The Characteristics of Gender Diversity in the Boardroom - Free Essay Example

Sample details Pages: 8 Words: 2272 Downloads: 1 Date added: 2017/06/26 Category Literature Essay Type Research paper Tags: Gender Essay Did you like this example? Literature Review The characteristics of gender diversity in the boardroom and their impact on firm performance post Lord Davies Report (2011-2014) 1.INTRODUCTION 2.THE LITERARURE REVIEW 2.1Agency theory perspectives on Gender diversity 2.2Resource Dependence theory perspectives on Gender diversity 2.3Behaviouraltheory perspectives on Gender diversity 2.4Evidence of empiricism on Gender diversity research 1. INTRODUCTION This proposed research will investigate the relationship between the corporate performance and gender diversity in a sample of 30 FTSE 100 companies for the period post Lord Davies Report (2011-2014). It will also explore the perspectives, which women bring to the board and it will focus on the following research question: RQ: An examination of the characteristics of gender diversity in the boardroom and their impact on firm performance? Sub-questions: Don’t waste time! Our writers will create an original "The Characteristics of Gender Diversity in the Boardroom" essay for you Create order To determine the gender diversity on the board of 30 FTSE 100. Impact of gender diversity on internal measures of firm performance. Impact of gender diversity on external measures of firm performance. Does UK need mandatory quotas on the female board representation? 2. THE LITERARURE REVIEW The overall structure of the literature review, takes the form of 2 Sections, including Introduction and Conclusion. A considerable amount of literature has been published on theoretical foundation of the proposed research. These theories have been dominated by Agency theory, Resource Dependency theory and Behavioural theory. 2.1 Agency theory perspectives on Gender diversity Carter at el (2003) have reported that there is relationship between board diversity and firm value in the context of agency theory, as outlined by (Fama, Jensen, Michael University of Chicago,Center for Research in Security Prices, 1982). Agency theory is based on the antagonism between the Agent (the board) and the Principal (shareholders) when their interests do to not coincide (Berne Means, 1932; and Jensen Meckling, 1976). Conflict between the Agent and the Principal more likely to happen when the company does not perform as well as it could. Carter at el (2003) suggest the gender diversity enhances the boardà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to monitor top management and motivate them to increase companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s value. In addition to this, Carter at el (2003) indicate that women more likely to ask the difficult questions in the boardroom than men, which could improve the boardà ¢Ã¢â€š ¬Ã¢â€ž ¢s independence (Campbell and Miguez-Vera, 2008). The agency theory views b oard of directors as an internal control mechanism for safeguarding shareholder interests from managerial opportunism (Hillman Dalziel, 2003). 2.2 Resource Dependence theory perspectives on Gender diversity The Resource Dependence theory (RDT) emphasizes the differences in board composition that may impact upon companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ performance. The RDT maintains that the board is an essential link between the firm and the external resources that a firm needs to maximise its performance (Pfeffer Salancik, 1978). Boards of directors are a primary linkage mechanism for connecting a firm with sources of external dependency. By selecting a director with valuable skills, influence, or connections to external sources of dependency, the company can reduce dependency and gain valuable resources (Hillman Dalziel, 2003). RDT does not primarily focus on the gender diversity however it indicates that the board should be diverse and directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ occupational and functional experiences match the needs of companies (Corporate linkages and organizational environment: a test of the resource dependence model. 1990).There is an attempt to integrate agency and RTD theory and sho w that presence of women on board improves companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ performance (Hillman at el, 2007). 2.3 Behaviouraltheory perspectives on Gender diversity BasedonBehaviouraltheory,adiversifiedboardhasmore comprehensive formation available to it and is quicker at decision making (Cyert at el, 1963). Amason (1996) finds that heterogeneous groups have better quality decision making than homogenous groups because of the breadth of information availability is higher with a heterogeneous group than a homogenous group. Miller et al. (2009) suggest that this relationship operates through two mediators: firm reputation and innovation. In the above context, Behavioural theory has been further extended by developing a Behavioral theory explanation of boards and corporate governance (Van Ees at el, 2009). 