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This study proposes a novel measure for management’s horizon (short-termism or myopia vs long-termism or hyperopia) derived from easily obtainable firm-level accounting and stock market performance data. The authors use the measure to explore the impact of managements’ horizon on firms’ investment efficiency.

The authors rely on two commonly used but uncorrelated measures of management performance: accounting performance (return on capital employed, ROCE) and stock market performance (average abnormal return, AAR). The authors combine these measures to develop a multidimensional framework for performance, which classifies firms into four groups: efficient (high accounting and high market performance), poor (low accounting and low market performance), myopic (high accounting and low market performance) and hyperopic (low accounting and high market performance). The authors validate this framework and deploy it to explore the relationship between horizon and firms’ investment efficiency.

In validation tests, the authors show that management myopia (hyperopia) explains firms’ decision to cut (grow) research and development investments. Further, as expected, myopic (hyperopic) firms are associated with significantly more (less) accrual and real earnings management. The empirical tests on the link between horizon and investment efficiency suggest that myopic managers cut new investments while their hyperopic counterparts grow the same. Ultimately, the authors find that myopia (hyperopia) exacerbates(mitigates) the over-investment of free cash flow problem.

The authors introduce a framework for assessing management’s horizon using easily obtainable measures of performance. The framework explains inconsistencies in prior empirical research using different measures of performance (accounting versus market). The authors demonstrate its utility by showing that the measure explains decisions around research and development investment, earnings management and firm investments.

This paper aims to examine the performance efficiency of 56 real estate assets within the rental sector in the UAE to evaluate the relative operation efficiency in relation to revenue generation.

The data envelopment analysis (DEA) approach was used to measure the relative operational efficiency of the studied assets in relation to the revenue performance. This method could produce a more informed and balanced approach to performance measurement.

The outcomes show that scores of efficiencies ranging from 7% to 99% in some of the models. The results showed that on average buildings are 75% relatively less efficient in maintenance, in term of revenue generation, than the benchmark set. Likewise, on average, the inefficient buildings are 60% relatively less efficient in insurance. Result also shows that 95% of the building assets in the sample are by and large operating at decreasing returns to scale. This implies that managers need to considerably reduce the operational resources (input) to improve the levels of revenue.

This study recommends that the FM operational variables that were found to inefficiently contribute to the revenue should be re-examined to test the validity of the findings. This is necessary before generalising or interpolating the results that are presented in this study.

The information obtained about operational performance can help FM managers to understand which improvements in the productivity of inefficient FM resources are required, providing insight into how to reduce operating costs and increase revenue.

This paper adds value in using new FM operational parameters to evaluate the efficiency of the performance of built assets.

Value creation for society from public projects requires that the overall benefits exceed the use of taxpayers' money. At the same time, cost overruns in public projects are a well-documented feature in the literature, but practical guidance on reducing the extent and magnitude of overruns is rare. In 2000, Norway introduced a governance regime that includes mandatory external quality assurance (QA) of cost estimates for major public projects. This paper compares the cost performance of public projects on each side of this QA scheme.

We use an original dataset covering 1,704 projects from 2000 to 2021, reported first-hand from Norwegian public agencies. We apply quantitative methods in the form of descriptive statistics, regression models, and statistical testing of hypotheses to answer our research questions.

The mean cost overrun across projects in our dataset is smaller than several previous international studies have reported. We find no statistical support for different cost performances between QA and non-QA projects. Secondly, cost overruns seem to vary between different public sectors. A third finding is a small development with lower cost overruns over time for the non-QA projects, and we raise the question of whether the QA scheme has contributed to overall learning effects. The fourth finding is that cost deviations are quite independent of project size.

The paper offers novel insights for decision-makers and researchers on the effects of external quality assurance on cost performance in public projects.

Purpose: This research discusses the importance of corporate social responsibility (CSR) and its link to a financial performance metric called net interest margin (NIM) in the context of non-banking financial companies (NBFCs). CSR initiatives can lead to long-term sustainability and improved financial performance, attracting investors seeking to align their investments with their values.

Need for the Study: The research composes portfolios based on financial companies’ CSR performance and NIM ratios to help investors understand the difference between CSR and financial performance, making investment decisions based on their portfolio goals and values. Striking a balance between sustainability and the financial performance of financial companies, will help investors find a suitable balance between portfolios for investment purposes.

