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Creating and Capturing Value in Public-Private Ties: A Private Actor's Perspective

TL;DR: The authors identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes.
Abstract: Intersecting the boundaries of public and private economic activity, public-private ties carry important organizational strategy, management, and policy implications. We identify the value creation and capture mechanisms embedded in these ties through a theoretical framework of two conceptual public-private structural alternatives, each associated with different value-creating capacities, rationales, and outcomes. Two important restraints on private value capture--public partner opportunism and external stakeholder activism--arise asymmetrically under each form, carrying a critical effect on partnership outcomes.
Citations
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Journal ArticleDOI
TL;DR: In this article, the authors employed a systematic procedure to review the literature on universities-industry collaboration (UIC) and identified five key aspects, which underpinned the theory of UIC.
Abstract: The collaboration between universities and the industry is increasingly perceived as a vehicle to enhance innovation through knowledge exchange. This is evident by a significant increase in studies that investigate the topic from different perspectives. However, this body of knowledge is still described as fragmented and lacks efficient comprehensive view. To address this gap, we employed a systematic procedure to review the literature on universities-industry collaboration (UIC). The review resulted in identifying five key aspects, which underpinned the theory of UIC. We integrate these key aspects into an overarching process framework, which together with the review, provide a substantial contribution by creating an integrated analysis of the state of literature concerning this phenomenon. Several research avenues are reported as distilled from the analysis.

495 citations

Journal ArticleDOI
TL;DR: In this article, the authors argue that the time is ripe to rethink academic entrepreneurship and that more stakeholders have become involved in academic entrepreneurship, and that universities have become more strategic in their approach to this activity.
Abstract: Academic entrepreneurship, which refers to efforts undertaken by universities to promote commercialization on campus and in surrounding regions of the university, has changed dramatically in recent years. Two key consequences of this change are that more stakeholders have become involved in academic entrepreneurship and that universities have become more ‘strategic’ in their approach to this activity. The authors assert that the time is ripe to rethink academic entrepreneurship. Specifically, theoretical and empirical research on academic entrepreneurship needs to take account of these changes, so as to improve the rigour and relevance of future studies on this topic. We outline such a framework and provide examples of key research questions that need to be addressed to broaden understanding of academic entrepreneurship.

408 citations

Journal ArticleDOI
TL;DR: This study analyzes over 1400 publications from a wide range of disciplines over a 20-year time period and synthesizes formerly dispersed research perspectives into a comprehensive multi-dimensional framework of public-private partnerships.

348 citations

Book ChapterDOI
01 Jun 1996
TL;DR: A review of the literature on Pareto-optimal allocation of public goods can be found in this paper, where the authors focus on the problem of finding the optimal level of provision of a public good without any explicit assumption concerning the distribution of private goods and hence of utility.
Abstract: The systematic tendency toward underprovision of a public good that seems to be implied by the model of Nash-Cournot equilibrium has encouraged extensive analysis of alternative allocative mechanisms and their evaluation against the yardstick provided by the set of Pareto-efficient allocations. The aim of this chapter, which is necessarily highly selective, is to review some of this large and varied literature. We begin with a closer look at the set of Pareto-efficient, or Paretooptimal, allocations. Pareto-optimal provision of public goods In the public goods economy, just as in its private goods counterpart, the optimality criterion typically identifies not one, but an infinite number of allocations – all the points on the utility possibilities frontier between R and S in Figure 7.1. Any discussion of “the optimum” must presuppose either a very special structure, so that there is, indeed, a single optimal level of Q associated with every allocation along the frontier RS , or else the introduction of some kind of social welfare function that enables us to rank optima and pick out the optimum optimorum. Economists have, however, often expressed and relied upon the hope that certain allocation decisions can be made without reference to distributional considerations. In the present context, this is reflected in many treatments that refer to the optimal level of provision of a public good without any explicit assumption concerning the distribution of private goods and hence of utility.

282 citations

Journal ArticleDOI
Feng Li1
TL;DR: In this paper, a holistic business model framework is developed, which is then used to analyse the empirical evidence from the creative industries, and three new themes for future research are highlighted.

