Earticle

본 연구는 2000년부터 2022년까지 패널 데이터 모형을 사용하여 한류가 외국인 유학생 유치에 미치는 영향을 크게 3대 권역으로 나눠 분석하였다. 분석을 위해 선행연구에서 변수로 사용하 고 있는 인구, 환율, 수도 간 거리, 1인당 GDP, 한국 방송프로그램 수출량(한류 대리변수), 한국 고등교육기관의 연간 R&D 지출비용, 유학생 수 등을 분석에 이용하였고, 그 외 새로운 변수(해당국가의 이동전화 가입자 수, 인터넷 가입자 수, 소비자 물가지수, 해당국과의 FTA 체결여부 등)를 투입하여 분석하였다. 분석결과 권역별로 외국인 유학생 유치에 미치는 결과는 공통점도 있었으나 가장 크게 영향을 미치는 변수는 상이하게 분석되었다. 또한 일반적 예상과 달리 한류 대리변수는 유학생 유치에 통계적으로 유의미하지만 부(-)의 영향이 있는 것으로 나타났다. 이는 최근 COVID-19로 인해 외국인 유학생 수의 감소로 볼 때 차후 장기적으로 긍정적(+) 상관관계가 나올 것으로 유추해 볼 수 있다. 또한, 기존 변수들 외 새롭게 투입한 인터넷 가입자 수와 소비자 물가지수(CPI) 등이 유학을 결정하는데 긍정적(+) 영향을 미치는 것으로 나타났다.

This study analyzed the influence of the Korean Wave on attracting foreign students from 2000 to 2022 by dividing it into three major regions using a panel data model. As a result of the analysis, the results affecting the attraction of foreign students by region had some commonalities, but the variables that had the greatest impact were analyzed differently. Contrary to general expectations, the Korean Wave proxy variable has a statistically significant but negative effect on international student attraction. Given the recent decrease in the number of foreign students due to COVID-19, it can be inferred that a positive (+) correlation will emerge in the future. The significance of this study is that it also considered the microscopic aspect due to the impact on international students, whereas the analysis of previous studies was conducted only in consideration of the macroscopic aspect. As a result of the analysis, it was analyzed that the number of new Internet users and the consumer price index (CPI), in addition to the existing variables, had a positive (+) effect on the decision to study abroad.

In this study, fixed effect model in the one-way error component regression model has been determined. Analyzing price of apartment of reconstruction of Gangnam-gu and Secho-gu in Seoul, over a 60 period point(2002. 7.29-2007. 6.29).Case of Gangnam-gu region, this study provides empirical evidences of significance positive relationships between the price of redeveloping apartments, a numerical index of apartment price, a numerical index of deposit money for the lease of a house and approval project. The number of pyeong, the unemployment rate and consumer price index, foundation of an association, disposition of management.Case of Secho-gu region, this study provides empirical evidences of significance positive relationships between the price of redeveloping apartments, the number of pyeong, a numerical index of apartment price, a numerical index of deposit money for the lease of a house, foundation of an association, approval project, disposition of management. However, this study provides empirical evidences of significance negative relationships between a rate of interest, a numerical index of house price. The unemployment rate and consumer price index using independent variables are non- significance variables. Implication of these findings are discussed for content research and practices

Given the rapid growth of foreign direct investment in Mongolia, this subject is a central concern of Mongolian government policymakers and foreign invested companies. This study explores the determinants of foreign direct investment inflows into Mongolia by country using data of 35 countries from 1990 to 2009 by pooled OLS and random effects estimations. Evidence from the past twenty years shows that main significantly positive influences are the market size of host & source country, exchange rate and “mining” dummy. “Border” dummy has significantly positive by OLS but insignificantly by random effects regression. Additionally the wage rate ratio of Mongolia to source country has estimated positively related to FDI inflows against the expected hypothesis. It has deciphered by two reasons. At first, the higher wages paid by the foreign firms may also results in the higher wages in the domestic firms. Second, the economic growth provides both FDI improvement and higher wage level. Significantly negative influences include distance from Mongolia to source country and lending rate of source country. But the Mongolian corporate tax rate has resulted insignificantly negative. It has deduced by two basic arguments. First, the Mongolian corporate tax rate was less than that of top investor countries from 1990 to 2010. And secondly, industries and companies, which active in territory of Mongolia, could enjoy some tax discounts and exemptions according to the Mongolian laws.