2.4 Evidence of empiricism on Gender diversity research Although the literature review will cover diversity management, it will focus on the link between diversity and performance of listed companies in UK. The literature review groups under two themes first one will examine impact of the gender diversity on the external measures of corporate performance and second one will look into internal measures. Cox Blake (1991) study suggested that managing diversity can create a competitive advantage. Their ideas were further explored by Robinson Dechant (1997), who listed various reasons including business growth and effective problem-solving. Based on Milliken and Martinsà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1996) model on the à ¢Ã¢â€š ¬Ã‹Å"Effects of Diversity in Organizational Groupsà ¢Ã¢â€š ¬Ã¢â€ž ¢, it can be argued that gender diversity impacts organizational processes and, in particular, outcomes such as turnover and performance. Compared to the diversity of other demographic attributes, gender diversity appears to be the most widely addres sed in the literature. Erhardt et al (2003) indicates that gender diversity in the board diversity is positively associated with these financial indicators of firm performance such as return on equity and return on assets. Carter at el (2003), who examined the board diversity overall, has found a positive link between the presence of women or minorities and the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s value. Accordingly to Carter at el (2003), gender diversity has a positive impact on financial performance through the audit function. Women in the boardroom have been a hot topic in the UK media discussions in the past decade as well as governmental initiatives on the corporate governance reforms. Higgs report commissioned by DTI (Higgs Report, 2003) identified that diversity could increase the board effectiveness. This report shows a strong link between good corporate governance and gender diversity in the boardroom. The Higgs report followed by the Tyson report (Tyson report, 2003), which suggest ed looking into the wider pool of suitable candidates to the boardroom to promote diversity equal opportunities for diverse candidates. Catalyst study (2004-2008) presented the business case for attracting more women to the boardroom. Catalyst used the data of female board representation from 353 of Fortune 500 companies and three measures of financial return on sales (ROS), return on invested capital (ROIC), and return on equity (ROE) and established a positive link between gender diversity and financial performance. Claude Francoeurà ¢Ã¢â€š ¬Ã¢â€ž ¢s research (2007) further examines how the presence of women in the boardroom enhances firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance by taking Catalyst findings and information and adding into consideration the complexity of the firm and risk facing the company. He supports the positive effects of female board members and à ¢Ã¢â€š ¬Ã‹Å"à ¢Ã¢â€š ¬Ã¢â€ž ¢indicates that firms operating in complex environments that have a high proportion of wom en officers do experiment positive and significant monthly abnormal returns of 0.17%, which can intuitively be extrapolated to a 6% return over 3 years.à ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢ Campbell and Minguez-Vera (2008) has looked into the impact of gender diversity on both: external and internal measures. They continue to explore previous researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ interest of the impact on the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s value and used Tobin Q to measure Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s value (Tobins Q = Total Market Value of Firm / Total Asset Value of Firm), However a negative relationship between board gender diversity and ROA has been shown. They also have identified the following internal measures affected: the monitoring role of the board of directors, board increased creativity and innovation Krishnan Parsons (2008) study addresses the impact of the gender diversity on the external measures of firm performance such accounting earning quality. They have found a positive relat ion between gender diversity and an accounting earning quality. Adams Ferreira (2009) indicate that a gender diverse board able to monitor the firm performance better because female board members attend the board meeting more regularly. However they also point out that there is a negative effect of the gender diversity such as fewer takeover defences and variability of the stock return. Accordingly to Nielsen and Huse (2010), female board members have different professional experience and values. That is why women can bring a