Background: Today’s global social and environmental issues are impacting the way of doing business around the world with an increased pressure on organizations to implement sustainability practices in a more strategic manner. Many organizations lack the practical knowledge to integrate sustainability efficiently. Scholars argue for the importance of organizational learning for the transition towards sustainable corporations. While the problem is evident across industries, dealing with the problem effectively is particularly important within the property sector since property development is a fundamental part of building a sustainable society, hence crucial for Sweden’s achievement of the Sustainable Development Goals 2030. Purpose: To analyze the management of organizational learning for the integration of corporate sustainability in organizations within the Swedish property sector. Method: By using a qualitative research methodology with a single-case study of a Swedish property management firm, in-depth empirics could be collected from semi-structured interviews conducted with members of the organization from various departments and positions, and across regions. An abductive approach was applied where we used and extended previous theory before presenting a final model where theory and findings were aligned. Conclusion: Our model showed how organizational learning can be managed for the integration of corporate sustainability across different levels of an organization – individual and group, organizational, and societal where various practices where identified on each level – see Figure 7. / Bakgrund: Företag runt om i världen står inför en utmaning att implementera hållbarhetsfrågor på ett mer strategiskt sätt för att hantera de globala sociala och miljömässiga aspekterna inom hållbarhet. Många organisationer saknar den praktiska kunskapen att integrera hållbarhet effektivt. Enligt forskning är organisatoriskt lärande viktigt för övergången till mer hållbara företag. Även om problemet är tydligt inom alla industrier, så är det speciellt viktigt för företag inom fastighetsbranschen att integrera hållbarhet då fastighetsutveckling är en grundpelare för att bygga ett hållbart samhälle. Följaktligen innebär detta att fastighetsbranschens hållbarhetsarbete är kritisk för Sveriges möjlighet att uppnå de 17 globala målen och utförandet av Handlingsplan Agenda 2030. Syfte: Att analysera hur organisatoriskt lärande kan hanteras för att integrera hållbarhet i organisationer inom den svenska fastighetsbranschen. Metod: Genom att använda oss av en kvalitativ forskningsmetod med en fallstudie av ett svenskt fastighetsbolag samlades djupgående empiri in från semi-strukturerade intervjuer som hölls med medlemmar ur organisationen från olika avdelningar, roller och regioner. Med ett abduktivt tillvägagångssätt till forskningsarbetet använde och utvecklade vi tidigare teori innan vi presenterade en slutlig modell där teori och empiri sammanställdes. Slutsats: Vår modell visar hur organisatoriskt lärande kan hanteras över olika organisatoriska nivåer av ett företag – individ och grupp, organisation, och samhälle – för att integrera hållbarhet genom olika tillämpningar, se figur 7.

The Modern Portfolio Theory (MPT) argues that all unsystematic risk can be diversified away thus there should be no relationship between idiosyncratic risk and return. Ooi, Wang and Webb (2009) employ the Fama-French (1993) three-factor model (FF3) to estimate the level of nonsystematic return volatility in REITs as a proxy for idiosyncratic risk. They find a significant positive relationship between expected returns and conditionally estimated idiosyncratic risk contrary to the MPT. In this research, I examine other potential sources of systematic risk in REITs which may explain the seeming violation of the MPT found by Ooi et al (2009). I re-examine the proportion of idiosyncratic risk in REITs with Carhart’s (1997) momentum factor, which is largely applied on the FF3 to control for the persistency of stock returns as supplemental risk in the finance literature. Next, I conduct cross-sectional regression and test the significance of the relationship between idiosyncratic risk and expected returns. I further analyze the role of property sector on idiosyncratic risk as well as on its relationship with expected returns. I argue three conclusions. First, momentum has a relatively minor effect on the idiosyncratic risk consistent with the financial literature. Second, the effect of momentum is not strong enough to cause a significant change in the relationship between idiosyncratic risk and expected returns. Third, a REIT portfolio diversified across property sectors neutralizes the relationship between idiosyncratic risk and expected returns, though the contribution of each property sector is not statistically significant.

