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Núñez-Ollero, Cynthia A. "Innovations in housing finance--private sector funds for low income housing." Thesis, Massachusetts Institute of Technology, 1987. http://hdl.handle.net/1721.1/69281.
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Oliveira, Miguel Ferreira Neves de. "CAPM for project finance using the portuguese public-private partnerships road sector." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/10674.
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Mestrado em FinançasNeste artigo, usando o Capital Asset Pricing Model (CAPM) e o Weighted Average Cost of Capital (WACC), propõe-se uma discussão das taxas de desconto apropriadas para as parcerias público-privadas (PPPs) Portuguesas no sector rodoviário, nomeadamente na perspectiva dos investidores privados. O cálculo do custo dos capitais próprios é realizado através de duas metodologias: usando dados de empresas comparáveis e com o uso de dados públicos (Damodaran Online) sobre o setor dos transportes a nível europeu. Para além disso, concluímos que o cálculo do custo dos capitais próprios através do CAPM depende muito dos grandes níveis de alavancagem dos projectos PPP. As taxas de desconto obtidas são depois sujeitas a testes econométricos (OLS), em relação à influência de existir ou não uma maioria de accionistas estrangeiros, do tipo de pagamento ser num esquema de disponibilidade e das yields das Obrigações do Tesouro Portuguesas a 10 anos (spreads vs. Alemanha). Concluímos que as taxas de desconto apropriadas (WACC) deverão situar-se no intervalo entre os 6 e os 8% e a existência de uma maioria estrangeira ao nível dos accionistas está associada a um menor risco dos projectos e custos dos capitais próprios mais baixos, ao nível de significância de 10%.
In this article, using the Capital Asset Pricing Model (CAPM) and the Weighted Average Cost of Capital (WACC), we propose the discussion of the appropriate discount rates for the case of Portuguese public private partnerships (PPPs) in the road sector, namely from the perspective of private sector investors. Calculation of the cost of equity is performed using two different methodologies: a comparable firms approach and with the use of publicly available data (Damodaran Online) on the European transportation sector. Furthermore, we find that the CAPM cost of equity is very dependent on the high leverage of PPP projects. The computed discount rates are later subjected to econometric (OLS) testing, regarding the influence of having a foreign shareholder majority, of the availability payment scheme and of Portuguese Treasury 10 year bond yields (spreads vs. Germany). We find that the appropriate discount rates (WACC) should be in the range of 6 to 8% and that the existence of foreign shareholders is associated with lower project risk and lower costs of equity, at 10% significance level.
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Zaltom, Mohamed M. "Service quality in Libyan commercial banking sector from customers' and bankers' standpoints : a comparative study between the public and private sector." Thesis, Liverpool John Moores University, 2010. http://researchonline.ljmu.ac.uk/5980/.
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Bainbridge, Bronwen. "An alternative private sector investment approach to achieve independence and resilience in KwaZulu Natal." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33666.
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Local and foreign aid and investment has been ploughed into Africa for many years with an intended purpose of eradicating poverty. Despite significant capital inputs, certain parts of Africa continue to suffer from symptoms of poverty evidenced by inequality, hunger and social decay. This study evaluated an alternative approach to investing in poverty eradication, examine the quality of life and economic impacts of family units in Kwazulu Natal, South Africa. The study employed the exploratory sequential mixed methods research approach on a sample of seven cases across four sectors. The results of the qualitative analysis identify the Inputs, Activities, Outputs, Outcomes, Measurement and Impact. The results of the quantitative analysis show that in every family unit, their poverty status reduced over the 12- month measurement period. Further analysis on specific aspects of the family's poverty status are discussed, including consumer spending and debt ratios. The findings The findings show significantly positive over the investment period. Income increased, savings increased, monthly spending power increased, and monthly debt obligations decreased. Recommended studies fo further findings are required to determine long-term impact as the investment period for the cases studies was only 12 months. Further study is also required on the internal motivation of each human involved that propels them to escape poverty at different rates using the resources available within their ecosystem. Further research on cases that use differing investment approaches is recommended in order to compare results under each research objective.
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Arratia, Juan I. "An analysis on the applicability of a private finance initiative to meet USMC engineer equipment needs." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 2003. http://library.nps.navy.mil/uhtbin/hyperion-image/03Dec%5FArratia.pdf.
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Barnard, Nico. "The scope for private sector involvement in infrastructure development and finance in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/96166.
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Thesis (MDF)--Stellenbosch University, 2014.The aim of the study is to provide a framework for effective private sector participation in infrastructure development and finance, not to provide a rigid structure to guide the participation. Thus the framework is a flexible guide to guide the relationship with local governments. The study will be limited to the following aspects: - projects commissioned and managed by the local sphere of government in South Africa; - projects financed by funding outside of the national treasury budget allocations; and - infrastructure projects that may include physical infrastructure (roads), social infrastructure (clinic) and economic infrastructure (electrical substation). Even though the scope of the study may be limited, the study can provide critical insight in terms of private sector participation possibilities in infrastructure development in South Africa.
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Solwa, Imraan. "Renewable Energy IPPs in SSA – Effective use of Blended Finance." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30365.
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Blended finance (“BF”) is a form of structuring finance which involves using foreign aid to leverage commercial funding to a project. The topic is generally under researched, despite its increased importance in development finance and as a tool in attaining the United Nations Sustainable Development Goals. This research set out to investigate if BF was being applied in a justified manner in private sector renewable energy (“RE”) projects in Sub-Saharan Africa (“SSA”). The first two sub-questions looked at the criteria considered when qualifying projects for BF, and the factors influencing terms offered. The final sub-question was to seek operational evidence of appropriate BF usage. Data was collected through a series of semi-structured interviews with Donors, Development Finance Institutions (“DFIs”) and research institutions and analyzed using an inductive thematic approach. A descriptive case study was used to answer the final sub-question, and involved interviews with key individuals involved with the BF approval process in the selected project. The results suggest that BF is being applied in a justified manner. Sub-question one found that there is a difference in the criteria considered by Donors and DFIs when offering BF. Donor principles appear to be broader, due to their limited engagement on individual projects and delegated investment authority to DFIs. Having a development rationale and economic case for the use of BF was a prominent theme with DFIs and Donors. Factors influencing the BF terms offered to projects were difficult to extract due to the sensitive nature of the topic. Four factors did emerge, with minimizing concessionality being an overarching theme. For the final sub-question, the Mocuba Solar project was used as a case study and provided much needed evidence on the detailed processes followed in assessing the projects need for BF and how terms were derived. This research sheds light on the project level use of BF in the SSA RE IPP context and identifies areas where improvements can be made. Having more BF case studies and an agreed definition of BF for reporting purposes were recommendations to ensure BF is applied effectively.
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Ramachander, Sangamitra. "Private sector efforts in service delivery to low income households : lessons from the telecom and finance sectors in Asia." Thesis, University of Oxford, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.550558.
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This thesis examines some of the key challenges faced by the private sector in service delivery to low income and rural households, based on empirical studies in the microfinance and telecommunications (Internet and mobile telephony) sectors in Asia. The four themes addressed in the thesis are: product pricing, program implementation, client retention and, ultimately, organizational survival. In addition, a cross-cutting theme is the implication of increasing competition for consumer welfare, the financial sustainability of organizations, and sector regulation. The first chapter provides an introduction to the topic, an overview of the two organizations analyzed in the study and a brief description of each constituent chapter of the thesis. The second chapter draws from the ,microfinance sector and seeks to explain repayment and attrition among Self Help Groups (SHGs) in rural South India. The third chapter is based on the mobile telephony sector and examines the price sensitivity of mobile use among low-income households in six countries of Asia: Bangladesh, India, Pakistan, the Philippines, Sri Lanka, and Thailand. The fourth chapter is a study of 'information kiosks' and analyzes the factors associated with the survival of kiosk-franchisees in rural South India. The fifth chapter also pertains to information kiosks and considers the role of implementation in affecting kiosk performance and overall project outcomes. The sixth chapter concludes by drawing out the commonalities of the experience of the private sector in service delivery across the three contexts - micro finance, mobile telephony and information kiosks - and distills the lessons learned and possible challenges ahead for practice and policy.
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Wood, Eric. "Private sector engagement in public sector education in England, 1997-2005 : an analysis of New Labour's policy with a focus on modernisation, competitiveness and the Private Finance Initiative." Thesis, University of Warwick, 2006. http://wrap.warwick.ac.uk/2448/.
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This thesis examines the philosophical drivers behind the education policy agenda pursued by the New Labour Government and will test the assertion that: Mrs Thatcher had a project. Blair's historic project is adjusting us to it. (Hall, S. 1998.14. p 28) The research considers the legislative policy, practice and continuities between Conservative and New Labour governments and critically analyses the 'Third Way'with particular reference to modernisation, competition and the restructuring of the welfare state in response to globalisation. The thesis also examines the growth of the private sector in state education, the development of the Private Finance Initiative in both policy and operational terms and draws conclusions about the implications for the governance of education of the trend towards a 'liberal state', where individual choice is perceived to be more effective and efficient than a model of governance based upon social values. The qualitative nature of this thesis includes consideration of the issues involved in the changing concepts of citizenship and consumerism within the evolving, redefined welfare state; examines the assertion by Marquand (2000) that incessant marketisation has generated a culture of distrust which has corroded the values of professionalism, citizenship, equity and public service and draws conclusions about accountabilities within a modern social democracy. The study includes an analysis of education legislation and a critique of policy intent in the broader context of societal impact. This incorporates an analysis of primary texts, government policy statements as well as Green and White Papers, compared and evaluated with contemporary research literature. Coupled with a case study of the Private Finance Initiative in Stoke-on-Trent the theoretical triangulation (Denzin, 1970) is combined with witness accounts of the 4 complex phenomena' associated with a Private Finance Initiative' (Adelman, 1980) and enabled cross cutting perspectives to be illuminated and the knowledge and understanding of modernisation extended. Such triangulation extends knowledge by clarifying meaning by the identification of different ways in which modernisation is perceived in both theoretical and practical terms (Silverman, 1993; Flick, 1998). The thesis considers within the reality of the case study the importance of the local democratic voice and local political actions in educational governance, including the political/professional/public interface. This leads to conclusions about the need for a modern social democracy to explore the concept of accountability to the citizen as well as the consumer of services within a framework of evolving local policy networks and emergent patterns of governance within state education. In essence this thesis examines whether it is a superficial assertion to equate the 'Third Way'with neo-liberalism (Marquand, 2000; Driver and Martell, 1998,2000; Giddens, 1998,2000) or that the plurality of 'Third Ways' have translated into operational definition, legislation and policies within a model of education which lacks a coherent and identifiable national drive and is therefore critically dependent upon local interpretation and local political response. It also reaches conclusions about the citizen - state relationship, the validity of the concept of the 'social investment state' and suggests constituent elements of a 'fourth way' as a contribution to the issue posed by Whitty, (2000), 'how can education best help reconstruct the social fabric and new concepts of citizenship - and who shall influence its design? (p 8).
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Ndlovu, Loyiso. "Increasing the Role of Private Sector in Development Opportunities in Africa using Innovative Finance Principles." Master's thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/30580.
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This research examines the role of Development Financing Institutions given the increasing scale of the development needs with the advent of the SDGs. It asks how DFIs should be reviewing their role, using Innovative Finance tools and bringing on board more private sector partners into Development to achieve greater development outcomes.
