Search Results (118)

Despite widespread recognition of the potential of cork oak forests and the cork industry to generate societal value, few comprehensive efforts have been made to quantify this value. This paper seeks to analyze and monetarily assess the overall value that the Catalan cork industry creates for society. To achieve this, it applies Integrated Social Value (ISV) analysis, a social accounting model that evaluates both the economic and social value generated by an organization for its stakeholders. Additionally, it incorporates the valuation of ecosystem services to provide a more holistic perspective. The magnitudes of the performed value estimations show that the environmental value of the analyzed Catalan cork companies is at least as high as the socioeconomic value. This study makes two key contributions. First, it extends the application of the ISV model to an entire industry—comprising interconnected companies operating within the same business sphere—while addressing specific challenges in the value calculation. Second, it integrates ISV analysis with the existing framework for valuing ecosystem services, thereby capturing the environmental value of the natural resources on which the industry relies. Full article

The world is characterised by the growing volumes and flow of goods, which, amid benefits to economic development, result in negative externalities affecting the sustainability of cities. Although numerous studies have analysed the locational patterns of logistics facilities in cities, further research is required to examine their real estate patterns and trends. The aim of the paper is, therefore, to analyse the value of land accommodating logistics facilities in the City of Cape Town municipality, South Africa. Given the lack of dedicated geo-spatial data, logistics firms were searched on Google Maps, utilising a combination of aerial photography and street view imagery. Three main attributes of land parcels hosting logistics facilities were thereafter captured from the municipal cadastral information: property extent, street address, and property number. The latter two were used to extract the 2018 and 2022 property market values from the valuation rolls on the municipal website, followed by statistical, spatial, and geographically weighted regression (GWR) analyses. Zones near the central business district and seaport, as well as areas with prime road-based accessibility, had high market values, while those near the railway stations did not stand out. However, GWR yielded weak relationships between market values and the locational variables analysed, arguably showing a disconnect between spatial planning and logistics planning. Towards augmenting sustainable logistics, it is recommended that relevant stakeholders strategically integrate logistics into spatial planning, and particularly revitalise freight rail to attract investment to logistics hubs with direct railway access. Full article

Prospective financial statements (PFSs) and their examination have become more and more important in recent years as a result of various regulating pressures and market needs. Despite this growing importance, the literature about PFS review appears to be dated and generic and only proposes backward-looking models. This paper examines and integrates the literature, standard setters’ guidelines, and best practices regarding PFS analysis in order to identify the objectives of PFS review and categorize the criteria for its examination. We develop a conceptual and operational framework to achieve the following: (a) we define a structured estimation process in the light of PFS review criteria; (b) we operationalize the estimation process to guide PFS validation. We find that PFS review mainly relies on a consistency analysis between the results of the company analyzed and its drivers, with the aim of identifying reasonable weights of each driver on the forecasts. Our work represents a first attempt to build a method to assess the reasonableness and uncertainty of PFSs under both backward-looking and forward-looking perspectives. It supports auditors and managers in evaluating the likelihood that a company’s plan will ensure business continuity. It also supports external users (banks, analysts, valuers) involved in formulating estimates and corporate valuations based on prospective information. Full article

This study investigates the impact of Environmental, Social, and Governance (ESG) certifications on the performance of Class A office buildings within Madrid’s Central Business District (CBD). Employing a Multi-Criteria Decision Making (MCDM) methodology, the research evaluates 21 office properties, analyzing the influence of ESG certifications on key performance indicators, including green building certifications, valuation, market perception, and financial outcomes. The findings reveal that ESG-certified buildings demonstrate superior performance, commanding higher valuations, mitigating brown discounts, and achieving increased rental rates, thereby enhancing their investment attractiveness. These results underscore the importance of ESG certifications in the Spanish office market and provide valuable insights for investors, developers, and policymakers navigating the integration of sustainability and commercial real estate. Full article

