Analysis of financial close delay in PPP infrastructure projects in developing countries

2017 ◽  
Vol 24 (6) ◽  
pp. 1690-1708 ◽  
Author(s):  
Solomon Olusola Babatunde ◽  
Srinath Perera
Keyword(s):  
Developing Countries ◽  
Factor Analysis ◽  
Questionnaire Survey ◽  
Empirical Studies ◽  
Infrastructure Projects ◽  
Content Type ◽  
Scant Attention ◽  
The Mean ◽  
Private Investors ◽  
Managerial Capabilities

Purpose The presence of previous awarded public-private partnership (PPP) infrastructure projects that significantly delays reaching financial close constrain the likely success of new PPP projects. However, effort at investigating financial close delays of PPP projects through empirical studies by the research community received scant attention. Thus, the purpose of this paper is to identify and assess the factors causing delays in PPP projects from reaching financial close in developing countries. Design/methodology/approach The study adopted literature review and questionnaire survey. In order to capture a broad perception, a questionnaire survey was adopted, which was administered to three different primary stakeholder categories comprised public sector authorities (i.e. ministries, department, and agencies), concessionaires, and lenders/banks already involved in PPP infrastructure projects implementation in Nigeria. The data obtained were analysed using mean score, Kruskal-Wallis test, and factor analysis. Findings The study revealed the mean score ranking of 39 identified causes of financial close delays in PPP projects, and the mean score values for all the identified 39 causes of financial close delays are very high. The study, through factor analysis, categorised the 39 identified causes of financial close delays into eight principal factors. The factors are: decreased bankability of PPP projects; unstable economic policy; weak financial, technical, and managerial capabilities of the concessionaires; weak public institutions; lack of creditworthiness of both the project sponsors and active partner; unfavourable economy of the host country; weak legal and unfavourable environment; and high contingent liabilities, respectively. Practical implications The identification and evaluation of the factors delaying PPP projects development from reaching financial close in a reasonable time manner would be useful for PPP primary stakeholders to develop strategies to safeguard the present and future PPP projects implementation in developing countries. Originality/value The study findings would be useful for both policymakers considering PPP projects and private investors seeking to finance PPP projects in developing countries. This study is crucial as not many empirical studies have been conducted in developing countries.

scholarly journals Investigation into the causes of delay in land acquisition for PPP projects in developing countries

2017 ◽  
Vol 15 (4) ◽  
pp. 552-570 ◽  
Author(s):  
Solomon Olusola Babatunde ◽  
Onaopepo Adeniyi ◽  
Oluwaseyi Alabi Awodele
Keyword(s):  
Developing Countries ◽  
Factor Analysis ◽  
Literature Review ◽  
Questionnaire Survey ◽  
Empirical Method ◽  
Land Acquisition ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
Content Type ◽  
Private Investors

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.

Barriers to bond financing for public-private partnership infrastructure projects in emerging markets

2017 ◽  
Vol 22 (1) ◽  
pp. 2-19 ◽  
Author(s):  
Solomon Olusola Babatunde ◽  
Srinath Perera
Keyword(s):  
Factor Analysis ◽  
Emerging Markets ◽  
Empirical Studies ◽  
Principal Component ◽  
Public Private Partnership ◽  
Bond Markets ◽  
Infrastructure Projects ◽  
Chi Square ◽  
Private Partnership ◽  
Content Type

Purpose The purpose of this study is to identify and critically assess the barriers to bond financing for public–private partnership (PPP) infrastructure projects in Nigeria using an empirical quantitative analysis. Innovative ways to finance long-term infrastructure projects had been documented. However, there is a dearth of empirical studies on the barriers to bond financing for PPP infrastructure projects. Design/methodology/approach A comprehensive literature review was conducted to identify the barriers to bond financing for infrastructure projects, which were employed to design a questionnaire. A questionnaire survey was carried out which targeted financial experts in the Nigerian financial institutions/local banks. Data collected were analysed using descriptive and inferential statistics to include mean score, chi-square (χ2) test and factor analysis (principal component analysis). Findings The analysis of the ranking in terms of the mean score values for the 12 identified barriers indicated that all the identified barriers are considered by respondents as critical barriers to bond financing for PPP infrastructure projects in Nigeria. The study, through factor analysis, grouped the 12 identified barriers into 5 principal factors. These include governance and institutional capacity issues, higher issuance cost and risk, difficulties in getting approval for changes, the small size of bond markets and stringent disclosure requirements. Practical implications This research is significant by providing the empirical evidence of the barriers to bond financing for PPP infrastructure in emerging markets, especially in Nigeria. Originality/value The findings would enable the policymakers to draw some policy recommendations that will positively influence the development of bond markets in Nigeria and emerging markets at large. These study findings are crucial, as not many empirical studies have been conducted in Nigeria.

