bluuebunny/crossref_metadata_2025 huggingface dataset:
Effects of the size of the board of directors and board involvement in strategy on a private club's financial performance
Authors: Hyun Kim Seung , Min Cha Jae , Cichy Ronald F. , Ran Kim Mi , Tkach Julie L.
Published: January 2012

Purpose

The purpose of this paper is to explore the effects of the size of the board of directors and board involvement in strategy on financial performance in the private club industry.

Design/methodology/approach

Data were collected in a web‐based survey of chief operating officers (COOs) and general managers (GMs) who are members of the Club Managers Association of America (CMAA). Hierarchical regression analysis of data from 360 respondents was used to examine the proposed model.

Findings

The results showed that board members' involvement in strategy and the size of the board of directors have a positive influence on a private club's financial performance.

Research limitations/implications

Further research is indicated to include other board‐related influences such as group composition and the quality of relationships between board members and GMs/COOs to measure a club's financial performance.

Originality/value

The paper contributes to the limited existing literature on the association between a board of directors and financial performance in the private club industry.
Transformational leadership and branding behavior in Taiwanese hotels
Authors: Uen Jin‐Feng , Wu Ting , Teng Huei‐Chun , Liu Yu‐Shuan
Published: January 2012

Purpose

The purpose of this paper is to investigate the messages delivered by transformational leaders to front‐line employees to build an organizational brand climate and encourage employees' branding behaviors, to attain better company performance within the Taiwanese hotel industry.

Design/methodology/approach

Survey data were obtained from 34 human resource managers and 326 customer contact employees working in Taiwanese hotels.

Findings

Transformational leadership was found to have both direct and indirect positive influences on the development of organizational brand climate and employees' branding behavior.

Practical implications

Results suggest that transformational leaders may facilitate employees' branding behaviors by developing an organizational brand climate to distinguish the organization from its competitors and develop long‐term customer relationships.

Originality/value

This study advances the knowledge of antecedents and outcomes of the organizational brand climate by applying a multilevel approach to reflect the hierarchical nature of brand distinctiveness within the Taiwanese hotel industry.
An exploratory study of marketing, physical and people related performance criteria in hotels
Authors: Ramanathan Ramakrishnan
Published: January 2012

Purpose

Using data from online guest ratings, the purpose of this paper is to explore how the performance of hotels in terms of various criteria influences loyalty behavior of customers.

Design/methodology/approach

Ratings of 333 hotels in the UK were collected from the web site www.laterooms.com and statistical analysis performed.

Findings

The criterion related to marketing management (Value for money) was found to be the most important criterion influencing loyalty behavior of customers in UK hotels. Further, it was found that good performance of hotels in terms of physical‐product management can significantly influence the intentions of business guests to stay again, whereas leisure guests expect good performance both in terms of physical‐product management and people and process management. While guests of independent hotels value performance in terms of people and process management, guests of chain hotels value both physical‐product management and people and process management. Finally, it was found that the significance of criteria related to physical‐product management and people and process management generally varies across star ratings.

Practical implications

Expectations of guests have been found to be quite different across various categories – star classifications, chain and independent hotels, and leisure and business guests. This implies that a general solution may not satisfy guests belonging to all these categories. For example, business and leisure guests perceive facilities differently and hence hotel managers need to provide different kinds of services to satisfy them. Similarly, the finding that business guests attach higher importance to criteria related to physical‐property management, in deciding their intention to stay again in the UK hotels, compared to people and process management, has interesting practical implications. This indicates that good performance of hotels in maintaining room quality and cleanliness can significantly influence the intentions of business guests to stay again.

Originality/value

This is one of the first studies to statistically analyze online guest ratings. It extends the applicability of the frameworks developed in the earlier literature by employing them with the new data source (online ratings).
Do economies of scale exist in the Atlantic City casino industry?
Authors: O'Donnell James M. , Lee Seoki , Roehl Wesley S.
Published: January 2012

Purpose

The purpose of this paper is to examine evidence indicating the presence of economies of scale among Atlantic City casinos at the property‐level and between multi unit and single unit operators.

Design/methodology/approach

The study extended two previous studies by performing a vertical analysis of financial performance data and by using multiple regression analysis to study costs and revenues over time. The study collected 320 annual property observations for the main analysis for the period of 1980 to 2009 and used detailed financial performance data for the 2007‐2009 period.

