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Article
Publication date: 20 October 2023

Ahmed Gadafi, Eric Paul Tudzi and Tahiru Alhassan

The study aims to examine the relationship between corporate real estate (CRE) strategy and corporate strategy (CS) in selected universities in Ghana. It focused on the…

Abstract

Purpose

The study aims to examine the relationship between corporate real estate (CRE) strategy and corporate strategy (CS) in selected universities in Ghana. It focused on the availability, usage, alignment and effects of CRE strategy on CS in universities.

Design/methodology/approach

The study adopted a qualitative research design, using purposive and convenience sampling techniques. Interviews were used to collect data from estate departments of selected Ghanaian higher education institutions (HEIs) in Kumasi.

Findings

All the selected HEIs purported to have CRE strategies, but they lacked a holistic approach. They were essentially just maintenance policies developed based on their CSs to support the institutions in their service delivery. All CRE management decisions were aligned with the CRE strategy.

Originality/value

The study highlights the importance of aligning CRE strategies with CSs in HEIs in developing countries to enhance academic environments.

Details

Journal of Corporate Real Estate , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-001X

Keywords

Article
Publication date: 9 February 2024

Nhung Thi Nguyen, An Tuan Nguyen and Dinh Trung Nguyen

This paper aims to examine the effects of investor sentiment on the development of the real estate corporate bond market in Vietnam.

Abstract

Purpose

This paper aims to examine the effects of investor sentiment on the development of the real estate corporate bond market in Vietnam.

Design/methodology/approach

The research uses an autoregressive distributed lag (ARDL) model with quarterly data. Additionally, the study employs Google Trends search data (GVSI) related to topics such as “Real Estate” and “Corporate Bond” to construct a sentiment index.

Findings

The empirical outcomes reveal that real estate market sentiment improves the growth of the real estate corporate bond market, while stock market sentiment reduces it. Also, there is evidence of a long-run negative effect of corporate bond market sentiment on the total value of real estate bond issuance. Further empirical research evidences the short-term effect of sentiment and economic factors on corporate bond development in the real estate industry.

Research limitations/implications

Due to difficulties in collecting data, this paper has the limited sample of 54 valid quarterly observations. Moreover, the sentiment index based on Google search volume data only reflects the interest level of investors, not their attitudes.

Practical implications

These results yield important implications for policymakers in respect of strengthening the corporate bond market platform and maintaining stability in macroeconomic and monetary policies in order to promote efficient and sustainable market development.

Social implications

The study offers some suggestions for regulators and governments to improve the real estate corporate bond market.

Originality/value

This is the first quantitative study to examine the effect of sentiment factors on real estate corporate bond development in Vietnam.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 2 April 2024

Thomas Vogl, Marko Orel and Rianne Appel-Meulenbroek

This study aims to enrich our understanding of the characteristics of non-urban coworking spaces (CSs) that focus on corporate users, as well as the benefits that companies expect…

Abstract

Purpose

This study aims to enrich our understanding of the characteristics of non-urban coworking spaces (CSs) that focus on corporate users, as well as the benefits that companies expect to gain from incorporating those CSs into their corporate real estate (CRE) portfolios.

Design/methodology/approach

This study leverages a series of in-depth interviews with owners and managers of CSs in non-urban locales that focus on serving corporate clients.

Findings

The research reveals various CS characteristics and forms within non-urban areas, focusing on corporate clients. It suggests that implementing a CS in corporate premises is perceived to enhance CRE use-value strategies with a focus on the employee's well-being, innovation and the attraction of talents. Moreover, exchange-value strategies with a focus on portfolio flexibility may benefit from the implementation of a CS. However, strategies related to life-cycle cost optimization or gains are not perceived to be supported. Social events for the surrounding neighborhood and the choice of location emerge as critical success factors for non-urban CSs. Besides infrastructure and connectivity, non-urban corporate-centric CSs built their location decisions rather on a personal connection to the location and place of residence of potential users than on lower rental prices.

