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Article
Publication date: 2 January 2024

Dillip Kumar Das

The delay in real estate projects in India is pervasive. Organization and management (O&M) and project management (PM)-related challenges are argued to contribute to project…

Abstract

Purpose

The delay in real estate projects in India is pervasive. Organization and management (O&M) and project management (PM)-related challenges are argued to contribute to project delays. This study examined the O&M and PM factors that cause delays, the level of implementation of various O&M and PM aspects in real estate projects and how the challenges can be alleviated.

Design/methodology/approach

Perception surveys among the consumers and relevant stakeholders engaged in real estate projects in the Bhubaneswar and Cuttack regions of India were conducted to collect data on the factors of delay and implementation of the O&M and PM aspects. Relevant statistical methods and structural equation modeling (SEM) were used for data analysis.

Findings

Findings suggest that from the O&M point of view, poor decision-making, mishandling of finance, concurrent execution of many projects, diversion and misuse of finance for unrelated activities, lack of PM personnel and poor management contribute to the delay. Further, although the project initiation is satisfactorily done, most of the PM principles are not largely used, thus leading to delay.

Research limitations/implications

The study does have limitations, including its reliance on a perception survey of consumers and stakeholders, a limited sample size and a restricted number of projects. Nevertheless, the study highlights the need to address poor O&M and the insufficient application of PM principles to combat project delays in the Indian real estate sector.

Practical implications

Proper O&M and adequate application of PM will enable professional management of the projects and avoid delay.

Social implications

Proper O&M and the application of adequate PM would reduce delays in real estate projects. Consequently, conflicts between the companies and consumers might be reduced and housing and infrastructure demands might be met.

Originality/value

The study manifested that the lack of adequate implementation of O&M and PM aspects leads to delays. So, it is theorized that O&M and PM play critical roles in the success of real estate projects. Appropriate implementation of the principles and best practices linked to these aspects might alleviate the challenges of delay in real estate projects in India.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

Article
Publication date: 16 February 2024

Ibrahim Mathker Saleh Alotaibi, Mohammad Omar Mohammad Alhejaili, Doaa Mohamed Ibrahim Badran and Mahmoud Abdelgawwad Abdelhady

This paper aims to examine the extent to which these reforms address the limitations of Saudi Arabia’s previous investment framework. Long viewed as a hostile environment in which…

Abstract

Purpose

This paper aims to examine the extent to which these reforms address the limitations of Saudi Arabia’s previous investment framework. Long viewed as a hostile environment in which to do business, the Saudi Government has enacted a broad sweep of measures aimed at restoring investor confidence in central aspects of the country’s evolving private law framework.

Design/methodology/approach

This paper offers a timely assessment of the raft of foreign investment reforms, both legislative and regulatory, that have been introduced in Saudi Arabia over the last decade.

Findings

The paper will proceed by outlining the perceived failings of the old investment regime before going on to reforms.

Originality/value

It will consider the remaining obstacles to the flow of foreign investment in Saudi Arabia in the context of the dual forces that have historically defined the Kingdom’s ambivalent investment law regime.

Details

International Journal of Law and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 22 January 2024

Haibo Feng and Caixia Zong

This study aims to investigate the influence and impact mechanism of capital tax incentives on firm innovation.

Abstract

Purpose

This study aims to investigate the influence and impact mechanism of capital tax incentives on firm innovation.

Design/methodology/approach

This study employs the difference-in-differences (DID) method, in conjunction with the exogenous impact of accelerated depreciation (AD) pilot policy. This study selects Chinese listed companies from 2010 to 2017 as the research sample.

Findings

Firstly, AD exerts a substantial positive effect on the quantity and quality of the innovation output of firms, and the positive impact results primarily from heightened investment in fixed assets, particularly, machinery and equipment. Secondly, the influence of the policy is pronounced in non-state-owned enterprises, mature enterprises, less capital-intensive enterprises and non-high-tech industries, which all exhibit strong innovation incentives. Lastly, the tax incentive policy significantly stimulates firm innovation in the short term, but its long-term impact on innovation incentives lacks statistical significance.

