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Finansal ve Kurumsal Risklerin Kamu-Özel İş Birliği Altyapı Yatırımlarına Etkisi: Yükselen Ekonomiler için Ampirik Bir Uygulama

Year 2024, Volume: 11 Issue: 1, 73 - 88, 17.05.2024

Gamze Kargın Akkoç

https://doi.org/10.17336/igusbd.1128822

Abstract

Bu çalışmanın temel amacı, kurumsal ve finansal risklerin kamu özel iş birliği altyapı yatırımları üzerindeki etkilerini yükselen ekonomiler için tespit etmektir. Gelişmekte olan ekonomilerdeki altyapı endüstrilerinin yapılan düzenlemeler sonucunda yine de gelişmiş ülkelere kıyasla düşük performans göstermelerinin arkasındaki neden, finansal faktörlerin yanı sıra, kurumsal faktörlere de dayanmaktadır. Öyle ki, özelleştirme, rekabetin teşvik edilmesi ve düzenleyici reformların gerçekleşebilmesi için gerekli olan altyapı yatırımlarının finansmanı eksik kalabilmektedir. Bu nedenle daha çok rağbet görmeye başlayan bir finansman aracı olarak kamu özel iş birliği projeleri bu finansman açığını ortadan kaldırmayı hedeflemiştir. Çalışmada, kurumsal ve finansal riskler için ICRG veri setinden yararlanılarak birer endeks oluşturulmuştur. 1995-2017 döneminde 13 yükselen ekonomi için yapılan analizde, panel eş bütünleşme ve FMOLS, DOLS tahmincileri vasıtasıyla, kamu özel iş birliği altyapı yatırımlarının belirleyicileri arasından kurumsal risklerin en yüksek etkiye sahip olduğu belirlenmiştir. Buna ek olarak, finansal riskin anlamlı olduğu ve yatırımların bu risklerden ya da kısıtlardan etkilendiği sonucuna ulaşılmıştır.

Keywords

Kamu Özel İş Birliği KÖİ Projeleri Kurumsal Kalite Finansal Risk Altyapı Yatırımları Altyapı Finansmanı

