An Econometric Analysis of PFI Roadside Stations in Japan
Ryusaku Matsuo
Mitoshi Yamaguchi
October, 2020
Discussion Paper No.2018

GRADUATE SCHOOL OF ECONOMICS
KOBE UNIVERSITYROKKO, KOBE, JAPANAn Econometric Analysis of PFI Roadside Stations in Japan*
Ryusaku Matsuo†and Mitoshi Yamaguchi‡

1. Introduction
The number of Roadside Stations in Japan is increasing rapidly. The purpose of this paper is
to conduct econometric analyses of the business of PFI (private finance initiative) and other
Roadside Stations. The PFI is a system in which private companies build social infrastructuresusing funds and know-how from the private sector, which the government then pays to use. Sales
revenue is one of the most important targets for Roadside Stations. It depends on the number ofcustomers who visited the station, number of events, parking space, management expenses, andgross business expenses. Conversely, all the latter variables also depend on sales revenue.
Therefore, we used a two-stage least squares method to study the mutual influence between thesevariables. We found that PFI Roadside Stations had distinct economic performances. Therefore,
we investigated the reason for their success. Then, we will show some policy implications.
2. PFI system for Roadside Station (Michi-no-Eki)
The PFI installation method started in 1999 by utilizing private funds, executive ability, andtechnical competence for construction of public facilities, maintenance management, and more.
So far, it has been introduced into various institutions throughout Japan. A total of 740 PFI projects
were implemented in 2018. Implementing PFI projects is multifaceted and complex. Therefore,
PFI projects receive orders for multiple operations from the national or local government(hereinafter referred to as the "public sector"). Groups of private companies (called "consortiums")
suitable for the execution of each relevant task (design and construction management,
construction, maintenance management, operations, etc.) will form one group and participate in
bidding on a consortium basis.
If a successful bid is made, a private business operator from the consortium establishes a
special purpose company (SPC) which implements the PFI project and makes a contract with the
public. Executing a PFI project is one of the most important examples of communication andcooperation between the public and private sectors. Thus, PFI system constructing a “consortium”
with business enforcement. It shares one business plan from the consortium. Roadside Stations
are the center of the regional activation project, so they should be established by local privatecompanies that have a strong attachment to the area. Because of this, the PFI system is used toThis paper is an extension of our previous work, originally published in Japanese (Matsuo, R. and M.
Yamaguchi (2016 b)). We have obtained permission from Toshi-kenkyu (Kansai Urban Studies) to publish theextended paper in English.
†
Research Fellow, Graduate School of Economics, Kobe University E-mail: yousakum@gmail.com‡
Emeritus Professor, Kobe University E-mail: mitoshiyy@yahoo.co.jp.
*

1form a consortium to better establish and develop Roadside Stations. Table 1 shows thecharacteristics of introducing PFI to Roadside Stations.
As shown in Table 1, the basic features of the successful operation of PFI projects can besummarized as follows. First, public institutions, private business operators, and financial
institutions should thoroughly consider and agree on appropriate risk sharing. Second, the mostimportant of the seven phases in promoting PFI projects is the selection of PFI business operatorsin phase 4 (For each phase, see Table 1.). In necessary documents submitted by private companies
with bid prices, we must be very careful in preparing a project implementation plan and a businessincome and expenditure plan. Third, PFI projects related to Roadside Stations are carried out
under a BTO system, in which the designated operator undertakes the maintenance andmanagement of the facilities for 15 years after they are constructed. In particular, it is importantthat the project implementation plan is sufficiently examined during the BTO process. Fourth,without a clear business plan, it may be difficult to continue business after implementation. In theformulation of a project implementation policy, it is important to make a clear contract concerning
the responsibility of the business operator in the selection of a private business operator. If such acontract is not made, problems arise in terms of business continuity, as in the case of Hari T.R.S.
The station was not approved as a PFI project and not mentioned in the Japan NPO PFI/PPP
Association (2012) guidebook. The failure of Hari T.R.S. provides a lesson that sufficient business
policies and implementation plans must be considered for PFI projects to be carried out
successfully.
Here are some things to keep in mind. Since VFM (higher service quality and lower costs) is
examined at the stage from the announcement of the implementation policy to the selection of thespecific project, it is natural that the PFI project will have a good result to some extent (but there
are other best classes, not PFI.). In addition, PFI has the advantage of reflecting the ingenuity andopinions of each SPC company at the design stage. Another advantage is that it is not necessary
to pay the full amount in a lump sum in the facility completion year.
This PFI system was first introduced to Roadside Stations in 2000 at Hari T.R.S. (the case ofHari T.R.S is not recognized as a PFI project now because it failed to comply with the 2001
Guidelines on the PFI). They are now improved by this PFI system: “Mizu no sato Sawara”(Chiba Prefecture), “Hari T.R.S (te-ra-su)” (Nara Prefecture), “Youka Tajima no kura” (Hyogo
Prefecture), " Kasaoka Bay Farm" (Okayama Prefecture), and “Ibusuki” (Kagoshima Prefecture),
Kyotamba Ajimu no sato (Kyoto Prefecture), and Izu Gateway Kannami (Shizuoka Prefecture).
Details of the projects for these stations are shown in Table 2.
Now, the cases of “Kasaoka Bay Farm,” “Mizu no sato Sawara,” “Ibusuki,” and “Youka
Tajima no kura” are described in detail. First, the case of “Kasaoka Bay Farm” is shown below.
Figure 1 shows the organization chart of the PFI business in “Kasaoka Bay Farm.” Amano Sangyo
is a representative of the consortium of PFI companies. Then, we made a business contract with
Kasaoka City and obtained the service purchase fee from the city. The department in charge ofdesign, the department in charge of construction, the department in charge of maintenance andmanagement, the department in charge of operating, and the department in charge of independent
business at Amano Sangyo are as shown in the figure. There are two characteristics of “Kasaoka
2

