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Article
Publication date: 1 December 2005

Fernando de Zúñiga

Purpose – This paper intends to respond the question that comes up to CRE managers when they consider the outsourcing technique for their CRE management and portfolio. The…

Abstract

Purpose – This paper intends to respond the question that comes up to CRE managers when they consider the outsourcing technique for their CRE management and portfolio. The question, if it is possible to capture in the outsourcing contract sufficient flexibility to meet the changing needs of the business and add value, addresses the existing debate on flexibility arguing the suitability of the outsourcing structures for corporates portfolio. Design/methodology/approach – The paper undertakes a methodological analysis, considering the main outsourcing deals in the UK and continental Europe and discussing the main theories on management outsourcing. Theories of flexibility of CRE portfolios are considered and the main characteristics of the new REPs discussed. Findings – The paper finds that it is possible to capture in the outsourcing contract sufficient flexibility to meet the changing needs of the business and add value because a contract can capture all the flexibility desired and iit would add value as the properties would be used efficiently. Two outsourcing contracts in the UK are explained in two case studies, which support this. Originality/value – The paper suggests methods to outsource CRE portfolios and obtain adequate flexibility to add value to shareholders.

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Journal of Corporate Real Estate, vol. 7 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 4 November 2019

Yasin Mahmood, Abdul Rashid, Faisal Rizwan and Maqsood Ahmad

The purpose of this paper is to investigate the role of macroeconomic factors and the institutional environment on corporate financial flexibility (FF). Most studies focus…

Abstract

Purpose

The purpose of this paper is to investigate the role of macroeconomic factors and the institutional environment on corporate financial flexibility (FF). Most studies focus on well-developed financial markets and very little is known about corporate FF in less developed financial markets and emerging markets (Buvanendra et al., 2016). The present study contributes to filling this gap in the literature and provides a more practical and functional framework to assess the FF of firms located in emerging economies.

Design/methodology/approach

The study used annual data for the period from 1991 to 2018. To examine the relationship between macroeconomic indicators, institutional environment and corporate FF, hypotheses were tested using an unbalanced panel logistic regression model.

Findings

The paper provides empirical insights into the relationships between macroeconomic factors, institutional environment and corporate FF. The results suggest a substantial change in FF across firms. Inflation, institutional quality and banking sector development negatively affect FF, while equity market development has a significant positive impact. Gross domestic product growth was found to be an insignificant predictor of FF.

Practical implications

This study has practical implications for corporate finance managers, regulators and investors, who must consider the significant factors of this study when making economic decisions. Finance managers can thus make appropriate decisions regarding capital structure and FF. Regulators of the banking sector can take appropriate measures to enhance competition and increase the development of the banking sector. Further, regulators of the equity market can enhance the development of the market to enhance the supply of capital.

Originality/value

This study adds to the literature showing that not only firm-specific factors affect corporate FF, but country-specific macroeconomic and institutional factors also have a significant effect. It also adds to the literature in the area of corporate FF; this field is in its initial stage, even in developed countries, while, in developing countries, little work has been done.

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

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Article
Publication date: 23 November 2010

Linda Too, Michael Harvey and Eric Too

The purpose of this paper is to examine the impact of globalisation on corporate real estate strategies. Specifically, it seeks to identify corporate real estate…

Abstract

Purpose

The purpose of this paper is to examine the impact of globalisation on corporate real estate strategies. Specifically, it seeks to identify corporate real estate capabilities that are important in a hypercompetitive business climate.

Design/methodology/approach

This paper utilises a qualitative approach to analyse secondary data in order to identify the corporate real estate capabilities for a hypercompetitive business environment.

Findings

Globalisation today is an undeniable phenomenon that is fundamentally changing the way business is conducted. In the light of global hypercompetition, corporate real estate needs to develop new capabilities to support global business strategies. These include flexibility, network organization and managerial learning capabilities.

