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The aim of the paper is to discuss the impact of property brands on the value for shareholders in the real estate and high tech industries.

The theory of Tobin's q is used as a tool in the analysis, which is also based on anecdotal empirical evidence.

We can formulate the hypothesis that property brands are even more interesting to high tech and professional firms compared to traditional real estate firms.

The hypothesis is based on a theoretical discussion and also on limited empirical examples. Further empirical studies in the area would, therefore, be of great interest.

If the above‐mentioned hypothesis is confirmed in further studies, it could contribute to an explanation of the phenomenon of property brands.

The originality lies in the combination of the real estate and high tech industries and also in the application of Tobin's q to the subject.

Considers the interrelationships between manufacturing firms and their accommodation in the rented sector of the industrial property market. Discusses the implications for the industry of the growth of the rented sector, and outlines three analytical approaches to an understanding of firm‐property interrelationships: industry‐based analysis, behavioural analysis, and life‐cycle theory. Concludes that the increasing importance of rented industrial property has highlighted the need for a better understanding of the firm‐property interrelationship, three approaches to which have been outlined above.

The focus of this research paper is on the debt ownership choice of UK property companies. The data show that bank borrowings constitute more than half of the total outstanding debt of the quoted property sector, testifying to the widespread use of bank debt among property companies. We carried out four censored regressions to identify key factors influencing the firms’ decision to use bank loans instead of other types of debt. The results reveal that firm size and credit risk are significant determinants of the bank debt ratio of property companies. We also observe that institutional ownership has a strong positive effect on bank debt reliance. This finding suggests that institutional investors in property companies delegate the monitoring of the firm’s actions to the banks. We also find a weakly positive relationship between interest rate and bank debt ratio. The regression results further suggest that property market cycle, volatility of interest rates, and the firm’s leverage, growth opportunity, trading activities and age do not have any significant effect on the debt ownership choice.

The purpose of this paper is to examine the impact of Broad-Based Black Economic Empowerment (BBBEE) on the risk and returns of listed and delisted property firms on the Johannesburg Stock Exchange (JSE). The study was investigated to understand the impact of Black Economic Empowerment (BEE) property sector charter and effect of government intervention on property listed markets.

The study examines the performance trends of the listed and delisted property firms on the JSE from January 2006 to January 2012. The data were obtained from McGregor BFA database to compute the risk and return measures of the listed and delisted property firms. The study employs a capital asset pricing model (CAPM) to derive the alpha (outperformance) and beta (risk) to examine the trend amongst the BEE and non-BEE firms, Sharpe ratio was also employed as a measurement of performance. A comparative study is employed to analyse the risks and returns between listed property firms that are BEE compliant and BEE non-compliant.

Results show that there exists differences in returns and risk between BEE-compliant firms and non-BEE-compliant firms. The study shows that BEE-compliant firms have higher returns than non-BEE firms and are less risky than non-BEE firms. By establishing this relationship, this possibly affects the investor’s decision to invest in BEE firms rather than non-BBBEE firms. This study can also assist the government in strategically adjusting the policy.

This study employs a CAPM which is a single-factor model. Further study could employ a multi-factor model.

The results of this investigation, with the effects of BEE on returns, using annualized returns, the Sharpe ratio and alpha (outperformance), results show that BEE firms perform better than non-BEE firms. These results pose several implications for investors particularly when structuring their portfolios, further study would need to examine the role of BEE on stock returns in line with other factors that affect stock returns. The results in this study have several implications for government agencies, there may be the need to monitor the effect of the BEE policies on firm returns and re-calibrate policies accordingly.

This study investigates the performance of listed property firms on the JSE which are BEE compliant. This is the first study to investigate listed property firms which are BEE compliant.

The paper aims to investigate the value-relevance of changes in fair values of investment property reported under International Accounting Standards (IAS) 40 and International Financial Reporting Standards (IFRS) 13.

Multivariate regression models are used to regress cumulative market-adjusted stock returns of real estate firms on changes in fair values, along with control variables and corporate governance variables, in order to examine the research question.

Using hand-collected data from the Australian Real Estate Industry (AREI), the authors find that changes in fair values of investment property are value-relevant for equity investors. The authors further find that using unobservable inputs in an active market (Level 3 inputs) does not diminish the information content of fair values. The authors document that properties valued exclusively by directors have a significantly reduced value-relevance, whereas property valuations made collectively by both directors and independent valuers have superior value-relevance, possibly owing to the combination of inside knowledge and externally imposed monitoring. Collectively, the findings suggest that in the real estate industry, where unobservable inputs are commonly used to determine fair values of properties, the fair values determined subjectively are perceived to be sufficiently informative and relevant.

The authors' findings have important implications for accounting standard-setters in considering whether an external valuation should be required and whether the extensive measurement-related fair value disclosure requirements are useful.

The study extends previous archival evidence and complements prior commentaries on experimental and analytical work in the Australian regulatory environment.

As firms turn their innovation activities toward collaborating with external partners, they face additional challenges in managing their knowledge. While different modes of intellectual property right regimes are applied in closed innovation systems, there seems to be tension between the concepts of “open innovation” and “intellectual property rights”. The purpose of this paper is to investigate how firms best manage knowledge via intellectual property rights in open innovation processes.

