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Article

Alberto De Marco and Giulio Mangano

This paper aims to contribute to understanding the crucial influence of risks on the capital structure of project financing (PF) initiatives in the energy sector.

Abstract

Purpose

This paper aims to contribute to understanding the crucial influence of risks on the capital structure of project financing (PF) initiatives in the energy sector.

Design/methodology/approach

The debt leverage of a capital investment is selected as the response variable, and its relation with select identified risk factors is examined using a regression analysis on a data set of 72 projects carried out all over the world in the energy industry.

Findings

Results have highlighted that the debt leverage is significantly influenced by several sources of risk measured through specific indicators, namely, country stability index, the construction duration, the concession period and the average size of partners. Therefore, country, project and special purpose vehicle-related risks have been shown to have an impact on the debt leverage of a PF scheme.

Research limitations/implications

The results could support both investors and lenders to better define the financial leverage of projects delivered under a PF mechanism. In particular, the study could help to have a better understanding of the main factors that influence the debt leverage in PF initiatives.

Originality/value

This paper contributes to filling the lack of works addressing the relationship between risk factors and capital structure in PF projects. In this way, this research leads to a better understanding of the risk factors that influence the capital structure of a PF initiative, and they have, therefore, been proposed as a basis for the establishment of improved methods to design refined capital structures.

Details

International Journal of Energy Sector Management, vol. 11 no. 3
Type: Research Article
ISSN: 1750-6220

Keywords

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Article

Alberto De Marco, Giulio Mangano and Timur Narbaev

The purpose of this paper is to contribute to the understanding of the crucial influence of risks on the capital structure of build-operate-transfer (BOT) projects.

Abstract

Purpose

The purpose of this paper is to contribute to the understanding of the crucial influence of risks on the capital structure of build-operate-transfer (BOT) projects.

Design/methodology/approach

The equity portion of capital injected in a BOT investment is selected as the response variable and its relation with select identified risk factors is examined using a regression analysis on a data set of BOT projects.

Findings

Results have pointed out that the level of equity is significantly influenced by several sources of risk. Country, revenue, project and special purpose vehicle-related risks have been shown to have an impact on the size of the equity share of a BOT investment.

Research limitations/implications

The results could support both investors and lenders to better define the financial leverage of BOT projects. In particular, the study could help to have a better understanding of the main factors that influence the equity apportion of capital in BOT investments.

Originality/value

This paper contributes to fulfilling the lack of works addressing the relationship between risk factors and capital structure in BOT projects. In this way, this research leads to a better understanding of the risk factors that influence the capital structure of BOT project and they have therefore been proposed as a base for the establishment of improved methods to design refined capital structures in BOT projects.

Details

Built Environment Project and Asset Management, vol. 7 no. 1
Type: Research Article
ISSN: 2044-124X

Keywords

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Article

Anna Corinna Cagliano, Antonio Carlin, Giulio Mangano and Carlo Rafele

The purpose of this paper is to investigate the diffusion dynamics of electric and hybrid commercial vans and its enabling factors in the city logistics (CL) contexts. The…

Abstract

Purpose

The purpose of this paper is to investigate the diffusion dynamics of electric and hybrid commercial vans and its enabling factors in the city logistics (CL) contexts. The case of parcel delivery in Torino, Italy, is considered. Attention is paid to the influence on the choice of low impact vehicles of not only public strategies but also operational aspects characterizing urban freight distribution systems.

Design/methodology/approach

A System Dynamics model based on the Bass diffusion theory computes the number of adopters of low-emission vehicles together with the quantity of vans required and the associated economic savings. The model includes variables about freight demand, delivery frequency, van carrying capacity, routes, stops, distances traveled, and vehicle charging stations. A sensitivity analysis has been completed to identify the main diffusion levers. The focus is on advertising and other drivers, such as public contributions, taxes traditional polluting vehicles are subjected to, as well as on routing optimization strategies.

Findings

Advertising programs, green image, and word-of-mouth drive market saturation, although in a long time period. In fact, low-impact vehicles do not offer any economic advantage over traditional ones requiring higher investment and operating costs. Public incentives to purchase both green vehicles and charging stations, together with carbon taxes and a congestion charge affecting polluting vehicles, are able to shorten the adoption time. In particular, public intervention reveals to be effective only when it unfolds through a number of measures that both facilitate the use of environmentally friendly vehicles and discourage the adoption of traditional commercial vans. Route optimization also hastens the complete market saturation.

Research limitations/implications

This work fosters research about the mutual relationships between the diffusion of low-emission commercial vehicles and the operational and contextual CL factors. It provides a structured approach for investigating the feasibility of innovative good vehicles that might be part of assessments of CL measures and requirements. Finally, the model supports studies about the cooperation among stakeholders to identify effective commercial vehicle fleets.

