����JFIFXX�����    $.' ",#(7),01444'9=82<.342  2!!22222222222222222222222222222222222222222222222222����"��4�� ���,�PG"Z_�4�˷����kjز�Z�,F+��_z�,�© �����zh6�٨�ic�fu���#ډb���_�N�?��wQ���5-�~�I���8����TK<5o�Iv-�����k�_U_�����~b�M��d����Ӝ�U�Hh��?]��E�w��Q���k�{��_}qFW7HTՑ��Y��F�?_�'ϔ��_�Ջt��=||I ��6�έ"�����D���/[�k�9���Y�8ds|\���Ҿp6�Ҵ���]��.����6�z<�v��@]�i%��$j��~�g��J>��no����pM[me�i$[����s�o�ᘨ�˸ nɜG-�ĨU�ycP�3.DB�li�;��hj���x7Z^�N�h������N3u{�:j�x�힞��#M&��jL P@_���� P��&��o8������9�����@Sz6�t7#O�ߋ �s}Yf�T���lmr����Z)'N��k�۞p����w\�Tȯ?�8`�O��i{wﭹW�[�r�� ��Q4F�׊���3m&L�=��h3����z~��#�\�l :�F,j@�� ʱ�wQT����8�"kJO���6�֚l����}���R�>ډK���]��y����&����p�}b��;N�1�m�r$�|��7�>e�@B�TM*-iH��g�D�)� E�m�|�ؘbҗ�a��Ҿ����t4���o���G��*oCN�rP���Q��@z,|?W[0�����:�n,jWiE��W��$~/�hp\��?��{(�0���+�Y8rΟ�+����>S-S����VN;�}�s?.����� w�9��˟<���Mq4�Wv'��{)0�1mB��V����W[�����8�/<� �%���wT^�5���b��)iM� pg�N�&ݝ��VO~�q���u���9� ����!��J27����$O-���! �:�%H��� ـ����y�ΠM=t{!S�� oK8������t<����è:a������[�����ա�H���~��w��Qz`�po�^ ����Q��n� �,uu�C�$ ^���,������8�#��:�6��e�|~���!�3�3.�\0��q��o�4`.|� ����y�Q�`~;�d�ׯ,��O�Zw�������`73�v�܋�<���Ȏ�� ـ4k��5�K�a�u�=9Yd��$>x�A�&�� j0� ���vF��� Y�|�y��� ~�6�@c��1vOp�Ig����4��l�OD���L����� R���c���j�_�uX6��3?nk��Wy�f;^*B� ��@�~a�`��Eu������+���6�L��.ü>��}y���}_�O�6�͐�:�YrG�X��kG�����l^w���~㒶sy��Iu�!� W ��X��N�7BV��O��!X�2����wvG�R�f�T#�����t�/?���%8�^�W�aT��G�cL�M���I��(J����1~�8�?aT ���]����AS�E��(��*E}� 2��#I/�׍qz��^t�̔���b�Yz4x���t�){ OH��+(E��A&�N�������XT��o��"�XC��'���)}�J�z�p� ��~5�}�^����+�6����w��c��Q�|Lp�d�H��}�(�.|����k��c4^�"�����Z?ȕ ��a<�L�!039C� �Eu�C�F�Ew�ç ;�n?�*o���B�8�bʝ���'#Rqf���M}7����]����s2tcS{�\icTx;�\��7K���P���ʇ Z O-��~��c>"��?�������P��E��O�8��@�8��G��Q�g�a�Վ���󁶠�䧘��_%#r�>�1�z�a��eb��qcPѵ��n���#L��� =��׀t� L�7�`��V���A{�C:�g���e@�w1 Xp3�c3�ġ����p��M"'-�@n4���fG��B3�DJ�8[Jo�ߐ���gK)ƛ��$���� ���8�3�����+���� �����6�ʻ���� ���S�kI�*KZlT _`���?��K����QK�d����B`�s}�>���`��*�>��,*@J�d�oF*����弝��O}�k��s��]��y�ߘ��c1G�V���<=�7��7����6�q�PT��tXԀ�!9*4�4Tހ3XΛex�46���Y��D ����� �BdemDa����\�_l,��G�/���֌7���Y�](�xTt^%�GE�����4�}bT���ڹ�����;Y)���B�Q��u��>J/J �⮶.�XԄ��j�ݳ�+E��d ��r�5�_D�1 ��o�� �B�x�΢�#���<��W�����8���R6�@g�M�.��� dr�D��>(otU��@x=��~v���2� ӣ�d�oBd��3�eO�6�㣷�����ݜ6��6Y��Qz`��S��{���\P�~z m5{J/L��1������<�e�ͅPu�b�]�ϔ���'������f�b� Zpw��c`"��i���BD@:)ִ�:�]��hv�E�w���T�l��P���"Ju�}��وV J��G6��. J/�Qgl߭�e�����@�z�Zev2u�)]կ�����7x���s�M�-<ɯ�c��r�v�����@��$�ޮ}lk���a���'����>x��O\�ZFu>�����ck#��&:��`�$�ai�>2Δ����l���oF[h��lE�ܺ�Πk:)���`�� $[6�����9�����kOw�\|���8}������ބ:��񶐕��I�A1/�=�2[�,�!��.}gN#�u����b��� ~��݊��}34q����d�E��Lc��$��"�[q�U�硬g^��%B �z���r�pJ�ru%v\h1Y�ne`ǥ:g���pQM~�^�Xi� ��`S�:V29.�P���V�?B�k�� AEvw%�_�9C�Q����wKekPؠ�\�;Io d�{ ߞo�c1eP����\� `����E=���@K<�Y���eڼ�J���w����{av�F�'�M�@/J��+9p���|]�����Iw &`��8���&M�hg��[�{��Xj��%��Ӓ�$��(����ʹN���<>�I���RY���K2�NPlL�ɀ)��&e����B+ь����( � �JTx���_?EZ� }@ 6�U���뙢ط�z��dWI�n` D����噥�[��uV��"�G&Ú����2g�}&m��?ċ�"����Om#��������� ��{�ON��"S�X��Ne��ysQ���@Fn��Vg���dX�~nj�]J�<�K]:��FW��b�������62�=��5f����JKw��bf�X�55��~J �%^����:�-�QIE��P��v�nZum� z � ~ə ���� ���ة����;�f��\v���g�8�1��f24;�V���ǔ�)����9���1\��c��v�/'Ƞ�w�������$�4�R-��t���� e�6�/�ġ �̕Ecy�J���u�B���<�W�ַ~�w[B1L۲�-JS΂�{���΃������A��20�c#��@ 0!1@AP"#2Q`$3V�%45a6�FRUq��� ����^7ׅ,$n�������+��F�`��2X'��0vM��p�L=������5��8������u�p~���.�`r�����\���O��,ư�0oS ��_�M�����l���4�kv\JSd���x���SW�<��Ae�IX����������$I���w�:S���y���›R��9�Q[���,�5�;�@]�%���u�@ *ro�lbI �� ��+���%m:�͇ZV�����u�̉����θau<�fc�.����{�4Ա� �Q����*�Sm��8\ujqs]{kN���)qO�y�_*dJ�b�7���yQqI&9�ԌK!�M}�R�;������S�T���1���i[U�ɵz�]��U)V�S6���3$K{�ߊ<�(� E]Զ[ǼENg�����'�\?#)Dkf��J���o��v���'�%ƞ�&K�u�!��b�35LX�Ϸ��63$K�a�;�9>,R��W��3�3� d�JeTYE.Mϧ��-�o�j3+y��y^�c�������VO�9NV\nd�1 ��!͕_)a�v;����թ�M�lWR1��)El��P;��yوÏ�u 3�k�5Pr6<�⒲l�!˞*��u־�n�!�l:����UNW ��%��Chx8vL'��X�@��*��)���̮��ˍ��� ���D-M�+J�U�kvK����+�x8��cY������?�Ԡ��~3mo��|�u@[XeY�C�\Kp�x8�oC�C�&����N�~3-H���� ��MX�s�u<`���~"WL��$8ξ��3���a�)|:@�m�\���^�`�@ҷ)�5p+��6���p�%i)P M���ngc�����#0Aruz���RL+xSS?���ʮ}()#�t��mˇ!��0}}y����<�e� �-ή�Ԩ��X������ MF���ԙ~l L.3���}�V뽺�v�����멬��Nl�)�2����^�Iq��a��M��qG��T�����c3#������3U�Ǎ���}��לS�|qa��ڃ�+���-��2�f����/��bz��ڐ�� �ݼ[2�ç����k�X�2�* �Z�d���J�G����M*9W���s{��w���T��x��y,�in�O�v��]���n����P�$�JB@=4�OTI�n��e�22a\����q�d���%�$��(���:���: /*�K[PR�fr\nڙdN���F�n�$�4�[�� U�zƶ����� �mʋ���,�ao�u 3�z� �x��Kn����\[��VFmbE;�_U��&V�Gg�]L�۪&#n%�$ɯ�dG���D�TI=�%+AB�Ru#��b4�1�»x�cs�YzڙJG��f��Il��d�eF'T� iA��T���uC�$����Y��H?����[!G`}���ͪ� �纤Hv\������j�Ex�K���!���OiƸ�Yj�+u-<���'q����uN�*�r\��+�]���<�wOZ.fp�ێ��,-*)V?j-kÊ#�`�r��dV����(�ݽBk�����G�ƛk�QmUڗe��Z���f}|����8�8��a���i��3'J�����~G_�^���d�8w������ R�`(�~�.��u���l�s+g�bv���W���lGc}��u���afE~1�Ue������Z�0�8�=e�� f@/�jqEKQQ�J��oN��J���W5~M>$6�Lt�;$ʳ{���^��6�{����v6���ķܰg�V�cnn �~z�x�«�,2�u�?cE+Ș�H؎�%�Za�)���X>uW�Tz�Nyo����s���FQƤ��$��*�&�LLXL)�1�" L��eO��ɟ�9=���:t��Z���c��Ž���Y?�ӭV�wv�~,Y��r�ۗ�|�y��GaF�����C�����.�+� ���v1���fήJ�����]�S��T��B��n5sW}y�$��~z�'�c ��8 ��� ,! �p��VN�S��N�N�q��y8z˱�A��4��*��'������2n<�s���^ǧ˭P�Jޮɏ�U�G�L�J�*#��<�V��t7�8����TĜ>��i}K%,���)[��z�21z ?�N�i�n1?T�I�R#��m-�����������������1����lA�`��fT5+��ܐ�c�q՝��ʐ��,���3�f2U�եmab��#ŠdQ�y>\��)�SLY����w#��.���ʑ�f��� ,"+�w�~�N�'�c�O�3F�������N<���)j��&��,-� �љ���֊�_�zS���TǦ����w�>��?�������n��U仆�V���e�����0���$�C�d���rP �m�׈e�Xm�Vu� �L��.�bֹ��� �[Դaզ���*��\y�8�Է:�Ez\�0�Kq�C b��̘��cө���Q��=0Y��s�N��S.���3.���O�o:���#���v7�[#߫ ��5�܎�L���Er4���9n��COWlG�^��0k�%<���ZB���aB_���������'=��{i�v�l�$�uC���mƎҝ{�c㱼�y]���W�i ��ߧc��m�H� m�"�"�����;Y�ߝ�Z�Ǔ�����:S#��|}�y�,/k�Ld� TA�(�AI$+I3��;Y*���Z��}|��ӧO��d�v��..#:n��f>�>���ȶI�TX��� 8��y����"d�R�|�)0���=���n4��6ⲑ�+��r<�O�܂~zh�z����7ܓ�HH�Ga롏���nCo�>������a ���~]���R���̲c?�6(�q�;5%� |�uj�~z8R=X��I�V=�|{v�Gj\gc��q����z�؋%M�ߍ����1y��#��@f^���^�>N�����#x#۹��6�Y~�?�dfPO��{��P�4��V��u1E1J �*|���%���JN��`eWu�zk M6���q t[�� ��g�G���v��WIG��u_ft����5�j�"�Y�:T��ɐ���*�;� e5���4����q$C��2d�}���� _S�L#m�Yp��O�.�C�;��c����Hi#֩%+) �Ӎ��ƲV���SYź��g |���tj��3�8���r|���V��1#;.SQ�A[���S������#���`n�+���$��$I �P\[�@�s��(�ED�z���P��])8�G#��0B��[ى��X�II�q<��9�~[Z멜�Z�⊔IWU&A>�P~�#��dp<�?����7���c��'~���5 ��+$���lx@�M�dm��n<=e�dyX��?{�|Aef ,|n3�<~z�ƃ�uۧ�����P��Y,�ӥQ�*g�#먙R�\���;T��i,��[9Qi歉����c>]9�� ��"�c��P�� �Md?٥��If�ت�u��k��/����F��9�c*9��Ǎ:�ØF���z�n*�@|I�ށ9����N3{'��[�'ͬ�Ҳ4��#}��!�V� Fu��,�,mTIk���v C�7v���B�6k�T9��1�*l� '~��ƞF��lU��'�M ����][ΩũJ_�{�i�I�n��$���L�� j��O�dx�����kza۪��#�E��Cl����x˘�o�����V���ɞ�ljr��)�/,�߬h�L��#��^��L�ф�,íMƁe�̩�NB�L�����iL����q�}��(��q��6IçJ$�W�E$��:������=#����(�K�B����zђ <��K(�N�۫K�w��^O{!����)�H���>x�������lx�?>Պ�+�>�W���,Ly!_�D���Ō�l���Q�!�[ �S����J��1��Ɛ�Y}��b,+�Lo�x�ɓ)����=�y�oh�@�꥟/��I��ѭ=��P�y9��� �ۍYӘ�e+�p�Jnϱ?V\SO%�(�t� ���=?MR�[Ș�����d�/ ��n�l��B�7j� ��!�;ӥ�/�[-���A�>�dN�sLj ��,ɪv��=1c�.SQ�O3�U���ƀ�ܽ�E����������̻��9G�ϷD�7(�}��Ävӌ\�y�_0[w ���<΍>����a_��[0+�L��F.�޺��f�>oN�T����q;���y\��bՃ��y�jH�<|q-eɏ�_?_9+P���Hp$�����[ux�K w�Mw��N�ی'$Y2�=��q���KB��P��~������Yul:�[<����F1�2�O���5=d����]Y�sw:���Ϯ���E��j,_Q��X��z`H1,#II ��d�wr��P˂@�ZJV����y$�\y�{}��^~���[:N����ߌ�U�������O��d�����ؾe��${p>G��3c���Ė�lʌ�� ת��[��`ϱ�-W����dg�I��ig2��� ��}s ��ؤ(%#sS@���~���3�X�nRG�~\jc3�v��ӍL��M[JB�T��s3}��j�Nʖ��W����;7��ç?=X�F=-�=����q�ߚ���#���='�c��7���ڑW�I(O+=:uxq�������������e2�zi+�kuG�R��������0�&e�n���iT^J����~\jy���p'dtG��s����O��3����9* �b#Ɋ�� p������[Bws�T�>d4�ۧs���nv�n���U���_�~,�v����ƜJ1��s�� �QIz��)�(lv8M���U=�;����56��G���s#�K���MP�=��LvyGd��}�VwWBF�'�à �?MH�U�g2�� ����!�p�7Q��j��ڴ����=��j�u��� Jn�A s���uM������e��Ɔ�Ҕ�!)'��8Ϣ�ٔ��ޝ(��Vp���צ֖d=�IC�J�Ǡ{q������kԭ�߸���i��@K����u�|�p=..�*+����x�����z[Aqġ#s2a�Ɗ���RR�)*HRsi�~�a &f��M��P����-K�L@��Z��Xy�'x�{}��Zm+���:�)�) IJ�-i�u���� ���ܒH��'�L(7�y�GӜq���� j��� 6ߌg1�g�o���,kر���tY�?W,���p���e���f�OQS��!K�۟cҒA�|ս�j�>��=⬒��˧L[�� �߿2JaB~R��u�:��Q�] �0H~���]�7��Ƽ�I���(}��cq '�ήET���q�?f�ab���ӥvr� �)o��-Q��_'����ᴎo��K������;��V���o��%���~OK ����*��b�f:���-ťIR��`B�5!RB@���ï�� �u �̯e\�_U�_������� g�ES��3�������QT��a����x����U<~�c?�*�#]�MW,[8O�a�x��]�1bC|踤�P��lw5V%�)�{t�<��d��5���0i�XSU��m:��Z�┵�i�"��1�^B�-��P�hJ��&)O��*�D��c�W��vM��)����}���P��ܗ-q����\mmζZ-l@�}��a��E�6��F�@��&Sg@���ݚ�M����� ȹ 4����#p�\H����dYDo�H���"��\��..R�B�H�z_�/5˘����6��KhJR��P�mƶi�m���3�,#c�co��q�a)*Pt����R�m�k�7x�D�E�\Y�閣_X�<���~�)���c[[�BP����6�Yq���S��0����%_����;��Àv�~�| VS؇ ��'O0��F0��\���U�-�d@�����7�SJ*z��3n��y��P����O���������m�~�P�3|Y��ʉr#�C�<�G~�.,! ���bqx���h~0=��!ǫ�jy����l�O,�[B��~��|9��ٱ����Xly�#�i�B��g%�S��������tˋ���e���ې��\[d�t)��.+u�|1 ������#�~Oj����hS�%��i.�~X���I�H�m��0n���c�1uE�q��cF�RF�o���7� �O�ꮧ� ���ۛ{��ʛi5�rw?׌#Qn�TW��~?y$��m\�\o����%W� ?=>S�N@�� �Ʈ���R����N�)�r"C�:��:����� �����#��qb��Y�. �6[��2K����2u�Ǧ�HYR��Q�MV��� �G�$��Q+.>�����nNH��q�^��� ����q��mM��V��D�+�-�#*�U�̒ ���p욳��u:�������IB���m���PV@O���r[b= �� ��1U�E��_Nm�yKbN�O���U�}�the�`�|6֮P>�\2�P�V���I�D�i�P�O;�9�r�mAHG�W�S]��J*�_�G��+kP�2����Ka�Z���H�'K�x�W�MZ%�O�YD�Rc+o��?�q��Ghm��d�S�oh�\�D�|:W������UA�Qc yT�q������~^�H��/��#p�CZ���T�I�1�ӏT����4��"�ČZ�����}��`w�#�*,ʹ�� ��0�i��課�Om�*�da��^gJ݅{���l�e9uF#T�ֲ��̲�ٞC"�q���ߍ ոޑ�o#�XZTp����@ o�8��(jd��xw�]�,f���`~�|,s��^����f�1���t��|��m�򸄭/ctr��5s��7�9Q�4�H1꠲BB@l9@���C�����+�wp�xu�£Yc�9��?`@#�o�mH�s2��)�=��2�.�l����jg�9$�Y�S�%*L������R�Y������7Z���,*=�䷘$�������arm�o�ϰ���UW.|�r�uf����IGw�t����Zwo��~5 ��YյhO+=8fF�)�W�7�L9lM�̘·Y���֘YLf�큹�pRF���99.A �"wz��=E\Z���'a� 2��Ǚ�#;�'}�G���*��l��^"q��+2FQ� hj��kŦ��${���ޮ-�T�٭cf�|�3#~�RJ����t��$b�(R��(����r���dx� >U b�&9,>���%E\� Ά�e�$��'�q't��*�א���ެ�b��-|d���SB�O�O��$�R+�H�)�܎�K��1m`;�J�2�Y~9��O�g8=vqD`K[�F)k�[���1m޼c��n���]s�k�z$@��)!I �x՝"v��9=�ZA=`Ɠi �:�E��)`7��vI��}d�YI�_ �o�:ob���o ���3Q��&D&�2=�� �Ά��;>�h����y.*ⅥS������Ӭ�+q&����j|UƧ����}���J0��WW< ۋS�)jQR�j���Ư��rN)�Gű�4Ѷ(�S)Ǣ�8��i��W52���No˓� ۍ%�5brOn�L�;�n��\G����=�^U�dI���8$�&���h��'���+�(������cȁ߫k�l��S^���cƗjԌE�ꭔ��gF���Ȓ��@���}O���*;e�v�WV���YJ\�]X'5��ղ�k�F��b 6R�o՜m��i N�i����>J����?��lPm�U��}>_Z&�KK��q�r��I�D�Չ~�q�3fL�:S�e>���E���-G���{L�6p�e,8��������QI��h��a�Xa��U�A'���ʂ���s�+טIjP�-��y�8ۈZ?J$��W�P� ��R�s�]��|�l(�ԓ��sƊi��o(��S0��Y� 8�T97.�����WiL��c�~�dxc�E|�2!�X�K�Ƙਫ਼�$((�6�~|d9u+�qd�^3�89��Y�6L�.I�����?���iI�q���9�)O/뚅����O���X��X�V��ZF[�یgQ�L��K1���RҖr@v�#��X�l��F���Нy�S�8�7�kF!A��sM���^rkp�jP�DyS$N���q��nxҍ!U�f�!eh�i�2�m���`�Y�I�9r�6� �TF���C}/�y�^���Η���5d�'��9A-��J��>{�_l+�`��A���[�'��յ�ϛ#w:݅�%��X�}�&�PSt�Q�"�-��\縵�/����$Ɨh�Xb�*�y��BS����;W�ջ_mc�����vt?2}1�;qS�d�d~u:2k5�2�R�~�z+|HE!)�Ǟl��7`��0�<�,�2*���Hl-��x�^����'_TV�gZA�'j� ^�2Ϊ��N7t�����?w�� �x1��f��Iz�C-Ȗ��K�^q�;���-W�DvT�7��8�Z�������� hK�(P:��Q- �8�n�Z���܃e貾�<�1�YT<�,�����"�6{/ �?�͟��|1�:�#g��W�>$����d��J��d�B��=��jf[��%rE^��il:��B���x���Sּ�1հ��,�=��*�7 fcG��#q� �eh?��2�7�����,�!7x��6�n�LC�4x��},Geǝ�tC.��vS �F�43��zz\��;QYC,6����~;RYS/6���|2���5���v��T��i����������mlv��������&� �nRh^ejR�LG�f���? �ۉҬܦƩ��|��Ȱ����>3����!v��i�ʯ�>�v��オ�X3e���_1z�Kȗ\<������!�8���V��]��?b�k41�Re��T�q��mz��TiOʦ�Z��Xq���L������q"+���2ۨ��8}�&N7XU7Ap�d�X��~�׿��&4e�o�F��� �H����O���č�c�� 懴�6���͉��+)��v;j��ݷ�� �UV�� i��� j���Y9GdÒJ1��詞�����V?h��l����l�cGs�ځ�������y�Ac�����\V3�? �� ܙg�>qH�S,�E�W�[�㺨�uch�⍸�O�}���a��>�q�6�n6����N6�q������N ! 1AQaq�0@����"2BRb�#Pr���3C`��Scst���$4D���%Td�� ?���N����a��3��m���C���w��������xA�m�q�m���m������$����4n淿t'��C"w��zU=D�\R+w�p+Y�T�&�պ@��ƃ��3ޯ?�Aﶂ��aŘ���@-�����Q�=���9D��ռ�ѻ@��M�V��P��܅�G5�f�Y<�u=,EC)�<�Fy'�"�&�չ�X~f��l�KԆV��?�� �W�N����=(� �;���{�r����ٌ�Y���h{�١������jW����P���Tc�����X�K�r��}���w�R��%��?���E��m�� �Y�q|����\lEE4���r���}�lsI�Y������f�$�=�d�yO����p�����yBj8jU�o�/�S��?�U��*������ˍ�0������u�q�m [�?f����a�� )Q�>����6#������� ?����0UQ����,IX���(6ڵ[�DI�MNލ�c&���υ�j\��X�R|,4��� j������T�hA�e��^���d���b<����n�� �즇�=!���3�^�`j�h�ȓr��jẕ�c�,ٞX����-����a�ﶔ���#�$��]w�O��Ӫ�1y%��L�Y<�wg#�ǝ�̗`�x�xa�t�w��»1���o7o5��>�m뭛C���Uƃߜ}�C���y1Xνm�F8�jI���]����H���ۺиE@I�i;r�8ӭ����V�F�Շ| ��&?�3|x�B�MuS�Ge�=Ӕ�#BE5G�����Y!z��_e��q�р/W>|-�Ci߇�t�1ޯќd�R3�u��g�=0 5��[?�#͏��q�cf���H��{ ?u�=?�?ǯ���}Z��z���hmΔ�BFTW�����<�q�(v� ��!��z���iW]*�J�V�z��gX֧A�q�&��/w���u�gYӘa���; �i=����g:��?2�dž6�ى�k�4�>�Pxs����}������G�9��3 ���)gG�R<>r h�$��'nc�h�P��Bj��J�ҧH� -��N1���N��?��~��}-q!=��_2hc�M��l�vY%UE�@|�v����M2�.Y[|y�"Eï��K�ZF,�ɯ?,q�?v�M 80jx�"�;�9vk�����+ ֧�� �ȺU��?�%�vcV��mA�6��Qg^M����A}�3�nl� QRN�l8�kkn�'�����(��M�7m9و�q���%ޟ���*h$Zk"��$�9��: �?U8�Sl��,,|ɒ��xH(ѷ����Gn�/Q�4�P��G�%��Ա8�N��!� �&�7�;���eKM7�4��9R/%����l�c>�x;������>��C�:�����t��h?aKX�bhe�ᜋ^�$�Iհ �hr7%F$�E��Fd���t��5���+�(M6�t����Ü�UU|zW�=a�Ts�Tg������dqP�Q����b'�m���1{|Y����X�N��b �P~��F^F:����k6�"�j!�� �I�r�`��1&�-$�Bevk:y���#yw��I0��x��=D�4��tU���P�ZH��ڠ底taP��6����b>�xa����Q�#� WeF��ŮNj�p�J* mQ�N����*I�-*�ȩ�F�g�3 �5��V�ʊ�ɮ�a��5F���O@{���NX��?����H�]3��1�Ri_u��������ѕ�� ����0��� F��~��:60�p�͈�S��qX#a�5>���`�o&+�<2�D����: �������ڝ�$�nP���*)�N�|y�Ej�F�5ټ�e���ihy�Z �>���k�bH�a�v��h�-#���!�Po=@k̆IEN��@��}Ll?j�O������߭�ʞ���Q|A07x���wt!xf���I2?Z��<ץ�T���cU�j��]��陎Ltl �}5�ϓ��$�,��O�mˊ�;�@O��jE��j(�ا,��LX���LO���Ц�90�O �.����a��nA���7������j4 ��W��_ٓ���zW�jcB������y՗+EM�)d���N�g6�y1_x��p�$Lv:��9�"z��p���ʙ$��^��JԼ*�ϭ����o���=x�Lj�6�J��u82�A�H�3$�ٕ@�=Vv�]�'�qEz�;I˼��)��=��ɯ���x �/�W(V���p�����$ �m�������u�����񶤑Oqˎ�T����r��㠚x�sr�GC��byp�G��1ߠ�w e�8�$⿄����/�M{*}��W�]˷.�CK\�ުx���/$�WPw���r� |i���&�}�{�X� �>��$-��l���?-z���g����lΆ���(F���h�vS*���b���߲ڡn,|)mrH[���a�3�ר�[1��3o_�U�3�TC�$��(�=�)0�kgP���� ��u�^=��4 �WYCҸ:��vQ�ר�X�à��tk�m,�t*��^�,�}D*� �"(�I��9R����>`�`��[~Q]�#af��i6l��8���6�:,s�s�N6�j"�A4���IuQ��6E,�GnH��zS�HO�uk�5$�I�4��ؤ�Q9�@��C����wp�BGv[]�u�Ov���0I4���\��y�����Q�Ѹ��~>Z��8�T��a��q�ޣ;z��a���/��S��I:�ܫ_�|������>=Z����8:�S��U�I�J��"IY���8%b8���H��:�QO�6�;7�I�S��J��ҌAά3��>c���E+&jf$eC+�z�;��V����� �r���ʺ������my�e���aQ�f&��6�ND��.:��NT�vm�<- u���ǝ\MvZY�N�NT��-A�>jr!S��n�O 1�3�Ns�%�3D@���`������ܟ 1�^c<���� �a�ɽ�̲�Xë#�w�|y�cW�=�9I*H8�p�^(4���՗�k��arOcW�tO�\�ƍR��8����'�K���I�Q�����?5�>[�}��yU�ײ -h��=��% q�ThG�2�)���"ו3]�!kB��*p�FDl�A���,�eEi�H�f�Ps�����5�H:�Փ~�H�0Dت�D�I����h�F3�������c��2���E��9�H��5�zԑ�ʚ�i�X�=:m�xg�hd(�v����׊�9iS��O��d@0ڽ���:�p�5�h-��t�&���X�q�ӕ,��ie�|���7A�2���O%P��E��htj��Y1��w�Ѓ!����  ���� ࢽ��My�7�\�a�@�ţ�J �4�Ȼ�F�@o�̒?4�wx��)��]�P��~�����u�����5�����7X ��9��^ܩ�U;Iꭆ 5 �������eK2�7(�{|��Y׎ �V��\"���Z�1� Z�����}��(�Ǝ"�1S���_�vE30>���p;� ΝD��%x�W�?W?v����o�^V�i�d��r[��/&>�~`�9Wh��y�;���R��� ;;ɮT��?����r$�g1�K����A��C��c��K��l:�'��3 c�ﳯ*"t8�~l��)���m��+U,z��`(�>yJ�?����h>��]��v��ЍG*�{`��;y]��I�T� ;c��NU�fo¾h���/$���|NS���1�S�"�H��V���T���4��uhǜ�]�v;���5�͠x��'C\�SBpl���h}�N����� A�Bx���%��ޭ�l��/����T��w�ʽ]D�=����K���ž�r㻠l4�S�O?=�k �M:� ��c�C�a�#ha���)�ѐxc�s���gP�iG��{+���x���Q���I= �� z��ԫ+ �8"�k�ñ�j=|����c ��y��CF��/��*9ж�h{ �?4�o� ��k�m�Q�N�x��;�Y��4膚�a�w?�6�>e]�����Q�r�:����g�,i"�����ԩA�*M�<�G��b�if��l^M��5� �Ҩ�{����6J��ZJ�����P�*�����Y���ݛu�_4�9�I8�7���������,^ToR���m4�H��?�N�S�ѕw��/S��甍�@�9H�S�T��t�ƻ���ʒU��*{Xs�@����f�����֒Li�K{H�w^���������Ϥm�tq���s� ���ք��f:��o~s��g�r��ט� �S�ѱC�e]�x���a��) ���(b-$(�j>�7q�B?ӕ�F��hV25r[7 Y� }L�R��}����*sg+��x�r�2�U=�*'WS��ZDW]�WǞ�<��叓���{�$�9Ou4��y�90-�1�'*D`�c�^o?(�9��u���ݐ��'PI&� f�Jݮ�������:wS����jfP1F:X �H�9dԯ���˝[�_54 �}*;@�ܨ�� ð�yn�T���?�ןd�#���4rG�ͨ��H�1�|-#���Mr�S3��G�3�����)�.᧏3v�z֑��r����$G"�`j �1t��x0<Ɔ�Wh6�y�6��,œ�Ga��gA����y��b��)��h�D��ß�_�m��ü �gG;��e�v��ݝ�nQ� ��C����-�*��o���y�a��M��I�>�<���]obD��"�:���G�A��-\%LT�8���c�)��+y76���o�Q�#*{�(F�⽕�y����=���rW�\p���۩�c���A���^e6��K������ʐ�cVf5$�'->���ՉN"���F�"�UQ@�f��Gb~��#�&�M=��8�ט�JNu9��D��[̤�s�o�~������ G��9T�tW^g5y$b��Y'��س�Ǵ�=��U-2 #�MC�t(�i� �lj�@Q 5�̣i�*�O����s�x�K�f��}\��M{E�V�{�υ��Ƈ�����);�H����I��fe�Lȣr�2��>��W�I�Ȃ6������i��k�� �5�YOxȺ����>��Y�f5'��|��H+��98pj�n�.O�y�������jY��~��i�w'������l�;�s�2��Y��:'lg�ꥴ)o#'Sa�a�K��Z� �m��}�`169�n���"���x��I ��*+� }F<��cГ���F�P�������ֹ*�PqX�x۩��,� ��N�� �4<-����%����:��7����W���u�`����� $�?�I��&����o��o��`v�>��P��"��l���4��5'�Z�gE���8���?��[�X�7(��.Q�-��*���ތL@̲����v��.5���[��=�t\+�CNܛ��,g�SQnH����}*F�G16���&:�t��4ُ"A��̣��$�b �|����#rs��a�����T�� ]�<�j��BS�('$�ɻ� �wP;�/�n��?�ݜ��x�F��yUn�~mL*-�������Xf�wd^�a�}��f�,=t�׵i�.2/wpN�Ep8�OР���•��R�FJ� 55TZ��T �ɭ�<��]��/�0�r�@�f��V��V����Nz�G��^���7hZi����k��3�,kN�e|�vg�1{9]_i��X5y7� 8e]�U����'�-2,���e"����]ot�I��Y_��n�(JҼ��1�O ]bXc���Nu�No��pS���Q_���_�?i�~�x h5d'�(qw52] ��'ޤ�q��o1�R!���`ywy�A4u���h<קy���\[~�4�\ X�Wt/� 6�����n�F�a8��f���z �3$�t(���q��q�x��^�XWeN'p<-v�!�{�(>ӽDP7��ո0�y)�e$ٕv�Ih'Q�EA�m*�H��RI��=:��� ���4牢) �%_iN�ݧ�l]� �Nt���G��H�L��� ɱ�g<���1V�,�J~�ٹ�"K��Q�� 9�HS�9�?@��k����r�;we݁�]I�!{ �@�G�[�"��`���J:�n]�{�cA�E����V��ʆ���#��U9�6����j�#Y�m\��q�e4h�B�7��C�������d<�?J����1g:ٳ���=Y���D�p�ц� ׈ǔ��1�]26؜oS�'��9�V�FVu�P�h�9�xc�oq�X��p�o�5��Ա5$�9W�V(�[Ak�aY錎qf;�'�[�|���b�6�Ck��)��#a#a˙��8���=äh�4��2��C��4tm^ �n'c���]GQ$[Wҿ��i���vN�{Fu ��1�gx��1┷���N�m��{j-,��x�� Ūm�ЧS�[�s���Gna���䑴�� x�p 8<������97�Q���ϴ�v�aϚG��Rt�Һ׈�f^\r��WH�JU�7Z���y)�vg=����n��4�_)y��D'y�6�]�c�5̪�\� �PF�k����&�c;��cq�$~T�7j ���nç]�<�g ":�to�t}�159�<�/�8������m�b�K#g'I'.W�����6��I/��>v��\�MN��g���m�A�yQL�4u�Lj�j9��#44�t��l^�}L����n��R��!��t��±]��r��h6ٍ>�yҏ�N��fU�� ���� Fm@�8}�/u��jb9������he:A�y�ծw��GpΧh�5����l}�3p468��)U��d��c����;Us/�֔�YX�1�O2��uq�s��`hwg�r~�{ R��mhN��؎*q 42�*th��>�#���E����#��Hv�O����q�}�����6�e��\�,Wk�#���X��b>��p}�դ��3���T5��†��6��[��@�P�y*n��|'f�֧>�lư΂�̺����SU�'*�q�p�_S�����M�� '��c�6�����m�� ySʨ;M��r���Ƌ�m�Kxo,���Gm�P��A�G�:��i��w�9�}M(�^�V��$ǒ�ѽ�9���|���� �a����J�SQ�a���r�B;����}���ٻ֢�2�%U���c�#�g���N�a�ݕ�'�v�[�OY'��3L�3�;,p�]@�S��{ls��X�'���c�jw�k'a�.��}�}&�� �dP�*�bK=ɍ!����;3n�gΊU�ߴmt�'*{,=SzfD� A��ko~�G�aoq�_mi}#�m�������P�Xhύ����mxǍ�΂���巿zf��Q���c���|kc�����?���W��Y�$���_Lv����l߶��c���`?����l�j�ݲˏ!V��6����U�Ђ(A���4y)H���p�Z_�x��>���e��R��$�/�`^'3qˏ�-&Q�=?��CFVR �D�fV�9��{�8g�������n�h�(P"��6�[�D���< E�����~0<@�`�G�6����Hг�cc�� �c�K.5��D��d�B���`?�XQ��2��ٿyqo&+�1^� DW�0�ꊩ���G�#��Q�nL3��c���������/��x ��1�1[y�x�პCW��C�c�UĨ80�m�e�4.{�m��u���I=��f�����0QRls9���f���������9���~f�����Ǩ��a�"@�8���ȁ�Q����#c�ic������G��$���G���r/$W�(��W���V�"��m�7�[m�A�m����bo��D� j����۳� l���^�k�h׽����� ��#� iXn�v��eT�k�a�^Y�4�BN��ĕ��0 !01@Q"2AaPq3BR������?���@4�Q�����T3,���㺠�W�[=JK�Ϟ���2�r^7��vc�:�9 �E�ߴ�w�S#d���Ix��u��:��Hp��9E!�� V 2;73|F��9Y���*ʬ�F��D����u&���y؟��^EA��A��(ɩ���^��GV:ݜDy�`��Jr29ܾ�㝉��[���E;Fzx��YG��U�e�Y�C���� ����v-tx����I�sם�Ę�q��Eb�+P\ :>�i�C'�;�����k|z�رn�y]�#ǿb��Q��������w�����(�r|ӹs��[�D��2v-%��@;�8<a���[\o[ϧw��I!��*0�krs)�[�J9^��ʜ��p1)� "��/_>��o��<1����A�E�y^�C��`�x1'ܣn�p��s`l���fQ��):�l����b>�Me�jH^?�kl3(�z:���1ŠK&?Q�~�{�ٺ�h�y���/�[��V�|6��}�KbX����mn[-��7�5q�94�������dm���c^���h� X��5��<�eޘ>G���-�}�دB�ޟ� ��|�rt�M��V+�]�c?�-#ڛ��^ǂ}���Lkr���O��u�>�-D�ry� D?:ޞ�U��ǜ�7�V��?瓮�"�#���r��չģVR;�n���/_� ؉v�ݶe5d�b9��/O��009�G���5n�W����JpA�*�r9�>�1��.[t���s�F���nQ� V 77R�]�ɫ8����_0<՜�IF�u(v��4��F�k�3��E)��N:��yڮe��P�`�1}�$WS��J�SQ�N�j�ٺ��޵�#l���ј(�5=��5�lǏmoW�v-�1����v,W�mn��߀$x�<����v�j(����c]��@#��1������Ǔ���o'��u+����;G�#�޸��v-lη��/(`i⣍Pm^���ԯ̾9Z��F��������n��1��� ��]�[��)�'������:�֪�W��FC����� �B9،!?���]��V��A�Վ�M��b�w��G F>_DȬ0¤�#�QR�[V��kz���m�w�"��9ZG�7'[��=�Q����j8R?�zf�\a�=��O�U����*oB�A�|G���2�54 �p��.w7� �� ��&������ξxGHp� B%��$g�����t�Џ򤵍z���HN�u�Я�-�'4��0��;_��3 !01"@AQa2Pq#3BR������?��ʩca��en��^��8���<�u#��m*08r��y�N"�<�Ѳ0��@\�p��� �����Kv�D��J8�Fҽ� �f�Y��-m�ybX�NP����}�!*8t(�OqѢ��Q�wW�K��ZD��Δ^e��!� ��B�K��p~�����e*l}z#9ң�k���q#�Ft�o��S�R����-�w�!�S���Ӥß|M�l޶V��!eˈ�8Y���c�ЮM2��tk���� ������J�fS����Ö*i/2�����n]�k�\���|4yX�8��U�P.���Ы[���l��@"�t�<������5�lF���vU�����W��W��;�b�cД^6[#7@vU�xgZv��F�6��Q,K�v��� �+Ъ��n��Ǣ��Ft���8��0��c�@�!�Zq s�v�t�;#](B��-�nῃ~���3g������5�J�%���O������n�kB�ĺ�.r��+���#�N$?�q�/�s�6��p��a����a��J/��M�8��6�ܰ"�*������ɗud"\w���aT(����[��F��U՛����RT�b���n�*��6���O��SJ�.�ij<�v�MT��R\c��5l�sZB>F��<7�;EA��{��E���Ö��1U/�#��d1�a�n.1ě����0�ʾR�h��|�R��Ao�3�m3 ��%�� ���28Q� ��y��φ���H�To�7�lW>����#i`�q���c����a��� �m,B�-j����݋�'mR1Ήt�>��V��p���s�0IbI�C.���1R�ea�����]H�6����������4B>��o��](��$B���m�����a�!=��?�B� K�Ǿ+�Ծ"�n���K��*��+��[T#�{E�J�S����Q�����s�5�:�U�\wĐ�f�3����܆&�)����I���Ԇw��E T�lrTf6Q|R�h:��[K�� �z��c֧�G�C��%\��_�a�84��HcO�bi��ؖV��7H �)*ģK~Xhչ0��4?�0��� �E<���}3���#���u�?�� ��|g�S�6ꊤ�|�I#Hڛ� �ա��w�X��9��7���Ŀ%�SL��y6č��|�F�a 8���b��$�sק�h���b9RAu7�˨p�Č�_\*w��묦��F ����4D~�f����|(�"m���NK��i�S�>�$d7SlA��/�²����SL��|6N�}���S�˯���g��]6��; �#�.��<���q'Q�1|KQ$�����񛩶"�$r�b:���N8�w@��8$�� �AjfG|~�9F ���Y��ʺ��Bwؒ������M:I岎�G��`s�YV5����6��A �b:�W���G�q%l�����F��H���7�������Fsv7��k�� 403WebShell
403Webshell
Server IP : 104.21.45.146  /  Your IP : 172.70.80.187
Web Server : Apache/2.4.52 (Ubuntu)
System : Linux ip-172-31-19-221 6.8.0-1029-aws #31~22.04.1-Ubuntu SMP Thu Apr 24 21:16:18 UTC 2025 x86_64
User : www-data ( 33)
PHP Version : 8.1.28
Disable Function : NONE
MySQL : OFF  |  cURL : ON  |  WGET : ON  |  Perl : ON  |  Python : OFF  |  Sudo : ON  |  Pkexec : ON
Directory :  /efsdata/authorproof.omicsgroup.co.in/paper-submissions-new/2020/May/13/

