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A Study on Economic Value of Korean Private Universities' Profitable Business Based on Successful and Failed Cases

융합경영연구 / The Journal of Economics, Marketing and Management, (E)2288-7709
2021, v.9 no.4, pp.9-18
https://doi.org/https://doi.org/10.20482/jemm.2021.9.4.9
LEE, Choon-Ho (Hanseo University Industry-University Cooperation Foundation)
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Abstract

Purpose: This study examines some successful and failed cases of Korean private universities' profitable business and explores the desirable economic value and direction of their profitable business business operations with a view to shedding light on some clues conducive to their financial health and quality education. Research design, data and methodology: This study reviews news articles, reports and literature to find out Korean universities' financial condition and examines some successful and failed examples of their corporations' profit-making business operations to suggest a direction. Results: Private universities suffer declining enrollments and/or tuition freeze but they lack in making efforts to secure financial health. The reviewed examples of private universities' profit-making business operations suggest both universities and their corporations should first assume the public accountability prior to engaging in diverse business activities. Conclusions: First, to remain financially healthy, university corporations should exert themselves to transform their low-profit-margin lands and buildings into high-profit-margin businesses and to credit the realized income to their school-expense accounts. And, the ultimate purpose of universities' profit-making business operations is to realize a decent income without prejudice to their public accountability for the country and community, while forging a virtuous cycle by investing the income for the betterment of their educational quality and competitiveness.

keywords
Private university, university profit business, economic value, university profit model, success/failure cases

융합경영연구