ผลกระทบของการกำกับดูแลกิจการที่มีต่อผลการดำเนินงานของกลุ่มอตุสาหกรรมอสังหาริมทรัพย์และก่อสร้างที่จดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย (The Impacts of Corporate Governance on Firm Performance of the Real Estate and Construction Industry Groups Listed Companies on the Stock Exchange of Thailand)

2019 ◽  
Author(s):  
Jintana Kraithong ◽  
Titaporn Sincharoonsak
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Real Estate ◽  
Construction Industry ◽  
Stock Exchange ◽  
Listed Companies ◽  
The Real ◽  
The Real Estate ◽  
Stock Exchange Of Thailand

scholarly journals Manager’s ability, wage minimum policy, and firm size on firm performance: An empirical analysis in the real estate and construction sector

Accounting ◽  
2021 ◽  
pp. 507-512 ◽  
Author(s):  
Nguyen Ho Phi Ha ◽  
Nguyen Quang Minh
Keyword(s):  
Firm Performance ◽  
Real Estate ◽  
Construction Industry ◽  
Firm Size ◽  
Gdp Growth ◽  
Construction Sector ◽  
The Real ◽  
The Real Estate ◽  
Construction Firms ◽  
The Impact

The real estate and construction industry have significantly played a particularly important role in economic development in each economy. In the case of Vietnam, the real estate and construction industry have greatly contributed a large proportion to the gross domestic product (GDP) growth with a sustainable annual growth. The purpose of this study is to examine the impact of manager’s ability, wage minimum policy, and firm size on firm performance. Using 220 real estate and construction firms in the case of Vietnam, results depict that a greater ability of managers in the real estate and construction sector will significantly enhance the efficiency of businesses. In addition, a larger firm can reach a higher firm efficiency while the efficiency of the real estate and construction firms is not impacted by changes of wage minimum policy.

scholarly journals Perspective of Developer, Buyer, Financier and Equity Participants in Real Estate Project Development Process in India: An important constituent of Construction Industry

2017 ◽  
Vol 8 (2) ◽  
pp. 932-936
Author(s):  
Alok Singh
Keyword(s):  
Real Estate ◽  
Construction Industry ◽  
Development Process ◽  
Project Development ◽  
The Real ◽  
The Real Estate ◽  
Multiplier Effect ◽  
Real Estate Project ◽  
Real Estate Developers ◽  
Important Constituent

The real estate project development is an important constituent of construction industry. The other important constituent of construction industry is infrastructure development. The construction industry drives and impacts many other industries and has a substantial multiplier effect on various sectors and hence on economic output as well as on employment scenarios. This article discusses multiplier effect of construction industry on few of the  important economic indicators and further focuses on real estate project development process. The real estate project development process starts from land acquisition to sales and marketing. The internal stakeholders in real estate project development process are real estate developers, real estate buyers and the real estate financers. The paper discusses alternatives for real estate developers, the opportunistic schemes for real estate buyers, and the role of portfolio of financing agencies as well as the role of multitudes of equity participants. It also describes about the regulatory institutions active in real estate project development and promotion process. The real estate projects are developed by organized real estate project developer as well as by unorganized real estate project developers or local builders. This article contributes regarding the challenges and opportunities among the real estate buyers, real estate developers, portfolio of financial schemes offered by real estate financers and the opportunities for real estate equity participants.

scholarly journals Pengaruh Disclosure dan Manajemen Laba terhadap Cost of Capital

2020 ◽  
Vol 10 (1) ◽  
pp. 56
Author(s):  
Tri Kurniawati ◽  
Nadia Ayu Rifani Putri
Keyword(s):  
Real Estate ◽  
Earnings Management ◽  
Multiple Regression ◽  
Significant Influence ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
The Real ◽  
Purposive Sampling ◽  
The Real Estate ◽  
The Cost

This study is aimed to analyze the influence of disclosure and earnings management on cost of capital. The population of this study is the real estate companies which is listed at the Indonesia Stock Exchange (IDX) and the sample is determined by purposive sampling. The samples consist of 28 companies in 2013-2015. Disclosure is measured by Disclosure Index, earnings management is measured by discretionary accrualls and cost of capital is estimated by EBO model. The research hypotheses are tested by using multiple regression. The results of this research indicate that (1) disclosure has no significant influence on the cost of capital, and (2) earnings management has positive and significant influence on cost of capital.

scholarly journals International Real Estate Review

2011 ◽  
Vol 14 (3) ◽  
pp. 283-310
Author(s):  
Nico Rottke ◽  
◽  
Dirk Schiereck ◽  
Stephan Pauser ◽  
◽  
...  
Keyword(s):  
Life Cycle ◽  
Real Estate ◽  
Construction Industry ◽  
Value Chain ◽  
Size Effects ◽  
Service Providers ◽  
Agency Conflicts ◽  
The Real ◽  
The Real Estate ◽  
Construction Companies

Since the late 1990s, the construction industry has undergone a change in business model, as contractors vertically expand their operations to other parts of the real estate life cycle. The question arises on whether construction companies have superior abilities as real estate service providers. We have examined the value implications of 106 large merger and acquisition (M&A) transactions in the construction industry worldwide from 1986 to 2006. We inquire if a vertical expansion of the construction value chain in the real estate life cycle through M&A leads to the creation of shareholder value. We find out that this is not the case. M&A success is mainly determined by industry-specific size effects and common agency conflicts.

