The Effect of the University’s Core Values and Program Educational Objectives on the Real Estate Management Graduates through the Lens of Human Capital Theory

Vicente E. Montano; Sherylove Utida

Vicente E. Montano
Sherylove Utida

Keywords: University’s Core Values, Program Educational Objectives, Real Estate Management, Human Capital Theory

Abstract

The purpose of this tracer study is to investigate whether the B.S. Real Estate Management graduates in Mindanao are equipped with sufficient relevant industry skills to start a professional career. The study’s objective is to describe the role of the university's core values and the program educational objectives in determining students' success in the licensure exams and employment. This paper considers the perspective of recent graduates from 2017-2022. The descriptive nonexperimental research design using Kendall's Tau Pairwise Correlations with Vovk-Sellke Maximum p-Ratio to evaluate the strength of association among the five variables was used. Based on the result, a significant moderate association existed between the university's core values and licensure examination, program educational objectives and licensure examination, professional practice, and employability. Moreover, a strong association between the core values and program educational objectives is evident. The paper concludes that the significant association of these variables supports the human capital theory that students consider their college education provides them with a broad range of knowledge and skills, leading to higher earnings and career growth opportunities.

References

Ainsworth, L. (2010). Rigorous curriculum design: How to create curricular units of study that align standards, instruction, and assessment. Lead+ Learn Press.

Amidu, A. R., Ogbesoyen, O., & Agboola, A. O. (2018). Exploring gaps between real estate curriculum and industry needs: A mapping exercise. Pacific Rim Property Research Journal, 24(3), 265-283. https://doi.org/10.1080/14445921.2018.1552472

Benedict, R., & Goetcheus, C. (2014). The Historic Preservation Gap in Graduate Real Estate Curricula. Journal of Real Estate Practice and Education, 17(2), 111-124. https://doi.org/10.1080/10835547.2014.12091734

Butler, J., Guntermann, K., & Wolverton, M. (1998). Integrating the real estate curriculum. Journal of Real Estate Practice and Education, 1(1), 51-66. https://doi.org/10.1080/10835547.1998.12091554

Chambers, L., Holm, J., & Worzala, E. (2009). Graduate real estate education: integrating the industry. International Journal of Property Sciences, 2(1). https://doi.org/10.22452/ijps.vol2no1.1

Combs, D. (2004). Predicting licensing examination performance with cognitive style and reactive behavior pattern assessments (Doctoral dissertation, University of Central Florida).

Curtis, E. A., Comiskey, C., & Dempsey, O. (2016). Importance and use of correlational research. Nurse Researcher, 23(6), 20–25. doi:10.7748/nr.2016.e1382

Deming, D. J. (2022). Four facts about human capital. Journal of Economic Perspectives, 36(3), 75-102. DOI: 10.1257/jep.36.3.75

Egwuatu, U. S. (2013). The pedagogy and practice of real estate management in Nigeria: Entrepreneurial perspectives. Sheffield Hallam University (United Kingdom).

Faugier, J., & Sargeant, M. (1997). Sampling hard to reach populations. Journal of advanced nursing, 26(4), 790-797. https://doi.org/10.1046/j.1365-2648.1997.00371.x

Feth, M. (2021). PropTech: The real estate industry in transition. In The Routledge Handbook of FinTech (pp. 385-391). Routledge.

Gillies, D. (2015). Human capital theory in education. In M. Peters (Ed.), Encyclopedia of educational philosophy and theory. Springer Science + Business Media. https://doi.org/10.1007/978-981-287-532-7_254-1

Harish, J. (2018). Reliability/Sample Size Calculation Based on Bayesian Inference. Harish's Notebook – My notes… Lean, Cybernetics, Quality & Data Science. https://harishsnotebook.wordpress.com/2018/04/22/reliability-sample-size-calculation-based-on-bayesian-inference/#google_vignette

Herring III, H. C., & Williams, J. R. (2000). The role of objectives in curriculum development. Journal of Accounting Education, 18(1), 1-14. https://doi.org/10.1016/S0748-5751(00)00004-X

Huffman, F. (2011). Student performance in an undergraduate advanced real estate course: Real estate majors vs. finance Majors. Journal of Real Estate Practice and Education, 14(2), 111-123. https://doi.org/10.1080/10835547.2011.12091693

Hooley, T. (2021). Career development and human capital theory: Preaching the "education gospel". In The Oxford handbook of career development (pp. 49-64).

Hoxley, M., Poon, J., & Fuchs, W. (2011). Real estate employability: Differing perceptions of graduates from undergraduate and postgraduate courses. Journal of European Real Estate Research, 4(3), 243-258. https://doi.org/10.1108/17539261111183434

Hoyman, M., & Faricy, C. (2009). It takes a village: A test of the creative class, social capital, and human capital theories. Urban Affairs Review, 44(3), 311-333. https://doi.org/10.1177/1078087408321496

Ingram, K. W., Haynes, L. L., Davidson-Shivers, G. V., & Irvin, R. (2004). Building an Instructional Design Alumni Support Community: Tracking Alumni for Program Evaluation and Added Value. Association for Educational Communications and Technology.

