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Journal of Financial Management of Property and Construction
Journal Prestige (SJR): 0.309  Citation Impact (citeScore): 1 Number of Followers: 8  Hybrid journal * Containing 1  Open Access article(s) in this issue *ISSN (Print) 1366-4387 - ISSN (Online) 1759-8443 Published by Emerald  [362 journals]
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- Impact of time-based delay on public-private partnership (PPP)
construction project delivery: construction stakeholders’ perspective-
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Authors: Dickson Osei-Asibey, Joshua Ayarkwa, Benjamin Baah, Aba Essanowa Afful, Gloria Anokye, Prince Asher Nkrumah
Abstract: Many investors have less interest in tendering for public-private partnership (PPP) construction projects as a result of the uncertain risks associated with the project delivery. Moreover, PPP project stakeholders have inadequate information about the probable impacts of time-based delay imposed on PPP projects under the PPP arrangement. This study aims to identify and categorize construction stakeholders’ perceptions of the impact of time-based delays on PPP construction projects. A purposive sampling technique was adopted where questionnaires were used as the primary instrument for gathering data from PPP experts. Cronbach’s alpha coefficient and Kendall’s concordance were used to measure the reliability of the scale and the respondent’s level of agreement, respectively. One sample t-test, mean score ranking and principal component analysis were used to analyse the identified time-based delay impacts. The study revealed seven significant impacts of time-based delay on PPP construction project delivery as: “project schedule overrun”, “idling of project resources”, “project cost overrun”, “poor quality of completed works”, “delayed realization of project benefits”, “frequent arbitration/litigation in PPP projects” and “total abandonment of PPP projects”. The study further identified the top five significant impacts of time-based delay on PPP project stakeholders as: “reduction in motivation to attract investment”, “high interest on finance (loans)”, “contractor in financial crisis”, “loss of public confidence in government” and “reduction in parties’ reputation”. The identified significant impacts of time-based delays will increase stakeholders’ awareness of the repercussions and effects that time-based delays may impose on PPP construction projects if not appropriately managed throughout the project implementation. This awareness will further guide stakeholders to implement targeted risk management strategies to minimize the negative consequences of delays on PPP project performance. As a pioneering study that provides a better understanding of the impacts of time-based delays on PPP construction projects, this study enhances knowledge of PPP construction project implementation.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-08-16
DOI: 10.1108/JFMPC-07-2023-0044
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Financial viability decision rules in residual valuation method of
property development appraisal: case study of London, England-
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Authors: Raymond Talinbe Abdulai
Abstract: An appraisal is normally conducted to determine financial viability of property development projects for several purposes. The residual valuation method is normally used to appraise such projects and the purpose of the paper is to examine its financial viability decision rules (FVDRs) used by practitioners. The qualitative research approach was adopted based on the case study strategy of enquiry where 48 development appraisal reports from 37 Royal Institution of Chartered Surveyors registered firms in London were accessed from the internet and critically reviewed. Site-specific and area-wide development appraisals for planning purposes dominated the reports. Five FVDRs were identified. A development project is financially viable if: (i) computed residual profit expressed as a percentage return is equal to or greater than a determined market benchmark risk-adjusted return; (ii) computed residual profit expressed as a percentage return is positive; (iii) calculated residual land value is greater than open market land value or benchmark land value; (iv) computed residual land value is positive; and (v) there is a surplus when appraisal cost variables including land costs plus allowance for developer’s profit are deducted from gross development value. In some reports, it was discovered some appraisal cost variables were excluded whilst others were inappropriately treated. The first and third FVDRs are reasonable whilst the remaining are fraught with problems and using them can make development projects that are financially unviable to be viable. Also, excluding relevant cost variables and treating some inappropriately understate the appraisal cost component resulting in incorrect financial viability outcomes. These can lead to wrong recommendations about financial viability being proffered that negatively affect the practitioners’ clientele. The dominance of development appraisals for planning purposes shows the important role development appraisals continue to play in the English planning system. To the best of the author’s knowledge, it is the first time FVDRs in development appraisals have been systematically investigated in England with resultant new empirical findings and arguments.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-08-08
DOI: 10.1108/JFMPC-04-2023-0014
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Fair value and investment property in accounting literature: a review
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Authors: Imen Khelil, Hichem Khlif
