Keywords
Public-Private Partnership (PPP)
Bibliometrics and visualization
Submitted : 2025-01-15
Accepted : 2025-01-30
Published : 2025-02-14
Abstract
Applying the Public-Private Partnership (PPP) model is indispensable in creating new economic growth points in the public service sector. However, there is still a lack of research on mapping the application of the PPP model in the new era and context. Therefore, based on reviewing the characteristics and development concepts of the PPP model, this paper uses CiteSpace software to analyze the sample authors, journals, and regions in the Scopus database. This paper aims to explore the current development status, research paradigms, and research gap as well as future trends of the PPP model. The results show that (1) The focus of PPP research has shifted from traditional models such as Build-Operate-Transfer (BOT) and Private Finance Initiatives (PFI) to contemporary themes such as risk management, policy analysis, and project governance. Subsequent research (2014–2018) has emphasized the importance of governance and regulatory frameworks to improve PPP outcomes. (2) The growing academic interest in PPP development in China accounts for 28.78% of the total publications. This surge reflects China’s rapid economic growth and highlights the interplay between government regulation and private financing. Key research themes include risk management, performance evaluation, contractual flexibility, and financing mechanisms, particularly concerning the BOT model. (3) Effective risk management, relationship dynamics, and innovative financing strategies are key components of a strong PPP knowledge framework. Collaborative risk sharing and strong relationships between public and private entities are key to project success, and strategic financing partnerships are necessary to cope with the complexity of large infrastructure projects.
References
Al-Sharif F, Kaka A, 2004, PFI/PPP Topic Coverage in Construction Journals. Proc., ARCOM Conf., F. Khosrowshahi. ed., Vol, 1, Heriot-Watt Univ., Edinburgh, U.K., 2004: 711–719.
Ke YJ, Wang SQ, Albert PCC, et al., 2009, Research Trend of Public-Private Partnership in Construction Journals. Journal of Construction Engineering and Management, 135(10): 1076–1086.
Castro e Silva ND, Oliveira CC, Fernanda R, et al., 2016, Bibliometric Analysis of PPP and PFI Literature: Overview of 25 Years of Research. Journal of Construction Engineering and Management, 142(10).
Tang L, 2010, A Review of Studies on Public-Private Partnership Projects in the Construction Industry. International Journal of Project Management, 28(7): 683–694.
Savas ES, 2000, Privatization and Public-Private Partnerships. CQ Press, U.K.
Sagalyn LB, 2007, Public/Private Development: Lessons From History, Research, and Practice. Journal of the American Planning Association, 73(1): 7–22.
Grimsey D, Lewis MK, 2004, Public Private Partnerships: The Worldwide Revolution in Infrastructure Provision and Project Finance. Edward Elgar, U.K.
Shen LY, Platten A, Deng XP, 2006, Role of Public Private Partnerships to Manage Risks in Public Sector Projects in Hong Kong. International Journal of Project Management, 24(7): 587–594.
Li B, Akintoye A, Edwards PJ, et al., 2005, The Allocation of Risk in PPP/PFI Construction Projects in the UK. International Journal of Project Management, 23(1): 25–35.
Ho SP, 2006, Model for Financial Renegotiation in Public–Private Partnership Projects and its Policy Implications: Game Theoretic View. Journal of Construction Engineering and Management, 132(7): 678–688.
Cumming D, 2007, Government Policy Towards Entrepreneurial Finance. Innovation Investment Funds. Journal of Business Venturing, 22(2): 193–235.
Algarni AM, Arditi D, Polat G, 2007, Build–Operate–Transfer in Infrastructure Projects in the United States. Journal of Construction Engineering and Management, 133(10): 28–735.
Edkins AJ, Smyth HJ, 2006, Contractual Management in PPP Projects: Evaluation of Legal Versus Relational Contracting for Service Delivery. Journal of Professional Issues in Engineering Education and Practice, 132(1): 82–93.
Chan APC, Lam PTI, Chan DWM, et al., 2010, Critical Success Factors for PPPs in Infrastructure Developments: Chinese Perspective. Journal of Construction Engineering and Management, 136: 484–494.
