The Internationalization of Commercial Real Estate Markets in France and Germany

[We’re pleased to welcome authors Gertjan Wijburg and Manuel B. Aalbers of KU Leuven/University of Leuven, Belgium. They recently published an article in Competition and Change entitledThe internationalization of commercial real estate markets in France and Germany,” which is currently free to read for a limited time. Below, Wijburg and Aalbers reflect on the inspiration for conducting this research:]

ccha_21_3.coverPolitical economists rarely look at real estate markets. Our research group at the KU Leuven, named “The Real Estate/Financial Complex” and funded by the European Research Council, studies the relationships between finance, real estate and the state in a range of countries, including France and Germany, the two typical examples of Continental European capitalist countries. In this paper, we look into the commercial investment markets of these countries. Fieldwork and data collection have been conducted during two extended research stays in Frankfurt am Main and Paris.

Our work is deeply informed by our empirical research and interactions with real estate and finance professionals. The challenging aspect of our work was to get wider access to real estate and finance professionals in Frankfurt am Main and Paris, two global financial centres, and interviewing these specialists, often in prime real estate locations. Commercial real estate investors have their own account of processes of internationalization in their daily work experiences, which are central to our article.

Our results show how the French state perceived the arrival of foreign investors in the 1990s as a potential threat to the French property companies and implemented a new tax regime that allowed these companies to launch publicly listed real estate vehicles known as a Société d’Investissement Immobilier Cotée (SIIC). As such, the French property sector could attract foreign capital and increase liquidity, while enjoying new tax advantages. The rise of the SIICs was a major driver of the French investment boom of 2003–2007. In 2007, another major reform followed: the new tax regime of Organisme de Placement en Immobilier (OPCI) would gradually replace the old one of SCPI and transform French investment funds into ‘hybrids’ that could invest both in listed and non-listed real estate, with investments from not only institutional investors but also the general public.

Due to the shocks of German reunification, the momentum for internationalization of commercial real estate arrived relatively late. Major reforms in the German property sector were not implemented in the 2000s. Between 2003 and 2007, American private equity and hedge funds entered the market and invested unprecedented amounts of capital in the German property sector. However, the traditionally dominant non-listed investment funds in Germany also responded. The German Spezialfonds were able to invest heavily because they collected capital from pension funds and insurance companies. In the aftermath of the GFC, the German state has introduced a new Investment Code to make the non-listed real estate sector stronger. Contrary to France, the introduction of the G-REIT in 2007 has so far made little difference; the German preference for non-listed real estate remains strong.

We hope that our work inspires other researchers to conduct similar projects. We recommend researchers working in related fields to participate in real estate fairs and congresses to meet and encounter potential interviewees.

 

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Special Issue Call for Papers: Social Marketing Quarterly

SMQ_Bio

Social Marketing Quarterly is currently seeking manuscripts to fit the special issue on Social Marketing for Biodiversity Conservation. All submissions are due by June 30, 2018.

Click here to view the full submission guidelines; in order to properly submit online, you much login through the manuscript submission portal here.

SMQ publishes original work and fosters a cooperative exploration of ideas and practices in order to build bridges among various disciplines so that innovative change strategies and alliances are created. Manuscripts are submitted to a double-blind peer-review process. Sections include Applications, Theory and Review, Training Initiatives, Book Reviews, Notes from the Field, Resources, and Looking Ahead.

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Are We Teaching What Employers Want?

[We’re pleased to welcome author Ellen McArthur of Griffith University, who recently published an article in the Journal of Marketing Education entitled, “The Employers’ View of “Work-Ready” Graduates: A Study of Advertisements for Marketing Jobs in Australia.” The article is co-authored by Krzysztof Kubacki, Bo Pang, and Celeste Alcaraz, also of Griffith University. Below, McArthur discusses key findings of the study:]

Innovative research by Griffith University into graduate job advertisements in Australia shows employers value the personal traits of job candidates more highly than degree qualifications. The study, which is the largest of its kind into graduate jobs in marketing, raises questions about the purpose of a degree, and whether universities are preparing students to be “work-ready”.

While the study focussed on marketing jobs, the findings have relevance for all academic disciplines. The most frequently required attributes were “soft skills” that are not specific to marketing, including motivation, time management, attention to detail, and teamwork. Superior communication skill, particularly writing talent, was also highly demanded, and it was only after the calls for these generic abilities that occupation-specific skills began to rank.

