Araştırma Makalesi
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Revenue Diversification in Higher Education Institutions: A Systematic Literature Review

Yıl 2025, Cilt: 4 Sayı: 1, 157 - 181, 19.06.2025

Öz

This study aims to screen the revenue diversification strategies of higher education institutions worldwide. It will shed light on the academic discussion on various ways of income generation and related trends in the context of universities. This paper employs a systematic literature review (SLR) method using the Web of Science and Scopus databases. The timeframe included in the study is from 2004 to 2024. With each category revealing critical features of revenue diversification strategies in higher education, this analysis has found five dominant themes in the selected literature. While the selection of the available literature was done through a choice of keyword entries to save time and effort, only peer-reviewed articles were included, avoiding other potential sources such as books and doctoral dissertations related to the field. Researchers, policy makers, and managers concerned with the field of revenue diversification in higher education can benefit from this study, as it strives to identify gaps in the field, provide suggestions for better implementation of RD strategies, and facilitate insights into improvements in regulations. This research can potentially help scientists concentrate on the research gaps by providing synthesized knowledge about income diversification in higher education, as it utilizes the SLR method, crucial for integrating and showcasing the scientific evidence emerging from quantitative and qualitative literature.

Kaynakça

  • Agasisti, T., Pérez-Esparrells, C., Catalano, G., & Morales, S. (2012). Is expenditure on higher education per student converging across EU-15 countries? Studies in Higher Education, 37(2), 235–252.
  • Al Fazari, H. (2022). Higher education in the Arab world: research and development from the perspective of Oman and Sohar University. In Higher Education in the Arab World: Research and Development (pp. 259–274). Cham: Springer International Publishing.
  • Ansari, M. M. (2023). Public and Private Partnerships for Higher Education Financing. In Financing of Higher Education: Traditional Approaches and Innovative Strategies (pp. 113–128). Singapore: Springer Nature Singapore.
  • Biagi, B., Ciucci, L., Detotto, C., & Pulina, M. (2024). Do diverse degree courses matter for university attractiveness? The Annals of Regional Science, 72(4), 1189–1229.
  • Brint, S. (2022). Challenges for higher education in the United States: The cost problem and a comparison of remedies. European Journal of Education, 57(2), 181–198.
  • Buckner, E. (2017). The worldwide growth of private higher education: Cross-national patterns of higher education institution foundings by sector. Sociology of Education, 90(4), 296–314.
  • Chikoto-Schultz, G. L., & Sakolvittayanon, N. (2020). Revenue diversification, growth, and stability. In Financing Nonprofit Organizations (pp. 99–113). Routledge.
  • Delaney, J. A., & Doyle, W. R. (2014). State spending on higher education capital outlays. Research in Higher Education, 55, 433–466.
  • Djakona, A., Kholiavko, N., Dubyna, M., Zhavoronok, A., & Fedyshyn, M. (2021). Educational dominance of the information economy development: a case of Latvia for Ukraine.
  • Dolenec, D. (2006). Marketization in higher education policy: An analysis of higher education funding policy reforms in Western Europe between 1980 and 2000. Revija za socijalnu politiku, 13(1), 15–35.
  • Frølich, N., Trondal, J., Caspersen, J., & Reymert, I. (2016). Managing mergers—governing institutional integration. Tertiary Education and Management, 22, 231–248.
  • Garland, M. (2020). How vulnerable are you? Assessing the financial health of England’s universities. Perspectives: Policy and Practice in Higher Education, 24(2), 43–52.
  • Geiger, R., & Heller, D. (2012). Financial trends in higher education: The United States. Voprosy obrazovaniya/Educational Studies Moscow, (3), 5–29.
  • Gudmanian, A., Drotianko, L., Sydorenko, S., Ordenov, S., & Chenbai, N. (2020). Diversification of Higher Educational Institutions as a Factor of Sustainable Development of Education. In E3S Web of Conferences (Vol. 208, p. 09039). EDP Sciences.
  • Handayani, E., Sholihin, M., Pratolo, S., & Rahmawati, A. (2023). Distribution of income diversification on financial sustainability of Indonesian private universities; empirical studies. Journal of Distribution Science, 21(3), 71–82. https://doi.org/10.15722/JDS.21.03.202303.71
  • Hickey, R. (2024). Financial sustainability in a marketised and partially autonomous environment: the case of small new public universities in England. Oxford Review of Education, 50(3), 332–348.
  • Irvine, H., & Ryan, C. (2019). The financial health of Australian universities: policy implications in a changing environment. Accounting, Auditing & Accountability Journal, 32(5), 1500–1531.
  • Ismail, S., Nik Ahmad, N. N., & Siraj, S. A. (2019). Readiness to implement revenue diversification strategies by Malaysian Public Universities. Management & Accounting Review (MAR), 18(3), 69–94.
  • Jaafar, J. A., Latiff, A. R. A., Daud, Z. M., & Osman, M. N. H. (2023). Does revenue diversification strategy affect the financial sustainability of Malaysian public universities? A panel data analysis. Higher Education Policy, 36(1), 116–143.
