• International conference on construction engineering and project management
• /
• 2005.10a
• /
• pp.968-973
• /
• 2005

The purpose of this study is to clarify the reality of labor and capital productivity in the construction industry through an industry-level approach and to analyze the relationship between labor and capital productivity using a Cobb-Douglas production function. According to the research results, the construction industry has shown a very high capital productivity, while labor productivity has kept up a low level during the 1980s and 1990s. The reason was because of the lack of skillful construction workers and the decrease of capital. Meanwhile, the construction productivity has greatly increased since 2000 when there was no change in wages. This was because of a large inflow of low-wage foreign workers while the amount of value added has dramatically increased due to the liberalized sale price of apartment buildings. According to the analysis by the Cobb-Douglas production function, the elasticity coefficient of V/L to K/L in the construction industry had decreased from 1.1663 in the 1^st period(1971-1988) to 0.4465 in the 2^nd period(1989-1997), and to 0.1664 in the 3^rd period(1998-2003). Such a result means that the allocation of labor has gradually increased while the allocation of capital has decreased. Moreover there was a big increase in allocation of labor after 1998 due to the excessive deterioration of capital. In conclusion, in order to raise the construction productivity and to avoid labor-intensive production methods, investment for capital should be more increased. In particular, new machinery and equipment that can actually substitute human labor in construction sites should be more developed and applied to construction sites.

• International conference on construction engineering and project management
• /
• 2013.01a
• /
• pp.502-506
• /
• 2013

The cash flow forecasting is normally done by contractors in construction industry at early stages of the project for contractual decisions. The decision making in such situations involve uncertainty about future cash flows and assessment of working capital requirements gains more importance in projects constrained by cash. The traditional approach to assess the working capital requirements is deterministic in and neglects the uncertainty. This paper presents an alternate approach to assessment of working capital requirements for contractor based on fuzzy set theory by considering the uncertainty and ambiguity involved at payment periods. Statistical methods are used to deal with the uncertainty for working capital curves. Membership functions of the fuzzy sets are developed based on these statistical measures. Advantage of fuzzy peak working capital requirements is demonstrated using peak working capital requirements curves. Fuzzy peak working capital requirements curves are compared with deterministic curves and the results are analyzed. Fuzzy weighted average methodology is proposed for the assessment of peak working capital requirements.

• Architectural research
• /
• v.7 no.2
• /
• pp.91-96
• /
• 2005

The purpose of this study is to clarify the reality of labor and capital productivity in the construction industry through an industry-level approach and to analyze the relationship between labor and capital productivity using a Cobb-Douglas production function. According to the research results, the construction industry has shown a very high capital productivity, while labor productivity has kept up a low level during the 1980s and 1990s. The reason was because of the lack of skillful construction workers and the decrease of capital. Meanwhile, the construction productivity has greatly increased since 2000 when there was no change in wages. This was because of a large inflow of low-wage foreign workers while the amount of value added has dramatically increased due to the liberalized sale price of apartment buildings. According to the analysis by the Cobb-Douglas production function, the elasticity coefficient of V/L to K/L in the construction industry had decreased from 1.1663 in the $1^{st}$ period(1971-1988) to 0.4465 in the $2^{nd}$ period(1989-1997), and to 0.1664 in the $3^{rd}$ period(1998-2003). Such a result means that the allocation of labor has gradually increased while the allocation of capital has decreased. Moreover there was a big increase in allocation of labor after 1998 due to the excessive deterioration of capital. In conclusion, in order to raise the construction productivity and to avoid labor-intensive production methods, investment for capital should be more increased. In particular, new machinery and equipment that can actually substitute human labor in construction sites should be more developed and applied to construction sites.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.11
• /
• pp.689-698
• /
• 2020

The aim of this article is to determine the influence of factors on the capital structure of construction companies listed on the Hanoi Stock Exchange. The data of the article were collected and calculated from the financial statements of 54 construction companies listed on Hanoi Stock Exchange from 2012 to 2019. With the application of E-view software in quantitative analysis to build panel data regression model (panel data), the article has built a regression model to determine the relationship of intrinsic factors affecting the capital structure of construction companies listed on Hanoi Stock Exchange. In the study, dependent variable is capital structure, determined by the debt-to-equity ratio. Profitability, coefficient of solvency, size, loan interest rate, structure of tangible assets, and growth are independent variables. The results showed that the two factors of growth and firm size positively affect the capital structure, the profitability factor has the opposite effect on capital structure. Factors of short-term debt solvency, average loan interest rate and tangible asset structure have no correlation with capital structure. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to make capital structure decisions in their own conditions.

• Korean System Dynamics Review
• /
• v.4 no.1
• /
• pp.69-91
• /
• 2003

Using qualitative methods hinged on urban dynamics models, the paper addresses major issues concerned with new administrative capital construction. It tries to summarize the existing debates on new administrative capital construction and reinterpret diverse interacting factors in terms of reinforcing or balancing feedback structure. The paper suggests that understanding up on the dynamic mechanism imbedded in circular causal loop diagrams is the key to set up appropriate proposals and action plans for the new administrative capital, as they would reveal complicated linkages between the Capital Region and the rest, in addition to the urban dynamic of new administrative capital. In the same context, the paper can confirm similar features reflected in the relocation of capital functions at Canberra, Australia and Berlin, Germany. It has paid special attention to the fact that both Australian and German governments altogether stress the positive feedback loops as they have overcome unprecedented political confrontation among rival cities: Basically, they have encouraged gives-and-takes among major stake-holders. These research findings indicate that the future of new administrative capital construction depends on consensus buildings that can accommodate socio-economic and territorial changes between pros and cons. Although further researches and validations are needed, the system approach presented in this paper could assist Korean decision-makers in developing robust and responsive policy initiatives under uncertainties.

