중소주택건설업체 의사결정 특성

As small and medium-sized housebuilding companies tend to make an investment in a single project with their utmost effort, they are more likely to be exposed to financial risks. These small and medium-sized housebuilding companies make decisions more frequently than large-sized companies because of their short-term projects, which usually last 3 to 5 years and unexpected fluctuations in social and economic environments. Unfortunately, whenever they make wrong decisions, they are highly vulnerable to financial damages or, even, bankrupts. However, more and more small and medium-sized companies with low stability are frequently entering new business fields at the risk of getting liquidated. Therefore, it was necessary to conduct a research about this unexplored field, which, in fact, deserves much more attention from experts. And find out solution for small and medium-sized housebuilding companies. This study aims at analyzing the decision-making characteristics of small and medium-sized housebuilding companies by investigating their decision-making process and its main factors. It is especially focused on identifying the source of their advices or opinions for CEOs, their use of information, ways of dealing with financial crisises when the feasibility gets lower, whether they themselves think their competitiveness is weak, and methods and places they raise funds from. Through these surveys, this study finds out significant variables related with the successful decision making of small and medium sized companies. The result of this analysis states as follows; Firstly, CEOs make decisions by taking outside experts" advice and opinions, such as appraisers, which make CEOs" views quite noticeable. Furthermore, small and medium-sized housebuilding companies tend to have path dependence because decisions mostly depend on CEOs" intuition. Their attempt to consider other companies" methods of business in the aspect of using information and data should be more encouraged. In addition, in the aspect of feasibility, they tend to have sunk cost fallacy as they carry out projects grudgingly for the sake of interest of expenses spent on housing sites, although their business environments become worse. Moreover, they have difficulties in raising funds and further carrying out projects because raising fund is quite hard in the aspect of competitiveness. They also think their brand values are low because of their low level of awareness, and these problems can be further explained by the theory of resource-based view. Lastly, in theaspect of raising funds, they use the second banking sector(non-monetary institutions) because it is difficult for them to use the first banking section(monetary institutions), and they mostly raise funds with parcel payments or equity capital. With all the results above, it was found that small and medium-sized housebuilding companies have such a characteristic as immobility of capital, compared to large-sized housebuilding companies.