Ali Amin, Rizwan Ullah Khan and Arif Maqsood
This study examines whether financial development affects entrepreneurship, and how financial openness moderate this relationship.
Abstract
Purpose
This study examines whether financial development affects entrepreneurship, and how financial openness moderate this relationship.
Design/methodology/approach
The study employs panel data consisting of 781 country-year observations of 48 countries of Asia for the period 2001–2018.
Findings
The study provides empirical support for the eclectic theory of entrepreneurship in Asian countries. The findings of the study indicate that effective allocation of resources and ease of transactions increases the entrepreneurial activities in the country. Additionally, the less stringent regulations, allowing for the cross border transactions, increase the funds availability to the entrepreneurs which in turn increase innovation and establishment of new businesses.
Research limitations/implications
The study only considered the moderating influence of financial openness on the nexus. Other indicators such as governance quality and political stability could also have significant impact on entrepreneurship. Further, our study was based on countries belonging to Asian continent. Since Asian continent has culture distinguished from other regions, therefore, the results cannot be generalized to the other continents.
Practical implications
The study’s results provide insight to policymakers and regulators that in order to increase the entrepreneurial activities, the financial sector improvement is of paramount importance. The regulators should focus on well-functioning financial system and availability of capital to improve the investor's confidence and boost economic activities.
Originality/value
The study provides novel evidence on the effects of financial development on entrepreneurship and moderating influence of financial openness in the context of the entire Asian region, which is yet an unexplored area. This paper offers a fresh contribution in this area.
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Ume Kalsoom, Sheheryar Javed, Rizwan Ullah Khan and Arif Maqsood
The authors examine the impact of coronavirus disease 2019 (COVID-19) pandemic on the stock market, forex market and gold market of Pakistan.
Abstract
Purpose
The authors examine the impact of coronavirus disease 2019 (COVID-19) pandemic on the stock market, forex market and gold market of Pakistan.
Design/methodology/approach
By using the daily data of COVID-19 confirmed cases, stock index, foreign currency rates and gold prices for the period 10 March 2020 to 16 October 2020, the authors explore that the stock index negatively responds to the corona pandemic.
Findings
Additionally, the authors observe the price hikes in gold and foreign currency corresponding to the number of COVID-19 positive cases.
Practical implications
The study analysis unveils that the stock market adversely responds to a pandemic, whereas, forex and gold markets serve as a safe haven for investors at the time of financial distress.
Originality/value
This study complements the literature and provides empirical evidence of the stock market, the gold market and foreign currency market, in the perspective of Pakistan.
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Malik M.A. Khalfan and Tayyab Maqsood
The purpose of this paper is to understand the concept of supply chain capital, which is formed through managing knowledge in supply chains on a long‐term basis.
Abstract
Purpose
The purpose of this paper is to understand the concept of supply chain capital, which is formed through managing knowledge in supply chains on a long‐term basis.
Design/methodology/approach
The development of a conceptual model describing supply chain capital is achieved through extensive literature review, past research carried out by the authors, and past experiences of the authors within the construction industry.
Findings
The paper develops a conceptual model that provides a link between construction organisations and their learning activities as part of a project supply chain, resulting in creation of a learning organisation and a learning supply chain. The model shows that the learning supply chains consist of learning organisations which would create supply chain capital in order to promote innovation and creativity by managing knowledge in supply chains on a long‐term basis.
Practical implications
In addition to the establishment of the model, the paper suggests that the learning organisations would also establish a virtual knowledge transfer among themselves and the supply chains in which they are involved. The paper also suggests that, as unit of competition changes from organisation verses organisation to chain verses chain under supply chain management, supply chain capital will become increasingly important for sustaining competition within the construction industry. Therefore, supply chain capitals are to be created through managing knowledge in supply chains on a long‐term basis, using the proposed conceptual model. The model also facilitates innovation and creativity, essentially required to thrive in the downturned business environment of today in many countries in different parts of the world.
Originality/value
The paper's authors are the first to come up with the term “supply chain capital” in the research domain and to have developed the conceptual model for the construction industry.
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Jordan Mark Correia, Monty Sutrisna and Atiq U. Zaman
Off-site manufacturing (OSM) application in vertically higher and spatially larger projects within Western Australian (WA) commercial sector has demonstrated the potential of…
Abstract
Purpose
Off-site manufacturing (OSM) application in vertically higher and spatially larger projects within Western Australian (WA) commercial sector has demonstrated the potential of benefitting from such a construction technique, but introducing a new methodology to a traditional sector such as commercial sector is not always straightforward. The acceptance of the new methodology, level of awareness of the stakeholders involved and the readiness of the supply chain to deliver, for instance, may influence the success of its implementation. Given the infancy of such methodology in the WA construction industry, this research project aims to analyse factors influencing the implementation of OSM construction method in WA.
