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Macroeconomic Determinants of Nepalese Stock Market

2023, Academic Journal of DAMC

This study examines the influence of macroeconomic variables on the Nepalese stock market by employing an econometric model. Monthly data from mid-July 2001 to mid-July 2020 is analyzed to explore long- and short-term relationships. The study considers macroeconomic variables such as broad money (M2), the USD to NPR exchange rate (EXR), the consumer price index as a proxy for inflation (INF), and the T-Bill 91 days as a proxy for the interest rate (INT).The NEPSE index (NEPIN) is used as the dependent variable. The unit root test results reveal that only the interest rate variable is stationary or integrated at levels I (0), while the other variables are stationary at the first difference I(1)). Given this mixed integration, the autoregressive distributive lag (ARDL) model is employed to determine the short-run and long-run relationships between macroeconomic variables and stock market development. The findings from the ARDL bound test confirm the presence of a long-run relationship between macroeconomic variables and stock market development. In the long run, there is a significant negative relationship between money supply and stock market development. However, the other variables do not exhibit sufficient statistical evidence to be considered significant. In the short run, both the money supply and the USD NPR exchange rate show a negative and significant relationship with stock market development. On the other hand, inflation and the interest rate display statistically insignificant relationships with stock market development. Additionally, the study finds that the error correction term or co-integrating equation is negative and significant at the 1 percent level of significance. However, the adjustment process towards long-run equilibrium has a low speed of 2.76%. This indicates that deviations from the short-run equilibrium are corrected gradually, with only 2.76% of the disequilibrium being adjusted each month following a shock. As a result, it would take a considerable amount of time to return to long-run equilibrium. In conclusion, this study demonstrates the impact of macroeconomic variables on the Nepalese stock market. Money supply is identified as a significant factor affecting stock market development in the long run. However, the relationships in the short run are more nuanced, with money supply and the USD to NPR exchange rate exerting negative effects while inflation and the interest rate show little statistical significance. The slow adjustment process toward long-run equilibrium highlights the need for careful monitoring and timely policy adjustments to maintain market stability.

1 Journal Publication Board Patron Mitra Lal Neupane Campus Chief Editorial Board Hom Nath Sharma- Editor-in-Chief Nabin Kumar Shrestha -Member Narayan Bhandari-Member Kamal Prasad Neupane- Member Hirandya Lal Lamsal-Member Khemananda Gywali-Member Language Editors Hom Nath Sharma-English Bal Krishna Bhandari-Nepali Publisher Research Management and Publication Cell (RMPC) Devdaha Aadarsha Multiple Campus Devdaha-7, Rupandehi Academic Journal of DAMC Vol. 2 2 Journal : Academic Journal of DAMC (Vol.2, No.1, June 2023) ISSN : 2822-1885 Published Date : 2023 Publisher : Research Management and Publication Cell (RMPC) © Devdaha Aadarsha Multiple Campus Devdaha 7, Rupandehi Price : 200 Printed By : Satyashila Publication P. Ltd., Butwal-11, Butwal The author are fully responsible for their own article. Academic Journal of DAMC Vol. 2 3 Editorial We are pleased to publish the second volume of research paper writing entitled "Academic Journal of DAMC". In this issue, there are ten articles that provide the critical and interdisciplinary perspectives to understand and investigate diverse issues related to education & commerce. It consists of a wide range of articles ranging from teaching strategies, literatures, linguistics, education, economics and share market and auto biography. Devdaha Aadarsha Multiple Campus, a QAA oriented campus, has realized the essence of research in academia and is marching its steps in academic journey. This journal is not only the property of campus but also the voices of intellectuals in burning issues. The Research Management and Publication Cell (RMPC) under QAA section has been activily operating its assigned roles and responsibilities to fill up the gap on research. RMPC has a good support and cooperation to bring this journal in your hand. This journal has become a platform to publish the research based articles and conceptual articles. I, as an editor-in-chief, assure you that this volume will be highly beneficial for students, lecturers, researchers and those who are involved in research tasks. This bilingual journal has included the articles from both English and Nepali language. All the articles are peer reviewed by Ph.D. holders and professors. The journal could not have been published with out the rigorous support and cooperation of many helping hands. So I would like to extend my sincere gratitude to all article writers, readers, advisors, researchers and peer-reviewers. Eventually the constructive suggestions and feedback are ever wel comed for its upcoming volumes. Thanks ! Hom Nath Sharma Editor-in-Chief Academic Journal of DAMC Vol. 2 4 Academic Journal of DAMC Vol. 2 5 Table of Contents Dinesh Panthee Hom Nath Sharma Bhim Lal Bhandari Quantitative Research in English Language Education: Uses and Limitations 1 A Programme Evaluation of Four Year B. Ed. of TU: A Case of DAMC 15 My Professional Journey: An Autobiographical Narrative 24 Hiranya Lal Lamsal Input and Interaction in Learning English Language: Exploring Bachelor Level Students’ Perspectives 34 Bishnu Aryal Use of Literature in English Language Teaching 46 Nabin Kumar Shrestha Perception of Students Towards Abroad Study 51 Govind Jnawali and Kishan Singh Thapa Macroeconomic Determinants of Nepalese Stock Market 60 sdnk|;fb Gof}kfg] a'4rl/t dxfsfJodf df/ljho 87 k|sfz ;'j]bL g]kfnL Psfª\sLsf] ;}4flGts :j¿k 92 pk k|f=nIdL cfrfo{ jflSqmof l;4fGt / dfGotf 99 Academic Journal of DAMC Vol. 2 6 Academic Journal of DAMC Vol. 2 1 Quantitative Research in English Language Education: Uses and Limitations Dinesh Panthee Abstract Quantitative research is based on positivism which holds that there are facts with objective reality that can be expressed numerically. Quantitative research is very important in different variables of English language education. This paper presents the uses and limitations of quantitative approaches to educational research with a particular focus on English language Education. It was a narrative literature review the researcher had gone through the relevant literature and analyzed and interpreted the information in different themes. The findings of the study revealed that quantitative research is the dominant method in English language education; researching four language skills, different aspects, teaching methods, motivation, language testing, and assessment by using statistical techniques of research. It is also found that quantitative research in English language education provides a systematic and data-driven approach to understanding language acquisition, improving instruction, and informing educational policies and practices. This paper revealed that quantitative research is unable to capture the full range of factors and variables that influence language acquisition, such as sociocultural context, individual motivations, and affective factors. Variations in learning styles, prior knowledge, cultural backgrounds, and personal motives that affect language learning outcomes could not be adequately accounted for by quantitative research. It is also found that there is a challenge to obtain informed consent, protect participant anonymity, and ensure fair representation, particularly in large-scale studies or analyses of existing datasets. Keywords: Quantitative Research, Positivism, Educational Research, English language education, Introduction Research is a careful and comprehensive study of a specific problem, concern, or issue using the scientific method. There are quantitative, qualitative, and mixed types of research designs. The process of collecting observable data to address a research topic using statistical, computational, or mathematical methods is known as quantitative research. Qualitative research is a study that collects and works with non-numerical data and that seeks to interpret meaning from these data that help understand social life through the study of targeted participants or places. Mixed methods research refers to a research approach that combines both qualitative and Academic Journal of DAMC Vol. 2 2 quantitative methods in a single study. It involves collecting and analyzing both numerical data (quantitative) and non-numerical data (qualitative) to provide a more comprehensive understanding of a research topic or question. Quantitative research is defined as a systematic investigation of phenomena by gathering quantifiable data and performing statistical, mathematical, or computational techniques (Muijs, 2010). It collects information from existing and potential students, teachers, policymakers, parents and administrators using sampling methods and sending out online surveys, online polls, questionnaires, etc., the results of which can be depicted in the form of numerical (Johnson & Christensen, 2019). After careful understanding of these numbers predict the future of any academic institution's service and make changes accordingly. Quantitative Research Quantitative research explains phenomena through the collection of numerical data and analysis using mathematically based techniques, particularly statistics (Muijs, 2010). Quantitative research is based on positivism which believes that the social world consists of concrete and unchangeable reality which can be quantified objectively. In positivist ontology, reality and universal 'truths' are externally observable (Guba & Lincoln, 1994). Positivism sees the world as mostly static and seeks to apply scientific methods to new fields including the study of human behavior, social institution, and history (Hammersley, 2007). Epistemologically, researchers opting for the positivist paradigm are assumed to use scientific methods to uncover the knowledge that is highly objective and empirically verifiable (Muijs, 2010). Positivists believe in the possibility to create new knowledge free from bias, and that facts can exist separately from the influence of people or researchers and the world around them. For quantitative researchers, the knowledge that counts is precise, objective, verifiable, and replicable; therefore, they employ strategies of inquiry such as experiments and surveys (Dawadi, 2017). So we finally get to understand the truth about how the world works. We are capable of studying the physical world objectively by creating trustworthy measurement tools. Bryman (1988) argues that quantitative research is typically taken to be illustrated by the social survey and by experimental investigations. So quantitative research denotes amounting to something. It attempts to investigate the answers to the questions starting with how many, how much, and to what extent. Bryman (1988) illustrates that this research tradition is usually depicted as exhibiting many of the hallmarks of a natural science approach. The epistemology upon which quantitative research is erected comprises a litany of preconditions for what is warrantable knowledge, and the mere presence of numbers is unlikely to be sufficient According to Creswell (2004), in quantitative research, the requirement to explain why something happens or trends in the field are used to identify a research challenge. This type of research typically involves the use of structured data collection instruments, such as surveys, questionnaires, or experiments, to gather data from a large number of participants Academic Journal of DAMC Vol. 2 3 or subjects. It is a set of strategies, techniques, and assumptions used to study psychological, social, and economic processes through the exploration of numeric patterns. Quantitative research aims to produce knowledge and foster a better understanding of society. The next objective of quantitative research is to gather numerical information from a group of participants and then extrapolate the findings to a wider group of participants to explain a phenomenon. Researchers generally use quantitative research when they want to get objective, conclusive answers. Quantitative research is used by social researchers, including teachers, students, scholars, and communication researchers, to observe phenomena or occurrences affecting individuals. Researchers in social science are concerned with the study of people. It is a way to learn about a particular group of people, known as a sample population. Allen (2017) states that using scientific inquiry, quantitative research relies on data that are observed or measured to examine questions about the sample population. The results achieved from this research method are logical, statistical, and unbiased (Martin &Bridgmon, 2012). Quantitative Research in Education Educational research is a systematic study to gain a better understanding of the educational process, generally intending to improve its efficiency. It is an application of the scientific method to the study of educational problems. The goal of educational research is to find a solution to a challenge in the field of education. Any correctly conducted research is important in education as it provides information about the education system as a whole, or different parts of the system, or the people involved in the educational process e.g. teachers and students. Quantitative research in education is a systematic and structured approach to studying educational phenomena using numerical data and statistical analysis. It plays a crucial role in informing educational policies, improving instructional practices, and advancing our understanding of educational processes and outcomes Quantitative research in education can address a wide range of topics, including student learning and achievement, instructional methods and effectiveness, curriculum development, assessment and evaluation, educational policies, and the impact of educational interventions. Researchers often use large-scale surveys, standardized tests, and existing databases to collect data on a representative sample of students, teachers, schools, or educational systems. This allows for the generalizability of findings to a larger population. Quantitative research in education typically follows a structured and rigorous approach to ensure objectivity and reliability. It involves formulating research questions or hypotheses, designing a study, selecting a sample, collecting data through surveys, tests, or observations, and analyzing the data using statistical methods. Researchers use various statistical techniques, such as descriptive statistics, correlation analysis, regression analysis, and inferential statistics, to analyze the data and draw meaningful conclusions. If we carry out quantitative research properly with enough sample size, a solid control group, and a valuable measure to truly Academic Journal of DAMC Vol. 2 4 make the results valid and important. This paper aims to discuss the uses of quantitative research in social science concerning education. The objective of this paper is to examine the uses and limitations of quantitative research in English language education. Literature Review Quantitative research in English education provides numerical data that can prove or disprove a theory, and administrators can easily share the number-based results with others. It helps to find out solutions to issues in English education through measurement, evaluation, and statistics.This section reviews available relevant literature on quantitative research in English education. Brown (2011) examines quantitative research in the field of second language studies. He defines quantitative research as any research that focuses on counting things and on understanding the pattern of emerges from those counts. He has divided quantitative research into descriptive, exploratory, quasi-experimental, and experimental studies. He further states that these are not mutually exclusive categories. Demetrius and Bryan (2012) state that quantitative studies in English language education provide data that can be expressed in numbers thus, their name. Since the data are numerical, we may employ statistical tests to draw conclusions about them. These can include inferential statistics like t-tests, ANOVAs, or multiple regression correlations (MRC), as well as descriptive statistics like the mean, median, and standard deviation (Demetrius & Bryan, 2012). Through statistical analysis, we may extract key information from study data, such as demographics, preference trends, and divisions between groups. In a book chapter, Watt (2015, p. 91) demonstrates how using a quantitative approach to study teaching English as a foreign language (EFL) will accomplish substantially the same goals as applying this methodology in the more general domains of education. He continues by saying that quantitative research techniques can be useful in collecting data to support the viability of this objective or in assessing examples of how EFL teaching and learning methods are in line with the critical pedagogy concept. In the social sciences, such as English Education, the quantitative technique is shown by Ahmad et al. (2019) to be the predominant study framework. It seeks to establish causality between two variables by employing computational, statistical, and mathematical techniques. It is a collection of methods, assumptions, and methods for studying social, psychological, and economic processes through the investigation of numerical patterns. It also collects a variety of numerical data. While other times the numeric structure is enforced, certain numerical data is innately quantitative. They go on to say that gathering quantitative data enables researchers to do basic to more complex statistical studies that aggregate the data. In contrast to qualitative research, this study uses procedures including questionnaires, Academic Journal of DAMC Vol. 2 5 systematic observations, and experiments. Quantitative research uses the techniques used in the natural sciences to get hard data and numbers. It is used to quantify attitudes, behaviors, and other factors so that generalizations can be drawn from a wider population. In order to express facts and identify trends in the study, quantitative research uses quantifiable data. To determine findings, statistical and mathematical procedures are used. Researchers who employ the quantitative research method frequently aim to quantify the degree and emphasize measurable outcomes. Understanding the link between an independent and dependent variable in a population is the aim of quantitative research in English teaching. Methodology This paper is a review of the relevant literature of research mostly research designs. For getting a comprehensive background for understanding the current knowledge in quantitative research methodologies researcher adopted a narrative literature review. For this researcher collected different books, searched materials on the internet, and read them by making notes for necessary information and developed an understanding of the topic then created meaning on the topic which was in the form of data. These data were interpreted in different thematic subheadings in the form of academic writing. Results and Discussions This section presents the collected information using different topics on the basis of the following themes. To Find out Proficiency Level English Language Quantitative research can be useful in determining proficiency levels in the English language by providing objective and measurable data. Quantitative research is used to investigate the proficiency level of the English of different levels of students regarding their gender, nature of the institution, medium of instruction, and stream. Quantitative research often involves the use of standardized language tests such as the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS). These tests use statistical techniques to establish proficiency levels based on scores, allowing for a standardized and comparable assessment of language skills. Johnson, (2011) explains that the attained data analyze by using the mean, Mann-Whitney U-test, and H-test of the non-parametric tests. The research questions like what is the ELP level of students in higher secondary education, for example? What gender-based differences exist in learners' ELP levels? What differences exist between the learners' ELP levels in terms of the institution's structure? How does the ELP level of the learners differ in terms of the teaching method? What are the faculty differences between the learners' ELP levels? Academic Journal of DAMC Vol. 2 6 Researchers may develop proficiency scales or frameworks that define different levels of language proficiency. These scales provide a quantitative structure for categorizing language skills based on specific criteria, such as vocabulary range, grammatical accuracy, fluency, and comprehension. Quantitative analysis can be used to determine an individual's proficiency level based on their performance against these criteria. Quantitative research can involve the use of surveys and questionnaires designed to gather information about language proficiency (Geva, 2006). Participants may be asked to rate their own abilities in various language skills, such as speaking, listening, reading, and writing, using Likert scales or other quantitative rating systems. The data collected can be analyzed statistically to identify trends and proficiency levels across different groups. For showing the result of the research researcher can use different statistical tools, scales, tables, charts, figures, etc. Quantitative research provides a systematic and data-driven approach to assessing English language proficiency. It enables researchers to establish proficiency levels, develop scales and frameworks, compare individuals or groups, and identify factors influencing language skills. However, it's worth noting that language proficiency is a complex construct, and quantitative research should be complemented with qualitative approaches to gain a more nuanced understanding of an individual's language abilities. Quantitative research involves the use of statistical techniques to analyze and interpret data. Researchers can use statistical methods to identify patterns, relationships, and differences in language proficiency across various variables, such as age, education level, or language learning experience. This allows for a more comprehensive understanding of proficiency levels and the factors that may influence them. Find out the Effectiveness of Different Types of Approaches, Methods, and Techniques. Quantitative research is used to evaluate the effectiveness of different types of approaches, methods, and techniques of teaching and learning. It involves the collection and analysis of numerical data to draw conclusions and make inferences about a particular phenomenon or research question According to Elik and Aydn (2018), it also looks into the variables impacting the choice of English language teaching methodologies in the EFL environment. This type of research is also used to compare the different approaches, methods, and techniques. Researchers may use experimental research for using any innovative methods by conducting a pretest and posttest method. The research questions related to the students’ perceptions towards particular methods and techniques of language, their appropriateness for their English language needs, suitability for their level of English language proficiency, and ability to cater to their diverse interests (Mason, 2017). In the context of assessing approaches, methods, and techniques, quantitative research can be used to measure their impact, compare their effectiveness, and identify any significant differences or patterns. Academic Journal of DAMC Vol. 2 7 By using quantitative research, researchers can gather data from a large sample size, apply standardized measurement tools or scales, and conduct statistical analyses to obtain objective and quantifiable results. This allows for generalization and the ability to draw conclusions about the broader population or phenomenon under investigation (Elik&Aydn, 2018). Researchers also employ various statistical analyses and tests to examine the relationship between variables and determine the extent to which a particular approach or technique produces desired outcomes. This type of study employs a quantitative approach in the form of a questionnaire consisting of different items that may be designed to identify students’ perceptions of the benefits and challenges of the use of particular approach methods and techniques. Students require to rate each item using a four-point Likert scale (ranging from 1 strongly disagree to 4 strongly agree). The collected data are tabulated and statistically analyzed using descriptive and inferential statistical tools. Quantitative research is valuable for examining the effectiveness of different approaches, methods, and techniques, it may not provide a complete understanding of the underlying reasons or mechanisms driving those effects. In such cases, qualitative research methods can be used in conjunction with quantitative approaches to gain deeper insights into participants' experiences, perceptions, and contextual factors that may influence the effectiveness of the approaches being studied. Find out the Impact of Examination on Classroom Teaching and Learning. Quantitative research is used to find out the impact of examination on classroom teaching and learning. Quantitative research can involve analyzing students' academic performance data, such as grades, test scores, and attendance records (Davison &Dustova, 2017). By comparing performance before and after examinations or examining performance across different classrooms or schools with varying examination practices, researchers can assess the impact of examinations on learning outcomes. Quantitative surveys can be administered to students, teachers, and other stakeholders to gather data on their perceptions and experiences related to examinations. The data collected can be analyzed using statistical methods to identify trends, correlations, and potential impacts on teaching and learning. This means the survey gives us preliminary information related to our main issue. Dawadi(2018) states that the quantitative approach to data collection can bring breadth to the study by supporting the researcher with accumulating data about different aspects of a phenomenon from different participants. Researchers can use standardized tests or assessments to measure student learning outcomes and compare them across different classrooms, schools, or educational systems. Researchers can design controlled experiments to investigate the causal relationship between examinations and teaching/learning outcomes. For example, they may randomly assign classrooms to different examination conditions (e.g., high-stakes exams vs. low-stakes exams) and compare the subsequent effects on student achievement using quantitative measures (Davison &Dustova, 2017). This allows for quantitative Academic Journal of DAMC Vol. 2 8 analysis of the impact of examinations on students' knowledge acquisition and retention. By comparing performance before and after examinations or examining performance across different classrooms or schools with varying examination practices, researchers can assess the impact of examinations on learning outcomes. In Language Testing and Assessment Quantitative research is highly valuable in the field of language testing and assessment that provides a systematic and data-driven approach to understanding various aspects of language proficiency and evaluating language tests (Rahman, 2016). Researchers of language testing around the world generally employ quantitative research techniques for their research. The use of quantitative research in language testing and assessment is helpful to grant a detailed and measurable expression to the qualitative ideas, after which the conclusions drawn from the quantitative approach’s statistical analysis are understood using qualitative methods. Quantitative research is very important in language testing and assessment because it addresses test validity to some extent which is the core concept of testing and assessment. It offers valuable insights into test quality, fairness, and validity, and helps ensure the effectiveness and reliability of language assessments. If any researcher wants to carry out language proficiency assessment research, he has to show the different variables such as EFL students and non-EFL students, and tests in four language skills; listening, speaking, reading, and writing, and variables on different aspects of language such as vocabulary, grammar, pronunciation and class variables like the beginning, intermediate and advanced (Rahman, 2016).Quantitative research can investigate the impact of language testing on teaching and learning outcomes. By analyzing test scores and correlating them with instructional practices or student performance, researchers can gain insights into how language testing influences teaching approaches, curriculum design, and learning outcomes. Uses of Quantitative Research in English Language Education Quantitative research can examine the process of language acquisition by collecting data on language learners' performance and progress. Researchers can use quantitative methods to analyze large datasets, such as language learner corpora or longitudinal studies, to identify patterns and trends in language development. This helps in understanding how learners acquire specific linguistic features, grammatical structures, vocabulary, and pronunciation (Hammersley, 2007). Quantitative research allows for the evaluation of instructional interventions in English language education. Researchers can design controlled experiments or quasi-experimental studies to investigate the effectiveness of specific teaching methods, curriculum materials, or technology-based tools. By collecting and analyzing quantitative data on student outcomes, such as test scores, performance metrics, or learning gains, researchers can determine the impact of instructional interventions and inform Academic Journal of DAMC Vol. 2 9 evidence-based teaching practices.Quantitative research can involve analyzing learner performance and errors in English language education. Researchers can examine common errors made by learners, identify persistent difficulties, and develop targeted interventions to address these challenges. By quantifying error patterns and analyzing their frequency and distribution, researchers can gain insights into learners' specific needs and inform instructional strategies for error correction and language improvement. (Muijs, 2004) It poses questions of who, what, when, where, how much, how many, and how. Quantitative research examines relationships between numerically measured variables with the application of statistical techniques. Brown (2011) suggests that research in the area of EFL involves a systematic and principled inquiry into an area of interest. Quantitative research can contribute to the field of language assessment by examining the reliability, validity, and fairness of assessment instruments and procedures. Researchers can conduct statistical analyses to evaluate the quality of test items, investigate potential biases, and assess the overall effectiveness of language assessments. This research helps in improving assessment practices, ensuring validity and reliability, and promoting fair evaluation of English language proficiency (Watt, 2015). Quantitative research enables the analysis of language learning outcomes and the identification of factors that contribute to success or difficulties in English language education. Researchers can use statistical methods to correlate learner characteristics, instructional practices, and environmental factors with language learning outcomes. This analysis can provide insights into effective strategies for promoting language proficiency and addressing challenges faced by learners (Rasinger, 2013).Quantitative research in English language education provides empirical evidence and objective measurements that can inform curriculum development, instructional practices, and assessment strategies. By employing rigorous quantitative methods, researchers can contribute to evidence-based decision-making and enhance the quality of English language education. Limitations of Quantitative Research in English Language Education The quantitative approach perceives the world as static. If we use a quantitative research method, we can only operationalize the concept in terms of well-defined indicators, tracing trends and relationships, making comparisons, and using large and perhaps representative samples of ELT. But this research lacks to derive multiple-meaning, logical ground, great methodological flexibility, and in-depth study of smaller samples. This means quantitative research fails to ascertain deeper underlying meanings and explanations. For example, if a researcher is interested in finding out the impact of the first-year examination on classroom teaching and learning in English, he needs to carry out a survey among a large number of students and teachers, who are learning or teaching English in Bed first-year English class and generalize the findings.Quantitative research