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Article
Publication date: 9 August 2024

Pedro A. Fernandes, João Carvalho das Neves and Jorge Caiado

This paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is…

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Abstract

Purpose

This paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is captured by the market and by investors (beyond reported valuations).

Design/methodology/approach

We apply the Herfindahl-Hirschman Index (HHI) to study the level of concentration versus diversification in the investment portfolios of REIFs (both in terms of segment and geographical diversification). We use a dataset from INREV with data from 62 investment portfolios, with an average of 86 REIFs per portfolio for the period of 2008–2020 (to study segment diversification). We use a second dataset from INREV with data from 30 investment portfolios with an average of 79 REIFs per portfolio for the period of 2005–2020 (to study geographical diversification). We employ a cluster analysis approach to identify common features among the investment funds.

Findings

We conclude that (segment diversified) portfolios with higher degrees of leverage exhibit higher income yields, albeit diversification is captured indirectly through asset choices – more diversified portfolios tend to exhibit a stronger risk and return relationship. Also, geographical diversification creates value (more significantly by for the correct combination of countries carefully choosing what different geographies to group in the diversified portfolio).

Research limitations/implications

One limitation of our study is that our portfolios are funds of funds, since the available data could not reach the asset detail, but we believe this does not compromise our results.

Practical implications

Diversification leads to higher risk-adjusted returns which suggests that properties may be undervalued (market value) in the framework of the Gordon Model, contrary to expectations (regarding investment value).

Originality/value

Investors capture the value of diversification differently, suggesting a gap between market value and investment value that can be explored.

Details

Journal of Property Investment & Finance, vol. 42 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 11 March 2014

J. Augusto Felício, Eduardo Couto and Jorge Caiado

The aim of this paper is to evaluate the human capital and social capital of managers and the influence of these attributes on the performance of small and medium-sized Portuguese…

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Abstract

Purpose

The aim of this paper is to evaluate the human capital and social capital of managers and the influence of these attributes on the performance of small and medium-sized Portuguese companies.

Design/methodology/approach

The structural modeling approach was applied to a sample of 199 small and medium-sized companies aged between 3 and 15 years, from five different sectors of activity.

Findings

It was found that human capital affects social capital, and that experience and cognitive ability influence personal relations and complicity. Organizational performance is strongly influenced by human capital through the cognitive ability of the manager.

Practical implications

Based on these findings managers can gain a better knowledge about how to improve the performance of their firms, for example through adjustments in communication methods or strategic decision capacities.

Originality/value

This work is innovative in the sense that it confirms the influence of human capital on social capital, and shows that it is cognitive ability that affects organizational performance.

Details

Management Decision, vol. 52 no. 2
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 20 May 2024

Kriti Dhingra and Kanika Dhingra Sardana

Introduction: Sustainability and Industry 4.0 have recently influenced the global economy. With the Industrial Revolution 4.0, there has been a significant focus on digital…

Abstract

Introduction: Sustainability and Industry 4.0 have recently influenced the global economy. With the Industrial Revolution 4.0, there has been a significant focus on digital sustainability in enterprises. Micro, small and medium enterprises (MSMEs) are the most vulnerable sections regarding new transformations.

Purpose: Even during the COVID-19 pandemic, when all businesses had no option other than to adopt digitisation, MSMEs faced tremendous issues to make this shift. Despite the immense focus on digital sustainability, some deterrents exist to its adoption in MSMEs. Contemporary research focuses on determining the critical deterrents to digital sustainability in MSMEs.

Methodology: This chapter employs the interpretive structural modelling technique, and Matrice impacts Croises Multiplication Appliqué a classement (MICMAC) analysis to identify and further classify the deterrents to digital sustainability in MSMEs.

Findings: Legal barriers and firms’ economic conditions are identified as the major deterrents. Eliminating these deterrents would help minimise the minor ones too. To deliver global sustainability goals, digital sustainability must be duly adopted everywhere.

Details

Sustainable Development Goals: The Impact of Sustainability Measures on Wellbeing
Type: Book
ISBN: 978-1-83549-460-8

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Article
Publication date: 11 August 2020

Andrea Herrera, Paola Lara, Mario Sánchez and Jorge Villalobos

This paper proposes a conceptualization of the e-waste domain, formalized through a metamodel, to express complex e-waste realities in a simple manner. This also enables the…

297

Abstract

Purpose

This paper proposes a conceptualization of the e-waste domain, formalized through a metamodel, to express complex e-waste realities in a simple manner. This also enables the transition from a structural model to a behavioral model to implement analysis techniques.

