Journal of Financial Management of Property and Construction最新文献

{"title":"Evaluating the critical success criteria for prefabricated prefinished volumetric construction projects","authors":"I. Y. Wuni, G. Shen, R. Osei-Kyei","doi":"10.1108/JFMPC-03-2020-0013","DOIUrl":"https://doi.org/10.1108/JFMPC-03-2020-0013","url":null,"abstract":"\u0000Purpose\u0000Prefabricated prefinished volumetric construction (PPVC) is a game-changing construction method that transforms the fragmented site-based construction of buildings into an integrated production, integration and assembly of value-added volumetric building components. Where circumstances merit, the effective implementation of PPVC leverages significant gains in time, cost, quality, productivity and sustainability performance of construction projects. As PPVC is increasingly becoming mainstream, it is imperative to identify the critical success criteria (CSC) for measuring PPVC project success. The purpose of this study is to identify, rank and benchmark the CSC for measuring PPVC project success.\u0000\u0000\u0000Design/methodology/approach\u0000This study adopted a quantitative research design where the potential CSC for PPVC projects were evaluated. A comprehensive literature and pilot expert review identified 18 CSC for measuring PPVC project success. Based on a questionnaire survey of international PPVC experts, the 18 CSC were analyzed and prioritized using mean score analysis and weighting function.\u0000\u0000\u0000Findings\u0000Based on mean index assessment, the top five CSC for PPVC projects were identified as adherence to project schedules, meeting project quality specification, meeting safety requirements, client and owner satisfaction and cost savings and profitability. Further analysis grouped the 18 CSC into six principal success criteria (PSC), comprising time performance, cost performance, quality performance, environmental and safety performance, stakeholder satisfaction and supply chain performance. Based on weighted analysis of the six PSCs, quality performance, time performance and environmental and safety performance obtained the highest weights.\u0000\u0000\u0000Research limitations/implications\u0000The research results are limited by the following limitations. First, although adequate, the sample size was relatively smaller. Second, the generalized analysis overlooked the geospatial sensitivities of the CSC.\u0000\u0000\u0000Originality/value\u0000The results constitute the first exclusive quantitative ranking and prioritization of the CSC for PPVC projects. The outputs of this study will enable practitioners to reliably and accurately evaluate the performance levels of PPVC projects. A framework of the CSC for measuring the success of PPVC projects was developed.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47381335","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":"Streamlining the management of payment delays: the case of Sri Lankan Government building construction projects","authors":"B. Perera, K. G. Dewagoda","doi":"10.1108/JFMPC-05-2020-0041","DOIUrl":"https://doi.org/10.1108/JFMPC-05-2020-0041","url":null,"abstract":"\u0000Purpose\u0000Delayed payments have been long standing, pressing issue in construction projects, especially in Government-funded construction projects. The root causes and the consequences of delayed payments must be identified before implementing strategies to mitigate the consequences of such delayed payments. However, these causes and consequences and the parties responsible for managing the delayed payments have not been identified so far. Therefore, the purpose of this study is to investigate the management of payment delays in Government-funded construction projects.\u0000\u0000\u0000Design/methodology/approach\u0000The study used a mixed approach comprising four case studies and a questionnaire survey. The empirical data collected from the case studies and the questionnaire survey were analysed using manual content analysis and mean rating, respectively.\u0000\u0000\u0000Findings\u0000The study identified the most significant causes and the most significant consequences of delayed payments that occur in Government-funded construction projects. It also revealed the strategies that clients, consultants, contractors and other parties can adopt to mitigate the adverse consequences of such delayed payments.\u0000\u0000\u0000Originality/value\u0000This study identified the most significant causes of delayed payments in Government-funded construction projects, the most significant consequences of such delayed payments and the most suitable strategies the clients, consultants and contractors can adopt to mitigate the consequences of such delayed payments. Thus, this study supports streamlining the management of payment delays in Government construction projects and identifies the roles that different parties must play in managing payment delays in Government building projects, which is an under-researched area.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43555070","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":"Impact of the banking sector reform in the construction sector","authors":"N. Saka, A. Olanipekun","doi":"10.1108/JFMPC-03-2020-0012","DOIUrl":"https://doi.org/10.1108/JFMPC-03-2020-0012","url":null,"abstract":"\u0000Purpose\u0000Banking sector reforms can impact the development of the real sector. However, there is very little known about this impact on the construction sector in a developing country context. This study aims to evaluate the impact of the banking sector reform on the construction output (CNS) using the banking sector reform in Nigeria in 2005 (2005 Banking Sector Reform Programme [BSRP]) as a case.