Is the endowment fund a panacea for the financial autonomy of classical universities in Ukraine?
-
Author(s)Yuliia PetlenkoLink to ORCID Index: https://orcid.org/0000-0001-5984-5145
,
Andriy StavytskyyLink to ORCID Index: https://orcid.org/0000-0002-5645-6758
,
Ganna KharlamovaLink to ORCID Index: https://orcid.org/0000-0003-3614-712X
-
DOIhttp://dx.doi.org/10.21511/ppm.19(3).2021.32
-
Article InfoVolume 19 2021, Issue #3, pp. 396-407
- Cited by
- 726 Views
-
331 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
The COVID-19 has put higher education institutions in a new situation and identified bottlenecks in the financial structure of institutions and education systems in general. However, for Ukrainian universities, this situation can be seen as an opportunity to achieve financial autonomy. This study is devoted to the consideration of a possible tool for the financial autonomy of Ukrainian classical universities, most of which are state-funded. The paper considers the methodology of a possible tool for the accumulation of external financing – the endowment fund. The case analysis and analytical consideration of world practice are applied. As a result, a model for financing the university in its transition to the innovation and entrepreneurship model is proposed as the chain “endowment fund – development of start-ups”. This example can become the basis of the road map for other national HEIs, as well as the practice of wider use in the field of higher education. However, despite most of the national classical universities have declared a course to an innovative development, which further raised the necessity of external funding, top management and general economic situation require more attention. As this transition to a new model of the university is taking place along with the financial stabilization and under economic and social upheavals, the formation of a new culture of online communication is necessary. Thus, the proposed model is the practical guideline of possible decisions but mostly the start-point for further discussion and research.
Acknowledgment
This paper is done in the framework of the grant project “Financial stabilization of classical universities in the context of the global consequences of the COVID-19 pandemic” funded by the National Research Foundation of Ukraine “Science for Human Security and Society” (2020-2021).
- Keywords
-
JEL Classification (Paper profile tab)G17, G23, I22, I23
-
References43
-
Tables1
-
Figures1
-
- Figure 1. Cash flow in the endowment fund of a classical university
-
- Table 1. The income of the endowment fund by year
-
- AI-Youbi, A. O., Zahed, A. H. M., Nahas, M. N., & Hegazy, A. A. (2021). The Leading World’s Most Innovative Universities. Springer Nature.
- Al-Okaily, M., Alqudah, H., Matar, A., Lutfi, A., & Taamneh, A. (2020). Dataset on the Acceptance of e-learning System among Universities Students’ under the COVID-19 Pandemic Conditions. Data in brief, 32, 106176.
- Altbach, P. G., & de Wit, H. (2020, March 15). COVID-19: The internationalisation revolution that isn’t. University World News.
- Basilaia, G., Dgebuadze, M., Kantaria, M., & Chokhonelidze, G. (2020). Replacing the classic learning form at universities as an immediate response to the COVID-19 virus infection in Georgia. International Journal for Research in Applied Science and Engineering Technology, 8(3), 101-108.
- Bodunkova, A. G., & Chernaya, I. P. (2012). Fractal organization as innovative model for entrepreneurial university development. World Applied Sciences Journal, 18(12), 74-82.
- Boot, A. W., Carletti, E., Kotz, H. H., Krahnen, J. P., Pelizzon, L., & Subrahmanyam, M. G. (2020). Corona and financial stability 4.0: implementing a European Pandemic Equity Fund (Policy Letter No. 84). Leibniz Institute for Financial Research SAFE.
- Borza, M., & Park, J. O. (2020). Facing the University Environment with Covid-19 Pandemic: A Comparative Analysis between Romania and South Korea. Revista Romaneasca pentru Educatie Multidimensionala, 12(1Sup2), 34-38.
- Bramwell, A., & Wolfe, D. A. (2008). Universities and regional economic development: The entrepreneurial University of Waterloo. Research Policy, 37(8), 1175-1187.
