Although much has been written globally about the key issues of corporate governance in REITs, there are not enough studies inspired by the systematic literature review method. This study reviews the literature on corporate governance in real estate investment trusts (REITs) published after 2004 and addresses three interrelated research questions. We examined 77 peer-reviewed journal articles using a systematic literature review approach. We found that there has been a rise in studies since 2010, with a brief (...) decrease in 2015 and 2017 before increasing again in 2016. Moreover, the vast majority of the studies were published in the areas of economics/econometrics/finance and business/management/accounting. In addition, most of the papers are single-country studies, and the minority are multi-country. The majority of the papers are focused on the USA and Asia. Similarly, the majority of these analyses concentrate on developed countries and ignore emerging and frontier markets.Keywordscorporate governance, real estate investment trusts, REITs, systematic literature review, SLR. (shrink)

Corporate social responsibility involvement and disclosure has been becoming increasingly popular among US public firms, including those that qualify as real estate investment trusts. This paper aims to discover the relationship between CSR involvement and potential determinants such as growth opportunities, profitability, visibility, and agency costs. Types of CSR involvement are assessed in terms of environmental, community, and governance disclosures and are quantified using word count from the company’s voluntary disclosure. Our results support the hypothesis that (...) CSR has a strategic element and that REITs have greater CSR involvement when they have greater growth and investment opportunities. When the type of disclosure is broken into subcategories, the results show that not all dimensions of CSR are alike: environmental, community, and governance CSR disclosures appear to be motivated by different sets of incentives and reasons. (shrink)

This case study chronicles the entrepreneurial and real estate investment activities of a recent Ph.D. graduate in business administration. The protagonist learns that clear focus is necessary for entrepreneurial success and that trust does not mix with entrepreneurship and negotiation. Ethics are sometimes problematic for entrepreneurs.

Institutional investors and corporations increasingly recognize that extra-financial determinants of business performance can both create value and uncover significant risks within a business or investment portfolio. For companies that invest in, develop, own, or operate commercial real estate assets, this awareness of extrafinancial impacts has led to a significant interest in what has been called "responsible property investment (RPI)". Within the field of RPI, green real estate — real estate investment and (...) management that seeks to reduce the environmental impacts of building construction and operations — has begun to receive attention. This attention has been extended over the past decade to community property development projects, where both social and environmental considerations related not only to the building, but also the project site and surrounding community are integrated into management and investment decisions. Some examples of these projects include affordable and workforce housing, urban revitalization and brownfield redevelopment. More social-focussed issues such as labour and workplace considerations are also key components of responsible property investing, yet to date labour issues have received little attention in the RPI literature and workplace considerations are reflected indirectly through environmental considerations in the green building literature. This paper explores responsible real estate investment in Canada by taking an integrated approach in examining both environmental and social factors and their potential impact on such investments. A series of semi-structured interviews are conducted with key stakeholders in Canada to gain insight into how using environmental and social factors may influence long-term risk and financial returns in real estate investment in Canada with particular emphasis on institutional investors engaged in these practices. Data is used to analyse the impact that ESG considerations have on financial performance of these assets. Jantzi-Sustainalytics ESG ratings are used along with the stock price changes of fourteen real estate companies and REITs to interrogate this question. (shrink)

This study examines the effects of leader emotional intelligence, leadership styles, organizational commitment, and trust on job performance. A questionnaire was administered to the participants, who were real estate brokers in Kaohsiung City. Of the 980 questionnaires administered, 348 valid responses were received, indicating an effective response rate of 35.5%. Structural equation modeling was used for the analysis. The results show that leader emotional intelligence has a significant and positive effect on trust in supervisors, and transformational leadership and (...) trust within a team have significant and positive effects on job performance. In addition, organizational commitment has a significant and positive effect on job performance. Trust within a team mediates the significant and positive effect of leader emotional intelligence on job performance. Although transactional leadership has no direct, positive, and significant effects on employee job performance, trust in the workplace shaped by a leader’s leadership style will empower a team’s spirit and boost their morale, thereby indirectly affecting their job performance in a positive manner. (shrink)

