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Article
Author(s)
Janusz Sobieraj, Dominik Metelski
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DOI:10.17265/1548-6583/2021.01.002
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ABSTRACT
In this paper, we discuss the influence of economic, environmental and legal policies of the state on the management of investment projects in the area of industrial construction in Poland. Our empirical study relies on conducting a questionnaire survey. A total of 158 Polish companies dealing with industrial construction took part in the survey. Then, the collected questionnaires were subjected to a thorough analysis and interpretation, with the use of a method called the exploratory factor analysis (EFA). Our research reveals the key factors influencing successful investment project management in the Polish industrial construction sector. These factors have been identified as the “availability of technology in a stable political system”, “stability of the economic and tax systems”, “stable social system policy, stability and transparency of the legal system” and a “well-targeted environmental policy”. A key conclusion that can be drawn from our study is that an efficient management of investment projects in the industrial construction industry is significantly influenced by properly shaped and stable economic, environmental, and legal policies of the state.
KEYWORDS
corporate performance, investment project management, industrial construction, exploratory factor analysis
Cite this paper
Journal of Modern Accounting and Auditing, January 2021, Vol. 17, No.1, 14-40 doi: 10.17265/1548-6583/2021.01.002
References
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Alzahrani, J. I., & Emsley, M. W. (2013). The impact of contractors’ attributes on construction project success: A post construction evaluation. International Journal of Project Management, 31(2), 313-322. Retrieved from https://doi.org/10.1016/j.ijproman.2012.06.006
Banihashemi, S., Hosseini, M. R., Golizadeh, H., & Sankaran, S. (2017). Critical success factors (CSFs) for integration of sustainability into construction project management practices in developing countries. International Journal of Project Management, 35(6), 1103-1119.
Belassi, W., & Tukel, O. I. (1996). A new framework for determining critical success/failure factors in projects. International Journal of Project Management, 14(3), 141-151. Retrieved from https://doi.org/10.1016/0263-7863(95)00064-X
Belout, A. (1998). Effects of human resource management on project effectiveness and success: Toward a new conceptual framework. International Journal of Project Management, 16(1), 21-26. Retrieved from https://doi.org/10.1016/S0263-7863(97)00011-2
Bryx, M. (2006). Rynek nieruchomości. System i funkcjonowanie. Warszawa: Wydawnictwo Poltext.
Chan, D. W., & Kumaraswamy, M. M. (1997). A comparative study of causes of time overruns in Hong Kong construction projects. International Journal of Project Management, 15(1), 55-63. Retrieved from https://doi.org/10.1016/S0263-7863(96)00039-7
Chan, A. P., Scott, D., & Lam, E. W. (2002). Framework of success criteria for design/build projects. Journal of Management in Engineering, 18(3), 120-128. Retrieved from https://doi.org/10.1061/(ASCE)0742-597X(2002)18:3(120)
Chan, A. P. C., Scott, D., & Chan, A. P. L. (2004). Factors affecting the success of a construction project. Journal of Construction Engineering and Management, 130(1), 153-155. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(2004)130:1(153)
Chua, D. K. H., Kog, Y. C., & Loh, P. K. (1999). Critical success factors for different project objectives. Journal of Construction Engineering and Management, 125(3), 142-150. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1999)125:3(142)
Dissanayaka, S. M., & Kumaraswamy, M. M. (1999). Evaluation of factors affecting time and cost performance in Hong Kong building projects. Engineering, Construction and Architectural Management, 6(3), 287-298. Retrieved from https://doi.org/10.1108/eb021119
Doloi, H., Sawhney, A., Iyer, K. C., & Rentala, S. (2012). Analysing factors affecting delays in Indian construction projects. International Journal of Project Management, 30(4), 479-489. Retrieved from https://doi.org/10.1016/j.ijproman.2011.10.004
Drzewiecka, J., & Pasławski, J. (2011). Analiza zakłóceń procesów budowlanych. Budownictwo i Inżynieria Środowiska, 2(4). 475-479.
