Did the late-2000s financial crisis influence construction labour productivity?

Ma, Le and Liu, Chunlu 2014, Did the late-2000s financial crisis influence construction labour productivity?, Construction management and economics, vol. 32, no. 10, pp. 1030-1047, doi: 10.1080/01446193.2014.944927.

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Title Did the late-2000s financial crisis influence construction labour productivity?
Author(s) Ma, Le
Liu, ChunluORCID iD for Liu, Chunlu orcid.org/0000-0003-1144-4355
Journal name Construction management and economics
Volume number 32
Issue number 10
Start page 1030
End page 1047
Total pages 18
Publisher Taylor & Francis
Place of publication Abingdon, Eng.
Publication date 2014
ISSN 0144-6193
Keyword(s) construction labour productivity
error correction model
financial crises
panel regression.
Summary The late-2000s global financial crisis has wrought dramatic impacts on the construction industry. However, the issue of whether the crisis influenced the behaviours of the construction industry has not been addressed yet. This research presents an econometric approach to investigating the effects of the recent global financial crisis on construction labour productivity. By employing the error correction model and panel regression methods, the direct and indirect effects of the financial crisis on the changes in Australian construction labour productivity are explored at national and state levels. Neither the direct nor the indirect effects appear statistically significant. The results indicate that the direct effect of the financial crisis drives up construction labour productivity at the national level, while the indirect effect diminishes productivity. The effects of the financial crisis on the state construction labour productivity vary from state to state. The financial crisis influenced construction labour productivity directly and significantly in the northern and eastern regions, while the direct effects appear not significant in the other states and territories. The indirect effects of the financial crisis on productivity are statistically significant in three regions: the Australian Capital Territory, the Northern Territory and Western Australia. By comparison, the model with the financial effects fails to provide more accurate simulating results. As such, this research concludes that the influence of the late-2000s financial crisis on Australian national and state construction labour productivity is limited.
Language eng
DOI 10.1080/01446193.2014.944927
Field of Research 120203 Quantity Surveying
Socio Economic Objective 870102 Commercial Construction Planning
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Taylor & Francis
Persistent URL http://hdl.handle.net/10536/DRO/DU:30067913

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