<![CDATA[The study aims to examine the impact of adaptability and digital transformation on the financial performance of Private Higher Education Institutions (HEIs) in Indonesia, with transformational leadership as a moderator variable. Motivated by the escalating competition within the higher education sector, this research posits that private institutions must enhance their adaptive capacities and strategically leverage digital transformation to achieve sustainable financial performance. The study was conducted through a survey of 281 senior leaders with financial decision-making authority from Private HEIs across Indonesia. Data analysis uses the Partial Least Squares method of Structural Equation Modeling. The results demonstrate that both adaptability and digital transformation positively affect financial performance. While transformational leadership functions as a pure moderator, it significantly strengthens the positive relationship between digital transformation and financial performance, but weakens the effect of adaptability on financial performance. This study offers a theoretical contribution to the literature on strategic management in HEIs, particularly in Private HEIs, and provides practical implications for leaders of private institutions seeking to foster transformational leadership and optimize digital technology integration to enhance financial performance.]]>
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