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Improving Value for Money in Italian Project Finance

Improving Value for Money in Italian Project Finance Purpose– The purpose of this paper is to detect how Value for Money (VfM) in Italian Project Finance (PF) investments can be enhanced and challenging criticalities minimized, with a synergistic interaction of macroeconomic, legal and institutional actions. Design/methodology/approach– Analysis of VfM quantitative key drivers, within a public-private partnership (PPP) framework with specific reference to a recession context, with infrastructural capital rationing implications. Empirical evidence is given by an Italian PF healthcare model, testing the impact of legal and macroeconomic changes. Findings– Deleverage, ignited by W-shaped recession, disinflates PPP investments, so forcing to innovative and penniless solutions. Unreliable and short-sighted legislation and consequent unfriendly business climate may frighten investors, so decreasing competition and VfM. Research limitations/implications– VfM sensitivity to macroeconomic and legal/institutional parameters is too wide and capriciously erratic to be comprehensively modeled. Tips for further research include pro-growth tax and budgetary policies, risk minimization issues and other synergistic targets. Practical implications– Guidance to regulators to fine tune legal and institutional tools, so as to create a stable, business friendly environment. Recessions may be softened by sensitive policymaking, or exacerbated by short-sighted ignorance and lack of strategic focus. Originality/value– Unprecedented analysis of legal and macroeconomic changes on VfM in Italian PF investments, with original tips for VfM optimization, in a comprehensive PPP framework. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Finance Emerald Publishing

Improving Value for Money in Italian Project Finance

Managerial Finance , Volume 40 (11): 20 – Nov 7, 2014

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References (48)

Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0307-4358
DOI
10.1108/MF-07-2013-0171
Publisher site
See Article on Publisher Site

Abstract

Purpose– The purpose of this paper is to detect how Value for Money (VfM) in Italian Project Finance (PF) investments can be enhanced and challenging criticalities minimized, with a synergistic interaction of macroeconomic, legal and institutional actions. Design/methodology/approach– Analysis of VfM quantitative key drivers, within a public-private partnership (PPP) framework with specific reference to a recession context, with infrastructural capital rationing implications. Empirical evidence is given by an Italian PF healthcare model, testing the impact of legal and macroeconomic changes. Findings– Deleverage, ignited by W-shaped recession, disinflates PPP investments, so forcing to innovative and penniless solutions. Unreliable and short-sighted legislation and consequent unfriendly business climate may frighten investors, so decreasing competition and VfM. Research limitations/implications– VfM sensitivity to macroeconomic and legal/institutional parameters is too wide and capriciously erratic to be comprehensively modeled. Tips for further research include pro-growth tax and budgetary policies, risk minimization issues and other synergistic targets. Practical implications– Guidance to regulators to fine tune legal and institutional tools, so as to create a stable, business friendly environment. Recessions may be softened by sensitive policymaking, or exacerbated by short-sighted ignorance and lack of strategic focus. Originality/value– Unprecedented analysis of legal and macroeconomic changes on VfM in Italian PF investments, with original tips for VfM optimization, in a comprehensive PPP framework.

Journal

Managerial FinanceEmerald Publishing

Published: Nov 7, 2014

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