Antonios Rovolis and Andreas Feidakis
This paper aims to examine the determinants of the capital structure of real estate investment trusts (REITs) across the world and explore whether this structure is characterized…
Abstract
Purpose
This paper aims to examine the determinants of the capital structure of real estate investment trusts (REITs) across the world and explore whether this structure is characterized by any common factors.
Design/methodology/approach
Endogenous and exogenous factors that affect the financial management of real estate firms are identified in the analysis. “Regular” (static) panel data regression analysis, as well as dynamic panel data techniques, is applied to a panel of listed real estate firms from 2005 to 2010.
Findings
Empirical results showed that factors such as tangibility, size of the company, growth opportunities, assets turnover affect positively the financial leverage of REITs; conversely, other determinants, being debit's cost, GDP, and long-term interest rates, are negatively correlated with the financial gearing of the REITs.
Practical implications
This paper identifies factors that determine the capital structure of REITs around the world. Firm executives and policy makers in different countries may wish to adjust their policies (regarding capital structure) according to the empirical findings.
Originality/value
This study, using a comprehensive dataset from all over the world, investigates whether there are solid and mutual factors that can characterize the capital structure of REITs.
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Giovanni Schiuma and Antonio Lerro
The purpose of this paper is to investigate the role and the relevance of knowledge‐based capital as a strategic resource and a source of regional innovation capacity. The paper…
Abstract
Purpose
The purpose of this paper is to investigate the role and the relevance of knowledge‐based capital as a strategic resource and a source of regional innovation capacity. The paper identifies human, relational, structural and social capital as the four main knowledge‐based categories building the knowledge‐based capital of a region. The role of each knowledge‐based category in determining regional innovation capacity is analyzed. Specifically, the authors discuss the relationships among the knowledge‐based categories and a regional innovation capacity.
Design/methodology/approach
The paper is based on an in‐depth literature review of the knowledge management and regional innovation research stream. The fundamental underlying research questions that have driven the research are: “What are the knowledge‐based capital categories affecting a region's innovation capacity?” and “How do knowledge‐based categories influence regional innovation capacity?”. The paper is conceptual in its nature and aims to delineate a theory‐based framework to drive further empirical research.
Findings
The paper first clarifies the concept of knowledge‐based capital and of regional innovation capacity. These are two key concepts for understanding the role and relevance of the knowledge assets bundles in the creation, development and management of innovation capabilities at regional level. Then the paper explores how knowledge‐based components affect the innovation capacity of a region. This is an issue of great relevance for both theory and practice. From the theory point of view it allows the identification of the main factors characterising the links between knowledge assets and innovation capacity, while from a practical point of view it can provide implications for policy makers for the definition of policies oriented towards the development of regional knowledge asset domains to develop regional innovation capacity.
Originality/value
The paper provides an answer to the need to develop a holistic view of the links between a region's knowledge‐based capital and its innovation capacity. Indeed, most of the studies in the literature have analysed the links between isolated knowledge asset categories and innovation capabilities. The paper, on the basis of a clear definition of knowledge‐based capital and innovation capacity, analyses why regional knowledge foundations make differences in the innovation capacity of regions.
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Antonio Lerro and Giovanni Schiuma
The purpose of this paper is to analyse the knowledge dimensions grounding regional development dynamics.
Abstract
Purpose
The purpose of this paper is to analyse the knowledge dimensions grounding regional development dynamics.
Design/methodology/approach
The paper first provides a knowledge‐based interpretation of regional development and afterwards the knowledge assets categories at the basis of value creation dynamics at regional level are discussed. The aim is to define a conceptual framework addressing the knowledge assets categories affecting the development dynamics of regions and territories. To support these arguments, the paper integrates the conceptual framework with the analysis of a case study of an Italian region. The paper provides the case example of Basilicata region, which has planned and implemented policies aimed to activate and support regional strategic development by focusing on knowledge assets dimensions. The paper combines a deductive approach with an inductive one. The knowledge assets dimensions grounding regional development dynamics are identified through a review of the literature. Then, the conceptual framework is integrated by the analysis of a case study aimed to enrich the proposed conceptual arguments with empirical evidences.
Findings
The paper highlights the strategic relevance of knowledge capital in sustaining and driving regional development dynamics. The knowledge assets dimensions grounding regional development are discussed, providing insights for both research and practice.
Originality/value
This paper contributes to further develop the knowledge‐based view of the regional development dynamics. The paper provides implications for future research and useful insights for policy making.