NEW DETERMINATION OF FACTORS AFFECTING THE ...growth stages without small and medium sized enterprises. Hence, this is a qualitative study to Hence, this is a qualitative study to

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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS

COPY RIGHT © 2012 Institute of Interdisciplinary Business Research 513

OCTOBER 2012 VOL 4, NO 6

NEW DETERMINATION OF FACTORS AFFECTING THE GROWTH OF SMALL

AND MEDIUM SIZED ENTERPRISES IN PAKISTAN

Muneeb Ahmad

MS (Finance), Riphah School of leadership

Riphah International University Islamabad Pakistan

Ejaz Ahmad

PhD (Scholar), University of Lahore, Lahore

M.S(T.Q.M) University of The Punjab, Lahore

Head, Department of Computer Science

Govt. College of Science Wahdat Road, Lahore

Muhammad Bilal Hassan Kahut

MS (Finance), Riphah School of Management

Riphah International University Islamabad Pakistan

Ghulam Murtaza

MBA (Banking & Finance),

MSc Economics MS (Business Administration)

University of Modern Languages, Faisalabad

Abstract

The small and medium sized firms are backbone of a state which is in the stage of progress.

These play very vital role in the development of any nation and no one country can complete its

growth stages without small and medium sized enterprises. Hence, this is a qualitative study to

exemplify the external and internal matters affecting the spreading out of SMEs in Pakistan.

There are a number of impediment influencing their growth; external factors such as, access to

finance, lack of political stability, bureaucracy, access to public infrastructure, inflation and

internal factors such as, lack of training and education, stress on employees, lack of motivation,

Lack of management public and private partnership. This investigate is a case study of

dissimilar SMEs of Pakistan and jointly with earlier literature a wrapping up of internal and

external factors influencing growth can be reached. The most important data was composed from

side to side qualitative interviews with managers and other workers of the investigated

companies through 158 questionnaires. The consequences are calculated by Pearson’s correlation

analysis through SPSS V.19. The research make known that there are a number of imperative

factors affecting Pakistan SMEs growth.

Keywords: Small and medium sized enterprises, growth factors, Pakistan.

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Introduction

This paper gives wide information about determinants of growth of small and medium sized

enterprises (SMEs) in Pakistan. At this time the SMEs division have not a slight split in Pakistan,

it is realism that the whole financial system of Pakistan is dependable on the efficiency and

rapidity of SMEs. Out of Pakistan’s 3.2 million enterprises 95% are those who have 99 workers

in confidential industrial division and utilize about 78% of non farming labor force. SME

contributes 25% sell abroad of manufacturing goods and 30% of GDP is the result of business

efforts of SMEs (Saeed, 2009).

Small and medium firms have been the main foundation of employment formation

universal in excess of the last two decades. At the same time right of entry to financing continues

to be one of the most noteworthy challenges for the configuration, continued existence and

expansion of SMEs. The SMEs having employment Size up to 250, paid up capital up to Rs. 25

million and annual sales up to Rs. 250 million are Small & standard Enterprises , as accepted in

SME Policy 2007 (SMEDA, 2007).

Table 1. The Participation of Pakistan in GDP manufacturing.

1960

1965

1970 1977 1980

1985

1990

2000

2002

Pakistan

12.0%

Selected Asian Countries

14.0% 16.0% 16.0% 16.0% 18.0% 17.6% 16.7%

18.0%

Indonesia 8.0%

Malaysia 9.0%

8.0%

9.0%

10.0% 9.0% 13.0%

12.0% 18.0% 21.0%

24.0%

29.0%

21.0%

24.0%

26.0%

28.0%

25.1%

30.0%

Korea

12.0%

18.0% 21.0% 25.0% 28.0% 30.0% 29.0% 33.0% 41.0%

Developed countries

Sweden

27.0%

28.0%

- 24.0% -

-

26.0%

28.2%

Germany

40.0%

-

38.0% 38.0% -

26.0%

28.0%

29.6%

U.K

32.0%

32.0% 33.0% - -

25.0%

26.4%

Japan

33.0%

32.% 36.0% 33.0% 29.0% 0.0% 24.0% 32.3%

Reported by Small and Medium Sized Enterprises Authority (SMEDA) Pakistan.

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SME description in chosen Asia Pacific economic Cooperation (APEC) associate countries as

the ventures exporting up to US$2.5 million a year are measured small by the State Bank of

Pakistan (SMEDA, 2007).There are a lot of issues upsetting the growth of small and medium

sized industry in Pakistan but here only those immediately aspects are discussing which have too

much confrontation in the growth of small scale industry in all over the Pakistan.

