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Arora, R (1997) Role and influence of emerging social dynamics in decisions on investment opportunities in construction industry, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Bhattacharya, S (2011) Enablers of growth for construction companies in India: a strategic approach, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Chaphalkar, N B (2007) Expert system for resolution of delay claims in construction contracts, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Deshpande, S D (1988) Some facility planning techniques for construction site layouts, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Jayesh, M P (2020) Inter-state migration for employment in India: a study on construction workers in Kerala, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Jha, K N (2004) Factors for the success of a construction project: empirical study, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Johari, S (2021) Effect of socioemotional cognitive, and technical competencies of workers on construction labor productivity, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Kar, S (2021) Developing a decision support system for effective material management in construction, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Karimi, Z (2016) Construction project performance metrics: conceptualization, measurement and application in metro rail, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Kuldip, C (1989) OR applications in strategic sector constructions with capital budgeting, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Kulshrestha, M (1997) Total Value Control in Construction through Multiple Criteria Decision Making (MCDM), Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Kumar, R (2020) Risk management framework for construction projects aligned to actualities, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Kumar, S V (2019) Identification and modelling of risk factors, mitigation measures, and entry strategies for Indian construction firms in international markets, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Kumar, V S S (1993) Application of fuzzy set theory in construction management, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Maddah, R (2019) An analysis of risks faced by foreign construction firms in India and their effect on project performance, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
- Type: Thesis
- Keywords: complexity; economic growth; market; population; foreign direct investment; internationalization; investment; risk identification; India; factor analysis; multiple regression; project performance; regression analysis; questionnaire survey
- ISBN/ISSN:
- URL: http://eprint.iitd.ac.in/handle/2074/8447
- Abstract:
The internationalization of the business environment and the development of communication between nations has provided a significant opportunity for construction companies to spread their scope of work beyond their home country borders. However, prior to stepping into the global construction market, a construction firm should identify the risks, and analyze their influence on the project goals. Moreover, a construction firm should be equipped with proper mitigation measures to cope with those risks. These mitigation measures should be relevant to the characteristics of the host country. Countries have different characteristics in terms of socio-cultural environments, geopolitical status, financial situations, economic conditions, and their governing rules and regulations. The risk prevalence and its level of influence on the project goals are specific to the host country characteristics. Therefore, in order to be more precise in analyzing the influence of the risks on the project goals, such analysis should be carried out in view of the characteristics of a particular host country. This study has considered India as the host country, in order to investigate the international construction firms’ risk in the Indian construction market. This investigation is based on the perception of the foreign construction firms operating in India and covers risk identification, risk evaluation, and risk mitigation (response). The ultimate criteria of this study for which the effect of risks have been analyzed are cost, time, and overall performance of the international construction projects carried out in India. Although the project performance in Indian construction market is not at a satisfactory level, the Indian construction market has proven to be an attractive market for foreign construction firms. The Indian construction market is a lucrative market for international construction firms due to its huge population, and economic growth (Ling and Hoi 2006). The evergrowing population of India promises the growing demand for infrastructure and housing projects. Meanwhile, the Indian government welcomes foreign direct investment in the fields of township development, housing, commercial premises, hotels, resorts, and infrastructure facilities. The majority of the demand for construction facilities in India are given a response by the domestic construction firms, however, there is a need for the technical, and managerial know-how of the foreign construction firms as well. Although India can offer an attractive construction market to the international construction firms, there are a variety of risks that foreign construction firms face in India. The risks which are incorporated in this study can be broadly classified as: project-related risks, host country related risks, and risks associated with shortcomings of the Indian project stakeholders (i.e. Indian supplier, Indian partner, Indian labor, Indian subcontractor, and the Indian client). These risks are subject to various analysis in order to measure their prevalence (as perceived by foreign construction firms), and also their influence on the project goals. In order to fulfill the objectives of the study, the following steps have been taken. At the initial stage, a total of 98 completed projects carried out by foreign construction companies in India were identified. A list of major risk attributes was identified through the literature and expert’s opinion. The project-wise questionnaire survey was conducted in order to measure the prevalence of the identified risks, and also to evaluate the cost and time performance of the international sample projects. Based on the collected responses, the factor analysis revealed the latent properties of the risk attributes. Therefore, a total of nine risk factors emerged namely: (1) poor inter-partner relationship, (2) adverse host country condition, (3) partner incompetency, (4) client incompetency, (5) unavailability of resources, (6) adverse project condition, (7) labor underperformance, (8) subcontractor incompetency, and (9) poor relationship with client. Subsequent to identification of the risk factors, the multiple regression analysis was applied in order to measure the direct influence of the risk factors on the cost and time performance based on their regression coefficient and their prediction capacity. Findings revealed the critical risk factors with respect to cost and time performances. The risk factors namely: adverse project condition, subcontractor incompetency, adverse host country condition, client incompetency, and partner incompetency are relatively and respectively have the highest influence on cost performance while, the risk factors such as: unavailability of material and resources, adverse project condition, poor inter-partner relationship, client incompetency, adverse host country condition, subcontractor incompetency, labor underperformance, and partner incompetency showed a considerable influence on the time performance. This study further identified the causal interrelationship among the risks, and also identified the vulnerabilities and their indirect influence on the project goals (cost, time, and overall performance). For this purpose, the risk path models affecting the project goals were hypothesized. Further, the structural equation modeling was used to validate the interrelationships between the risks and to measure the path coefficients. The structural equation modeling could confirm the existence of six vulnerabilities affecting the project goals. These vulnerabilities are: (1) adverse host country condition, (2) project complexity, (3) subcontractor incompetency, (4) client incompetency, (5) unclarity of agreement between partners, and (6) partner incompetency. The vulnerabilities were ranked based on their effect on the project goals. The findings revealed that vulnerabilities such as: adverse host country condition, project complexity, and subcontractor incompetency are having the highest effect on the international projects’ goals in India. In the last stage, this study proposed a total of 91 risk mitigation measures for the identified risk factors. Further, the effectiveness of these mitigation measures in the Indian context was evaluated by means of a questionnaire survey and application of the Delphi method. The results are expected to help foreign construction firms to focus on fewer and more critical risks, which may affect their project goals; and to adopt apt measures in order to mitigate those risks. Findings of this study are drawn based on the perception of foreign construction firms operating in India. This study has contributed to the body of the knowledge by identifying risk paths toward foreign construction firms in India and also evaluating the extensive risk mitigation measures with respect to their applicability in the Indian context.
Mathur, R N (1986) Perception of quality of working life and the related factors: a study of women workers in construction industry, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Mujumdar, P (2017) Modeling design interdependency and iteration for multiple two-way information exchanges in construction projects, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Padala, S P S (2020) Matrix-based framework for modeling changes across multiple entity types in construction projects, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Pandey, P (2019) Lean scheduling in construction projects: realistic milestone planning, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Panwar, A (2019) Development of a many-objective model based on NSGA-III for construction projects, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Patel, D A (2015) Estimating the number of fatal accidents and investigating the determinants of safety performance in indian construction, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Patil, S K (2016) Determining influencing factors and predicting dispute outcome of variation claims in Indian construction contracts/ by Smita Krishnarao Patil, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Sharma, R (1998) Organizational role stress:focus on executives of construction industry, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Sinesilassie, E G (2017) Determinants of success of public construction projects in Ethiopia, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Sundaram, T K (1989) Contract management: a rational approach to construction contract pricing, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Tabish, S Z S (2011) Critical success factors and fair performance in public construction projects, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.
Tripathi, K K (2018) Critical success factors for construction organizations in India, Unpublished PhD Thesis, , Indian Institute of Technology Delhi.