Integrated Financial Sustainability Models For Higher Education: A Qualitative Study Of Indonesia’S Top Universities

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Background of the Problem: Global competition in higher education has increased the need for strategic and sustainable financial management to remain competitive. Research gaps/Novelty: Existing studies focus on academic or policy dimensions, overlooking the strategic financial sustainibility to support global competitiveness. Novelty this study by qualitatively analyzing how sustainable financial strategies from perspective leading universities in Indonesia. Research Methods: This study employed a qualitative research design, in-depth interviews with Vice Rectors for Financial Affairs at seven top Indonesian universities. Thematic analysis was conducted using NVivo 12 software to code and categorize interview data. Findings/Results: The study reveals that integrated financial sustainibility strategiesspecifically in business revenue generation, strategic asset utilization, research funding diversification, tuition optimization, and institutional efficiency are pivotal to enhancing university performance within global ranking frameworks. Leading Indonesian PTNBH institutions have demonstrated that diversified income streams and structured reinvestment into research and internationalization significantly contribute to higher QS WUR standing. These strategies collectively support institutional autonomy, reduce reliance on state subsidies, and build resilience in an increasingly competitive higher education landscape. Conclusions and implications: The implementation of the Integrated Financial Sustainability Model (IFSM), encompassing five key pillars Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency provides a comprehensive roadmap for Indonesian universities aiming to achieve World-Class University (WCU) status. These financial strategies not only align with global performance indicators but also reinforce academic excellence, innovation capacity, and operational agility. The findings contribute to the development of a contextualized, evidence-based framework for financial sustainability that can inform higher education policy and guide institutional strategic planning across emerging economies. Financial Sustainability Higher Education Qualitative Research educational governance World-Class University (WCU) Figures Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Introduction Higher education plays a critical role as a social investment and a model for a nation’s economic growth. The presence of this superior human resource is undeniably a prerequisite that a country must possess to mobilize all production factors towards achieving economic progress. In this context, higher education should be regarded as a state investment to unlock and develop the potential of the nation’s human resource (Makhalina et al., 2020 ). Therefore, as an investment, the cost of providing education is a state obligation and should not burden the citizens excessively (Serdyukov, 2017 ). Nonetheless, utilizing public funds consistently presents a challenge involving the conflict between budget efficiency and the responsibilities that arise due to the existence of the state. In this case, the government commonly positions public funds as a leverage factor that propels educational institutions towards greater self-sufficiency, particularly in terms of funding (Darling-Hammond et al., 2020 ). Hence, it is crucial for universities to establish revenue streams that ensure the long-term sustainability of educational operations. The concept of revenue stream diversification is grounded on Modern Portfolio Theory, which was first coined by (Markowitz, 1952 ). This concept originates from the risk minimization approach by diversifying the portfolio into various activities that serve as income sources. This risk minimization turns out to be an instrument for institutions that bear a dual function, encompassing both social and income generating function (Demir et al., 2022 ). Those two functions compel institutions to manage every expenditure to achieve the expected level of return, considering that, from the revenue perspective, management is not allowed to impose excessively high cost on the users (Li et al ., 2021)LIE. Furthermore, any attempt to increase the cost imposed on users will expose the institution to the risk of losing market share, especially in a highly competitive environment (Rego et al., 2022 ). Previous studies revealed that diversifying income sources and reducing dependence on a single source are prerequisites for achieving financial sustainability (Velenturf & Purnell, 2021 ); (Xie et al., 2022 );(Demir et al., 2022 ); Fallanca et al. , 2021, 2021; Li et al ., 2021). In fact, diversifying sources of income is one of the traditional strategies to reduce the risk of business failure, withstand crises, or enhance performance by delivering higher value to customers (Fallanca et al ., 2021). The present condition of higher education in Indonesia is confronted not only with local challenges but also with regional and even global competition. Back in the 1990s, Indonesia universities, be it public or private, including those classified as State-Owned Legal Entities, primarily concerned with local competition. However, as globalization emerged, it fostered competition among educational institutions on an international scale. Indeed, it brought huge implications for this sector, especially involving those of promotional efforts among international educational markets. This intense rivalry among institutions leads to the necessity of assessing the quality of higher education through the development of specific and measurable university ranking. This endeavor undeniably necessitates a substantial financial investment, compelling university administration to explore various sources of income. Public universities must not solely depend on government funding, as these allocations are progressively decreasing (Ritzen, 2021 ). At the same time, universities face restrictions in raising tuition fees freely, due to emerging institutions offering competitive fee models (Marginson & Xu, 2022 ). Marginson & Xu further argue that in East Asia, institutions must balance global prestige with local relevance adopting hybrid strategies of internationalization and indigenization. This balancing act adds complexity to financial decisions, as universities aim to maintain academic excellence, cultural identity, and financial viability simultaneously. As 2022, Indonesia higher education market had been boasted by 3,107 universities, in which 2,982 universities were private, while the remaining were public institutions (Kemenristekdikti, 2023 ) (Source from Ministry of Education and Culture). Law Num 12 Year 2012 on Higher Education (herewith referred as Law on Higher Education) regulates that the government shall provide subsidies for higher education institutions (Law Num 12 Year 2012 on Higher Education). The objective of this regulation is to ensure fairness while enhancing qualities and fostering innovation and creativity. Further, the law is translated into Minister of Education and Culture Decree Num. 3-year 2021 on Higher Education Key Performance Indicator, which defined the Key Performance Indicators (KPI) which apply to higher education institutions (Law Num 12 Year 2012 on Higher Education). Regarding state universities, they utilize a new performance indicator called “Unit Output Indicator” (IKU) which asses institutional performance based on eight unique KPI. This IKU also serves as standard for earning-performance driven incentives. This incentives scheme plays a major portion of budget allocation for universities, which in turn becomes a crucial element to increase their competitiveness. While for private universities, the adoption of clustering method and the integration of IKU serve as a driver for continuous innovation while maintaining the efficient budget allocation. The law on Higher Education stipulates that the government also has a critical role in advancing national higher education. Hence, it is imperative that the government create regulations on financial frameworks of higher education. This includes the delivery of high-quality education whilst keeping the cost of education from overly burdening the public. Further, it is essential that the regulations include the elements that contribute to financial sustainability efforts, considering the classification and legal requirements. This regulation should provide guidelines that allow universities to scrutinize their budget structure. Therefore, this model provides an opportunity for the government to evaluate the financial sustainability aspect of each institution and tailor appropriate aid for each university. Based on the aforementioned issues, this study aims to investigate strategies for each type of university, especially in diversifying revenue streams while maintaining the educational quality and financial sustainability prospect. Further, this present study investigates the main factors contributing to the financial sustainability among higher education to run the educational activities. This present study proposes a diversified financial model that has not been previously explored by others. Henceforth, this model provides valuable insights for the government to formulate policies and guidelines in achieving higher education financial self-sufficiency. The next section of this manuscript are follows: In the following section some relevant literatures were discussed, subsequently methodology was discussed, then the results were presented followed by discussion, while in the end the conclusion were drawn as well as limitations and direction for further studies. Literature Rewiew Funding higher education has been a hot topic for several decades. According to Nagy et al . (2014), industries still view higher education as an unfinished learning process that has not yet met the demands of the job market. The mismatch between the needs of the job market and the quality of university graduates has led industries to incur additional expenses for training. This issue continues to evolve, prompting the government to reconsider whether the funding for universities has indeed been targeted appropriately in line with the demands of the workforce as the driver of macroeconomic growth (Salas-Velasco, 2021 ). For instance, in France, the predominant approach to higher education funding is referred as “contractualization," wherein the relationship between the state and the university is governed by four-year framework contracts. The so called “sympa system”, implemented in 2009, primarily emphasizes the funding of research and development activities within institutions. However, performance-based financing accounts for only 20% of the total, with 60% tied to the student enrollment numbers and the remaining 20% based on the publication activity of researchers and professors (Nagy et al., 2014). There are two prominent overarching trends in higher education funding. Firstly, there is a growing diversification of funding sources as highlighted by Estermaan (2011). Tuition fees and third-stream incomes are increasingly gaining significance, although there is substantial variation among universities. Secondly, state funds are distributed among Higher Education Institutions (HEIs). To enhance HEIs' responsiveness to customer needs, a portion of the funds is allocated to students or businesses through state-subsidized loans or favorable taxation regulations. This reflects a general trend in higher education funding, as indicated by Jongbloed et al. (2010), and Halász (2011). Meanwhile, the exploration of financial sustainability for higher education has begun in 1998 and has shown a consistent growth, expanding around 12% annually, resulted in cumulative number of 782 articles from 1998 to 2003. Figure 1 displays the annual paper published in the field of higher education financial sustainability. Numerous studies have engaged in discussions on global approaches to financing higher education (Adams,1977; Kohtamäki, 2009, Estermann&Bennetot Pruvot, 2011; Onuoha, 2013; Petlenko, et al. , 2021). Further, Patlenko et al . (2021) categorize three primary types of higher education institution financing: 1) state subsidies through the redistribution of taxes from taxpayers at the state and local levels, 2) private funds from institutions, organizations, and individuals, and 3) other funds, including grants, technical support, and lending. Meanwhile, the composition of funding sources for higher education is influenced by various factors, as identified by Adams (1977), including the demand for higher education, national traditions, historical experience, the financial and budgetary structure of the state, and social values and priorities. It is apparent that higher education needs to rely on equity rather than debt for their primary funding in order to survive, maintain sustainability, and offer high-quality education (Kharusi and Murthy, 2017). For instance, Kadir and Cotter (2019) highlighted revenue-raising initiatives by various higher education institutions by emphasizing routine tasks, low-risk investment, and proven cash-generation business. In general, that study revealed that universities grounded in low-risk investment and business models have the capacity to generate consistent and sufficient income to support the operational needs of current academic programs. On the other hand, (Wright & Wei, 2020 ) asserted that there is a need to engage in a riskier scheme when universities plan to expand or to open new study programs. The existing body of literature suggests that financial sustainability in higher education is notably affected by factors such as funding, the availability of resources, and the support received from university administrations. This encompasses financial support for sustainability initiatives and endeavors to enhance energy efficiency across university structures and grounds. Nevertheless, it is highlighted in the literature that, despite the influence of these factors, attaining sustainability objectives can be a formidable task, and certain practices perceived as effective may not necessarily lead to successful outcomes. Further, (Mahdi & Abass, 2022 ) emphasized that the establishment of sustainable development indicators are paramount in monitoring system for universities. Universities encounter the task of broadening their avenues for financial support, particularly when they are confronted with external challenges such as the Covid-19 pandemic. The study by (Kapustian et al., 2021 ) underscores the necessity for financial independence and hybrid financing approaches to ensure the stability of university finances. In addition, it accentuates the significance of forming international partnerships to secure funding for educational and research initiatives. Engaging in income-generating endeavors, such as research agreements with government and industry, is pivotal in guaranteeing financial sustainability and fostering entrepreneurial growth within universities. The participation of academic staff and students from the university in activities aimed at generating third-stream income is affected by diverse factors. Recent literature from Indonesia further reinforces the urgency of integrating financial sustainibiity and strategic planning in the pursuit of World-Class University (WCU) status. (Rachman et al., 2024 ) highlight the fragmented landscape of higher education diplomacy in Indonesia, where public universities struggle to orchestrate cohesive international research branding strategies, despite the government's global ambitions. (Rosser, 2019 ) critiques the political economy of WCU efforts, pointing to inconsistent funding, limited institutional autonomy, and policy discontinuity as structural hindrances. Problematizes the corporatization of higher education governance, warning against superficial compliance with global benchmarks that neglect internal academic transformation. What sets the present study apart is its empirical grounding, combining panel regression and in-depth interviews to explore how financial sustainability strategies are concretely operationalized within institutions. By directly linking QS indicators, such as citations per faculty and employer reputation to institutional revenue models, asset utilization, and governance mechanisms, this research contributes a grounded and actionable perspective to the discourse on Indonesian higher education reform. It thus bridges a critical gap in the literature by showing how high-performing Indonesian universities internalize global standards through localized, evidence-based financial strategies offering a model for other emerging economy institutions seeking similar transformation. Consistent with (Chan et al., 2023 ) who found that strategic communication management significantly shapes the reputation and perceived quality of Malaysian private universities, this study reinforces that reputation building is inseparable from institutional financial strategy and governance. Together, these insights highlight that universities’ global competitiveness depends not only on their financial resilience and operational efficiency but also on their ability to align communication, performance metrics, and stakeholder engagement within a coherent framework of sustainable institutional excellence. Research Methodology This qualitative study adopts a case study approach to explore the financial sustainability strategies of Indonesian higher education institutions. Following (Creswell & Creswell, 2022 ), the research design is grounded in five structured stages: literature-driven theme development, purposive sampling, in-depth data collection through semi-structured interviews, thematic analysis, and model construction. The study began with an extensive literature-driven inquiry to extract key themes and indicators related to university financial sustainability. These themes informed the development of a semi-structured interview guide. The data collection phase involved in-depth interviews across 23 public and private universities in Indonesia classified as “Excellent” in national research clusters. However, this paper selectively analyzes seven institutions that rank within the Top 500 of QS WUR 2024, reflecting their progress toward global competitiveness, this research conducted between June and August 2023. Participants included top-level institutional leaders such as vice rectors and directors of planning or international affairs. Interviews were audio-recorded (with informed consent, available at DOI: https://doi.org/10.6084/m9.figshare.29105237 ), transcribed and triangulated with institutional documents such as annual reports and strategic plans to ensure data trustworthiness. Following data collection, a purposive selection was conducted to focus the analysis on seven institutions ranked within the Top 500 of the QS World University Rankings (WUR 2024). This selection reflects the study’s objective to investigate successful institutional strategies aligned with international ranking indicators. The interview guide was semi-structured and aligned with ethical standards. Prior to data collection, the study passed an ethics clearance process administered by the National Research and Innovation Agency (NRIA). The research was submitted through proposal number 20052023000003 from the Research Center for Cooperatives, Corporations, and People's Economy, under the Organization for Research in Governance, Economics, and Welfare. Ethical approval was granted through the Social Humanities Ethics Clearance Decree, under letter Number: 383/KE.01/SK/06/2023.