Real Estate Companies Research Articles

A Study on the Financial Situation Changes of Major A-share Real Estate Companies Since the Adjustment of Purchase Restriction Policies

To prevent over expansion of property bubbles in China, housing purchase restriction policies were put into effect in 2010. Nevertheless, to be adaptable to economic conditions at that time, there was firstly a relaxation of housing purchase restriction policies in 2014 and after that, several more adjustments were made. By analyzing the financial indicators of the main real estate enterprises in A-share market, this paper wants to find the general trends and common features of those corporations under policy adjustments and changeable market environment. The analysis results show that the majority of firms kept high levels of debt and inventory all the time and from 2014 to 2019, most companies net income margins, net income and operation revenue generally kept increasing. However, as the Coronavirus pandemic broke out at the end of 2019, those profitability measures started to decrease widely and sequentially, even with a new round of policy easing. Facing with this situation, it is suggested that to prevent debt risks, property enterprises could take deleveraging and destocking into consideration and to achieve a soft landing of the housing market, new ways of policy adjustment could be implemented by the government.

Corporate governance dynamics: How audit committees and board characteristics influence firm value through audit report lag?

This study investigates the impact of corporate governance attributes, particularly the board of directors and audit committee, on the firm value of property and real estate companies in Indonesia. Additionally, this study introduces the novel exploration of audit report lag as a mediating factor in the relationship between corporate governance and firm value. Utilizing a quantitative approach, secondary data were extracted from the financial statements of property and real estate companies. The study employed a purposive sampling technique, resulting in a sample of 26 companies listed on the IDX for 2018-2022. In this study, inferential statistical analysis is conducted using the Partial Least Squares (PLS) based Structural Equation Modeling (SEM) technique. The findings reveal that corporate governance attributes, including the board of directors and audit committee, significantly enhance firm value. Furthermore, audit report lag mediates the effect of the audit committee on firm value but does not mediate the effect of the board of directors. This implies that while the audit committee plays a crucial role in reducing audit report lag, thereby enhancing firm value, the board of directors may influence firm value through different mechanisms not captured by audit report lag.

THE EFFECT OF LIQUIDITY, SOLVENCY AND ACTIVITY ON PROFITABILITY WITH SALES GROWTH AS A MODERATING VARIABLE IN PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE

Objective – This study aims to analyze empirically the effect of liquidity, solvency, and activity on profitability with sales growth as a moderating variable in property and real estate companies listed on the Indonesia Stock Exchange. Design/Methodology/Approach – This research uses Quantitative research. Sampling was carried out by purposive sampling, and obtained a sample of 20 sample companies. The data analysis method used is SmartPLS software. Findings – The results of this research analysis show that liquidity has no significant effect on profitability; solvency and activity have a significant effect on profitability; sales growth are not able to moderate the effect of liquidity, solvency, and activity on profitability. Conclusion and Implications – The liquidity has no significant effect on profitability; solvency and activity have an influence and are significant to profitability; sales growth is not able to moderate the influence of liquidity, solvency and activity on profitability. The company needs to innovate and evaluate strategies to increase the contribution of sales growth to the company. Investors and potential investors are more selective in choosing companies to invest in by paying attention to the company's financial condition.

The Influence of Leverage, Profitability, and Liquidity on Tax Avoidance with Institutional Ownership as a Moderating Variable

This research aims to analyze and test the influence of leverage, profitability and liquidity on tax avoidance which is moderated by institutional ownership in Properties & Real Estate companies. The research population is property and real estate companies that have been listed on the IDX in 2019-2022. Samples were taken in this research using purposive sampling and 80 samples were obtained. This research uses secondary data, namely annual financial report data available on the BEI website (www.idx.co.id). The analysis method used is Multivariate Analysis of Variance based on pooled data, namely data with cross section and time series characteristics together. Based on the results of the regression test, it can be concluded that liquidity has a positive impact on tax avoidance. Institutional ownership can moderate the positive impact of liquidity on tax avoidance. However, leverage and profitability have no impact on tax avoidance. Institutional ownership cannot moderate the impact of leverage and profitability on tax avoidance in Property and Real Estate companies listed on the IDX in 2019 – 2022.

