Citation

Thai, Siew Bee (2019) Earnings management, board characteristics and financial performance of real estate investment trusts in selected Asian markets. PhD thesis, Multimedia University.

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Abstract

Real Estate Investment Trust (REIT) has become a popular and important alternative investment instrument for investors in Asian countries. Its main business activity is to hold or invest in rental, and a majority of its income comes from the rental of these properties. It distributes most of its profits as a dividend to its shareholders either due to tax incentives or mandatory regulations. Its high dividend payout ratio has made it an important and exotic investment option for investors nowadays. Despite their unique structure and regulatory requirements, agency problems caused by the conflict of interest between the principal (shareholders) and the agent (managers) still exist in REITs. Consequently, earnings manipulation through earnings management activities are prevalent in REITs, with the aim to mislead investors or to achieve the manager’s self-interest. In view of the above issues, the objectives of this study are threefold. First, this study investigates the prevalence of earnings management in REITs in Asia. Agency theory is used to explain the prevalence of earnings management. Second, the effect of earnings management on the performance of Asian REITs is studied. Finally, this study investigates whether corporate governance mechanism play a significant moderating role in influencing the relationship between earnings management and REITs’ performance. This study focuses on REITs in Asia, specifically in Malaysia, Singapore and Hong Kong. To achieve the aims of this study, an unbalanced panel dataset of 41 firms covering a period of 8 years from 2007 to 2015 are used in the analysis, resulting in a total sample of 264 firm-year observations.

Item Type:	Thesis (PhD)
Additional Information:	Call No.: HG4028.E27 T43 2019
Uncontrolled Keywords:	Earnings management
Subjects:	H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance.
Divisions:	Faculty of Management (FOM)
Depositing User:	Ms Nurul Iqtiani Ahmad
Date Deposited:	19 Aug 2024 09:04
Last Modified:	19 Aug 2024 09:04
URII:	http://shdl.mmu.edu.my/id/eprint/12843

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