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on Project, Program and Portfolio Management |
| By: | Tamara Broderick; Ali Jadbabaie; Vanessa Lin; Manuel Quintero; Arnab Sarker; Sean R. Sinclair |
| Abstract: | Surety bonds are financial agreements between a contractor (principal) and obligee (project owner) to complete a project. However, most large-scale projects involve multiple contractors, creating a network and introducing the possibility of incomplete obligations to propagate and result in project failures. Typical models for risk assessment assume independent failure probabilities within each contractor. However, we take a network approach, modeling the contractor network as a directed graph where nodes represent contractors and project owners and edges represent contractual obligations with associated financial records. To understand risk propagation throughout the contractor network, we extend the celebrated Friedkin-Johnsen model and introduce a stochastic process to simulate principal failures across the network. From a theoretical perspective, we show that under natural monotonicity conditions on the contractor network, incorporating network effects leads to increases in both the average risk and the tail probability mass of the loss distribution (i.e. larger right-tail risk) for the surety organization. We further use data from a partnering insurance company to validate our findings, estimating an approximately 2% higher exposure when accounting for network effects. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2511.05691 |
| By: | Hwang, Sunjoo |
| Abstract: | By examining project-level data on real estate project financing (PF), I find that higher equity ratios are associated with lower overall risk and reduced project costs. This finding supports policy measures aimed at strengthening capital structures without unduly constraining PF activity. If regulatory lending limits are to be introduced, they should target only lowequity PF projects. Moreover, preferred shares should be recognized as regulatory-eligible equity capital, and the deferral of capital gains tax should be made permanent to encourage in-kind land contributions. It is equally important to address regulatory arbitrage involving Project Finance Vehicles (PFVs), which are often exploited to pursue large-scale developments with minimal capital. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:kdifoc:331223 |
| By: | Brehmer, Sarah; Cézanne, Thibault; Kirschenmann, Karolin; Zilke, Philip |
| Abstract: | Nearly two decades of green bond issues have ignited various research questions and fields surrounding the topic. It is therefore time to take stock. Green bonds were launched with the goal of greening the financial sector by investing the generated funds into sustainable projects that support the transition to a resilient, climate-neutral economy. But are green bonds living up to their promise? In this policy brief, we provide evidence on the role that green bonds can play in the green transition. Our findings are based on a recent project funded by the German Federal Ministry of Research, Technology and Space (BMFTR). When examining the potential distortionary effects of policy interventions (such as green government bond issues) in the green bond market, we only find small effects on average, even though those are stronger for large and specific interventions. Looking at green bond auction design from a theoretical perspective, it can be seen that strategic bidding behaviour can incentivise investors to shift their portfolios towards green investments in general. When banks issue green bonds, they increase the financing of green firms in the form of sustainability-linked loans. As a result, environmental benefits materialise as recipient firms reduce their emissions. These effects are only evident for firms that are already greener than others, however, so more targeted incentives seem needed to channel financial flows more effectively into sustainable transition projects. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:zewpbs:331234 |
| By: | Pradit, Oraphan; Suebpongsang, Pornsiri; Limnirunkul, Budsara; Kitchaicharoen, Jirawan |
| Keywords: | Community/Rural/Urban Development |
| Date: | 2025–09–15 |
| URL: | https://d.repec.org/n?u=RePEc:ags:asea25:373376 |
| By: | Subhadarsini Parida; Cida Ghosn; Christhina Candido |
