Modelling Critical Success Factors of International Joint Ventures in Real Estate Development: Perspective of a Capital Investor

Rohm, Martin (2017) Modelling Critical Success Factors of International Joint Ventures in Real Estate Development: Perspective of a Capital Investor. PhD thesis, University of Gloucestershire.

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Abstract

The aim of this dissertation, undertaken between 2012 and 2017, is to contribute towards the improvement of international joint venture (“IJV”) management in real estate development projects by analysing performance and factors, critical for the success of real estate IJVs. The assumption is that a real estate capital investor acts as the international partner of the IJV-construct, while local developers, operators and/or real estate professionals represent the local partner. The thesis focuses on the perspective of the real estate capital investor as a key actor in an IJV. The thesis adopts a systems approach in identifying and discussing the critical success factors of IJVs in the literature review, followed by the development of an integrated, theory-based framework that offers a theoretical conceptualisation of the research problem and key research questions. The methodology and research design were compiled using quantitative (questionnaire survey) and qualitative (focus group and semi-structured interviews) approaches. Data were collected from international capital providers investing as IJV-partners in real estate development using a mixed method approach, the thesis proposes and elaborates on a performance model for IJVs in real estate development, with an aim to ensure empirically valid performance measurement. The focus was to identify and justify determinants and their relationships. The empirical investigation in the thesis supports the notion that the investment process and the selection of the partner are particularly important for a project’s success in real estate development IJVs. In addition, aspects related to the structural and organisational dimension are relevant to the overall IJV performance. Moreover, the model has shown significant relationships between the (1) structural, organisational and investment dimensions on the one hand, and the (2) external, organisational and investment dimensions, on the other hand, for the overall success in the formation-stage. With respect to the post-formation stage, relationships between (1) partner and organisational dimension, (2) partner and investment dimension and (3) investment and organisational dimensions have been proven relevant to improve IJV performance in the context of real estate development IJVs.

Item Type: Thesis (PhD)
Thesis Advisors:
Thesis AdvisorEmailURL
Marinova, Svetlasmarinova1@glos.ac.ukUNSPECIFIED
Sullivan, Kerryksullivan2@glos.ac.ukUNSPECIFIED
Uncontrolled Keywords: Real estate; International joint ventures (IJVs); Capital investment; Germany; USA
Subjects: H Social Sciences > HG Finance > HG4001 Finance management. Business finance
H Social Sciences > HG Finance > HG4501 Investment, capital formation, speculation
Divisions: Schools and Research Institutes > School of Business and Technology > Business & Enterprise Management
Depositing User: Susan Turner
Date Deposited: 14 May 2018 13:52
Last Modified: 14 May 2018 13:53
URI: http://eprints.glos.ac.uk/id/eprint/5641

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