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Abankwa, D A (2021) What drives technology adaptation in construction firms? An investigation of the antecedents, adaptive behaviours, and outcomes, Unpublished PhD Thesis, , University of Hong Kong.
Adukpo, E S (2018) The development of governance capabilities for project owners and operators : a dynamic capabilities perspective, Unpublished PhD Thesis, , University of Hong Kong.
Ashraf, H (2018) Psychological conflict management climate in general contractor's project organization and its influence on project performance: exploring multiple psychosocial and behavioral pathways, Unpublished PhD Thesis, , University of Hong Kong.
Awale, R (2016) An exploratory study of a 'creating shared value' (CSV) concept for achieving firm competitiveness in Hong Kong construction firms, Unpublished PhD Thesis, , University of Hong Kong.
Barima, O K B (2007) An examination of the critical variables in the use of the virtual concept in construction value delivery, Unpublished PhD Thesis, , University of Hong Kong (Hong Kong).
Bau, Z (2022) Developing circularity of construction waste in emerging economies: an environmental Kuznets curve approach, Unpublished PhD Thesis, , University of Hong Kong.
Cai, Q K (2007) Business process model for process improvement: an investigation of the tendering process in aconstruction company, Unpublished PhD Thesis, , University of Hong Kong.
Cao, S (2010) An empirical analysis of project manager's competency, empowerment andlearning in agent construction management system in China, Unpublished PhD Thesis, , University of Hong Kong.
Chan, D W M (1998) Modelling construction durations for public housing projects, Unpublished PhD Thesis, Department of Civil Engineering, University of Hong Kong.
Chan, K-W (2010) The transaction costs and the choice of contractual arrangements in the construction industry in Hong Kong, Unpublished PhD Thesis, , University of Hong Kong.
Chan, M-W (1997) The relationship between project funding and construction systems, Unpublished PhD Thesis, , University of Hong Kong.
Chen, B (2018) Contribution of process-technology fit to IT business value: the case of BIM in the construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Chen, H (2006) Exploring the relationships between influencing factors and performance for construction joint ventures, Unpublished PhD Thesis, , University of Hong Kong.
Chen, K (2018) The quest for the holy grail : bridging BIM and building for information management in construction, Unpublished PhD Thesis, , University of Hong Kong.
Chen, L (2019) An integrated construction schedule risk analysis approach for infrastructure projects under uncertainty, Unpublished PhD Thesis, , University of Hong Kong.
Chen, N (2017) An investigation of the influence of project complexity on communications in engineering construction projects, Unpublished PhD Thesis, , University of Hong Kong.
Chen, X (2019) Big data in construction project management: prospects and challenges, Unpublished PhD Thesis, , University of Hong Kong.
Chiu, W-Y B (2011) Job satisfaction and organizational commitment amongst quantity surveyors in Hong Kong: an attitudinal perspective, Unpublished PhD Thesis, , University of Hong Kong.
Chong, W-h B (2016) A process-data supported input-output framework for delineating the embodied emissions of Hong Kong construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Chow, V W-Y (2016) The public engagement processes for urban development projects in Hong Kong : an exploration of a heterogeneous power network using Latour-Callon's 'translation' model of power, Unpublished PhD Thesis, , University of Hong Kong.
Chung, K H J (2010) Development of a collaborative briefing approach for infrastructure projects in Hong Kong, Unpublished PhD Thesis, Department of Civil Engineering, University of Hong Kong.
Dewundara Maha Galappaththi Arachchige, N M S (2021) Innovation in construction project-based firms through the lens of exploratory and exploitative learning : effects of social capital and collaborative environment, Unpublished PhD Thesis, , University of Hong Kong.
Ding, Z (2007) Interpersonal trust and willingness to share knowledge among architects: a two-stage triangulation research, Unpublished PhD Thesis, , University of Hong Kong.
Duodo, B (2017) Intellectual capital and innovation in construction firms: the role of learning capability, Unpublished PhD Thesis, , University of Hong Kong.
Fang, Z (2002) Behavioral analysis of project team performance in China, Unpublished PhD Thesis, , University of Hong Kong.
Fu, Y (2021) Institutional complexity and organizational responses: a case study of Chinese construction firms, Unpublished PhD Thesis, , University of Hong Kong.
Gao, Y (2018) Effects of interdependence asymmetry of parties in construction conflicts, Unpublished PhD Thesis, , University of Hong Kong.