Those factors which are influencing the growth of SMEs particularly in Pakistan are defining as

follows and there are many other factors which agitate the progress of SMEs but in this study

only very important aspects are discussed.

Inflation means a continued raise in the collective or universal value level in a financial system.

Inflation means there is an increase in the expenditure of livelihood. The normal meaning of

inflation nowadays adopted by economists is that inflation is an affix to in prices (Siegl, 2009).

In Oxford (dictionary)partnership is defined as” A relationship of two or more people as

associates”. Political instability is a state of affairs anywhere through a nation is at present

leaving from side to side political disorder. It may also engage the death of citizens within that

country and in a lot of cases the state detoriates in provisos of its financial system. Political

unsteadiness is distinct as the absence of a lawful, orderly, and nonviolent procedure of

transferring control (authority) from one leader to the next (Iheduru, 2001).

Public infrastructure is the expression that describes road and rail network that is owned by the

municipal and/or is for community employ. It is usually discernible from private or general road

and rail network in conditions of rule, financing, reason.

Public infrastructure includes armed forces such as infrastructure, mass transportation, water

system, septic tank system, solid squander organization, drainage and deluge safety, electric

fitting, and telecommunications (Fox, 1994).

Motivation is a word that the majority owners have read or at smallest amount heard

concerning. Though, when it comes to in fact inspiring workers, many employers are not

conscious of or well-known with the dissimilar practices and approaches they can employ to

inspire their workers (Deborah, 2010).

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Smaller companies do not contain the money or potential to get benefit of risk administration

armed forces used by better corporations. As an outcome, businesses are send-off themselves

unbolt to abuse from late-payers, which affects cash flow and the physical condition of the

business (Roughley, 2007).

SMEs are a basic part of the monetary textile in developing states, and they engage in recreation

a vital position in supplementary enlargement, novelty and affluence. Unluckily, they are

strongly limited in right of entry the capital that they need to produce and get bigger, with almost

semi of SMEs in rising countries score admission to economics as a main restraint (Stevenson,

2011 ).

In the near the beginning stages of enlargement, SMEs need to set up relations with companies

and estimation privileged who contain high visibility in the field .The affairs from a standing

system, which helps a SME to conquer the legal responsibility of novelty (Moller, 2005).

The word stress is used simply to refer to the in general progression by which the vocation

surroundings may harmfully crash workers (Jex, 2002).

Employees are grateful for the occasion to build up their information and skills devoid of ever

departure work or the place of work. Inside training and development brings a particular

advantage Examples, terminology, and opportunities imitate the culture, atmosphere, and wants

of your workplace (Heathfield, 2012).

Effective management is so the nearly all necessary element for creative presentation of SMEs

and a significant require for its achievement and extended term continued existence (Farhad

Analoui, 2006).

A bureaucracy is a group of non-elected officials of a government or association that equipment

the rules, laws, thoughts, and functions of their institution (Wilson, 1987).

http://humanresources.about.com/od/organizationalculture/g/what-is-culture.htm

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Literature Review

In the industrial growth of a country the significance of the SME sector cannot be exaggerated.

SMEs comprise almost 90% of all the enterprises in Pakistan; employ 80% of the non-

agricultural manual labor force; and their share in the yearly GDP is 40%, approximately.

Though, contrasting big ventures in the official segment, a small and medium enterprise is

constrained by economic and other capital.(MIPP) Given their consequence in all economies,

SMEs’ growth is necessary for financial revival and growth.

Small and medium firms have been the main source of employment formation

internationally in excess of the previous two decades. At the same time right of entry to

financing continues to be one of the majority important challenges for the formation, endurance

and enlargement of SMEs (Raymond et al., 2005).

The top ten tribulations up-and-coming out of this work out were the subsequent: Lack of

Finance 55%, Shortage of skilled labor 39%, getting business site 38%, Bribe 21%,

Orders/advertising of product 28%, Lack of knowledge 12%, Government interfering 12%,

Getting quality Raw material 10%, Getting license for work 8%, information of new Technology

8% (Uzma Athar, 2004).

Figure 1. The internal factors of affecting the growth of SMEs.

Training and

education of

employees

Role of Partnership

and networks in SMEs

Stress on

employees

Lack of

motivation

Poor

management

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Lack of management: Managerial competencies are sets of facts, skills, behaviors and

approaches that contribute to individual usefulness. Managerial competencies are very

significant to the continued existence and enlargement of new SMEs. lack of education and

training has concentrated management aptitude in new firms in South Africa. This is one

of the reasons for the low level of entrepreneurial formation and the high collapse rate of

new business enterprises (Olawale, 2010).