positive influence to decision-making and effectiveness of the board processes. If the board is a well-diversified one then it will enhance the firm performance by having more effective decision-making process and creating a positive corporate image of equality and inclusion (Rhode Packel 2010). Further study in this field indicated that increased levels of diversity could be harmful to company performance (Carter et al., 2010). UK government is looking into improving the gender balance in the boardroom by encouraging major companies to appoint women into the top jobs. Corporate Governance Code (2010) states that à ¢Ã¢â€š ¬Ã…“the search for board candidates should be conducted, and appointments made, on merit, against objective criteria and with due regard for the benefits of diversity on the board, including genderà ¢Ã¢â€š ¬Ã‚ . Further UK governmental support to the à ¢Ã¢â€š ¬Ã¢â€ž ¢business caseà ¢Ã¢â€š ¬Ã¢â€ž ¢ for Gender Diversity was established by Lord Davies of Abersochà ¢Ã¢â€š ¬Ã¢â€ž ¢s review in February 2011, which called for a target of 25 per cent of each FTSE 100 Board to be female by 2015 (Davies,2011). On 26 March 2014, two important reports were published on gender diversity à ¢Ã¢â€š ¬Ã¢â‚¬Å" the Davies Review Third Annual Report and Cranfieldà ¢Ã¢â€š ¬Ã¢â€ž ¢s Female FTSE Board Report 2014. Both contain data on the number of women on large company boards. The statistics given are as at 3 March 2014 an d show that women accounted for 20.7% of all FTSE 100 directorships (Davies et al, 2014 and Vinnicombe et al, 2014). 3.0 Conclusion It is evident that in the examined above empirical works, authors agree that Gender Diversity on Boards are important. At the same time, it is clear also that there is not conclusive evidence, which will show the Impact of Gender Diversity on Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s Performance as well as its impact on external and measures because researchers use different approaches and different samples. One criticism of much of the literature on Gender Diversity is that researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ views differ on the subject of how the board can become a gender diverse one for example by attracting one woman or more or whether the board should have an equal representation of both genders. FTSE 100 companies will soon reach the 25% target for female representation but the issue of UK Board Diversity should not be concerned with gender only it should address o ther aspects of Diversity. Further research will be needed to assess the impact of the Board Diversity once the board will include representatives from UK diverse population. References Corporate linkages and organizational environment: A test of the resource dependence model, (1990) Strategic Management Journal, 11 , pp. 419-30. Women on boards: February 2011. (2011) Lord Davies. Women on boards: third annual review (2014), Lord Davies and steering group Adams, R. B. and Ferreira, D. (2009) Women in the boardroom and their impact on governance and performance, Journal of Financial Economics, 94 (2), pp. 291-309. Amason, A. C. (1996) Distinguishing the effects of functional and dysfunctional conflict on strategic decision making: Resolving a paradox for top management teams, Academy of Management Journal, 39 (1), pp. 123-148. Berle, A. A, Means A, Gardiner C., (1932) The modern corporation and private property, New York: Macmillan. Campbell, K. and Minguez-Ve ra, A. (2008) Gender diversity in the boardroom and firm financial performance, Journal of Business Ethics, 83 (3), pp. 435-451. Carter, D. A., DSouza, F., Simkins, B. J. and Simpson, W. G. (2010) The gender and ethnic diversity of US boards and board committees and firm financial performance, Corporate Governance: An International Review, 18 (5), pp. 396-414. Carter, D. A., Simkins, B. J. and Simpson, W. G. (2003) Corporate governance, board diversity, and firm value, Financial Review, 38 (1), pp. 33-53. Carter, N. M. and Wagner, H. M. (2011) The bottom line: Corporate performance and Womenà ¢Ã¢â€š ¬Ã¢â€ž ¢s representation on boards (2004à ¢Ã¢â€š ¬Ã¢â‚¬Å"2008), Catalyst, . Council, F. R. (2010) The UK corporate governance code, London: Financial Reporting Council, . Cox, T. H. and Blake, S. (1991) Managing cultural diversity: Implications for organizational competitiveness, The Executive, pp. 45-56. Cyert R., March M., James G., (1963) A behavioral theory of the firm. Englewood Cliffs, N.J.: Prentice-Hall. Erhardt, N. L., Werbel, J. D. and Shrader, C. B. (2003) Board of director diversity and firm financial performance, Corporate Governance: An International Review, 11 (2), pp. 102-111. Fama, E. F., Jensen, M. C., University of Chicago.,Center for Research in Security Prices., (1982) Agency problems and residual claims. Chicago: Center for Research in Security Prices, Graduate School of Business. Francoeur, C., Labelle, R. and