DOI: https://doi.org/10.18371/fcaptp.v1i32.200659

ECONOMIC EFFICIENCY OF UKRAINE’S UNIVERSITIES IN THE CONTEXT OF INNOVATIVE FINANCIAL MANAGEMENT

M. I. Krupka, O. S. Hrynkevych, S. P. Sas

Abstract


The article aims to develop analytical models for improving the efficiency of Ukrainian universities financial management. Taking into account the domestic and foreign experience of measuring the higher education institutions (HEIs) economic efficiency, the features of their key functions (learning and researches) and the interests of internal and external stakeholders (entrants, students, lectures and researchers, employers), the authors propose the model for the efficiency analysis based on criteria of effectiveness (absolute values of indicators), performance (relative values of indicators) as well as income diversification.
As a methodological basis for the empirical part of the study, we used the methods of economic and financial analysis, statistical methods of multidimensional mean. Using the developed scorecard, we evaluated and compared the cost-effectiveness of five Ukraine’s universities included in The Times Higher Education World University Rankings 2018. The sources of the database for analysis were financial and other types of HEIs reporting, rectors’ reports, as well as other sources of public information on higher education.
The results of the analysis show that among the studied universities, the leaders in terms of economic efficiency are Taras Shevchenko National University of Kyiv, Igor Sikorsky National Technical University of Ukraine — Kyiv Polytechnic Institute and V.N. Karazin Kharkiv National University, which differ significantly in the scale of educational activity, use different state financial support, but have close economic efficiency ratings. For the correct comparison of the universities economic efficiency in order to justify the volume of their state financial and other types of support, first it is necessary to classify HEIs by type, allocating in the separate group those that have a special status in Ukraine.
The innovative nature and practical significance of the proposed system of economic efficiency indicators of Ukrainian universities is that such a system can be used in higher education governance at different levels, namely, at the institutional level — to develop the university financial strategy, at the national and regional levels — to monitor the HEIs competitiveness, as well as to measure the effectiveness of their state and regional financial support.


Keywords


higher education analysis; economics of higher education; economic efficiency indicators; university financial management; Ukraine

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ISSN (print) 2306-4994, ISSN (on-line) 2310-8770