La presente investigación tuvo como principal objetivo: Determinar si existe relación directa entre las estrategias genéricas y la competitividad de las empresas del sector inmobiliario Lima Top año 2020. Para ello, dentro de la metodología se hizo uso de un alcance correlacional, bajo un enfoque cuantitativo; mientras que para la recolección de información se utilizó la técnica de la encuesta donde se elaboraron dos cuestionarios, uno para cada variable. En los principales resultados se obtuvo que la estrategia del enfoque es la más empleada con el 65% que se mostró de acuerdo y muy de acuerdo, mientras que respecto a la competitividad, la dimensión externa fue la que presentó mayor relevancia según el 72% de los encuestados que se mostraron de acuerdo y muy de acuerdo; además se pudo verificar que, las dimensiones de la variable estrategias genéricas, que fueron las estrategias de liderazgo en costos, diferenciación y enfoque se relacionan de forma significativa y directa con la competitividad. Finalmente se pudo concluir que las estrategias genéricas tienen una relación directa y significativa con la competitividad de las empresas del sector inmobiliario Lima Top, año 2020, donde el empleo de las estrategias genéricas tanto de liderazgo en costos, diferenciación como enfoque se han visto reflejado en la actual competitividad de las inmobiliarias. Se recomendó que estas empresas puedan verificar de forma frecuente sus costos y gastos, a fin de realizar una mejor planificación y así prever gastos innecesarios, así como optar por diferentes actividades para sobresalir entre su competencia e identificar de forma óptima su mercado objetivo. En los hallazgos se obtuvo que cada estrategia está relacionada con la competitividad del sector inmobiliario, puesto que las empresas producto de la pandemia pueden estar usando un mix de los aspectos característicos de las diferentes estrategias. / The main objective of this research was: To determine if there is a direct relationship between generic strategies and the competitiveness of companies in the Lima Top real estate sector in 2020. For this, within the methodology, a correlational scope was used, under a quantitative approach; while for the collection of information the survey technique was used where two questionnaires were elaborated, one for each variable. In the main results, it was obtained that the approach strategy is the most used with 65% who agreed and strongly agreed, while regarding competitiveness, the external dimension was the one that presented the greatest relevance according to 72% of respondents who agreed and strongly agreed; In addition, it was possible to verify that the dimensions of the generic strategies variable, which were cost leadership strategies, differentiation and focus, are significantly and directly related to competitiveness. Finally, it was possible to conclude that generic strategies have a direct and significant relationship with the competitiveness of companies in the real estate sector Lima Top, year 2020, where the use of generic strategies for both cost leadership, differentiation and focus have been reflected in the current competitiveness of real estate. It was recommended that these companies be able to frequently check their costs and expenses, to carry out better planning and thus anticipate unnecessary expenses, as well as opt for different activities to stand out among their competition and optimally identify their target market. The findings show that any company that employs any of the generic strategies will be reflected in its competitiveness within the real estate sector. / Tesis

El presente trabajo de investigación se realizó con el objetivo de evaluar el impacto tributario de los Gastos COVID-19, como los generados por el pago adelantado de vacaciones, los gastos de remodelación de oficina para que los trabajadores realicen sus labores y penalidades generadas por la paralización de actividades, en la determinación del Impuesto a la Renta a empresas del sector inmobiliario. Con el propósito de determinar y analizar el alcance de la investigación, se estableció como punto de partida trabajar con la tributación peruana, el Código Civil, entre otros. Es por ello que el presente trabajo se ha realizado en cinco capítulos. El primer capítulo consiste en definir teóricamente los conceptos que permitieron desarrollar el trabajo de investigación. El segundo capítulo explica el plan de investigación, que está compuesto por el problema principal, la justificación de este, los objetivos y las hipótesis principales y específicas. El tercer capítulo señala la metodología de investigación a desarrollar, señalando es tipo de investigación (cuantitativa y cualitativa) y determinando la muestra y población. En el capítulo cuatro se usan las herramientas estadísticas para poder recabar información que es relevante para llevar a cabo la investigación. Finalmente, el capítulo cinco consiste en analizar y explicar los resultados obtenidos por los instrumentos utilizados, así como señalar las conclusiones y recomendaciones de la investigación. / the stoppage of activities, in the determination of Income Tax for companies in the real estate sector. In order to determine and analyze the scope of the research, it was established as a starting point to work with Peruvian taxation, the civil code, among other articles. For this reason, the present work has been divided into five chapters. The first chapter consists of a theoretical definition of the concepts that allowed the development of the research work. The second chapter explains the research plan, which is composed of the main problem, the justification, the objectives, and the main and specific hypotheses. The third chapter indicates the research methodology to be developed, indicating the type of research (quantitative and qualitative) and determining the sample and population. In chapter four, statistical tools are used to collect information that is relevant to carry out the research. Finally, chapter five consists of analyzing and explaining the results obtained by the instruments used, as well as pointing out the conclusions and recommendations of the research. / Tesis

