We re-examine foreign investment risk-mitigating effects of firm experience and equity stakes using an empirical context largely ignored by international business (IB) research: project investment companies (PICs). PICs permit cleaner separation of individual investment project risk from the...

Research in management and related fields largely assumes that host-country state (state) ownership in investment projects raises risk for private co-investors. We question that assumption in theorizing that minority state ownership may actually decrease investment risk in host countries where...