Earticle

Purpose: Hand hygiene in older adults is an important aspect of public health. This study aimed to identify the factors related to hand hygiene performance among community-dwelling older adults. Methods: This study used a cross-sectional design. A total of 142 older adults participated in this study. Data on participants’ hand hygiene performance, hand hygiene knowledge, health literacy, hand hygiene-related characteristics, and general characteristics were collected through a survey. Multiple linear regression and quantile regression analyses were performed using the Stata 17.0 program. Results: In the multiple regression analysis, the male gender, lack of experience with hand hygiene education, low health literacy, and low hand hygiene knowledge were significant risk factors for poor hand hygiene practice. In the quantile regression analysis, the male gender and a low educational level were significant factors across all quantiles, while lack of experience with hand hygiene education and low hand hygiene knowledge were significant at the 25th and 50th percentiles only. In addition, low health literacy was significant only at the 25th percentile. Conclusion: These findings suggest that tailored interventions are needed for older adults with low hand hygiene levels.

Purpose: The purpose of this study is to explore the factors influencing the quality of life (QoL) among Vietnamese garment factory workers.Methods: A survey was conducted among 270 workers measuring sociodemographic, work -related, health-related variables, depression, job control, self-efficacy, and social support. Quantile regression analyses were employed to analyze the factors affecting QoL at different levels. Results: The average QoL scores were 66.23 for men and 66.84 for women (range: 40?120). Higher education levels were associated with better QoL, whereas poor sleep quality had a negative impact across all quantiles. Working in specific departments such as quality control, ironing, and screen printing, and lower intake of fruits and vegetables were linked to reduced QoL in the 0.9 quantile. Depression significantly reduced QoL at the 0.25 and 0.9 quantiles, while job control showed a positive association with QoL at the lower quantiles. Self-efficacy was positively associated with QoL at the 0.1 and 0.75 quantiles, and social support had a consistent positive effect across all quantiles.Conclusion: Improving sleep quality, enhancing self-efficacy, and strengthening social support may help improve the overall QoL of garment factory workers. In the higher QoL group, targeted attention and support for workers in departments such as quality control and ironing, and healthy diet may be necessary. This study highlights the importance of developing policies that reflect the diverse working conditions affecting QoL and provides foundational evidence to guide future research and workplace interventions.

본 연구의 목적은 초등학생의 ADHD 증상에 영향을 미치는 양육태도와 학교적응 요인을 분석하고, ADHD 증상 수준에 따른 차별적 영향력을 밝힘으로써 집단별 맞춤형 개입의 방향을 제시하는 데 있다. 이를 위해 2021년 한국청소년정책연구원이 수집한 ‘10대 청소년 정신건강 실태조사’ 자료 중 초등학생 2,039명의 응답을 분석에 활용하였으며, ADHD 증상 수준에 따라 일반군(50분위), 경계군(80분위), 위험군(90분위)으로 구분하여 분위회귀분석을 실시하였다. 주요 분석 결과는 다음과 같다. 첫째, 부정적 양육태도(거부, 강요, 비일관성)는 ADHD 증상에 유의미하게 부정적인 영향을 미치는 가운데, 세부 요인은 분위에 따라 ADHD 증상에 미치는 영향력이 상이하게 나타났다. 특히 경계군에서는 ‘강요’가, 위험군에서는 ‘거부’가 유의미한 가운데 ‘비일관성’은 공통된 위험요인으로 작용하였다. 둘째, 학교적응 요인 중에서는 모든 분위에서 ‘학업유능성’과 ‘학교생활’이 ADHD 증상에 부적 영향을, ‘또래관계’는 정적인 영향을 미치는 것으로 나타났다. 이러한 결과는 ADHD 증상 완화를 위해 가정 내 일관된 양육환경 조성과 정서적 수용 경험, 학교 내 성공 경험의 축적이 중요함을 의미한다. 본 연구의 결과를 바탕으로 증상 수준별 맞춤형 개입 전략의 필요성과 학교사회복지적 실천 방향성을 제안하였다.

