Do rankings affect universities’ financial sustainability? – financial vulnerability to rankings and elite status as a positional good

University rankings envision a level playing field between competing universities, particularly in higher education (HE) systems regulated along market lines. Drawing on social stratification theory, we argue that exacerbate, rather than alleviate, resource inequalities universities with historically consolidated reputations (elite universities) and all other (non-elite universities). We test this argument empirically by assessing the role of elite status moderating effect universities’ financial sustainability. Using nationally representative longitudinal dataset yearly organisational data 102 English from 2008 to 2017, find rank university occupies league tables affects except controlling for previous sustainability institutional differences. further show relationship is partly explained income tuition fees. The findings document vulnerability quasi-markets reinforcement as positional good.