Real Estate Investment Trusts (REITS) : A new business model in the FTSE100

CC-BY-NC-NDThis paper is about the Real Estate Investment Trust (REIT) business model. REITs benefit from tax concessions and Fair Value Accounting (FVA) practices. REITs distributing over 90 percent of profits can obtain tax concessions for their shareholders. This encourages profit distribution at the expense of accumulating retained earnings in shareholder equity. The financial viability of REITs depends upon FVA because this records holding gains when property values are increased. These holding gains can be employed to generate additional financial leverage. However, REITs are exposed to property market volatility and this can quickly undermine solvency, credit ratings and financial stability.Peer reviewedFinal Accepted Versio

Identify Innovative Business Models: Can Innovative Business Models Enable Players to React to Ongoing or Unpredictable Trends?

Socioeconomic trends (such as makers, crowdsourcing, sharing economy, gamification) as well as technological trends (such as cloud computing, 3D printing technology, application, big data, TV on demand and the Internet of things) are changing the scenario and creating new opportunities, new businesses and, as a result, new players. The high level of uncertainty caused by the fast speed of innovation technology along with an enormous amount of information difficult to analyse and exploit are characterizing the current framework. On the other hand, businesses such as Netflix – with its 44,000 users and a long tail business model – show a new service based on TV on demand where innovation starts from the convergence between two different industries (TV and the Internet) and spreads on the need of new users. Quirky, with its innovative open business model, is manufacturing new products designed and developed by the community and finally produced with the use of 3D printing technology. While Google in a multi-sided model are giving their new glasses to different developers who build their own application on them, Kickstarter finds its business funders in the crowd, and pays them back with its future products, according to what the organization needs. Another element that adds complexity to the previous framework is the new customer. He or she is showing a social attitude in favour of transparency, openness, collaboration, and sharing. Every second more than 600 tweets are posted on Twitter and around 700 status updates are posted on Facebook. At the same time, people are receiving text messages, e-mails and skype or phone calls and simultaneously consuming TV,radio and print media. In this scenario characterized by trends where employees, funders, customers and partners do not play a stable role but work together with a sort of “platform organization” to create a product or service completely customized for different market niches, how can an organization set up an innovative business model in a defined trend? Is it possible to identify a sort of framework, able to inspire new business models, with an examination of trends? In this article we will use a mix of different approaches to inspire new business model

Makespaces: From Redistributed Manufacturing to a Circular Economy

Redistributed manufacturing is an emerging concept which captures the anticipated reshoring and localisation of production from large scale mass manufacturing plants to smaller-scale localised, customisable production units, largely driven by new digital production technologies. Critically, community-based digital fabrication workshops, or makespaces, are anticipated to be one hothouse for this new era of localised production and as such are key to future sustainable design and manufacturing practices. In parallel, the concept of the circular economy conceptualises the move from a linear economy of take-make-waste to a closed loop system, through repair, remanufacturing, and recycling to ultimately extend the value of products and materials. Despite the clear interplay between redistributed manufacturing and circular economy, there is limited research exploring this relationship. In light of these interconnected developments, the aim of this paper is to explore the role of makespaces in contributing to a circular economy through redistributed manufacturing activities. This is achieved through six semi-structured interviews with thought leaders on these topics. The research findings identify barriers and opportunities to both circular economy and redistributed manufacturing, uncover overlaps between circular economy and redistributed manufacturing, and identify a range of future research directions that can support the coming together of these areas. The research contributes to a wider conversation on embedding circular practices within makespaces and their role in redistributed manufacturing

Complementary cooperation, minimal winning coalitions, and power indices

We introduce a new simple game, which is referred to as the complementary weighted multiple majority game (C-WMMG for short). C-WMMG models a basic cooperation rule, the complementary cooperation rule, and can be taken as a sister model of the famous weighted majority game (WMG for short). In this paper, we concentrate on the two dimensional C-WMMG. An interesting property of this case is that there are at most $n+1$ minimal winning coalitions (MWC for short), and they can be enumerated in time $O(n\log n)$, where $n$ is the number of players. This property guarantees that the two dimensional C-WMMG is more handleable than WMG. In particular, we prove that the main power indices, i.e. the Shapley-Shubik index, the Penrose-Banzhaf index, the Holler-Packel index, and the Deegan-Packel index, are all polynomially computable. To make a comparison with WMG, we know that it may have exponentially many MWCs, and none of the four power indices is polynomially computable (unless P=NP). Still for the two dimensional case, we show that local monotonicity holds for all of the four power indices. In WMG, this property is possessed by the Shapley-Shubik index and the Penrose-Banzhaf index, but not by the Holler-Packel index or the Deegan-Packel index. Since our model fits very well the cooperation and competition in team sports, we hope that it can be potentially applied in measuring the values of players in team sports, say help people give more objective ranking of NBA players and select MVPs, and consequently bring new insights into contest theory and the more general field of sports economics. It may also provide some interesting enlightenments into the design of non-additive voting mechanisms. Last but not least, the threshold version of C-WMMG is a generalization of WMG, and natural variants of it are closely related with the famous airport game and the stable marriage/roommates problem.Comment: 60 page

The Effects of Culture and Structure on Strategic Flexibility During Business Model Innovation

This study uses responses from 107 multinational firms to reveal CEO perceptions of the drivers of strategic flexibility during business model innovation. While the positive effect of creative culture is confirmed, partner reliance reduces strategic flexibility during business model innovation. Further, structural change is disaggregated into efforts that either focus managerial attention on core activities or reconfigure existing activities. CEOs perceive that structural flexibility requires structural simplification while retaining control of non-core functions. We find that the relative magnitude of business model innovation effort moderates the effect of reconfiguration on strategic flexibility. The implications for theories of organizational design and dynamic capabilities are discussed