Sinclair-DesgagnÃÆ' ©, B. (2008) Gender diversity in corporate governance and top management, Journal of Business Ethics, 81 (1), pp. 83-95. Higgs, D. (2003) Independent review of non-executive directors, Higgs Report, . Hillman, A. J., Shropshire, C., Cannella, A. A., (2007) Organizational predictors of women on corporate boards. Academy of Management Journal Academy of Management Journal, 50 (4), pp. 941-952. Hillman, A. J.,Dalziel, T., (2003) Boards of directors and firm performance: Integrati ng agency and resource dependence perspectives. Academy of Management Review Academy of Management Review, 28 (3), pp. 383-396. Jensen, M. C. and Meckling, W. H. (1976) Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3 (4), pp. 305-360. Krishnan, G. V. and Parsons, L. M. (2008) Getting to the bottom line: An exploration of gender and earnings quality, Journal of Business Ethics, 78 (1-2), pp. 65-76. Miller, T. and del Carmen Triana, M. (2009) Demographic diversity in the boardroom: Mediators of the board diversityà ¢Ã¢â€š ¬Ã¢â‚¬Å"firm performance relationship, Journal of Management Studies, 46 (5), pp. 755-786. Milliken, F. J. and Martins, L. L. (1996) Searching for common threads: Understanding the multiple effects of diversity in organizational groups, Academy of Management Review, 21 (2), pp. 402-433. Nielsen, S. and Huse, M. (2010) The contribution of women on boards of directors: Going beyond the sur face, Corporate Governance: An International Review, 18 (2), pp. 136-148. Pfeffer, Jeffrey., Salancik,Gerald R., (1978) The external control of organizations : a resource dependence perspective. New York: Harper Row. Rhode, D. and Packel, A. K. (2010) Diversity on corporate boards: How much difference does difference make? Rock Center for Corporate Governance at Stanford University Working Paper, (89). Susan Vinnicombe, O., Doldor, E. and Turner, C. The female FTSE board report 2014. Tyson, L. (2003) The Tyson report on the recruitment and development of non-executive directors, A Report Commissioned by the DTI, London Business School, . Van Ees, H., Gabrielsson, J. and Huse, M. (2009) toward a behavioral theory of boards and corporate governance, Corporate Governance: An International Review, 17 (3), pp. 307-319. Page | 1

Corporate Social Responsibility Csr Essay - 1988 Words

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Psychometric Evaluation of Global Emotional †MyAssignmenthelp.com

Question: Discuss about the Psychometric Evaluation of Global Emotional. Answer: Introduction Enthusiastic insight (EI) has been proposed both as a vital expansion to the scene of human individual contrasts and as a key determinant of genuine results, for instance accomplishment in work and individual connections. The possibility that individuals vary in their enthusiastic aptitudes is an engaging one which has pulled in much late open consideration Research on the psychometrics of EI is however still in its beginning periods, leaving various uncertain research issues which should be tended to. The most fitting technique for estimating EI is presently a zone of debate. EI has been described by a few specialists as an intellectual capacity including the psychological handling of passionate data which ought to be estimated by capacity composes tests. An elective way to deal with EI suggests that it is a dispositional propensity which can along these lines be estimated without anyone else's input report survey. The principle supporters of the capacity and dispositional approaches are Mayer, Caruso, and Salovey (2000). It is important to deal with the relations between trait EI and its putative outcomes. For example it is frequently proposed that the high interpersonal skills associated with EI should also be associated with career success and evidence for associations between EI and occupational success have been reported by Bar-On (2000). Academic progress in students might also be expected to be related to EI since emotional and social skills in dealing with a university environment could contribute to overall achievement. Schutte et al. (1998) reported that trait EI was positively related to grade point average but this finding was not replicated in a larger study by Newsome, Day, and Catano (2000). Other proposed outcomes of particular interest in the present study include success in social and personal relationships and general measures of life quality. The general expectation is that those aspects of emotional intelligence associated with intra-personal and interpersonal emotional facility would be expected to lead to positive associations with happiness/life satisfaction and quality and extent of social interactions and negative associations with loneliness. Because mood regulation is a subcomponent of EI, it would be expected to be negatively associated with measures of depression. There are some findings in th is area but further work