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Public involvement is essential in the creation of effective local strategies for the development of a sustainable built environment, yet there has been little research on…
Public involvement is essential in the creation of effective local strategies for the development of a sustainable built environment, yet there has been little research on stakeholder motivation and engagement in the creation of infrastructure-project value, in the entire life cycle of a given project, while different markets show that overlooking stakeholders can negatively affect the success of an infrastructure project. The purpose of this paper is to fill the theory-practice gap that has been discerned, and thus study how early public involvement determines the success of an infrastructure project, which is identified with its value creation (effectiveness, sustainability and utility).
This research entails a combination of methods. A case study analysis allowed observation of the role the stakeholders play and of how the relationships, perspectives, expectations and risks, along with other soft issues, continue to affect projects. The case study required comprehensive examination of project documentation and conduction of interviews. To collect data, focused group interviews and semi-structured interviews were used, supported with direct questionnaire surveys.
The study provides evidence that early public engagement can contribute to infrastructure-project value (effectiveness, sustainability and utility). Practically speaking, the stakeholder analysis performed allowed proposal of a general stakeholder analysis framework for infrastructure projects. It can be implemented at each investment phase of the project life cycle, since stakeholders and their motivation may develop and/or change over time, which necessitates development of proper managerial strategies. The findings highlight the opportunities and the challenges faced by stakeholder management.
The limitation of this study derives from the fact that the sample size was small, which was necessary for an in-depth qualitative research and application of the case study method. The observations were made on a selected case study, within a limited period of time, thus the context of the analysis as well as the stakeholder perception was subject to possible change. The research limitations concern the provisional nature of the information obtained, the cross-sectional nature of the analysis itself, and, finally, the inability to predict all future events. Ultimately, stakeholder mapping was performed for the operational phase of the investment exclusively, while the analysis was limited to identification and classification of the stakeholders, including their relationship with the project.
The research conclusions provide useful input for future research on development of effective strategies for management of the shareholders that are related to a given infrastructure project, in order to achieve project success. Simultaneously, from a property perspective, the research has contributed to a better understanding of the importance of infrastructure, on the part of real estate stakeholders.
Application of the approach proposed in the study may contribute to early development and implementation of appropriate trust-building processes. The building of relationships between stakeholders enables checks and balances, promotes short- and long-term project benefits, and increases the value of a project.
The novelty of the research consists in the connection, as part of infrastructure projects, of the theory of consumption values and the concept of an investment cycle with the framework of stakeholder analysis.
Public‐private partnerships (PPP) are contractual relationships influenced by different legal traditions. The main purpose of the paper is to provide insight into the…
Public‐private partnerships (PPP) are contractual relationships influenced by different legal traditions. The main purpose of the paper is to provide insight into the principles of PPP financing and the impact of two legal provisions in Poland.
Appropriate regulation and documentation were investigated. Discounted subsidies, internal rate of return (IRR), economic internal rate of return (EIRR) were calculated and risk was analysed for three variants of a selected case study.
The two PPP‐related legal provisions are well‐suited for cooperation, although they do not generally correlate. Partnership is just one of the available modes of cooperation; therefore, a complete financial and economic analysis should be performed to prove value for money.
The paper was limited to one case study in three variants. Additional cases can be studied to confirm the findings and increase the usefulness of the methodological framework and improve its application.
The interrelation of the two PPP‐related legal provisions is useful for public managers searching for partners and private investors looking for opportunities. Since the proposed framework supports assessing investment advantages from the perspective of the two provisions, it supports decision makers. The experience of the Polish market also may support development of public‐private partnerships in other countries.
The two PPP‐related legal provisions are compared to determine which provides the optimal method for management of PPPs. Studying both successful and abandoned projects can help towards better management and understanding of PPPs. The work is novel providing insights into PPP financing from a legal perspective and addressed financial consequences.