Most SMEs do not contain obvious tactics for prospect growth, production procedure, marketing,

fiscal behaviors etc. Owners (entrepreneurs) of most of SMEs act as managers treatment

all the everyday jobs, which are not hand over to others. Therefore, the majority of the

SMEs do not purpose proficiently due to the holdup of decision-making method, deprived

association, poor employment, weak scheming and directing. Monetary management of the

majority of the SMEs is established to be very feeble. Most SMEs do not work out total

expenses, total proceeds, earnings etc, for they do not keep any account methodically

(H.M.S.Priyanath, 2006).

Public and private partnership: is the most competent and efficient apparatus in number

of ways. Community and confidential company aptitude of co-responsibility and co-ownership

for the endorsement of small enterprises. from side to side Public and confidential corporation ,

the compensation of the confidential segment - vitality, right of entry to finance,

information of technologies, decision-making competence and capitalist spirit – are collective

with the social liability, system of contacts, ecological consciousness, local information, and

job cohort apprehensions of the municipal sector (Hussain, 2010).

There are a variety of SME networks in EU member States. These have a variety of purposes:

some are designed to help SMEs gain access to commercial markets, while others are intended at

improving information-sharing or developing structure to allow companies to share human

resources in some state of affairs. These networks can also help SMEs agreement with impact of

the disaster in conditions of preserves employment, productivity and market split, and as long as

other ways of pool resources. The separated types of SME networks have been classified under

different headings, as set out lower (Broughton, 2011).

Public and private partnership is an move toward to collaborate that contributes to the

growth of SMEs and financial progression of increasing countries during the strength of the

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SME sector. Sustaining the SME sector of developing countries has the probable to rouse

economic expansion, reduce joblessness, accelerate scarcity decline, and get better living

principles in growing countries (Farooq, 2012).

Lack of training and education: The lack of general official training stipulation has been

recognized as a trouble competent of destructive the growth probable and competitiveness of

SME sector (Oswald Jones, 2003).

It is clear that a training and enduring learning ethnicity is critical to knowledge-based

industries and to district economic growth. Having a well accomplished and malleable

personnel is important to economic progress, thus ensuing in money-making funds for

organizations in their human wealth. SMEs carry on to have concerns regarding attracting

extremely skilled quality workforce and in rotate SMEs have recognized verdict skilled team

as a blockade to grow the size of their staff (Hunt, 2008).

Stress on employees: can have a shock on an individual’s to individual well-being by causing

dysfunction or interruption in numerous parts. This dysfunction enlarges into the organizational

planet and leads to reduce output (NOZIZWE, 2005). more than a few researchers have

indicated that work-related stress has a pessimistic pressure on managerial promise.

Task stresses are factors linked to a person’s job, which includes job plan, operational state and

the physical work in attendance. The design of the job includes independence, task diversity, and

amount of mechanization. The more mutually dependent flanked by a person’s job and task of

others generate a prospective stress. Temperature, light, noise and other working circumstances

can add to unhelpful stress (Subbulaxmi, 2002).

Lack of motivation: equates to less work being talented. Production does not evaporate; it is

usually transferred to feature not associated to the organization's work. Things like individual

conversation, Internet surfing or captivating longer lunches cost the association time and money.

Concentrated efficiency can be harmful to an organization's recital and future achievement

(Williams, 2012).

Employees lacking motivation can be destructive to an institute. Decreases in production, self-

esteem, and clientele are just a few of the off-putting effects low confidence can have on a

corporation. On the other hand, aggravated workers can have just the conflicting upshot.

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Motivation reimbursement having benefits both for the worker and the institution. Motivated

workers are more probable to include superior confidence and self-efficacy. Self-efficacy is the

conviction that one can present a definite job fruitfully. Having motivated employees increases

spirits in a business (Roberts, 2010).

Figure 2. The external/exogenous factors affecting the growth of SMEs.

The study groups outside aspects into two categories: macro economics and market-

environment issues. Macro-economic variables include all economic, socio-cultural, and

Political-institutional factors, whereas market environment includes all productive

opportunities and market attractiveness factors.

Lack of political stability: In the lack of political stability, long term tactics cannot be prepared.

In case of recurrent changes in regime, economic policies are often changed. It leads to type of

weather of indecision in the business class. Thus business is unfavorably exaggerated if the

government is not stable (Trehan, 2010).

