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This study aims to make a comparative study of the applicability of the purchasing power parity (PPP) in selected less developing countries (LDCs) on one hand and European countries on the other hand.

The research design is empirical and ex post facto. This study uses an assortment of co-integration tests and error correction representation. The chosen approach allows for the consideration of long-run elasticities and the dynamics of the short-run adjustment of exchange rates to changes in domestic and foreign prices. Monthly data are used for the period 1980:1 through 2015:12 (i.e. 432 observations).

Results from long-run co-integration analysis, short-run error correction models and persistence profile analysis overwhelmingly confirm the validity of PPP in these two sets of countries regardless the disparity in their relative exchange rate and price characteristics.

Curiously, several of these empirical studies and still many more, have focused their attention on the experiences of industrialized countries, with a few investigations devoted to LDCs. The evidence is even scarcer in Africa. Clearly, the acceptance of any hypothesis as a credible explanation of economic reality hinges on the robustness of the hypothesis across countries with different economic and institutional frameworks.

Knowledge of the extent to which exchange rate and relative prices can be linked in the long run is important for the design and management of inflation and the implementation of monetary policy. For instance, policy actions aimed at stabilizing the domestic economy can obtain results that are, at best, uncertain in the absence of correct characterization of the PPP dynamics. Moreover, structural and macroeconomic adjustment programs implemented in these countries to achieve economic growth and external competitiveness could be unsuccessful if flawed estimates of PPP exchange rates are retained.

Several empirical studies have been done to prove the validity or otherwise of the PPP. Unlike prior authors, this study makes a comparative study of the applicability of the PPP in selected LDC on one hand and European countries.

This study aims to develop a collaborative governance framework (CGF) to systematically investigate the impeding factors (IFs) in terms of the operational sustainability of PPPs. It examines the transmission pattern (i.e. the way in which network members react to each other) of the IFs network.

Literature review and interview were adopted to identify the IFs. Then, with the data collected from the interview in China, the social network analysis and interpretive structure model were synergised to examine the chain reaction, driving and dependent powers, and hierarchical structure of the identified IFs.

The results reveal that the cognition, institutional, financial and participation aspects are key barriers confronted by PPP sustainability, and the government plays a leading role in controlling factors causing sustainability-related problems in PPPs. Weak government leadership and institutional environment were identified as the most fundamental reasons triggering a chain of IFs, while project governance and management activities act as bridge nodes that play an intermediary role in the IFs network.

This research contributes to the literature on PPP governance by (1) bridging the literature gap through the development of CGF for explaining the governance of PPP sustainability with a holistic view that considers both macro environment and operational project processes; and (2) identifying the transmission pattern of IFs network which uncovers the underlying dynamics causing the unsustainable operation of PPPs.

This research provides practitioners with a list of key checkpoints for preventing failure escalation, enables decision-makers to prioritise obstacle-mitigation efforts and develop a feasible process to control PPP operation, and offers management countermeasures to remove the key barriers impeding PPP sustainability.

This study is novel for adopting network-oriented techniques to quantify the relative importance of the IFs and examine the transmission pattern of the IFs system. Therefore, it visualises the complex underlying dynamics causing unsustainable PPP operation, identifies root and direct causes of PPP failures, and provides decision-makers with insights into sustaining PPP sustainability from a network-oriented perspective.

This paper intends to investigate the empirical link between governance and energy investment in PPP. To succinctly account for biases in the fixed effects (FE) model, the authors adopted different bias-corrected techniques. The majority of these techniques provided evidence that PPP investments in energy are boosted by increasing the desire for accountability, prioritising the voice of the masses and disabusing the rule of laws. This study could not find any positive influence from the control of corruption to PPP investment in energy.

The acute shortage of power supply in SSA has attracted PPP investments in the energy subsector of the economy, leading to the recent debate on governance and public, private investment. The authors contributed to this argument by examining the impact of country governance on PPP investment in energy using a sample of countries in SSA.

Therefore, the authors concluded that low control of corruption is responsible for the inadequate volume of PPP investments. In the light of this, the government should redefine the anti-corruption bill of their sovereignty to accommodate severe sanctions when necessary.

This paper uses the fixed effects (FE) model by introducing batteries of nonlinear panel models to capture the relationship between the impacts of country governance on PPP investment in energy.

This paper proposes a Bayesian procedure to investigate the purchasing power parity (PPP) utilizing an exponential smooth transition vector error correction model (VECM). Employing a simple Gibbs sampler, we jointly estimate the cointegrating relationship along with the nonlinearities caused by the departures from the long-run equilibrium. By allowing for nonlinear regime changes, we provide strong evidence that PPP holds between the US and each of the remaining G7 countries. The model we employed implies that the dynamics of the PPP deviations can be rather complex, which is attested to by the impulse response analysis.

