Identifying Political Risk Management Strategies in International Construction Projects
International construction projects are plagued with political risk, and international construction enterprises (ICEs) must manage this risk to survive. However, little attention has been devoted to political risk management strategies in international construction projects. To fill this research ga...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Wiley
2018-01-01
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| Series: | Advances in Civil Engineering |
| Online Access: | http://dx.doi.org/10.1155/2018/1016384 |
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| _version_ | 1832556765787455488 |
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| author | Tengyuan Chang Bon-Gang Hwang Xiaopeng Deng Xianbo Zhao |
| author_facet | Tengyuan Chang Bon-Gang Hwang Xiaopeng Deng Xianbo Zhao |
| author_sort | Tengyuan Chang |
| collection | DOAJ |
| description | International construction projects are plagued with political risk, and international construction enterprises (ICEs) must manage this risk to survive. However, little attention has been devoted to political risk management strategies in international construction projects. To fill this research gap, a total of 27 possible strategies were identified through a comprehensive literature review and validated by a pilot survey with 10 international experts. Appraisals of these 27 strategies by relevant professionals were collected using questionnaires, 155 of which were returned. Exploratory factor analysis was conducted to explore the interrelationships among these 27 strategies. The results show that all of the 27 strategies are important for political risk management in international construction projects. Moreover, these 27 strategies were clustered into six components, namely, (1) making correct decisions, (2) conducting favorable negotiations, (3) completing full preparations, (4) shaping a good environment, (5) reducing unnecessary mistakes, and (6) obtaining a reasonable response. The 6 components can be regarded as 6 typical management techniques that contribute to political risk management in the preproject phase, project implementation phase, and postevent phases. The findings may help practitioners gain an in-depth understanding of political risk management strategies in international construction projects and provide a useful reference for ICEs to manage political risks when venturing outside their home countries. |
| format | Article |
| id | doaj-art-9dfb6a0a829d4365bcddc0bb6c2ff1c7 |
| institution | Kabale University |
| issn | 1687-8086 1687-8094 |
| language | English |
| publishDate | 2018-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Advances in Civil Engineering |
| spelling | doaj-art-9dfb6a0a829d4365bcddc0bb6c2ff1c72025-02-03T05:44:27ZengWileyAdvances in Civil Engineering1687-80861687-80942018-01-01201810.1155/2018/10163841016384Identifying Political Risk Management Strategies in International Construction ProjectsTengyuan Chang0Bon-Gang Hwang1Xiaopeng Deng2Xianbo Zhao3School of Civil Engineering, Southeast University, Si Pai Lou, Nanjing 210096, ChinaDepartment of Building, National University of Singapore, 4 Architecture Drive, 117566, SingaporeSchool of Civil Engineering, Southeast University, Si Pai Lou, Nanjing 210096, ChinaSchool of Engineering and Technology, Central Queensland University, 400 Kent Street, Sydney, NSW 2000, AustraliaInternational construction projects are plagued with political risk, and international construction enterprises (ICEs) must manage this risk to survive. However, little attention has been devoted to political risk management strategies in international construction projects. To fill this research gap, a total of 27 possible strategies were identified through a comprehensive literature review and validated by a pilot survey with 10 international experts. Appraisals of these 27 strategies by relevant professionals were collected using questionnaires, 155 of which were returned. Exploratory factor analysis was conducted to explore the interrelationships among these 27 strategies. The results show that all of the 27 strategies are important for political risk management in international construction projects. Moreover, these 27 strategies were clustered into six components, namely, (1) making correct decisions, (2) conducting favorable negotiations, (3) completing full preparations, (4) shaping a good environment, (5) reducing unnecessary mistakes, and (6) obtaining a reasonable response. The 6 components can be regarded as 6 typical management techniques that contribute to political risk management in the preproject phase, project implementation phase, and postevent phases. The findings may help practitioners gain an in-depth understanding of political risk management strategies in international construction projects and provide a useful reference for ICEs to manage political risks when venturing outside their home countries.http://dx.doi.org/10.1155/2018/1016384 |
| spellingShingle | Tengyuan Chang Bon-Gang Hwang Xiaopeng Deng Xianbo Zhao Identifying Political Risk Management Strategies in International Construction Projects Advances in Civil Engineering |
| title | Identifying Political Risk Management Strategies in International Construction Projects |
| title_full | Identifying Political Risk Management Strategies in International Construction Projects |
| title_fullStr | Identifying Political Risk Management Strategies in International Construction Projects |
| title_full_unstemmed | Identifying Political Risk Management Strategies in International Construction Projects |
| title_short | Identifying Political Risk Management Strategies in International Construction Projects |
| title_sort | identifying political risk management strategies in international construction projects |
| url | http://dx.doi.org/10.1155/2018/1016384 |
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