References

  • ANWAR, A., SHARIF, A., FATIMA, S., AHMAD, P., SINHA, A., KHAN, S. A. R., & JERMSITTIPARSERT, K. (2021). The asymmetric effect of public private partnership investment on transport CO2 emission in China: Evidence from quantile ARDL approach. Journal of Cleaner Production, 288, 125282.
  • AYHAN, F. (2019). The Effects of Political and Economic Risk on FDI: A Theoretical Survey. In Global Trends of Modernization in Budgeting and Finance (pp. 44-63). IGI Global.
  • BANERJEE, S. G., OETZEL, J. M., & RANGANATHAN, R. (2006). Private provision of infrastructure in emerging markets: do institutions matter?. Development Policy Review, 24(2), 175-202.
  • BASILIO, M. (2011). Infrastructure PPP investments in emerging markets. Erişim: https://www.researchgate.net/profile/Maria-Basilio/publication/265219817_Infrastructure_PPP_investments_in_Emerging_Markets/links/564e438608aefe619b0fbdd8/Infrastructure-PPP-investments-in-Emerging-Markets.pdf
  • BUCHANAN, B. G., LE, Q. V., & RISHI, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International review of financial analysis, 21, 81-89.
  • CASADY, C. B., ERIKSSON, K., LEVITT, R. E., & SCOTT, W. R. (2019). (Re) assessing public–private partnership governance challenges: an institutional maturity perspective. In Public–Private partnerships for infrastructure development. Edward Elgar Publishing.
  • DELMON, J. (2017). Public-private partnership projects in infrastructure: an essential guide for policy makers. Cambridge university press.
  • DI LIDDO, G., RUBINO, A., & SOMMA, E. (2019). Determinants of PPP in infrastructure investments in MENA countries: a focus on energy. Journal of Industrial and Business Economics, 46(4), 523-580.
  • EMEK, U. (2015). Turkish experience with public private partnerships in infrastructure: Opportunities and challenges. Utilities Policy, 37, 120-129.
  • ENGEL, E., FISCHER, R. D., & GALETOVIC, A. (2020). When and how to use public-private partnerships in infrastructure: lessons from the international experience (No. w26766). National Bureau of Economic Research.
  • ESTACHE, A. (2010). Infrastructure finance in developing countries: An overview. EIB Papers, 15(2), 60-88.
  • GJEBREA, E., & ZOTO, O. (2015). Infrastructure Public Private Partnership Investments: A Comparative Analysis of Western Balkan and Emerging Countries. In EU Crisis and the Role of the Periphery (pp. 131-145). Springer, Cham.
  • HAMMAMI, M., RUHASHYANKIKO, J. F., & YEHOUE, E. B. (2006). Determinants of public-private partnerships in infrastructure.
  • HYUN, S., PARK, D., & TIAN, G. (2018). Determinants of Public–Private Partnerships in Infrastructure in Asia: Implications for Capital Market Development. Asian Development Bank Economics Working Paper Series, (552).
  • International Country Risk Guide Dataset. Erişim: https://www.prsgroup.com/
  • IM, K. S., PESARAN, M. H., & SHIN, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of econometrics, 115(1), 53-74.
  • JOSKOW, P. L. (1998). Regulatory priorities for reforming infrastructure sectors in developing countries (p. 3). World Bank.
  • KASRI, R. A., & WIBOWO, F. A. (2015). Determinants of public-private partnerships in infrastructure provision: evidence from Muslim developing countries. Journal of Economic Cooperation & Development, 36(2), 1.
  • KESSIDES, I. N. (2004). Reforming infrastructure: Privatization, regulation, and competition. World Bank Publications.
  • KIRKPATRICK, C., PARKER, D., & ZHANG, Y. F. (2004). Foreign direct investment in infrastructure in developing countries: does regulation make a difference? (No. 1649-2016-135904).
  • KRIFA-SCHNEIDER, H., & MATEI, I. (2010). Business climate, political risk and FDI in developing countries: Evidence from panel data. International Journal of Economics and Finance, 2(5), 54-65.
