Housing supply and its relationships with land supply

2015 ◽  
Vol 8 (3) ◽  
pp. 375-395 ◽  
Author(s):  
Guowei Gu ◽  
Lynne Michael ◽  
Yapeng Cheng
Keyword(s):  
Least Squares Method ◽  
Linear Regression Analysis ◽  
Time Lag ◽  
Housing Price ◽  
Construction Cost ◽  
Ordinary Least Squares ◽  
Price Impact ◽  
Housing Supply ◽  
Land Supply ◽  
Content Type

Purpose – This paper aims to explore the determinants of housing supply and the relationships between land supply and housing supply in terms of quantity and time in Shanghai, China. Design/methodology/approach – Official statistical and property registration data[] from Shanghai are used to carry out multiple linear regression analysis. Findings – The authors find that land supply affects housing supply with a three-year time lag. Both construction cost and housing price impact supply with a one-year time delay. The construction cost elasticities range from 0.74 to 1.51, while housing price elasticity is 2. The authors also find that plot ratio may play more important role in the developer’s first housing sale than either plot area or sales price. An average time period from obtaining the land for residential development until marketing the product is established at 36.8 months. Research limitations/implications – Only ordinary least squares method is applied in this analysis and the property portal on which this research relies is still at an early stage. Originality/value – This research contributes to a wider understanding of issues surrounding housing supply in the local markets within China and provides the foundation for local government to better manage supply.

Dynamic effects and spatial heterogeneity of land supply on housing price: evidence from Nanchang, China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zhijiang Wu ◽  
Yongxiang Wang ◽  
Wei Liu
Keyword(s):  
Spatial Heterogeneity ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Dynamic Effects ◽  
Negative Effects ◽  
Land Supply ◽  
Content Type ◽  
Major Factors ◽  
The City

Purpose Economic fundamentals are recognized as determining factors for housing on the city level, but the relationship between housing price and land supply has been disputed. This study aims to examine what kind of impact housing prices have on land supply and whether there is heterogeneity in different regional spaces. Design/methodology/approach This study collects the relevant data of land supply and housing prices in Nanchang from 2010 to 2018, constructs a vector autoregression (VAR) model, including one external factor and four internal factors of land supply to explore the dynamic effects and spatial heterogeneity of land supply on housing prices through regression analysis. Also, the authors use the geographic detector to analyze the spatial heterogeneity of housing prices in Nanchang. Findings This study found that the interaction between land supply and housing price is extremely complex because of the significant differences in the study area; the variables of land supply have both positive and negative effects on housing price, and the actual effect varies with the region; and residential land and GDP are the two major factors leading to the spatial heterogeneity in housing price. Research limitations/implications The dynamic effects of land supply on housing price are mainly reflected in the center and edge of the city, the new development area, and the old town, which is consistent with the spatial pattern of the double core, three circles and five groups in Nanchang. Originality/value This is a novel work to analyze the dynamic effects of land supply on house prices, instead of a single amount of land supply or land prices. Furthermore, the authors also explore the spatial heterogeneity according to the regional characteristics, which is conducive to targeted policymaking.

Mandatory CSR expenditure and stock return

2020 ◽  
Vol 28 (6) ◽  
pp. 951-975
Author(s):  
Asit Bhattacharyya ◽  
Md Lutfur Rahman
Keyword(s):  
Least Squares ◽  
Stock Returns ◽  
Least Squares Method ◽  
Negative Impact ◽  
Generalized Method Of Moments ◽  
Ordinary Least Squares ◽  
Reverse Causality ◽  
Endogeneity Bias ◽  
Content Type ◽  
The Impact

