Structuring fund for affordable housing investment in Malaysia: an exploratory research

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohd Ariff Mohd Daud ◽  
Saiful Azhar Rosly ◽  
Zulkarnain Muhamad Sori
Keyword(s):  
Affordable Housing ◽  
Institutional Investors ◽  
Sampling Strategy ◽  
Fund Raising ◽  
Future Research ◽  
Valuable Insight ◽  
Exploratory Research ◽  
Content Type ◽  
Housing Investment ◽  
Track Record

Purpose The purpose of this study is to explore potential fund-raising option that can be developed to attract investment in affordable housing initiatives in Malaysia. In doing so, the study undertakes to discuss the viability of the property trust fund structure as an investment vehicle. Design/methodology/approach The study uses a qualitative design that involves the use of semi-structured questionnaires as a data collection strategy. A total number of ten experts were selected for the interview using critical case sampling scheme based on the purposive sampling strategy. Findings The study discovers that a dynamic fund structure – one that allows for the fund to evolve with changing circumstances and needs – can be adopted. This fund structure comprises a fund that can be initially established as a closed-ended fund. Then, with sufficient track record, the fund can be transformed into a public real estate investment trust, with the prospect of tapping into capital market via issuance of sukuk in the future. The fund can also adopt mezzanine structure of funding, which may reduce investors’ risks with minimal government intervention. Research limitations/implications The findings of this study illustrate the potential of fund-raising options from the perspective of institutional investors and regulators. Future research could explore government’s view and focus on the policy options. Practical implications The findings may provide valuable insight into alternative fund-raising options for affordable housing projects for policymakers and investment banks. Social implications The fund-raising options incorporate minimal government participation yet pose low risks to investors, creating a low-risk asset suitable for social investment. Originality/value This study outlines the mechanism to increase affordable housing supply in the market, by attracting institutional investors to invest in this dynamic fund structure initiative. As there are limited discussions on attracting funding for affordable housing developments, it is hoped that this paper will spark further debate and discussion among the academicians and policymakers.

Is institutional investor a supervisor or cooperator?

2018 ◽  
Vol 9 (1) ◽  
pp. 2-18 ◽  
Author(s):  
Yuedong Li ◽  
Xianbing Liu ◽  
Qing Yan
Keyword(s):  
Institutional Investors ◽  
Institutional Investor ◽  
Test Methods ◽  
Future Research ◽  
Management Turnover ◽  
Content Type ◽  
Financial Restatement ◽  
Strategic Cooperation ◽  
Financial Restatements ◽  
The Relationship

Purpose The purpose of this paper is to discuss whether top management will assume their liabilities especially when financial restatement occurs, and,based on the “effective supervision theory” and “strategic cooperation theory,” to examine whether an institutional investor is a supervisor or a cooperator considering the management turnover caused by financial restatement in the companies. Design/methodology/approach Using a sample of the A-share-listed companies from year 2010 to year 2014 and dividing financial restatement into fraudulent financial restatement and other financial restatement, the authors examine the relationship between financial restatement and abnormal management turnover, which usually is related to the management integrity or capacity. By using group test methods, the authors test the influence of the institutional investors’ shareholding on the relation between financial restatements and management turnover. Findings This paper finds that financial restatement can result in abnormal management turnover, especially the fraudulent financial restatement. The institutional investors usually are supervisors but when the shareholding of institutional investor is too high and the management turnover results from fraudulent financial restatement, the institutional investors may become cooperators with management in the companies. Besides, the institutional investors play the supervisory function more significantly in non-state-owned enterprises. Originality/value This paper expands literature of the institutional investors in the corporate governance area and provides a basis for future research in the area of the institutional investors’ governance effect. It divides financial restatements into fraudulent financial restatement and other financial restatement and examines the relationship between financial restatement and abnormal management turnover so as to provide evidence about whether the management will assume their responsibilities when there is financial restatement in the company. It also tests whether the institutional investors will play supervisor’s or cooperator’s function in state-owned and non-state-owned enterprises.

