Robustness check: causal impact of sustainability ranking on sustainability performance
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | Sustainability patents | |
| Sustainability performancet-1 | 0.498*** (0.0407) | 0.488*** (0.0389) | 0.119*** (0.0371) | −0.0749* (0.0440) | 0.235*** (0.0366) |
| Sustainability performancet-2 | 0.0296 (0.0486) | 0.463*** (0.0437) | −0.0247 (0.0369) | −0.0919** (0.0452) | −0.0531 (0.0377) |
| Sustainability performancet-3 | −0.105** (0.0488) | 0.292*** (0.0476) | −0.0808** (0.0359) | −0.0613 (0.0446) | −0.187*** (0.0365) |
| Rankingt-1 | 0.246* (0.138) | 2.252* (1.277) | 184.3** (89.44) | 0.0654 (0.120) | 0.108 (0.102) |
| Rankingt-2 | −0.294 (0.193) | −5.838*** (1.768) | −58.72 (122.9) | −0.199 (0.197) | −0.0301 (0.135) |
| Rankingt-3 | 0.271* (0.150) | 6.853*** (1.389) | −248.7** (96.59) | 0.110 (0.154) | −0.405*** (0.109) |
| Sizet-1 | −0.0154 (0.0204) | 0.236 (0.192) | −23.47* (13.42) | −0.0149 (0.0170) | 0.0263* (0.0149) |
| THE-dummyt-1 | −0.252** (0.126) | −0.478 (1.175) | 130.4 (81.97) | −0.238*** (0.0902) | 0.0715 (0.0899) |
| STEM-faculty ratiot-1 | 0.710 (2.460) | 32.05 (23.15) | 2,332 (1,613) | 2.920 (2.753) | −0.492 (1.768) |
| Tuitiont-1 | −0.260** (0.123) | 0.178 (1.174) | −22.72 (81.43) | −0.0257 (0.139) | 0.0155 (0.0883) |
| RUS | −0.394** (0.178) | 4.388** (1.774) | 1,095*** (122.3) | −0.170 (0.111) | 0.171 (0.127) |
| PNRR | 1.811*** (0.178) | −5.044*** (1.680) | −1,205*** (113.0) | −0.281** (0.121) | |
| Constant | 3.370* (1.750) | −18.55 (16.35) | 2,165* (1,142) | 0.882 (1.520) | −1.170 (1.255) |
| Year-Dummy | Yes | Yes | Yes | Yes | Yes |
| R-squared | 0.888 | 0.967 | 0.699 | 0.322 | 0.621 |
| Variables | (1) | (2) | (3) | (4) | (5) |
|---|---|---|---|---|---|
| Sustainability courses | Sustainability publications | Citations | Sustainability spinoffs | Sustainability patents | |
| Sustainability performancet-1 | 0.498 | 0.488 | 0.119 | −0.0749 | 0.235 |
| Sustainability performancet-2 | 0.0296 (0.0486) | 0.463 | −0.0247 (0.0369) | −0.0919 | −0.0531 (0.0377) |
| Sustainability performancet-3 | −0.105 | 0.292 | −0.0808 | −0.0613 (0.0446) | −0.187 |
| Rankingt-1 | 0.246 | 2.252 | 184.3 | 0.0654 (0.120) | 0.108 (0.102) |
| Rankingt-2 | −0.294 (0.193) | −5.838 | −58.72 (122.9) | −0.199 (0.197) | −0.0301 (0.135) |
| Rankingt-3 | 0.271 | 6.853 | −248.7 | 0.110 (0.154) | −0.405 |
| Sizet-1 | −0.0154 (0.0204) | 0.236 (0.192) | −23.47 | −0.0149 (0.0170) | 0.0263 |
| THE-dummyt-1 | −0.252 | −0.478 (1.175) | 130.4 (81.97) | −0.238 | 0.0715 (0.0899) |
| STEM-faculty ratiot-1 | 0.710 (2.460) | 32.05 (23.15) | 2,332 (1,613) | 2.920 (2.753) | −0.492 (1.768) |
| Tuitiont-1 | −0.260 | 0.178 (1.174) | −22.72 (81.43) | −0.0257 (0.139) | 0.0155 (0.0883) |
| −0.394 | 4.388 | 1,095 | −0.170 (0.111) | 0.171 (0.127) | |
| 1.811 | −5.044 | −1,205 | −0.281 | ||
| Constant | 3.370 | −18.55 (16.35) | 2,165* (1,142) | 0.882 (1.520) | −1.170 (1.255) |
| Year-Dummy | Yes | Yes | Yes | Yes | Yes |
| 0.888 | 0.967 | 0.699 | 0.322 | 0.621 |
This table reports the robustness check of the causal impact of sustainability ranking on sustainability performance using an OLS regression with variables in first differences without considering the impact of policies. Standard errors are in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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