Responsible property investment criteria developed using the Delphi Method

Building Research and Information

Volumn 36, Issue 1, 2008, Pages 20-36

  Pivo, Gary ^a  

^a UNIVERSITY OF ARIZONA   (United States)

Author keywords

Corporate social responsibility; Ethical behaviour; Green buildings; Investment criteria; Property portfolios; Public interest; Responsible property investment

Indexed keywords

BUILDINGS; COST BENEFIT ANALYSIS; DATABASE SYSTEMS; ECONOMIC ANALYSIS; SOCIAL ASPECTS; STRATEGIC PLANNING;

CORPORATE SOCIAL RESPONSIBILITY; ETHICAL BEHAVIOUR; GREEN BUILDINGS; INVESTMENT CRITERIA; PROPERTY PORTFOLIOS; PUBLIC INTEREST; RESPONSIBLE PROPERTY INVESTING (RPI);

INVESTMENTS;

EID: 37049004946     PISSN: 09613218     EISSN: 14664321     Source Type: Journal    
DOI: 10.1080/09613210701574795     Document Type: Article

References (51)

1. American Farmland Trust (2007) (available at: http://www.farmland.org/ programs/default.asp) (accessed on 18 April 2007).
2. Barrett, C. (2003) The ethics inspectors: has the need to tick boxes overtaken the property industry's attempts to become more socially responsible? Property Week, 68(29).
3. Baue, W. (2005a) Wanted: socially responsible real estate investments. Social Funds.Com, 18 March.
4. Baue, W. (2005b) Socially responsible property investing still on the drafting table. Social Funds.Com, 29 December.
5. Boyd, T. (2005a) Can we assess the worth of environmental, and social characteristics in investment property?, in Proceedings of the Pacific Rim Real Estate Society (PRRES) Conference, January 2005, Melbourne University, Melbourne, Australia.
6. Boyd, T. (2005b) Assessing the triple bottom line impact of commercial buildings, in A.C. Sidwell (ed.): The Queensland University of Technology Research Week International Conference Proceedings, 4-5 July 2005, Brisbane, Australia.
7. Boyd, T. and Kimmet, P. (2005) The triple bottom line approach to property performance evaluation, in Proceedings of the Pacific Rim Real Estate Society (PRRES) Conference, January 2005, Melbourne University, Melbourne, Australia.
8. Bureau of Economic Analysis (BEA) (2007) National Economic Accounts, Fixed Assets Table 2.1 (available at: http://www.bea.gov/national/FA2004/ SelectTable.asp) (accessed on 15 May 2007).
9. Estates Gazette (2006) RPI: an index for measuring sustainability. Estates Gazette, 18 February, 27.
10. Ethical Investment Association (2007) SRI Certification (available at: http://www.eia.org) (accessed on 21 May 2007).
11. Fischer, R. (1978) The Delphi Method: a description, review and criticism. Journal of Academic Librarianship, 4(2), 64-70.
12. Garriga, E. and Mele, D. (2004) Corporate social, responsibility theories: mapping the territory. Journal of Business Ethics, 53, 51-71.
13. Ghosh, C and Sirmans, C F. (2003) Board independence, ownership structure and performance: evidence from, real estate investment trusts. Journal of Real Estate Finance and Economics, 26(2-3), 287-318.
14. Hall, P. (2004) The plight of the Private Securities Litigation Reform Act in the post-Enron era: the Ninth Circuit's interpretation of materiality in Employer-Teamster v. America West. Brigham Young University Law Review, 2004(2), 863-892.
15. Haughney, C. (2006) Real estate's latest movement. Wall Street Journal, 5 July.
16. Hermes Real Estate (2006) Responsible Property Investment: Defining the Challenge, Hermes Real Estate, London.
17. Intergovernmental, Panel on Climate Change (2001) Climate Change 2001: Working Group III: Mitigation. 3.3 Buildings and 3.4 Transport and Mobility, UNEP and WMO (available at: http://www.grida.no/climate/ipcc_tar/ wg3/089.ht).
18. Keeney, S., Hasson, F. and McKenna, H. (2006) Consulting the oracle: 10 lessons from using the Delphi technique in nursing research. Journal of Advanced Nursing, 53(2), 205-212.
19. Kimmet, P. and Boyd, T. (2004) An institutional understanding of triple bottom line evaluations and the use of social and environmental metrics, in Proceedings of the Pacific Rim Real Estate Society (PRRES) Conference, January 2004, Bangkok, Thailand.
20. KPMG (2005) KPMG International Survey of Corporate Responsibility Reporting 2005, KPMG Global Sustamability Services, Amsterdam.
21. Linstone, H. and Turoff, M. (1975) The Delphi Method: Techniques and Application, Addison-Welsey, Reading, MA.
22. Lutzkendorf, T. and Lorenz, D. (2005) Sustainable property investment: valuing sustainable buildings through property performance assessment. Building Research & Information, 33(3), 212-234.
23. Mansley, M. (2000) Into the ethics of things. Estates Gazette, 47(25 November), 170-171.
24. McNamara, P. (2000) The ethical management of indirect control - an internal perspective of SRI. Estates Gazette, 47(25 November), 170-171.
