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Article
Publication date: 22 January 2018

Muhammad Jufri and Hillman Wirawan

The purpose of this paper is to develop entrepreneurship games for early childhood education (ECE) and to develop a module using a number of systematic approaches.

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Abstract

Purpose

The purpose of this paper is to develop entrepreneurship games for early childhood education (ECE) and to develop a module using a number of systematic approaches.

Design/methodology/approach

There were two studies conducted. Study 1 focused on developing guidelines for traditional games. The games were collected and selected based on their entrepreneurial characteristics. In study 2, the authors selected eight relevant traditional games and then examined their effectiveness at internalizing the spirit of entrepreneurship. For the assessment, the authors trained 40 expert raters from the fields of psychology, ECE, and entrepreneurship studies.

Findings

The results showed that two groups of raters agreed (k=0.64) that the games were effective for internalizing the spirit of entrepreneurship in ECE. In the second part of the study, the authors intended to develop a set of multimedia digital instructions and guidelines for users (e.g. teachers and instructors) as the traditional games provided no written instructions. This study produced the multimedia digital instructions and constructed a set of assessment tools for the teachers to test the effectiveness of the games.

Research limitations/implications

This study focused on developing traditional games into a structured guideline for teachers. However, further investigation is still necessary to gather evidence regarding the validity of the game manual. Future study should focus on testing the effect of the games on ECE as well as students’ entrepreneurial traits.

Originality/value

This study created a new approach by considering local values in developing an entrepreneurship intervention.

Details

Education + Training, vol. 60 no. 7/8
Type: Research Article
ISSN: 0040-0912

Keywords

Article
Publication date: 9 September 2020

Hillman Wirawan, Muhammad Jufri and Abdul Saman

This study aims to investigate the effect of authentic leadership and psychological capital (PsyCap) on work engagement via job satisfaction by employing the job…

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Abstract

Purpose

This study aims to investigate the effect of authentic leadership and psychological capital (PsyCap) on work engagement via job satisfaction by employing the job demands-resources (JD-R) model.

Design/methodology/approach

Participants were 307 (52% male and 48% female) employees randomly recruited from a state-owned company in the eastern part of Indonesia. Most participants had completed an undergraduate degree with a mean age of 27.55 (SD = 7.89). The study employed a three-wave data collection technique to rule out any common method biases.

Findings

The results suggested that the theoretical model and empirical data showed a good fit (CMIN/DF = 2.19 and RMSEA = 0.06), indicating an indirect effect of authentic leadership and PsyCap on work engagement via job satisfaction. The effect of authentic leadership on work engagement was fully mediated by job satisfaction. In contrast, job satisfaction only partially mediated the relationship between PsyCap and work engagement.

Research limitations/implications

First, this study did not explore any further consequences of gender equality. Second, although the data have been compared with some existing studies, this study did not collect cross-cultural data from different countries. Lastly, the data were collected from a state-owned enterprise, which may limit generalisation to other organisations.

Originality/value

This study offered a new perspective by examining the implications of the JD-R model in the eastern part of Indonesia, where organisation culture is predominantly influenced by Buginese values. Furthermore, the inclusion of job satisfaction into the model added new information regarding the importance of mediating variables in explaining the indirect effect of job and personal resources.

Details

Leadership & Organization Development Journal, vol. 41 no. 8
Type: Research Article
ISSN: 0143-7739

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Article
Publication date: 2 January 2018

Hillman Wirawan, Muhammad Jufri and Andi Anto Patak

The purpose of this paper is to investigate the effects of spiritual group training on improving the spiritual well-being (SWB) among adolescences. The SWB is one of the…

Abstract

Purpose

The purpose of this paper is to investigate the effects of spiritual group training on improving the spiritual well-being (SWB) among adolescences. The SWB is one of the factors that determines adolescences’ positive behavior. A number of previous studies have supported that spirituality and juvenile delinquency were negatively correlated. The level of SWB is mostly influenced by the peers’ group interaction and the role of others in the environment.

