The impact of information and communications technology on commercial real estate in the new economy

Purpose – This paper seeks to critically review the conceptual frameworks that have been developed for assessing the impact of information and communications technology (ICT) on real estate. Design/methodology/approach – The research is based on a critical review of existing literature and draws from examples of previous empirical research in the field. Findings – The paper suggests that a “socio-technical framework” is more appropriate to examine ICT impact in real estate than other “deterministic” frameworks. Therefore, ICT is an important part of the new economy, but must be seen in the context of a number of other social and economic factors. Research limitations/implications – The research is based on a qualitative assessment of existing frameworks, and by using examples from commercial real estate, assesses the extent to which a “socio-technical” framework can aid understanding of ICT impact. Practical implications – The paper is important in highlighting a number of the main issues in conceptualising ICT impact in real estate and also critically examines the emergence of a new economy in the information society within the general context of real estate. The paper also highlights research gaps in the field. Originality/value – The paper deconstructs the myths of the “death of real estate” and “productivity increase means jobs loss”, in relation to office real estate. Finally, it examines some of the ways in which ICT is impacting on real estate and suggests the most important components for a future research agenda in the field of ICT and real estate impact, and will be of value to property investors, facilities managers, developers, financiers, and others.

On the fringe: barriers to participation in the new economy in regional areas

Electronic commerce offers tools which potentially support the development and re·invigoration of regional economies because of their ability to /ink enterprises and labour markets in networks across dispersed geographical areas. However. the evidence that regional areas of Australia benefit from this development in accordance with optimistic forecasts of the potential is, at best, mixed. This paper examines the constraints on the development of IT-based activity in regional areas and identifies barriers to full participation of those areas in Australia. It argues that regional areas are unlikely to benefit from the 'new economy' without a major changes in government thinking about regional development.

Hot issues, new economy stocks and Australian industry IPO returns in the late 1990s

This paper analyses Australian IPOs at an industry level for the period 1994 to 1999. We find a significant relationship between capital weighted IPO industry returns and contemporaneous index returns suggesting that capital raising and money left on the table arguments matter. We do not find any hot issue years at an industry level. Further at an industry level we find that new economy listings are not different to listings from other sectors of the economy.

Capacity building for the principalship : new knowledges for leading and managing learning organisations in the new economy

This paper canvasses current proposals by Australian education departments for capacity building, school renewal, situated learning, resilience and ‘wellness’ in the principalship, and the reflections and responses of current Principals.

On their own terms : indigenous communities, development in the new economy

Around the world Indigenous Peoples are struggling to rebuild their 'nations' and improve the socioeconomic circumstances of their people. As a group they constitute an emerging market of more than 500 hundred million people. Participation in the global economy through entrepreneurship is widely accepted as the key to success by most Indigenous people. Importantly, most want this participation to be 'on their own terms' terms in which traditional lands, history, culture and values play an important role. Using regulation theory, we explore the feasibility of the emerging Indigenous approach to development and conclude that is theoretically sound. Then we present a case study on the Osoyoos First Nation that illustrates how the community has use entrepreneurship to participate in the broader economy 'on its own terms'.

Board structure and survival of new economy IPO firms

Research Question/Issue: This study examines the relevance of currently accepted best practice recommendations regarding board structure on the survival likelihood of new economy initial public offering companies. We argue that industry context determines governance outcomes. Research Findings/Insights: We study 125 Australian new economy firms listed between 1994 and 2002. Each firm is tracked until the end of 2007 for monitoring their survival. We find that board independence is associated with an increase in the likelihood of corporate survival. We also find that the benefits of board independence increase at a decreasing rate. Theoretical/Academic Implications: The standard best practice recommendation of board independence stems from the monitoring role of directors and is based on agency theory. The results from our study suggest that the recommendation regarding board independence does not work well for new economy firms. While the agency theory based model implies a monotonic relation between board independence and performance, our research suggests that the relationship is nonlinear. This variation occurs because of increased monitoring costs faced by outsiders due to higher information asymmetry and complexity of new economy firms. Our empirical results suggest that inside directors play a complementary role to outsiders in mitigating firm failure. Practitioner/Policy Implications: Our research offers insights to policy makers who are interested in setting best practice standards regarding board structure. Our research suggests that firm/industry characteristics play a crucial role in determining the optimal board structure. In firms/industries where outsiders face significantly higher information processing costs, insiders can play a valuable complementary role to outsiders in enhancing the effectiveness of the board. Thus future hard or soft regulations related to board structure should consider industry context.