DETERMINANTS OF FINANCING HIGHER EDUCATION IN KENYA: A CASE OF HIGHER EDUCATION LOANS BOARD
Abstract
This study sought to establish the determinants of financing higher education in Kenya. The study made use of both primary and secondary data. Primary data was collected through self-administration of questionnaires whereas the secondary data was gathered through desk review of recovery reports, HELB financial statements and disbursements reports as well as periodicals. Data was analysed with help of SPSS. Descriptive census survey was used with a target population of 105 employees working at the higher education loans board. A stratified random sampling technique was done involving all the respondents. It was notable that there existed a strong positive relationship between the independent variables and dependent variable. The coefficient of determination was between zero and one. The data showed that the high R squared value of 0.806. It shows that the independent variables in the study were able to explain 80.60% variation in the financing of higher education while the remaining 19.40% was explained by the variables or other aspects outside the model. This indicated that stakeholder participation, leadership commitment, resources availability and loan recovery strategy were important factors that needed to be enhanced to boost financing of higher education by the organization. It was not possible to study all factors that determine financing of higher education in Kenya. Indeed other factors come into the interplay and provide perceptive results to the issue of financing of higher education in Kenya. The study was only carried out at HELB thus the same study should be carried out in the other areas which fund education to find out if the same results would be obtained. HELB should improve on existing loan recovery policies put in place especially on the private sector, but most importantly HELB should also come up with other policies and methods of improving on loan recoveries and performing loans so as to counter the rising loan portfolio and as a result be in a position to create a revolving fund. Due to the radical changes taking place in this field of education, that being rise in demand of the HELB loan hence increasing the loan portfolio and also the changes in policies of recovering the loans from ex-loanees, there is a need to do a similar study in future to test whether findings in this study hold.
Keywords: Leadership Commitment, Resources Availablity, Stakeholder Participation, Loan Recovery Strategy, Financing
Full Text:
PDFReferences
African Development Bank (2013). The State of Kenya’s Private Sector, 2013
Ahmad, N.H. (2009). Dissecting behaviours associated with business failure: a qualitative study of MSE owners in Malaysia and Australia, Asian Social Science, Vol. 5 No. 9
Altbach, P. G. (2007). Fostering Asia’s brightest. Far Eastern Economic Review, 53-57.
Amin, M.E. (2005). Social science research conception, methodology and analysis. Kampala, Makerere University Printer
Atkinson, A. and Messy, F. (2005), assessing financial literacy in 12 countries an OECD Pilot Exercise, Paris: OECD Financial Affairs Division.
Almaral, A., Meek, V. L., & Larsen, I. M. (Eds.). (2003). The higher education managerial revolution.Dordrecht, the Netherlands: Kluwer Academic Publishers.
Baldwin, J. R. (1999). Innovation, training and success.Research Paper, no. 137.Analytical Studies Branch. Ottawa: Statistics Canada.
Bernard, R. B. and Ryan, G. W. (2010). Analysing qualitative data. Thousand Oaks: Sage
Baumol, W. J., & Bowen, W. G. (1966). Performing arts: The economic dilemma. New York:Twentieth Century Fund.
Barzeley, M. (2001). The new public management: Improving research and policy dialogue (Vol. 3).
Berkeley, CA and Los Angeles: University of California Press.
Bloom, D. E., Canning, D., & Chan, K. (2006). Higher education and economic development in Africa (Vol. 102). Washington, DC: World Bank.
Bloom, D. E., Hartley, M., & Rosovsky, H. (2007). Beyond private gain: The public benefits of higher education. In International handbook of higher education (pp. 293-308). Springer Netherlands.
Cloete, N., Bailey, T., & Pillay, P. (2011). Universities and economic development in Africa. African Minds.
Cooper, D.R., and Schindler, P.S. (2003).Business Research Methods. (8th ed.). Boston:
Cronbach, L.J. (1951) Coefficient alpha and the internal structure of tests,Psychometrika 16, 297–334.
Cull, R., Demirgüç-Kunt A, and Murdoch J. (2007). Financial performance and outreach: A global analysis of leading micro banks. Economic Journal 117(517): F107-F133.
Gnanam, A. (2008). Private higher education in the current Indian context. Private Higher Education Global Trends and Indian Perspectives, 104-14.
Greenspan, A. (2002). Financial Literacy: A Tool for Economic Progress: The Futurist, Vol. 36, (4), 37- 41.
Gupta, A. (2008). Judicial interventions and private higher education in India. Private higher education: Global trends and Indian perspectives, 239-53.