Upload File :
current_dir [ Writeable ] document_root [ Writeable ]

 

Command :


[ Back ]     

Current File : /efsdata/authorproof.omicsgroup.co.in/paper-submissions-new/2020/May/13/manuscript-1589391898.doc
��ࡱ�>��	}�����z{|��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������y�	��~�bjbj��	�g�{�{��K�������44����������"""x��F"A=�Z�HHHH� �!�R"XH<J<J<J<J<J<J<�>��AhJ<���"��� �"�"J<��HH��<J4J4J4�"�	�H�HH<J4�"H<J4J4�T;|�;H����P�a���������,��;4<=0A=�;B�3�B$�;�;B�<,�"�"J4�"�"�"�"�"J<J<J4�"�"�"A=�"�"�"�"��������������������������������������������������������������������B�"�"�"�"�"�"�"�"�"4 T:	
Executive Compensation, Board Structure and R&D Spending For Entrepreneurship Education: A Study of Australian Listed Firms

Abstract

Innovation becomes crucial to the success and survival of organizations over the globe. Due to risky long-term nature of innovation, the executive with decision power may be act cynically. Such pessimistic actions become normal when executive�s compensation is based on short-term outcomes of the firm. Therefore, the current research examined the effect of executive compensation on R&D investment. For this, data from 85 Standard and Poor companies listed on Australian Stock Exchange was used. Proposed model of the study was tested using Smart-PLS (v.3.2.8). The findings of the research indicated that composition of board significantly and positively influence the R&D investment. Likewise, as long-term composition of executives has positive, while short-term executive compensation has negative effect on R&D. Hence, this research suggests that to increase the innovation firms should control myopic actions of top management by orientating their compensation with long-term innovation.

Keywords: R&D spending; board composition, long-term incentives; cash compensation

1. Introduction

Innovation becomes crucial to the success and survival of organizations. There were several organizations leading the market, however, now acquired or left behind by their competitors such as Nokia, Yahoo, Motorola, Kodak, etc. These organizations unable to meet the requirements of digital economy and their top management was reluctant to invest in risky innovative projects. Although apparently these organizations did not make anything wrong, however, they did not show flexibility to adopt an innovation. These organizations in business history highlight the importance of R&D and innovation.

Specifically, in Australia, more than 40% of organizations failed to meet their performance, profitability and return on investment target due to lack of innovation (The Study of Australian Leadership, 2016). As well as, Australia is doing much less R&D than its counterparts Germany, Japan and America, and manufacturing labor productivity is only 60% to 65% when compared to the international benchmark (Potter, 2017). Australian firms also did not report about R&D



1

attributes like the use of science, math, engineering, new products and processes and others. Figure 1 further elaborate this problem.