Given the rapid growth of foreign direct investment in Mongolia, this subject is a central concern of Mongolian government policymakers and foreign invested companies. This study explores the determinants of foreign direct investment inflows into Mongolia by country using data of 35 countries from 1990 to 2009 by pooled OLS and random effects estimations. Evidence from the past twenty years shows that main significantly positive influences are the market size of host & source country, exchange rate and “mining” dummy. “Border” dummy has significantly positive by OLS but insignificantly by random effects regression. Additionally the wage rate ratio of Mongolia to source country has estimated positively related to FDI inflows against the expected hypothesis. It has deciphered by two reasons. At first, the higher wages paid by the foreign firms may also results in the higher wages in the domestic firms. Second, the economic growth provides both FDI improvement and higher wage level. Significantly negative influences include distance from Mongolia to source country and lending rate of source country. But the Mongolian corporate tax rate has resulted insignificantly negative. It has deduced by two basic arguments. First, the Mongolian corporate tax rate was less than that of top investor countries from 1990 to 2010. And secondly, industries and companies, which active in territory of Mongolia, could enjoy some tax discounts and exemptions according to the Mongolian laws. Since The Foreign Investment Law of Mongolia was adopted in 1993, Korea started to invest in Mongolia, and from 2007 its FDI inflows increased suddenly. Korea's influence has been increasing dramatically, with the expansion of small- and medium-sized investments (restaurants, esthetic clinics, service industry businesses such as in fashion) and increases in the number of Mongolian workers accepted (approx. 30,000 people). Korea ranked at the third place among the list of major investors and second place in the list of number of invested companies. Wholesale business, retail trade, restaurants and cafes have included in the trade and catering services. Korean FDI in this sector is 45.17% of all Korean FDI. In the recent years Korean FDI in trade and catering service and mining oil geological service is increasing but Korean FDI in other sectors are decreasing.

본 연구는 물 부족 위기관리를 위한 WEF Nexus(물-에너지-식량 연계성) 관련 기초자료의 확보를 위해, 기후인자와 사회⋅경제요인이 투입된 물 수요모형을 구축하고 국내 용수 이용량에 대한 에너 지 및 식량 공급의 영향력을 실증 분석하였다. 1998년부터 2014년까지 17년간의 정량 분석 자료를 바탕으로, 전국 16개 시도별 용수 이용량과 물 연계요인(에너지소비량, 식량작물생산량), 기후요인 (강수량, 기온), 경제요인(지역내총생산, 수도요금) 관련 자료를 활용하였으며, 지역 간 이질성이 반 영된 가능일반화최소자승(feasible generalized least squares) 패널 모형을 통해 용수 이용량의 결정요 인과 탄력성을 산출하였다. 주요 결과는 다음과 같다. 에너지 소비량, 식량작물생산량, 지역내총생 산, 수도요금 모두 유의한 영향력을 나타냈으나, 강수량과 기온의 효과는 비유의한 것으로 확인되었 다. 물 이용량에 대한 탄력성은 에너지소비량=0.084, 식량작물생산량=0.412, GDRP=0.318, 수도요금 =-0.199로 나타났다.

The aim of this study was to obtain basic information related to WEF (water-energy-food) Nexus for water shortage crisis management by analyzing the influence of energy and food supply on domestic water demand. This study set up a panel model reflecting regional heterogeneity, using the data from 16 metropolitan cities in Korea during the past 17 years (1998 to 2014). The model included multiple variables such as water nexus factors (energy consumption and food crop production), climate factors (precipitation and temperature), and economic factors (GRDP and water rate). The FGLS (feasible generalized least squares) model was selected as the optimal option as a result of the model fitness test. The model results indicate that energy consumption, food crop production, GRDP and water rate all showed significant influence on water demand, but precipitation and temperature were not effective. The elasticity of water consumption was 0.084 for energy consumption, 0.412 for food crops, 0.318 for GDRP, and -0.199 for water rate.

