Hasil untuk "Real estate business"

Nashwan Ghazi Hameed Aldoury, Osman Kurter, Essia Ries Ahmed

The primary objective of this study is to examine the effect of business strategic orientation on organizational profitability. In addition, this study investigates the moderating role of the Accounting Information System (AIS); its dimensions of aggregation (AISA), integration (AISI), and timeliness (AIST), on the relationship between business strategic orientation and banking profitability. Chief Executive Officers (CEOs) and Chief Financial Officers (CFOs) were sample target subsets for this research. The chosen banks received a total of 152 questionnaires. A minimum of 113 respondents was considered a sufficient sample size based on the study's requirements. The Partial Least Squares (PLS) method was utilized to evaluate the survey data. Results indicate that cost leadership (BSCLS) has a positive but marginally significant effect on profitability, whereas innovative differentiation (BSID) significantly enhances banking profitability. Regarding the moderating role of AIS, aggregation (AISA) positively and significantly strengthened the cost leadership (BSCLS) profitability relationship but had a negative and significant moderating effect on the innovative differentiation (BSID) banking profitability link. AISI shows negative and insignificant moderation for cost leadership (BSCLS), and positive but insignificant moderation for innovative differentiation (BSID). AIST, negatively and significantly, moderates the cost leadership (BSCLS) profitability relationship, while it positively and significantly moderates the innovative differentiation (BSID) banking profitability relationship. These findings highlight that the effectiveness of strategic orientation on banking profitability is contingent on specific dimensions of the AIS.

Julia Wein, Benedikt Gloria, Ben Höhn et al.

This paper quantifies the financial implications of carbon emissions on real estate investments by analyzing the relationship between asset-level carbon intensities and the valuer-based Gross Asset Value (GAV) in the German office market. Using the CRREM (Carbon Risk Real Estate Monitor) Tool, annual carbon emissions of assets are calculated, and transition risks are assessed on the grounds of sciencebased decarbonization pathways. A hedonic regression model is applied to evaluate the impact of carbon intensity on asset values. Contrary to existing literature, our findings suggest that GAV is not significantly affected by the carbon intensity of buildings. To investigate the dataset further, a logit model is used to examine how stranding risks influence value-driving characteristics such as vacancy rates. The findings show that stranded assets have a significant impact on vacancy rates, highlighting that market demand might not be fully reflected in valuations. This paper provides evidence that traditional valuation approaches may inadequately account for the effects of carbon intensity and transition risks, potentially misrepresenting market dynamics.

Derkacz Arkadiusz J., Cohen Viktorija

Our research into the fast-growing segment of the rental market fits perfectly with the current wave of excitement. In this research, we attempt to answer a fundamental question: how large is the rental segment in Poland? To our surprise, the answer to this key question remains wrapped in mystery, with an absence of continuous studies disclosing its true size.

Mukund Nimisha, Vijayakumar Anandhu, Davidova Jelena

This research aims to analyse the factors influencing the sustainable development of innovation hubs in the Indian green building sector. The research focuses on the significance of innovation hubs in enhancing sustainability in the Indian green building sector. These hubs decrement costs, improve market value, attract huge investments and generate job opportunities. Innovation hubs promote reducing waste, effectively using resources and mitigating carbon emissions. Incorporating advanced green technologies through innovation hubs helps to develop more eco-friendly architectural solutions. The authors utilized quantitative methodologies to gather and analyse the acquired data. Primary data is collected through a digital survey, and secondary data is acquired by retrieving information from articles and journals of academic databases. Snowball sampling was used by the authors, and 150 individuals participated in the survey. The obtained data is analysed using the Chi-square test and Spearman correlation to identify the strength of the relationship between identified variables and innovation hubs in the green building sector in India. The factors are government policies and regulations (0.709), technological advancements (0.648), skilled workforce (0.517), market demand (0.619), public-private partnerships (0.527), and supply chain efficiency (0.501). A model is developed to enhance the sustainable innovation hubs in green buildings in India.

Pierluigi Morano, Leonardo Damiani, Paola Amoruso et al.