This qualitative study examines 82 DFIs across the African continent using secondary data from surveys and speeches referencing Innovative Finance for DFIs. The research theory is developed by applying Grounded Theory in order to develop a theory which can be used to frame the logic for increasing engagements with private sector partners. Bottom-up secondary data is utilised to develop a DFI Engagement model for making strategic choices on private sector partnerships. The data was coded for analysis with eight different coding frames for the development of data categories to inform the key themes that support the theory.
The results showed that generally DFIs across the African continent are potentially missing out on opportunities for greater development through lack of external engagement in particular private sector. In addition, their use of Innovative Finance tools is limited by awareness and technical capability. The research proposes how best the private sector should be engaged through the engagement framework, and recommends potential new roles for DFIs to play in this rapidly changing landscape. Lastly recommendations are made on further areas of work for the DFI fraternity to institutionalise such recommendations.
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Kwablah, Andrews. "Financial Crowding Out of Ghanaian Private Sector Corporations." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/4932.
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The government of Ghana borrows from both domestic and foreign sources to finance the budget deficit. By the year 2013, the domestic debt was 55% of the public debt. Government domestic borrowing is competitive and can potentially crowd out the private corporate sector. Therefore, the specific research problem addressed in this study was whether the Ghanaian government's domestic debt (DEBT) caused financial crowding out (FCO) in Ghana. FCO theory is not conclusive and not proven specifically for Ghana, so the purpose of this research was to investigate its presence in Ghana. The neoclassical theory of FCO underpinned the research. The 2 research questions investigated FCO along the quantity and cost channels. The research examined the relationship between DEBT as the independent variable, the quantity of private sector credit (PSCREDIT), and the net interest margin (NIM) of banks as dependent variables. Covariates were macroeconomic and banking industry variables. The research population was the banking sector of the financial services industry. The research was correlational, and it used time series data from the Bank of Ghana and the World Bank. Data analysis used the autoregressive distributed lag method. The analysis returned a negative relationship between DEBT and PSCREDIT, and a positve relationship between NIM and DEBT. These results indicated the presence of FCO along both the quantity and cost channels. The research provides policymakers a means of quantifying the extent and effects of fiscal policies. The study may contribute to positive social change by promoting the revision of fiscal policies to favor the private corporate sector to invest, create jobs, and grow the Ghanaian economy.
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Kunigonytė, Jurgita. "Europos Sąjungos finansų politikos įtaka Lietuvai." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2006. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2006~D_20061228_130057-14985.
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Europos Sąjungos finansų politika pagal savo prigimtį, įgyvendinimo procesą ir ateities tendencijas yra labai reikšminga Europos Sąjungos bendros ir finansų rinkos integracijos ir efektyvaus veikimo atžvilgių. Lietuva, vadovaudamasi Europos Sąjungos finansų politikos gairėmis ir reikalavimais, padarė didelę pažangą siekdama integruotis į Europos Sąjungos bendrą finansų rinką ir sudarė sąlygas tobulėti valstybės privataus finansų sektoriaus rinkai ir viešų finansų sistemai bei užtikrinti darnų ekonomikos augimą. Jeigu ateityje Europos Sąjungos finansų politika bus vykdoma kryptingai, galima tikėtis, jog bus sukurta konkurencingiausia ir dinamiškiausia ekonomika pasaulyje, turinti autentišką bendrą rinką, kurios egzistavimui reikalinga bendra valiuta norint garantuoti, jog bendra rinka turės potencialą augti bei klestėti.The European Union’s finance policy, due to its nature, process of implementation and future tendencies, is of high importance in respect of the integration of European Union’s common and finance market and effective operation. Lithuania, following the requirements and milestones of the European Union’s finance policy, made a huge progress seeking for the integration into the common finance market of the European Union, moreover, Lithuania capacitated the market of public finance sector and the system of public finance to improve and ensured harmonious growth of the economy. If the European Union’s finance policy is implemented purposefully in the future, we may expect that the most competent and the most dynamic world’s economy, having the authentic common market and common currency, which is necessary for its existence, in order to guarantee that the common market will have the potential to grow and to flourish, will be created.
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Ahmad, Salman. "Exploring the private finance initiative (PFI) in the UK's transport sector of roads : a governmentality perspective." Thesis, Queen's University Belfast, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.675941.
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Wilsker, Amanda Lori. "The Determinants of Private Contributions and Government Grants to Nonprofit Organizations." Digital Archive @ GSU, 2011. http://digitalarchive.gsu.edu/econ_diss/76.
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The nonprofit sector is becoming increasingly important to the U.S. economy both as an employer and service provider. Although most of the sector’s revenues are earned, the ability of the nonprofit sector to generate significant levels of unearned income in the form of grants and contributions reinforces the sector’s uniqueness. This dissertation uses the NCCS-Guidestar data to address questions pertaining to the determinants of nonprofits’ contributions and government grants. Each of the essays’ findings is discussed briefly below.
The first chapter examines the relationship between an organization’s finances and the level of government grants received. Because organizations choose to apply for government grants, a Heckman procedure is coupled with fixed effects to produce unbiased, within organization estimates. When controlling for the probability an organization receives grant funding, the average level of grants an organization receives generally increases with improvements in efficiency measures. In testing Brooks’ (2004) adjusted performance measure, the author finds that for many categories of nonprofit organizations, improvements in performance relative to community expectations increase grants for recipients, but better performance reduces the probability an organization receives any government grants.
The second essay examines the determinants of direct support to organizations in four of the major categories, namely Arts, Education, Health, and Human Services, using instrumental and panel techniques. Unlike government grants, changes in price do not affect organizations’ expected contributions. When significant, government grants generally crowd out private donations while the effects of program service revenue vary by category and specification.
The final essay examines the effects of nonprofit expenses and revenues on direct support for organizations in four small subcategories, Disaster Preparedness, International Aid, Environmental Conservation, and Performing Arts. The essay tests whether the impact of various revenue and expense variables on direct support changes around an unexpected event such as 9/11. Results suggest that the events of 9/11 had a greater moderating effect for categories losing funding compared to categories that received a windfall of contributions.
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Magqaza, Ayanda. "An exploratory study of project financing urban infrastructure." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/28976.
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This research paper aims to explore the use of project finance to fund urban infrastructure in order to aid the development of affordable housing. This is due to the high rate of urbanisation in developing nations, leading to the challenge of providing adequate shelter and the requisite infrastructure. Although South Africa has been lauded for making observable strides in housing and infrastructure provision, infrastructure is still required. There is reluctance to bring private finance into infrastructure development in developing economies because full recovery of invested capital is not easy to achieve. Project finance is recommended to improve the rate of shelter provision as well as to catalyse the eradication of slums. Project finance was investigated through interviewing selected participants, based on their role in the infrastructure provision sector. The outcomes indicated that project finance is an appropriate tool due to its characteristics.
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Ismail, Rahah. "Housing delivery practice : a comparative study of private sector housing finance and development in Britain and Malaysia." Thesis, University of the West of England, Bristol, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.244294.
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Brandlová, Šárka. "Ekonomické aspekty PPP projektů." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-77751.
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Thesis is focused on the analysis of the application Public Private Partnership within the financing of public infrastructures projects. Public infrastructure financing has traditionally lain in the domain of public sector. A tightening of many countries' budgets recently has led to an exploration of alternative resources for financing transport infrastructure as e.g. PPP. The aim of the thesis is to compare or evaluate which form of financing (PPP or using only public finance esp. issue of public bonds) is more effective. The thesis is separate into 2 important parts, theoretical and practical. The theoretical part of the thesis provides the general description of PPP projects, international experiences and about the legal and institutional framework within the EU and Czech Republic. Practical part of the thesis is focused on the main advantages and disadvantages of PPP projects. Here is also part devoted to the financial models using for the comparison which form of financing (PPP or traditional public procurement) is more efficient. Conclusion of the thesis summarizes the gained findings and also assesses which form of financing is more efficient.
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Cheung, Siu-sun David, and 張紹燊. "A study of the various methods of financing property development in the private sector in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1987. http://hub.hku.hk/bib/B31263720.
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Sakala, Henry. "Public-private partnerships in the transport sector : a case study of the railway systems of Zambia Limited." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/980.
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Thesis (MDF (Development Finance))--University of Stellenbosch, 2009.ENGLISH ABSTRACT: Historically, passenger railway service has played a vital role in the socio-economic activities in Zambia. Its capacity to transport a great mass of people at a low cost has had a profound appeal, especially amongst the low-income segment of society, in this country. This research report sought to examine the concessioning process for Railway Systems of Zambia Limited in relation to international best practice, to examine the extent of passenger train delays in relation to acceptable international standards and to recommend policy and remedial measures. A review of relevant literature on public-private partnerships in infrastructure projects including passenger railway concessioning and passenger train punctuality, in relation to international standards was undertaken. The research covered the period 2002 to 2007, with an average sample size of 11% (144 passenger train trips out of 1 344). Data from timetables and train logbooks, relating to arriving and departing trains, enabled the computation of the extent of delays or punctuality of trains. While international best practice requires passenger trains to operate at between 90% and 95% punctuality rate within 10 to 15 minutes of the timetable, Railway Systems of Zambia’s passenger trains, for the period 2004 to 2007, recorded between 92% and 100% delay rates for trains expected to arrive within 10 and 15 minutes of the timetable. The maximum delay for the arrival of a train in 2005 was 1 422 minutes (23 hours 42 minutes). Therefore, this research report recommends the formulation of a policy framework, a legal and regulatory framework and the establishment of an institutional arrangement that will be responsible for public-private partnerships projects in Zambia. In addition, increased investment in the railway infrastructure by the concessionaire is recommended in order for trains to increase speed and therefore improve their punctuality.
AFRIKAANSE OPSOMMING: Histories het spoorweg passasiersdienste nog altyd ‘n deurslaggewende rol in die sosio-ekonomiese aktiwiteite van Zambië gespeel. Die kapasiteit om groot massas mense teen ‘n lae koste te vervoer, was baie aanloklik in hierdie land, veral vir die lae-inkomstegroep van die gemeenskap. Hierdie navorsingsverslag poog om die konsessioneringsproses van die Spoorwegsisteem van Zambië Beperk, in verhouding tot internasionale toppraktyke, te ondersoek; om die omvang van passasierstreinvertragings in verhouding tot internasionaal aanvaarbare standaarde te ondersoek en ook om beleid en herstellende veranderings aan die hand te doen. ‘n Verslag van toepaslike letterkunde oor publiek-private vennootskappe in infrastruktuurprojekte, wat spoorweg passassiers konsessionering en stiptelikheid van passasierstreine vergelyk met internasionale standaarde, is onderneem. Die navorsing dek die periode van 2002 tot 2007, met ‘n gemiddelde steekproef grootte van 11% (144 passasiers treinritte uit ‘n total van 1 344). Data van treinroosters en treinjoernale, wat verband hou met die aankoms en vertrek van treine, het die berekening van die omvang van vertragings of stiptelikheid van die treine moontlik gemaak. Terwyl internasionale toppraktyke vereis dat passasierstreine binne ‘n 90% en 95% stiptelikheidskoers van 10 tot 15 minute, volgens die reisrooster, moet funksioneer, het die passasierstreine van Zambië vir die periode van 2004 tot 2007, ‘n vertragingskoers van tussen 92% en 100% vir treine wat binne 10 tot 15 minute van die reisrooster se tye moes aankom, aangeteken. Die maksimum vertraging op die aankomstyd van ‘n trein was in 2005 teen 1 422 minutes (23 hours 42 minutes). Derhalwe beveel hierdie navorsingsverslag aan dat ‘n beleidsraamwerk en ‘n wets- en reguleringsraamwerk geformuleer moet word, asook die instelling van ‘n genootskapsooreenkoms, wat verantwoordelik sal wees vir die publiek-private vennootskapprojekte in Zambië. Ter aanvulling word ‘n verhoogde belegging, deur die konsessionaris, in die spoorweg infrastruktuur aanbeveel sodat treine vinniger kan ry en dus meer stiptelik sal wees.