Goh, C S (2014) Development of a capability maturity model for sustainable construction, Unpublished PhD Thesis, , University of Hong Kong.
Gong, X (2019) Vertical integration and reputation: the case of real estate companies, Unpublished PhD Thesis, , University of Hong Kong.
- Type: Thesis
- Keywords: liability; market; real estate; transaction cost; vertical integration; construction engineering; integration; investment; manufacturing; purchasing; supervision; tendering; workmanship; construction contractor; developer; Hong Kong
- ISBN/ISSN:
- URL: http://hdl.handle.net/10722/279776
- Abstract:
Vertical integration refers to organizing and allocating resources to produce outputs or intermediate outputs within a company by hiring resources in the factor market, instead of directly purchasing those intermediate outputs from an external party in the product market. Examination of the annual reports of listed real estate companies in Hong Kong suggests that these companies have varying degree of involvements in various activities of producing accommodation spaces (real estate assets and associated services), ranging from land acquisition, real estate investment, real estate development, planning and land preparation, architectural services, construction, engineering services, building materials and components manufacturing, interior design and decoration, real estate agency, property maintenance and management. This provides a good opportunity to examine why companies integrate vertically. This research proposes that vertical integration is more likely for companies which have invested in reputation to signal the high quality of their products to solve the information asymmetry problem. In the real estate industry, high-quality products refer to longer lasting real estate assets that requires less maintenance and management, which are usually building with relatively fewer latent defects years after occupation. Latent defects are defects due to poor workmanship or use of substandard materials that are difficult or impossible to discover during the defect liability period (usually after 12 months of occupation the real estate companies are not responsible for any latent defects that occur in the property). However, it is usually expensive for a real estate company to measure the quality of high-quality buildings procured from the market, e.g. selecting an outside construction contractor using the tendering process. Since, by definition, the latent defects cannot be detected easily, the transaction cost of procuring high-quality buildings or its components from the market become prohibitively high. Careful direct supervision of workers and direct purchase of materials are essential to ensure the quality of the buildings required by the developer. Hence vertical integration is likely to supersede the market when the quality of the product produced by the developer is high. Due to information asymmetry problem, a real estate company will not produce high quality products unless it can signal to the potential buyers the quality of its product. This can often be achieved by investing in goodwill or reputation. However not all real estate companies have successfully created a good reputation of delivering high-quality buildings. For those that are successful, the higher quality of their products is reflected in higher transaction prices in the second-hand market. For the empirical tests, this research makes use of second-hand housing transaction data in Hong Kong (predominantly high-rise buildings) to estimate a reputation proxy, which is the mean implicit price (in the second-hand market) of a standardized unit developed by different real estate companies. Based on panel data of listed real estate companies in Hong Kong, this study shows that the estimated reputation proxy is positively correlated with the company’s degree of vertical integration, which is measured by the number of activities in the production of accommodation spaces using the internal resources of the company or its subsidiary companies, holding other factors constant. The empirical result confirms the proposition that a company’s reputation is an important contributor to its degree of vertical integration.
Guo, H B (2022) From corporate social responsibility to creating shared value: Competitive strategies for Chinese international construction companies on the "one belt one road", Unpublished PhD Thesis, , University of Hong Kong.
Hadikusumo, B H W (2001) Virtually real construction site processes: hazard identification and accident precaution planning using design-for-safety-process (DFSP) tool, Unpublished PhD Thesis, , University of Hong Kong.
Hua, Y (2017) Cultural dynamics of information communication technology (ICT) adoption in construction, Unpublished PhD Thesis, , University of Hong Kong.
Huang, H W, Wah Sang) (2003) The effects of building regulations control on the design of private residential buildings, Unpublished PhD Thesis, , University of Hong Kong.
Hui, K J (2008) Court decisions on building contract disputes: a Coasian empirical analysis, Unpublished PhD Thesis, , University of Hong Kong.
Ju, C (2015) A study of institutional complexity and contractors' safety management strategies, Unpublished PhD Thesis, , University of Hong Kong.
Kathri, A K D (2003) A study of project finance in Asia with emphasis on private infrastructure project finance, Unpublished PhD Thesis, , University of Hong Kong.
Koh, T Y (2010) The effects of social capital on construction project success: exploring the mediating role of projectlearning, Unpublished PhD Thesis, , University of Hong Kong.
Kong, T-M S (2011) Organizational culture of safety in the Hong Kong construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Lam, H-C R (2003) An investigation into the implementation of safety management systems by Hong Kong construction contractors, Unpublished PhD Thesis, , University of Hong Kong.
