Private Finance Research Articles

ПРИМЕНЕНИЕ ТЕХНОЛОГИИ ИНФОРМАЦИОННОГО МОДЕЛИРОВАНИЯ В РАМКАХ УМЕНЬШЕНИЯ СЕБЕСТОИМОСТИ СТРОИТЕЛЬСТВА ОБЪЕКТОВ НЕДВИЖИМОСТИ

Subject. The use of information modeling tools within the framework of organizational and methodological support for the process of reducing the cost of construction of a single real estate object within the framework of saving private and public funds. Purposes. Reduction of the cost of construction of real estate objects as a result of the use of information modeling tools, as well as the development of practical recommendations for the formation of this approach. Methodology. A comparison method has been applied to determine the advantages and disadvantages of methodological approaches to determining the cost of construction. Analysis and synthesis were used to determine the directions of reducing the cost of construction and information modeling functions. Also, when forming the concept of increasing the economic efficiency of investment and construction projects, the abstraction method was used. Abstract-logical method was used to formulate the conclusions of the study. Results. The provisions formed in the work represent practical recommendations and proposals for reducing the cost of construction and improving the mechanism for increasing the economic efficiency of investment and construction projects in the context of public-private partnership. The introduction of information modeling technology into the production process of a construction company contributed to the optimization of its organizational structure. This eventually led to lower wage costs. Conclusions. The analysis of cost reduction directions has demonstrated that generally accepted methods are based on the rationalization of construction production and the use of material and technical resources. But the current pace of development of the industry requires the introduction of modern information technologies to maintain competitiveness in the construction services market and fulfill the main task - careful attitude to the costs of public and private funds, as well as reducing the cost of construction of real estate.

Codesign in Action: Design Principles to Successfully Manage Transformative Social Innovation

To meet grand challenges, organizations must rethink how they establish their objectives and processes in a more sustainable way. Social innovation is seen as a very promising way to respond to this call. Nevertheless, social innovation encounters difficulties in scaling and reaching its transformative power. On the basis of the theoretical framework of transition management, our article focuses on the codesign of transformative social innovation by trying to identify how actors can manage it successfully during the experimentation phase. We have conducted research based on the design science methodology to develop both concrete solutions to solve empirical problems and build strong design propositions. The results and design propositions stem from the analysis of three case studies of French social impact bonds (SIBs), which are contractual tools funding social innovation programs. SIBs are, by nature, codesign processes involving different types of stakeholders (private funders, public commissioners, and nonprofit organizations). This article provides six design principles to support the cooperation and alignment of multiple stakeholders to foster their scaling up, which is crucial for perpetuating social innovation. This research contributes theoretically to both the social innovation scaling literature and the transition management framework and offers practical guidelines to help social practitioners to codesign and manage transformative social innovations.

Green Finance Barriers and Solution Strategies for Emerging Economies: The Case of India

The need to increase green developers’ access to finance is critical and urgent for emerging economies that are currently facing an annual green financing gap of $2.5 trillion. This article investigates barriers and strategies for promoting green finance (hereafter GF) in India which is one of the fastest emerging economies globally. The article uses a two-phase methodology. In the first phase, an exhaustive literature survey followed by a three-round modified Delphi method is used to extract significant barriers and solution strategies for GF adoption. In the second phase, the best worst method is used to rank the barriers using their relative weights, and the solution strategies by utilizing global weights as input. The article finds that policy, economic, and knowledge barriers are the top three barriers for GF adoption. Clear green policies and risk assessment frameworks; credit enhancement mechanisms for green developers; low-cost refinancing and securitization markets for green technology and products; and combining directed finance with incentivized finance, public finance with private finance, and financial markets with technology are some of the most important strategies obtained from this article for promoting GF adoption.

