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PurposeThe aim of this Real Estate Insight is to comment upon the outlook for real estate investment in the United Kingdom (UK) at the beginning of 2023 in light of global inflation brought about by the pent-up post-pandemic demand push for goods and services and the exacerbation of the Ukraine/Russia conflict.Design/methodology/approachThis Real Estate Insight will comment upon changes in the investor's view of the UK economy and the relative attractiveness of the different property sectors and the shift in thinking post-pandemic.FindingsThis paper will consider a number of scenarios and possibilities flowing from the current uncertainties in the property market and the wider economy.Practical implicationsAs with all property investment, the value and performance of the property assets is interlinked with the use and demand of different property types. Understanding the supply and demand drivers provides investors with a reasoned conjecture of how the property market may perform going forward.Originality/valueThis is a review of the UK market in relation to post-COVID-19 changes to supply and demand at both an operational and investment level.
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This study investigates investment-cash flow sensitivity during the COVID-19 economic crisis. Using an international sample of publicly listed firms, we find that the sensitivity of capital expenditures to cash flows is significantly reduced during the crisis. When we split the sample into strongly and weakly affected countries, we find that firms in countries affected more seriously by COVID-19 exhibit lower investment responsiveness to cash flows. We further find that investment-cash flow sensitivity is diminished when government aid is greater, firms have more cash on hand, and investment opportunities decline. Our results survive a host of robustness checks. This study contributes to the discussion on the impact of COVID-19 on corporate policies within an international framework.
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We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in determining firms' employment plans during the health crisis;ii) investment flexibility allows firms to increase or decrease capital spending based on their business prospects in the crisis, with effects shaped by workplace flexibility;and iii) financial flexibility contributes to stronger employment and investment, in particular when fixed costs are high. While the role of workplace flexibility is new to the COVID crisis, CFOs expect lasting effects for years to come: high workplace flexibility firms foresee continuation of remote work, stronger employment recovery, and shifting away from traditional capital investment, whereas low workplace flexibility firms rely more on automation to replace labor.
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The COVID-19 pandemic has made the problem of companies adapting to operate under restrictions more acute. Logistics companies were the special focus of researchers because of the specifics of the COVID-19 pandemic. The article aims to determine the features of the management of logistics companies to adapt them against the background of the COVID-19 pandemic restrictions. The methodological background of the analysis is the analysis of financial ratios - Total Revenue Growth;Capital Expenditure Growth;Working Capital Growth;Debt/ Equity ratio;Equity/Total Assets, as well as the case method - a description of the business situation of the company in the sample of JD Logistics, which have successfully adapted to changes against the background of the COVID-19 pandemic. Analysis of the financial statements of the surveyed companies revealed several trends in their financial management during the pandemic - a decline in net income from sales after the pandemic;an increase of capital investments in 2019-2021;reduction of working capital growth rates after 2019;growth of the debt-to-equity ratio after the beginning of the pandemic;maintaining the equity to assets ratio at a stable level in 2019-2021. A set of factors influencing the exogenous and endogenous environment is identified in support of the logistics companies adaptation programme under the COVID-19 pandemic restrictions by the following blocks: "government action and regulatory policy";"support of the company's operation";"company finance";"customer relations";"relations with suppliers". Prospects for further research involve studying financial and market factors influencing the practice of adaptation of logistics companies in a pandemic, as well as studying the problem of adaptation of companies in the post-crisis phase after the COVID-19 pandemic.
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The outbreak of the Covid-19 pandemic could be a good opportunity for the implementation of structural measures that would lead Romania to a new paradigm of economic growth, more resilient to external shocks. The budget constructions for 2021 and the following years are and will be marked by the year of 2020, which through its particular exposition, brings to the fore the need for a new economic approach and the preparation of conditions for a new way of formulating public policies, strengthening the concept of sustainability, of the balances between macro and microeconomics, strengthening governance, orienting future investment projects towards reducing/eliminating structural vulnerabilities (transport infrastructure, health infrastructure) in the context of the challenges of a profoundly changing society.
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Gross Domestic Product is the aggregate value of all final services and products generated by the country during the measurement period, including private inventories, paid-in capital expenditures, government purchases, personal consumption, and the balance of international commerce. During the Pandemic period of the last two years, the COVID-19 outbreak has caused chaos in the worldwide economy. Sickness outbreaks, supply-chain disruptions, and, more recently, inflation have made policymaking exceedingly difficult. This research aims to forecast GDP (Gross Domestic Product) per capita for the coming years while also examining historical and present trends in India. This study's objective is to forecast India's future GDP per capita over ten years, from 2021 to 2030, using ARIMA. According to a study, India's GDP per capita has been growing during the last 10 years, and this movement is likely to last over the following ten years. © 2022 IEEE.
