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Book part
Publication date: 1 August 2019

Al-Muttar Mohammed Yousif Oudah

The chapter dwells on barriers for restoration and development of country's infrastructure on the platform of individual physical and practical forces, which are peculiar for the…

Abstract

The chapter dwells on barriers for restoration and development of country's infrastructure on the platform of individual physical and practical forces, which are peculiar for the states with developing and transitional economy, as well as for developed countries. Directions of formation of the organizational model of restoration and development of country's infrastructure on the platform of individual physical and practical forces are presented; forms of public–private partnership are studied, as well as possibilities of financing. An important aspect is finding the mechanisms of leveling the risks according to the given classification. A mechanism of organizational model of controlling development of country's infrastructure and its structural elements are provided.

Content available
Book part
Publication date: 1 August 2019

Abstract

Details

Specifics of Decision Making in Modern Business Systems
Type: Book
ISBN: 978-1-78756-692-7

Book part
Publication date: 1 August 2019

Al-Muttar Mohammed Yousif Oudah, Anna V. Shokhnekh, Olga S. Glinskaya, Mohammed-Ikbal Shokhnekh and Ivan A. Chusov

The chapter studies the problems of formation of regional mechanisms of modernization and development of infrastructure of regions and the country, which are determined by…

Abstract

The chapter studies the problems of formation of regional mechanisms of modernization and development of infrastructure of regions and the country, which are determined by complexity of attracting private capital in financing of infrastructure, which is limited by a long return period and the level of profitability of projects. The mechanism of public–private partnership is offered, which allows leveling high risks of implementation of infrastructural projects under guidance of the state. Also, the methodology of foresight control is studied, which is the last stage of modernization and development of infrastructure of regions and the country, as innovational tools of forecasting the future, which is aimed at leveling the risks, allows determining and neutralizing the danger of nontarget usage of invested financial resources, and seeing the threats to internal environment and external environment.

Article
Publication date: 2 August 2013

Martin Haran, Michael McCord, Norman Hutchison, Stanley McGreal, Alastair Adair, Jim Berry and Anil Kashyap

The purpose of this paper is to explore the implications of the Global Financial Crisis (GFC) on Public Private Partnership (PPP) markets around the world. Specifically, it aims…

Abstract

Purpose

The purpose of this paper is to explore the implications of the Global Financial Crisis (GFC) on Public Private Partnership (PPP) markets around the world. Specifically, it aims to highlight the extent of over reliance on debt finance, as well as the conditions needed to attract enhanced levels of institutional investment into key infrastructural provision.

Design/methodology/approach

Quantitative insight for the paper is derived from the Infrastructure Online Database. The Infrastructure Journal (IJ) Online Database profiles PFI/PPP deals around the world depicting the key actors involved, as well as the capital value of deals and the financial structures applied in terms of debt, equity and Multilateral and Government Finance. The quantitative insight derived from the IJ database is complemented by interview evidence and forum‐based discussion. In total, 38 interviews were conducted with a diverse range of key stakeholder groupings from across the public and private sectors, including government advisers, client side representatives (Health and Education sectors), contractors, financiers and FM providers. Interviewees were drawn from five key PPP markets at different stages in the maturity cycle, namely, Australia, Canada, India, the UK and the USA. In addition to the interviews, three forum‐based discussions were undertaken as part of the investigation exploring the key themes to emerge from the interviews from multi‐stakeholder perspectives.

Findings

The findings from the study highlight a number of inherent deficiencies in the PPP model, including the over reliance on private sector debt. Additionally, the research profiles the extent and form of national government interventions in PPP markets around the world, highlighting the need for a more innovative, sustainable and balanced funding frameworks for essential infrastructure conducive to the next economic/financial cycle.

Originality/value

This study is distinct in that it examines the cross‐jurisdictional implications of the global financial crisis on PPP markets.

Article
Publication date: 6 November 2017

Dimu Ehalaiye, Nives Botica-Redmayne and Fawzi Laswad

The purpose of this paper is to investigate the financial determinants of local government debt in New Zealand.

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Abstract

Purpose

The purpose of this paper is to investigate the financial determinants of local government debt in New Zealand.

Design/methodology/approach

To investigate the financial determinants of local government debt in New Zealand, the authors analyse the relationship between key financial variables with local government debt in New Zealand based on the theories of fiscal accountability and moral hazard using a panel data methodology, specifically the pooled ordinary least squares regression model.

Findings

The findings suggest that council income is the major financial determinant of local government borrowing in New Zealand rather than infrastructural spending and that during the global financial crises (GFC) borrowing levels of New Zealand local councils was not significantly impacted. However, the findings indicate that post the GFC, low interest rates have stimulated increased borrowing activity by New Zealand local governments to fund infrastructure.

