Analysis of Features Affecting Contracted Rate of Return of Korean PPP Projects

Kim, Kangsoo; Kim, Jin Oh; Yook, Donghyung

doi:10.3390/su13063311

Cited by 6 publications

(6 citation statements)

References 69 publications

(110 reference statements)

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“…Intellectuals disagree on what elements contribute to the success of PPPs. Based on interviews with industry experts, Kim et al (2021) determined the important success elements for PPP projects in South Korean social infrastructure. The study discovered that "effective communication, clear allocation of risks, stakeholder engagement, appropriate incentives, and efficient project management" are CSFs for PPP projects in social infrastructure.…”

Section: Identification Of Critical Success Factorsmentioning

confidence: 99%

Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projects

Shah,

Kumar,

Shah

et al. 2023

JFMPC

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Purpose The sustainable development goal (SDG 17) is to strengthen the means of implementation and revitalise the global partnership for sustainable development. Partnership is a key strategy for acquiring skills, information and private finance for developing critical infrastructure projects. Existing studies have mostly concentrated on identifying critical success factors (CSFs) for successfully delivering public–private partnerships (PPPs) projects, but the interrelationships among CSFs expected from stakeholders have garnered less attention. The purpose of this study is to examine the interconnections among CSFs of PPP projects while keeping the public in mind, as well as the influencing routes that contribute to success in the PPP implementation process. Design/methodology/approach The study uses a mixed-method approach that involves both quantitative and qualitative methods of data collection. The data for the study were collected through a well-structured questionnaire from the respondents who are directly or indirectly associated with the PPP project implementation process. The CSF’s framework was built using a literature study and expert interviews; nine hypotheses were developed and evaluated using structural equation modelling. Random and purposive sampling techniques were used for the respondents who were directly or indirectly associated with the PPP project implementation process. Findings The findings of this study reveal that the relationship between public and private partners is more adherent than collaborative, with unequal responsibilities, powers and resources distributed among the parties involved. The relevance of state rules, the PPP directive and policies in PPP implementation is supported by the positive connection between favourable environments (Fav_Env) and government attributes (Gov_Atr; the path coefficient is 0.405). Moreover, government attributes have a favourable influence on private company attributes (Pvt_Atr; the path coefficient is 0.198), showing that the state plays a substantial role in the private sector’s decision-making process in PPP. The long-term sustainability and success of a PPP project are dependent on the established interrelationships between CSFs. Practical implications The established interrelationships between CSFs will contribute to the long-term viability and success of a PPP project. Since PPP is still in its infancy in India, the study of CSFs in PPPs and their interrelationships will help policymakers and other stakeholders better understand the major individual factors impacting the success or failure of PPP initiatives. Originality/value Because PPP is still in its infancy in India, the study of CSFs in PPPs and their interrelationships will help policymakers and other stakeholders to better understand the major individual factors impacting the success or failure of PPP initiatives. A key implication of the study borders on providing a better understanding of the relationships between CSFs and public engagement. This is also critical for the long-term viability of PPPs and the enhancement of public service quality.

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Section: Identification Of Critical Success Factorsmentioning

confidence: 99%

Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projects

Shah,

Kumar,

Shah

et al. 2023

JFMPC

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“…Low labour and inefficacy of equipment, issues arising from procurement, defective construction work, as well as contractors have contributed much to the lagging behind of road construction projects particularly in terms of performance [12,16,20]. Studies indicate that cost overrun and delay in the completion time of large infrastructure projects have been among the most common risks influencing project performance [9]. It has been evidenced that identifying risk sources in the road construction industry will facilitate the proper ways to allocate these risks to dispense the risk responsibilities of the stakeholders [16,20].…”

Section: Literature Reviewmentioning

confidence: 99%

“…The implication of this finding is that construction as a risk sector and associated road works, which are more risky, require a coordinated risk planning approach. Other researchers acknowledge that risk factors influence the success of public-private part-nership (PPP) projects and if well managed, they can minimize the financial burden of both the government and private companies [9]. The issues around the creation of a risk planning approach not only affect contractors and consultants in developed countries but developing countries as well.…”

Section: Creation Of a Risk Planning Approachmentioning

confidence: 99%

“…Understanding the risk handling responsibilities and their allocations will lead to the achievement of the project quality, time, cost (hard criteria) and safety, environmental sustainability (soft criteria), which are key factors for indicating the success of a road project performance [2][3][4][5]. Despite the promising development of the construction industry, risk factors such as: inadequacy in local contractors and consultants capacity, capital, favourable donor conditions; hence poor working environment, inefficient procurement systems, financial mismanagement, application of inappropriate delivery practices, occasional low technological equipment, and erratic work opportunities have hindered the performance of construction projects [6][7][8][9]. Although some degree of poor cost and schedule performance is inescapable in construction projects, improvement of risk management through risk handling responsibilities will reduce its impacts, hence improving performance and delivery of road projects.…”

Section: Introductionmentioning

confidence: 99%

“…The construction industry is a high-risk industry with complex and dynamic project environments creating an atmosphere of high uncertainty. As a result, many projects fail to meet time schedules, targets of budget, and sometimes even the scope of work, probably due to the mishandling of risk responsibilities [4,9]. The Tanzanian construction industry and specifically the road construction sector have emerged to be a major sector for economic growth.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Risk Handling Responsibilities in Tanzanian Project-Based Organisations

Sospeter

Chileshe

2021

Sustainability

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Risk handling is one of the elements and essential parts of risk management when properly incorporated into a project. However, there is inadequate knowledge amongst the contractual parties on risk handling responsibilities in road projects, particularly in Sub-Saharan African developing countries. This study is aimed at bridging that knowledge gap by investigating the perceptions of contractors and consultants on the risk handling responsibilities in road projects in Tanzania. The primary data were collected from 80 registered foreign and local civil contractors and engineering consultants based in Dar es Salaam. Descriptive statistics and inferential statistics were used for the data analysis. The results show that both contractors and consultants ranked safety project provision and ensuring quality provision in terms of construction as shared risk responsibilities among contractual parties. The findings further show that consultant-related risk responsibilities are: safety provision, the use of historical cost deviation, ensuring quality provision, and review of knowledge on budgeting. On the other hand, contractor-related risk responsibilities include: safety provision and ensuring quality provision. The findings of this study can be used by the practitioners and stakeholders as important lessons useful for controlling risks and making decisions when they intend to participate in such projects during the construction stage.

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Determining contract conditions in a PPP project among deep uncertainty in future outturn travel demand

Kim

Cho

et al. 2022

Transportation

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Analysis of Features Affecting Contracted Rate of Return of Korean PPP Projects

Cited by 6 publications

References 69 publications

Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projects

Examining the relationship among critical success factors (CSFs) for delivery of sustainable public-private partnership projects

Risk Handling Responsibilities in Tanzanian Project-Based Organisations

Determining contract conditions in a PPP project among deep uncertainty in future outturn travel demand

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