Attribution- ShareAlike 4.0 International (CC BY SA 4.0)
Vol. 03, No. 11, November 2023
e - ISSN : 2807-8691 | p- ISSN : 2807-839X
!
IJSSR!!"#$%2899
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This%work%is%licensed%under%a%Attribution-ShareAlike%4.0%International%(CC%BY-SA%4.0)
Technological+Innovation+Model+In+Implementing+E-
Marketing+For+MSMEs+In+East+Kalimantan!
%
Tikawati
1
,!Sugiono
2
,!Siti!Qomariah
3$
&"'()*+%,-%./)"01'%2',3,01'/%"34%5(/13$//6%7.8%9()*"3%:;1%<(="00"4%.4>1/%9"0">134"6%.34,3$/1"
1%
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3%
Keywords%
%
ABSTRACT%
TOE$model,$e-marketing,$MSMEs.%
%
%
The$ world$ is$ experiencing$ significant$ changes$ in$ information$ and$
communication$ technology$ development,$ making$ e-marketing$ a$
very$critical$method$to$implement.$The$open$competition$requires$
MSMEs$in$the$regions$to$pay$more$attention$to$marketing$aspects$
via$ the$ Internet$ as$ a$ modern$ marketing$ medium$ that$ is$ more$
profitable$and$closer$to$customers.$Studies$ on$the$implementation$of$
e-marketing$ in$ MSMEs$ still$ need$ to$ be$ completed,$ especially$ in$
developing$ countries$ like$ Indonesia,$ where$ MSMEs$ are$ very$ large$
and$ are$ one$ of$ the$ supporting$ sectors$ in$ increasing$ state$ income.$
This$ research$ examines$ the$ influence$ of$ technological,$
organisational,$environmental$(TOE)$and$individual$contexts$ on$the$
implementation$of$e-marketing$for$MSMEs$in$East$Kalimantan.$The$
results$ show$ that$ the$ technical$ and$ ecological$ context$ positively$
influences$the$performanc e$of$e-marketing$ in$East$ Kalimantan.$ In$
contrast,$organisational$and$individual$variables$do$not$affect$ the$
implementation$of$e-marketing$for$MSMEs$in$East$Kalimantan.%
%
%
%
%
INTRODUCTION%
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METHODS!
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RESULTS%
Respondent!Data%
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/*"*$0$3*/6% *=$% $3J1>,30$3*")% ',3*$Y*% J">1"I)$% 1/% M% /*"*$0$3*/6% *=$% 1341J14(")% ',3*$Y*% J">1"I)$% 1/% W%
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\=$%>$/$">'=%F($/*1,33"1>$%C"/%41/*>1I(*$4%J1"%U,,#)$%&,>0/%13%/,'1")%0$41"%#>,(@/%/('=%"/%
]="*/:@@6% &"'$I,,B% 13I,Y6% &"'$I,,B% '()13">+% #>,(@6% .3/*"#>"0% #>,(@% "34% \$)$#>"0E% \=$%
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-1))$4%F($/*1,33"1>$/E%\=$%/'>$$313#%>$/()*/%,I*"13$4%RRW%>$/@,34 $3*/%C=,%',()4%I$%(/$4%"/%/"0@)$/E%
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%
%
Figure!1.!Age!of!Respondents%
%
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International!Journal!of!Social!Service!and!Research%% =**@/Abb1;//>E>14C"313/*1*(*$E',E14b%
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Figure!2.!Respondent’s!education!
%
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Figure!3.!Roles!in!the!Organization%
%
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*=1/%>$/$">'=%F($/*1,33"1>$%-1))$4%13%I+%,C3$>/6%"34%*=$%>$0"1313#%MO%>$/@,34$3*/%C$>$%$0@),+$$/%"34%
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Figure!4.!Respondents'!Involvement!in!E-Marketing!Implementation!
!
