Pub Date : 2022-06-07DOI: 10.1108/jfmpc-04-2021-0026
Jose Oliveros-Romero, V. Paton-Cole
Purpose The Government of Sierra Leone has launched a strategic plan 2019–2022 that includes a large focus on new large infrastructure. This plan includes the Lungi Bridge project, a 7-km bridge for connecting the capital city Freetown with the Lungi airport, procured with a public–private partnership (PPP) model. This study aims to reflect on seven issues regarding the plan implementation and the procurement of the Lungi Bridge project. Design/methodology/approach This study uses case study analysis (Sierra Leone’s infrastructure plan), in which existing literature and expertise is applied to discuss/reflect the implications for the future. Findings Among other reflections, this study addresses the benefits and risks of using a PPP option with non-sovereign guarantee, off-balance sheet treatment and a special purpose vehicle for multiple projects; this study also discusses the social risk of misperceiving the bridge as a basic essential transport option (non-voluntary). Practical implications The reflective process can contribute significantly to policymakers in Sierra Leone and its neighbour countries, as it is a contextualised analysis for the country. Originality/value Many studies have addressed existing PPP projects and contexts for low-income countries. However, to best of the author’s knowledge, the analysis of a single government infrastructure plan has not been addressed. Moreover, for the Sierra Leone’s context, this is unique.
{"title":"Infrastructure development: reflections on Sierra Leone infrastructure scheme and the Lungi Bridge project","authors":"Jose Oliveros-Romero, V. Paton-Cole","doi":"10.1108/jfmpc-04-2021-0026","DOIUrl":"https://doi.org/10.1108/jfmpc-04-2021-0026","url":null,"abstract":"\u0000Purpose\u0000The Government of Sierra Leone has launched a strategic plan 2019–2022 that includes a large focus on new large infrastructure. This plan includes the Lungi Bridge project, a 7-km bridge for connecting the capital city Freetown with the Lungi airport, procured with a public–private partnership (PPP) model. This study aims to reflect on seven issues regarding the plan implementation and the procurement of the Lungi Bridge project.\u0000\u0000\u0000Design/methodology/approach\u0000This study uses case study analysis (Sierra Leone’s infrastructure plan), in which existing literature and expertise is applied to discuss/reflect the implications for the future.\u0000\u0000\u0000Findings\u0000Among other reflections, this study addresses the benefits and risks of using a PPP option with non-sovereign guarantee, off-balance sheet treatment and a special purpose vehicle for multiple projects; this study also discusses the social risk of misperceiving the bridge as a basic essential transport option (non-voluntary).\u0000\u0000\u0000Practical implications\u0000The reflective process can contribute significantly to policymakers in Sierra Leone and its neighbour countries, as it is a contextualised analysis for the country.\u0000\u0000\u0000Originality/value\u0000Many studies have addressed existing PPP projects and contexts for low-income countries. However, to best of the author’s knowledge, the analysis of a single government infrastructure plan has not been addressed. Moreover, for the Sierra Leone’s context, this is unique.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45185785","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}
Pub Date : 2022-06-07DOI: 10.1108/jfmpc-07-2021-0049
M. B., Preeti Onkar
Purpose This study aims to understand the domino effect on housing and construction sector along the economic dimensions in light of COVID-19 pandemic. Design/methodology/approach The view point in this paper is written based on the domino effect of various sectors in India. Starting from the macro-economic events through to the micro-economic events, the changes are discussed along the platform of COVID-19. Early literature to support the discussions and a wide range of periodicals to observe the current events are used in arriving at a hypothesis. Findings The impact in any sector does not happen because of a sole event rather it is consequence of changes and trends that took place in multiple sectors. This paper identifies such changes in the sectors of oil industry, cement manufacturing, housing and construction sector during COVID-19. The paper concludes on confirming the hypothesis with two opinions. One by accepting the principle of domino effect that construction domain had various impacts by other sectors at different levels during pandemic. Another on considering the level of impact, the sector has withstood the impacts in various manners and is growing in extensive directions proving the sector to be resilient. Originality/value The paper showcases the impacts of various sectors on construction domain with an insight of most recent trends supported by early literature. The linking of elements is the significance of the paper.