\u0000\u0000\u0000Design/methodology/approach\u0000This study used econometric methodology comprising unit root test for stationarity, Johansen test for cointegration, analysis of variance (ANOVA) and the analysis of covariance. Time series data covering a period from 1981 to 2017 (37 years) about the banking and construction sector performances are analyzed using ten-time series equations.\u0000\u0000\u0000Findings\u0000The ANOVA estimates reveal that the 2005 BSRP positively impacted the CNS and construction sector growth rate. However, the ANOVA estimates reveal that the gross domestic product (GDP) and bank total loan had a positive impact on CNS in the period (1981–2017) before and after the 2005 BSRP, and consequently removing the effect of the 2005 BSRP on CNS.\u0000\u0000\u0000Practical implications\u0000This paper concludes that the banking sector reform has a positive impact on CNS in the Nigerian construction industry. The impact is greater and lasting when the reform is directly targeted at improving CNS.\u0000\u0000\u0000Originality/value\u0000This study provides empirical evidence of the dependence between banking sector reform and construction sector performance in a developing country context. Also, this study demonstrates the relationship between GDP, banking sector reform and construction sector performance in a developing country context.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44513420","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 analysis of the impact of jurisdictional fragmentation on property taxes in Ghana","authors":"F. Oppong","doi":"10.1108/JFMPC-07-2020-0048","DOIUrl":"https://doi.org/10.1108/JFMPC-07-2020-0048","url":null,"abstract":"\u0000Purpose\u0000Following decades of weak financial capacity of local governments in raising enough revenues to finance their budgets, this paper aims to examine the impact of jurisdictional fragmentation on property taxes in Ghana. Since independence in 1957, many local governments in Ghana are yet to build their fiscal capacity to collect enough own source revenues to support their local budgets. All local government laws in Ghana have assigned property taxes to local governments.\u0000\u0000\u0000Design/methodology/approach\u0000The paper uses quantitative econometric techniques with local level panel data from 2010 to 2016 to examine the impact of fragmenting assemblies in Ghana.\u0000\u0000\u0000Findings\u0000The paper finds that fragmenting local governments have an overall negative effect on property taxes in district assemblies in Ghana. However, fragmentation of metropolitan assemblies has an overall positive effect on property taxes, relative to district assemblies. In the case of municipal assemblies, fragmentation has a net positive effect on property taxes but an overall marginally negative effect, relative to district assemblies. Also, the paper finds that grants, capital expenditure and administrative expenditure of local governments do not impact on the collection of property tax revenues in all types of assemblies in Ghana.\u0000\u0000\u0000Originality/value\u0000The paper concludes that relative to metropolitan assemblies, fragmenting districts assemblies is not congruent with government efforts to promote the collection of property taxes in Ghana.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48122926","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":"Does ownership structure and market sentiment affect the performance of IPOs in India in short run? A dynamic panel data analysis","authors":"H. Singla","doi":"10.1108/JFMPC-10-2019-0077","DOIUrl":"https://doi.org/10.1108/JFMPC-10-2019-0077","url":null,"abstract":"\u0000Purpose\u0000This study aims to compare the short-run performance of construction and non-construction initial public offerings (IPOs) that are offered in India during 2006–2015. The study also attempts to investigate the impact of ownership structure (i.e. concentrated ownership in the hand of promoters and institutional ownership) and market sentiment on the performance of construction sector IPOs in short run.\u0000\u0000\u0000Design/methodology/approach\u0000A total of 281 IPOs were listed at National Stock Exchange, India, during the study period, and 44 of those were from construction sector. The short-run performance of these construction and non-construction IPOs was compared using two indicators, i.e. monthly stock return (SR) and excess return over market benchmark (MAR). To examine the effect of concentrated ownership in the hand of promoters, institutional ownership and market sentiment on IPO performance, systematic dynamic panel regression model was developed.\u0000\u0000\u0000Findings\u0000The IPOs of construction firms perform significantly better than the non-construction firms. The performance of construction IPOs is significantly driven by the lag effect. This suggests a significant informational inefficiency, which results in a delayed reaction by investors. The market sentiment has a positive influence on the performance of construction sector IPOs, whereas the institutional holding has a negative influence.\u0000\u0000\u0000Originality/value\u0000To the best of the author’s knowledge, this study is the first attempt to examine the performance of construction sector IPOs in short run. The study uses systematic dynamic panel data regression, which provides better and reliable estimates.