  • Johnston, A., Wells, P., & Woodhouse, D. (2023). Examining the roles of universities in place-based industrial strategy: which characteristics drive knowledge creation in priority technologies? Regional Studies, 57(6), 1084–1095.
  • Jongbloed, B. (2023). The funding of higher education: international perspectives. In International Encyclopedia of Education (Fourth Edition) (pp. 183–190). Elsevier.
  • Jordan, M. M., & Wagner, G. A. (2008). Revenue diversification in Arkansas cities: The budgetary and tax effort impacts. Public Budgeting & Finance, 28(3), 68–82.
  • Kelchen, R., Lingo, M., Baker, D. J., Rosinger, K., Ortagus, J., & Wu, J. (2024). A typology and landscape of state funding formulas for public colleges and universities from 2004 to 2021. The Review of Higher Education, 47(3), 281–314.
  • Koryakina, T., Sarrico, C. S., & Teixeira, P. N. (2015). Third mission activities: university managers' perceptions on existing barriers. European Journal of Higher Education, 5(3), 316–330.
  • Laderman, S., Cummings, K., Lee, J. C., Tandberg, D., & Weeden, D. (2023). Higher education finance in the United States: Sources of funding and impacts of state investments. In Comparative Higher Education Politics: Policymaking in North America and Western Europe (pp. 157–187). Cham: Springer International Publishing.
  • Le, T. T., Nguyen, T. L., Trinh, M. T., Nguyen, M. H., Nguyen, M. P. T., & Pham, H. H. (2021). Adopting the Hirschman–Herfindahl Index to estimate the financial sustainability of Vietnamese public universities. Humanities and Social Sciences Communications, 8(1), 1–10.
  • Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. BMJ, 339.
  • Ngcobo, X. M., Marimuthu, F., & Stainbank, L. J. (2024). Revenue sourcing for the financial sustainability of a university of technology: an exploratory study. Cogent Education, 11(1), 2295173.
  • Nik Ahmad, N. N., Ismail, S., & Siraj, S. A. (2019). Financial sustainability of Malaysian public universities: officers’ perceptions. International Journal of Educational Management, 33(2), 317–334.
  • Nisar, S., Peng, K., Wang, S., & Ashraf, B. N. (2018). The impact of revenue diversification on bank profitability and stability: Empirical evidence from South Asian countries. International Journal of Financial Studies, 6(2), 40.
  • Ortagus, J. C., & Yang, L. (2018). Examine the influence of decreases in state appropriations on online enrollment at public universities. Research in Higher Education, 59, 847–865.
  • Page, C. S., & Kern, M. A. (2018). Creating and implementing diverse development strategies to support Extension centers and programs. The Journal of Extension, 56(1), 25.
  • Rossi, S., Dreassi, A., Borroni, M., & Paltrinieri, A. (2020). Does revenue diversification still matter in banking? Evidence from a cross-country analysis. Journal of Financial Management, Markets and Institutions, 8(02), 2050003.
  • Salerno, C. (2004). Public money and private providers: Funding channels and national patterns in four countries. Higher Education, 48, 101–130.
  • Scott, T. (2021). UK IBCs' Adaptability in Mainland China: Programs, Practices, and Policies. Online Submission, 29(1), 13–23.
  • Sjoquist, D. L., & Stoycheva, R. (2012). Local revenue diversification: User charges, sales taxes, and income taxes.
  • Teichler, U. (2010). The diversifying academic profession? European Review, 18(S1), S157–S179.
  • Teixeira, P., Rocha, V., Biscaia, R., & Cardoso, M. F. (2013). Competition and diversification in public and private higher education. Applied Economics, 45(35), 4949–4958.
  • Teixeira, P. N., Rocha, V., Biscaia, R., & Cardoso, M. F. (2014). Revenue diversification in public higher education: Comparing the university and polytechnic sectors. Public Administration Review, 74(3), 398–412.
  • Thatcher, A., Zhang, M., Todoroski, H., Chau, A., Wang, J., & Liang, G. (2020). Predicting the impact of COVID-19 on Australian universities. Journal of Risk and Financial Management, 13(9), 188.
  • Van Hoorebeek, M., & Marson, J. (2005). Teaching and technology transfer as alternative revenue streams: A primer on the potential legal implications for UK universities. International Journal of Educational Management, 19(1), 36–47.
  • Welch, A. (2022). A plague on higher education? COVID, Camus and Culture Wars in Australian universities. Higher Education Quarterly, 76(2), 213–229.
  • Yan, W. (2012). The impact of revenue diversification and economic base on state revenue stability. Journal of Public Budgeting, Accounting & Financial Management, 24(1), 58–81.
  • Yizengaw, T. (2007). Implementing cost sharing in the Ethiopian higher education landscape: Critical assessment and the way forward. Higher Education Quarterly, 61(2), 171–196.
  • Yurchyshena, L., Dluhopolskyi, O., Vechirko, I., Kozlovskyi, S., & Lavrov, R. (2024). Prerequisites of hybridization of university financing as a tool for ensuring sustainability and strategic development. Natsional'nyi Hirnychyi Universytet. Naukovyi Visnyk, (5), 184–191.
  • Zamore, S. (2018). Should microfinance institutions diversify or focus? A global analysis. Research in International Business and Finance, 46, 105–119.
  • Zeleza, P. T. (2016). Money matters: Economic and occupational disruptions. In The Transformation of Global Higher Education, 1945–2015 (pp. 67–137).