{"title":"The economic domino effect on housing and construction sector – a case of India","authors":"M. B., Preeti Onkar","doi":"10.1108/jfmpc-07-2021-0049","DOIUrl":"https://doi.org/10.1108/jfmpc-07-2021-0049","url":null,"abstract":"\u0000Purpose\u0000This study aims to understand the domino effect on housing and construction sector along the economic dimensions in light of COVID-19 pandemic.\u0000\u0000\u0000Design/methodology/approach\u0000The view point in this paper is written based on the domino effect of various sectors in India. Starting from the macro-economic events through to the micro-economic events, the changes are discussed along the platform of COVID-19. Early literature to support the discussions and a wide range of periodicals to observe the current events are used in arriving at a hypothesis.\u0000\u0000\u0000Findings\u0000The impact in any sector does not happen because of a sole event rather it is consequence of changes and trends that took place in multiple sectors. This paper identifies such changes in the sectors of oil industry, cement manufacturing, housing and construction sector during COVID-19. The paper concludes on confirming the hypothesis with two opinions. One by accepting the principle of domino effect that construction domain had various impacts by other sectors at different levels during pandemic. Another on considering the level of impact, the sector has withstood the impacts in various manners and is growing in extensive directions proving the sector to be resilient.\u0000\u0000\u0000Originality/value\u0000The paper showcases the impacts of various sectors on construction domain with an insight of most recent trends supported by early literature. The linking of elements is the significance of the paper.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44137267","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}
Pub Date : 2022-06-07DOI: 10.1108/jfmpc-03-2021-0019
N. A. Bello, B. C. Abdullahi, M. I. Atilola, E. Thontteh
Purpose This study aims to review the approaches used in the analysis of rental income of residential property in Abuja, Nigeria, to strengthen the existing investment performance approaches initially relied upon by property investors towards having a better and reliable performance evaluation for property investment decision-making. Design/methodology/approach With the adoption of combined methodological approaches, quantitative data on rental history (2006–2016) were collected on the randomly selected residential investment properties (block of flats) available in the portfolio of estate surveying firms in the different locations/sub-markets of the study area. Data collected were analysed with the frequency mean and growth rate. Findings All the methodological approaches adopted for analysis displayed varying performance results. No particular sub-market maintains the same ranking position in any of the approaches. The developmental phases previously used as an indication of yield in the study area do not correspond with the status of rental income of sub-markets. Yield has been observed to be a mere attraction to property investment; it does not translate to income growth. Mean income (though a good indicator of changes in rental income) is not a reliable indicator of growth in income, and growth in the rate of income omitted the changes in rental income during the holding period. Research limitations/implications The study was restricted to historical rental income data on a block of flat-type residential property, and it does not include capital value analysis or inquire into the factors responsible for variation in rental income during the study period. The outcome of this study is only applicable to a block of 4 number three-bedroom flats residential property type. Practical implications Multiple simple methods of analysing rental income performance should be preferred to the single complex method. This will simplify investors’ rental income characteristics of investment towards a better understanding of rental property investment analysis. That rental value appreciates with time does not translate to an increase in the actual rental income of residential investment property. Social implications Through these performance approaches, ranking of the sampled properties in the study area sub-markets will enhance investors’ traditional diversification planning across the study area for an enhanced combination that can achieve latent profitability. The attention of investors is hereby called to these multiple approaches to enable them to merge their investment objectives with any or a combination of these approaches towards making rational investment decisions. Originality/value This seems to be the first advocacy for methodological paradigm shift applicable to direct residential property investment performance in Nigeria, using transaction rather than appraisal data.
