Housing price and enterprise financing: does mortgage effect exist?

2019 ◽  
Vol 9 (1) ◽  
pp. 137-152 ◽  
Author(s):  
Shujing Li ◽  
Nan Gao
Keyword(s):  
Financial Development ◽  
Design Methodology ◽  
Empirical Test ◽  
Housing Prices ◽  
Housing Price ◽  
Fixed Effect Model ◽  
Content Type ◽  
Empirical Results ◽  
Effect Model ◽  
High Level

Purpose The purpose of this paper is to explore the influence of the rise in housing prices on enterprise financing and also the sustainability and heterogeneity of this effect. Design/methodology/approach Empirical test, panel data, fixed-effect model, IV and 2SLS were used in this paper. Findings The empirical results indicate that the mortgage effect does exist, and the authors further analyze the heterogeneity of this effect by dividing the sample based on the degree of financial development and property rights; the empirical results reveal that the mortgage effect is significantly higher in places with the high level of financial development. Besides, compared to the SOE enterprise, the mortgage effect has more influence on non-SOE companies. Research limitations/implications The results indicate that the mortgage effect should be considered when regulating housing market, and in order to improve the financing capability of company, its profitability and financial market efficiency should be emphasized. Originality/value This paper not only confirms the existence of the mortgage effect, but also explores its sustainability and heterogeneity, which reveals the risk and bubble in the effect of house market on enterprise financing, and enlightens how to promote financing ability of company.

Industry risk taking and risk-taking strategy of born-global firms

2019 ◽  
Vol 12 (1) ◽  
pp. 1-21
Author(s):  
Jing Huang ◽  
Linyu Liu ◽  
Ren Lu
Keyword(s):  
Risk Taking ◽  
Design Methodology ◽  
Fixed Effect Model ◽  
Born Global ◽  
Content Type ◽  
Related Variety ◽  
Effect Model ◽  
Industry Risk ◽  
The Relationship ◽  
Born Global Firms

Purpose The purpose of this paper is to study the relationship between industry risk taking and risk-taking strategy of born-global firms (BGs), and how industry-related variety moderates that relationship. Design/methodology/approach The authors apply fixed effect model to analyze 26,499 observations on 10,508 BGs in 276 Chinese cities. Findings The authors find that industry risk taking positively influences risk-taking strategy of BGs, and industry-related variety positively moderates such relationship. Originality/value The findings reveal how BGs formulate their risk-taking strategy given the dilemma of risk nature and hurdles in firm establishment and rapid internationalization. This paper extends understanding on BGs’ strategy making, supplements the theoretical framework on BGs with an integrated viewpoint containing “regional–industry–firm” levels and contributes to the industry variety argument.

scholarly journals The influence of a mortgage interest and capital deduction policy on house prices

2020 ◽  
Vol 38 (6) ◽  
pp. 563-577
Author(s):  
Wouter Vangeel ◽  
Laurens Defau ◽  
Lieven De Moor
Keyword(s):  
Interest Rates ◽  
Fixed Effects ◽  
Design Methodology ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Content Type ◽  
Mortgage Interest ◽  
Price Determinants ◽  
Fixed Effects Regression

PurposeSince 2005, Belgian housing prices have strongly increased. As the timing coincides with the implementation of a new fiscal package in order to stimulate homeownership, our study attempts to provide an understanding whether the mortgage interest and capital deduction (MICPD) policy has had the side-effect of increasing housing prices while, at the same time, controlling for key housing price determinants.Design/methodology/approachA fixed-effects regression model is used on a panel dataset of the three Belgian regions over the period 1995–2015.FindingsEstimations are carried out separately for different house types, being useful as our empirical analysis ascertains a significant price-increasing effect for ordinary houses and apartments but a significant price-reducing effect for villas. In addition, we find, among other things, that interest rates' influence has been less substantial than commonly thought.Originality/valueThese results are relevant for all governments willing to stimulate homeownership through fiscal stimuli.

scholarly journals Household Debt and Housing Price: An Empirical Study across 36 Countries