Jayantha, W. M., & Chiang, Y. H. (2012). Key elements of successful graduate real estate education in Hong Kong: Students' perspective. Journal of Real Estate Practice and Education, 15(2), 101-128. https://doi.org/10.1080/10835547.2012.12091712

Kolomitro, K., Inglese, J., & Idzikowski, M. (2017). Curriculum Design Handbook. Centre for Teaching and Learning. Queen's University.

Kruschke, J. (2014). Doing bayesian data analysis: A tutorial with r, JAGS, and stan. Academic Press.

Levin, P. F., & Suhayda, R. (2018). Transitioning to the DNP: Ensuring integrity of the curriculum through curriculum mapping. Nurse Educator, 43(3), 112-114. DOI: 10.1097/NNE.0000000000000431

Lopez-Bazo, E., & Moreno, R. (2008). Does human capital stimulate investment in physical capital?: Evidence from a cost system framework. Economic Modelling, 25(6), 1295-1305. https://doi.org/10.1016/j.econmod.2008.04.008

Mailloux, C. G. (2011). Using the essentials of baccalaureate education for professional nursing practice (2008) as a framework for curriculum revision. Journal of Professional Nursing, 27(6), 385-389. https://doi.org/10.1016/j.profnurs.2011.04.009

Marginson, S. (1989). Human capital theory and education policy. Sydney: Public Sector Research Centre, University of New South Wales.

McElreath, R. (2018). Statistical rethinking: A bayesian course with examples in r and stan. Chapman; Hall/CRC.

McKimm, J., & Jones, P. K. (2018). Twelve tips for applying change models to curriculum design, development and delivery. Medical Teacher, 40(5), 520-526. https://doi.org/10.1080/0142159X.2017.1391377

Musil, T. (2005). Integrating business school curricular resources into real estate practitioner professional development. Journal of Real Estate Practice and Education, 8(1), 133-149. https://doi.org/10.1080/10835547.2005.12091609

Nafukho, F. M., Hairston, N., & Brooks, K. (2004). Human capital theory: Implications for human resource development. Human Resource Development International, 7(4), 545-551. https://doi.org/10.1080/1367886042000299843

Ogbenjuwa, L., Egbu, C., & Robinson, H. (2022, November). The real estate manager: towards a financial knowledge and skills framework for professional development. In International Conference on Professionalism and ethics in Construction. London South Bank University. https://doi.org/10.18744/CONF.2018033

Ooi, J., & Yu, S. M. (2011). Graduate real estate education in Singapore: What prospective students look for. Journal of Real Estate Practice and Education, 14(1), 35-52. https://doi.org/10.1080/10835547.2011.12091680

Pfnür, A., & Wagner, B. (2020). Transformation of the real estate and construction industry: empirical findings from Germany. Journal of Business Economics, 90(7), 975-1019. https://doi.org/10.1007/s11573-020-00972-4

Poon, J. (2012). Real estate graduates' employability skills: the perspective of human resource managers of surveying firms. Property management. https://doi.org/10.1108/02637471211273392

Poon, J. (2014). Do real estate courses sufficiently develop graduates' employability skills? Perspectives from multiple stakeholders. Education+ Training. https://doi.org/10.1108/ET-06-2013-0074

Poon, J., Hoxley, M., & Fuchs, W. (2011). Real estate education: an investigation of multiple stakeholders. Property Management, 29(5), 468-487. https://doi.org/10.1108/02637471111178146

Ruiz-Ruano García, A. M., & López Puga, J. (2018). Deciding on Null Hypotheses using P-values or Bayesian alternatives: A simulation study. Psicothema.

Sellke, T., Bayarri, M. J., & Berger, J. O. (2001). Calibration of ρ values for testing precise null hypotheses. The American Statistician, 55(1), 62-71. https://doi.org/10.1198/000313001300339950

Tu, C., Weinstein, M., Worzala, E., & Lukens, L. (2009). Elements of successful graduate real estate programs: perceptions of the stakeholders. Journal of Real Estate Practice and Education, 12(2), 105-121. https://doi.org/10.1080/10835547.2009.12091660

Wadu Mesthrige, J., Lam, P. T., Chiang, Y. H., & Samarasinghalage, T. I. (2021). Effectiveness of case-based learning: views of construction and real estate students. International Journal of Construction Education and Research, 17(4), 318-332. https://doi.org/10.1080/15578771.2020.1758254

Wagner, K. L. (2006, July-August). Taking real estate to a higher degree: industry-specific academic programs prepare the next generation for careers in real estate management. Journal of Property Management, 71(4), 26+. https://link.gale.com/apps/doc/A148756404/AONE?u=anon~591e4fa0&sid=googleScholar&xid=e87f9cd1

Weinstein, M., & Worzala, E. (2008). Graduate real estate programs: an analysis of the past and present and trends for the future. Journal of Real Estate Literature, 16(3), 385-414. https://doi.org/10.1080/10835547.2008.12090237

Zundel, P., & Mengel, T. (2007). The University of New Brunswick's Renaissance College: Curricular evolution and assessment at the faculty level. New directions for teaching and learning, 2007(112), 69-82. https://doi.org/10.1002/tl.299