The use of the public State-owned lands for privately managed bathing establishments involves the payment of a properly agreed concession fee and the definition of its duration. On these aspects, Italy appears not to be in line with the current European legislation and therefore an update of the current legal provisions presupposes an investigation to identify the existence and the extent of the imbalances between the paid fee and the real revenues of the bathing activities. Starting from an overview of the international and national regulations on the topic of the bathing concessions, the research intends to provide an empirical analysis of existing gaps between the annual concession fee currently paid by the private operator and the annual revenues deriving from the bathing activity of each facility, for supporting the public administrations in determining the fair bathing concession fee to be paid to the State domain. With reference to a sample of bathing establishment located in the Apulia region (southern Italy) randomly selected through a web survey, the first results are provided and discussed.

Sevgen Sibel Canaz, Tanrivermiş Yeşim

In recent years, machine learning algorithms have been used in the mass appraisal of real estate. In this study, 5 machine learning algorithms are used for residential type real estate. Machine learning algorithms used for mass appraisal in this study are Artificial Neural Networks (ANN), Random Forest (RO), Multiple Regression Analysis (MRA), K-Nearest Neighborhood (k-nn), Support Vector Regression (SVR). To test the study, real estate data collected from the central districts of Ankara, were used. The main purpose of this study is to find out which machine learning algorithm gives the best results for the mass appraisal of real estates and to reveal the most important variables that affect the prices of real estate. According to the results obtained for the city of Ankara, it was observed that the best algorithm for mass appraisal is RF in residential-type real estates, followed by the ANN, k-nn, and linear regression algorithms, respectively. According to the results obtained from the residential real estate, it was concluded that heating and distances to places of importance had the greatest effect on the value.

Pierfrancesco De Paola

“Agenda 2030” is a wide-reaching plan established by the United Nations, in which 17 Sustainable Development Goals (SDGs) with 232 related indicators highlight the most important economic, social, environmental and governance challenges of our time [...]

Qiuhong Zhao, Mingrui Ding, Chengfeng Wu et al.

Real estate brokerage has experienced the rapid growth over the past two decades in China, with a significant increase of employees. In particular, in the megacities like Beijing, the growth of employees exceeds the growth of real estate transaction volume. This may lead to the wastage of labor resources. In this regard, the optimal employee size (OES) in China’s real estate brokerage is proposed from the perspective of opportunity costs, which include both under-size and over-size costs. In the proposed OES models, a real estate brokerage firm makes the optimal decisions of number of employees by minimizing expected opportunity costs. In addition, an iterative algorithm is employed to obtain the optimal employee size in different scenarios. The result reveals that high profit gained from the business does attract more employees than what is needed. By addressing various scenarios based on the game model, it is found that asymmetric competition, the increase of market participants, and demand fluctuations also contribute to the labor resources wastage in real estate brokerage industry. The theoretical analysis results are verified by taking Beijing as the case study. Finally, suggestions for reducing labor resources wastage in real estate brokerage of China are provided.

Qian Wu, Ziyang Zheng, Wenbo Li

As the development trend of the future housing field, green housing is an effective way to reduce pollution, save energy, and promote industrial upgrading. At the same time, the green house is of great significance to change the development mode of the construction industry and promote the sustainable development of the social economy. This study proposes a comprehensive research model to examine the influencing mechanism of residents’ intention to purchase green buildings. The proposed model is empirically tested using data collected from 1,338 urban residents in China. Based on logit, probit, and ivprobit models, factors such as personal characteristics, housing price, and the number of real estate ownership are selected to conduct empirical analysis and mechanism analysis on willingness that affects consumers’ purchase of green houses. The results show that housing assets significantly affect the willingness of householders to pay for green houses. The more houses they own, the higher their willingness to pay for a green house will be. Similarly, if the housing prices are higher, householders are more willing to buy a green house. The amount of housing assets will affect the willingness of householders to pay for green housing through the way of individual happiness. In terms of the characteristics of the householder, if the householder is more educated, unmarried, his willingness to buy a green house will be stronger, and owning housing assets may affect the individual happiness due to the housing wealth effect brought by rising housing prices. People with more housing assets are more likely to have the happiness brought by higher wealth, which may affect the purchase intention of householders.

