Investigating Private Sectors' Behavioral Intention to Participate in PPP Projects: An Empirical Examination Based on the Theory of Planned Behavior

The active involvement of private sectors in Public-Private-Partnership (PPP) projects is critical for sustainable development of the PPP mode. While there have been many studies on PPP in the literature, limited research has been conducted to investigate the critical factors that affect the intention of the private sector to participate in PPP projects. To bridge the knowledge gap, this study proposed a theoretical model based upon the theory of planned behavior (TPB), and then tested it based upon empirical data collected from China. Partial least squares structural equation modeling (PLS-SEM) was employed in testing the model. Results indicated that "perceived behavioral control", "governmental influence", and "private sectors' attitude toward PPP" were the three most significant latent variables affecting the intention of private sectors to participate in PPP projects; and "financial capability", "full compliance with PPP contracts", and "profitability" were the three most significant observable variables affecting the intention of the private sector. The research findings contribute to the body of knowledge about private sector involvement in PPP projects in a Chinese context, and also provide solid support for the government to issue relevant polices or undertake reforms to attract more private sectors to participate in the PPP projects.