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Government and Public Policy in the Pacific Islands
Type: Book
ISBN: 978-1-78973-616-8

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Article
Publication date: 18 June 2020

Yu-Cheng Lin, Chyi Lin Lee and Graeme Newell

As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the…

Abstract

Purpose

As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-adjusted performance and portfolio diversification benefits of I&L REITs in the Pacific Rim region from July 2011 to December 2018. The strategic property investment implications for I&L REITs are also identified.

Design/methodology/approach

Monthly total returns from July 2011 to December 2018 were used to analyse the risk-adjusted performance and portfolio diversification benefits for I&L REITs in the United States, Japan, Australia and Singapore. An asset allocation diagram was employed to assess the strategic role of I&L REITs in a mixed-asset portfolio in each case.

Findings

I&L REITs generally possessed superior average annual returns compared with the other sub-sector REITs, stocks and bonds in the United States, Japan, Australia and Singapore between July 2011 and December 2018, with desirable portfolio diversification benefits. Importantly, a more significant role for I&L REITs was generally observed in the mixed-asset portfolio compared to the other sub-sector REITs in each of these four markets across the broad portfolio risk spectrum. This reflects I&L REITs delivering enhanced portfolio returns and offering portfolio diversification benefits in a mixed-asset portfolio in the United States, Japan, Australia and Singapore.

Practical implications

Property investors, particularly property securities funds (PSFs) and income-oriented investors, should consider including I&L REITs in their mixed-asset portfolios, as Pacific Rim–based I&L REITs provided an attractive REIT investment sub-sector, co-existing alongside the other sub-sector REITs and major asset classes in a mixed-asset portfolio in a Pacific Rim context, as well as being a portfolio diversifier. These results confirm the added-value and strategic role of I&L REITs in a mixed-asset portfolio, seeing I&L REITs as an effective investment pathway for I&L property exposure in the Pacific Rim region.

Originality/value

This is the first study to assess the investment performance of I&L REITs in the Pacific Rim region, evaluating their significance, risk-adjusted performance and portfolio diversification benefits, and the role of I&L REITs in a mixed-asset portfolio in the United States, Japan, Australia and Singapore. More importantly, this research is the first paper to provide empirical evidence on I&L REITs, which have often transformed their traditional industrial property portfolios with increased levels of logistics property to gain exposure to recent e-commerce trends. This research enables more informed and practical property investment decision-making regarding I&L REITs and their added-value and strategic role in a mixed-asset portfolio, as well as delivering effective I&L property exposure in the Pacific Rim region, with the added benefits of liquidity, transparency and fiscal efficiency.

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Journal of Property Investment & Finance, vol. 38 no. 6
Type: Research Article
ISSN: 1463-578X

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Book part
Publication date: 17 June 2020

Kabini Sanga and Martyn Reynolds

This chapter offers a selective review of the emerging Indigenous Pacific educational research from 2000 to 2018. The Pacific region is home to many and various cultural…

Abstract

This chapter offers a selective review of the emerging Indigenous Pacific educational research from 2000 to 2018. The Pacific region is home to many and various cultural groups, and this review is an opportunity to celebrate the consequent diversity of thought about education. Common threads are used to weave this diversity into a set of coherent regional patterns. Such threads include the regional value to educational research of local metaphor, and an emphasis on relationality or the state of being related as a cornerstone of education, both in research and as practice. The relationship between indigenous educational thought and formal education in indigenous contexts is also addressed. The review pays attention to educational research centered in home islands and that which focuses on the education of those from Pacific Islands in settler societies since connections across the ocean are strong. Because of the recent history of the region, developments are fast paced and ongoing, and this chapter concludes with a sketch of research at the frontier. Set within the context of an area study, the chapter concludes by suggesting what challenges the region has to offer in terms of re-thinking the field of international and comparative education.

