Purpose

The purpose of this study is to empirically investigate the variables having an impact on profitability of public private partnerships (PPPs) in India using a balanced panel data of 171 unlisted PPPs from different infrastructure sectors such as road, power generation, real estate and ports.

Design/methodology/approach

Estimations were done using Arellano–Bond dynamic panel data estimation and seemingly unrelated regression models on a balanced panel data of 855 firm-years for 171 unlisted PPPs in India. To further test the estimation robustness, panel-corrected standard errors model was used.

Findings

The study findings indicate that in firm-specific factors, leverage, size, non-debt tax shield, growth and risk have significant positive impact on PPPs’ profitability, whereas in macroeconomic factors, only inflation has significant positive relationship. Although the relationship of all determinants is in sync with various theories and approaches, but these are not significant. Using the robustness test, the results are found to be robust and consistent with resource-based view and strategy-structure-performance approaches.

Practical implications

As PPPs are gaining prominence in the development of infrastructural resources, their profitability is of significant importance to drive private investments in infrastructure development, the identification of factors which determine profitability is critical for researchers, practitioners, policymakers and fund providers such as equity investors and debt providers.

Originality/value

The empirical literature on profitability determinants is focused on various sectors including small and mid-size enterprises (SMEs) and micro firms, but to the best of the authors’ knowledge, this is the first study, in both developed and developing economies, to empirically investigate the determinants of profitability for PPPs.

中文翻译：

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基础设施公私合作伙伴关系 (PPP) 的盈利能力决定因素：来自印度数据的经验证据

目的

本研究的目的是使用来自不同基础设施部门（如道路、发电、房地产和港口）的 171 个未上市 PPP 的平衡面板数据，实证研究影响印度公私合作伙伴关系 (PPP) 盈利能力的变量。

设计/方法/方法

使用 Arellano-Bond 动态面板数据估计和看似不相关的回归模型对印度 171 个未上市 PPP 的 855 个公司年的平衡面板数据进行了估计。为了进一步测试估计的稳健性，使用了面板校正的标准误差模型。

发现

研究结果表明，在企业特定因素中，杠杆、规模、非债务税盾、增长和风险对 PPPs 的盈利能力有显着的正向影响，而在宏观经济因素中，只有通货膨胀有显着的正向关系。尽管所有决定因素的关系与各种理论和方法是同步的，但这些并不重要。使用稳健性测试，发现结果是稳健的，并且与基于资源的视图和策略-结构-性能方法一致。

实际影响

由于 PPP 在基础设施资源的开发中越来越重要，它们的盈利能力对于推动私人投资基础设施发展具有重要意义，确定决定盈利能力的因素对于研究人员、从业人员、政策制定者和基金提供者（如股权投资者和债务）至关重要提供者。

原创性/价值

关于盈利能力决定因素的实证文献侧重于包括中小型企业 (SME) 和微型企业在内的各个部门，但据作者所知，这是发达经济体和发展中经济体的第一个实证研究调查 PPP 盈利能力的决定因素。