Abstract
The 21st century is envisaged to be an era of the highest growth of the higher education (HE) system with multiple qualitative and developmental changes. Namely, public universities are faced with numerous challenges: reduction of public funding, public accountability, cost efficiency, digitization, marketization, social corporate responsibility, and competition. In order to cope with these changes, governments have been implementing new strategies with the aim to improve the economic efficiency of HE systems and achieve optimal utilization of public resources. Hence, there is a growing demand for the measurement, management and reporting of university performances. Based on the developed conceptual framework of integral performance measurement and evaluation system of universities in Serbia, this chapter provides a framework for intellectual capital (IC) reporting system according to the needs, characteristics, organization, and functions of the Serbian public universities.
TopThe role of universities for the economic structure of countries and regions is very important. Traditionally, universities were functioning isolated and “separated from the real world and working under the regulations that prevented them following their own path” (Sanchez et al., 2006). Public and private universities contribute to the development of national economy and global competitiveness of a country. Universities are the key organizations for generating competent workforce, scientific research outcomes, innovations, knowledge transfer, and promotion of the entrepreneurship and economic growth.
Key Terms in this Chapter
University’s Intellectual Capital Report: Management tool for disclosure information about university’s intellectual performances to the key stakeholders.
Voluntary University’s Intellectual Capital Report: It is report which a university prepares and discloses to its stakeholders without obligations, voluntary.
Key Performance Indicators of University: A set of financial and non-financial indicators which should illustrate the financial, academic, research and other university’s intellectual performances.
Performance Evaluation System of University: It is system for measuring, evaluating and monitoring university’s performances which is set by a competent State Body for Accreditation, as well as performances which are not covered by appropriate accreditation standards and serve to facilitate university’s management decision making process.
University’s Intellectual Capital: Knowledge and other intellectual resources which are key for the success and competitiveness of university. It covers all university’s non-material assets (resources), or visible immaterial assets recorded on the assets side of the university’s balance sheet, as well as invisible immaterial assets not disclosed in the balance sheet, well known as human, structural and relational capital.
Mandatory University’s Intellectual Capital Report: It is report which a university prepares and discloses to its stakeholders according to legally defined obligation.
Performance Management at University: It is a process of leading a university’s performances in the desired direction. It is comprised of following phases: performance planning, performance measurement and evaluation, performance analysis and reporting to all key stakeholders, and determining the programs and measures for improving performances in the future.
Performance Measurement at University: It is a key managerial and control activity of university’s managers.