Pub Date : 2021-04-02DOI: 10.1108/JFMPC-07-2020-0046
Abdullah Abdullah, Adel Alshibani
Purpose This paper aims to develop a framework for the selection of private partners in the housing industry of Saudi Arabia under the scheme of the partnership between the public and private sectors. Design/methodology/approach By investigating criteria from a comprehensive literature review and experts input through surveys, developing further surveys incorporating decision-making methods: analytic hierarchy process (AHP) and multi-attribute utility theory (MAUT) to construct a framework for selection based on weightages and utilities. Findings The results identified criteria categorized under four categories: financial (C1), technical (C2), managerial (C3) and safety/environment (C4) and their sub-criteria. The study found that the main criteria were relatively close to each other in importance based on the subjective input of the experts with the technical and safety/environment criteria tying equally with 27% followed by the managerial with 24% and trailed by the financial with 22%. Research limitations/implications The study and surveys were conducted for the Saudi market and the experts were within the country. Originality/value The study contributes to the Saudi housing initiative which is a part of the 2030 Vision and provides insight to international investors who would be willing to invest in the Saudi market; and to the literature as there is a notable lack of study on public-private partnership in housing in Saudi Arabia.
{"title":"Multi-criteria decision-making framework for selecting sustainable private partners for housing projects","authors":"Abdullah Abdullah, Adel Alshibani","doi":"10.1108/JFMPC-07-2020-0046","DOIUrl":"https://doi.org/10.1108/JFMPC-07-2020-0046","url":null,"abstract":"\u0000Purpose\u0000This paper aims to develop a framework for the selection of private partners in the housing industry of Saudi Arabia under the scheme of the partnership between the public and private sectors.\u0000\u0000\u0000Design/methodology/approach\u0000By investigating criteria from a comprehensive literature review and experts input through surveys, developing further surveys incorporating decision-making methods: analytic hierarchy process (AHP) and multi-attribute utility theory (MAUT) to construct a framework for selection based on weightages and utilities.\u0000\u0000\u0000Findings\u0000The results identified criteria categorized under four categories: financial (C1), technical (C2), managerial (C3) and safety/environment (C4) and their sub-criteria. The study found that the main criteria were relatively close to each other in importance based on the subjective input of the experts with the technical and safety/environment criteria tying equally with 27% followed by the managerial with 24% and trailed by the financial with 22%.\u0000\u0000\u0000Research limitations/implications\u0000The study and surveys were conducted for the Saudi market and the experts were within the country.\u0000\u0000\u0000Originality/value\u0000The study contributes to the Saudi housing initiative which is a part of the 2030 Vision and provides insight to international investors who would be willing to invest in the Saudi market; and to the literature as there is a notable lack of study on public-private partnership in housing in Saudi Arabia.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43885192","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 : 2021-04-02DOI: 10.1108/JFMPC-11-2019-0085
John Killingsworth, M. Mehany, Jeff Kim
Purpose The apparent lag between macro-economic behavior and financial implications in the construction industry is yet to be examined. The purpose of this paper is to understand the nature of the lag and the relationship between economic changes from year-to-year and the impact on the financial status of construction companies. Design/methodology/approach Correlation was made between US economic growth and construction industry financial indicators over a 28-year period. Cumulative per cent growth in US GDP was considered an independent variable, while nine financial ratios were calculated and considered dependent variables in this study. Findings The results of this study found that correlation improved when considering lag of two, three or sometimes four years after the economic event. Some financial ratios proved more sensitive than others, supporting the hypothesis of this study. Research limitations/implications The practical application of this study for construction companies is to understand how the construction industry lag impacts financial behavior. It therefore informs managerial decisions related to solvency, liquidity, equity structure and managerial practices; all of which are measured by financial ratios. Practical implications This study was intended to advance the research in this area and also to serve to strengthen industry members in their financial management of construction companies. Economic dynamics have long-lasting implications, which can be addressed through an increased focus on managing financial health. Originality/value Though the lag is intuitively known and has been studied from market perspectives, there is a lack of empirical study evaluating the impact of lag on financial key performance indicators.
