Legal Framework of Innovative Financing in Sustainable Development Through Public–Private Partnerships
DOI:
https://doi.org/10.55908/sdgs.v11i6.1229Keywords:
public–private partnerships, sustainable development, business law, financing, global economyAbstract
Objective: This research paper aims to investigate the complex nexus among public–private partnerships (PPPs), business law, and sustainable development. Against the backdrop of recent economic transformations, the imperative of sustainable development has intensified, posing financing challenges. This study seeks to establish that PPPs, grounded in business law tenets, offer a remedy by amalgamating private sector efficiency with public sector developmental pursuits.
Method: A qualitative methodology is employed to explore the dynamics of PPPs in relation to sustainable development. In-depth analysis and examination of relevant literature are carried out to understand how PPPs function in bridging funding gaps and aligning private investments with societal well-being. Legal frameworks inherent to PPPs are studied to elucidate mechanisms ensuring accountability and transparency.
Results: The research reveals that PPPs, functioning as conduits of collaboration between public and private sectors, hold the potential to address funding shortfalls and synchronize private investments with broader societal welfare goals. Successful case studies, particularly within extensive-scale infrastructure ventures, demonstrate the transformative capacity of PPPs. The study underscores the significance of legal frameworks in maintaining transparent and accountable PPP operations.
Conclusion: The integration of business law, PPPs, and sustainable development emerges as a promising trajectory for nurturing equitable, prosperous, and resilient societies. By harnessing the efficiency of private enterprises in tandem with public developmental objectives, PPPs offer a pragmatic solution to the pressing challenges of financing sustainable development. This research underscores the viability of PPPs as instruments for fostering positive socio-economic change while maintaining transparency and accountability through legal mechanisms.
References
Barnett, W., & Sergi, B. (2018). Banking and Finance Issues in Emerging Markets (Vol. 25).
Budiharseno, R. S., & Tiranda, Y. M. (2020). Economic and Legal Implications of Tax Debt Preference on Tax Obligations in Indonesia. Lex Publica, 7(2), 69-86.
Burnett, M. (2008). PPP during the Contract Execution Phase-A Need for Greater Certainty in Community Law. Eur. Pub. Private Partnership L. Rev., 3, 51.
Carbonara, N., & Pellegrino, R. (2020). The role of public private partnerships in fostering innovation. Construction management and economics, 38(2), 140-156.
Clark, R., Reed, J., & Sunderland, T. (2018). Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential of private finance. Land Use Policy, 71, 335-346.
Custos, D., & Reitz, J. (2010). Public-private partnerships. The American Journal of Comparative Law, 58(suppl_1), 555-584.
Da Cruz, N. F., & Marques, R. C. (2012). Mixed companies and local governance: no man can serve two masters. Public administration, 90(3), 737-758.
Du, J., Wu, H., & Zhao, X. (2018). Critical factors on the capital structure of public–private partnership projects: A sustainability perspective. Sustainability, 10(6), 2066.
Dzhancharova, G., Kosheleva, A., Drobysheva, N., Pasternak, S., Shelygov, A., & Lebedev, K. (2023). Economic and Legal Aspects of Foreign Economic Risks Within the Framework of Sustainable Development of Russian Enterprises. Journal of Law and Sustainable Development, 11(3), e317.
Hasan, H., & Mustafa, C. (2022). The Politics of Law of Sharia Economics in Indonesia. Lex Publica, 9(1), 30-57.
Hub, G. I. (2019). Forecasting infrastructure investment needs and gaps. Global Infrastructure Outlook, 2.
IFC’s work in public-private partnerships. IFC. (n.d.). https://www.ifc.org/en/what-we-do/sector-expertise/public-private-partnerships
Ismail, S. (2013). Critical success factors of public private partnership (PPP) implementation in Malaysia. Asia-Pacific Journal of Business Administration, 5(1), 6-19.
Jomo, K. S., Chowdhury, A., Sharma, K., & Platz, D. (2016). Public-private partnerships and the 2030 Agenda for Sustainable Development: fit for purpose?.
Karyadi, U., & Rizki, L. T. (2018). Reconceptualization of empowerment principles by banking in supporting small and medium enterprises according to Law No. 20 of 2008 concerning SMEs. Lex Publica, 5(1), 1-7.
