This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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Faculty of Civil Engineering and Architecture , University of Niš , Niš , Serbia
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Faculty of Civil Engineering and Architecture, University of Niš , Niš , Serbia
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Faculty of Civil Engineering and Architecture , University of Niš , Niš , Serbia
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Faculty of Civil Engineering and Architecture , University of Niš , Niš , Serbia
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Faculty of Civil Engineering and Architecture , University of Niš , Niš , Serbia
Faculty of Civil Engineering and Architecture , University of Niš , Niš , Serbia
The construction sector plays an important role in economic development but is highly sensitive to financial constraints during project implementation. While existing studies mainly focus on the sources of financing, less attention has been paid to the availability and timing of financial flows throughout the project lifecycle. Delays in financial disbursements and irregular payment schedules can disrupt construction activities, affect contractor liquidity, and lead to project delays and cost overruns. This paper provides a review of theoretical and empirical studies examining the connection between financing availability, payment timing, and construction project performance. By synthesizing insights from construction management, project finance, and public investment literature, the study highlights key mechanisms through which financing inefficiencies influence project delivery and identifies major gaps for future research.
project financing, financing availability, financing timing, project performance, cash flow management, construction projects
This research was supported by the Ministry of Science, Technological Development and Innovation of the Republic of Serbia, under the Agreement on Financing the Scientific Research Work of Teaching Staff at the Faculty of Civil Engineering and Architecture, University of Niš (Registration No. 451-03-34/2026-03/200095, dated 05 February 2026).
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