How to cite this paper
Nasution, E., Sugiarto, S., S, G., Ugut, U & Hulu, E. (2021). Critical risk factors of the project finance loan spread in the infrastructure sector: Experience from the ASEAN countries.Accounting, 7(6), 1507-1520.
Refrences
ADB (2017). Meeting Asia’s infrastructure needs, Asia development Bank (ADB) report.
ADB (2020). Indonesia and the Asian Development Bank: 50 years of partnership, Asia development Bank (ADB) report.
Altunbaş, Y., & Gadanecz, B. (2004). Developing country economic structure and the pricing of syndicated credits. Journal of Development Studies, 40(5), 143-173.
Blanc‐Brude, F., & Strange, R. (2007). How banks price loans to public‐private partnerships: Evidence from the European markets. Journal of Applied Corporate Finance, 19(4), 94-106.
Booth, J.R. (1992). Contract costs, bank loans, and the cross-monitoring hypothesis, Journal of Financial Economics, 31(1), 25-41.
Borisova, G., & Megginson, W.L. (2011). Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Study, 24(8), 2693-2737.
Bouzguenda, N. (2014). Project Finance: Determinants of the Bank Loan Spread. International Journal of Business and Social Science, 5(5).
Chowdury, A.N., Chen, P.H., & Tiong, R. (2015). Credit enhancement factors for the financing of independent power producer (IPP) projects in Asia International Journal of Project Management, 33, 157601587.
Corielli, F., Gatti, S., & Steffanoni, A. (2010). Risk shifting through non-financial contracts: effects on loan spreads and capital structure of project finance deals. Journal of Money, Credit and Banking, 42(7), 1295-1320.
Esty, B., & Megginson, W.L. (2000). Legal risk as a determinant of syndicate structure in the project finance loan market, HBS finance Working Paper No 02-067.
Esty, B.C. (2004a). Modern Project Finance- A Case Book, Wiley, New York, NY.
Esty, B.C., & Megginson, W.L. (2003). Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market. Journal of Financial and Quantitative Analysis, 38, 37-59.
Gatti, S. (2008). Project Finance in Theory and Practice – Designing, Structuring, and Financing Private and Public Projects, Academic Press Advanced Finance Series.
Girrardone, C., & Snaith, S. (2011). Project finance loan spread and disaggregated political risk. Applied Finance Economics, 21(23), 1725-1734.
Hou, D. and Skeie, D.R., (2014). LIBOR: origins, economics, crisis, scandal, and reform, Staff Reports 667, Federal Reserve Bank of New York.
IFC (1999). Lessons of Experience No.7: Project Finance in Developing Countries, IFC Publications.
Kleimeier, S. and Megginson, W.L. (2000). Are project finance loan different from other syndicated credits? Journal of Applied Corporate Finance, 13(1), 75-87.
Kobrin, S. J. (1979). Political Risk: A Review and Reconsideration, Journal of International Business Studies, 10(1), 67–80.
McKinsey, (2016). McKinsey Global Institute report 2016.
Megginson, W. L., & Kleimeier, S. (2001). An Empirical Analysis of Limited Recourse Project Finance. SSRN Electronic Journal.
Merton, R. (1974). On the pricing of corporate debt: the risk structure of the interest rate. Journal of Finance, 29(2).
Moody’s investor service, (2017). Default and recovery rates for project finance bank loans, 1983-2015, Moody’s Investors Service, New York, NY.
Nagayama, H. (2009). Electric power sector reform liberalization models and electric power prices in developing countries: An empirical analysis using international panel data. Energy Economics, 31, 463-472.
Sachs, T., Tiong, R. and Wagner, D. (2008). The quantification and financial impact of political risk perceptions on infrastructure projects, Journal of Structured Finance, 13, 80.
Sawant, R. (2010). The economics of large-scale infrastructure FDI: the case of project finance, Journal of International Business Studies, 41(6), 1036-1055.
Schaufelberger, J. E., & Wipadapisut, I. (2003). Alternate financing strategies for build-operate-transfer projects. Journal of Construction Engineering and Management, 129(2), 205-213.
Sorge, M., & Gadanecz B. (2004). The Term Structure of Credit Spreads in Project Finance, Bank for International Settlements (BIS), Working Paper, No. 159,
Sorge, M., & Gadanecz, B. (2008). The term structure of credit spreads in project finance, International Journal of Finance and Economics 13, 68-81.
Thierie, W., & De Moor, L. (2019). Determinants of bank loan project spread in project finance, International Journal of Managing Projects in Business, 12(1), 161-186.
Voelker, C., Permana, A., Sachs, T., & Tiong, R. (2008). Political risk perception in Indonesian power projects. Journal of Financial Management of Property and Construction, 13(1), 18-34.
World Bank, (2011). The World Bank Annual Report 2011. World Bank Annual Report.
