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Abdullah, A H, Yaman, S K, Mohammad, H and Hassan, P F (2018) Construction manager’s technical competencies in Malaysian construction projects. Engineering, Construction and Architectural Management, 25(02), 153–77.

Abejide, O S (1997) Solid soilcrete blocks for low-cost buildings: a Nigerian case study. Building Research & Information, 25(02), 115–9.

Alkoc, E and Erbatur, F (1997) Productivity improvement in concreting operations through simulation models. Building Research & Information, 25(02), 82–91.

Arantes, A and Ferreira, L M D (2020) Underlying causes and mitigation measures of delays in construction projects. Journal of Financial Management of Property and Construction , 25(02), 165–81.

Besaiso, H, Fenn, P, Emsley, M and Wright, D (2018) A comparison of the suitability of FIDIC and NEC conditions of contract in Palestine. Engineering, Construction and Architectural Management, 25(02), 241–56.

El-Rasas, T and Marzouk, M (2020) Fuzzy model for assessing delays in Egyptian residential projects. Journal of Financial Management of Property and Construction , 25(02), 225–46.

Enshassi, A (1997) Construction projects and the environment in Palestine. Building Research & Information, 25(02), 111–4.

Forsythe, P J (2007) A conceptual framework for studying customer satisfaction in residential construction. Construction Management and Economics, 25(02), 171–82.

Gavieta, R C (1997) Socio-economic and spatial indicators for household energy for a tropical urban community in urban Manila. Building Research & Information, 25(02), 124–8.

Gavieta, R C and Onate, C E (1997) Building regulations and disaster mitigation: the Philippines. Building Research & Information, 25(02), 120–3.

Giti, D M, K'Akumu, O A and Ondieki, E O (2020) Enhanced role of private sector through public private partnerships in low income urban housing in Kenya. Journal of Financial Management of Property and Construction , 25(02), 293–312.

Graafland, J and Nijhof, A (2007) Transparency, market operation and trust in the Dutch construction industry: an exploratory study. Construction Management and Economics, 25(02), 195–205.

Gunarathna, C, Yang, R J and Fernando, N (2018) Conflicts and management styles in the Sri Lankan commercial building sector. Engineering, Construction and Architectural Management, 25(02), 178–201.

Hua, G B (2007) Applying the strategic alignment model to business and ICT strategies of Singapore's small and medium-sized architecture, engineering and construction enterprises. Construction Management and Economics, 25(02), 157–69.

Jannadi, M O (1997) An effective safety programme for a concrete product manufacturing plant. Building Research & Information, 25(02), 92–100.

Jolly Cyril, E and Singla, H K (2020) Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: evidence from India. Journal of Financial Management of Property and Construction , 25(02), 273–91.

• Type: Journal Article
• Keywords: Profitability; Infrastructure; Construction; Real estate; Liquidity; Leverage;
• ISBN/ISSN: 1366-4387
• URL: https://doi.org/10.1108/JFMPC-08-2019-0069
• Abstract:
  This study aims to identify the most profitable segment of construction firms amongst real estate, industrial construction and infrastructure. This paper also examines the determinants of profitability of real estate, industrial construction and infrastructure firms.

  The data of 67 firms (20 real estate, 21 industrial construction and 26 infrastructure) is collected for a 15-year period (2003–2017). Two models are created using total return on assets (ROA) and return on invested capital (ROIC) as dependent variables.. Leverage, liquidity, age, growth, size and efficiency of the firm are identified as firm-specific independent variables. Two economic variables, i.e. growth in GDP and inflation, are also used as independent variables. Initially, the models are tested for stationarity, multicollinearity and heteroscedasticity, and finally, the coefficients are estimated using Arellano–Bond dynamic panel data estimation to account for heteroscedasticity and endogeneity.

  The results suggest that industrial construction is the most profitable segment of construction, followed by real estate and infrastructure. Their profitability is positively driven by liquidity, efficiency and leverage. The real estate firms are somewhat less profitable compared to industrial construction firms, and their profitability is positively driven by liquidity. The infrastructure firms have low ROA and ROIC.

  The real estate, infrastructure and industrial construction drastically differ from each other. The challenges involved in real estate, infrastructure and industrial construction are altogether different. Therefore, authors present a comparative analysis of the profitability of real estate, infrastructure and industrial construction segments of the construction and compare their determinants of profitability. The results provided in the study are robust and reliable because of the use of a superior econometric model, i.e. Arellano–Bond dynamic panel data estimation with robust estimates, which accounts for heteroscedasticity and endogeneity in the model.

Kavishe, N, Jefferson, I and Chileshe, N (2018) An analysis of the delivery challenges influencing public-private partnership in housing projects. Engineering, Construction and Architectural Management, 25(02), 202–40.

Leung, M-Y and Chan, H K L (2007) Antecedents of commitment in construction management. Construction Management and Economics, 25(02), 113–27.

Li, H (1997) Determinants of knowledge-based expert system success in construction engineering. Building Research & Information, 25(02), 101–6.

Liu, J, Lin, S and Feng, Y (2018) Understanding why Chinese contractors are not willing to purchase construction insurance. Engineering, Construction and Architectural Management, 25(02), 257–72.

Loffler, M (1997) Foamglass as spacer in multiple-glazing. Building Research & Information, 25(02), 107–10.

Lu, X and Davis, S (2018) Priming effects on safety decisions in a virtual construction simulator. Engineering, Construction and Architectural Management, 25(02), 273–94.

McCord, M (2020) An exploratory investigation into the relationship between energy performance certificates and sales price: a polytomous universal model approach. Journal of Financial Management of Property and Construction , 25(02), 247–71.

Pan, W, Gibb, A G F and Dainty, A R J (2007) Perspectives of UK housebuilders on the use of offsite modern methods of construction. Construction Management and Economics, 25(02), 183–94.

Pheng, L S and Tan, S K L (1997) The measurement of just in time wastage for a public housing project in Singapore. Building Research & Information, 25(02), 67–81.

Radosavljevic, M and Horner, M (2007) Process planning methodology: dynamic short-term planning for off-site construction in Slovenia. Construction Management and Economics, 25(02), 143–56.

Sa'eed, A, Gambo, N, Inuwa, I I and Musonda, I (2020) Effects of financial management practices on technical performance of building contractors in northeast Nigeria. Journal of Financial Management of Property and Construction , 25(02), 201–23.

Trigunarsyah, B (2007) Project designers' role in improving constructability of Indonesian construction projects. Construction Management and Economics, 25(02), 207–15.

Wang, C-H, Tsai, C-C and Cheng, Y-Y (2007) Knowledge-based diagnosis model for PCM executing problems in public construction. Construction Management and Economics, 25(02), 129–42.

Wesz, J G B, Formoso, C T and Tzortzopoulos, P (2018) Planning and controlling design in engineered-to-order prefabricated building systems. Engineering, Construction and Architectural Management, 25(02), 134–52.

Zhang, Z, Koh, Z Y and Ling, F (2020) Benchmarking contractors’ financial performance: case study of Singapore. Journal of Financial Management of Property and Construction , 25(02), 183–99.