Internal audit and corporate governance impact at the real estate industry in Greece and the UK

Table 13. Model Summary for UK, author's

a. Predictors: (Constant), B3_S, B1_BE, B2_CM

Table 14. Anova Results for UK, author's

Dependent Variable: RECG

Choosing only cases that GR_UK = UK

Table 16 present the results of Collinearity Diagnostics. It seems from Eigenvalue that all data contribute meaningful to our results. One more evidence that our data contribute meaningful in our research is the fact that none of Condition Index is bigger than 30. Finally, none of our predictors have two or more figures bigger than 0,9 per line. This means that there are no collinearity problems and that our data are linearly independent.

Finally, we present the above results in the next two histograms for United Kingdom.

Histogram 5. Histogram of Selected Cases regarding with RECG in UK, author's

Histogram 6. Histogram of Standardized Residual for Selected Cases in UK, author's

Table 15. Coefficients Results for United Kingdom, author's

Dependent Variable: RECG

Selecting only cases for which GR_UK = UK

Table 16. Collinearity Diagnostics Results for United Kingdom, author's

Dependent Variable: RECG

Choosing only cases that GR_UK = UK

Independent t-Test Sample. We performed independent t-Test sample at two populations in order to conclude if there are similarities between the two countries. We examined 62 answers of each country and at Table 17 we present our summary. Column “Mean” help us conclude if our results happened by chance in our sample or this difference exists in our population. Is seems that there are no many differences and also the deviations are really small and similar except for the variable “Capital Market”. There it seems that the groups significantly differ to each other.

Table 17. Group Statistics Results for both Greece and United Kingdom, author's

At table 18 we present the results of independent t-Test sample per country. This table we could say that answer us if there are any similarities between the two groups.

We can meet the result that for “RECG” and “S” there is no any significant difference while at “BE” and “CM” there is a significant difference between the two groups. Thus, we can conclude that the two groups are independent and there are similarities in their answers regarding the importance of Corporate Governance in Real Estate and at Company's Sustainability as well.

On the other hand, there many differences regarding with “BE” and “CM”. In case of Greece the responders neither agree nor disagree that the Corporate Governance in Business environment plays an important role while the responders in United Kingdom agree with that.

Finally, we can see many similarities and differences at responders between the two groups. It is something that we expect due to the fact that the Corporate Governance in United Kingdom exists many years before first yea's implementation in Greece. Actually, we can say that for Greece Corporate Governance is something new and only the last few years Capital Market and Athens Stock exchange try to improve the Code of Corporate Governance.

Conclusion. For many of the real estate leaders of Greece and the United Kingdom, the continued benefit of the industry in relation to other categories of investment assets is the decisive force for good. Notwithstanding, the essential worry for 2020 is the expense of development. It is another long-term problem, particularly for designers legitimately displaying the increasing expenses of work and materials. Our results present that a well-organized internal audit department and an effective corporate governance can reduce the development costs.

Table 18. Independent Samples Test Results for both Greece and United Kingdom, author's

On the other hand, intense occurrences like Brexit or increasing trade tensions can make objective returns complicated, but Corporate Governance and Internal Audit play a main role at company's strategies and policies.

In future, factors such as currency volatility, European economic growth, cybersecurity and availability of finance will be particularly concerned with the industry and certainly the organization of a company. For sure the corporate governance will be able to find a way out of the issues that will arise in the industry.

Finally, corporate governance and internal audit plays a crucial role at company's sustainability goals. For companies, this obligation ties in with the long period objective to make companies improve profits and gains however companies should take into account that every day things change quickly and no one can be completely "safe" with the example of the Covid-19 pandemic being the proof that even the largest companies in the industry cannot fully cope with every problem, thus putting sustainability at stake.

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31. Arundel, R. (2017), “Equity Inequity: Housing Wealth Inequality, Intergenerational Divergences and the Rise of Private Landlordism”, Journal Housing, Theory, and Society, 34:2, 176-200 [English].

32. Boyd, T. (2015), “Evaluating the Impact of Sustainability on Investment Property Performance”, Pacific Rim Property Research Journal 12(3)

33. Brooks, T., Lloyd, S., Spillane, J.P., and Hayward, K. (2019), “Irish construction cross border trade and Brexit: Practitioner perceptions on the periphery of Europe”, Construction Management and Economics, 38:1, 71-90

34. Carstens Riette and Wesson Nicolene (2019), “The impact of South African real estate investment trust legislation on firm growth and firm value”, South African Journal of Economic and Management Sciences (SAJEMS), 22(1)

35. Chau Kwong WingK.G. McKinnellSiu Kei WongSiu Kei Wong G. Newell (2010), “Impact of corporate governance structures on the relationship between direct and indirect real estate in China”, Journal of Real Estate Portfolio Management 16(1):9-19 [English].