Supply chain resilience: a systematic literature review and typological framework

2018 ◽  
Vol 48 (8) ◽  
pp. 842-865 ◽  
Author(s):  
Cigdem Gonul Kochan ◽  
David R. Nowicki
Keyword(s):  
Supply Chain ◽  
Literature Review ◽  
Systematic Literature Review ◽  
Future Research ◽  
Exploratory Research ◽  
Content Type ◽  
Supply Chain Resilience ◽  
Assessment Techniques ◽  
Practical Implications

PurposeThe study of supply chain resilience (SCRES) continues to gain interest in the academic and practitioner communities. The purpose of this paper is to present a focused review of the SCRES literature by investigating supply chain (SC) capabilities, their relationship to SCRES outcomes and the underpinning theoretical mechanisms of this relationship.Design/methodology/approachThe paper uses the systematic literature review approach to examine 383 articles published between 2000 and 2017, ultimately down selecting to the most relevant 228 peer-reviewed studies. Context-interventions-mechanisms-outcomes (CIMO) logic is applied to organize and synthesize these peer-reviewed studies. A typological framework is developed from the CIMO-based classification of the SCRES literature.FindingsThe findings of this study outline the gaps in the SCRES literature and present an agenda for future research.Research limitations/implicationsThis paper presents an exploratory research; therefore, the typological model presented is just one of the possible perspectives.Practical implicationsThe typology of SCRES literature can help practitioners to understand SCRES and to measure and assess the resilience of SCs.Originality/valueThe paper provides clear definitions of SCRES constructs, develops a typological framework to further understand SCRES and identifies SCRES measures and assessment techniques.

Compensation-related institutional investor activism – a literature review and integrated analysis of sustainability aspects

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Patrick Velte ◽  
Jörn Obermann
Keyword(s):  
Literature Review ◽  
Institutional Investors ◽  
Institutional Investor ◽  
Future Research ◽  
Integrated Analysis ◽  
Principal Agent ◽  
Management Compensation ◽  
Principal Agent Theory ◽  
Content Type ◽  
Agent Theory

Purpose This paper aims to analyse whether and how different types of institutional investors influence shareholder proposal initiations, say-on-pay (SOP) votes and management compensation from a sustainability perspective. Design/methodology/approach Based on the principal-agent theory, the authors conduct a structured literature review and evaluate 40 empirical-quantitative studies on that topic. Findings The traditional assumption of homogeneity within institutional investors, which is in line with the principal–agent theory, has to be questioned. Only special types of investors (e.g. with long-term and non-financial orientations and active institutions) run an intensive monitoring strategy, and thus initiate shareholder proposals, discipline managers by higher SOP dissents and prevent excessive management compensation. Research limitations/implications A detailed analysis of institutional investor types is needed in future empirical analyses. In view of the current debate on climate change policy, future research could analyse in more detail the impact of institutional investor types on proxy voting, SOP and (sustainable) management compensation. Practical implications With regard to the increased shareholder activism and regulations on SOP and management compensation since the 2007/2008 financial crisis, firms should be aware of the monitoring role of institutional investors and should analyse their specific ownership nature (time- and content-driven and as well as range of activity). Originality/value To the best of authors’ knowledge, this is the first literature review with a clear focus on institutional investor range and nature, shareholder proposal initiation, SOP and management compensation (reporting) from a sustainability viewpoint. The authors explain the main variables that have been included in research, stress the limitations of this work and offer useful recommendations for future research studies.