This study aims to examine the effects of parenting styles and school adjustment on ADHD symptoms in elementary school students and to identify their differential impacts according to symptom severity, thereby informing tailored intervention strategies. Data were drawn from the “Mental Health Survey of Teenagers” conducted by the National Youth Policy Institute in 2021, with responses from 2,039 elementary school students analyzed. Based on ADHD symptom levels, participants were categorized into three groups: the general group (50th percentile), borderline group (80th percentile), and high-risk group (90th percentile), and quantile regression analysis was applied. The main findings are as follows. First, negative parenting styles-namely rejection, coercion, and inconsistency-had significant aggravating effects on ADHD symptoms, with varying impacts across symptom levels. Coercion was most salient in the borderline group, rejection in the high-risk group, and inconsistency was identified as a consistent risk factor across all groups. Second, among school adjustment factors, academic competence and school life showed significant negative associations with ADHD symptoms across all quantiles, while peer relationships had a positive association. These findings highlight the importance of consistent parenting, emotional acceptance at home, and the accumulation of successful experiences at school for mitigating ADHD symptoms. Based on the results, the study proposes the necessity of stratified intervention strategies and discusses implications for school social work practice.

본 연구의 목적은 전통적인 임금함수에 비인지적 특성 변수를 추가하여 비인지적 특성의 근로소득 효과와 교육투자수익률의 과대추정 정도를 파악한다. 주요 결과는 다음과 같다. 첫째, 임금근로자의 경우 근로소득에 유의한 영향을 미치는 비인지적 특성은 개방성, 성실성, 외향성, 내적통제성으로 나타났다. 비임금근로자의 경우 개방성, 내적통제성이 임금에 양의 영향을 미쳤다. 둘째, 비인지적 특성의 근로소득 효과는 근로소득 분위에 따라 상이하게 나타난다. 셋째, 임금함수에 비인지적 특성이 포함됨에 따라 교육투자수익률은 감소하였다. 넷째, 교육투자수익률의 과대추정효과는 인지적 특성 변수가 누락되었을 때보다 비인지적 특성 변수가 누락되었을 때 더 크게 나타난다.

This paper examines the effect of non-cognitive skills on labor income and the return to education. This paper considered non-cognitive skills as Big Five personality traits and Internal control. The major findings are following. First, for wage workers, Openness to experience, Conscientiousness, Extroversion and Internal control are effective traits on their wage. For self-employed workers, Openness to experience and Internal control are positively effective. But the degree of these effects is different on each quantile. Second, the estimates of return to education reduce when including non-cognitive skills in the Mincer earnings function.

본 연구의 목적은 첫째, ISO26000의 핵심요소를 선행연구를 통하여 카지노 기업 에 적합한 ISO26000의 핵심요인을 도출하고, 둘째, ISO26000의 핵심요소별 조직신 뢰에 미치는 영향을 최소자승법을 이용한 다중회귀분석을 이용하여 측정하며, 마지 막으로, ISO26000의 핵심요소가 조직신뢰의 정도에 따라 어떤 차이가 있는지를 분 위수 회귀분석을 이용하여 분석하여, 그 결과를 바탕으로 카지노기업의 CSR 경영 정책 수립과 개발방향을 제시하고자 하는 것이다. 선행연구를 중심으로 ISO26000의 측정항목을 7개(환경, 인권, 지배구조개선, 공정 운영관행, 노동관행, 공동체사회경제발전, 소비자이슈)를 도출하였고 설문조사를 통 해 실증분석을 위한 자료를 수집하였다. 요인분석결과 ISO26000의 측정항목을 7개 중 지배구조개선과 공정운영관행은 하나의 요인(지배구조 및 공정운영)으로 단순화 되어 6개의 요인을 실증분석에 사용하였다. 최소자승법을 이용한 다중회귀분석을 실시한 결과 인권을 제외한 나머지 5개의 변수가 유의한 영향을 미치는 것으로 나 타났다. 또한, 분위수 회귀분석의 결과, ISO26000 핵심요소 중 인권과 공동체사회경 제발전을 제외한 4가지 핵심요소는 종사원의 조직신뢰 수준에 따라 미치는 영향이 다른 것으로 나타났다. 본 연구의 결과를 바탕으로 향후 카지노기업이 지속경영을 위한 CSR경영활동의 활성화 방안을 수립하여 조직신뢰를 높이기 위해 종사원의 조직신뢰수준에 따라 CSR경영방안을 다르게 모색하고 그에 맞는 정책을 수립해야 할 것이다.