262 citations

References
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Journal ArticleDOI
TL;DR: This article developed theory about the effect of domestic and global institutional forces across countries and over time, following a national government's adoption of a globally diffusing policy, on retrenchment.
Abstract: We develop theory about the effect of domestic and global institutional forces across countries and over time, following a national government's adoption of a globally diffusing policy, on retrench...

83 citations

Journal ArticleDOI
TL;DR: It is highlighted that public value arises from private interests and that the dynamic of value creation and value appropriation in activities involving the public interest can be influenced by not only resource endowments and organizational capabilities but also by the way organizations address and manage stakeholder expectations.
Abstract: Research Summary In recent years, strategy scholarship expanded its scope beyond the realm of private firms. Despite notable advances, the field still lacks theoretical and empirical frameworks for fully understanding how public and nonprofit organizations interact with private firms to create and appropriate value. By recognizing the inherent complexity of interactions between organizations with different purposes and the existing challenges for designing effective governance arrangements, we assess how recent scholarship addresses some dilemmas related to both private and public value creation. Based on the extant literature and on some novel aspects raised by the articles in this issue, we also propose a framework to advance strategy research in the field. We emphasize the importance of stakeholder management capabilities among public, private, and nonprofit organizations in pursuit of enhanced public value and continuous support from appreciative stakeholders. Managerial Summary Despite abundant examples of governance arrangements involving public, private, and nonprofit organizations (e.g., public‐private partnerships and alliances involving NGOs, firms, multilateral organizations, public contracting, and so on), the strategic management field has only recently given attention to value creation and value appropriation beyond the scope of private organizations. Here we connect strategic management and public management to identify relevant dimensions that shape value‐creating strategies and underpinning outcomes in public‐private‐nonprofit interactions. We highlight that public value arises from private interests and that the dynamic of value creation and value appropriation in activities involving the public interest can be influenced by not only resource endowments and organizational capabilities but also by the way organizations address and manage stakeholder expectations.

81 citations

Journal ArticleDOI
TL;DR: In this article, the authors identify economically efficient rules for governing compensation when the state takes private property, and a basic principle emerges: a fully efficient rule entails compensation based on the gains society enjoys from the taking (either its actual gains or its expected gains).
Abstract: This article identifies economically efficient rules for governing compensation when the state takes private property. Despite a variety of informational and behavioral assumptions, a basic principle emerges: a fully efficient rule entails compensation based on the gains society enjoys from the taking (either its actual gains or its expected gains). Moreover, in many takings situations this principle can be implemented in more than one way, providing society some flexibility with which to achieve its other goals without sacrificing economic efficiency. Copyright 1995 by Oxford University Press.

80 citations

Journal ArticleDOI
TL;DR: In this paper, the authors present the findings of a recent analysis of the drivers of credit spreads in project finance loans to public-private partnerships, or PPPs, an increasingly popular form of procurement worldwide.
Abstract: This article presents the findings of a recent analysis of the drivers of credit spreads in project finance loans to public-private partnerships, or PPPs, an increasingly popular form of procurement worldwide. PPPs are project finance transactions in which project output is a function of government policy in fields such as health, transport, and education. Because of the controversy that now surrounds the use of private finance in PPPs, understanding the determinants of the cost of debt in such highly leveraged projects is of interest to policy makers as well as originators and participants in the transactions. Using a large sample of credit spreads on debt extended to PPP projects in Europe over the past 15 years, the authors' study reports that market risk is the only significant driver of PPP debt credit spreads in a large portfolio of PPP debt; at the same time, technical risks appear to be diversified “away” by the structuring of the projects. Most important, and contrary to standard debt pricing models, factors like loan size, maturity, and leverage do not show up as significant determinants of the cost of debt in PPPs, reflecting a high degree of confidence by lenders that loans will be repaid or recovered. These results support the view that the use of project finance in PPPs is premised on effective risk management as well as confidence in the private sector's ability to manage public projects.

78 citations

Journal ArticleDOI
TL;DR: In this article, the authors proposed an alternative explanatory account for wind power diffusion in Spain, arguing that diffusion can be explained by a less obvious policy of stimulating investments by means of public-private partnerships (PPPs).

77 citations