| Title |
An Analysis of the Market Structure Change in Construction Management Industry - Based on Public Announcement Data of CM Capabilities, 2004~2012 - |
| Authors |
Choi, Ji-Hye ; Lee, Yoon-Sun ; Kim, Jae-Jun |
| Keywords |
Construction Management ; Market Share ; Market Concentration Index ; Hirschman-Herfindahl Index ; Entropy Index ; Gini Coefficient |
| Abstract |
The modern construction industry in Korea is poised to introduce innovative project management methods, such as CM (construction management)-at-Risk, and to establish an institutional base that will facilitate a switch to a high-value knowledge-based industry. Thus, it is necessary to provide guidelines for business expansion, including entry into related domestic and foreign markets. The principal aim of this paper is to make an evaluation and to analyze the issues concerning the market structure of CM industry. The public announcement data of CM capability during the years 2004-2012, are collected to compute comparable measures of market concentration. As, the market concentration is most used as a proxy index of competition, this paper applied concentration ratio (CR3, CR4, CR5) method, E, RE, HHI and Gini Coefficient to analyze the concentration indices for CM industry market with 2004 to 2012 statistical data. Analysis of the indices indicates that CM industry has not been concentrated. The results of this study would assist the managers to design better competitive strategies they have to compete. |