Private funding, profitability and growth opportunities of immigrant SMMEs: a resource-based view

Private funding, profitability and growth opportunities of immigrant SMMEs: a resource-based view

Investigating the Relationship Between the World Giving Index and the Donations in Lions Clubs International Foundation

There is much research on how to improve the provision of local public services without having to increase municipal public spending. Latest trends stress out the role of citizens and non-governmental organizations (NGOs) that can provide various public services using private funding (donations) and volunteers. This paper analyses the relationship between the World Giving Index and donation in a selected NGO, the Lions Clubs International Foundation (LCIF). We investigate whether financial donations made to international humanitarian LCIF in different countries around the world influence the World Giving Index. Main methods used are panel regression and correlation analysis on the sample of 97 countries and 116,033 donors. The results suggest that donations made to LCIF have a positive impact on the World Giving Index. We support our findings with extended theory of planned behaviour model for Slovakia based on a questionnaire with 150 respondents.

Private Sector Financing of Public Infrastructure, Exchange Rate Dynamics and, Economic Growth Process in Nigeria

This study examined the nexus between private sector financing of public infrastructure, exchange rate dynamics and economic growth in Nigeria through the application of unit root, cointegration test, and granger causality. The result of the cointegration techniques suggests the existence of long run relationship among the variables. Granger causality result show that economic growth plays a pivotal role in driving infrastructure investment. However, the immediate feedback loop from infrastructure investment to economic growth is less clear, possibly due to the time lag inherent in the realization of infrastructure benefits. Other economic factors like interest rates, exchange rates, inflation, and FDI are influenced by broader macroeconomic and global conditions, showing less direct causality with infrastructure investment and economic growth in the short term. It is therefore recommended that Government at all levels must promote Public-Private Partnerships (PPP) to leverage private sector expertise and financing in infrastructure projects. Clear and transparent PPP frameworks will attract more private investments. Additionally, the Central Bank of Nigeria (CBN) should carefully manage interest rates to balance economic growth with inflation control. High interest rates can deter private investment, so a balanced approach is necessary

Comments: New Year Marks JPT’s 75th Anniversary

We’re excited to begin the year with the commemoration of JPT’s 75th anniversary. This issue launches our special features dedicated to JPT’s reporting of technology and practices over the past 7½ decades. Emerging Technology Senior Editor Stephen Rassenfoss and Senior Technology Editor Trent Jacobs penned this month’s articles highlighting innovations in drilling, completions, and reservoir engineering. Each month, our editors will dive into the archives to round up milestones of industry advancements and achievements as reported in JPT. Since its inaugural issue in January 1949, JPT has remained true to its mission of reporting the technological and scientific learnings and advancements in the global oil and gas industry. Built upon a strong technical foundation, it continues to draw upon the expertise and knowledge of industry experts to disseminate up-to-date, relevant information to SPE members from all disciplines. JPT’s evolution began with The American Institute of Mining, Metallurgical, and Petroleum Engineers (AIME), founded in 1871 in Wilkes-Barre, Pennsylvania. It was one of the first national engineering societies established in the US. In subsequent years, AIME was joined by four other engineering founder societies—The American Society of Mechanical Engineers (ASME), the American Institute of Electrical Engineers (now the Institute of Electrical and Electronics Engineers [IEEE]), the American Society of Civil Engineers (ASCE), and the American Institute of Chemical Engineers (AIChE)—and formed the United Engineering Foundation. (US President Herbert Hoover, a mining engineer, served as AIME’s president in 1920.) As AIME itself continued to grow, it decentralized and formed four independently operated member societies: SME (Society for Mining, Metallurgy, and Exploration); TMS (The Minerals, Metals, and Materials Society); AIST (Association for Iron & Steel Technology); and SPE (Society of Petroleum Engineers). AIME had as part of its membership a small, but growing, number of petroleum engineers. These members had specific technological issues far removed from their peers in the older, more-established engineering disciplines. The AIME Petroleum Branch Executive Committee (whose members represented companies such as The Pure Oil Co., Dowell Inc., Humble Oil and Refining Co., and the Texas Co.) determined that the best way to meet this group’s needs was to develop a “publication so dominantly petroleum as to secure wide reader interest,” one that would “rapidly gain the respect of the industry.” Over the years, that goal was achieved. JPT came to be recognized worldwide as the source for authoritative technical information in the petroleum industry. JPT’s first issue included four technical papers, one of which was “A Hydraulic Process for Increasing the Productivity of Wells.” The paper’s author, J.B. Clark, noted, “To date the process has been used in 32 jobs on 23 wells in 7 fields, resulting in a sustained increase in production in 11 wells.” The hydraulic fracturing techniques for well stimulation that he discussed have been responsible for the subsequent recovery of billions of barrels of oil. Also, bear in mind that the world’s total crude oil production in 1949 was about 3.8 billion bbl, less than the projected total US annual production in 2023—4.7 billion bbl. Other articles related to the oil and gas business were “Private Financing of Oil-Producing Properties” and “Middle Eastern Oil and Its Importance to the World.” Interestingly, although the content is outdated, both topics remain relevant today, 75 years later. Join us each month to explore our rich history and follow us on LinkedIn. All issues of JPT from 1949 to date are available in OnePetro. Even a cursory glance at the titles of the papers will show the remarkable evolution of technology over the years. We wish you the best in 2024, both in your professional and personal lives.

