Although competition between universities has become increasingly ferocious in the last decade, the impact of dynamic capabilities and entrepreneurial behaviors, in terms of innovativeness and proactiveness, on university competitiveness and rankings has rarely been investigated. It is hypothesized that entrepreneurial behaviors and dynamic capabilities enhance the competitive advantages of universities, thus enabling them to improve their rankings. Six hypotheses were tested on a sample of 240 universities from 13 countries in East Asia and Southeast Asia. The relevant data were drawn from the Quacquarelli Symonds (QS) World University Rankings and SciVal. The results indicate that entrepreneurial behaviors can exert a significant influence on the dynamic capabilities of a university, including those of sensing market exposure, seizing strategic collaboration opportunities, and reconfiguring knowledge generation. These dynamic capabilities, in turn, strengthen competitive advantages in domains such as reputation, human capital, and knowledge. This study contributes to the literature by integrating entrepreneurial behaviors and dynamic capabilities into a framework for university performance. The results should benefit academic administrators who wish to secure competitive advantages for their institutions and to boost their rankings.