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1 – 10 of over 9000Graeme Newell, Nelson Chan and Evan Goodridge
This paper aims to assess all compulsory land acquisition court decisions in Australia over 1985‐2009 to provide a risk assessment and compensation analysis involved in proceeding…
Abstract
Purpose
This paper aims to assess all compulsory land acquisition court decisions in Australia over 1985‐2009 to provide a risk assessment and compensation analysis involved in proceeding to court for compulsory land acquisition cases.
Design/methodology/approach
Using the AustLII legal database, every publicly available compulsory land acquisition court case decision in Australia over 1985‐2009 is assessed. These 58 court cases are assessed for claim, offer and judgment value.
Findings
A total of 91.4 percent of compulsory land acquisition court cases over 1985‐2009 were found to be successful in achieving a judgment value of at least that of the offer. The median judgment value for successful cases was 60 percent higher than the offer value, while for unsuccessful cases it was 68 percent lower than the offer value. Successful smaller judgments (<$2 million) generated more upside compensation (median of 66 percent) than larger judgments (>$2 million) (median 41 percent upside compensation). Appealed cases were found to be only 28.6 percent successful, with only a maximum of 5.6 percent additional compensation achieved.
Practical implications
This paper provides a rigorous empirical risk assessment and compensation analysis for compulsory land acquisition court cases in Australia over the last 25 years. This provides an effective tool for dispossessed property owners, statutory acquirers and their professional legal and valuation advisors for more informed compulsory land acquisition court case decision making.
Originality/value
Using all compulsory land acquisition court decisions in Australia over the last 25 years, this paper is the first attempt internationally to rigorously and empirically conduct a risk assessment and compensation analysis involved with proceeding to court for compulsory land acquisition cases. Given the significance of the compulsory land acquisition process, this empirically validated research enables a more informed and critical understanding of the risk factors and compensation outcomes attached to the compulsory land acquisition court case judgment process.
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Kwabena Mintah, Kingsley Tetteh Baako, Godwin Kavaarpuo and Gideon Kwame Otchere
The land sector in Ghana, particularly skin lands acquisition and title registration are fraught with several issues including unreliable record-keeping systems and land…
Abstract
Purpose
The land sector in Ghana, particularly skin lands acquisition and title registration are fraught with several issues including unreliable record-keeping systems and land encroachments. The paper explores the potential of blockchain application in skin lands acquisition and title registration in Ghana with the aim of developing a blockchain-enabled framework for land acquisition. The purpose of this paper is to use the framework as a tool towards solving some of the loopholes in the process that leads to numerous issues bedeviling the current system.
Design/methodology/approach
The paper adopts a systematic literature review approach fused with informal discussions with key informants and leverages on the researchers’ own experiences to conceptualize blockchain application in skin lands acquisition in Ghana.
Findings
Problems bedeviling skin lands acquisition and title registration emanated from the issuance of allocation notes, payment of kola money and use of a physical ledger to document land transactions. As a result, the developed framework was designed to respond to these issues and deal with the problems. As the proposed blockchain framework would be a public register, it was argued that information on all transactions on a specific parcel of land could be available to the public in real-time. This enhances transparency and possibly resolves the issue of encroachments and indeterminate land boundaries because stakeholders can determine rightful owners of land parcels before initiating transactions.
Practical implications
Practically, blockchain technology has the potential to deal with the numerous issues affecting the smooth operation of skin lands acquisition and title registration in Ghana. Once the enumerated issues are resolved, there will be certainty of title to and ownership of land and property to drive investments because lenders could more easily ascertain owners of land parcels that could be used as collateral for securing loans. Similarly, property developers and land purchasers could easily identify rightful owners for land transactions. The government would be able to identify owners for land and property taxation.
Originality/value
This paper contributes to the literature on blockchain and application to land acquisition and title registration with a focus on a specific customary land ownership system.
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This paper seeks to examine academic literature and business regulation for land acquisition in Estonia in relation to small and medium enterprises (SMEs). The objective of the…
Abstract
Purpose
This paper seeks to examine academic literature and business regulation for land acquisition in Estonia in relation to small and medium enterprises (SMEs). The objective of the paper is to give information beneficial for the enhancement of the business environment, for SMEs. Furthermore, to assist foreign SMEs decision making related to land acquisition within Estonia, an important country within the “Northern Dimension” of the expanded European Union (EU).