Practical implications

This study fosters collaboration among CL players by providing a roadmap to identify the key factors for the diffusion of environmentally friendly freight vehicles. It also enables freight carriers to assess the operational and economic feasibility of adopting low-impact vehicles. Finally, it might assist public authorities in capturing the effects of new urban transportation policies prior to their implementation.

Originality/value

Most of the current CL literature defines policies and analyzes their effects. Also, there are several contributions on the diffusion of low emission cars. The present study is one of the first works on the diffusion of low-impact commercial vehicles in urban areas by considering the associated key operational factors. A further value is that the proposed model combines operational variables with economic and environmental issues.

Details

The International Journal of Logistics Management, vol. 28 no. 4
Type: Research Article
ISSN: 0957-4093

Keywords

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Article

Carlo Rafele, Giulio Mangano, Anna Corinna Cagliano and Antonio Carlin

This paper aims to evaluate different logistics configuration to deliver batteries from the supplier to the production lines of a European carmaker who is implementing new…

Abstract

Purpose

This paper aims to evaluate different logistics configuration to deliver batteries from the supplier to the production lines of a European carmaker who is implementing new propulsions for its models.

Design/methodology/approach

Several scenarios about the supply chain for traction batteries have been identified based on the company’s requirements and constraints. Then, the variables used for the assessment of each scenario have been selected to calculate the unit battery supply chain cost.

Findings

The results underline that a direct transport without intermediate nodes is the cheapest one. On the contrary, an additional warehouse makes the organization of the network more complex. However, with this configuration, it is possible to cover the risk of supply since that a certain level of inventory is always guaranteed.

Research limitations/implications

This study is limited to the analysis of only one model car, and just manual operations have been taken into account for computing the human resource time and cost. The present study is one of the first works exploring the organization of the supply chain for the batteries integrated in electric and hybrid vehicles together with the choice of the location of the related warehouses.

Originality/value

This paper is one of the first work on the assessment of batteries’ supply chain that are going to be integrated in low impact vehicles, focusing on location of the associated warehouse. The evaluation is carried out by taking into account all the sources of cost.

Details

International Journal of Energy Sector Management, vol. 14 no. 1
Type: Research Article
ISSN: 1750-6220

Keywords

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Article

Giulio Mangano and Alberto De Marco

The purpose of this paper is to provide a literature review on the different ways of carrying out facility management and related topics in order to uncover that there is…

Abstract

Purpose

The purpose of this paper is to provide a literature review on the different ways of carrying out facility management and related topics in order to uncover that there is limited research regarding the impact of facility management on the logistics and operational performance of warehouses.

Design/methodology/approach

Four different focus areas have been identified and for each one different methodologies and streams of research have been studied.

Findings

The study underlines the importance of facility management for the logistics operations; therefore it supports the notion that investments aiming at preserving the status of the building and service components of warehouses are crucial.

Originality/value

This paper aims to suggest to facilities management managers that they can contribute to enhance business performance by designing effective facility management strategies.

Details

Facilities, vol. 32 no. 5/6
Type: Research Article
ISSN: 0263-2772

Keywords

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Article

Alberto De Marco, Giulio Mangano, Fania Valeria Michelucci and Giovanni Zenezini

The purpose of this paper is to suggest the usage of the project finance (PF) scheme as a suitable mechanism to fund energy efficiency projects at the urban scale and…

Abstract

Purpose

The purpose of this paper is to suggest the usage of the project finance (PF) scheme as a suitable mechanism to fund energy efficiency projects at the urban scale and present its advantages and adoption barriers.

Design/methodology/approach

A case study is developed to renew the traffic lighting system of an Italian town via replacement of the old lamps with new light-emitting diode (LED) technology. Several partners are involved in the case project to construct a viable PF arrangement.

Findings

The case study presents the viability of the proposed PF scheme that provides for acceptable financial returns and bankability. However, it also shows that the need for short concession periods may call for a public contribution to the initial funding to make the project more attractive to private investors.

Practical implications

This case study is a useful guideline for governments and promoters to using the PF arrangement to fund energy efficiency investments in urban settings. It helps designing an appropriate PF scheme and understanding the advantages of PF to reduce risk and, consequently, increase the debt leverage and profitability of energy efficiency projects.

Originality/value

This paper contributes to bridging the gap about the lack of works addressing the implementation of the PF mechanism in the energy efficiency sector in urban areas. The importance of this paper is also associated with the shortage of traditional public finance faced by many cities that forces to seek for alternate forms of financing.