MOST AUSTRALIAN MANUFACTURING COMPANIES ARE NOT
ENGAGED IN ADVANCED PROCESSES AND TECHNIQUES

WEIGHTED	AVERAGE FRACTION	ACROSS 2009-13 AND 2010-14, %

Firms exhibiting this advanced characteristicFirms NOT exhibiting this advanced characteristic
USING STEM SKILLS

INTRODUCED NEW/IMPROVED PROCESS

INTRODUCED NEW/IMPROVED MARKETING

SERVICES

INTRODUCED NEW/IMPROVED MARKETING METHOD

36%	64%

29%	71%

25%	75%

19%	81%

INCREASING IT EXPENDITURE18%82%SUPPLY TO OVERSEAS MARKET16%84%ONGOING DEVELOPMENT OF GOODS OR SERVICES15%85%COLABORATING ON R&D4%96%

Figure 1, Source: (Potter, 2017), * STEM refers to science, technology, engineering and math




Business Research and Development (R&D) is significantly influenced by the global financial crises. Bankruptcies in business world increases and formation of new business almost stopped. Furthermore, uncertainty regarding the declining future trend of most developed countries regarding innovation is increased. More specifically, when persistent unskilled employment is rising that cause the dwindle public support for innovation. This phenomenon has long-term damages to R&D activities.

Likewise, corporate breakdowns (One Tel, HIH Insurance, Harris Scarfe) hit developed economies in the earliest years of the 21st century and ending in the most noticeably awful depression since the considerable slump of the 1930s. Riaz et al., (2013) argued that 2001 was declared as the year of corporate breakdowns in Australia. They further stated that most shocking series of collapses were the fall of Joseph Gutnick�s Centaur Mining, HIH Insurance, Harris Scarfe and One Tel Company. These failures cost more than $13 billion in total and almost 20,000 people lost their jobs (Kohler, 2001). Additionally, the research findings by the Royal Commission on HIH

2

Insurance, which is the biggest collapse in the history of Australia revealed that this corporate scandal was caused by expensive business acquisitions and excessive corporate lavishness, based on the fallacy that there was sufficient cash in the business (Hud & Hussinger, 2014). Clarke (2004) stated that corporate breakdowns not due to the financial or economic crises but they were the results of �the greed and folly of the people who run them�. Financial economists find executive1 compensation and corporate governance as main causes behind corporate crises, thus, compensation and corporate governance became front-page news after these collapses (Filipetti & Archibugi, 2011).

In particular, compensation of executive was considered to be one of the important reasons behind the collapse of HIH Insurance (Riaz et al., 2013). This was even evident from the disbursement of massive performance-based cash bonuses to the joint chief executive officers of One Tel Company just before its collapse. The Australian public also became inflamed over the pay rise of the CEO of the Adelaide Bank who was awarded an increase of about 300 percent from $272,000 to $1,090,000 against the 20 percent increase of share value with no increase in dividend payouts (Riaz et al., 2013).

Moreover, agency theorist Jensen and Meckling (1976) recommends that executive compensation can be utilized as an important tool to adjust administration concern to those of shareholders and that executive pay is an answer for the agency expenses emerging from the partition of proprietorship and administration. They further added that separation of possession and control makes potential clashes between the concern of expert administrators and stockholders, which may prompt artfully putting resources into R&D by firm�s top management (Semadeni & Krause, 2019; Carberry & Zajaz, 2017; Tsao, Lin & Chen, 2015). Additionally, the occurrence of notable agency issues adding to financial failures brought up key issues about the authenticity of existing governance game plans to encourage good corporate governance with regard to executive compensation (Sheikh, Shah & Akbar, 2018;  HYPERLINK \l "page18" Li & Qian, 2011).

Therefore, the current study investigates the association among the corporate board, executive compensation and R&D spending. However, the pool of existing literature on this phenomenon is full of US studies ( HYPERLINK \l "page18" Gregory Smith, 2012) only rare studies trying to examine this phenomenon in



Executive and CEO are synonymously used in this study.

3

Australia. The current research also unique in a way that it includes two basic elements of compensation like short-term and long-term compensation and deals it separately. It is important to treat both types of compensation separately to have profound results for how short and long-term compensation effect R&D. Additionally, corporate board characteristics also influence the R&D spending of firms, but the effect of composite board construct is not widely tested in the existing literature. Thus, current study fills this gap by examining the relationships among the corporate board, executive compensation and R&D spending.

2. Literature Review

According to the agency theory, managers are self-interested and they foci on the actions that will benefits or increase their benefits (Jensen & Meckling, 1976). For this executives or managers generally adopt myopic behaviors towards long-term projects with uncertain payoffs. On the other hand, owners always tried to make organizations profitable in long-run, hence, owners have more tendency to go for risky value creative projects that will make firms more competitive  HYPERLINK \l "page21" (Wuebker

 HYPERLINK \l "page21" Klein, 2017; Shen & Zhang, 2013). Therefore, difference in interest of both parties may result in potential damage for firms in long time span. Accordingly, agency theory proposed that owners must rely on certain incentives in compensation contracts to align the interest of managers with firm value.

Moreover, binding the interest of managers with firms; long-term value is necessary as innovation is critical for creating competitive advantage and for sustainable firm growth. Firms can transform new ideas, knowledge and opportunities through innovation into their strength to compete with their rivals (Akram, Murugiah & Shahzad, 2017). Scholars argued that in digital business environment innovation or R&D prepare a firm for environmental changes, boost their competitive advantage which ultimately influences the firm performance (Akram et al., 2017, Shen & Zhang, 2013). Shen and Zhang (2013) and Chen, Ho and Ho (2014) artfully describe the uniqueness of R&D as they said that, although, the cost of R&D is tangible but the benefits from it not directly observable. In addition, R&D investment is expensed immediately so its impact on short-term profitability is unconstructive (Tsao et al., 2015). However, R&D projects generate profits after quite a few years, therefore, it has a high failure rate (Shujuan, Meng & Qingshun, 2018; Dalziel, Gentry & Bowerman, 2011). Due to a longer time horizon and uncertainty about results,executives may feel hesitation while putting resources into strategically oriented R&D projects (Tsao et al.,

4

2015; Mizik, 2010). Contrarily, shareholders may find R&D more attractive as it produces a higher return for a long period (Semadeni & Krause, 2019; Shaikh, O'Brien & Peters, 2018; Cheng, 2004). Furthermore, due to the risky and uncertain nature of R&D investment, the future benefits are also uncertain (Hall & Lerner, 2010) as well as forthcoming benefits from R&D are not completely mirrored by current stock prices (Lotfi & Rost, 2014). For that reason, executives who held short-term stocks may ease R&D in order to augment investments with settlements to be fully (better) pointed towards the contemporary stock outlays (Shujuan et al., 2018; Banker et al., 2013).

Besides, CEOs with performance-based compensation may focus on boosting firm�s short-term performance by cutting R&D investment (Tsao et al., 2015; Cheng, 2004; Bushee, 1998). Such phenomenon may direct firm managers to invest opportunistically in R&D activities (Shujuan et al., 2018; Mizik, 2010). Other studies analyzed R&D through the perceptual lens of the CEO, as a person responsible for making central decisions and having power to decisions regarding allocation of resources and crucial investments for an organization have a significant impact on corporate innovation and R&D (Kim & Wang, 2018; Barker & Mueller, 2002). Likely, there are evidence that executives� incentives have same effect on firms� diversification  HYPERLINK \l "page18" (Hoskisson, Hitt,

 HYPERLINK \l "page18" Hill, 1993), as due to diversification executives lose their control over firms� finance and they also need to put their struggles to manage diversified business (Nguyen, 2018;  HYPERLINK \l "page18" Hitt, Hoskisson, &  HYPERLINK \l "page18" Kim, 1997). Moreover, it is also trendy that firms did not directly apply innovation to their business, however, firms use diversification as product innovation or diversification  HYPERLINK \l "page18" (Hitt,  HYPERLINK \l "page18" Hoskisson, & Kim, 1997).

Similarly, researchers found that executive compensation is raised in high growth firms, because of high R&D intensive firms demand unique and high human capital and pay according to their ability to understand the new knowledge (Banker et al., 2013). They further added that proportion of equity-based compensation is greater in R&D intensive firms, Anderson, Banker, and Ravindran (2000) provide the same evidence for information technology firms. Furthermore, a research conducted by Cheng (2004) analyzed whether pay contracts helpful in mitigating manager�s opportunistic reductions in R&D investment and presented that executive compensation with long-term incentives and less emphasis on performance-based pay play a critical role in preventing myopic cuts in R&D by shielding of CEO compensation from R&D. The structure of executive compensation affects subsequent R&D output (Liu, 2014).

5

Furthermore, Anderson and Bizjak (2003) found a negative relationship among total compensation, CEO cash and R&D investment and diversification; while Cheng (2004) stated that there is no association between the value of employee stock option grants and R&D investment. Additionally, performance-based compensation and short-term incentives are likely to be decreased in R&D intensity (Biggerstaff, Blank & Goldie, 2019; Banker et al., 2013); therefore, managers, whose compensation is more closely associated with financial performance become risk-averse and hesitating while investing in long-term investments such as R&D (Shujuan et al., 2018; Sanyal & Bulan, 2010). Some researchers stated that compensation aligned with performance raises efforts of personal and their performance (Manso, 2017; Bebchuk & Fried, 2005). Contrary to it, other scholars argued that incentives cause high executive compensation and low performance (Banker et al., 2013).

Regardless of the unconstructive impact of pay for performance, incentive schemes still used by many organizations to motivate their executives (Lotfi & Rost, 2014). Furthermore, stock performance or turnover reflecting the firm performance in short run and such measures are used to determine the variable pay of the executives (Biggerstaff et al., 2019). Executive compensation emphasis on short-term incentives indicates that they do not have sufficient long-term incentives to invest in projects like R&D with longer time horizon (Manso, 2017; Cheng, 2004).

As R&D investment is linked to long-term commitment and uncertainty to a firm�s resources, that�s why, most of the prior studies believed that long-term payment such as stock options can foster R&D activities because of the reason that it creates long-term commitment in top management (Bereskin & Hsu, 2014). Baranchuk, Kieschnick and Moussawi (2014) stated that to motivate executives and to reduce the myopic behavior of managers there should be compensation with longer time horizon like early termination protection, option and stock compensation. Furthermore, some studies examined the effect of the corporate board on R&D (Manso, 2017; Baysinger & Hoskisson, 1990); predominantly, board size and board independence have been often analyzed because these factors considered important in order to align the interest of shareholders and managers to eliminate agency problem (Mezghanni, 2010). It is considered that independent outside directors are more willing to monitor the board activities and contribute their professional expertise in strategic decision-making process and more effectively protect the shareholder's wealth, R&D investment (Shaikh et al., 2018; Deutsch, 2007). However, there is a

6

potential threat of lack of specific knowledge and experience related to firms that are necessary for the firm�s competencies (Banker et al., 2013) and there is a possibility of lack of knowledge about the environment in which the firm competes (Mezghanni, 2010).

Contrary to it, internal directors have high-quality superior information and they participate actively in the ongoing operations of the company because they have a better understanding of the strategic decisions and their potential outcomes with respect to short or long run (Patel, Guedes, Soares & Gon�alves, 2018; Baysinger & Hoskisson, 1990). Moreover, the corporate board is the central point to process and manage information with diverse knowledge and experience. To remove insecurity of R&D projects firms always need talented directors to manage R&D activities (Chen, 2013). Furthermore, the deliberate point of consideration of top management might depend on freedom of operations upon R&D investments (Hud & Hussinger, 2014), their mode of compensation and the process of firm�s decision (Banker et al., 2013). Hence, preference of board of directors must be the selection of an appropriate person that makes such decisions which are in the best interest and value maximization with shareholders perspective (Mezghanni, 2010). Besides, board size is contributing significantly to resource provision and in monitoring the manager's activities which reduce the myopic nature of managers (Patel et al., 2018; Hillman & Dalziel, 2003).

3. Hypotheses Development

In this section, hypotheses are developed on the basis of previous related arguments and theories.

Board Composition and R&D Spending

Board of directors is one of the main elements of the board. They are responsible for monitoring the top management and aligning their wealth with the performance. According to resource-based theory, corporate board possesses the diverse knowledge, advice and experience to help managers in making a strategic decision (Epstein, Angert & Strain, 2017; Kim, Kim & Lee, 2008). This theory also stated that corporate board is a bank of resources which a firm needed in day to day operations and specifically for making a crucial decision related to innovative projects (Lu & Wang, 2016). The corporate board based on more proportion of independent directors may increase R&D spending through better monitoring top management. Moreover, independent directors are appointed to reduce the myopic behavior of management as independent directors are

7

more efficient to observe board activities (Osma, 2008). Board size, board meetings, are the crucial points to obtain and process information required for R&D decisions (Chen, 2013; Jackling

Johl, 2009). Additionally, the corporate board serves as a hub of intellectual knowledge need for strategic decisions like R&D. The Larger board is a great source of diverse intellectual capital (Balsmeier, Fleming & Manso, 2017; Jackling & Johl, 2009). Besides, boards act as the processing unit or as the mind of the organizations because due to the artificial identity organizations are unable to make decisions by themselves. Therefore, attributes of top management or processing unit have a strong influence on organizations value creation investments (Balsmeier et al., 2017; Hillman & Dalziel, 2003).

H1: Composition of corporate board positive influence the R&D spending of firms.

Executive Compensation and R&D Spending

Shareholders are more conscious about executive�s compensation schemes and plans because compensation is a motivational force behind management action and lead them towards shareholders objective of value maximization (Shujuan et al., 2018; Liu, 2014; Lotfi & Rost, 2014). According to equity theory of motivation (Adams, 1965) employees trying to manage the situation by reducing their efforts if they feel that they are not fairly rewarded. Additionally, as innovation is risky and has more chances of failures directors tend to be on safe side and prefer to emphasize on alternative short-term performance-oriented practices  HYPERLINK \l "page18" (Hon & Lu, 2015). Hence, the compensation of board members determines the investment decisions of firms more specifically when it comes to R&D spending. Numerous studies tried to investigate the compensation effect on R&D with the aim to build common interest between shareholders and managers.

However, these studies failed to provide any conclusion, some studies reflected a positive relationship between executive compensation and R&D investment (Shujuan et al., 2018; Barker

Mueller, 2002), whereas some others reported a negative relationship (Souder & Shaver, 2010). Compensation tightly linked to the short-term financial performance has a negative effect on firm�s

commitment to invest in R&D (Kim & Wang, 2018; Cheng, 2004). Similarly, stock option-based incentives may also influence R&D investment negatively if there is a great difference in time horizon between them (Honor� et al., 2011).




8

In contrast, Sanyal and Bulan (2010) find a positive relationship between executive variable pay and R&D investment. Similarly,  HYPERLINK \l "page18" Ryan Jr. and Wiggins III (2002) investigate the relationship between executive compensation and R&D investment, they report a positive association. Devers et al. (2000) also reported a positive association between executive compensation and R&D. Accordingly, the current study hypothesizes the following hypothesis;

H2: Cash compensation of executives negatively influences R&D spending of firms

H2a: Long-term incentives of executives positively influence the R&D spending.

4. Research Methodology

The current study used S&P/ASX 100 firms for the year 2017 to evaluate the developed hypotheses. Data required for hypotheses testing obtain from companies� 2017 annual reports and these annual reports were downloaded from official websites of companies. In data cleaning procedure 15 firms are removed due to certain reasons like, 12 firms did not disclose the data of required variables (i.e. R&D) and data of 3 firms are found to have outliers. We applied Cook�s distance (CD) test to detect the potential outlier in the data. According to Cook�s distance, the value of CD greater than 1 indicates an outlier (Pallant, 2007). The final sample of this study is 85 companies. Additionally, this study did not categorize the firms into high or low R&D intensive firms as the target sample is small and most the firms do not provide reliable data to make such categorization.

PLS-SEM technique is more appropriate because it accurately deals with small sample size, with complex and large models (Hair et al., 2014), moreover, this technique is most commonly applied in various research disciplines. Therefore, the current research used PLS-SEM technique to analyze the path models. According to the requirements of the PLS-SEM, the required sample size must be the ten times of the maximum number of arrows pointed on construct in a model (Hair et al., 2014). In this study board composition, executives, long-term and short-term compensation are used as an independent variable and total arrows pointed on a construct is threes which shows that the required sample size must be ten times greater than the three (3*10=30).

The composition of corporate board measured with three main indicators of boards, namely, board size, board independence, and board meetings frequency. Executive cash compensation is a combination of two indicators, namely, short-term incentives and fixed salary, short-term

9

incentives are the sum of all one-year bonuses and then divided it by total compensation and fixed salary is the ratio of the fixed cash amount of compensation to total compensation (Liu, 2014). Similarly, long-term compensation is measured with two indicators, equity compensation is the ratio of the dollar value of shares granted as compensation and other LTIs included long-term incentives and other long-term benefits ratio to total compensation (Liu, 2014; Lotfi & Rost, 2014).

The dependent variable of this study is R&D spending and measured using three proxies in order cover wider range of firms� spending on R&D as firms sometimes invest in R&D projects and sometimes used diversification process for R&D purposes. Hence, this research followed the existing literature and applied three proxies of R&D spending namely, log of R&D expense, diversification (measured as a dummy, 1 for yes and 0 for no) and R&D intensity (R&D/sale) these proxies are also used by Lotfi and Rost (2014).

5. Results and Discussion

This section starts with the descriptive statistics of the variables. Descriptive statistics of the variables are illustrated in table 1. Which indicate that largest board have maximum 15 board members with average board size 7.8 around 8 board members. Likely, a maximum number of independent directors on board is 14 with average 6.624 independent directors on board. Maximum board meeting held during the year is 176 with an average frequency of meetings 65 times. Moreover, descriptive statistics of the ratio of short-term compensation to total compensation and ratio of long-term compensation to total compensation is also depicted in the following table. Descriptive statistics show that 34.1% of the sample firms are engaged in diversification.
Table 1: Descriptive statistics of the variables
VariablesMeanMinimumMaximumStandard DeviationBoard size7.8350153.314Independent directors6.6240142.990Board Meetings65.01017652.0Cash0.6570.111.8560.447STI0.43200.9160.269Equity0.22500.9540.251Other long-term incentives0.20400.9310.200R&D4.4280160.64819.563Diversification0.34101.000.232

Reflective Measurement Scale



10

The quality of reflective measurement constructs can be assessed through three quality criteria. Namely, Cronbach's alpha to measure internal consistency, the value of AVE, and Convergent validity. Cronbach�s alpha is a conventional measure of internal consistency used to measure the reliability of the experiential indicators based on their intercorrelations. However, a basic limitation of Cronbach�s alpha is that it assumed all indicators are equally reliable and is generally underestimate the reliability based on internal consistency (Hair et al., 2014).

Thus, considering the limitations of Cronbach�s alpha this study used composite reliability as an alternate measure of internal consistency reliability as prescribed by Hair et al. (2014). According to the Hair et al. (2014) value of composite reliability fall between 0.70 to 0.90 for most advanced research. However, internal consistency measure is not applicable to formative measured the construct. Therefore, reliability test for formative constructs is assessed through meeting the assumption of multicollinearity and validity is assessed through their significance. Multicollinearity is tested using Variance Inflation Factor (VIF) measure.

Moreover, in order to check convergent validity scholars used average variance extracted (AVE) and outer loadings of the indicators. According to Hair et al. (2014) value of AVE should be 0.50 or greater which indicate that a specific construct explains half or more than half of its indicator�s variance. They further added that, if the value of AVE is less than 0.50 it means that the variance explained is less than the error remains in the indicators.

Table 2: Reliability & Validity of Measurement Model

ReflectiveItemsOuterItemst-VIFCR   AVEConstructsLoadingsWeightsstatisticsBoard Size0.932***29.372CorporateBoard0.925***32.3180.868Independenceboard0.695Board Meeting0.601***7.130R&D Expense0.694***3.5610.716R&DDiversification0.536***2.9850.883R&D Intensity0.837***9.389CashFixed Salary0.893***6.9261.229CompensationSTI0.729***3.8641.538FormativeLong-TermEquity0.782***4.2301.034ConstructsCompensationOther LTIs0.819**4.6501.020
*p < 0.1; **p < 0.05; *** p < 0.01


11

Table 2 indicates that composite reliability (CR) value of reflective constructs, which meets the above-mentioned criteria. It means that all items are equally reliable. The value of AVE also greater than the threshold level, which means that both reflective constructs explain more than the half variance. Additionally, outer loadings of all indicators are statistically significant at p < 0.01. A well as the reliability and validity criteria for the formative construct is also meet in this study, such no multicollinearity is found, and all outer loading of formative constructs are significant.

Discriminant Validity

Fornell and Larcker (1981) technique are applied to assess the discriminant validity of the reflective constructs. Table 2 depicts that the diagonal values of are higher than the other values in the rows and columns that confirm the discriminant validity (Hair et al., 2017).

Table 2: Discriminant Validity

Corporate BoardR&DCorporate Board0.833R&D0.7230.760

Results of the Structural Model

The inner model has been evaluated using the coefficient of determination, predictive power and effect size of the variables. Results of these terminologies are discussed in the following section. Explained variance is analyzed using the value of R2. In this research, the explained variance (R2) is 0.707 which indicate that the variance explained by the model is 70.7%.

In order to assess the predictive relevance of the model, scholars recommend performing a non-parametric test of Stone�Geisser non-parametric using blindfolding procedure (Stone, 1974; Geisser, 1975; Fornell & Cha, 1994; Chin, 1998). The blindfolding process handles the missing values and establishes values of the parameters; the value of predictive relevance should be greater than zero as suggested by Hair et al., (2014). It is indicated by Q2. The rule of thumb of predictive relevance is that the value of Q2 equal to 0.02, 0.15 and 0.35 indicate small, medium and large predictive power of the model. In this study, the value of Q2 is 0.234 which show that the predictive power of the model is medium






12
The value of effect size of a construct f2 indicates the contribution of a specific construct to total variance explained by the model (Hair et al., 2014). Rule of thumb for effect size is similar with the criteria of Q2 (Hair et al., 2014).

























Figure 2: Smart-PLS Results

Hypotheses Testing

In this section, the developed hypotheses are tested through the significance of the corresponding beta coefficient. Developed hypotheses are accepted or rejected on their level of significance of path coefficients. The level of significance is to be assessed through the bootstrapping technique as suggested by the Hair et al., (2014).

