Mapping studies on sustainability in the performance measurement of public-private partnership projects : a systematic review

The integration of sustainable practices into infrastructure projects under the auspices of public-private partnerships (PPPs) is vital in the attainment of United Nation’s Sustainable Development Goals (SDGs). Since the inception of the SDGs in 2015, the attention of world has been shift-ing towards more sustainable practices and it is essential that the conventional performance measurement models on PPP projects also adapt to the trend of sustainable practices. Therefore, This study aims at reviewing and operationalising sustainable performance measures for the PPP infrastructure projects. A systematic literature review (SLR) methodology was utilised in this study. The research process began with the search, retrieval and selection of thirty-three (33) journal articles. Thoroughly, the selected articles were contently analysed to form key themes that form the basis of this research’s findings. The outcomes of this review demonstrate twenty-seven (27) most critical sustainable performance criteria of PPP projects such as the lowest project costs, green index, disa-bility-friendly inclusion rate and carbon emission per project among others. Although, the study is limited to few journal articles, it provides theoretical and practical understanding of integration of sustainability in PPPs. Further, it gives a list of relevant research gaps for further studies. This study contributes to the benchmarking and management of sustainable performance assessment of PPP projects

Corporate governance and performance of pension funds in Ghana : a mixed-method study

This paper assesses the relationship between corporate governance practices and the performance of pension funds in Ghana, which is an emerging market. Data for this study came from two sources: surveys of pension fund managers and annual financial reports of pension funds. Data analysis techniques include mean score ranking and panel regression. The results showed that corporate governance practices such as upholding the rights of shareholders to know the capital structure of the pension funds, equitable treatment of all shareholders, effective internal controls, and timely supervisory functions of audit committees influence the performance of pensions funds. In addition, ensuring proper board composition, the ethnic and gender diversity of board members affect the success of pension funds in the country. The study indicates that the current challenges facing pension funds in the country include poor investment decisions and market volatilities in the investment market. This study provides insight into the governance practices of pension funds. It is relevant for policies and corporate practices to be strengthened to enhance the performance of the firms

Understanding and controlling financial fraud in the drug industry

Purpose: This study aims to assess the fraud cases, factors and control measures of financial fraud in the drug industry with evidence from Ghana. Drug industry and pharmaceutical are the same, and they are used interchangeably in this study. Design/methodology/approach: Data from questionnaires were collected from 412 manufacturers, wholesalers and retailers of the drug industry. Data were presented and analysed with descriptive statistics and probit regression. Findings: Results show that, in general, stealing of drugs, stealing of cash, usage of fake cheques, falsified documents and dubious accounting practices are some of the fraud cases in the industry. Factors such as gender, educational level, religious beliefs, regulatory 7measures, pressure, rationalization and opportunities influence financial fraud in the drug industry. Control measures such as thorough assessment of products, regular review of fraud policies, installation of fraud-detection software and effective internal systems could reduce the menace. Research limitations/implications: The paper addresses a number of theoretical and systemic issues on financial fraud in the drug industry but with limited specific quantitative data or calculations as well as limited sample size. Further studies could offer a more quantitative approach with a larger sample size in an attempt, for instance, to estimate the financial costs of financial fraud to the drug industry. Practical implications: This paper openly tackles various attempted frauds and financial malfeasances from stakeholder perspectives in the drug industry. Practical measures have been given to tackle the consequences of the menace. Originality/value: This paper is geared towards providing valuable learning points for stakeholders in the drug industry to handle daily operations to assist them in detecting and preventing similar occurrence of financial fraud

Determinants and challenges of supplying microlife insurance in Ghana

The mass adoption of microlife insurance products among low-income earners in Ghana is based on the increased risks to livelihoods normally neglected by mainstream insurance. Microlife insurance is crucial for not only providing insurable coverage for the cost of targeted threats to low-income earners but also providing incentives for anyone who seeks protection against economic losses. In this study, a holistic analysis of the determinants and challenges of supplying microlife insurance in Ghana is carried out using factor analysis with principal component analysis. Primary data were sourced from 193 respondents related to the development of microlife insurance products. Out of 20 critical determinants extracted for the supply of microlife insurance products, four principal groups/components were established. They include affordable but profit-oriented products, active consideration of consumer-oriented conditions, strong internal position and controls, and favourable external factors. Further, 39 challenges associated with supplying microlife insurance products were identified and divided into five major groups: poor premium income, asymmetric information, weak internal systems, increased industry-related challenges and unfavourable external factors. The findings could serve as a checklist for microlife insurers to develop measures to sustain microlife insurance products while they mitigate obstacles to improve net profits from products. The results could also stimulate dialogue within the insurance industry as well as the research community on advancing microlife insurance to support the general populace. However, the article is limited in scope and so caution must be exercised in generalising the application of the findings