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Dlamini, Samuel Nkosinathi. "Bank credit extension to the private sector and inflation in South Africa." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002693.
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This study investigates the contribution of bank credit extension to the private sector to inflation in South Africa, covering the period 1970:1-2006:4. The long-run impact of bank credit on inflation is investigated by means of the Johansen co integration model. The short-run ynamics of the inflation is subsequently modelled by means of the Vector Error Correction Model (VECM). Using the Johansen methodology, the study identifies two co integrating equations linking inflation and its eterminants. The results suggest that the long-run relationship between inflation and bank credit to the private sector is negative and statistically significant at 10% level. The determinants that are significant at 5% level are: money supply, real gross domestic product, the money market rate, rand/dollar exchange rate and imports. The results are consistent with previous findings. The speed of adjustment in response to deviation from the equilibrium path was found to be negative at 10.56% per quarter, which is consistent with findings by Ohnsorge and Oomes (2003) for Russia. Both the signs and the magnitude of the coefficients suggest that the co integrating vector describes a long-run inflation equation. The impulse response functions confirm the theoretical expectations except for the import prices. The most persistent and significant shocks observed are on impulse response functions of money supply and bank credit to the private sector. The variance decomposition results also suggest that inflation responds quicker to innovations from money supply and the money market rate. The overall results provide evidence that the surge in inflation is associated with an increase in money supply as well as the instability in exchange rate. The effects of exchange rate fluctuation on inflation are reflected through changes in import prices. Based on the results we conclude that an increase in bank credit during the period 1970:1-2006:4 had a negative mpact on inflation in South Africa.
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Aggarwal, Laira. "What do we know about the recent performance of Indian banks?" Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2215.
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This paper examines the performance of Indian banks by studying the effects of recent reforms and macroeconomic events. Indian banks went through a period of reforms in the past twenty years. The impact of these reforms and major macroeconomic events has been examined using time-series analysis. Event studies offer additional perspective on the short-run effect of the events on different types of Indian banks. Although, the event dates are not all statistically significant in the time-series regressions, the demonetization of 2016 is significant in the event study analysis. Thus, while reforms and events have immediate impact on the performance of Indian banks, the effects did not always persist over the larger time-period.
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Takawira, Andrew. "What should be done to attract private sector participation in the SADC regional strategic water infrastructural development programme?" Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8505.
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Thesis (MDF)--University of Stellenbosch, 2010.The Southern Africa Development Community (SADC) Treaty aims at achieving regional integration, poverty alleviation and economic growth. Water is a catalyst to these aims, thus making it key for the region to manage and develop water resources. Water in the SADC region is a shared resource among the countries, making joint development of the resource important for peace and prosperity. SADC has been promoting transboundary water resources management among its member states. The region has done a lot of work in establishing an enabling environment for the management of water resources. The SADC Protocol for Shared Watercourses (the “Watercourses Protocol”), the Regional Water Policy (the “Water Policy”) and the Regional Water Strategy (the “Water Strategy”) are all instruments that have been developed to support the management of water resources. However, the region remains heavily under-developed in terms of water infrastructure and in order for the region to develop its water resources, the SADC secretariat has developed a Regional Strategic Water Infrastructure Development Programme (referred to as the “SADC Programme for water infrastructure development” in this study). The Programme is aimed at responding to the lack of infrastructural development in the region and identifies regional water projects to be implemented. Water is a sector that struggles in attracting private sector funding and involvement. This study aims to look into ways that the private sector can been attracted to participate in the Programme for water infrastructure development and also proposes ways they can be engaged. Private-sector involvement varies from project identification to project implementation and funding. To attract the private sector to participate in the SADC Programme for water infrastructure development, SADC and the member states have to build on the enabling environment established in the region and also on relationships based on existing institutions. The private sector needs to be assured of good market potential and sound financial returns. This can be achieved if the region better co-ordinates the prioritization of regional projects through integrated planning. NEPAD and SADC working closely together, to issue that a consistent development agenda is communicated to potential investors, could add value and avoid duplication. It is also important to link to national development priorities in order to ensure that local issues are addressed. Capacity of the public sector to support regional projects is also important – capacity to develop bankable projects, develop financing mechanisms and to implement the projects is required at all levels. The SADC region lacks capacity to participate in complex infrastructure projects and this has to be addressed through establishing a Private Public Partnership Unit at the SADC Secretariat. Capacity to also manage and regulate water services is lacking in a number of countries in the region. These are important issues to ensure fair pricing and to give the private sector confidence on issues of tariff setting. To attract private funding into the water sector the region needs to develop innovative financing mechanisms in order to leverage market-based repayable finance. In the implementation of the SADC Programme for water infrastructure development there is a need to evaluate various types of innovative financial instruments and assess their potential use for regional water projects. Local capital markets in a number of the countries are weak, therefore the implementation of the SADC Protocol on Finance and Investment (the “Finance Protocol”) is important in strengthening these markets. Political will and good governance within member states are also important in attracting investors. SADC as the promoter of infrastructure policies in the region should play a proactive role in encouraging its member states to observe the rule of law and also to use existing treaties within SADC to ensure countries do so. Poor governance and unstable economies are a disincentive for private sector involvement.
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Mashele, Makhosini Thaniel. "An analysis of the use of the public private partnership model in financing public sector research and development infrastructure in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/998.
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Thesis (MDF (Business Management))--Stellenbosch University, 2008.ENGLISH ABSTRACT: Economic development depends on a number of variables, including the ability of the economy to innovate technologically. Innovation depends to a large extent on the value, both qualitative and quantitative, of the research and development (R&D) happening in an economy. R&D in turn require various activities and inputs, including human resources, capital and infrastructure. The focus of this study is on the alternatives available to the public sector for funding public R&D. Most of the current public R&D infrastructure comes from the fiscus, which is strained under the pressure of many competing and immediate needs. An alternate model for funding public R&D infrastructure is that of public private partnerships (PPPs), which are private sector-supported initiatives for delivery of public goods and services. These are used all over the world to deliver public services with a high degree of success in sectors such as health (hospitals and services) and transport (roads, airports). This study looks at how this model can be applied in the delivery of public R&D infrastructure, which has not been popular in South Africa to date. A questionnaire was designed to look at five key areas for investigation with regard to R&D infrastructure, namely: the type of infrastructure as a determinant for the success of the PPP; the perception regarding the risk of the transaction; the incentives available to the private participants; the availability of capital in the market; and the effect of regulations on the transaction. These are investigated through the use of a questionnaire to get responses from people who have an understanding of PPP transactions in the country. The results show that R&D PPPs are possible and should be explored. One of the main reasons why they are currently not popular is because they are under-explored. The respondents felt that: the PPP regulations may have to be changed or adapted to be effective in the administration of PPP transactions; the risks for R&D PPPs seem to be high; sufficient capital exists to fund these transactions; the type of the infrastructure being financed is not necessarily a hindrance; and there are sufficient incentives for the private sector to participate in these transactions.
AFRIKAANSE OPSOMMING: Ekonomiese ontwikkeling hang af van 'n aantal veranderlikes, onder andere die ekonomie se vermoë om tegnologies te innoveer. Sodanige innovasie word in 'n groot mate bepaal deur die waarde, beide kwalitatief en kwantitatief, van die navorsing en ontwikkeling wat binne die ekonomie plaasvind. Navorsing en ontwikkeling vereis weer verskeie aktiwiteite en insette, waaronder menslike hulpbronne, kapitaal en infrastruktuur. Hierdie studie fokus op alternatiewe wat vir die openbare sektor beskikbaar is ten opsigte van die befondsing van openbare navorsing en ontwikkeling. Die huidige openbare navorsing- en ontwikkelinginfrastruktuur kom hoofsaaklik van die fiskus, wat weens verskeie mededingende en dringende behoeftes onder druk is. 'n Publieke-private venootskap (PPV) bied 'n moontlike alternatiewe model vir befondsing van 'n openbare navorsing- en ontwikkelinginfrastruktuur. Openbare goedere en dienste word hiervolgens gelewer deur middel van inisiatiewe wat deur die privaatsektor ondersteun word. Die model word wêreldwyd baie suksesvol aangewend in sektore soos gesondheid (hospitale en dienste) en vervoer (paaie, lughawens). Hierdie studie ondersoek hoe die model toegepas kan word in die skep van 'n openbare navorsing- en ontwikkelinginfrastruktuur in Suid-Afrika, hoewel dit tot dusver nie hier gewild was nie. 'n Vraelys is ontwerp om vyf sleutelareas ten opsigte van navorsing- en ontwikkelinginfrastruktuur te ondersoek, naamlik: tipe infrastruktuur as 'n determinant vir die sukses van die PPV; persepsie aangaande risiko met betrekking tot die transaksie; aansporing wat aan private deelnemers gebied word; beskikbaarheid van kapitaal in die mark en die uitwerking van regulasies op die transaksie. Hierdie vraelys is aangewend om reaksie te verkry van persone wat begrip van publieke-private ondernemings in die land het. Die resultate wys dat PPV's binne 'n navorsing- en ontwikkelinginfrastruktuur moontlik is en verder ondersoek behoort te word. Een van die hoofredes waarom dit tans nie gewild is nie, is die gebrek aan toepaslike navorsing. Respondente het aangedui dat: PPV regulasies moontlik verander of aangepas sal moet word om effektief te wees in die administrasie van sodanige transaksies; die risiko's vir PPV's in navorsing en ontwikkeling hoog voorkom; voldoende kapitaal vir befondsing van transaksies beskikbaar is; die tipe infrastruktuur wat befondsing ontvang nie noodwendig 'n hindernis is nie en dat voldoende aansporing vir die privaatsektor gebied word om aan hierdie transaksies deel te neem.
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Gebhardt, Georg Andreas. "Zweckzuweisungen als Barriere für Public Private Partnership (PPP) /." Berlin : Duncker & Humblot, 2009. http://d-nb.info/995141584/04.
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Chikowero, Joshua. "Stakeholders' perceptions on the factors constraining electricity generation by the local private sector in Tanzania : a review of financiers and investors." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/79340.
