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This paper aims to investigate whether cultural dimension of power distance, which is the extent that inequality is expected and accepted in societies, can explain underlying differences in landlord-tenant practices (LTP) across countries.

The authors use a sample covering countries from different regions. They apply the ordered probit regressions to estimate the relationships between the explanatory variables and LTP.

The results show that hierarchical societies demonstrate more pro-landlord practices. This finding is robust to alternative measures of power distance and different sample sizes. In addition, the authors find that countries with larger rental sectors and larger numbers of landlords with mortgages demonstrate more pro-tenant practices. The results also show that differences in LTP across countries are not significantly influenced by legal origin.

To the best of the authors’ knowledge, very limited studies have investigated the determinants of LTP across countries. In addition, while cultural values such as power distance have been used to explain the economic, social and financial variables, less, if any, number of studies have used them to explain the variation of real estate market variables such as LTP.

The purpose of this study is to estimate different data models on house prices using statistical models and the variables which are controlled by real estate policy.

This study used several statistical techniques, such as Vector auto-regression (VAR), Johansen co-integration and variance decomposition, which aim to assess the significant effect of macroeconomic factors on Chinese house prices.

The results show that land supply and other variables have negative effects on house prices. The results also indicate that financial mortgages for real estate have positive effects on house prices and the area of vacant houses as well as the area of housing sold.

This study only covers three cities in China because of limitations of data for other cities.

This study proposes policy suggestions according to the empirical results obtained.

The purpose of this study is to investigate the determinants of returns on housing in Iran by analyzing capital appraisals, rents, and total returns.

This study uses data from 28 provinces of Iran over the period of 2000‐2007. Using generalized method of moments (GMM), the determinants of returns on housing in Iran are investigated.

The empirical results indicate that in particular changes in inflation and population and to a lesser extent changes in unemployment and gross domestic product (GDP) are the important determinants of returns on housing.

The findings imply that real estate investors in Iran can obtain higher returns from their housing investment if they invest in provinces that have positive changes in population, GDP and inflation and negative changes in unemployment rate.

Most studies in this area cover US and European real estate markets (particularly office market). Since findings for developed countries might not be directly transferable to emerging market economies such as Iran, therefore, more work is necessary to obtain a clearer picture of real estate markets in emerging market economies.

Several scholars, policymakers and international development agencies have been suggesting that trade and capital openness would bring better governance, in particular higher level of voice and accountability (VA), for the Middle East and North Africa (MENA) region. The purpose of this paper is to examine the effects of foreign direct investment (FDI) inflows on VA in the MENA region.

Applying two different panel models (fixed‐effects and dynamic), this paper uses related observations from 19 MENA countries between 2000 and 2008 to analyze the impacts of FDI inflows on VA.

The results reveal that FDI inflows do not contribute to the higher level of VA in the MENA region.

With no previous studies of the linkage between FDI inflows and VA in the MENA region, the paper makes a significant contribution in this regard.

In recent years, housing prices and rents have recorded impressive growth in Iran. Several observers believe that real estate agents have had a significant effect on this phenomenon. However, some do not agree with this viewpoint and argue that the role of real estate agents is not that much and housing prices and rents are affected by macroeconomic factors. The purpose of this paper is to investigate whether real estate agents can influence housing prices and rents across provinces of Iran.

Applying panel data technique, this paper uses observations from 28 provinces of Iran covering 2000 and 2003 to examine the role of real estate agents on housing prices and rents.

The empirical results indicate that the increased number of real estate agents and their activities positively significantly stimulate housing prices and rents.

To the author's knowledge, most studies in this area cover the US and European real estate markets. Since findings for developed countries might not be directly transferable to emerging market economies such as Iran, more work is necessary to obtain a clearer picture of the role of real estate agents on housing prices and rents in emerging economies.

Although there has been a series of cross‐sectional studies published in this area, few empirical works have examined the effects of real estate agents on housing prices and rents by applying panel data set. The paper begins to fill this gap by analyzing a data sample of 28 provinces of Iran covering 2000 and 2003.

In recent years, most emerging economies have experienced large foreign direct investment inflows to the real estate sector (FDIRE) and increases in carbon dioxide (CO₂) emissions. The purpose of this study is to empirically investigate the effect of FDIRE on CO₂ emissions in a set of emerging economies.

Applying fixed‐effect and generalized method of moments (GMM) techniques, this paper uses related observations from 31 emerging economies between 2000 and 2008 to analyze the impacts of FDIRE on CO₂ emissions.

The empirical results show that FDIRE does not contribute to CO₂ emissions. It is also found that energy consumption, urbanization and economic development are important determinants of CO₂ emissions in emerging economies.

While there has been a series of papers that investigated the relationship between aggregate FDI and CO₂ emissions, very few empirical studies have examined the relation between sectoral FDI and CO₂ emissions across a large number of emerging economies.

Unhappiness has been recognized as one of the main factors that cause political unrest in the Middle East and North Africa (MENA) region in recent years. The purpose of this study is to investigate the effects of governance matters on happiness in the MENA region while controlling for other relevant determinants.

The paper applies panel random effects regression analyses by using data from 14 MENA countries over the period of 2009-2011.

The empirical results show that higher level of political stability and absence of violence, government effectiveness and rule of law significantly increase happiness in the region. Furthermore, the paper finds that voice and accountability, regulatory quality and control of corruption variables have positive relationship with happiness but are not significant.

Most studies in this area cover developed countries. Since findings for developed countries might not be directly transferable to emerging economies such as MENA countries, therefore, more work is necessary to obtain a clearer picture of the political determinants of happiness in this region.

The purpose of this paper is to examine the effects of real estate market factors on foreign real estate investment (FREI).

Applying panel data technique, this paper uses related observations from 31 countries (inclusive of developed countries and emerging market economies) between 2000 and 2008 to investigate the relationships between real estate market factors and FREI.

Controlling for market size, infrastructure and political stability, the results for all countries indicate that lower financing costs and higher levels of transparency in real estate market attract greater amounts of FREI. Moreover, the paper finds that foreign real estate investors favor countries with higher property prices. Interestingly, when the paper splits the sample in developed countries and emerging market economies the paper finds that there are some differences in results in terms of determinants of FREI.

While FREI is a large component of service FDI, currently there are no analyses of FREI determinants across a broad set of countries over time. Therefore, the present study has filled this gap.

This study investigates the relationship between aged care accommodation pricing options (refundable accommodation deposits (RADs), daily accommodation payment (DAPs) and concessional) and the profitability of aged care facilities.

Data are obtained from 33 aged care facilities across New South Wales in Australia. This study uses multivariate regression for analyses.

The estimation results suggest that higher level of RADs has a negative and significant relationship with profitability of aged care facilities. The authors also find that concessional pricing option is positively associated with higher profitability.

These findings may benefit aged care operators by reviewing their strategies and portfolios to enhance their financial performance. The results are also useful to the Australian Government to further explore how the removal of RADs may transform the aged care sector's profitability.

The aim of this study is to investigate the factors influencing the financial performance of the real estate brokerage (REB) industry in Iran.

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.

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.

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.

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.