RI KHU RZQ ERG\ 0RWKHUnV SHUFHSWLRQ RI KHU RZQ ZHLJKW 0RWKHUnV SHUFHSWLRQ RI KHU OLIH LQ JHQHUDO 6WUHVV VFRUHV RI DGROHVFHQW PRWKHUV &RUUHODWLRQDO PDWUL[ &RUUHODWLRQV RI FRQWURO DQG GHSHQGHQW YDULDEOHV &RUUHODWLRQ FRHIILFLHQWV RI IRXU FRQWURO YDULDEOHV LQ TXDGUDWLF IRUP /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ QXPEHU RI YLVLWV E\ VXSSRUW QHWZRUN IDPLO\ PHPEHUV GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN UHVRXUFHV /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN UHVRXUFHV /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ PHDVXUHV RI DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN 6WHSZLVH UHJUHVVLRQ PRGHOV IRU 0',f§0D[ 5 SURFHGXUH 6WHSZLVH UHJUHVVLRQ PRGHOV IRU 3',f§0D[ 5 SURFHGXUH YL

PAGE 7

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nV 'HYHORSPHQWDO &OLQLF DW 6KDQGV 7HDFKLQJ +RVSLWDO 8QLYHUVLW\ RI )ORULGD 6XEMHFWV ZHUH PRWKHULQIDQW G\DGV 7KH IDFWRUV RI PDULWDO VWDWXV VRFLRHFRQRPLF VWDWXV LQIDQWnV ELUWK RUWKHU DQG QHRQDWDO FRQGLWLRQ RI WKH LQIDQW ZHUH FRQWUROOHG IRU $OO LQIDQWV

PAGE 8

ZHUH FODVVLILHG DV KLJKULVN GXH WR ORZ ELUWKZHLJKWV 0HDVXUHV RI VRFLDO VXSSRUW ZHUH REWDLQHG WKURXJK D VRFLRGHPRJUDSKLF TXHVWLRQQDLUH FRPSOHWHG E\ WKH PRWKHUV 7KH LQIDQWVn VFRUHV RQ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW &RJQLWLYH DQG 3V\FKRPRWRU ,QGH[ ZHUH XVHG DV WKH GHSHQGHQW YDULDEOHV LQ WKH VWXG\ )RXU PHDVXUHV RI VRFLDO VXSSRUW RI WKH VLQJOH DGROHVFHQW PRWKHUV ZHUH VWXGLHG LQ UHODWLRQVKLS WR VFRUHV DWWDLQHG E\ WKHLU LQIDQWV RQ WKH %D\OH\ 6FDOHV RI 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW 0HDVXUHV RI PDWHUQDO VRFLDO VXSSRUW ZHUH QRW DVVRFLDWHG VLJQLILFDQWO\ ZLWK PHDVXUHV RI LQIDQW GHYHORSPHQW 0HDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VRFLDO VXSSRUW ZHUH DVVRFLDWHG VLJQLILFDQWO\ ZLWK WKH LQIDQWnV VFRUHV RQ WKH SV\FKRPRWRU LQGH[ ,Q VXPPDU\ WKLV H[SORUDWRU\ VWXG\ VKRZHG OLWWOH DVVRFLDWLRQ EHWZHHQ PHDVXUHV RI VRFLDO VXSSRUW RI VLQJOH DGROHVFHQW PRWKHUV DQG PHDVXUHV RI WKHLU LQIDQWVn FRJQLWLYH DQG SV\FKRPRWRU GHYHORSPHQW DW PRQWKV RI DJH 7KH UHVXOWV VXJJHVWHG WKHUH LV DQ DVVRFLDWLRQ EHWZHHQ WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW DQG WKH SV\FKRPRWRU GHYHORSPHQW RI KHU LQIDQW 7KHVH UHVXOWV LQGLFDWHG D QHHG IRU IXUWKHU UHVHDUFK DV UHODWHG WR IDFWRUV WKDW LQIOXHQFH WKH PRWKHUnV SHUFHSWLRQ RI KHU VRFLDO VXSSRUW YLLL

PAGE 9

&+$37(5 ,1752'8&7,21 2YHUYLHZ RI $GROHVFHQW 3UHJQDQF\ &RQVLGHUDEOH LPSHWXV RQ WKH VWXG\ RI WKH IDPLO\ QHWZRUN DV D IDFWRU LQ FKLOG GHYHORSPHQW LV HQFRXUDJHG E\ WKH UHVHDUFK RI %URQIHQEUHQQHU f 0RUH UHFHQWO\ 3RZHOO f DQG &RFKUDQ DQG %UDVVDUG f KDYH SURSRVHG WKHRUHWLFDO IUDPHZRUNV IRU QHWZRUNLQJ DV DQ LPSRUWDQW FRQWULEXWRU WR WKH TXDOLWDWLYH GHYHORSPHQW LQ \RXQJ FKLOGUHQ 7KLV VWXG\ DGGUHVVHV WKH UHODWLRQVKLS EHWZHHQ PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV RI VLQJOH DGROHVFHQW PRWKHUV DQG WKH TXDOLWDWLYH GHYHORSPHQW RI WKHLU LQIDQWV DW PRQWKV RI DJH DV PHDVXUHG E\ WKH %D\OH\ 6FDOHV RI 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW 7KH RFFXUUHQFH RI DGROHVFHQW SUHJQDQF\ DQG FRQVHTXHQW SDUHQWn KRRG KDV ULVHQ GUDPDWLFDOO\ LQ WKH SDVW GHFDGH *XWWPDFKHU f 7KH SURSRUWLRQ RI ELUWKV WR DGROHVFHQW PRWKHUV DV FRPSDUHG WR DGXOW PRWKHUV LV FXUUHQWO\ D PDMRU QDWLRQDO FRQFHUQ 6FRWW f :KLOH ELUWKV WR DGXOW ZRPHQ FRQWLQXH WR GHFOLQH WKH UDWH RI DGROHVFHQW SUHJQDQF\ DQG FKLOGELUWK FRQWLQXHV WR UHPDLQ DW D KLJK OHYHO ,Q WKH FDVH RI YHU\ \RXQJ PRWKHUV WR \HDUV RI DJHf WKH UDWH RI DGROHVFHQW SUHJQDQF\ KDV LQFUHDVHG QRWLFHDEO\ LQ WKH SDVW GHFDGH &RPSDUHG WR ZKLWH IHPDOHV EODFN IHPDOHV PDLQWDLQHG D KLJK UDWH RI DGROHVFHQW SUHJQDQF\ LQ WKH SDVW GHFDGH ZKLOH WKH UDWH RI DGROHVFHQW SUHJQDQF\ IRU ZKLWH IHPDOHV GRXEOHG GXULQJ WKH nV *XWWPDFKHU

PAGE 10

f &OHDUO\ DGROHVFHQW SUHJQDQF\ SUHVHQWV D FRPSOH[ DQG FKDOn OHQJLQJ UHVHDUFK WRSLF 7KH FRQVHTXHQFHV RI DGROHVFHQW SUHJQDQF\ DUH IDUUHDFKLQJ 1RW RQO\ GRHV WKH \RXQJ IHPDOH H[SHULHQFH DFFHOHUDWHG UROH WUDQVLWLRQ %DFRQ f EXW WKH FRQVHTXHQFHV IRU WKH LQIDQW ERUQ WR D YHU\ \RXQJ PRWKHU DUH RI PDMRU FRQFHUQ WR PHGLFDO UHVHDUFKHUV 1XPHURXV VWXGLHV GRFXPHQW WKDW SUHJQDQW DGROHVFHQW IHPDOHV GURS RXW RI VFKRRO KDYH KLJKHU GLYRUFH UDWHV ORZHU HDUQLQJ SRWHQWLDO KLJKHU UDWHV RI FKLOG DEXVH DQG LQ JHQHUDO PRUH OLPLWHG DQG ORQJWHUP JRDO VHWWLQJ RSSRUWXQLWLHV )XUVWHQEHUJ *XWWPDFKHU f 7KH RXWFRPHV IRU WKH LQIDQWV ERUQ WR WKHVH YHU\ \RXQJ PRWKHUV DUH DOVR ZHOGRFXPHQWHG $GROHVFHQW PRWKHUV KDYH KLJKHU LQFLGHQFHV RI SUHPDWXUH GHOLYHU\ LQFUHDVHG QHRQDWDO FRPSOLFDWLRQV DQG KLJKHU LQIDQW PRUWDOLW\ UDWHV )LHOG 0RQNXV 2SSHO DQG 5R\VWRQ DQG 4XD\ f 7KLV LV HVSHFLDOO\ WUXH IRU WKH \RXQJHU DGROHVFHQW PRWKHU IURP WR \HDUV RI DJH )LHOG f ,Qn FUHDVLQJO\ UHVHDUFKHUV DUH IRFXVLQJ RQ WKH PHGLFDO VRFLDO SV\FKRn ORJLFDO DQG SK\VLFDO FRQVHTXHQFHV RI DGROHVFHQW SUHJQDQF\ 7KH DGROHVFHQW PRWKHU SRSXODWLRQ SUHVHQWV PDQ\ XQDQVZHUHG UHVHDUFK TXHVWLRQV DQG SUREOHPV 7KLV VWXG\ DGGUHVVHV WKLV XQLTXH SRSXODWLRQ DQG WKH SRVVLEOH UHODWLRQVKLS EHWZHHQ VXSSRUW QHWZRUNV RI DGROHVFHQW PRWKHUV DQG WKH TXDOLWDWLYH GHYHORSPHQW RI WKHLU LQIDQWV .HQLVWRQ f LQGLFDWHV WKDW WKH SHUFHSWLRQ WKDW DGHTXDWH IDPLOLHV DUH LQGHSHQGHQW DXWRQRPRXV VHOIVXIILFLHQW XQLWV WKDW LQVXODWH WKHLU PHPEHUV IURP H[WHUQDO SUHVVXUHV KDV EHHQ FKDOOHQJHG 7KH FRQFHSW RI WKH H[WHQGHG IDPLO\ QHWZRUN LV KDUGO\ D QHZ RQH HVSHFLDOO\ WR VRFLRORJLVWV +RZHYHU WKH TXDOLWDWLYH DQG TXDQWLWDWLYH

PAGE 11

LQYHVWLJDWLRQ RI WKH VRFLDO VXSSRUW V\VWHP RU QHWZRUN DV LW UHODWHV WR WKH GHYHORSPHQW RI \RXQJ FKLOGUHQ ZKR WUDQVDFW ZLWKLQ WKH IUDPHZRUN RI WKDW VXSSRUW QHWZRUN LV D QHZ DQG IHUWLOH DUHD IRU UHVHDUFK %URQIHQEUHQQHUnV f HFRORJLFDO WKHRU\ DQG PRGHO RI FKLOG GHYHORSPHQW FKDUDFWHUL]HV WKH IDPLO\ DV D V\VWHP LQIOXHQFHG E\ YDULRXV QHLJKERUKRRG JURXSV FRPPXQLW\ DJHQFLHV YROXQWDU\ DVVRFLDn WLRQV JRYHUQPHQW RIILFHV DQG SROLFLHV DV ZHOO DV E\ EURDG FXOWXUDO LGHRORJLFDO DQG SROLWLFDO V\VWHPV :KLOH WKH FRQFHSW RI VXSSRUW QHWZRUNV LV XWLOL]HG DV D SDUW RI WKH V\VWHPnV WKHRU\ UHODWLYHO\ IHZ LQYHVWLJDWRUV KDYH OLQNHG V\VWHPV RI VXSSRUW RU QHWZRUNLQJf WR WKH IDPLO\nV TXDOLWDWLYH JURZWK DQG GHYHORSPHQW HVSHFLDOO\ LQ UHODWLRQ WR WKH VSHFLILF PHDVXUHV RI LQIDQW FRJQLWLYH VRFLDO DQG SK\VLFDO GHYHORSPHQW $FFRUGLQJ WR 3RZHOO f VRFLDO QHWZRUNV PD\ HQKDQFH D IDPLO\nV FKLOGUHDULQJ SURFHVVHV E\ SURYLGLQJ PDWHULDO SV\FKRORJLFDO DQG HPRWLRQDO VXSSRUW DQG E\ VKDULQJ LQIRUPDWLRQ DQG UHLQIRUFLQJ DFFHSWHG EHOLHIV DQG EHKDYLRUV WKDW VRFLDOL]H DGXOWV LQWR WKH SDUHQWn LQJ UROH &RFKUDQ DQG %UDVVDUG f DUJXH WKDW WKH PHPEHUV RI WKH SDUHQWVn VRFLDO VXSSRUW QHWZRUN LQIOXHQFH WKH FKLOGnV GHYHORSPHQW LQGLUHFWO\ E\ WKHLU PRUH GLUHFW LQIOXHQFH RQ WKH SDUHQW 7UDQVDFWLRQV DQG LQWHUFKDQJHV WKDW RFFXU IUHTXHQWO\ EHWZHHQ PHPEHUV RI WKH VDPH QHWZRUN DUH PRUH OLNHO\ WR HQKDQFH SDUHQW IXQFWLRQLQJ DQG FKLOGUHQnV GHYHORSPHQW &DQQRQ%RQYHQWUH DQG .DKQ f IRXQG WKDW WHHQDJH SDUHQWV UHO\ RQ LQIRUPDO VRFLDO QHWZRUNV WR PHHW D UDQJH RI PDWHULDO QHHGV LQFOXGn LQJ PRQH\ KRXVLQJ IXUQLWXUH IRRG FORWKLQJ DQG PHGLFDO DVVLVWDQFH 6LPLODU VWXGLHV RQ WKH XVH RI VXSSRUW QHWZRUN V\VWHPV E\ \RXQJ

PAGE 12

SDUHQWV KDYH EHHQ FRQGXFWHG E\ (SVWHLQ f DQG =LWQHU DQG 0LOOHU f 6WRO] f IRXQG WKDW SDUHQWV XVHG D YDULHW\ RI UHVRXUFHV IRU FKLOG GHYHORSPHQW LQIRUPDWLRQ WKRXJK WKH SULQFLSDO VRXUFHV ZHUH LQWHUSHUVRQDO LQ QDWXUH (SVWHLQ f IRXQG WKDW WHHQDJH PRWKHUV ZKR DUH FRSLQJ ZHOO ZLWK SDUHQWLQJ UROHV DWWULEXWH WKHLU VXFFHVV WR VRPHRQH ZKR WDXJKW WKHP WR QHJRWLDWH WKH V\VWHP RI DYDLODEOH LQn IRUPDWLRQ DQG VXSSRUW V\VWHPV (JHODQG %UHLWHQEXFKHU DQG 'HLQDUG f IRXQG WKDW ORZLQFRPH WHHQDJH PRWKHUV UDWHG DV JLYLQJ H[FHOOHQW FDUH WR WKHLU LQIDQWV REWDLQHG PRVW RI WKHLU FKLOG GHYHORSPHQW LQIRUn PDWLRQ IURP UHODWLYHV DQG WKHLU RZQ FKLOGKRRG H[SHULHQFHV ,Q D QDWLRQZLGH VXUYH\ RI SDUHQWV LQFOXGLQJ KLJKULVN DQG WHHQDJH PRWKHUV 6SDUOLQJ /RZPDQ /HZLV DQG %DUWHO f IRXQG WKDW WKHUH ZDV D VWURQJ SUHIHUHQFH RI SDUHQWV IRU LQWHUSHUVRQDO VRXUFHV RI LQIRUPDWLRQ IROORZHG E\ SULQW DQG DXGLRYLVXDO PHGLD VRXUFHV 0F.LQOD\ f UHSRUWHG WKDW QHWZRUNV DSSHDU WR H[HUW UHVWULFWLYH DV ZHOO DV HQDEOLQJ LQIOXHQFHV GHSHQGLQJ XSRQ WKHLU FKDUDFWHULVWLFV 7KH OLWHUDWXUH KDV VXSSRUWHG WKH LGHD WKDW SDUHQWV GR QRW UHDU FKLOGUHQ LQ D VRFLDO YDFXXP 6RFLDO UHODWLRQVKLSV PD\ EH SDUWLFXODUO\ FULWLFDO LQ WKH OHDUQLQJ RI SDUHQWLQJ RU DFTXLVLWLRQ RI SDUHQWLQJ VNLOOV DFURVV WKH LQGLYLGXDOnV OLIHVSDQ +RZHYHU WKHUH KDYH EHHQ OLWWOH GDWD WR VXSSRUW WKLV VSHFXODWLRQ &RQQHFWHGQHVV WR RWKHUV KDV VHHPHG WR EH DVVRFLDWHG ZLWK KHDOWK\ IDPLO\ IXQFWLRQLQJ 3DUHQWV ZKR KDYH H[KLELWHG PRUH SUREOHPDWLF SDWWHUQV RI LQWHUDFWLRQ VXFK DV DEXVH KDYH EHHQ PRUH OLNHO\ WR EH VRFLDOO\ LVRODWHG 7KH VWXG\ RI VXSSRUW QHWZRUNV XWLOL]HG E\ SDUHQWV KDV IXUWKHUHG RXU XQGHUVWDQGLQJ RI IRUFHV WKDW HQKDQFH SDUHQWLQJ VNLOOV

PAGE 13

4XHVWLRQV 5DLVHG E\ WKH 5HVHDUFK 7KH UHVHDUFK OLWHUDWXUH VXSSRUWV WKH QRWLRQ WKDW VXSSRUW QHWZRUNV DUH XWLOL]HG E\ SDUHQWV 6LQFH WKH DGROHVFHQW PRWKHU UHSUHVHQWV D XQLTXH SRSXODWLRQ WKHUH LV D QHHG WR VWXG\ ZD\V LQ ZKLFK VRFLDO VXSn SRUW QHWZRUNV DIIHFW WKH OLYHV RI DGROHVFHQW PRWKHUV DQG WKHLU RIIn VSULQJ 6SHFLILFDOO\ WKHUH LV D QHHG WR LQYHVWLJDWH SRVVLEOH UHODn WLRQVKLSV EHWZHHQ WKH QDWXUH DQG XWLOL]DWLRQ RI WKH DGROHVFHQW PRWKHUnV VRFLDO VXSSRUW QHWZRUN DQG TXDQWLWDWLYH PHDVXUHV RI KHU LQIDQWnV FRJQLWLYH DQG SV\FKRPRWRU GHYHORSPHQW 6HYHUDO UHVHDUFK TXHVWLRQV DUH SRVHG f :KDW W\SHV RI VRFLDO VXSSRUW UHVRXUFHV FRQVWLWXWH WKH DGROHVFHQW PRWKHUnV VXSSRUW QHWZRUN" f :LWK ZKDW IUHTXHQF\ GRHV WKH DGROHVFHQW PRWKHU LQWHUDFW ZLWK DQG UHO\ XSRQ KHU VXSSRUW QHWZRUN" f :KDW UROH GRHV WKH VRFLDO VXSSRUW QHWZRUN SOD\ LQ WLPHV RI FULVLV IRU WKH DGROHVFHQW PRWKHU DQG KHU RIIVSULQJ" f +RZ GR DGROHVFHQW PRWKHUV SHUFHLYH WKHLU VRFLDO VXSSRUW QHWZRUNV" f +RZ DFFHVVLEOH DUH DGROHVFHQW PRWKHUV WR WKHLU VXSSRUW QHWZRUNV" f :KDW VRFLDO UHOLJLRXV HGXFDWLRQDO DQG SROLWLFDO RUJDQLn ]DWLRQ SOD\ D UROH LQ WKH DGROHVFHQW PRWKHUnV VXSSRUW QHWZRUN" f $UH VRFLDO QHWZRUNV RI DGROHVFHQW PRWKHUV UHODWHG WR WKH TXDOLW\ RI WKHLU LQIDQWVn GHYHORSPHQW"

PAGE 14

7KH 3XUSRVH RI WKH 6WXG\ 7KH SXUSRVH RI WKLV VWXG\ ZDV WR LQYHVWLJDWH f WKH W\SHV RI VXSSRUW UHVRXUFHV WKDW PDNH XS WKH DGROHVFHQW PRWKHUnV VXSSRUW QHWZRUN DQG WKH IUHTXHQF\ ZLWK ZKLFK VKH XWLOL]HV WKH VXSSRUW UHVRXUFHV f WKH FRUUHODWLRQ RI IRXU VSHFLILF LQGLFDWRUV RI VXSSRUW LQ UHODWLRQ WR KHU LQIDQWnV PHQWDO DQG SV\FKRPRWRU GHYHORSPHQW VFRUHV RQ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW DW PRQWKV RI DJH DQG f PHDVXUHV D VHOIFRQFHSW DQG OLIH VWUHVV RI WKH DGROHVFHQW PRWKHUV +\SRWKHVHV WR EH 6WXGLHG +\SRWKHVLV 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI LQKRVSLWDO FRPPXQLFDWLRQ HIIRUWV E\ PHPEHUV RI WKH VXSSRUW QHWZRUN DQG WKH %D\OH\ VFRUHV RI 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW RI WKH LQIDQWV DW PRQWKV RI DJH +\SRWKHVLV ,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN UHVRXUFHV DQG WKH %D\OH\ VFRUHV RI 0HQWDO DQG 3V\FKRn PRWRU 'HYHORSPHQW RI WKH LQIDQWV DW PRQWKV RI DJH +\SRWKHVLV ,,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQn VKLS EHWZHHQ PHDVXUHV RI DFWXDO VXSSRUW QHWZRUN UHVRXUFHV RI WKH DGROHVFHQW PRWKHU DQG WKH %D\OH\ VFRUHV RI 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW RI WKH LQIDQWV DW PRQWKV RI DJH +\SRWKHVLV ,9 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN DQG WKH %D\OH\ VFRUHV RI 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW RI WKH LQIDQWV DW PRQWKV RI DJH

PAGE 15

'HILQLWLRQ RI 7HUPV 6LQJOH $GROHVFHQW 0RWKHUf§DQ DGROHVFHQW PRWKHU XQGHU WKH DJH RI ZKR KDV QHYHU EHHQ PDUULHG RU LV VHSDUDWHG RU GLYRUFHG 1RQH RI WKH VXEMHFWV DUH PDUULHG DW WKH WLPH RI WKH GDWD FROOHFWLRQ DQG DOO DUH ORZHU VRFLRHFRQRPLF VWDWXV VXEMHFWV +LJK5LVN ,QIDQWDQ LQIDQW ZKR ZDV SODFHG LQ WKH 1HRQDWDO ,QWHQVLYH &DUH 8QLW 1,&8f DW ELUWK GXH WR QHRQDWDO ORZ ELUWKZHLJKW RU SUHPDWXULW\ $OO LQIDQWV LQ WKLV VWXG\ ZHUH FODVVLILHG DV DW ULVN DW ELUWK %DELHV UDQJHG LQ ZHLJKW IURP WR JUDPV 0HQWDO 'HYHORSPHQW ,QGH[ VFRUH 0',fUHIHUUHG WR DV WKH 0', WKLV LV D VFRUH REWDLQHG IURP WKH DGPLQLVWUDWLRQ RI WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0HQWDO 'HYHORSPHQW ,QGH[ 7KH 0', VFRUHV REWDLQHG IRU WKLV VWXG\ ZHUH WDNHQ ZKHQ WKH LQIDQWV ZHUH PRQWKV RI DJH $OO WHVWLQJ ZDV FRQGXFWHG DW WKH &KLOGUHQnV 'HYHORSPHQWDO &OLQLF 6KDQGV 7HDFKLQJ +RVSLWDO 8QLYHUVLW\ RI )ORULGD EHWZHHQ -DQXDU\ DQG 'HFHPEHU 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ VFRUH 3',fD VFRUH REWDLQHG IURP DGPLQLVWUDWLRQ RI WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ 7KH 3', VFRUHV REWDLQHG IRU WKLV VWXG\ ZHUH WDNHQ ZKHQ WKH LQIDQWV ZHUH PRQWKV RI DJH $OO WHVWLQJ ZDV FRQGXFWHG DW WKH &KLOGUHQnV 'HYHORSPHQWDO &OLQLF 6KDQGV 7HDFKn LQJ +RVSLWDO 8QLYHUVLW\ RI )ORULGD EHWZHHQ -DQXDU\ DQG 'HFHPEHU &RQWURO 9DULDEHVIURP SUHYLRXV QHRQDWDO UHVHDUFK RQ LQIDQWV ERUQ WR YHU\ \RXQJ PRWKHUV IRXU YDULDEOHV ZLOO EH XVHG DV FRQWURO YDULDEOHV LQ WKH LQLWLDO DQDO\VLV 7KH IRXU YDULDEOHV DUH LQIDQWfV

PAGE 16

ELUWKZHLJKW QXPEHU RI GD\V LQIDQW VSHQW LQ WKH KRVSLWDO DIWHU KLVKHU ELUWK PRWKHUnV DJH DQG PRWKHUn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

PAGE 17

EH DFNQRZOHGJHG GXH WR LQGLYLGXDO GLIIHUHQFHV DPRQJ KRVSLWDO VWDII $OVR WKH GDWD RQ WKH DGROHVFHQW PRWKHUV ZHUH FROOHFWHG E\ PHDQV RI D TXHVWLRQQDLUH +XPDQ IDFWRUV LPSDFWHG WKLV GDWD FROOHFWLRQ SURFHVV FUHDWLQJ DGGLWLRQDO OLPLWDWLRQV WR WKH VWXG\ 0RWKHUV SURYLGHG VHOIUHSRUWHG GDWD VRPHWLPHV XQGHU FRQGLWLRQV RI IDWLJXH DQG HQYLURQn PHQWDO LQWHUIHUHQFH 6HOIUHSRUWHG GDWD DOZD\V KDYH OLPLWDWLRQV 7KH LQWHUSUHWDWLRQ RI HDFK TXHVWLRQ PD\ YDU\ E\ WKH VXEMHFWV ,Q WKLV SDUWLFXODU SRSXODWLRQf§ORZHU 6(6 DQG DGROHVFHQW LQ DJHWKH DELOLW\ WR UHDG DQG FRPSUHKHQG WKH TXHVWLRQV DV LQWHQGHG E\ WKH UHVHDUFKHU PD\ KDYH EHHQ OLPLWHG ,QFRPSOHWH PHGLFDO GDWD $ ILQDO OLPLWDWLRQ WR WKLV VWXG\ ZDV WKH RFFXUUHQFH RI VRPH LQFRPSOHWH GDWD $JDLQ ZKDW IDFWRUV FDXVHG WKLV DUH GLIILFXOW WR DVFHUWDLQ 6LQFH PDQ\ RI WKHVH PRWKHUV FRPn SOHWHG WKH TXHVWLRQQDLUH DIWHU VHYHUDO KRXUV RI ZDLWLQJ WKH IDFWRU RI IDWLJXH PXVW EH FRQVLGHUHG 1R SUHVVXUH ZDV SXW RQ WKH VXEMHFWV WR FRPSOHWH WKH GDWD DOWKRXJK KRVSLWDO VWDII LQ WKH &KLOGUHQnV 'HYHOn RSPHQWDO &OLQLF ZHUH DOZD\V SUHVHQW DQG DYDLODEOH IRU FODULILFDWLRQ RI WKH TXHVWLRQV 7KLV LV D FRPPRQ OLPLWDWLRQ WR WKH XVH RI PHGLFDO GDWD VLQFH PDQ\ IDFWRUV LQWHUYHQH LQ WKH GDWD FROOHFWLRQ SURFHVV /LPLWV RI FRUUHODWLRQ VWXGLHV 7KLV VWXG\ ZDV FRUUHODWLRQDO $Q DWWHPSW ZDV PDGH WR LQYHVWLJDWH SRVVLEOH DVVRFLDWLRQV EHWZHHQ WKH PHDVXUHV RI VRFLDO VXSSRUW RI DGROHVFHQW PRWKHUV DQG WKH PHQWDO DQG SV\FKRPRWRU GHYHORSPHQW RI WKHLU LQIDQWV &DXVH DQG HIIHFW UHODWLRQVKLSV DUH QRW LPSOLHG LQ WKLV VWXG\ 7KH UHVHDUFKHU LV DWn WHPSWLQJ WR DVFHUWDLQ SRVVLEOH DVVRFLDWLRQV EHWZHHQ D VSHFLILF NLQG RI YDULDEOH PHDVXUHV RI VRFLDO VXSSRUW DQG PHDVXUHV RI LQIDQW GHYHORSn PHQW 2WKHU YDULDEOHV ZKLFK PD\ FRQWULEXWH WR WKH LQIDQWnV PHQWDO

PAGE 18

DQG SV\FKRPRWRU GHYHORSPHQW DUH DFNQRZOHGJHG E\ WKH UHVHDUFKHU *LYHQ WKH QHZQHVV RI WKH WKHRUHWLFDO IUDPHZRUN IRU WKLV VWXG\ WKH UHVHDUFKHU FKRVH WR FRQGXFW DQ H[SORUDWRU\ VWXG\ XWLOL]LQJ DSSURSULDWH FRUUHODn WLRQDO SURFHGXUHV

PAGE 19

&+$37(5 ,, 5(9,(: 2) 7+( /,7(5$785( 7KH FRQFHSW RI VRFLDO VXSSRUW V\VWHPV RU QHWZRUNLQJ KDV GHYHORSHG SULPDULO\ WKURXJK WKH HIIRUWV RI LQYHVWLJDWRUV LQ WKH ILHOG RI VRFLRORJ\ 7KH UROH RI VRFLDO VXSSRUW LQ WKH TXDOLWDWLYH GHYHORSn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nV 7KH %XUHDX RI WKH 8QLWHG 6WDWHV FHQVXV LQ VXPPDUL]HG WKH RFFXUUHQFH RI ELUWKV WR WR \HDU ROGV VLQFH ,Q LQIDQWV ZHUH ERUQ WR HYHU\ WR \HDU ROGV RXWRIZHGORFN %\ WKLV ILJXUH KDG LQFUHDVHG WR $Q HVFDODWLRQ RI ELUWKV ERUQ WR DGROHVFHQW

PAGE 20

PRWKHUV RFFXUUHG EHWZHHQ DQG %\ LQIDQWV ZHUH ERUQ WR HYHU\ WR \HDU ROGV RXWRIZHGORFN 7KH LQFUHDVH FRQWLQXHG EXW GLG OHYHO RII %\ WKH ODWHVW \HDU IRU ZKLFK GDWD ZHUH DYDLODEOH ELUWKV RFFXUUHG RXWRIZHGORFN WR \RXQJ ZRPHQ EHWZHHQ WKH DJHV RI WR \HDUV RI DJH 7KLV LQIRUPDWLRQ LV VXPn PDUL]HG LQ WKH WDEOH EHORZ 7DEOH 2XWRIZHGORFN ELUWKV SHU ZRPHQ WR \HDUV RI DJH r
PAGE 21

FRPSDUHG ZLWK RXW RI IRU ZKLWH ZRPHQ WKLV DJH 7KHVH GLIIHUHQFHV EHWZHHQ WKH WZR UDFHV FDQ EH WUDFHG WR GLIIHUHQW SDWWHUQV RI FRQWUDn FHSWLYH HIIHFWLYHQHVV DQG PDUULDJH %XUHDX RI WKH 86 &HQVXV S f 7KH DEVROXWH QXPEHU RI OLYH ELUWKV WR WHHQDJHUV UHDFKHG D PD[LPXP LQ DQG EXW KDV VLQFH VKRZQ VRPH GHFOLQH 6FRWW f /LQFROQ -DIIH DQG $PEURVH f ZULWLQJ LQ WKH LQIOXHQWLDO *XWWPDFKHU UHSRUW XVHG WKH WHUP HSLGHPLF WR GHVFULEH WKH RFFXUUHQFH RI DGROHVFHQW SUHJQDQF\ DUWLFOHV LQ QHZVSDSHUV SLFNHG XS WKH WHUP WKXV UHLQIRUFLQJ WKH JHQHUDO QRWLRQ WKDW WKH UDWH RI DGROHVFHQW SUHJQDQF\ KDG HVFDODWHG UDSLGO\ &XUUHQWO\ RYHU RQH PLOOLRQ IHPDOH DGROHVFHQWV JLYH ELUWK DQQXDOO\ *XWWPDFKHU f =HOQLFN DQG .DQWQHU f LQ D QDWLRQDO SUREDELOLW\ VDPSOH RI \RXQJ ZRPHQ IRXQG WKDW WKHUH KDYH EHHQ FKDQJHV LQ VH[XDO DFWLYLW\ DV LQGH[HG E\ PHDQ DJH RI ILUVW FRLWXV %HWZHHQ DQG WKH PHGLDQ DJH RI ILUVW LQWHUFRXUVH VKLIWHG DPRQJ ZKLWH IHPDOHV IURP \HDUV WR \HDUV DQG IRU EODFN IHPDOHV IURP \HDUV WR \HDUV 0RRUH +RIIHUWK :HUWKHLPHU :DLWH DQG &DOGZHOO f UHSRUWHG WKDW GXULQJ WKH SDVW GHFDGH WKH 8QLWHG 6WDWHV ZLWQHVVHG D GUDPDWLF GHFOLQH LQ IHUWLOLW\ UDWHV 'HVSLWH WKLV RYHUDOO WUHQG IHUWLOLW\ UDWHV KDYH QRW IDOOHQ DV UDSLGO\ DPRQJ WHHQDJHUV DV DPRQJ ROGHU ZRPHQ 7KXV WKH UHODWLYHO\ VORZ GHFOLQH LQ IHUWLOLW\ UDWHV DPRQJ WHHQDJHUV UHODn WLYH WR ROGHU ZRPHQ FRPELQHG ZLWK ODUJH WHHQDJH FRKRUWV KDV UHVXOWHG LQ DQRWKHU SKHQRPHQRQWKH SURSRUWLRQ RI DOO EDELHV WKDW DUH ERUQ WR WHHQDJH PRWKHUV KDV ULVHQ VLJQLILFDQWO\ ,Q IHPDOHV XQGHU WKH DJH RI ERUH SHUFHQW RI DOO FKLOGUHQ DQG SHUFHQW RI DOO ILUVW FKLOGUHQ ,Q WKH\ ERUH

PAGE 22

SHUFHQW RI DOO FKLOGUHQ DQG SHUFHQW RI DOO ILUVW FKLOGUHQ 0RRUH +RIIHUWK :HUWKHLPHU :DLWH t &DOGZHOO f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f \HDUV KDYH EHHQ ZHOO GRFXPHQWHG ,QFOXGHG KDYH EHHQ VFKRRO GURSRXW %DFRQ )XUVWHQEHUJ f PDULWDO SUREOHPV DQG GLYRUFH )XUVWHQEHUJ f OHVV SV\FKRORJLFDOO\ FRPSHWHQW RIIVSULQJ )XUVWHQEHUJ 2SSHO DQG 5R\VWRQ )LHOG f DQG KLJKHU UDWHV RI DEXVLYHQHVV 'H/LVVRYR\ f (DUO\ FKLOGEHDULQJ DQG ORZHU HGXFDWLRQDO DWWDLQPHQW KDYH EHHQ GRFXPHQWHG LQ WKH UHVHDUFK )XUVWHQEHUJ 0RRUH DQG :DLWH *XWWPDFKHU f 7KH LPSRUWDQFH RI VFKRROLQJ WR RWKHU OLIH RXWFRPHV KDV EHHQ IRXQG UHSHDWHGO\ LQ WKH UHVHDUFK ,QFRPH RFFXSDWLRQ IHUWLOLW\ VH[ UROH RULHQWDWLRQ XQHPSOR\PHQW DQG HYHQ WKH SUREDELOLW\ RI GLYRUFH DUH DIIHFWHG E\ HGXFDWLRQ 0RRUH HWB DO f