\=$%*"I)$%,-%>$/@,34$3*/a%13J,)J$0$3*%13%10@)$0$3*13#%$S0">B$*13#%/=,C/%*="*%QX%>$/@,34$3*/6%
,>%LOP6%">$%13J,)J$4%13%10@)$0$3*13#%$S0">B$*13#%13%*=$%'()13">+%I(/13$//%*=$+% >(3E%.3%',0@">1/,36%*=$%
>$0"1313#%W_%>$/@,34$3*/%">$%3,*%13*$>$/*$4%13%10@)$0$3*13#%$S0">B$*13#E%
%
%
%
International!Journal!of!Asian!Education!6%
\1B"C"*1
1
6%9(#1,3,
2
6%91*1%h,0">1"=
3
%
IJSSR!!"#$%2903%
Discussion%
:E Validity!test%
\=$%-"'*,>%),"413#% J")($%,3%*=$%)"*$3*%J">1"I)$%C1*=%1*/%1341'"*,>%1/%*=$%',3'(>>$3*%J")141*+%
J")($/E%\=$%',3'(>>$3*%J")141*+%J")($%1/%(/$4%*,%4$*$>013$%*=$%J")141*+%,-%"%',3/*>('*E%\=$%="34%
1/%J")14%1-%*=$%),"413#%-"'*,>%J")($%1/%"I,J$%^E_%G,>1#13")%/"0@)$%J")($H%"34%*=$%@>,I"I1)1*+%J")($%
G!%J")($H%1/%I$),C%^E^_E%\=1/%>$/$">'=%="/%M%134$@$34$3*%J">1"I)$/%"34%R%4$@$34$3*%J">1"I)$%
C1*=% NQ% 1341'"*,>/E% \=$% "//$//0$3*% >$/()*/% /=,C% *="*% "))%1341'"*,>% ',3/*>('*/% ="J$%"%),"413#%
-"'*,>%J")($%"I,J$%^E_6%C=1'=%0$"3/%*=$%1341'"*,>/%">$%J")14E%
\=$%'>1*$>1"%-,>%41/'>1013"3*%J")141*+%1/%I+%',0@">13#%*=$%>,,*/%,-%*=$%"J$>"#$%J">1"3'$%
$Y*>"'*$4%G:j2%>,,*/H%-,>%$J$>+%',3/*>('*%"),3#%C1*=%*=$%>$)"*1,3/=1@%I$*C$$3%*="*%',3/*>('*%
"34%*=$%,*=$>%0,4$)%',3/*>('*/E%.-%*=$%:j2%>,,*%,-%$"'=%',3/*>('*%1/%=1#=$>%*="3%*=$%',>>$)"*1,3%
I$*C$$3% ,*=$>% ',3/*>('*/6% *=$% 0,4$)a/% 41/'>1013"3*% J")141*+% 1/% /(--1'1$3*E% \=$% :j2% "34%
41/'>1013"3*%J")141*+%J")($/%0$*%*=$%/@$'1-1$4%>$F(1>$0$3*/6%3"0$)+%^E_E%
:))%J">1"I)$/%13%*=1/%>$/$">'=%">$%"*%"%*=>$/=,)4%"I,J$%^E_6%/,%1*%'"3%I$%/"14%*,%="J$%0$*%C="*%
'"3%I$%/$$3%13%*=$%"J$>"#$%J">1"3'$%$Y*>"'*$4%G:j2H%J")($%*"I)$E%\=(/6%*=$%4"*"%',))$'*$4%0$$*/%*=$%
>$F(1>$0$3*/%,-%I$13#%=,0,#$3$,(/E%
%
Table!1.!Average!Variance!Extracted!Cost!(AVE)%
Variable%
Average!Variance!Extracted!(AVE)%
L%
0,69%
O%
0,63%
T%
0,64%
Y%
0,67%
Z%
0,79%
%
<$"3C=1)$6% *=1/% /*(4+a/% 41/'>1013"3*% J")14"*1,3% >$/()*/% '"3% I$% /$$3% 13% *=$% 41/'>1013"3*%
J")141*+%*"I)$E%5"/$4%,3%*=$%*"I)$%,-%41/'>1013"3*%J")141*+%J")($/6%3(0I$>/%">$%,I*"13$4%41/'>1013"3*$
J")141*+%="/%I$$3%"I,J$%^E_%/,%*="*%"))%J">1"I)$/$are$4$')">$4%J")14E%
%
