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

Öz

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.

Anahtar Kelimeler

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

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

Öz

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.

Anahtar Kelimeler

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

Kaynakça

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