The quality of higher education and its funding in countries with different levels of socio-economic development
-
Author(s)Olha HryhorashLink to ORCID Index: https://orcid.org/0000-0002-8089-3755
,
Dmytro BocharovLink to ORCID Index: https://orcid.org/0000-0003-0243-2010
,
Maxim KorneyevLink to ORCID Index: https://orcid.org/0000-0002-4005-5335
,
Tatyana RudyanovaLink to ORCID Index: https://orcid.org/0000-0002-8685-4132
,
Tetiana HryhorashLink to ORCID Index: https://orcid.org/0000-0002-3000-1683
-
DOIhttp://dx.doi.org/10.21511/kpm.06(1).2022.05
-
Article InfoVolume 6 2022, Issue #1, pp. 49-61
- Cited by
- 482 Views
-
161 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Higher education institutions train professional and scientific personnel. Therefore, the quality of higher education and its funding are vital for training highly qualified specialists. This study analyzes the annual volume of expenses (investments) per student in groups of countries, divided according to their socio-economic development, and competitiveness of higher education. The division of countries into groups is based on simultaneous compliance with the criteria for the quality of higher education and the level of social and economic development. The Ward’s clustering method was applied. The analysis was conducted based on data from 32 OECD countries and partner countries. The paper found a significant direct correlation between the level of competitiveness of higher education and the amount of its funding per student (R = 0.895). At the same time, a significant direct correlation was revealed between the level of competitiveness of higher education and the human development index (R = 0.787) and the global competitiveness index (R = 0.888). Finally, a significant direct correlation between the amount of expenditures and the level of competitiveness of higher education was found only in the cluster with the highest indicators of socio-economic development (Rs = 0.707). In other clusters, the correlation is weak or weakly inverse.
- Keywords
-
JEL Classification (Paper profile tab)Н52, І22, І25
-
References48
-
Tables5
-
Figures2
-
- Figure 1. The range of expenditures per student within the clusters in 2018
- Figure 2. The relationship between the amount of higher education expenditures and the quality of higher education within clusters
-
- Table 1. Correlation between the amount of higher education expenditures, the quality of higher education, and economic and social development
- Table 2. Clustering of countries by level of socio-economic development in 2018
- Table 3. The values of the indicators within clusters in 2018
- Table 4. Countries clustering by the level of socio-economic development in 2014–2018
- Table 5. Correlation between indicators of the quality of higher education and expenditures per student within clusters
-
- Ahmad, A. R., & Ng, K.-S. (2020). Funding Higher Education: Analysis from the Context of Developing Country. Vision 2020: Sustainable Growth, Economic Development, and Global Competitiveness – Proceedings of the 23rd International Business Information Management Association Conference.
- Antonyuk, L., Ilnytskyy, D., Barabas, D., & Sandul, M. (2017). International competitive disposition of national higher education systems. International Economic Policy, 27, 7-38.
- Artyukhov, A., Volk, I., Vasylieva, T., & Lyeonov, S. (2021). The role of the university in achieving SDGs 4 and 7: A Ukrainian case. The E3S Web of Conferences.
- Bouhajeb, M., Mefteh H., & Ammar, B. R. (2018). Higher education and economic growth: The importance of innovation. Atlantic Review of Economics, 1(2).
- Bukhtiarova, A., Semenog, A., Razinkova, M., Nebaba, N., & Haber, J. A. (2020). Assessment of financial monitoring efficiency in the banking system of Ukraine
- Chentukov, Yu., Omelchenko, V., Zakharova, O., & Nikolenko, T. (2021). Assessing the impact of higher education competitiveness on the level of socio-economic development of a country. Problems and Perspectives in Management, 19(2), 370-383.
- Frederick, D. T., & Kasztelnik, K. (2020). An Analytical Study of Impact of International Merger and Acquisitions on the Financial Performance for Higher Education Institution in the United States. Financial Markets, Institutions and Risks, 4(4), 5-30.
- Gontareva, I., Litvinov, O., Hrebennyk, N., Nebaba, N., Litvinova, V., & Chimshir, A. (2022). Improvement of the innovative ecosystem at universities. Eastern-European Journal of Enterprise Technologies, 1(13(115)), 59-68.
- Hamdan, A., Sarea, A., Khamis, R., & Anasweh, M. (2020). A causality analysis of the link between higher education and economic development: empirical evidence. Heliyon, 6(6), e04046
- Harmon, C., Walker, I., & Westergaard-Nielsen, N. (2001). Education and earnings in Europe: a cross country analysis of the returns to education. Edward Elgar.
- Hryhorash, O., Chentsov, V., Nurgaliyeva, A., & Hryhorash, T. (2020). State funding of higher education as a factor of ensuring its quality: experience of the European countries. Public and Municipal Finance, 9(1), 60-69.
- Hryhorash, O., Korneyev, M., Leheza, Y., Zolotukhina, L., & Hryhorash, T. (2018). The development of small business as a source of formation of local budget revenues in Ukraine. Investment Management and Financial Innovations, 15(1), 132-140.
