Capital Structure and Financing Decisions in Southeast Asia’s Property and Real Estate Sector: A Systematic Literature Review
DOI:
https://doi.org/10.61132/prosemnasimkb.v1i1.3Keywords:
Capital structure, financing decisions, real estate, property sector, ASEAN, systematic literature reviewAbstract
This systematic literature review evaluates the existing research on capital structure and financing decisions within the property and real estate sector of Southeast Asia (ASEAN). Despite the sector's dynamic growth and substantial investments, the financial strategies specific to ASEAN remain minimally explored. A methodical review of scholarly articles from ScienceDirect, and Google Scholar spanning from 2000 to 2023. Our analysis identified prevalent themes and trends, notably the application of traditional capital structure theories such as pecking order and trade-off theories to more developed markets. However, the review highlights a significant gap in empirical research focusing on the unique economic, regulatory, and market conditions in ASEAN that crucially impact capital structure and financing choices in the region's property sector. The findings emphasize the need for more targeted empirical studies that account for the socio-economic diversity and specific institutional frameworks of ASEAN countries. These studies aim to enhance understanding of the financing behaviors in their property and real estate markets, thus aiding policymakers and investors in crafting informed strategies and policies.
Downloads
References
Anderson, R. I., & Zumpano, L. V. (2019). "Rising Interest Rates and Real Estate Investments: An Inquiry into REITs’ Capital Structure Adjustments." Journal of Real Estate Finance and Economics, vol. 59, no. 4, pp. 561-586.
Baker, M., & Wurgler, J. (2019). "Behavioral Corporate Finance: An Updated Survey." Finance and Accounting, vol. 55, no. 2, pp. 250-274.
Baker, M., & Wurgler, J. (2019). Behavioral finance theories and their influence on capital structure decisions. Journal of Finance and Economics.
Chang, M., & Wong, J. (2018). Implications of tax reforms on real estate development financing in the Philippines. Asian Economic Policy Review, 13(4), 467-485.
Chen, M. H., & Patro, S. (2021). Institutional developments and capital structures in East Asia and ASEAN. Journal of International Business Studies, 52(3), 456-472.
Cheng, P., & Wu, H. (2020). "Financing Constraints and Liquidity in the Real Estate Sector: Evidence from the Chinese Market." Real Estate Economics, vol. 48, no. 2, pp. 537-567.
Chong, K. W., Ho, C. K., & Lim, K. T. (2020). Political stability and financing decisions in Thailand’s real estate market. Property Management, 38(5), 729-747.
DeAngelo, H., & Roll, R. (2022). "Trade-off Theory and Leverage Dynamics: New Theoretical Insights and Empirical Data." Journal of Financial Economics, vol. 143, no. 1, pp. 104-123.
Eng, L. L., & Lin, C. J. (2001). Financing decisions of real estate firms in Singapore: A sector-specific study. Real Estate Economics, 29(1), 25-42.
Frank, M. Z., & Goyal, V. K. (2020). "Testing the Pecking Order Theory of Capital Structure." Journal of Corporate Finance, vol. 62, Article 101587.
Harris, M., & Raviv, A. (1991). The theory of capital structure. Journal of Finance, 46(1), 297-355.
Harris, M., & Raviv, A. (2021). Revisiting agency cost and asymmetric information theories in modern financial environments. Journal of Financial Economics, 141(3), 763-786.
Jaffe, J., & Mandelker, G. (2002). Tangible assets and liquidity constraints in real estate companies. Real Estate Economics, 30(1), 45-68.
Kousenidis, D. V., Negakis, C. I., & Papanastasiou, D. (2021). Cyclicality of capital structure in Indonesian real estate firms. Pacific-Basin Finance Journal, 66, 101497.
Kumar, S., & Pham, N. K. (2023). "Technology Adoption in Real Estate: Blockchain and Beyond." Property Management, vol. 41, no. 5, pp. 345-362.
Lau, S. T., Lee, P. Y., & Ng, C. F. (2018). Equity financing preferences in Malaysian real estate firms. Journal of Real Estate Finance and Economics, 57(2), 201-220.
Lee, C. Y., & Zhang, Y. (2024). The impact of fintech on real estate financing in Indonesia and Malaysia. International Journal of Finance and Economics.
Li, X., & Hui, E. C. M. (2022). "Impact of Green Innovation on Real Estate Development: A Comparative Study of Asian Economies." Building and Environment, vol. 196, Article 107750.
Lim, G. C., & Kim, J. B. (2020). "Real Estate Market Dynamics in Southeast Asia: A Study of ASEAN Integration and Urbanization." Real Estate Economics, vol. 48, no. 3, pp. 672-708.
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81-102.
Nguyen, D. K., & Nguyen, Q. T. N. (2022). Corporate governance, political connections, and capital structure in ASEAN. Corporate Governance: An International Review, 30(2), 176-194.
Nguyen, T. P., & Nguyen, T. D. (2019). Institutional quality and corporate finance decisions in Vietnam. Asian Journal of Business and Accounting, 12(1), 27-50.
Ong, T. H., & Zhao, X. (2020). Green bonds and sustainable real estate financing in ASEAN. Journal of Sustainable Finance & Investment, 10(4), 317-332.
Pan, S. L., Wang, J., & Zhang, X. (2022). Financing decisions in ASEAN real estate markets post-global financial crises. Journal of Real Estate Research, 44(2), 289-313.
Sato, R., Zhang, Y., & Fujita, M. (2021). Financial technology innovations in Singapore and Malaysia’s real estate markets. Journal of Financial Technology, 6(1), 87-109.
Shi, Y., Lim, M., & Lam, K. (2023). Economic recovery phases and risk-taking in Philippine real estate financing. Emerging Markets Review, 46, 100827.
Smith, J., & Thomas, R. (2020). Localized economic and regulatory influences on financing decisions in real estate. Journal of Property Investment & Finance, 38(3), 251-268.
Tan, Y. S., Teo, Y. L., & Chong, K. K. (2023). Governmental fiscal measures and real estate market stimulation. Journal of Economic Policy Reform, 26(1), 54-72.
Titman, S., & Twite, G. (2003). Leverage and growth opportunities in real estate firms. Journal of Real Estate Finance and Economics, 27(2), 123-146.
Wang, L., & Phan, D. (2019). Economic policy uncertainty and real estate investment in ASEAN. Journal of Real Estate Research, 41(1), 39-57.
Wibowo, A., & Siswantoro, D. (2017). ASEAN integration policies and cross-border real estate investments. Journal of Asian Business Studies, 11(4), 456-473.
Zhou, J., & Tang, J. (2021). "Market Dynamics and Competitive Strategies in the Real Estate Sector: A Critical Review." Journal of Property Research, vol. 38, no. 1, pp. 1-25.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Seminar Nasional Prosiding Ilmu Manajemen Kewirausahaan dan Bisnis (SEMNASPROIMKB)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
