Value for money and its influential factors: An empirical study of PPP projects in Japan

Purpose: The purpose of this paper is to study the key influential factors and their impacts on the value for money (VFM) of projects developed through public-private partnerships (PPPs) with an objective to improve the VFM assessment of PPP projects. Design/methodology/approach: This paper has studied the key influential factors and their impacts on VFM of projects developed through PPPs with an objective to improve the VFM assessment of PPP projects. Findings: There are large variations in the VFM of PPP projects in many countries due to a number of factors affecting the setting and attainment of the VFM. This paper has identified the key factors that influence the VFM in PPP projects in Japan and evaluated their impacts on the VFM. Originality/value: Outputs of this study would provide some insights on the improvement in the VFM assessment of PPP projects, in terms of determining a suitable VFM for a particular PPP project in accordance with its specific operational environment, balancing the interests of both public and private sectors, and promoting the participation of the private sector in the timely provision of necessary public works and services.