Relationships among Value-for-Money Drivers of Public–Private Partnership Infrastructure Projects
Publication: Journal of Infrastructure Systems
Volume 25, Issue 2
Abstract
Value-for-money (VFM) drivers and their interrelationships have large impacts on increasing the VFM of public–private partnership (PPP) projects. However, very few studies have explored the potential interrelationships among VFM drivers. Using a questionnaire survey and structural equation modeling (SEM), the current study aims (1) to refine a VFM driver framework for PPP projects; and (2) to determine and verify the interrelationships among VFM drivers for PPP project implementation. This research has observed that the determinants of cost and effectiveness are provided for financial or performance sustainability. Moreover the better the overall cooperative environment, the better the participants’ capabilities and characteristics and the more effective the cooperation between the public and private sectors. Furthermore, the level of cooperation favorably influences cost and effectiveness directly. Finally, a stable macroeconomic condition has the most significant impact on the cooperative environment. The determined interrelationships among VFM drivers will contribute to the increased sustainability and successful delivery of PPP projects.
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Acknowledgments
This work was supported by the National Natural Science Foundation of China (71672180), the Social Science Foundation of Hebei Province in China (HB16GL066), and the Natural Science Foundation of Hebei Province in China (E2017508093).
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Journal of Infrastructure Systems
Volume 25 • Issue 2 • June 2019
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©2019 American Society of Civil Engineers.
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Received: Jan 29, 2018
Accepted: Sep 25, 2018
Published online: Feb 12, 2019
Published in print: Jun 1, 2019
Discussion open until: Jul 12, 2019
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