External factors affecting entrepreneurial financial governance strategies of the technical universities in Ghana

Abstract

The study examined important external elements that have an impact on the technical universities (TUs) in Ghana's entrepreneurial financial governance methods. It highlights the difficulties TUs have managing their finances and the critical role that entrepreneurial finance plays in overcoming these financial limitations. A questionnaire was used by respondents as the data gathering tool in the researcher's quantitative investigation. Purposive sampling was utilised in the study to choose the 160 respondents that participated. According to the study, external environmental factors like political and economic factors, regulatory boundaries set by the state, competition between TUs, insufficient budgetary allocation, inefficient financial monitoring systems, and a lack of dynamic capabilities all have a significant impact on entrepreneurial financial governance strategies. According to the study, technical universities (TUs) in Ghana can increase revenue production, augment government financing, and satisfy their objective of offering high-quality education by applying creative initiatives and improving financial governance processes. This study offers policymakers and key stakeholders in the education sector useful insights to improve the financial sustainability and performance of Technical Universities (TUs) in Ghana. It does this by doing a thorough examination of the external environment and its impact on financial governance initiatives. Through an analysis of the effects of political and economic variables, insufficient budgetary provisions, and inadequate financial monitoring frameworks, this research highlights the imperative for Technical Universities in Ghana to give special consideration to these external elements

Keywords: {'name': 'External Factors, Innovation, Entrepreneurial, Financial Governance, Strategies, Technical Universities, Ghana'}

Authors & affiliations

Richard Ofosu Dwamena
Affiliation not supplied

Lawrence Mpele Lekhanya
Affiliation not supplied

Eric Kofi Boadi
Affiliation not supplied

Deposited references

Supplied references, not a list of publications citing this article.

DOI: 10.1287/mnsc.48.1.44.14279

Agwu, M. E. (2018). Effect of Information Technology on Competitive Advantage: A Study of Selected Fast-Food Outlets in Lagos State. Journal of Technology Management & Innovation, 13(2), 1-13. https://www.jstor.org/stable/822683

Akbar, Y. H. (2017). Impact of financial stability on financial governance with a moderating role of economic condition. Research Journal of Finance and Accounting, 8(12), 62-71. https//doi.org/10.3390/ijfs10010022

Al-Dahiyat, S. (2020). Strategic planning, performance measurement and evaluation in the Jordanian public sector. Journal of Accounting in Emerging Economies, 10(2), 201-219. https//doi.org/10.7176/PPAR/13-2-03

DOI: 10.1023/A:1016059906737

DOI: 10.1080/08832323.2012.759094

Aly, D. A., & Mansour, M. A. (2017). The impact of strategic planning on financial performance in Egyptian public universities: An empirical study. International Journal of Educational Management, 31(7), 897-917. https//doi.org/10.5539/ijbm.v5n4p3

DOI: 10.1111/j.1467-6486.2008.00804.x

DOI: 10.1002/smj.4250140105

Apriliana, L. K., & Agustina, T. (2017). Analysis of the influence of external pressure, financial targets and moral intensity on the potential for fraudulent financial reporting. Journal of Indonesian Economy and Business, 32(3), 244-256. https://doi.org/10.33258/birci.v5i2.5035

Atmawidjaja, H. S., & Brar, B. S. (2023). The existence of Dodol Betawi in the post Covid-19 era (A Case Study). Harmoni Sosial: Jurnal Pendidikan IPS, 10(2).

Ayandibu, A. O., & Houghton, J. (2017). External forces affecting Small businesses in South Africa: A case study. Journal of Business and Retail Management Research, 11(2). www.jbrmr.com

DOI: 10.1287/mnsc.32.10.1231

DOI: 10.1177/014920639101700108

Bastian, I. (2007). Financial Governance and its Role in Improving Education Quality: The Indonesian Case. Harvard Educational Review, 77(2), 178-201. https//doi.org/10.30740/jee.v2i1p15-26

DOI: 10.1108/CG-03-2016-0054

Cavanagh, K., Christiaens, J., Dent, D., Karsai, J., & Vanhee, C. (2016). A qualitative comparison of IPSASB and AASB public sector accounting reforms: Evidence from Australia and Belgium. Critical Perspectives on Accounting, 38, 32-47. https//doi.org/10.1108/JPBAFM-22-04-2010-B001

Chitechi, T. (2014). The influence of external environmental factors on business strategy formulation and implementation: A case study of Haco industries Kenya limited. International Journal of Science and Research, 3(4), 11-21. https//doi.org/10.35942/jbmed.v2i1.96

DOI: 10.1515/picbe-2017-0074

Collis, D. J., & Montgomery, C. A. (1995). Competing on resources: Strategy in the 1990s. Harvard Business Review, 73(4), 118-128.