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44080902","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":"Impact of social media usage on performance of construction businesses (CBs) in Abuja, Nigeria","authors":"L. Oyewobi, Olufemi Seth Olorunyomi, R. Jimoh, J. Rotimi","doi":"10.1108/JFMPC-05-2020-0042","DOIUrl":"https://doi.org/10.1108/JFMPC-05-2020-0042","url":null,"abstract":"\u0000Purpose\u0000Many construction businesses are currently building and keeping social media pages for their enterprises to be visible to the public to improve their social interaction, promote business interest, build trust and relationships with their targeted audience on social media. The purpose of this study is to examine the impact of social mediausage on performance of construction businesses (CBs) in Abuja, Nigeria.\u0000\u0000\u0000Design/methodology/approach\u0000This study used a quantitative research approach by identifying constructs that reveal three aspects of organisation’s physiognomies that impact the process of espousing, implementing and using technological innovations in conducting businesses. Well-structured questionnaire was used to obtain data from 113 purposively sampled building materials’ merchant operating in Dei-Dei Market, Abuja, Nigeria. This study used partial least squares structural equation modelling technique to establish the relationship among the constructs.\u0000\u0000\u0000Findings\u0000The results of this study indicated that technology has significant relationship with social media adoption, whereas social media adoption has a very strong positive impact on organisation’s performance (P < 0.001) with respect to improved customer relations and services and enhanced information accessibility.\u0000\u0000\u0000Research limitations/implications\u0000This study has implications for CBs that wish to adopt social media to promote their businesses by presenting to them the opportunity to understand the impact of technology, environment and organisational potential in improving business performance. This study is cross-sectional in nature, and this calls for caution in interpreting the results.\u0000\u0000\u0000Originality/value\u0000This paper developed and tested a conceptual framework presented to understand the interrelationships amongst the constructs, which would be of great significance to business owners in developing their social interaction and promote business interest via social media. The outcome of this research is beneficial to researchers to further study how the different social media tools could help in influencing business decisions.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48700877","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":"Mechanisms and challenges in financing renewable energy projects in sub-Saharan Africa: a Ghanaian perspective","authors":"D. Owusu-Manu, L. Mankata, C. Debrah, D. Edwards, Igor Martek","doi":"10.1108/JFMPC-03-2020-0014","DOIUrl":"https://doi.org/10.1108/JFMPC-03-2020-0014","url":null,"abstract":"Purpose Ghana has set an objective of achieving 10% of its energy requirements through renewable sources, by 2020. However, to date, the renewable energy (RE) sector has attracted only marginal investor interest. This paper aims to identify the challenges faced in financing RE in Ghana. Design/methodology/approach A comprehensive review of literature in renewable energy finance was conducted and 12 financing challenges were identified. From this list, a questionnaire was developed asking to rank barriers. This was distributed to experts within financial institutions and 32 were returned. A factor analysis and severity index analysis were performed to identify a ranking of challenges impeding RE project financing in Ghana. Findings The challenges to RE financing fall into the three broad categories, namely, “economic, commercial and regulatory” challenges. Within these broad constraints, “long payback periods,” “limited track record” and “high upfront cost” are the most severe impediments to obtaining financing for RE. Practical implications Identifying the specific conditions that make an investment in RE unattractive, give policymakers set on achieving the 10% RE goal, a way forward in developing a targeted policy that would mitigate identified investor disincentives. Originality/value The broad range of potential barriers to investment are known. However, this study combines a specific governmental ambition – encouraging the financing of RE – with a specific set of identified barriers inhibiting that ambition. In this regard, this study identifies exactly where the government needs to act if it is to facilitate investment in RE, as is required for Ghana to reach its 10% RE target.","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"1 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62099448","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":"Linking supply chain disruptions with organisational performance of construction firms: the moderating role of innovation","authors":"E. Kissi, K. Agyekum, Labaran Musah, D. Owusu-Manu, C. Debrah","doi":"10.1108/jfmpc-11-2019-0084","DOIUrl":"https://doi.org/10.1108/jfmpc-11-2019-0084","url":null,"abstract":"\u0000Purpose\u0000Supply chain (SC) disruption, whether demand sided or supply sided, is conversely perceived to affect organisational performance of construction firms. This paper, therefore, aims to examine the linkage of supply chain disruptions with organisational performance of construction firms through the moderating role of innovation.\u0000\u0000\u0000Design/methodology/approach\u0000Using a quantitative research, approach the views of 84 construction professionals were elicited using a structured questionnaire. Ordinary least squares were utilised to validate the hypotheses set.