E. V. Popov, A. Y. Veretennikova, S. A. Fedoreev

The rapid development of digital platforms, the formation of new business models of interaction between the economics agents, as well as the problem of increasing the efficiency of resources have generated the need to develop new approaches to the exchange of resources using modern digitalization opportunities. The purpose of our study is to develop models of business processes for the exchange of financial resources on crowdinvesting platforms using tokenization. The research subject is the economic relations between transactions on crowdinvesting platforms participants. The authors proposed a typology of business processes of crowdinvesting platforms, taking into account the type of transaction scenario (credit (closed) and speculative (opened)), which allows grouping the processes of exchange of financial assets allocated by the Cambridge Center for Alternative Finance. In addition, traditional models of financial assets exchange on a crowdinvesting platform are described. We proposed models of the exchange of financial assets on a crowdinvesting platform considering the tokenization process. Also, we substantiated that the tokenization will significantly increase the liquidity of over-the-counter securities, shares of non-public joint-stock companies, investments in real estate construction projects. The theoretical significance of the results obtained lies in expanding the theoretical and methodological basis for the development of the sharing economy in the financial area. The practical relevance of the proposed model is in the possibility of its application in improving the processes of exchanging financial resources on crowdinvesting platforms.

Guijarro Francisco

This paper introduces a new approach to the sales comparison model for the valuation of real estate that can objectively estimate the coefficients associated with the explanatory price variables. The coefficients of the price adjustment process are estimated from the formulation of a quadratic programming model similar to the mean-variance model in the portfolio selection problem and are shown to be independent of the property to be valued. It is also shown that the sales comparison model should minimize the variance of the adjusted prices, and not their coefficient of variation as indicated by some national and international valuation regulations. The paper concludes with a case study on the city of Medellín, Colombia.

Boris Khrustalev, Ekaterina Klyueva, Sergei Zakharov

The article addresses the efficiency of construction holding companies that operate in the housing market of one Russian region. The main trends in the development of construction holding companies in the Penza region are outlined within the framework of the Strategy for the social and economic development of the Penza region through 2035. The co-authors analyze the principal characteristics of Termodom, a Penza-based construction holding company. In particular, they explore the implementation of its market strategy, the cyclical nature of the housing market development, cycles of construction project development and implementation, and real estate sales over the period exceeding the last five years. Research methods include theoretical analysis and empirical research such as statistical data analysis, as well as data description and grouping. The co-authors have studied works on the operation of construction enterprises, research articles, monographs, electronic resources, and legal acts. Research methods, employed by the co-authors, include description, comparison, and classification. The coauthors use practical approaches to the monitoring and analysis of the activities performed by various construction holding companies with a special focus on the milestones of their strategic development and with regard for the factors of internal and external environments. This approach has enabled the co-author to project the main patterns of future sustainable development of these enterprises and the construction industry as a whole. It is necessary to develop a system of legislative, regulatory and economic standards to efficiently solve the problem of unfinished construction projects, to switch over to innovative technologies and implement other innovations and proper development strategies with a focus on investments, innovations, internal and external market potential. The proper analysis of factors of external and internal environments is a must for the successful attainment of these objectives.

Arturas Kaklauskas, Natalija Lepkova, Saulius Raslanas et al.

This review presents an analysis of three hypotheses. The articles provide a specific perspective on green housing before, during, and post COVID-19. The validations of these hypotheses were performed by analyzing the scientific literature worldwide and by adding a statistical analysis of appropriate articles from the Scopus database. The purpose of this review is to overview the research written on housing developments during the upsurge of COVID-19 along with the responses from the green building sector, because this field appears to be rapidly emerging by the sheer volume of research studies currently undertaken. Foremost peer-reviewed journals covering construction, urban studies, real estate, energy, civil engineering, buildings, indoor air, management, economics, business, environmental studies, and environmental sciences that were published last year were selected for review. The review was conducted by applying a combination of various keywords and the criteria for paper selection, including sustainable building, green construction, green building, resource-efficient, a building’s lifecycle, COVID-19, energy, water, consumption, health effects, comfort, occupant behaviors, policy, economy, Industry 5.0, energy-efficient retrofitting, and profit. Two, innovative elements in this study stand out when comparing it with the most advanced research on green housing before, during, and after COVID-19. The first innovation relates to the integrated analyses of COVID-19 pandemic, housing policies of countries and cities pertinent to COVID-19 that impact green housing and the wellbeing of their residents as well as the impact made by residents and a housing policy on the dispersion of COVID-19. This research additionally establishes that a green building analysis is markedly more effective when the analysis comprehensively covers the life process of a green building, the participating interest groups that have their own goals they wish to implement, the COVID-19 situation, and the external micro- and macro-level environments as a singular entity.

