1,720,970 research outputs found
Building bridges: Unraveling the missing links between Public-Private Partnerships and sustainable development
Full text linkAlthough there is increasing agreement that Public-Private Partnerships (PPPs) contribute significantly to sustainable development, the intersection between the PPP body of knowledge and sustainability remains underdeveloped. This study adopts the Sustainability Development Goals (SDGs) and their sustainable targets as means to assess the intensity of the link between the PPP literature and sustainability. Findings show that the thematic keywords in the PPP literature are multidimensionally related to sustainability through 16 out of the 17 SDGs. However, the intensity of this relationship is heterogenous: while eleven SDGs were related to less than 5% of the topics, only four SDGs (i.e., 8, 9, 16, and 17) demonstrated a strong relationship with PPPs, representing 51 out of the 169 sustainability targets. Moreover, 19 sustainability targets within these four SDGs were found to be the most representative according to their connection with the studied PPP topics, underlining high interdependencies between the PPP field and the three sustainability dimensions (society, environment, and economy). Overall, this study establishes a foundation for future studies on sustainability in PPPs by proposing three research avenues associated with social, environmental, and economic perspectives: (1) exposing the life-cycle relations between sources of payment, financing conditions, and costs of PPPs. (2) examining the most relevant challenges in achieving social legitimacy of PPP programs in developing countries. (3) providing a multidimensional empirical analysis of the effectiveness of environmental assessment tools for PPP projects
Crisis Driven Literature in PPPs: A Network Analysis
Full text linkOVID-19 crisis has simultaneously triggered a global economic crisis whose
consequences will lead to a dichotomy where several governments' debt has grown to
unprecedented levels and simultaneously is required to promote new infrastructure supply.
This global economic crisis scenario endangers current Public-Private Partnership (PPP)
programs given their dependence on payment from the user and/or government subsidies in
long-term lifecycles. This study aims for unravelling the PPP research agenda derived from the
last global economic crisis in 2008 and the current one for understanding the trends developed
as a tool for building a post-pandemic PPP research agenda. For understanding the last global
financial crisis PPP literature review and its time and geographic evolution since 2008, this
study developed a literature review employing Network Analysis. Therefore, crisis- and PPP-
related keywords were combined for establishing the search in the Web of Science database.
After removing duplicate papers, 67 peer-reviewed articles were identified for recognizing
underpinning topics, potential gaps, and time evolution. The network analysis revealed seven
clusters driven by payment sources (i.e., public financial aspects, user payments, and demand),
contract mechanisms (i.e., contractual governance, and risk valuation), and project
performance (i.e., project performance under crisis and project efficiency). This paper
contributes to the PPP body of knowledge by unraveling the post-global economic crisis
agenda and its gaps in proposing a new research agenda for overcoming the consequences of
the global economic crisis derived from the COVD-19 pandemic
Risk Allocation in PPP Unsolicited and Solicited Proposals in Latin America: Pilot Study in Colombia
No full textRisk management between public and private sectors is crucial for the success of public-private partnership (PPP) projects. Thus, effectively allocating project risks is a key task in the development of public-private initiatives because it is a determinant characteristic for PPP success or failure. However, despite being an important topic for scholars and practitioners, today, the academic literature does not provide ample evidence of how risks are managed in solicited and unsolicited road PPP projects. Building on a systematic content analysis framework, this case study examines the allocation of risks in three unsolicited and three solicited highway PPP contracts over the last decade in Colombia. The framework was developed through line-by-line coding of contract provisions associated with risk-related issues. Results show that some risks were shared and addressed by the public sector, but the majority were transferred to the private sector. Conclusions indicate that there are two opportunistic behaviors identified, the private party who makes the unsolicited proposal seeks to transfer some endogenous risks to the public, and public agencies seek to transfer exogenous risks to the private in USPs; these changes are observed in unsolicited proposals rather than solicited proposals. Overall, this study intends to extend risk allocation studies by analyzing PPP contracts within this Latin American country
In the Name of the Pandemic: A Case Study of Contractual Modifications in PPP Solicited and Unsolicited Proposals in COVID-19 Times