La finalidad de esta investigación es seleccionar las variables vinculadas con el cumplimiento de créditos directos otorgados, entre los años 2015 y 2019, por constructoras de unidades residenciales Premium a potenciales compradores. Su importancia está en usar los resultados de este documento, como insumo para elaborar un modelo que cuantifique el riesgo de crédito eficientemente y, por consiguiente, identifique a los demandantes que tengan un perfil idóneo, en términos crediticios, para erosionar la incertidumbre financiera de la cartera de clientes. Para abordar el problema de investigación, se optó por el enfoque cuantitativo y el diseño no experimental. Dentro de este último, se eligió la tipología transversal correlacional. El diseño y la categoría seleccionadas implican que en este documento se evaluará la asociación entre variables (dependientes e independientes) que no han sido manipuladas anticipadamente, por parte del investigador. Llevando la teoría a la práctica, las entrevistas a los ejecutivos permitieron identificar variables sobre las que, posteriormente, se solicitó información específica para la construcción de la base de datos. Al aplicar los procesos estadísticos de regresión lineal binaria y redes neuronales de clasificación, se observó que el segundo mostró mayor solidez y confiabilidad en sus predicciones. El resultado de la aplicación de las redes neuronales de clasificación es que las variables independientes que tuvieron vinculación estadísticamente significativa con la dependiente son: la tasa de interés anual de la última deuda bancaria asumida por el evaluado, la aparición en Infocorp del evaluado y el uso que el evaluado le dará a la unidad Premium. / The purpose of this research is to select the variables linked to the fulfilment of direct credits granted, between 2015 and 2019, by builders of Premium residential units to potential buyers. Its importance lies in using the results of this document as input to develop a model that efficiently quantifies credit risk and, consequently, identifies applicants with a suitable profile, in credit terms, to erode the financial uncertainty of the customer portfolio. To address the research problem, a quantitative approach and a non-experimental design were chosen. Within the latter, the cross-sectional correlational typology was chosen. The design and category selected imply that this paper will assess the association between variables (dependent and independent) that have not been manipulated in advance by the researcher. Putting theory into practice, the interviews with executives allowed the identification of variables on which specific information was subsequently requested for the construction of the database. When applying the statistical processes of binary linear regression and classification neural networks, it was observed that the latter showed greater robustness and reliability in its predictions. The result of the application of the classification neural networks is that the independent variables that were statistically significantly related to the dependent variable are: the annual interest rate of the last bank debt assumed by the evaluee, the appearance in Infocorp of the evaluee and the use that the evaluee will make of the Premium unit. / Tesis

El presente proyecto consiste en un sistema de información para el servicio de posventa inmobiliaria usando chatbot. En la actualidad, el servicio de posventa juega un papel clave en las inmobiliarias debido a que buscan la satisfacción del cliente. El objetivo del proyecto es mejorar la atención de los reclamos del propietario, tener un control del servicio de posventa y brindar indicadores para la toma de decisiones. Por ello, se automatiza el proceso de servicio de posventa inmobiliaria para que permita la recepción y entrega de unidades inmobiliarias, la recepción e inspección y el seguimiento de reclamos de reparación y administrativos desde una aplicación web, móvil y chatbot. En el primer capítulo, se presentan el marco teórico, la descripción de la organización objetivo y el campo de acción, y un análisis crítico de los problemas de información existentes en la organización objetivo. E,n el segundo capítulo, se presentan los objetivos y beneficios del proyecto, la evaluación de la mejor solución encontrada en el mercado, y se menciona las tendencias y tecnologías propuestas para el desarrollo del proyecto. En el tercer capítulo, se presentan las principales reglas de negocio, la descripción del modelo de casos de uso del negocio y modelo de análisis del negocio, y las especificaciones de los casos de uso del negocio con sus respectivos diagramas. En el cuarto capítulo, se presentan las especificaciones de los requerimientos del software, la descripción del modelo de casos de uso del sistema, las especificaciones detalladas de los casos de uso del núcleo central y el modelo conceptual. En el quinto capítulo, se presenta el diagrama de los casos de uso más significativos, la descripción de las metas, restricciones y mecanismos de la arquitectura de software, y las vistas lógica, de implementación y de despliegue de la arquitectura de software. En el sexto capítulo, se presenta los patrones aplicados a la solución propuesta y el modelo de datos físico del sistema. En el séptimo capítulo, se presenta la descripción del plan de calidad y plan de pruebas del software, y los casos de prueba para los casos de uso de la prueba de concepto. En el octavo capítulo, se presenta la gestión del proyecto que incluye los documentos de registro de interesados, EDT, cronograma de ejecución del proyecto y plan de respuesta a los riesgos. Finalmente, con la implementación del sistema de información para el servicio de posventa inmobiliaria usando chatbot se espera acelerar la atención de los reclamos, llevar el control del servicio de posventa y contar con