The Experts below are selected from a list of 29301 Experts worldwide ranked by ideXlab platform
Jorge Rivera - One of the best experts on this subject based on the ideXlab platform.
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facility and community level Environmental Certification price premium substitutes or complements
Academy of Management Proceedings, 2016Co-Authors: Juan Roeschmann, Jorge RiveraAbstract:Our research examines how firms’ price premiums are affected by performance in facility and community level Environmental Certification programs. Relying on a propensity score matching approach aim...
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institutional pressures and voluntary Environmental behavior in developing countries evidence from the costa rican hotel industry
Society & Natural Resources, 2004Co-Authors: Jorge RiveraAbstract:This study aims to identify how institutional forces, such as regulatory and stakeholder pressures, are related to proactive Environmental behavior by hotel facilities participating in Certification for Sustainable Tourism, a voluntary Environmental program established by the Costa Rican government. This program is among the first third-party performance-based Environmental Certification initiatives implemented in the developing world. Findings suggest that voluntary Environmental programs that include performance-based standards and third-party monitoring may be effective in promoting beyond-compliance Environmental behavior when they are complemented by isomorphic institutional pressures exerted by government Environmental monitoring and trade association membership. These results are consistent with neo-institutional theory from the organizational sociology literature. Surprisingly, findings also indicate that compared to locally owned hotels, foreign-owned and multinational subsidiary facilities do no...
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institutional pressures and voluntary Environmental behavior in developing countries evidence from the costa rican hotel industry
Society & Natural Resources, 2004Co-Authors: Jorge RiveraAbstract:This study aims to identify how institutional forces, such as regulatory and stakeholder pressures, are related to proactive Environmental behavior by hotel facilities participating in Certification for Sustainable Tourism, a voluntary Environmental program established by the Costa Rican government. This program is among the first third-party performance-based Environmental Certification initiatives implemented in the developing world. Findings suggest that voluntary Environmental programs that include performance-based standards and third-party monitoring may be effective in promoting beyond-compliance Environmental behavior when they are complemented by isomorphic institutional pressures exerted by government Environmental monitoring and trade association membership. These results are consistent with neo-institutional theory from the organizational sociology literature. Surprisingly,findings also indicate that compared to locally owned hotels, foreign-owned and multinational subsidiary facilities do not seem to be significantly correlated with higher participation and superior Environmental performance in Certification for Sustainable Tourism.
Franz Fuerst - One of the best experts on this subject based on the ideXlab platform.
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green label signals in an emerging real estate market a case study of sao paulo brazil
Journal of Cleaner Production, 2018Co-Authors: Odilon Costa, Franz Fuerst, Spenser Robinson, Wesley MendesdasilvaAbstract:Abstract This article investigates how real estate stakeholders price information conveyed by voluntary Environmental Certification schemes in Sao Paulo, the largest metropolitan area of Latin America. In addition to low incidence of green buildings, the city and many local urban agglomerations in Brazil exhibit weak Environmental performance due to limited capacity to enforce existing regulation. Therefore, we exploit the role of internationally accredited third-party Environmental audit schemes. In addition to comparing labelled and non-labelled properties in a hedonic framework, we also examine pricing discrepancies related with the intention to certify (registration), but no achievement of actual Certification in a timely manner. Our results systematically indicate that labelled office properties in Sao Paulo yield a larger green premium than their peers from developed countries. Findings also suggest that applicants who do not obtain the label upon delivery do not receive any green premiums and may be subject to discounts, depending on specification, beyond that of other non-green office buildings. These findings provide further evidence of the relevance of market diffusion and economic governance linked to the implicit pricing of Environmental labels.
