Le, P T; Chileshe, N; Kirytopoulos, K and Rameezdeen, R (2020) Exploring the underlying relationship among risks in BOT transportation projects in developing countries: The case of Vietnam. Journal of Financial Management of Property and Construction, 26(1), pp. 103-125. ISSN 1366-4387
Abstract
Purpose: Despite the fact that extensive studies on public-private partnerships have focused on risk identification and classification, research still lacks concentration on studying the latent structure of risks in build operate transfer (BOT) transportation projects, especially in developing countries. The research was carried out in Vietnam and this paper aims to explore the underlying relationships among risks in the context of BOT transportation projects. Design/methodology/approach: A questionnaire survey was conducted to investigate the perception of stakeholders regarding the probability of occurrence and the severity of the impact of risks related to BOT transportation projects. Factor analysis was performed based on a total of 40 risks. Findings: Seven risk groups were formed as a result of factor analysis, namely, “projects' viability and political-regulatory risks”, “macroeconomic risks”, “projects' feasibility study and market risks”, “financial risks”, “organization/coordination and force majeure risks”, “tolling, contractual, approvals risks” and “media and land expropriation risks”. Originality/value: The research contributes to the current body of knowledge by providing deep insight into the structure of risks in BOT transportation projects in Vietnam through exploring the underlying relationships among risks, to form a latent risk structure from practical viewpoints. The findings are beneficial for involved stakeholders and policymakers to set up and propose suitable management strategies and related policies.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | build-operate-transfer; project management; factor analysis; public-private partnership; risk mangement; risk structure; risks |
| Index terms: | build-operate-transfer, Vietnam, partnership, approval, transportation project, force majeure, risk identification, body of knowledge, questionnaire, methodology, land, project management, developing country, factor analysis, survey, coordination, feasibility study, management strategy, media |
| Subjects: | contractual arrangements, sociology, management, data collection methods, Geography, real estate economics, knowledge management, statistical analysis, contractual role, partnership management, infrastructure and transport systems, mitigation, development economics, project management theory and practice, research methods, financial risk, design stages |
| Topics: | Urban Studies, Geographical Context, Project Management, Research Practice, Information Management, Design Practice, Business Strategy, Organizational Design, Contract Administration, Engineering Principles, Cost Management, International Construction, Procurement, Stakeholder Management |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here