Findings

Findings from both forms of analysis support the existence of scale economies in Atlantic City at both the property level and for multi unit operators.

Originality/value

Results of this study suggest that there are economies of scale for casinos in Atlantic City. Additionally, larger size was associated with better performance even during the current economic downturn. Managers or owners of casinos in Atlantic City may consider developing large physical size of their casinos when it is feasible. Additionally, the success of multi unit operators compared to single unit operators has implications for acquisitions while property values are depressed. Replication as a tool to aid generalization of results across time and situation contexts is illustrated and a number of future research lines are suggested.
The determinants of a culture of partying among managers in the hotel industry
Authors: O'Neill John W.
Published: January 2012

Purpose

The purpose of this paper is to explore the apparent norm of partying that persists in the hotel industry despite evidence suggesting it can negatively affect both employees and organizations.

Design/methodology/approach

Telephone surveys of 544 managers from 65 hotels were conducted. Multiple regression analyses and analyses of variance were performed to examine the extent to which differences in hotel organizational culture, hotel classification, hotel corporate organization, hotel size and manager age affect the extent to which employees spend time gathering and partying with their work colleagues outside work.

Findings

The paper finds that in hotels with organizational culture oriented towards work and family balance, managers displayed less partying behavior. It also finds that such work and family culture may vary based on certain hotel corporate organizations, hotel location classifications, and hotel sizes, because partying behavior significantly varies based on such corporate, locational and size differences. Findings also indicate that relatively older employees spend less time than younger employees partying with work colleagues outside work.

Research limitations/implications

Limitations include the use of self reports of hotel managers from full‐service hotels in the USA.

Practical implications

A workplace culture oriented towards work and family balance may yield less partying behavior, which may be particularly relevant in certain hotel types and sizes, and may have positive implications for reducing turnover and health care costs.

Originality/value

This study explores the common practice, but understudied topic of hotel employees partying with colleagues outside work. In so doing, it provides greater understanding of the phenomenon to researchers and practitioners.
The role of hotel owners: the influence of corporate strategies on hotel performance
Authors: Xiao Qu , O'Neill John W. , Mattila Anna S.
Published: January 2012

Purpose

The purpose of this paper is to examine corporate strategic effects on hotel unit performance. Taking a hotel owner's perspective, the relationship between four types of the owner's corporate level strategies and the hotel property financial performance are examined.

Design/methodology/approach

This study is built on a secondary data set provided by Smith Travel Research. A total of 2,012 hotels across the USA were analyzed for the period between 2003‐2005.

Findings

The findings support the existence of corporate effects in the US lodging industry. It is revealed that a hotel owner's corporate strategies do influence hotel property level financial performance. Specifically, a hotel owner's expertise in implementing superior strategies regarding segment, brand, operator, and location (i.e. state) are critical to hotel unit financial performance.

Research limitations/implications

The main limitations of this study include the limited number of years with available data, lack of knowledge on the names of hotel owners, brands and operators, and the performance measures focusing only operating but not value/return measures.

Practical implications

This research shows that a hotel owner can have significant influence on the operating performance of its hotel properties by implementing strategies regarding its properties' locations, segments, brand affiliations and operators. Specifically, brand affiliation has shown a consistently larger impact on both revenue and profit than other corporate strategies, and consequently should receive particular attention from the owner to carefully assess the brand's potential contribution before engaging in a franchise agreement.

Originality/value

This research expands the strategy research in the hospitality field by linking two key strategy constructs – corporate effects and corporate strategy – together and by revealing their collective influence on hotel performance.
Pedagogical concerns in doctoral supervision: a challenge for pedagogy
Authors: Zeegers Margaret , Barron Deirdre
Published: January 2012

Purpose

The purpose of this paper is to focus on pedagogy as a crucial element in postgraduate research undertakings, implying active involvement of both student and supervisor in process of teaching and learning.

Design/methodology/approach

Drawing on Australian higher degree research supervision practice to illustrate their argument, the authors take issue with reliance on traditional Oxbridge conventions as informing dominant practices of supervision of postgraduate research studies and suggest pedagogy as intentional and systematic intervention that acknowledges the problematic natures of relationships between teaching, learning, and knowledge production as integral to supervision and research studies.

Findings

The authors examine issues of discursive practice and the problematic nature of power differentials in supervisor‐supervisee relationships, and the taken‐for‐grantedness of discursive practice of such relationships. The authors do this from the perspective of the student involved in higher degree research programs, a departure from the bulk of the literature that has as its focus the perspective of the supervisor and/or the institution.

