“…In the construction industry, transaction hazards play a key role. First, transaction costs are important drivers of total project costs (Gebken and Gibson, ; Goetz and Gibson, ); second, disputes among project participants, including subcontractors, are common (Arditi and Chotibhongs, ; Kumaraswamy, ; Rubin and Wordes, ); and third, key success factors in construction projects include the appropriateness of the project governance mechanisms and the capability of the project managers to mitigate free‐riding and opportunism among the project constituents (Lui and Ngo, ; Odeh and Battaineh, ; Palaneeswaran et al ., ; Winch, ).…”