A Review of Customer Satisfaction Survey on Facilities Management Performance within Private Finance Initiatives (PFI) at Malaysia Public University

The purpose of this paper is to provide an overview of the primary research undertaken to establish customer satisfaction survey (CSS) for the facilities management practices and performance at Malaysia private finance initiatives (PFI) university campus. The single case study approach is a research method used in this research to analyse a single case or phenomenon in depth. In this approach, a single unit of analysis, such as, a case study of PFI campus of a public university in Malaysia is studied in detail to gain a deep understanding of the case and its context. The findings of this paper revealed that the overall, FM Company ‘A’ CSS increased from 3.26 in 2014 to 3.94 in 2022, with some fluctuations over the years. It is a positive trend that indicates that the company has been improving its services over the years and meeting stakeholder expectations. This paper reached out to address the CSS for FM practices and performance under the Private Finance Initiatives (PFI) at Malaysia Public University after 9 years of its implementation. It gives a better understanding of PFI concept and FM practices in the country. The review also helps to identify practices and measures to the FM performance impact to the university operations.

Global Trends and Regulatory Compliance Frameworks of Overseas Private Fund

Global Trends and Regulatory Compliance Frameworks of Overseas Private Fund

A Brief Analysis of the Legal Responsibility of Private Fund Custodians

A Brief Analysis of the Legal Responsibility of Private Fund Custodians

국내 문화예술후원활성화를 위한 방안으로서 문화예술후원 매개 인력 육성에 관한 연구

Arts organizations in Korea have long been highly dependent on government subsidies. As government funding has steadily reduced, organizations need to find other ways to maintain their artistic activities such as private funding. Consumers should also go beyond their role as audiences and start participate as patrons of art to contribute to foster sustainability. In the process of attracting art patronage, the role of art fundraiser is crucial. Therefore, this study aims to emphasize and deepen the understanding of art fundraiser’s role and responsibility. Based on literature research and in-depth interviews, the study reveals some meaningful suggestions as following; first, most importantly, there must be social consensus to support art. Secondly, the art fundraiser training curriculum should be systemized and specialized considering the nature of fundraising. Lastly, a control-tower collaborating with art fundraisers and related organizations should be established in order to promote legal and institutional improvements.

