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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

Keywords

Available. Open Access. Open Access
Article
Publication date: 18 August 2022

Karin Seger, Hans Englund and Malin Härström

The purpose of this paper is to describe and theorize the type of hate-love relationship to performance measurement systems (PMSs) that individual researchers tend to develop in…

1283

Abstract

Purpose

The purpose of this paper is to describe and theorize the type of hate-love relationship to performance measurement systems (PMSs) that individual researchers tend to develop in academia. To this end, the paper draws upon Foucault’s writings on neoliberalism to analyse PMSs as neoliberal technologies holding certain qualities that can be expected to elicit such ambivalent views.

Design/methodology/approach

The paper is based on a qualitative interview study of researchers from three Swedish universities, who were asked to reflect upon questions related to three overall themes, namely, what it means to be a researcher in contemporary academia, the existence and use of PMSs at their universities and if/how such PMSs affected them and their work as researchers.

Findings

The empirical findings show that the hate-love relationship can be understood in terms of how PMSs are involved in three central moments of governmentality, where each such moment of governmentality tends to elicit feelings of ambivalence among researchers due to how PMSs rely on: a restricted centrifugal mechanism, normalization rather than normation and a view of individual academics as entrepreneurs of themselves.

Originality/value

Existing literature has provided several important insights into how the introduction and use of PMSs in academia tend to result in both negative and positive experiences and reactions. The current paper adds to this literature through theorizing how and why PMSs may be expected to elicit such ambivalent experiences and reactions among individual researchers.

Details

Qualitative Research in Accounting & Management, vol. 20 no. 1
Type: Research Article
ISSN: 1176-6093

Keywords

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