PERFORMANCE EVALUATION OF EQUITY-LINKED SAVINGS

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PERFORMANCE EVALUATION OF EQUITY-LINKED SAVINGS

SCHEMES OF MUTUAL FUNDS: AN EMPIRICAL STUDY

Dr. S. Srinivasarao

Associate Professor,PG Department of Commerce and Management,

TJPS COLLEGE (PG COURSES), GUNTUR,AP,522006

Email: ssr2[email protected]

ABSTRACT:

This paper evaluates the performance of the top ten Equity Linked Saving Schemes

(ELSS) offered by various mutual funds in India, using metrics such as Beta, Sharpe ratio,

and Treynor ratio. ELSS is a tax-advantaged investment under Section 80C of the Income

Tax Act of 1961, allowing investors to benefit from potential tax rebates and savings. The

analysis shows that most of the ELSS schemes have consistently outperformed based on

Treynor's Ratio and Sharpe Ratio, reflecting their ability to generate favourable returns

considering the associated risk. The paper aims to suggest suitable ELSS schemes for

investors to help them achieve their investment objectives, providing valuable insights for

making informed investment decisions.

Keywords: ELSS Mutual Funds, Beta, The Sharpe Ratio, Treynor’s Performance Index.

Introduction

Saving refers to the act of setting aside a portion of one's income after expenses,

which can be deposited in banks or invested in financial and physical assets to generate

returns. Stock investing offers higher returns, but it carries risks due to market knowledge and

sentiment. Mutual funds have emerged as a less risky option to invest savings in stocks, with

expert fund managers managing investors' funds. Profits from mutual funds are distributed to

unitholders based on their unit holdings. The Indian mutual fund industry provides

professional management and diversification, with each scheme having specific investment

objectives. Tax planning is important, and Section 80C of the Income Tax Act allows

taxpayers to save taxes by investing in tax-advantaged options like equity-linked savings

schemes (ELSS). ELSS funds invest in equity and aim for attractive returns across sectors,

with a three-year lock-in period.

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Growth of Mutual funds in India

The mutual fund industry in India has witnessed significant milestones and

remarkable growth since its inception. It began in 1963 with the formation of UTI, followed

by the entry of public-sector mutual funds in 1987 and private-sector funds in 1993. The

industry faced challenges during the global financial crisis in 2009 but rebounded with the

implementation of regulatory measures by SEBI in 2012. The industry's assets under

management (AUM) crossed ₹10 trillion in May 2014, ₹20 trillion in August 2017, and ₹30

trillion in November 2020. The overall size of the Indian MF Industry has increased five-fold

from ₹8.68 trillion in May 2013 to ₹43.20 trillion in May 2023. Investor folios have more

than doubled in five years, from 7.34 crore in May 2018 to 14.74 crore in May 2023. The

industry's growth can be attributed to SEBI's regulatory measures and the efforts of mutual

fund distributors to expand the retail base. Additionally, systematic investment plans (SIPs)

have gained popularity, with over 6.53 crore SIP accounts as of May 2023. These milestones

reflect the resilience and success of the Indian mutual fund industry.

Review of Literature

The mutual fund (MF) industry plays a significant role in the Indian Financial System,

and numerous studies have been conducted both in India and abroad to explore various

aspects of MF. These studies encompass descriptive and empirical analyses, focusing on the

overall MF industry or specific aspects within it. By reviewing these studies, researchers have

identified problem areas and gaps in the existing research, providing valuable insights for

further investigation. This comprehensive review aids in recognizing the challenges and

opportunities associated with MF, guiding future research endeavours.

Pratap and Gautam (2020)

this study focused on the selection of an optimal Equity Linked

Saving Scheme (ELSS) in India that offers both tax relief and attractive returns while

minimizing risk. The research evaluated the performance of five prominent mutual fund

companies based on their assets under management. By employing statistical tools such as

standard deviation, Beta, Sharpe ratio, Treynor ratio, and Jensen alpha, the authors assessed

the risk-return profile of the schemes. The findings revealed that Birla Sunlife tax relief fund

Pratap, S., & Gautam, K. (2020). Performance Evaluation of Equity Linked Savings Schemes (ELSS) of

Indian Mutual Funds. BHU, Varanasi. UGC Care Journal.

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96 emerged as the top performing ELSS among the chosen mutual funds, demonstrating its

superior performance in the sample.

