Underlying structures of risk response measures among small and medium contractors in South Africa
Article Sidebar
Main Article Content
Abstract
Although attention has been given to the measures used to respond to risk in the construction industry (CI), there is limited literature that scrutinizes underlying structures of risk response measures (RRMs) especially among small and medium enterprises (SMEs). This study, therefore, presents findings from an exploratory factor analysis (EFA) of RRMs. A positivist paradigm was adopted to collect empirical raw data from 181 conveniently sampled respondents in Gauteng, South Africa (SA), using a structured questionnaire. The results support the extant literature and empirically established the structural composition of risk response by two constructs. The construct with emerged measures was termed trailing measures while the one with popular measures was termed leading measures of risk response. However, the study yielded a two-factor model with all the six items supposed to measure risk response. Based on the results obtained, it seems that risk avoidance and risk mitigation are reliable measures for measuring risk response. This study could thus serve as a reference for the accurate measurement of risk response and for the development of agreed responses for each risk, including an appropriate strategy and specific responses to implement the chosen strategy. The study was limited to the CI and to a lesser extent, construction SMEs in Gauteng; hence the findings cannot be generalized to all SMEs in SA.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
a) Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share and adapt the work with an acknowledgement of the work's authorship and initial publication in this journal.
b) Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
c) Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Open Access Citation Advantage Service). Where authors include such a work in an institutional repository or on their website (ie. a copy of a work which has been published in a UTS ePRESS journal, or a pre-print or post-print version of that work), we request that they include a statement that acknowledges the UTS ePRESS publication including the name of the journal, the volume number and a web-link to the journal item.
d) Authors should be aware that the Creative Commons Attribution (CC-BY) License permits readers to share (copy and redistribute the work in any medium or format) and adapt (remix, transform, and build upon the work) for any purpose, even commercially, provided they also give appropriate credit to the work, provide a link to the license, and indicate if changes were made. They may do these things in any reasonable manner, but not in any way that suggests you or your publisher endorses their use.