información en tiempo real para la toma de decisiones que ayuden a cumplir los objetivos de posventa establecidos. / This project consists of an information system for real estate after-sales service. Nowadays, the after-sales service plays a key role in real estate because they seek customer satisfaction. The objective of the project is to improve the attention of the owner's claims, have a control of the after-sales service and provide reports for decision-making. Therefore, the real estate after-sales service process is automated to allow the reception and delivery of real estate units, the reception and inspection, and monitoring of repair and administrative claims from a web application, mobile and chatbot. In the first chapter, the theoretical framework, the objective organization description and the action field, and a critical analysis of the information problems existing in the objective organization are presented. In the second chapter, the project objectives and benefits, the best solution evaluation found in the market, and the trends and technologies proposed for the project development are mentioned. In the third chapter, the main business rules, the business use case model description and business analysis model, and the business use case specifications with their respective diagrams are presented. In the fourth chapter, the specifications of the software requirements, the description of the system use case model, the detailed specifications of the central core use cases and the conceptual model are presented. In the fifth chapter, the diagram of the most significant use cases, the description of the goals, constraints and mechanisms of the software architecture, and the logical, implementation and deployment views of the software architecture are presented. In the sixth chapter, the patterns applied to the proposed solution and the physical data model of the system are presented. In the seventh chapter, the description of the software quality plan and test plan, and the test cases for the use cases of the proof of concept are presented. In the eighth chapter, the project management is presented, which includes the stakeholder registration documents, WBS, project execution schedule and risk response plan. Finally, with the implementation of the information system for the real estate after-sales service, it is expected to accelerate the attention of claims, control the after-sales service and have real-time information for making decisions that help meet the objectives of after-sales established. / Tesis

[ES] Proptech es un término que en los últimos años está siendo muy utilizado en el sector inmobiliario, propiciando la atención de académicos y profesionales sobre su significado, su uso y el impacto final que puede tener en una industria caracterizada por ser conservadora y poco innovadora. La aparición de nuevas empresas tecnológicas denominadas proptech, con posibilidad de escalar el mercado y minimizar procesos y costes está agitando la industria inmobiliaria de la intermediación. Esta evolución pone en cuestión el futuro del/la agente inmobiliario/a motivando un proceso de desintermediación, así como la permanencia del modelo de agencias tradicionales tal y como se conoce hoy en día. La presente Tesis Doctoral se centra en la intermediación de compraventa de vivienda en España, con el objetivo de conocer las nuevas agencias online que operan en el mercado, determinar sus características y compararlas con el modelo tradicional. Para ello se plantea una metodología mixta. Por un lado, se han realizado entrevistas semiestructuradas a CEOs y profesionales con alta responsabilidad en empresas proptech de intermediación. Por otro, se ha distribuido una encuesta online a personas que han participado en un proceso de compraventa de vivienda para valorar las principales características de cada modelo de intermediación inmobiliaria. Se han obtenido 412 respuestas que se han analizado a través del programa IBM SPSS Statistics 26. Los resultados revelan que, si en un principio se partía de dos modelos de negocio, el online y el tradicional, aparece un tercero, el híbrido, que combina parte de la tecnología proptech con características propias de la agencia tradicional. La investigación demuestra que este proceso no se realiza siempre de forma evolutiva desde lo tradicional a lo híbrido, como sucede en la mayoría de los sectores en proceso de digitalización. Por el contrario, se realiza a la inversa, desde las empresas con un alto nivel de digitalización se produce un proceso de reintermediación hasta el modelo híbrido. Esto es consecuencia del tipo de bien que se intercambia y de las necesidades de los consumidores durante el proceso de compraventa. Estos valoran el espacio físico de la oficina donde son atendidos, y principalmente el contacto humano que proporciona el agente inmobiliario. La sociedad está en un proceso de cambio profundo y sólo las agencias, tradicionales o proptech, que comprendan y se adapten a los nuevos tiempos podrán posicionarse satisfactoriamente respecto a sus competidores. / [CA] Proptech és un terme que en els últims anys està sent molt utilitzat en el sector immobiliari, propiciant l'atenció d'acadèmics i professionals sobre el seu significat, el seu ús i l'impacte final que pot tindre en una indústria caracteritzada per ser conservadora i poc innovadora. L'aparició de noves empreses tecnològiques denominades proptech, amb possibilitat d'escalar el mercat i minimitzar processos i costos està agitant la indústria immobiliària de la intermediació. Aquesta evolució posa en qüestió el futur de l'agent immobiliari/a motivant un procés de desintermediació, així com la permanència del model d'agències tradicionals tal com es coneix hui en dia. La present Tesi Doctoral se centra en la intermediació de compravenda d'habitatge a Espanya, amb l'objectiu de conéixer les noves agències en línia que operen en el mercat, determinar les seues característiques i comparar amb el model tradicional. Per a això es planteja una