{"title":"Using accounting ratios to measure construction industry lag","authors":"John Killingsworth, M. Mehany, Jeff Kim","doi":"10.1108/JFMPC-11-2019-0085","DOIUrl":"https://doi.org/10.1108/JFMPC-11-2019-0085","url":null,"abstract":"\u0000Purpose\u0000The apparent lag between macro-economic behavior and financial implications in the construction industry is yet to be examined. The purpose of this paper is to understand the nature of the lag and the relationship between economic changes from year-to-year and the impact on the financial status of construction companies.\u0000\u0000\u0000Design/methodology/approach\u0000Correlation was made between US economic growth and construction industry financial indicators over a 28-year period. Cumulative per cent growth in US GDP was considered an independent variable, while nine financial ratios were calculated and considered dependent variables in this study.\u0000\u0000\u0000Findings\u0000The results of this study found that correlation improved when considering lag of two, three or sometimes four years after the economic event. Some financial ratios proved more sensitive than others, supporting the hypothesis of this study.\u0000\u0000\u0000Research limitations/implications\u0000The practical application of this study for construction companies is to understand how the construction industry lag impacts financial behavior. It therefore informs managerial decisions related to solvency, liquidity, equity structure and managerial practices; all of which are measured by financial ratios.\u0000\u0000\u0000Practical implications\u0000This study was intended to advance the research in this area and also to serve to strengthen industry members in their financial management of construction companies. Economic dynamics have long-lasting implications, which can be addressed through an increased focus on managing financial health.\u0000\u0000\u0000Originality/value\u0000Though the lag is intuitively known and has been studied from market perspectives, there is a lack of empirical study evaluating the impact of lag on financial key performance indicators.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42452029","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 : 2021-02-22DOI: 10.1108/JFMPC-08-2020-0057
B. Ginigaddara, S. Perera, Yingbin Feng, P. Rahnamayiezekavat
Purpose This paper aims to evaluate the existing and emerging Offsite Construction (OSC) skills. Construction industry is inherently labour oriented, fashioning poor labour productivity, low sustainability, slow and costly processes. These shortcomings promote OSC alongside driving forces such as industrialisation, automation and digitalisation. However, the traditional construction skills are not on par with the complexity, where robots, co-bots and digital-driven automated systems create the need for novel OSC skills. Design/methodology/approach Data collection is executed through a Roundtable activity hosting Construction Management academics form Australian universities specialising in construction technology. They engaged in ranking of skills along with creating a word cloud for the question, “what are the future construction skills that will be more beneficial in an OSC platform?” Word cloud is reviewed in a discussion approach while skills ranking data is analysed using descriptive statistics. Findings The most prominent OSC skills are logistics manager, project manager and digital producer. Attributes of skills that come under construction trades workers, design, engineering and specialist professionals will vary based on onsite-offsite percentage combination in a construction project. Study reviews the required construction skills at two ends of a continuum featuring the trade-based skills; bricklayer, concreter and carpenter at one end (traditional build) and the heavily digitalised and automated skills at the other end (OSC). The noticeable transition towards OSC urges industry practitioners, policy-makers and education providers to focus on understanding and cultivating key OSC skills. Originality/value This study describes the transition of skills from onsite to OSC. It is presented as one of the earliest attempts to evaluate OSC skill profiles.
