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Article
Publication date: 3 April 2018

Konstantinos J. Liapis and Evangelos D. Politis

The purpose of this paper is to study the effect of income and property taxes on property assets through the application of fair value accounting and deferred income tax standards.

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Abstract

Purpose

The purpose of this paper is to study the effect of income and property taxes on property assets through the application of fair value accounting and deferred income tax standards.

Design/methodology/approach

This approach is based on the whole life costing model that accounts for the initial expenses, operation and maintenance costs, future revenues, and residual value.

Findings

Formulating a step-by-step accounting procedure based on fair valuation and temporary differences in taxation, this paper shows the existence of the Laffer curve and thus elucidates the economic effect of the taxes and fully discloses the asset’s fair value. The optimal taxation rate is lower when a property tax and an income tax are both present, as the the marginal gain from both taxes is constantly decreasing, due to the changes in the fair value of the asset, and even has a negative effect in the case of the income tax.

Practical implications

Accounting techniques, which combine market-based assumptions, financial valuation techniques based on discounted fair value models, and standard International Financial Reporting Standards disclosures, prove to be an unbiased proxy for the optimal taxation rate.

Originality/value

This study demonstrates a practical tool for policy makers who are trying to define macroeconomic policies on property taxation. Moreover, this approach can be used as an evaluation model for individual investors who wish to measure the future prospects from a property investment under taxation uncertainties.

Details

Journal of Property Investment & Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 26 April 2011

Konstantinos J. Liapis and Elena P. Christodoulopoulou

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting…

3478

Abstract

Purpose

The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting principles for the valuation of assets: fair value and historical cost. The study focuses on land and buildings as a main part of the total fixed assets of a company. It uses the framework of the Greek real estate market as an experimental setting where the principles of historic cost and fair value accounting can be compared.

Design/methodology/approach

The topic is approached using an integration of fixed assets into four main portfolio categories: own used; investments; held for sale assets; and inventories. According to this framework the study examines the accounting treatments under International Financial Reporting Standards (IFRS), US GAAP and Greek GAAP for each portfolio transaction and analyses the impact of accounting entries to equity and profit and loss account.

Findings

The study results to a comparative analysis of the different studied GAAP and tries to establish a purchase price allocation method for property acquisition.

Originality/value

The contribution of this article is that it surveys principles, literature and practice about the above issues from a critical perspective, and presents a way to managing and monitoring real estate investments, using logical decision trees, from an accounting point of view.

Details

Journal of Property Investment & Finance, vol. 29 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 28 January 2014

Konstantinos J. Liapis, Dimitrios D. Kantianis and Christos L. Galanos

The main purpose of this paper is the incorporation of life-cycle costs (LCC) and whole-life costing (WLC) method and the taxation environment into the investment appraisal…

1404

Abstract

Purpose

The main purpose of this paper is the incorporation of life-cycle costs (LCC) and whole-life costing (WLC) method and the taxation environment into the investment appraisal procedure for commercial real property projects.

Design/methodology/approach

The paper initially presents the methodologies of LCC and WLC together with the NPV measure for the evaluation of real estate investments. These methods are incorporated into a decision-making model using mathematical approaches. The model is applied to a typical commercial property project (office building) in order to explore the significance of impacts from changes in structured variables and the taxation environment by introducing direct, indirect and property taxes in the evaluation of commercial real estate projects.

Findings

Testing of the methodology on the Greek economic environment revealed that time, cost, the tax regime, the financial variables of funding and the monetary and fiscal environment in a commercial real property project are the main variables of net present value (NPV) of the investment.

Practical implications

From the calibration of any impact from affected variables, decision-making aiding tools can be extracted for controlling the project throughout its entire life-cycle.

Originality/value

An integrated WLC mathematical model for the investment appraisal of commercial property projects is introduced. The herein proposed methodology contributes to taxation policy and real estate theory in general and assists industry professionals in effective commercial property management and decision-making.

Details

Journal of Property Investment & Finance, vol. 32 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 26 April 2011

Konstantinos J. Liapis, Manolis S. Christofakis and Harris G. Papacharalampous

The main purpose of this paper is the formulation of an integrated procedure for the evaluation of real estate investments.

2889

Abstract

Purpose

The main purpose of this paper is the formulation of an integrated procedure for the evaluation of real estate investments.

Design/methodology/approach

The main methods for evaluation of real estate investments are presented initially. The paper analyses both the academic and the professional points of view of all these methods and compares them to each other, denoting that they could be implemented in the evaluation of real estate projects. Also, it presents the internal and external variables that influence the evaluation.

Findings

The primary focus is the calculation of the investor's interest (required return) in relation to the risk of the investment. In this framework the most common financial methods that have been used at an academic level in an attempt to estimate the risk‐return ratio of an investment are used and relevant proposals based on the available data and practices are made. The use of these components in a real estate investment in the Greek real estate market is tested empirically, giving future trends and prospects.

Originality/value

A new integrated procedure for the evaluation of real estate investments is proposed. This methodological approach helps in effective property management and decision making in real estate projects.

Details

Journal of Property Investment & Finance, vol. 29 no. 3
Type: Research Article
ISSN: 1463-578X

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Book part
Publication date: 12 February 2025

Foteini I. Pagkalou, Eleftherios I. Thalassinos and Konstantinos I. Liapis

Purpose: In Greece, large companies have started to focus more and more on corporate social responsibility (CSR) and ESG (environmental, social, and governance) activities…

Abstract

Purpose: In Greece, large companies have started to focus more and more on corporate social responsibility (CSR) and ESG (environmental, social, and governance) activities, realising the importance of sustainability and social responsibility beyond traditional profits. Using machine-learning (ML) methods and artificial neural networks (ANNs) can enhance the process of measuring performance in these areas in several ways, including data analytics. This paper investigates and explores the correlation between CSR and ESG actions with financial and non-financial factors for the 100 largest companies operating in Greece.

Methodology: The study runs from January 2019 until December 2021, and ANNs and ML techniques are employed. The comparison concerns both the control variables and the predictability of the methods.

Findings: The main findings that emerged are the confirmation of the correlation between CSR and ESG actions and the financial performance and determinants of corporate responsibility of the companies in the sample. Moreover, good results were obtained for almost all of the techniques examined, but the superiority of deep learning models and gradient-boosted trees (GBTs) was found for the selected variables.

Significance/Implications/Conclusions: The findings suggest that using ML techniques and neural networks to measure CSR actions can help companies evaluate their performance and make effective decisions to improve their sustainability. It can also be a valuable tool for institutional investors, banks, and regulators.

Future Research: We believe that future research should focus on improving these models, exploring hybrid approaches that combine the strengths of different techniques, and expanding the range of variables considered.

Details

Green Wealth: Navigating towards a Sustainable Future
Type: Book
ISBN: 978-1-83662-218-5

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