- Burns, D., Dagnall, N., & Holt, M. (2020). Assessing the impact of the COVID-19 pandemic on student wellbeing at universities in the United Kingdom: A conceptual analysis. Frontiers in Education, 5.
- Centobelli, P., Cerchione, R., Esposito, E., & Shashi, S. (2019). The mediating role of knowledge exploration and exploitation for the development of an entrepreneurial university. Management Decision, 57(2), 3301-3320.
- Christensen, C. M., & Eyring, H. J. (2011). The innovative university: Changing the DNA of higher education from the inside out. John Wiley & Sons.
- Fernández-Nogueira, D., Arruti, A., Markuerkiaga, L., & Saenz, N. (2018). The entrepreneurial university: A selection of good practices. Journal of Entrepreneurship Education, 21(3), 1-17.
- Goetzmann, W. N., Griswold, J., & Tseng, Y.-F. (2010). Educational Endowments in Crises. The Journal of portfolio management, 36(4), 112-123.
- Hannon, P. D. (2013). Why is the entrepreneurial university important? Journal of innovation management, 1(2), 10-17.
- Heng, Q. (2021). Endowment for a rainy day? An empirical analysis of endowment spending by operating public charities. Non-profit Management and Leadership, 31(3), 571-594.
- Interfax-Ukraine. (2021, May 5). Kyivska shkola ekonomiky otrymaie $700 tys. blahodiinoho vnesku IK Dragon Capital [Kyiv School of Economics will receive a $700,000 charitable contribution from IK Dragon Capital]. (In Ukrainian).
- Javanmardi, S., & Abbaspour, A. (2021). Identify factors related to Innovative University. The Journal of New Thoughts on Education.
- Jones, H. E., Manze, M., Ngo, V., Lamberson, P., & Freudenberg, N. (2021). The impact of the COVID-19 pandemic on college student’s health and financial stability in New York City: Findings from a population-based sample of City University of New York (CUNY) students. Journal of Urban Health, 98(2), 187-196.
- Kawamorita, H., Salamzadeh, A., Demiryurek, K., & Ghajarzadeh, M. (2020). Entrepreneurial Universities in Times of Crisis: Case of Covid-19 Pandemic. Journal of Entrepreneurship, Business and Economics, 8(1), 77-88.
- Klofsten, M., Fayolle, A., Guerrero, M., Mian, S., Urbano, D., & Wright, M. (2019). The entrepreneurial university as a driver for economic growth and social change-Key strategic challenges. Technological Forecasting and Social Change, 141, 149-158.
- Kozarezenko, L. V. (2014). Fond tsilovoho kapitalu yak alternatyva biudzhetnoho finansuvannia rozvytku liudskoho potentsialu [Endowment fund as an alternative to budget financing of human potential development]. Ekonomika rozvytku – Economics of development, 1, 55-63.
- Kriss, R. (2020, December 16). 14 Business Startup Costs Business Owners Need to Know. Nerdwallet.
- Kushnir, M. (2012). Endavment yak pravove uvyraznennia spromozhnostei derzhavnoho upravlinnia: zarubizhnyi dosvid ta natsionalna perspektyva [Endawment as legal expressiveness of public administration: foreign experience and national perspective]. Efektyvnist derzhavnoho upravlinnia – Efficiency of public administration, 30, 22-28.
- Kyiv Media. (2021, June 3). Kyivska Shkola Ekonomiky Mylovanova Zaiavyla, Shcho Otrymala Hrant Vid “Novoi Poshty” [Kyiv School Of Economics of Mylovanov Announces The Receivement Of The Grant From “Nova Poshta”]. (In Ukrainian).
- Marshman, I., & Larkins, F. (2020, May 28). Modelling individual Australian universities resilience in managing overseas student revenue losses from the COVID-19 pandemic. The University of Melbourne.