Analysis of the Effect of Profit Accounting, Economic Growth, Interest Rates and Capital Structure on Share Prices in Property and Real Estate Companies

Economic growth signifies a period marked by an increase in real national income or real gross national product. This study aims to assess the effects of accounting profits, economic growth, interest rates, and capital structure on share prices within the financial statements of property and real estate firms listed on the Indonesia Stock Exchange. Utilizing secondary data, the sample comprises 11 property and real estate firms listed on the Indonesia Stock Exchange over a five-year period. Employing purposive sampling, the research period spans five years. Multiple regression analysis is employed as the analytical method. The findings reveal a positive correlation between capital structure and accounting profits with stock prices, whereas economic growth and interest rates do not significantly influence stock prices. This research underscores the importance for companies to prioritize factors influencing stock prices

Factors Affecting Audit Report Lag in Property And Real Estate Companies On The IDX 2017-2021

Issuers listed on the stock exchange are mandated by Regulation No. 29/PJOKK.04/2016, issued by the Financial Services Authority (OJK), to submit their annual reports by the conclusion of the fourth month following the end of the financial year. However, there remains a deficiency in awareness regarding this obligation among entities, particularly concerning the reporting of audited financial statements. As reported by www.kontan.co.id (2023) the Indonesian Stock Exchange (BEI) revealed recently that sixty-one listed companies have not submitted audited financial reports by December 31, 2022, as required by law. As a result, they were fined IDR 50,000,000 for the delay and issued a level II written warning. Twelve of these businesses are involved in the real estate and property industry. The purpose of this study is to look at the elements that affect this industry's audit report delays. With the help of purposive sampling, 15 companies were chosen as research samples for the study, which focuses on real estate and property companies listed on the IDX. Multiple linear regression analysis was used to assess hypotheses after secondary data analysis. The findings suggest that although the age of the company and profitability influence audit report delays, the complexity of the company's operations and debt do not have a significant impact on these delays.

Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective

Real estate plays a major role in environmental impact, contributing to nearly 39 % of global emissions and significantly influencing climate change. Using a sample of European REITs (Real Estate Investment Trusts) and real estate companies, this study examines the risk-adjusted performance of real estate investments concerning their ESG (Environmental, Social, and Governance) performance, comparing the diversification benefits of conventional versus ESG real estate investments, with a specific focus on the environmental (E) aspects. The portfolios' asset allocation is designed using the Mean-Variance and the Risk Parity models. Simulations are run using a rolling-window technique, covering the entire sample period along with three different sub-samples. According to our findings, high ESG score real estate portfolios perform similarly to the overall sector, while portfolios with environmental scores above the sample average offer enhanced diversification benefits. This finding is particularly significant, as such portfolios have the potential to generate positive externalities by reducing climate impact through lower emissions.

The Influence of Profitability, Company Size, and Growth Opportunity on the Quality of Profits in Property and Real Estate Companies Listed on The Indonesian Stock Exchange (BEI) Year 2019-2022

The Influence of Profitability, Company Size, and Growth Opportunity on the Quality of Profits in Property and Real Estate Companies Listed on The Indonesian Stock Exchange (BEI) Year 2019-2022

Analysis Of Determinants Of Firm Value In Property And Real Estate Companies Listed On The Bei In 2019-2022

This study aims to analyze and determine the effect of profitability as measured by return on assets, solvency as measured by debt to equity ratio to company value measured by price book value. This research uses quantitative methods with secondary data sources in the form of the company's annual financial statements. The population of this study is property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2022 period. The sampling technique used purposive sampling, and a sample of 37 companies was obtained. The data analysis technique uses multiple linear regression with the SPSS 25 program. The results showed that the return on assets and debt-to-equity ratio had no effect on the value of the company.

Determinants of real estate sector performance in Morocco: to promote sustainable urban development

This study aims at analyzing the determining factors of the performance of the real estate sector in Morocco for the promotion of sustainable urban development, through a qualitative study based on a semi-directive interview conducted with twelve companies of the real estate sector in the region of Rabat-Salé-Kénitra. These companies belong to the three (3) segments of the market: the Economic, the Middle Standing and the High Standing and operate in the different cities of the region namely: Rabat, Salé, Kenitra, Skhirat and Temara. The objective is to identify the endogenous and exogenous performance factors that explain the success of some real estate companies that have been able to resist and adapt to an environment and a market in perpetual change and not so favorable.

PENGARUH KEPEMILIKAN INSTITUSIONAL, KEPEMILIKAN MANAJERIAL DAN INTENSITAS MODAL TERHADAP KONSERVATISME AKUNTANSI (Studi Empiris pada Perusahaan Properties & Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2017 – 2022)

This study aims to provide empirical evidence of the influence of Institutional Ownership, Managerial Ownership, and Capital Intensity on Accounting Conservatism. This research uses a quantitative approach and the data used is secondary data. The population in this research is properties & real estate companies listed on the Indonesia Stock Exchange for the 2017-2022 period. The method for determining the sample uses purposive sampling. A sample of 7 companies was obtained over a 6 year period. The data analysis technique used is multiple linear regression analysis. The results of the F test show that simultaneously Institutional Ownership, Managerial Ownership and Capital Intensity have a significant effect on Accounting Conservatism. The results of the t test show that Managerial Ownership partially has no effect on Accounting Conservatism, but Institutional Ownership partially has a significant negative effect and Capital Intensity partially has a significant positive effect on Accounting Conservatism.

