Decision making in small property companies

Paul Gallimore (Department of Surveying, Nottingham Trent University, Nottingham, UK)
J. Andrew Hansz (Department of Finance and Real Estate, University of Texas at Arlington, Arlington, USA)
Adelaide Gray (Department of Surveying, Nottingham Trent University, Nottingham, UK)

Journal of Property Investment & Finance

ISSN: 1463-578X

Publication date: 1 December 2000


The literature on investor decision‐making behaviour in property investment is sparse, loosely integrated and focused principally upon large, institutional investors. It reflects rational, normative models that treat investor behaviour as highly structured and formalised. By contrast, behavioural psychology suggests that individuals frequently act sub‐optimally. These ideas have been explored in financial decision making and have been found in the actions of property valuers and property lenders. This paper addresses this neglected area of property investment decision‐making. Semi‐structured interviews were conducted with a sample of property investment directors of smaller property companies. The interviews investigate the decision‐making structures in these companies, the process by which investment strategy is formulated, the investment “screening” process and the determinants of purchase/sell decisions. The findings are discussed and related to the literature on decision making under uncertainty.



Gallimore, P., Hansz, J. and Gray, A. (2000), "Decision making in small property companies", Journal of Property Investment & Finance, Vol. 18 No. 6, pp. 602-612.

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Copyright © 2000, MCB UP Limited

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