This dissertation examines whether Tennessee's adoption of PBF as part of base appropriations for public higher education institutions in 2010 is associated with changes in STEM degree production patterns at public four-year universities. The study investigates the policy impact on the total number of degrees awarded, the number and proportion of bachelor's degrees awarded in STEM fields at public four-year institutions. This study also examines the number and proportion of bachelor's degrees awarded in STEM fields by both ethnicity/race and gender. To address the primary research questions, I draw on institutional-level data from the U.S. Department of Education's Integrated Postsecondary Education Data System (IPEDS) and additional federal datasets for academic years 2006-2007 through 2018-2019. I use a difference-in-differences quasi-experimental design to compare STEM degree production outcomes in Tennessee (my treatment state) in years prior to and after PBF implementation to a comparison group of states that did not implement PBF in a similar region over the same time period. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]