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1 – 10 of over 2000
Open Access
Article
Publication date: 24 October 2023

Ilpo Helén and Hanna Lehtimäki

The paper contributes to the discussion on valuation in organization studies and strategic management literature. The nascent literature on valuation practices has examined…

Abstract

Purpose

The paper contributes to the discussion on valuation in organization studies and strategic management literature. The nascent literature on valuation practices has examined established markets where producers and consumers are known and rivalry in the market is a given. Furthermore, previous research has operated with a narrow meaning of value as either a financial profit or a subjective consumer preference. Such a narrow view on value is problematic and insufficient for studying the interlacing of innovation and value creation in emerging technoscientific business domains.

Design/methodology/approach

The authors present an empirical study about value creation in an emerging technoscience business domain formed around personalized medicine and digital health data.

Findings

The results of this analysis show that in a technoscientific domain, valuation of innovations is multiple and malleable, entails pursuing attractiveness in collaboration and partnerships and is performative, and due to emphatic future orientation, values are indefinite and promissory.

Research limitations/implications

As research implications, this study shows that valuation practices in an emerging technoscience business domain focus on defining the potential economic value in the future and attracting partners as probable future beneficiaries. Commercial value upon innovation in an embryonic business milieu is created and situated in valuation practices that constitute the prospective market, the prevalent economic discourse, and rationale. This is in contrast to an established market, where valuation practices are determined at the intersection of customer preferences and competitive arenas where suppliers, producers, service providers and new entrants to the market present value propositions.

Practical implications

The study findings extend discussion on valuation from established business domains to emerging technoscience business domains which are in a “pre-competition” phase where suppliers, customers, producers and their collaborative and competitive relations are not yet established.

Social implications

As managerial implications, this study provides insights into health innovation stakeholders, including stakeholders in the public, private and academic sectors, about the ecosystem dynamics in a technoscientific innovation. Such insight is useful in strategic decision-making about ecosystem strategy and ecosystem business model for value proposition, value creation and value capture in an emerging innovation domain characterized by collaborative and competitive relations among stakeholders. To business managers, the findings of this study about valuation practices are useful in strategic decision-making about ecosystem strategy and ecosystem business model for value proposition, value creation and value capture in an emerging innovation domain characterized by collaborative and competitive relations among stakeholders. To policy makers, this study provides an in-depth analysis of an overall business ecosystem in an emerging technoscience business that can be propelled to increase the financial investments in the field. As a policy implication, this study provides insights into the various dimensions of valuation in technoscience business to policy makers, who make governance decisions to guide and control the development of medical innovation using digital health data.

Originality/value

This study's results expand previous theorizing on valuation by showing that in technoscientific innovation all types of value created – scientific, clinical, social or economic – are predominantly promissory. This study complements the nascent theorizing on value creation and valuation practices of technoscientific innovation.

Details

European Journal of Innovation Management, vol. 26 no. 7
Type: Research Article
ISSN: 1460-1060

Keywords

Open Access
Article
Publication date: 25 March 2024

Florian Follert and Werner Gleißner

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop…

Abstract

Purpose

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop a decision-oriented approach for the valuation of football players that could theoretically help clubs determine the subjective value of investing in a player to assess its potential economic advantage.

Design/methodology/approach

We build on a semi-investment-theoretical risk-value model and elaborate an approach that can be applied in imperfect markets under uncertainty. Furthermore, we illustrate the valuation process with a numerical example based on fictitious data. Due to this explicitly intended decision support, our approach differs fundamentally from a large part of the literature, which is empirically based and attempts to explain observable figures through various influencing factors.

Findings

We propose a semi-investment-theoretical valuation approach that is based on a two-step model, namely, a first valuation at the club level and a final calculation to determine the decision value for an individual player. In contrast to the previous literature, we do not rely on an econometric framework that attempts to explain observable past variables but rather present a general, forward-looking decision model that can support managers in their investment decisions.

Originality/value

This approach is the first to show managers how to make an economically rational investment decision by determining the maximum payable price. Nevertheless, there is no normative requirement for the decision-maker. The club will obviously have to supplement the calculus with nonfinancial objectives. Overall, our paper can constitute a first step toward decision-oriented player valuation and for theoretical comparison with practical investment decisions in football clubs, which obviously take into account other specific sports team decisions.

Details

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

Keywords

Article
Publication date: 18 October 2022

Irene Naliaka Cheloti and Manya Mainza Mooya

This paper examines participants' opinions on whether valuation education and training in Kenya is adequate while comparing it to actual material conditions.

Abstract

Purpose

This paper examines participants' opinions on whether valuation education and training in Kenya is adequate while comparing it to actual material conditions.

Design/methodology/approach

This research is based on a survey of registered and practicing valuers in Kenya, interviews of key informants from professional bodies and the five universities offering real estate degree courses in Kenya, and a review of Kenya's real estate curricula and Institution of Surveyors of Kenya (ISK) training.