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Thesis (MDF)--Stellenbosch University, 2012.The provision of infrastructure in developing countries is traditionally a preserve of government discharged through state-owned monopolies. This arrangement enables the government to charge tariffs below cost recovery as a way of protecting consumers. Unfortunately, the state utilities are generally run inefficiently, relying on the public budget for both capital and operational expenditure. Private sector players have gradually started to engage in the provision of infrastructure in recent years. Working alone or in co-operation with government, these players have offered a viable alternative for securing financial resources by using well-structured project finance structures and expertise for efficient delivery of services, such as roads, water, electricity and hospitals. The private sector participation has resulted in fiscal relief as funding sources are broadened to include domestic and offshore capital markets. It has also been accompanied by necessary sector reforms, such as legislative amendments to protect private property, allowing private players to invest in the respective infrastructure domains. Consumers‟ perceptions have been mixed, largely due to resultant higher costs of services. In Tanzania, the Tanzania Electricity Supply Company (TANESCO), a vertically-integrated state monopoly, is responsible for generation, transmission, distribution and retailing of electricity. As sole provider, TANESCO has woefully failed to serve the estimated demand of about 1 200MW. Lack of adequate funding for new capital investment and maintenance of the existing network has seriously curtailed output to just over 500MW – less than half of installed capacity. This situation has been compounded by drought on the predominantly hydro-based generation. Transmission losses have also worsened electricity delivery. The result is that only 14 percent of the urban and about two percent of the rural population had electricity access as at 2010. Sector reforms introduced in the 1990s allowed independent power producers (IPPs) to set up fuel and gas-fired generation facilities and selling output to TANESCO under Power Purchase Agreements. Worsening electricity shortages have forced the Ministry of Energy and Minerals to engage more IPPs on an emergency basis at very exorbitant feed-in tariffs. Other smaller-scale private generators have also entered the deregulated generation sector using the regulatory framework set up by the Energy and Water Utilities Regulatory Authority (EWURA). Various generation technologies are used and off-grid installations have enabled potential consumers beyond the national grid to have access. This study presents perceptions on challenges faced by private sector investors and financiers in participating in electricity generation. The findings highlight the apparent lack of appetite by financiers to underwrite long-term infrastructure projects. Furthermore, the capital markets are not developed sufficiently to meet the capital needs of private investors who see opportunity in the largely unserved electricity market. The results of the study help to show that the challenges of providing sufficient and affordable electricity in Tanzania cannot be addressed within the context of current macro-environmental circumstances. Specific policy guidelines are required to enhance the level of development of the financial market, facilitate private sector access to the required debt capital, and improve the tariff structure to attract investments in the electricity generation segment.
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Šuráňová, Petra. "Die Rolle der PPP Projekte bei Investitionsvorhaben der deutschen Kommunen." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9286.
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This diploma thesis is a comprehensive and up-to-date review of public private partnership (PPP) infrastructure projects at the municipal level in Germany. Public private partnerships use the know-how and the skills of the private sector for the construction and operation of infrastructure and for the long-term provision of public services. The overall goal of this thesis is to discuss the municipal government's approach to PPP infrastructure projects. The theoretical part of this thesis includes informations and fundamental characteristics of public private partnership project types and the most widely used financial instruments in Germany, as well as the obstacles, challenges and prospects of success for the PPP Programme. The thesis further deals with the legislation and the institutional framework of this cooperation, including the establishment of the Partnerschaften Deutschland und other PPP units in central and local government to promote and manage projects. In particular we focus on the possibility of the involvement of private partners in public private partnerships to clear the backlog of investment and to satisfy local authority investment needs. The empirical part of this work describes the efficient, beneficial and cost-effective delivery of what is currently one of Germany's biggest PPP projects in the field of public- sector building construction: refurbishing, financing and operating the 90 schools in the district of Offenbach in the south of Hesse.
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Danek, Julius (Julius Bruno Sherlock Othmar). "A functional perspective to planning waste systems in developing countries : strategies for the public and private sector : A case study of Muzaffarnagar, India." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/99035.
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Thesis: M. Fin., Massachusetts Institute of Technology, Sloan School of Management, Master of Finance Program, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 70-76).
This thesis introduces a new framework for establishing waste systems in developing countries. The functional perspective is a stand-alone extension of integrated sustainable waste management. In January 2015 the functional perspective was applied to analyze the waste system of Muzaffarnagar, India, and to propose solutions to existing problems. The functional perspective was found to be helpful as a theoretical framework guiding waste system design processes for decision makers both in the public as well as private sector.
by Julius Danek.
M. Fin.
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Ahmad, Ala'eddin Mohamad Khalaf. "The impact of competitive environment on the service marketing mix strategy of health organisations in developing countries : Jordanian private sector hospital senior managers perspective." Thesis, University of Huddersfield, 2007. http://eprints.hud.ac.uk/id/eprint/4614/.
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The environment of Jordanian private hospitals has never been so complex and challenging as at present. There are huge influences on these hospitals in the current climate. Managers in these hospitals are finding themselves, more than ever before, confronted by increasing pressures and demands which they must seek to understand and respond to in their service marketing mix strategy in order to achieve effective strategic marketing in terms of their choice of service marketing mix strategy components (namely health service, pricing, distribution, promotion, physical evidence, process, and personal strategies). This research, therefore, investigates the influence competitive environment factors have on the service marketing mix strategy components made by Jordanian private hospital managers, and on the reality of the Jordanian private hospital marketing. The literature review reveals that there is an extensive body of research that addresses service marketing mix strategy in general but there is less emphasis on the health sector. Moreover, evidence of the impact of a competitive environment on service marketing mix strategy and hospital performance measurements' criteria in the hospital industry is limited. In order to explore this issue, a triangulation method was used to collect primary data through a questionnaire, which was administered in the private sector hospitals in the six Jordanian governorates and, via in-depth semi structured interviews with hospital managers and experts in the health services in Jordan. All Jordanian general private sector hospitals were targeted in this research rather than a representative sample of these hospitals. A purposive sampling strategy was used to choose the participants in this research. In total, - 143 senior managers (general manager, administrative manager, medical manager, public relation manager, marketing manager, and out patients clinic manager) participated in this study. The results confirm significant differences in the influence of competitive environment factors on service marketing mix strategy components. They also reveal that the components of the marketing mix strategy have varied significant and insignificant influence on the hospital performance, which demonstrates that the hospital performance phenomenon is complicated and multi-dimensional in nature. Furthermore, the results exhibit that hospital managers might benefit more by placing more emphasis on an integrated service marketing mix strategy and recognising the competitive environment influences on their hospitals. The results also highlight several implications for future research in health services marketing and fills in several gaps in the existing literature on health services marketing. This research contributes to the academic and practical knowledge as being one of the first attempts to investigate empirically the impact of the competitive environment on service marketing mix strategy. As such, the influences of service marketing mix strategy on hospitals' performance criteria, identifying the main concerns and problems which face the management and marketing in Jordanian private sector hospitals, are explored in addition to recognising the vital roles of marketing in improving the hospital performance. This research integrates, refines and extends the empirical work conducted in the field of health services marketing in developing countries. It raises many implications for managers in these hospitals, such as considering the importance of influences by competitive environment on marketing mix strategy and the vital role this strategy plays in the performance of Jordanian private sector hospitals. This research provides useful guidelines for further and future research possibilities such as exploring the influence of the competitive environment factors influence on hospital performance criteria.
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Fernandes, Mário Jorge Correia. "Evaluating risks in public private partnerships : the case of the portuguese road sector." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/5033.
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Master of Science Finance (Financial Institutions)Throughout the last few decades, it has been verified a significant raise in the use of Public-Private Partnerships, by part of the world’s economic governments as an alternative in the management and financing of infrastructural investments to joust the problematic of the infrastructure gap. From the projects sponsors point of view, the capital investment's strategic decisions are fundamental, so that the feasibility studies of partnerships are a critical factor for operational success and their management. However, for these agents, the risk-return question is preponderant, due to the soaring of financial, political and market risks, which will organize the imperative of application of new evaluation methods, as the case of the IRR-at-Risk, Cash Flow-at-Risk and the NPV-at-Risk, where the latter combines the dual issue of risk-return and the average weighted cost of capital. Therefore, this investigation aims to proceed to the application of the listed methods for the Public-Private road institutions in Portugal. Based in a sample from the 7 SCUT and 7 new concessions (highways), we will seek to apply the decision methods of risk-return in order to prove that these can provide better decisions in matters of risk and investments analysis compared to the methods of traditional financial evaluation. The results show that, for the sponsors, the methods of risk-return provides better decisions if include the element of risk in projects.
Ao longo das últimas décadas tem se verificado um aumento significativo, por uma parte da governação económica mundial, ao recurso de PPP, como alternativa em matéria de gestão e de financiamento de investimentos infra-estrtuturais, de modo a combater a problemática do the infrastructure gap. Do ponto de vista dos sponsors (patrocinadores) dos projectos, as decisões estratégicas de investimento de capital são fundamentais, pelo que os estudos de viabilidade das parcerias são um dos factores críticos para o sucesso operacional e de gestão dos mesmos. Porém, para estes agentes, a questão de retorno-risco é preponderante, dados os elevados riscos financeiros, políticos e de mercado, o que irá originar o imperativo de aplicação de novos métodos de avaliação, como o caso do IRR-at-Risk, Cash Flow-at-Risk e do NPV-at-Risk, sendo que este último combina a questão dupla de retorno-risco e o custo médio ponderado do capital. Assim, esta investigação tem como objectivo proceder à aplicação dos métodos indicados às PPP rodoviárias em Portugal. Com base numa amostra de 7 SCUT e 7 Auto-Estradas, procurar-se-á aplicar os métodos de decisão de retorno-risco, de modo a comprovar que o estes poderão fornecer melhores decisões em matéria de análise de risco e de investimentos, comparativamente aos métodos de avaliação financeira tradicionais. Os resultados denotam que os métodos de retorno-risco, para os sponsors, fornecem melhores decisões ao incluirem a component de risco nos projectos.
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Schmutzer, Nikola. "Das privatisierte Museum - Vision oder Notwendigkeit? : formale Privatisierung kommunaler Museen - ein Weg zu ökonomischerem Handeln und erweiterten Entscheidungsfreiräumen? /." Weimar Verl. und Datenbank für Geisteswiss, 2005. http://deposit.ddb.de/cgi-bin/dokserv?id=2684750&prov=M&dok_var=1&dok_ext=htm.
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Simpson, Ewan. "The impacts of attempts to stimulate private sector involvement and investment in the urban regeneration process : the case of the city of Glasgow." Thesis, University of Glasgow, 1999. http://theses.gla.ac.uk/2740/.
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This thesis investigates the impact of attempts to stimulate private sector involvement and investment in the urban regeneration process, looking at the case of urban regeneration institutions operating, and policies implemented, in disadvantaged areas of the city of Glasgow. Successive governments; analyses of the urban problem and the perceived role of the private sector in these are critically analysed and an alternative advanced. The history of attempts to stimulate private sector participation in the regeneration process in the USA and UK is discussed to introduce the delivery structures and policies pursued in Glasgow in the post war period. A review of the economic history of the city and the characteristics of its disadvantaged areas highlight the weakness of the city economy and the scale of the regeneration problem. The key original fieldwork elements of the thesis investigate the findings of a survey of attitudes in the private sector towards the regeneration process, the impacts of private sector participation in organisational structures and attempts to stimulate investment through the labour and property market. Further, a survey of key players in the business community assesses private sector attitudes to the regeneration process. The research argues that the rationales for stimulating participation advanced by proponents are flawed. Those concerned with organisational aspects confuse concerns over ownership with those of effective management. In investment terms there are major weaknesses in the attempt to adapt market failure policies to fundamentally redistributive issues. Analysis of policy history shows that there has been convergence towards a holistic approach attempting to address both growth and redistributive issues and that the City of Glasgow is a good example of this. Empirical evidence shows that business opinion is relatively well informed about the issues to be addressed but not about the agencies charged with delivering policy. Although the importance of the issues is recognised, attitudes in the private sector are largely negative on the potential for additional intervention from this source to assist in their resolution. The impacts of participation on delivery structures are limited because a public sector culture and funding structure dominates, allowing private sector representatives to input only at the margins.
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Schock, Florian [Verfasser]. "Financial intermediation and novel technologies : Interdependencies between private equity and financial intermediaries of technology finance with evidence from the clean technology sector / Florian Schock." Berlin : epubli GmbH, 2015. http://d-nb.info/1072335417/34.
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Amirkhanian, Alen G. (Alen Gasparian). "How effective are state venture capital funds in leveraging private sector financing : a case study of the Massachusetts Community Development Finance Corporation's Venture Fund." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/62934.
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Ngcuka, Akona. "Public private partnership as a means to address the financing of affordable housing in South Africa." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8259.