{"title":"An evaluation of offsite construction skill profiles","authors":"B. Ginigaddara, S. Perera, Yingbin Feng, P. Rahnamayiezekavat","doi":"10.1108/JFMPC-08-2020-0057","DOIUrl":"https://doi.org/10.1108/JFMPC-08-2020-0057","url":null,"abstract":"\u0000Purpose\u0000This paper aims to evaluate the existing and emerging Offsite Construction (OSC) skills. Construction industry is inherently labour oriented, fashioning poor labour productivity, low sustainability, slow and costly processes. These shortcomings promote OSC alongside driving forces such as industrialisation, automation and digitalisation. However, the traditional construction skills are not on par with the complexity, where robots, co-bots and digital-driven automated systems create the need for novel OSC skills.\u0000\u0000\u0000Design/methodology/approach\u0000Data collection is executed through a Roundtable activity hosting Construction Management academics form Australian universities specialising in construction technology. They engaged in ranking of skills along with creating a word cloud for the question, “what are the future construction skills that will be more beneficial in an OSC platform?” Word cloud is reviewed in a discussion approach while skills ranking data is analysed using descriptive statistics.\u0000\u0000\u0000Findings\u0000The most prominent OSC skills are logistics manager, project manager and digital producer. Attributes of skills that come under construction trades workers, design, engineering and specialist professionals will vary based on onsite-offsite percentage combination in a construction project. Study reviews the required construction skills at two ends of a continuum featuring the trade-based skills; bricklayer, concreter and carpenter at one end (traditional build) and the heavily digitalised and automated skills at the other end (OSC). The noticeable transition towards OSC urges industry practitioners, policy-makers and education providers to focus on understanding and cultivating key OSC skills.\u0000\u0000\u0000Originality/value\u0000This study describes the transition of skills from onsite to OSC. It is presented as one of the earliest attempts to evaluate OSC skill profiles.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44051370","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 : 2021-02-17DOI: 10.1108/JFMPC-09-2020-0062
Ashish Kumar, Vikas Srivastava, M. Tabash, D. Chawda
Purpose The purpose of this study is to empirically investigate the variables having an impact on profitability of public private partnerships (PPPs) in India using a balanced panel data of 171 unlisted PPPs from different infrastructure sectors such as road, power generation, real estate and ports. Design/methodology/approach Estimations were done using Arellano–Bond dynamic panel data estimation and seemingly unrelated regression models on a balanced panel data of 855 firm-years for 171 unlisted PPPs in India. To further test the estimation robustness, panel-corrected standard errors model was used. Findings The study findings indicate that in firm-specific factors, leverage, size, non-debt tax shield, growth and risk have significant positive impact on PPPs’ profitability, whereas in macroeconomic factors, only inflation has significant positive relationship. Although the relationship of all determinants is in sync with various theories and approaches, but these are not significant. Using the robustness test, the results are found to be robust and consistent with resource-based view and strategy-structure-performance approaches. Practical implications As PPPs are gaining prominence in the development of infrastructural resources, their profitability is of significant importance to drive private investments in infrastructure development, the identification of factors which determine profitability is critical for researchers, practitioners, policymakers and fund providers such as equity investors and debt providers. Originality/value The empirical literature on profitability determinants is focused on various sectors including small and mid-size enterprises (SMEs) and micro firms, but to the best of the authors’ knowledge, this is the first study, in both developed and developing economies, to empirically investigate the determinants of profitability for PPPs.
{"title":"Profitability determinants of infrastructure public private partnerships (PPPs): empirical evidence from Indian data","authors":"Ashish Kumar, Vikas Srivastava, M. Tabash, D. Chawda","doi":"10.1108/JFMPC-09-2020-0062","DOIUrl":"https://doi.org/10.1108/JFMPC-09-2020-0062","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to empirically investigate the variables having an impact on profitability of public private partnerships (PPPs) in India using a balanced panel data of 171 unlisted PPPs from different infrastructure sectors such as road, power generation, real estate and ports.\u0000\u0000\u0000Design/methodology/approach\u0000Estimations were done using Arellano–Bond dynamic panel data estimation and seemingly unrelated regression models on a balanced panel data of 855 firm-years for 171 unlisted PPPs in India. To further test the estimation robustness, panel-corrected standard errors model was used.\u0000\u0000\u0000Findings\u0000The study findings indicate that in firm-specific factors, leverage, size, non-debt tax shield, growth and risk have significant positive impact on PPPs’ profitability, whereas in macroeconomic factors, only inflation has significant positive relationship. Although the relationship of all determinants is in sync with various theories and approaches, but these are not significant. Using the robustness test, the results are found to be robust and consistent with resource-based view and strategy-structure-performance approaches.\u0000\u0000\u0000Practical implications\u0000As PPPs are gaining prominence in the development of infrastructural resources, their profitability is of significant importance to drive private investments in infrastructure development, the identification of factors which determine profitability is critical for researchers, practitioners, policymakers and fund providers such as equity investors and debt providers.\u0000\u0000\u0000Originality/value\u0000The empirical literature on profitability determinants is focused on various sectors including small and mid-size enterprises (SMEs) and micro firms, but to the best of the authors’ knowledge, this is the first study, in both developed and developing economies, to empirically investigate the determinants of profitability for PPPs.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43624530","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 : 2021-02-16DOI: 10.1108/JFMPC-07-2020-0050
A. Oyegoke, R. Powell, Saheed Ajayi, Godawatte Arachchige Gimhan Rathnagee Godawatte, Temidayo O. Akenroye
Purpose This paper aims to identify and analyse the factors affecting the selection of effective cost control techniques in the UK construction industry and assess their importance. The study examines these key areas; the factors that have significant impacts on cost overruns, the most effective cost control techniques and the factors for selecting cost control techniques for a project. Design/methodology/approach The study relies on a mixed-method research approach; a qualitative exploration of the most effective cost control techniques and the factors affecting the selection of cost control techniques, followed by a questionnaire survey and follow-up interviews. Relative importance index (RII) is used for ranking the factors. Findings The budgeting technique is ranked first with-0.821RII, followed by cost forecasting-0.800RII and cashflow monitoring-00.733RII, as the most effective cost control techniques. On factors that influenced the choice of the techniques used, cost information/cost-related factors are ranked first with-0.611RII, followed by the size of the company-0.509RII and the effectiveness of the technique-0.572RII. Research limitations/implications Although the scope of the study was limited to the UK construction industry, the results could be interpreted for critical learning in other developed/developing countries. Originality/value Identifying and ranking the factors affecting the selection of effective cost control techniques in the UK construction industry has been the focal point of this study. The study also proposes a simple but effective model which can be used for critical learning on mitigating cost overruns and the effective use of cost control techniques in the construction industry.
