Exploring Economic Factors to Enhance the Performance of Real Estate Investment Trusts in the Eastern European Region

References

• Allen, M. J., J. Madura, and T. M. Springer. 2000. “REIT Characteristics and the Sensitivity of REIT Returns.” Journal of Real Estate Finance and Economics 21 (2): 141–52. https://doi.org/10.1023/A:1007839809578.
   Web of Science ®Google Scholar
• Ambrose, B., R. Ehrlich, W. Hughes, and M. Wachter. 2000. “REIT Economies of Scale: Fact or Fiction?” The Journal of Real Estate Finance and Economics 20 (2): 211–24. https://doi.org/10.1023/A:1007881422383.
   Web of Science ®Google Scholar
• Ambrose, B., F. Fuerst, N. Mansley, and Z. Wang. 2016. “Assessing Size Effects and Economies of Scale in European Real Estate Companies.” Accessed January 4, 2024. www.epra.com/research/academicresearch.
   Google Scholar
• Ascherl, C., and W. Schaefers. 2018. “REITs and REOCs and Their Initial Stock Market Performance: A European Perspective.” Journal of European Real Estate Research 11 (1): 4–27. https://doi.org/10.1108/JERER-10-2016-0036.
   Web of Science ®Google Scholar
• Barkham, R. J., and C. W. R. Ward. 1999. “Investor Sentiment and Noise Traders: Discount to Net Asset Value in Listed Property Companies in the UK.” Journal of Real Estate Research 18 (2): 291–312. https://doi.org/10.1080/10835547.1999.12090996.
   Google Scholar
• Brounen, D., D. Ling, and H. Vaessen. 2016. “The Interest Rate Sensitivity of Public Real Estate”, Accessed January 4, 2024. www.epra.com/research/academic-research.
   Google Scholar
• Brounen, D., R. Mahieu, and H. Veld. 2013. “The Effects of Shifting Tax Regimes an International Examination of the REIT Effects.” Paper presented at the 2013 Maastricht EPRI REIT Conference, Maastricht, July 20. www.tias.edu/docs/default-source/Kennisartikelen/the-effects-of-shifting-tax-regimes.pdf?sfvrsn=6.
   Google Scholar
• Chan, K. C., P. H. Hendershott, and A. B. Sanders. 1990. “Risk and Return on Real Estate: Evidence from Equity REITs.” Real Estate Economics 18 (2): 97–112. https://doi.org/10.1111/1540-6229.00531.
   Google Scholar
• Chandra, A., K. Head, and M. Tappata. 2014. “The Economics of Cross-Border Travel.” Review of Economics and Statistics 96 (4): 648–61. https://doi.org/10.1162/REST_a_00404.
   Web of Science ®Google Scholar
• Chudik, A., and M. H. Pesaran. 2015. “Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors.” Journal of Econometrics 188 (2): 393–420. https://doi.org/10.1016/j.jeconom.2015.03.007.
   Web of Science ®Google Scholar
• Conceição, L. C., Pereira, L. F., and Dias, Á. L. 2023. “The Key Competencies for the Future of Work—A Bibliometric Study.” Journal of Chinese Human Resources Management 14 (1): 3–37. https://doi.org/10.47297/wspchrmWSP2040-800501.20231401.
   Web of Science ®Google Scholar
• Dai, Y., Du, T., Gao, H., Gu, Y., and Wang, Y. 2024. “Patent Pledgeability, Trade Secrecy, and Corporate Patenting.” Journal of Corporate Finance 85: 102563. https://doi.org/10.1016/j.jcorpfin.2024.102563.
   Web of Science ®Google Scholar
• Duan, W., and Li, C. 2023. “Be Alert to Dangers: Collapse and Avoidance Strategies of Platform Ecosystems.” Journal of Business Research 162: 113869. https://doi.org/10.1016/j.jbusres.2023.113869.
   Web of Science ®Google Scholar
• Duan, W., Madasi, J. D., Khurshid, A., and Ma, D. 2022. “Industrial Structure Conditions Economic Resilience.” Technological Forecasting and Social Change 183: 121944. https://doi.org/10.1016/j.techfore.2022.121944.
