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Modelling the Value Adding Attributes of Real Estate to the Wealth Maximization of the Firm

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Author Info
Anna-Liisa Lindholm () (Helsinki University of Technology, Institute of Real Estate Studies, P.O. Box 1200, FI-02015 HUT, Finland)
Karen M. Gibler () (Georgia State University, Department of Real Estate, P.O. Box 4020, Atlanta, GA 30302-4020)
Kari I. Levainen () (Helsinki University of Technology, Institute of Real Estate Studies, P.O. Box 1200, FI-02015 HUT, Finland)
Abstract

Firms develop strategies to help them achieve their primary goal of maximizing the wealth of the shareholders. These strategies should define the supporting role corporate real estate management plays; however current theory and practice do not adequately identify the direct and indirect methods by which corporate real estate management (CREM) adds value to the firm. We develop a model of how real estate adds value to the firm to help fill this void. This model can be then used to develop more precise and complete metrics to measure the value real estate adds to the firm.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol28n04/05.445_476.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 28 (2006)
Issue (Month): 4 ()
Pages: 445-476
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jre:issued:v:28:n:4:2006:p:445-476

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Elena Cefis & Matteo Ciccarelli, 2005. "Profit differentials and innovation," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 14(1-2), pages 43-61, January. [Downloadable!] (restricted)
  2. Hugh O. Nourse & Stephen E. Roulac & Stellan Lundstrom, 1993. "Linking Real Estate Decisions to Corporate Strategy," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 475-494. [Downloadable!]
  3. Wei Kium Teoh, 1993. "Corporate Real Estate Management: The New Zealand Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 607-624. [Downloadable!]
  4. Robert H. Pittman & Joel R. Parker, 1989. "A Survey of Corporate Real Estate Executives on Factors Influencing Corporate Real Estate Performance," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 107-120. [Downloadable!]
  5. Wolfgang Schaefers, 1999. "Corporate Real Estate Management: Evidence from German Companies," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 301-320. [Downloadable!]
  6. Marcus T. Allen & Ronald C. Rutherford & Thomas M. Springer, 1993. "The Wealth Effects of Corporate Real Estate Leasing," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 567-578. [Downloadable!]
  7. Neil G. Carn & Roy T. Black & Joseph S. Rabianski, 1999. "Operational and Organizational Issues Facing Corporate Real Estate Executives and Managers," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 281-300. [Downloadable!]
  8. Karen M. Gibler & Roy T. Black, 2004. "Agency Risks in Outsourcing Corporate Real Estate Functions," Journal of Real Estate Research, American Real Estate Society, vol. 26(2), pages 137-160. [Downloadable!]
  9. Hugh O. Nourse, 1994. "Measuring Business Real Property Performance," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 431-444. [Downloadable!]
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