Real Executives Research Articles

Factors affecting capital structure of businesses in real estate sector on stock exchange

Based on the financial statements of real estate companies listed on Vietnamese stock market, the study has been conducted on factors affecting capital structure. The paper uses GLS (generalized least squared) estimation method related to panel data as well as testing to select the most appropriate model. Research results show that profitable real estate businesses, the ratio of fixed assets to total assets and the number of years of operation have a negative effect on capital structure. In contrast, renewable energy, size and growth are three factors that have positive effects on capital structure. In addition, the corporate income tax rate does not affect the capital structure decisions of real estate businesses. Through research, recommendations for the real estate business executives have been proposed to build an effective capital structure.

DETERMINANTS OF SYSTEMATIC RISK IN HO CHI MINH CITY’ S REAL ESTATE COMPANIES

This paper aims to investigate factors affecting systematic risk in Ho Chi Minh City’s real estate companies for the period of 2010-2018. The research includes two stages: (i) Measuring systematic risk in Ho Chi Minh City's real estate companies following the approach of the Capital Asset Pricing Model (CAPM) of Sharpe [42] and Lintner [20]; (ii) Applying the panel data regression following Pooled OLS (POLS), Fixed Effect (FEM), Random Effect (REM) and General Method of Moments (GMM) models with two-step difference to identify factors affecting systematic risk in Ho Chi Minh City’s real estate companies. Findings from Ho Chi Minh City’s real estate companies indicate that financial leverage, interest rates, inflation are positively associated with the systematic risk, while systematic risk in the past, profitability, liquidity, real estate price index, land access index, economic growth, interest rates, banking sector fragility index and Government efficiency are negatively related to the systematic risk. This unique finding proposes significant implications for real estate executives, investors and policymakers.

An Ethics Briefing to an Executive Team

Business ethics education is most effective when students take an active approach and must respond to various demands and feedback. In this paper we describe a classroom exercise in which students are tasked with delivering an ethics briefing to “executive teams” (role played by other students or even by real executives). Through a combination of individual analysis and group work, students become immersed in real-world ethics problem-solving, in which there are no easy solutions. Students must defend their ethical recommendations as well as challenge those from other groups. The exercise concerns an existing controversial business called Seeking Arrangement. Survey results from graduate students who have participated in the exercise reveal that it is effective in producing better ethics problem solving, as well as greater confidence in addressing ethical issues.

The interaction of testosterone and cortisol is associated with attained status in male executives.

Are hormone levels associated with the attainment of social status? Although endogenous testosterone predicts status-seeking social behaviors, research suggests that the stress hormone cortisol may inhibit testosterone's effects. Thus, individuals with both high testosterone and low cortisol may be especially likely to occupy high-status positions in social hierarchies while individuals with high testosterone and high cortisol may not. We tested this hypothesis by recruiting a sample of real executives and examining testosterone, cortisol, and a concrete indicator of attained status: the number of subordinates over which the executive has authority. Despite the myriad nonhormonal factors that determine organizational promotion, the executives' endogenous testosterone and cortisol interacted to significantly predict hierarchical position: Testosterone positively predicted executives' number of subordinates, but only among low-cortisol executives. The results imply that reducing cortisol levels via stress reduction may be a critical goal not only because doing so will improve health but also because doing so may enhance leadership potential. (PsycINFO Database Record

Industrial Recruitment And Economic Development: A Positional Analysis Of Competing Southeastern States

<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoNormal"><span style="color: black; font-size: 10pt; mso-themecolor: text1;"><span style="font-family: Times New Roman;">In this study of industrial recruitment and economic development, perceptual mapping was used to identify the collective and individual positions of 10 competing southeastern states.<span style="mso-spacerun: yes;"> </span>The perceived position of the "ideal" state also was captured by the study's findings.<span style="mso-spacerun: yes;"> </span>Industrial real estate executives who were surveyed indicated that some states have positioned themselves strategically in terms of quality of life, whereas others are recognized because of their resources and markets or pro-business environment.<span style="mso-spacerun: yes;"> </span>Some states appear better able to take advantage of their position, whereas others face economic development obstacles.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>

