Is ESG commitment linked to investment performance in the real estate sector?

The linkage between corporate commitment to environmental, social and governance (ESG) issues and investment performance has generated a substantial body of research outside the real estate sector. Nevertheless, the relationship between the environmental performance and financial performance of companies is still not well understood as studies have found mixed and contradicting results. Drawing upon the KLD database which contains ratings on seven ESG dimensions from 2003-2009, this paper investigates the relationship between the ESG rating and the financial performance of a sample of US real estate firms. Since the primary transmission channel from ESG activities to financial performance may be better reflected by a firm's intangible assets, we model both Tobin's q and the total annual return in a panel framework with time and sector specific fixed effects. Our results are largely consistent with the existing literature finding a positive relationship between CFP and CSP. Further, the time scale of the lagged effects seems plausible.

The risks of investing in the real estate markets of the asian region

The Asian region has become a focus of attention for investors in recent years. Due to the strong economic performance of the region, the higher expected returns in the area compared with Europe and the USA and the additional diversification benefits investment in the region would offer. Nonetheless many investors have doubts about the prudence of investing in such areas. In particular it may be felt that the expected returns offered in the countries of the Asian region are not sufficient to compensate investors for the increased risks of investing in such markets. These risks can be categorised into under four headings: investment risk, currency risk, political risk, and institutional risk. This paper analyses each of these risks in turn to see if they are sufficiently large to deter real estate investment in the region in general or in a particular country.

The ebbing hegemon? An evolutionary perspective on the emergence of holistic governance and the efficient role of Institutional Investors in Environmental, Social and Governance issues (ESG)

This paper seeks to chronicle the roots of corporate governance form its narrow shareholder perspective to the current bourgeoning stakeholder approach while giving cognizance to institutional investors and their effective role in ESG in light of the King Report III of South Africa. It is aimed at a critical review of the extant literature from the shareholder Cadbury epoch to the present day King Report novelty. We aim to: (i) offer an analytical state of corporate governance in the Anglo-Saxon world, Middle East and North Africa (MENA), Far East Asia and Africa; and (ii) illuminate the lead role the king Report of South Africa is playing as the bellwether of the stakeholder approach to corporate governance as well as guiding the role of institutional investors in ESG.

How does investing in cheap labour countries affect performance at home? Firm-level evidence from France and Italy

Transferring low tech manufacturing jobs to cheap labour countries is often seen by part of the general public and policy makers as a step into the de-industrialization of the European economies. However, recent contributions have shown that the effects on home economies are rarely negative. Our paper contributes to this literature by examining how outward investments to developing and less developed countries (LDCs) affect home activities of French and Italian firms that turn multinational in the period analysed. The effects of these investments are also compared to the effects of investments to developed economies (DCs). The analysis is carried out by using propensity score matching. We find no evidence of a negative effect of outward investments to LDCs. In Italy they have a positive long term effect on value added and employment. For France we find a positive effect on the size of domestic output and employment.

The importance of informal investing to New Zealand's new and growing firms

As part of the Global Entrepreneurship Monitor project, we asked 2,000 adult New Zealanders if they have made a personal investment in a new firm in the past three years as well as the magnitude of their supPort, the nature of the businesses they sponsored, and their relationship with
the recipient. We compared these data on informal investment to data on venture capital obtained from national sources. We are thus able to compare New Zealand's performance to cross-national measures. We also surveyed 20 key informants/experts on questions on financing.
In New Zealand, venture capital accounts for only 0.80/o of total investment in new and growing start-ups. Yet New Zealand is world-ranked in terms of informal investment. In New Zealand, informal investment activity is 3.5olo of the national GDP amount. New Zealand is also a world leader in the prevalence of informal investors (percentage in the adult population). Seventy-three percent of informal investors put their money into a relative's or a friend's business. Fifty-eight Percent of New Zealand's informal investors are female, quite the reverse of the world pattern.

When we compare Australia and New Zealandlo the rest of the GEM world, Australia ranks favourably with the GEM globat measures in terms of venture capital as a percentage of GDp, while New Zealand does poorly. Australia also does about 40olo better than New Zealand in terms
of the amount of VC invested in individual companies. But New Zealand is clearly higher in the measures of informal investment.

We conclude with implications for entrepreneurs, policy makers, educators, researchers, and journalists. In a nutshell, they should pay more attention to the critical role of the four F's - family friends, founders, and "foolish" investors - in start-up ventures. Informal investment is a critical component of New Zealand's entrepreneurial process and thus to its economic growth. Perhaps fifty superstars with extraordinary opportunities will receive financing from the New Zealand Venture Investment Fund to launch their businesses. Meanwhile, the vast majority of firms rely on the 4Fs - friends, family founders, and "foolish" lnvestors.

Investing in intelligence : an inquiry into educational paradigm change

In this philosophical and practical-critical inquiry, I address two significant and closely related problems - whether and how those involved in the enterprise of education conceptualise a need for educational change, and the observed resistance of school cultures to change efforts. I address the apparent lack of a clear, coherent and viable theory of learning, agency and change, capable of making explicit the need, substantive nature and means of educational change. Based on a meta-analysis of numerous theories and perspectives on human knowing, learning, intelligence, agency and change, I synthesise a 'Dynamic Paradigm of Learning and Change', characterised by fifteen Constructs. I argue that this more viable Paradigm is capable of informing both design and critique of systemic curriculum and assessment policies, school organisation and planning models, professional learning and pedagogical practice, and student learning and action. The Dynamic Paradigm of Learning and Change contrasts with the assumptions reflected in the prevailing culture of institutionalised education, and I argue that dominant views of knowledge and human agency are both theoretically and practically non-viable and unsustainable. I argue that the prevailing culture and experience of schooling contributes to the formation of assumptions, identities, dispositions and orientations to the world characterised by alienation. The Dynamic Paradigm of Learning and Change also contrasts with the assumptions reflected in some educational reform efforts recently promoted at system level in Queensland, Australia. I use the Dynamic Paradigm as the reference point for a formal critique of two influential reform programs, Authentic Pedagogy and the New Basics Project, identifying significant limitations in both the conceptualisation of educational ends and means, and the implementation of these reform agendas. Within the Dynamic Paradigm of Learning and Change, knowledge and learning serve the individual's need for more adaptive or viable functioning in the world. I argue that students' attainment of knowledge of major ways in which others in our culture organise experience (interpret the world) is a legitimate goal of schooling. However, it is more viable to think of the primary function of schooling as providing for the young inspiration, opportunities and support for purposeful doing, and for assisting them in understanding the processes of 'action scheme' change to make such doing more viable. Through the practical-critical components of the inquiry, undertaken in the context of the ferment of pedagogical and curricular discussion and exploration in Queensland between 1999 and 2003, I develop the Key Abilities Model and associated guidelines and resources relating to forms of pedagogy, curriculum organisation and assessment consistent with the Dynamic Paradigm of Learning and Change. I argue the importance of showing teachers why and how their existing visions and conceptions of learning and teaching may be inadequate, and of emphasising teachers' conceptions of learning, knowing, agency and teaching, and their identities, dispositions and orientations to the world, as things that might need to change, in order to realise the intent of educational change focused on transformational student outcomes serving both the individual and collective good. A recommendation is made for implementation and research of a school-based trial of the Key Abilities Model, informed by and reflecting the Dynamic Paradigm of Learning and Change, as an important investment in the development and expression of ‘authentic' human intelligence.