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Article

Alan Lowe, Yesh Nama and Alexandru Preda

The purpose of this paper is to advance a research agenda on the topic of problematising profit and profitability. This paper also acts as an introduction to this…

Abstract

Purpose

The purpose of this paper is to advance a research agenda on the topic of problematising profit and profitability. This paper also acts as an introduction to this Accounting, Auditing & Accountability (AAAJ) special section which aims to foster the development of literature focussing on critically evaluating issues surrounding profit and profitability and their sometimes, deleterious effects on society. The authors encourage an interdisciplinary discussion on the concepts of profit and profitability and various ways in which the authors could potentially problematise these concepts.

Design/methodology/approach

The authors undertake a purposive interdisciplinary review to provide context on problematising profit and profitability by briefly discussing the evolution of the concept of profit and by reviewing some contemporary debates and discussions about the role and status of profit and profitability.

Findings

In order to further develop the literature on problematising profit and profitability, it is important to broaden the analytical framework in order to (1) uncover the assumptions that make profitable activities possible as well as justifications of such activities; (2) analyse the practices of profit not only in the sense of computational practices but also in the sense of strategic and rhetorical calculations; (3) evaluate the practices of profit and profitability where they are situated within social and power relationships and (4) connect practices of profit to specific social imaginaries of profit.

Originality/value

In setting out a future research agenda, this paper fosters theoretical and methodological pluralism and encourages box-breaking research in the research community focussing on problematising profit and profitability in various settings. The perspectives offered in this paper provides not only a basis for further research in this critical area of discourse and regulation on the role and status of profit and profitability but also provides emancipatory potential for practitioners (to be reflective of their practices and their undesired consequences of such practices) whose overarching focus is on these accounting numbers.

Details

Accounting, Auditing & Accountability Journal, vol. 33 no. 4
Type: Research Article
ISSN: 0951-3574

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Abstract

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Journal of Property Investment & Finance, vol. 20 no. 3
Type: Research Article
ISSN: 1463-578X

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Article

Xiangyuan Chen and Ying Wang

The purpose of this research is to explain the financing dilemma of China's strategic emerging industries and improve their financing efficiency, seize the commanding…

Abstract

Purpose

The purpose of this research is to explain the financing dilemma of China's strategic emerging industries and improve their financing efficiency, seize the commanding heights of economic science and technology to provide theoretical support.

Design/methodology/approach

This paper selects the companies listed under strategic emerging industry during the period of 2010–2017 as the research object and used the data envelopment analysis method (DEA) to evaluate the financing efficiency of China's strategic emerging industries and selects the tobit analysis method to find out the factors affecting its financing efficiency.

Findings

The results show that the average financing efficiency of listed companies in strategic emerging industries between 2010 and 2017 is 0.7792, and the level of financing efficiency of strategic emerging industries is still at a low level. Among them, the bio-pharmaceutical industry and the energy-saving and environmental protection industry have the highest comprehensive level, and the high-end equipment manufacturing industry and the new energy industry have the lowest level of financing efficiency. Among the factors affecting the financing efficiency of strategic emerging industries, the asset-liability ratio, financial expenses and cash ratio and financing efficiency are negatively correlated, and the net asset income is positively correlated with the growth rate of the main business income.

Originality/value

This paper measures the financing efficiency of China's strategic emerging industries, then explores the influencing factors of the financing efficiency of strategic emerging industries and tries to provide important reference values for the improvement of the financing efficiency of China's strategic emerging industries at a practical level.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article

Wayne R. Archer, J. Sa‐Aadu and James D. Shilling

Examines the practise of using zero coupon first mortgage notes toraise more capital than is needed to fund a particular real estatelimited partnership. Explains the…

Abstract

Examines the practise of using zero coupon first mortgage notes to raise more capital than is needed to fund a particular real estate limited partnership. Explains the mechanism, with advantages and drawbacks. Provides a worked example.

Details

Journal of Property Finance, vol. 1 no. 3
Type: Research Article
ISSN: 0958-868X

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Article

David Wyman, Maury Seldin and Elaine Worzala

The purpose of this exploratory paper is to examine the efficient market theories and to argue that a new paradigm or an expanded paradigm is needed for the valuation of…

Abstract

Purpose

The purpose of this exploratory paper is to examine the efficient market theories and to argue that a new paradigm or an expanded paradigm is needed for the valuation of real estate. This may actually not be a new paradigm but it may be necessary to go back in time to make the valuation models that are used more realistic and to try to include the realities that there are many diverse actors in the real estate marketplace and their actions are important and should not be assumed away. Behavior matters and the models for pricing real estate need to take this into account.

