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Article
Publication date: 14 July 2021

Chukwuebuka Bernard Azolibe

The purpose of this study is to analyze the two-way causal nexus between macroeconomic factors such as foreign aid, industrialization, economic growth, population growth…

Abstract

Purpose

The purpose of this study is to analyze the two-way causal nexus between macroeconomic factors such as foreign aid, industrialization, economic growth, population growth, urbanization, control of corruption and the infrastructure development index of the top-ranking African countries from 2003 to 2018.

Design/methodology/approach

The study adopts various econometric tools such as cross-sectional dependence test, panel unit root and cointegration test and Dumitrescu and Hurlin panel Granger causality test in ascertaining the relevant relationships between the variables under consideration.

Findings

The main findings of the Granger causality test result revealed a bidirectional causal relationship between foreign aid and infrastructure and between urbanization and infrastructure. The study also found unidirectional causality running from population growth to infrastructure while a zero causal relationship existed between industrialization and infrastructure, economic growth and infrastructure and lastly, between control of corruption and infrastructure. The study concludes that the major macroeconomic factors that influence infrastructure development in these selected African countries are foreign aid, population explosion and urbanization. Also, their high infrastructure development index has causal influence in only attracting more foreign aid and also promoting urban expansion.

Originality/value

To the best of the author's knowledge, the study is unique as it is the first to determine the two-way causal nexus between macroeconomic factors and infrastructure development using a sample of the top ten African countries in infrastructure ranking. The findings reflect the current situation in Africa.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

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Article
Publication date: 8 February 2021

Houcem Smaoui, Karim Mimouni and Ines Ben Salah

This paper aims to examine the effect do Sukuk Spur Infrastructure Development of Sukuk market expansion on infrastructure development for a sample of 15 emerging…

Abstract

Purpose

This paper aims to examine the effect do Sukuk Spur Infrastructure Development of Sukuk market expansion on infrastructure development for a sample of 15 emerging countries over the period 1997–2018. The paper also compares the role of Sukuk in infrastructure development to that of the size of the banking system, bond market development and stock market development.

Design/methodology/approach

A novel index of infrastructure development is constructed via principal component analysis. This index is regressed on Sukuk market development and other macroeconomic and institutional variables. To tackle the problems of heteroscedasticity and the existence of serial correlation in the residuals, the panel model is estimated using the generalized least squares (GLS) procedure with random effects and robust standard errors.

Findings

The evidence shows that a well-developed Sukuk market contributes to the expansion of the country’s infrastructure, whereas a larger banking system and a better capitalized stock market do not have any significant effect on infrastructure development. Surprisingly, well-developed bond markets jeopardize infrastructure expansion, thereby pointing to a potential crowding-out effect between Sukuk and bonds in financing infrastructure investments. Additionally, per capita GDP and education are positively related to infrastructure development, whereas inflation has a negative effect on the country’s proliferation of infrastructure.

Originality/value

This study uses a novel infrastructure index via principal component analysis and shows that Sukuk markets fill an important gap in the financing of large-scale and long-term projects. This result is novel and has not been documented in previous research.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 14 no. 4
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 4 December 2017

Varun Chotia and N.V.M. Rao

India is a developing nation where the marginal benefit of infrastructure development is tremendous. The purpose of this paper is to analyze the relationship between…

Abstract

Purpose

India is a developing nation where the marginal benefit of infrastructure development is tremendous. The purpose of this paper is to analyze the relationship between infrastructure development and poverty reduction for India using the yearly data from 1991 to 2015.

Design/methodology/approach

The authors use the principal component analysis to construct indices for four major sub-sectors, namely, transport, water and sanitation, telecommunications and energy, falling under the broad infrastructure sector and then using these sectorwise indices, the authors construct an overall index which represents infrastructure development. The authors provide evidence on the link between infrastructure development and poverty reduction by using the auto regressive distributed lag (ARDL) bound testing approach.

Findings

The ARDL test results suggest that infrastructure development and economic growth reduce poverty in both long run and short run. The causality test confirms that there is a positive and unidirectional causality running from infrastructure development to poverty reduction.

