Regression with Heckman two stage estimation model
| Dependent variable | First stage | Second stage | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | ||
| GreenMetric dummy | SI – Setting and infrastructure | EC – Energy and climate change | WS – Waste | WR – Water | TR – Transport | |
| GreenMetric rankingt-1 | 130.4*** (17.18) | 157.0*** (23.06) | 129.5*** (26.58) | 90.90*** (11.07) | 185.5*** (22.00) | |
| Imitative behaviour | 4.290*** (0.722) | |||||
| IMR | −102.5*** (26.14) | −101.9*** (35.08) | −172.3*** (40.44) | −55.19*** (16.84) | −108.4*** (33.48) | |
| Sizet-1 | 0.0351** (0.0139) | −4.738 (6.748) | 2.357 (9.058) | 0.987 (10.44) | −6.463 (4.347) | 3.780 (8.644) |
| STEM-faculty ratiot-1 | 4.319*** (1.466) | −236.6 (673.2) | −572.2 (903.7) | −151.2 (1,042) | −102.1 (433.7) | −220.5 (862.4) |
| Tuitiont-1 | 0.000919 (0.129) | −18.04 (34.51) | 7.504 (46.33) | 4.122 (53.41) | 10.50 (22.23) | −0.716 (44.22) |
| THE dummyt-1 | 0.587** (0.298) | 49.01 (37.97) | 108.0** (50.97) | 135.9** (58.75) | 22.71 (24.46) | 109.7** (48.64) |
| Constant | −5.327*** (0.922) | 564.5* (306.2) | 532.5 (411.1) | 722.1 (473.9) | 367.9* (197.3) | 376.3 (392.3) |
| Year dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.264 | 0.267 | 0.211 | 0.298 | 0.291 | 0.264 |
| Dependent variable | First stage | Second stage | ||||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | ||
| GreenMetric dummy | ||||||
| GreenMetric rankingt-1 | 130.4 | 157.0 | 129.5 | 90.90 | 185.5 | |
| Imitative behaviour | 4.290 | |||||
| −102.5 | −101.9 | −172.3 | −55.19 | −108.4 | ||
| Sizet-1 | 0.0351 | −4.738 (6.748) | 2.357 (9.058) | 0.987 (10.44) | −6.463 (4.347) | 3.780 (8.644) |
| STEM-faculty ratiot-1 | 4.319 | −236.6 (673.2) | −572.2 (903.7) | −151.2 (1,042) | −102.1 (433.7) | −220.5 (862.4) |
| Tuitiont-1 | 0.000919 (0.129) | −18.04 (34.51) | 7.504 (46.33) | 4.122 (53.41) | 10.50 (22.23) | −0.716 (44.22) |
| 0.587 | 49.01 (37.97) | 108.0 | 135.9 | 22.71 (24.46) | 109.7 | |
| Constant | −5.327 | 564.5 | 532.5 (411.1) | 722.1 (473.9) | 367.9 | 376.3 (392.3) |
| Year dummy | Yes | Yes | Yes | Yes | Yes | Yes |
| 0.264 | 0.267 | 0.211 | 0.298 | 0.291 | 0.264 | |
This table reports the analysis of the impact of sustainability ranking on the sustainability score as additional analysis. In the first stage, a probit model is used to estimate the probability of being ranked, using a binary dependent variable indicating ranking inclusion. In the second stage, an OLS panel regression with university-level fixed effects is estimated. The regressions include 675 observations over the period 2014–2023. Independent and control variables are lagged by one period. Standard errors are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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