标题：Institutional quality, investment efficiency, and the choice of public-private partnerships
作者：Nhung Hong Dao; Marisetty, Vijaya Bhaskar; Shi, Jing; Tan, Monica
作者机构：[Nhung Hong Dao] Acad Finance, Hanoi, Vietnam.; [Marisetty, Vijaya Bhaskar] Univ Hyderabad, Sch Management Studies, Hyderabad, Telangana, India.; 更多
通讯作者：Shi, J;Shi, J
通讯作者地址：[Shi, J]Shandong Univ Finance & Econ, Sch Finance, Jinan 250014, Shandong, Peoples R China;[Shi, J]Macquarie Univ, Dept Appl Finance, Sydney, NSW, Aus 更多
来源：ACCOUNTING AND FINANCE
关键词：Public-private partnerships; Institutional quality; Investment-cash flow; sensitivity
摘要：We examine a sample of 625 public-private partnership (PPP) firms from 1980 to 2015 that straddle nine countries with varying degrees of economic development and PPP markets. We find that the motivations of the firms that undertake PPP investments vary. While private sector firms in economies with low institutional quality choose to engage in PPPs to alleviate capital constraints attributed to underinvestment, those in economies with high institutional quality participate in PPPs to solve the problem of overinvestment due to an abundant cash flow. In the long run, the benefits of lower capital constraints through PPP investments are more pronounced in economies with high institutional quality.