Search results

The purpose of this paper is to attempt to shed light on procurement innovation by examining two state-of-the-art procurement systems in China – an agent-construction system (ACS or in Chinese Dai Jian Zhi) and public-private partnership (PPP), with special consideration given to the systems’ particular political, economic, social, technological, environmental, and legal (PESTEL) background.

The paper does so by using content analyses, semi-structured interviews, and a “PESTEL-Procurement Innovation” framework.

It is found that PPP has not been as popular as expected, while the ACS, which is little known to the international construction management community, is widespread in China. The study of ACS and PPP further reveals that congruence between a procurement system and its external PESTEL conditions is essential for procurement innovation.

The “PESTEL-Procurement Innovation” framework could be a useful tool for devising procurement innovation; although there are many questions yet to be answered by further research.

The paper provides useful insights into procurement innovation, particularly when governments worldwide are searching for innovative procurement systems to help deliver public projects and services.

The paper possesses originality in that it tackles procurement innovation, an area that is under researched in construction management. It exhorts the re-connection between a procurement system and its external PESTEL conditions for devising bona fide procurement innovations.

Digital transformation and innovation-driven development have become an international consensus. The purpose of this paper is to examine the effects of relationships, mechanisms and economic consequences between digital transformation and enterprise innovation quality in order to provide a benchmark for developing countries to implement digital transformation strategies and innovation-driven strategies and provide a major support for economic recovery in the post-coronavirus disease 2019 (COVID-19) era.

Using microdata from A-share listed enterprises in Shanghai and Shenzhen from 2010 to 2021, this study examines the relationship between digital transformation and enterprise innovation quality and further reveals the internal logic and economic consequences of digital transformation to improve enterprise innovation quality through the mediating effect and moderating effect models.

The results demonstrate that digital transformation is beneficial for improving enterprise innovation quality. The heterogeneity test demonstrates that digital transformation has a larger effect on improving enterprise innovation quality in non-state-owned enterprises and eastern enterprises in China. The mechanism test demonstrates that digital transformation can improve enterprise innovation quality by improving internal control quality and analyst attention. Furthermore, with the increase in enterprise innovation inputs, digital transformation plays a significantly stronger role in improving enterprise innovation quality. The extended analysis demonstrates that digital transformation can significantly improve enterprise financial performance by improving innovation quality.

First, the construction of the core explanatory variable digital transformation index in this study is based on the Python data analysis software, which calculates the frequency of digital transformation in the text of the business situation analysis portion of the annual report of the listed companies and then obtains the degree of digital transformation of the company in this year. There may be some deviation from the degree of digital transformation in the actual production and operation of enterprises. Second, in addition to internal control quality and analyst attention, are there other mediating mechanisms for the impact of digital transformation on the quality of enterprise innovation? Third, whether the moderating effect of innovation input on digital transformation and innovation quality is related to human capital factors of the research and development (R&D) team, such as the technical background of R&D personnel, etc.

This study enriches the relevant theories of digital transformation and broadens the research boundaries of digital transformation and enterprise innovation. This study's result provides an empirical basis for enterprises to improve enterprise innovation quality and financial performance from the perspective of digital transformation at the micro level and points out specific practical directions, combining theory with practice.

Special purpose companies issue stocks to raise money to finance development of real estate and infrastructure. The advantage of a stock issue is that it does not entail financial cost such as interest on a loan. However, financing obtained in this way has been insufficient due to low interest by investors because of the large variability of the stocks’ earnings rates. The purpose of this paper is to propose methods to improve investment earnings rate for financing.

The proposed methods are Markowitz’s model and a combination of Markowitz’s model and Monte Carlo simulation. The proposed methods were verified by comparison with actual earnings rate.

The earnings rate was increased by as much as 23 percent over the actual value. Then, earnings rate compared with risk was analyzed using the Sharpe ratio which is a method to measure investment performance. The performance was also increased by as much as 23 percent over the actual value. The proposed method can help activate investment by increasing investors’ interest in the stock issue.

This study verified that Markowitz’s portfolio model, which is used for econometrics, could be applied for financing of construction project. It is valuable because the previous studies did not propose the method for financing.

The purpose of this paper is to develop a new conceptual life cycle performance measurement system (PMS) based on stage level key performance indicators (KPIs) to measure the performance of build–operate–transfer (BOT) projects.

This study uses a literature review to reveal the deficiencies of existing PMSs for public–private partnership (PPP) projects. Based on these deficiencies, four recommendations were proposed for developing a PMS. The validation of these recommendations was performed via focus group discussion sessions conducted with 12 experts. Then, a conceptual framework was developed based on the validated recommendations and the additional recommendations emerged during focus group discussions. Finally, the recommendations proposed by the focus group were tested by a questionnaire survey, the findings of the Friedman test and descriptive analysis validated these recommendations.

Findings of the focus group discussion, Friedman test and descriptive analysis indicated that the PMS should have four crucial features to develop an efficient, effective and comprehensible PMS for the BOT project. Firstly, non-financial and financial KPIs should be integrated. Secondly, the PMS should be developed as a process-based system with stage level KPIs. The performance of the BOT projects should be monitored and reviewed continuously, however the most important KPIs should be used for continuous performance measurement to increase the applicability of the system and allocate the resources more efficiently.

This survey was conducted on experts who have experience with BOT projects located in Turkey, therefore, judgments of experts might be affected by external factors specific to Turkey such as geopolitical situations, investment environment. However, due to the nature of BOT projects, the experience of experts can also be utilized at the international level.

This is the first time a PMS has been developed to measure the performance of a BOT project. In addition, this system has unique features when compared with the PMS proposed in the literature. Especially, the stage level KPIs and continuous performance measurement with the most important KPIs throughout each stage has never been used. This research provides both public sector and private entities with an insight into effectively measure, control and manage their BOT infrastructure projects' performances throughout their life cycles.

The purpose of this paper is to present a comprehensive literature review that seeks to address modern factors worldwide that are associated with the selection of current procurement methods. The aim is to develop an up-to-date multi-attribute procurement decision-making chart for selecting the appropriate method for the project.

Stage 1 (literature review). The search engines, Emerald; Business Source Premier; Science Direct and Sage were selected to identify journals that have published the most procurement methods-related articles. The search covered the period 1980-2015. Stage 2 (Survey) – after analyzing and appraising the literature, an up-to-date utility decision-making chart for selecting the appropriate procurement method for the project was developed. The chart was based on findings from a survey that included 57 construction professionals and who have demonstrated sound experience about the various procurement options.

There is no one best procurement method for all projects. The selection depends on the nature of the issues or problem at hand. Decision making is not a punctual act. It is often a complex process. Effective decision making also demands quality and timely information, and a careful consideration of alternatives. The multi-attribute decision-making chart presented in this paper has included modern criteria and the client would have end up with different recommendations and consequences should these criteria were not included in priority weightings.

The literature review provides states-of-the art research in the field of procurement methods in construction and the multi-attribute chart is intended to offer decision makers an opportunity to broaden their horizon on the different alternatives procurement routs that could lead to different consequences.

To the best of the authors’ knowledge, very few publications have discussed modern selection criteria for procurement methods in construction under one study. Therefore, this paper has established a platform for scholars and researchers to obtain more useful insights into procurement methods concerns. It has identified research trends in procurement methods which may allow industrial practitioners to appreciate the key concerns in their development of modern concepts and principles such as supply chain, lean construction, sustainability, innovation, value engineering, e-procurement and Building information modeling. The inclusion of these modern criteria will present and add value to procurement decision makers within the construction industry.