Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/61592
Title: The impact of environmental management awards and certifications in property management on property price
Authors: Hui, ECM 
Yu, KH
Tse, CK
Keywords: Environmental certifications
Environmental management
Hong Kong
Property management
Property price
Real estate
Issue Date: 2016
Publisher: Emerald Group Publishing Limited
Source: Facilities, 2016, v. 34, no. 5-6, p. 314-338 How to cite?
Journal: Facilities 
Abstract: Purpose – As the awareness of environmental preservation and of sustainable development have become increasingly pronounced among various stakeholders, such as governments and communities, many businesses, in response, commence to introduce environmental-friendly measures and/or implement an environmental management system (EMS) in their daily operations. Even a service-oriented industry such as property management is no exception. To showcase their commitment to this cause, property management companies tend to obtain different environmental certifications. This study aims to investigate the effect of green property management, through environmental certifications, on property price. Design/methodology/approach – The hedonic price model is used to determine the impacts of different environmental certifications on prices of selected residential properties in Hong Kong. Three districts from different parts of Hong Kong, including 16 private residential developments, are covered in this study. Findings – The results show that ISO 14001 certification itself is not statistically significant in explaining property price. It is only when a property management company has obtained other local environmental management awards/certificates that varying levels of (positive) property price premiums are found. Nonetheless, the authors also find that controlling for other housing attributes, obtaining as many environmental certifications as possible does not necessarily result in the highest property price premium. Research limitations/implicationsNonetheless, the data sample has its limitations, such as its relatively small size and the unavailability of housing attribute(s) such as orientations. Practical implications – For the implications, the value of environmental management awards/certificates, from the perspective of the end-users of property management services, is based on the scopes of these environmental certifications; the promotional effort on the part of organizations behind these awards/certificates; the disclosure of information about the EMS itself and the assessment criteria; and the public’s perceptions as to the companies’ rationale behind such certifications. Originality/value – The study has provided some insights regarding the effect of various management standard certifications in property management, from the perspective of the end-users of the service (i.e. homeowners and potential homebuyers). This serves as a reference for developers, property managers, buyers and users alike.
URI: http://hdl.handle.net/10397/61592
ISSN: 0263-2772
EISSN: 1758-7131
DOI: 10.1108/F-04-2013-0029
Appears in Collections:Journal/Magazine Article

Access
View full-text via PolyU eLinks SFX Query
Show full item record

Page view(s)

22
Last Week
3
Last month
Checked on Sep 17, 2017

Google ScholarTM

Check

Altmetric



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.