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1
Newell, Graeme, Ting Hwa e Peter Acheampong. "Listed Property Trusts in Malaysia". Journal of Real Estate Literature 10, n. 1 (1 gennaio 2002): 109–18. http://dx.doi.org/10.1080/10835547.2002.12090104.
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Lin Lee, Chyi, Richard Reed e Jon Robinson. "Momentum Profits in Australian Listed Property Trusts". Pacific Rim Property Research Journal 13, n. 3 (gennaio 2007): 322–43. http://dx.doi.org/10.1080/14445921.2007.11104236.
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Lin Lee, Chyi, Jon Robinson e Richard Reed. "Listed property trusts and downside systematic risk sensitivity". Journal of Property Investment & Finance 26, n. 4 (11 luglio 2008): 304–28. http://dx.doi.org/10.1108/14635780810886627.
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Newell, Graeme. "Factors Influencing the Performance of Listed Property Trusts". Pacific Rim Property Research Journal 11, n. 2 (gennaio 2005): 211–27. http://dx.doi.org/10.1080/14445921.2005.11104183.
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Newell, Graeme, e Ian MacIntosh. "Currency Risk Management Practices by Australian Listed Property Trusts". Pacific Rim Property Research Journal 13, n. 2 (gennaio 2007): 213–33. http://dx.doi.org/10.1080/14445921.2007.11104231.
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Liao, Xuemei, Zhi Dong e James Young. "Earnings Management: A Case of New Zealand Listed Property Trusts". Pacific Rim Property Research Journal 17, n. 1 (gennaio 2011): 92–109. http://dx.doi.org/10.1080/14445921.2011.11104319.
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Newell, Graeme. "The strategic significance of environmental sustainability by Australian‐listed property trusts". Journal of Property Investment & Finance 26, n. 6 (26 settembre 2008): 522–40. http://dx.doi.org/10.1108/14635780810908370.
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Peng, Vincent. "Selectivity, Timing and the Performance of Listed Property Trusts: Implications for Investment Strategies". Pacific Rim Property Research Journal 10, n. 2 (gennaio 2004): 235–55. http://dx.doi.org/10.1080/14445921.2004.11104162.
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Bolomope, Muhammed, Abdul-Rasheed Amidu, Deborah Levy e Olga Filippova. "ORGANIZATIONAL ISOMORPHISM AND PROPERTY INVESTMENT DECISION-MAKING AMIDST DISRUPTIONS: EVIDENCE FROM LISTED PROPERTY TRUSTS IN NEW ZEALAND". International Journal of Strategic Property Management 26, n. 3 (8 agosto 2022): 230–40. http://dx.doi.org/10.3846/ijspm.2022.16947.
Testo completoAbstract (sommario):
This paper explores the extent of organizational isomorphism (homogeneity and resemblances) in the disruption-driven investment decision-making strategies of Listed Property Trusts (LPTs) in New Zealand. Based on the tenets of institutional theory, this article conceptualizes LPTs as organizations within an investment environment, comprising several firms and actors that are bounded by formal and informal rules. By exploring the interactions and interdependencies across organizational hierarchies in the investment environment, this study adopts a phenomenological approach within case studies in clarifying the extent of homogeneity in the decision-making strategies of LPTs amidst disruptions. The research outcome suggests that LPTs demonstrate normative, coercive and mimetic isomorphic tendencies as they seek legitimacy amidst the uncertainties associated with property market disruptions. Apart from adhering to the peculiar rules and norms of property investment decision-making within their investment environment, this study reveals the tendency of LPTs to observe and replicate the responsive actions of similar organizations as they adjust to market uncertainties. Therefore, the research outcome provides a clearer description of the actual decision-making behaviour of LPTs amidst market disruptions and how subjective behavioural tendencies could evolve to become a legitimate standard of reasoning amongst LPTs.
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Hedander, Johan. "Focus, Liquidity and Firm Value: An Empirical Study of Listed Property Trusts in Australia". Pacific Rim Property Research Journal 11, n. 1 (gennaio 2005): 84–111. http://dx.doi.org/10.1080/14445921.2005.11104177.
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Hijjawi, Mahmoud, Chyi Lin Lee e Jufri Marzuki. "CEO Overconfidence and Corporate Governance in Affecting Australian Listed Construction and Property Firms’ Trading Activity". Sustainability 13, n. 19 (30 settembre 2021): 10920. http://dx.doi.org/10.3390/su131910920.
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This paper aims to examine whether and to what extent overconfident CEOs affect Australian real estate investment trusts’ (A-REITs) property investment activities during their tenure as the CEO of A-REITs, covering the period 2000–2019. A-REITs’ property investment and disposal activities are separately modelled against CEOs shares in their companies (an indicator of CEO overconfidence), as well as other controlled variables. We found that around 68% of A-REIT CEOs are overconfident over the study period. However, our empirical results also indicated that CEO overconfidence did not have a profound impact on A-REITs’ investment activities, either property acquisitions or disposals. This could be explained by high corporate governance of A-REITs. Specifically, Australian construction and property companies are the leading market players in sustainability. As publicly quoted companies, listed property and construction companies, particularly A-REITs could be exposed to various managerial issues, including corporate CEO overconfidence and its influence on the investment decision-making process. However, this managerial issue could be minimized via an enhancement of corporate governance that is a key pillar of sustainability. The mitigation of corporate overconfidence and implementation of corporate governance mechanisms makes REITs more accountable to their investors. The implications of the findings have also been discussed.
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Zahid, Muhammad, e Zulkipli Ghazali. "Corporate sustainability practices among Malaysian REITs and property listed companies". World Journal of Science, Technology and Sustainable Development 12, n. 2 (7 aprile 2015): 100–118. http://dx.doi.org/10.1108/wjstsd-02-2015-0008.
Testo completoAbstract (sommario):
Purpose – The purpose of this paper is to examine the implementation of corporate sustainability (CS) practice by Malaysian Real Estate Investment Trusts (REITs) and property listed companies, following the three dimensional (economic, environmental, and social) framework of CS. Design/methodology/approach – A quantitative content analysis procedure was undertaken using 113 reports, including 23 REITs and 90 property companies. For the data collection company websites, annual reports, corporate social responsibility (CSR), and sustainability reports were employed. The global reporting initiative (GRI), reporting framework was used for data collection and recording. The content analysis examined the level of disclosures for three dimensions of sustainability, namely economic, social and environmental. Findings – The content analysis indicates that the majority of companies among the sample have their social responsibility and sustainability strategies for the satisfaction of stakeholders and legitimizing firm practices. However, there are variations in their approaches and reporting processes. Among the three dimensions, environmental disclosures are on its least and social dimension has priority in the level of disclosures. Though the overall reporting is low, but having upward trends over time. Research limitations/implications – This study has a limitation that it investigates the level of CS practices in REITs and property companies among Malaysian listed companies. The findings of the study are helpful for the government of Malaysia, practitioners, academia, researchers, banks, Bursa Malaysia, security commission and CEO’s of the listed companies to improve their organizational practices and reporting quality of CS. Originality/value – There has been limited literature on CS practices among Malaysian REITs and property industry. The previous studies have only focused top companies or a single dimension of CS, while this study addressing all the three dimensions of sustainability. This is the first study addressing all the three dimensions (economic, environmental, and social) of CS after the 10th Malaysian Plan (2010-2015). The study using a large sample of REITs and property companies during 2011-2013. The study will significantly add value to CS practices in emerging economies like Malaysia.
