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The purpose of this paper is to empirically compare the risk factors in public-private partnership (PPP) projects in developing and developed countries, represented by Ghana and Hong Kong, respectively.

A structured questionnaire survey was conducted with PPP practitioners in Ghana and Hong Kong. In total, 103 valid responses were received for analysis. Kendall’s coefficient of concordance and mean ranking were used for data analysis.

The results show that respondents from Ghana ranked country risk factors higher, whereas their Hong Kong counterparts ranked project-specific risks higher. The top five significant risks in Ghana are corruption, inflation rate fluctuation, exchange rate fluctuation, delay in project completion and interest rate fluctuation. In Hong Kong, the top five significant risk factors are delay in land acquisition, operational cost overruns, construction cost overruns, delay in project completion and political interference.

The results of the study inform international investors of the appropriate risk mitigation measures and preventive actions to use when engaging in PPP arrangements in any part of the world. Further, governments who are yet to use the PPP concept would be informed of the prevailing risk factors in other neighbouring countries (i.e. developing or developed countries).

The purpose of this paper is to identify the key facilitating factors for smart sustainable practices (SSP) and develop a project evaluation model (PEM) for SSP implementation in Nigeria and Hong Kong. SSP is coined from the integration of digital technologies such as Building Information Modelling (BIM) to facilitate sustainability practices.

The study employed a quantitative research design approach using empirical questionnaire surveys to solicit the opinions of 69 and 97 construction practitioners in Nigeria and Hong Kong. Purposive and snowball sampling techniques were used to identify the potential survey respondents. The fuzzy synthetic evaluation technique was used to develop the PEMs.

The findings revealed that adequate technical expertise of the SSP processes is critical in enhancing its implementation in Hong Kong and Nigeria; as well as the provision of training programs for specialists in smart and sustainable initiatives. Meanwhile, the study's findings advocated that for an SSP-enabled construction project, its project performance is mainly influenced by the client's satisfaction level and the early involvement of the project teams.

The study's results are limited to the Nigeria and Hong Kong construction industries.

Construction stakeholders such as the clients, developers, contractors can utilize the PEMs to determine and track SSP initiatives implementation in building projects in a reliable and practical way.

No tool has been developed for evaluating SSP initiatives at the project level in the construction industry. Using case studies of Hong Kong and Nigeria, PEM indices were developed to measure and track SSP implementation in construction projects.

Guaranteed maximum price (GMP) and target cost contracting (TCC) with a pain‐share/gain‐share arrangement have been adopted to integrate the construction delivery process and motivate service providers to seek continuous improvements in project outcomes. However, there is still a lack of research evidence to evaluate the levels of success and lessons learned from these innovative procurement strategies. Based on the analysis of a series of in‐depth interviews on the perceptions of various relevant experienced industrial practitioners, this paper aims to explore the key attributes of GMP/TCC including the underlying motives, perceived benefits, potential difficulties, critical success factors, key risk factors involved and optimal project conditions for adopting GMP/TCC. The research findings are useful in assisting key project stakeholders in minimising the detriments brought about by potential difficulties in and maximising the benefits derived from implementing GMP/TCC concepts. The study is also significant in contributing to new knowledge and practical information of GMP/TCC applications and implementation, in both a national and international context.

Manpower is the most valuable asset in the construction industry. Based on an examination of literature, selected key data sources, and views from 29 key informants, this paper addresses the important labour resource context related to the construction industry in the case of Hong Kong. These include the trends of the critical indicators of the labour market in construction and the implications of the changing markets and technology on the future pattern of skill requirements, and the government policies on construction personnel. The findings are of immense importance to anyone involved in the construction industry, particularly training organizations and policy makers in their mission to maintain a skilled, competitive and adequate workforce able to meet the future demands of the industry. The changing labour market trends and skill requirements pose challenges for construction personnel in terms of upgrading their skills. Further research is recommended to construct robust models predicting the occupational trends in labour resources for effective manpower planning and to establish a labour market information system which could lead to capturing periodic labour market signals with a view to assisting the process of policy making on various human resource development aspects of construction workforce in Hong Kong.

