Determinants of financial performance of real estate brokerage industry in Iran

2017 ◽  
Vol 10 (4) ◽  
pp. 489-502 ◽  
Author(s):  
Hassan F. Gholipour ◽  
Muhammad Najib Razali
Keyword(s):  
Real Estate ◽  
Financial Performance ◽  
Fixed Effects ◽  
Middle Eastern ◽  
Ordinary Least Squares ◽  
Property Market ◽  
Content Type ◽  
Explanatory Variables ◽  
Real Estate Brokerage ◽  
Residential Properties

Purpose The aim of this study is to investigate the factors influencing the financial performance of the real estate brokerage (REB) industry in Iran. Design/methodology/approach The authors use two surveys concerning REB firms from provinces of Iran which were collected by the Statistical Centre of Iran in 2003 and 2011. The authors apply the pooled ordinary least squares and panel fixed-effects regressions to estimate the relationships between the explanatory variables and performance of REB industry. Findings The results indicate that in provinces where REB firms invest more in residential properties, vehicles, computers and business software, REB firms are more active in residential and non-residential property sales, and rent transactions have higher levels of financial performance. In addition, the results show that in provinces where REB firms invest more in non-residential properties and office furniture, REB industry has lower levels of financial performance. The authors also find that Iranian REB industry has significantly benefited from international economic and financial sanctions. Practical implications In terms of managerial implications, the authors findings potentially serve as guidance for Iranian REB firms to allocate resources and adjust their strategy to enhance their financial performance. Originality value Previous studies have typically been conducted in countries where REB firms mainly operate as intermediaries in transactions between property buyers and sellers, whereas in Iran, REB firms not only provide services to their clients but also are very active speculators in the property market. Furthermore, while there have been many studies that have investigated the various determinants of performance and efficiency of REB industry in developed economies, there is scant literature around this topic for Middle Eastern countries.

Sustainable practices and financial performance in fashion firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Simon Medcalfe ◽  
Eva Miralles Miro
Keyword(s):  
Financial Performance ◽  
Fixed Effects ◽  
Ordinary Least Squares ◽  
Financial Data ◽  
Strong Positive Correlation ◽  
Sustainable Practices ◽  
Content Type ◽  
Return On Equity ◽  
Governmental Organizations ◽  
Non Governmental Organizations

PurposeThe purpose of this paper is to determine the relationship between sustainable practices and financial performance in fashion firms.Design/methodology/approachA statistical analysis (fixed effects and ordinary least squares) of publicly available financial data combined with sustainable practices taken from the Baptist World Aid Australia Ethical Fashion Reports to determine if companies with better sustainable practices have significantly better financial performance.FindingsThe research shows that there is a strong positive correlation between sustainable practices and financial performance in fashion firms. There is stronger evidence that better sustainable practices lead to better financial performance and vice versa.Research limitations/implicationsThe sample size is limited to publicly available financial data and may not be generalized to all fashion firms. A quarter of firms were unresponsive to Baptist World Aid Australia's requests for information on sustainable practices creating potential selection bias.Social implicationsConsumers, employees, government and non-governmental organizations are advocates for greater corporate responsibility in fashion firms. Given the positive relationship between sustainable practices and return on equity, shareholders can be added to this list.Originality/valueThis research is the first to analyze objective financial performance with a range of sustainable indicators to determine if certain practices are more valuable than others.

Does capacity utilisation influence financial performance? A study of Indian public bus transport companies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shivam Kushwaha ◽  
Shankar Prawesh ◽  
Anand Venkatesh
Keyword(s):  
Financial Performance ◽  
Public Transport ◽  
Ordinary Least Squares ◽  
Positive Influence ◽  
Data Envelopment ◽  
Truncated Regression ◽  
Capacity Utilisation ◽  
Content Type ◽  
Unit Increase ◽  
Unused Capacity

PurposeThe objective of the paper is to get a better understanding of capacity utilisation (CU) in Indian public bus companies. More specifically, this paper would be measuring CU and identifying the drivers of the same. Finally, the influence of CU on the financial performance of Indian bus companies is examined.Design/methodology/approachThe study adopted data envelopment analysis (DEA) to measure the CU in Indian public bus companies. Truncated regression was used to identify the drivers of CU. Subsequently, the ordinary least squares (OLS) regression was used to analyse the influence of CU on Indian bus companies' financial performance. The period of study was from 2013 to 17.FindingsThe significant drivers of CU were fleet age, passenger lead and fleet utilisation. Additionally, it was found that CU had a significant positive influence on the financial performance of Indian public bus companies and a unit increase in unused capacity has led to an increase of 7% in the operating ratio of the bus companies.Practical implicationsGetting insights into CU, apart from technical efficiency, is of immense use to both public transport researchers and practitioners. Managers of public bus companies should be mindful of CU as it has a significant bearing on their financial performance.Originality/valueThis is the first study in public transport, which establishes the linkage between CU and financial performance. Besides, a modified measure of cost-efficiency has also been conceptualised in this study.