Originality/value

The paper examines the perspective of the student involved in higher degree research programs, a departure from the bulk of the literature that has as its focus the perspective of the supervisor and/or the institution.
Supervising doctorates at a distance: three trans‐Tasman stories
Authors: Andrew Martin
Published: January 2012

Purpose

The purpose of this paper is to describe the challenges of post‐traditional, distance PhD supervision and suggest pedagogical interventions to bridge the distance. The paper investigates the skills and understandings necessary for mediating the supervisor‐supervisee dyad within faceless encounters.

Design/methodology/approach

Grounded in a literature review and using interview‐based narratives, the paper describes a case study investigating the needs and experiences of three part‐time, trans‐Tasman PhD students, writing practitioner‐ or practice‐led research (PLR) higher degrees by research (HDR) by artefact and exegesis.

Findings

Findings reveal the importance of proactivity, dialogue and mutual trust and the necessity of knowing which interactions, including e‐moderated supervisions and fast‐turnaround electronic communications, potentially help to bridge the gulf.

Research limitations/implications

While this small‐scale study makes no major claims that results can be generalised, the results are pertinent to those involved in distance HDR supervision, particularly in PLR.

Originality/value

As distance supervisions become increasingly commonplace, HDR supervisors need to build best practice models from shared personal and professional understandings of effective supervisory interventions in this mode.
E‐Portfolio for enhancing graduate research supervision
Authors: Le Quynh
Published: January 2012

Purpose

E‐Portfolio is a powerful tool for demonstrating evidence of learning and achievements in graduate research. The purpose of this paper is to examine the concept, structure and functions of e‐Portfolio in graduate research and discuss the significance of the role of e‐Portfolio in enhancing the quality of graduate research students and their learning environment.

Design/methodology/approach

The discussion starts with the concept of e‐Portfolio in the context of modern digital technology and innovative educational perspectives, which emphasise critical thinking, social interaction, task‐based learning, and independent learning.

Findings

It is found that e‐Portfolio greatly enhances three important aspects of research students: academic development, research profile and social networking. E‐Portfolio empowers research students to take full control of their own learning and research journey.

Originality/value

The paper shows that e‐Portfolio contributes to the enhancement of educational practices in terms of moving the teaching and learning focus from supervisor‐centred to student‐centred learning and research, as well as from technological control to technological empowerment.
Completion mindsets and contexts in doctoral supervision
Authors: Green Pam , Bowden John
Published: January 2012

Purpose

Doctoral candidates are now located within a research context of performativity where the push to successfully complete in a timely manner is central. The purpose of this paper is to develop a model of completion mindset within a completion context to assist research students and supervisors.

Design/methodology/approach

The research was undertaken using qualitative interviews involving both PhD candidates and research supervisors, with transcripts analysed both manually and using NVivo. The paper addresses two questions: How can supervisors create a supportive completion context and help candidates to develop an effective completion mindset? What approach does a candidate need to take and what environment does a supervisor need to create in order to facilitate timely successful completion? These key questions are addressed through examples of individual success stories as well as through the development of a series of supervisory models.

Findings

The need to complete “on time” often clashes with concerns for the quality of the final outcomes. The paper shows, both from analysis of the data and theoretical reflection, that a “completion mindset” is an essential element in the pursuit of doctoral success. It is argued that “mindfulness” is part of this mindset, which needs to be located in a “completion context”.

Originality/value

In presenting both theoretical and practical positions, as well as the implications for quality, the paper contributes to the current debates surrounding research supervision. The paper extends Green's RIP (relational, intellectual, physical) model for supervisory practice to include emotionality as an explicit aspect.
How social identification and trust influence organizational online knowledge sharing
Authors: Ho Li‐An , Kuo Tsung‐Hsien , Lin Binshan
Published: January 2012

Purpose

The purpose of this study is to propose a conceptual structural equation model to, first, investigate the relationships among knowledge management (KM) system quality, employees' self‐perceived social identification, trust at workplace as well as online knowledge sharing behaviors, and, second, demonstrate the direct and indirect effect of social identification and trust at workplace on online knowledge sharing from the perspective of KM system quality.

Design/methodology/approach

A questionnaire was distributed to 437 full‐time employees (n=437) from three technology companies in Taiwan. These companies have had years of experience in implementing KM systems. Data were analyzed by employing structural equation modeling.

