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This paper aims to study the improved effect of the instrumental variable method to estimate parameters of linear regression model with the stochastic explanatory variables problem.

By Monte‐Carlo method, taking a linear regression model with intercept of 3, slope of 4 as an example, whose random error in standard normal distribution, to test whether parameter estimators are biased and how about the average relative error of estimator of slope when random explanatory variables are in different contemporaneously correlated with random error item. By the instrumental variables which are independent with random error item and in varying degrees related to random explanatory variable, the study tests the estimation accuracy of the slope using the instrumental variable method.

This paper tests that the ordinary least square parameter estimators are biased, and especially that the average relative error of estimator of slope is significantly large, more than 10 percent, when random explanatory variables are different and contemporaneously correlated with the random error item. For the instrumental variables that are independent from random error item and in varying degrees related to the random explanatory variable, the estimation accuracy of the slope is significantly improved and the relative error dropped to less than 4 percent, but the estimation accuracy of the intercept term showed no significant improvement by the instrumental variable method.

The method exposed in the paper shows how to improve estimation by an instrumental variable method.

The paper succeeds in showing how to improve estimation by the instrumental variable method of numerical simulation.

The purpose of this paper is to identify if peer firms’ capital structure decision plays a role in determining focal firms’ capital structure decision, despite the fact that correlated effects can also lead to co-movement of financing behavior among firms from the same industry (i.e. industry-specific capital structure).

Instead of using relative measurement (of individual outcome variable over industry variable) as in previous work, this paper borrows the linear-in-means model and, after controlling for potential endogeneity problems, directly identifies the existence of peer effects with coefficient estimation. To deal with correlated effects, additional empirical investigations such as test of heterogeneity in direction and scale, social multiplier identification test and instrumental regression test based on another instrumental variable (that is less influenced by correlated effects) are performed.

Using data from Chinese listed firms, this paper, for the first time, identifies the presence of peer effects in capital structure and debt maturity decision. Further investigations show that first, focal firms react asymmetrically to peer firms’ debt adjustment of different direction and scale. Second, social multiplier, a unique attribute of peer effects, is identified in the leverage choices. Third, the significant correlation of capital structure decision remains even if we use another “correlated effects-immune” instrument. All these results point to the fact that peer effects, rather than correlated effects, play a significant role in determining capital structure.

The empirical results of this paper provide strong evidence that firms, driven by motivations such as either learning or competition, will actively react to peers’ financial decisions. As the bridge between individual firms and the industry, social multiplier can be fully taken advantage of to induce positive spillover of good management practices and prohibit inefficient decisions from spreading.

This paper theoretically and empirically introduces peer effects – a well-acknowledged social concept – into capital structure decision of Chinese listed firms, thus both complementing the traditional capital structure theory and providing an empirical paradigm for peer effects research.

While the past few decades have witnessed a substantial number of studies on public attitudes toward the police, a relatively thin line of inquiry has focused exclusively on low income urban Black-Americans, and especially street-identified Black populations. The purpose of this paper, however, is to examine trust in police amongst street-identified Black men and women.

Relying on a street participatory action research methodological approach, the authors collected survey data (N = 520) from two low-income unban Black neighborhoods, to examine the effects of an instrumental model versus an expressive model on procedural- and outcome-based trust in police.

The findings suggested a community sample of street-identified Black men and women were able to differentiate between procedural- and outcome-based trust. The instrumental model was better in predicting procedural-based trust in police, while the expressive model accounted better for outcome-based trust in police.

Implications for street participatory action research methodology, future research and policy are also discussed.

This paper is an original manuscript.

The aim of this paper is to address three broad questions: Are preferences for branding attributes similar for entry and for retention? Are there generational and career stage differences in one's entry and exit priorities? How is current satisfaction with brand image attributes related to overall commitment, satisfaction and retention?

This paper reports on the results of a survey of 144 workers employed at 37 day care centers in a medium sized Canadian city.