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Nguyen, Thi Kim, e Muhammad Najib Razali. "The dynamics of listed property companies in Indonesia". Journal of Property Investment & Finance 38, n. 2 (20 dicembre 2020): 91–106. http://dx.doi.org/10.1108/jpif-06-2019-0073.
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Purpose As an asset class, listed property companies (PCs) in the emerging Asian markets have taken on increased significance in recent years. Investors have seen Indonesian real estate investment trusts (REITs) being regulated to become a property investment vehicle in 2007. This sees macro-environment investment in the Indonesian property market taking off to a higher level regionally. In the background, Indonesian listed PCs maintain as one of the major investment vehicles for local and international investors. It has also been the subject of investment for REITs and property investment funds in Indonesia. The purpose of this paper is to assess the dynamics of risk-adjusted performances and portfolio diversification benefits of listed PCs in a mixed-asset portfolio context in Indonesia, from July 2006 to December 2018. The sub-periods of pre-global financial crisis (GFC), GFC and post-GFC of listed PCs is also assessed. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of listed PCs from July 2006 to December 2018 are assessed, with extended efficient frontiers and asset allocation diagrams used to assess the role of listed PCs in a mixed-asset portfolio. Sub-period analyses are conducted to assess the post-GFC recovery of listed PCs. Findings Listed PCs delivered higher returns but carried higher risks compared to stocks before the GFC, with bonds having both the lowest returns and risks. The impact of the GFC was highest for Indonesian PCs compared to stocks, where properties did not deliver strong risk-adjusted returns. Notwithstanding the poor risk-adjusted performance, Indonesian PCs had low correlations with stocks and bonds, suggesting some level of diversification potential for stock and bond investors. Stocks outperformed listed PCs across the sub-periods and the full period. Over the post-GFC period, both stocks and listed PCs recovered from the crisis, with stocks turning around stronger. This analysis shows a prolonged recovering and slow bouncing adjustment of listed PCs from the economic changes. This research suggests selected listed PCs may be the outperformers, and, a future contract as a hedge form for listed PC to be implemented. Research limitations/implications The use of the indices of Standard & Poor’s Indonesian property total return (for listed PCs) are as follows: MSCI Indonesia total return (for stocks), Indonesia’s ten-year bond’s total return (for bonds) and Indonesia’s three-month bill total return (for cash). This is used to study the Indonesian listed PCs and may have aggregation effects in its underperformance and therefore drawing a negative outcome. The results may reflect the common fact that the majority of listed PCs in Indonesia are property developers, which also sees underperformances in other emerging country markets. Practical implications Listed PCs have been under increasingly adjusted and positively adapted regulations from the Indonesian Government over the post-GFC period. Therefore, in order to attract interest from international investors in property investment in Indonesia, listed PCs need stronger and more efficiently adapted regulations to a competitive level of respective regulations in the region and globally. Notwithstanding the poor performance in the transitional stage, Indonesian listed PCs bring some diversification benefits to local investors who are able to pick the outperformed invested PCs at the right time. Of the on-going concerns, international investors have no restrictions on holding listed PCs in the Indonesian stock market. This provides room for improvement in business performance in listed PCs as a result of regional/global competition and international management being involved. The present study delivers awareness to investors, researchers as well as policymakers on the Indonesian property market. Originality/value This paper is the first published to present a country profile of significant property vehicles (commercial property, listed PCs and REITs). It also presents empirical research analysis of the risk-adjusted performance of listed PCs and its dynamic role in a local investors’ perspective across the pre-GFC, GFC, post-GFC periods. Given the significance of listed PCs in Asia, this research highlights more information for opportunities and on-going property investment issues in Indonesia.
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Newell, Graeme, e Muhammad Jufri Marzuki. "The emergence and performance of German REITs". Journal of Property Investment & Finance 36, n. 1 (5 febbraio 2018): 91–103. http://dx.doi.org/10.1108/jpif-01-2017-0001.
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Purpose German real estate investment trusts (REITs) are a small but important property investment vehicle in the European REIT landscape, offering German commercial property investment exposure in a liquid format, compared to the more property development-focused German listed property companies and the popular German open-ended property funds. The purpose of this paper is to assess the emergence of the German REIT market and the risk-adjusted performance and portfolio diversification benefits of German REITs in a mixed-asset portfolio over 2007-2015. The post-global financial crisis (GFC) recovery of German REITs is highlighted. Enabling strategies for the ongoing development of the German REIT market are also identified. Design/methodology/approach Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of German REITs over 2007-2015 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of German REITs (and German property companies) in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of German REITs. Findings German REITs delivered lesser risk-adjusted returns compared to German stocks over 2007-2015, with limited portfolio diversification benefits. However, since the GFC, German REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with German stocks. German REITs also out-performed German property companies. Importantly, this sees German REITs as strongly contributing to the German mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications German REITs are a small but important market at a local, European and global REIT level. The results highlight the major role of German REITs in a German mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of German REITs compared to German stocks sees German REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds) use German REITs (and German listed property companies) to obtain their German property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of German REITs, and the role of German REITs as a listed property vehicle in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of German REITs in a portfolio.
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박원석. "Performance and Asset Management System of Listed Property Trusts in Australia: Implications for Korea Real Estaate Indirect Investment Market". Journal of the Economic Geographical Society of Korea 10, n. 3 (settembre 2007): 245–62. http://dx.doi.org/10.23841/egsk.2007.10.3.245.
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Mori, Masaki, e Alan J. Ziobrowski. "International Real Estate Review". International Real Estate Review 9, n. 1 (30 giugno 2006): 1–22. http://dx.doi.org/10.53383/100066.
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Foreign real estate investment funds have recently been added to the practical investment opportunity sets of ordinary Japanese investors. This paper analyzes the additional diversification benefits of U.S. REITs and Australian listed property trusts (LPTs) for Japanese investors who already hold Japanese, U.S., and Australian financial assets while considering different risk definitions in a mean-lower partial moment (MLPM) framework. The study uses data from August 1994 to July 2004. The impacts of currency adjustment and risk definition on the diversification benefits are examined. Our results suggest that the additional diversification benefits of U.S. REITs and Australian LPTs can be obtained only in very limited cases by Japanese investors.
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Cashman, George D., David M. Harrison e Hainan Sheng. "International Real Estate Review". International Real Estate Review 18, n. 3 (30 settembre 2015): 331–64. http://dx.doi.org/10.53383/100205.
