Oluwole Alfred Olatunji, James Olabode Bamidele Rotimi, Funmilayo Ebun Rotimi, Chathurani C.W. Silva
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Lenders’ disposition to risk attenuation was the main debacles to project success. Interests had mounted, whilst release of fund was erratic and ill-timed. Finance objectives and mechanisms were grossly inadequate for projects’ intense bifurcations. Projects had slowed or stalled because lenders’ risks attenuation processes were purposed to favour lenders’ objectives, and not projects’ interests. In addition, findings also show project owners’ own funds and the number of lenders to a single project correlate with overruns.</p><!--/ Abstract__block -->\n<h3>Practical implications</h3>\n<p>Findings imply commercial complexities around major projects. They also show transactions are shaped by subtle (mis)trust behaviours in project finance procedures. Thus, scholarly solutions to project performance issues should consider behavioural issues of stakeholding parties more broadly, beyond contractors and project owners. Project finance ecosystems are vulnerable to major actors’ self-interests, opportunism and predatory conducts. Borrowers would manage this by developing and improving their capacity to build resilience and trust. Evidence shows intense borrower nations in Africa have limited capacity and acuity for these.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This study contextualises megaprojects in complexity rather than cost. Its additionality is in how finance steers absolute control of project environment away from project owners and how finance administration triggers risks and overrun.</p><!--/ Abstract__block -->","PeriodicalId":11888,"journal":{"name":"Engineering, Construction and Architectural Management","volume":"44 1","pages":""},"PeriodicalIF":3.6000,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Causal relationship between project financing and overruns in major dam projects in Africa\",\"authors\":\"Oluwole Alfred Olatunji, James Olabode Bamidele Rotimi, Funmilayo Ebun Rotimi, Chathurani C.W. Silva\",\"doi\":\"10.1108/ecam-03-2023-0286\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>Cost and schedule overruns are rife in dam projects. Normative evidence espouses overruns as though they are inimical to development and prosperity aspirations of stakeholders. This study examines the causal relationship between project financing and overruns.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Causative data were extracted from completion reports of 28 major dam projects in Africa. Each of the projects was financed jointly by up to 10 international development lenders. Relationships between causes of overruns and project outcomes were analysed.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>Analyses elicit indicators of remarkable correlations between finance procedures and project outcomes. Lenders’ disposition to risk attenuation was the main debacles to project success. Interests had mounted, whilst release of fund was erratic and ill-timed. Finance objectives and mechanisms were grossly inadequate for projects’ intense bifurcations. Projects had slowed or stalled because lenders’ risks attenuation processes were purposed to favour lenders’ objectives, and not projects’ interests. In addition, findings also show project owners’ own funds and the number of lenders to a single project correlate with overruns.</p><!--/ Abstract__block -->\\n<h3>Practical implications</h3>\\n<p>Findings imply commercial complexities around major projects. They also show transactions are shaped by subtle (mis)trust behaviours in project finance procedures. Thus, scholarly solutions to project performance issues should consider behavioural issues of stakeholding parties more broadly, beyond contractors and project owners. Project finance ecosystems are vulnerable to major actors’ self-interests, opportunism and predatory conducts. Borrowers would manage this by developing and improving their capacity to build resilience and trust. 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Causal relationship between project financing and overruns in major dam projects in Africa
Purpose
Cost and schedule overruns are rife in dam projects. Normative evidence espouses overruns as though they are inimical to development and prosperity aspirations of stakeholders. This study examines the causal relationship between project financing and overruns.
Design/methodology/approach
Causative data were extracted from completion reports of 28 major dam projects in Africa. Each of the projects was financed jointly by up to 10 international development lenders. Relationships between causes of overruns and project outcomes were analysed.
Findings
Analyses elicit indicators of remarkable correlations between finance procedures and project outcomes. Lenders’ disposition to risk attenuation was the main debacles to project success. Interests had mounted, whilst release of fund was erratic and ill-timed. Finance objectives and mechanisms were grossly inadequate for projects’ intense bifurcations. Projects had slowed or stalled because lenders’ risks attenuation processes were purposed to favour lenders’ objectives, and not projects’ interests. In addition, findings also show project owners’ own funds and the number of lenders to a single project correlate with overruns.
Practical implications
Findings imply commercial complexities around major projects. They also show transactions are shaped by subtle (mis)trust behaviours in project finance procedures. Thus, scholarly solutions to project performance issues should consider behavioural issues of stakeholding parties more broadly, beyond contractors and project owners. Project finance ecosystems are vulnerable to major actors’ self-interests, opportunism and predatory conducts. Borrowers would manage this by developing and improving their capacity to build resilience and trust. Evidence shows intense borrower nations in Africa have limited capacity and acuity for these.
Originality/value
This study contextualises megaprojects in complexity rather than cost. Its additionality is in how finance steers absolute control of project environment away from project owners and how finance administration triggers risks and overrun.
期刊介绍：
ECAM publishes original peer-reviewed research papers, case studies, technical notes, book reviews, features, discussions and other contemporary articles that advance research and practice in engineering, construction and architectural management. In particular, ECAM seeks to advance integrated design and construction practices, project lifecycle management, and sustainable construction. The journal’s scope covers all aspects of architectural design, design management, construction/project management, engineering management of major infrastructure projects, and the operation and management of constructed facilities. ECAM also addresses the technological, process, economic/business, environmental/sustainability, political, and social/human developments that influence the construction project delivery process.
ECAM strives to establish strong theoretical and empirical debates in the above areas of engineering, architecture, and construction research. Papers should be heavily integrated with the existing and current body of knowledge within the field and develop explicit and novel contributions. Acknowledging the global character of the field, we welcome papers on regional studies but encourage authors to position the work within the broader international context by reviewing and comparing findings from their regional study with studies conducted in other regions or countries whenever possible.
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