2013 Volume 29 Pages 47-57
This paper intends to clarify the relationship between financial indicators of nonprofit organizations by using principal component analysis. Higher education institutions including nation universities, state universities, and private universities, are focused since most of them disclose accounting information in this paper. We use hand-collected database based on their financial statements that are published by higher education institutions during 2007 to 2009. As a result of our research, we find 5 principal components (efficiency, financial stability, self-independent, the power of advertisement, reputation) from 11 financial indicators. The "Self-independent" may represents the own component in Japan because prior research did not find it. Moreover, these components allow us to analyze higher education institutions in various viewpoints.
