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Article

Jian (Jerry) Liang and Zhi Dong

The purpose of this paper is to investigate how the 2007 global financial crisis (GFC) changed financial disclosure behavior using a sample of US equity real estate…

Abstract

Purpose

The purpose of this paper is to investigate how the 2007 global financial crisis (GFC) changed financial disclosure behavior using a sample of US equity real estate investment trusts (REITs) from 2000 to 2015.

Design/methodology/approach

The authors use panel data spanning from 2000 to 2015 to examine the impact of the GFC on REITs’ earnings management (EM) after controlling for other factors (including the market shock in 2007 and 2008). The measurements of EM are estimated by using the models developed from literature such as modified Jones models. The static panel data regression models are used to estimate the impact of GFC on the REITs’ EM.

Findings

The authors find that REITs are more likely to engage in income-increasing EM to embellish their financial reports during the GFC. However, the magnitude of the use of EM to manipulate disclosed financial information decreased following the GFC, indicating an improvement in the quality of financial disclosure as a consequence of the enhancement of the regulatory environment. REITs also changed the manner in which their EM behavior responded to the main factors in the market following the outbreak of GFC.

Research limitations/implications

This study contributes to the finance and accounting literature by providing the first empirical test results concerning how the financial disclosure behavior and quality of listed portfolios and companies such as REITs have changed corresponding to the enhancement of the regulatory environment and adverse market conditions brought by GFC.

Practical implications

This study provides references for investors, auditors, and regulators to help them make adjustments for and improve the interpretation of the disclosed financial information.

Originality/value

This is one of the first empirical study testing the impact of the GFC on EM. It is also the first empirical study investigating the impact of GFC on the financial disclosure behavior of REITs.

Details

Property Management, vol. 36 no. 2
Type: Research Article
ISSN: 0263-7472

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Article

Jerry Liang, Richard Reed and Tony Crabb

The purpose of this paper is to investigate the role of spatial dependency in the construction of a price index for the transactions of whole office buildings. It examines…

Abstract

Purpose

The purpose of this paper is to investigate the role of spatial dependency in the construction of a price index for the transactions of whole office buildings. It examines transactions of office buildings over a 15-year period and addresses an under-researched area in investment property analysis.

Design/methodology/approach

The study examines data relating to transactions of all office buildings in the Melbourne (Australia) central business district between 2000 and 2015. The methodology uses a spatial weights matrix to construct a hedonic model, spatial error model, spatial lagged model and an office building transactional price index.

Findings

The findings confirm the existence of spatial dependency for the transactions of office buildings. In addition, incorporating the effect of spatial dependency by constructing spatial error and spatial lagged model improved the accuracy of the estimated transactional price index for office buildings.

Research limitations/implications

These findings make an important contribution to the literature by highlighting the importance of the issue of spatial autocorrelation in the estimation of valuation models and price indexes for office buildings. Until now the focus has predominantly been on individual office units rather than whole office buildings, where the barrier has traditionally been access to comprehensive data. The analysis did not consider leasing details as this information is not accessible in the Australian market.

Practical implications

The research will assist stakeholders including valuers, investors and market regulators to improve their understanding of movements in the office property transactional market. The findings provide an insight into trends associated with the transfer of office buildings. It will assist future decisions about the location of a new office building developments in order to optimise their proximity to transport and other buildings.

Social implications

The study will assist planners to ensure the location of office buildings are optimised from a social sustainability perspective. This equates to buildings located in close proximity to transport facilities and also supporting the development of office buildings in locations, which are associated with lower future risk.

Originality/value

The construction of an accurate and reliable property index is critically important for practitioners to understand the movement in both the property market and also in the broader economy. A substantial increase in whole office building acquisitions has been observed in recent years, especially after the 2007 Global Financial Crisis (Lizieri and Pain, 2014) although there has remained limited research undertaken in this area.

Details

Journal of Property Investment & Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1463-578X

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Article

Le Ma, Richard Reed and Jian Liang

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when…

Abstract

Purpose

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.

Design/methodology/approach

The econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.

Findings

The results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.

Practical implications

The findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.

Originality/value

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

Details

Journal of Property Investment & Finance, vol. 37 no. 2
Type: Research Article
ISSN: 1463-578X

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Article

Girish Ramchandani, Richard J. Coleman and Jerry Bingham

Evidence of the link between major sports events and increased participation at grassroots level is somewhat mixed. The purpose of this paper is to examine attitudinal…

Abstract

Purpose

Evidence of the link between major sports events and increased participation at grassroots level is somewhat mixed. The purpose of this paper is to examine attitudinal changes to sport participation among spectators associated with seven sports events held in Great Britain in 2014.

Design/methodology/approach

Primary data were gathered from 4,590 spectators aged 16 and over who attended one of the events. Both positive (inspiration) effects and negative (discouragement) effects were considered through the lens of the transtheoretical model (TTM).

Findings

The evidence from this research indicates that event audiences belong primarily to the latter (more active) stages of the TTM. It was also found that attending sports events can further fuel the existing desire of contemplators to increase participation, whereas the catalytic effect among pre-contemplators is arguably less potent. Virtually no discouragement effects were observed across the different TTM stages.

