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An institutional theory perspective on the UK's Private Finance Initiative (PFI) accounting standard setting process

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  • M Iqbal Khadaroo

Abstract

This article examines the Private Finance Initiative (PFI) accounting standard setting process from an institutional theory perspective. It identifies three forms of institutional pressures and examines their impact on the PFI standard setting process. ‘Coercive’ pressure, exerted by the Treasury, and ‘normative’ pressure, exerted by the accounting profession, were influential in shaping respondents' comments on the PFI accounting Exposure Draft (ED). It is argued that the views of the accounting profession seem to have prevailed in the PFI standard setting process. This might stem from its institutional legitimacy and close ties with the Accounting Standards Board (ASB). In line with its broader policy objective of adopting private sector business practices in the public sector, the Treasury has eventually ‘acquiesced’ to the final PFI accounting standard issued by the ASB.

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  • M Iqbal Khadaroo, 2005. "An institutional theory perspective on the UK's Private Finance Initiative (PFI) accounting standard setting process," Public Management Review, Taylor & Francis Journals, vol. 7(1), pages 69-94, March.
    • Handle: RePEc:taf:pubmgr:v:7:y:2005:i:1:p:69-94
    DOI: 10.1080/1471903042000339428
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    Cited by:

    1. Toms, Steven & Beck, Matthias & Asenova, Darinka, 2011. "Accounting, regulation and profitability: The case of PFI hospital refinancing," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 22(7), pages 668-681.
    2. Demirag, Istemi & Khadaroo, Iqbal & Stapleton, Pamela & Stevenson, Caral, 2011. "Risks and the financing of PPP: Perspectives from the financiers," The British Accounting Review, Elsevier, vol. 43(4), pages 294-310.
    3. Khadaroo, Iqbal, 2014. "The valuation of risk transfer in UK school public private partnership contracts," The British Accounting Review, Elsevier, vol. 46(2), pages 154-165.
    4. Hodges, Ron & Mellett, Howard, 2012. "The U.K. private finance initiative: An accounting retrospective," The British Accounting Review, Elsevier, vol. 44(4), pages 235-247.

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