[KSCI] Korea Science Citation Index Service

http://dx.doi.org/10.14400/JDC.2017.15.11.113

A Study on Relations of Macroeconomic Events and Investment Real Estate Holdings of Corporate -Including comparisons of KOSPI and KOSDAQ Listed Companies in Financial Crisis-

Lee, Chan-ho (Dept. of Business Administration, Pusan National University)

Publication Information

Journal of Digital Convergence / v.15, no.11, 2017 , pp. 113-120 More about this Journal

Abstract

The purpose of this study is to analyze how the relative proportion of retention between real estate for business and investment real estate among the real estate held by corporations has been changed after and before the Financial Crisis as well as whether there has been any difference between KOSPI and KOSDAQ listed companies in terms of their share of the real estate. The increasing pattern of real estate owned by KOSDAQ were similar to the KOSPI companies except for investment properties during the Financial Crisis. The proportion of real estate owned by KOSPI had been lower than that of KOSDAQ companies in both investment and business real estate before the Financial Crisis. However, during the period of the Financial Crisis, the proportion of real estate for business held by KOSPI firms was higher than that of KOSDAQ firms. Furthermore, the portion of investment of real estate owned by KOSPI has remained higher than that of KOSDAQ after the Financial Crisis period and the recent period. Based on the results of this analysis, how the relevance of the change of portion between real estate for business and investment real estate affects management performance will be figured out in the future studies.

Keywords

Financial Crises; Investment real estate; Real estate for business; KOSPI listed company; KOSDAQ listed company;

Citations & Related Records

Reference

1	Ambrose, W. B., Megginson W. L., "The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood", Journal of Financial and Quantitative Analysis, Vol. 27 No. 4, pp.575-589, 1992. DOI
2	Brounen, D., Eichholtz, P., "Corporate Real Estate Ownership Implication", Journal of Real Estate Finance and Economics, Vol. 30 No. 4, pp.429-445, 2004. DOI
3	Brounen, D., Colliander, G., Eichholtz, P., "Corporate Real Estate and Stock Performance in the International Retail Sector", Journal of Corporate Real Estate, Vol. 7 No. 4, pp.287-299, 2005. DOI
4	Hwang, E. S., Seiler, V. L., Seiler, M. J., "Multinational Companies' Real Asset Ownership and its Impact on Diversification", Journal of Corporate Real Estate, Vol. 7 No. 4, pp.326-338, 2005. DOI
5	Williamson, O. E., "Managerial Discretion and Business Behavior", American Economic Review, Vol. 53, pp.1032-1067, 1963.
6	M. C. Kim, D. W. Kim, B. G. Kim, "Agency Problem, Corporate Governance, and Corporate Real Estate Policy", Journal of Industrial Economics and Business, Vol. 28 No. 25, pp.785-808, 2015.
7	M. S. Shin, S. E. Kim, J. I. Lee, "Collateral Channel Effects of Corporate Asset Structure on Capital Structure", Journal of Business Research, Vol. 31 No. 4, pp.85-109, 2016.
8	Min-Che Kim, "A Study on the Effect of Corporate Real Estate Policy and Corporate Governance on Firm Value", Ph.D. dissertation, pp.1-154, Changwon National University, 2015.
9	H. Y. Lee, M. H. Cho, "An Empirical Study on the Influence of the Possession and Investment Estate on the Value of Firm", Korean Corporation Management Review, Vol. 16 No. 4, pp.67-81, 2009.
10	Won-Cheol Kang, "Corporate Real Estate and Corporate Value", Ph.D. dissertation, pp.1-101, Konkuk University, 2016.
11	J. S. Kim, J. H. Choi, "A Study on the Effects of the Corporate Real Estate Aquisition and Sale on the Stock Return", Korean Journal of Financial Studies, Vol. 18, No.1, pp.283-332, 1995.
12	Constand, R., Lewis M., Sullivan J., "Factors Affecting Price Earnings Ratios and Market Value of Japanese Firms", Financial Management", Vol. 20, No. 4, pp.68-79, 1991. DOI
13	J. S. Kang, H. T. Sim, "The Effect of Real Estate Holdings on Price to Book Value Ratio", Tax Accounting Research, Vol. 5, No. 1, pp.361-384, 1998.
14	Ambrose, W. B., "Corporate Real Estate's Impact on the Takeover Market", Journal of Real Estate Finance and Economics, Vol. 3, pp.307-322, 1990.
15	Brounen, D., van Dijk, M., Eichholtz, P., "Corporate Real Estate and Corporate Takeovers: International Evidence", Journal of Real Estate Research, Vol. 30 No. 3, pp.293-313, 2008.