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1 – 10 of 25
Article
Publication date: 19 February 2024

Benjamin Kwakye and Tze-Haw Chan

Market sentiment has shown to influence housing prices in the global north, but in emerging economies, the nexus is rare to chance on in the current state of science for policy…

Abstract

Purpose

Market sentiment has shown to influence housing prices in the global north, but in emerging economies, the nexus is rare to chance on in the current state of science for policy direction. More importantly in the recent decade where policymakers are yet to conclude on the myriad of factors confronting the housing market in sub-Saharan Africa inhibiting affordability. This paper therefore examines the impact of market sentiment on house prices in South Africa.

Design/methodology/approach

The study used the Autoregressive Distributed Lag (ARDL) approach with quarterly data spanning from 2005Q1 to 2020Q4.

Findings

In all, it was established that market sentiment plays a minimal role in the property market in South Africa. But there was enough evidence of cointegration from the bound test between sentiment and house prices. Nevertheless, the lag values of sentiment pointed to a rise in house prices. Exchange rate volatilities and inflation had a statistically significant effect on prices in both the long and short term, respectively.

Research limitations/implications

Policymakers could still monitor market sentiment in the housing market due to the strong chemistry between house prices and sentiment, as evidenced from the bound test, but focus on economic fundamentals as the main policy tool for house price reduction.

Originality/value

The findings and the creation of the sentiment index make an invaluable contribution to the paper and add to the paucity of literature on the study of market sentiment in the housing market.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 9 January 2024

Benjamin Kwakye and Tze-Haw Chan

The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia.

Abstract

Purpose

The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia.

Design/methodology/approach

Scholarly discussions on econometric analysis in the housing market in sub-Saharan Africa suggest that the inadequacy of time series data has impeded studies of such nature in the region. Hence, this paper aims to comparatively analyse the impact of economic fundamentals on house prices in Namibia using real and interpolated data from 1990 to 2021 supported by the ARDL model.

Findings

It was discovered that in all the three types of data house prices were affected by fundamentals except real GDP in the long term. It was also noted that there were not much significant variations between the real data and the interpolated data frequencies. However, the results of the annual data and the semi-annual interpolated data were more analogously comparable to the quarterly interpolated data

Practical implications

It is suggested that the adoption of interpolated data frequency type should be based on the statistical significance of the result. In addition, the need to monitor the nexus of the housing market and fundamentals is necessary for stable and sustainable housing market for enhanced policy direction and prudent property investment decision.

Originality/value

The study pioneer to concurrently use the data types to enhance econometric analysis in the housing market in developing countries.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Content available
Book part
Publication date: 19 February 2024

Quoc Trung Tran

Abstract

Details

Dividend Policy
Type: Book
ISBN: 978-1-83797-988-2

Abstract

Details

Children and the Climate Migration Crisis: A Casebook for Global Climate Action in Practice and Policy
Type: Book
ISBN: 978-1-80455-910-9

Article
Publication date: 7 September 2023

Shaun Shuxun Wang

This paper provides a structural model to value startup companies and determine the optimal level of research and development (R&D) spending by these companies.

1477

Abstract

Purpose

This paper provides a structural model to value startup companies and determine the optimal level of research and development (R&D) spending by these companies.

Design/methodology/approach

This paper describes a new variant of float-the-money options, which can act as a financial instrument for financing R&D expenses for a specific time horizon or development stage, allowing the investor to share in the startup's value appreciation over that duration. Another innovation of this paper is that it develops a structural model for evaluating optimal level of R&D spending over a given time horizon. The paper deploys the Gompertz-Cox model for the R&D project outcomes, which facilitates investigation of how increased level of R&D input can enhance the company's value growth.

Findings

The author first introduces a time-varying drift term into standard Black-Scholes model to account for the varying growth rates of the startup at different stages, and the author interprets venture capital's investment in the startup as a “float-the-money” option. The author then incorporates the probabilities of startup failures at multiple stages into their financial valuation. The author gets a closed-form pricing formula for the contingent option of value appreciation. Finally, the author utilizes Cox proportional hazards model to analyze the optimal level of R&D input that maximizes the return on investment.

Research limitations/implications

The integrated contingent claims model links the change in the financial valuation of startups with the incremental R&D spending. The Gompertz-Cox contingency model for R&D success rate is used to quantify the optimal level of R&D input. This model assumption may be simplistic, but nevertheless illustrative.