(DOI : 10.6084/m9.figshare.29105237 ). All interviews were recorded, transcribed, and triangulated with institutional documents such as annual reports and strategic plans. Data coding and thematic analysis followed Braun and Clarke’s ( 2006 ) six-phase method, implemented via NVivo software. Trustworthiness was enhanced through triangulation, member checking, and maintaining an audit trail, in line with Creswell’s ( 2022 ) emphasis on credibility, dependability, and confirmability in qualitative inquiry. Validity, Reliability, and Trustworthiness Qualitative Credibility was maintained through triangulation, transparency in coding, and validation of themes across multiple data sources. Ethical Considerations: Approval was granted by the NRIA (BRIN) Ethics Review Board, and informed consent was obtained from all participants. Data Collection Techniques and Materials The primary data source consisted of semi-structured interviews guided by an instrument developed under the ethics approval of the National Research and Innovation Agency (NRIA). Interviews lasted between 45 and 90 minutes, were audio-recorded with consent, and subsequently transcribed verbatim. Supplementary data were drawn from institutional documents such as annual financial reports, strategic blueprints, rector’s performance contracts, and Ministry of Education regulations. This triangulation enabled cross-validation of interview findings and enhanced analytical rigor. Operational Definition and Analytical Framework Financial sustainability was operationally defined through five interrelated dimensions: Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency. These were informed by literature on strategic university management and validated through inductive coding. Data Processing and Analytical Techniques Thematic analysis was conducted using NVivo 12 software. Transcripts were coded inductively to allow themes to emerge from the data, following Braun and Clarke’s ( 2006 ) six-phase approach. This involved: (1) becoming familiar with the data through transcription and repeated reading; (2) generating initial codes systematically across the dataset; (3) organizing codes into potential themes; (4) reviewing themes in relation to coded extracts and the full dataset; (5) defining and naming each theme clearly; and (6) producing a final narrative that reflects both empirical patterns and theoretical relevance. NVivo software was used to assist in organizing codes and supporting analytical transparency, where initial open coding was conducted. Codes were then grouped into categories based on meaning and relevance to the research objective. Through iterative review and constant comparison, five key themes (financial keywords) emerged: 1) Business Revenue; 2) Asset Utilization; 3) Research Revenue; 4) Tuition Fee Revenue; 5) Efficiency Coding reliability was enhanced through iterative peer debriefings and the maintenance of an audit trail. Triangulation with secondary data and member-checking with selected informants reinforced the credibility and dependability of the thematic interpretations. These themes formed the basis for constructing a conceptual model of financial sustainability. The analysis followed Braun and Clarke’s six-step thematic framework. NVivo’s modeling tools were used to visualize thematic interrelations and conceptual connections to WCU indicators. The following conceptual flowchart represents the revised methodological design: Result / Finding This study employed thematic analysis using NVivo 12 on in-depth interview data from seven Indonesian public universities categorized as PTNBH. The institutions are anonymized and referred to as U1 through U7 to protect participant confidentiality. Five dominant themes emerged based on NVivo coding: Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency. These themes collectively support the formulation of an Integrated Financial Sustainability Model (IFSM), visually represented in Fig. 3 . In adherence to ethical research standards and to uphold the principles of informed consent, this study anonymizes institutional identities through coded references (U1 to U7). This approach is aligned with the Ethical Clearance Approval Letter for Social Humanities Research issued by the National Research and Innovation Agency (BRIN), No. 383/KE.01/SK/06/2023. The use of anonymized institutional codes ensures the confidentiality of participating universities while preserving the integrity of the findings. The selected institutions are state universities under legal entity (PTNBH) status and were ranked within the Top 500 of the QS World University Rankings (QS WUR) between 2023 and 2025, representing Indonesia’s most globally competitive higher education institutions. Table 1 University Code University Code (City) QS WUR 2023 QS WUR 2024 QS WUR 2025 Highlight U1 Depok 237 206 189 Consistently highest in Indonesia; strong employer reputation, citations per faculty U2 Yogyakarta 251 239 224 Second best in Indonesia; stable rise; excels in employer reputation, faculty ratio U3 Bandung 256 256 255 Technical leader; best in engineering; strong in technical subjects U4 Surabaya 312 308 Inside 200 Rapid rise, especially noted for international research networks and SDGs U5 Bogor 489 426 399 Agriculture-focused, strong faculty–student ratio U6 Surabaya 369 345 365 (Estimated) Engineering strength; subject-focused ranking U7 Malang 400–450 801–850 801–850 Nationally recognized; included for diversity in financial models Source : Author’s qualitative data analysis based on principles of informed consent, 2025 Key Observations & Institutional Characteristics : U1–U4 consistently outperform the others in global QS rankings (206–308). U4 is notably the only institution among U1–U4 experiencing significant upward trajectory and excels in global SDGs and international networks. U5–U7 have lower global rankings yet exhibit strong domestic assets and thematic financial strategies that mirror those of leading institutions. Tuition Fee Revenue Tuition fee revenue in Indonesian PTNBH universities comprises several strategic components that reflect institutional innovation in financial planning. One significant element is the implementation of a tiered undergraduate tuition model (UKT S1), as exemplified by U2, which applies an eight-level structure with Level 8 capped at a maximum benchmark (BKT). Within this system, 9.8% of U2’s 53,000 students fall into Level 8, while 22% are categorized under Level 5, indicating a deliberate balance between equity and revenue optimization. At the postgraduate level, U1 enhances institutional income by prioritizing tuition growth through its master’s and doctoral programs, leveraging the increasing demand for advanced degrees. Meanwhile, U3 contributes to tuition revenue expansion by launching new faculties and graduate programs that respond to emerging academic and market trends. This initiative is further supported by strategic enrollment quota management, allowing the university to adjust capacity across newly developed programs to ensure both financial viability and academic quality. Research Revenue There are 3 kind of research revenue : Government Funding: U5 reports the majority of its research funding originates from national grants, allocated for educational and research advancement. Another Revenue is Private Sector and Matching Funds: U2 has developed a university-owned enterprise to manage technology transfer and matching fund allocations, particularly for electric vehicle research. The last is International Collaborations: U1 collaborates only with globally ranked institutions (Top 100) to enhance research visibility and citation metrics. Business Revenue Research Commercialization: U2’s holding company oversees downstream research application and commercialization. Next is categorized State-Owned Assets: U4 manages major university hospitals and stem cell centers as part of its business portfolio, targeting revenues exceeding IDR 220 billion annually. Diversified Business Ventures: U6 generates income from rental properties, academic services, and commercial units such as ITS Mart, ITS Techno Science, and its own dormitories. Donations There are two kind of donations, Government Subsidies: U5 receives roughly 30% of its revenue from the national budget, primarily covering civil servant wages. The second is Philanthropic and Alumni Support: U6 collects donations from alumni and private entities, reinvested through sukuk-based endowment instruments to support long-term financial needs. Efficiency ERP-Based System Integration: U1 utilizes an enterprise resource planning (ERP) platform for procurement, planning, and asset monitoring to promote institutional transparency and resource efficiency. Another kind of Efficiency is Routine Budget Compliance: U6 uses public funding frameworks to meet recurring operational needs, ensuring financial stability and reliable absorption of allocated budgets. Most Universities in Indonesia using Annual Budget Planning (RKAT): U7’s funding structure aligns with its Annual Work Plan and Budget, facilitating measured, goal-driven allocation. Internal Audit Oversight: U1 enforces quarterly financial reporting for university-owned business units under internal audit and committee supervision, aiming for long-term operational surplus. These five primary themes inform the proposed Integrated Financial Sustainability Model (IFSM), a framework that emphasizes diversified revenue sources and strong internal financial governance (Fig. 2 ). This bar chart illustrates the number of coded subthemes under each main financial sustainability theme. Tuition Fee and Efficiency emerge as the most diverse themes, each encompassing four distinct subtopics across PTNBH universities. Discussion The IFSM developed through this study conceptualizes financial sustainability as an integrated framework combining five strategic elements: revenue diversification (Tuition Fee, Research, Business, and Donation) and institutional efficiency. These components interact dynamically to enhance financial sustainibility, competitiveness, and academic excellence in public universities. The case of U4 exemplifies the strategic role of financial efficiency. Unlike U1, which adheres to a strict “no surplus” budgeting philosophy, U4 centralizes procurement, enforces global-standard financial audits, and prioritizes spending on academic development, particularly in international publication output. This reinvestment strategy contributed to U4’s entry into the Top 200 QS World University Rankings 2025, a significant leap from its prior position at 308. U4’s indexed Scopus publications grew tenfold, from 140 in 2015 to 3,200 in 2025, underscoring the tangible academic impact of sound financial governance. Furthermore, while all PTNBH institutions depend on tuition, several (notably U2 and U5) report a reliance exceeding 60% of their annual budgets, an unsustainable trend amid regulatory constraints. Other universities (e.g., U2, U6) pursue hybrid models that combine research commercialization and business ventures with operational efficiency. The NVivo findings also highlight the uneven development of donation and endowment systems across universities. U6 is among the few to implement structured alumni donations through sukuk instruments, while others rely heavily on state budgets. This indicates a need for strategic planning around long-term financial instruments. Importantly, this study finds that efficiency, particularly digital integration (U1), centralized oversight (U7), and institutional audit structures (U1, U6) is not merely a cost-cutting measure but a sustainability enabler. These efficiency-driven frameworks align spending with institutional goals, allowing flexible reinvestment in research, innovation, and international collaboration. The IFSM model therefore serves as a holistic response to the evolving financial landscape of higher education, particularly for institutions in emerging economies striving toward world-class status. This study examined how Indonesia’s top legal-entity higher education institutions (PTNBH) strategically achieve financial sustainability and align their internal governance with performance indicators relevant to global university rankings. Using thematic analysis of in-depth interviews with leadership across seven anonymized universities (U1–U7), five major themes were identified: Tuition Fee Revenue, Research Revenue, Business Revenue, Donations, and Efficiency. These themes collectively inform the Integrated Financial Sustainability Model (IFSM), which reflects the institutional practices and priorities of world-class university development in Indonesia’s unique policy environment. Across all cases, institutions showed clear patterns of strategic alignment with research revenue generation and citation impact. U2 and U4 in particular institutionalized strong research incentive schemes, offering significant financial rewards for Q1 and Q2 publications. These universities also established internal guidelines to concentrate resources on high-impact outputs, favoring partnerships with internationally ranked institutions to boost visibility and collaborative research outcomes. This aligns with their strategic goal of enhancing academic reputation and supporting knowledge transfer, a key aspect of global performance frameworks. Tuition fee strategies varied across institutions. U2 implemented an 8-tier tuition structure with strict limits tied to government benchmarks, ensuring a balance between accessibility and financial contribution. U3 prioritized income diversification through postgraduate programs and new faculty development, illustrating the role of academic program expansion in supporting tuition-based revenue growth. Business revenue models emerged as vital instruments of financial sustainability. U2 and U6 leveraged university-owned enterprises and downstream research commercialization via holding companies. U4’s teaching hospitals and medical centers stood out as major contributors to institutional income, while U6 diversified revenue through assets such as apartments, retail centers, and consultation subsidiaries. These enterprise initiatives not only bolster financial independence but also support graduate employability and applied innovation. Donations and endowment mechanisms were present but unevenly developed. U6 effectively utilized alumni networks and private-sector partners to build a sukuk-based endowment, while U5 continued to rely on government subsidies for core operational funding. U3 and U6 also reported institutional support from provincial governments and philanthropic grants, indicating a blended financing approach. Efficiency was operationalized through different institutional mechanisms. U1’s ERP-based procurement and financial integration system reflects a commitment to transparency and streamlined operations. U7 used RKAT (Annual Budget Plans) to align spending with institutional priorities, while U1 and U6 institutionalized internal auditing and quarterly financial reviews to monitor autonomous business units. These efficiency strategies not only optimize resources but also contribute to financial governance a key requirement for world-class university transformation. A consistent theme among the institutions was their commitment to regional equity and inclusive access to higher education. U4’s PUSPAS fund, managed by students, supports low-income learners through tuition waivers and emergency grants. U3’s SPI mechanism similarly engages alumni and community stakeholders in supporting educational access. Expansion into underserved regions was also a prominent strategy. U3 and U4 reported efforts to establish satellite campuses tailored to regional industry needs, aligning academic programming with workforce development. These efforts support both the national development agenda and global frameworks on inclusive and sustainable education. Internationalization efforts were evident through cross-border collaborations, joint research, and infrastructure partnerships. U2’s science park project with the ADB and U3’s postgraduate industrial partnerships reflect deliberate moves to increase research visibility and foster global linkages. These initiatives contribute to institutional prestige and innovation ecosystems. These cases highlight how internal governance, enterprise autonomy, and targeted academic investment are used to enhance institutional sustainability. While research output and revenue diversification are commonly emphasized, institutions differ in their treatment of tuition, donations, and efficiency mechanisms. Integration with IFSM Model The Integrated Financial Sustainability Model (IFSM), based on the NVivo-coded thematic analysis, encapsulates five pillars of institutional sustainability: Tuition Fee Revenue, Research Revenue, Business Revenue, Donations, and Efficiency. These pillars reflect real practices observed in Indonesian PTNBH institutions : Tuition strategies: U2’s structured 8-level UKT and U3’s postgraduate expansion, Research revenue: U2 and U4’s incentive schemes and global collaboration policies, Business income: U4’s hospital systems, U6’s consultation subsidiaries, and U3’s subsidiary enterprises, Donations and endowments: U6’s sukuk endowment model and U5’s APBN-based funding, Efficiency mechanisms: ERP systems, RKAT integration, and internal audit frameworks (e.g., in U1, U4, U7). The findings support the argument that financial sustainability is not a background function but a strategic driver of institutional quality and global visibility. Institutions that align their operational systems with mission-based priorities especially in research, social equity, and governance demonstrate greater readiness to engage in global performance ecosystems such as QS WUR and THE rankings. For Business Revenue, All seven universities analyzed exhibit efforts to diversify income through commercial ventures. U4, for instance, manages major state-owned assets including hospitals and stem cell centers, contributing over IDR 220 billion annually. U6 operates commercial subsidiaries, such as ITS Mart and Techno Science, and leases university-owned apartments and retail units. U2's university holding company actively oversees research commercialization, including projects in electric vehicle technologies. These initiatives reduce overreliance on tuition and state budgets, contributing directly to autonomous income and graduate employability. The U5 case further underscores the strategic development of professional education as business revenue. U5 successfully monetizes its executive education units and agricultural training centers. Moreover, its commercialization arm PT Bogor Life Science and Technology demonstrates how research output is translated into patents and downstream products, reinforcing the business value of academic innovation. Universities with advanced asset management frameworks have demonstrated higher financial resilience. U3 and U6 highlight efficient use of campus infrastructure by integrating income-generating spaces into their master plans. U5 stands out in this dimension by repurposing idle assets into productive agricultural research sites, learning farms, and tourism initiatives. This aligns with the institution’s comparative advantage and enhances both educational and financial outputs. Asset optimization strategies across universities include land leasing, technology parks, academic service centers, and housing. These assets not only generate revenue but also support research incubation, student entrepreneurship, and industry collaboration. For Research Revenue, The transformation of research into a revenue stream is pivotal in the IFSM framework. U1 restricts international collaboration to globally ranked institutions (Top 100), ensuring higher citation impact and attracting competitive grants. U2 institutionalizes matching fund schemes with industry partners, linking research outputs to commercial opportunities. U5 remains heavily reliant on government research grants. In comparison, U4 demonstrates significant success in obtaining multi-source research funding, including competitive national grants, private sponsorships, and international development funds. The university incentivizes faculty publication