Content validation of the user attitudinal component and factors in green building

The green building performance gap has been well acknowledged in building industry and one of the contributors to these issues is the behaviour of users in the building. One of the element that influences the behaviour of users is the attitude of the user towards the building environment. The consideration of the human aspects especially the user attitudinal component and factor is essential as an approach in improving the building performance. This paper aims to identify the user attitudinal component and factor from the literature and to validate the research instrument by using the content validation method. The procedure of content validity include the conceptualization and development of instrument throughout an extensive literature review and to validate the relevance of the user attitudinal component and factors to be considered in green buildings. Three user attitudinal components and seventeen factors were developed from the extensive review of the literature. Ten experts were chosen to appraise the instrument of research by using a quantitative content validation. Fifteen items were accepted as relevant to the study within the accepted range and two items were eliminated from the research instrument. The study’s output allows the building industry a new insight on what user attitudinal aspect to be considered and integrated when dealing in the development of green building. The output of this study greatly benefits the building designers and managers when designing, constructing and managing green buildings

Assessing the impact of outbreaks on Malaysian listed property companies in mixed-asset portfolios

This paper assesses the impact of outbreaks from the perspective of volatility of Malaysian Listed Property Companies in mixed-asset portfolios, concentrating on periods of time between outbreaks. The real issue of this study is the health crisis that has troubled institutional investors, as it has already significantly impacted the returns on investments. Investors need to be better informed on the impact of health outbreaks on investments in order to minimize their impact. To assess the impact of the outbreaks, the GARCH method has been employed to examine the dynamic volatility of listed property companies in mixed-asset portfolios. The volatility level will give investors better information from point of view of the dynamics of volatility of the Malaysian listed property companies’ performance within mixed-asset portfolios. The findings show that listed property companies demonstrate high volatility compared to other mixed-asset portfolios during the periods of outbreaks. This indicates Malaysian listed property companies were the most volatile investment in mixed-asset portfolios. This empirical study will contribute significantly to institutional investors, especially in terms of the investment decision-making process during outbreaks

The potential of Malaysian REITs’ property type allocation

The aim of this study is to explore the potential of property type allocation in Malaysian real estate investment trusts (M-REITs) portfolio and examining the advantages and disadvantages of property type diversification in REITs portfolio. Employing a ten year REITs’ data traded in Bursa Malaysia (BM) from year 2006 until 2015 and used descriptive analysis, this study describe distribution of M-REITs’ financial performance of size of market capitalization (MktCap), performance of total return index (TRI), dividend per unit (DPU) and dividend yield (DY). Whereas, the portfolio allocation through property type identified as office space, commercial mall, industrial building, hotel & resort and specialized property. This study reveal that larger portion of PTCM in M-REITs property allocation that was influenced by the economic situation and M-REITs tend for being specialized property type market concentration strategy compared of being diversified property type strategy. Nevertheless the allocation of commercial mall is growing bigger throughout the period, but experienced decrease in trend of average dividend yield (ADY), puzzled and indicated that the revenue from PTCM do not performed according to the market value of the property. The PTCM in term of size and property portfolio allocation had come into dis-economics of scale, which increase of growth of firm size not in tangent with growth of average DY of M-REITs. Therefore, the quality of property being brought in the M-REITs property portfolio and the style of M-REITs advisory management upon REITs’ property acquisition requires further explanation

Real Estate Investment Trusts' (REITs) asset management strategies within global REIT portfolios

Investment in REITs has become significant in recent years due to the stability and sustainable performance of the investment. A study on the management perspective is very important but this perspective is very limited. Asset management will derive from the profit optimization of the investment. Therefore, it is important to assess asset management strategies to ensure the sustainable performance of the assets. This paper aims to assess asset management strategies among matured REIT companies in developed countries in comparison with Malaysian REIT companies from the perspective of the managers. This research employed qualitative analyses by using content analysis techniques. A total of 41 REIT companies from the United States (US), Japan, Singapore, Australia and Malaysia were assessed. The analyses focused on the similarities and differences between the strategy framework identified in the literature review and the strategies adopted by global REITs and Malaysian REITs under review. The study will enable all REIT stakeholders to become well-informed on global REIT asset management that will derive the maximum profit from the investment. The success of developed countries' REITs will provide guidelines for Malaysian REITs to adopt the best practice of strategic asset management from REITs in mature markets. Furthermore, this study is one of few papers that have discussed the issue of strategic property investment, particularly focusing on REITs

The relationship of Malaysian REITs’ portfolio and its financial performance

Malaysian real estate investment trust (M-REITs) starts since 2006, is different in term of its properties’ holding in portfolio and this resulted a poor response from institutional investors. Thus, this study aims to examine the relationship of M-REITs properties portfolio and its financial performance. A ten year data had been employed and correlation analysis is adopted. This study reveals that property portfolio allocation in commercial mall had significant correlation relationship with M-REITs’ size of market capitalization in such property market value analysis (r: 0.94) and property holding percentage (r: 0.63). Meanwhile, allocation in industrial building also show to have significant correlation relationship with dividend and total return index (TRI). Similarly, with property portfolio allocation in hotel and resort significant correlation relationship with M-REITs’ size of market capitalization which are (r: 0.49). However, both commercial mall and industrial building had insignificant correlation relationship with M-REITs’ financial performance such as dividend per unit (DPU), dividend yield (DY) and total return index (TRI). On the other hand property portfolio allocation in industrial building showed a contradict result in which they have insignificantcorrelation relationship with M-REITs’ size of market capitalization, yet had significant correlation relationship with DPU, DY and TRI. This study reveal that the bigger portfolio allocation on commercial mall as well as hotel and resort property were unable to generate sufficient return to M-REITs, and issue on the ethical of M-REITs property acquisition warrant special attention in future. Yet, there were few insignificant correlations among property type allocation of M-REITs, in which this might indicates that potential diversification for maximize the return and minimize the risk which M-REITs could offers

