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Banihashemi S Y and Liu L (2013) A socio-economic framework for adopting governance mechanisms in large construction projects. In: Smith, S D and Ahiaga-Dagbui, D D (Eds.), Proceedings 29th Annual ARCOM Conference, 2-4 September 2013, Reading, UK, Association of Researchers in Construction Management, 523–532.
- Type: Conference Proceedings
- Keywords: governance mechanism, social capital theory, transaction cost economic
- ISBN/ISSN: 978-0-9552390-7-6
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2013-0523-0532_Banihashemi_Liu.pdf
Construction projects typically involve a series of inter-related transactions among project parties across project phases with the objective of delivering a complex endeavor. Therefore, the transaction governance literature provides a solid foundation for developing the governance theory of construction projects. However, analyze considering the project-based literature, the conceptualization and theoretical underpinning for determining the contingency factors that have significant role in selection of governance mechanisms varies widely. Although TCE perspective has been criticized for its weakness in predicting the effectiveness of different governance mechanisms, most of studies have limited to TCE-based factors and neglected the social motivators for adoption of governance systems. This is departing point for this paper to make a two-fold contribution to the construction projects’ governance literature. Firstly, it analyses different frameworks in the transaction governance literature and identifies the antecedents for the adoption of the proper governance mechanisms. It also studies the application of these factors in the context of construction projects. Secondly, drawing upon transaction cost economics (TCE) and social capital theory (SCT), this study develops a socio-economic framework for including both project-based and relationship-based characteristics of construction projects in the choice of proper governance system. The framework serves as a platform for future knowledge development on the governance of construction projects.