Table 3

Path Coefficients and Hypotheses Test

HypothesesPatht-Statistics   Decisionf2R2Q2Coefficients

Corporate
Board��R&D
Cash
Comp��R&D


0.673***3.273Accepted0.7570.7070.234-0.149*1.791Accepted0.081LTIs��R&D	0.169*	1.682	Accepted	0.162

*p < 0.1; **p < 0.05; *** p < 0.01; (R&D= Research and Development, Comp= Compensation)





13

Results of the structural model for hypotheses test reflect some interesting facts. Table 3 shows that the board composition has a significant and positive correlation with R&D spending, it means that the board plays a critical role in R&D spending because the board is a major source of diverse resources and information (Shadab, 2008). Thus, its composition refers to the available diverse information needed in making important investment decisions. Hence, H1 is accepted at (�= 0.673, t= 3.273, p<0.01) these results are similar with Shadab (2008). The corporate board plays a central role in an organization and make all necessary decisions related to investment and other issues. These findings also in line with the resource dependence theory, according to this theory, corporate board bring resources required for evaluating investment projects (Hillman & Dalziel, 2003). Board directors have diverse resources and information needed to implement R&D as empirically proved in this study.

Similarly, the results indicate that second hypothesis has been accepted at (�= -0.149, t= 1.791, p<0.1) which show that executive cash compensation has a negative and significant impact on R&D spending, these results are similar with the Sanyal and Bulan (2010). It' shows that executive s compensation based on cash incentives reduce investment in R&D. Because R&D investment has a negative impact on current performance that leads to the decrease in cash incentives. In other words, R&D spending negatively influences the short-term financial performance of the firm, therefore, CEO pay-for-performance or cash compensation decreased if they failed to meet their short-term performance goals. Thus, CEOs adopt, myopic behavior that leads toward low R&D spending. These findings strengthen the agency theory that managers are self-interested and need to be monitored effectively.

Additionally, the regression results also provide support for hypothesis three, but the level of significance of the path coefficient of LTIs to R&D is smaller than other two path coefficients. Hypothesis three is accepted at (�= 0.169, t= 1.682, p< 0.1). Although the path coefficient of LTIs to R&D is smaller but it has a positive impact on R&D spending. Which shows that the long-term incentives as part of executive compensation positively influence the R&D spending as documented by Hall and Lerner (2010). The same time span of R&D spending�s outcome and executives� equity compensation make this relationship positive. As directors are concerned about their long-term incentives which will be beneficial only if the organization remains profitable in



14

long-run. Therefore, long-term incentives as part of compensation play a significant positive role in companies� innovativeness (Flammer, 2017).

6. Conclusion and Recommendations

As discussed earlier, Australian firms are facing some of the innovation issues like lack of the implementation engineering, science, technology and many others. Therefore, his research aimed to investigate the influence of board composition CEO�s short-term and long-term compensation on R&D spending. For this, we used a sample of S&P/100 firms of Australia for the year of 2014. This research is novel and different from previous studies as it used composite measures of compensation like short-term compensation and long-term compensation and corporate board composition to scrutinize its effect on R&D. As in the existing literature these variables are individually tested.

The findings of current study reflect that board composition has a positive effect on R&D spending. These findings indicate that corporate board provides essential resources needed by the firms in critical decisions. As well as independent board increases the monitoring effectiveness of the board which ultimately ensure that board�s resources are appropriately used for long-term value creation projects. Likely, board�s meeting frequency also affects the time required for processing information at the top level of management. Hence, the findings of the current research indicate that board structure of the sample firms is apposite for R&D spending.

Moreover, as on the basis of theoretical groundings we expected a negative impact of cash compensation of R&D spending and findings of the study supported this proposed statement. There are certain reasons behind this like, there is the time-based difference between cash compensation and R&D sending, as cash compensation is generally consisting on short-term incentives, short-term performance-based rewards and fixed salary while the nature of R&D is long-run. Such time-based difference between the of R&D spending and executives� cash compensation cause myopic behavior and executives emphasize on short-term performance enhancers. Besides, findings of this research also consistent with the hypothesized statements abouta positive impact executives� long-term compensation on R&D spending. Executives� long-term compensation and R&D both has long-term time horizon (Lotfi & Rost, 2014) therefore, a positive relationship exists between the two. When directors� have long-term incentives, they feel extrinsically and intrinsically motivated towards investments in long-term value creation projects


15

because they are only able to earn a profit on their long-term incentives if firms remain profitable in long-run.

This study has several implications based on the findings, t this research suggest that agency issues and executives� myopic behavior can be reduced by using appropriate incentives for executives this will helpful in aligning the interest of owners and agents towards the same long-term value creation objective. Results of this study also reflect that managers can be motivated by aligning appropriately their rewards with short-term as well as with long-term firm value Therefore, compensation practitioners must follow the motivational theory while arranging the executive compensation.

This research can be extended by using a diverse dataset of other countries and by using panel data set as this study used only one-year data. Another interesting question for future research is to investigate the human and social capital of board members on R&D spending and its link with their compensation. This study only investigates the investment in R&D without considering the output of it. Future research can be conducted to securitize these unanswered questions.





References

Adams, J. S. (1965). Inequity in social exchange. In Advances in experimental social psychology (Vol. 2, pp. 267-299). Academic Press.

Akram, F., Murugiah, L., & Shahzad, A. (2017). Innovation as Mediator between Corporate Governance and Firm Performance: A Theoretical Perspective. International Journal of Innovative Knowledge Concepts, 5(11), 59-63.

Anderson, M. C., Banker, R. D., & Ravindran, S. (2000). Executive compensation in the information technology industry. Management Science, 46(4), 530-547.Anderson, R. C.,

Bizjak, J. M. (2003). An empirical examination of the role of the CEO and the compensation committee in structuring executive pay. Journal of Banking & Finance,

27(7), 1323-1348.

Balsmeier, B., Fleming, L., & Manso, G. (2017). Independent boards and innovation. Journal of Financial Economics, 123(3), 536-557.

Banker, R. D., Byzalov, D., & Xian, C. (2013). Research & Development intensity and executive compensation. Available at SSRN 1910134.

16

Baranchuk, N., Kieschnick, R., & Moussawi, R. (2014). Motivating innovation in newly public firms. Journal of Financial Economics, 111(3), 578-588.

Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D investment.

Management Science, 48(6), 782-801.

Baysinger, B., & Hoskisson, R. E. (1990). The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15(1), 72-87.

Bebchuk, L. A., & Fried, J. M. (2005). Pay without performance: Overview of the issues. Journal of Applied Corporate Finance, 17(4), 8-23.

Bereskin, F. L., & Hsu, P. H. (2014). Bringing in changes: the effect of new CEOs on innovation.

Available at SSRN 1684329.

Biggerstaff, Blank & Goldie, 2019

Biggerstaff, L., Blank, B., & Goldie, B. (2019). Do incentives work? Option-based compensation and corporate innovation. Journal of Corporate Finance, 58, 415-430.

Bolt, C. (2004). Higher pay urged for boards. The West Australian, 41.

Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior.

Accounting review, 73(3), 305-333.

Carberry, E., & Zajac, E. (2017, January). How US Corporations Changed Executive Compensation after Enron: Substance and Symbol. In Academy of Management Proceedings (Vol. 2017, No. 1, p. 15134). Briarcliff Manor, NY 10510: Academy of Management.

Chen, H. L. (2013). CEO tenure, independent directors and corporate innovation. Journal of Applied Finance and Banking, 3(5), 187-197.

Chen, S. S., Ho, K. Y., & Ho, P. H. (2014). CEO Overconfidence and Long Term Performance

Following R&D Increases. Financial Management, 43(2), 245-269.

Cheng, S. (2004). R&D expenditures and CEO compensation. The Accounting Review, 79(2), 305-328.

Chin, W. W. (1998). The partial least squares approach to structural equation modeling. Modern methods for business research, 295(2), 295-336.

Clarke, T. (Ed.). (2004). Theories of corporate governance: The philosophical foundations of corporate governance. Routledge.



17

Dalziel, T., Gentry, R. J., & Bowerman, M. (2011). An integrated agency�resource dependence view of the influence of directors' human and relational capital on firms' R&D investment. Journal of Management Studies, 48(6), 1217-1242.

Epstein, D., Angert, C., & Strain, C. (2017). Board of Director Composition, and Ownership and Their Relationship to Patents: An Empirical Study. Journal of Marketing Development and Competitiveness, 11(2), 78-87.

Filippetti, A., & Archibugi, D. (2011). Innovation in times of crisis: National systems of innovation, structure, and demand. Research Policy, 40(2), 179-192.

Flammer, C. (2017). Long-Term Executive Compensation as a Remedy for Corporate Short-Termism. Seattle UL Rev., 41, 419.

Fornell, C., & Cha, J. (1994). Partial least squares. Advanced methods of marketing research, 40(7), 52-78.

Fornell, C., & Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics.Journal of marketing research, 382-388.

Geisser, S. (1975). The predictive sample reuse method with applications. Journal of the American Statistical Association, 70(350), 320-328.

Hair Jr, J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2013). A primer on partial least squares structural equation modeling (PLS-SEM). Sage Publications.

Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. Handbook of the Economics of Innovation, 1, 609-639.

Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206.

Hill, J. G., Masulis, R. W., & Thomas, R. S. (2011). Comparing CEO employment contract provisions: Differences between Australia and the United States. Vand. L. Rev., 64, 557.

Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management journal, 40(4), 767-798.

Hon, A. H., & Lu, L. (2015). Are we paid to be creative? The effect of compensation gap on creativity in an expatriate context. Journal of World Business, 50(1), 159-167.





18

Honor�, F., Munari, F., & van Pottelsberghe de la Potterie, B. (2011). Corporate governance practices and companies' R&D orientation: evidence from European countries (No. 2011/01). Bruegel Working Paper

Hoskisson, R. E., Hitt, M. A., & Hill, C. W. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, 4(2), 325-341.

Hud, M., & Hussinger, K. (2014). The impact of R&D subsidies during the crisis. ZEW-Centre for European Economic Research Discussion Paper, (14-024).

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Kim, H., Kim, H., & Lee, P. M. (2008). Ownership structure and the relationship between financial slack and R&D investments: Evidence from Korean firms. Organization Science, 19(3), 404-418.

Kim, J., & Wang, X. (2018). Impact of Managers� Traits and Compensation Structure on R&D Investments. Journal of Applied Business and Economics, 20(9).

Kohler,	A.	(2001).	The	year	of	corporate	collapses	[Online].	Pakistan.	Available:

http://www.abc.net.au/7.30/content/2001/s445523.htm [Accessed 2 October 2015.

Liu, R. (2014). Can compensation committees effectively mitigate the ceo horizon problem? The role of co-opted directors. FIU Electronic Theses and Deseration. Paper 1575.

Lotfi, Z., & Rost (2014), K. Pay-for-performance for top managers and innovation activities in firms.

Manso, G. (2017). Creating incentives for innovation. California Management Review, 60(1), 18-32.

Mezghanni, B. S. (2010). How CEO attributes affect firm R&D investment? New evidence from a panel of French firms. In Crises et nouvelles probl�matiques de la Valeur (pp. CD-ROM) < hal-00479532>.

Mizik, N. (2010). The theory and practice of myopic management. Journal of Marketing Research, 47(4), 594-611.

Nguyen, T. X. T. (2018). Corporate governance and conglomerate diversification strategy� evidence from Vietnam. International Journal of Emerging Markets, 13(6), 1578-1596.

Pallant, J. (2007). SPSS survival manual: A step-by-step guide to data analysis using SPSS version

15. Nova Iorque: McGraw Hill.


19

Patel, P. C., Guedes, M. J., Soares, N., & da Concei��o Gon�alves, V. (2018). Strength of the association between R&D volatility and firm growth: The roles of corporate governance and tangible asset volatility. Journal of Business Research, 88, 282-288.

Potter, B. (2017, January 13). Most Australian manufacturers lack competitive edge. Financial Review. Retrieved May 1, 2018, from  HYPERLINK "http://www.afr.com/business" http://www.afr.com/business

Riaz, Z., Ray, S., Ray, P. K., & Kirkbride, J. (2013). Collibration as an alternative regulatory approach for remuneration governance: A contextual analysis of Australia. International Journal of Disclosure and Governance, 10(3), 246-260.

Ryan Jr, H. E., & Wiggins III, R. A. (2002). The interactions between R&D investment decisions and compensation policy. Financial Management, 31(1), 5-29.

Sanyal, P., & Bulan, L. T. (2010). Innovation, R&D and managerial compensation. Available at SSRN 1587055.

