Factors influencing credit accessibility for small and medium company in South Africa's construction industry : a literature review
- Balogun, O.A., Agumba, J.N., Ansary, N.
- Authors: Balogun, O.A. , Agumba, J.N. , Ansary, N.
- Date: 2015
- Subjects: Credit accessibility , Construction SMEs , South Africa
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/18040 , uj:15952 , Citation: Balogun, O.A., Agumba, J.N. & Ansary, N. 2015. Factors influencing credit accessibility for small and medium company in South Africa's construction industry : a literature review. Emuze, F.A. (Ed.) 4th Construction Management Conference : conference proceedings, 30 November - 01 December 2015, Port Elizabeth, South Africa. p. 264-273. ISBN: 9781920508616
- Description: Abstract: The study provides a comprehensive discussion on access to credit by the Small and Medium Enterprises (Construction SMEs) sector in South Africa. Access to credit has been noted as one of the major challenges impeding the survival and growth of the Construction SME sector in South Africa. The problems of access to finance, gaps and the reasons for the gaps in SME financing in South Africa are discussed. Gaps in SME financing were discussed in relation Stiglitz and Weiss (1981) credit rationing theory which advocates that agency problems and asymmetric information are the main reasons for the credit rationing behaviours of credit providers to Construction SMEs. This paper is a review to identify gaps in literature regarding the financing of Construction SMEs in South Africa. It is revealed that access to credit by Construction SMEs is still a major challenge impeding the realisation of the full potential of construction SMEs as engines of poverty alleviation, employment creation and economic growth at large. Therefore it is recommended that policy recommendations aimed at solving access to credit challenges must be empirically tested on a regular basis and progress in that regard must be constantly monitored and revised to reduce the problem
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- Authors: Balogun, O.A. , Agumba, J.N. , Ansary, N.
- Date: 2015
- Subjects: Credit accessibility , Construction SMEs , South Africa
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/18040 , uj:15952 , Citation: Balogun, O.A., Agumba, J.N. & Ansary, N. 2015. Factors influencing credit accessibility for small and medium company in South Africa's construction industry : a literature review. Emuze, F.A. (Ed.) 4th Construction Management Conference : conference proceedings, 30 November - 01 December 2015, Port Elizabeth, South Africa. p. 264-273. ISBN: 9781920508616
- Description: Abstract: The study provides a comprehensive discussion on access to credit by the Small and Medium Enterprises (Construction SMEs) sector in South Africa. Access to credit has been noted as one of the major challenges impeding the survival and growth of the Construction SME sector in South Africa. The problems of access to finance, gaps and the reasons for the gaps in SME financing in South Africa are discussed. Gaps in SME financing were discussed in relation Stiglitz and Weiss (1981) credit rationing theory which advocates that agency problems and asymmetric information are the main reasons for the credit rationing behaviours of credit providers to Construction SMEs. This paper is a review to identify gaps in literature regarding the financing of Construction SMEs in South Africa. It is revealed that access to credit by Construction SMEs is still a major challenge impeding the realisation of the full potential of construction SMEs as engines of poverty alleviation, employment creation and economic growth at large. Therefore it is recommended that policy recommendations aimed at solving access to credit challenges must be empirically tested on a regular basis and progress in that regard must be constantly monitored and revised to reduce the problem
- Full Text: false
Thematic analysis of challenges faced by small and medium construction companies in accessing credit in South Africa
- Balogun, O.A., Agumba, J.N., Ansary, N.
- Authors: Balogun, O.A. , Agumba, J.N. , Ansary, N.
- Date: 2015
- Subjects: Small and medium construction company , South Africa , Credit facilities
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/17452 , uj:15885 , Citation: Balogun, A.O., Agumba, J.A. & Ansary, N. 2015. Thematic analysis of challenges faced by small and medium construction companies in accessing credit in South Africa. In Laryea, S. and Leiringer, R. (Eds) Procs 6th West Africa Built Environment Research (WABER) Conference, 10-12 August 2015, Accra, Ghana, p. 1103-1116. ISBN: 9780620662475.
