Successful smart city planning necessitates collaboration among public and private stakeholders. Various financial collaboration strategies are implemented in smart city planning, such as crowdfunding, grants, and investors. However, the most prevalent collaboration model is Public-Private Partnerships (PPPs). PPPs encounter obstacles of diverse cultures and objectives, lack of support, inadequate regulations and legal structures, and unreliable risk- sharing systems. These obstacles result in disputes referred to as principal-agent problems. The study’s objective was to identify the roles of the principal and agent in a PPP when planning smart city developments. These were established through a systematic review using a single source database, Scopus. Materials published within five years, 2019 to 2023, were used. The reviewed literature includes peer-reviewed studies and published reports. Findings emphasise that the principals focus on social interest, while agents focus on cost-effectiveness and achieving a high return. Additionally, important themes around smart planning, effective communication among stakeholders, good governance, health risk assessment, and the impacts of a successful collaborative smart city project were highlighted. The study enhances understanding and highlights critical stakeholders' role in smart city planning PPPs. Future research may examine the roles of key stakeholders during implementation and post- evaluation, comparing them to the planning process to better understand the complete cycle of collaboration projects in financially sustainable smart cities.

Afezekile Moko & Chioma Okoro, 2024. "Smart City Planning: Principal and Agent Roles in Public-Private Partnerships," AfRES afres2024-018, African Real Estate Society (AfRES).

Handle: RePEc:afr:wpaper:afres2024-018

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