Purpose India has mandated corporate social responsibility (CSR) expenditure under Section 135 of the Indian Companies Act, 2013 – the first national jurisdiction to do so. The purpose of this paper is to examine the impact of mandated CSR expenditure on firms’ stock returns by using actual CSR spending data, whereas the previous studies mostly focus on voluntary CSR proxied by CSR scores. Design/methodology/approach The authors estimate their baseline regression by using ordinary least squares(OLS) method. Although the baseline regression involving CSR expenditure and stock returns using ordinary least squares method are estimated, endogeneity and reverse causality biases are addressed by using two-stage least squares and generalized method of moments approaches. These approaches contribute mitigating endogeneity bias and biases associated with unobserved heterogeneity and simultaneity. Findings The findings document that mandatory CSR expenditure has a negative impact on firms’ stock returns which supports the “shareholders” expense’ view. This result remain robust after controlling for endogeneity bias and the use of both standard and robust test statistics. The authors however observe that this result holds for the firms with actual CSR expenditure equal to the mandated amount but does not hold for the firms with actual CSR expenditure greater than the mandated amount. Therefore, the authors provide evidence that CSR expenditure’s impact on stock returns depends on whether firms simply comply the regulation or voluntarily chose an amount of CSR expenditure above the mandated amount. Originality/value The primary contribution is to present a valid and robust evidence of negative effect of mandated CSR spending on firms’ stock returns when the mandatory CSR spending rule is already in place. This study contributes by examining the impact of mandated CSR spending on stock during post-implementation period (2015-2017), whereas other studies by Dharampala and Khanna (2018); Kapoor and Dhamija (2017); and Mukherjee et al. (2018) mainly examined the impact of legislation on Indian CSR. The authors use mandated actual CSR expenditure, whereas previous studies mostly focus on voluntary CSR proxied by CSR scores.

The effects of chairmen's social network heterogeneity on cooperative marketing innovation: evidence from Sichuan province in China

2020 ◽  
Vol 10 (5) ◽  
pp. 651-670
Author(s):  
Yu Liu ◽  
Houjian Li
Keyword(s):  
Social Networks ◽  
Social Network ◽  
Least Squares Method ◽  
Ordinary Least Squares ◽  
Sichuan Province ◽  
Content Type ◽  
Network Heterogeneity ◽  
Marketing Innovation ◽  
Positive Effects ◽  
Cooperative Marketing

PurposeThe purpose of this paper, based on first-hand data from 255 chairmen of planting cooperatives in Sichuan province, is threefold: to understand their social network heterogeneity; to understand the significance for members of marketing innovation in farmers' cooperatives and to understand the effects of chairmen's social network heterogeneity on cooperative marketing innovation.Design/methodology/approachThe research employs an empirical survey of the chairmen of planting cooperatives in rural Sichuan province. The researchers use the ordinary least squares method to conduct regression on the data and the generalized linear model to process the data and avoid errors in the model setting. In the study, the following two hypotheses are examined: (1) The heterogeneity of chairmen's social networks has positive effects on cooperative marketing innovation; (2) The effects of heterogeneous external and internal social networks on cooperative marketing innovation are different.FindingsThe results show that both external and internal social network heterogeneity has positive effects on cooperative marketing innovation, and the effects of internal heterogeneity are greater than that of external heterogeneity.Originality/valueThis paper contributes to improving the income of farmers, the innovation of farmers' cooperatives and the development of agriculture in China. It provides a new way of managing and serving members to enable the long-term sustainable development of farmers' cooperatives.

Personal welfare and intellectual capital: the case of football coaches

2014 ◽  
Vol 15 (1) ◽  
pp. 189-202 ◽  
Author(s):  
Eduardo Tomé ◽  
Iuliia Naidenova ◽  
Marina Oskolkova
Keyword(s):  
Intellectual Capital ◽  
Least Squares Method ◽  
Core Competencies ◽  
Ordinary Least Squares ◽  
Positive Influence ◽  
Content Type ◽  
Football Coaches ◽  
Proxy Indicators ◽  
Personal Welfare ◽  
Ordinary Least Squares Method

