"A Framework for Examining Accountability and Value for Money in the UK’s Private Finance Initiative," with Istemi Demirag and M. Iqbal Khadaroo. JOURNAL OF CORPORATE CITIZENSHIP, Issue 15 (Autumn, 2004), pp. 63-76.


This paper seeks to develop a system for evaluating the implications of accountability and value-for-money (VFM) decisions in private finance initiative (PFI) projects from initiation through set-up, implementation and internal and external monitoring. By reviewing the extant literature on accountability and VFM, a model is developed for evaluating the implications of various types of accountability and VFM decisions on PFI projects. Most previous studies have considered either the accountability or VFM at the projects’ initial stages; little attention has been paid to the interrelationship between accountability and VFM issues in the evaluation of various PFI processes. This paper addresses these lacunae in the literature.


Reprinted in
Corporate Social Responsibility, Accountability and Governance edited by I. Demirag (Sheffield (UK): Greenleaf Publishing, 2005), chapter 5