Rāhburdhā-yi Mudīriyyat dar Niẓām-i Salāmat (Sep 2023)
Identifying the Financial Indicators Required for the Development of a Comprehensive Financial Management System of a Selected Medical Sciences University
Abstract
Background: The proper selection of financial indicators can assist in making optimal decisions in financial resource management and enhancing the efficiency of universities. Therefore, the aim of this research was to identify the required financial indicators for designing and developing a comprehensive financial management system of the selected medical university. Methods: The present cross-sectional study was conducted in 2022 in 2 stages. In the first stage, the required financial indicators for designing and developing a comprehensive financial management system were identified through a literature review and financial theoretical foundations. In the second stage, the content validity of the indicators for application in the financial system was assessed through a survey of experts using the Waltz and Bausell and Lawshe questionnaires. The research population consisted of a group of university experts from Tehran medical sciences universities with a minimum of 10 years of work experience and at least a bachelor's degree, and a proper recognition of relevant affairs in the field of financial management, auditing, and accounting. Among them, 21 individuals were purposefully selected. Data analysis was performed using MaxQDA 12 and Excel software. Results: A total of 17 financial indicators were identified and classified into 6 main areas, including "liquidity," "profitability," "revenue generation," "capital structure," "investment," and "financial risk." The highest level of Content Validity Ratio pertained to the "profit" and "human capital value added" indicators (CVR= 90 %), and the highest level of Content Validity Index was also related to the "labor cost” and “human capital value added" (CVI = 100 %). Conclusion: University managers and policymakers can have a desired evaluation of the university financial performance using the proposed indicators in this research. Therefore, it is suggested to design software for recording indicators based on this model (17 indicators in 6 main areas) and establish a database for the assessment of the university financial performance and the mechanism for collecting and analyzing information based on it.
