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Many studies have analysed the impact of various variables on the ability of companies to raise capital. While most of these studies are sector-agnostic, literature on the effects of macroeconomic variables on sectors that established over the last 20 years like property technology and financial technology, is scarce. This study aims to identify macroeconomic factors that influence the ability of both sectors and is extended by real estate variables.

The impact of macroeconomic and real estate related factors is analysed using multiple linear regression and quantile regression. The sample covers 338 observations for PropTech and 595 for FinTech across 18 European countries and 5 deal types between 2000–2001 with each observation representing the capital invested per year for each deal type and country.

Besides confirming a significant impact of macroeconomic variables on the amount of capital invested, this study finds that additionally the real estate transaction volume positively impacts PropTech while the real estate yield-bond-gap negatively impacts FinTech.

For PropTech and FinTech companies and their investors it is critical to understand the dynamic with mac-ro variables and also the real estate industry. The direct connection identified in this paper is critical for a holistic understanding of the effects of measurable real estate variables on capital investments into both sectors.

The analysis fills the gap in the literature between variables affecting investment into firms and effects of the real estate industry on the investment activity into PropTech and FinTech.

The aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar scores as proxies for ESG performance, the study investigates how these factors impact both profitability and market indicators.

With data sourced from over 680 publicly listed real estate companies, the research employs a fixed effects regression model to analyze the findings. By utilizing this method, the study can assess the impact of governance, environmental and social factors on both the accounting and market performance of real estate companies.

The outcomes of this study underscore a link between sustainability, particularly environmental aspects and financial performance. However, the study also reveals a contrasting result: governance factors are associated with adverse financial outcomes. Nevertheless, it is important to highlight the limitations as the results present a mixed picture with limited significant findings.

Companies should prioritize improvements in environment to boost profitability, while they should carefully consider the costs and benefits associated with enhancing their governance structure.

By focusing on this industry and adopting a global perspective, the study addresses a gap in the literature. The research’s innovative approach to utilizing ESG ratings and pillar scores as proxies for ESG performance enhances its originality. Furthermore, the research’s identification of the differing impacts of environmental and governance factors on financial outcomes add novel perspectives to the discourse.

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.

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.

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.

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.

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.

This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.

While existing literature has primarily focused on the impact of voluntary sustainability disclosure, such as certifications or reporting standards, this study addresses a significant research gap by constructing and analyzing the financial J-Curve of 40 funds under the SFDR. The authors employ a panel regression analysis to examine the effects of different SFDR categories on fund performance.

The findings reveal that funds categorized under Article 8 of the SFDR do not exhibit significantly poorer performance compared to funds categorized under Article 6 during the initial phase after launch. On average, Article 8 funds even demonstrate positive returns earlier than their peers. However, the panel regression analysis suggests that Article 8 funds slightly underperform when compared to Article 6 funds over time.

While investors may not anticipate lower initial returns when opting for higher SFDR categories, they should nevertheless be aware of the limitations inherent in the existing SFDR labeling system within the unlisted real estate sector.

To the best of our knowledge, this study represents the first quantitative examination of unlisted real estate fund performance under the SFDR. By providing unique insights into the J-Curves of funds, our research contributes to the existing body of knowledge on the impact of sustainability regulations in the financial sector.

This study aims to investigate the impact of corporate diversification and growth opportunities on the performance of real estate investment trusts (REIT) in Malaysia and Singapore before and during the pandemic.

The sample consists of 33 public-listed REITs across Singapore and Malaysia. A dynamic panel system generalized method of moments (DPS-GMM) estimation is used to account for unobservable factors and a relatively short sample period (2009–2022).

Results indicate that the impact of diversification is contingent on the market where the REIT is based and other institutional factors. The estimates also show that diversified REITs are better able to weather period of economic uncertainty.

We provided a definitive answer as to why corporate diversification leads to conflicting outcomes – market and institutional factors, strategic intent and the overall economic environment. We also show that the impact of typical firm controls (i.e. free cash, size) can differ. Future firm-level work should thus study similar phenomenon more contextually and carefully consider these varying effects.

The literature is divided on the impact of diversification on firm performance. By using a two-country sample, we show conclusive evidence that this contradictory outcome is due to market and institutional factors. We also show evidence that strategic intent is an important factor that influences the outcomes of diversification, regardless of market. We also infer that excess cash aids the resilience of the firm, contrary to the negative perception of excess cash during normal times. Firm size, in contrast, does not contribute to firm performance during a crisis.

This paper aims to examine the extent to which these reforms address the limitations of Saudi Arabia’s previous investment framework. Long viewed as a hostile environment in which to do business, the Saudi Government has enacted a broad sweep of measures aimed at restoring investor confidence in central aspects of the country’s evolving private law framework.