Table!2.!Discriminant!Validity!Values%
%
%
%
%
%
%
%
%
%
%
5"/$4%,3%*=$%"J$>"#$%J">1"3'$%$Y*>"'*$4%J")($%*"I)$%"34%*=$%41/'>1013"3*%J")141*+%J")($%
*"I)$6%1*%/=,C/%*="*%$"'=%J">1"I)$%="/%,I*"13$4%"%J")($%"I,J$%^E_E%\=1/%1/%@>$'1/$)+%C="*%:BI">6%
!1)'=$>6% d% !$>>136% GN^RNH%/(##$/*/E%\=$%:j2%J")($% 1/% (/$4% *,% 4$*$>013$%C=$*=$>%*=$% "J$>"#$%
J">1"3'$%,-%*=$%1341'"*,>/%13%$"'=%J">1"I)$%1/%=,0,#$3$,(/%,>%3,*%-,>%$"'=%>$/$">'=%J">1"I)$6%
C=1'=%="/%"%J")($%"I,J$%^E_E%
5E Research!Variable!Construct!Reliability!Test%
`$)1"I1)1*+%*$/*13#%(/$/%',0@,/1*$%>$)1"I1)1*+%"34%'>,3I"'=%")@="%I+%(/13#%"%>$-$>$3'$%J")($%
#>$"*$>%*="3%,>%$F(")%*,%^EQ%G9=,)1=13%d%`"*0,3,6%N^RWHE%\=$%>$)1"I1)1*+%*$/*% $/*"I)1/=$/%C=$*=$>%"))%
L%
O%
T%
Y%
Z%
^6XW%
%
%
%
%
^6LM%
^6X^%
%
%
%
^6QW%
^6QM%
^6X^%
%
%
^6_O%
^6MO%
^6__%
^6XN%
%
^6_N%
^6LX%
^6LL%
^6WQ%
^6XO%
International!Journal!of!Social!Service!and!Research%% =**@/Abb1;//>E>14C"313/*1*(*$E',E14b%
IJSSR!!"#$%2904%
*=$%>$/$">'=%J">1"I)$%1341'"*,>/%">$%/(1*"I)$%',3/*>('*/%*,%-,>0%"%)"*$3*%J">1"I)$E%\=$%*"I)$%I$),C%
41/@)"+/%*=$%',3/*>('*%>$)1"I1)1*+%*$/*%>$/()*/%-,>%$"'=%J">1"I)$A%
!
Table!3.!Construct!Validity!and!Reliability%
Variable%
Cronbach's!
Alpha%
rho_A%
Composite!
Reliability%
L%
0,85%
0,86%
0,90%
O%
0,90%
0,92%
0,92%
T%
0,93%
0,94%
0,94%
Y%
0,84%
0,84%
0,89%
Z%
0,87%
0,92%
0,92%
%
\=$%*"I)$%1341'"*$/%*="*%"))% >$/$">'=%J">1"I)$/%="J$%',0@,/1*$%>$)1"I1)1*+%"34%?>,3I"'=a/%
")@="%J")($/%#>$ "*$>%*="3%^EQE%\=1/%,(*',0$%4$0,3/*>"*$/%*=$%4$@$34"I1)1*+%,-%$J$>+%J">1"I)$%(/$4%
13%*=$%/*(4+E%
?E Test!result!Multicollinearity%
\=$% 0()*1',))13$">1*+% *$/*% 1/% @$>-,>0$4% I+% ',0@(*13#% *=$% j.&% J")($% Gj">1"3'$% .3-)"*1,3%
&"'*,>H6% GU=,g")1% d% k"*"36% N^R_HE% \=$% j.&% J")($% 0$"/(>$/% *=$% >$)"*1,3/=1@% I$*C$$3% $Y,#$3,(/%
J">1"I)$/E%\=$%/*>,3#$>%*=$%',))13$">1*+%I$*C$$3%*=$%$Y,#$3,(/%J">1"I)$/6%*=$%=1#=$>%*=$%j.&%J")($E%
:'',>413#%*,%U=,g")1%d%k"*"3%GN^R_H6%*=$%>$',00$34$4%j.&%J")($%1/%)$//%*="3%_E^^E%
%
Table!4.!Inner!VIF!Value%
!Variable%
L%
O%
T%
Y%
Z%
L%
!%
!%
!%
2,26%
!%
O%
!%
!%
!%
2,70%
!%
T%
!%
!%
!%
W6RL%
!%
Y!