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This research aims to determine the strategy for improving regional financial performance that impacts the macro-economy of regencies/cities in Jambi province. To analyze the research objectives was used a SWOT analysis mode. A secondary data analysis research method is used to obtain the data and information needed by the analytical model, which was equipped with an observation method. The results of this study conclude that the strategy for improving regional financial performance must be based on increasing regional revenue and regional expenditures through increasing regional economic growth, especially in the sub-sector and non-oil and gas sectors. The results of the study suggest increasing regional revenue and spending related to regional economic activities, increasing the acquisition of transfer funds from the central government (APBN), and increasing regional labor productivity so that it impacts the regional economy.
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The objective of this study was to quantitatively assess the mediating effect of resource orchestration on the relationship between leadership strategy and organisational resilience of banks listed in the Nairobi Securities Exchange with an objective to contribute to knowledge production in the Global South using Kenya as the vantage point. The study applied a correlation research design, and data was gathered from a stratified random sample of 184 senior managers drawn across the 12 listed banks, wherein Likert-scale questionnaires were administered to the research participants online. Partial Least Squares Structural Equation Modelling was deployed for data analysis using SmartPLS software. Results showed that the mediated path explained 79.1% of the variance in organisational resilience (R2=0.791). The results were validated with a Sobel test that found a significant partial mediation in the model with Z=6.380 (p<0.05). The study inferred a strong and statistically significant mediation power of resource orchestration in the leadership strategy-organisational resilience nexus. Resource Orchestration Pecking Order was proposed as an outcome of the empirical analysis, and future research directions were suggested.
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This study analyzes the dynamics between public expenditure and economic growth in Peru for 1980Q1–2021Q4. We used quarterly time series of real GDP, public consumption expenditure, public expenditure, and the share of public expenditure to output. The variables were transformed into natural logarithms, wherein only the logarithm of public expenditure to output ratio is stationary and the others are non-stationary I1. The study of stationary time series assesses whether Wagner’s law, the Keynesian hypothesis, the feedback hypothesis, or the neutrality hypothesis is valid for the Peruvian case according to Granger causality. We found cointegration between real GDP and public expenditure, and public consumption expenditure and real GDP. Estimating error correction and autoregressive distributed lag models, we concluded that Wagner’s law and the Keynesian hypothesis are valid in the Peruvian case, expressed as dynamic processes that allow us to obtain short-run and long-run impacts, permitting the mutual sustainability of economic growth and public expenditure.
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Solar and wind power systems have been prime solutions to the challenges centered on reliable power supply, sustainability, and energy costs for several years. However, there are still various challenges in these renewable industries, especially regarding limited peak periods. Solar–wind hybrid technology introduced to mitigate these setbacks has significant drawbacks and suffers from low adoption rates in many geographies. Hence, it is essential to investigate the challenges faced with these technologies and analyze the viable solutions proposed. This work examined solar–wind hybrid plants’ economic and technical opportunities and challenges. In the present work, the pressing challenges solar–wind hybrids face were detailed through extensive case studies, the case study of enabling policies in India, and overproduction in Germany. Presently, the principal challenges of solar–wind hybrids are overproduction, enabling policies, and electricity storage. This review highlights specific, viable, proposed solutions to these problems. As already recorded in the literature, it was discovered that academic research in this space focuses majorly on the techno-economic and seemingly theoretical aspects of these hybrid systems. In contrast, reports and publications from original equipment manufacturers (OEMs) and engineering, procurement, and construction engineers (EPCs) are more rounded, featuring real-life application and implementation.
