Research Article
BibTex RIS Cite

The Factors That Affects the Profitability in Real Estate Investment Trust Companies: Comparison of Turkey and Malaysia

Year 2024, Volume: 38 Issue: 1, 2 - 11, 26.01.2024

Abstract

It is defined as an investment that individuals use a source or value they own to provide income. Real estate investment trust companies are providing alternative tools to invest in bonds, stocks, etc. by converting real estate holdings from their portfolios into securities. Among the key benefits of real estate investment trust companies are that they have a certain economic cycle, as opposed to bonds, a protective against inflation, and reliable returns. Real estate investment trust companies operate in 41 countries as of 2021, with a market volume of $42 trillion. In Turkey, which is part of the real estate investment trust sector’s category of developing countries, there are 37 real estate investment trust companies and the total mar- ket value is 6860 million euros. The other country included in the study is Malaysia, which also falls under the category of developing countries in the industry. In Malaysia, there are 18 real estate investment trust companies with a total market value of 8519 million euros. The aim of the study is to identify the importance of factors affecting the profitability of the companies of the two countries through the Random Forest Regression method. For this purpose, data from 2013.Q1 to 2022.Q1 were used from the companies of the two countries. As a result of the study, it has been determined that the variables with the most significant impact on the assets and equity profitability of the two countries are total debt total assets rate and logarithm of total assets ratios.