2017 ◽  
Vol 12 (11) ◽  
pp. 227 ◽  
Author(s):  
Fujun Lai ◽  
Sze Nam Chan ◽  
Wai Yan Shum ◽  
Nan Zhou
Keyword(s):  
Explanatory Variable ◽  
Housing Prices ◽  
Housing Price ◽  
Fixed Effect Model ◽  
Least Square ◽  
European Countries ◽  
Household Debt ◽  
Debt Ratio ◽  
Effect Model ◽  
Unbalanced Panel Data

This paper investigates the effect of the change of household debt ratio (household debt to GDP) on national housing price by using unbalanced panel data in 36 countries during 1981-2015. We employ Two Stage Least Square and GMM method to analyze the fixed effect model, after controlling the demand, supply, other assets prices and endogeneity. Our findings are that household debt ratio and housing price are positively significantly related. Household debt ratio promotes the growth rate of housing prices. The findings remain robust by separating countries into two groups, European countries and non-European countries, and using nominal housing price as explanatory variable.

Regional patent activity in Russia: does level of risks make a difference?

2018 ◽  
Vol 28 (2) ◽  
pp. 136-154 ◽  
Author(s):  
Natalia Ermasova ◽  
Olumide Ijose ◽  
Sergey Ermasov
Keyword(s):  
Design Methodology ◽  
Negative Impact ◽  
Random Effect ◽  
Random Effect Model ◽  
Patent Activity ◽  
Content Type ◽  
Empirical Results ◽  
Effect Model ◽  
The One ◽  
The Relationship

Purpose The purpose of this paper is to explore empirically the linkages among level of economic, managerial, financial, criminal risks and patent activity in Russia. This paper examines the relationship between the economic, managerial, financial and criminal regional risks ratings, on the one hand, and patent activity, as measured by regional patent applications for inventions, on the other. Design/methodology/approach A random effect model was performed for a data sample of 83 regions, covering the period 2006-2010 in Russia. Findings The empirical results show that increased levels of regional economic risks are significantly associated with decrease in patent activity in Russia. Originality/value This study fills a gap within the literature and offers a unique analysis of regional risks and their impact on patent activity. The empirical results showed that economic risk ratings have had considerable negative impact on the patent activities on regional level in Russia.

Factors influencing the price of housing in Indonesia

2015 ◽  
Vol 8 (2) ◽  
pp. 169-188 ◽  
Author(s):  
Raden Aswin Rahadi ◽  
Sudarso Kaderi Wiryono ◽  
Deddy Priatmodjo Koesrindartoto ◽  
Indra Budiman Syamwil
Keyword(s):  
Factor Analysis ◽  
Real Estate ◽  
Design Methodology ◽  
Housing Prices ◽  
Housing Price ◽  
Correlation Study ◽  
Metropolitan Region ◽  
Location Factors ◽  
Content Type ◽  
The Relationship

Purpose – This study aims to address the factors or attributes that would influence the price of residential products in Jakarta Metropolitan Region. Design/methodology/approach – In total, 202 respondents from all across Jakarta Metropolitan Region participated in the questionnaire for this study. Demographic questions are categorized into age, gender and preferences for real estate locations. The questionnaire was made based on the author’s previous studies. Of the total respondents, 127 were males and 75 were females with age ranging from 18 to 56 years old. For data analysis, the authors utilized factor analysis, Cronbach’ α test and analysis of correlation to reach the conclusion of this study. Findings – The findings suggested that from the initial three factors groups, there are five new groups that emerge as influencing factors for housing prices. Cronbach’ α score were verified (α = 0.906). Correlation study result suggested that the initial three factors groups produce a significant correlation between each of them, except for the factor of “overall location” and “located near family.” After factor analysis, the research results show that there are two new additional groups of factors that emerge as influences to housing prices. There are significant scores of differences between gender and real estate location preference toward the groups of factors. Research limitations/implications – This study shows how physical qualities, concept and location factors influence the housing price perception of their consumers. The result shows to be relatively reliable and valid. Originality/value – The study is the first to analyze the relationship between the factors for preferences on residential products and housing price in Indonesia. This paper is also intended to be the first to pioneer the study on factors of preferences on residential products in Indonesia. The findings will be useful to develop pricing models for housing product in Indonesia.