{"title":"Review of the methodological approach of analysing rental income of residential property in Abuja, Nigeria","authors":"N. A. Bello, B. C. Abdullahi, M. I. Atilola, E. Thontteh","doi":"10.1108/jfmpc-03-2021-0019","DOIUrl":"https://doi.org/10.1108/jfmpc-03-2021-0019","url":null,"abstract":"\u0000Purpose\u0000This study aims to review the approaches used in the analysis of rental income of residential property in Abuja, Nigeria, to strengthen the existing investment performance approaches initially relied upon by property investors towards having a better and reliable performance evaluation for property investment decision-making.\u0000\u0000\u0000Design/methodology/approach\u0000With the adoption of combined methodological approaches, quantitative data on rental history (2006–2016) were collected on the randomly selected residential investment properties (block of flats) available in the portfolio of estate surveying firms in the different locations/sub-markets of the study area. Data collected were analysed with the frequency mean and growth rate.\u0000\u0000\u0000Findings\u0000All the methodological approaches adopted for analysis displayed varying performance results. No particular sub-market maintains the same ranking position in any of the approaches. The developmental phases previously used as an indication of yield in the study area do not correspond with the status of rental income of sub-markets. Yield has been observed to be a mere attraction to property investment; it does not translate to income growth. Mean income (though a good indicator of changes in rental income) is not a reliable indicator of growth in income, and growth in the rate of income omitted the changes in rental income during the holding period.\u0000\u0000\u0000Research limitations/implications\u0000The study was restricted to historical rental income data on a block of flat-type residential property, and it does not include capital value analysis or inquire into the factors responsible for variation in rental income during the study period. The outcome of this study is only applicable to a block of 4 number three-bedroom flats residential property type.\u0000\u0000\u0000Practical implications\u0000Multiple simple methods of analysing rental income performance should be preferred to the single complex method. This will simplify investors’ rental income characteristics of investment towards a better understanding of rental property investment analysis. That rental value appreciates with time does not translate to an increase in the actual rental income of residential investment property.\u0000\u0000\u0000Social implications\u0000Through these performance approaches, ranking of the sampled properties in the study area sub-markets will enhance investors’ traditional diversification planning across the study area for an enhanced combination that can achieve latent profitability. The attention of investors is hereby called to these multiple approaches to enable them to merge their investment objectives with any or a combination of these approaches towards making rational investment decisions.\u0000\u0000\u0000Originality/value\u0000This seems to be the first advocacy for methodological paradigm shift applicable to direct residential property investment performance in Nigeria, using transaction rather than appraisal data.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47624453","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}
Pub Date : 2022-06-01Epub Date: 2022-04-14DOI: 10.1016/j.jbc.2022.101940
Bradley M Readnour, Yetunde A Ayinuola, Brady T Russo, Zhong Liang, Shaun W Lee, Victoria A Ploplis, Vincent A Fischetti, Francis J Castellino
Trafficking of M-protein (Mprt) from the cytosol of Group A Streptococcus pyogenes (GAS) occurs via Sec translocase membrane channels that associate with Sortase A (SrtA), an enzyme that catalyzes cleavage of Mprt at the proximal C-terminal [-LPST355∗GEAA-] motif and subsequent transpeptidation of the Mprt-containing product to the cell wall (CW). These steps facilitate stable exposure of the N-terminus of Mprt to the extracellular milieu where it interacts with ligands. Previously, we found that inactivation of SrtA in GAS cells eliminated Mprt CW transpeptidation but effected little reduction in its cell surface exposure, indicating that the C-terminus of Mprt retained in the cytoplasmic membrane (CM) extends its N-terminus to the cell surface. Herein, we assessed the effects of mutating the Thr355 residue in the WT SrtA consensus sequence (LPST355∗GEAA-) in a specific Mprt, PAM. In vitro, we found that synthetic peptides with mutations (LPSX355GEAA) in the SrtA cleavage site displayed slower cleavage activities with rSrtA than the WT peptide. Aromatic residues at X had the lowest activities. Nonetheless, PAM/[Y355G] still transpeptidated the CW in vivo. However, when using isolated CMs from srtA-inactivated GAS cells, rapid cleavage of PAM/[LPSY355GEAA] occurred at E357∗ but transpeptidation did not take place. These results show that another CM-resident enzyme nonproductively cleaved PAM/[LPSYGE357∗AA]. However, SrtA associated with the translocon channel in vivo cleaved and transpeptidated PAM/[LPSX355∗GEAA] variants. These CM features allow diverse cleavage site variants to covalently attach to the CW despite the presence of other potent nonproductive CM proteases.
