ECONOMIC DEVELOPMENT THROUGH LIAISON BETWEEN ACADEMIA, INDUSTRY AND GOVERNMENT: LIMKOKWING UNIVERSITY MODEL IN NATION BUILDING

Abstract

This research paper illustrates the importance of convergence of government, industry, and academia for economic development through a strategic partnership for nation building. Measuring economic development is usually seen in the perspective of GDP (Gross Domestic Product), Inflation percentage, Reserves and Foreign Direct Investments (FDI). In this paper, the focus is given to strategic education, that is, how educational institutions contribute to develop economy through their policies. Variables like culture, education, social responsibility, industry orientation and investments were found from literatures and dealt here in detail. The research framework is been constructed with these variables, and mediated by Institutional policies where industry liaison has been taken as moderator. For the purpose of understanding the institutional policies, the case study of Limkokwing University has been considered here. The meritorious strategies of Limkokwing University have enabled them to excel not only in the education sector but also in the advancement of an economy as illustrated through their involvement in government policies in the countries where they had established campuses. To study these, a sample of 62 respondents were selected from industry under simple random sampling technique. Due to recent covid-19 outbreak, the authors resisted themselves to have face-to-face data collection, thus electronic mode was used to collect data. Using SmartPLS 3.3 the data were analysed through structural equation modelling because there was mediator analysis. Since this research had twelve hypotheses, all were tested and results of three hypotheses are mentioned in this research paper. The p-value was within the threshold; thus, the hypotheses were supported. Thus, it was concluded that institutions play a larger role in nation building through economic development along with industry liaison principle. And this appeases the ‗quality education‘ goal of United Nation‘s Sustainable Development Goal (SDG) while contributing towards the fulfilment of other goals pertaining to poverty eradication as well as achieving gender equality.