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1 – 10 of 443Yubo Guo, Jinchan Liu, Chuan Chen, Xiaowei Luo and Igor Martek
Public–Private Partnerships (PPPs) are crucial to the procurement of global infrastructure projects. Moreover, a price mode based on a cluster of core concessionary items is key…
Abstract
Purpose
Public–Private Partnerships (PPPs) are crucial to the procurement of global infrastructure projects. Moreover, a price mode based on a cluster of core concessionary items is key to the delivery of value-for-money and successful project outcomes. However, existing research has yet to fully identify PPP concessionary items, nor yet described the range of practical price modes. This study provides taxonomy of core concessionary items impacting PPP projects, systematically classifies price modes, and assesses the applicability and risk impacts of those price modes on PPP projects.
Design/methodology/approach
This study adopts a comparative case study method in analyzing core concessionary items and alternative price modes. China is taken as the context, as it is one of the world’s largest PPP markets. In ensuring research validity and reliability, diverse data sources are utilized, with a graphic content analysis tool developed to capture the structure of price modes.
Findings
Eight PPP price modes are identified. These are: (1) UP (Unit Price) mode, (2) ALS (Annual Lump Sum) mode, (3) IRR (Internal Rate of Return) mode, (4) RP (Return for Investing Capital (RIC) - Profit Rate of O&M (PROM)) mode, (5) RFP (RIC - Financing Interest Rate (FR) - PROM) mode, (6) RFPL (RIC - FR - PROM - Lower Limit of User Charge (LLoUC)) mode, (7) RFL (RIC - FR - Lump Sum/Fixed Unit Price O&M Contract (LSOM/FUP)) mode, and (8) RFLL (RIC - FR - LSOM/FUP - LLoUC) mode. Other main findings are as follows: (1) Five risk allocation configurations can be achieved via these price modes. Yet while different price modes enable the allocation of specific risks, these do not always align with contracting parties’ original intentions. (2) IRR and RP modes may be less applicable in general because of their vulnerability in allocating critical risks and capacity for spurring opportunistic behavior.
Originality/value
By depicting the paths by which concessionary items in price modes affect cash flow, a systematic analysis of price modes was conducted exposing structural characteristics, along with risk allocation choice implications. The study is unique in: (1) Providing a systematic classification of PPP price modes used in PPP projects, (2) Presenting a comprehensive identification and streamlining of concessionary items in PPP practice, and (3) Analyzing the risk effects of different price modes. Together, these outcomes offer a hitherto unavailable perspective on PPP project risk management. The value of the study lies in the following: (1) Existing studies employ diverse concessionary items, but their applicability varies. This study offers an overarching framework facilitating decision-making in selecting appropriate PPP price modes and in determining concessionary items. (2) This study adds to the understanding of PPP price modes in significant ways that will aid local governments and potential sponsors in crafting and administrating more workable contract designs.
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Abrar Ali Saiyed, Ateeque Shaikh and Suruchika Gupta
The primary aim of this study is to gain insight into the entrepreneurial marketing strategy (EMS) decisions made by microenterprises in the craft sector and draw comparisons…
Abstract
Purpose
The primary aim of this study is to gain insight into the entrepreneurial marketing strategy (EMS) decisions made by microenterprises in the craft sector and draw comparisons between the marketing strategy formulation and implementation of conventional businesses and those of craft-based microenterprises with a specific focus on the context of emerging markets, particularly India.
Design/methodology/approach
This paper follows a qualitative interpretivist paradigm using a multiple-case methodology approach. It tracks craft-based microenterprises that make furniture or home décor products in India. The study participants were the founders, principal designers, studio managers or craftspersons.
Findings
This study’s findings reveal that craft-based microenterprises implement an EMS that adopts a hybrid form of market orientation strategy. In this approach, the product or creative concept is at the centre of the decision-making, and the customer needs are factored in at a later stage for customisation. These microenterprises prioritise product positioning over segmentation and targeting strategies.