typically relies on the measurement Academic Journal of DAMC Vol. 2 10 of variables and the analysis of numerical data. This can lead to oversimplification of complex phenomena in English language education, such as language acquisition, classroom interactions, or language teaching methodologies. Certain aspects of language learning and teaching may be difficult to capture using quantitative measures alone. Quantitative research tends to focus on numerical data and statistical analysis, which may overlook the richness of contextual information. Language learning and teaching are influenced by a wide range of factors, including cultural, social, and psychological aspects, which may not be fully captured through quantitative methods alone. This limitation can restrict the researcher's understanding of the complexities involved in English language education. But this method is unable to give in-depth information on how the test has impacted classroom activities or to understand the feelings of teachers and students. For that, he has to observe some classes and interview some teachers and students then only he can get a real picture of what he intended to find through his research.Quantitative research often relies on predetermined variables and standardized measures, which may not cover the entire range of relevant factors in English language education. Language learning and teaching involve multiple dimensions, such as attitudes, motivation, creativity, and sociocultural influences, which may not be easily quantifiable or adequately measured using traditional quantitative methods. Quantitative language testing research only investigates and estimates the language skills, proficiency, scoring, and so on but it fails to find out the reality or the children’s understanding of the learning capacity of different skills, aspects, and a class of English language. It is not possible to take information deeply and the overall picture of the variables through quantitative research. Rahman, (2016) states some limitations are that quantitative research methods take snapshots of a phenomenon: not in-depth, and overlook test-takers and testers’ experiences as well as what they mean by something.Quantitative research often involves large sample sizes and statistical analysis, which can raise ethical concerns when dealing with human subjects. For instance, the anonymity and confidentiality of participants' data may be compromised when working with large datasets, potentially impacting their privacy. Researchers must ensure the ethical treatment of participants and adhere to ethical guidelines in data collection, analysis, and reporting. Improper representation of the target population is the key limitation of quantitative research in English language education which might hinder the researcher from achieving its desired aims and objectives. Despite research relating to appropriate sampling plan representation of the subjects is dependent on the probability distribution of observed data. This may lead to miscalculation of probability distribution and lead to falsity in proposition (Chetty, 2016). English language education encompasses qualitative aspects that are challenging to capture through quantitative research alone. For example, qualitative methods are better suited to explore learners' experiences, beliefs, attitudes, or the subtleties Academic Journal of DAMC Vol. 2 11 of classroom interactions. Relying solely on quantitative data may overlook the richness of these qualitative aspects, limiting the understanding of the complex nature of language learning and teaching. The lack of resources for data collection is another prominent limitation of quantitative research. It usually requires a large sample size. However, due to the lack of resources, this large-scale research becomes impossible. The inability to control the environment is another weakness of quantitative research. Sometimes researchers face problems controlling the environment where the respondents provide answers to the questions in quantitative research like surveys (Baxter 2008). Limited outcomes in quantitative research seem to be another limitation of quantitative research. It involves a structured questionnaire with close-ended questions which leads to limited outcomes outlined in the research proposal. So the results cannot always represent the actual occurrence, in a generalized form. Also, the respondents have limited options of responses, based on the selection made by the researcher. Difficulty in data analysis is one more limitation of quantitative research because quantitative study requires extensive statistical analysis, which can be difficult to perform for researchers from non-statistical backgrounds. Quantitative research is a lot more complex for social sciences, education, anthropology, psychology, and English language education (Chetty, 2016). The effective response should depend on the research problem rather than just a simple yes or no response. Quantitative research requires extra time, investment, and resources to refine the results. So, Quantitative research is limited by how subjective experience is quantified. Findings and Conclusion Quantitative research is essentially about collecting numerical data to explain a particular phenomenon, particular questions seem immediately suited to being answered using quantitative methods. Quantitative research is used for various reasons in the field of education ELT as well. Researchers use quantitative methods for the issues of instructional decisions, measuring the effectiveness of the school climate, EFL proficiency, and effectiveness of different types of approaches, methods, and techniques, and the impact of examination on classroom teaching, and learning.Quantitative research allows researchers to employ statistical techniques to analyze large amounts of data. This enables them to identify patterns, relationships, and trends in language education, such as the effectiveness of different teaching methods or the impact of certain variables on language learning outcomes. Quantitative research is based on the survey, and experimental methods that emphasize quantification in the collection and analysis of data that denotes amounting to something. This research is very important to study different variables such as EFL students and non-EFL students, language skills, different types of methods, and tests.Quantitative research often involves larger sample sizes, which can provide more representative data. Findings from quantitative studies can Academic Journal of DAMC Vol. 2 12 be generalized to larger populations, helping educators and policymakers make informed decisions about ELE practices, curriculum development, and language policies.Quantitative research strives for objectivity by using standardized data collection methods and statistical analysis. This reduces the influence of researcher bias, enhancing the reliability of the findings.Quantitative research strives for objectivity by using standardized data collection methods and statistical analysis. This reduces the influence of researcher bias, enhancing the reliability of the findings. The main limitation of this method is that it has not been possible to take information deeply; rather, it has given the overall picture of the variables related to English language education. Improper representation of the target population, lack of resources for data collection, limited outcomes in quantitative research, and difficulty in data analysis are found common limitations of quantitative research in English language education. Quantitative researchers believe that it is possible to create new knowledge free from bias and that facts can exist separately from the influence of people or researchers and the world around them. They also believe that knowledge that counts is precise, objective, verifiable, and replicable; therefore, they employ strategies of inquiry such as experiments and surveys. So this study concludes that quantitative research methods argue that human behavior and educational phenomena cannot be accurately measured unless they are expressed in numerical terms, but this method is unable to provide greater depth, a richer and more detailed picture of the issues. Concerning English language education quantitative research studies different variables like language skills, aspects, and groups by using surveys, and experimental research methods in exact, objective, provable, and replicable ways. The main limitation of the quantitative study is it is difficult to produce information deeply; reasonably which is unable to give the overall picture of the variables of English language education because of its static envision of the world. I conclude that if we carry out quantitative methods properly with enough sample size, a solid control group, and a valuable measure to truly make the results valid and important in different areas of English education.Quantitative research typically relies on numerical data, which may oversimplify the complex nature of language learning and teaching. Some aspects of language education, such as motivation, socio-cultural influences, and individual differences, may be difficult to capture solely through quantitative measures. The quantitative research method is still powerful in English language teaching, testing, and assessment research because the researchers of English language teaching engage doing quantitative research techniques for their research. This study suggests conducting further research on different variables like English Language teaching and learning with skills, aspects, methodologies, and motivation by applying correlational and comparative studies. It is also suggested that quantitative methods must be carried out properly with enough sample size, a solid control group, and a valuable measure to truly make the results valid and important. It Academic Journal of DAMC Vol. 2 13 also recommends other researchers study other variables like English language education as EFL, ESL, English as a specific purpose, English language testing, and assessment. About the author: Dinesh Panthee, Assistant Professor, Sahid Narayan Pokhrel Rampur Campus References Ahmad, S., Wasim, S., Irfan, S., Gogoi, S., Srivastava, A., &Farheen, Z. (2019). Qualitative vs. Quantitative Research. Population, 1, 2. Retrieved from https://scholar.google.com/ Allen, M. (2017). The SAGE Encyclopedia of communication research methods (Vols. 1-4). Thousand Oaks, CA: SAGE Publications, Incdoi: 10.4135/9781483381411 Bista, K. (2011). Teaching English as a foreign/second language in Nepal: Past and present. Online Submission, English for Specific Purposes World v11 n32 p1-9 2011 https://eric.ed.gov/?id=ED530898 Brown, J.D. (2011).Quantitative research in second language studies. In E. Hinkel (Ed.), Handbook of research on second language teaching and learning (Vol.2) (pp.190–206).New York: Routledge. Bryman, A. (1988). Quantity and quality in social research. London: Sage. Çelik, Ş. S., & Aydın, S. (2018). A review of research on the use of native language in EFL classes. Literacy, 4(2). https://www.researchgate.net/publication/329717805 Chetty, P. (2016). Limitations and weaknesses of qualitative research methods. Project Guru. Creswell J W.(2004) Research design: Qualitative, quantitative, and mixed methods approach. New Delhi: Sage. Dawadi, S. (2017). Are our quantitative and qualitative approaches to educational research compatible? Retrieved from https://www.researchgate.net/publication/321825678 Dawadi, S. (2018). The Impact of the School Leaving Certificate Examination on English Language Teaching and Student Motivation to Learn English. In: Hayes, David ed. English Language Teaching in Nepal: Research, Reflection, and Practice. British Council, pp. 133–164. Demetrius, M., & Bryan, M. (2012). Strengths and weaknesses of quantitative and qualitative research. UX Matters.Retrieved from oro.open.ac.uk Davison, C. B., &Dustova, G. (2017). A Quantitative Assessment of Student Performance and Examination Format. Journal of Instructional Pedagogies, 18. Geva, E. (2006). Second-language oral proficiency and second-language literacy. Developing literacy in second-language learners: Report of the National Literacy Panel on Language-Minority Children and Youth, 123-139. Academic Journal of DAMC Vol. 2 14 Guba, E. L., & Lincoln, Y. (1994). Competing paradigms in qualitative research: Handbook of qualitative research. California: Sage Hammersley, M. (2007). Educational research and evidence-based practice. London: Sage Publications. Johnson, D. R. (2011). A quantitative study of teacher perceptions of professional learning communities' context, process, and content. Seton Hall University Dissertations and Theses (ETDs). 15. Retrieved from. https://scholarship.shu.edu/dissertations/15 Johnson, R. B., & Christensen, L. (2019). Educational research: Quantitative, qualitative, and mixed approaches. Sage publications. Martin, W. E., &Bridgmon, K. D. (2012). Quantitative and statistical research methods: From hypothesis to results (Vol. 42). John Wiley & Sons. Mason, J. (2017). Qualitative researching. Sage. Rahman, M. S. (2017). The advantages and disadvantages of using qualitative and quantitative approaches and methods in language" testing and assessment" research: A Literature Review. Journal of Education and Learning, 6(1), 102-112. Retrieved from http://dx.doi.org/10.5539/jel.v6n1p102 Rasinger, S. M. (2013). Quantitative research in linguistics: An introduction. A&C Black. Savran-Celik, S. & Aydin, S. (2018). A review of research on the use of native language in EFL classes. The Literacy Trek, 4(2), 1-14. Sukamolson, S. (2007). Fundamentals of quantitative research SuphatSukamolson (Doctoral dissertation, Ph. D. Language Institute Chulalongkorn University. Lang Inst. p: 20). UKMuijs, D. (2010). Doing quantitative research in education with SPSS. Sage. Watt, A. (2015). Fundamentals of quantitative research in the field of teaching English as a foreign language. The Praxis of English Language Teaching and Learning (PELT) (pp. 91-114). Brill Sense. https://brill.com/view/book/edcoll/9789463001120/BP000007.xml Academic Journal of DAMC Vol. 2 15 A Programme Evaluation of Four Year B. Ed. of TU: A Case of DAMC Hom Nath Sharma Abstract This study is aimed to evaluate Four Year B.Ed. Program of Devdaha Aadarsha Multiple Campus (DAMC) using a context, input, process and product (CIPP) evaluation model. This is a qualitative study in which data were collected through observation, interview, documents and reports. Campus chief, teachers, CMC chair, and pass out students were interviewed. The results indicated that most of the students were pleased with the new Four Year B. Ed. annual course. Teaching learning activities have been shifted from teacher centered approach to student focused approaches. It was also found that college has tried its best to provide all types of resources. The findings of the present study showed that there was a requirement for more resources; learner friendly environment, proper equipment, effective communication and needs based focus for all beneficiaries involved. Keywords: programme evaluation, context evaluation, input evaluation, process evaluation, product evaluation Background of the Study Since 1996 Tribhuvan Unviersity (TU) has been implementing three-year Bachelor programs with annual examination system in Faculties of Education, Management and Humanities and Social Sciences and Institute of Science and Technology. Recently, duration of Bachelor level programs in those faculties and institute have been made four years by adding one more year. In conformity with this, Faculty of Education (FoE) has started four-year Bachelor of Education (B.Ed.) with two specialization subject areas (specialization major and specialization minor subject) from 2072 BS instead of single specialization area in three-year B.Ed. Accordingly, students of four-year B.Ed. program will have to study one subject area as specialization major and the next as specialization minor area selecting from among Nepali Education, English Education, Mathematics Education, Science Education (physical science), Health and Physical Education, Population Education, History Education, Geography Education, Economics Education, and Political Science Education. Students may also study one of the courses from among Science Education (Biological Science), Health Education, Physical Education, vocational education, Primary Education, Early Childhood Development Education, Non-formal Education and Education Management as specialization minor. Faculty of Education is the largest faculty of Tribhuvan University in terms Academic Journal of DAMC Vol. 2 16 of the number of students and the number of campuses which are ever increasing. With its 26 constituent campuses and 560 affiliated campuses throughout the country, it has the biggest network of teacher training. Through its different courses which are taught in different programs viz. One Year B. Ed, Four Year B.Ed. and Two Year M.Ed. M Phil and PhD. FoE produces trained educational manpower as teachers, teacher trainers, educational planners and managers, educational researchers, curriculum designers and all sorts of human resources needed for the educational sector of the country .Four-year B.Ed. with annual examination system was implemented from 2072 B.S. It is a professional as well as academic program designed for preparing competent teachers who can teach two subjects at secondary level. Evaluation is the process of determining the extent to which objectives are attained. It is concerned not with the appraisal of achievement but also with the improvements. Many evaluation designs and models have been used for evaluating the projects or programs. CIPP model is an evaluation model for curriculum evaluation given by Stufflebeam (1983) which includes four elements: C- Context, IInput, P- Process and P- Product. This model can be effectively used for evaluating the quality of education at school. Context includes the goals, objectives, history and background of the school, inputs refer to material, time, physical and human resources needed for effective working of the school. Process includes all the teaching and learning processes and product focuses on the quality of teaching learning and its usefulness and the potentials that benefit society (Stufflebeam, 2003). Product refers to the quality of students learning and its usefulness for the individual and for society. This study aims to evaluate four years’ B.Ed. program of major English through CIPP. Stufflebeam (1971a) describes evaluation according to the CIPP model as a “process of delineating, obtaining and providing useful information for judging decision alternatives” (p.267). In other words, CIPP is based on providing information for decisions (Stufflebeam, 1971b). Moreover, Boulmetis and Dutwin (2005) named the CIPP model as the best decision-making model. Course Structure Course Structure Each student must pass 22 courses to earn Four-Year B.Ed... These courses are divided into four major groups-group 'A' with Communication Skills; group 'B' with Professional Cores Areas; group 'C' with Specialization Major Courses and group 'D' with Specialization Minor Courses. Group 'E' includes Teaching Practice/Practicum. The details of course structure is as shown below. Course Titles Course titles under each group are given below: Group A: Communication Skills All courses under this group are compulsory Academic Journal of DAMC Vol. 2 17 • General Nepali • General English Group Group B: Professional Core Courses • Philosophical and Sociological Foundations of Education • Educational Psychology • Curriculum and Evaluation • Elective (Any one of the following subjects) Ed. 442 Instructional Technology or Ed.443 ICT in Education or Ed. 444 ICT in Specialized subject Group C: Specialization Major Students are required to select one of the following specialization areas with 10 courses in each area considering entry requirement. Nepali Language Education English Language Education Math Education Science Education Health and Physical Education Population Education Geography Education Economics Education History Education Political Science Education Group D: Specialization Minor Students are required to select one of the following specialization areas with 5 courses. But it should be different from specialization major. For example, a student majoring Nepali cannot select Nepali as minor. Specially, student majoring Science Education (Physical Science) must select biology as minor subject. Nepali Language Education English Language Education Math Education Science Education Health Education Physical Education Population Education Geography Education Economics Education History Education Political Science Education (Source: www.faculty of Education.com.) Academic Journal of DAMC Vol. 2 18 Objectives of this Program To produce teachers capable to teach at the primary and secondary level To produce teachers who are capable to teach the differently able students To develop leadership qualities To enable students to function as a course designer, education officer To enable the students to adapt in the ever-changing societies and provide education accordingly • To encourage lifelong research and learning • To build a strong foundation for the higher studies • • • • • Admission Requirement Students who are interested to study the Bachelor of Education should have completed 12 years of formal education. They should have completed the +2 or proficiency certificate level through the boards recognized by university. Applicants from any stream (science, management and humanities) are eligible to apply for the program. Four Year B. Ed. Program at DAMC: A Glance Devdaha Aadarsha Multiple Campus (DAMC) is the only one community college of the eastern belt of Rupandehi district. DAMC is an academic institution established in 2065 B.S. During the short span of time, the institution has been able to attain the set goals and objectives in the academia with an affordable cost to the target groups. It has been providing the quality education in the education and management streams for bachelor's degree. Now the college has founded a strong base with good infrastructures and qualified faculty members. We are committed to carry on the legacy and are striving to take the college even in greater heights. Our teaching learning activities preserve and enrich the creative learning traditions trying to become the centre of excellence in our field. Current Status of Students and Staff in DAMC Education Programme Number of students in B. Ed. 529 Boys 84 Girls 445 Number of staff Teaching staff Male 18 Female 1 Number of staff Non-teaching staff Female 1 Male 3 (Source: DAMC Annual Report 2079 B.S.) Statement of the Problem Quality has become a key word for everything that you talk about in today’s life. Quality education has become an issue in Nepalese education system. Although much is talked about and implemented by government and policy makers, the Academic Journal of DAMC Vol. 2 19 quality of education that is imparted in colleges and other educational institutions is questionable. Very few educational institutions are providing education that satisfies its stakeholders. Evaluation is a continuous and comprehensive process which involves judgments that cover all aspects of quality education. With the increase in educational institutions, there is a need to focus on evaluation of quality of education being imparted because education is responsible for shaping the future of individuals and society (Karmel and Karmel, 1978). This study is concerned with the evaluation of Four Year B. Ed. Program of major English run in a community college in Nepalese context. Purpose of the Study The main purpose of the study is to review and asses the B.Ed. program of major English of DAMC College using CIPP evaluation model and to help stakeholders (policy makers, educational planners etc.) to update, re-design, or change the curriculum. Research Questions a. What are the goals and needs of Four Year B. Ed. Program? b. What strategies and activities have been planned to address the needs of students in Four Year B. Ed. program? c. How should the Four Year B. Ed. program be redesigned to better meet the needs of students? Methodology As the study was based on quality evaluation of a Four Year B. Ed. Program using CIPP model, the design of the study was qualitative in nature and it was basically a case study of a college. Interview, observation and document analysis were the major techniques for data generation. The campus chief, department heads, teachers, students of DAMC college were interviewed. The researcher, via document analysis, examined the context of the college system, including objectives, missions and goals of the college. For identifying the inputs, the researchers used resources like curriculum, syllabus annual reports of the school. Furthermore, for exploring the processes and inputs, the researchers observed classrooms. In addition, to assess the product value and to compare it with the inputs and process, the researcher developed questions to conduct document analysis. Based on the information obtained from interview, observation and documents, the researcher analyzed context, input, and process and product evaluation. Context Evaluation and Findings Context evaluation helps to assess the needs and opportunities within a defined context or environment (Stufflebeam & Shinkfield, 2007). The objectives of context evaluation are to define, identify and address the needs of the target Academic Journal of DAMC Vol. 2 20 population, identify the problems and assess. If the goals are responsive to the desired needs or not (Khuwaja, 2001; Stufflebeam, 2001 as cited in Aziz,S. Mahmood,M.& Rehman,Z. 2018) Regarding the aims and objectives of Four Year B. Ed. Program, The campus chief says aims and objectives are appropriate but a bit more theoretical in the sense that majority of students can’t easily meet them. The English course and curriculum are according to the need of students so there is increasing charm in English. He further says there is charm for B. Ed. as it has been mandatory for licensing. One of the faculty members, Sanjay (pseudo name) claims current English curriculum has almost fulfilled the demand of the society as the course has focused both practical as well as theoretical aspect that has supported to develop communicative power of students While answering the question why girls are more attracted for the program, the campus chief replied that it is easy access for girls and daughter in law and there is an increasing trend that girls choose B.Ed. more than boys and boys choose other technical fields that will help them get job in the country or abroad. When the researchers asked the question why they decided to run B. Ed instead of other programs, the campus chief replied that it was easier to run and get affiliation for this program and there were no other B.Ed. colleges in the town at that time. He further mentioned that they didn’t need high investment to fulfill the requirements of the University for Affiliation. From the analysis of context as a whole, it was found that DAMC College started B.Ed. program in order to meet the societal needs. The curriculum addresses the students’ needs and interests although it is a bit more theoretical. Input Evaluation and Findings The purpose of this type of evaluation is to provide information for deter¬mining the resources used to meet the goals of the program (Khawaja, 2001). In this regard Aziz,S. Mahmood,M.& Rehman,Z.(2018 ) claims ‘ the resources include time resources, human resources, physical resources, infrastruc¬ture, curriculum and content for evaluating the quality of education. Input analysis of DAMC College Four year B.Ed. reveals that the resources for the students and teachers are adequate. The Campus chief claims that the library is very rich that contains different textbooks, reference materials, audio- video equipments, magazines, newspapers, journals , teaching manuals, and it is very much techno- friendly for both students and teachers. Regarding the researchers’ query about subject faculties, he says the college has managed subject -wise adequate numbers of full time and part time lecturers. There are 4 full time and 2 part time English teachers he further explains that the college has managed visiting professors for developing different skills among the students. Regarding the infrastructures, it was observed that college has its own three storied building with rich furniture. It was also observed that the college has one well equipped and well furnished seminar or training hall. The rooms were well Academic Journal of DAMC Vol. 2 21 –ventilated and multimedia projectors were fit in six rooms. It was also found that the college had separate staff room for teachers; head of department and for program in- charge. Process Evaluation and Findings Process evaluation focuses on the running of the program and teaching learning processes. Aziz,S. Mahmood,M.& Rehman,Z.(2018 ) claims that implementation is a phase in which the inputs are used in effective manner to achieve the desired aims, objectives, goals of the product. The evaluator assesses the processes to understand how the educational institution is working. Processes of the institution include systematic approaches, teaching learning activities, parent teacher meetings, annual functions, co-curricular and extra-curricular activities; it also includes student’s board examinations based on both summative and formative assessment (Print, 1993) When we look at the process evaluation of DAMC college, it was observed that most of the teachers used student centered approaches especially communicative approach, task based approach, inquiry based approach that lead students to read, re-read, think and reflect. In this regard, campus chief stated “our teachers have been shifted to students focused learning from lecturing and they have started to use projector for their presentations and to make students do their presentations.” Regarding our query about parent- teacher relationship, the campus chief stated that the college organizes annual function every year. He further said that the college occasionally calls parents’ meet and organizes sport week every year and allows the students participate in different games regularly. Regarding our query about evaluation system, the head of department claimed that unit test, monthly test, terminal examinations, and internal as well as board exam are the tools for internal and external examination. He further says that practicum and research subjects in the final and third year have added the beauty for the programme. It was observed that the college is slowly moving to ICT friendly pedagogy. The communication between administration, teachers, and other staff was found satisfactory. The focus has been given for both formative as well as summative evaluation and students have been made more active and responsible for learning. Product Evaluation and Findings A product evaluation assesses outcomes and outputs, short and long term, intended and unintended, which not only keeps track but also focuses on the fulfillment (or not) of objectives (Stufflebeam, 2003). This study included product evaluation of the college so as to assess whether objectives meet the targets or not. The findings of the study showed that effective environment, appropriate resources, relevant content, proper and effective teaching and learning, use of different teaching learning methodologies and strategies have great impact on the students’ skills, Academic Journal of DAMC Vol. 2 22 attitudes, behavior, grades and result. The more students friendly the environment, the more effective is the learning. The findings show that there is a great impact of context, inputs and process on the product of the students. Documents analysis revealed that the students take part in activities and achieve high positions at national and international level. The students of this college are successfully making their places in society by excelling in different fields, especially in teaching. In this context, the campus chief says that 80% teachers in primary and lower secondary levels in school of our catchment area are our college products. Similarly outside the area of our campus as well, our students get priority in teaching job. It was found that DAMC products are not limited to teaching rather they are found in business and a few have gone abroad for further study. Conclusions and Implications The college is working hard to maintain the quality of education by implementing different strategies with the help of hard working administration, heads, teachers and staff. According to the findings of the study, a few negative aspects were also revealed, for example, students are pressurized to some extent and focus on rote learning of the content. Due to this cramming system, there is huge pressure on students which effects their creativity and capabilities CIPP Model for Quality Evaluation. In order to improve and be accountable and to develop further, it is necessary to take steps to eradicate the problems hindering the way towards quality education and effective learning. The present study will help future researches involving CIPP evaluation model for quality evaluation and quality development of an educational institution. This study will be an example for future research studies on the systematic evaluation of quality education at college level. This study was aimed to evaluate the quality of education by implementing CIPP evaluation model. Recommendations After carrying out a short study of the B.Ed. program of the major English group of DAMC the evaluator elaborates the following recommendations to the principal, teachers, administration of the college and other concerned bodies for improving the quality of education. • The overall college environment should be conducive to learning and Parents and teachers should be in close contact with each other. • For improving the quality of education, more well- qualified and trained teachers should be appointed and they should be provided adequate facilities like resources, trainings to update their knowledge and to accommodate new changes. • Rote learning should be eradicated and learners must be appreciated for their uniqueness and creative efforts. • Learning must be ensured, not marks. Academic Journal of DAMC Vol. 2 23 • While designing the curriculum, the needs and requirements of the 21st century must not be ignored because this is the era of globalization and students must be aware and updated accordingly. • Student centered methodologies, ensuring mental and physical growth of the students through co-curricular and extracurricular activities have to be adopted. • A two- way channel of communication between management and parent is needed. • The students should be provided a platform for research projects to improve quality of education. • Different educational trips and regular assessments may be organized for the improvement and maintenance of quality of education at college. • There may be a need to transform the techniques and formulate a method that favors creativity and originality; by means of this the quality of education will definitely improve. About the author: Hom Nath Sharma, Faculty Head (Education) & Coordinator, Research Management and Publication Cell (RMPC), Devdaha Aadarsha Multiple Campus References Aziz,S. Mahmood,M.