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"FINANCE INITIATIVE"
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Risk allocation, transfer and management in public–private partnership and private finance initiatives: a systematic literature review
PurposeThis paper examines risk and risk management in public–private partnership and private finance initiatives (PPP/PFI). Despite growing interest in PPP/PFI, there are knowledge gaps in the literature. The authors’ aim is to analyse these knowledge gaps and define emerging themes to guide future research agendas.Design/methodology/approachThe authors conduct a systematic literature review from 1990 to 2018 using the Scopus database.FindingsThe authors define six emerging themes: risk definition and types of risks; value for money (VFM) and risk; risk sharing, allocation and transfer; financial risk; contractualisation and renegotiation of risk; and risk management and governance. They proposed a conceptualisation of potential development of PPP/PFI research through the three phases of risk management cycle, i.e. prospective, real time and retrospective. This paper revealed some new aspects that could help to analyse better risk and risk management in PPP/PFI to reach value for money (VFM) and to exploit the potential of PPP/PFI.Originality/valueDespite the increasing attention to PPP/PFI, further researches are required in relation to operational and post-operational risk studies, risk management and control, the role of trust. The authors’ analysis underlines the difficulties in how risk is perceived and how to ascertain VFM. In addition, the authors highlight how the increase of contract renegotiation is changing the provisions with reference to risk assignment creating market distortion. Risk should be managed as a cycle; PPP/PFI would benefit by engaging more with the risk management literature.
Journal Article
Safe as houses
As the tragedy of the Grenfell Tower fire of 14 June 2017 has slowly revealed a shadowy background of outsourcing and deregulation, and a council turning a blind eye to health and safety concerns, many questions need answers. Stuart Hodkinson has those answers. Safe as Houses weaves together Stuart’s research over the last decade with residents’ groups in council regeneration projects across London to provide the first comprehensive account of how Grenfell happened and how it could easily have happened in multiple locations across the country. It draws on examples of unsafe housing either refurbished or built by private companies under the Private Finance Initiative (PFI) to show both the terrible human consequences of outsourcing and deregulation and how the PFI has enabled developers, banks and investors to profiteer from highly lucrative, taxpayer-funded contracts. The book also provides shocking testimonies of how councils and other public bodies have continuously sided with their private partners, doing everything in their power to ignore, deflect and even silence those who speak out. The book concludes that the only way to end the era of unsafe regeneration and housing provision is to end the disastrous regime of self-regulation. This means strengthening safety laws, creating new enforcement agencies independent of government and industry, and replacing PFI and similar models of outsourcing with a new model of public housing that treats the provision of shelter as ‘a social service’ democratically accountable to its residents.
eBook
Impression management in annual report narratives: the case of the UK private finance initiative
PurposeThe UK private finance initiative (PFI) public policy is heavily criticised. PFI contracts are highly profitable leading to incentives for PFI private-sector companies to support PFI public policy. This contested nature of PFIs requires legitimation by PFI private-sector companies, by means of impression management, in terms of the attention to and framing of PFI in PFI private-sector company annual reports. The paper aims to discuss this issue.Design/methodology/approachPFI-related annual report narratives of three UK PFI private-sector companies, over seven years and across two periods of significant change in the development of the PFI public policy, are analysed using manual content analysis.FindingsResults suggest that PFI private-sector companies use impression management to legitimise during periods of uncertainty for PFI public policy, to alleviate concerns, to provide credibility for the policy and to legitimise the private sector’s own involvement in PFI.Research limitations/implicationsWhile based on a sizeable database, the research is limited to the study of three PFI private-sector companies.Originality/valueThe portrayal of public policy in annual report narratives has not been subject to prior research. The research demonstrates how managers of PFI private-sector companies present PFI narratives in support of public policy direction that, in turn, benefits PFI private-sector companies.
Journal Article
Communication Challenges in Private Finance Initiative Projects at Facilities Management Stage
Facilities management is one of the scopes of work under the Private Finance Initiative Projects. The success of the facilities management work depends on various factors. Communication is among the factor. This paper will highlight what are the challenges faced during the communication between the client and facilities management managers in UiTM projects and also ways to overcome the challenges. The research is carried out by using the qualitative method. The interviews were done with the engineers and facilities managers. From the interviews, the challenges are the breakdown of communication, human error, lack of understanding, time-consuming, and misunderstanding. deal with lack of understanding, it is best to deal with it through meeting or discussion, inspecting the real problem, and issuing a letter or reminder. To sum up, these strategies are being used because to clarify the root cause of the lack of understandings and to get rid of disputes that happen between both parties. To ensure smooth communication when conveying information during the operational and maintenance, the following item suggested being done by the respondents; verification from the end-user, conducting a technical meeting, following the procedure in executing works, and having a good relationship between both parties. To improve communication, the suggestion is the use of the mobile application, integrated system, roles of the concessionaire in understanding the Concession Agreement, minimize human error and improvement of CFMS as well as preferably direct communication using instant messages.