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sustainable building Certification and the rent premium a panel data approach
Journal of Real Estate Research, 2012Co-Authors: Alexander Reichardt, Franz Fuerst, Nico B Rottke, Joachim ZietzAbstract:The emergence and rapid growth of voluntary Certification systems such as Energy Star and LEED in the U.S. are reflective of a paradigm shift towards increased Environmental awareness in the commercial real estate industry. The main objective of these Certifications is to impart information on a building's degree of energy efficiency and sustainability to both occupiers and investors. Although Environmental Certification has only recently emerged from a niche market to becoming a mainstream phenomenon, a number of prominent pricing studies of green buildings have been conducted in the past three years. Apart from case studies of individual properties, several cross-sectional and pooled studies, which will be reviewed below, have demonstrated that certified buildings command higher rental rates compared to non-certified buildings.
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green noise or green value measuring the effects of Environmental Certification on office values
Real Estate Economics, 2011Co-Authors: Franz Fuerst, Patrick McallisterAbstract:This study investigates the price effects of Environmental Certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and noncertified buildings. These are additional occupier benefits, lower holding costs for investors and a lower risk premium. Drawing upon the CoStar database of U.S. commercial real estate assets, hedonic regression analysis is used to measure the effect of Certification on both rent and price. The results suggest that, compared to buildings in the same submarkets, eco-certified buildings have both a rental and sale price premium.
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green noise or green value measuring the price effects of Environmental Certification in commercial buildings
MPRA Paper, 2008Co-Authors: Franz Fuerst, Patrick McallisterAbstract:This paper investigates the price effects of Environmental Certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and non-certified buildings. First, certified buildings offer a bundle of benefits to occupiers relating to business productivity, image and occupancy costs. Second, due to these occupier benefits, certified buildings can result in higher rents and lower holding costs for investors. Third, certified buildings may require a lower risk premium. Drawing upon the CoStar database of US commercial real estate assets, hedonic regression analysis is used to measure the effect of Certification on both rent and price. We first estimate the rental regression for a sample of 110 LEED and 433 Energy Star as well as several thousand benchmark buildings to compare the sample to. The results suggest that, compared to buildings in the same metropolitan region, certified buildings have a rental premium and that the more highly rated that buildings are in terms of their Environmental impact, the greater the rental premium. Furthermore, based on a sample of transaction prices for 292 Energy Star and 30 LEED-certified buildings, we find price premia of 10% and 31% respectively compared to non-certified buildings in the same metropolitan area.
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green noise or green value measuring the effects of Environmental Certification on office property values
2008Co-Authors: Franz Fuerst, Patrick McallisterAbstract:The Environmental performance of a building is rapidly gaining importance as a metric in real estate investments. This study investigates the price effects of Environmental Certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and non-certified buildings. These are additional occupier benefits, lower holding costs for investors and a lower risk premium. Drawing upon the CoStar database of US commercial real estate assets, hedonic regression analysis is used to measure the effect of Certification on both rent and price. The results suggest that, compared to buildings in the same submarkets, eco-certified buildings have both a rental and sale price premium.
Wesley Mendesdasilva - One of the best experts on this subject based on the ideXlab platform.
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green label signals in an emerging real estate market a case study of sao paulo brazil
Journal of Cleaner Production, 2018Co-Authors: Odilon Costa, Franz Fuerst, Spenser Robinson, Wesley MendesdasilvaAbstract:Abstract This article investigates how real estate stakeholders price information conveyed by voluntary Environmental Certification schemes in Sao Paulo, the largest metropolitan area of Latin America. In addition to low incidence of green buildings, the city and many local urban agglomerations in Brazil exhibit weak Environmental performance due to limited capacity to enforce existing regulation. Therefore, we exploit the role of internationally accredited third-party Environmental audit schemes. In addition to comparing labelled and non-labelled properties in a hedonic framework, we also examine pricing discrepancies related with the intention to certify (registration), but no achievement of actual Certification in a timely manner. Our results systematically indicate that labelled office properties in Sao Paulo yield a larger green premium than their peers from developed countries. Findings also suggest that applicants who do not obtain the label upon delivery do not receive any green premiums and may be subject to discounts, depending on specification, beyond that of other non-green office buildings. These findings provide further evidence of the relevance of market diffusion and economic governance linked to the implicit pricing of Environmental labels.