& Rehman,Z.(2018). ImplementatIion of CIPP Model for Quality evaluation at School Level: A Case Study. Journal of Education and Educational Developement Vol. 5 No. 1 Boulmetis, J., & Dutwin, P. (2005). The ABCs of evaluation: Timeless techniques for program and project managers (2nd ed.). Jossey-Bass. Eseryel, D. (2002). Approaches to evaluation of training: Theory & practice. Educational Technology & Society, 5(2), 93-99. Karmel, L. J. & Karmel, M. O. (1978). Measurement and evaluation in schools (2nded). Macmillan Publishing. Khuwaja, S. (2001). Education evaluation and monitoring concepts and techniques. University of Missouri. Print, M. (1993). Curriculum development and design. Allen and Unwin Ltd. Stufflebeam, D. L. (1971a). The use of experimental design in educational evaluation. Journal of Educational Measurement, 8(4), 267-274. Stufflebeam, D. L. (1971b). An EEPA interview with Daniel L. Stufflebeam. Educational Evaluation and Policy Analysis, 2(4), 85-90. Stufflebeam, D. L. (2003). The CIPP model for evaluation. In D. L. Stufflebeam & T. Kellaghan (Eds.), The international handbook of educational evaluation (Chapter 2). Kluwer Academic Publishers. Stufflebeam, D. L. (2007). CIPP evaluation model checklist (2nd ed.). Retrieved from http://www.wmich.edu/evalctr/archive_checklists/cippchecklist_mar07.pdf Stufflebeam, D. L., & Shinkfield, A. J. (2007). Evaluation theory, models, & applications. Jossey-Bass. www.faculty of Education.com. Academic Journal of DAMC Vol. 2 24 My Professional Journey: An Autobiographical Narrative Bhim Lal Bhandari Abstract This article highlights the dynamic and difficult aspects of mypersonal and professional journey andprofessional development as an English languagelearner to teacher and teacher educator. The study aimed to examine how my schooling has transformaed me as an English learner to teacher of the English language teaching.I attempted to explore my painful, fruitfuland gainful lived experiences and practices related to my personal and professional life as an English language learner and teacher educator. I have examined my lived experience of studying and teaching English language in this study.The study uses autoethnography as a research method to engage in self-reflection on how Ireconstructed myself professionally. This self-reflective narrative was written to provide access to regional modes of knowing, existing, and developing in the world. The final section of the paper goes into how I reframed my own work experiences.Thus, this study can be referential to English language teachers who intend to reflect similar teaching and learning stories about their career journeys. Keywords: Collaboration, professional development, professional journey, teacher educator Introduction In this autobiographical narrative, my case is tied to the first, specifically my experiences with lifelong learning. By sharing the lived experience of my professional journey, which spans the last half-decade of my life spent both studying and working. In my professional journey, I underwent from English language learner to English language teacher to English language educator. The paper accomplishes withdiscussion of how I re-construed my own professional experiences. Many different realities describe English-language teachers in the subject of English language education. Every reality is the result of a variety of routes and experiences, and each teacher's practice is unique. The autobiographical story of the instructor, which is considered a subjective interpretation of one's own life, is one of these realities. In other words, despite sharing their profession, teachers rarely discuss their personal lives. Every classroom can be thought of as a distinct world, with a distinct voice expressing the students' personal experiences and life stories. As a result, over the past few decades, the use of autobiography as a research method has gained recognition in social science research (Barkhuizen et al., 2014; Pavlenko, Academic Journal of DAMC Vol. 2 25 2007; Coffey, 2016). An autobiography is defined as the recounting and documentation of one's own life (Coffey, 2014). Self-narratives, or the stories people tell about themselves, aid in understanding how people position themselves and their actions in the world (Barkhuizen et al., 2014). The interest in autobiographical narratives in the field of teacher education research is based on the idea that teachers necessarily reflect on those experiences in telling their stories of experience and thus make meaning of them; that is, they gain an understanding of their teaching knowledge and practice (Barkhuizen & Wette, 2008). Teachers of second and foreign languages, it might be claimed, do not exist as a collective, but are significantly differentiated in terms of their background knowledge, their aims, who they teach, and who they are as individuals (Ellis, 1997). Accordingly, autographical narratives have become a source of inspiration to many scholars and researchers in the field of second-language teacher education. Borg (2013) asserted the use of autobiographical narratives encourages to explore teachers' own experiences in classrooms and schools. As a result, many academics and researchers in the field of teacher education for second languages have found inspiration in autobiographical accounts. The use of autobiographical narratives to examine teachers' personal experiences in classrooms and schools is encouraged by Borg (2013). Similarly, Canagarajah (2012) uses analyticalautoethnography to tell his journey of becoming a professional in TESOL in the periphery (Anderson, 2006). When using an autobiographical approach, Canagarajah states that writing functions not only as a means of disseminating knowledge and experience; it is a central activity for generating, recording and analyzing data.A teacher educator can address personal concerns about being, becoming, and belonging in an autobiographical narrative by analyzing the context and relationships of their situated experiences. This autobiographical story aims to self-reflect on the historical and diachronic roles that my background, my knowledge, and the working environment have played in my professional life. The lovely community provided me with several formal and informal opportunities to explore the world of learning.It involves the reflection and identity-reconstruction procedures that I have used to examine and build my own professional life. I was frequently reminded of the shifting sands of time and space while I wrote my tale. Since I exercise agency and develop myself as an ELT teacher and teacher educator, my biographical biography can serve as a source of reference for other English-language teaching (ELT) professionals working from both home and abroad.Through my autobiographical narrative, which I have used to reflect on my experiences as a language learner, a language teacher, and a teacher educator, I have been able to pinpoint valuable strengths from my lived experiences that have aided in my understanding of who I am as a language teacher and of my professional background. Academic Journal of DAMC Vol. 2 26 Becoming an English Language Learner I started learning the English alphabet in grade four in a rural under-resourced public school in the western part of Nepal. Writing and memorization of the alphabet were introduced in my English studies before I learned words, phrases, paragraphs, and essays. Children's behaviour patterns are influenced by the culture in which they are raised; the standards and ideals of their current culture mould their viewpoint. The child's perspective and beliefs are shaped by society and culture until they can develop the virtues on their own (2020, Shrestha). In my class, translation method served as the primary form of instruction. Since many years ago, translation has been utilized extensively to spread knowledge in a foreign language and second language classrooms (Gutierrez, 2021). Teachers used to read the lessons aloud and translated the contents into Nepali throughout the class. I passed my SLC exams through memorization and rote learning which has no role in helping pupils develop their critical or creative thinking abilities (Ahmed, 2010). In my village, earning an SLC degree, by then was a source of great pride, and I was one of the students to do so. Despite my illiterate parents and insufficient exposure to the English language at school, I got the chance to pursue higher education at university. After completing SLC in 1985 from one of the public schools of my neighbouring village,I joined I. Ed. majoring English in Butwal Multiple Campus when I was 18 years old. At the university, there was a lovely academic atmosphere with the facilities of students' café, hostel and library. However, I struggled so much to complete my higher education. School and university days have left me with some amazing life stories. Since my teachers were strict, asking them questions was a sign of defiance. I experienced the same classroom culture on the campuses where the English lecturers and professors delivered lectures without involving us in pedagogical and educational activities. This way of instruction and learning continued till I completed my Master's degree in 1994. I rarely got opportunities to share ideas in pairs or groups in crowded classrooms in the presence of lecturers and professors. My village, my family, and the school I attended played crucial roles in forming and transformingmy character, nature, and way of thinking. Becoming an English Language Teacher and Researcher "The best teachers teach from the heart, not from the book." My high school Nepali and English teachers have served me as great role models. The fact that my English teachers at that time were living happier and more prosperous lifestyles and had positive reputations in society made me understand the value of English at my school. My English teacher made me a teacher because he taught me to love learning and to love sharing. I wanted to learn English in higher education so that I might get a more respectable career with greater pay. After earning a Master's degree from TU, my career as a teacher of English began in the early 1990s at a private secondary school in Bhaktapur. As a result, I began to feel as though I had been wearing two hats at once (Canh, 2018). I was a full-time teacher at my school and a full-time Academic Journal of DAMC Vol. 2 27 student at the university campus. I like working at an institution school since it allowed me to pay my tuition fees and practice my English. Later,I started teaching as my career at Jana Jagriti Secondary School and Solukhumbu Multiple Campus, Solukhumbu, on 8 March 1995. As a beginning teacher, I encountered a lot of challenges. During my first years of teaching, I taught my pupils the way my college instructors had taught me in my first few years of teaching since I had no idea how to teach English. I taught English lessons to my students translating word meanings into Nepali and grammar by translating grammatical rules into Nepali. I asked my students to memorize the vocabulary and rules of grammar. I also offered them no freedom; rather, I frequently scolded and punished them for keeping them in my grip. I taught them the way I had been taught by my teachers at the school and university, using the usual techniques. Slowly and gradually, I started interacting and sharing learning experiences with my friends.Shaw mentioned,"If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas. " The professional development training sessions such as conferences, seminars, webinars and workshops assisted me to build up my confidence and enabled me to apply student-centred teaching. Professional development groups support instructors in creating network efforts for the finest sharing techniques they use (Rahman, 2021). I participated in training sessions, workshops, presentations in conferences and webinars, first as an audience member, then as a reporter, and then as a speaker. I continued to read ELT books, articlesand research studies as a habit and pursued my career.My experiences at conferences, webinars, and other professional development venues, as well as reading books and articles about ELT assisted me in the teaching-learning process and to enhance and transform ELT pedagogy. As I began to read, write articles and publish them in journals, these reading and writing habits aided and improved my writing ability to improve my knowledge and abilities in the 21st century to advance professionally. I realized that I should not have taught my students conventionally. Then I realized I was doing an injustice to my students in the early phase of my teaching. My career and learning journey, which has taken many turns, is for the sake of discovery, networking, knowledge exchange, and learning. Language learning histories are retrospective recollections of earlier learning. They have documented accounts of experiences with language learning (Barkhuizen et al., 2014). Together with the multi-level classroom and interdisciplinary curriculum, these varied teaching techniques helped to create a demanding and secure setting in which I could study and feel appreciated. These techniques gave me a sense of pride and made me believe that my teachers had faith in me and my bright future. My instruction was influenced by "the apprenticeship of observation," to use modern terminology (Lortie, 1975). Fortunately, by the time I started teaching Academic Journal of DAMC Vol. 2 28 English, the restricted resources prevented them from using it. Simply said, a lot of the communicative approach was rhetorical.It was quite difficult to balance the demands of my personal life with the demands of a teaching job. A first-year teacher may feel stressed, lack appropriate support, and may feel unprepared to handle behavioural and academic issues among their students (Dias-Lacy & Guirguis, 2017). I lacked the experience and information necessary to act differently. Even though I wasn't sure if my lessons were effective, throughout my first few years of teaching, I went through a steep learning curve. I gained knowledge of lesson planning and how to effectively communicate complicated and complex grammar principles.As a result of the grammar-translation method, I could not understand the texts delivered by teachers clearly at university. I contacted one of my professors for assistance, and he suggested that I visited the university library to borrow recordings and a tape recorder so that I could concurrently practice listening and working on my pronunciation. I took hisadvice and continued working hard after class. I spent the weekend exploring a variety of intriguing locations, making the most of every chance I had to practice speaking with the individuals I ran across.I made good improvements after a month, which excited me and pleased my lecturers. I would complete my homework by reading some basic books regarding English teaching methodology in addition to practising my pronunciation, listening, and speaking. A Course in Language Teaching by Ur (1996), Techniques and Principles in Language Teaching by Freeman (1986) and The Practice of English Language Teaching by Harmer (2008) were the three books that I found to be most helpful in ELT. The latter was more helpful in my opinion because the book offered many teaching strategies as well as guiding concepts for each one. Even though this was a brief, rigorous course, I found that the lecturers' emphasis on giving us practical experience in test item development and validation, interpretation of test results, and the foundations of English language teaching helped me immensely. It was the first time I had the chance to systematically study both the theoretical and practical aspects of ELT. I took full advantage of the library and the debates in class to broaden my professional perspective because I was fully aware that this might be my only chance in life to build my professional skills. I had problems with the obligatory readings of professional literature since I did not know the difference between reading academic materials and reading fiction. Fortunately, the academic writing classes, I enabled me to improve both my reading and writing abilities. The Master's Degree Programme at Butwal Multiple campus was unique in that I have been teaching the first to fourth semester and supervised more than hundred students in their research studies.This offered me plenty of chances to test out various concepts and I learned from the course in my actual classrooms. I carried out action researches on the issues that I encountered during the teaching period whichsupported me as tools for professional development. As an English language instructor with a passion for inspiring my readers to Academic Journal of DAMC Vol. 2 29 reflect on their own personal and professional identities, assisted me to promote my professional practices. I gradually realized the importance of localizing instruction, and this realization has always been a part of my professional development as a teacher, teacher educator, and researcher.My experiences of teaching English in high school and college, as well as my involvement in ELT conferences, workshops, and webinars motivated me to learn more about my students' behaviours and gradually changed me from a typical teacher to a facilitator who puts the needs of the students first. I recalled a statement ofBedford. "You can teach a student a lesson for a day; but if you can teach him/her to learn by creating curiosity, he/she will continue the learning process as long as he/she lives." Thus, as an English language teacher,I am improving students' lives and have made a huge difference in both my personal and professional lives as a teacher andresearcher. From an ELT Teacher to a Teacher Educator Nobody is born a good teacher and nobody becomes a good teacher overnight without significant effort and investment in terms of time and practice. Rather, it requires one meticulous determination and constant patience to acquire knowledge and skills through social support, networking and collaboration.I realized the world's most indispensable job is teaching as it is learning twice.To my mind, the struggle with pain and pleasure in the professional journey makes one a good teacher. After completing my MPhil degree from Kathmandu University, I developed my academic skill to write research articles and attending conferences and webinars since I had never attended significant international professional conferences and had no idea what was expected of a presenter I hesitated to take part in conferences but I could use the information I had received from KU. The conference attendees and the organizers were pleased with my presentation. This first victory lit a spark on my envisioned horizon. After the conference, I made my first effort at publishing, marking the first significant turning point in my academic career. I struggled a lot to construct an identity and arrive in this position. My "painful and gainful lived experiences" (Luitel & Dahal, 2021, p.1) with family, community, and school have greatly influenced how I present myself in both my academic and professional lives.As I grew up in a large family in a rural location and had a natural curiosity for learning about other cultures, I firmly think that experience is the best teacher. Reading the original textbooks, and research articles, attending conferences, seminars, and webinars and writing for presentations have helped me a lot to flourish myself. As a head of the department in the Master's programme for 12 years, I had to spend a lot of my time, knowledge, and energy on giving feedback to my students on research work and administrative tasks. While I was able to spend a little amount of time reading online resources to stay current on advancements in the area, I could notgive my full attention to scholarly work. As long as my enthusiasm for continuing education persisted, I made time for individual study of journal articles, I Academic Journal of DAMC Vol. 2 30 could access and conducted research for my classes with graduate and postgraduate students. Taking part in in-service teacher training programmes, I learned more about their perspectives on teaching and working situations. One crucial truth that I learned as a result of my research was that instructors' instructional practices were mostly determined by their mental life and that formal training was of little assistance. At the age of 52, I then decided to pursue my MPhil degree at Kathmandu University in Nepal. The strong sense of moral obligation to do what I had been required to accomplish in exchange for the moral and financial support from my wife, my children, and my supervisors was, in all honesty, what drove me to continue and finish my MPhil trip. Finally, the day of my viva arrived, and everything went well. In contrast to the majority of studies on the same subject undertaken elsewhere, I discovered during the writing of my thesis on teachers' beliefs that there was no discrepancy between instructors' beliefs and their actual behaviour. By examining the interview and stimulated recall data, I discovered that the majority of high school EFL teachers in Nepal lacked access to discourses from the international community and that their teaching was therefore entirely influenced by their distributed cognition, which had been unquestionably shaped by their employment in a highly centralized educational system where they lacked the authority to exercise their agency. I am conducting research, publishing my findings in national and international journals, reviewing Master's thesesfrom my campusand the other campuses.Besides, delivering lectures at conferences and webinars for professionals throughout the world helped me professionally. Through my writing in academia, my academic identity is constructed.On the one hand, I recognized that being asked to serve as a reviewer for prestigious publications around the world is an acknowledgement of my skills. On the other hand, aside from the submitted manuscripts, I also learned a lot from the reviews left by other reviewers. All of these wonderful possibilities encouraged me to reconsider my professional approach. As a teacher, teacher trainer, and researcher, I am more aware of who I am. These experiences have been enlightening me because they made me more conscious of the difficulty of language learning, teacher learning, conducting research without a supportive academic environment, and so forth. I have come to see that the restricted perspective of second language learning as purely a mental processing activity with a focus on input, interaction, and feedback, therefore considering learners as social beings, is one of the key explanations for the failure of English language education in numerous circumstances. The reductionist view of teaching that results from this understanding of learning reduces instruction to a single method. Many instructorsuse authoritarian methods and continue the legacy. These methods severely limit the learners' potential. It was difficult for me to encourage students to break out of that passivity. I began motivating and involving Academic Journal of DAMC Vol. 2 31 pupils in speaking, reading, and writing exercises. I divided the class into several groups and gave them various activities relating to the language since I firmly think that students should have the option to choose what they want to learn. My professional experience has taught me that creating a socially constructed lesson using the teacher's imagination and creativity is what makes for excellent teaching rather than using a certain approach. Our students are now smarter than we are. I believe teachers will be out-dated if they do not keep up with ICT knowledge and innovative teaching techniques. Being up-to-date and providing appropriate instruction to the students is a challenge for teachers. They will become independent learners if teacher simply provide a stimulating environment and engage them in learning. The teacher's sound knowledge basis, which is continually extended by their practical experience and sensitivity, is the source of their creativity. This stanceis a significant difficulty to the training of English language teachers, if not the biggest one. Conclusions Writing this personal account has allowed me to take a step back, explore my emotions more deeply, and better understand why I was acting and feeling the way I did. It gives me a chance to consider how to promote professional maturity and foster personal interests. Analyzing my own autobiographical story gives me real-world experiences and new life. I am confident that everyone can learn to utilize a foreign language effectively, and minor grammatical or accent errors frequently serve to enhance the appeal. Therefore, it is unethical to attribute failures in foreign language learning to age. Learning a language is primarily motivated by emotions. My attitude toward and passion for teaching English, training teachers, and conducting scholarly work such as writing research articles and conducting mini-research studies have improved throughout my nearly 40-year teaching career. Although I didn't initially enjoy teaching English or learning the language, I now absolutely adore what I do. I have a greater understanding of the idea that, as a teacher, I am constantly a learner, and that the wonderful instructors I have worked with are also my wonderful students. They taught me just as much as specialized literature did. I've learnt from them what works and what doesn't in a variety of English language learning environments both inside and outside the classroom. Thus, my professional career, which started as a basic level school teacher in the early years and is now an English language educatorand researcher at a university, has advanced by the skills I developed while working as a teacher at various schools and university studies and getting support fromELT practitioners and experts globally.Incorporating my theoretical knowledge with these real-world, contextualized lessons has enabled me to develop into the teacher educator I am today. The objectives are to interpret, comprehend, and gain insights into particular circumstances as demonstrated by the researcher and those being researched, frequently through interaction. In other words, social construction also affects Academic Journal of DAMC Vol. 2 32 education research. My biggest professional wish is to be a professor and that all Nepalese ELT professionals will someday be encouraged to work in a supportive academic and research environment to coordinate efforts to create spaces for English language learning and teaching that are motivated by creativity, identity, aesthetics, youth culture, heritage, and other aspects of life for a revised ecology of English language education specific to Nepal. Success tales that are contextually located can't always be applied to different contexts. About the author: Bhim Lal Bhandari, Assistant Professor, Butwal Multiple Campus References Ahmed, A. (2010). Contextual challenges to Egyptian students' writing development. 