Abstract
This study explores how the Penta Helix framework, comprising academia, business, community, government, and media, contributes to the governance of corruption risk in Malaysian social enterprises. Social enterprises often operate in hybrid and under-regulated environments, making them vulnerable to governance gaps and corruption exposure. The study aims to assess how each stakeholder group influences corruption risk mitigation and to identify performance gaps that hinder effectiveness. A quantitative research design was employed, using Partial Least Squares Structural Equation Modeling (PLS-SEM) along with Importance-Performance Map Analysis (IPMA). Data were collected from 220 social enterprises with SE Basic accreditation across Malaysia. Results reveal strong, positive relationships between all five Penta Helix components and corruption risk reduction, with academia demonstrating the highest path coefficient. The IPMA highlighted that while media and community actors are considered important, their performance in practice remains suboptimal, indicating areas needing strategic improvement. These findings underscore the significance of a multi-stakeholder approach to ethical governance in mission-driven organizations. The research contributes to both theory and practice by adapting an innovation ecosystem model for corruption governance and by providing actionable insights for policymakers. Strengthening stakeholder collaboration, particularly with underperforming yet critical actors, can enhance institutional transparency and resilience in the social enterprise sector.