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This paper aims to determine the demand category and level of government and investors in public–private partnership (PPP) projects. It emphasizes the importance of meeting the demands of stakeholders and controlling the unreasonable demands. This study aims to improve the demand management of stakeholders in the PPP project and lay a foundation for the research on behavior based on the motivation theory.

This paper opted for a questionnaire survey to collect data based on indicators identified through literature. The participants come from the government and private sector (investors, contractors, operators, etc.) in China PPP Lecture Hall. The reliability, validity and variance analyses are used to test the reliability of data. Factor analysis and entropy method are used to determine demand categories and weights.

The government’s 14 demands are divided into four groups: satisfy public activities, self-interest, responsibility and relief financial pressure; 6 investor's demands are divided into development ability and satisfy social activities. The self-interest of government is higher than that of the publicity in PPP projects; investor's social reputation is most important, it is a foundation for obtaining external resources and achieving enterprise development.

Because of the chosen research approach, the demand indexes cannot be exhausted. Therefore, researchers are encouraged to enrich relevant contents further.

This paper includes implications for a targeted demand control mechanism and for managing the unreasonable demand.

This paper comprehensively identifies the demand hierarchy of the government and investors, and provides the theoretical basis for the target management of stakeholders.

Urban rail projects are typically large-scale transport infrastructure projects (megaprojects) which have many potential risks that can influence the strategic goals of owners. However, there is a paucity of studies which explore the impact of risks on both “urban rail” project time and cost together considering quantitative assessments. Therefore, this paper focuses on investigating critical risks and quantifying such risk impacts on urban railway project schedule and cost in practice.

A combination of qualitative and quantitative research methods comprising semi-interviews with five experts and a questionnaire survey of 132 professional respondents is used. The data were modeled using Monte Carlo Simulation to predict the probability of project schedule and cost.

The results show that 30 risk variables are categorized into seven main groups which have significant impacts on both project time and cost. Outstanding five risk variables were highlighted as follows: (1) project site clearance and land compensation; (2) design changes; (3) physical project resources; (4) contractors’ competencies and (5) project finance. Such findings were supported by Monte Carlo simulation which predicted in the worst case that the project may suffer 11.03 months’ delays and have cost overrun with a contingency of US$287.68 million.

This study expands our knowledge about time and cost contingency of urban metro railway implementation across developing economies and particularly within the context of Vietnam. Policymakers will not only gain an understanding about risk structure but will also recognize the significant impacts of critical risk through risk impact modeling and simulation. Such an approach provides insights into risk treatment priorities for planners so that they can proactively establish suitable strategies for risk mitigation in practice.

Previous studies have postulated that an advance payment system (APS) positively impacts the contractor's working capital and is paramount to ensuring an efficient and effective project cash flow process. However, scant research has been undertaken to empirically establish the cash flow performance and domino effect of APS on project and organisational performance.

The epistemological design adopted a positivist philosophical stance augmented by deductive reasoning to explore the phenomena under investigation. Primary quantitative data were collected from 504 Construction Industry Development Board (CIDB) registered contractors (within the grade bandings 1–9) in South Africa. A five-point Likert scale was utilised, and subsequent data accrued were analysed using structural equation modelling (SEM).

Emergent findings reveal that the mandatory use of an APS does not guarantee a positive project cash flow, an improvement in organisational performance or an improvement in project performance.

The ensuing discussion reveals the contributory influence of APS on positive cash flow and organisational performance, although APS implementation alone will not achieve these objectives. Practically, the research accentuates the need for various measures to be concurrently adopted (including APS) towards ensuring a positive project cash flow and improved organisational and project performance.

There is limited empirical research on cash flow performance and the domino effect of APS on project and organisational performance in South Africa, nor indeed, the wider geographical location of Africa as a continent. This study addresses this gap in the prevailing body of knowledge.

It is widely accepted that one criterion for determining if a construction project is successful is whether it is completed within the expected budget. There have been advancements in the management of building projects throughout time but cost overruns remain a key concern in the construction sector internationally, particularly in emerging economies such as Ghana. This study aims to answer the question, “What are the critical success factors (CSFs) that can assist reduce cost overruns in public sector infrastructure projects in the Ghanaian construction industry?”

This study used a quantitative survey method. The questionnaire was pre-tested by interviewing 15 contractors to ascertain the validity of the content. Factor analysis and multiple regression were adopted to analyze the data.

This study discovered that the critical factors that can reduce cost overruns in construction projects in Ghana are directly linked to five themes: early contractor involvement in the project planning stage, adequate funding, good project team relations, competent managers/supervisors and project participant incentives/bonuses. This study identifies indestructible, empirically measurable important success criteria for reducing cost overruns in public building projects in Ghana.