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This study investigates the impact of political risk on the cost of capital for publicly traded real estate firms. More specifically, by using a sample of 102 REITs and listed property trusts, which hold nearly 6,000 distinct investment properties across the Asia-Pacific region, we find strong empirical evidence that increased exposure to political risk increases both the cost of equity financing of a firm and its weighted average cost of capital. Interestingly, no such linkages are apparent between political risk and the cost of debt of a firm. These empirical results are robust to a variety of alternative measures of political risk, including a: 1) political rights index, 2) political change index, and 3) corruption perceptions index.
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Thangaraj, Ram Karthikeyan, e Toong Khuan Chan. "The effects of the global financial crisis on the Australian building construction supply chain". Construction Economics and Building 12, n. 3 (11 settembre 2012): 16–30. http://dx.doi.org/10.5130/ajceb.v12i3.2641.
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This study involves a financial analysis of 43 publicly listed and large private companies in the building and construction supply chain from 2005 to 2010; straddling the period of the global financial crisis (GFC); and examines the impact of the GFC on the performance of these companies. The construction supply chain was divided into four sectors – material suppliers, construction companies, property developers and real estate investment trusts (REITs). The findings indicate that the impact was minimal for both material suppliers and construction companies, but especially severe for the more leveraged property developers and REITs. Building material suppliers and construction companies have benefitted substantially from the building economic stimulus package provided by the Australian government to mitigate the effects of the GFC. Decreases in the valuation of assets have, to a large extent, reduced the profitability of property developers and REITs during the GFC but these companies have recovered quickly from these adverse conditions to return to a sound financial position by the end of the 2010 financial year. The results will inform investors, managers and construction professionals in devising strategies for prudent financial management and for weathering future financial crises.
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Nsibande, Mduduzi, e Douw Gert Brand Boshoff. "An investigation into the investment decision-making practices of South African institutional investors". Property Management 35, n. 1 (20 febbraio 2017): 67–88. http://dx.doi.org/10.1108/pm-09-2015-0050.
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Purpose The South African listed property market has changed its legal basis from property loan stock companies and property unit trusts to adopt the more familiar international structure, real estate investment trusts. The main distinction is how shareholding is structured and investment returns are paid out to shareholders, which results in a different tax treatment. It is hoped that this change would attract more foreign investment, but it is questionable if this is sufficient to convince global investors who, amidst a seeming worsening of the stability in the political and economic environment, would probably need more insight into aspects such as investment decision making within these South African organisations. The paper aims to discuss these issues. Design/methodology/approach Using a balanced scorecard (BSC) framework, this study investigates the relevance of investment decision-making frameworks in South Africa. A survey using a sample of institutional investors that are included in the South African Property Market Index was conducted. Findings The study found similarities in decision-making priorities of South African institutional investors to those of previous studies. With the focus on retail property, tenant mix and secondary to that, quality of the centre management team is found to be important for forecasting expected returns in a retail investment decision environment. Diversification strategies were found to have similar results to previous studies, leaning more towards geographic location than economic location. Further, the study suggested the use of a BSC framework, linking the financial information and different financial ratios to nonfinancial aspects that need specific consideration in a retail investment environment. Research limitations/implications Retail property is considered to be of particular concern due to the business enterprise value that could be created if superior management techniques are applied. The investment decision stage concerned with forecasting expected returns relies on financial and quantitative models such as those derived from Modern Portfolio Theory. In a shopping mall environment, however, future performance is driven by nonfinancial factors, for example, tenant mix and superior customer experience. Therefore, forecasting expected returns in a retail environment requires a nuanced approach relative to other commercial property sectors. Originality/value The paper is considered to be original in its analysis of the retail real estate market in South Africa. This offers new insight into retail properties specifically, but also how investors in South Africa react to decision-making practices. This adds value in the internationalisation of the property market and the consistency and transparent practices applied globally.
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Newell, Graeme, e Muhammad Jufri Bin Marzuki. "The significance and performance of UK-REITs in a mixed-asset portfolio". Journal of European Real Estate Research 9, n. 2 (1 agosto 2016): 171–82. http://dx.doi.org/10.1108/jerer-08-2015-0032.
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Purpose UK-Real Estate Investment Trusts (REITs) are an important property investment vehicle, being the fourth largest REIT market globally. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK-REITs in a mixed-asset portfolio over 2007−2014. The post-global financial crisis (GFC) recovery of UK-REITs is highlighted. Design/methodology/approach Using total monthly returns, the risk-adjusted performance and portfolio diversification benefits of UK-REITs over 2007–2014 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of UK-REITs in a mixed-asset portfolio. Sub-period analysis is used to assess the post-GFC recovery of UK-REITs. Findings UK-REITs delivered poor risk-adjusted returns compared to UK stocks over 2007–2014 with limited portfolio diversification benefits. However, since the GFC, UK-REITs have delivered strong risk-adjusted returns, but with continued limited portfolio diversification benefits with UK stocks. Importantly, this sees UK-REITs as strongly contributing to the UK mixed-asset portfolio across the portfolio risk spectrum in the post-GFC environment. Practical implications UK-REITs are a significant market at a European and global REIT level. The results highlight the major role of UK-REITs in a UK mixed-asset portfolio in the post-GFC context. The strong risk-adjusted performance of UK-REITs compared to UK stocks sees UK-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum. This is particularly important, as many investors (e.g. small pension funds, defined contribution [DC] funds) use UK-REITs to obtain their property exposure in a liquid format, as well as the increased importance of blended property portfolios of listed property and direct property. Originality/value This paper is the first published empirical research analysis of the risk-adjusted performance of UK-REITs and the role of UK-REITs in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of UK-REITs in a portfolio.
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Lin, Yu Cheng, Chyi Lin Lee e Graeme Newell. "The significance of residential REITs in Japan as an institutionalised property sector". Journal of Property Investment & Finance 37, n. 4 (1 luglio 2019): 363–79. http://dx.doi.org/10.1108/jpif-03-2019-0036.
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PurposeResidential Real Estate Investment Trusts in Japan (residential J-REITs) have become an increasingly significant listed property sector recently. The purpose of this paper is to assess the effectiveness of residential J-REITs in a mixed-asset portfolio context in Japan by assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs over July 2006–August 2018. The ongoing property investment implications for residential J-REITs are also identified.Design/methodology/approachUsing monthly total returns, the risk-adjusted performance and portfolio diversification benefits for residential J-REITs over July 2006–August 2018 are assessed. An asset allocation diagram is employed to assess the role of residential J-REITs in a mixed-asset portfolio context in Japan.FindingsResidential J-REITs generally delivered superior risk-adjusted returns compared with the other sub-sector J-REITs, stocks and bonds in Japan over July 2006–August 2018, with desirable portfolio diversification benefits in the full mixed-asset portfolio context. Importantly,residential J-REITs are observed as strongly contributing to the mixed-asset portfolio context in Japan across the portfolio risk spectrum, particularly in a post-GFC context. This also reflects that residential J-REITs provide high portfolio returns and strong portfolio diversification benefits in a mixed-asset portfolio context in Japan.Practical implicationsResidential J-REITs are effective and liquid residential property investment exposure in Japan. The results highlight the strong risk-adjusted performance of residential J-REITs in Japan’s mixed-asset portfolio context. This suggests institutional investors, particularly Japan institutional investors, should consider including residential J-REITs in their mixed-asset portfolios, as residential J-REITs are seen as a compelling investment product co-existing alongside the other sub-sector REITs and major asset classes in institutional investor portfolios in the context of Japan. This also confirms the effectiveness of institutionalised residential J-REITs. Given the solid residential property market fundamentals in Japan, an increased level of the institutionalisation of residential J-REITs can be expected.Originality/valueThe study is the first study to assess the effectiveness of residential J-REITs, via assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs and their role in a mixed-asset portfolio context in Japan. This research enables more informed and practical property investment decision making regarding the value-added and strategic role of residential J-REITs as effective and liquid residential property investment exposure in Japan, as well as an increasingly institutionalised property sector going forward.
