Chapter 22. Revolutionizing University Rankings: A Multidimensional Framework Incorporating New Indicators for True Excellence – A Comparative Study

The issue of university rankings has emerged as a growing concern among the international academic community. Numerous mechanisms have been developed, each utilizing different methodologies, with the aim of efficiently ranking universities. However, it is important to note that certain ranking methodologies display notable deficiencies, particularly with regard to the indicators they utilize. This chapter introduces a theoretical framework that enables the assessment of universities’ research, educational, psychological, and environmental achievements, with a particular emphasis on harmonizing the objectives of universities with the principles of sustainability. This tool enables the efficient identification of vulnerabilities, assets, and opportunities for universities. The weights of indicators were determined using the analytic hierarchy process (AHP). The AHP results suggest that indicators related to research hold the greatest degree of importance, followed by indicators related to social and environmental factors. The proposed model was subjected to testing using a sample of 35 renowned universities obtained from the ARWU (Academic Ranking of World Universities) and Times ranking tables. Consequently, a novel ranking table known as the Three-dimensional University Ranking (TUR) was formulated. Moreover, a comprehensive analysis has been undertaken to ascertain the associations between different indicators and ranking tables. There exists a moderate correlation between the ARWU and the Times Higher Education World University Rankings. A robust positive correlation is evident between Hirsch indices and Highly Cited Researchers with respect to the indicators. In contrast, a statistically insignificant correlation is observed when examining the relationship between the low student-to-staff ratio and the graduation rate.