The financial structure and ethos of property companies: an empirical analysis

Property companies are a key group in the economy of the built environment. The entrepreneurs that run property companies are responsible for initiating development projects and managing them. The risk incurred by participants in the development process, such as banks and construction firms, is related not only to the risk of the project being undertaken but also to the financial risk associated with the property company that initiates and manages the project. This paper attempts to develop a taxonomy of property companies, for consideration by decision makers in the construction industry in assessing the risk of being involved in a project.