Design/methodology/approach

The authors developed a Spiritual Group Training by utilizing a number of relevant literature. The authors constructed the training using the meaning of life, values of life, life goals, life connections, and relation to God. In order to yield empirical evidence, the authors performed a pre- and post-test experimental design. The study recruited 26 randomly selected students from five high schools. The authors adapted a 13-item SWB scale to measure the participants’ SWB.

Findings

The results showed that Spiritual Group Training significantly improved participants’ SWB (t=9.71, p<0.001). The results confirmed the study hypothesis that spiritual group training enhanced adolescences’ SWB.

Research limitations/implications

Designing a proper intervention and evaluation was a challenging task for the authors. In this study, the authors evaluated the training by utilizing a simple pre- and post-test design. Future investigations should employ a different evaluation design.

Originality/value

Most studies support the notion that spirituality is negatively correlated with adolescence’s negative behavior. However, only a few, if any, investigations have focused on developing certain training focusing on SWB. This study contributed an important idea on the use of SWB to develop adolescence SWB.

Details

International Journal for Lesson and Learning Studies, vol. 7 no. 1
Type: Research Article
ISSN: 2046-8253

Keywords

Article
Publication date: 27 August 2021

Farida Aryani, Hillman Wirawan, Abdul Saman, Sulaiman Samad and Muhammad Jufri

This study aims at investigating the indirect effect of soft skills on career engagement through the role of psychological capital (PsyCap) in different age groups. The…

Abstract

Purpose

This study aims at investigating the indirect effect of soft skills on career engagement through the role of psychological capital (PsyCap) in different age groups. The social cognitive theory (SCT) and job demands-resource model (JD-R) were employed to explain the effect of perceived skill mastery on PsyCap and career engagement.

Design/methodology/approach

The data were collected from 707 high school students, 150 university students and 165 employees using a three-wave data collection technique. This study measured soft skills, PsyCap and career engagement at different age groups (i.e. high school students, university students and employees). The data were analysed using a moderated-mediation technique.

Findings

The results showed that soft skills positively influenced PsyCap and eventually increased career engagement in all age groups. However, the effect was stronger for students (both in high school and university) than employees in the workplaces. Unlike most students, employees related soft skills to performance. Regardless of the effect on performance, students would be more likely than employees to perceive soft skill mastery as a source of efficacy.

Research limitations/implications

First, the education system should direct more attention to developing students' non-cognitive skills. Second, people should understand that their career advancement continues in the workplace context. Organizations can foster employees' soft skills by providing more opportunities to develop new skills.

Originality/value

This study sheds light on the importance of soft skills beyond academic and workplace performance. This study is among the few empirical investigations that reveal career engagement factors across different career development stages.

Details

Education + Training, vol. 63 no. 9
Type: Research Article
ISSN: 0040-0912

Keywords

Article
Publication date: 14 December 2021

Muhammad Jufri Marzuki and Graeme Newell

As the prolonged effect of the COVID-19 pandemic has materially impacted investment returns significantly, it is more crucial than ever for institutional investors to…

Abstract

Purpose

As the prolonged effect of the COVID-19 pandemic has materially impacted investment returns significantly, it is more crucial than ever for institutional investors to redefine their property portfolios using assets with better investment management potential and meaningful diversification benefits. The “alternative asset revolution” is gaining traction in the property investment space internationally among institutional investors due to the shifting investment attitudes towards the alternative property sectors. Australia's $205bn healthcare property sector is at the forefront of this revolution due to its societal significance, as well as its attractive investment qualities. This paper investigates the institutional investor management of the Australian healthcare property sector via both the direct and listed channels and empirically analyses its investment attributes.

Design/methodology/approach

Using the unique Morgan Stanley Capital International/Property Council of Australia quarterly data set for Australian direct healthcare property over 2006–2020, the risk-adjusted performance and portfolio diversification potential direct healthcare property and listed healthcare were assessed. A constrained mean-variance portfolio optimisation framework was used to develop a six-asset portfolio scenario to analyse the portfolio added-value benefits of both direct healthcare property and listed healthcare in a mixed-asset investment strategy. A similar set of analysis was performed using the post-global financial crisis (GFC) quarterly time series of 2009–2020 to investigate the healthcare asset class' performance dynamics in the post-GFC investment timeframe.

