Abstract
New institutional economists state that the different arrangements in informal and formal institutions affect the transaction costs and the institutional arrangements. Nanjing, Hong Kong and Boston represent three different cities immersed in 3 different cultures. The Chinese in Nanjing are immersed in Eastern culture. Hong Kong, a British colony for 150 years with Chinese as the majority group, is a unique city with a mixture of Western and Eastern culture. Boston is a city with a western culture. Apart from these cultural differences, these cities also have different economic, historical and legal backgrounds. How do formal (legal) and informal institutions (e.g., culture) affect the provisions of fittings by developers? No research has been conducted on this topic. Motivated by curiosity, this chapter aims to fill this gap in the research.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Acharya V, Philippon T, Richardson M, Roubini N (2009) The financial crisis of 2007–2009: causes and remedies. Financ Markets Inst Instrum 18:89–137
Bjørnskov C, Dreher A, Fischer JAV (2010) Formal institutions and subjective well-being: revisiting the cross-country evidence. Eur J Polit Econ 26:419–430
Board of Building Regulations and Standards (2009). Home Improvement Contractor Registration/Construction Supervisor License Complaint Application Form. http://www.mass.gov/Eeops/docs/dps/appl/appl_csl-hic_complaint.pdf. Accessed 30th April 2009
Bratton M (2007) The democracy barometers formal versus informal institutions in Africa. J Democracy 18:96–110
Chan WKL, Wong FKW, Scott D (1999) Managing construction projects in China—the transitional period in the millennium. Int J Proj Manage 17:257–263
Chavance B (2008) Formal and informal institutional change: the experience of postsocialist transformation. Eur J Comp Econ 5:57–71
Coase RH (2008) The institutional structure of production. In: Ménard C, Shirley MM (eds) Handbook of new institutional economics. Springer, Chicago
Commonwealth of Massachusetts (2008a) 7th edition one and two family dwellings. http://www.mass.gov/?pageID=eopsterminal&L=4&L0=Home&L1=Consumer+Protection+%26+Business+Licensing&L2=License+Type+by+Business+Area&L3=Home+Improvement+Contractor&sid=Eeops&b=terminalcontent&f=dps_780cmr&csid=Eeops. Accessed 30th March 2009
Commonwealth of Massachusetts (2008b) Massachusetts State building code. http://www.mass.gov/?pageID=eopsterminal&L=4&L0=Home&L1=Consumer+Protection+%26+Business+Licensing&L2=License+Type+by+Business+Area&L3=Home+Improvement+Contractor&sid=Eeops&b=terminalcontent&f=dps_780cmr&csid=Eeops. Accessed 20th March 2009
Ding LY, Chen XH, Sun J (2007) Research on optimal model of risk sharing about housing pre-sale system in China. In: 14th international conference on management science and engineering, Harbin
Farrell H, Héritier A (2003) Formal and informal institutions under codecision: continuous constitution-building in Europe. Gov Int J Policy Adm Inst 16:577–600
Grzymala-Busse A (2010) The best laid plans: the impact of informal rules on formal institutions in transitional regimes. Stud Comp Int Dev 45:311–333
Gunde R (2002) Culture and customs of China. Greenwood Press, London
Hampton NZ, Xiao F (2007) Attitudes toward people with developmental disabilities in Chinese and American students: the role of cultural values, contact, and knowledges. J Rehabil 73:23–32
He N (2009) Great influence of the economic factors to innovative technology utilization: international experiences for China telephony. Asian Soc Sci 5:109–113
Hofstede G (1991) Cultures and organizations: software of the mind, McGraw-Hill, London
Holland RT (2008) “True” breaches of contract: judicial review and the finality of decisions of an awarding authority on claims of a contractor on public construction projects in Massachusetts. Mass Law Rev 91:127–137
Honey DB (1995) Before dragons coiled and tigers crouched: early Nanjing in history and poetry. J Am Orient Soc 115:15–25
Hsu B (1992) The common law in Chinese context. Hong Kong University Press, Hong Kong
Lam YT, Chen ZG (2004) The development of the construction legal system in China. Constr Manage Econ 22:347–356
Lewins R (2007) Acknowledging the informal institutional setting of natural resource management: consequences for policy-makers and practitioners. Prog Dev Stud 7:201–215
Li RYM (2010) Knowledge sharing by Web 2.0 in real estate and construction discipline. In: Anandarajan M, Anandarajan A (eds) E-research collaboration: frameworks, tools and techniques. Springer, Heidelberg, pp 289–301
