Results of the granger causality test
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | Green patents | |
| Yt-1 | −0.392*** (0.0415) | −0.428*** (0.0431) | −0.618*** (0.0395) | −0.795*** (0.0470) | −0.795*** (0.0470) |
| Yt-2 | −0.252*** (0.0492) | −0.0106 (0.0497) | −0.467*** (0.0475) | −0.523*** (0.0518) | −0.523*** (0.0518) |
| Yt-3 | −0.230*** (0.0573) | 0.0552 (0.0518) | −0.356*** (0.0485) | – | −0.249*** (0.0445) |
| Rankingt-1 | 0.175 (0.151) | 1.811 (1.450) | 129.9 (108.8) | 0.0835 (0.144) | −0.182 (0.118) |
| Rankingt-2 | −0.233 (0.151) | −2.731* (1.432) | −55.64 (108.7) | −0.0370 (0.172) | −0.400*** (0.118) |
| Rankingt-3 | 0.235 (0.150) | 6.518*** (1.456) | −258.3** (109.5) | – | −0.613*** (0.119) |
| Sizet-1 | 0.0567 (0.0630) | 2.245*** (0.611) | −102.7** (46.07) | −0.0351 (0.0528) | −0.0391 (0.0495) |
| THE-dummyt-1 | −0.224 (0.163) | −1.668 (1.571) | 7.079 (119.7) | −0.0561 (0.120) | −0.0593 (0.128) |
| STEM-faculty ratiot-1 | −2.785 (3.647) | −33.44 (34.96) | 4,135 (2,667) | 3.894 (3.588) | 0.311 (2.859) |
| Tuitiont-1 | 0.0215 (0.175) | −1.931 (1.678) | 30.67 (128.1) | −0.381* (0.220) | 0.0756 (0.137) |
| RUS | −0.731*** (0.180) | 7.395*** (1.721) | 472.5*** (130.1) | −0.153 (0.0991) | 0.246* (0.140) |
| PNRR | 1.627*** (0.126) | 0.991 (1.209) | −1,267*** (90.83) | – | −0.266* (0.0982) |
| Constant | −0.00761 (0.127) | 5.618*** (1.243) | 128.8 (92.15) | 0.0325 (0.0733) | −0.135 (0.0988) |
| Year-Dummy | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.310 | 0.281 | 0.375 | 0.459 | 0.256 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | Green patents | |
| Yt-1 | −0.392 | −0.428 | −0.618 | −0.795 | −0.795 |
| Yt-2 | −0.252 | −0.0106 (0.0497) | −0.467 | −0.523 | −0.523 |
| Yt-3 | −0.230 | 0.0552 (0.0518) | −0.356 | – | −0.249 |
| Rankingt-1 | 0.175 (0.151) | 1.811 (1.450) | 129.9 (108.8) | 0.0835 (0.144) | −0.182 (0.118) |
| Rankingt-2 | −0.233 (0.151) | −2.731 | −55.64 (108.7) | −0.0370 (0.172) | −0.400 |
| Rankingt-3 | 0.235 (0.150) | 6.518 | −258.3 | – | −0.613 |
| Sizet-1 | 0.0567 (0.0630) | 2.245 | −102.7 | −0.0351 (0.0528) | −0.0391 (0.0495) |
| THE-dummyt-1 | −0.224 (0.163) | −1.668 (1.571) | 7.079 (119.7) | −0.0561 (0.120) | −0.0593 (0.128) |
| STEM-faculty ratiot-1 | −2.785 (3.647) | −33.44 (34.96) | 4,135 (2,667) | 3.894 (3.588) | 0.311 (2.859) |
| Tuitiont-1 | 0.0215 (0.175) | −1.931 (1.678) | 30.67 (128.1) | −0.381 | 0.0756 (0.137) |
| −0.731 | 7.395 | 472.5 | −0.153 (0.0991) | 0.246 | |
| 1.627 | 0.991 (1.209) | −1,267 | – | −0.266 | |
| Constant | −0.00761 (0.127) | 5.618 | 128.8 (92.15) | 0.0325 (0.0733) | −0.135 (0.0988) |
| Year-Dummy | Yes | Yes | Yes | Yes | Yes |
| 0.310 | 0.281 | 0.375 | 0.459 | 0.256 |
This table reports the causal impact of sustainability rankings on sustainability performance using a first-differences panel OLS model that also accounts for fixed effects. This analysis is used to test H1b. The dependent variable and key explanatory variables are included with 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
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.