Many international public–private partnership projects have suffered from frequent project pending status or failure because of dissimilar interests among stakeholders over projects’ long development period. Thus, this study compares the perception gaps of 27 risks between Korean construction investors and Korean financial investors depending on different development phases of international public–private partnership projects. In the project selection phase, construction investors and financial investors show few risk perception gaps. However, in the bid and proposal phase, they perceive many risks differently: construction investors tend to perceive the construction risk and financial risk as more important, whereas financial investors perceive stakeholder risk and country risk as more significant. This study also discusses the causes of risk perception gaps from three perspectives: (1) time-dependent risk; (2) risk exposure period; (3) risk transfer and responsibility. These findings will be helpful in recognizing the dynamic risk perception gaps between two leading investors for the sustainable development and investment of international PPP projects.
Bibliographical noteFunding Information:
This research was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) funded by the Ministry of Education (No. NRF-2020R1A2C1012739).
© 2020 by the authors. Licensee MDPI, Basel, Switzerland.
All Science Journal Classification (ASJC) codes
- Geography, Planning and Development
- Renewable Energy, Sustainability and the Environment
- Management, Monitoring, Policy and Law