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Thesis (MDF)--University of Stellenbosch, 2010.This study is an evaluation of the feasibility of utilising project finance in a Public Private Partnership model (as one of a number of possible private public partnership models) in order to deliver social housing in the South African market by evaluating the social housing regulatory environment against the commercial requirements for implementing project finance based PPP‘s, and indentifying gaps that are acting as stumbling blocks to the mobilisation of private sector resources in this sector. The study also looked at the social housing policy and the various private public partnership procurement models currently in use in the United Kingdom, with a view to highlight best practise and lessons which could be applied within the local environment. The broader South African procurement policy environment caters for the private sector delivery of infrastructure, with a number of deals having been delivered since the late 1990‘s. The Social Housing Policy does make provision for the Minister to make pronouncement on procurement models to be used, and does foresee some form of partnership between the public and private sector in delivering affordable housing (this is also supported by policies such the Inclusionary Housing Policy). The current policy environment however does not go far enough in addressing commercial requirements, such as guarantees for rental payments, and performance monitoring instruments, such as housing inspectorates, to facilitate the implementation of housing PPP‘s. 138 pages.
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Valentine, Nicole Britt. "An evaluation of expenditure in the private health care sector and its reporting in the national accounts of South Africa." Master's thesis, University of Cape Town, 1997. http://hdl.handle.net/11427/17539.
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Bibliography: pages 94-102.There is currently much work underway internationally to improve the accuracy and to refine the detail of accounting for health care expenditures. This research was initiated by the increasing activity in the field of national health accounting, as well as by previous research indicating that the Reserve Bank might be underestimating private health care expenditure in the national accounts. The Reserve Bank estimate of health care expenditure is important as it is the only complete and regularly produced estimate of private sector health care expenditure for South Africa. It was posited that an independent estimation of private health care expenditure would show that its magnitude is underestimated in the expenditure estimates published by the Reserve Bank for the national accounts. This thesis was upheld by the results of the research. The thesis estimate of private health care expenditure was R15 billion, 39% higher than the Reserve Bank estimate available at the time. It was also 21% higher than the final Reserve Bank estimate published in December 1995. The methodology used to derive the thesis estimate involved a survey of national income accounting concepts and guidelines embodied in the internationally used publication, the 1993 System of National Accounts. Primary data was collected from a wide range of institutions in the South African health sector. Secondary data sources were also consulted in several instances. In particular, the Registrar of Medical Schemes was consulted for medical scheme expenditure estimates as they constitute the largest portion of private sector health care expenditure in South Africa. The thesis estimate was then calculated for a single year according to the 1993 System of National Accounts guidelines. The year chosen was the government financial year from April 1992 to March 1993. The year was chosen to coincide with the year chosen for a national health expenditure review. In the presentation of the results, the estimate was broken down in separate "sources" and "uses" matrices, which are being used internationally to present national health accounting information. From the comparison of the Reserve Bank and thesis expenditure estimates, one of the most important recommendations that emerged was that the Reserve Bank should consult a wider range of expenditure data sources, more timeously and regularly. In particular, it was suggested that the Reserve Bank should negotiate earlier access to the data held by the Registrar of Medical Schemes, as well as cross-check household survey data with independent estimates of out-of-pocket and statutory scheme health care expenditure. In addition to providing a new benchmark estimate for private sector health care expenditure in the government financial year 1992/93, the breakdown of the estimate into matrices provides a framework that could be used as the basis for the development of more detailed satellite national health accounts, in accordance with 1993 SNA standards.
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Muvirimi, Nyasha. "Application of value for money assessment in public-private partnerships in the road transport sector : a case of the N4 (East) toll road." Thesis, Stellenbosch : Stellenbosch University, 2012. http://hdl.handle.net/10019.1/95586.
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Thesis (MDF)--Stellenbosch University, 2012.ENGLISH ABSTRACT: The purpose of this research was to understand how value for money (‘VfM’), an important decision pillar in public procurement, is applied in South Africa, and compare the VfM regulated framework with other global practices in the United Kingdom, Canada, Australia, Singapore and Hong Kong. VfM is applied when deciding the most appropriate procurement method that utilises public funds in the most cost effective, equitable and transparent manner. Although VfM is vital in the public sector, it is one of the most misunderstood and controversial procurement aspects. The various actors in public procurement processes tend to complicate this key aspect due to their conflicting objectives in relation to a given project. Chief among these are the political influences on the public managers, which tend to manipulate the procurement choice. Consequently over the years, the VfM assessments performed before selecting a procurement method have not been publicly available, thereby increasing concern on whether VfM is achieved, particularly when involving the private sector through public-private partnership (‘PPP’) arrangements. The study explores the various components of VfM, which are the public sector comparator, risk allocation mechanisms, particularly for the road sector projects, discount rates and post project implementation monitoring systems. More importantly, the research analysed how these various aspects were assessed on procuring the N4 toll road. South African National Road Agency SOC Limited (‘SANRAL’), although it did not have the benefit of a PPP guideline as is the case now, it performed extensive feasibility studies and held a transparent procurement process before selecting the private sector party to the PPP. Interestingly, project that was pre-identified as a PPP procurement model and had political support from both the Mozambique and South African governments from inception in order to make it work. The comparative analysis of the South African PPP framework and the selected global PPP markets revealed that the local VfM guidelines were comparable in most aspects such as the PSC construction and risk management methodologies. However, the South African practices could be further improved with increased transparency incorporated in the procurement process such as the publication of the PPP contract once finalised – a practice common in the developed markets analysed. This will go a long way to increasing acceptance of the PPP procurement model in a market that is tainted with mistrust of same. There is need for the civil servants to be trained on the VfM assessment processes so that such analyses are not limited to PPP-type projects, but to conventionally-procured infrastructure projects for increased accountability and effective use of public funds.
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Tórtola, Sebastián Carlos J. "Medición del impacto del Grupo Banco Mundial en el desarrollo sostenible." Doctoral thesis, Universitat Jaume I, 2016. http://hdl.handle.net/10803/392135.
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La promoción del desarrollo sostenible es uno de los objetivos corporativos del Grupo Banco Mundial (GBM) en el contexto de la Agenda de Desarrollo 2030. Esta tesis doctoral pretende analizar el éxito del GBM en la consecución de este objetivo. Inicialmente, se evalúa el impacto global del GBM, comparando a continuación la influencia lograda mediante sus operaciones con el sector público y privado. Este análisis se desarrolla mediante dos modelos de inferencia basados en la lógica difusa, que toman en consideración el volumen de financiación concedida por el GBM y la calidad de los proyectos. Por último, se profundiza en las características del impacto logrado con las operaciones de la Corporación Financiera Internacional y el sector privado mediante un modelo econométrico estimado con el método de los momentos generalizados. En todos los casos, se realizan propuestas operativas para incrementar el impacto del GBM sobre el desarrollo sostenible.Promoting sustainable development is one of the corporate goals of the World Bank Group (WBG) in the context of the Development Agenda 2030. This thesis aims to assess the success of the WBG in achieving this goal. Initially, the overall impact of the WBG is evaluated, following by a comparative evaluation of the influence achieved by WBG's operations through the public and private sector. This analysis is developed applying two models of fuzzy logic inference that take into consideration the amount of funding provided by the WBG and quality of projects. Finally, the thesis explores the specifics of the impact achieved by the WBG with the International Finance Corporation's (IFC) projects and the private sector by implementing an econometric model of generalized method of moments. In all cases, operational proposals are made to increase the impact of GBM on sustainable development.
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Ngamlana, Philbert Xola. "Improving public-private partnership deal flow for infrastructure delivery in South Africa : the role of National Treasury." Thesis, Stellenbosch : University of Stellenbosch, 2009. http://hdl.handle.net/10019.1/984.
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Thesis (MDF (Development Finance))--University of Stellenbosch, 2009.ENGLISH ABSTRACT: The traditional form of delivering infrastructure and services by government is fraught with problems. These include cost overruns, time overruns and neglect of maintenance resulting in dilapidated and aged infrastructure. Public-private partnerships (PPPs) are emerging as an alternative form of delivering infrastructure, not necessarily as a solution, but as a procurement option. PPPs have not been without problems either and one of them is deal flow. In this research deal flow is referred to as a rate at which PPP projects move in the pipeline from initiation to conclusion of the contract. Initiation means registration of the project by a sponsoring institution with the National Treasury of the Republic of South Africa and conclusion of the contract means financial close. Financial close is the last stage of the project when financial institutions are ready to disburse borrowed funds. It follows immediately after contractual close, i.e. the stage when parties to the agreement (government department and private sector) signed the contract. The main objective of the research was to identify factors that lead to a slow deal flow. As discussed in the research this movement takes place at a rate of two deals per annum in South Africa presently. This is not good if compared with countries such as the United Kingdom which closes deals at a pace of around 50 per annum. However it is recognised that South Africa is a developing country and is not at the same level of development as other European countries. This comparison is therefore done for benchmarking purposes. The other objective of the research was to find out where the occurrences of the blockages are in the project life cycle with the aim of removing or mitigating their impact. Finding answers to some of these questions will not only help the National Treasury but the whole country in delivering infrastructure. The motivation for this is that infrastructure development contributes to economic development, economic growth and poverty reduction and the creation of a better South Africa for us all. The main findings of the research are that a great amount of time is spent during the inception phase, that is from registration of the project to Treasury Approval 1 for the feasibility study. Contrary to literature which suggests that more time is always spent in negotiations, that does not seem to be a problem in South Africa. Therefore an aggressive push at inception phase is necessary. Lack of clear government objectives and commitment is a problem. Poorly defined sector policies and poor risk management are problems too. There is a lack of mechanisms to attract long-term finance at affordable rates. This research has proved that other phases in the cycle, i.e. Treasury Approvals 2A to Treasury Approval 3, are not a problem. In other words, the phase of inviting, evaluating, appointing and negotiating with bidders is not a problem and therefore a slow deal flow problem can be solved if initiatives are taken right from conceptualisation to feasibility.
