Stakeholders’ Perspectives on the Financial Management of Academic Institutions: Analytical Review with Reference to India
Abhijit Kelkar*
Associate Professor, College of Business Administration, University of Fujairah, United Arab Emirates
*Corresponding Author: Abhijit Kelkar, Associate Professor, College of Business Administration, University of Fujairah, United Arab Emirates.
Published: March 13, 2023
DOI: 10.55162/MCET.04.121
Abstract
Financial Management assists ways to attain the goals and objectives within the academic institutions. People understand the key features of the financial management that includes the organisation, transparency and awareness about the features that operate the institution ethically and legally. Managing the academic finance is effectively a complicated series of monthly and annual administration of finance at different levels. The success of academics initiates the momentum for the flow of funds within and outside the Academic Institutions. However, this is not merely by chance. It requires rigorous designing and executing of the initiatives for and by the key stakeholders. This is the normal misconception that the financial management of the corporate sector organizations is difficult than the Academic Institutions. In general, the versatility of the financial management of the Corporate Sector Industries could be more but depth, uncertainty and complexity of the financial management of Academic Institutions is at par with that Corporate Sector Companies. In both the sectors, the Human Resource element makes the management more dynamic and challenging. In Academics as well, the employees are determined, ambitious and obsessive as well. This calls for the ability to push back and win their support. Management offers opportunities and resources to the employees and other stakeholders. However, there is an impact of the psychology and mind-set on the financial management. All the Stakeholders are crucial for the Academic Institutions even though the financial management gets affected to a large extent by the Top Management and their decision making.