A framework for growth of small and medium-size construction firms : a literature review
- Arthur-Aidoo, B.M., Aigbavboa, C.O., Thwala, Wellington Didibhuku
- Authors: Arthur-Aidoo, B.M. , Aigbavboa, C.O. , Thwala, Wellington Didibhuku
- Date: 2015
- Subjects: Construction firms , Framework , Growth
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/85381 , uj:19338 , Citation: Arthur-Aidoo, B.M., Aigbavboa, C.O. & Thwala, W.D. 2015. A framework for growth of small and medium-size construction firms : a literature review.
- Description: Abstract: Small and medium-sized firms (SMEs) are considered as the engine of growth in most economies due to their significant contribution in terms of employment and natural development. SMEs growth within an economy is, therefore, paramount. Growth of SMEs firms has been deliberated in literature as an expansion. This development is classified as either organic (internal expansion) or inorganic (expansion by integration). Literature has also stressed on the eased at which these construction SMEs enter the market environment and quickly exit due to peculiar challenges including growth. Therefore, this study seeks to establish a framework for SMEs in the construction industry in order to foster their growth. The study adopted the use of extensive use of literature. This was supported by informal semi-structured interviews which involved construction industry professionals as the papulation. The research focused on the determinants of growth and how thesefactors will be established The study concludes thatfor growth to be ascertained in afirm, there must be an integration of both the internal and external variables to influence growth.
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- Authors: Arthur-Aidoo, B.M. , Aigbavboa, C.O. , Thwala, Wellington Didibhuku
- Date: 2015
- Subjects: Construction firms , Framework , Growth
- Language: English
- Type: Conference proceedings
- Identifier: http://hdl.handle.net/10210/85381 , uj:19338 , Citation: Arthur-Aidoo, B.M., Aigbavboa, C.O. & Thwala, W.D. 2015. A framework for growth of small and medium-size construction firms : a literature review.
- Description: Abstract: Small and medium-sized firms (SMEs) are considered as the engine of growth in most economies due to their significant contribution in terms of employment and natural development. SMEs growth within an economy is, therefore, paramount. Growth of SMEs firms has been deliberated in literature as an expansion. This development is classified as either organic (internal expansion) or inorganic (expansion by integration). Literature has also stressed on the eased at which these construction SMEs enter the market environment and quickly exit due to peculiar challenges including growth. Therefore, this study seeks to establish a framework for SMEs in the construction industry in order to foster their growth. The study adopted the use of extensive use of literature. This was supported by informal semi-structured interviews which involved construction industry professionals as the papulation. The research focused on the determinants of growth and how thesefactors will be established The study concludes thatfor growth to be ascertained in afirm, there must be an integration of both the internal and external variables to influence growth.
- Full Text: false
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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Drivers for and obstacles to enterprise risk management in construction firms: A literature review
- Renault, Berenger, Y., Agumba, Justus N., Balogun, O.A.
- Authors: Renault, Berenger, Y. , Agumba, Justus N. , Balogun, O.A.
- Date: 2016
- Subjects: Construction firms , Entreprise Risk Management (ERM) , Obstacles
- Language: English
- Type: Conference proceedings
- Identifier: http://ujcontent.uj.ac.za8080/10210/386555 , http://hdl.handle.net/10210/93988 , uj:20416 , Citation: Renault, B.Y, Agumba, J.N. & Balogun, O.A. 2016. Drivers for and obstacles to enterprise risk management in construction firms: A literature review.
- Description: Abstract: Regardless of the increased number of studies on Risk Management (RM) in several industries, limited studies have strived to reveal the components are driving and obstructing ERM implementation in construction firms. These firms are constantly exposed to business risks, thus requiring not only project risk management (PRM) but also a more integrated, comprehensive focused risk management approach to managing risks on an enterprise basis defined as enterprise risk management (ERM). Therefore, this study aims to identity the drivers and obstacles to ERM implementation. The work methodology included a comprehensive literature search relating to ERM. The review spanned a decade and lustrum between January 2000 and December 2015 and was based on a combination keyword search in three databases namely; Science Direct, Taylor and Francis Online, and Emerald and in Google. Thirty-one quantitative and mixed methods research were justified to be relevant in this study. The study revealed that empirical studies have identified various important drivers for ERM implementation namely; legal and regulatory compliance requirements, non-mandatory reports, credits rating agencies’ requirements, reduced earnings volatility, reduced cost and losses, increased profitability and earnings. The study further revealed that lack of support from top management, management priorities, reluctance to discuss sensitive information, difficulties in quantifying the risks, lack of common risk language, lack of quality data and limited access to data were key obstacles to ERM. The identification of the obstacles enables the management to be clear about the challenges encountered by the ERM program and take corrective actions to reduce their undesirable effect. Furthermore, construction firms can use the drivers and obstacles revealed in this treatise to prepare their customized list of drivers and obstacles. The findings of this study contribute to global knowledge relating to ERM and allow the management to overcome the challenges posed by the significant obstacles.
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- Authors: Renault, Berenger, Y. , Agumba, Justus N. , Balogun, O.A.
- Date: 2016
- Subjects: Construction firms , Entreprise Risk Management (ERM) , Obstacles
- Language: English
- Type: Conference proceedings
- Identifier: http://ujcontent.uj.ac.za8080/10210/386555 , http://hdl.handle.net/10210/93988 , uj:20416 , Citation: Renault, B.Y, Agumba, J.N. & Balogun, O.A. 2016. Drivers for and obstacles to enterprise risk management in construction firms: A literature review.
- Description: Abstract: Regardless of the increased number of studies on Risk Management (RM) in several industries, limited studies have strived to reveal the components are driving and obstructing ERM implementation in construction firms. These firms are constantly exposed to business risks, thus requiring not only project risk management (PRM) but also a more integrated, comprehensive focused risk management approach to managing risks on an enterprise basis defined as enterprise risk management (ERM). Therefore, this study aims to identity the drivers and obstacles to ERM implementation. The work methodology included a comprehensive literature search relating to ERM. The review spanned a decade and lustrum between January 2000 and December 2015 and was based on a combination keyword search in three databases namely; Science Direct, Taylor and Francis Online, and Emerald and in Google. Thirty-one quantitative and mixed methods research were justified to be relevant in this study. The study revealed that empirical studies have identified various important drivers for ERM implementation namely; legal and regulatory compliance requirements, non-mandatory reports, credits rating agencies’ requirements, reduced earnings volatility, reduced cost and losses, increased profitability and earnings. The study further revealed that lack of support from top management, management priorities, reluctance to discuss sensitive information, difficulties in quantifying the risks, lack of common risk language, lack of quality data and limited access to data were key obstacles to ERM. The identification of the obstacles enables the management to be clear about the challenges encountered by the ERM program and take corrective actions to reduce their undesirable effect. Furthermore, construction firms can use the drivers and obstacles revealed in this treatise to prepare their customized list of drivers and obstacles. The findings of this study contribute to global knowledge relating to ERM and allow the management to overcome the challenges posed by the significant obstacles.
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