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Political instability as a risk factor for PPP project success – a case study of the Hungarian M1/M15 motorway project

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Języki publikacji
EN
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EN
Purpose: The main aim of this paper is to analyze political instability as a risk factor for public-private partnership (hereinafter: PPP) project success on the case of the 1992 Hungarian M1/M15 motorway project. Furthermore, it also examines the project success framework and critical success factors in PPPs, as well as project risk division and proper risk allocation. Design/methodology/approach: The text includes a review of relevant literature in the field of political instability and risk management pertaining to PPPs, in combination with a case study illustrating the impact of political instability on a PPP project. Findings: The findings of the case study suggest that Hungary’s institutions at the time of the project did not offer the necessary safeguards against governmental abuse of bargaining power. Independent courts are essential for the success of public-private partnerships, in combination with an emphasis on the protection of property rights and the rule of law. A well-functioning institutional and legal framework offer protection against the failure of public-private partnership projects and constitute a critical success factor for PPPs. Practical implications: Despite growing social infrastructure investment needs, PPP is not developing in accordance with expectations in the majority of developing and emerging economies. Political stability is an essential factor in any development process and happens to be one of the most distinguishing factors between developed and developing countries, in which PPP schemes are underutilized despite an enormous potential for more private sector involvement. Countries lacking independent courts may strongly benefit from alternative dispute resolution procedures. The retention of a larger amount of project risk by the public party may additionally prove to be helpful for the development of PPP markets in nations lacking institutional and political stability. Originality/value: The research problem identified in this paper concerns the implications of political instability – a global phenomenon of growing significance, on the success of PPP projects. The obtained results may be of interest to representatives of science and practice, especially with regards to developing countries, as well as emerging economies.
Rocznik
Tom
Strony
469--482
Opis fizyczny
Bibliogr. 27 poz.
Twórcy
  • University of Warsaw, Faculty of Management
Bibliografia
  • 1. Adam, J. (1995). The Transition to a Market Economy in Hungary. Europe-Asia Studies. DOI: 10.1080/09668139508412301.
  • 2. Aerts, G., Grage, T., Dooms, M., & Haezendonck, E. (2014). Public-private partnerships for the provision of port infrastructure: An explorative multi-actor perspective on critical success factors. Asian Journal of Shipping and Logistics. DOI: 10.1016/j.ajsl.2014.12.002.
  • 3. Aladaǧ, H., & Işik, Z. (2021). Political and legal risks in public-private-partnership mega transportation projects. Proceedings of the Institution of Civil Engineers: Municipal Engineer. DOI: 10.1680/jmuen.21.00017.
  • 4. Baccarini, D. (1999). The Logical Framework Method for Defining Project Success. Project Management Journal. DOI: 10.1177/875697289903000405.
  • 5. Baker, B.N., Murphy, D.C., & Fisher, D. (2008). Factors Affecting Project Success. Project Management Handbook. DOI: 10.1002/9780470172353.ch35.
  • 6. De Wit, A. (1988). Measurement of project success. International Journal of Project Management. DOI: 10.1016/0263-7863(88)90043-9.
  • 7. Grimsey, D., & Lewis, M.K. (2002). Evaluating the risks of public private partnerships for infrastructure projects. International Journal of Project Management. DOI: 10.1016/S0263-7863(00)00040-5.
  • 8. Gurgul, H., & Lach, Ł. (2013). Political instability and economic growth: Evidence from two decades of transition in CEE. Communist and Post-Communist Studies. DOI: 10.1016/j.postcomstud.2013.03.008.
  • 9. Hai, D.T., Toan, N.Q., & Van Tam, N. (2022). Critical success factors for implementing PPP infrastructure projects in developing countries: the case of Vietnam. Innovative Infrastructure Solutions. DOI: 10.1007/s41062-021-00688-6.
  • 10. Hillson, D. (2014). How risky is your project – and what are you doing about it? PMI Global Congress Proceedings.
