Financial strategy dynamics and university sustainability in a depressed economy: Evidence of Nigerian University
1 Department of Accounting and Finance, Caleb University, Imota. Lagos, Nigeria.
2 Department of Management and Accounting, Lead City University, Ibadan, Nigeria.
3 Department of Accounting and Finance, Caleb University, Imota. Lagos, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2023, 18(01), 949–957
Publication history:
Received on 24 October 2022; revised on 18 April 2023; accepted on 21 April 2023
Abstract:
Universities contributions to human resource development is contingent on financing capabilities to be able to compete globally and proffer economic solutions to national issues. This study examines financial strategy dynamics and private university sustainability in a depressed economy: evidence from Nigeria. The population of study comprises the 36 private universities in southwest Nigeria as at 31st December 2021. Six universities having over ten years’ operating experience form the sample size, this is to be able to adjudge the financial sustainability of the universities. Seventy-two (72) questionnaire were distributed, out of which 62 (86%) were returned and analysed by multiple regression method. The results showed that university environment, dependable leader, organizational culture, networking and public relations impact positively on university sustainability as the t-test is greater than the p value at 5% significance level (t-test = 0,320, 6.933, 0.120, 0.300 and 1.114 respectively); while financial strategy has no impact on university sustainability, with t-test (-0.026) less than the p-value. Private university should provide robust university environment, dependable leader, organizational culture, networking and public relations that drive capabilities that can source external funds in form of grants, donations, universities’ collaboration initiative for cross-stimulating ideas in the deployment of advanced technology; innovation and creativity into lecture delivery and seminars to serve as competitive advantages. Inadequate funding will cripple universities sustainability and technological advancement reducing academic value and quality.
Keywords:
Financial Strategy; Depressed Economy; Sustainability; Finance; University
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