Abstract: This study aims to provide a timely review concerning the determinants and economic consequences of fair value reporting in real estate industry, as these topics have been gaining momentum in accounting literature recently. Diverse editorial sources (e.g. Elsevier, Emerald, Meridian Allenpress, Springer, Sage, Taylor & Francis and Wiley-Blackwell) were consulted to identify relevant studies for this review. Keywords used to collect studies include “fair value” and “IAS 40” or “investment property” and “fair value or “fair value and real estate.” This search yields 33 studies published between 2009 and 2023. The synthesis of reviewed papers suggests that studies were mainly conducted in the European countries after the mandatory adoption of international financial reporting standards (IFRS) in 2005 and the Australian setting. The first stream of research deals with the choice of fair value approach. Reported empirical findings suggest that corporate size and market-to-book ratio are negatively associated with fair value choice, whereas ownership dispersion increases the likelihood of choosing fair value approach. The empirical evidence concerning the determinants of fair value magnitude suggests the type of appraiser represents a key predictor of the extent of fair value use. The second stream of research examines the impact of fair value reporting in real estate industry. Findings suggest that empirical evidence is still limited with respect to creditors, managers and financial analysts; fair value reporting is generally associated with higher level of value relevance for investors; and the use of Level 3 inputs in fair value estimates for investment properties is associated with high degree of estimation uncertainty for external auditors leading to increased audit risk and fees. With respect to regulators, this review emphasizes that the beneficial impacts of fair value reporting are linked to institutional characteristics (e.g. legal system, the degree of market development), the reliability concerns regarding fair value estimates and the independence of appraiser. Because real estate industry is generally characterized by the lack of active market, regulators may adopt regulations requiring the independence external appraiser. This literature review represents a historical record and an introduction for accounting scholars, in emerging economies and other settings, where fair value accounting has gained wide acceptance among the investment community. It also offers guidance for future research avenues.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-08-08
DOI: 10.1108/JFMPC-05-2023-0027
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Drivers for the adoption of building information modelling (BIM) for
post-construction management in the Nigerian AECO industry-
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Authors: Abdulkabir Opeyemi Bello, Calistus Ayegba
Abstract: This study aims to investigate the drivers influencing the adoption of building information modelling (BIM) for post-construction management in the architecture, engineering, construction and operations (AECO) industry, specifically focusing on International Facility Management Association (IFMA) registered professionals in Abuja, Nigeria. A quantitative approach was employed, using a purposive sampling technique. In total, 132 valid responses were analysed using statistical tools such as Cronbach’s alpha, mean, one sample t-test, Kruskal–Wallis, factor and correction analysis. Result shows that flexibility among industry stakeholders towards adopting new technology and safety/emergency management are the most critical drivers. All the identified drivers were significant (p < 0.05). Kruskal–Wallis’s analysis shows that professionals have similar opinions on the BIM drivers. Factor analysis categorises the drivers into seven components: availability and usage of software, increased efficiency, improved performance, safety and resources, change in method of operation, improved profitability and government intervention. Positive correlations connect BIM software availability with efficiency, performance, safety, resource management, operational changes, profitability and government support. One limitation of this study is the focus on a specific group of professionals in Abuja, which may limit the generalisability of findings to the broader Nigerian AECO industry. Future research should consider a more diverse sample. In addition, qualitative research methods could provide deeper insights into the qualitative aspects of BIM adoption. This research contributes to the existing body of knowledge by providing empirical evidence of the drivers influencing BIM adoption in the post-construction phase, particularly in Nigeria.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-08-06
DOI: 10.1108/JFMPC-10-2023-0067
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Risk assessment for 3D printing in construction projects
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Authors: Salma Ahmed, Lotfi Romdhane, Sameh Monir El-Sayegh, Solair Manjikian
Abstract: The purpose of this study is to identify and assess new risks in construction projects that use 3D printing. A mixed approach of both qualitative and quantitative methods was used. Literature review was conducted to extract 30 risks of 3D printing in construction. A survey was then developed to assess the probability and impact of these risks. In total, 37 respondents, who have experience and/or knowledge of 3D printing, completed the survey. The risk priority was calculated using a fuzzy logic approach. The main benefit of the proposed model is being able to use numerical and linguistic data in the risk assessment model. The results show that the main risks, in terms of priority, are lack of codes and regulations for 3D printing in construction, delay in government approvals, shortage in labour skilled in 3D printed construction, lack of knowledge and information of 3D printed design concepts and changes in 3D construction codes and regulations. This paper fills an identified gap in the literature related to 3D printing in construction and provides insights into the key risks affecting this disruptive technology.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-08-02