Design/methodology/approach
Following a thorough literature review, an existing research agenda in OSM was used to inform the direction of this research, i.e. focussing on external macro aspects of the decision making to implement OSM. Three projects in WA were studied, and the data collection was facilitated through archival study and semi-structured interviews with construction practitioners who were the stakeholders of the three projects. Data analysis was conducted through content analysis to draw the findings and conclusion of this research.
Findings
The analysis of the studied cases revealed relevant economic/financial, technological and regulatory factors, as well as social factors influencing the implementation of OSM, particularly in WA commercial projects. These findings were then used to develop an overall understanding of the external macro factors influencing decision making in implementing OSM that forms a formal research agenda aimed at enabling successful implementation of OSM in WA construction industry, particularly in its commercial sector.
Originality/value
The research findings presented in this paper identified factors that significantly influence the implementation of such alternative technology in a traditional sector. These factors were then structured to form the subsequent research agenda to continuously pursue the implementation of OSM in the sector. While the research agenda takes into account the unique characteristics of the WA construction industry, it contributes to the global and the Australian national research agenda, and the research methodology reported in this paper can be used to develop similar research agenda elsewhere.
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Monty Sutrisna and Jack Goulding
Following the increasing need for faster construction, improved quality and evidence value propositions, offsite construction is increasingly being proffered as a viable contender…
Abstract
Purpose
Following the increasing need for faster construction, improved quality and evidence value propositions, offsite construction is increasingly being proffered as a viable contender to “traditional” construction approaches. However, whilst evidence supports the move towards offsite, its uptake has been lower than expected. Whilst the precise reasons for this seem to be influenced by a number of issues, including contextual drivers and market maturity; some project stakeholders also view offsite as carrying greater risks. The purpose of this paper is to report on the quality of information flow, in particular, the impact and influence of this on design risks in offsite construction projects.
Design/methodology/approach
An existing design risk framework is used as the point of departure for this research. This is further expanded into a specific model for evaluating offsite construction projects design risks, the rubrics of which were informed by two case studies of offsite construction projects in Australia and the UK analysed with a process-tracing technique. Whilst these cases were geographically separated, the constructs were aligned to uncover fundamental design information requirements and concomitant risks associated with offsite.
Findings
The findings of the research reported in this paper include the crucial information feeding into the design process emanating from the lifecycle of offsite construction projects, namely, design, offsite (manufacturing), handling and transporting, site works and installation and also occupancy. These are contextualised within the four categories, namely, client requirements, project requirements, regulation aspects and social aspects and the final outcomes were summarised into a holistic diagram.
Originality/value
Given that the offsite construction has shifted the working paradigm into assigning a significant level of efforts and emphasis at the front end of the construction projects, the importance of its design process and hence design risks management has gone up significantly in construction projects delivered using this technique. This research and paper contributes significantly to the built environment domain by identifying the crucial aspects along the project lifecycle to be considered to minimise the potential occurrence of design risks and hence increasing the confidence of project stakeholders in adopting offsite construction techniques in their projects.
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Monty Sutrisna, Barry Cooper-Cooke, Jack Goulding and Volkan Ezcan
Offsite construction approaches and methodologies have been proffered a potential solution for controlling “traditional” projects, especially where high levels of complexity and…
Abstract
Purpose
Offsite construction approaches and methodologies have been proffered a potential solution for controlling “traditional” projects, especially where high levels of complexity and uncertainty exist. Given this, locations such as Western Australia (WA), where there are unique housing provision challenges, offsite construction method was considered a potential solution for not only addressing the complexity/uncertainty challenges but also alleviating the housing shortage. However, whilst acknowledging the benefits of offsite construction, recognition was also noted on perceived barriers to its implementation, primarily relating to cost uncertainty. This recognition is exacerbated by very limited offsite construction cost data and information available in the public domain. In response to this, this paper sims to provide detailed cost analysis of three offsite construction projects in WA.
Design/methodology/approach
To hold parameters constant and facilitate cross-case comparative analysis, data were collected from three embedded case studies from three residential housing projects in WA. These projects represent the most contemporary implementation of offsite in WA; where two were completed in 2016/2017 and the third project was still ongoing during the data collection of this research. The research methodological approach and accompanying data analysis component engaged a variety of techniques, which was supported by archival study of project data and evidence gathered from the offsite construction provider.
