Organizational isomorphism and property investment decision-making amidst disruptions: evidence from listed property trusts in New Zealand
Abstract
This paper explores the extent of organizational isomorphism (homogeneity and resemblances) in the disruption-driven investment decision-making strategies of Listed Property Trusts (LPTs) in New Zealand. Based on the tenets of institutional theory, this article conceptualizes LPTs as organizations within an investment environment, comprising several firms and actors that are bounded by formal and informal rules. By exploring the interactions and interdependencies across organizational hierarchies in the investment environment, this study adopts a phenomenological approach within case studies in clarifying the extent of homogeneity in the decision-making strategies of LPTs amidst disruptions. The research outcome suggests that LPTs demonstrate normative, coercive and mimetic isomorphic tendencies as they seek legitimacy amidst the uncertainties associated with property market disruptions. Apart from adhering to the peculiar rules and norms of property investment decision-making within their investment environment, this study reveals the tendency of LPTs to observe and replicate the responsive actions of similar organizations as they adjust to market uncertainties. Therefore, the research outcome provides a clearer description of the actual decision-making behaviour of LPTs amidst market disruptions and how subjective behavioural tendencies could evolve to become a legitimate standard of reasoning amongst LPTs.
Keyword : listed property trusts, institutional theory, disruption, decision-making, isomorphism, New Zealand
How to Cite
Bolomope, M., Amidu, A.-R., Levy, D., & Filippova, O. (2022). Organizational isomorphism and property investment decision-making amidst disruptions: evidence from listed property trusts in New Zealand. International Journal of Strategic Property Management, 26(3), 230-240. https://doi.org/10.3846/ijspm.2022.16947
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Commons, J. R. (1907). Labor organization and labor politics, 1827-37. The Quarterly Journal of Economics, 21(2), 323–329. https://doi.org/10.2307/1883436
Cook, D. (2015). RICS futures: turning disruption from technology to opportunity. Journal of Property Investment and Finance, 33(5), 456–464. https://doi.org/10.1108/JPIF-05-2015-0039
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Denscombe, M. (2010). The good research guide: for small-scale social research projects (4th ed.). McGraw-Hill/Open University Press.
Dilley, M., Chen, R. S., Deichmann, U., Lerner-Lam, A. L., & Arnold, M. (2005). Natural disaster hotspots: a global risk analysis. The World Bank. https://doi.org/10.1596/0-8213-5930-4
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DiMaggio, P. J., & Powell, W. W. (1991). Introduction to the new institutionalism. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis (pp. 1–38). University of Chicago Press.
Durkheim, E. (1933). The division of labor in society. Macmillan.
Egbelakin, T., Wilkinson, S., & Ingham, J. (2014). Economic impediments to successful seismic retrofitting decisions. Structural Survey, 32(5), 449–466. https://doi.org/10.1108/SS-01-2014-0002
Farragher, E., & Kleiman, R. (1996). A re-examination of real estate investment decision making practices. Journal of Real Estate Portfolio Management, 2(1), 31–39. https://doi.org/10.1080/10835547.1996.12089521
Farragher, E., & Savage, A. (2008). An investigation of real estate investment decision-making practices. Journal of Real Estate Practice and Education, 11(1), 29–40. https://doi.org/10.1080/10835547.2008.12091634
Filippova, O., Xiao, Y., Rehm, M., & Ingham, J. (2018). Economic effects of regulating the seismic strengthening of older buildings. Building Research & Information, 46(7), 711–724. https://doi.org/10.1080/09613218.2017.1357318
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Frumkin, P., & Galaskiewicz, J. (2004). Institutional isomorphism and public sector organizations. Journal of Public Administration Research and Theory, 14(3), 283–307. https://doi.org/10.1093/jopart/muh028
Galaskiewicz, J., & Wasserman, S. (1989). Mimetic processes within an interorganizational field: an empirical test. Administrative Science Quarterly, 34(3), 454–479. https://doi.org/10.2307/2393153