References

  • Aktaş, M., & Darwish, Z. (2020). Türkiye’de gayrimenkul yatırım ortaklıkları ile girişim sermayesi yatırım ortaklıklarının finansal oranlar açısından karşılaştırılması. International Journal of Social Science Research, 9(1), 63–78. https://dergipark.org.tr/en/pub/ijssresearch/issue/5486 3/727905
  • Almaqtari, F. A., Al-Homaidi, E. A., Tabash, M. I., & Farhan, N. H. (2019). The determinants of profitability of Indian commercial banks: A panel data approach. International Journal of Finance and Economics, 24(1), 168–185. [CrossRef]
  • Alp, A., Ban, Ü., Demirgüneş, K., & Kılıç, S. (2010). Türk Bankacılık Sek- töründe Karlılığın İçsel Belirleyicileri. İMKB Dergisi, 12(46), 1–13.
  • Ambrose, B., & Linneman, P. (2001). REIT organizational structure and operating characteristics. Journal of Real Estate Research, 21(3), 141–162. [CrossRef]
  • Ambrose, B. W., Highfield, M. J., & Linneman, P. D. (2005). Real estate and economies of scale: The case of REITs. Real Estate Economics, 33(2), 323–350. [CrossRef]
  • Ambrose, B. W., Fuerst, F., Mansley, N., & Wang, Z. (2019). Size effects and economies of scale in European real estate companies. Global Finance Journal, 42. [CrossRef]
  • Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm-specific and economy wide determinants of firm profitability: Greek evi- dence using panel data. Managerial Finance, 35(11), 930–939. [CrossRef]
  • Baasith, A. (2021). MSE vs MAE in machine learning. https://Baasith-Shiy am1.Medium.Com/Mse-vs-Mae-in-Machine-Learning-714f586f9 68a
  • Benitez, J., Chen, Y., Teo, T. S. H., & Ajamieh, A. (2018). Evolution of the impact of e-business technology on operational competence and firm profitability: A panel data investigation. Information and Man- agement, 55(1), 120–130. [CrossRef]
  • Biau, G., & Scornet, E. (2016). A random forest guided tour. Test, 25(2), 197–227. [CrossRef]
  • Boyd, J. H., & Runkle, D. E. (1993). Size and performance of banking firms. Journal of Monetary Economics, 31(1), 47–67. [CrossRef]
  • Breiman, L. (2001). Random forests. Machine Learning, 45(1), 5–32. [CrossRef]
  • Capellán, R. U., Luis Sánchez Ollero, J., & Pozo, A. G. (2021). The influence of the real estate investment trust in the real estate sector on the Costa del Sol. European Research on Management and Business Economics, 27(1), 100133. [CrossRef]
  • Case, B., & Wachter, S. M. (2011). Inflation and real estate investments. U of Penn, Inst for Law & Econ Research Paper, (11-33).
  • Chatrath, A., & Liang, Y. (1998). REITs and Inflation: A Long-Run Perspec- tive. Journal of Real Estate Research, 16(3), 311–326. [CrossRef]
  • Chicco, D., Warrens, M. J., & Jurman, G. (2021). The coefficient of determi- nation R-squared is more informative than SMAPE, MAE, MAPE, MSE and RMSE in regression analysis evaluation. PeerJ. Computer Sci- ence, 7, e623. [CrossRef]
  • Cutler, D. R., Edwards, T. C., Beard, K. H., Cutler, A., Hess, K. T., Gibson, J., & Lawler, J. J. (2007). Random forests for classification in ecology. Ecol- ogy, 88(11), 2783–2792. [CrossRef]
  • Çelik, E., & Arslanlı, K. Y. (2020). Gayrimenkul yatırım ortaklığı firmalarının piyasa değeri ve aktif karlılığını etkileyen finansal oranların panel veri analizi yöntemiyle belirlenmesi. Journal of Accounting and Finance, 88, 255–274. [CrossRef]
  • Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Appli- cations, 40(10), 3970–3983. [CrossRef]
  • Demirdöven, M. (2009). Türkiye’de gayrimenkul sektörünün gelişimi ve gayrimenkul finansmanı (Tez No: 254254). [Yüksek Lisans Tezi, Marmara Üniversitesi, Sosyal bilimler Enstitüsü]. Ulusal Tez Merkezi.