The purpose of this study drew the core elements of ISO26000 by analyzing the elements suitable to the characteristics of casino companies, and examined the influence of the core elements of ISO26000 on organizational trust following the level of organizational trust of employees. As a result of the factor analysis, among the 7 measurement items of ISO26000, improvement of governance and fair operating practices were simplified into one factor and thus 6 factors were used for empirical analysis. Therefore, multiple regression analysis using least square method was conducted to examine the impacts of the 6 elements. As a result, 5 variables excluding human rights had significant impacts on the organizational trust. Concretely, the 5 core elements of ISO26000 (labor practices, governance and fair operation, consumer issues, environment and community social and economic development) had significant impact on organization trust in order. In addition, the results of quantile regression analysis show the core elements of ISO26000 had different impacts on organizational trust depending on the level of organizational trust of employees.

본 연구는 한국노동연구원(KLI)의 한국노동패널조사(KLIPS)를 이용하여, 가계부 채 결정요인을 추정하고, 가계부채가 가계소비에 미치는 효과를 분석하였다. 실증분 석방법으로 최소제곱(Ordinary Least Square)을 사용하였으며, 가계부채와 가계소비 를 분위별로 분석하고자 분위회귀분석(Quantile Regression)을 추가적으로 실시하였 다. 국내 가계부채와 가계소비에 관한 기존 문헌들과는 달리 본 연구는 가계부채 결정요인과 가계소비 결정요인 분석에서 분위에 따른 분위회귀분석을 실시하여 상․하위 조건부 분위에 따른 효과를 추정하였다. 분석결과, 가계소득의 증가와 실물 자산의 확대는 가계부채를 확대하고, 더 나아가 가계소비를 증진시킨다. 또한, 가계 부채의 증가는 차입으로 인한 소비확대를 유도할 가능성이 있으며, 가계 부채상환율 의 증가는 가계의 재무건전성으로 인해 가계소비에 대해 긍정적인 효과가 있음을 확인하였다. 결론적으로 우리나라의 가계소비에 대한 가계부채의 전반적인 효과가 부정적으로 나타나지 않는 것으로 볼 때, 금융시장의 유동성 제약으로 인한 가계부채 의 감소가 오히려 가계소비를 축소시킬 가능성이 있다고 판단된다.

The purpose of this study is to estimate determinants of household debts and analyze the effects of household debts on household consumption with the use of Korean Labor and Income Panel Study of Korea Labor Institute. The analysis methods used in this study were Ordinary Least Square in order for estimation, Quantile Regression was additionally applied to perform quantile analysis on household debts and household consumption. Unlike previous literatures of domestic household debts and household consumption, this study focused on household debts to analyze the determinants of household debts and the effects of household debts on household consumption, and thereby tried to suggest comprehensive analysis. In addition, quantile regression analysis was conducted to analyze household debts and household consumption by quantile, and thereby to estimate the effects according to the upper and lower conditional quantile. According to the analysis, increased household incomes and expanded real assets led into the expansion of household debts, and furthermore into the promotion of household consumption. Also, increased household debts induced consumption expansion by loans, and increased debt-repayment rate caused financial soundness of households, which positively influenced household consumption. In conclusion, the overall effects of household debts on household consumption in Korea were positive. Therefore, this study drew the policy suggestion that the household debts reduced by liquidity restriction could shrink household consumption.

