The role of investment property appraisal in European real estate companies

2020 ◽  
Vol 13 (1) ◽  
pp. 105-122
Author(s):  
Juha Mäki
Keyword(s):  
European Union ◽  
Real Estate ◽  
Design Methodology ◽  
Annual Reports ◽  
Real Estate Industry ◽  
Publicly Traded ◽  
Content Type ◽  
The Real Estate ◽  
Practical Implications

Purpose This paper aims to examine the connection between appraisals of investment properties and earnings properties in companies from two perspectives: what kinds of companies employ the most reputable appraisers and how appraisers produce estimations. Design/methodology/approach The research uses annual reports of European Union (EU) publicly traded real estate companies and examines the period 2007-2016. Findings The contribution of this study lies in establishing that some indicators and features of real estate companies affect the choice of appraiser and also in illustrating differences in the results of property valuations. In short, smaller companies with weaker performance are less willing to use external valuation, and external appraisers produce more conservative estimations for investment properties. Practical implications The research produces beneficial information for investors and other stakeholders interested in the real estate industry. Originality/value This is the first novel study to examine the link between appraisals of investment properties and earnings properties in companies in detail.

Innovation in urban real estate: the role of sustainability

2019 ◽  
Vol 37 (2) ◽  
pp. 197-214 ◽  
Author(s):  
Tom Kauko
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
Economies Of Scale ◽  
Practical Implication ◽  
Real Estate Industry ◽  
Content Type ◽  
The Real Estate ◽  
Practical Implications ◽  
Critical Literature

PurposeThe sustainability agenda has already become widely recognised in real estate analysis. However, two challenges are to overcome before sustainability issues are brought fully into the professional and academic mainstream: first, the provision of sustainability enhancing qualities; and second, to overcome deep-rooted scepticism towards the higher cost element of such qualities (i.e. creating economies of scale). Another potentially related issue is that the notion of innovation is gaining popularity in this field. Innovation-driven change is cyclical and unpredictable, which in turn calls for an explicit evolutionary and complexity perspective. The paper aims to discuss these issues.Design/methodology/approachCritical literature review. The author’s own experience as participant of the discussions and debates is also used.FindingsThe conclusions suggest that, in line with evolutionary and complexity principles, innovations exist and emerge within the real estate industry itself, and in fields related to it – and this includes various aspects of promoting sustainability thinking.Research limitations/implicationsThis contribution uses valuation automata as an example of this argumentation.Practical implicationsThe concept of complexity refers to emerging qualities found in the evolution of the development of an industry; the practical implication of complexity concerns the capability of managers to react competently in unfamiliar circumstances.Social implicationsThus, innovation in real estate is both economic and socio-cultural.Originality/valueNo similar (i.e. theoretically informed) papers on innovation or sustainability in real estate analysis have been written to the best of the author’s knowledge.

scholarly journals Measuring customer satisfaction: a study of the Swedish real estate industry

2016 ◽  
Vol 34 (4) ◽  
pp. 316-331 ◽  
Author(s):  
Peter Palm
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
Commercial Real Estate ◽  
Signal Quality ◽  
Organisational Development ◽  
Real Estate Industry ◽  
Content Type ◽  
Real Estate Sector ◽  
Customer Evaluations ◽  
Practical Implications

Purpose – The purpose of this paper is to identify the strategies of formal customer evaluations and the use of satisfied customer index in the Swedish commercial real estate industry. Design/methodology/approach – This research is based on an inventory of 24 commercial real estate companies use of formal customer evaluations and an analysis of 15 interviews with top-level managers in the Swedish commercial real estate sector. Findings – Only half of the companies included in the study conduct formal evaluations, although they are considered to work customer oriented. Two different strategies for using formal evaluations is, for improvement work and for signalling quality. One proposed explanation to why only half of the companies conduct formal evaluations is the possibility that the official Swedish Real Estate Barometer is not sufficient if the company would like to use the result for organisational development. There are instead indications that this barometer mainly is used in publicity and marketing purpose, to signal quality. Research limitations/implications – The research in this paper is limited to Swedish commercial real estate sector. But, the overall strategies for conducting formal evaluations should be applicable in general. Practical implications – The insight the paper provides regarding how the industry perceive the Swedish Real Estate Barometer gives direct implications of improvements of the barometer. Originality/value – It provides an insight regarding the use of formal customer evaluations and a proposition of how the Swedish Real Estate Barometer could be changed to better support and fulfil the aim of being a barometer for benchmarking.