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Annual Review of Comparative and International Education 2019
Type: Book
ISBN: 978-1-83867-724-4

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Article
Publication date: 28 April 2020

Juan-Felipe Toro-Fernandez and Jaime Tijmes-Ihl

Through the Belt and Road Initiative (BRI), China has built bilateral relations with Latin American states. The purpose of this article is to explore the potential for…

Abstract

Purpose

Through the Belt and Road Initiative (BRI), China has built bilateral relations with Latin American states. The purpose of this article is to explore the potential for using the Pacific Alliance (PA) as a negotiating frame as regards the Belt and Road Initiative.

Design/methodology/approach

We use a descriptive and analytical methodology to recapitulate and analyze the factual and normative background of Latin American economic integration during the last three decades, a process that so far has culminated in the Pacific Alliance (PA) and an emphasis on the Asia–Pacific region.

Findings

We contend that the PA has been a learning process in terms of economic cooperation. In addition, it is a Latin American economic integration project that emphasizes its focus on the Asia–Pacific region. Considering the nature of BRI projects, as well as Latin American states’ and China’s interests, we contend that it would be beneficial if Chile, Colombia, Mexico, and Peru, the members of the PA, and China channeled their BRI relations through the PA. Thus, the PA should be China’s negotiating partner.

Originality/value

So far, the Belt and Road Initiative (BRI) in Latin America has been built upon bilateral relations. This article explores the possibility of developing the BRI through the Pacific Alliance (PA).

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Asian Education and Development Studies, vol. 10 no. 3
Type: Research Article
ISSN: 2046-3162

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Article
Publication date: 13 June 2018

Heather Douglas, Buriata Eti-Tofinga and Gurmeet Singh

This paper aims to examine the contributions of hybrid organisations to wellbeing in small Pacific island countries.

Abstract

Purpose

This paper aims to examine the contributions of hybrid organisations to wellbeing in small Pacific island countries.

Design/methodology/approach

The concept and different forms of hybrid organisations are examined, and then the operation and contributions to wellbeing of three Fijian hybrid organisations are considered.

Findings

Hybrid organisations in this region operate with a commitment to the common good and an ethic of care. Fijian hybrid organisations improve social and economic wellbeing for individuals, families and communities by providing employment, schools and training facilities, financial and support services, sustainable agriculture projects and facilitating networking. These services improve individual and community social and economic wellbeing, build resilience, add to personal and family security, offer opportunities for the future, advance leadership skills and sustain the environment. Commercial activities that support these organisations in their wellbeing endeavours include product sales, service fees, project levies and investment income.

Research limitations/implications

Generalisability beyond the Pacific region is not assured, as this review only examines hybrid organisations in small Pacific island countries.

Practical implications

Hybrid organisations offer an alternative pathway to achieve a sustainable enterprise economy, an approach that is more culturally relevant for the Pacific region. Policies to nurture the development of these organisations, and research into the startup, operation, impact and effectiveness of different hybrid organisation models would help to improve wellbeing in this region. International charities and aid agencies could advance the wellbeing of people living in this region by supporting the development of hybrid organisations. External agencies seeking to support hybrid organisation development are advised to consider providing funding through a regional agency rather than engaging directly with national governments.

Social implications

Developing a robust hybrid organisation sector will improve social and economic wellbeing for people living in small island nations.

Originality/value

As one of the first studies to examine wellbeing and hybrid organisations, this review adds to hybrid business theory by its consideration of small Pacific island countries. The authors add to existing understandings of how hybrid organisations contribute to social and economic wellbeing for individuals, families and communities. The review identifies each form hybrid organisational form adopts. Each has a central commitment to generating social and economic value but different revenue sources. The review adds valuable new knowledge to the limited scholarship of this region by identifying the philosophical foundations and contributions to wellbeing of these hybrid organisations. A future research agenda and policy development process is proposed to improve wellbeing and advance hybrid organisations in the region.

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Sustainability Accounting, Management and Policy Journal, vol. 9 no. 4
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 8 November 2011

Susan Forbes and Malcolm McIntosh

This study aims to examine the uptake of corporate social responsibility (CSR) in the Asia Pacific region and to explore the extent to which countries in the region are…

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Abstract

Purpose

This study aims to examine the uptake of corporate social responsibility (CSR) in the Asia Pacific region and to explore the extent to which countries in the region are transitioning towards a sustainable enterprise economy (SEE) and the links between the two, thereby connecting the uptake of CSR at the organisational level to the configuration and transformation of societies.

