The Power(lessness) of Flexibility in Public–Private Partnerships: Two Capital Projects From the National Capital Region

This article draws on the new stakeholder theory to examine the role of flexibility in the decision process within capital-intensive public–private partnerships (PPPs). It highlights that successful PPPs rely on the project sponsor’s ability to effectively utilize market stakeholders’ critical resources (i.e., information and expertise) to maximize economic value creation, and to gain nonmarket stakeholders’ critical resources (i.e., support) through equitable social value identification and distribution. Drawing on two case studies in the national capital region of the United States, this article proposes a theoretical view to understand flexibility and stakeholder management for capital-intensive PPPs.