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Article
Publication date: 24 August 2021

Julian Seger, Kristina Stoner and Andreas Pfnuer

The purpose of this study is to find out if corporate real estate ownership is priced into the capital market performance of non-property companies in the UK. This is of…

236

Abstract

Purpose

The purpose of this study is to find out if corporate real estate ownership is priced into the capital market performance of non-property companies in the UK. This is of particular interest because ownership still represents a significant weight on the balance sheets and is predominantly considered unfavourable due to its bulkiness and difficult revisability in the event of changes in space demand. This draws attention to the UK as one of the most important European economies that have been exposed to strong uncertainties and dynamics, for example, due to the withdrawal voting of the United Kingdom from the European Union (BREXIT).

Design/methodology/approach

A first look at the real estate assets reported in balance sheets provides insight into possible changes in ownership strategy. This serves as a basis for subdividing companies based on their real estate assets using a portfolio-based approach and that are then analysed using the Fama and French multi-factor model with regard to their influence on capital market returns.

Findings

In general, the share of real estate assets has fallen over the past 10 years, although coinciding with BREXIT voting, some industries such as manufacturing show a turnaround. At the same time, ownership is priced in as a factor on the capital market, which applies to a sample across industries, as well as to separately considered sectors in the manufacturing and service industries. The pricing also shows a counter-cyclical pattern.

Practical implications

Corporate real estate management should be aware of the negative influence of ownership, especially against the background of economic fluctuations. The reduction of ownership can reduce the associated cost of capital and increase company success.

Originality/value

Previous UK-related studies mostly refer to a period before the global economic crisis in 2008, and therefore, are too old to reflect a changed view on corporate real estate ownership because of new corporate environmental conditions, based on inaccurate proxies or mainly refer to the retail segment. This research gap is closed.

Details

Journal of Corporate Real Estate , vol. 24 no. 2
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 19 June 2020

Julian Seger, Ao Li and Andreas Pfnuer

The purpose of this paper is to examine the influence of corporate real estate (CRE) holdings on firm performance. Unlike previous studies, the paper does not only consider the…

294

Abstract

Purpose

The purpose of this paper is to examine the influence of corporate real estate (CRE) holdings on firm performance. Unlike previous studies, the paper does not only consider the firms’ primary business segment but also their activities in different business fields. This is of particular interest because additional segments often have different requirements for the provision of space and thus for the ownership strategy, which could have led to a possible bias in previous studies. Furthermore, additional business areas are becoming more relevant through integrated solutions.

Design/methodology/approach

The study uses a balance sheet data set of companies in the six largest European economies for the period from 2000 to 2016. Germany serves as a suitable laboratory for deeper analyses. Holdings of 490 firms are regressed to the stock market performance using a two-stage approach. This procedure is repeated by considering additional business segments.

Findings

The analyses reveal that ownership reduces stock market performance. Additional business activities also appear to influence the relevance of ownership for firm performance.

Practical implications

The research shows that ownership is priced depending on its primary and additional business activities. First, this insight helps capital market players to choose the right investment strategy. Second, it provides CRE decision-makers with information on the optimal provision of real estate.

Originality/value

This is the first paper to examine the contribution of real estate ownership on firm performance in light of the fact that companies operate in more than one sector.

Details

Journal of European Real Estate Research , vol. 13 no. 2
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 7 April 2021

Andreas Pfnuer, Julian Seger and Rianne Appel-Meulenbroek

The purpose of this study is to explain the contribution of Corporate Real Estate Management (CREM) to corporate success and to substantiate it empirically. However, no…

1070

Abstract

Purpose

The purpose of this study is to explain the contribution of Corporate Real Estate Management (CREM) to corporate success and to substantiate it empirically. However, no empirically tested holistic concept classifies and explains the different success contributions of CREM in their mechanisms of action and organisational levels.

Design/methodology/approach

This study develops a holistic two-dimensional model from existing literature to explain the relationship between CREM decisions and business success, and then tests it empirically using multidimensional data scaling from a telephone company survey (CATI) of 59 CREM managers sampled from the 200 largest German companies.

Findings

The created theoretical model holistically explains CREM success and existence as part of a non-property company, with specific performance drivers on specific organisational levels. The empirical data confirm that both dimensions of the model and, thus the measurement concept for modelling the CREM contribution to business success is robust across sectors and company/portfolio size in Germany.

Originality/value

The empirical confirmation of the conceptual model of CREM success provides novel support for the institutionalisation of the CREM function in companies and the holistic classification of different CREM research directions.

Details

Journal of Corporate Real Estate , vol. 23 no. 4
Type: Research Article
ISSN: 1463-001X

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Available. Content available
Article
Publication date: 5 April 2022

Marko Orel

955

Abstract

Details

Journal of Corporate Real Estate, vol. 24 no. 2
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 7 October 2022

Danny Sandra, Jesse Segers and Robert Giacalone

To provide ways of how organizations can benefit from entrainment, the purpose of this paper is to create a better theoretically grounded understanding of entrainment in…

604

Abstract

Purpose

To provide ways of how organizations can benefit from entrainment, the purpose of this paper is to create a better theoretically grounded understanding of entrainment in organizations by reviewing the literature, describing managerial implications and identifying future research directions.

