scholarly journals Debt diversification and investments of European listed real estate companies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Alexey Zhukovskiy ◽  
Heidi Falkenbach ◽  
Ranoua Bouchouicha
Keyword(s):  
Real Estate ◽  
Public Debt ◽  
Bank Lending ◽  
Bank Loan ◽  
Negative Effects ◽  
Debt Structure ◽  
Investment Activity ◽  
Content Type ◽  
Investment Rates ◽  
The Relationship

Purpose This paper aims to examine the relationship between the use of public debt and investment activity of European listed real estate companies. Design/methodology/approach Using a hand-collected sample of debt structures of 102 European public real estate companies, and using European Central Bank lending standards survey as a proxy for bank credit availability, the authors test a conditional hypothesis on the relationship between investment rates and the use of public debt during period of constrained bank lending environment in Europe. Findings The results show that ex ante diversification of debt allows retaining higher investment rates when the main source of debt, bank lending, is shrinking. The effect is statistically and economically significant and increases during times of tight bank lending constraints. The authors find no support to debt capacity explanation of the effect. They neither find support of the higher investment rates to be indicative of overinvestment problem. The results are robust to alternative model specifications and estimators. Research limitations/implications The empirical analysis is limited to Europe. Practical implications Investments and the growth of real estate companies depend on their ability to seize value-increasing opportunities that arise in the competitive markets. This paper evaluates the role of a diversified debt structure in this context. The results suggest that debt structure can have material importance for the investment activity of European listed real estate companies and issuance of public debt can help companies to counterbalance the negative effects of restricted bank loan supply on the investment levels. Originality/value The paper extends the literature on debt structures of listed real estate firms by considering the effect of debt diversification on investments.

Exploring privacy and trust for employee monitoring

2015 ◽  
Vol 115 (1) ◽  
pp. 88-106 ◽  
Author(s):  
Shuchih Ernest Chang ◽  
Anne Yenching Liu ◽  
Sungmin Lin
Keyword(s):  
Organizational Culture ◽  
Employee Performance ◽  
Full Time ◽  
Negative Effects ◽  
Content Type ◽  
Positive Effects ◽  
Study Results ◽  
Employee Monitoring ◽  
Communication Privacy ◽  
The Relationship

Purpose – The purpose of this paper is to evaluate privacy boundaries and explores employees’ reactions in employee monitoring. Design/methodology/approach – The research used the metaphor of boundary turbulence in the Communication Privacy Management (CPM) theory to demonstrate the psychological effect on employees. The model comprised organizational culture, CPM, trust, and employee performance in employee monitoring to further investigated the influence exerted by organizational culture and how employees viewed their trust within the organization when implementing employee monitoring. Variables were measured empirically by administrating questionnaires to full-time employees in organizations that currently practice employee monitoring. Findings – The findings showed that a control-oriented organizational culture raised communication privacy turbulence in CPM. The communication privacy turbulence in CPM mostly had negative effects on trust in employee monitoring policy, but not on trust in employee monitoring members. Both trust in employee monitoring policy and trust in employee monitoring members had positive effects on employee commitment and compliance to employee monitoring. Research limitations/implications – This research applied the CPM theory in workplace privacy to explore the relationship between employees’ privacy and trust. The results provide insights of why employees feel psychological resistance when they are forced to accept the practice of employee monitoring. In addition, this study explored the relationship between CPM and trust, and offer support and verification to prior studies. Practical implications – For practitioners, the findings help organizations to improve the performance of their employees and to design a more effective environment for employee monitoring. Originality/value – A research model was proposed to study the impacts of CPM on employee monitoring, after a broad survey on related researches. The validated model and its corresponding study results can be referenced by organization managers and decision makers to make favorable tactics for achieving their goals of implementing employee monitoring.

Determinants of commercial bank loan and advance disbursement: the case of private Ethiopian commercial banks

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tekeste Birhanu ◽  
Sewunet Bosho Deressa ◽  
Hossein Azadi ◽  
Ants-Hannes Viira ◽  
Steven Van Passel ◽  
...  
Keyword(s):  
Credit Risk ◽  
Commercial Bank ◽  
Commercial Banks ◽  
Inflation Rate ◽  
Bank Loans ◽  
Bank Loan ◽  
Portfolio Investment ◽  
Negative Effects ◽  
Content Type ◽  
Lending Rate