Research limitations/implications

The study confirms that India’s Infrastructure development plays a vital role in reducing poverty and calls for the Indian Government to adopt economic policies which are aimed at developing and strengthening the infrastructure levels and bringing in more investment in the infrastructure sector in order to help the poor population by making them exposed to better opportunities of employment and income growth, thereby achieving the goal of poverty reduction.

Originality/value

This paper is a fresh and unique attempt of its kind to empirically investigate the causal relationship between infrastructure development and poverty reduction in India using modern econometric techniques.

Details

International Journal of Social Economics, vol. 44 no. 12
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 23 August 2021

Tatiana Yurieva, Liudmila Voropaeva, Maria Beliakova and Natalia Adamchuk

This paper analyses the modern market for project finance, its sectorial structure and main development trends. This study aims to form a constructive diagnostic toolkit…

Abstract

Purpose

This paper analyses the modern market for project finance, its sectorial structure and main development trends. This study aims to form a constructive diagnostic toolkit for investment support of infrastructure design in regions, taking into account spatial asymmetry in the context of an integrated management approach.

Design/methodology/approach

When analyzing the public–private partnership (PPP) project performance, it is reasonable to distinguish the following two levels of discount rates: state and private. To achieve a high level of development of the general infrastructure of a region, a conceptual approach to the formation of investment support for the development of regional infrastructure has been developed.

Findings

The scientific contribution of this study is to improve the approach to modeling investment support for regional infrastructure design in the context of spatial asymmetry. Implementation of infrastructure projects creates prerequisites for sustainable economic growth, improvement in business and investment and social attractiveness of the national economy and its regions.

Practical implications

The practical significance of this study is that its main provisions allow for an effective regional socio-economic policy, based on the systemic development of regional infrastructure and aim at boosting competitiveness.

Originality/value

Recommendations can be used by regional and local authorities to formulate a socio-economic strategy for regional development as well as by representatives of private business who intend to engage in regional PPP projects.

Details

Journal of Modelling in Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5664

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Article
Publication date: 29 June 2021

Muhammed Ngoma, Peter Dithan Ntale and Mwesigye Castro

The purpose of this paper is twofold (1) to establish the relationship between infrastructure development and entrepreneurial orientation (EO) on the entrepreneurial…

Abstract

Purpose

The purpose of this paper is twofold (1) to establish the relationship between infrastructure development and entrepreneurial orientation (EO) on the entrepreneurial activities in the Albertine Graben region of Uganda and (2) to establish whether entrepreneurial orientation mediates the relationship between infrastructure development and entrepreneurial activity.

Design/methodology/approach

Quantitative data were collected from a sample of 118 enterprises, mainly small businesses. The authors sent out 118 self-administered questionnaires of which 93 useable questionnaires were returned, giving a response rate of 79%. Quantitative data were processed and analyzed using SPSS version 21. Analyses such as correlation, hierarchical regression and mediation were carried out to understand (1) the relationship between the variables, (2) the prediction potential of the independent variables to entrepreneurial activity and (3) the mediation role of EO on the relationship between infrastructure activity and business performance.

Findings

The authors found out that infrastructure developments are a significant predictor of entrepreneurial activity (ß = 0.432**, p < 0.01), explaining 21.6% of entrepreneurial activity in the region. EO was found to have a significant positive relationship with entrepreneurial activity (r = 0.580**, p < 0.01). The results of a hierarchical regression indicate that both infrastructure development and EO explain 42% of the entrepreneurial activity in the Albertine region. Mediation analysis indicated that EO is a partial mediator in the relationship between infrastructure development and entrepreneurial activity.

Research limitations/implications

The results are based on self-report statistics. The model explains 42% of entrepreneurial activity thus there is need to examine the influence of other factors which contribute the 58% to entrepreneurial activity. The study was also limited to public infrastructure, with much attention on transportation (roads) and energy (electricity). Future studies can consider looking at private infrastructure as well.

Practical implications

Understanding the role of infrastructure development and EO helps government and other development partners to know the type, quantity and quality of the infrastructure required as well as how to grow the EO of entrepreneurs to boost entrepreneurial activity in the region.

