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Article
Publication date: 19 June 2023

Graeme Newell and Muhammad Jufri Marzuki

COVID-19 has had a significant global impact at many levels, including an impact on global real estate capital flows. This paper examines the impact of COVID-19 on global real…

Abstract

Purpose

COVID-19 has had a significant global impact at many levels, including an impact on global real estate capital flows. This paper examines the impact of COVID-19 on global real estate capital flows over 2019–2022 to clearly articulate the extent of this impact on global real estate capital flows across regions, countries, major cities, real estate sub-sectors and by major real estate investors. Drivers of these global real estate capital flow changes are also identified. The strategic real estate investment implications of this impact are highlighted, as well as the implications going forward concerning the global real estate strategies for the real estate portfolios held by institutional investors.

Design/methodology/approach

To assess the impact of COVID-19, the Real Capital Analytics (RCA) database of global real estate transactions over 2019–2022 is used to drill-out critical details on commercial real estate transactions to explore specific trends in global real estate capital flows in this period of the COVID-19 crisis. This includes real estate capital flows to specific regions, countries, cities, real estate sub-sectors as well as the role of major real estate investors.

Findings

The impact of COVID-19 is clearly shown with the major decline in global real estate capital flows in 2020, with a strong recovery in 2021. Reduced levels of real estate capital flows in 2022 reflect different risk dynamics, where 2022 has seen investors move on from the COVID-19 environment. In 2022, the risk of COVID-19 for real estate has been replaced by global real estate risk factors such as inflation concerns, geopolitical tensions, economic growth concerns, increased cost of debt issues and supply chain issues. This sees COVID-19 now rated as only the 6th most important risk factor in real estate investment decision-making for real estate investors in the Americas, Europe, Middle East and Africa (EMEA) and Asia–Pacific.

Practical implications

This research has clearly shown the extent of the impact of COVID-19 on global real estate capital flows, as well as identifying the drivers of these real estate capital flow changes. It highlights that real estate investors have moved on and are now prioritising new risk factors ahead of COVID-19 risk. These critical risk factors reflect more recent financial, economic and geopolitical issues, which are key issues in real estate investment decision-making going forward. Investors need to structure these new risk factors into their real estate investment decision-making for the ongoing management of their domestic and international real estate portfolios.

Originality/value

This paper is the first published empirical research analysis of global real estate capital flows during the COVID-19 crisis. This research provides major insights on real estate investment decision-making during this crisis and the strategic changes seen in acquiring real estate portfolios in response to this major global crisis. The change in real estate risk priorities in 2022 as real estate investors move on from the COVID-19 environment is also identified and is clearly reflected in the 2022 global real estate capital flows.

Details

Journal of Property Investment & Finance, vol. 41 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 11 July 2023

Grazyna Aleksandra Wiejak-Roy and Gavin Hunter

Many town centres in England exhibit high retail property vacancies and require regeneration. Several alternatives for the replacement of town centre retail (TCR) have been…

Abstract

Purpose

Many town centres in England exhibit high retail property vacancies and require regeneration. Several alternatives for the replacement of town centre retail (TCR) have been suggested, one of which is healthcare. The healthcare sector in England is in distress, with the National Health Service (NHS) tackling extensive patient waiting lists, whilst operating from an ageing estate. This paper is an introductory study that uses seven carefully selected personalised surveys to raise academic awareness of the importance and potential of integrating healthcare into town centres and calls for large-scale research to establish the statistical validity of the reported observations.

Design/methodology/approach

This study is developed from an interpretative standpoint. Through semi-structured interviews with key stakeholders specific to retail-to-healthcare conversions, this study reports stakeholders' perspectives on opportunities and limitations for such conversions to give direction for large statistical research in the future.

Findings

All participants support the integration of healthcare into town centres and agreed that diagnostic services, mental health support and primary care services are appropriate for provision within town centres. The participants advocate large-scale change in town centres in England, with integrated healthcare co-located with complementary services to fit with wider regeneration plans. Participants prefer adaptation of existing buildings where technically feasible and emphasise the importance of obtaining the buy-in of other stakeholders whilst expressing concerns about the uncertainty of capital funding availability.

Originality/value

This is the first study to analyse the practice of retail-to-healthcare conversions in town centres. These are still rare in England and projects are complex. The market experience is limited, and thus, the literature is scarce. This study fills this void and provides a starting point for future quantitative research in this area and informs the new town-planning policies.

