Presenting a model for assessing investment risk in public-private partnership projects

Document Type : Original Article

Authors
Marziyeh Nezami 1
seyed alireza mirarab 2
Hoda Hemmati 2
saber Khandan Alamdari 3
1 PhD student in industrial-financial management Islamic Azad University, Roudhan Branch, Faculty of Management and Accounting
2 Department of Accounting, Faculty of Accounting and Management, Islamic Azad University, Rodhan Branch
3 Department of Management, Islamic Azad University, Rodhan Branch
Abstract
The purpose of this research is to provide a model for the investment risk in public-private projects. This research community was formed by managers and experts of public-private projects active in the oil industry, based in Tehran, and university professors. The opinions of 19 experts were used using the objective judgment method. The process of data analysis in two stages of identifying investment risks in public-private projects through interview tools and using thematic analysis method as well as screening and evaluation of components. It was done through questionnaire and fuzzy Delphi method. The findings of the research, in the phase of identifying the components using thematic analysis and during the familiarization phase with the data, 58 cases of speech evidence identified from the text of the interviews were labeled in the form of 15 primary codes. Next, the primary codes were categorized into five sub-themes and then a main theme. In the Delphi phase, all the components were approved by the experts and finally the research model was drawn. The results of the research showed that the risk of investment in public-private projects includes are the lack of transparency in contracts, the risk of non-continuity of policies in the oil industry, tax risk, safety, Investment and infrastructure risk, lack of transparency in official structures, risk of stopping the project due to public opposition, currency risk, financing risk, debt risk, inflation rate risk, financial management risk, and also, the risk of delay in the allocation of government budget for the project.
Keywords
public-private partnership projects
investment
risk assessment
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