in Q1 and Q2 journals through financial rewards and provides a centralized research facilitation office to support proposal development. This focused reinvestment in research and international partnerships was a key contributor to U4’s notable rise in the QS World University Rankings 2025, improving from rank 308 to the Top 200 globally. These findings affirm that structured research support and reward systems are essential to sustaining long-term academic competitiveness. Tuition remains a foundational yet sensitive source of revenue. U2’s tiered UKT (Uang Kuliah Tunggal) system ensures financial access while optimizing income, with 9.8% of students in the highest tier. U3 increases tuition income through new program creation and postgraduate enrollment growth. U1 prioritizes graduate tuition as a long-term revenue strategy. U5 similarly implements a stratified tuition model with a clear policy framework to maintain social equity. The university has expanded revenue from tuition by developing interdisciplinary graduate programs tailored to emerging sectors, such as environmental economics and food security. Furthermore, the proportional reliance on tuition remains below 50% due to cross-subsidization from business and research revenues. Efficiency is not only about cost reduction but is reframed as a strategic enabler of financial sustainability. U1 and U7 institutionalize ERP platforms and financial audits for university-owned units. U6 integrates compliance monitoring and surplus tracking across faculties. U4 links financial surplus to targeted reinvestment in research and internationalization. U5 provides a model of proactive budgeting and expenditure control. The university integrates performance-based planning (RKAT), digital monitoring, and internal audits, enabling real-time resource reallocation. Efficiency gains have allowed U5 to finance global collaborations and expand publication support without increasing tuition burden. The experience of U4 supports this trend: from 2015 to 2025, the number of Scopus-indexed publications rose from 140 to 3,200, underpinned by a deliberate reinvestment of financial surpluses into research and faculty development, Also (U4) achieved a remarkable ascent, entering the top 200 globally, an elevation from its consistent 308 ranking in 2023 and 2024 This surge coincides with its strategic focus on financial efficiency and reinvestment into academic excellence, further highlighted in our qualitative analysis. The upward shifts of (U1), (U2), and (U3) also reflect effective financial sustainability practices aligned with research revenue, business ventures, tuition optimization, and governance. U4’s leap is particularly significant, representing Indonesia’s strongest performance across Southeast Asia and confirming that our Integrated Financial Sustainability Model (IFSM), especially the ‘Efficiency’ pillar that translates into measurable global competitiveness. Compared to U5–U7, whose rankings hover below 400, U4’s success illustrates how centralized, audit-driven financial processes, when linked to research incentives, can support a rapid climb in global standings. Furthermore, qualitative data from the broader pool of 23 Indonesian universities selected based on the Ministry of Education’s “Unggul” (Excellent) research cluster indicate that similar strategic efficiencies are also emerging in institutions not yet included in the QS Top 500. One such example is a university located in Sumatra that has adopted a fully centralized financial governance model. Faculties do not possess individual budgetary autonomy; instead, all procurement processes are handled by a university-owned business unit. This structure enables internal expenditure to be funneled back into the institution’s commercial ecosystem (business revenue), supporting self-sufficiency and long-term viability. Importantly, this university also provides direct financial incentives for faculty to publish in reputable academic journals. Based on comparative analysis, the allocated amount for international journal publication support is among the highest of the 23 institutions studied. While the university is still in the process of cultivating a robust research culture, the past few years have witnessed a significant increase in its scientific publication output, marking promising progress in research productivity even though it has not yet attained Top 500 global ranking status. The five themes, Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency are mutually reinforcing. Institutions that adopt integrated financial planning and align their governance structures with the IFSM model demonstrate greater resilience and competitiveness. The U5 and U4 cases exemplify how these elements converge into a coherent financial strategy capable of supporting world-class aspirations while maintaining national relevance and social inclusivity. Implementation of the IFSM model among Indonesian PTNBH institutions positions them not only to achieve academic excellence but also to lead in regional higher education competitiveness within Southeast Asia. The model aligns closely with recent national policies under the Ministry of Education, Culture, Research, and Technology (Kemendikbudristek), that Higher Education Transformation which emphasize institutional autonomy, financial sustainability, and internationalization. U4’s achievement in elevating its QS WUR standing through international research funding and U5’s robust revenue diversification illustrate how these policies materialize in institutional success. Meanwhile, U3 and U6 demonstrate innovation in asset use and postgraduate revenue enhancement. This collective momentum shows Indonesia’s potential to become a leading higher education hub in Southeast Asia, To synthesize the comparative findings across seven PTNBH universities (U1–U7), a qualitative summary table and heatmap visualization were developed to highlight the relative strength of each institution across the five IFSM themes: Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency. These tools serve as heuristic devices often used in high-impact qualitative journals (e.g., Studies in Higher Education, Higher Education, Tertiary Education and Management) to condense and communicate pattern-rich data from multi-site case studies. The summary table categorizes each institution’s performance into qualitative tiers high, moderate, and low. based on triangulated indicators derived from interview transcripts, document reviews, and secondary data. The accompanying heatmap transforms these assessments into a visual matrix that reveals institutional strengths and strategic orientations. For instance, U4 demonstrates consistently high performance across all five domains, underscoring the synergy between surplus reinvestment and global audit compliance. Meanwhile, U5 displays a strategic blend of asset optimization and diversified business ventures rooted in its agri-tech identity, while U2 excels in research-industry linkages through matching fund policies. This visual framework not only validates the thematic consistency of the IFSM model but also allows for a comparative cross-case analysis that supports policy recommendations and institutional benchmarking. These representations reinforce how Indonesia’s leading PTNBH institutions are diversifying their income portfolios, optimizing underutilized assets, and operationalizing efficiency as a governance principle, thus aligning with national policies and contributing to regional competitiveness in Southeast Asia. Here the qualitative summary table : Table 1 Financial Sustainibility Themes Summary University Code Business Revenue Asset Utilization Research Revenue Tuition Fee Revenue Efficiency U1 Moderate Moderate Targeted Graduate-focused ERP/Audits U2 Strong Moderate Institutionalized Tiered UKT Structured U3 Moderate Strong Growing Program Expansion Monitoring U4 Strong Strong Multi-source Balanced Reinvestment U5 Strong Strong Government-centric Stratified Performance-based U6 Moderate Strong Developing Standard Compliance U7 Limited Moderate Minimal Basic Basic Audits Source : Author’s qualitative data analysis based on semi-structured interviews in selected 7 institutions within QS Top 500, coded using NVivo and summarized in Excel, 2025 To synthesize the comparative financial strategies of Indonesian higher education institutions striving for World-Class University (WCU) status, we developed a summary heatmap using IFSM dimensions. The heatmap provides a visual snapshot of performance distribution across the seven leading PTNBH universities (U1–U7). Institutions such as U4 and U5 demonstrate consistent strength across all five financial pillars, particularly in research revenue and efficiency reflecting a strategic reinvestment approach and mature governance structure. Meanwhile, U6 and U2 excel in business revenue diversification and asset monetization, respectively. The moderate scores in tuition fee revenue across all institutions underline a cautious yet innovative approach to tuition restructuring. Most universities exhibit a deliberate balance between revenue maximization and social equity. Furthermore, the visualization affirms that no single dimension operates in isolation; strong performance in efficiency often complements robust outcomes in business and research revenues. Such visualization techniques, increasingly common in qualitative research within higher education policy studies (e.g., Marginson, 2016; Hazelkorn, 2015), support thematic interpretations by clarifying institutional positioning across strategic dimensions. As this study illustrates, the heatmap serves not only as an analytical aid but also as a practical tool for institutional benchmarking and policy dialogue. Source : Author’s visualization based on NVivo-assisted thematic coding of qualitative interview data from 7 QS Top 500 institutions in Indonesia, 2025 While these findings provide a comprehensive view of financial sustainability among Indonesian public autonomous universities (PTNBH), they also open an important avenue for future research in private higher education institutions. Private universities in Indonesia face a distinct set of challenges such as limited access to government subsidies and heavier reliance on tuition fees that make diversification and efficiency even more critical. Applying the IFSM framework to private institutions would allow a deeper exploration of how entrepreneurial governance, endowment building, and asset-based innovation can drive institutional resilience within a market-driven ecosystem. In this regard, (Chan et al., 2023 ) provide valuable insights from Malaysia, showing that the reputation and sustainability of private universities are strongly shaped by strategic communication management. Their study demonstrates that financial stability alone does not guarantee competitiveness; instead, the integration of transparent governance, stakeholder engagement, and consistent messaging about institutional achievements reinforces both trust and brand equity. Extending the IFSM model into the private university sector while embedding these communication and reputation strategies would therefore offer a holistic pathway for Indonesian institutions to enhance both financial and reputational sustainability in the regional higher education landscape. Conclusion and Recommendation This study concludes that diversified financial strategies are fundamental to achieving institutional resilience and enhancing global competitiveness for Indonesian HEIs. The implementation of the Integrated Financial Sustainability Model (IFSM), incorporating Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency has enabled select PTNBH institutions to reduce reliance on government subsidies, while strengthening academic excellence and innovation. Successful examples include U5’s agri-tech commercialization, U4’s global research audits, and U2’s matching fund mechanisms. These efforts not only align with international ranking metrics but also support national goals. This study proposed and empirically grounded an Integrated Financial Sustainability Model (IFSM), The model is substantiated by NVivo based thematic analysis, revealing that each component plays a strategic role in ensuring long-term financial sustainability. Among the institutions studied, U4 demonstrates the strongest alignment between financial governance and academic outcomes evidenced by a sharp increase in Scopus-indexed publications and improved global ranking. Recommendations, For policymakers :Institutionalize performance-based incentives linked to the IFSM components to reward financial innovation and academic outcomes, Expand endowment matching programs and international audit collaborations, especially for research performance, Encourage transparency and standardization in asset monetization across PTNBH institutions. For universities : Prioritize capacity building in financial governance and leadership training focused on cross sectoral revenue management, Develop interdisciplinary graduate programs aligned with future labor market trends to boost tuition competitiveness, Adopt integrated digital systems for financial and asset monitoring to reinforce institutional agility and accountability. Limitations This study focuses exclusively on seven Indonesian PTNBH universities that were ranked within the Top 500 of the QS World University Rankings (WUR). Although the broader research included interviews and data from 23 public and private higher education institutions in Indonesia, only the most competitive institutions, those with demonstrated progress toward World-Class University indicators were selected for this analysis. This scope may limit the generalizability of the findings to lower-ranked or emerging institutions with different governance and resource structures. Future Research and Implications Future research should examine the longitudinal effects of IFSM adoption across a broader set of institutions, including non-PTNBH and private universities, to capture a more diverse range of financial governance models. Comparative studies across ASEAN or Global South countries may offer valuable insights into how localized financial strategies can scale globally. Additionally, mixed methods research that integrates quantitative performance metrics with qualitative institutional narratives would enrich understanding of the causal pathways between financial sustainability and academic excellence. Building on the findings of (Wider et al., 2023 ) future studies should also explore the non-financial dimensions of sustainability in higher education institutions particularly the psychological, social, and behavioral aspects of emerging adulthood that influence student engagement, institutional resilience, and long term performance. The implications of this research highlight the strategic importance of both financial autonomy and human-centered innovation for national competitiveness in higher education. By adopting evidence-based financial strategies rooted in the IFSM while addressing non-financial determinants of institutional well-being, universities can proactively shape their path toward sustainable excellence, regional leadership, and global Recognition.Acknowledgement This research was conducted as part of a collaborative project between the National Research and Innovation Agency (BRIN), the Research Center for Cooperatives, Corporations, and People’s Economy, and the Research Center for Public Policy under the Research Organization for Governance, Economy, and Community Welfare. It was carried out within the Rumah Program Research Scheme, Program 1: Governance in the Era of Regional Autonomy (Code: RP-1A.CRC/23-02). The authors acknowledge the institutional support and collaboration provided by Ekuitas University, Universitas Teknologi Sumbawa, Faculty of Business and Communications, INTI International University, Persiaran Perdana BBN Putra Nilai, 71800 Nilai, Negeri Sembilan, Malaysia, National Research and Innovation Agency (BRIN) and Universitas Merdeka Malang. The authors also express appreciation to the interview participants and data analysis team for their assistance in supporting the NVivo-based thematic analysis. Declarations Author Contributions: Resanti Lestari¹, Yolli Eka Putri², Armen Zulham³, Fatmasari Endayani⁴ , contributed equally to this work. Declaration of Interest Statement The authors report there are no competing interests to declare. Funding This research was funded by the National Research and Innovation Agency, Republic of Indonesia under Grant CRC RP1- A, 2023. Corresponding author: [email protected] Clinical trial registration: not applicable. Ethics declaration: This study received ethics clearance from the National Research and Innovation Agency (NRIA), Republic of Indonesia. The ethics approval is available at DOI: https://doi.org/10.6084/m9.figshare.29105237. Consent to Participate declaration: All participants provided informed consent prior to participation, as approved in the NRIA ethics clearance (DOI: https://doi.org/10.6084/m9.figshare.29105237). Consent to Publish declaration: not applicable. Author Contribution R.L. conceptualized the research design, developed the theoretical framework, and served as the corresponding author. Y.E.P. conducted data collection, managed institutional coordination, and assisted in qualitative coding using NVivo. A.V. contributed to the methodological refinement and validation of the Integrated Financial Sustainability Model (IFSM). A.Z. provided analytical insights for financial modeling and cross-institutional comparison, while F.E. contributed to the interpretation of results, literature synthesis, and manuscript editing. All authors discussed the results, contributed to the final version of the manuscript, and approved the submission of this paper. Acknowledgement The authors gratefully acknowledge the valuable insights and institutional support provided by the Research Center for Cooperatives, Corporations, and People’s Economy, National Research and Innovation Agency (BRIN) and Universitas Ekuitas. The authors also extend their appreciation to the leadership teams of participating PTNBH universities for their time, perspectives, and constructive contributions during the interview process. Their engagement significantly enriched the qualitative findings and enhanced the contextual understanding of financial sustainability in Indonesian higher education institutions. References Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology , 3 (2), 77–101. https://doi.org/10.1191/1478088706qp063oa Chan, T. J., Lee, J., Ng, M. L., & Huam, H. T. (2023). Factors Influencing Reputation of a Malaysian Private University from a Strategic Communication Management Perspective. Studies in Media and Communication , 11 (4), 227–238. https://doi.org/10.11114/smc.v11i4.6018 Creswell, J. W., & Creswell, J. D. (2022). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches (6th (ed.)). SAGE Publications. https://collegepublishing.sagepub.com/products/research-design-6-270550 Darling-Hammond, L., Flook, L., Cook-Harvey, C., Barron, B., & Osher, D. (2020). Implications for educational practice of the science of learning and development. Applied Developmental Science , 24 (2), 97–140. https://doi.org/10.1080/10888691.2018.1537791 Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. The European Journal of Finance , 28 (1), 86–107. https://doi.org/10.1080/1351847X.2020.1772335 Kapustian, O., Petlenko, Y., Ryzhov, A., & Kharlamova, G. (2021). Financial Sustainability of a Ukrainian University Due To the Covid-19 Pandemic a Calculative Approach. Investment Management and Financial Innovations , 18 (4), 340–354. https://doi.org/10.21511/imfi.18(4).2021.28 Kemenristekdikti. (2023). Ikhtisar data pendidikan tinggi. Kementerian Pendidikan, Kebudayaan, Riset, Dan Teknologi , 18–19. https://publikasi.data.kemdikbud.go.id/upload/file/isi_F26EAA49-56E0-4E24-AD4A-D4219F155F59_.pdf Mahdi, N. A., & Abass, Z. K. (2022). a University Control Systems Development Using the Strategic of Sustainability: Survey Study in the Iraqi Private Universities. In International Journal of Professional Business Review (Vol. 7, Issue 4). https://doi.org/10.26668/businessreview/2022.v7i4.e168 Makhalina, O. M., Makhalin, V. N., & Yaroshchuk, A. B. (2020). Overview of Perspective Educational Services of the “Green” Digital Future: Online, Lifelong and Remote Learning BT - Digital Future Economic Growth, Social Adaptation, and Technological Perspectives (T. Kolmykova & E. V Kharchenko (eds.); pp. 291–299). Springer International Publishing. https://doi.org/10.1007/978-3-030-39797-5_30 Marginson, S., & Xu, X. (2022). Changing Higher Education in East Asia. In Changing Higher Education in East Asia . Bloomsbury Publishing Plc. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85160302292&partnerID=40&md5=1b9603381a16259754dc2027a42f7399 Markowitz, H. (1952). Portfolio Selection. The Journal of Finance , 7 (1), 77–91. https://doi.org/10.2307/2975974 Rachman, A. A., Heryadi, R. D., Rachman, J. B., & Yani, Y. M. (2024). Challenges and opportunities in higher education diplomacy of World Class Universities in Indonesia: analysing the network environment of public diplomacy. Cogent Social Sciences , 10 (1). https://doi.org/10.1080/23311886.2024.2384537 Rego, L., Brady, M., Leone, R., Roberts, J., Srivastava, C., & Srivastava, R. (2022). Brand response to environmental turbulence: A framework and propositions for resistance, recovery and reinvention. International Journal of Research in Marketing , 39 (2), 583–602. https://doi.org/10.1016/j.ijresmar.2021.10.006 Ritzen, J. M. M. (2021). Public Universities, in Search of Enhanced Funding BT - International Experience in Developing the Financial Resources of Universities (A. O. AI-Youbi, A. H. M. Zahed, & A. Atalar (eds.); pp. 57–68). Springer International Publishing. https://doi.org/10.1007/978-3-030-78893-3_5 Rosser, A. (2019). Big Ambitions, Mediocre Results: Politics, Power and the Quest for World-Class Universities in Indonesia BT - Transformations in Higher Education Governance in Asia: Policy, Politics and Progress (D. S. L. Jarvis & K. H. Mok (eds.); pp. 81–99). Springer Singapore. https://doi.org/10.1007/978-981-13-9294-8_4 Salas-Velasco, M. (2021). Mapping the (mis)match of university degrees in the graduate labor market. Journal for Labour Market Research , 55 (1). https://doi.org/10.1186/s12651-021-00297-x Serdyukov, P. (2017). Innovation in education: what works, what doesn’t, and what to do about it? Journal of Research in Innovative Teaching and Learning , 10 (1), 4–33. https://doi.org/10.1108/JRIT-10-2016-0007 Velenturf, A. P. M., & Purnell, P. (2021). Principles for a sustainable circular economy. Sustainable Production and Consumption , 27 , 1437–1457. https://doi.org/10.1016/j.spc.2021.02.018 Wider, W., Fauzi, M. A., Gan, S. W., Yap, C. C., Akmal Bin Ahmad Khadri, M. W., & Maidin, S. S. (2023). A bibliometric analysis of emerging adulthood in the context of higher education institutions: A psychological perspectives. Heliyon , 9 (6). https://doi.org/10.1016/j.heliyon.2023.e16988 Wright, E., & Wei, H. (2020). The changing value of higher education as a currency of opportunity. Asian Education and Development Studies , 11 (1), 42–54. https://doi.org/10.1108/AEDS-08-2019-0120 Xie, Z., Liu, X., Najam, H., Fu, Q., Abbas, J., Comite, U., Cismas, L. M., & Miculescu, A. (2022). Achieving Financial Sustainability through Revenue Diversification: A Green Pathway for Financial Institutions in Asia. Sustainability (Switzerland) , 14 (6). https://doi.org/10.3390/su14063512 Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology , 3 (2), 77–101. https://doi.org/10.1191/1478088706qp063oa Chan, T. J., Lee, J., Ng, M. L., & Huam, H. T. (2023). Factors Influencing Reputation of a Malaysian Private University from a Strategic Communication Management Perspective. Studies in Media and Communication , 11 (4), 227–238. https://doi.org/10.11114/smc.v11i4.6018 Creswell, J. W., & Creswell, J. D. (2022). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches (6th (ed.)). SAGE Publications. https://collegepublishing.sagepub.com/products/research-design-6-270550 Darling-Hammond, L., Flook, L., Cook-Harvey, C., Barron, B., & Osher, D. (2020). Implications for educational practice of the science of learning and development. Applied Developmental Science , 24 (2), 97–140. https://doi.org/10.1080/10888691.2018.1537791 Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. The European Journal of Finance , 28 (1), 86–107. https://doi.org/10.1080/1351847X.2020.1772335 Kapustian, O., Petlenko, Y., Ryzhov, A., & Kharlamova, G. (2021). Financial Sustainability of a Ukrainian University Due To the Covid-19 Pandemic a Calculative Approach. Investment Management and Financial Innovations , 18 (4), 340–354. https://doi.org/10.21511/imfi.18(4).2021.28 Kemenristekdikti. (2023). Ikhtisar data pendidikan tinggi. Kementerian Pendidikan, Kebudayaan, Riset, Dan Teknologi , 18–19. https://publikasi.data.kemdikbud.go.id/upload/file/isi_F26EAA49-56E0-4E24-AD4A-D4219F155F59_.pdf Mahdi, N. A., & Abass, Z. K. (2022). a University Control Systems Development Using the Strategic of Sustainability: Survey Study in the Iraqi Private Universities. In International Journal of Professional Business Review (Vol. 7, Issue 4). https://doi.org/10.26668/businessreview/2022.v7i4.e168 Makhalina, O. M., Makhalin, V. N., & Yaroshchuk, A. B. (2020). Overview of Perspective Educational Services of the “Green” Digital Future: Online, Lifelong and Remote Learning BT - Digital Future Economic Growth, Social Adaptation, and Technological Perspectives (T. Kolmykova & E. V Kharchenko (eds.); pp. 291–299). Springer International Publishing. https://doi.org/10.1007/978-3-030-39797-5_30 Marginson, S., & Xu, X. (2022). Changing Higher Education in East Asia. In Changing Higher Education in East Asia . Bloomsbury Publishing Plc. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85160302292&partnerID=40&md5=1b9603381a16259754dc2027a42f7399 Markowitz, H. (1952). Portfolio Selection. The Journal of Finance , 7 (1), 77–91. https://doi.org/10.2307/2975974 Rachman, A. A., Heryadi, R. D., Rachman, J. B., & Yani, Y. M. (2024). Challenges and opportunities in higher education diplomacy of World Class Universities in Indonesia: analysing the network environment of public diplomacy. Cogent Social Sciences , 10 (1). https://doi.org/10.1080/23311886.2024.2384537 Rego, L., Brady, M., Leone, R., Roberts, J., Srivastava, C., & Srivastava, R. (2022). Brand response to environmental turbulence: A framework and propositions for resistance, recovery and reinvention. International Journal of Research in Marketing , 39 (2), 583–602. https://doi.org/10.1016/j.ijresmar.2021.10.006 Ritzen, J. M. M. (2021). Public Universities, in Search of Enhanced Funding BT - International Experience in Developing the Financial Resources of Universities (A. O. AI-Youbi, A. H. M. Zahed, & A. Atalar (eds.); pp. 57–68). Springer International Publishing. https://doi.org/10.1007/978-3-030-78893-3_5 Rosser, A. (2019). Big Ambitions, Mediocre Results: Politics, Power and the Quest for World-Class Universities in Indonesia BT - Transformations in Higher Education Governance in Asia: Policy, Politics and Progress (D. S. L. Jarvis & K. H. Mok (eds.); pp. 81–99). Springer Singapore. https://doi.org/10.1007/978-981-13-9294-8_4 Salas-Velasco, M. (2021). Mapping the (mis)match of university degrees in the graduate labor market. Journal for Labour Market Research , 55 (1). https://doi.org/10.1186/s12651-021-00297-x Serdyukov, P. (2017). Innovation in education: what works, what doesn’t, and what to do about it? Journal of Research in Innovative Teaching and Learning , 10 (1), 4–33. https://doi.org/10.1108/JRIT-10-2016-0007 Velenturf, A. P. M., & Purnell, P. (2021). Principles for a sustainable circular economy. Sustainable Production and Consumption , 27 , 1437–1457. https://doi.org/10.1016/j.spc.2021.02.018 Wider, W., Fauzi, M. A., Gan, S. W., Yap, C. C., Akmal Bin Ahmad Khadri, M. W., & Maidin, S. S. (2023). A bibliometric analysis of emerging adulthood in the context of higher education institutions: A psychological perspectives. Heliyon , 9 (6). https://doi.org/10.1016/j.heliyon.2023.e16988 Wright, E., & Wei, H. (2020). The changing value of higher education as a currency of opportunity. Asian Education and Development Studies , 11 (1), 42–54. https://doi.org/10.1108/AEDS-08-2019-0120 Xie, Z., Liu, X., Najam, H., Fu, Q., Abbas, J., Comite, U., Cismas, L. M., & Miculescu, A. (2022). Achieving Financial Sustainability through Revenue Diversification: A Green Pathway for Financial Institutions in Asia. Sustainability (Switzerland) , 14 (6). https://doi.org/10.3390/su14063512 Additional Declarations No competing interests reported. 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Malang","correspondingAuthor":false,"prefix":"","firstName":"Fatmasari","middleName":"","lastName":"Endayani","suffix":""}],"badges":[],"createdAt":"2025-09-26 08:23:10","currentVersionCode":1,"declarations":"","doi":"10.21203/rs.3.rs-7719393/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-7719393/v1","draftVersion":[],"editorialEvents":[{"content":"https://doi.org/10.1007/s43621-026-02746-4","type":"published","date":"2026-02-10T15:58:20+00:00"}],"editorialNote":"","failedWorkflow":false,"files":[{"id":96245803,"identity":"a1de317b-4847-4141-854e-eba550f7b990","added_by":"auto","created_at":"2025-11-19 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07:26:23","extension":"xml","order_by":20,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":138532,"visible":true,"origin":"","legend":"","description":"","filename":"5409a30275f54f6a9a7e37357210a5351structuring.xml","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/d8d694f6ee0503ef7f5f22f8.xml"},{"id":96043296,"identity":"f2f72879-7019-4204-aabb-0b891dbe422e","added_by":"auto","created_at":"2025-11-17 04:52:30","extension":"html","order_by":21,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":151412,"visible":true,"origin":"","legend":"","description":"","filename":"earlyproof.html","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/3db7cf035a42cb4646df46c5.html"},{"id":96043273,"identity":"c6a2775f-90c2-483f-8327-2333a69b888d","added_by":"auto","created_at":"2025-11-17 04:52:30","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":52469,"visible":true,"origin":"","legend":"\u003cp\u003eAnnual Scientific Paper Production for Financial Sustainability\u003c/p\u003e\n\u003cp\u003eSource: Scopus Data, 7 March 2023, Analysed using Bibliometrix.\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/da6ebf78380562f5d97e2a49.png"},{"id":96043274,"identity":"b128b9ca-649c-467d-9595-6209d5639135","added_by":"auto","created_at":"2025-11-17 04:52:30","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":52971,"visible":true,"origin":"","legend":"\u003cp\u003emethodological designIntegrated Financial Sustainibility Model- IFSM\u003c/p\u003e\n\u003cp\u003eSource : \u0026nbsp;(Braun \u0026amp; Clarke, 2006); (Creswell \u0026amp; Creswell, 2022)\u003c/p\u003e","description":"","filename":"2.png","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/f55987dd0ec370d97cdadf27.png"},{"id":96247114,"identity":"5da55240-7110-4ce9-a15b-dcdf8aced1ce","added_by":"auto","created_at":"2025-11-19 07:27:11","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":46021,"visible":true,"origin":"","legend":"\u003cp\u003eThe Integrated Financial Sustainability Model (IFSM)\u003c/p\u003e\n\u003cp\u003eSource : Nvivo Result Modification, 2023-2024\u003c/p\u003e","description":"","filename":"3.png","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/a3e71e394b791c57d5f575ab.png"},{"id":96043280,"identity":"821d6fd7-bad3-47a7-9b11-2c5b66e235c4","added_by":"auto","created_at":"2025-11-17 04:52:30","extension":"png","order_by":4,"title":"Figure 4","display":"","copyAsset":false,"role":"figure","size":164083,"visible":true,"origin":"","legend":"\u003cp\u003eDistribution of Coded Themes in NVivo Analysis\u003c/p\u003e\n\u003cp\u003eSource : Nvivo Result Modification, 2023-2024\u003c/p\u003e","description":"","filename":"4.png","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/032b64e46a73d0f3af893fac.png"},{"id":96043290,"identity":"256f8e74-6eef-4e8c-af58-b90c2f18389d","added_by":"auto","created_at":"2025-11-17 04:52:30","extension":"png","order_by":5,"title":"Figure 5","display":"","copyAsset":false,"role":"figure","size":154400,"visible":true,"origin":"","legend":"\u003cp\u003eFigure 3. heatmap visualization the relative strength based IFSM themes\u003c/p\u003e\n\u003cp\u003eSource : Author’s visualization based on NVivo-assisted thematic coding of qualitative interview data from 7 QS Top 500 institutions in Indonesia, 2025\u003c/p\u003e","description":"","filename":"5.png","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/6f6e4004a9284c110cb8e31b.png"},{"id":102785344,"identity":"8d83528f-33b8-425f-915b-e5495a671a4a","added_by":"auto","created_at":"2026-02-16 16:05:21","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1019774,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7719393/v1/b3372971-0334-4401-a028-6fb8a025bace.pdf"}],"financialInterests":"No competing interests reported.","formattedTitle":"\u003cp\u003eIntegrated Financial Sustainability Models For Higher Education: A Qualitative Study Of Indonesia’S Top Universities\u003c/p\u003e","fulltext":[{"header":"Introduction","content":"\u003cp\u003eHigher education plays a critical role as a social investment and a model for a nation\u0026rsquo;s economic growth. The presence of this superior human resource is undeniably a prerequisite that a country must possess to mobilize all production factors towards achieving economic progress. In this context, higher education should be regarded as a state investment to unlock and develop the potential of the nation\u0026rsquo;s human resource (Makhalina et al., \u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Therefore, as an investment, the cost of providing education is a state obligation and should not burden the citizens excessively (Serdyukov, \u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e2017\u003c/span\u003e). Nonetheless, utilizing public funds consistently presents a challenge involving the conflict between budget efficiency and the responsibilities that arise due to the existence of the state. In this case, the government commonly positions public funds as a leverage factor that propels educational institutions towards greater self-sufficiency, particularly in terms of funding (Darling-Hammond et al., \u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2020\u003c/span\u003e). Hence, it is crucial for universities to establish revenue streams that ensure the long-term sustainability of educational operations.\u003c/p\u003e\u003cp\u003eThe concept of revenue stream diversification is grounded on Modern Portfolio Theory, which was first coined by (Markowitz, \u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e1952\u003c/span\u003e). This concept originates from the risk minimization approach by diversifying the portfolio into various activities that serve as income sources. This risk minimization turns out to be an instrument for institutions that bear a dual function, encompassing both social and income generating function (Demir et al., \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Those two functions compel institutions to manage every expenditure to achieve the expected level of return, considering that, from the revenue perspective, management is not allowed to impose excessively high cost on the users (Li \u003cem\u003eet al\u003c/em\u003e., 2021)LIE. Furthermore, any attempt to increase the cost imposed on users will expose the institution to the risk of losing market share, especially in a highly competitive environment (Rego et al., \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Previous studies revealed that diversifying income sources and reducing dependence on a single source are prerequisites for achieving financial sustainability (Velenturf \u0026amp; Purnell, \u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2021\u003c/span\u003e); (Xie et al., \u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2022\u003c/span\u003e);(Demir et al., \u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2022\u003c/span\u003e); Fallanca \u003cem\u003eet al.\u003c/em\u003e, 2021, 2021; Li \u003cem\u003eet al\u003c/em\u003e., 2021). In fact, diversifying sources of income is one of the traditional strategies to reduce the risk of business failure, withstand crises, or enhance performance by delivering higher value to customers (Fallanca \u003cem\u003eet al\u003c/em\u003e., 2021).\u003c/p\u003e\u003cp\u003eThe present condition of higher education in Indonesia is confronted not only with local challenges but also with regional and even global competition. Back in the 1990s, Indonesia universities, be it public or private, including those classified as State-Owned Legal Entities, primarily concerned with local competition. However, as globalization emerged, it fostered competition among educational institutions on an international scale. Indeed, it brought huge implications for this sector, especially involving those of promotional efforts among international educational markets. This intense rivalry among institutions leads to the necessity of assessing the quality of higher education through the development of specific and measurable university ranking. This endeavor undeniably necessitates a substantial financial investment, compelling university administration to explore various sources of income. Public universities must not solely depend on government funding, as these allocations are progressively decreasing (Ritzen, \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). At the same time, universities face restrictions in raising tuition fees freely, due to emerging institutions offering competitive fee models (Marginson \u0026amp; Xu, \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). Marginson \u0026amp; Xu further argue that in East Asia, institutions must balance global prestige with local relevance adopting hybrid strategies of internationalization and indigenization. This balancing act adds complexity to financial decisions, as universities aim to maintain academic excellence, cultural identity, and financial viability simultaneously.\u003c/p\u003e\u003cp\u003eAs 2022, Indonesia higher education market had been boasted by 3,107 universities, in which 2,982 universities were private, while the remaining were public institutions (Kemenristekdikti, \u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) (Source from Ministry of Education and Culture). Law Num 12 Year 2012 on Higher Education (herewith referred as Law on Higher Education) regulates that the government shall provide subsidies for higher education institutions (Law Num 12 Year 2012 on Higher Education). The objective of this regulation is to ensure fairness while enhancing qualities and fostering innovation and creativity. Further, the law is translated into Minister of Education and Culture Decree Num. 3-year 2021 on Higher Education Key Performance Indicator, which defined the Key Performance Indicators (KPI) which apply to higher education institutions (Law Num 12 Year 2012 on Higher Education). Regarding state universities, they utilize a new performance indicator called \u0026ldquo;Unit Output Indicator\u0026rdquo; (IKU) which asses institutional performance based on eight unique KPI. This IKU also serves as standard for earning-performance driven incentives. This incentives scheme plays a major portion of budget allocation for universities, which in turn becomes a crucial element to increase their competitiveness. While for private universities, the adoption of clustering method and the integration of IKU serve as a driver for continuous innovation while maintaining the efficient budget allocation.