Research limitations/implications

This is a conceptual paper and future empirical research needs to be conducted to verify the propositions made in this paper.

Practical implications

Given the new level of uncertainty in the business climate, that is, hypercompetition, businesses need to develop dynamic capabilities that are harder for competitors to imitate in order to maintain what is considered a “momentary” competitive advantage. The findings of this paper are useful to guide corporate real estate managers in this regard.

Originality/value

This paper is original in two ways. First, it applies the strategic management concept of capabilities to corporate real estate. Second, it links the key challenge that businesses face today, i.e. globalisation, to the concept of capabilities as a means to maintain competitive advantage.

Details

Journal of Corporate Real Estate, vol. 12 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 22 November 2019

Yasin Mahmood, Maqsood Ahmad, Faisal Rizwan and Abdul Rashid

The purpose of this paper is to investigate the role of banking sector concentration, banking sector development and equity market development in corporate financial…

Abstract

Purpose

The purpose of this paper is to investigate the role of banking sector concentration, banking sector development and equity market development in corporate financial flexibility (FF).

Design/methodology/approach

The study used annual data for the period from 1991 to 2014 to examine the relationship between banking sector concentration, banking sector development, equity market development and corporate FF; hypotheses were tested using an unbalanced panel logistic regression model.

Findings

The paper provides empirical insights into the relationships between macroeconomic factors and corporate FF. The results suggest a substantial change in FF across firms; banking sector concentration discourages firms from borrowing, leading to the reduction of corporate borrowing, consequently an increase in FF can be observed. Banking sector development facilitates debt financing, hence reducing FF. Equity market development also has a positive impact on FF, as it is a substitute for debt financing.

Practical implications

The banking sector is an important provider of capital to business entities. A concentrated banking system discourages the provision of capital to firms; hence regulators have to take appropriate measures to resolve the problem of a reduced supply of capital. Banking sector development facilitates the provision of capital; further development may reduce bank lending rates to firms. Equity market development positively affects FF; hence, firm managers can use equity financing to resume FF. By following pecking order theory, managers use internal sources to finance value-maximizing investment projects, debt and issue shares as the last choice to get financing. When borrowing capacity is depleted, managers can obtain further funds by issuing stocks.

Originality/value

FF is an emergent area of research in advanced countries, while in developing economies, it is in the initial stages. Little work is available in this area to find the impact of banking sector concentration, banking sector development and equity market development, therefore, this study fills this gap in the existing literature.

Details

South Asian Journal of Business Studies, vol. 9 no. 1
Type: Research Article
ISSN: 2398-628X

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Book part
Publication date: 27 November 2017

Tarek Ibrahim Eldomiaty, Islam Azzam, Mohamed Bahaa El Din, Wael Mostafa and Zahraa Mohamed

The main objective of this study is to examine whether firms follow the financing hierarchy as suggested by the Pecking Order Theory (POT). The External Funds Needed (EFN…

Abstract

The main objective of this study is to examine whether firms follow the financing hierarchy as suggested by the Pecking Order Theory (POT). The External Funds Needed (EFN) model offers a financing hierarchy that can be used for examining the POT. As far as the EFN considers growth of sales as a driver for changing capital structure, it follows that shall firms plan for a sustainable growth of sales, a sustainable financing can be reached and maintained. This study uses data about the firms listed in two indexes: Dow Jones Industrial Average (DJIA30) and NASDAQ100. The data cover quarterly periods from June 30, 1999, to March 31, 2012. The methodology includes (a) cointegration analysis in order to test for model specification and (b) causality analysis in order to show the generic and mutual associations between the components of EFN. The results conclude that (a) in the majority of the cases, firms plan for an increase in growth sales but not necessarily to approach sustainable rate; (b) in cases of observed and sustainable growth of sales, firms reduce debt financing persistently; (c) firms use equity financing to finance sustainable growth of sales in the long run only, while in the short run, firms use internal financing, that is, retained earnings as a flexible source of financing; and (d) the EFN model is quite useful for examining the hierarchy of financing. This study contributes to the related literature in terms of utilizing the properties of the EFN model in order to examine the practical aspects of the POT. These practical considerations are extended to examine the use of the POT in cases of observed and sustainable growth rates. The findings contribute to the current literature that there is a need to offer an adjustment to the financing order suggested by the POT. Equity financing is the first source of financing current and sustainable growth of sales, followed by retained earnings, and debt financing is the last resort.