Keswani, Gangwani, and Dhingra (2020)

in this study aimed to identify the factors

influencing mutual fund performance and their impact on investor satisfaction in India. The

authors collected data through a self-structured questionnaire and assessed reliability using

the Cronbach alpha test before conducting factor analysis and multiple regression analysis.

The data was obtained from individual investors across India who invest in mutual funds.

Through factor analysis, four key factors were identified: return, flexibility, security, and

level of satisfaction. The multiple regression analysis revealed that return, flexibility, and

security significantly influenced the level of investor satisfaction. This implies that higher

returns, greater flexibility, and lower risk can attract more investors. Therefore, mutual fund

companies can consider these factors when designing new schemes to maximize investor

satisfaction.

Reddy and Sreeram (2020)

In their study, discussed the ability of mutual funds to diversify

portfolios and cater to the risk aversion of investors. They specifically focused on Equity

Linked Saving Schemes (ELSS) in India, which are mutual fund schemes allowing

investments in equity securities offered by companies, banks, and the government. ELSS

schemes provide tax benefits and have shown long-term wealth generation potential. The

performance of the top five private sector banks was evaluated over a 5-year period from

April 1, 2014, to March 31, 2019. Various tools such as average return, Standard Deviation

(SD), Coefficient of Variation (CV), beta, Sharpe ratio, Treynor's ratio, and Jensen's alpha

were employed for the analysis. The findings of the study revealed that all selected ELSS

(Direct-Growth) schemes outperformed the market index in terms of average returns but also

exhibited higher levels of risk.

Keswani, S., Gangwani, K., & Dhingra, V. (2020). Impact of performance measures of mutual fund on

investors’ satisfaction level in India-An empirical analysis.

Reddy, K. V. R., & Sreeram, A. (2020). A Study on Investment Performance of Private Sector Banks Mutual

Fund Schemes (With Special Reference to Equity Linked Saving Schemes (ELSS). International Journal of

Modern Agriculture, 9(4), 285-295.

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Verma (2018)

, In the study focus on Equity Linked Savings Schemes (ELSS) as open

Equity Mutual Funds that provide investors with not only tax-saving benefits but also

opportunities for wealth creation. The performance and growth patterns of ELSS schemes

offered by selected banks were analyzed using various key indicators such as Return, Beta (β)

value (a measure of risk), Standard Deviation, Sharpe's Ratio, Risk Adjusted CAGR, Expense

Ratio, among others. The findings of the study highlighted that ELSS mutual funds have

emerged as a popular investment choice due to their ability to deliver superior returns

compared to other tax-saving options.

Chahal (2018)

, In the study discussed on the misperception between Equity Linked Savings

Schemes (ELSS) and Unit Linked Insurance Plans (ULIP) has been observed, as both involve

investments in equity markets and serve as tax-saving instruments. However, it is important

to note that ELSS and ULIPs are distinct products with different purposes. ULIPs combine

life insurance and investment features offered by life insurance companies, while ELSS is an

equity fund. The research paper primarily focuses on selecting the best scheme among the top

mutual fund companies operating in India based on factors such as asset under management.

The study concludes that ELSS is more attractive to rational investors due to its reasonable

charges, higher transparency, lock-in period, tax benefits, pure investment nature, and ease of

redeeming, making it investor-friendly.

Srivastava's study (2017)

, the primary focus lies on the efforts of successive governments

to enhance the level of savings and investments in the economy. The government of India

remains consistently concerned with promoting capital formation among the general public,

which involves making necessary adjustments to tax laws and encouraging financial

inclusion. While there are various investment options available in the market, the study

highlights the significance of Equity Linked Saving Schemes (ELSS) compared to other fixed

income investment choices, particularly in the context of the Income Tax Act of 1961. The

paper emphasizes the benefits of ELSS in terms of providing investors with both favorable

returns and tax-saving opportunities.

Verma, J. H. (2018). Hybrid Mutual Fund Schemes: A Study of the Performance of selected Equity Linked

Savings Scheme.

Chahal, P. S. A Comparative Evaluation of Tax Saving ELSS And ULIP Schemes. Das, B., Mohanty, S., &

Shil, N. C. (2008). Mutual fund vs. life insurance: Behavioral analysis of retail investors. International journal of

business and management, 3(10), 89-103.

