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Albert, A, Hallowell, M R and Kleiner, B M (2014) Enhancing Construction Hazard Recognition and Communication with Energy-Based Cognitive Mnemonics and Safety Meeting Maturity Model: Multiple Baseline Study. Journal of Construction Engineering and Management, 140(02).

Arashpour, M, Wakefield, R, Blismas, N and Lee, E W M (2014) Analysis of Disruptions Caused by Construction Field Rework on Productivity in Residential Projects. Journal of Construction Engineering and Management, 140(02).

Brockman, J L (2014) Interpersonal Conflict in Construction: Cost, Cause, and Consequence. Journal of Construction Engineering and Management, 140(02).

Chen, Z, Abdullah, A B, Anumba, C J and Li, H (2014) ANP Experiment for Demolition Plan Evaluation. Journal of Construction Engineering and Management, 140(02).

Chong, D, Wang, Y, Guo, H and Lu, Y (2014) Volatile Organic Compounds Generated in Asphalt Pavement Construction and Their Health Effects on Workers. Journal of Construction Engineering and Management, 140(02).

Dehghan, R and Ruwnapura, J Y (2014) Model of Trade-Off between Overlapping and Rework of Design Activities. Journal of Construction Engineering and Management, 140(02).

Deng, F and Smyth, H (2014) Nature of Firm Performance in Construction. Journal of Construction Engineering and Management, 140(02).

  • Type: Journal Article
  • Keywords: Construction companies; Financial factors; Firm performance; Performance measurement; Construction firms; Data envelopment analysis (DEA); Factor analysis; Financial analysis; Organizational issues;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000778
  • Abstract:
    Firm performance is a crucial concept in business domains. However, an implicit understanding of firm performance may undermine the knowledge derived from quantitative organizational studies because the construct of firm performance is usually operationalized with low reliability and validity. Furthermore, managing professionals, such as senior managers and executives, may also face difficulties in appropriately measuring firm performance in order to accurately examine the status of their companies. The purpose of this paper is to explore the nature of firm performance in construction and find relevant hard evidence for eliminating potential pitfalls. Three distinct types of firm performance are proposed and examined: multidimensionality, dynamism, and comparability. Factor analysis and data envelopment analysis (DEA) are used to address these three issues by using 10-year (2002–2011) financial data of 265 of the U.K.’s largest construction companies. Several critical findings and implications are reached: (1) the result of factor analysis confirms the multidimensionality of firm performance, and these dimensions are interrelated and implicit; (2) the low reliability of selected measures (i.e., most Cronbach’s α values are below 0.7) demonstrates that simply measuring and aggregating firm performance would lead to inconsistency and significant measurement errors in quantitative studies; (3) DEA is superior to simple aggregation of performance measures, and it is also useful for evaluating the longitudinal performance of individual companies (i.e., dynamism) in order to compare with competitor performance (i.e., cross-sectional comparability); and (4) although profitability measures have higher internal consistency reliability than employee and growth measures in representing the overall performance of construction companies, a broader selection of performance measures can help more comprehensive evaluation and then better assist managerial activities. This paper primarily contributes to explicitly and empirically examining the multidimensional, dynamic, and comparable nature of firm performance in construction. It also demonstrates an alternative approach to measuring firm performance in both empirical research and practice.

Jafarzadeh, R, Ingham, J M, Wilkinson, S, González, V and Aghakouchak, A A (2014) Application of Artificial Neural Network Methodology for Predicting Seismic Retrofit Construction Costs. Journal of Construction Engineering and Management, 140(02).

Kasapoğlu, E (2014) Leadership Styles in Architectural Design Offices in Turkey. Journal of Construction Engineering and Management, 140(02).

Khalili, A and Chua, D K (2014) Integrated Prefabrication Configuration and Component Grouping for Resource Optimization of Precast Production. Journal of Construction Engineering and Management, 140(02).

Lopez del Puerto, C, Clevenger, C M, Boremann, K and Gilkey, D P (2014) Exploratory Study to Identify Perceptions of Safety and Risk among Residential Latino Construction Workers as Distinct from Commercial and Heavy Civil Construction Workers. Journal of Construction Engineering and Management, 140(02).

Lu, W, Ye, K, Flanagan, R and Jewell, C (2014) Nexus between Contracting and Construction Professional Service Businesses: Empirical Evidence from International Market. Journal of Construction Engineering and Management, 140(02).

Martin, H and Lewis, T M (2014) Pinpointing Safety Leadership Factors for Safe Construction Sites in Trinidad and Tobago. Journal of Construction Engineering and Management, 140(02).

Rosenbaum, S, Toledo, M and González, V (2014) Improving Environmental and Production Performance in Construction Projects Using Value-Stream Mapping: Case Study. Journal of Construction Engineering and Management, 140(02).

Stamatiadis, N, Goodrum, P, Shocklee, E and Wang, C (2014) Quantitative Analysis of State Transportation Agency’s Experience with Constructability Reviews. Journal of Construction Engineering and Management, 140(02).

Zhao, T and Dungan, J M (2014) Improved Baseline Method to Calculate Lost Construction Productivity. Journal of Construction Engineering and Management, 140(02).