   Web of Science ®Google Scholar
• Gao, H., Liu, Z., and Yang, C. C. 2023. “Individual Investors’ Trading Behavior and Gender Difference in Tolerance of Sex Crimes: Evidence from a Natural Experiment.” Journal of Empirical Finance 73: 349–368. https://doi.org/10.1016/j.jempfin.2023.08.001.
   Web of Science ®Google Scholar
• Glascock, J. L., C. Lu, and R. W. So. 2002. “REIT Returns and Inflation: Perverse or Reverse Causality Effects.” The Journal of Real Estate Finance and Economics 24 (3): 301–17. https://doi.org/10.1023/A:1015221515787.
   Web of Science ®Google Scholar
• Glickman, E. 2013. An Introduction to Real Estate Finance. Academic Press. Elsevier Inc Netherlands. https://doi.org/10.1016/C2009-0-20664-7.
   Google Scholar
• Grybauskas, A., and V. Pilinkiene. 2020. “Is the Rest of the EU Missing Out on REITs?” European Journal of Management and Business Economics 29 (1): 110–22. https://doi.org/10.1108/EJMBE-06-2019-0092.
   Web of Science ®Google Scholar
• He, L. W., J. R. Webb, and N. Myer. 2003. “Interest Rate Sensitivities of REIT Returns.” International Real Estate Review 6 (1): 1–21. https://doi.org/10.53383/100043.
   Google Scholar
• He, Q., Xia, P., Hu, C., and Li, B. 2022. “Public Information, Actual Intervention and Inflation Expectations.” Transformations in Business & Economics 21 (3C): 644–666.
   Web of Science ®Google Scholar
• Hu, F., Ma, Q., Hu, H., Zhou, K. H., and Wei, S. 2024. “A Study of the Spatial Network Structure of Ethnic Regions in Northwest China based on Multiple Factor Flows in the Context of COVID-19: Evidence from Ningxia.” Heliyon 10 (2): e24653. https://doi.org/10.1016/j.heliyon.2024.e24653.
   PubMed Web of Science ®Google Scholar
• Hu, F., L. Qiu, Y. Xiang, S. Wei, H. Sun, Hao H., and Zeng, M. 2023. “Spatial Network and Driving Factors of Low-Carbon Patent Applications in China from a Public Health Perspective.” Frontiers in Public Health. https://doi.org/10.3389/fpubh.2023.1121860.
   Web of Science ®Google Scholar
• Jacob, D., and R. Zisler. 1994. Real Estate Inflation and Interest Rates. New York: Nomura Securities International Inc.
   Google Scholar
• Kawaguchi, Y., J. Sa‐Aadu, and J. D. Shilling. 2017. “REIT Stock Price Volatility and the Effects of Leverage.” Real Estate Economics 45 (2): 452–77. https://doi.org/10.1111/1540-6229.12153.
   Web of Science ®Google Scholar
• Kawaguchi, Y., J. Schilling, and J. Sa-Aady. 2012. “REIT Stock Price Volatility During the Financial Crisis.” European Financial Management 17 (1): 1–33.
   Google Scholar
• Khan, S., and D. A. Siddiqui. 2019. “Factor Affecting the Performance of REITs: An Evidence from Different Markets.” Available at SSRN 3397481. https://doi.org/10.2139/ssrn.3397481.
   Google Scholar
• Kim, J. W., D. J. Leatham, and D. A. Bessler. 2007. “REITs’ Dynamic Under Structural Change with Unknown Breakpoints.” Journal of Housing Economics 16 (1): 37–58. https://doi.org/10.1016/j.jhe.2007.04.001.
   Web of Science ®Google Scholar
• Kola, K., and O. Kodongo. 2017. “Macroeconomic Risks and REITs Returns: A Comparative Analysis.” Research in International Business and Finance 42 (2017): 1228–43. https://doi.org/10.1016/j.ribaf.2017.07.061.
   Google Scholar
• Lee, K. H. 2017. Determinants of Returns on Malaysian REITs (MREITs) Doctoral dissertation, UTAR.