Teacher-principal race and teacher satisfaction over time, region

2017 ◽  
Vol 55 (6) ◽  
pp. 624-639
Author(s):  
Samantha L. Viano ◽  
Seth B. Hunter
Keyword(s):  
Job Satisfaction ◽  
Fixed Effects ◽  
White Teachers ◽  
Ordinary Least Squares ◽  
Teacher Job Satisfaction ◽  
Southern Region ◽  
Content Type ◽  
Black Principals ◽  
The Relationship ◽  
Over Time

Purpose The purpose of this paper is to replicate prior findings on teacher-principal race congruence and teacher job satisfaction and extend the literature by investigating trends over time and if the relationship between race congruence and teacher job satisfaction differs by principal race and region. Design/methodology/approach The study sample comes from four waves of cross-sectional data, the nationally representative Schools and Staffing Survey, administered between 2000 and 2012. The analysis is conducted using ordinary least squares and school-year fixed effects with a comprehensive set of covariates. Findings The relationship between race congruence and teacher job satisfaction is attenuating over time and is likely explained by the lower job satisfaction of white teachers who work for black principals. Some evidence indicates teacher-principal race congruence has greater salience in the Southern region of the country. Find evidence that teachers with race-congruent principals report more workplace support than their non-race congruent colleagues. Research limitations/implications Future studies should investigate why racial congruence has more salience in the Southern region of the country and for white teachers who work with black principals. At the same time, results indicate that teacher-principal race congruence might no longer be a determinant of teacher job satisfaction, although further studies should continue investigating this relationship. Originality/value Findings on the changing nature of the relationship between principal-teacher race congruence and teacher job satisfaction over time as well as the differing nature of race congruence in the Southern region of the country are both novel findings in the literature.

scholarly journals International Real Estate Review

2010 ◽  
Vol 13 (1) ◽  
pp. 1-29
Author(s):  
Sam K. Hui ◽  
◽  
Alvin Cheung ◽  
Jimmy Pang ◽  
◽  
...  
Keyword(s):  
Hong Kong ◽  
Real Estate ◽  
Statistical Method ◽  
Bayesian Approach ◽  
Investment Decisions ◽  
Average Price ◽  
Residential Real Estate ◽  
Property Market ◽  
Residential Properties ◽  
Expert Assessments

We have developed a statistical method for the valuation of residential properties using a hierarchical Bayesian approach, which takes into consideration the unique structure of the Hong Kong property market. Our model is calibrated on a dataset that covers all residential real estate transactions in ten major Hong Kong residential complexes from February 2008 to February 2009. Although parsimonious, our model outperforms other valuation methods that are based on average price-per-square- feet or expert assessments. By providing our model-based valuations online without charge, we hope to improve transparency in the Hong Kong housing market, thus enabling consumers to make better investment decisions.

DEMATEL method of analysing the factors influencing the decision to adopt virtual reality technology by real estate firms in Lagos property market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ayodele Samuel Adegoke ◽  
Timothy Tunde Oladokun ◽  
Timothy Oluwafemi Ayodele ◽  
Samson Efuwape Agbato ◽  
Ahmed Ademola Jinadu
Keyword(s):  
Virtual Reality ◽  
Real Estate ◽  
Social Influence ◽  
Property Market ◽  
Content Type ◽  
Performance Expectancy ◽  
Factors Influencing ◽  
Effort Expectancy ◽  
Facilitating Conditions ◽  
Estate Agency