Gallimore, P., & Gray, A. (2002). The role of investor sentiments in property investment decision. Journal of Property Research, 19(2), 111–120. https://doi.org/10.1080/09599910110110671
Gallimore, P., Hansz, J. A., & Gray, A. (2000). Decision making in small property companies. Journal of Property Investment and Finance, 18(6), 602–612. https://doi.org/10.1108/14635780010357569
Gron, A., & Winton, A. (2001). Risk overhang and market behavior. The Journal of Business, 74(4), 591–612. https://doi.org/10.1086/321939
Hoesli, M., & MacGregor, B. D. (2014). Property investment: principles and practice of portfolio management. Routledge. https://doi.org/10.4324/9781315840482
Imazeki, T., & Gallimore, P. (2009). Domestic and foreign bias in real estate mutual funds. Journal of Property Research, 26(4), 367–389. https://doi.org/10.1080/09599916.2009.485419
Keivani, R., & Werna, E. (2001). Modes of housing provision in developing countries. Progress in Planning, 55(2), 65–118. https://doi.org/10.1016/S0305-9006(00)00022-2
Keogh, G., & D’Arcy, E. (1999). Property market efficiency: an institutional economics perspective. Urban Studies, 36(13), 2401–2414. https://doi.org/10.1080/0042098992485
Kreimer, A., Arnold, M., & Carlin, A. (2003). Building safer cities: the future of disaster risk (No. 3). World Bank Publications. https://doi.org/10.1596/0-8213-5497-3
Lang, T. (2011). Urban resilience and new institutional theory–a happy couple for urban and regional studies? In German Annual of Spatial Research and Policy 2010 (pp. 15–24). Springer. https://doi.org/10.1007/978-3-642-12785-4_2
Lecours, A. (Ed.). (2005). New institutionalism: theory and analysis (Vol. 23). University of Toronto Press. https://doi.org/10.3138/9781442677630
Lizieri, C. (2013). After the fall: real estate in the mixed-asset portfolio in the aftermath of the global financial crisis. Journal of Portfolio Management, 39(5), 43–59. https://doi.org/10.3905/jpm.2013.39.5.043
Lowies, G. A., Hall, J. H., & Cloete, C. E. (2016). Heuristic-driven bias in property investment decision-making in South Africa. Journal of Property Investment & Finance, 34(1), 51–67. https://doi.org/10.1108/JPIF-08-2014-0055
MacCowan, R. J., & Orr, A. M. (2008). A behavioural study of the decision processes underpinning disposals by property fund managers. Journal of Property Investment and Finance, 26(4), 342–361. https://doi.org/10.1108/14635780810886645
Martínez-Ferrero, J., & García-Sánchez, I. M. (2017). Coercive, normative and mimetic isomorphism as determinants of the voluntary assurance of sustainability reports. International Business Review, 26(1), 102–118. https://doi.org/10.1016/j.ibusrev.2016.05.009
Medina, A., Lopez, E., & Medina, R. (2020). The unethical managerial behaviours and abusive use of power in downwards vertical workplace bullying: a phenomenological case study. Social Sciences, 9(6), 110. https://doi.org/10.3390/socsci9060110
Meyer, H.-D., & Rowan, B. (2006). Institutional analysis and the study of education. In The new institutionalism in education (pp. 1–13). State University of New York Press.
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340–363. https://doi.org/10.1086/226550
Mills, E. (2003). Climate change, insurance and the buildings sector: technological synergisms between adaptation and mitigation. Building Research & Information, 31(3–4), 257–277. https://doi.org/10.1080/0961321032000097674
Mizruchi, M. S., & Fein, L. C. (1999). The social construction of organizational knowledge: a study of the uses of coercive, mimetic and normative isomorphism. Administrative Science Quarterly, 44(4), 653–683. https://doi.org/10.2307/2667051
Monahan, S. C., Meyer, J. W., & Scott, W. R. (1994). Employee training: the expansion of organizational citizenship. In Institutional environments and organizations: structural complexity and individualism (pp. 255–271). Sage.
Mourlam, D. J., De Jong, D., Shudak, N. J., & Baron, M. (2019). A phenomenological case study of teacher candidate experiences during a yearlong teacher residency program. The Teacher Educator, 54(4), 397–419. https://doi.org/10.1080/08878730.2019.1590750
Nee, V. (1998). Sources of the new institutionalism. In The new institutionalism in sociology (pp. 1–16). Russell Sage Foundation.