Strategy for crowdsourcing competitions- aligning seeker, solver and supporter efforts

2019 ◽  
Vol 35 (11) ◽  
pp. 4-6
Author(s):  
B.S. Kiran
Keyword(s):  
Collective Intelligence ◽  
Qualitative Interviews ◽  
Secondary Data ◽  
Primary Data ◽  
Future Research ◽  
Exploratory Research ◽  
Content Type ◽  
Critical Elements ◽  
Innovative Solutions ◽  
Archival Documents

Purpose The paper presents the pros and cons of crowdsourcing competitions and highlights the importance of strategy and collaborative efforts. The study identifies the key stakeholders of crowdsourcing and its critical elements (7Ps) that need to be mapped and managed efficiently for obtaining innovative solutions. Design/methodology/approach The paper draws its insights from the explorative research conducted over a two-year period (2016-18). Qualitative interviews held with competition organizers, participants and innovation intermediaries (Innocentive, Nine Sigma, Skild) provided the primary data. Secondary data came from literature survey and the study of archival documents and competition websites. The study was conducted as a part of doctoral research. Findings Crowdsourcing competitions can help organizations to discover innovative solutions by tapping the power of collective intelligence. However, they need to envision and execute these collaborative initiatives strategically and synergistically. Proper design, managerial buy-in and orchestrated efforts by the triumvirate ‘Seekers, solvers and supporters’ are critical to derive the desired outcomes. Research limitations/implications These findings are the resultant outcomes of an exploratory research. Further investigation can help companies to identify the relative importance of the critical elements identified in the study. Future research on the best practices can amplify the prospects of finding innovative solutions through crowdsourcing competitions. Practical implications Crowdsourcing competitions cannot be used impulsively and indiscriminately. Managers have to carefully align the motive and incentive of different actors. Attention to design and the critical factors identified in the study can enhance the prospects of getting qualitative and innovative submissions from the crowd. Social implications Crowdsourcing competitions have great potential to find innovative solutions for many stubborn global problems. When designed and driven rightly, it can expand the solution mix and accelerate the discovery process. Originality/value The paper highlights the need to converge the efforts for diverse stakeholder in crowdsourcing competitions. There are actionable insights for managers in form of 7 Ps- Purpose, Problem, Prize, Platform, Promotion and Partners. When aligned effectively, it can yield innovation dividends to all. By focusing on these vital factors, companies can fine-tune their crowdsourcing strategy and make the initiative more engaging and create value for all the actors.

Perceptions of entrepreneurs about their zero employee web enabled businesses

2014 ◽  
Vol 21 (1) ◽  
pp. 26-48 ◽  
Author(s):  
Robert J. McQueen ◽  
Zhaowen Yin
Keyword(s):  
New Zealand ◽  
Capital Requirements ◽  
Business Strategies ◽  
Future Research ◽  
Exploratory Research ◽  
Enabling Factors ◽  
Web Based ◽  
Content Type ◽  
Qualitative Thematic Analysis ◽  
Definition Of

Purpose – This research aims to examine zero employee web-enabled businesses (ZEWEs) in a New Zealand context. A definition of ZEWEs is conceived and presented, synthesized from gaps in previous SME, micro business and web-based business literature. ZEWEs are an emerging and important new subcategory of web-enabled SMEs that have previously been not well covered by published research. Enablers and barriers to the successful establishment of a ZEWE are identified and compared to previous SME research. Design/methodology/approach – A total of 20 entrepreneurs in New Zealand were interviewed about their perceptions of enablers and barriers to a successful ZEWE, and the components of business strategies that would help them achieve success in the web-based market. Qualitative thematic analysis methods were used to extract factors. Findings – It was found that competitive advantage of products, adopting electronic commerce websites, motivation to become a business owner, and having a good reputation of both entrepreneurs and their businesses are significant enablers of success, while online competition, commercial disputes, capital requirements, deficits in management and technical capabilities, and taxation issues are barriers for the development and future success of ZEWEs. Research limitations/implications – This is exploratory research. The data was gathered in a New Zealand context of entrepreneurs using auction websites to found and operate their ZEWE businesses, and the findings may be useful in understanding other geographic and cultural environments. Originality/value – A new category of zero employee web-enabled enterprises (ZEWE) has been investigated, and found to exist. Enabling factors and barriers particular to this class have been uncovered and compared to previous SME research. This new enterprise category may become important in future research about internet-based small enterprises and the entrepreneurs that start them.