농촌지역의 인구감소와 고령화로 인해 이용자가 감소함에 따라 서비스수준이 매우 낮아지고 있는 시내버스의 대체 수단으로서 수요응답형교통(DRT)의 이용 만족도에 영향을 미치는 요소를 분위회귀모형을 통해 분석한다. 분위회귀분석 은 DRT 이용자 만족도에 영향을 주는 평가요소를 종속변수의 수준별로 독립변수의 영향력이 다르게 나타날 때 유익한 분석방법이다. 2015년 전라북도는 전국에서 최초로 버스형 DRT를 완주군 동상면과 정읍시 산내면에 차량 1대씩 시범운 영하였다. 기초통계분석 결과 완주군의 DRT 만족도가 정읍시보다 높게 나왔으며, 분위회귀분석결과에서도 완주군 이용 자의 하위분위와 상위분위간 만족도 편차가 크지 않으며 통상최소자승법(Ordinary Least Squares : OLS)의 값도 상위 분위 수에 근접한 높은 만족도를 보이고 있어 지속사업으로 진행되는 환경임을 알 수 있었다.

As the rural areas have experienced the population reduction and the aging, the service level of public transit decreases. This study analyzes the effecting factor to user satisfaction of demand response transport(DRT) as alternative to rural public transit by the quantile regression that aims at estimating either the conditional median or other quantiles of the response variable. Jeonbuk Province tested DRT operations in Dongsang of Wanju County and Sannae of Jeongup City each in 2015. The user DRT satisfaction of Wanju was higher than one of Jeongup in basic statistics analysis. The difference in satisfaction between higher quantile and lower quntile of Wanju is smaller than one of Jeongupy as a result of quantile regression analysis. Also, Wanju DRT continues the second test operation of DRT as satisfaction from Ordinary Least Squares(OLS) close to higher satisfaction quantile.

본 연구는 교통사고 심각도를 정량적으로 측정하기 위해 대물피해환산법(EPDO: Equivalent Property Damage Only) 지표를 활용하고, 이를 기반으로 고속도로 2차 사고의 심각도 결정 요인 을 규명하였다. 분석 자료는 한국도로공사 관할 고속도로에서 발생한 최근 10년간의 사고 데 이터(2014~2023)이며, 기초통계와 상관분석을 거쳐 강건 회귀(Robust Regression)와 분위수 회 귀(Quantile Regression)를 적용하였다. 분석 결과, 사고 규모와 사고 유형이 심각도에 가장 큰 영향을 미쳤으며, 특히 고심각도 구간에서 그 효과가 더욱 두드러졌다. 반면, 날씨·노면 상태와 같은 환경 요인은 상대적으로 제한적인 영향을 보였다. 이러한 결과는 기존의 범주형 접근의 한계를 보완하며, 사고 심각도를 사회적 비용 차원에서 정량화할 수 있는 대안을 제시한다. 정 책적으로는 다중 차량사고와 보행자 사고를 핵심 관리 대상으로 설정하고, 고속도로 2차 사고 예방을 위한 차별화된 안전대책 마련이 필요함을 시사한다.

This study applied the Equivalent Property Damage Only (EPDO) index to quantify the traffic accident severity and examined the determinants of severity in secondary accidents on expressways. The analysis was based on a ten-year dataset (2014–2023) from the Korea Expressway Corporation. Descriptive statistics and correlation analysis were first conducted, followed by robust regression (RR) and quantile regression (QR) to identify the key influencing factors. The results showed that the accident scale (number of vehicles involved) and accident type (particularly pedestrian accidents) had the most significant effects on severity, with these effects being more pronounced in high-severity accidents. In contrast, environmental conditions such as weather and road surface played a relatively minor role. These findings address the limitations of conventional ordinal categorical approaches by introducing an EPDO-based framework for quantifying the severity of accidents in terms of social cost. From a policy perspective, this study highlights multi-vehicle and pedestrian accidents as priority targets and underscores the need for differentiated safety measures to prevent secondary accidents on expressways.