Chan APC, Lam PTI, Wen Y, et al., 2015, Cross-Sectional Analysis of Critical Risk Factors for PPP Water Projects in China. Journal of Infrastructure Systems, 21: 10.
Osei-kyei R, Chan APC, Javed AA, et al., 2017, Critical Success Criteria For Public-Private Partnership Projects: International Experts’ Opinion. International Journal of Strategic Property Management, 21: 87–100.
Teng TL, Yuan JF, Li QM, 2015, System Dynamics Balance Model to Achieve Tripartite Satisfaction in Public Private Partnership Projects, Destech Publications, Inc., Lancaster.
Xiong W, Yuan JF, Li QM, et al., 2015, Performance Objective-Based Dynamic Adjustment Model to Balance the Stakeholders’ Satisfaction in PPP Projects. Journal of Civil Engineering and Management, 21: 539–547.
Xiong W, Zhang XQ, 2014, Concession Renegotiation Models for Projects Developed through Public-Private Partnerships. Journal of Construction Engineering and Management, 140.
Xiong W, Zhang XQ, 2016, The Real Option Value of Renegotiation in Public-Private Partnerships. Journal of Construction Engineering and Management, 142.
Liu JX, Love PED, Davis PR, et al., 2015, Conceptual Framework for the Performance Measurement of Public-Private Partnerships. Journal of Infrastructure Systems, 21.
Liu JX, Love PED, Sing MCP, et al., 2017, PPP Social Infrastructure Procurement: Examining the Feasibility of a Lifecycle Performance Measurement Framework. Journal of Infrastructure Systems, 23.
Liu JX, Love PED, Smith J, et al., 2015, Life Cycle Critical Success Factors for Public-Private Partnership Infrastructure Projects. Journal of Management in Engineering, 31.
Feng Z, Zhang SB, et al., 2015, Modeling the Impact of Government Guarantees on Toll Charge, Road Quality and Capacity for Build-Operate-Transfer (BOT) Road Projects. Transportation Research Part a-Policy and Practice, 78: 54–67.
Song JB, Jin LL, Zhao YP, et al., 2017, Using Bargaining-Game Model to Negotiate Compensation for the Early Termination of BOT Highway Projects. Transportation Research Part a-Policy and Practice, 105: 197–209.
Song JB, Song DR, et al., 2015, Modeling the Concession Period and Subsidy for BOT Waste-to-Energy Incineration Projects. Journal of Construction Engineering and Management, 141.
Zhang YW, Feng Z, Zhang SB, 2018, The Effects of Concession Period Structures on BOT Road Contracts. Transportation Research Part a-Policy and Practice, 107: 106–125.
Carpintero S, Petersen OH, 2016, Public-Private Partnerships (PPPs) in Local Services: Risk-Sharing and Private Delivery of Water Services in Spain. Local Government Studies, 42: 958–979.
Van Den Hurk M, Brogaard L, Lember V, et al., 2016, National Varieties of Public-Private Partnerships (PPPs): A Comparative Analysis of PPP-Supporting Units in 19 European Countries. Journal of Comparative Policy Analysis, 18: 1–20.
Verhoest K, Petersen OH, Scherrer W, et al., 2015, How Do Governments Support the Development of Public Private Partnerships? Measuring and Comparing PPP Governmental Support in 20 European Countries. Transport Reviews, 35: 118–139.
Cruz CO, Marques RC, 2013, Flexible Contracts to Cope with Uncertainty in Public-Private Partnerships. International Journal of Project Management, 31: 473–483.
Martins J, Marques RC, Cruz CO, 2014, Maximizing the Value for Money of PPP Arrangements through Flexibility: An Application to Airports. Journal of Air Transport Management, 39: 72–80.
Colla P, Hellowell M, Vecchi V, et al., 2015, Determinants of the Cost of Capital for Privately Financed Hospital Projects in the UK. Health Policy, 119: 1442–1449.
Vecchi V, Hellowell M, 2013, Securing a Better Deal From Investors in Public Infrastructure Projects Insights from Capital Budgeting. Public Management Review, 15: 109–129.
