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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.

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

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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

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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. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0040-0912

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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. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 4 September 2020

Muhammad Jufri Marzuki and Graeme Newell

Mexico REITs are a significant and important REIT market, both in a regional and in emerging property market context. As one of the few emerging economies in the world…

Abstract

Purpose

Mexico REITs are a significant and important REIT market, both in a regional and in emerging property market context. As one of the few emerging economies in the world with an active REIT market, Mexico REITs are specifically designed to provide an effective pathway to participate in the investment opportunities offered by the Mexico commercial property market for both domestic and international investors. Importantly, Mexico REITs provide additional property investment benefits such as a high degree of transparency, governance and liquidity. The main focus of this research is to highlight the significance of Mexico REITs and assess their performance dynamics, as well as the added-value benefits of Mexico REITs in mixed-asset investment portfolios.

Design/methodology/approach

Using monthly total returns, the risk-adjusted performance and portfolio diversification potential of Mexico REITs over April 2011–December 2019 were assessed. A constrained mean-variance portfolio optimisation framework was used to develop a three-asset portfolio scenario using the historical returns, risk and correlation of Mexico REITs and the other two major financial assets.

Findings

Despite being more volatile than the mainstream asset classes, Mexico REITs delivered the strongest risk-adjusted performance versus stocks and bonds over April 2011–December 2019, which was made possible by the high premium of their total return performance. Notably, Mexico REITs offered excellent diversification potential with bonds, whilst demonstrating a marginal positive correlation with the stock market. These investment attributes of Mexico REITs have brought immediate benefits towards their ability to add value to the Mexico mixed-asset portfolio fabric across a wide portfolio risk–return spectrum.

Practical implications

Whilst their initial establishment in 2004 was considered unsuccessful, the ongoing regulatory improvements have been pivotal in providing a supportive investment environment to nurture the organic growth of Mexico REITs. This now sees the Mexico REIT market as an exemplar of success for REIT establishments amongst its peers in the Latin American region, as well as for emerging economies worldwide. Mexico REITs are now an important REIT market, as the second largest emerging REIT market in the world. The empirical investigation of this research has established the investment attributes of Mexico REITs as a listed property investment vehicle. The strong risk-adjusted performance of Mexico REITs compared to stocks and bonds sees Mexico REITs contributing to the mixed-asset portfolio across the portfolio risk–return spectrum. This is particularly important as it provides insights into the broader strategic implications of Mexico REITs as an effective, transparent and tax-efficient conduit for high-quality Latin American property exposure in a liquid format.

Originality/value

This paper is the first published empirical research that elucidates the investment attributes of Mexico REITs, highlighting their significance, risk-adjusted and portfolio performance enhancement role as an emerging REIT market. The main outcome of this research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of Mexico REITs in an investment portfolio.

Details

Journal of Property Investment & Finance, vol. 39 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 14 May 2020

Muhammad Jufri Marzuki and Graeme Newell

Infrastructure investment is one of the few high-calibre real alternative assets with a strong prominence in the portfolios of institutional investors, especially those…

Abstract

Purpose

Infrastructure investment is one of the few high-calibre real alternative assets with a strong prominence in the portfolios of institutional investors, especially those with a liability-driven investment strategy. This has seen increased institutional investor interest in infrastructure for reasons such as diversification benefits and inflation hedging abilities, resulting in the substantial growth in non-listed and listed investment products offering access to the infrastructure asset class, and complementing the existing route via direct investment. This paper aims to assess the investment attributes of non-listed infrastructure over Q3:2008–Q2:2019, compared with other global listed assets of infrastructure, property, stocks and bonds.

Design/methodology/approach

Quarterly total returns were derived from the valuation-based MSCI global non-listed quarterly infrastructure asset index over Q2:2008–Q:2019, which were then filtered to decrease the valuation smoothing effects. A similar set of returns data was also collected for the other global asset classes. The average annual return, annual risk, risk-adjusted performance and portfolio diversification benefits for non-listed infrastructure and other asset investment classes were then computed and compared. Lastly, a constrained optimal asset allocation analysis was performed to validate the performance enhancement role of global non-listed infrastructure in a mixed-asset investment framework.