- Description: Introduction: The objective of this paper is to thematically analyse and present the constraints of accessing credit by the construction small and medium construction enterprises (SMEs) in South Africa. A survey conducted by Financial Service Board (FSB 2012) reported, that 36.2 % of the construction SMEs in South Africa reported that their business closed down due to shortage of working capital. Despite the fact that some of the construction SMEs had operated for some years. Furthermore, the survey also established a meagre, i.e. 5.8 % of the construction SMEs applied for credit. This suggests that construction SMEs are stif! led in accessing bank credit. This gap poses a problem and triggers the need to conduct a review on the challenges of construction SMEs in South Africa in accessing credit. A literature review was administered. The review established the challenges affecting the construction SME accessing credit to be; creditworthiness of the borrower, collateral requirement by the banks, risk default and lack of business plan.
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- Authors: Balogun, O.A. , Agumba, J.N. , Ansary, N.
- Date: 2015
- Subjects: Small and medium construction company , South Africa , Credit facilities
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/17452 , uj:15885 , Citation: Balogun, A.O., Agumba, J.A. & Ansary, N. 2015. Thematic analysis of challenges faced by small and medium construction companies in accessing credit in South Africa. In Laryea, S. and Leiringer, R. (Eds) Procs 6th West Africa Built Environment Research (WABER) Conference, 10-12 August 2015, Accra, Ghana, p. 1103-1116. ISBN: 9780620662475.
- Description: Introduction: The objective of this paper is to thematically analyse and present the constraints of accessing credit by the construction small and medium construction enterprises (SMEs) in South Africa. A survey conducted by Financial Service Board (FSB 2012) reported, that 36.2 % of the construction SMEs in South Africa reported that their business closed down due to shortage of working capital. Despite the fact that some of the construction SMEs had operated for some years. Furthermore, the survey also established a meagre, i.e. 5.8 % of the construction SMEs applied for credit. This suggests that construction SMEs are stif! led in accessing bank credit. This gap poses a problem and triggers the need to conduct a review on the challenges of construction SMEs in South Africa in accessing credit. A literature review was administered. The review established the challenges affecting the construction SME accessing credit to be; creditworthiness of the borrower, collateral requirement by the banks, risk default and lack of business plan.
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A theoretical review of risk identification : perspective of construction industry
- Renault, B. Y., Agumba, J. N., Ansary, N.
- Authors: Renault, B. Y. , Agumba, J. N. , Ansary, N.
- Date: 2016
- Subjects: Construction industry , Risk management
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/214956 , uj:21346 , Citation: Renault, B.Y., Agumba, J.N & Ansary, N. 2016. A theoretical review of risk identification : perspective of construction industry.
- Description: Abstract: Managing risks in construction projects has been acknowledged as an essential management process in order to accomplish the project objectives in terms of time, cost, quality, safety and environmental sustainability. However, up to now most studies have concentrated on some aspects of construction risk management rather than using a systematic and comprehensive approach to identifying risks and analyse the probability of occurrence and impacts of these risks. Risk management consists of identifying risks, assessing risks either quantitatively or qualitatively, selecting the appropriate method for handling risks, and then monitoring and documenting risks. By identifying risks in an early stage of planning and assessing their comparative significance, project managers can identify techniques employed to reduce risks and allocate the best people to mitigate them. Thus, this research focuses on risk identification, as opposed to other processes of risk management. This research is mainly a literature review and was conducted through accredited academic and Professional journals, books, the internet, theses, and dissertations. The reviewed literature revealed that the entire risk management process is not only limited to solving problem in advance but also for the occurrence of any unexpected future problems. The study further shown that issues with possible threats envisaged in a project are not only a means to reduce losses within the project, but also a means to transfer risks into opportunities, which can lead to economic profitability, environmental and other advantages. This paper is of value to managers and decision makers involved in managing risks where it is intended to boost their knowledge regarding the importance of risk identification as a crucial stage of the process to managing risks.