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Halvitigala, Dulani, e Richard G. Reed. "Identifying adaptive strategies employed by office building investors". Property Management 33, n. 5 (19 ottobre 2015): 478–93. http://dx.doi.org/10.1108/pm-10-2014-0041.
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Purpose – With strategies including flexible work practices, tenants are increasingly seeking flexibility in their physical office space and layouts. The purpose of this paper is to examine to what extent investors address tenants’ changing demand for office space with reference to layouts in new and existing office buildings. Design/methodology/approach – A qualitative study comprising in-depth individual interviews with senior portfolio managers of all listed property trusts investing in the office sector in New Zealand was undertaken. Findings – The findings confirmed property investors incorporate several adaptive and flexible space design and specifications in their modern office buildings to enhance space flexibility and functional efficiency. These include adaptive building structures, efficient floor plates, flexible building services, advanced IT networking, high-quality building amenities and modern building materials. Building structures and layouts are designed to be modified quickly and cost effectively to address tenants’ changing needs. Implications affecting tenant demand for flexible spaces on their lease contracts were also identified. Research limitations/implications – The findings from this research have implications for management of office space. Although the data were sourced with reference to buildings located in New Zealand only, the findings are applicable to office buildings in other countries. Practical implications – The study provides an insight into design strategies adopted in modern office buildings to enhance space flexibility and functional efficiency. These findings are of practical application to professionals involved in the design, development, investment and valuation of modern office buildings. Originality/value – The paper provides in-depth insights into how investors meet tenants’ changing demand for physical space which is linked to delivering improved and stable market-driven returns to investors.
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Yen Keng, Tan. "Benchmarking International Property in Australian Listed Property Trust Portfolios". Pacific Rim Property Research Journal 10, n. 1 (gennaio 2004): 3–29. http://dx.doi.org/10.1080/14445921.2004.11104152.
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Angelo, Stefanus, e Nunung Nuryani. "PENGARUH PILIHAN METODE NILAI WAJAR PROPERTI INVESTASI TERHADAP NILAI PERUSAHAAN REAL ESTATE". Jurnal Akuntansi 10, n. 2 (31 agosto 2021): 90–97. http://dx.doi.org/10.46806/ja.v10i2.801.
Testo completoAbstract (sommario):
IAS 40 (adopted in PSAK 13, 2012) about investment properties allowing companies to choose the method of measuring their investment properties, namely the cost method and the fair value method. Side that oppose fair value method argue that fair value is unreliable and costly. The purpose of this study, therefore, is to examine the relevance of the fair value accounting choice method and determinants that affect of fair value accounting choice method for investment property. This research is using secondary data observation technique which acquired from annual financial reports for real estate, manufacturing, and trading sector companies listed on the Indonesia Stock Exchange during the 2012-2016 period. By using judgment sampling method, the research sample tested were 48 companies (19 real estate companies, 15 manufacturing companies, and 14 trading companies). The results of this research shows that fair value accounting choice method has a positive significant on firm value. In that case shows that fair value accounting choice have a value relevance so it can help investor to make a investment decision. For determinants of fair value accounting choice, that firm size variables has significant positive and leverage significant negatively with determinants of fair value accounting choice while big four has no effect on determinants of fair value accounting choice.
Keywords:
Value relevance, Investment property, Firm size, Leverage, Big four.
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Jabar, A., & Mohamed, A. (2015). The practices of fair value reporting on investment property in Malaysia, (August).
Muller, K. A., Riedl, E. J., & Sellhorn, T. (2008). Causes and Consequences of Choosing Historical Cost versus Fair Value, 1–49.
Muller, K., Riedl, E. J., & Sellhorn, T. (2008). Consequences of Voluntary and Mandatory Fair Value Accounting: Evidence Surrounding IFRS Adoption in the EU Real Estate Industry, (June 2014), Working Paper 1-43.
Quagli, A., & Avallone, F. (2010). Fair value or cost model? Drivers of choice for IAS 40 in the real estate industry. European Accounting Review, 19(3), 461–493.
Souza, F. Ê. A. de, Botinha, R. A., Silva, P. R., & Lemes, S. (2015). Comparability of Accounting Choices in Future Valuation of Investment Properties: An Analysis of Brazilian and Portuguese Listed Companies. Revista Contabilidade & Finanças, 26(68), 154–166.
Subramanyam, K. R. (2014). Financial Statement Analysis (11th ed.). McGraw-Hill.
Tan, M. Z., Mohamat Sabri Hassan, & Embong, Z. (2014). Value Relevance of Investment Properties’ Fair Value and Board Characteristics in Malaysian Real Estate Investment Trusts. Asian Journal of Accounting and Governance, 5, 1–13.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2013). Financial Accounting (IFRS). John Wiley & Sons, Inc.
Wooten, T. C. (2003). Research About Audit Quality. The CPA Journal.
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Chikolwa, Bwembya. "Determinants of Australian Listed Property Trust Bond Ratings". Pacific Rim Property Research Journal 14, n. 2 (gennaio 2008): 123–49. http://dx.doi.org/10.1080/14445921.2008.11104251.
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Newell, Graeme, e Tan Yen Keng. "The Development and Performance of Listed Property Trust Futures". Pacific Rim Property Research Journal 10, n. 2 (gennaio 2004): 132–45. http://dx.doi.org/10.1080/14445921.2004.11104157.
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Newell, Graeme, e Tan Yen Keng. "The Significance of Fractional Interests in Listed Property Trust Portfolios". Pacific Rim Property Research Journal 11, n. 3 (gennaio 2005): 282–98. http://dx.doi.org/10.1080/14445921.2005.11104188.
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Peng, Vincent. "Price Predictability and Capital Market Efficiency: Listed Property Trust Investment Strategies". Pacific Rim Property Research Journal 10, n. 4 (gennaio 2004): 451–65. http://dx.doi.org/10.1080/14445921.2004.11104171.
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Peng, Vincent. "Calendar Anomalies and Capital Market Efficiency: Listed Property Trust Investment Strategies". Pacific Rim Property Research Journal 11, n. 2 (gennaio 2005): 65–83. http://dx.doi.org/10.1080/14445921.2005.11104178.