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Casanave, C., & Schecter, S. (Eds.). (1997). On becoming a language educator. Mahwah, NJ: Lawrence Erlbaum. Coffey, A. (2004). Autobiography. In M. S. LewisBeck, A. Bryman, & T. F. Liao (Eds.), The SAGE encyclopedia of social science research methods,(46-47). Sage Publications. Dias-Lacy, S. L. &Guirguis, R.V. (2017). Challenges for new teachers and ways of coping with them. Journal of Education and Learning, 6(3), 265-272. Ellis, R. (1997). SLA research and language teaching. Oxford University Press. Gutierrez, L. P. (2021). Translation in language teaching, pedagogical translation, and code-Switching: Restructuring the boundaries. The Language Learning Journal, 49(2), 219-239. Larsen-Freeman, D. (1986). Techniques and principles in language teaching. Oxford Academic Journal of DAMC Vol. 2 33 University Press. Lortie, D. (1975). Schoolteacher: A sociological study. University of Chicago Press. Luitel, B. C., & Dahal, N. (2021). Autoethnography: Writing lives and telling stories. Journal of Transformative Praxis, 2(1), 1-7 Neill, R. O. (1971). Kernel lessons. Longman. Pavlenko, A. (2007). Autobiographic narratives as data in applied linguistics. Applied Linguistics, 28(2), 163-188. Rahman, A. (2021). The role of language teacher associations in professional development. In S. Sultana, M. M. Roshid, Md. Z. Haider, M. Md. N. Kabir, & M. H. Khan (Eds.). The Routledge Handbook of English Language Education in Bangladesh (pp. 341-355). Routledge. Richards, J. C. (2012). Competence and performance in language teaching. In A. Burns & J. C. Richards (Eds.), The Cambridge guide to pedagogy and practice in second language teaching (46-59). Cambridge University Press. Shrestha, R. (2020). Becoming a critical English language teacher: An autoethnographic inquiry [Unpublished MPhil dissertation]. Kathmandu University. Watson, T. F., & Quinn, G. H. (1975). Mainline English. Harper Collins Distribution Services. Widdowson, H.G. (1990). Aspects of language teaching. Oxford University Press. Academic Journal of DAMC Vol. 2 34 Input and Interaction in Learning English Language: Exploring Bachelor Level Students’ Perspectives Hiranya Lal Lamsal Abstract The present study aims to explore the role of input and interaction in learning different language aspects and skills in L2. In Second Language Acquisition, input and interaction has become an influential issue to discuss. In the domain of language acquisition/learning, input and interaction have an immense role. Interaction facilitates second language acquisition because conversational and linguistic modifications that occur in discourse provide learners with an essential comprehensible linguistic input. In the process of language learning, it is believed that what makes input to be comprehensible is modified interaction and negotiation of meaning. Employing a phenomenological design of qualitative research, the researcher adopted relevant research questions for semi-structured interview to collect data from 10 Bachelor level students studying at Devedaha Adarsha Multiple Campus, Devdaha-7, Rupandehi, Lumbini province. The participants were selected regarding their understanding and awareness about the significance of input and interaction in learning different language aspects and skills. The collected data from the interview were analyzed into two broad themes: role of Input in learning language aspects and skills, and how interaction brings learning language aspects and skills lively. The study explored the importance of input and interaction in learning different language aspects and skills. The participants accepted that in the process of language learning/acquisition, input and interaction play crucial role. It is argued that second language acquisition won’t occur with input at the right quantity and quality but without being intrinsically considered by the learners and becoming the part of their interlanguage system. Keywords: Interactional moves, Second language acquisition, comprehensible input, hypothesis, interlanguage Introduction Language is the most important aspect in a person's life. Humans have two ways of controlling the language in the process of language acquisition. The way a person develops skills in a first language is known as learning and the way a person develops skills in a second / foreign language is called learning. Krashen (1982) argues that acquisition is the process of developing language proficiency through real communication. Learning refers to ‘clear’ knowledge of rules, understanding them and being able to talk about them. Although learning / acquiring language, Academic Journal of DAMC Vol. 2 35 input, and interaction, it is important in acquiring first and second language. The relationship between inclusion and collaboration has received enough attention from researchers and how they are integrated makes it easier to get out. Both input and interaction play an important role in the process of acquiring a second language. It can be assumed that different management can be input or communication may affect the process of second language acquisition. Regular input without adequate interaction may not be very helpful in finding a second language. Input and interaction in a classroom environment is different from the natural environment. The natural and classroom contexts are very different, especially if the classroom environment includes formal teaching of a second language .Therefore, Corder (1976: 68) writes that students do not always use their languages in the classroom for what we would call 'common' or 'true' communication purposes. Most of the foreign language data in the classroom is generated as a result of systematic exercise and is as closely related to the automatic use of language as it is to the performance of tennis. It shows that in classrooms where language is clearly taught, effective communication is rarely accompanied by any acceptable definition of communication outside the classroom. In the classroom, inputs are a reduced variety and offer a limited opportunity for hypothesis construction and testing. In a language learning process, input means a language targeted at a second language learner either by a native speaker or another language learner. In other words, input means “a term used in psycholinguistics to refer to foreign language data available to speakers while learning a language” (Crystal, 2003: 236). During learning the first language, the child listens to a considerable amount of language spoken by mature speakers. Here the adult speakers may be someone who continues to use the language without paying attention to the child listening to them speaks. This broad, varied and random exposure to language is implanted in the child. The second language input receives as a mandatory entry point that plays a more important role gradually. Without it, second language learners would not be able to master the language. In fact, as second-language learners grow older, they will be more likely to excel in output (Mitchell & Myles, 2014). The role of input is very important. In second language courses, the standard input function is handled differently. In many ways of acquiring a second language as input / interaction, when we put the hypothesis, the processing of information, input is considered to be a major factor in the acquisition. The input provides language-specific information that interacts with any human-generated structure in the language learning environment. A variety of inputs for second language acquisition will result in special output. Ellis (2003) demonstrates two aspects of input that contribute to second language achievement: input frequency and intelligible. Input, accurate and in-depth, will appear to lead to better second language achievement. An important theory of input into the acquisition of a second language developed by Krashen (2004) is known as the input hypothesis. The proposed approach to this concept is that “exposure to comprehensible theory is necessary and sufficient for the learning of Academic Journal of DAMC Vol. 2 36 a second language” (p. 165). It shows that students should be given "a little more than their current level" and "ability". Students also need to consider inputs with understanding and another way of understanding is to simplify (p.173). Comprehensible Input The placement should be understood if it is based on the acquisition / learning process. There are two ways to make the input understandable: the first is to pre-change the input before it is given to the reader i.e. pre-configured inputs, and the next is to negotiate input using the interactive i.e. input-enabled input. Long (1980) recommends four ways in which the input can be constructed understandable: by correcting speech; by providing context for language and additional languages; by directing communication “here and now”; and by assimilating the communicative structure of the dialogue. Indicates that the unintelligible input, the “+1” component of the intangible input “+1”, may be understood in the interaction process. Modified Input Here the modified input refers to the target language for non-native learners / speakers. In fact the modified input is used as a carefully focused input at the student level to facilitate the learner's comprehension. The previous input is sometimes called "scripted" (Gass & Varonis, 1994). (native speaker takes on the role of asking and asking) Ns: “Do you have a pistol in your photo? A pistol is like a weapon .A rifle shoots bullets. "When input is adjusted, students never have misunderstandings. Research conducted within a modified input framework focuses on defining changes made by different speakers — mother, native speaker, i.e. foreign speech or teacher, i.e. teacher's speech when talking to a child or second language student. In this regard, in a second language study, a simple introduction often refers to a second language installation that has been adapted by the native speaker to facilitate a non-native speaker — called a foreign speaker. External Speech External interviews were developed by Ferguson's (1971) account of simplified registers. Some of the input features of the foreign language are discussed as follows: The language adjustment made to a native speaker when referring to a non-native speaker is not a grammatical mismatch but well formed; Indigenous speakers use short, syntactically and slightly complex suggestions; native speakers use limited vocabulary; and proverbs and low frequency lexical items are often avoided. Similarly, other aspects of foreign speech include higher speech, lower speech quality, longer pauses, repetition, and greater use of gestures. In fact, native speakers not only make language adjustments to non-native speakers, but also often simplify content when speaking to a non-native speaker. Interaction The emphasis on language acquisition theory has often been on the division of ‘growth’ and ‘nature’, developed by the social-interactionist group and the Nazivist Academic Journal of DAMC Vol. 2 37 group respectively. Social-interactionist views language as a legitimate cultural activity learned during interaction with others, while nativists see language skills as their innate ability to produce accurate sentences. In one term, dialogue experts believe that environmental factors are at the forefront of language achievement while naturalists see inherent genetics as the most prominent. Social interaction plays an important role in the learning process and has developed a developmental environment, where students build a new language through social media (Brown, 2000, p.287). In the process of language acquisition and learning, interaction means a dialogue between teacher and student, student by student or native speaker and non-native speakers during communication. In addition, interaction refers to the conversation between the student and his or her spokesperson. It is believed that the more communication there is in a language learning process, the better the students' perception of the story .The role of dialogue is crucial in acquiring good communication skills. In this regard, discussion scholars acknowledge that Krashen's intelligible input is an important component of the language acquisition process but their focus is on how the input is made (Ariza & Spada, 1998, p.29). Interaction Hypothesis The interaction hypothesis means that interaction facilitates the acquisition of a second language because the conversational and linguistic transformation that takes place in the language provides learners with the understandable input of language. Communication between indigenous and non-indigenous speakers and between two. Conversation is not just a way to get used to it, but also a way to learn how it happens. In the process of acquiring / learning a language, second-language communication communication forms the basis for language development rather than a platform for becoming accustomed to certain language features. The interaction hypothesis states that the obvious negative feedback, which can be obtained through negotiation and facilitates second language acquisition (Long, 1996) .Without interaction, Negotiation and repetition, plays a significant role in the process of second language acquisition. Here, the consultation refers to a concerted effort made by the student and teacher to overcome the difficulty of negotiation. It is actually a correction of the conversation. On the other hand, retrospective refers to those cases where the speaker replaces the wrong word with the corrected version, while maintaining the integrity of the original meaning (Gass, 2003: 239). Modified Interaction and Interactional Features Modified interactions are those changes that occur in conversations between native speakers and second language learners. Long (1980) asserts that transformed communication refers to a modified structure of conversation. Interoperability adjustments include the whole range of comprehension and comprehension efforts .The three most important processes are testing the comprehension of the speaker's question to see if they understand what was said. ,and the specifics test Academic Journal of DAMC Vol. 2 38 that is a request for additional information or help to understand something that the spokesman has previously said. Similarly, Lyster & Ranta (1997) present four interactive steps that teachers use to motivate students to improve the accuracy of their unintended exit: Request clarification: here the teacher shows the learner using phrases such as' sorry and 'forgive me', that the messages were not understood or that the speech was misinterpreted in some way, and that repetition or translation is required. Repetition: The teacher tests the student's erroneous speech, corrects the tone to highlight the error. Metalinguistic Clues: The teacher sets out ideas, information or questions related to the correct structure of the student's speech, without explicitly giving the correct form. Request: The teacher immediately provides appropriate forms from students by asking questions such as ‘How do we say that in Hindi’ or by pausing to allow students to complete the teacher’s words or by asking students to change the way they speak. In the same way, there are certain aspects of interaction such as; topic-focused questions, re-editing, detailed questions, repetitions, metal references etc. So, communication remains stable enabling learners to assist in language acquisition / learning. Therefore, in a second language acquisition / learning system, input and communication play a very important role. While teaching the English language, inputs bring learning space for students. My teaching experience has found that input and interaction play a major role in language learning / acquisition. It says the more exposure, the better learning the language. Similarly, communication provides a good way to learn in and out of the classroom. When a child hears a lot of the language spoken by the teachers near him, the child gradually begins to suck the language. So, my concern here is to address issues of inclusion and discussion in different aspects and language skills. With this in mind, I would like to explore the role of inclusion and collaboration in learning the different aspects and skills of the English language through the ideas of Bachelor level students. What is the role of Inclusion in learning the features and skills of language? How does communication bring the characteristics and skills of a learning language to life? These were basic research questions. Literature review Both input and interaction are very important for first language and second language learning. As someone with experience in the field of teaching, I have noted that the role of inclusion and collaboration in language learning / acquisition has become a very important issue to be discussed. It can be assumed that different management may be input or communication may have an impact on the second language acquisition process. In fact, inputs without adequate communication may be very helpful in learning a second language. A lot of research has been done Academic Journal of DAMC Vol. 2 39 on what, how, when and why inputs can maintain language availability. Many theories are developed and to some extent implemented and proved to be influential. Numerous studies related to inclusion and collaboration has been conducted. Loschky (1994) reviewed research to investigate the effects of comprehensive input and interaction on word retention and comprehension. The results of his research revealed that the discussion had a positive impact on understanding but no such claim could be made to keep it. Interaction or discussion seems to be a tool for discussion of meaning. Interviewing means responding appropriately to given questions (Grass & Selinker, 2001, p.272). Findings from research suggest that interpersonal communication seems to help students achieve a second language (LoschyinMitchell & Myles, 2004, p. 168.) According to interactionist views, benefit may be accepted as “a product of complex linguistic interactions. and the student's internal approach, which can be considered important ”(Ellis, 2003, p.243). In addition, language learners who participate in discussions can be said to form elements of language development (Long in Gass & Selinker, 2001). Students with knowledge of a particular language will develop thinking programs that can be opened whenever motivation is given. This issue is related to the basic concept of second language acquisition: automation and rearrangement (Gas & Selinker, 2001). Ellis, Tanaka and Yamazaki (1994) conducted research to investigate the role of dialogue in word acquisition and word order. It was pointed out that the collectively translated input produced better understanding levels and resulted in the discovery of additional new words. Corder (1967) defines input as available to the learner which plays a major role in practicing second language dependence. It is arguably argued that second language learning will not be possible even with the right amount of quality and quality but without the teaching of learners. From the above discussion of textual review it can be concluded that ideas and communication play an important role in the process of learning different language features and skills. It shows that it is possible for a non-native speaker to have close native language skills - such as a foreign language setting if they have sufficient input and effective communication in the classroom. This is very much in line with Krashen's theories of exposure to the input, Long's interactions and Swain's subtle effect. In the case of Nepal, a number of research studies on classroom discourse, two-person activity, group work, a specific role etc. have been conducted that are indirectly linked to inclusion and interaction in the classroom. In this regard, the main purpose of the research is to explore the role of integration and interaction in learning different language components and skills from the perspective of Bachelor level students. Therefore, the current study emits new rays compared to existing studies. Methodology This study used a phenomenological research design, “which explains the meaning to a few people in their living experience of a concept or event that Academic Journal of DAMC Vol. 2 40 focuses on participants’ perceptions about a situation or event ”(Creswell, 2007, p.57). Current research is based on quality that seeks to explore ideas and opinions about the importance of inclusion and communication in learning different language features and skills. The study was conducted at the Department of English Education, Devdaha Adarsha Multiple Campus, Rupandehi. Participants in this study were fourth-year Bachelor students studying Major English. 10 participants were selected based on their understanding and awareness of the importance of inclusion and collaboration in learning different language features and skills. To collect the data, this study used a set of open-ended interview guidelines that were purposively assigned to participants. The research questions for the interview were conducted using two categories: 1) what is the role of Input in learning language aspects and skills? Explain in 5 sentences 2) How does co-operation bring livelihoods and language skills to life? Name at least 5 ways. In addition, students are asked questions based on informal interview texts. In conclusion, the study was conducted appropriately as a systematic consultation process was used to gather reliable information from participants' point of view. The study used a two-step process namely data collection and data analysis. In the data collection, participants were asked to express their knowledge and ideas about the importance of incorporating and communicating in learning different language features and skills. The interview was conducted using the Nepali language with a maximum of 15 minutes for each interview. The interview was later translated into English to create themes for their discussions. In order to retain participants 'voice, some quotes are used in the adoption section. Similarly, in order to maintain participants' privacy and data. False names of participants were noted. Collected data is sorted and coded correctly .Then; it was edited, interpreted and analyzed to form descriptive themes. Findings In this section, the information collected in the interviews is presented in two themes: the role of integration into language learning skills and skills, and how communication brings learning language features and living skills. These themes are also discussed in sub-themes which are analyzed as follows: The Role of Input in Language Learning Skills and skills The researcher asked participants about the role of input in language learning skills. It is about the role of inputs in learning the different aspects of language and the different language skills of the English language. There were 10 participants who were the students of Bachelor level. Regarding this question, every participant responded well. They have agreed that input has a pivotal position in the process of language learning. Their views are presented in the further lines. In this regard, S1stated that: …while learning in the class, I noticed that Input has shaped extremely significant role to make each and every learner absorb a quality in learning a Academic Journal of DAMC Vol. 2 41 language .Regarding the case of mine, if the teacher doesn’t teach or expose about particular language functions or lessons, then, I have felt very difficult to comprehend it. So, if there is ample input from the teacher side, certainly learner gets it clearly. This view asserts that input always brings quality in language learning process. In learning language aspects and skills, enough exposure from the teacher makes the learner comprehend the matter undoubtedly. However, acquisition theories focus the importance of comprehensible input, which is language just beyond the competence of the learner, and gives the ideal conditions for acquisition to happen. Believing in the same matter, S3 asserted that: In my opinion, in the classroom, the most important and accessible input for learner is that of the teacher….When the teachers are talking in classes, they are providing opportunities for the students to flourish their comprehension. Teachers can optimize this sort of opportunity by selecting the right levels of complexity of vocabulary …and structure, range of register and style. While going through this perception, it can be inferred that in the process of language learning, the most important and accessible input for learner is that of the teacher. It indicates that input is a vital tool to grasp better learning in the classroom. In this regard, S5 opined that: I think that in the process of learning, I have found …modified input in learning is very interesting. Whenever the teacher started to teach language functions, I realized that modified input is more effective than the text book input in learning the communicative functions…ultimately, input makes the language learning phenomenon energetic and lively. It notices that if the learners are exposed to modified input, they learn communicative functions better as the modified input contains simplification, repetitions, elaborations, more examples and appropriate uses of exponent etc. On the other hand, the text book input contains structures, limited examples and clues to practice only. In the same scenario, S7 viewed that: My idea is that in the process of second language acquisition, L2 learners require huge amounts of input in the form of different language skills especially, listening and reading. Listening input provides the students with different types of knowledge required for language learning such as vocabulary, grammar, phonology and language use. For this learners need to be interested in what they hear and read. This can be done through enriching input and enhancing input. The idea asserts that learners generally read and listen to materials available in their course book. However, it can be claimed with confidence that if the only input to students, they obtain in the context of a limited number of lessons based on the book, they are unlikely to accomplish high levels of L2 proficiency. Overall, it exhibits that role of input is absolutely splendid in learning different language aspects and skills. Academic Journal of DAMC Vol. 2 42 Interaction in Learning Language aspects and skills Regarding this theme, most of the participants reported in an expected manner. They believed that learning/acquisition could be perceived as a product of the complex interaction of the linguistic environment and the learner’s internal mechanism, with neither viewed as primary (Ellis, 2003.p.243).That means through the interaction L2 learners understand their competence in applying the knowledge they have learned. Interaction may occur at the same time of input, the interaction process appears to be the practical tools for learners to contextualize the input they get. In this matter, S2 poured that: I believe that learners need to practice as much as possible if they are to be successful, here, interaction through peer and group work enlightens the opportunities to practice as more learners speak for more of the time. Only interaction about the subject matter makes them mastering over a language. The opinion reveals that interaction has a great role in learning a language. In the process of second language acquisition, students’ interaction is always desirable. It is said that you can’t drive a vehicle unless you touch the handle of the vehicle. Similarly, it is difficult to learn a language without engaging with that language. So, interaction in that language must have an important role to play in developing a learner’s ability in that language.Reagrding the importance of interaction in learning language, S4 replied that: Recently, while learning the subject of English for communication, our teacher taught language functions by making us involving in the conversation using different types of exponents of the language functions. The teacher taught us through students’ participation i.e. interaction .In that class, everybody learnt the very well, and here I noticed that the role of interaction is extremely desirable in the process of language acquisition and learning. The opinion denotes that interactional adjustments make input comprehensible, and comprehensible input promotes acquisition, thus interactional adjustments promote acquisition. Interaction facilitates acquisition because of the conversational and linguistic modifications that appear in such discourse and that provide learners with the input they need. Talking with the interaction, S4 expressed that: I have experienced myself that when the teacher used only lecture method in the class, in that day I rarely comprehended the subject matter. I frequently asked my teacher about the subject matter taught just now. In the process of teacher, if the teacher used different interactional moves, the learner would learn much better. Teachers need to promote learner interaction in order to help the learners succeed. The concept suggests that learners need to engage in co-learning, especially through participatory activities, shown to encourage language development as learners can see the reason for using language to communicate. In the classroom, when the teacher and the student and the student get together, the teacher should give the students a clear negative response that includes a variety of movements such as a validation test, a comprehension test, a clarification request etc. Such steps not Academic Journal of DAMC Vol. 2 43 only allow students to repeat their words correctly. But also get students to produce the right form from what they already know. The result showed that a large number of learners consider interaction in language acquisition as a priority. Communication is therefore an important element of a language learning program. Discussion This study aims to explain how to analyze themes using theme networks (Miles & Huberman, 1994). The study explored the role of inclusion and collaboration in learning different language features and skills. Participants accepted that in the language learning / acquisition process, inputs and communication play an important role. It is argued that second language learning will not be possible even with the right amount of quality and quality but without the inclusion of learners and being part of their language system. While looking at participants' responses, it can be assumed that unemployment is the basis for a theory-based finding because students learn about interpersonal skills, such as playing with adults, who provide 'scaffolding' where they form a concept that may be beyond them. if they did it alone (Ellis, 1997). In this regard, in the classroom, the main role of the teacher is to ensure that students receive comprehensive ideas by providing them with listening and learning resources. When input is negotiated and students produce a result in the dialogue, by selecting ‘take’ parts of the input comprehension and selecting the appropriate language type to express themselves. This process makes it easier for students to incorporate what they have learned and experienced (Krashen, 1985). Similarly, Allwright (1984: 156) argues that co-operation as a basic teaching element in the classroom because everything that happens in the classroom takes place through the process of interpersonal communication. to be sources of input to other interlocutors. Collaboration has attracted a great deal of interest in the acquisition of a second language .Inputs enable learners to learn in the expected way. Comprehension and comprehension skills can be explored by making extensive use of inputs in the classroom. There are many factors to consider in effective teaching in the classroom. In such a situation, collaboration and inclusion play a real role in performing teaching and learning activities that impact the classroom. Without the use of these features, the classroom seems boring and unhealthy. Students feel qualified for such strategies focused on students. It keeps the student active in the classroom discussion activity. Good integration and co-operation bring success to the acquisition of a second language. Learning a novel language means that one has to get a fair amount of inputs in that language. Apart from this, communication promotes language learning in a positive way. Research asserts that the more cohesive you are, the better the process of acquiring a second language for students. Observing the teaching processes is responsible in part to that growing interest in learning the impact of interaction on the acquisition of L2. Both acquisition and learning, inputs and communication play a role in Academic Journal of DAMC Vol. 2 44 diligence. Discovering a new language, the input provides a good platform for its approach to learning a second language. When students get more input times, they benefit the most from it. In addition, interaction builds the student's ability to express themselves. It develops students' criticism of the second language learning program. It focuses on the language used by teachers and students that enhances communication that has a profound impact on L2 learning. Collaboration builds confidence, motivation and confidence that keeps students participating in class activities. From the above findings of research and discussion, it is undoubtedly supported that in the process of acquiring / learning different language features and skills in L2, input and interaction always play a major role. Conclusions The study explored Bachelor level students' perceptions of the role of integration and interaction in learning different language features and skills. Reviewed the importance of incorporating and collaborating in a second language acquisition / learning program. Intuitive input and interaction play a professional role in the acquisition of L2. Current research indicates that it is possible for a non-native speaker to acquire the same traditional knowledge in a second language system if they have sufficient input and influence. While learning different aspects of second language skills, if students have more time to learn and be exposed to a wide variety of spoken and written English, they will certainly be able to better understand fluency. Theoretically, the right size and input method and the right frequency of interaction are likely to result in successful L2 acquisition. It is found that altered inputs are very important in learning different language functions and skills. As we have seen, the discussion and conclusion of the study reveal the different effects of inclusion and discussion and the ways in which they encourage second language learning. Similarly, it is highly recommended for every teacher that it is intently beneficial to apply input hypothesis and interactional approaches while delivering L2 acquisition/learning. Finally yet most importantly, it can be believed that input and interaction are the most important global pedagogy of second language acquisition. Every linguist and curriculum designer should consider while preparing the courses about the effectiveness of input and interaction in L2 acquisition/learning. About the author: Hiranya Lal Lamsal, Lecturer, Devdaha Aadarsha Multiple Campus References Allright, R. (1984).The Importance of Interaction in the Classroom Language Learning.Applied Linguistic 5:156-71. Brown, H.D. (2001).Teaching by Principles: An Interactive Approach to Language Pedagogy,2nd Academic Journal of DAMC Vol. 2 45 Edition, New York:Addison Wesley Longman,Inc. Corder, S.P.(1967).The Significance of learners’Errors.International Review of Applied Linguistics. Ellis. R. (1985).UnderstandingSecond Language Acquisition. Oxford: OUP. Ellis,R., Tanaka, Y., and Yamazaki, A. (1994).Classroom interaction,comprehension , and the acquisition of L2 word meanings.Language Learning,44,449-91. Ellis, R. & He, X.(1999).The Roles of Modified Input and output in the Incidental Acquisition of Word Meanings.Study of Second Language Acquisition,Vol.21,p.285-301. Gass, S., and Varonis,E,(1994). Input, Interaction and second language production. Studies in second language acquisition research, 16,283-302. Gass, S.M.(2003).Input and Interaction. In Doughty,C.J. and M.H. Long(eds),The Handbook of Second language Acquisition.Malden,MA:Blackwell Publishing. Gass, S.M. & Selinker, L. (2001). Second Language Acquisition: An Inductory Course 2nd edition,LawrenceErlbaum Associates,Inc.New Jersey. Izumi, S.(2002).Output ,Input Enhancement and the Noticing Hypothesis.Study of Second Language Acquisition,Vol.24,P.541-577. Krashen, S.(1985).The Input Hypothesis:Issues and Implications.Newyork:Longman. Krashen, S.(1994).The Input Hypothesisand its rivals.In N,Ellis(Ed.)Implicit and explicit laearning of languages.London:Academic press,(p.45-77). Long,M.(1980).Input Interaction and second language acquisition.Unpublished doctoral dissertation,University of California,Los Angeles. Long, M. (1996). The role of the Linguistic Environment in Second Language Acquisition In W. Ritchie & T.Bhatia(Eds).Hand book of second language acquisition(pp.413-468).San Diego,CA: Academic Press. Loschky,L.