DOI: 10.1108/JFMPC-10-2023-0071
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- How clients choose procurement strategies and organizational control
systems in the Swedish housing sector
Open Access Article-
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Authors: Per Erik Eriksson
Abstract: This paper aims to examine how different contextual contingency factors and organizational goals influence construction clients’ decision-making when procuring contractors in the housing sector. More specifically, it investigates how clients’ choice of procurement strategies and organizational control systems is contingent upon various contextual factors and organizational goals. It is based on an explorative interview study of clients and contractors in the Swedish housing sector underpinned by a review of organizational control literature. The client's knowledge and resources, as well as project complexity and uncertainty, are the most important contextual contingency factors, while property management and sustainable development are the most important organizational goals that housing clients consider when designing procurement strategies. The paper contributes to the understanding of how construction clients choose procurement strategies, by providing new insights into effects of the mentioned contextual contingency factors and organizational goals on clients’ choice of control systems through their procurement strategies. Property owners who continuously procure housing projects with sustainability requirements and high degrees of complexity and uncertainty should develop knowledge and resources related to their client role, to enable the design and implementation of appropriate procurement strategies. Novel aspects of the paper are the demonstration of the value of a holistic approach, considering both contextual contingency factors and organizational goals, when selecting control systems and explicit discussion of how the client's knowledge and resources influence possibilities to implement different control systems.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-07-25
DOI: 10.1108/JFMPC-07-2023-0039
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- A systematic approach to identify and manage supply chain risks in
construction projects-
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Authors: Michael Chuba Okika, Andre Vermeulen, Jan Harm Christiaan Pretorius
Abstract: This study aims to comprehensively identify supply chain risks and their causes, the factors influencing supply chain management and techniques to successfully mitigate and control supply chain risks in construction projects. This study developed a comprehensive framework showing various supply chain risks and how these risks that influence project execution are systematically identified and managed for the overall construction project success. The research conducted was characterised by its descriptive, exploratory and quantitative nature. The collection of quantitative data was conducted by means of structured online questionnaires. The sample consisted of 205 construction project professionals who were selected randomly. This group included individuals with various roles in the construction industry, such as project managers, civil/structural engineers mechanical engineers, risk managers, architects, quantity surveyors, electrical engineers, construction managers, health, safety and environment managers, estate managers and other professionals. All participants were actively involved in construction projects located in the Gauteng province of South Africa. The data was analysed, using descriptive statistical methods, including factor analysis, reliability assessment and calculations of frequencies and percentages. The result showed that predictable delivery, funding schedule, inventories, balanced demands, production capabilities, timely procurement, construction supply chain management coordination, delivery reliability, the proximity of suppliers, identification of supply chain risks in the conceptualisation stage of a project, identification of supply chain risks in the planning stage of a project, identification of supply chain risks in the execution stage and the reconciliation of material flows of the subcontractors with the contractors were identified as the key factors that influenced the construction supply chain management the most. The result also showed that subcontractor’s negative attitudes towards supply chain management, procurement delays, imbalanced demands, clients’ negative attitudes towards other project stakeholders, unpredictable delivery reliability, disorganised construction supply chain management approach, delayed funding, low delivery reliability, poor inventories, poor construction supply chain co-ordination, suppliers’ negative attitudes towards supply chain management and when the material flows of the subcontractors with the contractors are not reconciled were identified as the factors that have the greatest impacts on construction supply chain risks management. For future research, it is recommended to incorporate fourth industrial revolution) such as machine learning prediction models and algorithms, Artificial intelligence and blockchain to identify and manage supply chain, supply chain risks and project stakeholders involved in supply chain in construction projects. Green construction or sustainable construction was not fully covered