Vecchi V, Hellowell M, Croce RD, et al., 2017, Government Policies to Enhance Access to Credit for Infrastructure-Based PPPs: An Approach to Classification and Appraisal. Public Money & Management, 37: 133–140.
Geddes RR, Reeves E, 2017, The Favourability of US PPP Enabling Legislation and Private Investment in Transportation Infrastructure. Utilities Policy, 48: 157–165.
Palcic D, Reeves E, Stafford A, 2018, Lifting the Lid: The Private Financing of Motorway PPPs in Ireland. Economic and Social Review, 49: 217–239.
Wan G, Morgan PJ, Barro RJ, 2016, Economic Growth and Convergence, Applied to China. China & World Economy, 24(5): 5–19.
Zhang LJ, 2017, Standardization is the Key to China Becoming the World’s Largest PPP Market. China Economic Weekly, 2017(37): 34–37.
Verweij S, 2015, Producing Satisfactory Outcomes in the Implementation Phase of PPP Infrastructure Projects: A Fuzzy Set Qualitative Comparative Analysis of 27 Road Constructions in the Netherlands. International Journal of Project Management, 33: 1877–1887.
Patsiadas P, Angelides DC, 2017, Negotiation System for PPP Infrastructure Contracts. International Journal of Management and Decision Making, 16: 151–171.
Attarzadeh M, Chua DKH, Beer M, et al., 2017, Options-Based Negotiation Management of PPP–BOT Infrastructure Projects. Construction Management and Economics, 35: 676–692.
Pradhan RP, Verma A, Dash S, et al., 2017, Critical Success Factors for PPP Infrastructure Projects in India. Wegman F, Dell’acqua G, eds, International Congress on Transport Infrastructure and Systems, TIS 2017. CRC Press/Balkema, 2017: 485–491.
Wang Y, Liu J, 2015, Evaluation of the Excess Revenue Sharing Ratio in PPP Projects Using Principal-Agent Models. International Journal of Project Management, 33: 1317–1324.
Xu Y, Sun C, Skibniewski MJ, et al., 2012, System Dynamics (SD)-Based Concession Pricing Model for PPP Highway Projects. International Journal of Project Management, 30: 240–251.
Ameyaw C, Adjei-kumi T, Owusu-manu DG, 2015, Exploring Value for Money (VfM) Assessment Methods of Public-Private Partnership Projects in Ghana: A Theoretical Framework. Journal of Financial Management of Property and Construction, 20: 268–285.
Singh LB, Kalidindi SN, 2006, Traffic Revenue Risk Management Through Annuity Model of PPP Road Projects in India. International Journal of Project Management, 24: 605–613.
Zhang Y, Feng J, Yang S, 2017, Allocation of Control Rights in the PPP Project: A Cooperative Game Model. 2017 3rd International Conference on Advances in Energy, Environment and Chemical Engineering, AEECE 2017. Institute of Physics Publishing.
Carbonara N, Costantino N, Pellegrino R, 2014, Concession Period for PPPs: A Win-Win Model for a Fair Risk Sharing. International Journal of Project Management, 32: 1223–1232.
Jephcote C, Chen H, Ropkins K, 2016, Implementation of the Polluter-Pays Principle (PPP) in Local Transport Policy. Journal of Transport Geography, 55: 58–71.
Wibowo A, Permana A, Kochendörfer B, et al., 2012, Modeling Contingent Liabilities Arising from Government Guarantees in Indonesian BOT/PPP Toll Roads. Journal of Construction Engineering and Management, 138: 1403–1410.
Zhang X, 2004, Improving Concessionaire Selection Protocols in Public/ Private Partnered Infrastructure Projects. Journal of Construction Engineering and Management, 130: 670–679.
Braadbaart O, Zhang M, Wang Y, 2009, Managing Urban Wastewater in China: A Survey of Build-Operate-Transfer Contracts. Water and Environment Journal, 23: 46–51.
Zhang XQ, Kumaraswamy MM, 2001, Procurement Protocols for Public-Private Partnered Projects. Journal of Construction Engineering and Management, 127: 351–358.
