<![CDATA[This study maps the global literature on drinking-water utility financing to examine the position of government capital participation (PMP), the instrument through which Indonesian regional governments inject equity into municipal water companies (PDAM). Drawing on 2,006 Scopus-indexed articles published between 1986 and 2025 and analysed with bibliometrix and VOSviewer, it combines performance analysis and science mapping with a direct measurement of financing terminology. Annual output grew from 48 articles in 1986–1989 to 817 in 2020–2025. The central finding is a pronounced asymmetry: private-participation terminology appears as an author keyword in 484 articles against 95 for public capital, a ratio of 5.09 to one, even though the corpus was constructed entirely from public-financing search terms. More strikingly, the specific vocabulary of equity participation is absent altogether: not one of the 2,006 articles carries government equity, public equity, capital injection, or equity injection as an author keyword. Attention to private participation has fallen from 31% of output in 2010–2019 to 18.6% in 2020–2025, yet public-capital scholarship has remained flat near 5%, indicating that the vacated space has not been filled. Interpreted through the soft-budget-constraint framework, this asymmetry suggests that the evaluative apparatus developed for private participation has yet to be matched by a comparable framework for government capital participation itself.]]>
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