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This paper studies the estimation of quantile regression panel duration models. We allow for the possibility of endogenous covariates and correlated individual effects in the quantile regression models. We propose a quantile regression approach for panel duration models under conditionally independent censoring. The procedure involves minimizing ℓ1 convex objective functions and is motivated by a martingale property associated with survival data in models with endogenous covariates. We carry out a series of Monte Carlo simulations to investigate the small sample performance of the proposed approach in comparison with other existing methods. An empirical application of the method to the analysis of the effect of unemployment insurance on unemployment duration illustrates the approach.

This paper analyses the link between educational qualification structure and information technology (IT) in the service production process. The analysis is based on 1996 cross‐sectional data for approximately 1,000 West German firms. The empirical evidence indicates that IT capital and high‐skilled labor are complements in the production process: firms with higher IT investment output ratios employ a larger fraction of high‐skilled workers at the expense of unskilled workers. To a lesser extent, the positive IT effect carries through for workers with vocational degrees including masters and technicians. Furthermore, we find that firms’ expectations of the future size of their high‐skilled workforce are positively related to their initial IT investment output ratio. To account for censoring in the employment variables, the empirical analysis uses Powell’s Censored Least Absolute Deviations estimators as well as standard Tobit estimators.

The focus of this research paper is on the debt ownership choice of UK property companies. The data show that bank borrowings constitute more than half of the total outstanding debt of the quoted property sector, testifying to the widespread use of bank debt among property companies. We carried out four censored regressions to identify key factors influencing the firms’ decision to use bank loans instead of other types of debt. The results reveal that firm size and credit risk are significant determinants of the bank debt ratio of property companies. We also observe that institutional ownership has a strong positive effect on bank debt reliance. This finding suggests that institutional investors in property companies delegate the monitoring of the firm’s actions to the banks. We also find a weakly positive relationship between interest rate and bank debt ratio. The regression results further suggest that property market cycle, volatility of interest rates, and the firm’s leverage, growth opportunity, trading activities and age do not have any significant effect on the debt ownership choice.

The Heckman two-step estimator (Heckit) for the selectivity model is widely applied in Economics and other social sciences. In this model a non-zero outcome variable is observed only if a latent variable is positive. The asymptotic covariance matrix for a two-step estimation procedure must account for the estimation error introduced in the first stage. We examine the finite sample size of tests based on alternative covariance matrix estimators. We do so by using Monte Carlo experiments to evaluate bootstrap generated critical values and critical values based on asymptotic theory.

The purpose of this paper is to investigate the performance of the revolving fund (RF) regarding the ability of smallholder debtors to retrieve land title deeds, and also to examine the factors influencing the outstanding debts and percentage of outstanding interest of the smallholders in the Central and Northeastern regions of Thailand.

Primary data were collected from 430 debtors in the Central and Northeastern regions of Thailand in order to compare the differences in livelihood assets as well as their opinions on benefits derived from the operation of the RF. Secondary data were also collected from the RF administration, in order to evaluate the effectiveness and efficiency of the fund. Heteroskedasticity-corrected ordinary least squares and Tobit regression models were employed to examine the factors influencing the outstanding debts and percentage of outstanding interest of the smallholders, respectively. Furthermore, the student’s t-test was used to examine the differences in the livelihood assets among debtors in the two regions; and one-way analysis of variance (ANOVA) was used to examine differences in livelihood indicator scores among the three types of debtors.

The empirical results revealed that the RF is effective as the fund could provide loan to smallholders to enable them redeem their land title deeds from their previous creditors. The t-test results reveal significant differences in the livelihood assets among debtors in the two regions. One-way ANOVA indicates differences in livelihood indicator scores among the three types of debtors. The results of the heteroskedasticity-corrected ordinary least squares regression revealed that being married, low frequency of floods and less influence of third parties significantly reduced the outstanding debts. The results of the censored Tobit regression revealed that increased frequency of meeting with the RF administration, less influence of third parties, high land potential and interaction of age and experience significantly decreased the percentage of outstanding interest.

It is imperative to intensify information and education regarding the regulations, payment terms and modalities to clients in order to facilitate repayments of the loans disbursed. The organization of the RF should pay particular attention to the role of the committees involved, information administration and loan repayment monitoring. The RF should increase the frequency of meetings with smallholders, minimize the influence of third parties and give priority to old and experienced smallholders who possess land with high potential for earning incomes to enable them repay the loans.

To the best of the authors’ knowledge, this is the first study that examined the effectiveness of the RF to enable smallholders retrieve their land title deeds.

To identify sources of the success and failure of COVID-19 control measures and develop best-practice public health policy in mitigating the spread of COVID-19, this paper aims to evaluate the efficiency of various combinations of government COVID-19 control measures among OECD countries. This paper also identifies which factors critically influence the efficiency of COVID-19 control measures.

This paper employed two-stage network SBM (slacks-based measure of efficiency) models with variable returns-to-scale and constant returns-to-scale, respectively, among various forms of data envelopment analysis (DEA) models. As a post hoc analysis, the authors used Tobit regression for examining the causal relationship between a nation's cultural dimensions and its COVID-19 control measure's efficiency scores.