In this paper, we study the impact of CEO and board gender diversity on the risk management decisions of 179 U.S. Real Estate Investment Trusts (REITs) during the 2001–2018 period. Using a bottom-up analysis on the properties in REIT portfolios, we find significant risk reduction associated with gender-diverse REIT leadership. We document that REITs with a woman CEO, in combination with more women on the board, display less active trading and a longer hold period for assets. (...) In addition, REITs with more gender-diverse leadership are more geographically focused, which for REITs is considered a lower risk investment strategy. Finally, REITs with more gender-diverse leadership are more actively investing in environmentally sustainable real estate. We conclude that gender diversity in real estate firms carries real-life implications for U.S. cities, given their key role as developers, owners, and operators of the built world. (shrink)

As an object in which property rights can be invested, land is a peculiar hybrid structure that comprehends both spatial and non-spatial aspects. Even in its purely spatial aspect land is treated differently from culture to culture, thus for example in the degree to which property rights in land are held to relate to vague or precisely delineated parcels and to portions of space above and below the surface of the earth. When we examine the non-spatial aspects of landed property, (...) however, the dimensions of variability across cultures are multiplied tremendously. The goal is to provide a general framework for comparison of different socio-legal ontologies of land. The relevance of this project turns on the fact that without land (or real estate) it is difficult (perhaps impossible) to obtain credit; without credit it is difficult for nations to develop. Thus, if land is treated in a radically different way from one nation to another, this will surely exert an effect upon the development of nations. (shrink)

In the modern scientific literature, there are many reports about the successful application of neural network technologies for solving complex applied problems, in particular, for modeling the urban real estate market. There are neural network models that can perform mass assessment of real estate objects taking into account their construction and operational characteristics. However, these models are static because they do not take into account the changing economic situation over time. Therefore, they quickly become outdated and (...) need frequent updates. In addition, if they are designed for a specific city, they are not suitable for other cities. On the other hand, there are several dynamic models taking into account the overall state of the economy and designed to predict and study the overall price situation in real estate markets. Such dynamic models are not intended for mass real estate appraisals. The aim of this article is to develop a methodology and create a complex model that has the properties of both static and dynamic models. Moreover, our comprehensive model should be suitable for evaluating real estate in many cities at once. This aim is achieved since our model is based on a neural network trained on examples considering both construction and operational characteristics, as well as geographical and environmental characteristics, along with time-changing macroeconomic parameters that describe the economic state of a specific region, country, and the world. A set of examples for training and testing the neural network were formed on the basis of statistical data of real estate markets in a number of Russian cities for the period from 2006 to 2020. Thus, many examples included the data relating to the periods of the economic calm for Russia, along with the periods of crisis, recovery, and growth of the Russian and global economy. Due to this, the model remains relevant with the changes of the international economic situation and it takes into account the specifics of regions. The model proved to be suitable for solving the following tasks: industrial economic analysis, company strategic and operational management, analytical and consulting support of investment, and construction activities of professional market participants. The model can also be used by government agencies authorized to conduct public cadastral assessment for calculating property taxes. (shrink)

This study investigates the engagement of family firms in corporate social responsibility. We first compare their corporate social performance to non-family firms. Then, following recent evidence on the heterogeneity of family firms, we examine two factors that may influence CSP within family firms: the level of family control and the governance orientation of the country in which they operate. This research is based on a theoretical framework which considers both agency and socioemotional wealth influences on family firms CSR engagements. Overall, (...) we find that family firms exhibit lower CSP than non-family firms. But when focusing on family firms, our analyses show a curvilinear relationship between family control and CSP. At lower levels of control, family owners invest more in social initiatives to protect their SEW. Beyond a threshold level of control that we estimate at 36 % in our sample, economic considerations prevail over SEW and social performance starts decreasing. We also find that family firms operating in stakeholder-oriented countries are more attentive to social concerns than those operating in more shareholder-oriented countries. (shrink)

This article proposes and empirically tests a theoretical framework incorporating Reidenbach and Robin’s (J Bus Ethics 10(4):273–284, 1991 ) conceptual model of corporate moral development. The framework is used to examine the relation between governance and business ethics, as proxied by diversity management (DM), and financial reporting quality, as proxied by the magnitude of earnings management (EM). The level of DM and governance quality are measured in accordance with the ratings of Jantzi Research (JR), a leading provider of social and (...) governance research for institutional investors. This DM score is part of an index developed by JR that investment managers use to integrate DM criteria into their investment decisions. As expected, a negative relation between corporate DM development and financial reporting quality is found while controlling for other factors known in the literatures on governance and accounting choices to affect earnings quality. Despite some caveats presented in conclusion, this study contributes to the ethics, governance, and financial reporting literatures by studying the dynamics between governance and ethics in the prevention of EM. (shrink)