(1994).Comprehensible input and second language acquisition: what is the relationship? Studies in Second Language Acquisition 16,303-24. Mackey,A. (1999).Input ,Interaction and second language development.Studies in Second Language Acquisition 21,557-81. Miles, M. &Huber,M. (1994).Qualitative Data Analysis:An Expanded Sourcebook.London:Sage. Mitchel,R, &Florence ,M. (2014).Second Language Theories,2nd Edition,New York:Oxford University Press. Vanpatten,B. & Cadierno,T. (1993). Input Processing and Second Language Acquisition:A role for instruction. The Modern Language Journal,Vol.77.No.1,p.45-57. Academic Journal of DAMC Vol. 2 46 Use of Literature in English Language Teaching Bishnu Aryal Abstract: In many English language learning and teaching contexts, the absence of literary texts, such as graded readers, short stories and poems, still seems to be the norm. This article looks briefly at the some more recent historical positions regarding the use of literature in ELT, and then discusses how the inclusion of creative reading material may foster the development of reading and critical thinking skills. This study analyzes the use of literature in English language teaching in general and the pedagogical approaches to be practiced in particular by using qualitative and analytical research design. The study concludes that literature in language teaching contributes to the language development and aesthetic propose. Exploring the literary texts involves students in interaction to draw the information of the text for conceptualization. Similar, the activates under reading between the lines develops different skills in students Such as discussing, analyzing, exploring, and characterizing. This study provides many languages teacher with insights to handle literary text more effectively to sharpen students' language, inferential and intellectual skills. Keywords: Literature, Language input, Poetic language, literary texts, pedagogical approach Introduction In futureyears, the absence of imaginative content in language teaching will be considered to have marked a primitive stage of the discipline (MC Rae, 1991, p. Vii) ELT can be more effective if it is taught through literature, because it uses elements such as authentic materials, language in use and aesthetic representation of the spoken language. It also enriches both language and culture. In Nepal, the students from Nepali medium and English medium have different types of language comprehension levels. A large number of students from Nepali medium face difficulties in understanding English literary genres. The main reason behind this is the grammar translation methods (GTM) which is predominant in language classes, especially in the elementary and intermediate levels of Teaching ESL and EFL classroom. The students remain unaware of communicative language learning (CLL) over here. The aim of this article was to find out the effectiveness of using literature in language classroom in Nepal through research. In Nepalese universities, Academic Journal of DAMC Vol. 2 47 now a days English languageteachers prefer to use a CLT method and different types of learning methods i.e. authentic materials, videos, and audios related to the short stories etc. in the English language classes. Literature Review Language is our significant sources of communication (Nishanthi, 2018). It Playes and important role in enhancing daily life communication, completing business transactions and more importantly, in transfering knowledge and many more (Barzani, 2020). It is an inevitavle element of human life (Ashrafuzzaman&Alam, 2017). Language and liture are closedly related in that language is the medium through which literature is written and communicated. Liteture can help to enrich and expand students' understanding and use of language. Literature is taken as a possible sources of language development (Hall, 2015). Reading literature can be helpful to expand students' vocabulary, gain a greater understanding of grammar and syntax, and learn about different ways of expressing ideas and emotions. Literary materials can effectively transmit the cultures of people (Barzani, 2020), and an effeiliveuse of literary materials may proffer the teacher the opportunity to integrate reading comprehension skills with other essential skills, including writing and speaking (Khatib&Nasrollahi, Enhancing reading comprehension through short stories in Iranian EFLLearners, 2012). Literature has been considered as an influential tool in foreign language teaching and curriculum (BabaeefYahya, 2014). It is the best source of increasingstudents abilities to inter meaning and to make interpretations (Lazar, 1993, Gangola, 2015). Moreover, a language class can be made sparking and inspiring through the execution of a literary text (Violetta-Irene, 2015). All these citations hint at the fact that language and literature are inter related and naturallysupportive to each other. This article looks briefly at some more recent historical positions regarding the use of literature in ELT, and then discusses how the inclusion of creative reading material may foster the development of reading and critical thinking skills. It concludes proposing some criteria for texts selection and come suggestions on how to use these texts in conjunction with other textual forms and media. The Place of Literature in ELT English language teaching has gone through a series of historical phases and so have teachers who try to apply in the classrooms the methodological principles that are promoted by linguists, researchers and textbook writers. Approaches focused on using language in social situations and syllabuses were designed along'functional/notional lines' (Brum fit, 1985 P. 6). There was little space for creativity and literature in such language-teaching context. In the last decades of the twentieth century and beginning of the twenty first, things began to change and literature started to be considered as a potential source of language development (Hall, 2005) perhaps even because teachers on the ground always suspected that Academic Journal of DAMC Vol. 2 48 there was something wrong in neglecting such a rich source of language input (Lima, 2005). What Mc Rae predicted in 1991 is still far from coming into being thirty years later. Exploring Texts Most literary texts bring vocabulary that is not relevant to language learners and some go to lengths to say that we do not really want twenty first century English speakers to go around the streets uttering, 'outdated poetic language'. Even though there is some truth in it, some of what is perceived as 'outdated poetic language' is just language that is not included in ELT textbooks for the sake of grading and simplification, but is actually language that people would normally encounter in authentic texts, literary or not (Brumfit and Carter, 1986 p. 5-15). Similarly, appropriacy objections can easily be overcome with the teacher's careful selection of texts and judicious task designing (Collie and Slater, 1987). The meaning of a text is also createdby its readers. There are very practical implications that spring up from this view of reading. If we understand the act of reading as an act of meaning construction, we should create opportunities in the classroom where learners can engage with texts in a critical, open-minded and creative way in order to realize that interpretation and meaning are not fixed givens. Moreover, we should propose activities, which help learners to realize that the 'meaning' of a text is the result of a multiplicity of voices and influences (Bakhtin, 1981 p. 262-3), including the ones they bring themselves to thereading process. If we adopt such approach, grammar and Vocabulary cease to be only a matter of syntax, semantics and morphology to become a complex network of ideas, symbols and meanings (Pinker, 1994). Learners and teachers would therefore, be both involved in a reading of texts that aim to develop language and reading skills through critical thinking process. There is plenty of English language learner literature, also called graded readers, available from international ELT publishers- from adaptations of Classics to Original stories (http://www.erfoundation.org/ert/). Even if our school library is limited, offering students a shortlist at least gives them a certain degree of choice. Moreover, there is plenty of copyright material available in the Internet. The reading material based on what is available to us and what we considered culturally and linguistically appropriate should be selected. To find a text with the right language level is important. It should neither be too difficult that students cannot infer the meaning of particular lexical items and are forced to look up words too frequently; nor too easy that there is no challenge and no vocabulary gain. Reading text should engage readers'cognitively and affectively (Elliot, 1990). The boring texts easily kill the joy of reading. However, what teachers see as interesting may not necessarily be the same for the students. To assess students' response to texts as well as the language development they achievement by reading Academic Journal of DAMC Vol. 2 49 them, along with some formal tests and comprehension questions, other options like follow up writing, classroom presentations and face to face or online discussions can be included. Students would probably feel much more motivated if they can engage with the teacher in a real and meaningful discussion about the texts they are reading. Besides this, Brumfit's criteria for text selection should be considered (1985: p.109) which relates to suitable linguistic level, cultural and social expectation of different groups of learners' and length of the text. Imagination and creativity should also be our concerns. Literary texts and the tasks based on them should help learners to activate and exercise their imagination. The plenty of imaginative materials along with literary texts, visual arts, dramatic arts and music, web2 tools etc. could be explored. Conclusions Both teachers and students believe that literature can be a perfect medium for teaching and learning the English language. In Nepal, a significant number of students have faced difficulties between L1 and L2. So, the teachers have to be careful to select the suitable literary texts for both the Nepali and English medium students. Entire literary genres appear to be the most informative and suitable material for English language teaching. These materials are perfect for all levels of students. It attempts to help students to gain higher knowledge about the literature and is useful within the sphere of the target language.This article concludes that language and literature are interrelated, but not isolated entitles. It recommends that course designers to incorporate in the language classroom to learn both language and literature in their entirety. About the author: Bishnu Aryal, Lecturer, Devdaha Aadarsha Multiple Campus References Asharfazzaman, M, &Alam, A. (2017). Style of students use of language on facebook, messenger and email at tertiary level in Basngladesh, Prime University Journal, 11(2), 68-84. https:/bdu.ac.bd/publiclication/teacter-pablication. Babaee, R., &Yahya, W.R. (2014). Significance of literature on foreign language teaching. International Educational Students, 7(4). 80-85.https:files.eric.ed.gov/full text/EJ1069281.pdf. Bakhtin, M.M. (1981). The dialogic imagination. University of Texas Press. Barzani, S.H. (2020). The perceptions of EFL Teachers and students' on the use of short stories to enhance reading comprehension. Asian EFL Journal, 27 (3.1), 335-341. Brumfit, C. (1985) Language and literature teaching. From practice to principle. Program Press Academic Journal of DAMC Vol. 2 50 Brumfit. C & Carter. R. (1986). Literature and language teaching. Oxford University Press. Collie. J & Slater. S. (1987). Literature in the language Classroom. Cambridge University Press Darrida. J. (1976). The exorbitant question of method.Inspivak, G.C. of Grammatology. MD, John Hopkins University Press. Elliot, R. (1990). Encoring reader- response to literature in ESL, situations, ELT Journal, 44/3. Hall, G (2005). Literature in language education. Palgrave Macmillan. Hall, G.(2015) Literature in language education. Research and practice in applied linguistics (2nd ed.) PalgraveMacmillan. Khatib, M., &Nasrollahi, A.(2012). Enhancing reading comprehension through short stories in TranianEFL Learners. Theory and Practice in language studies. 2(2). 240-246. doi:10.4304/tpls. 2.2.240-246. Lima C. (2005). Is the rest silence? IATEFL, voices, 186 Lima, C. (2010). Selecting literary texts for language learning, NELTA Journal, volume 15. Maley, A. & A. Duff (2005). Drama techniques. Cambridge University Press. Nishanthi, R (2019). The importance of learning English in today world. International Journal of Trend in Scientific Research and Development. 3(1), 871-874. www.ijtsrd.com McRae. J. (1991). Literature with a small 'L'. Macmillan. Pinker, S. (1994). The language instinct. Panguin Prowse, P. (2002). Top ten principles for teaching extensive reading: A response. Reading in a Foreign Language, 14/2. Regmi, LR (2022), SCHOLARS : Journal of Arts &thurnanities, Volume 4, No.1, February 2022 [PP.1-10] Violetta-Trene,K.(2015). The use of literature in the language classroom. Methods and aims. International Hournal of information and education technology, 5(1), 74-79. http://www.ijiet.org/papers/479-H10011.pdf. Waring, R. (2008). Why extensive reading should bein an indispensable part of all language programs. Extensive Reading Foundation.Restricted from http://erfoundation.org/node/18 Accessed 18 Nov 2008. Academic Journal of DAMC Vol. 2 51 PERCEPTION OF STUDENTS TOWARDS ABROAD STUDY Nabin Kumar Shrestha ABSTRACT Study abroad refers to gaining an education in a foreign country for an extended period of time in a new culture and learn about the people and their traditions more closely, and explore new horizons. Student mobility towards global village is the means of globalization of abroad study. Students have been identified as a key strategy for the globalization of higher education; hence this research investigates the perception of students towards abroad study. Basically, this research was based on descriptive and inferential research design. Primary data was collected by using structured questionnaire. Non-probability sampling technique was used to take 100 students as a sample from different educational consultancies of Rupandehi district in particular. The main objective of this study is to examine the perception of students towards abroad study as per their educational level, family status, gender, types of schooling and residential area. The study showed that there was no significant difference except perception of students according to their age and gender. Furthermore, there are other influencing factors on perception of students towards abroad study in the context of Nepal like political situation, income level, living standard, knowledge etc. Keywords: global village, cross-border, educational consultancy, family status, schooling Introduction "While economic sectors produce knowledge-based goods, the higher education sector plays an important role in facilitating the production and distribution of knowledge. Given the importance of knowledge in development, in order to encourage growth, it has become necessary to expand higher education. This is important so as to enable countries who are lagging behind in terms of technology to catch-up with other well advanced countries in order to maximize their economic output" (World Bank, 1999). Internationalization is transforming higher education, and increase participation in education abroad is an important part of that change (Кauffmann, Martin & Weaver, 1992; Lambert,1989; PiсKert, 1992; Rahaman & Kopp, 1992). Universities in Organisation for Economic Cooperation and Development (OECD) countries such as the USA, the UK, Germany, France and Australia attract a large number of foreign students, and income from foreign Academic Journal of DAMC Vol. 2 52 students constitute a good share of the budgets of many universities in some of these countries. In 2006, there were 2.7 million students studying abroad. Some of the projections (Bohm, Davies & Meares, 2002) indicate that the demand for cross-border higher education will increase to 7.2 million by 2025. This market is expanding, as is the number of exporters and importers of education. The globalization process further reinforced and universalized the market orientation in development strategies. Its effect in higher education could be seen in terms of the privatization of public institutions and the emergence of the private sector as a possible alternative to public universities (Varghese, 2004). (a) In some countries, a higher level of tuition fees is levied from international students than from domestic students. Australia, Canada, New Zealand, the UK and the USA are examples of this pattern. (b) Some countries do not distinguish between foreign and domestic students when fixing the fees. The fee level remains the same for domestic and foreign students in France, Greece, Hungary, Italy and Japan. (c) Some countries such as Denmark, Finland, Norway and Sweden have not yet started levying tuition fees from foreign students. One of the reasons for a decline in the flow of students to the UK and the USA may be that the cost of cross-border education in these countries is very high compared to Australia, Ireland, New Zealand, etc. As a result, one finds that the flow is greater to these countries where the cost of higher education – fee levels and living expenses – is comparatively lower. Consequently, it has become a favourite destination for students from China, India, and other Asian countries which traditionally are not used to sending their students to Australia (Varghese, 2006). Booker (2001) studied students who were study abroad applicants and interested non-applicants and made significant comparisons with relations to each respondents attribute and study abroad preferences, on top of their perceptions to the institutional support of international education. Using factor analysis method respondents were compared to the distinguished consequences of studying abroad, perceived social preferences from imperative references, and obstacles to study abroad in accordance to the decision to or not to apply. (Booker, 2001) The significant factors that directly affect student’s decision of whether or not to apply for study abroad programs are: Factors Financial Issues influence from Learning about family and world and friends oneself Grade point average Carrer opportunities “Studies conducted to date overwhelmingly confirm an extraordinary and expansive student interest in international education and study abroad. A joint Academic Journal of DAMC Vol. 2 53 study conducted on a US national sample of 40,000 high school seniors indicated a very strong or fairly certain desire to study abroad (81%), an interest in seeking a work-related opportunity (72%), and an interest in second language proficiency (70%) (American Council on Education [ACE], Art and Science Group LLC, and the College Board 2008)” (Trilokekar & rasmi, 2011). Although, there exists several obstacles to the decision of studying abroad viewing the present scenario most of students are attracted to it. Objectives This research is conducted with the aim to investigate the growing aesthetic of students going abroad. This research is mainly concerned with the factors affecting students to choose abroad for further study. The primary objective includes: To examine the perception of students towards abroad study according to their type of schooling, age, sex, family status, education level, and residential area. Hypothesis The Hypothesis of this study is significant difference in perception of students according to their type of schooling, age, sex, family status, education level, and residential area. Methodology In this use research, descriptive and inferential research design are used. 100 samples were collected by using convenience sampling technique. Primary data were collected by using structure questionnaire. The research was conducted over Rupandehi district’s educational consultancies only. Findings, Discussions and Results Findings and Results In this study, data were collected by questionnaire and surveyed among 100 respondents to understand the association between perception of students for abroad study towards different demographic factors. Gender of Respondents. Out of 100 respondents surveyed where the frequency of male 62 and females 38 are shown as: Table 1: Frequency of Gender Respondents Gender Frequenc Percent Mean Sd t-stat df Sig. Male 62 62 52.1935 5.07917 -2.582 98 0.011 Female 38 38 55.1053 6.07071 Total 100 The above presented table and figure shows the percentage of male and female Academic Journal of DAMC Vol. 2 54 where 62% is male respondents and 38% female respondents. Numbers of male respondents are higher than female respondents. The table clearly shows the average and standard deviation of categorization of gender which is for male mean is 52.1935 and for female is 55.1053 whereas standard deviation is 5.07917 and 6.07 respectively of male and female. H0: There is no significance difference in perception of students towards abroad study according to their gender. H1: There is significance difference in perception of students towards abroad study according to their gender. From the calculation, the result is p- value less than 0.05 (p< 0.05). Hence, we reject H0 that means there is significant difference in perception of students to study abroad according to gender. Age and Perception of Respondents. The following presented table shows the categorization of age group as less than 20, 20-30 and more than 30. Table 2: Perception According to Age Age Frequency Percent Mean Std. Deviation Less than 20 47 47 52.2128 5.35657 20- 30 47 47 54.8085 4.61396 More than 30 6 6 50.0000 11.04536 Total 100 53.3000 5.62911 The above table shows that the 47% of respondents are same from age group less than 20 and age group between 20 to 30. The rest 6% is from age group of more than 30. Respondents of the age more than 30 are comparatively very less. ANOVA Table Sum of Squares df Mean Square F Sig. Between Groups 227.851 2 113.926 3.799 0.026 Within Groups 2909.149 97 29.991 Total 3137 99 From the above calculation, the result of p-value is less than 0.05 (p< 0.05). Hence, we reject H0 that means there is significant difference in perception of students towards abroad study according to their age. Education Level and Perception of Respondents. Education level is also one of the factors affecting perception of students going abroad for higher study. The following table shows the frequency of level of education sampled for research study where students of high school was17%, student studying intermediate level was 27%, the frequency of Bachelors level student is 40% and master level is 16%. Academic Journal of DAMC Vol. 2 55 Table 3: Education Level and Perception of Respondents Education Level N Percentage High school 17 17 Intermediate 27 27 Bachelors 40 40 Master's 16 16 Total 100 H0: there is no significant difference in perception of students to study abroad according to their education level. H1: there is significant difference in perception of students to study abroad according to their education level. Table 4: Significance of Education Level df Mean Square F Sig. Perception mean * Between Groups (Combined) 3 10.122 0.313 0.816 Education Level Within Groups 96 32.361 Total 99 Here, the calculation by one way ANOVA, p value (0.0816) greater than significant value of 0.05 (p> 0.05). Hence, it can be concluded as there is no significant difference in perception of students to go abroad study according to their education level. Types of Schooling and Perception of Students. Among 100 samples the distribution of the students according to their type of schooling is as follows: Table 5: Frequency Types of Schooling Types of Schooling Private Public Government Total Frequency 68 14 18 100 Percent 68 14 18 From above result majority of the students are from private schools i.e. 68% and remaining from government and public schools their percentage is too low than private schools students H0: There is no significant difference in perception of students to study abroad according to their type schooling. H1: There is significant difference in perception of students to study abroad according to their type of schooling. Academic Journal of DAMC Vol. 2 56 Table 6: Types of Schooling and Perception of Students Df Mean square F Sig. Between Groups 2 90.370 2.965 0.056 Within Groups 97 30.477 Total 99 From the calculated value of types of schooling the value of significance is 0.056 which is greater than 0.05 i.e. p> 0.05 it means we accept null hypothesis (H0), hence it can be concluded as the types of schooling of students does not affect the perception to study abroad. Residential Area and Perception of Students. The given table illustrates the residential area of respondents, 73 students were from urban area i.e. 73% and 27 were from rural area. Table 7: Residential Area and Independent Sample T-test Residential Frequency Percent Mean Std. Area Deviation Urban 73 73 53.7945 5.58261 Rural 27 27 51.9630 5.63970 Total 100 T df 1.453 98 Sig. (2-tailed) 0.150 Numbers of male respondents from urban area are higher than rural areas. The table clearly shows the average and standard deviation of categorization of residential area which is for urban mean is 53.79 and for rural is 51.96 whereas standard deviation is 5.58 and 5.639 respectively of urban and rural H0: There is no significance difference in perception of students towards abroad study according to their residential area H1: There is significance difference in perception of students towards abroad study according to their residential area. From the calculation, the result is p value greater than 0.05 (p>0.05). Hence, we accept H0 that means there is no significant difference in perception of students to study abroad according to residential area. The respondents from different areas city area and village area likewise Sub-metropolitan Municipality & village the study include urban area and rural area in accordance. Table 8: Frequency of Residential Area The given table illustrates the residential area of respondents, 73 students were Academic Journal of DAMC Vol. 2 57 from urban area i.e 73% and 27 were from rural area. Residential Area Urban Rural Total Frequency 73 27 100 Percent 73 27 Gender and Perception of Students. The following table shows that 62 are male and 38 are female respondents. Table 9: Mean and SD of Gender Group Statistics Gender Male Mean Perception Female N 62 38 Mean 52.1935 55.1053 Std. Deviation 5.07917 6.07071 Std. Error Mean 0.64506 0.98480 The table clearly shows the average and standard deviation of categorization of gender which is for male mean is 52.1935 and for female is 55.1053 whereas standard deviation is 5.07917 and 6.07 respectively of male and female. Family Status and Perception to Study Abroad. The following table reveals that majority of the students i.e. 77% are from middle class and only 5% students belong to low income family. Family Status N Perentage High 18 18 Medium 77 77 Low 5 5 Total 100 H0: there is no significant difference in perception of students to study abroad according to their family status. H1: there is significant difference in perception of students to study abroad according to their family status. Table 10: Perception mean and SD of Family Status FamilyStatus High Medium Low Total Mean 54.0556 53.1169 53.4000 53.3000 N 18 77 5 100 Academic Journal of DAMC Vol. 2 Std. Deviation 6.82963 5.24899 7.70065 5.62911 58 Table 11: Significance of Family Status df Mean Square Perception mean * Between Groups (Combined) 2 6.454 Education Level 32.207 Within Groups 97 Total 99 F Sig. 0.200 0.819 The above calculation shows that there is no significant difference in perception of students to go abroad study according to their family status. Because p>0.05. Conclusions A unique contribution of this research study was to understand the perception of students towards abroad study through various factors as gender, education level, family status, types of schooling and residential area. As far, the study supports the importance of Nepalese student to multicultural competence. The study shows there is significant difference in perception of students between gender and perception of students to go abroad for study and also the perception varies according to male and female as well. Similarly, according to the education level to the perception of students is different towards abroad study as it was seen that many intermediate level and higher level student prefer abroad study. Besides, this research study has some limitations such as in the context of Nepal, political situation, income level, living standard and knowledge etc. could be other factor that may affect the perception of student to study abroad. Furthermore, the survey was done only in Rupandehi district limiting in particular area. Recommendations Studying abroad can help to broaden cultural understanding and offer unique academic experiences, which can develop students in an advantageous position when entering today’s workforce. In spite of having several benefits of studying abroad, students have to face lots of challenges as cultural barrier, language barrier, social and psychological effects and so on. For this, first of all students themselves must find a way to solve the problems such as surfing internet for the country they want to go for, taking counseling from different consultancies. As 21century is the age of globalization and an increasing focus towards multiculturalism, educational practices must change along with it. The increased implementation of comprehensive study abroad programs is both reflexive of recent shifts in cultural perception as well as anticipatory of the changes expected to come. Whatever may transpire in the years ahead, the practice of studying abroad is sure to be a part of it. About the author: Nabin Kumar Shrestha, Lecturer and Head of Management Faculty, Devdaha Aadarsha Multiple Campus, Email: [email protected] Academic Journal of DAMC Vol. 2 59 References Bohm, A., Davies, A., Meares, D. & Pearce, D. (2002). Global student mobility. Sydney: IDP Education. Bruyninckx, H. (2020). Europe and global sustainability. European Environment Agency https://www.eea.europa.eu/ro/articles. Bhatt, R., Bell, A., Rubin, D. L., Shiflet, C. & Hodges, L. (2022). Education abroad and college completion. Research in Higher Education. Springer 63, 987-1014 Booker, R. W. (2011). Differences between applicants and non-applicants relevant to the decision to apply to study abroad. ProQuest Information and Learning. Dissertation. University of Missouri Golsatein, S. B. (2022). A systematic review of short-term study abroad research methodology and intercultural competences outcomes. International Journal of Intercultural Relations 87, 26-36 Kruja, A. D.