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Lee, Chyi, Jon Robinson e Richard Reed. "Downside Beta and the Cross-sectional Determinants of Listed Property Trust Returns". Journal of Real Estate Portfolio Management 14, n. 1 (1 gennaio 2008): 49–62. http://dx.doi.org/10.1080/10835547.2008.12089797.
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Peng, Vincent. "Risk Measurement and Listed Property Trust Investment Strategies : Focusing on the Downside". Pacific Rim Property Research Journal 11, n. 2 (gennaio 2005): 178–99. http://dx.doi.org/10.1080/14445921.2005.11104182.
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West, Tracey, e Andrew C. Worthington. "Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns". Journal of Financial Management of Property and Construction 11, n. 2 (agosto 2006): 105–16. http://dx.doi.org/10.1108/13664380680001083.
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Yang, Yaru, Desheng Liu, Luxiu Zhang e Yingkai Yin. "Social Trust and Green Technology Innovation: Evidence from Listed Firms in China". Sustainability 13, n. 9 (25 aprile 2021): 4828. http://dx.doi.org/10.3390/su13094828.
Testo completoAbstract (sommario):
Green Technology innovation intends to enable the advancement of technologies toward the goals of human health, natural resource sustainability and social equity. Green technology innovation has become an important driving force for the sustainable growth of the global economy. In this study, building upon the theories on informal institutions, we empirically investigate the effects of social trust on green technology innovation. Using a sample of companies listed in A-share markets in China from 2012 to 2017, we find that social trust has a significant positive impact on the performance of green technology innovation. We employ an instrumental variable approach through two-stage-least square estimator, and report consistent results. Further heterogeneity analysis finds that with higher levels of policy uncertainty and lower levels of intellectual property rights protection, the effect of social trust on firms’ green technology innovation is more significant. Further, the effect of social trust on firms’ green technology of non-SOEs innovation is larger than SOEs. In addition, the positive effect of social trust on green technology innovation in firms is an effective supplement for formal systems to promote green technology innovation in said firms, which provides a new theoretical reference for promoting firms’ green technology innovation and achieving high-quality development.
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Mutapčić, Hamid. "PRINCIPLE ON THE LAND REGISTER IN THE INTERPRETATION OF JURISPRUDENCE". Journal Human Research in Rehabilitation 6, n. 1 (aprile 2016): 46–56. http://dx.doi.org/10.21554/hrr.041606.
Testo completoAbstract (sommario):
For a longer period of time land registers in Bosnia and Herzegovina do not reflect the actual situation regarding property rights. The reasons should be sought in the poor quality of and inconsistent legislation that allowed non-registered acquisition of real property rights. On the basis of such legislation earlier Yugoslav jurisprudence had permanently denied the acquisition of property rights based on the principle of trust in the land registry. A new definition of the principle of trust, which implies the protection of the rights acquired on the basis of incorrect and incomplete land registry status, was introduced with the entry into force of the new entity laws on land registry. The main intention of the legislature is reaffirmation of the land registry and its basic principles, which is a precondition for faster and easier real estate transactions. However, the new law provides for real solutions that prevent the full application of the principle of trust, which results in the adoption of different and unequal judicial decisions. The paper presents analysis of such legal solutions, also defects that generate the emergence of different concepts of law are detected, and proposals de lege ferenda are listed in order to create the legal conditions for uniform jurisprudence.
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Рожков, Е. В. "Determination of the target state of digitalization of the municipal property management system (using the example of Perm city)". Voprosy regionalnoj ekonomiki, n. 2(47) (18 giugno 2021): 128–40. http://dx.doi.org/10.21499/2078-4023-2021-47-2-128-140.
Testo completoAbstract (sommario):
Актуальность темы статьи, изучаемая автором, бесспорна. Исследование автора основано на необходимости применения цифровизации в процессах по управлению муниципальной собственностью, как это происходит в разных странах являющимися лидерами в развитии муниципалитетов. Статья преследует цели показать необходимость применения современных процессов в управлении городской собственностью, необходимость доверять людям, проживающим в границах города и которые хотят, чтобы местные органы власти прислушивались к их мнению. The relevance of the topic of the article studied by the author is undeniable.The author's study is based on the need to apply digitalization in municipal property management processes, as is the case in different countries as leaders in the development of municipalities. The article aims to show the need to apply modern processes in the management of urban property, the need to trust people living within the boundaries of the city and who want local authorities to listen to their opinions.
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Siregar, Mutiara, e Khoirunisa Azzahra. "THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY, COMPANY SIZE AND CAPITAL INTENSITY ON TAX AVOIDANCE". MARGINAL : JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES 1, n. 4 (12 agosto 2022): 125–42. http://dx.doi.org/10.55047/marginal.v1i4.309.
Testo completoAbstract (sommario):
This study aims to examine the effect of corporate social responsibility, company size and capital intensity on tax avoidance in property and real estate sector companies listed on the Indonesia Stock Exchange in 2015-2020. The sampling technique used was purposive sampling and 23 companies were included with a period of 6 years so that 138 samples were observed. The analytical method used to examine the effect of corporate social responsibility on tax avoidance is the model with the help of software reviews version 10. The results show that corporate social responsibility, company size has an effect on tax avoidance and conversely capital intensity has no significant effect on tax avoidance. There are still many companies that have not disclosed their financial statements in full company management activities, so it is hoped that the company can publish its financial statements in full because it is not only beneficial for the company, this can also increase public trust in the company.
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Zhao, Ling, e Huang Hao. "Informal institution and corporate innovation: From the perspective of social trust". International Journal of Financial Engineering 08, n. 03 (10 giugno 2021): 2142005. http://dx.doi.org/10.1142/s2424786321420056.
Testo completoAbstract (sommario):
Purpose: This study examines how social trust, as an informal institution, creates a cooperative and honest atmosphere to improve managers’ willingness for firm innovation. This study also addresses that the informal system may substitute for the formal institutions in promoting corporate innovation. Design/methodology/approach: This study opts a sample of Chinese listed firms over the period of 2007–2014. We obtain the detailed patent application information from the official website of China Patent and Intellectual Property Office. The social trust information is based on the results of Chinese Enterprise Survey System. Findings: The results indicate that firms located in regions of high social trust tend to have more innovation output, and is robust to a battery of sensitivity tests. The authors further document that this effect is more pronounced for firms with poor short-term financial performance, which are located in regions with weak legal environments and firms having lower information transparency. In addition, the authors also demonstrate that social trust can help firms to get adequate funds to reduce financial pressure and encourage firms to pay more attention to long-term benefits, alleviating investors as well as management myopia. Research limitations/implications: Limited by the data sources, when measuring innovation activity, the authors only use patent numbers represent for innovation output. Then, this study measures the patent quality through classifying patent categories (invention patent or others), since in China, the citation data are imperfect and inadequate. Practical implications: The results suggest that social trust means a good culture of honesty and cooperation can promote firm’s innovation engagement. Especially, in emerging markets, where formal mechanisms are relatively less effective, informal institutions can serve as an alternative system for alleviating information asymmetry. Originality/value: This study contributes to the literature in two ways. First, this study finds the positive effect of social trust on corporate innovation, which provides a new perspective for deepening the understanding of the influence factors of innovation. Second, this study further clarifies the mechanism of social trust promoting firm innovation, indicating that social trust can effectively alleviate outsiders’ concern about moral hazard risk. Then the stakeholders are more willing to provide financial support and pay more attention to the firm’s long-term performance.
