An ongoing debate in the corporate finance world concerns the question of a firm's optimal capital structure. More specifically, is there a way of dividing a firm's capital into debt and equity so as to maximize the value of the firm? From a practical standpoint, this question is of utmost importance for corporate financial officers. Yet, the academic literature has not been very helpful to provide clear guidance on practical issues. Except for a few theoretical models, there is a lack of literature concernmg how companies should decide their leverage ratios in practice. These models are unfortunately not applicable in real practice because of their inability to provide managers with a precise optimal leverage level. The purpose of this study concerns the practical matter of deciding the appropriate capital structure and the possibility of improvement for the companies. Specifically: How do the case companies decide their capital structure? Are their current capital stmctures optimal or is there room for improvement? To be able to examine these questions it was necessary to investigate companies that are as comparable as possible within the same industry. Different industries were identified based on the Johannesburg Stock Exchange industry classification and were analyzed for comparability issues. The real estate industry was found to experiences very similar business and has an opportunity to take more debt due to the nature of its asset structure. Three companies were selected from the property segment of the real estate industry based on their leverage ratios and companies with highest, medium, and lowest leverages in the industry were selected. Gold-edge was found to be the highest levered company in the industry, while Samrand and Putprop were found to be average and least levered in the industry respectively. The findings indicate that none of the companies uses capital structure models when deciding their capital structure. The case companies' capital structure indicates that Gold-edge's current capital structure is considered as close to optimal as possible while Putprop and Samrand current capital structure are not optimal and there is room for improvement. / Thesis (MBA)-University of Natal, Durban, 2003.

This research was conducted with the intention of accomplishing effective property management (PM) in order for public sector properties in South Africa (SA) SA to fulfil more remarkably, public sector property stakeholders’ requirements. In particular, this study was concluded within a South African municipal environment with the specific purpose of alleviating South African municipalities from problems associated with overall poor operational performance, dissatisfied public sector property stakeholders, and inadequacies in competitiveness and global alignment. The primary objective of this study was to develop a performance model deemed necessary for the effective management of public sector properties in SA. This was achieved by developing a performance model for effective management of public sector properties, a model to systematically monitor, measure and control current expectations and changes within a public sector property management function. Herewith, performance model for effective management of public sector properties in South Africa. At the time of conducting this study, there was no conceptual model developed for performance management of public sector properties. In order to develop the performance model, the conceptual model identified key elements that included: 1) obsolescence and strategic factors; 2) global alignment; 3) finance and cost control; 4) PESTEL impact; 5) transformation and sustainability; 6) leadership and governance; and 7) monitoring, measurement and control as influences that directly impact a perceived successful management of public sector properties in SA. The study also took the form of a quantitative research project that included a formal survey of the identified population sample. The main statistical procedure employed was Structural Equation Modelling (SEM). Originally, the study offered 24 hypotheses; however, only 11 hypotheses could be confirmed by SEM measurement. Therefore, through SEM, the significance of the relationships between variables could be tested. Appropriate quantitative data were collected from public and private South African Built Environment professionals, students and other academics. The research made use of snowball sampling through questionnaires, with a sample size of 171. It is anticipated that findings of this study will be acknowledged by public sector PM in an effort to resolve PM problems through the incorporation of pertinent recommendations. Likewise, since the performance model for effective management of public sector properties was not extant prior to this study, this research is cutting-edge and therefore pioneering to PM, especially within the public sector.

