ABSTRACT
Firms make several financial and strategic
decisions which are usually moderated by the workings of operating business
environment. Understanding how the fluctuations of these economic variables
moderate variations in firms’ financial performance is crucial and germane to
meeting cooperate goals and objectives. Insensitive to how these economic
variables affect financial performance may lead to wrong decisions and may have
implications on performance. Consequently, this study investigated the impact
of economic characteristics of a firm’s operating environment represented by;
Government Expenditure, Inflation, Interest rate and Exchange rate fluctuations
on financial performance expressed by earnings per share (EPS), Return on
Equity (ROE), Return on Asset (ROA), and Tobin’s Q (TQ) of Nigeria
manufacturing firms
The study adopted ex-post facto research
design. Stratified and random sampling methods were used to select 31 out of
the 45 manufacturing firms listed on the Nigeria Stock Exchange as at 2014.
Secondary data were obtained from the Nigerian Stock Exchange library, the
Central Bank of Nigeria publications, National Bureau of Statistics and the
Internet. A critical analysis of the
financial statements of the selected manufacturing firms over a period of 5
years (2010– 2014) was conducted. Diagnostic tests were conducted using Hausman
specification test. Fixed effects estimator was employed and regression
analysis to test the formulated hypotheses.
The findings revealed that the impact of
economic characteristics on firm’s financial performance existed but in diverse
magnitude; economic characteristics
proxy by
interest rate, rate of inflation, exchange rate and Government
expenditure showed a negative and significant relationship with ROA and EPS at
R2= 0.586702, F= 0.00000<0.05; R2= 0.838035, F
=0.00000<0.05 respectively. Also exist a negative and insignificant
relationship between our independent variable and ROE at R2 =
0.002824, F = 0.354468>0.05; TQ related negatively with economic
characteristics variables at R2 = 0.866519, F = 0.00000<0.05.
There is an overall negative significant relationship between economic
characteristics and firm’s financial performance at R2= 0.817989, F=
0.00000. All at 5% level of significance.
In conclusion, the study showed that each of
the financial performance indicators earlier specified, relate with each
element of economic variable in a unique manner. It was therefore
recommendedthat the monetary policies most importantly foreign exchange
policies should given serious attention, business manager of manufacturing
firms should monitor the movement of economic variable to take an informed
decisions, government should pursue a balanced monetary and fiscal policy and
have holistic review of monetary and fiscal policy as there is an overall
significant negative relationship between economic characteristics and firm’s
financial performance.
TABLE OF
CONTENTS
Title
Page
Abstract
Table
of Contents
List
of Tables
List
of Figures
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Objective of the Study
1.4 Research Questions
1.5 Hypotheses
1.5.1 Rationale for Hypotheses
1.6 Significance of the Study
1.7 Scope of the Study
1.8
Operationalization
of Variables
CHAPTER TWO: REVIEW OF LITERATURE
2.1 Conceptual Model
Theoretical
Framework
2.3 Empirical
Framework
2.4 Gaps in Literature
CHAPTER THREE: METHODOLOGY
3.1 Research Design
3.2 Population
3.3 Sample size and sampling Technique
3.4 Source of Data
3.5 Data Analysis Technique
3.5.1 Regression Analysis
3.6 Model Specification
3.7 Apriori Expectations
3.8 Ethical Consideration
CHAPTER FOUR: DATA ANALYSIS, RESULTS AND
DISCUSSION
OF FINDINGS
4.1 Descriptive Analysis
4.2 Descriptive Statistics
4.3 Empirical Analysis
4.3.1 Test of Main Hypothesis
4.3.1 Interpretation of Result
4.3.2 Test of Hypothesis one
4.3.1 Interpretation of result
4.3.2 Test of Hypothesis Two
4.3.1 Interpretation of result
4.3.2 Test of Hypothesis Three
4.3.1 Interpretation of result
4.3.2 Test of Hypothesis Four
4.3.1 Interpretation of result
CHAPTER
FIVE: SUMMARY, CONCLUSION AND
RECOMMENDATIONS
5.1 Summary
5.1.1 Summary
of Findings
5.1.3 Policy
Implications of Findings
5.2 Conclusion
5.3 Recommendations
5.4 Contributions
to Knowledge
5.5 Limitation
of the Study
5.6 Suggestion
for Further Studies
References
Appendix
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Organizations
are institutions deliberately designed to achieve and accomplish certain goals
and objectives which in turn maximize the shareholders' wealth in the context
of the definition of the organization objective. Activities in these
organizations are affected by both identified operating environment and firms'
specific characteristics. The state of a nation's economy affects the
performance of its organizations. Whenever the economy is performing well the
general expectation of most investors and shareholders is that companies would
perform well and thus shareholder's wealth is maximized.
