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Alao, O O, Jagboro, G O and Opawole, A (2018) Cost and time implications of abandoned project resuscitation. Journal of Financial Management of Property and Construction, 23(02), 185–201.

Babatunde, S O, Awodele, O A and Adeniyi, O (2018) Opportunities and challenges of foreign direct investment utilisation and its impact on construction sector in developing countries. Journal of Financial Management of Property and Construction, 23(02), 239–56.

De Silva, N, Weerasinghe, N, Madhusanka, H and Kumaraswamy, M (2018) Enablers of relational integrated value networks (RIVANS) for total facilities management (TFM). Journal of Financial Management of Property and Construction, 23(02), 170–84.

Konno, Y and Itoh, Y (2018) Why do listed companies delist themselves voluntarily?. Journal of Financial Management of Property and Construction, 23(02), 152–69.

  • Type: Journal Article
  • Keywords: Corporate finance; Construction industry; Corporate governance; Delisting; Real estate industry;
  • ISBN/ISSN: 1366-4387
  • URL: https://doi.org/10.1108/JFMPC-02-2017-0006
  • Abstract:
    This study aims to analyse, from a corporate finance and governance perspective, the reasons why managers decide to delist their companies from a stock exchange. On the basis of the five hypotheses of voluntary delisting, this study examines why listed companies delist themselves voluntarily in the construction and real estate sectors. Design/methodology/approach By using actual data to examine contractors and real estate companies listed on the Tokyo Stock Exchange between 2004 and 2014, this study analyses whether these companies delist themselves voluntarily. The pooled binary logit model is used as the statistical method. Findings In both the construction and real estate sectors, the concentration of shareholders has a significantly positive effect on voluntary delisting, thus supporting the transfer of wealth effect hypothesis. In construction, market capitalisation has a significantly negative effect on voluntary delisting, thus supporting the maintenance cost reduction hypothesis. In the real estate sector, the ratio of market capitalisation to total assets has a significantly negative effect on voluntary delisting, thus supporting the undervalue elimination hypothesis. Originality/value By comparing the construction and real estate sectors, this study reveals both unique and common reasons for voluntary delisting in each sector. It also offers valuable insights to managers, regulators setting standards in securities markets and investors.

Mintah, K, Higgins, D and Callanan, J (2018) A real option approach for the valuation of switching output flexibility in residential property investment. Journal of Financial Management of Property and Construction, 23(02), 133–51.

Osei-Kyei, R, Chan, A P, Dansoh, A, Ofori-Kuragu, J K and Owusu, E K (2018) Motivations for adopting unsolicited proposals for public-private partnership project implementation. Journal of Financial Management of Property and Construction, 23(02), 221–38.

Yogeshwaran, G, Perera, B and Ariyachandra, M M F (2018) Competencies expected of graduate quantity surveyors working in developing countries. Journal of Financial Management of Property and Construction, 23(02), 202–20.