A 组化脓性链球菌(GAS)的 M 蛋白(Mprt)通过 Sec 易位酶膜通道与 Sortase A(SrtA)结合,Sortase A 是一种催化 Mprt 在近端 C 端 [-LPST355∗GEAA-] 矩阵处裂解并随后将含 Mprt 的产物转肽至细胞壁(CW)的酶。这些步骤有助于 Mprt 的 N 端稳定地暴露在细胞外环境中,与配体相互作用。此前,我们发现 GAS 细胞中的 SrtA 失活消除了 Mprt 的 CW 转肽作用,但几乎没有减少其在细胞表面的暴露,这表明保留在细胞质膜(CM)中的 Mprt 的 C 端将其 N 端延伸到了细胞表面。在此,我们评估了突变 WT SrtA 共识序列(LPST355∗GEAA-)中 Thr355 残基对特定 Mprt PAM 的影响。在体外,我们发现在 SrtA 裂解位点发生突变(LPSX355GEAA)的合成肽在 rSrtA 中的裂解活性比 WT 肽慢。位于 X 的芳香残基的活性最低。尽管如此,PAM/[Y355G] 仍能在体内转肽 CW。然而,当使用从 srtA 失活的 GAS 细胞中分离出的 CM 时,PAM/[LPSY355GEAA] 在 E357∗ 处发生快速裂解,但没有发生转肽作用。这些结果表明,另一种驻留在 CM 的酶非生产性地裂解了 PAM/[LPSYGE357∗AA]。然而,体内与转座子通道相关的 SrtA 可裂解和转肽 PAM/[LPSX355∗GEAA]变体。尽管存在其他强效的非生产性 CM 蛋白酶,但这些 CM 特征允许不同的裂解位点变体共价连接到 CW 上。
{"title":"Evolution of Streptococcus pyogenes has maximized the efficiency of the Sortase A cleavage motif for cell wall transpeptidation.","authors":"Bradley M Readnour, Yetunde A Ayinuola, Brady T Russo, Zhong Liang, Shaun W Lee, Victoria A Ploplis, Vincent A Fischetti, Francis J Castellino","doi":"10.1016/j.jbc.2022.101940","DOIUrl":"10.1016/j.jbc.2022.101940","url":null,"abstract":"<p><p>Trafficking of M-protein (Mprt) from the cytosol of Group A Streptococcus pyogenes (GAS) occurs via Sec translocase membrane channels that associate with Sortase A (SrtA), an enzyme that catalyzes cleavage of Mprt at the proximal C-terminal [-LPST<sup>355∗</sup>GEAA-] motif and subsequent transpeptidation of the Mprt-containing product to the cell wall (CW). These steps facilitate stable exposure of the N-terminus of Mprt to the extracellular milieu where it interacts with ligands. Previously, we found that inactivation of SrtA in GAS cells eliminated Mprt CW transpeptidation but effected little reduction in its cell surface exposure, indicating that the C-terminus of Mprt retained in the cytoplasmic membrane (CM) extends its N-terminus to the cell surface. Herein, we assessed the effects of mutating the Thr<sup>355</sup> residue in the WT SrtA consensus sequence (LPST<sup>355∗</sup>GEAA-) in a specific Mprt, PAM. In vitro, we found that synthetic peptides with mutations (LPSX<sup>355</sup>GEAA) in the SrtA cleavage site displayed slower cleavage activities with rSrtA than the WT peptide. Aromatic residues at X had the lowest activities. Nonetheless, PAM/[Y<sup>355</sup>G] still transpeptidated the CW in vivo. However, when using isolated CMs from srtA-inactivated GAS cells, rapid cleavage of PAM/[LPSY<sup>355</sup>GEAA] occurred at E<sup>357∗</sup> but transpeptidation did not take place. These results show that another CM-resident enzyme nonproductively cleaved PAM/[LPSYGE<sup>357∗</sup>AA]. However, SrtA associated with the translocon channel in vivo cleaved and transpeptidated PAM/[LPSX<sup>355</sup><sup>∗</sup>GEAA] variants. These CM features allow diverse cleavage site variants to covalently attach to the CW despite the presence of other potent nonproductive CM proteases.</p>","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":"19 1","pages":"101940"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9123276/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84135540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-04-14DOI: 10.1108/jfmpc-12-2021-0073
N. Wanigarathna, Keith A. Jones, Federica Pascale, M. Morga, A. Meslem
Purpose Recent earthquake-induced liquefaction events and associated losses have increased researchers’ interest into liquefaction risk reduction interventions. To the best of the authors’ knowledge, there was no scholarly literature related to an economic appraisal of these risk reduction interventions. The purpose of this paper is to investigate the issues in applying cost–benefit analysis (CBA) principles to the evaluation of technical mitigations to reduce earthquake-induced liquefaction risk. Design/methodology/approach CBA has been substantially used for risk mitigation option appraisal for a number of hazard threats. Previous literature in the form of systematic reviews, individual research and case studies, together with liquefaction risk and loss modelling literature, was used to develop a theoretical model of CBA for earthquake-induced liquefaction mitigation interventions. The model was tested using a scenario in a two-day workshop. Findings Because liquefaction risk reduction techniques are relatively new, there is limited damage modelling and cost data available for use within CBAs. As such end users need to make significant assumptions when linking the results of technical investigations of damage to built-asset performance and probabilistic loss modelling resulting in many potential interventions being not cost-effective for low-impact disasters. This study questions whether a probabilistic approach should really be applied to localised rapid onset events like liquefaction, arguing that a deterministic approach for localised knowledge and context would be a better base for the cost-effectiveness mitigation interventions. Originality/value This paper makes an original contribution to literature through a critical review of CBA approaches applied to disaster mitigation interventions. Further, this paper identifies challenges and limitations of applying probabilistic based CBA models to localised rapid onset disaster events where human losses are minimal and historic data is sparse; challenging researchers to develop new deterministic based approaches that use localised knowledge and context to evaluate the cost-effectiveness of mitigation interventions.
