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AN EMPIRICAL ANALYSIS of Tile STRATEGIC GROUP CONCEPT WITHIN Tile UK CONSTRUCTION 1]NT)USTRY

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AN EMPIRICAL ANALYSIS of Tile STRATEGIC GROUP CONCEPT WITHIN Tile UK CONSTRUCTION 1]NT)USTRY AN EMPIRICAL ANALYSIS OF TIlE STRATEGIC GROUP CONCEPT WITHIN TIlE UK CONSTRUCTION 1]NT)USTRY by AVAN ABDUIL RAllAK [BRAIHM A thesis submitted to Heriot- Watt University, in accordance with the requirements for the degree of DOCTOR OF PHILOSOPHY Heriot-Watt University Department of Building Engineering and Surveying, Edinburgh, UK (January 1995) This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognise that the copyngfl rests with its author and that no quotation from the thesis and no information derived from it may be published without the prior written consent of the author or the university (as may be appropriate). DEDICATION My heartfelt thanks and appreciation goes to my parents Without their love, encouragement, and prayers this thesis would never have come to fruition. TABLE OF CONTENTS Page No. Table of Contents List of Tables vi List of Figures viii Acknowledgements ix Abstract x 1. CHAPTER ON1: INTRODUCTION 1.1. Overview. 1 1.2. Problem Statement. 1 1.3. Aims and Objectives. 2 1.4. Original Contributions of the Study. 2 1.5. Overview of Research Design. 4 1.6. Organisation of Thesis. 5 2. CHAPTER TWO: A REVIEW OF STRATEGIC GROUP THEORY 2.1. Introduction. 7 2.2. The Concept of Strategic Groups. 7 2.3. The Rationale for the Formation of Strategic Groups. 8 2.4. Industrial Organisation Economics. 10 2.4.1. Limitations of the 10 Perspective. 12 2.5. Strategic Management. 14 2.5.1. Evolution of Strategic Management as a Field. 15 2.6. Positioning of Strategic Group Theory. 17 2.7. Performance Implications of Strategic Groups. 18 2.7.1. Mobility Barriers. 20 2.7.2. Strategic Group Configuration. 22 2.8. Summary. 23 3. CHAPTER THREE: A REVIEW OF EMPIRICAL EVIDENCE ON STRATEGIC GROUPS 3.1. Introduction. 25 3.2. An Evaluation of Existing Studies on Strategic Groups. 25 3.3. Summary. 41 1 Page No. 4. CHAPTER FOuR: SYNTHESIS ANI) RESEARCH QUIESTIONS 4.1. Introduction. 44 4.2. A Critique of Existing Strategic Group Studies. 44 4.3. Industry Context. 47 4.4. The Formulation of Strategic Groups. 47 4.4.1. The Concept of Strategy. 47 4.4.2. Mapping the Strategic Space. 50 4.4.2.1. Level of Strategy. 50 4.4.2.2. The Components of Strategic Decisions. 52 4.4.2.3. The Selection of Time Period. 52 4.5. Dynamic Characteristics of Strategic Groups. 54 4.6. Performance Implications of Strategic Groups. 55 4.7. Summary. 56 5. CHAPTER FIVE: STRATEGY AND UK CONSTRUCTION FIRMS 5.1. Introduction. 57 5.2. A profile of the Construction Industry. 57 5.2.1. The Role of Subcontracting. 59 5.2.2. Entry Barriers. 60 5.2.3. Diversity of Buyers. 61 5.3. Management of Change in Construction. 62 5.4. Strategic Positioning in Construction. 64 5.5. Evolution of Construction Conglomerates. 65 5.5.1. Firms' Goals and Resources. 66 5.5.2. The Diversification Alternatives. 67 5.5.3. Motives for Diversification. 68 5.5.4. Means of Growth. 69 5.6. Strategic Groups in the Construction Industry 70 5.7. Summary. 71 6. CHAPTER SIX: VARIABLE SELECTION AND DEFINITION 6.1. Introduction. 73 6.2. Selection of the Strategic Dimensions. 73 6.3. Strategic Scope Decisions. 74 6.3.1. Desired Characteristics of the Scope Measures. 74 6.3.2. Measures of Activity Diversification. 76 H Page No. 6.3.2.1. Herfindahl's Measure of Diversification. 77 6.3.2.2. The Strategic Category Approach. 78 6.3.3. Measures of Geographic Diversification. 81 6.4. Resource Allocation Decisions. 82 6.5. Financial Ratios in Perspective. 84 6.5.1. Liquidity Ratios. 84 6.5.2. Solvency Ratios. 86 6.5.3. Operating and Managerial Efficiency Ratios. 88 6.5.4. Investment Policy. 93 6.5.5. Size of Firms. 94 6.5.5.1. Size in Perspective. 95 6.5.5.2. Measurements of Firm Size. 96 6.5.5.3. Operationalisation of Size. 96 6.6. Firm Performance Measures. 97 6.7. Summary. 100 7. CHAPTER SEVEN: RESEARCH DESIGN AND METHODOLOGY 7.1. Introduction. 101 7.2. Sample Selection Criteria. 101 7.3. Sources of Data. 103 7.3.1. Publicly Available Data. 104 7.4. Methodology for Formulating The Strategic Groups. 106 7.4.1. Mapping the Strategic Space. 106 7.4.2. Selection of Key Strategic Variables. 106 7.4.2.1. Measurement of the Selected Variables. 108 7.4.2.2. Calculation of Scope Measures. 109 7.4.2.3. Financial Ratio Analysis. 111 7.4.2.4. Treatment of Missing Values. 112 7.4.3. Factor Analysis of The Strategic Variables. 113 7.4.3.1. Factor Analysis Decision Process. 