La gestion patrimoniale est devenue un sujet de préoccupation de plus en plus sensible pour les organisations publiques locales, en réponse à un contexte contraint. Nécessaire, mais peu étudiée, l’optimisation de la gestion patrimoniale locale est ainsi un sujet d’étude privilégié. Dans ce sens, cette recherche doctorale vise à mieux connaître la gestion patrimoniale publique locale, à en caractériser les outils et les modes d’organisation, et à déterminer des leviers d’optimisation, au regard de l’analyse des pratiques locales actuelles.A cette fin, dans une première partie, théorique et conceptuelle, cette recherche doctorale propose un cadre d’analyse de la gestion du patrimoine en tant que levier de performance des collectivités locales. Ainsi, elle s’appuie sur les théories du contrôle, en distinguant les logiques de surveillance et de pilotage, en les adaptant à la gestion du patrimoine. Nous dégageons ensuite une définition de la performance patrimoniale dans une logique multidimensionnelle. Au final, un modèle de recherche est proposé, consacré à l’étude des outils et modes d’organisation de la gestion du patrimoine public à l’échelle locale.La seconde partie de cette recherche doctorale permet, elle, de confronter notre modèle de recherche à notre terrain, à savoir les collectivités locales françaises. Pour ce faire, deux méthodologies complémentaires sont mobilisées, quantitative puis qualitative. Les résultats de ces études nous permettent d’enrichir la littérature sur ce point, mais aussi de valider notre grille exploratoire. Nous caractérisons aussi les outils de gestion du patrimoine local, comme sous dimensionnés, plutôt court-termistes, destinés à des acteurs opérationnels, et enfin plutôt tournés vers une finalité́ d’administration de biens. D’autre part, l’organisation de la fonction patrimoine au sein des collectivités locales semble assez hétérogène, laissant apparaître plusieurs faiblesses en matière de structuration, de circulation des informations, ou encore de coordination entre les acteurs. Au final, ces résultats ouvrent d’importantes perspectives managériales, en matière de gestion patrimoniale, en réponse à un contexte actuel contraint. / For local authorities, real estate management has become a growing concern due to a changing environment. Consequently, for the past few years, local public organizations have tried to bring about some change in the way they manage real estate. In that sense, this study aims at proposing a framework for the analysis of the innovation of the local public real estate management by relying on conceptual elements. Then, through a quantitative and qualitative methodology, we analyse the relevance of the theoretical and conceptual models to describe the real estate management innovations implemented by local authorities. In the end, we observe the necessity of the evolution of local practices that are considered too elementary.

Nesta tese, examina-se como se dá a gestão do acesso ao conhecimento externo em duas administradoras de carteira de investimentos imobiliários: a gerência de investimentos imobiliários de um fundo de pensão (a Fundação CESP) e a divisão de locação e administração de imóveis de um grupo imobiliário (o grupo Lello). A base de conhecimentos externos dessas unidades é dispersa e privada, características típicas do mercado imobiliário que dificultam o acesso ao conhecimento externo e, por conseguinte, a sua gestão. Para apoiar o estudo, foi realizada uma revisão bibliográfica nos campos teóricos da gestão do conhecimento, da gestão de carteira de investimentos imobiliários e das competências organizacionais e individuais. O método de pesquisa utilizado foi o estudo de casos. As unidades estudadas foram escolhidas intencionalmente, levando-se em conta seus formatos de negócio distintos, que permitiram ampliar o conhecimento sobre administradoras de carteira imobiliária. Os dados primários foram coletados através de entrevistas semi-estruturadas, cujos roteiros foram testados previamente em duas outras empresas imobiliárias. Baseado na revisão bibliográfica, foi elaborado um modelo conceitual e gráfico da gestão do conhecimento com foco no acesso ao conhecimento externo. Um dos processos incluídos no modelo foi o armazenamento externo de conhecimentos. Sem menção explícita na literatura pesquisada, tal processo foi observado nos casos estudados. Os \"armazéns\" externos caracterizados nos casos - importantes fontes de conhecimentos atuais ou potenciais - são as redes de contatos devidamente mapeadas, as parcerias estáveis e as comunidades de prática que extrapolam as fronteiras organizacionais. Em ambas as unidades, os conhecimentos críticos do negócio não são identificados explicitamente, fazendo com que parte desses conhecimentos acabem sendo gerenciados mais precariamente. A pesquisa mostrou que os relacionamentos informais - por exemplo, no caso da Gerência Imobiliária da Fundação CESP, com lojistas de shopping centers nos quais a fundação é cotista ou, no caso da divisão de locação e administração da Lello, com gestores imobiliários do mercado - são canais privilegiados de acesso ao conhecimento externo. Foram identificadas, nos casos estudados, boas práticas individuais e organizacionais associadas à manutenção e desenvolvimento desses canais. As principais conclusões da pesquisa são: (i) a gestão do acesso ao conhecimento externo nos casos estudados está associada de modo principal aos canais informais; (ii) há uma oportunidade de aumentar a qualidade e quantidade dos conhecimentos adquiridos através desses canais - \"potencializá-los\" - pela adoção de práticas estruturadas de gestão, em particular o mapeamento dos contatos relevantes da unidade, com a identificação dos conhecimentos críticos e suas fontes; (iii) a idéia de \"armazenamento externo de conhecimentos\" se ajusta aos casos estudados. / In this thesis we examine how management of external knowledge access takes place in two real