  • Deran, A., Sarıay, M. A. ibrahim, & Savaş, İ. (2013). İMKB’ de işlem gören menkul kıymet yatırım ortaklıkları ve gayrimenkul yatırım ortaklıklarının finansal performanslarının karşılaştırılması. Fırat Üni- versitesi Sosyal Bilimler Dergisi, 23(2), 195–203. https://dergipark.or g.tr/tr/pub/firatsbed/issue/45176/565597
  • Dogan, Y. Y., Ghosh, C., & Petrova, M. (2019). On the determinants of REIT capital structure: Evidence from around the world. Journal of Real Estate Finance and Economics, 59(2), 295–328. [CrossRef]
  • EPRA. (2018). Building a stronger Europe stock exchange listed property companies.
  • EPRA 2022. (2022). https://www.epra.com/application/files/9516/6203/9 094/EPRA_Global_REIT_Survey_2022_ONLINE_v1.7_FINAL_VERS ION.pdf
  • Erol, I., Tirtiroglu, D., Erol, I., & Tirtiroglu, D. (2011b). Concentrated owner- ship, no dividend payout requirement and capital structure of REITs: Evidence from turkey. Journal of Real Estate Finance and Economics, 43(1–2), 174–204. [CrossRef]
  • EY. (2021). Economic contribution of REITs in the United States Prepared for Nareit.
  • Feng, Z., Ghosh, C., & Sirmans, C. F. (2007). On the capital structure of real estate investment trusts (REITs). Journal of Real Estate Finance and Economics, 34(1), 81–105. [CrossRef]
  • Günay, B., & Timur, E. (2019). Ekonomik katma değer ile borsa performans ölçütleri arasındaki ilişkinin incelenmesi: BIST gayrimenkul yatırım ortaklıkları endeksi (XGMYO) örneği. 6th International Congress on Accounting and Finance Research (ICAFR’19), 28–38.Günay, B., & Timur, E. (2019). Ekonomik Katma Değer ile Borsa Performans Ölçütleri Arasındaki İlişkinin İncelenmesi: BIST Gayrimenkul Yatırım Ortaklıkları Endeksi (XGMYO) Örneği. 6th International Congress on Accounting and Finance Research (ICAFR’19), 28–38.
  • GYODER. (2022). Türkiye Gayrimenkul Sektörü 2022 3.Çeyrek Raporu.
  • Han, Q., Gui, C., Xu, J., & Lacidogna, G. (2019). A generalized method to predict the compressive strength of high-performance concrete by improved random forest algorithm. Construction and Building Mate- rials, 226, 734–742. [CrossRef]
  • Hardin, W., & Hill, M. D. (2008). REIT dividend determinants: Excess divi- dends and Capital Markets. Real Estate Economics, 36(2), 349–369. [CrossRef]
  • Hawkins, D. M. (2004). The problem of overfitting. Journal of Chemical Information and Computer Sciences, 44(1), 1–12. [CrossRef]
  • Hepşen, A. (2009). Gayrimenkul Sektöründe Köpük Oluşumları, ABD Kredi Krizinin Etkisiyle Gerileyen Konut Fiyatları ve “REIDIN.COM EMLAKENDEKS.”
  • Hutengs, C., & Vohland, M. (2016). Downscaling land surface temperatures at regional scales with random forest regression. Remote Sensing of Environment, 178, 127–141. [CrossRef]
  • Jakpar, S., Tinggi, M., Tak, A. H., & Ruzlan, N. A. (2018). Determinant fac- tors of profitability in Malaysia’s real estate investment trusts (M-REITS). UNIMAS Review of Accounting and Finance, 1(1). [CrossRef]
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329. https://ideas. repec.org/a/aea/aecrev/v76y1986i2p323-29.html
  • Kazak, J., Van Hoof, J., Świąder, M., & Szewrański, S. (2017). Real estate for the ageing society - The perspective of a new market. Real Estate Management and Valuation, 25(4), 13–24. [CrossRef]
  • Khairulanuwar, A. J., & Chuweni, N. N. (2020). The significance and perfor- mance analysis of Malaysian real estate investment trusts. Interna- tional Journal of Law and Management, 63(4), 417–430. [CrossRef]
  • Kim, H., Mattila, A. S., & Gu, Z. (2002). Performance of hotel real estate investment trusts: a comparative analysis of Jensen indexes. Inter- national Journal of Hospitality Management, 21(1), 85–97. [CrossRef]
  • Kingsford, C., & Salzberg, S. L. (2008). What are decision trees? Nature Biotechnology, 26(9), 1011–1013. [CrossRef]