Semadeni, M., & Krause, R. (2019). Innovation in the Board Room. Academy of Management Perspectives9X}~�lv�������#$%ST����������r�aNa%hYh�^�B*CJOJQJ^JphYYY hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^J)jhYh�^�CJOJPJQJU^JhYh�^�OJPJQJ^J#hYh�^�5�CJOJPJQJ^J#hYh��5�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^J hYh�^�CJOJPJQJ^J}~��kl����'(�����������������������$da$d��d8�$dda$d��$dfa$do�d��d�$dga$dm�dd�$d�a$d��������#$%ST��������������
�<d$If^�<
�(d$If^�(	d$Ifd�$
�P<�Pd]�Pa$d��$�dd]�da$d�d�d\d��
������zqqqq	d$If�kd$$If4�K�\����4!d`�P`L����������������������4�a��p�(��������T������������"#'(+,01459:=>CD^g���������������ȹ�����������������������������ق��ق��ق��� hYh�^�CJOJPJQJ^J%hYh�^�B*CJOJQJ^Jph���%hYh�^�B*CJOJQJ^JphYYYhYh�^�OJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J)hYh�^�B*CJOJQJRHc^JphYYY.������e\\\\	d$If�kd�$$If4�c�\����4!d �P L	�`���[������}1����������������������4�a��p�(�[������}1������������zxskfkaUPd��$��d^��a$d��d�$da$dv��kd�$$If4�-�\����4!d �P L����������������������4�a��p�(��������	���'(019:BCD^b���������������$�ld$If]�la$$d$Ifa$
�d
���dd^�d
����d^��d7�$
�H�@d^�@a$d{��xd^�xd��$��d^��a$bfg������wnnn	d$If$d$Ifa$kkd4$$If���F@��#���������������������4�a�@p�������$��d$If]��a$�����zqaQ$��d$If]��a$$��d$If]��a$	d$If�kd�$$If4�b�\@p��#`�d`���������������������������4�a�@p�(����������������}}}	d$If$d$Ifa$mkdt$$If4�.�F@��# ���������������������4�a�@p������������zqaQ$��d$If]��a$$��d$If]��a$	d$If�kd$$If4�b�\@p��#`�d`���������������������������4�a�@p�(����������������}}}	d$If$d$Ifa$mkd�$$If4�/�F@��# ���������������������4�a�@p������������zqaQ$��d$If]��a$$��d$If]��a$	d$If�kdM$$If4�a�\@p��#`�d`���������������������������4�a�@p�(������������FGHIJ34���������~vqi~$dca$d�$dfa$d3�dd�d8�mkd$$If4�0�F@��# ���������������������4�a�@p�������FJ34�� %����`�����������E!F!���޼�������͇�u�������޼d�S!jhYh�^�OJQJU^J hYh�^�CJOJPJQJ^J#hYh�^�CJ H*OJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^J#hYh�^�CJH*OJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J#hYh�^�6�CJOJPJQJ^J��������q!r!R#V#X#Z#�#�#�#�#�#������������������dZ�
&F
�x�x���d^�x`���d�d8�d�$d��a$dx�$dq�a$d�$dfa$dp�$du�a$d��$da$F!]!^!n!o!q!r!�"�"�"�"�"�"�"R#T#�#�#�#�#�#^&_&t&u&P(Q(h(i(q(r(s(t(u(�(�(�(�(�)�)�.������������ќŠ�y�y�g������������y�y��#hYh�^�5�CJOJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�CJH*OJPJQJ^J)jhYh�^�CJOJPJQJU^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J hYh�^�CJOJPJQJ^J!jhYh�^�OJQJU^JhYh�^�OJQJ^J(�#^&_&t&u&s(t(�)�)�.�.�.�.�.>1?1C4D4^6������������������$
&F
��dea$d�d�d��$da$d�d��$
&F
��dda$d��$dwa$dm�dd�$dfa$�.�.�.�.�.�./141>1?144/404A4B4C4D4E4\4]4j4k455'5(5:5;5<5=5T5U5_5`5
66"6#6)6*6+6,6C6D6[6\6L7Q7�9�9�;�;�=�=�=��ͼ����ͼ������ͫ�������������������������������ͼ����#hYh�^�6�CJOJPJQJ^JhYh�^�OJQJ^J!jhYh�^�OJQJU^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^J7^6_6�9�9�9�9�9�=�=�?�?�D�D�D�D�D�E�EuJvJ�������������������d�d��$dba$d�d�$dwa$d�$dga$d��$da$d�$dfa$d���=�=�?�?�D�D�D�DEE�E�E�H�HuJvJ�J�J�J�JKKcNdNgNhN'O(O�Q�Q�Q�Q�Q�QRRxTyT�T�T�T�T�U�UrVsV5W6WX�������Ͻ��Ͻ��������������Ϛ����|���������hYh�^�OJQJ^J!jhYh�^�OJQJU^J hYh�^�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J0vJ�J�J�J�JKKcNdNfNgNhN'O(O�Q�Q�Q�QRR�������������������dp�d��d	�$
&F
�dfa$d��dvd��$da$ds�$dwa$dm�d��dz�dR�U�UrVsV5W6WXXXX X"X#X$X�Y�YKZLZ������������������du�d$�>de`�>a$d��$da$d�d8�$dba$d��$
&F
��dwa$d�$d^a$d�$dwa$X X#X$X�X�X�X�X�X�XYY^Y�Y�Y�Y�Y�Y�YKZLZMZOZ�Z�Z�Z�Z ^!^
aa!b"b%b&b
dd
ff%f&fiHiIi|i����������������������|�����|����|�|� hYh�^�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^JhYh�^�OJQJ^J!jhYh�^�OJQJU^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J+LZ�Z�Z�Z�Z ^!^
aa!b"b$b%b&b
dd
ff�����������������$�df^�a$d
�$�dw^�a$d��$da$dU�$dba$d	�$dwa$d��$dfa$dm�d��df%f&fiHiIiSiXi`ihi{i����������
��d��$If^��
��d��$If^��
�d��$If^�
�dd��$If^�d	d$If�d�^�$�dw^�a$dm��d^�
{i|i}i�i�iKB5)$d��$Ifa$
�dd��$If^�d	d$If�kd�$$If�ֈ����#�Px$	������������������������������4�a�p�<������������|i}i�i�i�i�i�i�i�ijjj%j:jVjkjpj�j�j�j�j�j�j�j�jmm�o�oYqZq�q�q�q�q�q�q�q�q������������������˼��޼޼޼޼������q� hYh�^�CJOJPJQJ^J'hYh�^�5�CJOJPJQJRH`^J&hYh�^�5�6�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^JhYh�^�OJPJQJ^J$hYh�^�CJOJPJQJRHc^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J&�i�i�i�i�i�i���?6	d$If�kdp$$If�ֈ����#�Px$	������������������������������4�a�p�<������������$d��$Ifa$�i�i�i�i�i�i�����$d$Ifa$
�dd$If^�d�i�i�i�i�iKB5)$d$Ifa$
�dd$If^�d	d$If�kd=$$If�ֈ����#�Px$	������������������������������4�a�p�<�������������i�i�i�i�i�i���?6	d$If�kd
	$$If�ֈ����#�Px$	������������������������������4�a�p�<������������$d$Ifa$�i�i�i�i�ij�����$d$Ifa$
�dd$If^�djjjjjKB5)$d$Ifa$
�dd$If^�d	d$If�kd�	$$If�ֈ����#�Px$	������������������������������4�a�p�<������������jjjjjj���?6	d$If�kd�
$$If�ֈ����#�Px$	������������������������������4�a�p�<������������$d$Ifa$j%j+j-j3j9j�����$d$Ifa$
�dd$If^�d9j:j;jVj\jKB5)$d$Ifa$
�dd$If^�d	d$If�kdq$$If�ֈ����#�Px$	������������������������������4�a�p�<������������\j^jdjjjkjlj���?6	d$If�kd>$$If�ֈ����#�Px$	������������������������������4�a�p�<������������$d$Ifa$ljpjvjxj�j�j�����$d$Ifa$
�dd$If^�d�j�j�j�j�jKB5)$d$Ifa$
�dd$If^�d	d$If�kd
$$If�ֈ����#�Px$	������������������������������4�a�p�<�������������j�j�j�j�j�j�j���?:5d,�d8��kd�
$$If�ֈ����#�Px$	������������������������������4�a�p�<������������$d$Ifa$�j�j�j�j�j�j�j�jmm�o�oYqZq�q�q�q�q�����������������
�d$If^�
�,d$If^�,d�dd�d�$dfa$d��$dea$d��$��d]��a$d1�d8��d^��q�q�q�q�q�q�����$d$Ifa$
��d$If^��$d$Ifa$
�dd$If^�d�q�q�q�q2%	d$If
��d$If^���kd�$$If4�֞@�D����"@`|�`L�`�����������������������������������4�a�p�F���������������q�q�q�q�q�q�����	d$If
�xd$If^�x$d$Ifa$
�dd$If^�d�q�q�q�q�qrrrr:r;rHrNrTr[rarhrir�r�r�r�r�rs!s's-sAsJsPsVsasss|s�s�s�s�s�s�s��ȷ�����ȦȦ�Ȧ�����Ȧ�������p����p���#hYh�^�6�CJOJPJQJ^J$hYh�^�CJOJPJQJRHc^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^J'hYh�^�5�CJOJPJQJRHc^J'�q�q�q�q�q2)))	d$If�kd�$$If4��֞@�D����"`@ |`�```L� �����������������������������������4�a�p�F���������������q�q�q�q�q����	d$If�q�q�q�q2)
�xd��$If^�x	d$If�kd�$$If4��֞@�D����" @| � ` L������������������������������������4�a�p�F���������������qrrrrr�����
�xd��$If^�x	d$If
�dd��$If^�drrr3&
�dd$If^�d�kd�$$If�֞@�D����"@|�`L������������������������������������4�a�p�F��������������r!r*r+r2r3r9r������$��d$If]��a$	d$If
�dd$If^�d
�xd$If^�x9r:r;rHr2)
�xd$If^�x	d$If�kd�$$If4�֞@�D����"`@|`�``L�`�����������������������������������4�a�p�F��������������HrIrJrKrLrMr�����	d$IfMrNrTrUr2%	d$If
�dd$If^�d�kd�$$If4��֞@�D����" @`| �` L� �����������������������������������4�a�p�F��������������UrVrWrXrYrZr�����	d$IfZr[r\r]r^r2)))	d$If�kd�$$If4��֞@�D����"`@ |�`L������������������������������������4�a�p�F��������������^r_r`rargr����$d$Ifa$	d$Ifgrhrirwr2)
�xd$If^�x	d$If�kd�$$If4��֞@�D����" @|�`L�`�����������������������������������4�a�p�F��������������wr�r�r�r�r�r�����
�xd$If^�x	d$If
�dd$If^�d�r�r�r�r�r2)))	d$If�kd�$$If4��֞@�D����"@`|`�``L� �����������������������������������4�a�p�F���������������r�r�r�r�r����	d$If�r�r�r�r2)
�xd$If^�x	d$If�kd�$$If4��֞@�D����"@ | �` L������������������������������������4�a�p�F���������������r�r�r�r�r�r�����$d$Ifa$
�xd$If^�x	d$If
�dd$If^�d�r�r�r3&
�dd$If^�d�kd|$$If��֞@�D����"@|�`L������������������������������������4�a�p�F���������������r�r�r�r�r�r�r������$��d$If]��a$	d$If
�dd$If^�d
�xd$If^�x�r�r�r�r3*
�xd$If^�x	d$If�kda$$If�֞@�D����"@|�`L������������������������������������4�a�p�F���������������r�r�rsss�����
�xd$If^�x	d$If
�dd$If^�dss
s3&
�dd$If^�d�kdF$$If�֞@�D����"@|�`L������������������������������������4�a�p�F��������������
sss!s's-s.s������$d$Ifa$	d$If
�xd$If^�x.s/s<s3&
�dd$If^�d�kd+$$If�֞@�D����"@|�`L������������������������������������4�a�p�F��������������<s@sAsJsPsVs`s������$��d$If]��a$$d$Ifa$	d$If
�xd$If^�x`sasks3&
�dd$If^�d�kd$$If�֞@�D����"@|�`L������������������������������������4�a�p�F��������������ksrsss|s�s�s�s������$�xd$If]�xa$$d$Ifa$	d$If
�xd$If^�x�s�s�s3&
�dd$If^�d�kd�$$If�֞@�D����"@|�`L������������������������������������4�a�p�F���������������s�s�s�s�s�s�s������$d$Ifa$$�dd$If]�da$	d$If
�xd$If^�x�s�s�s�s�s3.)$d8�dd��kd�$$If�֞@�D����"@|�`L������������������������������������4�a�p�F���������������s�s�s�s�s�s�sGvHv^v_vswtw�w�w�w�w�w�w�w�w�w�w�w�w�x�xyyjyky{
{*{+{m{n{�{�{0|6|c|d|�|�|}}}$},}-}F}�����۹ۧ��ۧ�ʧʧ�ʧۧ�ʕʕ��ʃʕʕʕ��ʕʃʕʃ���#hYh�^�6�CJOJPJQJ^J#hYh�^�CJ H*OJPJQJ^J#hYh�^�5�CJOJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J)jhYh�^�CJOJPJQJU^J3�s�s�s�s�sGvHv^v_vswtw�w�w�w�w�w���������������
��d$If^��
��d$If^��	d$Ifd����
d^��
d�$dba$dp�dd�$dwa$d��$da$d��w�w�w�w�w��yp	d$If
��d��$If^��
�xd��$If^�xkkd�$$If��F�@���L	H������������������4�a��p��������w�w�w�w�w��yl
��d$If^��
��d�$If^��
�xd�$If^�xkkdV$$If��F�@���L	H������������������4�a��p��������w�w�w�w�w�wjyky0|1|2|3|4|����wrj����$d<a$d�$d(a$dm�dd.�d8�kkd�$$If��F�@���L	H������������������4�a��p�������4|5|6|9|:|,}.}/}0}1}2}3}4}5}6}7}8}9}:};}<}=}>}?}@}A}B}��������������������������d�$d0a$$da$d�d8�B}C}D}E}F}b}c}v}w}�~�~�~�~�~�~	!$������������������
�d�$If^�
�dd$If^�d
��d$If^��
�xd$If^�xd�d�d�$dda$dm�d��dd�d8�F}b}c}v}w}�~�~�~�~�~�~�~�~"$%'(+,9EFIS��
�����۸�������ɒɒɒ�Ɂl۸[I[�#hYh�^�CJ"H*OJPJQJ^J hYh�^�CJOJPJQJ^J)jhYh�^�CJOJPJQJU^J hYh�^�CJOJPJQJ^J&hYh�^�5�CJ H*OJPJQJ^J#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�5�CJOJPJQJ^JhYh�^�OJPJQJ^J)hYh�^�B*CJOJPJQJ^Jph  $'*+,��0'	d$If�kdv $$If4�'ֈ������$`��`
�������������������������������4�a�p�<������������
��d�$If^��
�Td�$If^�T,9:;<=�����	d$If
��d��$If^��=>?@ABCDJAAAAAA	d$If�kd^!$$If4�ֈ������$ �`� 
�������������������������������4�a�p�<������������DEGHISJEE@7�xd^�xd��d��kd="$$If4��ֈ������$� �
�������������������������������4�a�p�<������������S
��&�*�,�>�J�\�h�t��������������$d$Ifa$$��d$If]��a$$�Fd$If]�Fa$
��d$If^��$�,d$If]�,a$	d$Ifd��d���xd�^�x�xd�^�x�xd�^�x���(�*�,�\�h�������ʀЀ��������
����*�,����ν�������y�g�άάά�VA)jhYh�^�CJOJPJQJU^J hYh�^�CJOJPJQJ^J#hYh�^�CJ"H*OJPJQJ^J hYh�^�CJ
OJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J#hYh�^�CJ!H*OJPJQJ^J hYh�^�CJOJPJQJ^J����������������JAAAAAA	d$If�kd#$$If4�ֈ�
���`�`(`�� ������������������������������4�a�p�<����������������������JA1$
��d$If^��$�,d$If]�,a$	d$If�kd�#$$If4��ֈ�
��� � ( �� ������������������������������4�a�p�<��������������ʀ̀΀ЀҀ���1��kd�$$$If4��ֈ�
���`�`(`�� ������������������������������4�a�p�<������������	d$If$�Fd$If]�Fa$ҀԀր؀ڀ܀ހ������A?�kd�%$$If4��ֈ�
��� � ( �� ������������������������������4�a�p�<������������	d$If�*�.�ށ����������%�&������������������������d�$dwa$d�d�$dga$d��$��d]��a$d�d8�d�d�
���(��xd^�x,�.�ށ�������ڄ܄������%�&�������������Бёx�y��	�X�Z�^�_�ћқ �!����������n�o����������������������������������񽫽�����������������������������������#hYh�^�5�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J<��������Бёx�y��	�X�Y�Z�]�^�_�ћқ ���������������������d�d��d8�$dwa$d�d�$dfa$dp�dd��$d\a$d��$da$ �!������������������n�o���������������������$
&F
���d\^��a$d�$���1�d\^��`�1�a$d�$���1�db^��`�1�a$d�$���1�d^^��`�1�a$do�dd�d8�$dea$d�����ϢТT�U�ܣݣ���v�w�ФѤ��������5��������������������d�di�dw�d$���1�d\^��`�1�a$d��$da$d��d����1�d^^��`�1�dk���d^��d�������ϢТ#�-�.�A�B�F�T�U���ڣܣݣ��E�c�e�h�v�w�ФѤ�������}������������	�
�&�'�*�5�6�����������֦צP�l�n�p�{����񹢹������������������������������������������񹢹�� hYh�^�CJOJPJQJ^J,hYh�^�6�B*CJOJPJQJ^Jph""")hYh�^�B*CJOJPJQJ^Jph""" hYh�^�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^JhYh�^�OJPJQJ^J95�6���������֦צ{�|�çħ&�'�J�K�B�C�ʩ������������������$���1�d\^��`�1�a$d�$���1�dd^��`�1�a$di�d��$���1�d^^��`�1�a$dk�du���d^��dw�dd�{�|���������çħ&�'�8�9�<�J�K�T�U�Ϩ���5�6�B�C�������������ʩ˩H�J�|�������Ȫʪ<�f�j�n������$�%�B��������������񨑨�������������������񨑨������� hYh�^�CJOJPJQJ^J,hYh�^�6�B*CJOJPJQJ^Jph""")hYh�^�B*CJOJPJQJ^Jph""" hYh�^�CJOJPJQJ^J#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J2ʩ˩H�J�Ȫʪ����U�V�Ԭլ֬׬ڬ۬ܬĭŭ���������������������d�$���1�db^��`�1�a$d��$da$d��d8�$���1�d\^��`�1�a$di���d^��d_�d�d�B�C�G�U�V�p�����ǬԬ׬۬ܬ��������ĭŭW�{�|������������)�+�-�;�<�����������������!�"���ʰհְ �7�8�O�P�S�c�d���ȱɱ���L�[������������������ι������������ι����������ι����������ι����ι�,hYh�^�6�B*CJOJPJQJ^Jph""")hYh�^�B*CJOJPJQJ^Jph"""hYh�^�OJPJQJ^J#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^J@����;�<�����!�"�հְc�d���������γϳ����C�����������������������$���1�d^^��`�1�a$d�$���1�db^��`�1�a$d�$���1�d\^��`�1�a$d�[�\�s�t�v�����������γϳh�}�~��������5�C�H�L�M�������������������������H�T�U�������������������#�L�N�P�U�V������������ij����ijij����ij��ijij������ij��ij����ij��ij����������ijij#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J,hYh�^�6�B*CJOJPJQJ^Jph""")hYh�^�B*CJOJPJQJ^Jph"""?C�D�E�F�G�H�K�L�M�������T�U���������U��������������������$���1�d\^��`�1�a$d�d�d�$���1�d^^��`�1�a$d�$���1�db^��`�1�a$d��$da$d��d8�U�V���������������n�o�3�4�����Q�����������������d�$���1�d^^��`�1�a$d�$���1�db^��`�1�a$d�$���1�d\^��`�1�a$di�$�d]�a$dw�$
� 
����������da$d�����r���������B�^�`�b�n�o���3�4�t������������=�?�A�Q�R�����Խֽڽ۽��ʾ̾ξپھ.�7�8�@�[�\�]�������񹢹������������񹢹�������񹢹��������΀!jhYh�^�OJQJU^J hYh�^�CJOJPJQJ^J,hYh�^�6�B*CJOJPJQJ^Jph""")hYh�^�B*CJOJPJQJ^Jph"""#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J0Q�R�����Խսֽٽڽ۽پھ��������0�����������������$���1�d\^��`�1�a$d�$���1�d^^��`�1�a$d�$���1�db^��`�1�a$d��$da$d�d8���d^��du�dd�]�������������P�]�^�����������
�!�#�%�0�1�������������������	���b�����������M�����˼���������������������m�mk�����m�m���U,hYh�^�6�B*CJOJPJQJ^Jph""")hYh�^�B*CJOJPJQJ^Jph"""#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J,hYh�^�>*B*CJOJPJQJ^Jphc�!jhYh�^�OJQJU^JhYh�^�OJQJ^J*0�1������	�����x�y�!�"���������*�+�ج٬ڬ۬���������������������d��d8�d�$���1�d^^��`�1�a$d�$���1�db^��`�1�a$$���1�d\^��`�1�a$d�, (ja).

Shadab, H. B. (2008). Innovation and corporate governance: The impact of Sarbanes-Oxley. University of Pennsylvania Journal of Business and Employment Law, 10(4).

Shaikh, I. A., O'Brien, J. P., & Peters, L. (2018). Inside directors and the underinvestment of financial slack towards R&D-intensity in high-technology firms. Journal of Business Research, 82, 192-201.

Sheikh, M. F., Shah, S. Z. A., & Akbar, S. (2018). Firm performance, corporate governance and executive compensation in Pakistan. Applied economics, 50(18), 2012-2027.

Shen, C. H. H., & Zhang, H. (2013). CEO risk incentives and firm performance following R&D increases. Journal of Banking & Finance, 37(4), 1176-1194.

Shujuan, M., Meng, X., & Qingshun, M. (2018). Influential Research of Executive Incentive on R&D Investment��The Moderating of Ultimate Control Rights. Journal of Industrial Technological & Economics, (1), 6.

Souder, D., & Shaver, J. M. (2010). Constraints and incentives for making long horizon corporate investments. Strategic Management Journal, 31(12), 1316-1336.

Souder, D., Simsek, Z., & Johnson, S. G. (2012). The differing effects of agent and founder CEOs on the firm's market expansion. Strategic Management Journal, 33(1), 23-41.



20

Stone, M. (1974). Cross-validatory choice and assessment of statistical predictions. Journal of the royal statistical society. Series B (Methodological), 36(2), 111-147.

Tsao, S. M., Lin, C. H., & Chen, V. Y. (2015). Family ownership as a moderator between R&D investments and CEO compensation. Journal of Business Research, 68(3), 599-606.

Wuebker, R. J., & Klein, P. G. (2017). Corporate Diversification and Innovation: Managerial Myopia or Inefficient Internal Capital Market. Paper presented at the Academy of Management Proceedings.



















































21








FOR PEER REVIEW ONLY

�Journal of Entrepreneurship Education



M�`�a�i�j�m�x�y������!�"�������������Q�f�g������������*�+���Ȭʬ̬ج۬߬�5�C�D�x�y�|������$�&�(�6�7�^�����®����/�2�������������Ŵ����������Ŵ����Ŵ����ŴŴ������Ŵ����Ŵ������Ŵ#hYh�^�6�CJOJPJQJ^J hYh�^�CJOJPJQJ^JhYh�^�OJPJQJ^J)hYh�^�B*CJOJPJQJ^Jph""",hYh�^�6�B*CJOJPJQJ^Jph""">۬ެ߬�����6�7������������������	�
�������������������������d8�$���1�db^��`�1�a$d�$���1�d\^��`�1�a$d��$da$��
������������������� �!�"�#�$�%�&�'�(������������������������������d8�(�)�*�+�,�-�.�/�2�4�5�7�8�:�;�=�>�S�T�{�|�}�~�����������������������	$�Xa$gdYgdY$da$d�d8�2�3�5�6�8�9�;�<�>�S�T�{�}�~���������� hYh�^�CJOJPJQJ^J(hYhY5�B*CJOJQJ^Jph�+hYhY5�6�B*CJ OJQJ^Jph�hp"`jhp"`U
/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�E	01�h��/ ��=!��"��#��$��%���P0����h�X2	01�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�41�h��/ ��=!��"��#��$��%���0���$/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�E	01�h��/ ��=!��"��#��$��%���P0�������2	01�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�/1�h��/ ��=!��"��#��$��%���0�n�*���z�bsR�&�z��PNG


IHDR���4z�IDATx��ܱm�x�aށp6�	7�܀c�jD%�����ͤ�0v��A�6>��n�F�9�e��?�������Ϳ����
0�˲�,˲,�����|<�}?�뺎��[�����3`��I�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��p����ϟ?���0z\Ҳ,˲\�����ϟ۶�^����@��d����`��	T����g��x\�u�x|$	��
@�@ A�� PH�$T*	��y��e_O?�=~���/Ow�'��i�7���
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T���}����:z���\PH�$T*	��
@�@ A�� PH�$̣�mzyy��i��<z\Ҳ,˲\����y��m۶m�.i]W�
��<��5�1�(�i�p��a������-�:�H	��
@�@ A�� PH�$T*	��y��e_O?�=~������n����i�7���
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$̣�-�����u�
��i�����
@�@ A�� PH�$T*	��
@�<zܦ���i��}?�ϣ��%-˲,�5�,P�*����iڶm۶�[��u����<]�3�r��6�
Wq8�i:�뺎����$� PH�$T*	��
@�@ A�� PH�G�[�������+ބ/Ow�'���i�7���
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$̣�-�����u�7�4z�+T*	��
@�@ A�� PH�$T*	��p�^^^�i��|>����,˲,�x�@��x~~��i۶m�Fo�KZ�U��k2��t�w�0�~�*\��p���x<��:z�>�@�@ A�� PH�$T*	��
@�@ a=n��ӏo��G�h��t7z�����4z›�
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T���}����:zE�i��\PH�$T*	��
@�@ A�� PH�$̣�mzyy��i��<z\Ҳ,˲\����y��m۶m�.i]W�
��<��5�1�(�i�p��a������-�:�H	��
@�@ A�� PH�$T*	��y��e_O?�=~�b�/Ow�'���?�FOx�\PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�<zܲ�?�ZG��4z��*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T���}=����}��t7z�e�8��𦹠� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��y��e�?~����^�p=�[�
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��y��e_O?�=~��*�<ݍ�py�N�'�i.�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ a=n���?��W\�i�n�*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T���}=��������/Ow��z�p=�MsA A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��p�>�p�i����t�)��
@�@ A�� PH�$T*	��
@�@ A��0�����e��}�����-pI˲,�r�'T�����i��m۶m���u]*�&���ۯ_��y>���%]�N'�
W��ݻw�ލ^���$� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A�� PH�$T*	��
@�@ A��0�>MӾ���y�ޢ��t޶m��m���/~%�VIEND�B`��F��T�^�ܲ3���$�Ce����JFIF��C		