Methodology: The authors used data from 55 financial companies for daily returns from 2014–2015 to 2021–2022 and used descriptive statistics to measure the performance of portfolios.

Findings: The findings suggest that financial companies in India have improved their CSR scores over time, indicating an increased focus on integrating socially responsible practices into their operations. The data also show that NBFCs are catching up with banks regarding CSR scores, and some NBFC portfolios even outperform banks regarding returns. However, the study also highlights the need for some companies to focus more on CSR and business operations.

Practical Implications: The results serve as a benchmark for financial companies to assess their relative CSR performance, highlighting the need for companies to focus on integrating socially responsible practices into their operations and guiding areas where companies can improve.

Banks play a vital role in the economy. Investigating their competitive environment is crucial to ensuring economic stability and development. The FinTech disruption has risks and opportunities for incumbent banks, and it can be valuable to investigate its effects on banking performance. Therefore, the aim of this study is to assess whether investment in FinTech is associated with better performance of Indian banks during 2012–2018.

To do this, a sample of Indian banks was investigated between 2012 and 2018 using k-means and hierarchical cluster analysis, ANOVA, and pairwise comparison tests.

Results of the analysis strongly suggest that investment in FinTech is associated with better banking performance. Higher FinTech investments, represented by mobile transaction volume, are associated with higher efficiency scores and accounting-based performance. In particular, banks that invest in FinTech and have relatively low non-performing loans have a 7.7% higher Return on Employment (ROE) than banks with exceptionally low FinTech use and no significant investment in smart branches.

Therefore, it can be recommended that Indian banks adopt a forward-looking strategic approach when making investment decisions regarding new technologies. Failing to adapt to the FinTech disruption may result in poor value creation prospects in the long run.

To the best of the authors' knowledge, this is the first study that analyses. We are not aware of any similar study on whether investment in FinTech is associated with better performance of the Indian banks during 2012–2018.

The aim of this study is to identify environmental, social and governance (ESG)-focused funds that can effectively uphold ethical principles while also delivering competitive financial returns by evaluating the performance of 24 well-established exchange-traded funds (ETFs). The study also compares the performance of four widely recognized ETFs representing NASDAQ (ticker: QQQ), S&P500 (SPY), Dow Jones (DIA) and Russell 2000 (IWM) with the sample of 24 ESG funds.

This paper utilizes four complementary measures, namely Sharpe, Sortino, Omega and Calmar ratios, to assess the risk-adjusted return performance of ETFs, with a particular emphasis on extreme downside risk.

The findings indicate that ESG-focused ETFs can predominantly outperform DIA and IWM in the last five years (1 November 2018–22 March 2023). However, when compared to QQQ and SPY, only ICLN, SUSA and DSI consistently delivered competitive risk-adjusted returns. The performance of DSI and SUSA is almost equivalent to QQQ and SPY even during the last ten years.

The paper conducts a risk-return analysis of alternative ESG investment funds, suggesting that not all ETFs are created equal and that careful selection is vital for achieving different investment objectives. It is imperative to recognize that past performance is not a reliable indicator of future outcomes, requiring consideration of other factors in the post-evaluation phase.

The study provides evidence to support the “doing well while doing good” hypothesis, indicating that competitive returns are achievable while also engaging in socially responsible investment.

This study fills a vital gap in the literature on ESG investment by highlighting that the choice of funds stands as the primary factor responsible for the conflicting findings by previous studies.

Recognising the significance of international trade in economic growth, this research explores the drivers of exports in South Asian Association for Regional Cooperation countries from 2008 to 2021. The study employs the export demand model and the augmented exports supply model and utilises pooled time-series data. This study questions whether export supply decisions are based on traditional trade model factors, emerging trading realities or macroeconomic variables. The model based on fixed effects evaluates the connection between exports and their possible drivers. Traditional export supply models suggest determinants like production capacity, variable cost and relative pricing influencing South Asian export supply performance substantially. Changes in trade, for example, have a substantial impact on export supply, demonstrating that the trade liberalisation procedure promotes growth in exports, compression in imports and technological advancement. The worsening state of the energy industry and growing levels of corruption have proved to be significant deterrents to export supply decisions. The results verify foreign direct investment's positive and medium influence on the expansion of exports. Other variables, however, such as GDP and its growth, Official Development Assistance (ODA), development expenditure, indirect taxation, labour supply and the exchange rate of currencies, have a positive impact on the flow of exports. Furthermore, the data corroborate the notion that increased savings have a significant beneficial influence on the flow of exports. The study proposes that concerned governments examine their export policies and adopt new policies adapted in accordance with changing circumstances with the goal of increasing and enhancing the performance of exports.

