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Article
Publication date: 1 June 2004

Charles Y.J. Cheah and Michael J. Garvin

A new conceptual model for corporate strategy in the construction industry is presented that is derived from two principal inputs. First, the fundamental components of the…

Abstract

A new conceptual model for corporate strategy in the construction industry is presented that is derived from two principal inputs. First, the fundamental components of the model are based upon observations drawn from an empirical study of 24 international firms competing in global engineering and construction markets. Second, the accumulated intellect of different strategic theories developed over four decades of strategic management research helps to fortify the model with theoretical propositions and establish linkages among the model's basic components. The proposed model is comprised of seven strategic fields, two organizational mechanisms and a boundary notion that divides a firm's internal setting from its external environment. The model's development leads to two central propositions: strategic fields and organizational mechanisms should function as variables to react with external dynamics, and the interaction of these variables consequently promotes higher order differentiation factors that will enhance the strategic outlook of a firm.

Details

Engineering, Construction and Architectural Management, vol. 11 no. 3
Type: Research Article
ISSN: 0969-9988

Keywords

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Article
Publication date: 23 January 2007

Jian Kang, Charles Y.J. Cheah, David A.S. Chew and Guozhi Liu

The purpose of this paper is to examine a series of environmental factors and industrial conditions governing the construction industry in China. The outcome of this part…

Abstract

Purpose

The purpose of this paper is to examine a series of environmental factors and industrial conditions governing the construction industry in China. The outcome of this part of the analysis sheds light on the development of appropriate competitive strategies and important resources and competencies (IRCs) to establish long‐term competitive advantages.

Design/methodology/approach

The overarching conceptual framework consists of both external and internal analyses. Since, the scope of work is very broad, the materials presented in this paper is limited to external analysis of environmental factors. The study is primarily derived from a literature review and synthesis of data gathered from various public sources. Certain parts of the analysis utilize frameworks developed by other researchers and selective statistical methods.

Findings

Some environmental factors, such as government intervention and legal and regulatory systems require the development of Guanxi (relationships) to cope with. Other factors including market structure, project procurement systems, horizontal market segments related to construction, regional characteristics and upstream and downstream functions within the construction value chain are suggestive of five potential types of competitive strategies: cost leadership, differentiation, market/product diversification, geographical diversification, and vertical/functional integration.

Research limitations/implications

The research study as a whole is targeted at large construction firms in China that belong to the First class qualification category. Therefore, the proposed competitive strategies and IRCs may not be applicable to small and medium construction enterprises.

Originality/value

Application of strategic management theories and empirical findings related to the Chinese construction industry is lacking. This research fills this gap and builds a foundation for future studies related to this industry.

Details

Chinese Management Studies, vol. 1 no. 1
Type: Research Article
ISSN: 1750-614X

Keywords

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Article
Publication date: 1 April 2005

Charles Y.J. Cheah and David A.S. Chew

To provide a structured and integrated framework of corporate strategy in order to help practitioners and researchers identify critical issues related to the Chinese…

Abstract

Purpose

To provide a structured and integrated framework of corporate strategy in order to help practitioners and researchers identify critical issues related to the Chinese construction industry and analyze its dynamics from a holistic viewpoint.

Design/methodology/approach

A brief review of the major themes of strategy mostly developed by western researchers is first presented. This is then supplemented by a review of the pertinent characteristics of the construction industry in general, and those related to China's context in specific, which affect management decision‐making. Two case studies are used to illustrate the concepts implied by the proposed framework.

Findings

The cases of Guangsha and the Shanghai Construction Group demonstrate that there is no hard and fast rule in developing a coherent strategy. This is even truer considering the fact that China's circumstances are still evolving.

Practical implications

The critical elements identified in the proposed framework serve as a good starting point for individual firms to further develop a more detailed execution plan.

Originality/value

This paper bridges a management gap that exists between mainstream management researchers, who have few precedence of studying the construction industry, and traditional construction management researchers, who tend to focus on project‐level issues rather than corporate‐level issues.

Details

Management Decision, vol. 43 no. 4
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 15 August 2008

David A.S. Chew, Shigang Yan and Charles Y.J. Cheah

The purpose of this paper is to examine the relationship between a number of variables pertaining to core capability, competitive strategy and performance of construction…

Abstract

Purpose

The purpose of this paper is to examine the relationship between a number of variables pertaining to core capability, competitive strategy and performance of construction small to medium size enterprises (SMEs) in China.

Design/methodology/approach

The paper consists of a quantitative survey. It involves mainly the development of instrument and testing of the hypotheses.

Findings

Core capability and competitive strategy are found to influence construction SMEs' performance. Moreover, there are positive relationships between core capability and competitive strategy. This suggests a need to align core capability and competitive strategy as a precondition for superior performance.

Research limitations/implications

The paper has limitations as a result of data collection. A somewhat larger sample would obviously permit firmer conclusions to be drawn from the results of the statistical analysis.

Originality/value

This paper will contribute to the literature on SMEs, strategic management and resource‐based theory. This integration of scope is particularly new to the context of the Chinese construction industry. Similarly, this research will have implications for practice. The research findings help SMEs' managers to understand the impact of the unique resources of their enterprises and competitive strategy.

Details

Chinese Management Studies, vol. 2 no. 3
Type: Research Article
ISSN: 1750-614X

Keywords

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Article
Publication date: 29 April 2021

Jian Guo, Junlin Chen and Yujie Xie

This paper explores the impact of both government subsidies and decision makers' loss-averse behavior on the determination of transportation build-operate-transfer (BOT…

Abstract

Purpose

This paper explores the impact of both government subsidies and decision makers' loss-averse behavior on the determination of transportation build-operate-transfer (BOT) concession periods based on cumulative prospect theory (CPT). The prospect value of a transportation project under traffic risk can be formulated according to the value function for gains and losses and the decision weight for gains and losses. As an extra income for investors, government subsidy is designed for highly risky aspects of BOT transportation projects: uncertain initial traffic volumes and fluctuating growth rates.