Evaluating economic impacts of corporate real estate activities

PurposeInput‐output modeling can accurately forecast the benefits associated with corporate real estate projects. This paper aims to address the economic and employment impact analysis practices used in input‐output modeling and identifies resources for corporate real estate executives when working with community groups and public officials. By understanding this topic, corporate real estate executives can more effectively demonstrate the value of corporate activities to a community. An impact analysis case study is presented that includes an example of economic impact report content. Input‐output modeling is an effective analytical tool for corporate real estate site selection, facilities expansion, and other community relations projects. This study addresses the major issues in corporate/community relationships and focuses on the corporate need to demonstrate project contributions to community economic vitality. As political, special interest, and public views about business expansion and development harden, corporate real estate executives and specialists need to utilize effective tools to balance the debate.Design/methodology/approachThis study presents a review of input‐output economic modeling techniques, application of the model, key terms, a case study of a $2.1 billion expansion project, and a sample outline of an impact analysis report. This approach provides a good conceptual framework, terms, and the application of an economic and employment impact approach to measuring the total contribution of corporate real estate activities in a community or region.FindingsDemonstrates methods measuring economic and employment multipliers resulting from direct, indirect, and induced corporate project impacts. The findings will assist professionals responsible for corporate/community relations by enhancing their understanding of economic impacts.Originality/valueThis paper presents an overview of an effective modeling technique that can be used to accurately estimate the community economic and employment contributions resulting from a new corporate real estate project. Emerging corporate/community relations issues are discussed and resources are identified.

L'organisation de la fonction immobilière dans les grandes sociétés françaises cotées : Étude de l'existence d'un service dédié et d'outils de pilotage spécifiques

Résumé L’objet de cet article est d’évaluer et d’analyser le poids et la gestion de l’immobilier d’exploitation, d’étudier le management immobilier des grandes entreprises en France. La recherche s’appuie sur une enquête réalisée auprès des entreprises du CAC40. Avec près de 77,5 % des réponses, nous avons recueilli suffisamment de données représentatives des grandes entreprises pour analyser la façon dont ces grands groupes et holdings gèrent leur immobilier, principalement d’exploitation, et intègrent leur décision immobilière dans leur stratégie globale. Nos résultats indiquent que l’existence d’un service immobilier dédié au management immobilier diffère statistiquement selon la taille des entreprises. Mais ils confirment également le manque de gestion et de reconnaissance de la fonction immobilière et l’insuffisance des outils de pilotage pour l’immobilier d’exploitation dans l’entreprise en général.

Analyze this! Diagnosing the relationships of clients and consultants

PurposeEveryone has a client. Too often clients complain about their service providers and yearn for people who are just like them. This paper focuses on understanding the differences between clients and consultants, and applying methods for bridging the differences.Design/methodology/approachWhy do end‐user representatives, facility managers, corporate real estate executives, architects and interior designers have difficulty working together? Do factors like education, experience, role and behavior explain conflicts? Focus groups, interviews, case studies, and published research/literature review lead to personality type and role to articulate and ameliorate differences.FindingsSpecific roles for the end‐user representative (internal client), the facility manager/corporate real estate executive (both service provider and client), and the design consultant (outside service provider) are described, along with each “point of view.” The Myers‐Briggs Type Indicator® (MBTI), based upon Carl Jung's personality type theory, provides a vocabulary for explaining obstacles to teamwork. There are large differences between many service providers and internal clients in the S (sensing) – N (intuitive) dichotomy.Research limitations/implicationsAvailable MBTI data is limited by sample size and date. Larger scale studies of each role should be conducted.Practical implicationsRole and personality differences create obstacles to effective team work. Multi‐level (individual, team and organizational) intervention with structured information exchange and shared experiences can provide a foundation for building constructive relationships.Originality/valueFew stakeholders in the client/consultant relationship know why there are difficulties, what the difficulties are … or, how to fix them. This paper provides insight into why the problems occur, along with specific methods for solving the problems.

