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Article
Publication date: 18 March 2024

Graeme Newell and Muhammad Jufri Marzuki

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the…

Abstract

Purpose

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.

Design/methodology/approach

Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.

Findings

French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.

Practical implications

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio.

Originality/value

This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.

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: 6 March 2023

Silvia Naldini, Ioannis Ioannou, Maria Hadjimichael, Stefano F. Musso, Federica Pompejano and Ondřej Dušek

Only recently have historic concrete buildings received attention and the need for their protection has been understood. Their listing as architectural heritage in most countries…

Abstract

Purpose

Only recently have historic concrete buildings received attention and the need for their protection has been understood. Their listing as architectural heritage in most countries is ruled by legislations. The research carried out within the framework of the CONSECH20 JPI project on the conservation of historic concrete buildings in the Czech Republic, Cyprus, Italy and the Netherlands has allowed to study the legislations in the four aforementioned countries and how these are brought to practice. This paper aims at the evaluation of these legislations and of their function in practice.

Design/methodology/approach

The legislations have been examined focussing on the protection of historic buildings and the guidelines to achieve a correct technical conservation. These were assessed in practical situations. The situations of the four countries were studied and the parameters used allowed comparisons.

Findings

Concrete buildings are at risk and the guidelines should be further developed to meet actual conservation needs, including historical and aesthetical compatibility. The re-use of listed concrete buildings often means transforming and adapting these to a variety of modern needs and norms: the complexity of this assignment asks for a multidisciplinary teamwork. The bottom-up Dutch programme for quality in conservation, striving to bring ethical and technological principles to practice, could be a sound basis for developing respectful conservation strategies of heritage concrete buildings.

Research limitations/implications

The research concerns the four countries involved in the CONSECH30 project and could be extended to include more countries.

Practical implications

More stakeholders have to be involved in the process of conservation and transformation of heritage concrete buildings. This should be directed by the legislation.

Social implications

No direct social implications are foreseen from the outcome of the research. However, the suggestion is made that social involvement is essential in planning concrete building transformations.

Originality/value

The study focussed on the application of theory (the legislation) to practice (thus showing the limits of the legislation), which is an innovative way of contributing to the conservation of historic concrete buildings.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 21 March 2024

Monica J. Barratt, Ross Coomber, Michala Kowalski, Judith Aldridge, Rasmus Munksgaard, Aili Malm, James Martin and David Décary-Hétu

Drug cryptomarkets increase information available to market actors, which should reduce information asymmetry and increase market efficiency. This study aims to determine whether…

Abstract

Purpose

Drug cryptomarkets increase information available to market actors, which should reduce information asymmetry and increase market efficiency. This study aims to determine whether cryptomarket listings accurately represent the advertised substance, weight or number and purity, and whether there are differences in products purchased from the same listing multiple times.

Design/methodology/approach

Law enforcement drug purchases – predominantly cocaine, methamphetamine, MDMA and heroin – from Australian cryptomarket vendors (n = 38 in 2016/2017) were chemically analysed and matched with cryptomarket listings (n = 23). Descriptive and comparative analyses were conducted.

Findings

Almost all samples contained the advertised substance. In most of these cases, drugs were either supplied as-advertised-weight or number, or overweight or number. All listings that quantified purity overestimated the actual purity. There was no consistent relationship between advertised purity terms and actual purity. Across the six listings purchased from multiple times, repeat purchases from the same listing varied in purity, sometimes drastically, with wide variation detected on listings purchased from only one month apart.

Research limitations/implications

In this data set, cryptomarket listings were mostly accurate, but the system was far from perfect, with purity overestimated. A newer, larger, globally representative sample should be obtained to test the applicability of these findings to currently operating cryptomarkets.

Originality/value

This paper reports on the largest data set of forensic analysis of drug samples obtained from cryptomarkets, where data about advertised drug strength/dose were obtained.