The performance of public–private partnerships (PPPs) can be determined by a variety of factors, i.e. influencing factors (IFs). This study is undertaken for a purpose of identifying how such factors determine the project's performance (i.e. factor transmission patterns), particularly from the key stakeholders' perspectives.

A hybrid approach, which comprises a Social Network Analysis, ISM (i.e. Interpretive Structural Modeling) and an improved DEMATEL (i.e. Decision-Making Trail and Evaluation Laboratory), was developed to analyze the causal relationships between the identified IFs as well as the transmission patterns of their impacts on PPPs. Data were collected from interviews and questionnaire surveys.

The transmission patterns of the identified IFs cascade from project environment and features and stakeholders' relationship to the project company capabilities and project process. It is identified that the public authority has a higher level than that of the private entity in PPPs.

It lacks longitudinal studies to investigate the dynamics of PPP stakeholder relationships and social networks. Future research needs to explore the transmission patterns of sub-factors affecting PPP performance and extend the applicability of the developed hybrid approach.

This research provides practitioners with a robust tool that is useful for and insights into enhancing the management of lifecycle performance. It ensures the public authorities and private entities embarking on PPPs will make an informed decision about the monitoring of the life cycle performance.

This study contributes to knowledge of managerial mechanisms that can be adopted to manage factors determining the performance of PPPs. It enables an understanding of stakeholders' roles in driving the life cycle performance of PPPs.

This case study was chosen for its rare, if not unique, project procurement strategy. It is, to the authors’ knowledge, the only example of a project alliance (PA) being undertaken within a public-private partnership (PPP) project delivery approach. The purpose of this paper is to explore the case study from a strategic perspective to better understand if it is possible to combine a PA within a less collaborative procurement form, such as PPP or design and construct (D&C), and to determine if there were any specific prerequisite conditions needed for such an arrangement to be successfully adopted.

A single exploratory case study was undertaken through interviewing seven of the most senior project participant executives for approximately an hour that each had a separate and unique perspective to offer relating to the organisational role they represented in the PA. These interviewees were identified as the most knowledgeable key executives participating in the PA from whom both strategic and operational insights could be gained.

It is possible to design a PA approach within a PPP for large and complex infrastructure projects and this can provide a competitive advantage to do so, however, the reasons for doing so should be clear and compelling. Parties to such an arrangement should be prepared to fully engage through adopting full PA principles. In such a case as this, the PPP special purpose vehicle takes on the role of “project owner” that normally the public body part of the PPP would normally adopt.

This research reports upon a single case study within a specific project delivery culture that has extensive experience of PAs. Demonstrated positive project outcomes would not be likely to be more generally repeatable across the engineering infrastructure sector unless parties engaged within such a PA had not already experienced and understood outcomes resulting from such a close collaboration.

This research has implications for project participants bidding for PPP projects as well as others using a D&C tending approach. It offers a potential competitive advantage because it demonstrates and explains how choices may be expanded beyond a simple single project procurement strategy approach.

Many PPP and PA infrastructure projects are delivered to provide community benefit. This paper provides a way to improve the project delivery process and thus improving value to the community.

The paper makes three contributions. Primarily, it pioneers analysis of a PA within a PPP. Second, it provides important insights into the reasons and emergence of this phenomenon. Finally, it provides an understanding of this how this novel form of early contractor involvement with a PPP special purpose ownership vehicle that combines competition and collaboration may function operationally.

The purpose of this paper is to focus on whether the deviations from the cointegrating relationship possess long memory and the fractional cointegration analyses may capture a wider range of mean-reversion behaviour than standard cointegration analyses.

This paper uses a fractional cointegration technique to test the purchasing power parity (PPP).

The authors found that PPP held, but very weakly, in the long run between the Argentine, Brazil, Chile, Colombia, Indonesia, Korea, Mexico, Thailand and Venezuela and US exchange rate during our floating exchange rate period but that the deviations from it did not follow a stationary process. Nevertheless, it is also found that the deviations from PPP exists and can be characterized by a fractionally integrated process in nine out of 13 countries studied.

The findings are consistent with the consensus of the empirical literature, reviewed earlier in this paper, on PPP between Argentine, Brazil, Chile, Colombia, Indonesia, Korea, Mexico, Thailand and Venezuela and the USA.

As an innovation model for infrastructure and public service delivery, public–private partnership (PPP) has been widely adopted around the world. The knowledge spillover effect and policy diffusion mechanism have played an important role in promoting the development of PPP in the context of globalization. A comparative evaluation of the policy and management of PPP in different countries will help to understand the development of PPP, provide decision-making reference for PPP policy embedded with specific national conditions of each country, and also contribute to the global PPP knowledge body.