| Abstract: | Social capital is a growing factor in green bond pricing (Chen et al., 2024) where community support and societal trust can influence bond premiums, making green bonds more attractive financially. The 'green premium' can be seen as a manifestation of social capital, where investors are motivated not only by financial returns but also by the social and environmental impacts of their investments (MacAskill et al., 2021). As investor sentiment is often shaped by social capital (Piñeiro-Chousa et al., 2021), communities with strong social networks may foster a more favourable view of green investments. However, there remains a notable gap in the literature regarding the direct application of social capital to the green bond market within the context of the real estate and construction sectors. There is a lack of empirical research that explicitly connects social capital to the green bond market within the real estate and construction sectors. It is important to understand the financial aspects of green building projects, suggesting that social networks can play a pivotal role in overcoming financial barriers (Agyekum et al., 2022). Therefore, this paper investigates how social capital metrics—like community trust, corporate social responsibility (CSR) perception, and stakeholder engagement—impact green bond financing success in real estate and construction. It is based on the stakeholder theory, the collaboration among stakeholders, including building owners, investors, and local communities to address a gap in understanding the non-financial factors influencing green bond viability. This study will employ semi-structured interviews from corporate C suites, and developers to understand the measurable social benefits and value proposition to clients and investors when green bonds and/or green investment have been used. Additionally, the study aims to develop a framework for integrating social capital metrics into green bond assessments, providing investors with a more holistic view of sustainability projects. This research offers significant contributions for stakeholders in the real estate and construction sectors, particularly corporate executives, developers, and investors focused on green bond funding for sustainable projects. By integrating social capital metrics into project evaluations, the study advances understanding of how corporate leaders and developers can leverage these insights by integrating social capital elements to make projects more attractive to investors by reducing risk perceptions and boosting investor sentiment. Further, by valuing social capital metrics, investors gain insights from this study into a project’s long-term stability, supporting a shift in investment focus from purely financial gains to broader environmental and social impacts. References Agyekum, K., Goodier, C., & Oppon, J. A. (2022). Key drivers for green building project financing in Ghana. Engineering, Construction and Architectural Management, 29(8), 3023-3050. Chen, H., Meng, Y., Ning, X., & Qi, Y. (2024). The pricing of green bonds: Does social capital matter? Evidence from China. Finance Research Letters, 67, 105756. MacAskill, S., Roca, E., Liu, B., Stewart, R. A., & Sahin, O. (2021). Is there a green premium in the green bond market? Systematic literature review revealing premium determinants. Journal of cleaner production, 280, 124491. Piñeiro-Chousa, J., López-Cabarcos, M. Á., Caby, J., & Ševi, A. (2021). The influence of investor sentiment on the green bond market. Technological Forecasting and Social Change, 162, 120351. |
| Keywords: | Esg; Green Bonds; Social Capital |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_32 |
| By: | Chiara Mazzarella; Michael Peeters; Daniele Cannatella; Hilde Remoy |
| Abstract: | The short-term reuse of vacant real estate has demonstrated to be able to generate multiple benefits (Bishop, 2015; Madanipour, 2017; Oswalt et al., 2012; Senatsverwaltung für Stadtentwicklung Berlin, 2007), and being a quick solution to prevent abandonment risks, providing opportunities to access low-cost space. Research has demonstrated that short-term non-profit projects have the potential to drive innovation and generate social value (Mangialardo & Micelli, 2017; Pinard, 2020; Saleh, 2022). In fact, temporary initiatives can establish transient communities, test new land-use models, and inform real estate transformations (Lepik, 2012). Mostly, creative, artistic, and informal occupations (Andres, 2011; Honeck, 2017; McArdle, 2022; Shaw, 2005; Vivant, 2022) gained attention over the last 25 years, because they have demonstrated capacities for placemaking (Camerin, 2024; Hernandez-Santin et al., 2020; Karachalis, 2021) and urban regeneration (Darchen & Simon, 2022; Martin et al., 2019). For these and other reasons, temporary use projects have been increasingly integrated in urban studies (Chang, 2021) and in urban planning (Lehtovuori & Ruoppila, 2012), despite that the seduction of short-term solutions can hide unfair dynamics (Ferreri, 2015). In this context, Temporary Uses (TU) have been observed critically, considering issues as gentrification risks (Assiter, 2022), benefit distribution (Ferreri, 2020; Mens et al., 2023; Vivant, 2022), negotiations among actors (Zhang, 2018), and outcomes in co-production (Jaspers & Steen, 2019). However, we still don’t have models to measure the economic impact of real estate TU in their urban contexts. Thus, we ask: 1) What are the economic impacts that the social value of a TU produces on urban context? 