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Analysis of Higher Education Indicators Coherency in Central and Eastern Europe

Author

Listed:
  • Andrejević Panić Andrea

    (Educons University, Faculty of Business Economics, Sremska Kamenica, Serbia)

  • Lozanov-Crvenković Zagorka

    (University of Novi Sad, Faculty of Sciences, Department of Mathematics and Informatics, Novi Sad, Serbia)

Abstract

Background: Higher education has the main role in generating innovative activity in knowledge-based economies. Therefore, the efficiency of the higher education sector reflects the alignment of the higher education policy with government expenditure. However, countries in Central and Eastern Europe (CEE region) have been struggling with national budget optimisation, which can cause fiscal stress and thus affect the efficiency of higher education.Objectives: The main objective is to examine mutual interaction of higher education indicators, through formulating financial models that connect performance and financial indicators.Methods/Approach: A total of 4 higher education indicators were analysed and observed in the time period of 10 years in selected CEE countries. The statistical analysis was based on panel data models.Results: The main result of the paper is the analysis of coherency of selected higher education indicators in selected CEE countries in order to establish functional links between government expenditure and efficiency through formulating financial models.Conclusions: Formulated financial models can predict the behaviour of selected performance indicators, depending on financial indicators. Therefore, the obtained models can contribute to the efficient allocation of funds and comprehensive macro-level decision making assessments in higher education policy reforms.

Suggested Citation

  • Andrejević Panić Andrea & Lozanov-Crvenković Zagorka, 2019. "Analysis of Higher Education Indicators Coherency in Central and Eastern Europe," Business Systems Research, Sciendo, vol. 10(2), pages 6-17, September.
    • Handle: RePEc:bit:bsrysr:v:10:y:2019:i:2:p:6-17:n:1
    DOI: 10.2478/bsrj-2019-014
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    References listed on IDEAS

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    1. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, vol. 12(2), pages 111-134.
    2. Carstensen, Kai & Toubal, Farid, 2004. "Foreign direct investment in Central and Eastern European countries: a dynamic panel analysis," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 3-22, March.
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    More about this item

    Keywords

    higher education; government expenditure; UNESCO higher education indicators; panel data models; CEE region;
    All these keywords.

    JEL classification:

    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education

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