This study introduces a methodology for assessing data value by identifying the key determinants that influence it. As data represents critical assets in modern business, companies must evaluate and use them strategically to maintain competitiveness. However, the intangible and complex nature of data makes objective valuation difficult. The proposed methodology categorizes data value determinants into two groups: essential value factors (completeness, accuracy, uniqueness, and consistency) and value-of-use factors (risk, timeliness, restrictive use, accessibility, and utility). This study analyzes the impact of each factor on the data value using quantitative methods. A regression analysis reveals the influence, interactions, and relative importance of these determinants. A real-world case study on the “Papers with Code” platform—widely used in machine learning research—demonstrates the methodology in practice. The results indicate that essential value factors, such as Percentage Correct and Task, have the strongest positive effect on data value, which underscores the importance of accuracy and relevance to specific applications. In contrast, factors such as Similar Datasets and Benchmarks reduce the data value, which highlights the need for uniqueness and differentiation in determining the value of a company’s data assets. This study provides practical guidelines for companies on the key factors to focus on when evaluating and managing data value. This study offers practical guidance on prioritizing value-related factors and enables more effective investment and utilization strategies. By addressing current limitations in data valuation and presenting a new approach, this study enhances data-driven decision-making and strengthens its associated competitive advantage. Full article

Financial and administrative management models are crucial to the success of digital ventures, providing practices that optimize resource management and support strategic decision-making in dynamic digital environments. This study presents an original systematic literature review (SLR) following the PRISMA guidelines, analyzing 354 articles extracted from Scopus and Web of Science databases. Bibliometric techniques, including VOSViewer 1.6.19 version and R-Bibliometrix software 4.3.3 version, were used to identify key research themes, emerging trends, and future directions in the field. A notable 114.29% increase in academic output from 2019 to 2024 underscores the growing importance of these management models. The analysis reveals a focus on financial management tools (e.g., Valuation, Discounted Cash Flow models) and administrative models (e.g., RocaSalvatella, INCIPY), while also exploring the challenges and opportunities present in digital environments. The interaction between external variables (resource management, operational efficiency, adaptability, financial planning, technological innovation) and internal variables (market conditions, government regulations, economic trends) is discussed. This study highlights the integration of agile methodologies, such as Lean Startup, and the growing emphasis on digital resilience, organizational agility, and the impact of digital transformation on business models. The theoretical contribution of this study lies in offering a comprehensive framework that synthesizes existing models, highlights key research gaps, and emphasizes the need for future studies on the dynamic interaction between financial planning, technological innovation, and organizational agility. From a practical perspective, the findings provide digital entrepreneurs and managers with valuable insights into implementing financial tools and administrative frameworks that enhance decision-making, while also underscoring the importance of agility, operational efficiency, and market adaptability to navigate digital disruptions. Full article

This paper investigates the valuation of international acquisitions of multinational corporations (MNCs) using real options theory, focusing on L’Oréal’s acquisition of Aesop. It explores how MNCs create growth and deferral options simultaneously in M&A deals, enhancing market value and promoting sustainable practices. The study addresses two key questions: the role of MNCs in advancing sustainability and the measurement of market value added through parallel compound options. Using L’Oréal’s acquisition of Aesop as a case study, the paper demonstrates the strategic benefits of combining growth and deferral options. Examples include L’Oréal’s expansion into new markets like China, leveraging Aesop’s sustainable practices, and achieving competence-based collaborative synergies. The findings provide a framework for assessing collaborative synergies in international transactions, contributing to the literature on strategic management, international business, and financial management. In conclusion, the paper highlights the importance of strategic flexibility and sustainability in MNC acquisitions, offering valuable insights for future research and practical applications in international business. Full article