Noble, H., & Smith, J. (2014). Qualitative data analysis: a practical example. Evidence-Based Nursing, 17(1), 2–3. https://doi.org/10.1136/eb-2013-101603
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press. https://doi.org/10.1017/CBO9780511808678
Nyu, V., & Nilssen, F. (2020). Strategies for coping with global disruptions: diversify, transform, disengage, or bypass? Rutgers Business Review, 5(3), 384–404.
Öhman, P., Söderberg, B., & Westerdahl, S. (2013). Property investor behaviour: qualitative analysis of a very large transaction. Journal of Property Investment & Finance, 31(6), 522–544. https://doi.org/10.1108/JPIF-09-2012-0043
Parsons, T. (1971). The system of modern societies. Prentice-Hall.
Patton, M. (2002). Qualitative research and evaluation methods (3rd ed.). Sage Publications.
Roberts, C., & Henneberry, J. (2007). Exploring office investment decision-making in different European contexts. Journal of Property Investment and Finance, 25(3), 289–305. https://doi.org/10.1108/14635780710746939
Rowlett, R. D. (2006). Mergers and acquisitions: a phenomenological case study [Doctoral dissertation]. University of Phoenix.
Ruef, M., & Scott, W. R. (1998). A multidimensional model of organizational legitimacy: hospital survival in changing institutional environments. Administrative Science Quarterly, 43(4), 877–904. https://doi.org/10.2307/2393619
Sah, V., Gallimore, P., & Clements, J. S. (2010). Experience and real estate investment decision making: a process tracing investigation. Journal of Property Research, 27(3), 207–219. https://doi.org/10.1080/09599916.2010.518402
Salomon, R., & Wu, Z. (2012). Institutional distance and local isomorphism strategy. Journal of International Business Studies, 43(4), 343–367. https://doi.org/10.1057/jibs.2012.3
Savin-Baden, M., & Major, C. H. (2013). Qualitative research: the essential guide to theory and practice. Routledge.
Scott, W. R. (2005). Institutional theory: contributing to a theoretical research program. In K. G. Smith & M. A. Hitt (Eds.), Great minds in management: the process of theory development (pp. 460–484). Oxford University Press.
Scott, W. R. (2008). Approaching adulthood: the maturing of institutional theory. Theory and Society, 37(5), 427–442. https://doi.org/10.1007/s11186-008-9067-z
Scott, W. R. (2013). Institutions and organizations: ideas, interests, and identities. Sage Publications.
Spencer, H. (1897). The principles of sociology. D. Appleton and Co. https://doi.org/10.5962/bhl.title.29273
Taşan-Kok, T. (2007). Global urban forms and local strategies of property market actors. Journal of Housing and the Built Environment, 22(1), 69–90. https://doi.org/10.1007/s10901-006-9067-0
Tuttle, B., & Dillard, J. (2007). Beyond competition: institutional isomorphism in US accounting research. Accounting Horizons, 21(4), 387–409. https://doi.org/10.2308/acch.2007.21.4.387
Veblen, T. B. (1891). Some neglected points in the theory of socialism. The Annals of the American Academy of Political and Social Science, 2(3), 57–74. https://doi.org/10.1177/000271629100200305
Veuger, J. (2018). Trust in a viable real estate economy with disruption and blockchain. Facilities, 36(1/2), 103–120. https://doi.org/10.1108/F-11-2017-0106
Wang, P. (2000). Market efficiency and rationality in property investment. The Journal of Real Estate Finance and Economics, 21(2), 185–201. https://doi.org/10.1023/A:1007855116866
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural factors influencing investment decisions in the Kenyan property market. Afro-Asian Journal of Finance and Accounting, 4(1), 26–49. https://doi.org/10.1504/AAJFA.2014.059500
Weber, M. (1947). The theory of social and economic organization. Oxford University Press.
