Assessing Governance Structure of Construction Projects based on Transaction Cost Economics

نوع: Type: thesis

مقطع: Segment: masters

عنوان: Title: Assessing Governance Structure of Construction Projects based on Transaction Cost Economics

ارائه دهنده: Provider: Mehran Tavakoli

اساتید راهنما: Supervisors: Dr. Seyed Mahdi Hosseinian

اساتید مشاور: Advisory Professors:

اساتید ممتحن یا داور: Examining professors or referees: Dr. Javad Taherinejad and Dr. Ebrahim Ghiasvand

زمان و تاریخ ارائه: Time and date of presentation: 2021/10/12 6:00 PM

مکان ارائه: Place of presentation: Online Defense Meeting Room of the Faculty of Engineering

چکیده: Abstract: Among the issues affecting the delivery of construction projects, the transaction cost is an important factor in determining the governance structure. Transaction cost economics focus on reforming governance structures to reduce transaction costs. However, it seems that no research has examined how to select a project delivery method based on transaction cost economics. Transaction cost economics examines the governance structure of institutions based on the three dimensions of specificity, uncertainty, and frequency of transactions. Using the transaction cost economics approach, this study examines how to select the project delivery method and the contract mechanism as two important elements in the governance of construction projects. This study evaluates the variables of transaction cost economics in a Delphi survey. The Delphi survey uses a group of experts to address a subject for which insufficient information is available. In this research, in the Delphi process, the opinions of 15 experts are used. Important criteria in measuring the variables of transaction cost economics from the viewpoint of construction industry experts are selected and scored in three rounds. In order to select the appropriate governance structure of the project based on the criteria of transaction cost economics, the opinions of 84 construction industry activists are collected. Logistic regression is used to obtain the equations for selecting the appropriate governance structure. The Delphi survey found that criteria for project time constraints, construction technology, human resources skills, location, and investment were important to assess specificity. Volume, technological, behavioral, and financial uncertainty criteria indicate uncertainty in the project. The frequency of similar activities in the project is also related to the frequency in the project. The logistic regression results showed that when the project conditions are more specific than usual projects, the hierarchical structure of the design-build method is preferred to the competitive structure in the traditional method, to reduce the transaction costs. On the other hand, relational mechanisms are preferred to non-relational mechanisms by increasing the project specificity. Therefore, it seems that the model presented in transaction cost economics for the selection of governance structures is mostly valid in the way of choosing the delivery method and contract mechanism of construction projects. The contribution of this research in the management of construction contracts is to provide new insight into how to choose the governance structure of the project according to the proposals of transaction cost economics

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