Duy Nguyen, L., Ogunlana, S. O., & Thi Xuan Lan, D. (2004). A study on project success factors in large construction projects in Vietnam. Engineering, Construction and Architectural Management, 11(6), 404-413. Retrieved from https://doi.org/10.1108/09699980410570166
Dziadosz, A., & Rejment, M. (2012). Wpływ zakłóceń na opóźnienia procesów budowlanych. Zeszyty Naukowe Politechniki Rzeszowskiej. Budownictwo i Inżynieria Środowiska, 59(3), 65-72.
Faridi, A. S., & El-Sayegh, S. M. (2006). Significant factors causing delay in the UAE construction industry. Construction Management and Economics, 24(11), 1167-1176. Retrieved from https://doi.org/10.1080/01446190600827033
Frankfort-Nachmias, C., & Nachmias, D. (2001). Metody badawcze w naukach społecznych. Poznaniu: ZYSK I S-KA Wydawnictwo.
Gunhan, S., & Arditi, D. (2005). Factors affecting international construction. Journal of Construction Engineering and Management, 131(3), 273-282. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(2005)131:3(273)
Hassan, A. Q. (1995). Don’t burn that bridge. Journal of Management in Engineering 11(6), 22.
Hubbard, D. G. (1990). Successful utility project management from lessons learned. Project Management Journal, 21(3), 19-23.
Jaselskis, E. J., & Ashley, D. B. (1991). Optimal allocation of project management resources for achieving success. Journal of Construction Engineering and Management, 117(2), 321-340. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1991)117:2(321)
Kaming, P. F., Olomolaiye, P. O., Holt, G. D., & Harris, F. C. (1997). Factors influencing construction time and cost overruns on high-rise projects in Indonesia. Construction Management & Economics, 15(1), 83-94. Retrieved from https://doi.org/10.1080/014461997373132
Kapliński, O., & Zavadskas, E. (1997). Expert systems for construction processes. Statyba, 3(12), 49-61. Retrieved from https://doi.org/10.1080/13921525.1997.10531367
Kapliński, O., Dziadosz, A., & Zioberski, J. L. (2011). Próba standaryzacji procesu zarządzania na etapie planowania i realizacji przedsięwzięć budowlanych, Zeszyty Naukowe Politechniki Rzeszowskiej. Budownictwo i Inżynieria Środowiska, 58(3), 79-100.
Kumaraswamy, M. M., & Chan, W. M. (1999). Factors facilitating faster construction. Journal of Construction Procurement, 5(2), 88-98.
Leśniak, A., & Plebankiewicz, A. (2010). Opóźnienia w robotach budowlanych. Zeszyty Naukowe WSOWL, 3(1), 332-339.
Li, H., Cheng, E. W., & Love, P. E. (2000). Partnering research in construction. Engineering, Construction and Architectural Management, 7(1), 76-92. Retrieved from https://doi.org/10.1108/eb021134
Ludwiczak, A. (2017). What is not the real estate market―Problems of researchers. Finanse, Rynki Finansowe, Ubezpieczenia, 1(85), 351-361. doi:10.18276/frfu.2017.1.85-28
Metri, B. A. (2005). TQM critical success factors for construction firms. Management: Journal of Contemporary Management Issues, 10(2), 61-72
NIK. (2015). Informacja o wynikach kontroli. Realizacja Inwestycji dotyczących budowy terminalu do odbioru skroplonego gazu ziemnego w Świnoujściu.KGP-4101-05-00/2013. Nr ewid. 187/2014/P/13/058/KGP. Retrieved February 12, 2019, from https://www.nik.gov.pl/plik/id,8461,vp,10549.pdf
Paslawski, J. (2008). Flexibility approach in the runway pavement using FLEMANCO method. Transport, 23(4), 341-350. Retrieved from https://doi.org/10.3846/1648-4142.2008.23.341-350
Pasławski, J., & Jastrząb, T. (2009). Elastyczność w zarządzaniu realizacją procesów budowlanych. Wydanie 437 z Rozprawy. Politechnika Poznańska: Wydawnictwo Politechniki Poznańskiej.
