Modeling the Strategic Enablers of Financial Sustainability in Saudi Higher Education Institutions Using an Integrated Decision-Making Trial and Evaluation Laboratory–Interpretive Structural Modeling Approach

Abstract

Ensuring financial sustainability is paramount for higher education institutions (HEIs) to maintain financial viability and accomplish their strategic objectives by efficiently managing and utilizing resources. Studying strategic enablers’ interconnections and influences on each other is essential to forming a profound understanding and guiding the execution of initiatives linked to achieving financial sustainability plans. The main objective of this research study is to construct a model and analyze the strategic enablers of financial sustainability in HEIs and their associated dimensions. An integrated modeling approach was followed based on the Decision-Making Trial and Evaluation Laboratory (DEMATEL) and Interpretive Structural Modeling (ISM) methods. Input data collected from experts with specialist experience in financial sustainability in HEIs were used in the modeling. The overarching finding is that starting with the development of regulations and legislation-related systems leads to good governance practices, enabling the achievement of financial sustainability in HEIs. The developed model unpacks the complex relationships among the enablers and their dimensions. It reveals their cause-and-effect relationship classifications, ranks based on relative importance weights, dependence and driving powers classifications, relationship directions, and interpretive structure. It provides an overarching view of the interconnected network that acts as a roadmap to achieving financial sustainability in HEIs.