Findings

The results show that: social identification and trust at workplace have a mediating effect on online knowledge sharing within organizations; trust at workplace is the stronger mediator than social identification; social identification has a positive and significant impact on trust at workplace; and there is significant correlation between KM system quality and social identification as well as trust.

Practical implications

Based on these findings, organizations in Taiwan that aim to maximize the effectiveness and efficiency of KM systems should find ways to enhance employees' self‐awareness on social identification and trust in the workplace.

Originality/value

The conceptual model provides useful information for managers to enhance knowledge sharing through the formation of social identification and promotion of trust at workplaces.
Exploring satisfaction with the portal's “Cs”: assessing US and Korean preferences
Authors: Kim Sung‐Eon , Arnett Kirk P.
Published: January 2012

Purpose

Horizontal mega portals power the Internet by guiding millions of users who wish to communicate, search, shop, and perform a multitude of other tasks made possible via the Internet. The purpose of this study is to find which portal service functions generate satisfied users in Korea and in the USA based on the concept that mega portals developed in different countries may have different macro‐level services that satisfy the portals' users.

Design/methodology/approach

The survey instrument was used to capture portal service usage and overall portal satisfaction. The exploratory nature of this study lends itself to a limited hypothesis regarding the significance of mega portal macro services on user satisfaction. Partial least square analysis via PLS‐Graph was used to analyze the data for the measurement model for portal satisfaction.

Findings

The result of the study shows that the influential C‐services factors for user satisfaction are different between Korea and the USA. User satisfaction for portal usage is significantly influenced by Content and Community in Korea and is significantly influenced by Content and Communication in the USA. But user satisfaction is not significantly influenced by Commerce and/or Coordination for either country.

Originality/value

This study verifies that there are preference differences between countries. As turf battles between major Internet portals continue, any ramp up of portal services without regard for what might be a very high user audience appeal or for what might be different based on cultural differences will likely generate a disappointing outcome.
A study of purchasing behavior in Taiwan's online auction websites
Authors: Yeh Jih‐Chun , Hsiao Kuo‐Lun , Yang Wei‐Ning
Published: January 2012

Purpose

Recently, an increasing number of Internet users have begun to purchase various products, both secondhand and new, from online auction websites. However, some Internet users are still hesitant to purchase products from these websites. Moreover, the factors affecting male and female users' intention to shop on the websites may be different. Past studies have indicated that uncertainty is a major determinant of online shopping behaviors and may have different effects on men's and women's purchase intentions. Therefore, to explore the differences, this study seeks to propose a research model based on uncertainty and agency theory.

Design/methodology/approach

This study included members of the Yahoo! and PChome online portal sites in Taiwan as research subjects. A web survey was conducted, and data were collected from a total of 313 bidders of online auctions. The casual model was validated using partial least squares (PLS) techniques.

Findings

Gender moderated most of the relationships in the research model. The analysis results showed that the factors influencing men's and women's uncertainty are different. In addition, uncertainty has stronger influence on men's intention to purchase products from online auction websites.

Practical implications

This study contributes to a theoretical understanding of the factors that promote men's and women's intention to purchase products from online auction websites. From a practical perspective, insights provided by this study can help online auction service providers understand buyers' concerns and eliminate the sources of the uncertainty.

Originality/value

The primary value of this paper lies in providing a better understanding of male and female behaviors on online C2C market, and investigating the gender differences in the factors that influence the consumers' purchase in online auctions.
After “Watson”
Authors: Abeles Tom
Published: January 2012

Purpose

This essay aims to explore the changes that will occur in both the natural and social sciences in general and education in particular with the advent of the cloud, fast computers and sophisticated data analysis software coupled with artificial intelligence.

Design/methodology/approach

The paper looks at literature, particularly science fiction, and recent developments in technology.

Findings

With massive data and analytical capabilities existing, ubiquitously in the “cloud” coupled with low cost access via smart phones, tablets and similar technologies, the cost of knowledge acquisition will asymptotically approach zero and the movement of knowledge across geo‐political boundaries will profoundly affect all across the planet.

Originality/value

The paper reveals that the potential of the leveling of knowledge will change the relationships between the developed and developing countries.
Integration of education with research and development and the export of higher education
Authors: Kantola Mauri , Kettunen Juha
Published: January 2012

Purpose

The purpose of this paper is to present a framework combining the approaches of the innovation pedagogy, strategic planning of higher education and the research, development and innovation (RDI) in order to support the export of higher education.

