• 경영과정보연구
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• 제31권4호
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• pp.469-490
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• 2012

본 연구에서는 최근 실증적 회계학연구에서 그 중요성이 점증하고 있는 내생성 문제에 대하여 개관한다. 이를 통하여 내생성의 존재가 실증모형 검증의 타당성을 제약할 수 있는 정도에 대해 주의를 환기시키고자 한다. 보다 구체적으로 본고에서는 내생성이란 무엇이며, 내생성의 원인과 그에 따른 영향, 내생성을 해결할 수 있는 방안에 대해 살펴본다. 내생성을 초래하게 되는 맥락은 주로 생략변수, 연립성, 균형조건, 선택변수의 존재 등과 관련된다. 본고에서는 이와 더불어 최근의 실증적 회계연구 가운데 내생성의 문제를 명시적으로 다루고 있는 몇 가지 사례에 대해서도 검토하였다. 예를 들면 연구개발 지출의 자본화에 따른 정보효과를 분석한 Oswald and Zarowin(2007), 경영자 교체와 이익조정의 관련성을 조사한 Hazarika et al.(2012), 기업의 지배구조와 기업가치의 관련성을 연구한 일련의 연구를 들 수 있다. 아울러 향후의 회계연구에서 잠재적 내생성의 문제에 대처해 나갈 방안에 대해서도 논의하였다.

• 산경연구논집
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• 제6권4호
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• pp.27-37
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• 2015

Purpose - This study first explores the possible dynamic relationship between ownership structure and firm performance using a panel of 4,900 Chinese-listed small- and medium-sized enterprises (SMEs) from 1999 to 2012. Research design, data, and methodology - We address this issue through a dynamic panel model using a method of moments (GMM) technique and dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity, and dynamic endogeneity. Results - Under the framework of dynamic endogeneity, firm performance has a significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged values, respectively. Moreover, intertemporal endogeneity exists among ownership, investment, and performance through the application of system dynamic equations, which implies that the relationship among ownership structure, investment, and firm performance is dynamic by nature. Conclusions - This study also significantly contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest capital market in the Asian region.

• 노동경제논집
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• 제40권3호
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• pp.105-131
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• 2017

이 연구는 정부의 진보성을 도구변수로 이용하여 한국의 최저임금이 고용에 미치는 영향을 분석하였다. 최저임금의 고용효과를 일반적인 최소자승추정법으로 회귀분석하면 변수들 간의 내생성으로 인하여 진정한 효과가 상향 편의될 수 있다. 따라서 적절한 도구변수를 이용하여 내생성을 제거한 인과 관계를 분석할 필요가 있다. 도구변수를 이용한 분석 결과 최저임금 인상률의 증가는 고용을 감소시키는 것으로 나타났다. 이와 같은 최저임금 인상에 따른 음(-)의 고용효과는 신고전학파 경제학에서 예측하는 결과와 부합되는 것이기도 하다.

• 가족자원경영과 정책
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• 제20권3호
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• pp.1-23
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• 2016

This study analyzes the effects of caring for grandchildren on Korean grandparents' health, using the Korean Longitudinal Study of Aging from 2006 to 2012. We investigate how caregiving is provided and analyze the effects of caregiving on grandparents' physical health, mental health, and health-related behaviors. As elderly people's health is generally frail, it is unclear whether the provision of childcare affects their health negatively. We control for the endogeneity of caregiving by an individual fixed effect (FE) model and instrumental variable-fixed effect (FE-IV) models. Using these models, we determine the endogeneity of caregiving and show that the significant effects of caregiving on health disappear as we control for endogeneity in the FE and FE-IV models. Even after controlling for endogeneity, we find that caregiving increases the probability of feeling pain as well as the number of different types of pain. Furthermore, caregiving increases the probability of restrictions on daily activities because of pain. On the other hand, caregiving reduces the symptoms of depression. In relation to health-related behaviors, caregiving reduces the probability of physical exercise and regular meals. Our results imply that although caregiving has a positive effect on mental health, the increase in physical pain and in non-healthy behaviors may lead to a deterioration of the caregiver's long-term health, which in turn may increase the medical costs of the elderly. Potential policy alternatives are discussed in the paper.