2) What factors describing urban changes and TU of vacant buildings correlate? And, consequently, 3) how does TU social value contribute to urban dynamics? To address this gap, this study aims at defining and test a methodological framework to measure the economic impacts generated by the social value of temporary uses on the urban context, with a focus on some non-profit initiatives1. The objective is to understand how social value generates effects and impacts on the urban context (street or neighbourhood) improving the place quality, considering both space (urban context) and effects (observing its changes over the years). A mixed method analysis is applied to a set of case studies first at the urban scale and then at the real estate scale. We consider multiple cases of temporary use in the Region of Brussels (Occupation Temporaire OT), that have been mapped and monitored by temporary.brussels. First, we conduct an urban analysis of the neighbourhood place quality (Carmona, 2019) to observe the characteristics and the trends of main socio-economic indicators, land use functions, presence of services and amenities, and ongoing transformations in the area together with local policies. Then, we will assess the impact of each temporary use case measuring a set of quanti-qualitative indicators with data from direct observations, project reports, and interviews2. The TU assessment framework has been developed based on literature review and qualitative analysis of cases in the Netherlands, in Belgium and in France. Finally, we’ll carry out a correlation analysis applying the Geographically and Temporally Weighted Regression (GTWR) (Fotheringham et al., 2015; Liu et al., 2016; Wu et al., 2019) in GIS (running R packages). Findings from this research contribute to the ongoing discourse on temporary urbanism by discussing how temporary uses support not only communities but also long-term urban development. The proposed framework for defining, measuring, and analysing temporary use provides insights for scholars, policymakers and urban planners interested in leveraging these initiatives considering a fair resource distribution for sustainable and inclusive urban regeneration. Andres, L. (2011). Alternative Initiatives, Cultural Intermediaries and Urban Regeneration: The Case of La Friche (Marseille). European Planning Studies, 19(5), 795–811. https:; doi.org/10.1080/09654313.2011.561037 Assiter, B. (2022). From dancefloors to tables: Socially distanced clubbing, temporary urbanism, and the gentrification of London’s nightlife. Annals of Leisure Research, 1–7. https:; doi.org/10.1080/11745398.2022.2027252 Bishop, P. (2015). From the Subversive to the Serious: Temporary Urbanism as a Positive Force. Architectural Design, 85(3), 136–141. https:; doi.org/10.1002/ad.1913 Camerin, F. (2024). Former military barracks as places for informal placemaking in Italy. An inventory for new insights. Journal of Urbanism: International Research on Placemaking and Urban Sustainability, 17(2), 190–213. https:; doi.org/10.1080/17549175.2024.2327588 Carmona, M. (2019). Place value: Place quality and its impact on health, social, economic and environmental outcomes. Journal of Urban Design, 24(1), 1–48. https:; doi.org/10.1080/13574809.2018.1472523 Chang, R. A. (2021). How do scholars communicate the ‘temporary turn’ in urban studies? A socio-semiotic framework. Urban Planning, 6(1), 133–145. Scopus. https:; doi.org/10.17645/up.v6i1.3613 Darchen, S., & Simon, G. (2022). ‘Transitory urbanism’ for the creative industries in a top-down regeneration process (Nantes, France). European Planning Studies, 30(10), 2084–2101. Scopus. https:; doi.org/10.1080/09654313.2021.2024149 Ferreri, M. (2020). Learning from temporary use and the making of on-demand communities in London’s Olympic “fringes”. Urban Geography, 41(3), 409–427. https:; doi.org/10.1080/02723638.2019.1679527 Fotheringham, A. S., Crespo, R., & Yao, J. (2015). Geographical and Temporal Weighted Regression (GTWR): Geographical and Temporal Weighted Regression. Geographical Analysis, 47(4), 431–452. https:; doi.org/10.1111/gean.12071 Hernandez-Santin, C., Hes, D., Beer, T., & Lo, L. (2020). Regenerative Placemaking: Creating a New Model for Place Development by Bringing Together Regenerative and Placemaking Processes. In R. Roggema (Ed.), Designing Sustainable Cities (pp. 53–68). Springer International Publishing. https:; doi.org/10.1007/978-3-030-54686-1_4 Honeck, T. (2017). From squatters to creatives. An innovation perspective on temporary use in planning. Planning Theory and Practice, 18(2), 268–287. Scopus. https:; doi.org/10.1080/14649357.2017.1303536 Jaspers, S., & Steen, T. (2019). The sustainability of outcomes in temporary co-production. International Journal of