PAGE 23

6FRWW f LQGLFDWHG WKDW ZKHQ D ZLGH UDQJH RI PHGLFDO VRFLDO DQG PDWHUQDO FULWHULD DUH DSSOLHG WR WKH SUHGLFWLRQ RI LQWHOOLJHQFH OHYHOV LQ FKLOGKRRG PDWHUQDO HGXFDWLRQ DSSHDUV DV D PDMRU SUHGLFWRU RI RXWn FRPH 7KXV WKH FRQVHTXHQFHV RI HDUO\ FKLOGEHDULQJ IRU WKH \RXQJ PRWKHU KDYH EHHQ PXOWLIDFHWHGHGXFDWLRQDO VRFLDO SV\FKRORJLFDO DQG KHDOWKUHODWHG 1HRQDWDO 2XWFRPHV 6WXGLHV RI WKH QHRQDWDO RXWFRPHV RI LQIDQWV ERUQ WR WHHQDJH PRWKHUV VXJJHVW WKDW WKHVH LQIDQWV DUH D KLJKULVN JURXS )LHOG +RL VWUXP +RIKHLPHU f 7KH WHHQDJH SRSXODWLRQ LV FKDUDFWHUL]HG E\ ORZ VRFLRHFRQRPLF VWDWXV SRRU QXWULWLRQ QRW RQO\ f IRU ILQDQFLDO UHDVRQV EXW DOVR GXH WR FXOWXUDO LGLRV\QFUDFLHVf LQn FUHDVHG LOOHJLWLPDF\ DQG ODFN RI HDUO\ SUHQDWDO FDUH DV ZHOO DV D KLJKHU UDWH RI SUHJQDQF\ DQG GHOLYHU\ FRPSOLFDWLRQV 0RQNXV f )LHOG f UHSRUWHG WKDW SUHYLRXV DQG FXUUHQW UHVHDUFK VXJJHVW WKDW WKH WHHQDJH PRWKHU DQG KHU RIIVSULQJ DUH DW ULVN SULPDULO\ GXH WR VRFLDO HGXFDWLRQDO DQG HFRQRPLF IDFWRUV 4XD\ f DQG 2SSHO DQG 5R\VWRQ f UHSRUW WKDW WHHQDJH PRWKHUV DUH PRUH OLNHO\ WR JLYH ELUWK WR OHVV SV\FKRORJLFDOO\ FRPSHWHQW RIIVSULQJ ,Q VXPPDU\ LQIDQWV ERUQ WR WHHQDJH PRWKHUV DUH DW D JUHDWHU ULVN RI EHLQJ ORZHU ELUWK ZHLJKW WKDQ LQIDQWV ERUQ WR PDWXUH ZRPHQ 7KH LQFUHDVHG ULVN LV ODUJHO\ GXH WR WKH IUHTXHQW DVVRFLDWLRQ EHWZHHQ ? WHHQDJH SUHJQDQF\ DQG RWKHU IDFWRUV VXFK DV SRRU VRFLRHFRQRPLF VWDWXV SRRU QXWULWLRQ RU ODFN RI SUHQDWDO FDUH 0RQNXV f :KLWH f ZULWLQJ LQ 7KH 2ULJLQV RI +XPDQ &RPSHWHQFH VWDWHV

PAGE 24

$IWHU \HDUV RI UHVHDUFK RQ WKH RULJLQV RI KXPDQ FRPSHWHQFH ZH DUH FRQYLQFHG WKDW PXFK WKDW VKDSHV WKH ILQDO KXPDQ SURGXFW WDNHV SODFH GXULQJ WKH ILUVW \HDUV RI OLIH :H DUH DOVR FRQYLQFHG WKDW WKH WUDGLWLRQDO IDLOXUH RI VRFLHW\ WR RIIHU WUDLQn LQJ DQG DVVLVWDQFH WR QHZ SDUHQWV KDV VHYHUDO KDUPIXO FRQVHTXHQFHV SXW VLPSO\ SHRSOH FRXOG JURZ XS WR EH PRUH DEOH DQG PRUH VHFXUH LI WKHLU ILUVW WHDFKHUV GLG QRW KDYH WR EH VHOI WDXJKW DQG XQVXSSRUWHG S f :LWK WKLV LQ PLQG WKH FRQFHSW RI VRFLDO VXSSRUW V\VWHPV RU QHWZRUNV LV QRZ SUHVHQWHG 7KH 7KHRUHWLFDO %DVLV IRU 6RFLDO 6XSSRUW 1HWZRUNV 7KH FRQFHSW RI VRFLDO VXSSRUW QHWZRUN RU V\VWHP LV GHILQHG E\ VHYHUDO LQYHVWLJDWRUV DQG WKHRULVWV 6RFLRORJLVWV KDYH VWXGLHG WKH IDPLO\ QHWZRUN RU V\VWHP H[WHQVLYHO\ %XFNOH\ f GHVFULEHG D V\VWHPnV PRVW IXQGDPHQWDO SURSHUW\ DV EHLQJ WKH LQWHUGHSHQGHQFH RI SDUWV RU YDULDEOHV $GDPV f DQn RWKHU IDPLO\ VRFLRORJLVW LQGLFDWHG WKDW SUR[LPLW\ QRW VHSDUDWLRQ LV WKH UXOH IRU $PHULFDQ IDPLOLHV ZLWK JHRJUDSKLFDO LVRODWLRQ IURP NLQ EHLQJ FKDUDFWHULVWLF RI RQO\ D VPDOO SRUWLRQ RI WKH SRSXODWLRQ $GDPV f DOVR VWDWHG WKDW LW LV WKH SURIHVVLRQDO DQG PDQDJHULDO IDPLOLHV RI WKH XSSHUPLGGOH FODVV ZKR DUH PRVW OLNHO\ WR EH VHSDUDWHG IURP WKHLU NLQ S f $FFRUGLQJ WR 6XVVPDQ DQG %XUFKLQDO f DQG $GDPV f WKH ZRUNLQJ FODVVHV DUH PRUH NLQ RULHQWHG ,Q WHUPV RI GDLO\ OLYLQJ WKHQ NLQ VHHP PRUH VDOLHQW WR ZRUNLQJ FODVV SHRSOH .HQLVWRQ f GHVFULEHG WKH &DUQHJLH &RXQFLO RQ &KLOGUHQ LQ DV KDYLQJ DGGUHVVHG D FHQWUDO LVVXHLV FKLOG GHYHORSPHQW LWVHOI KHDYLO\ LQIOXHQFHG E\ LWV VRFLDO FRQWH[W" S f .HQLVWRQ f

PAGE 25

ZHQW RQ WR VD\ WKDW XQWLO SROLF\ PDNHUV DQG SODQQHUV VKLIW WKHLU IRFXV WR WKH EURDG HFRORJLFDO SUHVVXUHV RQ FKLOGUHQ DQG WKHLU SDUHQWV RXU SXEOLF SROLFLHV ZLOO EH XQDEOH WR GR PXFK PRUH WKHQ KHOS LQGLn YLGXDOV UHSDLU GDPDJH WKDW WKH HQYLURQPHQW LV FRQVWDQWO\ UHLQIOLFWn LQJ S f 6XVVPDQ DQG %XUFKLQDO f DJUHHG ZLWK .HQLVWRQnV DVVHVVPHQW RI IDPLO\ QHWZRUNV DQG FKDOOHQJHG WKH FRQFHSW RI WKH KHDOWK\ IDPLO\ EHLQJ DXWRQRPRXV DQG LQGHSHQGHQW 6HYHUDO FXUUHQW WKHRULVWV LQ KXPDQ GHYHORSPHQW VXSSRUW WKH UHn VHDUFK RI VXFK VRFLRORJLVWV DV $GDPV %XFNOH\ 6XVVPDQ DQG .HQLVWRQ $PRQJ KXPDQ GHYHORSPHQW UHVHDUFKHUV DW WKH IRUHIURQW DUH %URQIHQEUHQQHU 3RZHOO &RFKUDQ DQG %UDVVDUG %URQIHQEUHQQHU f SUHVHQWV DQ HFRORJLFDO PRGHO RI KXPDQ GHYHORSPHQW ZKLFK VWDWHV $W WKH KHDUW RI WKH V\VWHP LV WKH KXPDQ RUJDQLVP ZKLFK WKURXJK LWV ELRORJ\ DQG SHUVRQDOLW\ HVWDEOLVKHV PDQ\ RI WKH SDUDPHWHUV RI KXPDQ EHKDYLRU 6XUURXQGLQJ DQG FRQWDLQLQJ WKH RUJDQLVP LV WKH LPPHGLDWH VHWWLQJ ZKLFK PD\ EH GHILQHG LQ WHUPV RI WKUHH GLPHQVLRQV GHVLJQ RI SK\VLFDO VSDFH DQG PDWHULDOV WKH UROHV DQG UHODWLRQVKLSV RI RWKHU SHRSOH WR WKH RUJDQLVP DQG KXPDQ DFWLYLWLHV VXUURXQGLQJ WKH RUJDQLVP %URQIHQEUHQQHU S f %URQIHQEUHQQHUnV HFRORJLFDO PRGHO SURYLGHV D PHFKDQLVP IRU DQDO\]LQJ WKH GHYHORSPHQW RI WKH FKLOG DQG WKH SHUVRQDO VRFLDO QHWZRUNV RI LPPHGLDWH IDPLO\ PHPEHUV &RFKUDQ DQG %UDVVDUG f )DPLOLHV DUH HPEHGGHG LQ QHWZRUNV RI UHODWLYHV QHLJKERUV DQG IULHQGV 7KRVH QHWZRUN PHPEHUV LQIOXHQFH WKH UHDULQJ RI FKLOGUHQ VRPHWLPHV GLUHFWO\ DQG RIWHQ LQGLUHFWO\
PAGE 26

DIIHFWLYH DQGRU PDWHULDO QDWXUH ZLWK WKH PHPEHUV RI WKH LPPHGLDWH IDPLO\ 0HPEHUVKLS LV FRQILQHG WR SHUVRQV RXWVLGH WKH KRXVHKROG DQG XVXDOO\ FRQVLVWV RI RWKHU NLQ QHLJKERUV IULHQGV VFKRROPDWHV DQG ZRUNPDWHV &RFKUDQ DQG %UDVVDUG S f &RFKUDQ DQG %UDVVDUG f XVHG WKH IUDPHZRUN RI QHWZRUN DQDO\VLV WR DVVHVV WKH VRFLDO HFRORJ\ RI WKH SDUHQW DQG FKLOG LQ UHODWLRQ WR LWV SRVVLEOH HIIHFWV XSRQ FKLOG GHYHORSPHQW 7KH\ VWDWH WKDW IDPLOLHV KDYH DOZD\V EHHQ HPEHGGHG LQ QHWZRUNV RI UHODWLYHV QHLJKERUV DQG IULHQGV 7KRVH QHWZRUN PHPEHUV KDYH XQGRXEWHGO\ LQn IOXHQFHG WKH UHDULQJ RI FKLOGUHQ VRPHWLPHV GLUHFWO\ DQG RIWHQ LQGLUHFWO\ &RFKUDQ DQG %UDVVDUG f PDGH D VWURQJ WKHRUHWLFDO FDVH IRU WKH LPSDFW RI WKH VXSSRUW V\VWHP RQ HDUO\ FKLOG GHYHORSPHQW 7KH\ VWDWHG WKDW WKHUH DUH IRXU ZD\V LQ ZKLFK WKH SDUHQWnV VRFLDO QHWZRUN KDV LQIOXHQFHG WKH FKLOG f &RZRUNHUV FDQ FRPSHWH ZLWK WKH FKLOG IRU WKH SDUHQWnV WLPH f 7KH VRFLDO QHWZRUN FDQ OLQN WKH SDUHQW WR QHZ OLIH SRVVLn ELOLWLHV f 7KH VRFLDO QHWZRUN FDQ LQIOXHQFH WKH FKLOGnV GHYHORSPHQW WKURXJK WKH SDUHQWDO UROH LWVHOI f 3URYLVLRQ RI WKH RSSRUWXQLW\ IRU DFWLYH SDUWLFLSDWLRQ LQ WKH QHWZRUNV RI KLV RU KHU SDUHQWV FDQ OD\ WKH IRXQGDWLRQ IRU WKH GHYHORSPHQW RI WKH FKLOGnV RZQ SHUVRQDO VRFLDO QHWZRUN RU QHWZRUN EXLOGLQJ VNLOOV &RFKUDQ DQG %UDVVDUG S f ,Q UHIHUHQFH WR WKUHH DQG IRXU DERYH WKH IROORZLQJ WKHRUHWLFDO IUDPHZRUN ZDV HODERUDWHG E\ &RFKUDQ DQG %UDVVDUG 7KH VRFLDO QHWZRUN FDQ LQIOXHQFH WKH FKLOGnV GHYHORSPHQW WKURXJK WKH SDUHQWDO UROH LWVHOI

PAGE 27

0RUH VSHFLILFDOO\ WKH SDUHQWnV UROH LV LQIOXHQFHG E\ WKH f H[FKDQJH RI HPRWLRQDO PDWHULDO DVVLVWDQFH EHWZHHQ SDUHQWV DQG QHWZRUN PHPEHUV 6WDFN &RFKUDQ DQG %UDVVDUG )XUVWHQEHUJ f f SURYLVLRQ RI FKLOGEHDULQJ FRQWUROV WKDW LV IULHQGV UHODWLYHV RU QHLJKERUV RI SDUHQWV HQFRXUDJH RU GLVFRXUDJH SDUWLFLSDWLRQ LQ SDWn WHUQV RI SDUHQWFKLOG LQWHUDFWLRQV DQG f DYDLODELOLW\ RI UROH PRGHOV 3DUHQWV DGRSW RU PRGLI\ VRPH FKLOGUHDULQJ SUDFWLFHV DV D FRQVHTXHQFH RI ZDWFKLQJ WKH EHKDYLRU RI QHWZRUN PHPEHUV %DQGXUD f SRLQWHG RXW WKDW SDUWLFLSDWLRQ LV QRW D QHFHVVDU\ FRQGLWLRQ IRU WKH LPSDFW RI WKH PRGHOLQJ WR EH PDQLIHVWHG %DQGXUD DOVR IRXQG WKDW WR KDYH DQ LPSDFW WKH PRGHOLQJ SHUVRQ PXVW EH DEOH WR GHPRQVWUDWH WKH DELOLW\ WR QXUWXUH RU WR FRQWURO YDOXDEOH UHVRXUFHV 3URYLVLRQ RI WKH RSSRUWXQLW\ IRU DFWLYH SDUWLFLSDWLRQ LQ WKH QHWZRUNV RI KLV RU KHU SDUHQWV FDQ OD\ WKH IRXQGDWLRQ IRU WKH GHYHORSn PHQW RI WKH FKLOGnV RZQ SHUVRQDO VRFLDO QHWZRUN RU QHWZRUN EXLOGLQJ VNLOOV )XUWKHUPRUH &RFKUDQ DQG %UDVVDUG f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nV RZQ QHWZRUNEXLOGLQJ VNLOOV $FFRUGLQJ WR &RFKUDQ DQG %UDVVDUG f UHFLSURFDO H[FKDQJH LV WKH PDMRU FRJQLWLYH VNLOO ZKLFK LV DWWDLQHG WKURXJK WKH PDLQWHQDQFH RI QHWZRUN UHODWLRQVKLSV

PAGE 28

7KH GHYHORSPHQWDO EHQHILWV RI UHFLSURFDO H[FKDQJH DUH FLWHG E\ &RFKUDQ DQG %UDVVDUG DV FRQWULEXWLQJ WR VXFFHVVIXO SDUWLFLSDWLRQ LQ WKH SHHU JURXS SUHDGROHVFHQFH DQG DGXOWKRRG ,W LV WKURXJK H[n FKDQJHV EHWZHHQ SDUHQWV DQG PHPEHUV RI WKHLU VRFLDO QHWZRUNV WKDW WKH FKLOG KDV WKH ILUVW RSSRUWXQLW\ WR REVHUYH WKHVH UHFLSURFDO SURFHVVHV DW ZRUN ,Q FRQWUDVW WR 3LDJHWnV f FRQFHSW RI UHFLSURFLW\ GHn YHORSLQJ GXH WR SHHU H[FKDQJH &RFKUDQ DQG %UDVVDUG VXJJHVWHG WKDW DGXOW PHPEHUV RI WKH SDUHQWnV VRFLDO QHWZRUN SURYLGH DQRWKHU VLJQLILFDQW YHKLFOH IRU WKH GHYHORSPHQW RI UHFLSURFDO VNLOOV )LQDOO\ &RFKUDQ DQG %UDVVDUG f HPSKDVL]HG LQ WKHLU WKHRUHn WLFDO PRGHO RI QHWZRUNLQJ WKDW WKH UHODWLRQVKLSV EHWZHHQ WKH FKLOG DQG WKH QHWZRUN PHPEHUV DUH ELGLUHFWLRQDO LQ LQIOXHQFH 7KH FKLOG VWLPXODWHV DQG UHLQIRUFHV WKH DGXOW PHPEHUV RI WKH VXSSRUW QHWZRUN WR EHKDYH LQ FHUWDLQ ZD\V 9HU\ IHZ LQYHVWLJDWRUV DFFRUGLQJ WR &RFKUDQ DQG %UDVVDUG KDYH H[DPLQHG V\VWHPDWLFDOO\ WKH LPSDFW RI WKH SDUHQWVn VRFLDO QHWZRUNV XSRQ FKLOG GHYHORSPHQW 7KH\ SURSRVHG WKDW UHVHDUFK EH FRQGXFWHG LQ IRXU DUHDV UHODWHG WR FRJQLWLYH FKLOG GHYHORSPHQW f ,Q WKH 3LDJHWLDQ VHQVH WKH PHPEHUV RI WKH VRFLDO QHWZRUN PD\ SURYLGH WKH PRGHUDWHO\ FRQIOLFWLQJ DQG FRQWUDVWLQJ H[SHULHQFH ZKLFK XSVHWV WKH FRJQLWLYH HTXLOLEULXP HQRXJK WR SHUPLW PRYHPHQW WR D KLJKHU VWDJH RI FRJQLWLYH GHYHORSPHQW f 7DVN FRPSOHWLRQWKH SDUHQWVn VRFLDO QHWZRUN PD\ IDFLOLWDWH WKH GHYHORSPHQW RI VNLOOV UHTXLUHG E\ FKLOGUHQ LQ JRDORULHQWHG WDVNV f 5HSUHVHQWDWLRQ WKLQNLQJPHPEHUV RI D VRFLDO QHWZRUN DUH VRPHWLPHV SUHVHQW DQG RIWHQ DEVHQW ,Q WKHLU DEVHQFH UHIHUHQFH

PAGE 29

WR WKHVH LQGLYLGXDOV PD\ I£FLO LWDWH WKH GHYHORSPHQW RI FRJQLWLYH PHPRU\ FDSDFLWLHV f &RJQLWLYH UHFHSWLYLW\VRFLDO QHWZRUNV PD\ DIIHFW WKH GHYHORSPHQW RI FRJQLWLYH UHFHSWLYLW\ RU RSHQQHVV WR QHZ LQWHOOHFWXDO VWLPXOL +HVV 6KLSPDQ %URSK\ DQG %HDU f IRXQG WKDW PRWKHUV ZKR ZHUH LQYROYHG LQ PDQ\ UDWKHU WKDQ IHZ RXWRIKRPH DFWLYLWLHV PDGH JUHDWHU XVH RI KRPH UHVRXUFHV LQ LQWHUDFWLQJ ZLWK WKHLU SUHVFKRRO FKLOGUHQ &RFKUDQ DQG %UDVVDUG f VWUHVVHG WKH GLUHFW LQIOXHQFH RI WKH VXSSRUW V\VWHP RQ WKH FKLOG 7KH\ FLWHG FRJQLWLYH DQG VRFLDO VWLPXODn WLRQ DV EHLQJ WKH UHVXOW RI LQWHUDFWLRQ ZLWK QHZ SHRSOH YDULHG DFWLYLn WLHV DQG YDULHG VHWWLQJV 3LDJHW f GHVFULEHG WKH PRGHOLQJ RI WHPSHU WDQWUXPV E\ D IULHQGnV FKLOG ZKLFK VWLPXODWHG VLPLODU EHKDYLRU LQ KLV GDXJKWHU )LQDOO\ &RFKUDQ DQG %UDVVDUG VWUHVVHG WKH SURYLVLRQ RI RSSRUWXQLWLHV IRU DFWLYH SDUWLFLSDWLRQ LQ WKH QHWZRUNV RI KLVKHU SDUHQWV 7KLV DFFRUGLQJ WR &RFKUDQ DQG %UDVVDUG FRQWULEXWHG WR WKH FKLOGnV RZQ SHUVRQDO VRFLDO QHWZRUN DQG HQFRXUDJHG WKH QHWZRUNn EXLOGLQJ VNLOOV +RZ SHUVRQDO VRFLDO VXSSRUW QHWZRUNV LQIOXHQFH WKH FKLOGnV GHYHORSPHQW FDQ EH VXPPDUL]HG DV IROORZV QHWZRUN LQIOXHQFHV DUH ERWK GLUHFW DQG LQGLUHFW 7KH\ LQFOXGH WKH VDQFWLRQLQJ RI SDUHQWDO EHKDYLRUV DQG WKH SURYLVLRQ RI PDWHULDO DQG HPRWLRQDO VXSSRUW IRU ERWK SDUHQW DQG FKLOG 1HWZRUN PHPEHUV DOVR VHUYH DV PRGHOV IRU SDUHQW DQG FKLOG 7KHVH SURFHVVHV VWLPXODWLRQ PRGHOLQJ LQYROYHPHQWf LQWHUDFW ZLWK WKH GHYHORSPHQWDO DJH RI WKH FKLOG WR VWLPXODWH WKH EDVLF WUXVW HPSDWK\ DQG PDVWHU\ RI WKH UHFLSURFDO H[FKDQJH VNLOOV HVVHQWLDO WR QHWZRUN IXQFWLRQLQJ &RFKUDQ DQG %UDVVDUG S f

PAGE 30

0F.LQOD\ f VWDWHV WKDW DOWKRXJK RI FRQVLGHUDEOH SRWHQWLDO WKH FRQFHSW RI D VRFLDO QHWZRUN LV RQH RI WKH PRVW XQGHUGHYHORSHG DQG XQGHUHPSOR\HG FRQFHSWV LQ SUHVHQWGD\ VRFLRORJ\ S f 6XVVPDQ DQG %XUFKLQDO f VWDWH WKDW EHIRUH PRVW $PHULFDQV UHMHFWHG WKH QRWLRQ WKDW UHFHLYLQJ DLG IURP WKHLU NLQ LV D JRRG WKLQJ 7KHQ D QHZ HPSLULFLVP HPHUJHG LQ WKH ODWH nV WKDW TXHVWLRQHG WKH SHUn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f 6LPP DQG %HO] f GHVFULEH WKH QHWZRUN LQ WHUPV RI OHDUQLQJ WKHRU\ ,W LV FOHDU WKDW IRU PDQ\ W\SHV RI OHDUQLQJ SUREOHPV DQG VLWXDWLRQV WKH OHDUQHUnV LPSXOVH LV WR VHHN RXW DQRWKHU LQGLYLGXDO ZLWKLQ KLV RU KHU RZQ VRFLDO QHWZRUN VR WKDW DVVLVWDQFH FDQ EH DFTXLUHG DERXW WKH OHDUQLQJ SURMHFW LQ TXHVWLRQ S f (VVHQWLDOO\ 6LPP DQG %HO] FRQFHSWXDOL]H WKH VRFLDO VXSSRUW QHWZRUN LQWR PDQ\ SRVVLEOH OHDUQLQJ VLWXDWLRQV RU HQYLURQPHQWV ZKHUHE\ WKH OHDUQHUV DGDSW WKHLU RZQ UHVRXUFHV ZLWKLQ WKH IUDPHZRUN DYDLODEOH WR WKHP 7KLV SURFHVV KDV EHHQ GHVFULEHG DV VXEVWDQWLDOO\ RQH RI LQIRUPDWLRQ SURFHVVLQJ RU WKH H[FKDQJH RI LQIRUPDWLRQ )XUWKHUPRUH 6LPP DQG %HO] KDYH VWDWHG WKDW QHWZRUNLQJ HQKDQFHV OHDUQLQJ UDWKHU WKDQ LQKLELWV LW DV KDV EHHQ WKH FDVH LQ PRUH WUDGLWLRQDO OHDUQLQJ PRGHV 0LWFKHOO f

PAGE 31

DOVR GHVFULEHG QHWZRUNV DV FRPPXQLFDWLRQ OLQNV ZKLFK DFW DV YHKLFOHV IRU WKH IORZ RI LQIRUPDWLRQ /XLNDUW f XWLOL]HG D OHDUQLQJ DSSURDFK WR KLV GHILQLWLRQ RI QHWZRUNLQJ /XLNDUW GHVFULEHG VHOIGLUHFWHG OHDUQHUV DV WKRVH ZKR DUH PRVW OLNHO\ WR VHHN RXW DQG UHFHLYH KHOS IURP RWKHU LQGLYLGXDOV ZLWK ZKRP WKH\ KDYH D FRPPRQ ERQG )LQDOO\ &DSODQ f GHILQHG D VXSSRUW V\VWHP RU QHWZRUN WR EH DQ HQGXULQJ SDWWHUQ RI FRQWLQXRXV RU LQWHUPLWWHQW WLHV WKDW SOD\ D VLJQLILFDQW SDUW LQ PDLQWDLQLQJ WKH SV\FKRORJLFDO DQG SK\VLFDO LQWHJULW\ RI WKH LQGLYLGXDO RYHU WLPH S f 7KXV LQ UHFHQW \HDUV WKH VLJQLILFDQFH RI VXSSRUW V\VWHPV RIWHQ FDOOHG QHWZRUNLQJ KDV EHHQ HPSKDVL]HG E\ PDQ\ SHRSOH LQ PDQ\ SURIHVVLRQV EXW HVSHFLDOO\ WKH KHOSLQJ SURIHVVLRQV :DWHUV f VXJJHVWHG WKDW ZKLOH VXSSRUWV DUH LPSRUWDQW WR SHRSOH WKURXJKRXW WKHLU OLYHV WKH\ DUH FUXFLDO DW WLPHV RI WUDQVLWLRQ &DSODQ f QRWHG WKDW WKH FRQFHSW RI VXSSRUW V\VWHPV KDV IRFXVHG RQ WKH KHDOWKSURPRWLQJ IRUFHV DW WKH SHUVRQWRSHUVRQ DQG VRFLDO OHYHOV ZKLFK HQDEOH SHRSOH WR PDVWHU WKH FKDOOHQJHV DQG VWUDLQV LQ WKHLU OLYHV 7KHUHIRUH &DSODQ XUJHV LQYHVWLJDWRUV WR XWLOL]H WKH QHWZRUN FRQFHSW IURP WKH VWDQGSRLQW RI EHLQJ D ZHOOQHVV UDWKHU WKDQ D VLFNQHVV PRGHO DQ DSSURDFK WKDW H[DPLQHV PHWKRGV SHRSOH XVH WR DFNQRZOHGJH DQG PRELOL]H WKHLU VWUHQJWKV ,Q &DSODQnV YLHZ WKH PDMRU IHDWXUH RI VXSSRUW QHWZRUNV LV WKDW WKH SHUVRQ ZLWK D SUREOHP LV GHDOW ZLWK DV D XQLTXH LQGLYLGXDO 6LJQLILFDQW RWKHUV KHOS WKH LQGLYLGXDO WR PRELOL]H KLV SV\FKRORJLFDO UHVRXUFHV DQG PDVWHU KLV HPRWLRQDO EXUGHQV WKH\ VKDUH KLV WDVNV DQG WKH\ SURYLGH KLP ZLWK H[WUD VXSSOLHV RI PRQH\ PDWHULDOV WRROV VNLOOV DQG FRJQLWLYH

PAGE 32

JXLGDQFH WR LPSURYH KLV KDQGOLQJ RI KLV VLWXDWLRQ S f &DSODQ FRQFHSWXDOL]HV WKH VXSSRUW QHWZRUN LQ D SRVLWLYH IDVKLRQ 7R &DSODQ WKH QRWLRQ RI VXSSRUW UHSUHVHQWV DQ HQULFKPHQW RI H[LVWLQJ VWUHQJWKV UDWKHU WKDQ D SURSSLQJ XS RI VRPHRQH ZKR LV ZHDN *RXUDVK f UHYLHZHG WKH OLWHUDWXUH RQ KHOSVHHNLQJ EHKDYLRU DQG FRQFOXGHV WKDW KHOSVHHNLQJ LV D FULWLFDO DVSHFW LQ WKH QXFOHDU IDPLO\nV DELOLW\ WR FRSH DQG VXUYLYH LQ WLPH RI FULVLV +HOSVHHNLQJ LV GHILQHG E\ *RXUDVK DV DQ\ FRPPXQLFDWLRQ DERXW D SUREOHP RU WURXEOHn VRPH HYHQW WKDW LV GLUHFWHG WRZDUG REWDLQLQJ VXSSRUW DGYLFH RU DVVLVWDQFH LQ WLPHV RI GLVWUHVV S f 7KLV FRQFHSWXDOL]DWLRQ RI VXSSRUW V\VWHPV LV GHILQHG WKHQ LQ D KHOSVHHNLQJ IDVKLRQ *RXUDVK GHVFULEHV KHOSVHHNLQJ DV HQFRPSDVVLQJ UHTXHVWV IRU DVVLVWDQFH IURP IULHQGV UHODWLYHV DQG QHLJKERUV DV ZHOO DV SURIHVVLRQDO KHOSLQJ DJHQWV =LPEDUGR DQG )RUPLFD f GHVFULEHG SHRSOH ZKR VROLFLW KHOS DV XVXDOO\ ORRNLQJ IRU FRPIRUW UHDVVXUDQFH DQG DGYLFH %RRWK DQG %DEFKXFN f /LWPDQ f DQG 4XDUDQWHOOL f DOO IRXQG WKDW LQGLYLGXDOV WHQG WR WXUQ LQLWLDOO\ WR IDPLO\ DQG IULHQGV DQG DV D ODVW UHVRUW WR SURIHVVLRQDO VHUYLFHV DQG DJHQFLHV 5RVHQEODWW DQG 0D\HU f IRXQG WKDW WKH VROH XVH RI SURIHVVLRQDO VHUYLFHV RFFXUV PXFK OHVV IUHXTQWO\ WKDQ HLWKHU H[FOXVLYH UHOLDQFH RQ IDPLO\ DQG IULHQGV RU KHOSVHHNLQJ IURP ERWK WKH VRFLDO QHWZRUN DQG SURIHVVLRQDO VRXUFHV *RXUDVK f SRVLWHG WKDW PHPEHUV RI WKH VXSSRUW QHWZRUN FDQ DIIHFW KHOSVHHNLQJ LQ D QXPEHU RI ZD\V f E\ EXIIHULQJ WKH H[SHULn HQFH RI VWUHVV ZKLFK REYLDWHV WKH QHHG IRU KHOS f E\ SUHFOXGLQJ WKH QHFHVVLW\ IRU SURIHVVLRQDO DVVLVWDQFH WKURXJK WKH SURYLVLRQ RI

PAGE 33

LQVWUXPHQWDO DQG DIIHFWLYH VXSSRUW f E\ DFWLQJ DV VFUHHQLQJ DQG UHIHUUDO DJHQWV WR SURIHVVLRQDO VHUYLFHV DQG f E\ WUDQVPLWWLQJ DWWLWXGHV YDOXHV DQG QRUPV DERXW KHOSVHHNLQJ S f 6SHFN DQG 5XHYHQL f XWLOL]HG WKH VRFLDO QHWZRUN FRQFHSW LQ GHYHORSLQJ D WKHUDS\ QHWZRUN IRU G\VIXQFWLRQDO IDPLO\ XQLWV 6SHFN DQG 5XHYHQL f GHILQHG VRFLDO QHWZRUN DV D JURXS RI SHUn VRQV ZKR PDLQWDLQ DQ RQJRLQJ VLJQLILFDQFH LQ HDFK RWKHUnV OLYHV E\ IXOILOOLQJ VSHFLILF KXPDQ QHHGV S f /LNH 6XVVPDQ 6SHFN DQG 5XHYHQL KDYH UHGLVFRYHUHG WKDW HYHQ LQ RXU RZQ FXOWXUH RI QXFOHDU IDPLOLHV WKH H[WHQGHG IDPLO\ NLQVKLS V\VWHP VWLOO SOD\V D VLJQLILFDQW UROH LQ WKH DGDSWDWLRQ RI QXFOHDU IDPLOLHV 8WLOL]LQJ WKLV DSSURDFK 6SHFN DQG 5XHYHQL f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n SRUW V\VWHPV ,W LV VXJJHVWHG WKDW KHOSVHHNLQJ LV HVSHFLDOO\ FUXFLDO LQ WLPHV RI WUDQVLWLRQ RU FULVLV :DWHUV f $GROHVFHQW SUHJQDQF\ WKUXVWV WKH \RXQJ IHPDOH LQWR DFFHOHUDWHG UROH WUDQVLWLRQ WKXV SODFLQJ KHU LQ D FULVLV VLWXDWLRQ %DFRQ f 7KXV WKH QHHG IRU VRFLDO VXSSRUW IRU WKH DGROHVFHQW PRWKHU DSSHDUV WR EH FULWLFDO DW WKLV WLPH LQ KHU OLIH

PAGE 34

5HVHDUFK 5HODWHG WR 6RFLDO 6XSSRUW 1HWZRUNV ,Q WKH SUHYLRXV VHFWLRQ WKH UHODWLYHO\ UHFHQW HPSKDVLV RQ WKH UROH RI VXSSRUW V\VWHPV RU QHWZRUNV LV HVWDEOLVKHG 5HVHDUFK XWLOL]n LQJ VXSSRUW V\VWHPV DV D SUHGLFWRU YDULDEOH KDV EHHQ FRQGXFWHG 7KH LPSOLFDWLRQV IURP WKLV UHVHDUFK DUH WKDW VRFLDO VXSSRUW V\VWHPV DUH LPSRUWDQW WR SHUVRQV WKURXJK DOO VWDJHV RI WKH OLIHVSDQ &REE f VXPPDUL]HG WKH UHVHDUFK RQ VRFLDO VXSSRUW DQG FRQFOXGHV WKDW LW SOD\V D FULWLFDO UROH LQ PRGHUDWLQJ FULVLV VLWXDWLRQV :KLOH PRVW RI WKH UHVHDUFK LGHQWLILHV VRFLDO VXSSRUW DV D SRVLWLYH IRUFH LQ KXPDQ OLYHV 0F.LQOD\nV f VWXG\ IRXQG WKDW VRFLDO VXSSRUW V\VWHPV PD\ GLVFRXUDJH WKH XVH RI PHGLFDO IDFLOLWLHV 7ROVGRUI f FRQFOXGHG IURP KLV VWXG\ RI QRQSV\FKLDWULF DQG SV\FKLDWULF VXEMHFWV WKDW PHQWDO KHDOWK PD\ EH FRUUHODWHG ZLWK WKH TXDOLW\ DQG TXDQWLW\ RI RQHnV VRFLDO VXSSRUW V\VWHP DQG WKH DELOLW\ WR GUDZ XSRQ LWV PDQ\ UHn VRXUFHV %HUNPDQ DQG 6\PH f UHSRUWHG WKDW VRFLDO FLUFXPVWDQFHV VXFK DV VRFLDO LVRODWLRQ PD\ KDYH SHUYDVLYH KHDOWK FRQVHTXHQFHV WR WKH LQGLYLGXDO VXFK DV YXOQHUDELOLW\ WR GLVHDVH LQ JHQHUDO DQG HYHQ GHDWK 6ZLFN %URZQ DQG :DWVRQnV f VWXG\ ILQGV WKDW QHLJKERUn KRRGV WKDW KDYH D KLJKHU GHJUHH RI VRFLDO LQWHUDFWLRQ OHVV WUDQVLHQFH DQG PRUH FKLOGFKLOG LQWHUDFWLRQ DUH SHUFHLYHG E\ UHVLGHQWV WR EH PRUH VXSSRUWLYH 0F.LQOD\ f FRQGXFWHG D VWXG\ RI VRFLDO QHWZRUNV OD\ FRQn VXOWDWLRQ DQG KHOSVHHNLQJ EHKDYLRU 0F.LQOD\ DGGUHVVHG WKH JHQn HUDO TXHVWLRQ :KDW LV WKH DSSDUHQW UROH RI WKH IDPLO\ DQG LWV NLQ DQG IULHQGVKLS QHWZRUNV LQ WKH XWLOL]DWLRQ RI VHUYLFHV" 8WLOL]LQJ WZR DSSURDFKHVVRFLRGHPRJUDSKLF GDWD VXFK DV JHRJUDSKLF SUR[LPLW\