Are the wishes of the dead more important than the needs of the living? This question is prompted by consideration of the Hershey Trust Company, a perpetual charitable trust that not only owns and operates the Milton Hershey School in Pennsylvania, but also owns a controlling interest in various Hershey-related for-profit entities. This unusual arrangement, and the conditions under which it was formed, have produced a situation in which a small, private boarding school for low-income students has an endowment of (...) $12 billion (in addition to its other corporate and real estate interests). The trust has been operating according to its founder’s wishes for decades, but some have wondered whether its resources could be put to better use for more urgent needs. This case will invite students to consider the question of how we should weigh the needs of the living against the wishes of the dead. (shrink)

Behavioral Finance is an evolving field that studies how psychological factors affect decision making under uncertainty. This study seeks to find the influence of certain identified behavioral financial biases on the decision-making process of investors in developing countries. This research examines the moderating effect of Information asymmetry on the two most important and commonly used cognitive biases, namely Anchoring bias and Optimism bias and decision making and investigates whether Risk perception mediates the relationship between them or not. Quantitative research has (...) been conducted using a structured questionnaire for data collection. After completing the pilot study, a questionnaire was designed and sent to investors via online channels. Data has been collected from 317 real estate investors. Mediation analysis has been performed using model 4 and moderation analysis by applying model 15 of Process Macros for the interaction effect. The study investigated that both cognitive biases have a significant positive effect on investors’ decisions and Risk perception also significantly mediates the relationship between them. Consistency with other studies suggests that Information asymmetry has a significant moderating effect. The proposed conceptual model provides insight into how investors’ decisions are influenced by behavioral biases in the real estate sector and enhances the understanding of cognitive biases in the real estate sector. This study is recommended for real estate investors and policymakers of emerging and developed countries. The current study is the first of its kind, focusing on cognitive biases on investment decisions with mediating role of Risk perception and the moderating effect of Information asymmetry. (shrink)

Suppose you own a garden-variety object such as a hat or a shirt. Your property right then follows the ageold saw according to which possession is nine-tenths of the law. That is, your possession of a shirt constitutes a strong presumption in favor of your ownership of the shirt. In the case of land, however, this is not the case. Here possession is not only not a strong presumption in favor of ownership; it is not even clear what possession is. (...) Possessing a thing like a hat or a shirt is a rather straightforward affair: the person wearing the hat or shirt possesses the shirt or the hat. But what is possession in the case of land? This essay seeks to provide an answer to this question in the form of an ontology of landed property. (shrink)

Building, restoring and maintaining well-placed trust between scientists and the public is a difficult yet crucial social task requiring the successful cooperation of various social actors and institutions. Kitcher’s takes up this challenge in the context of liberal democratic societies by extending his ideal model of “well-ordered science” that he had originally formulated in his. However, Kitcher nowhere offers an explicit account of what it means for the public to invest epistemic trust in science. Yet in order to understand how (...) his extended model and its implementation in the actual world address the problem of trust as well as to evaluate it critically, an explicit account of epistemic public trust in science needs to be given first. In this article we first present such an account and then scrutinize his project of building public trust in science in light of it. We argue that even though Kitcher’s ideal model and his proposals for its implementation in the real world face a number of problems, they can be addressed with the resources of our account. (shrink)

The article discusses selected findings from two Norwegian studies among real‐estate agents and real‐estate students, and their relevance for real‐estate education in professional ethics. The survey data‐set indicates that the industry morality of real‐estate agents is more peer‐group oriented, less individualistic and more intersubjective than in other comparable Norwegian industries. The qualitative material shows how respondents perceive and discuss three professional role conflict scenarios in a rule‐ or consequence‐focused pattern. The findings are (...) followed by several suggestions relating to conflict handling approaches and professional ethics training among future and present real‐estate agents. (shrink)

This study evaluates responses to the Real Estate Ethical Code. Voice Stress Analysis (VSA) is used to evaluate the responses of real estate sales people to ethically-based questions. The process and the responses given enabled the authors to gain insight into pressure-causing ethical situations and to explore new uses of VSA. Some respondents were stressed while following the ethical code guidelines. Others showed no stress about breaking the formal code. The study reaffirms that the presence of (...) formal ethical guidelines does not assure that the rules will be willingly followed. (shrink)