The
economic performance is judged by the stability in macroeconomic variables,
such as exchange rate, the rate of inflation, consumer price index, GDP, stock
market index and interest rates, the policy makers at both the macro and micro
levels expect that economic condition would remain stable and favorable to
sustain business performance. Moreover, it is the wish of potential and
existing investors that these macroeconomic elements remain pleasant so as not
to threaten the firm's ability to meet up with set objectives. Firms make
several operational and strategic decisions which are usually moderated by the
fundamentals of business operating environment; these include financing
decision, investing decision and operational decision. Hence, firms must pay particular engrossment
than before to their operating environments when formulating and implementing
survival and growth strategies (Otokiti
& Awodun, 2003).
A
firm's decision in financing, investing and any other decision pattern is
primed on the trend of the behavior and disposed characters of its operating
environment. Organisational performance has been a source of influence on the
actions taken by companies and the degree to which an organisation realizes its
goals as well as the stated objectives through the stated strategies and
policies of the organisation (Folan & Browne, 2005). The search for
improvement on performance has always been a fundamental issue for firms. As it
implied in the natural habitat where the survival of the inhabitants depends
largely on the environmental phenomena, such as sunlight, rainfall, and
humidity, so it applies in corporate life. A firm is as good as the workings of
the fundamentals of its environment. The interplay and the relationship pattern
between a firm and its operating environment are symbiotic in nature, as a
change in one also causes changes in other. The impact of the manufacturing
sector as the key driver for meaningful economic growth cannot be over
emphasized. This relationship is characterized by the fact that a group of
healthy firms will build-up a healthy economy. Therefore, in Nigeria, the
government has made a concerted effort in the emergence, and continuous improvement
in the activities of capital market regulation and operations and an attempt is
made to make the private sector the key driver of the nation economy
Duncan (1972) defines firms' environments as
been characterized of "the facility of physical and social factors that
are taken directly into consideration in the decision-making behavior of the
organization''. Variation in firms' performances can be attributed to the
general macro and micro economic factors which are the economy, industry and firms'
specific factors. The behavioral character of a business environment plays
major role in accommodating or constraining business activities. Where there is
lack of good understanding of the external business environment, the attendant
effect of this on firm's performance cannot be over emphasized. After all, it
is the enhanced performance (effectiveness, efficiency, and economy) that can
ensure the sustainability of the organisation in relation to its corporate
goals and objectives.
An
accommodating business environment is one that encourages firms to operate
efficiently. Such conditions encourage firms to innovate and to increase
productivity, maximize shareholders wealth and ultimately improve overall
performance. In turn, it expands employment and contributes taxes necessary for
public development. In contrast, a poor business environment increases the
obstacles to conducting business activities and decreases firms' prospects for
reaching its potential regarding sustainable performance and wealth creation
(Owolabi, 2013). It must be noted, that amidst the economic scanning and
because the Nigerian business environment is fast changing and this deserves
the means by which future opportunities and problems can be anticipated by an
organisation and company executives and administrators needs adequate
attention. (Gado, 2015).
The
explanation for this phenomenon has been a subject of extensive research during
the past decades. Hence, a large body of theoretical and empirical research on
the determinants of firm performance exists. Two alternative research streams
dominate the literature on performance factors. Industrial Economic Scholars
emphasize the role of industry characteristics on firm performance (Bian 1968)
cited in Nina and Andrews (2010). From a resource-based view, a firms'
resources and capabilities are the basis of comparative advantages and superior
performance (Barneu, 1991).