Li RYM (2011a) Everyday life application of neo-institutional economics. Lambert Academic Publishing, Saarbrucken
Li RYM (2011b) Imperfect information and entrepreneurs’ choice on provision of house fittings. Lex Et Sci Econ Ser 18:269–276
Li RYM, Ah Pak DH (2010) Resistance and motivation to share sustainable development knowledge by Web 2.0. J Inf Knowl Manage 9:251–262
Li RYM, Li YL (2013a) The relationship between law and economic growth: a paradox in China. Asian Soc Sci 9:19–30
Li RYM, Li YL (2013b) The role of competition law: an Asian perspective. Asian Soc Sci 9:47–53
Li RYM, Poon SW (2009) Future motivation in construction safety knowledge sharing by means of information technology in Hong Kong. J Appl Econ Sci 4:457–472
Li RYM, Poon SW (2011) Using Web 2.0 to share the knowledge of construction safety as a public good in nature among researchers: the fable of economic animals. Econ Aff 31:73–79
Li RYM, Poon SW (2013) Construction safety. Springer, Berlin
North DC (1981) Structure and change in economic history. Norton, New York
North DC (1990) Institutions, institutional change and economic performance. Cambridge University Press, Cambridge
Oliver C (1997) Sustainable competitive advantage: combining institutional and resource-based views. Strateg Manage J 18:697–713
Oyserman D, Coon HM, Kemmelmeier M (2002) Rethinking individualism and collectivism: evaluation of theoretical assumptions and meta-analyses. Psychol Bull 128:3–72
Postiglione GA (1991) From capitalism to socialism? Hong Kong education within a transitional society. Comp Educ Rev 35:627–649
Real Estate.Com (2007) Homeowners associations: what you need to know before buying. http://www.realestate.com/tipsandtools/Homeowners-Associations/Homeowners-Associations-What-You-Need-to-Know-Before-Buying.aspx. Accessed 30th March 2009
Secretary of the Commonwealth (2008) Massachusetts facts. http://www.sec.state.ma.us/cis/cismaf/mafidx.htm
Sirmans GS, Macpherson DA, Zietz EN (2005) The composition of hedonic pricing models. J Real Estate Lit 13:3–43
Steer L, Sen K (2010) Formal and informal institutions in a transition economy: the case of Vietnam. World Dev 38:1603–1615
Tay AES, Leung CSC (1995) Greater China law, society and trade. The Law Book Company Limited, Victoria
The American Bar Association (2008) ABA guide to home ownership. http://www.abanet.org/publiced/practical/books/home_ownership/home.html. Accessed 30th March 2009
Toll Brothers (2008) Regency at Assabet Ridge. http://www.tollbrothers.com/communities/8846/lifestyle_brochure/lifestyle_guide.pdf. Accessed 5th May 2008
Viet NQ (2005) Do informal institutions matter?—confucian values on the transition to the rule of law in Vietnam. http://64.233.179.104/scholar?hl=zh-TW&lr=&q=cache:RppdHbFX_PkJ:aslea.org/paper/viet.doc+%22formal+and+informal+institution%22. Accessed 4th May 2008
Wu Y (2009) New institutionalism politics: integration of old institutionalism and other methodologies. Asian Soc Sci 5:105–108
Yu G, Gu M (2001) Laws affecting business transactions in the PRC. Kluwer Law International, Hague
Zhu M (2003) Construction project contract dispute. China Legal Publisher, Beijing
Acknowledgments
This chapter was a revised version of a paper originally presented as Li, Rita Yi Man (2009) How do business environment affect the behavior of businessmen? A triangular study on developers in Nanjing, Hong Kong and Boston, 3rd International Online Conference on Business & Management, 27–28th May 2009, E-Proceeding, a paper published in Li, Rita Yi Man (2010) A study on the impact of culture, economic, history and legal systems which affect the provisions of fittings by residential developers in Boston, Hong Kong and Nanjing, International Journal of Global Business and Management Research, Vol. 1, No. 3/4, pp. 131–141; and a book chapter published in Li, Rita Yi Man (2011) Everyday life application of Neo-institutional Economics Lambert Academic Publishing, Saarbrucken, Germany.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2014 The Author(s)
About this chapter
Cite this chapter
Li, R.Y.M. (2014). The Institutional Analysis of Fittings in Residential Units. In: Law, Economics and Finance of the Real Estate Market. SpringerBriefs in Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-54245-9_3
Download citation
DOI: https://doi.org/10.1007/978-3-642-54245-9_3
Published:
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-54244-2
Online ISBN: 978-3-642-54245-9
eBook Packages: Business and EconomicsEconomics and Finance (R0)