earticle

영어

This study is to examine the effect of trust, control, mutual complementarity and joint partnership experience on cooperation, opportunism, and performance in strategic alliance of real estate development project, and how cooperation and opportunism play mediating roles between trust, control, resource complementarity, joint partnership experience, and performance. For these purposes the authors developed a structural model which consists of several constructs. In this model, trust consist of benevolence and competence, control consist of social control and structural control, mutual complementarity consist of complementary and alliance-specific investments and joint partnership experience consist of conflict resolution and communication were proposed to affect cooperation and opportunism, and ultimately increase performance. The model proposed that cooperation and opportunism would improve performance. Thus, cooperation and opportunism were proposed as core mediators between trust, control, mutual complementarity, and joint partnership experience, and project performance. The data were collected from 188 constructors of real estate development and were analyzed using frequence, reliability analysis, and confirmatory factor analysis, correlation analysis, and path analysis with SPSS 14.0 and AMOS 18.0. To test unidimensionality and nomological validity of the measures of each construct we employed scale refinement procedure. The results of reliability test with Cronbach's α's and confirmatory factor analyses warranted unidimensionality of the measures for each construct. In addition, nomological validity of the measures was warranted from the result of correlation analysis. The data were analyzed with path analysis. The result of the overall model analysis appeared as follows: χ² = 54.10 df = 12, p = 0.00, GFI = 0.95, AGFI = 0.78, CFI = 0.96, NFI = 0.95, RMSEA = 0.14, RMR = 0.07. Since the result of the overall model analysis demonstrated a good fit, we could further analyze our data. The results of this study are as followings: First, trust, mutual complementarity, and joint partnership experience have significant and positive effect on cooperation and control has significant and negative effect on cooperation from the perspective of both constructor and developer. The result of path analysis on conductor was totally consistent with the result of path analysis on both conductor and developer, While in the result of path analysis on developer, mutual complementarity has no significant effect on cooperation, which is not consistent with the result of path analysis on both conductor and developer. Second, in the result of path analysis on both conductor and developer, trust and control have no significant effect on opportunism. Mutual complementarity has significant and positive effect on opportunism. Oppositely, joint partnership experience has significance and negative effect on opportunism. In the result of path analysis on conductor, trust, control and joint partnership experience have no significant effect on opportunism and mutual complementarity has significant and positive effect on opportunism. In the result of path analysis on developer, all of the four factors consist of trust, control, mutual complementarity and joint partnership experience have no significant effect on opportunism. Third, cooperation has significant and positive effect on opportunism from the perspective of both conductor and developer. Fourth, cooperation has significant and positive effect on performance from both conductor’s and developer's perspectives. Meanwhile, opportunism has an insignificant effect on performance in both conductor and developer's perspectives. Theoretical and managerial implications are as follows: First, the result has shown that trust, mutual complementarity, and joint partnership experience have significant and positive effect on cooperation. Oppositely, control has significant and negative effect on cooperation from both conductor’s and developer's perspectives. This tells us that strong control mechanism that may reduce cooperation are not accepted, which has showed different features of strategic alliance in real estate development. In strategic alliance of real estate development project between conductor and developer, many risks exist because the ownership of developer may be misused or abused and co-payment may be difficult to manage. While trust in both real estate and fund management and strong safety devices can reduce anxiety and give alliance members reliability to work together. Second, Mutual complementarity has significant and positive effect on opportunism. This is because that the asset specific of geographic and locational real estate is high and Developer’s mutual complementarity is finished early in a condition that implementation of the JVs(join venture) is uncertain. According to the research result, opportunism is very sensitive in strategic alliance of real estate development project. Therefore, the methods of controlling opportunism should be employed in order to achieve more successful strategic alliances. Consequently, the failure of development project will cause the loss of the people for condominium sales, which has been considered as a big problem in a country. So the guarantee to apartment purchasers must been accomplished and all of the participators should take their responsibilities for strategic alliance of real estate development project.

한국어

전략적 제휴는 둘 이상의 파트너가 협력하는 것으로 성공할 경우, 혼자서는 달성할 수 없는 큰 성과를 거두게 된다. 그러나 많은 전략적 제휴 성과에 대한 연구에서 보듯이 전략적 제휴를 정상적으로 종료하여 성과를 달성하는 것이 매우 어렵다. 이러한 상황은 특히, 자산의 특이성이 크고, 사업기간이 최소 3년 이상 소요되는 부동산(공동주택)개발 사업의 경우에 더욱 두드러질 것이므로 전략적인 제휴 운영이 필요하다. 더욱이 부동산(공동주택) 개발 사업의 실패는 사업당사자 뿐만 아니라 기관협력자는 물론 수(受)분양자에게 까지도 피해를 입히기 때문에 더욱 심각하지만 부동산(공동주택) 개발 사업에서의 전략적 제휴는 아직까지 그 가치와 중요성이 제대로 인식되어 있지 않다. 따라서 본 연구는 전략적 제휴 연구를 바탕으로 부동산(공동주택) 개발의 전략적 제휴에서 협력과 기회주의에 영향을 미치는 선행요인과 결과요인간의 관계를 분석하여 부동산(공동주택) 개발 제휴로 제휴를 좀 더 안정적으로 운영하여 부동산 시장을 보다 안정화시키는 데 기여하고자 하였다. 분석 결과, 부동산(공동주택) 개발 사업은 파트너의 기회주의 행동에 대한 위험을 많이 느끼고 있으며, 유형적 요인 즉, 능력 신뢰, 구조적 통제, 제휴특유투자보다 무형적 요인인 선의 신뢰, 사회적 통제, 상호보완성이 제휴성과에 더 중요한 영향을 미치는 것으로 나타났다.