Analysis of barriers to the application of life cycle costing in building projects in developing countries

2020 ◽  
Vol 9 (4) ◽  
pp. 503-521 ◽  
Author(s):  
Akintayo Opawole ◽  
Solomon Olusola Babatunde ◽  
Kahilu Kajimo-Shakantu ◽  
Oluwatumininu A. Ateji
Keyword(s):  
Developing Countries ◽  
Factor Analysis ◽  
Life Cycle ◽  
Construction Projects ◽  
Empirical Studies ◽  
Life Cycle Costing ◽  
Primary Data ◽  
Item Score ◽  
Building Projects ◽  
Content Type

PurposeLife cycle costing (LCC) has become increasingly important in construction projects over the last decades. However, limited empirical studies have been carried out on the factors influencing its application in building projects, particularly in developing countries. The purpose of this study is to address this gap in knowledge within the Nigerian context.Design/methodology/approachPrimary data were used through the administration of questionnaires to practising quantity surveying firms in Lagos State, Nigeria. The data obtained were analysed using both descriptive and inferential statistical tools including percentages, mean item score and factor analysis.FindingsThe study identified 47 barriers to the application of LCC, and the analysis of the ranking revealed that 35 (of 47) identified barriers were considered important. Factor analysis grouped the identified barriers into four key factors namely, professional incompetence; cost implications; administrative factor and procurement options.Practical implicationsThis research is important by providing the empirical evidence on the barriers to the application of LCC in developing countries, particularly in Nigeria. For instance, the identification of important barriers to LCC use will enlighten the construction professionals to be trained in the practicalities of LCC. Moreover, the study provides implications for construction stakeholders (including governments) to draw policy recommendations that will positively improve the use of LCC in the construction industry, especially in developing countries.Originality/valueThe study will be beneficial to all the construction stakeholders by broadening their awareness about the barriers to LCC use in Nigeria and developing countries at large.

PROMETHEE-based ranking of project managers based on the five personality traits

Kybernetes ◽  
2019 ◽  
Vol 49 (4) ◽  
pp. 1083-1102
Author(s):  
Georgios N. Aretoulis ◽  
Jason Papathanasiou ◽  
Fani Antoniou
Keyword(s):  
Personality Traits ◽  
Questionnaire Survey ◽  
Multicriteria Decision Making ◽  
Project Managers ◽  
Preference Ranking ◽  
Infrastructure Projects ◽  
Public Infrastructure ◽  
Content Type ◽  
The One ◽  
Selection Of

Purpose This paper aims to rank and identify the most efficient project managers (PMs) based on personality traits, using Preference Ranking Organization METHod for Enrichment Evaluations (PROMETHEE) methodology. Design/methodology/approach The proposed methodology relies on the five personality traits. These were used as the selection criteria. A questionnaire survey among 82 experienced engineers was used to estimate the required weights per personality trait. A second two-part questionnaire survey aimed at recording the PMs profile and assess the performance of personality traits per PM. PMs with the most years of experience are selected to be ranked through Visual PROMETHEE. Findings The findings suggest that a competent PM is the one that scores low on the “Neuroticism” trait and high especially on the “Conscientiousness” trait. Research limitations/implications The research applied a psychometric test specifically designed for Greek people. Furthermore, the proposed methodology is based on the personality characteristics to rank the PMs and does not consider the technical skills. Furthermore, the type of project is not considered in the process of ranking PMs. Practical implications The findings could contribute in the selection of the best PM that maximizes the project team’s performance. Social implications Improved project team communication and collaboration leading to improved project performance through better communication and collaboration. This is an additional benefit for the society, especially in the delivery of public infrastructure projects. A lot of public infrastructure projects deviate largely as far as cost and schedule is concerned and this is an additional burden for public and society. Proper project management through efficient PMs would save people’s money and time. Originality/value Identification of the best PMbased on a combination of multicriteria decision-making and psychometric tests, which focus on personality traits.