PAGE 35

RI IULHQGV DQG UHODWLYHV DQG IUHTXHQF\ RI FRQWDFW ZLWK WKHPf DQG RSHQHQGHG UHVSRQVHV WR K\SRWKHWLFDO TXHVWLRQVVLWXDWLRQV0F.LQOD\ VWXGLHG XQVNLOOHG ZRUNLQJFODVV IDPLOLHV FRQVLVWLQJ RI WZR VXEn VDPSOHV RI XWLOL]LQJ DQG XQGHUXWLOL]LQJ UHVSRQGHQWV 7KH VXEMHFWV ZHUH GUDZQ IURP D FHQWUDOL]HG KRVSLWDOEDVHG PDWHUQLW\ FOLQLF LQ $EHUGHHQ &LW\ 6FRWODQG DQG LQWHUYLHZHG IRXU WLPHV RYHU D SHULRG RI DERXW RQH DQG D KDOI \HDUV :RPHQ ZKR DWWHQGHG WKH FHQWUDO KRVSLWDO FOLQLF DW OHDVW RQFH DIWHU WKH ELUWK RI WKHLU LQIDQWV ZHUH LQFOXGHG LQ WKH VWXG\ $ ZRPDQ ZDV UHJDUGHG DV D XWLOL]HU LI VKH Df DWWHQGHG WKH FOLQLF IRU WKH ILUVW DQWHQDWDO YLVLW EHIRUH WKH HQG RI WKH WK ZHHN RI JHVWDWLRQ DQG Ef KDYLQJ KDG WKH SUHJQDQF\ FRQILUPHG E\ WKH REVWHWULF VWDII DWWHQGHG UHJXODUO\ IRU DQWHQDWDO FDUH $ ZRPDQ ZDV UHJDUGHG DV DQ XQGHUXWLOL]HU LI VKH Df KDG QR DQWHn QDWDO SUHSDUDWLRQ DW DOO Ef DWWHQGHG IRU VRPH IRUP RI FDUH RQO\ DIWHU WKH WK ZHHN RI JHVWDWLRQ RU Ff ZDV DQ HPHUJHQF\ DGPLVVLRQ GXULQJ ODERU ZLWKRXW DQ\ SUHYLRXV SUHQDWDO FDUH RU Gf GHIDXOWHG IURP KHU FOLQLF DSSRLQWPHQWV PRUH WKDQ WKUHH WLPHV FRQVHFXWLYHO\ ZLWKRXW RIIHULQJ DQ H[FXVH 7KH VXEMHFWV ZHUH D UDQGRP VDPSOH FRQVLVWLQJ RI XQGHUXWLOL]HUV PXOWLSDUDH DQG SULPLJU£YLGDf DQG XWLOL]HUV PXOWLSDUDH DQG SULPLJU£YLGDf 7KH YDULDEOHV VWXGLHG ZHUH FRPSRQHQWV RI NLQn VKLS DQG IULHQGVKLS QHWZRUN 7KH ILQGLQJV LQGLFDWH WKDW PRUH XQGHUXWLOL]HUV KDG UHODWLYHV OLYLQJ LQ WKH VDPH KRXVH DQG ZKHQ WKHLU SUHVHQFH ZDV FRQWUROOHG IRU VWLOO KDG PRUH UHODWLYHV OLYLQJ FORVH JHRJUDSKLFDOO\ GHVSLWH FRPn SDUDEOH QXPEHUV RI UHODWLYHV VHHQ E\ PHPEHUV RI ERWK VWXG\ JURXSV

PAGE 36

7KH XWLOL]HUVf§ZKHWKHU PXOWLSDURXV RU SULPLSDURXVYLVLWHG ZLWK UHODWLYHV OHVV IUHTXHQWO\ WKDQ GLG XQGHUXWLOL]HUV 8WLOL]HUV PDGH JUHDWHU XVH RI IULHQGV DQG KXVEDQGV DQG OHVV XVH RI PRWKHUV RU RWKHU UHODWLYHV DQG WHQGHG WR FRQVXOW D QDUURZHU UDQJH RI OD\ FRQVXOWDQWV 7KH ILQGLQJV VXJJHVW WKDW VXSSRUW E\ IDPLO\ PHPEHUV PD\ VHUYH DV DQ DLG LQ PHGLFDO VLWXDWLRQV )XUWKHU VWXG\ LV QHHGHG WR GHWHUPLQH WKH HIIHFW RI WKLV LQWHUYHQWLRQ E\ WKH IDPLO\ RQ WKH GHJUHH RI PHGLFDO FDUH VRXJKW E\ WKH SDWLHQW &REE f LQ D UHYLHZ RI VRFLDO VXSSRUW DV D PRGHUDWRU RI OLIH VWUHVV LGHQWLILHV WKUHH FODVVHV RI VRFLDO VXSSRUW f LQIRUPDn WLRQ OHDGLQJ WKH VXEMHFW WR EHOLHYH WKDW KHVKH LV FDUHG IRU DQG ORYHG f LQIRUPDWLRQ OHDGLQJ WKH VXEMHFW WR EHOLHYH WKDW KHVKH LV HVWHHPHG DQG YDOXHG DQG f LQIRUPDWLRQ OHDGLQJ WKH VXEMHFW WR EHOLHYH WKDW KHVKH EHORQJV WR D QHWZRUN RI FRPPXQLFDWLRQ DQG PXWXDO RELLJDWLRQ &REE VXPPDUL]HG WKH UHVHDUFK RQ VRFLDO VXSSRUW DV D PRGHUDWRU RI OLIH VWUHVV +H VXJJHVWV WKDW WKHUH LV VWURQJ DQG RIWHQ TXLWH KDUG HYLGHQFH UHSHDWHG RYHU D YDULHW\ RI WUDQVLWLRQV LQ WKH OLIH F\FOH IURP ELUWK WR GHDWK WKDW VRFLDO VXSSRUW KDV EHHQ SURWHFWLYH &RQn YLQFLQJ HYLGHQFH H[LVWV WKDW DGHTXDWH VRFLDO VXSSRUW FDQ SURWHFW SHRSOH LQ FULVLV IURP D ZLGH YDULHW\ RI SDWKRORJLFDO VWDWHV IURP ORZ ELUWK ZHLJKW WR GHDWK DQG IURP DUWKULWLV WKURXJK WXEHUFXORVLV WR GHSUHVVLRQ DOFRKROLVP DQG RWKHU SV\FKLDWULF LOOQHVVHV &REE HQFRXUDJHV LQYHVWLJDWRUV WR VWXG\ WKH HIIHFW RI D VXSSRUW V\VWHP DV D PRGHUDWRU RI OLIH VLWXDWLRQV VR WKDW D PRUH WKRURXJK XQGHUVWDQGLQJ RI WKH UROH DQG IXQFWLRQ RI VXSSRUW V\VWHPV PLJKW EH REWDLQHG

PAGE 37

7ROVGRUI f FRQGXFWHG DQ H[SORUDWRU\ VWXG\ RI VRFLDO QHWZRUNV VXSSRUW DQG FRSLQJ 8VLQJ WKH VRFLDO QHWZRUN PRGHO ERUURZHG IURP VRFLRORJ\ DQG DQWKURSRORJ\ 7ROVGRUI GHVFULEHG DQG TXDQWLILHG DQ LQGLYLGXDOnV LPPHGLDWH IDPLO\ DQG WKRVH ZLWK ZKRP KHVKH KDV UHJXODU FRQWDFW 7KH SXUSRVH RI WKH 7ROVGRUI f VWXG\ ZDV WR GHWHUPLQH WKH XVHIXOQHVV RI WKH VRFLDO QHWZRUN PRGHO LQ WKH VWXG\ RI VWUHVV VXSSRUW DQG FRSLQJ 7KH PDLQ LQWHUHVW ZDV WR H[SDQG WKH QHWZRUN PRGHO WR FRSLQJ DQG SV\FKRSDWKRORJ\ XVLQJ D V\VWHP UDWKHU WKDQ DQ LQGLYLGXDOn LVWLF DSSURDFK ([WHQVLYH LQWHUYLHZV ZHUH FRQGXFWHG DW WKH 1RUWKDPSWRQ 0DVVDFKXVHWWV DQG 1HZLQJWRQ &RQQHFWLFXW 9HWHUDQV $GPLQLVWUDWLRQ +RVSLWDOV ZLWK WHQ UHFHQWO\ KRVSLWDOL]HG ILUVWDGPLVVLRQ PDOHV KRVSLWDOL]HG DV PHGLFDO QRQSV\FKLDWULFf DQG WHQ SV\FKLDWULF VXEMHFWV ,Q WKH SV\FKLDWULF VDPSOH VHYHQ ZHUH GLDJQRVHG DV SDUDQRLG VFKL]Rn SKUHQLF WZR DV DFXWH VFKL]RSKUHQLF HSLVRGH DQG RQH VLPSO\ DV VFKL]RSKUHQLF $OO VXEMHFWV ZHUH PDOH YHWHUDQV PDWFKHG IRU DJH PDULWDO VWDWXV HGXFDWLRQ DQG VRFLRHFRQRPLF VWDWXV 'DWD ZHUH FROOHFWHG RQ WKH VL]H DQG PHPEHUVKLS RI WKH VXEMHFWVn VRFLDO QHWZRUNV WKH TXDOLWLHV RI WKH UHODWLRQVKLSV WKH VXEMHFWV KDG ZLWK WKHLU QHWZRUN PHPEHUV WKH VXEMHFWVn DWWLWXGHV EHOLHIV DQG H[SHFWDWLRQV WRZDUG WKHLU QHWZRUNV DV WR WKH UROH QHWZRUN PHPEHUV FRXOG SOD\ LQ KHOSLQJ WKHP FRSH ZLWK OLIH VWUHVVHV WKH SUHVHQFH DQG W\SH RI UHFHQW OLIH VWUHVVHV DQG WKH H[WHQW DQG QDWXUH RI WKHLU XVXDO FRSLQJ VW\OHV 7KH PHWKRGRORJ\ \LHOGHG WZR W\SHV RI GDWD TXDQWLWDWLYH GDWD WKDW VXPPDUL]HG WKH QHWZRUN YDULDEOHV DQG TXDOLWDWLYH GDWD JDWKHUHG GXULQJ WKH LQWHUYLHZ SURFHVV 7KUHH FODVVHV RI YDULDEOHV ZHUH IRXQG

PAGE 38

WR GLVFULPLQDWH EHWZHHQ WKH WZR JURXSV f UHODWLRQVKLS GHQVLW\ DQG PXOWLSOH[ UHODWLRQVKLSV f IXQFWLRQDO LQGHJUHH DQG RXWGHJUHH f NLQVKLS PHPEHUV DQG OLQNDJHV 0HGLFDO VXEMHFWV WHQGHG WR f JLYH DQG UHFHLYH HTXDO QXPEHUV RI IXQFWLRQV EXW SV\FKLDWULF VXEMHFWV WHQGHG WR UHFHLYH PDQ\ PRUH IXQFWLRQV WKDQ WKH\ SURYLGHG WR RWKHUV f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f 7KH\ KDG D KLVWRU\ RI KDYLQJ QRW GUDZQ RQ WKH DGYLFH VXSSRUW RU IHHGEDFN RI WKHLU QHWZRUN PHPEHUV DQG WKH\ H[SOLFLWO\ VWDWHG WKDW WKH\ LQWHQGHG QRW WR GUDZ RQ VXFK VXSSRUWV LQ WKH IXWXUH :KHQ FRPSDUHG WR WKH SV\FKLDWULF JURXS WKH PHGLFDO JURXS E\ DQG ODUJH KHOG SRVLWLYH QHWZRUN RULn HQWDWLRQV WKH PDMRULW\ VWDWHG WKDW WKH\ GLG VHHN RXW VXSSRUW DQG UHVRXUFHV RI WKHLU QHWZRUN PHPEHUV HVSHFLDOO\ LI WKH\ FRXOG QRW KDQGOH D SUREOHP WKHPVHOYHV 7KH DERYH GDWD VXJJHVW WKDW WKH PHGLFDO VXEMHFWV KDG PRUH FRQWDFW ZLWK DQG GUHZ PRUH KHDYLO\ RQ D EURDGHU DQG VWURQJHU EDVH RI QHWZRUN

PAGE 39

UHVRXUFHV FRPSDUHG WR WKH SV\FKLDWULF VXEMHFWV &RQVHTXHQWO\ WKH PHGLFDO VXEMHFWV UHFHLYHG PXFK PRUH QHWZRUN VXSSRUW FRPSDUHG ZLWK WKH SV\FKLDWULF JURXS 1HWZRUN PRELOL]DWLRQ ZDV FLWHG IUHTXHQWO\ E\ WKH PHGLFDO VXEMHFWV DV D ZD\ RI FRSLQJ ZLWK OLIH VWUHVVHV ZKLOH SV\FKLn DWULF VXEMHFWV DYRLGHG LW ,Q VXPPDU\ PHGLFDO VXEMHFWV XWLOL]HG WKHLU VRFLDO VXSSRUW QHWZRUNV PRUH IUHTXHQWO\ WKDQ GLG WKH SV\FKLDWULF VXEMHFWV ,Q WKLV VWXG\ QHWZRUN XWLOL]DWLRQ ZDV DVVRFLDWHG ZLWK KHDOWKLHU FRSLQJ VNLOOV %HUNPDQ DQG 6\PH f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f PDUULDJH f FRQWDFWV ZLWK FORVH IULHQGV

PAGE 40

DQG UHODWLYHV f FKXUFK PHPEHUVKLS DQG f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n VLVWDQFH DQG DIIHFW YXOQHUDELOLW\ WR GLVHDVH LQ JHQHUDO 6ZLFN %URZQ DQG :DWVRQ f K\SRWKHVL]HG WKDW DW OHDVW IRXU IDFWRUV ZLWKLQ WKH QHLJKERUKRRG GHWHUPLQHG ZKHWKHU LW ZDV D VXSSRUWLYH VRFLDO QHWZRUN RU QRQVXSSRUWLYH QHWZRUN 7KUHH LVVXHV ZHUH DGGUHVVHG f 7KH IDPLO\nV SHUFHSWLRQ RI LWVHOI DQG WKH RXWHU ZRUOG DV SRVLWLYH RU QHJDWLYH ZLOO DIIHFW WKH ZLOOLQJQHVV WR IRUP QHWZRUNV ZLWKLQ WKH QHLJKERUKRRG f 7KH IDPLO\nV SHUFHSWLRQ RI LWV QHHGV DQG WKH QHHGV RI QHLJKn ERUKRRG PHPEHUV DQG WKH SUREDELOLW\ RI PHHWLQJ WKHLU QHHGV ZLWKLQ WKH QHLJKERUKRRG ZLOO DIIHFW WKH ZLOOLQJQHVV WR IRUP QHWZRUNV ZLWKLQ WKH QHLJKERUKRRG f 7KH GHJUHH RI VWUHVV WKH IDPLO\ DQG QHLJKERUV DUH XQGHU DV ZHOO DV WKHLU DELOLW\ WR GHDO HIIHFWLYHO\ ZLWK VWUHVV ZLOO DIIHFW WKH GHYHORSPHQW RI VXSSRUWLYH QHWZRUNV 6ZLFN DQG FROOHDJXHV GHn YHORSHG WKH 3166 3HUFHQWLRQ RI 1HLJKERUKRRG 6XSSRUWLYHQHVV 6FDOHf ZKLFK FRQWDLQHG TXHVWLRQV WKDW UHODWHG WR SHUFHLYHG QHLJKERUKRRG

PAGE 41

VXSSRUW DQG WKH GHPRJUDSKLF PDNHXS RI WKH QHLJKERUKRRG 6XEMHFWV ZHUH HDUO\ FKLOGKRRG JUDGXDWH VWXGHQWV DW WKH 8QLYHUVLW\ RI 6RXWK &DUROLQD GXULQJ WKH IDOO VHPHVWHU RI 7KHUH ZHUH VXEMHFWV SUHn GRPLQDQWO\ &DXFDVLDQ PDUULHG SURIHVVLRQDO HGXFDWRUV ZLWK PLGGOH VRFLRHFRQRPLF VWDWXV 7KH VXEMHFWV ZHUH DGPLQLVWHUHG WKH 3166 3DUW $ FRQVLVWHG RI TXHVWLRQV WKDW SURYLGHG GHPRJUDSKLF LQIRUPDWLRQ DERXW WKH UHVSRQGHQW DQG WKH UHVSRQGHQWnV QHLJKERUKRRG 3DUW % ZDV D /LNHUW 6FDOH RI EHKDYLRUV ZKLFK PLJKW EH IRXQG LQ VXSSRUWLYH QHLJKERUKRRGV $ &URPEDFK $OSKD LQWHUQDO FRQVLVWHQF\ UHOLDELOLW\ FRHIILFLHQW RI ZDV FRPSXWHG LQ D SUHWHVW 7KH $129$ UHYHDOHG VLJQLILFDQW UHODWLRQVKLSV IRU VFRUHV REWDLQHG LQ 3DUW $ 'HPRJUDSK\f DQG 3DUW % 3HUFHSWLRQ RI 6XSSRUWLYHQHVVf IRU $PRXQW RI 3OD\WLPH $JH RI 5HVSRQGHQW 7\SH RI 'ZHOOLQJ /RQJHYLW\ LQ 1HLJKERUKRRG ,QFRPH )UHTXHQF\ RI 6RFLDO $FWLYLW\ DQG )UHTXHQF\ RI 6RFLDO $FWLYLW\ ,QYROYLQJ &KLOGUHQ 1HLJKERUKRRGV ZHUH SHUFHLYHG DV PRUH VXSSRUWLYH ZKHQ f PRUH FKLOGUHQ SOD\HG ZLWK RWKHU FKLOGUHQ f VOLJKWO\ ROGHU DGXOWV UHVLGHG LQ WKH QHLJKERUKRRG f KRPH RZQHUV ZHUH PRUH QXPHURXV f KLJKHU LQFRPHV H[LVWHG DQG f ORQJHYLW\ LQ WKH QHLJKERUKRRG ZDV SUHVHQW ,Q VXPPDU\ WKLV VWXG\ HYDOXDWHG D QHLJKERUKRRG DV WR LWV GHJUHH RI VXSSRUWLYHQHVV DQG KRZ WKH VXEMHFWnV SHUFHSWLRQ RI WKH QHLJKERUKRRG UHODWHG WR WKH VXEMHFWnV DWWLWXGH DERXW KLV QHLJKERUKRRG )LQGLQJV VKRZ WKDW QHLJKERUKRRGV WKDW KDG D KLJKHU GHJUHH RI VRFLDO LQWHUDFWLRQ OHVV WUDQVLHQFH DQG PRUH LQn YROYHPHQW ZLWK FKLOGUHQ ZHUH SHUFHLYHG DV EHLQJ PRUH VXSSRUWLYH QHLJKERUKRRGV

PAGE 42

&RQFHSWXDO )UDPHZRUN IRU 5HVHDUFK RQ 1HWZRUNLQJ DQG &KLOG 'HYHORSPHQW 7KH FXUUHQW UHVXUJHQFH RI LQWHUHVW LQ IDPLOLDO LQIOXHQFHV RQ FKLOG EHKDYLRU DQG GHYHORSPHQW LV DFFRPSDQLHG E\ D VWURQJ FRQFHUQ IRU WKH VRFLDO DQG HFRQRPLF FRQGLWLRQV XQGHU ZKLFK IDPLOLHV FDUU\ RXW WKHLU FKLOGUHDULQJ IXQFWLRQV 3RZHOO f 7KH LQWHUSOD\ EHWZHHQ WKH VRFLDO HQYLURQPHQW DQG WKH IDPLO\ FKLOGUHDULQJ SURFHVV LV UHODWLYHO\ XQFKDUWHG WHUUDLQDQG WKHRUHWLFDO JXLGHOLQHV IRU VXFK UHVHDUFK DUH UHODWLYHO\ IHZ LQ QXPEHU 3RZHOO f PDNHV D VWURQJ DUJXPHQW WKDW WKH FKLOGnV VRFLDOL]DWLRQ H[SHULHQFH LV UHODWHG WR WKH QDWXUH RI WKH IDPLO\nV LQWHUDFWLRQ ZLWK LWV LPPHGLDWH VRFLDO HQYLURQPHQW 7KH QHWn ZRUNLQJ DSSURDFK YLHZV WKH IDPLO\ DV DQ RSHQ DGDSWLYH V\VWHP ZKRVH H[FKDQJHV ZLWK WKH HQYLURQPHQW SURYLGHG HPRWLRQDO DQG PDWHULDO VXSSRUW IRU WKH IDPLO\nV FKLOGUHDULQJ IXQFWLRQV VRFLDOL]H WKH IDPLO\ LQWR FHUWDLQ FKLOGUHDULQJ EHOLHIV SUDFWLFHV DQG IDPLO\FKLOG UHODWLRQVKLSV 3RZHOO f %URQIHQEUHQQHU f VXJJHVWV WKDW WKH SURJUHVVLYH IUDJPHQWDWLRQ DQG LVRODWLRQ RI WKH IDPLO\ LQ LWV FKLOGUHDULQJ UROH UHTXLUHV VXSSRUW V\VWHPV WKDW XQGHUJLUG SDUHQWV LQ UHDULQJ WKHLU FKLOGUHQ :KLOH UHVHDUFK LV OLPLWHG WKHUH LV HYLGHQFH RI D VWURQJ UHODn WLRQVKLS EHWZHHQ IDPLO\ OLIH HFRORJ\ DQG FKLOG EHKDYLRU IURP UHVHDUFK RQ WKH FRUUHODWHV RI FKLOG DEXVH *DUEDULQR 3DUNH f DQG RQ WKH GHYHORSPHQW RI FKLOGUHQ LQ VLQJOHSDUHQW IDPLOLHV +HWKHULQJWRQ &R[ t &R[ f 3DUNH f SRVLWHG D VRFLDOSV\FKRORJLFDO WKHRU\ RI FKLOG DEXVH EDVHG RQ UHVHDUFK GDWD LQ ZKLFK FXOWXUDO VDQFWLRQLQJ RI YLROHQFH DQG ODFN RI FRPPXQLW\ VXSSRUW V\VWHPV IRU IDPLOLHV DUH YLHZHG DV VXSSRUWLQJ

PAGE 43

WKH GHYHORSPHQW RI DEXVLYH SDUHQWV *DUEDULQR f IRXQG WKDW WKH GHJUHH WR ZKLFK PRWKHUV KDYH EHHQ VXEMHFWHG WR VRFLDOHPRWLRQDO VWUHVV ZLWKRXW DGHTXDWH VXSSRUW V\VWHPV DFFRXQWHG IRU D VXEVWDQWLDO SURSRUWLRQ SHUFHQWf RI WKH YDULDQFH LQ UDWHV RI FKLOG DEXVH DQG PDOWUHDWPHQW +HWKHULQJWRQ &R[ DQG &R[ f IRXQG WKDW WKH ODFN RI VXSSRUW V\VWHPV SOD\HG D VLJQLILFDQW UROH LQ GLVUXSWLRQV LQ WKH GHYHORSPHQW RI FKLOGUHQ RI PRWKHUKHDGHG KRXVHKROGV $V .HQLVWRQ f SRLQWHG RXW VLQFH WKH HDUO\ nV WKH FRQFHSW RI IDPLOLHV DV DXWRQRPRXV XQLWV KDV EHHQ DQ LQWHJUDO SDUW RI WKH PRUDO HFRQRPLF DQG SROLWLFDO IDEULF RI WKH 8QLWHG 6WDWHV 7KXV WKH QHZ SDUDGLJP RI D VRFLRHFRORJLFDO SHUVSHFWLYH KDV HPHUJHG VORZO\ DQG ZLWK VRPH UHOXFWDQFH +RZ SHUVRQDO VRFLDO VXSSRUW V\VWHPV LQIOXHQFH WKH FKLOGnV GHYHORSPHQW FDQ EH VXPPDUL]HG DV IROORZV QHWZRUN LQIOXHQFHV DUH ERWK GLUHFW DQG LQGLUHFW 7KH\ LQFOXGH WKH VDQFWLRQLQJ RI SDUHQWDO EHn KDYLRUV DQG WKH SURYLVLRQ RI PDWHULDO DQG HPRWLRQDO VXSSRUW IRU ERWK SDUHQW DQG FKLOG 1HWZRUN PHPEHUV DOVR VHUYH DV PRGHOV IRU SDUHQW DQG FKLOG 7KHVH SURFHVVHV VWLPXODWLRQ PRGHOLQJ LQYROYHPHQWf LQWHUDFW ZLWK WKH GHYHORSPHQWDO DJH RI WKH FKLOG WR VWLPXODWH WKH EDVLF WUXVW HPSDWK\ DQG PDVWHU\ RI WKH UHFLSURFDO H[FKDQJH VNLOOV HVVHQWLDO WR QHWZRUN IXQFWLRQLQJ &RFKUDQ DQG %UDVVDUG f 5HVHDUFK 5HODWHG WR &KLOG 'HYHORSPHQW DQG 1HWZRUNLQJ 7KH SDUDGLJP RI WKH VRFLRHFRORJLFDO UHODWLRQVKLS WR FKLOG GHYHOn RSPHQW KDV HPHUJHG RQO\ LQ WKH ODVW GHFDGH 5HVHDUFK WKDW FRQQHFWV QHWZRUNLQJ ZLWK FKLOG GHYHORSPHQW DQG EHKDYLRU KDV EHHQ OLPLWHG 6HYHUDO RI WKHVH VWXGLHV DUH QRZ SUHVHQWHG

PAGE 44

6WHYHQV f DQG +RXJK DQG 6WHYHQV f VWDWHG WKDW ZH KDYH EHHQ SUHRFFXSLHG ZLWK FRQVWUXFWLQJ DQG GHVLJQLQJ IRUPDO VXSSRUW V\Vn WHPV OLNH SDUHQW HGXFDWLRQ SURJUDPV +RPH 6WDWH SURJUDPV DQG SDUHQW FKLOG FHQWHU SURJUDPV WKDW KDYH HQDEOHG SDUHQWV WR UHDU FRPSHWHQW FKLOGUHQ +RZHYHU ODXGDEOH WKDW JRDO 6WHYHQV FDXWLRQV WKDW PRVW SDUHQW LQWHUYHQWLRQ SURJUDPV KDYH EHHQ GHYHORSHG IURP LJQRUDQFH 0RVW UHVHDUFKHUV DFFRUGLQJ WR 6WHYHQV KDYH QRW DWWHPSWHG WR XQFRYHU H[LVWLQJ LQIRUPDO QHWZRUNV WKDW HQDEOH EODFN SDUHQWV HVSHFLDOO\ WR UHDU FKLOGUHQ FRPSHWHQWO\ 6WDFN f IRXQG WKDW WKH EODFN SDUHQWnV VRFLDO QHWZRUN SOD\HG D VLJQLILFDQW UROH LQ WKH UHDULQJ RI FKLOGUHQ &KLOGUHDULQJ ZDV SHUFHLYHG QRW DV DQ LVRODWHG WDVN RI WKH PRWKHUV EXW UDWKHU D WDVN WR EH VKDUHG E\ QHWZRUN PHPEHUV 6WHYHQV VWXGLHG ORZLQFRPH EODFN IDPLOLHV LQ D ODUJH VRXWKHUQ PHWURSROLWDQ DUHD WR VHH LI D QXPEHU RI DVSHFWV RI WKH PRWKHUnV EHKDYLRU DQG FKDUDFWHULVWLFV RI KHU QHWZRUN ZHUH FRUUHODWHG ZLWK KHU LQIDQWnV GHYHORSPHQW 6WHYHQV XWLOL]HG D PXOWLSOH FRUUHODWLRQ DSn SURDFK DQG IRXQG WKDW PRWKHUV ZKR ZHUH PRUH HPRWLRQDOO\ DQG YHUEDOO\ UHVSRQVLYH DQG ZKR KDG QHWZRUNV FRPSRVHG RI PRUH IHPDOHV KDG WRGGOHUV ZKR ZHUH GHYHORSLQJ EHWWHU DV PHDVXUHG E\ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 6WHYHQV FRQFOXGHG IURP KLV VWXG\ WKDW QDWXUDO QHWZRUNV RI EODFN IDPLOLHV ZHUH EHVW OHIW LQWDFW DQG XQGLVWXUEHG 6WHYHQV DOVR FRQFOXGHG WKDW LQWHUYHQWLRQ SURJUDPV KDYH QRW DGHTXDWHO\ WDNHQ LQWR DFFRXQW WKH UROH RI VXSSRUW QHWZRUNV LQ WKH GHYHORSPHQW RI \RXQJ FKLOGUHQ *DUEDULQR f VWXGLHG HFRORJLFDO FRUUHODWHV RI FKLOG DEXVH *DUEDULQR XWLOL]HG %URQIHQEUHQQHUnV HFRORJLFDO FRQVWUXFW WR ORRN DW WKH SRVVLEOH FRUUHODWHV EHWZHHQ FKLOG DEXVH DQG SDUHQW VXSSRUW V\VWHPV

PAGE 45

7KH PHGLDWLRQ RI LPPHGLDWH IDPLO\ VHWWLQJV E\ VRFLRHFRQRPLF IRUFHV ZDV K\SRWKHVL]HG WR EH UHODWHG WR WKH GHJUHH WR ZKLFK FKLOGUHQ H[SHULHQFHG DEXVH DQG PDOWUHDWPHQW &RXQWLHV RI 1HZ
PAGE 46

6HYHUDO VWXGLHV KDYH FRUUHODWHG LQIDQW GHYHORSPHQW ZLWK VRFLR HQYLURQPHQWDO IDFWRUV ,Q D VWXG\ RI WKH WKUHH\HDU GHYHORSPHQWDO VWDWXV RI KLJK ULVN LQIDQWV +RL VWUXP f LQYHVWLJDWHG WKH GHYHORSn PHQW RI SUHPDWXUH DQG WHUP LQIDQWV $ PXOWL SKDVLF EDWWHU\ RI WHVWV ZDV XVHG WR DVVHVV WKH GHYHORSPHQWDO VWDWXV RI HDFK FKLOG DQG WKH VRFLRHPRWLRQDO HQYLURQPHQW LQ ZKLFK VKHKH OLYHG 'DWD ZHUH JDWKHUHG WR DQVZHU WKH IROORZLQJ UHVHDUFK TXHVWLRQV f 'R WKRVH LQIDQWV ZKR ZHUH VLFN DQGRU SUHPDWXUH DW ELUWK FDWFK XS LQ WKHLU GHYHORSPHQWDO VWDWXV WR WHUP LQIDQWV E\ WKUHH \HDUV RI DJH" f :KLFK RI WKH YDULn DEOHV XQGHU LQYHVWLJDWLRQ FRQWULEXWH WKH PRVW WR WKH SUHGLFWLRQ RI GHYHORSPHQWDO VWDWXV 7KH VWXG\ LQYROYHG WKUHH\HDUROGV ERUQ DW RU WUDQVIHUUHG WR 6KDQGV +RVSLWDO 8QLYHUVLW\ RI )ORULGD +DOI RI WKH FKLOGUHQ KDG EHHQ SODFHG LQ WKH 1,&8 1HRQDWDO ,QWHQVLYH &DUH 8QLWf GXH WR SUHn PDWXULW\ RU LOOQHVV 7KH RWKHUV ZHUH WHUP LQIDQWV SODFHG LQ WKH 1HZERUQ 1XUVHU\ 7KH FKLOGUHQ ZHUH HYDOXDWHG ZLWK WKH 6WDQIRUG %LQHW WKH &DUURZ 7HVW IRU /DQJXDJH &RPSUHKHQVLRQ DQG WKH %HHU\ 'HYHORSPHQWDO 7HVW RI 9LVXDO0RWRU ,QWHJUDWLRQ 'HPRJUDSKLF DQG 6RFLRHQYLURQPHQWDO GDWD ZHUH REWDLQHG WKURXJK WKH 3HUVRQDO ,QWHUYLHZ WKH 6WUHVVIXO /LIH (YHQWV &KHFNOLVW DQG WKH %HKDYLRUDO ,QWHUYLHZ %LUWKZHLJKWV DQG DPRXQW RI QHRQDWDO FRPSOLFDWLRQV ZHUH REWDLQHG IURP PHGLFDO UHFRUGV 7KH UHVXOWV VKRZHG QR VWDWLVWLFDOO\ VLJQLILFDQW GLIIHUHQFHV EHWZHHQ WKH 1,&8 DQG WKH WHUP LQIDQWV 7KH GDWD VXJJHVW KRZHYHU WKDW WKH VPDOLQIDQWV DUH VWLOO VPDOO DW WKUHH \HDUV RI DJH DQG WKH LQIDQWV ZKR KDG WKH JUHDWHVW DPRXQW RI FRPSOLFDWLRQV ZHUH IRXQG WR EH WKH PRVW VLJQLILFDQW SUHGLFWRUV RI WKUHH\HDU GHYHORSPHQWDO