{"title":"Factors affecting the selection of effective cost control techniques in the UK construction industry","authors":"A. Oyegoke, R. Powell, Saheed Ajayi, Godawatte Arachchige Gimhan Rathnagee Godawatte, Temidayo O. Akenroye","doi":"10.1108/JFMPC-07-2020-0050","DOIUrl":"https://doi.org/10.1108/JFMPC-07-2020-0050","url":null,"abstract":"\u0000Purpose\u0000This paper aims to identify and analyse the factors affecting the selection of effective cost control techniques in the UK construction industry and assess their importance. The study examines these key areas; the factors that have significant impacts on cost overruns, the most effective cost control techniques and the factors for selecting cost control techniques for a project.\u0000\u0000\u0000Design/methodology/approach\u0000The study relies on a mixed-method research approach; a qualitative exploration of the most effective cost control techniques and the factors affecting the selection of cost control techniques, followed by a questionnaire survey and follow-up interviews. Relative importance index (RII) is used for ranking the factors.\u0000\u0000\u0000Findings\u0000The budgeting technique is ranked first with-0.821RII, followed by cost forecasting-0.800RII and cashflow monitoring-00.733RII, as the most effective cost control techniques. On factors that influenced the choice of the techniques used, cost information/cost-related factors are ranked first with-0.611RII, followed by the size of the company-0.509RII and the effectiveness of the technique-0.572RII.\u0000\u0000\u0000Research limitations/implications\u0000Although the scope of the study was limited to the UK construction industry, the results could be interpreted for critical learning in other developed/developing countries.\u0000\u0000\u0000Originality/value\u0000Identifying and ranking the factors affecting the selection of effective cost control techniques in the UK construction industry has been the focal point of this study. The study also proposes a simple but effective model which can be used for critical learning on mitigating cost overruns and the effective use of cost control techniques in the construction industry.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44322344","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 : 2021-02-15DOI: 10.1108/JFMPC-05-2020-0039
Qais Amarkhil, E. Elwakil
Purpose Although there are many challenges and constraints for construction organization operation and performance in a post-conflict condition, there is insufficient construction project management literature. Therefore, the purpose of this paper is to identify a framework to understand and determine critical constraints and opportunities in a post-conflict condition facing local construction firms in Afghanistan. The proposed framework is composed of three major steps: identify and determine key performance indicators; identify challenges impacting organization operation and performance in post-conflict condition; determine critical constraints and opportunities based on prioritized performance measures; and organizational strength and weakness factors. Design/methodology/approach The strength, weakness, opportunities and threat matrix analysis has been used to determine post-conflict condition constraints and opportunities. Then the analytical hierarchy process has been used to prioritize the measures and identify the constraints and opportunities facing construction companies in a post-conflict situation. The mix-research method is applied to this study to analyse qualitative variables and quantitative variables obtained from the experts’ opinions and 51 filled questioners. Findings The study shows that there are a total of 11 critical constraints and three essential opportunities for construction companies that industry practitioners and policymakers should take into account while formulating the organizational strategy. Practical implications The developed framework will benefit construction companies in improving their performance and operation in after-conflict conditions. Originality/value This paper is the first to provide a comprehensive conceptualization of the challenges and constraints for construction organization operation and performance in a post-conflict condition. It also offers a novel conceptual framework to understand and determine critical constraints and opportunities in a post-conflict condition facing local construction firms in Afghanistan.
