Journal of Financial Management of Property and ConstructionTable of Contents for Journal of Financial Management of Property and Construction. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1366-4387/vol/29/iss/1?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestJournal of Financial Management of Property and ConstructionEmerald Publishing LimitedJournal of Financial Management of Property and ConstructionJournal of Financial Management of Property and Constructionhttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/d94c1f9c3ff3640bdd582c8a19326605/urn:emeraldgroup.com:asset:id:binary:jfmpc.cover.jpghttps://www.emerald.com/insight/publication/issn/1366-4387/vol/29/iss/1?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestImplementing lean construction to improve quality and megaproject construction: a case studyhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-12-2022-0063/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to explore a framework for implementing Lean Construction (LC) to provide corrective actions for quality defects, customer dissatisfaction and value creation during the construction of megaprojects. This paper presents a case study involving the construction of the Mohamed VI Tower in Morocco. It is the tallest tower in Africa, with 55 floors and a total height of 250 m. This study of the quality of the work and the involvement of the LC was carried out using the Define–Measure–Analysis–Improve–Control approach from Lean six sigma. It describes the Critical to Quality and analyses the root causes of quality defects, customer dissatisfaction and variation in the quality process. Firstly, the results of this study map the causal factors of lack of quality as established in the literature. Secondly, the LC tools have reduced non-value-added sources of quality waste and, consequently, improved critical quality indicators. This document focuses on one part of the tower’s construction and is limited to a project case in a country where LC is rarely used. This study reinforces the literature reviews, surveys and the small number of case studies that have validated the potential of LC and further clarifies future directions for the practical emergence of this quality improvement approach, especially for large-scale projects.Implementing lean construction to improve quality and megaproject construction: a case study
Khalil Idrissi Gartoumi, Mohamed Aboussaleh, Smail Zaki
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.1-22

This paper aims to explore a framework for implementing Lean Construction (LC) to provide corrective actions for quality defects, customer dissatisfaction and value creation during the construction of megaprojects.

This paper presents a case study involving the construction of the Mohamed VI Tower in Morocco. It is the tallest tower in Africa, with 55 floors and a total height of 250 m. This study of the quality of the work and the involvement of the LC was carried out using the Define–Measure–Analysis–Improve–Control approach from Lean six sigma. It describes the Critical to Quality and analyses the root causes of quality defects, customer dissatisfaction and variation in the quality process.

Firstly, the results of this study map the causal factors of lack of quality as established in the literature. Secondly, the LC tools have reduced non-value-added sources of quality waste and, consequently, improved critical quality indicators.

This document focuses on one part of the tower’s construction and is limited to a project case in a country where LC is rarely used.

This study reinforces the literature reviews, surveys and the small number of case studies that have validated the potential of LC and further clarifies future directions for the practical emergence of this quality improvement approach, especially for large-scale projects.

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Implementing lean construction to improve quality and megaproject construction: a case study10.1108/JFMPC-12-2022-0063Journal of Financial Management of Property and Construction2023-06-07© 2023 Emerald Publishing LimitedKhalil Idrissi GartoumiMohamed AboussalehSmail ZakiJournal of Financial Management of Property and Construction2912023-06-0710.1108/JFMPC-12-2022-0063https://www.emerald.com/insight/content/doi/10.1108/JFMPC-12-2022-0063/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
An artificial neural network (ANN) approach for early cost estimation of concrete bridge systems in developing countries: the case of Sri Lankahttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-09-2022-0048/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe Government’s investment in infrastructure projects is considerably high, especially in bridge construction projects. Government authorities must establish an initial forecasted budget to have transparency in transactions. Early cost estimating is challenging for Quantity Surveyors due to incomplete project details at the initial stage and the unavailability of standard cost estimating techniques for bridge projects. To mitigate the difficulties in the traditional preliminary cost estimating methods, there is a requirement to develop a new initial cost estimating model which is accurate, user friendly and straightforward. The research was carried out in Sri Lanka, and this paper aims to develop the artificial neural network (ANN) model for an early cost estimate of concrete bridge systems. The construction cost data of 30 concrete bridge projects which are in Sri Lanka constructed within the past ten years were trained and tested to develop an ANN cost model. Backpropagation technique was used to identify the number of hidden layers, iteration and momentum for optimum neural network architectures. An ANN cost model was developed, furnishing the best result since it succeeded with around 90% validation accuracy. It created a cost estimation model for the public sector as an accurate, heuristic, flexible and efficient technique. The research contributes to the current body of knowledge by providing the most accurate early-stage cost estimate for the concrete bridge systems in Sri Lanka. In addition, the research findings would be helpful for stakeholders and policymakers to propose policy recommendations that positively influence the prediction of the most accurate cost estimate for concrete bridge construction projects in Sri Lanka and other developing countries.An artificial neural network (ANN) approach for early cost estimation of concrete bridge systems in developing countries: the case of Sri Lanka
Nirodha Fernando, Kasun Dilshan T.A., Hexin (Johnson) Zhang
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.23-51

The Government’s investment in infrastructure projects is considerably high, especially in bridge construction projects. Government authorities must establish an initial forecasted budget to have transparency in transactions. Early cost estimating is challenging for Quantity Surveyors due to incomplete project details at the initial stage and the unavailability of standard cost estimating techniques for bridge projects. To mitigate the difficulties in the traditional preliminary cost estimating methods, there is a requirement to develop a new initial cost estimating model which is accurate, user friendly and straightforward. The research was carried out in Sri Lanka, and this paper aims to develop the artificial neural network (ANN) model for an early cost estimate of concrete bridge systems.

The construction cost data of 30 concrete bridge projects which are in Sri Lanka constructed within the past ten years were trained and tested to develop an ANN cost model. Backpropagation technique was used to identify the number of hidden layers, iteration and momentum for optimum neural network architectures.

An ANN cost model was developed, furnishing the best result since it succeeded with around 90% validation accuracy. It created a cost estimation model for the public sector as an accurate, heuristic, flexible and efficient technique.

The research contributes to the current body of knowledge by providing the most accurate early-stage cost estimate for the concrete bridge systems in Sri Lanka. In addition, the research findings would be helpful for stakeholders and policymakers to propose policy recommendations that positively influence the prediction of the most accurate cost estimate for concrete bridge construction projects in Sri Lanka and other developing countries.

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An artificial neural network (ANN) approach for early cost estimation of concrete bridge systems in developing countries: the case of Sri Lanka10.1108/JFMPC-09-2022-0048Journal of Financial Management of Property and Construction2023-06-27© 2023 Emerald Publishing LimitedNirodha FernandoKasun Dilshan T.A.Hexin (Johnson) ZhangJournal of Financial Management of Property and Construction2912023-06-2710.1108/JFMPC-09-2022-0048https://www.emerald.com/insight/content/doi/10.1108/JFMPC-09-2022-0048/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Office property price index forecasting using neural networkshttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2022-0041/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe Chinese housing market has witnessed rapid growth during the past decade and the significance of housing price forecasting has undoubtedly elevated, becoming an important issue to investors and policymakers. This study aims to examine neural networks (NNs) for office property price index forecasting from 10 major Chinese cities for July 2005–April 2021. The authors aim at building simple and accurate NNs to contribute to pure technical forecasts of the Chinese office property market. To facilitate the analysis, the authors explore different model settings over algorithms, delays, hidden neurons and data-spitting ratios. The authors reach a simple NN with three delays and three hidden neurons, which leads to stable performance of about 1.45% average relative root mean square error across the 10 cities for the training, validation and testing phases. The results could be used on a standalone basis or combined with fundamental forecasts to form perspectives of office property price trends and conduct policy analysis.Office property price index forecasting using neural networks
Xiaojie Xu, Yun Zhang
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.52-82

The Chinese housing market has witnessed rapid growth during the past decade and the significance of housing price forecasting has undoubtedly elevated, becoming an important issue to investors and policymakers. This study aims to examine neural networks (NNs) for office property price index forecasting from 10 major Chinese cities for July 2005–April 2021.

The authors aim at building simple and accurate NNs to contribute to pure technical forecasts of the Chinese office property market. To facilitate the analysis, the authors explore different model settings over algorithms, delays, hidden neurons and data-spitting ratios.

The authors reach a simple NN with three delays and three hidden neurons, which leads to stable performance of about 1.45% average relative root mean square error across the 10 cities for the training, validation and testing phases.

The results could be used on a standalone basis or combined with fundamental forecasts to form perspectives of office property price trends and conduct policy analysis.

