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The growing influence of global rankings drives higher education institutions (HEIs) across the globe to conform to the indicators and implement changes to obtain world-class status. We examine why HEIs in similar institutional environments are structured and processed differently on the ranking issue with different outcomes. By employing a qualitative method, we engaged in a 44-month study period from September 2015 to April 2019. The main data sources were interviews with 75 informants from among the various stakeholders at the Indonesian Top 11 AHEIs (autonomous HEIs) and other available secondary data. The findings show that the factors driving the change initiatives in Indonesian universities can be categorised into institutional and market pressures, respectively. Our findings also indicate that changes to obtain world-class status are highly driven by external stakeholders for the Indonesian AHEIs outside the World University Ranking (WUR) Top 500, while the AHEIs which have entered the Top 500 highly are influenced by the internal stakeholders. We conclude that different stakeholders and pressures determine the differences of change process as well as the outcomes. Therefore, these findings suggest that pressures from external stakeholders are needed for the changes among AHEIs with low-level WUR, while pressures from internal stakeholders are needed to maintain and increase the ranking among high level WUR.

Purpose: This research explores the effect of business sustainability practices (BSP) on micro, small, and medium enterprises (MSMEs) financial performance, with cultural dimensions serving as moderating variables. Design/methodology/approach: A survey strategy was used to gather data from 467 MSMEs keris respondents in Indonesia. Meanwhile, the hypothesis was validated using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. Findings: The results suggested that incorporating BSP positively impacted financial performance. This research also reported the moderating effects of culture on the relationship between BSP and financial performance. However, there was no evidence to support the idea that long-term orientation (LtO) in BSP moderated financial performance. Research limitations/implications: This research should be carried out in other sectors to observe the differences in characteristics of each MSMEs location. Additionally, cultural dimensions were considered to obtain more complex results. Theoretical implication: BSP enhanced MSMEs financial performance, particularly when cultural factors such as power distance (PwD) were considered. Managerial implication: The results implied that MSMEs systematically integrated BSP into business strategies and operations. Meanwhile, cultural factors, such as PwD could be reported in the implementation of these practices to optimize financial performance. Originality/value: Novel insights were provided into the effect of BSP on MSMEs financial performance, emphasizing the role of cultural factors. This research advanced the literature by showing the moderating influence of the cultural context on practices and identified a gap regarding LtO. [ABSTRACT FROM AUTHOR]

This study aims to investigate the Role of ownership structure on the Effect of investment strategy on future performance. The research focuses on ownership that compares foreign and domestic ownership structures. The research sample is a non-financial company in ASEAN countries. Multiple regression was performed to test the hypothesis using a financial dataset from 795 firm years of observation of non-financial companies in ASEAN. Our results show that foreign and domestic owners negatively affect the relationship between investment strategy and the future performance. The study’s results indicate that foreign and domestic ownership have no significant difference as a supporting factor for implementing the investment strategy in improving the company’s future performance. Our findings confirm the IO theory about implementing an investment strategy that affects future performance even though it impacts decreasing financial performance because companies need more time to see the impact of an investment strategy [ABSTRACT FROM AUTHOR]