메뉴 건너뛰기




Volumn 23, Issue 2, 2010, Pages 229-255

Financial black holes: The disclosure and transparency of privately financed roads in the UK

Author keywords

Disclosure; Private finance; Public finance; Roads; United Kingdom

Indexed keywords


EID: 76449103230     PISSN: 09513574     EISSN: None     Source Type: Journal    
DOI: 10.1108/09513571011023200     Document Type: Article
Times cited : (44)

References (60)
  • 1
    • 70449652327 scopus 로고    scopus 로고
    • Taking its toll: The private financing of roads in Spain
    • Acerete, B., Shaoul, J. and Stafford, A. (2009), "Taking its toll: the private financing of roads in Spain" in Public Money and Management, Vol. 29, No. 1, pp. 19-26.
    • (2009) Public Money and Management , vol.29 , Issue.1 , pp. 19-26
    • Acerete, B.1    Shaoul, J.2    Stafford, A.3
  • 4
    • 76449108551 scopus 로고    scopus 로고
    • Commission Audit, Audit Commission for Local Authorities and the National Health Service in England, London
    • Audit Commission (2006), Corporate Governance Framework, Audit Commission for Local Authorities and the National Health Service in England, London.
    • (2006) Corporate Governance Framework
  • 5
    • 84986146385 scopus 로고    scopus 로고
    • Investigating Enron as a public private partnership
    • Baker, C.R. (2003), "Investigating Enron as a public private partnership" in Accounting, Auditing and Accountability Journal, Vol. 16, No. 3, pp. 446-66.
    • (2003) Accounting, Auditing and Accountability Journal , vol.16 , Issue.3 , pp. 446-466
    • Baker, C.R.1
  • 6
    • 3342979416 scopus 로고    scopus 로고
    • Public-private partnerships: From contested concepts to prevalent practice
    • Bovaird, T. (2004), "Public-private partnerships: from contested concepts to prevalent practice" in International Review of Administrative Sciences, Vol. 70, No. 2, pp. 199-215.
    • (2004) International Review of Administrative Sciences , vol.70 , Issue.2 , pp. 199-215
    • Bovaird, T.1
  • 7
    • 30344488344 scopus 로고    scopus 로고
    • The public sector financial management reforms: Confusions, tensions and paradoxes
    • Olson, O., Guthrie, J., Humphrey, C. (Eds.), Cappelen Akademsik Forlag, Oslo
    • Bowerman, M. (1998), "The public sector financial management reforms: confusions, tensions and paradoxes" in Olson, O., Guthrie, J. and Humphrey, C. (Eds.), Global Warning: Debating International Developments in New Public Financial Management, Cappelen Akademsik Forlag, Oslo, pp. 400-14.
    • (1998) Global Warning: Debating International Developments in New Public Financial Management , pp. 400-414
    • Bowerman, M.1
  • 9
    • 84986145182 scopus 로고    scopus 로고
    • Evaluating the private finance initiative in the National Health Service in the UK
    • Broadbent, J. and Laughlin, R. (2003b), "Evaluating the private finance initiative in the National Health Service in the UK" in Accounting, Auditing & Accountability Journal, Vol. 16, No. 3, pp. 422-45.
    • (2003) Accounting, Auditing & Accountability Journal , vol.16 , Issue.3 , pp. 422-445
    • Broadbent, J.1    Laughlin, R.2
  • 11
    • 76449108885 scopus 로고
    • Predictive value - a criterion for choice of accounting method
    • Baxter, W., Davidson, S. (Eds.), ICAEW, London
    • Carsberg, B., Arnold, J. and Hope, A. (1978), "Predictive value - a criterion for choice of accounting method" Baxter, W. and Davidson, S. (Eds.), Studies in Accounting, ICAEW, London.
    • (1978) Studies in Accounting
    • Carsberg, B.1    Arnold, J.2    Hope, A.3
  • 12
    • 33645024398 scopus 로고    scopus 로고
    • CIPFA, The Independent Commission for Good Governance in Public Services, CIPFA, Office for Public Management, London
    • CIPFA (2005), The Good Governance Standard for Public Services, The Independent Commission for Good Governance in Public Services, CIPFA, Office for Public Management, London.