• Journal of Korean Society of Archives and Records Management
• /
• v.22 no.4
• /
• pp.109-128
• /
• 2022

The new administrative capital construction project is an important national project implemented to relocate the national administrative capital, and the records produced during the construction have high historical value. However, Korea's management of these records related to the construction of the new administrative capital is insufficient; thus, finding a management plan is necessary. In contrast, Brazil is a country that collects, builds, and maintains both public and private records produced during the construction of Brasilia, the new administrative capital. Thus, Arquivo Publico do Distrito Federal (ArPDF), the Brazilian records management organization established to manage Brasilia's construction records, was selected as the case analysis subject in this study. By analyzing ArPDF's website and official publications, this study investigated the overall matters related to the management of new administrative capital construction records and derived implications applicable to the management of new administrative capital construction records in Korea.

• International conference on construction engineering and project management
• /
• 2009.05a
• /
• pp.1023-1029
• /
• 2009

Intellectual capital is one of the most valuable assets of any enterprise. This empirical investigation examines the causal relationship between intellectual capital and the performance of architecture firms. More than 100 architecture firms across Taiwan have each been assessed for the levels of human capital, structural capital, relational capital, and business performance. The results suggest that the architecture firms exhibit higher levels of relational capital. However, the firms indicate relatively low levels of human capital. Additionally, the results from the correlation analysis suggest that all the four measures (human capital, structural capital, relational capital, and business performance) are highly correlated. The findings from the path analysis also indicate that human capital may influence the performance of architecture firms via structural capital and relational capital.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.9
• /
• pp.593-602
• /
• 2020

The purpose of this study is to examine and analyze the effect of human capital supply chain on the firm performance mediated by innovation culture and innovation process on small- and medium-sized construction enterprises (SMEs) in Indonesia. A survey has been distributed to all construction SMEs that have direct involvement in construction work (contractors and subcontractors). The construction SMEs including medium- and small-scale construction services in three Provinces, namely, the special region of Yogyakarta, East Java, and Central Java. Through purposive sampling technique, primary data is collected by giving a questionnaire to the owner/manager of construction SMEs. The target sample in this study was 200 respondents who have been operating for a minimum of two years. 154 valid questionnaires could be processed. Data analysis uses structural equation modeling with AMOS 24. The results of the study conclude that there is a positive effect on human capital supply chain on firm performance mediated by innovation culture and innovation process, while innovation culture does not affect firm performance. In sum, the innovation culture mediates the relationship between human capital supply chain and firm performance, and the innovation process mediates the relationship between human capital supply chain and firm performance.

• Journal of Information Science Theory and Practice
• /
• v.9 no.3
• /
• pp.1-13
• /
• 2021

In the current smart device-based information environment, information utilization is closely related to social capital. Additionally, the smart divide that occurs owing to the differences in use of smart devices has a significant influence on social capital. In this respect, this research empirically analyzed how the smart divide affects social capital construction. The study found that the level of and proficiency in using smart devices and diversity of the information formats used through smart devices affect social capital construction. Further, people who fully utilize smart devices can enhance their participation in social activities, social networks, and reciprocal activities, leading people to construct social capital in a wider range. Contrarily, those who are unable to use smart devices adequately may be disadvantaged in terms of the opportunity to construct social capital and share public interests. Thus, to maximize the intrinsic value of social capital, it is necessary to consider the factors of the smart divide as a complicated and multi-faceted digital divide and the ways to utilize social capital as a driving force for integrating society, and not as a mechanism for dividing members of society.

• International conference on construction engineering and project management
• /
• 2013.01a
• /
• pp.133-140
• /
• 2013

The purpose of this study is identifying the relationship among the business strategy, order receiving capability and leverage variables of a construction company using industry characteristic variables, in addition to the explanation variables used in the previous studies. The samples of this study were limited to the construction companies listed in Korean stock market. This study built multiple regression analysis models, which have been frequently used in traditional previous studies, in the explanation of company capital structure. Empirical analysis on Static Trade-off Theory and Pecking Order Theory was done by the built model. The study results suggested that the capital structure determination behavior of a construction company generally follows Static Trade-off Theory; however, profitability was found to follow Pecking Order Theory. The explanation variables used in the previous capital structure studies mostly produced significant results; however, the variables, which this study experimentally used, did not produce significant results. It is believed that it implies that additional studies are required in the selection of variables and study methodology. Consequently, a case that unconditionally supports a particular theory is scarce. It has been also found that a case can support both theories at the same time. Therefore, it is believed that development study methodology or introduction of new study methodology that can identify the dynamic characteristic of construction company capital structure formation is required.