Using interpretive structural modelling in strategic decision‐making groups

PurposeThe purpose of this paper is to apply interpretive structural modelling in the clarification of the perceptions of different individuals in a managerial group in order to improve group decision making. To limit conflict and increase shared knowledge in group decision making, there is a need to explain differences among group members at the cognitive level.Design/methodology/approachQualitative research has suggested methods that involve personal narratives and in‐depth interviews. The effectiveness of such methods can be enhanced using the techniques of formal logic. The approach used for the case is a simulation of a strategic group decision‐making process using interpretive structural modelling. The simulation contemplates a typical business scenario. It was done using role‐play in strategic corporate problem solving: four functional managerial roles and one general managerial role were assigned. Individual and group relationships were portrayed.FindingsAfter analysing the results the authors found major differences in priority orderings of the different roles. As there are differences in the perception of the priority of the issues in the different managerial roles, it would be more difficult to take a decision.Research limitations/implicationsThe limitations of this research are that it was done with assigned roles instead of real executives. Further research could provide ways of identifying schools of thought in decision‐making groups for strategic issues.Practical implicationsThe practical application of this paper would be in the hypothetical decision‐making arena, improving the decision‐making process among executives working in different functional areas.Originality/valueThe application of formal logic methods to a decision‐making process is the prime contribution of this paper.

Integrating corporate real estate financial reporting into a single systems solution

To identify and prioritise real estate management requirements, Accruent recently surveyed 100 real estate executives, more than half at companies with revenues exceeding US$1bn. The results indicate that the vast majority are looking for better ways to manage their real estate portfolios. Pressured by fast growth and stringent new regulatory reporting requirements, real estate professionals are turning in increasing numbers to centralised systems of record that can track and manage all financial transactions. Until recently, these systems were difficult to justify. Manual processes and spreadsheets were considered sufficient and a ‘just pay it’ mentality prevailed, largely because real estate was considered a fixed cost. While the concept of a centralised enterprise‐wide data repository has long been a topic of discussion among visionaries, new technologies are making the vision a practical reality. It is now possible to implement viable systems of record in cost‐effective stages, beginning with lease administration and extending into other business management systems. Though the effort of implementing systems of record can be considerable, many consider it well worth while because it provides companies with the opportunity to improve existing operational processes significantly.

Industrial recruitment and economic development: a comparative analysis of competing south‐eastern cities using perceptual mapping

In this study of industrial recruitment and economic development, perceptual mapping was used to identify the collective and individual positions of ten competing south‐eastern cities. The perceived position of the “ideal” city also was captured by the study's findings. Industrial real estate executives who were surveyed indicated that some cities have positioned themselves strategically in terms of quality of life, whereas others are recognized because of their resources and markets or pro‐business environment. Some cities appear better able to take advantage of their position, whereas others face economic development obstacles.

Corporate real estate and Sarbanes‐Oxley: Web‐based tools for ensuring compliance and improving financial management

This paper discusses the new SEC reporting requirements passed under the Sarbanes‐Oxley Act in 2002 and its impact on real estate and corporate facilities management data. It will review the impact of this Act on the corporate real estate executive and how corporate real estate groups will be able to benefit from the Act to solve an intrinsic problem in the CRE world today. This problem is the lack of an enterprise‐level technology solution that can integrate and unite all of the workplace data that may be required to fulfil these new SEC reporting requirements and enable management adequately to certify an internal control system for compliance with Sarbanes‐Oxley. A case study on web‐based workplace resource management (WRM) solutions is presented to guide real estate executives to an answer to this problem, as well as to provide an overall solution for greater operational excellence and cost efficiency.

Optimising business performance through innovative workplace strategies

For many years, facility and real estate executives have focused on reducing workplace costs as the primary way to add value to their organisations. They have implemented a variety of measures over time to improve traditional facility metrics such as cost per person, cost per seat and area per person. As global businesses contend with a bewildering array of challenges such as the uncertain world economy, unstable and often plunging stock market values, terrorism and war, however, the search for leverage in every aspect of the organisation is relentless. More is being demanded, especially from workplace assets. The good news is that much more is possible. The concept of ‘workplace’ is being redefined to keep pace with changes in organisations, employees, technology, environmental sensitivity, culture and the nature of work itself. As the approach to workplace becomes more people‐centric and less place‐centric, what emerges is a new possibility for the workplace to be utilised as a strategic business tool. People are the key to business performance; the workplace can enable and catalyse people and the work they do. This paper deals with the process for linking workplace to business performance, key tools, innovative ways of measuring this linkage, and examples of the value a variety of organisations are achieving through their innovative workplace strategies. The paper is intended to provide real estate executives and facility managers with greater perspective on the contribution that the workplace can make to achieving business objectives. It will also explore ways of incorporating adaptability and flexibility into the design aspect of workplace strategies to achieve maximum velocity and return on investment. As organisations struggle to adapt to current business conditions, a high‐performance workplace is no longer simply a desirable long‐term goal; it may well be a key to survival.