Yükseköğretim Kurumlarında Gelir Çeşitlendirmesi: Sistematik Literatür Taraması

Yıl 2025, Cilt: 4 Sayı: 1, 157 - 181, 19.06.2025

Öz

Bu çalışma, dünya genelindeki yükseköğretim kurumlarının gelir çeşitlendirme stratejilerini taramayı amaçlamaktadır. Üniversiteler bağlamında çeşitli gelir yaratma yolları ve ilgili eğilimler hakkındaki akademik tartışmalara ışık tutacaktır. Bu çalışmada, Web of Science ve Scopus veri tabanları kullanılarak sistematik literatür taraması (SLR) yöntemi kullanılmıştır. Çalışmaya dahil edilen zaman dilimi 2004'ten 2024'e kadardır. Yükseköğretimde gelir çeşitlendirme stratejilerinin kritik özelliklerini ortaya koyan her bir kategori ile bu analiz, seçilen literatürde beş baskın tema bulmuştur. Mevcut literatürün seçimi, zamandan ve emekten tasarruf etmek için anahtar kelime girişleri yoluyla yapılırken, alanla ilgili kitaplar ve doktora tezleri gibi diğer potansiyel kaynaklardan kaçınarak yalnızca hakemli makaleler dahil edilmiştir. Yükseköğretimde gelir çeşitlendirmesi alanıyla ilgilenen araştırmacılar, karar mercileri ve yöneticiler, alandaki boşlukları tespit etmeye çalıştığı, RD stratejilerinin daha iyi uygulanmasına yönelik öneriler sunduğu ve düzenlemelerdeki iyileştirmelere yönelik içgörüleri kolaylaştırdığı için bu çalışmadan faydalanabilir. Bu araştırma, nicel ve nitel literatürden ortaya çıkan bilimsel kanıtları bütünleştirmek ve sergilemek için çok önemli olan SLR yöntemini kullandığından, yükseköğretimde gelir çeşitlendirmesi hakkında sentezlenmiş bilgi sağlayarak bilim insanlarının araştırma boşluklarına odaklanmasına yardımcı olabilir.