본 연구는 이중차분 개념을 결합한 분위 회귀분석 모형을 통해 주택시장 안정화와 통화 정책의 유효성을 분석하였다. 통화정책은 4분기 연속 금리 상승 또는 하락 기간 기준으로 정책 전후 서울, 수도권과 지방 5대 광역시 아파트 ㎡당 실거래가격의 변동률을 추정하 였다. 총 3개의 분석 기간과 12개월, 18개월 시차 분석 결과 첫째, 지방 광역시 아파트는 통화정책의 기준금리 상승, 하락기와 무관하게 지속적으로 상승하고 특히 고가아파트(5 분위)의 상승률이 높은 것으로 나타났다. 둘째, 통화정책 분석 기간별 지방 광역시 고가 아파트(5분위) 상승률은 5.4%∼10.9%를 나타내고, 중고가(3∼4분위) 상승률은 서울, 수 도권 아파트 보다 높은 것으로 나타났다. 특히 서울, 수도권과 달리 지방 광역시 고가아 파트는 기준금리 상승기에도 가격이 상승하는 것으로 추정되었다. 요컨대 통화정책에 따른 기준금리 변동은 지방광역시 아파트 가격 상승 억제에 유효성이 없는 것으로 나타났다. 이와 같은 결과를 종합하면 우리나라 주택시장은 지역별, 가격별 수준에 따라 정책의 일 관된 적용이 어렵고, 정책의 효과는 기대와 다른 방향으로 나타날 수 있다는 것을 시사한다.

This study analyzed the effectiveness of monetary policy from the perspective of the stabilization of housing markets using a quantile regression model combined with the concept of difference in differences. Monetary policy was assessed based on interest rate fluctuations over a period of 4 quarters or more, both during both periods of rate increases and decreases, for apartments per square meter in Seoul, the capital area, and the 5 major metropolitan cities in the local regions. The analysis covered a total of 3 periods with 12-month and 18-month lag analyses. Aa a result, first, apartments in local metropolitan cities showed a consistent upward trend regardless of the changes in policy interest rates, with a particularly high rate of increase observed for high-priced apartments (5th quintile). Second, the rate of increase for high-priced apartments (5th quintile) in local metropolitan cities varied between 5.4% and 10.9% during different policy analysis periods, which was higher than the rate of increase for medium to high-priced apartments (3rd to 4th quintile) in Seoul and the capital region. This study suggests that fluctuations of interest rates do not have a significant impact on suppressing the price increase of apartments in local metropolitan cities. These results indicate that the application of housing policy is challenging to implement consistently across different regions and price levels.

This study examines empirical relevance of Ricardian equivalence hypothesis using a quantile regression model of private saving offset behavior. Panel data for 23 OECD countries over 1990~2014 were used. The heterogeneous effects of speed of aging and level of government debt were considered in the regression across distributions of private saving rate testing for possible existence of nonlinear effects. The main empirical findings are as follows: First, quantile regression results show statistically significant difference from mean regression results. Second, in high quantiles (0.7 quantile and above) of private saving rate, speed of aging and level of government debt show statistically significant impacts. That means ageing and government debt level may have a nonlinear effect on private saving, in addition to usual private saving offset in Ricardian equivalence. So effectiveness of fiscal policy measures may be further limited if population aging is fast going on and government debt goes beyond a threshold level.

This paper empirically examines the effects of R&D investment on productivity for Korea's listed and registered manufacturing companies using financial data over the period 2001-2016. It also examines size effects of R&D investment on conditional distribution of productivity. Empirical results show, first, for all firms and models, R&D investment is positively associated with productivity on average, which implies that the larger the R&D investment is, the higher the productivity is. However, quantile regression results show different from those of traditional regression. The R&D investment effects on productivity are the largest at 75 percent quantile in the conditional distribution of productivity for all sample firms; the largest effects at the higher end of the productivity distribution for the small and medium sized firms, but at the lowest end for the large firms. This implies that government R&D subsidy can have a stronger effect on productivity at the higher quantile of the productivity distribution for small and medium sized firms. This confirms that R&D investment should be a highly significant factor in enhancing firms’ competitiveness and thus should be essential sources of economic growth. Next, they show that on average, previous exports are positively associated with labor productivity for all firms, implying that the larger the exports of firms are, the higher the productivity is. However, quantile regression results are substantially different. The productivity effects of exporting are the largest at the lowest quantile in the conditional distribution of productivity for all firms. This implies that government export promotion programs would have a stronger effect on productivity at the lower quantile of the distribution for all sample firms but at the higher quantile for small and medium sized enterprises.

