• Korean Journal of Social Welfare Studies
• /
• v.41 no.3
• /
• pp.213-239
• /
• 2010

The purpose of this research is to explore the explanatory factors of preference for the universality of the welfare system at the time of expanding the welfare system. In particular, considering endogenous problem that may occur in the process of analyzing the causal relationship between subjective perception and preference for welfare policy, the 2SLS regression analysis using instrument variables was attempted in this research. The key findings of this research were as follow. First, the groups who are opposed to the welfare state expansion, for example high income earners, low risk group, and employer/self-employer, prefer the more universal welfare systems. Second, the negative perception of welfare policy and recipients, which is stronger in older generation who experienced a much longer period of industrializaion, have a negative effect on preference for the universal welfare system. Last, we find that the endogenous problem arise in this research and distort the estimated regression coefficients. Therefore, subsequent studies must be mindful of this problem when they explain attitudes with attitudes.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
• /
• v.19 no.1
• /
• pp.87-111
• /
• 2021

Nuclear power plants (NPPs) produce radioactive waste and decommissioning this waste entails additional cost; determining these costs for various types and specifications of radioactive waste can be challenging. The purpose of this study is to identify major determinants of the decommissioning cost and their impact on NPPs. To this end, data from defunct NPPs were gathered and 2SLS (Two Stage Least Squares) regression models were developed to investigate the major contributors depending on the reactor types, viz. PWR (Pressurized Water Reactors) and BWR (Boiling Water Reactors). Additionally, cost estimations and the Monte Carlo simulation were performed as part of performance validation. Our study established that the decommissioning costs are primarily influenced by the level of radioactivity in the decommissioned waste, which can be realized from operational factors like operation period, overall efficiency, and plant capacity, as well as from duration of decommissioning and labour cost. While our study provides an improved statistical approach to recognize these factors, we acknowledge that our models have limitations in forecasting accurately which we envisage to bolster in future studies by identifying more substantive factors.

• Asia-Pacific Journal of Business
• /
• v.14 no.1
• /
• pp.131-148
• /
• 2023

Purpose - Since the 2020s, the management philosophy of Chinese firms' ESG has been rapidly established under the leadership of the Chinese government. We empirically analyze the ESG characteristics and effects on corporate value of Chinese firms. Design/methodology/approach - Using OLS and random effect panel regression analysis, we identify ESG determinants. In analyzing the impact on corporate value, likewise a large number of literatures, we adopt a 2SLS methodology using instrumental variables in the reason of endogeneity between ESG and firm value. We analyze using the G2SLS methodology, which is improving the efficiency of the estimation coefficients along with 2SLS. Findings - We find that ESG ratings are high in state-owned and foreign capital invested companies, ESG ratings are low in companies with a high proportion of non-floating stocks which implies information asymmetry. However, there are no significance in the institutional investor's, the major 10 largest shareholders' and manager's ownership. Furthermore, we can support most of the hypotheses that ESG ratings will be high in companies with high management performance. ESG ratings are significantly higher in companies with high ROA, rich in cash asset, low debt ratio, and large size. we strongly support the hypothesis that the higher the ESG rating, the higher the firm value, and ESG has a moderating effect on state-owned companies, non-floating shares, the ownership of institutional investors, manager, and the 10 major shareholder. In particular, state-owned companies, the proportion of non-floating shares, and the ownership of the 10 major shareholders have a negative impact on firm value, however, ESG attenuates this negative effect. Research implications or Originality - This study looks forward to enhancing our understanding of ESG characteristics in East Asia.

• The Journal of Fisheries Business Administration
• /
• v.34 no.1
• /
• pp.31-44
• /
• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.6
• /
• pp.379-385
• /
• 2020

The effect of research and development (R&D) expenditure on firm output is an interesting topic, but hardly explored in developing countries due to the unavailability of data. This study investigates this topic in the context of Vietnam by utilizing a novel dataset of 343 firms listed on the Vietnam Stock Exchange in the 2010-2018 period. The effect of R&D expenditure is examined under the production function framework. In order to obtain the robustness of the quantitative results, we estimate the production function with two coherent techniques including the OLS and 2-SLS. An instrumental variable regression technique is adopted to avoid the endogeneity problem between R&D expenditure and other variables. In our empirical analysis, we find that R&D expenditure has a positive and significant impact on output growth. The finding is robust in both OLS and 2-SLS frameworks. Besides, the output elasticity to R&D expenditure of our result is much higher than the estimated elasticity of other countries. The results imply that a 1% increase in R&D expenditure in Vietnam will help to expand the output more than a 1% increase in R&D investment in other countries. The findings from our paper provide important implications for firm managers, investors, and policymakers in Vietnam.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.8
• /
• pp.183-196
• /
• 2022

Bank stability serves as a prerequisite for the smooth functioning of economic and financial activities in the country. Banks face numerous risks, and liquidity plays an essential role in determining a bank's long-term growth and financial stability. By using the sample of 70 banks of the Gulf Cooperation Council, this study examines the association between funding the liquidity and the creation of liquidity and their impact on bank stability. Firstly, the reciprocal relationship reveals between funding the liquidity and the creation of liquidity by employing the 2SLS regression model. Further, by employing the dynamic GMM model, the research finds that funding liquidity is significant and positively influences bank stability. However, bank stability is significantly negatively influenced by the creation of liquidity, but the combined effect of funding the liquidity and creation of liquidity positively explains the bank stability. Additionally, this study reveals that managerial optimism biases contribute to determining the bank's liquidity and long-term stability. The finding of this study supports the executives, policymakers, and management of banks in understating liquidity risks, efficiency, and bank stability. The findings support regulatory guidelines mainly by the Basel III framework, which places more importance on the joint management of funding the liquidity and creation of liquidity in the economy.