    • (2005) The Good Governance Standard for Public Services
  • 13
    • 0000858990 scopus 로고
    • The value of corporate accounting reports: Argument for a political economy of accounting
    • Cooper, D. and Sherer, M. (1984), "The value of corporate accounting reports: argument for a political economy of accounting" in Accounting, Organizations and Society, Vol. 9, No. 3, pp. 207-32.
    • (1984) Accounting, Organizations and Society , vol.9 , Issue.3 , pp. 207-232
    • Cooper, D.1    Sherer, M.2
  • 14
    • 23044431950 scopus 로고    scopus 로고
    • Department for Trade and Industry, DTI, London
    • Department for Trade and Industry (2002), Construction Statistics Annual 2002, DTI, London.
    • (2002) Construction Statistics Annual 2002
  • 15
    • 76449120294 scopus 로고    scopus 로고
    • Department for Transport, available at:, (accessed 23 March 2007), Department for Transport, London
    • Department for Transport (2005), Signed PFI/PPP Deals, Department for Transport, London, available at: www.dft.gov.uk/about/procurement/ppp/signedtransportppppfideals (accessed 23 March 2007).
    • (2005) Signed PFI/PPP Deals
  • 17
    • 76449098369 scopus 로고    scopus 로고
    • Avoiding customer and taxpayer bailouts in private infrastructure projects: Public policy towards leverage, risk allocation and bankruptcy
    • World Bank Policy Research working paper 3274, The World Bank, Infrastructure Economics and Finance, Washington, DC
    • Ehrhardt, D. and Irwin, T. (2004), "Avoiding customer and taxpayer bailouts in private infrastructure projects: public policy towards leverage, risk allocation and bankruptcy", The World Bank, Infrastructure Economics and Finance, Washington, DC, World Bank Policy Research working paper 3274.
    • (2004)
    • Ehrhardt, D.1    Irwin, T.2
  • 18
    • 63249101583 scopus 로고    scopus 로고
    • Renegotiation without holdup: Anticipating spending and infrastructure concessions
    • Center Discussion Paper 937, Economic Growth Center, Yale University, New Haven, CT
    • Engel, E., Fischer, R. and Galetovic, A. (2006), "Renegotiation without holdup: anticipating spending and infrastructure concessions", Economic Growth Center, Yale University, New Haven, CT, Center Discussion Paper 937.
    • (2006)
    • Engel, E.1    Fischer, R.2    Galetovic, A.3
  • 19
    • 84986160654 scopus 로고    scopus 로고
    • Driving privately financed projects in Australia: What makes them tick?
    • English, L.M. and Guthrie, J. (2003), "Driving privately financed projects in Australia: what makes them tick?" in Accounting, Auditing & Accountability Journal, Vol. 16, No. 3, pp. 493-511.
    • (2003) Accounting, Auditing & Accountability Journal , vol.16 , Issue.3 , pp. 493-511
    • English, L.M.1    Guthrie, J.2
  • 20
    • 10244231531 scopus 로고    scopus 로고
    • Where do we stand on transport infrastructure deregulation and public private partnership?
    • World Bank Policy Research working paper 3274, The World Bank, Washington, DC
    • Estache, A. and Serebrisky, T. (2004), "Where do we stand on transport infrastructure deregulation and public private partnership?", The World Bank, Washington, DC, World Bank Policy Research working paper 3274.
    • (2004)
    • Estache, A.1    Serebrisky, T.2
  • 21
    • 84951550017 scopus 로고
    • Changing notions of accountability: A social policy view
    • Fowles, A.J. (1993), "Changing notions of accountability: a social policy view" in Accounting Auditing & Accountability Journal, Vol. 6, No. 3, pp. 97-108.