Integrity of Financial Statement Factors: Intellectual Capital, Independent Commissioner, and Company Size

It is critical to keep financial reporting accurate since it impacts company strategy, confidence from investors and stakeholders, ability to make strategic decisions, availability of funds, and management of reputation. Examining property and real estate companies listed on the Indonesia Stock Exchange between 2018 and 2022, this study seeks to ascertain the effects of company size, intellectual capital, and independent commissioners on the accuracy of their financial statements. This study used descriptive statistics and regression panel data to analyze its data. Independent commissioners, intellectual capital, and company size all have a role in how trustworthy financial statements are, according to the research. The credibility of a company's financial accounts is unaffected by its size. The firm's stance is heavily influenced by intellectual capital, whereas independent commissioners significantly hinder it.

Kemampulabaan Perusahaan Sektor Property dan Real Estate: Investigasi Faktor yang Mempengaruhinya

The research explores profitability in property and real estate companies, and thoroughly investigates the influence of working capital turnover, capital structure, and company liquidity. This is an explanatory-research conducted on companies listed on the Indonesia Stock Exchange (IDX) in the property and real estate sector. The sample consists of 14 companies selected through purposive sampling. The research data comprises annual financial reports sourced from secondary data that were publicly available from 2018 to 2022 on the official website of the Indonesia Stock Exchange (www.idx.co.id). Based on panel data regression analysis using model tests with Chow and Hausman tests, the most appropriate model for this research is the Random Effect Model (REM). This research has demonstrated that capital structure, as a significant variable, influences company profitability, while working capital turnover and company liquidity do not have an effect.

RESEARCH ON THE MOTIVATION ISSUES AND COUNTERMEASURES FOR XI'AN LIAN JIA REAL ESTATE SALES STAFF

In recent years, with the increasingly fierce competition in the external market, Xi'an Lian Jia Real Estate Company has also suffered a significant blow, with a notable decline in business performance. To better stimulate the enthusiasm and creativity of employees and promote the healthy and stable development of the enterprise, this paper selects the marketing staff of Xi'an Lian Jia Real Estate Company as a case study for analysis.
 The paper proposes principles and objectives for optimizing the incentive mechanism for sales staff at Xi'an Lian Jia Real Estate Company and designs the following optimization schemes: enhancing employees' sense of honor, broadening the channels for staff promotion, rationalizing organizational performance settings, improving the incentive and remuneration systems, strengthening the reward and punishment mechanism for grassroots employees, adopting flexible welfare systems within the cost constraints, and enhancing the internal motivation of sales staff. To ensure the effective implementation of the sales staff incentive mechanism optimization scheme, this paper suggests the following measures: formulating a scientific execution plan for the scheme; creating a positive atmosphere that genuinely cares for the grassroots employees; and increasing investment in sales personnel by seriously listening to their opinions.

Leverage Strategies of Real Estate Investment Trusts and Real Estate Operating Companies

This paper employs empirical data in three major Asian real estate markets - Hong Kong, Japan, and Singapore, from 2001 to 2021, to study the leverage strategies of two related types of real estate companies – real estate investment trusts (REITs) and real estate operating companies (REOCs). The business model of the former must adhere to a real-estate-focused investment strategy while the latter undertakes a whole range of real estate development activities including land acquisition, financial feasibility analysis, construction, investment and asset management to redevelopment and disposal, and are not subject to the REIT rules with respect to tax transparency, earning distribution, real estate holding and leverage limit. We find that REOCs use 18.96% more debt than REITs after controlling for the agency and market risks, dividend yields, and property sector, country, and year fixed effects of firms; dividend payout has no effect on the leverage strategies; and high tax ratio increases the debt usage of REOCs relative to REITs. We also analyze the liquidation costs and business uniqueness effects. We find real estate value to total firm value ratio, as a proxy of liquidation cost, has negative effects on debt ratios for both real estate firms. Due to their uniqueness, REOCs with a high concentration of rental revenue stream are more vulnerable to liquidation risks, and thus more likely to have lower debt ratio. REITs however tend to have higher debt usage as rental incomes enhance cash-flow liquidity.

Pengaruh Profitabilitas, Ukuran Perusahaan dan Capital Intensity Terhadap Agresivitas Pajak di Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021

This study aims to determine the effect of profitability, company size, and capital intensity on tax aggressiveness. This study used a sample of property and real estate companies listed on the Indonesia Stock Exchange. The sampling technique used in this study was purposive sampling. This study of the research analysis uses the SPSS 2.5 for windows application. Tax aggressiveness as an independent variable is proxied by effective tax rate (ETR). While the dependent variable in this study is profitability proxied by Return On Asset (ROA), the company size variable is proxied by the natural Log of total assets, and the capital intensity variable is proxied by total net fixed assets divided by total assets. The results obtained in the following study, profitability and capital intensity have accepted and have an effect on tax aggressiveness while company size has no influence on tax aggressiveness.

