The rich body of literature that has sought to shed light on how global trends shape public sector institutions at the local level frequently claims that globalization is significantly transforming national institutions. Against that backdrop, the term "governance" is actually a multifaceted concept representing an ongoing process characterized by complex interactions between globally spreading movements and locally inherited interests. Focusing on transitions in governance and on the variations found in governance at the local level, the present study aims to make a conceptual contribution to existing characterizations of the dynamics of higher education in the context of globalization. After reviewing studies on changes in the governance of higher education, this paper identifies the limitations and implications of various theoretical approaches to describing the transformation of governance in the education sector. We then construct a hybrid analytical framework combining the main elements of institutional analysis (i.e., rational choice, sociological and historical institutionalism) with theories of public policy as a novel way of conceptualizing and operationalizing educational governance. While some scholars might be hesitant to embrace such an approach, we would argue that it deserves consideration. The framework provides an explicit conceptual construct for advancing the theoretical understanding of the concept of hybridization, which is of great utility for identifying the nuances of higher education governance in transition. Moreover, the analytical framework presented herein contributes to a more find-grained understanding of educational transition and extends previous empirical studies on dynamics in the higher education sector. The results can not only supplement the current approach to studying HE governance but also outline a possible trajectory for further research.