Journal of Korea Society of Industrial Information Systems (한국산업정보학회논문지)

Korea Society of Industrial Information Systems (한국산업정보학회)
권호 표지
DOI QR코드

DOI QR Code

Impact of ESG Activities on Brand Value

ESG 활동이 브랜드 가치에 미치는 영향

  • 최용근 (인하대학교 녹색금융전공) ;
  • 김종대 (인하대학교 경영학과)
  • Received : 2024.05.12
  • Accepted : 2024.05.27
  • Published : 2024.06.30
Download PDF
⟨ Previous Next ⟩

Abstract

The purpose of the study is to examine the impact of ESG activities on brand value by linking the effectiveness of ESG activities to marketing, the most core part of a company. This study conducted an empirical analysis targeting companies listed on KOSPI and KOSDAQ from 2016 to 2022. Looking at the empirical analysis results of this study, first, in the individual analysis of ESG activities, it was confirmed that E (Environment) and G (Governance) have a significant positive influence on brand value. Second, in the environmental field, stakeholder response had a significant positive relationship with brand value, and in the governance field, the board of directors had a significant positive relationship with brand value. Through this study, we can provide logical evidence proving that ESG activities are important activities that must be carried out in advance to increase brand value. Among ESG activities, it was found that stakeholder response activities in the environmental field and board-related matters in the governance field play an important role in increasing brand value. It is also expected that it will serve as a catalyst for research on the importance of ESG activities in the marketing field.

본 연구는 ESG 활동의 효과성을 마케팅 관점에서 접근하여, ESG 활동이 기업의 브랜드 가치에 미치는 영향을 실증적으로 살펴보는 데 목적이 있다. 본 연구는 2016년부터 2022년까지 코스피와 코스닥에 상장된 기업을 대상으로 실증 분석을 실시하였다. 본 연구의 실증 분석 결과를 보면, 첫 번째, ESG 활동 개별 분석에서 E(환경)와 G(지배구조)는 브랜드 가치에 유의한 정(+)의 영향을 미치는 것을 확인하였다. 두 번째, 환경 분야에서는 이해관계자 대응이 브랜드 가치와 유의한 정(+)의 관계가 나타났고 지배구조 분야에서는 이사회가 브랜드 가치와 유의한 정(+)의 관계가 있었다. 본 연구를 통해 ESG 활동이 브랜드 가치를 올리는 데 선행적으로 행해져야 할 중요한 활동임을 증명하는 논리적 근거를 제시할 수 있다. ESG 활동 중에서도 환경 분야의 이해관계자 대응 활동과 지배구조 분야의 이사회 관련 사항이 브랜드 가치를 올리는 데 중요한 역할을 하다는 것을 밝혀내었다. 또한 마케팅 분야에서도 ESG 활동의 중요성을 연구하는데 마중물 역할을 할 것으로 기대한다.

Keywords

Acknowledgement

본 연구는 정부(환경부)의 재원으로 한국환경산업기술원의 『녹색융합기술(녹색금융) 특성화대학원』 사업의 지원을 받아 수행됨.

