Client influence or the valuer's behavior? An empirical study of listed companies' valuation in Taiwan

IF 1.6 Q3 BUSINESS, FINANCE Journal of Property Investment & Finance Pub Date : 2023-11-14 DOI:10.1108/jpif-10-2022-0069
Fong-Yao Chen, Michael Y. Mak
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Abstract

Purpose Valuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed companies in Taiwan. Design/methodology/approach This study used both quantitative and qualitative methods. Quantitative data analysis was used to examine the estimated premium ratio and estimated divergent ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. To complement and validate the quantitative analysis, open-ended questionnaires were conducted, providing additional insights into the research findings. Findings The results showed that there is a significant difference in estimated valuations commissioned by representatives of buyers and sellers, and the estimated premium ratios commissioned by representatives of buyers were higher than those of sellers. Furthermore, the open-ended questionnaires results indicate that these findings may be influenced by clients for less experienced appraisers. However, for senior appraisers, this is seen as an action to gain a better understanding of the valuation purpose and always within a reasonable price range. In addition, client influence is not a static factor; it may transform into the valuer's behavior as the appraiser's experience grows and deepens. Practical implications It is difficult to obtain valuation reports commissioned by representatives of both buyers and sellers for the same property transactions. In this study, data were obtained from the Market Observation Post-System (MOPS) in Taiwan. As valuation reports could not be obtained, estimated valuations and transaction prices are used to calculate estimated premium ratio and estimated divergent ratios. Originality/value Previous investigations of the client effect have been conducted using qualitative methods including questionnaire surveys, in-depth interviews and experimental design. However, these studies are subject to moral hazard. This study may be the first study that has access to data on valuations for both buyers and sellers in such a formal setting.
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客户的影响还是评估师的行为?台湾上市公司估值之实证研究
评估人员应独立评估市场价值。本文旨在分析台湾上市公司委托估值行为是否保持独立性。本研究采用了定量和定性两种方法。定量数据分析采用独立样本t检验和Wilcoxon-Mann-Whitney检验对估计溢价比和估计发散比进行检验。为了补充和验证定量分析,进行了开放式问卷调查,为研究结果提供了额外的见解。结果表明,买卖双方委托的估价存在显著差异,买方委托的估价溢价比高于卖方委托的估价溢价比。此外,开放式问卷调查结果表明,这些发现可能会受到客户对经验不足的评估师的影响。然而,对于高级估价师来说,这被视为一种更好地理解估价目的的行动,并且总是在合理的价格范围内。此外,客户影响不是一个静态因素;随着评估师经验的增长和加深,它可能转变为评估师的行为。实际影响要取得由买卖双方代表就同一宗物业交易委托作出的估价报告是很困难的。本研究以台湾市场观察岗位制度(MOPS)为资料来源。由于无法获得估值报告,因此使用估计估值和交易价格来计算估计溢价比和估计分歧比。原创性/价值以往对客户效应的调查采用了问卷调查、深度访谈和实验设计等定性方法。然而,这些研究存在道德风险。这项研究可能是第一个在这种正式环境下获得买方和卖方估值数据的研究。
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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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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