The risk involved in implementation of innovations in the real estate market
DOI:
https://doi.org/10.12775/EiP.2018.016Keywords
risk, innovative activities, real estate marketAbstract
Motivation: Innovativeness is considered in the literature as a key success driver that determines competitive advantage of enterprises in the market. However, this activity involves a substantial risk, which is often viewed as one of its major barriers. Nowadays, risk as an element inherent in any business activity is of key importance to enterprises that operate in market conditions and represent the problem that has not been taken into consideration very often. This was the motivation for the analysis of this problem. Moreover, motivation is a widespread aversion to risk among the participants of the real estate market, which, similarly to the necessity to incur substantial expenditures and the uncertainty of the final results connected with the implementation of innovations in the real estate market, represents one of the major barriers to adopt the risk.
Aim: The aim of this study is to present risk factors in investment innovative operations in the real estate market. The study proposed the thesis that a specific level of development of the real estate market corresponds to a certain level of the market risk.
Results: Based on the questionnaire survey of a local market in the context of feedback concerning the national market and the benefits of innovations and the involved risks, a brief outline of innovative activities in the real estate market was presented, with the involved risk and risk characterization. It was shown that a particularly large share of the risk of innovation activity on the real estate market is at risk for the market, which so far is not very sensitive in Poland and has a high degree of fluctuation of the operating conditions.
References
Bogdan, W. Boniecki, D., Labaye, E., Marciniak, T., Nowacki, M. (2015). Polska 2025. Nowy motor wzrostu w Europie. Retrieved 02.02.2016 from http://mckinsey.pl.
Damodaran, A. (2009). Ryzyko strategiczne. Warszawa: Wydawnictwo Akade-mickie i Profesjonalne Press.
European Commission. (2017). European Innovation Scoreboard. Retrieved 02.01.2017 from http://ec.europa.eu.
Filo, Ł. (2011). Rola badań marketingowych w przedsiębiorstwie. Retrieved 02.10.2016 from http://www.inwestycjewinnowacje.pl.
GUS. (2007–2013). Raport końcowy. Badanie innowacji w mikroprzedsiębiorstwach. Retrieved 05.02.2017 from http://stat.gov.pl.
Hult, G.T.M., Hurley, R.F., & Knight, G.A. (2004). Innovativeness: its ante-cedents and impact on business performance. Industrial Marketing Manage-ment, 33(5). doi:10.1016/j.indmarman.2003.08.015.
Jaikumar, R. (1986). Post-industrial manufacturing. Harvard Business Review, November.
Jalaei, F., & Irade, A. (2015). Integrating building information modelling (BIM) and LEED system at the conceptual design stage of sustainable building. Sustainable Cities and Society, 18. doi:10.1016/j.scs.2015.06.007.
Jin, Z., Hewitt-Dundas, N., & Thompson, N.J. (2004). Innovativeness and performance: evidence from manufacturing sectors. Journal of Strategic Mar-keting, 12(4). doi:10.1080/0965254042000308075.
Jonek-Kowalska, I. (2011). Źródła ryzyka w procesie wprowadzania innowacji technologicznych. Zarządzanie i Edukacja, 80.
Keizer, J., Halman, J., & Song, M. (2002). From experience: applying the risk diagnosing methodology. Journal of Product Innovation Management, 19(3). doi:10.1016/S0737-6782(02)00138-8.
Komisja Europejska. (2014). HORIZON 2020, Program ramowy UE w zakresie badań naukowych i innowacji. Retrieved 02.01.2017 from https://ec.europa.eu.
Lee, S.M., Olson, D.L. & Trimi, S. (2012). Co-innovation: convergenomics, collaboration, and co-creation for organizational values. Management Deci-sion, 50(5). doi:10.1108/00251741211227528.
OECD, & Eurostat. (2008). Podręcznik Oslo: Zasady gromadzenia i interpretacji danych dotyczących innowacyjności. Retrieved 12.10.2015 from http://www.uwm.edu.pl.
PARP. (2013). Ocena zapotrzebowania przedsiębiorstw na wsparcie działalności badawczo-rozwojowej. Retrieved 07.12.2016 from https://badania.parp.gov.pl.
Peres, R., Muller, E., & Nahajan, V. (2010). Innovation diffusion and new product models: A critical review and research directions. International Journal of Research in Marketing, 27 (2). doi:10.1016/j.ijresmar.2009.12.012.
Pivo, G., & Fisher, J.D. (2010). Income, value and returns in socially responsi-ble office properties. Journal of Real Estate Research, 32(3).
Pomykalski, A. (2001). Zarządzanie innowacjami. Warszawa–Łódź: PWN.
Prystrom, J. (2012). Innowacje w procesie rozwoju gospodarczego. Istota i uwarunkowania. Warszawa: Difin.
Pujari, D. (2006). Eco-innovation and new product development: under-standing the influences on market performance. Technovation, 26(1). doi:10.1016/j.technovation.2004.07.006.
Sitek, M. (2017). Assessment of sustainable building by the participants of the local real estate market in Czestochowa. European Journal of Sustainable Development, 6(4).
Świtalski, W. (2005). Innowacje i konkurencyjność. Warszawa: Wydawnictwo Uniwersytetu Warszawskiego.
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 448
Number of citations: 0