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Erol, Isil, e Tanja Tyvimaa. "Explaining the premium to NAV in publicly traded Australian REITs, 2008–2018". Journal of Property Investment & Finance 38, n. 1 (17 settembre 2019): 4–30. http://dx.doi.org/10.1108/jpif-06-2019-0078.
Testo completoAbstract (sommario):
Purpose The purpose of this paper is to explore the levels and determinants of net asset value (NAV) premiums/discounts for publicly traded Australian Real Estate Investment Trust (A-REIT) market during the last decade. A-REITs were severely affected by the global financial crisis as S&P/ASX 200 A-REIT index-listed property stocks experienced 47 per cent discount to NAV, on average, in 2008–2009 crisis. Since 2013, A-REIT sector has exhibited a strong recovery from the financial crisis and traded at high premiums to date. Understanding the relationship between pricing in the public and private real estate markets has taken on great importance as A-REITs continue to trade at significant premium to NAV unlike their counterparts in the USA and Europe. Design/methodology/approach This paper follows a rational approach to explain variations in NAV premiums and explores the company-specific factors such as liquidity, financial leverage, size, stock price volatility and portfolio diversification behind the A-REIT NAV premiums/discounts. The study specifies and estimates a model of cross-sectional and time variation in premiums/discounts to NAV using semi-annual data for a sample of 40 A-REITs over the 2008–2018 period. Findings The results reveal that A-REIT premiums to NAV can be explained not only by the liquidity benefit of listed property stocks but also positive financial leverage effect. During the past decade, A-REITs have followed an aggressive approach in financing their growth by using borrowed funds to purchase assets as the income from the property offsets the cost of borrowing and the risk that accompanies it. Debt-to-equity ratio has to be considered as an important source of NAV premiums as highly geared A-REITs that favoured debt financing over equity financing traded at significant premiums to NAV of their underlying real estate assets. Practical implications The paper includes implications for the REIT market investors. The regression analysis shows that specialty A-REITs with a focus on creative market niches traded at higher premiums compared with other property stocks, especially in the post-GFC recovery period. Specialty REITs are more highly valued by the market than their traditional specialised counterparts (e.g. office and retail REITs), and those pursuing a diversified strategy. Originality/value This paper presents an Australian case study as the A-REIT market provides a suitable environment for testing the effect of financial gearing on the REIT premium to NAV. The study provides empirical evidence supporting the importance of debt-to-equity ratio in explaining the variation in A-REIT NAV premiums.
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András, Kecskés. "The Legal Background of Sovereign Wealth Funds and Their Role in National Economies". European Company and Financial Law Review 18, n. 1 (10 febbraio 2021): 141–58. http://dx.doi.org/10.1515/ecfr-2021-0001.
Testo completoAbstract (sommario):
Abstract Sovereign wealth funds (SWF) are a type of fund which are established and operated by the state. They came into the limelight after the financial crises of 2007–08, when they saved the most emblematic listed companies in the USA and Europe. The aim of the article is to explore certain key issues related to sovereign wealth funds. The paper discusses the origins of the term and certain related economic concepts, including factors which resulted in the creation of sovereign wealth funds. The legal background is also elaborated on both international and national levels, giving an insight to the regulatory framework. The article closes with propounding a sovereign wealth fund in Hungary based on the National Investment Agency model proposed by Hockett and Omarova. This section gives an overview of state property management and its legal background. The increasing activity in the management of international reserves by the National Bank of Hungary and the expansion of the regulatory background for trust-like institutions are all pointing towards the possibility of a Hungarian sovereign wealth fund.
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Saraswati, Niken, e Mulyono Mulyono. "PENGARUH PERTUMBUHAN EKONOMI, EFISIENSI DAN LIKUIDITAS TERHADAP PROFITABILITAS PERBANKAN PADA BURSA EFEK INDONESIA". Ultimaccounting : Jurnal Ilmu Akuntansi 11, n. 2 (6 marzo 2020): 127–41. http://dx.doi.org/10.31937/akuntansi.v11i2.1433.
Testo completoAbstract (sommario):
A good bank must be efficient because efficiency will increase banking productivity and performance. As an institution that functions for banking intermediation, it must have a healthy financial condition to function properly and gain public trust. The purpose of this study is to examine the effect of Economic Growth, Efficiency and Liquidity on the profitability of banks in the Indonesia Stock Exchange. There are inconsistent research results from previous studies, regarding efficiency, liquidity and economic growth that can affect banking performance. The sample used in this study was 35 banks listed on the Indonesia Stock Exchange. Data processing in this study uses multiple regression with the help of SPSS version 20. The results of the study indicate that Economic Growth has a positive influence on bank profitability, for Efficiency and Liquidity has a negative effect on bank profitability. This research is expected to be useful both for the banking industry in making decisions and the government in making policies.
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مصطفى محمد منصور, د. أحمد. "التدابير الإسلامية للرعاية الأسرية". Omdurman Islamic University Journal 13, n. 1 (9 maggio 2017): 47–70. http://dx.doi.org/10.52981/oiuj.v13i1.1633.
Testo completoAbstract (sommario):
Islamic Religion aims at taking human beings nearer to Allah. It has a well-defined code of family life which shows the exact responsibility and role of each member of the family . Now, in view of Islam's belief and understanding of the existence of all living beings in this world, we are of the opinion that the family is a trust Allah has placed on the shoulders of the human being.Therefore, the believer must protect his honour, respect and self esteem, because Allah has created him in the best of mould, upright stature, using his hands and knowing everything through his mind, and that is why the individual's soul and property are inviolable.Islam gives each family member an important role to play. The recerschr has adpted descriptive methodology as it suits better this kind of researches as aresult , the researcher calls father fathers and mothers to take care of the children and give them an Islamic upbringing; He als recommends that children are to listen and obey, and respect the rights of fathers and mothers, on a basis of love and respect.
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Veneroni, Laura, Andrea Ferrari, Tullio Proserpio, Elena Pagani Bagliacca, Marta Podda, Maura Massimino e Carlo Alfredo Clerici. "Dreams and illusions in adolescents with terminal cancer". Tumori Journal 104, n. 6 (8 maggio 2018): 413–14. http://dx.doi.org/10.5301/tj.5000691.