• 노동경제논집
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• 제43권2호
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• pp.109-133
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• 2020

본 논문에서는 Borowczyk-Martins et al.(2013)의 방식을 통해 내생성 문제를 완화하여 한국의 매칭함수를 추정하였다. 관측되지 않는 매칭 효율성을 ARMA(p,q) 과정으로 근사하고 일반적률(GMM) 추정법으로 내생성을 통제하였다. 2009년 6월부터 2019년 12월까지의 경제활동인구조사와 사업체노동력조사의 월 자료를 사용하여 한국의 매칭함수를 추정한 결과, 빈 일자리에 대한 채용의 탄력성을 나타내는 매칭 탄력성은 0.859로 나타났다. 정부의 직접 일자리 제공이 많았던 2019년 표본을 제외하고 추정한 경우 매칭 탄력성은 0.755로 낮아졌으나, 여전히 다른 국가의 매칭 탄력성보다는 높게 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.69-77
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• 2021

The objective of this research is to explore the inconclusive theoretical and empirical association between institutional ownership and firm performance in the context of emerging Pakistani economy. The data set consists of all the non-financial firms listed on the Pakistan Stock Exchange (PSX). Annual data set covers the period ranging from 2010 to 2015. However, the econometric analysis does not include those firms with incomplete data. Thus the final data set comprised of an unbalanced panel of sample of 276 firms with 1231 firms years observations. Data related to the institutional ownership and other variables taken for the study were extracted through the annual financial reports of the firms. The research used Tobin's Q as a proxy of market measure of firm performance and tested the endogenous relation with institutional ownership through OLS and 2SLS approach. The study also applied Durbin-Wu-Hausman test to determine the endogeneity before analyzing the 2SLS model. The Durbin-Wu-Hausman Test (DWH) conform the endogenous link between institutional ownership and performance and vice versa. The results derived from 2SLS also confirm a highly significant relationship and two way direct proportional relationships between the institutional investment and corporate performance in the studied companies.

• Communications for Statistical Applications and Methods
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• 제21권5호
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• pp.395-409
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• 2014

Data limited, partial, or incomplete are known as an ill-posed problem. If the data with ill-posed problems are analyzed by traditional statistical methods, the results obviously are not reliable and lead to erroneous interpretations. To overcome these problems, we propose a dual generalized maximum entropy (dual GME) estimator for panel data regression models based on an unconstrained dual Lagrange multiplier method. Monte Carlo simulations for panel data regression models with exogeneity, endogeneity, or/and collinearity show that the dual GME estimator outperforms several other estimators such as using least squares and instruments even in small samples. We believe that our dual GME procedure developed for the panel data regression framework will be useful to analyze ill-posed and endogenous data sets.

• Journal of Preventive Medicine and Public Health
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• 제50권4호
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• pp.262-267
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• 2017

Objectives: The US ranks ninth in obesity in the world, and approximately 7% of US adults experience major depressive disorder. Social isolation due to the stigma attached to obesity might trigger depression. Methods: This paper examined the impact of obesity on depression. To overcome the endogeneity problem, we constructed pseudopanel data using the Behavioral Risk Factor Surveillance System from 1997 to 2008. Results: The results were robust, and body mass index (BMI) was found to have a positive effect on depression days and the percentage of depressed individuals in the population. Conclusions: We attempted to overcome the endogeneity problem by using a pseudo-panel approach and found that increases in the BMI increased depression days (or being depressed) to a statistically significant extent, with a large effect size.

• Asian Journal for Public Opinion Research
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• 제2권3호
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• pp.196-227
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• 2015

The premise of the intentional model of split-ticket voting is that some voters split their tickets simply because they prefer divided government and believe in constant "checks and balances." This article examines whether this premise stands firm in an emerging democracy like Taiwan. That is, by using survey data in Taiwan, we explore whether one's attitude toward divided or unified government is "real." We hypothesize that a citizen's attitude toward "checks and balances" is subject to change, and conditional on whether her preferred party is in power. Specifically, we speculate that a citizen would tend to hold the balancing perspective or favor divided government, if her preferred party is in opposition. However, if her preferred party becomes the ruling party, she would be more likely to oppose (hold) the balancing (non-balancing) perspective or favor unified government. We then utilize panel survey data embedded in Taiwan's Election and Democratization Studies (TEDS) to verify our hypothesis.

• East Asian Economic Review
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• 제27권1호
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• pp.3-31
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• 2023

Dissemination of information can enhance smallholder farmers' agricultural outcomes and incomes in developing countries. However, the impact evaluation for new information can be inaccurate without considering pre-existing information that the indigenous people have used. This study explores qualitative causal links between existing agricultural information used by Lao smallholder farmers on rice yield and selling price with 180 household data. We categorized the pre-existing information into weather, farming technique, input, intermediate trader, and sales price. The source of each piece of information is used as an instrumental variable to overcome the endogeneity issue between information use and agricultural outcomes. Using farming technique information positively affects rice yields by 57.1% compared to those without that information. Moreover, intermediate trader and crop sales information result in 64.5% and 60.0% higher selling prices than non-user groups. A statistically significant causal relationship exists with agricultural outcomes. The more genuine impact should be measured with a newly updated impact evaluation approach that considers this pre-existing agricultural information.