Geographical and economic drivers of global university ESG scores
DOI:
https://doi.org/10.15291/cores.4846Keywords:
ESG scores, Higher Education Institutions, macroeconomic drivers, QS rankings, university sustainabilityAbstract
Purpose: This study investigates the geographical and economic drivers shaping global university Environmental, Social, and Governance (ESG) performance.
Approach/methodology/design: Utilizing a comparative exploratory design, the research analyzes composite scores from the QS Sustainability ranking across diverse economic contexts by adapting a standardized ESG classification framework from the Refinitiv Eikon database alongside comparative descriptive statistics to effectively address sample heterogeneity and regional structural disparities.
Findings: The findings reveal that while higher education institutions in Advanced Economies consistently lead in Social and Governance dimensions, Environmental Research represents a universal strength across all economic tiers, including Emerging Market Economies. Conversely, campus operational sustainability and environmental education lag globally, uncovering a key disconnect between academic climate expertise and internal operational execution.
Research limitations/implications: An acknowledged limitation of this research is its reliance on a single ranking system and descriptive methodology, which precludes establishing direct causal mechanisms.
Practical implications: Practically, these findings provide university administrators with a clear benchmarking tool to reallocate strategic resources from purely academic output toward campus decarbonization and comprehensive curriculum integration.
Social implications: Socially, the study emphasizes the urgent need for international rating agencies to develop context-specific metrics that account for national economic disparities, ensuring that localized sustainability efforts in developing regions are fairly evaluated against global standards.
Originality/value: The originality of this work lies in pioneering the application of corporate ESG classification models to higher education rankings, establishing a novel macro-level framework to map global sustainability performance across diverse socioeconomic landscapes.
Downloads
References
Akopyants, I. M., K. Y. Vartanova, A. V. Kiseleva, I. N. Mikhailovskaya, and I. V. Patsora. 2024. ESG Agenda in the Educational Process of a University. In Ecological footprint of the modern economy and the ways to reduce it: The role of leading technologies and responsible innovations (pp. 71-75). Cham: Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-49711-7_13
Ariza, M., and L. Gandini. 2012. El análisis comparativo cualitativo como estrategia metodológica. En M, Ariza y L. Velasco (Coord.). Métodos cualitativos y su aplicación empírica (pp. 497-537). México: Instituto de Investigaciones Sociales y Colegio de la Frontera Norte.
Barber, B.M., and J.D. Lyon. 1997. “Detecting long_run abnormal stock returns: the empirical power and specification of test statistics.” Journal of Financial Economics. 43: 341–372. https://doi.org/10.1016/S0304-405X(96)00890-2
Blasco, N., I. Brusca, and M. Labrador. 2020. “Drivers for universities’ contribution to the sustainable development goals: An analysis of Spanish public universities.” Sustainability 13(1): 89. https://doi.org/10.3390/su13010089
Bodhanwala, S., and R. Bodhanwala. 2022. “Exploring relationship between sustainability and firm performance in travel and tourism industry: global evidence.” Social Responsibility Journal 18(7): 1251-1269. https://doi.org/10.1108/SRJ-09-2020-0360
Chan, Y. K., and M. Y. Hsieh. 2022. “An empirical study on higher education C-ESG sustainable development strategy in lower-birth-rate era.” Sustainability 14(19): 12629. https://doi.org/10.3390/su141912629
Duque-Grisales, E., and J. Aguilera-Caracuel. 2021. “Environmental. social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack.” Journal of Business Ethics 168 (2): 315-334. https://doi.org/10.1007/s10551-019-04177-w
Fabio, N., S. Federico, S. Maria, and G. Sara. 2023. “The impact of ESG perception on Universities.” Proceedings IFKAD, 463-476. https://iris.uniroma1.it/handle/11573/1703862.2
Fleming, P., J. Roberts, and C. Garsten. 2013. In search of corporate social responsibility: Introduction to special issue. Organization. 20 (3): 337–348. https://doi.org/10.1177/13505084134795
Gallego-Álvarez, I., L. Rodríguez-Domínguez, and I. M. García-Sánchez. 2011. “Information disclosed online by Spanish universities: Content and explanatory factors.” Online Inf. Rev 35: 360–385. https://doi.org/10.1108/14684521111151423
Garlatti, A., S. Iacuzzi, and P. Fedele. 2025. “ESG performance measures in universities' strategic plans.” Economia pubblica LII(1): 33-70. https://doi.org/10.3280/EP2025-001002
Giannopoulos, G., R. V. Kihle Fagernes, M. Elmarzouky, and K. A. B. M. Afzal Hossain. 2022. “The ESG disclosure and the financial performance of Norwegian listed firms.” Journal of Risk Financial Management 15(6): 237. https://doi.org/10.3390/jrfm15060237
Glova, J., and M. Panko. 2025. “The effects of environmental. social. and governance factors on financial performance and market valuation in the European automotive industry.” International Journal of Financial Studies 13(2): 82. https://doi.org/10.3390/ijfs13020082
International Monetary Fund. October 2024. https://www.imf.org/external/datamapper/Metadata_Oct2024.xlsx.