Findings

Global non-listed infrastructure delivered the strongest average annual total return performance, outperforming the other asset classes and provided investors with total returns that linked strongly with inflation. Global non-listed infrastructure also provided investors with one of the least volatile investment returns because of its ability to ensure predictable total returns delivery. This means that on the Sharpe ratio risk-adjusted return basis, non-listed infrastructure was also the strongest performing asset. This performance was also delivered with significant portfolio diversification benefits with all assets, resulting in non-listed infrastructure contributing to the mixed-asset portfolios across the entire portfolio risk spectrum.

Practical implications

Aside from better risk-return trade-offs, institutional investors are getting more secular with their portfolios for alternative assets that are able to provide other investment benefits such as predictable long-term performance and inflation-linked returns. A further improvement in performance and diversification benefits could be achieved by enriching existing investment portfolios with real alternative assets, one of which is the infrastructure asset class. For institutional investors, having exposure to and being part of the development, delivery and management of infrastructure assets are important, as they are one of the few real assets having considerable significance in the context of society, economy and investment needs.

Originality/value

This is the first research paper that empirically investigates the investment attributes of the non-listed infrastructure at a global level. This research enables empirically validated, more informed and practical decision-making by institutional investors in the infrastructure asset class, especially via the non-listed pathway. The ultimate aim of this paper is to empirically validate the strategic role of non-listed infrastructure as an important alternative asset in the institutional real asset investment space, as well as in the overall portfolio context.

Details

Journal of Property Investment & Finance, vol. 39 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 2 April 2020

Muhammad Jufri Marzuki and Graeme Newell

Communication infrastructure assets present a compelling investment opportunity for investors interested to tap into the technology-driven and innovation-led…

Abstract

Purpose

Communication infrastructure assets present a compelling investment opportunity for investors interested to tap into the technology-driven and innovation-led infrastructure segments, given the need for intensified capital deployment to prepare for the future substantial flow in volume and velocity of information. These communication infrastructure assets exist either in the segments of satellite or telecommunication infrastructure. This paper intends to empirically assess the performance attributes of listed satellite and telecommunication infrastructure over January 2000–June 2019. Sub-period performance dynamics of listed satellite and telecommunication infrastructure in the pre-GFC (January 2000–June 2007) and the post-GFC (July 2009–June 2019) investment horizons are provided.

Design/methodology/approach

Nineteen-year monthly total returns over 2000–2019 were used to analyse the risk-adjusted performance and portfolio diversification potential of both listed satellite and telecommunication infrastructure. The mean-variance portfolio optimisation framework using the full period and post-GFC ex-post returns, risk and correlation coefficient of listed satellite and telecommunication infrastructure and other financial assets was developed to determine the added-value benefits of listed satellite and telecommunication infrastructure in an optimised investment framework.

Findings

Listed satellite and telecommunication infrastructure delivered mixed investment performance. They were highly volatile and there was a significant discount in total return performance against the other asset classes in the full and pre-GFC periods. However, listed telecommunication infrastructure delivered stronger performance in the post-GFC period across all performance measures. Listed satellite and telecommunication infrastructure offered strong diversification benefits for investors across all investment horizons. Further, the inclusion of listed telecommunication infrastructure in both the full period and post-GFC mixed-asset investment framework was also empirically justified.

Practical implications

Communication infrastructure assets such as satellite and telecommunication infrastructure are the key infrastructure assets to ensure the seamless operation of and interaction with modern technology going forward. Whilst being a small proportion of the overall infrastructure asset class universe, the $2.1 trillion progressively expanding listed communication infrastructure sector is having an important role to stimulate investor capital deployments in high quality and future-proof communication infrastructure assets. Listed satellite and telecommunication infrastructure assets are an opportunistic investment given their future growth potential and are seen as a suitable fit for investors with a secular investment profile.

Originality/value

Despite the infrastructure asset class being the focus of growing attention and empirical analysis, no previous studies have empirically investigated the listed satellite and telecommunication infrastructure sectors. This is the first published empirical research analysis that aims at articulating the investment attributes of listed satellite and telecommunication infrastructure as a route for exposure in technology-related infrastructure assets. This research validates and informs practical property investment decision-making for investors seeking exposure in the increasingly important communication infrastructure assets sector.

Details

Journal of Property Investment & Finance, vol. 39 no. 3
Type: Research Article
ISSN: 1463-578X

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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

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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

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