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Abdalla, A, Li, X and Yang, F (2024) Expatriate construction professionals' performance in international construction projects: The role of cross-cultural adjustment and job burnout. Journal of Construction Engineering and Management, 150(03).
Chen, S, Chen, D, Li, L, Miramini, S and Zhang, L (2024) Optimized bridge maintenance strategies: A system reliability-based approach to enhancing road network performance. Journal of Construction Engineering and Management, 150(03).
Do, Q, Le, T and Le, C (2024) Uncovering critical causes of highway work zone accidents using unsupervised machine learning and social network analysis. Journal of Construction Engineering and Management, 150(03).
Gu, J and Guo, F (2024) Promoting digital sustainability through project digital responsibility implementation: An empirical analysis. Journal of Construction Engineering and Management, 150(03).
Guo, J and Kato, H (2024) Role of government equity investment in capital structure of project finance: Global evidence from PPP projects in developing countries. Journal of Construction Engineering and Management, 150(03).
- Type: Journal Article
- Keywords: capital structure; developing countries; government equity investment; project finance
- ISBN/ISSN: 0733-9364
- URL: http://doi.org/10.1061/JCEMD4.COENG-13967
- Abstract:
Various types of government financial support are used to facilitate the financing of public-private partnership (PPP) projects in developing countries, wherein direct equity investment can have a unique impact on capital structure in project finance because of the changing role of the government as a shareholder. However, the distinct impacts of government equity investments have not yet been clearly revealed. This study clarifies the effect of government equity investment on leverage in project finance based on a two-step treatment effect model using a large data set containing 1,326 PPP projects in developing countries. Six hypotheses are proposed to test the direct impacts of government equity investment, participation of development-financing institutions, project characteristics, and moderating impacts from the governance environment on leverage. Empirical evidence reveals that government equity investment can significantly increase leverage in project finance when the ultimate ownership of the project will be transferred back to the government, and that the governance environment can affect the government's decision to invest. The findings suggest that host governments in developing countries can boost lenders' confidence in PPP projects through direct equity investment, but the investment decision should be prudent after considering the domestic governance environment and specific project conditions.
Halder, A and Batra, S (2024) Navigating the ethical discourse in construction: A state-of-the-art review of relevant literature. Journal of Construction Engineering and Management, 150(03).
Harode, A, Thabet, W and Leite, F (2024) Formulation of feature and label space using modified Delphi in support of developing a machine-learning algorithm to automate clash resolution. Journal of Construction Engineering and Management, 150(03).
Heydari, M, Heravi, G, Raeisinafchi, R and Karimi, H (2024) A dynamic model to assess the role of site supervision systems in the safety performance of construction projects. Journal of Construction Engineering and Management, 150(03).
Ibrahim, A, Nnaji, C, Namian, M and Shakouri, M (2024) Evaluating the impact of hazard information on fieldworkers' safety risk perception. Journal of Construction Engineering and Management, 150(03).
Ko, T, Lee, J and David Jeong, H (2024) Project requirements prioritization through NLP-driven classification and adjusted work items analysis. Journal of Construction Engineering and Management, 150(03).
Lee, D, Nie, G Y and Han, K (2024) Automatic and real-time joint tracking and three-dimensional scanning for a construction welding robot. Journal of Construction Engineering and Management, 150(03).
Li, Q, Yang, Y, Yao, G, Wei, F, Xue, G and Qin, H (2024) Multiobject real-time automatic detection method for production quality control of prefabricated laminated slabs. Journal of Construction Engineering and Management, 150(03).
Oguz Erkal, E D, Hallowell, M R, Ghriss, A and Bhandari, S (2024) Predicting serious injury and fatality exposure using machine learning in construction projects. Journal of Construction Engineering and Management, 150(03).
Qureshi, A H, Alaloul, W S, Murtiyoso, A, Hussain, S J, Saad, S and Musarat, M A (2024) Automated scaling of point cloud rebar model via aruco-supported controlled markers. Journal of Construction Engineering and Management, 150(03).
Rajabi Asadabadi, M and Zwikael, O (2024) Unrealistic project goals: Detection and modification. Journal of Construction Engineering and Management, 150(03).
Sadeghi, N, Dehghani, M S and Ingolfsson, A (2024) Choice of probability distributions for activity durations in project networks with limited sample size. Journal of Construction Engineering and Management, 150(03).
Seo, W, Kim, B, Bang, S and Kang, Y (2024) Identifying key financial variables predicting the financial performance of construction companies. Journal of Construction Engineering and Management, 150(03).
Tarekegn Gurmu, A and Mahmood, M N (2024) Critical factors affecting quality in building construction projects: Systematic review and meta-analysis. Journal of Construction Engineering and Management, 150(03).
Withrow, J, Dadi, G, Nassereddine, H and Sturgill, R (2024) Asphalt material e-ticketing workflow: Qualitative and quantitative analysis. Journal of Construction Engineering and Management, 150(03).
Zhang, Y, Ren, X, Zhang, J and Ma, Z (2024) A method for deformation detection and reconstruction of shield tunnel based on point cloud. Journal of Construction Engineering and Management, 150(03).