Originality/value

This study highlights the significance of capital tax incentives in facilitating the innovation process in firms.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 15 April 2024

Jitender Kumar, Vinki Rani, Garima Rani and Manju Rani

The purpose of this paper is to investigate millennials’ purchase behaviours towards green housing in India. This paper also examines the mediating effect of purchase intention…

Abstract

Purpose

The purpose of this paper is to investigate millennials’ purchase behaviours towards green housing in India. This paper also examines the mediating effect of purchase intention between determinants of buying green housing and purchase behaviour in the real estate industry.

Design/methodology/approach

A cross-sectional research design was applied to collect data from 393 rural and 388 urban millennials. This study used “partial least squares structural equation modelling” to verify the framed hypotheses.

Findings

The outcomes indicate that attitude, environmental concern and green trust substantially influence the purchase intention and purchase behaviour towards green housing in rural and urban studies. However, perceived risk has an insignificant effect on purchase intention and purchase behaviour towards green housing in both studies. Likewise, innovativeness insignificantly impacts the purchase intention in study rural while substantially impacting the purchase behaviour in both studies. Additionally, a favourable relationship between purchase intention and purchase behaviour towards green housing in both rural and urban contexts.

Practical implications

This study provides fruitful evidence for practitioners, marketers and academicians about the drivers of purchase behaviour toward green housing. The results of this study also enable regulatory bodies to design appropriate strategies and tactics to foster the sustainable growth of nations.

Originality/value

This paper is a preliminary attempt to explore the decision to buy green housing in India. Furthermore, the authors targeted a specific age group, especially millennials, to gain a valuable understanding of how different factors affect green housing decisions in different areas, that is, rural and urban areas.

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: 30 April 2024

Hirusheekesan Selvanesan and Navodana Rodrigo

Despite the unique features and potential applications in various industries, widespread blockchain adoption is hindered for several reasons. One of them is the lack of government…

Abstract

Purpose

Despite the unique features and potential applications in various industries, widespread blockchain adoption is hindered for several reasons. One of them is the lack of government regulations regarding blockchain and cryptocurrencies. However, a deliberate preliminary analysis of the policy initiatives by various jurisdictions proved otherwise, and a lack of sound academic literature on the policy initiatives on blockchain worldwide was evident. Addressing this gap, this study aims to summarize the policy initiatives of jurisdictions around the world, assessing if governments do not enact many regulations.

Design/methodology/approach

A systematic literature review was adopted in this study, in which the authors shortlisted a set of research papers and policy reports using several selection criteria and a screening process.

Findings

It was found that numerous policy initiatives have been enacted by governments worldwide, and blockchain applications are also being piloted or practiced successfully in several nations. It was also evident that governments are reluctant to accept cryptocurrencies as legal tender while embracing their underlying technology, blockchain.

Originality/value

To the best of the authors’ knowledge, this paper appears to be one of the first attempts to summarize the blockchain policy initiatives contributing to the body of knowledge on blockchain adoption.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 15 April 2024

Balaji Sedithippa Janarthanan

The study attempts to estimate farm subsidies the governments can save by transitioning to a millet-based production system, replacing GHG emission-intensive crops.

Abstract

Purpose

The study attempts to estimate farm subsidies the governments can save by transitioning to a millet-based production system, replacing GHG emission-intensive crops.

Design/methodology/approach

It updates a 131 × 131 commodity input–output (IO) table of the year 2015–16 into 2021–22 using the RAS procedure and simulates the economy-wide impacts of replacing rice and wheat with pearl millet and sorghum using consumption and production approaches. It then quantifies fertilizer, electricity and credit subsidy expenses the government can save through this intervention. It also estimates the potential reduction in GHG emissions that the transition could bring about. India is taken as a case.