Clifton C, Duffield CF, 2006, Improved PFI/PPP Service Outcomes through the Integration of Alliance Principles. International Journal of Project Management, 24: 573–586.
Eaton D, Akabiyikli R, Dickinson M, 2006, An Evaluation of the Stimulants and Impediments to Innovation within PFI/PPP Projects. Construction Innovation, 6: 63–67.
Smyth H, Edkins A, 2007, Relationship Management in the Management of PFI/PPP Projects in the UK. International Journal of Project Management, 25: 232–240.
Fischer K, Leidel K, Riemann A, et al., 2010, An Integrated Risk Management System (IRMS) for PPP Projects. Journal of Financial Management of Property and Construction, 15: 260–282.
Chou JS, Tserng HP, Lin C, et al., 2012, Critical Factors and Risk Allocation for PPP Policy: Comparison between HSR and General Infrastructure Projects. Transport Policy, 22: 36–48.
Sabry MI, 2015, Good Governance, Institutions and Performance of Public Private Partnerships. International Journal of Public Sector Management, 28: 566–582.
Umar AA, Zawawi NAWA, Abdul-aziz AR, 2018, Exploratory Factor Analysis of Skills Requirement for PPP Contract Governance. Built Environment Project and Asset Management.
Ke YJ, Wang SQ, Albert PCC, et al., 2010, Preferred Risk Allocation in China’s Public-Private Partnership (PPP) Projects. International Journal of Project Management, 28(5): 482–492.
Chan APC, Lam PTI, Chan DWM, et al., 2010, Potential Obstacles to Successful Implementation of Public-Private Partnerships in Beijing and the Hong Kong Special Administrative Region. Journal of Management in Engineering, 26: 30–40.
Tang LY, 2010, A Review of Studies on Public-Private Partnership Projects in the Construction Industry. International Journal of Project Management, 28(7): 683–694.
Bing L, Akintoye A, Edwards PJ, et al., 2005, The Allocation of Risk in PPP/PFI Construction Projects in the UK. International Journal of Project Management, 23: 25–35.
Ke Y, Wang S, Chan APC, et al., 2010, Preferred Risk Allocation in China’s Public-Private Partnership (PPP) Projects. International Journal of Project Management, 28: 482–492.
Iossa E, Martimort D, 2015, The Simple Microeconomics of Public-Private Partnerships. Journal of Public Economic Theory, 17: 4–48.
Soomro MA, Zhang X, 2015, Roles of Private-Sector Partners in Transportation Public-Private Partnership Failures. Journal of Management in Engineering, 31.
Liu J, Gao R, Cheah CYJ, et al., 2016, Incentive Mechanism for Inhibiting Investors’ Opportunistic Behavior in PPP Projects. International Journal of Project Management, 34: 1102–1111.
Wang Y, Sun M, Song B, 2017, Public Perceptions of and Willingness to Pay for Sponge City Initiatives in China. Resources, Conservation and Recycling, 122: 11–20.
Liu T, Wilkinson S, 2014, Large-Scale Public Venue Development and the Application of Public-Private Partnerships (PPPs). International Journal of Project Management, 32: 88–100.
Li S, Abraham D, Cai H, 2017, Infrastructure financing with Project Bond and Credit Default Swap under Public-Private Partnerships. International Journal of Project Management, 35: 406–419.
Hellowell M, Vecchi V, 2015, The Non-Incremental Road to disaster? A Comparative Policy Analysis of Agency Problems in the Commissioning of Infrastructure Projects in the UK and Italy. Journal of Comparative Policy Analysis: Research and Practice, 17: 519–532.
Sainati T, Brookes N, Locatelli G, 2017, Special Purpose Entities in Megaprojects: Empty Boxes or Real Companies? Project Management Journal, 48: 55–73.
Zhao ZY, Zuo J, Zillante G, et al., 2010, Critical Success Factors for BOT Electric Power Projects in China: Thermal Power Versus Wind Power. Renewable Energy, 35: 1283–1291.
Xu Y, Yang Y, Chan AP, et al., 2011, Identification and Allocation of Risks Associated with PPP Water Projects in China. International Journal of Strategic Property Management, 15: 275–294.
