Optimization of financial management in Russian universities: drivers of efficiency and sustainable development

Abstract

In the context of growing competition, limited resources and a dynamic external environment, the optimization of financial management is becoming a key factor in ensuring the effectiveness and sustainable development of Russian universities. Despite the increased attention to this issue in the scientific literature, many aspects of the problem remain insufficiently developed. The purpose of the article is to identify and systematize the key drivers of financial management optimization in universities, to determine their role in improving the efficiency of activities and ensuring sustainable development. The research is based on a comprehensive methodological approach combining system, process and situational analysis, methods of statistical data processing and expert assessments. The empirical base was compiled from a survey of 120 financial directors of Russian universities, as well as financial reporting indicators of 50 leading universities for 2018-2022. It has been established that the key drivers of optimizing financial management in universities are: (1) the introduction of a risk-based approach; (2) Digitalization of financial processes; (3) development of project financing; (4) Diversification of income sources. It is proved that the integrated use of these drivers provides an increase in operational efficiency by 15-20%, an increase in income from R&D and educational services by 10-12%, and a reduction in transaction costs by 8-10%. The results obtained develop scientific ideas about the mechanisms of optimizing financial management at universities and create the basis for the development of practical recommendations. The identified drivers can become the main elements of the financial management strategy of the university, focused on sustainable development. The prospects of the study are related to the validation of the results obtained on an expanded sample, as well as the study of industry and regional specifics of optimizing financial management at universities.