    • (1993) Accounting Auditing & Accountability Journal , vol.6 , Issue.3 , pp. 97-108
    • Fowles, A.J.1
  • 22
    • 0011116752 scopus 로고    scopus 로고
    • Appraising and evaluating PFI for NHS hospitals
    • Froud, J. and Shaoul, J. (2001), "Appraising and evaluating PFI for NHS hospitals" in Financial Accountability and Management, Vol. 17, 3, August, pp. 247-70.
    • (2001) Financial Accountability and Management , vol.17 , Issue.3 August , pp. 247-270
    • Froud, J.1    Shaoul, J.2
  • 24
    • 0033519817 scopus 로고    scopus 로고
    • NHS capital expenditure and the private finance initiative - expansion or contraction?
    • Gaffney, D., Pollock, A.M., Price, D. and Shaoul, J. (1999a), "NHS capital expenditure and the private finance initiative - expansion or contraction?" in British Medical Journal, Vol. 319, pp. 48-51.
    • (1999) British Medical Journal , vol.319 , pp. 48-51
    • Gaffney, D.1    Pollock, A.M.2    Price, D.3    Shaoul, J.4
  • 26
    • 0033600338 scopus 로고    scopus 로고
    • The politics of the private finance initiative and the new NHS
    • Gaffney, D., Pollock, A.M., Price, D. and Shaoul, J. (1999c), "The politics of the private finance initiative and the new NHS" in British Medical Journal, Vol. 319, pp. 249-53.
    • (1999) British Medical Journal , vol.319 , pp. 249-253
    • Gaffney, D.1    Pollock, A.M.2    Price, D.3    Shaoul, J.4
  • 28
    • 76449093494 scopus 로고    scopus 로고
    • Agency Highways, available at:, (accessed 14 July 2008), Highways Agency, London
    • Highways Agency (2008), DBFO Policy and DBFO Philosophy, Highways Agency, London, available at: www.highways.gov.uk/roads/3007.aspx (accessed 14 July 2008).
    • (2008) DBFO Policy and DBFO Philosophy
  • 31
    • 77954797206 scopus 로고    scopus 로고
    • available at:, (accessed 9 October 2007)
    • HM Treasury (2007), Standardisation of PFI Contracts, Version 4, available at: www.hm-treasury.gov.uk/documents/public_private_partnerships/ppp_standardised_contracts.cfm (accessed 9 October 2007).
    • (2007) Standardisation of PFI Contracts, Version 4
    • Treasury, H.M.1
  • 32
    • 84881885961 scopus 로고    scopus 로고
    • April, available at:, (accessed 10 June 2009)
    • HM Treasury (2009), PFI Signed Projects List, April, available at: www.hm-treasury.gov.uk/d/pfi_signed_projects_list.xls (accessed 10 June 2009).
    • (2009) PFI Signed Projects List
    • Treasury, H.M.1
  • 33
    • 2642539024 scopus 로고    scopus 로고
    • Reporting PFI in annual accounts: A user's perspective
    • Hodges, R. and Mellet, H. (2004), "Reporting PFI in annual accounts: a user's perspective" in Public Money and Management, June, pp. 153-8.
    • (2004) Public Money and Management , Issue.June , pp. 153-158
    • Hodges, R.1    Mellet, H.2
  • 36
    • 0033402275 scopus 로고    scopus 로고
    • Managing government exposure to private infrastructure risks
    • Irwin, T., Klein, M., Perry, G.E. and Thobani, M. (1999), "Managing government exposure to private infrastructure risks" in The World Bank Research Observer, Vol. 14, No. 2, pp. 229-45.
    • (1999) The World Bank Research Observer , vol.14 , Issue.2 , pp. 229-245
    • Irwin, T.1    Klein, M.2    Perry, G.E.3    Thobani, M.4
  • 37
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behaviour, agency costs and ownership structure
    • Jensen, M. and Meckling, W. (1976), "Theory of the firm: managerial behaviour, agency costs and ownership structure" in Journal of Financial Economics, Vol. 3, No. 4, pp. 305-60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 38
    • 76449116394 scopus 로고    scopus 로고
    • Liaison Committee of the House of Commons, HC 426, Session 2007-2008, The Stationery Office, London
    • Liaison Committee of the House of Commons (2008), Parliament and Government Finance: Recreating Financial Scrutiny, The Stationery Office, London, HC 426, Session 2007-2008.
