Risk transfer and the UK private finance initiative: A theoretical analysis

Policy and Politics

Volumn 33, Issue 2, 2005, Pages 231-249

  Lonsdale, Chris ^a  

^a UNIVERSITY OF BIRMINGHAM   (United Kingdom)

Author keywords

Private finance initiative; Risk management; Transaction cost economics; Value for money

Indexed keywords

FINANCIAL PROVISION; PRIVATE SECTOR; RISK PERCEPTION; THEORETICAL STUDY;

EASTERN HEMISPHERE; EURASIA; EUROPE; UNITED KINGDOM; WESTERN EUROPE; WORLD;

EID: 16344382973     PISSN: 03055736     EISSN: None     Source Type: Journal    
DOI: 10.1332/0305573053870158     Document Type: Article

References (70)

1. Audit Commission (2002) Acute hospital portfolio: Purchasing and supply, London: Audit Commission.
2. Ball, R., Heafey, M. and King, D. (2000a) 'Private Finance Initiative - a good deal for the public purse or a drain on future generations?', Policy & Politics, vol 29, no 1: 95-108.
3. Ball, R., Heafey, M. and King, D. (2000b) 'Managing and concluding the PFI process for a new high school', Public Management, vol 2, no 2: 159-79.
4. Berger, H., Noorderhaven, N. and Nooteboom, B. (2002) 'Determinants of supplier dependence: an empirical study', in G. Hodgson (ed) A modern reader in institutional and evolutionary economics: Key concepts, Cheltenham: Edward Elgar.
5. Bowles, S. and Gintis, H. (1998) 'Power in competitive exchange', in S. Bowles, M. Franzini and U. Pagano (eds) The politics and economics of power, London: Routledge.
6. Broadbent, J., Gill, J. and Laughlin, R. (2003) 'The development of contracting in the context of infrastructure investment in the UK: the case of the Private Finance Initiative in the National Health Service', International Public Management Journal, vol 6, no 2: 173-97.
7. Burnes, B. (2000) Managing change, Harlow: Pearson.
8. Campbell, N. and Cunningham, M. (1983) 'Customer analysis for strategy development in industrial markets', Strategic Management Journal, vol 1: 360-80.
9. Child, J. (1972) 'Organisational structure, environment and performance: the role of strategic choice', Sociology, vol 6, no 1: 2-22.
10. Collins, T. (2000) 'Revenue tied in to EDS', Computer Weekly, 30 March: 1.
11. Cox, A., Sanderson, J. and Watson, G. (2000) Power regimes, Boston, MA: Earlsgate Press.
12. Cox, A., Ireland, P., Lonsdale, C., Sanderson,J. and Watson, G. (2002) Supply chains, markets and power, London: Routledge.
13. Cyert, R. and March, J. (1963) A behavioural theory of the firm, New Jersey, NJ: Prentice Hall.
14. Daft, R. (1997) Organisation theory and design, Cincinnati, OH: South Western.
15. Dahl, R. (1964) Modern political analysis, New Jersey, NJ: Prentice Hall.
16. Dearborn, D. and Simon, H. (1958) 'Selective perception: a note on the departmental identification of executives', Sociometry, vol 21: 140-44.
17. Dow, G. (1993) 'The appropriability critique of transaction cost economics', in C. Pitelis (ed) Transaction costs, markets and hierarchies, Oxford: Blackwell.
18. Earl, P. (1988) Behavioural economics, Aldershot: Edward Elgar.
19. El-Ansary, A. and Stern, L. (1972) 'Power measurement in the distribution channel', Journal of Marketing Research, vol 9, no 2: 47-52.
20. Emerson, R. (1962) 'Power-dependence relations', American Sociological Review, vol 27: 31-41.
21. Froud, J. (2002) 'The Private Finance Initiative: risk, uncertainty and the state', Accounting, Organisations and Society (pre-publication draft).
22. Froud, J. and Shaoul, J. (2001) 'Appraising and evaluating PFI for NHS hospitals', Financial Accountability and Management, vol 17, no 3: 247-70.
23. Gaffney, D. and Pollock, A. (1999) 'Pump-priming the PFI: why are privately financed schemes being subsidized?', Public Money and Management, vol 19, no 1, January-March: 55-62.
24. Hickson, D., Hinings, C., Lee, C., Schneck, R. and Pennings, J. (1971) 'A strategic contingencies theory of intraorganisational power', Administrative Science Quarterly, vol 6: 216-29.
25. Hirschman, A. (1970) Exit, voice and loyalty: Responses to decline in firms, organisations and states, Cambridge, MA: Harvard University Press.
26. HM Treasury (2003) PFI: Meeting the investment challenge, Norwich: HMSO.
27. Holstrom, B. (1979) 'Moral hazard and observability', Bell Journal of Economics, vol 10: 74-91.
28. Hughes, J., Ralf, M. and Michels, B. (1998) Transform your supply chain, London: International Thomson Business Press.
29. Industrial Society (2000) The London Underground Public Private Partnership: An independent review, London: Industrial Society.
30. Jensen, M. and Meckling, W. (1976) 'Theory of the firm: managerial behavior, agency costs and ownership structure', Journal of Financial Economics, vol 3: 305-60.
