프로젝트 물류기업의 핵심역량이 EPC 프로젝트 성과에 미치는 영향: 물류 운영 효율성과 리스크 완화의 병렬 다중매개효과

다국어 초록 (Multilingual Abstract)

This study empirically examines the impact of the core capabilities of project logistics companies on EPC project performance and verifies the parallel multiple mediation effects of logistics operational efficiency and risk mitigation. EPC projects integrate engineering, procurement, and construction into a single project delivery structure and are widely implemented in energy, plant, infrastructure, marine, industrial, and large-scale construction sectors. These projects involve large investment, long execution periods, complex contractual relationships, multinational procurement networks, heavy and oversized cargo movements, strict delivery schedules, and high exposure to operational, financial, supply chain, and external environmental risks.In this context, project logistics is no longer limited to transportation, warehousing, customs clearance, and cargo handling. It functions as a strategic activity that directly affects cost control, schedule reliability, quality assurance, risk reduction, and overall project performance. Critical project cargo often requires route surveys, lifting studies, special permits, customs
compliance, warehouse control, multimodal transport coordination, and site delivery sequencing. Failure in these logistics activities may cause project delays, cost overruns, idle manpower, equipment standby costs, contractual penalties, claim exposure, quality deterioration, and loss of client confidence. Therefore, EPC project performance cannot be fully understood without examining the capabilities of project logistics companies. Previous studies on EPC projects have mainly focused on project owners, EPC contractors, suppliers, subcontractors, procurement management, cost control, schedule management, and general risk management. However, project logistics companies have often been treated as supporting service providers rather than direct contributors to project performance. In practice, they are involved in quotation, feasibility review, risk identification, customs planning, cargo movement, warehouse operation, partner coordination, and site delivery. Their capabilities may therefore influence EPC project outcomes through both direct and indirect pathways. Existing studies
have largely examined quotation accuracy, risk management, and execution capability independently, while limited attention has been given to their integrated effects on EPC project performance. To address these limitations, this study develops and empirically tests an integrated framework incorporating direct effects, individual mediation effects, and parallel multiple mediation effects. By doing so, the study provides a comprehensive explanation of how the core capabilities of project logistics companies contribute to EPC project performance through logistics operational efficiency and risk mitigation. This study classifies the core capabilities of project logistics companies into quotation accuracy, risk management, and execution capability. Quotation accuracy refers to the ability to prepare accurate and executable logistics quotations by reflecting commercial and technical conditions. Commercial quotation accuracy includes freight rates, handling costs, storage costs, customs duties, insurance, taxes, fuel-related costs, exchange rate exposure, port charges, and site delivery costs. Technical quotation accuracy includes cargo weight, volume, dimensions, lifting requirements, transport mode, route conditions, port limitations, road restrictions, equipment requirements, and site access constraints. Inaccurate quotations may lead to budget overruns, margin erosion, re-planning, additional costs, and operational failure.Risk management refers to the ability to identify, assess, monitor, and control risks during EPC project logistics. This study divides risk management
into operational risk management, financial risk management, supply chain risk management, and external environmental risk management. These include transport delays, cargo damage, equipment shortages, port congestion, documentation errors, customs clearance delays, exchange rate fluctuation, cost escalation, supplier delays, subcontractor failure, vessel space shortages, political instability, regulatory changes, customs policy changes, natural disasters, war, sanctions, and other external uncertainties.Execution capability refers to the ability to implement logistics plans and deliver project cargo according to EPC project requirements. It consists of partner management capability, utilization of advanced technologies, and internal operational management capability. Partner management capability includes coordination and control of carriers, heavy-lift operators, warehouse providers, customs brokers, transport subcontractors, port operators, equipment suppliers, and local agents. Utilization of advanced technologies includes cargo tracking systems, digital documentation, visibility platforms,
logistics information systems, and data-based decision-making tools. Internal operational management capability includes standardized procedures, manpower allocation, reporting discipline, document control, exception management, schedule control, and operational governance. This study also examines logistics operational efficiency and risk mitigation as mediating variables. Logistics operational efficiency refers to the extent to which logistics activities are performed with reduced waste of time, cost, resources, and administrative effort. It is related to timely transportation, warehouse control, documentation accuracy, customs
clearance, communication, reporting, and site delivery sequencing. Risk mitigation refers to the ability to reduce the likelihood and impact of potential risks before
they disrupt the project. It includes route surveys, feasibility checks, contingency planning, alternative transport arrangements, insurance review, customs risk review, subcontractor assessment, and emergency response planning. The main objective of this study is to examine the direct effects of quotation accuracy, risk management, and execution capability on EPC project performance. In addition, this study investigates the individual mediating effects and parallel multiple mediating effects of logistics operational efficiency and risk mitigation. Through this integrated approach, the study aims to identify the mechanisms through which project logistics capabilities enhance EPC project performance. To achieve these objectives, this study conducted a literature review and empirical analysis. Survey data were collected from professionals with experience in EPC projects and project logistics between April 2, 2025 and May 1, 2025. After excluding incomplete or unsuitable responses, 277 valid responses were used for the final analysis. The respondents included practitioners from global project logistics companies, EPC companies, procurement departments, logistics departments, project management teams, and risk management functions. Each construct was measured using a seven-point Likert scale. The collected data were analyzed using SPSS Ver.27.0 and Hayes' PROCESS Macro Model 4.2. Frequency analysis was conducted to examine respondent characteristics. Exploratory factor analysis and reliability analysis were conducted to verify validity and reliability. Descriptive statistics and Pearson correlation analysis were performed to examine the relationships among variables. The PROCESS Macro Model 4.2 was applied to test direct effects and parallel multiple mediation effects. The significance of indirect effects was verified through bootstrapping with 5,000 samples and 95% confidence
intervals. The results showed that quotation accuracy had a significant positive effect on EPC project performance. It also significantly affected logistics
operational efficiency and risk mitigation, both of which contributed positively to EPC project performance. When the mediators were included, logistics
operational efficiency and risk mitigation both had significant positive effects on EPC project performance, and the direct effect of quotation accuracy remained significant. Logistics operational efficiency and risk mitigation partially mediated the relationship between quotation accuracy and EPC project performance.
