Lexicometric and Sentiment-Based Insights into Risk Allocation: A Qualitative Study of Moroccan Public–Private–Partnership Projects

This research addresses a critical gap in the Public–Private Partnership (PPP) research field by analysing risk allocation in an emergent African context: Morocco. Based on semi-structured interviews with six selected practitioners, along with lexicometric and sentiment analysis, this study identifies the major risks and the determinants influencing their allocation. Findings show a risk profile dominated by commercial, political, and industrial uncertainties. In addition, the research uncovers that risk allocation is not simply a technical task, but a multidimensional negotiation influenced by project characteristics, partner capabilities, macro-environmental imperatives, and transaction dynamics. Moreover, sentiment analysis reveals a vocabulary mainly reflecting the emotions of fear, anticipation, and trust, which points to the affective side of the contract. This study provides a qualitative framework that is sensitive to the context and that challenges standard economic models; it gives clear directions to policymakers handling complicated PPP arrangements in emerging markets.