Risk and Capital Structure in Asian Project Finance

Paul Vaaler (), Barclay E. James and Ruth V. Aguilera
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Barclay E. James: U of Illinois at Urbana-Champaign
Ruth V. Aguilera: U of Illinois at Urbana-Champaign

Working Papers from University of Illinois at Urbana-Champaign, College of Business

Abstract: We develop and test a multi-level theoretical framework for understanding country-, industry-, syndicate-, firm- and project-specific factors shaping the capital structure and broader risk profile of a quintessentially Asian form of foreign direct investment ("FDI") called project finance. Empirical analyses of 238 projects announced for 13 Asian countries from 1995-2004 support hypotheses derived from our framework, and suggest that country-level institutional factors such as a Common Law legal system, syndicate-level factors such as the concentration of equity among syndicate sponsors, and project-level factors such as the US dollar cost of the project all substantially affect project capital structure and risk.

Date: 2006-12
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Related works:
Journal Article: Risk and capital structure in Asian project finance (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:illbus:06-0127

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