Journal of Financial Management of Property and Construction最新文献

{"title":"Exploring the underlying relationship among risks in BOT transportation projects in developing countries: the case of Vietnam","authors":"P. Le, N. Chileshe, K. Kirytopoulos, R. Rameezdeen","doi":"10.1108/jfmpc-12-2019-0091","DOIUrl":"https://doi.org/10.1108/jfmpc-12-2019-0091","url":null,"abstract":"\u0000Purpose\u0000Despite the fact that extensive studies on public-private partnerships have focused on risk identification and classification, research still lacks concentration on studying the latent structure of risks in build operate transfer (BOT) transportation projects, especially in developing countries. The research was carried out in Vietnam and this paper aims to explore the underlying relationships among risks in the context of BOT transportation projects.\u0000\u0000\u0000Design/methodology/approach\u0000A questionnaire survey was conducted to investigate the perception of stakeholders regarding the probability of occurrence and the severity of the impact of risks related to BOT transportation projects. Factor analysis was performed based on a total of 40 risks.\u0000\u0000\u0000Findings\u0000Seven risk groups were formed as a result of factor analysis, namely, “projects’ viability and political-regulatory risks”, “macroeconomic risks”, “projects’ feasibility study and market risks”, “financial risks”, “organization/coordination and force majeure risks”, “tolling, contractual, approvals risks” and “media and land expropriation risks”.\u0000\u0000\u0000Originality/value\u0000The research contributes to the current body of knowledge by providing deep insight into the structure of risks in BOT transportation projects in Vietnam through exploring the underlying relationships among risks, to form a latent risk structure from practical viewpoints. The findings are beneficial for involved stakeholders and policymakers to set up and propose suitable management strategies and related policies.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-12-2019-0091","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45577223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The challenges of access to local finance for PPP infrastructure project delivery in Nigeria","authors":"Muhammed Bolomope, K. B. Awuah, Abdul-Rasheed Amidu, O. Filippova","doi":"10.1108/JFMPC-10-2019-0078","DOIUrl":"https://doi.org/10.1108/JFMPC-10-2019-0078","url":null,"abstract":"\u0000Purpose\u0000This study explores the challenges of access to finance from local financial institutions (LFIs), i.e. local banks, for public–private partnership (PPP) infrastructure project delivery in Nigeria. The aim is to provide useful insights that could inform policy solutions to ease the local funding of PPP infrastructure projects in Nigeria and, by extension, other developing economies.\u0000\u0000\u0000Design/methodology/approach\u0000Adopting a qualitative research methodology, the study engaged PPP stakeholders involved in securing funds for PPP infrastructure projects in Nigeria. A total of 15 PPP stakeholders, drawn from the public and private sectors, were purposively selected and their views on the research problem obtained through recorded telephone interviews. The opinions of the research participants were subsequently analyzed and the results discussed with the outcome of the examination of relevant literature.\u0000\u0000\u0000Findings\u0000The study found that the significant factors affecting access to local finance for PPP infrastructure projects in Nigeria include low capital base by LFIs, weak project viability, lack of capacity to manage PPP-related activities, inconsistent government policy, poor legal framework and public perception of PPP.\u0000\u0000\u0000Research limitations/implications\u0000Insights from this study are useful for PPP stakeholders in mitigating the barriers that influence access to local finance for PPP infrastructure projects in Nigeria and other developing economies. This study is also useful in enhancing the current policy structure in developing countries as a way of revamping the existing infrastructure framework through LFIs.\u0000\u0000\u0000Originality/value\u0000This study provides clarity on the peculiar challenges impeding access to finance from LFIs for PPP infrastructure projects in Nigeria and will be useful for debt providers and policymakers in evaluating the bankability of PPP infrastructure projects in Nigeria and other developing countries.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/JFMPC-10-2019-0078","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49065675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Public-private partnership in Western and non-Western countries: a search for relevance","authors":"Fadhli Zul Fauzi, B. Kusumasari","doi":"10.1108/jfmpc-08-2019-0071","DOIUrl":"https://doi.org/10.1108/jfmpc-08-2019-0071","url":null,"abstract":"\u0000Purpose\u0000This paper aims to compare the implementation of public–private partnership (PPP) in Western and non-Western countries by analyzing several predetermined aspects such as government and political system, PPP’s model of agreement, political commitment and the role of PPP supporting unit.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses comparative case studies to compare the implementation of PPP in seven Western and non-Western countries by using various appropriate data such as frequently used agreements, government systems, political commitments and PPP-supporting units to understand the extent of differences in the success of PPP implementation found in each country.