Establishing Cooperative Relationships and Joint Risk Management in Construction Projects: Agency Theory Perspective
Establishing Cooperative Relationships and Joint Risk Management in Construction Projects: Agency Theory Perspective
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DOI:
10.1061/(asce)me.1943-5479.0000346
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发表时间:
2015-11
影响因子:
7.4
通讯作者:
E. Osipova
中科院分区:
文献类型:
--
作者:
E. Osipova
AbstractThrough construction contracts, clients and contractors are involved in principal-agent relationships. These relationships are argued to be adversarial and characterised by two main features of contracting parties, as follows: (1) different goals, and (2) different attitudes to risk. Agency-related problems contribute to the project participants concentrating on risks associated with their own parts of projects instead of joint risk management (JRM). Fewer studies have discussed JRM, although risk-sharing is a key issue in principal-agent relationships and agency-related problems must be effectively addressed to establish strong collaboration. Thus, the aim of this paper is to investigate how project participants address problems associated with principal-agent relationships and thereby enhance cooperative relationships (and JRM). The empirical findings are based on two longitudinal case studies and show that strong collaboration is a multidimensional activity that is crucial for JRM. Effective JR...