When foreign brands appear local, and local brands appear foreign

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bo Chen
Keyword(s):  
Developing Countries ◽  
Purchase Intention ◽  
Empirical Studies ◽  
Country Of Origin ◽  
Developed Countries ◽  
Brand Names ◽  
Content Type ◽  
Product Categories ◽  
Foreign Brand ◽  
Foreign Brands

PurposeBoth foreign and local companies frequently name their brands in foreign language on the market of developing countries, and some of them choose to disclose the brands' country of origin to consumers. The purpose of this research is to investigate the joint effects between the practices of disclosing the actual country of origin of the brands and the language of the brand names on consumers' purchase intention for foreign brands and local brands in developing countries.Design/methodology/approachThe proposed hypotheses were tested in two studies, namely an experiment and a field experimental survey, with stimuli from two product categories.FindingsThe results of the two empirical studies with Chinese participants consistently demonstrate that revealing the actual country of origin of the brands undermines consumers' purchase intention for local brands that use foreign brand names, but does not impact consumers' purchase intention for foreign brands that use local brand names.Originality/valueThis research first investigates the effects of adapting the brand names into local language of developing countries for brands from developed countries on consumers' purchase intention, which provides new insight into the literature on foreign branding and country of origin effects as well as practical implications for brand managers.

On the dimensionality of intragroup conflict

2017 ◽  
Vol 28 (5) ◽  
pp. 538-562 ◽  
Author(s):  
Lin Ma ◽  
Baiyin Yang ◽  
Xueli Wang ◽  
Yan Li
Keyword(s):  
Factor Analysis ◽  
Empirical Studies ◽  
Cognitive Conflict ◽  
Content Type ◽  
Intragroup Conflict ◽  
Four Dimensions ◽  
Coding Schemes ◽  
Standard Scale ◽  
Solid Foundation ◽  
Initial Scale

Purpose The purpose of this paper is to explore the dimensionality of intragroup conflict and to develop an instrument with acceptable psychometric properties for the comprehensive measurement of conflict. Design/methodology/approach This paper strictly follows the standard scale-developing method: first, establish theoretical dimensions of intragroup conflict; then, develop the initial scale through in-depth interviews and coding schemes; third, revise and verify the scale through exploratory factor analysis and confirmatory factor analysis; and, finally, examine the predictive validity of the new intragroup conflict scale. Findings This study identifies four dimensions of intragroup conflict – cognitive conflict, affective conflict, behavioral conflict, and interest-based conflict – and provides evidence of construct validity for a new measure. The results show that cognitive and interest-based conflict affect group innovation performance positively, whereas affective and behavioral conflict affects it negatively. Originality/value This study first detects interest-based conflict as a new dimension and explores a more comprehensive scale (ABCI) that reflects all the connotations of conflict, which deepens the understanding of intragroup conflict, laying a solid foundation for empirical studies of conflict.

Meta-analysis of the effects of mastery learning on students’ academic achievements in Nigeria

2018 ◽  
Vol 10 (4) ◽  
pp. 547-555
Author(s):  
Maxwell Okwudili Ede ◽  
Uwakwe Okereke Igbokwe
Keyword(s):  
Effect Size ◽  
Learning Strategy ◽  
Mastery Learning ◽  
Empirical Studies ◽  
Sampling Technique ◽  
Content Type ◽  
Research Results ◽  
Academic Achievements ◽  
Ex Post ◽  
The Mean

