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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 demands-resources…

3370

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

Keywords

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 factors…

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 social…

1226

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: 21 March 2024

Graeme Newell and Muhammad Jufri Marzuki

Renewable energy infrastructure is an important asset class in the context of reducing global carbon emissions going forward. This includes solar power, wind farms, hydro, battery…

Abstract

Purpose

Renewable energy infrastructure is an important asset class in the context of reducing global carbon emissions going forward. This includes solar power, wind farms, hydro, battery storage and hydrogen. This paper examines the risk-adjusted performance and diversification benefits of listed renewable energy infrastructure globally over Q1:2009–Q4:2022 to examine the role of renewable energy infrastructure in a global infrastructure portfolio and in a global mixed-asset portfolio. The performance of renewable energy infrastructure is compared with the other major infrastructure sectors and other major asset classes. The strategic investment implications for institutional investors and renewable energy infrastructure in their portfolios going forward are also highlighted. This includes identifying effective pathways for renewable energy infrastructure exposure by institutional investors.

Design/methodology/approach

Using quarterly total returns, the risk-adjusted performance and portfolio diversification benefits of global listed renewable energy infrastructure over Q1:2009–Q4:2022 is assessed. Asset allocation diagrams are used to assess the role of renewable energy infrastructure in a global infrastructure portfolio and in a global mixed-asset portfolio.

Findings

Listed renewable energy infrastructure was seen to underperform the other infrastructure sectors and other major asset classes over 2009–2022. While delivering portfolio diversification benefits, no renewable energy infrastructure was seen in the optimal infrastructure portfolio or mixed-asset portfolio. More impressive performance characteristics were seen by nonlisted infrastructure funds over this period. Practical reasons for these results are provided as well as effective pathways going forward are identified for the fuller inclusion of renewable energy infrastructure in institutional investor portfolios.

Practical implications

Institutional investors have an important role in supporting reduced global carbon emissions via their investment mandates and asset allocations. Renewable energy infrastructure will be a key asset to assist in the delivery of this important agenda for a greener economy and addressing global warming. Based on this performance analysis, effective pathways are identified for institutional investors of different size assets under management (AUM) to access renewable energy infrastructure. This will see institutional investors embracing critical investment issues as well as environmental and social issues in their investment strategies going forward.

Originality/value

This paper is the first published empirical research analysis on the performance of renewable energy infrastructure at a global level. This research enables empirically validated, more informed and practical decision-making by institutional investors in the renewable energy infrastructure space. The ultimate aim of this paper is to articulate the potential strategic role of renewable energy infrastructure as an important infrastructure sector in the institutional real asset investment space and to identify effective pathways to achieve this renewable energy infrastructure exposure, as institutional investors focus on the strategic issues in reducing global carbon emissions in the context of increased global warming.

Article
Publication date: 18 March 2024

Graeme Newell and Muhammad Jufri Marzuki

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the…

Abstract

Purpose

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.

Design/methodology/approach

Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.

Findings

French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French 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 to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.

Practical implications

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio.

Originality/value

This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 20 March 2024

Graeme Newell and Muhammad Jufri Marzuki

ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real…

Abstract

Purpose

ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real estate space. This paper proposes a new metric to be used in the S space to assess improvements in aspects such as gender equality and cultural diversity in real estate. It adds to the S metrics currently available to see the more effective delivery of the S dimension into real estate investment decision-making.

Design/methodology/approach

A new S metric in ESG is proposed and validated. Using this metric, examples regarding gender equality and cultural diversity are assessed among leading real estate players in Australia. This S metric is assessed over a number of time periods to demonstrate the improvements in gender equality and cultural diversity in these major real estate players.

Findings

This new S metric is seen to be highly effective and robust in capturing the changes in various aspects of the S dimension in ESG in the real estate space today; particularly concerning gender equality and cultural diversity. It is clearly able to demonstrate the significant changes in increased participation of women at the more senior leadership levels by leading players in the real estate space.

Practical implications

With ESG becoming a critical issue in the real estate sector, issues involved in the S space will take on increased significance going forward. This is critical, as the elements of the S dimension such as gender equality and cultural diversity are important aspects for an effectively functioning real estate industry. The S metric developed in this paper can be used for benchmarking purposes over time, as well as between real estate players, between sub-sections within a real estate organisation, and comparing against other industry sectors. It is also relevant in all organisations, and is not just limited to the real estate sector. Additional metrics in the S space are an important development to further empirically assess the effective delivery of the S dimension of ESG in the real estate sector and more broadly.

Originality/value

This paper specifically proposes this new S metric in ESG in the real estate industry. This is a key issue for the real estate industry going forward at all levels, as it will facilitate a more diverse real estate industry and more effective real estate investment decision-making. This S metric is applicable in all organisational sectors where the S dimension of ESG is important.