Originality/value

This research pioneers in providing a comprehensive understanding of non-urban CSs, particularly in the context of their perceived implications for corporate real estate management. The nuanced perspectives it offers are invaluable for stakeholders looking to leverage CSs as part of their corporate strategies.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 2 January 2024

Dillip Kumar Das

The delay in real estate projects in India is pervasive. Organization and management (O&M) and project management (PM)-related challenges are argued to contribute to project…

Abstract

Purpose

The delay in real estate projects in India is pervasive. Organization and management (O&M) and project management (PM)-related challenges are argued to contribute to project delays. This study examined the O&M and PM factors that cause delays, the level of implementation of various O&M and PM aspects in real estate projects and how the challenges can be alleviated.

Design/methodology/approach

Perception surveys among the consumers and relevant stakeholders engaged in real estate projects in the Bhubaneswar and Cuttack regions of India were conducted to collect data on the factors of delay and implementation of the O&M and PM aspects. Relevant statistical methods and structural equation modeling (SEM) were used for data analysis.

Findings

Findings suggest that from the O&M point of view, poor decision-making, mishandling of finance, concurrent execution of many projects, diversion and misuse of finance for unrelated activities, lack of PM personnel and poor management contribute to the delay. Further, although the project initiation is satisfactorily done, most of the PM principles are not largely used, thus leading to delay.

Research limitations/implications

The study does have limitations, including its reliance on a perception survey of consumers and stakeholders, a limited sample size and a restricted number of projects. Nevertheless, the study highlights the need to address poor O&M and the insufficient application of PM principles to combat project delays in the Indian real estate sector.

Practical implications

Proper O&M and adequate application of PM will enable professional management of the projects and avoid delay.

Social implications

Proper O&M and the application of adequate PM would reduce delays in real estate projects. Consequently, conflicts between the companies and consumers might be reduced and housing and infrastructure demands might be met.

Originality/value

The study manifested that the lack of adequate implementation of O&M and PM aspects leads to delays. So, it is theorized that O&M and PM play critical roles in the success of real estate projects. Appropriate implementation of the principles and best practices linked to these aspects might alleviate the challenges of delay in real estate projects in India.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

Article
Publication date: 11 September 2023

Feng Tang

Following the adoption of International Financial Reporting Standards (IFRS), firms are required to recognize gains or losses from investment property revaluation in the income…

Abstract

Purpose

Following the adoption of International Financial Reporting Standards (IFRS), firms are required to recognize gains or losses from investment property revaluation in the income statement, instead of equity in the balance sheet. This results in both a “materiality effect” (as auditors set a higher materiality level and require lower audit efforts) and a “cushion effect” (as revaluation gains serve as a cushion and reduce earnings manipulation incentives). Utilizing this unique setting, this study investigates whether the use of fair value measurement for investment property affects audit pricing before and after IFRS convergence in the Hong Kong real estate industry.

Design/methodology/approach

Using a sample of 78 real estate companies listed on the Hong Kong Stock Exchange in the pre-IFRS period (2001–2004) and the post-IFRS period (2005–2008), this study employs multivariate regression analyses to test the research hypotheses with respect to the association between investment property revaluation and audit fees and the role of corporate governance structures in the context of family control.

Findings

The empirical results suggest that audit fees decrease with revaluation gains or losses from investment property revaluation after IFRS convergence, but not before. Furthermore, the negative association is stronger in companies controlled by founders, with proportionally more independent directors on the board and with a smaller board size. This is consistent with the moderating effect of corporate governance.

Originality/value

The findings shed more light on the consequences of fair value accounting for non-financial assets and are of interest to regulators for assessing the benefits of the wide use of fair value measurement under IFRS in emerging markets, especially where the corporate ownership structure is typically controlled by founding families. This study also provides recommendations for the audit community to fully consider the impact of asset revaluation on audit procedures and audit pricing.

