The Impact of Financial Planning, Debt Management, and Liquidity on University Financial Effectiveness and Sustainability

Keli  Chen; Niyom  Suwandej

ผู้แต่ง

Keli Chen College of Innovation and Management, Suan Sunandha Rajabhat University, Thailand.
Niyom Suwandej College of Innovation and Management, Suan Sunandha Rajabhat University, Thailand.

คำสำคัญ:

Financial Management, Sustainability Development, Liquidity Management, Debt Management, PLS-SEM

บทคัดย่อ

This study examines the effects of three core financial management practices financial planning and budget control (FPBC), debt management and financing (DMF), and liquidity management (LM) on university sustainability and financial management effectiveness (FME). It further investigates the effect of FME on university sustainability and examines whether FME mediates the relationships between financial management practices and sustainability. A quantitative, cross-sectional survey design was employed, with data collected from 488 financial administrators at universities in China. A structured questionnaire was used as the primary research instrument to measure FPBC, DMF, LM, FME, and university sustainability. The collected data were analyzed using partial least squares structural equation modeling (PLS-SEM), including assessments of the measurement model’s reliability and validity and hypothesis testing of the structural relationships.

The findings indicate that FPBC, DMF, and LM each have significant and positive direct effects on university sustainability. These three financial management practices also significantly enhance FME. However, FME does not have a significant effect on university sustainability and, consequently, does not mediate the relationships between financial management practices and sustainability. These findings suggest that strengthening internal financial management practices can directly contribute to sustainable university development, whereas improvements in financial management effectiveness alone may be insufficient to generate sustainability outcomes. The study contributes to the literature on financial governance by highlighting the strategic importance of financial management practices and emphasizing the need for complementary mechanisms, such as financial early warning systems, to enhance universities’ long-term financial resilience and sustainability.

เอกสารอ้างอิง

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