Pastuszak, Z., Chadam, J., Phusavat, K., & Polkowska, M. (2013). Strategic project management as component of innovative organization. In Active Citizenship by Knowledge Management & Innovation: Proceedings of the Management. Knowledge and Learning International Conference (pp. 897-904). Lublin: ToKnowPress.
Pocock, J. B., Liu, L. Y., & Kim, M. K. (1997). Impact of management approach on project interaction and performance. Journal of Construction Engineering and Management, 123(4), 411-418. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1997)123:4(411)
Pocock, J. B., Liu, L. Y., & Tang, W. H. (1997). Prediction of project performance based on degree of interaction. Journal of Management in Engineering, 13(2), 63-76. Retrieved from https://doi.org/10.1061/(ASCE)0742-597X(1997)13:2(63)
Rockart, J. F. (1982). The changing role of the information systems executive: A critical success factors perspective. Sloan Mgmt. Review, 24(1), 3-1.
Sanvido, V., Grobler, F., Pariff, K., Guvents, M., & Coyle, M. (1992). Critical success factors for construction projects. Journal of Construction Engineering and Management, 118(1), 94-111. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1992)118:1(94)
Songer, A. D., & Molenaar, K. R. (1997). Project characteristics for successful public-sector design-build. Journal of Construction Engineering and Management, 123(1), 34-40. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1997)123:1(34)
Sweis, G., Sweis R., Abu Hammad, A., & Shboul, A. (2008). Delays in construction projects: The case of Jordan. International Journal of Project Management, 26(1), 665-674. Retrieved from https://doi.org/10.1016/j.ijproman.2007.09.009
Toor, S. U. R., & Ogunlana, S. O. (2009). Construction professionals’ perception of critical success factors for large-scale construction projects. Construction Innovation, 9(2), 149-167. Retrieved from https://doi.org/10.1108/14714170910950803
Walker, D. H. (1995). An investigation into construction time performance. Construction Management and Economics, 13(3), 263-274. Retrieved from https://doi.org/10.1080/01446199500000030
Walker, D. H., & Vines, M. W. (2000). Australian multi-unit residential project construction time performance factors. Engineering, Construction and Architectural Management, 7(3), 278-284. Retrieved from https://doi.org/10.1108/eb021152
Wing, C. K. (1997). The ranking of construction management journals. Construction Management & Economics, 15(4), 387-398. Retrieved from https://doi.org/10.1080/014461997372953
Alzahrani, J. I., & Emsley, M. W. (2013). The impact of contractors’ attributes on construction project success: A post construction evaluation. International Journal of Project Management, 31(2), 313-322. Retrieved from https://doi.org/10.1016/j.ijproman.2012.06.006
Banihashemi, S., Hosseini, M. R., Golizadeh, H., & Sankaran, S. (2017). Critical success factors (CSFs) for integration of sustainability into construction project management practices in developing countries. International Journal of Project Management, 35(6), 1103-1119.
Belassi, W., & Tukel, O. I. (1996). A new framework for determining critical success/failure factors in projects. International Journal of Project Management, 14(3), 141-151. Retrieved from https://doi.org/10.1016/0263-7863(95)00064-X
Belout, A. (1998). Effects of human resource management on project effectiveness and success: Toward a new conceptual framework. International Journal of Project Management, 16(1), 21-26. Retrieved from https://doi.org/10.1016/S0263-7863(97)00011-2
Bryx, M. (2006). Rynek nieruchomości. System i funkcjonowanie. Warszawa: Wydawnictwo Poltext.