{"title":"Constraints and opportunities facing construction organization in post-conflict condition in Afghanistan","authors":"Qais Amarkhil, E. Elwakil","doi":"10.1108/JFMPC-05-2020-0039","DOIUrl":"https://doi.org/10.1108/JFMPC-05-2020-0039","url":null,"abstract":"\u0000Purpose\u0000Although there are many challenges and constraints for construction organization operation and performance in a post-conflict condition, there is insufficient construction project management literature. Therefore, the purpose of this paper is to identify a framework to understand and determine critical constraints and opportunities in a post-conflict condition facing local construction firms in Afghanistan. The proposed framework is composed of three major steps: identify and determine key performance indicators; identify challenges impacting organization operation and performance in post-conflict condition; determine critical constraints and opportunities based on prioritized performance measures; and organizational strength and weakness factors.\u0000\u0000\u0000Design/methodology/approach\u0000The strength, weakness, opportunities and threat matrix analysis has been used to determine post-conflict condition constraints and opportunities. Then the analytical hierarchy process has been used to prioritize the measures and identify the constraints and opportunities facing construction companies in a post-conflict situation. The mix-research method is applied to this study to analyse qualitative variables and quantitative variables obtained from the experts’ opinions and 51 filled questioners.\u0000\u0000\u0000Findings\u0000The study shows that there are a total of 11 critical constraints and three essential opportunities for construction companies that industry practitioners and policymakers should take into account while formulating the organizational strategy.\u0000\u0000\u0000Practical implications\u0000The developed framework will benefit construction companies in improving their performance and operation in after-conflict conditions.\u0000\u0000\u0000Originality/value\u0000This paper is the first to provide a comprehensive conceptualization of the challenges and constraints for construction organization operation and performance in a post-conflict condition. It also offers a novel conceptual framework to understand and determine critical constraints and opportunities in a post-conflict condition facing local construction firms in Afghanistan.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48874232","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 : 2021-02-12DOI: 10.1108/JFMPC-04-2020-0028
H. Singla, P. Samanta
Purpose The paper aims to identify the critical success factors (CSFs) at an individual level for real estate developers (REDs) in India. Design/methodology/approach Fifteen individual-level CSFs are identified from literature review. These CSFs are moderated through expert opinion, and they are customized for the real-estate sector. Five-point scale questionnaire is developed and furnished to REDs to understand the importance of these 15 CSFs. Fifty-six REDs responded to the survey. Using the responses from the survey, relative importance index is created for all 15 factors. These factors are also grouped in broad categories using exploratory factor analysis and the groups are further validated through confirmatory factor analysis. Findings The study finds that leadership quality, man-management skill, disputes resolution skill, ability to take risk and knowledge about construction and finance are the top five CSFs for REDs in India. The exploratory factor analysis resulted in five groups and they are named as “liaising with government,” “relationship management,” “knowledge management,” “skill management” and “ability.” The groups exhibit reasonable reliability and validity. Research limitations/implications Despite useful results, study being exploratory in nature is limited because of a small sample size. Despite best efforts, authors find reluctance from REDs to respond to the survey. Practical implications The findings of the study are important for REDs and success of their business. The business of REDs can improve if they exhibit leadership quality, man-management skill and disputes resolution skill. The ability of the developers to take risk and their knowledge about construction and finance can also be vital for the success of their business. Originality/value To the best of authors’ knowledge, this is the first attempt to identify CSFs for REDs in India.
