Results of the GMM model
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Sustainability courses | Sustainability publications | Citations | Spinoff Sustainability | Green patents | |
| Yt – 1 | −0.095 (0.074) | 0.545*** (0.159) | 0.055 (0.087) | 0.092 (0.068) | 0.420*** (0.077) |
| Rankingt-1 | 0.311* (0.163) | 12.49* (7.258) | −847.6** (349.2) | −0.275 (0.260) | −0.443*** (0.144) |
| Sizet-1 | 0.054 (0.058) | 2.554 (1.846) | −50.51 (47.01) | 0.004 (0.023) | −0.051** (0.025) |
| THE dummyt-1 | −0.190 (0.173) | 4.027 (12.93) | 142.6 (128.1) | −0.019 (0.107) | −0.173 (0.205) |
| STEM-faculty ratiot-1 | −0.839 (2.212) | 378.0 (919.8) | −530.6 (1,493) | −0.190 (1.507) | 1.322 (1.242) |
| Tuitiont-1 | −0.230* (0.129) | −60.84*** (21.54) | 73.00 (60.50) | −0.065 (0.121) | 0.047 (0.061) |
| RUS | 0.605*** (0.225) | 48.64*** (12.72) | 231.5* (125.1) | 0.042 (0.096) | 0.230 (0.166) |
| PNRR | 0.395** (0.155) | 5.031 (5.239) | 25.86 (113.0) | −0.093 (0.157) | |
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| Arellano-Bond test AR(1) | −1.95*** | −2.77*** | −2.70*** | −4.20*** | −2.87*** |
| Arellano-Bond test AR(2) | −0.70 | 2.08 | −0.08 | 0.23 | 1.35 |
| Hansen-test | 39.8 | 15.2 | 37.1 | 12.9 | 65.8 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Sustainability courses | Sustainability publications | Citations | Spinoff Sustainability | Green patents | |
| Yt – 1 | −0.095 (0.074) | 0.545 | 0.055 (0.087) | 0.092 (0.068) | 0.420 |
| Rankingt-1 | 0.311 | 12.49 | −847.6 | −0.275 (0.260) | −0.443 |
| Sizet-1 | 0.054 (0.058) | 2.554 (1.846) | −50.51 (47.01) | 0.004 (0.023) | −0.051 |
| −0.190 (0.173) | 4.027 (12.93) | 142.6 (128.1) | −0.019 (0.107) | −0.173 (0.205) | |
| STEM-faculty ratiot-1 | −0.839 (2.212) | 378.0 (919.8) | −530.6 (1,493) | −0.190 (1.507) | 1.322 (1.242) |
| Tuitiont-1 | −0.230 | −60.84 | 73.00 (60.50) | −0.065 (0.121) | 0.047 (0.061) |
| 0.605 | 48.64 | 231.5 | 0.042 (0.096) | 0.230 (0.166) | |
| 0.395 | 5.031 (5.239) | 25.86 (113.0) | −0.093 (0.157) | ||
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| Arellano-Bond test AR(1) | −1.95 | −2.77 | −2.70 | −4.20 | −2.87 |
| Arellano-Bond test AR(2) | −0.70 | 2.08 | −0.08 | 0.23 | 1.35 |
| Hansen-test | 39.8 | 15.2 | 37.1 | 12.9 | 65.8 |
This table reports our analysis of the impact of sustainability ranking on sustainability performance. We use a GMM model. This table is used to test the H3a and H3b. 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 model’s validity. Standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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