Businesses tend to distribute their profits to shareholders, either through dividends or buybacks. Boards try to structure the way businesses are governed to align the interests of management with those of shareholders. But Harvard has no shareholders, so I’m not sure what you’re trying to suggest.

But that’s the point: Harvard literally isn’t a “business enterprise under capitalism”. It’s a non-profit organization with no shareholders. Nobody has equity in Harvard.

>Harvard literally isn't a “business enterprise under capitalism”

It literally is. "Non-profit" is a particular way of doing accounting, categorizing funds, filing taxes, but the incentives and interests are no different.

The incentives and interests are hugely different. A for-profit business is controlled by shareholders who directly own claims to its revenue. A non-profit is not. Harvard has no shareholders and the members of its primary governing board are not compensated.