    • (2008) Parliament and Government Finance: Recreating Financial Scrutiny
  • 40
    • 38949154665 scopus 로고
    • Developing a conceptual framework for public sector financial reporting
    • Mayston, D. (1992a), "Developing a conceptual framework for public sector financial reporting" in Financial Accountability and Management, Vol. 8, 4, Winter, pp. 225-6.
    • (1992) Financial Accountability and Management , vol.8 , Issue.4 Winter , pp. 225-226
    • Mayston, D.1
  • 41
    • 0347236590 scopus 로고
    • Capital accounting, user needs and the foundations of a conceptual framework for public sector financial reporting
    • Mayston, D. (1992b), "Capital accounting, user needs and the foundations of a conceptual framework for public sector financial reporting" in Financial Accountability and Management, Vol. 8, 4, Winter, pp. 227-48.
    • (1992) Financial Accountability and Management , vol.8 , Issue.4 Winter , pp. 227-248
    • Mayston, D.1
  • 42
    • 84935978932 scopus 로고
    • The new economics of organization
    • Moe, T.M. (1984), "The new economics of organization" in American Journal of Political Science, Vol. 28, No. 4, pp. 739-77.
    • (1984) American Journal of Political Science , vol.28 , Issue.4 , pp. 739-777
    • Moe, T.M.1
  • 44
    • 4344639224 scopus 로고    scopus 로고
    • National Audit Office, Report of Comptroller and Auditor General, HC 1288, Session 2001-2002, The Stationery Office, London
    • National Audit Office (2002), PFI Refinancing Update, The Stationery Office, London, Report of Comptroller and Auditor General, HC 1288, Session 2001-2002.
    • (2002) PFI Refinancing Update
  • 45
    • 62249194452 scopus 로고    scopus 로고
    • National Audit Office, Report by the Comptroller and Auditor General, HC 453, Session 2006-2007, The Stationery Office, London
    • National Audit Office (2007), Benchmarking and Market Testing the Ongoing Services Components of PFI Projects, The Stationery Office, London, Report by the Comptroller and Auditor General, HC 453, Session 2006-2007.
    • (2007) Benchmarking and Market Testing the Ongoing Services Components of PFI Projects
  • 46
    • 84986047416 scopus 로고    scopus 로고
    • Fiscal (ir)responsibility: Privileging PPPs in New Zealand
    • Newberry, S. and Pallot, J. (2003), "Fiscal (ir)responsibility: privileging PPPs in New Zealand" in Accounting, Auditing & Accountability Journal, Vol. 16, No. 3, pp. 467-92.
    • (2003) Accounting, Auditing & Accountability Journal , vol.16 , Issue.3 , pp. 467-492
    • Newberry, S.1    Pallot, J.2
  • 47
    • 0344260230 scopus 로고    scopus 로고
    • OECD, May, available at:, (accessed 2 December 2007), OECD, Paris
    • OECD (2001), OECD Best Practices for Budget Transparency, PUMA/SBO(2000)6/FINAL, OECD, Paris, May, available at: www.olis.oecd.org/olis/2000doc.nsf/809a2d78518a8277c125685d005300b2/c125692700623b74c1256a4d005c23be/$FILE/JT00107731.PDF (accessed 2 December 2007).
    • (2001) OECD Best Practices for Budget Transparency, PUMA/SBO(2000)6/FINAL
  • 48
    • 34250165594 scopus 로고
    • Elements of a theoretical framework for public sector accounting
    • Pallot, J. (1992), "Elements of a theoretical framework for public sector accounting" in Accounting, Auditing & Accountability Journal, Vol. 5, No. 2, pp. 38-59.
    • (1992) Accounting, Auditing & Accountability Journal , vol.5 , Issue.2 , pp. 38-59
    • Pallot, J.1
  • 49
    • 0001007743 scopus 로고    scopus 로고
    • Changing public sector accountability: Critiquing new directions
    • Parker, L. and Gould, G. (1999), "Changing public sector accountability: critiquing new directions" in Accounting Forum, Vol. 23, 2, June, pp. 109-35.