This paper empirically examines the effects of innovation activities and firm size on export shares for Korea's listed and registered manufacturing companies using financial data over the period 2000-2016. In estimating quantile regression models for export performance, it controls for sample selection problem caused by distributional heterogeneity of exports by employing the quantile estimation procedure. Empirical results confirm that for all firms, export shares are positively associated with innovation actvities on average, implying that the larger the R&D investment is, the higher the export share is. However, quantile regression results show very different form those of traditional regression methods. The export effects of innovation activities are the largest at 50 percent quantile in the conditional distribution of exporting; the largest at the lower end of the export distribution for the small and medium sized firms, but at the higher end for the large firms. This implies that government R&D subsidy would have a stronger effect on exports at the lower quantile of the distribution for small and medium sized firms. This confirms that R&D investment should be a highly significant factor for enhancement of competitiveness in exporting markets and essential sources of economic growth. Second, estimated results show that firm size can have positive effect on export, but they can not support the hypothesis of inverse U-shaped relationship between firm size and export. The quantile regression results show that firm size effects should have no significant patterns for small and medium sized firms but should have the U-shaped pattern for large firms.

As technological innovation is becoming important, securing intellectual diversity through the workforce diversity of research organizations is being emphasized. However, views on organizational diversity are still not reaching consensus, and existing evidence have limitations in terms of the empirical approach. Indeed, increasing number of studies which use quantile regression model show that the significance of the relationship between inputs and performance fundamentally differs across different levels of innovation performance. This study examines the relationship between firms’ workforce diversity and innovation performance, where we focus on the impact of gender diversity, age diversity, and education diversity. Methodologically, we conduct quantile regression model analysis to identify the effect of workforce diversity at various levels of innovation performance. The analysis in this study analyses 15,377 small and medium enterprises pooled from a 5-year period (2015– 2019). First, the results of the analysis shows that age diversity in research organizations has a positive relationship with innovation performance. Moreover, the positive effects of age diversity are more pronounced in relatively innovative organizations. This suggests that an organizational structure focused on a particular age group could rather undermine innovation. Organizational structure consisting of researchers of different ages is more positive for innovation performance. Second, we find that the positive effects of education diversity is observed only in organizations with high levels of innovation performance. This suggests that, as the positive effects of organizational diversity vary depending on the level of innovation performance, strategic decisions need to be made based on systematic diagnosis of the organization. Third, the results show that gender diversity is not necessarily related to innovation performance. It is reasonable to understand that the results of this study are due to the failure of the size of female R&D personnel in sample companies to reach the critical level where the effect of gender diversity is expressed. This study contributes to provide empirical evidence and implications at firm level, which has been relatively insufficient in the Korean context, through empirical research using survey data on small and medium-sized enterprises. In addition, our findings supplement the existing evidence by showing that the relationship between organizational diversity and innovation varies depending on the level of innovation performance through a quantile regression analysis.

Jeonse is a unique property rental system in Korea in which a tenant pays a part of the price of a leased property as a fixed amount security deposit and gets back the entire deposit when the tenant moves out at the end of the tenancy. Jeonse deposit is very important in the Korean real estate market since it is directly related to the residential property sales price and it is a key indicator to predict future real estate market trend. Jeonse deposit data shows a skewed and heteroscedastic distribution and the commonly used mean regression model may be inappropriate for the analysis of Jeonse deposit data. In this paper, we apply a Bayesian quantile regression model to analyze Jeonse deposit data, which is non-parametric and does not require any distributional assumptions. Analysis results show that the quantile regression coefficients of most explanatory variables change dramatically for different quantiles. The regression coefficients of some variables have different signs for different quantiles, implying that even the same variable may affect the Jeonse deposit in the opposite direction depending on the amount of deposit.