metodologia mixta. D'una banda s'han realitzat entrevistes semiestructurades a CEOs i persones amb alta responsabilitat en empreses proptech d'intermediació. Per una altra banda, s'ha distribuït una enquesta en línia a persones que han participat en un procés de compravenda d'habitatge per a valorar les principals característiques de cada model d'intermediació immobiliària. S'han obtingut 412 respostes que s'han analitzat a través del programa IBM SPSS Statistics 26. Els resultats revelen que, si en un principi es partia de dos models de negoci, el model en línia i el tradicional, apareix un tercer que seria l'híbrid, que combina part de la tecnologia proptech amb característiques pròpies de l'agència tradicional. La investigació demostra que aquest procés no es realitza sempre de manera evolutiva des del tradicional a l'híbrid com succeeix en la majoria dels sectors en procés de digitalització. Per contra, es realitza al revés, des de les empreses amb un alt nivell de digitalització es produeix un procés de retorn a la intermediació fins al model híbrid. Això és conseqüència del tipus de be que s'intercanvia i de les necessitats dels consumidors durant el procés de compravenda. Aquests valoren l'espai físic de l'oficina on són atesos, i principalment el contacte humà que proporciona l'agent immobiliari. La societat està en un procés de canvi profund i només les agències, tradicionals o proptech, que comprenguen i s'adapten als nous temps podran posicionar-se satisfactòriament respecte als seus competidors. / [EN] The term proptech has been widely used in the real estate sector in recent years, drawing academics and professionals' attention to its meaning, its use and the ultimate impact it can have on an industry known for being conservative and lacking in innovation. The emergence of new high-tech companies called proptech, with the potential to scale the market and minimise processes and costs, is revoluzionizing the real estate brokerage industry. This evolution challenges the role of the real estate agent in the future, leading to a disintermediation process, as well as the continuation of the traditional agency model as it is known today. This doctoral thesis focuses on housing brokerage in Spain. Its aim is to find out about the new online agencies operating in the housing market, determining their characteristics and comparing them with the traditional model. A mixed methodology is suggested for this purpose. On the one hand, semi-structured interviews were conducted with CEOs and professionals with high responsibility in proptech brokerage firms. On the other hand, an online survey was distributed to people who have been involved in a home buying and selling process, in order to assess the main characteristics of each real estate brokerage model. A total of 412 responses were obtained and analysed using IBM SPSS Statistics 26. The results show that, whereas there were initially two business models, online and traditional, there is now a third one, the hybrid, which combines part of the proptech technology with the characteristics of the traditional agency. The research shows that this process does not always evolve from traditional to hybrid, as it happens in most sectors undergoing digitisation. On the contrary, it is the other way around, from highly digitalised companies there is a process of re-intermediation to the hybrid model. This is a result of the type of good being exchanged and consumers' needs during the buying and selling process. They value the physical space of the office where they are assisted and, most importantly, the human contact provided by the real estate agent. Society is undergoing a process of deep change and only those agencies, whether traditional or proptech, that understand and adapt to the new times will be able to successfully position themselves in relation to their competitors. / Asensio Soto, JC. (2023). Proptech: la digitalización de la intermediación inmobiliaria en España. Estudio comparativo entre el modelo online y el tradicional [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/193071

Real estate represents a part of the portfolio of many investors and can be accessed from both the real and the financial market. The low efficiency of real market prevents from taking advantage of the value created through diversification. This value can be partially recovered substituting real assets by securitized assets such as REITs. The empirical study of both markets in Spain shows an insufficient supply of securitized assets and the inexistence of an organized market of real estate derivatives, leading to a lower efficiency compared to other countries where they do exist. The relationship between real and financial markets opens a way to study real estate bubbles. It also enables to identify the sources of real estate risks and the strategies for hedging it. A wide development of assets-securitization and derivatives is essential to manage real estate risk and to improve the efficiency of the real estate market. / La inversió immobiliària, que forma part de la cartera de molts inversors presenta una doble via d’accés: el mercat real i el mercat financer. La baixa eficiència del mercat real impedeix aprofitar el valor creat mitjançant la diversificació. Aquest valor es pot recuperar parcialment substituint actius reals per actius titulitzats, com per exemple els REITs. L’estudi empíric dels dos mercats a Espanya revela una oferta insuficient d’actius immobiliaris titulitzats i la inexistència d’un mercat organitzat d’actius derivats immobiliaris, provocant un nivell d’eficiència més baix, comparat amb d’altres països on sí que existeixen. La interrelació entre mercat real i financer obre una via per a l’estudi de la formació de bombolles. També ens permet identificar les fonts de risc immobiliari i proposar estratègies de cobertura. Un desenvolupament ampli dels actius titulitzats i dels instruments derivats és essencial per a la gestió del risc i per millorar l’eficiència del mercat immobiliari.