Findings

The results indicate that direct healthcare property and listed healthcare offer two key advantages for institutional investors in managing their property portfolios: (1) a stable yet superior risk-adjusted performance and (2) significant portfolio diversification potential in managing their property portfolios. Importantly, both direct healthcare property and listed healthcare provided valuable contributions in strengthening an investment portfolio's performance. The post-GFC sub-period analysis revealed a consistent conclusion regarding the healthcare asset class's performance attributes.

Originality/value

This is the first research that provides an independent empirical examination of the strategic importance of Australian healthcare property as a maturing alternative property sector that can serve both investment and environmental, social and governance goals of investors. This research presents a positive investment prognosis for the Australian healthcare property sector to achieve its institutionalised status as a mainstream asset class of the future.

Article
Publication date: 29 March 2022

Graeme Newell and Muhammad Jufri Marzuki

Within the context of ESG (Environment, Social and Governance), environmental sustainability has taken on increased global importance in recent years. Similarly, real…

Abstract

Purpose

Within the context of ESG (Environment, Social and Governance), environmental sustainability has taken on increased global importance in recent years. Similarly, real estate investment managers in developing their global real estate investment portfolios need a fuller understanding of the ESG and environmental sustainability dimensions of these global real estate markets for more informed real estate investment decisions. Using the JLL GRETI sustainability sub-index, this paper examines the environmental sustainability transparency status of 99 global real estate markets over 2016–2020 and explores various strategic issues regarding ESG and environmental sustainability; particularly the critical issues relating to climate risk mitigation, climate resilience and zero-carbon. The current status of environmental sustainability in these 99 real estate markets is assessed, with areas for “best practice” improvement identified to the benefit of real estate investment managers; particularly the improvements needed in ESG to support real estate investment in the emerging real estate markets.

Design/methodology/approach

The JLL GRETI sustainability sub-index is analysed to examine strategic issues relating to environmental sustainability transparency. 99 real estate markets are assessed globally for a range of critical ESG issues over 2016–2020. Differences between the developed and emerging real estate markets are highlighted.

Findings

Considerable variation was seen in the ESG and environmental sustainability practices, procedures and frameworks across these 99 real estate markets. This was particularly evident amongst the emerging real estate markets. Compared to the other five dimensions for real estate market transparency, environmental sustainability was seen to be well behind these other dimensions in most markets. Progress has been made in recent years, but it has been slow and steady rather than at a dynamic level. Clearly, more is needed globally to enhance the stature of environmental sustainability in the context of an increasing focus on ESG and specifically on climate risk mitigation, climate resilience and zero-carbon in real estate investment.

Practical implications

With ESG and environmental sustainability taking on increased importance across the international real estate markets, it is important that real estate fund managers have a full understanding of the ESG and environmental sustainability status of these real estate markets where they may be considering real estate investment opportunities; this includes both the developed and emerging real estate markets. This is essential to ensure future capital raising for new funds, as well as supporting the global ESG agenda by the real estate investment community. Specific strategies are also identified for emerging real estate markets to improve their environmental sustainability practices and ESG status.

Originality/value

This is the first paper to use the JLL GRETI sustainability sub-index to assess the environmental sustainability status of 99 real estate markets globally; providing strategic insights for real estate investment managers as they develop their global real estate portfolios and more fully embrace the challenges of ESG and environmental sustainability in the real estate space going forward. Specific strategies are clearly identified for all markets to improve their environmental sustainability ratings to the benefit of both global real estate investment and the broader communities.

Article
Publication date: 30 March 2021

Graeme Newell, Muhammad Jufri Marzuki, Elaine Worzala, Alastair Adair, Martin Hoesli and Mauricio Rodriguez

Research impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has…

Abstract

Purpose

Research impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has seen a range of research impact metrics become global benchmarks when assessing research impact at the individual academic level and journal level. Whilst recognising the limitations of research impact metrics, this paper uses these research impact metrics to identify the leading research impact researchers in real estate, as well as the leading real estate journals in the real estate impact space. The nexus between research quality and research impact is also articulated. As well as focusing on research quality, strategies are identified for the effective incorporation of research impact into a real estate researcher's agenda to assist their research careers; particularly for Early Career Researchers in real estate.

