The Effectiveness of Evolutionary Governance in Mega Construction Projects: A Moderated Mediation Model of Relational Contract and Transaction Cost

Wang, Dedong; Fang, Shaoze; Fu, Hongwei

doi:10.3846/jcem.2019.9621

Cited by 19 publications

(13 citation statements)

References 77 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…However, monetary incentives increase the government budget and total cost. Furthermore, blind increases in the amount of a bonus or a penalty is not an effective method to guide an investor's behavior (Girth, 2017; Wang et al , 2019). Hence, incentives derived from psychological mechanisms, such as trust and intrinsic motivation, gradually attract research attention.…”

Section: Uncertainty and Contractual Flexibilitymentioning

confidence: 99%

Influence of cooperative period of municipal PPPs on transaction cost – a case study

Fang-fang

Wang

et al. 2020

ECAM

View full text Add to dashboard Cite

PurposeThe purpose of the study is to numerically investigate the relationship between the increase in transaction cost and prolongation of cooperative period acting as a nonmonetary incentive for municipal PPP projects.Design/methodology/approachA model that combines real option theory and the concept of prospect theory is proposed in the study. Three municipal road PPP projects published by China Public Private Partnerships Center are selected as cases. The data of these cases are analyzed based on the model established.FindingsThe prolongation of the cooperative period affects the increase in transaction cost, which gradually decreases when the prolonged cooperative period increases. Furthermore, the large-investment PPP projects own more transaction cost compared with less-investment projects. The decrease in transaction cost in the former is less than that in the latter. The increase in transaction cost is evidently alleviated in a project with less investment when the cooperative period is prolonged further.Originality/valueThe study systematically analyzes the relationship among transaction cost economics, real option theory and prospect theory and proposes a theoretical flowchart of the effect of nonmonetary incentive on the transaction cost. A model to quantify the effect of nonmonetary incentive (i.e. prolongation of cooperative period) on the transaction cost is proposed for the first time. The results of the study verify that the nonmonetary incentive affects transaction cost.

show abstract

Section: Uncertainty and Contractual Flexibilitymentioning

confidence: 99%

Influence of cooperative period of municipal PPPs on transaction cost – a case study

Fang-fang

Wang

et al. 2020

ECAM

View full text Add to dashboard Cite

show abstract

“…RC papers were analysed for both objective and subjective definitions to provide more relevant and valuable social research, as subjective accounts suffer from a lack of clarity. Objectivity and subjectivity in RC definitions were found primarily by identifying subjective elements, or linguistic expressions; in other words, lexical phrases (Wiebe et al 2004) Although the subjective elements were identified, they were not used because they were categorised as flexible or soft elements which are often hard-tomeasure, synonyms of the same terms, which are open to interpretation (Strahorn et al 2017, Wang et al 2019. However, clustering of sentences containing subjective elements (based on similarity) helped to trace back the terminology to Macneil's literary works.…”

Section: Analytical Frameworkmentioning

confidence: 99%

“…trust), meaning each individual has different experiences of trust (Strahorn et al 2017). For example, "trust", fundamentally hard-to-measure, can mean, without a benchmark, any varying degree of achievement in confidence (Strahorn et al 2017, Wang et al 2019).…”

Section: Analysis Ii: Definitions Of Relational Contractingmentioning

confidence: 99%

How relational contract theory influence management strategies and project outcomes: a systematic literature review

Nwajei

2021

Construction Management and Economics

View full text Add to dashboard Cite

Despite growing interest in Relational Contracting (RC), few studies have comprehensively investigated the qualities required for a successful RC project. Macneil's ten norms are principles of behaviour in contracts based on the application of relational contract theory and play an essential role in the formation and agreement of parties and their commitment to means and objectives. In contributing a missing dimension to the RC approach in construction, the purpose of this research is to conduct a systematic review of studies of relational contracting to answer the question: In what ways can the influence of RC theory be observed in the management strategies and outcomes of relational projects? Macneil's norms are used to provide a link between strategies and outcomes as a way of understanding RC and its influence on collaboration between the project actors in determining project outcomes. The results provide new insights with a view of consolidating extant literature and contributing through mapping practice back to theory. Findings show that the norms are evident in projects but with varied application and realisation in practice. This paper offers managerial implications and future research directions to investigate and capture the part played by the norms as mechanisms in construction projects.

show abstract

“…In low-risk situations, contractual governance at a higher level is more effective in improving performance [23]. e most active citing article offered a model to test the effect of transaction cost and relational governance [52]. In project, control and trust are "the endpoints of a continuum" [68] as complements of each other rather than substitutes [70].…”

Section: Analysis Of Cocitation Clustersmentioning

confidence: 99%

Visualizing the Knowledge Domain of Project Governance: A Scientometric Review

Zhai

Shan

Darko

et al. 2020

Advances in Civil Engineering

View full text Add to dashboard Cite

Over the past two decades, project governance has attracted increasing attention from researchers and practitioners worldwide and has become an important research area of project management. However, an inclusive quantitative and systematic analysis of the state-of-the-art recently available research in this field is still missing. This study attempts to map the global research on project governance through a state-of-the-art review. A total of 285 bibliographic records were retrieved from the Web of Science Core Collection database and analyzed by the visual analytic tool—CiteSpace. The results indicated that there has been an increasing research interest in project governance. The most productive and the most highly cited author in the area of project governance is Müller R., and most of the existing project governance research achievements are from Australia, China, USA, and Norway. By synthetically analyzing the keywords, future research might focus on governance of megaprojects and project success. Additionally, 9 knowledge domains of project governance were identified, including conceptual framework, public projects, governance structure, governance context, megaproject governance, contractual and relational governance, sustainability, portfolio governance, and project success. This study contributes to the body of knowledge by mapping the existing project governance research. It is particularly helpful to new and early-stage researchers who plan to do research on project governance, as it can provide them an overview of project governance research, including key authors, main institutions, hot topics, and knowledge domains. Moreover, the findings from the study are beneficial to industry practitioners as well, as they can help industry practitioners understand the latest development of governance theory and practice and thereby help them locate the best governance strategies for project management.

show abstract

The Effectiveness of Evolutionary Governance in Mega Construction Projects: A Moderated Mediation Model of Relational Contract and Transaction Cost

Cited by 19 publications

References 77 publications

Influence of cooperative period of municipal PPPs on transaction cost – a case study

Influence of cooperative period of municipal PPPs on transaction cost – a case study

How relational contract theory influence management strategies and project outcomes: a systematic literature review

Visualizing the Knowledge Domain of Project Governance: A Scientometric Review

Contact Info

Product

Resources

About