\u0000\u0000\u0000Findings\u0000The study proved that there is a negative relationship between demand-related disruption and business performance as well as project performance. Also, it was clear from the study that supply-related disruptions had a significant impact on both project performance and business performance. Although SC innovation was seen to impact business performance, it had no relationship with project performance. Generally, innovation was seen to have a moderating effect of demand and supply disruption of project performance, but it played no moderating role in business performance.\u0000\u0000\u0000Practical implications\u0000The findings suggest that business firms must be innovative with the supply chain, as it moderated project success. The supply chain of a construction firm plays a very critical role on projects; hence, this study recommends that a supply chain manager ought to be innovative in their operations due to the moderating role SC innovation has on project performance and largely business performance.\u0000\u0000\u0000Originality/value\u0000Various studies on supply chain has been done on different sectors in the economy; however, little can be said about the construction industry on how supply chain disruptions affects business and project performance and how innovation moderates such effects.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44536128","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":"Exploring collaboration within social housing retrofit practice for an ageing population: a single case study in the West of Scotland","authors":"D. Rodger, Nicola Callaghan, C. Thomson","doi":"10.1108/JFMPC-04-2020-0020","DOIUrl":"https://doi.org/10.1108/JFMPC-04-2020-0020","url":null,"abstract":"\u0000Purpose\u0000Sustainably addressing the social and economic demands from an ageing population is a major global challenge, with significant implications for policy and practice. This is resultant of the increasing demand for housing adaptations to prevent increased pressure upon acute health services. Through the lens of institutional theory, this paper aims to explore the levels of joined-up retrofit practice within a Scottish social housing provider, under a constructivist approach.\u0000\u0000\u0000Design/methodology/approach\u0000An exploratory single case study of a Scottish local authority was undertaken. Within this, nine key stakeholders were interviewed, taking a hierarchical approach, from director to repair and maintenance staff. Results were analysed by using Braun and Clarke’s six stages of thematic analysis.\u0000\u0000\u0000Findings\u0000There is a need for greater levels of integration within retrofit practice to not only improve the health and well-being of the older population but also increase efficiency and economic savings within public services. Currently, there are key issues surrounding silo-based decision-making, poor data infrastructure, power struggles and a dereliction of built environment knowledge and expertise, preventing both internal and external collaboration. However, housing, energy and health have interlinking agendas which are integral to achieving ageing in place. Therefore, there must be system-wide recognition of the potential benefits of improved cross-sector collaboration, preventing unintended consequences whilst providing socioeconomic outcomes.\u0000\u0000\u0000Originality/value\u0000This research provides a new perspective surrounding retrofit practice within the context of an ageing population. It highlights the requirement for improved cross sector collaboration and the social and economic cost of poor quality practice.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"1 1","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42180257","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":"Planning the maintenance of green building materials for sustainable development: a building information modelling approach","authors":"Z. Ismail","doi":"10.1108/jfmpc-07-2020-0047","DOIUrl":"https://doi.org/10.1108/jfmpc-07-2020-0047","url":null,"abstract":"\u0000Purpose\u0000Most green building (GB) materials, which are used widely in the construction sector in Malaysia, perform poorly in terms of energy efficiency and sustainability. Nevertheless, during maintenance planning of these materials, the focus is often directed towards comfort and design instead. However, as GB material construction projects grow in scale and complexity, interconnections between the activities and processes can be noticed during problematic planning performance management to monitor the GB material components for corrective and preventive maintenance actions.\u0000\u0000\u0000Design/methodology/approach\u0000The concept of GB material maintenance planning for sustainable development and the main features of information and communication technology tools and techniques are based on analysis of literature reviews of GB material scenarios.\u0000\u0000\u0000Findings\u0000The results show how decision-making support in maintenance planning can be unsuccessful and how planning decisions can frame the content of an integrated system to analyse information and reduce risks of GB material failure.\u0000\u0000\u0000Originality/value\u0000The paper concludes that implementing a research framework for developing such a system can help improve the sustainable performance of maintenance planning of GB material economic, social and environmental issues.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44652727","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}