AFRIKAANSE OPSOMMING: Die tradisionele manier waarop die regering infrastruktuur voorsien is deurspek van probleme. Dit sluit in oorspandering, oorskryding van spertye en gebrek aan onderhoud wat lei tot bouvallige en verouderde infrastruktuur. Publieke-private vennootskappe (public-private partnerships (PPPs)) kom na vore as 'n alternatiewe manier om infrastruktuur te skep, nie noodwendig as 'n oplossing nie, maar as 'n opsie vir verkryging. PPPs is ook nie sonder probleme nie en een van die probleme wat in hierdie navorsingstudie aangespreek word is die vloei van transaksies. In hierdie navorsing dui die vloei van transaksies (deal flow) op die tempo waarteen PPP projekte in die pyplyn beweeg vanaf die aanvang tot die sluiting van die kontrak. Aanvang beteken registrasie van die projek deur 'n borg institusie by die Nasionale Tesourie van die Republiek van Suid-Afrika en kontraksluiting beteken finansiële sluiting. Finansiële sluiting is die laaste stadium van die projek wanneer finansiële instellings gereed is om geleende geld uit te betaal. Dit volg direk op kontraksluiting, i.e. die stadium wanneer die partye tot die ooreenkoms (regeringsdepartement en privaatsektor) die kontrak onderteken het. Die stadige tempo waarteen transaksies vloei is die onderwerp van hierdie navorsing. Die hoof-doelwit van die navorsing was om faktore te identifiseer wat lei tot 'n stadige vloei van transaksies. Soos in die navorsing bespreek, vind hierdie beweging tans plaas teen 'n tempo van twee transaksies per jaar. Dit is nie goed nie, vergeleke met lande soos die Verenigde Koninkryk waar transaksies gesluit word teen 'n tempo van 50 per jaar. Daar word egter erken dat Suid-Afrika 'n ontwikkelende land is en nie op dieselfde vlak van ontwikkeling is as die ander Europese lande nie. Hierdie vergelyking word dus bloot gedoen met die doel op die vestiging van 'n maatstaf vir toekomstige verwysing. Die ander doelwit was om uit te vind waar die blokkasies in die projek se lewensiklus is met die oog daarop om dit te verwyder of die impak daarvan te verminder. Antwoorde op sommige van hierdie vrae sal nie alleen die Nasionale Tesourie help nie, maar die hele land help om infrastruktuur te skep. Die motivering hiervoor is dat die ontwikkeling van infrastruktuur bydra tot ekonomiese ontwikkeling, ekonomiese groei en die verlaging van armoede en die skep van 'n beter Suid-Afrika vir ons almal. Die hoofbevindings van hierdie navorsing is dat daar 'n groot hoeveelheid tyd spandeer word gedurende die aanvangsfase, naamlik vanaf registrasie van die projek tot by Tesourie Goedkeuring 1 vir die lewensvatbaarheidstudie. In teenstelling met die literatuur wat beweer dat meer tyd altyd spandeer word aan onderhandelings, is dit nie die probleem in Suid-Afrika nie. 'n Aggressiewe dryfkrag met die aanvangsfase is dus nodig. 'n Gebrek aan duidelike regeringsdoelwitte en -toewyding is ook 'n probleem. Swak gedefinieerde sektorbeleide en swak risikobestuur is verdere probleme. Daar is 'n gebrek aan meganismes om langtermyn-finansiering teen bekostigbare tariewe te lok. Hierdie navorsing het getoon dat ander fases in die siklus, naamlik Tesourie Goedkeuring 2A tot Tesourie Goedkeuring 3, nie problematies is nie. Met ander woorde, die fase van nooi, evalueer, aanstel en onderhandel met aanbieders is nie 'n probleem nie en die stadige transaksievloei-probleem kan dus opgelos word as inisiatief geneem word reg aan die begin van konsepsualisering tot en met die fase van lewensvatbaarheid.
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Agyenim-Boateng, Cletus. "Examining the structuration processes in the financial accountability and governance practices pertaining to the public private joint venture partnerships (LIFT) in the UK health sector." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/examining-the-structuration-processes-in-the-financial-accountability-and-governance-practices-pertaining-to-the-public-private-joint-venture-partnerships-lift-in-the-uk-health-sector(96d755d2-22e4-48ac-8324-f4e9c603d8b9).html.
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Shaoul et al. (2012) state that the accounting, scrutiny and oversight of Public Private Partnerships (PPPs) remain areas of concern. Also, there have been calls for a more socio-technical and multidisciplinary approach to accounting and governance studies (Broadbent, 2012; Broadbent and Guthrie 2008), especially in relation to the empirical study of PPPs (Hodge et al., 2010). This thesis responds to these calls in part by drawing on Giddens’ structuration theory to examine the financial accountability and governance concerns that are created in PPP joint venture structures. The empirical work focuses on the health sector, which is identified as one of the sectors inundated by PPP activities, particularly in the UK (Treasury, 2012; Whitfield, 2010). It adopts a case study approach, based on qualitative methodology, which involves documentary analysis of secondary data and interviews in relation to two PPP schemes under the Local Improvement Finance Trust (LIFT) scheme in the UK’s health sector.The thesis investigates: the extent to which the corporate structures of the LIFT scheme do complicate financial accountability and governance including external scrutiny; the extent to which the LIFT scheme does enhance partnership working between the public and private sector partners; the structures in financial accountability and governance in the LIFT scheme; the human agents that provide agency in financial accountability and governance in the LIFT scheme and; whether and in what ways structures and human agency in financial accountability and governance interact in the LIFT scheme and what the implications are.The thesis finds firstly that the complex corporate structure of the LIFT scheme is very complicated and the joint venture mechanism cannot be relied upon to deliver transparency of reporting. Secondly, as limited companies, all financial reporting follows private sector accounting regulations and Company Law and there is minimal disclosure in terms of information available to the general public. This is worsened by lack of information sharing between partners as evidenced in one case study group. Thirdly, there was considerable inconsistency in the reporting due to multiplicity of interpretive schemas between the two case study groups. Fourthly, there was considerable change in the reporting due both to changes in accounting regulations and changes in organisational structure and interpretive schemas throughout the period. Fifthly, there is lack of continuity of public sector oversight and monitoring as the public sector, in practice, restricts its activities to pre-operational phase and limited oversight after construction phases. Moreover, partnership working is very difficult in the context of profit seeking under the LIFT structure. Partnership working and success of the LIFT scheme may depend on trust, key personalities working together as well as leadership. From the structuration perspective, the study finds structural contradictions and conflicts of interests in financial accountability and governance practices. Therefore, transparency, public accountability, oversight and scrutiny are necessarily undermined and, policy makers should pay attention to not only the private sector technologies but also the manner in which they are used to benefit finance capital.
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Pombeiro, António Almeida Figueiredo Barbosa. "As PPP/PFI - parcerias público privadas e a auditoria destas pelas instituições supremas de auditoria." Master's thesis, Instituto Superior de Economia e Gestão, 2002. http://hdl.handle.net/10400.5/3355.
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Mestrado em Gestão/MBAO problema em investigação que a Tese desenvolve é o da construção de um modelo alternativo de «procurement» para a Administração Pública que minimize os vícios e limitações do «procurement» tradicional e aumente a economia, eficiência e eficácia desta no provimento das necessidades públicas. A Tese desenvolve-se ao longo de cinco capítulos, sendo o primeiro consagrado à delimitação e relevância do tema, o segundo à caracterização e análise do «procurement» tradicional e o terceiro à definição, caracterização e análise do modelo alternativo proposto, o «procurement» PPP/PFI. O propósito do quarto capítulo é o de fornecer princípios de boa prática para a auditoria do «procurement» PPP/PFI, no âmbito das Instituições Supremas de Auditoria. O quinto capítulo conclui, no plano teórico dedutivo, sobre as vantagens e os riscos do «procurement» PPP/PFI reconhecendo-o como um modelo prescritivo e contingencial cuja adequabilidade a cada caso e correcta aplicação é indispensável para que atinja a plenitude dos seus efeitos. Em consequência, recomenda uma atenção particular nas auditonas a realizar pelos órgãos superiores de controlo e bem assim a adopção, nestas, de um corpo de princípios de boa prática cobrindo as áreas de risco assinaladas. Termina o capítulo com as conclusões sobre o «procurement» PPP/PFI confirmadas ou pelo menos não contraditadas pelos trabalhos de «research» realizados e conhecidos até à data.
The first three chapters of this dissertation aim to define characterise and analyse the Public Private Partnerships and more specifically its most generalized model, the PFI -Private Finance Initiative by contrast with traditional procurement. The analyses and characterization is based on Spain, France, UK and USA experience. Unfortunately, at the time, for Portugal, there was no documentation available on the subject, except audit reports on the first PPP/PFI contracts, signed by «Tribunal de Contas», the Supreme Audit Institution of Portugal, which were studied and considered, as mentioned in the bibliography. Along with the characterisation and analysis of PFI are deducted, on theory, the advantages and risks of the model in its perfection. A special weight is devoted to the distinction between the traditional procurement and the PPP/PFI procurement Chapter four tries to develop guidelines on auditing of PPP/PFI procurement by the Supreme Audit Institutions. The nature of the debate about the use of public private partnerships in the delivery of public services is about more than the use of a PPP/PFI in a specific situation. Last chapter, on one hand, conclude upon the realty of PPP/PFI based on the preliminary conclusions sustained by the few research works available .and, on the other hand, explores the implication of PPP/PFI expansion by raising the main questions which remain to be answered for lack of research.
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Kamanga, Harris Benula. "The role of governance in using project finance as a contract for the delivery of infrastructure in Africa." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/849.
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Thesis (MDF (Development Finance))--Stellenbosch University, 2008.ENGLISH ABSTRACT: Infrastructure has been hailed as a fundamental link between markets and other development sectors of the economy. For over a long time the delivery of infrastructure in Africa has been the domain of the public sector. However, because of the continued budgetary constraints, most governments are seeking the support of the private sector in the delivery of infrastructure. Recent studies have, however, revealed that private participation in infrastructure delivery is very low in Africa. The research noted that certain obstacles at macro level of the economy are responsible for the low private participation in infrastructure delivery. It is, therefore, important that we assess the methodologies that have been used to attract private sector participation in infrastructure delivery in Africa. One method that is gaining popularity in the developing world is the use of project finance. The research study sought to achieve two objectives. The first was to discover whether governance played a significant role in attracting foreign lenders to use project finance in the delivery of infrastructure in Africa. The second objective was to find out, given that governance does matter, which of the governance indicators were important and what their relationship was with loan syndication. The study adopted a quantitative approach using six governance indicators as independent variables. The governance indicators are compiled by a team at the World Bank and these governance indicators are available on the World Bank database. Loan tranches were used as observations for the dependent variable with the data for the tranches originating from loans that were advanced under project finance across Africa covering the period between 1996 and 2006. The multiple regression model also incorporated certain control variables the data for which were collected from various sources. Findings from the research study revealed that governance does matter and is positively related to loan syndication in project finance structures. It was revealed that all six governance indicators exerted a positive influence on loan syndication. The results also revealed that political instability and violence, and control of corruption were statistically insignificant. In addition it was found that rule of law exerted the most positive influence on the composition of loan syndication in project finance structures.
AFRIKAANSE OPSOMMING: Infrastruktuur is al aangeprys as ‘n fundamentele skakel tussen markte en ander ontwikkelingsektore in die ekonomie. Die voorsiening van infrastruktuur in Afrika figureer lank reeds in die openbare sektor, maar as gevolg van die volgehoue begrotingsbeperkinge soek die meeste owerhede die steun van die privaatsektor wat betref die voorsiening van infrastruktuur. Onlangse studies het egter bevind dat private deelname in die aflewering van infrastuktuur in Afrika baie laag is. Die navorsing het aan die lig gebring dat daar sekere struikelblokke op die makrovlak van die ekonomie is wat verantwoordelik is vir die geringe privaat deelname in die voorsiening van infrastruktuur. Derhalwe is dit belangrik om die metodologieë wat gebruik is om privaatsektordeelname ten opsigte van infrastruktuurvoorsiening in Afrika te beoordeel. Een metode wat gewild raak in die Derde Wêreld, is die gebruik van projekfinansiering. Hierdie navorsingstudie probeer om twee doelwitte te bereik. Die eerste doelwit is om uit te vind of staatsbestuur ‘n betekenisvolle rol speel om buitelandse kredietverskaffers te lok om projekfinansiering vir infrastruktuuraflewering in Afrika te gebruik. Die tweede doelwit is om, gegewe staatsbestuur se belangrikheid, te bepaal watter van die staatsbestuuraanwysers belangrik is en wat hul verband met leningsindikasie is. Die studie het ‘n kwantitatiewe benadering gevolg en het ses staatsbestuuraanwysers gebruik as onafhanklike veranderlikes. Die staatsbestuuraanwyser is deur ‘n span van die Wêreldbank opgestel en die staatsbestuuraanwyswers is beskikbaar op die Wêreldbank se databasis. Leningdeel is gebruik as waarnemings vir die afhanklike veranderlike, en die data vir die leningdeel is afkomstig van lenings wat toegestaan is onder projekfinansiering dwarsoor Afrika vir die periode 1996 tot 2006. Die meervoudigeregressiemodel het ook sekere kontroleveranderlikes behels, en die data daarvoor is vanuit verskeie bronne ingewin. Die navorsingstudiebevindinge het aan die lig gebring dat staatsbestuur ter sake is en positief aansluit by die leningsindikasie in projekfinansieringstrukture. Dit het aan die lig gekom dat al ses staatsregeringsaanwysers ‘n positiewe invloed op leningsindikasie uitoefen. Die bevindinge het ook daarop gedui dat politieke onstabiliteit en geweld, en korrupsiebeheer statisties onbeduidend is. Daar is ook bevind dat die oppergesag van die reg die mees positiewe invloed op die samestelling van leningsindikasie in projekfinansieringstruksture uitoefen.
