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<p>By adopting multi-dimensional governance measures, cultural indicators and an instrumental-variable approach, this paper examines how host-country governance systems shape the performance of projects in Belt &amp; Road countries. The analysis uses panel data from 148 countries between 2013 and 2023. The results show that: (1) the country-level internal control (IC) exerts a consistently positive effect on project performance and this relationship remains robust after correcting for endogeneity; (2) improvements in infrastructure outcomes captured through a composite index of logistics efficiency, electricity reliability and internet connectivity are significantly greater in countries with strong institutional quality; (3) institutional quality plays a moderating role, amplifying the benefits of IC in well-governed settings while weakening its effectiveness under fragile institutions; (4) heterogeneity tests reveal that governance constraints remain particularly binding in low-income and institutionally weak BRI countries; and (5) although the IC capacity of many host countries has gradually improved, substantial structural deficiencies persist, limiting the full realization of project benefits. Finally, policy recommendations are proposed to strengthen IC, enhance institutional quality and improve accountability and resource governance to support long-term development impacts.</p>

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Unlocking multinational project performance: exploring the untapped role of country-level internal control and institution quality in Belt & Road countries

  • 期刊论文

  • 发表日期：

    2026年3月16日

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  • Dapeng Tang,
  • Rajneel Ravinesh Prasad

摘要

By adopting multi-dimensional governance measures, cultural indicators and an instrumental-variable approach, this paper examines how host-country governance systems shape the performance of projects in Belt & Road countries. The analysis uses panel data from 148 countries between 2013 and 2023. The results show that: (1) the country-level internal control (IC) exerts a consistently positive effect on project performance and this relationship remains robust after correcting for endogeneity; (2) improvements in infrastructure outcomes captured through a composite index of logistics efficiency, electricity reliability and internet connectivity are significantly greater in countries with strong institutional quality; (3) institutional quality plays a moderating role, amplifying the benefits of IC in well-governed settings while weakening its effectiveness under fragile institutions; (4) heterogeneity tests reveal that governance constraints remain particularly binding in low-income and institutionally weak BRI countries; and (5) although the IC capacity of many host countries has gradually improved, substantial structural deficiencies persist, limiting the full realization of project benefits. Finally, policy recommendations are proposed to strengthen IC, enhance institutional quality and improve accountability and resource governance to support long-term development impacts.