Institutional Element in Malaysia Housing Industry

Institutional economic theory stresses the influence of human behavior and regulations in economic environment. Human behavior including interaction with other parties or agent, regulation and policy created by government will put the economy in its own situation. Therefore, this theory is able to describe the economic environment in a broaden aspect and not only see it as the system that will operate independently base on demand and supply. Institutional theory is commonly applied in land development process but rarely address in housing industry. Therefore, this paper attempted to address housing industry base on institutional theory perspective. Several institutional elements are indicate in Malaysia housing industry base on work by Omar 2001 and the setting of these element is stress in Malaysia housing industry. There are three element of institution such as formal and informal rule technology and interaction between agents in housing industry that influence the behavior of developer in housing industry. Mohd Azwanfadzli Deris | Nurul Munazzah Sadikin "Institutional Element in Malaysia Housing Industry" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Special Issue | International Conference on Advanced Engineering and Information Technology , November 2018, URL: https://www.ijtsrd.com/papers/ijtsrd19135.pdf