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The government has committed to a higher than proposed pay award for NHS staff—but no new money to cover the uplift. Andrea Chipman asks what this will mean
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Purpose>Airport capacity constraints lead to operational congestion and delays, which have become major threats to the aviation industry. They impose large costs on airlines and their passengers. Uncertainty in demand or unexpected events can cause a mismatch between capacity and demand, resulting in either capacity oversupply, with a decrease in efficiency, or airport congestion over an extended period. Moreover, airport capacity is rather difficult to define due to its multifaceted and dynamic nature, and it depends both on the available infrastructure and on operating procedures. Additionally, traditional capacity management methods do not consider relevant behavioral economic challenges to conventional analysis, particularly failure of the expected utility hypotheses and dependence of valuations on reference points. This study aims to develop a preliminary framework to include economic concepts when evaluating expansions of airport capacity.Design/methodology/approach>This paper reviews major opportunities in airport demand and capacity management from an economic perspective while appraising the challenges involved in airport capacity expansion processes that have not been fully completely in past studies. Although welfare economics provides the conceptual foundations for demand/capacity analyses, the authors integrate the findings regarding capacity definition, uncertainty management and behavioral economics into standard economics to guide the measurement of the airport capacity expansion problem.Findings>The authors obtain several insights regarding airport capacity and demand management. First, airport capacity is a complex metric when evaluating airport expansion, and it depends both on the available infrastructure and on operating procedures. Furthermore, airport throughput is highly conditioned by factors that shape capacity and delay and shows significant variability when these factors are modified. Second, a marginal change in capacity at congested airports may have a great impact on demand distribution, airline competition, aircraft types, fares, operating revenues, route map and other characteristics of a given airport. Behavior after capacity expansion is highly reliant on the slot allocation models. Additionally, overall social welfare is usually affected after changes in infrastructure in terms of increased connectivity, economic benefits and negative externalities, including noise and local pollution. Third, on-time performance is clearly nonlinear, and thus sensitive to variations in demand and capacity. Finally, airport capacity and demand management involve a trade-off between mitigating congestion and maximizing capacity utilization, so decision-making tools are required to support and enhance policy and managerial choices. Three main challenges arise when developing new methods for evaluating airport expansions: the definition of capacity, the management of uncertainty in demand and the need to consider economic concepts.Originality/value>This paper explores and produces an in-depth understanding of the problem of airport capacity and demand balance. The authors propose a preliminary framework that considers the challenges that have been previously identified and that, particularly, provides an economic perspective for airport capacity expansion processes. This framework is completed with a theoretical model to help policymakers and airport operators when faced with a capacity development decision.
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Purpose>This paper explores how global pandemic crises affect the financial vulnerability of municipalities.Design/methodology/approach>This paper is developed from the relevant literature an analytical framework to examine municipal financial vulnerability before a global pandemic crisis and in its immediate aftermath by mapping and systematizing its dimensions and sources. To illustrate how it can be used and evaluate its robustness and flexibility, such a tool was applied to Portugal and Italy, two countries that particularly suffered from the Covid-19 crisis.Findings>The application of the analytical framework has shown how financially vulnerable municipalities are to global pandemic crises. Financial vulnerability relates to issues ranging from institutional design to internal financial conditions and the perception of the capacity to cope with a crisis. Results further reveal that vulnerability has an inherent contingent nature in time and space and can lead to paradoxical outcomes.Research limitations/implications>This paper provides a tool that can be useful for both academic and public policy purposes, to further appreciate municipal financial vulnerability, especially during crises.Practical implications>Municipalities can use the framework to better manage their financial vulnerability, strengthening their anticipatory and copying capacities, while oversight authorities can use it to help municipalities become less financially vulnerable or, at least, more aware of their financial vulnerability.Originality/value>Municipal financial vulnerability to global shocks has not been explored extensively. Also, the Covid-19 pandemic is different from previous global crises as it affected society overnight with the implementation of lockdown and social distancing measures.
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Purpose>The purpose of the paper is to examine the relationship between the Environmental, Social and Governance (ESG) performance of Real Estate Investment Trusts (REITs) and their operational efficiency and performance.Design/methodology/approach>The authors use S&P Global (formerly SNL Real Estate) for the study analyses and examine all publicly traded REITs based in the United States over the 2019–2020 sample period. The authors regress the measures of REIT operational efficiency and operational performance on REIT ESG scores while controlling for REIT characteristics and use an ordinary least squares (OLS) estimation model with heteroscedasticity-robust standard errors. The authors also run additional regressions to examine the implications of operational efficiency on the relationship between ESG and operational performance.Findings>The authors find that REITs that perform well on the ESG scale have higher operational efficiency. In addition, the authors find that REITs with better ESG scores are associated with better operational performance. Finally, the authors find that the positive association between ESG scores and operational performance is stronger in REITs with higher operational efficiency.Practical implications>First, the adoption of ESG adds value to the REIT in terms of increased operational performance and efficiency. Second, the value addition of ESG to an REIT is driven by the better operational efficiency of some REITs over the others. Therefore, the authors’ findings suggest that REITs that currently score poorly on ESG performance would first need to focus on all the possible avenues to improve economies of scale and hence operational efficiency. This approach would help ensure that when those REITs adopt ESG initiatives, they get the most bang for their buck.Originality/value>To the best of the authors’ knowledge, this is the first study that relates operational efficiency and operational performance of REITs to their ESG scores.
