Professional institutions play an important role in any economy, including the regulation of different professions which range from finance to medicine. According to Trevor Blakeley (2004), professional institutions must recognise that their obligations to society take precedence over those to their individual members, setting standards of professional competence and integrity to be achieved and exercised by members, acknowledging the wide range of activities upon which members might be engaged upon, recognising the ultimate needs of industry in setting those standards, and responsibility to society in enforcing them. As a result, the financial sustainability of professional institutes is crucial in order to ensure continued professionalism and integrity within any economy.
Identifying strategies for financial sustainability have long been considered an important goal of organisational policy required for organisational sustainability, with a substantial body of research dedicated to explaining how this goal can be achieved. Existing studies have focussed largely on developed economies, profit-making organisations, or on explanatory variables selected on the basis of theoretical predictions, see for instance, Ibrahim, et al (2010); and Yilmaz, A and Flouris, T (2010).
Ibrahim, H; Yasin, A; and Dahalin, Z. (2010) “Financial Sustainability Issues in Malaysia’s Telecentres” Computer and Information Science Vol. 3, No. 2; May 2010 2.
Yilmaz, A. and Flouris, T. (2010) “Managing corporate sustainability: Risk management process based perspective” African Journal of Business Management Vol.4 (2), pp. 162-171, February, 2010 3.
Blakeley, Trevor (2004) “The Role of a Modern Professional Institution” Proceedings of Pacific 2004 International Maritime Conference ISBN: 1877040185. A presentation to members of the RINA London Branch Chief Executive, The Royal Institution of Naval Architects. 4.
Estermann, T & Pruvot. E. B. (2011) Financially...
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