Endowment Funds as an Effective Form of Partnership between the Business Sector and the Higher Education System. Case of Training Specialists in the Tourism Industry
Abstract
To systematize theoretical, methodological and practical aspects of endowment funding as an effective form of partnership between the business sector and the higher education system (as the example of training specialists in the tourism industry) and to identify its modern country-specific features and opportunities for extrapolation and adaptation of positive foreign experience in this field in countries with developing market economies (particularly, in Kazakhstan), to ensure a sustainable social and economic growth. The work applies an arsenal of systematic, structural, statistical and comparative methods of analysis. We have revealed the economic nature of educational fundraising and its socio-economic purpose; structured the classic elements of educational fundraising and proved the endowment-funding model can be an effective form of educational fundraising; performed a country-by-country analysis of the principles of university endowment, their common features, peculiarities, and extrapolation opportunities for countries with developing market economies (particularly, for Kazakhstan).
References
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[31] Rosen, H.S. and Sappington, A. 2017. What Do University Endowment Managers Worry About? An Analysis of Alternative Asset Investments and Background Income. Еducation finance and policy, 4(11): 404-425. DOI:https://doi.org/10.1162/EDFP_a_00193
[32] Sandström, C., Wennberg, K. Wallin, M. W. and Zherlygina, Y. 2018. Public Policy for Academic Entrepreneurship Initiatives: A Review and Critical Discussion. The Journal of Technology Transfer, 43 (5): 1232–1256. DOI: https://doi.org/10.1007/s10961-016-9536-x
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[34] Savchenko, S.N. 2019. Formation and use of financial resources in the educational system of Russia. Entrepreneurship, 4: 17-21
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[39] Federal Law of the Russian Federation. 2006. No. 275-FZ “On the procedure for the formation and use of the endowment capital of non-profit organizations”. Available at: http://www.kremlin.ru/acts/bank/24879
[40] Official resource of Data of the Committee on Statistics of the Republic of Kazakhstan
[41] Official resource of Ministry of Education of Malaysia. National Center for Educational Statistics in the USA, France, China. Available at: https://www.statista.com
[2] Ali Ait Si Mhamed, Vossensteyn, H. and Kasa, R. 2021. Stability, performance and innovation orientation of a higher education funding model in Kazakhstan. International Journal of Educational Development, 25(81): 324-335. DOI: https://doi.org/10.1016/j.ijedudev.2020.102324
[3] Andarova R., et al. 2016. Eurasian economic union: Potential, limiting factors, perspectives. International Journal of Economic Perspectives, 10(3): 13–23.
[4] Audretsch D.B., et al. 2019. Entrepreneurial Ecosystems: Economic, Technological, and Societal Impacts. Journal of Technology Transfer, 44 (2): 313–325. DOI: https://doi.org/10.1007/s10961-018-9690-4
[5] Audretsch, D. B. and Lehmann, E.E. 2018. Does the Knowledge Spillover Theory of Entrepreneurship Hold for Regions? Research policy, 34 (8): 1191–1202. DOI: https://doi.org/10.1016/j.respol.2018.03.012
[6] Avdeeva A.P., Grishaeva, S.A. and Khussainova Z.S. 2021. Socio-psychological Characteristics of the Innovative Potential of Students as Indicators of Professional Elitism in a Digital Society. Studies in Systems, Decision and Control, 314: 809–818. Available at: https://www.scopus.com/record/display.uri?eid=2-s2.0-85102254033&origin=resultslist
[7] Balatsky, E.V. 2017. University endowments and competitiveness of Russian universities. Moscow: Buki Vedi, 84 p.
