Value for money (VFM) in private finance initiative (PFI) implementation in Malaysia

Hawa Ahmad, Suhaiza Ismail and Zamzulaila Zakaria

Journal of Accounting & Organizational Change, 2023, vol. 20, issue 3, 593-614

Abstract: Purpose - Drawing on institutional work (Lawrence and Suddaby, 2006; Lawrenceet al., 2011), this study aims to explore how the concept of value for money (VFM) is understood in terms of the private finance initiative (PFI) implementation in Malaysia. Design/methodology/approach - In-depth interviews with 25 actors involved in the implementation of PFI projects at two public universities in Malaysia were conducted. The interviews focused on the ways in which participants in the projects make sense of VFM in their ongoing involvement with the projects. In addition, a review of publicly available documents was conducted to understand the ways in which the notion of VFM is reflected in the policies and procedures of the government. Data from the interviews and documents were analysed using thematic analysis. Findings - It is found that the advocacy work of macro-level actors, as well as micro-level actors, has promoted PFI implementation to achieve VFM. However, to the micro-level actors, VFM is just a concept that carries different interpretations, depending on how PFI fits their everyday functional discourses. In addition, direct negotiation and lack of commercial appreciation are disruptive not only to the achievement of VFM but also to the public sector reform agenda of the country. Originality/value - The present study contributes to the discourses on the concept of VFM that is assumed to be inherent in PFI. The findings are based on micro- and macro-level actors and cover both advocacy and disruption of VFM achievement.

Keywords: Value for money (VFM); Private finance initiative (PFI); Public-Private partnerships (PPPs); Socio-economic governance; Public sector; Accountability (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:jaocpp:jaoc-01-2023-0027

DOI: 10.1108/JAOC-01-2023-0027

Access Statistics for this article

Journal of Accounting & Organizational Change is currently edited by Prof Zahirul Hoque

More articles in Journal of Accounting & Organizational Change from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().