PAGE 47

VWDWXV 6RFLRHFRQRPLF VWDWXV FRQWULEXWHG VLJQLILFDQWO\ WR WKH SUHn GLFWLRQ RI ,4 DQG YLVXDOPRWRU LQWHJUDWLRQ ,W ZDV IRXQG WKDW PRWKHUV ZLWK PRUH VWUHVV H[SHULHQFHV LQ WKHLU OLYHV ZHUH PRUH OLNHO\ WR SHUn FHLYH WKHLU FKLOGUHQ DV KDYLQJ EHKDYLRUDO SUREOHPV %HQGHU f LQ D VWXG\ RI DGROHVFHQW HDUO\ FKLOGEHDULQJ DQG SUHYHQWLYH KHDOWK VHUYLFHV K\SRWKHVL]HG WKDW WKH KLJK UDWH RI DGROHVFHQW SUHJQDQF\ DQG SRRU XVH RI SUHYHQWLYH KHDOWK VHUYLFHV E\ DGROHVFHQWV EHIRUH GXULQJ DQG DIWHU SUHJQDQF\ DUH FRQGLWLRQHG E\ IDFWRUV LQ WKH DGROHVFHQWnV SULYDWH FXOWXUH 7KLV FXOWXUDO DQDO\VLV LQFOXGHG D VWXG\ RI WKH HYHQWV RI SUHJQDQF\ DQG WKH DWWLWXGHV EHn OLHIV DQG YDOXHV ZKLFK VXUURXQG WKH SUHJQDQF\ IRU DGROHVFHQW PRWKHUV 7KH DGROHVFHQWV ZHUH UHVLGHQWV RI D WRZQ LQ WKH VRXWKHDVWHUQ 8QLWHG 6WDWHV FDOOHG )DUPYLOOH 9LHZSRLQWV RI PHPEHUV RI WKH FRPPXQLW\ DQG RI KHDOWK SURYLGHUV ZHUH XVHG DOVR ,QVWUXPHQWDWLRQ LQFOXGHG D VFKHGXOH D TXHVWLRQQDLUH RSHQ HQGHG LQWHUYLHZV DQG GLUHFW REVHUYDWLRQ 'DWD ZHUH FROOHFWHG IURP RI DGROHVFHQWV ZKR KDG JLYHQ ELUWK LQ )DUPYLOOH LQ 0DWHULDOV IURP WHQ RI WKHVH LQWHUYLHZV ZKHQ FRPELQHG ZLWK GDWD IURP UHLQWHUYLHZV ZHUH GHYHORSHG LQWR FDVH VWXGLHV 'DWD IURP WKH UHn PDLQLQJ LQWHUYLHZV ZHUH LQFRUSRUDWHG LQWR WKH DQDO\VLV ZKLFK LV RUJDQL]HG LQ VL[ WKHPHV FRQWUDFHSWLYH NQRZOHGJH XVH DQG UHVSRQVLn ELOLW\ LQLWLDO UHDFWLRQV WR SUHJQDQF\ IDPLO\ UHODWLRQVKLSV VXSn SRUWLYH QHWZRUNV DFFHSWDELOLW\ RI KHDOWK FDUH DQG DGROHVFHQW PRWKHUKRRG 7KH DXWKRU FRQFOXGHG WKDW DGROHVFHQWV DQG DGXOWV DOLNH SHUFHLYH HDUO\ XQSODQQHG SUHJQDQF\ DV D PLVWDNH 7KH KLJK UDWH RI DGROHVFHQW SUHJQDQF\ LQ )DUPYLOOH ZDV DWWULEXWHG WR GLIIHUHQFHV EHWZHHQ WKH

PAGE 48

SULYDWH FXOWXUH RI DGROHVFHQWV DQG WKH FRPPXQLW\nV SXEOLF FXOWXUH 6SHFLILFDOO\ DGROHVFHQWV ODFNHG LQIRUPDWLRQ UHODWHG WR FRQWUDn FHSWLYHV DQG WKH\ ZHUH RIWHQ XQDEOH RU XQZLOOLQJ WR DGPLW WKDW WKHLU VH[XDO DFWLYLW\ YLRODWHG FHUWDLQ FXOWXUDO QRUPV 5HFRPPHQGDWLRQV IRU FUHDWLQJ FXOWXUDOO\ DSSURSULDWH VHUYLFHV IRU DGROHVFHQWV ZHUH PDGH LQ NHHSLQJ ZLWK WKH FRQFOXVLRQV QDPHG DERYH +RIKHLPHU f VWXGLHG WKH GHYHORSPHQWDO RXWFRPHV IRU LQIDQWV ERUQ WR DGROHVFHQW PRWKHUV 7KH SULPDU\ SXUSRVH RI WKH VWXG\ ZDV WR DVVHVV WKH FRQWULEXWLRQV RI WKH PRWKHUnV DJH SHULQDWDO ULVN DQG VRFLRHQYLURQPHQWDO DQG PHGLFDO UHVRXUFHV WR WKH SUHGLFWLRQ RI GLPHQn VLRQV RI WKH PRWKHULQIDQW WUDQVDFWLRQ SURFHVV DQG WKH GHYHORSPHQWDO VWDWXV RI WKH LQIDQW 'DWD ZHUH FROOHFWHG LQ D FOLQLFDO VHWWLQJ RQ DQ DJHVSHFLILF VDPSOH RI PRWKHUV DQG WKHLU VL[PRQWK ROG LQIDQWV ,QIDQW GHYHOn RSPHQW ZDV DVVHVVHG XVLQJ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0RWKHULQIDQW WUDQVDFWLRQ ZDV DQDO\]HG XVLQJ WKH $GDSWHG %HFNZLWK %HKDYLRU 6FDOH $%%6f 'HPRJUDSKLF DQG VRFLRHQYLURQPHQWDO GDWD ZHUH REWDLQHG IURP WKH &KLOG DQG )DPLO\ 'HYHORSPHQW ,QWHUYLHZ %DVHG XSRQ WKH UHVXOWV RI WKH PXOWLYDULDWH PXOWLSOH UHJUHVVLRQ DQDO\VLV WKH YDULDEOHV ZKLFK ZHUH LGHQWLILHG DV SUHGLFWRUV RI PHQWDO GHYHORSPHQWV ZHUH f WKH DJH RI WKH PRWKHU f WKH W\SH RI SUHQDWDO FDUH RI WKH PRWKHU DQG f WKH SUHVHQFH RI SUHQDWDO FRPSOLFDWLRQV 3V\FKRPRWRU GHYHORSPHQW ZDV IRXQG WR YDU\ DV D IXQFWLRQ RI f UHVSRQn VLYH YRFDOL]DWLRQ RI WKH PRWKHULQIDQW WUDQVDFWLRQ SURFHVV DQG f WKH W\SH RI SUHQDWDO FDUH UHFHLYHG E\ WKH PRWKHU 7KH UHVXOWV VXJJHVWHG WKDW WKH LQIDQWV RI \RXQJ PRWKHUV DUH DW ULVN IRU SUREOHPDWLF PHQWDO GHYHORSPHQW 7KH GDWD VXSSRUWHG WKH

PAGE 49

LGHD WKDW WKH PRWKHULQIDQW UHODWLRQVKLS LV LPSRUWDQW WR WKH LQIDQWnV GHYHORSPHQW RI FRPSHWHQFH 7KH ILQGLQJV VXJJHVWHG WKDW PRUH FRPSUHn KHQVLYH LQWHUGLVFLSL LQDU\ PRGHOV RI SHULQDWDO DQG SHGLDWULF VXSSRUW DUH DVVRFLDWHG ZLWK HQKDQFHG GHYHORSPHQW RI WKH LQIDQW $OVR LQGLn FDWHG ZDV D QHHG IRU WKH GHVLJQ RI SDUHQW DQG LQIDQWFHQWHUHG LQWHUn YHQWLRQV IRU WKH \RXQJ PRWKHU LQ RUGHU WR HQULFK WKH TXDOLW\ RI FDUH DQG VWLPXODWLRQ SURYLGHG E\ WKH PRWKHU DQG WKXV HQKDQFH WKH GHYHORSPHQW RI WKH LQIDQW &ROOHWWD +DGOHU DQG *UHJJ f VWXGLHG KRZ DGROHVFHQWV FRSH ZLWK WKH SUREOHPV RI HDUO\ PRWKHUKRRG 7KH SXUSRVH RI WKLV VWXG\ ZDV WR PHDVXUH WKH FRSLQJ UHVSRQVHV XVHG E\ DGROHVFHQW PRWKHUV 1 f WR GHWHUPLQH YDULDEOHV UHODWHG WR WKHLU FKRLFH RI UHVSRQVHV DQG WR H[DPLQH WKH UHODWLRQVKLS EHWZHHQ FRSLQJ UHVSRQVHV DQG HPRWLRQDO VWUHVV $ QRQSUREDELOLW\ VDPSOH RI DGROHVFHQW PRWKHUV ZDV REWDLQHG WKURXJK WKH FRRSHUDWLRQ RI D SXEOLF VFKRRO V\VWHP LQ D ODUJH PHWURn SROLWDQ DUHD 0RWKHUV ZHUH DFFHSWHG IRU SDUWLFLSDWLRQ LQ WKH VWXG\ LI WKH\ ZHUH EHWZHHQ DQG \HDUV RI DJH KDG RQH FKLOG WZR \HDUV RI DJH RU XQGHU DQG ZHUH QRW FXUUHQWO\ PDUULHG 7KH VDPSOH FRQn VLVWHG RI EODFN DGROHVFHQWV ZKR DYHUDJHG \HDUV RI DJH ZKHQ WKHLU FKLOGUHQ ZHUH ERUQ DQG \HDUV RI DJH DW WKH WLPH RI WKH LQWHUYLHZ $Q LQWHUYLHZ VFKHGXOH ZDV GHVLJQHG WR HOLFLW WKH PRWKHUnV SHUFHSWLRQV RI WKH PDMRU SUREOHPV LQ WKHLU OLYHV WKH ZD\V WKH\ UHVSRQGHG WR WKH SUREOHP VLWXDWLRQV DQG WKH HPRWLRQDO VWUHVV WKH\ H[SHULHQFHG LQ HDFK DUHD 6XSSRUW ZDV PHDVXUHG E\ DVNLQJ WKH PRWKHUV ZKLFK LQGLYLGXDOV DQGRU LQVWLWXWLRQV DVVLVWHG WKHP LQ HDFK SUREOHP

PAGE 50

DUHD 6XSSRUW ZDV ILUVW FRGHG QRQVXSSRUWf WR H[WHQVLYH VXSSRUWf ,QWHUFRGHU UHOLDELOLW\ UDQJHG IURP WR ZLWK D PHDQ RI 7KH UHVXOWV VKRZHG WKDW WKH DGROHVFHQW PRWKHUVn PDMRU FRSLQJ UHVSRQVH ZDV WR DVN RWKHUV IRU DVVLVWDQFH 7KLV UHVSRQVH ZDV PRVW FRPPRQ ZKHQ WKH \RXQJ PRWKHUV ZHUH IDFHG ZLWK WDVNRULHQWHG SUREOHPV ,QWHUSHUVRQDO SUREOHPV WHQGHG WR HOLFLW DYRLGDQFH DV D FRSLQJ UHn VSRQVH ZKLOH FRQIOLFWV ZLWK LQVWLWXWLRQV HOLFLWHG D UDQJH RI UHVSRQVHV 'LUHFW DFWLRQ FRSLQJ UHVSRQVHV ZHUH UHODWHG WR KLJKHU VHOIHVWHHP PRUH DFWLYH VXSSRUW V\VWHPV DQG ORZHU OHYHOV RI HPRn WLRQDO VWUHVV 7KH UHVXOWV DUH LQWHUSUHWHG WR LQGLFDWH WKH LPSRUn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
PAGE 51

+HOG f VWXGLHG WKH VHOIHVWHHP DQG VRFLDO QHWZRUN RI ZRPHQ \HDUV RI DJH DQG \RXQJHU ZKR ZHUH LQ WKHLU WKLUG WULPHVWHU RI SUHJQDQF\ 6HOIHVWHHP ZDV DVVHVVHG E\ DGPLQLVWUDWLRQ RI WKH &RRSHUVPLWK 6HOI(VWHHP ,QYHQWRU\ 6RFLDO QHWZRUN LQIRUPDWLRQ ZDV VRXJKW E\ DVNLQJ WKH DGROHVFHQW WR UDWH KHU SHUFHSWLRQ RI UHDFWLRQV WR WKH SUHJQDQF\ E\ VLJQLILFDQW RWKHUV 6KH ZDV WKHQ DVNHG WR UDQN WKHVH SHRSOH LQ RUGHU RI LPSRUWDQFH WR KHU 7KH VWXG\ SRSXODWLRQ LQFOXGHG ZRPHQ IURP +RXVWRQnV WKUHH PDMRU HWKQLF JURXSVZKLWH EODFN DQG 0H[LFDQ$PHULFDQZKR ZHUH LQ ILYH GLIIHUHQW SURJUDP VHWWLQJV $OO ZRPHQ UHFHLYHG PHGLFDO FDUH IURP WKH REVWHWULFDO VWDII RI WKH 8QLYHUVLW\ RI 7H[DV 0HGLFDO 6FKRRO 7HVWV RI VLJQLILFDQFH ZHUH GRQH XVLQJ WKH &KL 6TXDUH PHWKRG RI FRUUHODWLRQ ,Q RUGHU WR VWXG\ VHOIHVWHHP WKH GDWD ZHUH DUWLILn FLDOO\ GLFKRWRPL]HG LQWR VFRUHV DERYH DQG EHORZ DQG DERYH DUH QRUPDO VFRUHV UHSRUWHG IRU PRVW SRSXODWLRQ JURXSV ,W ZDV VWDWLVn WLFDOO\ VLJQLILFDQW DW WKH OHYHO RI FRQILGHQFH WKDW DOPRVW SHUFHQW RI EODFN ZRPHQ NHHSLQJ WKHLU EDELHV VFRUHG RU DERYH RQ WKH &RRSHUVPLWK 6HOI(VWHHP 7HVW )HZHU WKDQ SHUFHQW RI WKH ZKLWHV DQG 0H[LFDQ$PHULFDQV VFRUHG RU DERYH 6HOIHVWHHP ZDV KLJKHU IRU WKRVH ZRPHQ DWWHQGLQJ D GD\ VFKRRO IRU SUHJQDQW WHHQDJHUV 6FRUHV ZHUH KLJKHU WKDQ IRU ZRPHQ DW FOLQLF VLWHV DQG DW WKH +RPH IRU 8QZHG 0RWKHUV 6RFLDO 1HWZRUN GDWD LQGLFDWHG WKDW WKH PRWKHU RI WKH DGRn OHVFHQW ZDV PRVW GLVDSSURYLQJ 7KH IDWKHU RI WKH EDE\ ZDV PRVW DSSURYLQJ 1LQHW\WZR SHUFHQW RI WKH DGROHVFHQWV SODFHG WKHLU PRWKHUV DV EHLQJ PRUH LPSRUWDQW WR WKHP WKDQ WKH\ WKHPVHOYHV ZHUH ,Q VXPPDU\ VHOIHVWHHP VFRUHV ZHUH KLJKHVW DPRQJ EODFN ZRPHQ NHHSLQJ WKHLU EDELHV ZKR DWWHQGHG WKH GD\ VFKRRO IRU SUHJQDQW ZRPHQ +HOG

PAGE 52

VXJJHVWV WKDW IXWXUH UHVHDUFK VKRXOG LQFOXGH ORQJLWXGLQDO UHVHDUFK HVSHFLDOO\ ZLWK UHJDUG WR HQDFWPHQW RI IXWXUH SODQV 6XPPDU\ 6RFLDO VXSSRUW V\VWHPV RU QHWZRUNV KDYH EHHQ GHILQHG DQG VWXGLHG SULPDULO\ LQ WKH ILHOGV RI VRFLRORJ\ DQG DQWKURSRORJ\ 0RUH UHFHQW UHVHDUFK KDV YLHZHG WKH VRFLDO VXSSRUW V\VWHP LQ UHODWLRQ WR IDPLO\ GHYHORSPHQW DQG IXQFWLRQLQJ 2QO\ LQ UHFHQW \HDUV KDV WKH SRVVLEOH UHODWLRQVKLS EHWZHHQ WKH VRFLDO VXSSRUW V\VWHP DQG VSHFLILF PHDVXUHV RI FKLOG GHYHORSPHQW EHHQ SURSRVHG ,QGHHG YHU\ IHZ VWXGLHV KDYH IRFXVHG RQ WKH PRWKHUnV VRFLDO VXSSRUW V\VWHP DQG WKH TXDOLWDWLYH GHYHORSPHQW RI KHU \RXQJ FKLOG 7KH ZLGHVSUHDG RFFXUUHQFH RI DGROHVFHQW SUHJQDQF\ LQ WKLV VRFLHW\ KDV FDXVHG FRQFHUQ IRU WKH \RXQJ PRWKHU WKH GHYHORSPHQW RI KHU LQn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n PHQWDO PHDVXUHV RI WKH LQIDQW 7KHUH DUH OLPLWDWLRQV WR WKH FLWHG UHVHDUFK E\ +HOG f &ROOHWWD +DGOHU DQG *UHJJ f DQG %HQGHU f 7KHVH VWXGLHV XWLOL]HG TXHVWLRQQDLUHV WR REWDLQ WKHLU GDWD 7KH OLPLWDWLRQV RI WKH

PAGE 53

XVH RI TXHVWLRQQDLUHV LQFOXGHG f WKH GDWD ZHUH VHOIUHSRUWHG GDWD f LQFRPSOHWH GDWD FROOHFWLRQ ZDV PRUH FRPPRQ f LQWHUSUHWDWLRQ RI TXHVWLRQV E\ WKH VXEMHFWV PD\ KDYH YDULHG DQG f WKH\ ZHUH FRUUHFn WLRQDO UDWKHU WKDQ H[SHULPHQWDO $GGLWLRQDO OLPLWDWLRQV RI WKHVH VWXGLHV LQFOXGHG WKH IDFW WKDW WKH SRSXODWLRQV ZHUH ORFDO DQG QRW QDWLRQDO LQ PDNHXS 7KXV WKH JHQHUDOL]DELOLW\ RI WKHVH ILQGLQJV ZDV OLPLWHG WR VXFK ORFDO SRSXODWLRQV DQG QRW WR VDPSOHV RI D QDWLRQDO VFRSH +RZHYHU WKH ILQGLQJV RI WKH DERYH VWXGLHV UHLQIRUFHG RQH DQRWKHU 7KH LPSOLFDWLRQV RI VXFK UHVHDUFK KDYH VLJQLILFDQFH IRU SDUHQW HGXFDWLRQ LQIDQW GHYHORSPHQW DQG PRWKHULQIDQW LQWHUDFWLRQ ,QWHUn YHQWLRQ IRU DGROHVFHQW PRWKHUV KDV EHHQ WUDGLWLRQDOO\ RQ D IRUPDOL]HG EDVLV 7KH SRVVLELOLW\ H[LVWV WKDW VRFLDO VXSSRUW V\VWHPV PD\ EH D YHKLFOH WR IXUWKHU PHDQV RI LQIRUPDO LQWHUYHQWLRQ WKDW PLJKW HQFRXUDJH D \RXQJ PRWKHU LQ KHU GHPDQGLQJ UROH DV D SDUHQW 6XSSRUW V\VWHPV PD\ EH UHODWHG WR TXDOLW\ FKLOG GHYHORSPHQW

PAGE 54

&+$37(5 ,,, 0(7+2'2/2*< 'HVLJQ RI WKH 6WXG\ 7KLV VWXG\ LQYHVWLJDWHG WKH UHODWLRQVKLS EHWZHHQ PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV RI VLQJOH DGROHVFHQW PRWKHUV DQG WKH FRJn QLWLYH DQG SV\FKRPRWRU GHYHORSPHQW RI WKHLU LQIDQWV &a 7KH SXUSRVH RI WKLV VWXG\ ZDV WR LQYHVWLJDWH f WKH W\SHV RI VXSSRUW QHWZRUN UHVRXUFHV XWLOL]HG E\ VLQJOH DGROHVFHQW PRWKHUV DQG WKH IUHTXHQF\ ZLWK ZKLFK WKHVH VXSSRUW UHVRXUFHV DUH XVHG f WKH FRUUHODWLRQ RI IRXU LQGLFDWRUV RI VXSSRUW QHWZRUN UHVRXUFHV WR FRJQLn WLYH DQG SV\FKRPRWRU PHDVXUHV RI GHYHORSPHQW RI WKH KLJKULVN LQIDQWV DW PRQWKV RI DJH ERWK OLQHDU DQG VWHSZLVH UHJUHVVLRQ SURFHGXUHV ZHUH XWLOL]HG WR VWXG\ WKH QDWXUH RI WKH UHODWLRQVKLS EHWZHHQ WKH WZR GHSHQGHQW YDULDEOHV DQG WKH IRXU LQGHSHQGHQW YDULDEOHV HDFK RI ZKLFK FRQVLVWHG RI VHYHUDO PHDVXUHV RI VXSSRUWf DQG f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

PAGE 55

H[LVWLQJ YDULDEOHV $OVR WKH VXSSRUW QHWZRUN ZDV DQ DWWULEXWH YDULn DEOH DQG ZDV QRW PDQLSXODWLYH 9DULDEOHV LQ WKLV 6WXG\ 0HDVXUHV RI IRXU LQGHSHQGHQW YDULDEOHV ZHUH VWXGLHG 7KUHH RI WKHVH LQGHSHQGHQW YDULDEOHV FRQVLVW RI PRUH WKDQ RQH PHDVXUH 7KH IRXU LQGHSHQGHQW PHDVXUHV LQFOXGH f 0HDVXUHV RI FRPPXQLFDWLRQ HIIRUWV PDGH E\ WKH VXSSRUW QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ LQ WKH 1HRQDWDO ,QWHQVLYH &DUH 8QLW DW 6KDQGV +RVSLWDO 8QLYHUVLW\ RI )ORULGD $ FRPSRVLWH RU RYHUDOO PHDVXUH RI WKLV LQGHSHQGHQW YDULDEOH ZDV REWDLQHG E\ WRWDOLQJ WKH DFWXDO QXPEHU RI YLVLWV PDGH E\ PHPEHUV RI WKH VXSSRUW QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ 7KH OHQJWK RI VWD\ LQ WKH KRVSLWDO LQ QXPEHU RI GD\V ZLOO EH XVHG DV D FRQWURO YDULDEOH LQ WKH LQLWLDO DQDO\VLVf f 0HDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN ZHUH REWDLQHG IURP WKH VRFLRGHPRJUDSKLF GDWD 7KUHH VHSDUDWH PHDVXUHV ZHUH JURXSHG WRJHWKHU WR REWDLQ WKLV VLQJOH PHDVXUH 7KHVH WKUHH PHDVXUHV RI DFFHVVLELOLW\ LQFOXGH f DFFHVVLELOLW\ WR D FDU f DFFHVVLELOLW\ WR D WHOHSKRQH DQG f WKH PRWKHUnV RZQ SHUn FHSWLRQ RI KHU DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN HDVH RU GLIILFXOW\f 6HH $SSHQGL[ IRU H[DPSOHV RI WKLV PHDVXUH f 0HDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN ZHUH TXDQWLILHG )LYH TXHVWLRQV IURP WKH VRFLRGHPRJUDSKLF GDWD ZHUH XVHG DV PHDVXUHV RI VXSSRUW WKHVH PHDVXUHV ZHUH JURXSHG WR REWDLQ RQH PXOWLSOH FRUUHODWLRQ FRHIILFLHQW ZKLFK ZDV XVHG DV DQ RYHUDOO PHDVXUH RI WKH UHODWLRQVKLSV EHWZHHQ DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW DQG

PAGE 56

WKH WZR GHSHQGHQW YDULDEOHV 7KHVH ILYH PHDVXUHV LQFOXGH WKH QXPEHU RI DGXOW UHODWLYHVIULHQGV OLYLQJ LQ WKH LPPHGLDWH DUHD WKH QXPEHU RI UHODWLYHVIULHQGV WKDW FDQ EH FRXQWHG RQ LQ WLPHV RI UHDO QHHG WKH IUHTXHQF\ RI JHW WRJHWKHUV ZLWK UHODWLYHVIULHQGV LQ JHQHUDO DQG SHU ZHHN DQG WKH WRWDO QXPEHU RI RUJDQL]DWLRQV WKH DGROHVFHQW PRWKHU SDUWLFLSDWHV LQ 6HH $SSHQGL[ IRU H[DPSOHV RI WKLV PHDVXUH f 0HDVXUHV RI WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN ZHUH JURXSHG WR REWDLQ DQ RYHUDOO PHDVXUH RI SHUFHSWLRQ RI VXSSRUW 7KHVH PHDVXUHV LQFOXGH WKH PRWKHUnV SHUFHSWLRQV RI HQRXJK VXSSRUW D SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG D SHUFHSWLRQ RI WLPH WR EH E\ KHUVHOI D SHUFHSWLRQ RI WKH DGHTXDF\ RI WKDW WLPH WR EH E\ KHUn VHOI DQG D SHUFHSWLRQ RI WKH RYHUDOO OHYHO RI KDSSLQHVV ZLWK KHU SUHVHQW OLYLQJ VLWXDWLRQ 6HH $SSHQGL[ IRU H[DPSOHV RI WKHVH PHDVXUHV 'HSHQGHQW 9DULDEOHV 7KH WZR GHSHQGHQW YDULDEOHV DUH VFRUHV DWWDLQHG E\ WKH DGPLQn LVWUDWLRQ RI WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ 7KHVH VFRUHV ZHUH REWDLQHG ZKHQ WKH LQIDQW ZDV PRQWKV ROG DGMXVWHG IRU SUHPDWXULW\ &RQWURO 9DULDEOHV )RXU YDULDEOHV XVHG DV FRQWURO YDULDEOHV LQ WKH LQLWLDO DQDO\VLV ZHUH PHDVXUHV RI f WKH PRWKHUnV DJH LQ \HDUV f WKH PRWKHUnV OHYHO RI HGXFDWLRQ LQ \HDUV f OHQJWK RI WKH LQIDQWnV KRVSLWDOL]DWLRQ LQ GD\V DQG f WKH LQIDQWnV ELUWKZHLJKW LQ JUDPV

PAGE 57

7DEOH ,QGHSHQGHQW GHSHQGHQW DQG FRQWURO YDULDEOHV LQ WKLV VWXG\ ,QGHSHQGHQW 9DULDEOHV 0HDVXUHV RI FRPPXQLFDWLRQ HIIRUWV E\ WKH VXSSRUW QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ 0HDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN 0HDVXUHV RI DFWXDO VXSSRUW QHWZRUN UHVRXUFHV RI WKH DGROHVFHQW PRWKHU 0HDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN 6HFRQGDU\ 9DULDEOHV 0HDVXUHV RI WKH PRWKHUnV VHOIFRQFHSW 0HDVXUH RI WKH PRWKHUnV OLIH VWUHVV 'HSHQGHQW 9DULDEOHV 7KH VFRUH DWWDLQHG E\ WKH LQIDQW ZKHQ DVVHVVHG ZLWK WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0HQWDO ,QGH[ 0',f 7KH VFRUH DWWDLQHG E\ WKH LQIDQW ZKHQ DVVHVVHG ZLWK WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 3V\FKRPRWRU ,QGH[ 3',f &RQWURO 9DULDEOHV 8VHG RQO\ LQ SULPDU\ DQDO\VLVf 0RWKHUnV DJH DW ELUWK RI LQIDQW LQ \HDUV 0RWKHUnV OHYHO RI HGXFDWLRQ FRPSOHWHG LQ \HDUV ,QIDQWnV ELUWKZHLJKW LQ JUDPV 1XPEHU RI GD\V LQIDQW ZDV KRVSLWDOL]HG

PAGE 58

+\SRWKHVHV WR EH 7HVWHG +\SRWKHVLV 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI LQKRVSLWDO FRPPXQLFDWLRQ HIIRUWV E\ WKH VXSSRUW QHWZRUN DQG %D\OH\ VFRUHV RI FRJQLWLYH DQG SV\FKRPRWRU GHYHORSPHQW RI WKH LQIDQWV DW PRQWKV RI DJH +\SRWKHVLV ,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN UHVRXUFHV DQG KHU LQIDQWnV VFRUHV RI GHYHORSPHQW RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ +\SRWKHVLV ,,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN UHVRXUFHV DQG KHU LQIDQWnV VFRUHV RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ +\SRWKHVLV ,9 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN DQG KHU LQIDQWn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

PAGE 59

7DEOH %LUWKZHLJKWV RI LQIDQWV ERUQ WR VLQJOH DGROHVFHQW PRWKHUV LQ JUDPVf %LUWKZHLJKW )UHTXHQF\ 3HUFHQWDJH PRUH WKDQ 7RWDO 0DWHUQDO $JH 7DEOH SUHVHQWV GDWD RQ PDWHUQDO DJH ZKLFK ZHUH DYDLODEOH IRU RI WKH VXEMHFWV 7ZHOYH RI WKH PRWKHUV ZHUH \HDUV RI DJH DQG ZHUH \HDUV RI DJH 2QO\ WKUHH PRWKHUV ZHUH DJH 7KHUHn IRUH WZRWKLUGV RI WKH VLQJOH DGROHVFHQW PRWKHUV IHOO LQWR WKH ROGHU FDWHJRU\ $SSUR[LPDWHO\ SHUFHQW RI WKH DGROHVFHQW PRWKHUV ZHUH \HDUV RI DJH RU XQGHU 7KH PHDQ DJH IRU WKH PRWKHU VXEMHFWV ZDV \HDUV RI DJH 0DWHUQDO /HYHO RI (GXFDWLRQ 'DWD RQ HGXFDWLRQ FRPSOHWHG E\ DGROHVFHQW PRWKHU VXEMHFWV ZHUH DYDLODEOH IRU RI WKH VXEMHFWV DV VKRZQ LQ 7DEOH 2YHU KDOI f RI WKH PRWKHUV KDG FRPSOHWHG \HDUV RU PRUH RI HGXFDWLRQ 7KH PHDQ OHYHO RI PDWHUQDO HGXFDWLRQ ZDV \HDUV 2QO\ WKUHH PRWKHUV KDG FRPSOHWHG QLQH \HDUV RU OHVV

PAGE 60

7DEOH $JHV RI VLQJOH DGROHVFHQW PRWKHU VXEMHFWV E\ \HDUVf $JH )UHTXHQF\ 3HUFHQWDJH 7RWDO 7DEOH
PAGE 61

7DEOH 5DFH RI VLQJOH DGROHVFHQW PRWKHU VXEMHFWV 5DFH 1XPEHU RI 6XEMHFWV 3HUFHQWDJH %ODFN :KLWH 2WKHU 7RWDO ,Q VXPPDU\ WKH VXEMHFWV IRU WKLV VWXG\ ZHUH VLQJOH DGROHVFHQW PRWKHUV ZKRVH KLJKULVN LQIDQWV ZHUH SODFHG LQ WKH 1HRQDWDO ,QWHQVLYH &DUH 8QLW DW 6KDQGV 7HDFKLQJ +RVSLWDO 8QLYHUVLW\ RI )ORULGD GXULQJ WKH SHULRG IURP -DQXDU\ WKURXJK 'HFHPEHU $OO PRWKHUV ZHUH OHVV WKDQ \HDUV RI DJH DQG ZHUH FODVVLILHG DV f QHYHU PDUULHG f GLYRUFHG RU f VHSDUDWHG 2QO\ PHGLFDO ILOHV ZKLFK ZHUH FRPSOHWH ZHUH LQFOXGHG LQ WKLV VWXG\ ,QVWUXPHQWDWLRQ 7KH LQVWUXPHQW XVHG WR FROOHFW GDWD RQ WKH DGROHVFHQW PRWKHUnV VXSSRUW V\VWHP ZDV D SHUVRQDO TXHVWLRQQDLUH DGPLQLVWHUHG WR WKH PRWKHU ZKHQ VKH EURXJKW KHU FKLOG IRU DVVHVVPHQW 6RFLRGHPRJUDSKLF LQIRUPDn WLRQ ZDV FRGHG IURP WKH SHUVRQDO LQWHUYLHZ DQG FDWHJRUL]HG LQWR VXEn KHDGLQJV RI PHDVXUHV RI VXSSRUW 7KH IROORZLQJ FDWHJRULHV ZHUH REWDLQHG f PHDVXUHV RI FRPPXQLFDWLRQ HIIRUWV E\ WKH VXSSRUW QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ f PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN f PHDVXUHV RI DFWXDO VXSSRUW QHWZRUN UHVRXUFHV DYDLODEOH WR WKH PRWKHUV DQG f PHDVXUHV RI WKH PRWKHUnV SHUFHLYHG VXSSRUW

PAGE 62

/LVWHG EHORZ DUH WKH VSHFLILF TXHVWLRQV XVHG LQ WKLV VWXG\ 0HDVXUHV RI ,QGLFDWRUV RI &RPPXQLFDWLRQ EHWZHHQ WKH 6XSSRUW 6\VWHP RI WKH 0RWKHU DQG WKH ,QIDQW GXULQJ WKH ,QIDQWnV +RVn SLWDOL]DWLRQ 7KH WRWDO QXPEHU RI YLVLWV PDGH E\ PHPEHUV RI WKH VXSSRUW QHWZRUN ZDV REWDLQHG IURP KRVSLWDO UHFRUGV ,, 0HDVXUHV RI 0RWKHUnV $FFHVVLELOLW\ WR 6XSSRUW 1HWZRUN D 'R \RX RZQ RU KDYH DFFHVV WR D FDU" <(6 12 E 'R \RX KDYH D WHOHSKRQH" <(6 12 F +RZ GLIILFXOW LV LW IRU \RX WR JHW RXW DQG GR ZKDW \RX QHHG WR GR" <(6 YHU\ GLIILFXOW VRPHZKDW GLIILFXOW GHSHQGV 12 VRPHZKDW HDV\ YHU\ HDV\ ,,, 0HDVXUHV RI $FWXDO 6XSSRUW $YDLODEOH WR WKH $GROHVFHQW 0RWKHU D +RZ PDQ\ UHODWLYHVIULHQGV OLYH DURXQG \RXU DUHD DGXOWVf" WRWDO QXPEHU E +RZ PDQ\ RI WKHVH UHODWLYHIULHQGV FDQ \RX FRXQW RQ LQ WLPHV RI UHDO QHHG" WRWDO QXPEHU F 'R \RX JHW WRJHWKHU RIWHQ ZLWK IULHQGV DQG UHODWLYHV" <(6 12 G +RZ PDQ\ WLPHV D ZHHN" 127 2)7(1 QHYHU UDUHO\ XS WR RQFH HYHU\ IHZ PRQWKVf 2)7(1 VRPHWLPHV D IHZ WLPHV D PRQWK WR RQFH D ZHHNf RIWHQ D IHZ WLPHV D ZHHNf YHU\ IUHTXHQWO\ HYHU\ GD\f H 'R \RX EHORQJ WR DQ\ RUJDQL]DWLRQV VXFK DV VRFLDO UHOLJLRXV HGXFDWLRQDO RU SROLWLFDO JURXSV"

PAGE 63

VRF L DO UHOLJLRXV HGXFDWLRQDO SROLWLFDO WRWDO QXPEHU RI RUJDQL]DWLRQV ,9 0HDVXUHV RI 0RWKHUnV 3HUFHSWLRQ RI 6XSSRUW 1HWZRUN 5HVRXUFHV D 'RHV \RXU SUHVHQW VLWXDWLRQ SURYLGH \RX ZLWK HQRXJK RU QRW HQRXJK VXSSRUW" <(6 HQRXJK VRPHWLPHV 12 QRW HQRXJK QRW DW DOO E 'R \RX IHHO \RXnUH RYHUZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ" 12 QHYHU LQIUHTXHQWO\ <(6 VRPHWLPHV RIWHQ DOO WKH WLPH F +RZ PDQ\ WLPHV D PRQWK GR \RX JHW DZD\ E\ \RXUVHOI WR GR VRPHWKLQJ \RX ZRXOG OLNH WR GR" WRWDOf G 'R \RX WKLQN WKLV LV HQRXJK WLPH" 12 QRW HQRXJK <(6 HQRXJK RU WRR PXFK H 2Q WKH ZKROH ZRXOG \RX GHVFULEH \RXU SUHVHQW OLYLQJ VLWXDWLRQ DV KDSS\" 12 YHU\ XQKDSS\ VRPHZKDW XQKDSS\ QHXWUDO <(6 VRPHZKDW KDSS\ YHU\ KDSS\ 5HVSRQVHV WKDW ZHUH <(6 RU 12 ZHUH TXDQWLILHG E\ DVVLJQLQJ D YDOXH RI WR 1R DQG D YDOXH RI WR
PAGE 64