PurposeThis paper aimed to investigate the determinants of loans and advances from commercial banks in the case of Ethiopian private commercial banks.Design/methodology/approachThe study randomly selected seven commercial banks to represent the population stratified on their asset, deposit and paid-up capital amounts. The study utilized an unbalanced panel data model as each bank started operation at a different period of time and considered the period 1995–2016 for secondary details.FindingsThe findings showed that the deposit size, credit risk, portfolio investment, average lending rate, real gross domestic product (GDP) and inflation rate had significant and optimistic effects on the lending and advancement of private commercial banks. On the contrary, liquidity ratio had significant and negative effects on private commercial bank loans and advances. Finally, the study forwarded a feasible recommendation for concerned organs to focus on deposit size, credit risk, portfolio investment, average lending rate, real GDP, inflation rate and liquidity ratio. The results of this study will help banking industry policymakers and planners understand how to minimize inflation and unemployment by improving development and sustainable economic growth.Originality/valueThe findings of this study can also affect the general attitudes of a society by increasing knowledge and improve the quality of life for the general public.

Government failures and non-performing loans in European countries: a spatial approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ferdinando Ofria ◽  
Massimo Mucciardi
Keyword(s):  
Public Debt ◽  
Geographically Weighted Regression ◽  
European Countries ◽  
Weighted Regression ◽  
Second Step ◽  
Ols Regression ◽  
Content Type ◽  
The Impact ◽  
The Relationship ◽  
The Eu

PurposeThe purpose is to analyze the spatially varying impacts of corruption and public debt as % of GDP (proxies of government failures) on non-performing loans (NPLs) in European countries; comparing two periods: one prior to the crisis of 2007 and another one after that. The authors first modeled the NPLs with an ordinary lest square (OLS) regression and found clear evidence of spatial instability in the distribution of the residuals. As a second step, the authors utilized the geographically weighted regression (GWR) to explore regional variations in the relationship between NPLs and the proxies of “Government failures”.Design/methodology/approachThe authors first modeled the NPL with an OLS regression and found clear evidence of spatial instability in the distribution of the residuals. As a second step, the author utilized the Geographically Weighted Regression (GWR) (Fotheringham et al., 2002) to explore regional variations in the relationship between NPLs and proxies of “Government failures” (corruption and public debt as % of GDP).FindingsThe results confirm that corruption and public debt as % of GDP, after the crisis of 2007, have affected significantly on NPLs of the EU countries and the following countries neighboring the EU: Switzerland, Iceland, Norway, Montenegro, and Turkey.Originality/valueIn a spatial prospective, unprecedented in the literature, this research focused on the impact of corruption and public debt as % of GDP on NPLs in European countries. The positive correlation, as expected, between public debt and NPLs highlights that fiscal problems in Eurozone countries have led to an important rise of problem loans. The impact of institutional corruption on NPLs reports that the higher the corruption, the higher is the level of NPLs.

Bank lending channel and banking sector efficiency: panel data of Egypt

2018 ◽  
Vol 13 (5) ◽  
pp. 1291-1310 ◽  
Author(s):  
Mohamed Aseel Shokr ◽  
Anwar Al-Gasaymeh
Keyword(s):  
Monetary Policy ◽  
Panel Data ◽  
Banking Sector ◽  
Generalized Method Of Moments ◽  
Bank Lending ◽  
Bank Loan ◽  
Bank Lending Channel ◽  
Bank Efficiency ◽  
Content Type ◽  
Lending Channel

Purpose The purpose of this paper is to examine the relevance of the bank lending channel (BLC) of monetary policy and the bank efficiency in Egypt. Design/methodology/approach This paper examines the effectiveness of bank lending channel using generalized method of moments GMM model during the period from 1996 to 2014. Also, it uses stochastic frontier approach (SFA) to examine the bank efficiency in Egypt. Findings This study supports the relevance of the BLC using panel data. Moreover, applying SFA, this paper computes cost efficiency taking account of both time and country effects directly. The finding suggests that banks with low inflation and high GDP tend to perform more efficiently. Research limitations/implications The limitation of the study is examining one country only. Practical implications The finding signals that the Central Bank of Egypt (CBE) should adjust interest rate in order to stabilize the bank loan supply. Social implications It is important for the CBE and Egyptian banks because it highlights the importance of BLC. Originality/value It examines one channel of monetary policy and bank efficiency in Egypt.

scholarly journals Shadow economy and public debt sustainability in Turkey

2007 ◽  
Vol 52 (173) ◽  
pp. 85-104 ◽  
Author(s):  
Yereli Burçin ◽  
Erdem Seçilmiş ◽  
Alparslan Başaran
Keyword(s):  
Economic System ◽  
Legal System ◽  
Public Debt ◽  
Shadow Economy ◽  
Negative Effects ◽  
The Core ◽  
Significant Difference ◽  
Sustainability Of Public Debt ◽  
The Government ◽  
The Relationship

The aim of this study is to examine the relationship between the shadow economy and public debt in Turkey. We elaborate on the questions regarding the negative effects of shadow economy on the sustainability of public debt observing the estimates about the size of shadow economy in Turkey. In the light of some scholars? estimates, we re-evaluate the macroeconomic situation of Turkey. At the core of the study, we discuss how the government borrowing policies would differ if the shadow economy was included into the legal system. In order to examine the effects of shadow economy on sustainability, we use various sustainability indicators. There is a significant difference observed between the calculations which take into account the volume of shadow economy as a share of economic system and those that exclude shadow economy as an exogenous variable. .