Findings
Core findings revealed three emerging themes from residential offsite construction projects pertinent to cost. Specifically, the overall cost of delivering residential housing project with offsite construction techniques, the cost variability of offsite construction residential housing projects as impacted by uncertainties and the cash flow of residential offsite construction projects based on the payment term. These three major cost drivers are elucidated in this paper.
Originality/value
This research presents new cost insights to complement the wider adoption of offsite construction techniques. It presents additional information to address the limited cost data and information of offsite construction projects available in the public domain particularly for residential housing projects (within the bounded context of WA). It also highlights the further stages needed to enhance data validity, cognisant of universal generalisability and repeatability, market maturity and stakeholder supply chains.
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Temidayo Oluwasola Osunsanmi, Clinton Ohis Aigbavboa, Wellington Didibhuku Thwala and Ayodeji Emmanuel Oke
The model and existing practice of the construction supply chain (CSC) in the United Kingdom (UK) and Australia was presented in this chapter. The policies and reports that…
Abstract
The model and existing practice of the construction supply chain (CSC) in the United Kingdom (UK) and Australia was presented in this chapter. The policies and reports that support the practice of the CSC were examined in both countries. It was discovered from the review of literature that the UK has a more detailed report targeted at improving the CSC than Australia. However, both countries have a common factor affecting their CSC which originates from fragmentation experienced within their supply chain. Construction stakeholders in the UK and Australia believe that collaboration and integration are vital components for improving performance. The majority of the contractors in both countries embrace collaborative working for the sole purpose of risk sharing, access to innovation and response to market efficiency. However, most of the models developed for managing the CSC in the UK are built around building information modelling (BIM). Also, the reviewed studies show that supply chain management practice will be effective following the following principle: shared objectives, trust, reduction in a blame culture, joint working, enhanced communication and information-sharing. Finally, the UK has a more established framework and more CSC models compared to Australia.
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Pejman Ghasemi Poor Sabet and Heap-Yih Chong
New methods have been introduced as revolutionary approaches in the construction industry, such as off-site manufacturing (OSM) and building information modelling (BIM). Although…
Abstract
Purpose
New methods have been introduced as revolutionary approaches in the construction industry, such as off-site manufacturing (OSM) and building information modelling (BIM). Although these approaches can provide many benefits, there are still barriers to meeting the expectations of improved construction productivity via their implementation. Hence, the purpose of this paper is to critically review the capabilities of OSM and BIM techniques, as well as their potential interactions, in productivity improvement.
Design/methodology/approach
A scoping review approach was adopted, where 100 peer-reviewed journal articles were collected to analyse the capabilities of OSM and BIM, as well as their potential interactions, in productivity improvement as assessed by key productivity indicators (KPrIs).
Findings
The results reveal seven BIM-based capabilities and six OSM-based capabilities, as well as 12 potential OSM–BIM interactions that have significant potential for satisfying KPrIs.
Originality/value
An integrated framework has also been developed to clarify and conceptualise the roles of OSM–BIM interactions in their designated KPrIs. The research has developed insightful and practical references for strategic planning and management in OSM–BIM-based projects.
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Stock market forecasters are focusing to create a positive approach for predicting the stock price. The fundamental principle of an effective stock market prediction is not only…
Abstract
Purpose
Stock market forecasters are focusing to create a positive approach for predicting the stock price. The fundamental principle of an effective stock market prediction is not only to produce the maximum outcomes but also to reduce the unreliable stock price estimate. In the stock market, sentiment analysis enables people for making educated decisions regarding the investment in a business. Moreover, the stock analysis identifies the business of an organization or a company. In fact, the prediction of stock prices is more complex due to high volatile nature that varies a large range of investor sentiment, economic and political factors, changes in leadership and other factors. This prediction often becomes ineffective, while considering only the historical data or textural information. Attempts are made to make the prediction more precise with the news sentiment along with the stock price information.
