SUSTAINABILITY IN HIGHER EDUCATION: PARTICIPATION IN INTERNATIONAL RANKINGS AND THE RELATIONSHIP BETWEEN ESG AND FINANCIAL PERFORMANCE OF UNIVERSITIES

Veronica Prisacaru; Marian Jalencu; Galina Lisa

doi:10.36004/nier.es.2026.2-01

Authors

Veronica Prisacaru PhD, associate professor, Moldova State University https://orcid.org/0000-0002-2952-6888
Marian Jalencu PhD, associate professor, Moldova State University https://orcid.org/0000-0001-7690-7432
Galina Lisa PhD, lecturer, Moldova State University https://orcid.org/0000-0001-5354-5352

DOI:

https://doi.org/10.36004/nier.es.2026.2-01

Keywords:

ESG assessment, Kernel Canonical Correlation Analysis, multivariate dependence, non-linear modelling, QS Sustainability Rankings

Abstract

The integration of sustainability principles into higher education raises questions about the relationship between universities’ environmental, social, and governance (ESG) performance and financial performance. This study examines participation in the QS Sustainability rankings from 2023 to 2026 across six world regions and assesses the ESG–financial performance relationship among Eastern European universities. Regional participation was analyed using growth indices. The relationship was tested using Kernel Canonical Correlation Analysis (Kernel CCA), permutation tests, bootstrap confidence intervals, five-fold cross-validation, the Hilbert–Schmidt Independence Criterion (HSIC), and distance correlation. ESG performance was represented by Environmental Impact, Social Impact, and Governance; financial performance by Financial Efficiency Ratio, Solvency, and Assets Turnover. Participation increased substantially in every region, although growth varied considerably. Kernel CCA identified a statistically significant, moderately strong multivariate association in both the cleaned (N = 46) and full (N = 52) Eastern European samples, supported by permutation and bootstrap analyses. However, HSIC and distance correlation reached conventional significance only in the cleaned sample after correction for multiple testing, while cross-validation showed greater instability in the full sample. Exploratory bivariate results suggested somewhat more consistent associations for environmental and social indicators than for governance, but the block-level analysis does not establish their separate contributions. The findings provide early evidence of an ESG–financial performance association in Eastern European universities and a framework for examining it. The association should not be interpreted as causal or necessarily nonlinear, and its robustness depends on sample composition.

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