중국 경제는 지난 30년간 평균 10% 가까이 성장했으며 세계에서 두 번째로 큰 경제 대국으로 성장했으 며 미국 경제에서 가장 큰 경제를 추월할 것으로 예상된다. 생산성 향상은 매우 빨라졌으며 매우 높은 수준의 투자로 용량이 확장되었으며 상업 은행 부문 또한 급속도로 성장했으며 다양화 되었다. 중국 은행 시스템은 1978년 개혁이 시작된 이래로 단일 중앙은행 시스템에서 네 가지국유은행의 시스템으로 발전했 으며, 1990 년대 이후 수십 개의 은행이 있는 다른 시스템으로 변형되어 수백 가지 유형의 은행이 있는 시스템으로 분화되었다. 은행들은 중국 금융 시스템을 지배하며 민간 부문에 총 신용의 약 3/5를 제공한 다. 그리고 중국 은행 시스템은 상당히 집중되어 있으며 5개 은행이 총 대출 시장의 거의 절반을 나눠 쓴다. 많은 경제학자들은 중국의 금융 시스템이 외국의 상업보다 중국의 확장을 촉진하는 데 더 중요한 역할 을 한다고 판단한다. 서구 시스템보다 중국의 금융 시스템에 대한 이해가 훨씬 적다. 금융 변화의 규제, 구조 및 운영에 따라 매우 불투명 하고 분석하기가 더 어려워 졌다. 그러나 많은 연구자들은 금융 시스템 이 중국의 빠른 경제 발전의 주된 취약성이 될 수 있다. 동등한 입장의 관점에서는 금융 시스템이 중국의 보다 발전된 국제 지위에 효과적으로 적응하고 있다. 우리는 은행 산업의 핵심 지표(이익 창출 능력, 위험 상태 및 신용 여건)와 부동산 시장 간에 안정적이 고 단기적이고 장기적인 관계가 존재함을 제안한다. 다른 방향으로 나아가는 것보다 영향의 방향은 부동 산 시장에서 은행 업계로 향하는 것이 더 커다. 또한 은행 산업은 주로 다양한 방식을 통해 공급과 수요 중심으로 나타난다. 따라서 재정 정책, 통화 정책, 재정 정책, 구조 조정, 은행의 건전성 규제 등은 다른 연구 목적과는 달리 은행 부문의 변동에 대한 부동산 시장의 위험 통제를 막을 수 있다.

China's economy has averaged close to 10 percent over the past three decades and has grown to be the second largest economy in the world and is expected to surpass the biggest economic, the United States. Productivity growth has been rapid and capacity has been expanded by very high levels of investment. The commercial banking sector has also grown rapidly and become diversified. The chinese banking system has progressed from a one bank system to a four bank system in state banking since the start of reforms in 1978, and then transformed into another system with dozens of banks since the 1990s to a system with hundreds of different types of banks. The banks dominate the Chinese financial system, providing about three fifths of total credit to the private sector. And the chinese banking system is fairly concentrated, with five banks splitting almost half the total loan market . Many economists believe that the financial system of China plays a more critical role in fueling expansion in China than foreign commerce does. There is far less understanding of China's financial system than western systems and it has proven harder to analyze since it is highly opaque, evolving rapidly as the regulation, structure, and operation of finance changes. But many researchers who study it believe the financial system may be the main vulnerability for fast economic development in china. An equally respected position is that the financial system is adapting effectively to China's more developed international status. We suggest the existence of a stable, short and long-run relationship between key indicators of banking industry (Profit-Making Ability, Risk Status and Credit Quality) and property market. The direction of influence goes from property market to banking industry rather than the other way around. Furthermore, banking industry appears to be mainly supply and demand-driven through different ways. Thus, the fiscal policy, monetary policy, financial policy, structural adjustment, and prudential regulation by banks can guard against risk control of the property market to banking sector swings, unlike that of other research objectives.