Worzala, E. (2021). COVID 19, real estate and uncertainty: examining this new “normal” through the quotes of Jim Graaskamp. Journal of Property Investment & Finance, 39(1), 31–37. https://doi.org/10.1108/JPIF-06-2020-0068
Yang, M., & Hyland, M. (2012). Re‐examining mimetic isomorphism. Management Decision, 50(6), 1076–1095. https://doi.org/10.1108/00251741211238346
Anosike, P., Ehrich, L. C., & Ahmed, P. (2012). Phenomenology as a method for exploring management practice. International Journal of Management Practice, 5(3), 205–224. https://doi.org/10.1504/IJMP.2012.048073
Bolomope, M., Amidu, A. R., Filippova, O., & Levy, D. (2021). Property investment decision-making behaviour amidst market disruptions: an institutional perspective. Property Management, 39(1), 1–21. https://doi.org/10.1108/PM-06-2020-0042
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Bruin, A., & Flint-Hartle, S. (2003). A bounded rationality framework for property investment behaviour. Journal of Property Investment and Finance, 21(3), 271–284. https://doi.org/10.1108/14635780310481685
Burgess, K., & Rapoport, E. (2019). Climate risk and real estate investment decision-making. Urban Land Institute.
Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386–405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
Commons, J. R. (1907). Labor organization and labor politics, 1827-37. The Quarterly Journal of Economics, 21(2), 323–329. https://doi.org/10.2307/1883436
Cook, D. (2015). RICS futures: turning disruption from technology to opportunity. Journal of Property Investment and Finance, 33(5), 456–464. https://doi.org/10.1108/JPIF-05-2015-0039
Creswell, J. W. (2013). Qualitative inquiry and research design: choosing among five approaches (3rd ed.). Sage.
Crotty, M. (1998). The foundations of social research: meaning and perspective in the research process. Sage.
Denscombe, M. (2010). The good research guide: for small-scale social research projects (4th ed.). McGraw-Hill/Open University Press.
Dilley, M., Chen, R. S., Deichmann, U., Lerner-Lam, A. L., & Arnold, M. (2005). Natural disaster hotspots: a global risk analysis. The World Bank. https://doi.org/10.1596/0-8213-5930-4
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160. https://doi.org/10.2307/2095101
DiMaggio, P. J., & Powell, W. W. (1991). Introduction to the new institutionalism. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis (pp. 1–38). University of Chicago Press.
Durkheim, E. (1933). The division of labor in society. Macmillan.
Egbelakin, T., Wilkinson, S., & Ingham, J. (2014). Economic impediments to successful seismic retrofitting decisions. Structural Survey, 32(5), 449–466. https://doi.org/10.1108/SS-01-2014-0002
Farragher, E., & Kleiman, R. (1996). A re-examination of real estate investment decision making practices. Journal of Real Estate Portfolio Management, 2(1), 31–39. https://doi.org/10.1080/10835547.1996.12089521
Farragher, E., & Savage, A. (2008). An investigation of real estate investment decision-making practices. Journal of Real Estate Practice and Education, 11(1), 29–40. https://doi.org/10.1080/10835547.2008.12091634
Filippova, O., Xiao, Y., Rehm, M., & Ingham, J. (2018). Economic effects of regulating the seismic strengthening of older buildings. Building Research & Information, 46(7), 711–724. https://doi.org/10.1080/09613218.2017.1357318
French, N., & French, S. (1997). Decision theory and real estate investment. Journal of Property Valuation and Investment, 15(3), 226–232. https://doi.org/10.1108/14635789710184943
Frumkin, P., & Galaskiewicz, J. (2004). Institutional isomorphism and public sector organizations. Journal of Public Administration Research and Theory, 14(3), 283–307. https://doi.org/10.1093/jopart/muh028
Galaskiewicz, J., & Wasserman, S. (1989). Mimetic processes within an interorganizational field: an empirical test. Administrative Science Quarterly, 34(3), 454–479. https://doi.org/10.2307/2393153
Gallimore, P., & Gray, A. (2002). The role of investor sentiments in property investment decision. Journal of Property Research, 19(2), 111–120. https://doi.org/10.1080/09599910110110671
