Reading house prices in Australian capital cities

House prices in the Australian capital cities have been increasing over the last two decades. An over 10% average annual increase arises in the capital cities. In Melbourne, Brisbane and Perth, the house prices increased by more than 15% annually, while the house prices in Darwin increased by even higher at about 21%. It is surprising that, after a decrease in 2008, the house prices in the Australian capital cities show a strong recovery in their last financial year’s increase. How to read the house prices in cities across a country has been an issue of public interest since the late 1980s. Various models were developed to investigate the behaviours of house prices over time or space. A spatio-temporal model, introduced in recent literature, appears advantages in accounting for the spatial effects on house prices. However, the decay of temporal effects and temporal dynamics of the spatial effects cannot be addressed by the spatio-temporal model. This research will suggest a three-part decomposition framework in reading urban house price behaviours. Based on the spatio-temporal model, a time weighted spatio-temporal model is developed. This new model assumes that an urban house price movement should be decomposed by urban characterised factors, time correlated factors and space correlated factors. A time weighted is constructed to capture the temporal decay of the time correlated effects, while a spatio-temporal weight is constructed to account for the timevaried space correlated effects. The house prices of the Australian capital cities are investigated by using the time weighted spatio-temporal model. The empirical findings suggest that the housing markets should be clustered by their geographic locations. The rest parts of this paper are organised as follows. The following section will present a principle for reading urban house prices. The next section will outline the methodologies modelling the time weighted spatio-temporal model. The subsequent section will report the relative data and empirical results, while the final section will generate the conclusions.

Clarifying the link between social capital and MSME innovation performance : the role of absorptive capacity

A conceptual framework is proposed in this article showing how the social capital of a community shapes the innovation performance of micro, small and medium enterprises (MSMEs) through the exercise of absorptive capacity as the mediating phenomenon between the two. Its significance stems from the unprecedented effort of explaining how community social capital matters in the innovation performance of MSMEs, a departure from previous studies which typically examined market-related or hierarchical social capital in the form of formal networks and directly linking them to firm innovation without due regard to knowledge management within the firm as an antecedent of organizational innovation. The aim is to stimulate further thinking and empirical research on the subject of social capital of a community in an MSME and/or entrepreneurial context.

Social capital for knowledge management : the case of small and medium-sized enterprises in the Asia-Pacific Region

This article proposes a conceptual framework that explains that the social capital of a community shapes the innovation performance of small and medium-sized enterprises (SMEs) through knowledge management within the firm. The study's significance stems from the unprecedented effort in explaining how community social capital matters in the innovation performance of SMEs, a departure from previous studies that have typically examined market-related or hierarchical social capital in the form of formal networks and directly linked them to a firm's innovation performance without due regard for knowledge management within the firm as an antecedent of organisational innovation performance. The aim is to stimulate further thinking and empirical research on the subject of social capital of a community in the SME and/or entrepreneurial context.

Neighbourhood environments and children's social capital : investigating the pattern of relationships

The main purpose of this work was to investigate the pattern of relationships among three constructs: neighbourhood socio-physical environment, children's social interactions and their social capital. This work was designed as a two-phase mixed-methods research. Phase I included several qualitative studies to develop a scale of neighbourhood socio-physical environment, a scale of children's social interactions and a scale of children's social capital. Phase II was a cross-national survey that used these three scales to collect information from high school students in Beijing and Sydney. The main finding of this work was that there were strong and significant correlations among the three constructs. Children's assessment of their neighbourhood socio-physical environment was positively correlated with their social interactions and social capital, which indicated that children who lived in better neighbourhoods had more social interactions and larger volumes of social capital. Strong positive relationship was also found between children's social interactions and social capital, which implied that better-connected children interacted with their friends more.

Determinants of capital structure of A-REITS and the global financial crisis

This paper contributes to the capital structure literature by investigating the determinants of capital structure of Australian Real Estate Investment Trusts (A-REITs) over the period 2006-2009. By using a panel approach and a Global Financial Crisis (GFC) dummy variable, our analysis incorporates the Global Financial Crisis (GFC) shock which appears to have affected the market after December 2007. We find that A-REIT size, profitability, tangibility, operating risk and number of growth opportunities impact similarly to many previous studies of international entities upon the degree of leverage. We also find mixed support for prevailing capital structure theories of Pecking Order, Trade-off and Agency Theory, but find that Market Timing Theory can be rejected over our sample period. With specific focus after onset of the GFC, we find that the relationship between capital structure and our independent variables is somewhat distorted. Consequently, the postulations of theory also become distorted whereby changes to capital structure come about because of the primary goal to survive, rather than managerial opportunism.