Purpose – The purpose of this paper is to present a framework that helps to analyze the dependence between personal welfare and individual (personal) intellectual capital (IIC). The authors also introduce the system of proxy indicator for personal intellectual capital (IC) of football coaches. Design/methodology/approach – This paper employs the idea that personal welfare depends on personal IC, particularly, talent. That is why initially the literature analysis of welfare phenomenon was provided. Then the system of available proxy indicators of football coaches’ IC was designed. To achieve the purpose a linear function is estimated with the help of ordinary least squares method. Findings – The chosen set of IC proxy indicators explain the significant part of coaches’ salary. Such proxies as improvement in the championship table and coach's image in media have a significant and positive influence on coach's salary. Whereas, lowering the position of the club does not considerably affect the coach's wealth. A clubs’ financial capacities and budget also influences coaches’ salaries. Research limitations/implications – Traditional limitation of proxy indicators-based studies is connected with their eligibility and complexity. Practical implications – The possibility to codify IC of a person enables to analyze core competencies necessary in a particular activity or profession for success achievement. Moreover a policy of inequality reduction should take into account that intangible assets are at the base of those persons wealth. Originality/value – This is the first paper that employs IC concept to people wealth while previous literature is dedicated to companies’ or countries’ IC.

scholarly journals Human capital and its influence on the e-readiness of the company: an empirical case

2021 ◽  
Vol 9 (1) ◽  
pp. 79-107
Author(s):  
Martha Ríos-Manríquez
Keyword(s):  
Human Capital ◽  
Technological Innovation ◽  
Least Squares Method ◽  
Small And Medium Enterprises ◽  
Linear Regression Analysis ◽  
Ordinary Least Squares ◽  
Small Enterprises ◽  
Relevant Variables ◽  
Quantitative Descriptive ◽  
Medium Enterprises

Objective of the study: This article has two objectives, first to analyze how is the degree of e-Readiness on micro, small and medium enterprises (eRLMSMEs) of the state of Guanajuato, in Mexico, influenced by the technological preparation of human capital, ICT accessibility, the empowerment granted to human capital, the size and sector. The second objective is to analyze, by size and sector, which are the most relevant variables considered by the owners or managers in their e-Readiness (ER).Methodology/approach: With a sample of 182 MSMEs, a quantitative, descriptive, correlational, discriminant and linear regression analysis was performed, using the Ordinary Least Squares Method (OLS).Originality/Relevance: The study is relevant because it addresses the influence of human capital empowerment, e-Readiness and access to ICTs by companies in the ER of MSMEs, deepening the analysis by sector, industry, trade and services, and by size of micro, small and medium enterprises.Main results: It was determined that all the independent variables are relevant to explain eRLMSMEs. By size, the Human Capital e-Readiness, ICT Accessibility, and Human Capital Empowerment variables are significant only for small enterprises, whereas ER of human capital substantially influences industries, commercial and service companies.Theoretical/methodological contributions: This research goes deeper into the variables that influence the degree of e-Readiness on MSMEs in Mexico, considering the influence of the size and sector in their technological preparation.Social/management contributions: The ICT are considered a necessary technological innovation for the development of MSMEs, as well as the other variables dealt with in this research, which promote changes in the context of the adoption of technological innovation.

scholarly journals The effects of tourism on housing prices: applying a difference-in-differences methodology to the Portuguese market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
António Manuel Cunha ◽  
Júlio Lobão
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Housing Price ◽  
Generalized Least Squares ◽  
Equation Model ◽  
Seemingly Unrelated Regression ◽  
Housing Supply ◽  
Difference In Differences ◽  
Content Type ◽  
Price Increases

Purpose This paper aims to explore the effects of a surge in tourism short-term rentals (STR) on housing prices in municipalities within Portugal’s two largest Metropolitan Statistical Areas. Design/methodology/approach This study applies the difference-in-differences (DiD) methodology by using a feasible generalized least squares (FGLS) estimator in a seemingly unrelated regression (SUR) equation model. Findings The results show that the liberalization of STR had a significant impact on housing prices in municipalities where a higher percentage of housing was transferred to tourism. This transfer led to a leftward shift in the housing supply and a consequent increase in housing prices. These price increases are much higher than those found in previous studies on the same subject. The authors also found that municipalities with more STR had low housing elasticities, which indicates that adjustments to the transfer of real estate from housing to tourism were made by increasing house prices, and not by increasing supply quantities. Practical implications The study suggests that an unforeseen consequence of allowing property owners to transfer the use of real estate from housing to other services (namely, tourism) was extreme housing price increases due to inelastic housing supply. Originality/value This is the first time that the DiD methodology has been applied in real estate markets using FGLS in a SUR equation model and the authors show that it produces more precise estimates than the baseline OLS FE. The authors also find evidence of a supply shock provoked by STR.