Design/methodology/approach

A systematic literature review of relevant literature based on peer-reviewed research papers published in highly ranked scientific journals.

Findings

It provides a clear understanding as to what constitutes entrainment in organizations and emphasizes its complexity. Further, six benefits of entrainment are highlighted, including the positive relationship between entrainment and organizational outcomes. The review may also provide entrepreneurs and practitioners a scientific basis for developing innovative tools to help managers’ foster entrainment in organizations.

Research limitations/implications

The review indicates that entrainment plays a much larger role in organizations than we think. Change leaders' actions may impact the emotions and actions of change recipients through entrainment. The selected keywords used in the search and the researcher's bias of including or excluding articles for this review are the major research limitations.

Originality/value

It is one of the first papers, to our knowledge, to provide a structured overview and understanding of the entrainment phenomenon in an organizational context, based on 41 peer-reviewed articles.

Details

Journal of Organizational Change Management, vol. 36 no. 2
Type: Research Article
ISSN: 0953-4814

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Article
Publication date: 9 November 2020

Kristina K. Lindsey-Hall, Susana Jaramillo, Thomas L. Baker and Julian M. Arnold

This paper aims to investigate how perceptions of employee authenticity and customer–employee rapport influence customers’ interactional justice assessments and related service…

1083

Abstract

Purpose

This paper aims to investigate how perceptions of employee authenticity and customer–employee rapport influence customers’ interactional justice assessments and related service evaluations, and how customers’ need for uniqueness impacts these relationships.

Design/methodology/approach

A multi-method, three-study design is used to test the research model. Specifically, structural equation modeling provides tests of the main hypotheses, and two supplemental experimental studies tease out conditional effects providing insightful managerial contributions.

Findings

Results indicate that customers’ perceptions of employee authenticity affect customers’ interactional justice evaluations, particularly when customers identify high levels of customer–employee rapport. Additionally, the aforementioned relationships are contingent upon customers’ need for uniqueness, such that customers with higher levels of need for uniqueness experience lower levels of customer–employee rapport and, consequently, provide poorer interactional justice assessments. Finally, conditional effects are found given the type of provider and frequency of visit.

Originality/value

This research extends prior efforts to understand how customer–employee dynamics influence customers’ service encounter evaluations. In particular, it furthers understanding of authentic FLE–customer encounters, explores drivers of interactional justice and explicates how consumers’ varying levels of need for uniqueness have differential effects on service outcomes.

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

Abstract

Details

The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

Available. Content available
Book part
Publication date: 5 December 2014

Abstract

Details

Inquiry-Based Learning for the Arts, Humanities, and Social Sciences: A Conceptual and Practical Resource for Educators
Type: Book
ISBN: 978-1-78441-236-4

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Book part
Publication date: 5 November 2021

Johny T. Garner

This chapter reviews research on group conflict from three perspectives. First, a development perspective of group conflict understands conflict as a natural part of group…

Abstract

This chapter reviews research on group conflict from three perspectives. First, a development perspective of group conflict understands conflict as a natural part of group history. This view emphasizes progress through conflict as a precondition for group growth and productivity. Second, an instrumental perspective of group conflict differentiates between functional and dysfunctional conflict. Research in this area focuses on the preconditions for functional conflict while reducing the likelihood of dysfunctional conflict. Finally, a political perspective situates conflict as tension between advantaged and disadvantaged social groups. The focus of this view is on empowering marginalized voices in groups. After examining these three perspectives, the chapter highlights how each might approach conflict in potentially nuanced contexts such as intergroup conflict, virtual teams, and third-party resolutions.

Details

The Emerald Handbook of Group and Team Communication Research
Type: Book
ISBN: 978-1-80043-501-8

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Article
Publication date: 31 January 2022

Muhammad Qamar Zia, Julian Decius, Muhammad Naveed and Adnan Anwar

The aim of this study is to investigate the relationships between transformational leadership (TL), informal learning and job involvement. The study delineates two pathways from…

2031

Abstract

Purpose

The aim of this study is to investigate the relationships between transformational leadership (TL), informal learning and job involvement. The study delineates two pathways from TL to job involvement. The first is an indirect link through informal learning on job involvement, while the second pathway focuses on the moderating role of self-efficacy on the relationship between TL and informal learning.

Design/methodology/approach

Survey data were gathered from 596 employees of small services firms in Pakistan. The proposed hypotheses were examined using structural equation modeling.

Findings

The results reveal that TL is indirectly related to job involvement through informal learning. The study also shows that self-efficacy strengthens the relationship between TL and informal learning.

Originality/value

Previous studies have overlooked the potential influence of TL on job involvement through the mechanism of informal learning. The current study addresses this gap by examining informal learning as a mediator between TL and job involvement. Furthermore, the study provides several theoretical and managerial implications for research and practice.

Details

Leadership & Organization Development Journal, vol. 43 no. 3
Type: Research Article
ISSN: 0143-7739

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