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Among occupation-specific abilities, digital marketing was the most needed, including search engine optimisation, Google Analytics, AdWords, and creating and curating social media content for a range of platforms. Other demanded skills included project management, marketing communications, sales, and customer service and customer relationship management (CRM).

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Some 48.5% of ads called for applicants with experience. This significant figure suggests the need for far greater integration of undergraduate study with initiatives that deliver hands-on practice, including internships, work integrated learning, and practice-based assessments.

General IT skills and a high level of computer literacy are important pre-requisites for applying for marketing positions. Experience in MS Office, including Word, Excel, and PowerPoint, was specified in almost one in three ads, followed by Adobe Suite, InDesign, Illustrator, and Photoshop. Though students may use these programs ad hoc, such strong demand suggests the need to embed this software use into courses as explicit learning outcomes.

A marketing degree specifically was required in only half the sample of advertisements, with communication, psychology, science, technology, engineering, and mathematics also providing pathways into marketing roles. This reflects the cross-disciplinary nature of marketing careers in the twenty-first century.

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The Employers’ View of “Work-Ready” Graduates: A Study of Advertisements for Marketing Jobs in Australia’, content analysed 359 graduate advertisements (83,000 words) for careers in marketing posted on Australia’s top jobs website in a six-month period in 2016. Full time employment rates for Australian graduates have dropped to new lows, and the research aimed to identify the specific skills and attributes demanded by employers for graduate level jobs in marketing.

The study won a Best Paper Award at ANZMAC in 2016. Click here to read the full article for a limited time.

Griffith University is based in South-east Queensland, Australia, and ranks in the top 3% of universities globally, with more than 50,000 students across five campuses.

Dr. Ellen McArthur, who led the research project, said “large samples of job advertisements are perhaps the most valid way to study employers’ needs, but they are rarely used for employability research.”

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Introducing the New Incoming Editor for the Journal of Service Research

We are excited to announce the new incoming editor for the Journal of Service Research, Dr. Michael Brady. Dr. Brady graciously provided some information regarding his education, career, and experience in the management field:

Mike_BradyDr. Michael (“Mike”) Brady is the Carl DeSantis Professor and chair, Department of Marketing, at Florida State University. Mike’s primary research interest lies at the intersection of customers and employees in frontline service transactions.  He has published articles in many top scholarly journals, including Journal of Service Research, Journal of Marketing, Journal of Consumer Research, Journal of the Academy of Marketing Science, and many other outlets.  His research articles have been cited over 15,000 times to date, his 2000 article in the Journal of Retailing is one of the most downloaded articles of all time in Science Direct, and his 2001 article in the Journal of Marketing was ranked the fifth most influential article for future research in services marketing.

Mike’s work has also been covered in the popular press, such as MSNBC, U.S. News, the Chicago Tribune, and Tampa Bay Times.  He has won numerous awards, including the Christopher Lovelock Career Contributions to the Service Discipline Award, the SERVSIG best article award, the Academy of Marketing Science and University outstanding teacher awards, the inaugural College of Business Distinguished Teacher award,  the University graduate studentJSR_16.2_72ppiRGB_powerpoint.jpg mentoring award, and the William R. Jones award for mentoring minority doctoral students.  Mike is a past president of the American Marketing Association’s Academic Council and an Associate Editor for the Journal of Service Research and Journal of the Academy of Marketing Science.  He is currently co-editing a special issue of Journal of the Academy of Marketing Science and he just finished co-editing a special issue of Journal of Service Research.

Mike currently lives with his wife of twenty
years and two children in Florida. Before earning his PhD, Mike played baseball at Florida State and was then drafted by the Los Angeles Dodgers, playing professionally for four years. Baseball runs in the Brady family, as Mike’s father also played professionally for the Detroit Tigers before assuming the university provost and president roles at Jacksonville University. Mike’s academic year consists of teaching large online sections of principles of marketing and will take on the role of Editor-in-Chief of the Journal of Service Research later this year.

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Does using clickers in class help students engage and succeed?

With the growing technology advances and integration of new technology into classrooms, professors across the nation have adopted clickers as a means of participation in lectures. Of course, with new engagement strategies comes pros and cons, including how students must remember to bring the clickers, and if lost, will have to pay to replace the unit. The clickers can also prompt students to pay more attention in class, sinJME(D)_72ppiRGB_powerpoint.jpgce clickers can be used to take quizzes, and in turn, keep an online record of attendance.