Srivastava, S. (2017). Equity Linked Saving Schemes (ELSS) Vis-A-Vis Fixed Income Schemes under the

Income Tax Act 1961. Journal of Business & Financial Affairs, 6(01), 1-6

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Kadambat et al. (2015)

, Equity Mutual Funds play a significant role in mobilizing risk

capital from small investors. To foster an investment culture, the Government of India

introduced Equity Linked Savings Scheme (ELSS) mutual funds in 1992, which offer tax

benefits subject to specific regulatory provisions. These regulatory provisions differentiate

ELSS funds from Diversified Equity Funds and potentially increase the investment risk

associated with ELSS funds compared to regular Diversified Equity Funds. This raises the

question of whether the historical analysis of ELSS Funds' performance reflects a higher level

of investment risk. Additionally, the study aims to determine whether ELSS funds deliver a

higher risk-adjusted return compared to Diversified Equity Funds and Benchmark Indexes.

To address these inquiries, the paper analyzes the investment performance of ELSS Funds

over a 13-year period from 2000-01 to 2012-13 and compares it with 12 top Diversified

Equity Funds and 7 Benchmark indices.

Sharma's study (2015)

, Equity Linked Savings Scheme (ELSS) is defined as a type of

mutual fund that invests in equity and equity-linked products, offering tax rebates to investors

based on specific requirements of the Indian Income Tax Act, 1961. ELSS schemes share

growth opportunities and risks similar to other equity-oriented schemes. Being open-ended,

investors can enter or exit the scheme at any time. The study aims to explore investors'

perception of ELSS mutual funds, with a specific focus on their satisfaction level regarding

grievance redressal, after-sales services, and redemption time. The study also incorporates the

concept of behavioral finance, which explains investors' psychology in financial market

investments. Secondary data from various research paper portals, such as Ebsco, Proquest,

and Google, were collected, including 50 research papers primarily published between 2009

and 2014. The review of these papers reveals that most attempts in the Indian context have

focused on describing mutual fund performance based on risk and return, indicating a

knowledge gap regarding investor perception, customer satisfaction, and demographic

variables related to ELSS mutual funds. Therefore, the study develops a model to examine

the impact of these variables on ELSS mutual funds.

Scope of the study

Kadambat, K. K., Raghavendra, T. S., & Singh, B. M. (2015). Investment Performance of Equity Linked

Savings Schemes (ELSS) Of Indian Mutual Funds. International Journal of Recent Scientific Research, 6(5),

4076-4083.

Sharma, S. (2015). ELSS mutual funds in India: Investor perception and satisfaction. International Journal of

Finance and Accounting, 4(2), 131-139.

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This study evaluates the performance of Mutual Funds' Top 10 Equity Linked Saving

Schemes (ELSS). The AUM of the Indian mutual fund sector has more than doubled to Rs.

38,88,571 crores as of January 31, 2022. The stunning performance figures of a mutual fund

ensure that a company's liquidity and profitability are preserved. However, adequate tax

preparation and settlement are necessary for all taxpayers. Mutual funds' Equity Linked

Saving Schemes (ELSS) offer investors a tax credit of Rs. 1,50,000 every fiscal year. A

typical equity plan will invest at least 65% of its assets in equities and equity-related financial

products. On the other hand, ELSS funds often devote 80% of their assets to equities, making

them a more aggressive choice. The S&P BSE 200 Index is used as a benchmark for ELSS

funds.

Need for and Importance of the Study

In recent years, mutual funds have shown to be a great investment alternative.

Investors in India can now choose from various investment opportunities (including mutual

funds). Investors should base their investments on an essential examination of asset

management organizations, such as the economic scenario, industry/sector, investment

purpose of the fund, etc. Investors have difficulty deciding which funds to invest in based on

risk and return. As a result, the findings of this study will help investors choose asset

management firms depending on the performance of their funds. It advises investors on

investing their money to get higher returns while incurring fewer risks. Retail investors prefer

to invest in mutual funds. Equity Linked Saving Plans (ELSS) are among the numerous

schemes that allow them to earn fair returns while reducing their taxable income by Rs.

1,50,000 every fiscal year. As a result, ELSS is one of the most promising funds for investors

to consider. Investors now prefer mutual funds to fixed deposits as the capital markets have

developed. As a result, to make informed investing selections, investors must learn about

mutual funds. A research gap must be filled, particularly about ELSS funds.