in this study. The findings will be beneficial for sustainable construction projects in developing countries for sustainability, although it did not extensively cover green buildings and related risks. Supply chain risk is one of the major challenges facing the construction industry because construction projects are complex by nature involving a lot of activities and participants with different responsibilities and tasks therefore it is highly recommended to implement the proposed frameworks in this paper from the conceptualisation stage to the execution stage, carefully identifying parties involved in supply chain, supply chain management, stakeholders, tasks, activities, responsibilities and supply chain risks generated as a result of the interactions between stakeholders involved in supply chain management and coordination to realise project objectives. The findings will be a foundation for identifying and managing supply risks in sustainable buildings in developing countries. Supply chain management is crucial in every enterprise. Managing supply chain risks is a major aspect of risk and disaster management and this implies that supply chain excellence is achievable by building communication, trust and mutual objectives, no blame culture, performance measurement, constant improvement and partnering. The implementation of construction supply chain risk management framework involves assessing the impacts of these supply chain risks on the objectives of construction projects with respect to time, cost, safety, health, environment, stakeholders, financial performance, client satisfaction and quality.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-07-22
DOI: 10.1108/JFMPC-09-2023-0057
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Promoters’ equity pledging, policy uncertainty and firm-level cash
holding: evidence from an emerging market-
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Authors: Rajni Kant Rajhans
Abstract: This paper aims to explore the relationship between economic policy uncertainty (EPU) and promoters’ share pledging activity for real estate and construction firms in India. The author further divides the sample into financially sound and financially constrained firms and re-examines the relationship between EPU and promoters’ share pledging activity for them. Additionally, the author investigates the moderating effect of EPU on firm-level cash holding for pledged firms. The author conducts multiple regression to examine the effect of EPU on the share-pledging activity of a firm on sample data of Indian construction and real estate firms. The financial and pledging data was collected for all listed firms from March 2009 to March 2020 from the Centre for Monitoring Indian Economy. The EPU data was re-estimated using the three-period moving average method. All data used in the study was collected from secondary sources. The author finds that EPU influences pledging activity, and the association between them is opposite for financially constrained and financially sound firms. Also, the author reports that an increase in EPU increases firm-level cash holding for pledged firms, and the interaction between EPU and share pledging is significantly associated with firm-level cash holding. The managerial implications of this study are manifold. Managers of financially constrained firms should pay attention to the promoters pledging activity so that in a rising EPU environment, issues of managerial entrenchment can be avoided. Moreover, any further promoters’ share pledging activity under rising EPU conditions may force managers to hoard higher cash and thus reducing investment and profitability. This paper presents evidence of relationship between EPU, share pledging activity and firm-level cash holding in an emerging economy. The study also compares the response of financially constrained and financially sound firms for EPU on equity pledging activity and that of equity pledging on firm-level cash holdings.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-05-27
DOI: 10.1108/JFMPC-06-2023-0037
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- A multi-criteria decision-making model for heavy construction equipment
replacement in Saudi Arabia-
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Authors: Adel Alshibani, Youssef Ahmed El Ghazzawi, Awsan Mohammed, Ahmed M. Ghaithan, Mohammad A. Hassanain
Abstract: This paper aims to propose a novel model that addresses the limitations of current practices, through considering quantitative and qualitative criteria in the decision-making process for equipment replacement. Literature review and consultation with professionals in the heavy construction industry was conducted to identify the criteria influencing the replacement of construction machines. A questionnaire survey using analytic hierarchy process and multi-attribute utility theory was used to rank these criteria and establish their utility scores. Sensitivity analysis was performed to assess how adjustments in the weights of main criteria would impact equipment replacement decisions. The identified criteria were classified into three categories: economic, technical and socioenvironmental, encompassing a total of 15 criteria. The findings indicated that salvage value/meeting payback period/maximizing profitability held the highest importance in the replacement process, followed by considerations like high repair and maintenance cost; working condition and economic conditions. Safety and social benefits scored the least among all criteria and categories. This study focuses on earth-moving equipment and involves experts from the Eastern Province of Saudi Arabia. The model introduces a novel methodology to aid decision-makers, particularly contractors and project managers, in determining when to replace heavy construction equipment, which results in resource efficiency and time saving. The model integrates expertise and knowledge from experts to establish criteria for replacing construction equipment. This research aims to improve the functionality of the decision-making process regarding the acquisition or replacement of equipment throughout its lifespan.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-05-17