Practical implications

Once supplemented with actual transaction data, the model can serve as a reference benchmark valuation of new project deals and previously invested projects seeking exit.

Social implications

The integrated structural model can potentially have much wider applications beyond valuation of startup companies. For instance, in valuing a company's risk management, the level of R&D spending in the model can be replaced by the company's budget for risk management. As another promising application, in evaluating a country's economic growth rate in the face of rising climate risks, the level of R&D spending in this paper can be replaced by a country's investment in addressing climate risks.

Originality/value

This paper is the first to develop an integrated valuation model for startups by combining the real-world R&D project contingencies with risk-neutral valuation of the potential payoffs.

Details

China Finance Review International, vol. 14 no. 1
Type: Research Article
ISSN: 2044-1398

Keywords

Open Access
Article
Publication date: 1 February 2024

Frank Nana Kweku Otoo and Nissar Ahmed Rather

Highly committed, motivated and engaged employees assure organizational success and competitiveness. The study aims to examine the association between human resource development…

1314

Abstract

Purpose

Highly committed, motivated and engaged employees assure organizational success and competitiveness. The study aims to examine the association between human resource development (HRD) practices and employee engagement with organizational commitment as a mediating variable.

Design/methodology/approach

Data were collected from 760 employees of 13 star-rated hotels comprising 5 (five-star) and 8 (four-star). The data supported the hypothesized relationships. Structural equation modeling was used to evaluate the proposed model and hypotheses. Construct validity and reliability were established through confirmatory factor analysis.

Findings

The results indicate that HRD practices and affective commitment are significantly associated. HRD practices and continuance commitment were shown to be non-significantly associated. HRD practices and normative commitment were shown to be non-significantly associated. Employee engagement and organizational commitment are significantly associated. The results further show that organizational commitment mediates the association between HRD practices and employee engagement.

Research limitations/implications

The generalizability of the findings will be constrained due to the research's hotel industry focus and cross sectional data.

Practical implications

The study's findings will serve as valuable pointers for stakeholders and policymakers of the hotel industry in the adoption, design and implementation of proactive HRD interventions to keep highly engaged and committed employees for organizational competitiveness and sustainability.

Originality/value

By evidencing empirically that organizational commitment mediates the nexus between HRD practices and employee engagement, the study extends the literature.

Details

Rajagiri Management Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0972-9968

Keywords

Open Access
Article
Publication date: 19 February 2024

Aziean Jamin, Gbolahan Gbadamosi and Svetla Stoyanova-Bozhkova

This paper reviews the literature on disability inclusion (DI) in supply and demand chains of hospitality and tourism (H&T) organisations. The purpose of this study is to assess…

Abstract

Purpose

This paper reviews the literature on disability inclusion (DI) in supply and demand chains of hospitality and tourism (H&T) organisations. The purpose of this study is to assess disability support and interventions within H&T organisations. Through the assessment, we identified gaps to recommend H&T scholars’ and practitioners’ knowledge of DI from new perspectives.

Design/methodology/approach

An integrative review was conducted to examine the published evidence on DI in H&T organisations. This study used high-ranking H&T journals from the Scopus and Web of Science databases between 2001 and 2023. In total, 101 empirical papers met the criteria for the review analysis.

Findings

DI focuses heavily on customer disabilities, with scant research on DI in H&T employment. The review emphasises the critical need for empirical research into the varied disability employment ecosystem within H&T organisations, focusing on social integration for inclusive workplaces.

Originality/value

This study contributes to the H&T literature, which previously overlooked the disability context in diversity. The research offers strategies for creating inclusive environments in the H&T industry for disabled consumers and producers.

Details

International Journal of Contemporary Hospitality Management, vol. 36 no. 13
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 26 March 2024

Frank Ato Ghansah, Weisheng Lu and Benjamin Kwaku Ababio

The COVID-19 pandemic has impacted the construction industry, yet still, it is unclear from existing studies about the critical challenges imposed on quality assurance (QA)…

Abstract

Purpose

The COVID-19 pandemic has impacted the construction industry, yet still, it is unclear from existing studies about the critical challenges imposed on quality assurance (QA), particularly Cross-border Construction Logistics and Supply Chain (Cb-CLSC). Thus, this study aims to identify and examine the critical challenges of QA of Cb-CLSC during the COVID-19 pandemic.

Design/methodology/approach

The aim is achieved via an embedded mixed-method approach pragmatically involving a desk literature review and engaging 150 experts across the globe using expert surveys, and results confirmed by semi-structured interviews. The approach is based on Interpretive Structural Modelling (ISM) as its foundation.