Lau, H-l (2005) Trust relations in the construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Lee, F-P B (2009) Factors affecting the profitability of construction companies in Hong Kong, Unpublished PhD Thesis, , University of Hong Kong.
Leung, M-Y (2000) Value Management in construction projects, Unpublished PhD Thesis, Department of Building and Construction, City University of Hong Kong.
Li, H T (2013) Modeling and evaluating multi-stakeholder multi-objective decisions during public participation in major infrastructure and constructionprojects, Unpublished PhD Thesis, , University of Hong Kong.
Li, I H Y (2012) The relationship of cultural incongruence and information processing in facilities management in the public health care sector, Unpublished PhD Thesis, , University of Hong Kong.
Li, W (2008) An agent-based negotiation model for the sourcing of construction suppliers, Unpublished PhD Thesis, , University of Hong Kong (Hong Kong).
Li, Y (2021) An investigation of organizational control in design consulting projects: behavioural consequences and motivational mechanisms, Unpublished PhD Thesis, , University of Hong Kong.
Li, Y (2007) Integrated dynamic perspective on firm competencies and organizationalperformance: a study of China's largeconstruction SOEs, Unpublished PhD Thesis, , University of Hong Kong.
Liang, C (2016) Development of a multifunctional building information modelling (BIM) maturity model, Unpublished PhD Thesis, , University of Hong Kong.
Liang, Y (2012) A study of public private partnership project success factors and risk management integration in mainland China, Unpublished PhD Thesis, , University of Hong Kong.
Lingard, H (1995) Safety in Hong Kong's construction industry: changing worker behaviour, Unpublished PhD Thesis, , University of Hong Kong.
Liu, A M-M (1995) Evaluation of the outcome of construction projects, Unpublished PhD Thesis, Department of Real Estate and Construction, University of Hong Kong.
Liu, S (2016) An investigation of how information processing impacts boundary spanning activities in managing construction design changes from the perspective of contractors, Unpublished PhD Thesis, , University of Hong Kong.
Lu, W (2015) Collaboration in BIM-enabled projects: a socio-technical perspective, Unpublished PhD Thesis, , University of Hong Kong.
Ma, C (2015) Stakeholder risk attitudes in safety risk management : exploring the relationship between risk attitude and safety risk management performance, Unpublished PhD Thesis, , University of Hong Kong.
Ma, P (2023) A sociomateriality view of boundary spanning in BIM-enabled early facilities management involvement, Unpublished PhD Thesis, , University of Hong Kong.
Memon, S A (2017) Hong Kong relational contracting : an investigation into the attitudes and behaviours of contractors' project teams, Unpublished PhD Thesis, , University of Hong Kong.
Na, R (2013) Property rights analysis of building material pricing, Unpublished PhD Thesis, , University of Hong Kong.
Naiduwa Handi, C M (2021) Effects of construction project social capital on individual safety performance: the mediating role of work engagement, Unpublished PhD Thesis, , University of Hong Kong.
Ng, C-W V (2007) Managing power, conflict and change: an analytical model for construction contract procurement, Unpublished PhD Thesis, , University of Hong Kong.
Ng, F F (1990) A knowledge analysis model for knowledge engineering in the construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Niu, Y (2019) Smart construction objects (SCOs): towards a new paradigm of smart construction, Unpublished PhD Thesis, , University of Hong Kong.
Oti-Sarpong, K (2019) Examining international technology transfer on construction projects in developing countries through a social construction of technology lens, Unpublished PhD Thesis, Department of Real Estate and Construction , University of Hong Kong.
Phua, F T-T (2002) Toward a critical assessment of social identity: the nature of organisational identification and its implicationsfor inter-organisational cooperation in the context of the Hong Kongconstruction industry, Unpublished PhD Thesis, , University of Hong Kong.
Rahman, M M (2003) Revitalising construction project procurement through joint risk management, Unpublished PhD Thesis, , University of Hong Kong (Hong Kong).
Shen, Y (2013) An investigation of safety climate on Hong Kong construction sites, Unpublished PhD Thesis, , University of Hong Kong.
Sun, X (2016) Energy-efficient retrofits for existing buildings: a multi-dimensional, comparative study of buildings in Hong Kong, Shanghai and Singapore, with focus on operation and maintenance, Unpublished PhD Thesis, , University of Hong Kong.