estate portfolio management units: one pension fund\'s department of real estate investment (CESP Foundation), and the leasing and management division of a real estate group (Lello group). These units\' external knowledge base is private and dispersed, a typical characteristic of the real estate market that makes access to external knowledge, and, therefore, its management, harder. To support our study, we produced a literature review of the fields of knowledge management, real estate portfolio management, and both individual and organizational competences. Our method of choice was the case study. Researched units were intentionally chosen according to their different business formats, thus allowing a broadening of our knowledge about real estate portfolio management units. Primary data were collected through semi-structured interviews, with a script that was previously tested in two real estate firms. Based on our literature review, we developed a graphic and conceptual model of knowledge management, focus on the access to external knowledge. One of the processes included in this model was the external storing of knowledge. While never explicitly mentioned in the reviewed literature, this process was observed in the researched cases. The indentified external \"storehouses\" - important sources of present or potential knowledge - are the carefully mapped contact networks, the stable partnerships and the communities of practice that run across organizational frontiers. In both units, business-critical knowledge is not explicitly identified, leading to a part of this knowledge being managed in a more precarious manner. Our research shows that informal relationships - for instance, in the case of Foundation CESP\'s real estate management department, relationships with shop owners in shopping malls in which the Foundation is a shareholder, or, in the case of the leasing and management division of Lello, with real estate managers in the market - are crucial channels for external knowledge. In both cases, good individual and organizational practices related to the retaining and development of such channels were identified. Our research\'s main conclusions are: (i) management of external knowledge access in the analyzed cases is associated mainly to informal channels; (ii) it should be possible to increase both the quantity and the quality of knowledge obtained through these channels - enhance them - by adopting structured management practices, particularly the mapping of contacts relevant to the unit, the identification of critical knowledge and its sources; (iii) the idea of external storing of knowledge applies to the cases in question.

O avanço da economia brasileira e o amadurecimento dos mercados induzem a crescente competitividade nos diferentes setores. Com isso, as corporações buscam por maneiras de investir com maior produtividade de modo a direcionar recursos nas suas atividades fins para desenvolvimento e expansão do negocio principal. Os ativos imobiliários são um dos recursos mais onerosos para muitas empresas, que ainda imobilizam recursos nesses ativos de longo prazo de maturação. É incipiente a percepção das empresas brasileiras em relação às perdas de oportunidade de ganho com os investimentos que são internados nas suas bases instaladas. Nesse contexto, a tese trata da configuração de um método para analise da oportunidade de imobilização e desmobilização em imóveis corporativos sob a ótica das corporações usuárias, por meio da identificação de critérios qualitativos e quantitativos (econômico-financeiros) relevantes a analise, considerando (i) os mecanismos diretos e indiretos atualmente empregados no Brasil, (ii) a sustentação legal, (iii) as praticas tributarias e contábeis, e (iv) as praticas prevalentes de mercado. Os critérios de decisão do método são priorizados pelos administradores das corporações com auxilio de uma ferramenta para analise hierárquica de decisão (Analytic Hierarchy Process - AHP), que indica a alternativa mais adequada entre as opções de imobilização ou não no real estate para cada situação. O método desenvolvido nesta tese pode ser uma importante ferramenta de apoio para as diretrizes de governança corporativa no que tange as decisões em relação ao portfolio de real estate das corporações, podendo ser utilizado por empresas com atuação nos diferentes setores da economia, tais como: manufatura, serviços, varejo, entre outros, inclusive no setor publico. / The development of the Brazilian economy and the maturity of the markets have prompted growing competition within different sectors. In this context corporations tend to find ways to invest more productively by focusing on their main activities in an effort to enhance their core business. Real estate assets are generally one of the companies\' greatest expenses; even so, companies still invest in these long-term maturity assets. It is still incipient the perception of Brazilian companies as regards the opportunity costs incurred by them as a result of investing in real estate assets. In view of the foregoing, the thesis sets forth an analysis method to guide the decision whether to invest or not in real estate assets from the perspective of corporate users. The analysis is based on qualitative and quantitative attributes by taking in account (i) both direct and indirect procedures currently used in Brazil, (ii) the legal framework, (iii) the tax and accounting practices, and (iv) the prevalent market practices. The method\'s decision criteria are prioritized by the corporations` officers through the AHP tool (Analytic Hierarchy Process), which indicates the most appropriate decision in each situation. The method herein developed may work as an important corporate governance guideline in the extent real estate portfolio decisions are taken by corporations, and it can be used by companies of different sectors, such as manufacturing, service, retail, among others, including the public sector.