Details

Growing Presence of Real Options in Global Financial Markets
Type: Book
ISBN: 978-1-78714-838-3

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Article
Publication date: 1 October 2003

Dimitrios M. Mihail

The issue of non‐standard forms of employment has sparked controversy in Greece. At the same time the expansion of atypical employment has been identified by policy makers…

Abstract

The issue of non‐standard forms of employment has sparked controversy in Greece. At the same time the expansion of atypical employment has been identified by policy makers as a central component of economic policy in combating high unemployment. However, there is a marked absence of empirical studies on this issue. This study sheds light on contractual flexibility surveying thirty establishments. The survey used an employer questionnaire to assess the extent to which Greek employers have engaged in various forms of atypical employment as well as the driving forces and managerial perceptions of the pertinent institutional framework. Results reveal that temporary work is the primary source of contractual flexibility, and that this is mainly used to adjust corporate capacity to demand variations, not to cut labour costs. Managerial discontent with governmental legislation on working time flexibility has led employers to embrace the EU's flexibility‐security approach through collective bargaining.

Details

Employee Relations, vol. 25 no. 5
Type: Research Article
ISSN: 0142-5455

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Article
Publication date: 1 February 2016

Pervez Ghauri and Veronica Rosendo-Rios

The purpose of this paper is to empirically examine organizational cross-culture differences in public-private research-oriented relationships. More precisely, it focusses…

Abstract

Purpose

The purpose of this paper is to empirically examine organizational cross-culture differences in public-private research-oriented relationships. More precisely, it focusses on the analysis university-industry collaborations partnering for research agreements with the aim of fostering the transfer of knowledge and innovation. It analyzes the key organizational cross-cultural differences that could hinder the successful performance of these agreements from a relationship marketing (RM) perspective.

Design/methodology/approach

Based on a comprehensive literature review of organizational culture and RM, a quantitative study was carried out and a structural equation model was proposed and tested.

Findings

Cross-cultural organizational differences in private-public sectors are proved to negatively influence relationship performance. Market orientation difference appears as the most significant barrier to relationship performance, followed by time orientation difference and to a lesser extent flexibility difference.

Originality/value

By integrating organizational culture and RM literatures, the main contribution of this paper is the cross-cultural analysis of private-public relationships (in this case university-industry relationships) from the perspective of RM. Hence, this research will inform management seeking to develop successful public-private collaborations by enhancing their understanding of cross-cultural factors underlying relationship success and failure.

Details

Cross Cultural & Strategic Management, vol. 23 no. 1
Type: Research Article
ISSN: 2059-5794

Keywords

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Article
Publication date: 7 May 2019

Beatrice Van der Heijden and Daniel Spurk

Building upon a competence-based employability model and a social exchange and proactive perspective, the purpose of this paper is to investigate the relationship between…

Abstract

Purpose

Building upon a competence-based employability model and a social exchange and proactive perspective, the purpose of this paper is to investigate the relationship between learning value of the job and employability among academic staff employees. Moreover, this study also examined whether this relationship was moderated by leader–member exchange (LMX) and a proactive coping style.

Design/methodology/approach

An online self-report questionnaire with thoroughly validated measures was distributed among academic staff employees (n=139).