Design/methodology/approach
This exploratory paper makes use of World Bank Surveys, primary business law sources together with an interview from a business within the country assessed giving a grass‐roots perspective.
Findings
The investigation reaffirms the importance of SMEs within former economies from a Soviet background such as Estonia. It also emphasises the correlation between economic growth, land acquisition and business law and identifies the significance and “key” aspects of land acquisition for an SME. Furthermore, it assesses Estonia's exemption from the movement of free capital within the EU affecting land acquisition by a foreign SME. It shows it is slightly more difficult for an SME from another EU Member State to acquire land (including a size restriction on agricultural land). Additionally, the notarisation process could be reformed in Estonia which would quicken and cheapen the procedure for land acquisition by SMEs. It emphasises that overall a very positive progression has been made by Estonia within its business law environment conducive to land acquisition by SMEs.
Practical implications
This research demonstrates the reality of Estonian land acquisition regulation and its positive progression. It shows that for an entity from another EU state (other than Estonia) it is restricted from acquiring certain types of land. Additionally, unofficial costs, a legacy from the Soviet period are almost non‐existent within the Estonian land registration system. Some of the gaps within the World Bank Surveys are filled by the interview, although further evaluation is needed from other academics.
Originality/value
The research highlights the importance of land acquisition for SMEs, a new EU Member State's exemption from the free movement of capital and the reality of land acquisition regulation for an SME in Estonia.
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The purpose of this paper is to examine the impact of the land acquisition phase and site assembly of land for large scale infrastructure road projects and its impact on property…
Abstract
Purpose
The purpose of this paper is to examine the impact of the land acquisition phase and site assembly of land for large scale infrastructure road projects and its impact on property owners. A review of one of the largest roadwork projects currently underway in Sydney Australia demonstrates the adverse impact that has resulted in property owners challenging the approach used by government to acquire land for this project. Similar case studies are used to set out the key measures that should apply internationally in mitigating challenges from property owners in the land acquisition phase. It further shows that while adequate statutory provisions are important, it is the practices of acquiring authorities that ultimately determine the success and expedition of this initial important phase of these projects.
Design/methodology/approach
In measuring the factors that impact the acquisition of land by negotiation in contrast to acquisition by compulsory taking, a case study methodology is used. In this approach, the author reviews two completed projects and the factors that contributed to their success. These are contrasted with the primary case study currently underway in Sydney, the WestConnex project in which a number of adverse factors have emerged that have impacted this project. The review of these cases examined provides options for reforms that should be adopted both in the WestConnex case and across projects internationally.
Findings
It is demonstrated that the impact of the land acquisition phase on property owners with limited ability to rehouse within the same or surrounding locations, results in increases to challenges. This factor has prompted increases in the number of cases that have proceeded to court and potentially impacts the public perception and site assembly phase of large scale road projects. The inability for impacted property owners to relocate themselves has resulted in a breakdown in the ability for acquiring authorities to achieve acquisition by agreement. This is evidenced by significant increases in the number of properties that have been acquired by compulsion since 2016. It is found that the operational provisions of the land acquisition processes were obsolete in NSW, particularly those leading up to acquisition that was originally designed to assist owners. The paper finds that the most important phase of a megaproject is the planning and consultation phase, which includes most importantly the way in which impacted owners are informed, assisted and compensated. It is concluded that the processes engaged in by acquiring authorities rather than the statutory provisions available, will determine the success of the land acquisition phase and perceptions of the project.
Originality/value
The primary contribution of this paper is defining the changing landscape that has led to the adverse impact on property owners in the site assembly process for large scale projects. It identifies the reforms that will enhance opportunity for owners to relocate and rehouse which will expedite the acquisition phase of megaprojects and restore acquisition by agreement rather than by compulsion. This in turn will contribute to improve public perception of large scale projects in urbanised locations.
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Solomon Olusola Babatunde, Onaopepo Adeniyi and Oluwaseyi Alabi Awodele
The land is a critical resource for public-private partnerships (PPPs) in infrastructure development. However, acquisition of land for PPP infrastructure projects implementation…
Abstract
Purpose
The land is a critical resource for public-private partnerships (PPPs) in infrastructure development. However, acquisition of land for PPP infrastructure projects implementation increasingly becomes problematic in developing countries. Yet, effort at investigating the factors causing a delay in land acquisition for PPP infrastructure projects through an empirical method in developing countries received scant attention. Therefore, the purpose of this study is to identify and critically assess the factors predisposing PPP projects implementation to land acquisition delay in Nigeria using an empirical approach.