These
factors are conditions outside the influence of the organization and are mostly
influenced by state and structure of the country within which the firm
operates; this falls under porter's (PESTLE analysis) which are the political
environment, economic environment, socio-cultural environment, technological
environment, legal environment, and ecological environment. These are basic
factors upon which performance is based and which shape strategy. Despite the
great amount of interest in economic conditions as determinants of firms'
performance, there is still a lack of concordity in the literature on the
conceptualization and measurement of economic variables. Economic environment
and corporate performance have shown controversial findings
Enterprises
are sustained in the environment in which they operate. Thus, the vagaries and
extremities of the environment affect the fortunes of firms (Kennerly and Nelly
2003). Considering the fact that
performance is crucial to organization, the structure and decision-making is
influenced by economic characteristics
so as to sustain the going concern of the enterprise, lack of critical
understanding of the workings of macro-economic policies of an operating
business environment could lead to disasters in the form of wrong investment
decision, financing and operational.
1.2 Statement of the Problem
The
modern business manager operates in a more dynamic environment. The changes in
the environment have been rapid and largely unpredictable, economic variables
have been complex in every sphere and impact on the practice of businesses in every aspect of the world economy without
any bias to either developed, emerging, developing, or underdeveloped economy
all forms of business enterprise are faced with peculiarity and behavioral
pattern within its operating environments. The most significant influence in
organisational policy and strategy is the environment that operates outside the
organization (Carant 1999).
There
is a considerable literature on the effects of macroeconomic uncertainty and
volatility on firm profitability in developed countries. Jorion (1990), Amihud
(1993), Bartov and Bodnar (1994), and Bartov, Bodnar, and Kaul (1996) based on
US multinational firms, for example, found a negative effect of uncertainty and
volatility on firms profitability. Literature also shows an increase in the
fluctuation in the earnings of firms in both developed and developing countries
for the last three decades (Grabel, 1995; Comin & Mulani, 2006; Wei &
Zhang, 2006). Macroeconomic volatility level is has been much higher in
developing countries than developed ones. In the case of growth volatility,
while it declined in developed countries during the 1990s (McConnell &
Perez-Quiros, 2000), Montiel and Serven (2004) report an increase in one third
of 77 developing countries, with an overall volatility twice higher than the
developed ones. Likewise, terms of trade volatility is found to be more than
three times higher in developing countries.
Increased
globalization, emerging markets, and high competition has made the business
environment to become turbulent and unpredictable. Macroeconomic uncertainty,
volatility, and risk on firms are having an effect on their profitability and
especially in developing countries. Financial factors such as
hyperinflation/deflation, high-interest rates and increasing exchange rates are
some of the factors in the current business environment that are affecting the
performance of manufacturing firms.
Furthermore, in Nigeria, the level of growth in manufacturing sector has
been affected negatively because of high lending rates, which invariably is
responsible for high cost of production (Adibiyi, 2001 & Rasheed, 2010).
Okafor (2012) further observed that the level of Nigerian manufacturing sector
performance has continued to decline because of low implementation of
government budget and difficulties in assessing raw materials.
It
has been argued that the persistent poor performance of the manufacturing
sector in Nigeria is mainly due to massive importation of finished goods,
inadequate financial support and other variables which has resulted in the
reduction in capital utilization and output of the manufacturing sector of the
economy (Tomola, Adebisi & Olawale, 2012). Thus, the manufacturing sector
is a key variable in an economy and they motivate conversion of raw materials
into finished goods. Charles (2012), posited that the manufacturing industries
create employment which helps to boost agriculture and diversifying the economy
in the course of helping the nation to increase its foreign exchange earnings.
Nigerian export history over this period is the history of its oil exports and
the very large changes in the price of oil on the worldmarket. The rich
endowment of oil has important implications for the tradable sector of the
economy generally and the manufacturing sector in particular, and it is often
argued that Africa's resource endowments mean that it will not be able to
export manufactures (Wood, 1997). The World Bank (2000) discusses the need for
African countries to diversify their exports. This is highly relevant in the
case of Nigeria; the failure of exports to grow essentially reflects the
failure in manufacturing contribution
Financing
is also another major determinant justification of firms' performance variance;
Firms capacity to meet up with investment demands, financing demands, and
transactions are limited in respect to financial ability and access to funding,
which are either from equity source or through debt financing. The interest
rate is one of the major factors to consider in debt financing decision making.
