• The Korean Journal of Financial Studies
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• v.5 no.1
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• pp.191-212
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• 1999

1997년에 우리 나라는 외환충격으로 인한 금융위기 속에서 시장가격이 급격하게 변동하였다. 이로 인해 차익거래를 가능하게 하는 차입과 대출이 크게 제약되었고, 이것은 시장간 균형관계에 중요한 영향을 줄 수 있다. 이에 이러한 금융위기에서도 주요 시장간의 균형관계가 유지되었는지를 검정하는 것이 이 연구의 목적이다. 분석자료로 KOSPI 200 현물 종가 및 선물 결제가격, 연간 회사채 수익률, 양도성 예금 연간이자율, 기준환율의 일일 자료를 사용하였다. 1996년 5월 3일부터 1998년 5월 21일까지의 기간을 외환충격에 의한 금융위기 전, 중, 후의 3단계로 구분하여 각 단계별로 백터오차수정모형 분석과 충격반응분석을 하였다. 금융위기 이전인 제1단계에서는 5개 내생변수간의 균형관계가 존재하였다. 금융위기가 급속하게 진행된 제2단계에서는 균형관계가 존재하지 않았다. 그러나 주가지수, 주가지수 선물가격 및 기준환율 변수를 내생변수로 하고, 나머지 변수를 외생변수로 분석한 경우에는 균형관계가 존재하였다. 금융위기 진정단계인 제3단계에서는 5개 내생변수간의 균형관계가 성립하였다.

• 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.

• Management & Information Systems Review
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• v.31 no.4
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• pp.469-490
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• 2012

This study reviews the issue of endogeneity which has gained in importance in the empirical accounting researches in recent years. In so doing, I aim to call attention to the extent to which the presence of endogeneity limits the validity of empirical testing of models. More specifically, this paper explains what endogeneity is, its causes and consequences, and potential ways of managing the problem. The issues that concern endogeneity include, in the main, omitted variables, simultaneity, equilibrium conditions, choice variables. In this paper, I also discuss the implications derived from several selected empirical accounting research topics, that explicitly dealt with the problem of endogeneity. These include, among others, Oswald and Zarowin's (2007) study on the informativeness of capitalization of R&D, Hazarika et al. (2012) focusing on the relationship among internal corporate governance, CEO turnover, and earnings management, and a series of literature devoted to the associations between corporate governance structure and firm values. Finally, possible approaches for dealing with endogeneity are discussed.

• Journal of Labour Economics
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• v.40 no.3
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• pp.105-131
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• 2017

This study analyses the effect of a minimum wage on employment by using the government's progressiveness as an instrumental variable. The Ordinary Least Squares regression (OLS) can result in upward biased employment effect due to the endogeneity among variables. Therefore, it is necessary to analyse the casuality that removed endogeneity between variables by using proper instrumental variables. The analysis using instrumental variable shows that the growth of the increasing rate of the minimum wage reduces employment. The negative effect of employment depending on the increase of minimum wage corresponds with the predictions of Neoclassical Economics.

• The Journal of the Korea Contents Association
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• v.18 no.1
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• pp.268-276
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• 2018

This study examined the effects of indemnity private health insurance on the medical utilization among the Korean adults. The used data were the 2014 survey data of Korea Health Panel, and the number of subjects was 11,436. Authors employed instrumental variable regression model where the instrument variables for controlling for endogeneity of indemnity were the purchasing of private pension and number of family members. The results showed that the number of outpatient visits and the number of hospitalizations for indemnity private health insurance subscribers were higher than non-subscribers. The number of household members and the private pension variables were proved to be appropriate as instrumental variables. This paper recommends the Korean government to monitor and evaluate the effects of indemnity private health insurance on the medical utilization in order to improve the efficiency of health care finance.

• Journal of Korean Society of Transportation
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• v.20 no.6
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• pp.129-140
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• 2002

This paper develops a dynamic structural equation model, which captures relationships among socio-demographics, activity participation(i.e., time use) and travel behavior in consideration with time variation effects. The data used in developing the model are two waves(the year 1991 and 1992) from Puget Sound Transportation Panel (PSTP). which is surveyed in Puget Sound Region in United States. The PSTP is widely used in transportation behavior analysis and includes various information of traveler's socio-economic, travel patterns, and activity participation. In the model, we use 10 endogenous variables including activity participations and travel behaviors and 10 exogenous variables composed of time variant and invariant traveler's socio-demographic variables. The empirical model shows that strong relationships exist not only between socio-demographics and travel behavior, but between waves. We also confirm needs of panel data set to identify and understand time variation effects and travel behaviors.

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

• 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.

• Journal of Hospice and Palliative Care
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• v.14 no.3
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• pp.163-171
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• 2011

Purpose: This study tested a model of hospice volunteer's motivations and outcomes to encourage more volunteer workers to participate in hospice care. Methods: This included 200 volunteers who attended the Autumn Conference in 2007 and 132 volunteers from five hospice organizations. Results: Volunteers' existential well-being affected an endogenous variable of volunteers' participation in volunteer activities. The durability of volunteer activity was affected by value motivation, the level of participation in volunteer activities and the level of job satisfaction. For volunteers' job satisfaction level, valid endogenous variables included existential well-being, social motivation, understanding motivation and value motivation. The durability of volunteer activities was indirectly affected through three different paths. Volunteers' existential well-being determined the level of their participation in volunteer activities, which in turn affected the durability of such activities. Social motivation influenced volunteers' job satisfaction, and then the durability of volunteer activities. Volunteers' understanding of motivation also influenced their job satisfaction, and then the durability of volunteer activities. Conclusion: Based on these results, this study proposes that the durability of volunteers activities could be improved by developing a program to improve volunteers' well-being and by providing volunteers with education on altruistic values, encouraging them to seek intellectual growth, and advocating them to continue volunteer activities based on close relationships with other volunteers.

• 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.