   Google Scholar
• Li, G., Luo, J., and Liu, S. 2024. “Performance Evaluation of Economic Relocation Effect for Environmental Non-Governmental Organizations: Evidence from China.” Economics 18: 20220080. https://doi.org/10.1515/econ-2022-0080.
   Google Scholar
• Liow, K. 2006. “Dynamic Relationship Between Stock and Property Markets.” Applied Financial Economics 16 (5): 371–76. https://doi.org/10.1080/09603100500390885.
   Google Scholar
• Lu, C., and R. W. So. 2001. “The Relationship Between REITs Returns and Inflation: A Vector Error Correction Approach.” Review of Quantitative Finance & Accounting 16 (2): 103–15. https://doi.org/10.1023/A:1011225723400.
   Google Scholar
• Marzuki, M. J., and G. Newell. 2019. “The Evolution of Belgium REITs.” Journal of Property Investment & Finance 37 (4): 345–62. https://doi.org/10.1108/JPIF-03-2019-0029.
   Web of Science ®Google Scholar
• Masum, A. Al. 2014. “Dividend Policy and Its Impact on Stock Price – A Study on Commercial Banks Listed in Dhaka Stock Exchange.” Global Disclosure of Economics and Business 3 (1): 7–16. https://doi.org/10.18034/gdeb.v3i1.166.
   Google Scholar
• McIntosh, W., Y. Liang, and D. L. Tompkins. 1991. “An Examination of the Small-Firm Effect within the Real Estate Industry.” Journal of Real Estate Research 6 (1): 9–16. https://doi.org/10.1080/10835547.1991.12090633.
   Google Scholar
• Miller, N., J. Clayton, P. Eichholtz, and D. Geltner. 2007. Commercial Real Estate Analysis and Investments. Nashville, TN: LEAP Publishing Services.
   Google Scholar
• Mohamad, N. E. A. B., and I. A. B. Zolkifli. 2014. “The Determinant Factors of REIT (REIT)’s Performance: Evidence from Asian REITs.” The Indonesian Capital Market Review 6 (1): 5. https://doi.org/10.21002/icmr.v6i1.2987.
   Google Scholar
• Morri, G., F. Palmieri, and E. Sironi. 2021. “Information Asymmetry and REITs’ Excess Dividends: US and European Market Comparison.” Journal of Property Investment & Finance 39 (6): 545–60. https://doi.org/10.1108/JPIF-07-2020-0080.
   Web of Science ®Google Scholar
• Muller, A., and W. Verschoor. 2006. “Foreign Exchange Risk Exposure: Survey and Suggestions.” Journal of Multinational Financial Management 16 (4): 385–410. https://doi.org/10.1016/j.mulfin.2005.09.001.
   Google Scholar
• Naranjo, A., and D. C. Ling. 1997. “Economic Risk Factors and Commercial Real Estate Returns.” The Journal of Real Estate Finance and Economics 14 (3): 283–307. https://doi.org/10.1023/A:1007754312084.
   Web of Science ®Google Scholar
• Newell, G., and Peng, H. W. 2012. “The Significance and Performance of Japan REITs in a Mixed-Asset Portfolio.” Pacific Rim Property Research Journal, 18 (1): 21–34. https://doi.org/10.1080/14445921.2012.11104348.
   Google Scholar
• Ngo, T. 2017. “Exchange Rate Exposure of REITs.” The Quarterly Review of Economics and Finance 64:249–58. https://doi.org/10.1016/j.qref.2016.09.002.
   Web of Science ®Google Scholar
• Niskanen, J., J. Rouhento, and H. Falkenbach. 2011. “European Real Estate Equities: Ownership Structure and Value of the Firm.” Journal of European Real Estate Research 4 (2): 131–44. https://doi.org/10.1108/17539261111157307.
   Google Scholar
• Payne, J. E. 2003. “Shocks to Macroeconomic State Variable and the Risk Premium of REITs.” Applied Economic Letters 10 (11): 671–77. https://doi.org/10.1080/1350485032000133345.
   Web of Science ®Google Scholar
• Pesaran, M. H. 2015. “Testing Weak Cross-Sectional Dependence in Large Panels.” Econometric Reviews 34 (6–10): 1089–117. https://doi.org/10.1080/07474938.2014.956623.