The purpose of this paper is to investigate the similarities and differences of critical success factors (CSFs) for public-private partnership (PPP) projects in developing and developed countries, using Ghana and Hong Kong as examples.

An empirical questionnaire survey was conducted with experienced PPP practitioners in Ghana and Hong Kong. Survey responses were analysed using Kendall’s concordance analysis, mean score ranking, quartile groupings analysis and Mann-Whitney U test.

The results indicate that a favourable legal and regulatory framework is very critical in both jurisdictions. Further, technology transfer, technological innovation, public/community participation and coordination and government providing financial support are of low importance in both jurisdictions. The non-parametric test shows that 16 CSFs are of different importance in Ghana and Hong Kong. Specifically, CSFs related to the socio-political and economic conditions of PPP projects are very critical in Ghana, whereas CSFs directly related to the organisation and relationship of PPP projects are very critical in Hong Kong.

The outputs of this study add to the international best practice framework for successful PPP implementation. Further, international private investors and governments who are yet to adopt the PPP concept would be considerably informed of the investment strategies to employ when engaging in PPP arrangements.

The construction industry has been evolving in recent years through the adoption of smart tools such as building information modeling to reduce the complexity in the construction process and optimize the project's goals. This paper aims to identify and assess the key drivers for the implementation of smart sustainable practices in the construction industry.

Inferential and descriptive statistical techniques were employed in analyzing the data collected via an international empirical questionnaire survey deployed in soliciting the perceptions of 220 construction professionals across 21 countries. Factor analysis was used to categorize the identified key drivers into their underlying clusters for further discussion. Also, the data were analyzed based on the various groups and regions of the study's respondents.

The key drivers (KDs) are related to the technical competence of staff as well as knowledge and awareness level within the industry, issues related to organizational and project's strategy and policies, availability of financial resources and development of relevant standards and policies to aid its execution among others. A comparative analysis of the perceptions of the different respondents' groups was undertaken and discussed.

The analysis of the key drivers for the implementation of smart and sustainable practices in the construction industry is expected to aid the decision-making of the relevant stakeholders as well as serve as a consultation instrument for government agencies in their design of localized policies and guidelines to aid smart and sustainable urbanization. The findings revealed the gaps in the implementation of smart and sustainable practices in various climes and organization setups and provided useful and practical strategies for addressing the current hindrances during implementation.

The study has generated valuable insights into the significant drivers that can enhance the implementation of smart and sustainable practices across regions. It is evident that synergy among the relevant stakeholders in the built environment will help accelerate the implementation of smart sustainable practices in the construction industry. The study findings have provided profound contributions to theory and research as well as to industry practice.

The successful implementation of hospital projects (HPs) tends to confront sundry challenges in the planning and construction (P&C) phases due to their complexity and particularity. Employing key performance indicators (KPIs) facilitates the monitoring of HPs to advance their successful delivery. This study aims to comprehensively investigate the KPIs for hospital planning and construction (HPC).

The KPIs for HPC were identified through a systematic review. Then a comprehensive assessment of these KPIs was performed utilizing a meta-analysis method. In this process, basic statistical analysis, subgroup analysis, sensitive analysis and publication bias analysis were performed.

Results indicate that all 27 KPIs identified from the literature are significant for executing HPs in P&C phases. Also, some unconventional performance indicators are crucial for implementing HPs, such as “Project monitoring effectiveness” and “Industry innovation and synergy,” as their high significance is reflected in this study. Despite the fact that the findings of meta-analysis are more trustworthy than those of individual studies, a high heterogeneity still exists in the findings. It highlights the inherent uncertainty in the construction industry. Hence, this study applied subgroup analysis to explore the underlying factors causing the high level of heterogeneity and used sensitive analysis to assess the robustness of the findings.

There is no consensus among the prior studies on KPIs for HPC specifically and their degree of significance. Additionally, few reviews in this field have focused on the reliability of the results. This study comprehensively assesses the KPIs for HPC and explores the variability and robustness of the results, which provides a multi-dimensional perspective for practitioners and the research community to investigate the performance of HPs during the P&C stages.