  • Kirci Çevİk, N., & Boran, A. (2020). Türkiye’de faaliyet gösteren ticaret bankalarının karlılığını etkileyen içsel faktörler: 2005–2016 yılları arası panel veri analizi. Gaziantep University Journal of Social Sci- ences, 19(4), 1735–1750. [CrossRef]
  • Lee, S. (2014). The relationship between growth and profit: Evidence from firm-level panel data. Structural Change and Economic Dynamics, 28, 1–11. [CrossRef]
  • Liu, Y., Wang, Y., & Zhang, J. (2012). New machine learning algorithm: Ran- dom forest (pp. 246–252). [CrossRef]
  • Naceur, S. ben (2003). The determinants of the Tunisian banking industry profitability: Panel evidence. https://www.researchgate.net/public ation/228606633
  • NAREIT (2021). 2022 Outlook for the Economy, Commercial Real Estate, and REITs.
  • Nunes, P. J. M., Serrasqueiro, Z. M., & Sequeira, T. N. (2009). Profitability in Portuguese service industries: A panel data approach. Service Indus- tries Journal, 29(5), 693–707. [CrossRef]
  • Owoputi, J. A. (2014). Bank specific, industry specific and macroeconomic determinants of bank profitability in Nigeria. European Scientific Journal, 10(25), 1857–1881.
  • Özcan, N., & Gürol, B. (2020). Gayrimenkul yatırım ortaklıklarının performanslarının incelenmesi: Türkiye’deki gayrimenkul yatırım ortaklıkları üzerine bir araştırma. Celal Bayar University Journal of Social Sciences, 18(Özel Sayı), 1–16. [CrossRef]
  • Phan, P. H., Lee, S. H., & Lau, S. C. (2003). The performance impact of interlocking directorates: The case of Singapore. Journal of Manage- rial Issues, 15(3), 338–354. https://go.gale.com/ps/i.do?p=AONE& sw=w&issn=10453695&v=2.1&it=r&id=GALE%7CA110230446&sid= googleScholar&linkaccess=fulltext
  • Pratheepan, T. (2014). A panel data analysis of profitability determinants: Empirical results from Sri Lankan manufacturing companies. https:// papers.ssrn.com/abstract=2538927
  • Rodriguez-Galiano, V., Sanchez-Castillo, M., Chica-Olmo, M., & Chica- Rivas, M. (2015). Machine learning predictive models for mineral pro- spectivity: An evaluation of neural networks, random forest, regression trees and support vector machines. Ore Geology Reviews, 71, 804–818. [CrossRef]
  • Sayılgan, G., & Yıldırım, O. (2009). Determinants of profitability in Turkish banking sector Uses of Variance and Lower Partial Moment Meas- ures for Portfolio Optimization View project Determinants of Profit- ability in Turkish Banking Sector: 2002–2007. International Research Journal of Finance and Economics, 207–214. http://www.eurojourn als.com/finance.htm
  • Sırma, İ. (2019). Effect of real estate investment trusts portfolio structure on the market performance. Alphanumeric Journal, 7(1), 25–36. [CrossRef]
  • Smith, P. F., Ganesh, S., & Liu, P. (2013). A comparison of random forest regression and multiple linear regression for prediction in neuro- science. Journal of Neuroscience Methods, 220(1), 85–91. [CrossRef]
  • Trabelsi, M. A., & Trad, N. (2017). Profitability and risk in interest-free bank- ing industries: A dynamic panel data analysis. International Journal of Islamic and Middle Eastern Finance and Management, 10(4), 454–469. [CrossRef]
  • Uzunlar, E., & Gülhan, Ü. (2011). Bankacılık sektöründe karlılığı etkileyen faktörler: Türk bankacılık sektörüne yönelik bir uygulama. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 15(1), 341–368. http:// search/yayin/detay/115040
  • Vittinghoff, E., Glidden, D. v., Shiboski, S. C., & McCulloch, C. E. (2012). Regression methods in biostatistics. [CrossRef]
  • WORLDBANK. (2023). GDP growth (annual %) - Turkiye, Malaysia. https:// Data.Worldbank.Org/Indicator/NY.GDP.MKTP.KD.ZG?End=2021&l ocations=TR-MY&name_desc=true&start=2012