When well thought through from the project initiation stage to completion, these critical successes can also be used to deal with damaging economic effects such as allocative inefficiency of scarce resources, further delays, contractual disputes, claims and litigation, project failure and total abandonment.

The uniqueness of this research resides in the fact that it is, to the best of the authors’ knowledge, a first-of-its-kind investigation of the CSFs for reducing cost overruns in public building projects in developing countries.

The research objective of this paper is to investigate the direct and indirect impacts of green finance on agricultural carbon total factor productivity (ACTFP) within the framework of the carbon peaking and carbon neutrality (dual carbon) goals, while also identifying the driving factors through an exponential decomposition of ACTFP, aiming to provide policy recommendations to enhance financial support for low-carbon agricultural development.

In this paper, the Global Malmquist Luenberger (GML) Index method was employed to analyze and decompose the ACTFP, while the direct and spillover effects of China’s green finance pilot policy (GFPP) on ACTFP were assessed using the difference-in-differences (DID) method and the spatial differences-in-differences (SDID) method, respectively.

After the implementation of the GFPP, the ACTFP in the pilot area has experienced significant improvement, with the enhancement of technical efficiency serving as the main driving force. In addition, the GFPP exhibits a positive low-carbon spatial spillover effect, indicating it benefits ACTFP in both the pilot and adjacent areas.

Within the framework of the dual carbon goals, the paper highlights agriculture as a significant carbon emitter. ACTFP is assessed by considering the agricultural carbon emission factor as the sole non-desired output, and the impact of the GFPP on ACTFP is investigated through the DID method, thereby providing substantial validation of the hypotheses inferred from the mathematical model. Subsequently, the spillover effects of GFPP on ACTFP are analyzed in conjunction with the spatial econometric model.

Bank lending is the major source of monetary expansion. Bank-led money creation is a key issue in both conventional and Islamic financial systems. The purpose of this paper is to examine the issues related to Islamic banking money creation. In this conceptual paper, the authors investigate the involvement of profit and loss sharing (PLS) in money creation and especially how can PLS limit money creation “out of nothing.” In this regard, the authors examine the potential of the PLS principle in tackling the excessive money creation phenomenon.

This study uses a normative approach regarding Islamic bank money creation that fits Sharia directives. In fact, this study discusses “what ought to be,” that is, the values and norms of PLS money creation that impede excessive money creation.

Overall, Islamic banks create money differently compared to conventional ones. Especially, by avoiding a purely financial intermediary, money creation under the PLS principle sustains a strong relationship with the real economy and leads to a lower money multiplier. Therefore, PLS mechanisms allow financing through real assets and not credit assets “out of nothing.” This could prevent excessive money creation from causing harmful effects on indebtedness and financial instability.

PLS offers a valuable resolution for banking system money creation through the optimization of Islamic bank financing by facilitating the separation of the monetary function from the credit one. This reform thought reinforces the stability value of money allowing it to fully perform its functions with reference to the directives of Sharia. This especially allows the integrity and purchasing power of money, the reduction of the gap between the evolution of both real and financial economies and, consequently, the indebtedness and crisis. It is recommended to promote PLS financing by reforming institutional and regulatory constraints.

This study addresses the contemporary issue of money creation by Islamic banks through the PLS approach. The conceptual framework of this paper highlights the reformist role of PLS in limiting money creation through Mudarabah approach within fractional reserve banking.

The facility management (FM) sector, which is developing rapidly, is making slower progress in Turkey compared to Europe and the USA. This paper aims to research the underlying issues leading to FM practices and offer insights into the implications of FM-related policies, especially for large urban transformation projects.

The study used a mixed-methods research design and collected qualitative data through semi-structured interviews with building/site managers and quantitative data through structured surveys with residents. Forty-nine building/site managers and 660 residents participated in the interview and survey from Turkey’s North Ankara and Dikmen Valley urban transformation projects.

The FM by residents, performed by the managers selected among homeowners, was preferred to the professional FM in Turkey. Education level, age, homeownership and duration of living in the region were associated with selecting FM practices. Cost also had an important place among the selection criteria, and the standard view from the residents was that professional FM would cause a cost increase. However, interviews with building/site managers in North Ankara and Dikmen Valley Urban Transformation areas revealed that a significant part of the problem resulted from insufficient knowledge and experience in FM.

Within the scope of the research, two urban transformation projects in Ankara Province were selected, and the survey was limited to the North Ankara Entrance Urban Transformation Project and Dikmen Valley Urban Transformation Project areas. Although there is a need to improve the understanding of FM in all facilities, built environments and collective buildings, collective buildings in urban transformation areas due to several constraints, those other identified areas are postponed for future study. In addition, collective buildings located in transformation areas differ from others in discussing the social dimension and the impact of management.