Therefore, firm's exposure to these risks is not without consequence on
performance, as this is a line charge on firms' earnings. Lending in excess of
inflation rates is viewed as pre-requisite for successful and sustainable
financing ‘‘positive interest rate'' (Buckley, 1999). The excessive high-interest
rate in Nigeria had strongly discouraged long-term investments and constrained
the ability to grow with nominal interest rates varying from 20 – 30% the
private sector is unable to borrow to finance long-term investment.
Public
expenditure is one of the most important instruments of government policy. Some
theories believe that increasing government expenditure promotes industrial
growth, while some other theories assert that increasing government expenditure
leads to dividing economy; this is backed up by the claim from literature that
most government administrations in Nigeria engage in unproductive ventures
which are not aiding industrial growth. The nature of the relationship that
exists between public expenditure and economic growth via sector performance
has stimulated serious concern among researchers (Tawose, 2012). Nigeria economy is characterized by
fluctuating macro-economic indicators
with continuous drop in oil prices at the international market and government
intension to diversify the economy and promoting the local content agenda, the
current negative performance index of manufacturing sector in relation to the
contribution to GDP and the potential the sector has for the economy in terms
of employment, government revenue, foreign earrings and potential contribution
to GDP, any effort toward this direction should be considered an effort in the
right direction. Also, empirical evidence is lacking or limited with little
documentation showing how macroeconomic variables impact on the performance of
manufacturing sector in Nigeria. Therefore the thrust of this study is to
examine economic characteristics and financial performance of selected
manufacturing companies in Nigeria.
1.3 Objective of the Study
The
main objective of this study is to assess the impact of economic
characteristics on firm financial performance. The specific objectives are to:
1.
determine the impact of economic
characteristics on the earnings per share (EPS) of manufacturing sector in
Nigeria;
2.
determine the impact of economic
characteristics on the return on asset (ROA) of manufacturing sector in
Nigeria;
3.
determine the impact of economic
characteristics on the return on equity
(ROE) of manufacturing sector in Nigeria and
4.
examine the implication of economic
characteristics on Tobin’s Q (TQ) of manufacturing sector in Nigeria
1.4 Research Questions
Emanating
from the above objectives, the questions are.
1.
In what ways do economic characteristics
impact on the earnings per share (EPS) of the manufacturing sector in Nigeria?
2.
How do economic characteristics
influence the return on asset (ROA) of the manufacturing sector in Nigeria?
3.
What is the impact of economic characteristics
on the return on equity (ROE) of the manufacturing sector in Nigeria?
4.
How do economic characteristics affect
Tobin’s Q (TQ) of manufacturing sector in Nigeria?
1.5 Hypotheses
In
line with the specific objectives of this study and in search of answers to the
various questions above, the following hypotheses are tested:
H01: Economic characteristics
does not have a significant impact on the earnings per share (EPS) of
manufacturing sector in Nigeria
H02: Economic characteristics
does not have a significant influence on the return on asset (ROA) of
manufacturing sector in Nigeria
H03:
Economic characteristics does not have a significant impact on the return on
equity (ROE) of manufacturing sector in Nigeria
H04:
Economic characteristics does not have significant influence on the firm value
of Nigerian
firms.
1.5.1 Rationale for Hypotheses
Theories
and Empirics show a relationship between firms operating economic
environment and performance variation,
Although contrast to significant number of existing literature in accounting
and finance which focus on how industry-specific factors such as size,
leverage, Asset tangibility, ownerships structure, capital structure, etc.
impact corporate performance (Slade, 2004), Oyebanji (2015), this study focuses
on how factors external to firms and corporations influence performance. The
goal is to ascertain how economy-wide or anticipated economy-wide conditions
instead of firm-specific factors, influence corporate performance. It is of
great importance to managers, as business environment is a prime suspect for
explaining the poor enterprise performance (Sodebom 2010).
This
study revolves around fundamental assumption suggesting that adverse economic
conditions or the potential for the occurrence of such conditions could have
significant negative impact on corporate performance, or on firms' ability to
identify macroeconomic variables that are more likely to constrain the goals
and objectives of corporate performance growth should be of great concern to
firms. Such information could help corporate decision makers in targeting
specific external threats to performance. In the literature uncertainty
emanating from persistent variability in economic activity has been shown to
significantly influence corporate performance. Although, industry and corporate
specific factors have been shown to be significant determinants of corporate
performance (Oyebanji (2015), Rajkumar (2014) Akinyomi (2013), Bihults and
Abbas (2012), Akintoye (2008).