Objectives of the study

The mutual fund industry is one of the most important aspects of India's capital and

financial markets; this research aims to investigate and evaluate the performance standards of

the top ten equity-linked savings schemes. The research project under consideration is a

sincere effort to explore some compelling objectives, such as

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• To investigate the performance of Mutual Funds' top diversified Equity Linked

Saving Schemes (ELSS).

• To evaluate the performance of the top diversified Equity Linked Saving Schemes

offered by Mutual Funds (ELSS).

Research Questions

Based on the study, a review of the literature, and a research gap, the following research

questions were proposed during the study:

• How well-organized are mutual funds' Equity Linked Savings Schemes (ELSS) in India,

and what factors affect their overall performance?

• Is it possible for ELSS mutual funds in India to generate attractive long-term returns?

• Have equity-linked savings schemes (ELSS) offered by mutual funds performed well in

India in recent years?

• How can recent data be used to improve the performance of equity-linked savings schemes

(ELSS) offered by mutual funds?

Research methodology

The study collects preliminary information on mutual fund Equity Linked Saving

Schemes (ELSS) using a variety of performance and descriptive research methods.

Monitoring and evaluating performance parameters is required. Standard Deviation,

Coefficient of Determination, Sharpe Ratio, Treynor's Performance Index, Asset Allocation,

and Portfolio Aggregates are used to evaluate each ELSS's performance in two ways: first,

based on average return, top companies in the scheme's portfolio, and sector allocation; and

second, based on Standard Deviation, Coefficient of Determination, Sharpe Ratio, Treynor's

Performance Index, Asset Allocation, and Portfolio Aggregate.

The following is a list of the various analysis tools that were used:

1.Data Sample

The study examines data from 1 April 2016 to 31 March 2021, five years. The

research includes a variety of sources. the top 10 open-ended tax-saving Equity Linked

Saving Schemes (ELSS), which include:

1. Canara Robeco Equity TaxSaver Reg Gr

2. Mirae Asset Tax Saver Dir Gr

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3. BOI AXA Tax Advantage Fund - ECO Plan-Growth

4. DSP Tax Saver Fund – Growth

5. Axis Long Term Equity Fund – Growth

6. Nippon India Tax Saver Fund – Growth

7. Tata India Tax Saving Fund – Growth

8. UTI Long Term Equity Fund (Tax Saving) – Growth

9. ICICI Prudential Long Term Equity Fund (Tax Saving) – Growth

10. SBI Long Term Equity Fund – Growth

2) Data Source

The study drew information from various websites, including AMFI, AMCs,

morningstar.com, moneycontrol.com, economictimes.com, and others. The BSE 200 TRI

Sensex has been used as a benchmark for assessing the performance of various schemes

over a relatively long period of series data. Furthermore, the Government of India 10Y

Bond has been chosen as a proxy for risk-free return rates. In addition, the study

considered several research papers from journals such as the NMIMS Journal of

Economics and Public Policy, the IOSR Journal of Economics and Finance, and the

International Journal of Scientific and Research Publications.

3) Statistical Tools

Various techniques and statistical methods were used to examine the performance of

open-ended tax-saving ELSS schemes, as described below:

i. Average Returns

The average return is calculated by taking the mean of the yearly returns. The ELSS

scheme's Net Asset Values (NAVs) are used to calculate yearly returns. Increasing NAVs

indicate that the mutual fund is growing.

ii.Standard deviation

The standard deviation of a fund's performance measures the range of its

performance, i.e. the absolute dispersion. Venture capitalists depict standard deviation as

the volatility of previous mutual fund returns. It demonstrates how far the fund's returns

can deviate from historical mean returns. A scheme with a high standard deviation (SD)

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has a wide range of performance, indicating a higher potential for volatility. Investors

primarily use standard deviation to predict the range of returns that a mutual fund will

offer, thus predicting the mistake of subscribing to mutual funds that are overly

aggressive. When calculating the standard deviation of a multi-asset portfolio, an investor

must consider both the standard deviation and the correlation of each fund.

Hypotheses:

• Ho: There is no significant difference between the performances of ELSS funds.