- Keser, H. Y. (2015). Effect of Higher Education on Global Competitiveness: Reviews in Relation with European Countries and the Middle East Countries. Annals – Economy Series, 1(1), 58-68.
- Kotásková, S. K., Procházka, P., Smutka, L., Maitah, M., Kuzmenko, E., Kopecká, M., & Hönig, V. (2018). The impact of education on economic growth: The case of India. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 66(1), 253-262.
- Kuzkin, Y., Cherkashyna, T., Nebaba, N., & Kuchmacz, B. (2019). Economic growth of the country and national intellectual capital (evidence from the post-socialist countries of the central and eastern Europe). Problems and Perspectives in Management, 17(1), 348-359.
- Kyrychenko, K., Laznenko, D., & Reshetniak, Ya. (2021). Green University as an Element of Forming a Sustainable Public Health System. Health Economics and Management Review, 2(4), 21-26.
- Lin, T. C. (2004). The role of higher education in economic development: An empirical study of Taiwan case. Journal of Asian Economics, 15(2), 355-371.
- Lopez-Leyva, S., & Rhoades, G. (2016). Country Competitiveness Relationship with Higher Education Indicators. Journal of Technology Management & Innovation, 11(4), 47-55.
- Macerinskiene, I., & Vaiksnoraite, B. (2006). The role of higher education to economic development. Vadyba. Management, 2(11), 82-90.
- Mahmoud, A., & Alsanousi, A. (2017). The effect of higher education quality on economic growth in Libya. International Journal of Academic Research in Business and Social Sciences, 7(3), 139-149.
- Mariana, D. R. (2015). Education as a Determinant of the Economic Growth. The Case of Romania. Procedia – Social and Behavioral Sciences, 197, 404-412.
- Mazurkiewicz, M., Liuta, O., & Kyrychenko, K. (2017). Internal Quality Assurance System for the Higher Education: Experience of Ukraine and Poland. Business Ethics and Leadership, 1(4), 74-83.
- Moretti, E. (2004). Workers’ Education, Spillovers and Productivity: Evidence from PlantLevel Production Functions. American Economic Review, 94(3), 656-690.
- Moskovicz, A. (2021). Post-pandemic Scenario for University Startup Accelerators. Financial Markets, Institutions and Risks, 5(2), 52-57.
- Nazukova, N. (2020). State funding of education as a factor of economic growth. Economy and Forecasting, 2, 97-119.
- OECD. (2017). Education at a Glance 2017: OECD Indicators. Paris: OECD Publishing.
- OECD. (2018). Education at a Glance 2018: OECD Indicators. Paris: OECD Publishing.
- OECD. (2019). Education at a Glance 2019: OECD Indicators. Paris: OECD Publishing.
- OECD. (2020). Education at a Glance 2020: OECD Indicators. Paris: OECD Publishing.
- OECD. (2021). Education at a Glance 2021: OECD Indicators. Paris: OECD Publishing.
- Özsoy, C. (2008). The Contribution of Higher Education to Economic Development. 8th Global Conference on Business & Economics.
- Polyakov, M., Bilozubenko, V., Nebaba, N., Korneyev, M., & Saihak, Y. (2020). Analysis of asymmetry factors in the development of the EU tourism industry. Innovative Marketing, 16(4), 117-128.
- Popova, M. (2021). Wage Differentials And Educational Attainment In Germany. How Do Job Profiles Affect Earnings? SocioEconomic Challenges, 5(2), 5-25.
- Sannikova, I. N., Prikhodko, E. A., & Muhitdinov, A. A. (2021). Assessment of the universities impact on global competitiveness based on rankings. 1st International Conference on Environmental Sustainability Management and Green Technologies (ESMGT–2021).
- Satsyk, V. (2015). U poshuku efektyvnoi stratehii rozvytku vyshchoi osvity v Ukraini (analiz mozhlyvostei ta obmezhuvalnykh faktoriv) [In search of an effective strategy for the development of higher education in Ukraine (analysis of opportunities and limiting factors)]. Vyshcha osvita Ukrainy – Higher Education of Ukraine, 3, 40-52. (In Ukrainian).
- Saúde, S., Borralho, C., Feria, I., & Lopes, S. (2015). The impact of Higher Education on socioeconomic and development dynamics: lessons from six study cases. Investigaciones de Economía de la Educación, 10, 887-905.
- State Treasury Service of Ukraine. (2020). Expenditures on the program classification of expenditures and lending of the state budget. (In Ukrainian).
- U21. (2020). U21 Ranking of National Higher Education Systems.
- United National Development Programme (UNDP). (2022). Human Development Index.
- Vandenbussche, J., Aghion, P., & Meghir, C. (2006). Growth, Distance to Frontier and Composition of Human Capital. Journal of Economic Growth, 11(2), 97-127.
- Vardanyan, N. (2017). Education Quality Assessment from the Perspective of Stakeholders on the Example of Armenian Higher Education Institutions. Business Ethics and Leadership, 1(3), 93-97.