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- Authors: Renault, B. Y. , Agumba, J. N. , Ansary, N.
- Date: 2016
- Subjects: Construction industry , Risk management
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/214956 , uj:21346 , Citation: Renault, B.Y., Agumba, J.N & Ansary, N. 2016. A theoretical review of risk identification : perspective of construction industry.
- Description: Abstract: Managing risks in construction projects has been acknowledged as an essential management process in order to accomplish the project objectives in terms of time, cost, quality, safety and environmental sustainability. However, up to now most studies have concentrated on some aspects of construction risk management rather than using a systematic and comprehensive approach to identifying risks and analyse the probability of occurrence and impacts of these risks. Risk management consists of identifying risks, assessing risks either quantitatively or qualitatively, selecting the appropriate method for handling risks, and then monitoring and documenting risks. By identifying risks in an early stage of planning and assessing their comparative significance, project managers can identify techniques employed to reduce risks and allocate the best people to mitigate them. Thus, this research focuses on risk identification, as opposed to other processes of risk management. This research is mainly a literature review and was conducted through accredited academic and Professional journals, books, the internet, theses, and dissertations. The reviewed literature revealed that the entire risk management process is not only limited to solving problem in advance but also for the occurrence of any unexpected future problems. The study further shown that issues with possible threats envisaged in a project are not only a means to reduce losses within the project, but also a means to transfer risks into opportunities, which can lead to economic profitability, environmental and other advantages. This paper is of value to managers and decision makers involved in managing risks where it is intended to boost their knowledge regarding the importance of risk identification as a crucial stage of the process to managing risks.
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An assessment of enterprise risk management process in construction firms
- Renault, Berenger Y., Agumba, Justus N., Ansary, N.
- Authors: Renault, Berenger Y. , Agumba, Justus N. , Ansary, N.
- Date: 2016
- Subjects: Construction firms , Enterprise risk management (ERM) , Enterprise risk management process (ERMP)
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/215052 , uj:21359 , Citation: Renault, B.Y., Agumba, J.N & Ansary, N. 2016. An assessment of enterprise risk management process in construction firms.
- Description: Abstract: Though the construction industry is project-based, risk management should address risks at both projects, and enterprise levels as an overemphasis on project risk management would lead to some limitations. As a comprehensive and strategy-focused risk management discipline, enterprise risk management (ERM), which agrees with the modern portfolio theory, manages the whole risk portfolio of a firm and has been recommended in the construction industry. This study provides an understanding of ERM and investigates an ERM process for construction firms. The work methodology included a comprehensive literature search relating to ERM. The literature review was conducted through accredited academic and Professional journals, books, the internet, theses, and dissertations. Literature revealed environment and strategy, risk identification, risk assessment and prioritising, risk mitigation and control, information and communication and monitoring, reporting and continuous improvement as the essentials of ERM. The investigated process could be used as a guide for ERM process in construction firms. As few studies have attempted to investigate ERM in construction firms, it is believed that this study expands the existing literature relating to ERM.
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- Authors: Renault, Berenger Y. , Agumba, Justus N. , Ansary, N.
- Date: 2016
- Subjects: Construction firms , Enterprise risk management (ERM) , Enterprise risk management process (ERMP)
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/215052 , uj:21359 , Citation: Renault, B.Y., Agumba, J.N & Ansary, N. 2016. An assessment of enterprise risk management process in construction firms.
- Description: Abstract: Though the construction industry is project-based, risk management should address risks at both projects, and enterprise levels as an overemphasis on project risk management would lead to some limitations. As a comprehensive and strategy-focused risk management discipline, enterprise risk management (ERM), which agrees with the modern portfolio theory, manages the whole risk portfolio of a firm and has been recommended in the construction industry. This study provides an understanding of ERM and investigates an ERM process for construction firms. The work methodology included a comprehensive literature search relating to ERM. The literature review was conducted through accredited academic and Professional journals, books, the internet, theses, and dissertations. Literature revealed environment and strategy, risk identification, risk assessment and prioritising, risk mitigation and control, information and communication and monitoring, reporting and continuous improvement as the essentials of ERM. The investigated process could be used as a guide for ERM process in construction firms. As few studies have attempted to investigate ERM in construction firms, it is believed that this study expands the existing literature relating to ERM.