No full textThe COVID-19 pandemic has triggered unprecedented political, social, and economic repercussions that simultaneously affect the public, private, and users, triggering construction, demand, and credit risks in road Public-Private Partnerships (PPP). Given the magnitude of this impact, incipient literature has analyzed how specific projects addressed the shock from multiple perspectives in record time. Nevertheless, a thorough comparison of contractual renegotiations produced by the pandemic among initiation processes [i.e., Solicited Proposals (SP) and Unsolicited Proposals (USP)] is missing. Therefore, this paper aims to extend the understanding of COVID implications by analyzing PPP contractual governance, under unprecedented uncertainty, in the most recent road PPP program in Colombia, including 29 projects. This analysis was developed with a case study based on public information. Findings reveal that contractual modifications derived from COVID-19 were mainly driven by extending the project schedule, increasing concessionaire’s liquidity in the middle term, and reducing the project scope. Overall, the empirical findings indicate that USP was much more renegotiated than SP, which suggests that the public sector is more prone to guaranteeing the intended private’s sector conditions in projects initiated by the same private sector
Remedies to the PPP Crisis in the Covid-19 Pandemic: Lessons from the 2008 Global Financial Crisis
No full textThe COVID-19 pandemic has triggered a global economic crisis and is leading multiple local, regional, and national governmentsto increase public debt to unprecedented levels. This situation endangers current and future road public-private partnership (PPP) programs,given their dependence on user fees and/or government availability payments. Accordingly, this study aims to explore recovery measures toaddress short- and long-term road PPP-related challenges associated with the COVID-19 pandemic, by considering recuperation actionsimplemented during the 2008 global financial crisis (GFC). To do so, this research examines the PPP-crisis literature through the lensof social network analysis (SNA) and concepts linked to network modularity and community detection techniques. The analysis focuseson unraveling semantic relationships between PPP-related keywords in order to understand lessons learned from the GFC and to proposesuitable remedies for overcoming the consequences of the global economic crisis derived from the COVID-19 pandemic. Findings show thatthe PPP-crisis literature forms a comprehensive self-contained interwoven network that can be organized into five semantic communities ac-cording to concepts related to risk, financing, governance, procurement, and institutional environment. Based on such communities, the analysissuggests five recovery measures and highlights two implementation challenges (i.e., global supply chain disruptions and quantitative easingpolicies). Future research is required to examine effective ways to apply the proposed PPP remedies in the long-term
SUSTAINABILITY IN PPPS: A NETWORK ANALYSIS
Full text linkOver the last decades, sustainability-related topics have increased their relevance to infrastructure development. Researchers have conducted studies analyzing the relationship between Public-Private Partnerships (PPPs) and sustainability. However,
despite the PPPs have been recognized as a relevant factor for sustainable development,
no bibliometric analyses have been conducted studying the relation between PPPs and
sustainability. This paper introduces a comprehensive understanding of the body of
knowledge of the nexus between sustainability and PPPs, their evolution, and the
connections of their main topics. This analysis allows for integrating disperse studies
within a comprehensive PPP-sustainable framework. The Network Analysis unraveled
that the significance of sustainability within PPPs has grown over time evolving from
traditional developed English-speaking countries to developing countries. Overall, the
PPP research agenda has evolved from road infrastructure dominance driven by a
public sector’s perspective of social welfare to increasing types of infrastructure driven
by economic and environmental performance yet remaining to strengthen the latter
PPP Renegotiation Flight Simulator: A System Dynamics Model for Renegotiating PPPs after Pandemic Crisis
No full textThe aftermath of the COVID-19 pandemic is triggering an extraordinary increase in governments’ fiscal pressure and debt as public expenditure increases and taxes decrease
simultaneously. Given that annual payment to road Public–Private Partnerships (PPP) is one of the several significant burdens on government budgets, multiple PPP renegotiations are likely to tackle revenue underperformance due to traffic or toll tariff reductions produced in the next few years by the aftermaths of the pandemic. The current study develops a flight simulator relying on a System Dynamics (SD) model to improve the understanding of decision-makers about the complex relationship between project sources (i.e., revenues and government’s subsidies) and uses [i.e., capital expenditure (CAPEX), operational expenditures (OPEX), and financial costs] through the concessionaire’s perspective. The proposed simulator helps increase the understanding of decision-makers about suitable alternatives for balancing revenues underperformance in the operation phase without increasing public subsidies. Furthermore, this simulator allows exploring policies by renegotiating the debt conditions or the OPEX for guaranteeing the life-cycle financial sustainability of PPPs. Results demonstrate that extending
