Please use this identifier to cite or link to this item: https://doi.org/10.1155/2018/1016384
Title: Identifying Political Risk Management Strategies in International Construction Projects
Authors: Chang T.
Hwang B.-G. 
Deng X.
Zhao X.
Issue Date: 2018
Publisher: Hindawi Limited
Citation: Chang T., Hwang B.-G., Deng X., Zhao X. (2018). Identifying Political Risk Management Strategies in International Construction Projects. Advances in Civil Engineering 2018 : 1-11. ScholarBank@NUS Repository. https://doi.org/10.1155/2018/1016384
Abstract: 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. © 2018 Tengyuan Chang et al.
Source Title: Advances in Civil Engineering
URI: http://scholarbank.nus.edu.sg/handle/10635/152502
ISSN: 16878086
DOI: 10.1155/2018/1016384
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