As a result of financial difficulties confronting American agriculture, public debate is focusing on longterm options for restoring economic stability and growth to the agricultural economy. Many believe that just as homeowners in small communities throughout the nation have been served by the development of a secondary market for residential mortgages sponsored by the federal government, farmers throughout the country would similarly benefit from the development of a secondary market for farm real estate mortgages. This paper discusses issues (...) relating to the development of a secondary market for agricultural real estate loans. The concept of a secondary market for agriculture is of considerable interest to Congress, as evidenced by recent enactment of the Agricultural Credit Act of 1987 which established the Federal Agricultural Mortgage Corporation (“Farmer Mac”) to create a secondary market for farm real estate loans. The first section discusses the general nature of secondary markets and their purposes, with particular attention given to the secondary market for home mortgages because it served as a model for a secondary market for farm loans. Section two discusses basic differences between agriculture and housing, and section three provides a brief discussion of federal credit subsidies designed to help meet social and economic goals by influencing the allocation of credit to particular sectors of the economy such as housing and agriculture. Potential benefits and costs associated with the development of a secondary market for agriculture are discussed in section four. (shrink)

The thesis that an analysis of property rights is essential to an adequate analysis of the state is a mainstay of political philosophy. The contours of the type of government a society has are shaped by the system regulating the property rights prevailing in that society. Views of this sort are widespread. They range from Locke to Nozick and encompass pretty much everything else in between. Defenders of this sort of view accord to property rights supreme importance. A state that (...) does not sufficiently respect property rights is likely to be a totalitarian state, and will also be likely to fail to respect rights of other sorts. (shrink)

LEARNING OBJECTIVES After completing this chapter, you will be able to: Provide a definition of ethics. Explain traditional sources for motivating ethical ...

Firms’ real estate choices significantly affect their sustainability, due to real estate’s impact on the natural environment. This paper investigates the ecological responsiveness of firms in specific industries by analyzing the decisions these firms make in occupying office space. We analyze the decisions of more than 11,000 tenants to choose office space in green buildings or in, otherwise comparable, conventional buildings nearby. Controlling for building quality and location, we find that corporations in the oil and banking (...) industries, as well as non-profit organizations, are among the most prominent green tenants. Furthermore, measures of an industry’s human capital intensity are positively related to the propensity to lease green office space. These empirical findings confirm the theoretical framework on economic advantage and institutional pressure as important determinants for the ecological responsiveness of firms. (shrink)

La découverte d’un nouveau mois à Ténos et l’identification d’un graveur à Paros conduisent à formuler de nouvelles hypothèses sur le problème des sûretés réelles en droit grec. L’examen du registre de Ténos (IG XII 5, 872) en vue de sa réédition a fait apparaître une erreur de découpage entre les actes 17 et 18 chez les éditeurs antérieurs, qui n’ont pas reconnu le nom d’un mois, Èrès[iôn], équivalent du mois délien Arèsiôn attesté depuis peu à Andros, l’île voisine. En (...) faisant disparaître une clause obscure de ce document, cette découverte invite à réexaminer le fonctionnement d’un gage hypothécaire d’un type particulier, l’apotimèma dotal, auquel l’un des actes du registre fait allusion. Ce point acquis, on aborde ce qui fait par contraste la spécificité de la vente avec faculté de rachat (prasis épi lysei) : à Ténos comme à Athènes, elle se caractérise par un transfert de propriété immédiat au profit du créancier, au moyen d’un acte de vente complété le cas échéant par un contrat de location. Le rapprochement entre une borne récemment découverte à Paros (SEG 54, 794) et une célèbre loi sur les archives, gravée par le même lapicide, permet en dernier lieu de préciser la relation entre la prasis épi lysei et les pratiques d’archivage public à l’époque hellénistique. (shrink)