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Office property price index forecasting using neural networks10.1108/JFMPC-08-2022-0041Journal of Financial Management of Property and Construction2023-07-07© 2023 Emerald Publishing LimitedXiaojie XuYun ZhangJournal of Financial Management of Property and Construction2912023-07-0710.1108/JFMPC-08-2022-0041https://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2022-0041/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Fuzzy quantitative risk allocation model (FQRAM) to guide decision-making on risk allocation in Ghanaian public-private partnership (PPP) power projectshttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-10-2022-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPublic-private partnership (PPP) power projects are associated with varying risk factors. This paper aims to develop a fuzzy quantitative risk allocation model (QRAM) to guide decision-making on risk allocation in PPP power projects in Ghana. A total of 67 risk factors and 9 risk allocation criteria were established from literature and ranked in a two-round Delphi survey using questionnaires. The fuzzy synthetic evaluation method was used in developing the risk allocation model. The model’s output variable is the risk allocation proportions between the public body and private body based on their capability to manage the risk factors. Out of the 37 critical risk factors, the public sector was allocated 12 risk factors with proportions = 50%, while the private sector was allocated 25 risk factors with proportions = 50%. To the best of the authors’ knowledge, this research presents the first attempt in Ghana at endeavouring to develop a QRAM for PPP power projects. There is confidence in the model to efficiently allocate risks emanating from PPP power projects.Fuzzy quantitative risk allocation model (FQRAM) to guide decision-making on risk allocation in Ghanaian public-private partnership (PPP) power projects
Augustine Senanu Komla Kukah, De-Graft Owusu-Manu, Edward Badu, David J. Edwards, Eric Asamoah
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.83-114

Public-private partnership (PPP) power projects are associated with varying risk factors. This paper aims to develop a fuzzy quantitative risk allocation model (QRAM) to guide decision-making on risk allocation in PPP power projects in Ghana.

A total of 67 risk factors and 9 risk allocation criteria were established from literature and ranked in a two-round Delphi survey using questionnaires. The fuzzy synthetic evaluation method was used in developing the risk allocation model.

The model’s output variable is the risk allocation proportions between the public body and private body based on their capability to manage the risk factors. Out of the 37 critical risk factors, the public sector was allocated 12 risk factors with proportions = 50%, while the private sector was allocated 25 risk factors with proportions = 50%.

To the best of the authors’ knowledge, this research presents the first attempt in Ghana at endeavouring to develop a QRAM for PPP power projects. There is confidence in the model to efficiently allocate risks emanating from PPP power projects.

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Fuzzy quantitative risk allocation model (FQRAM) to guide decision-making on risk allocation in Ghanaian public-private partnership (PPP) power projects10.1108/JFMPC-10-2022-0055Journal of Financial Management of Property and Construction2023-07-12© 2023 Emerald Publishing LimitedAugustine Senanu Komla KukahDe-Graft Owusu-ManuEdward BaduDavid J. EdwardsEric AsamoahJournal of Financial Management of Property and Construction2912023-07-1210.1108/JFMPC-10-2022-0055https://www.emerald.com/insight/content/doi/10.1108/JFMPC-10-2022-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The disruptive factors and longevity effects of Covid-19 and Brexit on the SMEs construction supply chain in the UKhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-11-2022-0057/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSupply chain disruptions have a significant impact on overall project delivery. This study aims to identify the supply chain disruptive factors and develop a framework to mitigate the disruptive effects on the supply chain. Covid-19 and Brexit disruption and their longevity effects in the short, medium and long term on the supply chain are relied upon to develop the framework. The study adopted a mixed-method approach with a sequential explanatory design. The main disruptive factors were identified through a literature review, and key factors were selected through a focus group exercise. A questionnaire survey was carried out to sample opinions from the practitioners; 41 questionnaires were received and analysed using the relative importance index (RII) method for ranking the factors and percentage frequency distribution to determine the longevity effects. Five follow-up semi-structured interviews were conducted over the telephone and later transcribed. The results of Covid-19 disruption indicate that material cost increase ranked first (RII: 0.863), logistics cost increase and supply chain interaction ranked second and third, respectively. They have long-term, medium-term and short-term longevity effects, respectively. The lowest-rated factors were communication (RII: 0.561), staff shortages (RII: 0.629) and impact on relationships (RII: 0.639). The three most ranked Brexit disruptive factors are supply chain interaction (RII: 0.775), material cost increase (RII: 0.766) and logistic and haulage delay (RII: 0.717). The first two factors have long-term effects, and the logistics and haulage delays have a medium-term impact. The mitigating solutions suggested in the framework are collaborative working, stronger resilience to external forces and better transparency and communication that will lead to good relationships among the supply chain members. The scope of the study was limited to the UK construction industry; however, the pandemic effect on supply chain can serve as critical learning curve in other developed and developing countries. The study will help the government and construction firms to understand the focal areas of importance in solving the supply chain disruption problems based on the effects of Brexit and Covid-19. The research would be useful in ensuring the proactive involvement of the government and contracting firms in their preparedness for similar events in the future. The results could be interpreted for critical learning in other developed/developing countries. Identifying and ranking the supply chain disruptive factors affecting the small‐ and medium‐sized enterprises (SMEs) in the UK construction industry has been the focal point of this study. The study also proposes a simple but effective framework comprising the highly ranked factors, their longevity effects and mitigating measures. This will help the SMEs manage future/similar external events affecting the supply chain.The disruptive factors and longevity effects of Covid-19 and Brexit on the SMEs construction supply chain in the UK
Adekunle Sabitu Oyegoke, Ben Williams Fisher, Saheed Ajayi, Temitope Seun Omotayo, Duga Ewuga
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.115-134

Supply chain disruptions have a significant impact on overall project delivery. This study aims to identify the supply chain disruptive factors and develop a framework to mitigate the disruptive effects on the supply chain. Covid-19 and Brexit disruption and their longevity effects in the short, medium and long term on the supply chain are relied upon to develop the framework.

The study adopted a mixed-method approach with a sequential explanatory design. The main disruptive factors were identified through a literature review, and key factors were selected through a focus group exercise. A questionnaire survey was carried out to sample opinions from the practitioners; 41 questionnaires were received and analysed using the relative importance index (RII) method for ranking the factors and percentage frequency distribution to determine the longevity effects. Five follow-up semi-structured interviews were conducted over the telephone and later transcribed.

The results of Covid-19 disruption indicate that material cost increase ranked first (RII: 0.863), logistics cost increase and supply chain interaction ranked second and third, respectively. They have long-term, medium-term and short-term longevity effects, respectively. The lowest-rated factors were communication (RII: 0.561), staff shortages (RII: 0.629) and impact on relationships (RII: 0.639). The three most ranked Brexit disruptive factors are supply chain interaction (RII: 0.775), material cost increase (RII: 0.766) and logistic and haulage delay (RII: 0.717). The first two factors have long-term effects, and the logistics and haulage delays have a medium-term impact. The mitigating solutions suggested in the framework are collaborative working, stronger resilience to external forces and better transparency and communication that will lead to good relationships among the supply chain members.

The scope of the study was limited to the UK construction industry; however, the pandemic effect on supply chain can serve as critical learning curve in other developed and developing countries.

The study will help the government and construction firms to understand the focal areas of importance in solving the supply chain disruption problems based on the effects of Brexit and Covid-19. The research would be useful in ensuring the proactive involvement of the government and contracting firms in their preparedness for similar events in the future. The results could be interpreted for critical learning in other developed/developing countries.

Identifying and ranking the supply chain disruptive factors affecting the small‐ and medium‐sized enterprises (SMEs) in the UK construction industry has been the focal point of this study. The study also proposes a simple but effective framework comprising the highly ranked factors, their longevity effects and mitigating measures. This will help the SMEs manage future/similar external events affecting the supply chain.

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The disruptive factors and longevity effects of Covid-19 and Brexit on the SMEs construction supply chain in the UK10.1108/JFMPC-11-2022-0057Journal of Financial Management of Property and Construction2023-07-13© 2023 Emerald Publishing LimitedAdekunle Sabitu OyegokeBen Williams FisherSaheed AjayiTemitope Seun OmotayoDuga EwugaJournal of Financial Management of Property and Construction2912023-07-1310.1108/JFMPC-11-2022-0057https://www.emerald.com/insight/content/doi/10.1108/JFMPC-11-2022-0057/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Factors causing delays in the UAE construction industry amid the Covid-19 pandemichttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-02-2023-0006/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to measure the severity, frequency and importance of the factors causing delays in the United Arab Emirates (UAE) construction industry following the Covid-19 pandemic onset. The study also measures the likelihood of the effects caused by these delays. A mixed approach of both qualitative and quantitative. Literature review was conducted to extract 40 factors of delays and 10 effects of delays. A survey was then administered to construction professionals in the UAE to collect the perceptions on the severity and frequency of factors of the causes of delays using a Likert Scale of 1–5 where 1 represented very low and 5 represented very high. Similarly, the respondents were also asked to rate the likelihood of the occurrence of the effects of the delays based on a Likert scale of 1–5 as well. Furthermore, Spearman’s rank correlation was also conducted to compute the level of agreement between the different parties; owner, consultants and contractors. The results revealed that the top five factors of delays include: award the project for the lowest bidder, delay in progress payment, change orders by the owner, poor subcontractor performance and inadequate planning and scheduling by the contractor. The findings of this study emphasize the financial challenges and economic crisis brought upon the construction industry due to the pandemic. Furthermore, the pandemic also shifted the perceptions of construction professionals, who are now more aware of the delays caused by awarding the project to the lowest bidder who would not have the required qualifications to conduct efficient planning and scheduling that are relevant in the case of extraordinary events such as Covid-19. Moreover, a high level of agreement between the consultants and contractors was observed, with a Spearman’s rank correlation of 0.804. Additionally, the most likely effects of delays concluded from this study were time overrun/extension and poor quality of work. Literature review is very rich in the field of construction projects delays. However, there is very limited research on the impact of Covid-19 in the context of construction projects delays, and insights from construction professionals regarding this matter are particularly lacking in literature. Therefore, this paper bridges the gap in literature by providing perceptions of construction professionals on the impact of Covid-19 on the factors causing delays in the UAE construction industry. The findings of this research are expected to be an invaluable resource for future to help the construction industry heal faster when encountering similar epidemics or extraordinary events.Factors causing delays in the UAE construction industry amid the Covid-19 pandemic
Haitham Alajmani, Salma Ahmed, Sameh Monir El-Sayegh
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.135-151

This paper aims to measure the severity, frequency and importance of the factors causing delays in the United Arab Emirates (UAE) construction industry following the Covid-19 pandemic onset. The study also measures the likelihood of the effects caused by these delays.

