Financial factors and institutional characteristics that relate to the long-term debt of U.S. four-year public colleges and universities

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dc.contributor Bray, Nathaniel J.
dc.contributor Davis, Cali M.
dc.contributor Major, Claire Howell
dc.contributor Parker, Pamela H.
dc.contributor Wiest, John M.
dc.contributor.advisor Hardy, David E.
dc.contributor.author Keith, Dana S.
dc.date.accessioned 2017-03-01T16:46:49Z
dc.date.available 2017-03-01T16:46:49Z
dc.date.issued 2013
dc.identifier.other u0015_0000001_0001193
dc.identifier.other Keith_alatus_0004D_11442
dc.identifier.uri https://ir.ua.edu/handle/123456789/1668
dc.description Electronic Thesis or Dissertation
dc.description.abstract Debt for public colleges and universities has been increasing while financial resources, which provide the support to repay debt, have been declining. As debt increases in proportion to assets, the risk profile of a college or university increases. This study examined the relationships between financial variables and institutional characteristics that relate to long-term debt and leverage of U.S. four-year public colleges and universities during a period of economic downturn. Understanding these relationships is needed to determine factors that enable or constrain public higher education's ability to borrow funds to meet organizational goals. In addition, this study also explored long-term debt and leverage trends categorized by Carnegie classification and geographic region from 2005 to 2009. The data for the study were obtained from IPEDS. Descriptive statistics, ANOVA, and OLS regression were used to analyze the data. The findings showed that both long-term debt and leverage of public institutions had increased from 2005 to 2009. However, leverage increased at a slower pace, which indicated that public universities were able to use existing assets to offset the increase in liabilities associated with the additional long-term debt. This study also found that differences existed in long-term debt by Carnegie classification. Doctoral/Research institutions had more long-term debt than Master's institutions, and Master's institutions had more long-term debt than Baccalaureate institutions. Although Master's institutions did not have the greatest amount of long-term debt, they had greater amounts of leverage than Doctoral/Research and Baccalaureate institutions in all fiscal years. Additionally, Master's and Doctoral/Research institutions located in the Northeast had mean leverage in all five years that exceeded recommended thresholds. The variable with the strongest relationship with long-term debt was property, plant, and equipment. Approximately 65.9% of the variance in long-term debt was explained by property, plant, and equipment. In comparison, the leverage model showed that geographic regions had the strongest relationship with leverage. Collectively, the West, Midwest, and Southeast regions accounted for 27.1% of the variance in leverage. The detailed results of the findings, conclusions, and recommendations are provided at the end of the study.
dc.format.extent 314 p.
dc.format.medium electronic
dc.format.mimetype application/pdf
dc.language English
dc.language.iso en_US
dc.publisher University of Alabama Libraries
dc.relation.ispartof The University of Alabama Electronic Theses and Dissertations
dc.relation.ispartof The University of Alabama Libraries Digital Collections
dc.relation.hasversion born digital
dc.rights All rights reserved by the author unless otherwise indicated.
dc.subject.other Education finance
dc.subject.other Higher education
dc.subject.other Higher education administration
dc.title Financial factors and institutional characteristics that relate to the long-term debt of U.S. four-year public colleges and universities
dc.type thesis
dc.type text
etdms.degree.department University of Alabama. Dept. of Educational Leadership, Policy, and Technology Studies
etdms.degree.discipline Educational Leadership, Policy, and Technology Studies
etdms.degree.grantor The University of Alabama
etdms.degree.level doctoral
etdms.degree.name Ph.D.


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