Title Page
ABSTRACT
Contents
ABBREVIATIONS 11
1. INTRODUCTION 13
1.1. Background to the Study 13
1.2. Statement of the Problem 17
1.3. Purpose of the Study 18
1.4. Objectives of the Study 18
1.5. Research Questions 19
1.6. Research Gap 19
1.7. Significance of the Study 20
1.8. Delimitation, Limitations and Assumptions of the Study 21
1.9. Definition of Significant Terms 21
1.10. Organisation Of the Study 22
2. LITERATURE REVIEW 23
2.1. Introduction 23
2.2. Theory And Practice of PPPs in Infrastructure 24
2.2.1. Contemporary PPP Models 24
2.2.2. Review of PPPs: A Global Market Perspective 30
2.2.3. Project Finance and Value for Money in PPPs 33
2.2.4. Risk Transfer in PPPs 36
2.2.5. Risk Allocation Mechanism 36
2.3. Critical Success Factors for PPPs in Infrastructure 41
2.3.1. Critical Success Factors for Public-Private Partnerships Identified in Previous Studies 43
2.3.2. Analysis Of Findings from Previous Studies on CSFs For PPP Projects 47
3. RESEARCH METHODOLOGY 58
3.1. Introduction 58
3.2. Research Design 58
3.3. Selection of Case Studies 58
3.4. Research Framework for Data Collection 59
3.4.1. Study Population 60
3.4.2. Data Collection and Instrumentation 60
3.5. Research Ethics 65
4. DATA ANALYSIS AND INTERPRETATION 67
4.1. Introduction 67
4.2. Analysis of CSFs from Case Studies 67
4.2.1. CSFs In Korea's PPP Development Experience 67
4.2.2. CSFs In Kenya's PPP Development Experience 74
4.3. Data Analysis 80
4.3.1. Response Rate 81
4.3.2. Frequency Distributions 81
4.3.3. Mean Score Ranking of CSFs 83
4.3.4. Validity and Reliability 85
4.3.5. Comparison of Ranking of CSFs between Groups 89
4.3.6. Responses to the Research Questions 90
5. CONCLUSIONS 93
5.1. Introduction 93
5.2. Summary of Findings 93
5.3. Analysis of Findings and Implications 94
5.4. Conclusion 97
5.5. Study Limitations and Recommendations 97
BIBLIOGRAPHY 99
초록 106
Table 1. Typical Risk Register with Respective Risk Apportionment 38
Table 2. CSFs for PPPs in Infrastructure Identified in Previous Studies 44
Table 3. Operationalisation of the Variables 64
Table 4. Risk Allocation Matrix for the Nairobi Expressway Project 76
Table 5. Frequency Distribution of Nationalities of Respondents 81
Table 6. Frequency Distribution of the specific experience in PPP projects 82
Table 7. Frequency Distribution of Professional Background of Respondents 82
Table 8. Ranking of CSFs from expert opinions. 83
Table 9. Cronbach's Alpha (α) Results 85
Table 10. Mean scores of rankings between Nationality Groups 86
Table 11. Spearman's correlation test results 88
Table 12. Comparison of CSFs between Kenya and Korea 89
Table 13. Overall ranking of CSFs 91
Figure 1. Contemporary PPP Models 25
Figure 2. Public and Private Provision of Infrastructure 28
Figure 3. Project finance for a toll-road concession 30
Figure 4. Global PPP Visualization Dashboard 31
Figure 5. PPP Visualization Dashboard for Kenya 32
Figure 6. Structure of Project Finance 34
Figure 7. Components of the Value for Money (VfM) calculation 35
Figure 8. Risk allocation process in PPP 37
Figure 9. Data Collection Flow Chart 60
Figure 10. Spectrum of the correlation coefficient 62
Figure 11. PPP Models in Korea 69
Figure 12. Annual trend in PPP Investment Volume 70
Figure 13. VfM Test for PPP projects in Korea 73
Figure 14. Nairobi Expressway PPP Project Structure 75
Equation 1. Mean Score Ranking Technique for Data Analysis 61
Equation 2. Spearman's Rank Correlation 63
Equation 3. Kendall's Coefficient of Concordance, W 63