WKH QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ ZDV TXDQWLILHG E\ WRWDOLQJ WKH DFWXDO QXPEHU RI YLVLWV PDGH E\ WKH IDPLO\ GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ $ QXPHULFDO WRWDO ZDV REWDLQHG WKXV TXDQWLI\LQJ WKLV LQGHSHQGHQW YDULDEOH IRU WKH SXUSRVH RI DQDO\VLV 7KH LQVWUXPHQW XVHG WR FROOHFW GDWD RQ WKH LQIDQWVn GHYHORSPHQW ZDV WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0HQWDO DQG 3V\FKRPRWRU ,QGH[HV 7KLV LQVWUXPHQW KDV EHHQ XVHG LQ FKLOG GHYHORSPHQW VHWWLQJV IRU RYHU WKLUW\ \HDUV %D\OH\ f UHSRUWHG D FRUUHODWLRQ RI EHWZHHQ WKH 0HQWDO DQG 0RWRU 6FDOHV 7KH VSOLWKDOI UHOLDELOLW\ FRHIILFLHQW IRU WKH 0HQWDO 6FDOHV ZDV DQG IRU WKH 0RWRU 6FDOH 7KH FRHIILFLHQW RI FRUUHODWLRQ EHWZHHQ VFRUHV REWDLQHG RQ WKH %D\OH\ DQG WKH %LQHW ZDV ZLWK FRQVLGHUDEOH UHVWULFWLRQ RQ WKH UDQJH RI VFRUHV RQ ERWK WHVWV HVSHFLDOO\ WKH %LQHW 7KH PHQWDO VFDOH LV GHVLJQHG WR DVVHVV VHQVRU\SHUFHSWXDO DFXLWLHV GLVFULPLQDWLRQV DQG WKH DELOLW\ WR UHVSRQG WR WKHVH WKH HDUO\ DFTXLn VLWLRQ RI REMHFW FRQVWDQF\ DQG PHPRU\ OHDUQLQJ DQG SUREOHPVROYLQJ DELOLW\ YRFDOL]DWLRQV DQG WKH EHJLQQLQJV RI YHUEDO FRPPXQLFDWLRQ DQG HDUO\ HYLGHQFH RI WKH DELOLW\ WR IRUP JHQHUDOL]DWLRQV DQG FODVVLILFDn WLRQV 5HVXOWV RI WKH 0HQWDO 6FDOH DUH H[SUHVVHG DV D VWDQGDUG VFRUH WKH 0', RU 0HQWDO 'HYHORSPHQWDO ,QGH[ 7KH 0RWRU 6FDOH LV GHVLJQHG WR SURYLGH D PHDVXUH RI WKH GHJUHH RI FRQWURO RI WKH ERG\ FRRUGLQDWLRQ RI WKH ODUJH PXVFOHV DQG ILQHU PDQLSXODWRU\ VNLOOV RI WKH KDQGV DQG ILQJHUV 7KH 0RWRU 6FDOH LV VSHFLILFDOO\ GLUHFWHG WRZDUG EHKDYLRUV UHIOHFWLQJ PRWRU FRRUGLQDWLRQ DQG VNLOOV DQG LV QRW FRQFHUQHG ZLWK PHQWDO RU LQWHOOLJHQW IXQFn WLRQV 5HVXOWV RI DGPLQLVWUDWLRQ RI WKH 0RWRU 6FDOH DUH H[SUHVVHG

PAGE 65

DV D VWDQGDUG VFRUH WKH 3', RU 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ %D\OH\ S f 'DWD &ROOHFWLRQ 7KH GDWD IRU WKLV VWXG\ ZHUH REWDLQHG IURP PHGLFDO ILOHV DW WKH &KLOGUHQnV 'HYHORSPHQWDO 6HUYLFHV 3URMHFW DW 6KDQGV 7HDFKLQJ +RVSLWDO *DLQHVYLOOH )ORULGD 6RFLRGHPRJUDSKLF GDWD RQ WKH DGROHVFHQW PRWKHUV ZHUH WDNHQ IURP WKH SHUVRQDO TXHVWLRQQDLUH DGPLQLVWHUHG WR WKH PRWKHU ZKHQ KHU LQIDQW ZDV VL[ PRQWKV ROG 7KHVH GDWD FRQVLVW RI f PHDVXUHV RI FRPPXQLFDWLRQ HIIRUWV PDGH E\ WKH VXSSRUW QHWZRUN GXULQJ WKH LQn IDQWnV KRVSLWDOL]DWLRQ f PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN f PHDVXUHV RI WKH PRWKHUnV DFWXDO VXSSRUW UHn VRXUFHV DQG f PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN ,Q DGGLWLRQ WZR RWKHU VHFRQGDU\ YDULDEOHV ZHUH VWXGLHG GHVFULSWLYHO\ 7KH\ ZHUH f PHDVXUHV RI WKH PRWKHUnV VHOIFRQFHSW DQG f WKH PRWKHUnV OLIH VWUHVV VFRUH IRU WKH SUHYLRXV \HDU 'DWD RQ WKH LQIDQWV ZHUH REWDLQHG IURP PHGLFDO ILOHV DW 6KDQGV 7HDFKLQJ +RVSLWDO %D\OH\ 6FDOHV IRU 3K\VLFDO DQG 3V\FKRPRWRU 'HYHORSPHQW ZHUH REWDLQHG DQG WKHVH VFRUHV ZHUH WDNHQ IURP DGPLQLVWUDWLRQ RI WKH %D\OH\ RQ WKH LQIDQWV DW PRQWKV RI DJH 7KH GDWD ZHUH REWDLQHG IURP FRPSOHWH PHGLFDO IROGHUV IURP -DQXDU\ WKURXJK 'HFHPEHU 7KH UHVHDUFKHU VLJQHG D FRQILGHQWLDOLW\ RDWK LQ FRQMXQFWLRQ ZLWK WKH &KLOGUHQnV 5HVHDUFK 3URMHFW $OO VXEMHFWV JDYH DSSURYDO IRU WKH XVH RI WKHVH GDWD ZLWK FRQILGHQWLDOLW\ DVVXUHG E\ WKH UHVHDUFKHUV

PAGE 66

'DWD $QD\VLV5HJUHVVLRQ $QDO\VLV 5HJUHVVLRQ DQDO\VLV LV D VWDWLVWLFDO WRRO IRU HYDOXDWLQJ WKH UHODWLRQVKLS EHWZHHQ RQH RU PRUH LQGHSHQGHQW YDULDEOHV ;M ;A ; WR D VLQJOH FRQWLQXRXV GHSHQGHQW YDULDEOH < 3UDFWLFDO DSSOLFDWLRQV RI UHJUHVVLRQ DQDO\VLV LQFOXGH WKH IROORZLQJ f :KHQ WKH LQYHVWLJDWRU ZLVKHV WR FKDUDFWHUL]H WKH UHODWLRQVKLS EHWZHHQ WKH GHSHQGHQW DQG WKH LQGHSHQGHQW YDULDEOHV LQ WKH VHQVH RI GHWHUPLQLQJ WKH H[WHQW GLUHFWLRQ DQG VWUHQJWK RI WKH DVVRFLDWLRQ DPRQJ WKHVH YDULDEOHV f 7KH UHVHDUFKHU GHVLUHV WR GHVFULEH TXDQWLWDWLYHO\ RU TXDOLn WDWLYHO\ WKH UHODWLRQVKLS EHWZHHQ ;M ;J ;Q DQG < ZKLOH FRQn WUROOLQJ IRU WKH HIIHFWV RI RWKHU YDULDEOHV &M & &S ZKLFK PD\ KDYH DQ LPSRUWDQW UHODWLRQVKLS ZLWK WKH GHSHQGHQW YDULDEOHV f 7KH UHVHDUFKHU ZDQWV WR GHWHUPLQH ZKLFK RI VHYHUDO LQGHSHQGHQW YDULDEOHV DUH LPSRUWDQW DQG ZKLFK DUH QRW IRU GHVFULELQJ RU SUHGLFWLQJ D GHSHQGHQW YDULDEOH $OVR WKH UHVHDUFKHU PD\ GHVLUH WR UDQN LQn GHSHQGHQW YDULDEOHV LQ WKHLU RUGHU RI LPSRUWDQFH .OHLQEDXP DQG .XSSHU S f ,QGHSHQGHQW 9DULDEOHV LQ WKLV 6WXG\ $V LQGLFDWHG HDUOLHU LQ WKLV FKDSWHU WKH IRXU LQGHSHQGHQW YDULDEOHV XVHG LQ WKLV VWXG\ ZHUH PDGH XS RI VHYHUDO PHDVXUHV HDFK ZLWK WKH H[FHSWLRQ RI WKH ILUVW LQGHSHQGHQW YDULDEOH ZKLFK ZDV D PHDVXUH RI VXSSRUW GXULQJ WKH KRVSLWDOL]DWLRQ RI WKH LQIDQW WKLV PHDVXUH FRQVLVWHG RI RQH PHDVXUHf§WKH WRWDO QXPEHU RI YLVLWV E\ WKH IDPLO\ GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ (DFK RI WKH WKUHH RWKHU

PAGE 67

LQGHSHQGHQW YDULDEOHV FRQVLVWHG RI WKUHH RU PRUH PHDVXUHV 7KHVH IRXU YDULDEOHV DQG WKH PHDVXUHV LQFOXGHG LQ HDFK RQH DUH QRZ SUHVHQWHG +\SRWKHVLV &RPPXQLFDWLRQ (IIRUWV E\ WKH 6XSSRUW 1HWZRUN 'XULQJ WKH ,QIDQWnV +RVSLWDOL]DWLRQ ;_ WRWDO QXPEHU RI YLVLWV PDGH E\ WKH VXSSRUW QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ LQ WKH 1,&8 +\SRWKHVLV ,, 0HDVXUHV RI WKH $GROHVFHQW 0RWKHUnV $FFHVVLELOLW\ WR KHU 6XSSRUW 1HWZRUN a DGROHVFHQW PRWKHUnV DFFHVV WR D FDU ; DGROHVFHQW PRWKHUnV DFFHVV WR D WHOHSKRQH ;A DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI GLIILFXOW\ WR JHW RXW DQG PDNH FRQWDFW ZLWK KHU VXSSRUW QHWZRUN +\SRWKHVLV ,,, 0HDVXUHV RI $GROHVFHQW 0RWKHUnV $FWXDO 6XSSRUW 1HWZRUN ;J QXPEHU RI UHODWLYHVIULHQGV OLYLQJ LQ WKH LPPHGLDWH DUHD DGXOWVf ;J QXPEHU RI UHODWLYHVIULHQGV OLYLQJ LQ WKH LPPHGLDWH DUHD WKDW FDQ EH FRXQWHG RQ LQ WLPHV RI UHDO QHHG ;A PHDVXUHV RI IUHTXHQF\ ZLWK ZKLFK DGROHVFHQW PRWKHU JHWV WRJHWKHU ZLWK UHODWLYHVIULHQGV ;J IUHTXHQF\ SHU ZHHN RI PRWKHUnV FRQWDFW ZLWK VXSSRUW QHWZRUN ;J QXPEHU RI RUJDQL]DWLRQV WR ZKLFK DGROHVFHQW PRWKHU EHORQJV +\SRWKHVLV ,9 0HDVXUHV RI $GROHVFHQW 0RWKHUnV 3HUFHSWLRQ RI $GHTXDF\ RI 6XSSRUW 1HWZRUN ;AJ PHDVXUH RI PRWKHUnV SHUFHSWLRQ RI DGHTXDF\ RI VXSSRUW QHWZRUN ;_ PRWKHUnV SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGFDUH UHVSRQVLELOLWLHV

PAGE 68

;_ PRWKHUnV SHUFHSWLRQ RI IUHTXHQF\ RI WLPH WR EH E\ KHUVHOI ;PRWKHUnV HVWLPDWLRQ RI DGHTXDF\ RI WLPH WR EH E\ KHUVHOI ;M PRWKHUnV SHUFHSWLRQ RI SUHVHQW OLYLQJ VLWXDWLRQ DV KDSS\ 6HFRQGDU\ 9DULDEOHV IRU 'HVFULSWLYH 6WXG\ )LYH PHDVXUHV RI VHOIFRQFHSW ZHUH VWXGLHG IRU GHVFULSWLYH SXUn SRVHV 7KHVH LQFOXGHG WKH PRWKHUn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nV DJH LQ \HDUV & PRWKHUnV OHYHO RI HGXFDWLRQ LQ \HDUV & ELUWKZHLJKW RI LQIDQW LQ JUDPV & LQIDQWnV OHQJWK RI VWD\ LQ KRVSLWDO LQ GD\V

PAGE 69

7KHVH IRXU FRQWURO YDULDEOHV ZHUH LQFOXGHG LQ WKH LQLWLDO LQWHU FRUUHODWLRQDO PDWUL[ 5HJUHVVLRQ 0RGHOV IRU WKLV 6WXG\ $IWHU DQ LQLWLDO DQDO\VLV ZKLFK LQFOXGHG WKH IRXU FRQWURO YDULn DEOHV FLWHG DERYH DQG ZKLFK LQFOXGHG SHUIRUPLQJ UHGXFHG IXOO DQG SDUWLDO DQDO\VHV WKH UHVHDUFKHU GHFLGHG WR HOLPLQDWH WKH IRXU FRQn WURO YDULDEOHV 1RQH RI WKH IRXU YDULDEOHV ZHUH VLJQLILFDQWO\ UHODWHG WR WKH GHSHQGHQW YDULDEOHV WKHUHIRUH LW ZDV QRW KHOSIXO WR LQFOXGH WKHP LQ WKH ILQDO UHJUHVVLRQ DQDO\VLV 7KH ILQDO UHJUHVVLRQ DQDO\VLV FRQVLVWHG RI SHUIRUPLQJ UHJUHVVLRQ DQDO\VLV RQ VLPSOH PRGHOV DQG GRLQJ D 0D[5 DQG D VWHSZLVH UHJUHVVLRQ DQDO\VLV ZKLFK LQFOXGHG DOO RI WKH LQGHSHQGHQW YDULDEOHV /LVWHG EHORZ DUH WKH UHJUHVVLRQ PRGHOV XVHG LQ WKLV VWXG\ +\SRWKHVLV 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHn WZHHQ PHDVXUHV RI FRPPXQLFDWLRQ HIIRUWV PDGH E\ WKH VXSSRUW QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ DQG WKH 0', DQG 3', VFRUHV DWWDLQHG E\ WKH LQIDQW DW PRQWKV RI DJH 5HJUHVVLRQ 0RGHO 8WLOL]HG < %J %A;M ( +\SRWKHVLV ,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN DQG WKH 0', DQG 3', VFRUHV DWWDLQHG E\ WKH LQIDQW DW PRQWKV RI DJH 5HJUHVVLRQ 0RGHO 8WLOL]HG < %4 %; %; %; (

PAGE 70

+\SRWKHVLV ,,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV DFWXDO VXSSRUW QHWZRUN UHn VRXUFHV DQG WKH 0,' DQG 3', VFRUHV DWWDLQHG E\ WKH LQIDQW DW PRQWKV RI DJH 5HJUHVVLRQ 0RGHO 8WLOL]HG < %4 %J;J %J;J %MOM %J;J %AJ ( +\SRWKHVLV ,9 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLSV EHn WZHHQ PHDVXUHV RI WKH PRWKHUn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

PAGE 71

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f 7KHUH DUH OLPLWDWLRQV WR FRUUHODWLRQDO VWXGLHV &RUUHODWLRQDO ILQGLQJV LQGLFDWH UHODWLRQVKLSV EHWZHHQ RU LQ DVVRFLDWLRQ ZLWK YDULn DEOHV EXW GR QRW LPSO\ D FDXVDO UHODWLRQVKLS 2QH FDQQRW LQWHUSUHW ILQGLQJV LQ FRUUHODWLRQDO VWXGLHV WR EH FDXVH DQG HIIHFW 6HFn RQGO\ WKH FRHIILFLHQW RI FRUUHODWLRQ LV QRW WR EH LQWHUSUHWHG DV DQ DEVROXWH IDFW 9DOXHV RI U DUH IRXQG IRU VDPSOH FDVHV DQG WKH H[WHQW RI UHODWLRQVKLS IRXQG LQ RQH VDPSOH QHHG QRW QHFHVVDULO\ EH WKH VDPH IRXQG LQ DQRWKHU VDPSOH IURP WKH VDPH SRSXODWLRQ $GGLWLRQDO OLPLWDn WLRQV WR WKLV VWXG\ LQFOXGH WKRVH DVVRFLDWHG ZLWK WKH PHDVXUHPHQW SURFHGXUH 'DWD ZHUH FROOHFWHG IURP WKH DGROHVFHQW PRWKHUV LQ D VHOIUHSRUW IRUPDW 'LFKRWRPL]DWLRQ RI UHVSRQVHV PD\ KDYH OLPLWHG WKH DFFXUDF\ RI WKH GDWD 7KH VDPSOH VL]H LV DOVR D OLPLWDWLRQ 5Hn VWULFWLRQV LQ WKH UDQJH RI GDWD DQG WKH UHOLDELOLW\ RI FRUUHODWLRQ FRHIILFLHQWV DUH OLPLWDWLRQV GXH WR VPDOO VDPSOH VL]H

PAGE 72

6XPPDU\ %URQIHQEUHQQHU f DQG &RFKUDQ DQG %UDVVDUG f KDYH DUJXHG WKDW WKH VRFLDO VXSSRUW QHWZRUN RI WKH IDPLO\ KDV D PDMRU LQIOXHQFH RQ WKH GHYHORSPHQW RI WKH FKLOG 5HODWLYHO\ IHZ VWXGLHV KDYH IRFXVHG RQ PHDVXUHV RI WKH IDPLO\n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n QLWLYH DQG SV\FKRPRWRU GHYHORSPHQW DQG VSHFLILF PHDVXUHV RI VRFLDO VXSSRUW QHWZRUNV RI WKH PRWKHUV

PAGE 73

&+$37(5 ,9 5(68/76 3UHOLPLQDU\ $QDO\VLV 7KH SXUSRVH RI WKLV VWXG\ ZDV WR LQYHVWLJDWH f WKH W\SHV RI VXSSRUW QHWZRUNV XWLOL]HG E\ VLQJOH DGROHVFHQW PRWKHUV DQG WKH IUHn TXHQF\ ZLWK ZKLFK WKHVH VXSSRUW QHWZRUNV DUH XVHG f WKH UHODWLRQn VKLS RI IRXU SULPDU\ PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV WR FRJQLWLYH DQG SV\FKRPRWRU PHDVXUHV RI LQIDQWV RI WKH DGROHVFHQW PRWKHUV DW PRQWKV RI DJH DQG f PHDVXUHV RI VHOIFRQFHSW DQG OLIH VWUHVV RI WKH DGROHVFHQW PRWKHU VXEMHFWV 7KLV FKDSWHU LQFOXGHV WKH IROORZLQJ f D GHVFULSWLRQ RI WKH W\SHV RI VXSSRUW QHWZRUN UHVRXUFHV XWLOL]HG E\ VLQJOH DGROHVFHQW PRWKHUV DQG WKH IUHTXHQF\ ZLWK ZKLFK WKHVH VXSSRUW QHWZRUN UHVRXUFHV ZHUH XVHG f D SUHVHQWDWLRQ RI IRXU PDMRU K\SRWKHVHV ZKLFK VWXGLHG WKH UHODWLRQVKLS EHWZHHQ WKH XVH RI VXSSRUW QHWZRUN UHVRXUFHV RI VLQJOH DGROHVFHQW PRWKHUV DQG WKH %D\OH\ VFRUHV RI 0HQWDO DQG 3K\VLFDO 'HYHORSPHQW RI WKH LQIDQWV DW PRQWKV RI DJH DQG f D GHVFULSWLRQ RI WKH PHDVXUHV RI VHOIFRQFHSW DQG OLIH VWUHVV RI WKH DGROHVFHQW PRWKHU VXEMHFWV 7KH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW ZHUH DGPLQLVWHUHG WR HDFK LQIDQW DW KLVKHU PRQWK HYDOXDWLRQ 'DWD ZHUH DYDLODDEOH RQ RI WKH LQIDQW VXEMHFWV 7DEOH VKRZV WKDW VFRUHV UDQJHG IURP WR RQ WKH 0HQWDO 'HYHORSPHQW ,QGH[ 0',f DQG IURP WR RQ

PAGE 74

WKH 3K\VLFDO 'HYHORSPHQW ,QGH[ 3',f 1HDUO\ RQHWKLUG RI WKH 0', VFRUHV IHOO LQWR WKH UDQJH ZKLFK LV FRQVLGHUHG D QRUPDO RU DYHUDJH UDQJH 6HYHQWHHQ LQIDQWV KDG 0', VFRUHV DERYH 7KLV UHSUHVHQWHG RQH KDOI RI WKH LQIDQW SRSXODWLRQ 7KH PHDQ 0', VFRUH ZDV ,QIDQW 6FRUHV 7DEOH 'LVWULEXWLRQ RI WKH %D\OH\ 0', DQG 3', VFRUHV RI LQIDQWV DW PRQWKV RI DJH 0', 3', 6FRUHV )UHTXHQF\ 3HUFHQWDJH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH RU OHVV RU PRUH 7RWDO ,QIDQWV VFRUHG PRUH WRZDUG WKH DYHUDJH RQ WKH 3K\VLFDO 'HYHORSPHQW ,QGH[ 7ZHQW\ILYH VFRUHG EHWZHHQ DQG 2QO\ WZR VFRUHG DERYH WKH SRLQW 7KLV LQGLFDWHG WKDW LQIDQW VFRUHV IHOO LQWR PRUH RI DQ DYHUDJH UDQJH RQ 3', VFRUHV DQG PRUH DERYH DYHUDJH RQ 0', VFRUHV 7KH PHDQ 3', VFRUH ZDV SRLQWV EHORZ WKH PHDQ RI WKH 0', VFRUHV

PAGE 75

+RVSLWDO 9LVLWV 'DWD RQ KRVSLWDO YLVLWV PDGH E\ WKH IDPLO\ QHWZRUN GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ ZHUH DYDLODEOH RQ RI WKH LQIDQW VXEn MHFWV )RXUWHHQ LQIDQWV QHDUO\ RQHKDOI UHFHLYHG VL[ WR WHQ YLVLWV GXULQJ WKHLU KRVSLWDOL]DWLRQ (LJKW UHFHLYHG ILYH RU OHVV YLVLWV ZKLOH HLJKW UHFHLYHG PRUH WKDQ WHQ YLVLWV $ YLVLW ZDV UHFRUGHG HDFK WLPH D PHPEHU RI WKH LPPHGLDWH IDPLO\ RU FRPELQDWLRQ RI PHPEHUV RI WKH LPPHGLDWH IDPLO\ PDGH D YLVLW WR WKH LQIDQW 'DWD ZHUH FROOHFWHG E\ WKH 1HRQDWDO ,QWHQVLYH &DUH 8QLW VWDII 6HH 7DEOH 7DEOH 1XPEHU RI YLVLWV PDGH E\ LQIDQWnV LPPHGLDWH IDPLO\ GXULQJ LQIDQWnV KRVSLWDOL]DWLRQ 1XPEHU RI YLVLWV )UHTXHQF\ 3HUFHQWDJH 1R UHVSRQVH WR WR WR WR WR 7RWDO 7KH PHDQ QXPEHU RI YLVLWV PDGH E\ VXSSRUW QHWZRUN PHPEHUV ZDV ZLWK D UDQJH RI WR 7KH QXPEHU RI GD\V LQ WKH KRVSLWDO UDQJHG IURP WR GD\V ZLWK DQ DYHUDJH RI GD\V DV FRPSDUHG ZLWK DQ DYHUDJH RI GD\V IRU QRUPDO LQIDQWV

PAGE 76

$YDLODELOLW\ RI 6XSSRUW 5HVRXUFHV 6HYHUDO TXHVWLRQV VRXJKW WR GHWHUPLQH WKH DYDLODELOLW\ RI VXSSRUW UHVRXUFHV WR WKH VLQJOH DGROHVFHQW PRWKHU 7KUHH TXHVWLRQV DVNHG ZHUH f GR \RX KDYH DFFHVVLELOLW\ WR D FDU" f GR \RX KDYH DFFHVVLELOLW\ WR D WHOHSKRQH" DQG f GR \RX WKLQN LW LV GLIILFXOW IRU \RX WR JHW RXW DQG GR WKH WKLQJV \RX QHHG WR GR" 2I WKH UHVSRQGHQWV VDLG WKH\ GLG QRW KDYH DFFHVVLELOLW\ WR D FDU 7ZHQW\IRXU RI WKH VXEMHFWV UHVSRQGHG WKDW WKH\ GLG KDYH DFFHVVLELOLW\ WR D WHOHSKRQH 7KLV UHSUHVHQWV SHUFHQW RI WKH WRWDO QXPEHU RI VXEMHFWV DV VKRZQ LQ 7DEOH :KHQ DVNHG LI LW ZHUH GLIILFXOW WR JHW RXW WR GR WKH WKLQJV WKH\ QHHGHG WR GR RI WKH UHVSRQGHQWV DQVZHUHG \HV 7KLV UHSn UHVHQWV SHUFHQW RI WKH VXEMHFWV $FWXDO 6XSSRUW 5HVRXUFHV 6HYHUDO TXHVWLRQV VRXJKW WR GHWHUPLQH WKH H[WHQW RI DFWXDO VXSSRUW UHVRXUFHV DYDLODEOH WR VLQJOH DGROHVFHQW PRWKHUV LQ UHJDUGV WR UHODn WLYHV DQG IULHQGV $OO VXEMHFWV UHVSRQGHG WR WKH TXHVWLRQ +RZ PDQ\ UHODWLYHV DQGRU IULHQGV OLYH LQ WKH LPPHGLDWH DUHD DGXOWf" )LIWHHQ VXEMHFWV UHVSRQGHG WKDW WKH\ KDG ILYH RU IHZHU UHODWLYHV DQGRU IULHQGV LQ WKH LPPHGLDWH DUHD 2I WKHVH IRXU UHSRUWHG KDYLQJ QR DGXOW IULHQGV DQGRU UHODWLYHV LQ WKH LPPHGLDWH DUHD 6L[ UHVSRQGHG WKDW WKH\ KDG IURP WR UHODWLYHV DQGRU IULHQGV OLYLQJ LQ WKH DUHD DQG DQVZHUHG WKDW WKH\ KDG RU OHVV UHODWLYHV DQGRU IULHQGV LQ WKH LPPHGLDWH DUHD 7ZR UHVSRQGHG WKDW WKH\ KDG EHWZHHQ DQG DQG RQO\ RQH VXEMHFW UHSRUWHG KDYLQJ PRUH WKDQ UHODWLYHV LQ WKH DUHD 6HH 7DEOH IRU WKHVH GDWD

PAGE 77

7DEOH 6XSSRUW UHVRXUFHV DYDLODEOH WR WKH DGROHVFHQW PRWKHU 5HVRXUFH
PAGE 78

7DEOH $FWXDO PHDVXUHV DUHD DGXOWf RI VXSSRUW UHVRXUFHV 5HODWLYHV LQ WKH 1XPEHU RI DGXOW UHODWLYHV DQGRU IULHQGV LQ WKH DUHD )UHTXHQF\ 3HUFHQWDJH WR WR WR WR WR WR WR PRUH WKDQ -B 7RWDO 6XSSRUW 'XULQJ &ULVLV :KHQ DVNHG KRZ PDQ\ RI WKHVH UHODWLYHV DQGRU IULHQGV FRXOG EH FRXQWHG RQ LQ WLPHV RI FULVLV RI WKH UHVSRQGHQWV UHVSRQGHG ZLWK 7KLV UHSUHVHQWV SHUFHQW RI WKH WRWDO JURXS )UHTXHQF\ RI ,QWHUDFWLRQ :KHQ WKH DGROHVFHQW PRWKHUV ZHUH DVNHG LI WKH\ JRW WRJHWKHU RIWHQ ZLWK UHODWLYHV DQGRU IULHQGV RI WKH VXEMHFWV ZKR UHn VSRQGHG VDLG \HV RQO\ VDLG QR 7KLV UHSUHVHQWV SHUFHQW D KLJK SHUFHQWDJH RI WKH WRWDO JURXS DV VKRZQ LQ 7DEOH

PAGE 79

7DEOH 1XPEHU RI UHODWLYHV DQGRU IULHQGV PRWKHU FDQ FRXQW RQ LQ WLPHV RI FULVLV 1XPEHU RI DGXOWV PRWKHU FDQ FRXQW RQ LQ FULVLV )UHTXHQF\ 3HUFHQWDJH WR WR WR WR WR WR WR 1R UHVSRQVH 7RWDO 7DEOH 'RHV PRWKHU JHW WRJHWKHU ZLWK UHODWLYHVIULHQGV RIWHQ 5HVSRQVH )UHTXHQF\ 3HUFHQWDJH
PAGE 80

RIWHQ 7KRVH ZKR UHVSRQGHG ZLWK D IHZ WLPHV SHU ZHHN DQG YHU\ IUHTXHQWO\HYHU\ GD\ ZHUH FDWHJRUL]HG LQWR RIWHQ 2I WKH PRWKHUV ZKR UHVSRQGHG VDLG QRW RIWHQ QHYHU UDUHO\ RU VRPHWLPHVf 7KLV UHSUHVHQWV QHDUO\ SHUFHQW RI WKH UHVSRQVHV WKHVH UHVSRQVHV VHHP WR FRQWUDGLFW WKH DQVZHU JLYHQ LQ WKH SUHYLRXV TXHVWLRQ ZKLFK ZDV D JHQHUDO TXHVWLRQ DV WR ZKHWKHU WKH DGROHVFHQW JRW WRJHWKHU ZLWK UHODWLYHV DQGRU IULHQGV RIWHQ ,W VHHPV WKDW ZKHQ WKH TXHVWLRQV EHFDPH PRUH VSHFLILF RU IRFXVHG WKH PRWKHUV UHVSRQGHG WKDW LQ IDFW WKH\ GLG QRW JHW WRJHWKHU ZLWK WKH UHODWLYHV DQGRU IULHQGV YHU\ PDQ\ WLPHV SHU ZHHN 7DEOH LOOXVWUDWHV WKHVH ILQGLQJV 7DEOH 7LPHV SHU ZHHN PRWKHU JHWV WRJHWKHU ZLWK IULHQGVUHODWLYHV 5HVSRQVH )UHTXHQF\ 3HUFHQWDJH 1RW RIWHQ 2IWHQ f B 7RWDO 2UJDQL]DWLRQV 2UJDQL]DWLRQV DUH WKRXJKW WR EH SRVLWLYH IRUPV RI VXSSRUW IRU PRVW SHRSOH 7KLV TXHVWLRQ VRXJKW WR LGHQWLI\ KRZ PDQ\ GLIIHUHQW RUJDQL]DWLRQV WKH DGROHVFHQW PRWKHUV SDUWLFLSDWHG LQ 7KH PRVW FRPPRQ RUJDQL]DWLRQ LGHQWLILHG E\ WKLV SRSXODWLRQ ZDV WKH FKXUFK 7ZHOYH DGROHVFHQW PRWKHUV UHVSRQGHG WKDW WKH\ SDUWLFLSDWHG LQ D UHOLJLRXV RUJDQL]DWLRQ RU FKXUFK 2QO\ WZR UHSRUWHG EHLQJ DFWLYH LQ VRFLDO

PAGE 81

RUJDQL]DWLRQV RQH LQ DQ HGXFDWLRQDO RUJDQL]DWLRQ DQG QRQH UHSRUWHG SDUWLFLSDWLQJ LQ D SROLWLFDO RUJDQL]DWLRQ 7ZHQW\ DGROHVFHQW PRWKHUV GLG QRW SDUWLFLSDWH LQ DQ\ W\SH RI RUJDQL]DWLRQ UHSUHVHQWLQJ RYHU RQHKDOI RI WKH VXEMHFWV 6HH 7DEOH 7DEOH 7\SHV RI RUJDQL]DWLRQV PRWKHUV SDUWLFLSDWHG LQ 7\SH RI RUJDQL]DWLRQ )UHTXHQF\r 3HUFHQWDJH 1R SDUWLFLSDWLRQ 6RFLDO RUJDQL]DWLRQ 5HOLJLRXV RUJDQL]DWLRQ 3ROLWLFDO RUJDQL]DWLRQ (GXFDWLRQDO RUJDQL]DWLRQ MB 7RWDO rQH VXEMHFW SDUWLFLSDWHG LQ PRUH WKDQ RQH RUJDQL]DWLRQ 3HUFHSWLRQV RI 6XSSRUW )LYH TXHVWLRQV VRXJKW WR PHDVXUH WKH DGROHVFHQW PRWKHUnV SHUn FHSWLRQV RI KHU VXSSRUW QHWZRUN :KHQ DVNHG LI WKHLU SUHVHQW VLWXDn WLRQ SURYLGHG WKHP ZLWK HQRXJK VXSSRUW RXW RI WKH UHVSRQGLQJ DQVZHUHG WKDW WKH\ SHUFHLYHG WKHLU SUHVHQW VLWXDWLRQ WR KDYH HQRXJK VXSSRUW 7KDW UHSUHVHQWV SHUFHQW RU QHDUO\ WZRWKLUGV RI WKH UHVSRQVHV 7KLUW\RQH PHPEHUV UHVSRQGHG WR WKH TXHVWLRQ 'R \RX IHHO RYHUn ZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ" 7ZHQW\WZR VDLG \HV ZKLOH RQO\ QLQH VDLG QR 7KHUHIRUH RYHU SHUFHQW RI WKHVH VXEn MHFWV LQGLFDWHG WKDW WKH\ IHOW RYHUZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ

PAGE 82

$QRWKHU TXHVWLRQ 'R \RX KDYH WLPH WR GR WKLQJV E\ \RXUVHOI WKDW \RX ZRXOG OLNH WR GR" KDG UHVSRQGHQWV +DOI RI WKHVH PRWKHUV LQGLFDWHG WKDW WKH\ ZHUH DEOH WR JHW DZD\ E\ WKHPVHOYHV WZR RU OHVV WLPHV SHU PRQWK 1HDUO\ KDOI LQGLFDWHG WKDW WKH\ JRW DZD\ IURP WKUHH WR ILYH WLPHV SHU PRQWK :KHQ WKH DGROHVFHQW PRWKHUV ZHUH DVNHG LI WKH\ WKRXJKW WKLV ZDV HQRXJK WLPH LQ UHIHUHQFH WR WKH SUHYLRXV TXHVWLRQf IXOO\ WZRWKLUGV RI WKH UHVSRQGHQWV UHSOLHG WKDW WKH\ KDG HQRXJK WLPH WR JHW DZD\ E\ WKHPVHOYHV HDFK PRQWK 7KLV LQGLFDWHV D SHUFHSWLRQ WKDW WKHUH DUH VXIILFLHQW UHVRXUFHV WR DOORZ WKHP WR GR WKLV 7KH DGROHVFHQW PRWKHUV ZHUH DVNHG LI WKHLU SUHVHQW OLYLQJ VLWXDn WLRQV ZHUH KDSS\ 7KLUW\WZR DGROHVFHQW PRWKHUV UHVSRQGHG WR WKLV TXHVWLRQ 1HDUO\ SHUFHQW GHVFULEHG WKHLU SUHVHQW OLYLQJ VLWXDn WLRQV DV EHLQJ KDSS\ ,Q VXPPDU\ ILYH TXHVWLRQV UHODWHG WR WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW ZHUH DVNHG 7KH DGROHVFHQW PRWKHUV UHVSRQGHG IDYRUDEO\ WR DOO TXHVWLRQV H[FHSW IRU RQH 'R \RX IHHO RYHUZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ" 2YHU SHUFHQW UHVSRQGHG ZLWK \HV WR WKLV TXHVWLRQ 6HH 7DEOHV DQG IRU WKHVH GDWD 6HFRQGDU\ ,QGHSHQGHQW 9DULDEOHV 'DWD ZHUH FROOHFWHG RQ WZR VHFRQGDU\ YDULDEOHV DGROHVFHQW PRWKHUnV VHOIFRQFHSW DQG KHU OLIH VWUHVV 7KH UHVHDUFKHU ZDV FXULRXV DERXW WKH \RXQJ PRWKHUVn SHUFHSWLRQV RI WKHPVHOYHV VHOIFRQFHSWVf DQG DERXW WKH GHJUHH RI OLIH VWUHVV WKH\ KDG H[SHULHQFHG GXULQJ WKH \HDU SUHYLRXV WR WKHLU FRPSOHWLRQ RI WKH TXHVWLRQQDLUH :KLOH WKH PDMRU SXUSRVH RI FROOHFWLQJ WKHVH GDWD IRU WKH VWXG\ ZDV GHVFULSWLYH

