A MEASURE OF INNOVATIVENESS AND PERFORMANCE OF INFRASTRUCTURE FINANCING VEHICLES ACROSS UK

Joseph Bamidele Oyedele, Alastair Adair and Stanley McGreal

ERES from European Real Estate Society (ERES)

Abstract: Quality infrastructure is generally recognized to be a significant factor for socio- economic success and infrastructure investments are considered as a pathway to economic growth across regions. There is however an increasingly significant global agenda in the financing of infrastructure and as the gap widens between demand and supply, infrastructure provision and financing are becoming increasingly more complex. As a result of the recognized inefficiencies be-devilling the public sector provision of superb infrastructure to the community, and to maintain territorial integrity and remain competitive in the global market, governments across jurisdictions are now increasingly expanding the role of the private sector in search of innovative vehicles in the financing of infrastructure resources as evidenced by the increasing growth of infrastructure funds. However, there is a knowledge gap regarding the measure of innovativeness and performance of these financing vehicles in meeting the capital requirement for financing infrastructure provision at a global level. This study adopts the 22 factors that act as drivers or inhibitors of innovation for infrastructure projects as identified by Russsell et al (2006) measured against the performance of 14 infrastructure funds with major focus in UK. The study develops an empirical model and discusses the dominant innovative factors across these infrastructure financing vehicles.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2010_115

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