PurposeThe study analysed the factors influencing real estate firms' (REFs) decision to adopt virtual reality (VR) technology using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method. This was done to enhance the practice of real estate agency in Nigeria.Design/methodology/approachData were elicited from eight real estate experts. These experts were heads of the agency department of firms that had been in existence for a minimum of five years in the Lagos property market. The data analysed in this study were collected with the aid of a questionnaire.FindingsThe result revealed that use intention was influenced by performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value and UB. Also, facilitating conditions, habit and use intention did not influence use behaviour. Overall, six constructs, which include price value (Ri − Cj value = 0.1284), use behaviour (Ri − Cj value = 0.0666), social influence (Ri − Cj value = 0.0583), facilitating conditions (Ri − Cj value = 0.0323), performance expectancy (Ri − Cj value = 0.0196) and effort expectancy (Ri − Cj value = 0.0116), were significant predictors of the factors influencing the decision of REFs to adopt VR. Of these constructs, the Ri − Cj values indicated that price value had the highest causative influence.Practical implicationsThe result of this study will bring REFs to the consciousness of the factors that could affect their adoption of VR technology. This study will also assist the Nigerian Institution of Estate Surveyors and Valuers in appropriately enlightening REFs on the integration of VR technology into the agency practice especially at this time when all health protocols and guidelines need to be observed to help flatten the curve of the Covid-19 pandemic.Originality/valueThis study is the first to have an insight into the analysis of the factors influencing REFs' decision to adopt VR technology using the DEMATEL method.

Threat of hostile takeover and the cost of seasoned equity offerings

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ali Sheikhbahaei ◽  
Syed Shams
Keyword(s):  
Fixed Effects ◽  
Seasoned Equity Offerings ◽  
Ordinary Least Squares ◽  
Legal Environment ◽  
Hostile Takeover ◽  
Governance Mechanism ◽  
Cross Sectional ◽  
Market Reactions ◽  
Content Type ◽  
Equity Offering

PurposeThis paper investigates the relationship between a firm's susceptibility to a hostile takeover and investors' reactions to a seasoned equity offering (SEO).Design/methodology/approachThe study applies ordinary least squares (OLS) with fixed effects regression analyses to a sample of 2,517 observations from US listed companies. Event study methodology was employed to capture market reactions to the announcement of newly issued stocks. To achieve cross-sectional analyses, time variations in takeover laws allowed us to perform the desired tests across two decades of data.FindingsThe results suggest that investors react positively to the announcement of an equity offering when the threat of hostile takeover is higher. The magnitude of positive stock market reactions varies over two decades due to time series variations in takeover laws. Furthermore, the findings show that a higher hostile takeover index (HTI) score reduces investors' concerns about the inefficient usage of proceeds in acquisitions.Practical implicationsThe results demonstrate that the corporate takeover legal environment provides an important external governance mechanism through which investors' confidence increases during an SEO event. The study's empirical evidence implies that the extent of external disciplinary mechanism plays a significant role in reducing investors' uncertainty about the misuse of raised capital.Originality/valueThe exogenous fast-evolving legal environment surrounding the takeover market in the United Status allowed our study to bypass the endogeneity concerns in measuring governance strength. From the review of prior literature, this paper appears to be the first to use HTI scores to examine investors' reactions to a corporate announcement.

The effects of corporate disclosure on firm value and firm performance: evidence from Turkey

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hüseyin Temiz
Keyword(s):  
Firm Performance ◽  
Firm Value ◽  
Fixed Effects ◽  
Ordinary Least Squares ◽  
Least Square ◽  
Corporate Disclosure ◽  
Content Type ◽  
Regulatory Bodies ◽  
Transparency And Disclosure ◽  
The Cost

Purpose The purpose of this study is to investigate the effects of firms’ disclosure practices on firm value and firm performance. Design/methodology/approach Firms’ disclosure scores were calculated based on unique hand-collected data by using the S&P transparency and disclosure index (S&P TD index). Ordinary least squares with year/firm fixed effects and two-stage least square methods were used to test the hypothesis. Findings It is observed that firms’ disclosure scores have positive and statistically significant effects on firm value. However, firms’ disclosure scores do not have significant effects on firm performance. This result is mostly observed in sub-categories of the index. Practical implications Results show that disclosed information has an impact on firm value. Therefore, standardization and increasing the reliability of this information are necessary for both information users and firms. It is important to standardize the information published by the firms and to increase their reliability by implementing new regulations by regulatory bodies in Turkey. Social implications Firms bear the costs due to their disclosure practices. However, the benefits derived from this situation may be higher than the cost incurred. Hence, it is suggested that firms that are traded in Turkey consider this in the determination of their disclosure policy. Originality/value This is the first study that investigates the effects of firms’ disclosure scores on both firm value and firm performance by using the S&P TD index in the Turkish context.

