MEDIATING FINANCIAL AND HSE ROLES IN RISK MANAGEMENT IMPACT ON MYANMAR CONSTRUCTION SUCCESS

Theingi Aung; Sui Reng Liana; Arkar Htet; Amiya  Bhaumik; Sandeep Poddar

doi:10.22437/jiituj.v8i1.32699

Authors

Theingi Aung Faculty of Business and Accountancy, Lincoln University College
Sui Reng Liana Faculty of Business and Accountancy, Lincoln University College
Arkar Htet Faculty of Business and Accountancy, Lincoln University College
Amiya Bhaumik Faculty of Business and Accountancy, Lincoln University College
Sandeep Poddar Research & Innovation Division, Lincoln University College

DOI:

https://doi.org/10.22437/jiituj.v8i1.32699

Keywords:

Construction Project Success, Financial Performance, HSE Performance, Myanmar Construction Industry, Risk Management

Abstract

This study seeks to examine the effects of risk management strategies on the success of construction projects in Myanmar, a country with a rapidly expanding construction industry that has received little scholarly attention. Using a combination of traditional paper-based surveys and online questionnaires, a comprehensive dataset has been compiled for this study. The participants, which included project managers, project engineers, safety engineers, financial experts, and project proprietors, played a crucial role in providing diverse perspectives. From the initial sample of 500 questionnaires, a response rate of 84.6 percent yielded 397 valid responses. Using Smart PLS as a data analysis instrument, the study deconstructed risk management into its fundamental components: identification, analysis, response, and monitoring. In addition to the immediate effects, the study reveals the intermediate roles played by financial performance and Health, Safety, and Environment (HSE) issues. The findings indicate a correlation between the implementation of effective risk management strategies and the overall success of construction projects. The intermediate effect of financial performance and HSE performance strengthens the relationship between these variables. This research offers significant academic and practical insights by providing evidence-based strategies to improve risk management practices in Myanmar's rapidly developing construction industry.

Downloads

Download data is not yet available.

References

Ahmetoglu, S. & Tanik, A. (2020). Management of carbon footprint and determination of ghg emission sources in construction sector. International Journal of Environment and Geoinformatics, 7(2), 191-204. https://doi.org/10.30897/ijegeo.726913.

Al Frijat, Y. S., Albawwat, I. E., & Elamer, A. A. (2024). Exploring the mediating role of corporate social responsibility in the connection between board competence and corporate financial performance amidst global uncertainties. Corporate Social Responsibility and Environmental Management, 31(2), 1079-1095. https://doi.org/10.1002/csr.2623.

Ateeq, A., Al-Refaei, A. A. A., Alzoraiki, M., Milhem, M., Al-Tahitah, A. N., & Ibrahim, A. (2024). Sustaining Organizational Outcomes in Manufacturing Firms: The Role of HRM and Occupational Health and Safety. Sustainability, 16(3), 1035. https://doi.org/10.3390/su16031035.

Aung, T., Liana, S. R., & Htet, A. (2023). Revolutionizing Risk Management in Construction: A Systematic Review on the Role of Artificial Intelligence. Second International Conference On Advanced Research In Social Sciences And Humanities. India.

Aung, T., Liana, S. R., Htet, A., & Bhaumik, A. (2023). Using Machine Learning to Predict Cost Overruns in Construction Projects. Journal of Technology Innovations and Energy, 2(2), 1-7. https://doi.org/10.56556/jtie.v2i2.511.

Aung, T., Liana, S.R., Htet, A., & Bhaumik, A. (2023). Risk Management in Construction Projects: A Review of Literature. International Journal of Creative research Thoughts, 11(5)., a 466- a 469.

Bayraktar, O. Y. (2020). Risk management in construction sector. World Journal of Advanced Research and Reviews, 8(2), https://doi.org/10.30574/wjarr.2020.8.2.0433.

Cagliano, A., Grimaldi, S., & Rafele, C. (2014). Choosing project risk management techniques. a theoretical framework. Journal of risk Research, 18(2), 232-248. https://doi.org/10.1080/13669877.2014.896398.

Duc, D. A., Hoi, L. Q., Van Dao, L., Lien, V. T. P., Hang, N. T., & Huong, T. L. (2024). Corporate environmental responsibility and the business risk of Vietnamese SMEs: the mediating role of internal control. Risk Management, 26(1), 2. https://doi.org/10.1057/s41283-023-00133-1

Gündüz, M. & Almuajebh, M. (2020). Critical success factors for sustainable construction project management. Sustainability, 12(5), 1990. https://doi.org/10.3390/su12051990.

Hossain, M. A., Zhumabekova, A., Paul, S. C., & Kim, J. (2020). A review of 3d printing in construction and its impact on the labor market. Sustainability, 12(20), 8492. https://doi.org/10.3390/su12208492.

Htet, A., Liana, S.R., Aung, T., & Bhaumik, A. . (2023). Engineering Management: A Comprehensive Review of Challenges, Trends, and Best Practices. Journal of Engineering Education and Pedagogy, 1(1), 1-7. https://doi.org/10.56855/jeep.v1i1.262.