Findings

The results partially supported the specific study assumptions. Concrete, learning value of the job was positively related to anticipation and optimization, corporate sense and balance. LMX moderated the relationship between learning value of the job, on the one hand, and all employability dimensions, on the other hand. However, proactive coping only moderated the relationship with anticipation and optimization, flexibility and balance. In all cases, under the condition of high moderator variable levels, the relationship became stronger.

Originality/value

This study extends past employability research by applying an interactionist perspective (person: proactive coping style, context: LMX and learning value of the job) approach for explaining employability enhancement. The results of this scholarly work provide useful insights for stimulating future career development and growth, which is of upmost importance in nowadays’ labor markets.

Details

Career Development International, vol. 24 no. 2
Type: Research Article
ISSN: 1362-0436

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Article
Publication date: 1 February 2008

Peter C. Wills

The purpose of this paper is to investigate the corporate real estate (CRE) practices of 25 major corporations in Australia. It will study such areas as, what constitutes…

Abstract

Purpose

The purpose of this paper is to investigate the corporate real estate (CRE) practices of 25 major corporations in Australia. It will study such areas as, what constitutes CRE, the performance measures used in CRE practice, CRE management units, planning horizons in CRE, owned and leased CRE, outsourcing policies for CRE, use of benchmarking measures to assess the performance of CRE, use of “gain share” practices in CRE operations, use of flexible CRE practices and the role of cost or profit centres in corporations.

Design/methodology/approach

A data base was established using 25 companies (corporations) taken from the top 200 listed in the Australian Financial Review. Contact was made with the companies and interviews were carried out to obtain the relevant data. As well as the annual reports for the companies were analysed over the last five years to extract the necessary financial and additional property data.

Findings

The conclusions indicate that there is a great disparity between corporations. This may indicate that certain classes/types of companies do not need the CRE assets that others do. It may also indicate, as previously supported by other research, that some companies fail to capitalize on the potential of their CRE assets to increase overall return and in the long run increase shareholder value. It also revealed that most companies are disposing of property in an attempt to enhance shareholder value. This is reflected in new and innovative ways of financing CRE and moving CRE off the balance sheet.

Originality/value

This study represents the first attempt to extract data direct from company balance sheets and then carry out interviews to assess the role of CRE in company policy.

Details

Journal of Corporate Real Estate, vol. 10 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 8 February 2013

Eleni Stavrou and Christiana Ierodiakonou

The purpose of this paper is to use a competency‐based model to explore empirically the factors that influence the suitability of different flexible work arrangements…

Abstract

Purpose

The purpose of this paper is to use a competency‐based model to explore empirically the factors that influence the suitability of different flexible work arrangements (FWAs) in organizations and investigate whether these FWAs match the preferences of unemployed women, whom the authors conceptualize as competitive resources.

Design/methodology/approach

Given the novelty of this model in FWA‐research, the authors conducted an in‐depth exploratory case study in a southern European country, Cyprus. Data were collected from both unemployed women and managers in organizations, using group interviews and questionnaires.

Findings

Overall, it was found that the FWAs that managers perceive as suitable for their organizations differ from those preferred by unemployed women. Nonetheless, specific organizational competencies affect positively the suitability of women‐friendly FWAs for organizations.

Research limitations/implications

The results raise implications for policy makers and managers who want to enhance female employability and organizational competitiveness, respectively. The paper provides a blueprint for testing the concept of unemployed women viewed as strategic resources and emphasises the need to take measures to improve the perceived suitability of women‐friendly FWAs for organizations. Nonetheless, this study was limited to the Cypriot context, to private sector organizations, and to managerial intentions. Future research may build on this study to address these limitations.

Originality/value

This paper employs a competency‐based model to conceptualize unemployed women, who are neglected in extant research, as organizational resources. Further, it uses two different research samples to address its purposes and argues that FWAs differ in their ability to satisfy organizational and individual needs.

Details

Gender in Management: An International Journal, vol. 28 no. 1
Type: Research Article
ISSN: 1754-2413

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