Design/methodology/approach

The paper examines some of the emerging models in other disciplines and works to relate them to the real estate marketplace in general but, more importantly, to help to explain the most recent bust of the global real estate markets.

Findings

The paper finds that there is a need to consider an alternative paradigm for the valuation of real estate and complexity theory as well as the adaptive system models that specifically take into account that the various actors in a real estate marketplace could be used to help better explain the emergent nature of real estate values.

Originality/value

This is the first paper to one's knowledge that argues for a shift in thinking to include complexity economics and agent‐based modeling as potential solutions to gain a better understanding of how real estate markets react.

Details

Journal of Property Investment & Finance, vol. 29 no. 4/5
Type: Research Article
ISSN: 1463-578X

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Book part

C. Sherman Cheung and Peter Miu

Real estate investment has been generally accepted as a value-adding proposition for a portfolio investor. Such an impression is not only shared by investment…

Abstract

Real estate investment has been generally accepted as a value-adding proposition for a portfolio investor. Such an impression is not only shared by investment professionals and financial advisors but also appears to be supported by an overwhelming amount of research in the academic literature. The benefits of adding real estate as an asset class to a well-diversified portfolio are usually attributed to the respectable risk-return profile of real estate investment together with the relatively low correlation between its returns and the returns of other financial assets. By using the regime-switching technique on an extensive historical dataset, we attempt to look for the statistical evidence for such a claim. Unfortunately, the empirical support for the claim is neither strong nor universal. We find that any statistically significant improvement in risk-adjusted return is very much limited to the bullish environment of the real estate market. In general, the diversification benefit is not found to be statistically significant unless investors are relatively risk averse. We also document a regime-switching behavior of real estate returns similar to those found in other financial assets. There are two distinct states of the real estate market. The low-return (high-return) state is characterized by its high (low) volatility and its high (low) correlations with the stock market returns. We find this kind of dynamic risk characteristics to play a crucial role in dictating the diversification benefit from real estate investment.

Details

Signs that Markets are Coming Back
Type: Book
ISBN: 978-1-78350-931-7

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Article

Muhammad Faishal Ibrahim

Transport mode attributes have often been neglected in the retailing and transportation literature in retail outlets choice studies. Most of the retailing and…

Abstract

Transport mode attributes have often been neglected in the retailing and transportation literature in retail outlets choice studies. Most of the retailing and transportation literature has only adopted the traditional measures of deterrence, namely, travel time, distance and/or travel cost. Similar phenomena exist in real estate research, particularly in real estate market analysis and valuation. However, a few studies have shown that other attributes of the travel component, such as comfort, reliability of transport mode, etc., are significant in affecting shopping centres’ patronage. With the heightening of issues such as sustainable development and environmental pollution, many governments are gearing to provide greater choices and better quality public transport modes to shopping centres. Therefore, with more transport options, shoppers are likely to consider the characteristics of each transport option in greater detail in their choice of shopping centres. Therefore, in view of this widespread phenomenon, it is timely to provide greater understanding of the travel components in shopping trips. In the light of the above development, this paper aims to disaggregate the travel components in shopping centre choice. By way of principal component analysis, it presents the salient dimensions of transport attributes and shopping centre characteristics in shopping centre choice. Using the weighted factor rating, it found that, in addition to the shopping centre attributes, as well as the conventional measures of travel components, shoppers consider other travel factors in their choice of shopping centres. This in turn has implications on valuation practices.

Details

Journal of Property Investment & Finance, vol. 20 no. 3
Type: Research Article
ISSN: 1463-578X

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Article

Maria Hullgren and Inga‐Lill Söderberg

The purpose of this paper is to investigate consumer characteristics that influence Swedish consumers' mortgage rate decisions, such as the choice between an adjustable…

Abstract

Purpose

The purpose of this paper is to investigate consumer characteristics that influence Swedish consumers' mortgage rate decisions, such as the choice between an adjustable rate mortgage (ARM) and a fixed rate mortgage (FRM).

Design/methodology/approach

Data were collected in a randomised survey of the Swedish population in 2010. Through binary logistic regression, the effects of education, income and risk aversion on household mortgage decisions are investigated. In addition, consumers' financial literacy and self‐reported ability to handle sudden mortgage rate increases are examined. A test of gender effects is also performed.

Findings

The results show that a lower level of education, lower income, lower financial literacy, and trouble handling interest rate increases influence Swedish consumers to choose ARMs. Gender does not significantly affect the overall results. However, a gender‐divided regression shows that age, a low level of education and risk averseness significantly affect men's mortgage choices, whereas income, trouble handling interest rate increases and low financial literacy significantly affect women's mortgage choices.

Practical implications

The most vulnerable Swedish consumers choose FRMs to a greater extent and, thereby, make future expenditures more predictable for the single household by reducing liquidity risks.

Originality/value

This paper tests a number of characteristics in predicting consumers' mortgage choices, emphasises the importance of loan takers' ability to cope with sudden mortgage rate increases, highlights the importance of financial literacy in understanding consumers' financial choices and elucidates the Swedish case.

Details

International Journal of Housing Markets and Analysis, vol. 6 no. 2
Type: Research Article
ISSN: 1753-8270

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Article

Maria Hullgren and Inga-Lill Söderberg

The purpose of this paper is to investigate driving forces behind mortgage rate choice among homeowners in a market of no mortgage rate spread. The study reported on was…

Abstract

Purpose

The purpose of this paper is to investigate driving forces behind mortgage rate choice among homeowners in a market of no mortgage rate spread. The study reported on was conducted in Sweden, a country relatively spared both from effects of the subprime crisis and the on-going Euro-crisis. A number of potentially influential factors, such as respondents’ risk aversion, financial vulnerability, experience, expectations as well as the impact of media and bank advisors are examined and a number of demographic factors controlled for.

Design/methodology/approach

The study reported on is based on data from a national randomized survey conducted in Sweden in 2012. An empirical analysis is carried out on a sample of 474 households with mortgages. A logistic regression is performed to test a model based on hypothesized factors.

Findings

The study shows that consumers choosing fixed rate mortgages (FRMs) have high LTV and high risk aversion and perceive their choice as having been influenced by bank advisors. This is in line with earlier findings. Lower levels of – or no – FRMs (more adjustable rate mortgages) seems to be attractive for the wealthier with higher education and previous experience of home owning. Other factor negatively affecting the choice of FRMs are: being younger; being influenced by media; and perceiving oneself as financially vulnerable.

Research limitations/implications

To summarize, this paper contributes to research in two major ways: first, the Swedish case is modeled against a review of international research on mortgage rate choice. Second, a number of consumer-related factors are investigated, and their relative contribution as drivers of a choice of FRMs are tested. This gives input to more theoretical research conceptualizing a model for the understanding of how consumer mortgage rate choices are made.

Practical implications

The results should serve as an alarm bell for the industry, as the consumers described – the youngest mortgage holders, the financially vulnerable with low repayment capacity and those easily influenced by reports in media – are a potential threat to stable development of long term customer relations and mortgage portfolios.

Social implications

The results gives reason for policy makers to address the question and reasons to call for more studies of the preferences and choices of the younger consumers.

Originality/value

This study represents an investigation into some factors not often studied in relation to mortgage rate choice. It also highlights the Swedish case and puts it in an international context.

Details

International Journal of Bank Marketing, vol. 34 no. 5
Type: Research Article
ISSN: 0265-2323

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Article

T.V. Grissom, M. McCord, P. Davis and J. McCord

–This paper is the second of a two part series which offers new theoretical and empirical insights investigating the rates structures appropriate for exhaustible…

Abstract

Purpose

–This paper is the second of a two part series which offers new theoretical and empirical insights investigating the rates structures appropriate for exhaustible resources with a particular emphasis on urban land, based upon the differentiation of strong- and weak-form sustainability concepts constrained by the objectives of the sustainable criterion of Daly and Cobb (1994). The integration of the concepts and objectives allow the theoretical formulation of discount and capitalization rates that can be empirically tested. This empirical application employs data from 12 diverse national economies. The paper aims to discuss these issues.

Design/methodology/approach

The paper integrates the concepts of discount rate development for environmental and long-term assets and discounted utility analysis to the policy concerns associated with the valuation of public and sustainable resources. The new approach empirically shows the diverse issues of competing sustainable objectives across nations.

Findings

The potential and degree of strong-form or weak-form sustainability application in each nation enabled the identification as to whether alternative capital as defined by the modified Ramsey model used per nation, or the marginal rate of resource return as defined by strong form objective of a constant natural resource endowment, can identify which form of capital becomes the major constraint on the resource valuation and allocation decision appropriate within each nation. The findings showed constraints on nation resource endowments relative to population needs and the culture preferences endemic across nations.

Originality/value

The findings serve as a basis for future research on the optimal levels of sustainable development appropriate for different nations, the impactions of the timing and level of capital re-switching associated with the application of strong- or weak-form sustainability and the develop of rate and risk measures that can assist in the consideration of sustainable resource as a distinct asset class.

Details

Property Management, vol. 32 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

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