Integrity as performance-increasing factor within the real estate industry

2019 ◽  
Vol 37 (1) ◽  
pp. 38-51
Author(s):  
Daniel Piazolo ◽  
Gerhard Förster
Keyword(s):  
Real Estate ◽  
Educational Institutions ◽  
Ethical Standards ◽  
Real Estate Industry ◽  
Content Type ◽  
Performance Effect ◽  
The Real ◽  
The Real Estate ◽  
Dynamic Setting ◽  
Practical Implications

Purpose The purpose of this paper is to examine how the strengthening of integrity within the real estate industry can lead to higher performance. Sticking to restricting ethical standards might be seen as reducing the range of options and consequently performance. However, in a dynamic setting of interactions there is a different outcome due to the performance effect of integrity. This is due to new opportunities that would not exist without integrity. Design/methodology/approach A literature review of ethics and the economics of trust is presented along with an analysis why real estate is an industry linked with corruption scandals. Findings Fostering integrity has an embedded challenge: integrity is invisible. Most capabilities and skills can be learnt through observation and imitation. However, what you cannot see, you cannot imitate. Consequently, education is central to address this issue and to increase awareness and understanding. Professional bodies have to support life-long education to ensure its members’ integrity. Practical implications This paper emphasizes the importance of fostering integrity through higher education and professional bodies within the real estate industry. Social implications Integrity is a performance-increasing factor—also in the real estate industry. Thus, the stakeholders forming the real estate industry, including educational institutions and professional bodies, are called upon to examine how they can address this issue. Originality/value This contribution is the first paper to link the performance effect of integrity with the real estate industry.

Representations of gender in annual reports in the real estate industry in Sweden

2016 ◽  
Vol 34 (1) ◽  
pp. 5-17 ◽  
Author(s):  
Karin Maria Staffansson Pauli
Keyword(s):  
Real Estate ◽  
Public Housing ◽  
Commercial Real Estate ◽  
Business Strategies ◽  
Annual Reports ◽  
Research Approach ◽  
Real Estate Industry ◽  
Content Type ◽  
The Real ◽  
The Real Estate

Purpose – The purpose of this paper is to clarify how annual reports of public housing and commercial real estate companies contribute in “doing gender” of the real estate industry in Sweden. How the issue of gender is dealt with in photographs, in two different types of organizations, with different corporate and business strategies, is important as they play a significant role in constructing the industry itself. Are there any differences in how they perceive gender, and what constitutes gender of the industry? Design/methodology/approach – Analysis of photographs in annual reports, 14 public housing companies and eight commercial real estate companies, in the year of 2011. Findings – The paper provides empirical insights about how “gender is done” in annual reports, men alone are shown more often as employees and both women and men are portrayed in stereotypical positions. Women are depicted more often as young and also presented in “token positions”. Research limitations/implications – Because of the chosen research approach, in studying only one year, a longitudinal study would be recommended for future studies. Practical implications – The paper includes implications for the development of gender symbols and images representing the industry, in how gender is done in public situations as in annual reports. This is not only important for the industry itself but also to stakeholders involved with the industry. Originality/value – This paper fulfils an identified need to study how photographs shown in annual reports reveal gender structure.