25. National, Association of Real Estate Investment Trusts (2007) Historical REIT Industry Market Capitalization (available at: http://www.nareit.org/library/industry/marketcap.cfm) (accessed on 16 May 2007).
26. Ndour, B., Force, J.E. and McLaughlin, W.J. (1992) Using the Delphi Method for determining criteria in agroforestry research planning in developing countries. Agroforestry Systems, 19, 119-129.
27. Newell, G. and Acheampong, P. (2002) The role of property in ethical managed funds. Paper presented at The Pacific Rim Real Estate Society (PRRES) Conference, Christchurch, New Zealand, 2002.
28. Okoli, C and Pawloski, S. (2004) The Delphi Method as a research tool: an example, design considerations and, applications. Information and Management, 42, 15-29.
29. Pivo, G. (2005) Is there a future for socially responsible property investments? Real Estate Issues, Fall, 16-26.
30. Pivo, G. and McNamara, P. (2005) Responsible property investing. International Real Estate Review, 8(1), 128-143.
31. Portney, P.R. (2005) Corporate social responsibility: an economic and public policy perspective, in B.L. Hay, R.N. Stavins and R.H.K. Vietor (eds): Environmental Protection and the Social Responsibility of Firms: Perspectives from Law, Economics, and Business, Resources for the Future, Washington, DC, pp. 107-131.
32. PRI (2006) Principles for Responsible Investment (available at: http://www.unpri.org) (accessed on 15 May 2007).
33. Ritblat, J. (2003) Chairman's Statement, 2003 Annual Report, British Land Co., London.
34. Sayce, S. and Ellison, L. (2003a) Integrating sustainability into the appraisal, of property worth: identifying appropriate indicators of sustainability. Paper presented at the American Real Estate and Urban Economics Association Conference, Skye, UK.
35. Sayce, S. and Ellison, L. (2003b) Towards sustainability indicators for commercial property occupiers and investors. Paper presented at the American Real Estate and Urban Economics Association Conference, Skye, UK.
36. Sayce, S., Ellison, L. and Smith, J. (2004) Incorporating sustainability in commercial property appraisal: evidence from the UK. Paper presented at the 11th European Real Estate Society Conference, Milan, Italy, June 2004.
37. Sayce, S., Ellison, L. and Parnell, P. (2007) Understanding investment drivers for UK sustainable property. Building Research and Information, 35(6), 629-643.
38. Schmidt, R.C. (1997) Managing Delphi surveys using nonparametric statistical techniques. Decision Sciences, 28(3), 763-774.
39. Schueth, S. (2003) Socially responsible investing in the United States. Journal of Business Ethics, 43, 189-194.
40. Scott, J., Anderson, R. and Webb, J. (2005) The labor-leisure choice in executive compensation plans: does too much pay reduce REIT performance? journal of Economics and Business, 57, 151-163.
41. Sinou, M. and Kyvelou, S. (2006) Present and future of building performance assessment tools. Management of Environmental Quality, 17(5), 570-586.
42. Social Investment Forum (2006) 2005 Report on Socially Responsible Investing Trends in the United States, Social Investment Forum, Washington, DC.
43. St. Lawrence, S. (2004) Review of the UK corporate real estate market with regard, to availability of environmentally and socially responsible office buildings. Journal of Corporate Real Estate, 6, 149-161.
44. Sustainable Property Appraisal, Project (2005) The Sustainability Factors (available at: http://www.sustainableproperty.ac.uk/sustainability- factors.htm) (accessed on 19 May 2005).
45. US Bureau of Labor Statistics (2005) Injuries, Illnesses and Fatalities (available at: http://www.bls.gov/iif/home.htm) (accessed on 25 May 2007).
46. US Census Bureau (2000) Census 2000, Summary File 4 (SF 4) [generated by the author using American Factfinder] (available at: http://factfinder.census.gov/) (accessed on 23 April 2007).
47. United Nations Environment Programme Finance Initiative (UNEPFI) (2007) Property Work Stream (available at: http://www.unepfi.org/) (accessed on 16 May 2007).
48. Upstream (2004) Sustainability and the Built Environment: An Agenda for Action, Upstream, London.
49. Waggle, D. and Johnson, DT. (2004) Home ownership and the decision to invest in REITs. Journal of Real Estate Portfolio Management, 10(2), 129.
50. Wildt, A.R., Mueller, C.W. and Kim, J. (1978) Introduction to Factor Analysis: What It Is and How To Do It, Sage, Newbury Park, CA.
51. Wood, D. and Pivo, G. (2006) Real Estate and Socially Responsible Investment: New Products, New Investment, New Value. Conference Report (available at: http://www.bcccc.net/index.cfm?fuseaction=document. showDocumentByID&cnodeID=3&DocumentID=1031).