Determinant Factors of Profitability in Malaysia’s Real Estate Investment Trusts (M-REITS)

UNIMAS Review of Accounting and Finance Pub Date : 2018-12-27 DOI:10.33736/URAF.1209.2018

Shaharudin Jakpar, Michael Tinggi, Akmal Hisham Tak, Nur Amanina Ruzlan

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引用次数: 7

Abstract

The performance of Real Estate Investment Trust (REIT) can be literarily explained in terms of its operational success which is revealed in its profitability to the investors (Grupe & DiRocco, 1999). A company’s success in investments is usually measured by its profitability. The objective of this study is to examine the role of determinant factors towards the profitability of M-REITs. This research was conducted using procedures of panel data for a total sample of 8 Malaysia’s Real Estate Investment Trusts (M-REITs) for a period of 8 years, starting from 2008 until 2015. The profitability of M-REITs was measured by the return on equity (ROE) as the dependent variable, whereas the determinant factors for M-REITs’ profitability are dividend yield (DY), net asset value (NAV) and price earnings ratio (PER) as the independent variables. The outcome from the research revealed that only dividend yield (DY) has a positive significant relationship with M-REITs profitability, and no significant relationship was found between both net asset value (NAV) and price earnings ratio (PER) towards M-REITs profitability.

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马来西亚房地产投资信托基金(M-REITS)盈利能力的决定因素

房地产投资信托(REIT)的表现可以从字面上解释为其运营成功，这体现在其对投资者的盈利能力上(grupe&dirocco, 1999)。一个公司在投资方面的成功通常是用它的盈利能力来衡量的。本研究的目的是检验决定因素对M-REITs盈利能力的作用。本研究采用面板数据程序对8个马来西亚房地产投资信托基金(M-REITs)的总样本进行，为期8年，从2008年开始至2015年。M-REITs的盈利能力以净资产收益率(ROE)作为因变量来衡量，而决定M-REITs盈利能力的因素是股息收益率(DY)、资产净值(NAV)和市盈率(PER)作为自变量。研究结果显示，只有股息收益率(DY)与M-REITs的盈利能力呈正相关，资产净值(NAV)和市盈率(PER)对M-REITs的盈利能力没有显著关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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UNIMAS Review of Accounting and Finance

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