Originality/value

This paper is the first to examine the determinants of local government debt in New Zealand. The findings of this study contribute to better understanding of local government/municipality debt in New Zealand and internationally by providing evidence on the financial determinants of debt of local governments and the indirect use of government policy to control local government borrowing. The findings of this study are anticipated to affect local government practices and national government policies in relation to local government finances.

Details

Pacific Accounting Review, vol. 29 no. 4
Type: Research Article
ISSN: 0114-0582

Keywords

Book part
Publication date: 13 December 2021

Benjamin O.L. Bowles, Kate Bayliss and Elisa Van Waeyenberge

Despite the fact that recent anthropological interest in infrastructure has done much to illuminate the infrastructure asset as an assemblage of actors, technologies and ideas, an…

Abstract

Despite the fact that recent anthropological interest in infrastructure has done much to illuminate the infrastructure asset as an assemblage of actors, technologies and ideas, an interdisciplinary approach is required to unpack how the infrastructure project comes together as an assemblage and to define the role that financial technologies and discourses play in shaping it. Here, an interdisciplinary approach is applied to a novel infrastructure asset, London's Thames Tideway Tunnel, in order to show how multiple actors and visions of the world are brought together to make the infrastructure asset come to fruition. The paper concludes that this interdisciplinary approach to infrastructure can allow us to keep multiple sides of the infrastructure project in sight simultaneously. This includes both the creation of a rhetorical vision and spectacle around the asset, and the underlying financial arrangements that bind it together. If we do so, we can understand how new infrastructural forms utilise particular financial technologies and ideas to change the relationship between the public and the private, and between consumers and providers, and act towards the creation of a new ‘public good’ that normalises private provision.

Details

Infrastructure, Morality, Food and Clothing, and New Developments in Latin America
Type: Book
ISBN: 978-1-80117-434-3

Keywords

Article
Publication date: 7 November 2014

Roberto Moro Visconti

The purpose of this paper is to detect how Value for Money (VfM) in Italian Project Finance (PF) investments can be enhanced and challenging criticalities minimized, with a…

Abstract

Purpose

The purpose of this paper is to detect how Value for Money (VfM) in Italian Project Finance (PF) investments can be enhanced and challenging criticalities minimized, with a synergistic interaction of macroeconomic, legal and institutional actions.

Design/methodology/approach

Analysis of VfM quantitative key drivers, within a public-private partnership (PPP) framework with specific reference to a recession context, with infrastructural capital rationing implications. Empirical evidence is given by an Italian PF healthcare model, testing the impact of legal and macroeconomic changes.

Findings

Deleverage, ignited by W-shaped recession, disinflates PPP investments, so forcing to innovative and penniless solutions. Unreliable and short-sighted legislation and consequent unfriendly business climate may frighten investors, so decreasing competition and VfM.

Research limitations/implications

VfM sensitivity to macroeconomic and legal/institutional parameters is too wide and capriciously erratic to be comprehensively modeled. Tips for further research include pro-growth tax and budgetary policies, risk minimization issues and other synergistic targets.

Practical implications

Guidance to regulators to fine tune legal and institutional tools, so as to create a stable, business friendly environment. Recessions may be softened by sensitive policymaking, or exacerbated by short-sighted ignorance and lack of strategic focus.

Originality/value

Unprecedented analysis of legal and macroeconomic changes on VfM in Italian PF investments, with original tips for VfM optimization, in a comprehensive PPP framework.

Details

Managerial Finance, vol. 40 no. 11
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 6 July 2021

Augustine Senanu Kukah, Andrew Anafo, Richmond Makafui Kofi Kukah, Andrew Victor Kabenlah Blay Jnr, Dominic Benson Sinsa, Eric Asamoah and David Nartey Korda

Inefficiencies in the power sector resulting from underinvesting and underselling reduce the ability of governments to adequately finance energy projects. The purpose of this…

Abstract

Purpose

Inefficiencies in the power sector resulting from underinvesting and underselling reduce the ability of governments to adequately finance energy projects. The purpose of this paper is to explore mechanisms of energy financing, benefits and challenges associated with innovative financing of energy infrastructure as well as strategies to improve innovative financing of energy infrastructure.

Design/methodology/approach

Questionnaires were used to elicit responses from respondents. Seventy-eight responses were retrieved. Mean score ranking, Kruskal–Wallis test and discriminant validity were the analysis conducted.