Las políticas urbanísticas de los gobiernos locales se han centrado en los últimos años en la regeneración urbana y rehabilitación de los edificios existentes en zonas urbanas degradadas especialmente las próximas a los distritos comerciales y de negocios. No sólo con el objeto de mejorar el entorno urbano, sino también de satisfacer la demanda de viviendas en las ciudades que se encuentran en crecimiento. En esta investigación hemos examinado el efecto que el desarrollo de un proyecto de regeneración urbana tiene en el mercado de la vivienda de las zonas de intervención. Hemos establecido índices de impacto de la inversión a partir de diversos supuestos sobre la naturaleza de los bienes públicos generados en los procesos de intervención, con estos índices y mediante la metodología de los precios hedónicos hemos aislado y cuantificado los efectos de la intervención pública en el barrio de Velluters de la ciudad de Valencia. Adicionalmente nos hemos planteado el análisis de la eficiencia del proceso de regeneración urbana llevado a cabo por el sector público en acción conjunta con el sector privado. Este análisis de la eficiencia puede servir de guía para la evaluación de las políticas públicas. Partiendo de la distribución espacial de los índices de impacto que genera la intervención planificada a partir de una distribución dada de las inversiones previstas, y fijándonos unos objetivos concretos del centro decisor sobre la homogeneidad de esta distribución, hemos planteado un modelo que nos permite conocer la distribución de las inversiones realizadas de forma óptima entre los distintos emplazamientos fijados a priori; la comparación entre la distribución espacial de índices de impacto obtenida en ambos casos nos dará una medida de la eficiencia del proceso de intervención. Este mismo modelo podría generalizarse para incluir la localización de la inversión de forma endógena, facilitando el proceso de toma de decisiones derivadas de la implantación de políticas de / Cervelló Royo, RE. (2008). Evolución del mercado inmobiliario en centros urbanos. Efectos de la política de intervención pública [Tesis doctoral no publicada]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/3342 / Palancia

In the international context, this research analyzes the state of the art of scientific discussion, the action exerted by national and local governments through regulations, and the opinion of professionals in the field of construction of buildings in relation to the implementation of energy efficiency measures in buildings. In general, the interest in the different areas has been driven primarily by: 1) the worldwide increased energy consumption in buildings, emphasizes by an increasingly urbanized world and the resource scarcity for power generation, primarily fossil fuels; 2) the increase in greenhouse gas emissions related to the buildings' construction and operation; and 3) the thermal behaviour of the building's envelope, which determines the energy demand for thermal conditioning; mainly for heating in winter and cooling in summer. The foregoing has resulted in the implementation of different types of energy efficiency measures in the building sector around the world. On the one hand, through mandatory measures, driven by national and local governments through building codes; mandatory measures require that when building a new building or refurbishing an existing one, the architects, private developers, or builders must comply with building standards that govern the thermal performance of the different elements of the buildings' thermal envelope. On the other hand, by implementing voluntary measures, such as international certification systems, established by non-governmental institutions, aimed at legitimizing the efforts of building owners, design teams, and builders to design, build, and operate buildings in an environmentally friendly way. The latter has triggered an international trend and an increasing demand for certification of the so-called "green buildings". Such independent certification systems seek to reduce the environmental impact of activities in the construction sector. In the Chilean context, this research analyzes the relationship between two main pillars of the Chilean economy, the energy sector and the private housing sector. Particularly, this research focuses on the implementation of energy efficiency measures in the private housing market in Santiago, the Chilean capital. From the energy perspective, the high vulnerability for power generation by the dependence on the provision of gas from neighbouring countries and periods of drought affecting hydroelectric power generation, has led to the Chilean government intervention. Government intervention is centred on two main lines of action: 1) the diversification of the country's energy matrix, through the implementation of alternative systems for power generation based on non-conventional renewable energy sources; and 2) the implementation of energy efficiency measures. In the construction sector, the latter is expressed by the entry into force of the New Thermal Regulations for new residential buildings in three stages in the building code since 2000. With the implementation of new regulations in the construction sector in the Chilean context and the growing demand for green building in the international context, private real estate companies and construction companies, which are the backbone of the construction sector in Chile, have reacted by offering energy efficient real estate products in Santiago de Chile. Based on the foregoing, arises the main question leading this doctoral thesis: How do real estate developers apply energy efficiency in their housing offer in Santiago de Chile? The main research question is further refined by three sub questions: 1) who are the real estate developers that are adopting energy efficiency and why? This is a compound question, first it seeks to identify real estate companies adopting energy efficiency measures in Santiago de Chile’s private housing market; then it looks into the motivations for doing so; 2) what types of energy efficiency measures are real estate companies adopting? This sub-research question seeks to identify the adopted residential energy efficiency strategies; and 3) which barriers to further implementation of energy efficiency exist? It seeks to identify the setbacks found by energy efficiency adopters in the implementation process, in order to understand local issues in the adoption process. The Case Study and Selection of Sub-Cases for the Analysis The research focuses on the voluntary implementation of residential energy efficiency measures in the private housing market; moreover, it analyzes the case