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The impact of institutional conditions on willingness to take contractual risk in port public-private partnerships of developing countries

机译：制度条件对发展中国家港口公私伙伴关系中承担合同风险的意愿的影响

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摘要

Public-private partnerships (PPPs) are gaining popularity in port development projects especially in developing countries. A key question emerges that why private companies are willing to take more risk in some port PPP projects but not in others. This paper empirically investigates willingness to take port PPP contractual risk from institutional perspectives. Specifically, the paper examines impacts of business friendliness, political effectiveness, and freedom from governmental intervention on private investors' willingness to take port PPP contractual risk. The analysis covers a total of 398 port PPP projects in developing countries from 1995 to 2016 based on the World Bank Private Participation in Infrastructure database. Findings reveal that the effect of political effectiveness on willingness to take contractual risk mediates through two variables (1) business friendliness and (2) freedom from governmental intervention, where the former mediation contributes positively, and the latter has a negative impact. The research is the first attempt in the literature that examines differences in the willingness to take PPP contractual risk among private investors. Policy and managerial implications for various stakeholders are discussed.
机译：公私伙伴关系（PPP）在港口开发项目中越来越受欢迎，尤其是在发展中国家。一个关键问题浮出水面，为什么私人公司愿意在某些港口PPP项目中承担更多的风险，而在其他港口PPP项目中却不愿意承担更多的风险。本文从制度的角度实证研究了承担港口PPP合同风险的意愿。具体而言，本文探讨了商业友好，政治有效性以及不受政府干预的自由度对私人投资者承担港口PPP合同风险的意愿的影响。根据世界银行基础设施私人参与数据库，该分析涵盖了1995年至2016年间发展中国家的398个港口PPP项目。调查结果表明，政治效力对承担合同风险的意愿的影响通过两个变量进行介导：（1）商业友善和（2）免于政府干预，前者在调解中发挥了积极作用，而后者则带来了消极影响。该研究是文献中首次尝试检验私人投资者之间承担PPP合约风险意愿的差异。讨论了对各种利益相关者的政策和管理意义。

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