References

  1. Aaker, D. A. (1991). Managing Brand Equity Capitalizing on the Value of a Brand Name, New York, Free Press.
  2. Al-Issa, N., Khaki, A. R., Jreisat, A., Al-Mohamad, S., Fahl, D. and Limani, E. (2022). Impact of Environmental, Social, Governance, and Corporate Social Responsibility Factors on Firm's Marketing Expenses and Firm Value: A Panel Study of US Companies, Cogent Business & Management, 9(2135214), 1-20.
  3. Albuquerque, R., Koskinen, Y. and Zhang, C. (2019). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence, Management Science , 65(10), 4451-4469. https://doi.org/10.1287/mnsc.2018.3043
  4. Aupperle, K. E., Carroll, A. B. and Hatfield J. D. (1985). An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability, The Academy of Management Journal, 28(2), 446-463.
  5. Baltagi, B. H. (2005). Econometric Analysis of Panel Data, New York, John Wiley & Sons.
  6. Barnea, A. and Rubin, A. (2010). Corporate Social Responsibility as a Conflict between Shareholders, Journal of Business Ethics, 97(1), 71-86. https://doi.org/10.1007/s10551-010-0496-z
  7. Bowen, H. R. (1954). Social Responsibilities of the Businessman, Iowa, University of Iowa Press.
  8. Blanco, B., Guillamon-Saorin, E. and Guiral, A. (2013). Do Non-socially Responsible Companies Achieve Legitimacy through Socially Responsible Actions? The Mediating Effect of Innovation, Journal of Business Ethics, 117(1), 67-83.
  9. Brandco, M. C. and Rodrigues, L. L. (2006). Corporate Social Responsibility and Resource-based Perspectives, Journal of Business Ethics, 69, 111-132.
  10. Brown, J. and Dacin, A. (1997). The Company and the Product: Corporate Associations and Consumer Product Responses, Journal of Marketing, 61(1), 68-84. https://doi.org/10.1177/002224299706100106
  11. Club of Rome. (1972). The Limits to Growth, Potomac Associates, Universe Books.
  12. Elkington, J. (1997). Cannibals with Forks: the Triple Bottom Line of 21st Century Business, Gabriola Island, New Society Publishers.
  13. Fatemia, A., Glaumb, M. and Kaiser, S. (2018). ESG Performance and Firm Value: The Moderating Role of Disclosure, Global Finance Journal, 38, 45-64. https://doi.org/10.3917/fina.383.0045
  14. Fombrun, C. J., Gardberg, N. A. and Barnett, M. L. (2000). Opportunity Platforms and Safety Nets: Corporate Citizenship and Reputational Risk, Business and Society Review, 105(1), 85-106.
  15. Garriga, E. and Mele, D. (2004). Corporate Social Responsibility Theories: Mapping the Territory, Journal of Business Ethics, 53(1), 51-71. https://doi.org/10.1023/B:BUSI.0000039399.90587.34
  16. Google Trends. (2023). Changes in Interest Over Time - Search Term: ESG Management, https://trends.google.co.kr/trends/explore?date=today%205-y&geo=KR&q=ESG%20%EA%B2%BD%EC%98%81&hl=ko (Accessed on Dec. 20th, 2023)
  17. Harjoto, M. A. and Salas, J. (2017). Strategic and Institutional Sustainability: Corporate Social Responsibility, Brand Value, and Interbrand Listing, Journal of Product & Brand Management, 26, 545-558.
  18. Homburg, C., Stierl, M. and Bornemann, T. (2013). Corporate Social Responsibility in Business to Business Markets : How Organizational Customers Account for Supplier Corporate Social Responsibility Engagement, Journal of Marketing, 77(November 2013), 54-72. https://doi.org/10.1509/jm.12.0089
  19. Huh, J. H., Kim, T. M., Lee, S. R. and Lee, C. L. (2021). The Relationship between ESG and Brand Equity : A Mixed Method Approach, Journal of Business Research, 37(1), 1-20. https://doi.org/10.22903/JBR.2022.37.1.1
  20. Interbrand (2022). Introduction to Interbrand Value Evaluation Methodology, 1-24.
  21. Ji, S. G. (2010). The Impact of Corporate Social Responsibility on Brand Equity, Korean Journal of Business Administration, 23(4), 2251-2269.
  22. Jung, M. K. and Kim, Y. L. (2022). The Interaction Effect of ESG and Innovation on Firm Value, Korean Journal of Financial Studies, 51(4). 471-498. https://doi.org/10.26845/KJFS.2022.08.51.4.471
  23. Kang, W. and Jung, M. K. (2020). Effect of ESG Activities and Firm's Financial Characteristics, Korean Journal of Financial Studies, 49(5), 681-707. https://doi.org/10.26845/KJFS.2020.10.49.5.681
  24. Keller, K. L. (1993). Conceptualizing, Measurement, and Managing Customer-based Brand Equity, Journal of Marketing, 59 (January), 1-22. https://doi.org/10.1177/002224299305700101
  25. Kim, J. D. (2021). ESG Performance Lowers Capital Costs Naeil News, http://www.naeil.com/news_view/?id_art=382747 (Accessed on Dec. 19th, 2023)
  26. Kim, S. U. and Park, K. Y. (2015). The Effect of Social Responsibility of Foodservice Companies on Corporate Company Trust and Brand Equity : Focusing on Fast Food Restaurant, Northeast Asia Tourism Research, 11(3), 109-127
  27. Kim, Y. H. (2009). The Influence of CSR Activity Ad and Relevance between Corporate and CSR Activity on Change in Corporate Image: Moderating Role of Perception about Corporate's Prior Image and CSR Ad Type, Journal of Media Economics & Culture, Autumn 7(4), 96-146.
  28. Kitchin, T. (2003). Corporate Social Responsibility: a Brand Explanation, Brand Management, 10(4), 312-326. https://doi.org/10.1057/palgrave.bm.2540127
  29. Klein, J. and Dawar, N. (2004). Corporate Social Responsibility and Consumers' Attributions and Brand Evaluations in a Product-harm Crisis, International Journal of Research in Marketing, 21(3), 203-217. https://doi.org/10.1016/j.ijresmar.2003.12.003
