Measuring financial vulnerability in Social and Solidarity Economy organizations: The case of Chilean universities

This study has quantitatively determined the levels of financial vulnerability that characterize the universities comprising the Chilean higher education system. The motivation for the study lies in the social implications of both financial deterioration and the eventual clo- sure of university institutions, a phenomenon that has already led to the closure of some enti- ties in Chile, resulting in a significant impact on the well-being of both students and academics. The work is based on the application of the model proposed by Trussel (2002), which was developed from a regression with a categorical dependent variable type "Logit", implemented on financial information from non-profit entities. For the purposes of this research, the Trussel model was applied to the information contained in the audited annual financial statements of Chilean universities reported between the years 2014 to 2021. The results of the study show that overall, universities have maintained their level of vulnerability over time, despite the de- crease in the number of vulnerable entities in the analyzed period. Particularly, it is observed that from the year 2016 onwards, the majority of entities decreased the probability of facing financial vulnerabilities, a fact that coincides with the implementation of the public policy re- lated to the system of free access to higher education.