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Article
Publication date: 3 April 2018

Daramola Thompson Olapade and Abel Olaleye

With a focus on Lagos, Nigeria property market, the purpose of this paper is to examine the willingness of property practitioners towards property data sharing and…

Abstract

Purpose

With a focus on Lagos, Nigeria property market, the purpose of this paper is to examine the willingness of property practitioners towards property data sharing and assemblage with a view to improving accessibility to commercial property data in Nigerian property market.

Design/methodology/approach

Primary data were sourced through the use of questionnaire administered on property practitioners (referred as estate surveying and valuation (ESV) firms) in Lagos property market. In total, 190 ESV firms were selected using stratified random sampling based on their geographical location, frequency distribution, percentage, and cross-tabulation were employed for data analysis.

Findings

The results showed that majority of the practitioners (68.1 per cent) were willing to share property data among themselves while 52.6 per cent of the practitioners were in support of data assemblage. The result also revealed the higher the experience of the practitioners, the more they are averse to data sharing. It was also revealed that the bigger firm are more averse to data assemblage than the smaller firms. Meanwhile, majority of the practitioners (93.3 per cent) were in support of creation of a central database.

Practical implications

The study concluded that without the willingness of practitioners to support data assemblage, the data debacle in property market might not be resolved.

Originality/value

The paper is an attempt towards the possibility of creating database of concluded transactions, which will improve accessibility to property data in opaque property market.

Details

Journal of Property Investment & Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 7 June 2019

Daramola Thompson Olapade, Benjamin Gbolahan Ekemode and Abel Olaleye

Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that…

Abstract

Purpose

Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that the purpose of this paper is to examine the perception of potential users of centralised property database on the consideration for the design and management of such database.

Design/methodology/approach

Questionnaires were administered on 190 property practitioners (referred as estate surveying and valuation firms) in Lagos property market. Frequency index, frequency distribution and percentage were employed for data analysis.

Findings

The result showed that respondents preferred a web-based databank and free access to the information in the databank by those who recorded their market data in it. They also preferred uniform recording standard in the databank, an interface that must be user friendly and secure to prevent unauthorised user from gaining access, amongst others. The practitioners also preferred that their professional body manage the databank when it is created.

Practical implications

The paper provides useful insights into creating a property database that will improve accessibility to property data in opaque markets.

Originality/value

There is still little or no empirical research on framework/end-users’ requirements for the creation of property transaction database in emerging property markets.

Details

Journal of Property Investment & Finance, vol. 37 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 April 2009

Thomaz Wood and Miguel P. Caldas

The concept of organizational identity became a subject of interest within the academic milieu in the mid‐1980s. In this paper, we propose the construct of legacy…

Abstract

The concept of organizational identity became a subject of interest within the academic milieu in the mid‐1980s. In this paper, we propose the construct of legacy identities, those persistent identities that, first, endure over time at different levels of expression and, second, are comprised of resilient ideals from the past that represent the perceived persistent character of what the organization used to be. This construct is derived from a case study that portrays the radical transformation of a former state‐owned Brazilian company that became a subsidiary of a North American firm and survived the crisis that originated from its parent company’s debacle. Building on data from the case study, we develop a framework that shows the salience of different identities through time in the company and seek to explain the dynamics underlying these changes.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 7 no. 1
Type: Research Article
ISSN: 1536-5433

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Book part
Publication date: 3 November 2014

Andrew Goffey, Lynne Pettinger and Ewen Speed

This chapter explains how fundamental organisational change in the UK National Health Service (NHS) is being effected by new practices of digitised information gathering…

Abstract

Purpose

This chapter explains how fundamental organisational change in the UK National Health Service (NHS) is being effected by new practices of digitised information gathering and use. It analyses the taken-for-granted IT infrastructures that lie behind digitisation and considers the relationship between digitisation and big data.

Design/methodology/approach

Qualitative research methods including discourse analysis, ethnography of software and key informant interviews were used. Actor-network theories, as developed by Science and technology Studies (STS) researchers were used to inform the research questions, data gathering and analysis. The chapter focuses on the aftermath of legislation to change the organisation of the NHS.

Findings

The chapter shows the benefits of qualitative research into specific manifestations information technology. It explains how apparently ‘objective’ and ‘neutral’ quantitative data gathering and analysis is mediated by complex software practices. It considers the political power of claims that data is neutral.

Originality/value

The chapter provides insight into a specific case of healthcare data and. It makes explicit the role of politics and the State in digitisation and shows how STS approaches can be used to understand political and technological practice.