Metallinos Pavlos

For years, the European Commission has focused on the production process of the construction industry, because this branch is included in the critical conditions for the European capitalism development. As such, it has focused on implementing modernization policies and increasing the productive capacity of construction companies and optimising the technical outcome for the benefit of its funds and the European society. For this reason, its benchmark has been focused on saving through the BIM practice of the unnecessary expenditure paid by funds that finance the construction of public works to meet more social needs. The author researches the transaction of the EU construction branch from craft to industrial production process using BIM. The subject of the research is approached methodologically through the examination of studies in the field of the construction branch. Announcements and Directives issued by the EU have been taken into account in comparison with national law and practices applied and used by individual Member States, especially by Hellenic public authorities, in order to identify why the EU insists on the use of digital building (3D), schedule management (4D) and cost management (5D) applying the productive process of construction public works. However, it is proven that the necessary incentive to increase BIM application usability does not seem to be perceived, since BIM applicability is not widespread compared to the executed construction volume.

M. I. Rodnov

Background. The microfinance system has an important, although not always positively perceived by society, importance in the modern economy and public life. It inherits the traditions of the most ancient phenomenon – usury, unofficial lending. The history of usury in the Russian Empire, due to its shadow nature, has practically not been studied in scientific literature, there is only graphic evidence of it in fiction. The services of usurers were used primarily by the ordinary population, but entrepreneurs also often turned to them, especially in the first post-reform decades, when the banking system was only at the stage of formation. The purpose of the work is to study this hidden socio-economic phenomenon on the example of Ufa. Materials and methods. The sources of this study are two types of documents: publications in the “Senatskie obyavleniya” (when real estate was registered as collateral for large borrowings), as well as information from the Ufa branch of the Volzhsko-Kamsky Commercial Bank, which was used by usurers. The modernization concept does not imply a simple linear formation of the banking services market; in the process of gradual folding of the modern financing system, archaic forms of economic life persist for a long time. Results. Although the article provides information on the city of Ufa, this is one of the first concrete studies of the usury mechanism in Russian historiography. The approximate personal composition of the Ufa “community” of private, unofficial creditors is revealed, the objective conditions of provincial economic life are shown, which retained the need of the local business community for non-bank financing, the approximate scale of usury in Ufa is presented. Conclusions. The data presented in the article indicate that in the conditions of the transition from a traditional to a market economy, archaic forms of lending persisted for a long time. Only since the 1880s we can talk about the gradual ousting of usury from the financial market of Ufa, local entrepreneurs are switching to modern forms of lending, the services of usurers are used mainly by the ordinary population for consumer purposes.

Liang Peng

AbstractIt is challenging to estimate granular‐level indices of infrequently traded assets because data can be extremely scarce—the degree of freedom can be near zero if the estimation only uses local properties. This article applies a parameter‐reduction approach to U.S. commercial real estate data, and estimates metro‐level total return indices by property types from 1997 to 2014. This article further evaluates the economic merits of the indices. Test results suggest that the estimated metro indices have significant explanatory power, both in‐ and out‐of‐sample, for local property returns.

Prenaj Vlora, Ismajli Hysen

The aim of the present study is to review the definitions of the enterprises in the European Union, Western Balkans and Kosovo. The study also proposes the classification and comparison of small, medium-sized and large enterprises in the European Union, Western Balkan countries, such as Albania, Montenegro, Macedonia, Croatia, Bosnia and Herzegovina, Serbia, and in Kosovo. The study has been performed using the legal, economic, comparative and practice methodology. The results of the study suggest that states should have control over the categorization of enterprises, so the enterprises with higher economic power cannot have the opportunity to hurt those with lesser economic power, all based on the regulation law and its implementation in practice.

Carini Manuela, Ciuna Marina, De Ruggiero Manuela et al.

This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV), useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat sales technique concerning the inability to take into account the characteristics of individual properties.

Michael Wasserman

Kobylińska Katarzyna, Cellmer Radosław

The patterns and relations between real estate prices and the factors which shape them can be presented, among others, in the form of traditional statistical models, as well as by means of geostatistical methods. In the case of research involving the diagnosis and prediction of transaction prices, the key role is played by the spatial aspect, hence the particular significance of geostatistical methods using spatial information.