Gupta, A., Levy, D. C., & Powar, K. B. (Eds.). (2008). Private higher education: Global trends and Indian perspectives. Shipra Publications.
Head, S. K. (2011). Global: Degree mills tarnish private higher education. University World News.
Herald, D. (2012). Centre to set up IIT Campuses Abroad.
Herbst, M. (2007). Financing public universities: The case of performance funding. Dordrecht, The Netherlands: Springer.
Johnstone, D. B. (1986). Sharing the costs of higher education: Student financial assistance in the United Kingdom, the Federal Republic of Germany, France, Sweden, and the United States. New York:College Entrance Examination Board.
Hulley, S.B (2007). Designing Clinical Research. , p168-169
Johnstone, D. B. (2003, June). Cost-sharing in higher education: Tuition, financial assistance, and accessibility. Czech Sociological Review, 39(3), 351–374.
Johnstone, D. B. (2004). The economics and politics of cost sharing in higher education: Comparative perspectives. Economics of Education Review, 20(4), 403–410.
Johnstone, D. B. (2006). Financing higher education: Cost-sharing in international perspective. Boston: Boston College Center for International Higher Education/Rotterdam: Sense Publishers.
Kapur, D., & Crowley, M. (2008). Beyond the ABCs: Higher education and developing countries.
Karram, G. (2011). Africa: Rapid Growth in Private Religious Universities. University World News.
Key, J. P. (1997). Qualitative research. Retrieved July 25, 2017, from http://www.okstate.edu/ag/agedcm4h/academic/aged5980a/5980/newpage21.htm
Kezar, A. J. (2005). Challenges for higher education in serving the public good. Higher education for the public good: Emerging voices from a national movement, 23-42.
Kothari, C. R. (2009) Research Methodology. Methods and Techniques, 2ndEd. New Age International Publishers, New Delhi
Krueger,N. (1993). Growing up entrepreneurial. Atlanta: Academic Management Pro.
Lefort, F., &Urzúa F. (2008). Board independence, firm performance and ownership concentration: Evidence from Chile. Journal of Business Research, 61, 615-622.
Materu, P. (2007). Higher education quality assurance in Sub-Saharan Africa. World Bank working paper, 124.
Mugenda O.M. and Mugenda A.G. (2003).Research Methods Quantitative and qualitative approaches. Nairobi: Acts Press.
Marcucci, P. N., & Johnstone, D. B. (2007). Tuition policies in a comparative perspective: Theoretical and political rationales. Journal of Higher Education Policy and Management, 29(1), 25–40.
Marcucci, P. N., Johnstone, D. B., & Ngolovoi, M. (2007). Higher educational cost-sharing, dual-track tuition fees, and higher educational access: The East African experience. Peabody Journal of Education, 83(1), 101–116.
Marginson, S. (2006). Dynamics of national and global competition in higher education. Higher education, 52(1), 1-39.
Mishra, A. (2011). India: Regulation Lags Private Higher Education Growth. University World News.
Sekaran, U. (2003). Research methods for business (4th ed.). Hoboken, NJ: John Wiley & Sons.
Singh, L. C., & Misra, S. (2008). Self-Financing higher education: Issues and concerns. Private Higher Education Global Trends and Indian Perspectives, 126-33.
Siwinska, B. (2011). Europe: Tired Pioneers in Eastern and Central Europe. University World News, 13.
Teferra, D., & Altbachl, P. G. (2004). African higher education: Challenges for the 21st century. Higher education, 47(1), 21-50.
Times, E. (2012). HRD Ministry not to Push for Foreign Educational Institutions Bill in the Monsoon Session of Parliament.
Varghese, N. V. 2006. Growth and Expansion of Private Higher Education in Africa.
Yamane, T. (1967). Statistics: An Introductory Analysis, 2nd Ed., New York: Harper and Row
Yusuf, S., Saint, W., & Nabeshima, K. (2009). Accelerating catch-up: Tertiary education for growth in Sub-Saharan Africa. World bank.
UNESCO Institute for Statistics. (2006). The global education digest comparing education statistics.Montreal, Canada: UNESCO Institute for Statistics.
UNESCO-UIS/OECD. (2005). Education trends in perspective: Analysis of the world education indicators. Paris, France: UNESCO-UIS/OECD.
Woodhouse, K. (2011). Coleman to Obama:“Higher Education is a Public Good Currently Lacking Public Support”. AnnArbor. com, 16.
World Bank. (2002). Constructing knowledge societies: New challenges for tertiary education. Washington, DC: World Bank.
DOI: http://dx.doi.org/10.61426/sjbcm.v4i4.600
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution 3.0 License.
PAST ISSUES:
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.