Table 1 Abstract of the Characteristic of the PFI System
No. Characteristic of the PFI System
The success of PFI projects depends on whether the public and private sectors can clearly
divide their duties. This means the transferring of risks previously taken by the public sector to(1) the private sector. A basic requirement to properly execute PFI projects is an appropriate
business plan to determine the roles of public institutions, private companies, and financial
institutions, which is made through dialogue and consultation.
The process of the PFI projects is as follows: The 1st phase is Proposing the Business Idea.
The 2nd is the Publication of an Implementation Outline. The 3rd is the Evaluation of theSpecified Project. The 4th phase is the Invitation of Private-sector Proposals, Evaluation of
Proposals and Selection of Private-sector Firms. The 5th phase is the Conclusion of theAgreements. The 6th phase entails Executing the Project. The 7th and final phase is theCompletion of the Project(2)
The PFI projects are conducted based on the above procedures, with the 4th phase being themost important. The PFI firms are chosen through public bidding, and necessary documentsthat are submitted before the bidding process are an important factor in the choice of firms.
Companies taking part in the bidding thoroughly consider the execution plan for the designing,building, operation, maintenance, earnings, and expense plan to prepare the reconstructed
documents. This set of procedures before the project implementation makes the PFI firms ’management more efficient.

(3)

PFI projects involved in Roadside Station management are executed based on the BTO
method, which means constructing the facilities (Build), handing over ownership to thegovernmental agencies (Transfer), and acquiring the management rights (Operate).
A well-prepared business plan is crucial. After the implementation of the project, poor
business planning could make it difficult for the company to run the station.

In the Hari-T•R•S(TeRaSu) case, when the PFI project was decided on, the responsibilities tobe borne by the private sector were not clearly defined in the contract. Therefore, this case is
not recognized as a PFI project because it failed to comply with the 2001 Guidelines on the
PFI (Hari-T • R • S, which was built in 2000, is not written in the NPO Japan PFI / PPP
Association (2012)).
(4)
The unsuccessful case of Hari-T • R• S shows us that it is critically important to carefully
consider corporate policies and execution plans when making use of private sector dynamism.
However, all four PFI cases except Hari-T • R • S used in this analysis comply with therequirements based on the 2001 Guidelines on the PFI because they were built according tothose guidelines.

Source: We made this table from the contents of Arioka et al. (2003), and Noda (2003, 2004).
Bay Farm” management. The first feature of the “Kasaoka Bay Farm” is the shipping council ofabout 300 people, which strives to deliver high-quality products.
The general supermarket tries to sell products at low prices, but the “Kasaoka Bay Farm”
particularly focuses on quality. It mainly sells products to the residents of the neighboring3

Table 2 List of Roadside Stations constructed by PFI (Business Project Name)
Selection
Project
date ofStarting
periodspecialdate(years)project

Name ofNo. RoadsidestationProject name

Field

(1)

Ibusuki

IbusukiCommunity
Exchange
Facility
Project

Sight-seeing BTO
facility

Service
Ibusukipurachase
city
type

IbusukiJan.14,city,
2003
Kagoshima

Mar.26,2003

Oct.1,
2004

15

(2)

Yoka
Youka
City Develop
Tajima no
-ment
kura
Project

Sight-seeing BTO
facility

ServiceYabupurachase
city
type

Yabu
city,
Hyogo

Jan.14,2005

May.16,2020

Nov.1,
2006

15

(3)

Mizu nosato
SawaraPFI Projectat theSawaraRegional
Exchange
Center

Other

Service
MLIT
Katoripurachase / Katori city,
type
city
Chiba

May.24,2007

Sept.28,
2007

Mar.27,
2010

15

(4)

Kasaoka
Bay Farm

Project for
stationimprovement
on National
Route 2
Kasaoka
BypassRoad

Sight-seeing BTO
facility

Service
KasaokaKasaokapurachase
city,
city
type
Okayama

Aug.13,2009

Mar.2,
2010

Aug.1,
2011

15

(5)

Kyotanba-cho regional
Kyotamba
development
Ajimu nobase facility
sato
development
project

Sight-seeing DVO
facility

SelfKyosupporting
tamba
accounting
cho
type

Kyo-tamba
July.31,
cho,
2012
Kyoto

Oct.5,
2012

Apr.1,
2015

15

(6)

Izu
Gateway
KannamiKan-nami"Michinoeki/ Kawanoeki"
PFI Project

Sight-seeing BTO
facility

Service
Kanpurachase nami
type
cho

Kan-namicho,
Sizuoka

Nov.10,2014

Feb.5,
201715

Project
methodBTO

Project
type

Imple
Project-menting
spot
entityAnnounce
-ment
date
of
executive
policyAug.8,
2014

Source: We made this table from the data of NPO, Japanese PFI, PPP association (2019).
Fukuyama City. The second characteristic is that the Roadside Station company and its local
government communicate and cooperate with each other. The city holds many events bypositioning the Roadside Station as a base for promoting tourism. The third characteristic is that
there are many valuable assets at the station. The person in charge of purchasing products from awide range of routes used to work at a major department store (Kataoka (2015), Okayama
Prefecture Kasaoka City Construction Industry Department of Tourism and Economic Activity
Section (2011). Here are some examples of the many events held in Kasaoka. Winter Illumination"Light Sparkling" (December to late January), Oyster Festival (late January), Strawberry Picking(late February), Rape Blossom Festival (mid-March), Sakuradai Fair (late April), Poppy Fair
(mid-May), Opening Festival (July), Sunflower Festival (Early August), Fig Festival (September),4

Figure 1 Sructure of business “Kasaoka Bay Farm”