소매업 매출액는 그룹(소매업)별, 시간별로 다양한 원인에 의해서 매출액 결정이 이루어지고 있어 복잡성을 띠고 있다. 본 연구에서는 복잡성을 띠고 있는 소매업 매출액의 제 변인들을 파악 하기 위해 패널 데이터를 이용한 연구 모형을 설정하고 이를 통해 소매업 매출액에 결정적으로 영향을 미치는 제 변인에 대하여 조사, 분석, 검증한다. 본 연구는 7 그룹(백화점, 대형마트, 슈퍼마켓, 편의점, 기타종합소매점, 무점포판매점, 사이버쇼 핑몰, 기타무점포판매점, 전문상품소매점)을 분석대상으로 하였다. 분석기간은 2005년 1월부터 2007년 12월 까지의 자료를 이용하였고. 소매업 판매액을 종속변수로 설정하고 종합주가지수, 사 이버쇼핑몰 사업체수, 동행(경기)종합지수, 아파트매매가격지수, 고용률, 평균가동률, 소비자물가 지수를 변수로 투입하였다. 소매업 결정요인을 추정한 결과 동행(경기)종합지수와 아파트매매가 격지수, 고용률, 제조업 평균가동률의 계수값이 각각 유의적인 정(+)의 영향을 미치는 것으로 나 타나고 소비자물가지수는 부(-)의 영향을 미치는 것으로 나타났다. 종합주가지수와 사이버 쇼핑 몰 사업체수는 매출액에 큰 영향으로 주지는 않은 것으로 나타났다.

In respect complication of group and period, the sales of retail trade is composed of various factors. This paper studies focus on estimating the determinants of the sales of retail trade. The volume of analysis consist of 7 groups. Analyzing period be formed over a 36 point(2005. 1～2007. 12). In this paper dependent variable setting up sales of retail trade, explanatory(independent) variables composed of composite stock price index, the number of the consumer’s online buying behavior company, the coincident composite index, the index of trading price of APT, employment rate, an average of the rate of operation(the manufacturing industry), the consumer price index. The result of estimating the determinants of sales of retail trade provides empirical evidences of significance positive relationships between the coincident composite index, the index of trading price of APT, employment rate, an average of the rate of operation(the manufacturing industry). However this study provides empirical evidences of significance negative relationships between the consumer price index. The explanatory variables, that is, composite stock price and the number of the consumer’s online buying behavior company, are non-significance variables. Implication of these findings are discussed for content research and practices.

Objectives : This study examined the effect of private health insurance on medical care utilization by subscription type. Methods : The data used were the six waves of the Korea Health Panel (2009-2014), and 16,187 persons were the subjects of the analysis. We performed a panel regression with a fixed effects model. Results : Indemnity private health insurance was positively related to the number of physician visits, number of admissions, and total length of stays. However, fixed-benefit private health insurance was not related to medical care utilization. Conclusions : The result of this study, which shows the difference by subscription type in the effect of private health insurance on medical care utilization, suggests that continuous monitoring of indemnity private health insurance is needed in the future.

사이버 쇼핑몰 거래액은 그룹(형태)별로 다양한 원인에 의해서 거래액 결정이 이루어지고 있어 복잡성 을 띠고 있다. 본 연구에서는 복잡성을 띠고 있는 소매업 매출액의 제 변인들을 파악하기 위해 패널 데이 터를 이용한 연구 모형을 설정하고 이를 통해 쇼핑몰 거래액에 결정적으로 영향을 미치는 제 변인에 대 하여 조사, 분석, 검증한다. 본 연구는 4 그룹(운영 형태별로 온라인, 온․오프라인병행, 취급범위별로 종합몰, 전문몰)을 분석대상 으로 하였다. 분석기간은 2005년 1월부터 2007년 12월 까지의 자료를 이용하였고. 사이버 쇼핑몰 거래액 을 종속변수로 설정하고 종합주가지수, 사이버쇼핑몰 사업체수, 동행(경기)종합지수, 아파트매매가격지수, 고용률, 소비자물가지수를 변수로 투입하였다. 쇼핑몰 거래액 요인을 추정한 결과 동행(경기)종합지수와 사이버 쇼핑몰 사업체수는 각각 유의적인 정(+)의 영향을 미치는 것으로 나타나고 고용률은 음(-)의 영 행을 나타내는 유의적인 변수이지만 소비자물가지수와 국제유가, 종합주가지수는 거래액에 큰 영향으로 주지는 않은 것으로 나타났다.