State-of-the-art in product service-systems

A Product Service-System (PSS) is an integrated combination of products and services. This western concept embraces a service-led competitive strategy, environmental sustainability, and the basis to differentiate from competitors who simply offer lower priced products. This paper aims to report the state-of-the-art of PSS research by presenting a clinical review of literature currently available on this topic. The literature is classified and the major outcomes of each study are addressed and analysed. On this basis, this paper defines the PSS concept, reports on its origin and features, gives examples of applications along with potential benefits and barriers to adoption, summarises available tools and methodologies, and identifies future research challenges

A business model perspective for ICTs in public engagement

This is the post-print version of the Article. The official published article can be accessed from the link below - Copyright @ 2012 ElsevierPublic institutions, in their efforts to promote meaningful citizen engagement, are increasingly looking at the democratic potential of Information and Communication Technologies (ICTs). Previous studies suggest that such initiatives seem to be impeded by socio-technical integration barriers such as low sustainability, poor citizen acceptance, coordination difficulties, lack of understanding and failure to assess their impact. Motivated by these shortcomings, the paper develops and applies a business model perspective as an interceding framework for analysis and evaluation. The underlying principle behind this approach is that it is not technology per se which determines success, but rather the way in which the businessmodel of the technological artifact is configured and employed to achieve the strategic goals. The business model perspective is empirically demonstrated with the case of an online petitioning system implemented by a UK local authority. The case illustrates the importance of considering ICTs in public engagement from a holistic view to make them more manageable and assessable

Job Satisfaction is Dominant Factor Influencing of Nurse Performance in X Hospital Pekanbaru

Introduction: The provision of optimal health services is determined by the quality of health workers. The research objective was to explore the factors that influence the performance of nurses in health service.Method: It was a quantitative analytic study with a cross-sectional design. A total of 58 nurses participated with a purposive random sampling technique. The data was collected by questionnaire and worksheets observation. The statistical analysis was done by Smart PLS (Partial Least Square).Result: This study showed that individual characteristics are correlated to job satisfaction (p-value 0.001) but not correlated with the performance of nurses (p-value 0.468). Organizational factors were correlated to job satisfaction (p-value 0.000) but not correlated to work performance (p-value 0.865). Job satisfaction was correlated to work performance (p-value 0.001). There was a negative correlation between individual characteristics and nurse performance (-0.466). Meanwhile, the organizational factor only has a direct effect of 0.025 on nurse performance. Only job satisfaction has a direct effect on nurse performance with an increase of 0.5 (50%) for every increase of one value of job satisfaction.Conclusion: Job satisfaction is a dominant factor that has a direct effect on nurse performance. Hospital management needs to consider health workforce planning, mapping, and development competency to optimize nurse performance

Service delivery and students' satisfaction in Politeknik Kuching Sarawak / Magretta Jawai Nyanggau

The educational industry is undergoing rapid change and competition has increased with an increasing influx of local and foreign colleges in the country. Higher educational institutions have begun to recognize the importance of attracting students and retaining them once they are in the institution. An important reason for the interest in service quality results from the belief that it has a beneficial effect on the performance of the institution. Students’ satisfaction assessment is vital in determining service quality in institutions. Hence, the objective of this study is to evaluate the service quality provided; the objectives the level of students’ satisfaction on service quality provided; to identify the relationship between service quality (tangible, responsiveness, reliability, assurance and empathy) and students’ satisfaction base on SERVQUAL measures (Parasuraman et al.,1998). Instrument used in this research is adapted from Parasuraman et al. (1990) with some of the items used extracted from LeBlanc and Nguyen (1997) using the five dimensions in service quality (tangibility, responsiveness, reliability, assurance, emphaty) using Likert scale. The respondents were students from Department of Commerce in Politeknik Kuching Sarawak (PKS). Total of 271 questionnaires distributed, 155 of questionnaires were returned, this representing 57.2% return rate.This research provides institutions service management with guidance of the current provision of service quality at Politeknik Kuching Sarawak. The findings generally indicate that majority of students are significantly satisfied with the services provided by institutions. Due to nature of service quality, it is essential to conduct further research to build on this study, in order to ensure that the institution remains competitive in what is an increasingly turbulent environment

Sustainable bike-sharing systems: characteristics and commonalities across cases in urban China

Bicycles are a desirable form of transportation for many reasons, including the fact that taking a bicycle is environmentally-friendly, economically cost-effective, a way to keep fit and healthy and, on occasions, an enjoyable social activity. This paper explores the characteristics and commonalities between particular bike-sharing systems in urban areas, with a view to deriving influences on the sustainability of such systems. The empirical study is China and the paper analyses bike-sharing systems in five Chinese cities. China is suffering from the severe negative consequences of high private vehicle usage in large and densely populated cities. Nevertheless a long history of bicycle usage in the country provides great potential for such a green form of travel to be part of public and private transportation. The findings show that bike-sharing systems have varying degrees of success. The configurations which seem the most sustainable consider and integrate elements relating to transport planning, system design and choice of business model. Key conclusions are that those responsible for developing policy and practices in relation to bike-sharing systems need to understand the diverse aspects of value for the stakeholders wishing to engage with such a system. Public bicycle sharing, as a Product Service System, needs to be carefully developed to appreciate the quality and timely interplay between the physical design of the system and the provision of services being offered. Keywords Bike-sharing system; Sustainable development; Sustainability; China; Case studie