House Type Specification for Housing Development Project Using Machine Learning Techniques: A Study From Bangkok Metropolitan Region, Thailand

Specifying the house type of a housing development project is extremely necessary. However, the determination of a project type nowadays has become a delicate matter, requiring the expertise and knowledge of seasoned project developers. This study aimed to apply four machine learning techniques: Decision Tree, Random Forest, Gradient Boosted Tree and Ensemble Classifier, to analyze the data from 179 housing estate projects collected from market reports of real estate companies in Thailand, with a focus on selecting projects with average monthly sales rates that are higher than the average of all acquired projects. This process resulted in a reduced dataset of 59 projects, including 31 townhouses, 22 single-family houses, and six semi-detached houses. As a result, the Ensemble Classifier model has the highest accuracy of 90.91%. The factors most influential in identifying the type of project are the distances from a main road, sky train station, bus station, hospital, and department store. Single-detached house projects are suitable for locations with high potential. The ideal location should be in proximity to a main road, bus station, department store, and hospital. In addition, townhouse projects are ideal for medium-potential locations that are not near shopping malls, but still require proximity to a hospital, sky train station, or bus station. Ultimately, semi-detached house projects are ideal for medium-potential locations that require proximity to a main road for convenient access to sky train station or public transportation, depending on the specific context.

Pengaruh Thin Capitalization, Konservatisme Akuntansi Dan Financial Distress Terhadap Penghindaran Pajak Dengan Kepemilikan Institusional Sebagai Moderasi

This study aims to analyze the effect of thin capitalization, accounting conservatism and financial distress on tax avoidance with institutional ownership as moderating. This study uses secondary data, the data used in the form of financial report and annual report of companies listed on the Indonesia Stock Exchange. The type of research used in this study is causal research, namely research that aims to find a causal relationship of the variables studied to answer research questions. The samples used in this study are property and real estate companies that are listed on the Indonesia Stock Exchange in the period of 2018-2022. Data were collected using purposive sampling. The total number of companies in the study sample is 92 companies with a study period of 5 years, resulting in 80 samples after outliers. The results of the study using linear regression analysis, descriptive statistic, classic assumption and moderating regression analysis test indicate that thin capitalization and financial distress has a significant positive effect on tax avoidance. Furthermore, the results of linear regression analysis indicate that accounting conservatism not effect on tax avoidance. Then the results of moderating regression analysis test indicate that institutional ownership can strengthen the influence of thin capitalization, accounting conservatism and financial distress on tax avoidance. Keywords: Thin Capitalization, Accounting Conservatism, Financial Distress, Institutional Ownership, Tax Avoidance

Does the education level of the CEO and CFO affect the profitability of real estate and construction companies? Evidence from Vietnam

This article aims to determine the level and trend of the impact of the educational level of CEOs and CFOs on the profitability of real estate and construction companies in Vietnam. Because Vietnam is an emerging economy, insights into the profitability of this market will be lessons learned for other economies with similar characteristics. This quantitative study is based on secondary data collected from audited financial statements, annual reports of 123 Vietnamese real estate and construction companies, and macroeconomic data. Pool OLS, Fixed effect and Random effect regression models and the Hausman test are used to find the appropriate model. The study uses GLS regression to overcome heteroscedasticity and autocorrelation and uses the generalized method of moments (GMM) to overcome endogeneity. We find that the profitability of listed construction and real estate companies with highly educated CEOs is no higher than that of other companies. Furthermore, companies whose CFOs have master's or doctorate degrees are less likely to be profitable. Other findings confirm the heterogeneous effects of operating efficiency, economic growth rate, and financial leverage on different profitability measures. The study also proves that company age, firm size, net working capital, liquidity ratio and inflation rate do not affect profitability.

PENGARUH LEVERAGE, LIKUIDITAS, PROFITABILITAS, UKURAN PERUSAHAAN, UMUR PERUSAHAAN, DAN KUALITAS AUDIT TERHADAP KUALITAS LAPORAN KEUANGAN PADA PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BEI TAHUN 2018-2022

This study seeks to determine the impact of leverage, liquidity, profitability, company size, company age, and audit quality on the quality of financial reports for property and real estate firms listed on the IDX during the period of 2018-2022. This study employs a quantitative research methodology with associative strategy. This study included property and real estate companies listed on the Indonesia Stock Exchange (BEI) between 2018 and 2022. The sample size was 191 individuals, as determined by the method of purposive sampling. Multiple linear regression analysis is used as the analytical procedure. According to research findings, leverage, liquidity, profitability, company size, company age, and audit quality all influence simultaneously the quality of financial reports. The quality of financial reports is affected by liquidity, company size, and company age. However, leverage, profitability, and audit quality have no bearing on the quality of financial reports.