Public Sector Management, 33(1), 62–77. https:; doi.org/10.1108/IJPSM-05-2019-0124 Karachalis, N. (2021). Temporary Use as a Participatory Placemaking Tool to Support Cultural Initiatives and Its Connection to City Marketing Strategies—The Case of Athens. Sustainability, 13(4), 1652. https:; doi.org/10.3390/su13041652 Lehtovuori, P., & Ruoppila, S. (2012). Temporary uses as means of experimental urban planning. SAJ - Serbian Architectural Journal, 4(1), 29–54. https:; doi.org/10.5937/SAJ1201029L Liu, J., Yang, Y., Xu, S., Zhao, Y., Wang, Y., & Zhang, F. (2016). A Geographically Temporal Weighted Regression Approach with Travel Distance for House Price Estimation. Entropy, 18(8), 303. https:; doi.org/10.3390/e18080303 Madanipour, A. (2017). Cities in Time: Temporary Urbanism and the Future of the City (p. 198). Scopus. https:; www.scopus.com/inward/record.uri?eid=2-s2.0-85190349333&partnerID=40&md5=92cf099dd880a72a26ce7d812d2867de Mangialardo, A., & Micelli, E. (2017). Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy. Buildings, 7(4), 100. https:; doi.org/10.3390/buildings7040100 Martin, M., Deas, I., & Hincks, S. (2019). The Role of Temporary Use in Urban Regeneration: Ordinary and Extraordinary Approaches in Bristol and Liverpool. Planning Practice & Research, 34(5), 537–557. https:; doi.org/10.1080/02697459.2019.1679429 McArdle, R. (2022). ‘Squat City’: Dublin’s temporary autonomous zone. Considering the temporality of autonomous geographies. City, 26(4), 630–645. https:; doi.org/10.1080/13604813.2022.2082149 Mens, J., Van Bueren, E., Vrijhoef, R., & Heurkens, E. (2023). Identifying the merits of bottom-up urban development: Theory-based evaluation using a value map model. Planning Practice & Research, 38(2), 196–217. https:; doi.org/10.1080/02697459.2023.2181296 Noterman, E. (2022). Speculating on vacancy. Transactions of the Institute of British Geographers, 47(1), 123–138. https:; doi.org/10.1111/tran.12477 Oswalt, P., Overmeyer, K., & Misselwitz, P. (2012). Urban Catalyst. The Power of Temporary Use | Klaus Overmeyer, Philipp. DOM publishers. https:; www.naibooksellers.nl/urban-catalyst-the-power-of-temporary-use-philipp-oswalt-klaus-overmeyer-philipp-misselwitz.html?___store=english&___from_store=default Pinard, J. (2020). Developing ‘Transient Urbanism’ as a New Urban and Real Estate Strategy: The Case of the French National Railway Company (SNCF). In L. Andres & A. Y. Zhang (Eds.), Transforming Cities Through Temporary Urbanism (pp. 141–154). Springer International Publishing. https:; doi.org/10.1007/978-3-030-61753-0_10 Saleh, R. (2022). Collaborative ecosystems connecting people and heritage the journey of Miss Miyagi, a positive impact real estate developer in Belgium. City, Culture and Society, 29, 100447. https:; doi.org/10.1016/j.ccs.2022.100447 Senatsverwaltung für Stadtentwicklung Berlin. (2007). Urban Pioneers. Temporary Use and Urban Development in Berlin. jovis. https:; www.naibooksellers.nl/urban-pioneers-temporary-use-and-urban-development-in-berlin.html?___store=english&___from_store=default Shaw, K. (2005). The Place of Alternative Culture and the Politics of its Protection in Berlin, Amsterdam and Melbourne. Planning Theory & Practice, 6(2), 149–169. https:; doi.org/10.1080/14649350500136830 Vivant, E. (2022). From margins to capital: The integration of spaces of artistic critique within capitalist urbanism. Journal of Urban Affairs, 44(4–5), 490–503. Scopus. https:; doi.org/10.1080/07352166.2020.1811115 Wu, C., Ren, F., Hu, W., & Du, Q. (2019). Multiscale geographically and temporally weighted regression: Exploring the spatiotemporal determinants of housing prices. International Journal of Geographical Information Science, 33(3), 489–511. https:; doi.org/10.1080/13658816.2018.1545158 Zhang, A. Y. (2018). Thinking temporally when thinking relationally: Temporality in relational place-making. Geoforum, 90, 91–99. https:; doi.org/10.1016/j.geoforum.2018.02.007 |
| Keywords: | Brussels; GTWR; impact assessment; temporary use |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_266 |
| By: | Ditlmann, Ruth; Firestone, Berenike |
| Abstract: | How do Holocaust remembrance projects affect participants? This is the topic of our research. We mainly conduct quantitative, empirical studies and use this method to understand the causal impact of projects. In doing so, we are often confronted with questions of normativity and come up against the limits of the ideal of objective (as in, value-free) research. This poses a particular challenge for empirical peace psychologists. However, normative judgments must be made transparent and discussed openly. It is obvious: our research on the impact of Holocaust remembrance projects is valuedriven. But isn't that a contradiction to the ideal of objective research? Values influenced, for example, our choice of research topic, the selection of dependent variables, and the