Purpose

This paper aims to investigate the multi-faceted impact of host country risks on the success of private participation in infrastructure projects. The authors make a distinction between exogenous and endogenous risks, differentiating those that are completely beyond the control of the firm from those in which firms might exert some degree of influence to reduce the negative repercussions.

Design/methodology/approach

Drawing on logistic regression analyses, the authors analyze a sample of 10,350 private participation in infrastructure projects in 126 countries from 1997 to 2014.

Findings

The authors find that higher levels of exogenous risk are associated with a lower probability of project success, whereas they find no significant effect for endogenous risk.

Originality/value

By pointing to this differential effect, this study makes a contribution to the current debate in the literature on private participation projects.

中文翻译：

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东道国风险对私人参与基础设施项目成功的多方面影响

目的

本文旨在调查东道国风险对私人参与基础设施项目成功的多方面影响。作者区分了外生和内生风险，将那些完全超出公司控制范围的风险与公司可能施加一定程度影响以减少负面影响的风险区分开来。

设计/方法/方法

利用逻辑回归分析，作者分析了 1997 年至 2014 年期间 126 个国家的 10,350 名私人参与基础设施项目的样本。

发现

作者发现，较高水平的外生风险与较低的项目成功概率相关，而他们发现对内生风险没有显着影响。

原创性/价值

通过指出这种差异效应，本研究为当前文献中关于私人参与项目的辩论做出了贡献。