• H

: There is a significant difference between the performances of ELSS funds.

iii Sharpe ratio

The Sharpe ratio, devised by Nobel laureate William F. Sharpe, is used to help

investors understand the return on investment to its risk. The ratio represents the average

return earned above the risk-free rate per volatility or absolute risk unit. Volatility is a

measure of an asset's or portfolio's price fluctuations.

iv. Treynor ratio

Treynor's ratio is a measure of risk-adjusted return for an investment portfolio. It

compares the excess return over the risk-free rate to the portfolio beta, which reflects the

market risk. A higher Treynor's ratio means a better performance per unit of market risk.

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Risk free rate:

The 10-year bond issued by the Indian government is used as the risk-free rate in this

calculation. To evaluate different mutual fund portfolios,

Empirical study & interpretation

TABLE 1.1Returns of ELSS funds and Benchmark

Year

Canara Robeco

Equity

TaxSaver Reg Gr

Mirae Asset Tax Saver

Dir Gr

BOI AXA Tax

Advantage Fund

- ECO

Plan – Growth

DSP Tax Saver Fund

Growth

Axis Long Term Equity

Fund

– Growth

Nippon India Tax Saver

Fund

- Growth

Tata India Tax Saving

Fund

– Growth

UTI Long Term Equity

Fund (Tax Saving)

Growth

ICICI Prudential Long

Term Equity Fund (Tax

Saving)

- Growth

SBI Long Term Equity

Fund

– Growth

BSE 200

2017

18.839

41.344

23.832

31.84

19.253

28.799

27.425

23.566

27.084

21.598

33.261

2018

14.034

18.627

31.08

9.309

18.312

5.504

14.662

9.435

8.12

8.175

-0.538

2019

12.513

13.029

-9.183

7.57

6.856

-3.431

6.667

5.171

8.555

5.447

9.127

2020

19.744

-23.634

-11.564

-26.055

-15.383

-37.54

-26.612

-25.121

-30.083

30.177

16.313

2021

81.169

96.464

80.802

85.092

65.049

79.8

74.982

81.074

82.902

80.461

27.592

Table 1.1 shows the comparison of returns among ELSS mutual funds in the past five years.

Mirae Asset Tax Saver Dir Gr was the best performer in three out of five years, followed by

Tata India Tax Saving Fund - Growth and UTI Long Term Equity Fund (Tax Saving) - Growth.

All ELSS funds performed better than the benchmark index in each year, indicating their high

return potential. These results suggest that ELSS funds are attractive investment options for

investors who seek tax benefits and capital appreciation.

TABLE -1.2 Descriptive Statistics

Range

Minimum

Maximum

Mean

Std.

Deviation

Skewness

Kurtosis

Statistic

Std.

Error

Statistic

Std.

Error

Canara Robeco Equity

TaxSaver Reg Gr

100.913

-19.744

81.169

21.36222

36.75933

1.203

0.913

2.72

Mirae Asset Tax

Saver Dir Gr

120.097

-23.634

96.464

29.16601

44.26211

0.74

0.913

1.244

BOI AXA Tax

Advantage Fund -

ECO Plan – Growth

92.366

-11.564

80.802

22.99352

37.54148

0.938

0.913

0.603

DSP Tax Saver Fund

– Growth

111.147

-26.055

85.092

21.55123

41.09418

0.872

0.913

1.428

Axis Long Term

Equity Fund – Growth

80.432

-15.383

65.049

18.81735

29.37082

0.939

0.913

2.006

Nippon India Tax

117.34

-37.54

79.8

14.62651

43.52894

0.662

0.913

0.914

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Range

Minimum

Maximum

Mean

Std.

Deviation

Skewness

Kurtosis

Statistic

Std.

Error

Statistic

Std.

Error

Saver Fund – Growth

Tata India Tax Saving

Fund – Growth

101.594

-26.612

74.982

19.42476

36.93049

0.598

0.913

1.442

UTI Long Term

Equity Fund (Tax

Saving) – Growth

106.195

-25.121

81.074

18.82489

39.06172

1.07

0.913

2.088

ICICI Prudential Long

Term Equity Fund

(Tax Saving) –

Growth

112.986

-30.083

82.902

19.31563

41.18563

0.801

0.913

1.703

SBI Long Term

Equity Fund – Growth

110.639

-30.177

80.461

17.10068

40.26624

0.935

0.913

2.051

BSE 200 INDEX

(Benchmark)