Testo completoAbstract (sommario):
Being diagnosed with cancer in adolescence generally has important emotional consequences: adolescent cancer patients need to be seen as special cases with particular medical and psychosocial needs. This is especially true when a young patient is faced with a progressive, incurable disease. Herein, we report the story of a 17-year-old girl with a metastatic refractory soft tissue sarcoma who tells her dream to the psychologist of the ward. Telling this narrative is the opportunity to discuss the complex topic of how adolescent cancer patients adapt to the terminal stage of their disease; for example, the patient needs to talk to someone about their fear of dying; the healthcare operators need to be able properly listen and communicate; the patient’s trust in the future despite their clinical condition; the necessity to leave space for hope; the useful role of the imagination sphere; the issue of whether and how to tell a person who is terminally ill the truth about their condition.
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Sundin, Heidi, e David Andrew Brown. "Greening the black box: integrating the environment and management control systems". Accounting, Auditing & Accountability Journal 30, n. 3 (20 marzo 2017): 620–42. http://dx.doi.org/10.1108/aaaj-03-2014-1649.
Testo completoAbstract (sommario):
Purpose The purpose of this paper is to adopt an agency theory approach to investigate the integration of environmental issues into management control systems (MCS). Prior environmental accounting research has focussed on increasing organisations’ environmental accountability by “monitoring” through external reporting to stakeholders. However, this overlooks the alignment of agents’ interests within the firm. Design/methodology/approach A qualitative case study is undertaken in a large Australian listed property trust to investigate how agents’ interests may be integrated with environmental objectives through the use of MCS. Findings From the case an analytical framework is developed to illustrate how environmental issues are incorporated into organisational behaviour through MCS. The findings include, single objective environmental MCS; multiple objective MCS, which include priorities that specify environmental and economic trade-offs; and balancing MCS, which provide overarching decision-making principles without priorities. Practical implications The findings provide examples of how an organisation may integrate environmental issues across a range of MCS and the things to consider in doing so. Originality/value This paper draws on an agency perspective as an approach to incorporate environmental issues into MCS and to align behaviour. It explains a new way in which tensions can be managed. This study is one of the first to adopt the control package approach in investigating the incorporation of environmental issues in MCS.
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Astuti, Sri, Marita Marita e Sucahyo Heriningsih. "Analysis Factor Triggers Fraud And Corporate Governance On Indications of Fraudulent Financial Reporting Using the Pentagon Fraud Theory Approach". Eksis: Jurnal Riset Ekonomi dan Bisnis 14, n. 1 (30 settembre 2019): 47–54. http://dx.doi.org/10.26533/eksis.v14i1.448.
Testo completoAbstract (sommario):
This study examines the correlation between fraud triggering factors using the Pentagon fraud theory approach and the role of corporate governance on the indication that companies conduct financial statement fraud. The trigger factors for fraud in the Pentagon fraud theory are pressure, opportunity, rationalization, competence and arrogance. The fraud studied in this study is financial report fraud. The financial statements are prepared and accounted for by management. The population in this study are all banking companies listed on the Stock Exchange in 2015-2018. Observation data consisting of 92 companies. The analysis tool used is correlation analysis. Based on the results of testing, the variable that correlates significantly with the indication of the company committing fraud is pressure and corporate governance. Financial statements are a measure of management's performance, so there is pressure from management to deliver their performance information properly. Good corporate governance (GCG) is one of the pillars of the market economic system, closely related to trust in both the companies that implement it and the business climate in a country. Governance mechanisms describe the organizational culture that builds employee ethics and motivates them to uphold ethical values. Inefficiencies in corporate governance will raise the risk of financial report fraud.
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Li, Rensi, e Yinglin Wan. "Analysis of the Negative Relationship between Blockchain Application and Corporate Performance". Mobile Information Systems 2021 (18 maggio 2021): 1–18. http://dx.doi.org/10.1155/2021/9912241.
Testo completoAbstract (sommario):
Blockchain technology is one of the most critical emerging technologies. Countries are promoting the development of blockchain technology vigorously. Theoretically, blockchain technology improves the trust between enterprises, reduces information asymmetry, and promotes efficiency. It should promote corporate performance, but analyzing the actual data of Chinese listed companies, contrary to expectation, blockchain technology makes corporate performance decline. We found that this is mainly due to the effect of adverse selection through analysis and empirical tests. The enterprises that use blockchain technology are not accompanied by the increase in R&D expenditure, investment expenditure, and patents. The companies’ abnormal stock return and stock turnover rate have increased. The enterprises with worse performance are more likely to use blockchain to the hype. They can gain a short-term stock return. However, in the long run, the market-to-book ratio of government subsidies and the growth rate of corporate income are declining. Furthermore, the financial constraints are not alleviated as adverse selection only plays a role in the short term. Besides, the heterogeneity tests find that from the prospects of internal governance environment, the higher proportion of the largest shareholder, the better earning quality of the company. The enterprises with state-owned property rights have lower motivations of using blockchain to make an adverse selection. The study also found that the external environment prospects of enterprises with a lower degree of marketization and law environment are more likely to use the blockchain.
46
Ardakani, Emad M., Charlotte Leboeuf-Yde e Bruce F. Walker. "Can We Trust the Literature on Risk Factors and Triggers for Low Back Pain? A Systematic Review of a Sample of Contemporary Literature". Pain Research and Management 2019 (12 maggio 2019): 1–13. http://dx.doi.org/10.1155/2019/6959631.
Testo completoAbstract (sommario):
Background. Risk factors (RFs) for the “disease” of low back pain (LBP) are probably different from the triggers of new episodes of LBP. Investigating RFs for the onset of the “disease” and the triggers of LBP is problematic if researchers fail to discern the different types of pain-free status of participants at and before baseline. There is a difference between never having had LBP and having been pain-free for a certain period only. In this review, we assessed the dependability of contemporary literature on RFs and triggers of LBP, in relation to the “disease” and the episodes, respectively.Methods. A literature search from 2010 until 2017 was performed. Information on the definitions of LBP, potential RFs/triggers, and study design was extracted. Studies were reclassified based on the type of LBP concerning the “disease,” episode, or mixed/unclear/chronic. RFs and triggers were grouped into major domains, and positive associations listed, respectively, for the “disease” and episodes.Results. In 42 of the included 47 articles, it was not clear if the authors investigated RFs for the “disease” of LBP or triggers of new episodes. Only one study properly reported RFs for the onset of the “disease” of LBP, and four studies were deemed suitable to investigate triggers for a new episode of LBP. No study reproduced the results of other included studies.Conclusion. Trustworthy information regarding RFs and triggers of LBP is rare in the current literature. Future research needs to use precise definitions of LBP (onset of the “disease” vs. episodes) and nominate the timing of the associated factors in relation to the types of LBP as these are two critical factors when studying causes of LBP.
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Brobert, Gustav. "The global REIT market: initial-day performance of IPOs". Journal of European Real Estate Research 9, n. 3 (7 novembre 2016): 231–49. http://dx.doi.org/10.1108/jerer-03-2016-0015.