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Challenges involved in the implementation of building control regulations : a case of Kpeshie sub metro district assembly in Ghana
- Arthur-Aidoo, B.M., Ansary, N., Aigbavboa, C.O.
- Authors: Arthur-Aidoo, B.M. , Ansary, N. , Aigbavboa, C.O.
- Date: 2016
- Subjects: Assessing , Building regulations , Implementation construction industry
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/216665 , uj:21536 , Citation: Arthur-Aidoo, B.M., Ansary, N & Aigbavboa, C.O. 2016. Challenges involved in the implementation of building control regulations : a case of Kpeshie sub metro district assembly in Ghana.
- Description: Abstract: This study was embarked in order to discover challenges involved in the implementation of building regulations at the district assembly level precisely the Kpeshie sub metro district assembly in Ghana. Review of relevant and available literature on the subject matter was made to gain better insight into the topic in obtaining the needed information, the method used were field survey and was supported by the distribution of questionnaires to the district assembly. In all, thirty-five questionnaires were administered to personnel who work with three zonal capital towns and three sub-towns of the district assemblies via random sampling. The analysis of the data collected from the District Assembly revealed that 66.7% remarked they lack have enough personnel to see to the proper implementation of the Building Regulation. 100% responds from Town and Country Planning shown the various challenges they encounter including; lack of ownership (title to land) of developers, Poor compliance to design standards, Poor site description and Poor presentation of design proposals. The study recommends the following among other things that the District Assembly must institute and organize educational programmes such as symposia, community seminars regarding Building Regulations and other relevant themes to broaden the knowledge of both their personnel and the community. Also, the monitoring team of the District Assembly must ensure and approved buildings drawings are in compliant with the building regulations during the construction stage of the project.
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- Authors: Arthur-Aidoo, B.M. , Ansary, N. , Aigbavboa, C.O.
- Date: 2016
- Subjects: Assessing , Building regulations , Implementation construction industry
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/216665 , uj:21536 , Citation: Arthur-Aidoo, B.M., Ansary, N & Aigbavboa, C.O. 2016. Challenges involved in the implementation of building control regulations : a case of Kpeshie sub metro district assembly in Ghana.
- Description: Abstract: This study was embarked in order to discover challenges involved in the implementation of building regulations at the district assembly level precisely the Kpeshie sub metro district assembly in Ghana. Review of relevant and available literature on the subject matter was made to gain better insight into the topic in obtaining the needed information, the method used were field survey and was supported by the distribution of questionnaires to the district assembly. In all, thirty-five questionnaires were administered to personnel who work with three zonal capital towns and three sub-towns of the district assemblies via random sampling. The analysis of the data collected from the District Assembly revealed that 66.7% remarked they lack have enough personnel to see to the proper implementation of the Building Regulation. 100% responds from Town and Country Planning shown the various challenges they encounter including; lack of ownership (title to land) of developers, Poor compliance to design standards, Poor site description and Poor presentation of design proposals. The study recommends the following among other things that the District Assembly must institute and organize educational programmes such as symposia, community seminars regarding Building Regulations and other relevant themes to broaden the knowledge of both their personnel and the community. Also, the monitoring team of the District Assembly must ensure and approved buildings drawings are in compliant with the building regulations during the construction stage of the project.
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Investigating challenges and barriers facing construction of small, medium-sized enterprises in credit accessibility in the South African construction industry
- Balogun, O.A., Ansary, N., Agumba, J.N.
- Authors: Balogun, O.A. , Ansary, N. , Agumba, J.N.
- Date: 2016
- Subjects: Credit accessibility , Challenges , Construction SMEs
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/215071 , uj:21360 , Citation: Balogun, O.A., Ansary, N & Agumba, J.N. 2016. Investigating challenges and barriers facing construction of small, medium-sized enterprises in credit accessibility in the South African construction industry.
