Risk identification and allocation of Singapore construction joint venture projects with developing countries
Wei Yan (Eileen) Chin, National University of Singapore.
In response to the increasing globalisation of the construction sector, Singapore’s government is encouraging local construction companies to seek new business opportunities overseas. As a result, joint ventures with developing countries have become increasingly popular, despite the complexity and potentially high levels of risk.
This study seeks to identify and assess the critical risks, and propose appropriate risk allocation strategies that Singaporean contractors should adopt when establishing joint ventures with developing countries. Risks were identified through a comprehensive literature review and case studies, and were then assessed through a questionnaire conducted with professionals. Hypotheses were used to validate the significance of the various success and failure factors for forming joint ventures.
Comparing the biggest risk factors for building and infrastructure projects, political and financial risk were ranked as most critical for both groups. While the majority of risks can be shared, the paper identifies five risks that should preferably be allocated to the host or foreign partners. By providing practical guidelines for risk assessment and mitigation, this paper aims to enhance the probability of success for Singaporean joint ventures abroad.
This dissertation was the Premier Award Winner, Undergraduate Dissertation Award, CIOB International Innovation & Research Award, 2014.
The judges said, “The student has demonstrated excellent research skills by presenting this outstanding dissertation. The dissertation not only provides a comprehensive literature review on joint venture projects and related issues, but also possesses a well-justified research methodology with good data analysis. The analysis is exceptionally clear and logical and leads to appropriate conclusions and relevant recommendations.”
--CIOB
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