This
study suggests that the effect of economic characteristic condition transcends
such firm or industry specific factors. This position makes us believe that
unlike industry or corporate specific characteristics, operating economic,
environmental characteristics are systemic and in most instances beyond the
control of individual firm or industry. For instance, Triandatii, Brezeanu,
Badea (2012) showed that macroeconomic-related variables to a large extent are
the prime determinant of corporate profitability. Government expenditure
pattern and financial performance of Nigeria firms', government expenditure can
be classified in terms of purpose as recurrent and capital expenditure. The
pattern of government spending has implications on private sectors, recurrent
expenditure may though affect private investment through people's ability and
willingness to work, save and invest. However, development expenditure raises
economic growth both directly and indirectly. The impact of public expenditure
in private investment behaviour remains a controversial issue.
A
school of thought postulates that increase in government expenditure retards
economic growth due to increased borrowing requirement and stifles private
investment. Crowding out hypothesis, on the other hand, the opposing school
suggest that any increase in government expenditure followed by equal increased
in private savings has no first-order effects on private spending a concept
referred to as Ricardian Equivalence. Therefore, this contrasting school of
thought gave rise to several empirical studies attempting to assess the impact
of public expenditure in private investment, hence, justification for this hypothesis. Inflation
rate as an explaining variable to financial performance variation of Nigeria
firms. There are now substantial bodies of evidence indicating sustained likely
predictable surprise in inflation can have adverse consequences on economy real
growth. The effects of inflation could be viewed in two perspectives: effect on
aggregate demand i.e. purchasing power and effect on the cost of production.
During the period of high inflation, consumers with fixed income have low
purchasing power due to the reduced real value of money, hence, reduced demand
for product. Equally, inflation increases the cost of production, hence,
reducing profitability (Osor & Ogeto, 2014).
Pandy
(2009) argues that if capital markets were perfect the investment of equal risk
should offer equal return in different countries, then, as per the fisher
effects, the nominal rate of interest would adjust expertly for the change in
the inflation rate. In agreement, Vong and Chang (2009) argue that available
empirical evidence on the relationship between inflations and profitability is
inconclusive, hence, requires further research. This conclusion is premised on
the effect of interest rate on the financial performance of Nigeria firms;
interest rate is a price that relates to present claims on resources relative
to future claims on resource. It is the price a borrower pays in order to be
able to consume resources now (Kwak, 2000). Interest rate represents the cost
of borrowing for a given period. Due to the fact that borrowing is a
significant source of finance for firms, the prevailing interest rate is of
much concern; Also interest rate is a major determinant of firms' debt
financing decision-making and access to finance is essential to the survival as
well as the performance of any firm. No matter how well managed, no firm can
survive without enough funds as working capital, fixed assets investment, man
power, and product development.
Financial
risk has a great impact on firm's performance. Our hypothesis links exchange
rate risk on firms' financial performance, exposure to unanticipated changes in
the exchange rate could have a devastating effect on performance. If foreign
exchange markets are efficient such that purchasing power parity, interest rate
parity and the international fisher effects hold true, a firm or investor does
not need to protect against foreign exchange risk. However, the relaxation of
frictionless and competitive market hypothesis introduces the notion exchange
rate risk. (Jamal, Mohamed, Ali, & Abdalla 2014) Hence, hypnotized.
1.6 Significance of the Study
This
study would be useful to the general public in updating their knowledge on the
impact of macroeconomic variables and how they affect firms' financial
performance and specific to;
The
ability to determine and understand in depth the impact of operating economic
characteristics assists management of a firm to improve on performance through
formulating workable strategy with embedded systemic risk. The outcome of this
study would assist managers of different sectors of Nigeria economy to
determine the influence of their operating economic on financial performance
variations management of Manufacturing Firms in Nigeria. The study might help
managers to identify the economic factors that affect the performance of their
firms and further know how each factor threatens their efficiency. This might
help managers to design proper ways of managing or evading these threats to
their capability and enable the firms to maximize their earnings. Managers have
an important role to play in reconciling the shareholders objective of
wealth-maximizing, therefore reducing
agency conflict between managers and the shareholders. The research would
further highlight why the profitability levels of manufacturing keep on
changing.