\u0000\u0000\u0000Findings\u0000The results reveal that the implementation of PPPs in Western and non-Western countries do not significantly differ, except for in the instance of political commitments. Political interventions in PPP implementation still frequently occurred in non-Western countries, which consequently disrupted the implementation of PPP itself.\u0000\u0000\u0000Originality/value\u0000Previous comparison of PPP studies only focused on the implementation of PPP without analyzing the political context in each country. One of the contributions that this paper will bring to the conversations around PPP is that the implementation of PPP will be analyzed with regard to political contexts.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-08-2019-0071","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45488996","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Obstacles to comprehensive real estate asset management","authors":"Dustin C. Read, Danielle Sanderson","doi":"10.1108/jfmpc-05-2020-0036","DOIUrl":"https://doi.org/10.1108/jfmpc-05-2020-0036","url":null,"abstract":"\u0000Purpose\u0000Motivated by behavioral theories of the firm, this study aims to consider the extent to which knowledge gaps, organizational inertia and conflicts of interest prevent large real estate investment management firms from approaching asset management in a comprehensive manner.\u0000\u0000\u0000Design/methodology/approach\u0000Results of 93 semi-structured interviews conducted with real estate practitioners working in the USA are thematically analyzed.\u0000\u0000\u0000Findings\u0000All of the aforementioned factors are found to influence real estate asset management practices and serve as potential obstacles to operational excellence.\u0000\u0000\u0000Research limitations/implications\u0000The qualitative analysis is limited in the sense that it focuses exclusively on the perceptions of real estate practitioners in the USA who work for relatively large organizations. However, it offers compelling evidence that comprehensive asset management is difficult under the best of circumstances, and becomes even more so in the presence of knowledge gaps, organizational inertia and conflicts of interest.\u0000\u0000\u0000Practical implications\u0000Those working in asset management or with asset managers must be mindful of the obstacles discussed if they hope to encourage and facilitate process improvement.\u0000\u0000\u0000Originality/value\u0000The study contributes to a small but growing, body of research examining the challenges large real estate investment management firms face when trying to derive value from their asset management platforms.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-05-2020-0036","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44179680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impacts of procurement strategies on construction SMEs’ growth","authors":"A. Windapo, Oluseye Olugboyega, S. Odediran","doi":"10.1108/jfmpc-05-2019-0045","DOIUrl":"https://doi.org/10.1108/jfmpc-05-2019-0045","url":null,"abstract":"This study aims to investigate the impacts of procurement strategies on the growing proportion of construction small- and medium-sized enterprises (SMEs) and whether the size of the construction company moderates the effect.,This study adopted a quantitative research approach and a cross-sectional questionnaire survey in achieving its objectives. The survey requires the respondent to identify both the most successful and most outstanding project that the respondent was involved in between 2010 and 2016.,The study found that only traditional and management-oriented procurement strategies ensure the achievement of all growth plans for construction SMEs in South Africa; and that medium-sized construction enterprises achieve social growth such as community empowerment, managerial skills and advancement on the cidb Register of Contractors.,The findings of the study imply that policymakers should base their decisions regarding macroeconomic issues and growth plans for construction SMEs on the internal and external factors such as differences in the sizes of construction SMEs and differences in the suitability of procurement strategies affecting the growth of construction SMEs.,In past studies, the diversity amongst SMEs is often overlooked and SMEs are erroneously assumed to share similar objectives, possess equal capabilities and face challenges of the same magnitude. The original contribution of this study is shown in the investigation of the moderating effect of SMEs’ diversity (in terms of company size) on their growth proportion as influenced by procurement strategies.","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"25 1","pages":"423-446"},"PeriodicalIF":1.9,"publicationDate":"2020-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-05-2019-0045","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45579827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An investigation into BIM uptake among contracting firms: an empirical study in Nigeria","authors":"S. Babatunde, S. Perera, Damilola Ekundayo, D. Adeleke","doi":"10.1108/jfmpc-06-2019-0054","DOIUrl":"https://doi.org/10.1108/jfmpc-06-2019-0054","url":null,"abstract":"Purpose – Building Information Modeling (BIM) is vital in the performance improvement of contracting firms. Thus, there is a need to stimulate its implementation in the construction sector with a view to meeting the competitive demands of the industry. However, there have been very few studies on BIM implementation among contracting firms in Nigeria. Hence, this study examines the current BIM uptake among Nigerian contracting firms, assesses the barriers to BIM implementation, and examines ways of improving BIM