Based on the principle of comparability and representativeness, this study selected three countries, namely, China, India, and the United Kingdom for comparative analysis. This study first introduced the policy process and key institutions of PPP in three countries. Secondly, a comparative analysis of the development characteristics and application of PPP was conducted based on the official database of three countries. Finally, the differences, influencing factors and development trends of international PPP development were analyzed based on the comparative research results, and suggestions for PPP policy and management were put forward.

The research results indicate the development fluctuation and unbalanced spatial distribution of PPPs are a common phenomenon in the three countries. The UK has a significant impact on the policy and development of PPP in other countries. However, under the combined influence of factors such as economic, urbanization, political regime and social culture, there are significant differences in the PPP institution, application, and project characteristics in various countries. Due to international exchanges and knowledge spillovers, as well as the promotion of intermediaries, the development of PPP worldwide tends to converge.

Through conducting an international comparison of PPPs based on project data, this study provides a detailed and visualized overview of PPPs and a better understanding of PPP policy and management in different countries. The findings will be of interest to PPP investors, officers, practitioners, policymakers, researchers, and analysts. It enriches the portrait of global PPP market research, helps governments to improve the design of PPP institutions and policies, and provides references for decision-making of international investors when stepping into a new market.

This study is the first attempt to systematically compare and analyze the global PPP difference and development trend based on PPP project databases of different countries. Different from previous PPP comparative research based on perception data, the project data-based comparative analysis in this study is helpful to understand the characteristics, interrelations, and trends of global PPP development and enrich the existing PPP knowledge body. This study also proposes that it is possible to establish a global PPP knowledge community in the context of globalization and global production network.

This study is aimed to explore the dynamic performance incentive model for a flexible PPP contract to handle uncertainties based on supervision during the long-time concession period, so as to ensure operation performance and benefits of the public sector while protecting the economic benefit of the private sector, thus avoiding unnecessary renegotiation.

The microeconomic and principal–agent theories and relevant studies on the basic incentive model and flexible contract are fully utilized. The procedure for developing the dynamic incentive model and the assumptions about the quantitative relationships among fundamental variables or factors are first proposed. The static incentive model without incentive parameter adjustment and then the dynamic incentive model allowing incentive parameter adjustment are successively developed. Finally, the propositions regarding the valid adjustment ranges of the incentive parameter with respect to the economic, social and hybrid benefits of the public sector and the economic benefit of the private sector are suggested.

The dynamic incentive model enables to achieve a flexible contract to handle uncertainties on the PPP project to ensure the benefits of the public sector while protecting the benefit of the private sector. The economic, social and hybrid benefits of the public sector and the economic benefit of the private sectors can be respectively realized through adjusting the reward–punishment coefficient under different adjustment ranges and different importance. The incentive model is able to ensure the benefits of the public sector while protecting the benefit of the private sector by controlling the private sector's effort level unknown to the public sector.

The dynamic incentive model helps implement a flexible PPP contract to handle uncertainties during the operation period, thus controlling the effort level of the private sector and ensuring the benefits of the public sector while protecting the economic benefit of the sector. It enables to clarify the quantitative relationships between the operation performance, the benefits of the stakeholders, the effort level of the private sector and the reward–punishment coefficient. This study contributes to the domain knowledge of the incomplete contract theory for designing a flexible PPP contract with dynamic incentive and supervision mechanism by applying the microeconomic and principal–agent theories.

The performance of public–private partnership (PPP) projects depends on how the project has been structured. The traditional PPP option analysis for structuring project scope and size relating to the bundling of functions concerning a single component of the value chain will need to be extended to handle multi-component sectors such as municipal solid waste (MSW) in formulating the project scope. This analysis is currently missing in the extant literature. The paper aims to discuss these issues.

Through a comprehensive literature review as the methodological backbone, this study develops a testable holistic framework for the procurement of MSW PPP projects that examines how various factors of bundling affect the performance of the PPP projects.

Using transaction cost economics, agency and auction theories, the review identifies that innovation, maturity, quality specifiability, scope, competition, information asymmetries and transaction attributes have a significant influence on the performance and success of the PPP projects.

Alternative supply chain management possibilities and firm-level organisational ways can be predicted using this framework to strategize the solutions for the municipal infrastructure. Based on this contribution, future research can test the framework to increase the knowledge of bundling theory about how to structure network infrastructure PPP projects.

Studies on how to bundle/unbundle the projects having components of the value chain are in a nascent stage. The present study attempts to extend the body of knowledge on PPP to the complexity of bundling both the functions and components of the value chain in structuring the PPP project scope.