interpretation of the results. These decisions are often difficult and require intensive engagement with normative judgments and a commitment to one's own values. It becomes clear that this entails a responsibility that, in our opinion, goes beyond that of a private individual. It also becomes clear that, given our topic, it is virtually impossible to conduct good empirical research without dealing intensively with normative questions. That is why we want our contribution to motivate other peace psychologists to make their normative decisions transparent and discuss them openly. First, of course, the question arises as to why one should even conduct empirical research on a topic that is so value-based. What can peace psychology contribute here? What can a quantitative empirical study on this topic look like? |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wzbtod:330665 |
| By: | Felipe Francisco De Souza |
| Abstract: | This study integrates historical institutionalism with geostatistical methods to examine the evolution and impact of land readjustment (Baulandumlegung) projects in Frankfurt am Main over the past 120 years. Drawing on critical junctures and path dependence as theoretical pillars, we trace how pivotal legal, political, and economic events—such as new planning laws, macroeconomic crises, and wartime disruptions—shaped planning policies and practices. We hypothesize that once certain institutional pathways were chosen, subsequent changes became increasingly constrained, leading to distinct project designs, financing schemes, and dispute-resolution practices. Methodologically, we present a novel Baulandumlegung Prognosis Algorithm that combines machine learning, spatiotemporal statistics, and a historical institutionalist ground to forecast land readjustment outcomes. The dataset, which spans from 1902 to 2022, integrates unstructured data from archival records, property transaction listings, and Sütterlin-scripted documents across distinct historical periods, including the German Empire, Weimar Republic, and post-World War II eras. Applied to distinct periods of voluntary (139) and enforcement-based (183) project implementations, the algorithm incorporates seven key components into a single predictive pipeline—geographically weighted regression, Mahalanobis distance matching, difference-in-differences estimation, anisotropic variogram analysis, odds ratio clustering, a historical weight function, and a cumulative probability predictor. These components collectively capture spatial dependence, isolate treatment effects, and incorporate path-dependent institutional changes. At the core of this framework lies a machine-learning classification module. By applying cross-entropy loss to guide training, we iteratively optimize hyperparameters (e.g., learning rate, maximum tree depth, regularization terms) to minimize predictive bias and enhance model generalizability in real estate markets. We pair 'treated' land readjustment sites with comparable 'control' areas to quantify the causal impact of Baulandumlegung on property prices and urban form over time. Additionally, anisotropic (semi)variogram analyses uncover hidden spatial heterogeneities by illustrating how direction-specific correlation structures influence project outcomes. A historical weight function further operationalizes how critical junctures shaped path-dependent trajectories across German political regimes. Our results demonstrate significant spatial heterogeneity in the effects of land readjustment across Frankfurt am Main, with varying impacts on property values and urban development patterns. Empirical validation using spatial cross-validation confirms that our machine learning approach successfully predicts project locations at specific times while accounting for complex spatiotemporal relationships outperforming traditional parametric and non-spatial hedonic models. Preliminary findings suggest that critical junctures—such as the post-war reconstruction and amendments to the German Building Code—acted as catalysts for reaffirming or altering Frankfurt’s planning trajectory. This methodological innovation provides urban planners and policymakers with a robust tool for analyzing not only prospective land readjustment areas but also regions affected by other planning instruments, effectively combining a historical-institutionalist framework with modern machine-learning techniques. |
| Keywords: | Geostatistics; historical institutionalism; Land Readjustment; Machine learning Algorithms |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_185 |
| By: | Küblböck, Karin; Papatheophilou, Simela; Tröster, Bernhard |
| Abstract: | In response to growing critical raw material demand and increasing instability in global supply chains, the European Union has established Strategic Partnerships with resource-rich third countries. These partnerships aim connect raw material projects in third countries with European industries, while promoting 'mutual benefits' and more sustainable raw material supply chains. Yet their effectiveness is limited by restricted policy space resulting from EU Free Trade and Investment Agreements, insufficient funding mechanisms, and weak consultation with affected communities, carrying the risk of legitimizing extractive projects rather than delivering genuine mutual benefits. This policy note assesses the potential and limits of Strategic Partnerships, highlighting the need for policy alignment to protect partner countries' policy space, support local value addition, provide dedicated financing, and promote demand reduction to ensure resilient and sustainable CRM supply chains. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:oefsep:330672 |
| By: | Lars Hornuf; Daniel Vrankar |
| Abstract: | Those seeking to drum up public support for the space industry frequently cite its potential to generate valuable spillovers to other industries. However, existing research on spillover effects overlooks differences in business models among commercial actors and focuses only on individual projects or specific space agencies. We analyze how evolving business models influence spillovers by comparing the dynamic capabilities of traditional aerospace conglomerates to those of new space firms, using a unique dataset of 35, 696 space-related patent applications. We find that, in addition to industries directly related to space, such as aeronautics, sectors like manufacturing and communication technology in particular benefit from space activities. At the firm level, we observe that new space business models present greater spillover potential and generate more spillovers than traditional aerospace conglomerates. However, traditional conglomerates such as Airbus or Boeing induce spillovers into digital systems and clean tech, while new space firms cannot translate their digital business models into digital spillovers and occupy more peripheral positions in the innovation network of space. Additionally, based on two different innovation metrics and more than 1.6 million additional patent applications, we find no evidence that the business models of the space industry have generally led to more spillovers than other high-tech industries. |
| Keywords: | new space business models, new space economy, innovation, dynamic capabilities, spillover, patent data |
| JEL: | D62 H57 L20 L21 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_12236 |
| By: | Andrée De Serres; Hélène Sicotte; Cynthia Aubert |
| Abstract: | Affordability plays a crucial role in combating climate change by influencing households' housing, transportation, and consumption choices, while offering numerous benefits for their health and quality of life. Integrating affordability into urban policies promotes sustainable densification and social diversity, thereby reducing cities’ carbon footprints. However, creating and maintaining affordability over time requires adopting a governance model, management practices, and investment strategies tailored to the needs of future generations. The transformation of housing into a financial asset has exacerbated declining of affordability, urban sprawl, and evictions, fueling real estate speculation with little consideration for tenants beyond their ability to pay. To counter this trend, nonprofit organizations (NPOs) have developed alternative governance and business models that are less affected by market fluctuations, aiming to provide affordable housing while ensuring long-term quality. Supported by public and private partnerships, these NPOs help stabilize prices and combat speculation. In Montreal, for instance, the goal of achieving 20% off-market rental housing by 2050 reflects this ambition. A case study conducted between 2024 and 2025 analyzes three Quebec-based nonprofit organizations — UTILE, Interloge, and Mission Unitaînés — operating more than 3, 100 units in the affordable housing sector in 2024 as developers, owners, and managers of buildings. The objective is to compare their governance models, organizational practices, and innovative business models for developing and managing off-market housing, as well as to document their financing structures based on capital needs at both the company and project portfolio levels. These NPOs face several challenges in effectively addressing the housing crisis while ensuring housing sustainability and quality. The first challenge is building affordability over time, which is achieved with property ownership and also requires rigorous control of capital and operational expenses throughout the entire building's lifecycle to ensure affordable rents for tenants and limit their increase over time without compromising housing quality. Government subsidy programs to support tenant payment capacity are also an important