Results of the granger causality test
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Ranking | Ranking | Ranking | Ranking | Ranking | |
| Yt-1 | 0.477*** (0.103) | 0.505*** (0.100) | 0.442*** (0.0995) | 0.153 (0.175) | 0.130 (0.0916) |
| Yt-2 | 0.526*** (0.107) | 0.432*** (0.102) | 0.545*** (0.104) | 0.157 (0.145) | 0.258*** (0.0935) |
| Yt-3 | 0.196* (0.114) | 0.167 (0.111) | 0.205* (0.114) | – | 0.0622 (0.0985) |
| Sustainability performance | Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | Green patents |
| Sustainability performancet-1 | 0.0688* (0.0369) | 7.645** (3.074) | 0.0523 (0.0457) | −0.0721 (0.0714) | 0.0637** (0.0308) |
| Sustainability performancet-2 | 0.0377 (0.0450) | −2.344 (3.303) | 0.114** (0.0539) | −0.0750 (0.0686) | 0.0868** (0.0362) |
| Sustainability performancet-3 | −0.0402 (0.0522) | 10.86*** | 0.00915 (0.0534) | – | 0.0446 (0.0363) |
| Sizet-1 | 0.128*** (0.0495) | 0.120*** (0.0463) | 0.137*** (0.0491) | 0.0875 (0.0740) | 0.00695 (0.0531) |
| THE-dummyt-1 | 0.214 (0.148) | 0.180 (0.140) | 0.207 (0.144) | 0.0279 (0.181) | 0.219 (0.139) |
| STEM-faculty ratiot-1 | 0.571 (3.765) | 0.267 (3.681) | 0.302 (3.680) | 2.208 (7.192) | 1.564 (4.198) |
| Tuitiont-1 | −0.0483 (0.196) | −0.0829 (0.189) | −0.0950 (0.193) | −0.177 (0.450) | 0.0692 (0.207) |
| Constant | −0.746*** (0.143) | −0.813*** (0.0790) | −0.747*** (0.142) | −1.255*** (0.234) | −0.956*** (0.171) |
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| Pseudo R2 | 0.65 | 0.65 | 0.66 | 0.68 | 0.58 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Ranking | Ranking | Ranking | Ranking | Ranking | |
| Yt-1 | 0.477 | 0.505 | 0.442 | 0.153 (0.175) | 0.130 (0.0916) |
| Yt-2 | 0.526 | 0.432 | 0.545 | 0.157 (0.145) | 0.258 |
| Yt-3 | 0.196 | 0.167 (0.111) | 0.205 | – | 0.0622 (0.0985) |
| Sustainability performance | Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | Green patents |
| Sustainability performancet-1 | 0.0688 | 7.645 | 0.0523 (0.0457) | −0.0721 (0.0714) | 0.0637 |
| Sustainability performancet-2 | 0.0377 (0.0450) | −2.344 (3.303) | 0.114 | −0.0750 (0.0686) | 0.0868 |
| Sustainability performancet-3 | −0.0402 (0.0522) | 10.86 | 0.00915 (0.0534) | – | 0.0446 (0.0363) |
| Sizet-1 | 0.128 | 0.120 | 0.137 | 0.0875 (0.0740) | 0.00695 (0.0531) |
| THE-dummyt-1 | 0.214 (0.148) | 0.180 (0.140) | 0.207 (0.144) | 0.0279 (0.181) | 0.219 (0.139) |
| STEM-faculty ratiot-1 | 0.571 (3.765) | 0.267 (3.681) | 0.302 (3.680) | 2.208 (7.192) | 1.564 (4.198) |
| Tuitiont-1 | −0.0483 (0.196) | −0.0829 (0.189) | −0.0950 (0.193) | −0.177 (0.450) | 0.0692 (0.207) |
| Constant | −0.746 | −0.813 | −0.747 | −1.255 | −0.956 |
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| Pseudo | 0.65 | 0.65 | 0.66 | 0.68 | 0.58 |
This table reports the causal impact of sustainability performance on sustainability ranking using a Tobit panel model, as the ranking variable is left-censored. This analysis is used to test the H1a. Both the dependent and independent variables are expressed in first differences, which also absorb individual fixed effects. They follow a three-year lag structure while the control variables are lagged by One year. In Model 4, only Two lags are used due to data limitations. Standard errors are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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