In respect complication of group, transaction value of cyber shopping mall is composed of various factors. This paper studies focus on estimating the determinants of the transaction value of cyber shopping mall. The volume of analysis consist of 4 groups. Analyzing period be formed over a 36 point(2005. 1～2007. 12). In this paper dependent variable setting up transaction value of cyber shopping mall, explanatory(independent) variables composed of composite stock price index, the number of the consumer’s online buying behavior company, the coincident composite index, the price of international oil, employment rate, the consumer price index. The result of estimating the determinants of transaction value of cyber shopping mall provides empirical evidences of significance positive relationships between the coincident composite index and the number of the consumer’s online buying behavior company. However this study provides empirical evidences of significance negative relationships between employment rate and the consumer price index. The explanatory variables, that is, the consumer price index, composite stock price and the price of international oil are non-significance variables. Implication of these findings are discussed for content research and practices.

패널 데이터는 다차원의 변수를 포함하고 있다. 상이한 수준의 변수 분석에 분산분석이나 회귀 분석의 사용에는 한계가 있다. 이에 본 연구에서는 다차원 변수를 포함하고 있는 고령화 패널 데이터 를 대상으로 위계적 회귀분석 모형을 사용하여 고령자의 삶의 만족도 영향요인을 분석하였다. 본 연 구에서는 고령자 삶의 만족도 요인으로 건강, 경제력, 그리고 사회관계로 구분하여 위계적 회귀분석을 이용하여 검증하였다. 연구 결과 건강과 관계차원이 유의하였으며 건강차원에서는 우울증, 치매, 그리 고 친목모임에 참여 등의 관계요인이 고령자의 삶의 만족도 영향요인으로 파악되었다.

Data panel includes a multi-dimensional variable. There are limitations to the use of analysis of variance or regression for analyzing different levels of variables. In this study, using hierarchical regression models to target the aging panel data that includes multidimensional variables were analyzed Satisfaction Factors of life of the elderly. The purpose of this study was verified using a hierarchical regression analysis above, separated by a factor of elderly life satisfaction with health, economic, and social relations. As a result, the relationship between health and relationship was significant, and the relationship between depression, dementia, and participation in social gatherings was considered to be factors of life satisfaction.

본 연구에서는 기업지배구조가 투자기회와 배당정책의 관계에 미치는 영향을 분석하였다. La Porta et al. (2000)의 연구에 기초하여 한국기업을 대상으로 결과모형가설과 대체모형가설의 지지여부를 분석하였다. 이를 위해 지배구조 특성에 따라 주주권리보호가 양호한 기업(SCG) 과 주주권리보호에 취약한 기업(WCG)으로 나누어 패널자료회귀모형과 내생적 전환회귀모형 을 응용하여 분석하였다. 표본기업은 2004년부터 2012년까지 한국거래소 유가증권시장에 상 장된 기업 중에서 5,119개를 선정하였다. 실증분석 결과를 요약하면, 첫째, 투자기회는 배당정책에 유의하게 정(+)의 영향을 미친다는 것을 알 수 있었다. 투자기회가 많은 고성장기업의 경우 배당을 증가시키는 경향이 있음을 확 인할 수 있었다. 이러한 관계는 지배구조의 특성이 통제된 상황에서도 동일하게 나타난다는 것 을 알 수 있었다. 둘째, 표본기업을 지배구조가 양호한 집단과 취약한 집단으로 나누어 분석해본 결과, 취약한 지배구조집단에서 투자기회가 배당에 정(+)의 영향을 미치는 것으로 분석되었다. 이러한 결과 는 대체모형가설을 지지하는 결과로 해석할 수 있었다. 즉 주주에 대한 권리보호가 취약한 기 업에서는 주주의 법적권리를 보호한다는 신호로 배당정책을 활용하고 있는 것으로 이해할 수 있었다. 셋째, 내생적 전환회귀모형을 사용한 투자기회와 배당정책 간의 분석 결과에서도 대체모형가 설이 지지된다는 것을 알 수 있었다.

