摘要：This paper aims to examine institutional effects on the private participation in infrastructure (PPI) projects by the type
of greenfield and brownfield projects during the recent period for 2002-2017 with 117 low- and middle-income
economies, by using the PPI and the Worldwide Governance Indicators database of the World Bank. The study
contributes to enriching the evidence by updating the sample time-horizon and widening the coverage of sample
economies, and by decomposing the PPI projects into greenfield and brownfield ones. The main findings of this study
are summarized as follow: the institutional role in promoting the PPI projects are clearly identified in terms of
government governance indicators such as government effectiveness, regulatory quality, rule of law and control of
corruption; the institutional effects are confirmed to be greater on the greenfield projects than on the brownfield ones;
and the macroeconomic conditions such as the market size of an economy are also significant promoters of the PPI
projects.
