Reconocimiento en Conferencia ACIEK 2025

We are honored to have received the Best Paper Award in the Track of Marketing Research at the ACIEK Conference 2025 for our research titled:“Influence of ESG on Brand Value and Financial Performance: Does ESG Help or Hurt Entrepreneurial Brand Value?”

This study examines the relationship between Environmental, Social, and Governance (ESG) performance, financial performance, and entrepreneurial brand value (EBV), with a particular focus on the differences between business-to-business (B2B) and business-to-consumer (B2C) markets. It addresses gaps in sectoral and market-specific dynamics by analyzing how the environmental, social, and governance dimensions—individually and collectively—shape these outcomes.

The analysis uses panel data methodologies, combining brand value estimates from Interbrand's "Best Global Brands" dataset with ESG and financial metrics from Thomson Reuters Eikon. A dynamic panel system Generalized Method of Moments (GMM) estimator is applied to address endogeneity and heterogeneity across 734 firm-year observations from 2012 to 2023.

The findings reveal that ESG performance has a positive impact on financial outcomes, particularly through its environmental and social dimensions. However, its overall effect on EBV is negative, challenging the prevailing assumption of a universally positive relationship. The results underscore contextual differences: in B2B markets, ESG initiatives strengthen brand value by fostering trust and reliability, whereas in B2C markets, consumer skepticism, perceptions of superficiality, and cost-related trade-offs hinder emotional engagement with brands.

Additionally, relying on financial proxies for brand value may overlook emotional and perceptual aspects of brand value. The study focuses on short-term effects and specific industries and and regions. Future research should consider multidimensional brand value metrics, cultural and industry-specific dynamics, and the mediating role of communication strategies.

Overall, this study challenges the universal assumption that ESG has a positive impact on brand value, offering new insights into sectoral variation and advancing both theoretical perspectives and practical recommendations for aligning ESG strategies with market expectations.

Thank you very much to the ACIEK community for this recognition, and to all those pushing the boundaries of marketing, sustainability, and entrepreneurship research.