Quality guidelines for good governance in higher education across the globe

Globally, the rules and regulations of higher education are for the betterment of economies and social uplift. The objective of this study is to develop a link between governance indicators and educational outcomes, particularly in relation to the internationalization of our universities. The current study proposes a framework for the internationalization of universities using three broad categories of governance indicators, i.e., political governance, economic governance and an institutional dimension of governance; these three categories are accompanied by six educational factors: higher education expenditures, higher education enrolment, higher education expenditures per student, literacy rate, research & development expenditures and economic growth during the period of 1996–2012. The panel fixed effect model is employed for estimating the possible links between governance indicators and educational outcomes. The results reveal that governance indicators act as a strong contributor for increasing educational effects, which further assist in formulating the policies towards the internationalization of universities. It is concluded that greater Voice and Accountability, political stability, government effectiveness, regulatory quality, rule of law and control of corruption enhance educational outcomes, which ultimately benefit the major regions of the world that have internationalized their universities.