A mixed approach of both qualitative and quantitative. Literature review was conducted to extract 40 factors of delays and 10 effects of delays. A survey was then administered to construction professionals in the UAE to collect the perceptions on the severity and frequency of factors of the causes of delays using a Likert Scale of 1–5 where 1 represented very low and 5 represented very high. Similarly, the respondents were also asked to rate the likelihood of the occurrence of the effects of the delays based on a Likert scale of 1–5 as well. Furthermore, Spearman’s rank correlation was also conducted to compute the level of agreement between the different parties; owner, consultants and contractors.

The results revealed that the top five factors of delays include: award the project for the lowest bidder, delay in progress payment, change orders by the owner, poor subcontractor performance and inadequate planning and scheduling by the contractor. The findings of this study emphasize the financial challenges and economic crisis brought upon the construction industry due to the pandemic. Furthermore, the pandemic also shifted the perceptions of construction professionals, who are now more aware of the delays caused by awarding the project to the lowest bidder who would not have the required qualifications to conduct efficient planning and scheduling that are relevant in the case of extraordinary events such as Covid-19. Moreover, a high level of agreement between the consultants and contractors was observed, with a Spearman’s rank correlation of 0.804. Additionally, the most likely effects of delays concluded from this study were time overrun/extension and poor quality of work.

Literature review is very rich in the field of construction projects delays. However, there is very limited research on the impact of Covid-19 in the context of construction projects delays, and insights from construction professionals regarding this matter are particularly lacking in literature. Therefore, this paper bridges the gap in literature by providing perceptions of construction professionals on the impact of Covid-19 on the factors causing delays in the UAE construction industry. The findings of this research are expected to be an invaluable resource for future to help the construction industry heal faster when encountering similar epidemics or extraordinary events.

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Factors causing delays in the UAE construction industry amid the Covid-19 pandemic10.1108/JFMPC-02-2023-0006Journal of Financial Management of Property and Construction2023-07-13© 2023 Emerald Publishing LimitedHaitham AlajmaniSalma AhmedSameh Monir El-SayeghJournal of Financial Management of Property and Construction2912023-07-1310.1108/JFMPC-02-2023-0006https://www.emerald.com/insight/content/doi/10.1108/JFMPC-02-2023-0006/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Property tax reassessment among local authorities: the implementation and its key challengeshttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-04-2022-0022/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe role of local authorities is crucial in addressing the essential needs of communities, and they possess the right to impose property taxes on all properties within their territory. Property taxes are levied on all properties, contributing to approximately 60% of the local authority’s finances. However, their role in this policy is not frequently understood, primarily in executing property tax reassessment. Hence, this paper aims to reveal property tax reassessment implementation and identify its key challenges. The latest tone of the list record was extracted from the local government division, Ministry of Housing and Local Government Malaysia, to answer the research objective. The data were received on November 2021 by email. Furthermore, through the literature review, the most significant challenges in property tax reassessment were identified, compared and presented. The results highlight that property tax reassessment implementation in West Malaysia is at the level of concern where only two councils have the latest tone of the list. However, larger councils have a higher performance compared to smaller councils. The findings also reveal various challenges in property tax reassessment, such as insufficient human resources, inadequate property systems and software and lack of financial capacity. Others include a shortage of competent assessors, lower public education, political interference and socioeconomic uncertainty. This study offers practical implications to policy and decision-makers in the West Malaysian local authorities. Despite inferior performance by West Malaysian local authorities, there is a need for conducting property tax reassessment activity to ensure the quality and uniformity of the assessment. This study suggests that local government stakeholders and managers should devote more attention to formulating long-term plans and promoting the property tax reassessment practice. The property tax reform could solve the current situation of substandard reassessment activity. This study explains, compares and interprets the actual statistical data through the figures and summarises the challenges of property tax reassessment activity among local authorities.Property tax reassessment among local authorities: the implementation and its key challenges
Asma Senawi, Atasya Osmadi
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.152-167

The role of local authorities is crucial in addressing the essential needs of communities, and they possess the right to impose property taxes on all properties within their territory. Property taxes are levied on all properties, contributing to approximately 60% of the local authority’s finances. However, their role in this policy is not frequently understood, primarily in executing property tax reassessment. Hence, this paper aims to reveal property tax reassessment implementation and identify its key challenges.

The latest tone of the list record was extracted from the local government division, Ministry of Housing and Local Government Malaysia, to answer the research objective. The data were received on November 2021 by email. Furthermore, through the literature review, the most significant challenges in property tax reassessment were identified, compared and presented.

The results highlight that property tax reassessment implementation in West Malaysia is at the level of concern where only two councils have the latest tone of the list. However, larger councils have a higher performance compared to smaller councils. The findings also reveal various challenges in property tax reassessment, such as insufficient human resources, inadequate property systems and software and lack of financial capacity. Others include a shortage of competent assessors, lower public education, political interference and socioeconomic uncertainty.

This study offers practical implications to policy and decision-makers in the West Malaysian local authorities. Despite inferior performance by West Malaysian local authorities, there is a need for conducting property tax reassessment activity to ensure the quality and uniformity of the assessment. This study suggests that local government stakeholders and managers should devote more attention to formulating long-term plans and promoting the property tax reassessment practice. The property tax reform could solve the current situation of substandard reassessment activity.

This study explains, compares and interprets the actual statistical data through the figures and summarises the challenges of property tax reassessment activity among local authorities.

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Property tax reassessment among local authorities: the implementation and its key challenges10.1108/JFMPC-04-2022-0022Journal of Financial Management of Property and Construction2023-07-28© 2023 Emerald Publishing LimitedAsma SenawiAtasya OsmadiJournal of Financial Management of Property and Construction2912023-07-2810.1108/JFMPC-04-2022-0022https://www.emerald.com/insight/content/doi/10.1108/JFMPC-04-2022-0022/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Synthesis towards unveiling the complexity underlying underpayment for subcontractors in constructionhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-06-2022-0026/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn construction projects, underpayments can be recognised as one of the significant drawbacks that impact the success of a project. Research into underpayments is considered ambiguous and provides a limited reflection of the issue, which makes it complicated to trace how it originates in the first place. This study aims to examine the causes that lead to underpayments and develop a holistic synthesis of underpayments for subcontractors in the lifecycle of a construction project. An open-ended and closed-ended questionnaire was used to collect the data using purposeful sampling with 28 construction stakeholders who ranged from main contractors, subcontractors and others (Small medium enterprises SMEs, Consultancies, Clients etc.). Data collected was analysed to trace drivers and the impact of underpayment and suggested mitigation strategies to be identified whilst viewing the perspectives of a main contractor and subcontractor. The findings show that the most prominent driver for underpayments is variation disputes followed by cash flow. The research also suggests mitigation strategies such as collaborative working, more robust budget control and early identification of risks as potential remedies to overcome the underpayment issue. The research concludes with a framework that elicits the complexity underlying underpayments for subcontractors in construction projects. The research evolves the understanding that underpayment is a complex phenomenon, relying heavily on the data/information exchange mechanism between the main contractor and subcontractors. This research provokes the need to understand underpayment further so it can be mitigated.Synthesis towards unveiling the complexity underlying underpayment for subcontractors in construction
Mohammad Mayouf, Ciaran Gilligan
Journal of Financial Management of Property and Construction, Vol. 29, No. 1, pp.168-192

In construction projects, underpayments can be recognised as one of the significant drawbacks that impact the success of a project. Research into underpayments is considered ambiguous and provides a limited reflection of the issue, which makes it complicated to trace how it originates in the first place. This study aims to examine the causes that lead to underpayments and develop a holistic synthesis of underpayments for subcontractors in the lifecycle of a construction project.