 $.' ",#(7),01444'9=82<.342��C			

2!!22222222222222222222222222222222222222222222222222���~"��	
���}!1AQa"q2���#B��R��$3br�	
%&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz������������������������������������������������������������������������	
���w!1AQaq"2�B����	#3R�br�
$4�%�&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz�����������������������������������������������������������������������?��(��
)�"F2�=X��?��بu ��_z�{"Z*/���=���i��{�}�^֟�/���eؖ���0�x��G�`����b�kO��޿�9eؖ���0�x��G�`����b�kO��޿�9eؖ���0�x��G�`����b�kO��޿�9eؖ��g��*ʌO@��IKT�&��(��b
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��3u�(�(�*����O��U�c�]��uʪW�|V�����SТڦ�d~D_��?�G���O��T�W�]�s>�~D_��?�G���O��UM[Z����%x�U�0�<��7�P�	$�
�M����q��[f���Dd�*��1Z*U\=�N����ȋ�y'��(�"��I�|�ʰ�V�����Įf,���ҤS�"9B?����H�V�*��M�i��
M������"�"/��ȩ(��3�%�h����U�n��z�����տ�nW�<%���C���B�(��9��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��c�]��uʪU�c�]��uʪW�|W�#�u~�}ᯘQE�&�� ʶ>0"<�^�1��QY���{����T����� ���mOG6���c,f5re�U���Gˌw&��A�����qqn��1��-�]�"�����Z@/����u
B�۵�s�"F���{��������V�*�0�
ꔖ���g{[M~�7{�ZE����t��p��i����jv�k�i,g�!O̤����`��;�CU�uG�%����7#n�F���H���9淫�R�I)G�M&�w��m7�}�QMQ\����~���r�X��-ZY,2��m�<7
ZRE���J�/��'���ק�IEW��EPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPK�G��0��n�S�6�{E�|��y$.�GRz
��B�~b���x��.�W�bR�Y[O�өQF�Zz��n��_�ɣ�6�{E�|����g�?1�B��?�������������i[��R�ͺ����&��ۯ����j�����}
?�,���/��Q�������=�n߁K�6�{E�|�?�n��_�ɫ������(�г�����G�6K�?�����~/�ۯ����j�	��洹hd�d(�T�
i�hY���_�У�B�~b���5����[����V�!|B�o�x3đ٢�՝���e.I���$}r�߼��x�Z���>�F0.�y0Z�!9f�!rI��v�_�:���_f��2���)ʰ�#֯�,���a��A�өNkܒv���yE�Մ�h�!I��%��Uу+PGZ}s�>
�t�]5
%gӹc-���-��#-���APG�]hHQYzλk��d�9�.��1Z�[�e��,B� $�@��[��-���e�X%h.-�P�A �#8 � �EiQ\����]2���/�͌k%�Yƌ-���ۘ8ڡ�8�S�|Sm���e}��<Bt|j��#!�fQ�a��p84�Es��4Z��Q����ZA�W�$�ܒp3�3?��Oc�{9�K�%���smu�,J���ؑ@4QEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQERտ�?�1Y����V��� �����ϯ�8��Vwa���!����Q�?���:���[�����Q�?���:��S���iz���,�*�bV�c����ܕ�+ZT*�M�^߯�}��r���6'��bq*�Mn�I.�_�Ej�l�
���s��ڴ�%B��]_��q����Q�?���:����"�!@;׷�tU�M�S���b���
�
_U�����
(����8�)������h��Q��Y�T��,���*^[A��k\��>�oo��T�cp	��/��]�퍦�j��ְ][�ߊxã}A�����M�������¾Z9\``�(��~���k]�m����Z�e4�.
¦��"�y����f��>���ޝ�)|A.��CfY-eC"���x�FF>�W]��E�K��aj��$�XTJ�-��������\jU���E%źH�=��€9�j�b��M��X{���@�9��6@x�C�9�V��� �R��[��ۏ�]��H
���� �3���hZF��&��X�,9����%	���:ʝ�h�V���Ze��Hw:��>�(��QEQEQEV����߻���tFR��f����ݰ=��>"�E����f�3�G�}�o�oG
V�����v
�Y%���=Z��W]����Z�篕(�� �[}�������YMw�_�˗��I���Ex]�����k�-Q1�͔N?�(j��"�L����v�0J�}�_�eS,�C[_�ގy������]OV���/�!�ݝ�ˠ2����/����[���N��%%x����)(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(�����.��b��CV��\�A��g��c��O�?�;��AEW��xΟk�����k�94�Y�����h�"�wd3o d�<G�=M{5s����@-���Z�I/�{rwn�"����k���A5?��^�U��>�J-��m�]�V���0I�y0���f�j��U�kj�/��[���1�XgI���ω��.+h��\iX(���(�׵�'���j��ZF\m����O�\����]R�M�l.�+�����s,�F3���]n���kzkXjV���J�{��>���	&��J��G����o�2��(,e ��e���ֿB��O�Ե�u~�ic�}�(�K�y-��W�+21�^�\��&V��5�iv�v�tP_ߛ��ݾ�X��2�����3_`r�袼�k�SU�ߊ�Y�wos�\]
>�e�c��$`퐹V�`q��1@�Es���q��X���7��F~o/p��ǨI�\x/R�֯/�[�-�!��Y��[�U'�e�`Q��P�Q\���N����!�.o�5⹶�m���re�_u�$��2I�A㫋�}c�Z������Q��Q1���,hC2���q�q�z5>�����6�bņ89=~�%W+wq��y���]�ZFu�-�Rrd��U'ޭ�2�u��e���@|��`�_�}����^s��$�����&��8#����ǁ��_��D��?�JRB��·
�����9'�R1�84EDTE
�0W���_�Tۢ����7t�����dp�Eʂ]�s���ܳI�5%W�$��>>Rr|�waES$(���Xc��`w�nGRU��B�9�Wu�oM�i���W`�����YG@{�u<M#�Ȍ����# ���a)�#���C����w�U�l�}����^)��O�2�}��N햐/X�`9��$�|�ZR�7	�׆"��M�Š(�͂�(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(�n��j��ۿ�3�j��L�����{;Z��2�J���������5����Տו�m7�GMk��5o����ߡ�4d�?���i^��?3G�����5�{n�_�_�kj���C��g���~����?����?ƙ��{�<`���W������k�	�Z�u�����ߡ�4d�?���i^��?3G�����4{n�_�_���~�?�&��?����3����C�i��W������{�<`��ۆ�����_���ǔ���X?լ�K�+�(v���+�ɧ����������i�8QE�pw~Ֆ�]��H�mj�I��݄��\yȈk��%�n��Ȋ�T��[kHt���H��gt�ʹ]�@L���b�
��[Mn��J���?��4�E��Hϴ���8$�cEq�G����KO��9���(��G�8��2GP1��?�R�.LM&�LIq�y�.��-�a�`q��Q@�v���4���RQE`���.u	�_ӣ��F�H%�X�88#A?�G���	�1s�j�V����fh�|����'cֶo4�E6_Y[�'�g�\~����O�<5�æ&���YOuw��s#7D }흪�Ԛ��e^��NUD��Fg}��?�u;�g�H�'݀��(���Tb��G擜�I�[���*�
(��
(��
(��#��
��?�u��?�dS�?L�Gq�^��k���ڗ1(O(�ħ������e�:V������c�$P����\ޒ�U�}?b��=�_�;�(��#��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(�
Z�����+>�5o����V}~y�?�T�������QE|��Q\T�:���]NM~�M���m�Ɋp噌��#��cj�(�5�ÿ
�i��j���[�XU��Yp@ppb�ƽe�&┖���䯧d�m�sG�Q\���)>$@�[nX?�vy���>�:Ρ�jQ�׋w}e�KhҬj���@I�^
�iN���vk���:���+��袊�(�o������#�jq�T��s:BU�v�����W��:�����:~�#M$��&�����9��85?aU��������}���\���[O���<�6���)5���#��c����chI�;�	#(�H!��u��G)��Er�8�/-E�,fkyumJ;G�>�qa�ʞ�B���j��;D��J�����͑Ӣ�m���4�e�7M�K0%A'=���<=�)���kkxO�cz���fb���zcހ:+���ԡ���[Pԗ�vK�˙�v�H|ńHN�8xԐA᱌�A�k˕���5-����o%���^U�h��Y�X�+`���h���o�wwW�����[���ڙem�B�ʣ'�?
�h���a�[��Q����;|ۉV5�	�X��ʼ���!��{D�J�l���nZ_�β�$ŷ%I�pߕz�ͥ��b;�x�@w�}p~����n����{ook�@�Z
���mȃ�Ӄib �s�2���]���E���!EPEPEPEP]���mx��h�֮>���m�T�4K:��K������ ��p����9A��٥��v�w���.���\����O�|G��)f�:��X���-3Y��?K�mob�����}px��>ؽEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEP-[�As���Z�����++��|W�_<U;/��������%���D?�}��/g>��6�}�?������]k��ֳ[Z�Y[H��2o�l���U"�5�м1�w�(�J�� i$��ĞX��P���r�1^����(�D?��}d��z$��ZE�Em/}m�ɞw��5��h�l��Gzuěa��s�K�Ǡt���\��G��ya�˙c���;p�=A��]7�!�����|Vu�u���P�%ף��^���ӹ-�!�����|W��g��7�O������^�r�j�\F�.��ܣ�:�9$�F�X�x�k�����F��U�ؤҍ��6�a��Y���oĬ��B�8��X���#�+�Z�坛�L��}�w��H��U���R�q�q[�P%m�ki��"��˯\�-���Kx2�3�Vl�p��=k[Zӯ5}�9�{�.;�3��H�U�]�3�Z�P=�=�HմƁu-&WxRrV9ct���`��Q���=
�L�[�n~�6��2�D�2‚4�A����ެN����@��4�cA��5x�CG<���������ȸ�|wϵuQ@c��F������,�G�=U!��`�kb�i��	�ՙ���Wdhߐ�Ta�)�~�%u^<��隌���ܐn���2�<�[����$r���LB�MIo���0��	]����(���8B�(��(��(��%0�Ψ�?#^���T{�@�k�<-�`xj�Nbh��;�+�G�b��xÍ�j1kwQ��Z�6��t����8�n��u�y�%U�����o�`�
.�׽/˧��s���<5�O���b��.�I��]�O�k�����8��F�O�s�x�[��"�Z�\)��Wk�ĵ�K�u�	\J��u�L.���gl���
(��q�b�Z��-�Ckq�&��p�j���A��m��x�n!W��#�¹�@SO��9���6>�	?�-���p�(�����x�H���?K��o���NG�G܄�Vƅ��Ѝ�jZt��|�o����gX�>S�I�
�(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(����=
7ɋ�y���)�Rq����b��i�|�<����"�E.H�_r��<����"�&/��ȧ�G${/��q�L_��?�G���O��S裒=�܂��&/��ȣɋ�y���)�Q���Aw�g���i�|�}SQKdl(��b
(��
(��
(��
(��
(��$i4O�����2��⼗�����Iwc��ݵr�Z�B:�Q�rj��+z�З4ˋ���S䪿��� t`�� ��E-zV���M�$��L����%�Ļ���v����R{�\6��i$��H��!�-�����%?Z��ftj+K�~�|�+#��w��ז�w��UIu;;y|��Ŭ����[�|_�;
���m�_5ƻ�X=T�ޏ*T*�����TUH�;;�|�i�Կ�����L���3�MX��iZ�徠|�?����YT�Q���#z8UghA���f�*!w`��$��t>�u׈Z;����H<Ჲ]@:�^�t�!���>�|��jr6�x�2�Wl1�U����b;]�x����\��]���>�/ȣE���_n���!��1$Q"�h�U`(�:�+�>�(��(��(��(��+�_�x��^%�:�핾��[Y�I�,L��ii��e[+�x滺�n�?�X뺾��l��F'N�y�J	P*��\eN�T�w����$�6���I�-�M��J���Mq��.]d�k����4��
��H!�A��4̎%%��@���e��7^��4Kh�%��Cpf
��pIb��z��q=����$K�1��aID�M�s�~�Ú��u���S_דQ��a���Q�RW"8��0	��3�
&��Sq&���%�+Y,��	 ^$��;�q��F:z���l��֗;4b�2NP���+�8�0�=z��5�I�hl��y4�"ڲ\K �6#��������"cq�X��Q]�ۣ��䤨�/��W+;A���a�[;�6p,*���=kF�
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
��|M��w�e<��vS�6����ȩ�ne�X�'�N��CZ��|=o:���3׍��E#0�� U�~�6��@f��Zj�Q�YL%�L� �
�<�*@ �U��G�_��toi�f���k����8����ŀ�3�3[������/{%����ey,Q����k�P��L�pps@���Z�����S���Zy�9t�nU��m?(ٸ�;��FӼ�׼;�/��W:���r��V��4H��uhv��ABv~\�@��X�k�%�u=~�]�OXg����;x^"��(2�B�S���c�M�Iu�j>
�O�e����ux$����G�X,@$�I�=�]J��S�d������o�m��cw��Ǧq\���K�t�Ju8.��0�N����zf�)8����^GRԯ�]�okS��\]j֫"�$[|��`ތw
�;y���EE
�G�)k����?Ěo����G�{˛�]<]\ˆت"dA�Im���k_�z���Y�ǩGtE��Emuuf��u���W���+�J��x�G�5I4�伒�(�i#����b6@f1�������z�����w6�����XWe����dY���t�]�k�x��`���~�Vn��Ϣ��H��A�˭��s,�m�dv�VU����=�z�ǥ櫠��J�.�i�[-Z	���Y`�  Ĉ
��0A �s�W?���{�:�O����V�����ќ��9������ܩ �z�V�/c�t۫��+h^gb�	8�~+����5o����5��Ҵյt�"23:T��|�<n�`&��\�'�<]�ì5���^Z[�#h�"�db��66��
� ���P�:5��n�,���F�+�`	��5r���<�����R�A@Q@Q@Q@Q@Q@Q@�NJ�oVm�L����;�9l��|�1���3��`���!ҵM
�K�s$��=ˏrEu�u4ON�t�^��m���?���U�~`���xkR��Si���v��f��]�O㚧�����toȗ����?��6�纀;
+����_�׼%w�pn���g�g� �ZZO�<9���X��s�iI�`}�|7�@�QEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQY�W�3(�s��HQ��\��]2N��S�\a)�(Т���"��{�����Ͻ��?ƹ�r�����^§o��4h��툿����G��_��q�|�g/����������+;�b/�������������h�����~���*v���F��؋�}�?�4lE�>����?�r�����{
����Ѣ���"��{����\��n�Y�0V�u�����$�F��]��)�^H��(���(��*�궈��*H8By�kb(�IՒ�}݊�%/�\�EQ�׳���߳�k�}���
�����cS�Yz����g����g�(�׳���߳�i���~�Ƨ�G�^��~�Q��g����g�(�����=�O�e�*���������^��~�Q��������{����U�{?��?�V��;���T�1Z��a�K��ԟ��2�8��QE�@QEQEQEW?u�8_W�Uӵ;�&��@�6F"��Vd�w1�py'��(�z���v�y7��j{3��B`�
��;�B������6ڪ�uwww��a�����d�T�B(��g��]�x�D��:���Asv��Goh�Id	�rp;
ճ�}���i>���}�8���Ud��0pB�s��
#9�y�&�*(����o��m�MR�O�������1���d.���e�q�֗�#:z��N�xN�m%���#�Q�1�`�آ�9��
Cu�M��jz��qs
�s�G�	�I��b�na�*y�ҫ���'a��n/"�O�.-.�ΊEr�*pI*F�]E�}�h���?�55Kh�Q��Ȍ>eu(c`H8 �kOM�m>��%�����{����*�¨�I�Es����}r�Z��뻈�Ql eeBJ�$O�����]�y��������ڳ��o��8=1��Z(O��6����5�SPHL�xcLd�,h�	8�cq����
���������+�����c��'���Qʀ��P�(��-��]�5x���jB2��R��c#�s�
ǻ�����MCS��Gi/l-�T�Wa�l�޻�$+����@�6F����F���;x�BE
	�8��QEQEQEQEQEQEQEQEQE��xGס�m.�q��®W�O#�*(�����Þ"մ�}�_�[��g.H�����:�x�Ҵ�v�-,&6�c��&T����(�N��
̰j��C�c��n���k����Vky��'W��)�R�W�3Ē�������/?ï��q�Es�ܱɛI����E�⦀:�+����Ɠ�Z֟�B:E���K��K������};�xkU����������Q@���x�E��ߤ궗�uXe�^���@Q@Q@Q@Q@V^��='���W�?���-$���?�ℛ�	��٩Eyn��#X�b�M�v��y���␪~��J�.uMr����:��Hg�8��Ak��[�����y5�'nng���W��r�_9 �䤃�2�T�I}nso�jП�u	���K�V�(��~'2�<5����=���/x�Oa��u���![����V��E����.���:U�\019�Iz`v��J�:�u�t��a�,.%ڜ���gaEW)�QEQU��M.�K���x�Y���rI�'f��ҵ�?Z�W�����%�X�)#ldG� �29�S_Ӵy"��I�҂�
���2�e�F��FFN1Ƞ
:+&O���v���D��-�
4�+s�(,�ʁ���cI�t�n��i�h��n
�dq�YXV�@��6zΟ�j7��K-̓"ܢ���� Мzt�W���jz����K�j��c|�	$(�s� ~5��ӧ��n��jC���\����@ms�u���7�/�e�
x�U�Ѯ�;?2�F�M��ŕ<�����z�Mω��c?��-����`;� a�W��/�����C��GKE�x�YԬu�L�Z�7��7��� H����k�(ҕY�G��M��
��h�gH׵)�wH���{�-#�$�VD�dVeIb��~c�\ƃ��KP����B�Sg}CMF�!��6�t��A���s]Q���I�ꜗM����<���+��������=�M��:��0��q��UӮ1֋MoR��,:���ב��W��Ѥ�.�*�9���<V+	Q�M[Tݯ����{�[�\�h�?š��<K�Z��{�A��
����*Jɍ�p!z��=
v�:t����!�up�
'�A�����#Y�����2���k�8?��Te_�?�.�E�!�QEϧ����κ
��u�vo�_!�?���Xo��EW�HQ\�ψu7�Mև�iv����wKszЃ������֦�߹��vZ�1-�Ō�L�pY��vPa�շM����{�̍�+�>��y5��j�w�����
��v�lc���}�qWe��q�^�zN�mu>�f�0����D"6-�9!GOž
��2���]-�j���@�GIE2'i"Gh�6e��*}	Ċ}r�{H����:�W�����7������FU���E�(��F8B�(��(��(��(��(��*�����V
y�M���e�c�TI8�=	�(J�!6��/�+�|A�4���&�Q�C���C�>��S�N}���O����%i,��B��&��j��{�dGE�*"�Q�?
��T����.�O���:m���~��N���O�.����/cp�rH���͓�>-�?�8�,��+$�n��h�J9n?f�<�7���#f?��#��;9�����YO�Z�uh
�KF��O��b��F���*)O-�K��ѕO;��+������:/�ɵ�1]�&��|�q܀~�\�zޯ��+�*�\�R:{q]G�|q}���^}CN��/<߼���~�yx��t�5=W�{���f�Yr����=b������+�I�kyT2IeXz�SW�{�EPEPEPEPEPEPEPEPEPEPEPEPEPEP����yڎ�k-�r.|�A��p��D��3�ŷȃ�����#��@?�F�
(����n�Ư�t��u��n��6��Z�Xx��W�"ѵ��<}�PF��>�d?�k����m��nm�+{�X�"Y�"�-�Њ+�?t�#�����>r��$��&���+�#��>!�~�W�B����:�+���2�~��?M׶��O�ɹ?2+��ԬuKaq��[�zI��h��xc�'�e��L��qe;�,/�aX��wS����
W�B���ŗ�N�,��%ސ�l��Op
T!)�F;�*ԍ(9��"���nt��LҖ9��+��=2?���^8䞀����[��^��S�g�����=���D,�ij3��19,I�I�u}F<o�����y�iW&��E�aEWi�Q@#�ȅC) ��KE7<7���
���=ސ8�-Ǭg��p��OO�Z]��ZEwk*Mo2��D9C^[>�<��0�+i�w,���S���Kcw�wv9�3�$��^�����3�9,>!�?���:+����zj7t�k�_̠��SZxo�l�}K�w�	�!�����7���Y��`��;׆}Q���{�3�=?����v�����Z����z���W�,��cr7�� �A�@��c�S�3�
��;zy�t�3�8���Um���9|3s:����"����F�x�9��	�M4��7���,�I$���f.x����5����I-#���H%D ��elp8�8�������扥�I��u{��I<bc,����Fa c��*
/\��S�V���Z����
�\�h�+,؈6yx�,�g���o
h���{�:�@X��sȈ��m��$��9$��`�h#��$��*G�U�t��-� ���O[��V�x��Y�$,1r�b�?6d����F�H���
F�
�z�������(�W�p0�W���(
����/|H�J���]����?��9�''��]e����롮z.���F�u��c��O�GVi|�+��w�.�m��2��\d�3��Iᐆ��ފ�\5wB�:��ޚ�N���y�}K��x��X�]U!:��32y�~X��20e���JŖ����\|?�mb]R���$y�RM�$��F�eld���Ez�n���W�VIk��I�Z��p�<�U�!�>j-��>�\��g�
�[���dž,0s�r5��1x��z%֔��O�yg����6,h��I;r<�kEa,ll�c�RKU��{$�������ygÛ��O�^��j�q86���
���y�y�o9�9�S����X�����v�ݢ�Ge`�
'�A�����#Y�����2���k�?��Tg_�?�.�E�!�QEϧ����κ
��u�vo�_!�?���Xo��EW�I�}��⮲-�K��m�-l�1��>b?銳,m�M7�I�4i��@�����v�2}���-��]�v��-̊�����RO��l,�'�洂I����x�m��r��+��oU�'/N־ߩ���Ÿ�ko�Ly;��z����;Fk���gs=���}y��Z��0H�m\�<m�8V���8�g�g�g����^_��o)|���ݸ�=���Юg�y�]:Y�UH�{TfE_����Ҷ�cN2I�Uʶw��M=[��!r���_�:f�y����%�5�d�@��J(�2����d�ݼ�AYx�ڐ��[k��呙涽�'=~G�z��ǀ�y��}O?����Fu���F^���u��׵�c�?��W�x� ��3��9�=W��	���jx��~���⹺���[�-T"8�	ҝ�Z��~,��\Xi�P5�g��XU�k衳��8b�u���u�j�B�SӤg�����]27+t �j�����ϱ�-V��n��̭�`�(�I
�h��$�#ㆂ���Z���a%�~\��ΐ���0�F'v���C�ė�i��=�������CU�������ܡ��%K��s��9���ú��w�����h/���?�)(6�L:�;x�p�$~��Ѵ�K֞�L��[v)k����r?�$v#�s^�5���6�Νa�]Aal����K�YF㏗=�4��n<;yg\Z�m0�N�u��a�H �Mmɡ]�i�}�����-sZ��%_C�g<�ݒI�j֑���ד��{������B��UsӒI&�4袳��-B��#�ug�'Y��r�\c ��ZѪ��֗�)���q��[���p�qЃڹ��ڟ��F��Zc�4��W��/���my�xk�_�\<�[�F��6X�;�'���P�Z��k����yv�!wn��rOw&�gX�.�C�B�Um����'�:Sk�(�<D,��_J�ʚ�,ז�a i��:tN�Y}+6�ܯ��O�>O>�$�ZoN��aE��n�h�rj
r�� ��]UaF8^
�ǩ<���QCs�iR�K�Kw�vFoS�}3R����4/�p�;���c��*�u�y�D�h�B&�iS��2��K��+�E��Ԝ��h�ݻ~g5Ek��A���3Z�K�(��g~p9��$��I�i��Ƶ
�kxYI`�	�v�W�:{��E&� Xi�����o�S&�؟N��B}J�M���x��>����*�;�t�z�MN��gR���~��φ<N��+;�&|ο��Ǭ����w�+P�AR2�^FFJ��z�M�O�N�˧�I��흣�A_`ּ<����6{�U�����Q�����(��P��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��( x �	�_h�h:���h�&�m�҃�;Jx_�X-��x���3¿
�&iڬ���˧O	�&��#�e'$�b�5�o�A3kZ��]]*���Q#Q��pyn{��\���xV�6+$�da�4�#{���Q4TA�Q�={E$�*���y�|G�q�
+���uX���kjā4�#����z��������a�d�g~����۟'O��smuK����&������;b$��(x��o�㝤��ֹX�heY)e9�0�A�5�%��e�^�^	^Uv���`��?�#nH����%��u�\9o2,�/���ϵs�����オ�����t�j���m���ocv�r��/�-��>-������0*������h�i6���T��3B��_�����T���g���<�{X��]�7,pjԗZn�.�wsz�5�)�LY�t*@#�rF+.G�4�尿������+�E�h�릺�Z���;�!&���i���"	�A%�J�=,	�I�.�{��e��E������1�ӭu[;�ͫ��+4�Ǵ��>������q;���q)̒�v>��ִ�'8�-��m���aZ�9�=%'e�)��v��GMtY#du� �"�Eu��;�S�е�r�zs��Fc˨��Ԕ+�����7F��w6���y�z'~���^�_!���Jc�l���a�Q�־�@��+��
(��
(��
(��
(��
�:D������[^z�5�\�IJ<�ۉ����_;�U�iA�is�魭�ӇR���+��3��B�G�L�����������>���g�k������Ɏ�K��^�ɛ�?��?�f����?ƨ��?F����x���?�G��Q�@��0Z_�"��L�������7���!�5G��7��Ə�����?�����ɂ�o���f����?Ə왿��!�?g�ѿ�4}�?F�������'�L��~���7���!�5v��충��s�c��b}�?F���֮�I�!���Ѝ{�=����Ia��;o{�u��u.M]��b�Q_^q�Q@Q�O�̌�"�c����Յ}I�M�A®3^>w����{j���ҳ�3z	�4����o�S���?M����5��X?��X?����x_���GO#�w�|�/�7��������u?���,��h�,��h�X��	����;��f��~������h��������f����}����x_���A���_3K�?M����4g��O��Ƴ~���Z>���Z?�</�G� ���������u?���o0����l��`��kWteT{�Q�x�+�ɳ�8�Z�N��i꼾Hέ7��3v5h����(��(��(��(��z���:n�h-��k+u�#>�O�]��J�xoT�~�Y�����oSi�G��랡\�G�G�R�{	��(�"Q�
�_gJ*��#�,EGR������t��t��Ѧ�F�����"��Y8m����Q\�T��N.�_�*���d���ss\I5}_V�l�̵���A�;WEk%�Ӭt�v��f���;�����0x�9��Ec<74T/��+}�ttS��T�Kk-]����fu��*蚥��q+O
�'2<?t�'�g��Z0��k:j]��V+"�6ƒa����|w�Ҹz)<-�i���%�hTq�I8���h��tz�^�[�\]�>�}rmy�蛁����a���Ӟ�䨢��K�����Wu�����w�/D��çx�H�	;�������+:���� ꚍ��{N��2*T&�c\���.��u���EWȟ�Q@Q@Q@Q@W9�-v�DӬc�	��N�>��]�HN\��UX��
��SI�/�|kq�}B����[]I$�w�t`�T� �889�jjw�7��u6u����uS׎���IEV��M>ѧugl��5��98U�םZ��Z��Z���5�x��\ ��S*�m�rO<�3@�Eq�Z���x�_��Z�Y=ռ�GK�:-UJ����G#&�
(�����6�u�_��[���I�"� �2{�ʰ��w�A�$�{1�M�����9~&x>"kHs��do䴲�I� ��9��r��:��Q�"�0�(=6h�|�^c��X{C�E�x�Q�f�rs�;1@]�'��2����v:L�O�"���	_	��c��*������8�ky)!|�q���n��jźܒ�����9�y�S��\~��Q\��$�(2�__���6��CC����`����}V��3@e�˭���x2ч}�ʯ��4�j~:*<���{�����:�+�k��)�xj7<������@�-0xa%����83@]R�5}?D�z��V���3,�
��SX(�Z3�_#����W�v�´ԟZ�О�$��Y�̲�(f�����@�ę����XdI!{�V�a�&#���xWŸ$���\YhG���䐓ydH
Fy'*F3�g�w(r�w�����^��插�X�iN^M~#����O�
(��
(��
(��
(��5���O�����6��Z���6�׊�������
9�h�]�L��r>�=w?��B������ٓO+y~G�d�q��o��E2Yc��WT����I������֖J�s5���V%����"�<g��wvp�k�x�՟O���V;��H�~`)#�+OX�-�K%��Y�*C1.^Y�QA d��R@�P��WӾå���{ov��R�q!8�B�~+s�zN�ᔷ7��V�w����M�~VF29œf�5�|Mou��粽���Ti�'Ei�v�ٕ�`0O#St_���ޘ��}��k+A{�hؐJ�2�:V���5�sK�o-�g�8.Wfe�ˤi.xFR�`�$楽�����Z��Qm]�t��Y�<�i�(� cnb���� _�$����XY�jE(��ke_*����	J���ⶫ��4m;�~
Դ=N��� ���k�h�,O��'he;ذ�	&���
��]���_^ƪ�oo$��ЕRF*����Y�nbIm�F�X�e]H�w�5o���F�K/����@w�;p{s�����~!��S��|�~���i;���5�@�"��VrC�G�y'��ge_.�ŷ��_��7G��/�^���zE�������eH�pk���V��/���m/�z��h�L����YJ˽R��#b��@b8�U�\r�f�������pԣQ˞��[���M۱�&�e&������d#2��J�=�d���h�P����owo,�5�dr;��{���_�=+V�d���俖U�!`:��5j1��}�}tq
ՔzM��@�������8s)=v�9���kO.������+��xd4�$�T���>	����*����?��%����\�ɝ��w�`d���'�+S���u�KE�>�j{m�&iH����WK�
F��Bҭ��o�[(�s+�cl"�df�T{⢦
蹶�VOef���Wk����J�Ƅ^'�&�Qk�d�e����d-�ݹ�}�V�^���s&�&�41����jsl6�\1v�pA���׳"��T�b�z�v8f�ov��Kk����A\uhi?�����ϭ
'�A�����#^����ꈯ�?���h����
(��
Ż�����mV-��&�uk渳�E���N�7�?�eQ_�AX�x�F��[Cs#<2�e�;i^(���yUJ)�d�5�^rڿæ�o��?
Mt�Sm�VfF˜$@{d7��3]�J��_ť��w�g�e����;
��m>�m���c��0��rD�3��<g#����������sx�4Ok,,�<n8uc#�3�5��&W�<�r����k�J�����G[�
