Economic Mechanisms Driving Innovation in Non-Governmental Higher Education Institutions
Keywords:
Non-Governmental Educational Institutions, nnovative Development, Economic Mechanisms, Higher Education, Funding Models, Institutional Autonomy, Policy Frameworks, Knowledge-Based EconomyAbstract
Innovative development of higher education is crucial for creating knowledge societies in the age of knowledge economy. In this process, the role of NGEIs is gradually increasing, however the economic aspect of such institution is still understudied. This knowledge deficit is filled by this study which examines the ways in which the funding models, institutional autonomy and policy frameworks affect innovation in NGEIs. The extant literature mainly covers public institutions but this paper offers a particular approach to the non-governmental organizations. In this study, the quantitative data of financial reports from NGEIs has been analysed complemented with the data collected from the interviews with the administrators, educators, and policymakers. Measurement results show that the higher innovative capacity is characteristic of the institution that has the diversified finances, excluding only the state subsidies, including the external investments and various collaboration agreements with businesses. Primary findings concern the role of institutional independence and adaptable policy prompts as sources of structural and financial constraints on innovation. The implications of the findings are that the losvership mechanisms that provide the most promising environment for innovation are those that include both flexible financial approaches coupled with selective policy intervention. However, some issues are still exerting big impacts on how NGEIs can achieve their institutional goals vis- a-vis societal and economic needs; thereby hampering the growth of innovation in NGEIs.
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