TY  - JOUR
AB  - Purpose As the awareness of environmental preservation and of sustainable development have become increasingly pronounced among various stakeholders, such as governments and communities, many businesses, in response, commence to introduce environmental-friendly measures and/or implement an environmental management system (EMS) in their daily operations. Even a service-oriented industry such as property management is no exception. To showcase their commitment to this cause, property management companies tend to obtain different environmental certifications. This study aims to investigate the effect of green property management, through environmental certifications, on property price.Design/methodology/approach The hedonic price model is used to determine the impacts of different environmental certifications on prices of selected residential properties in Hong Kong. Three districts from different parts of Hong Kong, including 16 private residential developments, are covered in this study.Findings The results show that ISO 14001 certification itself is not statistically significant in explaining property price. It is only when a property management company has obtained other local environmental management awards/certificates that varying levels of (positive) property price premiums are found. Nonetheless, the authors also find that controlling for other housing attributes, obtaining as many environmental certifications as possible does not necessarily result in the highest property price premium.Research limitations/implications Nonetheless, the data sample has its limitations, such as its relatively small size and the unavailability of housing attribute(s) such as orientations.Practical implications For the implications, the value of environmental management awards/certificates, from the perspective of the end-users of property management services, is based on the scopes of these environmental certifications; the promotional effort on the part of organizations behind these awards/certificates; the disclosure of information about the EMS itself and the assessment criteria; and the public’s perceptions as to the companies’ rationale behind such certifications.Originality/value The study has provided some insights regarding the effect of various management standard certifications in property management, from the perspective of the end-users of the service (i.e. homeowners and potential homebuyers). This serves as a reference for developers, property managers, buyers and users alike.
VL  - 34
IS  - 5/6
SN  - 0263-2772
DO  - 10.1108/F-04-2013-0029
UR  - https://doi.org/10.1108/F-04-2013-0029
AU  - Hui Eddie Chi-man
AU  - Yu Ka-hung
AU  - Tse Cheuk-kin
PY  - 2016
Y1  - 2016/01/01
TI  - The impact of environmental management awards and certifications in property management on property price
T2  - Facilities
PB  - Emerald Group Publishing Limited
SP  - 314
EP  - 338
Y2  - 2024/04/16
ER  -