Details

Big Data? Qualitative Approaches to Digital Research
Type: Book
ISBN: 978-1-78441-050-6

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Article
Publication date: 27 July 2018

Daramola Thompson Olapade, Timothy Oluwafemi Ayodele and Abel Olaleye

The purpose of this paper is to examine the of characteristics of Lagos, Nigeria property market and its submarkets on the prism of the market practitioners…

Abstract

Purpose

The purpose of this paper is to examine the of characteristics of Lagos, Nigeria property market and its submarkets on the prism of the market practitioners’ characteristics, market transaction structure and market maturity. This is done with a view to provide information capable of improving the flow of foreign real estate investment to the Lagos property market.

Design/methodology/approach

Primary data were sourced through questionnaire administered on firms of property practitioners in the market. A total of 190 firms were selected using the stratified random sampling technique based on their geographical location. Descriptive statistics and Mann−Whitney U Test were employed for data analysis.

Findings

The results showed that the Lagos property market was characterised by practitioners whose highest level of education was majorly first degree, and with a mean computer literacy ranking of 3.38 on a five-point Likert scale. Also, major transactions in the market included letting and sales. The market maturity index of the market was 2.95 and therefore adjudged as an emerging market. The analysis also revealed that there was no significant difference in the characteristics of the submarkets.

Practical implications

The results of the study are capable of enhancing investment decision in the market.

Originality/value

The study differentiates itself from and adds to the previous studies on market characteristics through an examination of the property market on the prism of the market transaction structure, market practitioners’ characteristics and maturity of the market holistically in the context of an African emerging market.

Details

Journal of Property Investment & Finance, vol. 36 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 14 August 2018

Daramola Thompson Olapade and Abel Olaleye

With a focus on Lagos property market, the purpose of this paper is to examine the factors that influence accessibility to data for valuation and investment analysis in…

Abstract

Purpose

With a focus on Lagos property market, the purpose of this paper is to examine the factors that influence accessibility to data for valuation and investment analysis in Nigeria. This was with a view to improving accessibility to property data in the market, thereby enhancing investment appraisal practice.

Design/methodology/approach

Primary data utilized for the study were sourced through the use of questionnaire administered on property practitioners (referred to as estate surveying and valuation (ESV) firms) in Lagos property market. A total of 190 ESV firms were selected using stratified random sampling based on their geographical location. Relative significance index (RSI), frequency distribution and principal component analysis (PCA) were employed for data analysis.

Findings

A total of 19 factors were identified as affecting accessibility to data. Confidentiality attached to property data by practitioners was ranked as the most significant factor with RSI of 0.81. The next three factors were lack of cooperation within members of professional body (0.79), accuracy of data (0.76) and duty of care to client (0.75), while the least ranked factor was duplication of data set (0.63). All the 19 variables were further grouped into six principal factors using PCA, namely, economic, attitudinal, ethical, legal, administrative and technical factors; with each factor explaining the following variance, 16.75, 16.1, 13.64, 12.78, 10.51 and 7.95, respectively.

Practical implications

The paper’s results will enable stakeholders to address the challenges to data accessibility in Lagos property market and similar opaque markets elsewhere thereby enhancing property data accessibility and investment analysis.

Originality/value

The paper is an attempt to examine the factors affecting accessibility to data identified in different studies holistically together in a single study and from the perspective of an emerging property market like Nigeria.

Details

Property Management, vol. 37 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 9 July 2021

Ndubisi Onwuanyi and Abiodun Kolawole Oyetunji

This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018…

Abstract

Purpose

This paper explores the relevance of inter-market research to improving knowledge in property markets. It focuses on Nigeria's emergent property market which JLL (2018) suggests is information challenged. Given the country's lack of property data management, it is posited that inter-market studies can help to improve information supply and market knowledge. Inter-market research in Nigeria is compared with the UK's established market where such research is a key information source.

Design/methodology/approach

An online database search was used to collate published intra-market and inter-market research on Nigeria's property market between 2009 and 2019. The inter-market research were thereafter examined as to volume and scope (geographical and thematic) and compared with the UK's.

Findings

Relative to the UK, the volume as well as scope (geographical and thematic) of inter-market research in Nigeria are respectively far lower and narrower, thereby producing less information overall. Only a few Nigerian studies provide insights of two or more local markets. There is little or no research on many important market issues and other urban markets in the system. This suggests that inter-market research is relatively undeveloped in Nigeria.

Research limitations/implications

The online search approach used to assemble extant research in the absence of a research repository may have resulted in the omission of some inter-market research undertaken between 2009 and 2019 if these were not published online.

Practical implications

The dearth of inter-market research in Nigeria suggests an inadequately researched market. This limits market information, market knowledge, suggests a low market competitiveness with implications for development in view of the role of property in the modern economy.

