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Willingness to take contractual risk in port public-private partnerships under economic volatility: The role of institutional environment in emerging economies

机译:在经济动荡下愿意在港口公私伙伴关系中承担合同风险:制度环境在新兴经济体中的作用

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摘要

Port infrastructure investment environment is becoming increasingly volatile. Opportunities and challenges coexist and make port investment in view of economic volatility an interesting and important topic to study. A popular form of port investment is public-private partnership (PPP). It refers to a contractual arrangement between public agencies and private companies for works and services traditionally provided by the government. This paper aims to empirically investigate impacts of major economic recessions on private investors' willingness to take port infrastructure PPP contractual risk in emerging economies given a fixed set of institutional environments. Multi-group structural equation modelling is employed and data mainly from the World Bank Private Participation in Infrastructure (PPI) database is tested in the model. Findings show that there is less impact of institutional factors after the 2008 financial crisis. Governmental intervention with quality institutional environment is an effective strategy in attracting private investors in ports.
机译:港口基础设施投资环境日趋动荡。鉴于经济动荡,机遇与挑战并存,使港口投资成为一个有趣而重要的课题。港口投资的一种流行形式是公私合营(PPP)。它是指公共机构和私人公司之间就传统上由政府提供的工作和服务之间的合同安排。本文旨在通过实证研究在给定的固定制度环境下,新兴经济体中主要经济衰退对私人投资者承担港口基础设施PPP合约风险的意愿的影响。使用多组结构方程建模,并在模型中测试了主要来自世界银行基础设施私人参与(PPI)数据库的数据。调查结果表明,2008年金融危机之后,制度因素的影响较小。政府在优质制度环境下的干预是吸引港口私人投资者的有效策略。

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