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Bamana, F, Lehoux, N and Cloutier, C (2019) Simulation of a Construction Project: Assessing Impact of Just-in-Time and Lean Principles. Journal of Construction Engineering and Management, 145(05).
Cai, J, Li, S and Cai, H (2019) Empirical Analysis of Capital Structure Determinants in Infrastructure Projects under Public–Private Partnerships. Journal of Construction Engineering and Management, 145(05).
- Type: Journal Article
- Keywords: Project financing; Capital structure; Generalized least squares (GLS) regression; Public-private partnership (PPP);
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0001658
- Abstract:
Public–private partnerships (PPPs) have emerged as a promising alternative to financing infrastructure projects in order to address the infrastructure restoration and rehabilitation challenge. However, in the current practice no unanimous agreement exists on what factors to consider when making capital structure decisions in PPP infrastructure projects. To close this gap, generalized least-squares (GLS) regression analysis was performed on data from 498 projects across 22 countries to identify the capital structure determinants. At the 10% significance level, three project-specific factors (number of sponsors, number of lenders, and contract type) and four country-specific factors (total tax rate, real interest rate, risk premium on lending, and bond market capitalization) were identified as critical. It contributes to the body of knowledge (1) by explaining the financial decision from the lender’s perspective, which complements common capital structure theories that focus on sponsors; and (2) by providing sponsors, lenders, and governments with knowledge on the primary factors that drive decisions, which in turn forms the base for effective negotiation and optimization of the capital structure in PPP infrastructure projects.
Ercan, T (2019) New Three-Part Model of Innovation Activity in Construction Companies. Journal of Construction Engineering and Management, 145(05).
Firouzi, A and Vahdatmanesh, M (2019) Applicability of Financial Derivatives for Hedging Material Price Risk in Highway Construction. Journal of Construction Engineering and Management, 145(05).
Hussain, S, FangWei, Z and Ali, Z (2019) Examining Influence of Construction Projects’ Quality Factors on Client Satisfaction Using Partial Least Squares Structural Equation Modeling. Journal of Construction Engineering and Management, 145(05).
Lee, J, Park, M, Lee, H and Hyun, H (2019) Classification of Modular Building Construction Projects Based on Schedule-Driven Approach. Journal of Construction Engineering and Management, 145(05).
Lestari, R I, Guo, B H W and Goh, Y M (2019) Causes, Solutions, and Adoption Barriers of Falls from Roofs in the Singapore Construction Industry. Journal of Construction Engineering and Management, 145(05).
Lingard, H, Pirzadeh, P and Oswald, D (2019) Talking Safety: Health and Safety Communication and Safety Climate in Subcontracted Construction Workgroups. Journal of Construction Engineering and Management, 145(05).
Liu, C, Ji, W, AbouRizk, S M and Siu, M F (2019) Equipment Logistics Performance Measurement Using Data-Driven Social Network Analysis. Journal of Construction Engineering and Management, 145(05).
Niu, Y, Anumba, C and Lu, W (2019) Taxonomy and Deployment Framework for Emerging Pervasive Technologies in Construction Projects. Journal of Construction Engineering and Management, 145(05).
Solheim-Kile, E and Wald, A (2019) Extending the Transactional View on Public–Private Partnership Projects: Role of Relational and Motivational Aspects in Goal Alignment. Journal of Construction Engineering and Management, 145(05).
Wong, F K, Chiang, Y, Abidoye, F A and Liang, S (2019) Interrelation between Human Factor–Related Accidents and Work Patterns in Construction Industry. Journal of Construction Engineering and Management, 145(05).
Yazdani, M, Abdi, M R, Kumar, N, Keshavarz-Ghorabaee, M and Chan, F T S (2019) Improved Decision Model for Evaluating Risks in Construction Projects. Journal of Construction Engineering and Management, 145(05).
Yu, Y, Yang, X, Li, H, Luo, X, Guo, H and Fang, Q (2019) Joint-Level Vision-Based Ergonomic Assessment Tool for Construction Workers. Journal of Construction Engineering and Management, 145(05).
Zhao, Z, Guo, X and Chang, R (2019) Market Concentration and Competitive Intensity of the International Engineering Contracting Industry. Journal of Construction Engineering and Management, 145(05).