Design/methodology/approach
The study adopted literature review and questionnaire survey. For instance, literature review was used to identify the factors causing delay in land acquisition for PPP projects in developing countries, which was used to design the questionnaire survey culminating in data analysis. To capture a broad perception, the questionnaires were administered to three different primary stakeholder groups comprised public sector authorities (i.e. ministries, department, agencies), concessionaires and lenders/banks involved in PPP projects implementation in Nigeria. Data collected were analysed using mean score, Kruskal–Wallis test and factor analysis.
Findings
The study revealed the mean score ranking of 22 identified factors causing a delay in land acquisition for PPP projects in Nigeria. The result of factor analysis grouped the 22 identified factors into 4 principal factors, namely, resettlement issues with political interference; non-availability of land with a higher cost of land transactions; weak planning institutions; and rehabilitation issues with extensive legal delays.
Practical implications
These study findings have implications for both policymakers considering PPP projects and private investors seeking to finance a PPP project in developing countries. Also, the study findings would be useful for the governments in Nigeria and other developing countries to formulate clear policies framework that facilitates the smooth acquisition of land for PPP projects.
Originality/value
The study will be beneficial to the potential local and foreign private investors and governments by broadening their awareness on impediments in land acquisition for PPP projects in Nigeria and developing countries at large. These study findings are crucial, as not many empirical studies have been conducted in Nigeria and many other developing countries.
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Victor A. Akujuru and Les Ruddock
This study aims at identifying the consequences of adopting statutory rather than market basis in assessing damages due to contamination to land. Most valuations undertaken to…
Abstract
Purpose
This study aims at identifying the consequences of adopting statutory rather than market basis in assessing damages due to contamination to land. Most valuations undertaken to assess compensation for damages due to contamination on land are done with valuation methods prescribed by law for the compulsory acquisition of land.
Design/methodology/approach
A total of 80 registered valuation firms with experience in both compulsory acquisition and damage assessment participated in a questionnaire survey to ascertain the methods adopted in valuing when determining the compensation payable as damages due to land contamination and the need for a framework for such valuations, in addition to some archival documents relating to the relevant laws and some purposively selected valuation reports, which were reviewed.
Findings
The results of the analysis indicate that the use of compulsory acquisition valuation methods results in inadequate damages, which engenders conflicts among the stakeholders. The absence of any framework for damage assessment is responsible for the current practice in the Niger Delta, and it is recommended that international best practices utilising market basis of valuation be adopted.
Research limitations/implications
Most valuation methods available are useful for valuing commercial properties regularly traded in the market and not applicable to the Niger Delta, which is mostly rural with very few market transactions. It is expected that this study will enable oil and gas industry operators, professional valuers advising the land owners or operators in the industry and the government to differentiate compensation paid for compulsory acquisition and compensation required to placate those suffering losses due to contamination.
Practical implications
The findings will assist professional valuers to be more professional in valuing contaminated land devastated by oil spills.
Social implications
Adopting the findings will engender a greater acceptability of the results of valuations undertaken in the wake of an oil spillage disaster and ensure a peaceful environment for the oil operators and the entire populace.
Originality/value
The findings of this study are expected to assist policymakers in emerging economies and professional valuers acting in these environments to avoid precipitating crises by adopting inappropriate valuation techniques when assessing damages due to contamination. This study is original and has not been published elsewhere.
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The purpose of this paper is to explain the definition of adequate compensation from the viewpoints of affected landowners, property valuers and land administrators using Kotaka's…
Abstract
Purpose
The purpose of this paper is to explain the definition of adequate compensation from the viewpoints of affected landowners, property valuers and land administrators using Kotaka's Model with special application in Kedah, Malaysia. The fact is that land is a factor of production and must be made available for the provision of infrastructure. In acquiring land for real estate development, compensation must be paid to the affected landowners. An adequate compensation in land acquisition is referred to the open market value of the land taken plus its consequences including severance, injurious affection and disturbances.
