Liow, K H (1999) Corporate real estate in financial statements: Evidence from Singapore hotel corporations. Journal of Financial Management of Property and Construction, 4(2), pp. 63-80. ISSN 1366-4387
Abstract
Real estate is one of essential and largest assets in hotel corporations. This paper empirically assesses the absolute and relative importance of real estate in corporate financial management of Singapore hotel companies in the period 1987-1996. We find that real estate comprise over more than half of a hotel firm's total tangible assets, with some large hotel companies investing and developing properties. Average growth in real estate holdings has been remarkable. In addition, real estate is able to influence significantly shareholders' equity and market value of a hotel firm. Finally, 'property intensive " hotel firms differ significantly from "property-less-intensive" ones in key financial characteristics. For example, higher relative level of property asset holdings is associated with higher financial leverage, lower return on equity and less favourable market valuation of properties.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | hotel development, property assets, real estate, Singapore |
| Index terms: | corporate real estate, real estate, market valuation, hotel, financial management, Singapore, evidence, relative importance |
| Subjects: | Geography, economic analysis, evaluation and assessment methods, strategic management, construction type, real estate economics, risk assessment |
| Topics: | Risk Management, Geographical Context, Urban Studies, Construction Technology, Research Practice, Business Strategy |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here