Details

Journal of Property Investment & Finance, vol. 42 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 28 February 2023

Graeme Newell, Muhammad Jufri Marzuki, Martin Hoesli and Rose Neng Lai

Opportunity real estate funds are an important style of real estate investing for institutional investors seeking nonlisted real estate exposure. Importantly, institutional…

Abstract

Purpose

Opportunity real estate funds are an important style of real estate investing for institutional investors seeking nonlisted real estate exposure. Importantly, institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund (100% China opportunity real estate) or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this pan-Asia opportunity real estate portfolio. Using two bespoke China opportunity real estate indices developed by the authors, this paper aims to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate in a mixed-asset portfolio over 2008–2020. It also highlights critical issues for institutional investors going forward to factor into their real estate investment decision-making for effective China real estate exposure.

Design/methodology/approach

This paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate funds in a mixed-asset portfolio over 2008–2020. An asset allocation diagram is used to assess the role of China opportunity real estate in a mixed-asset portfolio via both the non-listed and listed real estate investment channels.

Findings

Over 2008–2020, China opportunity real estate exposure via pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. In both formats, China opportunity real estate funds were seen to have a significant role in a China mixed-asset portfolio across most of the portfolio risk spectrum; particularly compared to listed real estate exposure in China. On-going issues regarding real estate risk management in China will take on increased importance for institutional investors seeking China real estate exposure.

Practical implications

Opportunity real estate funds are an important style of real estate investing, often used by institutional investors to gain non-listed real estate exposure in a developing real estate market. This style of real estate investing has been popular with institutional investors seeking exposure to China real estate as part of the China economic growth dynamic. The results of this research highlight the importance of opportunity real estate investing in China, both via a pure China opportunity real estate fund and via a pan-Asia opportunity real estate fund. Based on this empirical analysis, China opportunity real estate exposure is seen to be more effective via a pan-Asia opportunity real estate fund than a 100% China opportunity real estate fund. A range of practical China real estate investment issues are also highlighted for the effective delivery of China real estate exposure for institutional investors going forward; this particularly relates to the on-going risk management for real estate investment in China.

Originality/value

This paper is the first empirical research analysis of the risk-adjusted performance of China opportunity real estate and its role in a mixed-asset portfolio. Using bespoke China opportunity real estate fund indices developed by the authors, this research enables empirically-validated, more informed and practical opportunity real estate investment decision-making regarding the strategic role of China opportunity real estate in an institutional investor's portfolio. It also highlights the importance of various facets of real estate risk management in China going forward.

Details

Journal of Property Investment & Finance, vol. 41 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 19 June 2023

Graeme Newell and Muhammad Jufri Marzuki

COVID-19 has had a significant global impact at many levels, including an impact on global real estate capital flows. This paper examines the impact of COVID-19 on global real…

Abstract

Purpose

COVID-19 has had a significant global impact at many levels, including an impact on global real estate capital flows. This paper examines the impact of COVID-19 on global real estate capital flows over 2019–2022 to clearly articulate the extent of this impact on global real estate capital flows across regions, countries, major cities, real estate sub-sectors and by major real estate investors. Drivers of these global real estate capital flow changes are also identified. The strategic real estate investment implications of this impact are highlighted, as well as the implications going forward concerning the global real estate strategies for the real estate portfolios held by institutional investors.

Design/methodology/approach

To assess the impact of COVID-19, the Real Capital Analytics (RCA) database of global real estate transactions over 2019–2022 is used to drill-out critical details on commercial real estate transactions to explore specific trends in global real estate capital flows in this period of the COVID-19 crisis. This includes real estate capital flows to specific regions, countries, cities, real estate sub-sectors as well as the role of major real estate investors.

Findings

The impact of COVID-19 is clearly shown with the major decline in global real estate capital flows in 2020, with a strong recovery in 2021. Reduced levels of real estate capital flows in 2022 reflect different risk dynamics, where 2022 has seen investors move on from the COVID-19 environment. In 2022, the risk of COVID-19 for real estate has been replaced by global real estate risk factors such as inflation concerns, geopolitical tensions, economic growth concerns, increased cost of debt issues and supply chain issues. This sees COVID-19 now rated as only the 6th most important risk factor in real estate investment decision-making for real estate investors in the Americas, Europe, Middle East and Africa (EMEA) and Asia–Pacific.

Practical implications

This research has clearly shown the extent of the impact of COVID-19 on global real estate capital flows, as well as identifying the drivers of these real estate capital flow changes. It highlights that real estate investors have moved on and are now prioritising new risk factors ahead of COVID-19 risk. These critical risk factors reflect more recent financial, economic and geopolitical issues, which are key issues in real estate investment decision-making going forward. Investors need to structure these new risk factors into their real estate investment decision-making for the ongoing management of their domestic and international real estate portfolios.

Originality/value

This paper is the first published empirical research analysis of global real estate capital flows during the COVID-19 crisis. This research provides major insights on real estate investment decision-making during this crisis and the strategic changes seen in acquiring real estate portfolios in response to this major global crisis. The change in real estate risk priorities in 2022 as real estate investors move on from the COVID-19 environment is also identified and is clearly reflected in the 2022 global real estate capital flows.

Details

Journal of Property Investment & Finance, vol. 41 no. 5
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 performance and…

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

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