\u003c/p\u003e\u003cp\u003eThe law on Higher Education stipulates that the government also has a critical role in advancing national higher education. Hence, it is imperative that the government create regulations on financial frameworks of higher education. This includes the delivery of high-quality education whilst keeping the cost of education from overly burdening the public. Further, it is essential that the regulations include the elements that contribute to financial sustainability efforts, considering the classification and legal requirements. This regulation should provide guidelines that allow universities to scrutinize their budget structure. Therefore, this model provides an opportunity for the government to evaluate the financial sustainability aspect of each institution and tailor appropriate aid for each university.\u003c/p\u003e\u003cp\u003eBased on the aforementioned issues, this study aims to investigate strategies for each type of university, especially in diversifying revenue streams while maintaining the educational quality and financial sustainability prospect. Further, this present study investigates the main factors contributing to the financial sustainability among higher education to run the educational activities. This present study proposes a diversified financial model that has not been previously explored by others. Henceforth, this model provides valuable insights for the government to formulate policies and guidelines in achieving higher education financial self-sufficiency. The next section of this manuscript are follows: In the following section some relevant literatures were discussed, subsequently methodology was discussed, then the results were presented followed by discussion, while in the end the conclusion were drawn as well as limitations and direction for further studies.\u003c/p\u003e"},{"header":"Literature Rewiew","content":"\u003cp\u003eFunding higher education has been a hot topic for several decades. According to Nagy \u003cem\u003eet al\u003c/em\u003e. (2014), industries still view higher education as an unfinished learning process that has not yet met the demands of the job market. The mismatch between the needs of the job market and the quality of university graduates has led industries to incur additional expenses for training. This issue continues to evolve, prompting the government to reconsider whether the funding for universities has indeed been targeted appropriately in line with the demands of the workforce as the driver of macroeconomic growth (Salas-Velasco, \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). For instance, in France, the predominant approach to higher education funding is referred as “contractualization,\" wherein the relationship between the state and the university is governed by four-year framework contracts. The so called “sympa system”, implemented in 2009, primarily emphasizes the funding of research and development activities within institutions. However, performance-based financing accounts for only 20% of the total, with 60% tied to the student enrollment numbers and the remaining 20% based on the publication activity of researchers and professors (Nagy et al., 2014).\u003c/p\u003e\u003cp\u003eThere are two prominent overarching trends in higher education funding. Firstly, there is a growing diversification of funding sources as highlighted by Estermaan (2011). Tuition fees and third-stream incomes are increasingly gaining significance, although there is substantial variation among universities. Secondly, state funds are distributed among Higher Education Institutions (HEIs). To enhance HEIs' responsiveness to customer needs, a portion of the funds is allocated to students or businesses through state-subsidized loans or favorable taxation regulations. This reflects a general trend in higher education funding, as indicated by Jongbloed \u003cem\u003eet al.\u003c/em\u003e (2010), and Halász (2011). Meanwhile, the exploration of financial sustainability for higher education has begun in 1998 and has shown a consistent growth, expanding around 12% annually, resulted in cumulative number of 782 articles from 1998 to 2003. Figure\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e displays the annual paper published in the field of higher education financial sustainability.\u003c/p\u003e\u003cp\u003eNumerous studies have engaged in discussions on global approaches to financing higher education (Adams,1977; Kohtamäki, 2009, Estermann\u0026amp;Bennetot Pruvot, 2011; Onuoha, 2013; Petlenko, \u003cem\u003eet al.\u003c/em\u003e, 2021). Further, Patlenko \u003cem\u003eet al\u003c/em\u003e. (2021) categorize three primary types of higher education institution financing: 1) state subsidies through the redistribution of taxes from taxpayers at the state and local levels, 2) private funds from institutions, organizations, and individuals, and 3) other funds, including grants, technical support, and lending. Meanwhile, the composition of funding sources for higher education is influenced by various factors, as identified by Adams (1977), including the demand for higher education, national traditions, historical experience, the financial and budgetary structure of the state, and social values and priorities.\u003c/p\u003e\u003cp\u003eIt is apparent that higher education needs to rely on equity rather than debt for their primary funding in order to survive, maintain sustainability, and offer high-quality education (Kharusi and Murthy, 2017). For instance, Kadir and Cotter (2019) highlighted revenue-raising initiatives by various higher education institutions by emphasizing routine tasks, low-risk investment, and proven cash-generation business. In general, that study revealed that universities grounded in low-risk investment and business models have the capacity to generate consistent and sufficient income to support the operational needs of current academic programs. On the other hand, (Wright \u0026amp; Wei, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2020\u003c/span\u003e) asserted that there is a need to engage in a riskier scheme when universities plan to expand or to open new study programs.\u003c/p\u003e\u003cp\u003eThe existing body of literature suggests that financial sustainability in higher education is notably affected by factors such as funding, the availability of resources, and the support received from university administrations. This encompasses financial support for sustainability initiatives and endeavors to enhance energy efficiency across university structures and grounds. Nevertheless, it is highlighted in the literature that, despite the influence of these factors, attaining sustainability objectives can be a formidable task, and certain practices perceived as effective may not necessarily lead to successful outcomes. Further, (Mahdi \u0026amp; Abass, \u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2022\u003c/span\u003e) emphasized that the establishment of sustainable development indicators are paramount in monitoring system for universities. Universities encounter the task of broadening their avenues for financial support, particularly when they are confronted with external challenges such as the Covid-19 pandemic. The study by (Kapustian et al., \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) underscores the necessity for financial independence and hybrid financing approaches to ensure the stability of university finances. In addition, it accentuates the significance of forming international partnerships to secure funding for educational and research initiatives.\u003c/p\u003e\u003cp\u003eEngaging in income-generating endeavors, such as research agreements with government and industry, is pivotal in guaranteeing financial sustainability and fostering entrepreneurial growth within universities. The participation of academic staff and students from the university in activities aimed at generating third-stream income is affected by diverse factors. Recent literature from Indonesia further reinforces the urgency of integrating financial sustainibiity and strategic planning in the pursuit of World-Class University (WCU) status. (Rachman et al., \u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2024\u003c/span\u003e) highlight the fragmented landscape of higher education diplomacy in Indonesia, where public universities struggle to orchestrate cohesive international research branding strategies, despite the government's global ambitions. (Rosser, \u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) critiques the political economy of WCU efforts, pointing to inconsistent funding, limited institutional autonomy, and policy discontinuity as structural hindrances. Problematizes the corporatization of higher education governance, warning against superficial compliance with global benchmarks that neglect internal academic transformation. What sets the present study apart is its empirical grounding, combining panel regression and in-depth interviews to explore how financial sustainability strategies are concretely operationalized within institutions. By directly linking QS indicators, such as citations per faculty and employer reputation to institutional revenue models, asset utilization, and governance mechanisms, this research contributes a grounded and actionable perspective to the discourse on Indonesian higher education reform. It thus bridges a critical gap in the literature by showing how high-performing Indonesian universities internalize global standards through localized, evidence-based financial strategies offering a model for other emerging economy institutions seeking similar transformation. Consistent with (Chan et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) who found that strategic communication management significantly shapes the reputation and perceived quality of Malaysian private universities, this study reinforces that reputation building is inseparable from institutional financial strategy and governance. Together, these insights highlight that universities’ global competitiveness depends not only on their financial resilience and operational efficiency but also on their ability to align communication, performance metrics, and stakeholder engagement within a coherent framework of sustainable institutional excellence.\u003c/p\u003e\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003c/div\u003e"},{"header":"Research Methodology","content":"\u003cp\u003eThis qualitative study adopts a case study approach to explore the financial sustainability strategies of Indonesian higher education institutions. Following (Creswell \u0026amp; Creswell, \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2022\u003c/span\u003e), the research design is grounded in five structured stages: literature-driven theme development, purposive sampling, in-depth data collection through semi-structured interviews, thematic analysis, and model construction. The study began with an extensive literature-driven inquiry to extract key themes and indicators related to university financial sustainability. These themes informed the development of a semi-structured interview guide. The data collection phase involved in-depth interviews across 23 public and private universities in Indonesia classified as “Excellent” in national research clusters. However, this paper selectively analyzes seven institutions that rank within the Top 500 of QS WUR 2024, reflecting their progress toward global competitiveness, this research conducted between June and August 2023. Participants included top-level institutional leaders such as vice rectors and directors of planning or international affairs. Interviews were audio-recorded (with informed consent, available at DOI: \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://doi.org/10.6084/m9.figshare.29105237\u003c/span\u003e\u003cspan address=\"10.6084/m9.figshare.29105237\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e), transcribed and triangulated with institutional documents such as annual reports and strategic plans to ensure data trustworthiness. Following data collection, a purposive selection was conducted to focus the analysis on seven institutions ranked within the Top 500 of the QS World University Rankings (WUR 2024). This selection reflects the study’s objective to investigate successful institutional strategies aligned with international ranking indicators.\u003c/p\u003e\u003cp\u003eThe interview guide was semi-structured and aligned with ethical standards. Prior to data collection, the study passed an ethics clearance process administered by the National Research and Innovation Agency (NRIA). The research was submitted through proposal number 20052023000003 from the Research Center for Cooperatives, Corporations, and People's Economy, under the Organization for Research in Governance, Economics, and Welfare. Ethical approval was granted through the Social Humanities Ethics Clearance Decree, under letter Number: 383/KE.01/SK/06/2023.(DOI : \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003e10.6084/m9.figshare.29105237\u003c/span\u003e\u003cspan address=\"10.6084/m9.figshare.29105237\" targettype=\"DOI\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eAll interviews were recorded, transcribed, and triangulated with institutional documents such as annual reports and strategic plans. Data coding and thematic analysis followed Braun and Clarke’s (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2006\u003c/span\u003e) six-phase method, implemented via NVivo software. Trustworthiness was enhanced through triangulation, member checking, and maintaining an audit trail, in line with Creswell’s (\u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2022\u003c/span\u003e) emphasis on credibility, dependability, and confirmability in qualitative inquiry.\u003c/p\u003e\u003cp\u003eValidity, Reliability, and Trustworthiness\u003c/p\u003e\u003cp\u003eQualitative Credibility was maintained through triangulation, transparency in coding, and validation of themes across multiple data sources. Ethical Considerations: Approval was granted by the NRIA (BRIN) Ethics Review Board, and informed consent was obtained from all participants.\u003c/p\u003e\u003cp\u003eData Collection Techniques and Materials\u003c/p\u003e\u003cp\u003eThe primary data source consisted of semi-structured interviews guided by an instrument developed under the ethics approval of the National Research and Innovation Agency (NRIA). Interviews lasted between 45 and 90 minutes, were audio-recorded with consent, and subsequently transcribed verbatim. Supplementary data were drawn from institutional documents such as annual financial reports, strategic blueprints, rector’s performance contracts, and Ministry of Education regulations. This triangulation enabled cross-validation of interview findings and enhanced analytical rigor.\u003c/p\u003e\u003cp\u003eOperational Definition and Analytical Framework\u003c/p\u003e\u003cp\u003eFinancial sustainability was operationally defined through five interrelated dimensions: Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency. These were informed by literature on strategic university management and validated through inductive coding.\u003c/p\u003e\u003cp\u003eData Processing and Analytical Techniques\u003c/p\u003e\u003cp\u003eThematic analysis was conducted using NVivo 12 software. Transcripts were coded inductively to allow themes to emerge from the data, following Braun and Clarke’s (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2006\u003c/span\u003e) six-phase approach. This involved: (1) becoming familiar with the data through transcription and repeated reading; (2) generating initial codes systematically across the dataset; (3) organizing codes into potential themes; (4) reviewing themes in relation to coded extracts and the full dataset; (5) defining and naming each theme clearly; and (6) producing a final narrative that reflects both empirical patterns and theoretical relevance. NVivo software was used to assist in organizing codes and supporting analytical transparency, where initial open coding was conducted. Codes were then grouped into categories based on meaning and relevance to the research objective. Through iterative review and constant comparison, five key themes (financial keywords) emerged: 1) Business Revenue; 2) Asset Utilization; 3) Research Revenue; 4) Tuition Fee Revenue; 5) Efficiency\u003c/p\u003e\u003cp\u003eCoding reliability was enhanced through iterative peer debriefings and the maintenance of an audit trail. Triangulation with secondary data and member-checking with selected informants reinforced the credibility and dependability of the thematic interpretations. These themes formed the basis for constructing a conceptual model of financial sustainability. The analysis followed Braun and Clarke’s six-step thematic framework. NVivo’s modeling tools were used to visualize thematic interrelations and conceptual connections to WCU indicators. The following conceptual flowchart represents the revised methodological design:\u003c/p\u003e"},{"header":"Result / Finding","content":"\u003cp\u003eThis study employed thematic analysis using NVivo 12 on in-depth interview data from seven Indonesian public universities categorized as PTNBH. The institutions are anonymized and referred to as U1 through U7 to protect participant confidentiality. Five dominant themes emerged based on NVivo coding: Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency. These themes collectively support the formulation of an Integrated Financial Sustainability Model (IFSM), visually represented in Fig.\u0026nbsp;\u003cspan refid=\"Fig5\" class=\"InternalRef\"\u003e3\u003c/span\u003e.\u003c/p\u003e\u003cp\u003eIn adherence to ethical research standards and to uphold the principles of informed consent, this study anonymizes institutional identities through coded references (U1 to U7). This approach is aligned with the Ethical Clearance Approval Letter for Social Humanities Research issued by the National Research and Innovation Agency (BRIN), No. 383/KE.01/SK/06/2023. The use of anonymized institutional codes ensures the confidentiality of participating universities while preserving the integrity of the findings. The selected institutions are state universities under legal entity (PTNBH) status and were ranked within the Top 500 of the QS World University Rankings (QS WUR) between 2023 and 2025, representing Indonesia’s most globally competitive higher education institutions.