Kaynakça

  • Agasisti, T., Pérez-Esparrells, C., Catalano, G., & Morales, S. (2012). Is expenditure on higher education per student converging across EU-15 countries? Studies in Higher Education, 37(2), 235–252.
  • Al Fazari, H. (2022). Higher education in the Arab world: research and development from the perspective of Oman and Sohar University. In Higher Education in the Arab World: Research and Development (pp. 259–274). Cham: Springer International Publishing.
  • Ansari, M. M. (2023). Public and Private Partnerships for Higher Education Financing. In Financing of Higher Education: Traditional Approaches and Innovative Strategies (pp. 113–128). Singapore: Springer Nature Singapore.
  • Biagi, B., Ciucci, L., Detotto, C., & Pulina, M. (2024). Do diverse degree courses matter for university attractiveness? The Annals of Regional Science, 72(4), 1189–1229.
  • Brint, S. (2022). Challenges for higher education in the United States: The cost problem and a comparison of remedies. European Journal of Education, 57(2), 181–198.
  • Buckner, E. (2017). The worldwide growth of private higher education: Cross-national patterns of higher education institution foundings by sector. Sociology of Education, 90(4), 296–314.
  • Chikoto-Schultz, G. L., & Sakolvittayanon, N. (2020). Revenue diversification, growth, and stability. In Financing Nonprofit Organizations (pp. 99–113). Routledge.
  • Delaney, J. A., & Doyle, W. R. (2014). State spending on higher education capital outlays. Research in Higher Education, 55, 433–466.
  • Djakona, A., Kholiavko, N., Dubyna, M., Zhavoronok, A., & Fedyshyn, M. (2021). Educational dominance of the information economy development: a case of Latvia for Ukraine.
  • Dolenec, D. (2006). Marketization in higher education policy: An analysis of higher education funding policy reforms in Western Europe between 1980 and 2000. Revija za socijalnu politiku, 13(1), 15–35.
  • Frølich, N., Trondal, J., Caspersen, J., & Reymert, I. (2016). Managing mergers—governing institutional integration. Tertiary Education and Management, 22, 231–248.
  • Garland, M. (2020). How vulnerable are you? Assessing the financial health of England’s universities. Perspectives: Policy and Practice in Higher Education, 24(2), 43–52.
  • Geiger, R., & Heller, D. (2012). Financial trends in higher education: The United States. Voprosy obrazovaniya/Educational Studies Moscow, (3), 5–29.
  • Gudmanian, A., Drotianko, L., Sydorenko, S., Ordenov, S., & Chenbai, N. (2020). Diversification of Higher Educational Institutions as a Factor of Sustainable Development of Education. In E3S Web of Conferences (Vol. 208, p. 09039). EDP Sciences.
  • Handayani, E., Sholihin, M., Pratolo, S., & Rahmawati, A. (2023). Distribution of income diversification on financial sustainability of Indonesian private universities; empirical studies. Journal of Distribution Science, 21(3), 71–82. https://doi.org/10.15722/JDS.21.03.202303.71
  • Hickey, R. (2024). Financial sustainability in a marketised and partially autonomous environment: the case of small new public universities in England. Oxford Review of Education, 50(3), 332–348.
  • Irvine, H., & Ryan, C. (2019). The financial health of Australian universities: policy implications in a changing environment. Accounting, Auditing & Accountability Journal, 32(5), 1500–1531.
  • Ismail, S., Nik Ahmad, N. N., & Siraj, S. A. (2019). Readiness to implement revenue diversification strategies by Malaysian Public Universities. Management & Accounting Review (MAR), 18(3), 69–94.
  • Jaafar, J. A., Latiff, A. R. A., Daud, Z. M., & Osman, M. N. H. (2023). Does revenue diversification strategy affect the financial sustainability of Malaysian public universities? A panel data analysis. Higher Education Policy, 36(1), 116–143.
  • Johnston, A., Wells, P., & Woodhouse, D. (2023). Examining the roles of universities in place-based industrial strategy: which characteristics drive knowledge creation in priority technologies? Regional Studies, 57(6), 1084–1095.
  • Jongbloed, B. (2023). The funding of higher education: international perspectives. In International Encyclopedia of Education (Fourth Edition) (pp. 183–190). Elsevier.
  • Jordan, M. M., & Wagner, G. A. (2008). Revenue diversification in Arkansas cities: The budgetary and tax effort impacts. Public Budgeting & Finance, 28(3), 68–82.
  • Kelchen, R., Lingo, M., Baker, D. J., Rosinger, K., Ortagus, J., & Wu, J. (2024). A typology and landscape of state funding formulas for public colleges and universities from 2004 to 2021. The Review of Higher Education, 47(3), 281–314.
  • Koryakina, T., Sarrico, C. S., & Teixeira, P. N. (2015). Third mission activities: university managers' perceptions on existing barriers. European Journal of Higher Education, 5(3), 316–330.
