International construction joint ventures (ICJVs) are a business form that is widely used by construction contractors to enhance their capacities and competitiveness in large construction projects. The partners in an ICJV must encounter various types of risk throughout its life cycle. Most of the past research works on ICJVs have mainly focused on risk management in the construction phase. Yet, there has been a very limited number of studies on risk inherent in the formation of ICJVs. This paper investigates primary risks associated with the formation of ICJVs in Thailand. Based on comprehensive literature review and a pilot survey, 20 ICJV risks associated with the formation phase of ICJVs were identified, verified, and grouped into three categories: (1) internal risk, (2) external risk, and (3) project risk. The consequence and likelihood of occurrence (risk parameters) for each risk were assessed by 34 experts on ICJV using questionnaire surveys and in-depth interviews, which were integrated with the Delphi technique. The risk parameters of each ICJV risk were used to rank the criticality of the ICJV risks in each category. Appropriate responsive measures for each ICJV risk were analysed and proposed. In this paper, the relation between ICJV risks and ICJV organization structures was also examined. It was found that the risk parameters of five ICJV risks are influenced by the difference of ICJV organization structures. The results from this paper can guide contractors to recognize the critical risks while setting up their business for an ICJV so that they can subsequently establish an appropriate and comprehensive strategic plan.
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