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An Empirical Study on the Impact of General Trust on Subjective Well-Being: Focus on the Asia-Pacific Region

  • Journal of Asia-Pacific Studies
  • Abbr : JAPS
  • 2024, 31(4), pp.239-260
  • DOI : 10.18107/japs.2024.31.4.008
  • Publisher : Institute of Global Affairs
  • Research Area : Social Science > Social Science in general
  • Received : November 8, 2024
  • Accepted : December 10, 2024
  • Published : December 30, 2024

CHONG WHA, LEE 1

1공주대

Accredited

ABSTRACT

This study analyzes the impact of general trust on subjective well-being (SWB) using data from the World Values Survey Wave 7. To address potential biases arising from endogeneity issues, such as reverse causality (where SWB may influence trust) and omitted variables (where the observed association reflects a correlation between trust, SWB, and some unmeasured factors), the paper employs a Two-Stage Least Squares (2SLS) design. This method allows for the interpretation of the findings as causal. The study concludes that trust, instrumented by the highest education level and corruption, has a significantly negative effect on SWB, contrary to the conventional findings of previous studies. This is a key contribution of this paper. In the Asia-Pacific region, the effect is also negative; however, the magnitude of the negative effect is slightly less significant than that observed globally. It is, however, more significant than in North America and the Europe and Central Asia region. This suggests that the so-called ‘Asian values’ did not exert a positive influence on SWB.

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