ابعاد مهم توسعه سرمایه گذاری پایدار محیط زیست در صنعت دارایی واقعی

Ever increasing ecological treats and unlimited, accelerated economic growth shall be evaluated in interaction with each other. In real estate industry investment environment unable to ensure sustainability without conformity of other economic sectors with the criteria of sustainable development. In practice entrepreneurs devoting insufficient attention to the outcome of a construction process, underestimate its political, economical, technological, social and ecological aspects. This paper focus on analysis of economic consequences of integrating of environmental sustainability into corporate strategies. Financial and environmental risk analysis identified the key factors influencing sustainability of real estate industry and proposes environmentally friendly solutions for robust economic growth within the industry. That creates the economic and technical grounds of competitiveness for construction companies. For the purpose of maintaining competitiveness and growth in different economic cycles, entrepreneurs expected to embrace economic, environmental and technological innovation as instruments for enhancement of sustainable development.

Development of sustainable investment environment has gradually becoming an important aspect of government’s national strategic development plans around the world. Since the Brundtland report [1] in 1987, environmental sustainability has been widely accepted as development that meets the needs of the present without compromising the ability of future generations to meet their own needs. The global emergence of green building rating systems is gaining attention of wider community within real estate industry, being a substantive step towards promoting investment in sustainable real estate and provision of environmental public goods [2]. The progress of mainstreaming investment towards sustainable real estate is still underdeveloped due to lack of sufficient information on the financial performance of such investments [3].There is a large volume of information on corporate social responsibility and corporate financial performance debating on issues related to environmental sustainability. Researchers referring to conflicts between corporate and social responsibility and shareholder value-maximization principles [4]. The main concern is about interrelation between enterprises’ environmental performance, added value and economic growth [5, 6]. This paper extends the existing literature and provides the research on the major aspects and development of sustainable investment environment in the real estate industry within political, economic, technological, ecological and social dimensions. The main objective of this research to ocus on economic, environmental and social aspects [7].To address the potential uncertainty and volatility problems as well as omitted variable bias, an instrument variable approach is employed in our empirical analysis to examine synthesis of major sustainability factors and interrelation between different stages of economic development, environmental awareness and corporate growth strategy [8]. Our empirical results provide evidence of positive association between real estate companies’ environmental performance and market expectation of future profitability, intangible reputation effect, investor trust and investor risk.

Despite the extensive literature references to the theme of sustainable investment environment society and states having insufficient focus on financial consequence of incorporating of environmental sustainability into corporate and national strategy. This paper fills the gap by examining the interaction between various economic, political, environmental and technological factors.The performed study on sustainable development trends of construction industry leads to the following conclusions:1. The definition of sustainable construction product, emphasis is made on the possibilities created in the construction process to use resources more effectively and safely with a minimum possible destructive impact on the environment. The requirements included in the definition are combined with other criteria of sustainable development that are changing along with changes in mechanical physical and ecological properties of construction materials, construction technologies, environment condition and renovation ability of natural resources. 2. Analysis of macroeconomic factors demonstrated that material decline in real estate output within European Union might be temporary by enhancement of sustainable competitiveness, euro zone stabilization and reinforcement of regulatory framework. 3. Integrated approach to economic and ecological aspects of sustainable investment environment expected to create a solid ground for improved sustainability and harmonization of investment environment in real estate industry. 4. In studies on sustainable development of construction, more attention is devoted to conformity of the produced construction product with certain criteria of sustainable development, yet there are not enough studies on usage of the resources at disposal of construction merchants as the most significant aspect for conformity of the production process of construction products with the main conditions of sustainable development in macro level.5. Results of the study clearly indicate a need for more substantive work on sustainable development issues on macro level,which would enable governments of to develop and implement more appropriate measures for conformity of socialeconomic,political and ecological processes with the basic viewpoints and criteria of sustainable development, by promoting increase in efficiency of using resources at disposal of the society and by extenuate the destructive impact ofeconomic activity on the environment.