Findings

It was perceived that while valuer education and training in Kenya is satisfactory, it differs from actual material conditions as it fails to cover practical issues in valuation practice.

Originality/value

The study makes a critical contribution to the empirical literature by introducing new insights in valuation education and training in Kenya.

Article
Publication date: 2 June 2023

Kofi Korle

Population growth and urbanization pose several threats to terrestrial ecosystems, especially in forest ecological zones worldwide. This study examines the drivers of average…

Abstract

Purpose

Population growth and urbanization pose several threats to terrestrial ecosystems, especially in forest ecological zones worldwide. This study examines the drivers of average willingness to pay (WTP) to restore urban forests in a developing country.

Design/methodology/approach

It utilizes survey data of households and employs a robust Heckman two-step estimator with bootstrapping to address the research objective.

Findings

The study underscores the role of income, gender, education and perception of the health benefits of forests as the underlying determinants of restoration bids by respondents. These drivers have a positive and statistically significant effect on forest restoration. Education and gender appear to be the most effective by magnitude, followed by the perception of health benefits, then income. Attention is therefore drawn to relevant economic, sociocultural and psychological factors towards the goal of forestry to improve well-being in urban centres.

Originality/value

This paper seeks to add methodological insights to the literature on reforestation and land use changes in the Accra metropolitan area and the local population’s WTP for reforestation in this area. In principle, this is a case study informing about the values people hold for forests in Ghana and Africa, where a knowledge gap exists with respect to their socio-economic valuation.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-09-2022-0618

Details

International Journal of Social Economics, vol. 50 no. 12
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 12 October 2021

Peyman Assadi and Pooria Assadi

Pursuit of meaning is at the heart of much of organizational life. It has implications for how different organizational stakeholders associate value to various organizational…

Abstract

Purpose

Pursuit of meaning is at the heart of much of organizational life. It has implications for how different organizational stakeholders associate value to various organizational initiatives. Research on meaning has generally shown that effort increases meaning and favorable valuation of and willingness to pay for economic activities by organizational stakeholders. The authors build on and advance this research by offering theory and experimental evidence showing that effort, particularly at high levels, results in enhanced meaning and favorable valuation when effort does not threaten the focal stakeholders' resources through expectation disconfirmation.

Design/methodology/approach

Three experimental studies are designed and conducted in this research. In one study, the authors replicate prior research findings that establish labor generally increases meaning and favorable valuation. In the two subsequent studies, the authors test the proposed hypothesis in this research and check for robustness of the empirical analysis.

Findings

The authors find that any internalized threat to the focal stakeholder's resources coupled with a high exertion of effort decreases, rather than increases, meaning and favorable valuation of and willingness to pay for economic activities.

Originality/value

The theory and empirical evidence in this research advance the understanding of how organizational stakeholders may associate effort-induced meaning with various economic activities in counter-intuitive ways. The findings also highlight the importance of recognizing and shaping the expectations of organizational stakeholders in influencing willingness to pay in organizational settings.

Details

Journal of Economic and Administrative Sciences, vol. 39 no. 4
Type: Research Article
ISSN: 1026-4116

Keywords

Article
Publication date: 17 April 2023

Ewa Kucharska- Stasiak

The intent of this paper is to discuss the use of statistical mathematics in property valuation and the wider question concerning the role of mathematics in the field of economics.

Abstract

Purpose

The intent of this paper is to discuss the use of statistical mathematics in property valuation and the wider question concerning the role of mathematics in the field of economics.

Design/methodology/approach

This paper reviews the evolution of the application of mathematics, including statistics in economics and drawing conclusions about applicability and effectiveness of quantitative modelling in property valuation.

Findings

This paper discusses the future use of statistical models in valuation and the need to recognise the relationships between market participants and the increasingly complex environment, and their impact on value. This would suggest adopting modelling techniques from behavioural economics.

Practical implications

This paper highlights the difference between quantitative and qualitative models and discusses the role that each can play in property valuation.

Originality/value

This paper provides insights on the development of statistical modelling and discusses the application of the same in property valuation.

Details

Journal of Property Investment & Finance, vol. 41 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

Abstract

Details

Microfinance and Development in Emerging Economies
Type: Book
ISBN: 978-1-83753-826-3

Article
Publication date: 8 September 2022

Erastus Kiita Museleku

The purpose of this paper is to determine the most significant factors influencing apartment values in Nairobi Metropolitan Area (NMA), Kenya and develop a valuation model using…

Abstract

Purpose

The purpose of this paper is to determine the most significant factors influencing apartment values in Nairobi Metropolitan Area (NMA), Kenya and develop a valuation model using the identified variables. The paper is thus promoting the adoption of advanced, more reliable and accurate valuation methods in developing economies such as Kenya. Therefore, the paper demonstrates the potential of the hedonic pricing method (HPM) in property valuation by making objective adjustments to comparable sales data.

