4. Conclusions
Research has demonstrated what could happen when no actions are taken to correct for endogeneity (Villas-Boas & Winer, 1999). The outcomes clearly show that not accounting for endogeneity can result in misleading results, incorrect effects and inflated estimate levels in the model in comparison with analyses achieved when endogeneity corrections took place. Thus, if the researcher suspects the presence of endogeneity, the first logical step would be to identify the source of it, in order to proceed with the most suitable treatment. In line with the approaches mentioned in the previous section of this article, it is important for researchers to clearly realize which methods they can and should use to address the specific problem of endogeneity, which they face in their research. While in some cases several techniques might be equally applicable and suitable to implement, the decision concerning endogeneity corrections should be based on several factors, such as research design and data collection instrument, sample size, complexity of the model, and underlying theory and research context. Additionally to the remedies discussed, researchers are also urged to consider alternative ways of dealing with endogeneity issues. First of all, the research community publishing in IMM ought to endeavor to collect better quality data. This could be achieved via collecting additional relevant data (surveys and experiments) that could help explain hypothesized effects (Liu, Otter, & Allenby, 2007; Swait & Andrews, 2003). Another solution could be to make explicit ex ante assumptions about the nature of the endogeneity (i.e. use a strong theory to enhance conceptual arguments) and directly incorporate that relationship into the estimation (e.g. Aaker & Bagozzi, 1979). Overall, analysis and correction for endogeneity bias ought to become standard practice for causal modeling in articles published in IMM, similar to how non-response bias, common method bias, and outer measurement model analyses regarding validity and reliability have become part of the standard quality assurances and reporting templates.