Examining the institutional drivers of public-private partnership (PPP) market performance: a fuzzy set qualitative comparative analysis (fsQCA)

This study explores whether different constellations of institutional factors create unique causal ‘paths’ to mature PPP market performance. Using fuzzy set Qualitative Comparative Analysis (fsQCA), the institutional settings of 48 different PPP markets across Latin American and the Caribbean (LAC), Central and Eastern Europe, the Middle East, and Africa (CEMA), and the Asia-Pacific region (APAC) are examined. The results show market reliability, political and social will, and regulatory regimes are necessary, but alone not sufficient, conditions for mature PPP market performance. The absence of market transparency also appears to be far less problematic for PPP market performance than previously assumed.