113 7.4.4. Clustering The Firms into Strategic Groups. 118 7.4.4.1. Cluster Analysis Decision Process. 118 7.4.5. Multiple Discriminant Analysis. 128 7.4.5.1. Assumptions Underlying MIDA. 128 7.4.5.2. Violation of Assumptions. 128 7.5. Testing the Research Propositions. 129 7.5.1. Univariate Analysis of Variance (ANOVA). 129 H' Page No. 7.5.1.1. Assumptions of ANOVA. 130 7.5.1.2. Violations of ANOVA Assumptions. 130 7.5.2. Multivariate Analysis of Variance (MANOVA). 130 7.5.2.1. Assumptions of MANOVA. 131 7.5.2.2. Robustness of MANOVA. 131 7.5.3. Non-Parametric Analysis of Variance. 131 7.5.3.1. Advantages and Disadvantages of Non-Parametric Tests. 132 7.5.4. Choosing the Appropriate Statistical Test. 132 7.6. Treatment of Outliers. 134 7.7. Pilot Studies. 135 7.8. Summary. 139 8. CHAVI'ER EIGHT: EMPIRICAL RESULTS 8.1. Introduction. 140 8.2. Formulation of Strategic Groups in Construction. 140 8.2.1. Mapping the Strategic Space. 140 8.2.2. Selection of Key Strategic Variables. 140 8.2.3. Results of Principal Component Analysis. 141 8.2.4. Cluster Analysis Results. 145 8.2.5. Identification of the Strategic Groups. 147 8.2.6. Comparison of the Two Clustering Outputs. 147 8.2.7. Interpretation of the Strategic Groups characteristics. 159 8.2.8. The Strategic Group Profiles in Construction. 178 8.2.8.1. Profiles of Strategic Groups in 1986. 178 8.2.8.2. Profiles of Strategic Groups in 1987. 181 8.2.8.3. Profiles of Strategic Groups in 1988. 184 8.2.8.4. Profiles of Strategic Groups in 1989. 187 8.2.8.5. Profiles of Strategic Groups in 1990. 190 8.2.8.6. Profiles of Strategic Groups in 1991. 193 8.2.9. Validation of the Cluster Outputs. 195 8.3. Results of Proposition Testing. 196 8.3.1. The Dynamic Characteristics of Strategic Groups. 197 8.3.2. Performance Implications of Strategic Group Membership. 203 8.4. Summary. 206 iv Page No. 9. CHAPTER NINE: ANALYSIS AND DISCUSSION 9.1. Introduction. 207 9.2. Strategic Group Shifts in the Construction Industry. 207 9.3. Discussion of The Empirical Results. 210 9.3.1. Dynamic Characteristics of the Strategic Groups 210 9.3.2. Performance Implications of Strategic Groups Membership. 211 9.4. Limitations of the Strategic Group Analysis. 217 9.5. Theoretical Contributions of This Study. 219 9.6. Methodological Contributions of this Study. 222 9.7. Implications for Strategic Management Analysis. 223 9.8. Summary. 224 10. CHAPTER TEN: SUMMARY AND CONCLUSIONS 10.1. Introduction. 227 10.2. Summary of Research Findings. 227 10.3. Contributions of the Study. 232 10.4. Limitations of Strategic Group Analysis. 233 10.5. Overall Conclusion. 233 10.6. Implications for Strategic Management Analysis. 234 10.7. Recommendations for Future Research. 235 11. APPENDICES Appendix (A) - Summary Information & Pearson's Correlation Coefficients for 1986-199 1. 236 Appendix (B) - Factor Analysis Results for 1986-199 1. 246 Appendix (C) - Cluster Analysis Results for 1986-199 1. 258 Appendix (D) - Strategic Group Memberships for 1986-199 1. 270 Appendix (E) - Multiple Discriminant Analysis Results for 1986-199 1 288 12. REFERENCES 291 V LIST OF TABLES Table Title 6-1 List of the Chosen Strategic and Performance Variables.. 7-1 List of firm names and corresponding abbreviations. 7-2 Flow of analysis and overview of the methodology applied in the study of strategic groups. 7-3 Regressions between Size measures. 8-1 Factor Naming for the results of 1986. 8-2 Factor Naming for the results of 1987. 8-3 Factor Naming for the results of 1988. 8-4 Factor Naming for the results of 1989. 8-5 Factor Naming for the results of 1990. 8-6 Factor Naming for the results of 1991. 8-7 Analysis of Agglomeration Coefficient for Complete Linkage Method. 8-8 Analysis of Agglomeration Coefficient for Ward's Method. 8-9 Complete Linkage Strategic groups for 1986. 8-10 Ward's Method Strategic groups for 1986. 8-11 Complete Linkage Strategic groups for 1987. 8-12 Ward's Method Strategic groups for 1987. 8-13 Complete Linkage Strategic groups for 1988. 8-14 Ward's Method Strategic groups for 1988. 8-15 Complete Linkage Strategic groups for 1989. 8-16 Ward's Method Strategic groups for 1989. 8-17 Complete Linkage Strategic groups for 1990. 8-18 Ward's Method Strategic groups for 1990. 8-19 Complete Linkage Strategic groups for 1991. 8-20 Ward's Method Strategic groups for 1991. 8-21 Contrasting the results of Complete Linkage and Ward's Method. 8-22 Industrial sector norms for House-builders. 8-23 Industrial sector norms for Building & Civil Engineering. 8-24 Industrial sector norms for Building Materials Industry. 8-25 The mean component scores for 1986.
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