Design/methodology/approach

The paper utilizes a case study design by analysing recent (January 2020 to December 2021) apartment sales and apartment attributes in NMA. A sample size of 264 transactions was analysed using the HPM.

Findings

The study identified six significant factors affecting apartment values in the study area: apartment size, location, floor finishes, provision of shopping facilities, swimming pool and gym. A valuation model has been developed using the six variables.

Research limitations/implications

The paper is contributing to the ongoing global debate on the accuracy, reliability and validity of property valuations with particular emphasis on the developing economies to adopt the more accurate, efficient and reliable valuation approaches.

Practical implications

The findings are useful to property valuers and estate managers in determining the most statistically significant attributes affecting apartment values in the NMA hence enabling them to offer informed professional advice. However, the findings of the study are limited to the study area since real estate is heterogeneous.

Social implications

Property investors, financiers and other stakeholders in the society will benefit from the findings of this study in their decision-making process. Additionally, wide adoption of the more reliable and accurate valuation approaches would foster public confidence in valuation and estate management professional services leading to enhanced consumption of these services by the society and promoting public care.

Originality/value

The paper is promoting valuation accuracy, efficiency and reliability in the developing economies by advocating for advanced valuation methods. It is the first attempt to develop a valuation model for apartments in the NMA, the capital city of Kenya and the business hub of East and Central Africa.

Details

Property Management, vol. 41 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Open Access
Article
Publication date: 13 October 2023

Juan Oliva, Luz María Peña Longobardo, Leticia García-Mochón, José María Abellán-Perpìñan and María del Mar García-Calvente

This paper aims to study the value of informal care (IC) time from the perspective of caregivers using two alternative contingent valuation tools – willingness to pay (WTP) and…

Abstract

Purpose

This paper aims to study the value of informal care (IC) time from the perspective of caregivers using two alternative contingent valuation tools – willingness to pay (WTP) and willingness to accept (WTA) – and to identify the variables that affect the stated values.

Design/methodology/approach

The authors used data from a multi-centre study of 610 adult caregivers conducted in two Spanish regions in 2013. The existence of “protest zeros” and “economic zeros” because of the severe budgetary constraints of the households was also considered. Two-part multivariate models were used to analyse the main factors that explained the declared values of WTA and WTP.

Findings

The average WTP and WTA were €3.12 and €5.98 per hour of care, respectively (€3.2 and €6.3 when estimated values for “protest zeros” and “economic zeros” were considered). Some explanatory variables of WTA and WTP are coincident (place of residence and intensity of care time), whereas other variables only help to explain WTP values (household and negative coping with caregiving) or WTA values (age and burden of care). Some nuances are also identified when comparing the results obtained without protest and economic zeros with the estimated values of these special zeros.

Originality/value

Studies analysing the determinants of WTP and WTA in IC settings are very scarce. This paper seeks to provide information to fill this gap. The results indicate that the variables that explain the value of IC from one perspective may differ from the variables that explain it from an alternative perspective. Given the relevance of contextual factors, studies on the topic should be expanded, and care should be taken with the extrapolation of results across countries and settings.

Details

Applied Economic Analysis, vol. 31 no. 93
Type: Research Article
ISSN: 2632-7627

Keywords

Article
Publication date: 15 February 2023

Yan Zhang, Shaosheng Jin and Wen Lin

The contradiction and conflict between grassland conservation and economic development are prominent in the Qinghai–Tibet Plateau (QTP) with its fragile environment and ecosystem…

Abstract

Purpose

The contradiction and conflict between grassland conservation and economic development are prominent in the Qinghai–Tibet Plateau (QTP) with its fragile environment and ecosystem. How to promote sustainable grazing in the plateau without hurting the economic welfare of local residents is a key challenge facing the Chinese government. This study explores the potential of market-based grassland conservation policies by evaluating consumer preferences and valuations for forage–livestock balance certification labeled yak products.

Design/methodology/approach

This study adopts a choice experiment with four attributes of yak meat, including forage–livestock balance certification, feeding type, age at slaughter and price. A sample size of 2,999 respondents from Beijing, Shanghai, Wuhan, Guangzhou and Chengdu was collected by a professional online survey company.

Findings

The result reveals that urban Chinese consumers are willing to pay highest price premiums for forage–livestock balance certified yak meat, followed by grass-fed claim labeled meat. Consumers on average place negative valuations for grain-fed claims, meat from yak slaughtered above 2 and 4 years old. Heterogeneous analysis indicates that individuals who are female, younger, married, and better educated, and with above median income, Tibet travel or yak consumption experience, are more receptive to the forage–livestock balance certification.

Originality/value

It is the first study to explore demand-driven mechanisms for grassland conservation by focusing on consumer valuation for the forage–livestock balance certification.

Details

China Agricultural Economic Review, vol. 15 no. 2
Type: Research Article
ISSN: 1756-137X

Keywords

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