Syfte: Ingen kan hävda att de har missat den pågående klimatdebatten med ett fokus på den globala uppvärmningen. En ökad medvetenhet om miljömässig hållbarhet har bidragit till en integration av etisk beslutsfattning in i organisationer. Studiens syfte är att undersöka hypotesen att CSR leder till ett ökat fastighetsvärde. Vi ämnar även få en ökad förståelse för hur motivation påverkar etisk beslutsfattning och CSR. Metod: Studien har genomförts med en kvalitativ ansats inom ramen för en fallstudie. Empiriskt material har samlats in genom semi-strukturerade intervjuer med beslutsfattare inom den svenska fastighetsbranschen. En analys av aktuell forskning och litteratur samt en modell av Sekerka & Stimel (2012) har bidragit till den teoretiska referensramen. Slutsats & Resultat: Vi anser att miljömässig hållbarhet och det ekonomiska incitamentet går hand i hand och krävs idag för ekonomisk framgång. Då CSR tillämpas inom en organisation så har vi märkt att det inte är organisationstyperna som sedan påverkar om CSR ger ett ökat fastighetsvärde. Det är snarare organisationens mål med fastigheten. Svaret blir att långsiktiga intressenter anser att kostnaden för miljöinsatser leder till ett motsvarande eller en större värdeökning av fastigheterna. För att detta ska vara sant krävs dock en långsiktighet och långsiktiga mål med fastigheten. Förslag till fortsatt forskning: Ett intressant synsätt skulle vara att modifiera och tillämpa Sekerka & Stimels (2012) modell vid jämförandet mellan olika branscher. Ett intressant ämne är hur miljömässig hållbarhet påverkar organisationers lönsamhet ur det ekonomiska perspektivet. Hur står svenska organisationers miljömässiga hållbarhetsarbete jämfört med utländska? Ett annat intressant område är hur miljömässig hållbarhet påverkas av externa bestämmelser så som lagstiftning och ökad myndighetskontroll. Under studiens gång har vi kommit fram till att Sekerka & Stimels (2012) modell har brister när den appliceras på den svenska fastighetsbranschen. Ett alternativ kan vara en utveckling och anpassning av Sekerka & Stimels (2012) modell för att lättare kunna appliceras mot en svensk bransch. Under de genomförda intervjuerna har flera organisationer talat om den sociala hållbarheten. Vi anser att det skulle vara intressant att genomföra en liknande studie inom CSR men med inriktning mot social hållbarhet Studiens bidrag: Studien bidrar till en ökad förståelse hur etisk beslutsfattning påverkar motivation av CSR. Studien bidrar även till ett tydliggörande av hur etisk beslutsfattning och miljömässig hållbarhet tillämpas inom den svenska fastighetsbranschen. Studien ger även svar på den praktiska frågan om CSR kan ge ett ökat fastighetsvärde. / Purpose: No one can argue and say that they have missed the ongoing climate debate which, focuses on global warming. An increased awareness of environmental sustainability has contributed to the integration of ethical decision-making in organizations. The study's purpose is to examine the hypothesis that CSR leads to increased property value we will also try to get a better understanding on how motivation effects ethical decision-making and CSR. Method: The study has been completed with a qualitative approach in the framework of a case study. Empirical material was gathered by semi-structured interviews preformed with decision-makers in the Swedish property industry. An analysis of the current research and literature, as well as a model by Sekerka & Stimels (2012) has contributed to the theoretical framework. Conclusion & Results: We believe that environmental sustainability and an economic incentive goes hand-in-hand and are required for financial success today. When CSR is applied within an organization, we have noticed that there is not the organizational type which affects whether CSR brings an increase in property value. Rather it is the organization's goals with the property. The answer is that long-term stakeholders believe that the cost of environmental measures leading to an equivalent or greater increase in the value of the properties. For this to be true it requires a long-term approach and long-term goal with the property. Further research: An interesting approach would be to modify and apply Sekerka & Stimels (2012) model in the comparison between different industries. An interesting topic is how environmental sustainability will affect an organization’s profitability within an economic perspective. How are Swedish organization’s environmental sustainability efforts compared with overseas? Another interesting area is how environmental sustainability are affected by external conditions such as legislation and increased government control. During the study we have come to the conclusion that Sekerka & Stimels (2012) model has shortcomings when applied to the Swedish property industry. An alternative can be an advancement and adaptation of Sekerka & Stimels (2012) model in order for it to be applied on a Swedish industry. During the interviews, several organizations talked about social. We believe that it would be interesting to conduct a similar study in CSR, but with focus on social sustainability Contribution: The study contributes to a better understanding of how ethical decision-making affects the motivation towards CSR. The study also contribute to a clarification of how ethical decision-making and environmental sustainability are applied in the Swedish property industry. The study will also provide answers to the practical matter: could CSR contribute to an increased property value.