FP�I��7���˨��v4QEy��E��h�y5]N�$uTk�� �b3R��l1M%Ж$�\Pq�}���>��"���u"�ƞ�����ĺ4���#�;������$�ܨ��2�B�#���O<��N��<9w�INa
�§Y����,G=��u����x��B�����Oi5�l��27�C3d���g�w��F��<wk`��#x�`��	7W	�}����h��t�n=>���F��,n���i��-U�-�!�2F	��\���������&io��@�
���'�8��mS�}���]k����G�@@��ff��Lr�@�mfi|,�ž�z��v�;��9|#('�w�Fq��Dm/�	�P��v�3�+r��,Y�����5�ީ�Yx�x��ٮ�8c�K`XEr�n�l�99'ִ�׵�+�V�����j� ���7�ɕy��3ns��v�[����Y�hz��#%�Zd�4Ā�"�q ���(�ɭ�xr���Zn�y>��n��`��A<�봹UUڪ��I$� �Q�<6���\K0D��F
��d�O�jJFUu*�#���>/Aᱤ�kR�5P����p���9C�=pz{���ſ���M.IΗ��F���1a�#�n��}*�?
��I�����ඕ�yYr�SǽjxGំ<��u���o.p���(��g�m���*O�#�9�u{_ӎ��N��I
��)$����zb����*��5��E��N�����(����
(��
(��
(��
j[��jz]��F�R�BbiT��$�A#rg�N����o�Y&���2�q�i8�T�렮L}EO'�O��.�2	tw���u�X��Gk�C�M.S��4K���Lm�?��9�u�Wɟ����^0tx�$n�D|�nh>�SE����_���n? A�����"h����Q��R��?��Z#�~���|q�'�e��&��(������^'�?ߺ���!Bx+���L�jD�
�(�Lx����'U�ڝA��WYE��YMj��
ʅ�Hc�s�Xr��;X�<���f__����0jP.�z�oh�a�����}H5�Q@]���?��K��7ia��e��I)�dbw0E�������:��d��ѥ��n�-����ev��H��N8�v4P=����ӯ�Ե
xϐ���U�wn.�Sя<��=�-KM�<Ok���kp_���6�fF|���Kp�dm�ƒ�zU�x[�Oa�K�_�b�kqimln�6���CK!%��3��$�4Q@UX��	S�����EQEQEQEQEQEQEQEͭ��^U�O��%@� ��G��k?V�t�
����kef�P���<��(��F�e==���Ӥ�5�m۬�de��'���+�}��?�|Q���M�:�iw/��Ar��uڲ��
�`qһ�/Þ:����7�'�]McE��H�ߒCn�ܣr7qۀĪn�z3�ͰO�j?��̡E69T�*i�I�T|M;0��(QEQER3R�@P2I�KZZ��	�ԍ"�8>P�'����V5�F�798L,�5U(u�s��m�����Q�
\jry�a���1�|���\�eXzo��3����� �������V�|���''�?G�N4���QE%��4�2��{�=:�����ia�Q�?�2w�V�,���ffi`�Wd��X�����Z�EgC��L�M�H���\���l��Pʧ��,4����6�pg>]�K��
�EQ�F��u4�8���K��VW��?�^��(��+�����ѿ�t5�-���٘$�־W��ձ)ƌ\�oe~�V�z�W9��E�[�	������+d�\ٴ�TH_p+"`�+��n��ѿ�G�w�>��}
��Y~aI�R�[ᾏ��|����_�.���Π��zջA=�Fƥ
*�?*.�@�$��'��R��>O5э��(��Ǵ��Ϫ���5�7���Уɻ��F���i�\��9h�^�T��v��
����[�o
}�����n�r�(m�m�vbq�lԺ6�����O����[D�m�Ox�eU�����g�{ɻ��F���M��7��)K�IIJ�www�]�������DC����ȷ/4�q�<�E!s����;WKg�Y[�q8�t�VI����N2y�MO��ϣ�B�&�}��5p9�T��I��n�G� J+��ĭ
'�A�����#T<����o��V���ar.��M}
�|L�Z)Ǫ�Fu�v�R�Q_vqQ@b��Ro�V��6���[��'�a��^a+b�^΄o+���%;�hT���ν�������:��z[�F��^̿����\�e�|�k���W�����s�����Y����[g�W=����g^��K���{�=-�#ZS��jN���/���M�$c�%��u��N��?i�F@�J�c�]h��z���H��%R6 �g�F0Elg^��K���{�=-�#Md��I*oD��g�^��O�!���ν�������:��z[�F��W�/��c��/��CVt����/�g^��K�խ>�[S3J��B˞���F7��Z��=t��EYÑ�˴QE}��QEQEQEQEQEr^<��֗�{������?�U����YcWC�>د~�=�fk�5�$�w]�'Y��A��Q�]G?{�˱���s�_�x9�X�1�ԗ���h�h�G*J���A`�:�;�i��I����i�g�QE�QEQH��[����v�K�s�?�<� R��W4��P��%��M$��mOu3yp½]�oaԓ�{W��gA�Ú6
�I���`1���y�����/���Č�߄}Re�v���O�	=ϰ�W�c�X������eo�)�O�^_�QEp�QEQEQEQEQEQEQEQEQEQEQEQEQEQESԵm;G�7:�����Z\J~f�.Q\��'M���u`�,�f����c?�j?��a��M��m�ŗ#�y?�ʊ�uMkK�-�Ω�Z�C���B��S�x��}K��χ�
P�S/�-�������i��r/#�����v���]�I�+��C�ź���Lj��`=mtX��=�e��Z��|���V�rIzyk˦3����r[�5�Es�ǂ�]{�Z^���	�t�q
��$�Aa�i�r}�����|]�y�.eմEC<�5ř!D��=�pxn�$��H�J�Im�9��z2�A�5�Յ�xCG��n�h��K�v�*��=rx`G�zXL�t$���x��MO�Jo����3�(��R����f�X5kq�������a�A\���lI�v�hGS5���
��׷OB��_~��W��t_��ֿ��+<�J�>�f��^uR?jhuk��F{��kM����֦�r_z�3�a�7e�?�-QW�|9�MP���@��[_���}T�����vQm�]��J^�g���=_�H?��[2�M{������LUg�U�_��#�_��@���i��K�ݎ�!�G��=�"�Nӭt�>(DV�G>�ܓ�I�V(�8�QUQ���W���T�J��`)`��Mk��c?Rд�a
jz]�⑏�O�+�މΗ.��0��}�����IO�v��+��
(��j͠�[UՒ1#���2��̪H�8�
Z+�}G���R�w���71Y�1�3<n���4'l{Yz(��x�}B���\��C,r]���&kp߼�#
���9�t�W��Ʊ�6��]��!�+o���\A ϝ�!.�T� �q�3K���o��N��3V��5s#N��J�\7��g�zd��>�¿�#Эm�A�)�y���զehbbS89v�q���z
QEB}Q �x|�]�*8�f���:Mοu�G{��U^[bp�X�#�L�֫\�R���׉�c�`p��^�k�sz����Z��O�������a?����Q_������cO��[��O�������a?����QG�טw�cO��[��O�������a?����QG�טw�cO��[��O�������a?����QG�טw�cO��[��O������6��x�U6�՗V�?��^�G�b�F��f�DU��4����C�(��(��(��(��(��(��(��(��(��(��(��(���<O:��e����[�k���o���WE�A�PI�$F@7h��}��,������:08 ��A*z�A��Ecx�_��c���پ�eS�7e����_J٠[Ğ��ek�%k
D�n"P�&���}r�g�Z����	�۴�'�t��F��i@ܞ��5�z��g�i������I'��HI 
ΰ��w0G?�������8�s���9���꣱ �^Z��zvg���0حf���������`���)q�c���O^թxwE�6��Xݸ��۫��2+�xIط�QL���T�p+юs��O|4��T��3˪����̰��fc��N�c�r^�ß	Dۿ���yd�~N�V�L^V���Y��hV1�(��$>�:|5��*}��(�<��d?�Ηhz�x��#���#�W�k�<=�]7�q?�U庐b[��id�?�l�[tW�_V��ޝ��/��W~�EW1�QP��[YF�]�C3�jҸPY�A=���5B�S�>�e�}��_�������;8���=pj�QEQEQEQEQEQEQEQEQEQU��-2ծ��൷_�,�Q��(�ȟA��֓���M^U�}�
�;�?��k�����u�L�ϛ�i�~���K�X�V�s����@�d�P�?\���j_/�t]GZ'��������i��ȼ�ѵ�/����_��v��@���9���Y�S��kv�o���K�C4�����W4��{M��a�e�S{#\�O�g'�+���
(��
(��
(��
(��
(��
(��Q�U�2�e�a��}�,�w�PsY� �t����^���Pq\\�l�8�1��p�Z\��τ��gkc ����JX� y�Ň�w��7v�sZ��m�i�kq���OmR�\Cg8���[n�$�l����+��nlW�ψt���}#M��ge`C��y$rpA��Z��ҭ��kZM�^�k��{
��,2��{(չ �hԨ��ڶ���N���)ʎ�]c���QEUMWM��4��6�ow� v� �ߚ�Eq6^�ne��Ŝ�z	!x��ʨQԨ	�I�-��*�����U�#M�%���.�D�K>Q$� ���z(��е�mGYנ�H��o��$�Id{vhُ�$���r���_�ѯn<E���g
�6mi6�4�2�1vU'�F>nNx�h��m6e���p����T�R5�1<pY����Z�Q@�Z�{g=��bH'����+�������>��i@}��ic�ɷ�먠��+_k��-GE]OR���5x6�坊Ġ
�
=}����K�	n����h�S�}����@�:W���P���q�!K����_3Ŏ����S�
�?A*�����(�8�jj���.�?��k�X+�&t�M��|A�t/߶�=��,�m��I��\��H�h��"�x��2Y���6�[:��q�[�H�M'���dV\��
�r�}�Z���Afb7�O3�� ��"9"6BA6�Xt�~#��?j��z��n��3h�0Hb
I#o�`rp⾓��=�i{��in���u�������2���xkT��<k�간�6�#�B��N�+�r�H�����x>���ү"{��a��ɳi$$�G��^zqT<-�jz�ֶ����U-�J�*(m�ƮH����ϊ���m������G��8�v�i�v�����&�焔%?ݦ���]$�vO��k����R�S���F�Ě�����ON��H�|�6mp8nF+��8Ѵ�t_�;L��5��4rc��c�?�z��ԩӔU-����W��*-�­�n�ʪU�#���W�¿�1^�U�����Q_�EPEPEPEPEPEPEPEPEPEPEP\O��u�%'����1��0S�l�һj��|-��z��&�x�6ymqgw-���|��2��v�@|Y}h�Zn�'������c���<�,�&�ګ��Kc
�r�%ω5x�Mӥ����T���/.�����0-��Ϊ��^F2;I��Oke�$��%��[{�a�������n�I;�''�Kohzuō��C���CĊ�h
��nV�G �NI䜀p&����]��WW���xV��T�7n�ѐVBϹQ��
��Y�=��vpjZ��Z�Wkv�w-*�Ɗ��I��x@������Ct#���g$�����s,�LF0ZFb�F>n�_���/5K
N�
��g٤����k�@��r�E��7�Y��YIvIˆ��-���Վ�-�p3���wV����[]����"�#�BV>��
K��X"��ڌ[���	�,�ʧ		�	.�/�7~8�[�a�M���W�,�d��A�,���RI$���ԖK�x�H����������������lxRq���x�8$��
��.$��˒o>KQs(�y8;���r�z�ך�:M�kI�?��ݭV]��E��q�A�3�yY]Hx����]hW�qi�/|���.�����c���z��<7d��孥�4�[N�y�"AʞO̸lddk�>�Ι���S�Yo#�_��'�9�F}��j������i�fҬ�٠��7�M�����·̾�h�������v7�7)�^��eq<�t��ǖ]w�~b������Vދk�Yx�N���}%�=D��w@�����2�샷�8�c���֏e��iqXF�w,�p�)���4�䳓�Ğ��i����kd�w�6Fn�f�����8|��@hd�Sᖷ�s�jͩ�^]=�7�#�c�l!��)���1���8�a�.!ծ|;��,zE鷚�\�2��Q��m?)�u��)�.�3g�ۦ������o�;�I'�LԼ%�j����<"	VɡY�dTp`���"�0�mWO�oll�[���X%�å�@�1���.[<.�Н��q�2��?����./���W�Կڝ�]��}�8U7$�A9�P�<%��W0�Mm,SEٕ�.e�&��>S.��������<!���ӠG�"iê�]�F/�*Aʐ�#c�(���{�.���Y�o�#��I|Ң"�˱.Ac���<V
�\�u�kZ��������jbf	��-�l��-���c���lwZuюin4�-���I]D�ߖf%��}��b���o��O,�c��O=��ʶ�I����ؒ����9�eno�G�
�sgm{�漺���xC��2�2�U!��pH;>���<A�\\�r�f�5���$򶣪��X��d�rk�}&���v�7�@��.��6`�c8꣜g�M?H�ҥ���)�
��;B-�8�G�/QEQEQEQEQEQEQEakZ�uԏN����,y����' ;c�'9�
k��]>ٮona��~�HGԞ+�o��1�Ún��I�y��l��g�~D�֟�nV��{��s��nX}|��Q]8T*�v�D�x�Z���J�@�=a���7�2���C��6^���][I�_/K�NSs >�~B��@���`
(��
(��
(��
(��
(��
(��
(��
(��
�|u�]x��zE���q4�2�ą&G9 �On��Q@ީ�^K�]�:|�F`�[K䐐f��e�yW���&�V��.�ᤵѯ�k��g�k�dY 6��r�IR	�Z�:(��<��>�7=��轎s����I*L���pc��Þ)��u��.Ι�YH��-n���X���4H�Xn%�	���Z�Eo�F��T?
��(��(��(��(��(��(��(�;��
]�?�ܪSi�Op�fV|d+8�>�V�aU6���N��'7�g�W?��������������?¾;�R�?����:=�>��N������\�c�(�Nj�~.?��Y��~����
tU��x�����G�<_��q�}��R�?����mO��S��c�?��
?���������a�߿�{j}��[�:��?�/�<_��q�}��6�ih�����5��y/�U���kG���`��e�(����
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��. �����h�5,�H�U@�I=KH̨����d�x��X��qpZڄ��ۮ��|�b>�Wz���y���Ƣ�݋�܀����W}��Uw��#��gX\;�O���ߙ�>9𭣴r��N2)�$s���P�"�����q��'��s���^Z���DUU�N��G��ʗ��5���=r��>�u�/i�F8T�u�������R
��A��'D�
:�)�dK%�I���n�4���Z��'�������/rW��ޏSn�`ף���Ey���*�ܬ> �O�٩��x�#�z%��v��[M�J��H�2�=#��.���,Տ{����5)]�E��QEQEQEQEQEQE����G�'_ݔ���ʐ��\y�����6�+U%�d��рee9��=�x��g}�����|���sV����w��ջ�(��2v~v�ڀ:8�{	�it��U�a�M$@�@$���
G��n��}��F�"���\u؊6=������J&�V��?��Ko�����^OoF�|�2#oR�[%�B��rO@@�|U�iB?�O23��ik,���}�T�/^X0}
j[\�{kլ�4�x䍲���A�+�,/�M/S���e��"�yȞ461*�F!�	���m|0��Ӿ�^B��7�2۰�y�?a��ڀ:�(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��+j:���a5����+�����q^9�k��&��n��d����?*c�>>��^��6�_���5�"��m��K�%�d<��*��#ޱ+�˰)EV��{��Y�k''���ᅲ�p����:�)gb���}KscwdT]Z�o���W?Lױu{\��5t� ��2�*�o$�p��I?@*K�;�6U���a�%B��Ǝe{_P啹��*��=�ܬ�v��	U>��G�R[i׷��kgq:)�h�f��(�[���O�ej��u�������v�qe���Փ?u��7~�g�Y֣
��5�bj�*�����{�����|7�S	m�]��v �yV��|!�7���⑏�m���O�xI��[��ױW��p�Q���`qp��Uc�]�QE�u�Q@R;�h��Td�(h�Z���'{]1�u��80�P�����|��aP��9����v���8�uH�O����"CI+�"��1���-?��{mn�ۤ8h�Lʧ��8����q"ϯ\^��Υ.��
�1�|�Q�6�$6��H0��U�P-�T��y�]-tٌ�G�6�*0s��A�h�Ec����qh^_/�vI�?2<�c�a�2O���-��ϩ��&�E՜O
�� F����گ�@��M!<H� X˰������6��n1�q�K��z��%�Ֆ��P���.t��Y�lۢ�2�9�_�Q��[5��m1�һąz2�N����֥PEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPdb���Xɩ�H��[`��&�Q'���V��{G��|�f���&�{��:��m\�����o�z����[����e�?_�Fܐ�U�|�?�/��m��Q����o�z�����2���� ����I����o�z����[��������$?�_2O���[��h_�r���`̿��?�9!�����mJ��Kl��ky��H��1Ǹ�9��I��U�g�6����}O�8�d�*�r�V��q��i[_О�(��9�(��(��(��(��������}�r�#��!
�����kξ*O��l�4�ܟ�{���ZЧ�*��ϊ��hN���C
[�1�"(U¤���$��?5m�vnx`��Ԯ�`��H���#�&�f�oj��-���?��H8�giz�i�fQ��b�&8#u�n58��4�+g��͐�.�v�LW,����n㯦�י�J�#I&�RV��k^E�	�:��&KW�Y���
q�����R͆���s��$����7��9_^k6f����A��v7P�R[�đ��G<���K��z|VZtR�Ɠy�C6��nw�=�D�ԕ^t�~O5~�µPt۾�^��촵��z�v�h��޳�[0k{�7��i!��oρ�f�sIg���+4�M��f$�� Tx�Q�O�����W� IZ�N>��ԉ���me��\���Ͱ2g!\9zc�Jgv����6���Uq4��ѕ�����o����G������A?�5�V/�&�/��� �+nlt�ګ�U(�ӌ^�#��MT�)�f�H�. �RE*��ׯ�'X�[���u����FJ���`7�
���o��[_�<*O�OA�=��E~��f�ӧ�����gҥѫ��z5���@��k;K�u[��i��nd�m�W�EV�g���-4�ٿ�����$!���Wϟ`u�ʊY�
I'�+������p֖Ϭ^�[m*#r����/�	�B���a/��C^��]�m���6��
u�v��ogm
�	�b�*��9o�x�Y�=?���Ǚt�k���Bjr|?Ӯ�e��0;�7�A��1�
u�PVֶ�v�okPB�HT{��h��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��
(��7��?�?ʰ-���?�k~o���`[Ǵ�����~�ن��-Q_ny��otMF�:��':�_΋n��ѱĬDBP:`��۳�|W�-h\��E���{K��� @�#���v��ND^LJ���n�9�J�l�A43[ʼ���0n�v�Y���<7�=Z��M�R�5I��i#Y`�(VHʬ� ��A�5�b%V��������d�W3.��v�f���c�H}B�yd-4!�@W�͆\�'p�I��)�.���/����ha>��o�>wn�<�j����j� �޳�Mc���Z���`�rk���F6�`3u,�'���?�"o���6_��}�3k�f�0|�fv�g^3�h��n
��_ʮ��Z�צ���zY'�֕,��H�p����%$�洪+T������ �b_����ƨԧ&�m�l�lW�����{���З�W
�=��RZx��+g���0Dj:�\q��Kp��ҫ(e*r�5�gcfl���`�V���zW��m��w���q��
�>,�ާy���4���3�/c����'�V�B���8x��FP*j�Ì�׼A��s��[Z��S�]��ݤ�Ԅ]��;Tr9 c�v��.����o�[�	ͽݾ���V�ܥH �u��m�u�ݲǦCͥ��p��ER�粒�rp#�j���+K_�~,��åjw��ZK�y�#X������g�4���"���w�����r�W:����[��>��^��Ǣ�[�𮭪Y5�ٮ/q�ېd�[�^z���-&�O�ѐ����j��K�Oݫ.}XV��Ү�}*�[��ɰXe�
Y_�h��TYO�Iln�b�>'���#��4).o��[���,q��9G&\�r�	9�9���3x���t�t�CO��=ݫ��#�0*�R �V��+?�2�M~��'���m��/#F���T�	 c����~��j1_���ŨM$�}��Jp�0���T2HgԀt�ORմ��n5MB��p�%����8��'ƮS$�9�l���p��x��>:�x�{Kqe��&8��k2�BW���J�=��(�/�4�h7Z5��+���E�$E��2?�'���Z�%�+o��O�j��L1ƫmj��ʮIQ�@
������
�v7��3"��F"Y�-� nOk�%
��L}7SR+���Q_^~nQEQEQEQE���~#ֵ��`��c�E�����	ހ��cvq��X����~����ȟ� ��-��/6�T{����nX�.�:�����l��6�Z��v(#��U�(��>�(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��d��\IS�����T6�WCEy9�OC1qu[\���ڝgծ`��I(�u�>�V���8/��i�����0v]Ϥ�l���I+z�?��K����_����}$�e��I[�Q��࿚_�}e�*�L�_��%.���Jޢ��G���/�W�s����I9Vݪ�ZB�0��=*Z+��2jt�*M�n�Fu+9�Z�EW�bQEQEQEQE^��
ON���M��14R/����
a�/�K�]^��T��,���l�cbd����������t�S_�����j�N����w`|�'��=1�nt뻍6������:��f\�������յ�Ω.��H����l�����i=��q���r)�+2������b�zv�ςͲ�ak9E{���������<���(��(��k��rC1$*��Y�8�$�&�WcI��n9-nu�}6�����Q�3��e\���0i�u���l���b�}F�+��O��F��-AG���m�"�>��I�b8$8���_���=ݖ��}�Q�xJ��-_�_�QE�z�EPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPE	��V �D�㊙N1����{QP}��~a���l�����Q��2����]��>�k�?0��b��Z���?�أ��e���Iv'���e����}�>�k�?0��b�oK��޿�9%؞��햿����(�e����}�=�/�_z�0�bz*�Z���?�ةRD�wF���"�5!'h�?��18��EU�(������x�E�o��e{�L��btI�N���(N(f����VzM�]�L"�H\��N�,I8MA��~����i7ې&�x^	#�#rH�88$s�Ѣ�i�����ap��4"�+�\dt�6~/Я��m�M6�!�9����e	&?�&�6�?W�l��o�_}���!�����e�5�Eg�:����J����Fw�=I�5ҭ�Gu��h�S��a�s�*���\JԢ�
�<S�hu�$�4�KML������tC�p�� ]}p��˚.�έ(U��Et��I�ϱj6���s�9��7G�|Q^���ꖏik
ͻ���@�}�{���Kh��ş�7+����$?���^��Z՗����w�������ޟ�>+�'dZ]��;����������x�~��D��l�o��?�v�����yRɱ�v���3*�ރ�>+�#|Z]��K����S������Xծ/=a�_�F~�%�&JΦi�����7���&�䢼��O�^}�N����ctp���wn�>�{f�7���G�=CRt���J����P��=�}0	�Xi�z]�ZXZ�mn�v8P*�|��f�|V>�we�Ϥ�e40���.���Q\'�QEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQE5�IT,�����y �A�ψ�y�"��[�3޺*��u�vo�_!�?���xWno��D_��?�G���O��T�CX�-4K�]�g�H^I�?uG%��\�k�)�J1ճ���-��$��ED_��?�X�x�4�mlu-2�K��[5Ѝ�W���w
���٫zv�m��:��)*˧J��\�YC
�<���%B�U����Ѿ��̽�E�<���y�$��Es��0}?R����z��y#�m��H��,p|�8�v����qcwiyqm%Ȏo,�D`�qGa��F	�O
].kik�[�s���D_��?�G���O��V&�⨵v�[M/Rm>w)
��<��~m����1@:v5�YԧR�垏��&�d~D_��?�ZZ?x�y��Q�ψ4�IY�mF���h�@��Տ��������:�z�GCEr�kZ���Nbn�ڱ6��U0da�_�u6��l����L�)T/���$�3�M~�p�:�O� > ��gϳg����r���4��K�cw��/�x}����n3^�FFJ��|)�i�uee�ʊ��]�c�XՉX��@�=�+�
��Ζ�/at��w9�1�#h��A��9�T�|���=f�^��(d�����l��Pu\3 ��H�6τ�3�ϥ�6s�5ˡvϚ͸�l�N�Ac�*}7AӴ�9��_2|	g��I�p3�dv,@��8�g¶�}�x��9LO>�{�:�eP�槇W:W��%u�mV����<r'�n0� V-��x^\s^��xKH�>���_lb�゙]�z����9�YҴ
3Ei^��l�c͞IYd�M�9,�4�EPEPEPEPEc��im��O�����YF�G �ޠ�GX�����;\i��,�s$r�RO��z��ϭo�^q��;�x��}G[��M��Z����|!�?������֏�!�^��V��{:�v�f��O%�^�'��h�����V]K�Y�:H���k�pU�vS��g#����(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��(��+�O���ٿ�tϧ����ξC�ݩ���:��k�>������1ŧ�nc%��Б�~`>��UMKL��,$��-���A�G��#� �+�0�cJ�4��_zk𹼕��C;��&�n����^�����1�jO	���?����D%mYxoK��[��k�R��wu-��P�Fm��g�C7������/���`󵶣q��
	Tp3�J�&���]��۫�{_k.���2�U�#ǂ����D5��ޖ�G���J�.4�����2O`���dl�e�O_� ��$�=�ƨ�������Wf8�؂�W89��*a��c�%�wA��0[��ӭ�n�P����Z%��Eş��P�?�.�xa���A�[O	��W6���������4pq�������Y��³RZ�[�Z��u߻�`�i:F�Ү���~�\���($���m^�?���ξ��?�'��_�4_��+�c�(��(��(��(��(��(��(����-����u�Tqse41) e�'�ɬ�\�v�6��_xwQ�k[8���Ym�-Ȁl���>_�+���9mH���ϋ��6ZjZ5���� 
����
ϲ���e�Z*_��W�$V�2s����<6m�����@o�t�OK����X�e`M?O�.��HJ��}�~\.��nc=�PEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEPEP]�(*�� aq��<���q���l�iJ���!`|�:����9e�
�d�:�����-���/��}���}����ۢ���O/�����2쿯���[�_��(�-���/���E�_��}f]���1>�}�>�Ee���e�����S������˲��f'�o����������V��y������v_���-���/����A%���Pn'��]�~I��Tu(��[WЉ�s�+AEW�bQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQEQE���$$If��!vh#vd#v�#vP#vL:V4�K��+�+�,�5�d5��5�P5�L4�a��p�(���������$$If��!vh#vd#v�#vP#vL:V4�c	�`���[������}1��+�+�,�5�d5��5�P5�L4�a��p�(�[������}1���$$If��!vh#vd#v�#vP#vL:V4�-��+�+�,�5�d5��5�P5�L4�a��p�(���������$$If�@!vh#v�#v�#v�:V����,�5��5��5��4�a�@p��������$$If�@!vh#v�#vd#v`#v�:V4�b��+�,�5��5�d5�`5��/����4�a�@p�(���������$$If�@!vh#v�#v�#v�:V4�.��+�,�5��5��5��4�a�@p��������$$If�@!vh#v�#vd#v`#v�:V4�b��+�,�5��5�d5�`5��/����4�a�@p�(���������$$If�@!vh#v�#v�#v�:V4�/��+�,�5��5��5��4�a�@p��������$$If�@!vh#v�#vd#v`#v�:V4�a��+�,�5��5�d5�`5��/����4�a�@p�(���������$$If�@!vh#v�#v�#v�:V4�0��+�,�5��5��5��4�a�@p��������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	/��4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	4�a�p�<�������������$$If!vh#v#v�#v#vP#vx#v$	:V���,�5�5��5�5�P5�x5�$	/��4�a�p�<�������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4���+�+�,�5�@5�|5��5�`5�L5��5��/��4�a�p�F��������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�+�+�+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F��������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�+�+�,�5�@5�|5��5�`5�L5��5��/��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4���+�+�+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�+�+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V4����+�+�+�,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V����,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If!vh#v@#v|#v�#v`#vL#v�#v�:V���,�5�@5�|5��5�`5�L5��5��4�a�p�F���������������$$If��!vh#v�#vL	#vH:V���,�5��5�L	5�H/��4�a��p��������$$If��!vh#v�#vL	#vH:V���,�5��5�L	5�H4�a��p��������$$If��!vh#v�#vL	#vH:V���,�5��5�L	5�H/��4�a��p��������$$If!vh#v�#v�#v
#v#v�#v:V4�'��+�+�,�5��5��5�
5�5��5�/��4�a�p�<�������������$$If!vh#v�#v�#v
#v#v�#v:V4���+�+�+�,�5��5��5�
5�5��5�4�a�p�<�������������$$If!vh#v�#v�#v
#v#v�#v:V4����+�,�5��5��5�
5�5��5�4�a�p�<�������������$$If!vh#v�#v(#v#v�#v�#v :V4���+�+�+�,�5��5�(5�5��5��5� 4�a�p�<�������������$$If!vh#v�#v(#v#v�#v�#v :V4����+�+�+�,�5��5�(5�5��5��5� 4�a�p�<�������������$$If!vh#v�#v(#v#v�#v�#v :V4����+�+�+�,�5��5�(5�5��5��5� 4�a�p�<�������������$$If!vh#v�#v(#v#v�#v�#v :V4����+�+�+�,�5��5�(5�5��5��5� 4�a�p�<������������n���������666666666vvvvvvvvv666666>666666666666666666666666666�6666666666�666666666666hH66666666666666666666666666666666666666666666666666666666666666666�62���� 0@P`p������2(�� 0@P`p������ 0@P`p������ 0@P`p������ 0@P`p������ 0@P`p������ 0@P`p��8X�V~$OJPJQJ^J_HmH	nH	sH	tH	8`�8Normal_HmH	sH	tH	DA �D	Default Paragraph Font6i@�60Table Normal(k �(	0No List4@�4Y0Header

