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Abstract ▼ AI-Helper

This study intends to acquire consistent estimates of the returns to tenure by estimating a structural model of the wage-tenure relation, by means of utilizing major-job matching variables, measuring major-job matching quality, and estimating determinants of major-job mismatch on the basis of Korean...

This study intends to acquire consistent estimates of the returns to tenure by estimating a structural model of the wage-tenure relation, by means of utilizing major-job matching variables, measuring major-job matching quality, and estimating determinants of major-job mismatch on the basis of Korean Labor Panel data. The findings are as follows. ⅰ) major-job matching quality affected compositively by individual, job, and labor market characters. ⅱ) critical individual characteristic factors are as such: education level, study field. As for job characteristic factors are such tenures, and employment states; as for labor marker characteristic, the method of job search and entry job. Recently, job matching and wage determination theories argue that strong positive relation between wages and tenure is artifact of unobserved individual and job match heterogeneity. An upward bias aries in ordinary least squares estimates, since individuals with high ability and individuals in good job matches are likely to guarantee higher wages and longer tenure. To obtain unbiased estimates, structural model of the wage-tenure relation was estimated by using three stages least squares. Strong evidence was found that wages rise with job seniority, and major-job match quality is important determinant of tenure and wages. Although wage levels are different among firms, there appear strong evidence that wages rise with job seniority. Thus it provides with significant information the role of job matching heterogeneity in wage equations.

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