What drives housing prices, rent and new construction in China

2017 ◽  
Vol 10 (5) ◽  
pp. 662-686
Author(s):  
Dimitrios Staikos ◽  
Wenjun Xue
Keyword(s):  
Real Estate ◽  
Empirical Test ◽  
Housing Prices ◽  
Panel Cointegration ◽  
Real Estate Market ◽  
Estimation Methods ◽  
Content Type ◽  
New Construction ◽  
Using Data ◽  
First Time

Purpose With this paper, the authors aim to investigate the drivers behind three of the most important aspects of the Chinese real estate market, housing prices, housing rent and new construction. At the same time, the authors perform a comprehensive empirical test of the popular 4-quadrant model by Wheaton and DiPasquale. Design/methodology/approach In this paper, the authors utilize panel cointegration estimation methods and data from 35 Chinese metropolitan areas. Findings The results indicate that the 4-quadrant model is well suited to explain the determinants of housing prices. However, the same is not true regarding housing rent and new construction suggesting a more complex theoretical framework may be required for a well-rounded explanation of real estate markets. Originality/value It is the first time that panel data are used to estimate rent and new construction for China. Also, it is the first time a comprehensive test of the Wheaton and DiPasquale 4-quadrant model is performed using data from China.

scholarly journals Designing for the satisfaction of high-level needs

2014 ◽  
Vol 26 (6) ◽  
pp. 639-649 ◽  
Author(s):  
Petter Stenmark ◽  
Johan Lilja
Keyword(s):  
Customer Satisfaction ◽  
Design Methodology ◽  
Service Innovation ◽  
New Product ◽  
Service Development ◽  
Content Type ◽  
The Creation ◽  
High Level ◽  
Satisfaction Surveys

Purpose – The purpose of this paper is to introduce a methodology that can support the process of understanding and designing for the satisfaction of high-level needs in practice. The satisfaction of high-level needs has seldom been in focus when it comes to customer satisfaction surveys or the process of new product or service development. However, needs do occur on various levels, and the satisfaction of high-level needs actually appears to have the greatest potential for the creation of loyalty among customers and customer satisfaction. The satisfaction of high-level needs has furthermore been pointed out as a strategy for the creation of attractive quality. Design/methodology/approach – The paper is based on literature studies and the application of the Ideation Need Mapping (INM) methodology in a specific case. Findings – The paper presents the INM methodology that could be used for guiding product and service innovation in practice. More specifically, the methodology supports the process of understanding and designing for the satisfaction of high-level needs. Originality/value – This paper aims to contribute to envisioning and demonstrating how the understanding of, and design for, satisfaction of high-level needs can be done in practice.

Promoting authenticity through celebrity brands

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amanda Kennedy ◽  
Stacey M. Baxter ◽  
Alicia Kulczynski
Keyword(s):  
Design Methodology ◽  
Consumer Attitudes ◽  
Purchase Intentions ◽  
Consumer Perceptions ◽  
Positive Outcomes ◽  
Content Type ◽  
Monetary Compensation ◽  
High Level ◽  
Practical Implications

