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Relational And Contractual Governance In Megaprojects:A Perspective Of Transaction Cost

Posted on:2020-05-07Degree:MasterType:Thesis
Country:ChinaCandidate:S Z FangFull Text:PDF
GTID:2439330572983056Subject:Management Science and Engineering
Abstract/Summary:PDF Full Text Request
Project governance is an important way to improve the performance of mega construction projects,which mainly consists of two types of governance mechanisms: contractual governance and relational governance.Previous studies have made some achievements in the field of contractual and relational governance,such as the definitions,the constructs and indicators,and their contribution to project performance.However,under the context of mega construction projects,dynamic relationship between contractual and relational governance and their effects on the performance of mega construction projects still remain unclear.First,the existing research mainly focus on the complexity analysis of mega construction projects,while lacking of the research to deep governance mechanisms.The typical problems,such as cost overruns,delays and poor quality that plagued mega construction projects,still have not been solved effectively.Second,most of the existing literatures are static analysis of project governance mechanisms,and there is no a study to the changes of contractual governance and relational governance during the project implementation cycle from the dynamic change perspective.Finally,previous studies lack a comprehensive analysis of the transaction costs in mega construction projects,and they were often limited to studying the effect of one single aspect of transaction costs,ignoring the integrity of transaction costs.Based on the neoclassical contract theory,relational contract theory,social exchange theory,transaction cost theory and the context of mega construction projects,this paper studied the effects of contractual governance and relational governance on transaction costs and project performance in the process of mega construction projects.This paper is divided into six chapters.The first chapter is the introduction,which clarifies the research background,research status,research aims,research method and technical route of this paper.The second chapter is the theoretical background and literature review,including the definition and criteria of mega construction projects,the review of existing research,neoclassical the applicability of contract theory,relational contract theory,social exchange theory and transaction cost theory,and identification of research factors that based on these theories.The third chapter is to building the research hypotheses.Building on the literature and theoretical basis,the potential relationship between contractual governance,relational governance,transaction costs and mega construction project performance was built up,and the structural model was also established.The fourth chapter is data collection and building of structural equation model.Firstly,the scale selection and questionnaire design were conducted,then the scope of investigation and the research object were determined.The partial least squares structural equation model(PLS-SEM)was used to analyze the data collected from 188 respondents,which mainly includes reliability and validity test,the direct effects verification among contractual and relational governance,transaction costs and mega construction project performance,the mediating effect verification of transaction cost and moderating effect verification of implementation cycle,and finally the data analysis results were discussed.The fifth chapter is the system dynamics simulation analysis of the governance mechanism of mega construction projects.Based on the research hypotheses and analysis results of structural equation modeling,the relationship equation between target variables were established,and the dynamic change simulation of the target variables in the implementation period of mega construction projects were conducted.The sixth chapter is the conclusion and prospect,which summarized all the research results of this paper,and discussed the limitations and provide the future research direction.The results show that the relationship between contractual governance and relational governance of mega construction projects has obvious dynamic and evolutionary characteristics.In the early stage of mega construction projects,contractual governance has a negative effect on transaction costs and a positive effect on project performance,while relational governance only positively relate to project performance,which indicate that the effects of contractual governance are stronger than relational governance in the early stage;In the middle and late stages of mega construction projects,for relational governance,its negative effect on transaction costs and positive effect on project performance were significantly enhanced and they are stronger than contractual governance,indicating that relational governance is stronger in the middle and late stages.In addition,transaction costs have a significant mediating role between contractual and relational governance and project performance.Both contractual governance and relational governance can significantly improve project performance by curbing transaction costs.In the whole implementation cycle of mega construction projects,contractual governance has maintained a stable and sustained effect on transaction costs and project performance,while the effects of relationship governance has gradually increased.With the in-depth development of the relationship among parties,trust,reciprocity,negotiation and information sharing have gradually become critical success factors in promoting project performance.The conclusions of this paper have achieved innovation in the theory and practice of mega construction project governance.First,according to the characteristics of different implementation stages,we analyzed the change of contractual governance and relational governance in mega construction projects from a dynamic perspective.Secondly,based on transaction cost theory,the mediating role of transaction cost that between governance mechanisms and project performance was analyzed.Finally,based on classical contract theory,social exchange theory and relational contract theory,this paper studied the inter-organizational cooperation mechanism of mega construction projects from the perspective of formal contract and informal relationship,analyzed the different effects between formal system and relational norms in the process of interorganizational communication and their critical impact on transaction costs and project performance of mega construction projects.This paper filled the gap in the existing research,enriched the theoretical connotation of project governance and promoted the application of project governance theory.
Keywords/Search Tags:mega construction projects, contractual governance, relational governance, transaction cost, structure equation modelling, system dynamic
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