Design/methodology/approach

The export of education can be included in the framework by taking the innovation pedagogy as a starting point – an approach developed for the universities of applied sciences with the emphasis of efficient leaning in projects and the institution's external impact. Strategic management defines strategic objectives, which take into account the European education policy and the regional and international demand for higher education. The empirical part of the paper is based on the study of the Turku University of Applied Sciences (TUAS) focusing on the networked applied research and development activities and the combination of the education and the RDI activities using learning in the projects approaches.

Findings

The building of the strategic partnerships seems to be one of the main instruments of the export process and to use the support of the external broker organization outside of the universities. The advantages of the student learning in the RDI projects are: the drop‐out rates can be decreased, the length of study can be shortened, the transfer of knowledge can be increased, the supervision of students can be increased, the experience of students from projects increases the employment opportunities and the integrated model of innovation pedagogy can be exported to other countries.

Originality/value

The framework presented in the paper could be developed towards mechanisms of sharing the knowledge concerning different global learning ecosystems.
Where are we going and what are we doing? Two seemingly opposing views with a unified message about the discrepancy between organizational behavior theory and business practice
Authors: Marques Joan F.
Published: January 2012

Purpose

The purpose of this paper is to emphasize the need for critical review and realignment of business education as well as business practices to contemporary needs.

Design/methodology/approach

The paper analyzes two compelling presentations from distinguished scholars in which they made a seemingly contradictory statement about the discrepancy between business education and practice. Subsequently, a critical analysis of the presentations is applied, through which some remarkable similarities emerge.

Findings

The paper finds that: there is a discrepancy between what business education knows and what it does; there is a discrepancy between what business knows and what it does; and the discrepancy on both ends should be attributed to multiple reasons, of which the most important one is: the resistance to adopt the change that epitomizes contemporary circumstances.

Practical implications

Management and organizational behavior scholars should rethink their stance toward educating and preparing today's business students for the ambiguous workplace that awaits them. At the same time, business practitioners should start adopting reward practices that fit today's predominantly organic work environments.

Originality/value

This paper presents a viewpoint that is still rejected and considered unpopular among large groups of scholars who insist on a quantifiable and highly theoretical underpinning of their teachings, even though they are confronted with an increasing gap between their teachings and writings, and the highly volatile reality.
Endogenous complexity, specialisation and general education
Authors: Dilger Alexander
Published: January 2012

Purpose

Complexity is endogenous for humans and increasing at an accelerating rate. At the same time individual lives become better and even simpler. This seems to be a paradox for which this paper aims to offer a solution.

Design/methodology/approach

The paradox and its solution are explained in some detail.

Findings

Specialisation is the missing link which fuels overall complexity and shelters individuals from it. Specialisation is a good solution for most problems arising from increasing complexity, although it results in some problems of its own and general knowledge is still needed as well as general education to obtain this knowledge.

Research limitations/implications

The presented argument is quite general in itself and needs further elaboration and empirical testing.

Practical implications

Aims and limits of specialised as well as general education are discussed.

Social implications

The right kind and amount of general education increases welfare and efficiency.

Originality/value

This connection between complexity, specialisation and education has not been shown before (at least to the best of knowledge of the author, who has the same problems to deal with the complexity of all human knowledge as everybody else).
Challenging the traditional idea of leadership in UAE schools
Authors: Stephenson Lauren , Dada Robin , Harold Barbara
Published: January 2012

Purpose

This study aims to review the characteristics and practices of teacher leaders identified in recent literature and to investigate the impact of the professional learning process on teacher leadership development as it unfolded in two government schools.

Design/methodology/approach

Using a longitudinal qualitative case study of two United Arab Emirates (UAE) government schools engaged in collaborative action research the study used focus group interviews, dialogue, observations, field notes and retrospective analysis to collect and analyze data and used an inductive process of identifying themes and key content areas.

Findings

The study identified key issues that impacted the professional learning process and teacher leadership development in the schools. These included the sharing of leadership, school and cultural issues, shared motivation, formal and informal roles, content and pedagogical knowledge, critical reflection and interpersonal skills. The combination of these factors led to a cultural shift to collaboration as the “new normal”.

