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Article
Publication date: 25 April 2024

Muhammad Tariq, Muhammad Azam Khan and Niaz Ali

This study aims to investigate the effect of monetary policy on housing prices for US economy. It specifically examines whether nominal or real interest rates are the key drivers…

Abstract

Purpose

This study aims to investigate the effect of monetary policy on housing prices for US economy. It specifically examines whether nominal or real interest rates are the key drivers behind fluctuations in housing prices in US.

Design/methodology/approach

Monthly data from January 1991 to July 2023 and various appropriate analytical tools such as unit root tests, Johansen’s cointegration test, vector error correction model (VECM), impulse response function and Granger causality test were applied for the data analysis.

Findings

The Johansen cointegration findings reveal the presence of a long-term relationship among the variables. VECM results indicate a negative correlation between nominal and real interest rates and housing prices in both the short and long terms, suggesting that a strict monetary policy can help in controlling the housing price increase in the USA. However, housing prices are more responsive to changes in nominal interest rates than to real interest rates. Additionally, the study reveals that the COVID-19 pandemic contributed to the upsurge in housing prices in the USA.

Originality/value

This study contributes by examining the role that nominal or real interest rates play in shaping housing prices in the USA. Moreover, given the recent significant upsurge in housing prices, this study presents a unique opportunity to investigate whether these price increases are influenced by the Federal Reserve's monetary policy decisions regarding nominal or real interest rates. Additionally, using monthly data, this study provides a deeper understanding of the fluctuations in housing prices and their connection to monetary policy tools.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 10 October 2023

Visar Hoxha

The purpose of the study is to examine the efficiency of linear, nonlinear and artificial neural networks (ANNs), in predicting property prices.

Abstract

Purpose

The purpose of the study is to examine the efficiency of linear, nonlinear and artificial neural networks (ANNs), in predicting property prices.

Design/methodology/approach

The present study uses a dataset of 1,468 real estate transactions from 2020 to 2022, obtained from the Department of Property Taxes of Republic of Kosovo. Beginning with a fundamental linear regression model, the study tackles the question of overlooked nonlinearity, employing a similar strategy like Peterson and Flanagan (2009) and McCluskey et al. (2012), whereby ANN's predictions are incorporated as an additional regressor within the ordinary least squares (OLS) model.

Findings

The research findings underscore the superior fit of semi-log and double-log models over the OLS model, while the ANN model shows moderate performance, contrary to the conventional conviction of ANN's superior predictive power. This is notably divergent from the prevailing belief about ANN's superior predictive power, shedding light on the potential overestimation of ANN's efficacy.

Practical implications

The study accentuates the importance of embracing diverse models in property price prediction, debunking the notion of the ubiquitous applicability of ANN models. The research outcomes carry substantial ramifications for both scholars and professionals engaged in property valuation.

Originality/value

Distinctively, this research pioneers the comparative analysis of diverse models, including ANN, in the setting of a developing country's capital, hence providing a fresh perspective to their effectiveness in property price prediction.

Article
Publication date: 20 March 2024

Graeme Newell and Muhammad Jufri Marzuki

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

Abstract

Purpose

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

Design/methodology/approach

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

Findings

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

Practical implications

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

Originality/value

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

Details

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

Keywords

Article
Publication date: 27 September 2023

Ibtissem Alguirat, Fatma Lehyani and Alaeddine Zouari

Lean management tools are becoming increasingly applied in different types of organizations around the world. These tools have shown their significant contribution to improving…

164

Abstract

Purpose

Lean management tools are becoming increasingly applied in different types of organizations around the world. These tools have shown their significant contribution to improving business performance. In this vein, the purpose of this paper is to examine the influence of lean management on both occupational safety and operational excellence in Tunisian companies.

Design/methodology/approach

A survey was conducted among Tunisian companies, and it resulted in the collection of 62 responses that were analyzed using the software SPSS. In addition, a conceptual model linking the practices of the three basic concepts was designed to highlight the hypotheses of the research. Subsequently, factor analysis and structural equation method analysis were conducted to assess the validation of the assumptions.

Findings

The results obtained have shown that lean management has a significant impact on occupational safety. Similarly, occupational safety has a significant impact on operational excellence. However, lean management does not have a significant impact on operational excellence.

Originality/value

This work highlighted the involvement of small and medium-sized enterprise’s managers from emerging economies in the studied concepts’ practices. Likewise, it testified to the impacts of lean management on occupational safety and operational excellence in the Tunisian context.

Details

International Journal of Lean Six Sigma, vol. 15 no. 3
Type: Research Article
ISSN: 2040-4166

Keywords

Open Access
Article
Publication date: 13 June 2023

Gabriel Castelblanco, Jose Guevara and Alberto De Marco

Global crises have become increasingly recurrent events that jeopardize public-private partnerships (PPPs). In this context, the purpose of this paper is to expose the PPP-crisis…

1757

Abstract

Purpose

Global crises have become increasingly recurrent events that jeopardize public-private partnerships (PPPs). In this context, the purpose of this paper is to expose the PPP-crisis research agenda by combining bibliometric and network analyses.

