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Title: A Principal-Agent Theory Perspective on PPP Risk Allocation
Authors: Shrestha, Asheem
Tamošaitienė, Jolanta
Martek, Igor
Hosseini, M Reza
Edwards, David J
Keywords: risk allocation
public private partnerships
principal-agent theory
Issue Date: 2019
Publisher: MDPI
Citation: Shrestha, A.; Tamošaitienė, J.; Martek, I.; Hosseini, M.R.; Edwards, D.J. A Principal-Agent Theory Perspective on PPP Risk Allocation. Sustainability 2019, 11, 6455.
Series/Report no.: 11;22
Abstract: This study proposes a framework for the allocation of risk in public private partnerships (PPP) projects. Its contribution lies in the recognition and incorporation of risks introduced by project stakeholders, and as articulated by the principal-agent theory (PAT). The framework assesses risks and routes these risks to those parties best equipped to mitigate their impact on the project. This allocation of risk is facilitated by a thirteen-step process. The practical benefit of this study lies in outlining a clear, systematic method for allocating risk efficiently to both the government and private enterprise parties of the project. In so doing, risk mitigation can be expected to improve project performance, optimize stakeholder goals, and enhance sustainability objectives, including improved operational life-cycle efficiency and elevated social and community benefits.
Description: This article belongs to the Special Issue Sustainability and Risks in Construction Management
ISSN: 2071-1050
Appears in Collections:Moksliniai straipsniai / Research articles

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