Originality/value

Teacher leadership is an emerging field of study and is yet to be fully valued by educational leaders and teachers in the UAE context. This current study identifies a professional learning process that led to an important cultural shift from individual, isolated practice to collaborative and shared perspectives about teacher leadership and its impact on student learning. This results in a “new normal” in teacher leadership.
A curriculum model of a foundation for educating the global citizens of the future
Authors: Zinser Richard
Published: January 2012

Purpose

The purpose of this paper is to introduce a model for preparing young people to live in a global society.

Design/methodology/approach

This paper discusses the need for a new approach to education that transcends subject disciplines and institutional boundaries by taking a global perspective; it provides a background of previous curriculum ideas, presents a multi‐dimensional model of educating for the future, and opens a dialogue on the implications for educators and policy makers.

Findings

The curriculum model for educating future citizens starts with a foundation of academics (contextual math and science), vocational skills and technological literacy, and process skills, which include system thinking and problem solving. The second level of the model consists of the study of world history and geography, and the language and culture of other countries. The third layer of the curriculum is altruism for people, the planet, and the future. The rationale for each component and specific teaching strategies are also presented.

Originality/value

As civilization makes the transition from the industrial era to one of sustainability, educational leaders around the globe ought to implement a learning system that prepares its young people for life in a unified society. This paper provides a starting point to explore what skills and concepts students should be studying to lead the future. The curriculum model provides an explicit outline of some of the competencies that will likely be required for whatever world scenario emerges.
Is the grass greener on the other side? Experiential learning, lifelong learning and career shift
Authors: Graff Jens
Published: January 2012

Purpose

The purpose of this paper is to give a more appropriate picture of the new trend of career shifts in a late career.

Design/methodology/approach

The paper uses literature studies.

Findings

The paper gives a more apposite picture of experiential learning and career shift for mature people.

Research limitations/implications

The paper gives no exact guidance in how to assess experiential learning.

Practical implications

Appreciating mature people's experiential learning gives employers a broader and richer hiring base, which is especially important in a period of shortage of employees.

Social implications

For many societies the age distribution is unfavorable with too many mature people in pension age. The good thing is that many mature people are interested in staying active in the labor market.

Originality/value

The paper argues that a combination of academic and experiential learning probably will qualify individuals best for career shifts as it leads them to a higher order of competence. Career shifts will blow new air into a person's career and enrich them and the organization, which they serve.
University futures: Wikipedia uni, core‐periphery reversed, incremental managerialism or bliss for all?
Authors: Inayatullah Sohail
Published: January 2012

Purpose

The purpose of this paper is to overview the futures of the university by analyzing critical drivers. It also aims to assess drivers identified a decade ago on university futures.

Design/methodology/approach

The paper reviews drivers, trends and scenarios.

Findings

The paper finds first, globalization will likely continue but innovation will move to Chindia. Second, democratization has resulted by not as imagined a decade ago, rather, peer‐to‐peer or web 2.0 has changed the game. Three new scenarios are articulated: Wikipedia university; core‐periphery reversed and incremental managerialism. Bliss for all remains an outlier.

Practical implications

Asian‐Pacific universities instead of adopting the used future of the core will find it wiser to innovate and create new visions as well as to develop new global ranking systems.

Social implications

Traditional universities are the likely dinosaurs unable to thrive in a dramatically changing world. Increasing inequity in traditional western universities will likely further devalue higher education. New models of inclusion are required.

Originality/value

The paper articulates new scenarios of the future, and assesses trends identified a decade ago. It provides a strategy for university administrators to navigate the challenges ahead.
The demand of sustainable property investments in Germany
Authors: Schaefer Henry , Gromer Christian , Neligan Adriana
Published: January 2012

Purpose

Socially responsible property investments (SRPI) are seen as the emerging trend in socially responsible investing. The purpose of this paper is to raise the question of whether this trend is also valid for Germany. The results presented in this article are based on an explorative study among German institutional investors in the year 2007.

Design/methodology/approach

The authors see the reasons behind the trend of sustainable building in the climate change and the resulting awareness of the investors on this topic. Likewise, the authors also see that more investors, predominantly institutional investors, are focusing on the emerging market for socially responsible investments (SRI). Considering these and the diversified portfolios of the institutional investors which usually include property investments, the authors are investigating the demand of these investors for SRPI in Germany. The investigation is based on an empirical study carried out in 2007 which should be understood as a prolonged insight into the investment preferences of German institutional investors towards SRI, in general, and SRPI, in particular.