Note: Author prepared using “Kasaoka Bay Farm” company data.
Source: We made this figure from Kasaoka City (2011).
Cosmos Festival (October), Watari-gani Festival (November), and the Year-end Fish Market(December).
Next, the case of "Mizu no sato Sawara" is shown below. Regarding the package plan of thisRoadside Station, the government established the "River Disaster Prevention Station" and Chiba
Prefecture expanded the National Route 356. Katori City then installed the main body of theRoadside Station "Mizu no sato Sawara." In other words, the government, Chiba prefecture, andKatori City cooperated to build the station. As a result, the station became a disaster prevention
base, waterfront usage base, cultural exchange base, and a traffic exchange base. Because of these
extensive facilities, the total operating expenses of this station are much higher than all other
Roadside Stations. At this station, visitors use the disaster prevention base even during normal
times. Katori City in Chiba Prefecture, where it is located, is also an important preservation district5

for the many groups of historic buildings in the area. The Edo-era style landscape composed fromthese buildings is quite popular among tourists. In the Edo-period, the town was famous for its
riverside and boating business was active (Abe (2011), Kushioka (2012)).
Third, the case of "Ibusuki" is shown. Ibusuki's PFI project has two characteristics. The first
feature the community activity center within the Roadside Station. Agricultural processing unions,
local fishermen's unions, Ibusuki citizens' community planning committees, the city council, andthe Chamber of Commerce and Industry demanded that the center be established in the future.
The second feature is the Kannon-zaki Park Improvement Project. It is facilitated in coordination
among the Roadside Station, city park, and local exchange facilities. Kannon-zaki Park is locatedat the entrance of Ibusuki City and is a new base for regional development. This Roadside Station
was developed through the cooperation between private companies and the local government.
Finally, the case of “Youka Tajima no kura” is shown below. Even before the Roadside Station
opened, the people in charge prepared for the opening of the farm stands. They visited farmers inYabu City and made adjustments by themselves. They also asked the farmers to ship their produce
to the Roadside Station. The people in charge asked each farmer what kind of vegetables they had
and when they would be shipped, and they prepared a variety of vegetables. The shipping
organization is called "Tajima Kurando no kai," its members number around 150 (104 individuals
and 10 groups). In this way, officials maintain close contact with the producers. Such cooperation
is an important element from the theoretical perspective of endogenous development theory. In
addition, a system has been introduced in this farm stand where the producer can check the sales
status and replenish its stock via mobile phone. The introduction of this system solved the problem
of a shortage of goods, and as a result, the number of visitors increased.
In addition, this Roadside Station constructed pipe houses for producers who actively shipped
their products. Part of the grants are used to develop the facilities. Currently, there are 19 pipehouses. The installation of these greenhouses resolved the winter shortage problem. The farmstands "vegetable warehouse" with such a wide variety of products popular among users. In“Youka Tajima no kura,” there is also a foot bath corner of Togayama Onsen. The restaurant there
serves a menu that uses local fresh vegetables, local Youka pork, and Katori rice. Hiyoriyama
Kanko, which is a member of the consortium of PFI companies, is a private company that runs
the aquarium "Kinosaki Marine World" in its local area. Therefore, it incorporates a variety ofmanagement know-how into the operation of this Roadside Station. “Youka Tajima no kura” uses
the management expertise and ideas of private companies to communicate closely with producers
and consumers. At each of the four Roadside Stations, sales are high, and the number of visitors
is large. They are also a base for regional development (Nikkei Construction (2007)). The averagesales of the four stations in the fiscal year 2013 was about 266.25 million yen. On the other hand,for the stations given the new type of grant, the average sales amount was about 169.50 million
yen. This comparison shows how excellent the management of Roadside Stations establishedunder the PFI system can be.
Next, we consider the motivations and goals of farmers, PFI business operators, and residents
involved in the operation of Roadside Stations and how they evaluate its effect. By utilizing PFI
systems, the government and the city can lower the cost of design and construction of the Roadside
6

Stations. In the process of the enforcement of PFI, the government acquires the land and develops
the roads and ancillary facilities (toilets, etc.) in the vicinity. Municipalities can utilize the knowhow of private business operators, and they can provide public services of excellent quality at low
costs. Private enterprises, on the other hand, are entrusted with the management and operation for
15 years, so they can participate with peace of mind. Farmers are also able to ship goods reliably
and maintain stable incomes. The POS system makes it easy for farmers to ship their products.
The national and local governments are happy to be able to reduce costs through PFI. Local
residents can buy fresh, high-quality local vegetables at low prices.
Figure 2 above shows the sales amount of each Roadside Station. Figure 2 shows the number ofvisitors at Roadside Stations. For PFI, the sales amount data of the above Figure shows that about
25% of PFI stations have more than 400 million yen in sales a year. However, new grant stations
have about 10%, and all stations have less than 10% of all sales. The figure also shows that about
75% of PFI stations have more than 200 million in sales. However, the new grant station has about
50%, and all stations have less than 35% of the sales amount. The same can be seen in the figure
below. For the number of visitors, about 50 % of PFI stations have more than 850 thousand visitors
per year. However, the new grant station has about 18%, and all stations have less than 10% of thenumber of visitors. Regarding the number of visitors, about 75 % of PFI stations have more than
250 thousand visitors. However, new grant stations have approximately30%, and all stations havea little more than 20% of the number of visitors1).
3． Econometric Analysis of Roadside Stations of PFI
Here, we discuss the numerical values for station rank 1 and rank 10 for the sales amount withrespect to 6 variables (sales amount, number of visitors, number of events, parking space, grossbusiness expenses, and management expenses. See Table 4 below). In terms of sales, No. 1 is 688
million yen, and No. 10 is 345 million yen. In terms of parking space, No.1 can accommodate
427 cars and No.10 can have 222 cars. For the number of visitors, No. 1 had 2.5 million people
and No. 10 had 670,000 people. In terms of the number of events, No.1 had 42 events and No. 10
had 13. No. 1 had a gross business expense of 3,300 million yen and No. 10 had 1,100 million
yen. For management expenses, No. 1 incurred 150 million yen and No. 10 incurred 78 million
yen.
Now, we describe a model and our econometric analysis. Several previous works have dealt
with the analysis of Roadside Stations. For the rest function of Roadside Station is debated by
1) For this study, we used data from two questionnaire surveys. The first is the “Questionnaire Survey about theDisaster Protection Function of the Roadside Stations to the Station Masters,” which was conducted by NPO
Hito-to-Michi-Kenkyukai (Human and Road Research Group; NPO Representative is Junko Matsumoto, andMatsuo is a researcher at this NPO), in August 2012. We sent a survey form to 986 Roadside Stations and received
responses from 727 of them (73.7% response rate). The second is the “Questionnaire Survey of Station Masters
about the Establishment and Management of the Roadside Stations” which was conducted by this study’s
coauthor, Matsuo, in September 2013. Survey forms were delivered to 307 Roadside Stations in the Kinki,
Hokuriku, and Hokkaido regions, and responses from 94 of them were received. The response rate was low
because some question items were too sensitive, such as the sales numbers and number of visitors. Therefore, we
had an effective sample of 83 responses in this study because of some incomplete forms.
7

