Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.
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What causes firms to behave the way they do when they face different investment opportunities? We argue that both people and processes are behind the decision-making of project implementation. Member and professional CEOs of cooperatives differ regarding their managerial vision towards upstream and downstream projects. Cooperatives with member CEOs are upstream focused and it is reflected by the cascading effect of negative vision bias towards downstream projects. When downstream activities become more important, cooperatives need to replace the member CEOs with professional CEOs. However, a cooperative with a professional CEO may still be in a disadvantageous position if the member-dominated Board of Directors' negative bias towards downstream projects is too strong, which may result in an investor owned firm being the efficient governance structure.
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In cross-cultural communication and adjunct disciplines such as cross-cultural management and international business, there is a negativity bias of seeing cultural differences as a source of potential issues. The emergence of Positive Organizational Scholarship (POS) questions this problem-focused approach. This paper contributes to the ongoing discussion from neuroscience’s perspectives in several ways. Firstly, it provides a neurological look at this bias. Secondly, it proposes that the problem-focused approach may (1) give us a biased outlook of cross-cultural encounters rather than a reality, (2) hinder creativity, (3) lead to the rebound effect, and (4) turn belief into reality. Finally, based on insight from neuroscience and adopting the POS lens with the connection between POS and creativity, it’s recommended that future research takes three directions: (1) Using similarity as the starting point; (2) strategize body language, context and theories; and (3) develop a multicultural mind. In essence, the paper contributes to existing knowledge of the field by employing an interdisciplinary approach, aiming to gain a more holistic view, provoke thoughts, and trigger future empirical studies.
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