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Abstract
The existence of information asymmetry has ascended to a significant role in higher education systems. The article makes an attempt to conceptualise the interaction of universities with their environment, stakeholders, and the state by paying special attention to the role and substance of information asymmetry. The existence of information asymmetries has spurred a range of actions by external stakeholders of universities to overcome information asymmetries. The article specifies the nature of these actions and analyses their impact and potential for the reduction of information asymmetry.