Gayrimenkul Yatırım Ortaklıkları Firmalarının Kârlılıklarını Etkileyen Faktörler: Türkiye ve Malezya Firmalarının Karşılaştırılması

Year 2024, Volume: 38 Issue: 1, 2 - 11, 26.01.2024

Abstract

Bireylerin, sahip oldukları bir kaynağı veya değeri gelir sağlamak amacı ile kullanmaları yatırım olarak tanımlanmaktadır. Gayrimenkul Yatırım Ortaklık (GYO) firmaları, portföylerinde bulunan gayrimenkulleri menkul kıymetlere dönüştürerek tahvil, bono, hisse senedi vb. yatırım araçlarına alternatif araç olanağı sağlamaktadırlar. GYO’ların en önemli avantajları arasında hisse senet- leri, tahvillere göre belirli bir ekonomik döngülerinin olması, enflasyona karşı koruyucu olması ve güvenilir getirilerinin olması ön plana çıkmaktadır. GYO’lar, 2021 yılı itibari ile 41 ülkede faali- yet göstermektedirler ve piyasa hacimleri 42 Trilyon Dolardır. GYO sektörünün gelişmekte olan ülkeler kategorisinde yer alan Türkiye’de, 37 GYO firması bulunmakta ve toplam piyasa değerleri 6.860 milyon eurodur. Çalışmada yer alan diğer ülke, yine sektörün gelişmekte olan ülkeleri kate- gorisinde yer alan Malezya’dır. Malezya’da, 18 GYO firması bulunmakta ve toplam piyasa değerleri 8.519 milyon eurodur. Çalışmanın amacı, iki ülke firmalarının kârlılıklarını etkileyen faktörlerin önem derecelerinin Rassal Orman Regresyon yöntemi ile tespit edilmesidir. Bu amaçla, iki ülke firmalarına ait 2013.Q1 – 2022.Q1 dönemleri arası veriler kullanılmıştır. Çalışmanın bağımlı değişkenleri, Aktif kârlılık (ROA) ve Özsermaye kârlılık (ROE) oranlarıdır. Bağımsız değişkenler; enflasyon oranı (INF), toplam borç toplam aktif oranı (TDTA), likidite oranı (QK), toplam aktiflerin logaritması (AS), faiz vergi ve amortisman öncesi kârlarda meydana gelen yıllık değişimler (EB) ve firma gelirlerinde meydana gelen yıllık değişimlerden (RG) oluşmaktadır. Çalışma sonucunda, iki ülke firmalarının aktif ve özsermaye kârlılıkları üzerinde en önemli etkiye sahip değişkenlerin TDTA ve AS oranları olduğu tespit edilmiştir.