DOI: 10.1177/014920639101700109

DOI: 10.1016/j.jbusvent.2008.07.001

Dewi, S., Utami, T. S., & Setyowati, E. (2019). The implementation of accountability in the state budget management of Indonesia. KnE Social Sciences, 3(6), 370-377. https//doi.org/10.26668/businessreview/2022.v7i5.e709

Dicksen, P. (1996). The resource-based view within the conversation of strategic management. Strategic Management Journal, 17(S2), 41-57.

Ducassy, I., & Guyot, A. S. (2017). Internal control quality and CFO compensation: Evidence from France. Journal of Accounting and Public Policy, 36(6), 484-506.

DOI: 10.1061/9780784479377.123

DOI: 10.4018/jgim.2013040102

DOI: 10.21272/bel.3(3).68-77.2019

DOI: 10.1111/faam.12060

Gachuhi, E. K. (2016). The Relationship Between Credit Information Sharing and Financial Performance of Deposit Taking Microfinances in Kenya (Doctoral dissertation, University of Nairobi).

Gebreyes, S. A. (2015). Higher education in Ethiopia: The vision and its challenges. Routledge.

DOI: 10.1016/j.sbspro.2014.09.033

DOI: 10.3390/info3010036

DOI: 10.1111/j.1540-627X.2009.00273.x

DOI: 10.1002/smj.4250171110

DOI: 10.1007/s11747-017-0517-x

DOI: 10.1002/(SICI)1097-0266(199603)17:3<237::AID-SMJ829>3.0.CO;2-G

DOI: 10.1002/smj.332

DOI: 10.1017/CBO9780511778162

DOI: 10.1016/j.ijedudev.2004.02.005

DOI: 10.3390/jrfm15120567

DOI: 10.22495/cgobrv7i3p11

Indris, S. H., & Primiana, I. (2015). The impact of political risk and market risk on the financial performance of firms in emerging markets. Procedia Economics and Finance, 31, 464-473.

DOI: 10.5038/2641-5054-v1

Irwandi, S.A., Ghozali, I., & Pamungkas, I. D. (2019). Detection fraudulent financial statement: Beneish M-score model. WSEAS Transactions on Business and Economics, 16(1), 271-281.

DOI: 10.4067/S0718-27242012000400009

DOI: 10.1016/j.sbspro.2015.01.313

DOI: 10.3389/fnana.2017.00011

DOI: 10.1002/smj.4250130505

Makgatho, K. E. (2013). Effectiveness of internal control mechanisms in monitoring financial resources at the Gauteng Department of Education (Doctoral dissertation, North-West University).

Manurung, D. T., & Hardika, A. L. (2015). Analysis of factors that influence financial statement fraud in the perspective fraud diamond: Empirical study on banking companies listed on the Indonesia Stock Exchange year 2012 to 2014.

DOI: 10.7553/72-1-1374

DOI: 10.2307/j.ctvjz81ps

Ogunode, P. H. (2020). Factors influencing internally generated revenue in Nigeria. International Journal of Academic Research in Business and Social Sciences, 10(4), 204-216.

Ogunode, P. H., & Abubakar, I. (2021). Challenges and prospects of internally generated revenue in Nigerian states. Journal of Finance and Accounting Research, 3(1), 1-13.

Opiyo, N. (2017). Effects of integrated financial management information system (IFMIS) on cash management in Kenya: case of Kisumu County government (Doctoral dissertation).

Ott, K., & Bajo, A. (2001). Local government budgeting in Croatia. Zagreb: Institute of Public Finance. http://www.ijf.hr

DOI: 10.34306/itsdi.v3i2.561

DOI: 10.1207/S15327744JOCE1302_2

DOI: 10.1108/02756660810917200

DOI: 10.4108/eai.3-8-2021.2315144

Rahmatika, R., Hidayat, R. F., & Nugraha, A. E. (2019). The effect of financial stability and corporate governance on financial performance: evidence from Indonesia. International Journal of Innovation, Creativity and Change, 5(5), 345-356. http://www.ijicc.net/

DOI: 10.1177/0886260519836952

DOI: 10.21474/IJAR01/3507

DOI: 10.4236/ajibm.2017.74035

DOI: 10.1016/j.leaqua.2003.12.004

DOI: 10.33312/ijar.486

DOI: 10.1080/1070289X.2012.672840

Tarute, A., & Gatautis, R. (2013). The impact of information technologies on business performance: A literature review. Procedia-Social and Behavioral Sciences, 81, 1221-1225.

DOI: 10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z

Voicule?, A. (2010). Hybridization in architecture and urbanism hybrid buildings and areas such fringe belt. Argument, 2.

DOI: 10.1007/978-94-017-9553-1_77-1

DOI: 10.1002/smj.4250050207

Wixley, T., & Everingham, G. Corporate Governance 2nd Edition (2005) Siber Ink CC. South Africa.

Yachmeneva, V. (2014). Factors influencing the enterprise innovation. ECONTECHMOD: An International Quarterly Journal on Economics of Technology and Modelling Processes, 3(1), 133-138

DOI: 10.1111/ejed.12014