the debt’s repayment period should be the preferred renegotiation alternative for balancing significant revenue underperformance. This time extension must occur after the construction
phase is finished because it must not affect the project service levels, public subsidies, or bank’s rate of return
Environmental Impact Assessment Effectiveness in Public-Private Partnerships: Study on the Colombian Road Program
No full textPublic–private partnership (PPP) has been positioned as a relevant contracting method for developing large-scale infrastructureprojects that entails potentially high-magnitude negative impacts on the environment. The effectiveness of the environmental impact assess-ment (EIA) is crucial to achieving sustainable development of these large-scale infrastructure projects. To unravel the drivers for the EIAeffectiveness and the multiple combinations built by the complexity of these drivers, this paper analyzes 28 road PPP projects from Colombiaemploying a fuzzy-set qualitative comparative analysis (fsQCA) approach. This paper decodes conjectural causal links between specificconditions grouped in superordinate clusters (i.e., consultants’capability, project features, and communities’participation) and EIA effec-tiveness dimensions (i.e., normative, procedural, substantive, and transactive). Findings revealed that no single combination of causal con-ditions ensures multidimensional EIA effectiveness. This study demonstrated that EIA effectiveness relies significantly on the integration ofspecific features of three external stakeholders: consultants, nonpreferred proponents, and communities. This study constitutes the first em-pirical multidimensional identification of the combination of conditions that generate EIA effectiveness in road PPPs
Risk Allocation in Unsolicited and Solicited Road Public-Private Partnerships: Sustainability and Management Implications
Full text linkRisk allocation plays a crucial role in the successful development of public-private partnership (PPP) projects. However, despite being an important topic for scholars and practitioners, the existing literature does not provide sufficient evidence on how managing risks in solicited (SP) and unsolicited (USP) road PPP projects, and subsequently, on what the sustainability implications are for such managerial processes. This study aims to extend risk allocation studies by analyzing contracts in Chilean highway PPPs over the last decade based on a systematic content analysis framework and case study data. The framework was developed through line-by-line coding of contract provisions associated with risk-related issues, and data were collected from semi-structured interviews with Chilean PPP practitioners. Results show that, although the majority of risks are either shared or transferred to the private party in most contracts, there are important variations in the way allocation procedures are implemented for SPs and USPs. Contracts analyzed revealed that risk arrangement mechanisms have usually focused on the economic dimension of sustainability without fully incorporating social and environmental considerations, increasing protests in the long-term. Conclusions indicate that risk allocation procedures and sustainability considerations are highly dependent on project-specific features and contextual factors. Overall, the analysis uncovers that the level of autonomy given to the private sector in both SPs and USPs has contributed to properly manage technical and economic risks, but has failed to successfully allocate social and environmental concerns
Semantic Network Analysis of Literature on Public-Private Partnerships
No full textPublic-private partnerships (PPPs) have motivated diverse bibliometric analyses of PPP research. Nevertheless, the evolution andconnections between the main topics in the PPP domain have not been explored. To improve the understanding of the PPP research agenda,this study uses Content Analysis (CA) and Semantic Network Analysis (SNA) to expose relationships and trends in PPP research topics overthe last two decades. These methodologies helped researchers to move beyond analyzing thematic trends in isolation in order to gain insightinto the interrelationships among PPP topics by using qualitative and quantitative tools, which is difficult to achieve with other methodo-logical approaches. The SNA metrics showed that the PPP research agenda evolved into a high-clustered network driven by five macro-keywords: financing and economic aspects, road infrastructure, public sector management, risk management, and contract management.These macrokeywords may enable the growth of the entire PPP research agenda, but they could also jeopardize the emergence of newresearch trends. Results show that the participation of some traditional PPP infrastructure types, such as power generation, rail, and tunnel,has been reduced, in contrast to more recent types such as healthcare and, especially, airport infrastructure. Similarly, research focus hasshifted from examining traditional PPP issues in the US and European Union to analyzing PPP development in Africa, Latin America, andAsia. Overall, this study presents a more holistic understanding of the PPP body of knowledge, its evolution, and the interaction of its maintopics
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