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Efficient public-private partnerships

Author

Listed:
  • Moszoro, Marian

    (IESE Business School)

Abstract

This paper presents a model to assess the efficiency of the capital structure in public-private partnerships (PPP). A main argument supporting the PPP approach to investment projects is the transfer of managerial skills and know-how from the private partner to the investment vehicle. The paper shows how different managerial skills and knowledge transfer schemes determine an optimal shareholding structure of the PPP. Under the assumption of lower capital cost of the public partner and lower development outlays when the investment is carried out by a private investor, an optimal capital structure is achieved with both the public and the private parties as shareholders, i.e. a mixed public-private capital structure makes it possible to internalize the financial advantage of the public sector and the managerial advantage of the private sector.

Suggested Citation

  • Moszoro, Marian, 2010. "Efficient public-private partnerships," IESE Research Papers D/884, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0884
    as

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    File URL: http://www.iese.edu/research/pdfs/DI-0884-E.pdf
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    Citations

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    Cited by:

    1. Andrey Berezin & Bruno S. Sergi & Natalia Gorodnova, 2018. "Efficiency Assessment of Public-Private Partnership (PPP) Projects: The Case of Russia," Sustainability, MDPI, vol. 10(10), pages 1-18, October.
    2. Nuno Ferreira da Cruz & Pedro Simões & Rui Cunha Marques, 2013. "The Hurdles of Local Governments with Ppp Contracts in the Waste Sector," Environment and Planning C, , vol. 31(2), pages 292-307, April.
    3. da Cruz, Nuno F. & Marques, Rui Cunha, 2012. "Mixed companies and local governance: no man can serve two masters," LSE Research Online Documents on Economics 59778, London School of Economics and Political Science, LSE Library.
    4. Deng, Zhongqi & Song, Shunfeng & Chen, Yongjun, 2016. "Private participation in infrastructure project and its impact on the project cost," China Economic Review, Elsevier, vol. 39(C), pages 63-76.
    5. Patrick Mabuza, 2019. "Is the Public Private Partnership Model the Right Vehicle for Public Infrastructure Delivery in Developing Countries?," Journal of Economics and Behavioral Studies, AMH International, vol. 11(1), pages 211-222.

    More about this item

    Keywords

    Public-Private Partnerships; Joint Ventures; Public investment policy; Knowledge transfer; Hybrid governance structures;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • L19 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Other

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