Originality/value

This paper provides insights into our understanding of the relationship between infrastructure development, entrepreneurial orientation and entrepreneurial activity using evidence from Uganda’s oil rich region. The originality of this paper further lies in the discovery of the partial mediation of entrepreneurial orientation in the relationship between infrastructure development and entrepreneurial activity. This is the first time such a study is conducted in an African developing country such as Uganda whose oil exploration activities are still in their infancy.

Details

World Journal of Entrepreneurship, Management and Sustainable Development, vol. 17 no. 3
Type: Research Article
ISSN: 2042-5961

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Book part
Publication date: 6 December 2017

Nilesh A. Patil, Boeing Laishram and Ganesh A. Devkar

Indicators-based framework has been developed for the sustainability assessment of infrastructure projects but this framework has limitations in quantifying the…

Abstract

Indicators-based framework has been developed for the sustainability assessment of infrastructure projects but this framework has limitations in quantifying the qualitative parameters. The top-down approach that utilizes principles to assess the sustainability of infrastructure projects has the ability to consider qualitative parameters. The research on the development of principles-based approach is however limited and, in fact, the study on the development of principles to assess the sustainability of public–private partnerships (PPPs) infrastructure projects is in a nascent stage. The purpose of this study is the development of an empirical framework of guiding principles that will facilitate the assessment of PPPs from sustainability perspective. The study has used a grounded theory qualitative approach by using interviews and literature as primary and secondary data sources, respectively, to develop the framework of guiding principles to achieve goals of sustainable infrastructure development through PPPs. The framework comprises 18 guiding principles, which will act as guidelines to facilitate promotion of sustainable practices throughout the life cycle of PPP project so that sustainability goals can be accomplished. The guiding principles could be used as the qualitative parameters for public and private sector to assess the sustainability of PPP infrastructure projects. This chapter presents critical insights on principle-based approach for sustainability assessment of PPP projects, which has not been the focus in the majority of earlier studies.

Details

The Emerald Handbook of Public–Private Partnerships in Developing and Emerging Economies
Type: Book
ISBN: 978-1-78714-494-1

Keywords

Content available
Article
Publication date: 28 July 2020

Ge Yang and Shutian Cen

Over the past 20 years, China's infrastructure has developed at an extraordinary speed. The current literature mainly focuses on the effects of political incentives on the…

Abstract

Purpose

Over the past 20 years, China's infrastructure has developed at an extraordinary speed. The current literature mainly focuses on the effects of political incentives on the infrastructure. However, this paper indicates that the structural change of China's land regime is an important clue and that the supernormal development of China's infrastructure is an explicable result for that.

Design/methodology/approach

This paper theoretically proves that in a politically centralized and economically decentralized economic entity with a public land-ownership regime, the self-financing mechanism formed by local officials through regulation of the land-grant price is the primary factor that influences the optimal supply volume of infrastructure in a region, in addition to political and economic incentives, and whether the self-financing mechanism can be formed or not depends on the structure of a country's land regime, which can help to explain the difference between the development of infrastructure in China and that in other developing countries from a theoretical angle.

Findings

The paper suggests that the mode is facing an important transformation toward land reform and new-type urbanization construction, and the replication and promotion of China's experience in infrastructure construction are of further significance under the Belt and Road Initiative as it provides a method for helping developing countries to eliminate infrastructure bottlenecks.

Originality/value

Through the test of multinational panel data, the paper indicates that the structural change of China's land regime around 1990 had an overall effect on the supernormal development of infrastructure in China. The paper indicates that the “land-based development mode” of China's infrastructure indeed contributed to the supernormal development of infrastructure in China, but there are still some shortcomings in this mode.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

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Article
Publication date: 29 March 2019

Hiep Ngoc Luu, Ngoc Minh Nguyen, Hai Hong Ho and Dao Ngoc Tien

The purpose of this paper is to empirically investigate the impact of infrastructure on economic development in developing economies.

Abstract

Purpose

The purpose of this paper is to empirically investigate the impact of infrastructure on economic development in developing economies.

Design/methodology/approach

A panel data analysis approach is utilised to evaluate the influence of various types of infrastructure on economic development in Vietnam over the period 2003–2013. Specifically, this study uses spatial night-light data taken from NASA’s satellite as an alternative proxy for economic development.