Manufacturing
firms are viewed as the productive sector and an essential element of any vibrant economy,
hence the government should play a great role in the wellbeing of manufacturing
firms in Nigeria. (Eze & Ogiji 2013) This study could help the government
to identify the actual economic factors that cause fluctuations in the firms‟
profitability and further come up with strategies or policies to mitigate some
threats such as inflation and increased exchange rate. If home companies are
performing well, foreign and local investors could be attracted to invest in
the industry and this would bring growth in GDP and thus loosen the hash
economic conditions especially in the country.
One
of the fundamental questions in finance, accounting and business administration
is what are the factors responsible for firm performance variations? The firms'
competitive advantage, specific characteristics or rather economic performance
has been rather limited. There are a number of previous studies at the
international level on the relationship of macroeconomic variables on firm's
performance viz profitability, growth.
Rexford and Daisy (2013), Athanasqlou (2008), Baum (2001), Damir (2009).
However, to identify what constitutes good economic characteristics to justify
a firm's performance is being a very difficult task among researchers hence,
responsible for differences in research findings. This study contributes to
knowledge by establishing the consistence of the previous findings in an
emerging economy like Nigeria. Nationally, a few studies have been carried out
on the relationship between economic characteristics and corporate performance
studies like Gado (2015), Aladejare (2013), Eze (2013) which are also sector
base and made an attempt to reduce gaps and contributing to the ongoing
discussion of the current trend in economic
characteristics and firm's; performance. In addition to various other
important contributions of this study, it would also contribute to the existing
literature as regards economic characteristics and corporate performance.
It
is also of relevance and imperative for practitioners to have adequate
understanding and give thorough attention to the investigation of the effect of
economic characteristics on corporate performance. The findings of this study
would strategically position consultants to provides cutting-edge consulting
services into a thorough analysis in strategy planning with consideration to
economic variables which inhabit
systemic risk, through a clear understanding of nature and extent to which
these variable influence firms' performance.
1.7 Scope of the Study
This
study examined the impact of economic characteristics on firm's financial
performance, it covers manufacturing
firms operating in Nigeria listed on the Nigeria Stock Exchange (NSE). The
study covered a period of five (5) years ranging from 2010 – 2014; the
population of the study is made up of 45 firms producing consumables and
industrial goods. The sample size for this study was 31 manufacturing firms
listed on the NSE. The sampling method used for the study wer stratified and
random sampling technique respectively.
The
secondary data for the study were collated from annual publications such as
Central Bank of Nigeria Bulletin, statistical publications and the National
Bureau of Statistics. The proxies used
in this study for financial performance are, Earnings per share (EPS), Return
on Equity (ROE), Tobin's Q and Return on
Asset (ROA), while proxies for economic characteristics are government
expenditure, interest rate, exchange rate, and inflation. Therefore, the economic
characteristics in this study is limited to macroeconomic characteristics
1.8 Operationalization of Variables
In
order to evaluate the impact the independent variable has on the dependent
variable, the research has the following construct: dependent variable is
firms' financial performance, and the independent variables are the four
economic characteristics interest rate, exchange rate, government expenditure
and inflation, the above is mathematically constructed thus:
Y
= f (X).
Where
Y= Dependent variable (firms' financial performance)
X= independent variable (Economic
characteristics)
Firms'
financial performance = f (Economic characteristics)
That
is, FFP = f (EC)
Where
FFP = Y and EC = X
X
and Y are broken down as follows
Y= (y1, y2, y3, y4, y5)
y1=ROA
y2=ROE
y3=EPS
y4= Tobin's Q (TQ)
Y
= firms financial performance (Return on Asset, Earnings Per Share, Return on
Equity and Tobin's Q.)
Similarly,
X = (x1, x2, x3, x4)
Where:
x1=
Interest Rate
x2=
Exchange Rate
x3=
Inflation
x4=
Government Expenditure
Functional
Relationship
EPS=
f (INT1, GEX2, INF3, EXC4,) …………..………….....
Function 1
ROA=
f (INT1, GEX2, INF3, EXC4,) …………..………….....
Function2
ROE=
f (INT1, GEX2, INF3, EXC4,) …………..………….....
Function3
TQ= f (INT1, GEX2,
INF3, EXC4,) …………..…………..... Function
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