of Santiago de Chile. Therefore, the focus is set on real estate companies that offer energy efficient housing in their offer for real estate products in the metropolitan region. The selection of embedded sub-cases for the analysis, or sub-cases, was made by applying a criterion sampling strategy known as purposive sampling. For this, a thorough review of 568 private real estate companies' websites, offering different real estate products in the Metropolitan Region of Santiago de Chile between June and July 2011, was performed. Out of this group, a set of 45 companies that offering energy efficient homes mentioned were selected. Later on, personal interviews mainly with general managers of real estate development companies and other actors considered key informants because of their knowledge in the field, such as scholars, representatives from public institutions, other public and private research centres, and practitioners, were conducted between April and May 2012. Main Methods and Data Analysis Research is conducted under a qualitative approach, as it focuses primarily on the opinion of real estate companies’ CEOs and other key informants considered information rich when helping answering the research questions. The main tool for data analysis was the thematic content analysis. Main Findings The main results of this research are structured on the basis of the answering the secondary research questions or sub-questions. Who are the real estate developers that are adopting energy efficiency and why? As it was mentioned above, the first part of this compound sub-question seeks to identify the real estate companies that are implementing residential energy efficiency measures in their offer in the housing market in Santiago de Chile. A set of 45 real estate companies were identified because they mentioned to be applying some sort of energy efficiency measures. This was a rather small group since, at that time, 568 real estate companies were offering housing products. Based on the empirical findings, a categorization of real estate companies following the Roger’s model was conducted. Thus, real estate companies were categorized depending on when they began adopting residential energy efficiency measures in their housing offer. The three stages of the New Thermal Regulation issued for the housing sector in Chile were selected as time-milestones for defining the adopter categories. Accordingly, three main categories emerged following Roger’s model. 1) Innovators, includes real estate companies who adopted energy efficiency measures for the first time before the entry into force of the first stage of the NRT in 2000; 2) Early Adopters, groups real estate companies who adopted residential energy efficiency measures for the first time between the first and second stage of the New Thermal Regulation, that is to say between 2001 and 2007; and 3) Early Majority, includes real estate companies who began to apply residential energy efficiency measures starting in 2008, meaning after the second stage of New Thermal Regulation came into force. The empirical evidence suggests that the adoption process of energy efficiency measures has started following the normal development described by Rogers' innovation curve. Therefore, it is expected that the rest of the real estate developers operating in the private housing market in Santiago de Chile will eventually follow the Innovators, Early Adopters, and Early Majority categories. This is mainly due to the recent introduction of thermal regulation by the government and because the housing market is a highly competitive market, in which none of the players can risk to be left behind. The second part of the sub-research question, and probably the most important one, seeks to understand the motivations for real estate companies to offer and implement energy-efficient real estate products in Santiago de Chile’s private housing market. This research identifies the motivations of real estate development companies in the opinion of their managers collected in personal semi-structured interviews conducted during fieldwork. Based on the thematic analysis of the abovementioned interviews, four categories of motivations for offering and applying energy efficiency were identified based on the company managers’ opinion. These categories, in order of preference are: 1) Market Differentiation Strategies (Competitiveness and Trending); 2) Company Policies (Client-Oriented Policies, Innovation Policies, and Environmentally-friendly Policies); 3) Resource efficiency (Reduction of Household\'s Expenses and Concerns for Energy Scarcity); and 4) Government Incentive Schemes (Subsidies to the Use of Renewable Energy). Briefly, the main motivations for adopting energy efficiency measures in the private housing offer are related to marketing strategies. In general, real estate companies operating in Santiago de Chile are looking to distinguish themselves from their competitors by offering energy-efficient housing products. This is mainly because real estate companies are following a trend that is driven by several factors such as: local energy shortage periods, the international influence of green buildings in the real estate market, and the growing demand for international certifications in the Chilean context. What types of energy efficiency measures are real estate companies adopting? As mentioned earlier, this research identifies real estate companies offering energy-efficient housing in the private real estate market of Santiago de Chile who implemented a diversity of energy efficiency strategies in their housing supply, as the empirical evidence shows. Although the motivations for implementing energy efficiency measures are diverse (as described previously), energy efficiency measures are mainly implemented in order to reach a comfort temperature inside the dwelling, making all possible efforts to ensure that energy is used efficiently. In the case of the residential buildings, this means looking for the optimal use of energy for space heating or cooling, lighting, hot sanitary water, and ventilation. In general, depending on whether there is the need to make an additional energy effort in order to achieve optimum indoor comfort conditions, the energy efficiency measures implemented in the private housing sector in Santiago de Chile can be grouped into two main categories of energy efficiency strategies: passive design strategies and active design strategies. On the one hand, passive design strategies refer to what real estate developers are doing to reduce the energy consumption of their housing buildings. Such strategies include: 1) improving the overall thermal performance of the building envelope; 2) the use