An open-ended and closed-ended questionnaire was used to collect the data using purposeful sampling with 28 construction stakeholders who ranged from main contractors, subcontractors and others (Small medium enterprises SMEs, Consultancies, Clients etc.). Data collected was analysed to trace drivers and the impact of underpayment and suggested mitigation strategies to be identified whilst viewing the perspectives of a main contractor and subcontractor.

The findings show that the most prominent driver for underpayments is variation disputes followed by cash flow. The research also suggests mitigation strategies such as collaborative working, more robust budget control and early identification of risks as potential remedies to overcome the underpayment issue. The research concludes with a framework that elicits the complexity underlying underpayments for subcontractors in construction projects.

The research evolves the understanding that underpayment is a complex phenomenon, relying heavily on the data/information exchange mechanism between the main contractor and subcontractors. This research provokes the need to understand underpayment further so it can be mitigated.

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Synthesis towards unveiling the complexity underlying underpayment for subcontractors in construction10.1108/JFMPC-06-2022-0026Journal of Financial Management of Property and Construction2023-09-18© 2023 Emerald Publishing LimitedMohammad MayoufCiaran GilliganJournal of Financial Management of Property and Construction2912023-09-1810.1108/JFMPC-06-2022-0026https://www.emerald.com/insight/content/doi/10.1108/JFMPC-06-2022-0026/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The moderating impact of organizational readiness, competitive pressure and compatibility on the cost of using precast concrete componentshttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-01-2023-0003/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to investigate the factors affecting the cost of concrete component prefabrication using the moderating role of organizational readiness, compatibility and competitive pressure. The information collected in this study was obtained from 188 questionnaires filled out online by civil engineers active in the Iranian construction industry. Data analysis was performed by partial least squares structural equation modeling. The results reveal that perceived risk has the greatest impact on cost of using precast concrete components (PCC). Furthermore, the organizational readiness, competitive pressure and compatibility variables have moderating role in the relationship between perceived risk and perceived usefulness. The results can help policymakers and managers to apply the appropriate perspective and strategy to promote this method by illustrating the factors affecting the cost of using PCC in the building construction. Using the variables of perceived risk, perceived usefulness, and perceived ease of use to predict factors affecting the cost of using PCC is considered as an innovation in this research. In addition to identifying the most important factors affecting the cost of PCC prefabrication in the construction industry, this research tries to identify the impact of environmental factors on the model by examining the moderating role of organizational readiness, competitive pressure and compatibility.The moderating impact of organizational readiness, competitive pressure and compatibility on the cost of using precast concrete components
Ali Katebi, Amirhossein Mohammadhosseini, Mohammad Najmeddin, Peyman Homami
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to investigate the factors affecting the cost of concrete component prefabrication using the moderating role of organizational readiness, compatibility and competitive pressure.

The information collected in this study was obtained from 188 questionnaires filled out online by civil engineers active in the Iranian construction industry. Data analysis was performed by partial least squares structural equation modeling.

The results reveal that perceived risk has the greatest impact on cost of using precast concrete components (PCC). Furthermore, the organizational readiness, competitive pressure and compatibility variables have moderating role in the relationship between perceived risk and perceived usefulness. The results can help policymakers and managers to apply the appropriate perspective and strategy to promote this method by illustrating the factors affecting the cost of using PCC in the building construction.

Using the variables of perceived risk, perceived usefulness, and perceived ease of use to predict factors affecting the cost of using PCC is considered as an innovation in this research. In addition to identifying the most important factors affecting the cost of PCC prefabrication in the construction industry, this research tries to identify the impact of environmental factors on the model by examining the moderating role of organizational readiness, competitive pressure and compatibility.

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The moderating impact of organizational readiness, competitive pressure and compatibility on the cost of using precast concrete components10.1108/JFMPC-01-2023-0003Journal of Financial Management of Property and Construction2023-10-06© 2023 Emerald Publishing LimitedAli KatebiAmirhossein MohammadhosseiniMohammad NajmeddinPeyman HomamiJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-10-0610.1108/JFMPC-01-2023-0003https://www.emerald.com/insight/content/doi/10.1108/JFMPC-01-2023-0003/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Applicability of electronic document management system (EDMS) for the cost management of mega construction projects in Sri Lankahttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-01-2023-0005/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDocumentation plays a key role in navigating the costs of construction projects. Traditional document management systems (TDMS) used in developing countries, however, hinder the achievement of expected cost targets. Although the electronic document management system (EDMS) has been implemented to improve documentation, the Sri Lankan construction industry has failed to effectively adapt to it. Hence, this study aims to provide strategies for the effective application of EDMS to the cost management of Sri Lankan mega construction projects. This study uses a qualitative approach followed by 12 semi-structured expert interviews. Quantity surveying experts were selected through judgemental sampling. Manual content analysis was used to analyse the data. The EDMS is more suitable for megaprojects than traditional methods of documentation in terms of functionality, neutrality, interoperability, space, reversibility and delivery speed. However, there are contradictory views about cost and security. Furthermore, five transitional challenges of EDMS have been identified under the three key themes of cost, stakeholder perception and technical difficulties. Four reasons were also identified as causing these five challenges. Seven suggestions were made to deal with these transitional challenges and three key feasible solutions for the Sri Lankan construction industry regarding the EDMS were identified. Development of Sri Lankan software with low initial cost was highlighted as the most feasible solution. This is a novel study to investigate the applicability of EDMS to cost management mechanisms of megaprojects in Sri Lanka. The findings reveal transitional challenges and appropriate feasible solutions for EDMS adaptation. This can be applied to the cost management of megaprojects in other developing countries as well.Applicability of electronic document management system (EDMS) for the cost management of mega construction projects in Sri Lanka
Lahiru Supun Deshan Rathnayaka, Buddha Koralage Malsha Nadeetharu, Udayangani Kulatunga
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

Documentation plays a key role in navigating the costs of construction projects. Traditional document management systems (TDMS) used in developing countries, however, hinder the achievement of expected cost targets. Although the electronic document management system (EDMS) has been implemented to improve documentation, the Sri Lankan construction industry has failed to effectively adapt to it. Hence, this study aims to provide strategies for the effective application of EDMS to the cost management of Sri Lankan mega construction projects.

This study uses a qualitative approach followed by 12 semi-structured expert interviews. Quantity surveying experts were selected through judgemental sampling. Manual content analysis was used to analyse the data.

The EDMS is more suitable for megaprojects than traditional methods of documentation in terms of functionality, neutrality, interoperability, space, reversibility and delivery speed. However, there are contradictory views about cost and security. Furthermore, five transitional challenges of EDMS have been identified under the three key themes of cost, stakeholder perception and technical difficulties. Four reasons were also identified as causing these five challenges. Seven suggestions were made to deal with these transitional challenges and three key feasible solutions for the Sri Lankan construction industry regarding the EDMS were identified. Development of Sri Lankan software with low initial cost was highlighted as the most feasible solution.

This is a novel study to investigate the applicability of EDMS to cost management mechanisms of megaprojects in Sri Lanka. The findings reveal transitional challenges and appropriate feasible solutions for EDMS adaptation. This can be applied to the cost management of megaprojects in other developing countries as well.

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Applicability of electronic document management system (EDMS) for the cost management of mega construction projects in Sri Lanka10.1108/JFMPC-01-2023-0005Journal of Financial Management of Property and Construction2023-12-05© 2023 Emerald Publishing LimitedLahiru Supun Deshan RathnayakaBuddha Koralage Malsha NadeetharuUdayangani KulatungaJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-12-0510.1108/JFMPC-01-2023-0005https://www.emerald.com/insight/content/doi/10.1108/JFMPC-01-2023-0005/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investigating ground-related design deficiencies as potential triggers to cost overruns in highway projectshttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-02-2023-0008/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate ground-related design deficiencies as potential avenues of avoidable cost overruns, discernible from the geotechnical practices of highway agencies in the Niger Delta region of Nigeria. The study deploys an interpretivist qualitative methodology to provide a detailed descriptive analysis of the design-related geotechnical practices of highway agencies during the pre-contract phase of highway projects. Semi-structured interviews were conducted with in-house professionals, consultants and contractors affiliated with the three highway agencies in the Niger Delta and thematically analysed to identify significant deviations from geotechnical best practices. The study outcome shows that during the pre-contract phase, a chain of design-related geotechnical shortcomings has plagued highway projects executed in the Niger Delta. This view of practice uncovered in this study demonstrates a culture of significant deviation from best practice recommendations, which could plausibly contribute to the history of significant project cost overruns recorded in the region. The study qualitatively spotlights gaps in the practice of highway agencies and reinforces the need for a re-orientation of the attitude to risk management, to give geotechnical concerns a priority in the financial management of highway projects executed in the Niger Delta region of Nigeria.Investigating ground-related design deficiencies as potential triggers to cost overruns in highway projects
Alolote Ibim Amadi
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate ground-related design deficiencies as potential avenues of avoidable cost overruns, discernible from the geotechnical practices of highway agencies in the Niger Delta region of Nigeria.

