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  • 1.
    Gustafsson, Emma
    et al.
    University of Skövde, School of Business.
    Chochaev, Khizri
    University of Skövde, School of Business.
    Användandet av kalkyler vid investeringsbeslut i små till medelstora fastighetsbolag2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Background: In this study, we have chosen to investigate how small to medium sized real estate companies uses investment appraisal methods when making investment decisions. Real estate is an important engine for the economic development and prosperity. With a real estate industry that can ensure that there are business and residential premises, right located, and at the right volume also provides potential for the companies in the country to develop. An investment involves a resourcesacrifice now, in order to generate future profits. Theorists advocate the advanced methods for the assessment of future surpluses. Several studies show, however, that small to medium sized businesses do not use the methods theorists advocate. According to the studies, companies devoid resources and knowledge to be able to use the advanced methods. Furthermore, some studies show that decisionmakers choose to rely on their gut feel and experience more than the established investment appraisal methods. In order for real estate companies to be competitive, they are required to make wise investment decisions. This makes it interesting to study what real estate companies base their investment decisions on.

    Problem definition:  

    Which factors determine the choice of investment appraisal methods of small to medium sized real estate companies?

    How do the companies use the investment appraisal methods in investment decisions? 

    What role does the investment appraisal methods have as a basis for investment decisions in these companies, in relation to other factors?

    Purpose: The purpose of this study is to create an understanding of how investment appraisal methods are used in small to medium sized real estate companies in practice, why they chose those methods and how these methods in relation to other factors influence investment decisions.

    Method: We have decided to conduct a qualitative study where we go in depth on investment appraisal methods and its role in investment decisions, in seven unlisted small to medium sized real estate companies. To not prevent alternative ideas and approaches, we conducted semi-structured interviews. The interviews were recorded, transcribed and coded. When in doubt, we made contact with the respondents. We then analyzed our empirical observations based on our theoretical framework.

    Conclusion: The internal rate of return method is the most common investment appraisal method  when making investment decisions among the interviewed real estate companies regardless of ownership structure. Family-owned companies tend to simplify the internal rate of return method by not calculating the present value of net operating income, in order to accelerate decision-making. Our study also show that other non-financial factors such as gut feel and experience are the crucial factors in investment decisions.

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