of renewable energy, mainly solar thermal and photovoltaic technology, for hot sanitary water and energy conversion respectively; and 3) bioclimatic design and construction principles. As it was mentioned in Section 6.1, a basic characteristic of passive design strategies, distinguishing them from active design strategies, is that in order to operate they rely on the building site and the inherited thermal properties of the building materials used in the different housing building typologies. On the other hand, active design strategies refer to the technological innovations implemented in order to maintain an optimal indoor thermal conditioning and to reduce the energy used in the different buildings’ systems; namely, 1) illumination systems; 2) heating systems; 3) centralized control systems; and 4) air conditioning systems. In general, real estate developers adopted active design strategies as a complement to the use of passive design strategies. Not surprisingly, real estate developers have mentioned the improvement of the thermal envelope as the most commonly used residential energy efficiency strategy. This results from the fact that internationally and in Chile, regulations in the housing sector were implemented in order to improve the thermal behaviour of dwellings, and therefore, their energy efficiency. Finally, a third type of energy efficiency strategy adopted by real estate developers in Santiago de Chile is the result of a public-private partnership between the Chilean Government and the Chilectra, the local electricity utility. The initiative is called “Chilectra – Full Electric Buildings” and it offers an optional electrical energy tariff for residential consumers. This strategy is further explained in Section 6.3. Which barriers to further implementation of energy efficiency exist? Based on the opinion of the various key stakeholder involved in this research, this research shows that most barriers to energy efficiency in the private housing sector in Santiago de Chile interact and strengthen each other. The classification of barriers to further implementation of energy efficiency is not straightforward. Nonetheless, in the opinion of real estate companies’ managers, the barriers to adopting energy efficiency measures in the private housing market in Santiago de Chile revolve around the specific characteristics of the local social system. These barriers are: 1) market barriers; 2) organizational barriers; 3) institutional barriers; and 4) behavioural barriers. In relation to the categorization of energy efficiency adopters identified in the first sub-question, the empirical evidence seems to indicate that, not all the barriers play the same role for all adopter categories. In general, market barriers are most relevant to the innovators group. Although most of the real estate developers mentioned that even today the local market and the local construction industry are not ready to provide adequate support (both in the availability of products and services) for further development of the market for energy efficient construction, the deficiency was greater 20 years ago, when the innovators first started to implement residential energy efficiency measures in the private housing sector. Moreover, the other barriers encountered (namely organizational and institutional barriers) are transversal to the adopter categories. This seems to drawn from the organizational and institutional characteristics of the context in which private real estate companies operate. The context remains constant over time and their internal relationships are also maintained, homogeneously affecting all adopter categories. Finally, barriers related to end users and/or clients’ behaviour are mainly listed by early majority adopters, which comprises developers who implement residential energy efficiency measures recently (after 2000). Apparently, this results mainly from the fact that end user are lacking information about the benefits (general and local) to be gained from implementing residential energy efficiency measures.:Acknowledgements ... p.5 Abstract ... p.7 Contents ... p.13 List of Figures... p.17 List of Tables ... p.19 List of Abbreviations ... p.21 1 Introduction ... p.27 1.1 Problem Statement ... p.27 1.2 Rationale and Aims of the Research ... p.31 1.3 Thesis Structure ... p.34 2 The Construction Sector at the Heart of the Chile\'s Energy Challenges ... p.37 2.1 The Chilean Construction Sector ... p.37 2.1.1 Background and Regulatory Framework ... p.38 2.1.2 Local Supply for Construction Services ... p.41 2.1.3 Demand for Construction Services ... p.47 2.2 The Private Housing Market in Santiago de Chile ... p.50 2.2.1 Characterisation of the Housing Demand ... p.51 2.2.2 Local Land Market and Housing Market Dynamics ... p.60 2.2.3 The Role of the State ... p.61 2.3 Chile’s Energy Challenge ... p.64 2.4 Raising Questions ... p.69 3 Research Design and Methods ... p.73 3.1 Research Design ... p.73 3.2 Sampling and Sub-cases Selection ... p.76 3.3 Primary Data Collection ... p.81 3.4 Data Analysis ... p.88 3.4.1 Transcription ... p.88 3.4.2 Interview Analysis ... p.90 3.4.3 Document Analysis ... p.93 3.5 Identification of Key Stakeholders and Interview Partners ... p.96 4 Energy Efficiency Standards for Residential Buildings ... p.99 4.1 Defining Energy Efficiency – The Wider Context ... p.100 4.2 Government-initiated Instruments – Building Codes and Energy Standards ... p.103 4.2.1 Regulatory Instruments ... p.104 4.2.2 Types of Regulations ... p.109 4.2.3 Thermal Zoning ... p.113 4.2.4 Information Instruments ... p.115 4.2.5 Economic Incentive Schemes ... p.121 4.2.6 Heating, Ventilation, and Air Conditioning (HVAC) Systems ... p.123 4.2.7 Renewable Energy ... p.125 4.3 Voluntary Instruments – Beyond the Building Codes ... p.128 4.3.1 The Shift Towards Green Buildings ... p.128 4.3.2 Green Building Certification Systems ... p.131 4.4 Regulatory Instruments in the Chilean Context ... p.148 4.4.1 Energy Efficiency in the National Energy Policy Making ... p.148 4.4.2 The Institutional Framework ... p.151 4.4.3 Energy Efficiency Standards in the Chilean Housing Sector ... p.155 4.5 Voluntary Instruments in Santiago de Chile ... p.161 4.5.1 Existing Certification Schemes ... p.161 4.5.2 Public-private Partnership ... p.164 4.6 Why Would Real Estate Companies Act Green? ... p.166 5 The Adoption of Energy Efficiency in the Private Housing Market in Santiago de Chile ... p.171 5.1 Energy Efficiency Adopters in the Private Housing Market ... p.172 5.1.1 Innovators ... p.174 5.1.2 Early Adopters ... p.175 5.2 Motivations for Applying Residential Energy Efficiency Measures ... p.179 5.2.1 Market Differentiation Strategies ... p.180 5.2.2 Company Policies ... p.182 5.2.3 Resource Efficiency ... p.186 5.2.4 Government Incentive Schemes ... p.191 6 Existing Residential Energy Efficiency Strategies ... p.195 6.1 Passive Design Strategies ... p.196 6.2 Active Design Strategies ... p.208 6.3 Public-Private Partnership ... p.212 7 Barriers to Implementing Residential Energy Efficiency Strategies ... p.217 7.1 Market Barriers ... p.218 7.2 Organizational Barriers ... p.226 7.3 Institutional Barriers ... p.229 7.4 Behavioural Barriers ... p.231 7.5 Central Challenges for the Adoption of Energy Efficiency ... p.235 8 Discussion of the Results and Implications ... p.239 8.1 Summary of Findings ... p.239 8.2 Discussion and Implications ... p.245 8.3 Recommendations ... p.250 8.4 Further Research ... p.257 References ... p.261 Annex ... p.279