Purpose This paper aims to examine the importance of celebrity brands in influencing consumer perceptions of celebrity authenticity, which drives positive consumer attitudes and intentions. In addition, the notion of low-celebrity investment is investigated as a factor that diminishes the positive outcomes associated with celebrity brands. Design/methodology/approach Study 1 examines the effect of brand situation (endorsement versus celebrity brand) on consumer attitudes and intentions. Studies 2 and 3 investigate the role of celebrity authenticity in explaining the effects observed in Study 1. Study 4 examines celebrity investment as a bound of the phenomenon. Findings Study 1 demonstrates that consumers report heightened attitudes and intentions towards celebrity brands when compared to endorsements. Studies 2 and 3 provide evidence that authenticity explains the effects observed in Study 1. Results of Study 4 show that when consumers are aware of low-celebrity investment, the celebrity is viewed as inauthentic regardless of brand situation. Research limitations/implications This research is limited as it focuses only on known celebrity endorsers who were matched with products that had a high level of fit. In addition, purchase intentions were measured as opposed to the study of actual purchase behaviour. Practical implications This research has important implications for the development of endorsements and celebrity brands by demonstrating that consumers view celebrities as authentic when they are involved with brands for reasons other than monetary compensation. Originality/value This research shows that consumers have heightened attitudes and intentions towards celebrity brands compared to endorsements. This research identifies celebrity authenticity as the process underlying the observed phenomenon. However, celebrity investment is identified as a boundary condition demonstrating that knowledge of low investment results in a celebrity being viewed as inauthentic.

The robot-to-robot service encounter: an examination of the impact of inter-robot warmth

2021 ◽  
Vol 35 (9) ◽  
pp. 15-27
Author(s):  
Magnus Söderlund
Keyword(s):  
Design Methodology ◽  
Service Robots ◽  
Service Robot ◽  
Service Encounters ◽  
Experimental Setting ◽  
Content Type ◽  
Robot Systems ◽  
Synthetic Agents ◽  
High Level ◽  
The Impact

Purpose This study aims to examine humans’ reactions to service robots’ display of warmth in robot-to-robot interactions – a setting in which humans’ impressions of a service robot will not only be based on what this robot does in relation to humans, but also on what it does to other robots. Design/methodology/approach Service robot display of warmth was manipulated in an experimental setting in such a way that a service robot A expressed low versus high levels of warmth in relation to another service robot B. Findings The results indicate that a high level of warmth expressed by robot A vis-à-vis robot B boosted humans’ overall evaluations of A, and that this influence was mediated by the perceived humanness and the perceived happiness of A. Originality/value Numerous studies have examined humans’ reactions when they interact with a service robot or other synthetic agents that provide service. Future service encounters, however, will comprise also multi-robot systems, which means that there will be many opportunities for humans to be exposed to robot-to-robot interactions. Yet, this setting has hitherto rarely been examined in the service literature.

Stakeholder dialogue on Facebook

2017 ◽  
Vol 11 (2) ◽  
pp. 257-267 ◽  
Author(s):  
Sebastian Martin
Keyword(s):  
Design Methodology ◽  
Online Survey ◽  
Energy Sector ◽  
Public Ownership ◽  
Stakeholder Dialogue ◽  
Dialogic Communication ◽  
Content Type ◽  
Empirical Results ◽  
Utility Companies

Purpose German, Austrian and Swiss utilities are confronted with radical changes in the European energy sector. A dialogue between the utility companies and their various groups of stakeholders is gaining importance. Increasingly, utilities create their own Facebook presence enabling such a dialogue. Still, to the best of the author’s knowledge there exists no research which explicitly focuses the stakeholder dialogue of German, Austrian or Swiss utilities on Facebook. Therefore, the purpose of this paper is to analyse Facebook as an instrument for dialogic communication in the energy sector. Design/methodology/approach An online survey was distributed to 1,280 German, Austrian and Swiss utilities, and 14 per cent of the utilities completed the survey, including 130 German, 19 Austrian and 25 Swiss companies. The participating utilities are primarily in public ownership. Findings The Facebook conversation of utility companies and their stakeholders meets the basic requirements of a virtual stakeholder dialogue. Nevertheless, less than half of the companies perceive their current stakeholder conversation on Facebook as truly interactive. Therefore, even if the basic requirements of a dialogue are met, most companies still do not seem to fully use the dialogue potential of Facebook. Originality/value This study provides first insights into virtual stakeholder dialogues in the energy sector. A suggestion to operationalise such a virtual dialogue is provided. Both operationalisation as well as the empirical results help researchers and practitioners to better understand virtual stakeholder dialogues.

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