  • 11. Ika, L.A. (2009). Project Success as a Topic in Project Management Journals. Project Management Journal, pp. 6-19. DOI: 10.1002/pmj.20137.
  • 12. Jiang, W., Lei, J., Sang, M., Wang, Y., & Ye, K. (2021). A conceptual framework for modeling social risk tolerance for ppp projects: An empirical case of China. Buildings. DOI: 10.3390/buildings11110531.
  • 13. Khahro, S.H., Ali, T.H., Hassan, S., Zainun, N.Y., Javed, Y., & Memon, S.A. (2021). Risk severity matrix for sustainable public-private partnership projects in developing countries. Sustainability (Switzerland). DOI: 10.3390/su13063292.
  • 14. Kosztyó, Á., & Mészáros, F. (2005). Political acceptability of privately financed motorways in Hungary. Periodica Polytechnica Transportation Engineering.
  • 15. Luqmani, M., & Quraeshi, Z. (2011). Privatizing state-owned enterprises: A model for developing countries. International Journal of Commerce and Management. DOI: 10.1108/10569211111165307.
  • 16. Ng, S.T., Wong, Y.M.W., & Wong, J.M.W. (2012). Factors influencing the success of PPP at feasibility stage – A tripartite comparison study in Hong Kong. Habitat International. DOI: 10.1016/j.habitatint.2012.02.002.
  • 17. Nisar, T.M. (2007). Value for money drivers in public private partnership schemes. International Journal of Public Sector Management. DOI: 10.1108/09513550710731508.
  • 18. Osei-Kyei, R., & Chan, A.P.C. (2015). Review of studies on the critical success factors for public-private partnership (PPP) projects from 1990 to 2013. International Journal of Project Management. DOI: 10.1016/j.ijproman.2015.02.008.
  • 19. Otairu, A.G., Umar, A.A., Zawawi, N.A.W.A., Sodangi, M., & Hammad, D.B. (2014). Slow adoption of PPPs in developing countries: Survey of nigerian construction professionals. Procedia Engineering. DOI: 10.1016/j.proeng.2014.07.014.
  • 20. Queiroz, C. (2007). Public-private partnerships in highways in transition economies recent experience and future prospects. Transportation Research Record. DOI: 10.3141/1996-05.
  • 21. Rockart, J.F. (1982). The Changing Role of the Information Systems Executive: A Critical Success Factors Perspective. Proceedings of the International Conference on Information Systems.
  • 22. Sastoque, L.M., Arboleda, C.A., & Ponz, J.L. (2016). A Proposal for Risk Allocation in Social Infrastructure Projects Applying PPP in Colombia. Procedia Engineering.DOI: 10.1016/j.proeng.2016.04.174.
  • 23. Timár, A. (1994). Attracting private capital to finance toll motorways in Hungary: Foreign summaries. Transport Reviews. DOI: 10.1080/01441649408716872.
  • 24. Toriola-Coker, L., Owolabi, H., Alaka, H., Bello, W.A., & Pathirage, C. (2021). Critical success factors (CSFs) for motivating end-user stakeholder’s support for ensuring sustainability of PPP projects in Nigerian host communities. Journal of Engineering, Design and Technology. DOI: 10.1108/JEDT-04-2021-0202.
  • 25. Vose, D. (2008). Risk Anaysis – A quantitative guide. John Wiley & Sons.
  • 26. Wolański, M., Mrozowski, W., Zaremba, M. (2017). Public-private partnership – theory, best practices and the newest polish experience. SGH Warsaw School of Economics Publishing House.
  • 27. Zimmermann, J., & Eber, W. (2014). Consideration of Risk in PPP-Projects. Business, Management and Education. DOI: 10.3846/bme.2014.03.
Uwagi
PL
Opracowanie rekordu ze środków MEiN, umowa nr SONP/SP/546092/2022 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2022-2023).
Typ dokumentu
Bibliografia
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bwmeta1.element.baztech-5c7f8525-d4bb-4d6c-8250-75b71c8de648
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