Although the level of respondents' priorities for entry and exit differed, most priorities remained in the same order. However, their perspectives were more disaggregated for entry than for exit, where branding attributes were more strongly correlated. Consistent with the exploration stage of career development, younger people planned to stay a shorter length of time with a particular center.

This study includes only child care workers in a small geographic region. Future research should be undertaken in larger scale firms that also offer greater heterogeneity in professions as well as career options. Also, a longitudinal study that follows new entrants for several years, using both instrumental and symbolic measures, would provide information on what attracted individuals and what influenced their intention to leave.

Although there were few differences by age or career stage, the variation within each factor suggests that a brand image may need to be relatively broad to accommodate diversity. HR practitioners can use the practice symbolic pattern to build and maintain a culture that is attractive to present and prospective employees. The opposite symbolic practice pattern may help current employees understand reasons for new practices.

Organizations face significant challenges in designing programs for recruitment and retention. This study considers how employees' to two questions – “why do people enter the organization” and “why do people remain?” – may differ.

The present research aimed to develop and test cognitive processes through which instrumental leadership leads to creativity via problem-solving rumination and knowledge sharing with coworkers, based on the self-regulatory perspective of goal progress theory.

Data were collected from 166 male construction workers (nested within 19 male leaders) who completed the total of 1,642 daily diary questionnaires. Further, a group-mean centering approach and several control variables were used in order to improve causal inferences of the results.

It was found that instrumental leadership predicts problem-solving rumination (an intrapersonal self-regulatory process) and knowledge sharing with coworkers (an interpersonal self-regulatory process), which, in turn, result in creativity.

In addition to motivational processes that explain the relationships between several leadership styles and creativity, the current research found a crucial role of instrumental leadership in predicting creativity.

The purpose of this paper is to investigate the correlation and mechanism between international students and inbound tourism.

Taking 269 prefecture-level cities in China as a sample, bringing international students and inbound tourism into the same analytical framework, the paper applies the fixed-effects model, instrumental variables model and mediating effects model to investigate the impact of international students on inbound tourism.

International students significantly contribute to the increase in inbound tourists and tourism revenue in China, which remain valid after a series of robustness tests. When the relocation data of Chinese urban universities and faculties in the 1950s are used as an instrumental variable for the potential endogenous problems of international students, the results are still valid. Heterogeneity research shows that the impact of international students on inbound tourism has heterogeneous effects in different regions. In addition, the mechanism analysis shows that international students promote China’s inbound tourism mainly through two channels: the economic growth effect and the human capital effect.

This paper provides evidence of the correlation between international students and inbound tourism in developing countries. However, as the data for the study are all from China, caution should be taken when applying the findings of this paper to other regions.

This paper provides evidence on the causal relationship between international students and inbound tourism in developing countries. However, as the data for the study are all from China, caution should be taken when applying the findings of this paper to other regions.

This paper creatively finds out the instrumental variables of international students with academic education to deal with the potential endogenous problems, and then identifies the causal relationship between international students and inbound tourism.

This paper creatively finds out the instrumental variables of international students to deal with the potential endogenous problems and then identifies the correlation between international students and inbound tourism.

本文将研究样本扩大到中国266个地级市, 将留学生和入境旅游纳入同一分析框架, 从游客规模和旅游收入两个方面衡量入境旅游规模, 并调查留学生对入境旅游规模的影响及其机制。

本文通过使用面板数据的固定效应模型、工具变量和的中介效应, 考察国际学生与入境旅游之间的因果关系。

留学生显著促进了中国入境旅游收入和游客数量的增长, 经过一系列稳健测试后, 上述结果仍然成立; 以20世纪50年代中国城市高校和院系的搬迁数据作为国际学生应对潜在内生性问题的工具变量, 结果仍然有效; 异质性研究表明, 留学生入境旅游效应在不同的时间和地区具有异质性; 在机制分析中, 留学生促进中国入境旅游主要通过三个渠道：经济增长效应、人力资本效应和外商投资效应。

本文为发展中国家提供了国际学生与入境旅游之间因果关系的证据。但由于研究数据均来自中国, 将本文的研究结果应用于其他地区时需谨慎。

本文为发展中国家提供了国际学生与入境旅游之间因果关系的证据。但由于研究数据均来自中国, 将本文的研究结果应用于其他地区时需谨慎。

本文创造性地找出留学生学历教育的工具变量以应对潜在的内生性问题, 进而识别留学生与入境旅游之间的因果关系。

本文创造性地找出留学生学历教育的工具变量以应对潜在的内生性问题, 进而识别留学生与入境旅游之间的因果关系。

Tomando como muestra 266 ciudades de China a nivel de prefectura, e integrando a los estudiantes internacionales y el turismo receptor en el mismo marco analítico, el documento aplica el modelo de efectos fijos, el modelo de variables instrumentales y el modelo de efectos mediadores para investigar el impacto de los estudiantes internacionales en el turismo receptor.

El propósito de este documento es investigar la relación causal y el mecanismo entre los estudiantes internacionales y el turismo receptor.

Los estudiantes internacionales contribuyen significativamente al aumento de los turistas entrantes y de los ingresos por turismo en China, que siguen siendo válidos tras una serie de pruebas de solidez. Cuando utilizamos los datos de reubicación de las universidades y facultades urbanas chinas en la década de 1950 como variable instrumental para los posibles problemas endógenos de los estudiantes internacionales, los resultados siguen siendo válidos. La investigación de la heterogeneidad muestra que el impacto de los estudiantes internacionales en el turismo receptor tiene efectos heterogéneos en las distintas regiones. Además, el análisis del mecanismo muestra que los estudiantes internacionales promueven el turismo receptor de China principalmente a través de tres canales: el efecto del crecimiento económico, el efecto del capital humano y el efecto de la inversión extranjera.

Este trabajo aporta pruebas sobre la relación causal entre los estudiantes internacionales y el turismo receptor en los países en desarrollo. Sin embargo, como todos los datos del estudio proceden de China, hay que ser prudentes a la hora de aplicar los resultados de este trabajo a otras regiones.

Este documento aporta pruebas sobre la relación causal entre los estudiantes internacionales y el turismo receptor en los países en desarrollo. Sin embargo, dado que todos los datos del estudio proceden de China, debe tenerse precaución a la hora de aplicar los resultados de este documento a otras regiones.

Este trabajo descubre de forma creativa las variables instrumentales de los estudiantes internacionales con formación académica para hacer frente a los posibles problemas endógenos y, a continuación, identifica la relación causal entre los estudiantes internacionales y el turismo receptor.

Este trabajo descubre de forma creativa las variables instrumentales de los estudiantes internacionales para tratar los posibles problemas endógenos, y luego identifica la relación causal entre los estudiantes internacionales y el turismo receptor.

This paper aims to analyse the influence of cooperation on the degree of novelty of technological innovations introduced by industrial firms in Argentina. This influence is analysed from three perspectives: cooperation by partner type [business partners or scientific and technological centres (S&T) partners]; cooperation by number of partner types, from no cooperation to cooperation with two partner types; and cooperation by goals pursued by firms.

The data come from one of the last national innovation surveys conducted in Argentina. The study controls for endogeneity, using instrumental variable procedures within the conditional mixed-process (CMP) framework.

The main result is the influence of cooperation with universities and S&T centres on the introduction of more novel innovations, which was found both in estimations with and without endogeneity correction. This influence was verified for more complex goals (R&D, technology transfer and industrial design and engineering) as well as for less complex ones (tests and trials, human resources training, quality management and certification). Business cooperation seems to impact only on a lower degree of novelty for more complex goals. The increase in the number of partners that the firm cooperates with, from no cooperation to joint cooperation with two partner types, influences more novel innovations.

Limitations and proposals for future research are discussed at the end of the study.

The results of this study contrast with the high propensity to cooperate with business partners shown by firms in Argentina and other Latin American countries. Therefore, this paper may help formulate more effective policies to promote cooperation conducive to firm innovation performance. Limitations and proposals for future research are discussed at the end of the study.

Although there is empirical evidence on this topic for developed countries, firm-level studies on cooperation and degree of novelty are scarce for Latin America. In addition, this paper analyses cooperation not only by type of partner but also by type of goal. This study attempted to control for endogeneity by using instrumental variables within the CMP framework.

The anger/sadistic model is one of several typologies proposed for sexual homicide events. This paper aims to empirically test this model by examining sexual homicide cases. Empirically validating these typologies provides greater validity and reliability toward the sexual homicide classification systems that are useful in police investigations.

Secondary data analysis was conducted using police data on 249 solved sexual homicide cases in Canada from 1948 to 2010. Through a robust classifying method, latent class analysis was used to examine variables from the anger/sadistic typology. Additionally, variables from the pre-crime, crime and post-crime phases were examined in relation to the classes’ external validity.

Three classes emerged, namely, expressive, methodical and instrumental. Expressive and methodical were similar to the anger/sadistic model in terms of the presence of premeditation, victim-offender relationship and body disposal location. Instrumental was characterized by the absence of mutilation on the victim’s body, targeted acquaintances and the use of physical restraints. The three-class typology resembled evidence found in a previous systematic review and also reinforced the notion of heterogeneity in sexual homicide offenses.

This is the first study to empirically test the anger/sadistic typology. Such validation is important given that sexual homicide classification systems can aid in police investigations (e.g. narrowing down the list of potential suspects). Replication of studies is needed to lend credibility to research processes, which, in turn, allows practitioners and policymakers to integrate the results into policies effectively.

The purpose of this paper is to evaluate the economic impacts of China’s hukou system and propose the possible direction for future reform.

The study develops a framework to incorporate the hukou system into the economic growth model. Using prefecture city-level panel data covering 241 cities over the period 2004–2016 and applying the fixed effects and instrumental variable regression techniques, the authors investigated empirically the impacts of the hukou system on city economic growth.

The study provides three main findings. First, the city sector conditionally benefits from labour mobility deregulation that allows migrants to work in cities. Second, the hukou system has different impacts on economic growth among cities with different sizes and administrative levels. Third, to offset the costs of providing exclusive public services to the migrants, the big or high-administrative-level cities can use their high-valued hukou to attract the high-skilled migrants, but the small- or low-administrative-level cities do not have this advantage.

This study suggests that the key for further hukou system reform is how to deal with the hukou–welfare binding relationship.

The authors developed a theoretical framework and conducted an empirical analysis on the direct relationship between the hukou system and economic growth to reveal the mechanism of how does the hukou system influence the city economic growth and answer the question of why is the hukou system reform so hard in China. The framework also sheds some lights on explaining the success and failure of the hukou system reforms in the past 40 years.

This research study examines the impact of social and governance initiatives on financial performance of global banks. The study is significant in the context of massive changes in regulations, government policy, social attitudes and market development attributed to banking sector.

The source of data for this study was ESG database of Thomson Reuters. The study was based on 472 global banks. The research paper uses two-stage least square model and the study covered the five-year period 2015–2019.

Banks with high intensity of social and governance-related activities have positive market-based valuation effects. Adequately capitalized banks tend to invest more in social initiatives. Banks' governance initiatives directed toward the use of anti-takeover defensive mechanisms are skeptically perceived by markets. Riskier banks tend to have less investments in social initiatives.

The findings are relevant in the context of expectations from policymakers, consumers and investors with respect to the role which banks ought to play in funding the development of a sustainable economy. The research finding that strong governance and social initiatives by banks are value-enhancing measures is a clear evidence of the significance of ESG initiatives as value-creating mechanisms as perceived by markets.

This study addresses the gap in the research, which examines the role of governance and social initiatives on value creation in the banking sector firms. The study examines the impact of different elements of governance and social initiatives on financial performance of banks.