Journal Article
Toward an understanding of strategic control at a distance in public service delivery
PurposeThe purpose of this paper is to explore how localized (organization-level) actors of policy initiatives that are inspired by neoliberal ideologies use management accounting and control practices. Specifically, it addresses the operational stages of a case study Private Finance Initiative (PFI) contract within the United Kingdom's (UK's) transport sector of roads for embedding government objectives in the underlying project road.Design/methodology/approachThis paper adopts Dean's (2010) analytics of government to unpack the accounting-based control practices within the case study contract in order to articulate how, at the micro level, the government's objective of improving road-users' safety is enacted, modified and maintained through such regimes.FindingsDrawing on a content-based analysis of UK government PFI policy and extensive case study-specific documents, together with interviews and observations, this research provides theoretical insights about how control practices, at a distance without direct intervention, function as forms of power for government for shaping the performance of the PFI contractor. The authors find that the public sector's accounting control regimes in the case study project have a constraining effect on “real partnership working” between the government and private contractors and on the private sector's incentive to innovate.Research limitations/implicationsBy analyzing a single road case study PFI contract, the findings may not be generalizable.Originality/valueThis paper provides significant theoretically informed insights about how public service delivery that is outsourced to private contractors is controlled by government at a distance within complex organizational arrangements (e.g. PFI).
Journal Article
Sustainable Value Creation Within Planetary Boundaries—Reforming Corporate Purpose and Duties of the Corporate Board
Business, and the dominant legal form of business, that is, the corporation, must be involved in the transition to sustainability, if we are to succeed in securing a safe and just space for humanity. The corporate board has a crucial role in determining the strategy and the direction of the corporation. However, currently, the function of the corporate board is constrained through the social norm of shareholder primacy, reinforced through the intermediary structures of capital markets. This article argues that an EU law reform is key to integrating sustainability into mainstream corporate governance, into the corporate purpose and the core duties of the corporate board, to change corporations from within. While previous attempts at harmonizing core corporate law at the EU level have failed, there are now several drivers for reform that may facilitate a change, including the EU Commission’s increased emphasis on sustainability. Drawing on this momentum, this article presents a proposal to reform corporate purpose and duties of the board, based on the results of the EU-funded research project, Sustainable Market Actors for Responsible Trade (SMART, 2016–2020).
Journal Article
Value for money (VFM) in private finance initiative (PFI) implementation in Malaysia
Purpose
Drawing on institutional work (Lawrence and Suddaby, 2006; Lawrence et al., 2011), this study aims to explore how the concept of value for money (VFM) is understood in terms of the private finance initiative (PFI) implementation in Malaysia.
Design/methodology/approach
In-depth interviews with 25 actors involved in the implementation of PFI projects at two public universities in Malaysia were conducted. The interviews focused on the ways in which participants in the projects make sense of VFM in their ongoing involvement with the projects. In addition, a review of publicly available documents was conducted to understand the ways in which the notion of VFM is reflected in the policies and procedures of the government. Data from the interviews and documents were analysed using thematic analysis.
Findings
It is found that the advocacy work of macro-level actors, as well as micro-level actors, has promoted PFI implementation to achieve VFM. However, to the micro-level actors, VFM is just a concept that carries different interpretations, depending on how PFI fits their everyday functional discourses. In addition, direct negotiation and lack of commercial appreciation are disruptive not only to the achievement of VFM but also to the public sector reform agenda of the country.
Originality/value
The present study contributes to the discourses on the concept of VFM that is assumed to be inherent in PFI. The findings are based on micro- and macro-level actors and cover both advocacy and disruption of VFM achievement.
Journal Article
Accounting-related research in PPPs/PFIs: present contributions and future opportunities
Purpose - The purpose of this paper is to review research investigating the implications of public private partnership (PPP) schemes for public investment, focusing on the role and effects of accounting as it relates to the assessment, management, control, reporting, accountability and policy direction of these arrangements. Based on this review, it aims to offer reflections on future directions for this research agenda. Design/methodology/approach - This paper derives five research themes adapted from the PPP research agenda outlined by Broadbent and Laughlin as a framework to guide a literature-based analysis and critique of the relevant PPP literature published up to December 2010. Findings - The review highlights the range of interesting contributions that extant accounting-related research has made to current knowledge about PPP policy and procedure. From this, concentrations of research effort are identified (its largely technical, critical, procurement-oriented and Anglo-centric focus), and opportunities for future research are proposed. With regard to the latter, the opportunities proffered have in common a need to question the nature and functioning of PPPs, consider the complexities of PPPs in action, and explore connections between research and practice. Originality/value - The main contributions this paper makes relate to understanding the \"state of the art\" of accounting-related PPP research, the progress this research agenda has made in line with Broadbent and Laughlin's agenda, as well as insights into fruitful directions future research could take.
Journal Article
Socially Responsible Investment and Fiduciary Duty: Putting the Freshfields Report into Perspective
A critical issue for the future growth and impact of socially responsible investment (SRI) is whether institutional investors are legally permitted to engage in it - in particular whether it is compatible with the fiduciary duties of trustees. An ambitious report from the United Nations Environment Programme's Finance Initiative (UNEP FI), commonly referred to as the 'Freshfields report', has recently given rise to considerable optimism on this issue among proponents of SRI. The present article puts the arguments of the Freshfields report into some further both empirical and critical perspective, however, and suggests that its findings do not call for very much optimism. The general argument is that while the understanding of fiduciary duty outlined by the Freshfields report seems to allow institutional investors to at least sometimes take some social or environmental considerations into account, the support it gives for SRI is notably contingent and, furthermore, it rules out exactly the kind of SRI which proponents of social responsibility and environmental sustainability should hold in highest regard — proactive cases and socially effective investment strategies. If SRI is to become an important force for corporate social responsibility through its adoption by institutional investors, then, it is suggested that legal reform is needed.
Journal Article