Design/methodology/approach

A decision-making model determining the concession period of a transportation BOT project is proposed by using the Monte-Carlo simulation method based on CPT, and the effects of risky behaviors of private investors on concession period decision making are analyzed. A subsidy method related to the internal rate-of-return (IRR) corresponding to a specific initial traffic volume and growth rate is proposed. The case of an actual BOT highway project is examined to illustrate how the method proposed can be used to determine the concession period of a transportation BOT project considering decision makers' loss-averse behavior and government subsidy. Contingency analysis is discussed to cope with possible misestimating of key factors such as initial traffic volume and cost coefficients. Sensitivity analysis is employed to investigate the impact of CPT parameters on the concession period decisions. An actual BOT case which failed to attract private capital is introduced to show the practical application. The results are then interpreted to conclude this paper.

Findings

Based on comparisons drawn between a concession period decision-making model considering the psychological behaviors of decision makers and a model not considering them, the authors conclude that the concession period based on CPT is distinctly different from that of the loss-neutral model. The concession period based on CPT is longer than the loss-neutral concession period. That is, loss-averse private investors tend to ask for long concession periods to make up for losses they will face in the future. Government subsidies serve as extra income for investors, allowing appointed profits to be secured sooner. For the benefit side of contingency variables, the normal state of initial traffic volume, average annual traffic growth rate and bias degree and the government subsidy need to be paid close attention during the project life span. For the cost side of contingency variables, the annual operating cost variable has a significant impact on the length of predicted concession period, while the large-scale cost variable has minor impact.

Originality/value

With an actual BOT highway project, the determination of transportation BOT concession periods based on the psychological behaviors of decision makers is analyzed in this paper. As the psychological behaviors of decision makers heavily impact the decision-making process, the authors analyze their impacts on concession period decision making. Government subsidy is specifically designed for various states of initial traffic volume and fluctuating growth rates to cope with corresponding high risks and mitigate private investors' loss-averse behaviors. Contingency analysis and sensitivity analysis are discussed as the estimated values of parameters may not be authentic in actual situations.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Content available
Article
Publication date: 15 August 2008

Check Teck Foo

Abstract

Details

Chinese Management Studies, vol. 2 no. 3
Type: Research Article
ISSN: 1750-614X

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Book part
Publication date: 6 September 2019

Abstract

Details

Experiencing Persian Heritage
Type: Book
ISBN: 978-1-78754-813-8

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Article
Publication date: 3 May 2016

William Dilla, Diane Janvrin, Jon Perkins and Robyn Raschke

Despite the increasing demand for socially responsible investments (SRIs) and the importance of information intermediaries in providing corporate social responsibility…

Abstract

Purpose

Despite the increasing demand for socially responsible investments (SRIs) and the importance of information intermediaries in providing corporate social responsibility (CSR) performance information through SRI screens, relatively little is known about the relationship between nonprofessional investors’ views regarding SRI, their use of SRI screens and their actual SRI behavior. This study aims to distinguish between investor views about the importance of corporate environmental responsibility (environmental performance importance views) and whether they view environmentally responsible firms as yielding higher returns (environmental performance return views). It examines the association between these views, SRI screen use and reported SRI holdings.

Design/methodology/approach

Nonprofessional investor participants completed an online survey about their SRI investment views, screen use and investment behavior. The survey yielded 201 usable responses.

Findings

The strength of participants’ environmental performance importance and environmental performance return views is positively associated with their use of SRI screens and the proportion of their portfolios held in SRIs. SRI screen use only partially mediates the association between investors’ environmental performance importance and return views and their SRI holdings.

Research limitations/implications

The study does not precisely address what types of SRI screens nonprofessional investors may be using. It does not control for investors’ specific experience with SRIs, nor does it examine how or why investors come to believe that environmental responsibility may improve a company’s return potential.

Practical implications

The fact that SRI screen use only partially mediates the association between investors’ views and their SRI holdings suggests that either reliable, unfiltered CSR information is important for nonprofessional investors or some investors are choosing SRIs without obtaining adequate relevant information.

Social implications

The study’s findings confirm earlier research findings which show an association between investors’ pro-environmental views and their decision to invest in SRIs (Williams, 2007; Nilsson, 2008) and suggest that nonprofessional investors are becoming aware of the positive relation between environmental performance and firm value (Dhaliwal et al., 2011; Clarkson et al., 2013; Hawn et al., 2014; Matsumura et al., 2014).

Originality/value

This study simultaneously examines the influence of environmental performance importance (an “alternative” investment perspective) and environmental performance return (a “traditional” investment perspective) on investors’ SRI behavior.

Details

Sustainability Accounting, Management and Policy Journal, vol. 7 no. 2
Type: Research Article
ISSN: 2040-8021

Keywords

Content available
Book part
Publication date: 11 August 2021

Amanda DiGioia

Abstract

Details

Gender and Parenting in the Worlds of Alien and Blade Runner
Type: Book
ISBN: 978-1-83982-941-3

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Book part
Publication date: 30 September 2019

Jacob Dahl Rendtorff

Abstract

Details

Philosophy of Management and Sustainability: Rethinking Business Ethics and Social Responsibility in Sustainable Development
Type: Book
ISBN: 978-1-78973-453-9

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