Comparing shoppers’ perception in image dimensions: a retail case study

In the highly competitive retail industry, an understanding on the perceptions of shoppers is important in attracting and retaining loyal customers. This study compares the shoppers’ perceptions on various image dimensions using KSL City and Plaza Pelangi in Johor Bahru, Malaysia as case studies. Plaza Pelangi is more established but faces high vacancy rate and competition from KSL City. The latter is relatively new and needs to capture the shoppers market from Plaza Pelangi. A total 200 questionnaires were distributed using random sampling. Wilcoxon Signed Ranks Test, Paired-Samples T Test, Chi Square Test, One Way ANOVA were used. There was no significant difference between the overall preferences towards both shopping centers. However, there were significant differences according to demographic groups (race, age and marital status). Majority of the image dimension attributes were rated higher in KSL City compared to Plaza Pelangi. KSL City needs to improve the ease in locating merchandise and appoint higher quality tenants. KSL should strive for more inclusive shopper demographic groups. Plaza Pelangi needs to improve its physical dimension in terms of layout and facility dimension by undergoing upgrading works. Plaza Pelangi also needs to recruit more food and beverage outlets as well as entertainment outlets

Real estate allocation decision of Malaysian real estate investment trusts

Many studies on Malaysian REITs (Real Estate Investment Trust ) have shown the ability to provide diversification benefits in the investment portfolio. The strong support from the Malaysian government such as the relaxation of taxable income and other incentives are still inadequate to convince the institutional investors to include REITs in their investment portfolio. The unique characteristics of Malaysian REITs in term of asset allocation caused it difficult to be evaluated by the investors. A few factors such as type of property, location, size of firm and capital structure of REITs had been identified as real estate allocation decision (READ) to influence REITs performance. While Malaysian REITs’ performance are based on expected return (ER), beta coefficient (ß) and dividend payout (Div). Multiple regression analysis (MRA) is utilized to assess the significant level of influence of READ on performance. The study objective is achieved with mixed results. It showed that only Div had significant influence (R2 value: 64%), while ER and ß are insignificant (both R2 value less than 6%). This indicated that investors seek a long term goal in REITs investment and stable distribution than price appreciation. This study suggests an outline of READ for Malaysian REITs. The outline of READ then was assessed through the past performances of Malaysian REITs to rationalize the characteristic, strength and weakness of influencing variable

An overview of Malaysian real estate investment trusts' management advisory style

The establishment of Malaysian real estate investment trusts (M-REITs) through introduction of Malaysian REITs Guideline in 2005 has adopted the REITs practices in counterparts with few modifications that tailor to the local need. However the aspect of M-REITs’ management advisory style has not been mentioned clearly. This study is appraising the M-REITs’ management advisory style by overview the United States (US) REITs experiences. A content analysis of previous literature on US REITs, Malaysian REITs Guidelines and M-REITs’ annual report was conducted to review the practices of M-REITs’ management advisory style. This study reveals that understanding of external, and internal advisory management in Malaysia was different. Malaysian REITs appointed an external advisory manager company which was established by the REITs themselves. The REITs hold a significance amount of share in this external advisory managing company. The role to determine the new acquisition and plan for expansion remained in the REIT firm. This preliminary study is essential to stimulates further attention on M-REITs management advisory style since US literatures suggest advisory influence firm value, debt financing and profit maximization

Performance determinants of Malaysian real estate investment trusts

The aim of this paper is to identify determinants of Malaysian real estate investment trust (REITs). By identifying the correct combination of these determinants, it able to assist the REITs companies to construct their property allocation strategy (PAS). However, studies on REITs’ performance in Malaysia showed few arguments on Malaysian REITs. Despite the evidence on potential for diversification, Malaysian REITs received inadequate response from institutional investors. Meanwhile the development of REITs in United States (US) started in early 1960s and it underwent significant cyclical performance and structure changes. Therefore, understanding of the literature review on the weaknesses and strengths of US REITs industry is essential. Furthermore, the lack of local study on these determinants, it is a research gap which can be explored in Malaysian REITs. The correct combination of determinants component contribute toward superior performance on REITs. Based on these reasons, REITs determinants that trigger the performance of Malaysian REITs warrant special attention and investigation. Through the literature review done on REITs determinants, this study manage to design the property allocation strategy for Malaysian. This beneficial for both REITs firm to construct their own PAS to maximize distribution as well as institutional investor to evaluate REITs investment. All in all, ramification of Malaysian REITs determinants helps to improve Malaysian REITs industry