implementation within these contracting firms. \u0000 \u0000Design/methodology/approach – A questionnaire survey was conducted on contracting firms (comprising small, medium and large sized firms) in Lagos, Nigeria. The obtained data were analyzed using both descriptive and inferential statistics. These included percentage, mean score, standard deviation, the Kruskal-Wallis test and factor analysis. \u0000 \u0000Findings – The study revealed the current state of BIM implementation among contracting firms in Nigeria in terms of their knowledge of BIM, their usage of BIM as well as the BIM software adopted. Furthermore, the study identified 25 barriers to BIM implementation in contracting firms and identified 15 ways to improve BIM implementation in contracting firms. The relative importance of both the identified barriers and the ways for improving BIM implementation was gauged among contracting firms comprising small, medium and large sized firms. The result of the Kruskal-Wallis test revealed that, except for two (out of 25) identified barriers, and one (out of 15) identified ways of improving BIM implementation in contracting firms, there is no significant statistical difference in the perceptions of the three respondents’ groups. The result of the factor analysis categorized the identified 25 barriers into seven main factors. \u0000 \u0000Practical implications – The study provides empirical evidence on the barriers to BIM implementation and the ways of improving its implementation among contracting firms; thereby providing a better insight of the Nigerian construction industry’s BIM environment. \u0000 \u0000Originality/value – The study’s findings can positively inform the decisions of construction stakeholders to formulate strategies capable of improving BIM implementation in the construction industry at large.","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-06-2019-0054","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48741597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Improving accuracy of road projects’ estimates in the Ghanaian construction industry","authors":"O. Akinradewo, C. Aigbavboa, Ayodeji Emmanuel Oke","doi":"10.1108/jfmpc-11-2019-0087","DOIUrl":"https://doi.org/10.1108/jfmpc-11-2019-0087","url":null,"abstract":"\u0000Purpose\u0000The inaccuracy of preliminary estimates sometimes results in wasted development effort if the project is abandoned. To curb this menace, this study aims to assess the different measures to improve the accuracy of road project estimates.\u0000\u0000\u0000Design/methodology/approach\u0000Quantitative research design was used for this study, and questionnaire was designed to retrieve data from the target population. Engineers and quantity surveyors in Accra, Ghana formed the target population and were contacted by using an e-questionnaire through their professional bodies owing to location constraints. Descriptive and exploratory factor analyses were used in analysing the retrieved data. Mann–Whitney U non-parametric test was also used to compare the opinions of the respondents.\u0000\u0000\u0000Findings\u0000The study revealed that factors categorised as due diligence by estimator should be given more attention for accuracy of estimates to be improved.\u0000\u0000\u0000Research limitations/implications\u0000This study was limited to Accra, Ghana owing to time and distance constraint.\u0000\u0000\u0000Practical implications\u0000Proper consideration must be given to preliminary site investigation when preparing the estimates for road projects. This will provide the estimator with information on the physical features of the project environment.\u0000\u0000\u0000Originality/value\u0000Defined clusters of measures to improve estimate accuracy as highlighted in this study rather than merely ranked variables which are done by previous research studies will set the tone and provide insights for effective stakeholders’ actions. The study also bridges the gap between theory and practice by outlining how the findings can be implemented practically to achieve more accurate preliminary estimate for road projects. With efforts aligned with the core characteristics of each cluster, accuracy can be improved.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"25 1","pages":"407-421"},"PeriodicalIF":1.9,"publicationDate":"2020-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-11-2019-0087","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43032767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Explaining the cash-in-hand consumer culture in the European home repairs and renovations sector","authors":"C. Williams, Brunilda Kosta","doi":"10.1108/jfmpc-03-2020-0011","DOIUrl":"https://doi.org/10.1108/jfmpc-03-2020-0011","url":null,"abstract":"The purpose of this paper is to explain who purchases undeclared home repairs and renovations and their motives to tackle the cash-in-hand consumer culture. The conventional view has been that undeclared home repairs and renovations are sought by those consumers needing to save money and desiring a lower price. Here, this is evaluated critically.,To do so, evidence from a 2019 Eurobarometer survey involving 27,565 face-to-face interviews in 28 European countries is reported.,The finding is the need for a nuanced and variegated understanding of who purchases undeclared home repairs and renovations and why. Lower price is their sole rationale in just 25% of purchases, one of several rationales in 34% of cases and not a reason in the remaining 42% of purchases. Besides a lower price, consumers purchase undeclared not only unintentionally but also to circumvent the failings of formal sector provision in terms of its