- Description: Abstract: This study sought to investigate the challenges and the barriers facing Small and Medium –Sized Enterprises in South Africa construction industry in their quest to access credit from financial institutions for their business purposes. This study utilizes a combination of primary data emanating from structure survey questionnaires supplemented by secondary source of data from an extensive literature review, in order to present insightful commentary about credit accessibility with Construction SMEs in South Africa. The study was a cross-sectional survey that used semi-structured questionnaire to collect data from the sample. 50 questionnaires were distributed to Construction Company in Gauteng Province in in Johannesburg through a convenience sampling technique. The key barriers were identified include informational barriers, lack of managerial ability within construction SMEs. Limitation of the study have been note and recommendations for developing innovative approaches to making credit accessibility to construction SMEs in South African been discussed. The study contributes to the body of knowledge in the area of financing construction firm in developing countries in general, and in South Africa in particular.
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- Authors: Balogun, O.A. , Ansary, N. , Agumba, J.N.
- Date: 2016
- Subjects: Credit accessibility , Challenges , Construction SMEs
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/215071 , uj:21360 , Citation: Balogun, O.A., Ansary, N & Agumba, J.N. 2016. Investigating challenges and barriers facing construction of small, medium-sized enterprises in credit accessibility in the South African construction industry.
- Description: Abstract: This study sought to investigate the challenges and the barriers facing Small and Medium –Sized Enterprises in South Africa construction industry in their quest to access credit from financial institutions for their business purposes. This study utilizes a combination of primary data emanating from structure survey questionnaires supplemented by secondary source of data from an extensive literature review, in order to present insightful commentary about credit accessibility with Construction SMEs in South Africa. The study was a cross-sectional survey that used semi-structured questionnaire to collect data from the sample. 50 questionnaires were distributed to Construction Company in Gauteng Province in in Johannesburg through a convenience sampling technique. The key barriers were identified include informational barriers, lack of managerial ability within construction SMEs. Limitation of the study have been note and recommendations for developing innovative approaches to making credit accessibility to construction SMEs in South African been discussed. The study contributes to the body of knowledge in the area of financing construction firm in developing countries in general, and in South Africa in particular.
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Investigating the impact of risk factors on project outcome of small and medium contractors in South Africa
- Renault, Berenger Y., Agumba, Justus N., Ansary, N.
- Authors: Renault, Berenger Y. , Agumba, Justus N. , Ansary, N.
- Date: 2017
- Subjects: Contractors , Project outcome , Risk impact
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/248146 , uj:25788 , Citation: Renault, B.Y., Agumba, J.N. & Ansary, N. 2017. Investigating the impact of risk factors on project outcome of small and medium contractors in South Africa.
- Description: Abstract: The delivery of construction project is often affected by several risks factors which can threaten the achievement of project outcome in terms of time, cost, quality and health and safety (H&S). Regrettably, there is a paucity of empirical studies investigating the impact of these risks on project outcome in the South African construction industry (SACI), especially in the small and medium enterprises (SMEs) sector. Hence, the current study sought to investigate the impact of these risk factors on project outcome of SMEs in the Gauteng province of South Africa. A structured questionnaire consisting of nineteen risk factors was used to collect data from SMEs who were conveniently sampled. The data was analysed using the Statistical Package for the Social Sciences (SPSS) version 23, computing descriptive statistics. Empirical findings revealed that time and cost were both impacted by variation by the client, design variation, incomplete approval and unsuitable construction program planning while incomplete or inaccurate cost estimates impacted highly on cost and quality objectives. Furthermore, accidents due to poor safety procedure, the absence of fire safety systems on site, equipment damage and labour injuries were deemed to have a high impact on project H&S outcome. The results of the study will boost the knowledge of industry practitioners on the risk factors affecting project outcome of SMEs.
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- Authors: Renault, Berenger Y. , Agumba, Justus N. , Ansary, N.
