PurposeThe presence of previous awarded public-private partnership (PPP) infrastructure projects that significantly delays reaching financial close constrain the likely success of new PPP projects. However, effort at investigating financial close delays of PPP projects through empirical studies by the research community received scant attention. Thus, the purpose of this paper is to identify and assess the factors causing delays in PPP projects from reaching financial close in developing countries.Design/methodology/approachThe study adopted literature review and questionnaire survey. In order to capture a broad perception, a questionnaire survey was adopted, which was administered to three different primary stakeholder categories comprised public sector authorities (i.e. ministries, department, and agencies), concessionaires, and lenders/banks already involved in PPP infrastructure projects implementation in Nigeria. The data obtained were analysed using mean score, Kruskal-Wallis test, and factor analysis.FindingsThe study revealed the mean score ranking of 39 identified causes of financial close delays in PPP projects, and the mean score values for all the identified 39 causes of financial close delays are very high. The study, through factor analysis, categorised the 39 identified causes of financial close delays into eight principal factors. The factors are: decreased bankability of PPP projects; unstable economic policy; weak financial, technical, and managerial capabilities of the concessionaires; weak public institutions; lack of creditworthiness of both the project sponsors and active partner; unfavourable economy of the host country; weak legal and unfavourable environment; and high contingent liabilities, respectively.Practical implicationsThe identification and evaluation of the factors delaying PPP projects development from reaching financial close in a reasonable time manner would be useful for PPP primary stakeholders to develop strategies to safeguard the present and future PPP projects implementation in developing countries.Originality/valueThe study findings would be useful for both policymakers considering PPP projects and private investors seeking to finance PPP projects in developing countries. This study is crucial as not many empirical studies have been conducted in developing countries.
Benchmarking: An International Journal – Emerald Publishing
Published: Aug 7, 2017
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera