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Assessing corporate economic distress: a study of the wood construction industry
Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
Linnaeus University, Faculty of Technology, Department of Forestry and Wood Technology.
Linnaeus University, Faculty of Technology, Department of Mechanical Engineering.
2017 (English)In: Pro Ligno, ISSN 1841-4737, E-ISSN 2069-7430, Vol. 13, no 4, p. 594-601Article in journal (Refereed) Published
Abstract [en]

Wood buildings are considered as a viable option to support the effort minimizing the current housing shortage in Sweden. Companies trying to develop into this industry are needed to increase the use of prefabricated wooden elements, volumes or modules in an industrialized way. Suitable companies to make this development could be found amongst firms producing wooden single-family houses. These companies currently act on a highly competitive market with many companies offering relatively homogeneous products or services. Therefore, differentiation towards the wooden multi-family house industry could be considered as a long-term strategy, minimizing the economic distress and improving the survival of the company.The study is aiming at describing the development of economic distress and market concentration ratio in the Swedish industry for wooden single-family houses, for an eleven-year period from 2005 to 2015. The companies could be helped to understand, if and how the market concentration ratio and the economic distress are connected, linking company size to economic stability and efficient resource utilization. This will be conducted by applying Altman’s Z’-score model, grouping firms into a risk, a grey or a safe zone, combined with calculating the industry structure by means of the concentration ratio model. The required data were collected from the annual reports of the 51 relevant firms in the industry.

Place, publisher, year, edition, pages
PRO LIGNO Foundation , 2017. Vol. 13, no 4, p. 594-601
National Category
Wood Science Building Technologies
Identifiers
URN: urn:nbn:se:lnu:diva-69660OAI: oai:DiVA.org:lnu-69660DiVA, id: diva2:1172415
Projects
wooden single-family houses; industry structure; concentration ratio; economic distress; Z-score model; wooden multi-family houses.Available from: 2018-01-10 Created: 2018-01-10 Last updated: 2019-09-06Bibliographically approved
In thesis
1. Identifying drivers and barriers for market growth within the industry producing wooden multi-family houses: Land allocation process for future growth
Open this publication in new window or tab >>Identifying drivers and barriers for market growth within the industry producing wooden multi-family houses: Land allocation process for future growth
2019 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

At present, Sweden is experiencing a housing shortage, which Swedish authorities expect to continue until at least 2025. Producers of wooden multi-family houses have a relatively small market share compared to those who use traditional building materials. Limited ability to meet the increased building demand restricts possibilities for development regarding innovation, bio-economy and sustainability.

 

Swedish municipalities are responsible for planning the building development in their regions based on their projected requirements and strategies. Combining this with a desire to develop sustainable building solutions based on wood increases complexity in the public procurement process. Currently, public building developments are achieved through the Public Procurement Act or land-allocation activity, depending on the development strategy. This normally involves developing local strategies regarding, e.g. design, material choice and geographical development. Identifying drivers and barriers in the industry and market enables improved market entry activities related to public building initiatives using wood-based solutions. Hence, improving transparency in land-allocation activity generates possibilities for companies to respond successfully to requests from municipalities. This knowledge is used to better understand the required strategic development for companies, the government and municipalities to increase use of sustainable building materials such as wood in Swedish multi-family housing projects.

 

Results show that the industry experiences barriers associated with municipalities' actions and knowledge related to wood as a building solution. Further, concrete’s strength as a building material is an issue, since municipalities tend to opt for familiar solutions. Furthermore, the way in which municipalities manage land-allocation activity is perceived as insufficient, with limited information, a subjective evaluation process, and uncertainties regarding their roles in the process. These factors contribute to ambiguity and sub-optimisation for developers proposing wood-based building solutions.

Abstract [sv]

Sverige är just nu inne i en bostadskris som enligt de svenska myndigheterna förväntas fortsätta fram till 2025. Tillverkare av flerfamiljshus i trä har en relativt liten marknadsandel jämfört med de traditionella byggnadsmaterialen. Den begränsade byggkapaciteten av träbyggnation hindrar även möjligheterna till innovation, bioekonomi och hållbarhet med fokus på miljömässiga och hållbara byggnadsmetoder.

 

Svenska kommuner ansvarar för att planera en lämplig bostadsutveckling som bygger på krav och strategier i relation till bostadsförsörjningsplanen. Komplexiteten ökar när man kombinerar den ökade efterfrågan med en önskan att utveckla hållbara byggnadslösningar baserade på trä, vilket för närvarande uppnås genom offentlig upphandling eller markanvisning beroende på kommunens utvecklingsstrategi. Detta kan även inkludera lokala strategier beträffande t.ex. design, materialval och geografisk utveckling. Genom att analysera industrins drivkrafter och barriärer kan förbättringsfaktorer identifieras och kunskap om dessa kan bidra till en marknadsutveckling av träbyggnation relaterat till kommunernas behov av bostadsförsörjning. En ökad tydlighet medför förbättrade möjligheter för företag att framgångsrikt svara på kommunernas förfrågan gällande bostadsutvecklingsprojekt. Denna kunskap kan även användas av företagen, regeringen och kommunerna för att bättre förstå det strategiska utvecklingsbehovet relaterat till hållbart byggande av flerfamiljshus med trästomme.

 

Resultaten i denna avhandling visar att industrin upplever hinder som hör samman med kommunernas agerande och dess kunskapsnivå avseende till träbyggnadslösningar. Den nuvarande marknadsdominans för betong som byggmaterial är ett problem då kommunerna ofta tenderar att välja välkända lösningar. Industrin upplever att kunskapsnivån bland de kommuner som hanterarar markanvisningar är otillräcklig, med subjektiva bedömningar av de presenterade byggnadslösningarna, samt kombinerat med otydliga roller inom markanvisningsprocessen. Dessa faktorer bidrar till osäkerhet och suboptimering för de byggherrar som föreslår en bygglösning baserat på trä.

Place, publisher, year, edition, pages
Växjö: Linnaeus University Press, 2019. p. 187
Series
Linnaeus University Dissertations ; 345
Keywords
Wooden multi-family houses, Industry structure, Land allocation activity, Public procurement process, Company drivers, Market barriers.
National Category
Other Mechanical Engineering
Research subject
Technology (byts ev till Engineering), Forestry and Wood Technology
Identifiers
urn:nbn:se:lnu:diva-84503 (URN)978-91-88898-42-5 (ISBN)978-91-88898-43-2 (ISBN)
Public defence
2019-08-28, N1017, Växjö, 10:00 (English)
Opponent
Supervisors
Available from: 2019-06-04 Created: 2019-06-03 Last updated: 2019-12-06Bibliographically approved

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Lindblad, FredrikFlinkman, MattiSchauerte, Tobias

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