STAKEHOLDER MANAGEMENT STUDIES IN MEGAPROJECTS CONTEXT: THE ROLE OF TRUST, FORMAL CONTRACT AND RELATIONAL CAPITAL

Abstract

In megaprojects context, it is vital to build good relationships with the stakeholders who are identified as being the most crucial for the end results, for example the subcontractors. The purpose of this paper is to address the impact of specific investment, which are argued to rely ondifferent mediating paths for building good project-stakeholder relationships, specifically: trust, formal contract and relational capital. In this paper, trust is presented first as a mediating variable, often mobilized to create, develop and maintain lasting relationships, and then as a moderating variable that can enhance the effect of other variables. This paper presents an empirical study that is based on a survey using a questionnaire with a sample of Masen's subcontractors. Masen (Moroccan Agency for Solar Energy) is the contracting authority for the megaproject Noor of Ouarzazate. The results highlight the antagonistic nature of stakeholder management in the context of megaprojects. Indeed, the complementarity between transactional and relational mechanisms could serve as a springboard for a better understanding of how Masen (main contractor) involves its stakeholders. In the context of the Moroccan megaproject Noor of Ouarzazate, we must pay particular attention to trust cultivated by the investmentin specific assets. If it is presented as a complement to formal contract, it appears to have a negative effect on the relation between relational capital and the sustainability of the exchange

Keywords

• stakeholders
• megaprojects
• trust
• specific investments