Study On The Influence Of ESG Performance On Enterprise Brand Value

As an important economic resource for an enterprise,the brand can create value for the shareholders,bring competitive advantages to the enterprise,and promote the long-term development of the enterprise.In fact,the competition between enterprises is the competition between brands,and the brand value is more and more valued by enterprise managers,investors and consumers.In the context of the two-carbon target,the Chinese government is actively carrying out the ESG practice and advocating the ESG investment concept,and the ESG performance of enterprises has attracted attention.The enterprise goal is to achieve high-quality development while achieving economic benefits.The ESG concept is in line with the enterprise goals,and the inclusion of ESG performance and enterprise brand value into the unified framework helps to achieve the enterprise goals,increase the competitiveness of the enterprise,and protect the interests of shareholders and stakeholders.Based on this,this paper on the world in the 2009-2021 brand laboratory released "China 500 most valuable brands" of a-share listed company data as A research sample,the relationship between ESG performance and enterprise brand value,and from three aspects of enterprise innovation,information transparency and reputation analysis ESG performance on the enterprise brand value of intermediary mechanism,and from the property rights,pollution nature,media attention,financing constraints and ESG components three aspects are further analyzed.The study found that ESG performance improved the brand value.Enterprise innovation,information transparency and corporate reputation have an intermediary role.ESG performance can enhance corporate brand value through enterprise technology innovation,information transparency and corporate reputation.In this paper,the instrumental variable method is used to conduct the endogenous test,Heckman two-stage method,replacing the explained variables,and considering the lag of ESG influence to conduct the robustness test,and the conclusion is still valid.Further analysis shows that,compared with non-state-owned enterprises,state-owned enterprises are more able to disclose ESG information due to their own characteristics,which can enhance the brand value of the enterprises;compared with the heavily polluting enterprises,the ESG performance of non-polluting enterprises is more obvious;the higher the ESG performance on the brand value;the higher the media attention,the stronger ESG performance on the ESG component is the enhancement of the brand value.