\u003c/p\u003e\u003cdiv class=\"gridtable\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eUniversity Code\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"6\"\u003e\u003c/colgroup\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eUniversity Code\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003e(City)\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eQS WUR 2023\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eQS WUR 2024\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003eQS WUR 2025\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003eHighlight\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eDepok\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e237\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e206\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e189\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eConsistently highest in Indonesia; strong employer reputation, citations per faculty\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU2\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eYogyakarta\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e251\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e239\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e224\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eSecond best in Indonesia; stable rise; excels in employer reputation, faculty ratio\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU3\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eBandung\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e256\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e256\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e255\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eTechnical leader; best in engineering; strong in technical subjects\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU4\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eSurabaya\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e312\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e308\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eInside 200\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eRapid rise, especially noted for international research networks and SDGs\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU5\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eBogor\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e489\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e426\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e399\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eAgriculture-focused, strong faculty–student ratio\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU6\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eSurabaya\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e369\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e345\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e365 (Estimated)\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eEngineering strength; subject-focused ranking\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU7\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eMalang\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003e400–450\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003e801–850\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003e801–850\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eNationally recognized; included for diversity in financial models\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"6\"\u003eSource : Author’s qualitative data analysis based on principles of informed consent, 2025\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003cp\u003eKey Observations \u0026amp; Institutional Characteristics : U1–U4 consistently outperform the others in global QS rankings (206–308). U4 is notably the only institution among U1–U4 experiencing significant upward trajectory and excels in global SDGs and international networks. U5–U7 have lower global rankings yet exhibit strong domestic assets and thematic financial strategies that mirror those of leading institutions.\u003c/p\u003e\u003cp\u003eTuition Fee Revenue\u003c/p\u003e\u003cp\u003eTuition fee revenue in Indonesian PTNBH universities comprises several strategic components that reflect institutional innovation in financial planning. One significant element is the implementation of a tiered undergraduate tuition model (UKT S1), as exemplified by U2, which applies an eight-level structure with Level 8 capped at a maximum benchmark (BKT). Within this system, 9.8% of U2’s 53,000 students fall into Level 8, while 22% are categorized under Level 5, indicating a deliberate balance between equity and revenue optimization. At the postgraduate level, U1 enhances institutional income by prioritizing tuition growth through its master’s and doctoral programs, leveraging the increasing demand for advanced degrees. Meanwhile, U3 contributes to tuition revenue expansion by launching new faculties and graduate programs that respond to emerging academic and market trends. This initiative is further supported by strategic enrollment quota management, allowing the university to adjust capacity across newly developed programs to ensure both financial viability and academic quality.\u003c/p\u003e\u003cp\u003eResearch Revenue\u003c/p\u003e\u003cp\u003eThere are 3 kind of research revenue : Government Funding: U5 reports the majority of its research funding originates from national grants, allocated for educational and research advancement. Another Revenue is Private Sector and Matching Funds: U2 has developed a university-owned enterprise to manage technology transfer and matching fund allocations, particularly for electric vehicle research. The last is International Collaborations: U1 collaborates only with globally ranked institutions (Top 100) to enhance research visibility and citation metrics.\u003c/p\u003e\u003cp\u003eBusiness Revenue\u003c/p\u003e\u003cp\u003eResearch Commercialization: U2’s holding company oversees downstream research application and commercialization. Next is categorized State-Owned Assets: U4 manages major university hospitals and stem cell centers as part of its business portfolio, targeting revenues exceeding IDR 220\u0026nbsp;billion annually. Diversified Business Ventures: U6 generates income from rental properties, academic services, and commercial units such as ITS Mart, ITS Techno Science, and its own dormitories.\u003c/p\u003e\u003cp\u003eDonations\u003c/p\u003e\u003cp\u003eThere are two kind of donations, Government Subsidies: U5 receives roughly 30% of its revenue from the national budget, primarily covering civil servant wages. The second is Philanthropic and Alumni Support: U6 collects donations from alumni and private entities, reinvested through sukuk-based endowment instruments to support long-term financial needs.\u003c/p\u003e\u003cp\u003eEfficiency\u003c/p\u003e\u003cp\u003eERP-Based System Integration: U1 utilizes an enterprise resource planning (ERP) platform for procurement, planning, and asset monitoring to promote institutional transparency and resource efficiency. Another kind of Efficiency is Routine Budget Compliance: U6 uses public funding frameworks to meet recurring operational needs, ensuring financial stability and reliable absorption of allocated budgets. Most Universities in Indonesia using Annual Budget Planning (RKAT): U7’s funding structure aligns with its Annual Work Plan and Budget, facilitating measured, goal-driven allocation. Internal Audit Oversight: U1 enforces quarterly financial reporting for university-owned business units under internal audit and committee supervision, aiming for long-term operational surplus.\u003c/p\u003e\u003cp\u003eThese five primary themes inform the proposed Integrated Financial Sustainability Model (IFSM), a framework that emphasizes diversified revenue sources and strong internal financial governance (Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eThis bar chart illustrates the number of coded subthemes under each main financial sustainability theme. Tuition Fee and Efficiency emerge as the most diverse themes, each encompassing four distinct subtopics across PTNBH universities.\u003c/p\u003e"},{"header":"Discussion","content":"\u003cp\u003eThe IFSM developed through this study conceptualizes financial sustainability as an integrated framework combining five strategic elements: revenue diversification (Tuition Fee, Research, Business, and Donation) and institutional efficiency. These components interact dynamically to enhance financial sustainibility, competitiveness, and academic excellence in public universities.\u003c/p\u003e\u003cp\u003eThe case of U4 exemplifies the strategic role of financial efficiency. Unlike U1, which adheres to a strict “no surplus” budgeting philosophy, U4 centralizes procurement, enforces global-standard financial audits, and prioritizes spending on academic development, particularly in international publication output. This reinvestment strategy contributed to U4’s entry into the Top 200 QS World University Rankings 2025, a significant leap from its prior position at 308. U4’s indexed Scopus publications grew tenfold, from 140 in 2015 to 3,200 in 2025, underscoring the tangible academic impact of sound financial governance.\u003c/p\u003e\u003cp\u003eFurthermore, while all PTNBH institutions depend on tuition, several (notably U2 and U5) report a reliance exceeding 60% of their annual budgets, an unsustainable trend amid regulatory constraints. Other universities (e.g., U2, U6) pursue hybrid models that combine research commercialization and business ventures with operational efficiency.\u003c/p\u003e\u003cp\u003eThe NVivo findings also highlight the uneven development of donation and endowment systems across universities. U6 is among the few to implement structured alumni donations through sukuk instruments, while others rely heavily on state budgets. This indicates a need for strategic planning around long-term financial instruments.\u003c/p\u003e\u003cp\u003eImportantly, this study finds that efficiency, particularly digital integration (U1), centralized oversight (U7), and institutional audit structures (U1, U6) is not merely a cost-cutting measure but a sustainability enabler. These efficiency-driven frameworks align spending with institutional goals, allowing flexible reinvestment in research, innovation, and international collaboration.\u003c/p\u003e\u003cp\u003eThe IFSM model therefore serves as a holistic response to the evolving financial landscape of higher education, particularly for institutions in emerging economies striving toward world-class status.\u003c/p\u003e\u003cp\u003eThis study examined how Indonesia’s top legal-entity higher education institutions (PTNBH) strategically achieve financial sustainability and align their internal governance with performance indicators relevant to global university rankings. Using thematic analysis of in-depth interviews with leadership across seven anonymized universities (U1–U7), five major themes were identified: Tuition Fee Revenue, Research Revenue, Business Revenue, Donations, and Efficiency. These themes collectively inform the Integrated Financial Sustainability Model (IFSM), which reflects the institutional practices and priorities of world-class university development in Indonesia’s unique policy environment.\u003c/p\u003e\u003cp\u003eAcross all cases, institutions showed clear patterns of strategic alignment with research revenue generation and citation impact. U2 and U4 in particular institutionalized strong research incentive schemes, offering significant financial rewards for Q1 and Q2 publications. These universities also established internal guidelines to concentrate resources on high-impact outputs, favoring partnerships with internationally ranked institutions to boost visibility and collaborative research outcomes. This aligns with their strategic goal of enhancing academic reputation and supporting knowledge transfer, a key aspect of global performance frameworks.\u003c/p\u003e\u003cp\u003eTuition fee strategies varied across institutions. U2 implemented an 8-tier tuition structure with strict limits tied to government benchmarks, ensuring a balance between accessibility and financial contribution. U3 prioritized income diversification through postgraduate programs and new faculty development, illustrating the role of academic program expansion in supporting tuition-based revenue growth.\u003c/p\u003e\u003cp\u003eBusiness revenue models emerged as vital instruments of financial sustainability. U2 and U6 leveraged university-owned enterprises and downstream research commercialization via holding companies. U4’s teaching hospitals and medical centers stood out as major contributors to institutional income, while U6 diversified revenue through assets such as apartments, retail centers, and consultation subsidiaries. These enterprise initiatives not only bolster financial independence but also support graduate employability and applied innovation.\u003c/p\u003e\u003cp\u003eDonations and endowment mechanisms were present but unevenly developed. U6 effectively utilized alumni networks and private-sector partners to build a sukuk-based endowment, while U5 continued to rely on government subsidies for core operational funding. U3 and U6 also reported institutional support from provincial governments and philanthropic grants, indicating a blended financing approach.\u003c/p\u003e\u003cp\u003eEfficiency was operationalized through different institutional mechanisms. U1’s ERP-based procurement and financial integration system reflects a commitment to transparency and streamlined operations. U7 used RKAT (Annual Budget Plans) to align spending with institutional priorities, while U1 and U6 institutionalized internal auditing and quarterly financial reviews to monitor autonomous business units. These efficiency strategies not only optimize resources but also contribute to financial governance a key requirement for world-class university transformation.\u003c/p\u003e\u003cp\u003eA consistent theme among the institutions was their commitment to regional equity and inclusive access to higher education. U4’s PUSPAS fund, managed by students, supports low-income learners through tuition waivers and emergency grants. U3’s SPI mechanism similarly engages alumni and community stakeholders in supporting educational access.\u003c/p\u003e\u003cp\u003eExpansion into underserved regions was also a prominent strategy. U3 and U4 reported efforts to establish satellite campuses tailored to regional industry needs, aligning academic programming with workforce development. These efforts support both the national development agenda and global frameworks on inclusive and sustainable education.\u003c/p\u003e\u003cp\u003eInternationalization efforts were evident through cross-border collaborations, joint research, and infrastructure partnerships. U2’s science park project with the ADB and U3’s postgraduate industrial partnerships reflect deliberate moves to increase research visibility and foster global linkages. These initiatives contribute to institutional prestige and innovation ecosystems.\u003c/p\u003e\u003cp\u003eThese cases highlight how internal governance, enterprise autonomy, and targeted academic investment are used to enhance institutional sustainability. While research output and revenue diversification are commonly emphasized, institutions differ in their treatment of tuition, donations, and efficiency mechanisms.\u003c/p\u003e\u003cp\u003eIntegration with IFSM Model\u003c/p\u003e\u003cp\u003eThe Integrated Financial Sustainability Model (IFSM), based on the NVivo-coded thematic analysis, encapsulates five pillars of institutional sustainability: Tuition Fee Revenue, Research Revenue, Business Revenue, Donations, and Efficiency. These pillars reflect real practices observed in Indonesian PTNBH institutions : Tuition strategies: U2’s structured 8-level UKT and U3’s postgraduate expansion, Research revenue: U2 and U4’s incentive schemes and global collaboration policies, Business income: U4’s hospital systems, U6’s consultation subsidiaries, and U3’s subsidiary enterprises, Donations and endowments: U6’s sukuk endowment model and U5’s APBN-based funding, Efficiency mechanisms: ERP systems, RKAT integration, and internal audit frameworks (e.g., in U1, U4, U7). The findings support the argument that financial sustainability is not a background function but a strategic driver of institutional quality and global visibility. Institutions that align their operational systems with mission-based priorities especially in research, social equity, and governance demonstrate greater readiness to engage in global performance ecosystems such as QS WUR and THE rankings. For Business Revenue, All seven universities analyzed exhibit efforts to diversify income through commercial ventures. U4, for instance, manages major state-owned assets including hospitals and stem cell centers, contributing over IDR 220\u0026nbsp;billion annually. U6 operates commercial subsidiaries, such as ITS Mart and Techno Science, and leases university-owned apartments and retail units. U2's university holding company actively oversees research commercialization, including projects in electric vehicle technologies. These initiatives reduce overreliance on tuition and state budgets, contributing directly to autonomous income and graduate employability. The U5 case further underscores the strategic development of professional education as business revenue. U5 successfully monetizes its executive education units and agricultural training centers. Moreover, its commercialization arm PT Bogor Life Science and Technology demonstrates how research output is translated into patents and downstream products, reinforcing the business value of academic innovation.\u003c/p\u003e\u003cp\u003eUniversities with advanced asset management frameworks have demonstrated higher financial resilience. U3 and U6 highlight efficient use of campus infrastructure by integrating income-generating spaces into their master plans. U5 stands out in this dimension by repurposing idle assets into productive agricultural research sites, learning farms, and tourism initiatives. This aligns with the institution’s comparative advantage and enhances both educational and financial outputs.\u003c/p\u003e\u003cp\u003eAsset optimization strategies across universities include land leasing, technology parks, academic service centers, and housing. These assets not only generate revenue but also support research incubation, student entrepreneurship, and industry collaboration.\u003c/p\u003e\u003cp\u003eFor Research Revenue, The transformation of research into a revenue stream is pivotal in the IFSM framework. U1 restricts international collaboration to globally ranked institutions (Top 100), ensuring higher citation impact and attracting competitive grants. U2 institutionalizes matching fund schemes with industry partners, linking research outputs to commercial opportunities. U5 remains heavily reliant on government research grants. In comparison, U4 demonstrates significant success in obtaining multi-source research funding, including competitive national grants, private sponsorships, and international development funds. The university incentivizes faculty publication in Q1 and Q2 journals through financial rewards and provides a centralized research facilitation office to support proposal development. This focused reinvestment in research and international partnerships was a key contributor to U4’s notable rise in the QS World University Rankings 2025, improving from rank 308 to the Top 200 globally. These findings affirm that structured research support and reward systems are essential to sustaining long-term academic competitiveness.\u003c/p\u003e\u003cp\u003eTuition remains a foundational yet sensitive source of revenue. U2’s tiered UKT (Uang Kuliah Tunggal) system ensures financial access while optimizing income, with 9.8% of students in the highest tier. U3 increases tuition income through new program creation and postgraduate enrollment growth. U1 prioritizes graduate tuition as a long-term revenue strategy. U5 similarly implements a stratified tuition model with a clear policy framework to maintain social equity. The university has expanded revenue from tuition by developing interdisciplinary graduate programs tailored to emerging sectors, such as environmental economics and food security. Furthermore, the proportional reliance on tuition remains below 50% due to cross-subsidization from business and research revenues.\u003c/p\u003e\u003cp\u003eEfficiency is not only about cost reduction but is reframed as a strategic enabler of financial sustainability. U1 and U7 institutionalize ERP platforms and financial audits for university-owned units. U6 integrates compliance monitoring and surplus tracking across faculties. U4 links financial surplus to targeted reinvestment in research and internationalization.\u003c/p\u003e\u003cp\u003eU5 provides a model of proactive budgeting and expenditure control. The university integrates performance-based planning (RKAT), digital monitoring, and internal audits, enabling real-time resource reallocation. Efficiency gains have allowed U5 to finance global collaborations and expand publication support without increasing tuition burden.