Abstract
The current study aims to provide an overview of the research on political risk using the Web of Science（WoS）database as well as summarize research results and put forward some suggestions for research directions of political risk in international construction projects. It is the first time scientometric analysis of political risk research is executed. In this regard, the papers related to political risk in the WoS database have been retrieved and the literature is sorted out by visual and content analysis methods. Visual analysis is used to analyze the research overview, knowledge base, and research hotspots of this field. The content analysis method is adopted to expound the current research focus from three perspectives inducing the influence of political risk, risk assessment, and risk management measures. The results show that in the political risk context, the number of publications has experienced an increasing trend in recent years. Based on the existing literature on political risk for all companies, this overview provides some suggestions to address the political risk in international construction projects in the future. The results contribute to the scholars understanding of the research overview, research hotspots, and future research directions of political risk research in construction projects.
Highlights
The study of political risk in construction projects has been going on for decades
The current study aims to provide an overview of the research on political risk using the Web of Science(WoS)database as well as summarize research results and put forward some suggestions for research directions of political risk in international construction projects
Using visual analysis combined with content analysis, the research on political risk was summarized based on the publications extracted from WoS from 1965 to 2020 (December)
Summary
The study of political risk in construction projects has been going on for decades. Based on the previous studies, it is common to define political risk as the risk of adverse consequences due to political events (Root, 1972), government actions (Aliber, 1975), and the negative consequences of political interventions (Zhuang et al, 1998). Political risk, which affects the operation, profit, and enterprise ownership of multinational enterprises, is a significant factor affecting overseas investment decisions (Jadhav, 2012). Political risk in international construction projects is due to exposure to the international policies or the host country's policy, economy, environment, social events, and inaction of the government and organizations. It makes the international project management environment uncertain and brings a negative impact on profits or other targets. With the gradual deepening of global integration trends and the changing world political landscape, political risk has become a factor that must be considered in the strategic decisions of multinational corporations. For young scholars and those students who want to learn this field of study quickly, the current study can be helpful as well
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