Design/methodology/approach

The methodology used is design science research (DSR), a problem-solving paradigm which seeks to construct a working artifact and prove its relevance. The artifact, a metamodel for the e-waste domain, was constructed through an iterative manner and later analyzed to conclude its theoretical relevance and contributions in this domain. As part of the approach, the authors used supplementary techniques such as systematic literature review (SLR), conceptual modeling (CM) and system dynamics (SD).

Findings

The application in the e-waste domain of CM techniques such as metamodeling, model-to-model transformation and simulation is valuable for supporting decision-making, especially when combined with SD. The approach presented in this paper, the conceptual tools and different simulation techniques could also be applied in other complex domains to obtain similar results.

Practical implications

The modeling method to apply simulation techniques is targeted toward the e-waste domain experts to understand, design, implement, measure and improve strategies and public policies.

Originality/value

The use of CM techniques to model and analyze structural and behavioral e-waste scenarios.

Details

The International Journal of Logistics Management, vol. 32 no. 1
Type: Research Article
ISSN: 0957-4093

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Article
Publication date: 13 September 2021

Syed Kaleem Ullah Shah Bukhari, Hamdan Said, Rani Gul and Prodhan Mahbub Ibna Seraj

Sustainability has globally become a mantra to address complex and unprecedented survival, social, political and peace issues. Higher education institutions bear responsibility to…

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Abstract

Purpose

Sustainability has globally become a mantra to address complex and unprecedented survival, social, political and peace issues. Higher education institutions bear responsibility to address them. This paper aims to explore barriers that Pakistani public universities (PPUs) face in embedding sustainability at their campuses. This paper also offers potential opportunities to take initiatives to minimize barriers and move towards a sustainable future.

Design/methodology/approach

This paper is based on case study approach, and data were gathered through interviews and documents. Interviews with 11 academic administrators were conducted to gain deeper understanding on issues of governance and its influence on sustainability. Data were analysed using thematic analysis that created thematic map/model.

Findings

Key findings include, firstly, that majority of participants think poor governance is the biggest issue in demoting sustainability. This barrier causes an array of interconnected barriers. Secondly, participants strongly associate unsustainability with lack of institutional change and training. Finally, lack of resources was the most frequently articulated barrier. Findings provided a rationale to propose suggestions to promote sustainability.

Originality/value

Developed countries are leaders in promoting sustainability, whereas developing countries are laggards. Pakistan, a developing country, does not have substantial research to reveal the barriers PPUs are facing to promote sustainability. This paper is an attempt to address research gap in identifying barriers to sustainability.

Details

International Journal of Sustainability in Higher Education, vol. 23 no. 4
Type: Research Article
ISSN: 1467-6370

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Article
Publication date: 10 June 2024

Jorge Peña and Percy Caruajulca

Considering the entrepreneurship nature and the high number of small and medium enterprises (SMEs) in the Latin American region, this study seeks to empirically test the…

517

Abstract

Purpose

Considering the entrepreneurship nature and the high number of small and medium enterprises (SMEs) in the Latin American region, this study seeks to empirically test the relationship between organizational culture (OC), transformational leadership (TF) and organizational performance (OP) to support their long-term survival.

Design/methodology/approach

Under a post-positivism paradigm, quantitative approach and correlational scope, this research analyzed the interrelationship between OC, TF and OP across Peruvian SMEs. Confirmatory factor analysis (CFA) and structural equation modeling (SEM) were used to test the hypotheses based on the responses of 276 SMEs’ top executives from the commerce, services, manufacturing, construction and agriculture industries.

Findings

OC fully mediates the relationship between TL and OP. Although TF solely does not drive OP, the mediating effect of OC is crucial for SMEs’ long-term survival, especially considering their contribution to employment, poverty reduction and GDP in developing countries. Entrepreneurial transformational leaders inspire their followers to achieve goals, strive to develop individual skills, transmit confidence and leave aside their own interests to focus on the common goal of growing their entrepreneurship competitively.

Originality/value

The three variables under analysis have been applied to large companies and SMEs. However, this research enriches previous findings, highlighting the necessity for an adequate OC derived from an entrepreneur with TL, contributing to the survival of SMEs, whose results are critical for developing countries’ economies.

Propósito

Considerando la naturaleza emprendedora y el elevado número de pequeñas y medianas empresas (PYMES) en Latinoamérica, este artículo busca probar empíricamente la relación entre cultura organizacional (OC), liderazgo transformacional (TF) y desempeño organizacional (OP), con el fin de contribuir a su sobrevivencia en el largo plazo.