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: 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: 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

Open Access
Article
Publication date: 1 November 2023

Thu Le Can, Minh Duy Le and Ko-Chia Yu

By extending Edmans et al.’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and…

Abstract

Purpose

By extending Edmans et al.’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and volatility.

Design/methodology/approach

The authors adopted Edmans et al.’s (2021) music-based sentiment to proxy for investor mood. The current study uses linear regression analysis.

Findings

The authors find that music sentiment is significantly and positively related to both stock returns and stock market volatility. The authors also show that music sentiment has a contagious effect: Global music sentiment and those in the United States, France and Hong Kong are significant drivers of the Vietnamese stock market. The authors also examine the effect on different industry returns and find that returns on stocks of firms in the communication services, consumer discretionary, consumer staples, energy, financials, healthcare, real-estate, information technology and utility sectors are significantly related to music sentiment. In addition to valence, the authors find that other Spotify audio features can be used to quantify music sentiment.

Originality/value

This study contributes to the behavioral finance literature that focuses on investor sentiment. The authors address this topic in Vietnam using high-frequency data.

Details

Journal of Asian Business and Economic Studies, vol. 31 no. 1
Type: Research Article
ISSN: 2515-964X

Keywords

Article
Publication date: 14 December 2022

Herman Vande Putte and Tuuli Jylhä

Since corporate real estate management (CREM) emerged in the 1990s, it has been modelled in many ways. The Delft model views the corporate real estate management function as a…

Abstract

Purpose

Since corporate real estate management (CREM) emerged in the 1990s, it has been modelled in many ways. The Delft model views the corporate real estate management function as a coordinator of four distinct accommodation perspectives. Although the model has been used in education and practice for years, there is no consensus on its interpretation and application, and various versions circulate. This paper aims to first reconstruct the history of the conceptualisation of the Delft CREM model and then seeks to develop an understanding of its nature that provides clearer interpretations of the model.

Design/methodology/approach

Because the developers of the Delft CREM model did not maintain archives, the reconstruction of the model’s genesis is based on the developers’ publications from 1985 to 2015 and eight semi-structured interviews conducted with these developers in 2017 and 2018. The collected information, which was by its very nature incomplete and imperfect, was triangulated, contextualised and assembled chronologically. This served as the basis for an analysis of the model’s nature, which in turn generated a list of practical implications for its future application.

Findings

The historical reconstruction revealed two parallel but distinct lines of reasoning, whose resulting models appear similar but are distinct. One line of reasoning models CRE viewpoints, while the other models CRE management activities, i.e. the first line of reasoning models CREM across the organisation, while the second models CREM within the function. These two lines of thought have converged in the research-through-design approach of the developers, which evolved against the backdrop of a growing interest in the contribution of organisational resources to organisational objectives and the emergence of the demand-supply model in management practices in general and in the built environment in particular.

Research limitations/implications

The research is limited to reconstructing the genesis and analysing the nature of the Delft CREM model. It is not intended to provide a conclusive narrative, update the model or compare it to other CREM models. As is typical in oral history, it is based on imperfect documentary evidence and imperfect recollections. The reconstruction and analysis are stepping stones towards a more precise interpretation and application of the model in both research and practice, and may eventually contribute to its evolution. When using the model, it is recommended to (1) be clear about whether the model applies to the CREM department, the entire organisation or the organisation’s environment; (2) be clear about what is being modelled (activities, viewpoints or something else); and (3) use labels that reflect the selections made in (1) and (2).

Originality/value

The value of this paper lies in the historical reconstruction of the intentions of the developers of the four-view scheme, including the detailed analysis of its consecutive graphical representations and the investigation of its relationship with the seminal strategic alignment model.

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: 27 June 2023

Javed Aslam, Aqeela Saleem and Yun Bae Kim

This study aims to proposed that blockchain helps the organization improve supply chain (SC) performance by improving integration, agility and security through real-time…

Abstract

Purpose

This study aims to proposed that blockchain helps the organization improve supply chain (SC) performance by improving integration, agility and security through real-time information sharing, end-to-end visibility, transparency, data management, immutability, irrevocable information and cyber-security platforms.