Design/methodology/approach

The research impact profile of over 150 real estate researchers and 22 real estate journals was assessed using Google Scholar and Publish or Perish. Using the research impact metrics of the h-index, total citations and i10, the leading high impact real estate researchers as well as the high impact real estate journals are identified.

Findings

Based in these research impact metrics, the leading real estate researchers in impactful real estate research are identified. Whilst being US focused, there is clear evidence of increasing roles by ERES, AsRES and PRRES players. The leading real estate journals in the impact space are identified, including both real estate-specific journals and the broader planning/urban policy journals, as well as being beyond just the standard US real estate journals. Researcher career strategies are also identified to see both research quality and research impact included as balanced elements in a real estate researcher's career strategy.

Practical implications

With research impact playing an increased role in all real estate researchers' careers, the insights from this paper provide strong empirical evidence for effective strategies to expand the focus on the impact of their real estate research agendas. This sees a balanced strategy around both research quality and research impact as the most effective strategy for real estate researchers to achieve their research career goals.

Originality/value

Research impact has taken on increased importance globally and is an important factor in shaping real estate researchers' careers. Using research impact metrics, this is the first paper to rigorously and empirically identify the leading research impact players and journals in real estate, as well as identifying strategies for the more effective inclusion of impact in real estate researchers' agendas.

Details

Journal of Property Investment & Finance, vol. 40 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 4 September 2017

Muhammad Jufri Marzuki and Graeme Newell

US commercial property is an important investment opportunity for institutional investors. The purpose of this paper is to assess the significance, risk-adjusted…

Abstract

Purpose

US commercial property is an important investment opportunity for institutional investors. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of US commercial property (both direct property and REITs) in a mixed-asset portfolio over 1994-2016. The 2009-2016 post-GFC recovery of US commercial property is specifically highlighted.

Design/methodology/approach

Using quarterly total returns, the risk-adjusted performance and portfolio diversification benefits of US commercial property over 1994-2016 are assessed. Efficient frontier and asset allocation diagrams are used to assess the role of US commercial property in a mixed-asset portfolio. Sub-period analysis over 2009-2016 is used to assess the post-GFC recovery of US commercial property.

Findings

US commercial property delivered mixed results over 1994-2016; direct property gave the best risk-adjusted performance, while US-REITs performance was hampered by high volatility. Since the GFC, both forms of US commercial property have delivered stronger risk-adjusted returns with improved diversification benefits, especially in the context of an inter-property investment strategy. However, US-REITs did not improve their diversification benefits with the stock market over this period. This sees US commercial property as an important component in the US mixed-asset portfolio in the post-GFC environment, with a much stronger role exhibited by US direct property in the post-GFC mixed-asset portfolio.

Practical implications

US commercial property emerged from the GFC as a stronger and more robust property investment opportunity, with both the direct property and US-REITs fully recovered to their pre-GFC performance level in 2012. The results highlight the major role of US commercial property in a US mixed-asset portfolio in the post-GFC context. The superior risk-adjusted performance of US commercial property sees both direct and listed US commercial property contributing significantly to the mixed-asset portfolio throughout the entire risk-return spectrum, particularly direct property. Given the increased capital flows into the US property market since the GFC, this is particularly important as many investors, both local and international, use direct and listed property investment opportunities as conduits for their significant US commercial property exposure.

Originality/value

This paper is the first published empirical research analysis that specifically assessed the post-GFC performance and role of US commercial property in a mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making by institutional investors regarding the strategic role of US commercial property in a mixed-asset portfolio in a post-GFC context.