!%
!%
!%
2,10%
!%
Z%
!%
!%
!%
%
!%
%
5"/$4%,3%*=$%*"I)$%,-%133$>%j.&% J")($/6%1*%="/%I$$3%/=,C3%*="*%"))%J")($/%,I*"13$4%">$%I$),C%
_E^^6%/,%*=1/%>$/()*%'"3%I$%/*"*$4%*="*%*=$%>$)"*1,3/=1@%I$*C$$3%$Y,#$3,(/%J">1"I)$/%1/%3,*%=1#=%,>%
0()*1',))13$">1*+%4,$/%3,*%,''(>E%
VE Test!Results!of!the!Inner!Structure!Model!of!Research!Variable!Relationships%
\=$%133$>%0,4$)%*$/*%"10/%*,%4$*$>013$%C=$*=$>%*=$%>$)"*1,3/=1@%I$*C$$3%$Y,#$3,(/%"34%
$34,#$3,(/% ',3/*>('*/6% C=1'=% ">$% )"*$3*% J">1"I)$/6% '"3% "3/C$>% F($/*1,3/% "I,(*% @>$J1,(/)+%
=+@,*=$/1/$4%>$)"*1,3/=1@/%I$*C$$3%)"*$3*%J">1"I)$/E%\=>$$%41--$>$3*%/,>*/%,-%J")($/%->,0%*=$%$">)1$>%
90">*!k9% 4"*"% @>,'$//13#% 4$0,3/*>"*$% *=1/% 133$>% 0,4$)% *$/*6% ")/,% B3,C3% "/% "% /*>('*(>")% *$/*6%
3"0$)+%I+%),,B13#%"*%*=$%`%9F(">$%:4;(4#$4%J")($6%`$)$J"3'$%,-%!>$41'*1,3/%GhlH%"34%*=$%U,,43$//%
,-%&1*%GU,&H%J")($E%
Table!5.!FIT!Model%
!%
Saturated!Model%
Estimation!Model%
SRMR%
0,10%
0,10%
d_ULS%
3,51%
3,51%
d_G%
1,84%
1,84%
Chi-Square%
1007,29%
1007,29%
NFI%
0,65%
0,65%
!%
R!Square%
Adjusted!R!Square%
International!Journal!of!Asian!Education!6%
\1B"C"*1
1
6%9(#1,3,
2
6%91*1%h,0">1"=
3
%
IJSSR!!"#$%2905%
AND%
0,39%
0,36%
%
5"/$4%,3%*=$%&.\%<,4$)%*"I)$6%*=$%:4;(/*$4%`%9F(">$%J")($%-,>%$"'=%J">1"I)$%1/%"I,J$%^EN6%
C=1'=%1/%',3/14$>$4%=1#=%13%/'1$3*1-1'%41/'1@)13$/%/('=%"/%',3/(0$>%I$="J1,>E%.3%/'1$3*1-1'%>$/$">'=%
*="*%-,'(/$/%,3%0">B$*13#%@>,I)$0/6%"3%:4;(/*$4%`%9F(">$%J")($%"I,J$%^E_^%-,>%$34,#$3,(/%)"*$3*%
J">1"I)$/%'"3%I$%(/$4%"/%"%>,(#=%>()$%*,%1))(/*>"*$%*="*%*=$%$34,#$3,(/%J">1"I)$%1/%"I)$%*,%@>$41'*%
$Y,#$3,(/%J">1"I)$/%"*%"%0,4$>"*$%)$J$)%Gi,/$@=%&%c"1>6%i>6%UE%\=,0"/%<%c()*6%?=>1/*1"3%<%`13#)$6%
N^RMHE%
2E Hypothesis!test%
c+@,*=$/1/% *$/*13#% 1/% '">>1$4% ,(*% *,% -134% ,(*% C=$*=$>$ "))% J">1"I)$/% ()*10"*$)+% ="J$% "%