36. Daxuan Zhao and Tien Foo Sing (2014), “Corporate Governance and Real Estate Collateral Effect” SSRN Electronic Journal

37. Ellison, S., Sayce, S. and Sayce, J.S. (2007), “Socially Responsible Property Investment: Quantifying the Relationship between Sustainability an Investment Property Worth”, Journal of Property Research 24(3)

38. Fuller, G., Johnston A., Regan A., (2018), “Bringing the Household Back in. Comparative Capitalism and the Politics of Housing Markets”, Geary Working Paper, UCD. [English]

39. Fuller G., Johnston A., Regan A., (2020), “Housing prices and wealth inequality in Western Europe”, West European Politics, 43:2, 297-320

40. Gang-Zhi FanZsuzsa R. HuszarZsuzsa R. HuszarWeina ZhangWeina Zhang (2014), “Corporate Governance in Chinese Real Estate Firms” SSRN Electronic Journal

41. Gonidakis, F.K., Koutoupis, A.G., Tsamis, A.D., Agoraki, M.K., (2020). Risk disclosure in listed Greek companies: the effects of the financial crisis, Accounting Research Journal. [English].

42. Hayward, K., Magennis, E., (2014), “The business of building peace: private sector cooperation across the Irish border”, Irish political studies, 29 (1), 154--175. [English].

43. Hoesli Martin, (2016), “Real estate research in Europe”, Journal of European Real Estate Research, 9(3):220-230

44. Qinghua Daxue Xuebao (2015), “Relationship between corporate governance and business performance of China's listed real estate corporations”,Journal of Tsinghua University 55(2): 184-189 and 195 [English].

45. Kauko Tom (2019), "Innovation in urban real estate: the role of sustainability", Property Management, Vol. 37 No. 2, pp. 197-214

46. Koutoupis, A., Pazarskis, M., Drogalas, G. (2018), “Auditing Corporate Governance Statements in Greece -- the role of internal auditors”, Corporate Governance, Vol 18 No. 5 pp. 1007-1020 [English].

47. Lei XuRon P. McIverRon P. McIverYuan George ShanXiaochen Wang (2016), “Governance and performance in China's real estate sector”, Managerial Finance 42(6):585-603

48. License CC BY 4.0 Elena Druica, Calin Valsan, Rodica Ianole (2015), “Residential Real Estate in Europe: An Exploration of Common Risk Factors”, Review of Economic Perspectives 15(4):413-429

49. Likos Mustafa, Nakip Mahir, Gökmen Ayta3 (2019), “Real Estate Marketing and Factors Impacting Real Estate Purchasing: An Application on Turkey

50. Malik, A., Ajonbadi, H., Jimoh, I., Adekoya, O. (2019), “Investigating the Potential Economic Impact of Brexit Decisions on Business Performance in the United Kingdom: A Case Study of the UK Construction Industry”, International journal of management, accounting and economics, 6 (4), 347-367. [English].

51. Markus Baldauf, Lorenzo Garlappi, Constantine Yannelis (2020), “Does Climate Change Affect Real Estate Prices? Only If You Believe In It”, The Review of Financial Studies, Volume 33, Issue 3, March 2020, Pages 1256-1295

52. Mohamed, M., Pearn, E.A., and Edwards, D.J., 2017. Brexit: measuring the impact upon skilled labour in the UK construction industry. International journal of building pathology and adaptation, 35 (3), 264-279

53. Nathan MauckS. McKay PriceS. McKay Price (2016), “Governance and International Investment: Evidence from Real Estate Holdings”, SSRN Electronic Journal

54. Piet M. A. Eichholtz, Nils Kok, John M. Quigley (2015), “Ecological Responsiveness and Corporate Real Estate”

55. Sirmans, C.F. (2008), “Does Real Estate Ownership Matter in Corporate Governance?”, Journal of Property Research 25(1)

56. Strauss, D. (2018), “A Policy Framework for Sustainable Real Estate in the European Union”

57. Tunde Timothy, Oladokun Bioye Tajudeen Aluko (2012), “Corporate governance and real estate assets management in Nigerian banks”, Journal of Corporate Real Estate 14(3)

58. Vahamaa, E., Smith, S.D., and Vahamaa, S. (2013), “Bank Corporate Governance and Real Estate Lending During the Financial Crisis”, Journal of Real Estate Research 35(3): 313-343

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