Preferences among real estate journals: perceptions vs reality

2017 ◽  
Vol 35 (4) ◽  
pp. 414-432
Author(s):  
Douw Gert Brand Boshoff ◽  
David Parker
Keyword(s):  
Real Estate ◽  
Design Methodology ◽  
High Impact ◽  
Journal Ranking ◽  
Hard Copy ◽  
Content Type ◽  
The Real Estate ◽  
Performance Statistics ◽  
Using Data ◽  
Practical Implications

Purpose The purpose of this paper is to examine the real estate journal ranking by comparing journal performance statistics to researcher preferences. Design/methodology/approach The study is based on a survey of members of the International Real Estate Society and sister societies with comparison to impact statistics for real estate journals which are analysed using data from Google Scholar. Findings The findings show a high correlation between researcher preferences and the empirical results, supporting the findings of previous research in this area. However, while most previous studies were conducted on high-impact US journals only, these are still found to be amongst the highest ranked overall even with inclusion of other international journals. There are, however, some differences found, such as the perception of researchers on electronic vs hard copy journals, which were found to be moving more towards the former. Practical implications The results provide a ranking of various real estate journals, especially with regard to other international journals not included in the previous studies that are dominated by high-impact US journals, providing a guideline on where to publish. The paper also shows the methodology used in order to determine how the journals are ranked, which could be applied to other journals not included in this study in order for researchers to make informed decisions concerning publication choices. Originality/value This paper extends the research on this topic by analysing the preferences and statistics of a broader international sample of journals and compares researcher preferences to empirical analysis.

scholarly journals Coopetition in temporary contexts: examining swift trust and swift distrust in humanitarian operations

2020 ◽  
Vol 40 (9) ◽  
pp. 1449-1473 ◽  
Author(s):  
Sarah Schiffling ◽  
Claire Hannibal ◽  
Yiyi Fan ◽  
Matthew Tickle
Keyword(s):  
Design Methodology ◽  
Nonprofit Sector ◽  
Humanitarian Relief ◽  
Content Type ◽  
Trust Theory ◽  
Humanitarian Operations ◽  
Swift Trust ◽  
Limited Choice ◽  
Practical Implications

PurposeBy drawing on commitment-trust theory, we examine the role of swift trust and distrust in supporting coopetition under conditions of uncertainty and interdependence in the setting of humanitarian disaster relief organisations.Design/methodology/approachThis paper presents findings from case studies of 18 international humanitarian relief organisations based on 48 interviews and the analysis of publicly available documents.FindingsWe find that both swift trust and swift distrust support coopetition. As coopetition is simultaneous cooperation and competition, in this study we show how swift trust and swift distrust also occur simultaneously in coopetitive contexts.Research limitations/implicationsCoopetition as a strategic choice is well-researched in the private sector, yet has received less attention in the nonprofit sector, particularly in contexts that are shaped by interdependence and uncertainty. We show the importance of swift trust and swift distrust in coopetitive relationships by drawing on commitment-trust theory.Practical implicationsIn focusing on a competitive environment in which cooperation is essential, we find limited choice of coopetitive partners. Humanitarian relief organisations must often simply work with whichever other organisations are available. We highlight how trust and distrust are not opposite ends of a spectrum and detail how both contribute to coopetitive relationships.Originality/valueOur findings contribute to commitment-trust theory by explaining the important role of distrust in forging coopetitive relationships. Furthermore, we contribute to prior work on coopetition by focusing on an uncertain and interdependent nonprofit environment.

The “Halalification” of tourism

2017 ◽  
Vol 8 (4) ◽  
pp. 558-577 ◽  
Author(s):  
Faiza Khan ◽  
Michelle Callanan
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Market Segment ◽  
Analysis Method ◽  
Review Of Literature ◽  
Primary Research ◽  
Content Type ◽  
Starting Point ◽  
Practical Implications

