Abstract
This study explores the interrelationship between institutional characteristics, risk perception, and business performance in private higher education institutions (PHEIs) in China. Against the backdrop of rapid sectoral expansion and increasing regulatory complexity, the research investigates how managerial perceptions of financial and non-financial risks are shaped by institutional type, size, accreditation status, and years of operation, and how these perceptions influence performance across financial, customer, internal process, and learning-growth dimensions. A survey-correlational design was employed, with data collected from 205 administrators representing 30 PHEIs. Statistical analyses revealed that institutional characteristics significantly affect both risk perception and business performance, with operational and human resource risks showing the strongest negative associations. Moreover, risk perception was found to mediate the relationship between institutional profiles and performance outcomes. The findings underscore the need for risk-informed strategic planning and offer a comprehensive framework for enhancing institutional resilience in China's evolving higher education sector.