Diseño/metodología/enfoque

Bajo el paradigma post-positivista, con un enfoque cuantitativo y un alcance correlacional, esta investigación analiza la interrelación entre las variables OC, el TF y el OP en PYMES peruanas. Para ello se utilizó análisis factorial confirmatorio (CFA) y modelo de ecuaciones estructurales (SEM) considerando las respuestas de 276 altos ejecutivos de PYMES provenientes de las industrias de comercio, servicios, manufactura, construcción y agricultura.

Resultados

La cultura organizacional media completamente la relación entre el liderazgo transformacional y el desempeño organizacional. Aunque el liderazgo transformacional por sí solo no influye en el desempeño organizacional, el efecto mediador del TF es clave para la supervivencia a largo plazo de las PYMES, especialmente si se tiene en cuenta su contribución al empleo, su impacto en la reducción de la pobreza y el PBI, en los países en desarrollo. Los emprendedores con liderazgo transformacional inspiran a sus seguidores para alcanzar objetivos, se esfuerzan por desarrollar las habilidades de cada individuo, transmiten confianza y dejan de lado sus intereses personales para centrarse en el objetivo común del crecimiento de su emprendimiento con competitividad.

Originalidad/valor

Las tres variables en estudio han sido aplicadas en empresas grandes y PYMES. Sin embargo, esta investigación enriquece los hallazgos previos, destacando la necesidad de contar con una adecuada cultura organizacional derivada de un emprendedor con liderazgo transformacional, contribuyendo con la supervivencia de las PYMEs, cuyos resultados son críticos para la economía de los países en desarrollo.

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Article
Publication date: 10 April 2017

Jorge Casas Novas, Maria do Céu Gaspar Alves and António Sousa

The purpose of this paper is to examine the role of management accounting systems (MAS) in the development of intellectual capital (IC) – i.e. human capital (HC), structural…

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Abstract

Purpose

The purpose of this paper is to examine the role of management accounting systems (MAS) in the development of intellectual capital (IC) – i.e. human capital (HC), structural capital (SC) and relational capital (RC) – and the resultant effects on organizational performance.

Design/methodology/approach

A questionnaire was developed to conduct a survey of high-level managers of Portuguese companies. The data collected were analyzed through the use of structural equation modeling with AMOS.

Findings

Statistical support was found for six out of nine hypothesized relationships. The findings confirm the role of MAS in the development of HC and SC. Results also showed positive and statistically significant relationships between the three dimensions of IC, in line with previous research. Finally, results indicated that SC has a positive and significant link with organizational performance, in keeping with some research.

Research limitations/implications

The estimation procedure allowed only a partial validation of the proposed model because, although positive, the relationships between MAS and RC, between HC and performance and between RC and organizational performance were not statistically significant.

Practical implications

The study highlights the role of MAS as information networks that collect, process and communicate information that influences the development of IC, as well as networks of relationships that support the establishment of conditions for the creation and integration of organizational knowledge and the development of IC.

Originality/value

In this research, an arguably more complete framework of the relations between MAS, IC and performance is developed and empirically tested. Despite the existence of some literature addressing the relationship between MAS and IC, this is the first study, of which authors are aware, that focuses specifically on the relationships between MAS and the three dimensions of IC (HC, SC and RC), as well as their effects on organizational performance.

Details

Journal of Intellectual Capital, vol. 18 no. 2
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 5 June 2024

Abdullah Kaid Al-Swidi, Mohammed A. Al-Hakimi and Hamood Mohammed Al-Hattami

This paper aims to explore how lean manufacturing practices (LMPs) predict sustainable performance (SP) in the context of manufacturing small and medium-sized enterprises (SMEs…

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Abstract

Purpose

This paper aims to explore how lean manufacturing practices (LMPs) predict sustainable performance (SP) in the context of manufacturing small and medium-sized enterprises (SMEs) in less developed countries, like Yemen. In particular, it investigates the mediating effect of corporate social responsibility (CSR) under different levels of competitive intensity (CI).

Design/methodology/approach

Hierarchical regression analysis was used to analyze data gathered from a survey of 259 Yemeni manufacturing SMEs.

Findings

The findings confirm that LMPs affect CSR, which in turn affects SP. This study also confirms that LMPs have a positive indirect effect on SP through CSR, which diminished in the presence of CI.