[8] Civera, A., Meoli, M. and Vismara, S. 2017. Policies for the Provision of Finance to Science-based Entrepreneurship. Annals of Science and Technology Policy, 1 (4): 317–469. DOI:http://doi.org/10.1561/110.00000004
[9] Civera, A., Meoli, M. and Vismara, S. 2019. Do Academic Spinoffs Internationalize? The Journal of Technology Transfer, 44 (2): 381–403. DOI: https://doi.org/10.1007/s10961-018-9683-3
[10] Colombo, M. G., Dagnino, G. B., Lehman, E. E. and Salmador M.-P. 2019. The Governance of the Entrepreneurial Ecosystem. Small Business Economics, 52 (2): 419–428. DOI: https://doi.org/10.1007/s11187-017-9952-9
[11] Cunningham, J., Lehmann, E.E., Menter, M. and Seitz, N. 2019. The Impact of University Focused Technology Transfer Policies on Regional Innovation and Entrepreneurship. Journal of Technology Transfer, 44 (5): 1451–1475. DOI: https://doi.org/10.1007/s10961-019-09733-0
[12] Daraio, C., Heitor, M., Meoli, M. and Paleari, S. 2019. Policy Turnaround: Towards a New Deal for Research and Higher Education. Governance, Evaluation and Rankings in the Big Data Era. Higher Education Quarterly, 73 (1): 3–9. DOI: https://doi.org/10.1111/hequ.12196
[13] Dawson A., Yeomans, E. and Brown, E.R. 2018. Methodological challenges in education RCTs: reflections from England’s Education Endowment Foundation. Educational Research, 3(60): 292-310.
[14] Dulatbekov, N.O. 2021. Analysis of Kazakhstan-Japanese relations in the post-war and their influence on the tourism industry and economic development. Journal of environmental management and tourism, 6(54): 1664 - 1675. DOI: https://doi.org/10.14505/jemt.v12.6(54).22
[15] Froehlich, A.C. 2018. Does the Curricular Structure Affect Doctoral Enrolment? Journal of Business Economics, 86 (9): 1–23. DOI: https://doi.org/10.1007/s11573-016-0812-x
[16] Gordeeva, E., Esengeldin, B. and Khusainova, Z. 2017. State programming of innovation development of economy: Macrostructural priorities, institutional and economic specification. Journal of Advanced Research in Law and Economics, 6(8): 1767-1778. -
[17] Guerrero, M., Cunningham, J. A. and Urbano, D. 2018. Economic Impact of Entrepreneurial Universities activities: An Exploratory Study of the United Kingdom. Research Policy, 44 (3): 748–764. DOI:https://doi.org/10.1016/j.respol.2018.10.008
[18] Hansmann, H. 2017. Why do universities have endowments? The Journal of Legal Studies, 1(19): 3-42. DOI:https://doi.org/10.1086/467841.
[19] Harry, B., et al. 2018. Performance-based funding and performance agreements in fourteen higher education systems. Enschede: CHEPS, 164 p. Available at: http://www.utwente.nl/cheps
[20] Hayter, C. S. 2018. A Trajectory of Early-Stage Spinoff Success: The Role of Knowledge Intermediaries within an Entrepreneurial University Ecosystem. Small Business Economics, 47 (3): 633–656. DOI:https://doi.org/10.1007/s11187-016-9756-3
[21] Hopkins, B.R. 2017. How to Start a Non-Profit Organization and Manage It. Moscow: United Way International, 292 p.
[22] Ivanov, O. I. 2018. Organizational and economic conditions for the formation of endowment funds in the Russian higher school: abstract of the dissertation of the candidate of Economic Sciences, 22p. Available at: https://search.rsl.ru/ru/record/01004855532.
[23] Lee, H.L. 2018. The growth and stratification of college endowments in the United States. International Journal Education Adventure, 8(11): 136–151. DOI: https://doi.org/10.1057/ijea.2018.10.
[24] Lehmann, E. E. and Stockinger, S. A. 2019. Entrepreneurship in Higher Education: The Impact of Competition-Based Policy Programmes Exemplified by the German Excellence Initiative. Higher Education Quarterly, 7(12): 1–15.