\u003c/p\u003e\u003cp\u003eThe experience of U4 supports this trend: from 2015 to 2025, the number of Scopus-indexed publications rose from 140 to 3,200, underpinned by a deliberate reinvestment of financial surpluses into research and faculty development, Also (U4) achieved a remarkable ascent, entering the top 200 globally, an elevation from its consistent 308 ranking in 2023 and 2024 This surge coincides with its strategic focus on financial efficiency and reinvestment into academic excellence, further highlighted in our qualitative analysis. The upward shifts of (U1), (U2), and (U3) also reflect effective financial sustainability practices aligned with research revenue, business ventures, tuition optimization, and governance.\u003c/p\u003e\u003cp\u003eU4’s leap is particularly significant, representing Indonesia’s strongest performance across Southeast Asia and confirming that our Integrated Financial Sustainability Model (IFSM), especially the ‘Efficiency’ pillar that translates into measurable global competitiveness. Compared to U5–U7, whose rankings hover below 400, U4’s success illustrates how centralized, audit-driven financial processes, when linked to research incentives, can support a rapid climb in global standings.\u003c/p\u003e\u003cp\u003eFurthermore, qualitative data from the broader pool of 23 Indonesian universities selected based on the Ministry of Education’s “Unggul” (Excellent) research cluster indicate that similar strategic efficiencies are also emerging in institutions not yet included in the QS Top 500. One such example is a university located in Sumatra that has adopted a fully centralized financial governance model. Faculties do not possess individual budgetary autonomy; instead, all procurement processes are handled by a university-owned business unit. This structure enables internal expenditure to be funneled back into the institution’s commercial ecosystem (business revenue), supporting self-sufficiency and long-term viability.\u003c/p\u003e\u003cp\u003eImportantly, this university also provides direct financial incentives for faculty to publish in reputable academic journals. Based on comparative analysis, the allocated amount for international journal publication support is among the highest of the 23 institutions studied. While the university is still in the process of cultivating a robust research culture, the past few years have witnessed a significant increase in its scientific publication output, marking promising progress in research productivity even though it has not yet attained Top 500 global ranking status.\u003c/p\u003e\u003cp\u003eThe five themes, Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency are mutually reinforcing. Institutions that adopt integrated financial planning and align their governance structures with the IFSM model demonstrate greater resilience and competitiveness. The U5 and U4 cases exemplify how these elements converge into a coherent financial strategy capable of supporting world-class aspirations while maintaining national relevance and social inclusivity.\u003c/p\u003e\u003cp\u003eImplementation of the IFSM model among Indonesian PTNBH institutions positions them not only to achieve academic excellence but also to lead in regional higher education competitiveness within Southeast Asia. The model aligns closely with recent national policies under the Ministry of Education, Culture, Research, and Technology (Kemendikbudristek), that Higher Education Transformation which emphasize institutional autonomy, financial sustainability, and internationalization. U4’s achievement in elevating its QS WUR standing through international research funding and U5’s robust revenue diversification illustrate how these policies materialize in institutional success. Meanwhile, U3 and U6 demonstrate innovation in asset use and postgraduate revenue enhancement. This collective momentum shows Indonesia’s potential to become a leading higher education hub in Southeast Asia,\u003c/p\u003e\u003cp\u003eTo synthesize the comparative findings across seven PTNBH universities (U1–U7), a qualitative summary table and heatmap visualization were developed to highlight the relative strength of each institution across the five IFSM themes: Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency. These tools serve as heuristic devices often used in high-impact qualitative journals (e.g., Studies in Higher Education, Higher Education, Tertiary Education and Management) to condense and communicate pattern-rich data from multi-site case studies. The summary table categorizes each institution’s performance into qualitative tiers high, moderate, and low. based on triangulated indicators derived from interview transcripts, document reviews, and secondary data. The accompanying heatmap transforms these assessments into a visual matrix that reveals institutional strengths and strategic orientations. For instance, U4 demonstrates consistently high performance across all five domains, underscoring the synergy between surplus reinvestment and global audit compliance. Meanwhile, U5 displays a strategic blend of asset optimization and diversified business ventures rooted in its agri-tech identity, while U2 excels in research-industry linkages through matching fund policies. This visual framework not only validates the thematic consistency of the IFSM model but also allows for a comparative cross-case analysis that supports policy recommendations and institutional benchmarking. These representations reinforce how Indonesia’s leading PTNBH institutions are diversifying their income portfolios, optimizing underutilized assets, and operationalizing efficiency as a governance principle, thus aligning with national policies and contributing to regional competitiveness in Southeast Asia. Here the qualitative summary table :\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cdiv class=\"gridtable\"\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c5\" colnum=\"5\"\u003e\u003c/div\u003e\u003cdiv align=\"left\" class=\"colspec\" colname=\"c6\" colnum=\"6\"\u003e\u003c/div\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e\u003ccaption language=\"En\"\u003e\u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e\u003cdiv class=\"CaptionContent\"\u003e\u003cp\u003eFinancial Sustainibility Themes Summary\u003c/p\u003e\u003c/div\u003e\u003c/caption\u003e\u003ccolgroup cols=\"6\"\u003e\u003c/colgroup\u003e\u003cthead\u003e\u003ctr\u003e\u003cth align=\"left\" colname=\"c1\"\u003e\u003cp\u003eUniversity Code\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c2\"\u003e\u003cp\u003eBusiness Revenue\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c3\"\u003e\u003cp\u003eAsset Utilization\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c4\"\u003e\u003cp\u003eResearch Revenue\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c5\"\u003e\u003cp\u003eTuition Fee Revenue\u003c/p\u003e\u003c/th\u003e\u003cth align=\"left\" colname=\"c6\"\u003e\u003cp\u003eEfficiency\u003c/p\u003e\u003c/th\u003e\u003c/tr\u003e\u003c/thead\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU1\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eModerate\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eModerate\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eTargeted\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eGraduate-focused\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eERP/Audits\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU2\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eModerate\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eInstitutionalized\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eTiered UKT\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eStructured\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU3\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eModerate\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eGrowing\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eProgram Expansion\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eMonitoring\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU4\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eMulti-source\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eBalanced\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eReinvestment\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU5\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eGovernment-centric\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eStratified\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003ePerformance-based\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU6\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eModerate\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eStrong\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eDeveloping\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eStandard\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eCompliance\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd align=\"left\" colname=\"c1\"\u003e\u003cp\u003eU7\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c2\"\u003e\u003cp\u003eLimited\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c3\"\u003e\u003cp\u003eModerate\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c4\"\u003e\u003cp\u003eMinimal\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c5\"\u003e\u003cp\u003eBasic\u003c/p\u003e\u003c/td\u003e\u003ctd align=\"left\" colname=\"c6\"\u003e\u003cp\u003eBasic Audits\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003ctfoot\u003e\u003ctr\u003e\u003ctd colspan=\"6\"\u003eSource : Author’s qualitative data analysis based on semi-structured interviews in selected 7 institutions within QS Top 500, coded using NVivo and summarized in Excel, 2025\u003c/td\u003e\u003c/tr\u003e\u003c/tfoot\u003e\u003c/table\u003e\u003c/div\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eTo synthesize the comparative financial strategies of Indonesian higher education institutions striving for World-Class University (WCU) status, we developed a summary heatmap using IFSM dimensions. The heatmap provides a visual snapshot of performance distribution across the seven leading PTNBH universities (U1–U7). Institutions such as U4 and U5 demonstrate consistent strength across all five financial pillars, particularly in research revenue and efficiency reflecting a strategic reinvestment approach and mature governance structure. Meanwhile, U6 and U2 excel in business revenue diversification and asset monetization, respectively.\u003c/p\u003e\u003cp\u003eThe moderate scores in tuition fee revenue across all institutions underline a cautious yet innovative approach to tuition restructuring. Most universities exhibit a deliberate balance between revenue maximization and social equity. Furthermore, the visualization affirms that no single dimension operates in isolation; strong performance in efficiency often complements robust outcomes in business and research revenues.\u003c/p\u003e\u003cp\u003eSuch visualization techniques, increasingly common in qualitative research within higher education policy studies (e.g., Marginson, 2016; Hazelkorn, 2015), support thematic interpretations by clarifying institutional positioning across strategic dimensions. As this study illustrates, the heatmap serves not only as an analytical aid but also as a practical tool for institutional benchmarking and policy dialogue.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eSource : Author’s visualization based on NVivo-assisted thematic coding of qualitative interview data from 7 QS Top 500 institutions in Indonesia, 2025\u003c/p\u003e\u003cp\u003eWhile these findings provide a comprehensive view of financial sustainability among Indonesian public autonomous universities (PTNBH), they also open an important avenue for future research in private higher education institutions. Private universities in Indonesia face a distinct set of challenges such as limited access to government subsidies and heavier reliance on tuition fees that make diversification and efficiency even more critical. Applying the IFSM framework to private institutions would allow a deeper exploration of how entrepreneurial governance, endowment building, and asset-based innovation can drive institutional resilience within a market-driven ecosystem.\u003c/p\u003e\u003cp\u003eIn this regard, (Chan et al., \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) provide valuable insights from Malaysia, showing that the reputation and sustainability of private universities are strongly shaped by strategic communication management. Their study demonstrates that financial stability alone does not guarantee competitiveness; instead, the integration of transparent governance, stakeholder engagement, and consistent messaging about institutional achievements reinforces both trust and brand equity. Extending the IFSM model into the private university sector while embedding these communication and reputation strategies would therefore offer a holistic pathway for Indonesian institutions to enhance both financial and reputational sustainability in the regional higher education landscape.\u003c/p\u003e\u003cp\u003eConclusion and Recommendation\u003c/p\u003e\u003cp\u003eThis study concludes that diversified financial strategies are fundamental to achieving institutional resilience and enhancing global competitiveness for Indonesian HEIs. The implementation of the Integrated Financial Sustainability Model (IFSM), incorporating Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency has enabled select PTNBH institutions to reduce reliance on government subsidies, while strengthening academic excellence and innovation. Successful examples include U5’s agri-tech commercialization, U4’s global research audits, and U2’s matching fund mechanisms. These efforts not only align with international ranking metrics but also support national goals. This study proposed and empirically grounded an Integrated Financial Sustainability Model (IFSM), The model is substantiated by NVivo based thematic analysis, revealing that each component plays a strategic role in ensuring long-term financial sustainability. Among the institutions studied, U4 demonstrates the strongest alignment between financial governance and academic outcomes evidenced by a sharp increase in Scopus-indexed publications and improved global ranking.\u003c/p\u003e\u003cp\u003eRecommendations, For policymakers :Institutionalize performance-based incentives linked to the IFSM components to reward financial innovation and academic outcomes, Expand endowment matching programs and international audit collaborations, especially for research performance, Encourage transparency and standardization in asset monetization across PTNBH institutions. For universities : Prioritize capacity building in financial governance and leadership training focused on cross sectoral revenue management, Develop interdisciplinary graduate programs aligned with future labor market trends to boost tuition competitiveness, Adopt integrated digital systems for financial and asset monitoring to reinforce institutional agility and accountability.\u003c/p\u003e\u003cp\u003eLimitations\u003c/p\u003e\u003cp\u003eThis study focuses exclusively on seven Indonesian PTNBH universities that were ranked within the Top 500 of the QS World University Rankings (WUR). Although the broader research included interviews and data from 23 public and private higher education institutions in Indonesia, only the most competitive institutions, those with demonstrated progress toward World-Class University indicators were selected for this analysis. This scope may limit the generalizability of the findings to lower-ranked or emerging institutions with different governance and resource structures.\u003c/p\u003e\u003cp\u003eFuture Research and Implications\u003c/p\u003e\u003cp\u003eFuture research should examine the longitudinal effects of IFSM adoption across a broader set of institutions, including non-PTNBH and private universities, to capture a more diverse range of financial governance models. Comparative studies across ASEAN or Global South countries may offer valuable insights into how localized financial strategies can scale globally. Additionally, mixed methods research that integrates quantitative performance metrics with qualitative institutional narratives would enrich understanding of the causal pathways between financial sustainability and academic excellence. Building on the findings of (Wider et al., \u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2023\u003c/span\u003e) future studies should also explore the non-financial dimensions of sustainability in higher education institutions particularly the psychological, social, and behavioral aspects of emerging adulthood that influence student engagement, institutional resilience, and long term performance. The implications of this research highlight the strategic importance of both financial autonomy and human-centered innovation for national competitiveness in higher education. By adopting evidence-based financial strategies rooted in the IFSM while addressing non-financial determinants of institutional well-being, universities can proactively shape their path toward sustainable excellence, regional leadership, and global\u003c/p\u003e\u003cp\u003eRecognition.Acknowledgement\u003c/p\u003e\n\u003cp\u003eThis research was conducted as part of a collaborative project between the National Research and Innovation Agency (BRIN), the Research Center for Cooperatives, Corporations, and People\u0026rsquo;s Economy, and the Research Center for Public Policy under the Research Organization for Governance, Economy, and Community Welfare. It was carried out within the Rumah Program Research Scheme, Program 1: Governance in the Era of Regional Autonomy (Code: RP-1A.CRC/23-02).\u003c/p\u003e\n\u003cp\u003eThe authors acknowledge the institutional support and collaboration provided by Ekuitas University, Universitas Teknologi Sumbawa, Faculty of Business and Communications, INTI International University, Persiaran Perdana BBN Putra Nilai, 71800 Nilai, Negeri Sembilan, Malaysia, National Research and Innovation Agency (BRIN) and Universitas Merdeka Malang. The authors also express appreciation to the interview participants and data analysis team for their assistance in supporting the NVivo-based thematic analysis.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003eAuthor Contributions:\u003cbr\u003e\u0026nbsp;Resanti Lestari\u0026sup1;, Yolli Eka Putri\u0026sup2;, Armen Zulham\u0026sup3;, Fatmasari Endayani⁴ , contributed equally to this work.\u003c/p\u003e\n\u003cp\u003eDeclaration of Interest Statement\u003c/p\u003e\n\u003cp\u003eThe authors report there are no competing interests to declare.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFunding\u003c/p\u003e\n\u003cp\u003eThis research was funded by the National Research and Innovation Agency, Republic of Indonesia under Grant CRC RP1- A, 2023.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eCorresponding author: [email protected]\u003c/p\u003e\n\u003cp\u003eClinical trial registration: not applicable.\u003c/p\u003e\n\u003cp\u003eEthics declaration: This study received ethics clearance from the National Research and Innovation Agency (NRIA), Republic of Indonesia. The ethics approval is available at DOI: https://doi.org/10.6084/m9.figshare.29105237.\u003c/p\u003e\n\u003cp\u003eConsent to Participate declaration: All participants provided informed consent prior to participation, as approved in the NRIA ethics clearance (DOI: https://doi.org/10.6084/m9.figshare.29105237).\u003c/p\u003e\n\u003cp\u003eConsent to Publish declaration: not applicable.\u003c/p\u003e\u003ch2\u003eAuthor Contribution\u003c/h2\u003e\u003cp\u003eR.L. conceptualized the research design, developed the theoretical framework, and served as the corresponding author. Y.E.P. conducted data collection, managed institutional coordination, and assisted in qualitative coding using NVivo. A.V. contributed to the methodological refinement and validation of the Integrated Financial Sustainability Model (IFSM). A.Z. provided analytical insights for financial modeling and cross-institutional comparison, while F.E. contributed to the interpretation of results, literature synthesis, and manuscript editing. All authors discussed the results, contributed to the final version of the manuscript, and approved the submission of this paper.