Figure 2 Sales amount and Number of visitors of Roadside Station(1) Sales amount( yen )
〜50 million

All stations(Avg.:171.95million
yen)

50〜100 million
100〜200 million

New Grant Station(Avg.: 217.73million
yen)

200〜300 million
300〜400 million

PFI(Avg.: 275.85million
yen)

400 million 〜
0%

20%

40%

60%

80%

100%

(2) Number of visitors( people)～５0 thousand

All stations(Avg.: 356 thousandpeople)５0～150 thousand
150～250 thousand

New Grant Station(Avg.: 498 people)

250～550 thousand
550～850 thousand

PFI(Avg.: 1030 thousandpeople)850 thousand～
0%

20%

40%

60%

80%

100%

Kitamura et al. (2000). Toda and Sakamoto (2013) debated the function of the organization nodeof a person and the person. For the research of PFI, Kajii et al. (2000) and Takase et al. (2002)
studied. Kikuchi et al. (2005), Kikuchi and Taniguchi (2006, 2007), and Taniguchi and Kikuchi(2006) performed energetic analyses of Roadside Stations but used a non-econometric method.
Analysis using the least-squares method is rare, but Takase et al. (2002) used the least-squares
8method for bus use. However, the estimation results were poor, and many results of the t value
were not acceptable. In addition, Shima (2011) also estimated the effects of Roadside Stations byusing a dummy variable for agricultural output.
However, many of the results were not significant. Nakamura et al. (2008) used a probit model
but failed to achieve good results. For further econometric studies, Ogawa and Suzuki (2002) usedprincipal component analysis, and Kodama et al. (1998) used quantification second kind analysis.
Ohta et al. (2003) used a maximum section analysis. However, all these studies use a simple OLS(ordinary least squares) and not a simultaneous equation model. Shimoura and Miyazaki (2002)
used inter-industrial relationships and measured the ripple effect. Saito (2012) measured the ripple
effect of farm restrants on regional development. Kawamura (2011a, b) studied inter-industrial
relationships and measured the ripple effect of Roadside Stations in Gifu prefecture.
Now, we will consider the important elements to increasing the number of visitors, sales
amount, parking space, etc. One of the most important purposes of Roadside Stations is to increase
sales. To increase sales, we can consider many factors. One is to increase the number of visitors,
and another is increasing the number of events, as it has a large parking lot. Moreover, providing
good service is also crucial, as is having a good restaurant. Well-maintained buildings and clean
toilets are important. Further, management expenses are an important indicator, as they are used
for many events and keeping clean toilets, thus increasing the number of visitors. Additionally,
having a large parking space is important for sales. Conversely, the sales amount is important forhaving a large parking space when building the station, because stations that expect high sales
would build larger parking spaces.
Based on the above, we now consider building the PFI model of Roadside Stations. Here, we
consider six variables—sales amount, parking space, number of visitors, number of events,
management expenses, and gross business expenses— that influence each other. Therefore, wemust consider multicollinearity as many combinations exist. We created numerous models andobtained the best estimation model. The following are the best-fit and second-best models among
all estimations2).
(1) Sales amount = f (number of visitors, Kinki dummy)(2) Parking space = f (gross business expense, Hokkaido dummy)(3) Number of visitors = f (gross business expense, PFI dummy)(4) Number of events = f (sales amount, PFI dummy)(5) Gross business expense = f (number of events, hot spring dummy)First, we propose the following hypotheses: 1. Both the number of visitors and Kinki dummy
would have positive effects on the sales amount. 2. Both business expenses and Hokkaido dummy
would have positive effects on the parking space size. 3. Both business expenses and the PFI
dummy would have positive effects on the number of visitors. 4. Both the sales amount and PFI2) All 5 equations of our model are in a situation of over identification. Therefore, we used two stage least square

