Accounting Jobs

In: Business and Management

Submitted By mccoii16
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Pages 35
ASSESSING GRADUATE EMPLOYMENT IN THE PRESENCE OF ENDOGENEITY AND SAMPLE SELECTION BIAS V1.2
Paul Blacklow* School of Economics and Finance, University of Tasmania, Private Bag 85, Hobart, TAS 7000 Paul.Blacklow@utas.edu.au *Presenting Author JEL Codes: I21, J23, C25 Keywords: Graduate Employment, Self Selection Bias, Sample Selection Bias Aaron Nicholas Department of Economics, Monash University, Wellington Road, Clayton, VIC 3800 Aaron.Nicholas@buseco.monash.edu.au

ABSTRACT
This paper examines the probability of a recent university graduate obtaining full-time employment by degree of study. It allows for degree choice to be endogenous (self-selection bias) and adjusts for those graduates not in the labour force who are not typically considered in graduate outcome studies (sample-selection bias). The self-selection problem is able to be identified by using a unique data set that combines data from the 2005 and 2006 Australian Graduate Destination Survey with data from the University of Tasmania’s (UTAS) student administration database, which includes students’ pre-tertiary school results. Degree choice is modelled using a Nested Logit, while labour force participation is modelled using a Probit. Using a ‘Heckit’ type methodology, the Inverse Mills Ratios (pseudo-residuals) from the Nested Logit and the modified Inverse Mills Ratios from the Probit are included in the final Probit model for Employment. Both correction terms are statistically significant at 5% in the employment probability equation. Allowing for self selection significantly reduces the probability of employment for accounting, architecture, engineering and economics/finance graduates by 6%, 9%, 10% and 5% respectively, suggesting that better students select these degrees at UTAS. Correcting for sample selection reduces the probability of employment for the average student from 80% to 70%,…...

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