Findings

Results show pearl millet expansion brings greater benefits to the government. It is estimated that when households return to their pearl millet consumption rates that prevailed in the early-reform period, this could save the Indian government Rs. 622 crores (USD 75 m). The savings shall be reinvested in agriculture to finance climate adaptation/mitigation efforts, contributing to a sustainable food system. Net GHG emissions also decline by 3.3–3.6 MMT CO2e.

Practical implications

Indian government has been actively aiming to bring down paddy areas since 2013–14 through the Crop Diversification Program and promoting millets (and pulses and oilseeds) on these farms. The prime reason is to check rapidly declining groundwater irrigation in Green Revolution states. Regulations in the past in these states have not brought the intended results. Meanwhile, electricity and fertilizers are heavily subsidized for agriculture. A slight shift in the cropping system can help conserve these resources. Meanwhile, GHG emissions could also be brought down and subsidies could well be saved. The results of the study indicate the same.

Social implications

A less warm society is what governments and nongovernment organizations across the world are aiming for at present. Financial implications affect actions against climate change to a greater extent, apart from technological innovations. The effects of policy strategies discussed in the study, taking a large country as a case, when implemented appropriately around the regions, could help move a step closer to action against climate change.

Originality/value

The paper addresses a key but rarely explored research issue – that how a climate-sensitive crop choice will help reduce the government’s fiscal burden to finance climate adaption/mitigation. It also offers a mechanism to estimate the benefits within an economy-wide framework.

Details

China Agricultural Economic Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1756-137X

Keywords

Article
Publication date: 19 December 2023

Sunday Olarinre Oladokun and Manya Mainza Mooya

Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing…

Abstract

Purpose

Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing markets is largely lacking as in-depth studies into the actual nature of data challenge in such markets are scarce in literature. Specifically, the available literature lacks clarity about the actual nature of data challenges that developing markets pose to valuers and how this affects valuation practice. This study provides this understanding with focus on the Lagos property market.

Design/methodology/approach

This study utilises a qualitative research approach. A total of 24 valuers were selected using snowballing sampling technique, and in-depth semi-structured interviews were conducted. Data collected were analysed using thematic analysis with the aid of NVivo 12 software.

Findings

The study finds that the main data-related challenge in the Lagos property market is the lack of database of market property transactions and not the lack or absence of transaction data as it has been emphasised in previous studies. Other data-related challenges identified include weak property rights institution with attendant transaction costs, underhand dealings among professionals, undocumented charges, undisclosed information, scarcity of data relating to specialised assets and limited access to the subject property and required documents during valuation. Also, the study unbundles the factors responsible for these challenges and how they affect valuation practice.

Practical implications

The study has implication for practice in the sense that the deeper knowledge of data challenges could provide insight into strategy to tackle the challenges.

Originality/value

This study contributes to the body of knowledge by offering a fresh and in-depth perspective to the issue of data challenges in developing markets and how the peculiar nature of the real estate market affects the nature of data challenges. The qualitative approach adopted in this study allowed for a deep enquiry into the phenomenon and resulted into an extended insight into the peculiar nature of data challenges in a typical developing property market.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 29 March 2024

Sharmila Devi R., Swamy Perumandla and Som Sekhar Bhattacharyya

The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors…

Abstract

Purpose

The purpose of this study is to understand the investment decision-making of real estate investors in housing, highlighting the interplay between rational and irrational factors. In this study, investment satisfaction was a mediator, while reinvestment intention was the dependent variable.

Design/methodology/approach

A quantitative, cross-sectional and descriptive research design was used, gathering data from a sample of 550 residential real estate investors using a multi-stage stratified sampling technique. The partial least squares structural equation modelling disjoint two-stage approach was used for data analysis. This methodological approach allowed for an in-depth examination of the relationship between rational factors such as location, profitability, financial viability, environmental considerations and legal aspects alongside irrational factors including various biases like overconfidence, availability, anchoring, representative and information cascade.