Gallimore, P., Hansz, J. A., & Gray, A. (2000). Decision making in small property companies. Journal of Property Investment and Finance, 18(6), 602–612. https://doi.org/10.1108/14635780010357569
Gron, A., & Winton, A. (2001). Risk overhang and market behavior. The Journal of Business, 74(4), 591–612. https://doi.org/10.1086/321939
Hoesli, M., & MacGregor, B. D. (2014). Property investment: principles and practice of portfolio management. Routledge. https://doi.org/10.4324/9781315840482
Imazeki, T., & Gallimore, P. (2009). Domestic and foreign bias in real estate mutual funds. Journal of Property Research, 26(4), 367–389. https://doi.org/10.1080/09599916.2009.485419
Keivani, R., & Werna, E. (2001). Modes of housing provision in developing countries. Progress in Planning, 55(2), 65–118. https://doi.org/10.1016/S0305-9006(00)00022-2
Keogh, G., & D’Arcy, E. (1999). Property market efficiency: an institutional economics perspective. Urban Studies, 36(13), 2401–2414. https://doi.org/10.1080/0042098992485
Kreimer, A., Arnold, M., & Carlin, A. (2003). Building safer cities: the future of disaster risk (No. 3). World Bank Publications. https://doi.org/10.1596/0-8213-5497-3
Lang, T. (2011). Urban resilience and new institutional theory–a happy couple for urban and regional studies? In German Annual of Spatial Research and Policy 2010 (pp. 15–24). Springer. https://doi.org/10.1007/978-3-642-12785-4_2
Lecours, A. (Ed.). (2005). New institutionalism: theory and analysis (Vol. 23). University of Toronto Press. https://doi.org/10.3138/9781442677630
Lizieri, C. (2013). After the fall: real estate in the mixed-asset portfolio in the aftermath of the global financial crisis. Journal of Portfolio Management, 39(5), 43–59. https://doi.org/10.3905/jpm.2013.39.5.043
Lowies, G. A., Hall, J. H., & Cloete, C. E. (2016). Heuristic-driven bias in property investment decision-making in South Africa. Journal of Property Investment & Finance, 34(1), 51–67. https://doi.org/10.1108/JPIF-08-2014-0055
MacCowan, R. J., & Orr, A. M. (2008). A behavioural study of the decision processes underpinning disposals by property fund managers. Journal of Property Investment and Finance, 26(4), 342–361. https://doi.org/10.1108/14635780810886645
Martínez-Ferrero, J., & García-Sánchez, I. M. (2017). Coercive, normative and mimetic isomorphism as determinants of the voluntary assurance of sustainability reports. International Business Review, 26(1), 102–118. https://doi.org/10.1016/j.ibusrev.2016.05.009
Medina, A., Lopez, E., & Medina, R. (2020). The unethical managerial behaviours and abusive use of power in downwards vertical workplace bullying: a phenomenological case study. Social Sciences, 9(6), 110. https://doi.org/10.3390/socsci9060110
Meyer, H.-D., & Rowan, B. (2006). Institutional analysis and the study of education. In The new institutionalism in education (pp. 1–13). State University of New York Press.
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340–363. https://doi.org/10.1086/226550
Mills, E. (2003). Climate change, insurance and the buildings sector: technological synergisms between adaptation and mitigation. Building Research & Information, 31(3–4), 257–277. https://doi.org/10.1080/0961321032000097674
Mizruchi, M. S., & Fein, L. C. (1999). The social construction of organizational knowledge: a study of the uses of coercive, mimetic and normative isomorphism. Administrative Science Quarterly, 44(4), 653–683. https://doi.org/10.2307/2667051
Monahan, S. C., Meyer, J. W., & Scott, W. R. (1994). Employee training: the expansion of organizational citizenship. In Institutional environments and organizations: structural complexity and individualism (pp. 255–271). Sage.
Mourlam, D. J., De Jong, D., Shudak, N. J., & Baron, M. (2019). A phenomenological case study of teacher candidate experiences during a yearlong teacher residency program. The Teacher Educator, 54(4), 397–419. https://doi.org/10.1080/08878730.2019.1590750
Nee, V. (1998). Sources of the new institutionalism. In The new institutionalism in sociology (pp. 1–16). Russell Sage Foundation.
