Nguyen, H D; Dang, C N; Le-Hoai, L and Luu, Q T (2023) Exploratory analysis of legal risk causes in tourism real estate projects in emerging economies: Empirical study from Vietnam. International Journal of Construction Management, 23(5), pp. 830-842. ISSN 1562-3599
Abstract
Tourism real estate (TRE) projects have recently attracted authorities and investors because of the increasing travel demand. However, implementing TRE projects still poses many potential risks, especially legal risks, due to their distinctive and complex characteristics. This study is among the first attempts to investigate legal risks in TRE projects and the relationship between participants' characteristics and legal risk assessment. Accordingly, a comprehensive literature review was performed to identify potential risk factors possibly causing legal problems in TRE projects. Qualitative interviews were undertaken to validate this list and explore the current TRE status in Vietnam. A questionnaire survey was conducted to assess legal risks quantitatively. This study provided useful information of legal risks and corresponding assessments to practitioners. Especially, this study also revealed that participants' industry experience and legal problem knowledge positively affected legal risk cause assessment. Interestingly, although participants' roles influenced legal risk assessment, there was no moderating effect of project roles on the relationships of industry experience and legal problem knowledge with risk assessment. This study contributed to the extant literature by conducting empirical research to investigate legal risks in TRE projects. This could provide practitioners with more insights into legal risk management, thereby supporting TRE project development.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | developing countries; industry experience; legal knowledge; legal risks; project roles; tourism real estate |
| Index terms: | risk factor, risk management, empirical study, real estate, risk assessment, project development, investor, emerging economy, practitioner, questionnaire, tourism, Vietnam, developing country, interview, survey, literature review |
| Subjects: | environmental hazards, industry analysis, sociology, development economics, financial risk, Geography, research methods, economic development, project delivery, data analysis and analytics, real estate economics, practitioner, data collection methods, risk assessment |
| Topics: | Cost Management, Project Management, Geographical Context, Research Practice, Stakeholder Management, Roles and Professions, Risk Management, Sustainability, Urban Studies, International Construction |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here