\u003c/p\u003e\u003ch2\u003eAcknowledgement\u003c/h2\u003e\u003cp\u003eThe authors gratefully acknowledge the valuable insights and institutional support provided by the Research Center for Cooperatives, Corporations, and People\u0026rsquo;s Economy, National Research and Innovation Agency (BRIN) and Universitas Ekuitas. The authors also extend their appreciation to the leadership teams of participating PTNBH universities for their time, perspectives, and constructive contributions during the interview process. Their engagement significantly enriched the qualitative findings and enhanced the contextual understanding of financial sustainability in Indonesian higher education institutions.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eBraun, V., \u0026amp; Clarke, V. (2006). Using thematic analysis in psychology. \u003cem\u003eQualitative Research in Psychology\u003c/em\u003e, \u003cem\u003e3\u003c/em\u003e(2), 77\u0026ndash;101. https://doi.org/10.1191/1478088706qp063oa\u003c/li\u003e\n\u003cli\u003eChan, T. J., Lee, J., Ng, M. L., \u0026amp; Huam, H. T. (2023). Factors Influencing Reputation of a Malaysian Private University from a Strategic Communication Management Perspective. \u003cem\u003eStudies in Media and Communication\u003c/em\u003e, \u003cem\u003e11\u003c/em\u003e(4), 227\u0026ndash;238. https://doi.org/10.11114/smc.v11i4.6018\u003c/li\u003e\n\u003cli\u003eCreswell, J. W., \u0026amp; Creswell, J. D. 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Fintech, financial inclusion and income inequality: a quantile regression approach. \u003cem\u003eThe European Journal of Finance\u003c/em\u003e, \u003cem\u003e28\u003c/em\u003e(1), 86\u0026ndash;107. https://doi.org/10.1080/1351847X.2020.1772335\u003c/li\u003e\n\u003cli\u003eKapustian, O., Petlenko, Y., Ryzhov, A., \u0026amp; Kharlamova, G. (2021). Financial Sustainability of a Ukrainian University Due To the Covid-19 Pandemic a Calculative Approach. \u003cem\u003eInvestment Management and Financial Innovations\u003c/em\u003e, \u003cem\u003e18\u003c/em\u003e(4), 340\u0026ndash;354. https://doi.org/10.21511/imfi.18(4).2021.28\u003c/li\u003e\n\u003cli\u003eKemenristekdikti. (2023). Ikhtisar data pendidikan tinggi. \u003cem\u003eKementerian Pendidikan, Kebudayaan, Riset, Dan Teknologi\u003c/em\u003e, 18\u0026ndash;19. https://publikasi.data.kemdikbud.go.id/upload/file/isi_F26EAA49-56E0-4E24-AD4A-D4219F155F59_.pdf\u003c/li\u003e\n\u003cli\u003eMahdi, N. A., \u0026amp; Abass, Z. K. (2022). a University Control Systems Development Using the Strategic of Sustainability: Survey Study in the Iraqi Private Universities. In \u003cem\u003eInternational Journal of Professional Business Review\u003c/em\u003e (Vol. 7, Issue 4). https://doi.org/10.26668/businessreview/2022.v7i4.e168\u003c/li\u003e\n\u003cli\u003eMakhalina, O. M., Makhalin, V. N., \u0026amp; Yaroshchuk, A. B. (2020). \u003cem\u003eOverview of Perspective Educational Services of the \u0026ldquo;Green\u0026rdquo; Digital Future: Online, Lifelong and Remote Learning BT - Digital Future Economic Growth, Social Adaptation, and Technological Perspectives\u003c/em\u003e (T. Kolmykova \u0026amp; E. V Kharchenko (eds.); pp. 291\u0026ndash;299). Springer International Publishing. https://doi.org/10.1007/978-3-030-39797-5_30\u003c/li\u003e\n\u003cli\u003eMarginson, S., \u0026amp; Xu, X. (2022). Changing Higher Education in East Asia. In \u003cem\u003eChanging Higher Education in East Asia\u003c/em\u003e. Bloomsbury Publishing Plc. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85160302292\u0026amp;partnerID=40\u0026amp;md5=1b9603381a16259754dc2027a42f7399\u003c/li\u003e\n\u003cli\u003eMarkowitz, H. (1952). Portfolio Selection. \u003cem\u003eThe Journal of Finance\u003c/em\u003e, \u003cem\u003e7\u003c/em\u003e(1), 77\u0026ndash;91. https://doi.org/10.2307/2975974\u003c/li\u003e\n\u003cli\u003eRachman, A. A., Heryadi, R. D., Rachman, J. B., \u0026amp; Yani, Y. M. (2024). Challenges and opportunities in higher education diplomacy of World Class Universities in Indonesia: analysing the network environment of public diplomacy. \u003cem\u003eCogent Social Sciences\u003c/em\u003e, \u003cem\u003e10\u003c/em\u003e(1). https://doi.org/10.1080/23311886.2024.2384537\u003c/li\u003e\n\u003cli\u003eRego, L., Brady, M., Leone, R., Roberts, J., Srivastava, C., \u0026amp; Srivastava, R. (2022). Brand response to environmental turbulence: A framework and propositions for resistance, recovery and reinvention. \u003cem\u003eInternational Journal of Research in Marketing\u003c/em\u003e, \u003cem\u003e39\u003c/em\u003e(2), 583\u0026ndash;602. https://doi.org/10.1016/j.ijresmar.2021.10.006\u003c/li\u003e\n\u003cli\u003eRitzen, J. M. M. (2021). \u003cem\u003ePublic Universities, in Search of Enhanced Funding BT - International Experience in Developing the Financial Resources of Universities\u003c/em\u003e (A. O. AI-Youbi, A. H. M. Zahed, \u0026amp; A. Atalar (eds.); pp. 57\u0026ndash;68). Springer International Publishing. https://doi.org/10.1007/978-3-030-78893-3_5\u003c/li\u003e\n\u003cli\u003eRosser, A. (2019). \u003cem\u003eBig Ambitions, Mediocre Results: Politics, Power and the Quest for World-Class Universities in Indonesia BT - Transformations in Higher Education Governance in Asia: Policy, Politics and Progress\u003c/em\u003e (D. S. L. Jarvis \u0026amp; K. H. Mok (eds.); pp. 81\u0026ndash;99). Springer Singapore. https://doi.org/10.1007/978-981-13-9294-8_4\u003c/li\u003e\n\u003cli\u003eSalas-Velasco, M. (2021). Mapping the (mis)match of university degrees in the graduate labor market. \u003cem\u003eJournal for Labour Market Research\u003c/em\u003e, \u003cem\u003e55\u003c/em\u003e(1). https://doi.org/10.1186/s12651-021-00297-x\u003c/li\u003e\n\u003cli\u003eSerdyukov, P. (2017). Innovation in education: what works, what doesn\u0026rsquo;t, and what to do about it? \u003cem\u003eJournal of Research in Innovative Teaching and Learning\u003c/em\u003e, \u003cem\u003e10\u003c/em\u003e(1), 4\u0026ndash;33. https://doi.org/10.1108/JRIT-10-2016-0007\u003c/li\u003e\n\u003cli\u003eVelenturf, A. P. M., \u0026amp; Purnell, P. (2021). Principles for a sustainable circular economy. \u003cem\u003eSustainable Production and Consumption\u003c/em\u003e, \u003cem\u003e27\u003c/em\u003e, 1437\u0026ndash;1457. https://doi.org/10.1016/j.spc.2021.02.018\u003c/li\u003e\n\u003cli\u003eWider, W., Fauzi, M. A., Gan, S. W., Yap, C. C., Akmal Bin Ahmad Khadri, M. W., \u0026amp; Maidin, S. S. (2023). A bibliometric analysis of emerging adulthood in the context of higher education institutions: A psychological perspectives. \u003cem\u003eHeliyon\u003c/em\u003e, \u003cem\u003e9\u003c/em\u003e(6). https://doi.org/10.1016/j.heliyon.2023.e16988\u003c/li\u003e\n\u003cli\u003eWright, E., \u0026amp; Wei, H. (2020). The changing value of higher education as a currency of opportunity. \u003cem\u003eAsian Education and Development Studies\u003c/em\u003e, \u003cem\u003e11\u003c/em\u003e(1), 42\u0026ndash;54. https://doi.org/10.1108/AEDS-08-2019-0120\u003c/li\u003e\n\u003cli\u003eXie, Z., Liu, X., Najam, H., Fu, Q., Abbas, J., Comite, U., Cismas, L. M., \u0026amp; Miculescu, A. (2022). Achieving Financial Sustainability through Revenue Diversification: A Green Pathway for Financial Institutions in Asia. \u003cem\u003eSustainability (Switzerland)\u003c/em\u003e, \u003cem\u003e14\u003c/em\u003e(6). https://doi.org/10.3390/su14063512\u003c/li\u003e\n\u003cli\u003eBraun, V., \u0026amp; Clarke, V. (2006). Using thematic analysis in psychology. \u003cem\u003eQualitative Research in Psychology\u003c/em\u003e, \u003cem\u003e3\u003c/em\u003e(2), 77\u0026ndash;101. https://doi.org/10.1191/1478088706qp063oa\u003c/li\u003e\n\u003cli\u003eChan, T. J., Lee, J., Ng, M. L., \u0026amp; Huam, H. T. (2023). Factors Influencing Reputation of a Malaysian Private University from a Strategic Communication Management Perspective. \u003cem\u003eStudies in Media and Communication\u003c/em\u003e, \u003cem\u003e11\u003c/em\u003e(4), 227\u0026ndash;238. https://doi.org/10.11114/smc.v11i4.6018\u003c/li\u003e\n\u003cli\u003eCreswell, J. W., \u0026amp; Creswell, J. D. (2022). \u003cem\u003eResearch Design: Qualitative, Quantitative, and Mixed Methods Approaches\u003c/em\u003e (6th (ed.)). SAGE Publications. https://collegepublishing.sagepub.com/products/research-design-6-270550\u003c/li\u003e\n\u003cli\u003eDarling-Hammond, L., Flook, L., Cook-Harvey, C., Barron, B., \u0026amp; Osher, D. (2020). Implications for educational practice of the science of learning and development. \u003cem\u003eApplied Developmental Science\u003c/em\u003e, \u003cem\u003e24\u003c/em\u003e(2), 97\u0026ndash;140. https://doi.org/10.1080/10888691.2018.1537791\u003c/li\u003e\n\u003cli\u003eDemir, A., Pesqu\u0026eacute;-Cela, V., Altunbas, Y., \u0026amp; Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. \u003cem\u003eThe European Journal of Finance\u003c/em\u003e, \u003cem\u003e28\u003c/em\u003e(1), 86\u0026ndash;107. https://doi.org/10.1080/1351847X.2020.1772335\u003c/li\u003e\n\u003cli\u003eKapustian, O., Petlenko, Y., Ryzhov, A., \u0026amp; Kharlamova, G. (2021). Financial Sustainability of a Ukrainian University Due To the Covid-19 Pandemic a Calculative Approach. \u003cem\u003eInvestment Management and Financial Innovations\u003c/em\u003e, \u003cem\u003e18\u003c/em\u003e(4), 340\u0026ndash;354. https://doi.org/10.21511/imfi.18(4).2021.28\u003c/li\u003e\n\u003cli\u003eKemenristekdikti. (2023). Ikhtisar data pendidikan tinggi. \u003cem\u003eKementerian Pendidikan, Kebudayaan, Riset, Dan Teknologi\u003c/em\u003e, 18\u0026ndash;19. https://publikasi.data.kemdikbud.go.id/upload/file/isi_F26EAA49-56E0-4E24-AD4A-D4219F155F59_.pdf\u003c/li\u003e\n\u003cli\u003eMahdi, N. A., \u0026amp; Abass, Z. K. (2022). a University Control Systems Development Using the Strategic of Sustainability: Survey Study in the Iraqi Private Universities. In \u003cem\u003eInternational Journal of Professional Business Review\u003c/em\u003e (Vol. 7, Issue 4). https://doi.org/10.26668/businessreview/2022.v7i4.e168\u003c/li\u003e\n\u003cli\u003eMakhalina, O. M., Makhalin, V. N., \u0026amp; Yaroshchuk, A. B. (2020). \u003cem\u003eOverview of Perspective Educational Services of the \u0026ldquo;Green\u0026rdquo; Digital Future: Online, Lifelong and Remote Learning BT - Digital Future Economic Growth, Social Adaptation, and Technological Perspectives\u003c/em\u003e (T. Kolmykova \u0026amp; E. V Kharchenko (eds.); pp. 291\u0026ndash;299). Springer International Publishing. https://doi.org/10.1007/978-3-030-39797-5_30\u003c/li\u003e\n\u003cli\u003eMarginson, S., \u0026amp; Xu, X. (2022). Changing Higher Education in East Asia. In \u003cem\u003eChanging Higher Education in East Asia\u003c/em\u003e. Bloomsbury Publishing Plc. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85160302292\u0026amp;partnerID=40\u0026amp;md5=1b9603381a16259754dc2027a42f7399\u003c/li\u003e\n\u003cli\u003eMarkowitz, H. (1952). Portfolio Selection. \u003cem\u003eThe Journal of Finance\u003c/em\u003e, \u003cem\u003e7\u003c/em\u003e(1), 77\u0026ndash;91. https://doi.org/10.2307/2975974\u003c/li\u003e\n\u003cli\u003eRachman, A. A., Heryadi, R. D., Rachman, J. B., \u0026amp; Yani, Y. M. (2024). Challenges and opportunities in higher education diplomacy of World Class Universities in Indonesia: analysing the network environment of public diplomacy. \u003cem\u003eCogent Social Sciences\u003c/em\u003e, \u003cem\u003e10\u003c/em\u003e(1). https://doi.org/10.1080/23311886.2024.2384537\u003c/li\u003e\n\u003cli\u003eRego, L., Brady, M., Leone, R., Roberts, J., Srivastava, C., \u0026amp; Srivastava, R. (2022). 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Mok (eds.); pp. 81\u0026ndash;99). Springer Singapore. https://doi.org/10.1007/978-981-13-9294-8_4\u003c/li\u003e\n\u003cli\u003eSalas-Velasco, M. (2021). Mapping the (mis)match of university degrees in the graduate labor market. \u003cem\u003eJournal for Labour Market Research\u003c/em\u003e, \u003cem\u003e55\u003c/em\u003e(1). https://doi.org/10.1186/s12651-021-00297-x\u003c/li\u003e\n\u003cli\u003eSerdyukov, P. (2017). Innovation in education: what works, what doesn\u0026rsquo;t, and what to do about it? \u003cem\u003eJournal of Research in Innovative Teaching and Learning\u003c/em\u003e, \u003cem\u003e10\u003c/em\u003e(1), 4\u0026ndash;33. https://doi.org/10.1108/JRIT-10-2016-0007\u003c/li\u003e\n\u003cli\u003eVelenturf, A. P. M., \u0026amp; Purnell, P. (2021). Principles for a sustainable circular economy. \u003cem\u003eSustainable Production and Consumption\u003c/em\u003e, \u003cem\u003e27\u003c/em\u003e, 1437\u0026ndash;1457. https://doi.org/10.1016/j.spc.2021.02.018\u003c/li\u003e\n\u003cli\u003eWider, W., Fauzi, M. A., Gan, S. W., Yap, C. C., Akmal Bin Ahmad Khadri, M. W., \u0026amp; Maidin, S. S. (2023). A bibliometric analysis of emerging adulthood in the context of higher education institutions: A psychological perspectives. \u003cem\u003eHeliyon\u003c/em\u003e, \u003cem\u003e9\u003c/em\u003e(6). https://doi.org/10.1016/j.heliyon.2023.e16988\u003c/li\u003e\n\u003cli\u003eWright, E., \u0026amp; Wei, H. (2020). The changing value of higher education as a currency of opportunity. \u003cem\u003eAsian Education and Development Studies\u003c/em\u003e, \u003cem\u003e11\u003c/em\u003e(1), 42\u0026ndash;54. https://doi.org/10.1108/AEDS-08-2019-0120\u003c/li\u003e\n\u003cli\u003eXie, Z., Liu, X., Najam, H., Fu, Q., Abbas, J., Comite, U., Cismas, L. M., \u0026amp; Miculescu, A. (2022). Achieving Financial Sustainability through Revenue Diversification: A Green Pathway for Financial Institutions in Asia. \u003cem\u003eSustainability (Switzerland)\u003c/em\u003e, \u003cem\u003e14\u003c/em\u003e(6). https://doi.org/10.3390/su14063512\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":false,"hideJournal":false,"highlight":"","institution":"","isAcceptedByJournal":true,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"discover-sustainability","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"disu","sideBox":"Learn more about [Discover Sustainability](https://www.springer.com/43621)","snPcode":"","submissionUrl":"","title":"Discover Sustainability","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true},"keywords":"Financial Sustainability, Higher Education, Qualitative Research, educational governance, World-Class University (WCU)","lastPublishedDoi":"10.21203/rs.3.rs-7719393/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-7719393/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eIntroduction/Main Objective: To investigate the diversified revenue stream among universities and the strategies required to achieve financial sustainability that supports institutional resilience and aligns with key indicators of World-Class University. Background of the Problem: Global competition in higher education has increased the need for strategic and sustainable financial management to remain competitive.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eResearch gaps/Novelty: Existing studies focus on academic or policy dimensions, overlooking the strategic financial sustainibility to support global competitiveness. Novelty this study by qualitatively analyzing how sustainable financial strategies from perspective leading universities in Indonesia. Research\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eMethods: This study employed a qualitative research design, in-depth interviews with Vice Rectors for Financial Affairs at seven top Indonesian universities. Thematic analysis was conducted using NVivo 12 software to code and categorize interview data.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eFindings/Results: The study reveals that integrated financial sustainibility strategiesspecifically in business revenue generation, strategic asset utilization, research funding diversification, tuition optimization, and institutional efficiency are pivotal to enhancing university performance within global ranking frameworks. Leading Indonesian PTNBH institutions have demonstrated that diversified income streams and structured reinvestment into research and internationalization significantly contribute to higher QS WUR standing. These strategies collectively support institutional autonomy, reduce reliance on state subsidies, and build resilience in an increasingly competitive higher education landscape.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eConclusions and implications: The implementation of the Integrated Financial Sustainability Model (IFSM), encompassing five key pillars Business Revenue, Asset Utilization, Research Revenue, Tuition Fee Revenue, and Efficiency provides a comprehensive roadmap for Indonesian universities aiming to achieve World-Class University (WCU) status. These financial strategies not only align with global performance indicators but also reinforce academic excellence, innovation capacity, and operational agility. The findings contribute to the development of a contextualized, evidence-based framework for financial sustainability that can inform higher education policy and guide institutional strategic planning across emerging economies.\u003c/p\u003e","manuscriptTitle":"Integrated Financial Sustainability Models For Higher Education: A Qualitative Study Of Indonesia’S Top Universities","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-11-17 04:52:25","doi":"10.21203/rs.3.rs-7719393/v1","editorialEvents":[{"type":"communityComments","content":0},{"type":"decision","content":"Revision requested","date":"2025-11-24T12:42:34+00:00","index":"","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-11-20T01:00:18+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"151089560932217890584751410049348455607","date":"2025-11-12T11:48:44+00:00","index":"hide","fulltext":""},{"type":"editorInvitedReview","content":"","date":"2025-11-12T01:43:38+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"164214629768250253024458948598478885457","date":"2025-11-06T13:27:47+00:00","index":"hide","fulltext":""},{"type":"reviewerAgreed","content":"24218569522560785186989021026196355066","date":"2025-11-05T19:17:45+00:00","index":"hide","fulltext":""},{"type":"reviewersInvited","content":"","date":"2025-11-05T16:21:30+00:00","index":"","fulltext":""},{"type":"editorAssigned","content":"","date":"2025-10-22T14:05:09+00:00","index":"","fulltext":""},{"type":"checksComplete","content":"","date":"2025-10-22T14:03:56+00:00","index":"","fulltext":""},{"type":"submitted","content":"Discover Sustainability","date":"2025-09-26T08:07:26+00:00","index":"","fulltext":""}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"discover-sustainability","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":false,"externalIdentity":"disu","sideBox":"Learn more about [Discover Sustainability](https://www.springer.com/43621)","snPcode":"","submissionUrl":"","title":"Discover Sustainability","twitterHandle":"","acdcEnabled":true,"dfaEnabled":true,"editorialSystem":"stoa","reportingPortfolio":"Discover Series","inReviewEnabled":true,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"f2a2a02d-b1a3-4127-a72c-de069ada6e30","owner":[],"postedDate":"November 17th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"published-in-journal","subjectAreas":[],"tags":[],"updatedAt":"2026-02-16T16:02:19+00:00","versionOfRecord":{"articleIdentity":"rs-7719393","link":"https://doi.org/10.1007/s43621-026-02746-4","journal":{"identity":"discover-sustainability","isVorOnly":false,"title":"Discover Sustainability"},"publishedOn":"2026-02-10 15:58:20","publishedOnDateReadable":"February 10th, 2026"},"versionCreatedAt":"2025-11-17 04:52:25","video":"","vorDoi":"10.1007/s43621-026-02746-4","vorDoiUrl":"https://doi.org/10.1007/s43621-026-02746-4","workflowStages":[]},"version":"v1","identity":"rs-7719393","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7719393","identity":"rs-7719393","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}