We measured the spatiotemporal dynamics of habitat quality (HQ) in Sicily in two different reference years, 2018 and 2050, assuming a business-as-usual scenario. To estimate HQ and related vulnerability, we used the Integrated Valuation of Ecosystem Services and Trade-offs (InVEST) Habitat Quality model and data on land use/land cover provided by the Esri Land Cover 2050 project. We also implemented a Coarse–Filter approach to validate the reliability of HQ measures and detect biodiversity hotspots that require priority conservation. Further, we used spatial statistic tools for identifying clusters or hotspot/coldspot areas and uncovering spatial autocorrelation in HQ values. Finally, we implemented a geographically weighted regression (GWR) model for explaining local variations in the effects on HQ estimates. The findings reveal that HQ in Sicily varies across space and time. The highest HQ values occur in protected areas and forests. In 2018, the average HQ value was higher than it was in 2050. On average, HQ decreased from 0.29 in 2018 to 0.25 in 2050. This slight decline was mainly due to an increase in crop and urbanized areas at the expense of forests, grasslands, and bare lands. We found the existence of a positive spatial autocorrelation in HQ, demonstrating that areas with higher or lower HQ tend to be clustered, and that clusters come into contact randomly more often in 2050 than in 2018, as the overall spatial autocorrelation moved from 0.28 in 2018 to 1.30 in 2050. The estimated GWR model revealed the sign and the significance effect of population density, compass exposure, average temperature, and patch richness on HQ at a local level, and that such effects vary either in space and time or in significance level. Across all variables, the spatial extent of significant effects intensifies, signaling stronger localized influences in 2050. The overall findings of the study provide useful insights for making informed decisions about conservation and land planning and management in Sicily. Full article

As the scale of real estate project financing (PF) of large construction companies in South Korea increase, discontinued construction projects and PF default rates in the financial world are also rapidly increasing. Furthermore, the percentage of PF bad debts in South Korea today has increased as much as about three times compared to that in 2023. The increase in bad debt rates results mainly from the moderate supply of new funds, delays in non-performing PF arrangements, and so forth. To address this problem, it is necessary to restart the development of non-performing real estate PF development sites through successful bidding and to review the valuation basis for development projects. Therefore, this study aims to derive internal and external characteristics of non-performing real estate PF development sites in South Korea and examine the effects of specific factors on their successful bidding. In addition, significant variables are selected based on the analysis result; the analytic hierarchy process (AHP) analysis is performed to establish a new valuation system for real estate development projects. After careful consideration of various literature reviews and expert opinions, an analysis model is established to ensure the suitability of the study model with the error range minimized. As AHP was performed based on the newly established hierarchy, the higher ranks of each valuation factor were derived based on priority and importance, and the valuation basis was rearranged accordingly. The conclusion was derived through a comprehensive review of the results of the two analyses above. It was verified that certain factors—business feasibility assessment, work performance assessment, and basic evaluation—played key roles in the success and successful bidding of real estate projects. This point suggests that strict project management and performance standards must be set based on the economic achievements of financial validity indexes and business performance capabilities. Stable profit distribution and business transparency are also viewed as vital factors for the success of projects. Therefore, this study reestablishes the valuation basis for development projects in South Korea and presents policy suggestions on location propriety and business advancement based on the analysis of non-performing PF bid decision factors and the development project valuation basis. Full article

This study provides empirical evidence on the relative impact of innovations in information content and noise embedded in economic news and social media sentiments on DJIA, S&P 500, NASDAQ, and Russell 2000 index returns. We find that economic news sentiments are relatively more rational and have a greater impact than irrational social media sentiments. There exist significant negative effects of three distinct categories of social media sentiments and a significant positive impact of economic news sentiments on stock returns. The magnitude of the impact of the economic news sentiments is larger. In addition, the economic news sentiments seem to have greater information content and are driven by risk factors to a greater extent than the sentiments of social media, which probably contain more noise. There are significant negative responses of stock returns to irrational components of social media sentiments while significant positive responses to rational components of economic news sentiments. Lastly, the magnitude of the impact of rational economic news sentiments is higher than that of irrational social media sentiments. Our results are consistent with the view that business news is a manifestation of a rational outlook to a larger extent than social media and can drive stock valuations. Full article

The objective of this work is to develop a qualitative new approach to assessing business and company value. For this purpose, two of the three income approach methods, CAPM and WACC, are modified. When modifying CAPM, a new model, CAPM 2.0, was created, within which business and financial risks were simultaneously taken into account. Moreover, for the first time, this was performed correctly and the inaccuracy, incorrectness and inconsistency of the popular Hamada model were shown. The developed approach corrects some of the shortcomings of the income approach. The new methodology significantly improves the accuracy of the assessment. The closeness of the results of the new methodology to the actual market value of Amazon company (AMZN) shows the importance and validity of this methodology, which should be used to evaluate the business and the value of the company. Full article

