A comprehensive understanding of value creation in higher education institutions (HEIs) and the organisational practices that drive this value is essential for strategic management. Grounded in stakeholder theory, this study adopts Harrison and Wicks' model to examine the perceptions of five stakeholder groups regarding key drivers of value. The findings extend the original model--focused on goods and services, organisational justice, affiliation and opportunity costs--by introducing reputation and inter-stakeholder relationships as complementary dimensions shaping stakeholder perceptions of value. Additionally, the study identifies stakeholder engagement as a critical outcome of the value creation process. This research advances stakeholder theory by applying and expanding it within the context of public HEIs, providing a robust framework for measuring and managing value across diverse stakeholder groups. It also offers practical insights for HEI managers to align institutional strategies with stakeholder expectations, fostering synergy, engagement and improved institutional performance.