Are smart manufacturing systems beneficial for all SMEs? Evidence from Korea

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Soojeen Jang ◽  
Yanghon Chung ◽  
Hosung Son
Keyword(s):  
Human Resources ◽  
Financial Performance ◽  
Manufacturing Systems ◽  
Contingency Theory ◽  
Ordinary Least Squares ◽  
Operational Efficiency ◽  
Smart Manufacturing ◽  
Least Squares Regression ◽  
Content Type ◽  
Smart Manufacturing Systems

PurposeThrough the resource-based view (RBV) and contingency theory, this study empirically investigates the impacts of smart manufacturing systems' maturity levels on the performance of small and medium-sized enterprises (SMEs). Moreover, it aims to examine how industry types (i.e. high- and low-tech industries) and human-resource factors (i.e. the proportion of production workers to total workers) as contingency factors influence the effects of smart manufacturing systems.Design/methodology/approachThe study conducted an empirical investigation of a sample of 163 Korean manufacturing SMEs. This study used an ordinary least squares regression to examine the impacts of the maturity levels of smart manufacturing systems on financial performance. Moreover, the impacts on operational efficiency were analysed using data envelopment analysis based on bootstrap methods and Tobit regression.FindingsThe RBV results indicate that the higher the maturity levels of smart manufacturing systems, the higher the financial performance and operational efficiency. Moreover, based on contingency theory, this study reveals that the effect of the maturity levels of smart manufacturing systems on financial performance and operational efficiency depends on firms' industry types and the proportion of production workers.Research limitations/implicationsThis study shows that the introduction of smart manufacturing systems can help SMEs achieve better financial performance and operational efficiency. However, their effectiveness is contingent on firms' industry types and the characteristics of their human resources.Practical implicationsSince the effects of the maturity levels of smart manufacturing systems on SME performance differ depending on their industries and the characteristics of human resources, managers need to consider them when introducing or investing in smart manufacturing systems.Originality/valueBased on the RBV and contingency theory, this is the first empirical study to examine the moderating effects of industry types and the proportion of production workers on the impacts of the maturity levels of smart manufacturing systems on the financial performance and operational efficiency of SMEs.

Foreign investment in Australian residential properties

2019 ◽  
Vol 12 (2) ◽  
pp. 166-180 ◽  
Author(s):  
Hassan F. Gholipour ◽  
Hooi Hooi Lean ◽  
Reza Tajaddini ◽  
Anh Khoi Pham
Keyword(s):  
Real Estate ◽  
Foreign Investment ◽  
House Prices ◽  
Real Estate Market ◽  
Housing Development ◽  
Housing Construction ◽  
Annual Data ◽  
Content Type ◽  
Residential Properties ◽  
The Impact

Purpose The purpose of this study is to examine the impact that foreign investment in existing houses and new housing development has on residential house prices and the growth of the housing construction sector. Design/methodology/approach The analysis is based on a panel cointegration method, estimated using annual data for all Australian states and territories spanning the period of 1990-2013. Findings The results indicate that increases in foreign investment in existing houses do not significantly lead to increases in house prices. On the other hand, a 10 per cent increase in foreign investment for housing development decreases house prices by 1.95 per cent. We also find that foreign real estate investments have a positive impact on housing construction activities in the long run. Originality/value Existing studies used aggregate foreign real estate investment in their analyses. As foreign investment in existing houses and foreign investment for housing development have different impacts on the demand and supply sides of housing market, it is crucial that the analysis of the effects of foreign investment in residential properties on real estate market is conducted for each type differently.

Real estate ownership and life satisfaction in transition countries

2019 ◽  
Vol 12 (3) ◽  
pp. 345-364
Author(s):  
John Edwin Anderson
Keyword(s):  
Life Satisfaction ◽  
Real Estate ◽  
Effective Means ◽  
Ordinary Least Squares ◽  
Transition Countries ◽  
Empirical Models ◽  
Variable Response ◽  
Content Type ◽  
Second Home ◽  
Estate Ownership

Purpose The purpose of this study is to test the hypothesis that real estate ownership contributes to life satisfaction in transition countries. Design/methodology/approach Life in Transition survey data are used to model reported life satisfaction using ordinary least squares, ordered probit, generalized ordered logit and bivariate probit models. The hypothesis tested is whether real estate ownership is associated with greater reported life satisfaction. Findings Empirical results from the variety of empirical models estimated strongly support the hypothesis that real estate ownership is associated with greater reported life satisfaction in transition countries. Research limitations/implications Analysis is limited because life satisfaction is self-reported and specifically for residents of transition countries. Practical implications Results confirm that ownership of a home, second home or land parcel is associated with greater life satisfaction. Social implications Real estate ownership can be an effective means to improve life satisfaction, especially in societies needing such improvements. Originality/value This is the first study of the link between real estate ownership and life satisfaction specifically in transition countries, and using a robust set of empirical models to address issues of ordinal dependent variables, varying coefficient estimates across dependent variable response categories, endogeneity and causality.

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