Francis K. Bondinuba, Devine Hedidor, Alex Opoku and Alfred L. Teye
The purpose of this paper is to explore the de/motivation variables in the delivery of housing microfinance (HMF) in the low-income housing market in Ghana.
Abstract
Purpose
The purpose of this paper is to explore the de/motivation variables in the delivery of housing microfinance (HMF) in the low-income housing market in Ghana.
Design/methodology/approach
The paper relied on a survey of 125 respondents of microfinance institutions (MFIs) to understand the interactions and effects of these variables on HMF delivery in Ghana. Descriptive and bivariate statistical methods were used to analyse the data.
Findings
The findings revealed that both internal and external variables motivate MFIs to engage in the low-income housing market. These variables are: MFIs desire for expansion, the potential size of the low-income housing market, the market potential for MFIs growth, the availability of local resources, unique features and products of the market, low-income housing offering an opportunity for leveraging resources and the preference for homeownership than rental among individuals in the low-income segment of the population. However, variables such as capital lock-up in HMF delivery, high-interest rates in the country, high cost and land prices, high cost and price of building materials, lack of sufficient collaterals and the different interest rates required on HMF loans also served as demotivation in the low-income housing market in Ghana.
Research limitations/implications
The paper findings are limited in context to Ghana.
Practical implications
The paper, although limited to Ghana, contributes to the much-needed body of knowledge on low-income housing finance in developing countries.
Originality/value
The paper is the first of its kind in using empirical data to explore the motivational and demotivational variables in the delivery of HMF in a developing country context such as Ghana.
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Alfred Larm Teye, Michel Knoppel, Jan de Haan and Marja G. Elsinga
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing…
Abstract
Purpose
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam.
Design/methodology/approach
The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks.
Findings
The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland.
Research limitations/implications
The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation.
Originality/value
This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored.
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Alfred Larm Teye, Jan de Haan, Marja Geessiena Elsinga, Francis Kwesi Bondinuba and Job Taiwo Gbadegesin
The purpose of this paper is to explore the risk factors in homeowners from the individual household’s perspectives within the owner-occupied housing sector of The Netherlands…
Abstract
Purpose
The purpose of this paper is to explore the risk factors in homeowners from the individual household’s perspectives within the owner-occupied housing sector of The Netherlands. Risk in home ownership from mortgage providers’ perspectives has received tremendous attention than individual home owner’s perspectives in existing literature following the financial crisis in 2007/2008 within the euro zone.
Design/methodology/approach
The paper adopted a broader review of extent literature on the different concepts and views on risk in homeownership. These concepts are unified into a framework that enhances our understanding of the perceived sophisticated risk in owner-occupier with focus on The Netherlands.
Findings
From the perspective of the homeowner, two main types of risks were identified: default payment and property price risk. The paper has unearthed a quantum number of factors which underline the above risks. These factors relate to the initial amount of mortgage loan taken out, the future housing expenses and the income development of the owner-occupier. Family disintegration is identified, as one of the main causes of mortgage default and that of property price risk are mainly influenced by income levels, interest rates and conditions in the social and private rental sectors.
Research limitations/implications
Findings of the paper are based on review of the extant literature in the context of the Dutch housing market. Possible rigorous situational analysis using other tools are recommended for further research.
Originality/value
This paper contributes to the much needed body of knowledge in the owner-occupied sector and provides a better understanding of risk in home ownership from the individual perspectives.
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Charles Teye Amoatey and Alfred Nii Okanta Ankrah
The purpose of this paper is to investigate the causes of road construction delays in Ghana and identify appropriate mitigation measures.
Abstract
Purpose
The purpose of this paper is to investigate the causes of road construction delays in Ghana and identify appropriate mitigation measures.
Design/methodology/approach
The initial approach involved an empirical analysis of 48 road projects to quantify the extent of time. This was followed by a survey of the perception of road agency and donor partner officials of the critical causes of road project delays.