Research limitations/implications

The research stops short of measuring actual changes in sport participation post-event of individuals in the different TTM stages and any attribution of such behaviour changes to events. This is both a limitation of the current research and a natural direction for future research.

Practical implications

The main implications for promoting sport participation through the medium of sports events include attracting more people in the early stages of the TTM, greater collaboration between different event stakeholders and the building of sport participation strategies into the event planning phase.

Originality/value

Models of behaviour change such as the TTM have seldom been applied to document the current and/or planned sport participation behaviour of individuals in a sport event context or to examine attitudinal changes towards sport as a result of attending an event. An adapted version of the TTM has been proposed to overcome the limitations of the traditional model.

Details

International Journal of Event and Festival Management, vol. 8 no. 2
Type: Research Article
ISSN: 1758-2954

Keywords

Content available
Article

Alka Gupta, Jerry Chen and Vishal K. Gupta

Studies of entrepreneurial orientation tend to merge its three components‐proactiveness, risk-taking, and innovativeness‐into a monolithic construct and analyze its…

Abstract

Studies of entrepreneurial orientation tend to merge its three components‐proactiveness, risk-taking, and innovativeness‐into a monolithic construct and analyze its relationship with firm outcomes at one point in time. This has resulted in knowledge voids related to the relative importance of the different components, their specific effect on value created by the firm, and their evolution over time. The present study links each component of entrepreneurial orientation to economic value creation using a longitudinal dataset. Results provide support for hypothesized relationships. Implications and avenues for future research are discussed.

Details

New England Journal of Entrepreneurship, vol. 19 no. 2
Type: Research Article
ISSN: 2574-8904

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Book part

Hao Liang, Luc Renneboog and Sunny Li Sun

We take a state-stewardship view on corporate governance and executive compensation in economies with strong political involvement, where state-appointed managers act as…

Abstract

Purpose

We take a state-stewardship view on corporate governance and executive compensation in economies with strong political involvement, where state-appointed managers act as responsible “stewards” rather than “agents” of the state.

Methodology/approach

We test this view on China and find that Chinese managers are remunerated not for maximizing equity value but for increasing the value of state-owned assets.

Findings

Managerial compensation depends on political connections and prestige, and on the firms’ contribution to political goals. These effects were attenuated since the market-oriented governance reform.

Research limitations/implications

Economic reform without reforming the human resources policies at the executive level enables the autocratic state to exert political power on corporate decision making, so as to ensure that firms’ business activities fulfill the state’s political objectives.

Practical implications

As a powerful social elite, the state-steward managers in China have the same interests as the state (the government), namely extracting rents that should adhere to the nation (which stands for the society at large or the collective private citizens).

Social implications

As China has been a communist country with a single ruling party for decades, the ideas of socialism still have a strong impact on how companies are run. The legitimacy of the elite’s privileged rights over private sectors is central to our question.

Originality/value

Chinese executive compensation stimulates not only the maximization of shareholder value but also the preservation of the state’s interests.

Details

The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

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Book part

Abstract

Details

Being There Even When You Are Not
Type: Book
ISBN: 978-6-6110-4908-9

Content available

Abstract

Details

Pigment & Resin Technology, vol. 27 no. 5
Type: Research Article
ISSN: 0369-9420

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Book part

Paul A. Pautler

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the…

Abstract

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

Details

Healthcare Antitrust, Settlements, and the Federal Trade Commission
Type: Book
ISBN: 978-1-78756-599-9

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Article

Yuan Lu, Shaodong Hu, Qiang Liang, Danming Lin and Changgui Peng

The purpose of this study of Google and Baidu in mainland China is to identify the key contingencies to firm strategic responses to technical and institutional pressures…

Abstract

Purpose

The purpose of this study of Google and Baidu in mainland China is to identify the key contingencies to firm strategic responses to technical and institutional pressures. From an institutional logic perspective and Hirschman's model of exit, voice, and loyalty, this research proposes a few propositions which are intended to explain why foreign and local companies adopt different responses to similar institutional requirements or under similar institutional pressures.

Design/methodology/approach

This study applies a historical chronological method by the recognition of certain types of events and key strategic activities conducted by two sample organizations from their foundations in mainland China till March 2010 when Google exited from China's internet search market. These activities were identified as the measurement of firm strategic responses to institutional pressures. Data were gathered from various sources, including documents published by sample organizations, online and media reports, etc.

Findings

It is found that firms adopted similar responses to technical pressures which were determined by characteristics of the internet industry. However, their responses to institutional pressures, which were driven by the state logic for control of the internet, were dramatically different. As a multinational corporation, Google was faced with inherent tensions between home and host institutional requirements. When the state control pressures increased, Google eventually selected a voice and exit strategy. Baidu, as a local leading player in China's internet market, adopted a loyalty strategy through closer collaboration with local institutional constituents, including government agencies and clients, in addition to its investment in creating corporate images and reputation among local internet users.

Originality/value

This research explores the dynamic and diverse responses of foreign and local companies to institutional pressures and advances our understanding of political properties in firm strategies and the importance of firm nationality in strategy making.

Details

Chinese Management Studies, vol. 7 no. 3
Type: Research Article
ISSN: 1750-614X

Keywords

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