It is well known that only efficient firms can ultimately survive in competitive markets. This study measured and analyzed changes in cost efficiency and Malmquist productivity indices of listed construction firms during the period from 1996 to 2000, encompassing the period before and after the foreign exchange crisis, using mathematical programming methods. For more detailed analysis, the former was further decomposed into various efficiency components including technical efficiency, allocative efficiency, pure technical efficiency, and scale efficiency, while the latter was decomposed into efficiency change and technological change components. In particular, this study aimed to identify specific factors based on hypotheses regarding various factors that can explain inefficiency and unproductivity, and to propose strategies that construction firms should adopt to enhance future efficiency and productivity. The results revealed that during the financial crisis period, the efficiency gap between leading firms and inefficient construction firms widened further, and the primary cause of inefficiency was allocative inefficiency resulting from failure in optimal allocation of production factors. Additionally, efficiency and productivity were found to be primarily influenced by institutional shareholding ratio, firm size, and accounts receivable turnover ratio.