Tourist perceived image of local cuisine: the case of Bosnian food culture

2014 ◽  
Vol 116 (11) ◽  
pp. 1821-1838 ◽  
Author(s):  
Almir Peštek ◽  
Merima Činjarević
Keyword(s):  
Bosnia And Herzegovina ◽  
Geographical Area ◽  
Food Culture ◽  
Future Research ◽  
Valuable Insight ◽  
Western Balkans ◽  
Convenience Sample ◽  
Content Type ◽  
Tourist Satisfaction ◽  
Food Experience

Purpose – The purpose of this paper is to explore the underlying dimensions of local cuisine image by identifying the key cuisine attributes tourists rely on in their evaluations of local cuisine; and to identify those dimensions of local cuisine image which have the strongest influence of tourist satisfaction with food experience. These issues are addressed within the context of Bosnia and Herzegovina, an emergent tourism market in Western Balkans. Design/methodology/approach – The research is exploratory. The city of Sarajevo was chosen as a study setting. Image of local cuisine was measured by using a multi-attribute approach in which several food attributes are specified and incorporated into the measurement instrument. Data from convenience sample of foreign tourists (n=402) were quantitatively analyzed using multivariate and descriptive statistics. Findings – Results suggest that the local cuisine image compromises four components (dimensions): “food uniqueness and cultural heritage”, “food quality and price”, “nutrition and health benefits of food” and “affective image of food”. Furthermore, findings show that these dimensions differ in terms of their relative importance in explaining the overall tourist satisfaction with food experience. Research limitations/implications – The main limitation of this study is related to the geographical area (tourist site) where the research process was carried out. Thus, future research with greater geographical scope is required. Practical implications – This study provides valuable insight to practitioners who are seeking to integrate local food (cuisine) into the tourism product. Originality/value – This paper is the one of the first study that tries to identify perceived image of local cuisine held by visitors in Bosnia and Herzegovina.

What do we know about manufacturing reshoring?

2018 ◽  
Vol 11 (1) ◽  
pp. 79-122 ◽  
Author(s):  
Paolo Barbieri ◽  
Francesco Ciabuschi ◽  
Luciano Fratocchi ◽  
Matteo Vignoli
Keyword(s):  
Point Of View ◽  
Future Research ◽  
Exploratory Research ◽  
Product Lines ◽  
Content Type ◽  
Implementation Processes ◽  
Business Environments ◽  
Literature Reviews ◽  
New Business ◽  
Industrialization Policy

Purpose The aim of this paper is to analyze and classify research that has been conducted on manufacturing reshoring, i.e. the decision to bring back to the home country production activities earlier offshored, independently of the governance mode (insourcing vs outsourcing). Consequently, the paper also aims at providing avenues for future research and to highlight the distinct value of studying manufacturing reshoring either per se or in combination with other constructs of the international business tradition. Design/methodology/approach A set of 57 carefully selected articles on manufacturing reshoring published in international journals or books indexed on Scopus in the past 10 years was systematically analyzed based on the “5Ws and 1H” (who-what-where-when-why and how) set of questions. Findings The authors’ work shows a certain convergence among authors regarding what reshoring is and what its key features and motivations are. In contrast, other related aspects, such as the decision-making and implementation processes, are comparatively less understood. Research limitations/implications As manufacturing reshoring is a “recent” topic, for some of its aspects, only exploratory research is available to date, limiting the authors’ possibility to either characterize it in a more exhaustive way or highlight well-established patterns. Practical implications The paper demonstrates that studying reshoring will indeed contribute to expanding our understanding of internationalization processes and strategies in general and of production internationalization specifically. While past studies have argued that the learning derived from international experience would permit firms to overcome their unfamiliarity with new business environments, reshoring might show that this outcome is not necessarily certain. Rather, firms might not be able to overcome obstacles because of internationalization or they might realize that attempting to do so is not desirable, e.g. because of excessive risk or changes in the firm’s strategic priorities. Social implications From a societal point of view, the present research underlines that reshoring can be part of that re-industrialization policy that many Western countries include in their economic agenda – yet, its impact on employment should not be overestimated, as often relocation is only in regard to some product lines. At the same time, there might be an intimate relationship between reshoring and the various forms of technological innovations applied to manufacturing – which has become popularly labeled as “Industry 4.0”. Originality/value Literature reviews proposed until now usually paid almost exclusive attention to motivations driving this phenomenon. This paper offers a broader and more comprehensive examination of the extant knowledge of manufacturing reshoring and identifies the main unresolved issues and knowledge gaps, which future research should investigate.