{"title":"Identification of critical success factors (CSFs) for real estate developers (REDs) in India","authors":"H. Singla, P. Samanta","doi":"10.1108/JFMPC-04-2020-0028","DOIUrl":"https://doi.org/10.1108/JFMPC-04-2020-0028","url":null,"abstract":"\u0000Purpose\u0000The paper aims to identify the critical success factors (CSFs) at an individual level for real estate developers (REDs) in India.\u0000\u0000\u0000Design/methodology/approach\u0000Fifteen individual-level CSFs are identified from literature review. These CSFs are moderated through expert opinion, and they are customized for the real-estate sector. Five-point scale questionnaire is developed and furnished to REDs to understand the importance of these 15 CSFs. Fifty-six REDs responded to the survey. Using the responses from the survey, relative importance index is created for all 15 factors. These factors are also grouped in broad categories using exploratory factor analysis and the groups are further validated through confirmatory factor analysis.\u0000\u0000\u0000Findings\u0000The study finds that leadership quality, man-management skill, disputes resolution skill, ability to take risk and knowledge about construction and finance are the top five CSFs for REDs in India. The exploratory factor analysis resulted in five groups and they are named as “liaising with government,” “relationship management,” “knowledge management,” “skill management” and “ability.” The groups exhibit reasonable reliability and validity.\u0000\u0000\u0000Research limitations/implications\u0000Despite useful results, study being exploratory in nature is limited because of a small sample size. Despite best efforts, authors find reluctance from REDs to respond to the survey.\u0000\u0000\u0000Practical implications\u0000The findings of the study are important for REDs and success of their business. The business of REDs can improve if they exhibit leadership quality, man-management skill and disputes resolution skill. The ability of the developers to take risk and their knowledge about construction and finance can also be vital for the success of their business.\u0000\u0000\u0000Originality/value\u0000To the best of authors’ knowledge, this is the first attempt to identify CSFs for REDs in India.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42569336","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 : 2021-02-08DOI: 10.1108/JFMPC-01-2020-0003
B. Hadikusumo
Purpose To provide low-cost housing, the Myanmar Government is attempting to use public–private partnership (PPP) to attract private investors. However, there is little information concerning the influencing factors for implementing PPP low-cost housing projects in Myanmar. This paper, therefore, aims to identify and analyse these factors. Design/methodology/approach A total of 51 in-depth interviews were conducted with interviewees involved in various kinds of housing projects implemented through the adoption of PPP or other approaches. The methods of data collection and the analysis are based on grounded theory (GT) methodology. Findings Using the GT method to analyse the interviews, five categories emerged from 50 influencing factors regarding the establishment and implementation of the PPP model for low-cost housing in Myanmar: provision of incentives; obstacles in implementing PPP for all stakeholders; barriers to private sector participation; public sector responsibilities and challenges; and attraction factors and challenges for financial institutions. Among 12 newly found factors, the three most important for PPP low-cost housing in Myanmar are the availability of project funding, the resolution of land-acquisition issues and the development of a sound financing system. Research limitations/implications Our findings strengthen previous studies by identifying factors affecting PPP low-cost housing either specific to Myanmar or common among other countries. Of the 50 factors identified, 38 factors were found in previous studies, but 12 are likely specific to Myanmar. Practical implications Our findings can be used by governments, particularly the Myanmar Government, and financial agencies to understand the low attractiveness of PPP low-cost housing for investors and to develop/improve policies to stimulate PPP low-cost housing, especially in Myanmar. Originality/value Many previous studies have been undertaken to identify factors that influence the implementation of PPP for low-cost housing. However, to the best of the authors’ knowledge, there are no prior studies specific to Myanmar in this context.