is required. Trait EI has been found to be positively correlated with life satisfaction (Martinez-Pons, 1997). A progression of investigations of attribute EI have discovered direct and sometimes extensive connections between's these measures and identity qualities. Attribute EI measures for the most part indicate expansive critical correlations with Extraversion (E) and Neuroticism (N) with positive and negative signs, individually, while littler huge positive connections with Openness (O), Agreeableness (An) and Conscientiousness (C) have likewise been discovered (Dawda and Hart, 2000; Petrides and Furnham, 2001; Schutte et al., 1998). One approach to evaluate the issue of the uniqueness of attribute EI is to analyze its incremental legitimacy in the expectation of life results, i.e. its capacity to anticipate out-comes when the influences of identity are controlled for. There are as of now not very many outcomes here yet attribute EI has been appeared to have incremental legitimacy in the forecast of life (Palmer et al., 2014). To estimate the psychometric properties of an online emotional intelligence questionnaire with forty questions, 326 participants were enrolled by Qualtrics, a professional examining association who spends significant time in surveying research. They were enlisted from existing on the web boards possessed by Qualtrics, from the individuals who have concurred in the past to sociological surveying research. Participants were informed about the experiment procedure and allowed to leave at any stage of the conducted workshop conducted by the ethical committee of the university. 287 participants mostly in the age bracket of 20 years were finally selected with 68 male and 214 females after the workshop session. Ethical form designed by ethical committee was provided to the participants and was returned by putting their signature. There was no control group for this study as no hypothetical testing was done. GEIT (https://globalleadershipfoundation.com/geit/eitest.html) was used to assess the EI scores. University laboratory was used for the purpose of conducting the test. The investigator collected the answers from online survey and organised according to the GEIT40 components. Sample matching and sorting were done in few stages, starting with distinguishing some objective populace with a characterized set of qualities. In the present examination, the parameters such as age, sexual orientation were distinguished. Second, utilizing their online answers a separation work was then ascertained based on the numerical score separation of every individual. The questionnaire asked to respond to the questions related to emotional intelligence, personality traits and self-esteem. The examinees were guided for the content of the questionnaire distressing them and the Monash University counsellors were available for assistance. Participants demographic Sample data was categorised demographically in two sections based on gender with 24.1 % male and 74.6 female participants. Average age was 21.84 years (S.D =3.76 years) and was considered as a categorical variable. Table 1: Participant Demographic Statistics Age Range 19-48 Mean Age for all Participants 21.84 Standard Deviation for all Participants 3.76 Total Number of Participants (N) 287 Split By Sex Mean Age for all Women 21.54 Standard Deviation for all Women 2.95 Total Number of Women (N) 282 Mean Age for all Men 22.42 Standard Deviation for all Men 4.64 Total Number of Men (N) 68 Results Findings Five GEI scores were more than 90% valid and excess validity was cross checked. GEI question numbers (components) 4, 8, 9, 12, 20, 27, 37 did not differentiated between the people as validity scores were equally distributed. The average global total EI score was 27.18 (S.D was 4.99), TEIQue was 146.66 (S.D was 20.61), BFI extraversion was 25 (S.D was 6.81), BFI agreeableness was 34.48 (S.D was 5.94), BFI conscientiousness was 31.42 (S.D was 6.15), BFI neuroticism was 25.35 (S.D was 6.06) and BFI openness was 35.03 (S.D 5.94). Table 2: Descriptive values for GEI BFI scores Descriptive Statistics N Minimum Maximum Mean Std. Deviation GEIT_Total 287 2.00 38.00 27.1847 4.98992 TEIQue 287 91.00 200.00 146.6620 20.61436 BFI_Extraversion 287 10.00 40.00 25.0000 6.81063 BFI_Agreeableness 287 11.00 45.00 34.4843 5.94429 BFI_Conscientiousness 287 15.00 45.00 31.4216 6.15760 BFI_Neuroticism 287 9.00 38.00 25.3519 6.06418 BFI_Openness 287 20.00 50.00 35.0314 5.94577 Valid N (listwise) 287 Internal Consistency The Cronbachs Alpha was 0.72 for 40 items of GEIT, and the data of the scores were found to be acceptably reliable as the alpha value was between 0.7 and 0.8 Table 3: Reliability Measure Cronbach's Alpha Cronbach's Alpha Based on Standardized Items N of Items .723 .728 40 Factor Analysis The 40 things of the GEIT were subjected to corroborative important segments investigation (PCA). The