A Critical Review of Internal Factors Impacting the Growth of Construction Firms

Rayner Florincius F. Majaham, Muzani Mustapa and Nur Fadilah Darmansah
Additional contact information
Rayner Florincius F. Majaham: Universiti Teknologi Malaysia, Universiti Malaysia Sabah
Muzani Mustapa: Universiti Teknologi Malaysia, Universiti Malaysia Sabah
Nur Fadilah Darmansah: Universiti Teknologi Malaysia, Universiti Malaysia Sabah

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 1501-1513

Abstract: The construction sector is a crucial catalyst for economic expansion, delivering vital infrastructure, housing, and job opportunities. Construction organizations encounter a multifaceted set of issues that affect their growth potential, including financial management, project management proficiency, human resource strategies, and external market conditions. This study offers a critical analysis of the principal elements influencing the growth of construction firms, integrating contemporary research and industry perspectives to assess internal determinants of business success. The theme and trends method using in this study to identify factors impacting the growth of construction firms. Despite the recognition of effective financial management as a fundamental factor in success, many organisations struggle with cash flow stability and cost control. Human resource management is essential for efficiency and project quality; yet, the industry encounters considerable workforce problems, including high turnover rates and talent shortages. Proficiencies in project management, especially in planning, scheduling, and risk management, are essential for timely and budget-compliant project delivery, thereby augmenting client trust and gaining a competitive edge. This study identifies essential constraints and drivers, offering practical insights to assist construction firms in enhancing resilience and strategic adaptation and thus fostering long-term industry success. The findings of this study showing that six elements in internal factors impacting the growth of construction firms are financial management, project management capabilities human resource management, technology and innovation, organizational structure and leadership and lastly is risk management

Date: 2024
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.rsisinternational.org/journals/ijriss/ ... sue-12/1501-1513.pdf (application/pdf)
https://rsisinternational.org/journals/ijriss/arti ... -construction-firms/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:8:y:2024:i:12:p:1501-1513

Access Statistics for this article

International Journal of Research and Innovation in Social Science is currently edited by Dr. Nidhi Malhan

More articles in International Journal of Research and Innovation in Social Science from International Journal of Research and Innovation in Social Science (IJRISS)
Bibliographic data for series maintained by Dr. Pawan Verma ().