Details

Journal of Accounting in Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2042-1168

Keywords

Open Access
Article
Publication date: 26 February 2024

Daniël van Staveren, Monique Arkesteijn and Alexandra Den Heijer

Corporate real estate management (CREM) is complex due to an increasing number of real estate (RE) added values and the tensions between them. RE managers are faced with…

Abstract

Purpose

Corporate real estate management (CREM) is complex due to an increasing number of real estate (RE) added values and the tensions between them. RE managers are faced with trade-offs: to choose a higher performance for one added value at the cost of another. CREM research mainly deals with trade-offs in a hypothetical sense, without looking at the characteristics of the RE portfolio nor the specific context in which trade-offs are made. The purpose of this paper is to further develop the concept of real estate value (REV) optimisation with regard to tensions between decreasing CO2 emissions and supporting user activities.

Design/methodology/approach

Mixed method study. REV optimisation between user activities and energy efficiency for police stations in the Netherlands built between 2000 and 2020 is analysed. This is complemented by interviews with an RE manager and senior user of police stations and analysis of policy documents.

Findings

The characteristics of the police station portfolio indicate no correlation between user activities and energy efficiency for the case studied. This is complemented by interviews, from which it becomes clear that there was in fact little tension between supporting user activities and energy efficiency. The performances of these two different added values were optimised separately.

Originality/value

This study combines different scales (building and portfolio level) with different types of data: portfolio analysis, document analysis and interviews. This creates a comprehensive image of whether and how the Netherlands police optimised the two RE values.

Details

Journal of Corporate Real Estate , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-001X

Keywords

Article
Publication date: 20 March 2024

Graeme Newell and Muhammad Jufri Marzuki

ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real…

Abstract

Purpose

ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real estate space. This paper proposes a new metric to be used in the S space to assess improvements in aspects such as gender equality and cultural diversity in real estate. It adds to the S metrics currently available to see the more effective delivery of the S dimension into real estate investment decision-making.

Design/methodology/approach

A new S metric in ESG is proposed and validated. Using this metric, examples regarding gender equality and cultural diversity are assessed among leading real estate players in Australia. This S metric is assessed over a number of time periods to demonstrate the improvements in gender equality and cultural diversity in these major real estate players.

Findings

This new S metric is seen to be highly effective and robust in capturing the changes in various aspects of the S dimension in ESG in the real estate space today; particularly concerning gender equality and cultural diversity. It is clearly able to demonstrate the significant changes in increased participation of women at the more senior leadership levels by leading players in the real estate space.

Practical implications

With ESG becoming a critical issue in the real estate sector, issues involved in the S space will take on increased significance going forward. This is critical, as the elements of the S dimension such as gender equality and cultural diversity are important aspects for an effectively functioning real estate industry. The S metric developed in this paper can be used for benchmarking purposes over time, as well as between real estate players, between sub-sections within a real estate organisation, and comparing against other industry sectors. It is also relevant in all organisations, and is not just limited to the real estate sector. Additional metrics in the S space are an important development to further empirically assess the effective delivery of the S dimension of ESG in the real estate sector and more broadly.

Originality/value

This paper specifically proposes this new S metric in ESG in the real estate industry. This is a key issue for the real estate industry going forward at all levels, as it will facilitate a more diverse real estate industry and more effective real estate investment decision-making. This S metric is applicable in all organisational sectors where the S dimension of ESG is important.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 29 November 2023

Harish Kumar Singla and Sitara Sunil Chammanam

The purpose of this study is to develop a financial performance measurement model for real estate business.

Abstract

Purpose

The purpose of this study is to develop a financial performance measurement model for real estate business.

Design/methodology/approach

The study uses balanced scorecard (BSC) proposed by Kaplan and Norton (1996) as a theoretical support. The study, being exploratory in nature, uses survey method to collect data on several dimensions of BSC as well as on other performance measures used by real estate businesses in India. The survey data collected is analyzed using exploratory factor analysis (EFA) to explore the model constructs. This is followed by building an integrated conceptual model for measuring the financial performance of a real estate business. The model is tested using partial least squares structural equation modeling (PLS-SEM).

Findings

The study finds that the financial performance of the real estate business revolves around customer satisfaction, employee satisfaction and external networks. The right alignment of these components lead to superior financial performance. It also provides a competitive advantage to the real estate business. These three components (customer satisfaction, employee satisfaction and external networks) have direct and indirect influences on the financial performance of real estate business.