Political instability is regarded by economists as a solemn depression injurious to financial

presentation. Political instability is expected to compact policymakers’ horizons foremost to sub-

optimal short term macroeconomic strategies. It may also guide to a more normal switch of

policies, creating instability and therefore, pessimistically upsetting macroeconomic concert

(Veiga, 2011).

Political

Instability

Inflation

Bureaucracy

Access to public

infrastructure

Lack of

Finance

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SMEs are usually mo re receptive to household tax inducement than large ones. Taxes may have

fun a more significant task in the cost arrangement of SMEs because they do not have the

economic and human capability to urbanized complicated tax escaping strategies (AM, 2005 ).

Inflation: In Pakistan, the most significant fixation is the increase in prices of oil, gas, cut out

duties and the augment in the usefulness tariffs. These all has an inflationary collision on the

prosperity. Pakistan, with a populace of concerning 16 million citizens has undergone a unusual

financial growth all through last a small number of years, but the center harms of the financial

system are stationary worried. Inflation is one of these core troubles (Ehsan, 2012).

The main effect of inflation on firms is to depress speculation. High inflation brings with it less

unsurprising income on capital purchased and the also the anticipation that order will drop in the

future. Increasing bill of fare costs, increased organization time exhausted discussing wage

increases with workers (NGFL, 2009).

Bureaucracy: A bureaucracy is the system, procedure, measures, conduit and society

organizations make and uphold to validate and continue inefficiencies to make sure that

manufactured goods and overhaul rescue is deferred or go out of arrange down with the

final objective of maddening patrons, staff and sellers and thus creating a non-responsive

unit that will preserve burly power relations but finally obliterate any worth shaped in

the history. Bureaucracies are establish at two levels, inside within an organization, but

also compulsory at manufacturing or governmental level by earnings of legislation and set

of laws (Meyer, 2007).

For case in point, steady and effective technical systems can make easy the acceptance of longer

time horizons by state financial agencies and these, in twist, tend to give confidence a center on

speculation and make the preparation of public road and rail network more effective. As well as,

by serving to reduce the likelihood of deceitfulness, such systems substandard the expenses of

‘hidden taxation’ on the confidential sector (Henderson, 2003).

Access to public infrastructure: Access to public corporeal infrastructure armed forces

comprise water, electricity, serviceable roads, telecommunication, telephones, electronic media

and postal services which are all crucial for business start-up, development and growth

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(Rogerson, 1999). Limited access to public infrastructure services is a major constraint to SME

survival (Darroch & Clover, 2005) and growth (Tustin 2001).

Public infrastructure positively affects the number of firm opening in metropolitan areas, and

(Eberts and Stone) show that public capital stock positively affects employment growth through

business start-ups and expansions (Roskin, 2000).

Access to finance: is necessary to produce a fiscal state that enables firms to produce

and flourish. SMEs in growing countries, though, face important barriers to economics.

Financial restraints are superior in growing countries in all-purpose, but SMEs are mostly

controlled by gaps in the fiscal structure such as high administrative costs, high swear

materials and lack of information inside economic intermediaries. Better than before admission

to money for SMEs can get better fiscal circumstances in developing countries by promotion

novelty, macro-economic softness, and GDP growth (Delberg, 2011).

Methodology

This study can be considered as illustrative study since the focal point is on discovery of success

factors of Pakistan SMEs. The questionnaire was the main appliance of the research, although a

number of thoroughly interviews were also carried out to grasp the go-ahead of entrepreneurial

process among SMEs. To accomplish the intention of the study 170 surveys were sent (through

questioners) to different SMEs in all over the Pakistan. Some of the companies are listed at

SMEDA (Small and medium sized enterprises authority of Pakistan). The data were collected

from agriculture, construction, forestry, whole sale and retail traders, water filtration plants,

transport companies, real estate and business services, fishery, hotels and restaurants companies

in all over the Pakistan. All the workers were matured among 20 to 60 years. Therefore 158

questionnaires were returned having reply rate of 92.9%. The questionnaire using 5-Scale Liker

(1=Highly Agreed 2=Agreed, 3=somehow Agreed, 4=Disagreed, 5=Highly Disagreed) was

planned to check the impact of all the variables. The questionnaire coat all the independent

variables such as , access to finance, public and private partnership, lack of training and

education, stress, lack of motivation, lack of political stability, bureaucracy, Lack of

management,, access to public infrastructure, inflation and dependent variable growth of SMEs.