{"title":"Cost–benefit analysis to appraise technical mitigation options for earthquake-induced liquefaction disaster events","authors":"N. Wanigarathna, Keith A. Jones, Federica Pascale, M. Morga, A. Meslem","doi":"10.1108/jfmpc-12-2021-0073","DOIUrl":"https://doi.org/10.1108/jfmpc-12-2021-0073","url":null,"abstract":"\u0000Purpose\u0000Recent earthquake-induced liquefaction events and associated losses have increased researchers’ interest into liquefaction risk reduction interventions. To the best of the authors’ knowledge, there was no scholarly literature related to an economic appraisal of these risk reduction interventions. The purpose of this paper is to investigate the issues in applying cost–benefit analysis (CBA) principles to the evaluation of technical mitigations to reduce earthquake-induced liquefaction risk.\u0000\u0000\u0000Design/methodology/approach\u0000CBA has been substantially used for risk mitigation option appraisal for a number of hazard threats. Previous literature in the form of systematic reviews, individual research and case studies, together with liquefaction risk and loss modelling literature, was used to develop a theoretical model of CBA for earthquake-induced liquefaction mitigation interventions. The model was tested using a scenario in a two-day workshop.\u0000\u0000\u0000Findings\u0000Because liquefaction risk reduction techniques are relatively new, there is limited damage modelling and cost data available for use within CBAs. As such end users need to make significant assumptions when linking the results of technical investigations of damage to built-asset performance and probabilistic loss modelling resulting in many potential interventions being not cost-effective for low-impact disasters. This study questions whether a probabilistic approach should really be applied to localised rapid onset events like liquefaction, arguing that a deterministic approach for localised knowledge and context would be a better base for the cost-effectiveness mitigation interventions.\u0000\u0000\u0000Originality/value\u0000This paper makes an original contribution to literature through a critical review of CBA approaches applied to disaster mitigation interventions. Further, this paper identifies challenges and limitations of applying probabilistic based CBA models to localised rapid onset disaster events where human losses are minimal and historic data is sparse; challenging researchers to develop new deterministic based approaches that use localised knowledge and context to evaluate the cost-effectiveness of mitigation interventions.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49232410","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}
Pub Date : 2022-03-28DOI: 10.1108/jfmpc-07-2021-0050
Imanda Luzari Indomo, A. Lubis
Purpose The issue of capital structure among property developers in Indonesia becomes interesting as the government speeds up housing development. Examining which theory prevails (trade-off versus pecking order) can be done by looking at several determinants of capital structure. This study aims to argue that examining determinants of capital structure in this context should also incorporate business cycles, as the activities of property developers are cyclical. Design/methodology/approach Using a total of 183 observations of listed property developers from 2010 to 2019, this study uses the ordinary least squares regression technique. The focus is on determinants of capital structure, which are profitability, tangibility, firm size, ownership and potential growth. The observations are divided into different business cycles (expansion, peak, trough and decline) based on economic growth rates. Findings The results show that the natures of relationships between capital structure (leverage) and its determinants are different during distinct business cycles. For example, profitability has a significant and positive effect on leverage during peak, but the signs are negative during trough and decline. Trade-off theory provides a better explanation of property developers’ capital structure behaviour during peak while pecking order theory is more relevant during trough. It is more difficult to conclude which of these theories is superior in expansion and sideways. Originality/value There have been limited studies that focus on corporate finance issues of property developers in Indonesia, and no particular attention has been given to the role of business cycles.
{"title":"Capital structure behaviour among Indonesian property developers during different business cycles","authors":"Imanda Luzari Indomo, A. Lubis","doi":"10.1108/jfmpc-07-2021-0050","DOIUrl":"https://doi.org/10.1108/jfmpc-07-2021-0050","url":null,"abstract":"\u0000Purpose\u0000The issue of capital structure among property developers in Indonesia becomes interesting as the government speeds up housing development. Examining which theory prevails (trade-off versus pecking order) can be done by looking at several determinants of capital structure. This study aims to argue that examining determinants of capital structure in this context should also incorporate business cycles, as the activities of property developers are cyclical.\u0000\u0000\u0000Design/methodology/approach\u0000Using a total of 183 observations of listed property developers from 2010 to 2019, this study uses the ordinary least squares regression technique. The focus is on determinants of capital structure, which are profitability, tangibility, firm size, ownership and potential growth. The observations are divided into different business cycles (expansion, peak, trough and decline) based on economic growth rates.\u0000\u0000\u0000Findings\u0000The results show that the natures of relationships between capital structure (leverage) and its determinants are different during distinct business cycles. For example, profitability has a significant and positive effect on leverage during peak, but the signs are negative during trough and decline. Trade-off theory provides a better explanation of property developers’ capital structure behaviour during peak while pecking order theory is more relevant during trough. It is more difficult to conclude which of these theories is superior in expansion and sideways.\u0000\u0000\u0000Originality/value\u0000There have been limited studies that focus on corporate finance issues of property developers in Indonesia, and no particular attention has been given to the role of business cycles.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43355888","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}
Pub Date : 2022-03-11DOI: 10.1108/jfmpc-02-2021-0016
R. Atkinson, M. Tennakoon, G. Wedawatta
Purpose The lack of collaborative working within the UK construction industry is a long-standing issue that has often been highlighted. As a result, the construction industry in the UK is encouraged to use novel procurement methods to create a collaborative working environment. This study aims to explore the collaborative features of the three new models of construction procurement introduced by the UK Government Construction Strategy in 2012. Design/methodology/approach Existing research/literature was reviewed to establish the key collaborative features of the new procurement models, and a questionnaire survey was adopted to obtain views of industry practitioners. A Relative Importance Index was used to analyse the collected data. Findings The sample of construction practitioners surveyed largely agrees with the effectiveness of collaborative features integrated within the models, with the benefits offered by early contractor involvement being seen as the most effective feature allowing collaboration. Contractual incentives, improved communication procedures and constant reflection and feedback can be used as effective strategies to enable greater collaboration in projects that use these new procurement models. Research limitations/implications Findings reported in the paper could help achieve greater collaboration in construction projects executed using the new models of construction procurement. Originality/value This study sheds light on the scepticism and/or conviction of industry practitioners regarding the collaborative benefits offered by the new procurement models, which have not yet been subjected to significant academic scrutiny.