& Tace, S. (2023). Factors driving albanian students study abroad. Journal of Financial and Monetary Economics. https://jfme.icfm.or Kim, G., (2023). Study abroad programs in transition from pandemic to endemic. L2 Journal. eShlorship. https://doi.org/10.5070/L215260153 Nissen, A. T., Bleidorn, W., Ericson, S. & Hopwood, C. J. (2022). Selection and socialization effect of studying abroad. Journal of Personality. https://doi.org/10.1111/jopy.12712 Trilokekar, R. D. & Rasmi, S. (2011). Student perceptions of international education and study abroad: a pilot study at York University, Canada. Intercultural education. Taylor & Francis Online. https://doi.org/10.1080/14675986.2011.644951 Varghese, N. V. (2004). Incentives and Institutional Changes in higher education. Higher Education Management and Policy, 16, 27-39. http://www.sourceoecd.org/16823451 World Bank. (1999). World development report. Washington, DC: World Bank. Academic Journal of DAMC Vol. 2 60 MACROECONOMIC DETERMINANTS OF NEPALESE STOCK MARKET Govind Jnawali and Kishan Singh Thapa ABSTRACT This study examines the influence of macroeconomic variables on the Nepalese stock market by employing an econometric model. Monthly data from mid-July 2001 to mid-July 2020 is analyzed to explore the long-run and short-run relationships. The study considers macroeconomic variables such as broad money (M2), the USD to NPR exchange rate (EXR), the consumer price index as a proxy for inflation (INF), and the T-Bill 91 days as a proxy for the interest rate (INT). The NEPSE index (NEPIN) is used as the dependent variable. The unit root test results reveal that only the interest rate variable is stationary or integrated at levels I (0), while the other variables are stationary at the first difference I(1)). Given this mixed integration, the autoregressive distributive lag (ARDL) model is employed to determine the short-run and long-run relationships between macroeconomic variables and stock market development. The findings from the ARDL bound test confirm the presence of a long-run relationship between macroeconomic variables and stock market development. In the long run, there is a significant negative relationship between money supply and stock market development. However, the other variables do not exhibit sufficient statistical evidence to be considered significant. In the short run, both money supply and the USDNPR exchange rate show a negative and significant relationship with stock market development. On the other hand, inflation and the interest rate display statistically insignificant relationships with stock market development. Additionally, the study finds that the error correction term or co-integrating equation is negative and significant at the 1 percent level of significance. However, the adjustment process towards long-run equilibrium has a low speed of 2.76%. This indicates that deviations from the short-run equilibrium are corrected gradually, with only 2.76% of the disequilibrium being adjusted each month following a shock. As a result, it would take a considerable amount of time to return to longrun equilibrium. In conclusion, this study demonstrates the impact of macroeconomic variables on the Nepalese stock market. Money supply is identified as a significant factor affecting stock market development in the long run. However, the relationships in the short run are more nuanced, with money supply and the USD to NPR exchange rate exerting negative effects while inflation and the interest rate show little statistical significance. The slow adjustment process towards long-run equilibrium highlights the need for careful monitoring and timely policy adjustments to maintain market stability. Keywords: NEPSE index, Broad money, Inflation, Interest rate, ARDL, Error correction term Academic Journal of DAMC Vol. 2 61 Introduction Securities markets is a part of financial market where securities can be bought and sold (traded) on public exchange, on the basis of demand and supply where price is determined by market participants. On the other hand, non-securities market is an alternative investment that is not traded on a public exchange. Securities markets in an economy provides an effective way of raising long-term funds by issuing shares, debentures bonds for corporate houses and government and at the same time provide an investment opportunity for individuals and institutions. Securities market is further subdivided into two market-the primary and secondary market. The primary market represents the market for newly fresh issued securities to the public whereas the secondary market refers to the market for existing securities, traded previously in the primary market. Secondary market can be in categorized in three sub market -Stock exchange, Auction market and over the counter (OTC) market. One of the major debates in finance is regrading market efficiency. An efficient capital market pricesreflects all the available and relevant information, helps to provide liquidity and ease the mechanism of entry-exit of investors. However, it requires large size, higher volume of transaction which can be only facilitated by well-developed capital market. Cherif and Gazdar (2010) argued about the linkage between financial sector development and economic growth. They concluded that well-developed financial industry can help to minimize the transaction cost, monitoring cost and information cost and enhance the efficiency of financial intermediation. Therefore, the development stock market is very essential in an economy. The development of stock market in emerging market, and underdeveloped market has always one of the most crucial subjects in the field of financial development because stock market generally allows corporation to raise and acquire capital requirement efficiently as stock market create market for efficient business transactions to happen and also stock market provide alternative to debt financing (i.e., borrowed fund for fixed interest). Adjasi and Biekpe(2006) discussed the role of stock market as the funds generating in the stock market can be channelized into various projects which later help to stimulate investment activities which can eventually leads towards sustainable investment and economic growth prosperity. Empirical evidences on finance literature demonstrate that countries with better developed financial system would experience faster economic growth. According to this theory, what determines stock market development becomes important because it heavily contributes to financial system of the country. If the theory of linkage is true between financial development and economic growth, it sparks the question does macroeconomic variables influence the stock market development or what are the other variables that influence the stock market because identification of those variable will help to enhance the economic growth of an economy. Goldsmith (1969) Work on “Financial structure and Development” is widely known as pioneer to advocate the positive relationship between economic growth and the financial development. Further McKinnon (1973) and Shaw (1973) followed the Academic Journal of DAMC Vol. 2 62 study of linkage between economic growth and the financial development. The study concluded that financial development has a close relationship with economic growth. However, 1989 report published by World Bank suggested that development specialists primarily focused on banks, and viewed stock markets as unimportant in economic development. They argued and stated that more capital was raised from banks than from equity market. Thus, this traditional view fails to recognize the significances of stock markets. Basically, banks and stock market provide different financial services. Therefore, in contrast to the traditional view Levine (1997) argues that each of these components of financial system is an independent strong predictor of economic growth. In Nepal, Banks dominate financing sector and stock market is still in developing phase and covers small portion of financial system. Furthermore, the determinants of stock market development are very wide and still growing area of study. That’s why it is very important to examine the macroeconomic determinants which can possibly influence stock market development. In finance, the standard model for valuation of stock proposes required rate of return and expected cash flows generating from stocks are determinants of stock prices. Chen et al. (1989) in their paper address the long run equilibrium relationship between macroeconomic variables and prices of stocks. The idea behind their study was arbitrage pricing theory (APT) or multi-factor asset pricing model which was developed by Stephen ross himself in year 1976. The idea behind this theory is an asset’s returns can be predicted by building a linear relationship between numerous macroeconomic variables that captures systematic risk (those risk which are inherent to entire market segment) and the asset’s expected return. Chen et al. (1989) in their study identified macroeconomic factors which had a significant role in explaining the security returns. Those macroeconomic variables were surprise in inflation, shift in yield curve, surprise in confidence of investor due to change in default premium in bonds (corporate), surprise in gross national product indicated by an industrial production index. There are several international literaturesAsprem (1989), Bulmash (1991),Brahmasrene (2007) based on determinants of stock market and stock market development related articles. In Nepalese context, only couple of studies are conducted and most of the studies such as Shrestha (2019), Shrestha and Subedi (2014) have used simple regression approach to determine the relationship between stock market development and macroeconomic variables. Among them, few of the studies such as Khatri (2018), Pokhrel and Shrestha (2019) have used econometric model to address macroeconomic variables. Therefore, this study has used econometric models including lags of variables. So, that proper relationship can be studied between the macroeconomic variables and stock market development. The procedure starts with performing unit root test to check the stationarity of time series, followed by selecting appropriate model according to the stationarity of variable, and implementing the selected model to estimate long run coefficients, Academic Journal of DAMC Vol. 2 63 short run coefficients and error correction term. NEPSE Index NEPSE index is a yardstick of performance of the Nepalese stock market. Market indices provide an indication of the overall performance of the stock market or specific segment of the market. NEPSE index is calculated by multiplying the ratio of current period’s total market capitalization to base period’s total market capitalization by 100. The method used index calculation is called value weighted method. As of August 2020,NEPSE index reached its all-time high of 1881.45 on July 25 2016. Stock market index is generally considered as barometer of economy because growth in stock market index is considered as good sign RELATED LITERATURE Asset Pricing Models Asset Pricingaims to determine the price of claims to payments which are uncertain in nature. It becomes challenging due to the fact that risk and timing of uncertain payments have to be taken into account simultaneously(Drobetz, 2000). Asset pricing models explains why some assets exhibit higher return than other assets. Asset pricing model can be further divided into two regimes: Equilibrium pricing model and Risk neutral pricing models. Equilibrium pricing model for equities includes Capital Asset Pricing Model (CAPM), Consumption based CAPM, Intertemporal CAPM, single index model, multiple factor models (such as Fama-French three factor model and Carhart four factor model and Arbitrage pricing theory). On the other hand, risk Academic Journal of DAMC Vol. 2 64 neutral pricing includes Black-Scholes model, Garman-Kohlhagen model etc. Multi-Factor Model Multi factor model incorporates multiple factors to explains market phenomena and pricing of the assets. It is used to estimate the discount rate for valuation of financial assets. This model can be used to explain either portfolio of securities or individual security. The first multifactor equity risk model was developed by Rosenberg and Guy(1976). They proposed a linear model of beta. 𝑟(𝑖, 𝑡) − 𝑟(0, 𝑡) = 𝑏(𝑖, 𝑡) [𝑚(𝑡) − 𝑟(0, 𝑡) ] ± 𝑔(𝑖, 𝑡) 𝑏(𝑖, 𝑡) = ∑ 𝑋(𝑖, 𝑗, 𝑡) 𝑓(𝑗, 𝑡) ± 𝑒(𝑖, 𝑡) 𝑗 Reformulated as: 𝑟(𝑖, 𝑡) = ∑ 𝑗 𝑋(𝑖, 𝑗, 𝑡) 𝑓(𝑗, 𝑡) ± 𝑒(𝑖, 𝑡) Where: 𝑟(𝑖, 𝑡) : Return to equity asset ''i'' in the period (t, t±1) 𝑟(0, 𝑡) : Risk free return , 𝑚(𝑡) : Market index return 𝑒(𝑖, 𝑡) : Market residual return ,𝑏(𝑖, 𝑡) :Parameter fit by time series regression over history prior to time t 𝑋(𝑖, 𝑗, 𝑡) : Risk exposure values calculated from fundamental and technical data 𝑓(𝑗, 𝑡) : Factor returns determined by cross sectional regression for each time period 𝑔(𝑖, 𝑡) : Regression residuals Since, the development of multi-factor model, further academic modelsare developed with small number of parameters. Such model includes Fama- French three factor model, Carhart four factor model, Fama -French five factor model and arbitrage pricing theory. Arbitrage Pricing Theory In 1976, The first theoretical relationship between macroeconomic variables and stock market prices was address by Ross(1976) in his work “The arbitrage theory of capital pricing”. Arbitrage Pricing Theory (APT) is a multi-factor asset pricing model which suggests economic variable as sources of income volatility as economic variable captures systematic risk. Arbitrage Pricing Theory was developed by Ross(1976) as an alternative to CAPM (Capital Asset Pricing Model) because of several criticism of CAPM.Groenewald & Fraser, (1997) addressed the low explanatory power of Capital Asset Pricing Model. They stated that CAPM overestimates the risk-free rate (Rf) and underestimate the market risk premium (𝐸𝑅𝑚 − 𝑅𝑓). They argued that arbitrage pricing model overcome the weakness of capital asset pricing model because of the fact that APT is a multi-variable model and it is expected to have more explanatory power as it involves more than one factors. APT criticizes capital market theory, and says true market portfolio does not exist because true market portfolio includes every investment in every market, it is practically impossible to construct it Hence, returns are generated by multiple factors. The return generating process of APT is as follows: Academic Journal of DAMC Vol. 2 65 𝑅𝑖𝑡 = 𝛼𝑖 + 𝛽𝑖1𝑋1 + 𝛽𝑖2𝑋2 + ⋯ … … + 𝛽𝑖𝑛𝑋𝑛 + 𝑒𝑖𝑡 Where,X1,X2 and Xn represents systematic risk factor such as GDP growth rate, interest rate, inflation etc. and it is assumed that error terms are independently normal distributed with mean of zero and a constant variance. Equilibrium Model of Arbitrage Pricing Theory 𝐸(𝑅) = 𝑅𝑓 + 𝜆1𝛽1 + 𝜆2𝛽2 + ⋯ … … + 𝜆𝑛𝛽𝑛 Where; 𝛽1: there is a factor portfolio whose beta whose sensitivity with respect to this factor is unity and his sensitivity to another factor is zero( 𝛽1 = 1, 𝛽2= 𝛽𝑛= 0). 𝛽2: there is a factor portfolio whose beta whose sensitivity with respect to this factor is unity and his sensitivity to another factor is zero ( 𝛽2 = 1, 𝛽1= 𝛽𝑛= 0). 𝜆1: represent factor risk premium (𝐹𝑅𝑃1) i.e., excess return on this portfolio over and above risk-free rate (𝑅𝑃1 − 𝑅𝑓). 𝜆2: represent factor risk premium (𝐹𝑅𝑃2) i.e., excess return on this portfolio over and above risk-free rate (𝑅𝑃2 − 𝑅𝑓). Main assumptions of APT are: (a) unsystematic risk is diversifiable. (b) returns are generated by multiple factors (c) market is frictionless and arbitrageur ensures that market is equilibrium. APT states only systematic risk factors are priced which means systematic risk factor are the factors which affect all assets and are non -diversifiable. If investor take exposure to these risk factors (𝛽1 ≠ 0, 𝛽2 ≠ 0 … ), investor will be compensated in the form of extra return at the rate of 𝜆1, 𝜆2, …𝜆𝑛 etc. However, there are certain ambiguity regarding the economic theory of relationship between the stock market development and macroeconomic variables. The biggest criticism of APT is it doesn’t specify the number of systematic risk factors; it is up to judgement of model user. Up to date there is no theoretical model that is accepted as to link economic variables to stock market development. However, there are some empirical evidences which suggests economic variables influence dividend and discount rate of the stock. Chen et al. (1989) concluded that macroeconomic variables have significant effect on asset prices. Later various other empirical studies identified these macroeconomic variables as interest rate, stability (inflation), exchange rate, level of financial development, money supply and other economic activities as determinants of stock market development. EmpiricalReviewof Macroeconomic Variables Money Supply Mayasami and Koh(2000)investigated the relationships between selected macroeconomic variables and Stock indices of Japan, Singapore and United States from period 1988 to 1995. The selected macroeconomic variables included industrial production, trade, change in price level, money supply, long-term and short-term interest rate, and exchange rates. The paper used vector error correction model to test the existence of long run relationship. The results revealed stock market do form Academic Journal of DAMC Vol. 2 66 cointegration relationship with changes in price levels, money supply, short- and long-term interest rates. However, changes in interest rate and exchange contributes significantly than price levels and money supply. Further, the finding of the study concluded that stock markets of Singapore is positively cointegrated with the stock market of Japanese and united states. Maskay and Chapman(2007) investigated the relationship between change in money supply and the level of stock prices. The Study focus on economic debate whether anticipated and unanticipated change in money supply has a relationship with stock market prices. The proponents of Efficient Market Hypothesis argue anticipated change in money supply would not have any impact on stock prices whereas opponent of EMH argue unanticipated change in money supply would affect stock market prices. The findings of study concludes that there is a positive relationship between money supply and stock prices level. Further development in studies included other macroeconomic variables such as oil prices and industrial production and econometric models to examine the linkage and relationship between stock market development and macroeconomic variables. For example, Brahmasrene(2007) examined Thailand’s stock market to find out whether macroeconomic variables affect stock market or not. The selected macroeconomic variables included money supply, exchange rate, oil prices, and industrial production. The study concluded that money supply positively affects stock prices, whereas exchange rate negatively influences stock prices in Thailand. Chinese based study conducted by Liu and Shrestha(2008) applied heteroscedastic cointegration analysis in order to examine the relationship between a set of macroeconomic variables and Chinese stock market indices. The study used monthly data ranged from January 1992 to December 2001. The study concluded a positive relationship between money supply of economy and stock prices and a negative relationship between rates (i.e., Interest rate, exchange rate) and stock prices. Exchange Rate In case of exchange rate, currency appreciation and depreciation are two major phenomena which can influence stock market development. Currency appreciation refer to appreciation or increase in value of local currency in comparison to foreign currency whereas currency depreciation refers to depreciation or reduction in value of local currency in comparison to foreign currency. Both have pros and cons for example, depreciation in exchange rate will increase exports of the country as raw materials will be cheap for foreign countries and appreciation in exchange will help to stabilize price or lower inflation because due to appreciation import prices will be cheaper, the cost of imported goods and will be lower after an appreciation. Empirical evidences have shown both positive and negative association of exchange rate with stock market.Murcia(2014) carried out a study to investigate Academic Journal of DAMC Vol. 2 67 the macroeconomic determinants of Philippine stock market indices. The study used monthly data of macroeconomic variables from year 2006 to year 2012. The study applied multiple regression model to determine linkage between stock market development and macroeconomic variable. The study result concluded that exchange rate significantly determines stock market returns and remittances found to be the insignificant positive relation with stock return, however, exchange rates has also showed the negative relation. For example, Akıncı and Küçükçaylı(2016) studied panel data analysis of 12 countries and results concluded that exchange rate has negative effect on stock market index. In contrast to that Boyacıoğlu and Çürük(2016) in his results showed that changes in real exchange rate have positive and significant influence on stock returns. Qing and Kusairi(2019)examine the effect of money supply, exchange rate, interest spread on stock Market.The study includes monthly data from January 1997 to August 2018. Thestudy uses Autoregressive Distributed Lag model (ARDL) andGeneralized Autoregressive Conditional Heteroskedasticity (GARCH) model.The findings of study stated that money supply, interest spread and real effective exchange rate had long run effect on the performance of stock market. Further finding stated that money supply and real effective exchange rate has positive effect on stock market whereas interest spread showed negative relationship with stock market in short run. The study used GARCH model to estimate the volatility and the findings concluded that volatility is highly persistence between the variables. Interest Rate Rahman(2009) suggests Higher interest rates or discount rates would reduce the present value of cash flows, which would reduce the attractiveness of investment, hence, shrinks the value of stock returns. Another impact could be through portfolio substitution, a rise in the rate of interest increases the opportunity cost of holding cash, which later on leads to a substitution effect between stocks and other interest-bearing securities like bonds.US based study by Bulmash(1991) showed inverse relationship stock prices and Treasury bill rate. The study investigated the relationship between stock prices and economic indicators using time lags. The result concluded positive correlation between stock prices money supply. However, stock prices and the Treasury bill rate showed inverse relationship. Simpson and Evans(2003) tried to explore the linkage between major economic variables of monetary policy and banking stock market performance in Australia. Author used the monthly data for the period of January 1994 to February 2002. The study consists of macroeconomic variable such as exchange rates and interest rates. Furthermore, the result concluded that there was no significant evidence regarding co-integrating relationship between selected macroeconomic variables (i.e., short-term, long-term interest rates, exchange rates) and Australia's bank stock market performance over the study period. Academic Journal of DAMC Vol. 2 68 Inflation Inflation generally refers to continuous rise in price level. Investor generally invest in stock market in order to get hedge against inflation.Bethlehem(1972) examined the relationship between stock market returns and inflation. The findings of study gather evidence regarding positive association of inflation with stock market and further concluded that in JSE stock returns provides hedge against the inflation. In contrast to that Zhao(1999) conducted a study in China, the results of the study documented significant negative relationship between inflation and stock market. Khan(2004)investigated the relationship between inflation and financial sector indicator by using cointegration theory and error correction model to test the presence of long run relationship. The findings of study gather evidence regarding cointegration and bilateral causality between inflation and financial sector indictor. He concluded that inflation strengthens friction in stock market, and decrease the real rate of return on financial assets, which subsequently, decreases trading and market capitalization of the stock market. Nepalese Empirical Review G.C. and Neupane(2006) examined the existence of causality relationship between stock market and economic growth. The Study covered time series data from year 1988 to 2005 using granger causality test. Data used in this study includes real GDP, Nominal GDP, market capitalization and stock market index. The result of the study finds that there was a long -run integration and causality of macroeconomic variables with stock market indicators. Dangol (2008) examined the response of Nepalese stock market to announcements of unanticipated political events using the event analysis methodology. His analysis covered the period from 2001 to 2006. He found that good-news (bad news) political announcements generate positive (negative) abnormal returns in the post-event period. This finding suggests that there is a strong linkage between political uncertainty and common stock returns in Nepal. Dangol(2010) examined the random walk behavior on daily market returns of the Nepal Stock Exchange for the period between July 2000 and January 2010 and found that the Nepalese stock market does not show any characteristics of random walk and thus, is not weak form efficient. Findings of Bhatt(2010) are also similar. This means news affects the movement of the stock market index. Further, Pradhan and K.C.(2010) assessed equity share price behavior in Nepal and tested the hypothesis that share price changes are independent by using weekly data of 26 listed companies from mid-July 2005 to mid-July 2008. They found that random walk hypothesis holds for less frequently traded stocks but do not hold for highly traded stocks at NEPSE. There are a few other studies on the explaining stock market performance, mainly from micro perspectives. For example, Joshi(2012)examined the impact of dividends on stock price in the context of Nepal and found the impact of dividends Academic Journal of DAMC Vol. 2 69 is more pronounced than that of retained earnings on stock prices in Nepal. Rana (2013) found no unidirectional or bidirectional causality between stock market returns and interest rate. Study used eighteen annual observations from 1994/95 to 2011/12 and analyzed applying the Granger (1969) causality test. Pokhrel andShrestha(2019) in their paper “factor affecting stock index in Nepal’’ concluded that ARDL bound test confirms the existence of long run co-integration of stock index with consumer price index, broad money and interest rate. The stock index has positive association with inflation and negative association with broad money and interest rate. More importantly, stock index has been found to respond significantly to changes in political environment and the policies of Nepal Rastra Bank about lending against share collateral and partly to paid-up capital hike. Shrestha(2019) in his study examined the effect of macroeconomic variables on stock market index. The study covers the time series data of period January 2002 to December 2016. The study has used multiple regression model to explain the effect of macroeconomic variables. Macroeconomic variables used in the study includes interest rate, exchange rate, gold price and wholesale price index. The analysis showed wholesale price index and interest rate were statistically significant at 1 percent of significance whereas other variable fails to gather enough statistical evidence. The findings of the study conclude interest rate and wholesale price index has more explanatory power than exchange rate and gold price. Research Methods The law of large number in statistics states that as a sample size grows, its mean gets closer to average of the population. Therefore, if observed sample average is large sample it will be closer to the true population average. Hence, it will get closer resemblance of population. Therefore, in this study sample size is 224 i.e., monthly time series from year 2001 august to 2020 august to capture macroeconomic influence on stock market development. In this study, secondary data is used for the research study which means existing data are used for the study. Data in this study includes monthly time series of broad money, percentage change in consumer price index(inflation), 91 days treasury bills, US dollar to Nepalese rupee exchange rate and monthly time series of Nepalese stock exchange index (NEPSE index). These data were publicly available for the use. This study consists of time series covering monthly data of 20 years from 2001/2002 to 2019/2020. The secondary data for independent variables (broad money, 91-days treasury bills, US dollar to Nepalese rupee exchange rate and inflation) have been taken from quarterly economic bulletin, monetary policy 2019-2020 published by(Nepal Rastra Bank, 2021) and ministry of finance (MOF), government of Nepal. Secondary data for NEPSE index was taken from website of NEPSE. For theoretical and literature review of Nepal stock exchange data were taken from SEBON journal published by security exchange broad of Nepal (SEBON, 2021), and other publicly available journal articles etc. Academic Journal of DAMC Vol. 2 70 Methods of data analysis Model Following theoretical and some empirical literatures review, the relationship between stock market development and macroeconomic variable are generally investigated using multiple regression model. Therefore, this research study follows multi-variable model and Arbitrage Pricing Theory model by Ross(1976). Later, Chen et al. (1989) in their study identified macroeconomic factors which significantly explains the security returns. These macroeconomic factors were surprise in gross national product, surprise in investor confidence due to movement in default premium in bonds (corporate), surprise in inflation and shift in yield curve. Most of previous literature follows Chen et al.(1989) model as macroeconomic determinants of stock market development. The reason behind adoptability of this model can be explained by arbitrage pricing theory (APT) advantages over capital asset pricing model (CAPM). Arbitrage pricing theory includes multi-variable model whereas CAPM overestimates the risk-free rate and underestimates market risk premium. As Arbitrage Pricing Theory model includes multi-variable model hence, it has more explanatory power than capital asset pricing model (CAPM). Based on Chen et al. (1989) model, following function is used to estimate the relation between stock market development and macroeconomic variables: NEPIN =F (M2, EXR, INT, INF) In order to make our equation linear, logarithm of dependent and independent variablesis considered. 𝑙𝑁𝐸𝑃𝐼𝑁𝑡 = 𝛽0+ 𝛽1𝑙𝑀2𝑡+𝛽2𝑙𝐸𝑋𝑅𝑡 + 𝛽3𝐼𝑁𝑇𝑡+𝛽4𝐼𝑁𝐹𝑡 + 𝑢𝑡 Where: 𝑙𝑁𝐸𝑃𝐼𝑁𝑡 representslogarithm of NEPSE index 𝑙𝑀2𝑡 represents logarithm of broad money 𝑙𝐸𝑋𝑅𝑡 representslogarithmof exchange rate 𝐼𝑁𝑇𝑡 represents interest rate, 𝐼𝑁𝐹𝑡 represents inflation, 𝛽0 representsconstant term. 𝛽1, 𝛽2, 𝛽3 Are coefficients of independent variables, 𝑢𝑡 represents error term. Unit Root Test Unit root test are tests for stationarity in a time series. A stationary time series has statistical properties such as mean, variance, autocorrelation is all constant over time. A stationary series is relatively easy to predict in which it is simply predicted that its statistical properties will be same in the future as they have been in the past. Another reason for trying stationary series is the statistical properties. i.e., mean, variance, and correlations with other variables which are useful as future descriptors. The general approach of unit root is as follows: 𝑌𝑡 = 𝐷𝑡 + 𝑍𝑡 + 𝑡 Where: 𝐷𝑡 = deterministic component (trend, seasonal component etc.) 𝑍𝑡 = stochastic component. Academic Journal of DAMC Vol. 2 71 𝑡 = stationary error processes. 𝑍𝑡 = 𝑎 + 𝜙𝑍𝑡− 1 + 𝑒𝑡 The job of the unit test is to determine whether the stochastic component contains (𝜙 = 1) a unit root or is stationary. The null hypothesis is defined as the presence of unit root and alternative hypothesis is stationarity or no unit root. In this research paper we will perform two formal unit root tests: the Augmented dickey fuller (ADF) and the Phillip Peron (PP) unit tests. PP unit root testing is similar to the ADF testing, the primary difference is in how the test each mange serial correlation. Where the PP test ignores any auto correlation, ADF uses parametric auto regression approach to approximate the structure of errors, surprisingly; both tests typically end with the same results, despite their difference. Analysisand Results Unit Root Test The application of ARDL bound testing approach requires that none of the variables should be integrated of order 2. (i.e., variable should be stationary at level or at first differencing or I (1). Therefore, it is very important to confirm the order of integration for each of the variables. For this purposes studies uses Augmented dickey fuller (ADF) and the Phillip Peron (PP) unit tests. ADF test was proposed by Dickey and Fuller (1979) and Phillips Peron test was proposed by Phillips and Peron (1988). This study has estimated both the test that include intercept and both trend and intercept. Table 4.1 Unit Root Test (Intercept) Variables ADF Test Phillip Perron Test Level First difference Level First difference LNEPIN -1.032160 -11.18784* -0.542910 -10.99744* LM2 1.720888 -6.843189* 1.712718 -15.56894* LEXR 0.231795 -13.30991* 0.052341 -13.30462* INF -2.953706* -2.245764 -11.25414* INT -3.753020* -3.75050* Note: “*” indicate s that results a re statistically significant at 5 percent level. Table 4.2 Unit Root Test (Trend and Intercept) Variables LNEPIN LM2 LEXR INF INT ADF Test Level -1.876464 -3.289748 -1.799807 -2.871750 -3.892050* First difference -11.13570* -7.060506* -13.38425* -11.49469* Phillip Perron Test Level First difference -1.758514 -10.93895* -3.2998997 -15.75974* -1.932304 -13.38425* -2.138778 -11.25618* -3.906324* Academic Journal of DAMC Vol. 2 72 Note: “*” indicates that results are statistically significant at 5 percent level. (Source: Author’s Computation, EViews) Hypothesis for Unit Root Testing Null hypothesis: Variables are not stationary or got unit root. Alternative hypothesis: Variables are stationary or NO unit root. The tables 4.1 and 4.2 shows ADF and PP unit root test results by including intercept only and by including both trend and intercept. From the table it can be seen that by including intercept in ADF test, inflation and interest rate are stationary at levels i.e. I (0) or inflation and interest reject null hypothesis whereas NEPSE index, money supply and exchange fail to reject the null hypothesis or are stationary at first difference or at I (1). And by including intercept in PP unit root tests, only interest rate is stationary at levels or I (0) and other variables are stationary at first difference or at I (1). However, the result of including trend and intercept in both ADF and PP unit root test are similar. Only interest rate is stationary at levels or at I (0) and other variables are first difference or at I (1) Table 4.3 Description of Variables Variables Description Unit Stationary at NEPIN/LNEPIN NEPSE index Points I (1) M2/LM2 Broad money Rupees I (1) EXR/LEXR NRs/US Dollar Exchange Rate Rupees I (1) INT Treasury Bill 91 days Percentage I (0) INF Percentage change in consumer Percentage I (1) price index Thus, the unit root test results shows that the variables are either integrated at levels or at first difference, that is, variables are either I (0) or I (1) but none of them are at I (2). Hence, mixed variables suggest ARDL model is applicable to the variables. Model Form the result of unit root testing and stationarity of the variables, researcher can conclude which econometric model to apply for proposed model which has been depict in model section. From the result of unit root testing, it was found that the variables are mixed (i.e., some variables are stationary at levels and other are non-stationary). Therefore, ARDL (autoregressive distributed lag) model is used to determine the macroeconomic effects on stock market development and the presence of co-integration equation between the variables. Autoregressive Distributed Lag Model (ARDL) ARDL model is considered as the best econometric method compared to others in case when the variables are stationary at I (0) or integrated at order I (1) Academic Journal of DAMC Vol. 2 73 or mixture of both. Based on the study objectives, it is better model than others to capture short run and long run effect of macroeconomic variables on Nepalese stock market development. Pesaran, Shin, & Smith, (2001) in their study concluded that auto regression distributed lag model can be applied to time series irrespective of whether the series are stationary at first difference or at levels or a mixture of both. The ARDL approach is appropriate for generating short-run and long run elasticities for a small sample size at dame time and follow the ordinary least square approach for cointegration between the variables. ARDL provides flexibility about the order if integration of the variables. However, it fails in the presence of second order integration or I (2) in any variable. A general autoregressive distributed lag model can be expressed as; 𝑃 𝑞 𝑌𝑡 = 𝛾0𝑖 + ∑ 𝛿𝑖 𝑌𝑡− 𝑖 + ∑ 𝛽𝑖 𝑋𝑡− 𝑖 + 𝑢𝑡 𝑖= 1 𝑖= 0 Where, 𝑌𝑡 is vector and the variables in 𝑋𝑡 are allowed to be purely I (0) 0r I (1) or cointegrated;𝛿𝑖 and 𝛽𝑖 are coefficients; 𝛾0𝑖 is the constant; i=1,…., k; p, q