Fireflies May Transform Damodar Based Banka-Siphon As Eco-Tourism Spot: Focused Ecological Foot Print Biodiversity Conservation Natural Resources Socio-Economic Management Ecosystems Improving Environmental Policy

The Damodar River (DR) based in Kanchannagar, Burdwan Town, West Bengal, India attached to Eden Canal (EC) and Banka-SiphonDam (BSD) of Banka River (BR) covering we surveyed first time covering 10-12 km sq km area, is the oldest enriched habitat of different flora- and faunal- diversity with large population densities of biological light producing insect, fireflies that attract nature lovers and tourists for their ability to make rhythmic synchronous flashing light in 45 years ago. But fireflies were decreasing gradually due to the oldest diurnal tourist spots and modern artificial lighting; coming massive tourists, picnic parties with large sound systems, killing of wild animals, cutting the trees, disturbing, catching, unethical human behaviours, and urbanization nearby badly affected ‘Nocturnal Biodiversity specially Fireflies’, and it adversely affects the environment (Water, Sanitation and Ecology) and societal problems. On the other hand, it is well known that fireflies are the most charismatic beetles with attractive bioluminescent courtship displays that have recently been swept onto the global stage of nature tourism, especially the ‘Nocturnal Natural Fireflies Eco-Tourism’. To overcome it, the main aims and objectives are to survey the densest firefly population zone with nocturnal biodiversity for the focus and establishment of the ‘Nocturnal Firefly Eco-Tourism Spot’, and provide suggestions for future tourist behaviour to minimize the impact on firefly populations with nocturnal biodiversity. All the child scientists of Kanchannagar D. N. Das High School will engage and get scope to identify the prospects and study of management of land, water and living resources promoting wildlife conservation and sustainable use in an equitable way, and can also study the ecosystem management. They observed that the highest firefly populations with nocturnal biodiversity in the ‘Banka Siphon Dam’. The main animals in the night were the foxes, grey-coloured water monitor lizards, turtles, fishing cats, civet cats, barn owls, and even migratory birds. One white-coloured fox was seen in the BS. It may be enriched by planting plans and management of water bodies and land that focus recommendations of firefly tourist sites that can enhance the visitor experience, protect natural resources, and socio-economic benefit of local communities, and help promote the conservation of wildlife biodiversity and research also improving ‘World Policy’. The perfect ecological balance of fireflies with water, land and vegetation may develop any ‘Future-SocioEconomic-Nocturnal Eco-Tourist-Spot’. So, it may tell, “Fireflies May Transform Damodar-Based Banka-Siphon As Eco-Tourism Spot Focusing Ecological Foot Print Biodiversity Conservation Natural Resources Socio-Economic Management Ecosystems Improving World Environmental Policy! And Emerging Fireflies Eco-Tourism Economies Need Much More Private Financing for Climate Transition.

Impact of project financiers’ strategies on de-risking infrastructural projects: A conceptual review

Infrastructure projects encounter significant risks which often deter financiers from investing in them. To address these risks, financiers have developed and applied several strategies aimed at encouraging investment. Therefore, this study reviewed several literatures from the past ten years on the strategy used by both public and private financiers to reduce risks and encourage investment in infrastructure projects. From the literature reviewed, several strategies such as risk allocation & mitigation, blended finance, issuance of green bonds, and stakeholders’ engagement in project selection were utilized by major project financiers in making investment decisions. Other factors such as political stability, economic indicators, insurance & guarantees, and legal & regulatory framework were also identified to positively impact investment decisions on infrastructure projects. From the findings, a conceptual framework linking the project financiers’ proxies (risk allocation & mitigation, blended finance, issuance of green bond, and stakeholders’ engagement in project selection) to that of the proxies of de-risking (political stability, economic indicators, insurance & guarantees, and legal & regulatory framework) was developed with the outcome showing the positive impact of both proxies on project financiers’ investment decision. The magnitude of the impact of each proxy on investment decisions is a subject of future study.

