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The purpose of this paper is to empirically examine the return and dividend characteristics of two different types of Malaysian real estate investment trust (REIT) series, namely, conventional and Islamic, against macroeconomic variables over the period 2011-2017.

The required data are derived from Datastream database. Multiple regression analysis is used to determine the impact of macroeconomic variables on financial performance of 13 Malaysian REIT series.

Results show that the macroeconomic variables are able to predict future returns and dividends of Malaysian REITs. The analysis also suggests that Islamic REITs are seen to be less sensitive to macroeconomic variables and display better portfolio diversification benefits as compared to their conventional counterpart. The ongoing implications for large-cap and small-cap REITs are also highlighted.

The main limitation of the study is the small percentage of Islamic REITs sample due to limited period of observation available. However, the two Islamic REITs included are representative of Islamic REITs in Malaysia as both of them are listed in the Bursa Malaysia with asset size and market capitalization values more than RM1bn.

The results of this study may serve as a useful input for financial market players on making strategic business decisions especially with regards to differences between conventional and Islamic REITs characteristics.

The main contribution of this paper is to explore the relationship between REITs and macroeconomic factors on a unique capital market (Malaysia) that allows comparison between conventional and its Islamic counterpart.

The purpose of this paper is to contribute to the literature on secondary equity offerings (SEOs) by examining the impact of the Black Economic Empowerment (BEE) policy on secondary equity offering (SEO) pricing dynamics of South African Real Estate Investment Trusts (REITs).

With a sample of 152 SEOs of South African REITs from 2010 to 2020, ordinary least squares (OLS) models, fixed effect models, parametric and non-parametric tests were applied to test for the impact of BEE on the underpricing of SEOs.

Significant underpricing is discovered in highly compliant (BEE) REITs; in other words, SEOs pricing of BEE compliant REITs are more underpriced compared to non-compliant BEE REITs. With this, BEE compliant REITs and more so, highly compliant BEE REITs in particular leave more money on the table.

The government is therefore aware of the impact policy interventions play when REITs raise financing through SEOS. With these, highly compliant BEE REITs will need to be more strategic when making BEE compliance decisions as this is shown in our study to impact the underpricing of SEOs.

This is the first study to investigate SEO underpricing for the BEE policy using the South African REITs context.

The field of broad-based employee ownership within corporations is a specific application of the foundational topic of property ownership. It is situated at the intersection of a broad range of scholarly disciplines including economics, law, finance and management. Each discipline contributes vocabulary and distinctions describing this field. That broad spectrum of disciplinary inquiry is a strength but it also lends a “ships passing in the night” quality to discussions of employee ownership. This paper attempts to unravel the narrative diversity surrounding this topic. Four meanings of ownership are introduced. Those meanings are in turn embedded within two abstract models of the corporation; the corporation as property and the corporation as social institution.

There is no experimental design The paper presents a conceptual overview and introduces a taxonomy of four meanings and two models of ownership.

Four meanings of ownership are introduced. The meanings are ownership as compensation, investment, retirement and membership. Those meanings are in turn embedded within two abstract models of the corporation; the corporation as property and the corporation as social institution.

No hypotheses are advanced. This is not a research paper. A conceptual overview that makes use of taxonomy of meanings and models is introduced to help clarify confusions abundant in the field of employee ownership. Readers may differ with the categories of meanings and models introduced in this conceptual overview.

The ambition of the paper is to describe the various meanings and models of employee ownership presently in use in both academic and applied settings. It is not necessary or desirable to assert the primacy of a single meaning or model in order to achieve progress. The analysis provided here surfaces a range of assumptions about ownership that have heretofore been implicit in both scholarship and in practice. Making those assumptions explicit should prove useful to both scholars and practitioners of employee ownership.

The concept of employee ownership enjoys a relatively broad appeal with the public. Among the academic disciplines that have trained their lights upon it, a more mixed reception prevails. Much of the academic and policy controversy derives from confusion about the nature and structure of employee ownership. This paper attempts to address that confusion by presenting a taxonomy of meanings and models that may prove useful for future research.

This study is one of the first efforts to comprehinsively map the various meanings and models of broad-based employee ownership.

This study aims to empirically investigate how difference in social trust explains the heterogeneity of intellectual property right (IPR) protection (proxied by software piracy rate) across countries. Specifically, the authors also examine whether this effect is complementary or substitute to legal and economic factors.

The authors use both ordinary least square and two-stage least square regressions to investigate this effect.

The authors find that there is also a complementary effect between trust and rule of law in reducing the violation of IPRs.

Although the literature by now has documented the solid relationship between trust and the quality of formal institutions, only few studies have explored more specific measures of institutional consequences. Thus, this study is the first study investigating the role of trust, a valuable social capital dimension, on IPR protection.