Made available in DSpace on 2014-07-29T15:32:10Z (GMT). No. of bitstreams: 1 Dissertacao Gisleide Geografia.pdf: 3828291 bytes, checksum: b7fcc0fad58deaac8da79c3d47cba5c9 (MD5) Previous issue date: 2009-05-27 / This work proposes a case study of the property sector in the municipality of Bonfinopolis, State of Goias. The investigative process will attempt to answer the following question: As the change in the property sector have influenced the (re) production of space bonfinopolino? One hypothesis is that the changes affect, in most cases, of negative form on the space. One factor is the immediate vision of the sector s agents, which is guided only by the pursuit of quick profit and individual gain, regardless of the potential damage to society in general. Accordingly, it s necessary a reflection about their economic importance and social, mainly, as well as its immediate effect, to medium and long term on the area, avoiding chaotic situations irreversible or difficult to solve. The term "property sector", according to Gottiddiener (2001) is a category included in the secondary circuit (investment in the built environment) and refers to any activity that uses the land as a commodity can convert it into many forms of trade / use value, explored, potentially, by any individual, regardless of class. Aiming to understand the dynamics of (re) production of the space of Bonfinopolis - GO, it was elected to the category of the property sector based on the maxim that the (re) production of space is a structured social phenomenon, in other words, the forms of space are produced by "relationship between late capitalist structures and the actions of the property sector" (Gottiddiener, 2001). The method referenced by research is of qualitative type and technical procedures consist of: a literature review on the main topics approached; exploratory excursions; survey of statistical records and institutional writings, creation of database for spatial information, generating a set of maps; interviews with the actors in the sector of ownership, analysis, interpretation, generalization of data and evaluation of generalizations. According to the structuring of work, are highlighted indicators most relevant to the study of the property sector in Bonfinopolis - GO and then discuss the spatial organization with brief altercation on the value of land, sector s actors, especially the performance the State, and finally, will be addressed the municipal development from the analysis of the division of labor, the levels of the processing space for development of public policies and the importance of the property sector for the promotion of development / Este trabalho propõe um estudo de caso do setor da propriedade no município de Bonfinópolis, Estado de Goiás. O processo investigativo tentará responder a seguinte pergunta: Como as transformações do setor da propriedade têm influenciado na (re) produção do espaço bonfinopolino? Uma hipótese levantada é que as transformações influenciam, na maioria dos casos, de forma negativa sobre o espaço. Um dos fatores é a visão imediatista dos agentes do setor, que se orientam apenas pela busca do lucro rápido e ganhos individuais, independente dos possíveis prejuízos causados à sociedade em geral. Nesse sentido, faz-se necessário uma reflexão sobre sua importância econômica e principalmente social, bem como de seus efeitos imediatos, e de médio e longo prazo sobre o espaço, evitando situações caóticas irreversíveis ou de difícil resolução. A expressão setor da propriedade de acordo com Gottiddiener (2001) é uma categoria inserida no circuito secundário (investimentos no ambiente construído) e refere-se a qualquer atividade que utiliza a terra como mercadoria podendo convertê-la em muitas formas de valor de troca/uso, explorada, potencialmente, por qualquer indivíduo, independente de classe. Com o objetivo de entender a dinâmica da (re) produção do espaço de Bonfinópolis - GO, elegeu-se a categoria setor da propriedade fundamentando-se na máxima de que a (re) produção do espaço é um fenômeno social estruturado, ou seja, as formas de espaço são produzidas pela articulação entre estruturas capitalistas tardias e as ações do setor da propriedade (ibdem). A metodologia referendada pela pesquisa é do tipo qualitativa e os procedimentos técnicos consistirão em: revisão bibliográfica sobre os principais temas abordados; excursões exploratórias; levantamento de registros estatísticos e institucionais escritos; criação de banco de dados para espacialização das informações, gerando um conjunto de mapas; entrevistas com os agentes do setor da propriedade; análise, interpretação, generalização dos dados e avaliação das generalizações. De acordo com a estruturação do trabalho, serão destacados os indicadores mais relevantes para o estudo do setor da propriedade em Bonfinópolis - GO; em seguida discorrerá sobre a organização espacial com breve altercação a respeito do valor da terra, agentes do setor, especialmente a atuação do Estado; e por final, tratar-se-á do desenvolvimento municipal a partir da análise da divisão do trabalho, da contribuição dos níveis de transformações espaciais para elaboração de políticas públicas e a importância do setor da propriedade para a promoção do desenvolvimento