scholarly journals The impact of financial sector reforms on foreign direct investment in an emerging economy: empirical evidence from Ghana

2020 ◽  
Vol 2 (4) ◽  
pp. 271-284
Author(s):  
Kofi Kamasa ◽  
Isaac Mochiah ◽  
Andrews Kingsley Doku ◽  
Priscilla Forson
Keyword(s):  
Foreign Direct Investment ◽  
Empirical Evidence ◽  
Direct Investment ◽  
Least Squares Method ◽  
Financial Sector ◽  
Ordinary Least Squares ◽  
Sector Reform ◽  
Content Type ◽  
Financial Sector Reform ◽  
The Impact

Purpose This paper aims to empirically investigate the impact that financial sector reforms have on foreign direct investment (FDI) in Ghana. Design/methodology/approach Composite financial sector reform index was constructed, which was made up of various forms of reform policies that were implemented from 1987 to 2016. The auto regressive distributed lag bounds test was used to establish cointegration between variables. Having controlled for other covariates that affect FDI such as trade openness, exchange rate, gross domestic product per capita, inflation and by using the fully modified ordinary least squares method, the estimations are robust as it uses a semi-parametric correction to avoid for any possible issues of endogeneity and serial correlation. Findings Results from the paper reveal that financial sector reform deepening boost FDI with a 2.167% increase in FDI following from a unit percentage improvement of the financial sector reforms. Considering the various categories of reforms, the results reveal that competitive reforms have the highest impact on FDI followed by privatization reforms with positive and significant elasticity coefficients of 2.174% and 0.726%, respectively. Behavioral reforms revealed a positive effect on FDI, albeit insignificant. Originality/value The paper contributes to policy by providing empirical evidence on the effect of financial sector reform on FDI inflows in Ghana. As far as the review of literature is concerned, this paper provides the foremost empirical evidence on the subject with sole emphasis on Ghana. Thus, this paper suggests the deepening of the financial sector reforms, improving competition and maintaining macroeconomic stability.

Art as an investment alternative: the case of Argentina

2017 ◽  
Vol 30 (3) ◽  
pp. 362-382 ◽  
Author(s):  
Urbi Garay ◽  
Gwendoline Vielma ◽  
Edward Villalobos
Keyword(s):  
Latin American ◽  
Price Index ◽  
Least Squares Method ◽  
Ordinary Least Squares ◽  
Visual Artists ◽  
Content Type ◽  
Works Of Art ◽  
Time Period ◽  
High Volatility ◽  
Ordinary Least Squares Method

Purpose The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069 works sold in auctions by 71 Argentinian artists during the years 1980-2014. Design/methodology/approach The authors estimated a regression of hedonic prices using the ordinary least squares method. When the regression was run and the results were analysed, the authors then estimated the annual price index of Argentinian artists’ work to then compare them with different financial and economic variables. Findings The average annual nominal arithmetic rate of return in dollars for Argentinian art during this period was 6.81 per cent, with a 29.11 per cent standard deviation. Argentinian art shows a low correlation with Argentinian and US companies’ shares and a slightly negative correlation with US bonds. This is the reason for artworks to be included in investors’ portfolios despite the relatively high volatility. Research limitations/implications Valuating works of art in Argentina can be explained by a series of their attributes. The benefits of art as an investment should be contrasted with factors including illiquidity and high transaction costs that are inherent when investing in works of art. Practical implications Argentinian artists’ works have higher prices when, ceteris paribus, they are dated; they are auctioned in either Christie’s, Sotheby’s, Galería Arroyo, Roldan & Cia, Meeting Art, or Naon & Cia; they are oil or acrylic paintings; they are larger in size – although the price increase is decreasing when the size of the painting increases; and when the artist dies before their work is auctioned. Originality/value This work presents the first rigorous price index of Argentinian artists’ works. Additionally, and as far as the authors have been able to observe, the time-period in this article is the longest that has been used in studies on art as an investment in emerging markets.