Design/methodology/approach
Questionnaires are distributed to the affected 40 landowners, ten property valuers and six land administrators of randomly selected land acquisition projects for public infrastructure land development in the case study areas. Data gathered are analyzed using qualitative descriptive analysis to identify elements of dissatisfactions of landowners upon compensation offered to them.
Findings
The findings show that there are elements of dissatisfactions to the affected landowners by way of the value of land taken, severances, injurious affections, disturbances, delivery of notices and technique of valuation. These dissatisfactions reflect the amount of adequate compensation to the affected landowners and cross‐examined with property valuers and land administrators.
Originality/value
The outcome of the paper will assist landowners, public, and private valuers, land administrators and other stakeholders to understand the elements of dissatisfactions in estimating adequate compensation in land acquisition for infrastructure provision. Otherwise, the affected landowners may refuse to be apart from their lands, hence, restrict the flow of land supply for real estate development. This indicates that Kotaka's Model offers an explanatory power to understand the elements of adequate compensation in land acquisition for infrastructure provision and real estate development.
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The purpose of this paper is to focus on the problems of compensation for compulsory acquisition of oil exploration fields in Delta State with particular reference to the oil…
Abstract
Purpose
The purpose of this paper is to focus on the problems of compensation for compulsory acquisition of oil exploration fields in Delta State with particular reference to the oil field acquired by Agip Oil Company for gas pipeline way leave in Irri and Okpai towns of Delta State.
Design/methodology/approach
A survey was conducted in which questionnaires were administered on some residents whose lands were acquired compulsorily on one hand and some estate surveying and valuation firms who are professionals in the fields of compensation on the other hand. The data collected were analyzed and presented using simple statistical methods.
Findings
The findings in this paper show that the compensation paid to residents whose lands were acquired is grossly inadequate, since professionals are not always involved in the process.
Practical implications
The paper shows that the issue of compensation for compulsory acquisition for oil exploration is very central in the oil‐rich Niger‐Delta, and if this is not handled carefully, it can lead to uncontrollable crisis.
Originality/value
This paper empirically examined the process involved in compulsory acquisition and compensation of land in the Niger‐Delta for oil exploration with a view to determining the adequacy or otherwise of the compensation paid.
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Eddie Chi‐man Hui, Ann Yu and Russell Lam
The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock…
Abstract
Purpose
The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock return.
Design/methodology/approach
The paper employs the event‐study methodology and multivariate regression to test factors that are hypothesized to have effects on the abnormal return.
Findings
The paper indicates that on land acquisition announcement there is a significant positive price reaction. Also the market capitalization and debt‐to‐equity ratio of a firm is associated negatively with the level of abnormal price reaction.
Practical implications
This study has identified significant positive abnormal stock return following the news of land acquisitions by developers in the context of Hong Kong. It has also documented negative correlation between abnormal stock return and two specific factors of a firm, namely, market capitalization and debt‐to‐equity ratio.
Originality/value
This paper identifies significant positive abnormal stock return pursuant to land acquisitions by firms.
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Jinyu Yang, Bin Liu and Lihua Yuan
This paper comes to the point from the tax competition of local government in investment promotion and capital introduction. This paper aims to empirically examine the internal…
Abstract
Purpose
This paper comes to the point from the tax competition of local government in investment promotion and capital introduction. This paper aims to empirically examine the internal mechanism of enterprises obtaining land resources from local government and its resulting equity investment increase and economic consequences of overinvestment.
Design/methodology/approach
The data of China’s A-share listed companies from 2007 to 2014 were used to test the relationship between the increase in enterprise equity investment and the acquisition of land resources and overinvestment. The descriptive statistics, correlation analysis and least squares linear regression were used to solve the above question.
Findings
One of the reasons for the enterprise equity increase is to obtain scarce land resources. The enterprise acquisition for land resources leads to overinvestment. The equity investment increase from obtaining land resources will further stimulate enterprise group to overinvest.
Research limitations/implications
The authors could not get the actual data of land that subsidiaries have obtained directly. In this research, the authors get the data using consolidated statements and subsidiary statements indirectly.
Practical implications
The results make contributions to the influencing factors and economic consequence of the enterprise investment structural deviation.
Social implications
It provides reference to optimize the “interaction” relationship between government and enterprises.
Originality/value
It identified the “dual-channel” conduction mechanism between land resource acquisition and enterprise overinvestment.
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