{"title":"Use of new models of construction procurement to enhance collaboration in construction projects: the UK construction industry perspective","authors":"R. Atkinson, M. Tennakoon, G. Wedawatta","doi":"10.1108/jfmpc-02-2021-0016","DOIUrl":"https://doi.org/10.1108/jfmpc-02-2021-0016","url":null,"abstract":"\u0000Purpose\u0000The lack of collaborative working within the UK construction industry is a long-standing issue that has often been highlighted. As a result, the construction industry in the UK is encouraged to use novel procurement methods to create a collaborative working environment. This study aims to explore the collaborative features of the three new models of construction procurement introduced by the UK Government Construction Strategy in 2012.\u0000\u0000\u0000Design/methodology/approach\u0000Existing research/literature was reviewed to establish the key collaborative features of the new procurement models, and a questionnaire survey was adopted to obtain views of industry practitioners. A Relative Importance Index was used to analyse the collected data.\u0000\u0000\u0000Findings\u0000The sample of construction practitioners surveyed largely agrees with the effectiveness of collaborative features integrated within the models, with the benefits offered by early contractor involvement being seen as the most effective feature allowing collaboration. Contractual incentives, improved communication procedures and constant reflection and feedback can be used as effective strategies to enable greater collaboration in projects that use these new procurement models.\u0000\u0000\u0000Research limitations/implications\u0000Findings reported in the paper could help achieve greater collaboration in construction projects executed using the new models of construction procurement.\u0000\u0000\u0000Originality/value\u0000This study sheds light on the scepticism and/or conviction of industry practitioners regarding the collaborative benefits offered by the new procurement models, which have not yet been subjected to significant academic scrutiny.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45094228","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}
Pub Date : 2022-03-11DOI: 10.1108/jfmpc-07-2021-0048
T. Omotayo, Oskar Danvers-Watson, A. Oyegoke
Purpose Construction project delivery is hinged on the performance of the contractor and subcontractors. In many private construction projects in the UK, there are trust issues between the subcontractor and contractor, especially when there are no collateral warranties to protect the rights of the subcontractors. The purpose of this study is to investigate and identify the causations of distrust between subcontractors and contractors and proffered panaceas. Design/methodology/approach Qualitative open-ended questions were used. Twenty respondents, mainly supervisors, tradesmen, subcontractors and main contractors in the UK, were interviewed. The thematic analysis approach was used to identify the dominant themes. Findings The interview findings were presented descriptively, and the frequency approach identified more occurring themes from the interviewees’ responses. The six themes contributing to distrust between subcontractor and contractor are financial pressures, partnering approach, payment and trust, nature of trust, internal influence and unfair payment. Practical implications The findings of this study revealed that many subcontractors have limited knowledge of the clauses in contracts they are entering into. Thus, in addition to obtaining collateral warranties, subcontractors must carefully understand their contractual obligations and payment arrangements before agreeing to be part of a construction project. Originality/value Although this study aimed to shed light on the distrust between subcontractors and contractors in private UK construction projects, improvements in contract administration, subcontractors continued professional development and improved valuation processes can reduce distrust between subcontractors and contractors.
