Purpose This study explores the challenges of access to finance from local financial institutions (LFIs), i.e. local banks, for public–private partnership (PPP) infrastructure project delivery in Nigeria. The aim is to provide useful insights that could inform policy solutions to ease the local funding of PPP infrastructure projects in Nigeria and, by extension, other developing economies. Design/methodology/approach Adopting a qualitative research methodology, the study engaged PPP stakeholders involved in securing funds for PPP infrastructure projects in Nigeria. A total of 15 PPP stakeholders, drawn from the public and private sectors, were purposively selected and their views on the research problem obtained through recorded telephone interviews. The opinions of the research participants were subsequently analyzed and the results discussed with the outcome of the examination of relevant literature. Findings The study found that the significant factors affecting access to local finance for PPP infrastructure projects in Nigeria include low capital base by LFIs, weak project viability, lack of capacity to manage PPP-related activities, inconsistent government policy, poor legal framework and public perception of PPP. Research limitations/implications Insights from this study are useful for PPP stakeholders in mitigating the barriers that influence access to local finance for PPP infrastructure projects in Nigeria and other developing economies. This study is also useful in enhancing the current policy structure in developing countries as a way of revamping the existing infrastructure framework through LFIs. Originality/value This study provides clarity on the peculiar challenges impeding access to finance from LFIs for PPP infrastructure projects in Nigeria and will be useful for debt providers and policymakers in evaluating the bankability of PPP infrastructure projects in Nigeria and other developing countries.
PurposeDecision-making behaviour of property investors has been the focus of real estate research for decades. Yet, there is no consensus on a generally accepted behavioural model that suits all market conditions and investment peculiarities. While scholars have emphasized the significance of rational reasoning and cognitive influences on property investment decision-making preferences, gaps remain regarding the impacts of market disruptions on property investment decision-making behaviour. This paper, therefore, explores the institutional framework as a theoretical basis for understanding property investment decision-making behaviour amidst market disruptions.Design/methodology/approachThis paper reports a systematic review of pertinent theories that have explored decision-making behaviour. Commencing with an index search of high impact peer-reviewed journals, a snowball identification of relevant citations was also deployed to assemble theories from the field of psychology, sociology, economics and urban studies. Although a preliminary dataset of 82 papers with relevant decision-making theories was identified, the final dataset comprised 27 papers and 7 theories. The identified theories were reviewed accordingly.FindingsThe outcome of this study suggests that the institutional framework offers a robust approach to property investment decision-making amidst market disruptions, especially because it recognizes the dynamism in the investment environment and the roles of formal and informal rules that exist therein.Originality/valueThis study advances the current understanding of property investment decision-making behaviour by recognising the dynamism of the investment environment and how factors such as principles, laws, tradition and routines can lead to an established and legitimate standard of reasoning. By integrating both rational and cognitive attributes, the study provides a holistic perspective to property investors' decision-making behaviour in response to market disruptions.
Procurement decision-making is a crucial determinant of project success. Although several objective, stage-based models have been proposed to guide clients’ procurement choices, little emphasis has been made on the subjective nature of construction clients. Recognizing the role of clients’ experiences in justifying procurement routes, this study develops a decision-making framework that is capable of guiding construction clients in making informed procurement choices. Adopting a mixed-method approach, comprising semi-structured interviews and multi-objective optimization, relevant procurement options were appraised based on clients’ specifications and project deliverables. The lived experiences of construction clients and the importance they attach to pre-defined selection rating criteria were subsequently evaluated, using a template that enables clients to prioritize procurement methods for different project types. The resultant framework offers a holistic, practical, and collaborative procurement selection process that promotes the efficient delivery of construction projects by reducing the cost overrun and delays associated with uninformed client decisions in construction procurement.
This paper explores the extent of organizational isomorphism (homogeneity and resemblances) in the disruption-driven investment decision-making strategies of Listed Property Trusts (LPTs) in New Zealand. Based on the tenets of institutional theory, this article conceptualizes LPTs as organizations within an investment environment, comprising several firms and actors that are bounded by formal and informal rules. By exploring the interactions and interdependencies across organizational hierarchies in the investment environment, this study adopts a phenomenological approach within case studies in clarifying the extent of homogeneity in the decision-making strategies of LPTs amidst disruptions. The research outcome suggests that LPTs demonstrate normative, coercive and mimetic isomorphic tendencies as they seek legitimacy amidst the uncertainties associated with property market disruptions. Apart from adhering to the peculiar rules and norms of property investment decision-making within their investment environment, this study reveals the tendency of LPTs to observe and replicate the responsive actions of similar organizations as they adjust to market uncertainties. Therefore, the research outcome provides a clearer description of the actual decision-making behaviour of LPTs amidst market disruptions and how subjective behavioural tendencies could evolve to become a legitimate standard of reasoning amongst LPTs.
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