solution to maintain affordability over time and cope with inflation. NPOs therefore include these programs in their business model. The second challenge lies in their reliance on subsidies, making their recognition as credible and legitimate market actors essential to securing financial sustainability. They also face increasing competition from for-profit companies. For some large NPOs, internalizing real estate development expertise and strengthening of internal organization is crucial for accelerating projects and consolidating their social acceptability. Another key issue is strengthening their legitimacy with lenders and investors, which necessitates attracting talent and innovating in financing and development practices. Given the high demand for affordable housing, some NPOs must pool their efforts by forming innovative alliances to share resources and knowledge while increasing their political influence and reducing costs. Finally, managing tenants with specific needs requires partnerships with psychosocial workers and the promotion of suitable housing located near essential services and public transport. This research maps Quebec’s affordable housing ecosystem and explores government definitions of affordability and their implications for NPOs. International case studies could provide inspiration for innovative solutions. Further research is needed to explore other innovative models and to understand how to reconcile housing affordability, quality and sustainability. |
| Keywords: | Business Model; Housing Affordability; Investment Strategies; Non-profit corporate governance |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_112 |
| By: | Knof, Merlind |
| Abstract: | Numerous projects involving physically embodied service robots fail to achieve their intended outcomes. Existing research has predominantly focused on customer perspectives, leaving a significant gap in our understanding of service robot implementation from an organizational standpoint. Moreover, while evidence indicates that privacy concerns significantly influence user adoption, research remains ambiguous regarding whether these concerns translate into corresponding behaviors. This dissertation addresses these gaps through two empirical research studies that derive generalizable insights into effective service robot implementation and examine employees’ paradoxical privacy behavior. By incorporating both manager-level (macro) and employee-level (micro) perspectives, this dissertation offers a holistic understanding of service robot implementation and usage. Specifically, the first research study employs a grounded theory approach to identify six critical factors for successful service robot implementation, two of which involve inherent trade-offs. As a result, organizations should (1) start with a viable use case, (2) balance a marketing-driven innovator strategy with a productivity-oriented follower strategy, (3) balance the timing and scope of implementation projects in legacy and greenfield environments, (4) prioritize employee acceptance and engage them early, (5) redesign processes using a holistic approach, and (6) select appropriate technology solutions. Additionally, a three-stage framework, comprising ‘initiating’, ‘piloting’, and ‘scaling’, is developed to integrate these theoretical findings and offer practical guidance for managers. These conclusions are drawn from a multi-case theory-building approach encompassing 14 cases across seven industries in three countries, enabling more generalized insights than most previous research. The second research study draws on task-technology fit theory and the Computers-as-Social-Actors paradigm to examine the privacy paradox in workplace interactions with service robots through two consecutive empirical studies. A mixed-method design is applied that extends the privacy paradox to real-world human-service robot interactions, demonstrating that privacy concerns do not necessarily translate into corresponding information-sharing behaviors. Furthermore, task complexity is identified as an important moderator of this paradox, contributing to service robot design research by demonstrating that the type of service robot (i.e., humanoid versus android) significantly affects employees’ privacy behavior. Overall, this dissertation contributes both scientifically and practically by extending established theoretical frameworks (including the innovation diffusion curve, task-technology fit theory, and the Computers-as-Social-Actors paradigm) to the context of service robot implementation and usage. It offers actionable guidelines for managers and underscores the importance of addressing both organizational challenges and employee privacy to achieve successful and sustainable integration of service robots in modern workplaces. |
| Date: | 2025–10–23 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:158021 |