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Delaney, F T and Wamuziri, S C (2002) Efficiency and performance effects of mergers and acquisitions in the construction industry. Journal of Financial Management of Property and Construction, 7(03), 141–50.

Jayantha, W M and Ganesan, S (2002) Econometric analysis of office space market's response to service sector growth in Hong Kong. Journal of Financial Management of Property and Construction, 7(03), 175–96.

  • Type: Journal Article
  • Keywords: structural change; office market; Granger causality; error correction model; space per employee; centralization; decentralization; Hong Kong
  • ISBN/ISSN: 1366-4387
  • URL: http://www.emeraldinsight.com/journals.htm?issn=1366-4387
  • Abstract:
    Within the services sector in Hong Kong, the finance, insurance and real estate (FIRE) and business services sub-sector is the most influential and also the major source of generating demand for office space in the economy. This paper examines how the rapid expansion of the FIRE and business service sub-sector influences office building construction. Using the Engle-Granger (1987) methodology for cointegration and error correction mechanism (ECM), the causal relationships between growth of each of three sub-sectors of the services sector and the office space construction, were explored. Results of ECM suggest that the impact of changes in FIRE and business service sector growth on office construction is delayed, showing a lead-lag relationship. A multiple regression analysis, incorporating all other relevant variables including FIRE and business service sector, also confirm the delayed impact of FIRE and business service sector growth on office construction. Space per employee, as an influential determinant of office space construction is also found to be significant. The study also reveals that the growth of the FIRE and business service sector has influenced office space in the short term in terms of space usage patterns, and the type and location of office space.

Kehinde, J O and Aiyetan, O A (2002) A study of the nature of contractual claims in building contracts in Nigeria. Journal of Financial Management of Property and Construction, 7(03), 197–202.

Kishk, M (2002) Towards effective consideration of non-financial factors in the design and management of construction assets. Journal of Financial Management of Property and Construction, 7(03), 163–74.

Pasquire, C L and Gibb, A G F (2002) Considerations for assessing the benefits of standardisation and pre-assembly in construction. Journal of Financial Management of Property and Construction, 7(03), 151–62.

Yates, D J and Hardcastle, C (2002) The causes of conflict and disputes in construction: a review of current research. Journal of Financial Management of Property and Construction, 7(03), 203–14.