Contemporary public–private partnership: Towards a global research agenda

• Author: Graeme Hodge,Carsten Greve
• Date: 01 February 2018
• Published date: 01 February 2018
• DOI: http://doi.org/10.1111/faam.12132

Received: 8 December 2014 Revised: 3 March 2016 Accepted: 14 March 2016

DOI: 10.1111/faam.12132

ORIGINAL ARTICLE

Contemporary public–private partnership:

Towards a global research agenda

Graeme Hodge1Carsten Greve2

1MonashUniversity, Law, Melbourne, Victoria,

Australia

2CopenhagenBusiness School, Department of

Organisation,Copenhagen, Denmark

Correspondence

GraemeHodge, Monash University, Law,

Melbourne,Victoria, Australia.

Email:graeme.hodge@monash.edu

Abstract

This paper reviews the research agenda lineage on public–private

partnerships (PPPs) from Broadbent and Laughlin's seminal piece in

1999. The PPP phenomenon is viewed at five levels:project delivery,

organisational form, policy, governance tool and as a phenomenon

within a broader historical and culturalcontext. We argue that whilst

a variety of research issues will continue to be relevant, five cor-

responding areas deserve future visibility for a renewed research

agenda: (1) Financialisation of PPPs, (2) global PPP market actors,

(3) internationalisation of policy on PPPs, (4) long-term complexcon-

tracts as a governing regime and (5) PPPs in BRICS and developing

countries.

KEYWORDS

contracting, infrastructure development, performance, policy,

public–private partnerships

1INTRODUCTION

Public–private partnerships (PPPs) have become a popular global strategy for delivering new infrastructure. A range

of definitions exist, with the OECD, for example, defining PPPs as ‘long term contractual arrangementsbetween the

government and a private partner whereby the latter delivers and funds public services using a capital asset, sharing

the associated risk’ (OECD, 2012, p.18). But however PPPs are defined, theyare an important and innovative part of

today's public infrastructure agenda.

Many aspects of PPPs have seen research: the economics of PPPs (Blanc-Brude, Goldsmith, & Välilä, 2006;

Boardman & Vining, 2010; de Bettignies & Ross, 2010; Vining, Boardman & Poschmann, 2005; Yescombe, 2007),

project finance and management (Grimsey& Lewis, 2004; Hellowell & Vecchi, 2012; Klijn, 2008) and social and political

aspects (Wettenhall, 2005, 2010). The heady early days of the UK's launch of its Private Finance Initiative(PFI) are far

behind us with much experience gained and learning on all sides (Broadbent & Laughlin, 2005; Hellowell, 2014; Hodge

& Duffield, 2010; Jupe, 2011; NAO 2009). Little research has examined how the choice of PPP techniques interacts

with the prioritisation of projects, however,or how such choices facilitate political trade-offs and assist in governing.

The 2008 Global Financial Crisis (GFC) also added a major new dimension to the economic and political environment,

renewing and refocusing previous controversies,and even the UK Treasury was forced to concede both ‘concerns with

PFI (PPPs) and the need for reform’ (HM Treasury,2012, p.5).

Financial Acc & Man. 2018;34:3–16. wileyonlinelibrary.com/journal/faam c

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