Putting corporate real estate executives in the driver’s seat: Information technology tools enable new possibilities

Tools for real estate planning, acquisition, disposition and portfolio management have improved dramatically over the past several years, creating new potential for corporate real estate executives to deliver workplace solutions in a more timely, cost‐effective manner throughout the occupancy life cycle. As large ‘customers’ in the real estate industry, corporate real estate (CRE) executives can impact the development and application of the next generation of information tools. In addition, widely expanded access to market information puts them in a more powerful position relative to other industry players. These factors uniquely position CRE executives to take advantage of new possibilities.

Intuitive retail modelling: Does science have anything to offer?

In the world of corporate real estate, there are as many intuitive methods for decision‐making as there are real estate executives. Some executives may use comparisons of new sites to existing sites. Others have a checklist of characteristics that sites must have in order to be a ‘go’. Still others examine neighbourhoods around sites to determine if they will be successful. The current paper takes a look at the intuitive ways that real estate executives make decisions and demonstrates how scientific modelling mimics these decision strategies.

Industrial Recruitment and Economic Development: A Comparative Analysis of Competing Midwestern States Using Perceptual Mapping

ABSTRACT In this study, perceptual mapping was used to identify the collective and individual positions of 10 competing midwestern states. The perceived position of the “ideal” state also was captured by the study's findings. Industrial real estate executives who were surveyed indicated that some states have positioned themselves strategically in terms of quality of life, whereas others are recognized because of their resources or pro-business environment. Some states appear better able to take advantage of their position, whereas others face development obstacles.

How companies can deliver flexible, effective corporate real estate fast

With corporations reinventing and changing themselves with increasing frequency and speed, what is the real estate industry doing to enable that change? This paper presents the perspectives of a corporate tenant, a developer and an interior designer to answer the question of what some companies are doing to make workspace more flexible and to shorten the cycle time for the processes by which workspace is constructed, procured and fitted‐out for new occupancy. The following questions will be answered ‐ In the low vacancy market prevalent in so many parts of the United States, what strategies are corporate real estate executives in high‐growth companies using to acquire space fast? ‐ What trends are emerging in the industry to streamline the processes to build, acquire, fit‐out and manage space? ‐ How is the industry changing its product to ensure that the space that is delivered can meet a variety of users and uses as occupants churn through the space in unforeseen ways?

A Note on the Development Advantages of the Southern States: Perceptual Mapping as a Guide to Development Marketing and Policy

In this study, perceptual mapping was used to identify the collective and individual positions of 10 competing southern states. The perceived position of the ideal state also was captured by the study’s findings. Industrial real estate executives who were surveyed indicated that some states have positioned themselves strategically in terms of quality of life, whereas others are recognized because of their resources or business environment. Some states appear better able to take advantage of their position, whereas others face development obstacles.

Creating an effective organisational model

CRE value is created by efficiently aligning business and real estate strategies. The primary responsibility in today’s environment for corporate real estate executives is to understand the business that they are in, and to leverage that knowledge to make real estate strategies and decisions that support and enhance the profitability of the company. The first step in this process is gaining business knowledge through aligning real estate and business strategies and goals. This paper looks at one way of establishing an organisation that efficiently captures and utilises business information to develop value‐added real estate strategies.

Merger preparation: A key to proactive CRE management

Corporate real estate executives and their departments can benefit themselves and enhance the value added to their companies by taking applying a merger perspective to their departmental organisation and activities. The dynamics and expectations experienced in actual merger situations can provide a foundation from which to improve one’s departmental organisation, data collection/retention and management techniques, regardless of whether a corporate merger is in one’s future. This paper outlines the components of the merger experience and investigates the benefits of adopting a merger perspective.