Originality/value

In view of the little attention given to inter-market research in Nigeria, this study draws attention to its potential for improving market knowledge by the production of information which has a wider market relevance.

Details

Property Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 8 February 2021

Timothy Oluwafemi Ayodele and Abel Olaleye

This paper aims to investigate the flexible decision pathways adopted by development advisors in the management of uncertainty in property development. Specifically, the…

Abstract

Purpose

This paper aims to investigate the flexible decision pathways adopted by development advisors in the management of uncertainty in property development. Specifically, the study examines the quantitative techniques adopted by development advisors, the level of adoption of real options analysis (ROA) vis-à-vis the level of adoption of heuristics. Finally, the types of options exercised in property development were analysed. This was with a view to providing information that could mitigate the challenges of risk and uncertainty and increasing investment failure associated with property development in Nigeria, an emerging market.

Design/methodology/approach

The study adopted a survey method and was conducted on development advisors in property development companies/estate surveying and valuation firms in Nigeria. A total of 195 development advisors participated in the survey. The respondents were required to rate, on a five-point Likert scale, the level of adoption of the quantitative models, heuristics and the types of flexibility exercised during development. The data were analysed using mean rating, one-sample t-test and analysis of variance.

Findings

The results revealed that there was a preference for the use of traditional techniques, while probabilistic appraisal models and other contemporary methods such as ROA are seldom adopted by development advisors. While there was a significantly high level of adoption of heuristics, the stratified analysis examining the profile of the respondents and the level of adoption of ROA and heuristics suggests that years of experience influenced the level of adoption of both the ROA and heuristics by the development advisors. The analysis of the types of flexibility showed that staging/phasing and changing the initial use/design were the most prevalent flexibility pathways adopted during the development. However, the study found that there was no significant difference concerning the choice of flexibility being adopted by development advisors who used ROA and those who did not.

Practical implications

The study provides an understanding of the decision pathways adopted by development advisors in an emerging market like Nigeria.

Originality/value

The paper contributes to studies on decision-making pathways in the management of uncertainty under dynamic conditions by development advisors in emerging markets.

Details

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

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Article
Publication date: 2 October 2018

Alirat Olayinka Agboola, Timothy Oluwafemi Ayodele and Aderemi Olofa

The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This…

Abstract

Purpose

The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This is with a view to engendering a sustainable, productive and competitive urban land market towards enhancing the economic development of the country.

Design/methodology/approach

This paper adopts a desk-based study approach and review of secondary literature on urban regeneration and TIF to examine the usefulness of TIF for funding local infrastructure development. It then examines the key requirements for the successful application of TIF as a financial instrument for urban regeneration in an emergent economy like Nigeria.

Findings

A number of key requirements for a successful TIF programme particularly in the context of an emergent economy are identified. These are: a functional urban land market with well-developed and documented market indices on performance measurement to serve as reliable benchmarks for investors; an established land use planning system consisting of clear rules and effective decision-making processes; an active capital market that is accessible to institutional and private developers; a viable tax administration system and most importantly an efficient institutional framework with clearly defined formal property rights and sound enforcement mechanisms to monitor contractual agreements and to police deviations.

Originality/value

This paper represents a pioneering attempt at examining the prospects of the application of TIF to urban regeneration in the specific context of an emergent Sub-Saharan African country.

Details

Smart and Sustainable Built Environment, vol. 7 no. 3/4
Type: Research Article
ISSN: 2046-6099

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Book part
Publication date: 25 July 2017

Alexander J. Field

At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and…

Abstract

At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007–2009, they in fact had little macroeconomic significance. Savings and Loan (S&L) remediation cost between 2 percent and 3 percent of Gross Domestic Product (GDP), whereas the Troubled Asset Relief Program (TARP) and the conservatorships of Fannie and Freddie actually made money for the US Treasury. But the direct cost of government remediation is largely irrelevant in judging macro significance. What matters is the cumulative output loss associated with and plausibly caused by failing financial institutions. I estimate output losses for 1981–1984, 1991–1998, and 2007–2026 (the latter utilizing forecasts and projections along with actual data through 2015) and, for a final comparison, 1929–1941. The losses associated with 2007–2009 have been truly disastrous – in the same order of magnitude as the Great Depression. The S&L failures were, in contrast, inconsequential. Macroeconomists and policy makers should reserve the word crisis for financial disturbances that threaten substantial damage to the real economy, and continue efforts to identify in advance financial institutions which are systemically important (SIFI), and those which are not.

Details

Research in Economic History
Type: Book
ISBN: 978-1-78743-120-1

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