Knowledge creation processes in small innovative hi‐tech firms

2008 ◽  
Vol 31 (11) ◽  
pp. 879-894 ◽  
Author(s):  
Martin Spraggon ◽  
Virginia Bodolica
Keyword(s):  
Case Studies ◽  
Knowledge Creation ◽  
Small Firms ◽  
Software Industry ◽  
Specific Interaction ◽  
Future Research ◽  
Exploratory Research ◽  
Eligibility Criteria ◽  
Content Type ◽  
Interaction Processes

PurposeThe purpose of this paper is to explore knowledge creation processes in small innovative hi‐tech firms operating in the software industry.Design/methodology/approachThe research framework examines specific action and interaction processes aiming at creating knowledge. This exploratory research is constituted by five case studies, each of them being represented by a small Canadian software firm. Analysis draws upon four sources of data. A total of 15 interviews (three per case) had been conducted and subsequently transcribed and coded using qualitative software – Nvivo 07.FindingsThe results of the study reveal that interaction processes permitting the creation of knowledge in small hi‐tech firms can take place via: formal meetings; informal communities; project teams; external interaction; and information technology‐tools. Rapid prototyping represents the kernel activity of knowledge creation through action. Details of the results, implications of the findings, and conclusions are presented and discussed.Research limitations/implicationsThis paper is based on a limited number of case studies, therefore empirical results cannot be generalized. Future research on larger samples of small Canadian software firms is needed, using the same eligibility criteria and comparing the same knowledge creation processes as those explored in this study. Other promising avenues of inquiry include such questions as the way small knowledge‐based firms operating in turbulent environments organize internally to create knowledge, the conditions enabling the generation of knowledge, and the particular “spaces” in which knowledge creation occurs in these firms.Practical implicationsThe systematic description and comparison of knowledge creation processes in each explored company contribute to the better understanding of specific “interaction” and “action” processes through which knowledge is generated, enabling practitioners in small innovative hi‐tech firms to design appropriate policies and procedures for enhancing knowledge creation behaviors of their employees.Originality/valueThis research is among the first and most exhaustive exploratory and comparative studies carried out in the Canadian context of small firms operating in the software industry.

An exploratory study investigating the perception that ICT capital projects are different

2014 ◽  
Vol 37 (10) ◽  
pp. 912-927 ◽  
Author(s):  
Josef Hynek ◽  
Václav Janeček ◽  
Frank Lefley ◽  
Kateřina Půžová ◽  
Jan Němeček
Keyword(s):  
Risk Assessment ◽  
Czech Republic ◽  
Academic Research ◽  
Future Research ◽  
Valuable Insight ◽  
Capital Projects ◽  
The Czech Republic ◽  
Content Type ◽  
Risk Assessment Models ◽  
Significant Difference

