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Authors:Mohammad Mayouf, Ciaran Gilligan Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-09-18 DOI: 10.1108/JFMPC-06-2022-0026 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Stephanie Sheamar, Gayan Wedawatta, Maheshi Tennakoon, Roshani Palliyaguru, Maxwell Fordjour Antwi-Afari Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-09-18 DOI: 10.1108/JFMPC-08-2022-0035 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Pramod Malaka Silva, Niluka Domingo, Noushad Ali Naseem Ameer Ali Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-09-12 DOI: 10.1108/JFMPC-03-2023-0012 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Mohammad Javad Abdolahi, Behnod Barmayehvar, Taimoor Marjani, Reza Esmaeilabadi Abstract: This study aims to show that human resource development (HRD) criteria have a significant role on the quality of building projects. It is worth mentioning that the present research is a survey in terms of practical purpose and in terms of data collection. In this regard, first, review of the related literature and then the HRD criteria were identified and initial questionnaire was developed after interviews with connoisseurs and approved them. The questionnaire consists of three main criteria and 21 subcriteria that have been distributed among 50 experts. The statistical population of the research includes project managers of grade 1 building companies. Data were processed by SPSS software tests. Findings showed that all three main criteria of HRD, including training, motivation and participation have a direct and positive effect on the quality index, but the effectiveness of the training criterion is more than motivation and participation. In other words, the desired quality cannot be achieved only by training employees, and with it, a sense of motivation and participation of employees must be aroused. Most researchers believe that achieving good quality in construction projects depends on the performance of human resources, so the development of human resources in the construction industry is very important. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-08-07 DOI: 10.1108/JFMPC-06-2021-0035 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Asma Senawi, Atasya Osmadi Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-07-28 DOI: 10.1108/JFMPC-04-2022-0022 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Haitham Alajmani, Salma Ahmed, Sameh Monir El-Sayegh Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-07-13 DOI: 10.1108/JFMPC-02-2023-0006 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Adekunle Sabitu Oyegoke, Ben Williams Fisher, Saheed Ajayi, Temitope Seun Omotayo, Duga Ewuga Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-07-13 DOI: 10.1108/JFMPC-11-2022-0057 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Augustine Senanu Komla Kukah, De-Graft Owusu-Manu, Edward Badu, David J. Edwards, Eric Asamoah Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-07-12 DOI: 10.1108/JFMPC-10-2022-0055 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Xiaojie Xu, Yun Zhang Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-07-07 DOI: 10.1108/JFMPC-08-2022-0041 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Nirodha Fernando, Kasun Dilshan T.A., Hexin (Johnson) Zhang Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-06-27 DOI: 10.1108/JFMPC-09-2022-0048 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Xiang Hu, Eliza Nor, Chee-Wooi Hooy Abstract: This study aims to investigate the relationship between political connections and the over-indebtedness of firms in the construction industry. Furthermore, this study explores the moderating effect of corporate governance mechanisms with monitoring intent on this relationship. This study uses the data from China’s listed construction firms for the years 2010–2019 to run the fixed-effect regression. This study constructs the optimal capital structure mathematical model by following the trade-off approach. The research results show that most of China’s listed construction firms are surprisingly over-indebted in the long run. This study affirms that political connections positively impact the over-indebtedness of China’s listed construction firms. However, corporate governance can alleviate the impact of political connections on the over-indebtedness of China’s listed construction firms. There were limited studies to discuss the relationship between political connections and the over-indebtedness of construction firms, and no particular attention has been given to the moderating effect of corporate governance mechanisms on the relationship between political connections and over-indebtedness. Moreover, in calculating the over-indebtedness of China’s listed construction firms, this study considers the financial characteristics of China’s construction firms when building the mathematical model of optimal capital structure, which makes the calculation results of over-indebtedness closer to reality. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-06-23 DOI: 10.1108/JFMPC-12-2022-0067 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Magali Costa, Inês Lisboa Abstract: This paper aims to study the default risk of small and medium-sized enterprises in the construction sector. An unbalanced sample of 2,754 Portuguese companies from the construction sector, from 2008 to 2020, is analysed. Companies are classified in default or compliant following an ex-ante criterion. Then, using the stepwise analysis, the most relevant variables are selected, which are later used in the logit model. To verify the robustness of the results, a sample of legally insolvent companies is added (mixed criterion) and the initial sample is split into two subperiods. Financial variables are the most relevant to predict the pattern for this sample. The main conclusions show that smaller and older companies, more indebted, with more liquidity and with higher EBIT have a higher probability of default. These conclusions are confirmed using a mixed criterion to classify companies as default or compliant and including a macroeconomic dummy. This work not only contributes to enlarging the literature review but also makes relevant contributions to practice. Companies from the construction sector can understand which indicators must control to avoid financial problems. The government also has relevant information that can help in adapting or creating regulations for recovering or revitalizing companies. This study proposed an ex-ante criterion that can be used for all types of companies. Most works use a legal or a mixed criterion that does not allow for detecting signs of financial problems in advance. Moreover, the sample used is almost unexplored – SMEs from a sector with great mortality rate. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-06-19 DOI: 10.1108/JFMPC-01-2022-0004 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Khalil Idrissi Gartoumi, Mohamed Aboussaleh, Smail Zaki Abstract: 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. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-06-07 DOI: 10.1108/JFMPC-12-2022-0063 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Taofeek Tunde Okanlawon, Luqman Oyekunle Oyewobi, Richard Ajayi Jimoh Abstract: Blockchain technology (BT) is a relatively new technological innovation in all industries, including the construction industry, that is used to improve supply chain management. Therefore, this study assesses the drivers for the implementation of BT in the construction supply chain management in Nigeria. This study used a quantitative research approach, with a questionnaire survey administered to professionals in the Nigerian construction industry using the snowball sampling method, yielding 155 respondents. The collected data were analysed using descriptive and exploratory factor analysis (EFA) while Cronbach’s alpha was used to evaluate the reliability. The analysis revealed that all the identified drivers ranked higher than the average mean item score, with level of awareness of the new technology and data management ranking topmost. The identified drivers were clustered into five categories using EFA: technological driver, social-economic driver, management driver, transparency and security driver and information driver. This research was carried out in the Southwestern region which is one of the six geo-political zones in Nigeria using a cross-sectional survey method. The findings will be extremely useful to both professionals and practitioners in the Nigerian construction industry in gaining knowledge about the potential drivers to the implementation of BT in construction supply chain management. The research categorized the drivers into technological, social-economic, management, transparency and security and information driver. It also identified that level of awareness of BT as the major driver in the implementation of BT in construction supply chain management. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-06-05 DOI: 10.1108/JFMPC-11-2022-0058 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Haruna Sa'idu Lawal, Hassan Adaviriku Ahmadu, Muhammad Abdullahi, Muhammad Aliyu Yamusa, Mustapha Abdulrazaq Abstract: This study aims to develop a building renovation duration prediction model incorporating both scope and non-scope factors. The study used a questionnaire to obtain basic information relating to identified project scope factors as well as information relating to the impact of the non-scope factors on the duration of building renovation projects. The study retrieved 121 completed questionnaires from construction firms on tertiary education trust fund (TETFund) building renovation projects. Artificial neural network was then used to develop the model using 90% of the data, while mean absolute percentage error was used to validate the model using the remaining 10% of the data. Two artificial neural network models were developed – a multilayer perceptron (MLP) and a radial basis function (RBF) model. The accuracy of the models was 86% and 80%, respectively. The developed models’ predictions were not statistically different from those of actual duration estimates with less than 20% error margin. Also, the study found that MLP models are more accurate than RBF models. The developed models are only applicable to projects that suit the characteristics and nature of the data used to develop the models. Hence, models can only predict the duration of building renovation projects. The developed models are expected to serve as a tool for realistic estimation of the duration of building renovation projects and thus, help construction project managers to effectively plan and manage it. The developed models are expected to serve as a tool for realistic estimation of the duration of building renovation projects and thus, help construction project managers to effectively plan and manage it; it also helps clients to effectively benchmark projects duration and contractors to accurately estimate duration at tendering stage. The study presents models that combine both scope and non-scope factors in predicting the duration of building renovation projects so as to ensure more realistic predictions. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-03-20 DOI: 10.1108/JFMPC-06-2022-0030 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Isaac Akomea-Frimpong, Xiaohua Jin, Robert Osei-Kyei, Fatemeh Pariafsai Abstract: Public–private partnership (PPP), a project financing arrangement between private investors and the public sector, has revolutionized the approach to the funding and development of public infrastructure worldwide. However, the increasing cases of financial risks and poor financial risk management related to the model threaten the sustainability and financial success of PPP projects leading to huge financial investment losses. This study aims to review existing literature to establish the key measures to control the financial risks of sustainable PPP projects. A PRISMA-compliant systematic literature review method was used in this study. Data were sourced from academic databases consisting of 56 impactful peer-reviewed journal articles. The review outcomes demonstrate 41 critical factors (measures) in mitigating the financial risks of sustainable PPP projects. They include minimum revenue guarantee, strategic alliance with private investors, financial transparency and accountability and sound macroeconomic policies. The principal results of the study were categorized and conceptualized into a financial risk management maturity model for sustainable PPP projects. Lastly, the study reveals that further studies and project policies must focus more on addressing financial challenges relating to climate risks, and health and safety concerns such as COVID-19 outbreak that have negative impacts on PPP projects. The results provide essential research gaps and directions for future studies on measures to mitigate the financial risks of sustainable PPP projects. However, this study used small but significant existing publications. A checklist and a conceptual maturity model are provided in this study to help practitioners to learn and improve upon their practices to mitigate the financial risks of sustainable PPP projects. This study contributes to managerial measures to reduce huge losses in financial investments of PPP projects and the attainment of sustainability in public infrastructure projects with a financial risk maturity model. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-03-06 DOI: 10.1108/JFMPC-12-2021-0070 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Alice Stewardson, David J. Edwards, Eric Asamoah, Clinton Ohis Aigbavboa, Joseph H.K. Lai, Hatem El-Gohary Abstract: The UK government has elaborated the effect of late payment on the economy, with its impact on the construction sector being particularly pronounced. This paper aims to evaluate the late payment epidemic that persists within the construction industry, specifically analysing the effectiveness of government-led voluntary payment initiatives. A mixed philosophical lens is adopted that incorporates both pragmatism and post-positivism to examine the late payment phenomena. Couched within deductive reasoning and a case study strategy, a questionnaire survey was conducted to elicit responses from one-hundred construction professionals. Elucidating upon respondents’ perceptions of the UK’s late payment epidemic, a comparative analysis was undertaken of upstream (main contractor) and downstream (subcontractors/suppliers) contractors through Cronbach’s alpha, descriptive statistics, independence chi-square test, Kruskal–Wallis test and Mann–Whitney U test. Emergent findings reveal that in practice, the monitoring and enforcement of government-led voluntary payment initiatives has been unprosperous with numerous contractors being forced to adopt indefensibly poor and punitive payment practices. Survey responses and extant literature substantiate and underscore the industry’s need to strengthen voluntary government-led payment initiatives. To create a responsible payment culture, any future code created should be mandatory and enforceable as a self-regulating approach has failed dismally. The work concludes with practical additional measures that could be introduced to create a responsible payment culture and promote ethical trading within the UK construction industry. This paper constitutes a novel vignette of, and reflection upon, contemporary practice in this area of construction finance and serves to emphasise that very little has changes in the sector despite numerous UK government led reports and interventions. Citation: Journal of Financial Management of Property and Construction PubDate: 2023-02-14 DOI: 10.1108/JFMPC-03-2022-0016 Issue No:Vol. ahead-of-print, No. ahead-of-print (2023)
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Authors:Greg Watts, Gayan Wedawatta Abstract: Guest editorial: The impacts of the construction industry’s increasing focus on disaster resilience Citation: Journal of Financial Management of Property and Construction PubDate: 2023-08-10 DOI: 10.1108/JFMPC-08-2023-092 Issue No:Vol. 28, No. 2 (2023)
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