The funding of Finnish Universities has been based on a "management by results" strategy since 1991. This paper analyses the effects of this strategy on university management and administration. Empirically the study is based on material collected from four multidisciplinary universities. Theoretically it is based on organization theory and higher education research. The financial development of four case-study universities has been analysed according to the source of funding from government or non-government sources. Quantitative results for each case-study university are compared with the numbers of teaching and administrative staff. (Contains 3 tables and 4 figures.)