Chan, D. W., & Kumaraswamy, M. M. (1997). A comparative study of causes of time overruns in Hong Kong construction projects. International Journal of Project Management, 15(1), 55-63. Retrieved from https://doi.org/10.1016/S0263-7863(96)00039-7
Chan, A. P., Scott, D., & Lam, E. W. (2002). Framework of success criteria for design/build projects. Journal of Management in Engineering, 18(3), 120-128. Retrieved from https://doi.org/10.1061/(ASCE)0742-597X(2002)18:3(120)
Chan, A. P. C., Scott, D., & Chan, A. P. L. (2004). Factors affecting the success of a construction project. Journal of Construction Engineering and Management, 130(1), 153-155. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(2004)130:1(153)
Chua, D. K. H., Kog, Y. C., & Loh, P. K. (1999). Critical success factors for different project objectives. Journal of Construction Engineering and Management, 125(3), 142-150. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1999)125:3(142)
Dissanayaka, S. M., & Kumaraswamy, M. M. (1999). Evaluation of factors affecting time and cost performance in Hong Kong building projects. Engineering, Construction and Architectural Management, 6(3), 287-298. Retrieved from https://doi.org/10.1108/eb021119
Doloi, H., Sawhney, A., Iyer, K. C., & Rentala, S. (2012). Analysing factors affecting delays in Indian construction projects. International Journal of Project Management, 30(4), 479-489. Retrieved from https://doi.org/10.1016/j.ijproman.2011.10.004
Drzewiecka, J., & Pasławski, J. (2011). Analiza zakłóceń procesów budowlanych. Budownictwo i Inżynieria Środowiska, 2(4). 475-479.
Duy Nguyen, L., Ogunlana, S. O., & Thi Xuan Lan, D. (2004). A study on project success factors in large construction projects in Vietnam. Engineering, Construction and Architectural Management, 11(6), 404-413. Retrieved from https://doi.org/10.1108/09699980410570166
Dziadosz, A., & Rejment, M. (2012). Wpływ zakłóceń na opóźnienia procesów budowlanych. Zeszyty Naukowe Politechniki Rzeszowskiej. Budownictwo i Inżynieria Środowiska, 59(3), 65-72.
Faridi, A. S., & El-Sayegh, S. M. (2006). Significant factors causing delay in the UAE construction industry. Construction Management and Economics, 24(11), 1167-1176. Retrieved from https://doi.org/10.1080/01446190600827033
Frankfort-Nachmias, C., & Nachmias, D. (2001). Metody badawcze w naukach społecznych. Poznaniu: ZYSK I S-KA Wydawnictwo.
Gunhan, S., & Arditi, D. (2005). Factors affecting international construction. Journal of Construction Engineering and Management, 131(3), 273-282. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(2005)131:3(273)
Hassan, A. Q. (1995). Don’t burn that bridge. Journal of Management in Engineering 11(6), 22.
Hubbard, D. G. (1990). Successful utility project management from lessons learned. Project Management Journal, 21(3), 19-23.
Jaselskis, E. J., & Ashley, D. B. (1991). Optimal allocation of project management resources for achieving success. Journal of Construction Engineering and Management, 117(2), 321-340. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1991)117:2(321)
Kaming, P. F., Olomolaiye, P. O., Holt, G. D., & Harris, F. C. (1997). Factors influencing construction time and cost overruns on high-rise projects in Indonesia. Construction Management & Economics, 15(1), 83-94. Retrieved from https://doi.org/10.1080/014461997373132
Kapliński, O., & Zavadskas, E. (1997). Expert systems for construction processes. Statyba, 3(12), 49-61. Retrieved from https://doi.org/10.1080/13921525.1997.10531367
Kapliński, O., Dziadosz, A., & Zioberski, J. L. (2011). Próba standaryzacji procesu zarządzania na etapie planowania i realizacji przedsięwzięć budowlanych, Zeszyty Naukowe Politechniki Rzeszowskiej. Budownictwo i Inżynieria Środowiska, 58(3), 79-100.
Kumaraswamy, M. M., & Chan, W. M. (1999). Factors facilitating faster construction. Journal of Construction Procurement, 5(2), 88-98.
Leśniak, A., & Plebankiewicz, A. (2010). Opóźnienia w robotach budowlanych. Zeszyty Naukowe WSOWL, 3(1), 332-339.
