Susan Flint-Hartle

A bounded rationality framework for property investment behaviour

This paper attempts to explain the motivations of residential rental property investors in New Zealand in terms of the behavioural assumption of bounded rationality. Commencing with a rejection of the more standard neo‐classical economics view of rationality as an explanation of investment behaviour, the paper seeks to both examine the extent to which bounded rationality applies to the investment behaviour encountered and to elaborate on that behaviour. The discussion is underpinned by the findings of a postal survey of a large nationwide sample of private residential rental property owners, and is directly based on a study of a smaller sample of investors using in‐depth interview techniques. Qualitative analysis overlays the quantitative data, to enable better exploration of the constraints within which individual investors operate.

Entrepreneurial Women and Private Capital: The New Zealand Perspective

Purpose – To explore the demand and supply of private capital for successful women entrepreneurs in New Zealand. To obtain and interpret fine-grained information in order to mitigate the research gap on growth finance for women-led businesses in New Zealand. Design/methodology/approach – Multiple approaches for data collection and analysis. Includes interviews with key decision makers in the private capital industry and an e-mail survey of venture capitalists (supply-side) and the narrated experiences of women entrepreneurs (demand-side). Findings – Quantifies the degree of womens current participation in the venture capital (VC) industry and delineates key considerations in the private capital investment decision-making process. Confirms the absence of overt gender discrimination in the VC market but draws attention to the presence of other – some of which are more hidden – considerations which affect mobilisation of private capital by women entrepreneurs. Research limitations/implications – Highlights that a combination of supply-side (private capital) and demand-side (entrepreneurs) influences, as well as country-specific structural and policy factors, needs to be considered when seeking explanations for the lower incidence of private capital to women business owners. Originality/value – Mitigates the large research gap on womens entrepreneurship in New Zealand and supplements the literature on the private capital and womens business nexus. Signals the importance of policy considerations in growing the role of private capital.(Publication abstract)

Franchising success: Insights from real estate brokerage

This article highlights factors that contribute to the success of franchising in the Australasian real estate brokerage industry. Evidence from both franchisor and franchisee perspectives reveals underlying fundamentals of competitive advantage. System success is argued to be based on the development of a complementary resource competency that ensures relationship sustainability. The franchisee adds value to the franchisor-initiated system and brand by developing presence and expertise in the local market. Franchisee screening and recruitment strategy is important, with prior experience and industry acculturation occupying a central place as a driver of success. The nature of entrepreneurship is a key question addressed and the strength of the entrepreneurial alliance is shown to be a component of the success equation. The pursuit of explanations beyond agency and resource scarcity theory widens the theoretical lens for examining the ubiquitous phenomenon of franchising in the real estate domain.

The search for equity capital? Implications for women entrepreneurs

It is believed that women are more likely to use personal savings and other types of internal funding for business growth in preference to external financing options. The nature of, reasons for, and implications of this lesser reliance of women on external finance is an important key to understanding womens entrepreneurial activity and growth strategies. This paper examines this topic, exploring New Zealands private equity capital market from a composite perspective investigating both supply and demand side issues. A mainly qualitative approach is used to gather data from the formal venture capital and informal equity sectors and women entrepreneurs.