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Veran, Lucile. "La performance financière des cliniques privées entre déterminants invariants et contingents : étude de 463 cliniques privées françaises de court séjour." Thesis, Lyon 3, 2012. http://www.theses.fr/2012LYO30023.
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Sous l’effet d’une concurrence de plus en plus forte et d’un nouveau système de tarification, les cliniques privées de court séjour françaises sont confrontées à des contraintes économiques de plus en plus nombreuses auxquelles elles tentent de s’adapter. Cette recherche a pour objet d’identifier quels sont les déterminants organisationnels et stratégiques de la performance financière des cliniques privées. Une revue de littérature française et étrangère conduite sur la performance des établissements de santé a révélé la présence de nombreux déterminants de la performance financière. Pour identifier les facteurs influençant celle des cliniques privées, une étude statistique a été réalisée sur la totalité des cliniques privées françaises de court séjour dont les données sont exploitables, soit 463 établissements. Les résultats des statistiques montrent que la performance financière des cliniques privées, mesurée par un score financier et par les ratios financiers le composant, subit l’impact de variables que les directeurs d’établissements peuvent influencer à moyen et à long terme. Le volume et la productivité de la masse salariale employée par les établissements, le volume d’activité, la présence d’un projet stratégique bien défini et dont la mise en œuvre est effective, ainsi que la qualité des soins, celle-ci étant mesurée par les résultats des cliniques privées sur les différentes démarches d’amélioration de la qualité des soins, sont des facteurs qui présentent un fort impact sur la performance financièrePrivate short-stay clinics are confronted with increasing economic constraints, to which they are trying to adapt, due to stronger competition and a new system of pricing. This research identifies which are the organizational determinents and financial performance strategies of private clinics. A review of French and foreign literature pertaining to the performance of these health establishments revealed the presence of numerous determinents of the financial performance. To identify the factors influencing the private clinics, a statistical study was performed on 463 French short-term clinics, where the relevent data was available. The results of these statistics indicated that the financial performance of these clinics, as measured by financial scores and ratios, underwent an influential impact in the short and long term. The productivity of the paid employees, the volume of activity, the presence of a well-defined and effective strategic project, so that the quality of the care given, as measured by the results of these clinics on different steps towards improvement on the quality of care, are the factors which presented a strong impact on the financial performance
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Isserman, Noah Jacobsen. "Venturing into public good : from venture capital to the creation of state-supported venture philanthropy and its implications for third sector financing." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/286340.
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Over the last three decades, scholars in management, policy, and geography have examined the growing economic, social, and spatial impact of the financial sector. Venture capital firms have been a focus, generating a contested but deep literature around the roles of such "value-adding" capital providers in supporting the growth of firms, industries, and various territorial innovation models. In parallel, there has been substantial government support-financial, regulatory, and otherwise-of these private sector financial intermediaries, despite scepticism. The past twenty years have seen the emergence and rapid growth of analogous funders in the third sector, itself the realm of substantial experimentation and growth. These new intermediaries, "venture philanthropists", have become important players in shaping, structuring, and channelling funding to the third sector. The activities and effects of venture philanthropists are underexplored, as are their growing interactions with governments-despite intentional and striking similarities between the evolution of venture capital and that of venture philanthropy. This dissertation addresses these gaps by systematically examining the emergence, evolution, and operational practices of two influential British venture philanthropy funds: the first such fund in Europe (Impetus Trust) and the first fund in the world co-created with the state (Inspiring Scotland). The two venture philanthropy organisations (VPOs)-one with roots in venture capital, the other with roots in the voluntary and government sectors-both conducted the venture capital-inspired operational model of venture philanthropy in similar ways. That said, the VPOs reflected the logics and practices of their founders and funders. Impetus Trust more closely resembled early-stage venture capital, with a reliance on London-based networks, funders, and service providers-and a heavily London-focused portfolio. Inspiring Scotland evidenced the logics of government rather than charity in several instances, with substantial original research into social issues, heavily structured portfolios on set timelines, and regionally-distributed staff. This approach broadened access, allowing support of SPOs and their clients across various (and underserved) geographies, but limited options for opportunity-driven or expressive functions of philanthropy. I surveyed the CEOs of most organisations supported by the two venture philanthropy funds (82 of 98 charities and social businesses), supplemented by interviews of selected CEOs and the founders and staff of the two funds. I find that, overall, the two VPOs each engaged in seven core activities of venture capital, intentionally adapting them to the third sector: sourcing and selection, due diligence, an engaged relationship, provision of funding, provision of non-financial support, creation of network linkages, and intentional exiting of relationships. As in venture capital, this process had broader effects: providing signals of investee quality, preparing investees for subsequent funding, and expanding networks. The combination of long-term relationships and high formal reporting requirements imposed significant costs for SPOs-and also created a virtuous cycle of trust and collaboration between VPOs and SPOs. The venture philanthropy model also had broader societal effects, creating data regarding individual organisations and the efficacy of responses to social issues, which in both cases informed policy. As intermediaries, venture philanthropists decreased power differentials and improved the flow of (oft-anonymized) information amongst funders, statutory bodies, and funded organisations, facilitating several types of collaboration. SPO managers indicated that they received, on average, approximately ten different types of non-financial support-like strategy consulting, human resources support, or legal counsel. These managers reported in interviews and surveys that the non-financial services provided by venture philanthropists were highly valued, on average. Further, managers believed these services provided more value than it cost the VPOs to provide them. Likewise, managers highly valued most forms of new networking connections (though not all services or linkages were found to be valuable). Smaller SPOs valued services and network links more highly than larger SPOs, although all sizes of SPOs indicated both were valuable, on average. Importantly, this data was provided by SPO managers and focused on the SPO-VPO dyad-rather than provided by VPOs and focused at the portfolio or trust level. This filled an important gap in the literature: academics and practitioners often lament that the voices of charities supported by foundations are not often enough heard, which limits our understanding of many aspects of organizational philanthropy and its effects-in particular the burdens and benefits for recipient organisations. I documented the co-creation of the first government-supported venture philanthropy fund through eleven interviews with founding managers and government officials. This model, in which state, private, and civil society actors collectively founded and funded a value-adding capital provider, militates against neoliberal assumptions of an ever-diminishing state, as does the leveraging of private resources in alignment with state aims-though it raises concerns around democratic processes, accountability, and local control. This work helps inform the changing nature of the voluntary sector and its relationship with the state. I focus on the increasing interaction of actors between and across systems-sometimes in new roles and coordinated by new intermediaries-in the allocation of resources and delivery of services in the public interest. These new interactions inform broad bodies of work that seek to understand changing sectoral roles, most notably discourses surrounding neoliberalism(s), financialisation, and public management. Overall, I find privately- and publicly-funded venture philanthropy playing a role in the third sector analogous to the role of venture capital in the private sector, with similar practices and concomitant effects in data generation, network formation and strengthening, facilitating partnerships, and signalling the quality of supported organisations. By examining two such emerging models of capital provision, I contribute grounded understanding of the way such systems are created and function across the private, public, and third sectors.
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McCowan, Alison Kate, and n/a. "Decision Support System for the Evaluation and Comparison of Concession Project Investments." Griffith University. School of Engineering, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20050321.123306.
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Governments of developed and developing countries alike are unable to fund the construction and maintenance of vital physical infrastructure such as roads, railways, water and wastewater treatment plants, and power plants. Thus, they are more and more turning to the private sector as a source of finance through procurement methods such as concession contracts. The most common form of concession contract is the Build-Operate-Transfer (BOT) contract, where a government (Principal) grants a private sector company (Promoter) a concession to build, finance, operate and maintain a facility and collect revenue over the concession period before finally transferring the facility, at no cost to the Principal, as a fully operational facility. Theoretically speaking, these projects present a win-win-win solution for the community as well as both private and public sector participants. However, with the opportunity for private sector companies to earn higher returns comes greater risk. This is despite the fact that concession projects theoretically present a win-win-win solution to the problem of infrastructure provision. Unfortunately, this has not been the case in a number of countries including Australia. Private sector participants have admitted that there are problems that must be addressed to improve the process. Indeed they have attributed the underperformance of concession projects to the inability of both project Principals and Promoters to predict the impact of all financial and non-financial (risk) factors associated with concession project investments (CPIs) and to negotiate contracts to allow for these factors. Non-financial project aspects, such as social, environmental, political, legal and market share factors, are deemed to be important; but these aspects would usually be considered to lie outside the normal appraisal process. To allow for the effects of such qualitative aspects, the majority of Principal or promoting organisations resort to estimating the necessary money contingencies without an appropriate quantification of the combined effects of financial and non-financial (risks and opportunities) factors. In extreme cases, neglect of non-financial aspects can cause the failure of a project despite very favourable financial components; or can even cause the failure to go-ahead with a project that may have been of great non-financial benefit due to its projected ordinary returns. Hence, non-financial aspects need careful analysis and understanding so that they can be assessed and properly managed. It is imperative that feasibility studies allow the promoting organisation to include a combination of financial factors and non-financial factors related to the economic environment, project complexity, innovation, market share, competition, and the national significance of the project investment. While much research has already focused on the classification of CPI non-financial (risk) factors, and the identification of interdependencies between risk factors on international projects, no attempt has yet been made to quantify these risk interdependencies. Building upon the literature, this thesis proposes a generic CPI risk factor framework (RFF) including important interdependencies, which were verified and quantified using input provided by practitioners and researchers conversant with risk profiles of international and/or concession construction projects. Decision Support Systems (DSSs) are systems designed to assist in the decision making process by providing all necessary information to the analyst. There are a number of DSSs that have been developed over recent years for the evaluation of high-risk construction project investments, such as CPIs, which incorporate the analysis of both financial and non-financial (risk) aspects of the investment. However, although these DSSs have been useful to practitioners and researchers alike, they have not offered a satisfactory solution to the modelling problem and are all limited in their practical application for various reasons. Thus, the construction industry lacks a DSS that is capable of evaluating and comparing several CPI options, taking into consideration both financial and non-financial aspects of an investment, as well as including the uncertainties commonly encountered at the feasibility stage of a project, in an efficient and effective manner. These two criteria, efficiency and effectiveness, are integral to the usefulness and overall acceptance of the developed DSS in industry. This thesis develops an effective and efficient DSS to evaluate and compare CPI opportunities at the feasibility stage. The novel DSS design is based upon a combination of: (1) the mathematical modelling technique and financial analysis model that captures the true degree of certainty surrounding the project; and (2) the decision making technique and RFF that most closely reproduces the complexity of CPI decisions. Overall, this thesis outlines the methodology followed in the development of the DSS produced as a stand-alone software product and demonstrates its capabilities through a verification and validation process using real-life CPI case studies.
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Soyeju, Olufemi Olugbemiga. "Public assets financing in Nigeria : the imperatives for legal reforms to unlock domestic financial resources and foreign capital for infrastructure development." Thesis, University of Pretoria, 2012. http://hdl.handle.net/2263/24525.