Design/methodology/approach
This paper introduces a prediction framework via sentiment analysis. Thereby, the stock data and news sentiment data are also considered. From the stock data, technical indicator-based features like moving average convergence divergence (MACD), relative strength index (RSI) and moving average (MA) are extracted. At the same time, the news data are processed to determine the sentiments by certain processes like (1) pre-processing, where keyword extraction and sentiment categorization process takes place; (2) keyword extraction, where WordNet and sentiment categorization process is done; (3) feature extraction, where Proposed holoentropy based features is extracted. (4) Classification, deep neural network is used that returns the sentiment output. To make the system more accurate on predicting the sentiment, the training of NN is carried out by self-improved whale optimization algorithm (SIWOA). Finally, optimized deep belief network (DBN) is used to predict the stock that considers the features of stock data and sentiment results from news data. Here, the weights of DBN are tuned by the new SIWOA.
Findings
The performance of the adopted scheme is computed over the existing models in terms of certain measures. The stock dataset includes two companies such as Reliance Communications and Relaxo Footwear. In addition, each company consists of three datasets (a) in daily option, set start day 1-1-2019 and end day 1-12-2020, (b) in monthly option, set start Jan 2000 and end Dec 2020 and (c) in yearly option, set year 2000. Moreover, the adopted NN + DBN + SIWOA model was computed over the traditional classifiers like LSTM, NN + RF, NN + MLP and NN + SVM; also, it was compared over the existing optimization algorithms like NN + DBN + MFO, NN + DBN + CSA, NN + DBN + WOA and NN + DBN + PSO, correspondingly. Further, the performance was calculated based on the learning percentage that ranges from 60, 70, 80 and 90 in terms of certain measures like MAE, MSE and RMSE for six datasets. On observing the graph, the MAE of the adopted NN + DBN + SIWOA model was 91.67, 80, 91.11 and 93.33% superior to the existing classifiers like LSTM, NN + RF, NN + MLP and NN + SVM, respectively for dataset 1. The proposed NN + DBN + SIWOA method holds minimum MAE value of (∼0.21) at learning percentage 80 for dataset 1; whereas, the traditional models holds the value for NN + DBN + CSA (∼1.20), NN + DBN + MFO (∼1.21), NN + DBN + PSO (∼0.23) and NN + DBN + WOA (∼0.25), respectively. From the table, it was clear that the RMSRE of the proposed NN + DBN + SIWOA model was 3.14, 1.08, 1.38 and 15.28% better than the existing classifiers like LSTM, NN + RF, NN + MLP and NN + SVM, respectively, for dataset 6. In addition, he MSE of the adopted NN + DBN + SIWOA method attain lower values (∼54944.41) for dataset 2 than other existing schemes like NN + DBN + CSA(∼9.43), NN + DBN + MFO (∼56728.68), NN + DBN + PSO (∼2.95) and NN + DBN + WOA (∼56767.88), respectively.
Originality/value
This paper has introduced a prediction framework via sentiment analysis. Thereby, along with the stock data and news sentiment data were also considered. From the stock data, technical indicator based features like MACD, RSI and MA are extracted. Therefore, the proposed work was said to be much appropriate for stock market prediction.
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Abdulkabir Opeyemi Bello, Doris Omonogwu Eje, Abdullahi Idris, Mudasiru Abiodun Semiu and Ayaz Ahmad Khan
The growing demand for housing and infrastructure, as well as the requirement for affordable housing, has been a significant factor, necessitating investigation for sustainable…
Abstract
Purpose
The growing demand for housing and infrastructure, as well as the requirement for affordable housing, has been a significant factor, necessitating investigation for sustainable approaches and implementation of alternative construction innovations. Hence, this study aims to identify and assess the drivers for implementing modular construction systems (MCS) in developing countries.
Design/methodology/approach
The study adopts a quantitative research approach to seek respondents’ opinions on the factors that can drive the implementation of MCS in developing countries. Accordingly, a structured questionnaire was used as an instrument of data collection based on five Likert scales. The data was analysed using the mean score, one sample t-test, Kruskal–Wallis, factor analysis (FA) and Pearson correlation analysis.
Findings
Results show that 15 of the 16 major identified drivers were statistically significant towards implementing MCS, which indicates that the drivers are crucial for implementing MCS in developing countries. However, the Kruskal–Wallis test reveals that the respondents have varying opinions on the identified drivers. FA categorised the drivers into four categories, namely, “management and sustainability”, “key performance”, “know-how and logistics” and “regulations and policies”. A strong relationship among the four categories of drivers was established using Pearson correlation, which indicated that all the drivers’ categories are essential for implementing MCS in developing countries.
Originality/value
This study identified and assessed the drivers towards implementing MCS in developing countries. The study concludes that the identified drivers are essential for implementing MCS in developing countries. Also, the study considers the government the most placed player in driving the implementation of MCS in developing countries.