[In Press] A holistic review of research studies on financial risk management in public-private partnership projects

Purpose – Globally, the management of financial risks has gained much attention in the public–private partnerships (PPP) market in recent years. Existing studies rank financial risks among the topmost risk factors that determine the success or failure of a PPP project. As essential for managing financial risks, a systematic review of previous studies on financial risk management of PPP from 1995 to 2019 (inclusive of both years) has been presented in this paper. Design/methodology/approach – The paper undertakes a systematic analysis of 49 relevant and available studies on financial risk management of PPP projects. Findings – From the results, high-interest charges, increased construction costs and increased market risks are some of the key financial risks hampering the success of PPP projects. Techniques used to assess financial risks include Monte Carlo Simulation (MCS) and Net Present Value (NPV). Financial risks control adopted by project managers include minimum revenue guarantee and real option pricing. Extremely limited studies on financial risk management in PPP projects in developing economies was revealed. Practical implications – Project managers in developing financial risk management models may use the outcome of this paper to improve the financial success of PPP projects. Holistically, researchers will be guided to investigate and heighten the pertinent issues on financial risk management of PPP projects in academia. Originality/value – The results provide a rare guide to project managers in controlling financial risks of PPP projects which is an unexplored topic. It is also the first paper to highlight the issues of financial risk management in PPP projects research

[In Press] Managing financial risks to improve financial success of public-private partnership projects : a theoretical framework

Purpose – Successful execution of public–private partnership (PPP) projects is the most desirable outcome to all stakeholders. Previous studies show that one of the topmost obstacles to fulfil this desire on the project is financial risks. Nonetheless, inadequate holistic studies exist on linking the management of this challenge to the financial returns of the project. This study aims to develop a theoretical framework interrelating financial risks, financial controls and financial performance of PPP projects. Design/methodology/approach – The theoretical framework is informed and supported by existing theories and previous empirical studies from construction management, finance and economics. The underlying theories captured in the framework were chosen for their relevance and applicability to PPP projects. The propositions developed from the analysis of the theories and the empirical literature are summarised in three main hypotheses and 26 operationalised sub-hypotheses. Findings – The major elements of the framework include the financial risks and 12 sub-themes which are commonly experienced on PPP projects. Financial policies and procedures on controlling financial losses of the projects are also included in the framework. Lastly, this study creates financial criteria on the projects which are intrinsically embedded in the framework to serve as benchmark to support the measurement of financial success. Research limitations/implications – This study is a theoretical review of classical theories and empirical studies, and therefore, not all researches and managerial controls have not been included in this framework due to restricted time and limited studies on the topic. Practical implications – This paper would serve as a multidimensional guide to project managers to mitigate financial risks and hopefully enhance the financial success of PPPs. Theoretically, this paper outlines the dimensions of managing financial risks of PPPs that require valid and reliable measurement to test the interrelationships of the constructs by further studies in the construction research community. Originality/value – This theoretical framework makes ambitious efforts to embrace multifaceted theories from different disciplines to shed light on holistic mechanisms to mitigate financial risks to improve financial returns of PPP projects

Developing a financial risk maturity model for public-private partnership projects

Globally, the management of financial risk is a topic that has gained much attention in the construction management research community in recent years. Existing studies rank financial risks among the top three risk factors that leads to the failure of a PPP project. Available literature on Public Private Partnership (PPP) projects also acknowledges the need for specific and suitable maturity models to tackle this problem of financial risks. However, there are limited (almost non-existent) studies on specific maturity models on financial risks of PPP projects. In this paper, we developed, tested and validated a financial risk maturity model (FRMM) to enhance the management of financial losses of PPP projects. The FRMM uses a list of statements extracted from financial risk management literature on PPP projects. The statements in the designed model were tested and validated with data from surveys and interviews of experts and practitioners in the PPP market in Australia, China and Ghana. According to the findings backed by experts and literature, FRMM improves the financial success of PPPs. Project managers could use the FRMM as a guide to control financial losses of the project, and the results support further research