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[...]exploiting the sector's potential, the government has made MSME registration online and paperless. Economic Stability in terms of Growth and Leverage Exports: Exports are India's most important economic driver, accounting for 8% of the country's GDP. Because of MSME's contribution to manufacturing, exports, and jobs, it benefits other industries as well. [...]the owner's indirect expenses are similarly minimal. [...]the process of demone-tisation (2016) and the Goods and Services Tax (GST) have exacerbated the problems (2017). Because the majority of MSMEs rely on unskilled labour from rural areas, minor issues have a greater impact on them, and a health crisis puts their potential and sustainability in jeopardy.
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Over the years, countries around the world have faced the problem of finding sources to finance their budget deficits. Moreover, in the context of the growing budget deficit, caused by the unprecedented in the history of the world the COVID-19 pandemic, is increasingly attracting the attention of national and international policymakers. The purpose of the research is to show the importance of internal sources, like government securities, in financing the state budget deficit. Using the research methods as statistical, comparative, deduction, etc. were analysed the evolution of the government debt for different countries, particularly in the Republic of Moldova. The paper concludes that the developing of the government securities market is a complex process associated with the development of the financial market of each country. Thus, there are highlighted the ways of the development government securities market, in order to provide the needs financing of the state budget balance (deficit) at an acceptable level of expenditure on medium and long term to achieve economic growth. Hundreds of years ago, if not thousands the countries borrowed to protect their borders from invasions. We can consider the nineteenth century as a period of transition, when governments used borrowings besides financing wars, for building roads, railways, ports, and investing in education. In the twentieth century can be highlighted a sharp public debt growth due to multiple wars but also as a result of recessions, financial crises. The end of the last century can also be characterized by an increase in debt-to-GDP ratios not only as a consequence of wars or financial crises but also as a result of increasing expenditures for pensions, health care, and other social services. In the twenty first century, a new reason has emerged for governments to borrow - fighting with the COVID-19 pandemic, which as a consequence led for increasing in
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Access to credit can provide a path out of poverty. Improvidently granted, however, credit also can lead to financial ruin for the borrower. Unfortunately, the various regulatory approaches to consumer lending do not effectively distinguish between these two effects of the lending process. This Article develops a framework, based on the household balance sheet, that effectively distinguishes between lending that is welfare-enhancing for the borrower and lending that is potentially (indeed likely) ruinous and argues that the two types of lending should be regulated in vastly different ways. From a balance sheet perspective, various kinds of personal loans impact borrowers in vastly different ways. This difference depends on whether the loan proceeds are being used: (a) to make an investment (where the borrower hopes to earn a spread between the cost of the borrowing and the returns on the investment);(b) to fund capital expenditures (homes, cars, etc.);or (c) to fund current consumption (medical care, food, etc.). From a balance sheet perspective, this third type of lending is distinct. Such loans reduce wealth and are correlated with significant physical and mental health problems among borrowers. Payday loans are the paradigmatic example of the use of credit to fund current consumption. Loans to fund current consumption reduce the wealth of the borrower because they create a liability on the "personal balance sheet" of the borrower without creating any corresponding asset. The general category of loans to fund current consumption includes both loans used to fund unforeseen contingencies, like emergency medical care or emergency car repairs, and those used to make routine purchases. Consistent with the stated justification for creating these lending facilities, which is serving households and communities, the emergency lending facilities of the U.S. Federal Reserve should be made accessible to individuals facing emergency liquidity needs in a partnership with the nation's commercial banks. Loans that are taken out for current consumption but are not used for emergencies also should be afforded special regulatory treatment. Lenders who make nonemergency loans for current consumption should owe fiduciary duties to their borrowers. Compliance with such duties would require not only much greater disclosure than is currently mandated but also would impose a duty of suitability on lenders, which would require lenders to provide borrowers with the most appropriate loan for their needs-among other protections discussed here. These heightened duties also should be extended to borrowers when they take out a loan that increases the debt on a borrower 's balance sheet by more than 25%.
