Endowment as a new source of sustainable funding for research studies in Ukraine
Journal Title: Visnyk Ternopilskoho natsionalnoho ekonomichnoho universytetu - Year 2017, Vol 4, Issue
Abstract
The article states that funding science and technology is an essential strategic task for countries wishing to join the European Community. The paper considers possible ways to achieve the sustainability of funding research studies in Ukraine through endowment. The dynamics of funding innovation and research activities in Ukraine between 2000 and 2016 is analyzed. A comparative analysis of growth rates of funding research studies in Ukraine and the EU is carried out. It is justified that funding research studies in Ukraine is unstable and insufficient. Therefore, it is proposed to use endowment to solve the outlined problems. The existing international practices of funding research through endowment are reviewed, and dynamics of the biggest investment funds in foreign universities is considered. The major factors of endowment funding for research studies in the USA are identified. The current state of endowment funding in Ukraine, its legislative framework and practical implementation are examined. In addition, peculiar features of funding research projects through endowment are systematized. It is found that the key functions of endowment funds are to ensure stability and flexibility of investing: endowments enable organizations to promptly respond to changes in the economic situation, incomes of research and development companies, and the social status of researchers, which is especially important in the context of significant reduction of public expenditures to science. Some of the major advantages of endowments for funding research studies are described. A set of tasks and peculiarities of performing endowment policy are outlined. Based on the existing international practices, some measures to be taken for enhancing endowment funds in Ukraine are suggested. It is shown that endowment as a tool of investment can be used not only for financing educational institutions, but also for funding research studies in Ukraine. The main advantage of using endowment is that it strengthens the independence of academic institutions and reduces reliance on external funding.
Authors and Affiliations
Olexandr Bielov
Keywords
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