Kaiser-Meyer-Olkin esteem was 0.68 which was more noteworthy than the suggested estimation of .60 and Bartlett's Test of Sphericity was huge, supporting factorability of the grid. A four factor arrangement was determined, and to help translation Verimax pivot was performed. Table 4: KMO Baetletts test values Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .679 Bartlett's Test of Sphericity Approx. Chi-Square 1767.996 df 780 Sig. .000 Correlation Matrix Correlations between all 40 items were calculated. The significance levels of the inter correlations were also noted. Inter correlation was also found between GEIT total and TEQue score and between GEIT total score and big five scores. Not all of them were greater than 0.3 to be significantly related. TEQue had significant correlation with big five measures of personality traits. GEI total had low positive correlation with BFI Conscientiousness and negative correlation with BFI neuroticism. The variance explained by the 40 items was recorded and percentage explanation was taken into account for effect size. The Scree plot for the fraction of total variance was explained by figure1. Four distinct contrasts were observed in total variance explained matrix and hence four factors were studied in Verimax rotational matrix. This matrix exhibited the un-rotated factor loadings of each of the items on the four components obtained from factor analysis. The absolute value of correlation was greater than 0.4 between the rotated components (appendix table 13). For four components, not all the rotated factors loaded well. Factor one and two with correlation values greater than 0.5 loaded well in component 4. In component 1 factors 9, 10, and 20 loaded well with significant correlations (appendix table 23). From factor analysis existence of four factors was well supported. The effect size was found to be satisfactory. Forty item GEIT scores were correlated in accordance with earlier results. TEQue score and total big five scores were compared with total GEIT score and was found to be in line with earlier research works (appendix table 24). The after effects of exploratory and corroborative factor investigation of the attribute EI size of Schutte et al. (1998) introduced here presents a reproduction of the four-factor structure acquired by Petrides and Furnham (2000). The discoveries are additionally in concurrence with the reasonable system of EI as a multidimensional build. The elements demonstrate some cover with the applied model of John D. Mayer (1996). Such a progressive model would be normal on the premise that self-reports of different areas of passionate aptitudes would be required to be emphatically correlated. The example of connections of quality EI with identity and different measures found in the present investigation is by and large as per the desires depicted in the presentation and with discoveries from different examinations (Newsome et al., 2000). Relationships between's quality EI scores and different measures were additionally examined. Add up to GEI scores was observed to be correlated with add up to TEQui score and with the verbal and execution sub-scales, recommending that characteristic EI as characterized by this specific measure is unmistakable from psychometric knowledge, affirming past discoveries of feeble or non significant relationship between quality EI and insight (Derksen et al., 2002). As discussed above and talked about in more detail somewhere else (Petrides, Pita et al., 2007), an attention on area particular parts of identity will be helpful for hypothetically determined research that accentuates replication and clarification. This objective isn't best served by imagination about that happily relapse criteria on five wide, thoughtfully inconsequential variables (Big Five). Feelings are yet a solitary, yet major, space of identity, and it will be important to stretch out attribute EI hypothesis to envelop other vital areas such as social, individual, and Meta cognitive areas. The acknowledgment of this point holds guarantee for the mix of self-idea, self-adequacy, and false knowledge models into the standard scientific classifications of identity. The TEIQue has been intended to give far reaching scope of the sampling space of characteristic EI that is of the feeling related parts of identity There are a few confinements to this investigation that ought to be considered. The first is the example estimate utilized as a part of the present examination and the way they were directed crosswise over statistic subgroups. Moreover, factor investigation normally requires substantial test sizes to accomplish dependability in assessing the models. Future research should in this manner reproduce these discoveries on bigger examples to guarantee the dependability of the models, and therefore the discoveries. 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