Explaining tourism expenditure based on trip characteristics in emerging urban-cultural destinations

2017 ◽  
Vol 72 (1) ◽  
pp. 68-86 ◽  
Author(s):  
Juan Ignacio Pulido-Fernández ◽  
Pablo Juan Cárdenas-García ◽  
Isabel Carrillo-Hidalgo
Keyword(s):  
New Technologies ◽  
Least Squares Method ◽  
Ordinary Least Squares ◽  
Trip Planning ◽  
Content Type ◽  
Tourist Destinations ◽  
Microeconomic Analysis ◽  
Tourism Expenditure ◽  
Development Levels ◽  
Use Of The Internet

Purpose The purpose of this paper is to examine, through a microeconomic analysis, the extent to which trip characteristics influence tourism expenditure in 14 emerging urban-cultural cities in Andalusia (Spain). Design/methodology/approach This analysis was carried out using an ordinary least squares method, which measures influence on tourism expenditure based on the trip characteristics of tourists visiting emerging urban-cultural cities. For this, the authors used 3,030 surveys conducted on tourists who, in 2013, visited 14 emerging urban-cultural cities in Andalusia (Spain). Findings It was confirmed that certain trip characteristics – type of accommodation, length of stay, trip planning and internet use – determine tourism expenditure in these destinations. The findings provide stakeholders in these destinations with information for the implementation of policies aiming to increase revenue in destinations where tourism development levels are still in their infancy and where, therefore, there are many unexploited opportunities. Originality/value First, this study identifies those trip characteristics which influence tourist expenditure in emerging urban tourist destinations. These destinations, to date, had not been previously analysed in expenditure segmentation studies. Second, aside from the factors traditionally analysed in scientific literature, other trip-specific variables were considered; these relate to the means by which tourists familiarise themselves with their destination and the way in which they plan their trip (use of the internet), as the rise of new technologies has radically changed tourism.

scholarly journals Modeling the Incidence of Yellowing Diseases to Whiteflies and Alternative Host

2021 ◽  
Vol 5 (2) ◽  
pp. 88-95
Author(s):  
Gusde Ida Bagus Gde Pranatayana ◽  
I Putu Sudiarta ◽  
Ali Nurmasyah ◽  
Ali Nurmasyah
Keyword(s):  
Host Plants ◽  
Least Squares Method ◽  
Virus Disease ◽  
Linear Regression Analysis ◽  
Ordinary Least Squares ◽  
Plant Diseases ◽  
P Value ◽  
Alternative Host ◽  
Yellowing Disease ◽  
The Relationship

Yellowing diseases is one types of plant diseases which are found in some of the centers of cultivation of yard long bean in Bali. The spread of yellowing diseases caused the presence of vector insects, such as whiteflies and alternative host plants, such as weeds and other crops. This problem is then examined through statistical modeling in order to determine the pattern of the relationship between the incidence of yellowing disease with the populations of whiteflies and the alternative host plants. Collection of data on the yellowing disease incidences, the abundance of whiteflies, and the existence of alternative host plants was done through a direct observation in 100 farmer fields in several centers of cultivation of yard long beans in Bali. Determination of the best mathematical model was performed by linear regression analysis with ordinary least squares method. The results indicated that the best models for the relationship between the incidence of yellowing disease (KPK) with the population of whiteflies (KB) as well as the alternative host plants of yellowing were as follows: KPK = 1,2265 KB0,9872 TIAK1,0936 (R2 = 98,43 %; P-value = 0,000). The incidence of yellowing disease was highly significant positively correlated with the population of whiteflies and yellowing symptomatic alternative host plants. The existence of alternative host plants around the field was very decisive in triggering the emergence of yellow virus disease in the crop.

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