This study proposed and examined a conceptual framework on the influence of real estate brokers’ personalities, psychological empowerment, social capital, and knowledge sharing on their innovation performance, and used moral hazard as a moderating variable. We used structural equation modeling for data analysis and estimation. The participants were real estate brokers in Kaohsiung City. A total of 1,000 questionnaires were administered to 100 branch offices of real estate companies, 571 of which were later recovered (...) from 80 branch offices. After removing 52 for being invalid, we were left with 519 valid questionnaires, indicating a 51.9% recovery rate. The empirical results suggest that the real estate brokers’ personalities and psychological empowerment positively and significantly influence social capital; personality and psychological empowerment also positively and significantly influence their innovation performance; and social capital significantly influences knowledge sharing, which in turn positively and significantly influences the brokers’ innovation performance. In environments with higher levels of moral hazard, the influence of social capital on the brokers’ knowledge sharing is significantly diminished. (shrink)

This paper investigates the extent to which institutional investors may have influenced independent real estate appraisals during the financial crisis. A conceptual model of the determinants of client influence on real estate appraisals is proposed. It is suggested that the extent of clients’ ability and willingness to bias appraisal outputs is contingent upon market and regulatory environments, the salience of the appraisal to the client, financial incentives for the appraiser to respond to client pressure, organisational culture, (...) the level of moral reasoning of both individual clients and appraisers, client knowledge and the degree of appraisal uncertainty. The potential of client influence to bias ostensibly independent real estate appraisals is examined using the opportunity afforded by the market downturn commencing in 2007 in the UK. During the market turbulence at the end of 2007, the motivations of different types of owners to bias appraisals diverged clearly and temporarily provided a unique opportunity to assess potential appraisal bias. We use appraisal-based performance data for individual real estate assets to test whether there were significant ownership effects on performance during this period. The results support the hypothesis that real estate appraisals in this period reflected the differing needs of clients. (shrink)

This article uses sociological role theory to help understand ethical challenges faced by Norwegian real estate agents. The article begins with an introductory case, and then briefly examines the strengths and limitations of using legal definitions and rules for understanding real estate agency and real estate agent ethics. It goes on to argue that the ethical challenges of real estate agency can be described and understood as a system of conflicting roles with (...) associated rights and duties, in particular sales agent, intermediary and adviser sub-roles. The arguments are developed using exploratory findings from a survey of Norwegian real estate agents and from several focus groups. The article then suggests the use of various intranet tools as a kind of action research aimed at putting ethics on the real estate agents' agenda, working to develop a collective conscience and collective selfcriticism among the agents, and, in doing so, building bridges between academic research and the practical working world of the agents. (shrink)

Several recent articles in the field of ethics and business have raised questions concerning the viability of professional ethical codes. Are such codes serious, effective tools for promoting and enforcing an ethical standard of behavior? Or do the codes more closely resemble clever, elaborate public-relation ploys? The purpose of this paper is to analyze the content, role and efficacy of one such ethical code, namely, The Code of Ethics of the National Association of Realtors. The paper examines the ethical principles (...) embodied, implicitly or explicitly, in this Code; it tests these principles for coherence, comprehensiveness, clarity and enforce-ability. Furthermore, it seeks to determine whether this Code articulates standards of ethical conduct that are higher than those already required by law and whether the Code successfully translates a general ethical vision down to concrete, everyday real estate practice. (shrink)

This article adopts an ecological view of cognition to analyze the role of the environment in scaffolding metaphorical experience. Using ethnographic material collected from two real estate showrooms in China, we describe how each showroom setting is equipped with to-be-phenomenologically-experienced objects designed to stimulate desirable sensorimotor experiences and altered bodily states during the guided showroom tours. By analyzing the qualities of such settings and identifying the processes through which visitors become environmentally coupled—including active and passive touch in highly (...) organized auditory, olfactory, and gustatory environs—we demonstrate how the showrooms constitute an affordance space for enacting metaphoricity through doubleness in experience. Implications for conceptual metaphor theory relating to the nature of environments and bodies are discussed. (shrink)