Research limitations/implications
This study tries to understand marketing strategy decision-making processes among craft-based microenterprises in India. Given that study participants came from only two-product-based craft businesses, this limits the generalisability of the findings to similar or related contexts. This study provides a framework and methodology for replication in other contexts and industries to formulate a nuanced understanding of micro, context-specific, craft-based businesses.
Originality/value
This study uses qualitative analysis to understand EMS in craft-based businesses in India. This study contributes to this fledgling stream of literature at the interface of marketing and entrepreneurship to understand entrepreneurial marketing. This study analyses the marketing strategy of craft-based businesses using the framework of Morgan et al. (2019).
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A secondary research method was used to collect data for this case. The authors have made use of newspaper articles and articles by experts published in the public domain.
Abstract
Research methodology
A secondary research method was used to collect data for this case. The authors have made use of newspaper articles and articles by experts published in the public domain.
Case overview/synopsis
This case discusses the dilemma faced by Amazon Prime Video in India regarding content. Amazon Prime Video attained success and rapid growth in India ever since its entry into the Indian over the top (OTT) market in 2016. However, the pursuit of attractive and bold content landed Amazon Prime Video in a legal tangle in India. Amazon Prime Video was accused of hurting the religious and political sentiments of Indians by broadcasting bold shows like Tandaav, Family Man, Mirzapur, Family Man 2, etc. Litigations against Amazon Prime Video were filed in the Indian courts by members of religious and political organizations. Protests and online campaigns on Twitter caught the attention of internet influencers in India. The key dilemma faced by the protagonist in this case is whether to continue streaming attractive content that may be controversial and may occasionally hurt the religious/political sentiments of some Indians or stream only safe content that may be deemed as boring by its young target audience.
Complexity academic level
Undergraduate and postgraduate students studying marketing management and international business courses in business management and commerce streams can use this case.
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S. Meera and A. Vinodan
This study aims to examine individual-specific market orientation as an innovative approach and its relationship with marketing skills among artisan entrepreneurs in India.
Abstract
Purpose
This study aims to examine individual-specific market orientation as an innovative approach and its relationship with marketing skills among artisan entrepreneurs in India.
Design/methodology/approach
The study adopted an in-depth interview to explore variables, a questionnaire survey to understand their latent dimensions through exploratory factor analysis and structural equation modeling to test the relationship between constructs under study.
Findings
The interview result indicates that 20 variables explain factors affecting individual-specific market orientation with four latent dimensions: customer orientation, competitor orientation, external coordination orientation and personal selling orientation. There is a significant and positive relationship between customer orientation and personal selling orientation with the marketing skills of artisan entrepreneurs in India.
Research limitations/implications
The study is confined to three southern states of India and weaving villages known for their endemic product specifications.
Practical implications
The study found significance in orienting artisan entrepreneurs of developing countries and equipping them with desired skills to meet the changing dynamics of the market and meet their livelihood needs. The study further supports policymaking in strengthening the capability of artisans to enter the market without mediators.
Social implications
The model provides insight into other unorganized sectors to formulate innovative approaches to strengthen marketing skills and entrepreneurial ability.
Originality/value
As an exploratory study, examining individual-level market orientation as an innovative approach and their relationship with marketing skills among artisan entrepreneurs was unexplored in several unorganized sectors, including handlooms.
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Construction project stakeholders can have a major effect on delivering projects on time. However, little attempt has been made to address the influence of internal stakeholders…
Abstract
Purpose
Construction project stakeholders can have a major effect on delivering projects on time. However, little attempt has been made to address the influence of internal stakeholders on delaying project delivery. This research aims to propose the internal stakeholders' influence as a solution to improving project delivery performance (PDP) in order to boost the value of investment in the construction industry's projects.
Design/methodology/approach
In Yemen, a structured questionnaire was distributed to owners, consultants and contractors, 283 of which were found usable after the data screening. A purposeful sampling technique was used and structural equation modelling (SEM) was adopted for analysis. The structural model was drawn up, based on seven categories of influencing factors: labour, supplier, designer, contractor, consultant, sub-contractor and owner.