Design/methodology/approach

In order to examine the uptake of CSR in the Asia Pacific region and assess the extent to which countries are transitioning towards the SEE, this study compiles data from a selection of CSR‐related indicators that are globally harmonised and globally recognised as well as national performance indicators that not only set the operational context for organisations but also help to measure the ultimate impacts of policies, practices and activities by organisations on national conditions.

Findings

Based on the preliminary study undertaken into global national indicators in the Asia Pacific region, there is a need for more comprehensive indicators that capture key elements of a SEE. The study envisages the creation of a “Global SEE dashboard” of actual, real‐time key performance indicators that can help facilitate stewardship by societies towards the Global SEE.

Originality/value

By underscoring the needs, opportunities and challenges for CSR capacity‐building in the Asia Pacific region and for countries to transition effectively towards the SEE, this study adds value to the efforts of public and private policy makers concerned with CSR, sustainability and governance as well as practitioners and members of civil society interested in responsible global citizenship.

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Sustainability Accounting, Management and Policy Journal, vol. 2 no. 2
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 6 November 2007

Deqing Diane Li and Kenneth Yung

The purpose of this paper is twofold in examining the international transmission of REIT returns volatility. The first purpose is to add to the literature on whether the…

Abstract

Purpose

The purpose of this paper is twofold in examining the international transmission of REIT returns volatility. The first purpose is to add to the literature on whether the real estate securities market and the broader equity market are integrated. The second objective of the study is to determine whether geographic risk factors can be transmitted beyond their region of influence.

Design/methodology/approach

The study uses the GARCH(1, 1), EGARCH, and GARCH‐M models.

Findings

The results show that there are significant international spillovers of REIT returns volatility within the Pacific region. The results also show that there are significant volatility transmissions between the Pacific and the Atlantic regions.

Practical implications

The results are consistent with the implication that the real estate sector and the general equity market are integrated such that geographic risk can be transmitted across national borders. The result will have major implications for international investment strategies.

Originality/value

To date, there has been no published study on the international transmission of REIT returns volatility. This study therefore examines whether the conditional variance of REIT returns of a country is affected by volatility transmission across markets in the same region using four Pacific markets.

Details

Review of Accounting and Finance, vol. 6 no. 4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 23 October 2020

Bruno Amann, Jacques Jaussaud and Johannes Schaaper

Large multinational companies (MNCs) are strongly formalized, often standardized and complex with multiple hierarchical levels. Over the past few decades, MNCs have…

Abstract

Purpose

Large multinational companies (MNCs) are strongly formalized, often standardized and complex with multiple hierarchical levels. Over the past few decades, MNCs have strengthened their coordination and control systems by creating regional headquarters (RHQs). This study aims to investigate how MNCs rearticulate control dimensions at RHQs, to coordinate and exert control over subsidiaries in the Asia-Pacific region.

Design/methodology/approach

Based on a survey of 86 French MNCs in the Asia-Pacific region, this study applies a structural equation model to determine RHQs’ roles in the field of regional decision-making, coordination and control.

Findings

Large MNCs, with a significant presence in Asia, transfer coordination and control to RHQs, in a way that leads us to propose the use of the expression “regio-centralization.” RHQs become socialization hubs, where most regional decisions are taken and where international managers meet. MNCs mobilize at the same time expatriates, short-term assignees and local managers who intensively interact at RHQs. Thus, informal control at RHQs increases, partly substituting formal control by HQs. Smaller MNCs, without RHQs, on the contrary, base their control and coordination on the formalization of HQs-subsidiary relations, especially through strong reporting, in combination with centralized decision-making at HQs.

Research limitations/implications

This study is based on MNCs from one specific country, France, and focuses only on the dynamic Asia-Pacific host region. Coordination and control in less dynamic regions may reveal different results.

Originality/value

This study leads to a better understanding of how large MNCs reorganize dispersed activities in the Asia-Pacific region by creating RHQs, where important control and coordination functions are relocated.

