• Environmental and Resource Economics Review
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• v.15 no.5
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• pp.885-919
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• 2006

This paper revisits two conventional beliefs of environmental nonmarket valuation and examines their weaknesses and a new opportunity. The two beliefs are that willingness to pay (WTP) is an appropriate measure of nonmarket behaviour and that exogenous variables are relevant predictors of WTP whilst endogenous variables are not. The contemporary literature in psychology and economics is reviewed to demonstrate departures from these two beliefs. Tackling heterogeneity in stated preferences, both socio-demographic and psychological variables should be measured simultaneously to explain and predict choice behaviours more accurately.

• International Area Studies Review
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• v.12 no.3
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• pp.153-169
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• 2008

This paper examines the recently empirical test for the two types of endogenous growth models, which one is more fitted to real data. We adopt the non-stationary panel data methodologies for seeking empirical implication by using productivity and R&D data in the OECD over the past two decades. The Empirical tests show that there is a robust relationship Total Factor Productivity and R&D variables implied by semi-endogenous growth model. The relationship suggested by fully endogenous growth theory, however, is sensitive to R&D variables. Therefore, the estimation results provide empirical evidence in favour of endogenous growth theory of R&D expenditure role for sustaining economic growth. The sustained Total Factor Productivity, however, is maintained by more increasing R&D inputs for overcoming diminishing return to R&D efforts.

• Journal of Distribution Science
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• v.18 no.3
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• pp.25-36
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• 2020

Purpose: Based on previous researches on social factors of digital item purchase in digital contents distribution platforms such as SNS, we aim to develop the integrated model that accounts for the dynamic and interactive relationship between social structure indicators and digital item purchase. Research design, data and methodology: A PVAR model was used to capture endogenous and dynamic relationships between digital item purchase and network indicators. Results: We find that there exist considerable endogenous and dynamic relationships between digital item purchase and network structure variables. Not only lagged in-degree and out-degree but also in-closeness and out-closeness centrality have significant and positive impacts on digital item purchase. Lagged clustering has a significant and negative effect on digital item purchase. Lagged purchase has a significant and positive impact just on the present in-closeness and out-closeness centrality; but there is no significant effect of lagged purchase on the other two degree variables and clustering coefficient. We also find that both closeness centralities have much higher carryover effect on digital item purchase and that the elasticity of both closeness centralities on the purchase of digital items is even higher than that of other network structure variables. Conclusions: In-closeness and out-closeness are the most influential factors among social structure variables of this study on digital item purchase.

• 한국벤처창업학회:학술대회논문집
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• 2023.11a
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• pp.69-71
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• 2023

The Modigliani-Miller Proposition II (MM2) is a cornerstone in the field of corporate finance, positing that in a frictionless environment with perfect capital markets, the cost of equity capital is linearly related to a firm's leverage. This paper critically re-evaluates this proposition, particularly examining the determination of the cost and value of equity. We find that under specific circum-stances, especially when the value of a tax shield is influenced by endogenous variables, the cost and value of equity may be ambiguous. This calls into question the universal applicability of MM2. Our research offers new perspectives on the theoretical underpinnings of financial management and underscores the significance of situational factors in the practical application of these theories.

• Journal of the Korean Institute of Landscape Architecture
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• v.23 no.4
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• pp.50-60
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• 1996

The purpose of this study is to investigate the prime factors that affect user satisfaction of area and facilities in urban forests, to classify those factors, to find out factorial structure of user satisfaction about them, and then to suggest important indicators in the urban forest planning, design, and development. The survey research was done using the self-administered questionnaire method by the people in the city of the Pusan who participated in recreational activities in the Mt. Keumjung. Factor analysis was used to extract the prime factors related to the recreational satisfaction concerning the area and facilities of the urban forest by the SPSS program, and then prime factors were used to investigate the factorial structure of user recreational satisfaction in the urban forest by the LInear Structure RELation program. According to the factor analysis concerning the 13 variables, 4 prime factors by the statistical values were considered as effective, indicating, 'health and recreational facilities', 'convenience and management facilities','facilities for the physical and psychological training' and 'historical and cultural areas'. The results of the causal structure analysis were identified as having significant effects mutually on endogenous variables, 'overall recreational satisfaction of the areas and facilities in the Mt. Keumjung','health and recreational facilities','convenience and management facilities','facilities for the psychological training', and 'historical and cultural areas'. But exogenous variables which have significant effects on endogenous variables were also indentified. Overall fits of both causal model were very good. The hypothetical causal structural equation models based on the results found partially significant correlation between dndogenous variables and between envogenous and exogenous variables. These significant relationships indiate important factors and variables that should be considered in planning, design, and development of the urban forests. Therefore, development direction of the Mt. Keumjung has to be analyzed as significant factors concerning user recreational satisfaction in a systematic was, recognized as important variables for planning process. The plan for development and management also should reflect the natural conservation policy from the environmental conservation movement like natural conservation advertisement and environmental education.