are optimal lag orders; 𝑢𝑡 is the white noise. ARDL model contains the lagged value of dependent variables, the current and lagged values of repressors as explanatory variables. ARDL model can be specified if the variables are integrated of different orders. i.e., model having a combination of variables with I (0) and I (1) order of integration, but none of the variables should be I (2) and if all variables are integrated of order one. The ARDL model for the study can be specified as; 𝑃 𝑞 𝑞 𝑙𝑁𝐸𝑃𝐼𝑁𝑡 = 𝛾0𝑖 + ∑ 𝛿𝑤 𝑙𝑁𝐸𝑃𝐼𝑁𝑡− 𝑤 + ∑ 𝛽𝑖 𝑙𝑀2𝑡− 𝑖 + ∑ 𝛽𝑗 𝑙𝐸𝑋𝑅𝑡− 𝑗 𝑞𝑞 𝑤 = 1 𝑖= 1 𝑗= 1 + ∑ 𝛽𝑚 𝐼𝑁𝐹𝑡− 𝑚 + ∑ 𝛽𝑟 𝐼𝑁𝑇𝑡− 𝑟 + 𝑢𝑖𝑡 𝑚= 1 𝑟= 1 Academic Journal of DAMC Vol. 2 74 ARDL Bound Testing Approach ARDL bound testing approach is a co-integration method to test presence of long run relationship between the variables. To perform the bound test for co-integration, the conditional ARDL (𝑝, 𝑞1, 𝑞2, 𝑞3, 𝑞4) model with 5 variables as Academic Journal of DAMC Vol. 2 75 Chow Break Test Chow test explains about whether regression coefficients are different for split data sets. In other words, it tests whether one regression line or two separate regression lines best fit a split set of data. In this study, it is used to test the presence of a structural break at a period (priori). Structural break generally refers to an unexpected change in parameter of regression models over time. It is very important to adjust such breaks because it can lead to huge forecasting errors and can make model less reliable or question’s models reliability. The hypothesis of chow breakpoint test is; null hypothesis is no breaks at specified breakpoints whereas alternative hypothesis is breaks at specified breakpoints. Table 4.4 Chow Break Test Chow Breakpoint Test: 2007M01 Null Hypothesis: No breaks at specified breakpoints Varying regressors: All equation variables Equation Sample: 2001M08 2020M07 F-statistic Log likelihood ratio Wald Statistic 14.80116 66.63954 74.00582 Prob. F (5,218) Prob. Chi-Square (5) Prob. Chi-Square (5) 0.0000 0.0000 0.0000 (Source: Author’s Computation, EViews) The probability F-statistics is statistically significant. So, we reject the null hypothesis which means there is a structural break in 2007 Month 1. In order to adjust the structural break, dummy variable is introduced. Dummy variable is generally used to indicate the presence or absence of categorical effect. It only takes the value of zero (0) or one (1). DUM=1 signify the presence of the structural break whereas DUM=0 signify absence of structural break. For the adjustments a new series dummy variable (DUM) is introduced and is assigned DUM=0 to all the dates prior to date of structural break (i.e., 2007, January) from 2001 august to 2006 December and DUM=1 to thereafter till end of 2020 July. Optimal Lag Selection In order to examine the long run relationship between variables in general ARDL model using the ARDL bounds testing procedure. One of the primary steps is to obtain appropriate lag order on the mixed variables. There are various criteria to obtain optimal lag. However, in this study akaike information criterion (AIC) is used. Lag generally refers to fixed amount of passing time or delay in time series. In time series, Lag are generally used to capture the effect of phenomena after the implementation of certain change in factors which can possibly affect the variables Academic Journal of DAMC Vol. 2 76 (for example, generally the introduction of new economic policy comes into effect or shows result after few periods of time, in such cases lag helps to capture the effect of such change policy which can’t be capture at the period of implementation). The main purpose of choosing optimal lag is to reduce residual correlation. Table 4.5 VAR Lag Order Selection Criteria VAR Lag Order Selection Criteria Endogenous variables: LNEPIN LM2 LEXR INT INF Exogenous variables: C Sample: 2001M01 2020M07 Included observations: 216 Lag LogL LR FPE AIC 10.15855 -7.808887 0 1 -1092.123 873.3598 NA 3821.772 0.017759 2.79e-10 2 3 4 5 6 7 8 913.3973 946.6505 974.0940 990.8294 1003.785 1027.383 1044.234 75.99724 61.57993 49.55084 29.44190 22.19196 39.33035* 27.30450 2.43e-10 2.26e-10 2.21e-10* 2.39e-10 2.68e-10 2.73e-10 2.97e-10 SC HQ 10.23668 10.19011 -7.340098* -7.619495* -7.948123 -7.088677 -7.600905 -8.024542 -6.774438 -7.519497 -8.047167* -6.406407 -7.384296 -7.970643 -5.939225 -7.149945 -7.859118 -5.437043 -6.880594 -7.846138 -5.033406 -6.709788 -7.770683 -4.567293 -6.476506 (Source: Author’s Computation, EViews) Note: “*” sign indicates the optimal lag length according to the given criteria In above result, AIC (akaike information criterion) indicates lag 4 as an optimal lag length for the model. Optimal Lag for Variables Optimal lag for respective variables selected by akaike information criterion (AIC). The optimal lag for these variables is further used as variables optimal lag in the Autoregressive Distributive Lag model. Table 4.6 Optimal Lag for Variable Variables Lag LNEPIN 4 LM2 3 LEXR 3 INF 3 Model Based onOptimal Lag for Variables Academic Journal of DAMC Vol. 2 INT 1 DUM 0 77 Table 4.7 Model Based on Optimal Lag for Variables Dependent Variable: LNEPIN Method: ARDL Sample (adjusted): 2001M12 2020M07 Included observations: 224 after adjustments Maximum dependent lags: 4 (Automatic selection) Model selection method: Akaike info criterion (AIC) Dynamic regressors (4 lags, automatic): LM2 LEXR INT INF DUM Fixed regressors: C @TREND Number of models evaluated: 12500 Selected Model: ARDL (4, 3, 3, 1, 3, 0) R-squared Adjusted R-squared S.E. of regression Sum squared resid Log likelihood F-statistic Prob(F-statistic) 0.993364 0.992711 0.003960 0.003183 932.2597 1519.483 0.000000 Mean dependent var S.D. dependent var Akaike info criterion Schwarz criterion Hannan-Quinn criter. Durbin-Watson stat 0.439690 0.046378 -8.136247 -7.816406 -8.007144 2.077330 (Source: Author’s Computation, EViews) *Note: p-values and any subsequent tests do not account for model selection. The table 4.7shows the optimal ARDL model by optimal lag selection of variables,the adjusted R-squared is very high.i.e.,99 percent and model is statistically significant. ARDL Bound Test for Co-integration A set of variables are said to be co-integrated, if a linear combination of those variables has lower order of integration. Similarly, in this Co-integration bound test set of variables are tested to find-out whether set of variables has lower order of integration or not. Null hypothesis: No levels relationship and alternative hypothesis: levels relationship. If the Fstatistic value below, is I (0) bound we can’t reject the null hypothesis, we accept the null hypothesis i.e., there is no long run relationship and if the F-statistics value is higher than I (1) bound we can reject the null hypothesis and accept the alternative hypothesis i.e., there is a long run relationship between the variables. Academic Journal of DAMC Vol. 2 78 Table 4.8 ARDL Bound Test F-Bounds Test Null Hypothesis: No levels relationship Test Statistic Value F-statistic K 7.001080 5 Actual Sample Size 224 Signif. I(0) Asymptotic: n=1000 10% 2.75 5% 3.12 2.5% 3.49 1% 3.93 I(1) 3.79 4.25 4.67 5.23 Finite Sample: n=80 10% 2.867 3.975 5% 3.335 4.535 1% 4.375 5.703 In the table 4.8 Fstatistic is at 7.001080, which is greater than the I (0) or lower bound (3.12) and I (1) or upper bound (4.25) critical values at 5 percent level of significance which suggest that there is adequate statistical evidence to reject the null hypothesis: no levels of relationship and accept alternative hypothesis i.e., there is a long run relationship between stock market and macroeconomic variables. Longrun in econometrics implies that variables have converged upon some long-term values and are no longer changing. The result is similar to Pokhrel and Shrestha (2019) findings, in which they confirm the existence of long run cointegration of stock market development with inflation, interest rates and money supply. Long Run Coefficient Table 4.9 Long Run Coefficients Levels Equation Case 5: Unrestricted Constant and Unrestricted Trend Variable LM2 LEXR INT INF DUM Coefficient Std. Error t-Statistic Prob. -47.48275 2.804097 -0.032139 0.004734 0.041724 23.50516 2.674022 0.017497 0.005549 0.059685 -2.020099 1.048644 -1.836792 0.853195 0.699070 0.0447 0.2956 0.0677 0.3946 0.4853 EC = LNEPIN - (-47.4827*LM2 + 2.8041*LEXR -0.0321*INT + 0.0047*IN F + 0.0417*DUM) (Source: Author’s Computation, EViews) Academic Journal of DAMC Vol. 2 79 In the table 4.9, the results showthat money supply (broad money) and interest rate have negative relationship with stock market index. Further, it shows coefficient of money supply is negative 47.48 and coefficient of interest rate is -0.03 but only money supply statistically significant at 5 percent. Exchange rate has a coefficient of 2.80 and inflation has a coefficient of 0.004 and have positive relationship with stock market index but both variables are not statistically significant at 5 percent level. In long run, the dummy variable representing structural break in the model is positive however, it is not statistically significant. The result is similar to Pokhrel and Shrestha (2019) findings they concluded that money supply and interest rate has negative association with stock market development. However, the result is inconsistent with the findings of Maskay and Chapman (2007), Liu and Shrestha (2008)’s study. One of the reasons behind this can be conclusion drawn by Fama (1981) study. In which he argued increase in money supply can lead to inflation, which increases the discount rates and lower the stock market returns. Short Run Coefficient The Short run coefficient explains the short run relationship between the dependent variables and independent variables. Short run coefficient is denoted by delta symbol (∆) or D (for example: below in table). If the lambda is negative and significant it means that model will adjust towards long run equilibrium. 𝑃 ∆𝑙𝑁𝐸𝑃𝐼𝑁𝑡 = 𝑎 0 + ∑ 𝑖= 1 𝑞 + ∑ 𝑎 4𝑖∆ 𝐼𝑁𝐹𝑡− 𝑖 + ∑ 𝑚= 1 𝑟= 1 Table 4.10 Short Run Coefficient 𝑞 𝑞 𝑎 1𝑖 ∆𝑙𝑁𝐸𝑃𝐼𝑁𝑡− 𝑖 + ∑ 𝑎 2𝑖∆ 𝑙𝑀2𝑡− 𝑖 + ∑ 𝑎 3𝑖 ∆𝑙𝐸𝑋𝑅𝑡− 𝑖 𝑖= 1 𝑞 𝑖= 1 𝑎 5𝑖 ∆𝐼𝑁𝑇𝑡− 𝑖 + 𝜆𝐸𝐶𝑇𝑡− 1 + 𝑢𝑖𝑡 ARDL Error Correction Regression Dependent Variable: D(LNEPIN) Selected Model: ARDL (4, 3, 3, 1, 3, 0) Sample: 2001M01 2020M07 ECM Regression Case 5: Unrestricted Constant and Unrestricted Trend Variable C @TREND D(LNEPIN(-1)) Coefficient 1.369133 0.000285 0.143045 Std. Error 0.208733 4.31E-05 0.062994 t-Statistic 6.559260 6.612224 2.270760 Academic Journal of DAMC Vol. 2 Prob. 0.0000 0.0000 0.0242 80 D(LNEPIN(-2)) D(LNEPIN(-3)) D(LM2) D(LM2(-1)) D(LM2(-2)) D(LEXR) D(LEXR(-1)) D(LEXR(-2)) D(INT) D(INF) D(INF(-1)) D(INF(-2)) CointEq(-1)* -0.057028 -0.201633 1.097461 1.701829 -2.622054 -0.129816 -0.022998 -0.483266 -0.000259 0.000571 0.000293 0.000650 -0.027645 0.063381 0.061165 1.107023 1.129156 1.103456 0.149943 0.149915 0.146301 0.000268 0.000345 0.000359 0.000351 0.004214 -0.899755 -3.296525 0.991363 1.507169 -2.376220 -0.865769 -0.153404 -3.303230 -0.966409 1.655319 0.816064 1.849879 -6.560573 0.3693 0.0012 0.3227 0.1333 0.0184 0.3876 0.8782 0.0011 0.3350 0.0994 0.4154 0.0658 0.0000 R-squared 0.298671 Mean dependent var 0.000456 Adjusted R-squared 0.248095 S.D. dependent var 0.004511 S.E. of regression 0.003912 Akaike info criterion -8.180890 Sum squared resid 0.003183 Schwarz criterion -7.937201 Log likelihood 932.2597 Hannan-Quinn criter. -8.082526 F-statistic 5.905323 Durbin-Watson stat 2.077330 Prob(F-statistic) 0.000000 In the table 4.10, short run coefficients results shows that money supply and exchange rate have negative relationship with stock market index in short run. The coefficient of money supply is -2.62 and coefficient of exchange rate -0.48 at second lag and both are statistically significant at 5 percent level of significance. Further results reveal that interest rate also has negative coefficient however, it is not statistically significant. On the other hand, Inflation has positive coefficient which shows inflation has positive relationship with stock market index, statistically significant at 10 percent level but not at 5 percent level of significance. ARDL Short run coefficients results showed that that money supply, interest rate and exchange rate have negative relationship with stock market index in short run and inflation has positive relation with stock market index. However, money supply and exchange rate are only statistically significant at 5 percent level of significance. The negative association of exchange rate with stock market development in short run results are similar to Akıncı and Küçükçaylı (2016), Murcia (2014), and Brahmasrene (2007) but the result is contrast to the findings of Quig and Kusairi (2019), and Boyacıoğluand Çürük(2016)’s study. It can be explained with portfolio balanced approach, in which increased cost due to depreciation in exchange rate makes stock prices less attractive. The negative association of interest rate with stock market development can be explained with the help of conclusion drawn by Rahman (2009) which suggests Higher interest rates or discount rates would reduce the present value of cash flows, which would reduce the attractiveness of investment, Academic Journal of DAMC Vol. 2 81 hence, shrinks the value of stock returns. Second, a rise in the rate of interest increases the opportunity cost of holding cash, which later on leads to a substitution effect between stocks and other interest-bearing securities like bonds, and debentures. The positive association of Inflation with stock market can be explained with the help of conclusion drawn by Asprem (1989) which suggests inflation should be positively related if stock provides a hedge against the inflation. The coefficient of error correction model (ECM (-1)) or co-integrating equation is negative and statistically significant at 1 percent level. The co-integrating equation is also known as error correction term (𝐸𝐶𝑇𝑡− 1= (𝑙𝑁𝐸𝑃𝐼𝑁𝑡− 𝑖 - θ𝑋𝑡)) it generally shows the speed of adjustment toward long run equilibrium, if there is any disequilibrium exists in short run. The error correction term is 2.76 percent. Which means deviations in short run towards long run equilibrium are corrected or adjusted by 2.76 percent or 2.76 percent of disequilibrium exerted by short run shock is corrected each month following the shock. Long run adjustment refers to whether model is capable to adjustment towards long run equilibrium after facing shock or not.The low adjustment rate can be explained by un-matured Nepalese stock market and poor financial reach of financial institutions in the economy. However, in past decade some major development has been done in Nepalese capital market. Some of major development are NEPSE included provision of real time surveillance system (live trading activity) 2008, the over-the counter (OTC) market (2008), establishment of CDS and clearing ltd as central depository system of securities (2008), Credit Rating Company ICRA Nepal (2011), Compulsory dematerialization of securities, dematerialized account which aided in full automation of secondary market on 15 January 2016, Compulsory of Centralized application supported by blocked amount (C-ASBA) on 16 July 2017 and Online trading of securities has begun on 6 November 2018. These development in stock exchange will ease the participation of investors in the market. On the other hand, banking, insurance and other sector are also developing at rapid pace which shows signs strong and mature financial system in the future. For future prospect, all the signs are green for mature stock market and financial system The low R-square of 29.86 percent shows that only 29.86 percent is explained by independent variables (i.e., money supply, exchange rate, interest rate and interest rate) and 70.14 percent are remained unexplained which indicates some other major macroeconomic variables also have influence on stock market development yet we fail to include it in our model. Adjusted r- Square refers to modified version of r-square that has been adjusted for the number of predictors in the model. In simple words, the explanation of adjusted r-square can be drawn as follows: if researcher includes new independent variable into the model, and runs the model if the results increase the value of adjusted r-square, it signifies that with the addition new independent variable, models predicting power has significantly increased. In this study, adjusted r-square is 0.248 or 24.8%. adjusted r-square helps to identify value or significant variables and assess the predicting power of model. Academic Journal of DAMC Vol. 2 82 Diagnostic Test Diagnostics test are generally used to check the adequacy of model specifications or to evaluate the model assumptions and to examine whether the observations have large, and undue influence on the analysis. Diagnostic test involves checking the fulfillment of classical assumptions. It includes serial correlation and heteroscedasticity. Serial Correlation Test Serial correlation (autocorrelation) refers to correlation between error terms. This transfer of error terms from one period to another is a violation of classical assumptions of ordinary least squares. Null hypothesis: there is no serial correction; Alternative hypothesis: there is serial correction. Table 4.11 Serial Correlation Test Breusch-Godfrey Serial Correlation LM Test: F-statistic Obs*R-squared 1.466088 6.412122 Prob. F (4,199) Prob. Chi-Square (4) 0.2139 0.1704 (Source: Author’s Computation, EViews) Probability chi-square is greater than 0.05 or 5 percent, which means researcher cannot reject null hypothesis. Therefore, researcher has to accept the null hypothesis which concludes there is no serial correction. Heteroskedasticity Test One of the important assumptions of linear regression model is that that variance of each disturbance term (u) should be constant this assumption is known as homoscedasticity. Homo means equal and scedastic means spread hence it means equal variance, if this assumption is not satisfied, we say error are heteroscedasticity.Null hypothesis: there is No Heteroskedasticity; Alternative hypothesis: Presence of Heteroskedasticity. Table 4.12 Heteroskedasticity Test Heteroskedasticity Test: Breusch-Pagan-Godfrey F-statistic Obs*R-squared 0.824630 16.83128 Prob. F(20,203) Prob. Chi-Square(20) 0.6820 0.6639 (Source: Author’s Computation, EViews) Probability chi-square is greater than 0.05 or 5 percent, which means researcher cannot reject null hypothesis. Therefore, researcher have to accept the null Academic Journal of DAMC Vol. 2 83 hypothesis which concludes there is no problem of Heteroskedasticity. There is a homogeneity in variance of error term. Stability Test CUSUM Test and CUSUMSQ Test The results shows that CUSUM and CUSUM of squares are within the critical bound at 5 percent level of significance. Which confirms the stability of long run coefficients of the regressors. 5. Conclusion This section concludes and put final thoughts on the study “Macroeconomic determinants of stock market development”.The findings of analysis and result Academic Journal of DAMC Vol. 2 84 section answersthe first set research question and states long run and short run influence of macroeconomic variables on stock market development. From the result of ARDL bound test confirms the existence of co-integrating equation that means there is long run relationship between macroeconomic variables and stock market development.The findings of resultanalysis of long run coefficient and short run coefficient answers the second set research question of the study. Long run coefficient results showed that out of four macroeconomic variables only money supply has negative significant relationship with stock market development. From this it can be concluded that policy makers should control money supply because it has long term negative relationship with stock market, one of the reasons behind it is increase in money supply increases inflation, and inflation increase the discount rates and makes stock prices less attractive.The result analysis from short run coefficient analysis showed that out of four macroeconomic variables, only two variables i.e., money supply and US dollar to NPR exchange rate have negative significant relationship with stock market development. The result of money supply is similar to result of long run whereas the result of exchange rate is negatively statistically significant at 5 percent which concludes that depreciation in exchange rate in short run negatively affects the stock market development.From this it can be concluded that policymaker should adopt measures which appreciates home currency by increasing exports or should create more demand of Nepalese currency in Forex market. About the author: Govind Jnawali, Lecturer, Butwal Multiple Campus and Kishan Singh Thapa, MBA Scholar of Lumbini Banijya Campus References Adjasi, C., & Biekpe, N. (2006). Interest rate and stock market returns in africa. African Finance Journal,8(2), 12-27. Akıncı, G., & Küçükçaylı, F. (2016). A panel data analysis on stock market and exchnage rate mechanisms. Muhasebe ve Finans Derg,2016(71), 49-127. Alam, M., & Uddin, M. S. (2009). 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To;}sf cfwf/df rLlgofF efiffdf cg'jfb ePsf] kfOG5 . ToxL cg'lbt efunfO{ cS;kmf]8{ ljZjljBfnosf ;+:s[t ljefusf k|fWofks 8f= hG;gn] cu|]hL efiffdf lnlka4 u/] . c+u]|hLdf cg'lbt låtLo efusf] lxGbL cg'jfb ;"o{gf/fo0f rf}w/L¢f/f ul/of] eg] ;+:s[t efiffsf ljåfg /fdrGb|bf;4f/f k'gM låtLo efunfO{ ;+:s[t kBdf cg'jfb u/]sf] b]lvG5 . ax'k|ltefjfg\ slj cZj3f]ifsf ;dfg rfdTsfl/s zAb;+of]hg / kbnflnTo cfˆgf /rgfdf geP tfklg oyf;Dej k|oTg u/]sf] cg'jfbsn] pNn]v u/]sf 5g\ . a'4rl/t dxfsfJosf] k|yd efudf tyfut eujfg l;4fy{ uf}td a'4sf] hGdb]lv a'4Tj k|flKt;Ddsf 36gfnfO{ ;'nlnt kbfjnLsf ;fy} ?ks / pkdf cnÍf/sf dfWodaf6 k|:t't ul/Psf] 5 . ;fdu|L ;ª\sng / cWoog ljlw k|:t't cfn]vdf cfjZos ;fdu|L k|fylds / låtLos ;|f]taf6 ;ª\sng ul/Psf] 5 . k|fylds ;|f]tsf ?kdf sljj/ cZj3f]ifsf] a'4rl/t dxfsfJosf] t]x|f}F ;u{df ;dflji6 &# j6f Znf]snfO{ lnOPsf] 5 eg] låtLos ;|f]tsf ?kdf d'lb|t k':ts, ljleGg cg';GwfgfTds n]v, k|ltj]bg, hg{nx? / ;dfnf]rfgfTds s[ltx? lnOPsf] 5 . ;a} k|s[ltsf ;fdu|L k':tsfnoLo sfo{af6 ;ª\sng ul/Psf] 5 . df/ljho j0f{g÷ljZn]if0f df/ljho zLif{s cZj3f]ifs[t a'4rl/t dxfsfJosf] t]x|f}F ;u{df ;dflji6 5 . ljifoj:t'sf] p7fg ug]{ j|mddf n]vsn] /fhs'df/ l;¢fy{nfO{ /fhClif j+zdf pTkGg ePsf dxfClif gfdn] ;Daf]wg u/]sf 5g\ . df]Ifsf] Academic Journal of DAMC Vol. 2 89 dfu{ k|z:t ug{ clwi7fg ubf{ ;+;f/ v';L ePsf] t/ ;4d{sf] zq' df/ eoeLt ePsf] k/:k/ lj/f]wL dfGotfaf6 klxnf] Znf]s k|f/De ul/Psf] 5 . ;+;f/df h;nfO{ …sfdb]jÚ tyf …lrq wGjfÚ elgG5 . k~rk'iksf] afF0f lnP/ sfd, j|mf]w, nf]e, df]x, db / dfT;o{ cflb ljifo k|rf/ssf] clwklt / df]Ifsf] k/d\zq' g} df/ xf] . p;sf lje|d xif{ / bk{ gfds tLg 5f]/f, c/lt, k|Llt Pj+ t[iff tLg 5f]/L ;lxt ^ hgfn] lktfsf] dgf]dflnGosf] sf/0f ;f]Wb5g\ . k|To'Q/df df/n] eGb5 M oL d'lgn] lgZro ?kL sjr, ;Tj?kL wg'if / a'l¢ ?kL afF0f ;Gwfg u/L xfd|f] ce]B ljifo?kL /fHodf ljhoWjhf kmx/fpg] OR5f u/]sf 5g\ oxL g} d]/f] dfgl;s b'Mvsf] sf/0f xf] . olb of] cfzÍf ;Todf kl/0ft eof] eg] d]/f] /fHo ;bfrxLg lgld /fhf ljb]x eP h:t} z"Gotfdf ljnLg x'g]5 . t/ d sbflrt\ o;f] x'g lbg]5}g eGb} ;Gtfg ;lxt k~rk'iksf] afF0f lnP/ /fhs'df/ Wofg:y ePsf] kLknsf] j[Iflt/ k|:yfg u¥of] . ej;fu/sf] aGwgaf6 ljd'Qm x'g] dfu{ klxNofpg b[9f;gdf l:yt d'lg;Fu df/n] eGb5 M d[To';Fu eoeLt x] IfqLo p7 df]Ifdfu{ Tofu]/ /fhwd{sf] cfr/0f u/ afF0f / o1n] ;+;f/nfO{ lht]/ o; nf]ssf] OGb| kbjL k|fKt u/ . /fhs'ndf hGd]sf JolQmn] leIffa[lQsf] ;xf/f lng' lsdfy{ ;'xfpFb}g . ;fFRr} b[9k|lt1 xf} eg] d]/f] cdf]3 afF0f ;fdgf ug{ tof/ xf]pm . :d/0f /xf];\ rGb|dfsf] gflt …P]8Ú d]/f] c:qsf] :kz{dfqn] ljrlnt ePsf] lyof] . /fhf zGtg' klg d]/} k|xf/sf] lzsf/ ePsf lyP eg] o; IfL0fo'udf cGo JolQmsf] t s] s'/f ug{' . o;/L ax'ljw b[i6fGtåf/f ;r]t u/fpFbf klg zfSo d'lgn] pk]Iff ub}{ cf;g b[9 agfP clg sGofx?nfO{ cu|efudf /fvL k'q;lxt df/n] afF0f k|xf/ u¥of] . cfˆgf] zlQmk|bz{g lgik|efjL ePkl5 df/ lrGtfu|:t x'b} IfL0f :j/df eGof] — d]/f] k|xf/n] zDe'b]j klg z}n]Gb|k'qL k|lt cfslif{t ePsf lyP . lognfO{ eg] /lt klg lrGtf 5}g s] < logL lrQ /lxt x'g\ jf d]/f] of] afF0f g} xf]Og . cj lognfO{ eoÍ/ e"tu0faf6 eoeLt kfg'{kg]{ lgisif{ lgsfn]/ cfˆgf ;]gf / cg'r/x?nfO{ cfdGq0f u¥of] . df/;]gfsf] :j?k df/;]gf /fhs'df/ l;¢fy{nfO{ ljrlnt agfpg ubf, tnjf/, ?v, kxf8 cflb xftdf lnP/ cfP . ljs[t / eofgs d'vfs[lt o'Qm df/;]gf ;'Fu'/, df5f, 3f]8f, uwf, pmF6, af3, efn', l;+x / xfQLsf] ?kdf cfPsf lyP . To;}u/L PscfFv], 3f]/d'v], tLg6fps] / e'F8Ljfn ;d]t lyP . s'g} 3'F8f gePsf, hfF3 gePsf, £ofDkf h:tf nfdf—nfdf bfx|f / gª;lxt cl:yk~h/n] o'Qm lyP . df/;]gfbndf v/fgL 3;]sf, sf]xL /QmljGb'o'Qm lrq—ljlrqsf, afFb/ h:tf nfdf—nfdf dfnfwf/L xfQLsf h:t} sfg ePsf, sf]xL 5fnfsf] n'uf nufPsf t sf]xL gfË} klg lyP . s;}sf] cfwf d'v ;]tf], s;}sf] cfwf z/L/ xl/of] / s'g} WjfF;] / tfd] klg lyP . s;}sf] xftdf ;k{ a]l/Psf lyP eg] s;}n] 306L afFw]sf sGwgL nk]6]sf lyP . emk6], cw{d'l08t ku/Lu'y]sf, xF;d'v, t s'g} t]h tyf dg x/0f ug]{ :jefjsf lyP . sf]xL lx8\b}, s'b\b}, 3r]6\b} t sf]xL cfsfzdf p8]/ nLnf b]vfpFy] . sf]xL lqz'n 3'dfpb} lyP . sf]xL ubf k|bz{g ub}{ pk|mGy] t sf]xL ;fF9]h:t} uh{Gy] . o;/L ;d:t e"tu0fn] af]lwj[IfnfO{ 3]/f xfnL /fhs'df/nfO{ cfs|d0f ug{ df/sf] cfb]zsf] k|tLIff ub}{ lyP . df/ / l;¢fy{ o'¢ /hgL3gLe"t xF'b} uPsf] To; ;dodf zfSol;+x l;¢fy{ Pj+ df/sf] Tof] ck"j{ o'¢sfn b]v]/ cfsfz dlng eof] . lbzf ljlbzfx? ;—zAb tfkzlQm lgsfNg yfn] / k[YjLdf sDkg ;d]t eof] . jfo'j]u tLj| eof] . cfsfzdf h"g tf/f klg b]lvPgg\ . uf9f cGwsf/sf] ;fd|fHo JofKt eof] . ;d'b| klg If'Aw eP . k[YjLnfO{ wf/0f ug]{ z]ifgfunfO{ dxfd'lg k|lt ul/Psf] ckdfg c;x\o eof] . df/nfO{ nlIft u/]/ km0ff km'nfpFb} k|Tofs|d0fsf] ;Í]t Academic Journal of DAMC Vol. 2 90 lbP . ;¢d{l;l¢df ;dlk{t b]jli{fx?sf] dgdf df/ k|lt s?0fefj hfu[t eof] . pbf;Lg ePsf] x'gfn] df/k|lt l/; /fu /fv]gg\ . t/ d'lQmsfdL dxfTdfx?n] cGtl/Ifdf xfxfsf/ zAb Wjlgt u/] . df/;]gfaf6 3]l/Psf dxlif{ ufO{n] 3]l/Psf l;+x;/x eO{ g If'Aw eP g dg g} ljs[t agfP . zfSod'lgnfO{ cfs|d0f ug{ cfb]zsf] k|tLIffdf /x]sf ;]gfnfO{ df/n] 8/fpg lbg] cf1f lbof] . ljlrq / eofjx ?kwf/L e"tx?n] nfdf—nfdf lha|f lgsfNg] tLvf bfFt b]vfpg] 7"nf—7"nf cfFvf b]vfpb} ljs[t efj elËdfsf;fy cg]s k|oTg ubf{ klg /fhs'df/ eoeLt ePgg\ . afns|L8f/t afnaflnsfx? lg:k[x ePh:t} t6:y /x] . ubf k|xf/ ug{ p7fPsf xft h8jt\\ eP . To;} u/L s;}n] 9'Ëf, d'9f ug{ rfx] sf]xL cfsfzdf p8]/ ljleGg c:q k|xf/ u/] . tL j:t'x? k[YjLdf cfOk'u]gg\ . cfsfzdf l:y/ eP . s;}n] pRr kj{t lzv/af6 clUgHjfnf k|xf/ u/] t/ d'lgsf] tkf]jnsf] k|efjn] cfsfzdf g} ;of}+ 6's|fdf ljeflht eO{ l5Gg—leGg eP . s;}n] cfsfzaf6 cFuf/sf] jiff{ u/fP/ >]i7 Clif l;¢fy{ s'df/sf] d}qL ljxf/sf sf/0f /Qmsdnkq ;/n ;'sf]dn eP . km]l/ s]xL e"tx?n] d'vaf6 nfdf—nfdf ;k{ lgsfn]/ s'df/nfO{ 8:g nufP t/ tL ;k{x? km0ff km'nfpg] 8:g] h:tf s'g} sfd gu/L l:y/ eP . s]xL e"tx?n] eoÍ/ ah|kft ePh:t} uh{gf u/L lznfj[li6 u/] tfklg Tof] k'ikj[li6df kl/0ft eof] . sltkon] k|xf/ u/]sf afF0f d';n cflb aLr}df /f]lsP . d]3em} sfnL :qL xftdf skfn lnP/ dxlif{nfO{ df]lxt ug{ cfO{ . t/ Tof] r~rn lrQ ePsf] ;f+;fl/s JolQmsf] dt zf:qdf l:y/ geP h:t} cl:y/ ax'nfxL;/n eP/ oq—tq pk|mg yfnL . s'g} e"tn] ljifldl>t g]qflUgaf6 eid ug]{ k|of; u¥of] t/ sfdlkkf;' k'?ifn] cfTdsNof0fsf] dfu{ gb]v]em} s'df/nfO{ b]Vg ;s]g . zf/Ll/s >daf6 ;dflw k|fKt ug]{ OR5f u/]/ ylst eP h:t} csf]{ e"tn] 7"nf] 9'Ëf p7fP/ k|xf/ ug]{ c;kmn k|of; u¥of] . o;/L df/;]gfsf] k|xf/af6 u'lGhPsf] eoÍ/ cfjfh ;'g]/ d[u, xfQL, af3nufotsf hËnL hgfj/ 8/n] n'Sg yfn] . r/fr'?ËLx? /ftLdf klg lbpF;f]df em}+ lrla{/ ub}{ rf/}lt/ p8\g yfn] . o;/L r/fr/ eoeLt x'Fbf sfu s/fpFbf u?8 ljrlnt gePem}+ d'lg lg8/ eP . o;/L cfˆgf ;f/f k|xf/ k|efjxLg ePsf] b]v]/ wdf{Tdfsf] zq' df/ cToGt b'MvL eof] . o;/L k'ikwGjf lg/Lx ePsf] b]v]/ s'g} ljlzi6 hLjn] cb[Zo x'Fb} cfsfzjf0fL u/]— x] df/ ! Joy{ kl/>d gu/ xTof/fkg 5f]8L zfGt xf]pm . ;'d]? kj{t jfo'j]un] slDkt gePem}+ ltdLn] lognfO{ ljrlnt agfpg ;Sb}gf}+ . cfuf]n] kf]Ng kfgLn] lehfpg / k[YjLn] l:y/Tj 5f]8]klg cg]shGdb]lv k'0o;~ro u/]sf oL d'lgn] cfˆgf] wd{ sbflk 5f]8\b}gg\ . ;d"n cGwsf/ cGTo gu/L ;"of]{bo gePem}+ ;j} k|f0fLx?sf] sNof0f ug]{ dfu{ cGj]if0f gu/L logL ljrlnt x'Fb}gg\ . dflg;n] sf7 3if{0f u/L clUg k|HHjlnt ub{5g\ . k[YjLsf] pTvgg u/L kfgL lgsfNb5g\ . b[9 k|lt1 JolQmsf nflu c;Dej s]xL 5}g . Gofok"j{s ;Dkfbg ul/Psf] sfo{ ;w} ;kmn x'G5 . zf/Ll/s Pj+ dfgl;s /f]un] kLl8t b'MvLdfly bof ug]{ d'lgnfO{ afwf lbg' o'lQm;Fut x'Fb}g . logL si6?kL /f]u lgd{"n ug{ 1fg?kL cf}ifwL cfljisf/ ug]{ b[9k|lt1 dxfa}B x'g\ . c1fg?kL cGwsf/ lbu\lbuGt Jofks ePsf] cj:yfdf logn] 1fgsf] Hof]lt k|HHjlnt ub}{ 5g\ . cFWof/f]df aflnPsf] aQL lgefpg' cfo{ k'?ifnfO{ zf]ef lbb}g . To;}u/L ;+;f/?kL dxfaf9Ldf 8'a]/ c;xfo ePsfnfO{ p¢f/ ug{ k|j[Q JolQmnfO{ b'Mv lbg' lsdfy{ ;'xfpFb}g . Ifdf?kL h6f, w}o{?kL b[9 d"n ,rl/qsf] ;'jfl;t k'0o :d[lt / a'l¢?kL xfFuf tyf wd{?kL kmn k|bfg ug{ lg/Gt/ al9/x]sf] of] 1fg j[If sbflk pv]Ng of]Uo 5}g . tLg c;ª\Vo sNk;Dd ul/Psf 1fg;Def/ / k'0o;+ef/sf] kmn -l;l¢_ k|fKt ug]{ o; cg's"n ;dodf l;¢fy{k"j{sf d'lgx?n] clwi7fg u/] h:t} logL klg b[9 5g\ . of] :yfg ;du| e"tndf >]i7 gfle:yn xf] . logsf] ;dflwj]u ;xg ug{ ;Sg] csf]{ k|b]z k[YjLdf 5}g . ctM x] df/ zf]s gu/, zflGtsf] ;f; km]/, 3d08 gu/, gZj/ zlQmnfO{ zfZjt\ 7fg]/ lsg dbdQ ePsf 5f} . o;k|sf/sf jrg ;'g]kl5 ;+;f/sf ;du| k|f0fLsf] lrQ larlnt agfpg ;kmn df/ d'lgnfO{ larlnt kfg{ c;Dej 7fg]/ k/fho :jLsf/ u/L lvGg x'Fb} ToxfFaf6 k|:yfg u¥of] . p;sf ;]gf klg ul/Psf] >d Joy{ ePsf] Academic Journal of DAMC Vol. 2 91 b]v]/ cfo'w -xltof/_ oqtq 5f]8L zq'åf/f ;]gfgfos dfl/Pkl5 l;kfxL efu];/x rf/} lbzftkm{ a]kQf eP . o;/L cfkm\gf tksf k|efjn] cljBf, c1fg / cGwsf/sf] k|tLs df/dfly d'lgn] ljho k|fKt u/]sf] pknIodf lgd{n cfsfzaf6 ;'ulGwt hn;lxt k'ikj[li6 eof] . bzlbzf lgd{n eP, lgikfk :qLem}+ /flq klg ;'Gb/ eof] . pk;+xf/ z'4 ;+:s[t efiffdf /lrt pTs[i6 af}4 ;flxTodf a'4rl/t dxfsfJosf] ljlzi6 :yfg /x]sf] 5 . o;sf /rlotf dxfslj cZj3f]if ufGwf/ g/]z ;d|f6 slgissf /fhsljsf ;fy} ;Ddflgt /fhu'?;d]t lyP . ltAjtL tyf rLlgofF efiffdf lnlka4 ;flxTodf logL ;+uLt1 / s'zn gf6\olzNkL klg ePsf] k|df0f kfOG5 . cfˆgf dfGotf csf6\o ts{ / k|df0fsf cfwf/df :yflkt ug]{ cbe"t Ifdtfsf sf/0f logn] af}4wd{ bz{gsf kIfdf zf:qfy{ ubf{ ljkIfLx? lg?Q/ ePsf] b]lvG5 . To;} u/L a'4rl/t dxfsfJosf] tx|f}+ ;u{df ;dflji6 …df/ljhoÚ zLif{sdf zfSo d'lg l;4fy{sf] tk:of eË ug{ ;4d{sf] zq' df/4f/f ul/Psf ;Dk"0f{ k|xf/ Joy{ ePsf] jf:tljstf k|:t't ul/Psf] 5 . k|ydtM df/n] l;4fy{{ uf}tdnfO{ /fhs'ndf hlGdP/ klg d[To';Fu eoeLt eO{ leIffj[lQsf] ;xf/f lng g;'xfpg] x'Fbf afF0f / k'?iffy{n] lblUjhoL aGg'kg]{ ;Nnfx lbPsf] b]lvG5 . zfSos'df/n] p;nfO{ pk]Iff u/]sf] yfxf kfPkl5 /fhf zGtg' / zDe'b]j;d]t Ps} afF0fdf ljrlnt ePsf] kf}/fl0fs k|;Ë :d/0f u/fPsf] kfOG5 . df/ / p;sf ;}Goan4f/f ul/Psf ;a} k|xf/sf] ;fdgf zfSod'lgn] ;dtf / s'zn sd{sf jnn] u/L k/flht ug{ ;kmn ePsf] k|;Ë &# j6f Znf]sdf ;d]l6Psf] b]lvG5 . jf:tjdf df/ df]Ifdfu{sf] dxfzq' xf] . k~rk'iksf] afF0f k|xf/ u/L ;fwssf] dgdf sfd, s|f]w, nf]e, df]x, db, dfT;o{ h:tf b'u'{0f pTkGg u/fpg] k|of; ub{5 . To;} u/L OlGb|ox?nfO{ ?k, /;, uGw :kz{ zAb cflbdf k|j[Q u/fP/ ;fwgfdf afwf kfg]{ x'Fbf df/nfO{ k/f:t kg]{ Ifdtf af}4dfuL{n] xfl;n ug}{ kb{5 . oxL g} t]x|f}+ ;u{sf] ;f/ xf] . n]vs kl/roM sdnk|;fb Gof}kfg], ;xfos k|fWofks, b]jbx cfbz{ ax'd'vL SofDk;, b]jbx, ¿kGb]xL ;Gbe{u|Gy ;"rL clwsf/L, x]dfª\/fh -@)%#_= k"jL{o ;dfnf]rgf l;4fGt= ;femf k|sfzg . cZj3f]if, -@)!(_ a'¢rl/td\= -cg'= /fdrGb|bf; zf:qL_= rf}vDaf ljBfejg . cZj3f]if, -@)!#_= a'4rl/td= rf}vDaf ;+:s[t l;l/h cflkm; . sfˆn], OGb|k|;fb= -@)!(_= af}4 lzIff leqsf] dgf]lj1fg= n'lDagL k|ef, ef]n—$, n'lDagL af}4 ljZjljBfno s]Gb|Lo SofDk; . hf]g:6g O=Pr= -!(*$_ cf:ef5f];fh a'4 j|mfO6]l/of c/ pS6 ckm b a'4= df]ltnfn jgf/;Lbf; . kf}8]n, zf/bf -@)!*_= af}4 ;+:s[t ;flxTosf] pTklt / ljsf;= n'lDagL k|ef ef]n'd #, n'lDagL af}4 ljZjljBfno s]Gb|Lo SofDk; . z'Snf, r'GgLnfn -@)))_= -;+=_, a'4rl/t= df]tLnfn agf/;Lbf; . lqkf7L, /fdzÍ/ -!((&_= af}¢ bz{g k|:yfg= jf/f0f;L, s]Gb|Lo pRr ltAatL ;+:yfg . Academic Journal of DAMC Vol. 2 92 g]kfnL Psfª\sLsf] ;}4flGts :j¿k k|sfz ;'j]bL n]v;f/ k|:t't n]vdf g]kfnL Psfª\sLsf] ;}4flGts kl/ronfO{ k|:t't ul/Psf] 5 . Psfª\sLnfO{ ;flxTosf] b[Zo e]bcGtu{taf6 ljZn]if0f ub{} o;n] kfZrfTo ;flxTonfO{ cª\ufn]sf] gjLgtd ljwfnfO{ rrf{sf] ljifo agfOPsf] 5 . o;/L g]kfnL Psfª\sLsf] kl/ro lbO{ Psfª\sL;DaGwL ljleGg ljåfx¿n] lbPsf Psfª\sLsf] kl/efiffnfO{ k|:t't ul/Psf] 5 . Psfª\sLsf] pTklQ;DaGwL ¿k/]vfnfO{ klZrdf b;f}“ ztfAbLsf] gf6\o :j?knfO{ ;d]t cWoog ljZn]if0f ul/Psf] 5 . lj=;+= !