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The financial performance of an innovative megaproject

Opened Access The financial performance of an innovative megaproject


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Autor: Irimia Diéguez, Ana Isabel
González Villegas, Juan Bernal
Oliver Alfonso, María Dolores
Departamento: Universidad de Sevilla. Departamento de Economía Financiera y Dirección de Operaciones
Fecha: 2014
Publicado en: Procedia: Social and Behavioral Sciences, 119, 417-426.
Tipo de documento: Artículo
Resumen: The financial structure of megaprojects, known in the literature as project finance, is characterized by the creation of a legally independent project company financed with a concentrated equity ownership and a high level of non-recourse debt. Research in this field may yield new ideas and theories about the existing theoretical framework on capital structure, stakeholder management and risk management. A case-study is analyzed in this paper: the financial performance of the first metro line in Seville (Spain). In spite of previous cost overruns in the construction stage, the present operation stage is considered successful from the point of view of social and financial profitability, whereby the risks have been theoretically transferred to stakeholders, as defined by Value for Money considerations. The objective of this study involves: first to determine whether this megaproject meets the expectations for which it was created in terms of hope of return of the shareholders, an...
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Cita: Irimia Diéguez, A.I., González Villegas, J.B. y Oliver Alfonso, M.D. (2014). The financial performance of an innovative megaproject. Procedia: Social and Behavioral Sciences, 119, 417-426.
Tamaño: 233.8Kb
Formato: PDF


DOI: 10.1016/j.sbspro.2014.03.047

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