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

Ahmad @ Abdul Mutalib, Hawa and Ismail, Suhaiza and Zakaria, Zamzulaila (2023) Value for money (VFM) in private finance initiative (PFI) implementation in Malaysia. Journal of Accounting & Organizational Change, ahead-of-print (ahead-of-print). pp. 1-22. ISSN 1832-5912 (In Press)

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Abstract

Purpose Drawing on institutional work (Lawrence and Suddaby, 2006; Lawrence et 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.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Value for money (VFM), Private finance initiative (PFI), Public-Private partnerships (PPPs), Socio-economic governance, Public sector, Accountability
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HJ Public Finance H Social Sciences > HJ Public Finance > HJ9701 Public accounting
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Accounting Kulliyyah of Economics and Management Sciences
Depositing User:	Dr Hawa Ahmad
Date Deposited:	06 Oct 2023 09:13
Last Modified:	06 Oct 2023 09:13
URI:	http://irep.iium.edu.my/id/eprint/107318

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