This literature review delves into the role of governance in managing university finances during turbulent times. As higher education faces financial instability due to dwindling government support and escalating costs, effective governance emerges as pivotal for institutional resilience. This comprehensive analysis explores various governance models – centralized, decentralized, and shared – and their impact on strategic financial management and decision-making. Centralized models offer decisive action but may lack flexibility, while decentralized ones provide local expertise at the risk of fragmentation. Shared governance aims to balance these aspects through collaborative decision-making. The review also examines the influence of governing body composition, transparency, accountability, risk management, and leadership on financial strategies. Acknowledging the unique challenges in each university, the study provides practical recommendations for optimizing governance structures. Emphasizing the need for diverse stakeholder perspectives, financial expertise, and transparent communication, it aims to guide universities towards financial resilience and long-term sustainability amidst changing financial landscapes.
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