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Small and medium entrepreneurship is one of the strategic directions of the economic development of any country and one of the most important indicators of competitive economy. As a result of its development, opening the new jobs, providing the market with new goods and services, in general, forming the favorable economic environment is formed. The world experience shows that the development of small and medium entrepreneurship ensures the high economic growth dynamics of countries. Modern times are observed with the globalism of the economy, which is a complex process. The globalization process simplifies the interaction of countries, ensures the economical use of various resources and at the same time stimulates the development. Azerbaijan is also seen to enter and integrate into the world economic space. In Azerbaijan during 2018 year in the economy of the country the share of the value of loaded goods, implemented works, rendered services amounted to 20.9% of small and medium entrepreneurship, but non-oil-gas sector it was 37.7%. As in many countries in Azerbaijan, support for entrepreneurship has become one of the priorities of the state economic policy. As a result of the work carried out in this direction, the legal base for the development of small and medium entrepreneurship is established, the state support schemes based on the state programs are constantly improved, and as a result of it, the measures are taken to the illegal interference and artificial obstacles. As we know, in the development direction of the national economy the strategic road map was adopted in 2016. One of the goals is to develop the favorable business environment. According to the indicators of January 1, 2019, the readymade strategic roadmap of purchasing products in the category of small and medium entrepreneurship was fulfilled 52%, 11% was slightly fulfilled and 37% was expected to be reimplemented. It should be noted that one of the important tasks is the activation of investment activity of small and medium entrepreneurship and the expansion of opportunities to attract the financial resources to this sector. Coronavirus, which has become a nightmare, continues to have a negative impact in many countries. This disease has also influenced the small and medium entrepreneurship. The quarantine regime implemented in the country has a negative impact on the decline in labor activity and entrepreneurs operating in various sectors. In this difficult situation, the Fund to Support Fight Against Coronavirus has been established by the state. We hope that with the least losses and quickly the world will be able to get rid of this calamity.
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Building Information Modelling (BIM) has been extensively studied and applied within the AEC sector, particularly in design and construction. In recent years, Facility Management (FM) processes are becoming more digitalised, thus requiring effective BIM-FM integration. BIM adoption in many countries, such as the UK, Italy and Brazil, has been publicly driven. Generally, adoption was targeted at design and construction implementation, with little effort in framing public action for FM implementation. The lack of an integrated approach for BIM-FM implementation resulted in numerous bespoken implementation approaches that mimic the private sector and hinder knowledge exchange. Therefore, there is a need for assessing and amalgamating knowledge about BIM-FM for public organisations. This research aims to leverage knowledge about BIM-FM in the public domain by analysing and classifying articles published between 2010–2021. The research was carried out through a systematic review and comparative thematic analysis investigating the use of BIM for different public buildings (e.g., schools and hospitals) and the implementation for FM purposes. Research results outline prevalent trends and areas of research from three perspectives: people, process and technology. Results show an increasing number of publications about BIM-FM. However, the divide between BIM-FM for public and private organisations is unequal. BIM-FM research for public organisations is still limited and lacks standardisation. This state-of-the-art review makes an incremental contribution to knowledge by identifying progress, gaps and new industry directions on the subject matter.
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Purpose>The coronavirus disease 2019 (COVID-19) pandemic has affected the global economy and, thus, the global construction industry. This paper aims to study the impact of COVID-19 on construction project performance in the United Arab Emirates (UAE).Design/methodology/approach>This study adopted a qualitative and exploratory approach to investigate the impact of COVID-19 and its policies on project performance in the UAE construction industry in critical areas of the project management body of knowledge (e.g. schedule, cost, resources and contracts). Semi-structured interview questions were asked from ten construction professional to obtain valuable insights into the pandemic’s effects on the UAE construction industry and the effectiveness of policies implemented to rectify the damage and identify the industry’s new normal.Findings>The findings indicate that the construction industry faced several challenges such as schedule delays, disrupted cashflows, delayed permits, approvals and inspections, travel restrictions, serious health and safety concerns, material and equipment shortages, among others which hindered the timely delivery of construction projects. It also indicates that efforts made by the government institutions and the construction industry of the UAE such as economic support programs, digitization of processes, fee and fine waivers, health facilities, among other statutory relaxations proved effective in supporting the construction industry against the adverse effects of the pandemic.Research limitations/implications>The research findings are limited to the literature review and ten semi-structured interviews seeking an expert’s opinion from industry professionals working in the UAE construction industry. The research team did not get access to project documents, contracts and project progress reports which may be required to validate the interview findings, and to perform an in-depth analysis quantifying the impact of COVID 19 on construction projects performance, which is a limitation of this research.Practical implications>The implication is that, owing to the imposed lockdowns and strict precautionary measures to curb the rapid spread of the pandemic, smooth execution of the construction project across the country was affected. The government institutions and stakeholders of the construction projects introduced and implemented various techniques and solutions which effectively handled the implications of the COVID-19 pandemic on the construction industry of the UAE.Originality/value>This study has identified the challenges faced by the construction industry of the UAE in the context of the management of project schedule, project cost, construction contracts, health and safety of construction employees and other related aspects of the construction projects. This study also identified the techniques and solutions adopted by various public and private institutions of the country and their implications on construction projects. Therefore, this study provides guidelines for policymakers and future research studies alike.