Sustainable Development of Universities Based on Their Intellectual Capital

Abstract

The article offers a new perspective on the sustainable development of universities considering the experience of the Covid-19 pandemic. Methodological aspects of cost assessment of the university intellectual capital as an alternative approach to the assessment of university activities are studied. The advantages of the cost assessment in comparison with the university ratings are substantiated, including for the purposes of university management to ensure its sustainable development. Algorithms for the application of intellectual capital assessment methods based on Market Capitalization Methods (MCM) and Return-On-Assets Methods (ROA) are described. The application of various methods for different types of countries, with market and socially-oriented education systems, is justified. The conclusion was made that it is necessary to develop and apply cost indicators for the intellectual capital assessment in combination with ratings and other existing metrics used for the evaluation of university activities with a view to clarifying strategies and programs for the development of universities, as well as the feasibility of switching to Value Based Management (VBM).