Design/methodology/approach

This study has made an initial effort toward proposing a framework that shows the problems and challenges for the O&G SC under its segments (upstream, midstream and downstream) and provides the interlink among blockchain properties for SCM problems. SC managers were selected for survey questionnaires from the Pakistan O&G industries.

Findings

This study analyzes the impact of blockchain-enabled SC on firm performance with an understanding of the SC robustness capabilities as a mediator. The result revealed that the SC manager believes that the blockchain-enabled SC has a positive and significant on firm performance and robustness capabilities.

Research limitations/implications

Blockchain technology is reflected as high-tech to support the firm process, responses and methods. The technology helps eliminate bottlenecks, avoid uncertainties and improve decision-making, leading to improved SC functions. This study guides managers about the potential problems of existing SC and how blockchain solves SC problems more effectively.

Originality/value

The oil and gas (O&G) sectors are neglected by researchers, and there are limited studies on O&G supply chain management (SCM). Additionally, no empirical evidence suggests implementing blockchain for O&G as a solution for potential problems. Furthermore, present the roadmap to other industries those having complex SC networks for the implication of blockchain to improve the SC performance.

Details

Business Process Management Journal, vol. 29 no. 6
Type: Research Article
ISSN: 1463-7154

Keywords

Article
Publication date: 28 July 2023

Nhan Huynh, Dat Thanh Nguyen and Quang Thien Tran

This study explores the economic impact of the COVID-19 crisis on herding behaviour in the Australian equity market by considering liquidity, government interventions and…

Abstract

Purpose

This study explores the economic impact of the COVID-19 crisis on herding behaviour in the Australian equity market by considering liquidity, government interventions and sentiment contagion.

Design/methodology/approach

This study utilizes a daily dataset of the top 500 stocks in the Australian market from January 2009 to December 2021. Both predictive regression and portfolio approaches are employed to consider the impact of COVID-19 on herding intention.

Findings

This study confirms that herding propensity is more pronounced at the beginning of the crisis and becomes less significant towards later phases when reverse herding is more visible. Investors herd more toward sectors with less available information on financial support from the government during the financial meltdown. Conditioning the stock liquidity, herding is only detectable during highly liquid periods and high-liquid stocks, which is more observable during the initial phases of the crisis. Further, the mood contagion from the United States (US) market to Australian market and asymmetric herding intention are evident during the pandemic.

Originality/value

This is the first study to shed further light on the impact of a health crisis on the trading behaviour of Australian investors, which is driven by liquidity, public information and sentiment. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for businesses, policymakers and investors during uncertainty periods.

Details

Managerial Finance, vol. 50 no. 2
Type: Research Article
ISSN: 0307-4358

Keywords

Open Access
Article
Publication date: 23 May 2023

Ignacio Cepeda-Carrión, David Alarcon-Rubio, Carlos Correa-Rodriguez and Gabriel Cepeda-Carrion

This article aims to open the black box of the relationship between customer experience and customer satisfaction. The authors also take a fine-grained approach to the concept of…

1858

Abstract

Purpose

This article aims to open the black box of the relationship between customer experience and customer satisfaction. The authors also take a fine-grained approach to the concept of customer experience analysis in terms of four dimensions: basic service experience (BSE), moments of truth (MT), focus on results (FR) and peace of mind (PM).

Design/methodology/approach

A total sample of 185 industrial customers in Spain was collected via an online platform from March to April 2020. The data were analysed using partial least squares-structural equation modelling (PLS-SEM).

Findings

The results indicated that the four dimensions of customer experience are the foundation of commercial success (i.e. customer satisfaction) for express parcel companies in the business-to-business (B2B) environment. Therefore, the most innovative express parcel companies should not only pay attention to providing services in accordance with the customer agreement but also go beyond that; hence, these companies must understand customer needs to be able to offer a unique experience. Therefore, these companies must design experiences that go beyond pure technical delivery services.

Originality/value

Although previous work has linked customer experience to customer satisfaction, there is little work that does so specifically in an industry as in vogue as express parcels and less so in the B2B environment. In addition, this work analyses fine-grained customer experience in terms of grain's four dimensions, and therefore, the authors analyse how each dimension (e.g. more rational or more subjective dimensions) impacts customer satisfaction. Few studies have focussed on this type of analysis for express parcel companies in the B2B environment.

Details

International Journal of Physical Distribution & Logistics Management, vol. 53 no. 7/8
Type: Research Article
ISSN: 0960-0035

Keywords

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