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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.

There has been intense scrutiny about the design and delivery of curricula in South Africa higher education institutions. Various policies and laws have been established to ensure that the South African higher education contributes to the transformation agenda of the nation. This study contributes to this debate by examining how the South African higher education policies contribute to the transformation of curriculum to meet contemporary socioeconomic needs. The study employs a systematic literature review to synthesise current evidence and adopts a morphogenetic approach to explore how existing frameworks, such as the Higher Education Act of 1997 and the White Paper for Post-School Education and Training (2014), have shaped the curriculum design and implementation processes in South African universities. The paper begins by discussing the internationalisation of higher education curricula and highlights the need for graduates to develop global competencies. It further examines the role of the South African internationalisation policy in preparing students for the global economy. The research also addresses how policy gaps, such as the inadequate focus on decolonisation and the lack of alignment with the Fourth Industrial Revolution (4IR), impact the effectiveness of curriculum transformation efforts. The findings reveal that despite numerous policy frameworks and strategic documents, there remains a disconnect between the goals of higher education policies and the practical realities of curriculum design and delivery. This disconnect contributes to the numerous challenges in the higher education sector, manifested through student protests and dissatisfaction with the relevance of academic programs. The paper concludes that a more nuanced approach to curriculum reform is necessary, one that bridges policy intentions with practical outcomes through continuous dialogue among universities, the government, and industry stakeholders.

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.