PurposeThe purpose of this paper is fivefold: to identify the various results of previous empirical studies on the effect of mastery learning and students achievement in Nigeria schools; determine the effect size for each of the studies examined; determine the mean effect size of the overall studies examined; find out the mean effect size of studies that examined the effect of gender on academic achievement in mastery learning strategy; and determine the mean effect size of studies that examined the effect of school locations on academic achievements using mastery learning strategy.Design/methodology/approachThis study adopted survey research design using theex postfacto procedure. This study being meta-analytical used already existing data (research results). The sample of research reports included both published and unpublished research reports on the effects of mastery learning on students’ academic achievements in Nigeria between 1980 and 2016. The study adopted a purposive sampling technique in selecting the sample. This was to ensure that studies: were centered on mastery learning and students’ academic achievements; were carried out in Nigeria; appeared in published and unpublished literature between 1980 and 2016; have the statistical values of the research results of each independent variable to be considered (e.g.t-test values,χ2values and correlation values).FindingsThe study revealed that the mean effect size for all the studies was 0.536, indicating a positive mean effect size. The strategy, thus, has a significant effect on students’ achievements. School location, also, did not mediate in the use of the strategy.Practical implicationsBased on the findings of this study, the following recommendations were made: teachers should use this teaching strategy to enhance students’ achievements in difficult concepts in different subject areas. Since the result of this study has shown that the strategy has positive and large effect size, government and school proprietors should, with the collaboration of higher institutions concerned with teacher education, endeavor to organize seminars and workshops to serving teachers to enable them embrace effectively the principles and processes of implementing the strategy in the classroom. Since the result of this study has established the size of the effect of mastery learning strategy on the academic achievements, subsequent researchers should no longer direct their efforts in determining its effects on academic achievements but on the ways of improving the use of the strategy in teaching at all levels of education.Originality/valueAvailable literature has shown that though most previous research findings revealed that mastery learning approach has an effect on academic achievements of students, no efforts have been made toward resolving the inconsistencies of those results by integrating them and establishing the extent of the effect of the strategy on academic achievements. This study, therefore, was designed to fill these gaps created by the non-existence of integrated studies on effects of mastery learning and academic achievements of students in Nigerian schools.

Factor analysis of critical success factors for water infrastructure projects delivered under public–private partnerships

2019 ◽  
Vol 24 (3) ◽  
pp. 338-357 ◽  
Author(s):  
Khotso Dithebe ◽  
Clinton Ohis Aigbavboa ◽  
Wellington Didibhuku Thwala ◽  
Ayodeji Emmanuel Oke
Keyword(s):  
Factor Analysis ◽  
Critical Success Factors ◽  
Success Factors ◽  
Public Private Partnerships ◽  
Private Capital ◽  
Water Infrastructure ◽  
Infrastructure Projects ◽  
Content Type ◽  
The Public ◽  
Critical Success

Purpose The role of public–private partnerships (PPP) as a strategic initiative to improve and accelerate service delivery in the form of newly built and revitalised water infrastructure assets in developing countries cannot be over-emphasised. Hence, the purpose of this study is to assess and highlight the importance of critical success factors for water infrastructure projects delivered under public–private partnerships. Design/methodology/approach A survey design was used and a questionnaire was administered to stakeholders who have participated in delivering water infrastructure assets in South Africa. Out of 150 administered questionnaires, only 91 were returned and usable for analyses, representing a 61 per cent response rate. The data gathered were then analysed using descriptive and factor analysis. Findings The study revealed that thorough planning for project viability, high levels of transparency and accountability and a legal framework stipulating policy continuity are the CSFs for delivering water infrastructure projects under the PPP initiative. The findings emerging from factor analysis owing to a close variance revealed the importance of the following grouped factors, namely, public cooperation, project viability and policy and legislation enhancement. Practical implications From the results, it is clear that the public sector, as the facilitator of infrastructure development, should create an environment that is conducive for private capital through political will and commitment and the enhancement of policy and legislation where there is no or minimal private participation. Originality/value Adequate infrastructure investment from private capital promises to flourish economically and improve the living conditions of the public in the cities and the country at large. To further guarantee the reality of PPPs at a local level, the host government must adequately engage and enlighten the public.