availability, speed and quality, as well as for social and redistributive rationales.,To reduce the cash-in-hand consumer culture, not only are incentives needed to persuade consumers to purchase declared along with awareness-raising campaigns about the benefits of purchasing declared services but initiatives are also needed to improve the availability, speed, reliability and quality of formal provision and to address undeclared purchases conducted for social and redistributive purposes.,This paper improves understanding of how governments can stop consumers asking “how much for cash” and reduce demand for undeclared home repair and renovation services.","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"25 1","pages":"387-405"},"PeriodicalIF":1.9,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-03-2020-0011","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45511075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Impacts of capital structure: profitability of construction companies in Ethiopia","authors":"W. Agmas","doi":"10.1108/jfmpc-08-2019-0072","DOIUrl":"https://doi.org/10.1108/jfmpc-08-2019-0072","url":null,"abstract":"Capital structure decisions are important decisions for any business activity because they have considerable influence on the worth and cost of companies. Most previous studies in Ethiopia were primarily focused on identifying and measuring problems in banking sectors and other sectors and paying little attention to the construction sector. The purpose of this study is mainly to fill the gap by examining the effects of capital structure on the profitability of construction firms in Ethiopia.,To test hypotheses of the study, time series secondary data were gathered from the sample of 30 grade one construction companies in Ethiopia during the 2011–2015 period. To examine the correlation among capital structures and its determinants, random effect multiple regression models were used.,From the regression outcomes, the study indicates that capital structure measured by debt to equity and long-term debt to total assets has a significant positive correlation with return on equity (ROE) and return on assets (ROA) of sampled construction companies. However, the capital structure measured by debt to assets has a significant negative correlation with ROE and ROA of sampled construction companies in Ethiopia.,This paper is the author’s original work and assures that the paper was not undertaken anywhere and is also not published in any journal before.","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"25 1","pages":"371-386"},"PeriodicalIF":1.9,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-08-2019-0072","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48486124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Risk perception in PPP infrastructure project financing in India","authors":"P. Gupta, H. Verma","doi":"10.1108/jfmpc-07-2019-0060","DOIUrl":"https://doi.org/10.1108/jfmpc-07-2019-0060","url":null,"abstract":"\u0000Purpose\u0000The purpose of this paper is to examine the risk perception of project sponsors in financing of public–private partnership (PPP) infrastructure projects in India.\u0000\u0000\u0000Design/methodology/approach\u0000The methodology used is survey questionnaire that seeks the perception of risk managers in PPP projects. Rating and relative ranking of risk at various phases of PPP project have been analyzed and supplemented by unstructured interviews.\u0000\u0000\u0000Findings\u0000This paper shows that the perception of project sponsors for various levels of project risk categories differ significantly in PPP infrastructure projects. The practices of assessing risk and handling differ among the financing institutions. The ranking of risks shows a disagreement among respondents for relative importance. The project financiers that include major banks and financial institutions funding for the PPP infrastructure projects perceive risks differently, and their disagreement on the relative importance of risks may create a sub-optimality in risk management, and the essence of project sponsorship may be lost.\u0000\u0000\u0000Research limitations/implications\u0000This paper examines the perceptions of the various risks involved in PPP infrastructure project financing. The authors emphasize on the infrastructure projects in the transportation and energy sector that are undertaken in the PPPs. This research can further be extended to the other infrastructure sectors such as roads, shipping and communication.\u0000\u0000\u0000Practical implications\u0000Experiences reveal that risk perception profoundly influence the implementation of infrastructure projects involving PPPs. To ensure smooth implementation and success of PPP infrastructure projects, the project sponsors must align, synchronize and develop consensus on the various funding and non-funding risks into the project curriculum.\u0000\u0000\u0000Social implications\u0000The PPP infrastructure projects carry huge investment and are of strategic importance to the nation and society. In order that the provision of infrastructure which can be most economically and efficiently delivered through PPPs, the risk concordance assumes crucial importance.\u0000\u0000\u0000Originality/value\u0000The authors believe that this research may provide new direction to the visible and invisible misbalances in risk postures of project partners, which has been a cause of concern to the government and policymakers in India in the recent times.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jfmpc-07-2019-0060","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48895774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}