STRENGTHENING ACCOUNTABILITY AND GOVERNANCE OF CROWDFUNDING: ENHANCING FUNDING OF HIGHER EDUCATIONAL INSTITUTIONS

  • Muhammad Nazmul Hoque Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Selangor, Kampus Puncak Alam, 42300 Selangor, Malaysia.
  • Norhayati Mohamed Accounting Research Institute, UiTM Shah Alam, 40450 Shah Alam, Selangor, Malaysia.
  • Md. Abul Kalam Azad Department of Business and Technology Management, Islamic University of Technology, Gazipur, Bangladesh.
  • AFM Nuruzzaman Department of Da’wah and Islamic Studies, International Islamic University Chittagong, Bangladesh.
  • Zaid Bin Mat Yusop Universiti Poly-Tech Malaysia, 56100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia.

Abstract

Background and Purpose: The reduction in government funding requires public universities to seek different forms of funding for their activities, and crowdfunding has become an essential enhancement to public university funding sources. This research aims to evaluate the strength of accountability and governance of crowdfunding for public universities

 

Methodology: The study has adopted factual data based on relevant literature reviews and documents on crowdfunding.

 

Findings: This study explored the aspects that will strengthen the accountability and governance framework of crowdfunding, especially for public universities. To increase public confidence in crowdfunding, it must be well-governed with strict criteria to ensure proper accountability and transparency to reduce the possibility of corruption and prevent fraud. From the strengthening of the crowdfunding mechanism, it can be concluded that the governance system developed will include methodologies and standards for evaluating the sources of funds, protecting the donors, evaluating projects qualified for funding, and reinvestment of contributions, where applicable

 

Contributions: The significance of this study is that it makes a new contribution by investigating perspectives on improving accountability and governance of crowdfunding. Moreover, the current study suggests that Malaysia may determine the level of adaptation of crowdfunding mechanisms and the sustainability of crowdfunding as an alternative platform to fund Malaysian public universities in the future.

 

Keywords: Crowdfunding, governance, accountability, transference, higher education.

 

Cite as: Hoque, M. N., Mohamed, N., Azad, A. K., Nuruzzaman, A. F. M., & Zaid, B. M. Y. (2023). Strengthening accountability and governance of crowdfunding: Enhancing funding of higher educational institutions.  Journal of Nusantara Studies, 8(TI), 300-321. http://dx.doi.org/10.24200/jonus.vol8issTIpp300-321

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Published
2023-09-30
How to Cite
Hoque, M. N., Mohamed, N., Azad, M. A. K., Nuruzzaman, A., & Mat Yusop, Z. B. (2023). STRENGTHENING ACCOUNTABILITY AND GOVERNANCE OF CROWDFUNDING: ENHANCING FUNDING OF HIGHER EDUCATIONAL INSTITUTIONS. Journal of Nusantara Studies (JONUS), 8(3), 300-321. https://doi.org/10.24200/jonus.vol8iss3pp300-321