Search results

The purpose of this paper is to examine the common stock price reaction and the changes to the risk exposure of the cross-listing for real estate investment trusts (REITs).

The paper adopts the event study methodology to assess the abnormal returns (ARs). Pre- and post-cross-listing changes in the risk exposure for the domestic and foreign markets are examined, via a modified two-factor international asset pricing model. A comparison is made for two broad cross-listings, namely, the depositary receipts and the dual ordinary listings, to examine the impacts from institutional differences.

Cross-listed REITs generally experience positive and significant ARs throughout the event window, implying significant superior returns associated with the cross-listing for REITs. On systematic risks, REITs exhibit significant decline in their domestic market β coefficients after the cross-listing. However, the foreign market β coefficients do not yield conclusive evidence when compared across the sample.

Results are consistent with prudential asset allocation for potential diversification gains from the cross-listing, as the reduction from the domestic market beta is more significant than changes in the foreign market beta.

The results and findings should incentivise REIT managers to explore viable cross-listing.

Such cross-listing for REITs should enhance risk diversification.

This is a pioneer study on cross-listing of REITs. It provides a basis for investment decision making, and could provoke further research and discussion.

The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international cities of Hong Kong, Kuala Lumpur and Singapore. The authors find four key outcomes. One, the real estate cycle is generally different from the underlying business cycle in local markets for the cities studies. Two, the real estate cycle is more exaggerated in the construction and development areas than in rents and vacancies. Three, the vacancy cycle tends to lead the rental cycle. And four, new construction completions tend to peak when vacancy is also peaking. The authors believe that future research should try to help understand the linkages that drive these outcomes. For example, are rigidities in the local permit and construction markets responsible for the link between construction peaks and vacancy peaks?

Real estate market cyclical dynamics and its estimation via VAR model offers an insightful set of practical and empirical models. It affirms a comprehensive theoretical underpinning for analysing the prime office and residential sectors of the capitol cities of Kuala Lumpur, Singapore and Hong Kong in the fast developing Asia region. Its unrestricted form also provides an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, furnished by real estate market data providers.

The office rental VAR model for Singapore (SOR), KL (KOR) and HK (HOR) show good fits. In the HOR model, rents and vacancies are negatively signed and significant for certain lagged relationships with other variables and with rents themselves. The office CV VAR model for Singapore (SOCV), KL (KOCV) and HK (HOCV) show good fits. In the HOCV model, capital values (CVs) and initial yields are negatively signed and significant for certain lagged relationships with other variables and with CVs themselves. Impulse response functions specified for seven years to mirror a medium-term real estate market cycle “die out” to zero for the stationary VAR models that are estimated for the endogenous variables. The accumulated responses asymptote to some non-zero constant.

The VAR model offers a complete and meaningful dynamic system of solely real estate variables for international real estate investors and policy makers in decision making. Its unrestricted form offers an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, which can be reliably provided by a dedicated real estate information and consultancy provider of international standing.

The theoretical model offers a complete dynamic model system of the real estate space market, comprising a unique system of six linked equations that denote the relationship among supply, demand, construction, vacancy and rent over time, inclusive of price response slopes and lags. The VAR model enables the investigation of the effect of the lagged values of all the variables concerned. It also enables the explicit and rigorous quantitative forecasts of say rents and CVs when the rest of the variable can be forecasted beforehand.

The retail industry of Singapore has been in a depression since 1993, as a result of structural problems which are a function of, among other things, over‐supply of retail space vis‐à‐vis retail performance, and rising rentals. This paper argues that percentage lease agreements (also called “turnover rents”), by fostering partnerships between landlords and tenants, could be a viable shopping center management tool for salvaging the retail industry of Singapore.

This paper aims to investigate the relationship between job satisfaction and distributive justice on employee perceptions of absence legitimacy. This paper also examined the moderating effects of turnover intentions on the relevant relationships.

The authors used convenience sampling to collect data from 298 employees working in private and public sector organizations in the manufacturing and service sectors in Ghana. Drawing on institutional theory, this study investigates the effects of employee perceptions of the legitimacy of absenteeism on their attitudes toward their job and pay. Structural equation modeling was used to test the direct and moderation effects.

Job satisfaction and perceived distributive justice were found to be significantly related to the absence of legitimacy. Additionally, turnover intentions moderated the relationship between job satisfaction and absence legitimacy; however, unexpectedly, this was associated only marginally with distributive justice.

The main limitation of this study was that it was cross-sectional, but the analysis did not show a common method bias. This study was conducted in a developing country where valid and accurate absence data are non-existent. The hypotheses were supported. When employees felt a sense of inequity and were dissatisfied with their jobs, they were likely to perceive absenteeism as legitimate behavior. These relationships were more pronounced when employees intended to leave their organizations.

From a practical standpoint, as employees are likely to engage in absenteeism as a means to reduce their perceptions of imbalance and because absenteeism is a costly behavior, it would be in the employer’s best interest to mitigate these high costs. It behooves employers to comprehend the factors that lead to the legitimization of absences. Doing so, they would be able to implement attendance management systems and strategies that would delegitimize some of these factors, thus improving attendance and potentially increasing productivity and job satisfaction and reducing turnover intentions.