Details

Drugs, Habits and Social Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2752-6739

Keywords

Article
Publication date: 10 January 2024

Alexander Serenko and Nick Bontis

This study explores the use and perceptions of scholarly journal ranking lists in the management field based on stakeholders’ lived experience.

Abstract

Purpose

This study explores the use and perceptions of scholarly journal ranking lists in the management field based on stakeholders’ lived experience.

Design/methodology/approach

The results are based on a survey of 463 active knowledge management and intellectual capital researchers.

Findings

Journal ranking lists have become an integral part of contemporary management academia: 33% and 37% of institutions and individual scholars employ journal ranking lists, respectively. The Australian Business Deans Council (ABDC) Journal Quality List and the UK Academic Journal Guide (AJG) by the Chartered Association of Business Schools (CABS) are the most frequently used national lists, and their influence has spread far beyond the national borders. Some institutions and individuals create their own journal rankings.

Practical implications

Management researchers employ journal ranking lists under two conditions: mandatory and voluntary. The forced mode of use is necessary to comply with institutional pressure that restrains the choice of target outlets. At the same time, researchers willingly consult ranking lists to advance their personal career, maximize their research exposure, learn about the relative standing of unfamiliar journals, and direct their students. Scholars, academic administrators, and policymakers should realize that journal ranking lists may serve as a useful tool when used appropriately, in particular when individuals themselves decide how and for what purpose to employ them to inform their research practices.

Originality/value

The findings reveal a journal ranking lists paradox: management researchers are aware of the limitations of ranking lists and their deleterious impact on scientific progress; however, they generally find journal ranking lists to be useful and employ them.

Details

Journal of Documentation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0022-0418

Keywords

Article
Publication date: 2 April 2024

Jorge Morvan Marotte Luz Filho and Antonio Andre Novotny

Topology optimization of structures under self-weight loading is a challenging problem which has received increasing attention in the past years. The use of standard formulations…

Abstract

Purpose

Topology optimization of structures under self-weight loading is a challenging problem which has received increasing attention in the past years. The use of standard formulations based on compliance minimization under volume constraint suffers from numerous difficulties for self-weight dominant scenarios, such as non-monotonic behaviour of the compliance, possible unconstrained character of the optimum and parasitic effects for low densities in density-based approaches. This paper aims to propose an alternative approach for dealing with topology design optimization of structures into three spatial dimensions subject to self-weight loading.

Design/methodology/approach

In order to overcome the above first two issues, a regularized formulation of the classical compliance minimization problem under volume constraint is adopted, which enjoys two important features: (a) it allows for imposing any feasible volume constraint and (b) the standard (original) formulation is recovered once the regularizing parameter vanishes. The resulting topology optimization problem is solved with the help of the topological derivative method, which naturally overcomes the above last issue since no intermediate densities (grey-scale) approach is necessary.

Findings

A novel and simple approach for dealing with topology design optimization of structures into three spatial dimensions subject to self-weight loading is proposed. A set of benchmark examples is presented, showing not only the effectiveness of the proposed approach but also highlighting the role of the self-weight loading in the final design, which are: (1) a bridge structure is subject to pure self-weight loading; (2) a truss-like structure is submitted to an external horizontal force (free of self-weight loading) and also to the combination of self-weight and the external horizontal loading; and (3) a tower structure is under dominant self-weight loading.

Originality/value

An alternative regularized formulation of the compliance minimization problem that naturally overcomes the difficulties of dealing with self-weight dominant scenarios; a rigorous derivation of the associated topological derivative; computational aspects of a simple FreeFEM implementation; and three-dimensional numerical benchmarks of bridge, truss-like and tower structures.