/*"*1/*1'")%>$)"*1,3/=1@%,>%13-)($3'$%)1B$%*=$%=+@,*=$/1/%@>,@,/$4%@>$J1,(/)+%,>%0"+%")/,%>$;$'*%*=$%
=+@,*=$/1/%*="*%="/%I$$3%@>,@,/$4E%\=$%-1>/*%/*$@%1/%=+@,*=$/1/%*$/*13#%(/13#%/,-*C">$%Smart$PLS%
C1*=% *=$% ,(*@(*% 41/@)"+% ="J13#% (34$>#,3$% ',3/*>('*% 4$)$*1,36% "/% '"3% I$$ /$$3% 13% *=$% -,)),C13#%
@1'*(>$E%
%
%
Figure!5.!PLS-SEM!Output!Display%
%
5"/$4%,3%*=$%10"#$%41/@)"+%,(*@(*%"I,J$6%1*%1/%B3,C3%*="*%*=$%=1#=$/*%',$--1'1$3*%J")($%-,>%
*=$%*$'=3,),#+%J">1"I)$%C1*=%1341'"*,>/%',0@"*1I1)1*+%1/%"*%\M6%3"0$)+%^EXQf%*=1/%/=,C/%*="*%\M%1/%
*=$%',3/*>('*%*="*%="/%*=$%/*>,3#$/*%',>>$)"*1,3%"0,3#%,*=$>%',3/*>('*/%13%-,>013#%1341'"*,>/%13%*=$%
*$'=3,),#+% J">1"I)$E% \=1/% ',3/*>('*% /=,C/% *=$% 10@,>*"3'$% ,-% *$'=3,),#+% 13% $)$'*>,31'SI"/$4%
0">B$*13#%"'*1J1*1$/%J1"%*=$%.3*$>3$*6%/,'1")%0$41"6%"34%C$I%"4J$>*1/13#E%2S0">B$*13#%(/13#%/,'1")%
0$41"% "34% *=$% 13*$>3$*% 1/% 13'>$"/13#)+% @,@()">% I$'"(/$% 1*% I>13#/% 9<2/% '),/$>% *,% '(/*,0$>/E%
<$"3C=1)$6%*=$%),C$/*%J")($%1/%-,>%',3/*>('*/%\R%"34%\N6%^EQM%$"'=E%\R%"34%\N%=$>$%">$%$"/$%,-%(/$%
,-% *$'=3,),#+6% C=1'=% 0$"3/% 1*% ="/% *=$% ),C$/*% ',>>$)"*1,3% "0,3#% "))E% &>,0% *=$% >$/()*/% ,-% *=1/%
',3/*>('*6%"%),#1'")%',>>$)"*1,3%'"3%I$%/$$3%I$*C$$3%*=$%="I1*/%,-%(/13#%$S0">B$*13#%"34%*=$% >$/()*/%
,-%*=1/%>$/$">'=E%
&(>*=$>0,>$6%13%*=$%,>#"31g"*1,3")%J">1"I)$6%C=1'=%',3/1/*/%,-%L%',3/*>('*/6%3"0$)+%[RS[L6%
1*%1/%B3,C3%*="*%*=$%0,/*%0(/'()">%',3/*>('*%1/%[R%,-%^EXM%>$#">413#%*=$%(/$%,-%$S0">B$*13#6%C=1'=%
1/%13%)13$%C1*=%',0@"3+%J")($/%"34%*=$%C$"B$/*%',3/*>('*/%">$%[_%"34%[Q%$"'=%,-%^E%QL%>$#">413#%
*=$% "J"1)"I1)1*+% ,-% *$'=3,),#1'")% 13->"/*>('*(>$% "34% *=$% 4$/1>$% *,% 10@)$0$3*% $S0">B$*13#% 13%