The role of capital-labour substitution in economic growth

Purpose – Although the importance of the elasticity of substitution between capital and labour (s) has been recognized in many areas in economics, this parameter has not received enough attention in economic growth. The purpose of this paper is to review the recent development in the importance of s in economic growth.

Design/methodology/approach – This paper specifically reviews the possibility of perpetual growth and slowdown, and the asymptotic behaviour of the balanced growth path for different values of s. It also reviews the determinants of the aggregate s.

Findings – Based on the empirical evidence that the value of s significantly departs from the Cobb-Douglas value of unity, the paper recommends employing the constant elasticity of substitution (CES) production function in both theoretical and empirical growth research.

Originality/value – This paper offers a new perspective on the elasticity of substitution between capital and labour due to its evaluation of various factors, methods and approaches.

A labour of love: mothers, emotional capital and homework

This paper develops a new analysis of homework by building on feminist scholarship which documents the invisible labour done by women in support of their children's education. While numerous studies have examined the relationship between homework and achievement, little attention has been paid to the largely gendered and potentially stressful nature of ‘parental involvement’. The analytic focus in this paper is on the complex emotional and pedagogical dimensions of homework and the ways it is shaped by socio-cultural contexts. Videotaped homework interactions between one working-class and two middle-class mothers and their children are examined using Bourdieu's concepts of habitus and capital. The analysis distinguishes between productive pedagogical relationships and those that promote extensive anxiety and are counterproductive to learning. The paper argues that the reserves of cultural and emotional capital required for homework completion are significant and that class position does not necessarily guarantee the ways in which these capitals are mobilised.

Health system reform and social capital

The pressures for health system reform have reached a critical stage over the past ten years as our understanding of the determinants of health has increased and deepened. Far from being conjecture and theory, the evidence for a broad range of determinants of health, from the biological and medical through to a broad range of economic and social determinants, has mounted.

Health system reform and social capital

Jim Hyde suggests that the research on building the capacity of communities and the accumulation of social capital shows that how we organize our health systems - in both micro and macro contexts - is important. He argues that collaboration, flexibility and community participation must become central in health structures.

The first stage of developing the adolescent friendship social capital scale

 The purpose of the study was to generate the candidate items for the Adolescent Friendship Social Capital Scale. Both inductive and deductive approaches were used to generate the scale items. Halpern's conceptual map of social capital served as the theoretical basis of this scale, and guided the development of items. Semi-structured interviews with adolescents in Sydney, Melbourne and Beijing generated the initial pool of scale items. Twenty-six items were generated for the Adolescent Friendship Social Capital Scale. The items are organised in four theoretical constructs: Bonding Networks, Bridging Norms, Bridging Sanctions, and Linking Networks. Each item is a short statement followed by a five-point Likert scale anchored by 1= "Strongly disagree" and 5= "Strongly agree". The scale has several advantages over previous measures of adolescent friendship networks and friendship social capital. The scale has a strong and clear theoretical structure, the scale items demonstrate initial construct and content validity, and the format of the scale enables the collection of continuous data. However, in order to ensure the validity and reliability of the scale, another two stages of research need to be conducted in the future: scale development and scale evaluation.

Making Connections in Geelong : migrants, social capital and growing regional cities

Migration has been increasingly used to compensate for demographic trends and skill shortages in developed countries. This has resulted in policies to encourage migration to regional areas in order to relieve pressures on liveability and infrastructure in big cities. Like many other regional cities in Victoria, Geelong actively encourages migrants from overseas, from Melbourne and from other parts of rural and regional Australia, by promoting workforce participation, and enhancing lifestyles to attract and retain a growing population. A number of countries including Australia, Canada, Italy and Spain have policies to encourage immigration to locations other than large urban centres to stimulate regional economic development and to ensure immigrants fill skill shortages in regional areas. However, migrants do not always stay long in the regional locations where they initially settle, and new migrants are needed to replace their skills. Given the Australian and Victorian government policy imperatives of encouraging regional migration there is a need to understand how migrants and their families make the social connections that contribute to wellbeing and their retention in regional areas such as Geelong. This paper emerges from a research project on this challenge at Deakin University, in Geelong It discusses some of the issues associated with regional migration and describes how a sound, theoretically informed understanding of social capital can assist employers, governments and community groups (formal and informal) to effectively assist migrants to make social connections and therefore remain in regional cities.