  • KUMAR, N. (2019). Determınants of Public Private Partnerships in Infrastructure: A Study of Developing Countries. Journal of Commerce & Accounting Research, 8(2).
  • LAW, S. H., AZMAN-SAINI, W. N. W., & IBRAHIM, M. H. (2013). Institutional quality thresholds and the finance–growth nexus. Journal of Banking & Finance, 37(12), 5373-5381.
  • LEVIN A, LIN CF, CHU CJ (2002) Unit root tests in panel data: asymptotic and finite-sample properties. J Econom 108:1–24.
  • MADDALA, G. S., & WU, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and statistics, 61(S1), 631-652.
  • MOSZORO, M. W., ARAYA, G., RUIZ NUNEZ, F., & SCHWARTZ, J. (2015). Institutional and political determinants of private participation in infrastructure. Available at SSRN 2508474.
  • MOTA, J. A., & MOREIRA, A. C. (2015). The importance of non-financial determinants on public–private partnerships in Europe. International Journal of Project Management, 33(7), 1563-1575.
  • PEDRONI, P. (1997) Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests, with an Application to the PPP Hypothesis: New Results. Working paper, Indiana University.
  • PEDRONI, P. (1999) Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics 61, 653–670.
  • PEDRONI, P. (2001). Fully modified OLS for heterogeneous cointegrated panels. In Nonstationary panels, panel cointegration, and dynamic panels. Emerald Group Publishing Limited.
  • PEDRONI, P. (2004). Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric theory, 20(3), 597-625.
  • PEREIRA, A. M., & ANDRAZ, J. M. (2013). On the economic effects of public infrastructure investment: A survey of the international evidence. Journal of Economic Development, 38(4), 1-37.
  • PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • PESARAN, M. H., ULLAH, A., & YAMAGATA, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • PHILLIPS, P. C., & HANSEN, B. E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • RAMIREZ, M. D. (2007). A panel unit root and panel cointegration test of the complementarity hypothesis in the Mexican case: 1960–2001. Atlantic Economic Journal, 35(3), 343-356.
  • RESIDE, R. E., & MENDOZA, A. M. (2010). Determinants of outcomes of public-private partnerships (PPP) in infrastructure in Asia (No. 2010, 03). UPSE Discussion Paper.
  • SHARMA, C. (2012). Determinants of PPP in infrastructure in developing economies. Transforming government: people, process and policy.
  • STERN, J., & HOLDER, S. (1999). Regulatory governance: criteria for assessing the performance of regulatory systems: An application to infrastructure industries in the developing countries of Asia. Utilities Policy, 8(1), 33-50.
  • VÄLİLÄ, T. (2020). An overview of economic theory and evidence of public-private partnerships in the procurement of (transport) infrastructure. Utilities Policy, 62, 100995.
  • VAN SONG, N., TIEP, N. C., VAN TIEN, D., VAN HA, T., PHUONG, N. T. M., & MAI, T. T. H. (2022). The role of public-private partnership investment and eco-innovation in environmental abatement in USA: evidence from quantile ARDL approach. Environmental Science and Pollution Research, 29(8), 12164-12175.
  • WORLD BANK GROUP. (2016). The state of PPPs: infrastructure public-private partnerships in emerging markets and developing economies 1991-2015.
  • WORLD BANK Public-Private Partnership Database. Erişim: https://ppi.worldbank.org/en/ppi
  • XIONG, W., CHEN, B., WANG, H., & ZHU, D. (2019). Governing public–private partnerships: A systematic review of case study literature. Australian Journal of Public Administration, 78(1), 95-112.
  • ZHANG, Y. F., PARKER, D., & KIRKPATRICK, C. (2008). Electricity sector reform in developing countries: an econometric assessment of the effects of privatization, competition and regulation. Journal of regulatory Economics, 33(2), 159-178.