DOI: 10.1108/JFMPC-08-2023-0049
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Enforcing payment obligations under construction contracts by insolvency
proceedings-
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Authors: Issaka Ndekugri, Ana Karina Silverio, Jim Mason
Abstract: States have intervened with legislation to improve cashflow within construction project supply chains. The operation of the UK’s Housing Grants, Construction and Regeneration Act 1996 leads to payment obligations stated either as a contract administrator’s certificate (or equivalent) or an adjudicator’s decision. The purpose of the intervention would be defeated unless there are speedy ways of transforming these pieces of paper into real money. The combination of the legislation, contractual provisions and insolvency law has produced a minefield of complexity concerning enforcement of payment obligations stated in these documents. Unfortunately, the knowledge and understanding required to navigate these complexities have been sorely lacking. The purpose of this paper is to plug this gap. Legal research methods and case study approaches, using relevant court decisions as data, were adopted. The enforcement method advised by the court is the summary judgment procedure provided under the Civil Procedure Rules. An overdue payment obligation, either under the terms of a construction contract or an adjudicator’s decision, amounts to a debt that can be the subject of insolvency proceedings. Although the insolvency enforcement method has been successfully used on some occasions, using it purely as a debt collection weapon would be inappropriate and likely to be punished by the court. The paper contributes to knowledge in two ways: (i) it maps out the factual situations in which these payment challenges arise in language accessible to the construction industry’s professions; and (ii) comparative analysis of payment enforcement methods to aid decision-making by parties to construction industry contracts. It is relevant to the other common-law jurisdictions in which similar statutory interventions have been made.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-04-08
DOI: 10.1108/JFMPC-08-2023-0051
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- The application of Bayesian network analysis in demystifying construction
project subcontracting complexities for developing countries-
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Authors: Richard Kadan, Temitope Seun Omotayo, Prince Boateng, Gabriel Nani, Mark Wilson
Abstract: This study aimed to address a gap in subcontractor management by focusing on previously unexplored complexities surrounding subcontractor management in developing countries. While past studies concentrated on selection and relationships, this study delved into how effective subcontractor management impacts project success. This study used the Bayesian Network analysis approach, through a meticulously developed questionnaire survey refined through a piloting stage involving experienced industry professionals. The survey was ultimately distributed among participants based in Accra, Ghana, resulting in a response rate of approximately 63%. The research identified diverse components contributing to subcontractor disruptions, highlighted the necessity of a clear regulatory framework, emphasized the impact of financial and leadership assessments on performance, and underscored the crucial role of main contractors in Integrated Project and Labour Cost Management with Subcontractor Oversight and Coordination. Previous studies have not considered the challenges subcontractors face in projects. This investigation bridges this gap from multiple perspectives, using Bayesian network analysis to enhance subcontractor management, thereby contributing to the successful completion of construction projects.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-04-04
DOI: 10.1108/JFMPC-07-2023-0038
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- A conceptual cost estimation model for the pre-design stage of road
projects using multiple regression analysis-
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Authors: Chinthaka Niroshan Atapattu, Niluka Domingo, Monty Sutrisna
Abstract: 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.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-03-28
DOI: 10.1108/JFMPC-08-2023-0052
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- Modelling business performance from marketing practices of architecture
firms in Nigeria-
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Authors: Joy Joshua Maina
Abstract: 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.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-03-08
DOI: 10.1108/JFMPC-07-2023-0047
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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- From hurdles to heights: blueprint for tackling distributed ledger
technology challenges in the construction sector of a developing economy-
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Authors: Ayodeji Emmanuel Oke, John Aliu, Lydia Uyi Ehiosun, Andrew Ebekozien, Akinrolade Ayowole Rotimi
Abstract: 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.
Citation: Journal of Financial Management of Property and Construction
PubDate: 2024-02-19
DOI: 10.1108/JFMPC-08-2023-0055
Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
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