Network analysis of interconnections between theoretical concepts associated with principal–agent theory concerning construction projects

Abstract

Communication risks and asymmetric information among project participants are often associated with poor performance in construction projects. Communication and coordination are prominent issues in recent research on construction management, with little actual theoretical foundation. The purpose of this study is to investigate the extent to which principal–agent (P–A) theory and its implications are used in construction management research. In the archives of the top seven construction management journals, 148 scientific papers mentioning P–A theory were found. The keywords were analysed to determine the connections between them. Network analysis (NA) of the interconnected keywords was used to illustrate the most common relations between P–A theory and construction management. The findings of this study indicate that the most important elements associated with P–A theory in construction management are contracts, governance, partnership, transaction costs, information systems, incentives, risk management, and trust. However, some keywords are often used without considering related theoretical concepts. This study introduces a new perspective on P–A theory research in the field of construction management.

Keywords

• principal–agent theory
• network analysis
• construction projects
• keywords search