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This study aims to empirically analyze the three key pillars of university financial sustainability—revenue-generating activities, good financial governance, and IT capabilities—with performance, age, and size as control variables. Using a survey method targeting private universities in Indonesia, data were collected from financial leadership representatives across 14 provinces, yielding 627 valid responses. The data were analyzed using structural equation modeling (SEM) to examine the relationships among variables. The results reveal significant positive effects of good financial governance on financial sustainability, IT capabilities on financial sustainability and revenue-generating activities on financial sustainability. Furthermore, revenue-generating activities have a strong positive impact on both good financial governance and IT capabilities. The analysis also identifies IT capability as a mediating variable between revenue-generating activities and financial sustainability, as well as between good financial governance and financial sustainability. These findings underscore the strategic role of technology-based governance in enhancing the financial resilience of higher education institutions. Accordingly, the study recommends strengthening the three pillars of financial sustainability—revenue diversification, sound governance practices, and robust IT capabilities—to ensure long-term institutional sustainability.

The arrival of foreign nationals in Indonesia for various purposes, including state visits, tourism, business, and education, has become common. This study aims to analyze the factors influencing the application process for study permits for foreign nationals and map the ecosystem of this process, particularly for those studying at Indonesian universities. The research follows a five-step method to analyze the digital business ecosystem: 1) defining the ecosystem boundaries; 2) identifying actors and their roles; 3) outlining value propositions; 4) exploring actor interactions; and 5) verifying the ecosystem design. Using qualitative methods like interviews and literature review, the study finds that Indonesia's foreign student licensing ecosystem involves multiple actors and complex procedures, leading to delays and confusion. The lack of integration between agencies makes the process inefficient. The study suggests digital integration to enhance speed, transparency, and coordination, aiding the internationalization of higher education in Indonesia.

The purpose of this study was to create transparency, accountability, participation, effectiveness and consistency in private universities in the city of Medan. To obtain the data needed in this study, researchers used data collection techniques by means of surveys. Researchers do this by distributing questionnaires to lecturers and / or employees at Private Universities in Medan City. The results of the study showed that Good Governance has been running well at Private Universities in Medan City, and most respondents stated their agreement that aspects of transparency, participation, accountability, and effectiveness have gone well. This was supported by the results of research that good governance at private universities in Medan city 87% have applied the aspect of transparency, 90% have applied the aspect of Participation, 51% have implemented accountability, and 87% have applied the aspect of effectiveness.