Summary Mega infrastructure projects in liberal democracies often encounter significant cost overruns and delays. These challenges arise from tensions between mandated stakeholder engagement and shareholder-focused decision making. Legal frameworks require broad stakeholder involvement, yet investors prioritize cost efficiency, frequently omitting collaboration expenses from initial budgets. This misalignment creates governance traps, leading to prolonged negotiations, inefficiencies, collective action problems, and diminished trust among managers, stakeholders, and investors. This special section of California Management Review examines the dynamics of large-scale stakeholder enfranchisement. This introduction presents a 2 × 2 framework categorizing megaproject governance based on legal mandates for stakeholder inclusion and the degree of shareholder-centric investment decisions. The featured articles propose strategies to enhance stakeholder collaboration and address governance challenges. Together, they suggest that large-scale stakeholder engagement can be effective when organizations enjoy ample resources or strong cooperative norms. In their absence, governance traps may emerge, hindering efficiency and broad-based wealth creation. Alternative social arrangements can be employed to navigate and escape these governance traps.

中文翻译：

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逃离治理陷阱：来自新基础设施开发“大型项目”的见解


总结 自由民主国家的大型基础设施项目经常遇到严重的成本超支和延误。这些挑战源于强制性利益相关者参与和以股东为中心的决策之间的紧张关系。法律框架需要广泛的利益相关者参与，但投资者优先考虑成本效益，经常在初始预算中遗漏合作费用。这种错位造成了治理陷阱，导致谈判时间延长、效率低下、集体行动问题以及管理者、利益相关者和投资者之间的信任度降低。《加州管理评论》的这一特别部分研究了大规模利益相关者授权的动态。本导言提出了一个 2 × 2 框架，根据利益相关者参与的法律规定和以股东为中心的投资决策的程度对大型项目治理进行分类。专题文章提出了加强利益相关者协作和应对治理挑战的策略。他们共同表明，当组织享有充足的资源或强大的合作规范时，大规模的利益相关者参与可以有效。如果没有这些陷阱，可能会出现治理陷阱，阻碍效率和广泛的财富创造。可以采用替代性社会安排来驾驭和摆脱这些治理陷阱。