- Mok, K. H., & Jiang, J. (2017). Questing for entrepreneurial university in Hong Kong and Shenzhen: The promotion of industry-university collaboration and entrepreneurship. In The Sustainability of Higher Education in an Era of Post-massification (pp. 115-133). Routledge.
- Mokin, B., & Honcharuk, N. (2012). Endavment-fond yak alternatyvne dzherelo dlia pidvyshchennia finansovoi stiikosti vyshchoho navchalnoho zakladu [Endowment fund as an alternative source for increasing the financial stability of higher education institurion]. Visnyk Khmelnytskoho na tsionalnoho universytetu – Bulletin of Khmelnytsky National University, 1(2), 131-135. (In Ukrainian).
- O’Reilly, N. M., Robbins, P., & Scanlan, J. (2019). Dynamic capabilities and the entrepreneurial university: a perspective on the knowledge transfer capabilities of universities. Journal of Small Business & Entrepreneurship, 31(3), 243-263.
- Oseckiy, V. L., & Tatomyr, I. L. (2016). Osoblyvosti vykorystannia endavmentu ta fandreizynhu v osvitnii praktytsi [Features of using endowments and fundraising in educational practices]. Finansy Ukrainy – Finance of Ukraine, 3, 86-100. (In Ukrainian).
- Petlenko, Yu.V., & Schehlyuk, B.P. (2014). Osoblyvosti marketynhu viiskovykh tekhnolohii [Specific features of military technology marketing]. Aktualni problemy ekonomiky – Relevant problems of economics, 10, 101-110.
- Riabkov, K., & Pokidina, V. (2015). Endavment u vyshchii osviti: svitova praktyka i ukrainske sohodennia [Endowment in higher education: world practice and the Ukrainian present]. Populiarna ekonomika: tsina derzhavy – Popular economy: the price of the state, 34. (In Ukrainian).
- Rizvi, F. (2020). Reimagining recovery for a more robust internationalization. Higher Education Research & Development, 39(7), 1313-1316.
- Röpke, J. (2000). The entrepreneurial university. Innovation, academic knowledge creation and regional development in a globalized economy. Similarity and difference in the process of economic growth in Germany and Japan after World-War-II to the present time, 39-79. Tokyo.
- Shevchenko, L. (2015). Endavment-fondy v investytsiinii stratehii zarubizhnykh universytetiv [Endowment funds in the investment strategy of foreign universities]. Ukraina: aspekty pratsi – Ukraine: aspects of labor, 1, 8-16. (In Ukrainian).
- Skulmowski, A., & Rey, G. D. (2020). COVID-19 as an accelerator for digitalization at a German university: Establishing hybrid campuses in times of crisis. Human behaviour and emerging technologies, 2(3), 212-216.
- Stavytskyy, A., Dluhopolskyi, O., Kharlamova, G., Karpuk, A., & Osetskyi, V. (2019). Testing the fruitfulness of the institutional environment for the development of innovative-entrepreneurial Universities in Ukraine. Problems and Perspectives in Management, 17(4), 274-288.
- TBS Staff. (2021, September 7). The 100 Richest Universities: Their Generosity and Commitment to Research. The Best Schools.
- Thatcher, A., Zhang, M., Todoroski, H., Chau, A., Wang, J., & Liang, G. (2020). Predicting the impact of COVID-19 on Australian universities. Journal of risk and financial management, 13(9), 188.
- Vaccaro, A. (2014, September 25). Harvard’s Endowment Is Bigger Than Half the World’s Economies. Boston.
- Van Vught, F. (1999). Innovative universities. Tertiary Education and Management, 5(4), 347-354.
- Vilensky, M. (2014, November 6). Yale University endowment jumps to $24 billion. MarketWatch.
- Vorobyova, O.P. (2017). Osoblyvosti vprovadzhennia endavmenta u vyshchykh navchalnykh zakladakh: ukrainskii dosvid [Features of endowment implementation in higher educational institutions: Ukrainian experience]. THE CAUCASUS, 20(5), 13-16. (In Ukrainian).