31. Lacity, M. and Hirschheim, R. (1993) 'The information systems outsourcing bandwagon', Sloan Management Review, vol 35, no 1, Fall: 73-86.
32. Lacity, M., Willcocks, L, and Feeny, D. (1996) 'The value of selective sourcing', Sloan Management Review, vol 37, no 3, Spring: 13-25.
33. Lane, J.-E. (1999) 'Contractualism in the public sector', Public Management, vol 1, no 2: 179-93.
34. Lane, J.-E. (2001) 'From long-term to short-term contracting', Public Administration, vol 79, no 1: 29-47.
35. Lukes, S. (1974) Power: A radical view, New York, NY: Free Press.
36. McGuinness, T. (1994) 'Markets and managerial hierarchies', in G. Thompson, J. Frances, R. Levacic and J. Mitchell (eds) Markets, hierarchies and networks, London: Sage Publications.
37. March, J. (1994) A primer on decision-making, New York, NY: Free Press.
38. Milgrom, P. and Roberts, J. (1999) 'The internal politics of the firm', in S. Bowles, M. Franzini and U. Pagano (eds) The politics and economics of power, London: Routledge.
39. Mintzberg, H. (1978) 'Patterns in strategy formulation', Management Science, vol 24, no 9: 934-48.
40. NAO (National Audit Office) (1999) The PFI contract for the new Dartford and Gravesham hospital, London: NAO.
41. NAO (2000a) The financial analysis for the London Underground Public Private Partnerships: London: NAO.
42. NAO (2000b) The cancellation of the benefits payment card project, London: NAO.
43. NAO (2000c) Inland Revenue/EDS strategic partnership: Award of new work, London: NAO.
44. NAO (2001a) NIRS 2: Contract extension, London: NAO.
45. NAO (2001b) The re-negotiation of the PFI-type deal for the Royal Armouries Museum in Leeds, London: NAO.
46. NAO (2001c) The Channel Tunnel rail link, London: NAO.
47. NAO (2002a) Public Private Partnerships: Airwave, London: NAO.
48. NAO (2002b) Redevelopment of the MOD main building, London: NAO.
49. NAO (2003a) New IT systems for magistrates' courts: The Libra project - Press notice, London: NAO.
50. NAO (2003b) Government Communications Headquarters: New accommodation programme, London: NAO.
51. Office of Government Commerce (2002) Standardisation of PFI contracts London: HM Treasury.
52. Parker, D. and Hartley, K. (2003) 'Transaction costs, relational contracting and public-private partnerships: case study of UK defence', Journal of Purchasing and Supply Management, vol 9: 97-108.
53. Pettigrew, A. (1973) The politics of organisational decision-making London: Tavistock.
54. Pettigrew, A. (1979) 'On studying organisational cultures', Administrative Science Quarterly, vol 24: 570-81.
55. Pfeffer, J. (1981) Power in organisations, Marshfield: Pitman.
56. Pollock, A., Shaoul, J. and Vickers, N. (2002) 'Private finance and "value for money" in NHS hospitals: a policy in search of a rationale?', British Medical Journal, vol 324, no 7347, 18 May: 1205-9.
57. Price, D. and Green, J. (2000) 'Capital planning and the Private Finance Initiative: cost minimisation or health care planning', Critical Public Health, vol 10, no 1: 71-80.
58. Provan, K. (1993) 'Embeddedness, interdependence and opportunism in organisational supplier-buyer networks', Journal of Management, vol 19, no 4: 841-56.
59. Public Accounts Committee (2003) Delivering better value for money from the Private Finance Initiative, London: Public Accounts Committee.
60. Ramsay, J. (1994) 'Purchasing power', European Journal of Purchasing and Supply Management, vol 1, no 3: 125-38.
61. Ronchetto, J., Hutt, M. and Reingen, P. (1989) 'Embedded influence patterns in organisational buying systems', Journal of Marketing, vol 53, no 10: 51-62.
62. Scott, R. (1990) 'Symbols and organisations: from Barnard to the Institutionalists', in O. Williamson (ed) Organisation theory: From Chester Barnard to the present and beyond, New York, NY: Oxford University Press.
63. Simon, H. (1947) Administrative behaviour, New York, NY. Free Press.
64. Spackman, M. (2002) 'Public-private partnerships: lessons from the British approach', Economic Systems, vol 26: 283-301.
65. Sussex, J. (2002) Making the best of the Private Finance Initiative in the NHS, London: Office of Health Economics.
66. Treasury Taskforce (1997) Partnerships for prosperity: The Private Finance Initiative, London: HM Treasury.
67. Whitehead, M. (2000) 'Expert slams lack of professional training', Supply Management, 10 February: 6.
68. Williamson, O. (1985) The economic institutions of capitalism, New York, NY: Free Press.
69. Williamson, O. (1990) 'Transaction cost economics and organisation theory', in O. Williamson (ed) Organisation theory: From Chester Barnard to the present and beyond, New York, NY: Oxford University Press.
70. Williamson, O. (1995) 'Hierarchies, markets and power in the economy: an economic perspective', Industrial and Corporate Change, vol 4, no 1: 21-49.