The purpose of this thesis was to investigate how the distance between real estate manager and the managed item influenced the real estate management process. The overall real estate management within Lantmännen Fastigheter AB was investigated to give suggestions on how to improve the quality of the real estate management within the company. To do this, questionnaires, interviews and observations was performed within the Lantmännen Fastigheter AB organization. Real estate managers answered questions about their role as real estate manager, maintenance planning, decision processes, leasing and strategies within the company. The analysis of the questionnaires, interviews and observations showed that the real estate managers wants to rearrange their spent working hours around on working tasks to spend more time on the tasks that brings income and spend less time on tasks that are unsatisfying and unnecessary. The analysis also shows in which areas the real estate managers want more support and education and that they mostly work with unplanned maintenance. The real estate managers are very much dependent on that the caretaker of the property to provide information about the property itself and maintenance work. The questionnaires also shows that there is a lack of a clear strategy and direction on how to work with real estate management within the organization which leads to troubles with budgeting for individual properties and to that the real estate managers work very individually within the organization. This thesis gives propositions to how the organization can work more efficiently with their real estate management when the distance between the manager and the managed object is large. / Syftet med examensarbetet var att undersöka om och hur avståndet mellan fastighetsförvaltare och förvaltningsobjekt påverkar förvaltningen inom Lantmännen Fastigheter AB. Utöver detta så undersöktes även förvaltningen inom företaget i stort för att kunna ge förslag till effektivitetsförbättringar. Detta gjordes genom att med hjälp av enkäter, intervjuer och observationer inom Lantmännen Fastigheter AB. Fastighetsförvaltarna fick i enkäten besvara frågor om sin roll som förvaltare, om underhållsplanering, beslutsfattandet inom organisationen, uthyrning samt strategier inom bolaget. Analysen av enkäterna, intervjuerna och observationerna visade att fastighetsförvaltarna i organisationen till stor del vill omfördela spenderad arbetstid kring de olika arbetsuppgifterna som tillhör fastighetsförvaltningen och därmed minska tiden man lägger ned på uppgifter som är otillfredsställande och onödiga. Analysen visar också inom vilka områden som fastighetsförvaltarna själva anser att de vill ha mer stöd och utbildning och att man inom organisationen mestadels arbetar med oplanerat underhållsarbete. För information om fastigheten i sin helhet eller nödvändiga underhållsåtgärder är fastighetsförvaltarna till stor del beroende av att fastighetsskötarna på plats på fastigheten tillhandahåller denna information. Enkäten påvisar också tydligt att det inom organisationen saknas en tydlig riktning och strategi kring hur beståndet i portföljen ska förvaltas. Detta leder till att budget för enskilda fastigheter inte speglar verkligheten och att det därför är svårt att leva upp till mål och framförallt att fastighetsförvaltarna inom organisationen arbetar väldigt olika och med olika principer. I denna uppsats ges förslag på hur man inom organisationen kan arbeta mer effektivt med ett fokus på att avståndet mellan förvaltare och fastighet är stort.