Findings

The study revealed ten critical challenges of QA, with the top four including “the shortage of raw construction material (C7)”, “design changes (C6)”, “collaboration and communication difficulties (C1)” and “changes in work practices (C10)”. However, examining the interrelationships among the critical challenges using ISM confirmed C7 and C10 as the most critical challenges. The study again revealed that the critical challenges are sensitive and capable of affecting themselves due to the nature of their interrelationship based on MICMAC analysis. Hence, being consistent with why all the challenges were considered critical amid the pandemic. Sentiment analysis revealed that the critical challenges have not been entirely negative but also positive by creating three areas of opportunities for improvement: technology adoption, worker management, and work process management. However, four areas of challenges in the QA include cost, raw material, time, and work process, including inspection, testing, auditing, communication, etc.

Practical implications

The finding provides a convenient point of reference to researchers, policymakers, practitioners, and decision-makers on formulating policies to enhance the effectiveness of construction QA during the pandemic through to the post-pandemic era.

Originality/value

The study enriches the extant literature on QA, Cb-CLSC, and the COVID-19 pandemic in the construction industry by identifying the critical challenges and examining the interrelationships among them. This provides a better understanding of how the construction QA has been affected by the pandemic and the opportunities created.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 8 February 2024

Casper Hendrik Claassen, Eric Bidet, Junki Kim and Yeanhee Choi

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial…

Abstract

Purpose

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial nonprofit, social cooperative and social business models delineated in the “Emergence of Social Enterprises in Europe” (Defourny and Nyssens, 2012, 2017a, 2017b) and the “principle of interest” frameworks (Defourny et al., 2021). Thereby, it seeks to situate these enterprises within recognized frameworks and elucidate their hybrid identities.

Design/methodology/approach

Analyzing panel data from 2016 to 2020 for 259 GCSEs, this study uses tslearn for k-means clustering with dynamic time warping to assess their developmental trajectories and alignment with established SE models, which echoes the approach of Defourny et al. (2021). We probe the “fluid” identities of semi-public sector SEs, integrating Gordon’s (2013) notion that they tend to blend various SE traditions as opposed to existing in isolation.

Findings

Results indicate that GCSEs do align with prevalent SE frameworks. Furthermore, they represent a spectrum of SE models, suggesting the versatility of the public sector in fostering diverse types of SEs.

Originality/value

The concept of a semi-public sector SE model has been relatively uncharted, even though it holds significance for research on SE typologies and public sector entrepreneurship literature. This study bridges this gap by presenting empirical evidence of semi-public SEs and delineating the potential paths these enterprises might take as they amalgamate various SE traditions.

Details

Social Enterprise Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-8614

Keywords

Article
Publication date: 9 January 2024

Benjamin Boahene Akomah and Prasanna Venkatesan Ramani

This paper aims to identify the unidimensionality and reliability of 84 factors that influence the performance of construction projects and develop a confirmatory factor analysis…

Abstract

Purpose

This paper aims to identify the unidimensionality and reliability of 84 factors that influence the performance of construction projects and develop a confirmatory factor analysis (CFA) model.

Design/methodology/approach

The study adopted a deductive research approach and started by identifying the positive factors that influence construction project performance. This was followed by the modification of the identified factors. After that, a questionnaire was developed out of the factors for data collection. Exploratory factor analysis was used to establish the factor structure of the positive factors, and this was verified using CFA afterwards. A model fit analysis was performed to determine the goodness of fit of the hypothesised model, followed by the development of the confirmatory model.

Findings

The study demonstrated substantial correlation in the data, sufficient unidimensionality and internal reliability. In addition, the estimated fit indices suggested that the postulated model adequately described the sample data.

Practical implications

The paper revealed that performance can be enhanced if stakeholders identify and leverage the positive factors influencing performance. The paper suggests that project stakeholders, particularly government, project owners, consultants and construction firms, can improve project performance by critically examining economic and financial systems (EFS), regulation and policy-making systems (RPS), effective management practices (EMP) and project implementation strategies (PIS).

Originality/value

The contribution of this paper to the present literature is identifying the positive factors and developing the confirmatory factor model. The model comprised 42 positive variables under four indicators: EMP, RPS, PIS and EFS.

Details

Construction Innovation , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1471-4175

Keywords

1 – 10 of 25