(*( df Ps cg'ejLsf] …cfTdfledfgÚ zLif{ssf] Psfª\sL k|sflzt ePkZrft\ ;flxTodf Psfª\sLsf] yfngL eP;“u} cufl8 a9]sf] ;flxTosf] Ps gjLgtd ljwfsf ¿kdf Psfª\sLnfO{ lrq0f ul/Psf] 5 . Psfª\sL cª\ssf cfwf/df ljefhg ul/Psf] Ps ljz]if gf6\o k|sf/ xf] . o;} cGtu{t Psfª\sLsf] :j?k pNn]v u/L syfgs÷syfj:t', rl/q jf kfq, ;+jfb, efiffz}nL, p2]Zo÷ljrf/, kl/j]z÷jftfj/0f / cleg]otf u/L hDdf ;ftj6f tŒjx¿sf] rrf{ ul/Psf] 5 . dgf]/~hgsf ;fwgsf ¿kdf /x]sf] Psfª\sL xfn cfP/ nf]slk|otfsf] ;Ldf;Dd k'Ub} ubf{ To;df b]lvPsf r'gf}ltx¿nfO{ ;d]t cWoogsf] ljifoj:t'af6 rrf{ ub}{ ljifoj:t', k|j[lQ / :j¿ksf cfwf/df Psfª\sLnfO{ k|:t't ul/Psf] 5 . zAbs'~hLM syf]ksyg, gjLgtd, k|j[lQ, ;flxlTos, ;}4flGts . ljifokl/ro Psfª\sL ;flxTosf] b[Zo e]bcGtu{t kg]{ ljwf xf] . ;flxTosf b[Zo / >Jo u/L b'O{ e]bx¿ 5g\ . hxf“ gf6s / Psfª\sL ;flxTosf] b[Zoe]b cGtu{t kb{5g\ eg] sljtf, syf, lgaGw, pkGof; cflb ;flxTosf] >Joe]bcGtu{t kb{5g\ . Psfª\sL Ps cª\sdf ;+/lrt gf6\o ljwf xf] . Psfª\sL af6 Psfª\sL zAbsf] lgdf{0f ePsf] kfOG5 . of] ljwf gf6sem}“ k"0f{ cl:tTj af]s]sf] ;flxlTos ljwf xf] . Psfª\sLnfO{ cª\u|]hLdf one act play eGg] ul/G5 . o; zAbn] klg Ps cª\s ePsf] gf6snfO{ a'emfp“5 . of] kfZrfTo ;flxTosf] gjLg ljwf xf] . Psfª\sLdf lgs} yf]/} ;dodf dfgj hLjgsf] emf“sL k|:t't ug]{ 36gfsf] Pstf x'G5 . r':t, b'?:t, sl;nf] / ;"qfTds k|s[ltsf] syf]ksyg o;df ;dfj]z ul/Psf] x'G5 . Psfª\sLdf Pp6f dfq} 36gf ljz]ifsf] k|:t'lt /x]sf] x'G5 . lglZrt ;do, ;Gbe{ / kfqsf] k|of]u u/L Psfª\sLsf] ljifoj:t'nfO{ cufl8 a9fpg] ul/G5 . ;+:s[t ;flxTodf b[Zoljwf ¿kssf ljleGg e]bx¿dWo] ef0f, Jofof]d, pT;[i6fª\s / jLyLh:tf Ps cª\sdfqePsf ¿ksx¿df Psfª\sLsf k"0f{¿k km]nf kg{ ;S5g\ . Psfª\sLsf] k/Dk/fnfO{ lgofNbf klZrdf ;flxTosf] ;f]x|f}“ ztfAbLsf] pQ/f4{;Dd k'Ug' kg]{ x'G5 . pQm ztfAbLlt/ cª\u|]hL ;flxTosf gf6ssf/ ;]S;lko/sf] pbo eO;s]sf] kfOG5 . To; ;do dflg;x¿sf] df]x gf6sk|lt dfq tLj| /x]sf] kfOG5 . gf6ssf nflu nfdf] ;do klg vlr{g ;Sg] To; ;dosf dflg;x¿ ha o'/f]kdf cf}Bf]uLs j|mflGt eof] ta o'/f]ksf] hghLjg cToGt Jo:t x'g yfNof] . To;kZrft dflg;x¿ #÷$ 3G6fsf nfdf gf6sx¿ x]g{ ;do lbg g;Sg] eP . kmn:j?k gf6sx¿ klg 5f]6f gf6s cyf{t\ s6]{g /]h/tkm{ cfslif{t x'g'kg]{ cj:yfsf] k}bf eof] . o;/L gf6ssf/x¿sf] cWoog 5f]6f gf6stk{m s]lGb|t x'g Academic Journal of DAMC Vol. 2 93 yfn]kl5 gf6ssf/x¿n] k/Dk/fut nfdf gf6ssf] ;6\6f s6]{g /]h/nfO{ kl/isf/ ub}{ nu] / lj:tf/} Psfª\sLsf] ljwf k}bf ePsf] kfOG5 . o;/L ;'?jft ePsf] Psfª\sL n]vgsf] k/Dk/f la;f}“ ztfAbLdf cfOk'Ubf yk ;zQm aGg k'Uof] . Psfª\sLn] ljwfut :j?k u|x0f u/L cfhsf] cj:yfdf cfOk'Ug x]g/L OA;]g, PG6f]g rvj, hh{ agf{8{ zf cflbsf] pNn]vgLo e"ldsf /x]sf] 5 . To;} sf/0f kl5Nnf] ;dodf Psfª\sLn] hLjghut\sf sfo{Jofkf/nfO{ cg's/0f u/L clegosf dfWodaf6 5f]6f] ;dodf g} /ª\ud~rdf b[ZofTds ¿kdf k|:t't ug]{ ePsfn] lgs} nf]slk|o aGg k'u]sf] 5 . Psfª\sLsf] ;}4lGts :j?k s]s:tf] /x]sf] 5 eGg] ;d:ofdf s]lGb|t /xL Psfª\sLsf] kl/ro, tŒjsf] JofVof u/L Psfª\sLsf] juL{s/0f ug'{ o; n]vsf] p2]Zo /x]sf] 5 . cWoog ljlw k|:t't n]vdf k|fylds ;|f]tsf ;fdu|LcGtu{t Psfª\sLsf af/]df n]lvPsf Psfª\sLsf] ;}4flGts s[lt, Psfª\sLsf] l;4fGt, Psfª\sL kIf;“u ;DalGwt ljåfgx¿sf /rgf, ;+jfb, df}lvs syg, 6Lsfl6Kk0fL klg ;|f]t;fdu|Lsf ¿kdf /x]sf 5g\ . låtLos ;fdu|Lsf] ¿kdf ;DalGwt ljifo;“u ;DalGwt k':ts, kqklqsfx¿df k|sflzt n]vx¿ k|of]u ul/Psf] 5 . pQm ;fdu|Lx¿sf] ;ª\sng k':tsfnoLo ljlwåf/f ul/Psf] 5 eg] ;ª\slnt ;fdu|Lsf] ljZn]if0fsf nflu Psfª\sLsf] l;4fGt lgdf{0fdf ;}4flGts k/Dk/f / j0f{gfTds ljlwsf] k|of]u ul/Psf] 5. ;}4flGts kof{wf/ Pp6} cª\s, Pp6} b[io, :yfg / Pp6} ;dodf 3l6t x'g] ;flxTosf] Ps ljwf g} Psfª\sL xf] . o;df Pp6} ljifoj:t'nfO{ s]lGb|t u/L To;} ljifoj:t'sf] rrf{af6 ;dfKt ul/G5 . of] 5f]6f], lglZrt ;dofjlwsf] ePtf klg k"0f{tf k|fKt u/]sf] x'G5 . Psfª\sL clegod"ns ljwf xf] To;} sf/0f o;df ;+jfb clgjfo{ /x]sf] x'G5 . Psfª\sLdf ;ª\lIfKttf, cfVofgfTdstf, Psf]Gd'vtf, ;+jfbfTdstf, cleg]ofTdstf h:tf u'0fx¿n] el/Psf] x'g' k5{ . o;/L Psfª\sLsf ;DaGwdf ljleGg ljåfgx¿n] lbPsf] kl/efiffnfO{ lgDgfg';f/ rrf{ ul/Psf] 5 . l;8gL aS;– æPsfª\sL clt ;"Id rl/q ug]{ ;flxTo ¿k xf]Og, of] clgjfo{tM Psf]2]Zodf s]lGb|t x'g'kb{5 / o;sf nflu Psfª\sLsf/n] Psfª\sL /rgfdf s8f cg'zf;gsf] kfngf ug'{kb{5 . o;sf] k|efj kl/l:yltsf] Pstfdf hf]8 lbg'kb{5 / Ps kfq jf kfq ;d"xdf d'Qm ;/f]sf/s]lGb|t ug'{k5{Æ -9'ª\u]n, @)&^, k[=!%@_ . jf6/ lk|r{8 P6g– æcfk\mgf] k|s[lt / dfWodsf] s8f lgodn] ubf{ Psfª\sL Pp6} 36gf / kl/l:yltdf ;Lldt x'g'kb{5 h'g kl/l:ylt jf 36gfsf] clej[l4 / ljsf; qmdzM cfkm} x'G5Æ -9'ª\u]n, @)&^, k[=!%@_ . kl;{jn jfOG8– æPsfª\sLsf] 36gfsf] ult cu|ufdL jf k|ltufdL h] eP klg o;sf] ;dokIf dxŒjk"0f{ x'G5, of] hLjgsf] jf:tljstfb]lv w]/} 6f9f x'g'x'“b}g h;sf] sf/0fn] of] k"/} c:jLs[t x'g gk/f];\Æ -9'ª\u]n, @)&^, k[=!%@_ . h]=P= s8g– …Psfª\sLÚ gfdn] g} :ki6 kfb{5 ls of] To:tf] gf6s xf] h'g Ps cª\sd} ;Lldt x'G5 . ;fwf/0ftof of] 5f]6f] cyf{t\ !% ldg]6b]lv $) ldg]6;Ddsf] x'G5 . cª\u|]hL ;flxTodf Psfª\sL gf6s !( cf}+ ztfAbL cufl8 la/n} e]l6P klg To;eGbf cufl8 klg sltko 5f]6f gf6sx¿ o;sf pbfx/0fsf ¿kdf k|:t't ug{ ;lsG5 . of] ljwf !( cf}+ ztfAbLsf] cGTolt/ ;;fgf /Ëd~rx¿df k/LIf0fsf ¿kdf nf]slk|otf xf“l;n ub}{ ljsf; ePsf] xf] . o;/L o;n] Pp6f :jtGq ljwfsf] ¿k lnof] / cj;/ kbf{ pTyfgstf{ (curtain raiser) sf ¿kdf b]vfOGYof] t/ To;kl5 clt nf]slk|o x'“b} cfP/ kbf{ pTyfgstf{ (curtain raiser) sf ¿kdf o;sf] k|of]udf x|f; cfof] . cfw'lgs k|rng cg';f/ b'O{ jf tLgj6f Psfª\sLx¿ bf]xf]¥ofP/ jf t]x¥ofP/ Bill sf ¿kdf k|:t't ul/G5 . Psfª\sL eg]sf] 5f]6f] syfsf] ;dsIfL xf] / Psn 36gf jf kl/l:yltdf s]lGb|t ePsf] b]lvG5 / Academic Journal of DAMC Vol. 2 94 ;fdfGotM dfq b'O{ jf tLg kfqx¿ /x]sf x'G5g\ t/ Psfª\sLsf] ;f/ dgf]efj / ljifodf k|z:t Jofkstf kfOG5 / of] kmf;{ (farce) b]lv b'MvfGt;Dd x'g ;S5Æ -9'ª\u]n, @)&^, k[=!%@_ . 8f= gu]Gb|– æPsfª\sLdf hLjgsf] qmda4 ljj]rgf geP/, vfnL Pp6f ;d:of, Pp6f dxŒjk"0f{ 36gf, Pp6f ljz]if kl/l:ylt jf s'g} Ps p2LKt If0fsf] lrq0f dfq x'G5Æ -9'ª\u]n, @)&^, k[=!%@_ . lxGbL ;flxTo sf]z– æPsfª\sL ;flxTosf] Tof] gf6\o–¿k xf], h;sf dfWodaf6 dfgj–hLjgsf] s'g} Ps kIf, Pp6f rl/q, Pp6f sfo{, Ps kl/kfZj{, Ps efjsf] snfTds Jo~hgf ul/G5 hf];Fu oL cljsn efjaf6 cg]s ;xfg'e"lt / cfTdLotf k|fKt ul/G5Æ -9'ª\u]n, @)&^, k[=!%#_ . a[xt\ g]kfnL zAbsf]z– æPs cª\s dfq x'g] Ps k|sf/sf] b[ZosfJo egL Psfª\sLnfO{ kl/eflift ul/Psf] 5Æ -9'ª\u]n, @)&^, k[=!%#_ . afns[i0f ;d– Psfª\sLdf Pp6} ljifo, Pp6} ;do / Pp6} cª\ssf b[Zo x'g cfjZos 5 . Ps / cg]sdf hlt 6'qmf klg x'g ;Sb5, t/ Psdf Psrf]l6 klg g6'6]sf] l;Ëf] x'g'kb{5 5f]6f] ;fgf] ePklg . of] 3f]8fbf}8sf] Ps bf}8 h:tf] xf], h;df lj>fd x'g' x'“b}g .Æ -9'ª\u]n, @)&^, k[=!%#_ . s[i0frGb|l;+x k|wfg–æPsfª\sL zAbn] g} Ps cª\sdf Psfª\sL ;dfKt x'g'kb{5 eGg] :ki6 ub{5 . Ps cª\ssf] Psfª\sL ePklg w]/} b[Zo af]s]sf] Psfª\sL gf6s cfw'lgs gf6\o l;4fGtcg';f/ Psfª\sL elg+b}g cyjf gdfGg] rng rln;Sof] . Psfª\sL gf6ssf nflu Ps cª\s, Ps} b[Zo, Pp6} :yfg / cem ;dosf] c6'6tf x'g cfjZos 5 . o:tf] Psfª\sLdf pT;'stf;fy gf6ssf] kbf{ v'N5, ToxL jftfj/0fdf cGt x'G5Æ -9'ª\u]n, @)&^, k[=!%#_ . s]zjk|;fb pkfWofo– æof] gf6ss} ;d¿k t/ gf6seGbf ;fgf] Ps ljlzi6 k|sf/sf] gf6\o ¿k xf] h;df gf6sdf h:tf] ;du|tfsf] jf l;Ëf] hLjgsf] lrq0f geO{ hLjg jf kl/l:yltsf] Ps ljz]if If0f jf 36gfsf] lrq0f x'G5Æ -9'ª\u]n, @)&^, k[=!%#_ . dfly jl0f{t Psfª\sL;DaGwL ljleGg ljåfGf\x¿sf wf/0ffcg';f/ xfdL Psfª\sLnfO{ o;/L kl/eflift ug{ ;S5f}+ –ædfgj hLjgsf ljljw 36gf jf ;d:ofx¿dWo] s'g}–Pp6f 36gf jf ;d:of pb\3f6gsf lglDt tof/ ul/Psf] 5f]6f], cleg]od"ns x'gfsf ;fy} :jtGq lsl;dsf] ;+jfbfTds /rgf Psfª\sL xf] .Æ o;/L Pp6} ljifo, Pp6} efjdf, hLjgsf] s'g} Ps If0fsf] ;f/, 5f]6f] ;+jfb / clegon] el/Psf] ljwf g} Psfª\sL xf] egL kl/eflift ug{ ;lsG5 . ljleGg ljåfgx¿n] lbPsf] kl/efifsf cfwf/df Psfª\sLsf] ;}4lGts :j?knfO{ o; k|sf/ b]vfpg ;lsG5 . !_ Psfª\sL cfkm}df k"0f{ ljwf xf] . @_ Psfª\sL ;+jfbo'St / clegoo'St b[ZofTds /rgf xf] . #_ Psfª\sL cg's/0fLo /rgf xf] hxf“ s'g} klg hLjg hut\sf] s'g} c+zsf] cg's/0f ul/Psf] x'G5 . $_ Psfª\sLnfO{ /ª\ud~rdf k|:t't ug{ ;lsG5 . %_ Psfª\sLdf hLjgsf] Pp6f ;d:of, Pp6f dxŒjk"0f{ 36gf, Pp6f ljz]if kl/l:yltsf] lrq0f x'G5 . $= Psfª\sLsf tŒj . Psfª\sL klg gf6ss} ;d¿k tŒj ePsf] ;flxlTos ljwf ePsfn] o;sf] ;+/rgf klg 5 j6} tŒjsf cfwf/df ePsf] x'G5 -pkfWofo / zdf{, @)%*, t];|f] ;+= k[=ª_ . h'g j:t'sf] ;+/rgfsf nflu h] s'/f rflxG5 Tof] g} To;sf] tŒj xf] . h;sf dfWodaf6 To; j:t'n] k"0f{tf k|fKt u/]sf] x'G5 . o;/L o; n]vsf ;Gbe{df rflxg] cfjZos pks/0fx¿ g} o;sf tŒj x'g\ . b[Zo ljwf cGtu{t kg]{ Psfª\sL :jod\df ;flxTosf] k"0f{ ljwf xf] . Psfª\sL Ps cª\sdf ;+/lrt eP klg gf6s em}+ clegofTds ljwf ePsfn] gf6s / Psfª\sLsf Academic Journal of DAMC Vol. 2 95 tŒjx¿df ;dfgtf kfpg ;lsG5 . syfj:t'÷syfgs, kfq jf rl/q, ;+jfb, kl/j]z÷jftfj/0f, p2]Zo, efiffz}nL / cleg]otf u/L Psfª\sLsf ;ftcf]6f tŒj /x]sf 5g\ . k"jL{o / kfZrfTo b'j} b[li6sf]0fnfO{ ;dGjo u/L Psfª\sLsf tŒjnfO{ j[If/]vfdf lgDgfg';f/ b]vfpg ;lsG5– syfj:t'÷syfgs kfq jf rl/q Psfª\sLsf tŒj ;+jfb kl/j]z÷jftfj/0f p2]Zo efiffz}nL clego syfj:t'÷syfgs Psfª\sLsf cfVofg k/s ljwf xf] . h;sf nflu syfj:t' ckl/xfo{ tŒj dflgG5 . syfj:t' Psfª\sL /rgfsf] dxŒjk"0f{ cfwf/ xf] . syfgs jf syfj:t' eg]sf] syfj:t'sf ljleGg kl/l:ylt, 36gf / efjwf/fsf] snfTds ;+of]hg xf] . of] Psfª\sLsf] d'Vo vfsf jf :j¿k xf] . o;/L ljleGg 36gfx¿sf] ;d'lrt ¿kdf j|mda4 k|:t'ltnfO{ syfj:t' elgG5 . hLjgsf] s'g} Ps kIfsf] dfq lrq0f u/L Psfª\sLdf syfj:t' tof/ ul/G5 . n3' ¿kdf ;Lldttf ckgfO kfqx¿sf] rog ug'{ Psfª\sLsf] ljz]iftf xf] . syfsf/n] Psfª\sLsf] syfj:t' tof/ kfbf{ dgf]j}1flgs, ;d:ofd"ns, oyfy{ k|wfg h:tf ljifo ljwf;“u ;DalGwt /x]/ ug'{ kb{5 . syfj:t'n] Psfª\sLdf ;dfj]z x'g] cGo tŒjx¿sf] Ps csf{df ;Da4 u/fpg ;Sb5 . Psfª\sLsf] syfj:t' lgs} ;ª\lIfKt / ultdf tLj|tfsf ;fy} ljifoj:t'df Psf]Gd'vtf x'g] ub{5 . syfj:t'nfO{ k|efjsf/L agfpg Psfª\sLdf ;dfj]z ul/g] ;do, :yfg / sfo{sf] ;d'lrt k|of]un] k|efjsf/L e"ldsf v]n]sf x'G5g\ . o;} cfwf/af6 ;ª\lIfKt, Psf]Gd'v / cfkm}df k"0f{ x'g ;Sg] Psfª\sLdf syfj:t' ;+/lrt u/fpg' kb{5 . hLjgsf] s'g} Ps dxŒjk"0f{ 36gfsf] k|:t'lt Psfª\sLdf k|o'Qm x'g] x'“bf syfj:t'n] ;f]xL cg'¿ksf] ;+/rgfnfO{ Vofn ug'{ kb{5 . 5f]6f]–5l/tf] x'g' g} Psfª\sLsf] d"n ljz]iftf xf] . o;df ;xfos ¿kdf syf hf]l8g' plrt dflgb}g . cle?lr hufpg ;Sg], r]tgf / ;+j]bgf p2LKt, pT;'stf / s't"xntf, lh1f;fj[lQ cj:yfsf] :j¿kdf /xg' Psfª\sLsf] k|of]uut ;kmntf xf] . kfq jf rl/qlrq0f syfgssf cfwf/df clego u/L Psfª\sLnfO{ k"0f{tf k|bfg ug]{ / syfj:t'nfO{ cufl8 a9fO{ nIo;Dd k'¥ofpg] dfWod g} kfq jf rl/q x'g\ . rl/qn] g} syfj:t'sf] sfo{Jofkf/nfO{ Jojl:yt ¿kdf ljsl;t u/fpg] sfo{ ub{5 . Psfª\sL Ps} cª\sdf /lrg] ;ª\lIfKt ljwf ePsfn] Psfª\sLdf yf]/} cyf{t l;ldt kfqsf] pkl:ylt u/fpg' kb{5 . kfq rog ubf{ syfgs jf kl/j]z cg's"n ug'{ kb{5 . Psfª\sLsf] syfj:t'nfO{ ultzLn, ;hLj / p2]Zod"ns agfpg kfqsf] dxŒjk"0f{ e"ldsf /xg] ub{5 . o;} sf/0f kfq Psfª\sLsf] ckl/xfo{ tŒj xf] . kfq eg] k|d'v, ;xfos / uf}0f x'g ;Sb5 . Psfª\sLdf k|o'Qm syfj:t'sf cfwf/df kfq ultzLn / l:y/ b'j} k|sf/sf x'g ;Sb5g\ . o;} sf/0f Psfª\sLdf yf]/} / k|efjsf/L e"ldsfsf kfqx¿ rog x'g' /fd|f] dflgG5 . o;/L yf]/} kfq eGgfn] b'O{ltg hgfb]lv 5;ft hgf;Dd dfq kfqx¿sf] pkl:ylt u/fpg' plrt x'G5 . Psfª\sLsf] syf /f]rs, k|efjsf/L / s'zn agfpg kfqx¿sf] e"ldsf ;hLj, JolStTj ;DkGg, cfsif{s / ;zQm x'g' kb{5 . kfqsf] Academic Journal of DAMC Vol. 2 96 s'zn clegon] Psfª\sLnfO{ bz{s ;fd' s]lGb|t ug{ ;Sb5 . kfqx¿nfO{ syfj:t'sf cfwf/df ;+:sf/o'St, dgf]lj1fg k/s / jftfj/0f cg'¿k e"ldsfdf lglxt u/fpg' kb{5 . kfqs} s]lGb|otfaf6 bz{snfO{ ljrf/ åGådf cNemfpg ;lsG5 . ljifoj:t'sf cfwf/df kfqnfO{ 5f]6f] ;do pknAw u/fO{ cfk\mgf] k|efj bz{s;fd' kl:sg' plrt /xG5 . ;+jfb b'O{jf b'O{eGbf a9L JolStx¿ larsf] s'/fsfgLnfO{ ;+jfb elgG5 . Psfª\sL gf6\oljwf ePsfn] ;+jfbnfO{ clgjfo{ tŒjsf ¿kdf lnOG5 . gf6\o ljwfdf ;+jfb clgjfo{ x'G5 . clego o'St b[Zo ljwfnfO{ kf7\o–>Jo ljwfaf6 cnu u/fpg] Ps ljlzi6 tŒj g} ;+jfb xf] . Psfª\sLdf syfj:t'nfO{ ultzLn agfpg ;+jfbsf] cfjZostf kb{5 . ;+jfbs} dfWodaf6 Psfª\sLnfO{ hLjGt agfOG5 . Psfª\sL >Jo–b[Zo ljwf klg xf] . kfqx¿sf] bf]xf]/f] s'/fsfgLaf6 Psfª\sLdf ;dfj]z syfj:t'nfO{ k|:t'lt lbOg] sfo{ ul/G5 . gf6seGbf Psfª\sL klg n3'td ¿k xf] . kfqsf] rl/qlrq0f u/L bz{s;fd' pkl:yt u/fpg] sfo{ ;+jfbn] ub{5 . Psfª\sLdf ;+jfb 5f]6f], 5l/tf] / ;/;o'St x'g' pko'St x'g] x'“bf Psfª\sLdf snfTds tyf k|efjsf/L ;+jfbsf] k|of]u x'g' kb{5 . ha Psfª\sLdf ;+jfb ;fy{s ¿kdf k|:t't ul/G5, ta Psfª\sLn] hLjGt k|fKt ub{5 . kfq / kl/j]z cg's'n ;+jfbsf] k|of]u x'g'sf ;fy} kf7s tyf bz{sx¿nfO{ dWogh/ u/L plrt efiffz}nLsf] k|of]ux'g' klg clgjfo{ dflgG5 . ;+jfbn] g} kfqsf] rfl/lqs ljz]iftfsf] JofVof ub{5 . ;+jfbn] kfqx¿sf] rl/qut ljz]iftf JoSt ub}{ Psfª\sLsf] syfTds;"qnfO{ ljsl;t ;d]t ub{5 . To;}n] ;ª\lIfKt, /f]rs, cfsif{s, kfqfg's"n / :jfefljs ;+jfbsf] k|of]u x'g'kg]{ x'“bf Psfª\sLdf dxŒjk"0f{ tŒjsf ¿kdf /x]sf] x'G5 . kl/j]z÷jftfj/0f b]z, sfn / jftfj/0fsf] ;du|tfnfO{ kl/j]z cyjf jftfj/0f elgG5 . Psfª\sL syfj:t'df b]z, sfn / jftfj/0fsf] k|ToIf ;DaGw /xG5 . jftfj/0faf6 dflg;sf] hLjg ;w}“ s'g} g s'g} ¿kdf k|efljt x'G5 . Psfª\sLdf hLjgsf] s'g} dxŒjk"0f{ df]8sf] lrq0f x'g] x'gfn] Psfª\sLdf kl/j]z :jfefljs ¿kdf cfjZos x'G5 . syfgs÷syfj:t' / kfq cg's"nsf] kl/j]z Psfª\sLdf /xg' kb{5 . cg's"n kl/j]zn] g} Psfª\sLnfO{ :jfefljs, oyfy{ / k|efjsf/L agfp“5 -9sfn, @)&*, k[=&@_. o;/L syfj:t' / kfq;“sf] lgs6td ;DaGw jftfj/0f;“u /x]sf] x'G5 . jftfj/0fn] dfgj hLjgsf] Ps ljlzi6 kIfsf] pb\3f6g ug]{ sfo{ ub{5 . kfqsf] ljrf/, lqmofsnfk, /xg;xg cflb s'/fx¿nfO{ Psfª\sLdf k|o'St jftfj/0f jf kl/j]zsf] k|efj /x]sf] x'G5 . h;sf sf/0f kfqnfO{ syfj:t' cg's'n eO{ Ps csf{;“u ;+jfb jf enfs';f/L ug{, syfj:t'n] cfjZos 7fg]sf] j:t'l:yltnfO{ k|:t't ug{ lgs} dxŒjk"0f{ e"ldsf lgjf{x ePsf] x'G5 . Psfª\sLdf s'g} klg 36gf s'g} klg jftfj/0f jf kl/j]zdf s]lGb|t /x]/ 36]sf] x'G5 . Psfª\sLnfO{ ljZj;gLo agfpg, ;do;fk]If hLjgk4lt, ;fdflhs, /fhg}lts, wfld{s Pjd\ ;f“:s[lts cflb 36gfx¿nfO{ åGåfTds / ;ª\3if{sf] >[hgf ug{sf nflu ;d]t Psfª\sLdf k|o'Qm kl/j]z jf jftfj/0fn] dxŒjk"0f{ e"ldsf lgjf{x u/]sf] x'G5 . ha jftfj/0f :jefljs x'G5, ta Psfª\sLdf a]Un} k|efj 5fPsf] x'G5 . jftfj/0fnfO{ Pp6f ;Dk|]iosf] dfWod agfpg / Psfª\sL hLjGt agfpg jf:tljstf / :jfefljstfh:tf u'0fx¿ x'g' klg ckl/xfo{ dflgG5 h;n] jftfj/0fnfO{ k|efjsf/L agfp“5 . o;} sf/0f Psfª\sLdf jftfj/0f jf kl/j]zsf] dxŒk"0f{ e"ldsf /x]sf] x'G5 . p2]Zo s'g} klg sfo{ ug'{ k"j{ p2]Zo lgwf{/0f ug'{ cfjZos x'G5 . p2]Zo ljgf s'g} klg sfo{n] k"0f{tf kfpg ;Sb}g / p2]Zo ljgfsf] sfo{n] ;kmntf klg k|bfg ub}{g To;} sf/0f s'g} klg sfo{ ug'{ jf ug]{ of]hgf agfpg';“u} p2]Zo Academic Journal of DAMC Vol. 2 97 lgwf{/0f ckl/xfo{ x'g] ub{5 . o;} sf/0f s'g} klg n]v/rgfsf] cfk\mg} p2]Zo x'G5 . To; n]v jf /rgfdf kfqnfO{ ;kmntfdf k'¥ofpg p2]Zosf] dfWodaf6 cleJoSt ug{ vf]h]sf] d"n cfzo JoQm ePsf] x'G5 . o;/L s'g} klg ;flxlTos /rgf ug{sf nflu ljleGg p2]Zo ;dfj]z x'g ;S5g\ . ;dfh jf JolStsf] cfr/0fsf] ;'wf/, ;Gb]z, oyfy{, dgf]/~hg h:tf kIfnfO{ p2]Zosf dfWodaf6 k"0f{tf k|bfg ug{ ;lsG5 . n]vs cfk\mgf] efjgf jf ljrf/nfO{ s]lGb|t u/L Psfª\sLdf k|:t't ug{ vf]h]sf] syfj:t'nfO{ k"0f{ hLjg lbgsf nflUf lglZrt p2]Zosf] 3]/fleq /x]/ n]vsn] ljrf/ k|:t't u/]sf] x'G5 . n]vsn] p2]Zodf cfk\mgf] ljrf/ / cg'ejnfO{ cfwf/ agfP/ /fVg ;S5 . Psfª\sLdf k|foM Pp6f dfq k|efj pTkGg ug]{ vfnsf] x'g dxŒjk"0f{ x'G5 . efiffz}nL ;flxTosf x/]s ljwfsf] clgjfo{ / dxŒjk"0f{ tŒj efiffz}nL xf] . s'g} klg efj jf ljrf/sf] k|:t'lt efiffz}nLsf dfWodaf6 x'g] ub{5 . efiffsf] cefjdf s'g} klg ;flxlTos s[ltn] k"0f{tf kfpg ;Sb}g . Psfª\sLsf ;Gbe{df efiffz}nL ;xh, ;/n, ;/;, 5f]6f]–5l/tf] vfnsf] x'g' kb{5 . ;Dk|]if0fLo efiffn] g} /rgfnfO{ k|efjsf/L agfp“5 To;} sf/0f Psfª\sLdf cfk\mgf] p2]Zo cg's'n bz{s / >f]tfnfO{ s]lGb|t u/L efifz}nLsf] plrt rog ug'{ cfjZos /xG5 . o;sf ;fy} kl/j]z / kfqfg's"n efiffz}nLn] Psfª\sLnfO{ hLjGttf k|bfg ub{5 . Psfª\sLdf ;Lldt ;do tyf kfqsf] k|of]u x'g] x'“bf 5f]6f] ;dodf g} nIo;Dd k'Ug ;lsg] vfnsf] plrt dflgG5 . hl6n efiffn] Psfª\sLnfO{ uGtJo;Dd k'¥ofpg ;Sb}g . ;s];Dd n]vsn] 5f]6f jfSo, sf}t'xntfk"0f{ / /f]rs efiffnfO{ k|efjsf/L ¿kdf k|:t't ug'{ kb{5 . kl/j]z / ;Gbe{ cg'?k cfjZostfg';f/ pvfg 6'Ssf / af]nLrfnLsf] efiffsf] ;fGble{s k|of]u ug{' pko'Qm x'G5 . Psfª\sLsf] jftfj/0fnfO{ ;Dk|]if0f o'St agfpg, syg k4ltnfO{ ;fy{s t'Nofpg ul/g] k|of;n] g} hLjGttf k|bfg ub{5 . xf“:o Joª\Uosf] ;d]t plrt k|of]un] Psfª\sLnfO{ ;/n, ;xh, /f]rs, cfsif{s, snfTds Pjd\ ;/; agfpF5 . Psfª\sLsf] efiff ljifoj:t' / kfqsf] w/ftn tyf dfgl;stfsf] cj:yf cg's'n x'g' plQs} cfjZos b]lvG5 . cleg]otf cfVofg ljwf cGtu{t gf6s / Psfª\sLnfO{ cGo ljwfeGbf km/s ¿kdf k|:t't ug]{ tŒj eg]sf] cleg]otf xf] . cleg]otfnfO{ clego klg elgG5 . Psfª\sL b[Zo ljwf ePsfn] clego ckl/xfo{ tŒj klg xf] . h;sf] cg'kl:yltdf Psfª\sLsf] hLjgsf] ;'?jft klg x'g ;Sb}g . clego eGgfn] syfj:t' jf syfgssf cfwf/df kfqsf dfWodaf6 d~rg ug'{ jf k|:t't ug'{ eGg] a'lemG5 . Psfª\sLsf] ;xL d"Nofª\sg clegoåf/f ul/g] d~rsf] k|:t'ltaf6 x'g] ub{5 . To;}n] clego lagf Psfª\sLsf] s'g} ;fy{stf /x“b}g . clegosf] plrt d"Nofª\sgsf nflu d~rsf] plrt of]hgf / k|efjsf/Ltf x'g' kb{5 . kl/j]z cg';f/ d~rdf k|:t't ul/g] clegon] Psfª\sLnfO{ ;kmn / k|efjsf/L agfp“5 . Psfª\sLsf/n] Psfª\sLdf k|:t't ug]{ 36gf k|;ª\u, p;sf] syfj:t'sf] cj:yf, cGo efj jf kl/j]z tyf Psfª\sLsf tŒjut k|:t'lt clegosf dfWodaf6 x'g] ub{5 . clegoaf6 x'g] s'zn ;Dk|]if0fut efjaf6 ;kmntfsf] lgwf{/0f x'G5 . Psfª\sL d"ntM b[Zo ljwf ePsfn] cleg]otfsf dfWoaf6 n]vsn] /rgf u/]sf] Psfª\sLsf] ;Dk"0f{ ljifosf] k|:t't ul/Psf] x'G5 . Psfª\sLsf] k"0f{tf kfqx¿sf] d~rdf s'zntfk"j{s eO{ bz{s;fd' k|:t't u/]kl5 dfq x'g] ub{5 . ha;Dd Psfª\sLdf k|bz{g x'“b}g ta;Dd Psfª\sLsf] ;kmntf dfkg ug{ ;ls“b}g . kfqn] Psfª\sLsf] clego d~rdf pkl:yt eO{ ub{5 ≤ d~r / clego Ps csf{df kl/k"/s klg 5g\≤ z"Godf Psfª\sLsf] clego x'g ;Sb}g≤ To;}n] d~rljgf Psfª\sL clegosf] sNkgf klg ug{ ;ls“b}g . o;} sf/0f Psfª\sLdf clego ckl/xfo{ tŒjsf ¿kdf /xG5 . Academic Journal of DAMC Vol. 2 98 Psfª\sLsf k|sf/ k"jL{o tyf kZrfTo ;flxTo k/Dk/f cg';f/ Psfª\sLnfO{ leGg–leGg tl/sfn] juL{s/0f ul/Psf] kfOG5 . hxf“ ljifoj:t'sf cfwf/dfM ;fdflhs, kf}/fl0fs, P]ltxfl;s, /fhgLlts, ;flxlTos, bfz{lgs / /fli6«o . k|j[lQsf cfwf/dfM cfnf]rgfTds, efj'stf, k|ultjfbL, ;d:ofd"ns, cfbz{d"ns, dgf]ljZn]if0fd"ns, pkb]zd"ns, ;f]2]Zo, oyfy{d"ns / rfl/lqs . :j¿ksf cfwf/dfM qf;bL, sd]8L, xf“:oJoª\Uo, ;Lkd"ns, PskfqLo, /]l8of] Psfª\sL, gf6\o ¿ks, WjgL ¿ks, k|tLs ¿ks, nIf0fd"ns, ;"rgfd"ns, ;"rgfd"ns / k|x;g Psfª\sL cflb -9'ª\u]n, @)&^, k[=!%^_ . lgisif{ ;flxTosf] >Jo / b[Zo e]bdWo] Psfª\sL b[io e]b cGtu{t kg]{ ljwf xf] . ;flxTosf] ljwfut juL{s/0fsf cfwf/df x]g]{ xf] eg] Psfª\sLnfO{ gf6ssf] lgs6 ljwfsf ¿kdf kfpg ;lsG5 . Psfª\sL eGgfn] Ps cª\sdf ;+/lrt ;flxlTos ljwf eGg] a'lemG5 . Psfª\sL cfk}mdf k"0f{ / :jtGq ¿kdf /lrt ljwf xf] . s'g} Pp6f ljifoj:t'df dfq s]lGb|t eO{ ;Lldt kfqåf/f clego u/L clego s} dfWodaf6 ;Gb]z k|jfx ug]{ clegofTds ljwf g} Psfª\sL xf] . Psfª\sL syfj:t' jf syfgsleq s]lGb|t /xL ;Lldt kfq, Pp6} 36gf, Pp6} p2]Zodf s]lGb|t ePsf], ;"qftds, 5f]6f] / sl;nf] clego k|wfg /rgfsf ¿kdf Psfª\sLnfO{ lrgfpg ;lsG5 . b[ZosfJosf ¿kdf s]lGb|t Psfª\sLsf] d"n j}lzi6o cleg]otf / b[ZofTdstf g} xf] . Psfª\sL k|bz{g ug{sf nflu /ª\ud~rsf] cfjZostf kb{5 . Psfª\sLdf hLjg hut\sf cg'ejx¿nfO{ /ª\ud~rdf kfqx¿sf] lj|mofsnfk / clegosf dfWodåf/f k|:t't ul/g] ePsfn] b[ZofTds ljwfsf ¿kdf lnOG5 . >Jo ljlwåf/f k|fKt ul/g] cfgGbtfeGbf b[ZosfJoaf6 km/s cf:jfbg cfgGb k|fKt, cfsif{s, ?lrs/ / k|ToIfLs/0f x'G5 . Psfª\sL d"ntM clegofTds ljwf ePsfn] o;sf] k|:t'lt /ª\ud~rf ug{sf nflu /rgf ul/G5 . o;} sf/0f Psfª\sLsf] ;+/rgf d~rgsf b[li6n] ;kmn x'g' kb{5 . o;/L g]kfnL ;flxTodf kfZrfTo ;flxTo k/Dk/faf6 lelqPsf] Psfª\sL ljwf ;+:s[t ;flxTodf ¿kssf !) e]bdWo] ef0f, Jofof]u, pT;[i6fª\s / jLyL e]bx¿ g} Ps} cª\sdf l;lh{t ePtf klg oLgnfO{ Psfª\sL egL gfds/0f ul/Psf] kfO“b}g . o;} sf/0f Psfª\sLsf] gfdfs/0f / l;h{gf k/Dk/fsf] >]o klZrdf ;flxTonfO{ lbOPsf] kfOG5 . n]vs kl/roM k|sfz ;'j]bL, ;xfos k|fWofks, b]jbx cfbz{ ax'd'vL SofDk;, b]jbx, ¿kGb]xL, n'lDagL k|b]z, g]kfn ;Gbe{ ;fdu|L clwsf/L, /fdnfn -!(&& O{=_= g]kfnL Psfª\sL ofqf= g]kfnL ;flxTo ;~rlosf . cof{n, e}/j -;Dkf_= ;femf Psfª\sL= ;femf k|sfzg . pkfWofo, s]zjk|;fb= zdf{, uf]kLs[i0f -@)%*= t];|f] ;+=_= g]kfnL Psfª\sL efu #= ;femf k|sfzg . 9sfn, zflGtk|;fb / cGo -@)&*_= g]kfnL gf6s, Psfª\sL / lgaGw= lkgfsn klAns];g . k/fh'nL, uf]kfn -@)#&_= Psfª\sLsf] kl/ro= ;femf k|sfzg . 9'ª\u]n, ef]h/fh / bfxfn, vu]Gb| -@)&^_= g]kfnL gf6s, Psfª\sL / lgaGw= Pd=s]= klAn;;{ PG8 l8l:6«Ao'6;{ . k|wfg, s[i0f rGb|l;+x / cGo -@)&*_= gf6s / Psfª\sL= ljBfyL{ k|sfzg . kf]v|]n, /fdrGb| -@)^@_= g]kfnL Psfª\sL l;4fGt / ;ldIff= ljBfyL{ k':ts e08f/ . e08f/L, kf/;d0fL / cGo -@)^&_= g]kfnL gf6s Psfª\sL / lgaGw= ljBfyL{ k':ts e08f/ . e08f/L, kf/;dl0f / cGo -@)^$_= g]kfnL gf6s, Psfª\sL / lgaGw= ljBfyL{ k':ts e08f/ . zzL, af;' -@)$%_= g]kfnL Psfª\sL= ;femf k|sfzg . Academic Journal of DAMC Vol. 2 99 jflSqmof l;4fGt / dfGotf pk k|f=nIdL cfrfo{ n]v;f/ k|:t't n]v jflSqmof l;4fGt / dfGotf;Fu ;DalGwt 5 . h]=Pn= cl:6gsf] jflSqmof l;4fGt / hg=cf/= ;n{sf] jflSqmof l;4fGtsf cfwf/df lqmofsf] ;Dkfbgsf/L sfo{sf] af/]df :ki6 kfg{' o;sf] p2]Zo /x]sf] 5 . o; n]v lgdf{0fsf nflu ;}4flGts k4ltsf pkof]u ul/Psf] 5 . k"j{sfo{sf] cWoogaf6 k|fKt 1fg tyf To;sf] ;f/sf cfwf/df n]v tof/ ul/Psfn] k"0f{tM låtLo ;|f]t ;fdu|Lsf] pkof]udf cfwfl/t /x]sf] 5 . jf0fL cyf{t\ jfs\sf] k|of]u;Fu ;DalGwt /x]/ jQmfsf] dgf]efj / >f]tfsf] l:yltdf x'g ;Sg] sfo{nfO{ cfwf/ dfgL jflSqmof l;4fGtnfO{ cufl8 ;fl/Psf] 5 . h]=Pn=cl:6gn] ;Dkfbgsf/L lqmofaf6 sfo{ ;Dkfbg x'g cfjZos ;t{x¿nfO{ pNn]v ub}{ JolQm / :yfgsf] pko'Qmtf, sfo{sf] k"0f{tf / pko'Qmtf cfzosf] pko'QmtfnfO{ pNn]v u/]sf 5g\ . cl:6gsf lzio ;n{n] klg jflSqmof l;4fGtnfO{ d"t{tf k|bfg ug{ jflSqmofsf nflu k"j{ tof/L ;t{, k|lt1lKtk/s j:t'sf] ;t{, ;b\efjgfsf] ;t{,cTofjZos ;t{ u/L rf/j6f ;t{ cufl8 ;fb}{ jflSqmofnfO{ lgZrofy{s, lgb]{zgfTds, k|lt1fd"ns, cleJolQmd"ns / 3f]if0ffTds u/L kfFr k|sf/sf jflSqmofsf] pNn]v u/]sf 5g\ . o; n]vnfO{ cfwf/ dfGb} efiff lzIf0fsf ;Gbe{df jflSqmofsf] l;4fGt / dfGotfsf cfwf/df efiffsf] k|of]u ;Gbe{ klxNofpg o; cWoogn] ;xof]u k'¥ofpg] ck]Iff ul/Psf] 5 . zAbs'~hLM jflSqmof, ;"rgfd"ns, ;Dkfbgsf/L, zAb, k|bz{gfTds ljifo kl/ro dfgj hfltsf] ljrf/ ljlgdosf] ;zQm dfWod efiff xf] . ;+;f/df cl:tTjdf /x]sf k|f0fLdWo] dfgj dfqn] Ps csf{;Fu bf]xf]/f] s'/fsfgL ug]{ x'gfn] efiff dfgjLo j:t'sf ¿kdf lng ;lsG5 . k"jL{o k/Dk/fdf …:ki6 af]Ng'Ú cy{ lbg] …efif\Ú wft'df …cÚ k|Toosf] ;+of]hg eP/ lgld{t …efiffÚ -u'/f]Zr xnM ci6fWofoL ÷#÷#÷!)#_ / To;df …cfÚ -6fk\_ k|Toosf] ;+of]hg x'Fbf lgdf{0f ePsf] efiff -chfBti6fk ci6fWofoL, $÷!÷$_ zAbn] :ki6 af]nL jf jfs\nfO{ lrgfPsf] 5 . k"j{df efiffsf] lrGtg ul/P h:t} kfZrfTo k/Dk/fdf klg efiffnfO{ ljrf/ ljlgdosf] ;fwg dfGb} efiffzf:qL ;lk/n] klg efiffnfO{ ljrf/, efj, OR5f cflbsf] ljlgdosf] dfWod dfg]sf 5g\ -rf}nfufO+{, @)^(, k[=!_ . efiff dfgjLo j:t' ePsfn] jQmf / >f]tfn] pRrf/0f u/]sf] jfs\ cyf{t\ af]nL;Fu ;DalGwt k|sfo{nfO{ jflSqmof l;4fGtsf dfWodaf6 :ki6 kfg]{ k|of; ul/Psf] 5 . jQmf jfrssf] e"ldsfdf /xFbf p;sf jflSqmofaf6 >f]tfnfO{ hfgsf/L u/fpg] tyf k|ltlqmofsf nflu p4t u/fpg] ;fdYo{ jfs\n] /fVb5 . efiff /;dfh Ps csf{sf k"/s ;fwg x'g\ . efiff ljgf ;dfhsf] ljsf; x'g / ;dfhljgf efiffsf] cl:tTj /xg ;Dej xF'b}g -yfkf, @)^(_ . efiffsf] k|of]uk/s cy{nfO{ k|of]ufy{ / o; k|sf/sf] cy{sf] cWoog ug]{ ljifonfO{ k|of]ufy{ lj1fg elgG5 eg] o;sf] cWoog If]qleq /x]/ jflSqmof l;4fGtsf] cWoog ul/G5 . efiff / ;dfh Ps csf{sf k"/s ;fwg x'g\ . Academic Journal of DAMC Vol. 2 100 cfw'lgs efiff lj1fgsf If]qdf ;d;fdlos k|efjsf sf/0f lgdf{0f ePsf bfz{lgs k|Zgx¿sf] ;dfwfg vf]Hg] qmddf pgdf ljlzi6 b[li6sf]0fnfO{ cufl8 ;fg]{ qmddf cl:6gn] krf;sf] bzsdf xfj8{ o'lgel;{6L / as{n]sf] e|d0fsf qmddf ;g\ !(%% df ljlnod h]D:f efif0fdfnf efif0f lbg] qmddf zAbx¿sf] ;Dkfbgsf/L lqmof / ;'xfpFbf ;t{ ;DaGwL cjwf/0ff k|:t't u/] . ;f]xL ;Dkfbgsf/L lqmofnfO{ How to do things with words < zLif{ssf] k':tssf ¿kdf ¿kdf k|sflzt eof] . cl:6gn] efiffsf] bz{gdf SofG6 la|lhog lj6h]G:6fOg / cl:6gsf ;fyL cf]S;f]lgog luNa6{ /fOnsf] ;fydf zAbx¿nfO{ ;fdfGotof cy{ :ki6 ug{ k|of]u ul/G5 / bfz{lgs e|daf6 ub{5 aRgsf nflu s8f ¿kdf jsfnt ub{5g\ . eflifs pRrf/af6 ;DkGg x'g] sfd eg]/ gofF cjwf/0ff rrf{ ub}{ efifflzIf0fsf ;Gbe{df cl:6gsf] jflSqmofsf] k|of]u ;Gbe{ / sfo{sf] rrf{ ul/G5 . cWoogsf] p2]Zo k|:t't jflSqmof l;4fGt / dfGotf;Fu ;DalGwt n]vdf h]=Pn= cl:6gsf] jflSqmof l;4fGt / hg cf/ ;n{sf] jflSqmof l;4fGtsf cfwf/df lqmofsf] ;Dkfbgsf/L sfo{…zAbx¿åf/f sfd s;/L ug]{Ú -How to do things with words<_ nfO{cfwf/ dfgLefifflzIf0fsf ;Gbe{df jflSqmof l;4fGtsf] k|of]u;Gbe{ klxNofpg' o; cWoogsf] p2]Zo /x]sf] 5 . cWoog ljlw k|:t't cg';Gw]o ljifo j0f{gfTds 9fFrfdf cfwfl/t 5 . ;fdu|L ;ª\sngdf låtLos ;|f]t ;fdu|Lsf] pkof]u ul/Psf] 5 . k':tsfnosf] pkof]u u/L ljleGg ;Gbe{ k':ts hg{n cg';Gwfgd"ns n]v cflbsf] pkof]u u/L j0f{gfTds ¿kdf lgisif{df k'luPsf] 5 . kl/df0f tyf 5nkmn h]=Pn= cl:6gsf] efifflj1fgdf of]ubfg cfw'lgs efiff lj1fgsf If]qdf h]= Pn=cl:6gsf] - ;Gf\ !(!! _ sf] of]ubfg cToGt} dxŒjk"0f{sf ;fy} efiff l;4fGtsf] k/Dk/f lgdf{0fs 5 . c/:t', sfG6, nfOalgh / Kn]6f]af6 k|efljt pgdf ;d;fdlos k|efjsf sf/0f bfz{lgs k|Zgx¿ lgdf{0f eP eg] To:tf bfz{lgs k|Zgx¿sf] ;dfwfg vf]Hg] qmddf pgdf ljlzi6 b[li6sf]0f k}bf eof] bf];|f] ljZjo'4df ;]gfdf ;d]t sfo{ u/]sf cl:6gn] c;kmf]8{df ljZjljBfnodf k|fWofkssf ¿kdf sfo{ u/] . ;f]xL qmddf cl:6gsf] krf;sf] bzsdf xfj8{ o'lgel;{6L / as{n]sf] e|d0fsf qmddf ;g\ !(%% df ljlnod h]D:f efif0fdfnf efif0f lbg] qmddf zAbx¿sf] ;Dkfbgsf/L lqmof / ;'xfpFbf ;t{ ;DaGwL cjwf/0ff k|:t't u/] . ;f]xL ;Dkfbgsf/L lqmofnfO{ How to do things with words< zLif{ssf] k':tssf ¿kdf ¿kdf k|sflzt eof] . jQmf / >f]tflar zAbx¿åf/f s;/L sfo{ ;Dkfbg ug]{ eGg] ;Gbe{df cl:6gn] ;g\ !(%%–!(^@ ;Dd cS;kmf]8{ / xfj{8 ljZjljBfnodf ljlnod h]D; efif0fdfnf cGtu{t lbPsf k|jrgx¿nfO{ ;Dkfbg u/L k|sfzg ul/Psf] k':ts …zAbx¿åf/f sfd s;/L ug]{Ú -How to do things with words<_ df eflifs pRrf/af6 ;DkGg x'g] sfd eg]/ gofF cjwf/0ff NofP. eflifs pRrf/0faf6 klg s]xL sfd x'G5 eg] s]xL ug]{ sfd klg x'G5 . efif0f u/]/ dfq klg sfo{ ;Dkfbg x'G5 eGg] s'/fnfO{ sfo{ ;Dkfbg -Act of performance_ eg]sf 5g\ -aGw' @)&&_ . cl:6gsf cg';f/ eflifs pRrf/0faf6 klg s]xL atfpg] sfo{ x'G5 / s]xL ug]{ sfo{ ;d]t x'G5 eGg] s'/fnfO{ :ki6 kfb}{ sfo{;DkfbgnfO{ cufl8 ;f/]sf x'g\ . Academic Journal of DAMC Vol. 2 101 cl:6gåf/f k|of]u ul/Psf nf]So';g/L, ONnf]So';g/L] / knf]{So';g/L h:tf zAbnfO{ ¿kfGt/0f ug{ sl7g x'g] ;Gbe{df eg]sf 5g\— æd Ps k|sf/sf pRrf/0fsf af/]df rrf{ ug{ rfxG5' syg h'g syg h:tf]] b]lvG5 t/ Tof] g ;To xf] g c;To . olb s'g} JolStn] To; k|sf/sf] pRrf/0f u¥of] eg] xfdL s] eG5f} eg] To;af6 s]xL eGg] sfd dfq} xf]Og, ug]{ sfd klg x'Fb}5 Æ-cl:6g !(^!M @@) pb\3[tM aGw' @)&&, k[=!%#_ . To;sf/0fn] cl:6gn] ;"rgfd"ns -constantives_ / ;Dkfbgsf/L -performative_ lqmofsf] rrf{ u/]sf 5g\ . pgsf cg';f/ efiffsf] k|of]uaf6 s'g} ljifodf ;"rgf lbg] sfd dfq geO{ sfo{ ;Dkfbg -act of Performance_ klg x'G5 eGb} jflSqmof l;4fGtnfO{ cufl8 ;f/]sf x'g\ efiffdf k|of]u x'g] af]nL syg, zAb / eflifs ;ª\s]t eg]sf ;"rgfsf ¿k;Fu} efiffsf sfo{x¿ x'g eGb5g\ . pgn] o;/L sfo{ ;Dkfbg ug{ ;Sg] lqmofsf ¿knfO{ ;Dkfbgsf/L lqmof -performative verb_eg]sf 5g\ . zAbx¿n] s;/L sfo{ ;Dkfbg ub{5g\ How to do things with words<cl:6gsf] dxŒjk"0f{ k':ts xf] . cl:6gsf cg';f/ ;fFrf] cy{ ePsf jfSox¿n] egfOsf] If]qaf6 ;fgf] c+z dfq agfpF5 . olb w]/} k|sf/sf egfO k|:t't ul/Psf] 5 eg] To;af6 em'6f] jf ;fFrf] s'g} Ps bfjL u5{ eg] To; k|bz{gfTds eGffOnfO{ ;Dkfbgsf/L elgG5 eg] sfo{ ;Dkfbg ga'emfpg] jfSox¿ ;"rgfd"ns x'G5g\ . sfo{ k|bz{gfTds egfOsf qmddf jfSon] k|bz{g ul/Psf] sfo{nfO{ a'emfpF5 h;nfO{ cl:6gn] jflSqmof -Speech act_ eg]sf 5g\ . h:tf] ls ;ky u|x0f ;df/f]xdf pleP/ …d ;ky lnG5'Ú eGbf ;ky lnPsf] jf sfo{ ;Dkfbg ePsf] a'lemg cfpF5 . o; jfSon] sfo{sf] ;"rgf dfq glbO{ sfo{sf] ;Dkfbg a'emfPsf] x'G5 . cl:6g eGb5g\ s'g} k|bz{gfTds egfOsf] ;DaGwdf unt x'G5g\ . p;n] /fv]sf] syg …ckdfghgsÚ jf em"7f] eGbf b'MvL xf] -cl:6g,!(%%_.pgn] k|bz{gfTds sygnfO{ jflSs|of eg]sf 5g\ h'g sfo{sf] k|sf/;Fu ;DalGwt 5 . pgsf cg';f/ rf/ k|sf/sf k|bz{gsf/Lx¿ zAbx¿ /x]sf 5g\ . tL x'gM s= :ki6 v= lglxt u= cflbd 3= c:ki6 cl:6gsf cg';f/ lqmof ;Dkfbgsf/L / ;"rgfd"ns -performative and constative_ u/L b'O{ k|sf/sf x'G5g\ . sfo{ ;Dkfbgsf nflu ;Dkfbgsf/L lqmofn] sfo{ ub{5 eg] s'g} 36gf jf sfo{af/]df ;"rgf k|jfx ug{ ;"rgfd"ns lj|mofsf] pkof]u ul/G5 . 3f]if0ff ug{', k|lt1f ug{', dfkmL dfUg', wGojfb lbg', /fhLgfdf dfUg', h:tf lqmofn] sfo{ ;Dkfbg ePsf] hgfpg] x'Fbf oL ;Dkfbgsf/L lj|mof x'g\ . o:tf lj|mofsf dfWodaf6 sfo{ ;Dkfbg x'gsf nflu s]xL zt{ k"/f x'g' kb{5 . k|yd k'?if, jt{dfg sfn, ;fdfGofy{ jf lgZrofy{ lqmofkb /flvg'kb{5 . h:t}M d}n] uNtL u/]sfn] dfkmL dfUb5' . olb lqmofkb clglZrttf, ;Defjgf, jf k|yd k'?if afx]]s cGo k'?ifdf 5 eg] pQm jfSon] sfo{ ;Dkfbg ga'emfO{ ;"rgf ;Dk|]if0f ug]{ ePsfn] To:tf lqmofkbx¿ ;Dkfbgsf/L lqmof x'g ;Sb}gg . cl:6gn] ;Dkfbgsf/L lqmofaf6 sfo{ ;Dkfbg x'g cfjZos ;t{x¿nfO{ ;'xfpFbf ;t{ -felicity Conditions_ eg]sf 5g\ . To:tf ;t{x¿df s= JolQm / :yfgsf] pko'Qmtf v= sfo{sf] k"0f{tf / pko'Qmtf u= cfZfosf] pko'Qmtf /x]sf 5g\ . h]=Pn= cl:6g kfZrfTo eflifs bz{gsf bfz{lgs efifflj1fgsf k|d'v k|jStf x'g\ . cl:6g jflSqmof Academic Journal of DAMC Vol. 2 102 l;4fGTf ;DaGwdf cfˆgf wf/0ff cufl8 ;fg]{ ljåfg x'g\ . pgsf cg';f/ efiffsf] k|of]uaf6 s'g} ljifodf ;"rgf lbg] sfd dfq geO{ sfo{ ;Dkfbg -act of Performance_ klg x'G5 eGb} jflSqmof l;4fGtnfO{ cufl8 ;f/]sf x'g\ . efiffdf k|of]u x'g] af]nL syg, zAb / eflifs ;ª\s]t eg]sf ;"rgfsf ¿k;Fu} efiffsf sfo{x¿ x'g eG5g\ . pgn] o;/L sfo{ ;Dkfbg ug{ ;Sg] lqmofsf ¿knfO{ ;Dkfbgsf/L lqmof -performative verb_ eg]sf 5g\ . pSt ;Dkfbfgsf/L lqmofsf sf/0fn] g} eflifs ljrf/sf] ljlgdo x'G5 . efiff pRrf/ cg';f/ km/s km/s :yfgdf leGg 9ª\un] k|of]u ul/Psf] x'G5 . ;n{ / jflSqmof jflSqmof l;4fGtsf] k|f/De cl:6gaf6} ePsf] eP klg o;sf] ljsf;df cl:6gsf lzio hf]g ;n{sf] of]ubfg dxŒjk"0f{ /x]sf] b]lvG5 -aGw',@)&&_ . ;n{sf] …cfzo / ;Gbe{ Ú-Sense and reference_ zLif{ssf] u|GynfO{ …jflSqmofÚ -Speech Acts An Essay in the philosophy of Language_ zLif{sdf k|sflzt u/]sf 5g\ . cl:6gsf ;Dkfbgsf/L lqmofaf6 ;DkGg x'g] sfo{ jf sfo{ ;DkfbgnfO{ g} ;n{n] jflSqmof eg] / o;nfO{ l;4fGtsf ¿kdf :yflkt ;d]t u/] cl:6gs} lzio ;n{n] ;g\ !(^( df Speech act -jflSqmof_ zLif{sdff k':ts k|sfzg u/] . ;n{sf] cg';f/ efiffsf] pRrf/0faf6 Ps} ;fy tLgj6f sfo{ ;DkGg x'G5g\ . Searle and at all-1980_ sf cg'¿kklxnf] sfo{ cy{o'Qm jfSosf] pRrf/0f xf] . of] efiffsf] pRrf/0f dfq} ug]{ sfo{ . p2]Zo / ljw]o ;lxtsf] cy{o'Qm jfSo xf] . o;/L jfSo pRrf/0f ug]{ sfo{nfO{ nf]So';g/L lj|mof elgPsf] 5 . o:tf jfSodf lglxt nf]So';g/L zlQmn] jfSonfO{ cy{o'Qm agfpF5 . bf];|f] sfo{ ONnf]So';g/L lqmof xf] . pRrl/t jfSoaf6 jQmfn] >f]tfnfO{ s]xL sfd ug{ k|]l/t u5{ . jQmfn] efiffsf] k|of]uaf6 s'g} sfo{ ;Dkfbg u5{ . o;}nfO{ ONnf]So';g/L lsof elgPsf] 5 . jfSodf jf eflifs pRrf/0fdf lglxt ONnf]So':fg/L zlQmaf6 o:tf lj|mof ;DkGg x'G5g\ . eflifs pRrf/0faf6 x'g] t];|f] sfo{ ;'Gg] >f]tfnfO{ k|efj kfg]{ sfo{ xf] . jQmfsf] egfOaf6 >f]tfdf pQ]hgf k}bf x'g uO{ ljleGg ;+j]ux¿ b]vfpg yfN5 eg] To:tf] l:ylt >f]tfdf k/]sf] k|efj xf] . o;/L k|efj kfg]{ sfo{nfO{ knf]{So';g/L lqmof elgPsf] 5 . eflifs pRrf/0fdf lglxt knf{]So';g/L zlQmsf sf/0f sfo{ ;Dkfbg ePsf] x'G5 -ofbj / /]UdL,@)%(=k[= @#_ . cl:6gsf cg';f/ sfo{ ;Dkfbgsf nflu lqmofsf] cfjZostf kb{5 t/ ;n{sf cg';f/ h'g;'s} lqmofaf6 ;Dkfbgsf/L sfo{ ;Dkfbg jf jflSqmof x'g ;Sb5 . cl:6gsf cg';f/ ;Dkfbgsf/L lj|mofn] sfo{ ;Dkfbg ub{5g\ . ;"rgfd"ns lqmofn] sfo{ ;Dkfbg ub}{gg\ eg] ;n{sf cg';f/ sfo{ ;Dkfbg ug{ ;Sg] h'g;'s} lqmof klg ;Dkfbgsf/L lqmof x'g\ . o;/L cl:6g / ;n{sf jflSqmof ;DaGwL cjwf/0ffdf yf]/} leGgtf b]Vg ;lsG5 . jflSqmofsf k|sf/ ;n{n] jflSqmof ;Dkfbgsf nflu cl:6gn] cl3 ;f/]sf cfjZos ;t{x¿nfO{ cem a9L :ki6tfsf ;fy JofVof ub}{ jflSqmofsf k|sf/sf] ljefhg ub}{ k|ToIf tyf ck|ToIf jflSqmofsf] klg rrf{ u/]sf 5g\ . ;n{n] lqmofsf] cy{ jQmfsf] clek|fo / >f]tfdf kg]{ k|efjsf cfwf/df jflSqmofnfO{ kfFr k|sf/df ljefhg u/]sf 5Gf\ . tL x'g\M s= lgZrofy{s -Assertatives_M k|lt1lKtsf] ;Totfdf cfˆgf] ;dy{g agfpFb} cfkm\gf] k|lta4tf hgfpg] jflSqmof lgZrofy{s jflSqmof xf] . lgZro u5{' , ljZjf; u5{' , lg0f{o u5{' , ;dy{g u5{', lgisif{ lgsfN5' , atfpF5' h:tf lqmofsf] k|of]uaf6 lgZRfofy{s jflSqmof ;DkGg x'G5 . h:t}M …cfhsf] a}7ssf] lg0f{ok|lt d k"0f{ Academic Journal of DAMC Vol. 2 103 ;xdt 5' .Ú v= lgb]{zgfTds -Directives_M jQmfn] >f]tfnfO{ s'g} sfo{ ;DkGg ug{ lgb]{zg lbg] jflSqmof lgb]{zgfTds jflSqmof xf] . o;df cf1f lbG5', cg'/f]w u5'{ h:tf lqmofsf] k|of]u x'G5 . h:t}M …lxhf]sf] u[xsfo{ b]vfpm .Ú u= k|lt1fd"ns -commissives_M jStfn] eljiodf cfkm}n] s]xL sfo{sf nflu k|lta4tf hgfpg] lqmof k|lt1fd"ns jflSqmof xf] . o;df jQmfn] k|lt1f ubf{ ;ky lnG5', s;d vfG5' , saf]n u5'{, h:tf lqmofsf] k|of]u ul/Psf] x'G5 . h:t}M …d cab]lv ;dodf 3/ cfpg] k|lt1f u5{' .Ú 3= cleJolQmd"ns -Expressives_M jQmfn] s'g} 36gf jf cj:yfaf/] cfˆgf] cleJolQm k|s6 ug]{ jflSqmof cleJolQmd"ns jflSqmof xf] . o;df wGojfb lbG5', :jfut u5{' , awfO{ lbG5', h:tf lj|mof k|of]u u/L cj:yfaf/] cleJolQm k|s6 ul/G5 h:t}M …d]/f ljrf/ /fVg lbg'ePsf]df wGojfb lbG5' . d ltdLnfO{ d]/f] 3/df :jfut ub{5' .Ú ª= 3f]if0ffTds -Declaratives_M jQmfsf] eflifs pRrf/0faf6 afWo kl/l:yltdf kl/jt{g Nofpg] jflSqmof 3f]if0ffTds jflSqmof xf] . o;df 3f]if0ff u5'{, /fhLgfdf u5{' , lgo'Qm u5{' h:tf lqmofsf] k|of]u ul/G5. h:t} M …d tkfO{nfO{ d]/f] lghL ;Nnfxsf/sf] kbdf lgo'Qm u5{' .Ú jflSqmofsf ;t{ -conditions for Speech act_ cl:6gn] sfo{ ;Dkfbgsf nflu ;t{x¿ lglZrt u/] em}F ;n{n] klg jflSqmofsf ;t{x¿sf] rrf{ u/]sf 5g\ . tL o;k|sf/ 5g\M s= k"j{ tof/L ;t{ -preparatory condition_ jflSqmdf ;DkGg x'g cfjZos kg]{ jf:tljs ;+;f/sf k"jf{jZos s'/f g} k"j{ tof/L ;t{ x'g\ . h:t}M cg'/f]w jflSqmof ;DkGg ug]{, qmddf jQmfdf >f]tfn]pQm sfd ug{ ;S5 eGg] ljZjf;/ cg'/f]w gu/L p;n] sfd u5{ eGg] ;DaGwdf c:ki6 x'g' k"j{tof/L ;t{ x'g\ . v= k|lt1lKtk/s j:t'sf] ;t{ eflifs pRrf/sf] k|lt1lKtaf6 a'lemg cfpg] cy{ g} k|lt1lKtk/s cy{ xf] . k|lt1lKtsf] cy{ pko'Qm ePdf dfq jflSqmof ;DkGg x'G5 . of] g} k|lt1lKtk/s j:t'sf] ;t{ xf] . u= ;b\efjgfsf] ;t{ -sincerely condition_ ;b\efjgfsf] ;t{ cGtu{t jflSs|of ;befjk"j{s ;Dkg ug{ cfjZos kg]{ ;t{x¿ kb{5g\ . h:t}M cg'/f]w jflSqmof ;DkGg x'g jStfdf >f]tfn] lbPsf] sfo{ ;DkGg u/f];\ eGg] rfxgf x'g' ;b\efjgfsf] xf] . 3=cTofjZos ;t{ -Essential condition_ M jflSqmof ;DkGg x'g cfjZos kg]{ k/Dk/fut ;t{ g} cTofjZos ;t{ xf] . cg'/f]w jflSqmof ;DkGg x'g\ jQmfn] >f]taf6 pQm sfo{ ;DkGg u/fpg] k|of; ug{'k5{ . lgisif{ cS;kmf]8{ ljZjljBfnosf k|fWofks h]=Pn= cl:6gsf] jQmf / >f]tflar zAbx¿åf/f s;/L sfo{ ug]{ eGg] ;Gbe{df xfj8{ ljZjljBfno / cS;kmf]8{ ljZjljBfnodf lbPsf ljlnod h]D; efif0fdfnfdf lbPsf efif0fx¿nfO{ ;d]6]/ zAbx¿åf/f s;/L sfo{ ug{ ;S5 < eGb} ;Dkfbgsf/L sfo{ / ;"rgfd"nssfo{ hgfpg] lj|mofsf] cjwf/0ff cufl8 ;f/]sf 5g\ . cl:6gn] ;Dkfbgsf/L lqmofaf6 sfo{ ;Dkfbg x'g cfjZos ;t{x¿nfO{ Academic Journal of DAMC Vol. 2 104 pNn]v ub}{ JolQm / :yfgsf] pko'Qmtf, sfo{sf] k"0f{tf / pko'Qmtf cfzosf] pko'QmtfnfO{ pNn]v u/]sf 5g\ . cl:6gsf lzio ;n{n] klg jflSqmof l;4fGtnfO{ d"t{tf k|bfg ub}{ jflSqmofsf nfluk"j{ tof/L zt{, k|lt1lKtk/s j:t'sf] ;t{, ;b\efjgfsf] ;t{, cTofjZos ;t{ u/L rf/j6f ;t{ cufl8 ;fb}{ jflSqmofnfO{ lgZrofy{s, lgb]{zgfTds, k|lt1fd"ns, cleJolQmd'ns / 3f]if0ffTds u/L kfFr k|sf/sf jflSqmofsf] pNn]v u/]sf 5g\ . kfZrfTo eflifsbz{g tyf efiff lj1fgdf h]= Pn= cl:6gsf] of]ubfg pNn]vgLo b]lvG5 . eflifs pRrf/sf qmddf jQmf / >f]tfsf lardf ;Dkfbgsf/Ltyf ;"rgfd"ns sfo{ ;DkGg x'G5g\ . efiffsf] ;Gbe{ / k|of]u k|;Ë cg's"nsf] eflifs lqmofnfO{ ;ª\s]t ub{5 . efiff lj1fgsf ljleGg If]q ;lxt k|of]ufy{ efiff lj1fg tyf efiff lzIf0fsf ;Gbe{df jflSqmofsf] l;4fGt / dfGotfsf cfwf/df efiffsf] k|of]u ;Gbe{ klxNofpg o; cWoogn] ;xof]u k'¥ofpg ;Sg] b]lvG5 . n]vs kl/roM pk k|f=nIdL cfrfo{, o1f]bo b'wgfy yf? ax'd'vL SofDk; ;Gbe{;"rL cl:6g, h]=Pn= -!(&%_= xfp 6' 8' lyª\; jLy j8{= cS;kmf]8{ o"lgel;{l6 k|]; . rf}FnfufO{+, k|]dk|;fb -@)&(_= efiff lj1fgsf] k/Dk/f / k4lt= cf]l/PG6n klAns];g . aGw', r"8fdl0f -@)%&_= efifflj1fgsf ;Dk|fbo, - bf]=;:s=_= Pstf a'S; . aGw', r"8fdl0f -@)&&_= efifflj1fg, - b;f}F ;+:s=_= ;femf k|sfzg . yfkf, lbg axfb'/ -@)^(_= ;dfh efiff lj1fg= sfi7d08k k':ts 3/ . ofbj, of]u]Gb|k|;fb / /]UdL eLdgf/fo0f -@)%(_= efifflj1fg= -bf]=;+:s=_= Go' lx/f a'S; OG6/k|fOh]h . ;lj/, P8j8{ -!(@!_= Nofª\u'Oh Pg OG6«f]8S;g 6' b :68L ckm :kLr= Go"cf]s{ xf/s6{ a|]; PG8 jN8 . ;]n]{, h]=cf/=, Pkm / cGo -!(*)_= :kLr PS6 Yof]/L PG8 k|fUdfl6; 8/8«]r= xf]Nof08 l8 l/o8n klAnl;ª sDkgL . Academic Journal of DAMC Vol. 2 105 Academic Journal of DAMC Vol. 2 106 Academic Journal of DAMC Vol. 2