Impact of Financial and Institutional Risks on Public-Private Partnership Infrastructure Investments: An Empirical Analysis of Emerging Economies

Year 2024, Volume: 11 Issue: 1, 73 - 88, 17.05.2024

Gamze Kargın Akkoç

https://doi.org/10.17336/igusbd.1128822

Abstract

The main aim of this study is to determine the effects of institutional and financial risks on public-private partnership infrastructure (PPI) investments for emerging economies. The reason behind the low performance of infrastructure industries in developing economies compared to developed countries as a result of the regulations is based on institutional factors as well as financial factors. Financing of infrastructure, which are necessary for privatization, promotion of competition, and regulatory reforms, may be insufficient. PPI projects, as a financing tool that has become more popular, aimed to eliminate this gap. In this study, indices were constructed for institutional and financial risks by employing the ICRG dataset. I employed a panel FMOLS, DOLS for 13 emerging economies between 1995-2017. The results show that institutional risks have the highest impact on PPI investments. In addition, the financial risk is significant. So, the investments are affected by these risks or financial constraints.

Keywords

Public-Private Partnership PPP Projects Instutitonal Quality Financial Risk Infrastructure Investments Infrastructure Finance

References

  • ANWAR, A., SHARIF, A., FATIMA, S., AHMAD, P., SINHA, A., KHAN, S. A. R., & JERMSITTIPARSERT, K. (2021). The asymmetric effect of public private partnership investment on transport CO2 emission in China: Evidence from quantile ARDL approach. Journal of Cleaner Production, 288, 125282.
  • AYHAN, F. (2019). The Effects of Political and Economic Risk on FDI: A Theoretical Survey. In Global Trends of Modernization in Budgeting and Finance (pp. 44-63). IGI Global.
  • BANERJEE, S. G., OETZEL, J. M., & RANGANATHAN, R. (2006). Private provision of infrastructure in emerging markets: do institutions matter?. Development Policy Review, 24(2), 175-202.
  • BASILIO, M. (2011). Infrastructure PPP investments in emerging markets. Erişim: https://www.researchgate.net/profile/Maria-Basilio/publication/265219817_Infrastructure_PPP_investments_in_Emerging_Markets/links/564e438608aefe619b0fbdd8/Infrastructure-PPP-investments-in-Emerging-Markets.pdf
  • BUCHANAN, B. G., LE, Q. V., & RISHI, M. (2012). Foreign direct investment and institutional quality: Some empirical evidence. International review of financial analysis, 21, 81-89.
  • CASADY, C. B., ERIKSSON, K., LEVITT, R. E., & SCOTT, W. R. (2019). (Re) assessing public–private partnership governance challenges: an institutional maturity perspective. In Public–Private partnerships for infrastructure development. Edward Elgar Publishing.
  • DELMON, J. (2017). Public-private partnership projects in infrastructure: an essential guide for policy makers. Cambridge university press.
  • DI LIDDO, G., RUBINO, A., & SOMMA, E. (2019). Determinants of PPP in infrastructure investments in MENA countries: a focus on energy. Journal of Industrial and Business Economics, 46(4), 523-580.
  • EMEK, U. (2015). Turkish experience with public private partnerships in infrastructure: Opportunities and challenges. Utilities Policy, 37, 120-129.
  • ENGEL, E., FISCHER, R. D., & GALETOVIC, A. (2020). When and how to use public-private partnerships in infrastructure: lessons from the international experience (No. w26766). National Bureau of Economic Research.
  • ESTACHE, A. (2010). Infrastructure finance in developing countries: An overview. EIB Papers, 15(2), 60-88.
  • GJEBREA, E., & ZOTO, O. (2015). Infrastructure Public Private Partnership Investments: A Comparative Analysis of Western Balkan and Emerging Countries. In EU Crisis and the Role of the Periphery (pp. 131-145). Springer, Cham.
  • HAMMAMI, M., RUHASHYANKIKO, J. F., & YEHOUE, E. B. (2006). Determinants of public-private partnerships in infrastructure.
  • HYUN, S., PARK, D., & TIAN, G. (2018). Determinants of Public–Private Partnerships in Infrastructure in Asia: Implications for Capital Market Development. Asian Development Bank Economics Working Paper Series, (552).
  • International Country Risk Guide Dataset. Erişim: https://www.prsgroup.com/
  • IM, K. S., PESARAN, M. H., & SHIN, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of econometrics, 115(1), 53-74.
  • JOSKOW, P. L. (1998). Regulatory priorities for reforming infrastructure sectors in developing countries (p. 3). World Bank.
  • KASRI, R. A., & WIBOWO, F. A. (2015). Determinants of public-private partnerships in infrastructure provision: evidence from Muslim developing countries. Journal of Economic Cooperation & Development, 36(2), 1.
  • KESSIDES, I. N. (2004). Reforming infrastructure: Privatization, regulation, and competition. World Bank Publications.
