Two Decades of Commercial Property Returns: A Repeated-Measures Regression-Based Version of the NCREIF Index

This article documents 20 years of performance of commercial real estate in the United States using a portfolio of properties that comprise the widely followed NCREIF Property Index (NPI). We develop an extension of the repeated-measures regression (RMR) to produce an improved version of the NCREIF Index that eliminates the stale appraisal and seasonality problems. We use this RMR version of the index to examine the magnitude and duration of the of the crash in property values in the early 1990s. The RMR Index is also compared with the NAREIT Index, and property-type subindices are developed using a Bayesian estimator. Finally, it is also shown how the RMR can be used to estimate the average magnitude of random valuation error in commercial property valuation.     

Examining the Role of Informational Justice in the Wake of Downsizing from an Organizational Relationship Management Perspective

The purpose of this study was to examine how employees’ experiences, in the wake of an organization’s downsizing, would influence employee–organization relationships and the employees’ decisions to remain with the organization. In investigating survivors’ responses to downsizing, informational justice was chosen as an antecedent of the survivors’ intentions to leave and Organization–Public Relationship (OPR) was hypothesized to function as a mediator between informational justice and turnover intentions. The results revealed significant associations between informational justice and OPR as well as associations between OPR and turnover intentions in a downsizing context. Also, it was shown that OPR mediates the relationship between informational justice perceptions during the downsizing and turnover intentions after the downsizing.     

‘My Brilliant Career’? New Organizational Forms and Changing Managerial Careers in Japan,the UK,and USA

The end of the traditional management career has been heralded with supporting, albeit largely anecdotal, data. The ‘old’ career was set within internal labour markets in large organizations and characterized by long‐term stability. The ‘new’ arrangements have apparently shifted responsibility from employer to employee, with careers being developed across organizations. Such change is premised on new organizational forms and is often associated with a growing sense of employee insecurity. We explore the reality of this ‘new’ scenario through interpretation of in‐depth semi‐structured interviews conducted with middle and senior human resources managers in large firms in Japan, the UK, and USA. The data indicate that most of our case study organizations had downsized and delayered, with hybrid structural forms emerging. Career prospects were diminished, with fewer vertical promotions and a greater emphasis on lateral ‘development’; middle managers were generally resentful of such factors and forces. Although not directly reflective of ‘Anglo‐American’ business practice, similar changes to career trajectories were witnessed in Japan as in the UK and USA.     

“Your Job No Longer Exists!”: From Experiences of Alienation to Expectations of Resilience—A Phenomenological Study

We have entered the age of the contingent or temporary worker, the consultant and the subcontractor. Workers are expected to be pliable and tractable; to “fit in.” Being made redundant is also an area where modern workers are expected to be flexible and resilient. However, when these so-called “flexible” workers are told their job no longer exists, the accompanying sense of rejection and alienation can be excruciating. Stories of being made redundant were collected during an exploratory, qualitative study, using Heideggerian phenomenology as the methodological vehicle to capture the lived experiences of those affected. Focused, in-depth interviews were conducted with the ten respondents; nine men and one woman. The stories shared suggest that being made redundant is an alienating experience with respondents sharing feelings of powerlessness, shock, betrayal, shame and social isolation. Unfortunately, those having experienced redundancy were also not as resilient as is routinely assumed. They did not “bounce back” unchanged, but reported significant negative outcomes including fear for the future, underemployment, family disruptions and an erosion of trust. Recommendations are made orienting organisations towards a more human process of redundancy.     

Does downsizing improve organisational performance? An analysis of Spanish manufacturing firms

The objective of this study is to examine the effect of downsizing on corporate performance, considering a sample of manufacturing firms drawn from the Spanish Survey of Business Strategies for the 1993–2005 period. No significant difference in post-downsizing performance arises between companies that downsize and those that do not. Likewise, we find that substantial workforce reductions through collective layoffs do not lead to improved performance levels either. Downsizing may not, therefore, be a way for managers to enhance performance. This is particularly true of Spain, where the labour market is characterised by the ring-fencing of employees' rights and substantial severance costs.     

初游者与重游者的旅游特征差异分析——以广西大新县为例

针对初游者和重游者的旅游特征进行差异分析,这对于旅游目的地建设具有重意义。以在广西大新县进行问卷调查获得的数据为基础,对初游者和重游者的旅游特征差异进行细致分析,得出如下结论：初游者和重游者在信息渠道、交通方式、旅游消费体现出了“大趋同,小分异”特征;在旅游方式和停留时间呈现出较大的分异性;重游者的旅游满意度和忠诚度比初游者更高。     

A Multilevel Appraisal and Conceptualization of Company Downsizing

Downsizing is widely used to improve corporate efficiency and competitiveness. Although downsizing can be useful, the process has a number of associated disadvantages, and companies commonly overlook the negative impact on society, the business profession, the company, and employees' collective attitudes and perceptions. Consequently, the purpose of this study was to present a multilevel framework that examines the impact of societal, institutional, organizational, and individual factors on corporate downsizing. The potential negative effects of downsizing on each of these domains are also examined, and recommendations regarding the successful implementation of employee reduction programs are presented based on information highlighted in the framework.