Vilka faktorer påverkar investeringsbeslut i den svenska fastighetssektorn : En studie om finansiella och icke-finansiella faktorers betydelse

Sammanfattning

In addition to using traditional financial models for capital intensive decision making in the real estate sector, non financial variables like sustainability, have become increasingly important for decision making. The objective of this research was to determine how Swedish publicly traded real estate firms include and compare financial and non-financial variables when determining whether ot not to make an investment. This research used a qualitative approach to gather data. Semi-strucutured questionnaires were held with representatives from five Swedish publicly traded real estate companies. The empirical information gathered during these interviews was coded into themes related to existing literature regarding capital budgeting, ESG, institutional theory, behavioral finance and location and urban planning. Results indicated that financial models are being utilized by each firm, however they are being used differently depending upon the organization and/or decision maker. Net Operating income (NOI) is the most commonly used financial metric. Non financial metrics are also being used; however, none received more emphasis than location. Altough ESG considerations are becoming more prominent within the organizations studied, its conclusion with financial models till appears to be limited. Overall the research suggests that while financial and non-financial criteria are evaluated seperately within an investment model, they collectively result in the ultimate investment decision. Within those collecive evaluation criteria, it is clear that financial returns will always be the primary consideration.