Response Strategies of Irish & UK Construction Contractors to the Global Economic Recession 2008-2013
During a recession, companies are forced to restructure and to move quickly to reduce employment, costs, and debt, in order to ensure their survival. In the construction industry, recessions have the effect of reducing resources available to companies as clients procure less, financiers reduce lending and competition increases. During the 2007 global economic recession many construction companies failed to adopt appropriate response strategies and as a result led to bankruptcy or liquidation. Despite an increase of research in the area of strategic management in the last decade, little has been documented on what response strategies construction companies adopt as a result of an economic crisis. The purpose of this study is to investigate the impact that the global economic recession is having on the performance of Irish and UK Construction Contractors and the associated response strategies that they are adopting in order to cope with the current climate.
Dr. John Spillane, Ron Coates & Dr. Xianhai Meng