| Title |
Analyzing the Market Structure of Asian Construction Contracts : A Perspective on Korean Construction Firms |
| DOI |
https://doi.org/10.12652/Ksce.2019.39.5.0623 |
| Keywords |
해외건설;계약실적;국내 건설기업;아시아 지역;시장 구조;경쟁전략 International construction;Contract performance;Korean construction firms;Asian region;Market structure;Competitive strategy |
| Abstract |
As the Asian region becomes strategically important in the international construction market, competition among construction firms has been more intense. While existing literature on the Asian construction market have mainly focused on qualitative approaches to market entry strategies and risk assessment, quantitative research to explain the dynamic competitive structure of the market has been rarely conducted. To address this issue, this study analyzes the structure of contract performance in the Asian region based on the data from 3,996 projects awarded to Korean construction firms from 2009 to 2017. In addition, this study applies a mathematical model using both static (market concentration) and dynamic (market mobility and instability) analyses. Consequently, the static analysis indicates that market concentration led by top-four firms tends to be increased, and on the dynamic aspect, the market position of Korean construction firms is recently weakened and fluctuated in most of the Asian regions and the construction sectors. The methodology and result of this paper would be meaningful not only to understand the underlying structure of industry-level performance but also to provide a useful reference for establishing competitive strategies towards the Asian market. |