Sainati, T, Locatelli, G orcid.org/0000-0001-9986-2249, Smith, N et al. (2 more authors) (2020) Types and functions of special purpose vehicles in infrastructure megaprojects. International Journal of Project Management, 38 (5). pp. 243-255. ISSN 0263-7863
Abstract
Special Purpose Vehicles (SPVs) are legal instruments, widely employed in infrastructure megaprojects. SPVs support specific transactions, including public-private partnerships and project finance. Despite the widespread use of SPVs, there is limited research concerning their importance and role for project governance. Furthermore, project studies don't distinguish between the different types of SPVs. This paper employs a grounded theory approach to understand the four types of SPVs and their functions for transactions in infrastructure megaprojects. This paper shows that specific types of SPVs, called project companies and industrial vehicles, are relevant for the formal governance of infrastructure megaproject. The paper describes the hybrid nature of SPVs, being between corporations and contracts, and discusses the implications for the transaction cost theory. A better understanding of the types and functions of SPVs will facilitate and enhance the design and negotiation of the formal governance of infrastructure megaprojects.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2020 Elsevier Ltd, APM and IPMA. All rights reserved. This is an author produced version of an article published in International Journal of Project Management. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Special Purpose Vehicle (SPV); infrastructure megaproject; governance; Public-Private Partnership (PPP); Project Finance (PF) |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Engineering & Physical Sciences (Leeds) > School of Civil Engineering (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 19 Jun 2020 12:10 |
Last Modified: | 20 Jun 2022 23:39 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.ijproman.2020.05.002 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:162053 |
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