33.799

-0.538

33.261

17.1509

13.66131

-0.12

0.913

-1.494

As shown in

table 1.2,

the highest return among the tax saver funds is achieved by Mirae

Asset Tax Saver Dir Gr (29.16601), followed by BOI AXA Tax Advantage Fund - ECO

Plan-Growth (22.99352) and DSP Tax Saver Fund – Growth (21.55123). Nippon India

Tax Saver Fund – Growth has a lower return than the benchmark index. Mirae Asset Tax

Saver Dir Gr and ICICI Prudential Long Term Equity Fund (Tax Saving) – Growth has a

higher deviation than the other funds, indicating more volatility in their performance.

Table 1.3 Sharpe and Treynor performance index

Mean

(Average

return)

Standard

deviation

Beta

`Sharpe Ratio

Rank

Treynor

ratio

Rank

Canara Robeco Equity TaxSaver Reg Gr

21.36222

36.759328

1.097

0.396150332

13.27458523

Mirae Asset Tax Saver Dir Gr

29.16601

44.262108

1.686

0.505308288

13.26572361

BOI AXA Tax Advantage Fund - ECO

Plan - Growth

22.99352

37.541479

1.020

0.431350081

15.88221275

DSP Tax Saver Fund - Growth

21.55123

41.094182

1.604

0.358961519

9.196527431

Axis Long Term Equity Fund - Growth

18.81735

29.370817

0.835

0.409159541

14.39203593

Nippon India Tax Saver Fund - Growth

14.62651

43.52894

1.686

0.179800151

4.642058126

Tata India Tax Saving Fund - Growth

19.42476

36.930489

1.251

0.341851959

10.09173461

UTI Long Term Equity Fund (Tax

Saving) – Growth

18.82489

39.061722

1.391

0.307843315

8.644780733

ICICI Prudential Long Term Equity

Fund (Tax Saving) - Growth

19.31563

41.185634

1.493

0.303883388

8.382873409

SBI Long Term Equity Fund - Growth

17.10068

40.266243

1.373

0.255814281

7.502316096

*Risk-free rate is assumed 6.8 % P.A

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Table 1.3 shows the maximum risk and the minimum standard deviation of two funds: Mirae

Asset Tax Saver Dir Gr and Axis long-term equity fund -Growth. According to the rule, a

larger Sharpe’s performance index indicates a better fund performance. The table reveals that

Mirae Asset Tax saver (0.505) and BOI AXA Tax advantage fund (0.43) have the highest

Sharpe’s performance indexes among the funds. BOI AXA Tax Advantage fund (15.882) and

Axis long-term equity fund -Growth (14.392) have also performed well compared with other

funds, as shown by their high Treynor’s ratios. A positive Treynor’s ratio suggests that the

investment has added value relative to its market risk. A negative ratio suggests that the

investment has performed worse than a risk-free instrument.

Conclusion

ELSS mutual funds are one of the best investment options for investors who want to

save tax and earn high returns. The analysis of the past five years' performance of various

ELSS funds shows that Mirae Asset Tax Saver Dir Gr is the most consistent and profitable

fund, followed by Tata India Tax Saving Fund - Growth and UTI Long Term Equity Fund

(Tax Saving) - Growth. These funds have outperformed the benchmark index in every year,

demonstrating their superior performance. The risk-return analysis also reveals that Mirae

Asset Tax Saver Dir Gr and BOI AXA Tax Advantage Fund - ECO Plan-Growth have the

highest Sharpe's and Treynor's ratios, indicating that they have generated more returns per

unit of risk than other funds. Therefore, investors can consider these funds as suitable choices

for their portfolio.

Reference

1. Pratap, S., & Gautam, K. (2020). Performance Evaluation of Equity Linked Savings

Schemes (ELSS) of Indian Mutual Funds. BHU, Varanasi. UGC Care Journal.

2. Keswani, S., Gangwani, K., & Dhingra, V. (2020). Impact of performance measures

of mutual fund on investors’ satisfaction level in India-An empirical analysis.

3. Reddy, K. V. R., & Sreeram, A. (2020). A Study on Investment Performance of

Private Sector Banks Mutual Fund Schemes (With Special Reference to Equity

Linked Saving Schemes (ELSS). International Journal of Modern Agriculture, 9(4),

285-295.

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