Findings

This study strongly supports the adaptive market hypothesis, showing that residential real estate investor behaviour is dynamic, combining rational and irrational elements influenced by evolutionary psychology. This challenges traditional views of investment decision-making. It also establishes that behavioural biases, key to adapting to market changes, are crucial in shaping residential property market efficiency. Essentially, the study uncovers an evolving real estate investment landscape driven by evolutionary behavioural patterns.

Research limitations/implications

This research redefines rationality in behavioural finance by illustrating psychological biases as adaptive tools within the residential property market, urging a holistic integration of these insights into real estate investment theories.

Practical implications

The study reshapes property valuation models by blending economic and psychological perspectives, enhancing investor understanding and market efficiency. These interdisciplinary insights offer a blueprint for improved regulatory policies, investor education and targeted real estate marketing, fundamentally transforming the sector’s dynamics.

Originality/value

Unlike previous studies, the research uniquely integrates human cognitive behaviour theories from psychology and business studies, specifically in the context of residential property investment. This interdisciplinary approach offers a more nuanced understanding of investor behaviour.

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: 19 March 2024

Giacomo Morri, Fan Yang and Federico Colantoni

The aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar…

Abstract

Purpose

The aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar scores as proxies for ESG performance, the study investigates how these factors impact both profitability and market indicators.

Design/methodology/approach

With data sourced from over 680 publicly listed real estate companies, the research employs a fixed effects regression model to analyze the findings. By utilizing this method, the study can assess the impact of governance, environmental and social factors on both the accounting and market performance of real estate companies.

Findings

The outcomes of this study underscore a link between sustainability, particularly environmental aspects and financial performance. However, the study also reveals a contrasting result: governance factors are associated with adverse financial outcomes. Nevertheless, it is important to highlight the limitations as the results present a mixed picture with limited significant findings.

Practical implications

Companies should prioritize improvements in environment to boost profitability, while they should carefully consider the costs and benefits associated with enhancing their governance structure.

Originality/value

By focusing on this industry and adopting a global perspective, the study addresses a gap in the literature. The research’s innovative approach to utilizing ESG ratings and pillar scores as proxies for ESG performance enhances its originality. Furthermore, the research’s identification of the differing impacts of environmental and governance factors on financial outcomes add novel perspectives to the discourse.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 14 March 2024

Safar Ghaedrahmati and Ebrahim Rezaei

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive…

Abstract

Purpose

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad.

Design/methodology/approach

This paper examines the main drives of encouraging Iranian investors in the Turkish real estate market, focusing on the interface between push factors and pull factors that drive them abroad. For this purpose, the trend of housing price growth in Iran and Turkey was compared. The review of the 11-year trend of rates shows that housing prices in both countries have been continuously rising, and these prices have undoubtedly experienced increasing shocks in Iran. For further analysis, 13 main variables leading to the repulsion of investment in Iran's housing market and 15 variables shaping the attractiveness of investment in Turkey were identified in this sector. Thirty experts subsequently ranked the significant variables based on a closed-end questionnaire using quantitative strategic planning matrix. Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Findings

Examining housing investment elasticity in Turkey also shows that “Turkey's economic stability compared to neighboring countries” and “acquiring Turkish citizenship through real estate investment” are among the most important variables. On the other hand, the pressure variables of housing investment in Iran were “decrease in the value of the Iranian currency in recent years,” “currency price fluctuations” and “severe fluctuations and instability in the Iranian housing market.”

Originality/value

From a theoretical standpoint, foreign investment is in support of Turkey and harmful to Iran because the Turkish government is bolstering investment attractiveness to bring increased capital inflows into this country. Practically speaking, Turkey has aimed to create a rational framework for investors by strengthening and changing its economic system, as well as amending existing constitutions in this domain. Nevertheless, Iran resists any changes in its economic system and legislation. Therefore, a wide range of attractiveness and repulsion variables has led to the migration of Iranian investors to Turkey. In the present study, such variables are illuminated.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

Keywords

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