This study contributes to absenteeism research because, unlike most studies in the area, it examined employee cognitions of the behavior. Such cognitions should provide insights into how employee perceptions of the legitimacy of absences would affect attitudinal variables such as job satisfaction, feelings of equity and turnover intentions. Moreover, even though the study was conducted in Ghana, absence legitimacy can be investigated in different settings at different levels of analysis. This is because it is free from contamination such as, dissimilar absence reporting systems within and across organizations and nations that affect the validity and accuracy of absence data.

The increasing number of banks in the Ghanaian banking industry has brought about intense competition in the industry. The purpose of this paper is, therefore, to examine the factors that influence retail banking customers’ loyalty intentions.

In order to validate the proposed research model, the study adopts a survey design. Data were collected from 565 customers of the top performing banks in terms of customer deposits. Data analysis employed the partial least squares structural equation modeling (PLS–SEM) using SmartPLS version 3.

Results from the PLS–SEM analysis indicated that satisfaction, service quality and trust had significant effect on loyalty, with satisfaction having the most significant effect. Interestingly corporate image was found to have a significant effect on both satisfaction and trust but not on loyalty. In all, the proposed model accounted for 63.3 percent of the variation in loyalty.

The current study samples customers from only the top performing banks in Ghana. The use of cross-sectional data makes it impossible to study how customers’ perceptions change over time. Results from this study could, however, help managers of banks in designing strategies aimed at improving customer loyalty in order to consolidate their market share.

This paper adds to existing works that focus on loyalty in the retail banking sector, especially from the context of a developing economy. The study draws attention to the interrelationship among service quality, perceived value, satisfaction, image, trust and loyalty.

The study sought to assess the nexus between components of perceived justice and satisfaction, trust and loyalty with service recovery.

Survey data were gathered from a sample of 300 clients from 8 midscale hotels in Ghana. Partial least squares structural equation modeling was used to test the hypothesized relationships.

Perceived distributive justice has no effect on customer satisfaction with service recovery. Interactional justice had the greatest effect on customer satisfaction with service recovery. No significant relationship was found between procedural justice and trust. Also, trust had a significant effect on loyalty post-service recovery.

Empirical data were taken from one service industry; thus, it is reflective of only that service industry, generalizations should be mindful of our context bounded results.

The study offers suggestions for managers to leverage the dimensions of perceived justice in order to build trust and loyalty post-service failure. Hotels should treat customers with fairness and respect at every point of contact during the service recovery process. Reward based compensation should be offered to customers to build trust.

The study is among a few to assess service recovery and its link with loyalty from a developing economy context. The study revealed that perceptions of justice with service recovery influences customer loyalty and satisfaction post-service recovery and extend the understanding of service recovery in the Ghanaian hotel sector.

The purpose of this paper is to explore the relationship between transformational leadership, knowledge management capabilities, organizational learning and innovation performance in the context of higher education institutions.

Using a survey research design, data was collected from 219 respondents comprising faculty and administrative staff from two public and five private universities in Ghana. The data were analysed by using the partial least squares approach to structural equation modelling with the use of Smart PLS software.

The results revealed that transformational leadership significantly predicts knowledge management capabilities and organizational learning and also has a positive effect on innovation performance.

Although some studies have covered the theoretical and empirical analyses of links between transformational leadership, innovation performance and some knowledge management capabilities, this study examines the direct links between transformational leadership and knowledge management capabilities, on one hand, and transformational leadership and organizational learning on the other, as well as their overall effect on innovation performance, which has been less discussed in literature, particularly in the tertiary educational sector and in the Ghanaian context.

Tertiary education in Ghana has seen rapid advancement over the past two decades. This growth is the result of transformative policy reforms such as upgrading polytechnics into higher education status; the establishment of the University of Development Studies (UDS) in the northern part of the country; the amalgamation of existing Colleges of Education into degree awarding institutions; the creation of the Ghana Education Trust Fund (GETFund) to provide supplementary financial support for infrastructure, faculty research and development; expansion of distance education programs; modification of the student loan scheme; and a conducive regulatory environment that encourages private sector participation in higher education provision. In spite of these developments, the system continues to face several challenges such as limited funding to support academic programs; limited participation rates for low-income students, females, and minorities; difficulty recruiting and retaining young academic and research faculty; inadequate research capacities; limited ICT infrastructure to enhance instruction and curriculum delivery and inadequate facilities to support science and technology education; etc. This chapter focuses on the state of public higher education in Ghana with emphasis on current growth and challenges. The chapter offers descriptive analysis based on government policy reports and documents, enrollment data from universities in Ghana, and data from the Ministry of Education and the National Council for Tertiary Education in Ghana.

The purpose of this paper is to investigate the determinants of cloud computing adoption (CCA) in a developing country context through the lens of the technology, organisation and environment (TOE) framework.

The study was carried out using the quantitative research methodology based on a survey of 305 organisations from different industries in Ghana. Based on the TOE framework, a conceptual model consisting of ten hypotheses were proposed and tested through a confirmatory factor analysis and logistic regression analysis.

The findings indicate that relative advantage, security concern, top management support, technology readiness, competitive pressure and trading partners’ pressure were the TOE factors found to be significant in CCA in a developing country context. Conversely, firm size, scope, compatibility and regulatory support were found to be insignificant.

This study provides insights into CCA across different industries in a developing country environment. The study is arguably the first kind of empirical research into CCA in a developing country context, specifically in Ghana. The findings from this study provide a foundation for other studies as well as constructive insights for the development of cloud computing, due to its infancy in the developing world.