- Date: 2017
- Subjects: Contractors , Project outcome , Risk impact
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/248146 , uj:25788 , Citation: Renault, B.Y., Agumba, J.N. & Ansary, N. 2017. Investigating the impact of risk factors on project outcome of small and medium contractors in South Africa.
- Description: Abstract: The delivery of construction project is often affected by several risks factors which can threaten the achievement of project outcome in terms of time, cost, quality and health and safety (H&S). Regrettably, there is a paucity of empirical studies investigating the impact of these risks on project outcome in the South African construction industry (SACI), especially in the small and medium enterprises (SMEs) sector. Hence, the current study sought to investigate the impact of these risk factors on project outcome of SMEs in the Gauteng province of South Africa. A structured questionnaire consisting of nineteen risk factors was used to collect data from SMEs who were conveniently sampled. The data was analysed using the Statistical Package for the Social Sciences (SPSS) version 23, computing descriptive statistics. Empirical findings revealed that time and cost were both impacted by variation by the client, design variation, incomplete approval and unsuitable construction program planning while incomplete or inaccurate cost estimates impacted highly on cost and quality objectives. Furthermore, accidents due to poor safety procedure, the absence of fire safety systems on site, equipment damage and labour injuries were deemed to have a high impact on project H&S outcome. The results of the study will boost the knowledge of industry practitioners on the risk factors affecting project outcome of SMEs.
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Obstacles to risk management implementation in construction small and medium enterprises in South African
- Renault, Berenger Y., Agumba, Justus N., Ansary, N.
- Authors: Renault, Berenger Y. , Agumba, Justus N. , Ansary, N.
- Date: 2017
- Subjects: Obstacles , RMI , Construction SMEs
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/248136 , uj:25786 , Citation: Renault, B.Y., Agumba, J.N. & Ansary, N. 2017. Obstacles to risk management implementation in construction small and medium enterprises in South African.
- Description: Abstract: Risk management implementation (RMI) in construction projects is often affected by several obstacles which can endanger the achievement of project objectives. Regrettably, there is a paucity of empirical studies investigating these obstacles in the South African construction industry (SACI), especially in the small and medium enterprises (SMEs) sector. Hence, the current study sought to investigate the major obstacles hindering the IRMP at project level of SMEs. A structured questionnaire consisting of eighteen factors was used to collect data from SMEs who were conveniently sampled. The data was analysed using the Statistical Package for the Social Sciences (SPSS) version 23, computing descriptive statistics. The results indicated that: unsupportive organisation culture, lack of qualified personnel and inadequate training were the major obstacles hindering the IRMP. The results of the study could provide professionals in the CI with information on factors that hinder the IRMP in construction projects of SMEs. This will enable construction SMEs to conscientiously incorporate RM in their professional work and that would result in better project performance.
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- Authors: Renault, Berenger Y. , Agumba, Justus N. , Ansary, N.
- Date: 2017
- Subjects: Obstacles , RMI , Construction SMEs
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/248136 , uj:25786 , Citation: Renault, B.Y., Agumba, J.N. & Ansary, N. 2017. Obstacles to risk management implementation in construction small and medium enterprises in South African.
- Description: Abstract: Risk management implementation (RMI) in construction projects is often affected by several obstacles which can endanger the achievement of project objectives. Regrettably, there is a paucity of empirical studies investigating these obstacles in the South African construction industry (SACI), especially in the small and medium enterprises (SMEs) sector. Hence, the current study sought to investigate the major obstacles hindering the IRMP at project level of SMEs. A structured questionnaire consisting of eighteen factors was used to collect data from SMEs who were conveniently sampled. The data was analysed using the Statistical Package for the Social Sciences (SPSS) version 23, computing descriptive statistics. The results indicated that: unsupportive organisation culture, lack of qualified personnel and inadequate training were the major obstacles hindering the IRMP. The results of the study could provide professionals in the CI with information on factors that hinder the IRMP in construction projects of SMEs. This will enable construction SMEs to conscientiously incorporate RM in their professional work and that would result in better project performance.
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