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Infrastructure is one of the main parameters of economic growth and a country‘s competitiveness depends on the provision and maintenance of efficient and productive infrastructure assets. However, Nigeria, like most countries in Sub-Saharan Africa has the lowest quantity and poorest quality of stocks of infrastructure assets in the world and this phenomenally poor infrastructure has remained an impediment to development in the country. Decades of sub-optimal investment, poor maintenance culture and the fact that the required infrastructure investments could not be accommodated within the available fiscal space as a result of budgetary constraints have all contributed to the Nigeria‘s infrastructure deficit. The immediate outcome of this however is that the available infrastructure assets across the Nigerian landscape are in decrepit state and absurdly inadequate. Besides, the present demand for basic infrastructure services has grown astronomically out-stripping the supply capacity of the existing ones. Closing the infrastructure financing gap will however require increased investment by private investors through creative financing in an enabling legal and financial environment. Outside the budgetary constraints, the absence of efficient maintenance and management of infrastructure assets and quality service delivery by the public sector are some of the reasons why procurement of public infrastructure stocks by government through the traditional approach is no longer plausible and hence, the general appeal of the public-private partnership framework. However, despite all the potentials, the public private partnership technique in Nigeria has not made an appreciable impact in closing the infrastructure gaps due to lack of access to long-term financing. It is against this back-drop that this study has sought to investigate how reforms of the legal and financial infrastructure could widen access to financing through innovative financial resource mobilization in scaling-up infrastructure development and service delivery to the teeming Nigeria population. Therefore, the central thesis of this study is that the inadequacy of appropriate laws and inefficient financial system are partly responsible for the huge financing gaps in the Nigeria‘s infrastructure market and with the legal and financial reforms, an enabling legal and financial environment that would open up space for resource mobilization through innovative financing techniques and sources will be created thereby widening access to long-term financing and increasing the appetite for private investment in the nation‘s public infrastructure assets and services. So, the overarching objective of this thesis is to explore how legal and financial system reforms can facilitate the development of financial models and instruments that can help mobilize financial resources to fund infrastructure and bridge the huge infrastructure financing gaps in Nigeria in a sustainable fashion. Given the infrastructure poverty that constrains economic growth and development in Nigeria, the outcomes of this proposed study would help inform the need for the legal and financial system reforms to unlock resources in addressing the problems of financing gaps in infrastructure projects development in Nigeria. Besides, such outcomes based on the Nigerian experience in infrastructure financing and development may be turned into valuable knowledge for policy –making and further research in Nigeria. CopyrightThesis (LLD)--University of Pretoria, 2012.
Centre for Human Rights
unrestricted
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McCowan, Alison Kate. "Decision Support System for the Evaluation and Comparison of Concession Project Investments." Thesis, Griffith University, 2004. http://hdl.handle.net/10072/366795.
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Governments of developed and developing countries alike are unable to fund the construction and maintenance of vital physical infrastructure such as roads, railways, water and wastewater treatment plants, and power plants. Thus, they are more and more turning to the private sector as a source of finance through procurement methods such as concession contracts. The most common form of concession contract is the Build-Operate-Transfer (BOT) contract, where a government (Principal) grants a private sector company (Promoter) a concession to build, finance, operate and maintain a facility and collect revenue over the concession period before finally transferring the facility, at no cost to the Principal, as a fully operational facility. Theoretically speaking, these projects present a win-win-win solution for the community as well as both private and public sector participants. However, with the opportunity for private sector companies to earn higher returns comes greater risk. This is despite the fact that concession projects theoretically present a win-win-win solution to the problem of infrastructure provision. Unfortunately, this has not been the case in a number of countries including Australia. Private sector participants have admitted that there are problems that must be addressed to improve the process. Indeed they have attributed the underperformance of concession projects to the inability of both project Principals and Promoters to predict the impact of all financial and non-financial (risk) factors associated with concession project investments (CPIs) and to negotiate contracts to allow for these factors. Non-financial project aspects, such as social, environmental, political, legal and market share factors, are deemed to be important; but these aspects would usually be considered to lie outside the normal appraisal process. To allow for the effects of such qualitative aspects, the majority of Principal or promoting organisations resort to estimating the necessary money contingencies without an appropriate quantification of the combined effects of financial and non-financial (risks and opportunities) factors. In extreme cases, neglect of non-financial aspects can cause the failure of a project despite very favourable financial components; or can even cause the failure to go-ahead with a project that may have been of great non-financial benefit due to its projected ordinary returns. Hence, non-financial aspects need careful analysis and understanding so that they can be assessed and properly managed. It is imperative that feasibility studies allow the promoting organisation to include a combination of financial factors and non-financial factors related to the economic environment, project complexity, innovation, market share, competition, and the national significance of the project investment. While much research has already focused on the classification of CPI non-financial (risk) factors, and the identification of interdependencies between risk factors on international projects, no attempt has yet been made to quantify these risk interdependencies. Building upon the literature, this thesis proposes a generic CPI risk factor framework (RFF) including important interdependencies, which were verified and quantified using input provided by practitioners and researchers conversant with risk profiles of international and/or concession construction projects. Decision Support Systems (DSSs) are systems designed to assist in the decision making process by providing all necessary information to the analyst. There are a number of DSSs that have been developed over recent years for the evaluation of high-risk construction project investments, such as CPIs, which incorporate the analysis of both financial and non-financial (risk) aspects of the investment. However, although these DSSs have been useful to practitioners and researchers alike, they have not offered a satisfactory solution to the modelling problem and are all limited in their practical application for various reasons. Thus, the construction industry lacks a DSS that is capable of evaluating and comparing several CPI options, taking into consideration both financial and non-financial aspects of an investment, as well as including the uncertainties commonly encountered at the feasibility stage of a project, in an efficient and effective manner. These two criteria, efficiency and effectiveness, are integral to the usefulness and overall acceptance of the developed DSS in industry. This thesis develops an effective and efficient DSS to evaluate and compare CPI opportunities at the feasibility stage. The novel DSS design is based upon a combination of: (1) the mathematical modelling technique and financial analysis model that captures the true degree of certainty surrounding the project; and (2) the decision making technique and RFF that most closely reproduces the complexity of CPI decisions. Overall, this thesis outlines the methodology followed in the development of the DSS – produced as a stand-alone software product – and demonstrates its capabilities through a verification and validation process using real-life CPI case studies.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Engineering
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Tshabalala, Alfred Mshengu. "Financing public hospitals in South Africa : the case of the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa (DBSA)." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97444.
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Thesis (MDF)--Stellenbosch University, 2015.ENGLISH ABSTRACT: The research on this topic was motivated by the concern about the state of disarray in the public hospitals infrastructure and that due to budget constrain across the globe, the governments can no longer afford to provide public health services alone without the assistance of the private sector. South African public healthcare system continues to function in a state of disarray. Public hospitals serve the vast majority of the South African population, but are underfunded and in most cases these hospitals have ailing infrastructure. The study will look at the mechanism to fund public hospitals. This study examines the role that the Industrial Development Corporation and the Development Bank of Southern Africa can play in addressing the gap that exists in funding public hospitals. It will attempt to answer the following questions of concern, how is public healthcare financed in South Africa, what are the major challenges in financing public hospitals, what is the current role played by the Industrial Development Corporation and the Development Bank of Southern Africa in funding the public hospitals and what are the other possible solutions to address these challenges. The findings indicate that, despite the government funding the public hospitals there is a shortfall of funds for hospitals to complete the project that they are engage in. Chris Hani Baragwanath Academic Hospital and other five cases of hospitals in KwaZulu Natal were looked at and confirmed that there is definitely a gap in funding public hospitals
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Zhang, Xueqing, and 張學淸. "Procurement of privately financed infrastructure projects." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2001. http://hub.hku.hk/bib/B31242698.
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Coetzer, Casper. "Capacity building through sustainable operations and maintenance : the Zeerust wastewater treatment." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/97275.
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Thesis (MBA)--Stellenbosch University, 2015.ENGLISH ABSTRACT: Providing basic access to water and sanitation is critical for poverty alleviation and stimulating economic growth, but at the same time it is putting a huge strain on South Africa’s existing economic infrastructure. Local governments allow their existing wastewater infrastructure to deteriorate to the extent that it no longer functions according to its design, and then apply for capital funding for refurbishment. Capital investment alone will not provide a sustainable solution to meet the increased demand on the ageing wastewater infrastructure, since local governments do not have the financial means and technical capacity to adequately maintain and operate their infrastructure. A paradigm shift is required to develop alternative and innovative business models to ensure a sustainable solution providing continued and consistent capacity as a basis for further expansion. Public-private partnerships (PPP) could provide a feasible solution towards building a sustainable technical capacity at local governments. Engaging the private sector must however not be aimed towards access to private sector finance, but rather the improvement in operational efficiency and increased level in service. Obtaining private sector finances will be the wrong focus for engaging in PPP undertakings in South Africa. Private operation must be combined with public financing. The design-build-operate (DBO) model with public financing would be highly viable. Such an arrangement will hold no financial risk to the private sector entity with revenue collection strictly remaining a local government function. The DBO method of delivery (with public funding) will be an effective way to realize cost savings, achieve efficiencies in construction and operation, utilize expertise, and most importantly, for skills transfers and capacity building at local government level. Ultimate sustainability will only be achieved once local government is able to raise the majority of its own funds for operation and maintenance through tariffs and other instruments, including some towards capital redemption. Grant funding must make provision for maintenance and operation of all capital funded projects. All shareholders must join forces in lobbying this concept at the highest political echelons because in terms of Section 154 of the Bill of Rights, national and provincial governments have a duty towards local governments to support and strengthen their capacity, to effectively perform their functions.
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Imamura, Takashi 1972. "Private sector's roles in application of private finance initiative to highway development in Japan." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/34348.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2002.Includes bibliographical references (p. 245-247).
The highway development program in Japan is currently at an important transition point. Necessary policy reforms, triggered by the public's increasing and intensifying criticisms, are under discussion. These criticisms are generally concerned with the financial difficulties in the program. Along with these policy reforms, the government should also consider applying Japanese Private Finance Initiative (or PFI) to highway infrastructure. Since its enactment in 1999, the governments have applied Japanese PFI in increasing number of occasions. However, primarily because of the difficulties for applying PFI to a large-scale infrastructure, they have not applied PFI in highways; PFI highway projects have not yet been realized in Japan, despite their potential advantages. The analysis begins by reviewing how public-private partnerships (or PPP) work in highway projects, based on the worldwide observations and the specific experiences in the United States and the United Kingdom. The governments' original intent in organizing PPP in their highway development, and the effectiveness and difficulty of PPP implementation are examined. Also, the thesis discusses how PPP changes the work that private companies do on highway infrastructure projects. Next, the thesis examines how the private companies must work with the government in PFI highway projects in Japan. What is the most important contribution? What is the most desirable working environment? The analyses of Japan's highway development program reveal that private companies must innovate their technology and manage risks efficiently to reduce the public expenditure. On the other hand, they need the government support in preliminary project planning and financial contributions. Finally, the thesis introduces a new project planning method that construction companies can use to more effectively bid in PFI highway projects and thus increase their chances for selection. The study considers that the method should maximize Value for Money (or VFM) in PFI highway projects for the government, while maintaining debt repayment capacity of the project and reasonable profits for the operator companies. The method presents an improved approach to consider interrelationships among major cost items and project scheduling, and configure them to make the most of the companies' efforts in achieving the highest possible VFM in PFI highways.
by Takashi Imamura.
S.M.