    • (1999) Accounting Forum , vol.23 , Issue.2 June , pp. 109-135
    • Parker, L.1    Gould, G.2
  • 50
    • 0009372080 scopus 로고
    • Developments in the accountability and financial reporting practices of executive agencies
    • Pendlebury, B., Jones, R. and Karbhari, Y. (1994), "Developments in the accountability and financial reporting practices of executive agencies" in Financial Accountability and Management, Vol. 10, No. 1, pp. 35-48.
    • (1994) Financial Accountability and Management , vol.10 , Issue.1 , pp. 35-48
    • Pendlebury, B.1    Jones, R.2    Karbhari, Y.3
  • 53
    • 0032013264 scopus 로고    scopus 로고
    • Charging for capital in the NHS: To improve efficiency?
    • Shaoul, J. (1998), "Charging for capital in the NHS: to improve efficiency?" in Management Accounting Research, Vol. 9, March, pp. 95-112.
    • (1998) Management Accounting Research , vol.9 , Issue.March , pp. 95-112
    • Shaoul, J.1
  • 54
    • 33644991887 scopus 로고    scopus 로고
    • Highway robbery? A financial evaluation of design build finance and operate in UK roads
    • Shaoul, J., Stafford, A. and Stapleton, P. (2006), "Highway robbery? A financial evaluation of design build finance and operate in UK roads" in Transport Reviews, Vol. 26, No. 3, pp. 257-74.
    • (2006) Transport Reviews , vol.26 , Issue.3 , pp. 257-274
    • Shaoul, J.1    Stafford, A.2    Stapleton, P.3
  • 55
    • 34250191735 scopus 로고    scopus 로고
    • Evidence-based policies and the meaning of success: The case of a road built under design, build, finance and operate
    • Shaoul, J., Stafford, A. and Stapleton, P. (2007), "Evidence-based policies and the meaning of success: the case of a road built under design, build, finance and operate" in Evidence and Policy, Vol. 3, No. 2, pp. 159-80.
    • (2007) Evidence and Policy , vol.3 , Issue.2 , pp. 159-180
    • Shaoul, J.1    Stafford, A.2    Stapleton, P.3
  • 56
    • 33644995700 scopus 로고    scopus 로고
    • Private Sector and Infrastructure Network, Note Number 224, World Bank, Washington, DC
    • Silva, G.F. (2000), Toll Roads: Recent Trends in Private Participation, World Bank, Washington, DC, Private Sector and Infrastructure Network, Note Number 224.
    • (2000) Toll Roads: Recent Trends in Private Participation
    • Silva, G.F.1
  • 57
    • 33646435266 scopus 로고    scopus 로고
    • Corporate governance in a collaborative environment: What happens when government, business and civil society work together?
    • Smith, M., Mathur, N. and Skelcher, C. (2006), "Corporate governance in a collaborative environment: what happens when government, business and civil society work together?" in Corporate Governance, Vol. 14, 3, May, pp. 159-71.
    • (2006) Corporate Governance , vol.14 , Issue.3 May , pp. 159-171
    • Smith, M.1    Mathur, N.2    Skelcher, C.3
  • 59
    • 84881975374 scopus 로고    scopus 로고
    • Major road works ahead: Ten years of the UK private finance initiative roads program
    • Standard and Poor's, London
    • Taylor, G. (2005), "Major road works ahead: ten years of the UK private finance initiative roads program", Standard and Poor's, Public Private Partnerships: Global Credit Survey 2005, Standard and Poor's, London.
    • (2005) Standard and Poor's, Public Private Partnerships: Global Credit Survey 2005
    • Taylor, G.1
  • 60
    • 84886853442 scopus 로고    scopus 로고
    • Transport for London, available at:, (accessed May 13 2008), Transport for London, n.d
    • Transport for London (n.d.), Corporate Governance, Transport for London, London, available at: www.tfl.gov.uk/corporate/about-tfl/publications/2876.aspx (accessed May 13 2008).
    • Corporate Governance


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.