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Den svenska e-handeln växer i stadig takt varje år. Under 2017 ökade e-handeln med 16 procent jämfört med föregående år och utgör nu 8,7 procent av den totala detaljhandeln. Hur detaljhandeln förändras påverkar i sin tur de fastighetsägare som tillhandahåller de fysiska handelsytorna. Syftet med denna masteruppsats är att undersöka hur e-handelns utveckling och expansion påverkar fastighetsägare i hur de väljer att förvalta sina handelsytor. Studien baseras på en kvalitativ forskningsmetod där en litteraturstudie tillsammans med intervjuer av fastighetsägare utgör grunden. Totalt har sex stycken fastighetsägare intervjuats men också två konsulter inom branschen, detta för att få ett annat perspektiv på fastighetsägarnas arbetssätt och hur framtiden kommer att se ut.  Vad som kunnat observeras är att de flesta fastighetsägarna i stort är medvetna om den förändring som sker. Man arbetar aktivt för att följa med i utvecklingen och har i de flesta fall strategier, eller åtminstone mål, för detta. Det talas även om ett antal aspekter inom förvaltningen som man tror kommer behöva utvecklas, exempelvis hyreskontrakt, butiksmix och samarbeten. Resultaten från intervjuerna med konsulterna visar att de inte i lika hög grad ser att fastighetsägare har en bra överblick över situationen och arbetar med tydliga strategier. Fastighetsägare som äger olika typer av fastigheter och handelsplatser arbetar på många sätt lika, och det som alla är överens om är att man behöver skapa handelsplatser där människor vill röra sig och vara, platser som ger någonting man inte kan få av att bara handla online. / The Swedish e-commerce is growing rapidly each year. During 2017 the growth was equal to 17 percent and the percentage of the total retail industry is now 8.7 percent. How the retail industry develops very much affects the real estate owners who provide the physical retail spaces. The goal of this master thesis is to examine how the development and expansion of e-commerce affects the real estate companies in their choices of how to manage their retail space. The study is based on a qualitative research method where a literature study has been performed alongside interviews with real estate owners. In total, six real estate companies have been interviewed, as well as two retail consultants who provide an external view of the topics and contribute their thoughts of the future retail environment.  What has been observed is that most of the retail companies work actively with the upcoming changes and have strategies, or at least some sort of goal, to be able to follow the development of the retail industry. Also discussed in the results are some topics related to the management of the retail space that are believed to have to change or evolve in the future, such as leases, tenant mixture and cooperation. The consultants, on the other hand, don’t fully agree that the real estate owners have as much control over the situation and work with as clear strategies as they claim. What can also be seen is that the real estate companies work in somewhat similar ways even though they have different types of real estate, some have city locations and some have shopping centres. They all seem to agree that in the future, they have to create shopping areas where people will want to go to socialize and hang out, places that give them something that they cannot buy online.

Real estate investments are more frequently crossing borders. The national cultural differences, which are influencing investment preferences and decision processes, are challenging Real Estate Companies, whereas not only capital, but also individuals are moving more frequently across country borders. Real Estate Companies’ risk profile concerning uncertainty avoidance, regarding real  estate investments haven’t  been studied before, thus a gap in the literature is identified. This study aims to identify risks, risk management tools, uncertainty avoidance in Real Estate Companies with different national cultural background, helping to develop a deeper understanding of the differences in their risk profiles. I have found that the Israeli respondents are highly uncertainty avoiding and risk loving, but only regarding familiar risks, while concerning unfamiliar risks, they are rather risk averse. The Swedish respondents are weakly uncertainty avoiding and risk neutral, no matter known or unknown ris

Title from PDF of title page. / Document formatted into pages; contains 79 pages. / Thesis (M.L.A.)--University of South Florida, 2003. / Includes bibliographical references. / Text (Electronic thesis) in PDF format. / ABSTRACT: This thesis takes a phenomenological approach to the examination of the organizational need for shared office space. Questions are developed in a reflexive narrative that introduces challenges to the assumption that space is a given in organizations. The narrative also uses the process of questioning this basis assumption to develop a new understanding of the role of space in organizations in supporting the development of common language needed for the creation of organizational knowledge. Key ideas from systems theory, autopoiesis, organizational theory, semiotics, and psychology are utilized as resources developing the ideas. / System requirements: World Wide Web browser and PDF reader. / Mode of access: World Wide Web.