Abstract
This article discusses the initiatives in advancing financial management (FM) and income diversification practices of higher education institutions (HEIs) in Southeast Asia through the experiences of the European HEIs. The initiatives, geared up through the ERASMUS+ European funding programme, aim particularly at three major dimensions; to enhance human, organizational and technical capacities of HEIs to increase efficiency in FM, to further promote income diversification, accountability and transparency leveraging on the systematization of good practice as well as to promote regional integration through the creation of networks amongst financial managers and staffs of the HEIs. The data, emphasizing on models and sources of financing for HEIs, are gathered from HEIs of 3 European countries (Austria, Germany and Spain) as well as 3 Southeast Asian countries (Indonesia, Malaysia and Thailand). The data are mainly subjected to the disclosure on publishable internal data with regards to the FM of the universities. The data, spanning in the period from 2013 to 2015, includes several socio-economic variables such as GDP per capita and population of a country. The data were analyzed and presented in graphs and tables to derive and contemplate the average behavior on FM of all the countries. The main finding on the comparative analysis (micro) reveals that all countries are funded by private and public sources, regardless of the proportion on the allocation.
Highlights
A sound financial management (FM) should provide sustainability to an institution; offer channels for investment based on the exploitation of opportunity; be transparent to promote accountability and good practices; and ensure that an institution would be able to allocate resources efficiently in efforts of achieving its strategic objectives
This explains the continuous search of sound FM practices in Higher Education Institutions (HEIs) as the enhancement of human, organizational and technical capacities in HEIs are very much relied upon the efficiency of FM practices
The ADVANSE’s overall objective is to promote the advancement of FM practices and income diversification strategies of HEIs in Southeast Asia (SEA), with a parallel view to sustainably strengthen the Higher Education systems and maximize the social return on investment in HEIs. This ADVANSE project comes with three specific objectives, i) to enhance human, organizational and technical capacities of Southeast Asia countries HEIs to increase FM efficiency and income diversification; ii) to promote accountability and transparency leveraging on the systematization of good practice; and iii) to promote regional integration through creating a network amongst financial managers and staffs of the HEIs pursuing modernization of FM systems and practices
Summary
A sound financial management (FM) should provide sustainability to an institution; offer channels for investment based on the exploitation of opportunity; be transparent to promote accountability and good practices; and ensure that an institution would be able to allocate resources efficiently in efforts of achieving its strategic objectives. All HEIs would intersect at the same destination that is to promote sustainability and efficiency of the HEIs’ FM (Taylor, 2013). This explains the continuous search of sound FM practices in HEIs as the enhancement of human, organizational and technical capacities in HEIs are very much relied upon the efficiency of FM practices. Austria is represented by the FH Johanneum University, University of Saarland (Germany) and University of Alicante (Spain)
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