method. In this method, we used the following 4 instrumental variables such as Hokkaido dummy, Kinki dummy,
PFI dummy and hot spring dummy.
9dummy would have positive effects on the number of events. 5. Both the number of events andthe hot spring dummy would have positive effects on gross business expense. Second, thefollowing were the hypotheses of the second-best model. Here, we show only the sales amount
aspects:
6. All variables, such as the number of events, management expenses, and PFI dummy, would
also have positive effects on the sales amount. 7. Both the sales amount and Hokkaido dummy
would have positive effects on the parking space size. 8. Both the sales amount and management
expense would have positive effects on the number of events. Third, we had the following
hypotheses for the OLS model: 9. All variables such as management expense, PFI dummy,
Hokkaido dummy, and hotel dummy would have positive effects on the sales amount.
In constructing the simultaneous equation model, we tested the endogeneity of fiveendogenous variables: sales amount, parking space size, number of visitors, number of events,
and gross business expense. The test was performed using the Durbin-Wu-Hausman test (Greene,
William, H., 2003). The test results are shown in Table 3. Results of endogenous tests indicatedthat all five variables were endogenous. For example, in equation (1), with sales amount as adependent variable, the number of visitors is considered an endogenous variable because the tvalue of the coefficient estimate of the residual term obtained from the OLS analysis of theequation with the number of visitors as the dependent variable and all the operating variables as
the independent variable is significant at -1.64.
Similarly because the t-value of the residual term of the gross business expense in equation(2) is -1.67, the t-value of the residual term of the gross business expense in equation (3) is -1.81,
the t-value of the residual term of sales amount in equation (4) is -2.09, and the t-value of theresidual term of the number of events in equation (5) is -1.67, which are all significant. Thesevariables were found to have serial correlations with the error terms, indicating that they are
endogenous variables. Furthermore, the t-value of the residual term of the number of events in“second best equation (1)” is -6.86, the t-value of the residual term of sales amount in “second
best equation (2)” is -2.23, and the t-value of the residual term of sales amount in “second bestequation (3)” is -1.85, all of which are significant. Therefore, these variables are endogenous.
4． Estimated Result and Fact Findings and its Implications
Table 4 shows the best, second best, and OLS estimated results among many simultaneous
equations. The results are as follows: All hypotheses were correct in the best model. Only one
exception came from the second best. The effect of management expenses on the number of
events was negative. Here, we realized that the number of events decreases if management
expenses increase. In addition, both the Hokkaido and hotel dummies are nonsignificant, although
our hypotheses of positive signs were correct. We find the following:1) PFI shows significant influence on Roadside Station (see Table 4). The number of visitors
also increases. Moreover, the number of events increases. The sales amount also increases (seeReference Tables 1 and 2). The increase in the number of visitors increases the sales amount. Its
elasticity is 0.16. This means that a 1% increase in the number of visitors would increase the sales
amount by 0.16 %. The Kinki area shows a positive effect (60.986 million yen higher than10

Table 3 Results of the Endogeneity Test(Best result)No.
Dependent variable
Endogenous variable(1)
Sales amount
Number of visitors(2)
Parking space
Gross business expense(3)
Number of visitors
Gross business expense(4)
Number of events
Sales amount(5) Gross business expense
Number of events(Second best result)No.
Dependent variable
Endogenous variable(1)
Sales amount
Number of events(2)
Parking space
Sales amount(3)
Number of events
Sales amountt value p-value-1.64 0.101-1.67 0.094-1.81 0.071-2.09 0.036-1.67 0.096
t value p-value-6.86 0.000-2.23 0.029-1.85 0.070

Table 4 Estimated simultaneous equation modelNo.

Dependent variable

Independent variable Coefficient z value p-value Elasticity
Number of visitors
227.6816
3.04
0.00
0.16
(1)
Sales amountKinki dummy
60986.37
1.86
0.06
Constant
54989.81
1.42
0.16
Business expence
0.000127
3.94
0.00
0.54
(2)
Parking space
Hokkaido dummy
24.02271
4.35
0.00
Constant
32.49901
1.66
0.10
Business expence
0.000624
3.14
0.00
2.67
(3)
Number of visitors PFI dummy
393.7743
1.77
0.08
Constant
5.530615
0.05
0.96
Sales amount
3.99E-05
2.49
0.01
1.31
(4)
Number of events
PFI dummy
7.155878
1.76
0.08
Constant-1.28455-0.46
0.65
Number of events
35900.2
2.28
0.02
0.37
Gross business(5)
Hot spring dummy
3576692.00
0.05
expenseConstant
277333.9
2.47
0.01
Reference Table1 Second best simultaneous equatin
No.
Dependent variable Independent variable Coefficient z value p-value Elasticity
Number of events
13606.67
1.680
0.099
0.414
Management expense 0.800515
3.251
0.002
0.183
(1)'
Sales amount
PFI dummy
154605.2
1.727
0.091
Constant
56475.51
1.270
0.210
Sales amount
0.000318
2.327
0.024
0.462
(2)'
Parking space
Hokkaido dummy
60.81331
2.552
0.014
Constant
41.14395
1.422
0.161
Sales amount
8.13E-05
2.351
0.022
2.671
(3)'
Number of events
Management expense-6.6E-05 -1.813
0.075-0.497
Constant-5.04704 -1.008
0.318
Reference Table2 OLS estiate method
No.
Dependent variable Independent variable Coefficient z value p-value Elasticity
Management expense 1.102605
1.84
0.069
0.253
PFI dummy
134930.2
1.72
0.089
(1)''
Sales amount
Hokkaido dummy
12217.82
1.04
0.301
Hotel dummy
29203.14
0.46
0.649
Constant
117829.7
3.92
0.000

