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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).

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.

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).

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.

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).

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

This study seeks to provide a broad ranging review that identifies, summarises and integrates the different multi-level approaches contributing to advances in research on measuring IC. This furthermore sets out and highlights an agenda for future research.

Deploying a systematic and thorough review of the literature, the authors were able to identify 60 articles and identify the main theories applied and the respective methodological orientations of these articles across three levels of analysis: micro, meso and macro.

The study's findings suggest that the literature on measuring IC has approached the theme across three different levels –micro, meso and macro. In addition, the results enable the identification of seven dimensions to IC: competitive advantage, economic value generated, resources and capacities, corporate governance, IC components, innovation management and the dissemination of IC.

The mixed-methods approach, which combines a traditional systematic literature review with ontological thematic analysis, casts light on the core aspects that led to the identification of a new approach in the academic literature on measuring IC.

This study puts forward a holistic model with measurements for IC across the three levels of analysis as well as the respective criteria for choosing the variables.

This study represents a first attempt to analyse the emerging literature on IC measurement through a multi-level approach; integrating and extracting the potential theoretical contributions in this field of knowledge; proposing an integrated model as well as a theoretically relevant and innovative research agenda that opens up paths to future research projects.

Companion animals and social media are two important factors of social interaction and well-being among the older population. This study aims to compare social media use and/or having companion animals with respect to sociodemographic variables in conjunction with loneliness, social isolation, depression, satisfaction with life and satisfaction with social support.

This cross-sectional study involves a sample of 250 older community-dwelling adults. The questionnaire comprised sociodemographic, companion animals and social media questions and scales to assess social isolation, loneliness, satisfaction with life and social support and depression. Data were analyzed using descriptive and inferential statistics.

Four groups emerged: “companion animal/s, no social media” (37.6%); “none” (33.6%); “social media and companion animal/s” (14.4%); and “social media, no companion animal/s” (14.4%). Social media users (with or without companion animals) are the youngest and with higher levels of education; caregivers of companion animals (no social media use) are in-between in terms of age and level of education; and those without companion animals and no social media users are the oldest and with less formal education.

This research examines and compares two key influencers of older adults’ well-being and social interaction (social media and companion animals), that have been researched mostly separately. Findings underlined the cohort effect in the use of social media, suggesting that future older adult cohorts will use more social media whether they have or do not have companion animals.

The purpose of this paper is to analyze the innovation process of organizations representing the main sectors of Brazilian economic activity.

The literature review focuses on analyzing the innovation process characteristics regarding the innovation types. The authors carried out interviews with executives and managers in charge of innovation at the leading large companies in the respective sectors analyzed. The data analysis of this qualitative research was structured in three steps. The first step is the analysis of data collected for encoding, the second step, the summarization of the common points presented by the companies in each sector and, finally, the interpretation of these data, aided by triangulation from secondary data that support the analysis of the collected primary data.

The main contribution of this study is to characterize the innovation process of organizations representing the main sectors of the Brazilian economy, with a classification regarding the sectoral innovation standard.

The authors’ intent is that the paper can contribute with a comparative analysis among companies of the same sector and, subsequently, among companies of the different surveyed sectors. Thus, the characterization aims to present the companies’ innovation process and the comparative analysis aims to verify the innovation sectoral patterns. In addition, as implications for management practice, some strategies for better knowledge management in the organization are suggested for each type of innovation.

The main theoretical contribution focuses on the development of a conceptual model that structures the analyzed variables of the constructs “innovation process” and “innovation sectoral patterns”, allowing not only the characterization but also the comparative analysis of the representative organizations present in the sample.

The aim of the study is to analyze how knowledge spillovers and knowledge management capabilities affect the innovation capabilities of hospitality sector companies in crisis environments.

A survey was completed by 63 hotel directors based in Portugal, gathering data on knowledge spillover, knowledge management capabilities and innovation capabilities. Two multiple linear regression models were used to estimate the impact of knowledge spillovers and knowledge management capabilities on innovative capability.

It has been concluded that knowledge spillovers work as external benefits of knowledge creation, increasing the innovation activities of companies in the hospitality sector, which reinforces that knowledge spillovers help to enhance innovation capabilities. The study's results show that it is essential for companies to manage knowledge. It also concludes that effective knowledge management facilitates the exchange of knowledge required in the innovation process. Knowledge spillovers improve the performance of innovation in companies through the development of new insights and innovation capabilities.

This research was carried out in a period of crisis. As expected in a troubled period, the results are extremely volatile. This study's sample is composed of Portuguese hospitality companies.

This research provides valuable insights into the overflow of explicit and tacit knowledge in the hotel industry. Moreover, this study offers new insights into the mediating role of knowledge management capability in the relationship between a hotel's knowledge overflow and its innovation performance.

Small- and medium-sized enterprises (SMEs) generally make a crucial contribution to local and national economies. As the market has become increasingly globalised over the past two decades, SMEs often feel the need and/or push to internationalise their business activities. It is in this need that several barriers and challenges are perceived by SMEs, since these companies generally have different characteristics and resources compared to large multinational enterprises (MNEs). Accordingly, given that the literature on internationalisation is rather extensive and relatively fragmented, this study seeks to systematically understand the scientific structure of research on the internationalisation of SMEs, and how it is organised.

The authors used a bibliometric approach and data co-citation to identify and systematise the scientific publications, intellectual structures and research trends related to SME internationalisation.