- Vasilyeva, T., Lyeonov, S., & Lopa, L. (2018). Forecasting Supply and Demand In the Regional Labor Market: In Search of Optimal Proportions of Financing Vocational Education Institutions In the Region. SocioEconomic Challenges, 2(1), 69-84.
- Verner, T. (2011). National Competitiveness and Expenditure on Education. Research and Development Journal of Competitiveness, 2, 3-10.
- Vorontsova, A., Lyeonov, S., Vasylieva, T., & Artyukhov, A. (2018). Innovations in the financing of lifelong learning system: expenditure optimization model. Marketing and Management of Innovations, 2, 218-231.
- Vorontsova, A., Vasylieva, T., Lyeonov, S., Artyukhov, A., & Mayboroda, T. (2021). Education expenditures as a factor in bridging the gap at the level of digitalization. Paper presented at the 2021 11th International Conference on Advanced Computer Information Technologies, ACIT 2021 (pp. 242-245).
- West, M. R. (2012). Education and Global Competitiveness. In K. Hassett (Ed.), Rethinking Competitiveness. Washington, DC: American Enterprise Institute Press.
- Williams, R. (2017). Global: A Good National System of Higher Education: The Lessons of the U21 Rankings. In G. Mihut, P. G. Altbach, & H. D. Wit (Eds.), Understanding Global Higher Education (pp. 33-35). Rotterdam: Sense Publishers.
- World Economic Forum (WEF). (2018). Global Competitiveness Index 2018.
-
The role of foreign direct investment and trade on carbon emissions in Turkey
Gizem Kaya , M. Özgür Kayalica ,
Merve Kumaş ,
Burc Ulengin
doi: http://dx.doi.org/10.21511/ee.08(1).2017.01
Environmental Economics Volume 8, 2017 Issue #1 pp. 8-17 Views: 2020 Downloads: 999 TO CITE АНОТАЦІЯThis study aims to observe the long run and short run effects of gross domestic product, foreign direct investment inflows and trade on CO2 emissions and causality relationships between these factors, using annual data for the period of 1974-2010. The empirical results demonstrate that the inverted U-shaped relationship of environmental Kuznets curve is valid for Turkey. In addition, there are positive long run effects of foreign direct investment and trade openness on CO2 emissions. The authors also find a bidirectional causality relationship between CO2 emission and FDI.
-
Modeling of FinTech market development (on the example of Ukraine)
Alina Bukhtiarova ,
Arsen Hayriyan ,
Nikol Bort ,
Andrii Semenog
doi: http://dx.doi.org/10.21511/im.14(4).2018.03
FinTech startups and services are one of the most dynamic segments of the modern economy. New financial technologies have already attracted many investors and form millions of budgets. Changing the traditional financial services concept, FinTech companies formed a new niche within the financial services market, the dynamic development of which determines the relevance of the development and implementation of an effective regulatory and oversight system.
The purpose of the article is to develop an economic and mathematical model for forecasting the development of the FinTech market on the example of Ukraine. In order to study the development of the FinTech industry, a multiple regression model was presented. The model describes the dependence of the total investment value of FinTech from venture investments in financial technology, venture investments in other technologies and venture investments in online lending. Based on this model, the effect of attracting investments with new FinTech projects on the total volume of investments in the industry was clarified. According to the model, with a change in investments in FinTech by 1%, the total rate of venture investments decreases by 0.03, funds in new projects of other companies grow by 0.05, and venture investments in online lending increase by 0.89. According to the analysis of regulatory legislation in the foreign countries of the FinTech services sphere, it was found that the regulation of most of the risks associated with the development of FinTech services falls within the competence of different supervisory authorities, requiring cross-sectoral cooperation between public institutions. -
Challenges of improving effectiveness and efficiency of the higher educational system in developing countries
Saheer Al-Jaghoub ,
Ahmad Samed Al-Adwan ,
Hussein Al-Yaseen ,
Anas Al-Soud ,
Ahmad Areiqat
doi: http://dx.doi.org/10.21511/ppm.17(1).2019.03
Problems and Perspectives in Management Volume 17, 2019 Issue #1 pp. 19-31 Views: 1861 Downloads: 468 TO CITE АНОТАЦІЯDue to the country’s lack of natural resources and its dependence on human resources, Jordanian universities have started to implement quality assurance system aiming to improve effectiveness and efficiency of the higher educational system. This paper presents the results of a research that aims to identify the main issues and challenges facing these universities in implementing quality assurance system. Data for this research were collected using a survey mailed to all public and private universities to investigate the main issues affecting the implementation of quality assurance system in Jordanian universities. The results of this research showed that the most important challenges faced by Jordanian universities are: human and lack of awareness, resistance to change and cultural among others. The research findings hoped to be useful for both universities and policy makers in the government in order to realize the full benefits of implementing quality assurance system. Hence, this and other research on implementing quality assurance in higher educational institutions might be of assistance.
