In recent years, environmental, social and governance (ESG) issues have emerged as a significant area of focus for companies. Furthermore, the international trend is reinforced by the emergence of relevant regulations and the obligation to prepare sustainability reports in leading economies and in the European Union. The impact of ESG and its constituent elements (environmental, social, and governance) on financial performance has been the subject of extensive investigation, with the majority of studies documenting a positive correlation. This evidence substantiates the assertion that sustainability initiatives can yield financial benefits. Concurrently, research has accorded much less attention to the impact of ESG performance on brand value, which can be identified as an indicator of consumer perception. This study, based on data from 26 global corporations between 2012 and 2021, demonstrates that efforts in the areas of environmental and social responsibility have a positive impact on consumer perception, which translates into increased brand value. Nevertheless, such a relationship was not found in case of the governance component.

1. Bardos, K. S., Ertugrul, M., Gao, L. S. (2020): Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance 62: 101588.
2. Brahma, S., Nwafor, C., Boateng, A. (2021): Board gender diversity and firm performance: The UK evidence, International Journal of Finance and Economics 26(4): 5704-5719. doi: 10.1002/ijfe.2089
3. Braune, E., Charosky, P., Hikkerova, L. (2019): Corporate social responsibility, financial performance and risk in times of economic instability, Journal of Management and Governance 23(4): 1007-1021. doi: 10.1007/s10997-019-09476-y
4. Chapple, L., Humphrey, J. E. (2014): Does board gender diversity have a financial impact? Evidence using stock portfolio performance, Journal of Business Ethics 122(4): 709-723. doi: 10.1007/s10551-013-1785-0
5. Chen. Z., Xie, G. (2022): ESG disclosure and financial performance: Moderating role of ESG investors, International Review of Financial Analysis 83(October): 102291. doi: 10.1016/j.irfa.2022.102291
6. Craig, J., Dibrell, C. (2006): The natural environment, innovation, and firm performance: A comparative study, Family Business Review 19 (4): 275-288. doi: 10.1111/j.1741-6248.2006.00075.x
7. El-Chaarani, H., Abraham, R., Skaf Y. (2022): The Impact of Corporate Governance on the Financial Performance of the Banking Sector in the MENA (Middle Eastern and North African) Region: An Immunity Test of Banks for COVID-19, Journal of Risk and Financial Management 15(2): 82. doi: 10.3390/jrfm15020082
8. Falzon, J., Micallef, R. (2022): ESG Factors: How Are Stock Returns, Operating Performance, and Firm Value Impacted? Review of Economics and Finance 20(1): 144-153. doi: 10.55365/1923.x20.20.2022
9. Friede, G., Busch, T., Bassen, A. (2015): ESG and financial performance: aggregated evidence from more than 2000 empirical studies, Journal of Sustainable Finance & Investment 5(4): 210-233. doi: 10.1080/20430795.2015.1118917
10. Gregory, R. P. (2022): ESG activities and firm cash flow, Global Finance Journal 52(May): 100698. doi: 10.1016/j.gfj.2021.100698
11. Hausman, J. (1978): Specification tests in econometrics. Econometrica 46: 1251-1271. doi: 10.2307/1913827
12. Interbrand (2021): Best Global Brands 2021: Methodology. Source: https://interbrand.com/thinking/best-global-brands-2021-methodology. Retrieved 24.06.2024.
13. Kılıç, M., Kuzey C. (2016): The effect of board gender diversity on firm performance: evidence from Turkey, Gender in Management 31(7): 434-455. doi: 10.1108/GM-10-2015-0088
14. Lee, SP., Isa, M. (2022): Environmental, social and governance (ESG) practices and financial performance of Shariah-compliant companies in Malaysia. Journal of Islamic Accounting and Business Research 14(2): 295-314. doi: 10.1108/JIABR-06-2020-0183
15. Leonidou, L. C., Christodoulides, P., Thwaites, D. (2016): External Determinants and Financial Outcomes of an Eco-friendly Orientation in Smaller Manufacturing Firms, Journal of Small Business Management 54 (1): 5-25. doi: 10.1111/jsbm.12121
16. Mahadeo, J. D., Soobaroyen, T., Hanuman V. O. (2012): Board Composition and Financial Performance: Uncovering the Effects of Diversity in an Emerging Economy, Journal of Business Ethics 105(3): 375-388. doi: 10.1007/s10551-011-0973-z
17. Nollet, J., Filis, G., Mitrokostas, E. (2016): Corporate social responsibility and financial performance: A non-linear and disaggregated approach, Economic Modelling 52(B): 400-407. doi: 10.1016/j.econmod.2015.09.019
18. Olsen, M. C., Slotegraaf, R., J., Chandukala, S. R. (2014): Green claims and message frames: how green new products change brand attitude. Journal of Marketing 78 (5): 119-137.
