Performance management framework of university holding companies case studies in Thailand

Abstract

Although university holding companies (UHCs) in Thailand are playing an increasingly pivotal role in research commercialization and institutional sustainability, a comprehensive framework for evaluating their performance remains underdeveloped. This study addresses that gap by developing the UHC Performance Management (UHC-PM) framework to provide practical guidance for effective and sustainable UHC operations that support university research spin-offs. The research employs a multiple case study methodology, incorporating expert interviews with 19 UHC stakeholders and in-depth case analyses of three top-performing UHCs in Thailand. This approach combines within-case analysis to capture the unique context of each case and cross-case analysis to identify common patterns and contrasts across cases. Based on the findings, the study proposes a comprehensive UHC-PM model comprising three core components and nine key factors: corporate governance (board of directors, executive committee, and investment committee), operation (strategy, investment policy, and performance assessment and monitoring), and investment-ready accelerator (service support, training programs, and networks), along with performance metrics that include financial, non-financial, and ESG (Environment, Social, and Governance) indicators. Altogether, this framework provides a robust foundation for universities seeking to strengthen existing UHC operations or establish new ones to advance innovation and accelerate the commercialization of academic research.