Allocating risk in public–private partnership (PPP) projects based on public–private parties’ risk management (RM) capabilities is a condition for success of these projects. In practice, however, risks are allocated to these parties beyond their respective RM capabilities. Too much risk is often assigned to the private or public party, resulting in poor RM and costly contract renegotiations and terminations. This chapter proposes a methodology based on fuzzy set theory (FST) in which decision makers (DMs) use linguistic variables to assess and calculate RM capability values of public–private parties for risk events and to arrive at risk allocation (RA) decisions. The proposed methodology is based on integrating RA decision criteria, the Delphi method and the fuzzy synthetic evaluation (FSE) technique. The application of FSE allows for the introduction of linguistic variables that express DMs’ evaluations of RM capabilities. This provides a means to deal with the problems of qualitative, multi-criteria analysis, subjectivity and uncertainty that characterise decision-making in the construction domain. The methodology is outlined and demonstrated based on empirical data collected through a three-round Delphi survey. The public–private parties’ RM capability values for land acquisition risk are calculated using the proposed methodology. The methodology is helpful for performing fuzzy-based analysis in PPP projects, even in the event of limited or no data. This chapter makes the contribution of presenting a RA decision-making methodology that is easy to understand and use in PPP contracting and that enables DMs to track calculations of RM capability values.

The increasing urbanization of the built environment has bolstered the need to promote green Building Information Modeling (BIM) initiative in new construction projects and the rehabilitation of old premises. This study aims to explore and examine the key benefits of the implementation of BIM and sustainability practices in the built environment.

The study gathered the worldwide perceptions of 220 survey participants from 21 countries which were analyzed using descriptive and inferential analytical methods. The identified individual benefits of green BIM were further categorized into their underlying clusters using factor analysis.

The key benefits are related to enhancing project efficiency and productivity, ensuring real-time sustainable design and multi-design alternatives, facilitating the selection of sustainable materials and components, together with reducing material wastage and project’s environmental impact, among others. The study analyzed and compared the perceptions of the diverse groups of the respondents as well.

Effective blueprints and insightful recommendations for enhancing the various stakeholders’ capacities to implement green BIM in their construction projects were put forward to achieve the aim of sustainable smart urbanization.

The study identified salient benefits of the adoption of BIM and sustainability practices. The proper integration of these concepts and the execution of the recommended useful strategies by construction stakeholders, policymakers and local authorities will enable the built environment to reap the gains of its implementation.

The study aims at reviewing a synthesis of disclosure, transparency, and International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for future research. Prior research overwhelmingly supports that the IFRS adoption or effective implementation of IFRS will enhance high-quality financial reporting, transparency, enhance the country’s investment environment, and foreign direct investment (FDI) (Dayanandan, Donker, Ivanof, & Karahan, 2016; Gláserová, 2013; Muniandy & Ali, 2012). However, some researchers provide conflicting evidence that developing countries implementing IFRS are probably not going to encounter higher FDI inflows (Gheorghe, 2009; Lasmin, 2012). It has also been argued that the IFRS adoption decreases the management earnings in countries with high levels of financial disclosure. In general, the study indicates that the adoption of IFRS has improved the financial reporting quality. The common law countries have strong rules to protect investors, strict legal enforcement, and high levels of transparency of financial information. From the extensive structured review of literature using the Scopus database tool, the study reviewed 105 articles, and in particular, the topic-related 94 articles were analysed. All 94 articles were retrieved from a range of 59 journals. Most of the articles (77 of 94) were published 2010–2018. The top five journals based on the citations are Journal of Accounting Research (187 citations), Abacus (125 citations), European Accounting Review (107 citations), Journal of Accounting and Economics (78 citations), and Accounting and Business Research (66 citations). The most-cited authors are Daske, Hail, Leuz, and Verdi (2013); Daske and Gebhardt (2006); and Brüggemann, Hitz, and Sellhorn (2013). Surprisingly, 65 of 94 articles did not utilise the theory. In particular, four theories have been used frequently: agency theory (15), economic theory (5), signalling theory (2), and accounting theory (2). The study calls for future research on the theoretical implications and policy-related research on disclosure and transparency which may inform the local and international standard setters.