The present study delves into the causes of relatively lower retail participation in the Indian REIT market. Specifically, it investigates investors' attitudes and perceptions towards REITs as a unique asset class. This paper provides a comprehensive understanding of the perception and factors influencing Indian retail investors' reluctance to participate in the REIT market.

Qualitative research was conducted through semi-structured interviews to gather insights from non-investors in REITs. The data were transcribed and analyzed using content analysis techniques. Finally, coding techniques were used to identify broad study themes.

According to the study results, many retail investors are unfamiliar with REITs. Even among those knowledgeable about REITs and with a favorable view, it is not commonly seen as a feasible investment option due to its early stage, unattractive returns and limited number of REITs.

Developed countries have established REIT markets, while it is still in its infancy in developing countries such as India. Financial advisors, fund houses and the media should focus on educating investors to increase awareness.

The study is the first qualitative investigation into the perception of retail investors to understand the reasons for lower retail engagement in the Indian REIT market.

Purpose: This study analyses how investments and specific financial factors affect the financial performance of businesses in Kosovo. Exploring the relationship between investments and financial performance and their impact on performance volatility, performance is assessed using return on assets (ROA) and return on equity (ROE) investments.

Methodology: Quantitative methods using secondary data from audited financial statements of Kosova manufacturing and commercial enterprises cover a 3-year period (2019–2021), involving 40 enterprises with 120 observations. Statistical tests such as descriptive statistics, correlation analysis, linear regression, Hausman–Taylor regression, fixed effects, random effects, and generalised estimating equations (GEE) model are applied. The study also utilises ARCH–GARCH analysis to assess the relationship between investments and performance volatility.

Findings: Investments positively impact the financial performance of Kosova businesses and significantly reduce performance volatility. Long-term liabilities, retained earnings, and short-term liabilities also play a role in reducing asset return volatility, while cash flow from financial activities increases it. Investments, cash flows from financial activities, long-term liabilities, short-term liabilities, retained earnings, and solvency affect equity return volatility.

Practical Implications: The study sheds light on how investments and financial factors influence the financial performance and volatility of Kosova businesses. Policymakers can use these insights to create policies that foster the development of commercial and manufacturing enterprises, given their importance in Kosovo’s economy.

Significance: This research provides valuable insights for business managers to enhance investment strategies and improve financial performance. Policymakers can rely on this academic study to enhance the economic environment and promote the growth of businesses in Kosovo.

The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.

The authors define the independent variable abnormal foreign investment (AFI) as the residuals of the foreign ownership equation. The authors regress foreign ownership on its first lag and factors and define the residuals as the AFI. The AFI is the over- or under-investment reflecting foreign conscious (clear-purpose) investment, thus better indicating how foreign investment affects firm performance. The dependent variable is Tobin’s q (Q), which represents the firm performance. Then, the authors regress the Tobin’s q next quarters (Qt + k) on the AFI current quarter (AFIt). The authors use a two-step generalized method of moments (GMM) and check endogeneity with the D-GMM model for the regression.

The results show that the current AFI is positively correlated with the firm performance in each of the next four quarters (the following one year). This positive relationship is pronounced for large firms, firms with no large foreign investors, liquid firms and firms listed in the active market. The results suggest that foreign investment might choose well-productive firms already. Also, the current AFI is significantly positively correlated with stock returns in each of the next three quarters. These results suggest that the AFI is informative up to one-year period.

The results suggest that foreign investors (most of them are small) in the Vietnamese market might choose well-productive firms already. However, if the large investors have long-term investment in tangible, intangible, human capital and so on, and lead to a significant increase in firms’ performance is still the limitation of this paper.

The results of this paper may guide investors whose portfolios are composed of stocks with foreign investment.

This paper adds to the literature to enrich the conclusion of a positive relationship between foreign ownership and firm performance.