Vol 19 No 3 (2019)
Vol 19 No 3 (2019)
Articles
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In recent years, a considerable number of PhD-dissertations have appeared in the Netherland and Flanders (Belgium) on Public-Private Partnerships (PPPs) for the provision of public infrastructures such as transport infrastructure and public buildings. These PhD-theses provide valuable insights into how PPPs perform and especially into the conditions that influence their performance. We identified four clusters of relevant conditions: (1) public procurement procedures, (2) contract management, (3) transaction costs, and (4) democratic legitimacy and accountability. By discussing the theses in this article, their lessons learned become available for the international PPP-community. Our analysis of the PhD-theses shows that there are no definite arguments for or against the use of PPPs. The performance of PPP-arrangements depends on agency: on the skills and commitment of parties involved and on the way in which the arrangements are applied. The dissertations show that policymakers have to find ways to balance the need to reduce transaction costs through contract standardization with the need for tailor- made solutions in specific projects. Furthermore, the dissertations show that ‘soft’ contract management aspects, such as the quality of collaborative behavior and process management, are particularly important for the performance of PPPs. Finally, the theses bring to the fore the democratic issues involved in PPPs, showing their mixed results in terms of legitimacy and accountability.
In recent years, a considerable number of PhD-dissertations have appeared in the Netherland and Flanders (Belgium) on Public-Private Partnerships (PPPs) for the provision of public infrastructures such as transport infrastructure and public buildings. These PhD-theses provide valuable insights into how PPPs perform and especially into the conditions that influence their performance. We identified four clusters of relevant conditions: (1) public procurement procedures, (2) contract management, (3) transaction costs, and (4) democratic legitimacy and accountability. By discussing the theses in this article, their lessons learned become available for the international PPP-community. Our analysis of the PhD-theses shows that there are no definite arguments for or against the use of PPPs. The performance of PPP-arrangements depends on agency: on the skills and commitment of parties involved and on the...
In recent years, a considerable number of PhD-dissertations have appeared in the Netherland and Flanders (Belgium) on Public-Private Partnerships (PPPs) for the provision of public infrastructures such as...
Marlies Hueskes, Joop Koppenjan, Stefan Verweij -
The privatisation and liberalisation waves have been increasing the number of private companies in the aviation industry. This, in turn, necessitates new policy analyses on major financial decisions regarding capital structure, corporate governance and investments. Among these major topics, the research about the association between capital structure and financial performance of the aviation companies largely focuses on the airlines. But a comparable analysis for the airport companies is less explored. The goal of this study is to contribute to the literature by analysing how the capital structure of the publicly traded airport companies affects their profitability and market valuation. Using an unbalanced panel data sample of 29 publicly traded airports from 20 countries over the 1989-2017 period, our findings suggest that higher total and long-term leverage tend to decrease return on assets whereas they are positively associated with return on equity.
The privatisation and liberalisation waves have been increasing the number of private companies in the aviation industry. This, in turn, necessitates new policy analyses on major financial decisions regarding capital structure, corporate governance and investments. Among these major topics, the research about the association between capital structure and financial performance of the aviation companies largely focuses on the airlines. But a comparable analysis for the airport companies is less explored. The goal of this study is to contribute to the literature by analysing how the capital structure of the publicly traded airport companies affects their profitability and market valuation. Using an unbalanced panel data sample of 29 publicly traded airports from 20 countries over the 1989-2017 period, our findings suggest that higher total and long-term leverage tend to decrease return on assets...
The privatisation and liberalisation waves have been increasing the number of private companies in the aviation industry. This, in turn, necessitates new policy analyses on major financial decisions regarding...
İsmail Çağrı Özcan -
This paper aims to demonstrate that advanced technique of modelling may provide insights and improve our understanding of driver behavior in risky decision-making situations. The paper introduces a Hybrid choice model in order to explain the overtaking decision on two-lane highways, which is well known as a risky decision in the safety literature. This model integrates a latent variable model and an overtaking choice model by combining their measurement and structural equations. Specifically, the paper investigates the role of four personality latent variables: Thrill and Adventure Seeking, Boredom Susceptibility, Geographic Ability, and Driving Anger. Respondents to a web-based survey ranked their likelihood to overtake on two-lane highways; two scenarios were captured via short videos: the first presenting a straight section of a road with good visibility, and the second approaching a curve with reduced visibility. Several indicators were collected via self-reported questionnaire. Results indicate that, two out of the four personality latent variables investigated, Thrill and Adventure Seeking and Geographic Ability provide significant explanation for overtaking decision. Both of them are positively correlated with higher risky overtaking behavior. The Hybrid model, by considering latent variables alongside observable variables and attributes of the decision, enhances the comprehension of overtaking behaviour, and therefore may be deployed for explaining other decisions related to risky driving behaviour.
This paper aims to demonstrate that advanced technique of modelling may provide insights and improve our understanding of driver behavior in risky decision-making situations. The paper introduces a Hybrid choice model in order to explain the overtaking decision on two-lane highways, which is well known as a risky decision in the safety literature. This model integrates a latent variable model and an overtaking choice model by combining their measurement and structural equations. Specifically, the paper investigates the role of four personality latent variables: Thrill and Adventure Seeking, Boredom Susceptibility, Geographic Ability, and Driving Anger. Respondents to a web-based survey ranked their likelihood to overtake on two-lane highways; two scenarios were captured via short videos: the first presenting a straight section of a road with good visibility, and the second approaching a curve with...
This paper aims to demonstrate that advanced technique of modelling may provide insights and improve our understanding of driver behavior in risky decision-making situations. The paper introduces a Hybrid choice...
Gila Albert, Shlomo Bekhor -
The dynamic and ever-increasing complex nature of a port system involves a variety of stakeholders with a broad spectrum of involvement and objectives. In the port master planning, to fulfill the objectives of the various stakeholders and manage conflicts and controversies, a stakeholder analysis is carried out. However, effective and timely engagement of the key stakeholders in the planning process is not an easy task. This paper presents a framework of stakeholder analysis for the case study of the Multi-Purpose Port of Isafjordur in Iceland to underpin the master planning process. The framework deals with a systematic procedure of identification, grouping and then static mapping of stakeholders by means of the power-interest matrix. Further, the fuzzy logic 3-dimensional decision surface was adopted for dynamic salience mapping of the
The dynamic and ever-increasing complex nature of a port system involves a variety of stakeholders with a broad spectrum of involvement and objectives. In the port master planning, to fulfill the objectives of the various stakeholders and manage conflicts and controversies, a stakeholder analysis is carried out. However, effective and timely engagement of the key stakeholders in the planning process is not an easy task. This paper presents a framework of stakeholder analysis for the case study of the Multi-Purpose Port of Isafjordur in Iceland to underpin the master planning process. The framework deals with a systematic procedure of identification, grouping and then static mapping of stakeholders by means of the power-interest matrix. Further, the fuzzy logic 3-dimensional decision surface was adopted for dynamic salience mapping of the
The dynamic and ever-increasing complex nature of a port system involves a variety of stakeholders with a broad spectrum of involvement and objectives. In the port master planning, to fulfill the objectives of...
Majid Eskafi, Reza Fazeli, Ali Dastgheib, Poonam Taneja, Gudmundur F. Ulfarsson, Ragnheidur I. Thorarinsdottir, Gunnar Stefansson