  • Laderman, S., Cummings, K., Lee, J. C., Tandberg, D., & Weeden, D. (2023). Higher education finance in the United States: Sources of funding and impacts of state investments. In Comparative Higher Education Politics: Policymaking in North America and Western Europe (pp. 157–187). Cham: Springer International Publishing.
  • Le, T. T., Nguyen, T. L., Trinh, M. T., Nguyen, M. H., Nguyen, M. P. T., & Pham, H. H. (2021). Adopting the Hirschman–Herfindahl Index to estimate the financial sustainability of Vietnamese public universities. Humanities and Social Sciences Communications, 8(1), 1–10.
  • Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: the PRISMA statement. BMJ, 339.
  • Ngcobo, X. M., Marimuthu, F., & Stainbank, L. J. (2024). Revenue sourcing for the financial sustainability of a university of technology: an exploratory study. Cogent Education, 11(1), 2295173.
  • Nik Ahmad, N. N., Ismail, S., & Siraj, S. A. (2019). Financial sustainability of Malaysian public universities: officers’ perceptions. International Journal of Educational Management, 33(2), 317–334.
  • Nisar, S., Peng, K., Wang, S., & Ashraf, B. N. (2018). The impact of revenue diversification on bank profitability and stability: Empirical evidence from South Asian countries. International Journal of Financial Studies, 6(2), 40.
  • Ortagus, J. C., & Yang, L. (2018). Examine the influence of decreases in state appropriations on online enrollment at public universities. Research in Higher Education, 59, 847–865.
  • Page, C. S., & Kern, M. A. (2018). Creating and implementing diverse development strategies to support Extension centers and programs. The Journal of Extension, 56(1), 25.
  • Rossi, S., Dreassi, A., Borroni, M., & Paltrinieri, A. (2020). Does revenue diversification still matter in banking? Evidence from a cross-country analysis. Journal of Financial Management, Markets and Institutions, 8(02), 2050003.
  • Salerno, C. (2004). Public money and private providers: Funding channels and national patterns in four countries. Higher Education, 48, 101–130.
  • Scott, T. (2021). UK IBCs' Adaptability in Mainland China: Programs, Practices, and Policies. Online Submission, 29(1), 13–23.
  • Sjoquist, D. L., & Stoycheva, R. (2012). Local revenue diversification: User charges, sales taxes, and income taxes.
  • Teichler, U. (2010). The diversifying academic profession? European Review, 18(S1), S157–S179.
  • Teixeira, P., Rocha, V., Biscaia, R., & Cardoso, M. F. (2013). Competition and diversification in public and private higher education. Applied Economics, 45(35), 4949–4958.
  • Teixeira, P. N., Rocha, V., Biscaia, R., & Cardoso, M. F. (2014). Revenue diversification in public higher education: Comparing the university and polytechnic sectors. Public Administration Review, 74(3), 398–412.
  • Thatcher, A., Zhang, M., Todoroski, H., Chau, A., Wang, J., & Liang, G. (2020). Predicting the impact of COVID-19 on Australian universities. Journal of Risk and Financial Management, 13(9), 188.
  • Van Hoorebeek, M., & Marson, J. (2005). Teaching and technology transfer as alternative revenue streams: A primer on the potential legal implications for UK universities. International Journal of Educational Management, 19(1), 36–47.
  • Welch, A. (2022). A plague on higher education? COVID, Camus and Culture Wars in Australian universities. Higher Education Quarterly, 76(2), 213–229.
  • Yan, W. (2012). The impact of revenue diversification and economic base on state revenue stability. Journal of Public Budgeting, Accounting & Financial Management, 24(1), 58–81.
  • Yizengaw, T. (2007). Implementing cost sharing in the Ethiopian higher education landscape: Critical assessment and the way forward. Higher Education Quarterly, 61(2), 171–196.
  • Yurchyshena, L., Dluhopolskyi, O., Vechirko, I., Kozlovskyi, S., & Lavrov, R. (2024). Prerequisites of hybridization of university financing as a tool for ensuring sustainability and strategic development. Natsional'nyi Hirnychyi Universytet. Naukovyi Visnyk, (5), 184–191.
  • Zamore, S. (2018). Should microfinance institutions diversify or focus? A global analysis. Research in International Business and Finance, 46, 105–119.
  • Zeleza, P. T. (2016). Money matters: Economic and occupational disruptions. In The Transformation of Global Higher Education, 1945–2015 (pp. 67–137).
Toplam 47 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Alan Eğitimleri (Diğer)
Bölüm Araştırma Makaleleri
Yazarlar

Mahfoozur Rahman 0000-0001-9333-1295

Yayımlanma Tarihi 19 Haziran 2025
Gönderilme Tarihi 2 Haziran 2025
Kabul Tarihi 11 Haziran 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 4 Sayı: 1

Kaynak Göster

APA Rahman, M. (2025). Revenue Diversification in Higher Education Institutions: A Systematic Literature Review. BABUR Research, 4(1), 157-181.

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