Noble, H., & Smith, J. (2014). Qualitative data analysis: a practical example. Evidence-Based Nursing, 17(1), 2–3. https://doi.org/10.1136/eb-2013-101603
North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge University Press. https://doi.org/10.1017/CBO9780511808678
Nyu, V., & Nilssen, F. (2020). Strategies for coping with global disruptions: diversify, transform, disengage, or bypass? Rutgers Business Review, 5(3), 384–404.
Öhman, P., Söderberg, B., & Westerdahl, S. (2013). Property investor behaviour: qualitative analysis of a very large transaction. Journal of Property Investment & Finance, 31(6), 522–544. https://doi.org/10.1108/JPIF-09-2012-0043
Parsons, T. (1971). The system of modern societies. Prentice-Hall.
Patton, M. (2002). Qualitative research and evaluation methods (3rd ed.). Sage Publications.
Roberts, C., & Henneberry, J. (2007). Exploring office investment decision-making in different European contexts. Journal of Property Investment and Finance, 25(3), 289–305. https://doi.org/10.1108/14635780710746939
Rowlett, R. D. (2006). Mergers and acquisitions: a phenomenological case study [Doctoral dissertation]. University of Phoenix.
Ruef, M., & Scott, W. R. (1998). A multidimensional model of organizational legitimacy: hospital survival in changing institutional environments. Administrative Science Quarterly, 43(4), 877–904. https://doi.org/10.2307/2393619
Sah, V., Gallimore, P., & Clements, J. S. (2010). Experience and real estate investment decision making: a process tracing investigation. Journal of Property Research, 27(3), 207–219. https://doi.org/10.1080/09599916.2010.518402
Salomon, R., & Wu, Z. (2012). Institutional distance and local isomorphism strategy. Journal of International Business Studies, 43(4), 343–367. https://doi.org/10.1057/jibs.2012.3
Savin-Baden, M., & Major, C. H. (2013). Qualitative research: the essential guide to theory and practice. Routledge.
Scott, W. R. (2005). Institutional theory: contributing to a theoretical research program. In K. G. Smith & M. A. Hitt (Eds.), Great minds in management: the process of theory development (pp. 460–484). Oxford University Press.
Scott, W. R. (2008). Approaching adulthood: the maturing of institutional theory. Theory and Society, 37(5), 427–442. https://doi.org/10.1007/s11186-008-9067-z
Scott, W. R. (2013). Institutions and organizations: ideas, interests, and identities. Sage Publications.
Spencer, H. (1897). The principles of sociology. D. Appleton and Co. https://doi.org/10.5962/bhl.title.29273
Taşan-Kok, T. (2007). Global urban forms and local strategies of property market actors. Journal of Housing and the Built Environment, 22(1), 69–90. https://doi.org/10.1007/s10901-006-9067-0
Tuttle, B., & Dillard, J. (2007). Beyond competition: institutional isomorphism in US accounting research. Accounting Horizons, 21(4), 387–409. https://doi.org/10.2308/acch.2007.21.4.387
Veblen, T. B. (1891). Some neglected points in the theory of socialism. The Annals of the American Academy of Political and Social Science, 2(3), 57–74. https://doi.org/10.1177/000271629100200305
Veuger, J. (2018). Trust in a viable real estate economy with disruption and blockchain. Facilities, 36(1/2), 103–120. https://doi.org/10.1108/F-11-2017-0106
Wang, P. (2000). Market efficiency and rationality in property investment. The Journal of Real Estate Finance and Economics, 21(2), 185–201. https://doi.org/10.1023/A:1007855116866
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural factors influencing investment decisions in the Kenyan property market. Afro-Asian Journal of Finance and Accounting, 4(1), 26–49. https://doi.org/10.1504/AAJFA.2014.059500
Weber, M. (1947). The theory of social and economic organization. Oxford University Press.
Worzala, E. (2021). COVID 19, real estate and uncertainty: examining this new “normal” through the quotes of Jim Graaskamp. Journal of Property Investment & Finance, 39(1), 31–37. https://doi.org/10.1108/JPIF-06-2020-0068
Yang, M., & Hyland, M. (2012). Re‐examining mimetic isomorphism. Management Decision, 50(6), 1076–1095. https://doi.org/10.1108/00251741211238346