  • KIRKPATRICK, C., PARKER, D., & ZHANG, Y. F. (2004). Foreign direct investment in infrastructure in developing countries: does regulation make a difference? (No. 1649-2016-135904).
  • KRIFA-SCHNEIDER, H., & MATEI, I. (2010). Business climate, political risk and FDI in developing countries: Evidence from panel data. International Journal of Economics and Finance, 2(5), 54-65.
  • KUMAR, N. (2019). Determınants of Public Private Partnerships in Infrastructure: A Study of Developing Countries. Journal of Commerce & Accounting Research, 8(2).
  • LAW, S. H., AZMAN-SAINI, W. N. W., & IBRAHIM, M. H. (2013). Institutional quality thresholds and the finance–growth nexus. Journal of Banking & Finance, 37(12), 5373-5381.
  • LEVIN A, LIN CF, CHU CJ (2002) Unit root tests in panel data: asymptotic and finite-sample properties. J Econom 108:1–24.
  • MADDALA, G. S., & WU, S. (1999). A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and statistics, 61(S1), 631-652.
  • MOSZORO, M. W., ARAYA, G., RUIZ NUNEZ, F., & SCHWARTZ, J. (2015). Institutional and political determinants of private participation in infrastructure. Available at SSRN 2508474.
  • MOTA, J. A., & MOREIRA, A. C. (2015). The importance of non-financial determinants on public–private partnerships in Europe. International Journal of Project Management, 33(7), 1563-1575.
  • PEDRONI, P. (1997) Panel Cointegration; Asymptotic and Finite Sample Properties of Pooled Time Series Tests, with an Application to the PPP Hypothesis: New Results. Working paper, Indiana University.
  • PEDRONI, P. (1999) Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics 61, 653–670.
  • PEDRONI, P. (2001). Fully modified OLS for heterogeneous cointegrated panels. In Nonstationary panels, panel cointegration, and dynamic panels. Emerald Group Publishing Limited.
  • PEDRONI, P. (2004). Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric theory, 20(3), 597-625.
  • PEREIRA, A. M., & ANDRAZ, J. M. (2013). On the economic effects of public infrastructure investment: A survey of the international evidence. Journal of Economic Development, 38(4), 1-37.
  • PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working Papers in Economics No. 0435.
  • PESARAN, M. H., ULLAH, A., & YAMAGATA, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • PHILLIPS, P. C., & HANSEN, B. E. (1990). Statistical inference in instrumental variables regression with I (1) processes. The Review of Economic Studies, 57(1), 99-125.
  • RAMIREZ, M. D. (2007). A panel unit root and panel cointegration test of the complementarity hypothesis in the Mexican case: 1960–2001. Atlantic Economic Journal, 35(3), 343-356.
  • RESIDE, R. E., & MENDOZA, A. M. (2010). Determinants of outcomes of public-private partnerships (PPP) in infrastructure in Asia (No. 2010, 03). UPSE Discussion Paper.
  • SHARMA, C. (2012). Determinants of PPP in infrastructure in developing economies. Transforming government: people, process and policy.
  • STERN, J., & HOLDER, S. (1999). Regulatory governance: criteria for assessing the performance of regulatory systems: An application to infrastructure industries in the developing countries of Asia. Utilities Policy, 8(1), 33-50.
  • VÄLİLÄ, T. (2020). An overview of economic theory and evidence of public-private partnerships in the procurement of (transport) infrastructure. Utilities Policy, 62, 100995.
  • VAN SONG, N., TIEP, N. C., VAN TIEN, D., VAN HA, T., PHUONG, N. T. M., & MAI, T. T. H. (2022). The role of public-private partnership investment and eco-innovation in environmental abatement in USA: evidence from quantile ARDL approach. Environmental Science and Pollution Research, 29(8), 12164-12175.
  • WORLD BANK GROUP. (2016). The state of PPPs: infrastructure public-private partnerships in emerging markets and developing economies 1991-2015.
  • WORLD BANK Public-Private Partnership Database. Erişim: https://ppi.worldbank.org/en/ppi
  • XIONG, W., CHEN, B., WANG, H., & ZHU, D. (2019). Governing public–private partnerships: A systematic review of case study literature. Australian Journal of Public Administration, 78(1), 95-112.
  • ZHANG, Y. F., PARKER, D., & KIRKPATRICK, C. (2008). Electricity sector reform in developing countries: an econometric assessment of the effects of privatization, competition and regulation. Journal of regulatory Economics, 33(2), 159-178.
There are 45 citations in total.

Details

Primary Language Turkish
Subjects Finance, Financial Risk Management
Journal Section Articles
Authors

Gamze Kargın Akkoç 0000-0002-8436-0462

Early Pub Date May 16, 2024
Publication Date May 17, 2024
Acceptance Date August 2, 2023
Published in Issue Year 2024 Volume: 11 Issue: 1

Cite

APA Kargın Akkoç, G. (2024). Finansal ve Kurumsal Risklerin Kamu-Özel İş Birliği Altyapı Yatırımlarına Etkisi: Yükselen Ekonomiler için Ampirik Bir Uygulama. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 11(1), 73-88. https://doi.org/10.17336/igusbd.1128822
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