Risk management showed a significant positive effect on EPC project performance and exerted its strongest indirect influence through risk mitigation. Risk management significantly affected both logistics operational efficiency and risk mitigation. When the mediators were included, logistics operational efficiency and risk mitigation both significantly affected EPC project performance, while the direct effect of risk management remained significant. These findings indicate that risk management affects EPC project performance through both direct and indirect pathways, with risk mitigation serving as the stronger mediation mechanism.
Among the three core capabilities, execution capability showed the strongest direct effect on EPC project performance. Execution capability also significantly affected logistics operational efficiency and risk mitigation. When the mediators were included, logistics operational efficiency and risk mitigation both significantly affected EPC project performance, and the direct effect of execution capability remained significant. Its indirect influence on EPC project performance was primarily transmitted through risk mitigation. These results indicate that execution capability is a key determinant of EPC project performance and that its indirect effect is mainly transmitted through risk mitigation. Overall, all research hypotheses were supported. Quotation accuracy, risk management, and execution capability had significant positive effects on logistics operational efficiency, risk mitigation, and EPC project performance. Logistics operational efficiency and risk mitigation also had significant positive effects on EPC project performance. The parallel multiple mediation analysis confirmed that logistics operational efficiency and risk mitigation mediate the relationships between project logistics capabilities and EPC project performance. Across all three models, risk mitigation consistently showed a stronger mediating effect than logistics operational efficiency, indicating that the ability to reduce uncertainty, prevent disruptions, and proactively manage project risks contributes more significantly to EPC project performance than operational efficiency alone. This finding indicates that EPC project performance depends not only on efficient logistics operations but also on the ability to reduce uncertainty, prevent risks, and control potential
disruptions. This study contributes to EPC project performance research by positioning project logistics companies as strategic contributors to project performance. It expands the concept of quotation accuracy by showing that it is not only a cost estimation function but also a strategic planning capability. It also
contributes to risk management research by examining risk management as a multidimensional construct and demonstrating its direct and mediated effects
on EPC project performance. In addition, it clarifies execution capability through partner management, technology utilization, and internal operational management. By applying a parallel multiple mediation model, this study explains the mechanism through which project logistics capabilities are converted into EPC project performance. The practical implications are also significant. EPC companies should not select project logistics companies based only on freight rates or previous
business relationships. They should evaluate commercial quotation capability, technical review capability, risk identification capability, subcontractor management capability, digital technology utilization, internal process control, and project execution experience. Project logistics companies should strengthen quotation accuracy from the early bidding stage, establish proactive risk management systems, improve execution capability through partner control and internal discipline, and use digital tools for cargo tracking, document management, reporting, visibility, and data-based decision-making. The findings also indicate that project logistics companies should be involved at the early stage of EPC project planning through an Early Involvement approach. Participation during engineering, procurement, logistics planning, customs strategy development, and site delivery planning stages can improve quotation accuracy, enhance risk mitigation, increase operational efficiency, and strengthen schedule reliability throughout the project lifecycle. Furthermore, EPC companies and project logistics companies should establish a strategic partnership model based on integrated supply chain management. As EPC projects become larger and more complex, project
logistics companies are expected to evolve beyond traditional transportation service providers and perform the role of Project Supply Chain Integrators. Such a role includes supporting transportability reviews, logistics feasibility assessments, supply chain risk management, multimodal transportation planning, customs strategy development, and site delivery coordination from the early stages of the project. In addition, the findings suggest the growing importance of vertical
integration or strategic integration between EPC companies and project logistics companies. Closer integration of engineering, procurement, logistics, and construction activities can improve project visibility, strengthen risk control, reduce information gaps, and contribute to superior EPC project performance.
This study has several limitations. The sample may be limited in terms of region, industry, and respondent profile. Future studies should expand the sample across countries, industries, and project types to improve generalizability. This study is based on cross-sectional survey data, so longitudinal research is needed to examine how project logistics capabilities affect performance across different project phases. In addition, future studies should combine survey responses with objective project data such as cost overrun, schedule delay, logistics cost variation, claim frequency, customs delay, cargo damage, and safety incidents. Future research may also include variables such as contract governance, client capability, EPC contractor maturity, digital readiness, ESG requirements, insurance structure, project complexity, and institutional environment. In conclusion, this study empirically demonstrates that quotation accuracy, risk management, and execution capability of project logistics companies have significant positive effects on EPC project performance. It also confirms that logistics operational efficiency and risk mitigation function as parallel mediators in these relationships. Among the two mediators, risk mitigation shows a stronger mediating effect across all models. The findings further suggest that future EPC project performance may increasingly depend on early logistics involvement, strategic partnership, and vertical integration between EPC companies and project logistics companies, highlighting the evolving role of project logistics companies as Project Supply
Chain Integrators