Research limitations/implications

A small sample size (78 respondents), as well as the respondent’s geographical concentration in India, are the limitations of the study. Hence, generalization of findings may be difficult until the findings are validated across the globe.

Practical implications

The conceptual performance measurement model suggested in this research provides an effective tool to plan and strategize to achieve superior financial performance, particularly for stakeholders in the real estate business.

Originality/value

To the best of the authors’ knowledge and belief, this is the first attempt to develop a comprehensive financial performance measurement model for real estate business and test it using EFA and PLS-SEM.

Details

Journal of Financial Management of Property and Construction , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1366-4387

Keywords

Article
Publication date: 4 April 2024

Katharina Oktabec and Nadine Wills

Sustainability has become an integral part of the real estate industry, alongside advancing globalization and demographic development. Due to real estate's influence on greenhouse…

Abstract

Purpose

Sustainability has become an integral part of the real estate industry, alongside advancing globalization and demographic development. Due to real estate's influence on greenhouse gas emissions throughout its life cycle, both the regulatory and legal requirements concerning the sustainability of real estate are growing and, as a result of social responsibility, the interest of tenants and investors in sustainable real estate. However, criteria for measuring the ecological sustainability of a real estate investment in the purchase process in order to reduce the risk of including “stranded assets” in the portfolio are missing. This paper aims to address the need to integrate the issue of carbon stranding into existing sustainability rating tools.

Design/methodology/approach

Existing tools are examined based on defined criteria to determine whether they are suitable for purchasing a property before suitable tools for purchase are compared. Strengths and weaknesses are identified, which are to be remedied with the scoring tool. Taxonomy regulation is integrated into the existing valuation basis as a legal regulation.

Findings

The result is a scoring tool that enables real estate companies to measure and evaluate the ecological sustainability performance of a property during the acquisition process, taking into account the three aspects of sustainability and considering them when determining an appropriate purchase price in line with market conditions. Moreover, the developed tool helps to minimize the risk of acquiring a stranding asset.

Research limitations/implications

The environmental, social and governance (ESG) framework employed in this study does not incorporate governance considerations. While the analysis extensively evaluates the building's environmental and social aspects, it does not extend to examining the governance practices of the companies involved. Thus, the assessment is confined solely to the physical attributes of the property without accounting for broader corporate governance factors.

Practical implications

The developed scoring tool represents a valuable tool for the real estate industry, offering insights into sustainability performance during property acquisitions and providing a structured framework for decision-making. By addressing both certification and taxonomy regulation requirements, the tool contributes to the industry's evolution toward more sustainable and environmentally responsible real estate practices.

Originality/value

In response to the growing importance of sustainability in the real estate industry, this paper introduces a novel scoring tool for evaluating the sustainability of real estate investments during the acquisition process.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 4 April 2024

Benedikt Gloria, Sebastian Leutner and Sven Bienert

This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.

Abstract

Purpose

This paper investigates the relationship between the sustainable finance disclosure regulation (SFDR) and the performance of unlisted real estate funds.

Design/methodology/approach

While existing literature has primarily focused on the impact of voluntary sustainability disclosure, such as certifications or reporting standards, this study addresses a significant research gap by constructing and analyzing the financial J-Curve of 40 funds under the SFDR. The authors employ a panel regression analysis to examine the effects of different SFDR categories on fund performance.

Findings

The findings reveal that funds categorized under Article 8 of the SFDR do not exhibit significantly poorer performance compared to funds categorized under Article 6 during the initial phase after launch. On average, Article 8 funds even demonstrate positive returns earlier than their peers. However, the panel regression analysis suggests that Article 8 funds slightly underperform when compared to Article 6 funds over time.

Practical implications

While investors may not anticipate lower initial returns when opting for higher SFDR categories, they should nevertheless be aware of the limitations inherent in the existing SFDR labeling system within the unlisted real estate sector.

Originality/value

To the best of our knowledge, this study represents the first quantitative examination of unlisted real estate fund performance under the SFDR. By providing unique insights into the J-Curves of funds, our research contributes to the existing body of knowledge on the impact of sustainability regulations in the financial sector.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

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