Xu YL, Chan APC, Xia B, et al., 2015, Critical Risk Factors Affecting the Implementation of PPP Waste-to-Energy Projects in China. Applied Energy, 158: 403–411.
Silvestre HC, De Araujo J, 2012, Public-Private Partnerships/Private Finance Initiatives. Portugal Theory, Practice, and Results. Public Performance & Management Review, 36: 316–339.
Henjewele C, Sun M, Fewings P, 2014, Comparative Performance Of Healthcare and Transport PFI Projects: Empirical Study on the Influence of Key Factors. International Journal of Project Management, 32: 77–87.
Wang HM, Chen B, Xiong W, et al., 2018, Commercial Investment in Public-Private Partnerships: The Impact of Contract Characteristics. Policy and Politics, 46: 589–606.
Pantelias A, Zhang ZM, 2010, Methodological Framework for Evaluation of Financial Viability of Public-Private Partnerships: Investment Risk Approach. Journal of Infrastructure Systems, 16: 241–250.
Warsen R, Nederhand J, Klijn EH, et al., 2018, What Makes Public-Private Partnerships Work? Survey Research into Ill Outcomes and the Quality of Cooperation in PPPs. Public Management Review, 20: 1165–1185.
Van Gestel K, Willems T, Verhoest K, et al., 2014, Public-Private Partnerships in Flemish Schools: A Complex Governance Structure in a Complex Context. Public Money & Management, 34: 363–370.
Lv JN, Ye G, Liu W, et al., 2015, Alternative Model for Determining the Optimal Concession Period in Managing BOT Transportation Projects. Journal of Management in Engineering, 31: 7.
Phong NT, Likhitruangsilp V, Onishi M, 2017, Developing a Stochastic Traffic Volume Prediction Model for Public-Private Partnership Projects. Saloma, Borgan WR, Buntoro F, et al., (eds.) 3rd International Conference on Construction and Building Engineering. Melville: Amer Inst Physics.
Repolho HM, Antunes AP, Church RL, 2016, PPP Motorway Ventures—An Optimization Model to Locate Interchanges with Social Welfare and Private Profit Objectives. Transportmetrica a-Transport Science, 12: 832–852.
De Clerck D, Demeulemeester E, 2016, An Ex Ante Bidding Model to Assess the Incentive Creation Capability of a Public-Private Partnership Pipeline. International Journal of Project Management, 34: 117–131.
Zhang XQ, 2005, Critical Success Factors for Public-Private Partnerships in Infrastructure Development. Journal of Construction Engineering and Management, 131: 3–14.
Wei X, Zhang X, 2014, Compensation Approaches for Early Termination of PPP Projects.
Li B, Akintoye A, Edwards PJ, et al., 2005, Critical Success Factors for PPP/PFI Projects in the UK Construction Industry. Construction Management and Economics, 23(5): 459–471.
Grimsey D, Lewis MK, 2002, Evaluating the Risks of Public Private Partnerships for Infrastructure Projects. International Journal of Project Management, 20: 107–118.
Grimsey D, Lewis MK, 2005, Are Public Private Partnerships Value for Money?: Evaluating Alternative Approaches and Comparing Academic and Practitioner Views. Accounting Forum, 29: 345–378.
Carrillo de Albornoz VA, Millan JM, Solino AS, 2018, Managing a Portfolio of Public-Private Partnerships: Concessionaire Perspective. Journal of Management in Engineering, 34.
Khallaf R, Naderpajouh N, Hastak M, 2018, Modeling Three-Party Interactional Risks in the Governance of Public-Private Partnerships. Journal of Management in Engineering, 34.
Song J, Hu Y, Feng Z, 2018, Factors Influencing Early Termination of PPP Projects in China. Journal of Management in Engineering, 34.
Wang L, Zhang X, 2018, Bayesian Analytics for Estimating Risk Probability in PPP Waste-to-Energy Projects. Journal of Management in Engineering, 34.
Yuan J, Li W, Zheng X, et al., 2018, Improving Operation Performance of Public Rental Housing Delivery by PPPs in China. Journal of Management in Engineering, 34.