Findings

The analyses indicate that infrastructure enhancement consistently exerts a positive effect on the economy. Upon further investigations of the channels through which infrastructure could affect economic development, the empirical results reveal, in addition, that the developmental impact of infrastructure tends to be stronger if more rigorous government supervision and oversight of the construction and delivery of infrastructure projects are in place to ensure the efficiency and effectiveness of the private sector’s investment in infrastructure facilities. Finally, the interaction of infrastructure with human capital appears to exert an especially important influence upon economic development.

Originality/value

This study contributes to the debate over whether infrastructure has a real developmental effect in developing countries. Some important policy implications are then drawn from the empirical analysis. As a result, this paper will be of value to other researchers, economists, business leaders and policy-makers attempting to understand the economic benefit of infrastructure development.

Details

International Journal of Social Economics, vol. 46 no. 4
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 5 September 2016

Zhiyang Wang and Sizhong Sun

The infrastructure investment is one important source of economic growth in China in the past three decades. However it is not clear to what extent such investment affects…

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1690

Abstract

Purpose

The infrastructure investment is one important source of economic growth in China in the past three decades. However it is not clear to what extent such investment affects development in rural area. The purpose of this paper is to explore this impact both conceptually and quantitatively, and draw policy implications from the empirical exercise.

Design/methodology/approach

The authors first describe the conceptual link between the transportation infrastructure and rural development, which motivates the empirical model. Then by utilizing an autoregressive distributed lag model, the authors estimate both the short- and long-run impacts of the transportation infrastructure on rural development, in terms of cereal yield and per capita net income of rural households.

Findings

The authors find that investment in transportation infrastructure positively affects rural development in China. In terms of cereal yield, a 1 percent increase in the road infrastructure (road length) leads to around 0.05 percent increase in cereal yield in the short-, and around 0.19 percent increase in the long-run. In terms of the per capita net income of rural households, a 1 percent increase in the road infrastructure results in around 0.14 percent increase in the short-, and its long-run impact is not statistically significant. The positive impacts lend supports to promote investment in the transportation infrastructure. To this end, in addition to the government funding, the participation of private capital can also be promoted through a number of channels, such as the build-operate-transfer, public-private partnership, and establishment of infrastructure investment bank.

Originality/value

This study evaluates the impacts of transportation infrastructure on rural development in China. Despite of the importance of infrastructure and rural development, there is a lack of study on the interaction between them. This paper intends to fill in this gap. In addition, implications drawn in this exercise can benefit policy makers not only in China, but also in other developing countries.

Details

China Agricultural Economic Review, vol. 8 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 2 November 2010

Suchanya Posayanant and Chotchai Chareonngam

It is difficult to manage and measure the effectiveness of infrastructure development efforts of the sub‐district local governments called Tambon Administrative…

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1105

Abstract

Purpose

It is difficult to manage and measure the effectiveness of infrastructure development efforts of the sub‐district local governments called Tambon Administrative Organizations (TAOs), the lowest level of local governments in Thailand. This paper aims to develop and demonstrate the applicability of key performance indicators (KPIs) based on the integration of balanced scorecard (BSC) and value chain approaches.

Design/methodology/approach

The processes of designing KPIs are described with emphasis of how to apply a value chain model into designing BSC's KPIs. Expert focus groups and case studies from various parts of Thailand were conducted to give an insight into the adaptation of the performance measures in infrastructure development of TAOs.

Findings

The application of a value chain model is critical for the design of practical BSC's KPIs because they can be conveniently embedded into existing practices. The case studies of prototype KPIs demonstrate the performance measurement of infrastructure development, which associates executive and operational views with the hierarchy of scorecards.

Practical implications

The prototype KPIs illustrate a quantifiable measure that the councils and staffs can use to communicate infrastructure development performance for target setting and accomplishment.

Originality/value

This paper addresses the key issue of how to design KPIs based on the balanced scorecard and value chain model. The integration of a value chain framework reflects the delivery process of infrastructure development.

Details

International Journal of Productivity and Performance Management, vol. 59 no. 8
Type: Research Article
ISSN: 1741-0401

Keywords

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