',0@"31$/% $J$3% *=,(#=% *=$>$% 1/% 3,% =(0"3% >$/,(>'$% /(@@,>*E% \=$% -,)),C13#% J">1"I)$% 1/% *=$%
International!Journal!of!Social!Service!and!Research%% =**@/Abb1;//>E>14C"313/*1*(*$E',E14b%
IJSSR!!"#$%2906%
$3J1>,30$3*6% C=1'=% ',3/1/*/% ,-% M% ',3/*>('*/6% 3"0$)+% kRSkME% \=$% 0,/*% 0(/'()">% ',3/*>('*% C"/%
-,(346%3"0$)+%kM%,-%^EXO6%$Y@)"1313#%',0@$*1*1J$%',0@$*1*1,3%"34%13*$>3"*1,3")%I(/13$//%$Y@"3/1,3E%
:3,*=$>% J">1"I)$% 1/% *=$% 1341J14(")6% C=1'=% ',3/1/*/% ,-% W% ',3/*>('*/6% 3"0$)+% mRSmWE% \=$% C1*=13S
1341J14(")%',3/*>('*%>$)"*$/%*,%*=$%1341J14(")%0"3"#$>a/%B3,C)$4#$%"34%1341J14(")%$Y@$>1$3'$%C=1)$%
>(3313#%*=$1>%I(/13$//%$)$'*>,31'"))+E%
%
Table!6.!Hypothesis!Test!Results%
%
\=$%=+@,*=$/1/%*$/*%>$/()*/%*"I)$%/=,C/%*="*%*=$%*$'=3,),#+%J">1"I)$%@,/1*1J$)+%"--$'*/%*=$%
10@)$0$3*"*1,3%,-%$S0">B$*13#E%\=1/%0$"3/%*="*%*$'=3,),#+%13-)($3'$/%*=$%10@)$0$3*"*1,3%,-%$S
0">B$*13#% 13%'()13">+%<9<2/%13%2"/*%K")10"3*"3E% \=$%>$/()*/%,-%*=1/%>$/$">'=%/(@@,>*%>$/$">'=%
',34('*$4%I+%h"/=,(%"34%e"=+"%Gh"/=,(%d%9")$=6%N^RXH%*="*%*$'=3,),#1'")%J">1"I)$/%="J$%"%@,/1*1J$%
10@"'*% ,3% *=$% 10@)$0$3*"*1,3% ,-% $S0">B$*13#E% \=$% 10@)$0$3*"*1,3% ,-% $S0">B$*13#% '"33,*% I$%
/$@">"*$4%->,0%*=$%(/$%,-%*$'=3,),#+%-"'*,>/6%/,% `"04"31%$*% ")E%GN^^OH%">#($%*="*%*$'=3,),#1'")%
-"'*,>/%">$%',3/14$>$4%*,%="J$%"%/1#31-1'"3*%13-)($3'$%,3%*=$%"4,@*1,3%,-%/,'1")%0$41"%*$'=3,),#+E%
c,C$J$>6% *=$>$% /*1))% 3$$4/% *,% I$% 0,>$% >$/$">'=% ,3% *=$% 10@"'*% ,-% *$'=3,),#+% ,3% ',0@"3+%
@$>-,>0"3'$E% \$'=3,),#1'")% -"'*,>/% 13')(4$% >$)"*1J$% "4J"3*"#$6% ',0@)$Y1*+6% "34% ',0@"*1I1)1*+%
GG:)5">%d%c,F($6%N^ROf%:)B="*$$I%d%:I4"))"6%N^NRHE%:)5">%"34%c,F($%GN^ROH%">#($%*="*%>$)"*1J$%
"4J"3*"#$%="/%"%/1#31-1'"3*%@,/1*1J$%>$)"*1,3/=1@%C1*=%/,'1")%0$41"%"4,@*1,3%"0,3#%<9<2/E%:="31%