Li, H., Cheng, E. W., & Love, P. E. (2000). Partnering research in construction. Engineering, Construction and Architectural Management, 7(1), 76-92. Retrieved from https://doi.org/10.1108/eb021134
Ludwiczak, A. (2017). What is not the real estate market―Problems of researchers. Finanse, Rynki Finansowe, Ubezpieczenia, 1(85), 351-361. doi:10.18276/frfu.2017.1.85-28
Metri, B. A. (2005). TQM critical success factors for construction firms. Management: Journal of Contemporary Management Issues, 10(2), 61-72
NIK. (2015). Informacja o wynikach kontroli. Realizacja Inwestycji dotyczących budowy terminalu do odbioru skroplonego gazu ziemnego w Świnoujściu.KGP-4101-05-00/2013. Nr ewid. 187/2014/P/13/058/KGP. Retrieved February 12, 2019, from https://www.nik.gov.pl/plik/id,8461,vp,10549.pdf
Paslawski, J. (2008). Flexibility approach in the runway pavement using FLEMANCO method. Transport, 23(4), 341-350. Retrieved from https://doi.org/10.3846/1648-4142.2008.23.341-350
Pasławski, J., & Jastrząb, T. (2009). Elastyczność w zarządzaniu realizacją procesów budowlanych. Wydanie 437 z Rozprawy. Politechnika Poznańska: Wydawnictwo Politechniki Poznańskiej.
Pastuszak, Z., Chadam, J., Phusavat, K., & Polkowska, M. (2013). Strategic project management as component of innovative organization. In Active Citizenship by Knowledge Management & Innovation: Proceedings of the Management. Knowledge and Learning International Conference (pp. 897-904). Lublin: ToKnowPress.
Pocock, J. B., Liu, L. Y., & Kim, M. K. (1997). Impact of management approach on project interaction and performance. Journal of Construction Engineering and Management, 123(4), 411-418. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1997)123:4(411)
Pocock, J. B., Liu, L. Y., & Tang, W. H. (1997). Prediction of project performance based on degree of interaction. Journal of Management in Engineering, 13(2), 63-76. Retrieved from https://doi.org/10.1061/(ASCE)0742-597X(1997)13:2(63)
Rockart, J. F. (1982). The changing role of the information systems executive: A critical success factors perspective. Sloan Mgmt. Review, 24(1), 3-1.
Sanvido, V., Grobler, F., Pariff, K., Guvents, M., & Coyle, M. (1992). Critical success factors for construction projects. Journal of Construction Engineering and Management, 118(1), 94-111. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1992)118:1(94)
Songer, A. D., & Molenaar, K. R. (1997). Project characteristics for successful public-sector design-build. Journal of Construction Engineering and Management, 123(1), 34-40. Retrieved from https://doi.org/10.1061/(ASCE)0733-9364(1997)123:1(34)
Sweis, G., Sweis R., Abu Hammad, A., & Shboul, A. (2008). Delays in construction projects: The case of Jordan. International Journal of Project Management, 26(1), 665-674. Retrieved from https://doi.org/10.1016/j.ijproman.2007.09.009
Toor, S. U. R., & Ogunlana, S. O. (2009). Construction professionals’ perception of critical success factors for large-scale construction projects. Construction Innovation, 9(2), 149-167. Retrieved from https://doi.org/10.1108/14714170910950803
Walker, D. H. (1995). An investigation into construction time performance. Construction Management and Economics, 13(3), 263-274. Retrieved from https://doi.org/10.1080/01446199500000030
Walker, D. H., & Vines, M. W. (2000). Australian multi-unit residential project construction time performance factors. Engineering, Construction and Architectural Management, 7(3), 278-284. Retrieved from https://doi.org/10.1108/eb021152
Wing, C. K. (1997). The ranking of construction management journals. Construction Management & Economics, 15(4), 387-398. Retrieved from https://doi.org/10.1080/014461997372953