E-Health, m-Health, personalised medicine – challenges faced by healthcare systems in Central and Eastern Europe

Background and purpose: The purpose of this study aims to explore measures intended to remove barriers to the implementation of innovative interventions and identify best practices applicable in European countries that support the implementation of cutting-edge e-health, m-health and personalised medicine (PM) interventions at the micro-, meso- and macro-regional levels. Thanks to PM, people are closer to more accurate, predictable and powerful healthcare tailored to individual patients [1]. PM indicates treatment adapted to the patient's characteristics, needs and preferences. PM categorises patients according to the risk of developing a particular disease or degree of response to a given treatment using appropriate diagnostic markers. PM also aims to increase control over the optimisation of medical treatment outcomes and increase the precision of medical treatment, as well as improve disease prediction [2]. The study concept constitutes one of the indicators of the Regions4PerMed project entitled "Interregional coordination for a fast and deep uptake of personalised health" (Horizon 2020).
 Group of respondents: The group of respondents included stakeholders of the Regions4PerMed project - members of the Regions4PerMed Advisory Board, organisations associated with the Patients’ Organisations Council, small and medium enterprises involved in e-health innovation, presenters at conferences and workshops associated with research institutions, private funders, policymakers, policy advisors, project managers, researchers, patient representatives, physicians, academic staff and healthcare consultants.
 Techniques and tools: The qualitative research took the form of online questionnaires and focus group interviews (semi-structured) to identify key barriers and facilitators to the implementation of innovative e-health interventions at the micro-, meso- and macro-regional levels within health and social care systems conducted according to the following five thematic priorities of the Regions4PerMed project which are:
 1.Medical Big Data, Electronic Health Records and Health Governance
 2.Connected health: Better system integration and patient management
 3.Health industry: Driving healthcare innovations
 4.Facilitation of the flow of innovation in healthcare
 5.Socio-Economic Aspects – basic principles.
 
 Outcomes and contexts: The ongoing research will provide data for the development of recommendations that identify the limitations to and benefits of the implementation of innovative e-health interventions for health and social care, with regard to chronic diseases, at the micro-, meso-, and macro-regional levels. In Poland (as well as throughout Eastern Europe), there are still tangible barriers to the development of e-health and m-health in terms of chronic diseases.
 

30 by 2030 campaign

Primary Health Care (PHC) is a cornerstone of universal health coverage (UHC). To prevent diseases and holistically treat people, community-based primary healthcare systems need to be strengthened. PHC is an approach that aims to address physical, mental, and social health and well-being, and to provide comprehensive care for a person's health needs throughout life rather than focus on treating a specific set of diseases. To achieve this approach, we must strengthen horizontal PHC systems and encourage vertical programmes, including disease-specific programmes, to be developed, integrated, and implemented in the context of integrated Primary Health Care.
 In early 2020 the WHO Collaborating Centre on Family Medicine and Primary Health Care launched the 30by2030 campaign (https://www.30by2030.net), whereby signatories are asking donors of vertical disease-oriented projects to invest at least 30% of their budgets for vertical programs in strengthening coordinated and integrated primary health care. The initiative is a pull of efforts of different organizations such as Wonca: World Organisation of Family Doctors, The Network: Towards Unity for Health (TUFH), African Forum for Primary Health Care, European Forum for Primary Care, PRIMAFAMED network, among others.
 The 30 by 2030 has two aims: the first one is to inform and raise awareness of the impact of vertical programs on health systems. Most of the private and external funds, which represent one-third of the total spending of PHC, are channelled through programmes that focus on the health problems of specific population subgroups (e.g., HIV, tuberculosis, malaria) which also leads to inequity by disease. The second aim is to call for international donors to assign 30% of their vertical top-down, disease-oriented budgets to strengthen primary healthcare services through coordination, increased human resources and improved infrastructure.

