PPPs and non-financial value: a critical analysis of public policy and implications for social, environmental and indigenous cultural values

Abstract

PurposeThis paper investigates how contemporary public policy for public-private partnerships (PPPs) deals with non-financial values and thereby shapes the way social, cultural and environmental issues are accounted for.Design/methodology/approachA case study critically analyses PPP policy in Victoria, Australia, an acknowledged leader in the area. The investigation of the policy’s approach to non-financial value focusses on the treatment of social and environmental issues, particularly in relation to indigenous cultural heritage values.FindingsIt is found that important non-financial issues are characterised as risks to be quantified and monetised in PPP project assessment. A critical analysis shows that this approach obscures many significant dimensions of social, environmental and Indigenous cultural heritage value. The resultant relegation of non-financial values in public discourse and decision-making is seen to entrench unsustainable practices.Social implicationsThe paper shows how public policy may shape actions and outcomes that impact directly on social, environmental and indigenous cultural heritage values.Originality/valueThis study provides insights into contemporary social and environmental accounting and accountability for PPPs. It adds to the understanding of the implications of public policy framings of non-financial values.