Findings

The authors found that the market for SRPI is not growing as a result of an increased interest in SRPI as an emerging asset class, but rather as a consequence of a moderate growth in the property market. Some institutional investors find severe intransparencies in this emerging segment, while others do not perceive this new asset class as an attractive investment opportunity.

Practical implications

The empirical study sheds light on the willingness of German institutional investors to invest in SRI with special reference to SRPI.

Originality/value

The empirical study shows the willingness of institutional investors which already invested in SRI to invest in SRPI, as well as the reluctance of investors with no experience in SRI to invest in SRPI.
The level of representative underwriting and the underwriting costs of REIT SEOs
Authors: Bairagi Ranajit Kumar , Dimovski William
Published: January 2012

Purpose

The purpose of this paper is to investigate factors influencing the underwriting discount for US Real Estate Investment Trust (REIT) Seasoned Equity Offerings (SEOs).

Design/methodology/approach

The study provides new evidence on determinants of underwriting discounts with a comprehensive dataset of 783 US REIT SEOs from 1996 until June 2010. Ordinary least squares regressions are performed to estimate the effect of the level of representative underwriting along with other potential factors on underwriting discounts.

Findings

The study complements the well‐documented notion of the economies of scale in SEO underwriting discounts. The equally (value) weighted underwriting discounts averaged 4.21 per cent (4.10 per cent) with a declining trend over time. The findings of this study show the statistically and economically significant negative effect of the level of representative underwriting on the underwriting discounts, as well as the significance of the structure of underwriting syndicate in determining the underwriting discounts. The findings suggest that issuers can minimize the costs of raising secondary equity capital by optimally allocating the underwriting business among the underwriters.

Originality/value

This paper adds to the international REIT SEO literature by exploring new evidence behind underwriting discounts. The study includes data before and after the REIT Modernization Act 1999 and during the recent global financial crisis period.
IPO market timing: evidence from the operating performance of REITs
Authors: Sah Vivek , Seagraves Philip
Published: January 2012

Purpose

The purpose of this paper is to consider the operating performance of real estate investment trust initial public offerings (REIT IPOs) as a measure to find additional evidence of market timing in this sector.

Design/methodology/approach

A sample of REIT IPOs is analyzed to determine the relationship between IPO clustering and several measures of REIT operating performance.

Findings

The results suggest that timing the market by marginal firms in the REIT sector would be difficult, due to the transparent nature of REITs, leading to lower level of informational asymmetry between REIT managers and investors. Consistent with results found for non‐REIT firms in industry clusters, no evidence was found of a significant difference between the operating performance of REITs which are part of an IPO cluster and those that went public outside of the identified cluster periods.

Practical implications

This study shows that REIT market is efficient and would not allow REIT managers to time the market.

Originality/value

Using stringent measures of identifying REIT IPO clusters and operating performance as a measure to gauge market timing, this study differs from previous studies and provides additional and robust evidence of transparent nature of REITs that leads to reduced information asymmetry between managers and investors. This result supports the theory that REITs are more transparent and thus less likely to be over‐invested during IPO cluster periods.
The impact of landscape quality on property investment decisions
Authors: Roberts Claire , Rowley Steven , Henneberry John
Published: January 2012

Purpose

The purpose of this paper is to explore the investment decision‐making process of major stakeholders in the property sector, with a specific focus on determining the impact of location quality (the quality of the immediate and wider environment within which the site is located) on the property investment decision.

Design/methodology/approach

The research was undertaken in the context of UK business parks in two regional property markets; South Yorkshire and the South East. Interviews were undertaken with key stakeholder groups adopting an innovative approach utilising graphics and visualisations to explore the impact of landscape quality on investment decisions.

Findings

When landscape quality in business parks is considered holistically, it has only an indirect role to play in the property investment decision. Occupiers in South Yorkshire and the South East have low expectations of landscape quality on business park sites, but there are elements of landscape quality that occupiers appreciate and consider to add to the quality of the site. However, investors and developers do not consider landscape quality plays a role in their decision process. There exists the potential for the “removed” perspective of investors and developers to result in a dislocation between their perception of occupiers' requirement and reality.