Pawel Krasny - One of the best experts on this subject based on the ideXlab platform.
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peeling back the label exploring sustainable palm oil ecolabelling and consumption in the united kingdom
Environmental Research Letters, 2019Co-Authors: Rosemary Ostfeld, David Howarth, David Reiner, Pawel KrasnyAbstract:Palm oil production has been linked to deforestation, biodiversity loss, and climate change. We explore consumer awareness of palm oil, perceptions of its Environmental impact, recognition of ecolabels including the Roundtable on Sustainable Palm Oil (RSPO) ecolabel, and inclusion or avoidance of ecolabels in household shopping using a representative sample of the British population. We find consumer awareness of palm oil to be fairly high (77%), with 41% of those aware of palm oil perceiving it as 'Environmentally unfriendly', more than double the level of any other vegetable oil examined. However, recognition of the RSPO ecolabel is the same as those who 'recognize' a fictitious ecolabel, making recognition indistinguishable from zero. Based on our logistic regression analysis, members of the British population most likely to actively include ecolabelled products in their weekly household shopping are those who are female, from higher socioeconomic groups, spend more than £120 per week on household shopping, and have received a Bachelors degree or higher. Despite clear benefits of Environmental Certification and ecolabelling, a relatively niche segment of the general population actively includes ecolabelled products in their weekly household shopping. Therefore, we recommend current policies be amended to require companies to source 100% identity preserved certified palm oil that can be traced to the plantation level to avoid having to rely on consumer decisions to enable a shift towards more responsibly-sourced palm oil. Additionally, requiring multinational companies to map and publicly disclose full supply chain information for all global operations, including palm oil suppliers and concessions, could help illuminate and discourage unsustainable practices.
Nils Kok - One of the best experts on this subject based on the ideXlab platform.
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on the value of Environmental Certification in the commercial real estate market
Real Estate Economics, 2019Co-Authors: Rogier Holtermans, Nils KokAbstract:A significant part of the global carbon externality stems from the real estate sector. Environmental Certification is often hailed as an effective means to resolve the information asymmetry that may prevent markets from effectively pricing the energy performance of buildings. This study analyzes the adoption and financial outcomes of Environmentally certified commercial real estate over time. We document that nearly 40 percent of space in the 30 largest U.S. commercial real estate markets holds some kind of Environmental Certification in 2014, as compared to less than 5 percent in 2005. Tracking the rental growth of 26,212 office buildings, we measure the performance of Environmentally certified real estate over time. We document that certified office buildings, on average, have slightly higher rental, occupancy and pricing levels, but do not outperform non-certified buildings in rental growth over the 2004-2013 period. Further performance attribution analysis indicates that local climate conditions, local energy prices and the extent of Certification lead to significant heterogeneity in market pricing. On aggregate, these findings provide some evidence on the efficiency of the market in the adoption and capitalization of Environmental characteristics in the commercial real estate market. This article is protected by copyright. All rights reserved
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supply demand and the value of green buildings
Urban Studies, 2014Co-Authors: Andrea Chegut, Piet Eichholtz, Nils KokAbstract:Attention to ‘sustainability’ and energy efficiency rating schemes in the commercial property sector has increased rapidly during the past decade. In the UK, commercial properties have been certified under the BREEAM rating scheme since 1999, offering fertile ground to investigate the economic dynamics of ‘green’ Certification in the commercial property market. This paper documents that, over the 2000–09 period, the expanding supply of green buildings within a given London neighbourhood had a positive impact on average rents and prices, but reduced rents and prices for Environmentally certified real estate. The results suggest that there is a gentrification effect from green buildings. However, each additional “green” building decreases the marginal effect of Certification in the rental and transaction markets by 2 per cent and 5 per cent respectively. In addition, controlling for lease contract features, like contract length and the rent-free period, modifies the impact of Environmental Certification on ...