[25] Lerner, J., Schoar, A. and Wang, J. 2018. Secrets of the Academy: The Drivers of University Endowment Success. Journal of Economic Perspectives, 22 (3): 207-22. DOI: https://doi.org/10.1257/jep.22.3.207
[26] Menter, M., Lehmann, E. E. and Klarl, T. 2018. In Search of Excellence: A Case Study of the First Excellence Initiative of Germany. Journal of Business Economics, 88 (9): 1105–1132. DOI:https://doi.org/10.1007/s11573-018-0909-5
[27] Meoli, M., Pierucci, E. and Vismara, S. 2018. The Effects of Public Policies in Fostering University Spinoffs in Italy. Economics of Innovation and New Technology, 27 (5-6): 479–492. DOI:https://doi.org/10.1080/10438599.2017.1374048
[28] Meyer, H.-D. and Zhou, K. 2017. Autonomy or oligarchy? The changing effects of university endowments in winner-take-all markets. Нigher education, 6(73): 833-851. DOI: https://doi.org//10.1007/s10734-017-0109-1
[29] Mirkin, Ya. M. 2019. Endowment funds (trust funds) of state and municipal educational institutions: organization of activities, state and prospects of development: practice. Moscow: Financial University, 144 p.
[30] Nikulina, I.E. and Proschaeva, N.V. 2018. Endowment funds of Russian universities: state and prospects of development. Proceedings of the Tomsk Polytechnic University, 6(319): 20-23. Available at: http://cyberleninka.ru/article/n/fondy-tselevogo-kapitala-rossiyskih-vuzov-sostoyanie-i-perspektivy-razvitiya.
[31] Rosen, H.S. and Sappington, A. 2017. What Do University Endowment Managers Worry About? An Analysis of Alternative Asset Investments and Background Income. Еducation finance and policy, 4(11): 404-425. DOI:https://doi.org/10.1162/EDFP_a_00193
[32] Sandström, C., Wennberg, K. Wallin, M. W. and Zherlygina, Y. 2018. Public Policy for Academic Entrepreneurship Initiatives: A Review and Critical Discussion. The Journal of Technology Transfer, 43 (5): 1232–1256. DOI: https://doi.org/10.1007/s10961-016-9536-x
[33] Sanz-Menendéz, L. and Cruz-Castro, L. 2019. University Academics Preferences for Hiring and Promotion Systems. European Journal of Higher Education, 9 (2): 153–171. DOI:https://doi.org/10.1080/21568235.2018.1515029
[34] Savchenko, S.N. 2019. Formation and use of financial resources in the educational system of Russia. Entrepreneurship, 4: 17-21
[35] Schumacher, E.C. 2017. Building Your Endowment. Moscow: Jossey-Bass, 112 р.
[36] Sørensen, M. P., Bloch, C. and Young, M. 2018. Excellence in the Knowledge-Based Economy: From Scientific to Research Excellence. European Journal of Higher Education, 6 (3): 217–236. DOI:https://doi.org/10.1080/21568235.2018.1015106
[37] Titov, V. and Endovitsky, D. 2017. Endowment funds in the higher education system of the Russian Federation. Higher education in Russia, 7(11): 9-17.
[38] Zhartay, Z., Khussainova, Z., Abauova, G. and Amanzholova, B. 2017. Prospects of development of silk road economic belt and new opportunities of economic growth. Journal of Advanced Research in Law and Economics, 8(8): 2636-2643.
[39] Federal Law of the Russian Federation. 2006. No. 275-FZ “On the procedure for the formation and use of the endowment capital of non-profit organizations”. Available at: http://www.kremlin.ru/acts/bank/24879
[40] Official resource of Data of the Committee on Statistics of the Republic of Kazakhstan
[41] Official resource of Ministry of Education of Malaysia. National Center for Educational Statistics in the USA, France, China. Available at: https://www.statista.com
Published
2021-12-29
How to Cite
KHUSAINOVA, Zhibek et al.
Endowment Funds as an Effective Form of Partnership between the Business Sector and the Higher Education System. Case of Training Specialists in the Tourism Industry.
Journal of Environmental Management and Tourism, [S.l.], v. 12, n. 8, p. 2194 - 2216, dec. 2021.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/6663>. Date accessed: 14 nov. 2024.
Section
Article
Copyright© 2024 The Author(s). Published by ASERS Publishing 2024. This is an open access article distributed under the terms of CC-BY 4.0 license.