The study deploys an interpretivist qualitative methodology to provide a detailed descriptive analysis of the design-related geotechnical practices of highway agencies during the pre-contract phase of highway projects. Semi-structured interviews were conducted with in-house professionals, consultants and contractors affiliated with the three highway agencies in the Niger Delta and thematically analysed to identify significant deviations from geotechnical best practices.

The study outcome shows that during the pre-contract phase, a chain of design-related geotechnical shortcomings has plagued highway projects executed in the Niger Delta. This view of practice uncovered in this study demonstrates a culture of significant deviation from best practice recommendations, which could plausibly contribute to the history of significant project cost overruns recorded in the region.

The study qualitatively spotlights gaps in the practice of highway agencies and reinforces the need for a re-orientation of the attitude to risk management, to give geotechnical concerns a priority in the financial management of highway projects executed in the Niger Delta region of Nigeria.

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Investigating ground-related design deficiencies as potential triggers to cost overruns in highway projects10.1108/JFMPC-02-2023-0008Journal of Financial Management of Property and Construction2023-12-04© 2023 Emerald Publishing LimitedAlolote Ibim AmadiJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-12-0410.1108/JFMPC-02-2023-0008https://www.emerald.com/insight/content/doi/10.1108/JFMPC-02-2023-0008/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Causes of disputes in the construction industry – a systematic literature reviewhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-03-2023-0012/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe construction industry is complex, human-intensive and driven by monetary values. Hence, disputes are widespread. Initial conflicts among parties may develop into a disastrous dispute that costs the project success and good relationships and affects stakeholders' expectations. There has been a focus on causes of construction-related disputes, and studies over the past three decades have attempted to identify a more comprehensive list of reasons for disputes. Some of these studies' limitations were geographical, project delivery methods and project types. The purpose of this study is to identify the most recent and conclusive list of causes of disputes based on current literature by undertaking a systematic literature review (SLR). Considering the large number of studies that focused on causes of disputes, this study aims to develop a comprehensive list of causes, using a SLR, as it ensures that all previous articles in multiple databases are reviewed to produce a comprehensive outcome. A six-stage SLR was followed from background study to analysis and reporting. Not surprisingly, the number of publications has increased over time, most from the Middle East region. The interconnected nature of the causes was widely emphasised. The SLR has produced eight common core causes of disputes. They are: poor contractual arrangements, employer-initiated scope changes, unforeseen site changes, poor contract understanding and administration, contractor’s quality of works, the inability of the contractor to achieve time targets, non- or delayed payments and poor quality of design. The majority of previous authors realised that disputes could be avoided by parties’ involvement during the early stages, avoiding being opportunistic and acting collaboratively. Even though numerous studies have been carried out to identify the causes of disputes in the construction industry, none did a SLR. This study aggregates all the previous studies that focused on construction-related disputes systematically. Categorising causes based on the party primarily responsible help various stakeholders by providing a distinct list of factors to avoid that contribute to disputes.Causes of disputes in the construction industry – a systematic literature review
Pramod Malaka Silva, Niluka Domingo, Noushad Ali Naseem Ameer Ali
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

The construction industry is complex, human-intensive and driven by monetary values. Hence, disputes are widespread. Initial conflicts among parties may develop into a disastrous dispute that costs the project success and good relationships and affects stakeholders' expectations. There has been a focus on causes of construction-related disputes, and studies over the past three decades have attempted to identify a more comprehensive list of reasons for disputes. Some of these studies' limitations were geographical, project delivery methods and project types. The purpose of this study is to identify the most recent and conclusive list of causes of disputes based on current literature by undertaking a systematic literature review (SLR).

Considering the large number of studies that focused on causes of disputes, this study aims to develop a comprehensive list of causes, using a SLR, as it ensures that all previous articles in multiple databases are reviewed to produce a comprehensive outcome. A six-stage SLR was followed from background study to analysis and reporting.

Not surprisingly, the number of publications has increased over time, most from the Middle East region. The interconnected nature of the causes was widely emphasised. The SLR has produced eight common core causes of disputes. They are: poor contractual arrangements, employer-initiated scope changes, unforeseen site changes, poor contract understanding and administration, contractor’s quality of works, the inability of the contractor to achieve time targets, non- or delayed payments and poor quality of design. The majority of previous authors realised that disputes could be avoided by parties’ involvement during the early stages, avoiding being opportunistic and acting collaboratively.

Even though numerous studies have been carried out to identify the causes of disputes in the construction industry, none did a SLR. This study aggregates all the previous studies that focused on construction-related disputes systematically. Categorising causes based on the party primarily responsible help various stakeholders by providing a distinct list of factors to avoid that contribute to disputes.

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Causes of disputes in the construction industry – a systematic literature review10.1108/JFMPC-03-2023-0012Journal of Financial Management of Property and Construction2023-09-12© 2023 Emerald Publishing LimitedPramod Malaka SilvaNiluka DomingoNoushad Ali Naseem Ameer AliJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-09-1210.1108/JFMPC-03-2023-0012https://www.emerald.com/insight/content/doi/10.1108/JFMPC-03-2023-0012/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Implications of competitive tendering on consulting engineering services in South Africa: a thematic analysishttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-06-2022-0029/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCompetitive tendering in South Africa is often associated with procurement based on the lowest fee tendered. Previous research on this topic did not provide in-depth examinations of how pricing within consulting engineering companies was affected by competitive tendering nor did it illuminate the extent to which professional services were impacted by competitive tendering. This paper aims to examine the implications of competitive tendering on pricing and delivery of consulting engineering services in South Africa. A survey research strategy with a questionnaire as the research instrument elicited qualitative data from 28 experienced consulting engineers in South Africa. Thematic analysis was used to analyse qualitative data from the questionnaires. Three key themes were identified, namely: considerations when determining consulting engineering fees on competitively tendered projects; the impact of reduced fees due to competitive tendering on the delivery of consulting engineering services; and interventions to prevent unsustainably “low” professional fees. Many consulting engineers in South Africa still determine fees using fee scales, while other considerations include resources, project complexity, risk, etc. Most participants asserted that design optimisation/value engineering, training, meetings and construction monitoring were adversely impacted by “low” fees. This paper provides in-depth qualitative feedback from experienced consulting engineers (most having more than 20 years’ experience) on a topical issue in the South African construction industry. Thematic analysis was a novel method of analysis that was not used previously in this area of study.Implications of competitive tendering on consulting engineering services in South Africa: a thematic analysis
Neil Govender, Samuel Laryea, Ron Watermeyer
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

Competitive tendering in South Africa is often associated with procurement based on the lowest fee tendered. Previous research on this topic did not provide in-depth examinations of how pricing within consulting engineering companies was affected by competitive tendering nor did it illuminate the extent to which professional services were impacted by competitive tendering. This paper aims to examine the implications of competitive tendering on pricing and delivery of consulting engineering services in South Africa.

A survey research strategy with a questionnaire as the research instrument elicited qualitative data from 28 experienced consulting engineers in South Africa. Thematic analysis was used to analyse qualitative data from the questionnaires.

Three key themes were identified, namely: considerations when determining consulting engineering fees on competitively tendered projects; the impact of reduced fees due to competitive tendering on the delivery of consulting engineering services; and interventions to prevent unsustainably “low” professional fees. Many consulting engineers in South Africa still determine fees using fee scales, while other considerations include resources, project complexity, risk, etc. Most participants asserted that design optimisation/value engineering, training, meetings and construction monitoring were adversely impacted by “low” fees.

This paper provides in-depth qualitative feedback from experienced consulting engineers (most having more than 20 years’ experience) on a topical issue in the South African construction industry. Thematic analysis was a novel method of analysis that was not used previously in this area of study.

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Implications of competitive tendering on consulting engineering services in South Africa: a thematic analysis10.1108/JFMPC-06-2022-0029Journal of Financial Management of Property and Construction2023-12-07© 2023 Neil Govender, Samuel Laryea and Ron Watermeyer.Neil GovenderSamuel LaryeaRon WatermeyerJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-12-0710.1108/JFMPC-06-2022-0029https://www.emerald.com/insight/content/doi/10.1108/JFMPC-06-2022-0029/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Neil Govender, Samuel Laryea and Ron Watermeyer.http://creativecommons.org/licences/by/4.0/legalcode
How do economic policy uncertainty and leverage impact firm-level cash holding distribution of housing companies in an emerging economy? A quantile regression approachhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-06-2023-0036/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHigh economic policy uncertainty forces firms to accumulate a higher level of cash than during normal business periods. However, it is not evident that economic policy uncertainty has a homogeneous impact across cash-holding distributions. This paper aims to study the impact of economic policy uncertainty, leverage and their interaction on cash-holding distributions. This study adopted a quantile regression approach to examine the influence of economic policy uncertainty and firm leverage on firm-level cash-holding distributions. To investigate the influence across quantiles, the author estimated 19 quantiles between 0.05 and 0.95. This study finds that both economic policy uncertainty and firm leverage significantly affect firm-level cash-holding distributions heterogeneously. But, the impact of the interaction of these two variables is significant only for firms placed in the 60th to 85th quantiles of cash holding distribution. The study adds to the existing knowledge of determinants of firm-level cash holdings but takes exogenous variables as economic policy uncertainty. The paper builds on a unique sample setting wherein, the cash holdings of all nonfinancial firms have increased many folds, including housing companies in an emerging economy.How do economic policy uncertainty and leverage impact firm-level cash holding distribution of housing companies in an emerging economy? A quantile regression approach
Rajni Kant Rajhans
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

High economic policy uncertainty forces firms to accumulate a higher level of cash than during normal business periods. However, it is not evident that economic policy uncertainty has a homogeneous impact across cash-holding distributions. This paper aims to study the impact of economic policy uncertainty, leverage and their interaction on cash-holding distributions.

