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Financial Sustainability, Cost-Saving Strategies and Contingency Plans in Higher Educational Institutions During the COVID-19 Pandemic

In: Innovation, Leadership and Governance in Higher Education

Author

Listed:
  • IKM Mokhtarul Wadud

    (The University of Sydney)

Abstract

This study explores how the higher educational institutions have managed their financial distress as their revenue declined with the rise of the COVID-19 pandemic. In particular, the study examines the mitigation strategies for the adverse impact of the pandemic through cost cuts and changes in budget allocations in Australian universities. Mainstream study analysis examines the long-term equilibrium growth pattern of overseas students’ enrolment along with macroeconomic variables such as Australia’s GDP and real exchange rates. The study finds a 5.7% trend growth of overseas student enrolment, with a trivial dampening impact of the COVID-19 pandemic on this growth rate. Also, GDP and exchange rates are cointegrated with overseas student enrolment, with a significant short- and long-run impact on GDP on student enrolment. The study also identifies that following any departure from equilibria, such as during the pandemic, the equilibrium long-run trend growth of student number and the macroeconomic variables adjust at 23% per annum. The chapter also provides a critical perspective of the employment redundancies and the contingency plans adopted by the Australian universities during the pandemic in the context of economic theory and empirics.

Suggested Citation

  • IKM Mokhtarul Wadud, 2023. "Financial Sustainability, Cost-Saving Strategies and Contingency Plans in Higher Educational Institutions During the COVID-19 Pandemic," Springer Books, in: Parves Sultan (ed.), Innovation, Leadership and Governance in Higher Education, chapter 0, pages 317-334, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-7299-7_17
    DOI: 10.1007/978-981-19-7299-7_17
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