PAGE 83

7DEOH 0RWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN 4XHVWLRQ
PAGE 84

7DEOH 7LPHV SHU PRQWK WR JHW DZD\ E\ \RXUVHOI 7LPHV SHU PRQWK )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH -B 7RWDO 7DEOH ,V WKLV HQRXJK WLPH WR JHW DZD\ E\ \RXUVHOI 5HVSRQVH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH
PAGE 85

UDQNHG WKHPVHOYHV LQ WKH WRS IRXU UDWLQJV IRU KHDOWK 2QO\ RQH VXEn MHFW SHUFHLYHG KHUVHOI DV KDYLQJ SRRU KHDOWK ,Q JHQHUDO WKHVH VXEMHFWV UDWHG WKHPVHOYHV DV EHLQJ LQ JRRG WR UHODWLYHO\ JRRG KHDOWK 7KH PHDQ KHDOWK VFRUH ZDV 6HH 7DEOH 7DEOH 0RWKHUnV SHUFHSWLRQ RI KHU RZQ KHDOWK 6FRUH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH H[FHOOHQWf SRRUf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

PAGE 86

7DEOH 0RWKHUnV SHUFHSWLRQ RI KHU SK\VLFDO ZHOOEHLQJ 6FRUH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH H[FHOOHQWf SRRUf R 7RWDO 7DEOH 0RWKHUnV SHUFHSWLRQ RI KHU RZQ ERG\ 6FRUH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH H[FHOOHQWf n SRRUf 7RWDO PHDQ VFRUH IRU WKH DGROHVFHQW PRWKHUVn SHUFHSWLRQV RI WKHLU RZQ ERGLHV ZDV :KHQ DVNHG DERXW WKHLU SHUFHSWLRQV RI WKHLU ZHLJKW DGROHVFHQW PRWKHUV UHVSRQGHG WR WKLV VHOIFRQFHSW LWHP 2YHU SHUFHQW VDLG

PAGE 87

WKDW WKH\ SHUFHLYHG WKHLU ZHLJKW WR EH H[FHOOHQW DQG QHDUO\ SHUFHQW UHVSRQGHG WKDW WKH\ SHUFHLYHG WKHLU ZHLJKW WR EH YHU\ JRRG WR H[FHOOHQW ,Q WHUPV RI SHUFHLYHG ZHLJKW WKHVH DGROHVFHQW PRWKHUV KHOG YHU\ SRVLWLYH SHUFHSWLRQV DV VKRZQ LQ 7DEOH 7KH PHDQ VFRUH ZDV 7DEOH 0RWKHUnV SHUFHSWLRQ RI KHU RZQ ZHLJKW 6FRUH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH H[FHOOHQWf SRRUf 7RWDO 7KH DGROHVFHQW PRWKHUV ZHUH DVNHG KRZ WKH\ SHUFHLYHG WKHLU OLYHV LQ JHQHUDO 2I WKH UHVSRQGHQWV RYHU RQHWKLUG VDLG WKDW WKH\ IHOW YHU\ SRVLWLYH DERXW WKHLU OLYHV LQ JHQHUDO :KLOH SHUFHQW RI WKH UHVSRQVHV IHOO LQWR WKH PRUH SRVLWLYH FDWHJRULHV LW LV LQWHUHVWn LQJ WR QRWH WKDW WKUHH RI WKH PRWKHUV UHVSRQGHG WKDW WKH\ SHUFHLYHG WKHLU OLYHV WR EH LQ D SRRU VWDWH +RZHYHU WKH PHDQ VFRUH ZDV WKH KLJKHVW DYHUDJH RI DQ\ RI WKH PHDVXUHV RI VHOIFRQFHSW 6HH 7DEOH IRU WKHVH UHVXOWV ,Q VXPPDU\ DQ DWWHPSW WR PHDVXUH WKH DGROHVFHQW PRWKHUnV VHOI FRQFHSW ZDV PDGH E\ DVNLQJ WKHP WR FKDUDFWHUL]H WKHLU KHDOWK ERG\

PAGE 88

7DEOH 0RWKHUnV SHUFHSWLRQ RI KHU OLIH LQ JHQHUDO 6FRUH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH H[FHOOHQW SRRUf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f ZKLFK ZDV D SDUW RI WKH TXHVWLRQQDLUH FRPSOHWHG E\ WKH VXEMHFWV $V VKRZQ LQ 7DEOH WKH VWUHVV VFRUHV ZHUH HYHQO\ GLVWULEXWHG 7KHUH ZDV D UDQJH RI WR 7ZHQW\ SHUFHQW IHOO LQWR WKH FDWHJRU\ 0RVW RI WKH VWUHVV VFRUHV ZHUH PRGHUDWH 7KH PHDQ VFRUH ZDV

PAGE 89

7DEOH 6WUHVV VFRUHV RI DGROHVFHQW PRWKHUV 6FRUH )UHTXHQF\ 3HUFHQWDJH 'DWD XQDYDLODEOH -B 7RWDO 5HJUHVVLRQ $QDO\VLV 5HJUHVVLRQ DQDO\VLV ZDV XWLOL]HG LQ WKLV VWXG\ 6HYHUDO SUHOLPLQn DU\ VWHSV ZHUH WDNHQ WR DQDO\]H WKH GHSHQGHQW DQG LQGHSHQGHQW YDULn DEOHV 7KH LQLWLDO SURFHGXUH ZDV WR REWDLQ DQ LQWHUFRUUHODWLRQDO PDWUL[ XVLQJ ERWK GHSHQGHQW YDULDEOHV0HQWDO 'HYHORSPHQW ,QGH[ VFRUHV DQG 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ VFRUHVDQG DOO LQGHSHQGHQW YDULDEOHV ZKLFK ZHUH PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV RI WKH VLQJOH DGRn OHVFHQW PRWKHUV 7KH LQGHSHQGHQW YDULDEOHV ZHUH DOO LQFOXGHG LQ WKH LQLWLDO FRUUHODWLRQDO PDWUL[ 6SHFLILFDOO\ WKH IRXU SULPDU\ FDWHJRULHV ZHUH f 0HDVXUHV RI &RPPXQLFDWLRQ (IIRUWV E\ WKH 6XSSRUW 1HWZRUN

PAGE 90

'XULQJ WKH ,QIDQWnV +RVSLWDOL]DWLRQ f 0HDVXUHV RI WKH $GROHVFHQW 0RWKHUnV $FFHVVLELOLW\ WR KHU 6XSSRUW 1HZWRUN f 0HDVXUHV RI $FWDXO 6XSSRUW 5HVRXUFHV $YDLODEOH WR WKH $GROHVFHQW 0RWKHUV DQG f 0HDVXUHV RI WKH $GROHVFHQW 0RWKHUnV 3HUFHSWLRQ RI +HU 6XSSRUW 7ZR VHFRQGDU\ PHDVXUHV UHODWHG WR WKH DGROHVFHQW PRWKHUnV VRFLDO VXSSRUW ZHUH LQn FOXGHG WKH\ ZHUH f 0HDVXUHV RI WKH $GROHVFHQW 0RWKHUnV 6HOI&RQFHSW DQG f 0HDVXUHV RI WKH $GROHVFHQW 0RWKHUnV /LIH 6WUHVV 7KH FRUUHODWLRQDO PDWUL[ UHSUHVHQWV FRUUHODWLRQV EHWZHHQ WKH GHSHQGHQW YDULDEOHV EHWZHHQ WKH LQGHSHQGHQW YDULDEOHV DQG EHWZHHQ WKH GHSHQGHQW DQG LQGHSHQGHQW YDULDEOHV 7KLV SUHOLPLQDU\ FRUUHODn WLRQDO VWXG\ ZDV GRQH LQ RUGHU WR EHWWHU XQGHUVWDQG WKH UHODWLRQVKLSV WKDW H[LVWHG DPRQJ DOO WKH YDULDEOHV ERWK GHSHQGHQW DQG LQGHSHQGHQW 7KH UHVHDUFKHU ZDV HVSHFLDOO\ LQWHUHVWHG LQ OHDUQLQJ f ZKLFK LQGHSHQn GHQW YDULDEOHV ZHUH PRVW KLJKO\ FRUUHODWHG ZLWK WKH WZR GHSHQGHQW YDULDEOHV DQG f ZKLFK LQGHSHQGHQW YDULDEOHV ZHUH PRVW KLJKO\ FRUn UHODWHG ZLWK RQH DQRWKHU ,I LQGHSHQGHQW YDULDEOHV ZHUH KLJKO\ FRUn UHODWHG WR RQH DQRWKHU WKHQ VRPH LQGHSHQGHQW YDULDEOHV ZRXOG EH HOLPLQDWHG LQ RUGHU WR LQFUHDVH SRZHU LQ WKH DQDO\VLV 7KH LQWHUFRUUHODWLRQDO PDWUL[ FRGH DQG WKH PDWUL[ DUH VHHQ EHORZ 1RWH WKDW WKH FRGH OLVWLQJ LQFOXGHV WKH WZR GHSHQGHQW YDULn DEOHV DQG WKH IRXUWHHQ LQGHSHQGHQW YDULDEOHV ZKLFK ZHUH XWLOL]HG LQ WKH K\SRWKHVLV WHVWLQJ 7KH LQWHUFRUUHODWLRQDO PDWUL[ LV UHDG E\ UHDGLQJ GRZQ WKH OHIWKDQG FROXPQ LQLWLDOO\ DQG WKHQ UHDGLQJ WR WKH ULJKW WR GHWHUPLQH WKH FRUUHODWLRQ EHWZHHQ WKH WZR YDULDEOHV LQ TXHVWLRQ )RU H[DPSOH 0', KDV D FRUUHODWLRQ RI ZLWK 0', ZLWK WKH 3', VFRUH RI WKH LQIDQW ZLWK WKH QXPEHU RI YLVLWV E\ WKH IDPLO\ ZLWK WKH DYDLODELOLW\ RI D FDU E\ WKH

PAGE 91

DGROHVFHQW PRWKHU DQG VR RQ &RUUHODWLRQV ZKLFK ZHUH VLJQLILFDQW DW WKH OHYHO RI SUREDELOLW\ RU OHVV DUH QRWHG ZLWK DQ DVWHULVN &RUUHODWLRQDO PDWULFHV DUH KHOSIXO LQ SURYLGLQJ DQ RYHUYLHZ RI WKH UHODWLRQVKLSV WKDW H[LVW DPRQJ WKH GHSHQGHQW DQG LQGHSHQGHQW YDULDEOHV &RUUHODWLRQDO &RGH DQG 0DWUL[ &255(/$7,21$/ 0$75,; &2'( 0', 3', 19) $9&$5 $7(/ ',)287 15(/ &2817 72* )5(4 725* (16833 29:+ *(70+ 68)7,0 ,QIDQWnV VFRUH RQ WKH %D\OH\ 0HQWDO 'HYHORSPHQW ,QGH[ ,QIDQWnV VFRUH RQ WKH %D\OH\ 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ 1XPEHU RI YLVLWV E\ IDPLO\ GXULQJ LQIDQWnV KRVSLWDOL]DWLRQ DW ELUWK $YDLODELOLW\ RI D FDU IRU WKH PRWKHU 0RWKHUnV DFFHVV WR D WHOHSKRQH 0RWKHUnV HVWLPDWLRQ RI GLIILFXOW\ WR JHW RXW WR GR WKH WKLQJV VKH QHHGV WR GR 1XPEHU RI DGXOW UHODWLYHVIULHQGV LQ WKH LPPHGLDWH DUHD 1XPEHU RI DGXOW UHODWLYHVIULHQGV LQ WKH LPPHGLDWH DUHD WKDW FDQ EH FRXQWHG RQ LQ FULVLV 0RWKHUnV HVWLPDWLRQ RI JHQHUDO IUHTXHQF\ RI KHU LQWHUDFLRQ ZLWK DGXOW IULHQGVUHODWLYHV )UHTXHQF\ SHU ZHHN RI PRWKHUnV LQWHUDFWLRQ ZLWK DGXOW IULHQGVUHODWLYHV 7RWDO QXPEHU RI RUJDQL]DWLRQV WKH PRWKHU SDUWLFLSDWHV LQ 0RWKHUnV SHUFHSWLRQ RI DGHTXDF\ RI VXSSRUW V\VWHP 0RWKHUnV SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG E\ FKLOGUHQ DQG KRXVHKROG WDVNV 0RWKHUnV SHUFHSWLRQ RI WLPHV WR JHW DZD\ E\ KHUVHOI SHU PRQWK 0RWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU WLPH WR EH DORQH +$3*(1 0RWKHUnV SHUFHSWLRQ RI KHU KDSSLQHVV ZLWK KHU OLIH VLWXDWLRQ

PAGE 92

7DEOH &RUUHODWLRQDO PDWUL[ 0' 3', 19) $9&$5 ',)287 $7(/ 15(/ &2817 72* )5(4 725* (1683 29:+ *(7+ 68)7,+ +$3*(1 +' r r r 3', r r 19) $9&$5 ',)287 $7(/ r 15(/ r r r &2817 r 72* r r )5(4 r r 725* r (1683 r 29:+ r *(70+ r r r 68)7,0 r +$3*(1 r f6LJQLILFDQW DW WKH OHYHO RU EHWWHU

PAGE 93

&RQWURO 9DULDEOHV $ JHQHUDO OLQHDU UHJUHVVLRQ DQDO\VLV ZDV FRPSOHWHG LQ RUGHU WR DVFHUWDLQ ZKLFK LI DQ\ FRQWURO YDULDEOHV VKRXOG EH LQFOXGHG LQ WKH ILQDO UHJUHVVLRQ DQDO\VLV )RXU FRQWURO YDULDEOHV ZHUH LQLWLDOO\ LGHQWLILHG EDVHG RQ SUHYLRXV UHVHDUFK RQ SUHPDWXUH LQIDQWV ERUQ WR DGROHVFHQW PRWKHUV +RLVWUXP +RIKHLPHU f 7KH IRXU FRQn WURO YDULDEOHV LQYHVWLJDWHG ZHUH f 0RWKHUnV DJH DW ELUWK RI LQIDQW 0$*(f f 0RWKHUnV OHYHO RI HGXFDWLRQ LQ \HDUV <('f f ,QIDQWnV ELUWKZHLJKW LQ JUDPV %:7f DQG f 1XPEHU RI GD\V LQ WKH KRVSLWDO LQIDQWf 1'+f $V FDQ EH VHHQ LQ 7DEOH WKH IROORZLQJ FRUUHODWLRQV ZHUH REWDLQHG 7DEOH &RUUHODWLRQV RI FRQWURO DQG GHSHQGHQW YDULDEOHV &RQWURO YDULDEOH 0', 3YDOXH 3', 3YDOXH f 0RWKHUnV DJH f 0RWKHUnV OHYHO RI HGXFDWLRQ f ,QIDQWnV ELUWKZHLJKW f 1XPEHU RI GD\V LQ KRVSLWDO 1RQH RI WKH IRXU FRQWURO YDULDEOHV ZHUH UHODWHG VLJQLILFDQWO\ WR WKH WZR GHSHQGHQW YDULDEOHV 7KHUHIRUH WKH UHVHDUFKHU PDGH D GHFLVLRQ WR HOLPLQDWH WKH IRXU FRQWURO YDULDEOHV IURP IXUWKHU DQDO\VLV ,Q DGGLWLRQ D FRUUHODWLRQDO PDWUL[ ZDV REWDLQHG XVLQJ TXDGUDWLF IRUPV RI WKH IRXU FRQWURO YDULDEOHV WR GHWHUPLQH LI D TXDGUDWLF UHODn WLRQVKLS H[LVWHG EHWZHHQ WKH IRXU FRQWURO YDULDEOHV DQG WKH WZR GHSHQn GHQW YDULDEOHV WKHUHIRUH DFFRXQWLQJ IRU PRUH RI WKH YDULDQFH LQ WKH

PAGE 94

0', DQG 3', VFRUHV $V VKRZQ LQ 7DEOH QRQH RI WKH IRXU FRQWURO YDULDEOHV ZDV VLJQLILFDQWO\ FRUUHODWHG ZLWK WKH WZR GHSHQGHQW YDULn DEOHV ZKHQ TXDGUDWLF IRUPV RI WKH FRQWURO YDULDEOHV ZHUH XVHG 7KHUHn IRUH WKH UHVHDUFKHU GHFLGHG WR f HOLPLQDWH DOO IRXU FRQWURO YDULDEOHV LQ WKH UHJUHVVLRQ VWXG\ RI WKH VXSSRUW QHWZRUN PHDVXUHV ZLWK WKH 0', DQG 3', VFRUHV DQG f WR DOORZ D OLQHDU UHODWLRQVKLS WR H[SODLQ WKH UHODWLRQVKLS EHWZHHQ WKH LQGHSHQGHQW YDULDEOHV DQG WKH WZR GHSHQGHQW YDULDEOHV 7DEOH &RUUHODWLRQ FRHIILFLHQWV RI IRXU FRQWURO YDULDEOHV LQ TXDGUDWLF IRUP 1 5 3YDOXH )RU 0', f 0RWKHUnV DJH f 1XPEHU RI GD\V LQ KRVSLWDO f %LUWKZHLJKW RI LQIDQW f 0DWHUQDO \HDUV RI HGXFDWLRQ )RU 3', f 0RWKHUnV DJH f 1XPEHU RI GD\V LQ KRVSLWDO f %LUWKZHLJKW RI ,QIDQWV f 0DWHUQDO \HDUV RI HGXFDWLRQ +\SRWKHVHV 7HVWHG )RXU SULPDU\ K\SRWKHVHV ZHUH WHVWHG 7KH IRXU SULPDU\ K\SRWKHVHV WHVWHG UHODWHG WR PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV 7KHVH IRXU K\SRWKHVHV DQG WKH UHVXOWV RI WKH UHJUHVVLRQ DQDO\VHV DUH QRZ SUHVHQWHG

PAGE 95

+<327+(6,6 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI LQKRVSLWDO FRPPXQLFDWLRQ HIn IRUWV E\ WKH VXSSRUW QHWZRUN DQG WKH %D\OH\ VFRUHV RI 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW DW PRQWKV RI DJH )RU HDFK PRWKHULQIDQW G\DG WKH QXPEHU RI DFWXDO YLVLWV PDGH E\ WKH LPPHGLDWH IDPLO\ GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ ZDV REWDLQHG 7KHVH YLVLWV ZHUH OLPLWHG WR RQO\ WKH LPPHGLDWH IDPLO\ DQG ZHUH FORVHO\ PRQLWRUHG DQG UHFRUGHG E\ WKH 1,&8 1HRQDWDO ,QWHQVLYH &DUH 8QLWf VWDII 7KH WRWDO QXPEHU RI YLVLWV PDGH E\ WKH VXSSRUW QHWZRUN ZDV GHVLJQDWHG DV 19) 7KLV LQGHSHQGHQW YDULDEOH ZDV HQWHUHG LQWR WKH RYHUDOO UHJUHVVLRQ PRGHO f§ 0', 3', 1XPEHU RI 9LVLWV WR WKH ,QIDQW E\ 6XSSRUW 1HWZRUN 'XULQJ +RVSLWDOL]DWLRQ 7DEOH OLVWV WKH 5 IRU HDFK RI WKH VLPSOH UHJUHVVLRQ PRGHOV WHVWHG IRU 0', DQG 3', 7KH LQGHSHQGHQW YDULDEOH XVHG LQ WKLV DQDO\VLV LV D PHDVXUH RI WKH DGROHVFHQW PRWKHUnV VXSSRUW GXULQJ WKH LQIDQWnV KRVn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n FDQW DQG OLQHDU UHODWLRQVKLS EHWZHHQ WKH QXPEHU RI YLVLWV PDGH E\ WKH IDPLO\ GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ DQG WKH LQIDQWnV VFRUHV RQ WKH %D\OH\ 0HQWDO DQG 3K\VLFDO 'HYHORSPHQW ,QGH[ DW PRQWKV RI DJH

PAGE 96

7DEOH /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ QXPEHU RI YLVLWV E\ VXSSRUW QHWZRUN IDPLO\ PHPEHUV GXULQJ WKH LQIDQWnV KRVSLWDOL]DWLRQ 5HJUHVVLRQ PRGHO DQDO\]HG 1 5 ) 3 ) 0', 1XPEHU RI YLVLWV 3', 1XPEHU RI YLVLWV +<327+(6,6 ,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHn WZHHQ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN UHVRXUFHV DQG KHU LQIDQWnV VFRUHV RI GHYHORSPHQW RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH +\SRWKHVLV ,, WHVWHG WKH DVVRFLDWLRQ RI PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN ZLWK KHU LQIDQWnV VFRUHV RI GHYHOn RSPHQW RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH 5HJUHVVLRQ PRGHOV ZHUH DQDO\]HG IRU WKH VLPSOH OLQHDU PRGHOV RI 0HQWDO 'HYHORSPHQW DQG 3V\FKRPRWRU 'HYHORSPHQW ZLWK WKH WKUHH PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN 6HH $SSHQGL[ IRU H[n DPSOHV RI WKHVH WKUHH PHDVXUHVf $V VKRZQ LQ 7DEOH WKH SURSRUWLRQV RI YDULDQFH H[SODLQHG E\ WKH UHJUHVVLRQ RI ERWK 0', DQG 3', ZHUH ERWK VPDOO DQG UHVSHFWLYHO\ 7KH ) YDOXHV REWDLQHG IURP WKHVH DQDO\VHV ZHUH ERWK QRQVLJQLILFDQW 7KHUHIRUH WKH UHVXOWV RI WKH OLQHDU UHJUHVVLRQ DQDO\VLV IDLOHG WR UHMHFW +\SRWKHVLV ,, 7KHUH ZDV QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN DQG KHU LQIDQWnV VFRUHV RI GHYHORSPHQW RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ DW PRQWKV RI DJH

PAGE 97

7DEOH /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN UHVRXUFHV 5HJUHVVLRQ 0RGHO $QDO\]HG 1 5 ) 3 ) 0', 7KUHH PHDVXUHV RI DFFHVVLELOLW\r 3', 7KUHH PHDVXUHV RI DFFHVVLELOLW\ r6HH $SSHQGL[ IRU H[DPSOHV RI WKHVH WKUHH PHDVXUHV +<327+(6,6 ,,, 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN DQG KHU LQIDQWnV VFRUHV RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH $V VKRZQ LQ 7DEOH WKH OLQHDU UHJUHVVLRQ DQDO\VLV RI WKH PHDVn XUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN ZLWK WKH LQIDQWnV VFRUHV RQ WKH %D\OH\ 6FDOH RI ,QIDQW 'HYHORSPHQW 0HQWDO DQG 3V\FKR PRWRU ,QGH[HV \LHOGHG 5 V RI DQG UHVSHFWLYHO\ 7KH ) YDOXHV IRU ERWK DQDO\VHV ZHUH QRQVLJQLILFDQW 7KHUHIRUH WKH UHn VHDUFKHU IDLOHG WR UHMHFW +\SRWKHVLV ,,, 7KHUH ZDV QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN DQG KHU LQIDQWnV VFRUHV RQ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH 7DEOH /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ PHDVXUHV RI WKH DGROHVn FHQW PRWKHUnV DFWXDO VXSSRUW QHWZRUN UHVRXUFHV 5HJUHVVLRQ 0RGHOV $QDO\]HG 1 5 ) 3 ) 0', )LYH PHDVXUHV RI DFWXDO VXSSRUWr 3', )LYH PHDVXUHV RI DFWXDO VXSSRUW r6HH $SSHQGL[ IRU H[DPSOHV RI WKHVH PHDVXUHV

PAGE 98

+<327+(6,6 ,9 7KHUH ZLOO EH QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV SHUFHSn WLRQ RI KHU VXSSRUW QHWZRUN DQG WKH LQIDQWnV VFRUHV RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH )LYH PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW ZHUH XWLOL]HG LQ WKLV DQDO\VLV $V VKRZQ LQ 7DEOH WKHVH ILYH PHDVXUHV LQFOXGHG WKH PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSn SRUW KHU SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ KHU SHUFHSWLRQ RI KHU DPRXQW RI WLPH WR EH E\ KHUVHOI WKH DGHTXDF\ RI WKDW WLPH WR EH E\ KHUVHOI DQG KHU SHUFHSWLRQ RI KHU RZQ KDSSLQHVV LQ UHJDUGV WR KHU OLYLQJ VLWXDWLRQ 7KH OLQHDU UHJUHVVLRQ RI WKH 0', VFRUHV ZLWK WKH ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW \LHOGHG DQ 5 RI DQG DQ ) YDOXH RI 7KLV ILQGLQJ ZDV QRQVLJQLILFDQW 7KHUHIRUH +\SRWKHn VLV ,9 DV UHODWHG WR WKH 0', ZDV QRW UHMHFWHG 7KHUH ZDV QR VLJQLILn FDQW OLQHDU UHODWLRQVKLS EHWZHHQ WKH 0', VFRUHV DQG WKH ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN 7KH OLQHDU UHJUHVVLRQ RI WKH 3', VFRUHV ZLWK WKH ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN \LHOGHG DQ 5 RI ZLWK DQ ) YDOXH RI VLJQLILFDQW DW WKH OHYHO 7KHUHIRUH +\SRWKHVLV ,9 DV UHODWHG WR WKH 3', UHJUHVVLRQ DQDO\VLV ZDV UHMHFWHG 7KHUH ZDV D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ WKH 3', VFRUHV RI WKH LQIDQWV DQG WKH ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN /LVWHG LQ 7DEOH DUH WKH 7\SH DQG 7\SH ,9 6XPV RI 6TXDUHV 5HVXOWV IRU VSHFLDO 7\SH DQG 7\SH ,9 6XPV RI 6TXDUHV SURYLGHG XVHIXO LQIRUPDWLRQ 7KH 7\SH 6XPV RI 6TXDUHV PHDVXUHG LQFUHPHQWDO VXPV RI VTXDUHV IRU WKH UHJUHVVLRQ PRGHO DV HDFK RI WKH ILYH YDULDEOHV ZDV

PAGE 99

DGGHG 7KH 7\SH ,9 6XPV RI 6TXDUHV ZDV WKH VXP RI VTXDUHV GXH WR DGGLQJ HDFK YDULDEOH ODVW LQ WKH PRGHO 7DEOH /LQHDU UHJUHVVLRQ RI 0', DQG 3', E\ PHDVXUHV RI DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN 5HJUHVVLRQ PRGHOV DQDO\]HG 1 5 ) 3 ) 0', )LYH PHDVXUHV RI PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW 3', )LYH PHDVXUHV RI PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUWr rr 7\SH 6XPV RI 6TXDUHV 9DULDEOH 6XPV RI 6TXDUHV )YDOXH 3 ) *(70+ 68)7,0 (16833 rr 29:+ rr +$3*(1 7\SH ,9 6XPV RI 6TXDUHV 9DULDEOH 6XPV RI 6TXDUHV )YDOXH 3 ) *(70+ 68)7,0 (16833 29:+ rr +$3*(1 r6HH $SSHQGL[ IRU H[DPSOHV RI WKHVH PHDVXUHV rr6LJQLILFDQW DW WKH OHYHO $V QRWHG WZR YDULDEOHV KDG ) YDOXHV RI VLJQLILFDQFH LQ WKH 7\SH 6XPV RI 6TXDUHV 7KH PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW (16833f \LHOGHG DQ )YDOXH RI VLJQLILFDQW DW WKH OHYHO 7KH VHFRQG YDULDEOH D PHDVXUH RI ZKHWKHU WKH PRWKHU IHOW

PAGE 100

RYHUZKHOPHG E\ KHU FKLOGUHDULQJ UHVSRQVLELOLWLHV DQG KRXVHKROG WDVNV 29:+f \LHOGHG DQ )YDOXH ZKLFK ZDV DOVR VLJQLILFDQW DW WKH OHYHO ,Q WKH 7\SH ,9 6XPV RI 6TXDUHV RQO\ RQH YDULDEOH \LHOGHG DQ )YDOXH ZKLFK ZDV VLJQLIFDQW WKH YDULDEOH 29:+ WKH PRWKHUnV SHUFHSn WLRQ RI EHLQJ RYHUZKHOPHG E\ FKLOGUHDULQJ UHVSRQVLELOLWLHV DQG KRXVHn KROG WDVNV \LHOGHG DQ ) YDOXH RI VLJQLILFDQW DW WKH OHYHO 6WHSZLVH 5HJUHVVLRQ $QDO\VHV 7ZR VWHSZLVH UHJUHVVLRQ SURFHGXUHV ZHUH FRQGXFWHG ,Q WKH ILUVW VWHSZLVH DQDO\VLV D UHJUHVVLRQ PRGHO ZDV HQWHUHG WKDW LQFOXGHG ERWK GHSHQGHQW YDULDEOHV 0', DQG 3', DQG DOO RI WKH LQGHSHQGHQW YDULDEOHV $ 0D[5 SURFHGXUH ZDV FRQGXFWHG LQ ZKLFK DOO RI WKH LQGHSHQGHQW YDULDEOHV ZHUH VRUWHG DFFRUGLQJ WR PD[LPXP FRQWULEXWLRQ WR WKH YDULDQFH RI HDFK RI WKH WZR GHSHQGHQW YDULDEOHV ,Q WKLV SURFHGXUH WKH FRPn SXWHU VRUWHG DOO RI WKH LQGHSHQGHQW YDULDEOHV LQ PDQ\ GLIIHUHQW FRPn ELQDWLRQV DUUDQJLQJ WKH YDULDEOHV LQ D GHVFHQGLQJ RUGHU RI FRQWULEXWLRQ WR WKH YDULDQFHV RI 0', DQG 3', /LVWHG LQ 7DEOH DUH WKH EHVW PRGHOV DV GHWHUPLQHG E\ WKH 0D[5 SURFHGXUH 7KH EHVW PRGHOV IRU LQGHSHQGHQW YDULDEOHV LQ UHODWLRQ WR 3', 3K\VLFDO 'HYHORSPHQW ,QGH[f VFRUHV ZHUH DOVR REWDLQHG $JDLQ WKH UHJUHVVLRQ PRGHO HQWHUHG LQFOXGHG WKH GHSHQGHQW YDULDEOH 3', DQG DOO RI WKH LQGHSHQGHQW YDULDEOHV 7KLV VRUWLQJ SURFHGXUH \LHOGHG D VHULHV RI PRGHOV ZKLFK DFFRXQWHG IRU WKH JUHDWHVW DPRXQW RI YDULDQFH LQ 3', VFRUHV 7DEOH LOOXVWUDWHV WKHVH UHVXOWV

PAGE 101

7DEOH 6WHSZLVH UHJUHVVLRQ PRGHOV IRU 0',0D[ 5 SURFHGXUH %HVW PRGHO 9DULDEOHV LQFOXGHG 5 2QH 9DULDEOH 0RGHO 0RWKHU 3HUFHSWLRQ RI (QRXJK 6XSSRUW 7ZR 9DULDEOH 0RGHO 1XPEHU RI 9LVLWV E\ )DPLO\ 0RWKHUnV +DSSLQHVV LQ *HQHUDO 7KUHH 9DULDEOH 0RGHO 1XPEHU RI 9LVLWV E\ )DPLO\ 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW 3K\VLFDO :HOO%HLQJ )RXU 9DULDEOH 0RGHO 1XPEHU RI 9LVLWV E\ )DPLO\ 1XPEHU RI 5HODWLYHV LQ $UHD 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW 3K\VLFDO :HOO%HLQJ )LYH 9DULDEOH 0RGHO 1XPEHU RI 9LVLWV E\ )DPLO\ 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW 3K\VLFDO :HOO%HLQJ 0RWKHUnV 6HOI &RQFHSW :HLJKW 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO 6L[ 9DULDEOH 0RGHO 1XPEHU RI 9LVLWV E\ )DPLO\ *HW 7RJHWKHU (DFK 0RQWK 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW :HLJKW 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO 6HYHQ 9DULDEOH 0RGHO 1XPEHU RI 9LVLWV E\ )DPLO\ *HW 7RJHWKHU (DFK 0RQWK 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW 3K\VLFDO 0RWKHUnV 6HOI&RQFHSW :HLJKW 0RWKHUnV 6HOI&RQFHSW /LIH 6WUHVV 6FRUH RI 0RWKHU

PAGE 102

7DEOH 6WHSZLVH UHJUHVVLRQ PRGHOV IRU 3',0D[ 5 SURFHGXUH %HVW PRGHO 9DULDEOHV LQFOXGHG 5 2QH 9DULDEOH 0RGHO 0RWKHUnV 3HUFHSWLRQ RI (QRXJK 6XSSRUW 7ZR 9DULDEOH 0RGHO 0RWKHUnV )HHOLQJ RI %HLQJ 2YHUZKHOPHG 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO 7KUHH 9DULDEOH 0RGHO $YDLODELOLW\ RI D &DU 1XPEHU RI 5HODWLYHV 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO )RXU 9DULDEOH 0RGHO $YDLODELOLW\ RI D &DU 1XPEHU RI 5HODWLYHV LQ $UHD 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO )LYH 9DULDEOH 0RGHO $YDLODELOLW\ RI D &DU $YDLODELOLW\ RI D 7HOHSKRQH 1XPEHU RI 5HODWLYHV LQ $UHD 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO 6L[ 9DULDEOH 0RGHO $YDLODELOLW\ RI D &DU 1XPEHU RI 5HODWLYHV LQ $UHD 0RWKHUnV )HHOLQJ RI %HLQJ 2YHUZKHOPHG 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO 0RWKHUnV 6WUHVV 6FRUH 6HYHQ 9DULDEOH 0RGHO $YDLODELOLW\ RI D &DU $YDLODELOLW\ RI D 7HOHSKRQH 1XPEHU RI 5HODWLYHV LQ $UHD 0RWKHUnV )HHOLQJV RI %HLQJ 2YHUZKHOPHG 0RWKHUnV +DSSLQHVV LQ *HQHUDO 0RWKHUnV 6HOI&RQFHSW /LIH LQ *HQHUDO 0RWKHUnV /LIH 6WUHVV 6FRUH