Adoption of and compliance with IFRS in developing countries

2016 ◽  
Vol 6 (1) ◽  
pp. 33-49 ◽  
Author(s):  
Khaled Samaha ◽  
Hichem Khlif
Keyword(s):  
Developing Countries ◽  
Empirical Studies ◽  
Developed Countries ◽  
Equity Capital ◽  
Economic Consequences ◽  
Future Research ◽  
Cost Of Equity Capital ◽  
Content Type ◽  
Ifrs Adoption ◽  
The Impact

Purpose – The purpose of this paper is to review a synthesis of theories and empirical studies dealing with the adoption of and compliance with IFRS in developing countries in an attempt to provide directions for future research. Design/methodology/approach – The review focusses on four main streams including: first, the motives for IFRS adoption; second, corporate characteristics and the degree of compliance with IFRS; third, the economic consequences of IFRS adoption and finally; fourth, the use of regulation as an enforcement mechanism to monitor compliance with IFRS. The authors review empirical studies specifically devoted to developing countries. Findings – Regarding the first stream relating to IFRS adoption, the macroeconomic decision of adopting IFRS in developing countries can be justified by two main theories which are: the economic theory of network (Katz and Shapiro, 1985) and isomorphism (DiMaggio and Powell, 1991), however, empirical evidence in developing countries to confirm these theories is limited. Regarding the second stream relating to corporate characteristics and the degree of compliance with IFRS, the authors find that the results are mixed. Regarding the third stream relating to the economic consequences of IFRS adoption, it seems that the evidence is still limited in developing countries especially with respect to the impact of IFRS adoption on foreign direct investment, cost of equity capital and earnings management. Regarding the fourth and final stream in relation to regulation, enforcement and compliance with IFRS, the authors find that research is very limited. It was evidenced in the very few research studies conducted, that global disclosure standards are optimal only if compliance is monitored and enforced by efficient institutions. Practical implications – The author’s study attempts to provide a foundational knowledge resource that will inform practitioners, researchers and regulators in developing countries about the relevance of the different theories that exist in the accounting literature to explain the adoption of and compliance with IFRS. Originality/value – Compared to developed countries, the four streams outlined remain under-researched in developing countries. Therefore, researchers should examine these topics in developing countries to inform practitioners, regulators and the capital market about the effects of adopting IFRS and their relevance to developing countries. In addition, researchers should embark on identifying new theories to explain the adoption of and compliance with IFRS in developing countries that take into consideration the socioeconomic culture of these settings.

Decades of public-private partnership in solid waste management

2017 ◽  
Vol 28 (1) ◽  
pp. 78-93 ◽  
Author(s):  
Emmanuel Yeboah-Assiamah ◽  
Kwame Asamoah ◽  
Thomas Agyekum Kyeremeh
Keyword(s):  
Developing Countries ◽  
Waste Management ◽  
Solid Waste ◽  
Solid Waste Management ◽  
Empirical Studies ◽  
Relevant Literature ◽  
Policy And Practice ◽  
Policy Makers ◽  
Content Type ◽  
Cascading Effect

Purpose The purpose of this paper is to examine empirical studies on public-private partnerships (PPPs) and solid waste management (SWM) in Ghana and India to synthesize the “crucial lessons” for urban managers and policy makers in developing countries. Design/methodology/approach A systematic review of empirical studies was carried out, the search process comprised four categories of keywords combined differently across three main search engines in order to obtain a pool of more relevant literature on the study. Sorting for relevance was done at various levels; retrospective content analysis of relevant empirical studies on PPP and SWM in Ghana and India was subsequently carried out to draw lessons and policy suggestions. Findings PPPs have mainly been impressive in coverage of waste collection in the Ghanaian context, whilst in India, emphasis has been on injection of technology and effectiveness into SWM. It is also observed that in both cases the PPP processes have lacked adequate openness, transparency and sufficient stakeholder engagement. In the Ghana cases, mostly, urban authorities hardly pay attention to details in the partnership deed and also ignore monitoring of private partners. Poorly performed PPPs do occur when one of the partners relent on his role which could have a cascading effect on other actors. Practical implications Whilst PPP is a strong candidate to address the SWM challenges of urban centers in developing countries, this does not necessarily come about by joining the bandwagon. Merely entering into a partnership deed with private waste management companies without paying due attention to details of the contract will usher urban managers into a state of schizophrenia. The paper presents five key lessons to inform policy and practice. Originality/value The paper draws lessons from multiple cases of PPPs in Ghana and India by synchronizing lessons adaptable to city authorities and policy makers in developing countries.

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