According to the Economic Survey of India, 2012–2013, the real estate sector contributed 5.9 % of the India’s total Gross Domestic Product in the Financial Year 2011–2012, while remaining the second largest employment generator after agriculture in India. The urban population in India is projected to touch 600 million by 2030, from 377 million in 2011, thereby fuelling a housing shortage of around 26 million. However, the perception of Construction industry, like other sectors of the economy, is that (...) of creating “human habitat in a manner generally focussed on profitability without consideration of its long-term impacts.” Under such circumstances, Tata Housing Development Company Limited, a closely held Public Limited Company under 99.86 % subsidiary of Tata Sons, is the first Indian real estate company to have reported the triple bottom-line Global Reporting Initiative G4 Sustainability Reporting Guidelines in its Sustainability Report FY 2013–2014. THDCL aims to volunteer its resources to the extent it can reasonably afford, to sustain the environment and to improve the quality of life of the people of the area in which it operates. This Situational Case Study, targeted towards management students and practitioners, and social and developmental workers in the areas of Corporate Governance, Strategic Management, Business Environment, Business Policy and Community Welfare, aims to identify the community engagement model of THDCL; analyse it in terms of its implementation and impact; and initiate discussion about the role of strategic partnerships under Corporate Social Responsibility in an emerging economy. This work may be used for developmental related workshops/training programmes for students and working professionals of innovation, CSR, sustainability, social and developmental sectors and shared, among others, in various Chambers of Commerce and Academic forums on the same. It is, however, not intended to serve as an endorsement, source of data or illustration of effective or ineffective management. Certain names and information could have been disguised for confidentiality. (shrink)

The problem of future generations is a growing ethical issue. There are ongoing discussions about what kind of earth we are leaving and what we should leave to future generations as a result of the delayed awareness – if not ignorance – of the fact that this World does not belong to us exclusively. When we look at the example of Turkey, we can see that there is a huge conflict between environmental utilization and environmental education. On the one hand, (...) we have classes on the environment and its health; on the other hand, it is a reality that we have a not-so-eco-friendly government policy, which takes no notice of any kind of environmental issues or requirements. To mention but few, governmental insistence on real estate investments in green spaces, even by covering grade 1 natural site areas, a decline in the extent of agricultural land due to uncontrollable urbanization, and hydroelectric power plant projects are among recent events. These are the instances of conflicts between inscriptive and operative environmental policies in Turkey. The purpose of this article is to call attention to this dilemma and to assert that ecocide might be just another kind of genocide for Turkey, i.e., the genocide-yet-to-come. (shrink)

Mirvac chief executive Susan Lloyd-Hurwitz, not one usually associated with sympathy for tenants on the rental market, said earlier this year that ‘renting in Australia is generally a very miserable customer experience…the whole industry is set up to serve the owner not the tenant’ Her observation is basically correct and the solution she offers is to change the current situation where small investors, supported by generous government tax concessions, provide effectively all of the country’s private rental housing. Lloyd-Hurwitz wants Mirvac, (...) a property group currently managing over $15 billion of assets, to become an apartment landlord that would own not one or several properties like small investors currently do but rather thousands of properties to rent out. The proposal is for Mirvac to build apartment blocks and then, instead of selling individual apartments, rent them out on long-term or indefinite leases. This build-to-rent housing scheme would of course make the real estate–investment company a great deal of money. At the same time it would do very little to alleviate the current housing crisis. Such schemes are a nonstarter for people who want the security, stability and independence of home ownership, which is a very Australian aspiration that is increasingly becoming unobtainable not only for those experiencing homelessness, but also for the poor and middle-class. Those of us who care about finding a real solution to the housing crisis would do well to consider how we got into this situation in the first place, and then consider how this might inform what we do next. The following then, traces some of the historical and philosophical roots of our understanding of property and their institutionalisation via various levels of government, especially in the Australian context. (shrink)

Members of licensed occupations benefit from legal standards that limit entry into their professions. Is it ethical for these professionals to give political support to these standards? I examined the case of real estate brokers and found that their educational requirements raise average commissions by one quarter of a percentage point, costing consumers $5.4 billion per year without improving the quality of brokerage services. The case raises interesting ethical issues which are difficult to resolve.

The research purpose is to find out if signs of a real estate bubble are shown at the austrian real estate market right now. Lending rates are composed of different factors: the base rate is the price that the customer is willing to pay. The risk premium is given to compensate the lenders risk of full or partial failure of repayment. The inflation adjustment takes into account the impairment of money over the term of a loan. (...) The liquidity premium increases with extension of the term of the loan. The European Central Bank influences the interest rate policy by varying the interest for money saved there by the banks. At the moment there are used negative interest rates, i.e. penalty interest. The methodology used was that recently the ECB lowered the interest rates which might cause real estate bubbles and, subsequently, banks and economic crises may follow, if interest rates were to be increased again sooner or later. Therefor the author studied the amount of sales and the connection to the interest rates and the interest rate policy of the banks right now. Summarizing it can be seen that in Kittsee, an Austrian area with a lot of real estate sales, as an example, 565 real estate properties were sold in the years 2005 to 2015, the median prices increased in relation to the buyers residence in Austria or non- Austrians at about 375% to 490%, this might indicate signs of change on the market. (shrink)

