We extend the small country trade model with firm heterogeneity (Demidova and Rodriguez-Clare, Journal of International Economics, 90, 2013 266) to incorporate offshoring (along final goods trade). derive firm-level employment implications output input costs test them using Korean data for period 2006–2016. A key theoretical result is that impact a change in cost on depends crucially net substi...

Employing a large sample of 7246 firms across 38 economies from 2000 to 2013, we show positive relation between foreign institutional ownership (FIO) and firms' speed leverage adjustment. This is concentrated for over-leveraged that need decrease financial rebalance their capital structures. We validate our findings using 2SLS regression DiD estimation exploit the exogenous variations in FIO ge...

We analyze the impact of local immigration on natives’ preferences for “nationalism” as measured in parties’ programs by Manifesto Project Database European election data between 2007 and 2016. Using a 2SLS strategy with shift-share IV based immigrant shares origin 2005 inflows education-origin groups, we estimate that larger highly-educated immigrants were associated decrease “nationalistic” v...

This study is driven by the growing importance of insurance companies in Indonesia and corporate governance as determinants their profitability. Corporate crucial they provide instruments for risk transfers savings mechanisms promote investments an economy. Our research examines impact implementing good regulation POJK 73/2016 on profitability Indonesia. Using samples all listed Indonesian acro...

We attempt to examine the causality between economic growth and stock market performance of Pakistan for years 1992M01-2012M12. For this purpose, test devised by Granger (1988) has been employed. The results reveal a bi-directional proxied Karachi Stock Exchange capitalization (KSECAP). Once bidirectional is established, system simultaneous equations specified estimated 2SLS find impact selecte...

This paper aims to reexamine the relationship between corporate social responsibility (CSR) and financial performance (CFP) using a panel dataset of Chinese listed firms. Previous studies obtained divergent empirical evidence on CSR-CFP due unclear, incomplete, or inappropriate consideration endogeneity issues. By introducing Heckman-2SLS model, we comprehensively address main problems (i.e., s...

In the single-IV model, researchers commonly rely on t-ratio-based inference, even though literature has quantified its potentially severe large-sample distortions. Building Stock and Yogo (2005), we introduce tF critical value function, leading to a standard error adjustment that is smooth function of first-stage F-statistic. For one-quarter specifications in 61 AER papers, corrected errors ar...

This study aims to determine the impact of corporate governance mechanism on directors' remuneration disclosure level and firm value. Data were collected from annual reports 200 selected companies listed in Bursa Malaysia 2013 2019. Pooled OLS, longitudinal data 2SLS was carried out accomplish objective. The results show that board independence significantly directors’ while CEO duality size ar...

In this paper, we apply Generalized Propensity Score Matching (GPSM) method, which deals with a continuous treatment variable, to estimate the returns education in China from 2010 2017. Results are compared OLS estimates classical Mincerian equation, as well two instrumental variable methods (i.e., 2SLS and Lewbel). We use Chinese General Social Survey data, including subset newly released 2020...