Performance management framework of university holding companies case studies in Thailand

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.