Comparison of financial sustainability of Rajabhat Universities in Thailand
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Abstract
This study aims to analyze financial management through financial ratio analysis, examine financial sustainability, and compare differences across geographical regions and institutional sizes of Rajabhat Universities in Thailand. The research utilized financial report data from fiscal year 2023, covering 32 out of 38 Rajabhat Universities nationwide. Financial sustainability was assessed using four dimensions of financial ratios: liquidity (current ratio and quick ratio), operational management (asset turnover, fixed asset turnover, accounts receivable turnover, and collection period), long-term viability (debt-to-equity ratio and equity-to-asset ratio), and profitability (net profit margin, return on equity, and return on assets). Data were analyzed using descriptive statistics, the Kruskal–Wallis test, and one-way ANOVA.
The findings reveal that Rajabhat Universities demonstrate satisfactory levels of financial sustainability, with strengths in liquidity and long-term viability. However, limitations were identified in asset management efficiency and profitability. Regional comparisons indicate that universities in the Western and Southern regions exhibit higher levels of financial sustainability than those in other regions; however, no statistically significant differences were found. Comparisons by institutional size show no statistically significant differences across groups, suggesting that financial sustainability depends more on management efficiency than on geographical location or institutional size. Based on these findings, several recommendations are proposed. At the institutional level, Rajabhat Universities should develop business models to enhance asset utilization efficiency and establish partnerships with private sector organizations to increase revenue from academic services. In addition, universities should design curricula aligned with labor market demands and establish business development units. At the policy level, the Ministry of Higher Education, Science, Research and Innovation should support supplementary revenue generation through performance-based budget allocation systems and promote a balance between financial stability and operational efficiency to ensure long-term sustainability.
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