{"title":"Factors influencing the adoption of public–private partnership in low-cost housing development in Myanmar","authors":"B. Hadikusumo","doi":"10.1108/JFMPC-01-2020-0003","DOIUrl":"https://doi.org/10.1108/JFMPC-01-2020-0003","url":null,"abstract":"\u0000Purpose\u0000To provide low-cost housing, the Myanmar Government is attempting to use public–private partnership (PPP) to attract private investors. However, there is little information concerning the influencing factors for implementing PPP low-cost housing projects in Myanmar. This paper, therefore, aims to identify and analyse these factors.\u0000\u0000\u0000Design/methodology/approach\u0000A total of 51 in-depth interviews were conducted with interviewees involved in various kinds of housing projects implemented through the adoption of PPP or other approaches. The methods of data collection and the analysis are based on grounded theory (GT) methodology.\u0000\u0000\u0000Findings\u0000Using the GT method to analyse the interviews, five categories emerged from 50 influencing factors regarding the establishment and implementation of the PPP model for low-cost housing in Myanmar: provision of incentives; obstacles in implementing PPP for all stakeholders; barriers to private sector participation; public sector responsibilities and challenges; and attraction factors and challenges for financial institutions. Among 12 newly found factors, the three most important for PPP low-cost housing in Myanmar are the availability of project funding, the resolution of land-acquisition issues and the development of a sound financing system.\u0000\u0000\u0000Research limitations/implications\u0000Our findings strengthen previous studies by identifying factors affecting PPP low-cost housing either specific to Myanmar or common among other countries. Of the 50 factors identified, 38 factors were found in previous studies, but 12 are likely specific to Myanmar.\u0000\u0000\u0000Practical implications\u0000Our findings can be used by governments, particularly the Myanmar Government, and financial agencies to understand the low attractiveness of PPP low-cost housing for investors and to develop/improve policies to stimulate PPP low-cost housing, especially in Myanmar.\u0000\u0000\u0000Originality/value\u0000Many previous studies have been undertaken to identify factors that influence the implementation of PPP for low-cost housing. However, to the best of the authors’ knowledge, there are no prior studies specific to Myanmar in this context.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43692297","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 : 2021-02-08DOI: 10.1108/JFMPC-12-2019-0090
O. Olanrewaju, Sunday Ajiboye Babarinde, N. Chileshe, M. Sandanayake
Purpose The Nigerian construction industry, like in most emerging economies has been slow with technological advances such as building information modeling (BIM). More so, the application of BIM among Nigerian practitioners is rather limited to architects’ usage for schematic design and presentation of drawings. The purpose of this study is to enhance BIM’s uptake, this study explores the drivers for the implementation of BIM within the Nigerian construction industry. Design/methodology/approach An interpretivist epistemological design was adapted to extensively manually review and search the literature on BIM implementation drivers. Based on 14 drivers for BIM implementation drivers identified, a survey questionnaire was used to collect data from the Nigerian construction practitioners. The data obtained is then subjected to descriptive, inferential statistics and multivariate techniques such as factor analysis. Findings The study, through factor analysis, categorized the 14 drivers to BIM implementation into four principal factors. The factors are construction related-drivers; process digitalization and economic-related drivers; sustainability and efficiency-related drivers; and visualization and productivity-related drivers. Practical implications To effectively adopt BIM in the construction industry, it is necessary to identify the BIM implementing drivers, which can act as catalysts of change and, thus leading to sustained adoption of BIM. Therefore, the identified drivers and categorization of principal factors could provide managerial implications for better execution and adoption of BIM, as well as the creation of the required change for the BIM implementation. Originality/value The research provides insights into the implementation drivers of BIM in lesser studies in a developing country such as Nigeria. The study further contributes to this research sphere by using factor analysis to customize and contextualize the drivers that were previously identified.
{"title":"Drivers for implementation of building information modeling (BIM) within the Nigerian construction industry","authors":"O. Olanrewaju, Sunday Ajiboye Babarinde, N. Chileshe, M. Sandanayake","doi":"10.1108/JFMPC-12-2019-0090","DOIUrl":"https://doi.org/10.1108/JFMPC-12-2019-0090","url":null,"abstract":"\u0000Purpose\u0000The Nigerian construction industry, like in most emerging economies has been slow with technological advances such as building information modeling (BIM). More so, the application of BIM among Nigerian practitioners is rather limited to architects’ usage for schematic design and presentation of drawings. The purpose of this study is to enhance BIM’s uptake, this study explores the drivers for the implementation of BIM within the Nigerian construction industry.\u0000\u0000\u0000Design/methodology/approach\u0000An interpretivist epistemological design was adapted to extensively manually review and search the literature on BIM implementation drivers. Based on 14 drivers for BIM implementation drivers identified, a survey questionnaire was used to collect data from the Nigerian construction practitioners. The data obtained is then subjected to descriptive, inferential statistics and multivariate techniques such as factor analysis.\u0000\u0000\u0000Findings\u0000The study, through factor analysis, categorized the 14 drivers to BIM implementation into four principal factors. The factors are construction related-drivers; process digitalization and economic-related drivers; sustainability and efficiency-related drivers; and visualization and productivity-related drivers.