Following a mixed methods approach, the authors review relevant literature at the intersection of knowledge management, intellectual property rights, strategic management of intellectual property rights and the open innovation process. The authors identify success drivers through the lenses of – but not limited to – intellectual property rights and classify them in five distinct groups. Expending the view on open innovation beyond its modus operandi, the authors develop the Open Innovation Life Cycle, covering three stages and three levels of the open innovation process. The authors apply their findings to a case study in the pharmaceutical industry.

The authors provide four key contributions. First, existing literature yields inconclusive results concerning the enabling or disabling function of intellectual property rights in open innovation processes, but the majority of scholars detect an ambivalent relation. Second, they identify and classify success drivers of successful knowledge management via intellectual property rights in open innovation processes. Third, they advance literature on open innovation beyond its modus operandi to include three stages and three levels. Fourth, they test their findings to a case study and show how management leverages knowledge by properly using intellectual property rights in open innovation.

The findings support firms in managing knowledge via intellectual property rights in open innovation processes. Management should account for the peculiarities of open innovation preparation and open innovation termination to prevent unintentional knowledge drain.

This is one of the first studies to view open innovation as a process beyond its modus operandi by considering the preparations for and termination of open innovation activities. It also addresses the levels involved in managing knowledge via intellectual property rights in open innovation from individual (personal) to project and firm level.

The purpose of this paper is to unravel the complex linkages between properties of knowledge, firm's absorptive capacities, and innovation performance in China small and medium‐sized enterprises (SMEs).

The authors utilize moderated multiple regression (MMR) to explore the complex relationships by using the empirical data of Chinese information technology and electro‐communication firms during 2005‐2008.

The results show that only a few knowledge properties have negative effects on innovation performance. Most knowledge properties have a positive effect on innovation. The results also claim that the relationship between properties of knowledge and innovation performance is more pronounced when the firm has higher absorptive capacity.

The study indicates that properties of knowledge and absorptive capacity are two inseparable determinants for innovation performance, and absorptive capacity moderates the relationship between properties of knowledge and innovation performance.

Concerns relating to the representational faithfulness and, consequently, the relevance of fair value (FV) estimates are likely to be heightened in the wake of market uncertainty caused by the COVID pandemic. Therefore, this paper aims to study the relevance of supplementary disclosures intended to improve the representational faithfulness of FV estimates by examining their impacts on audit fees and investors’ valuation of FV adjustments in the uncertain market condition of 2020.

The sample is comprising Australian real estate firms. The authors develop both weighted and unweighted disclosure indices based on supplementary disclosures related to Level 3 FVs under IFRS 13 Fair Value Measurement. The authors measure the levels of disclosure by the sample firms based on these indices from 2018 to 2020 and ascertain their effects on audit fees and the market value of FV adjustments on investment properties.

The authors find that real estate firms increased supplementary FV disclosures during 2020. The authors document a negative association between supplementary disclosures and audit fees, although the authors find no incremental impact of disclosures on audit fees during the pandemic. Additionally, the authors find that investors’ pricing of FV adjustments increased with the increase in disclosures during the market uncertainty of 2020, while in the pre-uncertainty period, their pricing influence was not significant.

The findings extend the understanding of the role of supplementary disclosures on Level 3 investment properties in mitigating the perceived audit risk for auditors and the faithful representation concerns for investors in a distressed market environment.

Interfirm contracts are a ubiquitous economic institution in market economies. In this study, we examine the determinants of one important aspect of interfirm contracts – contract duration. We begin with Joskow's (1987) study that demonstrated that contract duration is governed by mechanisms that economize transaction costs. Our study extends Joskow's study in several ways: First, while Joskow's study focuses on one particular area of extreme resource dependence, between the coal mine and the power company, we examine patterns of contract duration and their determinants across broader economic sectors, thereby providing a more general test of the key ideas in transaction cost economics. Second, we investigate the role of social institutions as a distinct mechanism underlying the design of contract duration, especially in terms of mitigating risks and transaction costs. Finally, by situating our study in China, we extend the research context beyond industrialized market societies to a transitional economy where interfirm contracts are an emerging economic institution. The empirical study is based on the analyses of information on 877 contracts from 620 firms collected in two Chinese cities, Beijing and Guangzhou, in 2000.

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting principles for the valuation of assets: fair value and historical cost. The study focuses on land and buildings as a main part of the total fixed assets of a company. It uses the framework of the Greek real estate market as an experimental setting where the principles of historic cost and fair value accounting can be compared.

The topic is approached using an integration of fixed assets into four main portfolio categories: own used; investments; held for sale assets; and inventories. According to this framework the study examines the accounting treatments under International Financial Reporting Standards (IFRS), US GAAP and Greek GAAP for each portfolio transaction and analyses the impact of accounting entries to equity and profit and loss account.

The study results to a comparative analysis of the different studied GAAP and tries to establish a purchase price allocation method for property acquisition.

The contribution of this article is that it surveys principles, literature and practice about the above issues from a critical perspective, and presents a way to managing and monitoring real estate investments, using logical decision trees, from an accounting point of view.