Purpose The purpose of this paper is to address the confusing use of terminology associated with tourism undertaken by Muslims and to identify key concerns associated with this type of tourism. Design/methodology/approach This is an exploratory study and adopts a critical review of literature following the evolutionary concept analysis method. Content analysis of popular UK media, UK-based tour operators’ websites and tourism strategies of destinations popular with Muslim tourists were conducted to examine the use of terminology. Findings There is no clear difference between the various terms (halal, Muslim friendly, Islamic, etc.) used. Overall, academia uses the term Islamic tourism, while the industry and media use various terms. Among destinations, however, there is no clear and consistent use of terminology. A key concern of Islamic tourism is the role of certification in assuring travellers and the lack of standardisation of halal certification. Research limitations/implications The paper is based on literature review and secondary data analysis. It lacks primary research. Practical implications This study highlights the need for consistent use of terminology across industry. Another implication is the issue surrounding halal certification of food and the importance of trust in the seller/service provide. Another trend that industry providers need to consider is the growth of the Muslim millennial traveller and the needs of this market segment. Originality/value The paper highlights the importance of studying the Muslim tourist market and provides a starting point for further research. It highlights several issues such as the need to develop a typology of Muslim tourists. Of particular interest is the concern whether halal values in danger of being commodified in the absence of a universal agreed criterion for halal certification.

scholarly journals Stewardship theory: is board accountability necessary?

2017 ◽  
Vol 59 (6) ◽  
pp. 1292-1314 ◽  
Author(s):  
Andrew Keay
Keyword(s):  
Corporate Governance ◽  
Agency Theory ◽  
Design Methodology ◽  
Agency Problems ◽  
Stewardship Theory ◽  
Content Type ◽  
General Terms ◽  
Practical Implications

Purpose The purpose of the paper is to demonstrate that notwithstanding the fact that stewardship theory embraces things like trust of directors, their professionalism, loyalty and willingness to be concerned for the interests of others, as well as rejecting the foundations of classic agency problems that are asserted by agency theory, board accountability is as relevant to stewardship theory as it is to agency theory. Design/methodology/approach The paper applies the theory underlying board accountability in corporate governance, which is so often applied both in the corporate governance literature and in practice with agency theory in mind, to stewardship theory. Findings While the idea of accountability of boards is generally associated with an explanation and conceptualisation of the role and behaviour of directors as agents within classic agency theory, the paper demonstrates that board accountability is a necessary part of board life even if the role of directors is explained and conceptualised in terms of stewardship theory. Practical implications The paper suggests some accountability mechanisms that might be employed in a stewardship approach. Originality/value While many authors have talked in general terms about board accountability and its importance, this is the first paper that has engaged in a substantial study that links board accountability directly with stewardship theory, and to establish that accountability is necessary.

What makes court-referred mediation effective?

2014 ◽  
Vol 25 (1) ◽  
pp. 21-37 ◽  
Author(s):  
Amira Galin
Keyword(s):  
Design Methodology ◽  
Content Type ◽  
Process And Outcome ◽  
Refusal To Participate ◽  
The Impact ◽  
Practical Implications ◽  
Theoretical Insight ◽  
Insight Into ◽  
Low Rate

Purpose – The purpose of this paper is to obtain insight into court-referred mediation in the Israeli Labor Courts, by analyzing its processes and outcomes, as a function of tactics used by both the disputants and the mediator. Design/methodology/approach – Observation of 103 court-referred mediations, for each of which a detailed process and outcome were documented. Data on disputants' refusal to participate in the mediation was also collected. At the end of each mediation case, disputants were given a questionnaire in which they expressed their satisfaction with the outcome and their evaluation of the mediator's contribution. Findings – A low rate of refusal to participate in court-referred mediation was found. Also, the higher the ratio of soft tactics to pressure tactics employed (by all parties involved) during the process, the higher the rate of agreements. Mediators use significantly more soft tactics than disputants, and are more active in using tactics. The two significant variables that predict the mediation's agreement are the ratio between soft tactics to pressure tactics used by all parties, and mediator contribution to the process. Practical implications – The significant role of soft tactics in the process, outcome, and satisfaction of court-referred mediation may serve as a guideline for disputants and mediators. Originality/value – This unique research, which examines the impact of tactics on court-referred mediation, may provide added and significant theoretical insight into its process and outcome, as well as a better understanding of other “hybrid” (compulsory at the beginning, voluntary at the end) mediations.

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