Findings
The results of the structural model suggest that of these seven categories, designers, owners, suppliers and subcontractors have a significant p-value and impact on PDP, while the labour and consultant's impact was not substantiated. The findings support the proposal that internal stakeholders' influence contributes directly to construction PDP.
Originality/value
The influence of stakeholders on PDP is important. Nonetheless, few studies have focussed on their effectiveness, especially in developing countries. This paper's contribution is evaluating the cause–effect relationship between stakeholders' influence and construction PDP through analysis of moment structures (AMOS) analysis. The policy implications of the research are to encourage governments in general and construction companies in particular to take responsibility for improving PDP, as slow execution of construction projects leads to increased costs, failure and abandoning projects.
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Yuxuan Chang and Xiaoyang Zhao
This paper examines whether technological changes that promote communications between investors and managers help bridge the gap in the cost of equity capital among firms in…
Abstract
Purpose
This paper examines whether technological changes that promote communications between investors and managers help bridge the gap in the cost of equity capital among firms in different regions.
Design/methodology/approach
We use the online interaction platforms of listed firms in China and utilize brokerage presence (BP) to capture the geographic distribution of financial factors. We explore whether online interactions would reduce the cost of equity to a greater extent for firms located in low brokerage presence regions (hereafter “low-BP firms”) than those in high brokerage presence regions (hereafter “high-BP firms”).
Findings
We find low-BP firms benefit more from an improved information environment created by online interactions. We also find that posts about low-BP firms are more value-relevant and useful in processing corporate disclosures. Further, a higher number of interactions significantly enhances more informational efficiency for low-BP firms, and the effect of reducing the gap in financing costs is more pronounced when corporate information is complex.
Originality/value
We conclude that online interactions alleviate geography-induced information frictions and create a relatively level playing field for firms located in all regions.
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Haoyu Gao, Ruixiang Jiang, Junbo Wang and Xiaoguang Yang
This chapter investigates the cost of public debt for firms using a comprehensive sample consisting of 17,368 industrial bond issues from 1970 to 2011. The empirical evidence…
Abstract
This chapter investigates the cost of public debt for firms using a comprehensive sample consisting of 17,368 industrial bond issues from 1970 to 2011. The empirical evidence shows that yield spreads for seasoned bond issues are significantly lower than those for initial bond issues. This seasoning effect is robust across different sample periods, subsamples, and model specifications. On average, the yield spreads for seasoned bond issues are around 50 bps lower than those for initial bond issues. This difference cannot be explained by other bond and firm characteristics. The seasoning effect is more pronounced for firms with higher levels of uncertainty, lower information disclosure quality, and longer time intervals between the first and subsequent issues. Our empirical findings provide supportive evidence for the extant theories that aim to rationalize the information role in determining the cost of capital.
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Yeva Nersisyan and L. Randall Wray
In this paper, the authors examine the causes of 2021–2023 inflation and evaluate whether raising interest rates is the right solution.
Abstract
Purpose
In this paper, the authors examine the causes of 2021–2023 inflation and evaluate whether raising interest rates is the right solution.
Design/methodology/approach
The authors evaluate both the macroeconomic (too much demand) and microeconomic (monopoly pricing and supply chains) explanations for the causes of inflation.
Findings
The authors argue that the spike in inflation is due to disrupted supply chains and corporations taking advantage of the situation to raise their prices. The aggregate demand stimulus from fiscal policy had all but played out by the time inflation arose, making it an unlikely cause of said inflation.
Originality/value
The authors' paper demonstrates that raising interest rates is the wrong solution to tackling the problem of inflation, especially since it's coming from the supply side.
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This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and…
Abstract
Purpose
This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics.
Design/methodology/approach
The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks.
Findings
Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets.
Research limitations/implications
This research applies to markets that require some home equity contributions from buyers of housing services.
Practical implications
Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices.
Originality/value
Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.
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