11

average) on sales amount.
3) The increase in gross business expense increases the parking space size. Its elasticity is 0.54.
This means that a 1% increase in gross business expense would increase the parking space by
0.54 %. The Hokkaido area has a larger parking space than average. 4) The increase in grossbusiness expense increases the number of visitors. Its elasticity is 2.67. This means that a 1%
increase in gross business expense would increase the number of visitors by 2.67 %. PFI stations
have more visitors (394 thousand people more). 5) The increase in sales amount increases thenumber of events. Its elasticity is 1.31. This means that a 1% increase in sales would increase thenumber of events by 1.31 %. PFI stations have more events (7.2 times larger) than average. 6) The
increase in the number of events increases gross business expense. Its elasticity is 0.37. This meansthat a 1% increase in the number of events would increase the gross business expense by 0.37 %.
The hot spring dummy shows that its gross business expense is 358 million yen higher than
average.
We summarize the estimated results in Figure 3. First, we have the following complicated loop
relations: The increase in sales would increase the number of events (the elasticity is 1.31). It
would also increase gross business expenses (elasticity is 0.37). This increases the number ofvisitors (the elasticity is 2.67). This also increases the sales amount (the elasticity is 0.16). Second,
PFI increases sales by more than 100 million yen than average (126 million yen, as shown in
Figure 3. As shown in Note 1, PFI increases the sales amount by 154.61 million yen in the secondbest estimation. The PFI of OLS estimation increases 135 million yen.). Third, hot springs increase
gross business expenses. This increases the number of visitors. This also increases the sales
amount, as shown in Figure 3.
Next, we will consider the results. From the econometric analysis above, it was found that PFI
Roadside Stations posted higher sales of 154.61 million yen (from coefficient estimates of PFI
dummy variables) per station than the other Roadside Stations. PFI Roadside Stations have higher
sales, more visitors, and lower management costs, indicating that they are very efficient. Then,
what is the difference between the case where a PFI Roadside Station develops under the initiativeand high motivation of farmers, PFI business operators, and residents, and the case where it
becomes a problem (What are the problems? Why do the problems occur?), and what is the
structure of the problem? These problems should be clarified from the viewpoint of farmers, PFI
business operators, and residents.
(1) As a result of the analysis, the following situation was found when PFI Roadside Stations
were further developed. Customers often find the cleanliness of buildings and toilets importantduring breaks. ② A friendly and cheerful attitude of the staff made customers more likely to stopby again. ③ For example, the "Kasaoka Bay Farm" holds many events every month to attract
customers. The "300-yen bag of fresh fish and vegetables all-you-can-pack sale" is very popular.
④ PFI business operators hire people who know the region well, such as former convenience
store operators, from the private sector. Private companies entrusted with the management ofRoadside Stations have abundant management know-how in areas such as direct sales counters
and tourist farms and are active in collaborating and communicating with local shippers. In
addition, PFI companies appoint former buyers from mass retailers to manage their products and
12Figure 3 The loop relationship obtained from the analysis and effects of PFI Dummy Variables.
and Hot Spring Dummy Variables① Sales・Event・Gross business expense・Visitor: Loop relation
Sales amount↑ 0.16

Number of events ↑ 1.31

Number of visitors ↑ 2.67

Gross business expense ↑ 0.37

② Effect of PFI dummy1)
(1)

(2)

PFI dummy

Number of visitors 390 thousand people↑

Sales 89.7 million yen2) ↑PFI dummy

Number of events 7.2 times ↑Gross business expense ↑Sales 36.7 million yen 3)↑

Number of visitors ↑Total of (1), (2) : Sales amount: About 126.37 million

4)③ Effect of hot spring
Hot spring dummy

Gross business expense 0.36 billion yen↑

Sales amount ↑ 0.16

Number of visitors ↑ 2.67

Note 1: PFI increases sales by 154.61 million yen in the second-best estimation. The PFI of OLS.
estimation increases by JPY 135 million.
Note 2: 393,774 (People)×227.6816＝8,9655,094 (Yen)。
Note 3: 7.2 (Times)×35900.2 (thousand yen)×0.0006239 (People)×227.6816 (Thousand yen)
＝36717.43 (thousand yen).
Note 4: Total of (1) and (2).
secure a wide range of purchasing routes.
⑥ Adopting an owner system and other in management, the company will create a system
to encourage customers to visit again (Refer to Sato (1992). ⑦ The Roadside Station "Ibusuki"
serves as an entrance to the "Ibusuki" sightseeing destination, and is a place where many tourists
drop in. ⑧ As for the "Yoka Tajima no kura," since all the buildings of the facilities were built
13

by the same construction company, the design of its buildings not only has a sense of unity, but it
also becomes a functional facility that takes into account the flow of customer traffic. ⑨ The
private sector, which is in charge of the management and operation of the Roadside Stations, isinvolved from the planning stage, and requires the design to enable efficient management andoperation.
(2) In the case of problems like poor profits, maintenance tends to be poor only by theprivatesector. In the event of an earthquake or natural disaster, the sharing of responsibility
between the local governments and the private sector becomes a major issue. There can bedifferences in opinion on responsibilities (at the time of the earthquake, "Sawara" faced this kindof problem.). Since PFI companies are entrusted with management and operation for 15 years,
private business operators may fail to make efforts in administrative operations. In other words, it
may be difficult for the private sector to take the initiative in maintenance and disaster response.
With the above in mind, we will examine in detail the desirable operation method of PFI andpresent the ideal way to develop Roadside Stations and, in turn, urban-rural exchange activities in
the future. What kind of development method is desirable to make the PFI road station and urbanrural exchange activity meaningful to the endogenous development of a farming village? In thisregard, Kajii, Nakayama, Hagiwara, and Kagaya (2000) describe that the key point of PFI
introduction is to increase the capacity to attract customers as a complex facility serving various
functions and to use ancillary facilities jointly. In addition, according to Sato (1992), Roadside
Stations should have the following attractive facilities. Accommodation and meals are provided(Farmer guesthouses, pensions, cottages, public accommodations, food culture, restaurants), saleof special products (Number of events, unmanned sales offices at open-air markets, etc.). Facilities
for experiencing rural life and culture (cultural/craft experiences, nature experiences, a farm forcitizens and tourism, ownership of crops, etc.). Landscape (townscape, rural landscape, forest
landscape, etc.). Direct delivery system, special villagers’ system, sister city system, etc.
In other words, a clean, friendly, and cheerful posture is vital. It is also important to hold many
popular events such as the "300 - yen bag of fresh fish and vegetables all-you-can-pack sale." In
addition, management of Roadside Stations is not effective in revitalizing the local economy on
its own, and it is essential to establish attractive facilities and systems such as tourist spots andownership systems. It is also important to leave it to those who know the area well, such as former
convenience store operators. The "Kasaoka Bay Farm" employs former buyers from massretailers to secure a wide range of purchasing routes. Furthermore, since PFI business operators
are entrusted with the management and operation of Roadside Stations for 15 years after theirestablishment, it is important to form a partnership and network centering on the local area so that
Roadside Stations can be a base for regional exchange.
On the other hand, Yamamoto (2008) mentioned that the following eight points are important
for the marketing of general Roadside Stations, not just PFI Roadside Stations. The first is thatmanagement is led by the private sector. The second is to set up stores that match the location. The
third is the importance of a rich product lineup. Fourth, setting the price is up to the shipper andrefers to the price in the city supermarket. The fifth is to utilize word-of-mouth, publicity, events,
flyers, direct mail, and websites. Sixth, as a sales channel, it is necessary to actively utilize Internet
14