The authors found that the pervasive less individualistic and higher uncertainty avoiding culture positively influenced the efficient control of COVID-19 outbreaks since such a culture helped the government impose its mandatory COVID-19 control measures without people's strong resistance to those measures.

Many public health policymakers are wondering why COVID-19 control measures are not effective in coping with the COVID-19 outbreaks. This paper helps the government find the most efficient combination of COVID-19 controls measures for curbing the spread of the stubborn coronavirus. This paper is one of the first attempts to identify pandemic risk mitigation factors from a cultural perspective.

The purpose of this paper is to find ways to develop more efficient mass transit systems across the USA and, thus, make the best use of state/federal/municipal government funds and taxpayers’ monies. This paper conducts benchmarking studies. In doing so, this paper identifies the best-in class mass transit practices that every regional mass transit system can emulate.

The continuous underutilization of a mass transit system can increase public scrutiny concerning the increased investment in mass transit services. To defuse such scrutiny, this paper analyzes the past (in year 2011) performances of 515 mass transit agencies in the USA using data envelopment analysis (DEA). Also, to identify which factors influences those performances, the authors paired DEA scores for transit efficiency at the state level against a set of independent variables using a special form of regression analysis called Tobit regression.

The authors found that the greater population density of the service area, the greater number of riders can be served in a short amount of distance and time. Also, the authors discovered that the transportation mode of mass transit services could affect mass transit efficiency. On the other hand, the authors found no evidence indicating that the public ownership or private operation of transit systems could make any differences in the transit efficiency.

This paper is one of the few that assessed the performance of mass transit systems in comparison to their peers using a large-scale data and identify the leading causes of mass transit inefficiency. Thus, this paper helps transit authorities in handling juggling acts of protecting the conflicting interests of government policy makers against the general public and, then, make sensible future investment decisions.

The purpose of this paper is to examine if the hedging strategy of the firm adds value to the firm, and if so, is the source of the benefit consistent with the hedging theory?

The paper used data from 129 top non-financial Indian companies spanning a period of 2008-2015 and analyzed using the ordinary least squares regression technique.

The study finds that firms engaged in hedging compared to non-hedgers have less volatility in the firm’s value. The use of hedging during the financial crisis is found to be value enhancing for the hedgers. The results also found that some firms do not disclose the notional value of derivatives clearly, which highlights the need of clear regulation for derivative declaration in the annual reports.

Research implications of this study are to gain an insight into the hedging effectiveness in the highly volatile Indian market as compared to developed countries. High volatility in the exchange rate of Indian rupee further makes it one of the most relevant markets to study the effect of hedging on the firm’s value.

Mostly hedging is done purely for risk management, and if managers try to time the market by selective hedging, it can bring a negative impact for the firm. Findings show that managers should manage their hedging strategy based on changing the economic environment and not purely on the firms’ financial value.

To the authors’ best knowledge, this is the first study to extract the dollar value of derivative usage of sample firms and analyze its effectiveness in enhancing firm value in the presence of other financial parameters. This will be an advancement of previous studies, which used hedging as a dummy variable only. Most studies on this topic are carried out in developed countries; there is a limited research on developing markets such as India, and past studies have been more generic one like determinants of hedging and overall derivative scenario.

In today’s business world, trust is an essential ingredient for business success, as it serves as a foundation for enhancing a network of positive relationships among businesses, clients, employees and stakeholders. This study aims to shed light on a deeper and more substantial understanding of trust by examining the casual association between national culture and trust.

The study empirically investigates the extent to which cultural factors promote and constrain the level of trust using a mixed sample of 46 developed and developing countries observed over the period of 1990-2014.

The study provides new empirical evidence that trusting behavior is explained systematically by national culture. Countries with high individualistic and high long-term oriented cultures are the most favorable environment that fosters trust among people in society. In contrast, individuals from countries with the expression of high power distance and high uncertainty avoidance cultures appear to exhibit less trust in others.

The study provides managerial implications, especially for managers and management consultants in a global context, regarding the cultural relevance of trust in the new and foreign environment, and the effective management of trust among culturally diverse workforces and business relationships. In addition, the study should serve as a supplemental learning material in the business and management disciplines to demonstrate the essential role of trust in the global business environment.

The study adds to the existing body of knowledge on trust by offering new empirical insights into how culture plays an influential role in the creation of trust. This serves as a good starting point for academic scholars and practicing professionals to further develop appropriate management strategies and execution plans for managing trust across different cultural settings.

The purpose of this study is to investigate gender-based punishment bias in the type and severity of punishments imposed on a male-dominated profession using the accounting profession as a proxy.

Data were hand-collected from the population of certified public accountants disciplined for violations of the Code of Professional Conduct. Disciplinary actions were obtained from the American Institute of Certified Public Accountant’s website. A total of 404 observations were obtained for the study over a five-year period from January 2009 through June 2015, comprising the population of the captured infractions committed during this time frame.

Women are punished more harshly than men for equivalent infractions; the disparity in punishment between women and men increases with the severity of the infraction.

This paper answers the call by Wren (2006) for an increased examination of workplace punishment’s relationship to gender using real-world scenarios and data. This study provides empirical evidence of the gender-based punishment bias, which calls into question the neutrality of workplace punishment as executed by a male-dominated profession.