Htoo, T.T, Dodanwala, T.C & Santoso, D.S. (2023). Project Management Maturity and Performance of Building Construction Projects in Myanmar. Pract. Period. Struct. Des. Constr., 28(1), 04022070. https://doi.org/10.1061/PPSCFX.SCENG-1192.

Hu, Y. (2019). A New Mode of HSE Risk Management for Construction Projects. In N. Khatleli, Risk Management in Construction Projects (p. Doi: 10.5772/intechopen.84358). IntechOpen.

IPSOS. (2017, September). IPSOS. From https://www.ipsos.com: https://www.ipsos.com/sites/default/files/ct/publication/documents/2017-09/Research-Note-Construction-in-Myanmar.pdf

Jarrah, M., Jarah, B., & Altarawneh, I. (2022). Toward successful project implementation: integration between project management processes and project risk management. Problems and Perspectives in management, 20(3), 258-273. https://doi.org/10.21511/ppm.20(3).2022.21.

Jiang, X., Wang, Q., Liu, Y., Xia, B., Skitmore, M., Nepal, M., & Ghanbaripour, A. (2022). a method for the ontology-based risk management of ppp construction projects. construction Innovation, 0029. https://doi.org/10.1108/ci-02-2022-0029.

Jiang, X., Wang, S., Wang, J., Lyu, S., & Skitmore, M. (2020). A decision method for construction safety risk management based on ontology and improved cbr: example of a subway project. International Journal of Environmental Research and Public Health, 17(11), 3928. https://doi.org/10.3390/ijerph17113928.

Kallow, M. A., Bodla, A. A., Ejaz, A., & Ishaq, M. R. (2023). How do risk management practices lead to project success in the construction industry? The mediated moderation of risk coping capacity and risk transparency. International Journal of Construction Management, 23(16), 2779-2787. https://doi.org/10.1080/15623599.2022.2095719

Moktadir, M. A., Ali, S. M., Mangla, S. K., Sharmy, T. A., Luthra, S., & Garza-Reyes, J. A. (2018). Decision modeling of risks in pharmaceutical supply chains. Industrial Management & Data Systems, 118(7), 1388-1412. https://doi.org/10.1108/imds-10-2017-0465.

Obondi, K. C. (2022). The utilization of project risk monitoring and control practices and their relationship with project success in construction projects. Journal of Project Management, 7(1), 35-52. https://doi.org/10.5267/j.jpm.2021.7.002.

Onubi, H. O., Carpio, M., Azian, F. U. M., & Binwai, P. (2023). Bridging the gap between health and safety performance and owner’s satisfaction in construction projects adopting pro-environmental construction practices: role of economic performance. Environmental Science and Pollution Research, 30(21), 59844-59860. https://doi.org/10.1007/s11356-023-26754-3

Pirotti, A., Keshavarzsaleh, A., Rahim, F., & Zakaria, N. (2020). Effective factors on project success in malaysian construction industry. Journal of Engineering project and Production Management, https://doi.org/10.2478/jeppm-2020-0001.

Ringle, Christian M., Wende, Sven, & Becker, Jan-Michael. (2022). SmartPLS 4. From Oststeinbek: SmartPLS: https://www.smartpls.com

Salzano, A., Cascone, S., Zitiello, E. P., & Nicolella, M. (2024). Construction Safety and Efficiency: Integrating Building Information Modeling into Risk Management and Project Execution. Sustainability, 16(10), 4094. https://doi.org/10.3390/su16104094

Soe, P. P., Crumpton, C. D., & Bialobrzeski, E. (2022). Economic governance building: assessing the securities exchange regime from a co-production perspective in 2021 pre-coup myanmar. Journal of Current Southeast Asian Affairs, 41(2), 169-187. https://doi.org/10.1177/18681034221087288.

Srinivas, K. (2019). Process of risk management. In G. Ali, Perspectives on Risk, Assessment and Management Paradigms (p. https://doi.org/10.5772/intechopen.80804). IntechOpen.

Yusoff, N. S. M., Rahim, F. A. M., & Loo, S. C. (2021). The relationship of skilled labour shortages and project performance in construction industry: a conceptual framework. Journal of Project Management Practice, 1(1), 1-21. https://doi.org/10.22452/jpmp.vol1no1.1.

Zaman, M., Priyanta, D., & Trisilo, F. (2017). risk assessment in financial feasibility of tanker project using monte carlo simulation. International Journal of Marine Engineering Innovation and Research, 1(4), 2703. https://doi.org/10.12962/j25481479.v1i4.2703.

Zhang, R., Tang, Y., Liu, G., Wang, Z., & Zhang, Y. (2024). Unveiling the impact of innovation on competitiveness among construction projects: Moderating and mediating role of environmental regulation and sustainability. Ain Shams Engineering Journal, 15(3), 102558. https://doi.org/10.1016/j.asej.2023.102558

Zhang, Y. & Guan, X. (2021). Budget allocation decisions for project risk response. Kybernetes, 50(12), 3201-3221. https://doi.org/10.1108/k-03-2020-0188.