Table 7.

Results of the GMM model

Variables(1)(2)(3)(4)(5)
RankingRankingRankingRankingRanking
Rankingt – 10.795*** (0.082)0.355 (0.230)0.947*** (0.129)1.118*** (0.237)0.798*** (0.181)
Sustainability performance:Sustainability coursesSustainability publicationsCitationsSustainability spinoffsGreen patents
Sustainability performancet – 10.045** (0.020)0.979** (0.005)0.015** (0.0001)−0.069 (0.071)0.043 (0.053)
Sizet – 1−0.015 (0.014)0.003 (0.010)0.020 (0.016)0.009 (0.010)0.044* (0.026)
THE dummyt – 10.023 (0.028)0.026 (0.037)0.008 (0.056)−0.059 (0.063)0.017 (0.060)
STEM-faculty ratiot – 1−0.027 (0.499)−0.024 (0.487)−1.299 (0.972)0.253 (1.002)0.912 (1.613)
Tuitiont – 10.013 (0.022)0.050 (0.044)0.105 (0.074)−0.004 (0.063)0.025 (0.040)
Year dummyYesYesYesYesYes
Arellano-Bond test AR(1)−1.75*−1.76*−2.3**−2.5***−2.5**
Arellano-Bond test AR(2)0.740.730.7−1.40.7
Hansen-test22.415.323.911.329.1
Note(s):

This table presents the analysis of the impact of sustainability performance on sustainability ranking using a GMM model. This table is used to test the H2. We acknowledge that ranking is a truncated variable; however, the same specification is used. This proxy is acceptable as it is not used for forecasting, and robustness checks (Table AII) show similar results when using an OLS regression instead of a Tobit model. Independent and control variables are lagged by one year (t − 1). Lagged values of the dependent variable and ranking are used as GMM instruments, while the remaining variables are used as IV instruments. Arellano-Bond and Hansen tests confirm the validity of the model. Standard errors are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1

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