- Zalite, G. G., & Zvirbule, A. (2020). Digital readiness and competitiveness of the EU higher education institutions: The COVID-19 pandemic impact. Emerging Science Journal, 4(4), 297-304.
-
Data science methods for comprehensive assessment of regional economic development
Liubov Chagovets ,
Svitlana Prokopovych ,
Viktor Kholod
doi: http://dx.doi.org/10.21511/dm.18(2).2020.05
The paper deals with the assessment of the socio-economic development of Ukrainian regions using Data Science methods and multidimensional analysis, including taxonomy, n-dimensional classification, and ensemble decision trees methods. The methodological bases of economic regions devel¬opment by the economic and mathematical modeling methods were investigated. The necessity of improving and further developing estimation models of the regional economic development using business analytics tools and multidimensional scaling methods was investigated.
The ensemble decision trees methods was applied for the classification model of economic development of the Ukrainian regions according to the conceptual base of the research on regional econom¬ic development. It will increase the quality level of administrative decisions making on regional de¬velopment asymmetry equalization. It is determined that in Ukraine, there is a significant imbalance of regions clusters with high and low economic level. Here was investigated the relationship between the two groups of economic development indicators – the indicators of the economic development regional performance and the group of economic potential. The results of the classification model allow identifying the set of indicators that have significant impact on the overall economic development. The developed ensemble model allows carrying out qualitative recognition and prediction of the state probability of economic development. It will improve the quality of decision making pro¬cesses on equalization of regional development asymmetry.
The further research gives the possibility to develop the system of levers directions of regional development imbalance equalization, to determine priority vectors of sustainable development of both the regions and the country. -
Optimal control of continuous life insurance model
Viktor Oliynyk ,
Fedir Zhuravka ,
Tetiana Bolgar ,
Olha Yevtushenko
doi: http://dx.doi.org/10.21511/imfi.14(4).2017.03
Investment Management and Financial Innovations Volume 14, 2017 Issue #4 pp. 21-29 Views: 1956 Downloads: 216 TO CITE АНОТАЦІЯThe problems of mixed life insurance and insurance in the case of death are considered in the article. The actuarial present value of life insurance is found by solving a system of differential equations. The cases of both constant effective interest rates and variables, depending on the time interval, are examined. The authors used the Pontryagin maximum principle method as the most efficient one, in order to solve the problem of optimal control of the mixed life insurance value. The variable effective interest rate is considered as the control parameter. Some numerical results were given.
-
Modern technologies of detection and prevention of corruption in emerging information society
Problems and Perspectives in Management Volume 16, 2018 Issue #1 pp. 58-67 Views: 1924 Downloads: 417 TO CITE АНОТАЦІЯWith the development of the information society, there has been rapidly growing number of international research on the role of various (information, innovation, intelligent) technologies as a catalyst to fight corruption. As you know, the problems posed by corruption are economic, social and political consequences. In recent years economists and various researchers have shown increasing interest in studying the phenomenon of corruption. Many researchers in the field of studying corruption phenomenon are of theoretical nature, which studied different behaviors without having developed effective methods and technologies to identify and prevent corruption in the various spheres of government. In this regard, there is a need to study the world experience of application of technologies in the prevention of corruption and anti-corruption platform in Ukraine. This will allow to adapt them to positive experience in the implementation of mechanisms to identify and prevent corruption in Ukraine. The authors believe that to obtain a more accurate picture of the corruption situations that provide characteristics and its quantitative description is possible only by means of modelling the corruption phenomenon. In this regard, the analysis of theoretical models of corruption was made: the modelling made by the mathematical notation of the models and conclusions on the effectiveness of their application in management. Using simulation, the authors came to the conclusion that the detection and prevention of corruption should be carried out with the use of technologies and the system approach: from the study of statistics and use of anti-corruption platforms, public registers and databases to logical and probabilistic (LP) risk models of corruption.