This study investigates whether the effect of investment opportunities on dividends is influenced by corporate governance. Using cross-sectional data on total 5,119 Korean listed companies, we estimate the relationship between investment opportunity and dividend policy for 9 years, from 2004 to 2012, with panel data analysis and endogenous switching regression model approach. The sample is divided into strong and weak governance regimes to investigate the outcome and substitute effect of La Porta et al. (2000). The results of this study support the substitute model hypothesis, that is, that investment opportunity and dividend are positively related in firms with weak corporate governance but little related in firms with strong governance. In terms of corporate governance, we show that corporate governance significantly influences the relationship between investment opportunity and dividend policy. Regarding dividend policy, we conclude that dividends are utilized as tool to signal their good reputation for firms with high investment opportunity but where corporate governance is weak.

Purpose: This study aimed to identify the key factors influencing medication adherence among patients with hypertension and diabetes using data from the 2021 Korea Health Panel Survey (KHP) and to develop a predictive model for intervention planning. Methods: Secondary analysis was conducted using data from 3,376 hypertension and 1,497 diabetes patients. SPSS and SPSS Modeler were employed for descriptive statistics and decision tree analysis with the Chi-squared Automatic Interaction Detector (CHAID) algorithm to determine the major predictors of medication adherence. Results: For hypertension patients, adherence was influenced by health literacy, outpatient visits, adverse drug reactions, number of chronic diseases, disability, and the use of mental health counseling. For diabetes patients, adherence was affected by regular healthcare provider status, perceived stress, depressive symptoms, self-rated health, and unmet medical needs. Conclusion: A decision tree model revealed that higher health literacy, frequent healthcare use, and absence of adverse drug effects improved adherence. Psychological factors such as stress and depression were also significant. These findings emphasize the need for targeted programs that enhance health literacy and address emotional factors to improve adherence among patients with chronic diseases.

This study observes the difference in the actual regional ripple effect of the decrease in admission resources due to the decrease in school age population, which has been weak in empirical studies, and how much the decrease in competition rate by department nationwide provides a significant shock to the decrease in enrollment rate in the population unit. An empirical quantitative analysis was attempted. As a result of applying the panel-tobit regression model, a clear gap was confirmed in the decrease in the registration rate due to the decrease in the competition rate both nationally and in the provinces, and in particular, a highly significant relationship was derived with the decrease in the recruitment rate. In particular, the sensitivity of the risk of unrecruitment due to a decrease in competition rate was the highest in the Jeolla region (0.499), followed by the Gangwon region (0.475) and the Gyeongsang region (0.471), and the metropolitan region (0.158) was confirmed to be the most stable. This suggests that the gap in insufficient funding has gradually widened by region over the past 10 years, and that the shock wave becomes more pronounced in the provinces farther away from the metropolitan area. Based on this study, if we deviate from the standardized application of university development policies for the metropolitan area and regional universities, and present a customized higher education strategy for each region, it will be an opportunity to prevent local extinction due to a decrease in the school-age population and achieve coexistence with higher education institutions and regions at the same time.

The Educational Restitution Rate is an important parameter that determines the quality of university education. This paper analyzed data from 148 private universities over the 10 years from 2009 to 2018 using data mining techniques in Korea. A significant causal relationship is detected in the fixed effect model as a result of the panel estimation. And the scale of faculty expansion and fund management, which are the university evaluation indicators, and the size of basic funds, respectively, have a positive effect on the ERR, which is within the confidence interval. In the analysis, the more private universities improve the tuition dependence rate, the more decisively positive affecting ERR. As a result of nonparametric regression estimation, when the faculty expansion ratio is reinforced, the effect of economies of scale is detected in some sections, the improvement of the tuition dependence rate, and the result value is generated through the improvement that results are derived at a certain point in time. We hope that the university based on this study can be a basic Indicators for the diagnosis of basic competencies and policy of student-centered education.

