Stakeholder Perspectives in Value for Money Assessment for Public-Private Partnership Infrastructure Projects

References

[1] [Aben, T. A., van der Valk, W., Roehrich, J. K., & Selviaridis, K. (2021). Managing information asymmetry in public–private relationships undergoing a digital transformation: the role of contractual and relational governance. International Journal of Operations & Production Management, 41(7), 1145-1191.

[2] Aibinu, A.A., & Al-Lawati, A.M. (2010). Using PLS-SEM technique to model construction organizations' willingness to participate in e-bidding. Automation in Construction, 19(6), 714-724.

[3] Almarri, K. (2023). The value for money factors and their interrelationships for smart city public–private partnerships projects. Construction Innovation, 23(4), 815-832.

[4] Anderson, B. B., & Ratiu, C. (2019). Stakeholder considerations in public-private partnerships. World Journal of Entrepreneurship, Management and Sustainable Development, 15(3), 212-221.

[5] Ayegba, S. I. (2025). An Integrative Framework for Public-Private Partnership for Affordable Housing Delivery in Nigeria (Doctoral dissertation, Hong Kong University of Science and Technology (Hong Kong)).

[6] Best, B., Moffett, S., & McAdam, R. (2019). Stakeholder salience in public sector value co-creation. Public Management Review, 21(11), 1707-1732.

[7] Bhattacharya, A., Oppenheim, J., & Stern, N. (2015). Driving sustainable development through better infrastructure: Key elements of a transformation program (Global Economy and Development Working Paper 91). Brookings Institution.

[8] Budayan, C., Koc, K., Erk, E. Y., & Tokdemir, O. B. (2025). Uncovering value creation factors for healthcare public-private partnership (PPP) projects. Engineering, Construction and Architectural Management, 32(8), 5456-5483.

[9] Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101. https://doi.org/10.1191/1478088706qp063oa

[10] Busco, C., Walters, J., & Provoste, E. (2024). Stakeholder management within PPP-arranged civil engineering megaprojects: A systematic literature review of challenges, critical success factors and stakeholder roles. International Journal of Public Sector Management, 37(5), 649-671.

[11] Carbonara, N., & Pellegrino, R. (2018). Revenue guarantee in public-private partnerships: A fair risk allocation model. Public Money & Management, 38(3), 213-2

[12] Creswell, J. W., & Plano Clark, V. L. (2017). Designing and conducting mixed methods research (3rd ed.). SAGE Publications.

[13] Cruz, C.O., & Marques, R.C. (2013). Flexible contracts to cope with uncertainty in public-private partnerships. *International Journal of Project Management*, 31(3), 473-483.

[14] Cui, C., Liu, Y., Hope, A., & Wang, J. (2018). Review of studies on the public–private partnerships (PPP) for infrastructure projects. International Journal of Project Management, 36(5), 773-794. https://doi.org/10.1016/j.ijproman.2018.03.004

[15] El-Gohary, N.M., Osman, H., & El-Diraby, T.E. (2006). Stakeholder management for public private partnerships. International Journal of Project Management, 24(7), 595-604.

[16] EPEC (2015). *Value for Money Assessment*. European PPP Expertise Centre.

[17] Etikan, I., Musa, S.A., & Alkassim, R.S. (2016). Comparison of convenience sampling and purposive sampling. *American Journal of Theoretical and Applied Statistics*, 5(1), 1-4.

[18] European PPP Expertise Centre. (2015). Value for money assessment: Review note. European Investment Bank. https://www.eib.org/attachments/epec/epec_value_for_money_assessment_en.pdf

[19] Flyvbjerg, B., Holm, M.S., & Buhl, S. (2002). Underestimating costs in public works projects: Error or lie? *Journal of the American Planning Association*, 68(3), 279-295.

[20] Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Publishing.

[21] Global Infrastructure Hub. (2017). Global infrastructure outlook: Infrastructure investment needs 50 countries, 7 sectors to 2040. G20 Global Infrastructure Hub and Oxford Economics.

[22] Grimsey, D., & Lewis, M. K. (2004). Public private partnerships: The worldwide revolution in infrastructure provision and project finance. Edward Elgar Publishing.

[23] Hauke, J., & Kossowski, T. (2011). Comparison of values of Pearson's and Spearman's correlation coefficients on the same sets of data. *Quaestiones Geographicae*, 30(2), 87-93.

[24] Hodge, G. A., & Greve, C. (2007). Public–private partnerships: An international performance review. Public Administration Review, 67(3), 545-558. https://doi.org/10.1111/j.1540-6210.2007.00736.x

[25] Hodge, G. A., & Greve, C. (2017). On public–private partnership performance: A contemporary review. Public Works Management & Policy, 22(1), 55-78. https://doi.org/10.1177/1087724X16657830

[26] Hodge, G.A., & Greve, C. (2007). Public-private partnerships: An international performance review. *Public Administration Review*, 67(3), 545-558.

[27] Hueskes, M., Verhoest, K., & Block, T. (2017). Governing public–private partnerships for sustainability: An analysis of procurement and governance practices of PPP infrastructure projects. International Journal of Project Management, 35(6), 1184-1195. https://doi.org/10.1016/j.ijproman.2017.02.020

[28] Javed , A.A., Lam, P.T., & Chan, A.P. (2013). Change negotiation in public

[29] Kuttu, S., Fanta, A., Graham, M., & Abor, J. Y. (2020). Infrastructure financing and economic development. In Contemporary Issues in Development Finance (pp. 385-410). Routledge.