Practical implications

This study provides useful insights for policymakers and firms’ managers, who are anticipated to show a higher commitment to CSR in their firms when adopting LMPs to enhance their firms’ SP, especially under a low level of CI.

Originality/value

This paper contributes to expanding knowledge on the effect of LMPs on SP through CSR constrained by the level of CI.

Details

International Journal of Lean Six Sigma, vol. 15 no. 7
Type: Research Article
ISSN: 2040-4166

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Article
Publication date: 2 April 2020

Wesley Ricardo de Souza Freitas, Jorge Henrique Caldeira-Oliveira, Adriano Alves Teixeira, Nelson Oliveira Stefanelli and Talita Borges Teixeira

In the past, simply fulfilling economic performance alone was critical to ensuring the success of companies and their shareholders, but this traditional perspective is not…

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Abstract

Purpose

In the past, simply fulfilling economic performance alone was critical to ensuring the success of companies and their shareholders, but this traditional perspective is not compatible with society's current demands, as there is increasing social pressure on organizations to become more sustainable and reduce impacts on the environment, promoting sustainable results in their business processes. In this context, the specialized literature states that human resources management (HRM) is considered a central aspect for building sustainable organizations, in particular, the area of green human resources management (GHRM). Thus, this study analyzes the relationship between GHRM and corporate social responsibility (CSR) in Brazilian companies. Company's age, size, ISO 9001 and 14001 certifications are the control variables.

Design/methodology/approach

The authors adopted a quantitative approach in conducting the survey. Four waves of email were sent to HR and CSR managers from 853 Brazilian companies from the metallurgical, automotive and chemical industries. In total, 79 questionnaires were fully answered, higher than the minimum sample calculated by the G*Power 3.1 software, which corresponds to a return rate of 9.26%. For the analysis of the results, the partial least squares method was used.

Findings

This research identifies that GHRM practices, in fact, positively influence CSR practices. The findings evidence that practices of performance evaluation, teamwork and recruitment and selection are the most important for a better CSR performance. The research results indicate that the “ISO 9001 certification” control variable also has a positive and significant effect on CSR and that the size of the company, the age of the company and the ISO 14001 certification, in the analyzed sample, were not relevant (as control variables) for CSR.

Originality/value

Current literature highlights the gap between GHRM and CSR. This relationship is not explored in Brazil. The study uses a new theoretical model, and it fills the gap identified in the literature. This paper brings important theoretical and managerial contributions. It is the first in the literature to show, in an empirical way, the positive relationship between GHRM and CSR, contributing in an original way to the state of the art of the GHRM and CSR theme. In addition, this research adds empirical evidence on GHRM and CSR in Latin America/South America/Brazil.

Details

Benchmarking: An International Journal, vol. 27 no. 4
Type: Research Article
ISSN: 1463-5771

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Article
Publication date: 2 June 2022

Faris Elghaish, Sandra T. Matarneh, David John Edwards, Farzad Pour Rahimian, Hatem El-Gohary and Obuks Ejohwomu

This paper aims to explore the emerging relationship between Industry 4.0 (I4.0) digital technologies (e.g. blockchain, Internet of Things (IoT) and artificial intelligence (AI)…

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Abstract

Purpose

This paper aims to explore the emerging relationship between Industry 4.0 (I4.0) digital technologies (e.g. blockchain, Internet of Things (IoT) and artificial intelligence (AI)) and the construction industry’s gradual transition into a circular economy (CE) system to foster the adoption of circular economy in the construction industry.

Design/methodology/approach

A critical and thematic analysis conducted on 115 scientific papers reveals a noticeable growth in adopting digital technologies to leverage a CE system. Moreover, a conceptual framework is developed to show the interrelationship between different I4.0 technologies to foster the implantation of CE in the construction industry.

Findings

Most of the existing bodies of research provide conceptual solutions rather than developing workable applications and the future of smart cities. Moreover, the coalescence of different technologies is highly recommended to enable tracking of building assets’ and components’ (e.g. fixtures and fittings and structural components) performance, which enables users to optimize the salvage value of components reusing or recycling them just in time and extending assets’ operating lifetime. Finally, circular supply chain management must be adopted for both new and existing buildings to realise the industry's CE ambitions. Hence, further applied research is required to foster CE adoption for existing cities and infrastructure that connects them.

Originality/value

This paper investigates the interrelationships between most emerging digital technologies and circular economy and concludes with the development of a conceptual digital ecosystem to integrate IoT, blockchain and AI into the operation of assets to direct future practical research applications

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