�H�$.�/�.Y0Header Char4 @4Y0Footer

�H�$.�/�!.Y0Footer CharPK!����[Content_Types].xml���N�0E�H���-J��@%�ǎǢ|�ș$�ز�U��L�TB� l,�3��;�r��Ø��J��B+$�G]��7O٭V��<a���(7��I��R�{�pgL�=��r���8�5v&����uQ�뉑8��C����X=��$␴�?6N�JC������F�B.ʹ'�.�+���Y�T���^e5�5�� ��ð�_�g -�;�����Yl�ݎ��|6^�N��`�?���[��PK!�֧�6_rels/.rels���j�0���}Q��%v/��C/�}�(h"���O�
����=������ ����C?�h�v=��Ʌ��%[xp��{۵_�Pѣ<�1�H�0���O�R�Bd���JE�4b$��q_����6L�R�7`������0̞O��,�En7�Li�b��/�S���e��е�����PK!ky���theme/theme/themeManager.xml�M
� @�}�w��7c�(Eb�ˮ��C�AǠҟ����7��՛K
Y,�
�e�.���|,���H�,l����xɴ��I�sQ}#Ր���� ֵ+�!�,�^�$j=�GW��)�E�+&
8���PK!0�C)��theme/theme/theme1.xml�YOo�6��w toc'vu�ر�-M�n�i���P�@�I}��úa��m�a[�إ�4�:lЯ�GR��X^�6؊�>$�������!)O�^�r�C$�y@�����/�yH*��񄴽)�޵��߻��UDb�`}"�qۋ�Jח���X^�)I`n�E���p)���li�V[]�1M<������O�P��6r�=���z�gb�Ig��u��S�eb��O������R�D۫����qu	�g��Z����o~ٺlAp�lx�pT0���+[}`j���zA��V�2�F���i�@�q�v�֬5\|��ʜ̭N��le�X�ds���jcs���7���f����
��W��+�Ն�7����`���g�Ș��J���j|��h(�K��D-����
dX��iJ�؇(��x$(��:��;�˹!�I_�T��S1�����?E��?�����?ZBΪm���U/������?�~����xY���'���y5�g&΋/����ɋ�>���G�M�Ge���D�����3Vq%'#q�����$�8��K�����)f�w9:ĵ��
x}r�x����w���r�:\TZaG�*�y8I�j�bR��c|XŻ�ǿ�I
u3KG�nD1�NIB�s���
��R��u���K>V�.EL+M2�#'�f��i~�V��vl�{u8��z��H�
�*���:�(W�☕
~��J�T�e\O*�tHG��HY��}KN�P�*ݾ˦���TѼ�9/#��A7�qZ��$*c?���qU��n��w�N��%��O��i�4=3��N���)cbJ
u�V�4����(Tn���
7��_?���m-ٛ�{U���B�w�<w���_���$�#��[Ի�8{���(�/�$Ϫ0h݋�F۴��®{L�)#7�i�%�=A�:s�$�),��Qg20pp��f
\}DU4�p
M{��DB��%J������+{�l�C���]��=��5
2F��hsF+��Y��\Ɉ�n�ì��:3���E�[��6�9����`��&45Z!��*��5k8�`Fmw��-��"�d>�z��n���ʜ"Z��x��J�Z��p;�������{/�<�P;��,)''K�Q�k5���q��pN��8�K�Gb�e���
�S��d�̛�\17	�p�a�>��SR!���

3��K4'+�r�zQ
TT��I����Ivt]K�c⫲�K#�v�5+�|��D������~��O@%\w���_�nN[�L��9K���q��g�V�h��n
R!�y+��U�n�;�*&�/H�r��T�	�>��>\
�t��=.Tġ
���S; Z�~�!����P��9gi���C�ڧ!�#	B��,��;�X=ۻ,I�2UW�V�9$l�k���=A��j���;�{�A�P79�|s*Y�����;�̠�[�MC�ۿ�hf��]o��{oY=1k�yV��V���5E8�Vk+֜���\8���0X4D)�!!��?*|f�v�
u���"�x��A�@T_������q��6�4)kڬu�V�7��t�'��%;���i�9s�9�x���,��ڎ-45x�d���8?�ǘ�d�/Y|t��&LIL�J`�& �-G�t�/��PK!
ѐ��'theme/theme/_rels/themeManager.xml.rels��M
�0���wooӺ�&݈Э���5
6?$Q��
�,.�a��i����c2�1h�:�q��m��@RN��;d�`��o7�g�K(M&$R(.1�r'J��ЊT���8��V�"��AȻ�H�u}��|�$�b{��P����8�g/]�QAsم(����#��L�[������PK-!����[Content_Types].xmlPK-!�֧�60_rels/.relsPK-!ky���theme/theme/themeManager.xmlPK-!0�C)���theme/theme/theme1.xmlPK-!
ѐ��'�	theme/theme/_rels/themeManager.xml.relsPK]�
<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<a:clrMap xmlns:a="http://schemas.openxmlformats.org/drawingml/2006/main" bg1="lt1" tx1="dk1" bg2="lt2" tx2="dk2" accent1="accent1" accent2="accent2" accent3="accent3" accent4="accent4" accent5="accent5" accent6="accent6" hlink="hlink" folHlink="folHlink"/>	�
C���%�0�;gE#O%Y�a�j:sHv�vPw���m�g�ؤf�k�
������1�����b�����������ݺ���������?�����p�����������һ���������4�����j�����������̼����������D�����x�����������ڽ���������<�����m�����������Ͼ����	""JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJMTF!�.�=X|i�q�sF}�,���{�B�[���]�M�2�~�aeprtvy}�����������������b��������#^6vJRLZf{i�i�i�i�i�ijjj9j\jlj�j�j�j�q�q�q�q�q�q�qrr9rHrMrUrZr^rgrwr�r�r�r�r�r�r�r�rs
s.s<s`sks�s�s�s�s�w�w�w4|B}$,=DS������Ҁ�� ���5�ʩ��C�U�Q�0�۬�(�~�bcdfghijklmnoqsuwxz{|~���������������������������������������������������������������������������E]nC[qPhqt��+/+A+D+\+j+,',:,<,T,_,
-"-)-+-C-[-xK�K�K�O�O�O��.�
�X��X��X��X��X��X��X��X��X��X��X��X��X���� /�Xb�$���z�bsR�&�z��2�R�$�T�^�ܲ3���$�Ce���2�@���������H ��0�(	�
����4�(	�
��J�
�
#�A�  "�?���PB
�
#����  #"��?���PB
�
#����  #"��?���J�
�
#�A�  "�?���PB
�
#����  #"��?���PB
�
#����  #"��?���6
�3���	��	��j,tEv�v
������$�t@�@�t@�"t@�W$�t@�$t@���$��t@��page1page2page3page4page5page6page7page8page9page10page11page12page13page14page15page16page17page18page19page20page21	���%�0�;gE#O%Y�a�j:sPw���m�g�ؤf�k��	

	���%�0�;gE#O%Y�a�j:sPw���m�g�ؤf�k��sy������bknw����� $cgjq���!�!�!�!""�"�"�"�"�"#3$7$�$�$�$�$�$�$�$�$�$�$$%6%�%�%�%�%&#&4&:&K'O'((�(�(�(�(G)N)])b)1+:+<+@+(,,,.,7,$-(-D-M-�.�.�01g2r2V3]3l3r3u3z3�3�344:5>5�5�5�6�6�7�7
8888$8,8J9O9W9`9c9l9C:L:R;X;�<�<�=�=�=�=�=�=�=�=�=�=c?f?i?r?�@�@eAlAbChC�E�EF&F(F,F�F�FGGGGGGVH_HxHH�I�IJJUM\MOO1O7O<OAOT!T�Z[�\]=bGb�b�b+c<c]cgc-d7d�efEfVf�l�l_mfmkmrm�p�p$q+q3q:qSv\vbvjv�v�v�x�xkyqy�z�z%|+|0|5|)�0�f�l��	� �%�+�3�;�B��&�����\�e�z�����n�w�}���������������6�=�–ʖ@�K�c�n�P�V�טߘ��U�^�h�o�����^�d�(�2�:�C�ȞϞA�H�������ğ.�@�b�i����������&�������B�F�[�_�h�q�٤ߤ�������������������J�M�U�^����ɩ̩�"�>�B��������{�������������ūެ�K�Q�u�{�������������1�5�R�[�h�t�&�(���ð˰а)�1���������9�?�����E�L�R�V�^�f�õɵ������÷ʷ������øĸƸǸɸʸ���	
	a	{	�
�
lr
17����x"�"�$�$+%6%�%�%�*�*�,�,�4F5�;�;c?f?hElE�E�EITI�L�L6N@N�U�U&Y0Y�]�]_^a^
e*e�k!l�y�y�{|�|}�}�}�����������������ɐʐ��� �N�3�q�r���\������L�M�g�n�����Д�.�/�[�����6�\�–��"�$�>�c�����ۗ��6�N�P�e�f�����՘ט�X�����W������)���U�_�h������Q�~�(�O�ܞ%�&�?�A�_�w�����ӟb�u������2�}���������ס|�����ޢߢA�B�G�[����"�$�@�]�����ڥۥ#�J�M�k����	�����I�d�e��������5���ɩ̩ީ����#�$�/�1�����ͪC�m�x�z�ҫ����ܬg�����ˮ!�M�N�����߰��
�'�)�K�L�i������7�9�l�m�ز8���������ѳE�r�����ݴ��:�;������~�������E�F���÷�������øĸƸǸɸʸ��333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333339XEoCrPrt�+B+D+k+,;,<,`,
-*-+-\-xK�K�O�O�/����J��*����������XUb���������(�#����������|�F����������X=�����������~P���������&&&&&�����������������������������eWx�Yp"`�^���G"������@�XvXw0y0z�{�|���������
��@�"�H@���@���@���@��� @���X@�P@��Unknown������������G��.�[x�	�Times New Roman5��Symbol3.��.�[x�	�Arial=.�����j�MS PGothic;��Wingdings7.��.�{$�	�CalibriA���$B�Cambria Math A���h*��G���g���g�,�^O�,�^O��������20`�`�3����HP	�$P������������������������2!xx����Soumyadip GhariSoumyadip Gharai$����Oh��+'��0Dx���	��
�
$,4<�Soumyadip GhariNormal.dotmSoumyadip Gharai5Microsoft Office Word@
�@�b����@�M/	��@�b�����,�����՜.��+,��D��՜.��+,��,�hp|�������
���O^`�Title� 8@_PID_HLINKS�A�N!:$http://www.afr.com/business&<!page18&<page18&<page18&<page18&<page18&<page18&<page18&<page18%5	page21%5page21&<page18&<page18	

 !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~��������������������������������������������������������������������������������������������������������������������������������	

 !"#$%&'()*+,-./0123����56789:;<=>?@ABCDEFG����IJKLMNOPQRSTUVWXYZ[\]^_`abcdefghi����klmnopq����stuvwxy����������������~����Root Entry��������	�F0,f�����Data
������������4�&1Table��������H)BWordDocument
�����gSummaryInformation(������������jDocumentSummaryInformation8��������rMsoDataStore���������+]����P�a�����H�DU5�05��CC05��S�H��==2���������+]����P�a����Item
����	�����Properties������������UCompObj����
r���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������	����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������<b:Sources SelectedStyle="\APA.XSL" StyleName="APA" xmlns:b="http://schemas.openxmlformats.org/officeDocument/2006/bibliography" xmlns="http://schemas.openxmlformats.org/officeDocument/2006/bibliography"></b:Sources>
<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<ds:datastoreItem ds:itemID="{51437BCC-5AFD-4C7F-8209-A7E1B92807D7}" xmlns:ds="http://schemas.openxmlformats.org/officeDocument/2006/customXml"><ds:schemaRefs><ds:schemaRef ds:uri="http://schemas.openxmlformats.org/officeDocument/2006/bibliography"/></ds:schemaRefs></ds:datastoreItem>��
����	�F Microsoft Word 97-2003 Document
MSWordDocWord.Document.8�9�q

Youez - 2016 - github.com/yon3zu
LinuXploit