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Article: Governance in a co-ownership environment: The management of multiple-ownership property in Hong Kong

TitleGovernance in a co-ownership environment: The management of multiple-ownership property in Hong Kong
Authors
KeywordsDecision Making
Governance
Hong Kong
Property
Property Ownership
Issue Date2006
PublisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/pm/pm.jsp
Citation
Property Management, 2006, v. 24 n. 3, p. 293-308 How to Cite?
AbstractPurpose - To examine how the allocation of property rights in multiple-ownership buildings in Hong Kong creates an environment in which the optimization of asset value may be difficult to achieve and in this situation how owners chose to overcome the associated problems of collective action decision making to resolve issues of building management. Design/methodology/approach - An institutional approach, drawn from the literature on common property and collective action, is used to examine the management of multiple-ownership property. The paper uses a hedonic pricing model to empirically test whether, in such circumstances, management is reflected in property price and which mode of governance owners prefer as a mechanism for resolving problems of collective action. Findings - The institutional arrangements for co-ownership and use of multiple-ownership property assets in Hong Kong have resulted in an "anticommons" environment, in which individual owners are in a position to veto action in relation to the property. In the absence of mandatory management the study indicates property prices are increased in those cases where owners have chosen to resolve the difficulties of collective decision making by forming incorporate owners' groups and employing professional management services. Research limitations/implications - The outcome of the empirical work is the result of an initial study carried out in one district in Hong Kong and may not be generalised. In the future, the approach will be extended to other areas. Practical implications - In the absence of a regulatory environment which ensures the management of multiple-ownership property assets, owners may be better advised to formalise arrangements through the formation of incorporate owners' groups and appointment of professional property management agents. Originality/value - The paper assesses the implications of an anticommons environment for the management of multiple-ownership property in Hong Kong. Examines arrangements for collective decision making and demonstrates influence of management on property price. © Emerald Group Publishing Limited.
Persistent Identifierhttp://hdl.handle.net/10722/168744
ISSN
2015 SCImago Journal Rankings: 0.331
References

 

DC FieldValueLanguage
dc.contributor.authorHastings, EMen_US
dc.contributor.authorWong, SKen_US
dc.contributor.authorWalters, Men_US
dc.date.accessioned2012-10-08T03:32:02Z-
dc.date.available2012-10-08T03:32:02Z-
dc.date.issued2006en_US
dc.identifier.citationProperty Management, 2006, v. 24 n. 3, p. 293-308en_US
dc.identifier.issn0263-7472en_US
dc.identifier.urihttp://hdl.handle.net/10722/168744-
dc.description.abstractPurpose - To examine how the allocation of property rights in multiple-ownership buildings in Hong Kong creates an environment in which the optimization of asset value may be difficult to achieve and in this situation how owners chose to overcome the associated problems of collective action decision making to resolve issues of building management. Design/methodology/approach - An institutional approach, drawn from the literature on common property and collective action, is used to examine the management of multiple-ownership property. The paper uses a hedonic pricing model to empirically test whether, in such circumstances, management is reflected in property price and which mode of governance owners prefer as a mechanism for resolving problems of collective action. Findings - The institutional arrangements for co-ownership and use of multiple-ownership property assets in Hong Kong have resulted in an "anticommons" environment, in which individual owners are in a position to veto action in relation to the property. In the absence of mandatory management the study indicates property prices are increased in those cases where owners have chosen to resolve the difficulties of collective decision making by forming incorporate owners' groups and employing professional management services. Research limitations/implications - The outcome of the empirical work is the result of an initial study carried out in one district in Hong Kong and may not be generalised. In the future, the approach will be extended to other areas. Practical implications - In the absence of a regulatory environment which ensures the management of multiple-ownership property assets, owners may be better advised to formalise arrangements through the formation of incorporate owners' groups and appointment of professional property management agents. Originality/value - The paper assesses the implications of an anticommons environment for the management of multiple-ownership property in Hong Kong. Examines arrangements for collective decision making and demonstrates influence of management on property price. © Emerald Group Publishing Limited.en_US
dc.languageengen_US
dc.publisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/info/journals/pm/pm.jspen_US
dc.relation.ispartofProperty Managementen_US
dc.subjectDecision Makingen_US
dc.subjectGovernanceen_US
dc.subjectHong Kongen_US
dc.subjectPropertyen_US
dc.subjectProperty Ownershipen_US
dc.titleGovernance in a co-ownership environment: The management of multiple-ownership property in Hong Kongen_US
dc.typeArticleen_US
dc.identifier.emailWong, SK:kelvin.wong@hku.hken_US
dc.identifier.authorityWong, SK=rp01028en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1108/02637470610660165en_US
dc.identifier.scopuseid_2-s2.0-33745599931en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33745599931&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume24en_US
dc.identifier.issue3en_US
dc.identifier.spage293en_US
dc.identifier.epage308en_US
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridHastings, EM=8374662800en_US
dc.identifier.scopusauthoridWong, SK=7404591021en_US
dc.identifier.scopusauthoridWalters, M=7201508205en_US
dc.identifier.citeulike762617-

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