• Journal of Labour Economics
• /
• v.30 no.2
• /
• pp.87-118
• /
• 2007

Using KRIVET's Graduates Economic Activities Survey for 2005, this article examines the relationship between university ranking and labor market outcome, with a focus on wage differentials existing between provincial and Seoul metropolitan area university graduates. According to the analysis results, the average monthly wage for provincial university graduates was 1,747.7 thousand Korean won, which is 11.5% lower than that for graduates of universities in the Seoul metropolitan area. School effects on individual wage were estimated to about 12.2% after applying Hierarchical Linear Model technique, which means that university explains only an insignificant part of the total variance in wage among graduates. After controlling for the selection bias, the ability difference between the two areas, by applying the Heckman type 2SLS wage function and Neumark wage differential decomposition technique, the wage gap resulting from the segregation was not identified. This implies that, to a significant extent, the wage gap between provincial and Seoul metropolitan university graduates is attributed to the difference in productivity among individual graduates, rather than to the wage segregation. Also, the estimated wage function by applying Quantile Regression technique indicates that there does not exist any significant wage segregation difference by wage quantile.

• The Journal of Asian Finance, Economics and Business
• /
• v.9 no.3
• /
• pp.365-375
• /
• 2022

This study examines the relationship between board gender diversity and financial performance. The annual data of Palestinian nonfinancial listed enterprises from 2015 to 2019 was analyzed using a longitudinal panel analysis for the study's purposes. When conditional mean regression methodologies were used in the study, the results indicate that there is an insignificant relation between board gender diversity and firm financial performance. However, when analyzing women directors' effect on a firm's financial performance, endogeneity is always a concern, therefore, we test for endogeneity by employing the Darbin-Wu Housman test and then by using 2SLS. Nevertheless, when looking at the dispersion of a firm's performance using quantile regression, the results show that having women on the board improves financial performance slightly, especially for high-financial-performing firms. The findings indicate that there is a legal significant gap hindering the protection of gender diversity in boardrooms, and limiting the existence and representation of women in leadership positions, specifically, board of directors. The results of this study contribute to corporate governance and business culture literature by shedding the light on the importance of board gender diversity, to improve the firm financial performance, and hence, protect the interests of all shareholders' categories.

• The korean journal of orthodontics
• /
• v.27 no.2
• /
• pp.297-313
• /
• 1997

The purposes of this study were to compare the soft tissue changes following hard tissue change after surgery between the one jaw and two-jaw surgery in skeletal class III patients and to get the reference of the incisal inclination at presurgical orthodontics. For this study 24 patients for the two-jaw surgery group and 18 patients for one jaw surgery group were selected. Lateral cephalograms were taken at pretreatment, after presurgical orthodontic treatment, immediately after surgical treatment and at least 6 months after surgery. They were traced and analyzed on skeletodental structure and soft tissue. The results were as follows: 1. After surgery, maxilla, maxillary incisors and upper lip were moved anteriorly and superiorly in two-jaw surgery group. Mandible and mandibular incisors were moved posteriorly and superiorly, and thickness of lower lip was increased in both group but there were no statistically significant difference. Anterior facial height was more decreased in two-jaw surgery group (p<0.05). At least 6 months after surgery, by the postorthodontic treatment, maxillary incisors were moved labially 1.44mm, mandible and mandiibular incisors were moved lingually 1.43mrn, 1.26mm respectively in one jaw surgery group. But there was no statistically significant changes of hard tissue in two :jaw surgery group. 2. The correlation coefficients of maxillary hard and soft tissue horizontal changes were high in two jaw surgery group and the ratios for soft tissue to A point were 19% at Sri, 80% at SLS, 82% at LS. The ratios for soft tissue to B point were 92% at LI, 104% at ILS in one jaw surgery group, 89% at LI, 101% at ILS in two-jaw surgery group. 3. The correlation coefficients and change ratios of mandibular incisors and LL HS on lower lip horizontal changes were 0 0.89 and 75%, 85% in one jaw surgery group, 0.93, 0.90 and 76%, 87% in two-jaw surgery group. The correlation coefficients of maxillary incisors and Sn, SLS and LS on upper lip horizontal changes were 072, 0.76 and 0.75 in two jaw surgery group and ratios of changes were 57%, 58% and 59%. 4. The regression equations between skeletal horizontal discrepancy and incisal inclinaton were taken in one jaw surgery group. Those were FMIA=57.48-2.17ANB, U1-SN=-75.02+2.17SNB and $R^2$ were 0.63, 063 respectively. So if there is skeletal horizontal discrepancy by mandibular prognathism in one jaw surgery case, we consider attaining more labial inclination of maxillary incisors than normal and more lingual inclination of mandibular incisors than normal. But correlation coefficient of the regression equations in two jaw surgery group was low, so, that equation was not reliable.

• Journal of Technology Innovation
• /
• v.16 no.2
• /
• pp.1-16
• /
• 2008

This paper shows that labor mobility is positively related to R&D intensity at the industry level in Korea. Different from the perception based on individual firm-level studies arguing that firms can be reluctant to R&D in fear of the job transfer of employees, firms in industries which have high job transfer of employees turn out not to reduce investment in R&D. This result is also confirmed by 2SLS regression. This result supports that, if there exist spillover effects through the job transfer of employees, job transfer can positively contribute to R&D activities.