A recent article in the Journal of Marketing Education entitled “Using Clickers in a Large Business Class: Examining Use Behavior and Satisfaction,” analyzes the use of clickers in the classroom which yields overall positive responses in content engagement. Authors Nripendra P. Rana and Yogesh K. Dwivedi also provide data on the behavioral intentions of the students in their study. The abstract for their article is below:

As more and more institutions are integrating new technologies (e.g., audience response systems such as clickers) into their teaching and learning systems, it is becoming increasingly necessary to have a detailed understanding of the underlying mechanisms of these advanced technologies and their outcomes on student learning perceptions. We proposed a conceptual model based on the technology acceptance model to understand students’ use behavior and satisfaction with clickers. The valid response from 138 second-year business students of Digital Marketing module taught in a British university, where clickers are extensively used in the teaching and learning process, made the basis for data analysis. The results provided a strong support for the proposed model with a reasonably adequate variance (i.e., adjusted R2) of 67% on behavioral intentions and sufficiently high variance on use behavior (i.e., 86%) and user satisfaction (i.e., 89%).

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Trustworthy Marketing Mixes: A Study of Forestland Owners

[We’re pleased to welcome author Kelley Dennings of the American Forest Foundation, Washington, D.C.. Dennings recently published an article in Social Marketing Quarterly entitled, “Research Into Woodland Owners’ Use of Sustainable Forest Management to Inform Campaign Marketing Mix,” co-authored by Jennifer Tabanico. From Dennings:]

The article titled “Research Into Woodland Owner’s Use of Sustainable Forest Management To Inform Campaign Marketing Mix” came about through a partnership between the American Forest Foundation and Action Research. The American Forest Foundation (AFF) works on-the-ground with families, teachers, and elected officials to promote stewardship and protect our nation’s forest heritage. When AFF embarqued on the creation of a social marketinsmqa_23_1.cover.pngg campaign they brought on Action Research to learn more about the barriers and benefits woodland owners encounter with sustainable forest management. Action Research specializes in changing human behavior through the application of traditional marketing activities blended with cutting edge research findings from the social and behavioral sciences including psychology, sociology, and economics.

This research is imperative as woodlands provide many environmental benefits such as clean air, clean water, recreational opportunities and wood products. However, keeping our forests healthy requires the support of private woodland owners that own the majority of America’s forests. The difficulty with this work is that harvesting trees without the advice of a forester can leave a landowner vulnerable. A forester ensures that the sustainable forest management actions meet the needs of the woodland owner as the forester makes recommendations depending on what the woodland owner wants to gain from their land.

What our findings showed is that trust is very important between a woodland owner and the forester. However, we found that advice from friends and family is highly trusted. Unfortunately this help may not always be the most accurate. This lack of trust is being addressed in the campaign’s marketing mix through peer networks and testimonials. Research into trust can help inform other campaigns outside of conservation and is very useful for those working in rural communities.

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Measuring Organizational Legitimacy in Social Media

[We’re pleased to welcome author Michael Etter of the City University of London, UK. Etter recently published an article in Business & Society entitled “Measuring Organizational Legitimacy in Social Media: Assessing Citizens’ Judgments With Sentiment Analysis,” co-authored by Elanor Colleoni, Laura Illia, Katia Meggiorin, and Antonino D’Eugenio. From Etter:]

8583949219_f55657573e_z.jpgSocial media have given ordinary citizens the opportunity to freely express their opinions and feelings in any tone or style. The heated discussions around various topics from politics, sports, and corporations often evolve in parallel to news media coverage. Accordingly, we have developed the idea that a measurement of citizens’ judgment in social media can give researchers a new way to assess the legitimacy of organizations. Compared to existing measurements that, for example, assess judgments in news media coverage, a measurement based on social media would directly access the voices of ordinary citizens and therefore account for their heterogeneous norms and expectations.

In this article we describe and test how a measurement based on social media data can give indication for organizational legitimacy. We use the method of sentiment analysis that is based on computational linguistics and apply it to a case from the banking industry over a one year period.

Our findings show that, indeed, an analysis of 14’000 tweets reveals a different judgment than the analysis of 730 news articles. Compared to the news media, citizens judge the bank in a much more negative way. Also we find that the bank is discussed by 6000 citizens and for a broad variety of topics (around 400 hashtags). Clearly, social media data gives researchers access to different judgments than found in news media, which are written by a few journalists that adhere to professional norms and standards and are subject to various selection processes. We therefore encourage researchers to take into account social media, such as Twitter, in order to achieve a richer understanding of legitimation processes in a digital world. For practitioners, sentiment analysis of twitter data is a tool to monitor and identify issues and sentiment in a timely manner.

Cell phone photo attributed to Jason Howie (CC).

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