Robustness check: causal impact of sustainability performance on sustainability ranking
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Ranking | Ranking | Ranking | Ranking | Ranking | |
| Rankingt-1 | 0.970*** (0.0350) | 1.149*** (0.0340) | 1.139*** (0.0349) | 1.262*** (0.0438) | 1.111*** (0.0349) |
| Rankingt-2 | 0.131*** (0.0489) | 0.0628 (0.0509) | 0.0746 (0.0521) | −0.00335 (0.0538) | 0.104** (0.0514) |
| Rankingt-3 | −0.230*** (0.0379) | −0.204*** (0.0393) | −0.216*** (0.0399) | −0.214*** (0.0393) | |
| Sustainability performance | Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | GreenPatents |
| Sustainability performancet-1 | 0.0287*** (0.0103) | −1.999* (1.080) | 0.0238* (0.0144) | −0.0378** (0.0179) | 0.0562*** (0.0123) |
| Sustainability performancet-2 | −0.0119 (0.0123) | −5.617*** (1.236) | 0.0309** (0.0148) | −0.00960 (0.0176) | 0.0260** (0.0132) |
| Sustainability performancet-3 | −0.0247** (0.0124) | 9.145*** (1.330) | −0.0298** (0.0142) | 0.00622 (0.0402) | −0.0429*** (0.0127) |
| Sizet-1 | 0.00774 (0.00518) | 0.00214*** (0.000631) | 0.00102 (0.000756) | 0.00227*** (0.000584) | 0.00130** (0.000587) |
| THE-dummyt-1 | 0.0103 (0.0319) | −0.0178 (0.0233) | −0.0238 (0.0253) | −0.0664** (0.0258) | −0.0234 (0.0248) |
| STEM-faculty ratiot-1 | 0.528 (0.623) | 0.0681 (0.0511) | 0.0433 (0.0510) | 0.0519 (0.0500) | −0.00244 (0.0515) |
| Tuitiont-1 | 0.0871*** (0.0312) | 0.0105** (0.00467) | 0.0110** (0.00472) | 0.00584 (0.00490) | 0.00887* (0.00468) |
| Constant | 0.0287*** (0.0103) | 0.0287*** (0.0103) | 0.0287*** (0.0103) | 0.0287*** (0.0103) | 0.0287*** (0.0103) |
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| Pseudo R2 | 0.99 | 0.92 | 0.92 | 0.99 | 0.93 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Ranking | Ranking | Ranking | Ranking | Ranking | |
| Rankingt-1 | 0.970 | 1.149 | 1.139 | 1.262 | 1.111 |
| Rankingt-2 | 0.131 | 0.0628 (0.0509) | 0.0746 (0.0521) | −0.00335 (0.0538) | 0.104** (0.0514) |
| Rankingt-3 | −0.230 | −0.204 | −0.216 | −0.214 | |
| Sustainability performance | Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | GreenPatents |
| Sustainability performancet-1 | 0.0287 | −1.999 | 0.0238 | −0.0378 | 0.0562 |
| Sustainability performancet-2 | −0.0119 (0.0123) | −5.617 | 0.0309 | −0.00960 (0.0176) | 0.0260 |
| Sustainability performancet-3 | −0.0247 | 9.145 | −0.0298 | 0.00622 (0.0402) | −0.0429 |
| Sizet-1 | 0.00774 (0.00518) | 0.00214 | 0.00102 (0.000756) | 0.00227 | 0.00130 |
| THE-dummyt-1 | 0.0103 (0.0319) | −0.0178 (0.0233) | −0.0238 (0.0253) | −0.0664 | −0.0234 (0.0248) |
| STEM-faculty ratiot-1 | 0.528 (0.623) | 0.0681 (0.0511) | 0.0433 (0.0510) | 0.0519 (0.0500) | −0.00244 (0.0515) |
| Tuitiont-1 | 0.0871 | 0.0105 | 0.0110 | 0.00584 (0.00490) | 0.00887 |
| Constant | 0.0287 | 0.0287 | 0.0287 | 0.0287 | 0.0287 |
| Year dummy | Yes | Yes | Yes | Yes | Yes |
| Pseudo | 0.99 | 0.92 | 0.92 | 0.99 | 0.93 |
This table reports the second robustness check of the causal impact of sustainability performance on sustainability ranking using a Tobit model with university fixed effects instead of differenced variables. 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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