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In: Business and Management

Submitted By jazonow
Words 10138
Pages 41
Available online at www.sciencedirect.com

International Journal of Project Management 28 (2010) 117–129 www.elsevier.com/locate/ijproman

The value of trust in project business
Hedley Smyth a,*, Magnus Gustafsson b,1, Elena Ganskau c,2 a School of Construction and Project Management, Bartlett Faculty of the Built Environment, University College London, Gower Street, London WC1E 6BT, United Kingdom b ˚ PBI Research Institute and Abo Akademi University, Aurakatu 1b, FIN-20100 Turku, Finland c PBI Research Institute, Suvorovsky pr., 2b, lit. A, Office 310, 191036 St. Petersburg, Russia Received 11 August 2009; received in revised form 11 November 2009; accepted 17 November 2009

Abstract The paper works towards establishing value for trust in project business, particularly the financial value of trust to project business. Concepts of trust are revisited. Rational explanations of trust are shown wanting, calculations of trust and danger being misrepresentations of how the willingness to trust is formed. The paper argues for the need to establish the interpretative and socially constructed nature of trust, primarily based upon prior experiential and psycho-motive learning in relation to current situational factors. Trust and its relationship to forming expectations and generating confidence are considered. Empirical findings are mobilised to show how trust contributed to value in a financial sense. Value is not an absolute in this context for value is empirically and theoretically shown to relate directly to expectations. Value is defined as an asset and is thus part of social capital for projects and in embedded in firms. Ó 2009 Elsevier Ltd and IPMA. All rights reserved.
Keywords: Confidence; Judgment; Learning; Project business; Trust; Value

1. Introduction This paper addresses the question of the value of trust in project businesses, particularly the value…...

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