Our study aims to examine the role of economic development in moderating the relationship between international financial integration and economic growth, and we find that international financial integration has a positive impact on economic growth by and large. However, the growth impact of international financial integration does not exist in countries where economic development is too low or in highly developed countries. This suggests that policy makers, especially in developing countries, should ensure the presences of capabilities in order to gain from the financial market integration. The method involves a quantile regression technique on cross-sectional data of 73 countries.

Using a consistent estimator of the covariance matrix of the asymptotic distribution of the quantile regression estimator with intra-cluster correlation of the error terms, the paper investigates whether and to what extent inter-industry wage differentials derive from worker heterogeneity in the form of unobserved quality. To conduct this study, we pioneer in utilizing a unique data set, the European Union Structure of Earnings Survey for Greece, which follows a two-stage random sampling approach of employees clustered within firms. Data refer to 2010 when the first elements of the economic adjustment programme to deal with the chronic deficiencies of the Greek economy and restore sustainable public finances, competitiveness and set the foundation for long-term growth, gained visibility. Results point to high wage dispersion across industries at the mean of the conditional wage distribution, even after controlling for personal and workplace characteristics. However, evidence for the unobserved heterogeneity hypothesis is rather scant. Therefore, there is room for efficiency wage or rent-sharing theories in accounting for a large part of inter-industry wage differentials tentatively implying that firm heterogeneity in the ability to pay matters more than employee unobservable attributes in the wage determination process.

By analyzing the intraday trading activity datasets of foreign investors of KOSPI200 index futures, our study investigates the effects of foreign buy and sell side imbalances on contemporaneous KOSPI200 index futures market volatility, and then focus on examining whether foreign buy and sell side imbalances have an asymmetric effect on contemporaneous volatility. We employ open-close and Garman Klass volatility measures to examine asymmetry phenomenon. With the intention of better understanding the relation between trading activity of foreigners and market volatility, this study employs the quantile regression model to observe a complete picture of asymmetry phenomenon under the conditions of relatively higher, median, and lower volatility, and then compare with the OLS estimates. From our empirical results, we find that trading activity of foreign investors reduce contemporaneous volatility using OLS and quantile regression. OLS overestimates (underestimates) the effects of foreign trading activity on contemporaneous market volatility at the lower (upper) quantiles. Foreign buy side imbalance has a statistically greater effect on Garman Klass volatility than sell side imbalance at the upper quantiles, namely that when the KOSPI200 futures market volatility is high.

The purpose of this study is to examine empirically whether multinationality influences corporate value, and further to estimate how multinationality affects differently according to specific quantiles of corporate value. Using Ohlson’s valuation model (1995) with ordinary least square regression, we demonstrate that multinationality is a key factor to corporate value after controlling confounding variables. We also find that the effect of multinationality varies across different quantiles, and its effect increase as a quintile increases in the test of a quantile regression. Compared to estimates of OLS, the estimate of multinationality in OLS is greater than the estimate of multinationality at 50th for all measures of multinationality. As a result, our findings provide evidence that the estimate of OLS can underestimate the effect of multinationality compared to the estimate of a quantile regression. Given this finding, the effect of multinationality could be, in fact, far greater than figures turned up in the extant studies employing OLS. Moreover, we find that, the effect of multinationality sharply jumps up at the range of the highly valued firms. Thus, compared to the previous studies which mainly rely on the OLS regression, this study could provide a more comprehensive pictures regarding the relationship between the corporate value and multinationality.

This paper investigated the impact of financial integration on economic development using the dynamic panel quantile estimator on a sample of 95 countries from 2004-2019. The results showed that the impact of financial integration on economic development varied across income levels. This study found that financial integration impacted economic development negatively in middle and high-income countries. However, financial integration did not significantly affect economic development in low-income countries.