Alternative methods for evaluating the impact of interventions

Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility

“…GIM (2010) employ a different approach, i.e., the instrumental variable to address the endogeneity problem. Heckman and Robb (1985) and Moffitt (1999) suggest the instrumental variable (IV) 357 Corporate Governance and Firm Value method, which focuses on finding a variable (or variables) that influences the CSR choice, but does not influence Tobin's q (and thus is not correlated with the random error term in the Tobin's q equation). Angrist (2000) asserts that the IV method works even when the second-stage model is nonlinear, if the researcher focuses on the causal effects.…”

Corporate Governance and CSR Nexus

“…CSR firms that are identified in our sample may not be representative of all firms for the relation between governance structure and firm value/performance. 9 Although it is not possible to correct for both endogenous treatment effects and selection bias at the same time, in order to solve the selection bias problem, Heckman and Robb (1985) and Moffitt (1999) suggest the IV method, which focuses on finding a variable (or variables) that influences the CSR choice, but does not influence Tobin's q or ROA (and thus is not correlated with the random error term in the second-stage equation). In our case, our choice of an IV is FIRMAGE, which is highly correlated with CSR engagement, but is uncorrelated with industry-adjusted Tobin's q or ROA (unreported correlation coefficient is 0.01).…”

Conjugalité et fécondité des femmes canadiennes : un modèle dynamique estimé à l’aide d’une série de coupes transversales

“…Selon Deaton (1985), Browning, Deaton et Irish (1985) et Heckman et Robb (1985), les enquêtes qui fournissent chaque année des échantillons aléatoires d'une même population -comme l'Enquête sur les finances des consommateurs de Statistique Canada -permettent de créer des données de type panel et d'estimer avec efficacité des modèles linéaires dotés de caractéristiques dynamiques. Plus récemment, Moffitt (1990Moffitt ( , 1993 a démontré que cette stratégie d'estimation pouvait aussi être appliquée aux modèles avec variables dépendantes discrètes.…”