Analyzing the Technical Efficiency of Korean Engineering and Construction Firms after the Financial Crisis

외환위기 이후 국내건설회사의 효율성 분석

  • Published : 2005.02.01

Abstract

This paper analyzes the technical efficiencies of 38 Korean engineering and construction firms and the efficiency changes from 1999 to 2003 using data envelopment analysis (DEA). Best practice firms in terms of technical efficiency and profit are identified. For inefficient firms, performance targets to be efficient are suggested. Technical efficiencies had been increased over the five year period, and the efficiency difference between firms had been reduced during this period. The differences in efficiency due to the differences in cooperate governance structures are statistically significant. In addition, the technical efficiency is correlated with product portfolios, degree of subcontract, rates of value added, returns on invested capital, and EBITDA.

References

  1. Athanassopoulos, A. D. and E. Thanassoulis, 'Separating market efficiency from profitability and it's implications for planning', Journal of the Operational Research Society, 46, 1995, pp.20-34 https://doi.org/10.1057/jors.1995.3
  2. Banker, R.D., Charnes, A., Cooper, W.W., 'Some models for estimating technical and scale efficiencies in data envelopment analysis', Management Science, 30, 1984, pp. 10781092
  3. Charnes, A., Cooper, W.W., Rhodes, E., 'Measuring the efficiency of decision making units', European Journal of Operational Research, 2, 1978, pp. 429-444 https://doi.org/10.1016/0377-2217(78)90138-8
  4. Brockett, P.L., Golany, B., 'Using rank statistics for determining programmatic efficiency differences in data envelopment analysis', Management Science, 42, 1996; pp 466-472 https://doi.org/10.1287/mnsc.42.3.466
  5. Coelli, T.J., 'A Guide to DEAP Version 2.1: A Data Envelopment Analysis Program', CEPA Working Paper 96/08, Department of Econometrics, University of New England, Armidale
  6. Cooper, W.W., Seiford L., Tone K. Data envelopment analysis: a comprehensive text with models, applications, references and DEA-solver software.2000, Boston: Kluwer
  7. Cooper, W.W., Seiford L., Thanassoulis, E., Zanakis, S.H., 'DEA and its uses in different countries', European Journal of Operational Research, 154, 2004, 337344
  8. Farrell, M.J., 'The measurement of productive efficiency' Journal of the Royal Statistical Society, A120(3), 1957, pp 253-281
  9. 신기덕 외, '2001년 건설산업의 현안과제와 대책', 건설산업연구원, 2001
  10. 오동일, 'DEA를 이용한 IMF체제하의 우리나라 우량 상장건설업체의 경영효율성 평가와 관리적 시사점', 회계학연구, 제26권 제4호, 2001, pp. 27-57
  11. 지홍민, 유태우, '외환위기를 전후한 상장건설회사의 효율성 및 생산성 ', 경영학연구, 한국경영학회, 제32권 제3호, 2003, pp. 809-833