Ruddock, L and Ruddock, S (2019) Wealth measurement and the role of built asset investment: An empirical comparison. Engineering, Construction and Architectural Management, 26(5), pp. 766-778. ISSN 0969-9988
Abstract
Purpose: The purpose of this paper is to assess the role of investment in built assets in the achievement of economic growth as part of a wealth measurement approach and to undertake an analysis of the relative importance of such investment as part of a country’s overall capital asset portfolio. Design/methodology/approach: Panel data on capital asset investment are used to compare groups of countries at different stages of development. Data sets on investment and capital levels from the Penn World Tables 9.0 are used. Population and gross domestic product data are taken from the same source and the UN Statistics Division. World Bank reports provide data on countries' income group classification. Findings: There is confirmation of the view that, as economies grow, a pattern of investment based on developing a different structure of capital asset portfolio occurs. Investment patterns similar to those found in advanced countries arise as low income countries move to higher income classification groups even though built assets remain the most valuable capital asset group. Originality/value: The study provides time series evidence on the nature of changing capital investment patterns in countries' economies and demonstrates the value of a wealth measurement approach.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | built assets; economic growth; investment; organization; sustainability; wealth measurement |
| Index terms: | built asset, methodology, population, evidence, time series, relative importance, capital investment, statistics, economic growth, income, World Bank, gross domestic product |
| Subjects: | economic analysis, institutional frameworks, data science, mathematical modelling, risk assessment, evaluation and assessment methods, asset management, demography, research methods, economic development |
| Topics: | Urban Studies, Research Practice, Business Strategy, Sustainability, Governance, Risk Management |
| Descriptive scope: | 4 PCTA |
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