Despite the dissemination of PPPs around the world, existing results are controversial or mixed, giving rise to the need to examine under what conditions PPPs are public value-enhancing. Departing from the literature on PPPs and strategic management, we investigate how configurations involving governance features, such as information sharing schemes and risk governance, and managerial traits, like capabilities and stakeholder orientation, enable public value creation through PPPs. Empirically, we apply fuzzy-set Qualitative Comparative Analysis (fsQCA), using a multiple-case comparative study of 24 Brazilian PPP projects. Our findings reveal that information sharing is a necessary central condition and can enable public value creation with the support of public capabilities and other contributing conditions. In the absence of public capabilities, information sharing schemes and private capabilities can be supported by risk governance or stakeholder orientation. By highlighting the importance of unique and value-creating combinations of governance and managerial traits, this study contributes to the ongoing dialogues between public and nonprofit management and strategic management theories.
