Effective Governance and Financing Models for Public–Private Partnerships

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: 30 September 2024 | Viewed by 4818

Special Issue Editors


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Guest Editor
Department of Dirección y Organización de Empresas, Facultad de Economía y Empresa, Universidad de Zaragoza, C/Gran Vía 2, 50005 Zaragoza, Spain
Interests: public–private partnerships; transaction cost theory; institutional theory; organizational design; international business

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Guest Editor
Department de Contabilidad y Finanzas, Facultad de Economía y Empresa, Universidad de Zaragoza, C/Gran Vía 2, 50005 Zaragoza, Spain
Interests: public–private partnerships; transaction cost theory; institutional theory; financial markets; mutual funds

Special Issue Information

Dear Colleagues,

We would like to kindly invite you to submit a paper for peer review and possible publication in a Special Issue of the Journal of Risk and Financial Management on the subject of “Effective Governance and Financing Models for Public–Private Partnerships”, for which we are serving as Guest Editors.

PPPs can be defined as “forms of cooperation between public authorities and the world of business which aim to ensure the funding, construction, renovation, management or maintenance of an infrastructure or the provision of a service” (Green Paper of the Commission of the European Communities, p. 3., 2004). PPPs have emerged in recent years as a powerful tool to achieve Sustainable Development Goals (SDGs) in some specific sectors, such as in the development of renewable energies, especially in developing countries.

This Special Issue focuses on exploring effective governance and financing models for public–private partnerships (PPPs). The topics of interest cover, but are not limited to, crucial issues such as project performance (e.g., stability of cooperation, success in completion, absence of excessive cost overruns, etc.). These can be both characteristics of the project (e.g., financial and risk management, external support, and partners) and the characteristics of the environment where it is carried out (e.g., economic or institutional stability), as well as their interactions. Likewise, works related to financial innovation, legal or environmental aspects, and international business aspects are of interest if the main partner of the project is foreign. Research exploring the promotion of PPPs to achieve SDGs, especially in developing countries, would also be suitable. Both project-level work and analyses of sets of projects are welcome. Theoretical and empirical contributions, either qualitative or quantitative, are therefore welcome as well. The objective of this Special Issue is to provide a platform for knowledge exchange and discussion of the best practices in the governance and financing of public–private partnerships.

Submitted manuscripts should not have been published previously or be under consideration for publication elsewhere.

Reference

  • (The European Commission 2004) Green Paper on Public-Private. Partnerships and Community Law on Public Contracts and Concessions. COM(2004) 327 final Brussels.

Dr. Jorge Fleta-Asín
Dr. Fernando Muñoz
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • public–private partnerships (PPPs)
  • governance
  • financing models
  • project performance
  • financial innovation
  • sustainable development goals (SDGs)

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Published Papers (2 papers)

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Research

23 pages, 1438 KiB  
Article
A Structural Equation Model on Critical Risk and Success in Public–Private Partnership: Exploratory Study
by Medya Fathi
J. Risk Financial Manag. 2024, 17(8), 354; https://doi.org/10.3390/jrfm17080354 - 13 Aug 2024
Viewed by 331
Abstract
In construction, risk is inherent in each project, and success involves meeting defined objectives beyond budget and schedule. Factors vary for infrastructure projects, and their correlation with performance must be studied. In the case of public–private partnership (PPP) transportation, the level of complexity [...] Read more.
In construction, risk is inherent in each project, and success involves meeting defined objectives beyond budget and schedule. Factors vary for infrastructure projects, and their correlation with performance must be studied. In the case of public–private partnership (PPP) transportation, the level of complexity is higher due to more involved parties. Risks and success factors in PPP projects affect each other, which may lead to project failure. Recognizing the critical risk factors (CRFs) and critical success factors (CSFs) is indispensable to ensure the success of PPP infrastructure project implementation. However, the existing research on the PPP risk and success relationship has not gone into sufficient detail, and more support to address the existing gaps in the body of knowledge and literature is necessary. Therefore, in response to the missing area in the public–private partnership transportation industry, this paper analyzed the correlation between PPP risks and success factors. It identified, explored, and categorized various risk and success factors by combining a literature review, expert panel interviews, and a questionnaire survey among both the public and private sectors, a win–win principle. The data collected were analyzed using the structural equation modeling (SEM) approach and relative significance. Results show the relationship between risk and success factors, their influence on PPPs, and the most important factors, known as CRFs and CSFs, with high loading factors (LF > 0.5) and high relative importance (NMS > 0.5). The top five CRFs include “Contract quality (incomplete, conflicting)”, “Staff expertise and experience”, “Financial market risk”, “Conflicting objectives and expectations”, and “Inefficient feasibility study”. The top five CSFs were found as “Appropriate risk allocation and risk-sharing”, “Strong financial capacity and capability of the private sector”, “Government providing guarantees”, “Employment of professional advisors”, and “Realistic assessment of the cost and benefits”. This study advances the understanding of risk and success factors in PPPs and contributes to the theoretical foundations, which will benefit not only public management, policy consultants, and investors but also academics interested in studying PPP transportation projects. Full article
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16 pages, 693 KiB  
Article
Optimizing Concession Agreement Terms and Conditions: Stakeholder Interest Alignment in the Petrochemical Sector
by Tatyana Ponomarenko, Ilya Gorbatyuk, Sergey Galevskiy and Evgenii Marin
J. Risk Financial Manag. 2024, 17(6), 231; https://doi.org/10.3390/jrfm17060231 - 1 Jun 2024
Viewed by 892
Abstract
This article is devoted to the examination of models and the selection of optimal parameters for concession agreements pertaining to construction and operation projects within the pipeline infrastructure of the petrochemical sector. Pipelines are underscored as capital-intensive assets crucial for the organization of [...] Read more.
This article is devoted to the examination of models and the selection of optimal parameters for concession agreements pertaining to construction and operation projects within the pipeline infrastructure of the petrochemical sector. Pipelines are underscored as capital-intensive assets crucial for the organization of complex petrochemical production processes. These processes play a vital role in generating added value, tax revenue, employment opportunities, and fostering territorial development while upholding environmental quality standards. This study aims to ascertain the economic parameters of concession agreements, with a focus on achieving a balance of economic interests between the government and businesses. Through a comparative analysis of fundamental economic and mathematical models of concession agreements, the authors model economic parameters to determine the government’s share in investments and concession fees concerning pipeline projects. Subsequently, an oil product pipeline project is discussed as a case study. The results gleaned from this analysis can be harnessed to optimize the parameters of concession agreements and enhance the economic efficiency of project implementation. Economically viable parameters not only facilitate the execution of concession agreements but also foster the generation of added value, social benefits, and environmental oversight, thus aligning with the principles of sustainable development. Full article
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