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This paper examines the evolution and impact of property development activities on REIT performance. The paper provides insights on whether REITs should venture into property development in addition to their core-business of holding income producing properties.

This paper charts and highlights the evolution of development activities of US REITs from 1992 to 2020. The Tobin's Q of property developing REITs and non-property developing REITs are compared using univariate analysis.

Development activities of US REITs grew dramatically during the run up to global financial crisis (GFC) in 2008. The level of development activities has dropped since the GFC and it has not return to its pre-crisis peak. In comparison, development activities of listed property investment companies and homebuilders are less volatile over the same period. The data reveals that property developing REITs enjoy significantly higher Tobin's Q as compared to their non-developing counterparts.

Our graphical evidence from a market without development restriction suggests that development restriction in other REIT regimes has it value in limit REITs' excessive risk-taking tendency during a booming property market. The positive relationship between Tobin's Q and the existence of property development activity support the value creation of this business activity to REITs.

This paper raises overbuilding as a potential cause of the underperformance of the REIT sector during the GFC.

HARROGATE will be notable as the venue of the Conference in one or two ways that distinctive. The Association Year is now to begin on January 1st and not in September as heretofore; and, in consequence, there will be no election of president or of new council until the end of the year. The Association's annual election is to take place in November, and the advantages of this arrangement must be apparent to everyone who considers the matter. Until now the nominations have been sent out at a time when members have been scattered to all parts of the country on holiday, and committees of the Council have been elected often without the full consideration that could be given in the more suitable winter time. In the circumstances, at Harrogate the Chair will still be occupied by Sir Henry Miers, who has won from all librarians and those interested in libraries a fuller measure of admiration, if that were possible, than he possessed before he undertook the presidency. There will be no presidential address in the ordinary sense, although Sir Henry Miers will make a speech in the nature of an address from the Chair at one of the meetings. What is usually understood by the presidential address will be an inaugural address which it is hoped will be given by Lord Irwin. The new arrangement must bring about a new state of affairs in regard to the inaugural addresses. We take it that in future there will be what will be called a presidential address at the Annual Meeting nine months after the President takes office. He will certainly then be in the position to review the facts of his year with some knowledge of events; he may chronicle as well as prophesy.

The COVID-19 pandemic has resulted in numerous innovative engineering design solutions, several of which leverage the rapid prototyping and manufacturing capabilities of additive manufacturing. This paper aims to study a subset of these solutions for their utilization of design for AM (DfAM) techniques and investigate the effects of DfAM utilization on the creativity and manufacturing efficiency of these solutions.

This study compiled 26 COVID-19-related solutions designed for AM spanning three categories: (1) face shields (N = 6), (2) face masks (N = 12) and (3) hands-free door openers (N = 8). These solutions were assessed for (1) DfAM utilization, (2) manufacturing efficiency and (3) creativity. The relationships between these assessments were then computed using generalized linear models to investigate the influence of DfAM utilization on manufacturing efficiency and creativity.

It is observed that (1) unique and original designs scored lower in their AM suitability, (2) solutions with higher complexity scored higher on usefulness and overall creativity and (3) solutions with higher complexity had higher build cost, build time and material usage. These findings highlight the need to account for both opportunistic and restrictive DfAM when evaluating solutions designed for AM. Balancing the two DfAM perspectives can support the development of solutions that are creative and consume fewer build resources.

DfAM evaluation tools primarily focus on AM limitations to help designers avoid build failures. This paper proposes the need to assess designs for both, their opportunistic and restrictive DfAM utilization to appropriately assess the manufacturing efficiency of designs and to realize the creative potential of adopting AM.

Social enterprises are defined in practice in terms of one operational model generating measurable value in more than one of the economic, social and natural/ecological value denomination categories. However, entrepreneurship theory does not generally or explicitly reflect this definition, which has generated confusion about the social enterprise concept. The purpose of this paper is to contribute to social enterprise theory by delineating novel aspects of this definition and their conceptual ramifications.

The authors review the social enterprise literature with a focus only on the most original contributions and most distinct research questions. The authors do not explicitly review research on traditional for-profit entrepreneurial ventures, not-for-profit/non-governmental organizations or mainstream social entrepreneurial ventures.

The authors offer several implications for social enterprise theory based on practices that are unique to the area but not amenable other areas of entrepreneurship. The contribution is instrumental to establishing social enterprise as a distinct theoretic area.

By focusing on novel aspects of social enterprise not easily explainable by mainstream theoretic traditions, the authors offer an original contribution to the development of social enterprise theory.

Despite its rapid development in the last decade, facilities management (FM) stills suffers from an identity crisis as the definition and scope of FM remains a contentious issue. To this end, three fundamental issues are re‐examined in this paper: what FM constitutes; what a facility manager is; and how the FM profession can be enhanced. These issues remain critical as they represent the building blocks of the FM discipline. Without a common platform, the development of FM is likely to be fragmented. An evaluation of the definitions of FM provided in the past suggests that the focus of FM is clearly on the workplace. The key issues confronting FM are the location, type, quantity, quality, content and allocation of the workspace. A professional facilities manager is one who is formally trained and whose main responsibility is the strategic management of the workplace. Three factors are suggested to be important for the development of FM as a professional discipline. They include a clear role and scope of FM in the industry and firm, contribution to the bottom‐line of the firm, and development of specialist knowledge and toolbox for addressing the problems of strategic workplace management. Some potential areas for theoretical developments have been suggested in this paper.