Khoruzhy, L., Katkov, Y., Katkova, E., Romanova, A., & Dzhikiya, M. (2023). Sustainable Development of Agricultural Enterprises with an Active Environmental Stance: Analysis of Inter-Organizational Management Accounting. Journal of Law and Sustainable Development, 11(3), e386.
Maslova, S. (2020). Achieving sustainable development goals through public private partnership: critical review and prospects. International Journal of Innovation and Sustainable Development, 14(3), 288-312.
Organisation for Economic Co-operation and Development. (2019). OECD skills outlook 2019: Thriving in a digital world. Paris, France: OECD.
Osei-Kyei, R., Chan, A. P., Yu, Y., Chen, C., & Dansoh, A. (2019). Root causes of conflict and conflict resolution mechanisms in public-private partnerships: Comparative study between Ghana and China. Cities, 87, 185-195.
Payne, D. M., & Raiborn, C. A. (2001). Sustainable development: the ethics support the economics. Journal of business ethics, 32, 157-168.
Plummer, J. (Ed.). (2013). Focusing partnerships: a sourcebook for municipal capacity building in public-private partnerships. Routledge.
Sergi, B. S., Popkova, E. G., Borzenko, K. V., & Przhedetskaya, N. V. (2019). Public–private partnerships as a mechanism of financing sustainable development. Financing sustainable development: Key challenges and prospects, 313-339.
Suadi, A. (2021). Juridical and Sociological Foundations of Institutionalizing Sharia Economics in Indonesia. Lex Publica, 8(2), 29-46.
UN. (2018). Report on Sustainable Development Goals. United Nations.
von Benda-Beckmann, F., & von Benda-Beckmann, K. (Eds.). (2016). Rules of law and laws of ruling: on the governance of law. Routledge.
Walker, J., Pekmezovic, A., & Walker, G. (2019). Sustainable development goals: harnessing business to achieve the SDGs through finance, technology and law reform. John Wiley & Sons.
Wang, H., Liu, Y., Xiong, W., & Song, J. (2019). The moderating role of governance environment on the relationship between risk allocation and private investment in PPP markets: Evidence from developing countries. International Journal of Project Management, 37(1), 117-130.
World Bank. (2020). Global economic prospects, June 2020. The World Bank.
World Economic Forum. Centre for the New Economy and Society Accenture (Firm). (2022). Jobs of tomorrow: the triple returns of social jobs in the economic recovery. World Economic Forum, Geneva, Switzerland.
Yulia, A., Putri, F. A. J., & Wati, E. (2023). Land Use Policies and Tenure in Economic Liberalization Regime: Land Law in Agro-Industrial Context. Lex Publica, 10(1), 111-122.
Zapatrina, I., Zverev, A., & Rodina, A. (2015). Harmonisation of public-private partnership legislation. European Procurement & Public Private Partnership Law Review, 10(1), 3-16.
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Authors who publish in this journal agree to the following terms: the author(s) authorize(s) the publication of the text in the journal;
2. The author(s) ensure(s) that the contribution is original and unpublished and that it is not in the process of evaluation by another journal;
3. The journal is not responsible for the views, ideas and concepts presented in articles, and these are the sole responsibility of the author(s);
4. The publishers reserve the right to make textual adjustments and adapt texts to meet with publication standards.
5. Authors retain copyright and grant the journal the right to first publication, with the work simultaneously licensed under the Creative Commons Atribuição NãoComercial 4.0 internacional, which allows the work to be shared with recognized authorship and initial publication in this journal.
6. Authors are allowed to assume additional contracts separately, for non-exclusive distribution of the version of the work published in this journal (e.g. publish in institutional repository or as a book chapter), with recognition of authorship and initial publication in this journal.
7. Authors are allowed and are encouraged to publish and distribute their work online (e.g. in institutional repositories or on a personal web page) at any point before or during the editorial process, as this can generate positive effects, as well as increase the impact and citations of the published work (see the effect of Free Access) at http://opcit.eprints.org/oacitation-biblio.html
• 8. Authors are able to use ORCID is a system of identification for authors. An ORCID identifier is unique to an individual and acts as a persistent digital identifier to ensure that authors (particularly those with relatively common names) can be distinguished and their work properly attributed.
