A general understanding among colleagues working at private higher education institutions in Malaysia is that homegrown programmes are led differently from Transnational Education (TNE) programmes. It is generally accepted that TNE programmes have a more vibrant culture of distributed leadership, as the leadership style mirrors the practice in the home universities. The mixed method study investigated the phenomenon by comparing the prevalence of distributed leadership in four private universities offering homegrown and TNE business programmes using the Edvantia Shared Leadership Continuum. The finding showed that distributed leadership practice was considerably lower in the TNE than in the homegrown programmes in all four universities. Leaders in all four universities were less inclined to practice distributed leadership as there were greater reputational and financial risks in TNE programmes. As a result, a higher level of oversight is required to maintain good relationships, successful partnerships, and profitability.