Abstract
The introduction of sustainable development goals has made sustainability a top priority for most nations. This has raised the investment into the educational system for potential growth and for creating an innovation culture in any country; the role of institutional investors in the development of financing clean energy infrastructure, entrepreneurial development, poverty reduction, and driving corporate social responsibility and firm development has been found significant. An intensive literature search of Scopus and the web of science database was explored with different relevant sets of keywords “Institutional investors AND Education”, “Institutional investors” AND “Higher education”, which drew 29 final articles between 2010–2021. This scoping review draws a new open approach for creating alternative sustainable funding for the higher education system and investment opportunities for institutional investors with government intervention. This research becomes the first that shows the road map to the higher education system in creating alternative funding through the proposed Institutional Investor & Sustainable University Funding Governance Code, which will make the higher education system independent and ease the burden on the government, as well as create a huge market opportunity for both players. This research model will scope the collaborative approach towards sustainable development goal 4—Quality education.
Highlights
Open innovation is topical in major areas of research, for instance, environment and social innovation [1–3], Promoting Digital Entrepreneurship [4], Internal CorporateResponsibility [5], and the role of universities in open innovation research [6].the open approach is gaining momentum in higher education in terms of value co-creation from the collaboration industry and higher education [7,8], and research and innovation [9]
This will boost the Saudi education system’s institutional ranking and contribute directly to sustainable development goal 4 (SDG-4) of achieving quality education; there are several challenges [33] in achieving sustainable development goals (SDG)-4, but on the contrary, there are several opportunities as well that will emerge from inviting institutional investors
The growth of the Indian stock market [60], financing clean energy infrastructure, entrepreneurial development, poverty reduction [61] and driving corporate social responsibility [62], and firm performance are proof of the tremendous role institutional investors play in reforms and improvements
Summary
Open innovation is topical in major areas of research, for instance, environment and social innovation [1–3], Promoting Digital Entrepreneurship [4], Internal Corporate. The institutional investment will act as alternative funding for educational institutions, and the Saudi education system will receive further support for its operational and research development activities This will boost the Saudi education system’s institutional ranking and contribute directly to sustainable development goal 4 (SDG-4) of achieving quality education; there are several challenges [33] in achieving SDG-4, but on the contrary, there are several opportunities as well that will emerge from inviting institutional investors. This initiative will boost the country’s economy, attract foreign investors, and achieve societal development without requiring extra investment by the government or further tax burden to Saudi Arabia This proposed research model will create alternative funding for universities, which will boost the university’s (and, by extension, the education system’s) capabilities in infrastructure development, faculty development, and laboratories. The paper flow has the methodology section, the systematic literature review process for framework development, it creates a nexus of institutional investors and educational institutions, highlights the role of the government in developing a new model of alternative fundings and opportunities for the institutional investor, followed by a discussion section
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