Details

International Journal of Energy Sector Management, vol. 10 no. 1
Type: Research Article
ISSN: 1750-6220

Keywords

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Article

Alberto De Marco, Suela Ruffa and Giulio Mangano

The purpose of this paper is to determine the fundamental factors influencing maintenance costs of logistic buildings and to provide benchmark indications for designing…

Abstract

Purpose

The purpose of this paper is to determine the fundamental factors influencing maintenance costs of logistic buildings and to provide benchmark indications for designing maintenance efficient warehouses that contribute to the enhancement of business performance.

Design/methodology/approach

The relations between factors and indicators of building facilities maintenance costs are examined using regression analysis of a dataset collected from about 100 distribution warehouses leased by a leading global freight provider throughout Italy.

Findings

Maintenance cost reduction can only be achieved by making appropriate design decisions on the strategic characteristics of warehouse facilities. In particular, the location and the age of a building are relevant factors of breakdown maintenance, while the monthly volume of freight transiting the warehouse is a significant cost factor of maintenance due to damage.

Research limitations/implications

This paper is limited to logistic service providing organisations, has local impact, and does not consider operational requirements in suggesting design criteria. Further research may gainfully generalise the model by examining other businesses, geographical areas and industrial operations issues. Leasing and frequently relocating facilities have emerged as appropriate distribution management strategies to control location, size and age of a building, and thus to face dynamic business conditions.

Originality/value

This paper provides maintenance cost benchmarks and supports design decision making of distribution warehouse facilities.

Details

Journal of Facilities Management, vol. 8 no. 2
Type: Research Article
ISSN: 1472-5967

Keywords

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Article

David Arditi, Giulio Mangano and Alberto De Marco

This study aims at capturing the perspectives of construction professionals into a classified taxonomy of the various characteristics of smart buildings and at developing…

Abstract

Purpose

This study aims at capturing the perspectives of construction professionals into a classified taxonomy of the various characteristics of smart buildings and at developing an index able to define their level of smartness.

Design/methodology/approach

A questionnaire survey has been administrated to construction professionals in the service of designers, constructors and owners. Results have been analyzed with the Kruskal–Wallis test and they have been used to develop a smartness index.

Findings

Designers and owners are more focused on the energy issue than constructors. The energy captures the attention of practitioners with less years of experience, confirming that the awareness of the energy topic is rather recent.

Originality/value

The main characteristics of smart buildings have been structured in domains and subdomains. Their importance has been rated by construction professional and a smartness index for smart building has been developed to provide with a convenient tool for evaluation and benchmarking.

Details

Facilities, vol. 33 no. 9/10
Type: Research Article
ISSN: 0263-2772

Keywords

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Article

Alberto De Marco and Giulio Mangano

The purpose of this paper is to prove that maintenance cost of warehouses is correlated to the performance of the logistic business, together with other relevant…

Abstract

Purpose

The purpose of this paper is to prove that maintenance cost of warehouses is correlated to the performance of the logistic business, together with other relevant operational factors.

Design/methodology/approach

The relationships between indicators of logistic service level performance are examined using a linear regression analysis of a dataset collected from a number of distribution facilities operated by a leading global freight provider throughout Italy.

Findings

Expenditures in building maintenance contribute to improve the punctuality of deliveries with resulting improved quality of customer service.

Research limitations/implications

Further research may gainfully generalise the model by examining other geographical areas and longer observation periods.

Practical implications

It is suggested that logistic buildings have to be maintained not only to preserve the functional and economic value of the asset, but also to strengthen the competitive advantage of the logistic business.

Originality/value

The business performance is very likely to be influenced not only by variables related to the business process, but also by non‐operational factors, such as warehouse building performance.

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Article

Alberto De Marco, Giulio Mangano and Xin‐Yu Zou

The purpose of this paper is to determine the fundamental factors influencing the equity share in build‐operate‐transfer (BOT) investments in relation to the project risk profile.

Abstract

Purpose

The purpose of this paper is to determine the fundamental factors influencing the equity share in build‐operate‐transfer (BOT) investments in relation to the project risk profile.

Design/methodology/approach

The relationships between risk factors and equity participation into the capital structure of a BOT contract are examined using regression analysis of a dataset of toll road projects.

Findings

Results suggest that the inflation rate, the size of the investment, the construction period, the solidity of the vehicle company, and the organizational structure of the project are significant variables of the equity portion of financing.

Practical implications

The analysis may support project promoters by providing better understanding of the factors that might facilitate high debt leverages and by providing lending institutions with valuable information to integrate the method of determining the appropriate debt resources to be injected into a BOT project.

Originality/value

The paper contributes towards growing the body of knowledge regarding the way public‐private partnership initiatives are carried over and helps refine the capital structures of BOT projects.

Details

Built Environment Project and Asset Management, vol. 2 no. 1
Type: Research Article
ISSN: 2044-124X

Keywords

1 – 10 of 12