Design/methodology/approach

The PPP literature associated with global crises between the 2008 global financial crisis and 2022 was analyzed in three stages: (1) paper selection and screening for the inclusion/exclusion of articles relevant to this research, (2) semantic network development for examining thematic relationships among selected papers by considering the co-occurrence of keywords within the chosen studies and (3) calculation of network metrics for analysis.

Findings

The paper identified six research avenues for the PPP-crisis agenda: public interest, relational governance, risk management, user-pay PPPs, crisis management and financial performance. The PPP-crisis literature has spread significantly in the last five years driven by the case study approaches on a national or regional basis. Conversely, non-crisis periods generate room to strengthen user-pay PPPs and relational governance. The pandemic and post-pandemic times shared the priorities of the 2008 financial crisis but also strengthened the management of the risks and the structural drivers of the global crisis.

Originality/value

This study demonstrates that during global crisis periods, the public interest and financial performance gain relevance in a detriment of structural solutions to social legitimacy erosion of PPPs because of the urgency of giving tools to the public and private sectors to tackle the financial issues, which steer future issues for PPPs.

Details

Built Environment Project and Asset Management, vol. 14 no. 1
Type: Research Article
ISSN: 2044-124X

Keywords

Article
Publication date: 8 December 2022

B.V. Binoy, M.A. Naseer and P.P. Anil Kumar

Land value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive…

Abstract

Purpose

Land value varies at a micro level depending on the location’s economic, geographical and political determinants. The purpose of this study is to present a comprehensive assessment of the determinants affecting land value in the Indian city of Thiruvananthapuram in the state of Kerala.

Design/methodology/approach

The global influence of the identified 20 explanatory variables on land value is measured using the traditional hedonic price modeling approach. The localized spatial variations of the influencing parameters are examined using the non-parametric regression method, geographically weighted regression. This study used advertised land value prices collected from Web sources and screened through field surveys.

Findings

Global regression results indicate that access to transportation facilities, commercial establishments, crime sources, wetland classification and disaster history has the strongest influence on land value in the study area. Local regression results demonstrate that the factors influencing land value are not stationary in the study area. Most variables have a different influence in Kazhakootam and the residential areas than in the central business district region.

Originality/value

This study confirms findings from previous studies and provides additional evidence in the spatial dynamics of land value creation. It is to be noted that advanced modeling approaches used in the research have not received much attention in Indian property valuation studies. The outcomes of this study have important implications for the property value fixation of urban Kerala. The regional variation of land value within an urban agglomeration shows the need for a localized method for land value calculation.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 11 October 2023

Yongseok Jang, Jing Zhang and Dianhan Zheng

Recent high-profile ethical scandals in start-up organizations have made people wonder whether entrepreneurship may cultivate a work environment with less emphasis on ethics. This…

Abstract

Purpose

Recent high-profile ethical scandals in start-up organizations have made people wonder whether entrepreneurship may cultivate a work environment with less emphasis on ethics. This study examined a psychological process about how an organization’s entrepreneurial orientation (EO) can affect its treatment of probationary employees, a vulnerable yet understudied group of workers.

Design/methodology/approach

The authors recruited 241 participants through Amazon Mechanical Turk. They answered an online survey about their experiences as probationary employees.

Findings

This study found that job feedback and meaning moderated the relationship between EO and ethical climate, such that this relationship was statistically significant and positive only among participants who reported high levels of feedback and job meaning. Ethical climate, in turn, was found to be related to a reduction in workplace incivility experienced by probationary employees. The indirect effect of EO on incivility via ethical climate was contingent on job feedback and meaning.

Research limitations/implications

This study extends the discussion on the entrepreneurial context, adds to EO literature with findings on its indirect effect on nonfinancial performance and reinforces institutional theory through job characteristics’ moderating roles. However, a methodological limitation is conducting a cross-sectional single-source survey due to limited access to firms and probationary employees, considering the hidden population involved.

Practical implications

This study found no evidence of probationary employee exploitation in high EO organizations. Job seekers should embrace probationary work at start-ups. Entrepreneurial leaders should balance being proactive, innovative and caring toward employees.

Originality/value

It is debatable whether entrepreneurship leads to unethical organizational conduct. By studying a vulnerable group of employees, the authors discovered that EO, when paired with favorable job design factors, can create a more ethical workplace where temporary talents are treated with dignity and respect.

Details

Management Research Review, vol. 47 no. 4
Type: Research Article
ISSN: 2040-8269

Keywords

Article
Publication date: 10 January 2024

Kareem Folohunso Sani and Toyin Ajibade Adisa

The extant literature on work–life balance (WLB) has generally overlooked the interrelationship between leadership and WLB. Does leadership have any impact on employees' use of…

Abstract

Purpose

The extant literature on work–life balance (WLB) has generally overlooked the interrelationship between leadership and WLB. Does leadership have any impact on employees' use of WLB policies and practices? To answer this question, this article considers the social exchange theory as well as transformational and transactional leadership in an investigation of the impact of leadership on WLB.

Design/methodology/approach

The study employs qualitative data from 32 semi-structured interviews to achieve the study’s objectives.