Testo completoAbstract (sommario):
Purpose This paper aims to investigate whether real estate investment trust (REIT) initial public offerings (IPOs) are exposed to abnormal initial-day performance. Previous studies have predominantly focused on REITs listed in the USA and Australia, only a few studies have utilised a multi-country approach and only one study has used a multi-region approach. This paper adds to the literature by, for a global sample, analysing variables proven important in explaining REIT IPO performance but never used in a global sample before by extending the investigation of initial-day return patterns for new REIT types and by offering the first insights from emerging REIT markets. Design/methodology/approach Initial-day raw and abnormal returns were calculated for a sample of 445 IPOs in 26 countries over the period from 1996 to 2014. The returns were partitioned according to a select set of themes and multiple regression analysis was used to isolate the relationship between the explanatory factors and underpricing. Findings For the sample as a whole, the mean initial-day raw return is 3.94 per cent and the mean market-adjusted initial-day return is 4.01 per cent. Even though the initial-day return for a REIT IPO typically is positive, negative mean returns are observed for a few countries and during certain years. Investors should note that for European markets, new property type exhibited a robust positive association with abnormal return, and underwriter reputation exhibited a robust negative relationship with abnormal return. Originality/value This paper fulfils the need to test important concepts on global REIT IPO markets.
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AFANASIEVA, Maryna. "ECONOMIC CONTROL BY CIVIL SOCIETY: AN INSTITUTIONAL APPROACH". Economy of Ukraine 2018, n. 04 (3 aprile 2018): 46–54. http://dx.doi.org/10.15407/economyukr.2018.04.046.
Testo completoAbstract (sommario):
The article studies the significance of public institutions for successful functioning of a market economy. The emphasis is placed on the fact that market institutions are formed through social organization and evolution. The structure of modern society is clarified; combination of professional performance of the functions of its social group and adherence to moral values are selected to be the main criterion of the structure. The hypothesis of isomorphism of the social structure is advanced, according to which the decrease in the share of people in civil society with rent-seeking behavior can lead to similar shifts in business and public sector. The system of economic control is proposed that corresponds to division of society into three main social groups. The new content of control, which proceeds from the concept of sustainable development and the theory of systems, is revealed. The essence of the new type of control is formation of socially significant analytical information capable of launching mechanisms of self-organization of enterprises, including self-control. The main corrective tool is the publication of these findings. Attention is paid to original sources of information for civil control (for example, financial and tax reporting of enterprises), which is not a commercial secret in accordance with Ukrainian legislation. Institutional mechanisms, such as compulsory mechanism of the law, normative mechanism of professional opinion, imitative mechanism of positive practice, promotion of information, involvement of supporters and cooperation with foundations are listed. It is concluded that the introduction of economic control by civil society can strengthen public institutions such as law, morality, property, enterprise, trust in society, fair competition, etc. This, most likely, will have a positive impact on development of the economy.
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Daminova, Nasiya Ildarovna. "ECHR Preamble vs. the European Arrest Warrant: balancing Human Rights protection and the principle of mutual trust in EU Criminal Law?" Review of European and Comparative Law 49, n. 2 (30 maggio 2022): 97–131. http://dx.doi.org/10.31743/recl.13109.
Testo completoAbstract (sommario):
As stated in the European Convention on Hu- man Rights Preamble, the aim of the Council of Europe is the achievement of greater unity between its members through the maintenance and realisation of Human Rights and Fundamental Freedoms . Nowadays, the European Union includes the majority of the ECHR signatories (27 of 47) and incorporates the key legal instrument of judicial cooperation in criminal matters, namely the European Arrest Warrant Framework Decision . Nevertheless, the possible effects of the EAWFD on the practice of the European Court of Human Rights remain understudied – despite the crucial need to properly balance the enforcement of the principle of mutual recognition and Human Rights protection in the European Union. Since the first attempts to approach the EAWFD, the Strasbourg Court preferred to find the applications inadmissible (Pianese, Monedero Angora, Stapleton) or to establish a very high threshold for establishing a Convention violation within this context (Pirozzi). It will be argued that the newly developing Strasbourg Court’s case-law on the EAWFD (Castano, Bivolaru/Moldovan, Alosa) could potentially mark a new step in the judicial dialogue be- tween two European Courts. In the Castano and Bivolaru/ Moldovan rulings, the ECtHR – for the first time – found that the EU Member States had breached their obligations under Arts . 2 ( ́right to life ́) and 3 ( ́prohibition of torture ́) ECHR within the European Arrest Warrant context (murder/traffick- ing in human beings charges). At the same time, this interpre- tation opens the floor for discussion on potential applicability of other Convention provisions (Arts . 4, 5, 8, 13) to other offences listed in Art . 2(2) of the EAWFD (such as, for instance, corruption, fraud, computer-related crime etc .). Even though the Strasbourg Court has transposed the CJEU’s benchmarks of the EAW refusals legality assessment – i .e . a risk of inhuman or degrading treatment in the requesting State (Aranyosi/Căldăra ru), the EU Member States ́ courts are now forced – de facto – to consider an additional (ECHR-based) criterion for assessing the legality of refusals to execute the European Arrest Warrants. This can arguably pose further questions upon the entry into force of Protocol No. 15 ECHR which aims at the most effective realisation of the ́subsidiarity ́ principle in the European Convention system.
50
Vileikis, Ona, Mario Santana Quintero, Koen Van Balen, Barbara Dumont e Vincent Tigny. "Information Management Systems for Cultural Heritage and Conservation of World Heritage Sites. The Silk Roads Case Study". Geoinformatics FCE CTU 6 (21 dicembre 2011): 364–69. http://dx.doi.org/10.14311/gi.6.45.
Testo completoAbstract (sommario):
This paper discusses the application of Information Management Systems (IMS) in cultural heritage. IMS offer a set of tools for understanding, inventorying and documenting national, regional and World Heritage properties. Information Management Systems can assist State Parties, stakeholders and heritage site managers involved in cultural heritage management and conservation by easily mining, sharing and exchanging information from multiple sources based on international standards. Moreover, they aim to record, manage, visualize, analyze and disseminate heritage information. In close collaboration with five Central Asian countries, namely, Turkmenistan, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan; a Belgian consortium headed by the Raymond Lemaire International Centre for Conservation (RLICC), K.U.Leuven is developing the Silk Roads Cultural Heritage Resource Information System (CHRIS). This Web-based Information Management System supports the preparation of the Central Asia Silk Roads serial and transnational nominations on the UNESCO World Heritage list. The project has been set up thanks to the financial support of the Belgian Federal Science Policy Office (BELSPO) and in collaboration with UNESCO World Heritage Centre in conjunction with the People’s Republic of China and the Japanese Funds-in-Trust UNESCO project. It provides a holistic approach for the recording, documenta tion, protection and monitoring tasks as part of the management of these potential World Heritage Properties. The Silk Roads CHRIS is easily accessible to the general user, presented in a bilingual English and Russian frame and interoperable, i.e. open for other applications to connect to. In this way, all information for the nomination dossiers is easily verified regarding consistency and quality and ready for managing, periodic reporting and monitoring processes in the respect to the property listed. Fina lly, this study provides a general framework to establish the effectiveness and limits of the use of information systems for serial transnational nominations of World Heritage Properties and to demonstrate the potentials of an improved heritage documentation system.