Sung, W-K (2017) Factors motivating construction safety knowledge sharing in online social media, Unpublished PhD Thesis, , University of Hong Kong.
Tsang, W-C (2021) Safety violations of the construction workers in Hong Kong: quantitative and qualitative analysis of the dynamics, Unpublished PhD Thesis, , University of Hong Kong.
Tuuli, M M (2009) Empowerment and control dynamics in project teams: a multilevel examination of the antecedents and jobperformance consequences, Unpublished PhD Thesis, , University of Hong Kong.
Wang, H (2015) The interplay of formal and informal institutions for procurement innovation: a social network approach, Unpublished PhD Thesis, , University of Hong Kong.
Wang, J (2020) Building information modeling (BIM) localization: tackling the "last mile" problem in BIM adoption, Unpublished PhD Thesis, , University of Hong Kong.
Wang, S (2019) An exact architectural practice: Strategies for post-digital architectural design in China’s construction context, Unpublished PhD Thesis, , The Chinese University of Hong Kong (Hong Kong).
Wang, T (2022) Motivating management: evidence from construction project teams, Unpublished PhD Thesis, , University of Hong Kong.
Wang, Y (1998) An analysis of the technical efficiency in Hong Kong's construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Wong, K C (2021) Factors affecting behavior of roadside construction workers in using personal protective equipment against dust and noise, Unpublished PhD Thesis, , University of Hong Kong.
Wong, K-w K (2014) Integrative approach to addressing societal needs in infrastructure development projects, Unpublished PhD Thesis, , University of Hong Kong.
Wu, J (2008) A behavioral analysis of learning processes amongst construction project team members in China, Unpublished PhD Thesis, , University of Hong Kong.
Xu, J (2021) A human-organization-technology fit model to harness the power of building information modeling in construction project organizations, Unpublished PhD Thesis, , University of Hong Kong.
Yang, Y (2020) An integrated infrastructure asset management model to improve the resilience of high-density cities, Unpublished PhD Thesis, , University of Hong Kong.
Ye, M (2018) The impacts of institutional distance on corporate social responsibility "glocalisation" : evidence from international construction, Unpublished PhD Thesis, , University of Hong Kong.
Yip, B L P (2007) Job burnout among construction professionals in Hong Kong: A moderator model with coping strategies, Unpublished PhD Thesis, , University of Hong Kong (Hong Kong).
Yogeswaran, K (1998) Sources, causes and minimisation of contractual claims in civil engineering projects in Hong Kong, Unpublished PhD Thesis, , University of Hong Kong.
You, H (2000) Organizational strategies for construction technology transfer to China, Unpublished PhD Thesis, , University of Hong Kong.
Zhai, Y (2022) Evaluation for optimisation: Design for assembly in panel construction , Unpublished PhD Thesis, , The Chinese University of Hong Kong (Hong Kong).
Zhang, D (2015) An analysis of building information modelling (BIM) implementation from a planned behavior perspective, Unpublished PhD Thesis, , University of Hong Kong.
Zhang, P (2011) Analysis of factors affecting individual knowledge sharing behavior inconstruction teams in Hong Kong, Unpublished PhD Thesis, , University of Hong Kong.
Zhang, S (2004) An organizational cultural analysis of the effectiveness of Chinese construction enterprises, Unpublished PhD Thesis, , University of Hong Kong.
Zhang, S (2019) Developing commercial capabilities for infrastructure delivery : a dynamic capabilities view, Unpublished PhD Thesis, , University of Hong Kong.
Zhang, Y (2018) An investigation of trust between parties in construction claims using reciprocity theory of social exchange, Unpublished PhD Thesis, , University of Hong Kong.
Zhang, Y (2012) An investigation on cooperative behaviors in the Chinese construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Zhao, J (2014) Performance modeling and optimization solutions for networking systems, Unpublished PhD Thesis, , University of Hong Kong.
Zhao, Y (2021) Modernizing log construction system: A study on technology advancement and design strategy, Unpublished PhD Thesis, , The Chinese University of Hong Kong (Hong Kong).
Zheng, J (2013) Ownership structure and company performance : the case of listed real estate companies in mainland China, Unpublished PhD Thesis, , University of Hong Kong.
Zhu, D (2002) The production characteristics in Hong Kong's construction industry, Unpublished PhD Thesis, , University of Hong Kong.
Zou, W (2012) Relationship management in public private partnership infrastructure projects, Unpublished PhD Thesis, , University of Hong Kong.