Juan David Gonzalez-Ruiz, Alejandro Arboleda, Sergio Botero and Javier Rojo
The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships…
Abstract
Purpose
The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public–private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS).
Design/methodology/approach
The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study.
Findings
The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt–equity conversion ratio on the relationship between the sponsors’ internal rate of return and the FCV.
Research limitations/implications
The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible.
Practical implications
Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice.
Originality/value
Sustainability components have not been addressed explicitly or combined in the financing’s structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.
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Hugo Saúl Ramírez-García and Juan Francisco Díez Spelz
This chapter aims to reflect upon the relationship between corporate social responsibility (CSR) and human rights. We argue that although CSR is a good attempt to propose better…
Abstract
This chapter aims to reflect upon the relationship between corporate social responsibility (CSR) and human rights. We argue that although CSR is a good attempt to propose better practices for managerial decisions, a human rights perspective enriches this vision. Therefore, the authors will define the meaning of a human rights perspective for business activities and, specifically, for CSR. The authors apply the idea of res extra commercium to human rights and CSR. As a first step, both factors need to be identified as moral absolutes. Essentially, businesses should start by identifying areas of human activity that are off limits.
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Aline Patricia Mano, Sergio E. Gouvea da Costa and Edson Pinheiro de Lima
The purpose of this study seeks to identify the critical barriers for the deployment of Lean Construction (LC).
Abstract
Purpose
The purpose of this study seeks to identify the critical barriers for the deployment of Lean Construction (LC).
Design/methodology/approach
In order to identify the barriers of Lean Construction, a systematic review of the scientific literature was carried out, in addition to analysis of the content of papers presented at a major Lean Construction conference. After the barriers were identified, a Lawshe study was conducted with experts in Lean Construction to verify the criticality of each of the barriers encountered.
Findings
This study identified 83 potential pre-deployment barriers in the literature, of which eight were considered critical by the experts. The results of Lawshe study pointed that critical barriers refer to leadership characteristics, cultural aspects and structural aspects.
Research limitations/implications
Variations in the assessment of the criticality of the barriers may occur from one country to another due to regional differences in the construction sector.
Practical implications
The implications of this study are recognizing and identifying the characteristics of an organization that can hinder Lean Construction allows these issues to be resolved before beginning the Lean journey.
Originality/value
This article is the first of its kind to assess the criticality of barriers to Lean Construction using a quantitative technique. Knowledge of this set of barriers provides both practical and theoretical readers with an increased chance of success in the deployment of an LC project.
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Aline Patricia Mano, Sergio E. Gouvea da Costa, Edson Pinheiro de Lima and Ricardo Coser Mergulhão
Lean construction (LC) is an important strategy to improve the results of organizations in the civil construction sector. However, there are barriers that hinder the success of…
Abstract
Purpose
Lean construction (LC) is an important strategy to improve the results of organizations in the civil construction sector. However, there are barriers that hinder the success of implementing LC. The literature presents many barriers, which makes it difficult to make a diagnosis about the presence of these barriers within an organization. However, if companies could identify the main difficulties, they would face to implement LC, they could prepare by strengthening their weaknesses. This paper aims to diagnose a small set of factors that identifies the most significant barriers that must be considered before implementing lean construction.
Design/methodology/approach
This study comprises an exploratory factor analysis (EFA). For this, a questionnaire was developed based on an extensive literature search on the barriers that hinder the implementation of LC. Using this questionnaire as a data collection instrument, a survey was conducted that obtained 135 responses from managers working in civil construction in Brazil. EFA was conducted using SPSS software.
Findings
This study identified seven critical factors for successful implementation of LC: degree of cooperation within the work teams, use of an adequate performance measurement system, occurrence of job delays, level of participation of those involved in the construction of decisions, degree of leadership openness, positioning in the face of news and problems in the flow of information.
Research limitations/implications
The barriers to implementing LC can be different depending on the social and economic context in which companies are inserted. This work was conducted in an emerging country. Thus, it would be important that the same be applied to managers from other countries in different contexts to verify if the result found here is confirmed.
Originality/value
There are many works in the literature that address the barriers to LC culminating in an extensive list, whose complexity of operationalizing the identification of their presence in an organization, ends up becoming another barrier. Given the negative influence that these barriers have for the success of LC, this work sets out to convert this extensive list into a short list that is easy to understand and use.
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Kimberley Breevaart, Sergio Lopez Bohle, Jan Luca Pletzer and Felipe Muñoz Medina
The purpose of this paper is to examine the weekly effects of job insecurity on employee voice and silence. Specifically, the authors argue that because employment fulfils…
Abstract
Purpose
The purpose of this paper is to examine the weekly effects of job insecurity on employee voice and silence. Specifically, the authors argue that because employment fulfils important needs, employees’ needs are less fulfilled when they feel that their job is at risk (i.e. high job insecurity). Consequently, the authors argue that employees engage in less voice and more silence because when employees’ needs are not fulfilled, they are less committed to the organization and/or protect their personal resources.
Design/methodology/approach
The authors tested their hypotheses in a five-week long diary study among 97 employees.
Findings
The authors found that employees reported lower need fulfilment in those weeks and the week after job insecurity was higher, which, in turn, decreased employee voice and increased employee silence in those weeks and the week after.
Research limitations/implications
The study shows that feelings about one’s job insecurity fluctuate from week to week and that the weekly negative effects associated with increased job insecurity can be explained from a needs fulfilment perspective. The study also highlights the importance of studying voice and silence simultaneously.
Practical implications
Managers could indirectly increase employees’ voice and decrease employees’ silence by reducing feelings of job insecurity to increase employees’ feelings of predictability of and control over their future.
Originality/value
The authors studied short-term effects of job insecurity on both employee voice and silence, and examined need fulfilment as an underlying mechanism to explain the effects of job insecurity.