The real estate industry is characterized by a high degree of financial intensity and is more significant in certain areas. The relative enterprises require certain financial ability and large shareholders’ controlling power to support their survivals and competitiveness. However, due to the multiple adverse impacts of current state policies on banks and private capital, the problem of capital restraints of real estate has become increasingly serious. From a corporate governance perspective, this paper studies the interactions among (...) financial constraints, ownership concentration and corporate performance under different shareholding states: by analyzing the quantitative characteristics of equity structure and searching for the appropriate range of the largest shareholder holding ratio, which has considered both the financial sustainability and characteristics. It is found that raising the ownership concentration could enhance supervision effect rather than encroachment, effectively ease the financial constraints and improve the performance of enterprises, both of which are significant under high ownership concentration. Financial constraints play a significant intermediary effect in absolute holdings and have obvious regulatory effects in decentralized equity. Also, the mechanisms of ownership concentration are reflected in the strengthening of corporate supervision, reduced agency costs, improved operating efficiency, and increased investment attractiveness. The adjusted behavior adds to the responsibility awareness rather than free-ride psychology, forming a dynamic game on financial decisions. Their financial sustainability in areas would provide a nationwide reference for governance reform and managerial behavior. (shrink)

This paper establishes a model on the upstream and downstream relationship among private enterprises, provincial and local officials, and the central government in the real estate market using the population ecology theory of mutual relations among individual species from the perspective of business ecosystem. A dynamic model is introduced and the complex dynamical behaviors of such a predator-prey model are investigated by means of numerical simulation. The local stability conditions and complex dynamics are investigated, and the existence of (...) chaos is discussed in the sense of Marotto theorem; bifurcation diagrams, Lyapunov exponents, sensitivity analysis for initial values, and time history figure of the system are mapped out and discussed. This shows that there are two routes to complicated dynamics, one of which is the cascade of flip bifurcations resulting in periodic cycles, and the other one is Neimark-Sacker bifurcation which produces attractive invariant closed curves. We arrive at conclusions that the phenomenon of chaos is harmful to private enterprises, and unstable behavior is often unfavorable. Thus, linear feedback control is applied to drive the model to a stable state when the system exhibits chaotic behaviors, achieving the goal of eliminating the negative effects to a large extent. (shrink)

ObjectiveThis paper studies the mediating and interactive effects of social capital on psychological capital and the feeling of happiness from the impact of COVID-19. Since its emergence, the COVID-19 pandemic has taken a toll on people’s mental health and affected their hopes for the future. Lifestyle and economic conditions have also been affected and have subsequently impacted people’s sense of confidence in life. This could increase the likelihood of many people developing mental health issues, such as anxiety or depression. Therefore, (...) it is vital to study the influence of psychological capital and social capital on people’s subjective psychology and happiness experiences.Materials and MethodsUsing an ordered probit model, this paper studied the independent influence and interaction between psychological capital and social capital on people’s happiness. The ordered probit model was chosen because subjective well-being is an ordered variable. We further used structural equation modeling to study the mediating effects of social capital on psychological capital and happiness.ResultsThe regression results showed that both psychological capital and social capital were significantly positively correlated with happiness when controlling for other factors. In addition, psychological and social capital significantly interacted, in which the psychological capital promotes the effect of social capital on happiness. Moreover, the effect of psychological capital on happiness was greater than that of social capital, demonstrating that happiness is more greatly influenced by subjective psychological experience. The interaction coefficient of psychological and social capital was also significant, showing that the two have mutually reinforcing effects on happiness. Finally, health, income class, real estate, stranger trust, age, and urban household registration had significant positive effects on happiness, while the view of money, being female, education had a negative relationship with happiness. The SEM results showed that the mediating effect of psychological capital on happiness was partly transmitted through social capital: the total effect of psychological capital on happiness was highly significant, as was the total effect of social capital on happiness ; however, the coefficient for psychological capital was greater than that for social capital. Through heterogeneity analysis, we found that the relationship between psychological capital, social capital, and happiness was significantly positive in each sub-sample group. There was also a significant interaction between psychological and social capital for men, women, urban and rural residents, and higher education background sample groups. However, the interaction was not significant in the sample group without higher education. In addition, the relationship between the happiness of rural residents and their educational background and gender was not significant.ConclusionWe found that psychological and social capital have significant positive relationships and effects on happiness. Psychological capital demonstrated both direct and indirect influences on happiness, and further strengthens the influence of social capital on happiness. These results support a scheme to emphasize psychological support during the COVID-19 pandemic period to enhance the mental health of citizens. (shrink)