Details

Engineering Computations, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0264-4401

Keywords

Article
Publication date: 4 August 2022

Gizem Parlak, Clarice Bleil de Souza and Federico Cerutti

The UNESCO World Heritage Committee requires management plans for world heritage site (WHS) nominations including the evidence of involvement of all stakeholders. Many studies…

Abstract

Purpose

The UNESCO World Heritage Committee requires management plans for world heritage site (WHS) nominations including the evidence of involvement of all stakeholders. Many studies report different engagement methods to ensure the participation of the local communities in these plans. However, this study aims to assess and gauge the community-held knowledge transfer and the quality of their contribution to heritage management plans by proposing an interdisciplinary method.

Design/methodology/approach

The method had been developed to scrutinise community-held knowledge transfer in WHS management plans, combining the domains of knowledge representation with qualitative social research.

Findings

Local knowledge transferred into WHS management plans is poor. The proposed method gauged three levels of community knowledge transfer to WHS. The method enables results to be quantified and the process to be reproducible. The method can be used to quality control the design of WHS management plans. The method can be used to inform evaluation protocols to be developed by UNESCO.

Practical implications

The proposed method can be used to inform evaluation protocols to be developed by ICOMOS and IUCN, which safeguard holistic aspects of heritage in WHS management plans.

Originality/value

The method provides reproducible, quantifiable results from clear premises. Despite being applied to a case study in Turkey, it can be adjusted to any context as WHS management plans tend to follow a standard format. It, therefore, provides a tool to quality control the design of these plans.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 11 August 2023

Sami R.M. Musallam

This study aims to investigate the effect of the board of directors on financial performance, either directly or indirectly through the existence of risk management after the…

Abstract

Purpose

This study aims to investigate the effect of the board of directors on financial performance, either directly or indirectly through the existence of risk management after the issuance of the Palestinian Code on Corporate Governance (PCCG) in Palestine.

Design/methodology/approach

This study presents an empirical investigation of 31 nonfinancial Palestinian-listed companies from 2010 to 2016. This study utilizes the structural equation modeling (SEM) model.

Findings

The results of the SEM model find that there is a significant positive effect of the existence of risk management and the tenure-Chief Executive Officer (CEO) on financial performance. However, CEO duality has a significant negative effect on financial performance. The results also find that the effect of CEO duality and board size are significantly positive on financial performance through the existence of risk management.

Research limitations/implications

This study adds to the existing literature by investigating the effect of the board of directors on financial performance, either directly or indirectly through the existence of risk management in Palestine as one of the youngest stock exchanges in the region that assists in testing the validity of agency theory in a young and small emerging Islamic market context.

Practical implications

The results of this paper are significant to shareholders and managers of companies to make proper choices in order to secure the interests of stakeholders and increase the flow of capital and foreign investment.

Originality/value

To the best of the authors’ knowledge, it is one of the first papers to investigate the effect of the board of directors and financial performance, either directly or indirectly through the existence of risk management in Palestine.

Details

Management & Sustainability: An Arab Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2752-9819

Keywords

Article
Publication date: 23 January 2024

Md Jahidur Rahman, Hongtao Zhu, Yiling Zhang and Md Moazzem Hossain

This study aims to investigate whether gender diversity in audit committees affects the purchase of nonaudit services in China. Results from family and nonfamily firms are…

Abstract

Purpose

This study aims to investigate whether gender diversity in audit committees affects the purchase of nonaudit services in China. Results from family and nonfamily firms are compared and the critical mass participation of females are further examined.

Design/methodology/approach

The sample comprises 1,834 Chinese listed companies from 2012 to 2021, among which 910 are family firms. The Heckman (1979) two-stage model is used to mitigate the potential endogeneity issue in the selection of gender diversity. Propensity score matching is also used to further alleviate the endogeneity problem in relation to family firms.

Findings

Results show a significant and negative correlation between the gender diversity in audit committees and nonaudit service fees. This association is more apparent in nonfamily than in family firms. Findings are consistent and robust to endogeneity tests and sensitivity analyses. The analysis of critical mass and symbolic participation shows that three female directors can more significantly restrain nonaudit fees than one to two females on the board.

