The impact of job satisfaction on valuers’ attitudes towards professional ethics
Abstract
Professional ethics is one of the two pillars of the valuer’s business practice, alongside expert knowledge. Ethical principles are usually formulated within a code of professional ethics which valuers are obliged to follow. The approach to professional ethics is a complex problem and it is conditioned by several factors. In our study, we pose the question whether higher professional satisfaction of real estate valuers translates into more ethical attitudes regarding work-related dilemmas. We conducted research on property valuation services in two European markets: Austria and Poland. Data for the analysis was drawn from 176 surveys in which valuers were asked to respond to hypothetical work situations corresponding to the principles of the real estate valuer’s code. The results obtained using the ordinary least squares (OLS) and two-stage last squares (2SLS) regression methods allow us to conclude that higher job satisfaction positively impacts valuers’ ethical attitudes. The segment of the market served is also an important driver. Valuers who mainly work for property developers show a significantly lower level of ethical attitudes. The influence of the country on professional ethics is ambiguous.
Keyword : real estate valuer, job satisfaction, professional ethics, professional code of conduct, principal–agency problem
How to Cite
Małkowska, A., Tomal, M., Uhruska, M., Pawlak, J., Maier, G., & Nichiforeanu, A. (2021). The impact of job satisfaction on valuers’ attitudes towards professional ethics. International Journal of Strategic Property Management, 25(6), 497–513. https://doi.org/10.3846/ijspm.2021.15768
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Fobel, P. (2019). Organizational ethics as a theoretical and practical initiative. Organization and Management Series, 141, 77–84. https://doi.org/10.29119/1641-3466.2019.141.6
Gallimore, P., & Wolverton, M. (2000). The objective in valuation: a study of the influence of client feedback. Journal of Property Research, 17, 47–57. https://doi.org/10.1080/095999100368010
Ghazzawi, I. (2008). Antecedents and consequences of job satisfaction: a new conceptual framework. The Business Review Journal, 11(2), 1–10.
Grojean, M. W., Resick, C. J., Dickson, M. W., & Smith, D. B. (2004). Leaders, values, and organizational climate: examining leadership strategies for establishing an organizational climate regarding ethics. Journal of Business Ethics, 55, 223–241. https://doi.org/10.1007/s10551-004-1275-5
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https://doi.org/10.1108/ER-03-2020-0099
Hackman, J. R., & Oldham, G. R. (1975). Development of the job diagnostic survey. Journal of Applied Psychology, 60, 159–170. https://doi.org/10.1037/h0076546
Hoyt, R., Wright, M., & Croft, C. (2003). The ethical beliefs and attitudes of registered valuers in New Zealand. Pacific Rim Property Research Journal, 9(1), 28–44. https://doi.org/10.1080/14445921.2003.11104135
Hunt, S. D., Wood V. R., & Chonko L. B. (1989). Corporate ethical values and organizational commitment in marketing. Journal of Marketing, 53(7), 79–90. https://doi.org/10.1177/002224298905300309
Hurley, N. (1996). Ethics and ethical behavior in the property valuation profession. The Appraisal Journal, LXIV, 125–128.
Internetowy System Aktów Prawnych. (2021). Ustawa z dnia 21 sierpnia 1997 r. (Real Estate Management Act of August 21, 1997, Journal of Laws No. 115, item 741, with later amendments). https://isap.sejm.gov.pl/isap.nsf/download.xsp/WDU19971150741/U/D19970741Lj.pdf
Joseph, J., & Deshpande, S. P. (1997). The impact of ethical climate on job satisfaction of nurses. Health Care Management Review, 22, 76–81.
https://doi.org/10.1097/00004010-199701000-00010
Kalleberg, A. (1977). Work values and job rewards: a theory of job satisfaction. American Sociological Review, 42(1), 124–143. https://doi.org/10.2307/2117735
Koh, H. C., & Boo, E. H. Y. (2001). The link between organizational ethics and job satisfaction: a study of managers in Singapore. Journal of Business Ethics, 29(4), 309–324. https://doi.org/10.1023/A:1010741519818
Kowal, J., & Roztocki, N. (2013, August 15–17). Organizational ethics and job satisfaction of information technology professionals in Poland. In Proceedings of the Nineteenth Americas Conference on Information Systems (AMCIS 2013) (pp. 1–110), Chicago, Illinois, USA. https://ssrn.com/abstract=2312194
Kristensen, N., & Johansson, E. (2008). New evidence on cross-country differences in job satisfaction using anchoring vignettes. Labour Economics, 15(1), 96–177. https://doi.org/10.1016/j.labeco.2006.11.001
Kucharska-Stasiak, E., Źróbek, S., & Cellmer, R. (2018). Forms and effectiveness of the client’s influence on the market value of property - case study. Real Estate Management and Valuation, 26, 82–92. https://doi.org/10.2478/remav-2018-0027
Larsen, J., Coleman, J., & Petrick, J. (2007). The ethics of real estate agents: a comparison of realtor and public perceptions. Journal of Real Estate Practice and Education, 10(1), 41–59. https://doi.org/10.1080/10835547.2007.12091625
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