Findings

Partial credit guarantee; partial risk guarantee; credit enhancement; and loan guarantees were the significant mechanisms. Production efficiency; reduce pressure on public budgets; access to management expertise; and self-sustainability of infrastructure facilities were the significant benefits. Lack of transparency and adequate data for risk assessment; high up-front cost; heterogeneity, complexity, and presence of a large number of parties; and lack of a clear benchmark for measuring investment performance were the severest challenges. Complete transparency and accountability; political stability and public view on private provision of energy infrastructure services; and macroeconomic environment were the significant strategies.

Practical implications

This study is beneficial to energy sector as the current government of Ghana hints on willingness to involve private sector in management of the power sector.

Originality/value

The novelty of this study is that it is a pioneering study in Ghana on innovative financing of energy infrastructure.

Details

International Journal of Energy Sector Management, vol. 16 no. 2
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 6 July 2012

Solomon Olusola Babatunde, Akintayo Opawole and Olusegun Emmanuel Akinsiku

Federal and State Governments began to explore more subtle alternatives for accessing private sector resources in the delivery and operation of public facilities. The purpose of

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Abstract

Purpose

Federal and State Governments began to explore more subtle alternatives for accessing private sector resources in the delivery and operation of public facilities. The purpose of this paper is to examine the types of infrastructural projects most suitable using public‐private partnership (PPP) for executions and identify the critical success factors in PPP on infrastructural projects with a view to strengthening the partnership between the public (government) and private sector. The overall goal is to enhance infrastructural projects delivery in Nigeria.

Design/methodology/approach

The primary data consists of survey questionnaires, drawn based on the identified factors on existing literature on critical success factors (CSFs). The structured questionnaires were administered on participants that were involved in the execution of PPP projects, either during the initial stage, construction stage or maintenance and operating stages in Lagos State.

Findings

The results of the mean score ranking indicate that transportation, which include roads, rails and airports construction ranked highest followed by provision of electricity and water. Real estate and educational construction projects ranked lowest in terms of suitability of execution using PPPs. However, the result of the one‐way analysis of variance (ANOVA) indicates that, there was no significant difference in the suitability of PPP for execution of the types of infrastructural projects delivery. The paper further identified nine CSFs in public‐private partnerships as follows: competitive procurement process, thorough and realistic assessment of the cost and benefits, favorable framework, appropriate risk allocation and risk sharing, government involvement by providing a guarantee, political support, stable macroeconomic condition, sound economic policy and availability of suitable financial market. The study, however, showed that well organized and committed public agency; social support; project technical feasibility and multi‐benefits objectives are the CFSs that are most important to the private investors. On the other hand, factors such as transparency in the procurement process; shared authority between public and private sector; thorough and realistic assessment of the cost and benefits; commitment and responsibility of public and private sector and strong and good private consortium are the CSFs that are most important to the public clients.

Originality/value

The results indicated that there was no significant difference in the suitability of PPP for execution of infrastructural projects delivery. This shows that PPP is suitable for all types of infrastructural projects. What needs to be done is to ensure that all the success factors responsible for successful implementations of PPPs are well structured in a way that its optimum performance can be guaranteed. Also, in identification of the critical factors in PPP it would help to develop a body of PPP knowledge. This knowledge would help in the establishment of relevant laws, regulations and guidelines and in the development of efficient frameworks for best PPP practices.

Details

Journal of Facilities Management, vol. 10 no. 3
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 2 October 2018

Alirat Olayinka Agboola, Timothy Oluwafemi Ayodele and Aderemi Olofa

The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This is with a…

Abstract

Purpose

The purpose of this paper is to examine the potential of tax increment financing (TIF) as a viable financial mechanism for urban regeneration programmes in Nigeria. This is with a view to engendering a sustainable, productive and competitive urban land market towards enhancing the economic development of the country.

Design/methodology/approach

This paper adopts a desk-based study approach and review of secondary literature on urban regeneration and TIF to examine the usefulness of TIF for funding local infrastructure development. It then examines the key requirements for the successful application of TIF as a financial instrument for urban regeneration in an emergent economy like Nigeria.

Findings

A number of key requirements for a successful TIF programme particularly in the context of an emergent economy are identified. These are: a functional urban land market with well-developed and documented market indices on performance measurement to serve as reliable benchmarks for investors; an established land use planning system consisting of clear rules and effective decision-making processes; an active capital market that is accessible to institutional and private developers; a viable tax administration system and most importantly an efficient institutional framework with clearly defined formal property rights and sound enforcement mechanisms to monitor contractual agreements and to police deviations.

Originality/value

This paper represents a pioneering attempt at examining the prospects of the application of TIF to urban regeneration in the specific context of an emergent Sub-Saharan African country.

Details

Smart and Sustainable Built Environment, vol. 7 no. 3/4
Type: Research Article
ISSN: 2046-6099

Keywords

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