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Critical success factors for enterprise risk management in Chinese construction companies

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  • Xianbo Zhao
  • Bon-Gang Hwang
  • Sui Pheng Low

Abstract

Construction businesses are risky ventures and enterprise risk management (ERM) has been advocated in construction companies. To ensure ERM success and the subsequent benefits, it is necessary to understand the key activities of ERM. The objectives are to identify the critical success factors (CSFs) for ERM and analyse the interrelationships among these CSFs in Chinese construction companies (CCCs). To achieve this objective, 16 CSFs were identified through a comprehensive literature review and 89 completed survey questionnaires were received. The results of the analysis show that the three most important CSFs are 'commitment of the board and senior management', 'risk identification, analysis and response' and 'objective setting'. Additionally, the three underlying CSF groupings are (1) execution and integration; (2) communication and understanding; and (3) commitment and involvement of top management. The commitment and involvement of top management positively contributed to the communication and understanding as well as the execution and integration of ERM, while the communication and understanding facilitated the execution and integration of ERM. The proposed framework indicating the key ERM practices and the inter-grouping relationships provides an in-depth understanding of ERM in CCCs, compared with the existing not so relevant ERM frameworks in various other industries.

Suggested Citation

  • Xianbo Zhao & Bon-Gang Hwang & Sui Pheng Low, 2013. "Critical success factors for enterprise risk management in Chinese construction companies," Construction Management and Economics, Taylor & Francis Journals, vol. 31(12), pages 1199-1214, December.
    • Handle: RePEc:taf:conmgt:v:31:y:2013:i:12:p:1199-1214
    DOI: 10.1080/01446193.2013.867521
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    Cited by:

    1. Zezhou Wu & Mingyang Jiang & Yuzhu Cai & Hao Wang & Shenghan Li, 2019. "What Hinders the Development of Green Building? An Investigation of China," IJERPH, MDPI, vol. 16(17), pages 1-18, August.
    2. Guangdong Wu & Yue Wu & Hongyang Li & Chenglong Dan, 2018. "Job Burnout, Work-Family Conflict and Project Performance for Construction Professionals: The Moderating Role of Organizational Support," IJERPH, MDPI, vol. 15(12), pages 1-20, December.
    3. Jean-Charles Fiolet & Carl Haas & Keith Hipel, 2016. "Risk-chasing behaviour in on-site construction decisions," Construction Management and Economics, Taylor & Francis Journals, vol. 34(12), pages 845-858, December.
    4. Gabriela Fernandes & Joana Domingues & Anabela Tereso & Camilo Micán & Madalena Araújo, 2022. "Risk Management in University–Industry R&D Collaboration Programs: A Stakeholder Perspective," Sustainability, MDPI, vol. 15(1), pages 1-19, December.
    5. Hong Xue & Shoujian Zhang & Yikun Su & Zezhou Wu, 2018. "Capital Cost Optimization for Prefabrication: A Factor Analysis Evaluation Model," Sustainability, MDPI, vol. 10(1), pages 1-22, January.
    6. Iwona Gorzeń-Mitka & Monika Wieczorek-Kosmala, 2023. "Mapping the Energy Sector from a Risk Management Research Perspective: A Bibliometric and Scientific Approach," Energies, MDPI, vol. 16(4), pages 1-32, February.
    7. Long Li & Zhongfu Li & Guangdong Wu & Xiaodan Li, 2018. "Critical Success Factors for Project Planning and Control in Prefabrication Housing Production: A China Study," Sustainability, MDPI, vol. 10(3), pages 1-17, March.
    8. Hui Liu & Jie Li & Hongyang Li & He Li & Peng Mao & Jingfeng Yuan, 2021. "Risk Perception and Coping Behavior of Construction Workers on Occupational Health Risks—A Case Study of Nanjing, China," IJERPH, MDPI, vol. 18(13), pages 1-25, July.
    9. Tengyuan Chang & Xiaopeng Deng & Bon-Gang Hwang, 2019. "Investigating Political Risk Paths in International High-Speed Railway Projects: The Case of Chinese International Contractors," Sustainability, MDPI, vol. 11(15), pages 1-15, August.
    10. José Giménez & Antonia Madrid-Guijarro & Antonio Duréndez, 2019. "Competitive Capabilities for the Innovation and Performance of Spanish Construction Companies," Sustainability, MDPI, vol. 11(19), pages 1-24, October.
    11. Bon-Gang Hwang & Yu-Shan Li & Ming Shan & Jia-En Chua, 2020. "Prioritizing Critical Management Strategies to Improving Construction Productivity: Empirical Research in Singapore," Sustainability, MDPI, vol. 12(22), pages 1-23, November.
    12. Yajing Zhang & Jingfeng Yuan & Lingzhi Li & Hu Cheng, 2019. "Proposing a Value Field Model for Predicting Homebuyers’ Purchasing Behavior of Green Residential Buildings: A Case Study in China," Sustainability, MDPI, vol. 11(23), pages 1-31, December.
    13. Junwei Zheng & Guangdong Wu, 2018. "Work-Family Conflict, Perceived Organizational Support and Professional Commitment: A Mediation Mechanism for Chinese Project Professionals," IJERPH, MDPI, vol. 15(2), pages 1-23, February.

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