Findings of a Southern Regional Education Board study of management flexibility and state regulation in higher education are discussed in five chapters. James R. Mingle in "Management Flexibility and State Regulation: An Overview" outlines the scope of the study, which focused on administrators' and board members' views on management flexibility, the origins and objectives of state regulation, how much and what kind of state regulation is necessary, fiscal and administrative controls, and changes in budgetary or accountability procedures. It is noted that the conclusions of the study support the movement toward increasing institutional management flexibility, especially in the areas of purchasing, contracting, cash management, and budgeting. The remaining four chapters consider the situations in Maryland, Wisconsin, Kentucky, and Colorado. The chapter titles and authors are as follows: "The Extent of State Controls in Maryland Public Higher Education" (Richard J. Meisinger, Jr., J. Mingle); "Improved Efficiency Through Decreased Government Regulation: The Case of Wisconsin" (Reuben H. Lorenz); "Management Flexibility in Kentucky: The Passage of House Bill 622" (Edward A. Carter, Jack C. Blanton); and "The Adoption of Budget Flexibility in Colorado: Its Consequences for the University of Colorado" (Marilyn McCoy). (SW)