Research on financial autonomy and financial management in public higher education

Abstract

This article examines financial autonomy and management in public higher education, focusing on its definition, significance, key factors, benefits, and challenges. It emphasizes the importance of institutions' control over their financial resources, with factors such as revenue diversification, efficient resource allocation, strategic partnerships, and performance-based funding contributing to financial autonomy. The article discusses the benefits of financial autonomy, including increased flexibility, entrepreneurial culture, and financial sustainability, while also addressing challenges like tuition affordability, marketization concerns, and accountability issues. It explores financial resource management through budgeting, resource allocation, cost control, transparency, and revenue generation. The methods and tools for financial management encompass financial planning, performance metrics, cost analysis, risk management, and technology utilization. The article concludes by offering recommendations for Vietnam, such as strengthening financial planning, diversifying revenue sources, enhancing accountability and transparency, adopting technology, and promoting collaboration. Overall, it provides valuable insights for policymakers and institutions to effectively manage financial resources and ensure the sustainability and quality of public higher education.

Stakeholder Perspectives on the Management and Implementation of Campus Autonomy in Tribhuvan University Nepal: A Qualitative Analysis

“…It is crucial for the long-term sustainability of higher education institutions implementing campus autonomy (World Bank, 2017). Sustainable revenue streams, budgetary autonomy, and strategic investment plans are critical for the longterm self-sufficiency of campuses (Hong, 2023). He further states that "higher education institutions must have autonomy in financial planning and allocating budgets based on strategic priorities.…”

“…Financial regulation is the system in which the set of rules, guidelines, and oversight mechanisms govern the financial activities and operations within an institution (Hong, 2023;Wilson, 2017). These regulations aim to ensure financial stability, transparency, accountability, and compliance with applicable laws and regulations (Sokol et al, 2022).…”

“…Coordinating and aligning stakeholders' expectations and interests are also vital challenges, as balancing diverse viewpoints and establishing a common vision can be complex (Zhang et al, 2023). Resource allocation and financial management can further complicate the implementation of campus autonomy (Hong, 2023). These challenges must be addressed to ensure successful implementation.…”