Journal
INTERNATIONAL JOURNAL OF PROJECT MANAGEMENT
Volume 37, Issue 1, Pages 117-130Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.ijproman.2018.10.008
Keywords
Control of corruption; Regulation; Government effectiveness; Rule of law; Private investment; Risk allocation
Categories
Funding
- National Natural Science Foundation of China [71303028, 71774023, 71734001, 71702132]
- National Social Science Foundation of China [16CJY009]
- Fundamental Research Funds for the Central Universities [DUT18RW207]
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PPPs have become a popular way to supply infrastructure around the world. However, compared with developed countries, most developing countries have failed to attract private investment over the past years. Risk allocation and governance environment (e.g., the extent of public participation, the level of political stability, the quality of public services, the ability of regulations, abiding the law, and the extent of corruption) may be important factors. To test the hypotheses, using about 4560 PPP projects in 138 developing countries from 2002 to 2015, this paper applies the Tobit regression model to investigate the interaction effect of governance environment and risk assumed by private partners on private investment. Results indicate that private partners assume that less risk can attract more private investment, and that a higher level of governance (control of corruption, government effectiveness, regulatory quality, and rule of law) reduces the negative influence of risk assumed by private partners on private investments. (C) 2018 Elsevier Ltd, APM and IPMA. All rights reserved.
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