Yokota, E., & Kutani, I. (2017). Comparative analysis of power prices in the Philippines and the selected ASEAN Countries, Economic Research Institute for ASEAN and East Asia (ERIA) Research project no 12, 2017.
ADB (2020). Indonesia and the Asian Development Bank: 50 years of partnership, Asia development Bank (ADB) report.
Altunbaş, Y., & Gadanecz, B. (2004). Developing country economic structure and the pricing of syndicated credits. Journal of Development Studies, 40(5), 143-173.
Blanc‐Brude, F., & Strange, R. (2007). How banks price loans to public‐private partnerships: Evidence from the European markets. Journal of Applied Corporate Finance, 19(4), 94-106.
Booth, J.R. (1992). Contract costs, bank loans, and the cross-monitoring hypothesis, Journal of Financial Economics, 31(1), 25-41.
Borisova, G., & Megginson, W.L. (2011). Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Study, 24(8), 2693-2737.
Bouzguenda, N. (2014). Project Finance: Determinants of the Bank Loan Spread. International Journal of Business and Social Science, 5(5).
Chowdury, A.N., Chen, P.H., & Tiong, R. (2015). Credit enhancement factors for the financing of independent power producer (IPP) projects in Asia International Journal of Project Management, 33, 157601587.
Corielli, F., Gatti, S., & Steffanoni, A. (2010). Risk shifting through non-financial contracts: effects on loan spreads and capital structure of project finance deals. Journal of Money, Credit and Banking, 42(7), 1295-1320.
Esty, B., & Megginson, W.L. (2000). Legal risk as a determinant of syndicate structure in the project finance loan market, HBS finance Working Paper No 02-067.
Esty, B.C. (2004a). Modern Project Finance- A Case Book, Wiley, New York, NY.
Esty, B.C., & Megginson, W.L. (2003). Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market. Journal of Financial and Quantitative Analysis, 38, 37-59.
Gatti, S. (2008). Project Finance in Theory and Practice – Designing, Structuring, and Financing Private and Public Projects, Academic Press Advanced Finance Series.
Girrardone, C., & Snaith, S. (2011). Project finance loan spread and disaggregated political risk. Applied Finance Economics, 21(23), 1725-1734.
Hou, D. and Skeie, D.R., (2014). LIBOR: origins, economics, crisis, scandal, and reform, Staff Reports 667, Federal Reserve Bank of New York.
IFC (1999). Lessons of Experience No.7: Project Finance in Developing Countries, IFC Publications.
Kleimeier, S. and Megginson, W.L. (2000). Are project finance loan different from other syndicated credits? Journal of Applied Corporate Finance, 13(1), 75-87.
Kobrin, S. J. (1979). Political Risk: A Review and Reconsideration, Journal of International Business Studies, 10(1), 67–80.
McKinsey, (2016). McKinsey Global Institute report 2016.
Megginson, W. L., & Kleimeier, S. (2001). An Empirical Analysis of Limited Recourse Project Finance. SSRN Electronic Journal.
Merton, R. (1974). On the pricing of corporate debt: the risk structure of the interest rate. Journal of Finance, 29(2).
Moody’s investor service, (2017). Default and recovery rates for project finance bank loans, 1983-2015, Moody’s Investors Service, New York, NY.
Nagayama, H. (2009). Electric power sector reform liberalization models and electric power prices in developing countries: An empirical analysis using international panel data. Energy Economics, 31, 463-472.
Sachs, T., Tiong, R. and Wagner, D. (2008). The quantification and financial impact of political risk perceptions on infrastructure projects, Journal of Structured Finance, 13, 80.
Sawant, R. (2010). The economics of large-scale infrastructure FDI: the case of project finance, Journal of International Business Studies, 41(6), 1036-1055.
Schaufelberger, J. E., & Wipadapisut, I. (2003). Alternate financing strategies for build-operate-transfer projects. Journal of Construction Engineering and Management, 129(2), 205-213.
Sorge, M., & Gadanecz B. (2004). The Term Structure of Credit Spreads in Project Finance, Bank for International Settlements (BIS), Working Paper, No. 159,
Sorge, M., & Gadanecz, B. (2008). The term structure of credit spreads in project finance, International Journal of Finance and Economics 13, 68-81.
Thierie, W., & De Moor, L. (2019). Determinants of bank loan project spread in project finance, International Journal of Managing Projects in Business, 12(1), 161-186.
Voelker, C., Permana, A., Sachs, T., & Tiong, R. (2008). Political risk perception in Indonesian power projects. Journal of Financial Management of Property and Construction, 13(1), 18-34.
World Bank, (2011). The World Bank Annual Report 2011. World Bank Annual Report.
Yokota, E., & Kutani, I. (2017). Comparative analysis of power prices in the Philippines and the selected ASEAN Countries, Economic Research Institute for ASEAN and East Asia (ERIA) Research project no 12, 2017.