IDEAS home Printed from https://ideas.repec.org/a/taf/jpropr/v36y2019i1p97-130.html
   My bibliography  Save this article

External funding of major capital projects in the UK Higher Education sector: issues of demand, supply and market timing?

Author

Listed:
  • Laura McCann
  • Norman Hutchison
  • Alastair Adair

Abstract

The aim of this paper is to consider the sources of finance used to support major capital expenditure in the UK Higher Education sector and to reflect on any differences between traditional corporate finance theory and practice in the UK university sector. Utilising both HESA data returns and published annual accounts, an in-depth analysis using a logit structure is carried out on data from the top 63 UK universities over the period 2014–2017, to establish the range of funding sources adopted for major capital projects, all set within the context of the UK macro environment and a period of low interest rates. The research also carries out a survey of funders to understand the decision criteria used by lenders active in the Higher Education sector and a survey of university finance directors to determine the use of the funds, the reasons behind past lending decisions and to ascertain likely future demand for finance to fund major capital projects.

Suggested Citation

  • Laura McCann & Norman Hutchison & Alastair Adair, 2019. "External funding of major capital projects in the UK Higher Education sector: issues of demand, supply and market timing?," Journal of Property Research, Taylor & Francis Journals, vol. 36(1), pages 97-130, January.
  • Handle: RePEc:taf:jpropr:v:36:y:2019:i:1:p:97-130
    DOI: 10.1080/09599916.2019.1590453
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/09599916.2019.1590453
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1080/09599916.2019.1590453?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. McCann, Laura & Hutchison, Norman & Adair, Alastair, 2023. "The role of UK universities as economic drivers in a localisation agenda: A case study of City Deals," Land Use Policy, Elsevier, vol. 134(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jpropr:v:36:y:2019:i:1:p:97-130. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJPR20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.