PAGE 103

7KH VHFRQG UHJUHVVLRQ DQDO\VLV LQYROYHG LGHQWLI\LQJ WKRVH LQGHn SHQGHQW YDULDEOHV ZKLFK PDGH D VLJQLILFDQW FRQWULEXWLRQ WR WKH YDULDQFH RI 0', DQG 3', DW WKH OHYHO )RU HDFK RI WKH GHSHQGHQW YDULDEOHV WKH RQO\ LQGHSHQGHQW YDULDEOH ZKLFK PDGH VXFK D FRQWULEXWLRQ ZDV HQRXJK VXSSRUW ZKLFK ZDV D PHDVXUH RI WKH PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW V\VWHP )RU 0', WKH )YDOXH ZDV VLJQLILFDQW DW WKH OHYHO )RU 3', WKH )YDOXH ZDV VLJQLILn FDQW DW WKH OHYHO

PAGE 104

&+$37(5 9 ',6&866,21 6800$5< $1' &21&/86,216 'LVFXVVLRQ RI 5HVXOWV 7KLV FKDSWHU GLVFXVVHV WKH UHVXOWV RI WKH VWXG\ &RQFOXVLRQV DUH GUDZQ DQG UHFRPPHQGDWLRQV IRU IXUWKHU UHVHDUFK DUH VXJJHVWHG ,QIDQW 6FRUHV 7KH VFRUHV IURP HYDOXDWLRQ RI WKH LQIDQW VXEMHFWV ZLWK WKH %D\OH\ 6FDOHV RI 0HQWDO DQG 3K\VLFDO 'HYHORSPHQW ZHUH KLJKHU WKDQ WKH UHn VHDUFKHU KDG DQWLFLSDWHG 7KH OLWHUDWXUH VXJJHVWV WKDW WKH QHRQDWDO RXWFRPHV IRU LQIDQWV ERUQ WR YHU\ \RXQJ PRWKHUV DUH LQGHHG QHJDWLYH 6WXGLHV E\ QXPHURXV UHVHDUFKHUV KDYH UHLQIRUFHG WKH LGHD WKDW EDELHV ERUQ WR WHHQDJH PRWKHUV DUH DW ULVN )LHOG +ROVWUXP DQG +RIKHLPHU f 7KH UHDVRQV IRU WKLV QHJDWLYH RXWFRPH IRU LQIDQWV ERUQ WR WHHQDJH PRWKHUV DUH FRPSOH[ 7KH WHHQDJH SRSXODWLRQ LV XVXDOO\ FKDUDFWHUL]HG E\ ORZ VRFLRHFRQRPLF VWDWXV SRRU QXWULWLRQ QRW RQO\ IRU ILQDQFLDO UHDVRQV EXW DOVR GXH WR FXOWXUDO LGLRV\QFUDn VLHVf LQFUHDVHG LOOHJLWLPDF\ ODFN RI SUHQDWDO FDUH DV ZHOO DV D KLJKHU UDWH RI SUHJQDQF\ DQG GHOLYHU\ FRPSOLFDWLRQV 0RQNXV f 4XD\ f DQG 2SSHO DQG 5R\VWRQ f UHSRUW WKDW WHHQDJH PRWKHUV DUH PRUH OLNHO\ WR JLYH ELUWK WR OHVV SV\FKRORJLFDOO\ FRPSHWHQW RIIn VSULQJ %URZPDQ f VWDWHG WKDW GHPRJUDSKLF YDULDEOHV RI HWKQLFLW\ DQG 6(6 SOD\ SURPLQHQW UROHV LQ ELUWK ZHLJKWV RI LQIDQWVQRW MXVW PDWHUQDO DJH

PAGE 105

,Q WKLV VWXG\ WKH VFRUHV RQ WKH 0', 0HQWDO 'HYHORSPHQW ,QGH[f UDQJHG IURP WR 1HDUO\ RQHWKLUG RI WKH 0', VFRUHV IHOO LQWR WKH UDQJH ZKLFK LV FRQVLGHUHG D QRUPDO RU DYHUDJH UDQJH 0RUH VLJQLILFDQWO\ LQIDQWV KDG 0', VFRUHV DERYH 7KLV UHSn UHVHQWHG RQHKDOI RI WKH LQIDQW SRSXODWLRQ &OHDUO\ RYHU WZRWKLUGV RI WKH LQIDQWV VFRUHG LQ WKH QRUPDO RU DERYH DYHUDJH UDQJH 7KH UHDVRQV IRU WKHVH KLJKHU VFRUHV PD\ EH FRPSOH[ $ PDMRU IDFWRU PD\ EH WKH DJH RI WKH DGROHVFHQW PRWKHUV 7ZRWKLUGV RI WKHVH PRWKHUV ZHUH DQG \HDUV RI DJH ZKLFK LV FOHDUO\ LQ WKH XSSHU DJH EUDFNHW IRU DGROHVFHQFH 7KH LQIDQWVn ELUWKZHLJKWV ZHUH LQ WKH ORZHU UDQJH 1HDUO\ DOO RI WKH LQIDQWV ZHUH JUDPV RU EHORZ DW ELUWK 7KLV UHVHDUFKHU VXJJHVWV WKDW IXWXUH VWXG\ EH GRQH RQ WKLV LQIDQW SRSXODWLRQ WR DVFHUWDLQ PRUH FOHDUO\ WKH SRVLWLYH IRUFHV ZKLFK DUH LPSDFWLQJ WKHLU GHYHORSPHQW $OVR D IROORZXS VWXG\ PLJKW EH FRQn GXFWHG WKDW LQYHVWLJDWHV WKH GHYHORSPHQWDO VFRUHV PDGH E\ WKHVH LQn IDQWV DW DJHV DQG PRQWKV 7KH LQIDQWV VFRUHG PRUH WRZDUG WKH DYHUDJH RQ WKH 3V\FKRPRWRU WHVW 7ZHQW\ILYH VFRUHG EHWZHHQ DQG DQG RQO\ WZR VFRUHG DERYH WKH SRLQW 7KH LQIDQWV VHHP WR KDYH PRUH SRVLWLYH FRJQLn WLYH GHYHORSPHQW DV FRPSDUHG WR SK\VLFDO GHYHORSPHQW DW WKLV SDUWLFXn ODU SRLQW LQ WLPH +RZHYHU WKH SV\FKRPRWRU GHYHORSPHQW VFRUHV FOHDUO\ IHOO LQWR WKH QRUPDO RU DYHUDJH UDQJH 2WKHU SRVVLEOH H[SODQDWLRQV IRU WKH UHODWLYHO\ KLJK GHYHORSPHQWDO VFRUHV ZHUH FRQVLGHUHG E\ WKH UHVHDUFKHU ,QIODWHG WHVWLQJ VFRUHV ZHUH QRW WKRXJKW WR EH D UHDVRQDEOH H[SODQDWLRQ VLQFH LQWHUUDWHU UHOLDELOLW\ DPRQJ WKH WHVW DGPLQLVWUDWRUV KDV EHHQ HVWDEOLVKHG E\ WKH &KLOGUHQnV 'HYHORSPHQWDO &OLQLF )RUPDO LQWHUYHQWLRQ SURFHGXUHV

PAGE 106

ZHUH FRQVLGHUHG DV D SRVVLEOH H[SODQDWLRQ :KHQ WKHVH GDWD KDYH EHHQ RUJDQL]HG DQG TXDQWLILHG IROORZXS VWXGLHV RI WKHVH LQIDQW VXEMHFWV ZRXOG EH DSSURSULDWH 2WKHU IDFWRUV FRQVLGHUHG E\ WKH UHVHDUFKHU LQn FOXGHG SDUHQWDO FRJQLWLYH OHYHOV 'DWD RQ WKLV YDULDEOH ZHUH QRW DYDLODEOH +RVSLWDO 9LVLWV 7KH WRWDO QXPEHU RI KRVSLWDO YLVLWV PDGH E\ PHPEHUV RI WKH VXSn SRUW QHWZRUN GXULQJ WKH LQIDQWn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

PAGE 107

WR VRPHRQH HOVHnV 7KLV PD\ EH D VLJQLILFDQW ILQGLQJ ,I ORZHU 6(6 EODFN VLQJOH DGROHVFHQW PRWKHUV GR QRW KDYH DFFHVV WR WUDQVSRUWDWLRQ GRHV WKLV OLPLW WKHLU SRWHQWLDO IRU LQWHUDFWLRQ ZLWK RWKHUV" 'RHV WKLV FRQWULEXWH WR IHHOLQJV RI LVRODWLRQ" 7KHVH TXHVWLRQV QHHG WR EH SXUVXHG SHUKDSV ZLWK D ODUJHU VDPSOH $OVR D FRPSDUDWLYH VWXG\ RI VLQJOH DGROHVFHQW PRWKHUVn DFFHVVLELOLW\ WR VXSSRUW UHVRXUFHV EDVHG RQ 6(6 PLJKW DOVR EH KHOSIXO LQ SURYLGLQJ LQIRUPDWLRQ RQ VSHFLDO QHHGV RI WHHQDJH PRWKHUV 2I VSHFLDO LQWHUHVW ZRXOG EH WKH DFFHVVLn ELOLW\ RI SXEOLF WUDQVSRUWDWLRQ VXFK DV EXV OLQHV WR WKLV SRSXODWLRQ 7ZHQW\IRXU RI WKH VXEMHFWV UHVSRQGHG WKDW WKH\ KDG DFFHVVLn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

PAGE 108

,Q VXPPDU\ PRVW RI WKHVH PRWKHUV KDG UHDG\ DFFHVV WR D WHOHSKRQH EXW QRW D FDU 0RVW RI WKHP SHUFHLYHG LW ZDV GLIILFXOW IRU WKHP WR JHW RXW DQG GR WKH WKLQJV WKH\ QHHG WR GR 7KH OLWHUDWXUH VXSSRUWV WKH QRWLRQ WKDW LVRODWLRQ RU ODFN RI DFFHVVLELOLW\ WR VXSSRUW UHn VRXUFHV GRHV KDYH QHJDWLYH FRQVHTXHQFHV &DSODQ f VWDWHG WKH FRQFHSW RI VXSSRUW V\VWHPV KDV IRFXVHG RQ WKH KHDOWK SURPRWLQJ IRUFHV DW WKH SHUVRQWRSHUVRQ OHYHO DQG WKH VRFLDO OHYHO f ZKLFK HQDEOH SHRSOH WR PDVWHU WKH FKDOOHQJHV DQG VWUDLQV LQ WKHLU OLYHV S f *RXUDVK f FRQFOXGHG IURP KLV UHVHDUFK WKDW KHOSVHHNLQJ LV D FULWLFDO DVSHFW LQ WKH QXFOHDU IDPLO\nV DELOLW\ WR FRSH DQG VXUYLYH LQ WLPHV RI FULVLV )LQDOO\ *DUEDULQR f IRXQG WKDW OLPLWHG HFRQRPLF FRQGLWLRQV DORQJ ZLWK LVRODWLRQ FRQWULEXWHG WR WKH HWLRORJ\ RI FKLOG DEXVH DQG PDOWUHDWPHQW &OHDUO\ WKH IHHOn LQJV RI LVRODWLRQ H[SHULHQFHG E\ WKHVH PRWKHUV QHHG WR EH DGGUHVVHG LQ WHUPV RI LQWHUYHQWLRQ $FWXDO 6XSSRUW 5HVRXUFHV 6HYHUDO TXHVWLRQV GHDOW ZLWK PHDVXUHV RI DFWXDO VXSSRUW UHVRXUFHV DYDLODEOH WR WKHVH DGROHVFHQW PRWKHUV :KHQ DVNHG +RZ PDQ\ IULHQGV DQG UHODWLYHV DGXOWVf OLYH LQ WKH LPPHGLDWH DUHD" DOO VXEMHFWV UHVSRQGHG )LIWHHQ VDLG WKDW WKH\ KDG ILYH RU IHZHU UHODWLYHV DQG IULHQGV LQ WKH LPPHGLDWH DUHD 7KLV UHSUHVHQWV SHUFHQW RI DOO VXEMHFWV 6L[ VDLG WKH\ KDG IURP WR UHODWLYHV DQG IULHQGV OLYLQJ LQ WKH DUHD DQG DQVZHUHG WKH\ KDG WR 7KHUHIRUH QHDUO\ WZR WKLUGV RI WKH UHVSRQGHQWV DQVZHUHG WKDW WKH\ KDG RU OHVV UHODWLYHV DQG IULHQGV OLYLQJ LQ WKH LPPHGLDWH DUHD 7ZR UHSRUWHG KDYLQJ EHWZHHQ

PAGE 109

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n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f§ SHUFHQW 7KLV ILQGLQJ PD\ EH VLJQLILFDQW ,Q FRQWUDVW WR WKHLU DQVZHU RI OLPLWHG DFFHVVLELOLW\ WR D FDU WKHVH VXEMHFWV UHIOHFWHG D UDWKHU KLJK GHJUHH RI LQWHUDFWLRQ ZLWK UHODWLYHV RU IULHQGV 2QH ZRQGHUV KRZ WKHVH LQWHUDFWLRQV RFFXU 'R UHODWLYHV RU IULHQGV WDNH WKH

PAGE 110

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n JRUL]HG LQWR RIWHQ 2I WKH UHVSRQGHQWV VDLG QRW RIWHQ QHYHU UDUHO\ RU VRPHWLPHVf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n RXV W\SHV RI RUJDQL]DWLRQV 0HPEHUVKLS LQ RUJDQL]DWLRQV FDQ EH D PHDVXUH RI FRPPXQLW\ LQYROYHPHQW 6ZLFN %URZQ DQG :DWVRQ f IRXQG WKDW QHLJKERUKRRGV ZKLFK KDYH D KLJKHU GHJUHH RI VRFLDO LQWHUn DFWLRQ DUH SHUFHLYHG E\ UHVLGHQWV WR EH PRUH VXSSRUWLYH 2Q WKH RWKHU

PAGE 111

KDQG 0F.LQOD\ f IRXQG WKDW VXEMHFWV ZKR ZHUH PRUH LQWULFDWHO\ ZRYHQ LQWR D IDPLO\ VXSSRUW V\VWHP GLG QRW XWLOL]H PHGLFDO IDFLOLWLHV DV IUHTXHQWO\ DV GLG VXEMHFWV ZKR ZHUH QRW LQWULFDWHO\ ERXQG WR D FORVH IDPLO\ V\VWHP %URQIHQEUHQQHUnV f HFRORJLFDO WKHRU\ DQG PRGHO RI FKLOG GHYHORSPHQW FKDUDFWHUL]HV WKH IDPLO\ XQLW DV D V\VWHP LQIOXHQFHG E\ YDULRXV QHLJKERUKRRG JURXSV FRPPXQLW\ DJHQFLHV YROXQn WDU\ DVVRFLDWLRQV JRYHUQPHQW RIILFHV DQG SROLFLHV DV ZHOO DV E\ EURDG FXOWXUDO LGHRORJLFDO DQG SROLWLFDO V\VWHPV 7KXV WKH UROH RI RUJDQL]DWLRQV DQG FRPPXQLW\ DJHQFLHV LQ WKH VKDSLQJ RI KXPDQ GHYHORSn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n JUDPV &RXOG PRUH SDUHQWLQJ HGXFDWLRQ EH GRQH WKURXJK WKH DYHQXHV RI FKXUFKUHODWHG JURXSV" &RXOG FRPPXQLW\ HGXFDWLRQDO SURJUDPV EH RIIHUHG DW FKXUFK ORFDWLRQV" ,V WKH ODFN RI LQYROYHPHQW LQ RUJDQL]Dn WLRQV E\ WKHVH VXEMHFWV UHSUHVHQWDWLYH RI PRVW DGROHVFHQW IHPDOHV RU RQO\ RI ORZHU 6(6 DGROHVFHQW IHPDOHV" &HUWDLQO\ IXUWKHU VWXG\ LV VXJn JHVWHG LQ RUGHU WR EHWWHU XQGHUVWDQG WKH UROH RI RUJDQL]DWLRQV RQ WKH

PAGE 112

GHYHORSPHQW RI \RXQJ PRWKHUV 3HUKDSV WKH ODFN RI RUJDQL]DWLRQDO LQYROYHPHQW LV DQ LQGLFDWRU RI UHODWLYH VRFLDO LVRODWLRQ IRU WKHVH \RXQJ PRWKHUV 3HUFHSWLRQV RI 6XSSRUW )LYH TXHVWLRQV UHODWHG WR KRZ WKH \RXQJ PRWKHU SHUFHLYHG KHU VXSSRUW QHWZRUN :KHQ DVNHG LI WKHLU SUHVHQW VLWXDWLRQ SURYLGHG WKHP ZLWK HQRXJK VXSSRUW RI WKH UHVSRQGHQWV DQVZHUHG WKDW WKH\ SHUn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n ZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ DUH FRPPRQ IHHOLQJV DPRQJ DOO PRWKHUV &HUWDLQO\ D FRPSDUDWLYH VWXG\ RI PRWKHUV ZKR YDU\ LQ DJH 6(6 DQG PDULWDO VWDWXV ZRXOG EH KHOSIXO LQ NQRZLQJ LI WKHVH IHHOLQJV DUH FRPPRQ ,I LQGHHG SHUFHQW RI PRVW VLQJOH DGROHVFHQW PRWKHUV IHHO RYHUZKHOPHG ZLWK WKHLU FKLOGEHDULQJ UHVSRQVLELOLWLHV WKHQ WKH QHHG IRU HDUO\ LQWHUYHQWLRQ LV VXUHO\ LQGLFDWHG

PAGE 113

:KHQ DVNHG KRZ PDQ\ WLPHV WKH\ ZHUH DEOH WR JHW DZD\ HDFK PRQWK WR GR VRPHWKLQJ WKH\ ZDQWHG WR GR KDOI RI WKH UHVSRQGHQWV VDLG IURP WLPHV SHU PRQWK DQG UHSRUWHG IURP WLPHV SHU PRQWK 3HUKDSV PRUH LPSRUWDQWO\ RI WKH UHVSRQGHQWV WR WKH VHFRQG TXHVWLRQ UHSRUWHG WKDW WKH\ SHUFHLYHG WKH\ KDG DGHTXDWH RSSRUWXQLW\ WR JHW DZD\ E\ WKHPVHOYHV $JDLQ WKH PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI WLPH WR KHUVHOI PD\ EH D PRUH LPSRUWDQW PHDVXUH WKDQ WKH DFWXDO QXPEHUV RI WLPHV SHU PRQWK UHSRUWHG E\ WKH PRWKHU 6HFRQGDU\ 9DULDEOHV 7R IXUWKHU XQGHUVWDQG WKHVH DGROHVFHQW PRWKHUV WKH UHVHDUFKHU GHFLGHG WR VWXG\ WZR DGGLWLRQDO YDULDEOHVPHDVXUHV RI VHOIFRQFHSW RI WKH PRWKHUV DQG PHDVXUHV RI OLIH VWUHVV 7KHVH PHDVXUHV ZHUH LQn FOXGHG IRU GHVFULSWLYH SXUSRVHV RQO\ +RZHYHU IXUWKHU UHVHDUFK PD\ EH LQGLFDWHG LQ RUGHU WR EHWWHU XQGHUVWDQG WKH UHODWLRQVKLS RI WKHVH WZR YDULDEOHV WR WKH LQIDQWnV TXDOLWDWLYH GHYHORSPHQW 5HFHQW UHn VHDUFK E\ +HOG f DQG &ROOHWWD +DGOHU DQG *UHJJ f IRXQG WKDW LQWHUYDO YV H[WHUQDO ORFXV RI FRQWURO ZDV UHODWHG WR WKH FRSLQJ VW\OHV RI \RXQJ PRWKHUV +HOG f VWXGLHG WKUHH W\SHV RI LQWHUn YHQWLRQ SURJUDPV IRU DGROHVFHQW PRWKHUV DQG FRUUHODWHG PHDVXUHV RI VHOIHVWHHP ZLWK HDFK SURJUDP W\SH ,Q WKLV VWXG\ ILYH PHDVXUHV RI VHOIFRQFHSW ZHUH REWDLQHG IURP WKH DGROHVFHQW PRWKHU GDWD (DFK PHDVXUH ZDV RQ D FRQWLQXRXV VFDOH RI ZLWK EHLQJ HTXDO WR H[FHOOHQW DQG EHLQJ HTXDO WR SRRU 7KH ILUVW PHDVXUH ZDV D PHDVXUH RI WKH DGROHVFHQW PRWKHUnV SHUn FHSWLRQ RI KHU RZQ KHDOWK 2I UHVSRQGHQWV UDWHG WKHPVHOYHV DV H[FHOOHQW ,Q IDFW RI WKH UHVSRQGHQWV UDQNHG WKHPVHOYHV LQ

PAGE 114

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n VSRQGHQWV VFRUHG WKHPVHOYHV LQ WKH KLJKHVW FDWHJRU\ DQG LQ WKH QH[W KLJKHVW FDWHJRU\ )LIWHHQ PRWKHUV UDWHG WKHPVHOYHV LQ WKH WKUHH

PAGE 115

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n FHQW IHOO LQWR WKH FDWHJRU\ DQG SHUFHQW IHOO LQWR WKH FDWHJRU\ 0RVW RI WKH VWUHVV VFRUHV IHOO LQWR WKH PRGHUDWH UDQJH 7KHUHIRUH WKH VWUHVV VFDOH GDWD GLG QRW SURGXFH VFRUHV WKDW ZHUH XQXVXDOO\ KLJK RU ORZ 2QH SXUSRVH RI VWXG\LQJ WKH GHVFULSWLYH GDWD ZDV WR DVFHUWDLQ ZKHWKHU VLQJOH DGROHVFHQW PRWKHUV H[SHULHQFHG XQXVXDOO\ KLJK OHYHOV RI VWUHVV 7KH GDWD LQGLFDWHG WKDW WKLV VLQJOH DGROHVFHQW PRWKHU SRSXn ODWLRQ GLG QRW H[SHULHQFH XQXVXDOO\ KLJK OHYHOV RI VWUHVV &REE f LGHQWLILHG VXSSRUW DV D PRGHUDWRU RI OLIH VWUHVV )XUWKHU VWXG\ RQ WKLV VLQJOH DGROHVFHQW SRSXODWLRQ PLJKW SURYLGH PRUH FRPSOHWH

PAGE 116

LQIRUPDWLRQ RQ WKH W\SHV RI OLIH VWUHVV WKDW DUH PRVW FRPPRQ WR WKLV SRSXODWLRQ DQG ZKLFK IRUPV RI VXSSRUW PRGLI\ VWUHVV PRVW HIIHFn WLYHO\ 5HJUHVVLRQ $QDO\VLV 7KH LQLWLDO VWHS LQ WKH UHJUHVVLRQ DQDO\VLV ZDV WR REWDLQ DQ LQWHUFRUUHODWLRQDO PDWUL[ $OO YDULDEOHV ZHUH LQFOXGHG LQ WKLV PDWUL[ 7KH WZR GHSHQGHQW YDULDEOHV ZHUH WKH 0', DQG 3', VFRUHV IRU HDFK LQIDQW VXEMHFW REWDLQHG DW WKH LQIDQWnV PRQWK HYDOXDWLRQ ZLWK WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 7KH LQGHSHQGHQW YDULDEOHV FRQVLVWHG RI PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV REn WDLQHG IURP WKH TXHVWLRQQDLUH DGPLQLVWHUHG WR WKH PRWKHU ZKHQ WKH LQIDQW ZDV VL[ PRQWKV RI DJH $ SRLQW ELVHULDO FRUUHODWLRQ FRn HIILFLHQW ZDV REWDLQHG IRU HDFK LQGHSHQGHQW YDULDEOH $OO LQGHSHQGHQW YDULDEOHV ZHUH WUHDWHG LQGHSHQGHQWO\ LQ WKH LQWHUFRUUHODWLRQDO PDWUL[ /DWHU WKH YDULDEOHV ZHUH JURXSHG LQWR WKH IROORZLQJ IRXU FDWHJRULHV f RQH PHDVXUH RI KRVSLWDO YLVLWDWLRQV E\ WKH VXSSRUW QHWZRUN IDPLO\ PHPEHUV f WKUHH PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN f ILYH PHDVn XUHV RI DFWXDO VXSSRUW QHWZRUN UHVRXUFHV DQG f ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQV RI KHU VRFLDO VXSSRUW %DVHG RQ UHJUHVVLRQ PRGHOV WKHVH YDULDEOHV ZHUH WHVWHG WR VHH LI WKHUH ZDV D VLJQLILFDQW DVVRFLDWLRQ EHWZHHQ WKHP DQG WKH WZR GHSHQGHQW YDULDEOHV 7KH LQWHUFRUUHODWLRQDO PDWUL[ LV VKRZQ LQ 7DEOH

PAGE 117

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nV HVWLPDWLRQ RI KRZ GLIILFXOW LW LV WR JHW RXW +RZHYHU D FRUUHODWLRQ RI ZDV REn WDLQHG 7KH IRXU FRQWURO YDULDEOHV ZHUH GHOHWHG IURP IXUWKHU DQDO\VLV EHFDXVH RI WKHLU ORZ DQG QRQVLJQLILFDQW FRUUHODWLRQV ZLWK WKH WZR GHSHQGHQW YDULDEOHV 0', DQG 3', 7KH UHODWLYHO\ ORZ FRUUHODWLRQV REWDLQHG DPRQJ VRPH RI WKH YDULDEOHV LQ WKLV VWXG\ PD\ EH DWWULEXWHG WR D VPDOO QXPEHU RI VXEMHFWV ODFN RI UDQJH RU YDULDWLRQ LQ WKH PRWKHUVn DJHV DQG \HDUV RI HGXFDWLRQ DQG UHODWLYH KRPRJHQHLW\ LQ WKH LQIDQWVn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

PAGE 118

QR PRQWKV RI DJH 7KH ILQGLQJV RI WKLV SDUWLFXODU DQDO\VLV DUH OLPLWHG E\ D UHODWLYHO\ VPDOO QXPEHU RI VXEMHFWV +RZHYHU WKH ILQGLQJV VXJn JHVW WKDW QR UHODWLRQVKLS H[LVWV EHWZHHQ LQKRVSLWDO FRPPXQLFDWLRQ HIIRUWV E\ PHPEHUV RI WKH LQIDQWVn VXSSRUW QHWZRUNV DQG WKH 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW VFRUHV RQ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSn PHQW DW PRQWKV RI DJH +\SRWKHVLV ,, 7KH VHFRQG K\SRWKHVLV VWDWHG WKDW WKHUH ZDV QR VLJQLILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOLW\ WR KHU VXSSRUW QHWZRUN DQG KHU LQIDQWnV VFRUHV RQ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW 0HQWDO DQG 3V\FKRPRWRU ,QGH[ $JDLQ UHJUHVVLRQ PRGHOV ZHUH WHVWHG WR GHWHUPLQH LI D VLJQLILFDQW UHODWLRQVKLS H[LVWHG 7KH WKUHH PHDVXUHV RI DFFHVVLELOLW\ WR VXSSRUW ZHUH JURXSHG WR IRUP D PXOWLSOH FRUUHODWLRQ FRHIILFLHQW 7KH UHVXOWV RI WKLV DQDO\VLV IDLOHG WR UHMHFW +\SRWKHVLV ,, 7KHUH ZDV QR VLJQLn ILFDQW OLQHDU UHODWLRQVKLS EHWZHHQ PHDVXUHV RI WKH PRWKHUnV DFFHVVLELOn LW\ WR KHU VXSSRUW QHWZRUN DQG KHU LQIDQWnV VFRUHV RI GHYHORSPHQW RQ WKH %D\OH\ 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH +\SRWKHVLV ,,, +\SRWKHVLV ,,, WHVWHG WKH UHODWLRQVKLS EHWZHHQ WKH PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV DFWXDO VXSSRUW DQG KHU LQIDQWnV VFRUHV RQ WKH %D\OH\ 0', DQG 3', DW PRQWKV RI DJH 7KH VDPH UHJUHVVLRQ SURn FHGXUHV ZHUH IROORZHG DV IRU WKH ILUVW WZR K\SRWKHVHV $ VLPSOH UHJUHVVLRQ PRGHO ZDV UXQ ZKLFK LQFOXGHG RQO\ WKH PHDVXUHV RI DFWXDO VXSSRUW DV UHODWHG WR WKH 0', DQG 3', VFRUHV RQ WKH LQIDQWV DW

PAGE 119

QL PRQWKV RI DJH 7KH DVVRFLDWLRQ RI WKHVH ILYH PHDVXUHV RI WKH PRWKHUnV DFWXDO VXSSRUW QHWZRUN ZLWK WKH VFRUHV DWWDLQHG RQ WKH 0HQWDO DQG 3V\FKRPRWRU 'HYHORSPHQW ,QGH[ E\ KHU LQIDQW DW PRQWKV RI DJH GRHV QRW DSSHDU WR EH D VLJQLILFDQW RQH +\SRWKHVLV ,9 +\SRWKHVLV ,9 VWDWHG WKDW QR VLJQLILFDQW UHODWLRQVKLS H[LVWHG EHWZHHQ PHDVXUHV RI WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQV RI KHU VXSSRUW QHWZRUN DQG KHU LQIDQWnV VFRUHV RQ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSn PHQW 0HQWDO DQG 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH 7KH VDPH UHJUHVVLRQ DQDO\VLV ZDV FRQGXFWHG IRU WKLV K\SRWKHVLV DV ZDV GRQH IRU WKH SUHYLRXV RQHV 7KH ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWn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f (16833 D PHDVXUH RI WKH PRWKHUnV SHUFHSn WLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW QHWZRUN DQG f 29:+ D PHDVXUH RI

PAGE 120

WKH PRWKHUnV SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG E\ KRXVHKROG WDVNV DQG FKLOGUHDULQJ UHVSRQVLELOLWLHV $V GLVFXVVHG LQ &KDSWHU ,9 WKH 7\SH 6XPV RI 6TXDUHV ZDV RI LQWHUHVW EHFDXVH LW PHDVXUHG LQFUHPHQWDO VXPV RI VTXDUHV IRU WKH UHJUHVVLRQ PRGHO DV HDFK RI WKH ILYH YDULDEOHV ZDV DGGHG ,Q WKLV FDVH WKH DGGLWLRQ RI WKH YDULDEOH (16833 WR WKH UHJUHVVLRQ PRGHO DOn UHDG\ LQFOXGLQJ WKH YDULDEOH RI *(70+ DQG 68)7,0 \LHOGHG DQ LQFUHn PHQWDO VXPV RI VTXDUHV ZKLFK UHVXOWHG LQ DQ )YDOXH RI VLJQLILn FDQW DW WKH OHYHO 7KH DGGLWLRQ RI WKH YDULDEOH 29:+ WR WKH DERYH PRGHO ZKLFK FRQn WDLQHG WKH ILUVW WKUHH YDULDEOHV*(7+0 68)7,0 DQG (16833DOVR \LHOGHG DQ LQFUHPHQWDO VXPV RI VTXDUHV WKDW UHVXOWHG LQ DQ )YDOXH RI DOVR VLJQLILFDQW DW WKH OHYHO 7\SH ,9 6XPV RI 6TXDUHV \LHOGHG RQO\ RQH VLJQLILFDQW )YDOXH 7KH YDULDEOH 29:+ D PHDVXUH RI WKH PRWKHUnV SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG E\ KRXVHKROG WDVNV DQG FKLOGUHDULQJ UHVSRQVLELOLWLHV \LHOGHG DQ )YDOXH RI VLJQLILFDQW DW WKH OHYHO RI VLJQLILn FDQFH 7\SH ,9 6XPV RI 6TXDUHV ZDV D PHDVXUH RI VXPV RI VTXDUHV GXH WR DGGLQJ WKH YDULDEOH 29:+ ODVW LQ WKH PRGHO 7KH UHVXOWV LQGLFDWHG WKDW WKH DGGLWLRQ RI 29:+ WR WKH UHJUHVVLRQ PRGHO ODVW UHVXOWHG LQ DQ )YDOXH RI VLJQLILFDQW DW WKH OHYHO 7KH DGGLWLRQ RI HDFK RI WKH RWKHU IRXU YDULDEOHV WR WKH PRGHO ODVW GLG QRW UHVXOW LQ VLJQLILFDQW )YDOXHV ,Q VXPPDU\ WKH UHJUHVVLRQ DQDO\VLV RI WKH ILYH PHDVXUHV RI WKH PRWKHUnV SHUFHSWLRQV RI KHU VXSSRUW QHWZRUN ZLWK KHU LQIDQWnV 3', VFRUHV DW PRQWKV RI DJH UHVXOWHG LQ DQ )YDOXH VLJQLILFDQW DW WKH OHYHO 7KHUHIRUH +\SRWKHVLV ,9 DV UHODWHG WR 3', VFRUHV ZDV

PAGE 121

UHMHFWHG 7KHUH LV D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQV RI KHU VXSSRUW DQG KHU LQIDQWnV VFRUH RQ WKH %D\OH\ 6FDOH RI ,QIDQW 'HYHORSPHQW 3V\FKRPRWRU ,QGH[ 0RUH VSHFLILFDOO\ WKH PHDVXUH RI WKH PRWKHUnV SHUFHSWLRQ RI EHLQJ RYHUZKHOPHG E\ KRXVHKROG WDVNV DQG FKLOGUHDULQJ UHVSRQVLELOLWLHV ZDV VLJQLILFDQW DW WKH OHYHO IRU ERWK 7\SH DQG 7\SH ,9 6XPV RI 6TXDUHV 7KH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN ZDV DOVR VLJQLILFDQW DW WKH OHYHO LQ WKH 7\SH 6XPV RI 6TXDUHV 7KHVH ILQGLQJV VXJJHVW WKDW DQ DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW V\VWHP PD\ SOD\ D FULWLFDO UROH LQ KRZ VKH IHHOV DERXW KHU SDUHQWLQJ UROH ,I LQGHHG D PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW V\VWHP GRHV SOD\ VXFK DQ LPSRUWDQW UROH WKHQ IXUWKHU UHVHDUFK LV VXUHO\ LQGLFDWHG WR EHWWHU XQGHUVWDQG ZKDW IDFWRUV LPSDFW WKH PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW $EVROXWH QXPEHUV RI LQGLYLGXDOV RU UHVRXFHV DYDLODEOH IRU VXSSRUW PD\ EH OHVV FULWLFDO WKDQ WKH TXDLW\ RI VXSSRUW SURYLGHG WKH \RXQJ PRWKHU SHUn KDSV E\ RQO\ D IHZ UHVRXUFHV &OHDUO\ WKLV ILQGLQJ PHULWV IXWXUH VWXG\ ,W ZRXOG EH LQWHUHVWLQJ WR ORRN DW WKLV YDULDEOHSHUFHSWLRQ RI VXSSRUWLQ UHODWLRQVKLS WR VHOIHVWHHP PHDVXUHV DQG ORFXV RI FRQWUROf§PHDVXUHV 'RHV WKH PRWKHU ZKR SHUFHLYHV KHU VXSSRUW WR EH DGHTXDWH KDYH VWURQJHU LQWHUQDO ORFXV RI FRQWURO" 7KLV TXHVWLRQ QHHGV IXUWKHU VWXG\ 6WHSZLVH 5HJUHVVLRQ $QDO\VHV 7KH VWHSZLVH UHJUHVVLRQ SURFHGXUH NQRZQ DV 0D[5 SURGXFHG D VHULHV RI EHVW PRGHOV LQ WHUPV RI DFFRXQWLQJ IRU WKH YDULDQFHV RI WKH 0HQWDO 'HYHORSPHQW ,QGH[ DQG WKH 3V\FKRPRWRU 'HYHORSPHQW ,QGH[