Mardini, G. H. 2022. “ESG factors and corporate financial performance.” International Journal of Managerial and Financial Accounting 14(3): 247-264. https://doi.org/10.1504/IJMFA.2022.123895
Mo, F., and D. D. Wang. 2023. “Emerging ESG reporting of higher education institutions in China.” Heliyon 9(11). https://doi.org/10.1016/j.heliyon.2023.e22527
Mustapha, Rakrak. 2024. “Central tendency and data distribution: How to choose the right measure for accurate analysis.” International Journal of Literacy and Education. https://dx.doi.org/10.22271/27891607.2025.v5.i1b.253
Nurillayev, E. 2025. “Embedding ESG in finance education: the impact of ESG education within graduate finance programs on ESG-related problems.” International Journal of Sustainability in Higher Education 26(8): 1914–1931, https://doi.org/10.1108/IJSHE-06-2024-0388
Perez-Esparrells, C., and E. Orduna-Malea. 2018. “Do the technical universities exhibit distinct behaviour in global university rankings? A Times Higher Education (THE) case study.” J. Eng. Technol. Manag 48: 97–108. https://doi.org/10.1016/j.jengtecman.2018.04.007
Puzzonia, M. 2018. “The impact of ESG investment. how company and university can collaborate to realize it with local innovation.” Journal of Intercultural Management 10(3): 171-194. https://www.ceeol.com/search/article-detail?id=727039.
QS World University Rankings: Sustainability. 2025. Available on: https://www.topuniversities.com/sustainability-rankings?sort_by=rank&order_by=asc.
Scott, J. 2006. “The Mission of the University: Medieval to Postmodern Transformations.” J. High. Educ 77: 1–39. https://doi.org/10.1080/00221546.2006.11778917.
Sung, H. J., and E. J. Kim. 2024. “Analysis of ESG importance and current level of educational needs of university faculty.” Library of Progress-Library Science. Information Technology & Computer 44(2). https://doi.org/10.48165/bapas.2024.44.2.1
Teti, E., and L. Spiga. 2023. “The effect of environmental, social and governance score on operating performance after mergers and acquisitions.” Business Strategy and the Environment 32(6): 3165-3177. https://doi.org/10.1002/bse.3293.
Tong, L., and M. Chen. 2024. “The Impact of Female Director Background on ESG Performance of Chinese Technology Firms: A Moderating Effect Based on Risk Appetite.” Sustainability 16(23): 10753 https://doi.org/10.3390/su162310753
Verna, I., and A. D’Andreamatteo. 2025. ESG Concerns and Teaching Processes in Higher Education, an Experimental Approach. In: Castellano, N., De Luca, F., D'Onza, G., Maffei, M., Melis, A. (eds) Environmental, Social, Governance (ESG). SIDREA Series in Accounting and Business Administration. Springer, Cham. https://doi.org/10.1007/978-3-031-76618-3_6.
Wright, T.S.A. 2009. “Sustainability, internationalization, and higher education.” New Dir. Teach. Learn 118: 105–115. https://doi.org/10.1002/tl.357.
Zhutiaeva, S.A., A.Y. Usanov, A.V. Selezneva. 2023. ESG Rankings to Confirm the Commitment of Universities to the SDGs. In: Rumyantseva, A., Anyigba, H., Sintsova, E., Vasilenko, N. (eds) Finance, Economics, and Industry for Sustainable Development. NCSDESG 2022. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-031-30498-9_21.
Downloads
Published
Data Availability Statement
Data are available from the corresponding author upon reasonable request.
Issue
Section
License
Copyright (c) 2026 Dr. Miguel Ángel Latorre Guillem, Marijana Jerić (Author)

This work is licensed under a Creative Commons Attribution 4.0 International License.