[30] Kaima, A., Zulu, S., & Kavishe, N. (2025, September). A Review of Value for Money Assessment Approaches in Public Private Partnership Projects. In Proceedings of the 41st Annual ARCOM Conference (Vol. 1, p. 3).

[31] Noyes, J., Booth, A., Moore, G., Flemming, K., Tunçalp, Ö., & Shakibazadeh, E. (2019). Synthesising quantitative and qualitative evidence to inform guidelines on complex interventions: clarifying the purposes, designs and outlining some methods. BMJ global health, 4(Suppl 1), e000893.

[32] Mubanga Lackson, C. H. I. P. I. M. O., John, B. W. A. L. Y. A., & Joseph Katongo, K. A. N. Y. A. N. G. A. (2025). A Mixed-Methods Framework for Environmental, Social, and Governance Analysis: Insights from Emerging Markets. Management of Sustainable Development, 17(1).

[33] Organisation for Economic Co-operation and Development. (2017). Getting infrastructure right: A framework for better governance. OECD Publishing. https://doi.org/10.1787/9789264272453-en

[34] Osei-Kyei, R., & Chan, A. P. C. (2015). Review of studies on the Critical Success Factors for Public–Private Partnership (PPP) projects from 1990 to 2013. International Journal of Project Management, 33(6), 1335-1346. https://doi.org/10.1016/j.ijproman.2015.02.008

[35] Osei-Kyei, R., Chan, A. P. C., Javed, A. A., & Ameyaw, E. E. (2017). Critical success criteria for public-private partnership projects: International experts' opinion. International Journal of Strategic Property Management, 21(1), 87-100. https://doi.org/10.3846/1648715X.2016.1246388

[36] Rozenberg, J., & Fay, M. (Eds.). (2019). Beyond the gap: How countries can afford the infrastructure they need while protecting the planet. World Bank. https://openknowledge.worldbank.org/handle/10986/31291

[37] Sansiviero, C. A., Fucilli, V., Cardone, G., & Minervini, F. (2025) Assessment and Evaluation of The Socio-Economic and Environmental Impact for Sustainable Regional Development: Methods and Case Studies.

[38] United Nations Development Programme. (2024). Human Development Report 2023/2024: Breaking the gridlock—Reimagining cooperation in a polarized world. UNDP. https://hdr.undp.org/content/human-development-report-2023-24

[39] World Bank. (2020). Private participation in infrastructure (PPI) annual report 2019. World Bank Group. https://ppi.worldbank.org/en/ppi

[40] World Bank. (2024). Sustainable infrastructure finance overview. https://www.worldbank.org/en/topic/sustainableinfrastructurefinance/overview

[41] Yesudas, R., Castelle, K., Joiner, K. F., Bradley, J. M., & Efatmaneshnik, M. (2020). Addressing tensions of overlapping project management and systems engineering with the elegance of a complex systems governance approach. International Journal of System of Systems Engineering, 10(2), 164-193.

[42] Zhao, J. (2022). Rethinking value for money in Public Private Partnerships: a critique, analysis and model for transport infrastructure projects. University of Northumbria at Newcastle (United Kingdom).

[43] Zhao, J., Thurairajah, N., Greenwood, D., Liu, H., & Yuan, J. (2023). Unpacking the context of value for money assessment in global markets: a procurement option framework for public-private partnerships. Engineering, Construction and Architectural Management, 30(8), 3583-3601.

[44] G. O. Young, ―Synthetic structure of industrial plastics (Book style with paper title and editor), ‖ in

@article{1715562,
      author = {John Rwang Bwarak, Isaac Ali Bobai, Mirriam Pam, Akinbola Kazeem Bolayemi, Ezekiel Agah Rugu},
      title = {Stakeholder Perspectives in Value for Money Assessment for Public-Private Partnership Infrastructure Projects},
      journal = {Iconic Research And Engineering Journals},
      year = {2026},
      volume = {9},
      number = {9},
      pages = {2696-2704},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1715562.pdf},
      abstract = {This study investigates stakeholder alignment dynamics in Value for Money (VfM) assessment for Public-Private Partnership (PPP) infrastructure projects, addressing how diverse stakeholder perspectives converge or diverge during project evaluation. Employing a mixed-methods research design, this study analysed quantitative survey data from 307 stakeholders (public sector representatives, private developers, financiers, and community leaders) and qualitative insights from 15 semi-structured interviews. Data analysis utilized Relative Importance Index (RII) analysis complemented by thematic analysis of interview transcripts. Results reveal significant stakeholder priority variations: public sector entities emphasize strategic alignment and socioeconomic benefits (RII = 0.908 and 0.852 respectively), private partners prioritize profitability and risk mitigation (RII = 0.898 and 0.856), community stakeholders focus on service quality and affordability (RII = 0.920 and 0.900), while financiers emphasize project bankability (RII = 0.910). Despite these differences, strong overall alignment exists suggesting fundamental agreement on VfM principles. This research contributes actionable frameworks for enhancing stakeholder alignment through early engagement protocols, transparent procurement processes, and multi-dimensional assessment frameworks that balance financial, social, environmental, and governance dimensions.},
      keywords = {Value for Money, Public-Private Partnership, Stakeholder Engagement, Infrastructure Projects, Stakeholder Alignment, Multi-dimensional},
      month = {March},
      doi = {https://doi.org/10.64388/IREV9I9-1715562}
  }