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This study aims to develop a hierarchical reliability framework to evaluate the service delivery performance of education public–private partnerships (PPPs) effectively and efficiently during long-term operations.

The research design included development and test phases. In the development phase, three performance layers, i.e. indicator, component and system, in the education service delivery system were identified. Then, service component reliability was computed through first order reliability method (FORM). Finally, the reliability of the service system was obtained using dynamic component weightings. A PPP school example in Australia was set up in the test phase, where performance indicators were collected from relevant contract documents and performance data were simulated under three assumptive scenarios.

The example in the test phase yielded good results for the developed framework in evaluating uncertainties of service delivery performance for education PPPs. Potentially underperforming services from the component to the system level at dynamic timepoints were identified, and effective preventative maintenance strategies were developed.

This research enriches reliability theory and performance evaluation research on education PPPs. First, a series of performance evaluation indicators are constructed for assessing the performance of the service delivery of the education PPP operations. Then, a reliability-based framework for service components and system is developed to predict service performance of the PPP school operations with consideration of a range of uncertainties during project delivery.

The developed framework was illustrated with a real-world case study. It demonstrates that the developed reliability-based framework could potentially provide the practitioners of the public sector with a basis for developing effective preventative maintenance strategies with the aim of prolonging the service life of the PPP schools.

Evaluating education PPPs is challenging as it involves long-term measurement of various service components under uncertainty. The developed reliability-based framework is a valuable tool to ensure that reliability is maintained throughout the service life of education PPPs in the presence of uncertainty.

The authors examine one special focus of Special Purpose Acquisition Companies (SPACs), namely environmental, social and governance (ESG) related investments. The authors document the performance of SPACs with and without ESG focus.

The authors collect data, from several sources, on 1,737 SPAC IPOs formed between 2003 and 2022. A SPAC's focus on ESG is classified based on declared focus in Securities and Exchange Commission (SEC) filings and in post-merger annual reports. The authors examine operational and financial performance of SPACs with and without ESG focus.

In the study's sample, only 50% of SPACs that announced an intention to acquire an ESG target ended up consummating a merger with an ESG private firm. ESG SPACs exhibit worse operating performance than non-ESG SPACs. Furthermore, they experience 11.6% lower 1-year post-merger excess returns than their non-ESG counterparts.

The study provides an examination of ESG firms that came to market via mergers with SPACs, which is an alternative method to traditional initial public offerings (IPOs). The study also provides a comparison of both operational and stock performance of ESG and non-ESG SPACs.