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Partial least squares path modeling (PLS‐PM) has become popular in various disciplines to model structural relationships among latent variables measured by manifest variables. To fully benefit from the predictive capabilities of PLS‐PM, researchers must understand the efficacy of predictive metrics used. In this research, we compare the performance of standard PLS‐PM criteria and model selection criteria derived from Information Theory, in terms of selecting the best predictive model among a cohort of competing models. We use Monte Carlo simulation to study this question under various sample sizes, effect sizes, item loadings, and model setups. Specifically, we explore whether, and when, the in‐sample measures such as the model selection criteria can substitute for out‐of‐sample criteria that require a holdout sample. Such a substitution is advantageous when creating a holdout causes considerable loss of …