The global financial system was marked by several crises frequently
connected to Commercial Real Estate (CRE). As a precursor to financial crisis
events, the phase of Financial Instability (FI) is generally considered from a
more macroeconomic perspective with a focus on systemic risk to better
identify environmental dynamics in the run-up to such a crisis. However, there
is no common understanding about FI on a corporate level that enables
organisations to undertake such a strategic analysis.
This study aims to explore the corporate meaning of the phenomenon from a
managerial perspective. It emphasises executives` lived experience in FI and
the underlying procedures in organizational sensemaking.
The data was collected using semi-structured interviews with senior executives
of German CRE companies with reference to the Global Financial Crisis (GFC)
2007/08. Within the social constructivist paradigm, the study adopts a
hermeneutic phenomenological research approach using the theoretical lenses
of van Manen's ‘lifeworld existentials' and Weick's ‘properties of sensemaking'.
The corporate definition of FI that emerged from this study extends existing
ones. The revealed procedures indicate that organisational sensemaking was
underrepresented in such a phase. From this, qualitative indicators and
implications are developed grounded in behavioural dynamics of the market
participants.
The findings of this research contribute to theoretical and applied knowledge
about FI. The study proposes the systematic incorporation of this definition and
sensemaking procedures by executives and institutionalises the monitoring of
the developed indicators in SM to better control a CRE company prior, during,
or after a phase of FI.
| Identifer | oai:union.ndltd.org:BRADFORD/oai:bradscholars.brad.ac.uk:10454/17393 |
| Date | January 2018 |
| Creators | Sagemann, Bernd J. |
| Contributors | Cai, Charlie X., Li, Jing, Zueva-Owens, Anna |
| Publisher | University of Bradford, University of Bradford, Faculty of Management and Law |
| Source Sets | Bradford Scholars |
| Language | English |
| Detected Language | English |
| Type | Thesis, doctoral, PhD |
| Rights | <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/"><img alt="Creative Commons License" style="border-width:0" src="http://i.creativecommons.org/l/by-nc-nd/3.0/88x31.png" /></a><br />The University of Bradford theses are licenced under a <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/">Creative Commons Licence</a>. |
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