Table A1.

Robustness check: causal impact of sustainability performance on sustainability ranking

Variables(1)(2)(3)(4)(5)
RankingRankingRankingRankingRanking
Rankingt-10.160*** (0.0372)0.180*** (0.0364)0.152*** (0.0367)0.345*** (0.0572)0.118*** (0.0366)
Rankingt-20.290*** (0.0379)0.270*** (0.0365)0.295*** (0.0370)0.240*** (0.0518)0.313*** (0.0365)
Rankingt-30.0162 (0.0386)0.0224 (0.0382)0.0207 (0.0382) 0.0570 (0.0380)
Sustainability performanceSustainability coursesSustainability publicationsCitationsSustainability spinoffsGreenPatents
Sustainability performancet-10.0270** (0.0109)0.258 (0.976)0.0130 (0.0144)−0.0295 (0.0184)0.0563*** (0.0126)
Sustainability performancet-20.0124 (0.0129)−4.353*** (0.993)0.0380** (0.0169)−0.0240 (0.0183)0.0809*** (0.0144)
Sustainability performancet-3−0.00823 0.01514.610*** 0.0137−0.00973 0.01650.0212 0.02220.0341** 0.0136
Sizet-1(0.0136) 0.0547(0.0128) 0.0378(0.0136) 0.0519(0.0139) 0.0152(0.0134) 0.0559
THE-dummyt-1(0.0434) 0.415(0.0417) 0.348(0.0433) 0.220(0.0485) 0.595(0.0426) 0.256
STEM-faculty ratiot-1(0.936) 0.0406(0.908) 0.0192(0.934) 0.0253(1.393) 0.0138(0.916) 0.0297
Tuitiont-1(0.0441) 0.0151(0.0429) 0.0137(0.0439) 0.0165(0.0803) 0.0222(0.0430) 0.0136
Constant0.0407 (0.0339)0.0221 (0.0137)0.0380 (0.0336)0.0244 (0.0343)0.0399 (0.0330)
Year dummyYesYesYesYesYes
Pseudo R20.1580.1690.1610.1590.190
Note(s):

This table reports the first robustness check of the causal impact of sustainability performance on sustainability ranking using an OLS model in first differences, which also accounts for fixed effects, instead of a Tobit model. Variables are lagged by three periods, except in Model 4, which uses only Two lags due to the shorter period (2010–2019). Standard errors are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1

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