sales, mail packs, and antenna shops. The seventh is the cleanliness and comfort of the toilet
facilities. The eighth point is strategic management from a long-term perspective3). Kojima et al.
(2014) provide an overview of the nation's recent support system for Roadside Stations.
According to the paper, the role of Roadside Stations in tackling the challenge of regional
revitalization is broadly divided into two categories: "gateway type" and "regional center type."This classification is consistent with the minister’ s proposal. is consistent with the Minister's
proposal. is consistent with the Minister's proposal. is consistent with the Ministry of Land,
Infrastructure, Transport and Tourism's classification method of dividing into two broad
categories: "gateway type" and "regional center type" First of all, the "gateway type" has threeroles to play, including promotion of inbound tourism, general tourist information, and regionalmigration. Next, the "regional center type" plays the roles of industrial promotion, community
welfare and disaster prevention (For details, refer to Kojima et al. (2014)). After all, in terms ofsales, there are quite a few Roadside Stations with higher sales than PFI stations, but in terms of
the benefit-cost ratio (ratio of sales to administrative expenses), the PFI Roadside Stations ranked
very high, ranking first, sixth, and eighth.
Next, we consider the number of agricultural product shippers at each station. According to asurvey conducted by the author, among the number of agricultural product shippers to the"Kasaoka Bay Farm" in 2010, 180 people were agricultural producers in Kasaoka City and 10
people were agricultural producers in the area outside Kasaoka City. In 2014, 200 people wereagricultural producers in Kasaoka City and 115 were agricultural producers in the area outside
Kasaoka City. In addition, the number of customers from outside the city, such as Fukuyama City,
has increased significantly. The number of agricultural product shippers in the "Yoka Tajima nokura" more than doubled from 78 in 2007 to 187 in 2014. Furthermore, the number of agricultural
product shippers of "Ibusuki" increased from 189 in 2005 to 203 in 2014. The number ofagricultural product shippers of "Sawara" increased from 150 in 2010 to 200 in 2014.
Next, the employment of Roadside Stations is examined as a regional cooperation orcontribution. At each PFI Roadside Station, four to eight people are employed as regular
employees. If non-regular employees are included, the total increases to about 15–34 people.
More than half of the visitors come from outside the area, which is a great help for local
revitalization. To achieve this, each PFI makes the following efforts. With regard to "Kasaoka Bay
Farm," the fact that many events are held every month, including elaborate events such as "300 yen bag of fresh fish and vegetables all-you-can-pack sale", and the farmland ownership system
is implemented. This has led to the success of regional revitalization (Economy and Tourism
Revitalization Division, Construction Industry Department, Kasaoka City, Okayama Prefecture3) We explain a little more about this. First, we should adopt the method of Private Finance Initiative (PFI). Second,

optimal scale based the local area is necessary. Third, many kinds of fresh, tasteful, secure and real valuable goods
are necessary. Fourth, producer decides the price. However, the advice of management agency is also important.
Also, to observe the price of supermarket and others are also important. Fifth, we should use the bush telegraph,publicity, event, leaflet, DM and homepage. Sixth, it’s also important to use the internet sales, You-pack, pilot
store. Seventh, cleanness especially the cleanness of the toilet, is very important. Eighth, the strategic and social
business with the long-term view are also very important.
15

(2011)).
With regard to the "Yoka Tajima no kura," the sixth industry is promoted through thedevelopment of specialty products utilizing the National Strategic Special Zone (agricultural
special zone), events are held in cooperation with tourism facilities, and information on local
tourism (Including disaster prevention information such as the installation of disaster toilets) isdisseminated (Nikkei Construction (2007)). As for "Ibusuki," a 10-year anniversary festival is held,
as well as an event to sell agricultural products from a light truck in the parking lot. At the sametime, tourists are encouraged to visit a nearby hot sand bath. (Ibusuki City, Kagoshima Prefecture(2015)). At the Roadside Station "Sawara," there is a year-round festival, a harvest festival, and afireworks festival. In addition, the festival is linked to events held on boats and jet skis at riverside
station "Sawara," next to Roadside Station Sawara, and to a bus fishing festival in which
entertainers participate on the Tone River (Abe (2011), Kushioka (2012)).
The above points are consistent with the fact that the number of events has a large impact,
such as the indirect loop (Number of events ↑ ⇔ Sales ↑) obtained from econometricanalysis. As mentioned above, the point of "The number of visitors will increase if the facilities
are well managed and clean toilets are provided" is consistent with the result of econometricanalysis (Total project cost ↑ → Number of visitors ↑ → Sales ↑ → Events ↑ →Total project cost ↑ loop). Considering these policy implications, it is clear that PFIs are still an
extremely important way to reduce costs, although there are still many points to be improved.
5. Summary and Conclusion
Here, we summarize the findings as follows: 1) PFI contributes to the development ofRoadside Stations increasing the number of visitors to these stations. Moreover, the number of
events increases. 2) The increase in the number of visitors increases the sales amount. 3) The
increase in gross business expense increases the parking space size. 4) The increase in grossbusiness expense increases the number of visitors. PFI stations have more visitors (394 thousandpeople more). 5) The increase in sales increases the number of events. PFI stations have more
events (7.2 times larger) than Non-PFI stations. 6) The increase in the number of events increases
gross business expenses. The hot spring dummy shows that gross business expenses are 358
million yen higher than average. In addition, we found the following.
To develop a Roadside Station, a clean, friendly, and cheerful environment is required. It isalso important to hold many events, and to hold popular events such as the "300 - yen bag of fresh
fish and vegetables all-you-can-pack sale." In addition, management of Roadside Stations alone
is not effective in revitalizing the local economy, and it is essential to establish attractive facilities
and systems such as tourist spots and ownership systems. It is also important to leave it to those
who know the area well, such as former convenience store operators. The "Kasaoka Bay Farm"
employs former buyers from mass retailers to secure a wide range of purchasing routes.
Furthermore, since PFI business operators are entrusted with the management and operation ofRoadside Stations for 15 years after their establishment, it is important to form a partnership andnetwork centering on the local area so that Roadside Stations can be a base for regional exchange.
Our Roadside Stations also have some problems. First, there were differences in opinion on
16