   Web of Science ®Google Scholar
• Pesaran, M. H., and T. Yamagata. 2008. “Testing Slope Homogeneity in Large Panels.” Journal of Econometrics 142 (1): 50–93. https://doi.org/10.1016/j.jeconom.2007.05.010.
   Web of Science ®Google Scholar
• Price Waterhouse Cooper. 2017. “Compare and Contrast Worldwide Real Estate Investment Trust (REIT) Regimes”, Global Real Estate Leader, Price Waterhouse Cooper, Germany. Accessed December 20, 2023. www.pwc.com/sg/en/real-estate/assets/pwc-compare-and-contrast-complete-worldwide-reit-regimes-2013.pdf.
   Google Scholar
• Ratcliffe, C. A. 2007. “The Responsiveness of IPT Returns and Their Attributes.” Pacific Rim Property Research Journal 13 (3): 280–97. https://doi.org/10.1080/14445921.2007.11104234.
   Google Scholar
• Schacht, U., and J. Wimschulte. 2008. “German Property Investment Vehicles and the Introduction of G-REITs.” Journal of Property Investment & Finance 26 (3): 232–46. https://doi.org/10.1108/14635780810871614.
   Google Scholar
• Simpson, M. W., S. Ramchander, and J. R. Webb. 2007. “The Asymmetric Response of Equity REIT Returns to Inflation.” The Journal of Real Estate Finance and Economics 34 (4): 513–29. https://doi.org/10.1007/s11146-007-9023-0.
   Web of Science ®Google Scholar
• Vogel, J. 1997. “Why the Conventional Wisdom About REITs Is Wrong.” Journal of Real Estate Finance 14 (2): 7–12.
   Google Scholar
• Westerlund, J. 2007. “Testing for Error Correction in Panel Data.” Oxford Bulletin of Economics and Statistics 69 (6): 709–48. https://doi.org/10.1111/j.1468-0084.2007.00477.x.
   Web of Science ®Google Scholar
• Yong, J. D. 2009. “AREIT Returns from 1990–2008: A Multi-Factor Approach.” In 18th World IMACS/MODSIM Congress, 1–3. Cairns, Australia: Modelling and Simulation Society of Australia and New Zealand and International Association for Mathematics and Computers in Simulation.
   Google Scholar
• Yu, G. 2009. “Development: Performance and Existing Problem Analysis, an Overview of Asian REITs.” Accessed May 30, 2022. http://www.kth.se/polopoly_fs/1.159642!/Menu/general/columncontent/attachment/476.pdf.
   Google Scholar
• Zhang, S., Li, X., Zhang, C., Luo, J., Cheng, C., and Ge, W. 2023. “Measurement of Factor Mismatch in Industrial Enterprises with Labor Skills Heterogeneity.” Journal of Business Research 158: 113643. https://doi.org/10.1016/j.jbusres.2023.113643.
   Web of Science ®Google Scholar
• Zhang, S., Zhang, C., Su, Z., Zhu, M., and Ren, H. 2023. “New Structural Economic Growth Model and Labor Income Share.” Journal of Business Research 160: 113644. https://doi.org/10.1016/j.jbusres.2023.113644.
   Web of Science ®Google Scholar
• Zheng, C., Wu, S., Teng, Y., Wu, S., and Wang, Z. 2023. “Natural Resources, Tourism Resources and Economic Growth: A New Direction to Natural Resources Perspective and Investment.” Resources Policy 86: 104134. https://doi.org/10.1016/j.resourpol.2023.104134.
   Web of Science ®Google Scholar
• Zhou, J., and J. M. Lee. 2013. “Adaptive Market Hypothesis: Evidence from the REIT Market.” Applied Financial Economics 23 (21): 1649–62. https://doi.org/10.1080/09603107.2013.844326.
   Google Scholar
• Zolkifli, N. E. 2018. “The Determinant Factors of REIT (REIT)‘s Performance: Evidence from Asian REITs.” The Indonesian Capital Market Review I (1): 53–59.
   Google Scholar