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Employing a multifaceted approach, the study combines parametric and nonparametric tests, robustness checks, and regression analysis to assess the impact of Airbnb’s announcements on emerging economy stock markets.

Airbnb’s announcements affect emerging economies' stock markets with a distinct pattern of cumulative abnormal returns (CAR): negative before the announcement and positive afterward. Informed investors strategically leverage this opportunity through short selling before the announcement and acquiring positions following it. Regression analysis validates these trends, revealing that stock index returns and inbound tourism affect CAR before announcements, while GDP growth influences CAR afterward. Announcements pertaining to emerging economies exert a more pronounced impact on stock indices compared to city-specific announcements, with COVID-19 period announcements demonstrating greater significance in abnormal returns than non-COVID-19 period announcements.

This study advances existing literature through a comprehensive range of statistical tests, differentiation between emerging countries and cities, introduction of five macroeconomic variables, and reliance on credible primary Airbnb data. It highlights the potential for investors to leverage Airbnb announcements in emerging markets for stock market profits, emphasizing the need for adaptive investment strategies considering broader macroeconomic factors.

The purpose of this paper is to investigate the moderating effect of employee emotional intelligence on the relationship of intra‐department communications and employee's reaction to organizational change in China.

Based on the literatures in organizational change, organizational communications and emotional intelligence, the authors derived three hypotheses which were tested with data collected in a large state‐owned enterprise (SOE) in the telecommunication industry. Factor analysis and regression analysis were combined for the hypothesis tests.

It was found that intra‐department communications positively influenced employee's reaction to organizational change with employees' emotional intelligence moderating the relationship. When employee's emotional intelligence is higher, intra‐department communication has greater positive effect on employee's reaction to change.

With the adopted western measurement scales, this study was unable to reveal the Chinese contextual aspect of organizational communications. As the data were self‐reported, they may have common source deviation.

To foster and maintain employees' positive reactions to change, managers and organizations may consider developing strategies to improve employees' emotional intelligence, so as to embrace future changes.

This is an initial effort in examining the joint effect of intra‐department communications and employee's emotional intelligence on employee's reaction to organizational change. It may lead to additional research on organizational change management.

The purpose of this paper is to identify the drivers of residential price as well as the degree co-movement of housing among different states in Malaysia.

This study adopted an advanced econometrics technique: the dynamic autoregressive-distributed lag (DARDL) and – the time-frequency domain approach known as the wavelet coherence test. The DARDL model was applied to identify the cointegrating relationships and the CWT was used to analyze the co-movement and lead–lag relationships among four states’ regional housing prices. The extracted data were mainly on annual basis and comprised macroeconomics and financial factors. Information with regard to residential prices and other variables was extracted from the National Property Information Centre (NAPIC) website, the Central Bank of Malaysia Statistics Report, the Department of Statistics, Malaysia, I-Property.com and the World Bank (WB). The data covered in this study were the pool data from four main states in Malaysia and different categories of residential properties.

The empirical results indicate that there were long-run cointegration relationships between the housing price and capital gain and loss, rental per square feet, disposable income, inflation, number of marriages, deposit rate, risk premium and loan-to-value (LTV) ratio. While the wavelet analysis shows that (1) in the long run, Kuala Lumpur housing price having strong co-movement with Selangor, Penang and Melaka housing prices except for Johor and (2) the lead–lag relationship also postulates Kuala Lumpur housing price having in-phase category with Selangor, Penang and Melaka housing prices except for Johor.

This study offers relevant practical implications. First, the study proposes an active collaboration between the private sector and government support which may help to smooth the pricing issue of residential properties. More low-cost residential projects are needed for focus groups including middle- and low-income earners. Furthermore, the results are expected to provide real estate investor in Malaysia, an improved understanding of the regional housing market price dynamics.

The findings of this study were obtained from various reliable sources; therefore, the results reflected the analysis of price drivers and co-movements. Furthermore, findings from this study lend some support to the argument on the rise of residential prices and offer several policy implications from a practical point of view with regard to the residential market.

The purpose of this study is to connect disruptive innovation and sharing economy by exploring the underlying mechanisms of how a disruptive innovation–based business project creates, delivers and captures value in sharing economy through analyzing the case of bike sharing in China.

An elaborate case study is used to unfold the process as well as the underlying mechanism and relationships among disruptive innovation, business model, bike-sharing business and value creation in sharing economy.

Bike sharing case fits well in disruptive innovation theory. Its low price and great convenience have led to rapid development in China. However, failures to improve their products and services and build an effective business model which can create, deliver and capture value have caused the failure of many bike-sharing companies. Other factors such as strategic decision-making, internal management problems, external conflicts as well as uncivilized consumer behaviors have also inhibited the sustainable development of bike-sharing companies.

The theoretical contributions of this study include the following: to explore how a disruptive innovation–based business creates, delivers and captures value successfully in sharing economy. This study contributes to both research and practice on disruptive innovation and sharing economy.

In this study the authors set out to investigate the nature of administrative control in school districts in general and the control processes and activities employed in instructionally effective school districts in particular. Nine control functions are identified which are assumed to affect student outcomes by influencing the culture and technology (curriculum and instruction) of schools. Data were collected from interviews of superintendents in 12 effective school districts in California. The findings revealed inter alia more district‐level control of principal behavior and site activity than anticipated; control functions that were pervasive and connected; a wide range of control mechanisms; and the key role of the superintendent in connecting schools and district offices.