References

  • Aktaş, M., & Darwish, Z. (2020). Türkiye’de gayrimenkul yatırım ortaklıkları ile girişim sermayesi yatırım ortaklıklarının finansal oranlar açısından karşılaştırılması. International Journal of Social Science Research, 9(1), 63–78. https://dergipark.org.tr/en/pub/ijssresearch/issue/5486 3/727905
  • Almaqtari, F. A., Al-Homaidi, E. A., Tabash, M. I., & Farhan, N. H. (2019). The determinants of profitability of Indian commercial banks: A panel data approach. International Journal of Finance and Economics, 24(1), 168–185. [CrossRef]
  • Alp, A., Ban, Ü., Demirgüneş, K., & Kılıç, S. (2010). Türk Bankacılık Sek- töründe Karlılığın İçsel Belirleyicileri. İMKB Dergisi, 12(46), 1–13.
  • Ambrose, B., & Linneman, P. (2001). REIT organizational structure and operating characteristics. Journal of Real Estate Research, 21(3), 141–162. [CrossRef]
  • Ambrose, B. W., Highfield, M. J., & Linneman, P. D. (2005). Real estate and economies of scale: The case of REITs. Real Estate Economics, 33(2), 323–350. [CrossRef]
  • Ambrose, B. W., Fuerst, F., Mansley, N., & Wang, Z. (2019). Size effects and economies of scale in European real estate companies. Global Finance Journal, 42. [CrossRef]
  • Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm-specific and economy wide determinants of firm profitability: Greek evi- dence using panel data. Managerial Finance, 35(11), 930–939. [CrossRef]
  • Baasith, A. (2021). MSE vs MAE in machine learning. https://Baasith-Shiy am1.Medium.Com/Mse-vs-Mae-in-Machine-Learning-714f586f9 68a
  • Benitez, J., Chen, Y., Teo, T. S. H., & Ajamieh, A. (2018). Evolution of the impact of e-business technology on operational competence and firm profitability: A panel data investigation. Information and Man- agement, 55(1), 120–130. [CrossRef]
  • Biau, G., & Scornet, E. (2016). A random forest guided tour. Test, 25(2), 197–227. [CrossRef]
  • Boyd, J. H., & Runkle, D. E. (1993). Size and performance of banking firms. Journal of Monetary Economics, 31(1), 47–67. [CrossRef]
  • Breiman, L. (2001). Random forests. Machine Learning, 45(1), 5–32. [CrossRef]
  • Capellán, R. U., Luis Sánchez Ollero, J., & Pozo, A. G. (2021). The influence of the real estate investment trust in the real estate sector on the Costa del Sol. European Research on Management and Business Economics, 27(1), 100133. [CrossRef]
  • Case, B., & Wachter, S. M. (2011). Inflation and real estate investments. U of Penn, Inst for Law & Econ Research Paper, (11-33).
  • Chatrath, A., & Liang, Y. (1998). REITs and Inflation: A Long-Run Perspec- tive. Journal of Real Estate Research, 16(3), 311–326. [CrossRef]
  • Chicco, D., Warrens, M. J., & Jurman, G. (2021). The coefficient of determi- nation R-squared is more informative than SMAPE, MAE, MAPE, MSE and RMSE in regression analysis evaluation. PeerJ. Computer Sci- ence, 7, e623. [CrossRef]
  • Cutler, D. R., Edwards, T. C., Beard, K. H., Cutler, A., Hess, K. T., Gibson, J., & Lawler, J. J. (2007). Random forests for classification in ecology. Ecol- ogy, 88(11), 2783–2792. [CrossRef]
  • Çelik, E., & Arslanlı, K. Y. (2020). Gayrimenkul yatırım ortaklığı firmalarının piyasa değeri ve aktif karlılığını etkileyen finansal oranların panel veri analizi yöntemiyle belirlenmesi. Journal of Accounting and Finance, 88, 255–274. [CrossRef]
  • Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios: A decision tree approach. Expert Systems with Appli- cations, 40(10), 3970–3983. [CrossRef]
  • Demirdöven, M. (2009). Türkiye’de gayrimenkul sektörünün gelişimi ve gayrimenkul finansmanı (Tez No: 254254). [Yüksek Lisans Tezi, Marmara Üniversitesi, Sosyal bilimler Enstitüsü]. Ulusal Tez Merkezi.
  • Deran, A., Sarıay, M. A. ibrahim, & Savaş, İ. (2013). İMKB’ de işlem gören menkul kıymet yatırım ortaklıkları ve gayrimenkul yatırım ortaklıklarının finansal performanslarının karşılaştırılması. Fırat Üni- versitesi Sosyal Bilimler Dergisi, 23(2), 195–203. https://dergipark.or g.tr/tr/pub/firatsbed/issue/45176/565597