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Sample and data collection:

In filling in the questionnaire, personal interviews were deployed. In case such an interview was

impossible practically, “drop and collect” procedure then was chosen. This procedure was

selected to get a high response rate. They go by saying that primary data is data collected

by using techniques like interviews, questionnaires and tests. When on the other hand

secondary data refers to sources like literature, articles and documents that have been

collected by another researcher or institution. In this thesis secondary and primary data are used

respectively. Secondary data used has been evaluated critically and collected from books,

articles, statistics and internet sources. Secondary data has been collected to gain an

insight on the situation of SMEs in Pakistan and also to suppose the methodological part

of the research. In addition to descriptive statistics, we employed correlation analysis. The

reliability of the results is calculated through Pearson’s correlation analysis and the data is

analyzed by SPSS V.19.

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Correlations

Training and education of employees

Role of Partnership and networks in SMEs Lack of Finance

Stress on employees

Lack of motivation

Political Instability Inflation Bureaucracy

Poor management

Access to public infrastructure

Overall growth of SMEs

Training and education of

employees

Pearson Correlation 1 .932** .941

** .910

** .890

** .903

** .906

** .961

** .907

** .931

** .966

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Role of Partnership and networks

in SMEs

Pearson Correlation .932** 1 .984

** .920

** .912

** .927

** .931

** .920

** .913

** .911

** .941

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Lack of Finance Pearson Correlation .941

** .984

** 1 .921

** .899

** .923

** .931

** .925

** .923

** .919

** .949

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Stress on employees Pearson Correlation .910

** .920

** .921

** 1 .883

** .958

** .972

** .909

** .952

** .953

** .913

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Lack of motivation Pearson Correlation .890

** .912

** .899

** .883

** 1 .911

** .890

** .888

** .893

** .891

** .881

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Political Instability Pearson Correlation .903

** .927

** .923

** .958

** .911

** 1 .970

** .913

** .925

** .943

** .910

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Inflation Pearson Correlation .906

** .931

** .931

** .972

** .890

** .970

** 1 .907

** .940

** .947

** .912

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Bureaucracy Pearson Correlation .961

** .920

** .925

** .909

** .888

** .913

** .907

** 1 .910

** .931

** .951

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Poor management Pearson Correlation .907

** .913

** .923

** .952

** .893

** .925

** .940

** .910

** 1 .972

** .915

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Access to public infrastructure Pearson Correlation .931

** .911

** .919

** .953

** .891

** .943

** .947

** .931

** .972

** 1 .927

**

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000

N 158 158 158 158 158 158 158 158 158 158 158

Overall growth of SMEs Pearson Correlation .966

** .941

** .949

** .913

** .881

** .910

** .912

** .951

** .915

** .927

** 1

Sig. (2-tailed) .000 .000 .000 .000 .000 .000 .000 .000 .000 .000 N 158 158 158 158 158 158 158 158 158 158 158

**. Correlation is significant at the 0.01 level (2-tailed).

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The above table confirms that all SMEs growth attributes ( such as , access to finance, public

and private partnership, lack of training and education, stress, lack of motivation, lack of political

stability, bureaucracy, Lack of management,, access to public infrastructure, and inflation) are

positively associated with the growth of small and medium sized enterprises. lack of training and

education(r=0.966**) shows the highest correlation with growth of SMES and bureaucracy

demonstrates the second highly correlation (r=0.951**) with growth of SMEs followed by access

to finance(r=0.949**), public and private partnership(r=0.941**), , stress on

employees(r=0.913**), lack of political stability(r=0.910**), Lack of management, (r=0.915**),

access to public infrastructure(r=0.927**) and inflation(r=0.912**) all have positive association

with growth of SMEs. Lack of motivation(r=0.881**) reveals the least but positive correlation

with growth of SMEs.

Conclusion:

Respondents in this study talk about these interior and outside factors manipulate SMEs growth

in Pakistan. These problems are only part of the tribulations going on in Pakistan, There are still

many other impediments affecting SME growth in the country. As argued in the analysis part, all

these corporations have been able to amplify their income in past years. Though, the respondents

countenanced same internal and external factors as a barrier for growth. It could be argued that

political instability and restraint in finance escorts to fraud and formulate SMEs more

susceptible. It is very essential to surmount these factors initially. SME strategy must set up an

effectual instrument to address the separate supplies of micro (informal), small and medium

firms in adding to gathering the universal wants of the division. Technology attainment,

diffusion and relocate continually engage inter-firm manufacture relations between small,

medium and large, and institutional support. Effectual associations must be put in place by

SMEDA through establishment and endorsement of industrial delegating swap systems, which

would make easy manufacture and market linkages between manufacturers and also among

producers and exporters. Recognition of appropriate SMEs and set linkages with large firms

through Business Groups would be enormously helpful.

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