The factor of input in forestry is a key reason for the economic growth of forestry. This paper divided the country's 31 provinces (autonomous regions) into three categories by system clustering method, and constructed Panel Data Models respectively, in order to analyze the contributions of fixed forestry assets investment and labor input to forestry economic growth. The results show that three types of regions in the provinces of forestry factor inputs are quite different in promoting the forestry economic growth: labor inputs is the main driver of the economic growth, the forestry investment as a leading role in forestry is relatively weak for the forestry economic growth, namely the forestry economic development in China is still a labor-intensive type.

This paper empirically examines the effects of R&D investment on productivity using dynamic panel data (DPD) model for Korea's listed and non-listed manufacturing companies over the period from 2000 to 2007. In estimating the DPD model, it controls for simultaneity and inconsistency caused by distributional problems of R&D spending by employing two stage Tobit-GMM method. Empirical results suggest that for all firms, either in high-tech or low-tech industry, R&D expenditure is positively associated with enhancement of productivity but R&D investment has a larger effect on labor productivity in high-tech firms than in low-tech firms. This implies that government R&D subsidy would have a stronger effect on productivity for high-tech firms,especially small and medium sized firms, rather than for low-tech firms.

The theoretical and empirical literature on finance-productivity nexus is large. However, empirical studies for the case of the Chinese economy are fairly limited. To fill this void, the present study is to empirically test the hypothesis that finance has played an important role in promoting productivity in China. It follows two-step research procedure: first, by employing the DEA approach, it measures overall productivity change measured by TFP changes and decomposes it further into its four sources; in the second step, these productivity indices are regressed on the indicators for financial development in the platform of the spatial panel data model. As a result, it finds, first, that there is no evidence that financial development has contributed to productivity in China. Second, it also finds that the productivity effects of FDI inflows and education are also insignificant. Finally, the present study reveals the evidence of a strong positive spatial complementarity of productivity among regional economies. Based on these findings, the present study suggests important policy implications.

This study focuses on examining the relations between ICT(Information & Communication Technology) and FDI(Foreign Direct Investment) inflow through 2SLS(Two-Stage Least Squares) analyzes. My research presents a more generalized result compared to previous studies by using a wide range of data sets from 1980 to 2010 for 199 countries. Furthermore, in order to supplement the possible endogeneity problem in setting variables in the panel analysis, this paper conducts 2SLS using the 15～24 age group as an instrument variable at the country level. The main results based on 2SLS analysis are as follows. All three variables set as ICT infrastructure exhibit a positive significant relationship with FDI inflow. Specifically, at the 5% significance level, the increasing numbers of fixed-broadband subscribers, internet users and mobile phone subscribers of 10% leads to 5.33%, 5.08%, 7.40% increase in FDI inflow, respectively.

This paper focuses on the timing decisions of manufacturers' recall issuance. In particular, it identifies why some manufacturers are slow to issue recalls, while others are quicker. To answer why firms behave differently in responding to recalls, we use the US recall data from year 2008 to year 2017 and synthetic panel regression models. Our estimation results show that voluntary recalls usually have shorter pre-recall periods, while government mandated recalls have much longer pre-recall periods. We also find that vehicle manufacturers make recall issuance decisions based on the degree of risk, expected liability, and recall costs from defective vehicles. Furthermore, manufacturer and vehicle characteristics affect the timing of recall issuance. In particular, Japanese and Korean manufacturers are slow to issue recalls compared to U.S. manufacturers. The pre-recall periods of European manufacturers are not different from those of U.S. manufacturers.

The ordinary least squares based estimator of the disturbance variance in a regression model for spatial panel data is shown to be asymptotically unbiased and weakly consistent in the context of SAR(1), SMA(1) and SARMA(1,1)-disturbances when there is measurement error in the regressor matrix.