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Comparative performance of publicly listed construction companies: Australian evidence

Author

Listed:
  • Maria Balatbat
  • Cho-yi Lin
  • David Carmichael

Abstract

Understanding the performance of publicly listed Australian construction companies, in comparison with other Australian listed companies, is vital to the construction sector's continuous access to capital from the public equity market. Evidence on the performance of construction companies that do business in building and/or civil infrastructure is presented and compared with the Australian All Ordinaries Index and a portfolio of publicly listed (blue chip) companies. Using fundamental analysis, a comprehensive assessment on a range of financial and performance indicators is provided (including share prices, equity valuation multiples and profitability ratios) over the 10-year period, 1998 to 2007. The results show that, apart from the period when the Goods and Services Tax was introduced in 2000, the performance of publicly listed Australian construction companies in most of the indicators assessed is comparable to the largest traded shares on the Australian Securities Exchange. The empirical evidence is encouraging and could potentially elicit interest and confidence for investors to invest in construction companies.

Suggested Citation

  • Maria Balatbat & Cho-yi Lin & David Carmichael, 2010. "Comparative performance of publicly listed construction companies: Australian evidence," Construction Management and Economics, Taylor & Francis Journals, vol. 28(9), pages 919-932.
    • Handle: RePEc:taf:conmgt:v:28:y:2010:i:9:p:919-932
    DOI: 10.1080/01446193.2010.501805
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    Citations

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    Cited by:

    1. Xuetong Wang & Wenyong Lai & Xiangnan Song & Chen Lu, 2018. "Implementation Efficiency of Corporate Social Responsibility in the Construction Industry: A China Study," IJERPH, MDPI, vol. 15(9), pages 1-21, September.
    2. Surbhi Gupta & Anil Kumar Sharma, 2022. "Evolution of infrastructure as an asset class: a systematic literature review and thematic analysis," Journal of Asset Management, Palgrave Macmillan, vol. 23(3), pages 173-200, May.
    3. Algirdas Krivka, 2014. "Complex evaluation of the economic crisis impact on Lithuanian industries," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 15(2), pages 299-315, April.

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