Self-Efficacy in Saudi Educational Institutions: How Educational Endowment Funds Support Education Institution in Saudi Arabia?

This study explores the role of Educational Endowment Funds (EEFs) in enhancing the self-efficacy and sustainability of Saudi educational institutions within the evolving framework of Industry 5.0. As Saudi Arabia advances towards its Vision 2030 objectives, EEFs emerge as vital economic instruments underpinning long-term educational programs, infrastructure development, and academic excellence. Despite their potential, EEFs face significant challenges, including excessive dependence on government funding, limited revenue generation, and governance inefficiencies that hinder their effectiveness. To address these challenges, the research develops a theoretical framework grounded in the resource-based view (RBV) theory. This framework underscores the necessity of strategic governance reforms for EEFs, advocating for enhanced transparency, accountability, and revenue diversification. The study also highlights the importance of fostering community engagement and cultivating a culture of philanthropy to bolster educational support. Collaborations with the private sector are proposed as a pivotal strategy for broadening financial resources and achieving greater sustainability. The findings suggest that implementing these reforms can align EEFs more closely with Saudi Arabia's broader educational and economic aspirations. By fostering an innovative and resilient educational infrastructure, EEFs can better address the dynamic needs of a rapidly transforming economy. Additionally, this paper provides actionable recommendations for maximizing the impact of EEFs, thereby contributing to the Kingdom's socioeconomic development and positioning its educational institutions at the forefront of global advancements in the industry 5.0 era.