Construction management abstracts : cumulative abstracts and indexes of journals in construction management, 1983-2000

The purpose of this document is to provide a single source of reference for every paper published in the journals directly related to research in Construction Management. It is indexed by author and keyword and contains the titles, authors, abstracts and keywords of every article from the following journals: • Building Research and Information (BRI) • Construction Management and Economics (CME) • Engineering, Construction and Architectural Management (ECAM) • Journal of Construction Procurement (JCP) • Journal of Construction Research (JCR) • Journal of Financial Management in Property and Construction (JFM) • RICS Research Papers (RICS) The index entries give short forms of the bibliographical citations, rather than page numbers, to enable annual updates to the abstracts. Each annual update will carry cumulative indexes, so that only one index needs to be consulted.

Commercial management in project-based organisations

The term commercial management has been used for some time, similarly the job title commercial manager. However, as of yet, little emphasis has been placed on defining. This paper presents the findings from a two-year research initiative that has compared and contrasted the role of commercial managers from a range of organisations and across industry sectors, as a first step in developing a body of knowledge for commercial. It is argued that there are compelling arguments for considering commercial management, not solely as atask undertaken by commercial managers, but as a discipline in itself: a discipline that, arguably, bridges traditional project management and organisational theories. While the study has established differences in approach and application both between and within industry sectors, it has established sufficient similarity and synergy in practice to identify a specific role of commercial management in project-based organisations. These similarities encompass contract management and dispute resolution; the divergences include a greater involvement in financial and value management in construction and in bid management in defence/aerospace.

The impact of corporate social performance on financial risk and utility: a longitudinal analysis

This study focuses on the wealth-protective effects of socially responsible firm behavior by examining the association between corporate social performance (CSP) and financial risk for an extensive panel data sample of S&P 500 companies between the years 1992 and 2009. In addition, the link between CSP and investor utility is investigated. The main findings are that corporate social responsibility is negatively but weakly related to systematic firm risk and that corporate social irresponsibility is positively and strongly related to financial risk. The fact that both conventional and downside risk measures lead to the same conclusions adds convergent validity to the analysis. However, the risk-return trade-off appears to be such that no clear utility gain or loss can be realized by investing in firms characterized by different levels of social and environmental performance. Overall volatility conditions of the financial markets are shown to play a moderating role in the nature and strength of the CSP-risk relationship.

Efficient interactive budget planning and adjusting under financial stress

One of the most challenging tasks in financial management for large governmental and industrial organizations is Planning and Budgeting (P&B). The processes involved with P&B are cost and time intensive, especially when dealing with uncertainties and budget adjustments during the planning horizon. This work builds on our previous research in which we proposed and evaluated a fuzzy approach that allows optimizing the budget interactively beyond the initial planning stage. In this research we propose an extension that handles financial stress (i.e. drastic budget cuts) occurred during the budget period. This is done by introducing fuzzy stress parameters which are used to re-distribute the budget in order to minimize the negative impact of the financial stress. The benefits and possible issues of this approach are analyzed critically using a real world case study from the Nuremberg Institute of Technology (NIT). Additionally, ongoing and future research directions are presented.

UK construction orders and output: A comparison of government and commercially available data 1995-2001

Because of the importance and potential usefulness of construction market statistics to firms and government, consistency between different sources of data is examined with a view to building a predictive model of construction output using construction data alone. However, a comparison of Department of Trade and Industry (DTI) and Office for National Statistics (ONS) series shows that the correlation coefcient (used as a measure of consistency) of the DTI output and DTI orders data and the correlation coefficient of the DTI output and ONS output data are low. It is not possible to derive a predictive model of DTI output based on DTI orders data alone. The question arises whether or not an alternative independent source of data may be used to predict DTI output data. Independent data produced by Emap Glenigan (EG), based on planning applications, potentially offers such a source of information. The EG data records the value of planning applications and their planned start and finish dates. However, as this data is ex ante and is not correlated with DTI output it is not possible to use this data to describe the volume of actual construction output. Nor is it possible to use the EG planning data to predict DTI construc-tion orders data. Further consideration of the issues raised reveal that it is not practically possible to develop a consistent predictive model of construction output using construction statistics gathered at different stages in the development process.

Selection of funding schemes by a borrowing decision model: a Hong Kong case study

In financial decision-making, a number of mathematical models have been developed for financial management in construction. However, optimizing both qualitative and quantitative factors and the semi-structured nature of construction finance optimization problems are key challenges in solving construction finance decisions. The selection of funding schemes by a modified construction loan acquisition model is solved by an adaptive genetic algorithm (AGA) approach. The basic objectives of the model are to optimize the loan and to minimize the interest payments for all projects. Multiple projects being undertaken by a medium-size construction firm in Hong Kong were used as a real case study to demonstrate the application of the model to the borrowing decision problems. A compromise monthly borrowing schedule was finally achieved. The results indicate that Small and Medium Enterprise (SME) Loan Guarantee Scheme (SGS) was first identified as the source of external financing. Selection of sources of funding can then be made to avoid the possibility of financial problems in the firm by classifying qualitative factors into external, interactive and internal types and taking additional qualitative factors including sovereignty, credit ability and networking into consideration. Thus a more accurate, objective and reliable borrowing decision can be provided for the decision-maker to analyse the financial options.

Corporate social performance and stock returns: UK evidence from disaggregate measures

This study examines the relation between corporate social performance and stock returns in the UK. We closely evaluate the interactions between social and financial performance with a set of disaggregated social performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite social performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good social performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the socially least desirable stocks. These relationships between social and financial performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.

Stochastic volatility jump-diffusions for European equity index dynamics

Major research on equity index dynamics has investigated only US indices (usually the S&P 500) and has provided contradictory results. In this paper a clarification and extension of that previous research is given. We find that European equity indices have quite different dynamics from the S&P 500. Each of the European indices considered may be satisfactorily modelled using either an affine model with price and volatility jumps or a GARCH volatility process without jumps. The S&P 500 dynamics are much more difficult to capture in a jump-diffusion framework.