This paper offers a timely assessment of the raft of foreign investment reforms, both legislative and regulatory, that have been introduced in Saudi Arabia over the last decade.

The paper will proceed by outlining the perceived failings of the old investment regime before going on to reforms.

It will consider the remaining obstacles to the flow of foreign investment in Saudi Arabia in the context of the dual forces that have historically defined the Kingdom’s ambivalent investment law regime.

In this article, the aim is to document the divergences/convergences between the market perceptions of quality and the financial estimations for office buildings relative to the notion of centrality and the distance to the central business district (CBD).

Based on a hierarchical approach that decomposes and estimates the perceived quality of buildings from the stakeholders’ perspectives, we study the geographies of perceived quality measures in the Greater Paris Metropolis and compare them to the financial geography.

The perceived location quality decreases with distance from the CBD whereas judgments on the built structure and the workplace do not, exhibiting a ring-shaped pattern. The gradient of the components of the perceived quality are heterogeneous, having positive, negative or null values. Appraisers tend only to consider the quality of location in their estimations.

This article raises the issue of fair spatial judgments by appraisers and the financial market. Monocentricity is not the rule in the market perceptions of quality. It suggests that financial estimates are strongly biased, with mental representation of centrality as a judgmental heuristic.

Market sentiment has shown to influence housing prices in the global north, but in emerging economies, the nexus is rare to chance on in the current state of science for policy direction. More importantly in the recent decade where policymakers are yet to conclude on the myriad of factors confronting the housing market in sub-Saharan Africa inhibiting affordability. This paper therefore examines the impact of market sentiment on house prices in South Africa.

The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4.

In all, it was established that market sentiment plays a minimal role in the property market in South Africa. But there was enough evidence of cointegration from the bound test between sentiment and house prices. Nevertheless, the lag values of sentiment pointed to a rise in house prices. Exchange rate volatilities and inflation had a statistically significant effect on prices in both the long and short term, respectively.

Policymakers could still monitor market sentiment in the housing market due to the strong chemistry between house prices and sentiment, as evidenced from the bound test, but focus on economic fundamentals as the main policy tool for house price reduction.

The findings and the creation of the sentiment index make an invaluable contribution to the paper and add to the paucity of literature on the study of market sentiment in the housing market.

This paper explores the connection between capital structure and financial performance within European listed firms. The primary objective is to demonstrate an inverse U-shaped relationship between these two variables and pinpoint an optimal debt-equity mix.

In this study, we adopt a dynamic modeling approach to investigate the relationship between a firm’s capital structure and financial performance. Drawing on well-established theories and prior empirical studies, our model examines 3,121 dividend-paying firms from 41 European countries over 14 years, from 2008 to 2021. To enhance the reliability of our findings, we employ two distinct estimation techniques: the fixed effect model (FE) and the system generalized method of moments (System-GMM).

This study reveals an inverse U-shaped relationship between the firm’s financial performance, measured by the return on equity (ROE) and its capital structure (total liability to total assets ratio). Furthermore, an optimal capital structure of about 29% is determined for all firms in the sample, and about 21%, 28% and 41% industry-specific capital structure for manufacturing, real estate and wholesale trade, respectively.

This paper contributes to existing knowledge by empirically determining an optimal capital structure for listed firms across various industries in Europe, which very few studies have attempted to do in the past. An optimal capital structure is an invaluable benchmark for managers and other stakeholders, informing their decision-making.

This paper examines gender diversity in the Australian valuation industry from the perspective of valuers in senior management and leadership roles and discusses gender diversity policies and practices in their organisations. Then, it explores the initiatives that can be implemented to improve gender diversity in the Australian valuation industry.

A focus group discussion was conducted with valuers in senior management and leadership roles from selected large valuation firms and government valuation agencies in Melbourne, Australia. Data collected through the focus group discussion was combined with secondary data sourced from journals, online articles and archival materials.

The findings reveal that whilst gender diversity in the Australian valuation industry has improved over the years, females remain underrepresented. Nonetheless, whilst some valuation companies have recognised the need to address the underrepresentation of women and introduced specific gender-focussed human resource policies and practices, these initiatives are not streamlined and implemented across the industry.

The study highlights the need for closer collaboration between key stakeholders such as universities, professional associations, valuation companies and government agencies in devising strategies to attract female talents into the valuation industry.

The paper is the first empirical study to assess gender diversity in the Australian valuation industry from the perspective of valuers in management and leadership roles. The proposed policies can inform future initiatives to improve gender diversity in the valuation industry.