  • Dogan, Y. Y., Ghosh, C., & Petrova, M. (2019). On the determinants of REIT capital structure: Evidence from around the world. Journal of Real Estate Finance and Economics, 59(2), 295–328. [CrossRef]
  • EPRA. (2018). Building a stronger Europe stock exchange listed property companies.
  • EPRA 2022. (2022). https://www.epra.com/application/files/9516/6203/9 094/EPRA_Global_REIT_Survey_2022_ONLINE_v1.7_FINAL_VERS ION.pdf
  • Erol, I., Tirtiroglu, D., Erol, I., & Tirtiroglu, D. (2011b). Concentrated owner- ship, no dividend payout requirement and capital structure of REITs: Evidence from turkey. Journal of Real Estate Finance and Economics, 43(1–2), 174–204. [CrossRef]
  • EY. (2021). Economic contribution of REITs in the United States Prepared for Nareit.
  • Feng, Z., Ghosh, C., & Sirmans, C. F. (2007). On the capital structure of real estate investment trusts (REITs). Journal of Real Estate Finance and Economics, 34(1), 81–105. [CrossRef]
  • Günay, B., & Timur, E. (2019). Ekonomik katma değer ile borsa performans ölçütleri arasındaki ilişkinin incelenmesi: BIST gayrimenkul yatırım ortaklıkları endeksi (XGMYO) örneği. 6th International Congress on Accounting and Finance Research (ICAFR’19), 28–38.Günay, B., & Timur, E. (2019). Ekonomik Katma Değer ile Borsa Performans Ölçütleri Arasındaki İlişkinin İncelenmesi: BIST Gayrimenkul Yatırım Ortaklıkları Endeksi (XGMYO) Örneği. 6th International Congress on Accounting and Finance Research (ICAFR’19), 28–38.
  • GYODER. (2022). Türkiye Gayrimenkul Sektörü 2022 3.Çeyrek Raporu.
  • Han, Q., Gui, C., Xu, J., & Lacidogna, G. (2019). A generalized method to predict the compressive strength of high-performance concrete by improved random forest algorithm. Construction and Building Mate- rials, 226, 734–742. [CrossRef]
  • Hardin, W., & Hill, M. D. (2008). REIT dividend determinants: Excess divi- dends and Capital Markets. Real Estate Economics, 36(2), 349–369. [CrossRef]
  • Hawkins, D. M. (2004). The problem of overfitting. Journal of Chemical Information and Computer Sciences, 44(1), 1–12. [CrossRef]
  • Hepşen, A. (2009). Gayrimenkul Sektöründe Köpük Oluşumları, ABD Kredi Krizinin Etkisiyle Gerileyen Konut Fiyatları ve “REIDIN.COM EMLAKENDEKS.”
  • Hutengs, C., & Vohland, M. (2016). Downscaling land surface temperatures at regional scales with random forest regression. Remote Sensing of Environment, 178, 127–141. [CrossRef]
  • Jakpar, S., Tinggi, M., Tak, A. H., & Ruzlan, N. A. (2018). Determinant fac- tors of profitability in Malaysia’s real estate investment trusts (M-REITS). UNIMAS Review of Accounting and Finance, 1(1). [CrossRef]
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329. https://ideas. repec.org/a/aea/aecrev/v76y1986i2p323-29.html
  • Kazak, J., Van Hoof, J., Świąder, M., & Szewrański, S. (2017). Real estate for the ageing society - The perspective of a new market. Real Estate Management and Valuation, 25(4), 13–24. [CrossRef]
  • Khairulanuwar, A. J., & Chuweni, N. N. (2020). The significance and perfor- mance analysis of Malaysian real estate investment trusts. Interna- tional Journal of Law and Management, 63(4), 417–430. [CrossRef]
  • Kim, H., Mattila, A. S., & Gu, Z. (2002). Performance of hotel real estate investment trusts: a comparative analysis of Jensen indexes. Inter- national Journal of Hospitality Management, 21(1), 85–97. [CrossRef]
  • Kingsford, C., & Salzberg, S. L. (2008). What are decision trees? Nature Biotechnology, 26(9), 1011–1013. [CrossRef]
  • Kirci Çevİk, N., & Boran, A. (2020). Türkiye’de faaliyet gösteren ticaret bankalarının karlılığını etkileyen içsel faktörler: 2005–2016 yılları arası panel veri analizi. Gaziantep University Journal of Social Sci- ences, 19(4), 1735–1750. [CrossRef]
  • Lee, S. (2014). The relationship between growth and profit: Evidence from firm-level panel data. Structural Change and Economic Dynamics, 28, 1–11. [CrossRef]