Details

Multinational Business Review, vol. 29 no. 1
Type: Research Article
ISSN: 1525-383X

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Article
Publication date: 16 May 2016

Vipul Kumar Singh and Faisal Ahmed

The purpose of this paper is to econometrically investigate the level of financial co-integration of the least developed countries (LDCs) of Asia and Pacific region. In…

Abstract

Purpose

The purpose of this paper is to econometrically investigate the level of financial co-integration of the least developed countries (LDCs) of Asia and Pacific region. In addition, the paper also tested the co-integration of LDCs with the world’s second largest economy “China.” For this, the paper employed the foreign exchange data sets of respective LDCs. It also aimed to assess the dynamic conditional correlation (DCC) between the foreign exchange rates of LDCs and China, and further, examined the past and current level of their co-relational dependence.

Design/methodology/approach

The authors created data sets namely LDCs of Asia and Pacific, LDCs of SAARC, LDCs of ASEAN, LDCs of Pacific, LDCs of SAARC and ASEAN, LDCs of ASEAN and Pacific, and LDCs of SAARC and Pacific. In addition, the authors tested the co-integration of these seven groups with China, and thus, making a total of 14 data sets. The analysis was carried out using the Johansen and Gregory-Hansen multivariate co-integration econometric techniques. To assess the DCC, multivariate DCC GARCH model was employed.

Findings

It was found that at the intra-regional level, exchange rates of LDCs of SAARC, ASEAN and Pacific were co-integrated and showed the existence of 1-3 co-integrating equations. At inter-regional level SAARC-ASEAN, ASEAN-Pacific and SAARC-Pacific were also co-integrated and showed 1-3 co-integrated equations. However, on the inclusion of China in the study, the degree of co-integration of exchange rate of China with LDCs of SAARC and ASEAN increased, while with Pacific, the result was mixed. Conditional correlation estimated of multivariate DCC GARCH model suggested that except for Afghanistan, there was an upward shift in the correlation dynamics of exchange rates of LDCs with China, post global financial crisis.

Practical implications

Asia and Pacific region constituted of 53 countries, of which 13 were LDCs. Enhanced financial integration among LDCs of Asia-Pacific region and also between LDCs and major economies of the region like China will strengthen economic and financial integration efforts in the region.

Originality/value

The present paper attempted a comparative assessment of the co-movements of the foreign exchange markets of LDCs, the countries which have remained largely neglected in academic discourses on financial integration.

Details

China Finance Review International, vol. 6 no. 2
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 13 April 2010

Alexandra Ryan, Daniella Tilbury, Peter Blaze Corcoran, Osamu Abe and Ko Nomura

The purpose of this paper is to provide an overview of the contributions of the Asia‐Pacific region to leading practice in sustainability in higher education (HE), as…

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Abstract

Purpose

The purpose of this paper is to provide an overview of the contributions of the Asia‐Pacific region to leading practice in sustainability in higher education (HE), as prelude and orientation to this special issue collection from different countries and regions.

Design/methodology/approach

This is a critical review that includes international and regional policy contexts in sustainability and “education for sustainable development” (ESD), whilst exploring the trajectories of key initiatives across the region and considering the broader context of sustainability innovation within the HE sector.

Findings

The Asia‐Pacific region offers many creative initiatives and shows considerable progress in ESD and in understanding the learning dimensions of sustainability. At the same time, it mirrors global trends in that further work is needed to promote systemic change in educational arenas, particularly in terms of strategic integration within HE institutions. The Asia‐Pacific contributions to this collection demonstrate the need to harness national policy, to develop local and regional initiatives and to work effectively towards more profound change in HE curricula and through collaboration with external communities and stakeholders.

Originality/value

This is a distinctive collection of new initiatives from the Asia‐Pacific, which compensates for the comparative lack of dissemination in this area. There is considerable sustainability innovation emerging in this region which shows leading‐edge responses from within the HE sector on a number of key challenges and issues.

Details

International Journal of Sustainability in Higher Education, vol. 11 no. 2
Type: Research Article
ISSN: 1467-6370

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