$*%")E%GN^RQH%/(@@,>*%*=$/$%-13413#/6%C1*=%*=$1>%>$/$">'=%>$/()*/%>$J$")13#%*="*%>$)"*1J$%"4J"3*"#$%
"34% ',0@)$Y1*+% ">$% *=$% 0,/*% '>1*1'")% -"'*,>/% 13-)($3'13#% /,'1")% 0$41"% "4,@*1,3E% ?,0@"*1I1)1*+% 1/%
"0,3#%*=$%0,/*%$//$3*1")%4$*$>013"3*/%13%.?\%"4,@*1,3%I+%<9<2/%G!>$0B(0">6%N^^WHE%
\=$% /$',34% =+@,*=$/1/% *="*% ,>#"31g"*1,3")% J">1"I)$/% @,/1*1J$)+% "--$'*% $S0">B$*13#%
10@)$0$3*"*1,3%1/%>$;$'*$4E%\=1/%0$"3/%*="*%,>#"31g"*1,3")%J">1"I)$/%4,%3,*%13-)($3'$%$S0">B$*13#%
10@)$0$3*"*1,3%13%2"/*%K")10"3*"3%'()13">+%<9<2/E%\=$%>$/()*/%,-%*=1/%>$/$">'=%41--$>%->,0%*=,/$%
',34('*$4%I+% h"/=,(%"34%e"=+"% GN ^RXH%C=1'=% /*"*$%*="*%,>#"31g"*1,3")%J">1"I)$/%@,/1*1J$)+%10@"'*%
*=$%10@)$0$3*"*1,3%,-%$S0">B$*13#E%<$"3C=1)$6%>$/$">'=%>$/()*/%->,0%`"04"31%$*%")E%GN^^OH%/=,C%
*="*%,>#"31g"*1,3")%',3*$Y*%1/%',3/14$>$4%"3%$//$3*1")%4$*$>013"3*% C1*=%"%/(I/*"3*1")%10@"'*%,3%*=$%
"4,@*1,3%,-%$S0">B$*13#%I+%,>#"31g"*1,3/E%\=$/$%,>#"31g"*1,3")%-"'*,>/%13')(4$%*,@%0"3"#$0$3*%
/(@@,>*6%$0@),+13#%.?\%/B1))/%"34%,>#"31g"*1,3")%'()*(>$E%\=$%,@131,3%:="31%$*%")E6%GN^RQHf%:)I">%d%
c"F($6% GN^ROH% 1/% *="*% *,@% 0"3"#$0$3*% /(@@,>*% 13-)($3'$/% *$'=3,),#+% "4,@*1,36% "34% *=$>$% 1/% "%
@,/1*1J$% >$)"*1,3/=1@% I$*C$$3% *,@% 0"3"#$0$3*% /(@@,>*% "34% *$'=3,),#+% "4,@*1,3% 13% <9<2/E%
<,>$,J$>6%\C"*1%U"00"'B%GN^^LH%="/%-,(34%"%/*>,3#%>$)"*1,3/=1@%I$*C$$3%,>#"31g"*1,3")%'()*(>$%
"34%*=$%"4,@*1,3%,-%13-,>0"*1,3%*$'=3,),#+%13%<9<2/E%
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GN^ROHE%`$J$")13#%'(/*,0$>/T%/"*1/-"'*1,3%"34%@>$-$>$3'$/%*=>,(#=%,3)13$%>$J1$C%"3")+/1/A%\=$%
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#,J$>30$3*E% Pacific$ Accounting$ Review6% 24GWH6% NLNnNORE%
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