Government ’s control rights influence investor’s escalation of commitment in PPP project: Regulating effect of other-face concern
Government ’s control rights influence investor’s escalation of commitment in PPP project: Regulating effect of other-face concern
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DOI：
10.1016/j.physa.2019.123617
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发表时间：
2020-05
影响因子：
3.3
通讯作者：
Jiaqi M. Liu;Jicai Liu;Nana Liu
中科院分区：
文献类型：
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作者：
Jiaqi M. Liu;Jicai Liu;Nana Liu
在公私合作(PPP)项目中，政府的控制权不能完全由合同信息来界定。政府在契约之外拥有一些有利的信息资源，如地位、监管水平、信任等。这些信息导致投资者高估了GCR，加剧了承诺升级(EOC)，特别是对于喜欢对方面子担忧的投资者。根据PPP项目中政府拥有信息的量化程度，将GCR分为显性控制权(ECR)和隐性控制权(ICR)。以此来探讨两种类型的控制权对有对方关注者的投资者EOC行为的差异。本研究通过情景问卷收集了176份有效数据，构建了具有调节作用的结构方程模型。在用Amos验证了模型之后。我们发现ECR对投资者的EoC有显著的影响，而ICR对投资者的EoC没有影响；另一种担忧只调节了ICR对投资者EoC的影响。这些发现有助于降低投资者在PPP项目中的EOC行为风险。
In public–private partnership (PPP) project, government’s control right (GCR) cannot be completely defined by contract information. Government has some advantageous information resources outside of the contract, such as status, supervision level, trust etc. These information lead investors to overestimate the GCR and aggravate the escalation of commitment (EOC), especially for investors who prefer the other-face concern. According to the degree of quantification of information owned by government in a PPP project, the study divided GCR into explicit control rights (ECR) and implicit control rights (ICR). In order to discuss the difference of actions that two types’ control right on investor’s EOC who have other-face concern. The study collected 176 valid data through scenario questionnaires and constructed the structural equation model with regulating effect. After verifying the model with AMOS. We found the ECR influence investor’s EOC significantly, while the ICR does not; the other-face concern only regulate the influence of ICR on investors’ EOC. These findings are helpful to reduce the behavioral risk of investors’ EOC in PPP project.