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Do managerial and operational risk factors impact performance of the indirect real estate vehicle? Case of Thai Property Fund| Abstract

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Journal of Research in Economics and International Finance

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Do managerial and operational risk factors impact performance of the indirect real estate vehicle? Case of Thai Property Fund

Abstract

1*Jiamchoatpatanakul N and 2Tangchitnob J. N

Thai Property Fund as comparably similar vehicle to international REIT has significantly grown and increasingly become more important investment vehicle for the last ten years. With limited number of academic studies, there is little supporting evidence on how Thai indirect real estate vehicle should develop and grow. In this regard, determinants of the property fund’ performance should be comprehended, especially qualitative variables where little has been studied, such as managerial and operational risk factors. In this research, qualitative approach of semi – structured interview was conducted to 41 professionals in the Property Fund industry from Jan – Dec 2014. Summative content analysis was thus used for analyzing data. The Property Management Company and sponsor were found to be influential to the performance of the Property Fund, whilst Asset Management Company was not. Although the first sets of findings were consistent to international studies, the latter was found to contradict to those. Since the Asset Management Company of Thai Property Fund tended to have more passive role of monitoring operation rather than managing the property, this finding supported legislative permission for new Thai REIT vehicle to allow the Property Company to be REIT manager because of a significant impact of both Property Management Company and sponsor have to the performance of Thai Property Fund.

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