\u0000\u0000\u0000Practical implications\u0000To effectively adopt BIM in the construction industry, it is necessary to identify the BIM implementing drivers, which can act as catalysts of change and, thus leading to sustained adoption of BIM. Therefore, the identified drivers and categorization of principal factors could provide managerial implications for better execution and adoption of BIM, as well as the creation of the required change for the BIM implementation.\u0000\u0000\u0000Originality/value\u0000The research provides insights into the implementation drivers of BIM in lesser studies in a developing country such as Nigeria. The study further contributes to this research sphere by using factor analysis to customize and contextualize the drivers that were previously identified.\u0000","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42199804","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 : 2021-02-08DOI: 10.1108/JFMPC-05-2020-0037
T. O. Ayodele, A. Olaleye
PurposeThis paper aims to investigate the flexible decision pathways adopted by development advisors in the management of uncertainty in property development. Specifically, the study examines the quantitative techniques adopted by development advisors, the level of adoption of real options analysis (ROA)vis-à-visthe level of adoption of heuristics. Finally, the types of options exercised in property development were analysed. This was with a view to providing information that could mitigate the challenges of risk and uncertainty and increasing investment failure associated with property development in Nigeria, an emerging market.Design/methodology/approachThe study adopted a survey method and was conducted on development advisors in property development companies/estate surveying and valuation firms in Nigeria. A total of 195 development advisors participated in the survey. The respondents were required to rate, on a five-point Likert scale, the level of adoption of the quantitative models, heuristics and the types of flexibility exercised during development. The data were analysed using mean rating, one-samplet-test and analysis of variance.FindingsThe results revealed that there was a preference for the use of traditional techniques, while probabilistic appraisal models and other contemporary methods such as ROA are seldom adopted by development advisors. While there was a significantly high level of adoption of heuristics, the stratified analysis examining the profile of the respondents and the level of adoption of ROA and heuristics suggests that years of experience influenced the level of adoption of both the ROA and heuristics by the development advisors. The analysis of the types of flexibility showed that staging/phasing and changing the initial use/design were the most prevalent flexibility pathways adopted during the development. However, the study found that there was no significant difference concerning the choice of flexibility being adopted by development advisors who used ROA and those who did not.Practical implicationsThe study provides an understanding of the decision pathways adopted by development advisors in an emerging market like Nigeria.Originality/valueThe paper contributes to studies on decision-making pathways in the management of uncertainty under dynamic conditions by development advisors in emerging markets.
{"title":"Flexibility decision pathways in the management of uncertainty in property development: experience from an emerging market","authors":"T. O. Ayodele, A. Olaleye","doi":"10.1108/JFMPC-05-2020-0037","DOIUrl":"https://doi.org/10.1108/JFMPC-05-2020-0037","url":null,"abstract":"PurposeThis paper aims to investigate the flexible decision pathways adopted by development advisors in the management of uncertainty in property development. Specifically, the study examines the quantitative techniques adopted by development advisors, the level of adoption of real options analysis (ROA)vis-à-visthe level of adoption of heuristics. Finally, the types of options exercised in property development were analysed. This was with a view to providing information that could mitigate the challenges of risk and uncertainty and increasing investment failure associated with property development in Nigeria, an emerging market.Design/methodology/approachThe study adopted a survey method and was conducted on development advisors in property development companies/estate surveying and valuation firms in Nigeria. A total of 195 development advisors participated in the survey. The respondents were required to rate, on a five-point Likert scale, the level of adoption of the quantitative models, heuristics and the types of flexibility exercised during development. The data were analysed using mean rating, one-samplet-test and analysis of variance.FindingsThe results revealed that there was a preference for the use of traditional techniques, while probabilistic appraisal models and other contemporary methods such as ROA are seldom adopted by development advisors. While there was a significantly high level of adoption of heuristics, the stratified analysis examining the profile of the respondents and the level of adoption of ROA and heuristics suggests that years of experience influenced the level of adoption of both the ROA and heuristics by the development advisors. The analysis of the types of flexibility showed that staging/phasing and changing the initial use/design were the most prevalent flexibility pathways adopted during the development. However, the study found that there was no significant difference concerning the choice of flexibility being adopted by development advisors who used ROA and those who did not.Practical implicationsThe study provides an understanding of the decision pathways adopted by development advisors in an emerging market like Nigeria.Originality/valueThe paper contributes to studies on decision-making pathways in the management of uncertainty under dynamic conditions by development advisors in emerging markets.","PeriodicalId":45720,"journal":{"name":"Journal of Financial Management of Property and Construction","volume":" ","pages":""},"PeriodicalIF":1.9,"publicationDate":"2021-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47320986","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}
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