Evaluation of risks affecting international construction joint venture (ICJV) projects in Ghana

IF 2.6 Q1 ENGINEERING, MULTIDISCIPLINARY

Journal of Engineering Design and Technology Pub Date : 2023-01-13 DOI:10.1108/jedt-06-2022-0299

Stephen Akunyumu, F. Fugar, E. Adinyira

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引用次数: 1

Abstract

Purpose The failure rate of international construction joint venture (ICJV) projects has been noted to be high in developing countries due to the complexity and risky nature of construction projects in the international market. The purpose of this study is to identify and evaluate the risks facing ICJV projects in Ghana. Design/methodology/approach A risk register was developed through a comprehensive literature review. The identified risks were then used in a questionnaire survey involving local and foreign partners in ICJV projects in Ghana. Findings From a total of 74 risks identified, categorized into country-level risks, market-level risks and project-level risks, the “top ten” risks found to be the most critical risks facing ICJV projects in Ghana include unstable currency exchange rates, inflation, design changes, high-interest rate, budget overrun, cash flow problems of the client, economy fluctuation, difficulty in obtaining approval of projects from host government authorities/bureaucracy, potential financial distress of JV partner and bribery and corruption. Originality/value This study provides a comprehensive list of risks ICJV partners are likely to encounter on their projects in developing countries. Furthermore, this study improves on one of the major limitations of previous ICJV studies by collecting data from both partners of the ICJV, appropriate for cross-cultural examination and comparison.

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影响加纳国际建筑合资企业（ICJV）项目的风险评估

目的由于国际市场上建筑项目的复杂性和风险性，发展中国家的国际建筑合资企业项目的失败率一直很高。本研究的目的是识别和评估加纳ICJV项目面临的风险。设计/方法/方法通过全面的文献综述制定了风险登记册。然后，将确定的风险用于对加纳ICJV项目的本地和外国合作伙伴进行的问卷调查。结果从总共确定的74种风险中，分为国家级风险、市场级风险和项目级风险，发现加纳ICJV面临的最关键风险“前十大”包括货币汇率不稳定、通货膨胀、，设计变更、高利率、预算超支、客户现金流问题、经济波动、难以从东道国政府当局/官僚机构获得项目批准、合资伙伴的潜在财务困境以及贿赂和腐败。原创性/价值本研究提供了ICJV合作伙伴在发展中国家的项目中可能遇到的风险的综合列表。此外，本研究通过收集ICJV双方的数据，改进了以往ICJV研究的一个主要局限性，适用于跨文化检查和比较。

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来源期刊

Journal of Engineering Design and Technology ENGINEERING, MULTIDISCIPLINARY-

CiteScore

6.50

自引率

21.40%

发文量

期刊介绍： - Design strategies - Usability and adaptability - Material, component and systems performance - Process control - Alternative and new technologies - Organizational, management and research issues - Human factors - Environmental, quality and health and safety issues - Cost and life cycle issues - Sustainability criteria, indicators, measurement and practices - Risk management - Entrepreneurship Law, regulation and governance - Design, implementing, managing and practicing innovation - Visualization, simulation, information and communication technologies - Education practices, innovation, strategies and policy issues.