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Çıdık, M S and Boyd, D (2022) Value implication of digital transformation: the impact of the commodification of information. Construction Management and Economics, 40(11–12), 903–17.
Andersson, R and Eidenskog, M (2023) Beyond barriers – exploring resistance towards BIM through a knowledge infrastructure framework. Construction Management and Economics, 41(11–12), 926–41.
Andreas, B, Fernie, S and Dainty, A (2022) Understanding policy and change: using a political economy analysis framework. Construction Management and Economics, 40(11–12), 865–83.
Brunet, M and Cohendet, P (2022) Transforming construction: heterarchical megaproject ecologies and the management of innovation. Construction Management and Economics, 40(11–12), 973–86.
Gluch, P and Hellsvik, S (2023) The influence of multiple logics on the work of sustainability professionals. Construction Management and Economics, 41(11–12), 893–909.
Jones, K, Mosca, L, Whyte, J, Davies, A and Glass, J (2022) Addressing specialization and fragmentation: product platform development in construction consultancy firms. Construction Management and Economics, 40(11–12), 918–33.
Lundberg, O, Nylén, D and Sandberg, J (2022) Unpacking construction site digitalization: the role of incongruence and inconsistency in technological frames. Construction Management and Economics, 40(11–12), 987–1002.
Ninan, J, Sergeeva, N and Winch, G (2022) Narrative shapes innovation: a study on multiple innovations in the UK construction industry. Construction Management and Economics, 40(11–12), 884–902.
Rosander, L (2022) Same same but different: dynamics of a pre-procurement routine and its influence on relational contracting models. Construction Management and Economics, 40(11–12), 955–72.
Salmi, A, Jussila, J and Hämäläinen, M (2022) The role of municipalities in transformation towards more sustainable construction: the case of wood construction in Finland. Construction Management and Economics, 40(11–12), 934–54.
Wang, J, Li, X, Memari, A, Skitmore, M, Zhong, Y and Ashuri, B (2023) Data-driven assessment on the corporate credit scoring mechanism for Chinese construction supervision companies. Construction Management and Economics, 41(11–12), 961–75.
Wang, X, Wang, S and Gao, Y (2023) Optimal equity structure of PPP projects when private-sector shareholders’ “investor-contractor” dual roles is considered. Construction Management and Economics, 41(11–12), 910–25.
- Type: Journal Article
- Keywords: PPP projects; equity structure; “investor-contractor” dual role; cooperative game; incentive mechanism;
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446193.2023.2216319
- Abstract:
More often than not, in typical public-private partnership (PPP) projects, the construction contractor (CC) and operating contractor (OC) serve as shareholders simultaneously. CC and OC shareholders have different payback periods and paths, which may result in opportunistic risk. Therefore, an optimal equity structure is required to lower this risk. Based on cooperative game theory, a game model was developed to determine the optimal equity structure between CC and OC. The findings indicate that when the relative complexity of PPP project construction is higher than that of operation, CC should be given a higher equity ratio. Conversely, when the relative complexity of PPP project operation is higher, OC should be given a higher equity ratio. When the construction and operation of the project are equally complex, allocating equity ratios according to market value can reduce transaction costs, based on transaction cost theory. The findings also suggest that increasing CC’s equity ratio can effectively motivate them to better complete the construction work in the long run when the benefits of construction quality are significant. As for OC, increasing bonuses is also an effective incentive method. These findings provide insights into the design of the equity structure of PPP projects to enhance their success.
Woolcott, G, Loosemore, M, Keast, R and Chamberlain, D (2023) Addressing youth un/underemployment through construction social procurement: an ecological systems theory perspective. Construction Management and Economics, 41(11–12), 942–60.