En la presente investigación, se plasma la realidad de la cultura organizacional dentro del sector inmobiliario, ya que hoy en día, sobre todo en la situación actual que se vive por la pandemia debida al COVID-19, el factor humano ha tomado mayor relevancia de la que tenía con anterioridad, ya que las organizaciones se encuentran subsistiendo gracias al trabajo de los colaboradores y todo su empeño para sacarla adelante. Es así, esta investigación resalta los factores que los colaboradores identifican dentro de sus organizaciones y la valoración que le dan. Asimismo, es importante resaltar, que se comprueba la relación que existe entre la variable independiente cultura organizacional, y la variable dependiente desempeño organizacional, ya que, aunque este tipo de sectores no tienen un tratamiento especializado al personal que contratan para realizar diversas actividades dentro de las organizaciones, sobre todo en la selección y motivación constante, hace que no se pueda tener mayores resultados a los que se obtienen actualmente. Por ello, a lo largo del documento, se realizan las recomendaciones respectivas para una mejora de productividad por parte del sector en cada organización, ya que se demuestra, que, desde la potenciación y capacitación del factor humano, se pueden obtener resultados mejores a nivel organización y poder transmitir esos beneficios a futuros postulantes y volverse una organización con una cultura establecida y atractiva para el mercado laboral. Es así, que se demuestra a lo largo de la investigación las bases teóricas de cada variable y la demostración de relación que existe en cada una de ellos y sus tipos, dando como resultado el grado y su respectiva justificación. / In this research, the reality of the organizational culture within the real estate sector is reflected, since today, especially in the current situation experienced by the pandemic due to COVID-19, the human factor has taken on greater relevance in the one it had previously, since the organizations are subsisting thanks to the work of the collaborators and all their efforts to get it ahead. Thus, this research highlights the factors that the collaborators identify within their organizations and give it an assessment depending on whether it is being complied with in relation to the organizational culture and whether it is related to any of the types set forth herein. Likewise, it is important to highlight that the relationship between the independent variable, organizational culture, and the dependent variable, organizational performance, is verified, since, although these types of sectors do not have specialized treatment for the personnel they hire to carry out various activities within organizations. Therefore, throughout the document, the respective recommendations are made for an improvement in productivity by the sector in each organization, since it is shown that, from the empowerment and training of the human factor, better results can be obtained at the organization and be able to transmit those benefits to future applicants and become an organization with an established culture and attractive to the labor market. Thus, the theoretical bases of each variable and the demonstration of the relationship that exists in each of them and their types are demonstrated throughout the investigation, resulting in the degree and its respective justification. / Tesis

El principal objetivo del presente trabajo de investigación es reconocer el uso de la Norma Internacional de Información financiera 7: Estado de Flujos de Efectivo y su impacto en la toma de decisiones financieras de las empresas del Sector Inmobiliario de Lima Top, en el año 2019. El Estado de Flujos de Efectivo es analizado con la finalidad de reconocerlo como herramienta en el momento de la toma de decisiones financieras en las empresas del Sector inmobiliario. El presente trabajo se dividió en cinco apartados, en el Capítulo I, Marco teórico, en el cual se precisaron las palabras claves vinculadas al tema de investigación. Posteriormente, en el Capítulo II, Plan de investigación, se detallaron el problema principal y los problemas secundarios, como también los objetivos e hipótesis generales y específicas. Asimismo, en el Capítulo III, se desarrolla la Metodología de trabajo, en el cual se especifica el tipo de investigación, se determina la población y el tamaño de la muestra, para llevar a cabo el análisis cuantitativo y cualitativo. Luego, en el Capítulo IV, Desarrollo, en donde se realizó la aplicación de los instrumentos cuantitativos y cualitativos mencionados anteriormente. Finalmente, en el Capítulo V, Análisis de Resultados, se presentaron las conclusiones y recomendaciones finales de todo el trabajo de investigación. / The main objective of this research work is to recognize the use of the International Financial Reporting Standard 7: Statement of cash flows and its impact on the financial decision making of real estate companies in Lima Top, in the year 2019. The State Cash flow is analyzed in order to recognize it as a tool at the time of making financial decisions in companies in the real estate sector. The present work was divided into five sections, in Chapter I, Theoretical Framework, in which the keywords related to the research topic were specified. Subsequently, in Chapter II, Research Plan, the main problem and the secondary problems were detailed, as well as the general and specific objectives and hypotheses. Also, in Chapter III, the Working Methodology is developed, in which the type of research is specified, the population and the sample size are determined, to carry out the quantitative and qualitative analysis. Then, in Chapter IV, Development, where the application of the quantitative and qualitative instruments mentioned above was made. Finally, in Chapter V, Analysis of Results, the final conclusions and recommendations of all research work were presented. / Tesis