This manuscript explores how incorporating temporal dimensions into built environment research can promote a more circular society, adding societal improvements to efficiency-driven measures closing waste or material cycles. The current circularity approaches in industrial environments mainly focus on short-term innovations reducing resource extraction and waste, overlooking long-term circularity potentials of natural resource management such as living soils as a basis for all life. This study addresses this gap by investigating, analyzing, and drawing interplays between regenerative soil cycles and business development cycles in two Flemish industry parks, Kortrijk-Noord and Haasrode. Using diachronic mapping, a qualitative design and action research tool, the study aims to generate a space–time composite of soil and business cycles, integrating archival research, interviews, and policy document reviews. This method visually captures interplays between geology, land valuation, and economic development, demonstrating that integrating soil and business cycles can suggest new pathways for site-specific circular practices on Flemish industry parks, which can inform site-specific project frameworks for circular built environments. As such, the research advocates a paradigm shift in industry park (re)development, from product and material innovation within a ‘time is money’ framework to an integrated ‘time is life’ approach, where time’s historical and social dimensions are part of circular landscape development. Full article

Information is an experience good, meaning that its value emerges upon use and varies based on individual perceptions. Augmented reality (AR) is a technology designed to deliver immersive informational experiences. This study investigates the impact of AR on the perceived value of information by people experiencing information as consumers or producers. Using Google Maps, we developed an AR mobile map called Tour-It-Yourself (TIY) for city navigation. The TIY app facilitates content consumption and production around local points of interest engagingly and interactively. We discuss the development of the research tool and results from two user studies (N = 37 teenagers and N = 51 students, respectively). Further, we highlight the economic valuation aspect by examining the effects of AR on Willingness-to-Pay and Willingness-to-Accept payment for information. The results indicate a significant main effect of participant experience (consumer/producer) and AR technology on the perceived evaluation of information. Moreover, the addition of AR technology to information improves knowledge regarding points of interest for producers. These findings contribute to our understanding of how AR shapes information value perception and have implications for designing interactive location-based information systems, benefiting tourism, education, and business, as well as fostering a sense of belonging in cities. Full article

Traditionally, catering enterprises were restricted to exclusive agreements with food delivery platforms. However, recent regulatory changes in various countries addressing the “one out of two” practices of these platforms have facilitated the ability of catering businesses to engage with multiple platforms simultaneously. The existing body of literature primarily focuses on the competitive interactions between bilateral platforms or the optimal strategies for exclusive trading platform supply chains, yet it does not adequately investigate the differentiated impacts of merchant marketing strategies within this competitive framework. This study seeks to evaluate the effects of diverse strategies on the performance of supply chain participants, concentrating on four distinct strategies employed by catering businesses in their selection of service platforms and the execution of marketing initiatives. By employing game theory and inverse solving methodologies, the research determines the optimal profits for each member of the supply chain under various strategies, as well as the influence of valuation discount factors on member profits. The results reveal that the marketing efforts of service providers across different platforms significantly affect the performance of supply chain participants. Additionally, the profits of both service providers and platforms are correlated with the cost coefficient related to the marketing efforts of service providers, and these marketing initiatives also impact the perceived value of platform coupons. This research provides evidence for the positive influence of marketing decisions made by service providers. Full article

Property valuation services using artificial intelligence (AI) have been developed, with more than 20 services available in Japan. However, since their algorithms and training data are not publicly available, the extent of variations in the AI property valuations among these services is not clear. This study focuses on five services and uses a sample of 4295 valuations for 859 condominium units in six popular residential areas in Tokyo. (1) Multiple comparison tests of the AI property valuations among the services are conducted to confirm their statistical significance and to examine the extent of the variations. (2) The business models of each service are compared to examine the factors contributing to these variations. The results showed that the average variation in the AI property valuations was 10.6%, which was larger than the variations observed in traditional property valuations. It was also found that the valuation groups, categorized as high or low, varied based on the business models of the service providers. These results indicate that it is necessary to promote the healthy development of AI property valuation by establishing guidelines, such as requiring the AI property valuation services to ensure fair prices or disclosing their algorithms and data. Full article