{"title":"Subcontractor trust issues on payment and valuation practices in UK private projects","authors":"T. Omotayo, Oskar Danvers-Watson, A. Oyegoke","doi":"10.1108/jfmpc-07-2021-0048","DOIUrl":"https://doi.org/10.1108/jfmpc-07-2021-0048","url":null,"abstract":"\u0000Purpose\u0000Construction project delivery is hinged on the performance of the contractor and subcontractors. In many private construction projects in the UK, there are trust issues between the subcontractor and contractor, especially when there are no collateral warranties to protect the rights of the subcontractors. The purpose of this study is to investigate and identify the causations of distrust between subcontractors and contractors and proffered panaceas.\u0000\u0000\u0000Design/methodology/approach\u0000Qualitative open-ended questions were used. Twenty respondents, mainly supervisors, tradesmen, subcontractors and main contractors in the UK, were interviewed. The thematic analysis approach was used to identify the dominant themes.\u0000\u0000\u0000Findings\u0000The interview findings were presented descriptively, and the frequency approach identified more occurring themes from the interviewees’ responses. The six themes contributing to distrust between subcontractor and contractor are financial pressures, partnering approach, payment and trust, nature of trust, internal influence and unfair payment.\u0000\u0000\u0000Practical implications\u0000The findings of this study revealed that many subcontractors have limited knowledge of the clauses in contracts they are entering into. Thus, in addition to obtaining collateral warranties, subcontractors must carefully understand their contractual obligations and payment arrangements before agreeing to be part of a construction project.\u0000\u0000\u0000Originality/value\u0000Although this study aimed to shed light on the distrust between subcontractors and contractors in private UK construction projects, improvements in contract administration, subcontractors continued professional development and improved valuation processes can reduce distrust between subcontractors and contractors.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48760490","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}
Pub Date : 2022-03-08DOI: 10.1108/jfmpc-07-2021-0043
N. Yuliastuti, Ega Varian Okta, V. G. Haryanti, Farhan Afif
Purpose Tanjung Mas, an urban village located in the northern part of Semarang city, has been facing a major impact of coastal inundation occurring along North Java Coastline. This by-product of global climate change is also affecting a 37-hectares slum, one of the largest slums in Semarang city. As the coastal flood tends to escalate every year, the affected areas must have a coping ability to reduce its impact, while also having adequate resources to recover. Considering Tanjung Mas’ dense demographic condition and its function as the city’s seaport, social vulnerability and capability play a significant role in mitigating and recovering flood impacts, in supplement to local government’s effort of strengthening the Northern Java Seawall. Therefore, this study aims to scored and correlated Tanjung Mas’ social vulnerability index (SoVI) and community capability index to assess how well its population can recover from the tidal flood in the future. Design/methodology/approach This study used the SoVI framework analysis to synthesize relevant social vulnerability indicators and community capability indicators in Tanjung Mas. The two sets of indicators were correlated with Pearson R-squared correlation method to seek a possible non-causal relation. Bivariate indices mapping method exhibit the SoVI and community capability index spatially to show every area’s vulnerability and capability level. Findings The vulnerability and capability level in Tanjung Mas vary within its smaller area, as six combinations of social vulnerability and community capability level were found. The worst combination was found on areas closer to the coastline, with high social vulnerability and low community capability level. These areas need to be strengthened in both its capability and coping ability toward coastal flood to realize a resilient community. Originality/value This study will be useful for local governments as a supplement to the strategic spatial plan, predominantly in prioritizing vulnerable area treatment prior to the completion of Northern Java Seawall in 2025. This study provides information and a simplified quantitative scoring result of vulnerability and capability level in slum area that has been customized according to Indonesia’s demographic characteristic. These results and framework might be relevant to SoVI and capability scoring in developing countries.
Purpose Tanjung Mas是一个位于三宝垄市北部的城市村庄,一直面临着北爪哇海岸线沿海洪水的严重影响。全球气候变化的副产品也影响到三宝垄市最大的贫民窟之一、占地37公顷的贫民窟。由于沿海洪水每年都有升级的趋势,受影响地区必须有应对能力来减少其影响,同时也有足够的资源来恢复。考虑到丹绒马人口稠密的状况及其作为城市海港的功能,社会脆弱性和能力在减轻和恢复洪水影响方面发挥着重要作用,这是对地方政府加强北爪哇海堤努力的补充。因此,本研究旨在对丹绒社的社会脆弱性指数(SoVI)和社区能力指数进行评分和关联,以评估其人口在未来从潮汐洪水中恢复的情况。设计/方法/方法本研究使用SoVI框架分析综合了丹绒马斯的相关社会脆弱性指标和社区能力指标。两组指标采用皮尔逊R平方相关法进行相关,以寻求可能的非因果关系。双变量指数映射方法在空间上展示了SoVI和社区能力指数,以显示每个地区的脆弱性和能力水平。发现丹绒马斯的脆弱性和能力水平在其较小的地区内各不相同,因为发现了社会脆弱性和社区能力水平的六种组合。最糟糕的组合出现在靠近海岸线的地区,社会脆弱性高,社区能力水平低。这些地区需要加强应对沿海洪水的能力和应对能力,以实现一个有韧性的社区。原创性/价值这项研究将对地方政府有用,作为战略空间计划的补充,主要是在2025年北爪哇海堤完工前优先考虑脆弱地区的治疗。本研究提供了贫民窟地区脆弱性和能力水平的信息和简化的定量评分结果,该结果是根据印度尼西亚的人口特征定制的。这些结果和框架可能与发展中国家的SoVI和能力评分有关。
{"title":"Dimension of community capability and its effect on the social vulnerability at Semarang coastal area","authors":"N. Yuliastuti, Ega Varian Okta, V. G. Haryanti, Farhan Afif","doi":"10.1108/jfmpc-07-2021-0043","DOIUrl":"https://doi.org/10.1108/jfmpc-07-2021-0043","url":null,"abstract":"\u0000Purpose\u0000Tanjung Mas, an urban village located in the northern part of Semarang city, has been facing a major impact of coastal inundation occurring along North Java Coastline. This by-product of global climate change is also affecting a 37-hectares slum, one of the largest slums in Semarang city. As the coastal flood tends to escalate every year, the affected areas must have a coping ability to reduce its impact, while also having adequate resources to recover. Considering Tanjung Mas’ dense demographic condition and its function as the city’s seaport, social vulnerability and capability play a significant role in mitigating and recovering flood impacts, in supplement to local government’s effort of strengthening the Northern Java Seawall. Therefore, this study aims to scored and correlated Tanjung Mas’ social vulnerability index (SoVI) and community capability index to assess how well its population can recover from the tidal flood in the future.