Infrastructure public–private partnership project ecosystem – financial and economic positioning of stakeholders

Pekka Leviäkangas, Tuomo Kinnunen, Aki Aapaoja

Research output: Contribution to journalArticleScientificpeer-review

16 Citations (Scopus)


The purpose of this paper is to construct an analytical cash flow-based project model to facilitate project appraisal of both private investors and public sector. With the help of the model that focuses on ecosystem and its stakeholders, it is simpler to identify potential conflicts usually encountered in public–private partnership (PPP) projects. The model construct is based on classical cash flow accounting and cost–benefit analysis. In the model, the flows of cash (private investors) and the flows of costs and benefits (public investors) are integrated in a single framework. The model shows that within the ecosystem the investors' (public vs. private) social, economic and financial targets are not necessarily coinciding. Prospecting of common ground and win–win situations becomes a crucial success factor for any PPP project. The paper discusses the policy and investment strategy implications for successful PPPs.

Original languageEnglish
Pages (from-to)221-236
Number of pages16
JournalEuropean Journal of Finance
Issue number3
Publication statusPublished - 19 Feb 2016
MoE publication typeNot Eligible


  • cash flow
  • cost–benefit
  • infrastructure
  • investment
  • project appraisal
  • public–private partnerships


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