Practical implications

This study contributes to literature on resource dependence theory, which posits that audit committees help enterprises establish contact with auditors, improve the company legitimacy, assist in communication and provide relevant expertise. This study also relates to agency theory, which holds that differences in the severity of types I and II agency problems between family and nonfamily firms lead to differences in auditor selection and related costs.

Originality/value

Extending from previous research on the relation between the gender diversity in audit committees and nonaudit fees, the present study delves into this connection within the context of China, an emerging economy. As a result, this investigation offers novel insights and expands upon current knowledge. In addition, the correlation between the gender diversity of audit committees and nonaudit fees is explored for family and nonfamily firms.

Details

Meditari Accountancy Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2049-372X

Keywords

Article
Publication date: 12 January 2024

Agathe S. Lacaze, Fernando A.F. Ferreira and Margarida R. Santos

Strategic management plays a pivotal role in the growth and success of organizations, significantly impacting their business performance and competitive edge. In today’s…

Abstract

Purpose

Strategic management plays a pivotal role in the growth and success of organizations, significantly impacting their business performance and competitive edge. In today’s globalized markets, strategic management is gaining prominence as a means to enhance company performance and distinctiveness. Within this landscape, the evaluation of organizational effectiveness takes on heightened significance, complemented by the emergence of strategic management frameworks designed to secure enduring competitive advantages for businesses.

Design/methodology/approach

One of the best known approaches to organizational resource assessment is the value, rarity, inimitability and organizational-oriented (VRIO) framework. However, this tool comes with inherent limitations that have hindered its advancement, primarily related to the need for less subjective means of identifying and assigning weights to resources and capabilities during the evaluation process. This study, therefore, endeavored to refine the VRIO framework, making it more transparent and empirically robust. To achieve this aim, the framework was combined with the decision-making trial and evaluation laboratory (DEMATEL) method (i.e. a multiple criteria decision analysis (MCDA) method), and a real-life application was conducted.

Findings

The evaluation system created was tested, and the results demonstrate that the dual methodology used can increase the understanding of resource appraisal and lead to more informed and potentially better evaluations of resources and capabilities. The strengths and shortcomings of this new structured evaluation model are also analyzed.

Originality/value

The authors know of no prior work reporting the integrated use of VRIO and DEMATEL in this study context.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 23 January 2023

Bruno Falcón Silveira and Dayana Bastos Costa

Several studies have addressed the use of four-dimensional (4D) building information modeling (BIM) for construction management. However, the automation of the processes for…

Abstract

Purpose

Several studies have addressed the use of four-dimensional (4D) building information modeling (BIM) for construction management. However, the automation of the processes for generating 4D models and their integrated use with Location-Based Planning and the Last Planner® System is not well discussed. Therefore, this paper aims to develop a method for automating the generation and use of 4D BIM models integrated with Location-Based Planning and Last Planner® System supporting project control cycles.

Design/methodology/approach

The research strategy adopted was Design Science Research. The automated method for using the 4D models was developed and refined in two residential building projects in Brazil, along with 31 meetings and involving 11 direct users. The assessment of the proposed method focuses on four constructs: the impact of process automation, the impact on the identification and assessment of site progress and the planning process, ease of adoption and utility of the proposed method.

Findings

The results of this paper indicated increased adherence between planned and executed through an automated method for using the 4D models. The established routines enabled automating the link between the planning levels and the three-dimensional (3D) model, providing a more agile and updated data source and achieving 92.8% of user satisfaction regarding the deadline and frequency of delivery of the 4D model reports. Moreover, this study identified the relationships between the processes of the method proposed and Digital Models.

Originality/value

The primary scientific value achieved in this study is creating a method for automating processes and simplifying steps for the generation and use of 4D BIM models in the production planning and control cycles during the construction phase.

Details

Construction Innovation , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

Keywords

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