[In Press] A review of studies on green finance of banks, research gaps and future directions

With growing global concern for environmental protection, climate change and sustainable development, policymakers and researchers have recently focused on green finance. In this study, existing studies on green finance in the context of the banking sector have been reviewed with considerations on products and determinants of green finance. The content analysis approach has been used to critically analyse and summarize forty-six (46) relevant studies. The results found green securities, green investments, climate finance, carbon finance, green insurance, green credit and green infrastructural bonds as part of key green finance products of banks. Pertinent determinants the study found to be influencing green finance policies from banks include environmental and climate change policies, interest rates, religion, risks, social inclusion and social justice as well as banking regulations. In theory, this study provides a guide for further studies. The results of the study will assist banks on the key issues to consider in adopting, developing and granting green finance

[In Press] A critical review of public–private partnerships in the COVID-19 pandemic : key themes and future research agenda

Purpose – Undoubtedly, coronavirus (COVID-19) pandemic has released unprecedented disruptions and health crisis on people and activities everywhere. The impacts extend to public–private partnership (PPP) arrangements in the construction industry. Concomitantly, PPP pacts are contributing to combat the pandemic. However, literature on the PPP concept in the COVID-19 era remain under-researched. This study aims to review the current literature on PPPs in the COVID-19 pandemic and present the key themes, research gaps and future research directions. Design/methodology/approach – In this study, 29 highly relevant literature were sourced from Web of Science, Scopus and PubMed search engines within the systematic literature review (SLR) methodology. With the aid of qualitative content analysis, the 29 articles were critically analysed leading to the extraction of hot research themes on PPPs in the coronavirus pandemic. Findings – The results of the SLR produced eight themes such as major changes in PPP contracts, development of the COVID-19 vaccines, economic recession, facemasks and testing kits, governance and sustainability of PPPs. In addition, the study reveals seven research gaps that need further investigations among the scientific research community on mental health and post-pandemic recovery plans. Research limitations/implications – The articles selected for this review were limited to only peer-reviewed journal papers written in English excluding conference papers. This restriction may have taken out some relevant literature but they had insignificant impact on the overall outcome of this research. Practical implications – To improve the understanding of practitioners in the construction industry on key issues on PPPs in the COVID-19 pandemic, the study provides them a checklist of relevant themes. Originality/value – As a novel literature review relating PPPs to the coronavirus, it sets the foundation for further research and contributes to practical measures to control the virus

[In Press] Critical managerial measures on financial risks of sustainable public-private partnership projects: a PRISMA review

Purpose – Public–private partnership (PPP), a project financing arrangement between private investors and the public sector, has revolutionized the approach to the funding and development of public infrastructure worldwide. However, the increasing cases of financial risks and poor financial risk management related to the model threaten the sustainability and financial success of PPP projects leading to huge financial investment losses. This study aims to review existing literature to establish the key measures to control the financial risks of sustainable PPP projects. Design/methodology/approach – A PRISMA-compliant systematic literature review method was used in this study. Data were sourced from academic databases consisting of 56 impactful peer-reviewed journal articles. Findings – The review outcomes demonstrate 41 critical factors (measures) in mitigating the financial risks of sustainable PPP projects. They include minimum revenue guarantee, strategic alliance with private investors, financial transparency and accountability and sound macroeconomic policies. The principal results of the study were categorized and conceptualized into a financial risk management maturity model for sustainable PPP projects. Lastly, the study reveals that further studies and project policies must focus more on addressing financial challenges relating to climate risks, and health and safety concerns such as COVID-19 outbreak that have negative impacts on PPP projects. Research limitations/implications – The results provide essential research gaps and directions for future studies on measures to mitigate the financial risks of sustainable PPP projects. However, this study used small but significant existing publications. Practical implications – A checklist and a conceptual maturity model are provided in this study to help practitioners to learn and improve upon their practices to mitigate the financial risks of sustainable PPP projects. Originality/value – This study contributes to managerial measures to reduce huge losses in financial investments of PPP projects and the attainment of sustainability in public infrastructure projects with a financial risk maturity model