Within the scope of the research, two urban transformation projects in Ankara Province were selected, and the survey was limited to the North Ankara Entrance Urban Transformation Project and Dikmen Valley Urban Transformation Project areas. Although there is a need to improve the understanding of FM in all facilities, due to several constraints built environments and collective buildings in urban transformation areas, are postponed for future study. In addition, collective buildings located in transformation areas differ from others in discussing the social dimension and the impact of management.

This study evaluates two different FM approaches: FM by residents and professional FM, implemented in Turkey and identifies the criteria for choosing the FM practice. In addition, both building/site managers and residents evaluate different perspectives on FM. This study is unique because it compares different FM practices in Turkey and the criteria for residents to prefer different FM practices.

A major source of external funding for US airports comes from issuing municipal bonds. Credit rating agencies evaluate the bonds using multiple factors, but the judgments behind the ratings are not well understood. This paper examines if airport rate-setting methods affect the bond ratings of US airports.

Using a set of unbalanced panel data for 58 hub airports from 2010 to 2019, we examine the effect of the rate-setting methods and other airport characteristics on Fitch’s airport bond rating.

We find that compensatory airports consistently receive a very high bond rating from Fitch. The probability of getting a very high Fitch rating increases by ∼28 percentage points for a compensatory airport. Additionally, the probability of getting a very high rating is about 33 percentage points higher for a legacy hub.

The study uses Fitch bond ratings. Future studies could examine if S&P’s and Moody’s ratings are also influenced by airport rate-setting methods and legacy hub status.

The results uncover the linkage between bond ratings and their determinants for US airports. This information is important for investors when assessing airport creditworthiness and for airport operators as they manage capital project financing.

This is the first study to evaluate the effects of rate-setting methods on airport bond rating and also the first to document a statistically significant relationship between airports’ legacy hub status and bond ratings.

Key to transnational higher education (HE) cooperation is building trust to allow for seamless recognition of studies. Building on the Tuning Educational Structures initiative (2001) and lessons learnt from the Organisation for Economic Cooperation and Development (OECD)-Assessment of Learning Outcomes in Higher Education (AHELO) feasibility study, this paper offers a sophisticated approach developed by the European Union (EU)-co-financed project Measuring and Comparing Achievements of Learning Outcomes in Europe (CALOHEE). These evidence the quality and relevance of learning by applying transparent and reliable indicators at the overarching and disciplinary levels. The model results allow for transnational diagnostic assessments to identify the strength and weaknesses of degree programmes.

The materials presented have been developed from 2016 to 2023, applying a bottom-up approach involving approximately 150 academics from 20+ European countries, reflecting the full spectrum of academic fields. Based on intensive face-to-face debate and consultation of stakeholders and anchored in academic literature and wide experience.

As a result, general (overarching) state-of-the-art reference frameworks have been prepared for the associated degree, bachelor, master and doctorate, as well as aligned qualifications reference frameworks and more detailed learning outcomes/assessment frameworks for 11 subject areas, offering a sound basis for quality assurance. As a follow-up, actual assessment formats for five academic fields have been developed to allow for measuring the actual level of learning at the institutional level from a comparative perspective.

Frameworks as well as assessment models and items are highly innovative, content-wise as in the strategy of development, involving renown academics finding common ground. Its value is not limited to Europe but has global significance. The model developed, is also relevant for micro-credentials in defining levels of mastery.

The study aims to explore the role of procurement of good governance (PGG) on value for money (VfM) achievement in public construction projects. By investigating various dimensions of PGG, including transparency, accountability, competition and integrity, this study provides insights into how these factors contribute to the successful achievement of VfM outcomes in public construction projects.

The data were sourced from 203 construction project practitioners from 24 selected procuring entities in Tanzania using a census approach and a cross-sectional questionnaire survey. Confirmatory factor analysis (CFA) and structural equation modelling (SEM) were used for data analysis.

The findings of the study revealed a positive and significant impact of various dimensions of PGG on VfM. Specifically, transparency, accountability, competition and integrity were positively and significantly related to VfM, with p-values <0.001. Based on the study findings, we conclude that PGG is an important predictor of VfM achievement in public construction projects.

The study offers policy implications for streamlined PGG and VfM achievement in public construction projects. It is suggested that procuring entities can enhance VfM by enforcing compliance with the principles of PGG throughout the entirety of construction projects. In this case, streamlined legislative frameworks and control mechanisms are crucial components that could enhance PGG and the achievement of VfM.

This study contributes to the academic literature on the strategic role of PGG in enhancing VfM achievement. This is one of the research domains, which has not been adequately researched, particularly in Tanzania’s context. In addition, the study provides valuable insights to policymakers, practitioners and stakeholders involved in public construction projects to improve project outcomes and resource allocation.