Findings

The research reveals that leadership does matter in WLB. The study findings reveal that both the transactional and transformational leadership styles result in the establishment of strong reciprocal relationships between leaders and employees in terms of using WLB policies and practices. Managers only sanction the use of WLB policies and practices only as a reward for excellent performance or when they are completely sure the outcome will favour the organisation. The study concludes that the desire to achieve WLB has often led many employees to go the extra mile in carrying out their work duties, which is rewarded with an approval to use WLB policies and practices. These non-contractual exchanges emphasise reciprocity and are based on trust.

Research limitations/implications

The extent to which the findings of this research can be generalised is constrained by the size and nature of the research sample.

Practical implications

Many managers are transactional leaders, and they purposefully allow their employees to use WLB policies and practices only as a reward for meeting targets and for excellent performance. This means that employees who fall short of the required targets and expected performance are not permitted to use WLB policies and practices. This finding implies that such employees experience incessant work–family conflict, which may have negative implications for their work engagement, overall well-being and work performance.

Originality/value

This study demonstrates that leadership is relevant to WLB. It shows that transformational leadership is supportive of WLB, as it considers employees' work performance and non-work outcomes. The results and practical implications of this study aids the understanding of the non-contractual exchanges involved in manager–employee relationships, which is crucial for ensuring employees' achievement of WLB and for organisations to achieve their goals.

Details

Employee Relations: The International Journal, vol. 46 no. 2
Type: Research Article
ISSN: 0142-5455

Keywords

Open Access
Article
Publication date: 18 December 2023

Mariam Yasmin, Asiye Zeytonli, Jeffery D. Houghton and Lewis Hardway

This paper aims to explore the potential explanatory mechanisms linking leader–member exchange (LMX) and a perceived supportive environment for corporate entrepreneurship…

Abstract

Purpose

This paper aims to explore the potential explanatory mechanisms linking leader–member exchange (LMX) and a perceived supportive environment for corporate entrepreneurship. Specifically, this paper develops and tests a hypothesized moderated mediation model of the relationship between LMX and a perceived supportive environment for corporate entrepreneurship through psychological empowerment as conditional upon the level of control orientation.

Design/methodology/approach

Data were collected from a sample of 682 full-time working adults in the USA and were examined in a moderated mediation model in PROCESS.

Findings

The findings suggest that higher LMX augments perceptions of a supportive environment for corporate entrepreneurship with a mediating role for psychological empowerment and a moderating role for control orientation on that conditional relationship.

Research limitations/implications

This research suggests that high quality LMX relationships may enrich the human capital of firms, helping them to innovate and outperform competitors in the context of modern competitive dynamics. The study findings are limited by several factors including a cross-sectional design and a student-recruited sampling approach.

Originality/value

The study offers unique contributions to the leadership and entrepreneurship literature by being among the first to empirically investigate the relationship between LMX and a perceived supportive environment for corporate entrepreneurship as mediated by psychological empowerment and moderated by control orientation, yielding important insights regarding effective leadership practices for facilitating innovative behaviors and corporate entrepreneurship.

Details

Asia Pacific Journal of Innovation and Entrepreneurship, vol. 18 no. 1
Type: Research Article
ISSN: 2071-1395

Keywords

Article
Publication date: 4 December 2023

Albert Agbeko Ahiadu and Rotimi Boluwatife Abidoye

This study systematically reviewed existing literature on the impact of economic uncertainty on property performance to highlight focus areas and spur future research amid…

Abstract

Purpose

This study systematically reviewed existing literature on the impact of economic uncertainty on property performance to highlight focus areas and spur future research amid unprecedented global uncertainty levels. Conceptually, uncertainty levels and environmental dynamism are related to investors' risk judgement and decision-making.

Design/methodology/approach

Peer-reviewed journal articles published from 2007 to 2022 were assembled and arranged through the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR-4-SLR) protocol. The initial search produced 2,028 results from the Web of Science and Scopus databases, which were rigorously purified for a final dataset of 70 articles. These records were subsequently assessed through content analysis, bibliographic modelling, topic modelling and thematic analysis. Recurring themes were visualised using the VOSviewer software.

Findings

The existing literature suggests that economic uncertainty negatively impacts investment volumes, returns and performance. Research has also increased since 2018, with a strong emphasis on the housing sector and developed property markets. Commercial property and emerging markets account for only 10 and 8% of previous research, respectively.

Practical implications

These findings highlight the negative impact of economic uncertainties on property performance and investment volumes, which necessitate careful risk assessment. Given the high susceptibility of emerging and commercial property markets to uncertainty, these markets warrant further research amid ongoing uncertainty concerns across the globe.

Originality/value

Given current unprecedented levels of global uncertainty, the effects of economic uncertainty have received renewed interest. This study synthesised the current understanding of how different property markets respond to increased uncertainty and outlined future research directions to enhance understanding. Themes and relationships were also integrated into a conceptual map summarising the reported effects of economic uncertainty on housing, commercial property, investment and behaviour in the property market.

Details

Journal of Property Investment & Finance, vol. 42 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

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