In the contemporary economy, finance industry interests and finance theory propositions increasingly determine investment behavior. Project management scholars access conceptual frameworks and methods that shed light on day-to-day project management practices, but such practices are themselves shaped by the supply and cost of finance capital. Consequently, project management scholarship would benefit from a closer look at finance industry practices to better understand how, for example, calculations and risk assessments matter for day-to-day project management practices. In order to theorize the project organization form, finance theory and its key concepts of risk and uncertainty need to be recognized and subject to scholarly inquiry. This article presents two cases of project work, wherein the former (life science ventures) is thinly capitalized on the basis of uncertainty in the development activities, whereas the latter case (housing production) is thickly capitalized, which indicates that subsidies, insurances, and exemptions increase investment appetite. In either case, economic and social welfare are not maximized, which calls for project management scholars to recognize the role of finance industry practices when allocating finance capital to various projects.

中文翻译：

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资本稀薄和资本充足的项目：将金融市场和资本供应在项目管理研究中的作用理论化

在当代经济中，金融行业利益和金融理论命题越来越多地决定着投资行为。项目管理学者访问了阐明日常项目管理实践的概念框架和方法，但这些实践本身受金融资本的供应和成本的影响。因此，项目管理奖学金将受益于对金融行业实践的仔细研究，以更好地了解例如计算和风险评估对日常项目管理实践的重要性。为了将项目组织形式理论化，金融理论及其风险和不确定性的关键概念需要得到认可并进行学术探究。本文介绍了两个项目工作案例，其中，前者（生命科学企业）由于发展活动的不确定性而资本稀薄，而后者（住房生产）资本雄厚，这表明补贴、保险和豁免增加了投资意愿。在任何一种情况下，经济和社会福利都没有最大化，这要求项目管理学者在将金融资本分配给各种项目时认识到金融行业实践的作用。