• The Korean Journal of Applied Statistics
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• v.28 no.1
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• pp.61-74
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• 2015

Structural equation modeling (SEM) is a widely used in social sciences such as education, business administration, and psychology. In SEM, the latent variable score is the estimate of the latent variable which cannot be observed directly. This study uses stagewise structural equation modeling(stagewise SEM; SSEM) by partitioning the whole model into several stages. The traditional estimation method minimizes the discrepancy function using the variance-covariance of all observed variables. This method can lead to inappropriate situations where exogenous latent variables may be affected by endogenous latent variables. The SSEM approach can avoid such situations and reduce the complexity of the whole SEM in estimating parameters.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.4D
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• pp.339-349
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• 2010

The objective of this paper is to develop a structural equations model system for the purpose of tourists' excursion behaviour analysis with their information usage. A tourist' excursion behavior defined as activities in the sightseeing region between arriving and leaving time includes indexes with respect to activity' time use and the number of spots. Additionally, such indexes can be modeled as endogenous variables in the structural equation model system on the assumption that they are influenced by the degree of familarity on the sightseeing region, the degree of information usage, and individual attributes. The case study application involves excursion behaviour data such as one-day excursion activity and information usage diary that are observed in the Fuji Five Lakes, Japan. Since the models presented in the paper are available to statistically analyze the covariance among the endogenous variables, they have the advantage of effectiveness analysis on information usage in the excursion area, compared to the prior approaches such as discrete choice models.

• International Journal of Advanced Culture Technology
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• v.10 no.4
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• pp.181-189
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• 2022

The purpose of this study is to verify study models and examine a causal relationship among authenticity, job satisfaction, organizational commitment, quality of life and job achievement for amateur business team player. In order to achieve the purpose, this study conducted structural equation model analysis for study models consisting of extraneous variables after examining the authenticity(organization, leader) that amateur business players perceive and endogenous variables including job satisfaction, organizational commitment, quality of life, and job performance. The object of questionnaires in this study selected sports business team players nationwide as a population and 348 players were chosen as final effective samples by applying a convenient sampling method for offline and online questionnaires. The research tool for this study is a questionnaire. The two dimensions of authenticity were used by developing a scale. For all endogenous variables, the scales used in previous studies were modified and used according to the purpose of the study. This study analyzed the collected data, applying SPSS Win ver. 23.0 and AMOS 20.0 programs in order to analyze the characteristics of the study objects, describe questionnaires, and verify selected study hypothesis, individual hypothesis was verified after identifying the reliability and validity of measurement model, and the fitness verification of study models. In the results, all of the 8 hypothesis were adopted and the reciprocal relationship among each factors in the study model were observed.

• International Area Studies Review
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• v.20 no.1
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• pp.147-165
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• 2016

We empirically examine the validity of second generation endogenous growth theory suing 21 OECD countries' panel data(1981~2011). Due to non-stationarity in all variables, we test the cointegrated relationships strongly supporting the semi-endogenous growth model. In the estimation of total factor productivity growth function, the growth of domestic and foreign R&D investment levels statistically significantly affect total factor productivity growth. R&D intensity, however, has significant impacts on the total factor productivity growth only in a few models, and international technology gap also has positive impacts on GDP growth. Thus the semi-endogenous growth model is relatively supported while fully endogenous growth model is weakly and occasionally supported in OECD countries. The policy implication of supporting the semi-endogenous growth model is that the sustaining growth requires increasing R&D expenditures.

• Environmental and Resource Economics Review
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• v.20 no.3
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• pp.531-565
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• 2011

All previous studies analyzing multivariate time series data of EUA (European Union Allowance) price commonly used endogenous variables within the four variables and included the period from April to June of 2006 in the analysis, when the price distortion occurred. This study uses graph theory and structural vector error correction model (SVECM) to analyze the daily time series data of the EUA (European Union Allowance) price. As endogenous variables, five variables are considered for the analysis, including prices of crude oil, natural gas, electricity and coal in addition to carbon price. Data period is Phase 2 period (April 21, 2008 to March 31, 2010) to avoid the EUA price distortion of Phase 1 period (2005~2007). Further, the monthly data including the economic variables as endogenous variables are analyzed.