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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: In this article, a literature review and expert interviews were adopted to construct the critical success factors (CSFs) framework; nine hypotheses were constructed and tested by the structural equation modeling (SEM) based on the data collected from a questionnaire survey.
Abstract: Examining the interrelationships among critical success factors (CSFs) for public private partnership (PPP) projects is of importance for improving PPP project performance and maintaining the sustainability of PPP project implementation. Previous studies mostly focused on the identification of the CSFs for PPP projects; limited studies investigated the interrelationships among CSFs. Hence, the research objectives are (a) to determine the interrelationships among CSFs of PPP projects taking into account the public and (b) to identify influence paths contributing to take advantage of CSFs in the process of PPP implementation. A literature review and expert interviews were adopted to construct the CSFs framework; nine hypotheses were constructed and tested by the structural equation modelling (SEM) based on the data collected from a questionnaire survey. This research reveals that the relationship between public and private partners is the leader-follower relationship, not the partnership relationship, in PPP projects, indicating that the responsibilities, power or resources existing among partners are very unequal. It also highlights that public involvement has a negative effect on the process of service provisions, and costs and risks exist in the process of public involvement in PPP projects. The determined interrelationships among CSFs will contribute to the sustainability and success of a PPP project.

39 citations

Journal ArticleDOI
TL;DR: In this article, an existing dynamic model through which it was possible to estimate the optimal annual amount to be invested in sponsorship to maximize the current value of expected profits has been analyzed, reworked and for the first time applied to an Italian company.
Abstract: The paper addresses the theme of sponsorship as the main form of public–private partnership through which to finance restoration/recovery interventions for the historical–architectural heritage. The goal is the maximization of sponsorship profitability for companies. Specifically, an existing dynamic model through which it was possible to estimate the optimal annual amount to be invested in sponsorship to maximize the current value of expected profits has been analyzed, reworked and for the first time applied to an Italian company. It was therefore assumed that the company is intent on supporting a multi-year program of sponsorship investment. It is also assumed that the corporation is a single-product company, operating in monopolistic competition and characterized by a Cobb–Douglas production function with decreasing returns to scale. The work is in continuity with a previous publication focused on the application and validation of a static model. The final goal is to provide tools for applied analysis of the financial sustainability of the sponsorship that forms incentive for companies to implement its use, facilitating the recovery of the historical–architectural heritage. Public bodies can thus benefit from the greater contribution of resources from private financiers for a zero-cost and sustainable valorization of cultural heritage.

38 citations

Journal ArticleDOI
TL;DR: In this paper, the complexity generated by rapid urbanization in different infrastructural sectors in South Asian mega cities like Dhaka and Lahore has been explained and a new mechanism to adapt to sustainable development goal 11 declared by the United Nations with the engagement of different stake holders working in different silos through 3Ps (like BOT, BOOT, BLT, DBF, PFI etc.).
Abstract: Contemporary urbanization appears as a conundrum especially in developing nations. This study will act as an accelerator to spill out snags caused by urbanization with a new approach in the development of sustainable infrastructure through Public–Private Partnerships (3Ps). This study first explains the complications generated by rapid urbanization in different infrastructural sectors in South Asian mega cities like Dhaka and Lahore. Second, the findings of the study elaborate on a new mechanism to adapt to Sustainable Development Goal 11 declared by the United Nations with the engagement of different stake holders working in different silos through 3Ps (like BOT, BOOT, BLT, DBF, PFI etc.). This study uses case studies as part of the research mixed methodology. Studies on Dhaka and Lahore including multi projects through 3Ps, and a detailed questionnaire survey based on critical risk factors from the Meta review of 3P literature are presented to establish the current status of sustainable development goals. This paper primarily contributes in two ways. First, by providing a new direction to policy makers to devise policies using a twofold approach i.e., grasp urbanization with sustainable infrastructure delivery by sustainable enactment of 3P projects. Second, bridge the knowledge gap by identifying the risk factors in the sustainable establishment of 3P projects in developing nations.

38 citations

Journal ArticleDOI
TL;DR: In this paper, the authors draw upon resource dependence theory and transaction cost economics to suggest that variation in risk management strategies is dependent upon both the complexity of the procured product or service and the extent to which it is mission critical.
Abstract: In this study, we argue that contract design is a predominant strategy to set contractual expectations among supply chain partners to manage risk. We draw upon resource dependence theory and transaction cost economics to suggest that variation in risk management strategies is dependent upon both the complexity of the procured product or service and the extent to which it is mission critical. In this preliminary study of public-sector supply chains, we find evidence based on an analysis of over 240,000 buyer–supplier contracts that when both mission criticality and service complexity are low, suppliers tend to bear most of the disruption risk by agreeing to fixed-price contracts. When mission criticality is high, we find that the federal government is more likely to share risk with suppliers by utilizing incentive contracts. Evidence suggests that cost-reimbursement and incentive contracts are preferred when service complexity is high.

38 citations

Journal ArticleDOI
TL;DR: This study presents an inverted U-shaped relationship between a firm's environmental responsibility and its propensity to form partnerships with NGOs, and the contingent effect of political ties, and offers new insights on the dual role of legitimacy in organizational partnerships.

36 citations