Brokerage fee, ownership expropriation and earnings management of Malaysian property companies

2018 ◽  
Vol 36 (4) ◽  
pp. 461-482 ◽  
Author(s):  
Lik Jing Ung ◽  
Rayenda Khresna Brahmana ◽  
Chin-Hong Puah
Keyword(s):  
Real Estate ◽  
Earnings Management ◽  
Stock Exchange ◽  
Real Estate Industry ◽  
Kuala Lumpur ◽  
Probit Regression ◽  
Content Type ◽  
The Real Estate ◽  
Report Data ◽  
The Relationship

Purpose The purpose of this paper is to investigate whether real estate companies manipulate their earnings through the brokerage fee across ownership expropriation or not. Design/methodology/approach This study considers Kuala Lumpur Stock Exchange listed real estate firms to investigate how the brokerage fee in the real estate industry might affect the earnings management of firms across its ownership expropriation. Using annual report data, the authors investigate the associations over a panel for the period 2008−2012. Robust panel regression is used to divulge the probability values with reference by probit regression. Findings Overall, the results show that high brokerage fees would drive more events of earnings management and that, generally, the ownership concentration among Malaysian real estate firms significantly affects the earnings management of the firms. Practical implications This study shows that firm profitability and brokerage fees enhance the probability of firm’s earnings management. A low brokerage fee would reflect low revenue to the company. Therefore, management would opt to manipulate earnings in order to overstate earnings, which garners more interest from investors. Originality/value Real estate values in Malaysia have climbed steadily over the years due to a combination of reasons giving companies a higher brokerage fee. Earnings management has become a big issue for property investors. The study demonstrates the relationship between earnings management and brokerage fee across ownership expropriation which can be considered by shareholders in their own strategic planning and investors in their own investing.

Ethnicity and bank lending before and during COVID-19

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marc Cowling ◽  
Weixi Liu ◽  
Elaine Conway
Keyword(s):  
Bank Lending ◽  
Ethnic Discrimination ◽  
Bank Loans ◽  
Bank Loan ◽  
Success Rates ◽  
Content Type ◽  
Ethnic Business ◽  
Lending Discrimination ◽  
The Uk ◽  
Ethnic Businesses

PurposeUsing ethnicity as our point of focus, the authors consider the dynamics of the demand for bank loans, and the willingness of banks to supply them, as the UK economy entered the COVID-19 pandemic in early 2020 with a particular focus on potential behavioural differences on the demand-side and discrimination on the supply-side. In doing so we directly address crisis induced financial concerns and how they played out in the context of ethnicity.Design/methodology/approachUsing the most recent ten quarterly waves of the UK SME Finance Monitor survey the authors consider whether ethnicity of the business owner impacts on the decision to apply for bank loans in the first instance. The authors then question whether ethnicity influences the banks decision to meet or reject the request for a bank loan.FindingsThe authors’ pre-COVID-19 results show that there were no ethnic differences in loan application and success rates. During COVID-19, both white and ethnic business loan application rates rose significantly, but the scale of this increase was greater for ethnic businesses. The presence of government 100% guaranteed lending also increased general loan success rates, but again the scale of this improvement was greater for ethnic businesses.Research limitations/implicationsThe authors show very clearly that differences in the willingness of banks to supply loans to SMEs relate very explicitly to firm specific characteristics and ethnicity either plays no additional role or actually leads to improved loan outcomes. The data is for the UK and for a very unique COVID time which may mean that wider generalisability is unwise.Practical implicationsEthnic business owners should not worry about lending discrimination or be discouraged from applying for loans.Social implicationsThe authors identify at worst no lending discrimination and at best positive ethnic discrimination.Originality/valueThis is one of the largest COVID-19 period studies into the financing of ethnic businesses.