  • Liu, Y., Wang, Y., & Zhang, J. (2012). New machine learning algorithm: Ran- dom forest (pp. 246–252). [CrossRef]
  • Naceur, S. ben (2003). The determinants of the Tunisian banking industry profitability: Panel evidence. https://www.researchgate.net/public ation/228606633
  • NAREIT (2021). 2022 Outlook for the Economy, Commercial Real Estate, and REITs.
  • Nunes, P. J. M., Serrasqueiro, Z. M., & Sequeira, T. N. (2009). Profitability in Portuguese service industries: A panel data approach. Service Indus- tries Journal, 29(5), 693–707. [CrossRef]
  • Owoputi, J. A. (2014). Bank specific, industry specific and macroeconomic determinants of bank profitability in Nigeria. European Scientific Journal, 10(25), 1857–1881.
  • Özcan, N., & Gürol, B. (2020). Gayrimenkul yatırım ortaklıklarının performanslarının incelenmesi: Türkiye’deki gayrimenkul yatırım ortaklıkları üzerine bir araştırma. Celal Bayar University Journal of Social Sciences, 18(Özel Sayı), 1–16. [CrossRef]
  • Phan, P. H., Lee, S. H., & Lau, S. C. (2003). The performance impact of interlocking directorates: The case of Singapore. Journal of Manage- rial Issues, 15(3), 338–354. https://go.gale.com/ps/i.do?p=AONE& sw=w&issn=10453695&v=2.1&it=r&id=GALE%7CA110230446&sid= googleScholar&linkaccess=fulltext
  • Pratheepan, T. (2014). A panel data analysis of profitability determinants: Empirical results from Sri Lankan manufacturing companies. https:// papers.ssrn.com/abstract=2538927
  • Rodriguez-Galiano, V., Sanchez-Castillo, M., Chica-Olmo, M., & Chica- Rivas, M. (2015). Machine learning predictive models for mineral pro- spectivity: An evaluation of neural networks, random forest, regression trees and support vector machines. Ore Geology Reviews, 71, 804–818. [CrossRef]
  • Sayılgan, G., & Yıldırım, O. (2009). Determinants of profitability in Turkish banking sector Uses of Variance and Lower Partial Moment Meas- ures for Portfolio Optimization View project Determinants of Profit- ability in Turkish Banking Sector: 2002–2007. International Research Journal of Finance and Economics, 207–214. http://www.eurojourn als.com/finance.htm
  • Sırma, İ. (2019). Effect of real estate investment trusts portfolio structure on the market performance. Alphanumeric Journal, 7(1), 25–36. [CrossRef]
  • Smith, P. F., Ganesh, S., & Liu, P. (2013). A comparison of random forest regression and multiple linear regression for prediction in neuro- science. Journal of Neuroscience Methods, 220(1), 85–91. [CrossRef]
  • Trabelsi, M. A., & Trad, N. (2017). Profitability and risk in interest-free bank- ing industries: A dynamic panel data analysis. International Journal of Islamic and Middle Eastern Finance and Management, 10(4), 454–469. [CrossRef]
  • Uzunlar, E., & Gülhan, Ü. (2011). Bankacılık sektöründe karlılığı etkileyen faktörler: Türk bankacılık sektörüne yönelik bir uygulama. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 15(1), 341–368. http:// search/yayin/detay/115040
  • Vittinghoff, E., Glidden, D. v., Shiboski, S. C., & McCulloch, C. E. (2012). Regression methods in biostatistics. [CrossRef]
  • WORLDBANK. (2023). GDP growth (annual %) - Turkiye, Malaysia. https:// Data.Worldbank.Org/Indicator/NY.GDP.MKTP.KD.ZG?End=2021&l ocations=TR-MY&name_desc=true&start=2012

Details

Primary Language English
Subjects Business Administration
Journal Section Research Articles
Authors

Abdurrahman COŞKUNER 0000-0002-3012-8780

Ömer RENÇBER 0000-0001-8020-2750

Zehra ÇELİK This is me 0000-0002-8391-0717

Publication Date January 26, 2024
Published in Issue Year 2024 Volume: 38 Issue: 1

Cite

APA COŞKUNER, A., RENÇBER, Ö., & ÇELİK, Z. (2024). The Factors That Affects the Profitability in Real Estate Investment Trust Companies: Comparison of Turkey and Malaysia. Trends in Business and Economics, 38(1), 2-11.

Content of this journal is licensed under a Creative Commons Attribution 4.0 International License

29928