  30. Lee, E. Y. (2011). A Study of Corporate Social Responsibility Activities' Influence for the Consumers' Brand Evaluation, Journal of the Aviation Management Society of Korea, 9(2), 111-125.
  31. Lee, H. G., Jung, S. N. and Kang, S. H. (2021). The Effects of Buyer's CSR on Supplier's New Product Creativity in B2B Market: The Role of Trust and Quality of Information Exchange, Journal of Korea Society of Industrial Information Systems, 26(5), 55-68.
  32. Leem, W. (2019). Effect of Non-Financial Information on Firm Performance: Focusing on ESG Score, Korea International Accounting Review, 86, 119-144.
  33. Lim, J. (2016) Effects of Business Value of ESG Evaluation Information and Earnings Management, Korean Business Education Review, 31(1), 111-139.
  34. Margolis, J. D. and Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initiatives by Business, Administrative Science Quarterly, 48, 268-305. https://doi.org/10.2307/3556659
  35. Melo, T. and Galan, J. I. (2011). Effects of Corporate Social Responsibility on Brand Value, Journal of Brand Management, 18(6), 423-437. https://doi.org/10.1057/bm.2010.54
  36. Na, J. S. (2022). Review of ESG Challenges in Supply Chain Management Using Text Analysis, Journal of Korea Society of Industrial Information Systems, 27(5), 145-156.
  37. Park, J. B. and Kim, J. D. (2023). Moderating Effect of TCFD Disclosure on the Relationship between ESG Performance and Foreign Ownership, Journal of Korea Society of Industrial Information Systems, 28(6), 173-187.
  38. Park, J. W. and Baek, D. H. (2017). Influence of CSR Activity on Brand Equity : Mediation Effect of Brand Trust, Journal of Management & Economics, 39(1), 87-111.
  39. Park, J. W. and Lee, Y. R. (2022). Comparison of ESG Raters and Rating Scores: Focusing on Korean Firms, Korea Institute for International Economic Policy, Research Materials, 22(07), 1-77.
  40. Park, N. K. (2014). A Study on the Effect of the Corporate Social Responsibility Activities on Brand Equity and Purchase Intention - Focused on Moderating Effect of the Customer's Mobile Communication Service Quality -, Journal of Digital Convergence, 12(12), 189-202. https://doi.org/10.14400/JDC.2014.12.12.189
  41. Park, S. B. and Huh J. H. (2011). Influence of CSR Activity on Brand Equity : Mediation Effect of Product and Service Quality Evaluation, The Journal of the Korea Contents Association, 11(12), 395-402.
  42. Patent News (2021). Brand Valuation and Truth, https://www.e-patentnews.com/7932 (Accessed on Oct. 10th, 2023)
  43. Pava, M. L. and Krausz, J. (1996). The Association between Corporate Social Responsibility and Financial Performance: The Paradox of Social Cost, Journal of Business Ethics, 15, 321-357. https://doi.org/10.1007/BF00382958
  44. Porter, M. E. and Kramer, M. R. (2002). The Competitive Advantage of Corporate Philanthropy, Harvard Business Review, 80(12), 56-69.
  45. Sen, A. and Bhattacharya, C. B. (2001). Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility, Journal of Marketing Research, 38(2), 225-243. https://doi.org/10.1509/jmkr.38.2.225.18838
  46. Seok, J. H., Lee, Y. S., Go, S. R. and Kim, B. D. (2017). Impact of Publicizing Corporate Social Responsibility on Firm Value, Korean Management Review, 46(6), 1663-1688.
  47. Shin, C. H. (2006). An Empirical Study on Evaluating Corporate Brand Asset Value: Applications of the Brand Asset, Journal of Commodity Science & Technology, 24(1), 1-21.
  48. Srinivasan, S., Vanhuele, M. and Pauwels, K. (2010). Mindset Metrics in Market Response Models: An Integrative Approach, Journal of Marketing Research, 67(4), 672-684. https://doi.org/10.1509/jmkr.47.4.672
  49. UN Global Compact. (2004). Who Cares Wins.
  50. Vanhamme, J. and Grobben, B. (2009). Too Good to Be True! The Effectiveness of CSR History in Countering Negative Publicity, Journal of Business Ethics, 85, 273-283. https://doi.org/10.1007/s10551-008-9731-2
  51. Wang, J. and Sarkis, J. (2017). Corporate Social Responsibility Governance, Outcomes, and Financial Performance, Journal of Cleaner Production, 162(20), 1607-1616. https://doi.org/10.1016/j.jclepro.2017.06.142
  52. WECD. (1987). Our Common Future, Oxford, Oxford University Press.
  53. Wu, S., Li, X., Du, X. and Li, Z. (2022). The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure, Sustainability, 14(21), 1-22.
  54. Yang, H., Kim, Y. H. and Park, J. R. (2020). The Effect of Corporate Social Responsibility on Firm Value -The Comparative Study of Korea and China-, Journal of Industrial Economics and Business, 33(2), 571-594.
  55. Yoo, J. M. (2017). The Relationship among CSR, CBBE(Customer Based Brand Equity), and Firms' Financial Performance : Focusing on the Mediating Role of CBBE, Journal of Korean Marketing Association, 32(2), 27-54. https://doi.org/10.15830/kmr.2017.32.2.27
  56. Yoon, K. and Cho, J. S. (2005). The Effect of a Crisis Caused by a Negative Media Publicity on Corporate Reputation: The Role of Corporate Social Responsibility Activities, Journal of Public Relations, 9(2), 196-220.
  57. Yoon, K. and Cho, J. S. (2007). Effects of Corporate Social Responsibility on Multiple Stakeholder Relationships, The Korean Journal of Advertising, 18(5), 241-255.