19. Puni, A., Anlesinya, A. (2020): Corporate governance mechanisms and firm performance in a developing country, International Journal of Law and Management 62(2): 147-169. doi: 10.1108/IJLMA-03-2019-0076
20. Takács A. (2023): The positive effects of green technology investments on growth expectations. Technology in Society 75 (2023): 102407. DOI: https://doi.org/10.1016/j.techsoc.2023.102407
21. Takács A., Erdős S. (2023): A consequence or a criterion? An analysis of the relationship between environmental and financial performance based on data of large international firms. Hungarian Statistical Review 101 (5): 387-402. doi: 0.20311/stat2023.05.hu0387
22. Velte, P. (2017): Does ESG performance have an impact on financial performance? Evidence from Germany, Journal of Global Responsibility 8(2): 169-178. doi: 10.1108/JGR-11-2016-0029
23. von Arx, U., Ziegler, A. (2014): The effect of corporate social responsibility on stock performance: new evidence for the USA and Europe, Quantitative Finance 14(6): 977-991. doi: 10.1080/14697688.2013.815796
24. Wang W. K., Lu W. M., Wang S. W. (2014): The impact of environmental expenditures on performance in the U.S. chemical industry, Journal of Cleaner Production 64 (2): 447-456. doi: 10.1016/j.jclepro.2013.10.022
25. Wang, Q., Dou, J., Jia, S. (2016): A Meta-Analytic Review of Corporate Social Responsibility and Corporate Financial Performance: The Moderating Effect of Contextual Factors, Business & Society 55(8): 1083-1121. doi: 10.1177/0007650315584317
26. Wang, Y., Cao, J., Cai, X. (2024): The impact of environmental, social and governance performance on brand value: The role of the digitalisation level. South African Journal of Business Management, 55 (1): a4448. doi: 10.4102/sajbm.v55i1.4448
27. Xie, L., Chen, C., Yu, Y. (2019: Dynamic Assessment of Environmental Efficiency in Chinese Industry: A Multiple DEA Model with a Gini Criterion Approach, Sustainability 11(8): 2294. doi: 10.3390/su11082294
28. Yannan D., Ahmed, A. A. A., Kuo, T.-H., Malik, H. A., Nassani, A. A., Haffar, M., Suksatan W., Iramofu, D. P. F. (2022): Impact of CSR, innovation, and green investment on sales growth: new evidence from manufacturing industries of China and Saudi Arabia, Economic Research 35(1): 4537-4556. doi: 10.1080/1331677X.2021.2015610
29. Yu, E. P., Guo, C. Q., Luu, B. V. (2018): Environmental, social and governance transparency and firm value, Business Strategy and the Environment 27(7): 987-1004. doi: 10.1002/bse.2047
30. Yusoff W.F.W., Adamu, M.S. (2016): The relationship between corporate social responsibility and financial performance: Evidence from Malaysia, International Business Management 10(4): 345-351. doi: 10.3923/ibm.2016.345.351
31. Zamil, G. M. S., Hassan, Z. (2019): Impact of Environmental Reporting on Financial Performance: Study of Global Fortune 500 Companies. Indonesian Journal of Sustainability Accounting and Management 3 (2): 109-118. doi: 10.28992/ijsam.v3i2.78
32. Zeng S.X., Meng X.H., Yin H.T., Tam C.M., Sun L. (2010): Impact of cleaner production on business performance, Journal of Cleaner Production 18 (10-11): 975-983. doi: 10.1016/j.jclepro.2010.02.019