• Journal of Family Resource Management and Policy Review
• /
• v.20 no.3
• /
• pp.1-23
• /
• 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.

• Economic Analysis
• /
• v.27 no.3
• /
• pp.33-60
• /
• 2021

This study estimates the fiscal multiplier using Input-Output table panel data from year of 2010 to 2018. Considering the endogeneity of the government expenditure, this study uses the share of government expenditure by sector in the initial period as an instrument variable. The estimation from the panel fixed effect instrumental variables model shows that the estimate for the current period of government expenditure is 1.15~1.22 and the estimate for the cumulative multiplier is 1.23~1.32 depending on the method of controlling time trend. Since the general equilibrium effect absorbed by the time-fixed effect in the estimation equation, the estimated multiplier in this study may be different from the multiplier of the economy as a whole. The general equilibrium effect depends on the response of monetary policy, changes in tax policy, and interaction between sectors.

• Asia-Pacific Journal of Business
• /
• v.12 no.3
• /
• pp.329-342
• /
• 2021

Purpose - The purpose of this study is to analyze the effect of investment by the National Pension Service, which has a high share as a single fund, on the dividend payout ratio. Design/methodology/approach - This study secured a share through DART of the Financial Supervisory Service and disclosure of the National Pension Service. We also used a fixed-effects model and 2SLS to analyze the data. Findings - First, it was found that there was a possibility of conflicting interests among shareholders concerning the company's dividend payment policy. Second, in the range of 3% to 4.9% of the National Pension Service shareholding, an additional increase in the holding ratio was found to have a positive (+) effect on the dividend rate. Third, after the introduction of the Stewardship Code, it was found that the increase in ownership of the fund had a positive (+) effect on the company's dividend payout ratio, regardless of the share ratio range. Moreover, the relationship between the fund ownership and the dividend payout ratio showed a clear positive relationship when free cash flow was high along investment opportunities were low. Research implications or Originality - First, This study included less than 5% of the share in the analysis. Second, We used the recent changes in fund shareholder activities. Third, We tested an instrumental variable to confirm the relationship between the National Pension Service share and the dividend ratio.

• Environmental and Resource Economics Review
• /
• v.26 no.4
• /
• pp.473-498
• /
• 2017

This study examines the effect of environmental regulation considering the endogeneity on the productivity of Korean manufacturing industry based on the Porter hypothesis using data from the Mining and Manufacturing Survey, Survey of Research and Development in Korea, and Environmental Statistics Portal from 2003 to 2013 with fixed effect model. In order to eliminate the bias of the missing variables that may occur in the existing studies, we analyze factors affecting productivity such as market competition, R&D investment as explanatory variables. And, in order to eliminate measurement error and inverse causality, we use instrumental variable approach. The main results are as follows. First, our findings that the environmental regulation improve the productivity of Korean manufacturing in the long-run support the Porter hypothesis. Second, our findings suggest that measurement error and reverse causality are main sources of the endogeneity, while omitted variable is not. Finally, environmental technology R&D has reduced productivity in the short-run.