Details

Journal of Property Investment & Finance, vol. 35 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 11 February 2019

Muhammad Jufri Marzuki and Graeme Newell

As one of the increasingly important alternative property sectors, data centres are a technology-focused property sector that is taking advantage of the growing investment…

Abstract

Purpose

As one of the increasingly important alternative property sectors, data centres are a technology-focused property sector that is taking advantage of the growing investment intensity in technology-related infrastructure, against the backdrop of constant innovation and advancement in technology. The purpose of this paper is to assess the preliminary risk-adjusted performance and portfolio diversification benefits of data centre Real Estate Investment Trusts (REITs) in the USA, Australia and Singapore. The strategic implications going forward for data centres as an innovative property sector in the property investment space are also highlighted.

Design/methodology/approach

Using monthly total returns, the average annual return, annual risk, risk-adjusted performance and portfolio diversification benefits of data centre REITs in the USA, Australia and Singapore over 2016–2018 are assessed. Optimal asset allocation analysis is performed to investigate the value-added role of data centre REITs in a mixed-asset portfolio.

Findings

Data centre REITs delivered strong average annual return performance, outperforming the composite REITs in all three markets. This also sees data centre REITs being riskier than the overall REIT sector due to the non-traditional and maturing status of the data centre property sector. On a risk-adjusted basis, competitive performance was recorded for data centre REITs, with data centre REITs in the USA and Singapore outperforming their respective composite REITs. This performance is also delivered with significant portfolio diversification benefits with the stock market, resulting in data centre REITs contributing to the US mixed-asset portfolios across a diverse risk spectrum.

Practical implications

Institutional investors are now giving increased emphasis to alternative property sectors with better risk-return trade-offs. Improved performance and diversification benefits are achieved by supplementing existing property portfolios with non-traditional property sectors with counter-cyclical risk-return profiles, one of which is the data centre property sector. This sees data centres as an important alternative property sector, having technology-based drivers and being recognised as having a clear path towards institutionalisation with the major investors in the near future.

Originality/value

This paper is the first published empirical research analysis that specifically assessed the preliminary performance and diversification benefits of data centre REITs in the USA, Australia and Singapore. This research enables empirically validated, more informed and practical property investment decision making by institutional investors regarding the future strategic role of the data centre property sector as an innovative sector in the institutional property investment space.

Details

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

Keywords

Article
Publication date: 17 July 2018

Graeme Newell and Muhammad Jufri Marzuki

Amongst the alternate property sectors, healthcare property has recently become an important property sector for major investors such as pension funds in the global…

Abstract

Purpose

Amongst the alternate property sectors, healthcare property has recently become an important property sector for major investors such as pension funds in the global property landscape; particularly in the UK, and being driven by the ageing population demographics. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of UK healthcare property in a UK property and mixed-asset portfolio over 2007–2016. Both healthcare property and listed healthcare property channels are assessed. Drivers and risk factors for the on-going development of the healthcare property sector are also identified.

Design/methodology/approach

Using annual total returns, the risk-adjusted performance and portfolio diversification benefits of UK healthcare property over 2007–2016 is assessed. An asset allocation diagram is used to assess the role of both healthcare property channels in a UK property portfolio and in a UK mixed-asset portfolio.

Findings

Both UK healthcare property and listed healthcare property delivered superior risk-adjusted returns compared to UK property, stocks and listed property over 2007–2016, with portfolio diversification benefits in the fuller mixed-asset portfolio context, but not in a narrower property portfolio context. Importantly, this sees both UK healthcare property channels as strongly contributing to the UK property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was not to the loss or substitution of traditional direct property exposure.

Practical implications

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of both healthcare property channels in a UK property portfolio and in a UK mixed-asset portfolio. The strong risk-adjusted performance of both UK healthcare property compared to UK property, stocks and listed property sees both UK healthcare property channels contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. This is particularly important, as many investors (e.g. pension funds) now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries. The importance of both healthcare property channels sees healthcare property exposure accessible to both small investors and large investors.

Originality/value

This paper is the first published empirical research analysis of the risk-adjusted performance of UK healthcare property, and the role of healthcare property in a UK property portfolio and in a UK mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of both healthcare property and listed healthcare property in a portfolio.

Details

Journal of Property Investment & Finance, vol. 36 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

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