scholarly journals PENGARUH RASIO KEUANGAN TERHADAP KEBIJAKAN DEVIDEN (STUDI PADA PERUSAHAAN REAL ESTATE DAN PROPERTY YANG TERDAFTAR DI BURSA EFEK INDONESIA)

2020 ◽  
Vol 7 (1) ◽  
pp. 88
Author(s):  
Lisma Aniyati ◽  
Hendro Setyono
Keyword(s):  
Real Estate ◽  
Sampling Method ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Coefficient Of Determination ◽  
The Real ◽  
The Real Estate ◽  
Simultaneous Test ◽  
Asset Turnover ◽  
Real Estate Company

This research  aimed to analyze and test the effect of financial ratios of the dividend  policy on the real estate and properties listed in the Indonesia Stock Exchange. The  independent variables is used Return On Investment (ROI), Debt to Total  Assets (DTA),  Earning  Per  Share  (EPS),  and  Total  Asset  Turnover (TATO). Another dependent variable is used dividend Payout Ratio (DPR). The population  of  this  research is 50 companies. There  are  from the  real estate companies and properties  which registered  in Indonesia Stock Exchange in the  period  2012-2014.  Because  not  all  members  of  the  population  is  meet  the criteria,  the  sampling  method  is  used  purposive  sampling  method  there  are  9 samples.  The  analytical  method  are  used  the  classic  assumption  test  and regression test. Based on the survey results showing  that  from  partially there is only  DTA variables  were  not  significantly  influent  to  the  dividend  policy  on  real  estatecompany  and properties  which registered  in Indonesia  Stock Exchange. Another variable  are  ROI, EPS, and TATO  were  significant effect  to  the dividend policy on real estate and properties which registered in Indonesia Stock Exchange. The  results  simultaneous  test  showed  the  ROI,  DTA,  EPS,  and  TATO variables  has  an  influence  to  the  real  estate  company  and  properties  whichregistered in indonesian Stock Exchange. The  higher  coefficient of determination is 49.10%.

scholarly journals Listing of Developer Companies as a Predictor of the Situation on the Residential Real Estate Market

2018 ◽  
Vol 26 (4) ◽  
pp. 12-21
Author(s):  
Rafal Wolski
Keyword(s):  
Real Estate ◽  
Stock Market ◽  
Housing Market ◽  
Stock Exchange ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Secondary Housing Market

Abstract The stock exchange is considered one of the most important financial institutions in the market economy. The stock market reacts to the state of the economy almost immediately, and, in the end, the quotations of companies affect the state of other markets. The author decided to look at companies from the WIG Real Estate index as important entities shaping the real estate market. When comparing the situation on the capital market with the situation on the residential real estate market, one could, building an appropriate model, conclude how much these markets interact. Purpose - The purpose of the article is to present the links between two important markets, the capital market, with real estate companies as its representatives, and the secondary housing market. In order to achieve the goal, a research hypothesis was formulated: the economic situation on the real estate companies market will be reflected in the situation on the secondary housing market. Design/methodology/approach - Cross-sectional regression analysis was used in the study. Using the data from the Warsaw Stock Exchange and the National Bank of Poland, regression models where price changes in the secondary housing market are explained by the quotations of real estate companies and selected stock exchange indices were built. The study was carried out from the first quarter of 2011 to the third quarter of 2017. Findings - Two models were built in which the rates of return on investments in real estate companies explain the price changes in the secondary housing market in a statistically significant way. Thus, the research hypothesis was positively verified, showing that the real estate market and the stock market of real estate companies are interrelated. Originality/Value - The alternative method of analyzing the real estate market can be considered as the original value of the presented results. A demonstration of the connections between both markets allows us to validate the methods used on the stock market to analyze the real estate market. An example application is the use of methods for estimating the cost of capital from the stock market in the real estate market.

Why do listed companies delist themselves voluntarily?

2018 ◽  
Vol 23 (2) ◽  
pp. 152-169 ◽  
Author(s):  
Yukiko Konno ◽  
Yuki Itoh
Keyword(s):  
Real Estate ◽  
Stock Exchange ◽  
Listed Companies ◽  
Maintenance Cost ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Sector ◽  
Negative Effect ◽  
Effect Hypothesis ◽  
Market Capitalisation

Purpose This study aims to analyse, from a corporate finance and governance perspective, the reasons why managers decide to delist their companies from a stock exchange. On the basis of the five hypotheses of voluntary delisting, this study examines why listed companies delist themselves voluntarily in the construction and real estate sectors. Design/methodology/approach By using actual data to examine contractors and real estate companies listed on the Tokyo Stock Exchange between 2004 and 2014, this study analyses whether these companies delist themselves voluntarily. The pooled binary logit model is used as the statistical method. Findings In both the construction and real estate sectors, the concentration of shareholders has a significantly positive effect on voluntary delisting, thus supporting the transfer of wealth effect hypothesis. In construction, market capitalisation has a significantly negative effect on voluntary delisting, thus supporting the maintenance cost reduction hypothesis. In the real estate sector, the ratio of market capitalisation to total assets has a significantly negative effect on voluntary delisting, thus supporting the undervalue elimination hypothesis. Originality/value By comparing the construction and real estate sectors, this study reveals both unique and common reasons for voluntary delisting in each sector. It also offers valuable insights to managers, regulators setting standards in securities markets and investors.

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