This study adopted a quantile regression approach to examine the influence of economic policy uncertainty and firm leverage on firm-level cash-holding distributions. To investigate the influence across quantiles, the author estimated 19 quantiles between 0.05 and 0.95.

This study finds that both economic policy uncertainty and firm leverage significantly affect firm-level cash-holding distributions heterogeneously. But, the impact of the interaction of these two variables is significant only for firms placed in the 60th to 85th quantiles of cash holding distribution.

The study adds to the existing knowledge of determinants of firm-level cash holdings but takes exogenous variables as economic policy uncertainty. The paper builds on a unique sample setting wherein, the cash holdings of all nonfinancial firms have increased many folds, including housing companies in an emerging economy.

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How do economic policy uncertainty and leverage impact firm-level cash holding distribution of housing companies in an emerging economy? A quantile regression approach10.1108/JFMPC-06-2023-0036Journal of Financial Management of Property and Construction2023-12-11© 2023 Emerald Publishing LimitedRajni Kant RajhansJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-12-1110.1108/JFMPC-06-2023-0036https://www.emerald.com/insight/content/doi/10.1108/JFMPC-06-2023-0036/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Modelling business performance from marketing practices of architecture firms in Nigeriahttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-07-2023-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to establish marketing practices which predict business performance of architecture firms within the Nigerian Construction Industry (NCI) to address the sustained poor business performance of firms, which affects allied professionals as many projects in the built environment depend on design proposals from architects. Survey responses from 86 firms were used to model business performance measured as total revenue of the firms from 40 commonly deployed marketing practices in construction. Two-thirds of the marketing practices most used by architectural firms were ineffective in predicting business performance. The model also explains up to half the variance in business performance (37.4–49.9%), supporting the view that marketing in the CI affects business performance. Researching client needs and competitors emerged as the only significant positive predictor of business performance (β = 0.827, p = 0.043). Using social media (β = −1.247, p = 0.004), regular participation in awards/competitions (β = −1.420, p = 0.013) and inclusion of political offers in bids (β = −1.050, p = 0.016) negatively predicted business performance. Architecture and allied professional bodies in Nigeria need to rethink existing restrictions regarding marketing based on traditional code of ethics in light of present-day realities of digital and internet business environments. Principals and management of architecture firms require a paradigm shift in deploying the appropriate marketing practices, especially as it relates to research regarding changing client expectations and current competition within the NCI. The study established marketing practices which model business performance and demonstrate their value in a framework for improving the financial sustainability of architecture firms within the NCI.Modelling business performance from marketing practices of architecture firms in Nigeria
Joy Joshua Maina
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to establish marketing practices which predict business performance of architecture firms within the Nigerian Construction Industry (NCI) to address the sustained poor business performance of firms, which affects allied professionals as many projects in the built environment depend on design proposals from architects.

Survey responses from 86 firms were used to model business performance measured as total revenue of the firms from 40 commonly deployed marketing practices in construction.

Two-thirds of the marketing practices most used by architectural firms were ineffective in predicting business performance. The model also explains up to half the variance in business performance (37.4–49.9%), supporting the view that marketing in the CI affects business performance. Researching client needs and competitors emerged as the only significant positive predictor of business performance (β = 0.827, p = 0.043). Using social media (β = −1.247, p = 0.004), regular participation in awards/competitions (β = −1.420, p = 0.013) and inclusion of political offers in bids (β = −1.050, p = 0.016) negatively predicted business performance.

Architecture and allied professional bodies in Nigeria need to rethink existing restrictions regarding marketing based on traditional code of ethics in light of present-day realities of digital and internet business environments. Principals and management of architecture firms require a paradigm shift in deploying the appropriate marketing practices, especially as it relates to research regarding changing client expectations and current competition within the NCI.

The study established marketing practices which model business performance and demonstrate their value in a framework for improving the financial sustainability of architecture firms within the NCI.

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Modelling business performance from marketing practices of architecture firms in Nigeria10.1108/JFMPC-07-2023-0047Journal of Financial Management of Property and Construction2024-03-08© 2024 Emerald Publishing LimitedJoy Joshua MainaJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2024-03-0810.1108/JFMPC-07-2023-0047https://www.emerald.com/insight/content/doi/10.1108/JFMPC-07-2023-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
The potential of new models of construction procurement to counter cost overruns in construction projects: an exploratory study from a contractors’ perspectivehttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2022-0035/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCost overrun is a significant issue in construction, an undesirable feature the industry has long been associated with. Poor procurement practices are often blamed for subsequent cost overruns in construction, especially with conventional procurement methods leading to outrageous cost overruns. The purpose of this study is to review the features of the new models of construction procurement (NMCP) and assess their potential to reduce cost overruns in construction projects. A literature review was conducted to identify the issues of procurement leading to cost escalations. Primary data were obtained through exploratory, semi-structured interviews using a case study approach. Clients’ lack of knowledge was highlighted as a key issue in procurement that interlinks with many factors causing cost escalation. The findings suggest that the features contained within the NMCP, such as early contractor involvement and collaboration throughout the project team, have the potential to make a positive contribution to addressing cost escalation in construction. The primary research was undertaken as an exploratory study and presents the contractor's perspective. Further research is therefore suggested, with multiple organisations representing all key stakeholders in a construction project, including clients, consultants, sub-contractors and suppliers. The study recommends awareness of the NMCP be raised throughout the industry, and simplified information must be made available to help widen uptake of these contemporary procurement methods. Addressing the dearth of research concerning the use of NMCP within the industry, this study makes a niche contribution to the body of knowledge on construction cost management by illustrating the potential offered by these new procurement methods for addressing cost escalation. For an industry where collaboration is accepted with reservations, this case study demonstrates how novel collaborative strategies such as open book costing, project bank accounts and shared pain and gain mechanisms can be implemented as part of the procurement strategy and how such strategies can contribute towards minimising the cost escalation inherent in construction projects.The potential of new models of construction procurement to counter cost overruns in construction projects: an exploratory study from a contractors’ perspective
Stephanie Sheamar, Gayan Wedawatta, Maheshi Tennakoon, Roshani Palliyaguru, Maxwell Fordjour Antwi-Afari
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

Cost overrun is a significant issue in construction, an undesirable feature the industry has long been associated with. Poor procurement practices are often blamed for subsequent cost overruns in construction, especially with conventional procurement methods leading to outrageous cost overruns. The purpose of this study is to review the features of the new models of construction procurement (NMCP) and assess their potential to reduce cost overruns in construction projects.

A literature review was conducted to identify the issues of procurement leading to cost escalations. Primary data were obtained through exploratory, semi-structured interviews using a case study approach.

Clients’ lack of knowledge was highlighted as a key issue in procurement that interlinks with many factors causing cost escalation. The findings suggest that the features contained within the NMCP, such as early contractor involvement and collaboration throughout the project team, have the potential to make a positive contribution to addressing cost escalation in construction.

The primary research was undertaken as an exploratory study and presents the contractor's perspective. Further research is therefore suggested, with multiple organisations representing all key stakeholders in a construction project, including clients, consultants, sub-contractors and suppliers.

The study recommends awareness of the NMCP be raised throughout the industry, and simplified information must be made available to help widen uptake of these contemporary procurement methods.

Addressing the dearth of research concerning the use of NMCP within the industry, this study makes a niche contribution to the body of knowledge on construction cost management by illustrating the potential offered by these new procurement methods for addressing cost escalation. For an industry where collaboration is accepted with reservations, this case study demonstrates how novel collaborative strategies such as open book costing, project bank accounts and shared pain and gain mechanisms can be implemented as part of the procurement strategy and how such strategies can contribute towards minimising the cost escalation inherent in construction projects.

