Abstract
This article seeks to answer two research questions: does public-private partnerships (ppp) live up to its promises to government? How do contractual arrangements affect ppp performance? We propose a conceptual framework to evaluate ppp performance by comparing actual project outcomes to government goals in initiating the partnerships, and to explore how a set of contractual arrangements affect the ppp performance on each identified goal. The framework is applied to a comparative case analysis of highway ppp experiences in the commonwealth of virginia (us) since the 1990s. The results show that these ppp cases were successful in accessing innovative finance, but their performance was mixed on reducing construction risk and transferring revenue risk. Generally improved over time with later projects, the ppp performance was affected not only by interaction among contractual arrangements –private partner selection, financial arrangements, role division, risk allocation, and project characteristics–but also by authorizing and supportive legislation in the policy domain.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 177-200 |
| Number of pages | 24 |
| Journal | Public Performance and Management Review |
| Volume | 41 |
| Issue number | 1 |
| DOIs | |
| State | Published - Jan 2 2018 |
Bibliographical note
Funding Information:Project cost Public funding Private finance Private equity $40 m Private debt $310 m Subtotal $350 m Government financial tools SIB $0 TIFIA $0 PAB $0 Subtotal $0 Private partner Unprofessional Project type Greenfield
Funding Information:
This work was supported by a Special Project Grant to cultivate the PhD program in Public Administration at Shanghai University of Finance and Economics.
Publisher Copyright:
© 2018, © 2017 Taylor & Francis.
Keywords
- contractual arrangements
- highway development
- performance evaluation
- public-private partnerships