Findings
About 70 per cent of road projects experience delays and 52 per cent experience cost overruns. The average time overrun and cost overruns of road projects in Ghana was 17 months and US$1.15m (or 22.5 per cent), respectively. The five most critical causes of road construction delays were delay in finance and payment of completed work by owner (client-related); inadequate contractor experience (contractor-related); changes in scope by the owner during construction (client-related); delay to furnish and deliver the site to the contractor (client-related); and inflexible funding allocation for project items (donor-related).
Research limitations/implications
The most critical constraint of this study is the fact that findings are based on only the views of industry professional experts. It may be assumed that despite using broadly used terminology to refer to the causes of project delays, the interpretations by respondents may have differed from those intended. Further research could look at the correlation between time overrun and cost overrun using principle component analysis.
Practical implications
The identified delay factors are not unique to the road sector. From both academic and practical perspectives, the results emphasizes on the need for a holistic and integrated risk management model for the entire construction industry in Ghana.
Originality/value
The paper examined the causes of road project delays in the Ghanaian context and recommended remedial measures.
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G.W. Burnett and Muzaffer Uysal
Tourism, since it involves the movement of people from country to country and results in frequent economic, social and cultural exchanges, is likely to be a force contributing to…
Abstract
Tourism, since it involves the movement of people from country to country and results in frequent economic, social and cultural exchanges, is likely to be a force contributing to world peace. In October 1988, scholars and practitioners from a variety of fields gathered in Vancouver, Canada, to consider this proposition for the first time (D'Amore and Jafari 1988). Their deliberations focused to an exceptional degree on the Third World, where most armed conflict has been conducted over the past four decades and where tourism is anticipated to improve weak economic performance and generate much needed foreign exchange.
Modish Kumar and Santosh Kumari
This paper aims to evaluate the available research to identify the factors contributing to the delays in road construction projects. The primary goals of this study are to…
Abstract
Purpose
This paper aims to evaluate the available research to identify the factors contributing to the delays in road construction projects. The primary goals of this study are to determine the critical elements that cause delays in road projects, and to investigate the appropriate corrective actions suggested to lessen the delays in road projects. The study also assesses the theoretical background, methodology, limitations and future research prospects suggested in relevant research works related to causes for delays in road construction.
Design/methodology/approach
This study adopted systematic literature review in three steps: collecting relevant literature, descriptive analysis and content analysis. This study used keyword analysis and thematic content analysis on some relevant selected studies. NVivo 12 was used for thematic content analysis utilising description-focused coding, the text was thematically analysed, three other software: MS Excel, VOSviewer and Mendeley were also used for analysis in this study.
Findings
The findings revealed that road projects around the world experienced delays and the reasons for delays are many. After the analysis of literature, number of factors causing delays in road projects were identified, which were then divided into seven broad groups using thematic content analysis. The investigation shows that variations in design and inefficient management of project by contractor including inadequate planning and scheduling are the top two factors of delay. The most frequent suggested corrective measure to reduce delay was employing technically competent employees and contractor should conduct thorough survey on his part, rather than just accepting the survey report at face value.
Research limitations/implications
This review paper is addressing the issues related to delays in road construction projects and suggests remedial measure to reduce them. The paper will be useful for researchers, industry professionals, academician and policy makers concerned with the road construction projects. The study conducted the review of selected relevant articles related to causes of delay in road construction projects for qualitative analysis. The research articles using quantitative methods and studies conducted on other types of infrastructure projects were not included; however, findings from this study may be applicable to other construction projects as well.
Practical implications
The findings of this paper are useful in the fields of economy, industry, academia and public policies. The paper thoroughly examined the factors causing delays in highway projects, offering insights for practitioners to identify best practices and mitigation strategies. These findings can guide investment and policy decisions for highway infrastructure projects, promoting a holistic approach to development. Additionally, this paper can help enhance research methods in studies about delays in road infrastructure projects.
Originality/value
The literature review in the paper used a qualitative method. The causes of road project delays, remedial action, context, methodology and theoretical foundation were all examined in this paper.