responsibilities, as in the case of Sawara in earthquake time. Second, it may be difficult for theprivate sector to take the initiative in maintenance and disaster response. Third, sufficient business
policies and implementation plans must be considered in order for PFI projects to be carried out
successfully to evade just as in the case of Hari T.R.S.

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18

Appendix1 Ranking of visitors and other indicators(a) No. 1 to No. 40
Ranking of
Ranking of
Ranking of
Ranking of(Sales(SalesGrossManagement amount/Gro amount/Man
Business
Expensess Businessagement
Expenseexpense)expense)Ranking ofSalesamountSales
amount(thousandyen)

Ranking of
the numberof visitors

Ranking of
the numberof events

Ranking ofParking
spaces

1
2
3
4
5
6
7
8
9
10
11
12
13
14

688243640000442751430000422731407000405429390000384300383782345000340000326000323000

20
31
13
66
16
10
22
25
14
7
32
41
12
11

2
12
75
16
3
10
33
35
8
51
17
50
6
18

7
6
5
80
38
59
12
19
31
27
65
22
4
30

8
81
33
34
45
46
7
13
15
23
27
57
1
9

2
60
46
50
44
83
34
61
11
30
10
41
33
42

25
1
12
13
6
5
42
33
30
24
22
3
67
44

34
2
7
4
11
1
17
3
36
23
41
18
26
16

15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

320000300000300000280000270000270000269360253065250000240000230000224000220225210000208000207000200000200000200000192000185000164162160000155529155000130000

43
5
40
38
19
29
48
44
6
24
23
49
2
39
17
54
1
3
18
30
26
55
45
52
53
27

55
36
5
42
34
38
15
7
57
46
49
14
1
52
19
28
40
4
70
68
45
54
74
79
13
43

71
11
55
15
10
33
64
25
16
32
39
34
1
37
52
58
2
9
14
18
76
24
26
21
60
62

49
10
18
35
14
32
50
29
55
68
43
41
47
70
40
56
2
16
61
59
63
44
3
5
51
42

43
6
63
14
4
25
8
65
68
55
71
47
45
21
79
58
39
51
54
3
17
78
5
69
38
22

7
36
47
20
27
40
15
31
11
4
21
23
19
2
26
17
8
46
75
16
14
32
71
64
29
9

15
5
44
39
31
46
45
10
8
13
9
24
27
40
6
14
21
22
30
53
43
12
60
19
35
20

19

(B) No. 41 to No. 83
Ranking of
Ranking of
Ranking of
Ranking of(Sales(SalesGrossManagement amount/Gro amount/Man
Business
Expensess Businessagement
Expenseexpense)expense)Ranking ofSalesamountSales
amount(thousandyen)

Ranking of
the numberof visitors

Ranking of
the numberof events

Ranking ofParking
spaces

41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63

130000125000120004
117388113600107907101682
100000
93500
86000
85752
75227
72000
61000
60000
57000
55737
50000
50000
49000
45000
45000
44200

33
9
4
42
47
8
60
46
28
61
58
62
65
35
51
57
36
67
75
83
71
77
70

20
48
67
24
56
27
39
72
66
9
65
59
83
22
41
37
78
32
80
53
71
26
58

74
17
28
49
46
8
36
29
44
72
67
51
77
23
78
69
48
40
42
50
41
75
83

73
58
11
36
17
12
22
30
83
62
76
67
39
28
26
25
66
20
69
72
4
24
60

76
62
1
73
70
15
40
20
49
64
31
35
67
7
13
23
27
24
82
32
12
19
57

37
28
63
43
55
59
54
50
10
35
18
34
52
61
66
69
41
39
73
38
72
81
49

47
29
75
25
28
57
42
55
38
32
52
51
33
77
71
66
64
37
68
63
72
78
48

64
65
66
67
68
69
70
71
72
73
74
75
76
77
78

40000
33000
32680
30000
30000
27500
27000
27000
26900
24000
23000
23000
20000
19000
18639

74
37
34
15
78
80
50
56
81
21
64
68
79
73
72

61
60
21
73
64
30
23
25
31
47
11
81
62
29
82

70
13
53
3
20
68
45
63
81
57
35
66
79
43
54

54
19
52
6
77
37
21
53
78
64
31
71
80
48
38

28
18
29
9
56
77
16
81
66
52
37
72
53
75
80

56
78
65
45
82
74
68
80
48
60
53
79
51
76
77

70
79
73
58
82
50
49
80
54
65
56
76
67
61
59

79
80
81
82
83

17305
16669
16000
11680
340

82
69
63
59
76

69
76
63
44
77

47
73
61
56
82

75
74
65
82
79

74
48
59
36
26

57
58
70
62
83

62
74
69
81
83

20