This study examines whether differences in financial performance exist for investment trusts which base their portfolio selection primarily on an ethical screen, compared to indexes which incorporate a broader spectrum of investments. Results indicate that on a risk-adjusted basis there is an insignificant difference in the financial performance of these trusts against three common market benchmarks. However as to the extent of the directional effect, there does exist slightly superior financial performance by ethical trusts against their (...) respective industry average indexes, but an underperformance against a smaller company's index and the market as a whole. The lack of a distinct advantage in the short to medium term for applying an ethical screen, may in part be due to the recent development of ethical investments in Australia. Stronger performances by older ethical investment trusts may indicate superior returns are more likely to occur over a longer term. (shrink)

Community standards, ethical norms, and perceptions of fairness often serve as constraints on pure profit maximizing behavior. Consider the following examples: Most hardware stores refrain from raising prices on snow shovels after a major snow storm, even where short term profits might be increased. Most employers do not lower wages for existing employees, even as unemployment in the area increases. Automobile dealerships rarely raise sticker prices to cope with the long waiting periods for a popular model. Each of these anomalies (...) is consistent with the proposition that firms increase profits subject to fairness constraints.This paper examines perceptions of fairness in the residential real estate industry and explores how community standards affect economic decision-making. The residential real estate industry is unique. One party to the transaction (the landlord) frames decisions as pure business decisions. The other party to the transaction (the tenant) frames decisions more broadly. While a tenant's choice of apartments is in part viewed as a business decision, tenants consider a broad spectrum of non-business issues, as well. (shrink)

In this paper, we propose a new predator-prey nonlinear dynamic evolutionary model of real estate enterprises considering the large, medium, and small real estate enterprises for three different prey teams. A 5D predator-prey nonlinear dynamic evolutionary system in the real estate market is established, where the large, medium, and small real estate enterprises correspond to three differential equations, provincial and local officials, and the central government correspond to the other two differential equations. (...) Nonlinear dynamic analysis on a 5D predator-prey evolutionary system in the real estate market, containing the analysis of equilibrium points and stabilities, is made. The corresponding discrete system is simulated, and the simulation results about Lyapunov spectrum, bifurcation diagram, sequence diagram, and phase diagram are given. Compared with the work of Yang et al. in which all real estate enterprises corresponded to one differential equation, in our proposed model, the large, medium, and small real estate enterprises correspond to three differential equations which is more accordant with the specific circumstance of real estate companies. (shrink)

An essential aim of this study is to present principles of the legal interpretation of the term “building structure” for the needs of the imposition of a real estate tax. The analysis of both administrative courts’ judgments and the subject literature indicates lack of consistency in the scope of this term’s meaning. In my opinion, interpretative discrepancies are caused by incorrect legal interpretation of the legal definition. It should be noticed that numerous controversies connected with the legal interpretation (...) of the term building structure are connected with considerable tax burden of this type of building objects. Taxpayers, for obvious reasons, are therefore “interested” in not finding the objects owned by them to be building structures in the meaning of the Tax Law, or possibly in finding only those objects’ specified parts to be building structures. It is easily apparent particularly in the case of objects of complex structures. On the other hand, however, for many municipalities in Poland, income from building structures’ taxation creates municipal budgets. This way the practice of applying local tax law encounters numerous disputes between taxpayers and self-government tax authorities. (shrink)

This paper examines the collective fraudulent behaviors taking place during the residential real estate bubble in the United States from 2002 to 2006 and the influence of others’ choices on decision making leading to a herd mentality. The antecedents of collective fraud are discussed in terms of the sociological theory behind human herding and the fraudulent behaviors during the real estate bubble are examined. Using archival witness testimony as a primary basis for analysis, this paper argues (...) that without widespread collective fraud, the bubble may not have developed and the herd mentality may have dissipated without the consequences of financial disaster. The aim of an analysis of this nature is to offer a plausible explanation of some of the preconditions to the event under study. (shrink)