Print Email Facebook Twitter Transaction Cost and Agency Perspectives on Eco-Certification of Existing Buildings Title Transaction Cost and Agency Perspectives on Eco-Certification of Existing Buildings: A Study of Hong Kong Author Yau, Yung (Lingnan University) Hou, H. (The Hong Kong Polytechnic University) Yip, Ka Chi (Lingnan University) Qian, QK (TU Delft Housing Quality and Process Innovation) Date 2021 Abstract Eco-certification schemes are usually launched with various incentives provided by local governments to facilitate green building development and building energy retrofits. A number of barriers to building energy retrofitting have been identified in previous literature, while the barriers to the eco-certification of existing buildings are under-researched. Drawing on a set of building data retrievable from the BEAM Society and other sources, we carried out an analysis and found the building energy retrofitting, as well as the certification process, were unwelcomed in multi-owned residential buildings. The identified shortfall is put forward from the perspectives of transaction cost theory and agency theory. The findings reveal that high transaction costs incurred during negotiations and coordination among a large number of co-owners within a typical apartment building can outweigh the benefits of retrofitting and eco-certification. Besides, the remuneration structure of third-party property management agents discourages agents from facilitating co-owners to initiate retrofitting. This study provides significant implications for policymakers to understand the concerns of building owners and managers over the decisions and the processes of both the building energy retrofits and eco-certification. The problems and barriers unveiled in this study will facilitate the refining of current energy efficiency policies and related incentives designs. Subject Agency theoryBuilding energy performanceBuilding energy retrofitsGreen building certificationIncentivesTransaction costs To reference this document use: http://resolver.tudelft.nl/uuid:c1601e7e-27b2-4977-a8f1-ec809657eee2 DOI https://doi.org/10.3390/en14196375 ISSN 1996-1073 Source Energies, 14 (19) Part of collection Institutional Repository Document type journal article Rights © 2021 Yung Yau, H. Hou, Ka Chi Yip, QK Qian Files PDF energies_14_06375.pdf 1.14 MB Close viewer /islandora/object/uuid:c1601e7e-27b2-4977-a8f1-ec809657eee2/datastream/OBJ/view