The study research reveals five approaches that theoretically support the internationalisation processes of SMEs: (1) internationalisation and networks; (2) internationalisation and venture capital; (3) internationalisation and intrinsic characteristics; (4) internationalisation and transactional costs; and (5) internationalisation and firm resources and capabilities.

This study has important implications for academics and practitioners who are likely to benefit from a holistic understanding of the different aspects of SME internationalisation.

Research into the relationship between entrepreneurial ecosystems and sustainability has deepened in terms of both quantity and quality even while still remaining a fragmented and divergent field. Hence, the purpose of this study is to put forward empirical evidence to advance the literature on the relationship between entrepreneurial ecosystems and sustainability. To this end, the authors furthermore identify and highlight a future research agenda.

The source of the empirical analysis in this article stems from the Community Innovation Survey, the leading statistical inquiry of innovation in companies carried out by Eurostat based upon the conceptual framework set out in the Oslo Manual. For modelling the variables, the authors applied binary regression based on logistic distribution.

The results of the research demonstrated how all of the variables considered for entrepreneurial ecosystems (co-operation with suppliers, co-operation with clients or customers, co-operation with universities; co-operation with government, public or private research institutes) return positive impacts on national sustainability

Despite the data spanning only the nine countries in the database, the results enable insights into the theory as the results serve to strengthen already existing considerations on the positive effects of entrepreneurial ecosystems for the sustainability of countries.

The results of the research may generate important implications for company policy formulation. The identification of the relevance of the different actors in entrepreneurial ecosystems and their impact on sustainability may assist firms and policymakers to identify the leading actors and the resources necessary to sustaining their activities and thereby correspondingly establishing their priorities.

The research (1) both deepens the prevailing knowledge on this theme and fills a gap encountered in the existing literature; (2) in practical terms, for managers, entrepreneurs and politicians to better grasp how entrepreneurship constitutes a systemic phenomenon and these systems require approaching in terms of their impacts and greater contributions to obtaining sustainability.

This study aims to map scientific publications, intellectual structure and research trends in the sustainable business model (SBM) field. Specifically, it attempts to (1) identify the fundamental contributions of research in this area of knowledge; and (2) determine the research lines that constitute the most prominent intellectual structure. We leverage these insights to formulate and propose a future research agenda for SBM.

The authors made recourse to the bibliometric, co-citation and cluster analysis techniques. To evaluate potential patterns among articles, we analysed how articles are jointly cited. We further applied hierarchical cluster analysis to the articles and used co-citation analysis to group the interrelated articles into distinct sets.

The results enable the identification and classification of the prevailing theoretical foci in the domain of SBM: (1) SBM implementation; (2) SBM challenges; (3) institutional SBM; (4) circular SBM; and (5) emerging SBM.

This study identifies, explores, analyses and summarises the main theoretical approaches and themes surrounding SBM research to date, contributing to deepening the literature by identifying the priority areas concerning sustainable business models and encouraging future research of an internationally excellent standard.

This study holds the objective of evaluating the impact of formal (e.g. ease of doing business score, start-up procedures to register a business, property rights) and informal (e.g. school life expectancy, collaboration between companies and human capital) institutions on the economic performance of countries in conjunction with the mediating effect of entrepreneurial activities and social performance.

The authors collected quantitative, secondary data from a range of different sources, specifically the World Bank (WB), Global Entrepreneurship Monitor (GEM), World Economic Forum (WEF), Freedom House (FH) and Doing Business (DB) for the years between 2016 and 2018. The authors deployed a quantitative approach based on estimating structural equation models according to the Partial Least Squares (PLS) method.

The authors find that institutions, whether formal or informal, impact positively on economic and social performance with entrepreneurial activities positively mediating the relationship between informal institutions and economic performance and social performance.

The study research holds key implications for strengthening institutional theory. The authors find that our empirical results draw attention to the impact that institutions and their functioning can have on economic performance. Through this alert, the authors aim for researchers, politicians and other diverse decision-makers involved in public policies to prioritise not only the good working of institutions but also fostering entrepreneurship, in order to boost the resulting economic performance.

The study research contributes to the literature by testing the model that links institutions, entrepreneurial activity and economic performance. The authors also help policymakers to become aware of the importance that the quality of institutions has on entrepreneurial activity, and, consequently on economic performance.

National systems of entrepreneurship (NSE) broadly act as a means of allocating resources driven by the constant search for opportunities at the individual level through the launching of new businesses and firms with such activities, and their results are governed by the specific institutional characteristics of each country. In contrast to the institutional emphasis on innovation systems, in which such institutions establish and regulate actions, institutions are only able to regulate those who act with the results stemming from such individual actions, the core driver of national entrepreneurship systems.

Given the challenges faced by companies and societies in general over mitigating climate change, support for sustainable entrepreneurship is fundamental. However, there has to be any study of the impact of national entrepreneurship systems on sustainability. This research therefore analyses the impact of national entrepreneurship systems on the sustainability of countries.

The authors conclude that those countries deploying higher level national entrepreneurship systems return better results in terms of their sustainability.

The authors, thus, seek to contribute towards the academic throughout deepening the knowledge prevailing on the relationship between entrepreneurship and sustainability. The authors also seek to enable managers, entrepreneurs and politicians to grasp how entrepreneurship is a systemic factor, and it is at this level that it may make its greatest contribution to bringing about sustainability.