PAGE 122

VFRUHV 7KH EHVW RQHYDULDEOH PRGHO ZDV HQRXJK VXSSRUW ZKLFK LV D PHDVXUH RI WKH PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW 7KLV PRGHO LV RI LQWHUHVW EHFDXVH RXW RI DOO WKH SRVVLEOH SUHGLFWRU YDULDEOHV HQRXJK VXSSRUW ZDV WKH RQH YDULDEOH WKDW DFFRXQWHG IRU WKH JUHDWHVW DPRXQW RI YDULDQFH RI WKH WZR GHSHQGHQW YDULDEOHV 7KLV PRGHO DOVR VXSSRUWV WKH ILQGLQJV LQ +\SRWKHVLV ,9 WKHUH DSSHDUV WR EH D VLJQLILFDQW DVVRFLDWLRQ EHWZHHQ WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW DQG WKH TXDOLWDWLYH SV\FKRPRWRU GHYHORSPHQW RI WKH LQIDQW 2WKHU EHVW PRGHOV ZHUH SURGXFHG 7KH EHVW WZRYDULDEOH PRGHO LQFOXGHG WKH YDULDEOHV QXPEHU RI KRVSLWDO YLVLWV E\ WKH IDPLO\ DQG PRWKHUnV KDSSLQHVV LQ JHQHUDO 7KHVH WZR YDULDEOHV DORQJ ZLWK PRWKHUnV VHOIFRQFHSWSK\VLFDO FRPSULVHG WKH EHVW WKUHHYDULDEOH PRGHO 7KH UHPDLQLQJ EHVW PRGHOV UHSRUWHG LQ WKH UHVXOWV FKDSWHU RI WKLV VWXG\ XWLOL]HG WKHVH WKUHH YDULDEOHV DV WKH IRXQGDWLRQ ZLWK PRUH YDULDEOHV EHLQJ DGGHG IRU HDFK EHVW PRGHO ,W LV LQWHUHVWLQJ WR QRWH WKDW WKH YDULDEOHV WKDW IHOO LQWR WKH EHVW PRGHOV SULPDULO\ LQFOXGHG WKRVH IURP WKH FDWHJRULHV RI f PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW V\VWHP DQG f PRWKHUnV VHOIFRQFHSW :KLOH WKLV 0D[5 VWHSZLVH SURFHGXUH LV RI LQWHUHVW D PRUH ULJRURXV VWHSZLVH SURFHGXUH FDQ EH DFFRPSOLVKHG 7KLV SURFHGXUH LV QRZ SUHVHQWHG 7KH VHFRQG VWHSZLVH UHJUHVVLRQ SURFHGXUH FRQVLVWHG RI LGHQWLI\LQJ WKRVH LQGHSHQGHQW YDULDEOHV ZKLFK PDGH D VLJQLILFDQW FRQWULEXWLRQ WR WKH YDULDQFH RI 0', DQG 3', VFRUHV WKH WZR GHSHQGHQW YDULDEOHV DW WKH OHYHO RI VLJQLILFDQFH )RU ERWK 0', DQG 3', WKH RQO\ SUHn GLFWRU YDULDEOH WKDW PHW WKLV FULWHULRQ ZDV HQRXJK VXSSRUW WKH

PAGE 123

\RXQJ PRWKHUnV SHUFHSWLRQ RI WKH DGHTXDF\ RI KHU VXSSRUW QHWZRUN 7KLV ILQGLQJ UHLQIRUFHV SUHYLRXV UHVXOWV WKDW LQGLFDWH WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW V\VWHP PD\ EH DV LPSRUWDQW DV DFWXDO PHDVn XUHV RI WKH VXSSRUW V\VWHP 6XPPDU\ $Q H[SORUDWRU\ VWXG\ ZDV FRQGXFWHG WR GHWHUPLQH LI D UHODWLRQVKLS PLJKW H[LVW EHWZHHQ PHDVXUHV RI VXSSRUW QHWZRUN UHVRXUFHV RI VLQJOH DGROHVFHQW PRWKHUV DQG WKH TXDOLWDWLYH GHYHORSPHQW RI WKHLU KLJKULVN LQIDQWV DW PRQWKV RI DJH DV PHDVXUHG E\ WKH %D\OH\ 6FDOHV RI ,QIDQW 'HYHORSPHQW $ PXOWLSOH OLQHDU UHJUHVVLRQ SURFHGXUH ZDV XWLOL]HG )RXU SULn PDU\ K\SRWKHVHV ZHUH VWXGLHG XWLOL]LQJ VLPSOH OLQHDU UHJUHVVLRQ PRGHOV 7KUHH RI WKH IRXU K\SRWKHVHV ZHUH QRW UHMHFWHG 7KH IRXUWK K\SRWKHn VLV DV UHODWHG WR WKH UHODWLRQVKLS EHWZHHQ WKH PRWKHUnV SHUFHSWLRQV RI KHU VXSSRUW DQG KHU LQIDQWnV VFRUH RQ WKH %D\OH\ 6FDOH RI ,QIDQW 'HYHORSPHQW 3V\FKRPRWRU ,QGH[ DW PRQWKV RI DJH ZDV UHMHFWHG 7KHUH LV D VLJQLILFDQW UHODWLRQVKLS EHWZHHQ WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW DQG KHU LQIDQWnV VFRUH RQ WKH 3V\FKRPRWRU WHVW 6WHSZLVH UHJUHVVLRQ SURFHGXUHV UHVXOWHG LQ WKH LGHQWLILFDWLRQ RI RQH LQGHSHQGHQW YDULDEOH DV EHLQJ WKH EHVW SUHGLFWRU YDULDEOH 7KLV YDULDEOH ZDV D PHDVXUH RI WKH \RXQJ PRWKHUnV SHUFHSWLRQ RI WKH DGHn TXDF\ RI KHU VXSSRUW V\VWHP )XUWKHU UHVHDUFK ZDV LQGLFDWHG HVSHFLDOO\ LQ UHODWLRQ WR WKH ILQGLQJ LQ +\SRWKHVLV ,9 ZKLFK LQGLFDWHG WKDW WKH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN PD\ EH D VLJQLILFDQW IDFWRU LQ WKH TXDOLW\ RI KHU FKLOGnV GHYHORSPHQW

PAGE 124

)LQGLQJV $V 5HODWHG WR WKH /LWHUDWXUH 7KH LQIDQW VXEMHFWV LQ WKLV VWXG\ SUHVHQWHG PRUH SRVLWLYH FRJQLn WLYH DQG SV\FKRPRWRU RXWFRPHV WKDQ GLG LQIDQWV ERUQ WR DGROHVFHQW PRWKHUV DV UHSRUWHG LQ VWXGLHV E\ )LHOG f +RL VWUXP f 4XD\ f DQG 2SSHO DQG 5R\VWRQ f 7KH DYHUDJH ELUWKZHLJKW RI WKH LQIDQW VXEMHFWV LQ WKLV VWXG\ ZDV JUDPV FOHDUO\ LQ WKH DW ULVN FODVVLILFDWLRQ DV GHVFULEHG E\ 4XD\ f DQG 2SSHO DQG 5R\VWRQ f 7KH 0', VFRUHV DYHUDJHG VOLJKWO\ DERYH DYHUDJH 7KH 3', VFRUHV DYHUDJHG DQ DYHUDJH VFRUH IRU QRUPDO SRSXODWLRQ LQIDQWV 7KH DYHUDJH DJH RI WKH DGROHVFHQW PRWKHUV LQ WKLV VWXG\ ZDV \HDUV 7KLV UHODWLYHO\ KLJK DQG KRPRJHQHRXV PDWHUQDO DJH OHYHO PD\ KDYH FRQWULEXWHG WR WKH PRUH SRVLWLYH GHYHORSPHQWDO RXWFRPHV RI WKHLU LQIDQWV DW PRQWKV RI DJH +RZHYHU %URPDQ f VWDWHG WKDW VXFK IDFWRUV DV VRFLRHFRQRPLF VWDWXV SOD\HG DQ LPSRUWDQW UROH LQ QHRQDWDO RXWFRPH QRW MXVW PDWHUQDO DJH 0HDVXUHV RI VRFLDO VXSSRUW RI WKHVH DGROHVFHQW PRWKHUV DQG WKHLU LQIDQWV LQGLFDWHG WKDW VRFLDO VXSSRUW ZDV SURYLGHG SULPDULO\ E\ PHPn EHUV RI WKH LPPHGLDWH IDPLO\ DQG YHU\ FORVH IULHQGV DOO RI ZKRP OLYHG LQ WKH LPPHGLDWH JHRJUDSKLF DUHD 7KH FRQFHSW RI IDPLO\ QHWZRUNV DQG NLQVKLS VXSSRUW KDV EHHQ VWXGLHG H[WHQVLYHO\ E\ VRFLRORJLVWV %XFNOH\ f $GDPV f 6XVVPDQ DQG %XUFKLQDO f DQG .HQLVWRQ f 7KH ILHOG RI VRFLRORJ\ DFNQRZOHGJHV WKH UROH RI IDPLO\ VXSSRUW DV EHLQJ FULWLFDO LQ KHDOWK\ IDPLO\ IXQFWLRQLQJ

PAGE 125

$GGLWLRQDOO\ %URQIHQEUHQQHU f &RFKUDQ DQG %UDVVDUG f DQG 3RZHOO f DOO SURSRVHG UHFHQW WKHRULHV ZKLFK OLQNHG TXDOLW\ IDPLO\ VXSSRUW ZLWK TXDOLW\ FKLOG GHYHORSPHQW %URQIHQEUHQQHU f SURSRVHG D WKHRU\ RI HFRORJLFDO KXPDQ GHYHORSPHQW WKDW GHOLQHDWHG VSHFLILF ZD\V LQ ZKLFK WKH SDUHQWnV VRFLDO QHWZRUN LPSDFWHG WKH FKLOGnV JURZWK DQG GHYHORSPHQW ,QIDQWV LQ WKLV VWXG\ UHFHLYHG DQ DYHUDJH RI WHQ YLVLWV IURP IDPLO\ PHPEHUV ZKLOH WKH\ ZHUH KRVSLWDOL]HG LPPHGLDWHO\ DIWHU ELUWK :LWK DQ DYHUDJH KRVSLWDO VWD\ RI GD\V WKLV PHDQW WKDW LQIDQWV ZHUH YLVLWHG UHJXODUO\ DQG IUHTXHQWO\ GXULQJ WKHLU KRVSLWDOL]DWLRQ 0RVW RI WKH PRWKHUV UHSRUWHG WKDW VXFK VRFLDO VXSSRUWV DV DFn FHVVLELOLW\ WR D FDU DQG D WHOHSKRQH ZHUH DYDLODEOH WR WKHP +RZHYHU QHDUO\ SHUFHQW DOVR UHSRUWHG WKDW LW ZDV GLIILFXOW IRU WKHP WR JHW RXW ZKHQ WKH\ QHHGHG WR 0RVW RI WKH PRWKHUV UHSRUWHG KDYLQJ DGXOW IDPLO\ PHPEHUV RU FORVH IULHQGV ZKR OLYHG LQ WKH DUHD 2QO\ RI WKH VXEMHFWV UHSRUWHG KDYLQJ QRQH 7KHVH GDWD VXSSRUWHG SUHYLRXV UHVHDUFK WKDW LQGLFDWHG WKDW IDPLOLHV LQWHUDFW DQG SURYLGH VXSSRUW RQ D UHJXODU EDVLV $GDPV 6XVVPDQ DQG %XUFKLQDO f 5HVHDUFK OLQNLQJ VRFLDO VXSSRUW WR VXFK GHSHQGHQW YDULDEOHV DV DEXVH *DUEDULQR f PRUWDOLW\ UDWH %HUNPDQ DQG 6\PH f XWLOL]DWLRQ RI PHGLFDO IDFLOLWLHV 0F.LQOD\ f DQG KHOSVHHNLQJ *RXUDVK f KDV EHHQ KHOSIXO LQ IXUWKHULQJ RXU XQGHUVWDQGLQJ RI WKH UROH RI VRFLDO VXSSRUW LQ KXPDQ GHYHORSPHQW &REE f FRQn FOXGHG IURP KLV UHVHDUFK WKDW VRFLDO VXSSRUW ZDV D PRGHUDWRU RI OLIH VWUHVV 7ROVGRUI f VWXGLHG VRFLDO VXSSRUW DQG PHQWDO KHDOWK DQG FRQFOXGHG WKDW SV\FKLDWULF VXEMHFWV KDG OHVV VRFLDO QHWZRUN VXSSRUW

PAGE 126

1HWZRUN PRELOL]DWLRQ ZDV DYRLGHG E\ PRUH SV\FKLDWULF VXEMHFWV ZKLOH WKH FRQWURO VXEMHFWV QRQSV\FKLDWULFf UHOLHG RQ LW ,Q VXPPDU\ WKH VXEMHFWV LQ WKLV VWXG\ H[SHULHQFHG UDWKHU SRVLWLYH OHYHOV RI VRFLDO VXSSRUW DV LQGLFDWHG E\ KRVSLWDO YLVLWDn WLRQ DFFHVVLELOLW\ WR WUDQVSRUWDWLRQ DQG FRPPXQLFDWLRQ FKDQQHOV DGXOW IDPLO\ PHPEHUV DQG IULHQGV ZKR OLYHG QHDUE\ DQG WKH IUHTXHQF\ RI LQWHUDFWLRQ ZLWK WKHVH VXSSRUW V\VWHP PHPEHUV $GROHVFHQW PRWKHUVn VHOIFRQFHSWV DV UHODWHG WR VXSSRUW ZHUH VWXGLHG E\ &ROOHWWD +DGOHU DQG *UHJJ f ,QWHUQDO ORFXV RI FRQWURO ZDV UHODWHG GLUHFWO\ WR DFWLYH FRSLQJ UHVSRQVHV +HOG f IRXQG WKDW EODFN DGROHVFHQW PRWKHUV ZKR NHSW WKHLU EDELHV DQG ZKR DWWHQGHG D GD\ VFKRRO IRU SUHJQDQW PRWKHUV KDG KLJKHU VHOIHVWHHP PHDVXUHV WKDQ GLG PRWKHUV ZKR GLG QRW DWWHQG D VFKRRO IRU SUHJQDQW PRWKHUV ,Q WKLV VWXG\ PRWKHUV UDWHG WKHPVHOYHV UDWKHU SRVLWLYHO\ RQ VHOIPHDVXUHV RI KHDOWK ZHLJKW ZHOOEHLQJ DQG KDSSLQHVV LQ JHQHUDO 0RVW RI WKH PRWKHUV UHSRUWHG IHHOLQJ RYHUZKHOPHG E\ KRXVHKROG WDVNV DQG FKLOGUHDULQJ UHVSRQVLELOLWLHV $W WKH VDPH WLPH WKH\ DOVR UHn SRUWHG IHHOLQJ WKDW WKH\ KDG DGHTXDWH VXSSRUW 7KH UHJUHVVLRQ DQDO\VLV UHVXOWHG LQ RQO\ RQH VLJQLILFDQW ILQGLQJ 7KH PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW FRQWULEXWHG VLJQLILFDQWO\ WR WKH YDULDQFH RI WKH 3', VFRUHV 2WKHU PHDVXUHV RI DFWXDO VXSSRUW ZHUH QRW VLJQLILFDQWO\ DVVRFLDWHG ZLWK WKH WZR GHSHQGHQW YDULDEOHV 7KH ILQGLQJV RI WKLV VWXG\ DORQJ ZLWK WKRVH RI &ROOHWWD +DGOHU DQG *UHJJ f DQG +HOG f VXJJHVWHG WKH QHHG WR VWXG\ VHOI FRQFHSW RI DGROHVFHQW PRWKHUV LQ UHODWLRQ WR ORFXV RI FRQWURO DQG SHUFHSWLRQ RI VXSSRUW

PAGE 127

5HFRPPHQGDWLRQV IRU )XWXUH 5HVHDUFK 7KLV GHVFULSWLYH VWXG\ UDLVHG TXHVWLRQV IRU IXUWKHU VWXG\ %Hn FDXVH WKHUH ZHUH PRWKHULQIDQW G\DGV LQ WKLV VWXG\ WKHUH DUH OLPLWDWLRQV WR WKH JHQHUDOL]DELO LW\ RI WKH ILQGLQJV *HQHUDOL]Dn WLRQV VKRXOG EH GLUHFWHG WR VLPLODU SRSXODWLRQV RI PRWKHULQIDQW G\DGV ZKR DUH VHUYHG E\ VXFK D FOLQLF DV WKH &KLOGUHQnV 'HYHORSPHQWDO &OLQLF DW 6KDQGV 7HDFKLQJ +RVSLWDO 8QLYHUVLW\ RI )ORULGD 7KH UHVXOWV RI WKLV VXJJHVW WKDW WKHUH PD\ EH DQ DVVRFLDWLRQ EHWZHHQ WKH \RXQJ PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW QHWZRUN DQG WKH GHYHORSPHQW RI KHU LQIDQW 0HDVXUHV RI VXSSRUW UHVRXUFHV GLG QRW VKRZ D VLJQLILn FDQW DVVRFLDWLRQ ZLWK WKH GHYHORSPHQW RI WKH LQIDQW LQ PRVW RI WKH K\SRWKHVHV WHVWHG 4XHVWLRQV IRU IXUWKHU LQYHVWLJDWLRQ LQFOXGH WKH IROORZLQJ f ,V WKHUH D VLJQLILFDQW GLIIHUHQFH LQ WKH TXDOLWDWLYH GHYHORSPHQW RI LQIDQWV ERUQ WR DGROHVFHQW PRWKHUV XQGHU WKH DJH RI LQ UHODWLRQVKLS WR PHDVXUHV RI VRFLDO VXSSRUW" f :KDW IDFWRUV PD\ LQWHUDFW ZLWK VRFLDO VXSSRUW PHDVXUHV WKDW PD\ LPSDFW WKH TXDOLWDWLYH GHYHORSPHQW RI LQIDQWV ERUQ WR YHU\ \RXQJ PRWKHUV" f ,V WKH IHHOLQJ RI LVRODWLRQ PRUH FRPPRQ DPRQJ DGROHVFHQW PRWKHUV ZKR YDU\ DFFRUGLQJ WR UDFH DJH DQG 6(6" f :KDW YDULDEOHV DIIHFW WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQV RI WKH DGHTXDF\ RI KHU VRFLDO VXSSRUW" f ,V WKHUH D UHODWLRQVKLS EHWZHHQ WKH DGROHVFHQW PRWKHUnV SHUn FHSWLRQ RI KHU VRFLDO VXSSRUW DQG PHDVXUHV RI KHU LQWHUQDO ORFXV RI FRQWURO"

PAGE 128

f ,V WKHUH D UHODWLRQVKLS EHWZHHQ WKH DGROHVFHQW PRWKHUnV SHUFHSWLRQ RI KHU VRFLDO VXSSRUW DQG KHU VHOIHVWHHP" f ,V WKHUH D UHODWLRQVKLS EHWZHHQ WKH GHJUHH RI RUJDQL]DWLRQDO LQYROYHPHQW DQG WKH UDWH RI DGROHVFHQW SUHJQDQF\" f ,V WKHUH D UHODWLRQVKLS EHWZHHQ WKH GHJUHH RI QHRQDWDO FRPSOLn FDWLRQV DQG WKH DGROHVFHQW PRWKHUnV IHHOLQJV RI EHLQJ RYHUn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nV RSLQLRQ VRFLDO VXSSRUW LV VWXGLHG PRVW DXWKHQWLFDOO\ ZKHQ OHIW LQWDFW 7KLV UHVHDUFKHU GRHV QRW DGYRFDWH WKH PDQLSXODWLRQ RI D YDULDEOH VXFK DV VRFLDO VXSSRUW ,QGHHG WKH PDMRU VWXGLHV FLWHG LQ WKH OLWHUDWXUH RQ VRFLDO VXSSRUW KDYH EHHQ SULPDULO\ H[ SRVW IDFWR DQG FRUUHODWLRQDO LQ GHVLJQ 7KHVH FRUUHODWLRQDO VWXGLHV LQFOXGHG WKRVH GRQH E\ %HUNPDQ DQG 6\PH f &ROOHWWD +DGOHU DQG *UHJJ f *DUEDULQR f +HOG f 6WHYHQV f 0F.LQOD\ f DQG 6ZLFN %URZQ DQG :DWVRQ f 7KH DERYH VWXGLHV XWLOL]HG H[ SRVW IDFWR GDWD LQ D FRUUHODWLRQDO ZD\ LQ RUGHU WR LQYHVWLJDWH DVVRFLDWLRQV EHWZHHQ PHDVXUHV RI VRFLDO VXSn SRUW DQG VXFK GHSHQGHQW YDULDEOHV DV PRUWDOLW\ UDWH VHOIHVWHHP DEXVLYH EHKDYLRU VWUHVV PRGHUDWLRQ SHUFHSWLRQ RI QHLJKERUKRRG DQG XWLOL]DWLRQ RI PHGLFDO IDFLOLWLHV

PAGE 129

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f VXJJHVWHG WKDW PDQ\ SDUHQW HGXFDWLRQ SURJUDPV KDYH EHHQ GHYHORSHG ZLWKRXW VHULRXV VWXG\ RU VHQVLWLYLW\ WR WKH FRQWH[W RI WKH OLYHV RI WKH SDUHQWV LQYROYHG 6WHYHQV DGYRFDWHG WKH XVH RI LQIRUPDO HGXFDWLRQDO DYHQXHV LQ RUGHU WR UHDFK WKH JURZLQJ QXPEHUV RI DGROHVFHQW SDUHQWV 7KH UHVXOWV RI WKLV VWXG\ LQGLFDWHG WKDW D \RXQJ PRWKHUnV SHUFHSn WLRQ RI KHU VXSSRUW QHWZRUN UHVRXUFHV ZDV UHODWHG WR WKH TXDOLW\ RI KHU LQIDQWnV SK\VLFDO GHYHORSPHQW 7KHUHIRUH SDUHQW HGXFDWLRQ RU LQWHUYHQWLRQ SURJUDPV VKRXOG IRFXV RQ ZKDW IDFWRUV DIIHFW WKH \RXQJ PRWKHUnV SHUFHSWLRQ RI KHU VXSSRUW DQG WKHQ GHYHORS REMHFWLYHV WKDW VWUHQJWKHQ DQG HQKDQFH KHU UHODWLRQVKLS ZLWK KHU VXSSRUW V\VWHP 7KH UHVXOWV RI WKLV VWXG\ VXJJHVWHG WKDW %URQIHQEUHQQHUnV f WKHRU\ RI HFRORJLFDO KXPDQ GHYHORSPHQW KHOSV WR H[SODLQ WKH SDUHQWLQJ QHHGV RI DGROHVFHQW PRWKHUV $GROHVFHQW PRWKHUV GR QRW FRSH VXFFHVVIXOO\ LQ D VRFLDO YDFXXP 7KH\ KDYHDQG DSSDUHQWO\ QHHGD VHQVH RI FRQQHFWHGQHVV ZLWK WKH PHPEHUV RI WKHLU VXSSRUW QHWZRUNV +RZ

PAGE 130

SRVLWLYHO\ WKH \RXQJ PRWKHU YLHZV WKLV VXSSRUW V\VWHP DGHTXDF\ PD\ LQIOXHQFH KHU SDUHQWLQJ DWWLWXGHV DQG LQ WXUQ KHU SDUHQWLQJ VNLOOV &RQFOXVLRQV $V WKH UHVHDUFK RQ DGROHVFHQW SUHJQDQF\ DQG SDUHQWLQJ EHFRPHV PRUH UHILQHG D EHWWHU XQGHUVWDQGLQJ RI WKH FRPSOH[LW\ RI WKLV VRFLHWDO LVVXH VKRXOG EH DWWDLQHG 0HWKRGV RI VWXG\LQJ WKLV SRSXODn WLRQ DUH LPSURYLQJ DV UHVHDUFKHUV VHHN WR XWLOL]H DSSURSULDWH UHn VHDUFK WRROV IRU WKH PDQ\ TXHVWLRQV EHLQJ XQFRYHUHG 7KLV SRSXODWLRQ LV D SDUWLFXODUO\ FKDOOHQJLQJ RQH WR VWXG\
PAGE 131

$33(1',; 48(67,211$,5( 7DNHQ IURP WKH SDUHQW TXHVWLRQQDLUH DGPLQLVWHUHG WR WKH PRWKHUV RI LQIDQWV EHLQJ DVVHVVHG LQ WKH &KLOGUHQnV 'HYHORSPHQWDO &OLQLF 6KDQGV 7HDFKLQJ +RVSLWDO 8QLYHUVLW\ RI )ORULGD 7KHVH GDWD ZHUH FROOHFWHG DW WKH VL[ PRQWK HYDOXDWLRQ RI WKH LQIDQWf 'R \RX RZQ RU KDYH DFFHVV WR D FDU" <(6 12 ,V LW HDV\GLIILFXOW IRU \RX WR JHW RXW DQG GR ZKDW \RX QHHG WR GR" YHU\ GLIILFXOW VRPHZKDW GLIILFXOW GHSHQGV VRPHZKDW HDV\ YHU\ HDV\ <(6 RU 12 'R \RX RZQ RU KDYH DFFHVV WR D WHOHSKRQH" <(6 12 +RZ PDQ\ UHODWLYHV DQGRU IULHQGV OLYH DURXQG \RXU DUHD" DGXOWVf +RZ PDQ\ RI WKHVH FDQ \RX FRXQW RQ LQ WLPHV RI UHDO QHHG FULVLVf" 'R \RX JHW WRJHWKHU ZLWK UHODWLYHV RU IULHQGV RIWHQ" <(6 12 +RZ PDQ\ WLPHV D ZHHN" QHYHU UDUHO\ XS WR RQFH HYHU\ IHZ PRQWKV VRPHWLPHV D IHZ WLPHV D ZHHN WR RQFH D ZHHN RIWHQ D IHZ WLPHV D ZHHN YHU\ IUHTXHQWO\ HYHU\ GD\ 2)7(1 DQG 127 2)7(1 DQG 'R \RX EHORQJ WR DQ\ RUJDQL]DWLRQV VXFK DV VRFLDO UHOLJLRXV HGXFDWLRQDO RU SROLWLFDO ,QGLFDWH WKH QXPEHU RI HDFK NLQG RI RUJDQL]DWLRQ 7RWDO

PAGE 132

'RHV \RXU SUHVHQW VLWXDWLRQ SURYLGH \RX ZLWK HQRXJK RU QRW HQRXJK RI WKH HPRWLRQDO VXSSRUW \RX ZDQW" HQRXJK QRW HQRXJK VRPHWLPHV VRUW RI QRW DW DOO <(6 DQG 12 DQG 'R \RX IHHO \RXnUH RYHUZKHOPHG ZLWK KRXVHKROG WDVNV DQG FKLOGUHQ" +RZ RIWHQ GR \RX IHHO WKLV ZD\" QHYHU LQIUHTXHQWO\ VRPHWLPHV RIWHQ DOO WKH WLPH 12 DQG <(6 DQG +RZ PDQ\ WLPHV D PRQWK GR \RX JHW DZD\ E\ \RXUVHOI WR GR VRPHWKLQJ \RX ZRXOG OLNH WR GR" 'R \RX WKLQN WKLV LV HQRXJK WLPH" QRW HQRXJK HQRXJK WRR PXFK 12 <(6 DQG 2Q WKH ZKROH ZRXOG \RX GHVFULEH \RXU SUHVHQW OLYLQJ VLWXDWLRQ DV KDSS\ RU XQKDSS\" YHU\ XQKDSS\ VRPHZKDW XQKDSS\ QHXWUDO VRPHZKDW KDSS\ YHU\ KDSS\ 12 DQG <(6 KDSS\f DQG )RU WKH LWHPV EHORZ FLUFOH WKH QXPEHU ZKLFK EHVW GHVFULEHV \RX +RZ ZRXOG \RX UDWH \RXU KHDOWK LQ JHQHUDO" ([FHOOHQW 3RRU +RZ ZRXOG \RX UDWH \RXU SK\VLFDO ILWQHVV" ([FHOOHQW 3RRU

PAGE 133

+RZ ZRXOG \RX UDWH \RXU ERG\ VKDSH" ([FHOOHQW 3RRU +RZ ZRXOG \RX UDWH \RXU ZHLJKW" ([FHOOHQW 3RRU +RZ VDWLVILHG DUH \RX ZLWK \RXU OLIH LQ JHQHUDO" 9HU\ 'LVDSSRLQWHG 6DWLVILHG &RXOG EH EHWWHU

PAGE 134

5()(5(1&(6 $GDPV % ,VRODWLRQ IXQFWLRQ DQG EH\RQG $PHULFDQ NLQVKLS LQ WKH nV -RXUQDO RI 0DUULDJH DQG WKH )DPLO\ $U\ ,QWURGXFWLRQ WR UHVHDUFK LQ HGXFDWLRQ 1HZ
PAGE 135

&DQQRQ%RQYHQWUH t .DKQ 7KH HFRORJ\ RI KHOSVHHNLQJ EHKDYLRU DPRQJ DGROHVFHQW SDUHQWV &DPEULGJH 0DVVDFKXVHWWV $PHULFDQ ,QVWLWXWH IRU 5HVHDUFK &DSODQ 6XSSRUW V\VWHPV DQG FRPPXQLW\ PHQWDO KHDOWK /HFWXUHV RQ FRQFHSW GHYHORSPHQW 1HZ
PAGE 136

+HVV 5 6KLSPDQ 9 %URSK\ t %HDU 5 7KH FRJQLWLYH HQYLURQn PHQW RI XUEDQ SUHVFKRRO FKLOGUHQ 8QLYHUVLW\ RI &KLFDJR *UDGXDWH 6FKRRO RI (GXFDWLRQ +HWKHULQJWRQ ( &R[ 0 t &R[ 5 'LYRUFHG IDWKHUV )DPLO\ &RRUGLQDWRU +RIKHLPHU 7KH DGROHVFHQW PRWKHU DQG KHU LQIDQW &RUUHODWHV RI WUDQVDFWLRQ DQG GHYHORSPHQW 'RFWRUDO GLVVHUWDWLRQ 8QLYHUVLW\ RI )ORULGD +ROPHV 7 +RZ GLIIHUHQW HYHQWV FDXVH VWUHVV 6HDWWOH :DVKLQJWRQ 7KH 8QLYHUVLW\ RI :DVKLQJWRQ 6FKRRO RI 0HGLFLQH +RL VWUXP : 7KH SUHGLFWLRQ RI WKUHH \HDU GHYHORSPHQWDO VWDWXV RI KLJK ULVN LQIDQWV 'RFWRUDO GLVVHUWDWLRQ 8QLYHUVLW\ RI )ORULGD +RXJK 5 t 6WHYHQV 6RFLDO QHWZRUNV DV VXSSRUWV IRU SDUHQWLQJ
PAGE 137

0RRUH t :DLWH / (DUO\ FKLOGEHUDULQJ DQG HGXFDWLRQDO DWWDLQPHQW )DPLO\ 3ODQQLQJ 3HUVSHFWLYHV A 2SSHO : t 5R\VWRQ $ 7HHQDJH ELUWKV 6RPH VRFLDO DQG SK\VLFDO VHTXHODH $PHULFDQ -RXUQDO RI 3XEOLF +HDOWK B 3DUNH 5 6RFLDOL]DWLRQ LQWR FKLOG DEXVH $ VRFLDO LQWHUDFWLRQDO SHUVSHFWLYH ,Q 7DSS t ) /HYLQH (GVf /DZ MXVWLFH DQG WKH LQGLYLGXDO LQ VRFLHW\ 3V\FKRORJLFDO DQG OHJDO LVVXHV 1HZ
PAGE 138

6XVVPDQ 0 t %XUFKLQDO / .LQ IDPLO\ QHWZRUN 8QKHUDOGHG VWUXFWXUH LQ FXUUHQW FRQFHSWXDOL]DWLRQV RI IDPLO\ IXQFWLRQn LQJ 0DUULDJH DQG )DPLO\ /LYLQJ 6ZLFN %URZQ 0 t :DWVRQ 7 3HUVSHFWLYHV RQ IDPLO\ DVVLVWHG OHDUQLQJ &KLOGUHQ 2XU &RQFHUQ 7ROVGRUI & 6RFLDO QHWZRUN VXSSRUW DQG FRSLQJ $Q H[SORUDWRU\ VWXG\ )DPLO\ 3URFHVV B :DWHUV ( JHW E\ ZLWK D OLWWOH KHOS IURP P\ IULHQGV 7KH LPSRUWDQFH RI VXSSRUW V\VWHPV 7KH 9RFDWLRQDO *XLGDQFH 4XDUWHUO\ B :KLWH % 7KH RULJLQV RI KXPDQ FRPSHWHQFH /H[LQJWRQ 0DVVDFKXVHWWV '& +HDWK t &RPSDQ\ =HOQLFN 0 t .DQWQHU 6H[XDO DFWLYLW\ FRQWUDFHSWLYH XVH DQG SUHJQDQF\ DPRQJ PHWURSROLWDQDUHD WHHQDJHUV )DPLO\ 3ODQQLQJ 3HUVSHFWLYH B =LPEDUGR 3 t )RUPLFD 5 (PRWLRQDO FRPSDULVRQ DQG VHOIHVWHHP DV GHWHUPLQDQWV RI DIILOLDWLRQ -RXUQDO RI 3HUVRQDOLW\ B =LWQHU 5 t 0LOOHU 6 $ VWXG\ RI WKH XVH RI VXSSRUW VHUYLFHV E\ DGROHVFHQW PRWKHUV ,Q 6SDUOLQJ t, /HZLV (GVf ,QIRUPDn WLRQ QHHGV RI SDUHQWV ZLWK \RXQJ FKLOGUHQ :DVKLQJWRQ '& $GPLQLVWUDWLRQ IRU &KLOGUHQ
PAGE 139

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nV GHJUHH LQ IDPLO\ UHODn WLRQV DQG FKLOG GHYHORSPHQW DW .DQVDV 6WDWH LQ 'RORUHVn SURIHVVLRQDO H[SHULHQFHV LQFOXGH FROOHJH LQVWUXFWLRQ DW &DOLIRUQLD 6WDWH 8QLYHUVLW\6DFUDPHQWR 2VFDU 5RVH -XQLRU &ROOHJH 0LGZHVW &LW\ 2NODKRPD DQG 6DQWD )H &RPPXQLW\ &ROOHJH *DLQHVYLOOH )ORULGD 0UV 6WHJHOLQ SXUVXHG KHU GRFWRUDO ZRUN LQ HDUO\ FKLOGKRRG HGXFDWLRQ DW WKH 8QLYHUVLW\ RI )ORULGD IURP +HU DUHD RI VSHFLDO LQWHUHVW ZDV LQIDQW GHYHORSPHQW DQG SDUHQW HGXFDWLRQ 2Q -XQH 'RORUHV DVVXPHG WKH SRVLWLRQ RI )DPLO\ /LIH (GXFDWLRQ 6SHFLDOLVW IRU WKH 7H[DV $JULFXOWXUDO ([WHQVLRQ 6HUYLFH 7H[DV $ t 0 8QLYHUVLW\ 6KH ZULWHV FXUULFXOXP PDWHULDOV DQG GRHV VWDWHn ZLGH SURJUDPPLQJ LQ &KLOG DQG $GROHVFHQW 'HYHORSPHQW DQG )DPLO\ 5HODn WLRQV 6KH LV PDUULHG WR 'U )RUUHVW ( 6WHJHOLQ DQG KDV WZR FKLOGUHQ 6WHSKHQ DQG $PEHU

PAGE 140

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

PAGE 141

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