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The potential of new models of construction procurement to counter cost overruns in construction projects: an exploratory study from a contractors’ perspective10.1108/JFMPC-08-2022-0035Journal of Financial Management of Property and Construction2023-09-18© 2023 Emerald Publishing LimitedStephanie SheamarGayan WedawattaMaheshi TennakoonRoshani PalliyaguruMaxwell Fordjour Antwi-AfariJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-09-1810.1108/JFMPC-08-2022-0035https://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2022-0035/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A conceptual cost estimation model for the pre-design stage of road projects using multiple regression analysishttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2023-0052/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe current estimation practice in construction projects greatly needs upgrading, as there has been no improvement in the cost overrun issue over the past 70 years. The purpose of this research was to develop a new multiple regression analysis (MRA)-based model to forecast the final cost of road projects at the pre-design stage using data from 43 projects in New Zealand (NZ). The research used the case study of 43 completed road projects in NZ. Document analysis was conducted to collect data, and statistical tests were used for model development and analysis. Eight models were developed, and all models achieved the required F statistics and met the regression assumptions. The models’ mean absolute percentage error (MAPE) was between 21.25% and 22.77%. The model with the lowest MAPE comprised the road length and width, number of bridges, pavement area, cut and fill area, preliminary cost and cost indices change. The model is based on road projects in NZ. However, it was designed to be able to adapt to other contexts. The findings suggest that the model can be used to improve traditional conceptual estimating methods. Past project data is often stored by the project team but rarely used for analysing and forecasting purposes. This research emphasises that past data can be effectively used to predict the project cost at the pre-design stage with limited information. No research was conducted to adopt cost modelling techniques into the conceptual estimation practice in the NZ construction industry.A conceptual cost estimation model for the pre-design stage of road projects using multiple regression analysis
Chinthaka Niroshan Atapattu, Niluka Domingo, Monty Sutrisna
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

The current estimation practice in construction projects greatly needs upgrading, as there has been no improvement in the cost overrun issue over the past 70 years. The purpose of this research was to develop a new multiple regression analysis (MRA)-based model to forecast the final cost of road projects at the pre-design stage using data from 43 projects in New Zealand (NZ).

The research used the case study of 43 completed road projects in NZ. Document analysis was conducted to collect data, and statistical tests were used for model development and analysis.

Eight models were developed, and all models achieved the required F statistics and met the regression assumptions. The models’ mean absolute percentage error (MAPE) was between 21.25% and 22.77%. The model with the lowest MAPE comprised the road length and width, number of bridges, pavement area, cut and fill area, preliminary cost and cost indices change.

The model is based on road projects in NZ. However, it was designed to be able to adapt to other contexts. The findings suggest that the model can be used to improve traditional conceptual estimating methods. Past project data is often stored by the project team but rarely used for analysing and forecasting purposes. This research emphasises that past data can be effectively used to predict the project cost at the pre-design stage with limited information.

No research was conducted to adopt cost modelling techniques into the conceptual estimation practice in the NZ construction industry.

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A conceptual cost estimation model for the pre-design stage of road projects using multiple regression analysis10.1108/JFMPC-08-2023-0052Journal of Financial Management of Property and Construction2024-03-28© 2024 Emerald Publishing LimitedChinthaka Niroshan AtapattuNiluka DomingoMonty SutrisnaJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2024-03-2810.1108/JFMPC-08-2023-0052https://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2023-0052/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
From hurdles to heights: blueprint for tackling distributed ledger technology challenges in the construction sector of a developing economyhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2023-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe emergence of distributed ledger technology (DLT) has transformed the way construction industries approach data management, ushering in an era of increased transparency, security and efficiency. The purpose of this study is to investigate the strategies to promote the adoption of DLT in the Nigerian construction sector. This was done to address the challenges that hinder the widespread adoption of DLT within the Nigerian construction sector. A comprehensive literature review informed the design of a structured questionnaire for data collection. The questionnaire was distributed among diverse construction professionals to explore their perceptions of potential strategies. The collected data were analyzed using the Shapiro–Wilk test for data distribution, while mean values and standard deviations were used to facilitate the ranking of strategies. The Kruskal–Wallis H-test was used to assess opinion differences, and exploratory factor analysis was applied to uncover underlying dimensions. The findings revealed the top five strategies for DLT adoption as conducting workshops and seminars to educate professionals, collaborating with universities for DLT courses, encouraging joint projects for shared insights, forming consortia for DLT standards and allocating funding for DLT research in construction. Through factor analysis, the strategies identified were categorized into four principal clusters: awareness and education advancements, government support and incentives, industry collaboration and standards and pilot projects and demonstrations. While prior studies have identified barriers to DLT adoption and offering recommendations, this research advances the field by empirically investigating and assessing several of these strategies proposed in various studies. This approach provides valuable insights that go beyond existing research, offering a deeper understanding of the practical and contextual dynamics influencing DLT adoption in the construction sector.From hurdles to heights: blueprint for tackling distributed ledger technology challenges in the construction sector of a developing economy
Ayodeji Emmanuel Oke, John Aliu, Lydia Uyi Ehiosun, Andrew Ebekozien, Akinrolade Ayowole Rotimi
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

The emergence of distributed ledger technology (DLT) has transformed the way construction industries approach data management, ushering in an era of increased transparency, security and efficiency. The purpose of this study is to investigate the strategies to promote the adoption of DLT in the Nigerian construction sector. This was done to address the challenges that hinder the widespread adoption of DLT within the Nigerian construction sector.

A comprehensive literature review informed the design of a structured questionnaire for data collection. The questionnaire was distributed among diverse construction professionals to explore their perceptions of potential strategies. The collected data were analyzed using the Shapiro–Wilk test for data distribution, while mean values and standard deviations were used to facilitate the ranking of strategies. The Kruskal–Wallis H-test was used to assess opinion differences, and exploratory factor analysis was applied to uncover underlying dimensions.

The findings revealed the top five strategies for DLT adoption as conducting workshops and seminars to educate professionals, collaborating with universities for DLT courses, encouraging joint projects for shared insights, forming consortia for DLT standards and allocating funding for DLT research in construction. Through factor analysis, the strategies identified were categorized into four principal clusters: awareness and education advancements, government support and incentives, industry collaboration and standards and pilot projects and demonstrations.

While prior studies have identified barriers to DLT adoption and offering recommendations, this research advances the field by empirically investigating and assessing several of these strategies proposed in various studies. This approach provides valuable insights that go beyond existing research, offering a deeper understanding of the practical and contextual dynamics influencing DLT adoption in the construction sector.

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From hurdles to heights: blueprint for tackling distributed ledger technology challenges in the construction sector of a developing economy10.1108/JFMPC-08-2023-0055Journal of Financial Management of Property and Construction2024-02-19© 2024 Emerald Publishing LimitedAyodeji Emmanuel OkeJohn AliuLydia Uyi EhiosunAndrew EbekozienAkinrolade Ayowole RotimiJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2024-02-1910.1108/JFMPC-08-2023-0055https://www.emerald.com/insight/content/doi/10.1108/JFMPC-08-2023-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Assessing the impact of early supplier involvement on public works procurementhttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-09-2022-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestWorks procurement performance is critical to successful project delivery. However, early supplier involvement (ESI) has been touted in other industries to impact procurement performance positively. Works procurement has been attracting significant attention from major players due to poor performance characterized by poor performance, budget overruns and incompetence. Hence, the purpose of this study was to assess the impact of ESI on public works procurement performance. Based on a thorough review of the literature for a pilot survey, the main questionnaires were administered to 103 public procurement officers. To assess the impact of ESI on public works procurement performance, three constructs that served as factors for implementing ESI and five that measure works procurement performance were validated using partial least square structural equation modelling (PLS-SEM). The outcome of this study shows a significant positive impact of ESI on works procurement performance. This included communication, trust and supplier capabilities. The study further showed that even though cost, schedule, quality, health and safety are essential, sustainability measures are also crucial for work procurement. The results of this study could help firms make better decisions regarding public works procurement by encouraging ESI. This will likely significantly impact the successful project delivery and preservation of sustainability and efficiency objectives. The application of PLS-SEM analysis in this study provides insights into how ESI can impact the procurement of public works in Ghana.Assessing the impact of early supplier involvement on public works procurement
Vincent Kwame Osei-Appiah, Ernest Kissi, Victor Acheamfour Karikari, Prosper Ayeng, Eugene Danquah-Smith, Michael Adesi
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

Works procurement performance is critical to successful project delivery. However, early supplier involvement (ESI) has been touted in other industries to impact procurement performance positively. Works procurement has been attracting significant attention from major players due to poor performance characterized by poor performance, budget overruns and incompetence. Hence, the purpose of this study was to assess the impact of ESI on public works procurement performance.

Based on a thorough review of the literature for a pilot survey, the main questionnaires were administered to 103 public procurement officers. To assess the impact of ESI on public works procurement performance, three constructs that served as factors for implementing ESI and five that measure works procurement performance were validated using partial least square structural equation modelling (PLS-SEM).

The outcome of this study shows a significant positive impact of ESI on works procurement performance. This included communication, trust and supplier capabilities. The study further showed that even though cost, schedule, quality, health and safety are essential, sustainability measures are also crucial for work procurement.

The results of this study could help firms make better decisions regarding public works procurement by encouraging ESI. This will likely significantly impact the successful project delivery and preservation of sustainability and efficiency objectives.

