Returns to women’s education using optimal IV selection

This paper investigates returns to women’s education by applying an optimal IV selection approach, post-Lasso IV estimation, which improves the first-stage predictive relationship between an endogenous regressor and instruments. Using the 2010 American Community Survey, we find that an extra year of education increases married women’s own income by $4,480 and spouse income by $8,822. Our findings indicate that 53% of the increase in women’s consumption by education is attributed to the marriage market, and thus, we conclude that the marriage market is the primary channel through which education improves women’s well-being. The results demonstrate the advantages of the post-Lasso approach: The resulting two-stage least squares estimator maintains efficiency without increasing finite sample bias and is less subject to the inconsistency problem when some instruments are invalid; This differs from the results using the instrument of birth quarters only, which is mostly applied in studies on returns to education.     

Effects of financial constraints on export performance of firms during the global financial crisis: microeconomic evidence from Korea

This study uses a manufacturing firm-level panel data set of South Korea for 2006–2013 to investigate the effect of financial constraints on the export performance of firms, with particular emphasis on the corporate ownership structure. The empirical results show that foreign multinational corporation (MNC) subsidiaries are not affected by financial constraint during both crisis and noncrisis periods, implying advantages of foreign ownership. However, domestic firms suffer more from financial constraints on exports during crisis years. In particular, domestic firms without parent firms are financially constrained during both crisis and noncrisis periods. However, those with parent firms do not experience financial constraints during noncrisis periods, although they too suffer from them during crisis periods. Thus, parent–subsidiary linkage among domestic firms plays an important role in alleviating financial constraints on export activity in noncrisis years but not as much during crisis years. Therefore, domestic parent firms exhibit less resilience to the global financial crisis, in comparison to foreign MNC parent firms.     

Price discovery and volatility spillover in spot and futures markets: evidences from steel-related commodities in China

The price discovery and spillover effect are significant indicators in futures markets. This study examines the price discovery and spillover effects using vector error correction model and generalized autoregressive conditional heteroskedastic for seven types of steel products in Chinese spot and futures markets. The results show that the price discovery exists in all of steel futures market. It is also confirmed that futures prices in all items are mainly leading spot prices via permanent-transitory and information share. In the results of spillover effects, it is found that wire rod, coking coal, coke and silico-manganese have the effects between spot and futures market. In rebar market, there is the spillover effect from spot to futures. This information about futures prices can help the market participants to make decisions when they predict the spot prices.     

Forecast of realized covariance matrix based on asymptotic distribution of the LU decomposition with an application for balancing minimum variance portfolio

We derive the asymptotic distribution for the LU decomposition, that is, the Cholesky decomposition, of realized covariance matrix. Distributional properties are combined with an existing generalized heterogeneous autoregressive (GHAR) method for forecasting realized covariance matrix, which will be referred to as a generalized HARQ (GHARQ) method. An out-of-sample forecast comparison of a real data set shows that the proposed GHARQ method outperforms other existing methods in terms of optimizing the variances of portfolios.     

Financial constraints on export market exit of domestic firms versus foreign multinational corporation subsidiaries in South Korea

Using a Korean manufacturing firm-level data set covering a range of years from 2006 to 2013, this study investigates how the financial condition of firms, such as liquidity, leverage, and cash flow ratio, affects exit from export markets. It also analyses whether the financial status of foreign multinational corporation (MNC) subsidiaries differs from that of domestic firms with respect to the hazard of export market exit, especially during a global financial crisis. The empirical results confirm that, for domestic firms, the hazard of export market exit is affected by the firms’ financial condition only during a financial crisis. In other words, the financial vulnerability of domestic firms increases during the crisis, resulting in the hazard of export market exit. However, financial situations for foreign MNC subsidiaries do not affect exits from export markets, indicating a ‘finance-factor comparative advantage’.     

Are social entrepreneurs more risk-averse?

We have a conventional wisdom that risk-seeking behaviours are related to commercially oriented entrepreneurs. For this reason, most studies have focused on the context of commercial entrepreneurship, and thus we do not know the risk propensity of social entrepreneurs. Using the PSM method, contrary to our wisdom, we find that social entrepreneurs tend to more have about 15% risk-seeking propensity than commercial entrepreneurs.     

The Business Case for Gender Diversity: Examining the Role of Human Resource Management Investments

Integrating opposing theoretical perspectives from the past literature, the authors hypothesize and test a U‐shaped curvilinear relationship between gender diversity and workforce productivity. They further propose that the curvilinear effects vary depending on the levels of an organization's human resource management (HRM) investments in pay, benefit, training, and communication; that is, the patterns are more salient when HRM investments are high rather than low. To enhance understanding of how HRM investments have impact on diverse employees, the authors also examine the moderating influence of organizational identification of diverse members that can exert proximal influence on the diversity‐productivity relationship. As predicted, results reveal that high levels of HRM investments influence the gender diversity–workforce productivity association to form a U‐shaped curvilinear relationship. Organizational identification also yields the same moderating patterns. Research and practical implications are discussed. © 2015 Wiley Periodicals, Inc.     

The Relationships of On-Site Film-Tourism Experiences,Satisfaction, and Behavioral Intentions: The Case of Asian Audience's Responses to a Korean Historical TV Drama

Despite the growing interest in film-tourism research, little research has explored the extent to which on-site film-tourism experiences influence tourist satisfaction and post-visit behavioral intentions. Within the context of Asian audience's responses to a Korean historical TV drama, Daejanggeum, this article adopted a structured quantitative survey instrument. Exploratory factor analysis identified three salient dimensions to represent the on-site film-tourism experiences: Novelty and Prestige, Beyond Screen Experience and Re-enactment, and Intimacy and Memory. The on-site film-tourism experiences had a significant influence on satisfaction, re-visit intention, and intention to recommend. Novelty and Prestige had the strongest direct effect on satisfaction and intention to recommend, whereas Intimacy and Memory was the main vehicle to influence film tourists' re-visit intention.     

Pygmalion leadership: Theory and application to the hotel industry

ABSTRACT

This research investigates the role of Pygmalion leadership and the influences of employees’ trust in a leader, trust in an organization, and job engagement on task performance in the hotel industry. Through examining Pygmalion leadership, trust, and engagement in the literature, this research establishes and tests a model to identify the interrelation among four dimensions of Pygmalion leadership (e.g., climate, output, input, and feedback), trust in a leader, trust in an organization, job engagement, and task performance. Using data collected from hotel employees, this study finds that climate, output, and feedback are critical for nurturing two dimensions of trust that enhance job engagement and task performance.     

Visitor Motivational Factors and Level of Satisfaction in Wellness Tourism: Comparison Between First-Time Visitors and Repeat Visitors

This study aims to examine the differences between visitor motivations and satisfaction between first-time visitors and return visitors to a recreation wellness tourist attraction site in South Korea. Data were collected using a questionnaire at a national arboretum and 573 samples were used for analysis. The study discovered that first-time visitor motivations were composed of four factors: “relaxation and rest”, “novelty”, “self-exploration”, and “accessibility”. The return visitor motivations were “sightseeing and experience”, “convenience for touring”, “self-exploration”, and “accessibility”. The desired outcomes motivating the visitation and level of satisfaction were different between first-time and return visitors. The results contribute practical information to managers and marketers not only of the arboretum, but also of wellness tourist attractions to improve strategic visitor management in Korea and beyond. The study strategically applies the arboretum as a competitive resource in a wellness tourism industry with strategic segmentation of visitors.