Purpose – The purpose of this study/paper is evidence to suggest that information communication technology (ICT) capital projects are different from non-ICT projects and that as a result the appraisal of such projects is more difficult. This may suggest that organisations would use dissimilar financial and risk assessment models or place different importance levels on such models between the two types of investment. The purpose of this paper is to investigate this issue and present the results of research into the practices of organisations in Czech Republic that have recently undertaken an appraisal of both ICT and non-ICT capital projects. Design/methodology/approach – A factual and attitudinal survey was developed and conducted during the end of 2011, addressed to organisations based in the Czech Republic. The object of the survey was the identification of current practices in respect of the appraisal of both ICT and non-ICT projects and the opinions of senior executives on a number of important issues regarding such practices. This paper focuses on the issues relating to ICT projects being “different” from non-ICT projects. Findings – The empirical findings support the literature in that ICT projects are, in many respects, different from non-ICT projects. However, the evidence indicates that, in practice, there is no significant difference in the financial and risk assessment models used in their appraisal. This indicates that any perceived difficulties, which may infer that the projects are “different”, are overcome (or ignored), to some extent, when it comes to the formal financial and risk assessment stage of project appraisal. There is also evidence to suggest that practitioners use assessment models that academics regard as unsophisticated. The findings also show that strategic issues are more important with respect of ICT projects than non-ICT projects. The research therefore supports the view that ICT projects are perceived to be different, but that the current conventional (financial and risk) appraisal models are adequate to appraise such capital projects, provided they are supported by a strategic assessment. Research limitations/implications – As the findings are based on a survey of companies in the Czech Republic only, we accept that the research results may have some limitations in terms of drawing general conclusions. The concern over drawing general conclusions is also brought about by the relatively low response rate, although the rate is in line with previous published research. Practical implications – ICT projects are different and as such these differences must be taken into account when appraising capital projects. The evidence supports the need for practitioners to review their appraisal of ICT capital projects, by adopting more sophisticated financial and risk models (as prescribed by academics) and linking their appraisal to corporate strategic goals. Future research should be aimed at identifying the formal and informal strategic approaches adopted by practitioners in the appraisal of ICT capital projects. Originality/value – This is the only survey to simultaneously address the appraisal issues concerning both ICT and non-ICT projects in the Czech Republic. As such, it gives a valuable insight into the practices of Czech Republic organisations in their appraisal of ICT and non-ICT capital projects. The identification of the four main problem areas with respect to the appraisal of ICT projects will help to focus academic research in the future.

What do you know about me? Digital privacy and online data sharing in the UK insurance sector

2019 ◽  
Vol 18 (2) ◽  
pp. 281-303 ◽  
Author(s):  
Ian R. Blakesley ◽  
Anca C. Yallop
Keyword(s):  
Data Sharing ◽  
Data Privacy ◽  
Small Sample ◽  
Consumer Perceptions ◽  
Future Research ◽  
Research Approach ◽  
Exploratory Research ◽  
Content Type ◽  
Insurance Sector ◽  
The Uk

Purpose In addition to data transforming the insurance sector from within, insurance consumers and their behaviour has transformed significantly over the past 20 years from traditional retail to, predominantly, online trading. Data are a fundamental part of how the sector operates, and the use of data in insurance is constantly evolving. This paper aims to explore consumer perceptions about digital privacy and their subsequent motivations to disclose personal data for insurance purposes. Design/methodology/approach The study uses an exploratory research approach based on in-depth interviews to generate metathemes to provide an understanding of consumer perceptions about digital privacy and data sharing in the insurance sector. Findings Consumers were extrinsically motivated to disclose data by financial reward and convenience; however, subsequent intrinsic motivations may be an influence on the initial motivations. Consumers perceived transactions as “fair” if they received the expected rewards, retained control of the data, and the data was not unilaterally used to their detriment. Concern for privacy was generally low, provided antecedent conditions were met. Research limitations/implications As the study uses an exploration for discovery approach, the main limitation of this study is its small sample. However, this research aimed to identify metathemes and issues that may be the focus of future research in this area and is, therefore, not proposing to suggest strong conclusions and definitive answers. Originality/value This paper presents the first empirical research to examine data privacy issues in the UK insurance context. It contributes to knowledge in the areas of motivation, applied ethics and online consumer behaviour in general.

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