Leader humility and employee organizational deviance: the role of sense of power and organizational identification

2020 ◽  
Vol 41 (3) ◽  
pp. 463-479
Author(s):  
Guo Qiuyun ◽  
Wenxing Liu ◽  
Kong Zhou ◽  
Jianghua Mao
Keyword(s):  
Organizational Identification ◽  
Chinese Culture ◽  
Deviant Behavior ◽  
Hierarchical Regression ◽  
Negative Effects ◽  
Organizational Deviance ◽  
Content Type ◽  
The Relationship ◽  
Sense Of Power ◽  
Leader Humility

PurposeThe authors examined the relationship between leader humility and employee organizational deviance. They also tested the mediating effects of personal sense of power and the moderating effects of organizational identification on this relationship.Design/methodology/approachThe authors tested their hypotheses using a sample of 186 employees from an information technology (IT) enterprise in China. They used hierarchical regression and bootstrapping analyses to test for direct and indirect relationships.FindingsSense of power mediated the effect of leader humility on organizational deviance and organizational identification moderated the effect of sense of power on organizational deviance. In addition, organizational identification mediated the indirect effect of leader humility on organizational deviance via sense of power. Thus, employees who demonstrate high organizational identification may not conduct organizational deviant behavior, even if they have a high sense of power.Practical implicationsOrganizations should explore and practice effective leader humility. Selection and training programs should be developed to choose humble leaders and teach them how to exhibit moderate humility.Originality/valueThe authors contribute to the literature by revealing the negative effects of leader humility in Chinese culture. They find support for their hypotheses that employee sense of power mediates the relationship between leader humility and employee organizational deviance and that this relationship is weaker when employee organizational identification is higher. This clarifies how and why leader humility stimulates employee organizational deviance.

Workplace resources and employee resilience: the role of regulatory profiles

2017 ◽  
Vol 22 (4) ◽  
pp. 419-435 ◽  
Author(s):  
Joana Kuntz ◽  
Philippa Connell ◽  
Katharina Näswall
Keyword(s):  
Regulatory Focus ◽  
Online Survey ◽  
Negative Effects ◽  
Prevention Focus ◽  
Content Type ◽  
Joint Effects ◽  
Main Effects ◽  
The Relationship ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the independent and joint effects of regulatory focus (promotion and prevention) on the relationship between workplace resources (support and feedback) and employee resilience. It proposed that, at high levels of resource availability, a high promotion-high prevention profile would elicit the highest levels of employee resilience. Design/methodology/approach An online survey was completed by 162 white collar employees from four organisations. In addition to the main effects, two- and three-way interactions were examined to test hypotheses. Findings Promotion focus was positively associated with employee resilience, and though the relationship between prevention focus and resilience was non-significant, both regulatory foci buffered against the negative effects of low resources. Employees with high promotion-high prevention focus displayed the highest levels of resilience, especially at high levels of feedback. Conversely, the resilience of low promotion-low prevention individuals was susceptible to feedback availability. Practical implications Employee resilience development and demonstration are contingent not only on resources, but also on psychological processes, particularly regulatory focus. Organisations will develop resilience to the extent that they provide workplace resources, and, importantly, stimulate both promotion and prevention perspectives on resource management. Originality/value This study extends the research on regulatory focus theory by testing the joint effects of promotion and prevention foci on workplace resources, and the relationship between regulatory foci and employee resilience.

Effects of enterprise social media usage on task performance through perceived task structure: the moderating role of perceived team diversity

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Manting Deng ◽  
Hefu Liu ◽  
Qian Huang ◽  
Guanqi Ding
Keyword(s):  
Social Media ◽  
Task Performance ◽  
Task Structure ◽  
Negative Effects ◽  
Content Type ◽  
Team Diversity ◽  
Enterprise Social Media ◽  
The Relationship ◽  
And Task

PurposeOrganisations have widely adopted enterprise social media (ESM) to improve employees' task performance. This study aims to explore the mediating role of perceived task structure on the relationship between ESM usage and employee task performance. The authors investigate the moderating effects of perceived team diversity on the relationship between ESM usage and perceived task structure.Design/methodology/approachThe authors conducted a questionnaire survey in China on 251 working professionals who use social media in their respective organisations.FindingsResults showed that employees' perception of task structure considerably mediates the relationship between ESM usage and task performance. Findings also confirmed that perceived team diversity negatively affects the relationship between ESM usage and perceived task interdependence.Research limitations/implicationsPractitioners and/or managers should pay attention to the effect of ESM usage on employee's perceived task structure. Furthermore, they should focus on the level of team diversity when adopting ESM to enhance task performance.Originality/valueThis study contributes to the knowledge of perceived task structure in explaining the effect of ESM usage on task performance based on communication visibility theory. This work presents the relationship among ESM usage, perceived task structure, perceived team diversity and task performance. Moreover, this research enriches the literature on ESM usage by investigating the moderating roles of perceived team diversity whilst presenting the negative effects of perceived team diversity.

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