How Green Banks can create multiple types of value in the transition to net zero emissions

AbstractCurrent levels of investment are insufficient to meet the goals of the Paris Agreement, and private sector funding shortfalls are acute. Despite this, little research has been undertaken into Green Banks, a new form of institution which mixes public and private institutional logics to mobilise additional private investment in the net zero transition. This paper examines how hybridity manifests in Green Banks and the ways these institutions create value through their investments. We adopt a mixed method, case study approach, combining primary document study with interviews, to elicit information on different forms of hybrid governance and value creation in four Green Banks (located in Australia, New Zealand, and the United States). We find some commonalities in how hybridity manifests between cases (e.g. combining public knowledge sharing logics with private investment logics), but also significant differences (e.g. in investment focus), as policymakers adapt organisational governance to suit jurisdictional circumstances. Green Banks are perceived to create value beyond their core financial roles, including knowledge spillovers, social equity benefits, and enhanced energy security. Current evaluation approaches focus on financial metrics and often exclude these broader areas of value creation. Development of additional value capture metrics could make Green Bank contributions more visible.Points for practitioners Green Banks are hybrid organisations that seek to accelerate investments in low carbon infrastructure. Green Banks aim to mobilise additional private finance to investments which would otherwise not occur, due to economic, social, or political barriers. Green Banks demonstrate different forms of organisational hybridity and value creation at national, state, and local levels. At present, the value created by Green Banks, particularly investments in disadvantaged communities, is not fully captured through investment evaluation processes. The net zero transition is an opportunity to develop new forms of investment governance and evaluation which moves beyond capturing financial value to capture the value of investments more effectively.

ІНСТРУМЕНТИ ФІНАНСОВОГО ЗАБЕЗПЕЧЕННЯ ІННОВАЦІЙНОЇ ВІДБУДОВИ ЕКОНОМІКИ КРАЇНИ

The relevance of the study lies in the need to develop and improve effective financial instruments for the innovative reconstruction of the country's economy. In the current conditions of rapid technological changes and global competition, the effective implementation of innovations becomes a key factor in sustainable economic development. One of the main obstacles to innovation development is limited financial resources. The research is aimed at identifying effective mechanisms for attracting and allocating funding to support innovative initiatives. Investors often have limited interest in innovative projects due to their high risk. The research aims to develop mechanisms to incentivize investors to participate in innovative initiatives. Determining the optimal balance between public and private funding to support innovation, as well as developing partnership mechanisms between them, also encourages seeking solutions to these issues and developing effective financial strategies for innovation to achieve sustainable economic development in the country. The goal of the research is to study, analyze, and determine optimal financial instruments that contribute to stimulating and supporting innovative development in the economy of Ukraine. During the research, general scientific theoretical methods were used, including systemic analysis to disclose key research categories, abstract-logical method for formulating theoretical generalizations and conclusions about the essence of the synergistic effect and its assessment, and graphical method for illustrating theoretical and analytical material related to the main characteristics of the synergistic effect in innovative clusters. The research included an analysis of various instruments used to provide financial support for the innovative sector of the economy. The primary focus was on mechanisms that determine the success of the country's innovative development. The analysis allowed assessing the effectiveness of different financial instruments and their impact on economic progress. It identified mechanisms that contribute to the growth of innovative potential and those that may be less successful. Key issues and challenges facing the financial system in implementing innovative projects were also identified. Their potential impacts on overall economic development were revealed, and directions for further research were determined. The article serves as a crucial tool for increasing understanding, developing strategic approaches, and promoting innovative reconstruction of the country's economy. It can be valuable for scholars and professionals studying or working in the fields of economics, finance, and innovation, providing them with knowledge and tools for further research and professional development. Further investigation into specific financial instruments, such as grants and financing, considering the impact of the political and social environment on the effectiveness of innovative financial instruments, can enrich understanding and help contextualize decisionmaking. Analyzing the interaction between innovative financial instruments and other areas, such as education, science, and entrepreneurship, may reveal additional opportunities for creating synergy.