The application of PLS-SEM analysis in this study provides insights into how ESI can impact the procurement of public works in Ghana.

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Assessing the impact of early supplier involvement on public works procurement10.1108/JFMPC-09-2022-0047Journal of Financial Management of Property and Construction2023-09-27© 2023 Emerald Publishing LimitedVincent Kwame Osei-AppiahErnest KissiVictor Acheamfour KarikariProsper AyengEugene Danquah-SmithMichael AdesiJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-09-2710.1108/JFMPC-09-2022-0047https://www.emerald.com/insight/content/doi/10.1108/JFMPC-09-2022-0047/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Development of a financial performance measurement model for real estate business: an exploratory study in Indiahttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-11-2022-0062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to develop a financial performance measurement model for real estate business. The study uses balanced scorecard (BSC) proposed by Kaplan and Norton (1996) as a theoretical support. The study, being exploratory in nature, uses survey method to collect data on several dimensions of BSC as well as on other performance measures used by real estate businesses in India. The survey data collected is analyzed using exploratory factor analysis (EFA) to explore the model constructs. This is followed by building an integrated conceptual model for measuring the financial performance of a real estate business. The model is tested using partial least squares structural equation modeling (PLS-SEM). The study finds that the financial performance of the real estate business revolves around customer satisfaction, employee satisfaction and external networks. The right alignment of these components lead to superior financial performance. It also provides a competitive advantage to the real estate business. These three components (customer satisfaction, employee satisfaction and external networks) have direct and indirect influences on the financial performance of real estate business. A small sample size (78 respondents), as well as the respondent’s geographical concentration in India, are the limitations of the study. Hence, generalization of findings may be difficult until the findings are validated across the globe. The conceptual performance measurement model suggested in this research provides an effective tool to plan and strategize to achieve superior financial performance, particularly for stakeholders in the real estate business. To the best of the authors’ knowledge and belief, this is the first attempt to develop a comprehensive financial performance measurement model for real estate business and test it using EFA and PLS-SEM.Development of a financial performance measurement model for real estate business: an exploratory study in India
Harish Kumar Singla, Sitara Sunil Chammanam
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to develop a financial performance measurement model for real estate business.

The study uses balanced scorecard (BSC) proposed by Kaplan and Norton (1996) as a theoretical support. The study, being exploratory in nature, uses survey method to collect data on several dimensions of BSC as well as on other performance measures used by real estate businesses in India. The survey data collected is analyzed using exploratory factor analysis (EFA) to explore the model constructs. This is followed by building an integrated conceptual model for measuring the financial performance of a real estate business. The model is tested using partial least squares structural equation modeling (PLS-SEM).

The study finds that the financial performance of the real estate business revolves around customer satisfaction, employee satisfaction and external networks. The right alignment of these components lead to superior financial performance. It also provides a competitive advantage to the real estate business. These three components (customer satisfaction, employee satisfaction and external networks) have direct and indirect influences on the financial performance of real estate business.

A small sample size (78 respondents), as well as the respondent’s geographical concentration in India, are the limitations of the study. Hence, generalization of findings may be difficult until the findings are validated across the globe.

The conceptual performance measurement model suggested in this research provides an effective tool to plan and strategize to achieve superior financial performance, particularly for stakeholders in the real estate business.

To the best of the authors’ knowledge and belief, this is the first attempt to develop a comprehensive financial performance measurement model for real estate business and test it using EFA and PLS-SEM.

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Development of a financial performance measurement model for real estate business: an exploratory study in India10.1108/JFMPC-11-2022-0062Journal of Financial Management of Property and Construction2023-11-29© 2023 Emerald Publishing LimitedHarish Kumar SinglaSitara Sunil ChammanamJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-11-2910.1108/JFMPC-11-2022-0062https://www.emerald.com/insight/content/doi/10.1108/JFMPC-11-2022-0062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projectshttps://www.emerald.com/insight/content/doi/10.1108/JFMPC-12-2022-0064/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe sustainable development goal (SDG 17) is to strengthen the means of implementation and revitalise the global partnership for sustainable development. Partnership is a key strategy for acquiring skills, information and private finance for developing critical infrastructure projects. Existing studies have mostly concentrated on identifying critical success factors (CSFs) for successfully delivering public–private partnerships (PPPs) projects, but the interrelationships among CSFs expected from stakeholders have garnered less attention. The purpose of this study is to examine the interconnections among CSFs of PPP projects while keeping the public in mind, as well as the influencing routes that contribute to success in the PPP implementation process. The study uses a mixed-method approach that involves both quantitative and qualitative methods of data collection. The data for the study were collected through a well-structured questionnaire from the respondents who are directly or indirectly associated with the PPP project implementation process. The CSF’s framework was built using a literature study and expert interviews; nine hypotheses were developed and evaluated using structural equation modelling. Random and purposive sampling techniques were used for the respondents who were directly or indirectly associated with the PPP project implementation process. The findings of this study reveal that the relationship between public and private partners is more adherent than collaborative, with unequal responsibilities, powers and resources distributed among the parties involved. The relevance of state rules, the PPP directive and policies in PPP implementation is supported by the positive connection between favourable environments (Fav_Env) and government attributes (Gov_Atr; the path coefficient is 0.405). Moreover, government attributes have a favourable influence on private company attributes (Pvt_Atr; the path coefficient is 0.198), showing that the state plays a substantial role in the private sector’s decision-making process in PPP. The long-term sustainability and success of a PPP project are dependent on the established interrelationships between CSFs. The established interrelationships between CSFs will contribute to the long-term viability and success of a PPP project. Since PPP is still in its infancy in India, the study of CSFs in PPPs and their interrelationships will help policymakers and other stakeholders better understand the major individual factors impacting the success or failure of PPP initiatives. Because PPP is still in its infancy in India, the study of CSFs in PPPs and their interrelationships will help policymakers and other stakeholders to better understand the major individual factors impacting the success or failure of PPP initiatives. A key implication of the study borders on providing a better understanding of the relationships between CSFs and public engagement. This is also critical for the long-term viability of PPPs and the enhancement of public service quality.Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projects
Mushtaq Ahmad Shah, Sanjeev Kumar, Mohd Asif Shah, Adil Rasool
Journal of Financial Management of Property and Construction, Vol. ahead-of-print, No. ahead-of-print, pp.-

The sustainable development goal (SDG 17) is to strengthen the means of implementation and revitalise the global partnership for sustainable development. Partnership is a key strategy for acquiring skills, information and private finance for developing critical infrastructure projects. Existing studies have mostly concentrated on identifying critical success factors (CSFs) for successfully delivering public–private partnerships (PPPs) projects, but the interrelationships among CSFs expected from stakeholders have garnered less attention. The purpose of this study is to examine the interconnections among CSFs of PPP projects while keeping the public in mind, as well as the influencing routes that contribute to success in the PPP implementation process.

The study uses a mixed-method approach that involves both quantitative and qualitative methods of data collection. The data for the study were collected through a well-structured questionnaire from the respondents who are directly or indirectly associated with the PPP project implementation process. The CSF’s framework was built using a literature study and expert interviews; nine hypotheses were developed and evaluated using structural equation modelling. Random and purposive sampling techniques were used for the respondents who were directly or indirectly associated with the PPP project implementation process.

The findings of this study reveal that the relationship between public and private partners is more adherent than collaborative, with unequal responsibilities, powers and resources distributed among the parties involved. The relevance of state rules, the PPP directive and policies in PPP implementation is supported by the positive connection between favourable environments (Fav_Env) and government attributes (Gov_Atr; the path coefficient is 0.405). Moreover, government attributes have a favourable influence on private company attributes (Pvt_Atr; the path coefficient is 0.198), showing that the state plays a substantial role in the private sector’s decision-making process in PPP. The long-term sustainability and success of a PPP project are dependent on the established interrelationships between CSFs.

The established interrelationships between CSFs will contribute to the long-term viability and success of a PPP project. Since PPP is still in its infancy in India, the study of CSFs in PPPs and their interrelationships will help policymakers and other stakeholders better understand the major individual factors impacting the success or failure of PPP initiatives.

Because PPP is still in its infancy in India, the study of CSFs in PPPs and their interrelationships will help policymakers and other stakeholders to better understand the major individual factors impacting the success or failure of PPP initiatives. A key implication of the study borders on providing a better understanding of the relationships between CSFs and public engagement. This is also critical for the long-term viability of PPPs and the enhancement of public service quality.

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Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projects10.1108/JFMPC-12-2022-0064Journal of Financial Management of Property and Construction2023-09-29© 2023 Emerald Publishing LimitedMushtaq Ahmad ShahSanjeev KumarMohd Asif ShahAdil RasoolJournal of Financial Management of Property and Constructionahead-of-printahead-of-print2023-09-2910.1108/JFMPC-12-2022-0064https://www.emerald.com/insight/content/doi/10.1108/JFMPC-12-2022-0064/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited