What triggers public-private partnership (PPP) renegotiations in the United States?
研究了美国六个高速公路PPP项目，发现宏观经济冲击、项目和政治复杂性以及机构经验不足是触发重新谈判的主要原因，且美国特有的政治制度环境导致机会主义行为缺失。
Public-private partnership (PPP) renegotiations and their outcomes have been studied extensively in Latin America and Europe but not in the United States. Therefore, this study evaluates factors triggering U.S. PPP renegotiations by examining six highway PPPs located in California (2), Indiana (1), and Virginia (3). The findings suggest exogenous macroeconomic shocks, project and political complexity, and institutional inexperience are the most compelling triggers behind U.S. PPP renegotiations. These findings also highlight America’s distinct political and institutional environment – i.e. favourable to buy-outs as well as debt restructuring via bankruptcy – as a possible explanation for the absence of opportunism among U.S. PPP renegotiations.