Green finance: Evidence from large portfolios and networks during financial crises and recessions

AbstractIn this article, we study the relevance of green finance from a portfolio and a network perspective. The estimates are derived from a regularized graphical model, which allows us to deal with two important issues. First, we refer to the curse of dimensionality, as we focus on a relatively large set of companies. Second, we explicitly take into account the heavy‐tailed distributions of financial time series, which reflect the impact of crises and recessions. Focusing on a time interval spanning across well‐known tail events, from the US subprime crisis to the recent outbreak of the COVID‐19 pandemic, we show that the selected green stocks offer a relevant contribution to the minimization of the overall portfolio risk. Moreover, they outperform the gray assets in terms of risk, profitability, and risk‐adjusted return in a statistically significant way. These findings are consistent with the estimates obtained from the network analysis. Indeed, the gray stocks exhibit a greater connection within the dynamic networks and, then, are more exposed to the risk of a greater propagation of negative spillover effects during stressed periods. Interestingly, the relevance of the green stocks increases when moving from the standard Gaussian to the leptokurtic setting. The policy implications suggested by these results induce policymakers to undertake synergistic interventions with private finance aimed at supporting a green economy and environmentally responsible companies.

Revitalizing Pennsylvania's infrastructure: local public-private partnerships as the key to bridging the gap with a case study for local public-private transportation partnerships

Pennsylvania's aging transportation infrastructure has long been a cause for concern, with bridges, highways, and other vital components approaching the end of their serviceable lifespans. The state's infrastructure, one of the nation's oldest, is in dire need of repair and replacement, particularly in the case of bridges, many of which are over 50 years old and in poor condition. However, the financial investment required for this task is substantial, posing challenges within the state's budget constraints. To address this infrastructure crisis, an amendment to Pennsylvania's existing legislation, Act 88, is proposed. This amendment would permit local governments to engage in Public-Private Transportation Partnerships (P3s), leveraging private sector financial resources and expertise. Such local government Transportation P3s have the potential to alleviate the state's infrastructure and financial woes. Currently, Act 88 prohibits municipal governments from participating in these partnerships, hindering the Commonwealth's ability to secure private funding and expertise when public resources are limited. This study aims to address the structural deficiencies in Pennsylvania's transportation infrastructure and its $2.2 billion financial deficit, which hampers repair and improvement efforts. The study employs a descriptive, multi-case analysis to investigate how an amendment to Act 88 could enable local municipalities to engage in P3 transportation projects. These partnerships could provide solutions to budgetary and funding challenges, particularly in the context of locally owned bridge repair and replacement projects. The selected cases are evaluated against various performance criteria, such as value, pricing, budgeting, public accountability, regulatory control, and capacity, offering a comprehensive assessment of the potential benefits of local government participation in P3 transportation projects.

FEATURES OF THE DECENTRALIZED MODEL OF PUBLIC MANAGEMENT OF GENERAL SECONDARY EDUCATION IN EUROPEAN COUNTRIES

The article examines decentralized models of general secondary education management in Poland and Germany. It was revealed that reforming the system of public administration in the field of education became a component of preparation for European integration. However, the specific steps of the transformation of the management system in today's conditions involve not only the introduction of elements of European models of education management into domestic education, but also a comprehensive analysis of their positive and negative impact on the functioning of the educational system. It was determined that many countries of the European Union consider the idea of introducing a decentralized model of education management to be progressive, therefore, studying the experience of the functioning of mechanisms of public management of the education system of European countries is instructive for the post-war development of the education management system in Ukraine. The article notes that in Poland, the management of reform processes and activities of secondary education institutions is carried out by self-governing bodies. Here, the powers of the public regarding control over the activities of educational institutions of local communities are maximally expanded, which are strengthened by the organizational and financial responsibility of local authorities for the development of education. Financing of school education in Poland is carried out from the state budget, and local self-government bodies set the rules for paying teachers, are responsible for investing in education, and set the rules for receiving and using private funds by schools. It is noted that the decentralized system of education management in Germany is determined by its federal structure: each state conducts its own educational policy. It was concluded that the democratization of the society of Poland and Germany is characterized by the search for such options of education management that would most successfully ensure the support of educational institutions from the local community. In these countries, it was considered expedient to abandon the system of centralized management of the network of educational institutions and transfer responsibility to the local executive authorities in whose territory they are located. The considered experience of functioning of the decentralized model can be useful when introducing similar models in Ukraine.