Originality/value

This study represents the first attempt to explore, in detail, the role of landscape quality in property decisions of key stakeholders in the UK property market. It also uses innovative methods to convey complex concepts of landscape quality to non‐technical participants.
Valuation and land governance
Authors: Grover Richard , Grover Chris
Published: January 2012

Purpose

Land governance plays an important part in influencing the quality of valuations. The purpose of this paper is to review the different meanings of governance.

Design/methodology/approach

The World Bank Indicators of Governance, Jones Lang LaSalle's Global Real Estate Transparency Index (GRETI) and other data sources have been consulted.

Findings

The paper discusses what is meant by good governance and how this can be measured.

Originality/value

The paper presents some evidence to suggest that market transparency requires freedom of information and association, and is associated with factors such as the quality of institutions, the absence of corruption, and the quality of corporate governance.
Identifying the UK's manufacturing challenges as a benchmark for future growth
Authors: Thomas Andrew J. , Byard Paul , Evans Roger
Published: January 2012

Purpose

The purpose of this paper is to recognise the key manufacturing challenges currently facing UK manufacturing industry and to further identify the Key Developmental Areas (KDAs) (which includes technologies, systems and paradigms) which need to be developed and employed in order to ensure manufacturing firms in the UK become economically sustainable and are able to operate effectively in a global competitive market. The aim of the paper is to provide a benchmark for UK manufacturing industry to work from, after which future measuring instruments could be employed to track whether companies are meeting these challenges.

Design/methodology/approach

A survey into 100 UK manufacturing companies provides the basis for the identification of the challenges and KDAs. The findings from the survey are analysed against information obtained from existing strategy reports and foresight papers/studies to reach a point where the authors identify a balanced set of challenges and developmental areas obtained from this mixed research approach.

Findings

Through a comprehensive academic and industrial study, the authors identify and propose nine key manufacturing challenges for UK manufacturing industry to consider. Furthermore, the authors also identify a number of the KDAs which could be used to assist companies in meeting these challenges. The KDAs are not meant to be exhaustive but aimed to provide the underpinning support to the challenges proposed.

Research limitations/implications

The paper proposes a set of key manufacturing challenges for UK manufacturing businesses to consider and apply appropriate technologies and systems to achieve business resilience. This paper will therefore be of benefit to the academic community in that it distils a wide range of academic theory and industrial practice in order to create a coherent body of knowledge. As with any survey work, the accuracy of information depends largely on the size of the survey. Whilst 100 companies were surveyed, a further extension to this number would always help to strengthen future research.

Originality/value

The identification of these key manufacturing challenges and their corresponding technologies, systems and paradigms is aimed at providing a new manufacturing perspective to both academics and industrialists. The challenges and developmental areas proposed provide the basis for a new and advanced manufacturing strategy to be developed for UK companies which aims to create economically sustainable manufacturing organisations.
The development of a lean park homes production process using process flow and simulation methods
Authors: Arturo Garza‐Reyes Jose , Oraifige Ilias , Soriano‐Meier Horacio , Forrester Paul L. , Harmanto Dani
Published: January 2012

Purpose

Continuous process flow is a prerequisite of lean systems as it helps to reduce throughput times, improve quality, minimize operational costs, and shorten delivery times. The purpose of this paper is to empirically demonstrate the application of a methodology that combines a time‐based study, discrete‐event simulation and the trial and error method to enable a leaner process through more efficient line balancing and more effective flow for a park homes production process. This method is replicable across other contexts and industry settings.

Design/methodology/approach

The paper reviews the UK park homes production industry and, specifically, a major factory that builds these homes. It compares the factory method to traditional on‐site construction methods. An empirical study of production times was carried out to collect data in order to analyse the current workload distribution and the process flow performance of the park homes production process. Finally, seven discrete‐event simulation models were developed in order to test different scenarios and define the optimum line balance for every section of the production process.

Findings

By combining time study, discrete‐event simulation and trial and error methods, the workload distribution and process flow performance of the park homes production line were analysed and improved. A reduction of between 1.82 and 36.32 percent in balancing losses in some sections of the process was achieved.

Practical implications

This paper supports current knowledge on process flow improvement and line balancing by exploring and analysing these issues in a real‐life context. It can be used to guide production management practitioners in their selection of methods and demonstrates how they are exploited when seeking to improve process flow, efficiency and line balancing of production operations.

Originality/value

The study uses a real industrial application to demonstrate how the methodological combination and deployment of process flow improvement strategies, such as time study, simulation, and trial and error, can help organisations achieve process flow improvements and, as a consequence, a leaner production process.