\u0000\u0000\u0000Design/methodology/approach\u0000This study used the SoVI framework analysis to synthesize relevant social vulnerability indicators and community capability indicators in Tanjung Mas. The two sets of indicators were correlated with Pearson R-squared correlation method to seek a possible non-causal relation. Bivariate indices mapping method exhibit the SoVI and community capability index spatially to show every area’s vulnerability and capability level.\u0000\u0000\u0000Findings\u0000The vulnerability and capability level in Tanjung Mas vary within its smaller area, as six combinations of social vulnerability and community capability level were found. The worst combination was found on areas closer to the coastline, with high social vulnerability and low community capability level. These areas need to be strengthened in both its capability and coping ability toward coastal flood to realize a resilient community.\u0000\u0000\u0000Originality/value\u0000This study will be useful for local governments as a supplement to the strategic spatial plan, predominantly in prioritizing vulnerable area treatment prior to the completion of Northern Java Seawall in 2025. This study provides information and a simplified quantitative scoring result of vulnerability and capability level in slum area that has been customized according to Indonesia’s demographic characteristic. These results and framework might be relevant to SoVI and capability scoring in developing countries.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43858758","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}
Pub Date : 2022-03-04DOI: 10.1108/jfmpc-12-2021-0069
Miyami Dasandara, B. Ingirige, U. Kulatunga, T. Fernando
Purpose Climate change mitigation and adaptation play an important role in overcoming the climate change challenges facing Sri Lanka today. Many initiatives have been undertaken to implement different policies and plans in this regard, which require considerable mobilisation of national and international financing. In acquiring climate finance, many barriers can be identified. This paper aims to investigate such barriers to climate financing in Sri Lanka and proposes strategies to address them. Design/methodology/approach The qualitative research approach was undertaken in this study by conducting ten semi-structured interviews with experts who are involved in climate change policy implementation activities in Sri Lanka. The collected data were analysed using the content analysis method via Nvivo software. Findings The empirical findings unveil six key barriers and the corresponding root causes to climate financing in Sri Lanka. Inadequate domestic funding for climate actions was captured as the dominant barrier in this direction. This study also revealed that barriers and their root causes are interconnected, leading to many financial limitations in implementing climate actions. The importance of playing a leading role by the government and enabling an integrated approach between the private and public sector organisations were identified as key strategies to combat climate finance barriers. Originality/value Despite there being studies focusing on climate change and related policies, limited research has been carried out with regard to climate financing. Within this context, this study makes an original contribution in the area of climate financing with particular reference to a developing country like Sri Lanka. Further, the identification of barriers to climate financing, their root causes and strategies to address them also provides an original contribution to theory and practice.
{"title":"Climate financing barriers and strategies: the case of Sri Lanka","authors":"Miyami Dasandara, B. Ingirige, U. Kulatunga, T. Fernando","doi":"10.1108/jfmpc-12-2021-0069","DOIUrl":"https://doi.org/10.1108/jfmpc-12-2021-0069","url":null,"abstract":"\u0000Purpose\u0000Climate change mitigation and adaptation play an important role in overcoming the climate change challenges facing Sri Lanka today. Many initiatives have been undertaken to implement different policies and plans in this regard, which require considerable mobilisation of national and international financing. In acquiring climate finance, many barriers can be identified. This paper aims to investigate such barriers to climate financing in Sri Lanka and proposes strategies to address them.\u0000\u0000\u0000Design/methodology/approach\u0000The qualitative research approach was undertaken in this study by conducting ten semi-structured interviews with experts who are involved in climate change policy implementation activities in Sri Lanka. The collected data were analysed using the content analysis method via Nvivo software.\u0000\u0000\u0000Findings\u0000The empirical findings unveil six key barriers and the corresponding root causes to climate financing in Sri Lanka. Inadequate domestic funding for climate actions was captured as the dominant barrier in this direction. This study also revealed that barriers and their root causes are interconnected, leading to many financial limitations in implementing climate actions. The importance of playing a leading role by the government and enabling an integrated approach between the private and public sector organisations were identified as key strategies to combat climate finance barriers.\u0000\u0000\u0000Originality/value\u0000Despite there being studies focusing on climate change and related policies, limited research has been carried out with regard to climate financing. Within this context, this study makes an original contribution in the area of climate financing with particular reference to a developing country like Sri Lanka. Further, the identification of barriers to climate financing, their root causes and strategies to address them also provides an original contribution to theory and practice.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2022-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45911108","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}